UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22110
AdvisorShares Trust
(Exact name of registrant as specified in charter)
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
(Address of principal executive offices) (Zip code)
Dan Ahrens
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-877-843-3831
Date of fiscal year end: June 30
Date of reporting period: December 31, 2014
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.
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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
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ADVISORSHARES TRUST
4800 Montgomery Lane
Suite 150
Bethesda, Maryland 20814
www.advisorshares.com
877.THE.ETF1
Semi-Annual Report
December 31, 2014
TABLE OF CONTENTS
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ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC
December 31, 2014
Thank you for being a shareholder with AdvisorShares ETFs. We are pleased to provide you with this semi-annual report for the period ending December 31, 2014. Over the past six months, we added new funds and have added personnel in a manner befitting a growing entrepreneurial company. As CEO of AdvisorShares, I want to thank you because as much as our growth is a testament to the hard work of our employees and our portfolio management teams, it is also a testament to the trust and faith that you have shown in AdvisorShares and in our actively managed ETF products. Speaking for all AdvisorShares employees, a heartfelt thank you!
During this period we launched two new actively managed ETFs:
| • | DIVI — AdvisorShares Athena High Dividend ETF (Global Equity) |
| • | MULT — AdvisorShares Sunrise Global Multi-Strategy ETF (Long Short) |
In July of 2014, the Board of Trustees made the decision to change managers of one of our ETFs while substantially maintaining its investment objective. The AdvisorShares Morgan Creek Global Tactical ETF (NYSE Arca: GTAA) is now being managed by Mark Yusko, CEO of Morgan Creek Capital in Chapel Hill, NC. Yusko takes a forward looking approach to portfolio management that we believe is better suited to meeting the needs of GTAA’s shareholders. 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.
2015 will be another year of exciting growth from our product pipeline as we will continue to offer funds targeted to meet the needs of investors. We plan to launch the following ETF in the first quarter of 2015:
| • | FLRT — AdvisorShares Pacific Asset Enhanced Floating Rate ETF (Adjustable Loan) |
As the success of our gold funds which finance their gold purchases in non-U.S. dollar terms shows, investors are adapting portfolios to an ever changing investment landscape and we are committed to remain on the forefront of innovation.
In addition to reading this report, I encourage you to visit www.advisorshares.com to learn more about all of the actively managed ETFs currently offered by AdvisorShares and others which will be launching soon. You will find detailed information on each investment strategy along with manager commentary from each ETF’s portfolio management team. Our blog located at www.alphabaskets.com which includes thought leadership and non-product related educational insight from a number of our portfolio managers continues to develop in terms of the amount of high quality content and also breadth of content keeping pace with the increased complexities in global markets.
I appreciate your support and use of our ETFs and hope that you continue to find them helpful to your investment goals.
Sincerely,
Noah Hamman
CEO, AdvisorShares Investments
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.
The views in this report were those of the Fund’s CEO as of December 31, 2014 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.
1
ADVISORSHARES TRUST
Shareholder Expense Examples
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 July 1, 2014 and held for the period ended December 31, 2014.
Actual Expenses
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.
Hypothetical Example for Comparison Purposes
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.
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.
In addition, if these transactional costs were included, your costs would have been higher.
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| Fund Name | Beginning Account Value 7/1/2014 |
Ending Account Value 12/31/2014 |
Annualized Expense Ratio for the Period(1) |
Expenses Paid |
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| AdvisorShares Accuvest Global Long Short ETF |
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| Actual | $ | 1,000.00 | $ | 966.70 | 1.50 | % | $ | 7.44 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.64 | 1.50 | % | $ | 7.63 | ||||||||
| AdvisorShares Accuvest Global Opportunities ETF |
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| Actual | $ | 1,000.00 | $ | 876.90 | 1.25 | % | $ | 5.91 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | 1.25 | % | $ | 6.36 | ||||||||
| AdvisorShares Athena High Dividend ETF(2) |
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| Actual | $ | 1,000.00 | $ | 837.60 | 0.99 | % | $ | 3.86 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.03 | 0.99 | % | $ | 4.24 | ||||||||
| AdvisorShares Athena International Bear ETF |
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| Actual | $ | 1,000.00 | $ | 960.30 | 1.50 | % | $ | 7.41 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.64 | 1.50 | % | $ | 7.63 | ||||||||
| AdvisorShares EquityPro ETF |
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| Actual | $ | 1,000.00 | $ | 960.70 | 1.25 | % | $ | 6.18 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | 1.25 | % | $ | 6.36 | ||||||||
2
ADVISORSHARES TRUST
Shareholder Expense Examples (continued)
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| Fund Name | Beginning Account Value 7/1/2014 |
Ending Account Value 12/31/2014 |
Annualized Expense Ratio for the Period(1) |
Expenses Paid |
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| AdvisorShares Gartman Gold/British Pound ETF |
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| Actual | $ | 1,000.00 | $ | 974.00 | 0.65 | % | $ | 3.23 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.93 | 0.65 | % | $ | 3.31 | ||||||||
| AdvisorShares Gartman Gold/Euro ETF |
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| Actual | $ | 1,000.00 | $ | 1,012.80 | 0.65 | % | $ | 3.30 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.93 | 0.65 | % | $ | 3.31 | ||||||||
| AdvisorShares Gartman Gold/Yen ETF |
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| Actual | $ | 1,000.00 | $ | 1,054.10 | 0.65 | % | $ | 3.37 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.93 | 0.65 | % | $ | 3.31 | ||||||||
| AdvisorShares Global Echo ETF |
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| Actual | $ | 1,000.00 | $ | 1,031.60 | 1.50 | % | $ | 7.68 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.64 | 1.50 | % | $ | 7.63 | ||||||||
| AdvisorShares International Gold ETF |
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| Actual | $ | 1,000.00 | $ | 985.80 | 0.95 | % | $ | 4.76 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | 0.95 | % | $ | 4.84 | ||||||||
| AdvisorShares Madrona Domestic ETF |
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| Actual | $ | 1,000.00 | $ | 1,041.10 | 1.25 | % | $ | 6.43 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | 1.25 | % | $ | 6.36 | ||||||||
| AdvisorShares Madrona Global Bond ETF |
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| Actual | $ | 1,000.00 | $ | 987.50 | 0.95 | % | $ | 4.76 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.42 | 0.95 | % | $ | 4.84 | ||||||||
| AdvisorShares Madrona International ETF |
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| Actual | $ | 1,000.00 | $ | 882.40 | 1.25 | % | $ | 5.93 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | 1.25 | % | $ | 6.36 | ||||||||
| AdvisorShares Meidell Tactical Advantage ETF |
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| Actual | $ | 1,000.00 | $ | 1,009.90 | 1.35 | % | $ | 6.84 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.40 | 1.35 | % | $ | 6.87 | ||||||||
| AdvisorShares Morgan Creek Global Tactical ETF(3) |
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| Actual | $ | 1,000.00 | $ | 978.20 | 1.25 | % | $ | 6.23 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | 1.25 | % | $ | 6.36 | ||||||||
| AdvisorShares Newfleet Multi-Sector Income ETF |
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| Actual | $ | 1,000.00 | $ | 997.20 | 0.75 | % | $ | 3.78 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.42 | 0.75 | % | $ | 3.82 | ||||||||
| AdvisorShares Peritus High Yield ETF |
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| Actual | $ | 1,000.00 | $ | 828.40 | 1.20 | % | $ | 5.53 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,019.16 | 1.20 | % | $ | 6.11 | ||||||||
3
ADVISORSHARES TRUST
Shareholder Expense Examples (continued)
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| Fund Name | Beginning Account Value 7/1/2014 |
Ending Account Value 12/31/2014 |
Annualized Expense Ratio for the Period(1) |
Expenses Paid |
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| AdvisorShares Pring Turner Business Cycle ETF |
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| Actual | $ | 1,000.00 | $ | 894.70 | 1.49 | % | $ | 7.12 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.69 | 1.49 | % | $ | 7.58 | ||||||||
| AdvisorShares QAM Equity Hedge ETF |
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| Actual | $ | 1,000.00 | $ | 991.00 | 1.50 | % | $ | 7.53 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.64 | 1.50 | % | $ | 7.63 | ||||||||
| AdvisorShares Ranger Equity Bear ETF |
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| Actual | $ | 1,000.00 | $ | 973.70 | 1.65 | % | $ | 8.21 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,016.89 | 1.65 | % | $ | 8.39 | ||||||||
| AdvisorShares Sage Core Reserves ETF |
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| Actual | $ | 1,000.00 | $ | 997.60 | 0.35 | % | $ | 1.76 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,023.44 | 0.35 | % | $ | 1.79 | ||||||||
| AdvisorShares STAR Global Buy-Write ETF |
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| Actual | $ | 1,000.00 | $ | 1,011.10 | 1.85 | % | $ | 9.38 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,015.88 | 1.85 | % | $ | 9.40 | ||||||||
| AdvisorShares Sunrise Global Multi-Strategy ETF(4) |
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| Actual | $ | 1,000.00 | $ | 997.80 | 1.75 | % | $ | 8.43 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,015.67 | 1.75 | % | $ | 8.50 | ||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
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| Actual | $ | 1,000.00 | $ | 1,086.80 | 0.99 | % | $ | 5.21 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.21 | 0.99 | % | $ | 5.04 | ||||||||
| AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
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| Actual | $ | 1,000.00 | $ | 953.30 | 1.25 | % | $ | 6.15 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.90 | 1.25 | % | $ | 6.36 | ||||||||
| AdvisorShares YieldPro ETF |
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| Actual | $ | 1,000.00 | $ | 967.80 | 1.00 | % | $ | 4.96 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.16 | 1.00 | % | $ | 5.09 | ||||||||
| (1) | Expense ratios reflect expense caps through the period ended December 31, 2014. |
| (2) | Fund commenced operations on July 29, 2014. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 155/365 (to reflect commencement of operation). |
| (3) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (4) | Fund commenced operations on July 8, 2014. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 176/365 (to reflect commencement of operation). |
4
ADVISORSHARES ACCUVEST GLOBAL LONG SHORT ETF
Schedule of Investments
December 31, 2014 (Unaudited)
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| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 89.0% |
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| Equity Fund — 89.0% |
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| First Trust Large Cap Core AlphaDEX Fund | 22,295 | $ | 1,017,321 | ||||||
| iShares Core S&P 500 ETF | 4,860 | 1,005,534 | |||||||
| iShares MSCI Brazil Capped ETF | 17,628 | 644,656 | |||||||
| iShares MSCI China ETF(a) | 26,436 | 1,327,880 | |||||||
| iShares MSCI Indonesia ETF | 22,136 | 607,412 | |||||||
| iShares MSCI Israel Capped ETF(a) | 25,139 | 1,176,002 | |||||||
| iShares MSCI Sweden ETF(a) | 42,340 | 1,340,908 | |||||||
| iShares MSCI Taiwan ETF | 64,352 | 972,359 | |||||||
| iShares MSCI Thailand Capped ETF | 12,175 | 943,075 | |||||||
| iShares MSCI Turkey ETF | 14,038 | 762,404 | |||||||
| Total Exchange Traded Funds (Cost $10,024,409) |
9,797,551 | ||||||||
| MONEY MARKET FUND — 0.7% |
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| Dreyfus Cash Management — Investor Class, 0.00%(b) (Cost $77,751) |
77,751 | 77,751 | |||||||
| Total Investments — 89.7% (Cost $10,102,160) |
9,875,302 | ||||||||
| Other Assets in Excess of Liabilities — 10.3% | 1,139,865 | ||||||||
| Net Assets — 100.0% | $ | 11,015,167 | |||||||
ETF — Exchange Traded Fund
| (a) | All or a portion of this security has been segregated as collateral for swap contracts. The aggregate market value of the collateral posted was $4,485,464 which includes cash in the amount of $974,673 as of December 31, 2014. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
SUMMARY OF SCHEDULE OF INVESTMENTS
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| % of Net Assets |
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| Equity Fund | 89.0 | % | ||
| Money Market Fund | 0.7 | |||
| Total Investments | 89.7 | |||
| Other Assets in Excess of Liabilities | 10.3 | |||
| Net Assets | 100.0 | % | ||
Total Return Swaps contracts outstanding as of December 31, 2014:
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| Reference Entity | Number of Contracts |
Annual Financing Rate Received (Paid) |
Termination Date |
Notional Amounts |
Fair Value |
Unrealized Appreciation/ (Depreciation) |
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| iShares MSCI Australia ETF | (27,320 | ) | (1.45 | )% | 6/09/2015 | $ | (643,113 | ) | $ | (606,387 | ) | $ | 36,726 | |||||||||||
| iShares MSCI Austria Capped ETF | (40,046 | ) | (3.45 | ) | 6/09/2015 | (649,546 ) | (609,584 | ) | 39,962 | |||||||||||||||
| iShares MSCI Chile Capped ETF | (15,548 | ) | (1.95 | ) | 6/09/2015 | (639,178 ) | (621,148 | ) | 18,030 | |||||||||||||||
| iShares MSCI France ETF | (24,366 | ) | (2.96 | ) | 6/09/2015 | (634,491 ) | (602,032 | ) | 32,459 | |||||||||||||||
| iShares MSCI Hong Kong ETF | (30,000 | ) | (3.20 | ) | 6/09/2015 | (636,300 ) | (617,730 | ) | 18,570 | |||||||||||||||
| iShares MSCI Italy Capped ETF | (43,987 | ) | (2.96 | ) | 6/09/2015 | (638,691 ) | (599,644 | ) | 39,047 | |||||||||||||||
| iShares MSCI Netherlands ETF | (25,198 | ) | (1.94 | ) | 6/09/2015 | (625,162 ) | (603,272 | ) | 21,890 | |||||||||||||||
| iShares MSCI Spain Capped ETF | (17,067 | ) | (2.94 | ) | 6/09/2015 | (652,472 ) | (592,474 | ) | 59,998 | |||||||||||||||
| iShares MSCI Switzerland Capped ETF | (18,845 | ) | (1.71 | ) | 6/09/2015 | (623,016 ) | (598,000 | ) | 25,016 | |||||||||||||||
| Net Unrealized Appreciation | $ | 291,698 | ||||||||||||||||||||||
Morgan Stanley acts as the counterparty to the total return swap contracts 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.
See accompanying Notes to Financial Statements.
5
ADVISORSHARES ACCUVEST GLOBAL OPPORTUNITIES ETF
Schedule of Investments
December 31, 2014 (Unaudited)
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| Investments | Shares/ Principal |
Value | |||||||
| EXCHANGE TRADED FUNDS — 100.1% |
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| Equity Fund — 100.1% |
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| iShares MSCI China ETF | 16,356 | $ | 821,562 | ||||||
| iShares MSCI Israel Capped ETF | 15,246 | 713,208 | |||||||
| iShares MSCI Sweden ETF | 23,180 | 734,110 | |||||||
| iShares MSCI Taiwan ETF | 44,315 | 669,600 | |||||||
| iShares MSCI Thailand Capped ETF(a) |
7,740 | 599,540 | |||||||
| iShares MSCI Turkey ETF | 11,380 | 618,048 | |||||||
| Total Exchange Traded Funds (Cost $4,322,338) |
4,156,068 | ||||||||
| MONEY MARKET FUND — 2.2% |
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| Dreyfus Cash Management — Investor Class, 0.00%(b) (Cost $91,069) |
91,069 | 91,069 | |||||||
| REPURCHASE AGREEMENTS — 14.1%(c) |
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| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $255,000) |
$ | 250,000 | 250,000 | ||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.5%, 1/31/16 – 12/20/44, totaling $255,000) |
250,000 | 250,000 | |||||||
| Royal Bank Of Scotland PLC, dated 12/31/14, due 01/02/15, 0.07%, total to be received $84,667, (collateralized by various U.S. Government Agency Obligations, 0.25% – 3.25%, 01/15/15 – 05/15/23, totaling $86,361) |
84,667 | 84,667 | |||||||
| Total Repurchase Agreements (Cost $584,667) |
584,667 | ||||||||
| Total Investments — 116.4% (Cost $4,998,074) |
4,831,804 | ||||||||
| Liabilities in Excess of Other Assets — (16.4)% | (682,052 | ) | |||||||
| Net Assets — 100.0% | $ | 4,149,752 | |||||||
ETF — Exchange Traded Fund
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $573,130; the aggregate market value of the collateral held by the fund is $584,667. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
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| % of Net Assets |
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| Equity Fund | 100.1 | % | ||
| Money Market Fund | 2.2 | |||
| Repurchase Agreements | 14.1 | |||
| Total Investments | 116.4 | |||
| Liabilities in Excess of Other Assets | (16.4 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
6
ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments
December 31, 2014 (Unaudited)
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| Investments | Shares | Value | |||||||
| COMMON STOCKS — 99.3% |
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| Agriculture — 3.4% |
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| Altria Group, Inc. | 4,069 | $ | 200,480 | ||||||
| Philip Morris International, Inc. | 2,670 | 217,471 | |||||||
| Total Agriculture | 417,951 | ||||||||
| Banks — 4.2% |
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| Banco de Chile (Chile)(a) | 3,697 | 254,871 | |||||||
| Grupo Financiero Santander Mexico SAB de CV (Mexico)(a) | 25,456 | 263,724 | |||||||
| Total Banks | 518,595 | ||||||||
| Biotechnology — 2.8% |
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| Theravance, Inc.(b) | 24,780 | 350,637 | |||||||
| Chemicals — 2.1% |
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| Sociedad Quimica y Minera de Chile SA (Chile)(a) | 11,080 | 264,590 | |||||||
| Commercial Services — 5.1% |
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| Macquarie Infrastructure Co. LLC | 4,297 | 305,474 | |||||||
| R.R. Donnelley & Sons Co. | 19,544 | 328,437 | |||||||
| Total Commercial Services | 633,911 | ||||||||
| Electric — 6.5% |
|||||||||
| Brookfield Infrastructure Partners LP (Bermuda) | 5,696 | 238,491 | |||||||
| CPFL Energia SA (Brazil)(a)(b) | 20,072 | 272,377 | |||||||
| Huaneng Power International, Inc. (China)(a) | 5,374 | 291,110 | |||||||
| Total Electric | 801,978 | ||||||||
| Engineering & Construction — 2.7% |
|||||||||
| Grupo Aeroportuario del Pacifico SAB de CV (Mexico)(a) | 5,264 | 332,685 | |||||||
| Gas — 3.2% |
|||||||||
| AmeriGas Partners LP | 8,227 | 394,238 | |||||||
| Investment Companies — 2.9% |
|||||||||
| Prospect Capital Corp. | 42,870 | 354,106 | |||||||
| Iron/Steel — 3.0% |
|||||||||
| Vale SA (Brazil)(a) | 44,922 | 367,462 | |||||||
| Mining — 1.8% |
|||||||||
| Freeport-McMoRan, Inc. | 9,670 | 225,891 | |||||||
| Oil & Gas — 17.1% |
|||||||||
| Ecopetrol SA (Colombia)(a) | 18,460 | 316,035 | |||||||
| Ensco PLC, Class A (United Kingdom) |
15,899 | 476,175 | |||||||
| LinnCo LLC(b) | 33,580 | 348,225 | |||||||
| Noble Corp. PLC (United Kingdom) |
27,642 | 458,028 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Oil & Gas (continued) |
|||||||||
| Penn West Petroleum Ltd. (Canada)(b) | 127,905 | $ | 266,042 | ||||||
| Sasol Ltd. (South Africa)(a) | 6,810 | 258,576 | |||||||
| Total Oil & Gas | 2,123,081 | ||||||||
| Pipelines — 7.5% |
|||||||||
| Energy Transfer Partners LP | 4,856 | 315,640 | |||||||
| MarkWest Energy Partners LP | 3,922 | 263,519 | |||||||
| Williams Partners LP | 7,827 | 350,258 | |||||||
| Total Pipelines | 929,417 | ||||||||
| Private Equity — 6.6% |
|||||||||
| Carlyle Group LP (The) | 12,112 | 333,080 | |||||||
| KKR & Co. LP | 20,750 | 481,608 | |||||||
| Total Private Equity | 814,688 | ||||||||
| Real Estate Investment Trusts — 16.8% |
|||||||||
| Chimera Investment Corp. | 79,008 | 251,245 | |||||||
| Digital Realty Trust, Inc. | 3,400 | 225,420 | |||||||
| HCP, Inc. | 5,571 | 245,291 | |||||||
| Iron Mountain, Inc. | 6,692 | 258,713 | |||||||
| Lamar Advertising Co., Class A | 5,962 | 319,802 | |||||||
| NorthStar Realty Finance Corp. | 24,725 | 434,665 | |||||||
| Senior Housing Properties Trust | 15,332 | 338,991 | |||||||
| Total Real Estate Investment Trusts | 2,074,127 | ||||||||
| Telecommunications — 11.9% |
|||||||||
| AT&T, Inc. | 7,915 | 265,865 | |||||||
| CenturyLink, Inc. | 6,831 | 270,371 | |||||||
| Spark New Zealand Ltd. (New Zealand)(a) |
28,207 | 337,356 | |||||||
| Telefonica Brasil SA (Brazil)(a) | 17,971 | 317,727 | |||||||
| Tim Participacoes SA (Brazil)(a) | 12,887 | 286,220 | |||||||
| Total Telecommunications | 1,477,539 | ||||||||
| Water — 1.7% |
|||||||||
| Cia de Saneamento Basico do Estado de Sao Paulo (Brazil)(a) | 34,250 | 215,433 | |||||||
| Total Common Stocks (Cost $13,375,417) |
12,296,329 | ||||||||
| MONEY MARKET FUND — 0.3% | |||||||||
| Goldman Sachs Financial Square Fund, 0.07%(c) (Cost $37,997) |
37,997 | 37,997 | |||||||
See accompanying Notes to Financial Statements.
7
ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| REPURCHASE AGREEMENTS — 8.2%(d) |
|||||||||
| BNP Paribas Securities Corp., dated 12/31/14, due 01/02/15, 0.06%, total to be received $250,000, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.95%, 01/5/15 – 07/15/37, totaling $255,000) |
$ | 250,000 | $ | 250,000 | |||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $101,562, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $103,593) | 101,562 | 101,562 | |||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $255,000) |
250,000 | 250,000 | |||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.5%, 01/31/16 – 12/20/44, totaling $255,000) |
250,000 | 250,000 | |||||||
| RBC Capital Markets LLC, dated 12/31/14, due 01/02/15, 0.08%, total to be received $164,062, (collateralized by various U.S. Government Agency Obligations, 0.00% – 5.00%, 05/01/15 – 12/20/44, totaling $167,343) |
164,062 | 164,062 | |||||||
| Total Repurchase Agreements (Cost $1,015,624) | 1,015,624 | ||||||||
| Total Investments — 107.8% (Cost $14,429,038) |
13,349,950 | ||||||||
| Liabilities in Excess of Other Assets — (7.8)% | (967,837 | ) | |||||||
| Net Assets — 100.0% | $ | 12,382,113 | |||||||
PLC — Public Limited Company
LP — Limited Partnership
| (a) | American Depositary Receipt. |
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $980,424; the aggregate market value of the collateral held by the fund is $1,015,624. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Agriculture | 3.4 | % | ||
| Banks | 4.2 | |||
| Biotechnology | 2.8 | |||
| Chemicals | 2.1 | |||
| Commercial Services | 5.1 | |||
| Electric | 6.5 | |||
| Engineering & Construction | 2.7 | |||
| Gas | 3.2 | |||
| Investment Companies | 2.9 | |||
| Iron/Steel | 3.0 | |||
| Mining | 1.8 | |||
| Oil & Gas | 17.1 | |||
| Pipelines | 7.5 | |||
| Private Equity | 6.6 | |||
| Real Estate Investment Trusts | 16.8 | |||
| Telecommunications | 11.9 | |||
| Water | 1.7 | |||
| Money Market Funds | 0.3 | |||
| Repurchase Agreements | 8.2 | |||
| Total Investments | 107.8 | |||
| Liabilities in Excess of Other Assets | (7.8 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
8
ADVISORSHARES ATHENA INTERNATIONAL BEAR ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUND — 51.2% |
|||||||||
| Debt Fund — 51.2% |
|||||||||
| AdvisorShares Sage Core Reserves ETF† (Cost $505,000) |
5,050 | $ | 500,960 | ||||||
| MONEY MARKET FUND — 4.3% |
|||||||||
| Goldman Sachs Financial Square Fund, 0.07%(a) (Cost $42,611) |
42,611 | 42,611 | |||||||
| Total Investments Before Securities Sold, Not Yet Purchased (Cost $547,611) |
543,571 | ||||||||
| Securities Sold, Not Yet Purchased — (98.2)% |
|||||||||
| COMMON STOCKS — (98.2)% |
|||||||||
| Airlines — (3.5)% |
|||||||||
| Ryanair Holdings PLC (Ireland)*(b) |
(480 | ) | (34,210 | ) | |||||
| Banks — (9.9)% |
|||||||||
| Bank of Ireland (Ireland)*(b) | (1,990 | ) | (30,288 | ) | |||||
| BBVA Banco Frances SA (Argentina)(b) | (2,380 | ) | (32,820 | ) | |||||
| Popular, Inc. (Puerto Rico)* | (990 | ) | (33,709 | ) | |||||
| Total Banks | (96,817 | ) | |||||||
| Computers — (3.5)% |
|||||||||
| CGI Group, Inc., Class A (Canada)* | (910 | ) | (34,726 | ) | |||||
| Diversified Financial Services — (3.3)% |
|||||||||
| AerCap Holdings N.V. (Netherlands)* | (820 | ) | (31,832 | ) | |||||
| Electronics — (3.3)% |
|||||||||
| Allegion PLC (Ireland) | (590 | ) | (32,721 | ) | |||||
| Engineering & Construction — (3.5)% |
|||||||||
| Chicago Bridge & Iron Co. N.V. (Netherlands) | (810 | ) | (34,004 | ) | |||||
| Healthcare – Products — (3.3)% |
|||||||||
| QIAGEN N.V. (Netherlands)* | (1,390 | ) | (32,609 | ) | |||||
| Healthcare – Services — (6.4)% |
|||||||||
| Fresenius Medical Care AG & Co. KGaA (Germany)(b) | (820 | ) | (30,455 | ) | |||||
| ICON PLC (Ireland)* | (630 | ) | (32,123 | ) | |||||
| Total Healthcare – Services | (62,578 | ) | |||||||
| Holding Companies – Diversified — (1.2)% |
|||||||||
| Restaurant Brands International, Inc. (Canada)* | (296 | ) | (11,556 | ) | |||||
| Home Furnishings — (6.4)% |
|||||||||
| Sharp Corp. (Japan)*(b) | (14,270 | ) | (30,966 | ) | |||||
| Sony Corp. (Japan)(b) | (1,570 | ) | (32,138 | ) | |||||
| Total Home Furnishings | (63,104 | ) | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Insurance — (23.1)% |
|||||||||
| Arch Capital Group Ltd. (Bermuda)* | (550 | ) | $ | (32,505 | ) | ||||
| Assured Guaranty Ltd. (Bermuda) | (1,190 | ) | (30,928 | ) | |||||
| Enstar Group Ltd. (Bermuda)* | (220 | ) | (33,636 | ) | |||||
| Everest Re Group Ltd. (Bermuda) | (190 | ) | (32,357 | ) | |||||
| Manulife Financial Corp. (Canada) | (1,760 | ) | (33,598 | ) | |||||
| RenaissanceRe Holdings Ltd. (Bermuda) | (330 | ) | (32,083 | ) | |||||
| XL Group PLC (Ireland) | (920 | ) | (31,620 | ) | |||||
| Total Insurance | (226,727 | ) | |||||||
| Media — (3.4)% |
|||||||||
| Markit Ltd. (Bermuda)* | (1,250 | ) | (33,038 | ) | |||||
| Miscellaneous Manufacturing — (3.3)% |
|||||||||
| Ingersoll-Rand PLC (Ireland) | (510 | ) | (32,329 | ) | |||||
| Oil & Gas — (3.4)% |
|||||||||
| InterOil Corp. (Canada)* | (680 | ) | (33,177 | ) | |||||
| Oil & Gas Services — (3.6)% |
|||||||||
| Frank's International N.V. (Netherlands) | (2,090 | ) | (34,757 | ) | |||||
| Pharmaceuticals — (6.9)% |
|||||||||
| Endo International PLC (Ireland)* | (460 | ) | (33,175 | ) | |||||
| Taro Pharmaceutical Industries Ltd. (Israel)* | (230 | ) | (34,084 | ) | |||||
| Total Pharmaceuticals | (67,259 | ) | |||||||
| Software — (3.3)% |
|||||||||
| Dassault Systemes SA (France)(b) | (530 | ) | (32,330 | ) | |||||
| Telecommunications — (3.3)% |
|||||||||
| Koninklijke KPN N.V. (Netherlands)(b) | (10,410 | ) | (32,271 | ) | |||||
| Transportation — (3.6)% |
|||||||||
| Teekay Corp. (Bermuda) | (700 | ) | (35,623 | ) | |||||
| Total Securities Sold, Not Yet Purchased [Proceeds Received $(930,716)] |
(961,668 | ) | |||||||
| Total Investments — (42.7)% [Cost $(383,105)] | (418,097 | ) | |||||||
| Other Assets in Excess of Liabilities — 142.7% | 1,397,703 | ||||||||
| Net Assets — 100.0% | $ | 979,606 | |||||||
ETF — Exchange Traded Fund
PLC — Public Limited Company
| † | Affiliated Company |
| * | Non-income producing security |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (b) | American Depositary Receipt. |
Cash of $571,594 has been segregated to cover margin requirement for open short sales as of December 31, 2014.
See accompanying Notes to Financial Statements.
9
ADVISORSHARES ATHENA INTERNATIONAL BEAR ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Airlines | (3.5 | )% | ||
| Banks | (9.9 | ) | ||
| Computers | (3.5 | ) | ||
| Debt Fund | 51.2 | |||
| Diversified Financial Services | (3.3 | ) | ||
| Electronics | (3.3 | ) | ||
| Engineering & Construction | (3.5 | ) | ||
| Healthcare – Products | (3.3 | ) | ||
| Healthcare – Services | (6.4 | ) | ||
| Holding Companies – Diversified | (1.2 | ) | ||
| Home Furnishings | (6.4 | ) | ||
| Insurance | (23.1 | ) | ||
| Media | (3.4 | ) | ||
| Miscellaneous Manufacturing | (3.3 | ) | ||
| Oil & Gas | (3.4 | ) | ||
| Oil & Gas Services | (3.6 | ) | ||
| Pharmaceuticals | (6.9 | ) | ||
| Software | (3.3 | ) | ||
| Telecommunications | (3.3 | ) | ||
| Transportation | (3.6 | ) | ||
| Money Market Fund | 4.3 | |||
| Total Investments | (42.7 | ) | ||
| Other Assets in Excess of Liabilities | 142.7 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
10
ADVISORSHARES EQUITYPRO ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| EXCHANGE TRADED FUNDS — 99.5% |
|||||||||
| Equity Fund — 99.5% |
|||||||||
| iShares Global Consumer Discretionary ETF(a) | 27,582 | $ | 2,348,332 | ||||||
| iShares Global Consumer Staples ETF(a) |
46,017 | 4,123,583 | |||||||
| iShares Global Energy ETF(a) | 60,059 | 2,233,594 | |||||||
| iShares Global Financials ETF | 46,139 | 2,604,085 | |||||||
| iShares Global Healthcare ETF(a) | 40,605 | 4,042,634 | |||||||
| iShares Global Industrials ETF(a) | 39,514 | 2,786,132 | |||||||
| iShares Global Materials ETF | 43,603 | 2,437,844 | |||||||
| iShares Global Tech ETF | 27,632 | 2,619,237 | |||||||
| iShares Global Telecom ETF(a) | 42,954 | 2,581,106 | |||||||
| iShares Global Utilities ETF(a) | 54,159 | 2,662,998 | |||||||
| Total Exchange Traded Funds (Cost $27,697,710) | 28,439,545 | ||||||||
| MONEY MARKET FUND — 3.0% |
|||||||||
| Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%(b) (Cost $869,797) |
869,797 | 869,797 | |||||||
| REPURCHASE AGREEMENTS — 21.5%(c) |
|||||||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $601,560, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $625,831) | $ | 613,559 | 613,559 | ||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $1,428,064, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $1,456,620) |
1,428,059 | 1,428,059 | |||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $1,428,061, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $1,456,624) |
1,428,059 | 1,428,059 | |||||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/14, due 01/02/15, 0.07%, total to be received $1,237,843, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.00%, 06/01/17 – 12/20/44, totaling $1,262,598) |
1,237,841 | 1,237,841 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| REPURCHASE AGREEMENTS (continued) |
|||||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $1,428,062, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $1,456,620) |
$ | 1,428,059 | $ | 1,428,059 | |||||
| Total Repurchase Agreements (Cost $6,135,577) | 6,135,577 | ||||||||
| Total Investments — 124.0% (Cost $34,703,084) | 35,444,919 | ||||||||
| Liabilities in Excess of Other Assets — (24.0)% | (6,861,143 | ) | |||||||
| Net Assets — 100.0% | $ | 28,583,776 | |||||||
ETF – Exchange Traded Fund
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $6,001,123; the aggregate market value of the collateral held by the fund is $6,135,577. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term securities. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Equity Fund | 99.5 | % | ||
| Money Market Fund | 3.0 | |||
| Repurchase Agreements | 21.5 | |||
| Total Investments | 124.0 | |||
| Liabilities in Excess of Other Assets | (24.0 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
11
ADVISORSHARES GARTMAN GOLD/BRITISH POUND ETF
Schedule of Investments (Consolidated)†
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| MONEY MARKET FUND — 41.2% |
|||||||||
| BlackRock Liquidity Funds TempFund Portfolio – Institutional Class, 0.07%(a) (Cost $237,032) |
237,032 | $ | 237,032 | ||||||
| Total Investments — 41.2% (Cost $237,032) |
237,032 | ||||||||
| Other Assets in Excess of Liabilities — 58.8% | 338,758 | ||||||||
| Net Assets — 100.0% | $ | 575,790 | |||||||
| † | The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to Financial Statements. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
Futures contracts outstanding as of December 31, 2014:
|
|
|
|
|
|
|
||||||||||||||||||
| Type | Broker | Expiration Date |
Number of Contracts |
Value at Trade Date |
Value at December 31, 2014 |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
| British Pound Currency | Interactive Brokers LLC | March 2015 | (6 | ) | $ | (588,435 | ) | $ | (583,875 | ) | $ | 4,560 | ||||||||||||
| Gold 100 Oz. | Interactive Brokers LLC | February 2015 | 5 | 599,662 | 592,050 | (7,612 | ) | |||||||||||||||||
| $ | (3,052 | ) | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
12
ADVISORSHARES GARTMAN GOLD/EURO ETF
Schedule of Investments (Consolidated)†
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| MONEY MARKET FUND — 64.8% |
|||||||||
| BlackRock Liquidity Funds TempFund Portfolio – Institutional Class, 0.07%(a) (Cost $1,605,842) | 1,605,842 | $ | 1,605,842 | ||||||
| Total Investments — 64.8% (Cost $1,605,842) |
1,605,842 | ||||||||
| Other Assets in Excess of Liabilities — 35.2% | 874,215 | ||||||||
| Net Assets — 100.0% | $ | 2,480,057 | |||||||
| † | The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to the Financial Statements. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
Futures contracts outstanding as of December 31, 2014:
|
|
|
|
|
|
|
||||||||||||||||||
| Type | Broker | Expiration Date | Number of Contracts | Value at Trade Date | Value at December 31, 2014 |
Unrealized Appreciation/(Depreciation) | ||||||||||||||||||
| EURO Currency | Interactive Brokers LLC | March 2015 | (17 | ) | $ | (2,645,477 | ) | $ | (2,572,738 | ) | $ | 72,739 | ||||||||||||
| Gold 100 Oz. | Interactive Brokers LLC | February 2015 | 22 | 2,640,911 | 2,605,020 | (35,891 | ) | |||||||||||||||||
| $ | 36,848 | |||||||||||||||||||||||
See accompanying Notes to Financial Statements.
13
ADVISORSHARES GARTMAN GOLD/YEN ETF
Schedule of Investments (Consolidated)†
December 31, 2014 (Unaudited)
|
|
|
||||||||||
| Investments | Shares | Value | ||||||||||
| MONEY MARKET FUND — 70.0% |
||||||||||||
| BlackRock Liquidity Funds TempFund Portfolio – Institutional Class, 0.07%(a) (Cost $5,262,611) | 5,262,611 | $ | 5,262,611 | |||||||||
| Total Investments — 70.0% (Cost $5,262,611) |
5,262,611 | |||||||||||
| Other Assets in Excess of Liabilities — 30.0% | 2,258,372 | |||||||||||
| Net Assets — 100.0% | $ | 7,520,983 | ||||||||||
| † | The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to Financial Statements. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
Futures contracts outstanding as of December 31, 2014:
|
|
|
|
|
|
|
||||||||||||||||||
| Type | Broker | Expiration Date |
Number of Contracts |
Value at Trade Date |
Value at December 31, 2014 |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
| Gold 100 Oz. | Interactive Brokers LLC | February 2015 | 66 | $ | 7,917,963 | $ | 7,815,060 | $ | (102,903 ) | |||||||||||||||
| Japanese Yen Currency | Interactive Brokers LLC | March 2015 | (75 | ) | (7,947,472 ) | (7,827,187 ) | 120,285 | |||||||||||||||||
| $ | 17,382 | |||||||||||||||||||||||
See accompanying Notes to Financial Statements.
14
ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS — 67.8% |
|||||||||
| Apparel — 1.0% |
|||||||||
| Hanesbrands, Inc. | 180 | $ | 20,092 | ||||||
| VF Corp. | 545 | 40,820 | |||||||
| Total Apparel | 60,912 | ||||||||
| Auto Parts & Equipment — 1.9% |
|||||||||
| Johnson Controls, Inc. | 2,459 | 118,868 | |||||||
| Banks — 2.8% |
|||||||||
| Banco Bradesco SA (Brazil)(a) | 3,470 | 46,394 | |||||||
| Boston Private Financial Holdings, Inc. | 3,464 | 46,660 | |||||||
| City National Corp. | 795 | 64,244 | |||||||
| Northern Trust Corp. | 303 | 20,422 | |||||||
| Total Banks | 177,720 | ||||||||
| Beverages — 0.6% |
|||||||||
| Reed's, Inc.*(b) | 6,126 | 36,205 | |||||||
| Biotechnology — 2.8% |
|||||||||
| Amgen, Inc. | 125 | 19,911 | |||||||
| Illumina, Inc.* | 649 | 119,793 | |||||||
| Isis Pharmaceuticals, Inc.*(b) | 569 | 35,130 | |||||||
| Total Biotechnology | 174,834 | ||||||||
| Building Materials — 0.6% |
|||||||||
| Geberit AG (Switzerland)(a) | 581 | 19,986 | |||||||
| Masco Corp. | 830 | 20,916 | |||||||
| Total Building Materials | 40,902 | ||||||||
| Chemicals — 1.9% |
|||||||||
| Novozymes A/S (Denmark)(a) | 2,838 | 119,593 | |||||||
| Commercial Services — 3.1% |
|||||||||
| Automatic Data Processing, Inc. | 696 | 58,025 | |||||||
| Kroton Educacional SA (Brazil)(a) | 7,320 | 41,285 | |||||||
| MasterCard, Inc., Class A | 712 | 61,346 | |||||||
| Where Food Comes From, Inc.* | 12,773 | 37,042 | |||||||
| Total Commercial Services | 197,698 | ||||||||
| Computers — 4.2% |
|||||||||
| Apple, Inc. | 1,279 | 141,176 | |||||||
| EMC Corp. | 2,451 | 72,893 | |||||||
| Hewlett-Packard Co. | 530 | 21,269 | |||||||
| Stratasys Ltd. (Israel)*(b) | 369 | 30,667 | |||||||
| Total Computers | 266,005 | ||||||||
| Cosmetics/Personal Care — 1.0% |
|||||||||
| Procter & Gamble Co. (The) | 696 | 63,399 | |||||||
| Diversified Financial Services — 3.2% |
|||||||||
| Ameriprise Financial, Inc. | 315 | 41,659 | |||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 2,733 | 38,891 | |||||||
| MarketAxess Holdings, Inc. | 729 | 52,277 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Diversified Financial Services (continued) |
|||||||||
| WageWorks, Inc.* | 1,101 | $ | 71,091 | ||||||
| Total Diversified Financial Services | 203,918 | ||||||||
| Electronics — 1.4% |
|||||||||
| Rogers Corp.* | 292 | 23,781 | |||||||
| Thermo Fisher Scientific, Inc. | 376 | 47,109 | |||||||
| Waters Corp.* | 178 | 20,064 | |||||||
| Total Electronics | 90,954 | ||||||||
| Environmental Control — 1.6% |
|||||||||
| Clean Harbors, Inc.* | 1,052 | 50,549 | |||||||
| Tomra Systems ASA (Norway)(a) | 6,888 | 52,825 | |||||||
| Total Environmental Control | 103,374 | ||||||||
| Food — 5.5% |
|||||||||
| Boulder Brands, Inc.* | 3,711 | 41,044 | |||||||
| Hain Celestial Group, Inc. (The)* | 202 | 11,775 | |||||||
| Kroger Co. (The) | 830 | 53,294 | |||||||
| Nestle SA (Switzerland)(a) | 331 | 24,146 | |||||||
| Sprouts Farmers Market, Inc.*(b) | 1,600 | 54,368 | |||||||
| SunOpta, Inc.* | 4,037 | 47,838 | |||||||
| United Natural Foods, Inc.* | 683 | 52,813 | |||||||
| WhiteWave Foods Co. (The)* | 1,744 | 61,023 | |||||||
| Total Food | 346,301 | ||||||||
| Healthcare – Products — 2.0% |
|||||||||
| Becton, Dickinson and Co. | 147 | 20,456 | |||||||
| Boston Scientific Corp.* | 3,250 | 43,062 | |||||||
| Hologic, Inc.* | 2,300 | 61,502 | |||||||
| Total Healthcare – Products | 125,020 | ||||||||
| Healthcare – Services — 0.4% |
|||||||||
| Amedisys, Inc.* | 750 | 22,012 | |||||||
| Home Furnishings — 0.4% |
|||||||||
| Dorel Industries, Inc., Class B(b) | 730 | 25,264 | |||||||
| Household Products/Wares — 0.5% |
|||||||||
| Church & Dwight Co., Inc. | 393 | 30,972 | |||||||
| Internet — 1.9% |
|||||||||
| F5 Networks, Inc.* | 453 | 59,101 | |||||||
| Fireeye, Inc.*(b) | 720 | 22,738 | |||||||
| Google, Inc., Class C* | 38 | 20,003 | |||||||
| Google, Inc., Class A* | 37 | 19,634 | |||||||
| Total Internet | 121,476 | ||||||||
| Machinery – Diversified — 2.4% |
|||||||||
| Rockwell Automation, Inc. | 459 | 51,041 | |||||||
| Tennant Co. | 562 | 40,559 | |||||||
| Xylem, Inc. | 1,484 | 56,496 | |||||||
| Total Machinery – Diversified | 148,096 | ||||||||
See accompanying Notes to Financial Statements.
15
ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Metal Fabricate/Hardware — 0.3% |
|||||||||
| Mueller Water Products, Inc., Class A | 2,075 | $ | 21,248 | ||||||
| Miscellaneous Manufacturing — 2.2% |
|||||||||
| AptarGroup, Inc. | 998 | 66,706 | |||||||
| Illinois Tool Works, Inc. | 215 | 20,361 | |||||||
| Pure Technologies Ltd.(b) | 3,735 | 24,113 | |||||||
| Raven Industries, Inc. | 975 | 24,375 | |||||||
| Total Miscellaneous Manufacturing | 135,555 | ||||||||
| Office/Business Equipment — 0.3% |
|||||||||
| Xerox Corp. | 1,493 | 20,693 | |||||||
| Pharmaceuticals — 5.0% |
|||||||||
| Cardinal Health, Inc. | 636 | 51,344 | |||||||
| Johnson & Johnson | 400 | 41,828 | |||||||
| Novartis AG (Switzerland)(a) | 744 | 68,939 | |||||||
| Perrigo Co. PLC | 335 | 55,999 | |||||||
| Roche Holding AG (Switzerland)(a) | 1,000 | 33,990 | |||||||
| Teva Pharmaceutical Industries Ltd. (Israel)(a) | 1,062 | 61,076 | |||||||
| Total Pharmaceuticals | 313,176 | ||||||||
| Real Estate — 1.7% |
|||||||||
| CBRE Group, Inc., Class A* | 602 | 20,618 | |||||||
| Jones Lang LaSalle, Inc. | 563 | 84,411 | |||||||
| Total Real Estate | 105,029 | ||||||||
| Real Estate Investment Trusts — 1.3% |
|||||||||
| Vornado Realty Trust | 704 | 82,868 | |||||||
| Retail — 4.1% |
|||||||||
| Chipotle Mexican Grill, Inc.* | 91 | 62,290 | |||||||
| Costco Wholesale Corp. | 216 | 30,618 | |||||||
| CVS Health Corp. | 831 | 80,034 | |||||||
| Nordstrom, Inc. | 264 | 20,959 | |||||||
| Target Corp. | 852 | 64,675 | |||||||
| Total Retail | 258,576 | ||||||||
| Semiconductors — 3.7% |
|||||||||
| Broadcom Corp., Class A | 1,065 | 46,147 | |||||||
| Cree, Inc.*(b) | 608 | 19,590 | |||||||
| Intel Corp. | 554 | 20,105 | |||||||
| IPG Photonics Corp.*(b) | 621 | 46,525 | |||||||
| NXP Semiconductor NV (Netherlands)* | 581 | 44,388 | |||||||
| Xilinx, Inc. | 1,235 | 53,463 | |||||||
| Total Semiconductors | 230,218 | ||||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Software — 2.6% |
|||||||||
| Adobe Systems, Inc.* | 1,004 | $ | 72,991 | ||||||
| Fiserv, Inc.* | 958 | 67,989 | |||||||
| Microsoft Corp. | 427 | 19,834 | |||||||
| Total Software | 160,814 | ||||||||
| Telecommunications — 2.2% |
|||||||||
| LogMeIn, Inc.* | 405 | 19,982 | |||||||
| Sierra Wireless, Inc. (Canada)*(b) | 1,443 | 68,384 | |||||||
| Telenor ASA (Norway)(a) | 456 | 27,608 | |||||||
| Vodafone Group PLC (United Kingdom)(a) |
622 | 21,254 | |||||||
| Total Telecommunications | 137,228 | ||||||||
| Transportation — 4.1% |
|||||||||
| Canadian National Railway Co. (Canada) | 1,017 | 70,082 | |||||||
| CSX Corp. | 1,367 | 49,526 | |||||||
| FedEx Corp. | 113 | 19,624 | |||||||
| Matson, Inc. | 575 | 19,849 | |||||||
| Norfolk Southern Corp. | 231 | 25,320 | |||||||
| Union Pacific Corp. | 641 | 76,362 | |||||||
| Total Transportation | 260,763 | ||||||||
| Water — 1.1% |
|||||||||
| American Water Works Co., Inc. | 771 | 41,094 | |||||||
| Severn Trent PLC (United Kingdom)(a)(b) |
998 | 31,193 | |||||||
| Total Water | 72,287 | ||||||||
| Total Common Stocks (Cost $3,708,101) |
4,271,978 | ||||||||
| ASSET BACKED SECURITIES — 20.2% |
|||||||||
| SBA, 4.08%, 07/25/38@ | $ | 138,440 | 160,749 | ||||||
| SBA, 4.16%, 02/25/39@ | 185,869 | 215,157 | |||||||
| SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29 | 193,664 | 211,216 | |||||||
| SBAP, Class 1, Series 2010-20A, 4.38%, 01/01/30 | 141,428 | 153,287 | |||||||
| SBAP, Class 1, Series 2010-20B, 4.14%, 02/01/30 | 296,958 | 321,199 | |||||||
| U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20 | 198,727 | 212,412 | |||||||
| Total Asset Backed Securities (Cost $1,275,410) | 1,274,020 | ||||||||
See accompanying Notes to Financial Statements.
16
ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| COMMERCIAL MORTGAGE BACKED SECURITY — 4.1% |
|||||||||
| Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43 (Cost $266,786) |
$ | 250,000 | $ | 255,999 | |||||
| MUNICIPAL BOND — 4.7% |
|||||||||
| Allegheny County Residential Finance Authority, 0.14%, 11/01/35@ (Cost $300,000) |
300,000 | 300,000 | |||||||
| MONEY MARKET FUNDS — 2.8% |
|||||||||
| Fidelity Institutional Money Market Government Portfolio – Class I, 0.01%(c) | 92,013 | 92,013 | |||||||
| Fidelity Institutional Money Market Portfolio – Institutional Class, 0.09%(c) | 83,834 | 83,834 | |||||||
| Total Money Market Funds (Cost $175,847) | 175,847 | ||||||||
| REPURCHASE AGREEMENTS — 4.2%(d) |
|||||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $255,000) |
250,000 | 250,000 | |||||||
| Royal Bank Of Scotland PLC, dated 12/31/14, due 01/02/15, 0.08%, total to be received $13,151, (collateralized by various U.S. Government Agency Obligations, 0.25% – 3.25%, 01/15/15 – 05/15/23, totaling $13,414) |
13,151 | 13,151 | |||||||
| Total Repurchase Agreements (Cost $263,151) | 263,151 | ||||||||
| Total Investments — 103.8% (Cost $5,989,295) | 6,540,995 | ||||||||
| Liabilities in Excess of Other Assets — (3.8%) | (237,488 | ) | |||||||
| Net Assets — 100.0% | $ | 6,303,507 | |||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2014. |
| (a) | American Depositary Receipt. |
| (b) | All or a portion of security is on loan; the aggregate market value of the securities on loan is $256,306; the aggregate market value of the collateral held by the fund is $263,151. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term securities. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Apparel | 1.0 | % | ||
| Asset Backed Securities | 20.2 | |||
| Auto Parts & Equipment | 1.9 | |||
| Banks | 2.8 | |||
| Beverages | 0.6 | |||
| Biotechnology | 2.8 | |||
| Building Materials | 0.6 | |||
| Chemicals | 1.9 | |||
| Commercial Mortgage Backed Securities | 4.1 | |||
| Commercial Services | 3.1 | |||
| Computers | 4.2 | |||
| Cosmetics/Personal Care | 1.0 | |||
| Diversified Financial Services | 3.2 | |||
| Electronics | 1.4 | |||
| Environmental Control | 1.6 | |||
| Food | 5.5 | |||
| Healthcare – Products | 2.0 | |||
| Healthcare – Services | 0.4 | |||
| Home Furnishings | 0.4 | |||
| Household Products/Wares | 0.5 | |||
| Internet | 1.9 | |||
| Machinery – Diversified | 2.4 | |||
| Metal Fabricate/Hardware | 0.3 | |||
| Miscellaneous Manufacturing | 2.2 | |||
| Money Market Fund | 2.8 | |||
| Repurchase Agreements | 4.2 | |||
| Municipal Bond | 4.7 | |||
| Office/Business Equipment | 0.3 | |||
| Pharmaceuticals | 5.0 | |||
| Real Estate | 1.7 | |||
| Real Estate Investment Trusts | 1.3 | |||
| Retail | 4.1 | |||
| Semiconductors | 3.7 | |||
| Software | 2.6 | |||
| Telecommunications | 2.2 | |||
| Transportation | 4.1 | |||
| Water | 1.1 | |||
| Total Investments | 103.8 | |||
| Liabilities in Excess of Other Assets | (3.8 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
17
ADVISORSHARES INTERNATIONAL GOLD ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 90.1% |
|||||||||
| Commodity Fund — 90.1% |
|||||||||
| AdvisorShares Gartman Gold/British Pound ETF† |
13,103 | $ | 151,012 | ||||||
| AdvisorShares Gartman Gold/Euro ETF† |
13,844 | 171,804 | |||||||
| AdvisorShares Gartman Gold/Yen ETF† |
14,505 | 190,305 | |||||||
| PowerShares DB Gold Fund* | 1,321 | 51,691 | |||||||
| Total Exchange Traded Funds (Cost $587,577) |
564,812 | ||||||||
| MONEY MARKET FUND — 12.1% |
|||||||||
| BlackRock Liquidity Funds TempFund Portfolio – Institutional Class, 0.07%(a) (Cost $75,992) | 75,992 | 75,992 | |||||||
| Total Investments — 102.2% (Cost $663,569) |
640,804 | ||||||||
| Liabilities in Excess of Other Assets — (2.2)% | (13,955 | ) | |||||||
| Net Assets — 100.0% | $ | 626,849 | |||||||
ETF — Exchange Traded Fund
| * | Non-income producing security. |
| † | Affiliated Company. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
See accompanying Notes to Financial Statements.
18
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS — 99.4% | |||||||||
| Advertising — 0.6% | |||||||||
| Alliance Data Systems Corp.* | 293 | $ | 83,813 | ||||||
| Interpublic Group of Cos., Inc. (The) | 3,698 | 76,807 | |||||||
| Omnicom Group, Inc. | 417 | 32,305 | |||||||
| Total Advertising | 192,925 | ||||||||
| Aerospace/Defense — 1.0% |
|||||||||
| Boeing Co. (The) | 329 | 42,764 | |||||||
| General Dynamics Corp. | 140 | 19,267 | |||||||
| L-3 Communications Holdings, Inc. | 108 | 13,631 | |||||||
| Lockheed Martin Corp. | 197 | 37,936 | |||||||
| Northrop Grumman Corp. | 241 | 35,521 | |||||||
| Raytheon Co. | 478 | 51,705 | |||||||
| Rockwell Collins, Inc. | 448 | 37,847 | |||||||
| United Technologies Corp. | 606 | 69,690 | |||||||
| Total Aerospace/Defense | 308,361 | ||||||||
| Agriculture — 0.5% |
|||||||||
| Altria Group, Inc. | 391 | 19,265 | |||||||
| Archer – Daniels – Midland Co. | 1,352 | 70,304 | |||||||
| Lorillard, Inc. | 431 | 27,127 | |||||||
| Philip Morris International, Inc. | 117 | 9,530 | |||||||
| Reynolds American, Inc. | 349 | 22,430 | |||||||
| Total Agriculture | 148,656 | ||||||||
| Airlines — 1.5% |
|||||||||
| Delta Air Lines, Inc. | 4,710 | 231,685 | |||||||
| Southwest Airlines Co. | 5,366 | 227,089 | |||||||
| Total Airlines | 458,774 | ||||||||
| Apparel — 1.2% |
|||||||||
| Michael Kors Holdings Ltd.* | 2,336 | 175,433 | |||||||
| NIKE, Inc., Class B | 349 | 33,556 | |||||||
| Ralph Lauren Corp. | 417 | 77,212 | |||||||
| Under Armour, Inc., Class A* | 233 | 15,821 | |||||||
| VF Corp. | 700 | 52,430 | |||||||
| Total Apparel | 354,452 | ||||||||
| Auto Manufacturers — 1.3% |
|||||||||
| Ford Motor Co. | 7,662 | 118,761 | |||||||
| General Motors Co. | 6,146 | 214,557 | |||||||
| PACCAR, Inc. | 854 | 58,080 | |||||||
| Total Auto Manufacturers | 391,398 | ||||||||
| Auto Parts & Equipment — 2.3% |
|||||||||
| BorgWarner, Inc. | 2,178 | 119,681 | |||||||
| Delphi Automotive PLC (United Kingdom) |
2,220 | 161,438 | |||||||
| Goodyear Tire & Rubber Co. (The) | 8,751 | 250,016 | |||||||
| Johnson Controls, Inc. | 3,129 | 151,256 | |||||||
| Total Auto Parts & Equipment | 682,391 | ||||||||
|
|
|
|||||||
| Investments |
Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Banks — 4.2% |
|||||||||
| Bank of America Corp. | 5,771 | $ | 103,243 | ||||||
| Bank of New York Mellon Corp. (The) | 1,248 | 50,631 | |||||||
| BB&T Corp. | 1,663 | 64,674 | |||||||
| Capital One Financial Corp. | 593 | 48,952 | |||||||
| Citigroup, Inc. | 1,885 | 101,997 | |||||||
| Comerica, Inc. | 486 | 22,764 | |||||||
| Fifth Third Bancorp | 3,097 | 63,101 | |||||||
| Goldman Sachs Group, Inc. (The) | 241 | 46,713 | |||||||
| Huntington Bancshares, Inc. | 4,110 | 43,237 | |||||||
| JPMorgan Chase & Co. | 1,271 | 79,539 | |||||||
| KeyCorp | 1,431 | 19,891 | |||||||
| M&T Bank Corp. | 285 | 35,802 | |||||||
| Morgan Stanley | 5,583 | 216,620 | |||||||
| Northern Trust Corp. | 650 | 43,810 | |||||||
| PNC Financial Services Group, Inc. (The) | 241 | 21,987 | |||||||
| Regions Financial Corp. | 4,109 | 43,391 | |||||||
| State Street Corp. | 365 | 28,653 | |||||||
| SunTrust Banks, Inc. | 3,603 | 150,966 | |||||||
| US Bancorp | 486 | 21,846 | |||||||
| Wells Fargo & Co. | 964 | 52,847 | |||||||
| Total Banks | 1,260,664 | ||||||||
| Beverages — 0.8% |
|||||||||
| Brown-Forman Corp., Class B | 149 | 13,088 | |||||||
| Coca-Cola Co. (The) | 291 | 12,286 | |||||||
| Coca-Cola Enterprises, Inc. | 981 | 43,380 | |||||||
| Constellation Brands, Inc., Class A* | 805 | 79,027 | |||||||
| Dr Pepper Snapple Group, Inc. | 255 | 18,278 | |||||||
| Keurig Green Mountain, Inc. | 123 | 16,285 | |||||||
| Molson Coors Brewing Co., Class B | 110 | 8,197 | |||||||
| Monster Beverage Corp.* | 214 | 23,187 | |||||||
| PepsiCo, Inc. | 160 | 15,130 | |||||||
| Total Beverages | 228,858 | ||||||||
| Biotechnology — 2.0% |
|||||||||
| Alexion Pharmaceuticals, Inc.* | 391 | 72,347 | |||||||
| Amgen, Inc. | 150 | 23,893 | |||||||
| Biogen Idec, Inc.* | 369 | 125,257 | |||||||
| Celgene Corp.* | 1,349 | 150,899 | |||||||
| Gilead Sciences, Inc.* | 1,839 | 173,344 | |||||||
| Regeneron Pharmaceuticals, Inc.* | 142 | 58,256 | |||||||
| Total Biotechnology | 603,996 | ||||||||
See accompanying Notes to Financial Statements.
