UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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: March 31, 2015

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 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. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

ADVISORSHARES ACCUVEST GLOBAL LONG SHORT ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS–99.9%
Equity Fund–99.9%
Deutsche X-trackers MSCI Germany Hedged Equity ETF(a)		38,043	$	1,091,834
Deutsche X-trackers MSCI Japan Hedged Equity ETF		28,878		1,187,175
First Trust Large Cap Core AlphaDEX Fund(a)		55,256		2,574,929
iShares Core S&P 500 ETF		12,238		2,543,424
iShares MSCI China ETF(a)		24,643		1,343,044
iShares MSCI Indonesia ETF(a)		37,859		1,050,587
iShares MSCI Israel Capped ETF(a)		21,706		1,095,502
iShares MSCI Sweden ETF(a)		33,853		1,133,398
iShares MSCI Taiwan ETF(a)		65,376		1,029,018
Total Exchange Traded Funds (Cost $12,650,118)				13,048,911
MONEY MARKET FUND–0.8%
Dreyfus Cash Management - Investor Class, 0.00%(b) (Cost $105,602)		105,602		105,602
Total Investments–100.7% (Cost $12,755,720)				13,154,513
Liabilities in Excess of Other Assets–(0.7)%				(86,117	)
Net Assets–100.0%			$	13,068,396

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 $6,456,256 which includes cash in the amount of $42,856 as of March 31, 2015.

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Equity Fund		99.9	%
Money Market Fund		0.8
Total Investments		100.7
Liabilities in Excess of Other Assets		(0.7	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ACCUVEST GLOBAL LONG SHORT ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Total Return Swaps contracts outstanding as of March 31, 2015:

Reference Entity	Number of Contracts			Annual Financing Rate Received (Paid)			Termination Date	Notional Amounts			Fair Value			Unrealized Appreciation/ (Depreciation)
iShares MSCI Austria Capped ETF		(44,926	)		(3.46	)%	6/09/2015	$	(717,918	)	$	(710,141	)	$	7,777
iShares MSCI Brazil Capped Fund		(41,583	)		(0.96	)	6/09/2015		(1,383,051	)		(1,305,349	)		77,702
iShares MSCI Italy Capped ETF		(48,699	)		(2.97	)	6/09/2015		(711,979	)		(722,155	)		(10,176	)
iShares MSCI Malaysia ETF		(109,436	)		(0.83	)	6/09/2015		(1,435,036	)		(1,455,166	)		(20,130	)
iShares MSCI Mexico Capped ETF		(12,493	)		(0.99	)	6/09/2015		(710,379	)		(724,525	)		(14,146	)
iShares MSCI United Kingdom ETF		(37,847	)		(0.61	)	6/09/2015		(673,726	)		(681,798	)		(8,072	)
MSCI Daily TR Net Emerging Markets Chile USD		(2,198	)		(0.39	)	3/15/2017		(722,767	)		(752,114	)		(29,347	)
Net Unrealized Appreciation														$	3,608

Morgan Stanley acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon financing rate.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS-99.3%
Agriculture–1.9%
Philip Morris International, Inc.		3,415	$	257,252
Banks–2.6%
Banco de Chile (Chile)(a)(b)		5,435		364,471
Chemicals–2.9%
Braskem SA (Brazil)(a)(b)		57,352		398,023
Commercial Services–2.2%
Macquarie Infrastructure Co. LLC		3,647		300,112
Electric–8.9%
Brookfield Infrastructure Partners LP		7,665		349,064
CPFL Energia SA (Brazil)(a)(b)		41,788		531,543
Huaneng Power International, Inc. (China)(b)		7,397		355,648
Total Electric				1,236,255
Engineering & Construction–3.5%
Grupo Aeroportuario del Pacifico SAB de CV (Mexico)(b)		7,486		490,632
Investment Companies–2.3%
Prospect Capital Corp.		37,863		319,942
Iron/Steel–1.9%
Vale SA (Brazil)(a)(b)		47,625		269,081
Lodging–2.0%
Las Vegas Sands Corp.		4,968		273,439
Mining–1.6%
Freeport-McMoRan, Inc.		11,891		225,334
Oil & Gas–11.0%
Ecopetrol SA (Colombia)(a)(b)		34,502		525,121
LinnCo LLC(a)		30,918		295,885
Noble Corp. PLC (United Kingdom)(a)		22,152		316,331
Sasol Ltd. (South Africa)(b)		11,462		390,166
Total Oil & Gas				1,527,503
Pipelines–12.9%
Energy Transfer Partners LP		6,774		377,651
EnLink Midstream Partners LP		11,785		291,561