19
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Building Materials — 0.2% |
|||||||||
| Martin Marietta Materials, Inc. | 262 | $ | 28,904 | ||||||
| Masco Corp. | 1,473 | 37,119 | |||||||
| Vulcan Materials Co. | 108 | 7,099 | |||||||
| Total Building Materials | 73,122 | ||||||||
| Chemicals — 3.3% | |||||||||
| Air Products & Chemicals, Inc. | 138 | 19,904 | |||||||
| Airgas, Inc. | 218 | 25,109 | |||||||
| CF Industries Holdings, Inc. | 679 | 185,055 | |||||||
| Dow Chemical Co. (The) | 424 | 19,339 | |||||||
| E.I. du Pont de Nemours & Co. | 314 | 23,217 | |||||||
| Eastman Chemical Co. | 1,012 | 76,770 | |||||||
| Ecolab, Inc. | 324 | 33,865 | |||||||
| FMC Corp. | 1,405 | 80,127 | |||||||
| International Flavors & Fragrances, Inc. | 195 | 19,765 | |||||||
| LyondellBasell Industries NV, Class A | 1,155 | 91,695 | |||||||
| Monsanto Co. | 900 | 107,523 | |||||||
| Mosaic Co. (The) | 3,383 | 154,434 | |||||||
| PPG Industries, Inc. | 303 | 70,039 | |||||||
| Praxair, Inc. | 230 | 29,799 | |||||||
| Sherwin-Williams Co. (The) | 186 | 48,925 | |||||||
| Sigma-Aldrich Corp. | 72 | 9,883 | |||||||
| Total Chemicals | 995,449 | ||||||||
| Coal — 0.1% |
|||||||||
| CONSOL Energy, Inc. | 465 | 15,722 | |||||||
| Commercial Services — 2.7% |
|||||||||
| ADT Corp. (The)(a) | 798 | 28,912 | |||||||
| Automatic Data Processing, Inc. | 252 | 21,009 | |||||||
| Cintas Corp. | 330 | 25,885 | |||||||
| Equifax, Inc. | 495 | 40,031 | |||||||
| H&R Block, Inc. | 1,830 | 61,634 | |||||||
| MasterCard, Inc., Class A | 861 | 74,184 | |||||||
| McGraw Hill Financial, Inc. | 607 | 54,011 | |||||||
| Moody’s Corp. | 388 | 37,174 | |||||||
| Quanta Services, Inc.* | 1,998 | 56,723 | |||||||
| Robert Half International, Inc. | 1,461 | 85,293 | |||||||
| Total System Services, Inc. | 2,073 | 70,399 | |||||||
| United Rentals, Inc.* | 1,594 | 162,604 | |||||||
| Western Union Co. (The) | 4,723 | 84,589 | |||||||
| Total Commercial Services | 802,448 | ||||||||
| Computers — 3.6% |
|||||||||
| Accenture PLC, Class A (Ireland) | 460 | 41,083 | |||||||
| Apple, Inc. | 1,204 | 132,898 | |||||||
| Cognizant Technology Solutions Corp., Class A* | 2,687 | 141,497 | |||||||
| Computer Sciences Corp. | 584 | 36,821 | |||||||
| EMC Corp. | 2,920 | 86,841 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Computers (continued) | |||||||||
| Hewlett-Packard Co. | 241 | $ | 9,671 | ||||||
| International Business Machines Corp. | 590 | 94,660 | |||||||
| NetApp, Inc. | 1,741 | 72,164 | |||||||
| SanDisk Corp. | 2,066 | 202,427 | |||||||
| Seagate Technology PLC (Ireland) | 1,485 | 98,752 | |||||||
| Teradata Corp.* | 1,494 | 65,258 | |||||||
| Western Digital Corp. | 923 | 102,176 | |||||||
| Total Computers | 1,084,248 | ||||||||
| Cosmetics/Personal Care — 0.2% |
|||||||||
| Avon Products, Inc. | 1,291 | 12,122 | |||||||
| Colgate-Palmolive Co. | 246 | 17,021 | |||||||
| Estee Lauder Cos., Inc. (The), Class A | 268 | 20,422 | |||||||
| Procter & Gamble Co. (The) | 195 | 17,762 | |||||||
| Total Cosmetics/Personal Care | 67,327 | ||||||||
| Distribution/Wholesale — 0.8% |
|||||||||
| Fastenal Co. | 1,036 | 49,272 | |||||||
| Fossil Group, Inc.* | 1,191 | 131,891 | |||||||
| Genuine Parts Co. | 133 | 14,174 | |||||||
| W.W. Grainger, Inc. | 209 | 53,272 | |||||||
| Total Distribution/Wholesale | 248,609 | ||||||||
| Diversified Financial Services — 5.1% |
|||||||||
| Affiliated Managers Group, Inc.* | 729 | 154,723 | |||||||
| American Express Co. | 818 | 76,107 | |||||||
| Ameriprise Financial, Inc. | 1,214 | 160,552 | |||||||
| BlackRock, Inc. | 235 | 84,027 | |||||||
| Charles Schwab Corp. (The) | 3,075 | 92,834 | |||||||
| CME Group, Inc. | 283 | 25,088 | |||||||
| Discover Financial Services | 553 | 36,216 | |||||||
| E*TRADE Financial Corp.* | 6,682 | 162,072 | |||||||
| Franklin Resources, Inc. | 2,404 | 133,109 | |||||||
| Intercontinental Exchange, Inc. | 269 | 58,989 | |||||||
| Invesco Ltd. | 2,972 | 117,453 | |||||||
| Legg Mason, Inc. | 2,709 | 144,579 | |||||||
| NASDAQ OMX Group, Inc. (The) | 2,092 | 100,332 | |||||||
| T. Rowe Price Group, Inc. | 1,012 | 86,890 | |||||||
| Visa, Inc., Class A | 318 | 83,380 | |||||||
| Total Diversified Financial Services | 1,516,351 | ||||||||
| Electric — 1.1% |
|||||||||
| AES Corp. (The) | 2,660 | 36,628 | |||||||
| Ameren Corp. | 595 | 27,447 | |||||||
| American Electric Power Co., Inc. | 183 | 11,112 | |||||||
| CMS Energy Corp. | 446 | 15,499 | |||||||
| Consolidated Edison, Inc. | 123 | 8,119 | |||||||
| Dominion Resources, Inc. | 157 | 12,073 | |||||||
See accompanying Notes to Financial Statements.
20
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Electric (continued) |
|||||||||
| DTE Energy Co. | 171 | $ | 14,769 | ||||||
| Duke Energy Corp. | 118 | 9,858 | |||||||
| Edison International | 147 | 9,626 | |||||||
| Integrys Energy Group, Inc. | 100 | 7,785 | |||||||
| NextEra Energy, Inc. | 137 | 14,562 | |||||||
| Northeast Utilities | 289 | 15,467 | |||||||
| NRG Energy, Inc. | 677 | 18,245 | |||||||
| Pepco Holdings, Inc. | 387 | 10,422 | |||||||
| PG&E Corp. | 475 | 25,289 | |||||||
| Pinnacle West Capital Corp. | 148 | 10,110 | |||||||
| Public Service Enterprise Group, Inc. | 174 | 7,205 | |||||||
| SCANA Corp. | 222 | 13,409 | |||||||
| Southern Co. (The) | 162 | 7,956 | |||||||
| TECO Energy, Inc. | 662 | 13,564 | |||||||
| Wisconsin Energy Corp. | 222 | 11,708 | |||||||
| Xcel Energy, Inc. | 341 | 12,249 | |||||||
| Total Electric | 313,102 | ||||||||
| Electrical Components & Equipment — 0.4% |
|||||||||
| AMETEK, Inc. | 1,267 | 66,682 | |||||||
| Emerson Electric Co. | 768 | 47,409 | |||||||
| Total Electrical Components & Equipment | 114,091 | ||||||||
| Electronics — 2.9% |
|||||||||
| Agilent Technologies, Inc. | 598 | 24,482 | |||||||
| Amphenol Corp., Class A | 420 | 22,600 | |||||||
| Corning, Inc. | 6,662 | 152,760 | |||||||
| FLIR Systems, Inc. | 1,952 | 63,069 | |||||||
| Garmin Ltd. (Switzerland)(a) | 314 | 16,589 | |||||||
| Honeywell International, Inc. | 484 | 48,361 | |||||||
| Jabil Circuit, Inc. | 6,863 | 149,819 | |||||||
| Keysight Technologies, Inc.* | 299 | 10,097 | |||||||
| PerkinElmer, Inc. | 1,768 | 77,315 | |||||||
| TE Connectivity Ltd. (Switzerland) | 1,941 | 122,768 | |||||||
| Thermo Fisher Scientific, Inc. | 658 | 82,441 | |||||||
| Tyco International PLC | 1,543 | 67,676 | |||||||
| Waters Corp.* | 265 | 29,871 | |||||||
| Total Electronics | 867,848 | ||||||||
| Engineering & Construction — 0.6% |
|||||||||
| Fluor Corp. | 1,268 | 76,879 | |||||||
| Jacobs Engineering Group, Inc.* | 2,233 | 99,793 | |||||||
| Total Engineering & Construction | 176,672 | ||||||||
| Environmental Control — 0.2% |
|||||||||
| Republic Services, Inc. | 484 | 19,481 | |||||||
| Stericycle, Inc.* | 256 | 33,556 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Environmental Control (continued) |
|||||||||
| Waste Management, Inc. | 331 | $ | 16,987 | ||||||
| Total Environmental Control | 70,024 | ||||||||
| Food — 1.7% |
|||||||||
| Campbell Soup Co. | 220 | 9,680 | |||||||
| ConAgra Foods, Inc. | 795 | 28,843 | |||||||
| General Mills, Inc. | 325 | 17,332 | |||||||
| Hershey Co. (The) | 202 | 20,994 | |||||||
| JM Smucker Co. (The) | 167 | 16,864 | |||||||
| Kellogg Co. | 201 | 13,153 | |||||||
| Kraft Foods Group, Inc. | 343 | 21,492 | |||||||
| Kroger Co. (The) | 1,062 | 68,191 | |||||||
| McCormick & Co., Inc. | 231 | 17,163 | |||||||
| Mondelez International, Inc., Class A | 1,320 | 47,949 | |||||||
| Safeway, Inc. | 410 | 14,399 | |||||||
| Sysco Corp. | 385 | 15,281 | |||||||
| Tyson Foods, Inc., Class A | 4,651 | 186,459 | |||||||
| Whole Foods Market, Inc. | 692 | 34,891 | |||||||
| Total Food | 512,691 | ||||||||
| Forest Products & Paper — 0.4% |
|||||||||
| International Paper Co. | 1,729 | 92,640 | |||||||
| MeadWestvaco Corp. | 490 | 21,751 | |||||||
| Total Forest Products & Paper | 114,391 | ||||||||
| Gas — 0.1% |
|||||||||
| AGL Resources, Inc. | 115 | 6,269 | |||||||
| CenterPoint Energy, Inc. | 329 | 7,708 | |||||||
| NiSource, Inc. | 326 | 13,829 | |||||||
| Sempra Energy | 130 | 14,477 | |||||||
| Total Gas | 42,283 | ||||||||
| Hand/Machine Tools — 0.4% |
|||||||||
| Snap-on, Inc. | 470 | 64,268 | |||||||
| Stanley Black & Decker, Inc. | 407 | 39,104 | |||||||
| Total Hand/Machine Tools | 103,372 | ||||||||
| Healthcare – Products — 1.7% |
|||||||||
| Baxter International, Inc. | 322 | 23,599 | |||||||
| Becton Dickinson and Co. | 173 | 24,075 | |||||||
| Boston Scientific Corp.* | 4,326 | 57,319 | |||||||
| C.R. Bard, Inc. | 317 | 52,818 | |||||||
| CareFusion Corp.* | 476 | 28,246 | |||||||
| Covidien PLC (Ireland) | 201 | 20,558 | |||||||
| DENTSPLY International, Inc. | 817 | 43,522 | |||||||
| Edwards Lifesciences Corp.* | 196 | 24,966 | |||||||
| Halyard Health, Inc.* | 16 | 727 | |||||||
| Hospira, Inc.* | 472 | 28,910 | |||||||
| Intuitive Surgical, Inc.* | 24 | 12,695 | |||||||
See accompanying Notes to Financial Statements.
21
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Healthcare – Products (continued) |
|||||||||
| Medtronic, Inc. | 304 | $ | 21,949 | ||||||
| Patterson Cos., Inc. | 596 | 28,668 | |||||||
| St. Jude Medical, Inc. | 887 | 57,682 | |||||||
| Stryker Corp. | 264 | 24,903 | |||||||
| Varian Medical Systems, Inc.* | 366 | 31,663 | |||||||
| Zimmer Holdings, Inc. | 287 | 32,552 | |||||||
| Total Healthcare – Products | 514,852 | ||||||||
| Healthcare – Services — 2.0% |
|||||||||
| Aetna, Inc. | 1,160 | 103,043 | |||||||
| Anthem, Inc. | 559 | 70,250 | |||||||
| Cigna Corp. | 951 | 97,867 | |||||||
| DaVita HealthCare Partners, Inc.* | 320 | 24,237 | |||||||
| Humana, Inc. | 286 | 41,078 | |||||||
| Laboratory Corp. of America Holdings* | 547 | 59,021 | |||||||
| Quest Diagnostics, Inc. | 1,002 | 67,194 | |||||||
| Tenet Healthcare Corp.* | 413 | 20,927 | |||||||
| UnitedHealth Group, Inc. | 887 | 89,667 | |||||||
| Universal Health Services, Inc., Class B | 263 | 29,261 | |||||||
| Total Healthcare — Services | 602,545 | ||||||||
| Home Builders — 1.0% |
|||||||||
| D.R. Horton, Inc. | 3,641 | 92,081 | |||||||
| Lennar Corp., Class A | 3,972 | 177,985 | |||||||
| PulteGroup, Inc. | 1,182 | 25,366 | |||||||
| Total Home Builders | 295,432 | ||||||||
| Home Furnishings — 1.6% |
|||||||||
| Harman International Industries, Inc. | 1,403 | 149,714 | |||||||
| Leggett & Platt, Inc. | 2,098 | 89,396 | |||||||
| Whirlpool Corp. | 1,215 | 235,394 | |||||||
| Total Home Furnishings | 474,504 | ||||||||
| Household Products/Wares — 0.2% |
|||||||||
| Avery Dennison Corp. | 807 | 41,867 | |||||||
| Clorox Co. (The) | 97 | 10,109 | |||||||
| Kimberly-Clark Corp. | 132 | 15,251 | |||||||
| Total Household Products/Wares | 67,227 | ||||||||
| Housewares — 0.1% |
|||||||||
| Newell Rubbermaid, Inc. | 893 | 34,014 | |||||||
| Insurance — 5.5% |
|||||||||
| ACE Ltd. (Switzerland) | 285 | 32,741 | |||||||
| Aflac, Inc. | 963 | 58,830 | |||||||
| Allstate Corp. (The) | 1,115 | 78,329 | |||||||
| American International Group, Inc. | 2,263 | 126,751 | |||||||
| Aon PLC | 778 | 73,778 | |||||||
| Assurant, Inc. | 459 | 31,409 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Insurance (continued) |
|||||||||
| Berkshire Hathaway, Inc., Class B* |
133 | $ | 19,970 | ||||||
| Chubb Corp. (The) | 770 | 79,672 | |||||||
| Genworth Financial, Inc., Class A* |
13,901 | 118,158 | |||||||
| Hartford Financial Services Group, Inc. (The) | 3,208 | 133,741 | |||||||
| Lincoln National Corp. | 2,797 | 161,303 | |||||||
| Marsh & McLennan Cos., Inc. | 893 | 51,115 | |||||||
| MetLife, Inc. | 1,816 | 98,227 | |||||||
| Principal Financial Group, Inc. | 2,180 | 113,229 | |||||||
| Progressive Corp. (The) | 886 | 23,913 | |||||||
| Prudential Financial, Inc. | 2,078 | 187,976 | |||||||
| Torchmark Corp. | 1,024 | 55,470 | |||||||
| Travelers Cos., Inc. (The) | 820 | 86,797 | |||||||
| Unum Group | 3,403 | 118,697 | |||||||
| XL Group PLC (Ireland) | 280 | 9,624 | |||||||
| Total Insurance | 1,659,730 | ||||||||
| Internet — 2.3% |
|||||||||
| eBay, Inc.* | 1,210 | 67,905 | |||||||
| Expedia, Inc. | 990 | 84,506 | |||||||
| F5 Networks, Inc.* | 642 | 83,759 | |||||||
| Facebook, Inc., Class A* | 650 | 50,713 | |||||||
| Google, Inc., Class A* | 198 | 105,071 | |||||||
| Netflix, Inc.* | 32 | 10,931 | |||||||
| Priceline Group, Inc. (The)* | 112 | 127,703 | |||||||
| Symantec Corp. | 1,697 | 43,537 | |||||||
| TripAdvisor, Inc.* | 741 | 55,323 | |||||||
| VeriSign, Inc.*(a) | 671 | 38,247 | |||||||
| Yahoo!, Inc.* | 331 | 16,719 | |||||||
| Total Internet | 684,414 | ||||||||
| Iron/Steel — 0.2% |
|||||||||
| Allegheny Technologies, Inc. | 1,478 | 51,390 | |||||||
| Nucor Corp. | 288 | 14,126 | |||||||
| Total Iron/Steel | 65,516 | ||||||||
| Leisure Time — 0.8% |
|||||||||
| Carnival Corp. (Panama) | 3,496 | 158,474 | |||||||
| Harley-Davidson, Inc. | 1,404 | 92,537 | |||||||
| Total Leisure Time | 251,011 | ||||||||
| Lodging — 0.4% |
|||||||||
| Marriott International, Inc., Class A | 498 | 38,859 | |||||||
| Starwood Hotels & Resorts Worldwide, Inc. | 170 | 13,782 | |||||||
| Wyndham Worldwide Corp. | 573 | 49,140 | |||||||
| Wynn Resorts Ltd. | 189 | 28,116 | |||||||
| Total Lodging | 129,897 | ||||||||
See accompanying Notes to Financial Statements.
22
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Machinery – Construction & Mining — 0.1% |
|||||||||
| Caterpillar, Inc. | 359 | $ | 32,859 | ||||||
| Machinery – Diversified — 1.3% |
|||||||||
| Cummins, Inc. | 1,065 | 153,541 | |||||||
| Deere & Co. | 513 | 45,385 | |||||||
| Flowserve Corp. | 1,036 | 61,984 | |||||||
| Rockwell Automation, Inc. | 408 | 45,370 | |||||||
| Roper Industries, Inc. | 218 | 34,084 | |||||||
| Xylem, Inc. | 1,510 | 57,486 | |||||||
| Total Machinery — Diversified | 397,850 | ||||||||
| Media — 4.3% |
|||||||||
| Cablevision Systems Corp., Class A(a) | 3,136 | 64,727 | |||||||
| CBS Corp., Class B | 2,230 | 123,408 | |||||||
| Comcast Corp., Class A | 1,330 | 77,153 | |||||||
| DIRECTV* | 595 | 51,586 | |||||||
| Discovery Communications, Inc., Class A* | 3,177 | 109,448 | |||||||
| Discovery Communications, Inc., Class C* | 4,989 | 168,229 | |||||||
| Gannett Co., Inc. | 2,861 | 91,352 | |||||||
| News Corp., Class A* | 638 | 10,010 | |||||||
| Nielsen N.V. | 2,038 | 91,160 | |||||||
| Scripps Networks Interactive, Inc., Class A | 684 | 51,485 | |||||||
| Time Warner Cable, Inc. | 164 | 24,938 | |||||||
| Time Warner, Inc. | 982 | 83,882 | |||||||
| Twenty-First Century Fox, Inc., Class A | 3,170 | 121,744 | |||||||
| Viacom, Inc., Class B | 1,901 | 143,050 | |||||||
| Walt Disney Co. (The) | 698 | 65,745 | |||||||
| Total Media | 1,277,917 | ||||||||
| Metal Fabricate/Hardware — 0.4% |
|||||||||
| Precision Castparts Corp. | 431 | 103,819 | |||||||
| Mining — 0.5% |
|||||||||
| Alcoa, Inc. | 689 | 10,880 | |||||||
| Freeport-McMoRan, Inc. | 5,945 | 138,875 | |||||||
| Total Mining | 149,755 | ||||||||
| Miscellaneous Manufacturing — 2.8% |
|||||||||
| 3M Co. | 292 | 47,981 | |||||||
| Danaher Corp. | 524 | 44,912 | |||||||
| Dover Corp. | 1,198 | 85,921 | |||||||
| Eaton Corp. PLC (Ireland) | 1,329 | 90,319 | |||||||
| General Electric Co. | 1,130 | 28,555 | |||||||
| Illinois Tool Works, Inc. | 490 | 46,403 | |||||||
| Ingersoll-Rand PLC (Ireland) | 1,286 | 81,519 | |||||||
| Pall Corp. | 301 | 30,464 | |||||||
| Parker Hannifin Corp. | 684 | 88,202 | |||||||
| Pentair PLC (United Kingdom) | 1,569 | 104,213 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Miscellaneous Manufacturing (continued) |
|||||||||
| Textron, Inc. | 4,726 | $ | 199,012 | ||||||
| Total Miscellaneous Manufacturing | 847,501 | ||||||||
| Office/Business Equipment — 0.2% |
|||||||||
| Pitney Bowes, Inc. | 817 | 19,910 | |||||||
| Xerox Corp. | 3,445 | 47,748 | |||||||
| Total Office/Business Equipment | 67,658 | ||||||||
| Oil & Gas — 8.0% |
|||||||||
| Anadarko Petroleum Corp. | 542 | 44,715 | |||||||
| Apache Corp. | 191 | 11,970 | |||||||
| Cabot Oil & Gas Corp. | 3,608 | 106,833 | |||||||
| California Resources Corp.* | 67 | 369 | |||||||
| Chesapeake Energy Corp. | 753 | 14,736 | |||||||
| Chevron Corp. | 207 | 23,221 | |||||||
| Cimarex Energy Co. | 636 | 67,416 | |||||||
| ConocoPhillips | 537 | 37,085 | |||||||
| Denbury Resources, Inc. | 6,343 | 51,569 | |||||||
| Devon Energy Corp. | 2,932 | 179,468 | |||||||
| Diamond Offshore Drilling, Inc.(a) | 3,730 | 136,928 | |||||||
| EOG Resources, Inc. | 321 | 29,554 | |||||||
| EQT Corp. | 846 | 64,042 | |||||||
| Exxon Mobil Corp. | 701 | 64,807 | |||||||
| Helmerich & Payne, Inc. | 1,910 | 128,772 | |||||||
| Hess Corp. | 328 | 24,213 | |||||||
| Marathon Oil Corp. | 761 | 21,529 | |||||||
| Marathon Petroleum Corp. | 1,711 | 154,435 | |||||||
| Murphy Oil Corp. | 1,412 | 71,334 | |||||||
| Nabors Industries Ltd. | 10,548 | 136,913 | |||||||
| Newfield Exploration Co.* | 3,889 | 105,470 | |||||||
| Noble Corp. PLC | 9,003 | 149,180 | |||||||
| Noble Energy, Inc. | 323 | 15,320 | |||||||
| Occidental Petroleum Corp. | 169 | 13,623 | |||||||
| Phillips 66 | 1,232 | 88,334 | |||||||
| Pioneer Natural Resources Co. | 366 | 54,479 | |||||||
| QEP Resources, Inc. | 805 | 16,277 | |||||||
| Range Resources Corp. | 639 | 34,155 | |||||||
| Southwestern Energy Co.* | 2,269 | 61,921 | |||||||
| Tesoro Corp. | 2,908 | 216,210 | |||||||
| Transocean Ltd. (Switzerland)(a) | 4,438 | 81,349 | |||||||
| Valero Energy Corp. | 4,034 | 199,683 | |||||||
| Total Oil & Gas | 2,405,910 | ||||||||
| Oil & Gas Services — 2.8% |
|||||||||
| Baker Hughes, Inc. | 3,610 | 202,413 | |||||||
| Cameron International Corp.* | 3,015 | 150,599 | |||||||
| FMC Technologies, Inc.* | 2,551 | 119,489 | |||||||
| Halliburton Co. | 3,388 | 133,250 | |||||||
| National Oilwell Varco, Inc. | 1,792 | 117,430 | |||||||
See accompanying Notes to Financial Statements.
23
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Oil & Gas Services (continued) |
|||||||||
| Schlumberger Ltd. | 1,315 | $ | 112,314 | ||||||
| Total Oil & Gas Services | 835,495 | ||||||||
| Packaging & Containers — 1.0% |
|||||||||
| Ball Corp. | 649 | 44,242 | |||||||
| Bemis Co., Inc. | 469 | 21,204 | |||||||
| Owens-Illinois, Inc.* | 4,817 | 130,011 | |||||||
| Sealed Air Corp. | 2,205 | 93,558 | |||||||
| Total Packaging & Containers | 289,015 | ||||||||
| Pharmaceuticals — 3.7% |
|||||||||
| Abbott Laboratories | 919 | 41,373 | |||||||
| AbbVie, Inc. | 718 | 46,986 | |||||||
| Actavis PLC* | 603 | 155,218 | |||||||
| Allergan, Inc. | 379 | 80,572 | |||||||
| AmerisourceBergen Corp. | 932 | 84,029 | |||||||
| Bristol-Myers Squibb Co. | 308 | 18,181 | |||||||
| Cardinal Health, Inc. | 441 | 35,602 | |||||||
| Eli Lilly & Co. | 138 | 9,521 | |||||||
| Express Scripts Holding Co.* | 1,222 | 103,467 | |||||||
| Johnson & Johnson | 143 | 14,953 | |||||||
| Mallinckrodt PLC (Ireland)* | 2,055 | 203,507 | |||||||
| McKesson Corp. | 474 | 98,393 | |||||||
| Mead Johnson Nutrition Co. | 158 | 15,885 | |||||||
| Merck & Co., Inc. | 267 | 15,163 | |||||||
| Mylan, Inc.* | 2,275 | 128,242 | |||||||
| Perrigo Co. PLC (Ireland) | 306 | 51,151 | |||||||
| Pfizer, Inc. | 456 | 14,204 | |||||||
| Total Pharmaceuticals | 1,116,447 | ||||||||
| Pipelines — 0.1% |
|||||||||
| Kinder Morgan, Inc. | 262 | 11,085 | |||||||
| ONEOK, Inc. | 142 | 7,070 | |||||||
| Spectra Energy Corp. | 157 | 5,699 | |||||||
| Williams Cos., Inc. (The) | 207 | 9,303 | |||||||
| Total Pipelines | 33,157 | ||||||||
| Real Estate — 0.3% |
|||||||||
| CBRE Group, Inc., Class A* | 2,148 | 73,569 | |||||||
| Real Estate Investment Trust — 0.5% |
|||||||||
| American Tower Corp. | 268 | 26,492 | |||||||
| AvalonBay Communities, Inc. | 81 | 13,234 | |||||||
| Crown Castle International Corp. | 86 | 6,768 | |||||||
| Equity Residential | 101 | 7,256 | |||||||
| General Growth Properties, Inc. | 261 | 7,342 | |||||||
| HCP, Inc. | 165 | 7,265 | |||||||
| Host Hotels & Resorts, Inc. | 568 | 13,501 | |||||||
| Iron Mountain, Inc. | 595 | 23,003 | |||||||
| Kimco Realty Corp. | 256 | 6,436 | |||||||
| Plum Creek Timber Co., Inc. | 205 | 8,772 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Real Estate Investment Trust (continued) |
|||||||||
| Public Storage | 42 | $ | 7,764 | ||||||
| Simon Property Group, Inc. | 42 | 7,648 | |||||||
| Ventas, Inc. | 93 | 6,668 | |||||||
| Vornado Realty Trust | 101 | 11,889 | |||||||
| Weyerhaeuser Co. | 239 | 8,578 | |||||||
| Total Real Estate Investment Trust | 162,616 | ||||||||
| Retail — 8.3% |
|||||||||
| AutoNation, Inc.* | 2,422 | 146,313 | |||||||
| AutoZone, Inc.* | 160 | 99,058 | |||||||
| Bed Bath & Beyond, Inc.* | 624 | 47,530 | |||||||
| Best Buy Co., Inc. | 3,940 | 153,581 | |||||||
| CarMax, Inc.* | 1,237 | 82,359 | |||||||
| Chipotle Mexican Grill, Inc.* | 54 | 36,964 | |||||||
| Coach, Inc. | 261 | 9,803 | |||||||
| Costco Wholesale Corp. | 134 | 18,994 | |||||||
| CVS Health Corp. | 824 | 79,359 | |||||||
| Darden Restaurants, Inc. | 895 | 52,474 | |||||||
| Dollar General Corp.* | 1,339 | 94,667 | |||||||
| Dollar Tree, Inc.* | 1,345 | 94,661 | |||||||
| Family Dollar Stores, Inc. | 136 | 10,773 | |||||||
| GameStop Corp., Class A(a) | 4,370 | 147,706 | |||||||
| Gap, Inc. (The) | 2,853 | 120,140 | |||||||
| Home Depot, Inc. (The) | 817 | 85,760 | |||||||
| Kohl’s Corp. | 730 | 44,559 | |||||||
| L Brands, Inc. | 445 | 38,515 | |||||||
| Lowe’s Cos., Inc. | 1,480 | 101,824 | |||||||
| Macy’s, Inc. | 1,665 | 109,474 | |||||||
| McDonald’s Corp. | 185 | 17,335 | |||||||
| Nordstrom, Inc. | 456 | 36,202 | |||||||
| O’Reilly Automotive, Inc.* | 518 | 99,777 | |||||||
| PetSmart, Inc. | 728 | 59,183 | |||||||
| PVH Corp. | 862 | 110,483 | |||||||
| Ross Stores, Inc. | 517 | 48,732 | |||||||
| Starbucks Corp. | 787 | 64,573 | |||||||
| Target Corp. | 444 | 33,704 | |||||||
| Tiffany & Co. | 421 | 44,988 | |||||||
| TJX Cos., Inc. (The) | 722 | 49,515 | |||||||
| Tractor Supply Co. | 1,007 | 79,372 | |||||||
| Urban Outfitters, Inc.* | 3,839 | 134,864 | |||||||
| Walgreens Boots Alliance, Inc. | 1,189 | 90,602 | |||||||
| Wal-Mart Stores, Inc. | 195 | 16,747 | |||||||
| Yum! Brands, Inc. | 458 | 33,365 | |||||||
| Total Retail | 2,493,956 | ||||||||
| Savings & Loans — 0.1% |
|||||||||
| People’s United Financial, Inc. | 1,998 | 30,330 | |||||||
See accompanying Notes to Financial Statements.
24
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Semiconductors — 4.8% |
|||||||||
| Altera Corp. | 642 | $ | 23,716 | ||||||
| Analog Devices, Inc. | 1,220 | 67,735 | |||||||
| Applied Materials, Inc. | 5,541 | 138,082 | |||||||
| Avago Technologies Ltd. (Singapore) | 2,311 | 232,464 | |||||||
| Broadcom Corp., Class A | 2,539 | 110,015 | |||||||
| Intel Corp. | 1,683 | 61,076 | |||||||
| KLA-Tencor Corp. | 737 | 51,826 | |||||||
| Lam Research Corp. | 2,444 | 193,907 | |||||||
| Linear Technology Corp. | 849 | 38,714 | |||||||
| Microchip Technology, Inc.(a) | 1,458 | 65,770 | |||||||
| Micron Technology, Inc.* | 5,818 | 203,688 | |||||||
| NVIDIA Corp. | 3,645 | 73,082 | |||||||
| QUALCOMM, Inc. | 1,343 | 99,825 | |||||||
| Texas Instruments, Inc. | 878 | 46,942 | |||||||
| Xilinx, Inc. | 697 | 30,173 | |||||||
| Total Semiconductors | 1,437,015 | ||||||||
| Software — 2.0% |
|||||||||
| Adobe Systems, Inc.* | 182 | 13,231 | |||||||
| Akamai Technologies, Inc.* | 986 | 62,078 | |||||||
| Autodesk, Inc.* | 170 | 10,210 | |||||||
| CA, Inc. | 817 | 24,878 | |||||||
| Cerner Corp.* | 468 | 30,261 | |||||||
| Citrix Systems, Inc.* | 721 | 46,000 | |||||||
| Dun & Bradstreet Corp. (The) | 138 | 16,692 | |||||||
| Electronic Arts, Inc.* | 2,844 | 133,711 | |||||||
| Fidelity National Information Services, Inc. | 870 | 54,114 | |||||||
| Fiserv, Inc.* | 578 | 41,021 | |||||||
| Intuit, Inc. | 210 | 19,360 | |||||||
| Microsoft Corp. | 564 | 26,198 | |||||||
| Oracle Corp. | 1,441 | 64,802 | |||||||
| Paychex, Inc. | 385 | 17,775 | |||||||
| Red Hat, Inc.* | 312 | 21,572 | |||||||
| salesforce.com, Inc.* | 180 | 10,676 | |||||||
| Total Software | 592,579 | ||||||||
| Telecommunications — 0.9% |
|||||||||
| AT&T, Inc. | 371 | 12,462 | |||||||
| CenturyLink, Inc. | 147 | 5,818 | |||||||
| Cisco Systems, Inc. | 1,679 | 46,701 | |||||||
| Frontier Communications Corp. | 1,835 | 12,240 | |||||||
| Harris Corp. | 124 | 8,906 | |||||||
| Juniper Networks, Inc. | 5,418 | 120,930 | |||||||
| Motorola Solutions, Inc. | 124 | 8,318 | |||||||
| Verizon Communications, Inc. | 812 | 37,985 | |||||||
| Total Telecommunications | 253,360 | ||||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Textiles — 0.3% |
|||||||||
| Mohawk Industries, Inc.* | 488 | $ | 75,816 | ||||||
| Toys/Games/Hobbies — 0.4% |
|||||||||
| Hasbro, Inc. | 991 | 54,495 | |||||||
| Mattel, Inc. | 1,879 | 58,146 | |||||||
| Total Toys/Games/Hobbies | 112,641 | ||||||||
| Transportation — 1.6% |
|||||||||
| C.H. Robinson Worldwide, Inc. | 289 | 21,643 | |||||||
| CSX Corp. | 1,178 | 42,679 | |||||||
| Expeditors International of Washington, Inc. | 512 | 22,840 | |||||||
| FedEx Corp. | 473 | 82,141 | |||||||
| Kansas City Southern | 358 | 43,687 | |||||||
| Norfolk Southern Corp. | 481 | 52,723 | |||||||
| Ryder System, Inc. | 1,240 | 115,134 | |||||||
| Union Pacific Corp. | 431 | 51,345 | |||||||
| United Parcel Service, Inc., Class B | 369 | 41,022 | |||||||
| Total Transportation | 473,214 | ||||||||
| Total Common Stocks (Cost $25,672,412) |
29,789,846 | ||||||||
| MONEY MARKET FUND — 0.7% |
|||||||||
| Fidelity Institutional Prime Money Market Portfolio — Class I, 0.01%(b) (Cost $205,222) |
205,222 | 205,222 | |||||||
| REPURCHASE AGREEMENTS — 1.4%(c) |
|||||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $255,000) |
$ | 250,000 | 250,000 | ||||||
| RBC Capital Markets LLC, dated 12/31/14, due 01/02/15, 0.08%, total to be received $173,915, (collateralized by various U.S. Government Agency Obligations, 0.00% – 5.00%, 05/01/15 – 12/20/44, totaling $177,393) |
173,915 | 173,915 | |||||||
| Total Repurchase Agreements (Cost $423,915) |
423,915 | ||||||||
| Total Investments — 101.5% (Cost $26,301,549) |
30,418,983 | ||||||||
| Liabilities in Excess of Other Assets — (1.5)% | (446,295 | ) | |||||||
| Net Assets — 100.0% | $ | 29,972,688 | |||||||
See accompanying Notes to Financial Statements.
25
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $514,236; the aggregate market value of the collateral held by the fund is $528,238. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $104,323. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (c) | Collateral received from brokers for securities lending was invested on these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Advertising | 0.6 | % | ||
| Aerospace/Defense | 1.0 | |||
| Agriculture | 0.5 | |||
| Airlines | 1.5 | |||
| Apparel | 1.2 | |||
| Auto Manufacturers | 1.3 | |||
| Auto Parts & Equipment | 2.3 | |||
| Banks | 4.2 | |||
| Beverages | 0.8 | |||
| Biotechnology | 2.0 | |||
| Building Materials | 0.2 | |||
| Chemicals | 3.3 | |||
| Coal | 0.1 | |||
| Commercial Services | 2.7 | |||
| Computers | 3.6 | |||
| Cosmetics/Personal Care | 0.2 | |||
| Distribution/Wholesale | 0.8 | |||
| Diversified Financial Services | 5.1 | |||
| Electric | 1.1 | |||
| Electrical Components & Equipment | 0.4 | |||
| Electronics | 2.9 | |||
| Engineering & Construction | 0.6 | |||
| Environmental Control | 0.2 | |||
| Food | 1.7 | |||
| Forest Products & Paper | 0.4 | |||
| Gas | 0.1 | |||
| Hand/Machine Tools | 0.4 | |||
| Healthcare – Products | 1.7 | |||
| Healthcare – Services | 2.0 | |||
| Home Builders | 1.0 | |||
| Home Furnishings | 1.6 | |||
| Household Products/Wares | 0.2 | |||
| Housewares | 0.1 | |||
|
|
|||
| % of Net Assets |
||||
| Insurance | 5.5 | % | ||
| Internet | 2.3 | |||
| Iron/Steel | 0.2 | |||
| Leisure Time | 0.8 | |||
| Lodging | 0.4 | |||
| Machinery – Construction & Mining | 0.1 | |||
| Machinery – Diversified | 1.3 | |||
| Media | 4.3 | |||
| Metal Fabricate/Hardware | 0.4 | |||
| Mining | 0.5 | |||
| Miscellaneous Manufacturing | 2.8 | |||
| Money Market Fund | 0.7 | |||
| Repurchase Agreements | 1.4 | |||
| Office/Business Equipment | 0.2 | |||
| Oil & Gas | 8.0 | |||
| Oil & Gas Services | 2.8 | |||
| Packaging & Containers | 1.0 | |||
| Pharmaceuticals | 3.7 | |||
| Pipelines | 0.1 | |||
| Real Estate | 0.3 | |||
| Real Estate Investment Trust | 0.5 | |||
| Retail | 8.3 | |||
| Savings & Loans | 0.1 | |||
| Semiconductors | 4.8 | |||
| Software | 2.0 | |||
| Telecommunications | 0.9 | |||
| Textiles | 0.3 | |||
| Toys/Games/Hobbies | 0.4 | |||
| Transportation | 1.6 | |||
| Total Investments | 101.5 | |||
| Liabilities in Excess of Other Assets | (1.5 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
26
ADVISORSHARES MADRONA GLOBAL BOND ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 98.9% |
|||||||||
| Debt Fund — 98.9% |
|||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 27,448 | $ | 3,277,566 | ||||||
| iShares International Treasury Bond ETF(a) | 8,198 | 793,403 | |||||||
| iShares Utilities Bond ETF | 15,781 | 824,715 | |||||||
| PIMCO 1 – 5 Year U.S. TIPS Index ETF |
10,397 | 537,837 | |||||||
| PowerShares Build America Bond Portfolio(a) | 27,239 | 829,155 | |||||||
| PowerShares Emerging Markets Sovereign Debt Portfolio | 76,070 | 2,142,131 | |||||||
| PowerShares Financial Preferred Portfolio | 136,812 | 2,498,187 | |||||||
| PowerShares Fundamental Investment Grade Corporate Bond Portfolio | 42,557 | 1,079,671 | |||||||
| PowerShares International Corporate Bond Portfolio(a) | 37,768 | 1,074,122 | |||||||
| PowerShares National AMT-Free Municipal Bond Portfolio(a) | 32,275 | 820,108 | |||||||
| PowerShares Senior Loan Portfolio | 101,960 | 2,450,099 | |||||||
| SPDR Barclays Convertible Securities ETF | 41,217 | 1,932,665 | |||||||
| SPDR Barclays High Yield Bond ETF(a) | 48,569 | 1,875,249 | |||||||
| SPDR DB International Government Inflation-Protected Bond ETF | 13,853 | 788,928 | |||||||
| SPDR Nuveen S&P High Yield Municipal Bond ETF(a) | 14,370 | 828,718 | |||||||
| Vanguard Intermediate-Term Government Bond ETF(a) | 12,723 | 820,506 | |||||||
| Vanguard Long-Term Government Bond ETF(a) | 10,940 | 850,804 | |||||||
| Vanguard Mortgage-Backed Securities ETF | 36,237 | 1,920,923 | |||||||
| Vanguard Short-Term Bond ETF | 6,814 | 544,779 | |||||||
| WisdomTree Emerging Markets Corporate Bond Fund(a) | 18,092 | 1,303,348 | |||||||
| Total Exchange Traded Funds (Cost $26,949,367) |
27,192,914 | ||||||||
| MONEY MARKET FUND — 0.8% |
|||||||||
| Fidelity Institutional Prime Money Market Portfolio — Class I, 0.01%(b) (Cost $230,228) | 230,228 | 230,228 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| REPURCHASE AGREEMENTS — 12.6%(c) |
|||||||||
| Barclays Capital, dated 12/31/14, due 01/02/15, 0.05%, total to be received $686,242, (collateralized by various U.S. Government Agency Obligations, 1.50% – 2.13%, 08/31/18 – 06/30/21, totaling $699,966) | $ | 686,241 | $ | 686,241 | |||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $346,595, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $353,527) |
346,594 | 346,594 | |||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $806,701, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $822,832) |
806,698 | 806,698 | |||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $806,699, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $822,834) |
806,698 | 806,698 | |||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $806,700, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $822,832) | 806,698 | 806,698 | |||||||
| Total Repurchase Agreements (Cost $3,452,929) | 3,452,929 | ||||||||
| Total Investments — 112.3% (Cost $30,632,524) | 30,876,071 | ||||||||
| Liabilities in Excess of Other Assets — (12.3)% | (3,379,681 | ) | |||||||
| Net Assets — 100.0% | $ | 27,496,390 | |||||||
ETF — Exchange Traded Fund
TIPS — Treasury Inflation Protected Securities
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,371,856; the aggregate market value of the collateral held by the fund is $3,452,929. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
27
ADVISORSHARES MADRONA GLOBAL BOND ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Debt Fund | 98.9 | % | ||
| Money Market Fund | 0.8 | |||
| Repurchase Agreements | 12.6 | |||
| Total Investments | 112.3 | |||
| Liabilities in Excess of Other Assets | (12.3 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
28
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS — 99.8% | |||||||||
| Advertising — 0.2% |
|||||||||
| Publicis Groupe SA (France)(a) | 1,132 | $ | 20,195 | ||||||
| WPP PLC (United Kingdom)(a) | 179 | 18,634 | |||||||
| Total Advertising | 38,829 | ||||||||
| Aerospace/Defense — 1.3% |
|||||||||
| Airbus Group NV (France)(a) | 5,462 | 67,401 | |||||||
| Finmeccanica SpA (Italy)*(a) | 23,775 | 110,316 | |||||||
| Safran SA (France)(a) | 2,193 | 33,465 | |||||||
| Total Aerospace/Defense | 211,182 | ||||||||
| Airlines — 2.6% |
|||||||||
| Cathay Pacific Airways Ltd. (Hong Kong)(a)(b) |
9,920 | 107,086 | |||||||
| Deutsche Lufthansa AG (Germany)(a) | 7,169 | 119,400 | |||||||
| International Consolidated Airlines Group SA (United Kingdom)*(a) |
3,462 | 128,163 | |||||||
| Ryanair Holdings PLC (Ireland)*(a) | 1,173 | 83,600 | |||||||
| Total Airlines | 438,249 | ||||||||
| Auto Manufacturers — 6.0% |
|||||||||
| Bayerische Motoren Werke AG (Germany)(a) | 1,086 | 38,683 | |||||||
| Daimler AG (Germany)(a) | 921 | 76,250 | |||||||
| Fiat Chrysler Automobiles NV (United Kingdom)* | 9,822 | 113,739 | |||||||
| Great Wall Motor Co., Ltd. (China)(a) | 1,798 | 102,720 | |||||||
| Honda Motor Co., Ltd. (Japan)(a) | 2,568 | 75,807 | |||||||
| Mazda Motor Corp. (Japan)(a)(b) | 5,178 | 62,499 | |||||||
| Nissan Motor Co., Ltd. (Japan)(a) | 4,858 | 84,869 | |||||||
| Porsche Automobil Holding SE (Germany)(a) | 13,128 | 104,893 | |||||||
| Tata Motors Ltd. (India)(a) | 2,546 | 107,645 | |||||||
| Toyota Motor Corp. (Japan)(a) | 438 | 54,960 | |||||||
| Volkswagen AG (Germany)(a) | 2,135 | 91,933 | |||||||
| Volvo AB (Sweden)(a)(b) | 8,676 | 93,527 | |||||||
| Total Auto Manufacturers | 1,007,525 | ||||||||
| Auto Parts & Equipment — 2.5% |
|||||||||
| Bridgestone Corp. (Japan)(a) | 4,780 | 83,220 | |||||||
| Cie Generale des Etablissements Michelin (France)(a)(b) | 4,268 | 76,995 | |||||||
| Continental AG (Germany)(a) | 1,471 | 61,532 | |||||||
| Magna International, Inc. (Canada) | 917 | 99,669 | |||||||
| Valeo SA (France)(a) | 1,606 | 99,459 | |||||||
| Total Auto Parts & Equipment | 420,875 | ||||||||
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Banks — 13.5% |
|||||||||
| Agricultural Bank of China Ltd. (China)(a) | 7,359 | $ | 92,871 | ||||||
| Akbank TAS (Turkey)(a) | 8,515 | 62,330 | |||||||
| Banco Bilbao Vizcaya Argentaria SA (Spain)(a) | 8,465 | 79,486 | |||||||
| Banco Bradesco SA (Brazil)(a) | 6,607 | 88,336 | |||||||
| Banco Santander SA (Spain)(a) | 9,687 | 80,693 | |||||||
| Bank of China Ltd. (China)(a)(b) | 6,812 | 95,572 | |||||||
| Bank of East Asia Ltd. (Hong Kong)(a) |
6,762 | 26,710 | |||||||
| Bank of Ireland (Ireland)*(a)(b) | 5,063 | 77,059 | |||||||
| Barclays PLC (United Kingdom)(a) | 5,906 | 88,649 | |||||||
| BNP Paribas SA (France)(a) | 2,640 | 77,563 | |||||||
| China Construction Bank Corp. (China)(a) | 5,221 | 85,885 | |||||||
| Commercial International Bank Egypt SAE (Egypt)(a)(b) | 9,398 | 63,906 | |||||||
| Commerzbank AG (Germany)*(a) | 6,576 | 85,882 | |||||||
| Credit Agricole SA (France)(a) | 13,697 | 87,387 | |||||||
| Credit Suisse Group AG (Switzerland)*(a) | 3,547 | 88,959 | |||||||
| Danske Bank A/S (Denmark)(a)(b) | 7,631 | 102,675 | |||||||
| DBS Group Holdings Ltd. (Singapore)(a) | 478 | 29,746 | |||||||
| HSBC Holdings PLC (United Kingdom)(a) |
1,629 | 76,938 | |||||||
| ICICI Bank Ltd. (India)(a) | 1,405 | 16,228 | |||||||
| Industrial & Commercial Bank of China Ltd. (China)(a)(b) | 4,361 | 63,671 | |||||||
| ING Groep NV (Netherlands)*(a) | 4,176 | 54,163 | |||||||
| Intesa Sanpaolo SpA (Italy)(a) | 5,466 | 94,671 | |||||||
| Itau Unibanco Holding SA (Brazil)(a) | 1,600 | 20,816 | |||||||
| KBC Groep NV (Belgium)*(a)(b) | 4,101 | 114,541 | |||||||
| Lloyds Banking Group PLC (United Kingdom)*(a) | 19,962 | 92,624 | |||||||
| PT Bank Mandiri Persero Tbk (Indonesia)(a) | 1,187 | 10,303 | |||||||
| Royal Bank of Scotland Group PLC (United Kingdom)*(a) | 9,307 | 112,708 | |||||||
| Skandinaviska Enskilda Banken AB (Sweden)*(a)(b) | 2,478 | 31,817 | |||||||
| Societe Generale SA (France)(a) | 6,326 | 52,632 | |||||||
| Turkiye Garanti Bankasi As (Turkey)(a) | 16,531 | 65,628 | |||||||
| UBS AG (Switzerland)*(b) | 5,510 | 91,080 | |||||||
| United Overseas Bank Ltd. (Singapore)(a) | 1,060 | 39,188 | |||||||
| Total Banks | 2,250,717 | ||||||||
See accompanying Notes to Financial Statements.
29
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Beverages — 0.1% |
|||||||||
| Carlsberg A/S, Class B (Denmark)(a) | 1,016 | $ | 15,636 | ||||||
| Biotechnology — 0.2% |
|||||||||
| CSL Ltd. (Australia)(a) | 792 | 27,997 | |||||||
| Building Materials — 4.3% |
|||||||||
| Anhui Conch Cement Co., Ltd., Class H (China)(a) | 5,586 | 104,904 | |||||||
| Cementos Pacasmayo S.A.A. (Peru)(a)(b) | 13,708 | 119,534 | |||||||
| Cie de Saint-Gobain (France)(a)(b) | 8,348 | 69,622 | |||||||
| CRH PLC (Ireland)(a) | 3,141 | 75,415 | |||||||
| Daikin Industries Ltd. (Japan)(a) | 448 | 57,882 | |||||||
| HeidelbergCement AG (Germany)(a) | 4,357 | 61,150 | |||||||
| Holcim Ltd. (Switzerland)*(a) | 3,836 | 54,433 | |||||||
| Lafarge SA (France)(a)(b) | 5,222 | 91,072 | |||||||
| LIXIL Group Corp. (Japan)(a) | 2,168 | 92,032 | |||||||
| Total Building Materials | 726,044 | ||||||||
| Chemicals — 2.5% |
|||||||||
| Akzo Nobel NV (Netherlands)(a) | 1,996 | 45,509 | |||||||
| BASF SE (Germany)(a) | 337 | 28,102 | |||||||
| Braskem SA (Brazil)(a) | 276 | 3,563 | |||||||
| Koninklijke DSM NV (Netherlands)(a) | 1,285 | 19,403 | |||||||
| Lonza Group AG (Switzerland)*(a) | 4,651 | 51,952 | |||||||
| Methanex Corp. (Canada) | 1,072 | 49,130 | |||||||
| Shin-Etsu Chemical Co., Ltd. (Japan)(a)(b) | 1,552 | 25,189 | |||||||
| Sinopec Shanghai Petrochemical Co., Ltd. (China)(a) | 829 | 24,315 | |||||||
| Solvay SA (Belgium)(a)(b) | 5,344 | 72,684 | |||||||
| Sumitomo Chemical Co., Ltd. (Japan)(a) | 3,241 | 63,815 | |||||||
| Symrise AG (Germany)(a) | 1,392 | 21,054 | |||||||
| Syngenta AG (Switzerland)(a) | 300 | 19,272 | |||||||
| Total Chemicals | 423,988 | ||||||||
| Commercial Services — 1.8% |
|||||||||
| Adecco SA (Switzerland)*(a)(b) | 1,493 | 51,225 | |||||||
| Ashtead Group PLC (United Kingdom)(a)(b) | 1,106 | 79,311 | |||||||
| Estacio Participacoes SA (Brazil)(a) | 9,792 | 87,800 | |||||||
| New Oriental Education & Technology Group, Inc. (China)*(a) | 1,365 | 27,860 | |||||||
| Tarena International, Inc. (China)*(a) | 4,383 | 48,651 | |||||||
| Total Commercial Services | 294,847 | ||||||||
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Computers — 2.6% |
|||||||||
| Cap Gemini SA (France)(a) (b) | 1,318 | $ | 47,151 | ||||||
| CGI Group, Inc., Class A (Canada)* | 1,004 | 38,313 | |||||||
| Gemalto NV (Netherlands)(a) (b) | 1,187 | 48,382 | |||||||
| Indra Sistemas SA (Spain)(a) | 7,208 | 34,598 | |||||||
| Ingenico (France)(a) (b) | 2,625 | 55,125 | |||||||
| Lenovo Group Ltd. (Hong Kong)(a) (b) |
1,723 | 45,177 | |||||||
| Logitech International SA (Switzerland) | 5,241 | 70,387 | |||||||
| TDK Corp. (Japan)(a)(b) | 1,673 | 98,473 | |||||||
| Total Computers | 437,606 | ||||||||
| Cosmetics/Personal Care — 0.5% |
|||||||||
| Kao Corp. (Japan)(a) | 1,044 | 41,343 | |||||||
| Svenska Cellulosa AB SCA (Sweden)(a) | 2,078 | 44,656 | |||||||
| Total Cosmetics/Personal Care | 85,999 | ||||||||
| Distribution/Wholesale — 2.0% |
|||||||||
| ITOCHU Corp. (Japan)(a) | 4,274 | 91,464 | |||||||
| Marubeni Corp. (Japan)(a)(b) | 1,793 | 107,724 | |||||||
| Mitsubishi Corp. (Japan)(a) | 2,494 | 91,684 | |||||||
| Wolseley PLC (United Kingdom)(a) |
9,027 | 51,905 | |||||||
| Total Distribution/Wholesale | 342,777 | ||||||||
| Diversified Financial Services — 3.0% |
|||||||||
| Deutsche Boerse AG (Germany)(a) | 3,017 | 21,360 | |||||||
| Julius Baer Group Ltd. (Switzerland)*(a) | 10,753 | 97,422 | |||||||
| KB Financial Group, Inc. (South Korea)(a) | 1,704 | 55,584 | |||||||
| Noah Holdings Ltd. (China)*(a)(b) | 7,375 | 154,138 | |||||||
| Nomura Holdings, Inc. (Japan)(a) | 19,191 | 108,813 | |||||||
| ORIX Corp. (Japan)(a) | 350 | 21,886 | |||||||
| Shinhan Financial Group Co., Ltd. (South Korea)(a) | 1,024 | 41,359 | |||||||
| Total Diversified Financial Services | 500,562 | ||||||||
| Electric — 2.0% |
|||||||||
| Cia Paranaense de Energia (Brazil)(a) | 8,767 | 115,461 | |||||||
| Huaneng Power International, Inc. (China)(a)(b) | 685 | 37,107 | |||||||
| Korea Electric Power Corp. (South Korea)*(a) | 6,153 | 119,122 | |||||||
| Power Assets Holdings Ltd. (Hong Kong)(a)(b) | 6,788 | 65,640 | |||||||
| Total Electric | 337,330 | ||||||||
See accompanying Notes to Financial Statements.
30
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Electrical Components & Equipment — 0.1% |
|||||||||
| Schneider Electric SA (France)(a) | 1,616 | $ | 23,287 | ||||||
| Electronics — 1.2% |
|||||||||
| AU Optronics Corp. (Taiwan)(a) | 26,330 | 134,020 | |||||||
| LG Display Co., Ltd. (South Korea)(a) |
1,260 | 19,089 | |||||||
| Omron Corp. (Japan)(a)(b) | 961 | 43,683 | |||||||
| Total Electronics | 196,792 | ||||||||
| Energy – Alternate Sources — 1.4% |
|||||||||
| JA Solar Holdings Co., Ltd. (China)*(a)(b) | 14,886 | 121,842 | |||||||
| JinkoSolar Holding Co., Ltd. (China)*(a)(b) | 5,694 | 112,229 | |||||||
| Total Energy – Alternate Sources | 234,071 | ||||||||
| Engineering & Construction — 0.9% |
|||||||||
| Abengoa SA (Spain)*(a) | 4,036 | 43,891 | |||||||
| Balfour Beatty PLC (United Kingdom)(a) |
6,196 | 39,964 | |||||||
| Empresas ICA SAB de CV (Mexico)*(a)(b) | 15,129 | 74,435 | |||||||
| Total Engineering & Construction | 158,290 | ||||||||
| Entertainment — 0.1% |
|||||||||
| 500.com Ltd., Class A (China)*(a)(b) | 1,225 | 21,254 | |||||||
| Food — 2.5% |
|||||||||
| BRF SA (Brazil)(a) | 1,472 | 34,371 | |||||||
| Carrefour SA (France)(a) | 10,826 | 65,173 | |||||||
| Distribuidora Internacional de Alimentacion SA (Spain)*(a) | 3,287 | 43,651 | |||||||
| Marine Harvest ASA (Norway)(a)(b) | 7,805 | 106,616 | |||||||
| Metro AG (Germany)*(a) | 16,620 | 99,886 | |||||||
| Orkla ASA (Norway)(a) | 10,211 | 68,414 | |||||||
| Total Food | 418,111 | ||||||||
| Forest Products & Paper — 0.5% |
|||||||||
| Stora Enso OYJ (Finland)(a) | 9,499 | 84,161 | |||||||
| Hand/Machine Tools — 0.3% |
|||||||||
| Sandvik AB (Sweden)(a) | 5,429 | 52,336 | |||||||
| Healthcare – Products — 0.6% |
|||||||||
| Sonova Holding AG (Switzerland)(a) | 1,219 | 35,790 | |||||||
| Trinity Biotech PLC (Ireland)(a) | 3,367 | 58,956 | |||||||
| Total Healthcare — Products | 94,746 | ||||||||
| Healthcare – Services — 0.4% |
|||||||||
| iKang Healthcare Group, Inc. (China)*(a) | 4,157 | 62,521 | |||||||
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Holding Companies – Diversified — 1.1% |
|||||||||
| Hutchison Whampoa Ltd. (Hong Kong)(a) | 2,713 | $ | 62,394 | ||||||
| Jardine Matheson Holdings Ltd. (Hong Kong)(a)(b) | 561 | 34,053 | |||||||
| Swire Pacific Ltd., Class A (Hong Kong)(a) | 6,257 | 81,153 | |||||||
| Total Holding Companies – Diversified | 177,600 | ||||||||
| Home Furnishings — 0.5% |
|||||||||
| Panasonic Corp. (Japan)(a)(b) | 7,530 | 88,628 | |||||||
| Insurance — 5.4% |
|||||||||
| Aegon NV (Netherlands)(c) | 13,137 | 98,527 | |||||||
| Ageas (Belgium)(a) | 2,474 | 87,740 | |||||||
| Assicurazioni Generali SpA (Italy)(a) | 8,906 | 91,603 | |||||||
| Aviva PLC (United Kingdom)(a) | 2,717 | 40,483 | |||||||
| AXA SA (France)(a) | 1,825 | 41,774 | |||||||
| BB Seguridade Participacoes SA (Brazil)(a)(b) | 4,141 | 49,713 | |||||||
| China Life Insurance Co., Ltd. (China)(a) | 624 | 36,635 | |||||||
| MS&AD Insurance Group Holdings, Inc. (Japan)(a) | 6,614 | 78,508 | |||||||
| Ping An Insurance Group Co., of China Ltd. (China)(a) | 6,444 | 131,393 | |||||||
| Prudential PLC (United Kingdom)(a) |
1,240 | 57,251 | |||||||
| QBE Insurance Group Ltd. (Australia)(a) | 5,385 | 48,788 | |||||||
| RSA Insurance Group PLC (United Kingdom)*(a)(b) |
10,235 | 68,575 | |||||||
| Tokio Marine Holdings, Inc. (Japan)(a) | 1,979 | 64,575 | |||||||
| Total Insurance | 895,565 | ||||||||
| Internet — 2.5% |
|||||||||
| Bitauto Holdings Ltd. (China)*(a) | 1,699 | 119,627 | |||||||
| Criteo SA (France)*(a) | 550 | 22,231 | |||||||
| Leju Holdings Ltd. (China)*(a)(b) | 5,603 | 60,288 | |||||||
| Qihoo 360 Technology Co., Ltd. (China)*(a)(b) | 333 | 19,067 | |||||||
| QIWI PLC (Cyprus)(a)(b) | 4,825 | 97,417 | |||||||
| SouFun Holdings Ltd. (China)(a)(b) | 1,825 | 13,487 | |||||||
| Xunlei Ltd. (China)*(a) | 9,640 | 70,372 | |||||||
| YY, Inc. (China)*(a)(b) | 148 | 9,226 | |||||||
| Total Internet | 411,715 | ||||||||
See accompanying Notes to Financial Statements.
31
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Iron/Steel — 2.8% |
|||||||||
| ArcelorMittal (Luxembourg)(b)(c) | 8,111 | $ | 89,464 | ||||||
| Cia Siderurgica Nacional SA (Brazil)(a)(b) | 14,081 | 29,289 | |||||||
| Gerdau SA (Brazil)(a) | 29,199 | 103,656 | |||||||
| POSCO (South Korea)(a) | 985 | 62,853 | |||||||
| Ternium SA (Luxembourg)(a) | 5,560 | 98,078 | |||||||
| Usinas Siderurgicas de Minas Gerais SA (Brazil)*(a)(b) | 41,911 | 77,955 | |||||||
| Total Iron/Steel | 461,295 | ||||||||
| Leisure Time — 0.7% |
|||||||||
| Carnival PLC (United Kingdom)(a) | 2,511 | 112,970 | |||||||
| Lodging — 2.1% |
|||||||||
| Accor SA (France)(a) | 6,381 | 56,536 | |||||||
| China Lodging Group Ltd. (China)*(a) | 5,244 | 137,812 | |||||||
| Homeinns Hotel Group (China)*(a) | 2,727 | 81,864 | |||||||
| Melco Crown Entertainment Ltd. (Hong Kong)(a) | 1,455 | 36,957 | |||||||
| Sands China Ltd. (Cayman Islands)(a) |
815 | 40,135 | |||||||
| Total Lodging | 353,304 | ||||||||
| Machinery – Construction & Mining — 0.7% |
|||||||||
| Atlas Copco AB, Class A (Sweden)(a) | 901 | 25,204 | |||||||
| Hitachi Ltd. (Japan)(a) | 294 | 21,921 | |||||||
| Mitsubishi Electric Corp. (Japan)(a) | 2,784 | 66,593 | |||||||
| Total Machinery – Construction & Mining | 113,718 | ||||||||
| Machinery – Diversified — 0.2% |
|||||||||
| Alstom SA (France)*(a) | 10,154 | 31,985 | |||||||
| Media — 1.1% |
|||||||||
| ITV PLC (United Kingdom)(a) | 1,962 | 64,805 | |||||||
| Phoenix New Media Ltd.(China)*(a) | 9,695 | 80,565 | |||||||
| ProSiebenSat.1 Media AG (Germany)(a) | 3,111 | 32,712 | |||||||
| Total Media | 178,082 | ||||||||
| Metal Fabricate/Hardware — 1.5% |
|||||||||
| Assa Abloy AB (Sweden)(a) | 1,072 | 28,451 | |||||||
| NSK Ltd. (Japan)(a) | 4,080 | 96,880 | |||||||
| SKF AB (Sweden)(a)(b) | 5,322 | 111,230 | |||||||
| Vallourec SA (France)(a) | 4,085 | 21,977 | |||||||
| Total Metal Fabricate/Hardware | 258,538 | ||||||||
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Mining — 4.2% |
|||||||||
| Anglo American PLC (United Kingdom)(a) |
6,016 | $ | 54,806 | ||||||
| First Majestic Silver Corp. (Canada)* | 2,095 | 10,517 | |||||||
| Glencore PLC (Switzerland)(a) | 9,344 | 86,245 | |||||||
| Harmony Gold Mining Co., Ltd. (South Africa)*(a)(b) | 68,028 | 128,573 | |||||||
| Impala Platinum Holdings Ltd. (South Africa)*(a)(b) | 4,445 | 28,804 | |||||||
| MMC Norilsk Nickel OJSC (Russia)(a) | 7,113 | 98,302 | |||||||
| Newcrest Mining Ltd. (Australia)*(a) | 8,842 | 78,835 | |||||||
| Norsk Hydro ASA (Norway)(a)(b) | 17,664 | 100,331 | |||||||
| Randgold Resources Ltd. (Jersey Islands)(a) |
976 | 65,792 | |||||||
| Silver Wheaton Corp. (Canada) | 2,790 | 56,721 | |||||||
| Total Mining | 708,926 | ||||||||
| Miscellaneous Manufacturing — 0.4% |
|||||||||
| Siemens AG (Germany)(a) | 550 | 61,600 | |||||||
| Oil & Gas — 4.5% |
|||||||||
| Beach Energy Ltd. (Australia)(a) | 5,485 | 91,928 | |||||||
| Bellatrix Exploration Ltd. (Canada)*(b) | 6,162 | 22,430 | |||||||
| BG Group PLC (United Kingdom)(a) |
4,570 | 61,055 | |||||||
| BP PLC (United Kingdom)(a) | 1,571 | 59,886 | |||||||
| Crescent Point Energy Corp. (Canada)(b) | 130 | 3,011 | |||||||
| Enerplus Corp. (Canada)(b) | 7,031 | 67,498 | |||||||
| Eni SpA (Italy)(a) | 633 | 22,098 | |||||||
| Gazprom Neft OAO (Russia)(a) | 110 | 1,295 | |||||||
| Gazprom OAO (Russia)(a) | 17,064 | 77,300 | |||||||
| Imperial Oil Ltd. (Canada) | 592 | 25,474 | |||||||
| INPEX Corp. (Japan)(a)(b) | 3,930 | 43,741 | |||||||
| Lukoil OAO (Russia)(a) | 124 | 4,755 | |||||||
| Pengrowth Energy Corp. (Canada)(b) | 5,034 | 15,656 | |||||||
| Petroleo Brasileiro SA (Brazil)(a) | 1,178 | 8,599 | |||||||
| Precision Drilling Corp. (Canada) | 13,010 | 78,841 | |||||||
| Premier Oil PLC (United Kingdom)(a) |
25,800 | 65,016 | |||||||
| Royal Dutch Shell PLC, Class A (United Kingdom)(a) | 722 | 48,338 | |||||||
| Vermilion Energy, Inc. (Canada)(b) | 282 | 13,821 | |||||||
| YPF SA (Argentina)(a) | 1,288 | 34,093 | |||||||
| Total Oil & Gas | 744,835 | ||||||||
See accompanying Notes to Financial Statements.
32
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Oil & Gas Services — 0.5% |
|||||||||
| Petrofac Ltd. (Jersey Islands)(a) | 6,646 | $ | 35,556 | ||||||
| Technip SA (France)(a) | 3,770 | 55,777 | |||||||
| Total Oil & Gas Services | 91,333 | ||||||||
| Pharmaceuticals — 2.7% |
|||||||||
| Astellas Pharma, Inc. (Japan)(a)(b) | 2,548 | 35,574 | |||||||
| Bayer AG (Germany)(a) | 147 | 20,115 | |||||||
| Flamel Technologies SA (France)*(a)(b) | 3,934 | 67,389 | |||||||
| Grifols SA (Spain)(a) | 1,139 | 38,715 | |||||||
| Hypermarcas SA (Brazil)*(a) | 1,176 | 7,362 | |||||||
| Ipsen SA (France)(a) | 2,687 | 34,770 | |||||||
| Meda AB (Sweden)(a)(b) | 4,649 | 66,388 | |||||||
| Sanofi (France)(a) | 278 | 12,679 | |||||||
| Shire PLC (Ireland)(a) | 378 | 80,340 | |||||||
| Valeant Pharmaceuticals International, Inc. (Canada)* | 570 | 81,573 | |||||||
| Total Pharmaceuticals | 444,905 | ||||||||
| Pipelines — 0.3% |
|||||||||
| Transportadora de Gas del Sur SA, Special Class B (Argentina)(a) | 13,653 | 47,785 | |||||||
| Real Estate — 1.1% |
|||||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes (Brazil)(a) | 9,358 | 37,610 | |||||||
| E-House China Holdings Ltd. (China)(a)(b) | 9,776 | 70,778 | |||||||
| Gafisa SA (Brazil)(a)(b) | 49,514 | 76,252 | |||||||
| Total Real Estate | 184,640 | ||||||||
| Retail — 1.3% |
|||||||||
| Jumei International Holding Ltd. (China)*(a) | 1,981 | 26,981 | |||||||
| Kering (France)(a)(b) | 1,365 | 26,140 | |||||||
| Kingfisher PLC (United Kingdom)(a) |
2,346 | 24,856 | |||||||
| Marks & Spencer Group PLC (United Kingdom)(a) | 1,792 | 26,378 | |||||||
| Pandora A/S (Denmark)(a)(b) | 4,498 | 91,535 | |||||||
| Swatch Group AG (The) (Switzerland)(a) | 721 | 15,952 | |||||||
| Total Retail | 211,842 | ||||||||
| Semiconductors — 3.8% |
|||||||||
| Advanced Semiconductor Engineering, Inc. (Taiwan)(a) | 9,291 | 56,954 | |||||||
| ARM Holdings PLC (United Kingdom)(a) |
744 | 34,447 | |||||||
| ASML Holding NV (Netherlands)(c) | 717 | 77,314 | |||||||
| Himax Technologies, Inc. (Taiwan)(a) | 9,326 | 75,168 | |||||||
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Semiconductors (continued) |
|||||||||
| Infineon Technologies AG (Germany)(a) | 10,363 | $ | 110,366 | ||||||
| Semiconductor Manufacturing International Corp. (China)*(a) | 18,469 | 83,480 | |||||||
| Silicon Motion Technology Corp. (Taiwan)(a) | 2,608 | 61,679 | |||||||
| Siliconware Precision Industries Co., Ltd. (Taiwan)(a) | 12,087 | 91,257 | |||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a) | 1,825 | 40,843 | |||||||
| Total Semiconductors | 631,508 | ||||||||
| Software — 2.6% |
|||||||||
| Cheetah Mobile, Inc. (China)*(a)(b) | 7,878 | 119,115 | |||||||
| China Mobile Games & Entertainment Group Ltd. (China)*(a) | 4,787 | 85,831 | |||||||
| Mitel Networks Corp. (Canada)* | 10,459 | 111,807 | |||||||
| Perfect World Co., Ltd. (China)(a) | 1,707 | 26,902 | |||||||
| SAP SE (Germany)(a) | 346 | 24,099 | |||||||
| Sungy Mobile Ltd. (China)*(a)(b) | 13,670 | 68,213 | |||||||
| Total Software | 435,967 | ||||||||
| Telecommunications — 3.7% |
|||||||||
| Alcatel-Lucent (France)*(a) | 22,938 | 81,430 | |||||||
| BT Group PLC (United Kingdom)(a) |
586 | 36,326 | |||||||
| China Unicom Ltd. (Hong Kong)(a) |
3,942 | 53,020 | |||||||
| Deutsche Telekom AG (Germany)(a)(b) | 2,754 | 43,761 | |||||||
| Hellenic Telecommunications Organization SA (Greece)*(a) | 6,076 | 32,567 | |||||||
| KDDI Corp. (Japan)(a) | 2,932 | 46,326 | |||||||
| KT Corp. (South Korea)(a) | 8,504 | 120,077 | |||||||
| Nokia OYJ (Finland)(a) | 9,152 | 71,935 | |||||||
| SK Telecom Co., Ltd. (South Korea)(a) |
1,040 | 28,090 | |||||||
| SoftBank Corp. (Japan)(a) | 1,134 | 33,680 | |||||||
| Telefonaktiebolaget LM Ericsson (Sweden)(a) | 2,512 | 30,395 | |||||||
| VimpelCom Ltd. (Netherlands)(a) | 11,197 | 46,747 | |||||||
| Total Telecommunications | 624,354 | ||||||||
| Textiles — 0.4% |
|||||||||
| Toray Industries, Inc. (Japan)(a) | 747 | 59,977 | |||||||
See accompanying Notes to Financial Statements.
33
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Transportation — 1.9% |
|||||||||
| Canadian Pacific Railway Ltd. (Canada) | 46 | $ | 8,864 | ||||||
| Deutsche Post AG (Germany)(a) | 798 | 25,895 | |||||||
| Nippon Yusen KK (Japan)(a)(b) | 14,200 | 80,656 | |||||||
| Royal Mail PLC (United Kingdom)(a) |
6,110 | 80,774 | |||||||
| TNT Express NV (Netherlands)(a) | 17,645 | 117,075 | |||||||
| Total Transportation | 313,264 | ||||||||
| Water — 0.7% |
|||||||||
| Suez Environnement Co. (France)(a) | 4,826 | 42,148 | |||||||
| Veolia Environnement SA (France)(a) | 4,730 | 83,154 | |||||||
| Total Water | 125,302 | ||||||||
| Total Common Stocks (Cost $17,991,360) |
16,675,370 | ||||||||
| MONEY MARKET FUND — 0.2% |
|||||||||
| Fidelity Institutional Prime Money Market Portfolio — Class I, 0.01%(d) (Cost $33,520) |
33,520 | 33,520 | |||||||
| REPURCHASE AGREEMENTS — 15.4%(e) |
|||||||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $256,655, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $261,788) | $ | 256,654 | 256,654 | ||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $597,365, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $609,310) |
597,363 | 597,363 | |||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $597,364, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $609,312) | 597,363 | 597,363 | |||||||
|
|
|
|||||||
| Investments | Principal |
Value | |||||||
| REPURCHASE AGREEMENTS (continued) |
|||||||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/14, due 01/02/15, 0.07%, total to be received $517,796, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.00%, 06/01/17 – 12/20/44, totaling $528,151) | $ | 517,795 | $ | 517,795 | |||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $597,364, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $609,310) |
597,363 | 597,363 | |||||||
| Total Repurchase Agreements (Cost $2,566,538) | 2,566,538 | ||||||||
| Total Investments — 115.4% (Cost $20,591,418) |
$ | 19,275,428 | |||||||
| Liabilities in Excess of Other Assets — (15.4)% | (2,566,160 | ) | |||||||
| Net Assets — 100.0% | $ | 16,709,268 | |||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| (a) | American Depositary Receipt. |
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,544,241; the aggregate market value of the collateral held by the fund is $2,626,966. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $60,428. |
| (c) | Registered Shares. |
| (d) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
34
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
|
|
|||
| % of Net Assets |
||||
| Advertising | 0.2 | % | ||
| Aerospace/Defense | 1.3 | |||
| Airlines | 2.6 | |||
| Auto Manufacturers | 6.0 | |||
| Auto Parts & Equipment | 2.5 | |||
| Banks | 13.5 | |||
| Beverages | 0.1 | |||
| Biotechnology | 0.2 | |||
| Building Materials | 4.3 | |||
| Chemicals | 2.5 | |||
| Commercial Services | 1.8 | |||
| Computers | 2.6 | |||
| Cosmetics/Personal Care | 0.5 | |||
| Distribution/Wholesale | 2.0 | |||
| Diversified Financial Services | 3.0 | |||
| Electric | 2.0 | |||
| Electrical Components & Equipment | 0.1 | |||
| Electronics | 1.2 | |||
| Energy – Alternate Sources | 1.4 | |||
| Engineering & Construction | 0.9 | |||
| Entertainment | 0.1 | |||
| Food | 2.5 | |||
| Forest Products & Paper | 0.5 | |||
| Hand/Machine Tools | 0.3 | |||
| Healthcare – Products | 0.6 | |||
| Healthcare – Services | 0.4 | |||
| Holding Companies – Diversified | 1.1 | |||
| Home Furnishings | 0.5 | |||
| Insurance | 5.4 | |||
|
|
|||
|
|
|||
| % of Net Assets |
||||
| Internet | 2.5 | % | ||
| Iron/Steel | 2.8 | |||
| Leisure Time | 0.7 | |||
| Lodging | 2.1 | |||
| Machinery – Construction & Mining | 0.7 | |||
| Machinery – Diversified | 0.2 | |||
| Media | 1.1 | |||
| Metal Fabricate/Hardware | 1.5 | |||
| Mining | 4.2 | |||
| Miscellaneous Manufacturing | 0.4 | |||
| Oil & Gas | 4.5 | |||
| Oil & Gas Services | 0.5 | |||
| Pharmaceuticals | 2.7 | |||
| Pipelines | 0.3 | |||
| Real Estate | 1.1 | |||
| Retail | 1.3 | |||
| Semiconductors | 3.8 | |||
| Software | 2.6 | |||
| Telecommunications | 3.7 | |||
| Textiles | 0.4 | |||
| Transportation | 1.9 | |||
| Water | 0.7 | |||
| Money Market Fund | 0.2 | |||
| Repurchase Agreements | 15.4 | |||
| Total Investments | 115.4 | |||
| Liabilities in Excess of Other Assets | (15.4 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
35
ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| EXCHANGE TRADED FUNDS — 96.6% |
|||||||||
| Equity Fund — 96.6% |
|||||||||
| Consumer Staples Select Sector SPDR Fund | 16,020 | $ | 776,810 | ||||||
| Financial Select Sector SPDR Fund | 31,697 | 783,867 | |||||||
| Guggenheim S&P 500 Equal Weight ETF(a) | 9,542 | 763,837 | |||||||
| Industrial Select Sector SPDR Fund(a) | 13,558 | 766,976 | |||||||
| iShares Core S&P 500 ETF | 3,666 | 758,495 | |||||||
| iShares Core S&P Mid-Cap ETF(a) | 10,471 | 1,516,201 | |||||||
| iShares Core S&P Small-Cap ETF | 13,306 | 1,517,682 | |||||||
| iShares S&P Mid-Cap 400 Growth ETF | 9,434 | 1,506,327 | |||||||
| iShares S&P Mid-Cap 400 Value ETF(a) |
11,847 | 1,514,402 | |||||||
| iShares S&P Small-Cap 600 Growth ETF | 12,341 | 1,510,415 | |||||||
| iShares S&P Small-Cap 600 Value ETF(a) | 12,982 | 1,531,097 | |||||||
| iShares Select Dividend ETF | 9,667 | 767,560 | |||||||
| iShares U.S. Real Estate ETF | 9,972 | 766,248 | |||||||
| Utilities Select Sector SPDR Fund(a) | 16,630 | 785,269 | |||||||
| Total Exchange Traded Funds (Cost $14,959,683) | 15,265,186 | ||||||||
| MONEY MARKET FUND — 4.2% |
|||||||||
| Dreyfus Institutional Reserves Treasury Fund – Institutional Class, 0.00%(b) (Cost $667,133) |
667,133 | 667,133 | |||||||
| REPURCHASE AGREEMENTS — 23.5%(c) |
|||||||||
| Barclays Capital, dated 12/31/14, due 01/02/15, 0.05%, total to be received $690,794, (collateralized by various U.S. Government Agency Obligations, 1.50% – 2.13%, 08/31/18 – 06/30/21, totaling $704,609) |
$ | 690,793 | 690,793 | ||||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $379,108, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $386,690) | 379,107 | 379,107 | |||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $882,376, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $900,020) |
882,373 | 882,373 | |||||||
|
|
|
|||||||
| Investments | Principal |
Value | |||||||
| REPURCHASE AGREEMENTS (continued) | |||||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $882,374, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $900,023) | $ | 882,373 | $ | 882,373 | |||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $882,375, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $900,020) |
882,373 | 882,373 | |||||||
| Total Repurchase Agreements (Cost $3,717,019) | 3,717,019 | ||||||||
| Total Investments — 124.3% (Cost $19,343,835) | 19,649,338 | ||||||||
| Liabilities in Excess of Other Assets – (24.3)% | (3,837,610 | ) | |||||||
| Net Assets – 100.0% | $ | 15,811,728 | |||||||
ETF – Exchange Traded Fund
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,635,210; the aggregate market value of the collateral held by the fund is $3,717,019. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Equity Fund | 96.6 | % | ||
| Money Market Fund | 4.2 | |||
| Repurchase Agreements | 23.5 | |||
| Total Investments | 124.3 | |||
| Liabilities in Excess of Other Assets | (24.3 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
36
ADVISORSHARES
MORGAN CREEK GLOBAL TACTICAL ETF†
Schedule
of Investments
December
31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 88.2% |
|||||||||
| Commodity Fund — 5.5% |
|||||||||
| PowerShares DB Agriculture Fund* | 10,910 | $ | 271,550 | ||||||
| PowerShares DB Base Metals Fund* | 16,164 | 257,007 | |||||||
| PowerShares DB Energy Fund*(a) | 9,819 | 171,538 | |||||||
| ProShares Ultra Bloomberg Crude Oil* | 5,540 | 57,450 | |||||||
| Total Commodity Fund | 757,545 | ||||||||
| Currency Fund — 6.6% |
|||||||||
| PowerShares DB US Dollar Index Bullish Fund*(a) | 12,055 | 288,958 | |||||||
| ProShares UltraShort Euro* | 13,775 | 297,678 | |||||||
| ProShares UltraShort Yen*(a) | 3,530 | 315,229 | |||||||
| Total Currency Fund | 901,865 | ||||||||
| Debt Fund — 3.9% |
|||||||||
| iShares 20+ Year Treasury Bond ETF | 4,265 | 537,049 | |||||||
| Equity Fund — 72.2% |
|||||||||
| Consumer Staples Select Sector SPDR Fund | 12,133 | 588,329 | |||||||
| EGShares Emerging Markets Domestic Demand ETF | 550 | 12,430 | |||||||
| Energy Select Sector SPDR Fund(a) | 6,402 | 506,782 | |||||||
| Financial Select Sector SPDR Fund | 30,221 | 747,365 | |||||||
| Health Care Select Sector SPDR Fund | 11,306 | 773,104 | |||||||
| iShares China Large-Cap ETF(a) | 7,084 | 294,836 | |||||||
| iShares MSCI Emerging Markets ETF(a) | 12,914 | 507,391 | |||||||
| iShares Residential Real Estate Capped ETF(a) | 10,538 | 620,899 | |||||||
| iShares S&P 500 Value ETF | 6,237 | 584,844 | |||||||
| KraneShares CSI China Internet ETF | 19,525 | 636,515 | |||||||
| Market Vectors Oil Service ETF(a) | 12,632 | 453,742 | |||||||
| Market Vectors Russia ETF | 28,952 | 423,278 | |||||||
| SPDR Dow Jones International Real Estate ETF | 6,508 | 270,538 | |||||||
| SPDR S&P Oil & Gas Exploration & Production ETF(a) | 9,681 | 463,333 | |||||||
| Technology Select Sector SPDR Fund | 18,231 | 753,852 | |||||||
| Utilities Select Sector SPDR Fund(a) | 6,551 | 309,338 | |||||||
| Vanguard Global ex-U.S. Real Estate ETF | 4,885 | 261,445 | |||||||
| Vanguard REIT ETF | 7,524 | 609,444 | |||||||
| WisdomTree India Earnings Fund | 12,636 | 278,624 | |||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| EXCHANGE TRADED FUNDS (continued) | |||||||||
| Equity Fund (continued) | |||||||||
| WisdomTree Japan Hedged Equity Fund | 16,665 | $ | 820,418 | ||||||
| Total Equity Fund | 9,916,507 | ||||||||
| Total Exchange Traded Funds (Cost $12,089,363) | 12,112,966 | ||||||||
| CLOSED-END FUND — 3.7% |
|||||||||
| Country Fund — 3.7% |
|||||||||
| Morgan Stanley China A Share Fund, Inc. (Cost $424,800) | 16,975 | 515,531 | |||||||
| MONEY MARKET FUND — 10.4% |
|||||||||
| Goldman Sachs Financial Square Fund, 0.07%(b) (Cost $1,423,680) |
1,423,680 | 1,423,680 | |||||||
| REPURCHASE AGREEMENTS — 18.8%(c) |
|||||||||
| Barclays Capital, dated 12/31/14, due 01/02/15, 0.05%, total to be received $100,952, (collateralized by various U.S. Government Agency Obligations, 1.50% – 2.13%, 08/31/18 – 06/30/21, totaling $102,971) | $ | 100,952 | 100,952 | ||||||
| BNP Paribas Securities Corp., dated 12/31/14, due 01/02/15, 0.06%, total to be received $601,903, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.95%, 01/15/15 – 07/15/37, totaling $613,940) |
601,902 | 601,902 | |||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $601,904, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $613,940) |
601,902 | 601,902 | |||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $601,903, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $613,941) |
601,902 | 601,902 | |||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $500,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $510,000) | 500,000 | 500,000 | |||||||
See accompanying Notes to Financial Statements.
37
ADVISORSHARES
MORGAN CREEK GLOBAL TACTICAL ETF†
Schedule
of Investments (continued)
December
31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| REPURCHASE AGREEMENTS (continued) |
|||||||||
| Royal Bank Of Scotland PLC, dated 12/31/14, due 01/02/15, 0.07%, total to be received $178,434, (collateralized by various U.S. Government Agency Obligations, 0.25% – 3.25%, 01/15/15 – 05/15/23, totaling $182,003) |
$ | 178,434 | $ | 178,434 | |||||
| Total Repurchase Agreements (Cost $2,585,092) | 2,585,092 | ||||||||
| Total Investments — 121.1% (Cost $16,522,935) | 16,637,269 | ||||||||
| Liabilities in Excess of Other Assets — (21.1)% | (2,900,125 | ) | |||||||
| Net Assets — 100.0% | $ | 13,737,144 | |||||||
ETF — Exchange Traded Fund
| † | Formerly known as AdvisorShares Cambria Global Tactical ETF. |
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,520,590; the aggregate market value of the collateral held by the fund is $2,585,092. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Commodity Fund | 5.5 | % | ||
| Country Fund | 3.7 | |||
| Currency Fund | 6.6 | |||
| Debt Fund | 3.9 | |||
| Equity Fund | 72.2 | |||
| Money Market Fund | 10.4 | |||
| Repurchase Agreements | 18.8 | |||
| Total Investments | 121.1 | |||
| Liabilities in Excess of Other Assets | (21.1 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
38
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS — 18.9% |
|||||||||
| Consumer Discretionary — 1.9% |
|||||||||
| American Axle & Manufacturing, Inc., 5.13%, 02/15/19 | $ | 115,000 | $ | 117,875 | |||||
| Boyd Gaming Corp., 9.13%, 12/01/18 |
210,000 | 216,300 | |||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 03/15/21 | 80,000 | 80,900 | |||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22 | 85,000 | 85,106 | |||||||
| Dish DBS Corp., 4.63%, 07/15/17 |
230,000 | 238,338 | |||||||
| GLP Capital LP/GLP Financing II, Inc., 4.88%, 11/01/20 | 530,000 | 539,275 | |||||||
| Hyatt Hotels Corp., 3.88%, 08/15/16 |
35,000 | 36,324 | |||||||
| Marriott International, Inc., Series N, 3.13%, 10/15/21 | 520,000 | 523,734 | |||||||
| QVC, Inc., 3.13%, 04/01/19 | 505,000 | 505,335 | |||||||
| Time Warner Cable, Inc., 6.75%, 07/01/18 | 205,000 | 235,295 | |||||||
| Toll Brothers Finance Corp., 4.00%, 12/31/18 | 375,000 | 377,813 | |||||||
| Toll Brothers Finance Corp., 6.75%, 11/01/19 | 117,000 | 131,625 | |||||||
| Weyerhaeuser Real Estate Co., 4.38%, 06/15/19‡ | 70,000 | 69,300 | |||||||
| Wyndham Worldwide Corp., 2.50%, 03/01/18 | 450,000 | 449,570 | |||||||
| Total Consumer Discretionary | 3,606,790 | ||||||||
| Energy — 0.8% |
|||||||||
| California Resources Corp., 5.00%, 01/15/20‡(a) | 425,000 | 370,812 | |||||||
| Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21‡ | 210,000 | 188,475 | |||||||
| Forest Oil Corp., 7.25%, 06/15/19 |
92,000 | 34,040 | |||||||
| Kinder Morgan, Inc., 3.05%, 12/01/19 |
100,000 | 99,317 | |||||||
| Newfield Exploration Co., 5.75%, 01/30/22 | 140,000 | 139,300 | |||||||
| NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19‡ | 335,000 | 322,019 | |||||||
| Parker Drilling Co., 6.75%, 07/15/22 |
100,000 | 76,000 | |||||||
| QEP Resources, Inc., 6.88%, 03/01/21 |
355,000 | 365,650 | |||||||
| Total Energy | 1,595,613 | ||||||||
| Financials — 8.8% |
|||||||||
| Ally Financial, Inc., 3.75%, 11/18/19 |
285,000 | 281,437 | |||||||
| American International Group, Inc., 3.38%, 08/15/20 | 335,000 | 348,442 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Financials (continued) |
|||||||||
| Ares Capital Corp., 3.88%, 01/15/20 |
$ | 450,000 | $ | 449,216 | |||||
| Associated Banc-Corp., 5.13%, 03/28/16 | 60,000 | 62,654 | |||||||
| Associates Corp. of North America, 6.95%, 11/01/18 | 415,000 | 485,130 | |||||||
| Aviation Capital Group Corp., 3.88%, 09/27/16‡ | 430,000 | 441,010 | |||||||
| Bank of America Corp., 2.00%, 01/11/18 | 235,000 | 234,992 | |||||||
| Bank of America Corp., 5.49%, 03/15/19 | 66,000 | 73,168 | |||||||
| Bank of America Corp., Series L, 5.65%, 05/01/18(a) | 200,000 | 222,364 | |||||||
| Bear Stearns Cos. LLC (The), 7.25%, 02/01/18 | 75,000 | 86,502 | |||||||
| Capital One Financial Corp., 6.15%, 09/01/16 | 400,000 | 430,026 | |||||||
| Corporate Office Properties LP, 3.70%, 06/15/21 | 460,000 | 458,660 | |||||||
| Countrywide Financial Corp., 6.25%, 05/15/16 | 130,000 | 138,020 | |||||||
| DDR Corp., 7.88%, 09/01/20 | 180,000 | 222,251 | |||||||
| DDR Corp., 3.50%, 01/15/21 | 145,000 | 146,796 | |||||||
| E*Trade Financial Corp., 6.38%, 11/15/19 | 175,000 | 186,375 | |||||||
| Fifth Third Bancorp, 4.50%, 06/01/18 |
321,000 | 346,064 | |||||||
| First Tennessee Bank NA, 2.95%, 12/01/19 | 250,000 | 249,527 | |||||||
| Ford Motor Credit Co. LLC, 8.13%, 01/15/20 | 455,000 | 564,190 | |||||||
| General Electric Capital Corp., Series G, 5.63%, 05/01/18 | 295,000 | 332,096 | |||||||
| Genworth Holdings, Inc., 7.63%, 09/24/21(a) | 200,000 | 196,570 | |||||||
| Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17 | 670,000 | 718,848 | |||||||
| Government Properties Income Trust, 3.75%, 08/15/19 | 85,000 | 86,377 | |||||||
| HCP, Inc., 3.75%, 02/01/19 | 175,000 | 183,835 | |||||||
| Healthcare Trust of America Holdings LP, 3.38%, 07/15/21 | 150,000 | 149,946 | |||||||
| Hertz Corp. (The), 5.88%, 10/15/20 |
440,000 | 445,500 | |||||||
| HSBC Finance Corp., 6.68%, 01/15/21 |
225,000 | 267,291 | |||||||
| HSBC USA, Inc., 1.63%, 01/16/18 | 200,000 | 199,376 | |||||||
| HSBC USA, Inc., 2.63%, 09/24/18 | 225,000 | 230,982 | |||||||
| Huntington Bancshares, Inc., 7.00%, 12/15/20 | 200,000 | 241,006 | |||||||
| International Lease Finance Corp., 3.88%, 04/15/18 | 390,000 | 390,731 | |||||||
| iStar Financial, Inc., 4.00%, 11/01/17 |
410,000 | 400,263 | |||||||
See accompanying Notes to Financial Statements.
39
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Financials (continued) |
|||||||||
| Jefferies Group LLC, 5.13%, 04/13/18 |
$ | 275,000 | $ | 290,454 | |||||
| JPMorgan Chase & Co., 6.13%, 06/27/17 | 280,000 | 309,142 | |||||||
| Lazard Group LLC, 4.25%, 11/14/20 |
275,000 | 290,212 | |||||||
| Lincoln National Corp., 8.75%, 07/01/19 | 125,000 | 156,341 | |||||||
| Lincoln National Corp., 6.05%, 04/20/67@ | 100,000 | 100,500 | |||||||
| Morgan Stanley, 5.55%, 04/27/17 |
425,000 | 461,562 | |||||||
| Morgan Stanley, 2.13%, 04/25/18 |
180,000 | 180,247 | |||||||
| National Retail Properties, Inc., 5.50%, 07/15/21 | 250,000 | 283,726 | |||||||
| Nationstar Mortgage LLC, 6.50%, 08/01/18 | 460,000 | 440,450 | |||||||
| Navient Corp., 4.88%, 06/17/19 | 285,000 | 286,539 | |||||||
| PennantPark Investment Corp., 4.50%, 10/01/19 | 435,000 | 436,237 | |||||||
| Prudential Financial, Inc., 5.20%, 03/15/44@ | 300,000 | 298,125 | |||||||
| Regions Financial Corp., 5.75%, 06/15/15 | 325,000 | 331,787 | |||||||
| Santander Holdings USA, Inc., 3.00%, 09/24/15 | 115,000 | 116,399 | |||||||
| SBA Tower Trust, 2.93%, 12/15/17‡ |
725,000 | 734,849 | |||||||
| Senior Housing Properties Trust, 3.25%, 05/01/19 | 415,000 | 417,978 | |||||||
| Springleaf Finance Corp., 5.25%, 12/15/19 | 455,000 | 447,038 | |||||||
| State Street Corp., 4.96%, 03/15/18 |
300,000 | 325,156 | |||||||
| TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19‡ | 400,000 | 401,222 | |||||||
| Ventas Realty LP, 4.00%, 04/30/19 |
310,000 | 328,376 | |||||||
| Voya Financial, Inc., 2.90%, 02/15/18 |
365,000 | 373,948 | |||||||
| Wells Fargo & Co., 5.13%, 09/15/16 |
75,000 | 80,028 | |||||||
| Willis North America, Inc., 6.20%, 03/28/17 | 250,000 | 270,557 | |||||||
| Zions Bancorporation, 4.50%, 03/27/17 | 195,000 | 204,960 | |||||||
| Total Financials | 16,835,478 | ||||||||
| Health Care — 0.9% |
|||||||||
| Community Health Systems, Inc., 5.13%, 08/15/18 | 170,000 | 176,375 | |||||||
| Forest Laboratories, Inc., 4.38%, 02/01/19‡ | 200,000 | 211,471 | |||||||
| HCA, Inc., 3.75%, 03/15/19 | 160,000 | 160,600 | |||||||
| HCA, Inc., 6.50%, 02/15/20 | 185,000 | 207,755 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Health Care (continued) |
|||||||||
| Medtronic, Inc., 2.50%, 03/15/20‡ |
$ | 570,000 | $ | 572,188 | |||||
| Owens & Minor, Inc., 3.88%, 09/15/21 | 95,000 | 96,215 | |||||||
| Tenet Healthcare Corp., 6.25%, 11/01/18 | 150,000 | 163,312 | |||||||
| Tenet Healthcare Corp., 5.00%, 03/01/19‡ | 60,000 | 60,225 | |||||||
| Tenet Healthcare Corp., 6.00%, 10/01/20 | 105,000 | 113,015 | |||||||
| Total Health Care | 1,761,156 | ||||||||
| Industrials — 4.6% |
|||||||||
| ADT Corp. (The), 6.25%, 10/15/21(a) |
440,000 | 453,200 | |||||||
| America West Airlines 1999-1 Pass-Through Trust, Series 991G, 7.93%, 01/02/19 | 375,196 | 413,654 | |||||||
| America West Airlines 2001-1 Pass-Through Trust, Series 011G, 7.10%, 04/02/21 | 1,045,158 | 1,152,287 | |||||||
| Atlas Air 2000-1 Class A Pass-Through Trust, Series 00-1, 8.71%, 01/02/19 |
397,906 | 409,843 | |||||||
| Continental Airlines 1999-1 Class A Pass-Through Trust, Series 991A, 6.55%, 02/02/19 | 337,723 | 370,853 | |||||||
| Continental Airlines 1999-2 Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20 | 248,058 | 264,802 | |||||||
| Continental Airlines 2000-1 Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20 | 668,154 | 757,486 | |||||||
| Continental Airlines 2001-1 Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21 | 431,779 | 466,322 | |||||||
| Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.75%, 05/07/20 | 1,048,179 | 1,116,311 | |||||||
| Delta Air Lines Class A Pass-Through Trust, Series 2010-2A, 4.95%, 05/23/19 |
712,184 | 762,037 | |||||||
| Deluxe Corp., 7.00%, 03/15/19 | 170,000 | 178,287 | |||||||
| HD Supply, Inc., 5.25%, 12/15/21‡ |
360,000 | 367,200 | |||||||
| Masco Corp., 5.95%, 03/15/22 | 400,000 | 446,000 | |||||||
| Northwest Airlines 2002-1 Class G-2 Pass-Through Trust, Series 02-1, 6.26%, 11/20/21 | 424,603 | 456,703 | |||||||
| Textron, Inc., 4.63%, 09/21/16 | 400,000 | 423,381 | |||||||
| UAL 2009-2a Pass-Through Trust, Series 09-2, 9.75%, 01/15/17 | 488,368 | 542,088 | |||||||
| United Rentals North America, Inc., 7.38%, 05/15/20 | 150,000 | 162,750 | |||||||
| Total Industrials | 8,743,204 | ||||||||
See accompanying Notes to Financial Statements.
40
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Information Technology — 0.3% |
|||||||||
| Dun & Bradstreet Corp. (The), 3.25%, 12/01/17 | $ | 300,000 | $ | 308,671 | |||||
| Equinix, Inc., 4.88%, 04/01/20 | 175,000 | 175,000 | |||||||
| Sanmina Corp., 4.38%, 06/01/19‡ |
100,000 | 99,500 | |||||||
| Total Information Technology | 583,171 | ||||||||
| Materials — 0.4% |
|||||||||
| Hexion US Finance Corp., 6.63%, 04/15/20 | 175,000 | 172,375 | |||||||
| Huntsman International LLC, 4.88%, 11/15/20 | 200,000 | 199,500 | |||||||
| International Paper Co., 9.38%, 05/15/19 | 75,000 | 95,830 | |||||||
| Reynolds Group Issuer LLC, 7.88%, 08/15/19 | 150,000 | 158,438 | |||||||
| Tronox Finance LLC, 6.38%, 08/15/20(a) |
120,000 | 120,900 | |||||||
| Total Materials | 747,043 | ||||||||
| Telecommunication Services — 0.7% |
|||||||||
| AT&T, Inc., 3.88%, 08/15/21 | 210,000 | 220,045 | |||||||
| Frontier Communications Corp., 7.13%, 03/15/19 | 250,000 | 275,000 | |||||||
| Frontier Communications Corp., 6.25%, 09/15/21(a) | 90,000 | 90,675 | |||||||
| Qwest Corp., 6.50%, 06/01/17 | 75,000 | 82,042 | |||||||
| T-Mobile USA, Inc., 6.46%, 04/28/19 |
275,000 | 286,687 | |||||||
| Verizon Communications, Inc., 2.50%, 09/15/16 | 43,000 | 43,972 | |||||||
| Verizon Communications, Inc., 3.65%, 09/14/18 | 50,000 | 52,864 | |||||||
| Verizon Communications, Inc., 2.55%, 06/17/19 | 200,000 | 201,796 | |||||||
| Verizon Communications, Inc., 4.60%, 04/01/21 | 125,000 | 135,857 | |||||||
| Total Telecommunication Services | 1,388,938 | ||||||||
| Utilities — 0.5% |
|||||||||
| AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20 |
90,000 | 93,150 | |||||||
| AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22 |
235,000 | 244,400 | |||||||
| Energy Transfer Partners LP, 4.15%, 10/01/20 | 250,000 | 256,612 | |||||||
| RJS Power Holdings LLC, 5.13%, 07/15/19‡ | 265,000 | 263,013 | |||||||
| Total Utilities | 857,175 | ||||||||
| Total Corporate Bonds (Cost $36,274,679) |
36,118,568 | ||||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| FOREIGN BONDS — 5.9% |
|||||||||
| Consumer Discretionary — 0.4% |
|||||||||
| NCL Corp. Ltd., 5.25%, 11/15/19 (Bermuda)‡ | $ | 45,000 | $ | 45,562 | |||||
| Volkswagen Group of America Finance LLC, 2.45%, 11/20/19‡ | 200,000 | 201,533 | |||||||
| Wynn Macau Ltd., 5.25%, 10/15/21 (Cayman Islands)‡ |
540,000 | 510,300 | |||||||
| Total Consumer Discretionary | 757,395 | ||||||||
| Consumer Staples — 0.3% |
|||||||||
| Coca-Cola Femsa SAB de CV, 2.38%, 11/26/18 (Mexico) | 470,000 | 479,734 | |||||||
| Energy — 0.4% |
|||||||||
| Petrobras International Finance Co., 3.50%, 02/06/17 (Brazil) | 200,000 | 191,482 | |||||||
| Petroleos Mexicanos, 6.00%, 03/05/20 (Mexico)(a) |
350,000 | 394,625 | |||||||
| Weatherford Bermuda Holdings Ltd., 9.63%, 03/01/19 (Bermuda) | 150,000 | 178,068 | |||||||
| Total Energy | 764,175 | ||||||||
| Financials — 2.8% |
|||||||||
| AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.50%, 05/15/21 (Ireland)‡ | 165,000 | 167,269 | |||||||
| Aircastle Ltd., 4.63%, 12/15/18 (Bermuda) | 285,000 | 287,137 | |||||||
| Aircastle Ltd., 6.25%, 12/01/19 (Bermuda) | 250,000 | 265,000 | |||||||
| Aircastle Ltd., 5.13%, 03/15/21 (Bermuda) | 210,000 | 210,525 | |||||||
| Axis Bank Ltd., 3.25%, 05/21/20 (India)‡ | 450,000 | 445,880 | |||||||
| Banco Santander Brasil SA, 4.50%, 04/06/15 (Brazil) | 250,000 | 252,140 | |||||||
| Banco Santander Chile, 2.11%, 06/07/18 (Chile)@‡ | 200,000 | 203,000 | |||||||
| Caixa Economica Federal, 7.25%, 07/23/24 (Brazil)@‡ | 400,000 | 383,000 | |||||||
| Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 01/14/19 (Netherlands) | 300,000 | 302,524 | |||||||
| Corp. Andina de Fomento, 3.75%, 01/15/16 (Supranational) | 100,000 | 102,556 | |||||||
| Corpbanca SA, 3.88%, 09/22/19 (Chile)‡ | 500,000 | 502,322 | |||||||
| Industrial & Commercial Bank of China Ltd., 3.23%, 11/13/19 (China) | 475,000 | 477,531 | |||||||
| Intesa Sanpaolo SpA, 3.13%, 01/15/16 (Italy) |
200,000 | 203,212 | |||||||
| Korea Finance Corp., 4.63%, 11/16/21 (South Korea) |
375,000 | 416,764 | |||||||
| Macquarie Group Ltd., 6.00%, 01/14/20 (Australia)‡ | 290,000 | 328,836 | |||||||
See accompanying Notes to Financial Statements.
41
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| FOREIGN BONDS (continued) |
|||||||||
| Financials (continued) |
|||||||||
| Royal Bank of Scotland Group PLC, 6.40%, 10/21/19 (United Kingdom) |
$ | 350,000 | $ | 406,949 | |||||
| Schaeffler Finance BV, 4.25%, 05/15/21 (Germany)‡ | 375,000 | 367,500 | |||||||
| XL Group PLC, Series E, 6.50%, 12/29/49 (Ireland)@ | 105,000 | 100,537 | |||||||
| Total Financials | 5,422,682 | ||||||||
| Health Care — 0.1% |
|||||||||
| Catamaran Corp., 4.75%, 03/15/21 (Canada) |
120,000 | 120,300 | |||||||
| Valeant Pharmaceuticals International, Inc., 6.75%, 08/15/18 (Canada)‡ |
85,000 | 90,633 | |||||||
| Total Health Care | 210,933 | ||||||||
| Industrials — 0.9% |
|||||||||
| Air Canada 2013-1 Class B Pass-Through Trust, 5.38%, 05/15/21 (Canada)‡(a) |
517,901 | 525,670 | |||||||
| Bombardier, Inc., 4.75%, 04/15/19 (Canada)‡ |
475,000 | 477,375 | |||||||
| Virgin Australia Trust, Series 2013-1A, 5.00%, 10/23/23 (Australia)‡ |
626,510 | 645,305 | |||||||
| Total Industrials | 1,648,350 | ||||||||
| Information Technology — 0.1% |
|||||||||
| Alibaba Group Holding Ltd., 2.50%, 11/28/19 (Cayman Islands)‡ | 200,000 | 197,529 | |||||||
| Materials — 0.1% |
|||||||||
| Methanex Corp., 3.25%, 12/15/19 (Canada) |
100,000 | 99,271 | |||||||
| Vale Overseas Ltd., 4.38%, 01/11/22 (Brazil)(a) |
170,000 | 163,797 | |||||||
| Total Materials | 263,068 | ||||||||
| Telecommunication Services — 0.4% |
|||||||||
| Millicom International Cellular SA, 6.63%, 10/15/21 (Luxembourg)‡ | 280,000 | 292,600 | |||||||
| Telefonica Emisiones SAU, 6.42%, 06/20/16 (Spain) | 100,000 | 107,013 | |||||||
| Wind Acquisition Finance SA, 4.75%, 07/15/20 (Luxembourg)‡ | 375,000 | 351,562 | |||||||
| Total Telecommunication Services | 751,175 | ||||||||
| Utilities — 0.4% |
|||||||||
| Majapahit Holding BV, 7.75%, 01/20/20 (Indonesia)‡ | 245,000 | 284,812 | |||||||
| State Grid Overseas Investment 2014 Ltd., 2.75%, 05/07/19 (China)‡ | 500,000 | 502,611 | |||||||
| Total Utilities | 787,423 | ||||||||
| Total Foreign Bonds (Cost $11,360,837) |
11,282,464 | ||||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES — 25.0% |
|||||||||
| American Homes 4 Rent, Class A, Series 2014-SFR1, 1.25%, 06/17/31@‡ |
$ | 277,501 | $ | 274,518 | |||||
| AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20 |
500,000 | 498,763 | |||||||
| AmeriCredit Automobile Receivables Trust, Class D, Series 2011-2, 4.00%, 05/08/17 |
955,000 | 969,734 | |||||||
| AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18 |
1,050,000 | 1,058,929 | |||||||
| AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19 |
575,000 | 573,876 | |||||||
| AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20 |
500,000 | 494,466 | |||||||
| Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35# |
495,203 | 511,179 | |||||||
| Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@ |
349,331 | 388,684 | |||||||
| Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡ |
500,000 | 500,540 | |||||||
| Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡ |
1,140,000 | 1,129,132 | |||||||
| Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡ |
850,000 | 872,330 | |||||||
| Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35 | 335,140 | 341,729 | |||||||
| BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25@ |
353,704 | 375,935 | |||||||
| Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37# | 640,623 | 683,190 | |||||||
| Beacon Container Finance LLC, Class A, Series 2012-1A, 3.72%, 09/20/27‡ | 686,864 | 696,087 | |||||||
| California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20 |
645,000 | 645,637 | |||||||
See accompanying Notes to Financial Statements.
42
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20 |
$ | 500,000 | $ | 498,025 | |||||
| Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19 | 635,000 | 643,172 | |||||||
| CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19‡ | 350,000 | 355,004 | |||||||
| CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡ | 200,000 | 201,868 | |||||||
| CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡ | 480,000 | 481,185 | |||||||
| CarFinance Capital Auto Trust, Class D, Series 2014-1A, 4.90%, 04/15/20‡ | 415,000 | 425,967 | |||||||
| CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20 | 700,000 | 699,991 | |||||||
| CarMax Auto Owner Trust, Class C, Series 2014-2, 2.08%, 01/15/20 | 425,000 | 422,633 | |||||||
| Carnow Auto Receivables Trust, Class D, Series 2014-1A, 4.16%, 11/15/18‡ | 400,000 | 397,908 | |||||||
| CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21‡ |
420,000 | 420,819 | |||||||
| Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.35%, 09/25/34# | 438,000 | 463,724 | |||||||
| Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡ | 504,357 | 501,056 | |||||||
| Chase Funding Trust Series, Class 1A4, Series 2004-2, 5.32%, 02/26/35 | 1,314,919 | 1,327,148 | |||||||
| Citicorp Residential Mortgage Trust Series, Class A4, Series 2006-1, 5.90%, 07/25/36# |
545,050 | 570,739 | |||||||
| Citicorp Residential Mortgage Trust Series, Class A6, Series 2007-2, 5.66%, 06/25/37# |
539,159 | 558,690 | |||||||
| CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡ | 374,894 | 380,691 | |||||||
| CLI Funding V LLC, Class A, Series 2014-2A, 3.38%, 10/18/29‡ |
983,333 | 978,250 | |||||||
| Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@ |
546,968 | 580,191 | |||||||
| Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35# |
824,727 | 843,926 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| Cronos Containers Program Ltd., Class A, Series 2012-2A, 3.81%, 09/18/27 (Bermuda)‡ | $ | 232,500 | $ | 232,612 | |||||
| Domino's Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42‡ | 265,719 | 278,878 | |||||||
| Drug Royalty II LP 2, Class A2, Series 2014-1, 3.48%, 07/15/23‡ |
427,809 | 429,329 | |||||||
| DT Auto Owner Trust, Class C, Series 2013-2A, 3.06%, 09/16/19‡ |
500,000 | 503,878 | |||||||
| DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20‡ |
300,000 | 298,617 | |||||||
| DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡ |
560,000 | 559,964 | |||||||
| Exeter Automobile Receivables Trust, Class B, Series 2013-2A, 3.09%, 07/16/18‡ | 180,000 | 182,139 | |||||||
| Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡ | 500,000 | 501,971 | |||||||
| Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡ | 550,000 | 546,264 | |||||||
| Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡ | 500,000 | 489,687 | |||||||
| FDIC Trust, Class A, Series 2013-N1, 4.50%, 10/25/18‡ |
345,138 | 348,681 | |||||||
| Federal Home Loan Mortgage Corporation, Class M2, Series 2014-DN2, 1.82%, 04/25/24@ |
500,000 | 484,829 | |||||||
| Foursight Capital Automobile Receivables Trust, Class B, Series 2014-1, 3.56%, 11/22/21‡ |
500,000 | 502,000 | |||||||
| Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡ |
542,473 | 542,914 | |||||||
| GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34# |
233,739 | 250,032 | |||||||
| Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡ | 180,654 | 181,746 | |||||||
| Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡ | 390,518 | 386,727 | |||||||
| Honda Auto Receivables Owner Trust, Class A4, Series 2011-3, 1.17%, 12/21/17 | 621,458 | 621,724 | |||||||
| Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20 | 425,000 | 425,417 | |||||||
See accompanying Notes to Financial Statements.
43
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡ | $ | 449,424 | $ | 449,547 | |||||
| JPMorgan Mortgage Trust, Class 2A1, Series 2014-IVR3, 3.00%, 09/25/44@‡ | 818,293 | 829,771 | |||||||
| JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡ | 300,453 | 311,208 | |||||||
| LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21‡ | 345,000 | 351,279 | |||||||
| Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡ | 1,162,031 | 1,170,579 | |||||||
| MASTR Asset Securitization Trust, Class 4A5, Series 2003-5, 5.50%, 06/25/33 | 599,131 | 638,316 | |||||||
| MASTR Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡# | 454,829 | 466,480 | |||||||
| Mid-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35 |
414,861 | 446,941 | |||||||
| New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡ | 202,435 | 208,932 | |||||||
| OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡ | 330,000 | 329,993 | |||||||
| Residential Funding Mortgage Securities II Home Loan Trust, Class AIIB, Series 2003-HS2, 0.42%, 06/25/28@ | 162,717 | 153,318 | |||||||
| Santander Drive Auto Receivables Trust, Class A3, Series 2012-5, 0.83%, 12/15/16 | 3,958 | 3,959 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18 | 260,000 | 263,769 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2012-4, 2.94%, 12/15/17 | 360,000 | 364,985 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19 | 600,000 | 600,017 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20 | 600,000 | 597,720 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2012-2, 3.87%, 02/15/18 | 300,000 | 309,070 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2012-6, 2.52%, 09/17/18 | 350,000 | 351,802 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2014-4, 3.10%, 11/16/20 | 600,000 | 601,333 | |||||||
| Sierra Receivables Funding Co. LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡ | 341,876 | 343,649 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31‡ |
$ | 238,275 | $ | 239,415 | |||||
| Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29‡ |
216,134 | 219,493 | |||||||
| Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25‡ | 224,471 | 227,003 | |||||||
| Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡ | 934,478 | 925,975 | |||||||
| SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡ | 500,000 | 491,801 | |||||||
| SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡ |
270,000 | 275,988 | |||||||
| SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡ | 1,275,000 | 1,292,006 | |||||||
| SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20‡ | 330,000 | 330,402 | |||||||
| SoFi Professional Loan Program LLC, Class A2, Series 2014-A, 3.02%, 10/25/27‡ | 364,585 | 369,080 | |||||||
| SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡ | 1,000,000 | 1,000,061 | |||||||
| Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.00%, 02/25/34# | 686,687 | 730,133 | |||||||
| Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡ |
154,514 | 152,362 | |||||||
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34 |
360,964 | 367,772 | |||||||
| TAL Advantage V LLC, Class A, Series 2013-1A, 2.83%, 02/22/38‡ |
449,167 | 444,602 | |||||||
| TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡ | 800,000 | 798,296 | |||||||
| Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡ | 500,000 | 497,475 | |||||||
| Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44‡ | 283,618 | 282,081 | |||||||
| Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41‡ | 368,155 | 382,301 | |||||||
See accompanying Notes to Financial Statements.
44
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C30, 5.34%, 12/15/43 |
$ | 90,000 | $ | 96,129 | |||||
| Wells Fargo Mortgage Backed Securities, Class A1, Series 2003-G, 2.49%, 06/25/33@ |
36,918 | 37,360 | |||||||
| Wells Fargo Mortgage Backed Securities, Class A1, Series 2004-U, 2.57%, 10/25/34@ |
564,334 | 565,330 | |||||||
| Westgate Resorts LLC, Class A, Series 2012-2A, 3.00%, 01/20/25‡ |
315,830 | 317,946 | |||||||
| Westlake Automobile Receivables Trust, Class C, Series 2014-1A, 1.70%, 11/15/19‡ | 500,000 | 498,093 | |||||||
| Total Asset Backed Securities (Cost $48,022,205) | 47,866,897 | ||||||||
| MORTGAGE BACKED SECURITIES — 28.4% |
|||||||||
| Commercial Mortgage Backed Securities — 11.6% |
|||||||||
| A10 Term Asset Financing LLC, Class A1, Series 2014-1, 1.72%, 04/15/33‡ | 250,000 | 249,853 | |||||||
| BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29‡ |
274,872 | 282,450 | |||||||
| Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.63%, 04/10/49@ |
1,084,000 | 1,161,220 | |||||||
| Banc of America Merrill Lynch Commercial Mortgage, Inc., Class G, Series 2005-2, 5.26%, 07/10/43@‡ | 1,000,000 | 1,008,060 | |||||||
| Bayview Commercial Asset Trust, Class A3, Series 2008-1, 1.67%, 01/25/38@‡ | 300,000 | 287,715 | |||||||
| Bayview Financial Mortgage Pass-Through Trust, Class 1A2, Series 2006-A, 5.48%, 02/28/41# |
447,167 | 459,675 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50 | 970,000 | 1,055,394 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2005-PW10, 5.45%, 12/11/40@ | 571,000 | 589,803 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.90%, 06/11/50@ | 280,000 | 306,712 | |||||||
| Capital Auto Receivables Asset Trust/Ally, Class C, Series 2013-1, 1.74%, 10/22/18 |
415,000 | 416,552 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) |
|||||||||
| CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49 | $ | 780,000 | $ | 826,556 | |||||
| CD Commercial Mortgage Trust, Class AMFX, Series 2007-CD4, 5.37%, 12/11/49@ | 430,000 | 446,644 | |||||||
| Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.71%, 12/10/49@ |
1,244,901 | 1,347,116 | |||||||
| Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.71%, 12/10/49@ | 140,000 | 151,969 | |||||||
| Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.15%, 12/10/49@ |
530,000 | 580,829 | |||||||
| Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.74%, 06/14/50@‡ |
340,000 | 364,637 | |||||||
| Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡ | 393,100 | 391,903 | |||||||
| Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49@ | 510,000 | 553,558 | |||||||
| Credit Suisse Commercial Mortgage Trust Series, Class 1A, Series 2010-RR7, 5.38%, 08/12/48@‡ |
497,858 | 524,341 | |||||||
| Credit Suisse Commercial Mortgage Trust Series, Class A1A, Series 2007-C1, 5.36%, 02/15/40 |
485,691 | 513,357 | |||||||
| Extended Stay America Trust, Class A17, Series 2013-ESH7, 2.30%, 12/05/31‡ | 735,000 | 725,077 | |||||||
| GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.80%, 08/10/45@ | 537,138 | 584,327 | |||||||
| GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.80%, 08/10/45@ | 902,831 | 978,317 | |||||||
| Hilton USA Trust, Class EFX, Series 2013-HLT, 5.22%, 11/05/30@‡ |
535,000 | 549,987 | |||||||
| Irwin Home Equity Loan Trust, Class M1, Series 2003-A, 1.72%, 10/25/27@ | 510,387 | 506,505 | |||||||
| JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 2.35%, 07/25/34@ | 426,074 | 427,986 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C2, 5.43%, 02/15/40 | 408,747 | 437,709 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@ | 680,161 | 748,086 | |||||||
See accompanying Notes to Financial Statements.
45
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) |
|||||||||
| Master Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34 | $ | 532,483 | $ | 563,616 | |||||
| Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49 | 426,771 | 464,549 | |||||||
| RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@ |
173,517 | 175,865 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19 | 500,000 | 496,986 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19 | 300,000 | 300,982 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 2.43%, 05/25/34@ |
484,372 | 484,023 | |||||||
| VFC LLC, Class A, Series 2014-2, 2.75%, 07/20/30‡ | 198,473 | 198,531 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.72%, 06/15/49@ |
975,000 | 1,047,946 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 04/15/47 |
770,000 | 812,231 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C30, 5.38%, 12/15/43 |
870,000 | 924,084 | |||||||
| Washington Mutual MSC Mortgage Pass-Through Certificates Series Trust, Class 2A1, Series 2003-AR4, 2.25%, 08/25/33@ | 237,269 | 236,081 | |||||||
| Total Commercial Mortgage Backed Securities | 22,181,232 | ||||||||
| Fixed Income — 10.5% |
|||||||||
| Bear Stearns ARM Trust, Class 12A3, Series 2004-10, 2.66%, 01/25/35@ | 444,127 | 442,186 | |||||||
| Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 2.60%, 01/25/35@ | 809,189 | 820,335 | |||||||
| Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 2.31%, 04/25/34@ | 911,354 | 906,994 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.69%, 06/11/50@ | 650,000 | 705,727 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW13, 5.58%, 09/11/41@ | 885,000 | 935,478 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Fixed Income (continued) |
|||||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW15, 5.36%, 02/11/44 | $ | 350,000 | $ | 360,686 | |||||
| Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.13%, 08/25/34@ |
436,776 | 437,889 | |||||||
| Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19 | 162,939 | 165,948 | |||||||
| DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44 |
1,050,000 | 1,084,476 | |||||||
| GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 2.99%, 06/25/34@ | 671,530 | 684,027 | |||||||
| GMACM Mortgage Loan Trust, Class A10, Series 2003-J7, 5.50%, 11/25/33 | 875,911 | 897,812 | |||||||
| GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%, 01/25/37 | 34,946 | 33,650 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2006-LDP9, 5.34%, 05/15/47 | 732,856 | 779,020 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51@ | 1,855,000 | 2,010,197 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 5.87%, 04/15/45@ | 1,190,000 | 1,263,648 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@ | 275,000 | 285,555 | |||||||
| LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 5.90%, 07/15/44@ | 610,000 | 661,713 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40@ | 1,218,106 | 1,287,146 | |||||||
| MASTR Asset Securitization Trust, Class 4A1, Series 2004-6, 5.00%, 07/25/19 | 165,199 | 167,801 | |||||||
| Merrill Lynch Mortgage Trust, Class AM, Series 2006-C1, 5.68%, 05/12/39@ | 660,000 | 693,387 | |||||||
| Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ14, 5.69%, 04/15/49@ | 800,000 | 862,306 | |||||||
| RALI Series Trust, Class A3, Series 2003-QS22, 5.38%, 12/26/33 |
180,208 | 185,595 | |||||||
| RALI Series Trust, Class A6, Series 2004-QS8, 5.50%, 06/25/34 |
137,336 | 139,764 | |||||||
See accompanying Notes to Financial Statements.
46
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Fixed Income (continued) |
|||||||||
| Structured Asset Securities Corp., Class 2A, Series 2003-37A, 3.62%, 12/25/33@ | $ | 361,552 | $ | 363,177 | |||||
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33 |
522,297 | 535,825 | |||||||
| Wachovia Bank Commercial Mortgage Trust Series, Class AM, Series 2007-C31, 5.59%, 04/15/47@ |
1,380,000 | 1,474,748 | |||||||
| WaMu Mortgage Pass-Through Certificates, Class A1, Series 2003-AR6, 2.44%, 06/25/33@ |
276,779 | 277,874 | |||||||
| Wells Fargo Mortgage Backed Securities, Class 1A2, Series 2004-K, 2.62%, 07/25/34@ |
582,657 | 586,475 | |||||||
| Wells Fargo Mortgage Backed Securities, Class 2A1, Series 2004-Z, 2.61%, 12/25/34@ |
248,201 | 250,140 | |||||||
| Wells Fargo Mortgage Backed Securities, Class 2A12, Series 2004-K, 2.62%, 07/25/34@ |
201,285 | 201,728 | |||||||
| Wells Fargo Mortgage Backed Securities, Class 5A1, Series 2003-J, 2.49%, 10/25/33@ |
240,221 | 242,767 | |||||||
| Wells Fargo Mortgage Backed Securities, Class A1, Series 2004-A, 2.64%, 02/25/34@ |
309,557 | 310,971 | |||||||
| Wells Fargo Mortgage Backed Securities, Class A5, Series 2006-16, 5.00%, 11/25/36 |
132,758 | 137,480 | |||||||
| Total Fixed Income | 20,192,525 | ||||||||
| Non-Agency Mortgage-Backed Securities — 1.4% |
|||||||||
| Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34 | 207,412 | 221,469 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW14, 5.24%, 12/11/38 | 285,000 | 303,860 | |||||||
| Commercial Mortgage Trust, Class A4, Series 2007-GG9, 5.44%, 03/10/39 | 1,100,000 | 1,174,521 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2006-LDP7, 5.87%, 04/15/45@ | 198,646 | 207,573 | |||||||
| Morgan Stanley Capital I Trust, Class A4, Series 2006-IQ12, 5.33%, 12/15/43 | 468,334 | 494,916 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Non-Agency Mortgage-Backed Securities (continued) |
|||||||||
| Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.68%, 04/15/49@ | $ | 226,000 | $ | 235,590 | |||||
| Total Non-Agency Mortgage-Backed Securities | 2,637,929 | ||||||||
| Residential Mortgage Backed Securities — 4.9% |
|||||||||
| Banc of America Funding Trust, Class 5A1, Series 2004-A, 2.50%, 07/20/34@ | 186,337 | 186,111 | |||||||
| Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19 | 924,172 | 917,285 | |||||||
| Citigroup Mortgage Loan Trust, Class A, Series 2014-A, 4.00%, 01/25/35@‡ | 189,740 | 198,524 | |||||||
| Citigroup Mortgage Loan Trust, Inc., Class A2, Series 2003-UP3, 7.00%, 09/25/33 | 265,031 | 281,380 | |||||||
| Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.39%, 09/25/34@ | 253,964 | 253,578 | |||||||
| GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.09%, 06/25/34@ | 927,536 | 904,533 | |||||||
| JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡ | 464,222 | 489,976 | |||||||
| JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.50%, 08/25/34@ | 196,985 | 197,974 | |||||||
| Master Alternative Loan Trust, Class 1A1, Series 2007-1, 0.77%, 10/25/36@ | 383,437 | 369,295 | |||||||
| Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.99%, 06/25/44@‡ |
320,982 | 328,841 | |||||||
| New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡ | 327,009 | 335,428 | |||||||
| New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡ |
786,656 | 808,029 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 2.47%, 04/25/34@ | 214,761 | 213,381 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 2.47%, 04/25/34@ | 810,127 | 812,782 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 2.43%, 02/25/34@ |
501,408 | 494,404 | |||||||
See accompanying Notes to Financial Statements.