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Pipelines (continued)
MarkWest Energy Partners LP		4,985	$	329,509
ONEOK Partners LP(a)		10,143		414,239
Williams Partners LP		7,576		372,891
Total Pipelines				1,785,851
Private Equity–6.1%
Apollo Global Management LLC, Class A(a)		9,256		199,930
Carlyle Group LP (The)		6,941		188,101
KKR & Co. LP		20,153		459,690
Total Private Equity				847,721
Real Estate Investment Trusts–14.8%
Digital Realty Trust, Inc.		4,372		288,377
Geo Group, Inc. (The)		7,517		328,794
Iron Mountain, Inc.		7,976		290,964
Lamar Advertising Co., Class A		4,524		268,137
NorthStar Realty Finance Corp.		25,261		457,730
Senior Housing Properties Trust		18,226		404,435
Total Real Estate Investment Trusts				2,038,437
Telecommunications–21.6%
AT&T, Inc.		9,235		301,523
BCE, Inc. (Canada)		7,990		338,456
CenturyLink, Inc.		8,914		307,979
Frontier Communications Corp.		39,952		281,662
NTT DOCOMO, Inc. (Japan)(b)		18,428		321,200
Telefonica Brasil SA (Brazil)(a)(b)		25,656		392,280
Tim Participacoes SA (Brazil)(b)		26,083		432,455
Verizon Communications, Inc.		5,104		248,208
Windstream Holdings, Inc.		46,345		342,953
Total Telecommunications				2,966,716
Water–3.1%
Cia de Saneamento Basico do Estado de Sao Paulo (Brazil)(a)(b)		78,518		425,568
Total Common Stocks (Cost $14,826,347)				13,726,337

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

	Shares/
Investments	Principal		Value
MONEY MARKET FUND–0.4%
Goldman Sachs Financial Square Fund, 0.09%(c) (Cost $57,363)		57,363	$	57,363
REPURCHASE AGREEMENTS–23.7%(d)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $492,451, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $502,298)	$	492,449		492,449
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $764,121, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $779,399)		764,117		764,117
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $764,119, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $779,401)		764,117		764,117
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $498,189, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $508,151)		498,187		498,187
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $764,120, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $779,399)		764,117		764,117
Total Repurchase Agreements (Cost $3,282,987)				3,282,987

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

		Value
Total Investments–123.4% (Cost $18,166,697)	$	17,066,687
Liabilities in Excess of Other Assets–(23.4)%		(3,241,491	)
Net Assets–100.0%	$	13,825,196

PLC - Public Limited Company

LP – Limited Partnership

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,188,981; the aggregate market value of the collateral held by the fund is $3,282,987.

(b) American Depositary Receipt.

(c) Rate shown reflects the 7-day yield as of March 31, 2015.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Agriculture		1.9	%
Banks		2.6
Chemicals		2.9
Commercial Services		2.2
Electric		8.9
Engineering & Construction		3.5
Investment Companies		2.3
Iron/Steel		1.9
Lodging		2.0
Mining		1.6
Oil & Gas		11.0
Pipelines		12.9
Private Equity		6.1
Real Estate Investment Trusts		14.8
Telecommunications		21.6
Water		3.1
Money Market Fund		0.4
Repurchase Agreements		23.7
Total Investments		123.4
Liabilities in Excess of Other Assets		(23.4	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES EQUITYPRO ETF