47
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Residential Mortgage Backed Securities (continued) |
|||||||||
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.59%, 11/25/33@ |
$ | 367,682 | $ | 361,025 | |||||
| Structured Asset Securities Corp. Pass-Through Certificates, Class A3, Series 2002-AL1, 3.45%, 02/25/32 | 462,267 | 457,892 | |||||||
| WinWater Mortgage Loan Trust, Class A1, Series 2014-1, 4.00%, 06/20/44@‡ | 755,879 | 786,388 | |||||||
| WinWater Mortgage Loan Trust, Class A4, Series 2014-3, 3.50%, 11/20/44@‡ | 900,000 | 911,250 | |||||||
| Total Residential Mortgage Backed Securities | 9,308,076 | ||||||||
| Total Mortgage Backed Securities (Cost $55,524,190) |
54,319,762 | ||||||||
| U.S. TREASURY NOTES — 2.9% |
|||||||||
| U.S. Treasury Note, 0.88%, 05/15/17(a) |
500,000 | 500,312 | |||||||
| U.S. Treasury Note, 1.00%, 09/15/17(a) |
5,000,000 | 5,003,125 | |||||||
| Total U.S. Treasury Notes (Cost $5,493,368) |
5,503,437 | ||||||||
| U.S. GOVERNMENT AGENCY SECURITIES — 1.0% |
|||||||||
| Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41 |
820,287 | 862,904 | |||||||
| Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37 |
169,259 | 181,032 | |||||||
| Federal National Mortgage Association, Class PA, Series 2010-57, 4.50%, 12/25/38 |
215,220 | 217,815 | |||||||
| Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41 |
596,700 | 624,046 | |||||||
| Government National Mortgage Association, Class KA, Series 2011-140, 4.00%, 03/20/37 |
10,532 | 10,528 | |||||||
| Total U.S. Government Agency Securities (Cost $1,872,011) | 1,896,325 | ||||||||
| TERM LOANS — 13.0% |
|||||||||
| Consumer Discretionary — 4.2% |
|||||||||
| Aristocrat International Pty Ltd., 4.75%, 10/20/21 (Australia)@ | 420,000 | 413,700 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Consumer Discretionary (continued) |
|||||||||
| Boyd Gaming Corp., 4.00%, 08/14/20@ |
$ | 300,125 | $ | 295,389 | |||||
| Caesars Entertainment Corp., 10.50%, 10/31/16@ | 136,711 | 121,580 | |||||||
| Caesars Entertainment Corp., 9.75%, 01/28/18@ | 55,720 | 48,081 | |||||||
| CBAC Borrower LLC, 8.25%, 07/02/20@ |
200,000 | 198,000 | |||||||
| Charter Communications Operating, LLC, 3.00%, 07/01/20@ |
416,826 | 409,707 | |||||||
| Checkout Holding Corp., 4.50%, 04/09/21@ | 216,910 | 207,421 | |||||||
| Chrysler Group LLC, 3.25%, 12/31/18@ |
327,525 | 325,069 | |||||||
| CityCenter Holdings LLC, 4.25%, 10/16/20@ | 243,658 | 242,058 | |||||||
| CSC Holdings LLC, 2.67%, 04/17/20@ |
533,688 | 523,492 | |||||||
| General Nutrition Centers, Inc., 3.25%, 03/04/19@ | 623,945 | 608,608 | |||||||
| Hilton Worldwide Finance LLC, 3.50%, 10/25/20@ | 430,861 | 426,640 | |||||||
| Landry's, Inc., 4.00%, 04/24/18@ | 199,496 | 198,549 | |||||||
| Las Vegas Sands, LLC, 3.25%, 12/19/20@ | 540,108 | 537,859 | |||||||
| Leslie's Poolmart, Inc., 4.25%, 10/16/19@ | 196,483 | 191,817 | |||||||
| Libbey Glass, Inc., 3.75%, 04/09/21@ |
316,410 | 312,654 | |||||||
| MGM Resorts International, 3.50%, 12/20/19@ | 357,736 | 349,353 | |||||||
| Pinnacle Entertainment, Inc., 3.75%, 08/13/20@ | 249,921 | 247,032 | |||||||
| PVH Corp., 3.25%, 02/13/20@ | 311,997 | 312,826 | |||||||
| Seminole Hard Rock Entertainment, Inc., 3.50%, 05/14/20@ | 59,100 | 57,229 | |||||||
| Seminole Tribe of Florida, Inc., 3.00%, 04/29/20@ | 396,290 | 395,300 | |||||||
| SRAM LLC, 5.25%, 04/10/20@ | 195,868 | 190,482 | |||||||
| TI Group Automotive Systems LLC, 4.25%, 07/02/21@ | 52,735 | 52,241 | |||||||
| Tribune Company, 4.00%, 12/27/20@ |
268,612 | 265,339 | |||||||
| Univision Communications, Inc., 4.00%, 03/01/20@ | 630,274 | 617,668 | |||||||
| Virgin Media Investment Holdings Ltd., 3.50%, 06/07/20 (United Kingdom)@ |
500,000 | 491,867 | |||||||
| Total Consumer Discretionary | 8,039,961 | ||||||||
| Consumer Staples — 1.0% |
|||||||||
| Albertson's Holdings LLC, 4.50%, 08/25/21@ | 270,000 | 270,451 | |||||||
| ARAMARK Corp., 3.25%, 09/07/19@ |
518,950 | 512,302 | |||||||
See accompanying Notes to Financial Statements.
48
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Consumer Staples (continued) |
|||||||||
| HJ Heinz Co., 3.50%, 06/05/20@ | $ | 414,592 | $ | 412,815 | |||||
| Hostess Brands, Inc., 6.75%, 04/09/20@ |
223,313 | 227,220 | |||||||
| Rite Aid Corp., 0.00%, 02/21/20@(b) |
467,193 | 465,831 | |||||||
| Total Consumer Staples | 1,888,619 | ||||||||
| Energy — 0.8% |
|||||||||
| Fieldwood Energy LLC, 3.88%, 09/28/18@ | 198,922 | 188,976 | |||||||
| MEG Energy Corp., 3.75%, 03/31/20 (Canada)@ |
577,027 | 552,743 | |||||||
| Paragon Offshore Finance Co., 3.75%, 07/16/21 (United Kingdom)@ | 419,948 | 339,633 | |||||||
| Seadrill Operating LP, 4.00%, 02/21/21@ |
500,759 | 391,719 | |||||||
| Total Energy | 1,473,071 | ||||||||
| Financials — 1.1% |
|||||||||
| Altisource Solutions Sarl, 4.50%, 12/09/20 (Luxembourg)@ | 378,100 | 294,918 | |||||||
| Delos Finance Sarl, 3.50%, 03/06/21@ |
633,000 | 629,306 | |||||||
| Level 3 Financing, Inc, 4.50%, 01/31/22@ | 110,000 | 110,275 | |||||||
| Realogy Group LLC, 3.75%, 03/05/20@ |
497,487 | 488,781 | |||||||
| TransUnion LLC, 4.00%, 04/09/21@ |
144,905 | 143,275 | |||||||
| Walter Investment Management Corp., 4.75%, 12/18/20@ | 397,990 | 360,181 | |||||||
| Total Financials | 2,026,736 | ||||||||
| Health Care — 1.0% |
|||||||||
| Accellent, Inc., 4.50%, 03/12/21@ | 208,425 | 204,429 | |||||||
| Davita, Inc., 3.50%, 06/24/21@ | 108,455 | 107,592 | |||||||
| Endo Luxemburg Finance I Co. Sarl, 3.25%, 03/01/21@ | 297,750 | 291,051 | |||||||
| Hologic, Inc., 3.25%, 08/01/19@ | 465,813 | 462,902 | |||||||
| IASIS Healthcare LLC, 4.50%, 05/03/18@ |
220,500 | 218,939 | |||||||
| RPI Finance Trust, 3.25%, 11/09/18@ |
413,061 | 412,544 | |||||||
| Valeant Pharmaceuticals International, Inc., 3.50%, 02/13/19 (Canada)@ |
259,734 | 257,916 | |||||||
| Total Health Care | 1,955,373 | ||||||||
| Industrials — 1.4% |
|||||||||
| Air Canada, 5.50%, 09/26/19@ | 233,825 | 235,725 | |||||||
| Alliant Techsystems, Inc., 3.50%, 11/02/20@ | 333,055 | 332,430 | |||||||
| American Airlines, Inc, 4.25%, 10/08/21@ | 254,000 | 254,544 | |||||||
| Avis Budget Car Rental LLC, 3.00%, 03/15/19@ | 613,318 | 606,418 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Industrials (continued) |
|||||||||
| AWAS Finance Luxembourg 2012 SA, 3.50%, 07/16/18@ | $ | 514,220 | $ | 508,651 | |||||
| McJunkin Red Man Corp., 5.00%, 11/09/19@ | 84,925 | 78,768 | |||||||
| Nortek, Inc., 3.75%, 10/30/20@ | 283,575 | 278,258 | |||||||
| TransDigm, Inc., 3.75%, 06/04/21@ |
174,125 | 171,658 | |||||||
| United Airlines, Inc., 3.75%, 09/15/21@ |
268,328 | 266,650 | |||||||
| Total Industrials | 2,733,102 | ||||||||
| Information Technology — 1.9% |
|||||||||
| Avago Technologies Cayman Ltd., 3.75%, 05/06/21 (Cayman Islands)@ | 714,410 | 713,371 | |||||||
| First Data Corp., 3.67%, 03/23/18@ |
732,000 | 718,963 | |||||||
| Genpact International, Inc, 3.50%, 08/30/19@ | 829,730 | 822,819 | |||||||
| Infor US, Inc., 3.75%, 06/03/20@ | 242,711 | 235,988 | |||||||
| Interactive Data Corp., 4.75%, 05/02/21@ | 295,403 | 294,000 | |||||||
| ION Trading Technologies Sarl, 4.25%, 06/10/21@ | 151,581 | 150,065 | |||||||
| Kronos Inc., 4.50%, 10/30/19@ | 431,462 | 429,054 | |||||||
| Sungard Availability Services Capital, Inc., 6.00%, 03/29/19@ |
73,455 | 65,779 | |||||||
| US LLC 2, 4.25%, 08/06/21@ | 251,370 | 246,893 | |||||||
| Total Information Technology | 3,676,932 | ||||||||
| Materials — 0.6% |
|||||||||
| AZ Chem US, Inc., 4.50%, 06/12/21@ |
91,556 | 89,763 | |||||||
| Crown Americas LLC, 0.00%, 10/22/21@(b) |
229,000 | 229,531 | |||||||
| FMG Resources (August 2006) Pty LTD (FMG America Finance, Inc.), 3.75%, 06/30/19@ | 637,351 | 581,025 | |||||||
| Ineos US Finance LLC, 3.75%, 05/04/18@ | 196,753 | 191,298 | |||||||
| Total Materials | 1,091,617 | ||||||||
| Telecommunication Services — 0.7% |
|||||||||
| Crown Castle Operating Co., 3.00%, 01/31/21@ | 665,586 | 656,158 | |||||||
| Level 3 Financing, Inc., 4.00%, 01/15/20@ | 225,000 | 223,594 | |||||||
| Windstream Corp., 3.50%, 01/23/20@ |
562,880 | 557,721 | |||||||
| Total Telecommunication Services | 1,437,473 | ||||||||
| Utilities — 0.3% |
|||||||||
| NRG Energy, Inc., 2.75%, 07/01/18@ |
635,026 | 623,996 | |||||||
| Total Term Loans (Cost $25,588,129) |
24,946,880 | ||||||||
See accompanying Notes to Financial Statements.
49
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| MONEY MARKET FUND — 4.7% |
|||||||||
| BofA Cash Reserves Money Market Fund – Capital Class, 0.03%(c) (Cost $8,922,385) |
8,922,385 | $ | 8,922,385 | ||||||
| REPURCHASE AGREEMENTS — 1.0%(d) |
|||||||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $197,073, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $201,015) |
$ | 197,073 | 197,073 | ||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $458,692, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $467,864) |
458,690 | 458,690 | |||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $458,691, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $467,865) | 458,690 | 458,690 | |||||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/14, due 01/02/15, 0.07%, total to be received $397,526, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.00%, 06/01/17 – 12/20/44, totaling $405,476) |
397,525 | 397,525 | |||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $458,691, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $467,864) | 458,690 | 458,690 | |||||||
| Total Repurchase Agreements (Cost $1,970,668) | 1,970,668 | ||||||||
| Total Investments — 100.8% (Cost $195,028,472) | 192,827,386 | ||||||||
| Liabilities in Excess of Other Assets — (0.8%) | (1,451,805 | ) | |||||||
| Net Assets — 100.0% |
$ | 191,375,581 | |||||||
PLC — Public Limited Company
| ‡ | 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. |
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2014. |
| # | Represents step coupon bond. Rate shown reflects the rate in effect as of December 31, 2014. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $4,003,964; the aggregate market value of the collateral held by the fund is $4,095,427. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,124,759. |
| (b) | This Loan will settle after December 31, 2014 at which time the interest rate will be determined. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Asset Backed Securities | 25.0 | % | ||
| Commercial Mortgage Backed Securities | 11.6 | |||
| Consumer Discretionary | 6.5 | |||
| Consumer Staples | 1.3 | |||
| Energy | 2.0 | |||
| Financials | 12.7 | |||
| Fixed Income | 10.5 | |||
| Health Care | 2.0 | |||
| Industrials | 6.9 | |||
| Information Technology | 2.3 | |||
| Materials | 1.1 | |||
| Non-Agency Mortgage-Backed Securities | 1.4 | |||
| Residential Mortgage Backed Securities | 4.9 | |||
| Telecommunication Services | 1.8 | |||
| U.S. Government Agency Securities | 1.0 | |||
| U.S. Treasury Notes | 2.9 | |||
| Utilities | 1.2 | |||
| Money Market Fund | 4.7 | |||
| Repurchase Agreements | 1.0 | |||
| Total Investments | 100.8 | |||
| Liabilities in Excess of Other Assets | (0.8 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
50
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS — 56.7% |
|||||||||
| Advertising — 4.3% |
|||||||||
| Affinion Group, Inc., 7.88%, 12/15/18(a) |
$ | 8,910,000 | $ | 6,548,850 | |||||
| Sitel LLC/Sitel Finance Corp., 11.00%, 08/01/17‡ | 5,652,000 | 5,652,000 | |||||||
| Sitel LLC/Sitel Finance Corp., 11.50%, 04/01/18(a) | 8,119,000 | 6,454,605 | |||||||
| Total Advertising | 18,655,455 | ||||||||
| Agriculture — 3.3% |
|||||||||
| Alliance One International, Inc., 9.88%, 07/15/21(a) | 9,036,000 | 8,109,810 | |||||||
| Southern States Cooperative, Inc., 10.00%, 08/15/21‡ | 7,011,000 | 6,029,460 | |||||||
| Total Agriculture | 14,139,270 | ||||||||
| Auto Manufacturers — 0.5% |
|||||||||
| Navistar International Corp., 8.25%, 11/01/21(a) | 2,031,000 | 2,010,690 | |||||||
| Auto Parts & Equipment — 2.2% |
|||||||||
| UCI International, Inc., 8.63%, 02/15/19 | 9,920,000 | 9,523,200 | |||||||
| Banks — 2.0% |
|||||||||
| Creditcorp, 12.00%, 07/15/18‡ | 8,766,000 | 8,546,850 | |||||||
| Beverages — 1.6% |
|||||||||
| Innovation Ventures LLC/Innovation Ventures Finance Corp., 9.50%, 08/15/19‡(a) |
6,841,000 | 6,858,103 | |||||||
| Coal — 3.2% |
|||||||||
| Arch Coal, Inc., 8.00%, 01/15/19‡(a) |
11,091,000 | 6,210,960 | |||||||
| Murray Energy Corp., 8.63%, 06/15/21‡ | 8,110,000 | 7,785,600 | |||||||
| Total Coal | 13,996,560 | ||||||||
| Commercial Services — 4.7% |
|||||||||
| Harland Clarke Holdings Corp., 9.25%, 03/01/21‡ | 9,006,000 | 8,600,730 | |||||||
| Speedy Cash Intermediate Holdings Corp., 10.75%, 05/15/18‡(a) |
7,123,000 | 7,016,155 | |||||||
| Stonemor Partners LP/Cornerstone Family Services of WV, 7.88%, 06/01/21 | 4,666,000 | 4,782,650 | |||||||
| Total Commercial Services | 20,399,535 | ||||||||
| Computers — 1.3% |
|||||||||
| DynCorp International, Inc., 10.38%, 07/01/17(a) | 6,541,000 | 5,592,555 | |||||||
| Diversified Financial Services — 1.7% |
|||||||||
| CNG Holdings, Inc., 9.38%, 05/15/20‡ |
10,930,000 | 7,323,100 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Electrical Components & Equipment — 2.1% |
|||||||||
| Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡ | $ | 9,527,000 | $ | 9,074,467 | |||||
| Food — 3.6% |
|||||||||
| Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡ | 7,472,000 | 6,911,600 | |||||||
| Simmons Foods, Inc., 7.88%, 10/01/21‡(a) |
6,024,000 | 5,933,640 | |||||||
| SUPERVALU, Inc., 7.75%, 11/15/22 |
2,641,000 | 2,601,385 | |||||||
| Total Food | 15,446,625 | ||||||||
| Forest Products & Paper — 1.8% |
|||||||||
| Verso Paper Holdings LLC/Verso Paper, Inc., 11.75%, 01/15/19(a) |
7,855,000 | 7,894,275 | |||||||
| Healthcare – Services — 3.3% |
|||||||||
| 21st Century Oncology, Inc., 8.88%, 01/15/17(a) | 5,432,000 | 5,499,900 | |||||||
| Vantage Oncology LLC/Vantage Oncology Finance Co., 9.50%, 06/15/17‡ | 9,209,000 | 8,978,775 | |||||||
| Total Healthcare — Services | 14,478,675 | ||||||||
| Leisure Time — 1.1% |
|||||||||
| ICON Health & Fitness, Inc., 11.88%, 10/15/16‡(a) | 4,901,000 | 4,631,445 | |||||||
| Media — 1.4% |
|||||||||
| Lee Enterprises, Inc., 9.50%, 03/15/22‡ |
5,935,000 | 6,120,469 | |||||||
| Metal Fabricate/Hardware — 1.3% |
|||||||||
| American Piping Products, Inc., 12.88%, 11/15/17‡ | 5,527,000 | 5,886,255 | |||||||
| Oil & Gas — 4.8% |
|||||||||
| Quicksilver Resources, Inc., 7.00%, 06/21/19@‡(a) | 7,572,000 | 5,660,070 | |||||||
| Talos Production LLC/Talos Production Finance, Inc., 9.75%, 02/15/18‡ | 10,886,000 | 9,960,690 | |||||||
| Venoco, Inc., 8.88%, 02/15/19(a) | 9,349,000 | 5,188,695 | |||||||
| Total Oil & Gas | 20,809,455 | ||||||||
| Oil & Gas Services — 4.0% |
|||||||||
| Forbes Energy Services Ltd., 9.00%, 06/15/19(a) | 9,245,000 | 5,593,225 | |||||||
| Nuverra Environmental Solutions, Inc., 9.88%, 04/15/18(a) |
9,449,000 | 5,716,645 | |||||||
| Seitel, Inc., 9.50%, 04/15/19(a) | 7,483,000 | 6,248,305 | |||||||
| Total Oil & Gas Services | 17,558,175 | ||||||||
See accompanying Notes to Financial Statements.
51
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Pharmaceuticals — 2.9% |
|||||||||
| BioScrip, Inc., 8.88%, 02/15/21‡ | $ | 7,209,000 | $ | 6,515,133 | |||||
| Lantheus Medical Imaging, Inc., 9.75%, 05/15/17 | 6,193,000 | 5,968,504 | |||||||
| Total Pharmaceuticals | 12,483,637 | ||||||||
| Telecommunications — 5.6% |
|||||||||
| Avaya, Inc., 9.00%, 04/01/19‡(a) | 6,686,000 | 6,869,865 | |||||||
| EarthLink Holdings Corp., 8.88%, 05/15/19(a) | 7,015,000 | 6,958,880 | |||||||
| Frontier Communications Corp., 7.63%, 04/15/24 | 1,297,000 | 1,342,395 | |||||||
| Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.25%, 08/15/16‡ |
9,283,000 | 9,317,811 | |||||||
| Total Telecommunications | 24,488,951 | ||||||||
| Total Corporate Bonds (Cost $277,471,494) |
245,917,747 | ||||||||
| FOREIGN BONDS — 12.5% |
|||||||||
| Environmental Control — 1.3% |
|||||||||
| Tervita Corp., 10.88%, 02/15/18 (Canada)‡(a) | 9,469,000 | 5,823,435 | |||||||
| Mining — 2.7% |
|||||||||
| AuRico Gold, Inc., 7.75%, 04/01/20 (Canada)‡ |
3,960,000 | 3,663,000 | |||||||
| IAMGOLD Corp., 6.75%, 10/01/20 (Canada)‡ |
10,751,000 | 8,151,408 | |||||||
| Total Mining | 11,814,408 | ||||||||
| Oil & Gas — 4.9% |
|||||||||
| CHC Helicopter SA, 9.38%, 06/01/21 (Canada)(a) |
4,156,750 | 3,928,129 | |||||||
| Connacher Oil And Gas Ltd., 8.50%, 08/01/19 (Canada)‡(a) | 5,407,000 | 2,054,660 | |||||||
| Lightstream Resources Ltd., 8.63%, 02/01/20 (Canada)‡ | 10,383,000 | 7,320,015 | |||||||
| Teine Energy Ltd., 6.88%, 09/30/22 (Canada)‡ |
9,975,000 | 7,780,500 | |||||||
| Total Oil & Gas | 21,083,304 | ||||||||
| Pipelines — 0.7% |
|||||||||
| Niska Gas Storage Canada ULC/Niska Gas Storage Canada Finance Corp., 6.50%, 04/01/19‡(a) |
3,835,000 | 2,905,013 | |||||||
| Transportation — 2.9% |
|||||||||
| Global Ship Lease, Inc., 10.00%, 04/01/19 (Marshall Islands)‡ | 6,535,000 | 6,616,687 | |||||||
| Navios Maritime Holdings, Inc./Navios Maritime Finance II US., Inc., 8.13%, 02/15/19 (Marshall Islands)(a) |
6,603,000 | 5,843,655 | |||||||
| Total Transportation | 12,460,342 | ||||||||
| Total Foreign Bonds (Cost $68,752,964) |
54,086,502 | ||||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS — 10.7% |
|||||||||
| Commercial Services — 1.1% |
|||||||||
| Stonemor Partners LP | 180,586 | $ | 4,653,701 | ||||||
| Gas — 1.2% |
|||||||||
| Just Energy Group, Inc. (Canada)(a) | 1,017,249 | 5,320,213 | |||||||
| Oil & Gas — 5.9% |
|||||||||
| Calumet Specialty Products Partners LP | 278,754 | 6,246,877 | |||||||
| Canadian Oil Sands Ltd. (Canada) | 576,430 | 5,163,372 | |||||||
| Long Run Exploration Ltd. (Canada)(a) | 2,836,765 | 3,687,794 | |||||||
| Surge Energy, Inc. (Canada) | 1,703,392 | 5,390,895 | |||||||
| Twin Butte Energy Ltd. (Canada)(a) | 7,308,980 | 5,062,200 | |||||||
| Total Oil & Gas | 25,551,138 | ||||||||
| Pipelines — 2.1% |
|||||||||
| Crestwood Midstream Partners LP | 450,182 | 6,833,763 | |||||||
| Niska Gas Storage Partners LLC, Class U | 725,792 | 2,148,344 | |||||||
| Total Pipelines | 8,982,107 | ||||||||
| Retail — 0.4% |
|||||||||
| Ferrellgas Partners LP(a) | 90,343 | 1,985,739 | |||||||
| Total Common Stocks (Cost $89,400,485) |
46,492,898 | ||||||||
| TERM LOANS — 18.9% |
|||||||||
| Agriculture — 1.3% |
|||||||||
| North Atlantic Trading Co., Inc., 7.75%, 01/13/20@ | $ | 5,909,933 | 5,813,956 | ||||||
| North Atlantic Trading Co., Inc., 8.75%, 01/13/20@ | 12,313 | 12,112 | |||||||
| Total Agriculture | 5,826,068 | ||||||||
| Apparel — 1.4% |
|||||||||
| SK Spice Sarl, 9.50%, 09/30/18 (Luxembourg) @ | 5,876,226 | 5,832,154 | |||||||
| Chemicals — 2.5% |
|||||||||
| American Pacific Corp., 7.00%, 02/27/19@ | 10,912,513 | 10,898,872 | |||||||
| Food — 3.5% |
|||||||||
| Flavors Holdings, Inc., 6.75%, 10/07/20@ | 6,887,500 | 6,594,781 | |||||||
| Shearer’s Foods LLC, 7.75%, 06/30/22@ |
8,931,000 | 8,741,217 | |||||||
| Total Food | 15,335,998 | ||||||||
| Forest Products & Paper — 1.8% |
|||||||||
| NewPage Corp., 9.50%, 02/11/21@ |
8,000,000 | 7,720,000 | |||||||
See accompanying Notes to Financial Statements.
52
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS — (continued) |
|||||||||
| Healthcare – Services — 1.7% |
|||||||||
| Radnet Management, Inc., 8.00%, 03/25/21@ | $ | 7,300,000 | $ | 7,263,500 | |||||
| Oil & Gas — 1.7% |
|||||||||
| Osum Production Corp., 6.50%, 07/31/20 (Canada)@ | 8,977,500 | 7,406,438 | |||||||
| Software — 1.7% |
|||||||||
| Greenway Medical Technologies, 9.25%, 11/04/21@ |
7,753,846 | 7,560,000 | |||||||
| Telecommunications — 1.7% |
|||||||||
| Global Tel*Link Corp, 9.00%, 11/20/20@ |
7,375,000 | 7,239,779 | |||||||
| Transportation — 1.6% |
|||||||||
| YRC Worldwide, Inc., 8.25%, 02/13/19@ |
6,867,657 | 6,824,769 | |||||||
| Total Term Loans (Cost $84,382,612) |
81,907,578 | ||||||||
| REPURCHASE AGREEMENTS — 22.5%(b) |
|||||||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $9,753,549, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $9,948,616) | 9,753,527 | 9,753,527 | |||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $22,701,411, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $23,155,362) |
22,701,335 | 22,701,335 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| REPURCHASE AGREEMENTS (continued) |
|||||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $22,701,373, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $23,155,415) | $ | 22,701,335 | $ | 22,701,335 | |||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/14, due 01/02/15, 0.07%, total to be received $19,677,557, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.00%, 06/01/17 – 12/20/44, totaling $20,071,069) | 19,677,519 | 19,677,519 | |||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $22,701,385, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $23,155,363) | 22,701,335 | 22,701,335 | |||||||
| Total Repurchase Agreements (Cost $97,535,051) | 97,535,051 | ||||||||
| Total Investments — 121.3% (Cost $617,542,606) | 525,939,776 | ||||||||
| Liabilities in Excess of Other Assets — (21.3%) | (92,377,124 | ) | |||||||
| Net Assets — 100.0% | $ | 433,562,652 | |||||||
LP — Limited Partnership
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2014. |
| ‡ | 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. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $94,307,911; the aggregate market value of the collateral held by the fund is $97,535,051. |
| (b) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
53
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Advertising | 4.3 | % | ||
| Agriculture | 4.6 | |||
| Apparel | 1.4 | |||
| Auto Manufacturers | 0.5 | |||
| Auto Parts & Equipment | 2.2 | |||
| Banks | 2.0 | |||
| Beverages | 1.6 | |||
| Chemicals | 2.5 | |||
| Coal | 3.2 | |||
| Commercial Services | 5.8 | |||
| Computers | 1.3 | |||
| Diversified Financial Services | 1.7 | |||
| Electrical Components & Equipment | 2.1 | |||
| Environmental Control | 1.3 | |||
| Food | 7.1 | |||
| Forest Products & Paper | 3.6 | |||
| Gas | 1.2 | |||
| Healthcare – Services | 5.0 | |||
| Leisure Time | 1.1 | |||
| Media | 1.4 | |||
| Metal Fabricate/Hardware | 1.3 | |||
| Mining | 2.7 | |||
| Oil & Gas | 17.3 | |||
| Oil & Gas Services | 4.0 | |||
| Pharmaceuticals | 2.9 | |||
| Pipelines | 2.8 | |||
| Retail | 0.4 | |||
| Software | 1.7 | |||
| Telecommunications | 7.3 | |||
| Transportation | 4.5 | |||
| Repurchase Agreements | 22.5 | |||
| Total Investments | 121.3 | |||
| Liabilities in Excess of Other Assets | (21.3 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
54
ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments |
Shares | Value | |||||||
| COMMON STOCKS — 55.1% |
|||||||||
| Banks — 4.8% |
|||||||||
| Royal Bank of Canada (Canada) | 1,464 | $ | 101,119 | ||||||
| Wells Fargo & Co. | 2,099 | 115,067 | |||||||
| Total Banks | 216,186 | ||||||||
| Building Materials — 2.2% |
|||||||||
| Masco Corp. | 3,850 | 97,020 | |||||||
| Electric — 1.5% |
|||||||||
| MDU Resources Group, Inc. | 2,894 | 68,009 | |||||||
| Gas — 2.1% |
|||||||||
| Atmos Energy Corp. | 1,700 | 94,758 | |||||||
| Home Builders — 1.0% |
|||||||||
| Lennar Corp., Class A | 989 | 44,317 | |||||||
| Insurance — 7.7% |
|||||||||
| American International Group, Inc. | 2,199 | 123,166 | |||||||
| Aon PLC (United Kingdom) | 1,352 | 128,210 | |||||||
| Validus Holdings Ltd. | 2,275 | 94,549 | |||||||
| Total Insurance | 345,925 | ||||||||
| Mining — 9.8% |
|||||||||
| Aluminum Corp. of China Ltd. (China)*(a) | 8,750 | 100,800 | |||||||
| Franco-Nevada Corp. (Canada) | 2,068 | 101,725 | |||||||
| Royal Gold, Inc. | 1,685 | 105,650 | |||||||
| Sandstorm Gold Ltd. (Canada)* | 13,921 | 47,331 | |||||||
| Stillwater Mining Co.* | 5,862 | 86,406 | |||||||
| Total Mining | 441,912 | ||||||||
| Pipelines — 2.1% |
|||||||||
| Kinder Morgan, Inc. | 2,239 | 94,732 | |||||||
| Real Estate — 2.2% |
|||||||||
| WP Carey, Inc. | 1,400 | 98,140 | |||||||
| Real Estate Investment Trusts — 5.5% |
|||||||||
| Equity Residential | 1,365 | 98,061 | |||||||
| Essex Property Trust, Inc. | 241 | 49,791 | |||||||
| Senior Housing Properties Trust(b) | 4,419 | 97,704 | |||||||
| Total Real Estate Investment Trusts | 245,556 | ||||||||
| Semiconductors — 3.6% |
|||||||||
| Intel Corp. | 4,441 | 161,164 | |||||||
| Software — 2.7% |
|||||||||
| Microsoft Corp. | 2,623 | 121,838 | |||||||
| Telecommunications — 7.1% |
|||||||||
| BCE, Inc. (Canada) | 1,925 | 88,281 | |||||||
| Cisco Systems, Inc. | 4,632 | 128,839 | |||||||
| Verizon Communications, Inc. | 2,123 | 99,314 | |||||||
| Total Telecommunications | 316,434 | ||||||||
|
|
|
|||||||
| Investments |
Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Transportation — 2.8% |
|||||||||
| Union Pacific Corp. | 1,057 | $ | 125,920 | ||||||
| Total Common Stocks (Cost $2,313,858) |
2,471,911 | ||||||||
| EXCHANGE TRADED FUNDS — 32.8% |
|||||||||
| Debt Fund — 23.7% |
|||||||||
| Guggenheim BulletShares 2015 High Yield Corporate Bond ETF | 2,823 | 73,031 | |||||||
| Guggenheim BulletShares 2016 High Yield Corporate Bond ETF | 2,791 | 72,259 | |||||||
| Guggenheim BulletShares 2017 High Yield Corporate Bond ETF | 2,782 | 72,193 | |||||||
| iShares 20+ Year Treasury Bond ETF | 739 | 93,055 | |||||||
| iShares Core U.S. Aggregate Bond ETF | 962 | 105,936 | |||||||
| iShares Floating Rate Bond ETF | 1,986 | 100,372 | |||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 888 | 106,036 | |||||||
| iShares International Preferred Stock ETF | 3,937 | 88,622 | |||||||
| PIMCO Enhanced Short Maturity Active ETF | 437 | 44,163 | |||||||
| PowerShares Senior Loan Portfolio | 4,495 | 108,015 | |||||||
| Schwab U.S. Aggregate Bond ETF | 2,030 | 106,291 | |||||||
| SPDR Barclays Long Term Treasury ETF(b) | 1,259 | 91,738 | |||||||
| Total Debt Fund | 1,061,711 | ||||||||
| Equity Fund — 9.1% |
|||||||||
| Guggenheim S&P 500 Equal Weight Consumer Staples ETF | 1,030 | 107,615 | |||||||
| Schwab U.S. Large-Cap ETF | 2,200 | 107,910 | |||||||
| SPDR S&P International Dividend ETF | 2,015 | 84,670 | |||||||
| SPDR S&P Retail ETF | 1,130 | 108,491 | |||||||
| Total Equity Fund | 408,686 | ||||||||
| Total Exchange Traded Funds (Cost $1,487,613) | 1,470,397 | ||||||||
| MONEY MARKET FUND — 12.7% |
|||||||||
| Dreyfus Government Cash Management — Investor Shares, 0.01%(c) (Cost $570,149) |
570,149 | 570,149 | |||||||
See accompanying Notes to Financial Statements.
55
ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| REPURCHASE AGREEMENT — 4.2%(d) |
|||||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $190,859, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $194,675) (Cost $190,858) |
$ | 190,858 | $ | 190,858 | |||||
| Total Investments — 104.8% (Cost $4,562,478) | 4,703,315 | ||||||||
| Liabilities in Excess of Other Assets — (4.8)% | (217,065 | ) | |||||||
| Net Assets — 100.0% | $ | 4,486,250 | |||||||
ETF — Exchange Traded Fund
PLC — Public Limited Company
| * | Non-income producing security. |
| (a) | American Depositary Receipt. |
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $187,088; the aggregate market value of the collateral held by the fund is $190,858. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Banks | 4.8 | % | ||
| Building Materials | 2.2 | |||
| Debt Fund | 23.7 | |||
| Electric | 1.5 | |||
| Equity Fund | 9.1 | |||
| Gas | 2.1 | |||
| Home Builders | 1.0 | |||
| Insurance | 7.7 | |||
| Mining | 9.8 | |||
| Pipelines | 2.1 | |||
| Real Estate | 2.2 | |||
| Real Estate Investment Trusts | 5.5 | |||
| Semiconductors | 3.6 | |||
| Software | 2.7 | |||
| Telecommunications | 7.1 | |||
| Transportation | 2.8 | |||
| Money Market Fund | 12.7 | |||
| Repurchase Agreements | 4.2 | |||
| Total Investments | 104.8 | |||
| Liabilities in Excess of Other Assets | (4.8 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
56
ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED NOTES — 0.3% |
|||||||||
| Equity Fund — 0.3% |
|||||||||
| iPath MSCI India Index ETN* | 181 | $ | 12,606 | ||||||
| JPMorgan Alerian MLP Index ETN | 263 | 12,085 | |||||||
| Total Exchange Traded Notes (Cost $25,098) | 24,691 | ||||||||
| EXCHANGE TRADED FUNDS — 89.6% |
|||||||||
| Commodity Fund — 2.0% |
|||||||||
| SPDR Gold Shares* | 1,497 | 170,029 | |||||||
| Currency Fund — 0.2% |
|||||||||
| WisdomTree Indian Rupee Strategy Fund* | 927 | 19,222 | |||||||
| Debt Fund — 26.9% |
|||||||||
| AdvisorShares Sage Core Reserves ETF†(a) | 4,200 | 416,640 | |||||||
| Guggenheim Enhanced Short Duration ETF(a) | 8,346 | 416,632 | |||||||
| iShares Short Treasury Bond ETF(a) | 4,908 | 541,107 | |||||||
| SPDR Barclays 1 – 3 Month T-Bill ETF*(a) | 11,785 | 539,046 | |||||||
| SPDR SSgA Ultra Short Term Bond ETF | 8,669 | 346,587 | |||||||
| Total Debt Fund | 2,260,012 | ||||||||
| Equity Fund — 60.5% |
|||||||||
| EGShares India Consumer ETF | 751 | 24,257 | |||||||
| EGShares India Small Cap ETF | 2,278 | 38,726 | |||||||
| First Trust Dow Jones Internet Index Fund* | 1,410 | 86,461 | |||||||
| First Trust Europe AlphaDEX Fund | 2,995 | 88,083 | |||||||
| Global X Brazil Consumer ETF | 2,400 | 33,384 | |||||||
| Global X Brazil Financials ETF | 1,007 | 8,671 | |||||||
| Global X Brazil Mid Cap ETF | 13,055 | 132,782 | |||||||
| Global X MSCI Nigeria ETF | 2,163 | 22,863 | |||||||
| Guggenheim China Small Cap ETF |
9,664 | 251,167 | |||||||
| Guggenheim China Technology ETF |
1,269 | 43,992 | |||||||
| Guggenheim Raymond James SB-1 Equity ETF | 1,433 | 50,141 | |||||||
| Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 496 | 43,946 | |||||||
| Guggenheim S&P 500 Equal Weight Energy ETF | 579 | 39,158 | |||||||
| Guggenheim S&P 500 Equal Weight ETF | 5,906 | 472,775 | |||||||
| Guggenheim S&P 500 Equal Weight Financials ETF | 92 | 4,115 | |||||||
| Guggenheim S&P 500 Equal Weight Healthcare ETF | 101 | 14,400 | |||||||
| Guggenheim S&P 500 Equal Weight Technology ETF | 1,481 | 134,416 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS (continued) |
|||||||||
| Equity Fund (continued) |
|||||||||
| Guggenheim S&P Midcap 400 Pure Growth ETF | 316 | $ | 38,558 | ||||||
| iShares Global Materials ETF | 221 | 12,356 | |||||||
| iShares Japan Large-Cap ETF | 534 | 25,888 | |||||||
| iShares MSCI EAFE ETF | 2,147 | 130,623 | |||||||
| iShares MSCI Emerging Markets ETF | 324 | 12,730 | |||||||
| iShares MSCI Emerging Markets Latin America ETF | 258 | 9,352 | |||||||
| iShares MSCI Europe Financials ETF | 1,778 | 39,152 | |||||||
| iShares MSCI Frontier 100 ETF | 1,771 | 54,547 | |||||||
| iShares MSCI Germany Small-Cap ETF, Class C | 353 | 13,238 | |||||||
| iShares MSCI Hong Kong Small-Cap ETF | 1,794 | 47,611 | |||||||
| iShares MSCI India Small-Cap ETF | 341 | 11,472 | |||||||
| iShares MSCI Poland Capped ETF | 113 | 2,720 | |||||||
| iShares MSCI South Africa ETF | 80 | 5,186 | |||||||
| iShares MSCI South Korea Capped ETF | 139 | 7,687 | |||||||
| iShares MSCI Taiwan ETF | 1,326 | 20,036 | |||||||
| iShares MSCI United Kingdom ETF | 1,991 | 35,898 | |||||||
| iShares MSCI United Kingdom Small-Cap ETF | 1,608 | 60,284 | |||||||
| iShares MSCI USA Momentum Factor ETF | 5,420 | 368,831 | |||||||
| iShares Nasdaq Biotechnology ETF | 177 | 53,693 | |||||||
| iShares North American Natural Resources ETF | 5,610 | 214,975 | |||||||
| iShares North American Tech-Software ETF | 747 | 69,322 | |||||||
| iShares Russell 1000 Growth ETF | 3,158 | 301,936 | |||||||
| iShares Russell 1000 Value ETF | 2,440 | 254,736 | |||||||
| iShares Russell 2000 Growth ETF | 858 | 122,162 | |||||||
| iShares U.S. Broker-Dealers ETF | 1,873 | 79,883 | |||||||
| iShares U.S. Medical Devices ETF | 800 | 90,488 | |||||||
| iShares U.S. Pharmaceuticals ETF | 169 | 25,561 | |||||||
| Market Vectors ChinaAMC A-Share ETF* | 595 | 27,382 | |||||||
| Market Vectors Egypt Index ETF | 536 | 31,249 | |||||||
| Market Vectors Global Alternative Energy ETF | 447 | 24,129 | |||||||
| Market Vectors Gulf States Index ETF | 1,704 | 44,934 | |||||||
| Market Vectors Indonesia Index ETF | 1,415 | 34,370 | |||||||
| Market Vectors Russia ETF | 5,777 | 84,460 | |||||||
| Market Vectors Russia Small-Cap ETF | 1,969 | 39,085 | |||||||
| Market Vectors Vietnam ETF | 1,085 | 20,854 | |||||||
See accompanying Notes to Financial Statements.
57
ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS (continued) |
|||||||||
| Equity Fund (continued) |
|||||||||
| PowerShares DWA Healthcare Momentum Portfolio* | 464 | $ | 25,191 | ||||||
| PowerShares Dynamic Market Portfolio | 1,535 | 113,375 | |||||||
| PowerShares Fundamental Pure Small Growth Portfolio | 13,738 | 339,327 | |||||||
| PowerShares S&P SmallCap Financials Portfolio | 765 | 32,199 | |||||||
| SPDR EURO STOXX 50 ETF | 455 | 16,771 | |||||||
| SPDR Russell/Nomura Small Cap Japan ETF | 3,057 | 146,537 | |||||||
| SPDR S&P Emerging Markets SmallCap ETF | 1,777 | 78,792 | |||||||
| SPDR S&P Small Cap Emerging Asia Pacific ETF | 1,513 | 58,727 | |||||||
| Vanguard FTSE All World ex-US Small-Cap ETF | 770 | 73,497 | |||||||
| Vanguard REIT ETF | 97 | 7,857 | |||||||
| Vanguard Small-Cap ETF | 1,922 | 224,221 | |||||||
| WisdomTree Europe SmallCap Dividend Fund | 583 | 30,007 | |||||||
| Yorkville High Income Infrastructure MLP ETF | 1,527 | 32,128 | |||||||
| Total Equity Fund | 5,083,354 | ||||||||
| Total Exchange Traded Funds (Cost $7,417,788) | 7,532,617 | ||||||||
| MONEY MARKET FUND — 10.7% |
|||||||||
| JP Morgan Prime Money Market Fund – Institutional Class, 0.03%(b)(Cost $895,806) | 895,806 | 895,806 | |||||||
| Total Investments Before Securities Sold, Not Yet Purchased (Cost $8,338,692) | 8,453,114 | ||||||||
| Securities Sold, Not Yet Purchased — (6.7)% |
|||||||||
| EXCHANGE TRADED FUNDS — (6.7)% |
|||||||||
| Currency Fund — (5.4)% |
|||||||||
| CurrencyShares British Pound Sterling Trust* | (1,104 | ) | (168,978 | ) | |||||
| CurrencyShares Euro Trust* | (1,082 | ) | (128,909 | ) | |||||
| CurrencyShares Japanese Yen Trust* | (1,932 | ) | (156,898 | ) | |||||
| Total Currency Fund | (454,785 | ) | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS (continued) |
|||||||||
| Equity Fund — (1.3)% |
|||||||||
| iShares Core S&P Small-Cap ETF | (199 | ) | $ | (22,698 | ) | ||||
| iShares Russell 2000 Value ETF | (826 | ) | (83,988 | ) | |||||
| Total Equity Fund | (106,686 | ) | |||||||
| Total Securities Sold, Not Yet Purchased [Proceeds Received $(593,972)] |
(561,471 | ) | |||||||
| Total Investments — 93.9% (Cost $7,744,720) |
7,891,643 | ||||||||
| Other Assets in Excess of Liabilities — 6.1% | 510,775 | ||||||||
| Net Assets — 100.0% | $ | 8,402,418 | |||||||
ETF — Exchange Traded Fund
ETN — Exchange Traded Note
| * | Non-income producing security |
| † | Affiliated Company |
| (a) | All or a portion of this security has been segregated as collateral for open short positions. The aggregate market value of the collateral posted was $2,175,623, which includes cash in the amount of $586,611 as of December 31, 2014. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Commodity Fund | 2.0 | % | ||
| Currency Fund | (5.2 ) | |||
| Debt Fund | 26.9 | |||
| Equity Fund | 59.5 | |||
| Money Market Fund | 10.7 | |||
| Total Investments | 93.9 | |||
| Other Assets in Excess of Liabilities | 6.1 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
58
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUND — 22.1% |
|||||||||
| Debt Fund — 22.1% |
|||||||||
| AdvisorShares Sage Core Reserves ETF (Cost $29,997,150) |
300,000 | $ | 29,760,000 | ||||||
| MONEY MARKET FUNDS — 17.2% |
|||||||||
| Fidelity Institutional Money Market Government Portfolio — Class III, 0.01%(a) | 20,743,749 | 20,743,749 | |||||||
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio, 0.04%(a) | 2,500,000 | 2,500,000 | |||||||
| Total Money Market Funds (Cost $23,243,749) |
23,243,749 | ||||||||
| Total Investments Before Securities Sold, Not Yet Purchased (Cost $53,240,899) |
53,003,749 | ||||||||
| Securities Sold, Not Yet Purchased — (98.8)% |
|||||||||
| COMMON STOCKS — (98.8)% |
|||||||||
| Apparel — (3.8)% |
|||||||||
| Michael Kors Holdings Ltd.* | (39,200 | ) | (2,943,920 | ) | |||||
| Under Armour, Inc., Class A* | (32,000 | ) | (2,172,800 | ) | |||||
| Total Apparel | (5,116,720 | ) | |||||||
| Auto Parts & Equipment — (1.5)% |
|||||||||
| BorgWarner, Inc. | (37,300 | ) | (2,049,635 | ) | |||||
| Banks — (8.4)% |
|||||||||
| Barclays PLC (United Kingdom)(b) | (150,000 | ) | (2,251,500 | ) | |||||
| Comerica, Inc. | (43,400 | ) | (2,032,856 | ) | |||||
| Credit Suisse Group AG (Switzerland)*(b) | (80,000 | ) | (2,006,400 | ) | |||||
| Deutsche Bank AG (Germany) | (67,000 | ) | (2,011,340 | ) | |||||
| TCF Financial Corp. | (195,000 | ) | (3,098,550 | ) | |||||
| Total Banks | (11,400,646 | ) | |||||||
| Building Materials — (1.6)% |
|||||||||
| Eagle Materials, Inc. | (29,000 | ) | (2,204,870 | ) | |||||
| Chemicals — (5.9)% |
|||||||||
| Ecolab, Inc. | (28,300 | ) | (2,957,916 | ) | |||||
| FMC Corp. | (45,000 | ) | (2,566,350 | ) | |||||
| Monsanto Co. | (20,500 | ) | (2,449,135 | ) | |||||
| Total Chemicals | (7,973,401 | ) | |||||||
| Commercial Services — (3.0)% |
|||||||||
| Equifax, Inc. | (18,000 | ) | (1,455,660 | ) | |||||
| Western Union Co. (The) | (147,000 | ) | (2,632,770 | ) | |||||
| Total Commercial Services | (4,088,430 | ) | |||||||
| Computers — (4.1)% |
|||||||||
| 3D Systems Corp.* | (95,000 | ) | (3,122,650 | ) | |||||
| International Business Machines Corp. | (14,800 | ) | (2,374,512 | ) | |||||
| Total Computers | (5,497,162 | ) | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Distribution/Wholesale — (5.6)% |
|||||||||
| Fastenal Co. | (51,700 | ) | $ | (2,458,852 | ) | ||||
| Fossil Group, Inc.* | (14,400 | ) | (1,594,656 | ) | |||||
| LKQ Corp.* | (74,000 | ) | (2,080,880 | ) | |||||
| United Stationers, Inc. | (35,000 | ) | (1,475,600 | ) | |||||
| Total Distribution/Wholesale | (7,609,988 | ) | |||||||
| Electrical Components & Equipment — (2.6)% |
|||||||||
| AMETEK, Inc. | (67,000 | ) | (3,526,210 | ) | |||||
| Entertainment — (1.6)% |
|||||||||
| Carmike Cinemas, Inc.* | (81,300 | ) | (2,135,751 | ) | |||||
| Food — (0.9)% |
|||||||||
| Darling Ingredients, Inc.* | (65,000 | ) | (1,180,400 | ) | |||||
| Forest Products & Paper — (0.7)% |
|||||||||
| MeadWestvaco Corp. | (22,000 | ) | (976,580 | ) | |||||
| Hand/Machine Tools — (1.5)% |
|||||||||
| Kennametal, Inc. | (55,000 | ) | (1,968,450 | ) | |||||
| Home Builders — (1.9)% |
|||||||||
| Winnebago Industries, Inc. | (117,000 | ) | (2,545,920 | ) | |||||
| Internet — (20.1)% |
|||||||||
| Amazon.com, Inc.* | (9,300 | ) | (2,886,255 | ) | |||||
| Facebook, Inc., Class A* | (34,400 | ) | (2,683,888 | ) | |||||
| Google, Inc., Class C* | (7,650 | ) | (4,026,960 | ) | |||||
| LinkedIn Corp., Class A* | (10,500 | ) | (2,411,955 | ) | |||||
| Netflix, Inc.* | (11,150 | ) | (3,808,951 | ) | |||||
| Priceline Group, Inc. (The)* | (2,650 | ) | (3,021,557 | ) | |||||
| TripAdvisor, Inc.* | (40,200 | ) | (3,001,332 | ) | |||||
| Yelp, Inc.* | (43,000 | ) | (2,353,390 | ) | |||||
| Zillow, Inc., Class A* | (28,000 | ) | (2,964,920 | ) | |||||
| Total Internet | (27,159,208 | ) | |||||||
| Leisure Time — (1.7)% |
|||||||||
| Harley-Davidson, Inc. | (34,000 | ) | (2,240,940 | ) | |||||
| Machinery – Diversified — (1.4)% |
|||||||||
| AGCO Corp. | (42,800 | ) | (1,934,560 | ) | |||||
| Media — (4.1)% |
|||||||||
| Nexstar Broadcasting Group, Inc., Class A | (37,100 | ) | (1,921,409 | ) | |||||
| Nielsen N.V. | (80,900 | ) | (3,618,657 | ) | |||||
| Total Media | (5,540,066 | ) | |||||||
| Metal Fabricate/Hardware — (2.1)% |
|||||||||
| Precision Castparts Corp. | (11,900 | ) | (2,866,472 | ) | |||||
| Oil & Gas — (5.5)% |
|||||||||
| Cheniere Energy, Inc.* | (34,500 | ) | (2,428,800 | ) | |||||
| Range Resources Corp. | (39,000 | ) | (2,084,550 | ) | |||||
| Suncor Energy, Inc. (Canada) | (90,400 | ) | (2,872,912 | ) | |||||
| Total Oil & Gas | (7,386,262 | ) | |||||||
See accompanying Notes to Financial Statements.
59
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Oil & Gas Services — (3.9)% |
|||||||||
| Dril-Quip, Inc.* | (39,800 | ) | $ | (3,053,854 | ) | ||||
| Flotek Industries, Inc.* | (115,000 | ) | (2,153,950 | ) | |||||
| Total Oil & Gas Services | (5,207,804 | ) | |||||||
| Pipelines — (1.4)% |
|||||||||
| Spectra Energy Corp. | (54,000 | ) | (1,960,200 | ) | |||||
| Retail — (2.1)% |
|||||||||
| Kohl's Corp. | (46,400 | ) | (2,832,256 | ) | |||||
| Semiconductors — (4.3)% |
|||||||||
| Cree, Inc.* | (101,200 | ) | (3,260,664 | ) | |||||
| Linear Technology Corp. | (55,000 | ) | (2,508,000 | ) | |||||
| Total Semiconductors | (5,768,664 | ) | |||||||
| Software — (6.5)% |
|||||||||
| Constant Contact, Inc.* | (79,500 | ) | (2,917,650 | ) | |||||
| PROS Holdings, Inc.* | (98,000 | ) | (2,693,040 | ) | |||||
| VMware, Inc., Class A* | (38,000 | ) | (3,135,760 | ) | |||||
| Total Software | (8,746,450 | ) | |||||||
| Telecommunications — (1.2)% |
|||||||||
| Ubiquiti Networks, Inc. | (53,000 | ) | (1,570,920 | ) | |||||
| Transportation — (1.4)% |
|||||||||
| Roadrunner Transportation Systems, Inc.* | (80,300 | ) | (1,875,005 | ) | |||||
| Total Securities Sold, Not Yet Purchased [Proceeds Received $(137,260,296)] |
(133,362,970 | ) | |||||||
| Total Investments — (59.5)% [(Cost $(84,019,397)] |
(80,359,221 | ) | |||||||
| Other Assets in Excess of Liabilities — 159.5% | 215,380,196 | ||||||||
| Net Assets — 100.0% | $ | 135,020,975 | |||||||
ETF — Exchange Traded Fund
PLC — Public Limited Company
| † | Affiliated Company. |
| * | Non-income producing security. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (b) | American Depositary Receipt. |
Cash of $137,214,186 has been segregated to cover margin requirement for open short sales as of December 31, 2014.
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Apparel | (3.8 | )% | ||
| Auto Parts & Equipment | (1.5 | ) | ||
| Banks | (8.4 | ) | ||
| Building Materials | (1.6 | ) | ||
| Chemicals | (5.9 | ) | ||
| Commercial Services | (3.0 | ) | ||
| Computers | (4.1 | ) | ||
| Debt Fund | 22.1 | |||
| Distribution/Wholesale | (5.6 | ) | ||
| Electrical Components & Equipment | (2.6 | ) | ||
| Entertainment | (1.6 | ) | ||
| Food | (0.9 | ) | ||
| Forest Products & Paper | (0.7 | ) | ||
| Hand/Machine Tools | (1.5 | ) | ||
| Home Builders | (1.9 | ) | ||
| Internet | (20.1 | ) | ||
| Leisure Time | (1.7 | ) | ||
| Machinery – Diversified | (1.4 | ) | ||
| Media | (4.1 | ) | ||
| Metal Fabricate/Hardware | (2.1 | ) | ||
| Oil & Gas | (5.5 | ) | ||
| Oil & Gas Services | (3.9 | ) | ||
| Pipelines | (1.4 | ) | ||
| Retail | (2.1 | ) | ||
| Semiconductors | (4.3 | ) | ||
| Software | (6.5 | ) | ||
| Telecommunications | (1.2 | ) | ||
| Transportation | (1.4 | ) | ||
| Money Market Funds | 17.2 | |||
| Total Investments | (59.5 | ) | ||
| Other Assets in Excess of Liabilities | 159.5 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
60
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS — 41.2% |
|||||||||
| Banks — 9.2% |
|||||||||
| Bank of America Corp., 1.07%, 03/22/16@ | $ | 410,000 | $ | 411,779 | |||||
| Bank of America Corp., 4.13%, 01/22/24 | 300,000 | 315,403 | |||||||
| Bank of New York Mellon Corp. (The), 3.10%, 01/15/15 | 135,000 | 135,095 | |||||||
| Capital One Financial Corp., 1.00%, 11/06/15 | 400,000 | 399,702 | |||||||
| Citigroup, Inc., 4.88%, 05/07/15 |
220,000 | 222,937 | |||||||
| Citigroup, Inc., 1.05%, 04/01/16@ |
375,000 | 376,431 | |||||||
| First Horizon National Corp., 5.38%, 12/15/15 | 325,000 | 336,550 | |||||||
| Goldman Sachs Group, Inc. (The), 4.00%, 03/03/24 | 370,000 | 384,557 | |||||||
| JPMorgan Chase & Co., 0.80%, 04/23/15 | 375,000 | 375,174 | |||||||
| Morgan Stanley, 5.38%, 10/15/15 |
340,000 | 351,743 | |||||||
| US Bancorp, 3.15%, 03/04/15 | 100,000 | 100,493 | |||||||
| Total Banks | 3,409,864 | ||||||||
| Chemicals — 1.0% |
|||||||||
| EI du Pont de Nemours & Co., 3.25%, 01/15/15 | 365,000 | 365,242 | |||||||
| Computers — 1.0% |
|||||||||
| Hewlett-Packard Co., 2.13%, 09/13/15 | 365,000 | 367,928 | |||||||
| Diversified Financial Services — 3.3% |
|||||||||
| American Express Credit Corp., 0.74%, 07/29/16@ | 525,000 | 527,172 | |||||||
| Ford Motor Credit Co. LLC, 3.88%, 01/15/15 | 315,000 | 315,240 | |||||||
| Jefferies Group LLC, 3.88%, 11/09/15 |
375,000 | 383,004 | |||||||
| Total Diversified Financial Services | 1,225,416 | ||||||||
| Electric — 1.7% |
|||||||||
| Exelon Corp., 4.90%, 06/15/15 | 384,000 | 390,910 | |||||||
| Georgia Power Co., 0.56%, 03/15/16@ |
241,000 | 240,826 | |||||||
| Total Electric | 631,736 | ||||||||
| Food — 3.9% |
|||||||||
| ConAgra Foods, Inc., 1.35%, 09/10/15 | 370,000 | 371,555 | |||||||
| Kraft Foods Group, Inc., 1.63%, 06/04/15 | 370,000 | 371,615 | |||||||
| Kroger Co. (The), 4.95%, 01/15/15 |
360,000 | 360,425 | |||||||
| Mondelez International, Inc., 4.13%, 02/09/16 | 355,000 | 368,288 | |||||||
| Total Food | 1,471,883 | ||||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Household Products/Wares — 1.0% |
|||||||||
| Clorox Co. (The), 3.55%, 11/01/15 |
$ | 365,000 | $ | 373,362 | |||||
| Insurance — 2.5% |
|||||||||
| Genworth Holdings, Inc., 4.80%, 02/15/24(d) | 360,000 | 293,876 | |||||||
| MetLife, Inc., 5.00%, 06/15/15 | 275,000 | 280,315 | |||||||
| Prudential Financial, Inc., 3.88%, 01/14/15 | 175,000 | 175,204 | |||||||
| Prudential Financial, Inc., 4.75%, 09/17/15 | 180,000 | 184,734 | |||||||
| Total Insurance | 934,129 | ||||||||
| Media — 4.9% |
|||||||||
| Comcast Corp., 6.50%, 01/15/15 |
372,000 | 372,856 | |||||||
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 3.55%, 03/15/15 | 360,000 | 362,155 | |||||||
| Discovery Communications LLC, 3.70%, 06/01/15 | 355,000 | 359,075 | |||||||
| Time Warner, Inc., 3.15%, 07/15/15 |
365,000 | 370,150 | |||||||
| Viacom, Inc., 1.25%, 02/27/15 | 370,000 | 370,341 | |||||||
| Total Media | 1,834,577 | ||||||||
| Oil & Gas — 3.0% |
|||||||||
| Ensco PLC, 3.25%, 03/15/16 | 350,000 | 356,504 | |||||||
| Phillips 66, 1.95%, 03/05/15 | 370,000 | 370,951 | |||||||
| Valero Energy Corp., 4.50%, 02/01/15 | 385,000 | 385,806 | |||||||
| Total Oil & Gas | 1,113,261 | ||||||||
| Pharmaceuticals — 2.1% |
|||||||||
| AbbVie, Inc., 1.20%, 11/06/15 | 370,000 | 371,164 | |||||||
| Express Scripts Holding Co., 2.10%, 02/12/15 | 425,000 | 425,532 | |||||||
| Total Pharmaceuticals | 796,696 | ||||||||
| Pipelines — 0.9% |
|||||||||
| Enterprise Products Operating LLC, Series I, 5.00%, 03/01/15 |
350,000 | 352,275 | |||||||
| Retail — 1.9% |
|||||||||
| CVS Health Corp., 1.20%, 12/05/16 |
225,000 | 225,729 | |||||||
| Walgreen Co., 1.00%, 03/13/15 | 470,000 | 470,458 | |||||||
| Total Retail | 696,187 | ||||||||
| Savings & Loans — 1.0% |
|||||||||
| Santander Holdings USA, Inc., 3.00%, 09/24/15 | 365,000 | 369,440 | |||||||
| Telecommunications — 1.8% |
|||||||||
| AT&T, Inc., 2.50%, 08/15/15 | 368,000 | 372,029 | |||||||
See accompanying Notes to Financial Statements.