Schedule of Investments

March 31, 2015 (Unaudited)
Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS-92.7%
Equity Fund–92.7%
Consumer Discretionary Select Sector SPDR Fund		23,327	$	1,752,558
Consumer Staples Select Sector SPDR Fund		56,886		2,772,624
Energy Select Sector SPDR Fund		20,850		1,617,543
Financial Select Sector SPDR Fund		74,604		1,798,702
Health Care Select Sector SPDR Fund		23,520		1,705,200
Industrial Select Sector SPDR Fund(a)		29,733		1,658,209
iShares MSCI EAFE ETF		95,205		6,109,304
Materials Select Sector SPDR Fund		34,538		1,684,764
SPDR S&P World ex-US ETF		61,739		1,742,892
Technology Select Sector SPDR Fund		43,749		1,812,959
Utilities Select Sector SPDR Fund		11,124		494,239
Vanguard Total International Stock ETF		34,671		1,745,685
Total Exchange Traded Funds (Cost $25,420,955)				24,894,679
MONEY MARKET FUND–7.4%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%(b) (Cost $1,984,713)		1,984,713		1,984,713
REPURCHASE AGREEMENTS–6.3%(c)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $253,267, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $258,331)	$	253,266		253,266
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $392,987, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $400,845)		392,985		392,985
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $392,986, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $400,846)		392,985		392,985

See accompanying Notes to Schedules of Investments.

ADVISORSHARES EQUITYPRO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $256,218, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $261,341)	$	256,217	$	256,217
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $392,986, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $400,845)		392,985		392,985
Total Repurchase Agreements (Cost $1,688,438)				1,688,438
Total Investments–106.4% (Cost $29,094,106)				28,567,830
Liabilities in Excess of Other Assets–(6.4)%				(1,723,934	)
Net Assets–100.0%			$	26,843,896

ETF - Exchange Traded Fund

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,641,344; the aggregate market value of the collateral held by the fund is $1,688,438.

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

(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		92.7	%
Money Market Fund		7.4
Repurchase Agreements		6.3
Total Investments		106.4
Liabilities in Excess of Other Assets		(6.4	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GARTMAN GOLD/EURO ETF

Schedule of Investments (Consolidated)†

March 31, 2015 (Unaudited) 

Investments	Shares		Value
MONEY MARKET FUND–61.8%
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.07%(a) (Cost $8,553,565)		8,553,565	$	8,553,565
Total Investments–61.8% (Cost $8,553,565)				8,553,565
Other Assets in Excess of Liabilities–38.2%				5,288,725
Net Assets–100.0%			$	13,842,290

Futures contracts outstanding as of March 31, 2015:

Type	Broker	Expiration Date	Number of Contracts		Value at Trade Date			Value at March 31, 2015			Unrealized Depreciation
EURO Currency	Interactive Brokers LLC	June 2015		(105)	$	(13,842,754	)	$	(14,114,625	)	$	(271,871	)
Gold 100 Oz.	Interactive Brokers LLC	June 2015		122		14,554,882			14,435,040			(119,842	)
											$	(391,713	)

Cash posted as collateral from broker for futures contracts was $2,899,804 at March 31, 2015.

† 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 Schedules of Investments.

(a) Rate shown reflects the 7-day yield as of March 31, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GARTMAN GOLD/YEN ETF

Schedule of Investments (Consolidated)†

March 31, 2015 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND–66.9%
BlackRock Liquidity Funds TempFund Portfolio - Institutional Class, 0.07%(a) (Cost $8,511,495)		8,511,495	$	8,511,495
Total Investments–66.9% (Cost $8,511,495)				8,511,495
Other Assets in Excess of Liabilities–33.1%				4,202,320
Net Assets–100.0%			$	12,713,815

Futures contracts outstanding as of March 31, 2015:

Type	Broker	Expiration Date	Number of Contracts		Value at Trade Date			Value at March 31, 2015			Unrealized Depreciation
Gold 100 Oz.	Interactive Brokers LLC	June 2015		112	$	13,363,759		$	13,251,840		$	(111,919	)
Japanese Yen Currency	Interactive Brokers LLC	June 2015		(128)		(13,182,085	)		(13,353,600	)		(171,515	)
											$	(283,434	)

Cash posted as collateral from broker for futures contracts was $2,156,058 at March 31, 2015.

† The Consolidated Schedule from 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 Schedules of Investments.