61
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Telecommunications (continued) |
|||||||||
| Verizon Communications, Inc., 2.50%, 09/15/16 | $ | 279,000 | $ | 285,305 | |||||
| Total Telecommunications | 657,334 | ||||||||
| Transportation — 1.0% |
|||||||||
| Ryder System, Inc., 3.60%, 03/01/16 |
355,000 | 365,496 | |||||||
| Trucking & Leasing — 1.0% |
|||||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp., 3.13%, 05/11/15‡ |
370,000 | 373,029 | |||||||
| Total Corporate Bonds (Cost $15,412,160) |
15,337,855 | ||||||||
| FOREIGN BONDS — 12.0% |
|||||||||
| Banks — 2.9% |
|||||||||
| Bank of Nova Scotia, 1.85%, 01/12/15 (Canada) | 320,000 | 320,072 | |||||||
| Export-Import Bank of Korea, 5.88%, 01/14/15 (South Korea) | 310,000 | 310,370 | |||||||
| Royal Bank of Canada, Series G, 0.44%, 04/29/15 (Canada)@ | 100,000 | 100,072 | |||||||
| Royal Bank of Canada, Series G, 0.70%, 09/09/16 (Canada)@ | 350,000 | 351,435 | |||||||
| Total Banks | 1,081,949 | ||||||||
| Beverages — 1.2% |
|||||||||
| Anheuser-Busch InBev Finance, Inc., 0.42%, 01/27/17 (Belgium)@ | 450,000 | 448,844 | |||||||
| Chemicals — 1.0% |
|||||||||
| Potash Corp. of Saskatchewan, Inc., 3.75%, 09/30/15 (Canada) | 355,000 | 362,935 | |||||||
| Diversified Financial Services — 0.9% |
|||||||||
| Nomura Holdings, Inc., 5.00%, 03/04/15 (Japan) | 250,000 | 251,796 | |||||||
| Nomura Holdings, Inc., 1.69%, 09/13/16 (Japan)@ | 100,000 | 101,488 | |||||||
| Total Diversified Financial Services | 353,284 | ||||||||
| Mining — 2.0% |
|||||||||
| Barrick Gold Corp., 2.90%, 05/30/16 (Canada) |
355,000 | 360,298 | |||||||
| BHP Billiton Finance USA Ltd., 1.00%, 02/24/15 (Australia) | 370,000 | 370,214 | |||||||
| Total Mining | 730,512 | ||||||||
| Oil & Gas — 3.0% |
|||||||||
| BP Capital Markets PLC, 0.70%, 11/06/15 (United Kingdom) | 375,000 | 375,167 | |||||||
| Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico) | 385,000 | 369,215 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| FOREIGN BONDS (continued) |
|||||||||
| Oil & Gas (continued) |
|||||||||
| Talisman Energy, Inc., 5.13%, 05/15/15 (Canada) | $ | 365,000 | $ | 370,507 | |||||
| Total Oil & Gas | 1,114,889 | ||||||||
| Telecommunications — 1.0% |
|||||||||
| Vodafone Group PLC, 1.63%, 03/20/17 (United Kingdom) | 370,000 | 370,030 | |||||||
| Total Foreign Bonds (Cost $4,475,220) |
4,462,443 | ||||||||
| ASSET BACKED SECURITIES — 13.2% |
|||||||||
| Diversified Financial Services — 13.2% |
|||||||||
| Ally Auto Receivables Trust, Class A3, Series 2012-2, 0.74%, 04/15/16 | 15,027 | 15,031 | |||||||
| Ally Auto Receivables Trust, Class A3, Series 2012-5, 0.62%, 03/15/17 | 190,624 | 190,637 | |||||||
| American Express Credit Account Master Trust, Class A, Series 2013-2, 0.58%, 05/17/21@ | 300,000 | 300,939 | |||||||
| AmeriCredit Automobile Receivables Trust, Class A3, Series 2012-3, 0.96%, 01/09/17 |
24,247 | 24,257 | |||||||
| AmeriCredit Automobile Receivables Trust, Class A2B, Series 2013-5, 0.55%, 03/08/17@ |
88,831 | 88,855 | |||||||
| BA Credit Card Trust, Class A11, Series 2007-A11, 0.24%, 12/15/19@ |
295,000 | 293,641 | |||||||
| BMW Vehicle Owner Trust, Class A2, Series 2013-A, 0.41%, 02/25/16 | 18,479 | 18,480 | |||||||
| Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.21%, 07/15/20@ |
525,000 | 521,412 | |||||||
| CarMax Auto Owner Trust, Class A3, Series 2012-1, 0.89%, 09/15/16 | 91,002 | 91,078 | |||||||
| CarMax Auto Owner Trust, Class B, Series 2011-1, 2.63%, 11/15/16 | 230,000 | 230,874 | |||||||
| CarMax Auto Owner Trust, Class A2, Series 2013-4, 0.52%, 11/15/16 | 143,758 | 143,787 | |||||||
| CarMax Auto Owner Trust, Class A3, Series 2012-3, 0.52%, 07/17/17 | 195,387 | 195,246 | |||||||
| Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 0.45%, 05/26/20@ | 600,000 | 599,527 | |||||||
| Fifth Third Auto Trust, Class A2, Series 2013-1, 0.59%, 03/15/16 |
48,094 | 48,098 | |||||||
See accompanying Notes to Financial Statements.
62
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| Diversified Financial Services (continued) |
|||||||||
| Fifth Third Auto Trust, Class A3, Series 2013-A, 0.61%, 09/15/17 |
$ | 185,000 | $ | 185,028 | |||||
| First National Master Note Trust, Class A, Series 2013-2, 0.69%, 10/15/19@ | 325,000 | 325,629 | |||||||
| GE Equipment Midticket LLC, Class A3, Series 2012-1, 0.60%, 05/23/16 | 102,414 | 102,408 | |||||||
| Huntington Auto Trust, Class A3, Series 2012-2, 0.51%, 04/17/17 | 211,507 | 211,506 | |||||||
| Hyundai Auto Receivables Trust, Class A2, Series 2013-B, 0.53%, 03/15/16 | 10,315 | 10,316 | |||||||
| Hyundai Auto Receivables Trust, Class A2, Series 2014-B, 0.44%, 02/15/17 | 320,076 | 319,900 | |||||||
| Nissan Auto Receivables Owner Trust, Class A3, Series 2012-B, 0.46%, 10/17/16 | 138,860 | 138,854 | |||||||
| Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18 |
245,000 | 244,474 | |||||||
| Toyota Auto Receivables Owner Trust, Class A3, Series 2013-B, 0.89%, 07/17/17 | 275,000 | 275,565 | |||||||
| World Omni Auto Receivables Trust, Class A3, Series 2012-A, 0.64%, 02/15/17 | 121,720 | 121,776 | |||||||
| World Omni Automobile Lease Securitization Trust, Class A2B, Series 2013-A, 0.48%, 05/16/16@ | 192,297 | 192,291 | |||||||
| Total Asset Backed Securities (Cost $4,891,353) | 4,889,609 | ||||||||
| MORTGAGE BACKED SECURITIES — 22.7% |
|||||||||
| Commercial Mortgage Backed Securities — 22.7% |
|||||||||
| Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A5, Series 2005-2, 4.86%, 07/10/43@ | 174,986 | 175,714 | |||||||
| Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A4, Series 2005-5, 5.12%, 10/10/45@ | 417,153 | 424,395 | |||||||
| Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A4, Series 2005-6, 5.15%, 09/10/47@ | 318,688 | 325,415 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class A4A, Series 2005-T20, 5.14%, 10/12/42@ | 338,135 | 343,988 | |||||||
| CD Commercial Mortgage Trust, Class A4, Series 2005-CD1, 5.23%, 07/15/44@ |
308,852 | 313,963 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) |
|||||||||
| Citigroup Commercial Mortgage Trust, Class AM, Series 2005-C3, 4.83%, 05/15/43@ |
$ | 80,000 | $ | 80,236 | |||||
| Credit Suisse First Boston Mortgage Securities Corp., Class A4, Series 2005-C3, 4.69%, 07/15/37 | 341,279 | 342,924 | |||||||
| Credit Suisse First Boston Mortgage Securities Corp., Class A5, Series 2005-C4, 5.10%, 08/15/38@ | 145,987 | 147,021 | |||||||
| Credit Suisse First Boston Mortgage Securities Corp., Class AJ, Series 2005-C6, 5.23%, 12/15/40@ | 255,000 | 261,576 | |||||||
| DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49@‡ |
364,156 | 366,034 | |||||||
| Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 1.37%, 07/25/24@ |
332,609 | 329,646 | |||||||
| GE Capital Commercial Mortgage Corp., Class A4, Series 2005-C2, 4.98%, 05/10/43@ |
210,493 | 210,916 | |||||||
| GS Mortgage Securities Corp. II, Class A4A, Series 2005-GG4, 4.75%, 07/10/39 | 235,594 | 235,876 | |||||||
| GS Mortgage Securities Trust, Class AM, Series 2006-GG6, 5.55%, 04/10/38@ | 350,000 | 363,691 | |||||||
| GS Mortgage Securities Trust, Class A2, Series 2011-GC3, 3.65%, 03/10/44‡ | 373,293 | 382,375 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2004-C3, 4.96%, 01/15/42@ | 56,386 | 56,376 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2005-LDP2, 4.74%, 07/15/42 | 335,000 | 335,677 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A4, Series 2005-C7, 5.20%, 11/15/30@ |
318,129 | 322,027 | |||||||
| LB-UBS Commercial Mortgage Trust, Class AJ, Series 2005-C3, 4.84%, 07/15/40 |
305,000 | 307,856 | |||||||
| Merrill Lynch Mortgage Trust, Class AM, Series 2005-CKI1, 5.29%, 11/12/37@ | 500,000 | 513,588 | |||||||
| Merrill Lynch Mortgage Trust, Class A4, Series 2006-C1, 5.69%, 05/12/39@ | 415,000 | 433,182 | |||||||
| Morgan Stanley Capital I Trust, Class A4A, Series 2005-HQ6, 4.99%, 08/13/42 | 280,423 | 281,179 | |||||||
See accompanying Notes to Financial Statements.
63
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Principal/ Shares |
Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) | |||||||||
| Morgan Stanley Capital I Trust, Class A4A, Series 2005-T19, 4.89%, 06/12/47 | $ | 264,219 | $ | 266,529 | |||||
| Morgan Stanley Capital I Trust, Class A4, Series 2006-T21, 5.16%, 10/12/52@ | 345,000 | 353,872 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A7, Series 2005-C20, 5.12%, 07/15/42@ |
374,634 | 377,898 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class AMFX, Series 2005-C20, 5.18%, 07/15/42@ |
295,000 | 301,330 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2005-C21, 5.24%, 10/15/44@ |
330,502 | 336,789 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A4FL, Series 2006-C28, 0.31%, 10/15/48@‡ |
263,263 | 261,520 | |||||||
| Total Mortgage Backed Securities (Cost $8,539,107) |
8,451,593 | ||||||||
| MUNICIPAL BOND — 1.6% |
|||||||||
| State of California, Ad Valorem Property Tax GO, 5.45%, 04/01/15 (Cost $586,945) |
580,000 | 587,105 | |||||||
| U.S. TREASURY NOTE — 5.0% |
|||||||||
| U.S. Treasury Note, 0.25%, 09/15/15 (Cost $1,860,144) |
1,860,000 | 1,861,162 | |||||||
| U.S. TREASURY BILL — 0.5% |
|||||||||
| U.S. Treasury Bill, 0.03%, 03/12/15(a) (Cost $199,990) |
200,000 | 199,992 | |||||||
| MONEY MARKET FUND — 3.2% |
|||||||||
| JP Morgan US Government Money Market Fund – Institutional Class, 0.01%(b) (Cost $1,192,992) |
1,192,992 | 1,192,992 | |||||||
|
|
|
|||||||
| Investments | Principal |
Value | |||||||
| REPURCHASE AGREEMENTS — 0.8%(e) |
|||||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 06/01/17 – 03/01/48, totaling $255,000) |
$ | 250,000 | $ | 250,000 | |||||
| Royal Bank Of Scotland PLC, dated 12/31/14, due 01/02/15, 0.07%, total to be received $40,707, (collateralized by various U.S. Government Agency Obligations, 0.25% – 3.25%, 01/15/15 – 05/15/23, totaling $41,521) |
40,707 | 40,707 | |||||||
| Total Repurchase Agreements (Cost $290,707) |
290,707 | ||||||||
| Total Investments — 100.2% (Cost $37,448,618) | 37,273,458 | ||||||||
| Liabilities in Excess of Other Assets — (0.2%) | (71,853 | ) | |||||||
| Net Assets — 100.0% | $ | 37,201,605 | |||||||
GO — General Obligation
LP — Limited Partnership
PLC — Public Limited Company
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2014. |
| ‡ | 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. |
| (a) | Interest rate shown reflects the discount rate at time of purchase. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (c) | The amount represents fair value of derivative instruments subject to interest rate risk exposure as of December 31, 2014. |
| (d) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $283,129; the aggregate market value of the collateral held by the fund is $290,707. |
| (e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
Cash posted as collateral to broker for futures contracts was $19,576 at December 31, 2014.
Futures contracts outstanding as of December 31, 2014:
|
|
|
|
|
|
|
||||||||||||||||||
| Type | Broker | Expiration Date | Number of Contracts | Value at Trade Date |
Value at December 31, 2014 | Unrealized Depreciation(c) | ||||||||||||||||||
| 10-Year U.S. Treasury Note | Jefferies & Company Inc. |
March 2015 | (13 | ) | $ | (1,633,570 | ) | $ | (1,648,359 | ) | $ | (14,789 | ) | |||||||||||
See accompanying Notes to Financial Statements.
64
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Banks | 12.1 | % | ||
| Beverages | 1.2 | |||
| Chemicals | 2.0 | |||
| Commercial Mortgage Backed Securities | 22.7 | |||
| Computers | 1.0 | |||
| Diversified Financial Services | 17.4 | |||
| Electric | 1.7 | |||
| Food | 3.9 | |||
| Household Products/Wares | 1.0 | |||
| Insurance | 2.5 | |||
| Media | 4.9 | |||
| Mining | 2.0 | |||
| Municipal Bond | 1.6 | |||
| Oil & Gas | 6.0 | |||
| Pharmaceuticals | 2.1 | |||
| Pipelines | 0.9 | |||
| Retail | 1.9 | |||
| Savings & Loans | 1.0 | |||
| Telecommunications | 2.8 | |||
| Transportation | 1.0 | |||
| Trucking & Leasing | 1.0 | |||
| U.S. Treasury Bill | 0.5 | |||
| U.S. Treasury Note | 5.0 | |||
| Money Market Fund | 3.2 | |||
| Repurchase Agreements | 0.8 | |||
| Total Investments | 100.2 | |||
| Liabilities in Excess of Other Assets | (0.2 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
65
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 89.3% |
|||||||||
| Debt Fund — 18.9% |
|||||||||
| AdvisorShares Sage Core Reserves ETF† | 2,500 | $ | 248,000 | ||||||
| iShares 1 – 3 Year Credit Bond ETF |
9,301 | 978,279 | |||||||
| iShares Barclays 20+ Year Treasury Bond ETF | 228 | 28,710 | |||||||
| iShares iBoxx $ High Yield Corporate Bond ETF | 15,201 | 1,362,009 | |||||||
| iShares JPMorgan USD Emerging Markets Bond ETF | 12,308 | 1,350,311 | |||||||
| SPDR Barclays International Corporate Bond ETF | 30,000 | 1,031,100 | |||||||
| Total Debt Fund | 4,998,409 | ||||||||
| Equity Fund — 70.4% |
|||||||||
| Consumer Discretionary Select Sector SPDR Fund | 3,989 | 287,806 | |||||||
| Consumer Staples Select Sector SPDR Fund | 16,474 | 798,824 | |||||||
| Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 1,366 | 36,882 | |||||||
| Energy Select Sector SPDR Fund | 8,075 | 639,217 | |||||||
| Financial Select Sector SPDR Fund |
50,817 | 1,256,704 | |||||||
| Health Care Select Sector SPDR Fund |
12,414 | 848,869 | |||||||
| Industrial Select Sector SPDR Fund |
7,251 | 410,189 | |||||||
| iShares Core S&P Mid-Cap ETF | 2,527 | 365,910 | |||||||
| iShares MSCI EAFE ETF | 9,903 | 602,499 | |||||||
| iShares MSCI Emerging Markets ETF |
31,480 | 1,236,849 | |||||||
| Materials Select Sector SPDR Fund |
3,699 | 179,697 | |||||||
| SPDR S&P 500 ETF Trust | 51,580 | 10,599,690 | |||||||
| Technology Select Sector SPDR Fund |
13,410 | 554,504 | |||||||
| Utilities Select Sector SPDR Fund | 5,357 | 252,958 | |||||||
| Vanguard FTSE Developed Markets ETF | 15,000 | 568,200 | |||||||
| Total Equity Fund | 18,638,798 | ||||||||
| Total Exchange Traded Funds (Cost $22,020,888) | 23,637,207 | ||||||||
| COMMON STOCKS — 2.5% |
|||||||||
| Apparel — 1.3% |
|||||||||
| Hanesbrands, Inc. | 1,643 | 183,392 | |||||||
| VF Corp. | 2,130 | 159,537 | |||||||
| Total Apparel | 342,929 | ||||||||
| Computers — 0.6% |
|||||||||
| Apple, Inc. | 1,485 | 163,914 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Insurance — 0.6% |
|||||||||
| Travelers Cos., Inc. (The) | 1,488 | $ | 157,505 | ||||||
| Total Common Stocks (Cost $516,240) |
664,348 | ||||||||
| MONEY MARKET FUND — 5.6% |
|||||||||
| BlackRock Liquidity Funds-T- Fund Portfolio — Institutional Class, 0.03%(a) (Cost $1,495,325) | 1,495,325 | 1,495,325 | |||||||
| Total Investments Before Written Options — 97.4% (Cost $24,032,453) |
25,796,880 | ||||||||
| WRITTEN CALL OPTIONS — (0.2)% |
|||||||||
| Energy Select Sector SPDR Fund Option expiring 01/17/15, Strike Price $88.00 | (35 | ) | (140 | ) | |||||
| Health Care Select Sector SPDR Fund Option expiring 01/17/15, Strike Price $70.00 |
(28 | ) | (966 | ) | |||||
| iShares iBoxx $ High Yield Corporate Bond ETF Option expiring 01/17/15, Strike Price $90.50 | (52 | ) | (2,080 | ) | |||||
| iShares MSCI EAFE ETF Option expiring 01/17/15, Strike Price $65.00 | (85 | ) | (255 | ) | |||||
| iShares MSCI Emerging Markets ETF Option expiring 01/17/15, Strike Price $40.00 | (80 | ) | (2,520 | ) | |||||
| SPDR S&P 500 ETF Trust Option expiring 01/17/15, Strike Price $206.00 | (235 | ) | (54,990 | ) | |||||
| Total Written Options — (0.2)% [Premiums Received $(68,759)] |
(60,951 | ) | |||||||
| Total Investments — 97.2% (Cost $23,963,694) |
25,735,929 | ||||||||
| Other Assets in Excess of Liabilities — 2.8% |
737,993 | ||||||||
| Net Assets — 100.0% |
$ | 26,473,922 | |||||||
ETF — Exchange Traded Fund
| † | Affiliated Company. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
Cash of $690,431 has been segregated to cover margin requirement for written options as of December 31, 2014.
See accompanying Notes to Financial Statements.
66
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Debt Fund | 18.9 | % | ||
| Equity Fund | 70.4 | |||
| Apparel | 1.3 | |||
| Computers | 0.6 | |||
| Insurance | 0.6 | |||
| Money Market Fund | 5.6 | |||
| Written Call Options | (0.2 | ) | ||
| Total Investments | 97.2 | |||
| Other Assets in Excess of Liabilities | 2.8 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
67
ADVISORSHARES SUNRISE GLOBAL MULTI-STRATEGY ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 79.9% |
|||||||||
| Debt Fund — 0.9% |
|||||||||
| iShares 7 – 10 Year Treasury Bond ETF | 224 | $ | 23,742 | ||||||
| Equity Fund — 79.0% |
|||||||||
| Consumer Discretionary Select Sector SPDR Fund | 1,289 | 93,001 | |||||||
| Consumer Staples Select Sector SPDR Fund | 13,509 | 655,052 | |||||||
| Financial Select Sector SPDR Fund | 14,448 | 357,299 | |||||||
| Health Care Select Sector SPDR Fund | 2,210 | 151,120 | |||||||
| Technology Select Sector SPDR Fund | 8,040 | 332,454 | |||||||
| Utilities Select Sector SPDR Fund | 7,329 | 346,075 | |||||||
| Total Equity Fund | 1,935,001 | ||||||||
| Total Exchange Traded Funds (Cost $1,849,004) |
1,958,743 | ||||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| MONEY MARKET FUND — 12.2% |
|||||||||
| Goldman Sachs Financial Square Funds – Treasury Instruments Fund, 0.07%(a) (Cost $298,180) |
298,180 | $ | 298,180 | ||||||
| Total Investments — 92.1% (Cost $2,147,184) |
2,256,923 | ||||||||
| Other Assets in Excess of Liabilities — 7.9% |
193,310 | ||||||||
| Net Assets — 100.0% | $ | 2,450,233 | |||||||
ETF — Exchange Traded Fund
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
Cash posted as collateral from broker for futures contracts was $234,434 at December 31, 2014.
Futures contracts outstanding as of December 31, 2014:
|
|
|
|
|
|
|
||||||||||||||||||
| Type | Broker | Expiration Date |
Number of Contracts | Value at Trade Date | Value at December 31, 2014 | Unrealized Appreciation† | ||||||||||||||||||
| Australian Dollar Futures | JP Morgan | March 2015 | (9 | ) | $ | (731,977 | ) | $ | (730,980 | ) | $ | 997 | ||||||||||||
| OMX30 Index Futures | JP Morgan | January 2015 | 2 | 35,899 | 37,473 | 1,574 | ||||||||||||||||||
| U.S Treasury Long Bond Futures | JP Morgan | March 2015 | 1 | 140,877 | 144,563 | 3,686 | ||||||||||||||||||
| $ | 6,257 | |||||||||||||||||||||||
| † | The amount represents fair value of derivative instruments subject to commodity and foreign currency risk exposure as of December 31, 2014. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Debt Fund | 0.9 | % | ||
| Equity Fund | 79.0 | |||
| Money Market Fund | 12.2 | |||
| Total Investments | 92.1 | |||
| Other Assets in Excess of Liabilities | 7.9 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
68
ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS — 100.2% |
|||||||||
| Aerospace/Defense — 3.0% |
|||||||||
| Boeing Co. (The) | 13,552 | $ | 1,761,489 | ||||||
| General Dynamics Corp. | 12,084 | 1,663,000 | |||||||
| Lockheed Martin Corp. | 9,091 | 1,750,654 | |||||||
| Total Aerospace/Defense | 5,175,143 | ||||||||
| Agriculture — 0.9% |
|||||||||
| Philip Morris International, Inc. | 19,421 | 1,581,840 | |||||||
| Airlines — 1.1% |
|||||||||
| Southwest Airlines Co. | 43,441 | 1,838,423 | |||||||
| Apparel — 1.0% |
|||||||||
| NIKE, Inc., Class B | 17,912 | 1,722,239 | |||||||
| Beverages — 1.0% |
|||||||||
| Dr Pepper Snapple Group, Inc. | 24,366 | 1,746,555 | |||||||
| Biotechnology — 1.0% |
|||||||||
| Biogen Idec, Inc.* | 5,316 | 1,804,516 | |||||||
| Chemicals — 3.0% |
|||||||||
| LyondellBasell Industries N.V., Class A | 19,518 | 1,549,534 | |||||||
| NewMarket Corp. | 4,320 | 1,743,250 | |||||||
| Sherwin-Williams Co. (The) | 7,231 | 1,902,042 | |||||||
| Total Chemicals | 5,194,826 | ||||||||
| Commercial Services — 9.0% |
|||||||||
| Cintas Corp. | 23,866 | 1,872,049 | |||||||
| Gartner, Inc.* | 20,027 | 1,686,474 | |||||||
| Graham Holdings Co., Class B | 2,178 | 1,881,160 | |||||||
| MasterCard, Inc., Class A | 20,197 | 1,740,173 | |||||||
| Moody's Corp. | 16,638 | 1,594,087 | |||||||
| Robert Half International, Inc. | 29,876 | 1,744,161 | |||||||
| Towers Watson & Co., Class A | 15,027 | 1,700,606 | |||||||
| Verisk Analytics, Inc., Class A* | 27,039 | 1,731,848 | |||||||
| Western Union Co. (The) | 92,907 | 1,663,964 | |||||||
| Total Commercial Services | 15,614,522 | ||||||||
| Computers — 4.9% |
|||||||||
| Apple, Inc. | 15,399 | 1,699,742 | |||||||
| DST Systems, Inc. | 17,259 | 1,624,935 | |||||||
| Jack Henry & Associates, Inc. | 28,085 | 1,745,202 | |||||||
| NetApp, Inc. | 39,639 | 1,643,036 | |||||||
| Western Digital Corp. | 16,844 | 1,864,631 | |||||||
| Total Computers | 8,577,546 | ||||||||
| Cosmetics/Personal Care — 1.0% |
|||||||||
| Estee Lauder Cos., Inc. (The), Class A | 23,566 | 1,795,729 | |||||||
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Diversified Financial Services — 3.0% |
|||||||||
| American Express Co. | 18,747 | $ | 1,744,221 | ||||||
| Discover Financial Services | 25,923 | 1,697,697 | |||||||
| T. Rowe Price Group, Inc. | 20,596 | 1,768,373 | |||||||
| Total Diversified Financial Services | 5,210,291 | ||||||||
| Electric — 0.9% |
|||||||||
| Calpine Corp.* | 71,141 | 1,574,350 | |||||||
| Electronics — 5.1% |
|||||||||
| Amphenol Corp., Class A | 33,347 | 1,794,402 | |||||||
| Corning, Inc. | 82,565 | 1,893,216 | |||||||
| Mettler-Toledo International, Inc.* | 5,974 | 1,806,896 | |||||||
| Tyco International PLC | 39,384 | 1,727,382 | |||||||
| Waters Corp.* | 15,097 | 1,701,734 | |||||||
| Total Electronics | 8,923,630 | ||||||||
| Environmental Control — 1.0% |
|||||||||
| Republic Services, Inc. | 41,495 | 1,670,174 | |||||||
| Food — 1.0% |
|||||||||
| Kellogg Co. | 26,041 | 1,704,123 | |||||||
| Healthcare – Products — 3.9% |
|||||||||
| Align Technology, Inc.* | 31,735 | 1,774,304 | |||||||
| IDEXX Laboratories, Inc.* | 11,164 | 1,655,286 | |||||||
| Intuitive Surgical, Inc.* | 3,329 | 1,760,841 | |||||||
| QIAGEN N.V.* | 71,443 | 1,676,053 | |||||||
| Total Healthcare - Products | 6,866,484 | ||||||||
| Healthcare – Services — 3.1% |
|||||||||
| Aetna, Inc. | 20,235 | 1,797,475 | |||||||
| Anthem, Inc. | 13,336 | 1,675,935 | |||||||
| Health Net, Inc.* | 35,138 | 1,880,937 | |||||||
| Total Healthcare – Services | 5,354,347 | ||||||||
| Housewares — 1.0% |
|||||||||
| Scotts Miracle-Gro Co. (The), Class A | 28,140 | 1,753,685 | |||||||
| Insurance — 9.9% |
|||||||||
| Aflac, Inc. | 27,874 | 1,702,823 | |||||||
| Allstate Corp. (The) | 25,551 | 1,794,958 | |||||||
| Arch Capital Group Ltd.* | 29,876 | 1,765,672 | |||||||
| Chubb Corp. (The) | 16,832 | 1,741,607 | |||||||
| Everest Re Group Ltd. | 10,028 | 1,707,768 | |||||||
| HCC Insurance Holdings, Inc. | 32,479 | 1,738,276 | |||||||
| PartnerRe Ltd. | 14,849 | 1,694,716 | |||||||
| RenaissanceRe Holdings Ltd.(a) | 16,887 | 1,641,754 | |||||||
| Torchmark Corp. | 32,038 | 1,735,499 | |||||||
| Travelers Cos., Inc. (The) | 16,639 | 1,761,238 | |||||||
| Total Insurance | 17,284,311 | ||||||||
See accompanying Notes to Financial Statements.
69
ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Internet — 1.0% |
|||||||||
| Liberty Interactive Corp., Class A* | 61,599 | $ | 1,812,243 | ||||||
| Lodging — 5.0% |
|||||||||
| Hyatt Hotels Corp., Class A* | 28,105 | 1,692,202 | |||||||
| Las Vegas Sands Corp. | 27,580 | 1,604,053 | |||||||
| Marriott International, Inc., Class A | 22,149 | 1,728,287 | |||||||
| Starwood Hotels & Resorts Worldwide, Inc. | 21,901 | 1,775,514 | |||||||
| Wyndham Worldwide Corp. | 21,470 | 1,841,267 | |||||||
| Total Lodging | 8,641,323 | ||||||||
| Machinery – Construction & Mining — 0.9% |
|||||||||
| Caterpillar, Inc. | 16,584 | 1,517,933 | |||||||
| Media — 5.1% |
|||||||||
| FactSet Research Systems, Inc. | 12,438 | 1,750,648 | |||||||
| Scripps Networks Interactive, Inc., Class A | 23,073 | 1,736,705 | |||||||
| Sirius XM Holdings, Inc.* | 476,408 | 1,667,428 | |||||||
| Time Warner, Inc. | 21,860 | 1,867,281 | |||||||
| Twenty-First Century Fox, Inc., Class A | 49,246 | 1,891,293 | |||||||
| Total Media | 8,913,355 | ||||||||
| Miscellaneous Manufacturing — 2.0% |
|||||||||
| 3M Co. | 10,841 | 1,781,393 | |||||||
| Illinois Tool Works, Inc. | 18,369 | 1,739,544 | |||||||
| Total Miscellaneous Manufacturing | 3,520,937 | ||||||||
| Oil & Gas — 2.8% |
|||||||||
| HollyFrontier Corp. | 38,718 | 1,451,151 | |||||||
| Marathon Petroleum Corp. | 17,933 | 1,618,632 | |||||||
| Tesoro Corp. | 23,389 | 1,738,972 | |||||||
| Total Oil & Gas | 4,808,755 | ||||||||
| Pharmaceuticals — 6.0% |
|||||||||
| Allergan, Inc. | 8,396 | 1,784,906 | |||||||
| Cardinal Health, Inc. | 20,921 | 1,688,952 | |||||||
| Express Scripts Holding Co.* | 22,025 | 1,864,857 | |||||||
| Johnson & Johnson | 15,716 | 1,643,422 | |||||||
| Pfizer, Inc. | 56,047 | 1,745,864 | |||||||
| VCA, Inc.* | 36,997 | 1,804,344 | |||||||
| Total Pharmaceuticals | 10,532,345 | ||||||||
| Real Estate Investment Trust — 1.0% |
|||||||||
| Weyerhaeuser Co. | 49,300 | 1,769,377 | |||||||
| Retail — 10.6% |
|||||||||
| AutoZone, Inc.* | 3,003 | 1,859,187 | |||||||
| Bed Bath & Beyond, Inc.* | 24,242 | 1,846,513 | |||||||
| Gap, Inc. (The) | 43,054 | 1,813,004 | |||||||
| Home Depot, Inc. (The) | 16,897 | 1,773,678 | |||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Retail — (continued) | |||||||||
| Lowe's Cos., Inc. | 29,321 | $ | 2,017,285 | ||||||
| O'Reilly Automotive, Inc.* | 9,532 | 1,836,054 | |||||||
| Ross Stores, Inc. | 20,794 | 1,960,043 | |||||||
| Tractor Supply Co. | 23,141 | 1,823,974 | |||||||
| Walgreens Boots Alliance, Inc. | 25,411 | 1,936,318 | |||||||
| Yum! Brands, Inc. | 22,765 | 1,658,430 | |||||||
| Total Retail | 18,524,486 | ||||||||
| Semiconductors — 3.1% |
|||||||||
| Intel Corp. | 51,280 | 1,860,951 | |||||||
| QUALCOMM, Inc. | 24,237 | 1,801,536 | |||||||
| Texas Instruments, Inc. | 33,396 | 1,785,517 | |||||||
| Total Semiconductors | 5,448,004 | ||||||||
| Software — 3.9% |
|||||||||
| ANSYS, Inc.* | 21,405 | 1,755,210 | |||||||
| Broadridge Financial Solutions, Inc. | 37,956 | 1,752,808 | |||||||
| Citrix Systems, Inc.* | 25,605 | 1,633,599 | |||||||
| Fiserv, Inc.* | 24,435 | 1,734,152 | |||||||
| Total Software | 6,875,769 | ||||||||
| Telecommunications — 1.0% |
|||||||||
| Harris Corp. | 24,033 | 1,726,050 | |||||||
| Transportation — 3.0% |
|||||||||
| C.H. Robinson Worldwide, Inc. | 23,645 | 1,770,774 | |||||||
| Expeditors International of Washington, Inc. | 38,606 | 1,722,214 | |||||||
| FedEx Corp. | 9,957 | 1,729,132 | |||||||
| Total Transportation | 5,222,120 | ||||||||
| Total Common Stocks (Cost $165,338,520) |
174,705,431 | ||||||||
| REPURCHASE AGREEMENT — 0.1%(b) |
|||||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $90,912, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $92,730) (Cost $90,912) |
$ | 90,912 | 90,912 | ||||||
| Total Investments — 100.3% (Cost $165,429,432) |
174,796,343 | ||||||||
| Liabilities in Excess of Other Assets — (0.3)% | (504,349 | ) | |||||||
| Net Assets — 100.0% | $ | 174,291,994 | |||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $88,596; the aggregate market value of the collateral held by the fund is $90,912. |
| (b) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
70
ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Aerospace/Defense | 3.0 | % | ||
| Agriculture | 0.9 | |||
| Airlines | 1.1 | |||
| Apparel | 1.0 | |||
| Beverages | 1.0 | |||
| Biotechnology | 1.0 | |||
| Chemicals | 3.0 | |||
| Commercial Services | 9.0 | |||
| Computers | 4.9 | |||
| Cosmetics/Personal Care | 1.0 | |||
| Diversified Financial Services | 3.0 | |||
| Electric | 0.9 | |||
| Electronics | 5.1 | |||
| Environmental Control | 1.0 | |||
| Food | 1.0 | |||
| Healthcare – Products | 3.9 | |||
| Healthcare – Services | 3.1 | |||
| Housewares | 1.0 | |||
| Insurance | 9.9 | |||
| Internet | 1.0 | |||
| Lodging | 5.0 | |||
| Machinery – Construction & Mining | 0.9 | |||
| Media | 5.1 | |||
| Miscellaneous Manufacturing | 2.0 | |||
| Oil & Gas | 2.8 | |||
| Pharmaceuticals | 6.0 | |||
| Real Estate Investment Trust | 1.0 | |||
| Repurchase Agreements | 0.1 | |||
| Retail | 10.6 | |||
| Semiconductors | 3.1 | |||
| Software | 3.9 | |||
| Telecommunications | 1.0 | |||
| Transportation | 3.0 | |||
| Total Investments | 100.3 | |||
| Liabilities in Excess of Other Assets | (0.3 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
71
ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares |
Value | |||||||
| COMMON STOCKS — 96.2% |
|||||||||
| Apparel — 1.9% |
|||||||||
| LVMH Moet Hennessy Louis Vuitton SA (France)(a)(b) | 8,089 | $ | 278,545 | ||||||
| Beverages — 3.7% |
|||||||||
| Coca-Cola Enterprises, Inc. | 12,342 | 545,763 | |||||||
| Chemicals — 3.4% |
|||||||||
| Novozymes A/S (Denmark)(b) | 11,891 | 501,087 | |||||||
| Commercial Services — 5.4% |
|||||||||
| Experian PLC (Ireland)(a)(b) | 18,350 | 308,280 | |||||||
| SGS SA (Switzerland)(b) | 24,132 | 492,775 | |||||||
| Total Commercial Services | 801,055 | ||||||||
| Cosmetics/Personal Care — 2.5% |
|||||||||
| Svenska Cellulosa AB SCA (Sweden)(b) | 17,189 | 369,392 | |||||||
| Diversified Financial Services — 4.3% |
|||||||||
| Lazard Ltd., Class A | 12,848 | 642,785 | |||||||
| Electronics — 4.0% |
|||||||||
| Sensata Technologies Holding N.V. (Netherlands)* | 11,284 | 591,394 | |||||||
| Food — 10.0% |
|||||||||
| Chr. Hansen Holding A/S (Denmark)(a)(b) | 29,746 | 666,905 | |||||||
| Nestle SA (Switzerland)(b) | 7,492 | 546,541 | |||||||
| Shoprite Holdings Ltd. (South Africa)(a)(b) |
18,699 | 272,258 | |||||||
| Total Food | 1,485,704 | ||||||||
| Healthcare – Products — 2.1% |
|||||||||
| Sysmex Corp. (Japan)(a)(b) | 13,793 | 308,274 | |||||||
| Household Products/Wares — 4.0% |
|||||||||
| Reckitt Benckiser Group PLC (United Kingdom)(b) | 35,651 | 590,737 | |||||||
| Insurance — 4.8% |
|||||||||
| ACE Ltd. (Switzerland) | 6,160 | 707,661 | |||||||
| Internet — 5.2% |
|||||||||
| Tencent Holdings Ltd. (China)(b) | 37,779 | 548,173 | |||||||
| Yandex N.V., Class A (Netherlands)* | 12,392 | 222,561 | |||||||
| Total Internet | 770,734 | ||||||||
| Machinery – Diversified — 2.9% |
|||||||||
| FANUC Corp. (Japan)(b) | 15,691 | 431,973 | |||||||
| Oil & Gas Services — 2.9% |
|||||||||
| Core Laboratories N.V. (Netherlands) | 3,628 | 436,594 | |||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Pharmaceuticals — 7.8% |
|||||||||
| Indivior PLC (United Kingdom)*(b) |
1,426 | $ | 16,114 | ||||||
| Novo Nordisk A/S (Denmark)(b) | 12,813 | 542,246 | |||||||
| Perrigo Co. PLC (Ireland) | 3,637 | 607,961 | |||||||
| Total Pharmaceuticals | 1,166,321 | ||||||||
| Retail — 8.8% |
|||||||||
| Inditex SA (Spain)(b) | 34,156 | 485,015 | |||||||
| Sun Art Retail Group Ltd. (China)(a)(b) | 31,975 | 313,355 | |||||||
| Swatch Group AG (The) (Switzerland)(b) | 12,096 | 267,624 | |||||||
| Wal-Mart de Mexico SAB de CV (Mexico)(b) | 11,576 | 248,190 | |||||||
| Total Retail | 1,314,184 | ||||||||
| Semiconductors — 14.0% |
|||||||||
| ARM Holdings PLC (United Kingdom)(b) |
11,298 | 523,097 | |||||||
| ASML Holding N.V. (Netherlands)(c) | 6,286 | 677,819 | |||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(b) | 39,425 | 882,332 | |||||||
| Total Semiconductors | 2,083,248 | ||||||||
| Transportation — 8.5% |
|||||||||
| Canadian National Railway Co. (Canada) | 8,530 | 587,802 | |||||||
| Canadian Pacific Railway Ltd. (Canada) | 3,480 | 670,561 | |||||||
| Total Transportation | 1,258,363 | ||||||||
| Total Common Stocks (Cost $12,603,070) |
14,283,814 | ||||||||
| MONEY MARKET FUND — 3.8% |
|||||||||
| Invesco Government & Agency Portfolio – Private Investment Class, 0.01%(d) (Cost $568,803) |
568,803 | 568,803 | |||||||
| REPURCHASE AGREEMENTS — 7.7%(e) |
|||||||||
| Citibank NA, dated 12/31/14, due 01/02/15, 0.08%, total to be received $113,519, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 11/17/15 – 10/20/44, totaling $115,790) |
$ | 113,519 | 113,519 | ||||||
| Daiwa Capital Markets America, dated 12/31/14, due 01/02/15, 0.12%, total to be received $264,219, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/01/17 – 03/01/48, totaling $269,502) | 264,218 | 264,218 | |||||||
See accompanying Notes to Financial Statements.
72
ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
||||||
| Investments | Principal |
Value | ||||||
| REPURCHASE AGREEMENTS (continued) |
||||||||
| HSBC Securities USA Inc., dated 12/31/14, due 01/02/15, 0.06%, total to be received $264,218, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 01/15/15 – 07/15/32, totaling $269,503) |
$ | 264,218 | $ | 264,218 | ||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/14, due 01/02/15, 0.07%, total to be received $229,024, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.00%, 06/01/17 – 12/20/44, totaling $233,604) |
229,024 | 229,024 | ||||||
| Mizuho Securities USA Inc., dated 12/31/14, due 01/02/15, 0.08%, total to be received $264,219, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.50%, 01/31/16 – 12/20/44, totaling $269,502) |
264,218 | 264,218 | ||||||
| Total Repurchase Agreements (Cost $1,135,197) | 1,135,197 | |||||||
| Total Investments — 107.7% (Cost $14,307,070) |
15,987,814 | |||||||
| Liabilities in Excess of Other Assets — (7.7)% | (1,147,293 | ) | ||||||
| Net Assets — 100.0% | $ | 14,840,521 | ||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,079,531; the aggregate market value of the collateral held by the fund is $1,135,197. |
| (b) | American Depositary Receipt. |
| (c) | Registered Shares. |
| (d) | Rate shown reflects the 7-day yield as of December 31, 2014. |
| (e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Apparel | 1.9 | % | ||
| Beverages | 3.7 | |||
| Chemicals | 3.4 | |||
| Commercial Services | 5.4 | |||
| Cosmetics/Personal Care | 2.5 | |||
| Diversified Financial Services | 4.3 | |||
| Electronics | 4.0 | |||
| Food | 10.0 | |||
| Healthcare – Products | 2.1 | |||
| Household Products/Wares | 4.0 | |||
| Insurance | 4.8 | |||
| Internet | 5.2 | |||
| Machinery – Diversified | 2.9 | |||
| Money Market Fund | 3.8 | |||
| Repurchase Agreements | 7.7 | |||
| Oil & Gas Services | 2.9 | |||
| Pharmaceuticals | 7.8 | |||
| Retail | 8.8 | |||
| Semiconductors | 14.0 | |||
| Transportation | 8.5 | |||
| Total Investments | 107.7 | |||
| Liabilities in Excess of Other Assets | (7.7 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
73
ADVISORSHARES YIELDPRO ETF
Schedule of Investments
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 63.0% |
|||||||||
| Debt Fund — 63.0% |
|||||||||
| iShares iBoxx $High Yield Corporate Bond ETF | 89,284 | $ | 7,999,847 | ||||||
| iShares iBoxx $Investment Grade Corporate Bond ETF | 46,795 | 5,587,791 | |||||||
| iShares U.S. Preferred Stock ETF | 149,996 | 5,915,842 | |||||||
| PowerShares Preferred Portfolio | 237,049 | 3,484,620 | |||||||
| PowerShares Senior Loan Portfolio | 151,638 | 3,643,861 | |||||||
| SPDR Blackstone/GSO Senior Loan ETF | 75,380 | 3,674,775 | |||||||
| Vanguard Intermediate – Term Corporate Bond ETF | 46,162 | 3,974,548 | |||||||
| Vanguard Long – Term Corporate Bond ETF | 36,151 | 3,341,076 | |||||||
| Total Exchange Traded Funds (Cost $37,447,049) | 37,622,360 | ||||||||
| COMMON STOCKS — 17.8% |
|||||||||
| Commercial Services — 2.0% |
|||||||||
| R.R. Donnelley & Sons Co. | 71,296 | 1,198,129 | |||||||
| Oil & Gas — 0.9% |
|||||||||
| Ensco PLC, Class A | 18,644 | 558,388 | |||||||
| Pharmaceuticals — 2.1% |
|||||||||
| Pfizer, Inc. | 41,490 | 1,292,414 | |||||||
| Real Estate Investment Trust — 6.1% |
|||||||||
| American Capital Agency Corp. | 36,898 | 805,483 | |||||||
| Annaly Capital Management, Inc. | 90,311 | 976,262 | |||||||
| Chimera Investment Corp. | 96,318 | 306,291 | |||||||
| Hatteras Financial Corp. | 11,159 | 205,660 | |||||||
| Invesco Mortgage Capital, Inc. | 15,371 | 237,636 | |||||||
| MFA Financial, Inc. | 37,603 | 300,448 | |||||||
| Starwood Property Trust, Inc. | 19,620 | 455,969 | |||||||
| Two Harbors Investment Corp. | 33,398 | 334,648 | |||||||
| Total Real Estate Investment Trust | 3,622,397 | ||||||||
| Retail — 1.7% |
|||||||||
| Staples, Inc. | 56,119 | 1,016,876 | |||||||
| Telecommunications — 5.0% |
|||||||||
| AT&T, Inc. | 43,968 | 1,476,885 | |||||||
| Verizon Communications, Inc. | 32,044 | 1,499,018 | |||||||
| Total Telecommunications | 2,975,903 | ||||||||
| Total Common Stocks (Cost $10,903,688) |
10,664,107 | ||||||||
| MONEY MARKET FUND — 18.5% |
|||||||||
| Wells Fargo Advantage Government Money Market Fund — Institutional Class, 0.01%(a) (Cost $11,036,686) |
11,036,686 | 11,036,686 | |||||||
|
|
|
|||||||
| Investments | Contracts | Value | |||||||
| PURCHASED CALL OPTIONS — 0.0%* |
|||||||||
| Cliffs Natural Resources, Inc. Option expiring 01/17/15, Strike Price $10.00 | 300 | $ | 900 | ||||||
| Cliffs Natural Resources, Inc. Option expiring 01/17/15, Strike Price $12.00 | 300 | 600 | |||||||
| Cliffs Natural Resources, Inc. Option expiring 01/17/15, Strike Price $13.00 | 300 | 600 | |||||||
| Total Purchased Call Options (Cost $88,160) | 2,100 | ||||||||
| PURCHASED PUT OPTIONS — 1.0% |
|||||||||
| American Capital Agency Corp. Option expiring 01/17/15, Strike Price $21.00 | 800 | 8,400 | |||||||
| Annaly Capital Management, Inc. Option expiring 01/17/15, Strike Price $11.00 | 1,000 | 27,500 | |||||||
| Ensco PLC Option expiring 01/17/15, Strike Price $29.00 |
400 | 37,000 | |||||||
| iShares 20+ Year Treasury Bond ETF Option expiring 01/17/15, Strike Price $124.00 | 800 | 45,200 | |||||||
| iShares 7 – 10 Year Treasury Bond ETF Option expiring 01/17/15, Strike Price $104.00 |
1,000 | 10,000 | |||||||
| iShares 7 – 10 Year Treasury Bond ETF Option expiring 01/17/15, Strike Price $105.00 |
1,000 | 17,500 | |||||||
| iShares iBoxx $ High Yield Corporate Bond ETF Option expiring 01/17/15, Strike Price $85.00 | 1,220 | 12,200 | |||||||
| iShares iBoxx $ High Yield Corporate Bond ETF Option expiring 01/17/15, Strike Price $86.00 | 300 | 5,250 | |||||||
| iShares iBoxx $ High Yield Corporate Bond ETF Option expiring 01/17/15, Strike Price $89.00 | 960 | 62,400 | |||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF Option expiring 01/17/15, Strike Price $117.00 | 500 | 7,500 | |||||||
| R.R. Donnelley & Sons Co. Option expiring 01/17/15, Strike Price $16.00 | 730 | 9,125 | |||||||
| SPDR S&P 500 ETF Trust Option expiring 01/17/15, Strike Price $200.00 | 500 | 60,500 | |||||||
| SPDR S&P 500 ETF Trust Option expiring 01/17/15, Strike Price $202.00 | 500 | 78,500 | |||||||
| SPDR S&P 500 ETF Trust Option expiring 01/17/15, Strike Price $205.00 | 600 | 141,300 | |||||||
See accompanying Notes to Financial Statements.
74
ADVISORSHARES YIELDPRO ETF
Schedule of Investments (continued)
December 31, 2014 (Unaudited)
|
|
|
|||||||
| Investments | Contracts | Value | |||||||
| PURCHASED CALL OPTIONS (continued) |
|||||||||
| Staples, Inc. Option expiring 01/17/15, Strike Price $11.00 |
1,225 | $ | 24,500 | ||||||
| PowerShares Senior Loan Portfolio Option expiring 01/17/15, Strike Price $24.00 |
1,570 | 23,550 | |||||||
| Total Purchased Put Options (Cost $901,347) | 570,425 | ||||||||
| Total Investments — 100.3% (Cost $60,376,930) | 59,895,678 | ||||||||
| Liabilities in Excess of Other Assets — (0.3)% | (157,786 | ) | |||||||
| Net Assets — 100.0% | $ | 59,737,892 | |||||||
ETF — Exchange Traded Fund
PLC — Public Limited Company
| * | Less than 0.05%. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2014. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Commercial Services | 2.0 | % | ||
| Debt Fund | 63.0 | |||
| Oil & Gas | 0.9 | |||
| Pharmaceuticals | 2.1 | |||
| Purchased Call Options | 0.0* | |||
| Purchased Put Options | 1.0 | |||
| Real Estate Investment Trust | 6.1 | |||
| Retail | 1.7 | |||
| Telecommunications | 5.0 | |||
| Money Market Fund | 18.5 | |||
| Total Investments | 100.3 | |||
| Liabilities in Excess of Other Assets | (0.3 | ) | ||
| Net Assets | 100.0 | % | ||
| * | Less than 0.05%. |
See accompanying Notes to Financial Statements.
75
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2014 (Unaudited)
|
|
|
|
|
||||||||||||
| AdvisorShares Accuvest Global Long Short ETF |
AdvisorShares Accuvest Global Opportunities ETF |
AdvisorShares Athena High Dividend ETF |
AdvisorShares Athena International Bear ETF |
|||||||||||||
| ASSETS |
||||||||||||||||
| Investments, at Cost | $ | 10,102,160 | $ | 4,413,407 | $ | 13,413,414 | $ | 42,611 | ||||||||
| Repurchase Agreements, at Cost (Note 3) | — | 584,667 | 1,015,624 | — | ||||||||||||
| Investments in Affiliates, at Cost (Note 8) | — | — | — | 505,000 | ||||||||||||
| Total Cost of Investments | 10,102,160 | 4,998,074 | 14,429,038 | 547,611 | ||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) | 9,875,302 | 4,247,137 | 12,334,326 | 42,611 | ||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | — | 584,667 | 1,015,624 | — | ||||||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | — | — | 500,960 | ||||||||||||
| Total Market Value of Investments | 9,875,302 | 4,831,804 | 13,349,950 | 543,571 | ||||||||||||
| Cash | 31,048 | — | 2,451 | 851,409 | ||||||||||||
| Cash collateral held at brokers | 974,673 | — | — | 571,594 | ||||||||||||
| Receivable from Securities Sold | — | — | — | — | ||||||||||||
| Unrealized Appreciation on Swaps Contracts | 291,698 | — | — | — | ||||||||||||
| Dividends and Interest Receivable | 2 | 3,181 | 47,982 | 23 | ||||||||||||
| Reclaim Receivable | — | — | 528 | — | ||||||||||||
| Due from Investment Advisor | — | 2,987 | — | 5,101 | ||||||||||||
| Prepaid CCO Fees | — | — | — | — | ||||||||||||
| Prepaid Trustee Fees | — | — | 4 | — | ||||||||||||
| Prepaid Expenses | 1,053 | 863 | 11,051 | 859 | ||||||||||||
| Total Assets | 11,173,776 | 4,838,835 | 13,411,966 | 1,972,557 | ||||||||||||
| LIABILITIES |
||||||||||||||||
| Cash collateral for securities on loan | — | 584,667 | 1,015,624 | — | ||||||||||||
| Securities Sold, Not Yet Purchased(b) | — | — | — | 961,668 | ||||||||||||
| Advisory Payable | 9,693 | — | 903 | — | ||||||||||||
| Payable for Securities Purchased | — | — | — | — | ||||||||||||
| Distributions Payable | — | 70,827 | — | — | ||||||||||||
| Capital Gain Payable | — | — | — | — | ||||||||||||
| Dividend Payable on Securities Sold, Not Yet Purchased | — | — | — | 115 | ||||||||||||
| Trustee Fees Payable | 361 | 363 | — | 1,472 | ||||||||||||
| CCO Fee Payable | 303 | 1,003 | 424 | 576 | ||||||||||||
| Interest Payable | 113,496 | — | — | — | ||||||||||||
| Payable to Global Echo Foundation | — | — | — | — | ||||||||||||
| Accrued Expenses | 34,756 | 32,223 | 12,902 | 29,120 | ||||||||||||
| Total Liabilities | 158,609 | 689,083 | 1,029,853 | 992,951 | ||||||||||||
| NET ASSETS | $ | 11,015,167 | $ | 4,149,752 | $ | 12,382,113 | $ | 979,606 | ||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||
| Capital Stock at Zero Par Value | $ | 24,585,797 | $ | 10,084,032 | 14,358,522 | $ | 1,357,475 | |||||||||
| Undistributed Net Investment Income (Loss) | (80,991 | ) | (37,357 | ) | 10,493 | (41,035 | ) | |||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, options written | (13,554,479 | ) | (5,730,653 | ) | (907,814 | ) | (301,842 | ) | ||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations | 64,840 | (166,270 | ) | (1,079,088 | ) | (34,992 | ) | |||||||||
| NET ASSETS | $ | 11,015,167 | $ | 4,149,752 | $ | 12,382,113 | $ | 979,606 | ||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 550,000 | 175,000 | 600,000 | 50,000 | ||||||||||||
| Net Asset Value (NAV) Per Share | $ | 20.03 | $ | 23.71 | $ | 20.64 | $ | 19.59 | ||||||||
| (a) Market value of securities on loan | $ | — | $ | 573,130 | $ | 980,424 | $ | — | ||||||||
| (b) Proceeds Received from Securities Sold, Not Yet Purchased |
$ | — | $ | — | $ | — | $ | 930,716 | ||||||||
See accompanying Notes to Financial Statements.
76
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares EquityPro ETF |
AdvisorShares Gartman Gold/British Pound ETF (consolidated) |
AdvisorShares Gartman Gold/Euro ETF (consolidated) |
AdvisorShares Gartman Gold/Yen ETF (consolidated) |
AdvisorShares Global Echo ETF |
AdvisorShares International Gold ETF |
|||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||
| Investments, at Cost | $ | 28,567,507 | $ | 237,032 | $ | 1,605,842 | $ | 5,262,611 | $ | 5,726,144 | $ | 133,212 | ||||||||||||||||
| Repurchase Agreements, at Cost (Note 3) | 6,135,577 | — | — | — | 263,151 | — | ||||||||||||||||||||||
| Investments in Affiliates, at Cost (Note 8) | — | — | — | — | — | 530,357 | ||||||||||||||||||||||
| Total Cost of Investments | 34,703,084 | 237,032 | 1,605,842 | 5,262,611 | 5,989,295 | 663,569 | ||||||||||||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2) (a) | 29,309,342 | 237,032 | 1,605,842 | 5,262,611 | 6,277,844 | 127,683 | ||||||||||||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | 6,135,577 | — | — | — | 263,151 | — | ||||||||||||||||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | — | — | — | — | 513,121 | ||||||||||||||||||||||
| Total Market Value of Investments | 35,444,919 | 237,032 | 1,605,842 | 5,262,611 | 6,540,995 | 640,804 | ||||||||||||||||||||||
| Cash | — | — | — | — | 20,393 | — | ||||||||||||||||||||||
| Cash collateral held at brokers | — | 358,847 | 894,777 | 2,277,726 | — | — | ||||||||||||||||||||||
| Receivable from Securities Sold | — | — | — | — | 10,038 | — | ||||||||||||||||||||||
| Unrealized Appreciation on Swaps Contracts |
— | — | — | — | — | — | ||||||||||||||||||||||
| Dividends and Interest Receivable | 76,985 | — | — | — | 23,339 | — | ||||||||||||||||||||||
| Reclaim Receivable | 182 | — | — | — | — | — | ||||||||||||||||||||||
| Due from Investment Advisor | — | 11,118 | 9,804 | 7,378 | — | 7,877 | ||||||||||||||||||||||
| Prepaid CCO Fees | 106 | — | — | — | — | — | ||||||||||||||||||||||
| Prepaid Trustee Fees | — | 538 | 538 | 541 | — | 538 | ||||||||||||||||||||||
| Prepaid Expenses | 5,285 | 18,783 | 20,779 | 20,562 | — | 10,321 | ||||||||||||||||||||||
| Total Assets | 35,527,477 | 626,318 | 2,531,740 | 7,568,818 | 6,594,765 | 659,540 | ||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||
| Cash collateral for securities on loan | 6,135,577 | — | — | — | 263,151 | — | ||||||||||||||||||||||
| Securities Sold, Not Yet Purchased (b) | — | — | — | — | — | — | ||||||||||||||||||||||
| Advisory Payable | 20,554 | — | — | — | 5,860 | — | ||||||||||||||||||||||
| Payable for Securities Purchased | — | — | — | — | 20,116 | — | ||||||||||||||||||||||
| Distributions Payable | 269,923 | 27,900 | 27,862 | 24,357 | — | 7,837 | ||||||||||||||||||||||
| Capital Gain Payable | 463,353 | — | — | — | — | — | ||||||||||||||||||||||
| Dividend Payable on Securities Sold, Not Yet Purchased | — | — | — | — | — | — | ||||||||||||||||||||||
| Trustee Fees Payable | 303 | — | — | — | — | — | ||||||||||||||||||||||
| CCO Fee Payable | — | 35 | 30 | 4 | — | 36 | ||||||||||||||||||||||
| Interest Payable | — | — | — | — | — | — | ||||||||||||||||||||||
| Payable to Global Echo Foundation | — | — | — | — | 2,131 | — | ||||||||||||||||||||||
| Accrued Expenses | 53,991 | 22,593 | 23,791 | 23,474 | — | 24,818 | ||||||||||||||||||||||
| Total Liabilities | 6,943,701 | 50,528 | 51,683 | 47,835 | 291,258 | 32,691 | ||||||||||||||||||||||
| NET ASSETS | $ | 28,583,776 | $ | 575,790 | $ | 2,480,057 | $ | 7,520,983 | $ | 6,303,507 | $ | 626,849 | ||||||||||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||||||||||||||
| Capital Stock at Zero Par Value | $ | 28,282,318 | $ | 628,769 | $ | 2,558,460 | $ | 7,528,428 | $ | 5,324,923 | $ | 643,573 | ||||||||||||||||
| Undistributed Net Investment Income (Loss) | 250,540 | (34,588 | ) | (36,523 | ) | (46,236 | ) | (5,685 | ) | (839 | ) | |||||||||||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, options written | (690,917 | ) | (15,339 | ) | (78,728 | ) | 21,409 | 432,569 | 6,880 | |||||||||||||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations | 741,835 | (3,052 | ) | 36,848 | 17,382 | 551,700 | (22,765 | ) | ||||||||||||||||||||
| NET ASSETS | $ | 28,583,776 | $ | 575,790 | $ | 2,480,057 | $ | 7,520,983 | $ | 6,303,507 | $ | 626,849 | ||||||||||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 950,000 | 50,000 | 200,000 | 575,000 | 100,000 | 50,000 | ||||||||||||||||||||||
| Net Asset Value (NAV) Per Share | $ | 30.09 | $ | 11.52 | $ | 12.40 | $ | 13.08 | $ | 63.04 | $ | 12.54 | ||||||||||||||||
| (a) Market value of securities on loan | $ | 6,001,123 | $ | — | $ | — | $ | — | $ | 256,306 | $ | — | ||||||||||||||||
| (b) Proceeds Received from Securities Sold, Not Yet Purchased | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
See accompanying Notes to Financial Statements.