(a) Rate shown reflects the 7-day yield as of March 31, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS–61.4%
Apparel–1.4%
Hanesbrands, Inc.		900	$	30,159
VF Corp.		1,081		81,410
Total Apparel				111,569
Auto Parts & Equipment–1.2%
Johnson Controls, Inc.		1,923		96,996
Banks–1.3%
Northern Trust Corp.		379		26,397
PNC Financial Services Group, Inc. (The)		559		52,122
Tompkins Financial Corp.		499		26,871
Total Banks				105,390
Beverages–0.5%
Reed's, Inc.*(a)		7,660		42,819
Biotechnology–2.5%
Amgen, Inc.		331		52,910
Illumina, Inc.*		603		111,942
Isis Pharmaceuticals, Inc.*(a)		581		36,992
Total Biotechnology				201,844
Building Materials–0.6%
Geberit AG (Switzerland)(b)		546		20,412
Masco Corp.		1,038		27,715
Total Building Materials				48,127
Chemicals–2.1%
Minerals Technologies, Inc.		370		27,047
Novozymes A/S (Denmark)(a)(b)		3,128		142,887
Total Chemicals				169,934
Commercial Services–2.5%
Automatic Data Processing, Inc.		870		74,507

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services (continued)
MasterCard, Inc., Class A		890	$	76,887
Where Food Comes From, Inc.*(a)		15,971		49,989
Total Commercial Services				201,383
Computers–3.4%
Apple, Inc.		920		114,476
EMC Corp.		3,675		93,933
Hewlett-Packard Co.		663		20,659
Stratasys Ltd. (Israel)*(a)		848		44,757
Total Computers				273,825
Cosmetics/Personal Care–1.4%
Estee Lauder Cos., Inc. (The), Class A		480		39,917
Procter & Gamble Co. (The)		870		71,288
Total Cosmetics/Personal Care				111,205
Diversified Financial Services–2.6%
Ameriprise Financial, Inc.		394		51,551
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,653		30,217
MarketAxess Holdings, Inc.		912		75,604
WageWorks, Inc.*		987		52,637
Total Diversified Financial Services				210,009
Electronics–0.5%
Rogers Corp.*		293		24,087
Waters Corp.*		106		13,178
Total Electronics				37,265
Environmental Control–0.9%
Tomra Systems ASA (Norway)(b)		8,613		72,406
Food–5.1%
Boulder Brands, Inc.*		6,040		57,561
Kroger Co. (The)		1,038		79,574
Nestle SA (Switzerland)(b)		576		43,327
Sprouts Farmers Market, Inc.*		2,001		70,495

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Food (continued)
SunOpta, Inc.*		5,918	$	62,849
United Natural Foods, Inc.*		854		65,792
WhiteWave Foods Co. (The)*		628		27,846
Total Food				407,444
Healthcare - Products–2.7%
Becton, Dickinson and Co.		274		39,344
Boston Scientific Corp.*		4,064		72,136
Hologic, Inc.*		2,224		73,447
Sirona Dental Systems, Inc.*		325		29,247
Total Healthcare - Products				214,174
Healthcare - Services–0.2%
Amedisys, Inc.*		504		13,497
Home Furnishings–0.7%
Dorel Industries, Inc., Class B (Canada)(a)		2,013		55,749
Household Products/Wares–0.7%
Church & Dwight Co., Inc.		651		55,608
Insurance–0.7%
Voya Financial, Inc.		1,220		52,594
Internet–1.4%
F5 Networks, Inc.*		446		51,263
Fireeye, Inc.*(a)		900		35,325
Google, Inc., Class A*		50		27,735
Total Internet				114,323
Machinery - Diversified–2.1%
Rockwell Automation, Inc.		574		66,578
Wabtec Corp.		278		26,413
Xylem, Inc.		2,031		71,126
Total Machinery - Diversified				164,117

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Miscellaneous Manufacturing–2.2%
3M Co.		155	$	25,567
AptarGroup, Inc.		1,248		79,273
Illinois Tool Works, Inc.		272		26,422
Raven Industries, Inc.		2,069		42,332
Total Miscellaneous Manufacturing				173,594
Office/Business Equipment–0.3%
Xerox Corp.		1,867		23,991
Pharmaceuticals–4.7%
Cardinal Health, Inc.		795		71,765
Johnson & Johnson		565		56,839
Novartis AG (Switzerland)(b)		930		91,708
Perrigo Co. PLC (Ireland)		419		69,365
Teva Pharmaceutical Industries Ltd. (Israel)(b)		1,328		82,734
Total Pharmaceuticals				372,411
Real Estate–1.5%
CBRE Group, Inc., Class A*		753		29,149
Jones Lang LaSalle, Inc.		534		90,993
Total Real Estate				120,142
Real Estate Investment Trusts–0.1%
Vornado Realty Trust		66		7,392
Retail–5.7%
Chipotle Mexican Grill, Inc.*		78		50,742
Costco Wholesale Corp.		480		72,718
CVS Health Corp.		1,039		107,236
Kingfisher PLC (United Kingdom)(b)		2,650		29,958
Nordstrom, Inc.		660		53,011
Starbucks Corp.		550		52,085
Target Corp.		1,065		87,405
Total Retail				453,155

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Semiconductors–4.7%
Broadcom Corp., Class A		744	$	32,211
Cree, Inc.*(a)		1,398		49,615
Intel Corp.		693		21,670
IPG Photonics Corp.*(a)		776		71,936
NXP Semiconductors NV (Netherlands)*		726		72,862
QUALCOMM, Inc.		836		57,968
Xilinx, Inc.		1,544		65,311
Total Semiconductors				371,573
Software–2.4%
Adobe Systems, Inc.*		993		73,422
Fiserv, Inc.*		1,198		95,121
Microsoft Corp.		534		21,710
Total Software				190,253
Telecommunications–2.3%
Cisco Systems, Inc.		900		24,773
Frontier Communications Corp.		4,685		33,029
LogMeIn, Inc.*		506		28,331
Sierra Wireless, Inc. (Canada)*(a)		2,074		68,629
Telenor ASA (Norway)(a)(b)		436		26,334
Total Telecommunications				181,096
Transportation–1.6%
Canadian National Railway Co. (Canada)		684		45,739
CSX Corp.		660		21,859
FedEx Corp.		141		23,328
Union Pacific Corp.		315		34,118
Total Transportation				125,044
Water–1.4%
American States Water Co.		1,020		40,687
American Water Works Co., Inc.		750		40,658
Severn Trent PLC (United Kingdom)(b)		970		29,645
Total Water				110,990

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal/Shares		Value
Total Common Stocks (Cost $4,353,424)			$	4,889,919
ASSET BACKED SECURITIES–15.1%
SBA, 4.08%, 07/25/38@	$	136,925		158,868
SBA, 4.17%, 02/25/39@		184,748		213,614
SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29		180,027		198,407
SBAP, Class 1, Series 2010-20A, 4.38%, 01/01/30		141,428		156,030
SBAP, Class 1, Series 2010-20B, 4.14%, 02/01/30		273,792		298,209
U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20		166,591		175,686
Total Asset Backed Securities (Cost $1,196,702)				1,200,814
MUNICIPAL BOND–3.8%
Allegheny County Residential Finance Authority, 0.14%, 11/01/35@ (Cost $300,000)		300,000		300,000
U.S. GOVERNMENT AGENCY SECURITIES–10.5%
Federal National Mortgage Association, 3.76%, 05/01/43		340,978		371,975
Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43		250,000		258,035
Government National Mortgage Association, Class AE, Series 2015-41, 2.90%, 09/16/56		200,000		204,079
Total U.S. GOVERNMENT AGENCY SECURITIES (Cost $831,512)				834,089
MONEY MARKET FUNDS–9.1%
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01%(c)		153,642		153,642
Fidelity Institutional Money Market Portfolio - Institutional Class, 0.14%(c)		569,479		569,479
Total Money Market Funds (Cost $723,121)				723,121

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS—5.6%(d)
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $195,195, (collateralized by various U.S. Government Agency Obligations, 0.00% - 8.00%, 02/15/16 - 03/01/48, totaling $199,098)	$	195,194	$	195,194
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.28% - 7.50%, 08/18/15 - 03/20/65, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $445,194)				445,194
Total Investments–105.5% (Cost $7,849,953)				8,393,137
Liabilities in Excess of Other Assets–(5.5%)				(438,983	)
Net Assets–100.0%			$	7,954,154

PLC - Public Limited Company

* Non-income producing security.

@ Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2015.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $433,865; the aggregate market value of the collateral held by the fund is $445,194.

(b) American Depositary Receipt.

(c) Rate shown reflects the 7-day yield as of March 31, 2015.