77
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2014 (Unaudited)
|
|
|
|
|
||||||||||||
| AdvisorShares Madrona Domestic ETF |
AdvisorShares Madrona Global Bond ETF |
AdvisorShares Madrona International ETF |
AdvisorShares Meidell Tactical Advantage ETF |
|||||||||||||
| ASSETS |
||||||||||||||||
| Investments, at Cost | $ | 25,877,634 | $ | 27,179,595 | $ | 18,024,880 | $ | 15,626,816 | ||||||||
| Repurchase Agreements, at Cost (Note 3) | 423,915 | 3,452,929 | 2,566,538 | 3,717,019 | ||||||||||||
| Investments in Affiliates, at Cost (Note 8) | — | — | — | — | ||||||||||||
| Total Cost of Investments | 26,301,549 | 30,632,524 | 20,591,418 | 19,343,835 | ||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) |
29,995,068 | 27,423,142 | 16,708,890 | 15,932,319 | ||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | 423,915 | 3,452,929 | 2,566,538 | 3,717,019 | ||||||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | — | — | — | ||||||||||||
| Total Market Value of Investments | 30,418,983 | 30,876,071 | 19,275,428 | 19,649,338 | ||||||||||||
| Cash | — | — | 239 | — | ||||||||||||
| Cash collateral held at brokers | — | — | — | — | ||||||||||||
| Receivable from Securities Sold | — | — | — | 1,548,662 | ||||||||||||
| Dividends and Interest Receivable | 23,683 | 119,512 | 27,176 | 2,943 | ||||||||||||
| Reclaim Receivable | — | — | 6,915 | — | ||||||||||||
| Due from Investment Advisor | — | — | — | — | ||||||||||||
| Prepaid Trustee Fees | — | — | — | — | ||||||||||||
| Prepaid Expenses | 1,059 | 588 | 419 | 375 | ||||||||||||
| Total Assets | 30,443,725 | 30,996,171 | 19,310,177 | 21,201,318 | ||||||||||||
| LIABILITIES |
||||||||||||||||
| Due to Custodian | — | — | — | — | ||||||||||||
| Cash collateral for securities on loan | 423,915 | 3,452,929 | 2,566,538 | 3,717,019 | ||||||||||||
| Securities Sold, Not Yet Purchased(b) | — | — | — | — | ||||||||||||
| Advisory Payable | 17,550 | 10,913 | 4,224 | 7,688 | ||||||||||||
| Payable for Securities Purchased | — | — | — | 1,536,603 | ||||||||||||
| Distributions Payable | — | — | — | 93,938 | ||||||||||||
| Dividend Payable on Securities Sold, Not Yet Purchased | — | — | — | — | ||||||||||||
| Trustee Fees Payable | 362 | 363 | 371 | 376 | ||||||||||||
| CCO Fee Payable | 966 | 1,012 | 959 | 778 | ||||||||||||
| Interest Payable | — | — | — | — | ||||||||||||
| Accrued Expenses | 28,244 | 34,564 | 28,817 | 33,188 | ||||||||||||
| Total Liabilities | 471,037 | 3,499,781 | 2,600,909 | 5,389,590 | ||||||||||||
| NET ASSETS | $ | 29,972,688 | $ | 27,496,390 | $ | 16,709,268 | $ | 15,811,728 | ||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||
| Capital Stock at Zero Par Value | $ | 24,381,611 | $ | 27,619,965 | $ | 19,438,626 | $ | 16,052,106 | ||||||||
| Undistributed Net Investment Income (Loss) | (3,183 | ) | 17,321 | (33,833 | ) | (3,198 | ) | |||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, options written | 1,476,826 | (384,443 | ) | (1,379,535 | ) | (542,683 | ) | |||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations | 4,117,434 | 243,547 | (1,315,990 | ) | 305,503 | |||||||||||
| NET ASSETS | $ | 29,972,688 | $ | 27,496,390 | $ | 16,709,268 | $ | 15,811,728 | ||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 700,000 | 1,075,000 | 650,000 | 525,000 | ||||||||||||
| Net Asset Value (NAV) Per Share | $ | 42.82 | $ | 25.58 | $ | 25.71 | $ | 30.12 | ||||||||
| (a) Market value of securities on loan | $ | 514,236 | $ | 3,371,856 | $ | 2,544,241 | $ | 3,635,210 | ||||||||
| (b) Proceeds Received from Securities Sold, Not Yet Purchased |
$ | — | $ | — | $ | — | $ | — | ||||||||
| (1) | Formerly know as, AdvisorShares Cambria Global Tactical ETF. |
See accompanying Notes to Financial Statements.
78
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Morgan Creek Global Tactical ETF(1) |
AdvisorShares Newfleet Multi-Sector Income ETF |
AdvisorShares Peritus High Yield ETF |
AdvisorShares Pring Turner Business Cycle ETF |
AdvisorShares QAM Equity Hedge ETF |
AdvisorShares Ranger Equity Bear ETF |
|||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||
| Investments, at Cost | $ | 13,937,843 | $ | 193,057,804 | $ | 520,007,555 | $ | 4,371,620 | $ | 7,919,077 | $ | 23,243,749 | ||||||||||||||||
| Repurchase Agreements, at Cost (Note 3) | 2,585,092 | 1,970,668 | 97,535,051 | 190,858 | — | — | ||||||||||||||||||||||
| Investments in Affiliates, at Cost (Note 8) | — | — | — | — | 419,615 | 29,997,150 | ||||||||||||||||||||||
| Total Cost of Investments | 16,522,935 | 195,028,472 | 617,542,606 | 4,562,478 | 8,338,692 | 53,240,899 | ||||||||||||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2) (a) | 14,052,177 | 190,856,718 | 428,404,725 | 4,512,457 | 8,036,474 | 23,243,749 | ||||||||||||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | 2,585,092 | 1,970,668 | 97,535,051 | 190,858 | — | — | ||||||||||||||||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | — | — | — | 416,640 | 29,760,000 | ||||||||||||||||||||||
| Total Market Value of Investments | 16,637,269 | 192,827,386 | 525,939,776 | 4,703,315 | 8,453,114 | 53,003,749 | ||||||||||||||||||||||
| Cash | — | 176,637 | — | — | 6,253 | 76,109,147 | ||||||||||||||||||||||
| Cash collateral held at brokers | — | — | — | — | 586,611 | 137,214,186 | ||||||||||||||||||||||
| Receivable from Securities Sold | — | 830 | 8,515,634 | — | — | 2,703,520 | ||||||||||||||||||||||
| Dividends and Interest Receivable | 20,636 | 927,822 | 9,872,864 | 8,443 | 15,861 | 328 | ||||||||||||||||||||||
| Reclaim Receivable | — | — | — | 379 | — | — | ||||||||||||||||||||||
| Due from Investment Advisor | 5,301 | — | — | 2,005 | 236 | — | ||||||||||||||||||||||
| Prepaid Trustee Fees | — | — | 1,014 | — | — | — | ||||||||||||||||||||||
| Prepaid Expenses | 60,210 | 14,538 | 115,903 | 211 | 1,088 | 3,809 | ||||||||||||||||||||||
| Total Assets | 16,723,416 | 193,947,213 | 544,445,191 | 4,714,353 | 9,063,163 | 269,034,739 | ||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||
| Due to Custodian | 15,414 | — | 12,858,166 | — | — | — | ||||||||||||||||||||||
| Cash collateral for securities on loan | 2,585,092 | 1,970,668 | 97,535,051 | 190,858 | — | — | ||||||||||||||||||||||
| Securities Sold, Not Yet Purchased (b) | — | — | — | — | 561,471 | 133,362,970 | ||||||||||||||||||||||
| Advisory Payable | — | 93,393 | 461,908 | — | — | 183,251 | ||||||||||||||||||||||
| Payable for Securities Purchased | — | 471,630 | — | — | — | 337,197 | ||||||||||||||||||||||
| Distributions Payable | 354,156 | — | — | — | 64,929 | — | ||||||||||||||||||||||
| Dividend Payable on Securities Sold, Not Yet Purchased | — | — | — | — | — | 23,809 | ||||||||||||||||||||||
| Trustee Fees Payable | 351 | 182 | — | 390 | 387 | 171 | ||||||||||||||||||||||
| CCO Fee Payable | 264 | 1,898 | 5,478 | 648 | 650 | 6,476 | ||||||||||||||||||||||
| Interest Payable | — | — | — | — | — | 32,486 | ||||||||||||||||||||||
| Accrued Expenses | 30,995 | 33,861 | 21,936 | 36,207 | 33,308 | 67,404 | ||||||||||||||||||||||
| Total Liabilities | 2,986,272 | 2,571,632 | 110,882,539 | 228,103 | 660,745 | 134,013,764 | ||||||||||||||||||||||
| NET ASSETS | $ | 13,737,144 | $ | 191,375,581 | $ | 433,562,652 | $ | 4,486,250 | $ | 8,402,418 | $ | 135,020,975 | ||||||||||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||||||||||||||
| Capital Stock at Zero Par Value | $ | 31,415,595 | $ | 194,371,338 | $ | 562,756,011 | $ | 4,697,581 | $ | 8,087,512 | $ | 301,536,280 | ||||||||||||||||
| Undistributed Net Investment Income (Loss) | 132,899 | (225,153 | ) | (1,938,877 | ) | 1,771 | 4,706 | (4,389,624 | ) | |||||||||||||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, options written | (17,925,684 | ) | (569,518 | ) | (35,651,652 | ) | (353,939 | ) | 163,277 | (165,785,856 | ) | |||||||||||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations | 114,334 | (2,201,086 | ) | (91,602,830 | ) | 140,837 | 146,923 | 3,660,175 | ||||||||||||||||||||
| NET ASSETS | $ | 13,737,144 | $ | 191,375,581 | $ | 433,562,652 | $ | 4,486,250 | $ | 8,402,418 | $ | 135,020,975 | ||||||||||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 550,000 | 3,900,000 | 10,300,000 | 175,000 | 300,000 | 11,775,000 | ||||||||||||||||||||||
| Net Asset Value (NAV) Per Share | $ | 24.98 | $ | 49.07 | $ | 42.09 | $ | 25.64 | $ | 28.01 | $ | 11.47 | ||||||||||||||||
| (a) Market value of securities on loan | $ | 2,520,590 | $ | 4,003,964 | $ | 94,307,911 | $ | 187,088 | $ | — | $ | — | ||||||||||||||||
| (b) Proceeds Received from Securities Sold, Not Yet Purchased | $ | — | $ | — | $ | — | $ | — | $ | 593,972 | $ | 137,260,296 | ||||||||||||||||
See accompanying Notes to Financial Statements.
79
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2014 (Unaudited)
|
|
|
|
|||||||||
| AdvisorShares Sage Core Reserves ETF |
AdvisorShares STAR Global Buy-Write ETF |
AdvisorShares Sunrise Global Multi-Strategy ETF |
||||||||||
| ASSETS |
||||||||||||
| Investments, at Cost | $ | 37,157,911 | $ | 23,782,428 | $ | 2,147,184 | ||||||
| Repurchase Agreements, at Cost (Note 3) | 290,707 | — | — | |||||||||
| Investments in Affiliates, at Cost (Note 8) | — | 250,025 | — | |||||||||
| Total Cost of Investments | 37,448,618 | 24,032,453 | 2,147,184 | |||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) | 36,982,751 | 25,548,880 | 2,256,923 | |||||||||
| Repurchase Agreements, at Market Value (Note 3) | 290,707 | — | — | |||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | 248,000 | — | |||||||||
| Total Market Value of Investments | 37,273,458 | 25,796,880 | 2,256,923 | |||||||||
| Cash | — | 734,839 | — | |||||||||
| Cash collateral held at brokers | 19,576 | — | 234,434 | |||||||||
| Receivable from Securities Sold | — | — | — | |||||||||
| Capital Shares Receivable | — | — | — | |||||||||
| Dividends and Interest Receivable | 203,108 | 62,143 | — | |||||||||
| Reclaim Receivable | — | — | — | |||||||||
| Due from Investment Advisor | 1,800 | — | 6,650 | |||||||||
| Prepaid CCO Fees | — | — | — | |||||||||
| Prepaid Trustee Fees | — | — | — | |||||||||
| Prepaid Expenses | 18,546 | 7,021 | 12,123 | |||||||||
| Total Assets | 37,516,488 | 26,600,883 | 2,510,130 | |||||||||
| LIABILITIES |
||||||||||||
| Due to Custodian | — | — | — | |||||||||
| Cash collateral for securities on loan | 290,707 | — | — | |||||||||
| Options Written, at value(b) | — | 60,951 | — | |||||||||
| Advisory Payable | — | 30,352 | — | |||||||||
| Capital Shares Payable | — | — | — | |||||||||
| Distributions Payable | — | — | 45,346 | |||||||||
| Trustee Fees Payable | 132 | 360 | 158 | |||||||||
| CCO Fee Payable | 660 | 1,050 | 399 | |||||||||
| Accrued Expenses | 23,384 | 34,248 | 13,994 | |||||||||
| Total Liabilities | 314,883 | 126,961 | 59,897 | |||||||||
| NET ASSETS | $ | 37,201,605 | $ | 26,473,922 | $ | 2,450,233 | ||||||
| COMPONENTS OF NET ASSETS |
||||||||||||
| Capital Stock at Zero Par Value | $ | 37,495,615 | $ | 24,649,774 | $ | 2,491,353 | ||||||
| Undistributed Net Investment Income (Loss) | (82,331 | ) | (48,979 | ) | (42,578 | ) | ||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, options written | (21,730 | ) | 100,892 | (114,384 | ) | |||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations | (189,949 | ) | 1,772,235 | 115,842 | ||||||||
| NET ASSETS | $ | 37,201,605 | $ | 26,473,922 | $ | 2,450,233 | ||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 375,000 | 1,000,000 | 100,000 | |||||||||
| Net Asset Value (NAV) Per Share | $ | 99.20 | $ | 26.47 | $ | 24.50 | ||||||
| (a) Market value of securities on loan | $ | — | $ | — | $ | — | ||||||
| (b) Premiums Received for Options Written | $ | — | $ | 68,759 | $ | — | ||||||
See accompanying Notes to Financial Statements.
80
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
AdvisorShares YieldPro ETF |
||||||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||
| Investments, at Cost | $ | 165,338,520 | $ | 13,171,873 | $ | 60,376,930 | ||||||||||||||||||||||
| Repurchase Agreements, at Cost (Note 3) | 90,912 | 1,135,197 | — | |||||||||||||||||||||||||
| Investments in Affiliates, at Cost (Note 8) | — | — | — | |||||||||||||||||||||||||
| Total Cost of Investments | 165,429,432 | 14,307,070 | 60,376,930 | |||||||||||||||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2) (a) | 174,705,431 | 14,852,617 | 59,895,678 | |||||||||||||||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | 90,912 | 1,135,197 | — | |||||||||||||||||||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | — | — | |||||||||||||||||||||||||
| Total Market Value of Investments | 174,796,343 | 15,987,814 | 59,895,678 | |||||||||||||||||||||||||
| Cash | — | — | — | |||||||||||||||||||||||||
| Cash collateral held at brokers | — | — | — | |||||||||||||||||||||||||
| Receivable from Securities Sold | — | — | 965,762 | |||||||||||||||||||||||||
| Capital Shares Receivable | 1,395,205 | — | — | |||||||||||||||||||||||||
| Dividends and Interest Receivable | 121,607 | 12,346 | 111,440 | |||||||||||||||||||||||||
| Reclaim Receivable | — | 17,414 | — | |||||||||||||||||||||||||
| Due from Investment Advisor | — | — | — | |||||||||||||||||||||||||
| Prepaid CCO Fees | — | 215 | 139 | |||||||||||||||||||||||||
| Prepaid Trustee Fees | — | — | 220 | |||||||||||||||||||||||||
| Prepaid Expenses | 17,888 | 487 | 22,900 | |||||||||||||||||||||||||
| Total Assets | 176,331,043 | 16,018,276 | 60,996,139 | |||||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||
| Due to Custodian | 372,942 | — | — | |||||||||||||||||||||||||
| Cash collateral for securities on loan | 90,912 | 1,135,197 | — | |||||||||||||||||||||||||
| Options Written, at value (b) | — | — | — | |||||||||||||||||||||||||
| Advisory Payable | 140,048 | 4,663 | 42,508 | |||||||||||||||||||||||||
| Capital Shares Payable | 1,398,243 | — | 1,194,758 | |||||||||||||||||||||||||
| Distributions Payable | — | — | — | |||||||||||||||||||||||||
| Trustee Fees Payable | 205 | 381 | — | |||||||||||||||||||||||||
| CCO Fee Payable | 1,834 | — | — | |||||||||||||||||||||||||
| Accrued Expenses | 34,865 | 37,514 | 20,981 | |||||||||||||||||||||||||
| Total Liabilities | 2,039,049 | 1,177,755 | 1,258,247 | |||||||||||||||||||||||||
| NET ASSETS | $ | 174,291,994 | $ | 14,840,521 | $ | 59,737,892 | ||||||||||||||||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||||||||||||||
| Capital Stock at Zero Par Value | $ | 161,251,774 | $ | 13,755,142 | $ | 62,957,243 | ||||||||||||||||||||||
| Undistributed Net Investment Income (Loss) | 15,034 | (2,141 | ) | 167,686 | ||||||||||||||||||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, options written | 3,658,275 | (593,224 | ) | (2,905,785 | ) | |||||||||||||||||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations | 9,366,911 | 1,680,744 | (481,252 | ) | ||||||||||||||||||||||||
| NET ASSETS | $ | 174,291,994 | $ | 14,840,521 | $ | 59,737,892 | ||||||||||||||||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 3,150,000 | 400,000 | 2,500,000 | |||||||||||||||||||||||||
| Net Asset Value (NAV) Per Share | $ | 55.33 | $ | 37.10 | $ | 23.90 | ||||||||||||||||||||||
| (a) Market value of securities on loan | $ | 88,596 | $ | 1,079,531 | $ | — | ||||||||||||||||||||||
| (b) Premiums Received for Options Written | $ | — | $ | — | $ | — | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
81
ADVISORSHARES TRUST
Statements of Operations
For the Six Months or Period Ended December 31, 2014 (Unaudited)
|
|
|
|
|
||||||||||||
| AdvisorShares Accuvest Global Long Short ETF |
AdvisorShares Accuvest Global Opportunities ETF |
AdvisorShares Athena High Dividend ETF(1) |
AdvisorShares Athena International Bear ETF |
|||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||
| Dividend Income | $ | 92,056 | $ | 62,776 | $ | 217,950 | $ | – | ||||||||
| Dividend Income from Affiliates | – | – | – | 2,114 | ||||||||||||
| Interest Income | 5 | – | – | 63 | ||||||||||||
| Securities lending income (Note 2) | – | 48,676 | 4,601 | – | ||||||||||||
| Foreign withholding tax | – | – | (4,802 | ) | (3 | ) | ||||||||||
| Total Investment Income | 92,061 | 111,452 | 217,749 | 2,174 | ||||||||||||
| EXPENSES: |
||||||||||||||||
| Advisory Fees | 155,747 | 92,691 | 31,362 | 7,711 | ||||||||||||
| Accounting & Administration Fees | 37,460 | 37,809 | 1,568 | 27,631 | ||||||||||||
| Professional Fees | 14,330 | 13,297 | 25,613 | 12,188 | ||||||||||||
| Report to Shareholders | 5,928 | 3,405 | 4,540 | 3,082 | ||||||||||||
| Pricing Fees | 4,040 | 2,524 | 2,372 | 4,062 | ||||||||||||
| Exchange Listing Fees | 3,788 | 3,787 | 8,075 | 4,415 | ||||||||||||
| Trustee Fees | 1,551 | 1,552 | 1,249 | 1,720 | ||||||||||||
| Custody Fees | 1,073 | 917 | 1,832 | – | ||||||||||||
| Transfer Agent Fees | 865 | 732 | 294 | 43 | ||||||||||||
| Insurance Fees | 780 | 478 | 680 | 193 | ||||||||||||
| Registration Fees | 123 | 321 | 791 | 38 | ||||||||||||
| Interest on Securities Sold, Not Yet Purchased | – | – | – | 6,527 | ||||||||||||
| Dividend Expense | – | – | – | 7,431 | ||||||||||||
| Contribution to Global Echo Foundation | – | – | – | – | ||||||||||||
| CCO Fees | 1,613 | 1,542 | 1,297 | 1,029 | ||||||||||||
| Miscellaneous Fees | 1,777 | 1,075 | 832 | 392 | ||||||||||||
| Total Expenses | 229,075 | 160,130 | 80,505 | 76,462 | ||||||||||||
| Advisory Fees Waived/Recoupment | (56,023 | ) | (38,169 | ) | (31,362 | ) | (7,711 | ) | ||||||||
| Expense Reimbursement | – | – | (10,332 | ) | (46,226 | ) | ||||||||||
| Net Expenses | 173,052 | 121,961 | 38,811 | 22,525 | ||||||||||||
| Net Investment Income (Loss) | (80,991 | ) | (10,509 | ) | 178,938 | (20,351 | ) | |||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||||||
| Investments | (1,651,627 | ) | (2,074,688 | ) | (907,814 | ) | (102 | ) | ||||||||
| Investments in Affiliates | – | – | – | (1,284 | ) | |||||||||||
| In-Kind Redemptions | 338,905 | (318,428 | ) | – | – | |||||||||||
| In-Kind Redemptions in Affiliates | – | – | – | – | ||||||||||||
| Swaps | 860,646 | – | – | – | ||||||||||||
| Short Sales | – | – | – | (68,084 | ) | |||||||||||
| Futures | – | – | – | – | ||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||
| Investments | (590,820 | ) | (174,730 | ) | (1,079,088 | ) | (2,700 | ) | ||||||||
| Short Sales | – | – | – | 11,644 | ||||||||||||
| Swaps | 260,669 | – | – | – | ||||||||||||
| Futures | – | – | – | – | ||||||||||||
| Net Realized and Unrealized Gain (Loss) | (782,227 | ) | (2,567,846 | ) | (1,986,902 | ) | (60,526 | ) | ||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (863,218 | ) | $ | (2,578,355 | ) | $ | (1,807,964 | ) | $ | (80,877 | ) | ||||
| (1) | Represents the period July 29, 2014 (commencement of operations) to December 31, 2014. |
See accompanying Notes to Financial Statements.
82
ADVISORSHARES TRUST
Statements of Operations
For the Six Months or Period Ended December 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares EquityPro ETF |
AdvisorShares Gartman Gold/British Pound ETF (consolidated) |
AdvisorShares Gartman Gold/Euro ETF (consolidated) |
AdvisorShares Gartman Gold/Yen ETF (consolidated) |
AdvisorShares Global Echo ETF |
AdvisorShares International Gold ETF |
|||||||||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||||||||||
| Dividend Income | $ | 275,458 | $ | – | $ | – | $ | – | $ | 25,690 | $ | – | ||||||||||||||||
| Dividend Income from Affiliates | – | – | – | – | – | 17,145 | ||||||||||||||||||||||
| Interest Income | 34 | 142 | 208 | 547 | 16,688 | 6 | ||||||||||||||||||||||
| Securities lending income (Note 2) | 134,178 | – | – | – | 3,962 | – | ||||||||||||||||||||||
| Foreign withholding tax | (322 | ) | – | – | – | (764 | ) | – | ||||||||||||||||||||
| Total Investment Income | 409,348 | 142 | 208 | 547 | 45,576 | 17,151 | ||||||||||||||||||||||
| EXPENSES: |
||||||||||||||||||||||||||||
| Advisory Fees | 101,647 | 3,195 | 4,886 | 12,578 | 36,026 | 4,755 | ||||||||||||||||||||||
| Accounting & Administration Fees | 12,560 | 12,671 | 12,666 | 12,885 | – | 9,341 | ||||||||||||||||||||||
| Professional Fees | 21,456 | 23,461 | 22,876 | 23,007 | – | 20,194 | ||||||||||||||||||||||
| Report to Shareholders | 2,372 | 4,348 | 4,350 | 4,397 | – | 4,300 | ||||||||||||||||||||||
| Pricing Fees | 2,383 | 3,555 | 3,555 | 3,555 | – | 3,555 | ||||||||||||||||||||||
| Exchange Listing Fees | 3,119 | 5,790 | 5,790 | 5,790 | – | 5,790 | ||||||||||||||||||||||
| Trustee Fees | 1,480 | 1,597 | 1,597 | 1,598 | – | 1,597 | ||||||||||||||||||||||
| Custody Fees | 582 | – | – | 55 | – | – | ||||||||||||||||||||||
| Transfer Agent Fees | 953 | 43 | 67 | 171 | – | 45 | ||||||||||||||||||||||
| Insurance Fees | 68 | 19 | 19 | 34 | – | 19 | ||||||||||||||||||||||
| Registration Fees | 1,286 | 142 | 89 | 254 | – | 89 | ||||||||||||||||||||||
| Interest on Securities Sold, Not Yet Purchased | – | – | – | – | – | – | ||||||||||||||||||||||
| Dividend Expense | – | – | – | – | – | – | ||||||||||||||||||||||
| Contribution to Global Echo Foundation | – | – | – | – | 13,100 | – | ||||||||||||||||||||||
| CCO Fees | 781 | 967 | 968 | 991 | – | 967 | ||||||||||||||||||||||
| Miscellaneous Fees | 393 | 7,889 | 7,923 | 7,962 | – | 966 | ||||||||||||||||||||||
| Total Expenses | 149,080 | 63,677 | 64,786 | 73,277 | 49,126 | 51,618 | ||||||||||||||||||||||
| Advisory Fees Waived/Recoupment | 9,723 | (3,195 | ) | (4,886 | ) | (12,578 | ) | – | (4,755 | ) | ||||||||||||||||||
| Expense Reimbursement | – | (56,707 | ) | (54,124 | ) | (45,830 | ) | – | (41,217 | ) | ||||||||||||||||||
| Net Expenses | 158,803 | 3,775 | 5,776 | 14,869 | 49,126 | 5,646 | ||||||||||||||||||||||
| Net Investment Income (Loss) | 250,545 | (3,633 | ) | (5,568 | ) | (14,322 | ) | (3,550 | ) | 11,505 | ||||||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||||||||||||||||||||||||||
| Net Realized Gain (Loss) on: | ||||||||||||||||||||||||||||
| Investments | (531,840 | ) | (50 | ) | (10 | ) | – | 61,955 | (13,601 | ) | ||||||||||||||||||
| Investments in Affiliates | – | – | – | – | (2,935 | ) | 20,481 | |||||||||||||||||||||
| In-Kind Redemptions | 84,250 | – | – | – | 429,773 | – | ||||||||||||||||||||||
| In-Kind Redemptions in Affiliates | – | – | – | – | 213 | – | ||||||||||||||||||||||
| Swaps | – | – | – | – | – | – | ||||||||||||||||||||||
| Short Sales | – | – | – | – | – | – | ||||||||||||||||||||||
| Futures | – | 22,167 | 49,910 | 325,281 | – | – | ||||||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
| Investments | (418,722 | ) | – | – | – | (307,842 | ) | (35,107 | ) | |||||||||||||||||||
| Short Sales | – | – | – | – | – | – | ||||||||||||||||||||||
| Swaps | – | – | – | – | – | – | ||||||||||||||||||||||
| Futures | – | (43,155 | ) | (21,384 | ) | (123,456 | ) | – | – | |||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (866,312 | ) | (21,038 | ) | 28,516 | 201,825 | 181,164 | (28,227 | ) | |||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (615,767 | ) | $ | (24,671 | ) | $ | 22,948 | $ | 187,503 | $ | 177,614 | $ | (16,722 | ) | |||||||||||||
See accompanying Notes to Financial Statements.
83
ADVISORSHARES TRUST
Statements of Operations
For the Six Months or Period Ended December 31, 2014 (Unaudited)
|
|
|
|
|
||||||||||||
| AdvisorShares Madrona Domestic ETF |
AdvisorShares Madrona Global Bond ETF |
AdvisorShares Madrona International ETF |
AdvisorShares Meidell Tactical Advantage ETF |
|||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||
| Dividend Income | $ | 236,824 | $ | 506,422 | $ | 156,442 | $ | 120,393 | ||||||||
| Dividend Income from Affiliates | – | 57,711 | – | 93 | ||||||||||||
| Interest Income | 13 | 16 | 15 | 2 | ||||||||||||
| Securities lending income (Note 2) | 3,071 | 33,947 | 39,991 | 9,466 | ||||||||||||
| Foreign withholding tax | (76 | ) | – | (18,835 | ) | – | ||||||||||
| Total Investment Income | 239,832 | 598,096 | 177,613 | 129,954 | ||||||||||||
| EXPENSES: |
||||||||||||||||
| Advisory Fees | 115,195 | 66,372 | 73,853 | 94,574 | ||||||||||||
| Accounting & Administration Fees | 48,669 | 39,531 | 44,748 | 39,050 | ||||||||||||
| Professional Fees | 13,246 | 13,236 | 13,184 | 13,070 | ||||||||||||
| Report to Shareholders. | 3,429 | 4,093 | 3,911 | 3,725 | ||||||||||||
| Pricing Fees | 2,524 | 2,524 | 2,524 | 2,524 | ||||||||||||
| Exchange Listing Fees | 4,145 | 3,788 | 3,788 | 4,025 | ||||||||||||
| Trustee Fees | 1,552 | 1,552 | 1,549 | 1,548 | ||||||||||||
| Custody Fees | 4,519 | 1,112 | 4,902 | 1,311 | ||||||||||||
| Transfer Agent Fees | 1,080 | 996 | 692 | 591 | ||||||||||||
| Insurance Fees | 502 | 516 | 410 | 326 | ||||||||||||
| Registration Fees | 415 | 218 | 46 | 425 | ||||||||||||
| Interest on Securities Sold, Not Yet Purchased | – | – | – | – | ||||||||||||
| Dividend Expense | – | – | – | – | ||||||||||||
| CCO Fees | 1,582 | 1,544 | 1,452 | 1,355 | ||||||||||||
| Miscellaneous Fees | 1,034 | 1,377 | 999 | 590 | ||||||||||||
| Total Expenses | 197,892 | 136,859 | 152,058 | 163,114 | ||||||||||||
| Advisory Fees Waived/Recoupment | (17,899 | ) | (10,752 | ) | (36,663 | ) | (56,718 | ) | ||||||||
| Expense Reimbursement | – | – | – | – | ||||||||||||
| Net Expenses | 179,993 | 126,107 | 115,395 | 106,396 | ||||||||||||
| Net Investment Income (Loss) | 59,839 | 471,989 | 62,218 | 23,558 | ||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||||||
| Investments | 16,685 | (1,145 | ) | (427,505 | ) | (131,894 | ) | |||||||||
| Investments in Affiliates | – | (163,677 | ) | – | (936 | ) | ||||||||||
| In-Kind Redemptions | 2,481,937 | – | 835,988 | 443,292 | ||||||||||||
| In-Kind Redemptions in Affiliates | – | – | – | – | ||||||||||||
| Short Sales | – | – | – | – | ||||||||||||
| Foreign Currency Transactions. | – | – | – | – | ||||||||||||
| Distributions by other Investment Companies | – | 40,711 | – | – | ||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||
| Investments | (1,371,385 | ) | (678,492 | ) | (2,735,238 | ) | (177,936 | ) | ||||||||
| Short Sales | – | – | – | – | ||||||||||||
| Foreign currency translations | – | – | – | – | ||||||||||||
| Net Realized and Unrealized Gain (Loss) | 1,127,237 | (802,603 | ) | (2,326,755 | ) | 132,526 | ||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,187,076 | $ | (330,614 | ) | $ | (2,264,537 | ) | $ | 156,084 | ||||||
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
See accompanying Notes to Financial Statements.
84
ADVISORSHARES TRUST
Statements of Operations
For the Six Months or Period Ended December 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Morgan Creek Global Tactical ETF(1) |
AdvisorShares Newfleet Multi-Sector Income ETF |
AdvisorShares Peritus High Yield ETF |
AdvisorShares Pring Turner Business Cycle ETF |
AdvisorShares QAM Equity Hedge ETF |
AdvisorShares Ranger Equity Bear ETF |
|||||||||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||||||||||
| Dividend Income | $ | 249,589 | $ | – | $ | 2,465,118 | $ | 65,410 | $ | 67,547 | $ | 168 | ||||||||||||||||
| Dividend Income from Affiliates | – | – | – | 7,858 | 1,366 | 102,765 | ||||||||||||||||||||||
| Interest Income | 6 | 2,912,387 | 30,695,288 | 33 | 54 | 3,319 | ||||||||||||||||||||||
| Securities lending income (Note 2) | 23,922 | 7,489 | 522,236 | 4,863 | – | – | ||||||||||||||||||||||
| Foreign withholding tax | – | (2,451 | ) | (372,457 | ) | (1,169 | ) | – | – | |||||||||||||||||||
| Total Investment Income | 273,517 | 2,917,425 | 33,310,185 | 76,995 | 68,967 | 106,252 | ||||||||||||||||||||||
| EXPENSES: |
||||||||||||||||||||||||||||
| Advisory Fees | 101,244 | 564,193 | 4,290,662 | 26,765 | 38,314 | 1,276,318 | ||||||||||||||||||||||
| Accounting & Administration Fees | 38,575 | 70,707 | 144,456 | 32,894 | 37,641 | 39,386 | ||||||||||||||||||||||
| Professional Fees | 34,367 | 14,952 | 21,416 | 13,288 | 13,999 | 17,243 | ||||||||||||||||||||||
| Report to Shareholders. | 12,289 | 13,430 | 58,477 | 2,367 | 3,219 | 26,463 | ||||||||||||||||||||||
| Pricing Fees | 2,524 | 7,760 | 6,458 | 2,670 | 4,040 | 4,040 | ||||||||||||||||||||||
| Exchange Listing Fees | 4,353 | 3,781 | 3,788 | 3,789 | 3,787 | 3,792 | ||||||||||||||||||||||
| Trustee Fees | 1,555 | 1,605 | 1,955 | 1,544 | 1,546 | 1,609 | ||||||||||||||||||||||
| Custody Fees | 4,024 | 8,873 | 31,253 | 352 | – | 6,424 | ||||||||||||||||||||||
| Transfer Agent Fees | 844 | 6,510 | 29,257 | 201 | 287 | 6,382 | ||||||||||||||||||||||
| Insurance Fees | 831 | 2,133 | 8,921 | 223 | 205 | 3,583 | ||||||||||||||||||||||
| Registration Fees | – | 7,914 | 62,307 | – | 294 | 1,567 | ||||||||||||||||||||||
| Interest on Securities Sold, Not Yet Purchased | – | – | – | – | 6,791 | 717,033 | ||||||||||||||||||||||
| Dividend Expense | – | – | – | – | – | 342,018 | ||||||||||||||||||||||
| CCO Fees | 1,603 | 3,924 | 19,460 | 1,106 | 1,181 | 5,592 | ||||||||||||||||||||||
| Miscellaneous Fees | 2,939 | 1,839 | 18,954 | 478 | (381 | ) | 10,526 | |||||||||||||||||||||
| Total Expenses | 205,148 | 707,621 | 4,697,364 | 85,677 | 110,923 | 2,461,976 | ||||||||||||||||||||||
| Advisory Fees Waived/Recoupment | (64,531 | ) | (56,628 | ) | – | (26,765 | ) | (38,314 | ) | – | ||||||||||||||||||
| Expense Reimbursement | – | – | – | (19,032 | ) | (8,348 | ) | – | ||||||||||||||||||||
| Net Expenses | 140,617 | 650,993 | 4,697,364 | 39,880 | 64,261 | 2,461,976 | ||||||||||||||||||||||
| Net Investment Income (Loss) | 132,900 | 2,266,432 | 28,612,821 | 37,115 | 4,706 | (2,355,724 | ) | |||||||||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||||||||||||||||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||||||||||||||||||
| Investments | 122,821 | (166,387 | ) | (40,205,135 | ) | (243,832 | ) | 93,585 | – | |||||||||||||||||||
| Investments in Affiliates | – | – | – | (36,870 | ) | – | – | |||||||||||||||||||||
| In-Kind Redemptions | 1,379,544 | – | 4,663,841 | 35,639 | 109,503 | – | ||||||||||||||||||||||
| In-Kind Redemptions in Affiliates | – | – | – | – | (213 | ) | – | |||||||||||||||||||||
| Short Sales | – | – | – | – | 31,509 | (13,696,151 | ) | |||||||||||||||||||||
| Foreign Currency Transactions | – | (2,019 | ) | – | – | – | – | |||||||||||||||||||||
| Distributions by other Investment Companies | – | – | – | 236 | 3,848 | – | ||||||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
| Investments | (2,316,497 | ) | (2,602,061 | ) | (119,656,826 | ) | (411,943 | ) | (392,327 | ) | (183,000 | ) | ||||||||||||||||
| Short Sales | – | – | – | – | 51,307 | 12,253,932 | ||||||||||||||||||||||
| Foreign currency translations | – | (3 | ) | – | – | – | – | |||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (814,132 | ) | (2,770,470 | ) | (155,198,120 | ) | (656,770 | ) | (102,788 | ) | (1,625,219 | ) | ||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (681,232 | ) | $ | (504,038 | ) | $ | (126,585,299 | ) | $ | (619,655 | ) | $ | (98,082 | ) | $ | (3,980,943 | ) | ||||||||||
See accompanying Notes to Financial Statements.
85
ADVISORSHARES TRUST
Statements of Operations
For the Six Months or Period Ended December 31, 2014 (Unaudited)
|
|
|
|
|||||||||
| AdvisorShares Sage Core Reserves ETF |
AdvisorShares STAR Global Buy-Write ETF |
AdvisorShares Sunrise Global Multi-Strategy ETF(1) |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend Income | $ | – | $ | 257,668 | $ | 23,103 | ||||||
| Dividend Income from Affiliates | – | 867 | – | |||||||||
| Interest Income | 104,149 | (105 | ) | – | ||||||||
| Securities lending income (Note 2) | 23 | – | – | |||||||||
| Foreign withholding tax | (275 | ) | – | – | ||||||||
| Total Investment Income | 103,897 | 258,430 | 23,103 | |||||||||
| EXPENSES: |
||||||||||||
| Advisory Fees | 56,475 | 180,284 | 17,430 | |||||||||
| Accounting & Administration Fees | 20,678 | 37,787 | 465 | |||||||||
| Professional Fees | 27,734 | 15,675 | 32,172 | |||||||||
| Report to Shareholders | 10,644 | 3,481 | 7,261 | |||||||||
| Pricing Fees | 6,545 | 3,051 | 2,736 | |||||||||
| Exchange Listing Fees | 5,567 | 3,788 | 5,190 | |||||||||
| Trustee Fees | 1,524 | 1,553 | 1,409 | |||||||||
| Custody Fees | 3,441 | – | 1,763 | |||||||||
| Transfer Agent Fees | 1,412 | 1,002 | 87 | |||||||||
| Insurance Fees | 210 | 511 | 684 | |||||||||
| Registration Fees | 2,512 | 259 | 213 | |||||||||
| CCO Fees | 1,442 | 1,600 | 1,495 | |||||||||
| Licensing Fees | – | – | – | |||||||||
| Miscellaneous Fees | 6,792 | (790 | ) | 895 | ||||||||
| Total Expenses | 144,976 | 248,201 | 71,800 | |||||||||
| Advisory Fees Waived/Recoupment | (56,475 | ) | (1,145 | ) | (17,430 | ) | ||||||
| Expense Reimbursement | (22,614 | ) | – | (34,035 | ) | |||||||
| Net Expenses | 65,887 | 247,056 | 20,335 | |||||||||
| Net Investment Income (Loss) | 38,010 | 11,374 | 2,768 | |||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||
| Investments | 1,410 | 5,223 | (63,244 | ) | ||||||||
| Investments in Affiliates | – | – | – | |||||||||
| In-Kind Redemptions | – | 141,468 | 16,959 | |||||||||
| In-Kind Redemptions in Affiliates | – | (27 | ) | – | ||||||||
| Foreign Currency Transactions | – | – | 160 | |||||||||
| Futures | (16,827 | ) | – | (68,259 | ) | |||||||
| Options Written | – | (54,257 | ) | – | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Investments | (95,905 | ) | 175,706 | 115,996 | ||||||||
| Foreign currency translations | – | – | (154 | ) | ||||||||
| Options Written | – | (1,951 | ) | – | ||||||||
| Futures | (15,438 | ) | – | – | ||||||||
| Net Realized and Unrealized Gain (Loss) | (126,760 | ) | 266,162 | 1,458 | ||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (88,750 | ) | $ | 277,536 | $ | 4,226 | |||||
| (1) | Represents the period July 8, 2014 (commencement of operations) to December 31, 2014. |
See accompanying Notes to Financial Statements.
86
ADVISORSHARES TRUST
Statements of Operations
For the Six Months or Period Ended December 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
AdvisorShares YieldPro ETF |
||||||||||||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||||||||||
| Dividend Income | $ | 1,238,952 | $ | 84,241 | $ | 1,767,102 | ||||||||||||||||||||||
| Dividend Income from Affiliates | – | – | 174,117 | |||||||||||||||||||||||||
| Interest Income | 46 | 31 | 180 | |||||||||||||||||||||||||
| Securities lending income (Note 2) | 13,449 | 19,716 | – | |||||||||||||||||||||||||
| Foreign withholding tax | – | (9,726 | ) | – | ||||||||||||||||||||||||
| Total Investment Income | 1,252,447 | 94,262 | 1,941,399 | |||||||||||||||||||||||||
| EXPENSES: |
||||||||||||||||||||||||||||
| Advisory Fees | 743,560 | 50,861 | 275,149 | |||||||||||||||||||||||||
| Accounting & Administration Fees | 39,032 | 37,398 | 15,231 | |||||||||||||||||||||||||
| Professional Fees | 14,036 | 12,943 | 20,982 | |||||||||||||||||||||||||
| Report to Shareholders | 13,746 | 3,899 | 9,442 | |||||||||||||||||||||||||
| Pricing Fees | 2,524 | 2,524 | 3,421 | |||||||||||||||||||||||||
| Exchange Listing Fees | 3,787 | 3,787 | 3,698 | |||||||||||||||||||||||||
| Trustee Fees | 1,598 | 1,547 | 1,625 | |||||||||||||||||||||||||
| Custody Fees | 7,633 | 679 | 2,963 | |||||||||||||||||||||||||
| Transfer Agent Fees | 5,633 | 509 | 2,580 | |||||||||||||||||||||||||
| Insurance Fees. | 1,686 | 283 | 437 | |||||||||||||||||||||||||
| Registration Fees | 7,126 | 414 | 5,759 | |||||||||||||||||||||||||
| CCO Fees | 4,145 | 1,120 | 2,101 | |||||||||||||||||||||||||
| Licensing Fees | – | 2,878 | – | |||||||||||||||||||||||||
| Miscellaneous Fees | 1,007 | 616 | 582 | |||||||||||||||||||||||||
| Total Expenses | 845,513 | 119,458 | 343,970 | |||||||||||||||||||||||||
| Advisory Fees Waived/Recoupment | (101,953 | ) | (34,689 | ) | – | |||||||||||||||||||||||
| Expense Reimbursement | – | – | – | |||||||||||||||||||||||||
| Net Expenses | 743,560 | 84,769 | 343,970 | |||||||||||||||||||||||||
| Net Investment Income (Loss) | 508,887 | 9,493 | 1,597,429 | |||||||||||||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: | ||||||||||||||||||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||||||||||||||||||
| Investments | (5,554,060 | ) | (140,720 | ) | (1,647,574 | ) | ||||||||||||||||||||||
| Investments in Affiliates | – | – | (482,303 | ) | ||||||||||||||||||||||||
| In-Kind Redemptions | 13,232,074 | – | 1,416 | |||||||||||||||||||||||||
| In-Kind Redemptions in Affiliates | – | – | (7,807 | ) | ||||||||||||||||||||||||
| Foreign Currency Transactions | – | – | – | |||||||||||||||||||||||||
| Futures | – | – | – | |||||||||||||||||||||||||
| Options Written | – | – | – | |||||||||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
| Investments | 3,444,829 | (534,495 | ) | (1,731,925 | ) | |||||||||||||||||||||||
| Foreign currency translations | – | – | – | |||||||||||||||||||||||||
| Options Written | – | – | – | |||||||||||||||||||||||||
| Futures | – | – | – | |||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | 11,122,843 | (675,215 | ) | (3,868,193 | ) | |||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,631,730 | $ | (665,722 | ) | $ | (2,270,764 | ) | ||||||||||||||||||||
See accompanying Notes to Financial Statements.
87
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|||||||||||||||
| AdvisorShares Accuvest Global Long Short ETF |
AdvisorShares Accuvest Global Opportunities ETF |
AdvisorShares Athena High Dividend ETF |
||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 | Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 | For the period July 29, 2014* to December 31, 2014 (Unaudited) |
||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||
| Net Investment Income (Loss) | $ | (80,991 | ) | $ | (151,464 | ) | $ | (10,509 | ) | $ | 180,760 | $ | 178,938 | |||||||
| Net Realized Gain (Loss) | (452,076 | ) | (1,275,082 | ) | (2,393,116 | ) | 749,382 | (907,814 | ) | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (330,151 | ) | (579,792 | ) | (174,730 | ) | 233,931 | (1,079,088 | ) | |||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (863,218 | ) | (2,006,338 | ) | (2,578,355 | ) | 1,164,073 | (1,807,964 | ) | |||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||||||
| Net Investment Income | — | — | (70,828 | ) | (154,897 | ) | (168,445 | ) | ||||||||||||
| Net Realized Gains | — | — | — | — | — | |||||||||||||||
| Total Distributions | — | — | (70,828 | ) | (154,897 | ) | (168,445 | ) | ||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||
| Proceeds from Shares Issued | 8,443,813 | 69,802,024 | 3,461,550 | 57,020,186 | 14,358,522 | |||||||||||||||
| Value of Shares Redeemed | (22,461,444 | ) | (84,472,216 | ) | (22,096,766 | ) | (50,425,093 | ) | — | |||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (14,017,631 | ) | (14,670,192 | ) | (18,635,216 | ) | 6,595,093 | 14,358,522 | ||||||||||||
| Net Increase (Decrease) in Net Assets | (14,880,849 | ) | (16,676,530 | ) | (21,284,399 | ) | 7,604,269 | 12,382,113 | ||||||||||||
| Net Assets: |
||||||||||||||||||||
| Beginning of Period | 25,896,016 | 42,572,546 | 25,434,151 | 17,829,882 | — | |||||||||||||||
| End of Period | $ | 11,015,167 | $ | 25,896,016 | $ | 4,149,752 | $ | 25,434,151 | $ | 12,382,113 | ||||||||||
| Undistributed Net Investment Income (Loss) | $ | (80,991 | ) | $ | – | $ | (37,357 | ) | $ | 43,980 | $ | 10,493 | ||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 1,250,000 | 1,950,000 | 925,000 | 675,000 | — | |||||||||||||||
| Shares Sold | 400,000 | 3,250,000 | 125,000 | 2,100,000 | 600,000 | |||||||||||||||
| Shares Repurchased | (1,100,000 | ) | (3,950,000 | ) | (875,000 | ) | (1,850,000 | ) | — | |||||||||||
| End of Period | 550,000 | 1,250,000 | 175,000 | 925,000 | 600,000 | |||||||||||||||
| * | Commencement of operations. |
See accompanying Notes to Financial Statements.
88
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Athena International Bear ETF |
AdvisorShares EquityPro ETF |
AdvisorShares Gartman Gold/British Pound ETF (consolidated) |
||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
For the period July 18, 2013* to June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
For the period February 11, 2014* to June 30, 2014 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | (20,351 | ) | $ | (73,013 | ) | $ | 250,545 | $ | 416,909 | $ | (3,633 | ) | $ | (3,055 | ) | ||||||||||||
| Net Realized Gain (Loss) | (69,470 | ) | (225,936 | ) | (447,590 | ) | 264,841 | 22,117 | (61,115 | ) | ||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | 8,944 | (43,936 | ) | (418,722 | ) | 1,054,167 | (43,155 | ) | 40,103 | |||||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (80,877 | ) | (342,885 | ) | (615,767 | ) | 1,735,917 | (24,671 | ) | (24,067 | ) | |||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||||||||||||||||||||||
| Net Investment Income | — | — | (269,923 | ) | (154,669 | ) | (27,900 | ) | — | |||||||||||||||||||
| Net Realized Gains | — | — | (463,353 | ) | — | (7,476 | ) | — | ||||||||||||||||||||
| Total Distributions | — | — | (733,276 | ) | (154,669 | ) | (35,376 | ) | — | |||||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | 528,161 | 2,500,000 | 11,378,050 | 20,096,255 | — | 1,280,000 | ||||||||||||||||||||||
| Value of Shares Redeemed | (487,636 | ) | (1,137,157 | ) | (1,514,871 | ) | (2,964,386 | ) | (620,096 | ) | — | |||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | 40,525 | 1,362,843 | 9,863,179 | 17,131,869 | (620,096 | ) | 1,280,000 | |||||||||||||||||||||
| Net Increase (Decrease) in Net Assets | (40,352 | ) | 1,019,958 | 8,514,136 | 18,713,117 | (680,143 | ) | 1,255,933 | ||||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 1,019,958 | — | 20,069,640 | 1,356,523 | 1,255,933 | — | ||||||||||||||||||||||
| End of Period | $ | 979,606 | $ | 1,019,958 | $ | 28,583,776 | $ | 20,069,640 | $ | 575,790 | $ | 1,255,933 | ||||||||||||||||
| Undistributed Net Investment Income (Loss) | $ | (41,035 | ) | $ | (20,684 | ) | $ | 250,540 | $ | 269,918 | $ | (34,588 | ) | $ | (3,055 | ) | ||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 50,000 | — | 625,000 | 50,000 | 100,000 | — | ||||||||||||||||||||||
| Shares Sold | 25,000 | 100,000 | 375,000 | 675,000 | — | 100,000 | ||||||||||||||||||||||
| Shares Repurchased | (25,000 | ) | (50,000 | ) | (50,000 | ) | (100,000 | ) | (50,000 | ) | — | |||||||||||||||||
| End of Period | 50,000 | 50,000 | 950,000 | 625,000 | 50,000 | 100,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
89
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
||||||||||||
| AdvisorShares Gartman Gold/Euro ETF (consolidated) |
AdvisorShares Gartman Gold/Yen ETF (consolidated) |
|||||||||||||||
| Six months ended December 31, 2014 (Unaudited) | For the period February 11, 2014* to June 30, 2014 | Six months ended December 31, 2014 (Unaudited) | For the period February 11, 2014* to June 30, 2014 | |||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
| OPERATIONS |
||||||||||||||||
| Net Investment Income (Loss) | $ | (5,568 | ) | $ | (3,093 | ) | $ | (14,322 | ) | $ | (7,557 | ) | ||||
| Net Realized Gain (Loss) | 49,900 | (32,913 | ) | 325,281 | (161,492 | ) | ||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (21,384 | ) | 58,232 | (123,456 | ) | 140,838 | ||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations |
22,948 | 22,226 | 187,503 | (28,211 | ) | |||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||
| Net Investment Income | (27,862 | ) | — | (24,357 | ) | — | ||||||||||
| Net Realized Gains | (126,850 | ) | — | (296,740 | ) | — | ||||||||||
| Total Distributions | (154,712 | ) | — | (321,097 | ) | — | ||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||
| Proceeds from Shares Issued | 1,309,595 | 1,280,000 | 3,773,280 | 3,909,508 | ||||||||||||
| Value of Shares Redeemed | — | — | — | — | ||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | 1,309,595 | 1,280,000 | 3,773,280 | 3,909,508 | ||||||||||||
| Net Increase (Decrease) in Net Assets | 1,177,831 | 1,302,226 | 3,639,686 | 3,881,297 | ||||||||||||
| Net Assets: |
||||||||||||||||
| Beginning of Period | 1,302,226 | — | 3,881,297 | — | ||||||||||||
| End of Period | $ | 2,480,057 | $ | 1,302,226 | $ | 7,520,983 | $ | 3,881,297 | ||||||||
| Undistributed Net Investment Income (Loss) | $ | (36,523 | ) | $ | (3,093 | ) | $ | (46,236 | ) | $ | (7,557 | ) | ||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares Outstanding, Beginning of Period | 100,000 | — | 300,000 | — | ||||||||||||
| Shares Sold | 100,000 | 100,000 | 275,000 | 300,000 | ||||||||||||
| Shares Repurchased | — | — | — | — | ||||||||||||
| End of Period | 200,000 | 100,000 | 575,000 | 300,000 | ||||||||||||
| * | Commencement of operations. |
See accompanying Notes to Financial Statements.
90
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Global Echo ETF |
AdvisorShares International Gold ETF |
AdvisorShares Madrona Domestic ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
For the period February 11, 2014* to June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | (3,550 | ) | $ | 26,912 | $ | 11,505 | $ | (4,631 | ) | $ | 59,839 | $ | 66,719 | ||||||||||||||
| Net Realized Gain (Loss) | 489,006 | 33,814 | 6,880 | 124 | 2,498,622 | 2,601,716 | ||||||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (307,842 | ) | 673,768 | (35,107 | ) | 12,342 | (1,371,385 | ) | 2,619,735 | |||||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | 177,614 | 734,494 | (16,722 | ) | 7,835 | 1,187,076 | 5,288,170 | |||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||||||||||||||||||||||
| Net Investment Income | (32,943 | ) | (2,380 | ) | (7,837 | ) | — | (96,271 | ) | (59,938 | ) | |||||||||||||||||
| Net Realized Gains | — | — | — | — | — | — | ||||||||||||||||||||||
| Total Distributions | (32,943 | ) | (2,380 | ) | (7,837 | ) | — | (96,271 | ) | (59,938 | ) | |||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | — | 3,045,916 | — | 1,280,000 | 13,238,000 | 10,327,769 | ||||||||||||||||||||||
| Value of Shares Redeemed | (3,057,279 | ) | — | (636,427 | ) | — | (9,111,400 | ) | (9,393,829 | ) | ||||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (3,057,279 | ) | 3,045,916 | (636,427 | ) | 1,280,000 | 4,126,600 | 933,940 | ||||||||||||||||||||
| Net Increase (Decrease) in Net Assets | (2,912,608 | ) | 3,778,030 | (660,986 | ) | 1,287,835 | 5,217,405 | 6,162,172 | ||||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 9,216,115 | 5,438,085 | 1,287,835 | — | 24,755,283 | 18,593,111 | ||||||||||||||||||||||
| End of Period | $ | 6,303,507 | $ | 9,216,115 | $ | 626,849 | $ | 1,287,835 | $ | 29,972,688 | $ | 24,755,283 | ||||||||||||||||
| Undistributed Net Investment Income (Loss) | $ | (5,685 | ) | $ | 30,808 | $ | (839 | ) | $ | (4,507 | ) | $ | (3,183 | ) | $ | 33,249 | ||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 150,000 | 100,000 | 100,000 | — | 600,000 | 575,000 | ||||||||||||||||||||||
| Shares Sold | — | 50,000 | — | 100,000 | 325,000 | 275,000 | ||||||||||||||||||||||
| Shares Repurchased | (50,000 | ) | — | (50,000 | ) | — | (225,000 | ) | (250,000 | ) | ||||||||||||||||||
| End of Period | 100,000 | 150,000 | 50,000 | 100,000 | 700,000 | 600,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
91
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
||||||||||||
| AdvisorShares Madrona Global Bond ETF |
AdvisorShares Madrona International ETF |
|||||||||||||||
| Six months ended December 31, 2014 (Unaudited) | Year ended June 30, 2014 | Six months ended December 31, 2014 (Unaudited) | Year ended June 30, 2014 | |||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
| OPERATIONS |
||||||||||||||||
| Net Investment Income (Loss) | $ | 471,989 | $ | 763,418 | $ | 62,218 | $ | 265,073 | ||||||||
| Net Realized Gain (Loss) | (124,111 | ) | (166,336 | ) | 408,483 | 2,099,473 | ||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (678,492 | ) | 1,351,960 | (2,735,238 | ) | 1,576,909 | ||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations |
(330,614 | ) | 1,949,042 | (2,264,537 | ) | 3,941,455 | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||
| Net Investment Income | (468,020 | ) | (761,153 | ) | (304,843 | ) | (318,396 | ) | ||||||||
| Net Realized Gains | — | — | — | — | ||||||||||||
| Total Distributions | (468,020 | ) | (761,153 | ) | (304,843 | ) | (318,396 | ) | ||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||
| Proceeds from Shares Issued | 3,912,333 | 1,282,317 | 6,582,955 | 6,765,707 | ||||||||||||
| Value of Shares Redeemed | — | (630,454 | ) | (6,582,955 | ) | (6,088,375 | ) | |||||||||
| Net Increase (Decrease) From Capital Stock Transactions | 3,912,333 | 651,863 | — | 677,332 | ||||||||||||
| Net Increase (Decrease) in Net Assets | 3,113,699 | 1,839,752 | (2,569,380 | ) | 4,300,391 | |||||||||||
| Net Assets: |
||||||||||||||||
| Beginning of Period | 24,382,691 | 22,542,939 | 19,278,648 | 14,978,257 | ||||||||||||
| End of Period | $ | 27,496,390 | $ | 24,382,691 | $ | 16,709,268 | $ | 19,278,648 | ||||||||
| Undistributed Net Investment Income (Loss) | $ | 17,321 | $ | 13,352 | $ | (33,833 | ) | $ | 208,792 | |||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares Outstanding, Beginning of Period | 925,000 | 900,000 | 650,000 | 625,000 | ||||||||||||
| Shares Sold | 150,000 | 50,000 | 225,000 | 250,000 | ||||||||||||
| Shares Repurchased | — | (25,000 | ) | (225,000 | ) | (225,000 | ) | |||||||||
| End of Period | 1,075,000 | 925,000 | 650,000 | 650,000 | ||||||||||||
| (1) | Formerly known as, AdvisorShares Cambria Global ETF. |
See accompanying Notes to Financial Statements.
92
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Meidell Tactical Advantage ETF |
AdvisorShares Morgan Creek Global Tactical ETF(1) |
AdvisorShares Newfleet Multi-Sector Income ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | 23,558 | $ | 67,957 | $ | 132,900 | $ | 514,710 | $ | 2,266,432 | $ | 2,658,998 | ||||||||||||||||
| Net Realized Gain (Loss) | 310,462 | 223,038 | 1,502,365 | 2,606,984 | (168,406 | ) | (52,072 | ) | ||||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (177,936 | ) | 491,104 | (2,316,497 | ) | 927,505 | (2,602,064 | ) | 2,057,227 | |||||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | 156,084 | 782,099 | (681,232 | ) | 4,049,199 | (504,038 | ) | 4,664,153 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||||||||||||||||||||||
| Net Investment Income | (93,938 | ) | — | (354,156 | ) | — | (2,569,118 | ) | (2,905,125 | ) | ||||||||||||||||||
| Net Realized Gains | — | — | — | — | — | — | ||||||||||||||||||||||
| Total Distributions | (93,938 | ) | — | (354,156 | ) | — | (2,569,118 | ) | (2,905,125 | ) | ||||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | 11,298,866 | 22,189,205 | — | 1,306,971 | 39,637,966 | 72,137,339 | ||||||||||||||||||||||
| Value of Shares Redeemed | (11,298,866 | ) | (16,430,574 | ) | (21,894,190 | ) | (18,631,777 | ) | — | (2,447,417 | ) | |||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | — | 5,758,631 | (21,894,190 | ) | (17,324,806 | ) | 39,637,966 | 69,689,922 | ||||||||||||||||||||
| Net Increase (Decrease) in Net Assets | 62,146 | 6,540,730 | (22,929,578 | ) | (13,275,607 | ) | 36,564,810 | 71,448,950 | ||||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 15,749,582 | 9,208,852 | 36,666,722 | 49,942,329 | 154,810,771 | 83,361,821 | ||||||||||||||||||||||
| End of Period | $ | 15,811,728 | $ | 15,749,582 | $ | 13,737,144 | $ | 36,666,722 | $ | 191,375,581 | $ | 154,810,771 | ||||||||||||||||
| Undistributed Net Investment Income (Loss) | $ | (3,198 | ) | $ | 67,182 | $ | 132,899 | $ | 354,155 | $ | (225,153 | ) | $ | 77,533 | ||||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 525,000 | 325,000 | 1,400,000 | 2,100,000 | 3,100,000 | 1,700,000 | ||||||||||||||||||||||
| Shares Sold | 375,000 | 750,000 | — | 50,000 | 800,000 | 1,450,000 | ||||||||||||||||||||||
| Shares Repurchased | (375,000 | ) | (550,000 | ) | (850,000 | ) | (750,000 | ) | — | (50,000 | ) | |||||||||||||||||
| End of Period | 525,000 | 525,000 | 550,000 | 1,400,000 | 3,900,000 | 3,100,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
93
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
||||||||||||
| AdvisorShares Peritus High Yield ETF |
AdvisorShares Pring Turner Business Cycle ETF |
|||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
|||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
| OPERATIONS |
||||||||||||||||
| Net Investment Income (Loss) | $ | 28,612,821 | $ | 46,696,979 | $ | 37,115 | $ | 48,924 | ||||||||
| Net Realized Gain (Loss) | (35,541,294 | ) | 7,747 | (244,827 | ) | 128,393 | ||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (119,656,826 | ) | 28,680,594 | (411,943 | ) | 580,835 | ||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (126,585,299 | ) | 75,385,320 | (619,655 | ) | 758,152 | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||
| Net Investment Income | (32,175,017 | ) | (45,294,692 | ) | (53,639 | ) | (59,326 | ) | ||||||||
| Net Realized Gains | — | (385,440 | ) | — | — | |||||||||||
| Total Distributions | (32,175,017 | ) | (45,680,132 | ) | (53,639 | ) | (59,326 | ) | ||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||
| Proceeds from Shares Issued | 142,780,619 | 786,562,567 | 725,853 | 1,309,926 | ||||||||||||
| Value of Shares Redeemed | (626,454,241 | ) | — | (640,545 | ) | (2,663,641 | ) | |||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (483,673,622 | ) | 786,562,567 | 85,308 | (1,353,715 | ) | ||||||||||
| Net Increase (Decrease) in Net Assets | (642,433,938 | ) | 816,267,755 | (587,986 | ) | (654,889 | ) | |||||||||
| Net Assets: |
||||||||||||||||
| Beginning of Period | 1,075,996,590 | 259,728,835 | 5,074,236 | 5,729,125 | ||||||||||||
| End of Period | $ | 433,562,652 | $ | 1,075,996,590 | $ | 4,486,250 | $ | 5,074,236 | ||||||||
| Undistributed Net Investment Income (Loss) | $ | (1,938,877 | ) | $ | 1,623,319 | $ | 1,771 | $ | 18,295 | |||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares Outstanding, Beginning of Period | 20,200,000 | 5,150,000 | 175,000 | 225,000 | ||||||||||||
| Shares Sold | 2,800,000 | 15,050,000 | 25,000 | 50,000 | ||||||||||||
| Shares Repurchased | (12,700,000 | ) | — | (25,000 | ) | (100,000 | ) | |||||||||
| End of Period | 10,300,000 | 20,200,000 | 175,000 | 175,000 | ||||||||||||
| * | Commencement of operations. |
See accompanying Notes to Financial Statements.
94
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares QAM Equity Hedge ETF |
AdvisorShares Ranger Equity Bear ETF |
AdvisorShares Sage Core Reserves ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
For the period January 14, 2014* to June 30, 2014 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | 4,706 | $ | (48,172 | ) | $ | (2,355,724 | ) | $ | (4,722,034 | ) | $ | 38,010 | $ | 119,779 | |||||||||||||
| Net Realized Gain (Loss) | 238,232 | 338,357 | (13,696,151 | ) | (48,679,864 | ) | (15,417 | ) | 2,015 | |||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (341,020 | ) | 292,416 | 12,070,932 | (3,692,274 | ) | (111,343 | ) | (78,606 | ) | ||||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (98,082 | ) | 582,601 | (3,980,943 | ) | (57,094,172 | ) | (88,750 | ) | 43,188 | ||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||||||||||||||||||||||
| Net Investment Income | — | — | — | — | (128,457 | ) | (119,991 | ) | ||||||||||||||||||||
| Net Realized Gains | (64,929 | ) | (119,153 | ) | — | — | — | — | ||||||||||||||||||||
| Total Distributions | (64,929 | ) | (119,153 | ) | — | — | (128,457 | ) | (119,991 | ) | ||||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | 1,427,898 | 5,525,090 | 31,995,905 | 66,544,424 | — | 37,495,615 | ||||||||||||||||||||||
| Value of Shares Redeemed | (1,404,996 | ) | (1,377,532 | ) | (54,945,949 | ) | (65,855,506 | ) | — | — | ||||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | 22,902 | 4,147,558 | (22,950,044 | ) | 688,918 | — | 37,495,615 | |||||||||||||||||||||
| Net Increase (Decrease) in Net Assets | (140,109 | ) | 4,611,006 | (26,930,987 | ) | (56,405,254 | ) | (217,207 | ) | 37,418,812 | ||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 8,542,527 | 3,931,521 | 161,951,962 | 218,357,216 | 37,418,812 | — | ||||||||||||||||||||||
| End of Period | $ | 8,402,418 | $ | 8,542,527 | $ | 135,020,975 | $ | 161,951,962 | $ | 37,201,605 | $ | 37,418,812 | ||||||||||||||||
| Undistributed Net Investment Income (Loss) | $ | 4,706 | $ | – | $ | (4,389,624 | ) | $ | (2,033,900 | ) | $ | (82,331 | ) | $ | 8,116 | |||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 300,000 | 150,000 | 13,750,000 | 13,500,000 | 375,000 | — | ||||||||||||||||||||||
| Shares Sold | 50,000 | 200,000 | 2,675,000 | 4,950,000 | — | 375,000 | ||||||||||||||||||||||
| Shares Repurchased | (50,000 | ) | (50,000 | ) | (4,650,000 | ) | (4,700,000 | ) | — | — | ||||||||||||||||||
| End of Period | 300,000 | 300,000 | 11,775,000 | 13,750,000 | 375,000 | 375,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
95
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|||||||||
| AdvisorShares STAR Global Buy-Write ETF |
AdvisorShares Sunrise Global Multi-Strategy ETF | |||||||||||
| Six months ended December 31, 2014 (Unaudited) | Year ended June 30, 2014 | For the period July 8, 2014* to December 31, 2014 | ||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||
| OPERATIONS |
||||||||||||
| Net Investment Income (Loss) | $ | 11,374 | $ | (102,119 | ) | $ | 2,768 | |||||
| Net Realized Gain (Loss) | 92,407 | 339,698 | (114,384 | ) | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) | 173,755 | 2,240,003 | 115,842 | |||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations |
277,536 | 2,477,582 | 4,226 | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||
| Net Investment Income | — | — | (45,346 | ) | ||||||||
| Total Distributions | — | — | (45,346 | ) | ||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||
| Proceeds from Shares Issued | — | 4,947,012 | 3,736,304 | |||||||||
| Value of Shares Redeemed | (1,293,349 | ) | (2,362,662 | ) | (1,244,951 | ) | ||||||
| Net Increase (Decrease) From Capital Stock Transactions | (1,293,349 | ) | 2,584,350 | 2,491,353 | ||||||||
| Net Increase (Decrease) in Net Assets | (1,015,813 | ) | 5,061,932 | 2,450,233 | ||||||||
| Net Assets: |
||||||||||||
| Beginning of Period | 27,489,735 | 22,427,803 | — | |||||||||
| End of Period | $ | 26,473,922 | $ | 27,489,735 | $ | 2,450,233 | ||||||
| Undistributed Net Investment Income (Loss) | $ | (48,979 | ) | $ | (60,353 | ) | $ | (42,578 | ) | |||
| Changes in Shares Outstanding |
||||||||||||
| Shares Outstanding, Beginning of Period | 1,050,000 | 950,000 | — | |||||||||
| Shares Sold | — | 200,000 | 150,000 | |||||||||
| Shares Repurchased | (50,000 | ) | (100,000 | ) | (50,000 | ) | ||||||
| End of Period | 1,000,000 | 1,050,000 | 100,000 | |||||||||
| * | Commencement of operations. |
See accompanying Notes to Financial Statements.
96
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
AdvisorShares YieldPro ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
For the period March 4, 2014* to June 30, 2014 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | 508,887 | $ | 831,991 | $ | 9,493 | $ | 48,335 | $ | 1,597,429 | $ | 675,347 | ||||||||||||||||
| Net Realized Gain (Loss) | 7,678,014 | 10,973,199 | (140,720 | ) | 70,960 | (2,136,268 | ) | (769,325 | ) | |||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | 3,444,829 | 5,511,917 | (534,495 | ) | 1,505,268 | (1,731,925 | ) | 1,250,673 | ||||||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | 11,631,730 | 17,317,107 | (665,722 | ) | 1,624,563 | (2,270,764 | ) | 1,156,695 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||||||||||||||||||||||
| Net Investment Income | (1,045,971 | ) | (300,553 | ) | (11,634 | ) | (54,540 | ) | (1,572,428 | ) | (532,662 | ) | ||||||||||||||||
| Total Distributions | (1,045,971 | ) | (300,553 | ) | (11,634 | ) | (54,540 | ) | (1,572,428 | ) | (532,662 | ) | ||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | 296,639,618 | 402,230,886 | 2,857,634 | 5,438,789 | — | 72,033,809 | ||||||||||||||||||||||
| Value of Shares Redeemed | (269,948,728 | ) | (307,889,188 | ) | — | (1,694,175 | ) | (8,454,181 | ) | (622,577 | ) | |||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | 26,690,890 | 94,341,698 | 2,857,634 | 3,744,614 | (8,454,181 | ) | 71,411,232 | |||||||||||||||||||||
| Net Increase (Decrease) in Net Assets | 37,276,649 | 111,358,252 | 2,180,278 | 5,314,637 | (12,297,373 | ) | 72,035,265 | |||||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 137,015,345 | 25,657,093 | 12,660,243 | 7,345,606 | 72,035,265 | — | ||||||||||||||||||||||
| End of Period | $ | 174,291,994 | $ | 137,015,345 | $ | 14,840,521 | $ | 12,660,243 | $ | 59,737,892 | $ | 72,035,265 | ||||||||||||||||
| Undistributed Net Investment Income (Loss) | $ | 15,034 | $ | 552,118 | $ | (2,141 | ) | $ | – | $ | 167,686 | $ | 142,685 | |||||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 2,675,000 | 625,000 | 325,000 | 225,000 | 2,850,000 | — | ||||||||||||||||||||||
| Shares Sold | 5,700,000 | 8,600,000 | 75,000 | 150,000 | — | 2,875,000 | ||||||||||||||||||||||
| Shares Repurchased | (5,225,000 | ) | (6,550,000 | ) | — | (50,000 | ) | (350,000 | ) | (25,000 | ) | |||||||||||||||||
| End of Period | 3,150,000 | 2,675,000 | 400,000 | 325,000 | 2,500,000 | 2,850,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
97
ADVISORSHARES TRUST
Statements of Cash Flows
|
|
|
|
|
||||||||||||||||
| AdvisorShares Accuvest Global Long Short ETF | AdvisorShares Athena International Bear ETF | AdvisorShares QAM Equity Hedge ETF | AdvisorShares Ranger Equity Bear ETF | |||||||||||||||||
| For the Six Months ended December 31, 2014 |
For the Six Months ended December 31, 2014 |
For the Six Months ended December 31, 2014 |
For the Six Months ended December 31, 2014 |
|||||||||||||||||
| CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES: |
||||||||||||||||||||
| Dividends and Interest received | $ | 285,219 | $ | 2,212 | $ | 64,029 | $ | 3,521 | ||||||||||||
| Operating expenses paid | (199,943 | ) | 572 | (67,192 | ) | (1,432,834 | ) | |||||||||||||
| Net purchases of short-term investments | 883,945 | 8,892 | (424,014 | ) | 35,776,592 | |||||||||||||||
| Realized gain (loss) on swap and option contracts | 860,646 | — | — | — | ||||||||||||||||
| Purchases of long-term investments | (40,179,069 | ) | — | (5,165,934 | ) | — | ||||||||||||||
| Proceeds from disposition of long-term investments | 53,246,575 | 198,614 | 5,569,928 | — | ||||||||||||||||
| Increase/Decrease in receivables for securities sold | — | — | — | 5,851,386 | ||||||||||||||||
| Increase/Decrease in payables for securities purchased | — | — | — | (11,263,899 | ) | |||||||||||||||
| Net increase/Decrease in short sales | — | 68,622 | (350,073 | ) | (28,313,757 | ) | ||||||||||||||
| Dividends paid | (2,100 | ) | (7,506 | ) | 64,929 | (257,309 | ) | |||||||||||||
| Interest paid | — | (6,527 | ) | (6,791 | ) | (746,230 | ) | |||||||||||||
| Net Cash Flows Provided (Used) By Operating Activities | 14,895,273 | 264,879 | (315,118 | ) | (382,530 | ) | ||||||||||||||
| CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES: |
||||||||||||||||||||
| Distributions from net investment income and realized gains | — | — | 1,427,898 | — | ||||||||||||||||
| Net proceeds from shares issued | 8,443,813 | 528,161 | (1,404,996 | ) | 31,995,905 | |||||||||||||||
| Value of shares redeemend | (22,461,444 | ) | (487,636 | ) | — | (54,945,949 | ) | |||||||||||||
| Cash Dividends paid to shareholders | — | — | (64,929 | ) | — | |||||||||||||||
| Deposits with brokers for swap contracts and short sales | (858,546 | ) | (54,547 | ) | 360,534 | 23,332,574 | ||||||||||||||
| Net Cash Flows Provided (Used) By Financing Activities | (14,876,177 | ) | (14,022 | ) | 318,507 | 382,530 | ||||||||||||||
| NET INCREASE/DECREASE IN CASH | 19,096 | 250,857 | 3,389 | — | ||||||||||||||||
| Cash, Beginning of period | 11,952 | 600,552 | 2,864 | 76,109,147 | ||||||||||||||||
| Cash, End of period | $ | 31,048 | $ | 851,409 | $ | 6,253 | $ | 76,109,147 | ||||||||||||
| RECONCILIATION OF INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES: |
||||||||||||||||||||
| Increase/Decrease in Net Assets From Operations | $ | (863,218 | ) | $ | (80,877 | ) | $ | (98,082 | ) | $ | (3,980,943 | ) | ||||||||
| Increase/Decrease in investments, at value | 15,854,993 | 336,654 | (267,305 | ) | 9,088,054 | |||||||||||||||
| Increase/Decrease in payable for securities purchased | — | — | — | (11,263,899 | ) | |||||||||||||||
| Increase/Decrease in receivable for securities sold | — | — | — | 5,851,386 | ||||||||||||||||
| Increase/Decrease in dividends and interest receivable | 193,158 | 38 | (4,938 | ) | 202 | |||||||||||||||
| Increase/Decrease in unrealized appreciation (depreciation) on swaps | (260,669 | ) | — | — | — | |||||||||||||||
| Increase/Decrease in due from investment advisor | — | (1,376 | ) | (236 | ) | — | ||||||||||||||
| Increase/Decrease in prepaid expense | 7,692 | 6,891 | 6,751 | 5,979 | ||||||||||||||||
| Increase/Decrease in interest payable | — | — | — | (29,197 | ) | |||||||||||||||
| Increase/Decrease in dividends payable | (2,100 | ) | (75 | ) | 64,929 | (18,224 | ) | |||||||||||||
| Increase/Decrease in accrued expenses | (34,583 | ) | 3,624 | (16,237 | ) | (35,888 | ) | |||||||||||||
| Total Adjustments | 15,758,491 | 345,756 | (217,036 | ) | 3,598,413 | |||||||||||||||
| Net Cash Flows Provided (Used) By Operating Activities | $ | 14,895,273 | $ | 264,879 | $ | (315,118 | ) | $ | (382,530 | ) | ||||||||||
See accompanying Notes to Financial Statements.
98
(This page intentionally left blank.)
99
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|||||||||||||||
| AdvisorShares Accuvest Global Long Short ETF |
||||||||||||||||||||
| Six
months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period July 9, 2010* to June 30, 2011 |
||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 20.72 | $ | 21.83 | $ | 21.20 | $ | 20.86 | $ | 25.00 | ||||||||||
| Investment Operations |
||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.07 | ) | (0.08 | ) | (0.34 | ) | (0.68 | ) | (0.67 | ) | ||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.62 | ) | (1.03 | ) | 0.97 | 1.33 | (3.47 | ) | ||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | |||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (0.69 | ) | (1.11 | ) | 0.63 | 0.65 | (4.14 | ) | ||||||||||||
| Distributions from Net Investment Income | — | — | — | (0.31 | ) | — | ||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | |||||||||||||||
| Total Distributions | — | — | — | (0.31 | ) | — | ||||||||||||||
| Net Asset Value, End of Period | $ | 20.03 | $ | 20.72 | $ | 21.83 | $ | 21.20 | $ | 20.86 | ||||||||||
| Market Value, End of Period | $ | 19.98 | $ | 20.72 | $ | 21.98 | $ | 21.22 | $ | 20.86 | ||||||||||
| Total Return |
||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (3.33 | )% | (5.08 | )% | 2.97 | % | 3.15 | % | (16.56 | )% | ||||||||||
| Total Investment Return Based on Market(4) | (3.57 | )% | (5.73 | )% | 3.58 | % | 3.24 | % | (16.56 | )% | ||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 11,015 | $ | 25,896 | $ | 42,573 | $ | 18,022 | $ | 9,385 | ||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.99 | % | 1.89 | % | 4.25 | % | 8.15 | % | 3.33 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.99 | % | 1.66 | % | 1.79 | % | 3.88 | % | 1.73 | % | ||||||||||
| Net investment Income (Loss)(5) | (0.70 | )% | (0.39 | )% | (1.57 | )% | (3.20 | )% | (2.82 | )% | ||||||||||
| Portfolio Turnover Rate(6) | 162 | % | 226 | % | 270 | % | 365 | % | 751 | % | ||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
100
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| AdvisorShares Accuvest Global Opportunities ETF |
AdvisorShares Athena High Dividend ETF |
AdvisorShares Athena International Bear ETF |
||||||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
For the period January 25, 2012* to June 30, 2012 |
For the period July 29, 2014* to December 31, 2014 (Unaudited) |
Six months ended December 31, 2014 (Unaudited) |
For the period July 18, 2013* to June 30, 2014 |
||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 27.50 | $ | 26.41 | $ | 24.44 | $ | 25.00 | $ | 25.00 | $ | 20.40 | $ | 25.00 | ||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.01 | ) | 0.23 | 0.12 | 0.31 | 0.44 | (0.36 | ) | (0.99 | ) | ||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (3.38 | ) | 1.07 | 2.16 | (0.87 | ) | (4.49 | ) | (0.45 | ) | (3.61 | ) | ||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (3.39 | ) | 1.30 | 2.28 | (0.56 | ) | (4.05 | ) | (0.81 | ) | (4.60 | ) | ||||||||||||||||||||
| Distributions from Net Investment Income | (0.40 | ) | (0.21 | ) | (0.31 | ) | — | (0.31 | ) | — | — | |||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Total Distributions | (0.40 | ) | (0.21 | ) | (0.31 | ) | — | (0.31 | ) | — | — | |||||||||||||||||||||
| Net Asset Value, End of Period | $ | 23.71 | $ | 27.50 | $ | 26.41 | $ | 24.44 | $ | 20.64 | $ | 19.59 | $ | 20.40 | ||||||||||||||||||
| Market Value, End of Period | $ | 23.70 | $ | 27.48 | $ | 26.41 | $ | 24.45 | $ | 20.66 | $ | 19.60 | $ | 20.38 | ||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (12.31 | )% | 4.89 | % | 9.25 | % | (2.24 | )% | (16.24 | )% | (3.97 | )% | (18.40 | )% | ||||||||||||||||||
| Total Investment Return Based on Market(4) |
(13.76 | )% | 4.83 | % | 9.18 | % | (2.20 | )% | (16.15 | )% | (3.83 | )% | (18.48 | )% | ||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 4,150 | $ | 25,434 | $ | 17,830 | $ | 13,442 | $ | 12,382 | $ | 980 | $ | 1,020 | ||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 0.99 | % | 1.50 | % | 1.50 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.64 | % | 1.52 | % | 1.54 | % | 2.27 | % | 2.05 | % | 13.39 | % | 10.67 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.64 | % | 1.52 | % | 1.54 | % | 2.27 | % | 2.05 | % | 10.94 | % | 7.52 | % | ||||||||||||||||||
| Net investment Income (Loss)(5) | (0.11 | )% | 0.86 | % | 0.45 | % | 2.90 | % | 4.56 | % | (3.56 | )% | (4.49 | )% | ||||||||||||||||||
| Portfolio Turnover Rate(6) | 230 | % | 188 | % | 100 | % | 135 | % | 83 | % | 134 | % | 481 | % | ||||||||||||||||||
See accompanying Notes to Financial Statements.
101
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|||||||||
| AdvisorShares EquityPro ETF |
||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
For the period July 10, 2012* to June 30, 2013 |
||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||
| Net Asset Value, Beginning of Period | $ | 32.11 | $ | 27.13 | $ | 25.00 | ||||||
| Investment Operations |
||||||||||||
| Net Investment Income (Loss)(2) | 0.31 | 1.24 | 0.22 | |||||||||
| Net Realized and Unrealized Gain (Loss) | (1.56 | ) | 4.08 | 2.06 | ||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (1.25 | ) | 5.32 | 2.28 | ||||||||
| Distributions from Net Investment Income | (0.28 | ) | (0.34 | ) | (0.13 | ) | ||||||
| Distributions from Realized Capital Gains | (0.49 | ) | — | (0.02 | ) | |||||||
| Total Distributions | (0.77 | ) | (0.34 | ) | (0.15 | ) | ||||||
| Net Asset Value, End of Period | $ | 30.09 | $ | 32.11 | $ | 27.13 | ||||||
| Market Value, End of Period | $ | 30.10 | $ | 32.11 | $ | 27.12 | ||||||
| Total Return |
||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (3.93 | )% | 19.71 | % | 9.16 | % | ||||||
| Total Investment Return Based on Market(4) | (6.26 | )% | 19.76 | % | 9.11 | % | ||||||
| Ratios/Supplemental Data |
||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 28,584 | $ | 20,070 | $ | 1,357 | ||||||
| Ratio to Average Net Assets of: |
||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.25 | % | 1.25 | % | 1.25 | % | ||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.26 | % | 1.92 | % | 6.95 | % | ||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.26 | % | 1.92 | % | 6.95 | % | ||||||
| Net investment Income (Loss)(5) | 1.97 | % | 4.13 | % | 0.88 | % | ||||||
| Portfolio Turnover Rate(6) | 184 | % | 21 | % | 43 | % | ||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
102
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Gartman Gold/British Pound ETF (consolidated) |
AdvisorShares Gartman Gold/Euro ETF (consolidated) |
AdvisorShares Gartman Gold/Yen ETF (consolidated) |
||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
For the period February 11, 2014* to June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
For the period February 11, 2014* to June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
For the period February 11, 2014* to June 30, 2014 |
|||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 12.56 | $ | 12.80 | $ | 13.02 | $ | 12.80 | $ | 12.94 | $ | 12.80 | ||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.29 | ) | (0.21 | ) | 0.19 | 0.25 | 0.74 | 0.17 | ||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | — | ||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (0.33 | ) | (0.24 | ) | 0.15 | 0.22 | 0.70 | 0.14 | ||||||||||||||||||||
| Distributions from Net Investment Income | (0.56 | ) | — | (0.14 | ) | — | (0.04 | ) | — | |||||||||||||||||||
| Distributions from Realized Capital Gains | (0.15 | ) | — | (0.63 | ) | — | (0.52 | ) | — | |||||||||||||||||||
| Total Distributions | (0.71 | ) | — | (0.77 | ) | — | (0.56 | ) | — | |||||||||||||||||||
| Net Asset Value, End of Period | $ | 11.52 | $ | 12.56 | $ | 12.40 | $ | 13.02 | $ | 13.08 | $ | 12.94 | ||||||||||||||||
| Market Value, End of Period | $ | 11.53 | $ | 12.61 | $ | 12.40 | $ | 13.07 | $ | 13.13 | $ | 13.04 | ||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (2.60 | )% | (1.88 | )% | 1.28 | % | 1.72 | % | 5.41 | % | 1.09 | % | ||||||||||||||||
| Total Investment Return Based on Market(4) |
(2.95 | )% | (1.48 | )% | 0.79 | % | 2.11 | % | 4.97 | % | 1.88 | % | ||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 576 | $ | 1,256 | $ | 2,480 | $ | 1,302 | $ | 7,521 | $ | 3,881 | ||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 10.96 | % | 10.87 | % | 7.29 | % | 10.72 | % | 3.20 | % | 4.74 | % | ||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 10.96 | % | 10.87 | % | 7.29 | % | 10.72 | % | 3.20 | % | 4.74 | % | ||||||||||||||||
| Net investment Income (Loss)(5) | (0.63 | )% | (0.63 | )% | (0.63 | )% | (0.63 | )% | (0.63 | )% | (0.63 | )% | ||||||||||||||||
| Portfolio Turnover Rate(6) | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||
See accompanying Notes to Financial Statements.
103
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
||||||||||||
| AdvisorShares Global Echo ETF |
||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
For the period May 23, 2012* to June 30, 2012 |
|||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 61.44 | $ | 54.38 | $ | 50.80 | $ | 50.00 | ||||||||
| Investment Operations |
||||||||||||||||
| Net Investment Income (Loss)(2) | (0.03 | ) | 0.22 | (0.07 | ) | (0.02 | ) | |||||||||
| Net Realized and Unrealized Gain (Loss) | 1.96 | 6.86 | 3.88 | 0.82 | ||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | 1.93 | 7.08 | 3.81 | 0.80 | ||||||||||||
| Distributions from Net Investment Income | (0.33 | ) | (0.02 | ) | — | — | ||||||||||
| Distributions from Realized Capital Gains | — | — | (0.23 | ) | — | |||||||||||
| Total Distributions | (0.33 | ) | (0.02 | ) | (0.23 | ) | — | |||||||||
| Net Asset Value, End of Period | $ | 63.04 | $ | 61.44 | $ | 54.38 | $ | 50.80 | ||||||||
| Market Value, End of Period | $ | 63.14 | $ | 61.46 | $ | 54.53 | $ | 50.99 | ||||||||
| Total Return |
||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | 3.16 | % | 13.03 | % | 7.54 | % | 1.60 | % | ||||||||
| Total Investment Return Based on Market(4) | 3.30 | % | 12.75 | % | 7.43 | % | 1.98 | % | ||||||||
| Ratios/Supplemental Data |
||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 6,304 | $ | 9,216 | $ | 5,438 | $ | 5,080 | ||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||
| Net investment Income (Loss)(5) | (0.11 | )% | 0.37 | % | (0.13 | )% | (0.32 | )% | ||||||||
| Portfolio Turnover Rate(6) | 33 | % | 157 | % | 180 | % | 70 | % | ||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
104
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| AdvisorShares International Gold ETF |
AdvisorShares Madrona Domestic ETF |
|||||||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
For the period February 11, 2014* to June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period June 21, 2011* to June 30, 2011 |
||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 12.88 | $ | 12.80 | $ | 41.26 | $ | 32.34 | $ | 25.31 | $ | 26.07 | $ | 25.00 | ||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.12 | (0.05 | ) | 0.09 | 0.11 | 0.15 | 0.10 | 0.00(3) | ||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.30 | ) | 0.13 | 1.61 | 8.91 | 7.01 | (0.79 | ) | 1.07 | |||||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (0.18 | ) | 0.08 | 1.70 | 9.02 | 7.16 | (0.69 | ) | 1.07 | |||||||||||||||||||||||
| Distributions from Net Investment Income | (0.16 | ) | — | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.07 | ) | — | ||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Total Distributions | (0.16 | ) | — | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.07 | ) | — | ||||||||||||||||||||
| Net Asset Value, End of Period | $ | 12.54 | $ | 12.88 | $ | 42.82 | $ | 41.26 | $ | 32.34 | $ | 25.31 | $ | 26.07 | ||||||||||||||||||
| Market Value, End of Period | $ | 12.42 | $ | 12.78 | $ | 42.81 | $ | 41.26 | $ | 32.34 | $ | 25.28 | $ | 26.07 | ||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (1.42 | )% | 0.63 | % | 4.11 | % | 27.93 | % | 28.37 | % | (2.65 | )% | 4.28 | % | ||||||||||||||||||
| Total Investment Return Based on Market(4) |
(2.82 | )% | (0.16 | )% | 4.09 | % | 27.93 | % | 28.52 | % | (2.76 | )% | 4.28 | % | ||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 627 | $ | 1,288 | $ | 29,973 | $ | 24,755 | $ | 18,593 | $ | 15,188 | $ | 2,607 | ||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 0.95 | % | 0.95 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 8.68 | % | 10.36 | % | 1.37 | % | 1.42 | % | 1.61 | % | 1.46 | % | 10.96 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 8.68 | % | 10.36 | % | 1.37 | % | 1.42 | % | 1.61 | % | 1.46 | % | 10.96 | % | ||||||||||||||||||
| Net investment Income (Loss)(5) | 1.94 | % | (0.95 | )% | 0.42 | % | 0.31 | % | 0.51 | % | 0.40 | % | 0.23 | % | ||||||||||||||||||
| Portfolio Turnover Rate(6) | 0 | % | 2 | % | 0%(7) | 14 | % | 33 | % | 40 | % | 0 | % | |||||||||||||||||||
See accompanying Notes to Financial Statements.
105
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|||||||||||||||
| AdvisorShares Madrona Global Bond ETF |
||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period June 21, 2011* to June 30, 2011 |
||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 26.36 | $ | 25.05 | $ | 25.69 | $ | 25.01 | $ | 25.00 | ||||||||||
| Investment Operations |
||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.47 | 0.86 | 0.72 | 0.71 | 0.01 | |||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.80 | ) | 1.30 | (0.66 | ) | 0.67 | — | |||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | 0.01 | — | — | |||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (0.33 | ) | 2.16 | 0.07 | 1.38 | 0.01 | ||||||||||||||
| Distributions from Net Investment Income | (0.45 | ) | (0.85 | ) | (0.71 | ) | (0.70 | ) | — | |||||||||||
| Distributions from Realized Capital Gains | — | — | (0.00)(3) | — | — | |||||||||||||||
| Total Distributions | (0.45 | ) | (0.85 | ) | (0.71 | ) | (0.70 | ) | — | |||||||||||
| Net Asset Value, End of Period | $ | 25.58 | $ | 26.36 | $ | 25.05 | $ | 25.69 | $ | 25.01 | ||||||||||
| Market Value, End of Period | $ | 25.61 | $ | 26.42 | $ | 24.96 | $ | 25.68 | $ | 25.02 | ||||||||||
| Total Return |
||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (1.25 | )% | 8.80 | % | 0.20 | % | 5.59 | % | 0.04 | % | ||||||||||
| Total Investment Return Based on Market(4) | (1.36 | )% | 9.44 | % | (0.13 | )% | 5.49 | % | 0.08 | % | ||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 27,496 | $ | 24,383 | $ | 22,543 | $ | 21,195 | $ | 2,501 | ||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.03 | % | 1.07 | % | 1.02 | % | 0.99 | % | 11.08 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.03 | % | 1.07 | % | 1.02 | % | 0.99 | % | 11.08 | % | ||||||||||
| Net investment Income (Loss)(5) | 3.56 | % | 3.36 | % | 2.73 | % | 2.81 | % | 1.68 | % | ||||||||||
| Portfolio Turnover Rate(6) | 19 | % | 20 | % | 28 | % | 12 | % | 0 | % | ||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
106
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|
||||||||||||||||||
| AdvisorShares Madrona International ETF |
||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period June 21, 2011* to June 30, 2011 |
||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 29.66 | $ | 23.97 | $ | 21.06 | $ | 26.17 | $ | 25.00 | ||||||||||||||
| Investment Operations |
||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.10 | 0.41 | 0.39 | 0.32 | 0.01 | |||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (3.58 | ) | 5.77 | 2.82 | (5.33 | ) | 1.16 | |||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (3.48 | ) | 6.18 | 3.21 | (5.01 | ) | 1.17 | |||||||||||||||||
| Distributions from Net Investment Income | (0.47 | ) | (0.49 | ) | (0.30 | ) | (0.08 | ) | — | |||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | (0.02 | ) | — | ||||||||||||||||||
| Total Distributions | (0.47 | ) | (0.49 | ) | (0.30 | ) | (0.10 | ) | — | |||||||||||||||
| Net Asset Value, End of Period | $ | 25.71 | $ | 29.66 | $ | 23.97 | $ | 21.06 | $ | 26.17 | ||||||||||||||
| Market Value, End of Period | $ | 25.73 | $ | 29.58 | $ | 23.95 | $ | 21.11 | $ | 26.18 | ||||||||||||||
| Total Return |
||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (11.76 | )% | 25.91 | % | 15.24 | % | (19.11 | )% | 4.68 | % | ||||||||||||||
| Total Investment Return Based on Market(4) | (11.43 | )% | 25.64 | % | 14.86 | % | (18.95 | )% | 4.72 | % | ||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 16,709 | $ | 19,279 | $ | 14,978 | $ | 14,219 | $ | 2,617 | ||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.65 | % | 1.55 | % | 1.65 | % | 1.54 | % | 10.99 | % | ||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.65 | % | 1.55 | % | 1.65 | % | 1.54 | % | 10.99 | % | ||||||||||||||
| Net investment Income (Loss)(5) | 0.67 | % | 1.48 | % | 1.65 | % | 1.48 | % | 1.14 | % | ||||||||||||||
| Portfolio Turnover Rate(6) | 41 | % | 182 | % | 93 | % | 110 | % | 19 | % | ||||||||||||||
See accompanying Notes to Financial Statements.
107
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|||||||||||||||
| AdvisorShares Meidell Tactical Advantage ETF |
||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period June 23, 2011* to June 30, 2011 |
||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 30.00 | $ | 28.33 | $ | 25.12 | $ | 25.06 | $ | 25.00 | ||||||||||
| Investment Operations |
||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.05 | 0.14 | 0.14 | 0.00 | (3) | 0.01 | ||||||||||||||
| Net Realized and Unrealized Gain (Loss) | 0.25 | 1.53 | 3.30 | 0.08 | 0.05 | |||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | |||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | 0.30 | 1.67 | 3.44 | 0.08 | 0.06 | |||||||||||||||
| Distributions from Net Investment Income | (0.18 | ) | — | (0.23 | ) | (0.02 | ) | — | ||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | |||||||||||||||
| Total Distributions | (0.18 | ) | — | (0.23 | ) | (0.02 | ) | — | ||||||||||||
| Net Asset Value, End of Period | $ | 30.12 | $ | 30.00 | $ | 28.33 | $ | 25.12 | $ | 25.06 | ||||||||||
| Market Value, End of Period | $ | 30.12 | $ | 30.00 | $ | 28.37 | $ | 25.48 | $ | 25.07 | ||||||||||
| Total Return |
||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | 0.99 | % | 5.89 | % | 13.81 | % | 0.31 | % | 0.24 | % | ||||||||||
| Total Investment Return Based on Market(4) | 0.40 | % | 5.75 | % | 12.33 | % | 1.71 | % | 0.28 | % | ||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 15,812 | $ | 15,750 | $ | 9,209 | $ | 5,652 | $ | 2,506 | ||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 2.07 | % | 2.12 | % | 2.99 | % | 3.69 | % | 13.70 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 2.07 | % | 2.12 | % | 2.99 | % | 3.69 | % | 13.70 | % | ||||||||||
| Net investment Income (Loss)(5) | 0.30 | % | 0.49 | % | 0.51 | % | 0.01 | % | 1.00 | % | ||||||||||
| Portfolio Turnover Rate(6) | 378 | % | 687 | % | 605 | % | 817 | % | 5 | % | ||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
108
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| AdvisorShares Morgan Creek Global Tactical ETF(1) |
AdvisorShares Newfleet Multi-Sector Income ETF |
|||||||||||||||||||||||||||||||||||
| Six
months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period October 26, 2010* to June 30, 2011 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
For the period March 19, 2013* to June 30, 2013 |
|||||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 26.19 | $ | 23.78 | $ | 23.69 | $ | 25.92 | $ | 25.10 | $ | 49.94 | $ | 49.04 | $ | 50.00 | ||||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.15 | 0.30 | 0.38 | 0.21 | 0.25 | 0.65 | 1.26 | 0.28 | ||||||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.72 | ) | 2.11 | 0.27 | (2.24 | ) | 0.79 | (0.79 | ) | 0.99 | (0.99 | ) | ||||||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | 0.00 | (3) | — | — | — | — | — | |||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (0.57 | ) | 2.41 | 0.65 | (2.03 | ) | 1.04 | (0.14 | ) | 2.25 | (0.71 | ) | ||||||||||||||||||||||||
| Distributions from Net Investment Income | (0.64 | ) | — | (0.56 | ) | — | (0.22 | ) | (0.73 | ) | (1.35 | ) | (0.25 | ) | ||||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | (0.20 | ) | — | — | — | — | |||||||||||||||||||||||||||
| Total Distributions | (0.64 | ) | — | (0.56 | ) | (0.20 | ) | (0.22 | ) | (0.73 | ) | (1.35 | ) | (0.25 | ) | |||||||||||||||||||||
| Net Asset Value, End of Period | $ | 24.98 | $ | 26.19 | $ | 23.78 | $ | 23.69 | $ | 25.92 | $ | 49.07 | $ | 49.94 | $ | 49.04 | ||||||||||||||||||||
| Market Value, End of Period | $ | 24.94 | $ | 26.16 | $ | 23.79 | $ | 23.64 | $ | 25.93 | $ | 49.14 | $ | 49.94 | $ | 49.01 | ||||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (2.18 | )% | 10.13 | % | 2.68 | % | (7.84 | )% | 4.17 | % | (0.28 | )% | 4.65 | % | (1.42 | )% | ||||||||||||||||||||
| Total Investment Return Based on Market(4) |
(4.66 | )% | 9.96 | % | 2.92 | % | (8.07 | )% | 4.20 | % | (0.15 | )% | 4.70 | % | (1.48 | )% | ||||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 13,737 | $ | 36,667 | $ | 49,942 | $ | 78,171 | $ | 178,837 | $ | 191,376 | $ | 154,811 | $ | 83,362 | ||||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.25 | % | 1.25 | % | 1.15 | % | 0.99 | % | 1.02 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.85 | % | 1.24 | % | 1.15 | % | 1.08 | % | 1.04 | % | 0.82 | % | 0.83 | % | 1.13 | % | ||||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.85 | % | 1.24 | % | 1.15 | % | 1.08 | % | 1.04 | % | 0.82 | % | 0.83 | % | 1.13 | % | ||||||||||||||||||||
| Net investment Income (Loss)(5) | 1.18 | % | 1.19 | % | 1.54 | % | 0.87 | % | 1.45 | % | 2.61 | % | 2.55 | % | 1.98 | % | ||||||||||||||||||||
| Portfolio Turnover Rate(6) | 152 | % | 232 | % | 236 | % | 475 | % | 187 | % | 23 | % | 85 | % | 105 | % | ||||||||||||||||||||
See accompanying Notes to Financial Statements.
109
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|||||||||||||||
| AdvisorShares Peritus High Yield ETF |
||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period December 1, 2010* to June 30, 2011 |
||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 53.27 | $ | 50.43 | $ | 48.59 | $ | 51.59 | $ | 50.00 | ||||||||||
| Investment Operations |
||||||||||||||||||||
| Net Investment Income (Loss)(2) | 1.86 | 4.14 | 4.28 | 4.20 | 2.25 | |||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (10.78 | ) | 2.69 | 1.66 | (2.74 | ) | 1.30 | |||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | 0.00 | (3) | — | ||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (8.92 | ) | 6.83 | 5.94 | 1.46 | 3.55 | ||||||||||||||
| Distributions from Net Investment Income | (2.26 | ) | (3.95 | ) | (4.09 | ) | (3.99 | ) | (1.96 | ) | ||||||||||
| Distributions from Realized Capital Gains | — | (0.04 | ) | (0.01 | ) | (0.47 | ) | — | ||||||||||||
| Total Distributions | (2.26 | ) | (3.99 | ) | (4.10 | ) | (4.46 | ) | (1.96 | ) | ||||||||||
| Net Asset Value, End of Period | $ | 42.09 | $ | 53.27 | $ | 50.43 | $ | 48.59 | $ | 51.59 | ||||||||||
| Market Value, End of Period | $ | 41.16 | $ | 53.27 | $ | 49.91 | $ | 48.64 | $ | 51.87 | ||||||||||
| Total Return |
||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (17.16 | )% | 14.04 | % | 12.58 | % | 3.27 | % | 7.16 | % | ||||||||||
| Total Investment Return Based on Market(4) | (18.91 | )% | 15.20 | % | 11.29 | % | 2.75 | % | 7.73 | % | ||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 433,563 | $ | 1,075,997 | $ | 259,729 | $ | 92,328 | $ | 43,851 | ||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.20 | % | 1.18 | % | 1.25 | % | 1.35 | % | 1.34 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.20 | % | 1.18 | % | 1.23 | % | 1.35 | % | 1.57 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.20 | % | 1.18 | % | 1.23 | % | 1.35 | % | 1.57 | % | ||||||||||
| Net investment Income (Loss)(5) | 7.34 | % | 7.95 | % | 8.44 | % | 8.64 | % | 7.47 | % | ||||||||||
| Portfolio Turnover Rate(6) | 39 | % | 87 | % | 37 | % | 80 | % | 81 | % | ||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
110
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Pring Turner Business Cycle ETF |
AdvisorShares QAM Equity Hedge ETF |
|||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
For the period December 18, 2012* to June 30, 2013 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
For the period August 7, 2012* to June 30, 2013 |
|||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 29.00 | $ | 25.46 | $ | 25.00 | $ | 28.48 | $ | 26.21 | $ | 25.00 | ||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.19 | 0.24 | 0.18 | 0.02 | (0.20 | ) | (0.12 | ) | ||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (3.24 | ) | 3.60 | 0.28 | (0.27 | ) | 2.95 | 1.51 | ||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | — | ||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (3.05 | ) | 3.84 | 0.46 | (0.25 | ) | 2.75 | 1.39 | ||||||||||||||||||||
| Distributions from Net Investment Income | (0.31 | ) | (0.30 | ) | — | — | — | (0.08 | ) | |||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | (0.22 | ) | (0.48 | ) | (0.10 | ) | |||||||||||||||||||
| Total Distributions | (0.31 | ) | (0.30 | ) | — | (0.22 | ) | (0.48 | ) | (0.18 | ) | |||||||||||||||||
| Net Asset Value, End of Period | $ | 25.64 | $ | 29.00 | $ | 25.46 | $ | 28.01 | $ | 28.48 | $ | 26.21 | ||||||||||||||||
| Market Value, End of Period | $ | 25.63 | $ | 29.04 | $ | 25.47 | $ | 27.98 | $ | 28.45 | $ | 26.16 | ||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (10.53 | )% | 15.19 | % | 1.84 | % | (0.90 | )% | 10.52 | % | 5.57 | % | ||||||||||||||||
| Total Investment Return Based on Market(4) |
(10.69 | )% | 15.30 | % | 1.88 | % | (1.65 | )% | 10.62 | % | 5.36 | % | ||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 4,486 | $ | 5,074 | $ | 5,729 | $ | 8,402 | $ | 8,543 | $ | 3,932 | ||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.49 | % | 1.49 | % | 1.49 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 3.20 | % | 2.55 | % | 4.70 | % | 2.90 | % | 2.66 | % | 4.61 | % | ||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 3.20 | % | 2.55 | % | 4.70 | % | 2.72 | % | 2.46 | % | 4.55 | % | ||||||||||||||||
| Net investment Income (Loss)(5) | 1.39 | % | 0.91 | % | 1.35 | % | 0.12 | % | (0.71 | )% | (0.50 | )% | ||||||||||||||||
| Portfolio Turnover Rate(6) | 53 | % | 35 | % | 26 | % | 66 | % | 179 | % | 114 | % | ||||||||||||||||
See accompanying Notes to Financial Statements.
111
ADVISORSHARES TRUST
Financial Highlights
|
|
|
|
|
|
|||||||||||||||
| AdvisorShares Ranger Equity Bear ETF |
||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period January 27, 2011* to June 30, 2011 |
||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 11.78 | $ | 16.17 | $ | 23.33 | $ | 22.65 | $ | 25.00 | ||||||||||
| Investment Operations |
||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.17 | ) | (0.38 | ) | (0.60 | ) | (0.72 | ) | (0.30 | ) | ||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.14 | ) | (4.01 | ) | (6.56 | ) | 1.40 | (2.05 | ) | |||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | |||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (0.31 | ) | (4.39 | ) | (7.16 | ) | 0.68 | (2.35 | ) | |||||||||||
| Distributions from Net Investment Income | — | — | — | — | — | |||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | |||||||||||||||
| Total Distributions | — | — | — | — | — | |||||||||||||||
| Net Asset Value, End of Period | $ | 11.47 | $ | 11.78 | $ | 16.17 | $ | 23.33 | $ | 22.65 | ||||||||||
| Market Value, End of Period | $ | 11.45 | $ | 11.79 | $ | 16.16 | $ | 23.34 | $ | 22.65 | ||||||||||
| Total Return |
||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (2.63 | )% | (27.15 | )% | (30.69 | )% | 3.00 | % | (9.40 | )% | ||||||||||
| Total Investment Return Based on Market(4) | (2.88 | )% | (27.04 | )% | (30.76 | )% | 3.05 | % | (9.40 | )% | ||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 135,021 | $ | 161,952 | $ | 218,357 | $ | 313,223 | $ | 50,389 | ||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.65 | % | 1.65 | % | 1.61 | % | 1.69 | % | 1.79 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 2.77 | % | 2.87 | % | 3.12 | % | 3.06 | % | 3.16 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.65 | % | 1.65 | % | 1.61 | % | 1.68 | % | 1.88 | % | ||||||||||
| Net investment Income (Loss)(5) | (2.77 | )% | (2.81 | )% | (3.11 | )% | (3.06 | )% | (3.07 | )% | ||||||||||
| Portfolio Turnover Rate(6) | 225 | % | 484 | % | 697 | % | 756 | % | 635 | % | ||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
112
ADVISORSHARES TRUST
Financial Highlights
|
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|||||||||||||||||||||
| AdvisorShares Sage Core Reserves ETF |
AdvisorShares STAR Global Buy-Write ETF |
AdvisorShares Sunrise Global Multi-Strategy ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
For the period January 14, 2014* to June 30, 2014 |
Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
For the period September 17, 2012* to June 30, 2013 |
For the period July 8, 2014* to December 31, 2014 |
|||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 99.78 | $ | 100.00 | $ | 26.18 | $ | 23.61 | $ | 25.00 | $ | 25.00 | ||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.10 | 0.36 | 0.01 | (0.10 | ) | (0.03 | ) | 0.03 | ||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.34 | ) | (0.25 | ) | 0.28 | 2.67 | (1.16 | ) | (0.08 | ) | ||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | — | ||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (0.24 | ) | 0.11 | 0.29 | 2.57 | (1.19 | ) | (0.05 | ) | |||||||||||||||||||
| Distributions from Net Investment Income | (0.34 | ) | (0.33 | ) | — | — | (0.17 | ) | (0.45 | ) | ||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | (0.03 | ) | — | |||||||||||||||||||||
| Total Distributions | (0.34 | ) | (0.33 | ) | — | — | (0.20 | ) | (0.45 | ) | ||||||||||||||||||
| Net Asset Value, End of Period | $ | 99.20 | $ | 99.78 | $ | 26.47 | $ | 26.18 | $ | 23.61 | $ | 24.50 | ||||||||||||||||
| Market Value, End of Period | $ | 99.20 | $ | 99.80 | $ | 26.45 | $ | 26.22 | $ | 23.62 | $ | 24.40 | ||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (0.24 | )% | 0.11 | % | 1.11 | % | 10.89 | % | (4.80 | )% | (0.22 | )% | ||||||||||||||||
| Total Investment Return Based on Market(4) |
(0.26 | )% | 0.13 | % | 0.88 | % | 11.00 | % | (4.76 | )% | (2.40 | )% | ||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 37,202 | $ | 37,419 | $ | 26,474 | $ | 27,490 | $ | 22,428 | $ | 2,450 | ||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 0.35 | % | 0.35 | % | 1.85 | % | 1.85 | % | 1.85 | % | 1.75 | % | ||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 0.77 | % | 0.73 | % | 1.86 | % | 1.79 | % | 2.35 | % | 6.18 | % | ||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 0.77 | % | 0.73 | % | 1.86 | % | 1.79 | % | 2.35 | % | 6.18 | % | ||||||||||||||||
| Net investment Income (Loss)(5) | 0.20 | % | 0.78 | % | 0.09 | % | (0.42 | )% | (0.14 | )% | 0.24 | % | ||||||||||||||||
| Portfolio Turnover Rate(6) | 27 | % | 12 | % | 24 | % | 166 | % | 40 | % | 127 | % | ||||||||||||||||
See accompanying Notes to Financial Statements.
113
ADVISORSHARES TRUST
Financial Highlights
|
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|
|
|
||||||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
||||||||||||||||
| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
For the period October 5, 2011* to June 30, 2012 |
|||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 51.22 | $ | 41.05 | $ | 33.16 | $ | 26.20 | ||||||||
| Investment Operations |
||||||||||||||||
| Net Investment Income (Loss)(2) | 0.18 | 0.43 | 0.23 | 0.07 | ||||||||||||
| Net Realized and Unrealized Gain (Loss) | 4.27 | 9.89 | 7.99 | 6.90 | ||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | 4.45 | 10.32 | 8.22 | 6.97 | ||||||||||||
| Distributions from Net Investment Income | (0.34 | ) | (0.15 | ) | (0.21 | ) | (0.01 | ) | ||||||||
| Distributions from Realized Capital Gains | — | — | (0.12 | ) | — | |||||||||||
| Total Distributions | (0.34 | ) | (0.15 | ) | (0.33 | ) | (0.01 | ) | ||||||||
| Net Asset Value, End of Period | $ | 55.33 | $ | 51.22 | $ | 41.05 | $ | 33.16 | ||||||||
| Market Value, End of Period | $ | 55.34 | $ | 51.25 | $ | 41.13 | $ | 33.24 | ||||||||
| Total Return |
||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | 8.68 | % | 25.18 | % | 25.01 | % | 26.62 | % | ||||||||
| Total Investment Return Based on Market(4) | 8.64 | % | 25.00 | % | 24.96 | % | 26.93 | % | ||||||||
| Ratios/Supplemental Data |
||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 174,292 | $ | 137,015 | $ | 25,657 | $ | 8,291 | ||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.13 | % | 1.16 | % | 1.90 | % | 2.34 | % | ||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.13 | % | 1.16 | % | 1.90 | % | 2.34 | % | ||||||||
| Net investment Income (Loss)(5) | 0.68 | % | 0.90 | % | 0.62 | % | 0.31 | % | ||||||||
| Portfolio Turnover Rate(6) | 0 | % | 7 | % | 57 | % | 201 | % | ||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Cambria Global Tactical ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Less than $0.005. |
| (4) | 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. |
| (5) | Ratios of periods of less than one year have been annualized. |
| (6) | 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. |
| (7) | Less than 0.5%. |
| (8) | The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
See accompanying Notes to Financial Statements.
114
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
AdvisorShares YieldPro ETF |
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| Six months ended December 31, 2014 (Unaudited) |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period July 21, 2010* to June 30, 2011 |
Six months ended December 31, 2014 (Unaudited) |
For the period March 4, 2014* to June 30, 2014 |
||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 38.95 | $ | 32.65 | $ | 28.72 | $ | 31.46 | $ | 25.00 | $ | 25.28 | $ | 25.00 | ||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.03 | 0.18 | 0.11 | 0.07 | 0.15 | 0.58 | 0.29 | |||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (1.85 | ) | 6.29 | 3.99 | (2.58 | ) | 6.40 | (1.39 | ) | 0.20 | ||||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | 0.00(3) | — | — | — | — | |||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(8) | (1.82 | ) | 6.47 | 4.10 | (2.51 | ) | 6.55 | (0.81 | ) | 0.49 | ||||||||||||||||||||||
| Distributions from Net Investment Income | (0.03 | ) | (0.17 | ) | (0.17 | ) | (0.11 | ) | (0.09 | ) | (0.57 | ) | (0.21 | ) | ||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | (0.12 | ) | — | — | — | ||||||||||||||||||||||||
| Total Distributions | (0.03 | ) | (0.17 | ) | (0.17 | ) | (0.23 | ) | (0.09 | ) | (0.57 | ) | (0.21 | ) | ||||||||||||||||||
| Net Asset Value, End of Period | $ | 37.10 | $ | 38.95 | $ | 32.65 | $ | 28.72 | $ | 31.46 | $ | 23.90 | $ | 25.28 | ||||||||||||||||||
| Market Value, End of Period | $ | 37.14 | $ | 38.93 | $ | 32.63 | $ | 28.70 | $ | 31.58 | $ | 23.84 | $ | 25.31 | ||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(4) | (4.67 | )% | 19.85 | % | 14.30 | % | (7.94 | )% | 26.21 | % | (3.22 | )% | 1.95 | % | ||||||||||||||||||
| Total Investment Return Based on Market(4) |
(4.52 | )% | 19.85 | % | 14.29 | % | (8.36 | )% | 26.69 | % | (3.57 | )% | 2.07 | % | ||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000's omitted) | $ | 14,841 | $ | 12,660 | $ | 7,346 | $ | 6,462 | $ | 8,651 | $ | 59,738 | $ | 72,035 | ||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.00 | % | 1.07 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, including interest and dividend expense(5) | 1.76 | % | 1.67 | % | 2.52 | % | 4.17 | % | 3.04 | % | 1.00 | % | 1.07 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements, excluding interest and dividend expense(5) | 1.76 | % | 1.67 | % | 2.52 | % | 4.17 | % | 3.04 | % | 1.00 | % | 1.07 | % | ||||||||||||||||||
| Net investment Income (Loss)(5) | 0.14 | % | 0.50 | % | 0.36 | % | 0.24 | % | 0.52 | % | 4.64 | % | 3.64 | % | ||||||||||||||||||
| Portfolio Turnover Rate(6) | 11 | % | 24 | % | 38 | % | 16 | % | 34 | % | 38 | % | 8 | % | ||||||||||||||||||
See accompanying Notes to Financial Statements.
115
ADVISORSHARES TRUST
Notes to Financial Statements
December 31, 2014
1. Organization
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 26 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):
|
|
|
||||||
| Fund | Ticker | Commencement of Operations |
||||||
| AdvisorShares Accuvest Global Long Short ETF | AGLS | July 9, 2010 | ||||||
| AdvisorShares Accuvest Global Opportunities ETF | ACCU | January 25, 2012 | ||||||
| AdvisorShares Athena High Dividend ETF | DIVI | July 29, 2014 | ||||||
| AdvisorShares Athena International Bear ETF | HDGI | July 18, 2013 | ||||||
| AdvisorShares EquityPro ETF | EPRO | July 10, 2012 | ||||||
| AdvisorShares Gartman Gold/British Pound ETF | GGBP | February 11, 2014 | ||||||
| AdvisorShares Gartman Gold/Euro ETF | GEUR | February 11, 2014 | ||||||
| AdvisorShares Gartman Gold/Yen ETF | GYEN | February 11, 2014 | ||||||
| AdvisorShares Global Echo ETF | GIVE | May 23, 2012 | ||||||
| AdvisorShares International Gold ETF | GLDE | February 11, 2014 | ||||||
| AdvisorShares Madrona Domestic ETF | FWDD | June 21, 2011 | ||||||
| AdvisorShares Madrona Global Bond ETF | FWDB | June 21, 2011 | ||||||
| AdvisorShares Madrona International ETF | FWDI | June 21, 2011 | ||||||
| AdvisorShares Meidell Tactical Advantage ETF | MATH | June 23, 2011 | ||||||
| AdvisorShares Morgan Creek Global Tactical ETF (formerly known as, AdvisorShares Cambria Global Tactical ETF) |
GTAA | October 26, 2010 | ||||||
| AdvisorShares Newfleet Multi-Sector Income ETF | MINC | March 19, 2013 | ||||||
| AdvisorShares Peritus High Yield ETF | HYLD | December 1, 2010 | ||||||
| AdvisorShares Pring Turner Business Cycle ETF | DBIZ | December 18, 2012 | ||||||
| AdvisorShares QAM Equity Hedge ETF | QEH | August 7, 2012 | ||||||
| AdvisorShares Ranger Equity Bear ETF | HDGE | January 27, 2011 | ||||||
| AdvisorShares Sage Core Reserves ETF | HOLD | January 14, 2014 | ||||||
| AdvisorShares STAR Global Buy-Write ETF | VEGA | September 17, 2012 | ||||||
| AdvisorShares Sunrise Global Multi-Strategy ETF | MULT | July 8, 2014 | ||||||
| AdvisorShares TrimTabs Float Shrink ETF | TTFS | October 5, 2011 | ||||||
| AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF | AADR | July 21, 2010 | ||||||
| AdvisorShares YieldPro ETF | YPRO | March 4, 2014 | ||||||
Effective July 28, 2014, AdvisorShares Cambria Global Tactical ETF changed its name to AdvisorShares Morgan Creek Global Tactical ETF.
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.
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.
116
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
1. Organization - (continued)
AdvisorShares Athena High Dividend ETF (“Athena High Dividend ETF”) seeks long-term capital appreciation. The Portfolio Manager uses a behavioral finance approach to identifying securities for DIVI’s portfolio. Stocks are screened and selected using the Portfolio Manager’s patented research.
AdvisorShares Athena International Bear ETF (“Athena International Bear ETF”) seeks capital appreciation through short sales of international equity securities. The Portfolio Manager uses a behavioral finance approach to identifying securities to short. Stocks are screened and selected using the Portfolio Manager’s patented behavioral research.
AdvisorShares EquityPro ETF (“EquityPro ETF”) is a broadly diversified global equity ETF which seeks long-term capital growth. EPRO utilizes a “top-down” thematic approach while employing a proprietary security selection process and from time to time will employ risk management techniques to lower portfolio volatility and risk. 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.
AdvisorShares Gartman Gold/British Pound ETF (“Gartman Gold/British Pound ETF”) seeks to provide positive returns by utilizing the British pound to invest its assets in the gold market. GGBP offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. The British pound is obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts.
AdvisorShares Gartman Gold/Euro ETF (“Gartman Gold/Euro ETF”) seeks to provide positive returns by utilizing the European Union’s Euro to invest its assets in the gold market. GEUR offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. Euros are obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts.
AdvisorShares Gartman Gold/Yen ETF (“Gartman Gold/Yen ETF”) seeks to provide positive returns by utilizing the Japanese yen to invest its assets in the gold market. GYEN offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. The Japanese yen is obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts.
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, and actively managed ETF with a focus on sustainable investing.
AdvisorShares International Gold ETF (“International Gold ETF”) seeks to provide positive absolute returns by investing in exchange-traded products (ETPs) that provide diversified exposure to the international gold market. GLDE offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar.
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.
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.
117
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
1. Organization - (continued)
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.
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.
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.
AdvisorShares Morgan Creek Global Tactical ETF (“Morgan Creek Global Tactical ETF”) seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity and currency markets, independent of market direction. The Portfolio Manager seeks to achieve GTAA’s objective by utilizing a combination a qualitative and quantitative approaches with established risk management controls to actively manage the portfolio in an attempt to control the downside losses and protect capital.
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, 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.
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.
AdvisorShares Pring Turner Business Cycle ETF (“Pring Turner Business Cycle ETF”) seeks long-term growth from capital appreciation and income. 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
118
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
1. Organization - (continued)
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.
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. 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.
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.
AdvisorShares Sage Core Reserves ETF (“Sage Core Reserves ETF”) seeks to preserve capital while maximizing income. The Sub-Advisor seeks to achieve the fund’s investment objective by investing in a variety of fixed income securities, including bonds, forwards and instruments issued by U.S. and foreign issuers. It will invest in U.S. dollar-denominated investment grade debt securities, including mortgage- or asset-backed securities, rated Baa- or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by the Sub-Advisor to be of comparable quality.
AdvisorShares STAR Global Buy-Write ETF (“STAR Global Buy-Write ETF”) seeks consistent repeatable returns across all market cycles. 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.
AdvisorShares Sunrise Global Multi-Strategy ETF (“Sunrise Global Multi-Strategy ETF”) seeks to provide long-term total returns by investing long and short in a variety of asset classes and investment strategies. The Portfolio Manager seeks to achieve MULT’s objective by tactically investing, both long and short, in global equity, bond, currency and commodity markets as opportunities arise within those markets.
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
119
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
1. Organization - (continued)
its investment objective by primarily investing in the broad U.S. equity market, as represented by the 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.
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (“WCM/BNY Mellon Focused Growth 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.
AdvisorShares YieldPro ETF (“YieldPro ETF”) seeks to provide current income and capital appreciation. The fund is considered a “fund of funds” that seeks to achieve its investment objective by primarily investing in both long and short positions in other affiliated and unaffiliated exchange traded funds (“ETFs”) that offer diversified exposure to fixed income and other income producing securities. It may also invest in equity, inverse or other types of ETFs to supplement its fixed income ETF positions. The fund intends to invest the majority of its assets in investments that provide a competitive yield on a risk-adjusted basis.
2. Consolidation of Subsidiaries
The Consolidated Schedules of Investments; Consolidated Statements of Assets and Liabilities, of Operations and of Changes in Net Assets; and the Consolidated Financial Highlights of the ETFs listed below include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.
|
|
|||
| Funds | Wholly Owned Subsidiary | |||
| Gartman Gold/British Pound ETF | AdvisorShares Gartman Gold/British Pound CFC | |||
| Gartman Gold/Euro ETF | AdvisorShares Gartman Gold/Euro CFC | |||
| Gartman Gold/Yen ETF | AdvisorShares Gartman Gold/Yen CFC | |||
A summary of each ETF’s investment in its corresponding subsidiary is as follows:
|
|
|
|
|||||||||
| Funds | Inception Date of Subsidiary |
Subsidiary Net Assets at December 31, 2014 |
% of ETF’s Total Net Assets at December 31, 2014 |
|||||||||
| Gartman Gold/British Pound ETF | February 11, 2014 | $ | 88,550 | 15.4 | % | |||||||
| Gartman Gold/Euro ETF | February 11, 2014 | 388,822 | 15.7 | |||||||||
| Gartman Gold/Yen ETF | February 11, 2014 | 1,160,189 | 15.4 | |||||||||
3. Summary of Significant Accounting Policies
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.
Investment Valuation
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
120
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
3. Summary of Significant Accounting Policies - (continued)
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.
Investment Transactions
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.
Expenses
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.
Swap Agreements
Certain funds 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 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.
Repurchase Agreements
The Funds may enter into repurchase agreements provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
At December 31, 2014, the market values of repurchase agreements outstanding are included as cash collateral for securities on loan on the Statements of Assets and Liabilities.
Short Sales
Certain Funds 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
121
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
3. Summary of Significant Accounting Policies - (continued)
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.
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 Athena International Bear ETF, QAM Equity Hedge ETF, and Ranger Equity Bear ETF for the period ended December 31, 2014 are $6,527, $6,791, and $717,033 respectively, which are included as interest on securities sold short, not yet purchased in the Statements of Operations.
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.
Futures Contracts
Certain 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 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.
122
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
3. Summary of Significant Accounting Policies - (continued)
Options
Certain 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.
Short-Term Investments
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.
Securities Lending
The Funds participate in a securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash and is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in a separate account managed by BNYM, who is authorized to exclusively enter into overnight repurchase agreements. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.
The repurchase agreement income related to the Program earned by the Funds is disclosed on the Statements of Operations. The value of loaned securities and related collateral outstanding at December 31, 2014 are shown in the Schedules of Investments and Statements of Assets and Liabilities.
123
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
3. Summary of Significant Accounting Policies - (continued)
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|
|||||||||||||||||||||
| Liabilities: | Description | Gross Amounts of Recognized Assets |
Gross Amounts Offset in the Statement of Financial Position |
Net Amounts Presented in the Statements of Financial Position |
Gross Amounts not offset in the Statement of Assets and Liabilities |
Net Amount |
||||||||||||||||||||||
| Fund | Financial Instruments |
Collateral Pledged/ Received |
||||||||||||||||||||||||||
| Accuvest Global Long Short ETF | Swaps | $ | 291,698 | $ | — | $ | 291,698 | $ | 291,698 | $ | 4,485,464 | $ | — | |||||||||||||||
| Accuvest Global Opportunities ETF | Repurchase Agreements |
584,667 | — | 584,667 | 584,667* | 596,361 | — | |||||||||||||||||||||
| Athena High Dividend ETF |
Repurchase Agreements |
1,015,624 | — | 1,015,624 | 1,015,624* | 1,035,936 | — | |||||||||||||||||||||
| EquityPro ETF | Repurchase Agreements |
6,135,577 | — | 6,135,577 | 6,135,577* | 6,258,293 | — | |||||||||||||||||||||
| Global Echo ETF | Repurchase Agreements |
263,151 | — | 263,151 | 263,151* | 268,414 | — | |||||||||||||||||||||
| Madrona Domestic ETF | Repurchase Agreements |
423,915 | — | 423,915 | 423,915* | 536,716 | (1) | — | ||||||||||||||||||||
| Madrona Global Bond ETF |
Repurchase Agreements |
3,452,929 | — | 3,452,929 | 3,452,929* | 3,521,991 | — | |||||||||||||||||||||
| Madrona International ETF |
Repurchase Agreements |
2,566,538 | — | 2,566,538 | 2,566,538* | 2,678,299 | (1) | — | ||||||||||||||||||||
| Meidell Tactical Advantage ETF | Repurchase Agreements |
3,717,019 | — | 3,717,019 | 3,717,019* | 3,791,362 | — | |||||||||||||||||||||
| Morgan Creek Global Tactical ETF | Repurchase Agreements |
2,585,092 | — | 2,585,092 | 2,585,092* | 2,936,795 | — | |||||||||||||||||||||
| Newfleet Multi-Sector Income ETF | Repurchase Agreements |
1,970,668 | — | 1,970,668 | 1,970,668* | 4,134,843 | (1) | — | ||||||||||||||||||||
| Peritus High Yield ETF | Repurchase Agreements |
97,535,051 | — | 97,535,051 | 97,535,051* | 99,485,825 | — | |||||||||||||||||||||
| Pring Turner Business Cycle ETF | Repurchase Agreements |
190,858 | — | 190,858 | 190,858* | 194,675 | — | |||||||||||||||||||||
| TrimTabs Float Shrink ETF | Repurchase Agreements |
90,912 | — | 90,912 | 90,912* | 92,730 | — | |||||||||||||||||||||
| Sage Core Reserves ETF | Repurchase Agreements |
290,707 | — | 290,707 | 290,707* | 296,521 | — | |||||||||||||||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | Repurchase Agreements |
1,135,197 | — | 1,135,197 | 1,135,197* | 1,157,901 | — | |||||||||||||||||||||
| * | Collateral for securities on loan included in the Schedules of Investments. |
| (1) | Includes the value of securities received as collateral which are not shown on the Statements of Assets and Liabilities because the Fund does not have the right to sell or repledge the securities received as collateral. |
Dividends and Distributions
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.
Indemnifications
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.
124
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
4. Investment Advisory Agreement and Other Agreements
Investment Advisory Agreement
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.
The Advisor’s annual management fee for each Fund is as follows:
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| Fund: | Rate: | |||
| Accuvest Global Long Short ETF | 1.35 | % | ||
| Accuvest Global Opportunities ETF | 0.95 | % | ||
| Athena High Dividend ETF | 0.80 | % | ||
| Athena International Bear ETF | 1.35 | % | ||
| EquityPro ETF | 0.80 | % | ||
| Gartman Gold/British Pound ETF | 0.55 | % | ||
| Gartman Gold/Euro ETF | 0.55 | % | ||
| Gartman Gold/Yen ETF | 0.55 | % | ||
| Global Echo ETF | 1.10 | % | ||
| International Gold ETF | 0.80 | % | ||
| Madrona Domestic ETF | 0.80 | % | ||
| Madrona Global Bond ETF | 0.50 | % | ||
| Madrona International ETF | 0.80 | % | ||
| Meidell Tactical Advantage ETF | 1.20 | % | ||
| Morgan Creek Global Tactical ETF |
||||
| $0 – $250,000,000 | 0.90 | % | ||
| $250,000,001 – $1,000,000,000 | 0.80 | % | ||
| $1,000,000,001 – $5,000,000,000 | 0.70 | % | ||
| $5,000,000,001 + | 0.60 | % | ||
| Newfleet Multi-Sector Income ETF | 0.65 | % | ||
| Peritus High Yield ETF | 1.10 | % | ||
| Pring Turner Business Cycle ETF | 1.00 | % | ||
| QAM Equity Hedge ETF | 1.00 | % | ||
| Ranger Equity Bear ETF | 1.50 | % | ||
| Sage Core Reserves ETF | 0.30 | % | ||
| STAR Global Buy-Write ETF | 1.35 | % | ||
| Sunrise Global Multi-Strategy ETF | 1.50 | % | ||
| TrimTabs Float Shrink ETF | 0.99 | % | ||
| WCM/BNY Mellon Focused Growth ADR ETF | 0.75 | % | ||
| YieldPro ETF | 0.80 | % | ||
125
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
4. Investment Advisory Agreement and Other Agreements - (continued)
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.
Sub-Advisory Agreements
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.
From time to time, each sub-advisor may waive all or a portion of its fee.
Expense Limitation Agreement
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 period ended December 31, 2014 were as follows:
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| Fund: | Rate: | |||
| Accuvest Global Long Short ETF | 1.50 | % | ||
| Accuvest Global Opportunities ETF | 1.25 | % | ||
| Athena High Dividend ETF | 0.99 | % | ||
| Athena International Bear ETF | 1.50 | % | ||
| EquityPro ETF | 1.25 | % | ||
| Gartman Gold/British Pound ETF | 0.65 | % | ||
| Gartman Gold/Euro ETF | 0.65 | % | ||
| Gartman Gold/Yen ETF | 0.65 | % | ||
| Global Echo ETF | — | |||
| International Gold ETF | 0.95 | % | ||
| Madrona Domestic ETF | 1.25 | % | ||
| Madrona Global Bond ETF | 0.95 | % | ||
| Madrona International ETF | 1.25 | % | ||
| Meidell Tactical Advantage ETF | 1.35 | % | ||
| Morgan Creek Global Tactical ETF | 1.25 | % | ||
| Newfleet Multi-Sector Income ETF | 0.75 | % | ||
| Peritus High Yield ETF | 1.35 | % | ||
| Pring Turner Business Cycle ETF | 1.49 | % | ||
| QAM Equity Hedge ETF | 1.50 | % | ||
| Ranger Equity Bear ETF | 1.85 | % | ||
| Sage Core Reserves ETF | 0.35 | % | ||
126
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
4. Investment Advisory Agreement and Other Agreements - (continued)
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| Fund: | Rate: | |||
| STAR Global Buy-Write ETF | 1.85 | % | ||
| Sunrise Global Multi-Strategy ETF | 1.75 | % | ||
| TrimTabs Float Shrink ETF | 0.99 | % | ||
| WCM/BNY Mellon Focused Growth ADR ETF | 1.25 | % | ||
| YieldPro ETF | 1.25 | % | ||
For the period ended December 31, 2014, the Advisor waived fees and reimbursed expenses for each Fund as follows. Each Fund may recoup such waivers until the date indicated.
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| Fund: | Expenses Reimbursed: |
Recoupment Balance: |
Recoupment Expiration: |
|||||||||
| Accuvest Global Long Short ETF | $ | 204,653 | $ | 202,243 | 6/30/2015 | |||||||
| $ | 83,973 | $ | 83,973 | 6/30/2016 | ||||||||
| $ | 63,291 | $ | 63,291 | 6/30/2017 | ||||||||
| $ | 56,023 | $ | 56,023 | 6/30/2018 | ||||||||
| Total Accuvest Global Long Short ETF | $ | 407,940 | $ | 405,530 | ||||||||
| Accuvest Global Opportunities ETF | $ | 45,384 | $ | 45,384 | 6/30/2015 | |||||||
| $ | 49,308 | $ | 49,308 | 6/30/2016 | ||||||||
| $ | 55,943 | $ | 55,943 | 6/30/2017 | ||||||||
| $ | 38,169 | $ | 38,169 | 6/30/2018 | ||||||||
| Total Accuvest Global Opportunities ETF | $ | 188,804 | $ | 188,804 | ||||||||
| Athena High Dividend ETF | $ | 41,694 | $ | 41,694 | 6/30/2018 | |||||||
| Athena International Bear ETF | $ | 98,092 | $ | 98,092 | 6/30/2017 | |||||||
| $ | 53,937 | $ | 53,937 | 6/30/2018 | ||||||||
| Total Athena International Bear ETF | $ | 152,029 | $ | 152,029 | ||||||||
| EquityPro ETF | $ | 83,603 | $ | 73,078 | 6/30/2016 | |||||||
| $ | 67,622 | $ | 67,622 | 6/30/2017 | ||||||||
| $ | 802 | $ | 802 | 6/30/2018 | ||||||||
| Total EquityPro ETF | $ | 152,027 | $ | 141,502 | ||||||||
| Gartman Gold/British Pound ETF | $ | 49,263 | $ | 49,263 | 6/30/2017 | |||||||
| $ | 59,902 | $ | 59,902 | 6/30/2018 | ||||||||
| Total Gartman Gold/British Pound ETF | $ | 109,165 | $ | 109,165 | ||||||||
| Gartman Gold/Euro ETF | $ | 49,169 | $ | 49,169 | 6/30/2017 | |||||||
| $ | 59,010 | $ | 59,010 | 6/30/2018 | ||||||||
| Total Gartman Gold/Euro ETF | $ | 108,179 | $ | 108,179 | ||||||||
| Gartman Gold/Yen ETF | $ | 48,900 | $ | 48,900 | 6/30/2017 | |||||||
| $ | 58,408 | $ | 58,408 | 6/30/2018 | ||||||||
| Total Gartman/Yen ETF | $ | 107,308 | $ | 107,308 | ||||||||
| International Gold ETF | $ | 45,849 | $ | 45,849 | 6/30/2017 | |||||||
| $ | 45,972 | $ | 45,972 | 6/30/2018 | ||||||||
| Total International Gold ETF | $ | 91,821 | $ | 91,821 | ||||||||
127
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
4. Investment Advisory Agreement and Other Agreements - (continued)
|
|
|
|
|||||||||
| Fund: | Expenses Reimbursed: |
Recoupment Balance: |
Recoupment Expiration: |
|||||||||
| Madrona Domestic ETF | $ | 30,175 | $ | 29,886 | 6/30/2015 | |||||||
| $ | 59,617 | $ | 59,617 | 6/30/2016 | ||||||||
| $ | 35,931 | $ | 35,931 | 6/30/2017 | ||||||||
| $ | 17,899 | $ | 17,899 | 6/30/2018 | ||||||||
| Total Madrona Domestic ETF | $ | 143,622 | $ | 143,333 | ||||||||
| Madrona Global Bond ETF | $ | 5,992 | $ | — | 6/30/2015 | |||||||
| $ | 28,515 | $ | 8,167 | 6/30/2016 | ||||||||
| $ | 27,899 | $ | 27,899 | 6/30/2017 | ||||||||
| $ | 10,752 | $ | 10,752 | 6/30/2018 | ||||||||
| Total Madrona Global Bond ETF | $ | 73,158 | $ | 46,818 | ||||||||
| Madrona International ETF | $ | 36,187 | $ | 36,122 | 6/30/2015 | |||||||
| $ | 60,597 | $ | 60,597 | 6/30/2016 | ||||||||
| $ | 54,221 | $ | 54,221 | 6/30/2017 | ||||||||
| $ | 36,663 | $ | 36,663 | 6/30/2018 | ||||||||
| Total Madrona International ETF | $ | 187,668 | $ | 187,603 | ||||||||
| Meidell Tactical Advantage ETF | $ | 79,573 | $ | 73,208 | 6/30/2015 | |||||||
| $ | 119,857 | $ | 119,857 | 6/30/2016 | ||||||||
| $ | 106,095 | $ | 106,095 | 6/30/2017 | ||||||||
| $ | 56,718 | $ | 56,718 | 6/30/2018 | ||||||||
| Total Meidell Tactical Advantage ETF | $ | 362,243 | $ | 355,878 | ||||||||
| Morgan Creek Global Tactical ETF | $ | 129,750 | $ | 99,003 | 6/30/2015 | |||||||
| $ | 15,570 | $ | 15,570 | 6/30/2016 | ||||||||
| $ | 4,358 | $ | 4,358 | 6/30/2017 | ||||||||
| $ | 66,992 | $ | 66,992 | 6/30/2018 | ||||||||
| Total Morgan Creek Global Tactical ETF | $ | 216,670 | $ | 185,923 | ||||||||
| Newfleet Multi-Sector Income ETF | $ | 76,615 | $ | 76,615 | 6/30/2016 | |||||||
| $ | 88,416 | $ | 88,416 | 6/30/2017 | ||||||||
| $ | 56,628 | $ | 56,628 | 6/30/2018 | ||||||||
| Total Newfleet Multi-Sector Income ETF | $ | 221,659 | $ | 221,659 | ||||||||
| Pring Turner Business Cycle ETF | $ | 68,085 | $ | 68,085 | 6/30/2016 | |||||||
| $ | 57,187 | $ | 57,187 | 6/30/2017 | ||||||||
| $ | 45,797 | $ | 45,797 | 6/30/2018 | ||||||||
| Total Pring Turner Business Cycle ETF | $ | 171,069 | $ | 171,069 | ||||||||
| QAM Equity Hedge ETF | $ | 98,205 | $ | 98,205 | 6/30/2016 | |||||||
| $ | 65,019 | $ | 65,019 | 6/30/2017 | ||||||||
| $ | 46,662 | $ | 46,662 | 6/30/2018 | ||||||||
| Total QAM Equity Hedge ETF | $ | 209,886 | $ | 209,886 | ||||||||
| Sage Core Reserves ETF | $ | 58,758 | $ | 58,758 | 6/30/2017 | |||||||
| $ | 79,089 | $ | 79,089 | 6/30/2018 | ||||||||
| Total Sage Core Reserves ETF | $ | 137,847 | $ | 137,847 | ||||||||
128
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
4. Investment Advisory Agreement and Other Agreements - (continued)
|
|
|
|
|||||||||
| Fund: | Expenses Reimbursed: |
Recoupment Balance: |
Recoupment Expiration: |
|||||||||
| STAR Global Buy-Write ETF | $ | 58,584 | $ | 35,690 | 6/30/2016 | |||||||
| $ | 3,240 | $ | 3,240 | 6/30/2017 | ||||||||
| $ | 6,982 | $ | 6,982 | 6/30/2018 | ||||||||
| Total STAR Global Buy-Write ETF | $ | 68,806 | $ | 45,912 | ||||||||
| Sunrise Global Multi-Strategy ETF | $ | 51,465 | $ | 51,465 | 6/30/2018 | |||||||
| TrimTabs Float Shrink ETF | $ | 66,768 | $ | 66,768 | 6/30/2015 | |||||||
| $ | 113,494 | $ | 113,494 | 6/30/2016 | ||||||||
| $ | 159,385 | $ | 159,385 | 6/30/2017 | ||||||||
| $ | 101,953 | $ | 101,953 | 6/30/2018 | ||||||||
| Total TrimTabs Float Shrink ETF | $ | 441,600 | $ | 441,600 | ||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | $ | 214,032 | $ | 209,961 | 6/30/2015 | |||||||
| $ | 93,893 | $ | 93,893 | 6/30/2016 | ||||||||
| $ | 40,767 | $ | 40,767 | 6/30/2017 | ||||||||
| $ | 34,689 | $ | 34,689 | 6/30/2018 | ||||||||
| Total WCM/BNY Mellon Focused Growth ADR ETF | $ | 383,381 | $ | 379,310 | ||||||||
As part of its agreement with the Trust, the Advisor has contractually agreed to pay all operating expenses of the Global Echo ETF. There are no expenses reimbursed or recouped for that Fund.
Administrator, Custodian, Fund Accountant and Transfer Agent
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.
Distribution and Service (12b-1) Plan
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 the 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.
5. Creation and Redemption Transactions
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
129
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
5. Creation and Redemption Transactions - (continued)
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.
6. Summary of Fair Value Disclosure
The Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, 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:
| Level 1 — | unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access. |
| Level 2 — | 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. |
| Level 3 — | 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. |
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.
130
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
6. Summary of Fair Value Disclosure - (continued)
The following is a summary of the inputs used as of December 31, 2014 in valuing the Funds’ assets carried at fair value:
|
|
|
|
|
|
|
||||||||||||||||||
| Assets | Accuvest Global Long Short ETF |
Accuvest Global Opportunities ETF |
Athena High Dividend ETF |
Athena International Bear ETF |
EquityPro ETF |
Gartman Gold/ British Pound ETF |
||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | $ | 9,797,551 | $ | 4,156,068 | $ | — | $ | 500,960 | $ | 28,439,545 | $ | — | ||||||||||||
| Common Stocks | — | — | 12,296,329 | — | — | — | ||||||||||||||||||
| Money Market Fund | 77,751 | 91,069 | 37,997 | 42,611 | 869,797 | 237,032 | ||||||||||||||||||
| Futures† | — | — | — | — | — | 4,560 | ||||||||||||||||||
| Level 2 |
||||||||||||||||||||||||
| Swap Contracts† | 291,698 | — | — | — | — | — | ||||||||||||||||||
| Repurchase Agreements for Securities Loaned | — | 584,667 | 1,015,624 | — | 6,135,577 | — | ||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Common Stocks | — | — | — | (961,668 | ) | — | — | |||||||||||||||||
| Futures† | — | — | — | — | — | (7,612 | ) | |||||||||||||||||
| Total | $ | 10,167,000 | $ | 4,831,804 | $ | 13,349,950 | $ | (418,097 | ) | $ | 35,444,919 | $ | 233,980 | |||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
| Assets | Gartman Gold/Euro ETF |
Gartman Gold/Yen ETF |
Global Echo ETF |
International Gold ETF |
Madrona Domestic ETF |
Madrona Global Bond ETF |
||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | $ | — | $ | — | $ | — | $ | 564,812 | $ | — | $ | 27,192,914 | ||||||||||||
| Common Stocks | — | — | 4,271,978 | — | 29,789,846 | — | ||||||||||||||||||
| Money Market Funds | 1,605,842 | 5,262,611 | 175,847 | 75,992 | 205,222 | 230,228 | ||||||||||||||||||
| Futures† | 72,739 | 120,285 | — | — | — | — | ||||||||||||||||||
| Level 2 |
||||||||||||||||||||||||
| Municipal Bond | — | — | 300,000 | — | — | — | ||||||||||||||||||
| Asset Backed Securities | — | — | 1,274,020 | — | — | — | ||||||||||||||||||
| Commercial Mortgage Backed Security | — | — | 255,999 | — | — | — | ||||||||||||||||||
| Repurchase Agreements for Securities Loaned | — | — | 263,151 | — | 423,915 | 3,452,929 | ||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Futures† | (35,891 | ) | (102,903 | ) | — | — | — | — | ||||||||||||||||
| Total | $ | 1,642,690 | $ | 5,279,993 | $ | 6,540,995 | $ | 640,804 | $ | 30,418,983 | $ | 30,876,071 | ||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
| Assets | Madrona International ETF |
Meidell Tactical Advantage ETF |
Morgan Creek Global Tactical ETF |
Newfleet Multi-Sector Income ETF |
Peritus High Yield ETF |
Pring Turner Business Cycle ETF |
||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | $ | — | $ | 15,265,186 | $ | 12,112,966 | $ | — | $ | — | $ | 1,470,397 | ||||||||||||
| Common Stocks | 16,675,370 | — | — | — | 46,492,898 | 2,471,911 | ||||||||||||||||||
| Money Market Fund | 33,520 | 667,133 | 1,423,680 | 8,922,385 | — | 570,149 | ||||||||||||||||||
| Closed-End Fund | — | — | 515,531 | — | — | — | ||||||||||||||||||
| Level 2 |
||||||||||||||||||||||||
| Corporate Bonds | — | — | — | 36,118,568 | 245,917,747 | — | ||||||||||||||||||
| Foreign Bonds | — | — | — | 11,282,464 | 54,086,502 | — | ||||||||||||||||||
| U.S. Treasury Notes | — | — | — | 5,503,437 | — | — | ||||||||||||||||||
| U.S. Government Agency Securities | — | — | — | 1,896,325 | — | — | ||||||||||||||||||
| Asset Backed Securities | — | — | — | 47,866,897 | — | — | ||||||||||||||||||
| Mortgage Backed Securities | — | — | — | 54,319,762 | — | — | ||||||||||||||||||
| Term Loans | — | — | — | 24,946,880 | 81,907,578 | — | ||||||||||||||||||
| Repurchase Agreements for Securities Loaned | 2,566,538 | 3,717,019 | 2,585,092 | 1,970,668 | 97,535,051 | 190,858 | ||||||||||||||||||
| Total | $ | 19,275,428 | $ | 19,649,338 | $ | 16,637,269 | $ | 192,827,386 | $ | 525,939,776 | $ | 4,703,315 | ||||||||||||
131
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
6. Summary of Fair Value Disclosure - (continued)
|
|
|
|
|
|
|
||||||||||||||||||
| Assets | QAM Equity Hedge ETF |
Ranger Equity Bear ETF |
Sage Core Reserves ETF |
STAR Global Buy-Write ETF |
Sunrise Global Multi-Strategy ETF |
TrimTabs Float Shrink ETF |
||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | $ | 7,532,617 | $ | 29,760,000 | $ | — | $ | 23,637,207 | $ | 1,958,743 | $ | — | ||||||||||||
| Exchange Traded Notes | 24,691 | — | — | — | — | — | ||||||||||||||||||
| Common Stocks | — | — | — | 664,348 | — | 174,705,431 | ||||||||||||||||||
| Money Market Funds | 895,806 | 23,243,749 | 1,192,992 | 1,495,325 | 298,180 | — | ||||||||||||||||||
| Level 2 | — | |||||||||||||||||||||||
| Corporate Bonds | — | — | 15,337,855 | — | — | — | ||||||||||||||||||
| Foreign Bonds | — | — | 4,462,443 | — | — | — | ||||||||||||||||||
| Municipal Bond | — | — | 587,105 | — | — | — | ||||||||||||||||||
| U.S. Treasury Note | — | — | 1,861,162 | — | — | — | ||||||||||||||||||
| U.S. Treasury Bill | — | — | 199,992 | — | — | — | ||||||||||||||||||
| Asset Backed Securities | — | — | 4,889,609 | — | — | — | ||||||||||||||||||
| Mortgage Backed Securities | — | — | 8,451,593 | — | — | |||||||||||||||||||
| Repurchase Agreements for Securities Loaned | — | — | 290,707 | — | — | 90,912 | ||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | (561,471 | ) | (133,362,970 | ) | — | — | — | — | ||||||||||||||||
| Written Options | — | — | — | (60,951 | ) | — | — | |||||||||||||||||
| Futures† | — | — | (14,789 | ) | — | 6,257 | — | |||||||||||||||||
| Total | $ | 7,891,643 | $ | (80,359,221 | ) | $ | 37,258,669 | $ | 25,735,929 | $ | 2,263,180 | $ | 174,796,343 | |||||||||||
|
|
|
||||||
| Assets | WCM/BNY Mellon Focused Growth ADR ETF |
YieldPro ETF |
||||||
| Level 1 |
||||||||
| Exchange Traded Funds | $ | — | $ | 37,622,360 | ||||
| Common Stocks | 14,283,814 | 10,664,107 | ||||||
| Purchased Options | — | 572,525 | ||||||
| Money Market Fund | 568,803 | 11,036,686 | ||||||
| Level 2 |
||||||||
| Repurchase Agreements for Securities Loaned | 1,135,197 | — | ||||||
| Total | $ | 15,987,814 | $ | 59,895,678 | ||||
| † | Derivative instruments, including swap contracts and futures, are valued at the net unrealized gain (loss) on the instrument. |
There were no transfers between Level 1 and Level 2 fair value measurements that occurred during the period ended December 31, 2014.
The Funds did not hold any level 3 securities as of December 31, 2014.
7. Valuation of Derivative Instruments
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.
132
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
7. Valuation of Derivative Instruments - (continued)
At December 31, 2014, the fair values of derivative instruments were as follows:
Statements of Assets and Liabilities:
|
|
|
|
|
||||||||||||
| Fund: | Asset Derivatives: | Interest Rate Risk |
Equity Risk |
Commodity Risk |
||||||||||||
| Accuvest Global Long Short ETF | Unrealized Appreciation on Swaps Contracts |
$ | — | $ | 291,698 | $ | — | |||||||||
| Gartman Gold/British Pound ETF | Unrealized Appreciation on Futures Contracts |
— | — | 4,560 | ||||||||||||
| Gartman Gold/Euro ETF | Unrealized Appreciation on Futures Contracts |
— | — | 72,739 | ||||||||||||
| Gartman Gold/Yen ETF | Unrealized Appreciation on Futures Contracts |
— | — | 120,285 | ||||||||||||
| YieldPro ETF | Investments – Options Purchased |
— | 66,683 | — | ||||||||||||
| $ | — | $ | 358,381 | $ | 197,584 | |||||||||||
|
|
|
|
|
||||||||||||
| Fund: | Liability Derivatives: | Interest Rate Risk |
Equity Risk |
Foreign Exchange Risk |
||||||||||||
| Accuvest Global Long Short ETF | Unrealized Depreciation on Swaps Contracts |
$ | — | $ | — | $ | — | |||||||||
| Gartman Gold/British Pound ETF | Unrealized Depreciation on Futures Contracts |
— | — | 7,612 | ||||||||||||
| Gartman Gold/Euro ETF | Unrealized Depreciation on Futures Contracts |
— | — | 35,891 | ||||||||||||
| Gartman Gold/Yen ETF | Unrealized Depreciation on Futures Contracts |
— | — | 102,903 | ||||||||||||
| Sage Core Reserves ETF | Unrealized Depreciation on Futures Contracts |
14,789 | — | — | ||||||||||||
| STAR Global Buy-Write ETF | Options Written, at Value |
2,080 | 58,871 | — | ||||||||||||
| YieldPro ETF | Investments – Options Purchased |
240,500 | 243,165 | — | ||||||||||||
| $ | 257,369 | $ | 302,036 | $ | 146,406 | |||||||||||
133
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
7. Valuation of Derivative Instruments - (continued)
Transactions in derivative instruments during the period ended December 31, 2014, were as follows:
Statements of Operations:
|
|
|
|
|
|
|||||||||||||||
| Fund: | Realized Gain (Loss): | Equity Risk |
Foreign Exchange Risk |
Commodity Risk |
Interest Rate Risk |
|||||||||||||||
| Accuvest Global Long Short ETF | Swaps | $ | 860,646 | $ | — | $ | — | $ | — | |||||||||||
| Gartman Gold/British Pound ETF | Futures | — | 81,764 | (59,597 | ) | — | ||||||||||||||
| Gartman Gold/Euro ETF | Futures | — | 146,096 | (96,186 | ) | — | ||||||||||||||
| Gartman Gold/Yen ETF | Futures | — | 506,917 | (181,636 | ) | — | ||||||||||||||
| Sage Core Reserves ETF | Futures | — | — | — | (16,827 | ) | ||||||||||||||
| STAR Global Buy-Write ETF | Options Written | (54,257 | ) | — | — | — | ||||||||||||||
| Sunrise Global Multi-Strategy | Futures | (68,259 | ) | — | — | — | ||||||||||||||
| YieldPro ETF | Investments – Options Purchased | (1,650,502 | ) | — | — | — | ||||||||||||||
| $ | (912,372 | ) | $ | 734,777 | $ | (337,419 | ) | $ | (16,827 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||||||
| Fund: | Change in Unrealized Gain (Loss): |
Equity Risk |
Foreign Exchange Risk |
Commodity Risk |
Interest Rate Risk |
|||||||||||||||
| Accuvest Global Long Short ETF | Swaps | $ | 260,669 | $ | — | $ | — | $ | — | |||||||||||
| Gartman Gold/British Pound ETF | Futures | — | 26,547 | (69,702 | ) | — | ||||||||||||||
| Gartman Gold/Euro ETF | Futures | — | (32,033 | ) | 10,649 | — | ||||||||||||||
| Gartman Gold/Yen ETF | Futures | — | 165,717 | (289,173 | ) | — | ||||||||||||||
| Sage Core Reserves ETF | Futures | — | — | — | (15,438 | ) | ||||||||||||||
| STAR Global Buy-Write ETF | Options Written | — | (1,951 | ) | — | — | ||||||||||||||
| YieldPro ETF | Investments – Options Purchased | (98,798 | ) | — | — | — | ||||||||||||||
| $ | 161,871 | $ | 158,280 | $ | (348,226 | ) | $ | (15,438 | ) | |||||||||||
For the period ended December 31, 2014, the volume of the derivatives held by the Funds was as follows:
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Accuvest Global Long Short ETF | Gartman Global/British Pound ETF | Gartman Global/Euro ETF | Gartman Global/Yen ETF | Sage Core Reserves ETF | STAR Global Buy-Write ETF | Sunrise Global Multi-Strategy | YieldPro ETF | |||||||||||||||||||||||||
| Long Swaps Contracts | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Short Swaps Contracts | 3,421,442 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Purchased Options Contracts | — | — | — | — | — | 3,441 | — | 69,003 | ||||||||||||||||||||||||
| Written Options Contracts | — | — | — | — | — | 5,411 | — | — | ||||||||||||||||||||||||
| Short Futures Contracts | — | 26 | 30 | 81 | — | — | 67 | — | ||||||||||||||||||||||||
| Long Futures Contracts | — | 26 | 26 | 108 | 21 | — | 349 | — | ||||||||||||||||||||||||
8. Federal Income Tax
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
134
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
8. Federal Income Tax - (continued)
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 (2012 – 2014), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2014, 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.
At December 31, 2014, the approximate cost of investments, including short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:
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| Fund | Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
Other Derivatives Net Unrealized Appreciation/ (Depreciation) |
|||||||||||||||
| Accuvest Global Long Short ETF | $ | 10,102,160 | $ | 158,875 | $ | (385,733 | ) | $ | (226,858 | ) | $ | 291,698 | ||||||||
| Accuvest Global Opportunities ETF | 4,998,074 | 28,373 | (194,643 | ) | (166,270 | ) | — | |||||||||||||
| Athena High Dividend ETF | 14,429,038 | 374,902 | (1,453,990 | ) | (1,079,088 | ) | — | |||||||||||||
| Athena International Bear ETF | (383,105 | ) | 12,268 | (47,260 | ) | (34,992 | ) | — | ||||||||||||
| EquityPro ETF | 34,703,084 | 1,063,001 | (321,166 | ) | 741,835 | — | ||||||||||||||
| Gartman Gold/British Pound ETF | 237,032 | — | — | — | (3,052 | ) | ||||||||||||||
| Gartman Gold/Euro ETF | 1,605,842 | — | — | — | 36,848 | |||||||||||||||
| Gartman Gold/Yen ETF | 5,262,611 | — | — | — | 17,382 | |||||||||||||||
| Global Echo ETF | 5,989,295 | 628,630 | (76,930 | ) | 551,700 | — | ||||||||||||||
| International Gold ETF | 663,569 | 4,814 | (27,579 | ) | (22,765 | ) | — | |||||||||||||
| Madrona Domestic ETF | 26,301,549 | 5,003,073 | (885,639 | ) | 4,117,434 | — | ||||||||||||||
| Madrona Global Bond ETF | 30,632,524 | 638,363 | (394,816 | ) | 243,547 | — | ||||||||||||||
| Madrona International ETF | 20,591,418 | 913,848 | (2,229,838 | ) | (1,315,990 | ) | — | |||||||||||||
| Meidell Tactical Advantage ETF | 19,343,835 | 349,167 | (43,664 | ) | 305,503 | — | ||||||||||||||
| Morgan Creek Global Tactical ETF | 16,522,935 | 598,570 | (484,236 | ) | 114,334 | — | ||||||||||||||
| Newfleet Multi-Sector Income ETF | 195,028,472 | 614,360 | (2,815,446 | ) | (2,201,086 | ) | — | |||||||||||||
| Peritus High Yield ETF | 617,542,606 | 1,053,292 | (92,656,122 | ) | (91,602,830 | ) | — | |||||||||||||
| Pring Turner Business Cycle ETF | 4,562,478 | 278,038 | (137,201 | ) | 140,837 | — | ||||||||||||||
| QAM Equity Hedge ETF | 7,744,720 | 325,520 | (178,597 | ) | 146,923 | — | ||||||||||||||
| Ranger Equity Bear ETF | (84,019,397 | ) | 8,909,484 | (5,249,308 | ) | 3,660,176 | — | |||||||||||||
| Sage Core Reserves ETF | 37,448,618 | 24,261 | (199,421 | ) | (175,160 | ) | (14,789 | ) | ||||||||||||
| STAR Global Buy-Write ETF | 23,963,694 | 2,081,858 | (309,623 | ) | 1,772,235 | — | ||||||||||||||
| Sunrise Global Multi-Strategy ETF | 2,147,184 | 110,006 | (267 | ) | 109,739 | 6,257 | ||||||||||||||
| TrimTabs Float Shrink ETF | 165,429,432 | 11,052,640 | (1,685,729 | ) | 9,366,911 | — | ||||||||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | 14,307,070 | 2,256,107 | (575,363 | ) | 1,680,744 | — | ||||||||||||||
| YieldPro ETF | 60,376,930 | 1,072,003 | (1,553,255 | ) | (481,252 | ) | — | |||||||||||||
135
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
8. Federal Income Tax - (continued)
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, 2014 are as follows:
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| Fund | Late Year Ordinary Deferral |
Short-Term Post-October Loss |
Long-Term Post-October Loss |
|||||||||
| Accuvest Global Long Short ETF | $ | — | $ | 3,272,830 | $ | — | ||||||
| Accuvest Global Opportunities ETF | — | 570,817 | — | |||||||||
| Athena International Bear ETF | 20,684 | 167,863 | — | |||||||||
| Gartman Gold/British Pound ETF | — | 20,787 | 31,180 | |||||||||
| Gartman Gold/Euro ETF | — | 2,254 | 3,382 | |||||||||
| Gartman Gold/Yen ETF | — | 21,026 | 31,538 | |||||||||
| Global Echo ETF | — | 9,999 | — | |||||||||
| International Gold ETF | 4,507 | — | — | |||||||||
| Madrona Domestic ETF | — | — | 17,095 | |||||||||
| Madrona Global Bond ETF | — | 61,379 | 48,109 | |||||||||
| Madrona International ETF | — | 20,044 | — | |||||||||
| Meidell Tactical Advantage ETF | — | 291,627 | — | |||||||||
| Newfleet Multi-Sector Income ETF | — | 113,887 | 35,300 | |||||||||
| Peritus High Yield ETF | — | 110,358 | — | |||||||||
| Pring Turner Business Cycle ETF | — | 63,474 | 16,063 | |||||||||
| Ranger Equity Bear ETF | 2,033,900 | 22,471,430 | — | |||||||||
| Sage Core Reserves ETF | — | 5,647 | — | |||||||||
| STAR Global Buy-Write ETF | 60,353 | — | 208,171 | |||||||||
| TrimTabs Float Shrink ETF | — | 3,498,430 | — | |||||||||
| YieldPro ETF | — | 769,517 | — | |||||||||
The following Funds have capital loss carryforwards available to offset future realized gains of:
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| Fund | Short-Term Post-Effective No Expiration |
Long-Term Post-Effective No Expiration |
Total | |||||||||
| Accuvest Global Long Short ETF | $ | 8,809,566 | $ | 431,658 | $ | 9,241,224 | ||||||
| Accuvest Global Opportunities ETF | 2,683,788 | — | 2,683,788 | |||||||||
| Athena International Bear ETF | 54,496 | — | 54,496 | |||||||||
| Global Echo ETF | 13,478 | — | 13,478 | |||||||||
| Madrona Domestic ETF | 801,839 | 189,275 | 991,114 | |||||||||
| Madrona Global Bond ETF | 66,750 | 40,225 | 106,975 | |||||||||
| Madrona International ETF | 1,647,319 | 32,863 | 1,680,182 | |||||||||
| Meidell Tactical Advantage ETF | 556,690 | 3,360 | 560,050 | |||||||||
| Morgan Creek Global Tactical ETF | 19,272,202 | — | 19,272,202 | |||||||||
| Newfleet Multi-Sector Income ETF | 251,685 | — | 251,685 | |||||||||
| Pring Turner Business Cycle ETF | 23,177 | — | 23,177 | |||||||||
| Ranger Equity Bear ETF | 124,434,165 | — | 124,434,165 | |||||||||
| STAR Global Buy-Write ETF | 17,583 | 156,801 | 174,384 | |||||||||
| TrimTabs Float Shrink ETF | 509,037 | — | 509,037 | |||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | — | 449,980 | 449,980 | |||||||||
136
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
8. Federal Income Tax - (continued)
The following Funds utilized capital loss carryforwards to offset taxable capital gains realized during the period ended December 31, 2014:
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| Fund | Amount | |||
| Global Echo ETF | $ | 41,338 | ||
| Madrona Domestic ETF | 247,464 | |||
| Madrona International ETF | 771,219 | |||
| Morgan Creek Global Tactical ETF | 207,553 | |||
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 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.
9. Other Affiliated Parties and Transactions
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2014 are as follows:
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| Affiliated Fund Name | Value at 06/30/2014 |
Purchases/ Additions |
Sales/ Reductions |
Value at 12/31/2014 |
Dividend Income |
Realized Gain (Loss) |
||||||||||||||||||
| Athena International Bear ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF | $ | 703,660 | $ | – | $ | (198,716 | ) | $ | 500,960 | $ | 2,114 | $ | (1,284 | ) | ||||||||||
| Global Echo ETF |
||||||||||||||||||||||||
| Ranger Equity Bear ETF | 11,780 | 15,185 | (27,515 | ) | — | — | (461 | ) | ||||||||||||||||
| Sage Core Reserves ETF | 1,098,409 | 49,940 | (1,147,794 | ) | — | — | (2,261 | ) | ||||||||||||||||
| International Gold ETF |
||||||||||||||||||||||||
| Gartman Gold/British Pound ETF | 327,291 | — | (159,905 | ) | 151,012 | 8,095 | (4,319 | ) | ||||||||||||||||
| Gartman Gold/Euro ETF | 339,300 | — | (160,290 | ) | 171,804 | 5,441 | 7,873 | |||||||||||||||||
| Gartman Gold/Yen ETF | 341,135 | — | (160,714 | ) | 190,305 | 3,609 | 16,927 | |||||||||||||||||
| Madrona Global Bond ETF |
||||||||||||||||||||||||
| Peritus High Yield ETF | 3,112,080 | 405,318 | (3,191,587 | ) | — | 57,711 | (163,677 | ) | ||||||||||||||||
| Meidell Tactical Advantage ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF. | — | 740,093 | (739,157 | ) | — | 93 | (936 | ) | ||||||||||||||||
| Pring Turner Business Cycle ETF |
||||||||||||||||||||||||
| Peritus High Yield ETF | 234,467 | 32,691 | (222,722 | ) | — | 7,858 | (36,870 | ) | ||||||||||||||||
| QAM Equity Hedge ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF | 419,202 | 69,615 | (69,787 | ) | 416,640 | 1,366 | (213 | ) | ||||||||||||||||
| Ranger Equity Bear ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF | 29,943,000 | — | — | 29,760,000 | 102,765 | — | ||||||||||||||||||
| STAR Global Buy-Write ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF | 262,001 | — | (12,471 | ) | 248,000 | 867 | (27 | ) | ||||||||||||||||
| YieldPro ETF |
||||||||||||||||||||||||
| Peritus High Yield ETF | 10,049,182 | — | (9,444,655 | ) | — | 174,117 | (490,110 | ) | ||||||||||||||||
137
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
10. Investment Transactions
Purchases and sales of investments for the period ended December 31, 2014 are as follows:
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| Purchases | Sales | |||||||||||||||||||||||
| Fund | Long Term | U.S. Government | In-Kind | Long Term | U.S. Government | In-Kind | ||||||||||||||||||
| Accuvest Global Long Short ETF | $ | 32,650,380 | $ | — | $ | 7,528,690 | $ | 33,299,024 | $ | — | $ | 19,947,551 | ||||||||||||
| Accuvest Global Opportunities ETF | 42,211,419 | — | 3,571,428 | 41,978,375 | — | 22,140,784 | ||||||||||||||||||
| Athena High Dividend ETF |
7,527,794 | — | 14,209,420 | 7,415,962 | — | — | ||||||||||||||||||
| Athena International Bear ETF | 2,156,522 | — | — | 2,423,860 | — | — | ||||||||||||||||||
| EquityPro ETF | 45,568,542 | — | 11,129,191 | 45,250,389 | — | 1,483,467 | ||||||||||||||||||
| Global Echo ETF | 2,122,451 | — | — | 3,384,976 | — | 1,811,051 | ||||||||||||||||||
| International Gold ETF | — | — | — | 641,826 | — | — | ||||||||||||||||||
| Madrona Domestic ETF | 9,072,333 | — | 4,078,158 | 114,836 | — | 8,766,293 | ||||||||||||||||||
| Madrona Global Bond ETF |
5,003,456 | — | 3,865,002 | 4,966,784 | — | — | ||||||||||||||||||
| Madrona International ETF |
13,658,673 | — | — | 7,474,243 | — | 6,251,981 | ||||||||||||||||||
| Meidell Tactical Advantage ETF | 47,040,065 | — | 11,374,312 | 47,040,194 | — | 11,534,828 | ||||||||||||||||||
| Morgan Creek Global Tactical ETF | 30,906,172 | — | — | 33,809,355 | — | 20,080,834 | ||||||||||||||||||
| Newfleet Multi-Sector Income ETF | 63,134,832 | 6,993,422 | — | 30,816,094 | 8,009,856 | — | ||||||||||||||||||
| Peritus High Yield ETF | 290,278,782 | — | — | 479,962,462 | — | 266,755,965 | ||||||||||||||||||
| Pring Turner Business Cycle ETF | 2,504,694 | — | 622,074 | 2,479,326 | — | 504,728 | ||||||||||||||||||
| QAM Equity Hedge ETF | 4,874,516 | — | 1,233,709 | 4,798,031 | — | 1,360,266 | ||||||||||||||||||
| Ranger Equity Bear ETF | 457,910,445 | — | — | 429,596,685 | — | — | ||||||||||||||||||
| Sage Core Reserves ETF | 8,273,816 | — | — | 6,112,649 | — | — | ||||||||||||||||||
| STAR Global Buy-Write ETF |
9,719,478 | — | — | 5,368,526 | — | 1,001,439 | ||||||||||||||||||
| Sunrise Global Multi-Strategy ETF | 2,501,003 | — | 3,004,527 | 2,602,820 | — | 1,007,421 | ||||||||||||||||||
| TrimTabs Float Shrink ETF |
— | — | 293,768,245 | 87,473,185 | — | 179,299,741 | ||||||||||||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | 1,504,576 | — | 2,737,909 | 1,750,162 | — | — | ||||||||||||||||||
| YieldPro ETF | 24,280,091 | — | — | 37,195,428 | — | 7,427,054 | ||||||||||||||||||
Options Written transactions, during the period ended December 31, 2014, were as follows:
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| STAR Global Buy-Write ETF | Contracts | Premiums Paid/Received |
||||||
| Options outstanding at June 30, 2014 | 1,030 | $ | 57,243 | |||||
| Options written | 5,411 | 415,114 | ||||||
| Options terminated in closing purchase transactions | (3,392 | ) | (255,894 | ) | ||||
| Options expired | (1,910 | ) | (110,638 | ) | ||||
| Options exercised | (624 | ) | (37,066 | ) | ||||
| Options outstanding at December 31, 2014 | 515 | 68,759 | ||||||
138
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
11. Risks Involved with Investing in the Funds
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.
Fund of Funds Risk
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 is 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.
Liquidity Risk
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.
Market Risk
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.
New Fund Risk
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.
12. Subsequent Events
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.
139
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2014
12. Subsequent Events - (continued)
Since December 31, 2014, the following events occurred:
On December 31, 2014, AdvisorShares announced that it will liquidate two funds. The Board authorized these Fund liquidations and the affected ETFs, listed below, were liquidated January 16, 2015.
Athena International Bear ETF
Accuvest Global Opportunities ETF
On January 16, 2015, AdvisorShares announced that it will liquidate two funds. The Board authorized these Fund liquidations and the affected ETFs, listed below, were liquidated January 30, 2015.
Gartman Gold/British Pound ETF
International Gold ETF
The following Funds paid dividends after December 31, 2014:
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| Fund | Ticker | Per Share Distributed |
Payable Date | |||||||||
| Madrona Global Bond ETF | FWDB | $ | 0.04475 | 01/30/2015 | ||||||||
| Newfleet Multi-Sector Income ETF | MINC | $ | 0.07941 | 01/30/2015 | ||||||||
| Peritus High Yield ETF | HYLD | $ | 0.20663 | 01/30/2015 | ||||||||
| YieldPro ETF | YPRO | $ | 0.05592 | 01/30/2015 | ||||||||
140
Board Review of Investment Advisory and Sub-Advisory Agreements
Renewal of the Sub-Advisory Agreements for AdvisorShares Gartman Gold/British Pound ETF, AdvisorShares Gold/Euro ETF, AdvisorShares Gartman Gold/Yen ETF, AdvisorShares Global Echo ETF, AdvisorShares International Gold ETF, AdvisorShares Madrona Domestic ETF, AdvisorShares Madrona Global Bond ETF, AdvisorShares Madrona International ETF, AdvisorShares QAM Equity Hedge ETF, AdvisorShares Ranger Equity Bear ETF, AdvisorShares STAR Global Buy-Write ETF, and AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF
At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on August 4, 2014 and November 21, 2014 (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 separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”), on behalf of certain series of the Trust (each a “Fund” and collectively the “Funds”), between AdvisorShares Investments, LLC (the “Advisor”) and (1) Baldwin Brothers Inc., Community Capital Management, Inc., and Reynders, McVeigh Capital Management LLC, on behalf of the AdvisorShares Global Echo ETF, (2) Commerce Asset Management, LLC, on behalf of the AdvisorShares QAM Equity Hedge ETF, (3) Madrona Funds, LLC, on behalf of the AdvisorShares Madrona Domestic ETF, AdvisorShares Madrona Global Bond ETF and AdvisorShares Madrona International ETF, (4) Partnervest Advisory Services, on behalf of the AdvisorShares STAR Global Buy-Write ETF, (5) Ranger Alternative Management, L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF, (6) Treesdale Partners LLC, on behalf of the AdvisorShares Gartman Gold/British Pound ETF, AdvisorShares Gold/Euro ETF, AdvisorShares Gartman Gold/Yen ETF, and AdvisorShares International Gold ETF, and (7) WCM Investment Management, on behalf of the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.
Pursuant to Section 15 of the 1940 Act, to continue after their initial two-year term, the Sub-Advisory Agreements must be approved annually (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 meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. In preparation for the meetings, 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 Sub-Advisory Agreements for an additional year.
Prior to the Meetings, the Board, including the Independent Trustees, reviewed written materials from each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services to be provided by the Sub-Advisor; (ii) the investment performance of each Fund; (iii) the costs of the services provided and profits and other benefits realized by the Sub-Advisor and its affiliates from the relationship with each Fund; (iv) the respective personnel and operations of the Sub-Advisor; (v) the extent to which economies of scale would be realized as each Fund grows; and (vi) 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.
At the Meetings, the Board was presented with additional information to help it evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements. The Board received an overview of each Sub-Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund’s strategy, the focus in the markets, the Fund’s positioning in the market, and its attractive and unique offering. The Board reviewed each Sub-Advisor’s overall business generally, including any noteworthy personnel changes. The Board deliberated on the renewal of the Sub-Advisory Agreements in light of the written materials that it received before the Meetings, information it received at the Meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the
141
Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
factors and reached the conclusions described below relating to the selection of each Sub-Advisor and the renewal of its Sub-Advisory Agreement. The Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to the Funds. The most recent Form ADV for each Sub-Advisor also was provided to the Board, as were the responses of each Sub-Advisor to a detailed series of questions that requested, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Funds.
The Board also considered each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its 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 each Sub-Advisor.
Performance of the Funds
The Board was provided with information regarding each Fund’s performance since each Sub-Advisory Agreement was last approved, as well as information regarding each Fund’s performance since its inception. Each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. Based on this information, the Board concluded that it was satisfied with the investment results that each Sub-Advisor had been able to achieve for its respective Fund(s).
Cost of Advisory Services, Profitability and Economies of Scale
In concluding that the sub-advisory fees payable with respect to each Fund were reasonable, the Board reviewed a report of the sub-advisory fees paid by the Advisor to each Sub-Advisor, the fees and expenses waived and/or reimbursed by each Sub-Advisor over the period, the costs and other expenses incurred by each Sub-Advisor in providing advisory services, and the profitability analysis with respect to each Fund. The Board also reviewed reports comparing the advisory fees paid by each Fund to those paid by comparable funds and noted that 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.
Conclusion
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously: (i) concluded that the terms of each Sub-Advisory Agreement are fair and reasonable; (ii) concluded that each Sub-Advisor’s fees are reasonable in light of the services that it provides to its respective Fund(s); and (iii) agreed to renew each Sub-Advisory Agreement for another year.
Initial Approval of the Advisory and Sub-Advisory Agreements for AdvisorShares Athena High Dividend ETF and AdvisorShares Sunrise Global Multi-Strategy ETF
At meetings of the Board held on May 20, 2013 and February 12, 2014 (the “Meetings”), the Board considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and AdvisorShares Investments, LLC (the “Advisor”) on behalf of the AdvisorShares Sunrise
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Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
Global Multi-Strategy ETF and AdvisorShares Athena High Dividend ETF (the “Funds”). The Board also considered the approval of separate sub-advisory agreements (the “Sub-Advisory Agreements,” and collectively with the Advisory Agreement, the “New Agreements”) between the Advisor and (1) AthenaInvest Advisors LLC, on behalf of the AdvisorShares Athena High Dividend ETF, and (2) Sunrise Capital Partners LLC, on behalf of the AdvisorShares Sunrise Global Multi-Strategy ETF (together the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.
Pursuant to Section 15 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.
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 Advisor and Sub-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 that it considered relevant to its consideration and approval of the proposed New Agreements.
At the conclusion of its review of the materials discussed above and the discussions among the Trustees leading up to and during the 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 each of the proposed New Agreements.
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 considered and the conclusions that the Trustees, in their business judgment reached, were 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 to the Funds by the Advisor and Sub-Advisors; (iii) their satisfaction that the investment advisory fee rates proposed for the Funds are consistent with applicable standards and are reasonable and fair; and (iv) their assessment that the Advisor’s and Sub-Advisors’ projected profitability in connection with providing investment management services to the Funds would not be excessive.
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 Meetings are addressed in more detail below.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services proposed to be provided by the Advisor and Sub-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 reviewed information set forth in each firm’s Form ADV, which provides information about the firm, its management, and its business activities and affiliations. In addition, the Board observed that the Chief
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Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
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.
Performance
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.
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
The Board considered the cost of the services to be provided by the Advisor and Sub-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, 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 and/or reimburse expenses 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.
Economies of Scale
The Board concluded that economies of scale would not likely be realized during the initial term of the New Agreements 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 Fund, 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.
Conclusion
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 fee for each Sub-Advisor is 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.
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Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
Initial Approval of the Sub-Advisory Agreement for AdvisorShares Morgan Creek Global Tactical ETF
At a meeting of the Board held on June 24, 2014, the Board, including the Independent Trustees, considered the approval of a new sub-advisory agreement between AdvisorShares Investments, LLC (the “Advisor”) and Morgan Creek Capital Management, LLC (“Morgan Creek”) (the “Sub-Advisory Agreement”), on behalf of the AdvisorShares Morgan Creek Global Tactical ETF (formerly the AdvisorShares Cambria Global Tactical ETF) (the “Fund”). The Board also considered the approval of an interim sub-advisory agreement between the Advisor and Morgan Creek that became effective at the termination of the sub-advisory agreement between the Advisor and the Fund’s previous sub-advisor and continued in effect until the Sub-Advisory Agreement was approved by shareholders of the Fund. With respect to the Board’s consideration and approval, references below to the Sub-Advisory Agreement also refer to the interim sub-advisory agreement (except that the fee payable to Morgan Creek under the interim sub-advisory agreement was the same as the fee payable to the Fund’s previous sub-advisor).
The Board reviewed and discussed information and analysis provided by the Advisor and Morgan Creek. This information formed the primary, but not exclusive, basis for the Board’s determination. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval. The Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services proposed to be provided by Morgan Creek, the Board reviewed the services to be provided and the qualifications and backgrounds of the portfolio manager who will be responsible for managing the Fund. The Board also reviewed information set forth in Morgan Creek’s Form ADV, which provides information about the firm, its management, and its business activities and affiliations. In addition, the Board observed that the Chief Compliance Officer of the Trust reviewed Morgan Creek’s compliance program and determined that it was reasonably designed to prevent violation of the federal securities laws as applicable to the Fund. The Board considered the professional experience and qualifications of Morgan Creek’s senior management and key professional personnel, including those individuals responsible for portfolio management. The Board also considered Morgan Creek’s operational capabilities and resources, and its depth and breadth of experience in managing investment portfolios. Based on its review, the Board determined that Morgan Creek and its personnel are qualified to provide all required services to the Fund and services that are of high quality, and that Morgan Creek has appropriate resources to provide such services.
Performance
In connection with the assessment of Morgan Creek’s ability to perform its duties under the Sub-Advisory Agreement, the Board considered the sufficiency of its resources. The Board concluded that Morgan Creek has the financial resources necessary to perform its obligations under the Sub-Advisory Agreement. The Board heard an overview of Morgan Creek’s investment philosophy, the proposed portfolio construction of the Fund, and the specific investment techniques to be employed. The Board also reviewed Morgan Creek’s overall investment performance.
Cost of Services, Profitability, and Comparative Fees
The Board considered the cost of the services to be provided by Morgan Creek and reviewed the fees to be paid pursuant to the Sub-Advisory Agreement. In addition, the Board discussed the fee arrangement between the Advisor and Morgan Creek. The Board also reviewed information regarding advisory fees of comparable funds and evaluated the proposed fee arrangement in light of this
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Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
information and the factors that judicial decisions have specified as pertinent generally. The Board further considered that while the contractual sub-advisory fee rate payable under the Sub-Advisory Agreement is higher than the contractual sub-advisory fee rate payable under the previous sub-advisory agreement, the overall advisory fee will remain the same. The Board also considered the contractual arrangements to waive a portion of the advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on the foregoing considerations, the Board determined that it was satisfied that the advisory fee rate proposed for the Fund was consistent with applicable standards and was reasonable and fair.
Economies of Scale
The Board considered whether economies of scale would be realized by the Fund at higher asset levels and noted that the fee schedule for the Sub-Advisory Agreement includes breakpoints. The Board also considered the fee waivers and expense reimbursements by the Advisor and Morgan Creek. The Board noted that the fees paid under the Sub-Advisory Agreement, like under the current sub-advisory agreement, are paid by the Advisor. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment sub-advisory fees paid to Morgan Creek appropriately took into account any economies of scale that had been realized as a result of that growth.
Conclusion
Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, concluded that the terms of the Sub-Advisory Agreement, including the proposed fee, are fair and reasonable in light of the services that Morgan Creek will provide to the Fund. For these reasons, the Board unanimously approved the Sub-Advisory Agreement.
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SUPPLEMENTAL INFORMATION
Quarterly Portfolio Holdings Information
The Funds are 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 on the SEC’s website at www.sec.gov. You can also obtain copies of Form N-Q by 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.
Proxy Voting Information
A description of the Funds proxy voting policies and procedures, as well as a record of how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by calling 1-877-843-3831. This information is also available on the SEC’s website at www.sec.gov.
Premium/Discount Information
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.
147
ADVISORSHARES TRUST
Investment Advisor
AdvisorShares Investments, LLC
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
Sub-Advisors
WCM Investment Management
281 Brooks Street
Laguna Beach, California 92651
Madrona Funds, LLC
2911 Bond Street, Suite 105
Everett, Washington 98201
Accuvest Global Advisors
3100 Oak Road, Suite 380
Walnut Creek, California 94597
Morgan Creek Capital Management, LLC
301 West Barbee Chapel Road, Suite 200
Chapel Hill, North Carolina 27517
Ranger Alternative Management, L.P.
300 Crescent Court, Suite 1100
Dallas, Texas 75201
Peritus I Asset Management, LLC
26 West Anapamu, 3rd Floor
Santa Barbara, California 93103
American Wealth Management
570 Hammill Lane
Reno, Nevada 89511
TrimTabs Asset Management, LLC
2018 Stony Oak Court
Santa Rosa, California 95403
Community Capital Management, Inc.
2500 Weston Road, Suite 101
Weston, Florida 33331
Reynders, McVeigh Capital Management, LLC
121 High Street, 5th Floor
Boston, Massachusetts 02110
Baldwin Brothers, Inc.
204 Spring Street
Marion, Massachusetts 02738
Newfleet Asset Management, LLC
100 Pearl Street
Hartford, Connecticut 06103
Partnervest Advisory Services, LLC
1216 State Street, 3rd Floor
Santa Barbara, California 93101
Pring Turner Capital Group
1600 South Main Street, Suite 375
Walnut Creek, California 94596
Commerce Asset Management, LLC
6075 Poplar Avenue, Suite 700
Memphis, Tennessee 38119
The Elements Financial Group, LLC
19200 Von Karman Avenue, Suite 800
Irvine, California 92612
AthenaInvest, Inc.
5340 South Quebec Street, Suite 365-N
Greenwood Village, Colorado 80111
Treesdale Partners, LLC
1325 Avenue of the Americas, Suite 2302
New York, New York 10019
Sage Advisory Services, Ltd. Co.
5900 Southwest Parkway, Building I
Austin, Texas 78735
Sunrise Capital Partners LLC
12544 High Bluff Drive, Suite 400
San Diego, California 92130
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Custodian/Fund Administrator/Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Ave, N.W.
Washington, D.C. 20004
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
1818 Market Street
Philadelphia, Pennsylvania 19103
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.
| Item 2. | Code of Ethics. |
Not Applicable for the semi-annual reporting period.
| Item 3. | Audit Committee Financial Expert. |
Not Applicable for the semi-annual reporting period.
| Item 4. | Principal Accountant Fees and Services. |
Not Applicable for the semi-annual reporting period.
| Item 5. | Audit Committee of Listed Registrants. |
Not Applicable for the semi-annual reporting period.
| Item 6. | Investments. |
| (a) | 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. |
| (b) | Not applicable. |
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
Not applicable.
| Item 11. | Controls and Procedures. | |
| (a) | 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)). | |
| (b) | 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. | |
| Item 12. | Exhibits. | |
| (a)(1) | Not applicable. | |
| (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
| (a)(3) | Not applicable. | |
| (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes Oxley Act of 2002 are attached hereto. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | AdvisorShares Trust |
| By (Signature and Title)* | /s/ Noah Hamman |
| Noah Hamman, Chief Executive Officer | |
| (principal executive officer) | |
| Date 02/19/15 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Noah Hamman |
| Noah Hamman, Chief Executive Officer | |
| (principal executive officer) | |
| Date 02/19/15 | |
| By (Signature and Title)* | /s/ Dan Ahrens |
| Dan Ahrens, Treasurer | |
| (principal financial officer) | |
| Date 02/19/15 |
* Print the name and title of each signing officer under his or her signature.