(d) Collateral received from brokers for securities lending was invested in these short-term securities.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Apparel		1.4	%
Asset Backed Securities		15.1
Auto Parts & Equipment		1.2
Banks		1.3
Beverages		0.5
Biotechnology		2.5
Building Materials		0.6
Chemicals		2.1
Commercial Services		2.5
Computers		3.4
Cosmetics/Personal Care		1.4
Diversified Financial Services		2.6
Electronics		0.5
Environmental Control		0.9
Food		5.1
Healthcare - Products		2.7
Healthcare - Services		0.2
Home Furnishings		0.7
Household Products/Wares		0.7
Insurance		0.7
Internet		1.4
Machinery - Diversified		2.1
Miscellaneous Manufacturing		2.2
Municipal Bond		3.8
Office/Business Equipment		0.3
Pharmaceuticals		4.7
Real Estate		1.5
Real Estate Investment Trusts		0.1
Retail		5.7
Semiconductors		4.7
Software		2.4
Telecommunications		2.3
Transportation		1.6
U.S. Government Agency Securities		10.5
Water		1.4
Money Market Funds		9.1
Repurchase Agreements		5.6
Total Investments		105.5
Liabilities in Excess of Other Assets		(5.5	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS-98.6%
Advertising–0.6%
Alliance Data Systems Corp.*		287	$	85,024
Interpublic Group of Cos., Inc. (The)		3,315		73,328
Omnicom Group, Inc.		345		26,903
Total Advertising				185,255
Aerospace/Defense–1.0%
Boeing Co. (The)		377		56,580
General Dynamics Corp.		248		33,661
L-3 Communications Holdings, Inc.		97		12,202
Lockheed Martin Corp.		193		39,171
Northrop Grumman Corp.		190		30,582
Raytheon Co.		313		34,195
Rockwell Collins, Inc.		615		59,379
United Technologies Corp.		315		36,918
Total Aerospace/Defense				302,688
Agriculture–0.7%
Altria Group, Inc.		420		21,008
Archer – Daniels – Midland Co.		2,768		131,204
Lorillard, Inc.		447		29,212
Philip Morris International, Inc.		201		15,141
Reynolds American, Inc.		363		25,014
Total Agriculture				221,579
Airlines–1.2%
Delta Air Lines, Inc.		3,892		174,984
Southwest Airlines Co.		4,590		203,337
Total Airlines				378,321
Apparel–1.0%
Michael Kors Holdings Ltd.*		2,432		159,904
NIKE, Inc., Class B		419		42,038
Ralph Lauren Corp.		330		43,395
Under Armour, Inc., Class A*(a)		352		28,424
VF Corp.		576		43,379
Total Apparel				317,140
Auto Manufacturers–1.4%
Ford Motor Co.		9,635		155,509
General Motors Co.		5,507		206,512

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Auto Manufacturers (continued)
PACCAR, Inc.		1,242	$	78,420
Total Auto Manufacturers				440,441
Auto Parts & Equipment–2.3%
BorgWarner, Inc.		2,830		171,158
Delphi Automotive PLC (United Kingdom)		2,294		182,924
Goodyear Tire & Rubber Co. (The)		6,644		179,920
Johnson Controls, Inc.		3,171		159,945
Total Auto Parts & Equipment				693,947
Banks–5.3%
Bank of America Corp.		11,708		180,186
Bank of New York Mellon Corp. (The)		2,462		99,071
BB&T Corp.		2,213		86,285
Capital One Financial Corp.		677		53,361
Citigroup, Inc.		3,876		199,692
Comerica, Inc.		761		34,344
Fifth Third Bancorp		3,192		60,169
Goldman Sachs Group, Inc. (The)		314		59,023
Huntington Bancshares, Inc.		4,523		49,979
JPMorgan Chase & Co.		1,451		87,902
KeyCorp		2,107		29,835
M&T Bank Corp.		349		44,323
Morgan Stanley		4,882		174,239
Northern Trust Corp.		744		51,820
PNC Financial Services Group, Inc. (The)		339		31,608
Regions Financial Corp.		3,574		33,774
State Street Corp.		368		27,059
SunTrust Banks, Inc.		3,483		143,116
US Bancorp		711		31,049
Wells Fargo & Co.		807		43,901
Zions Bancorporation		3,467		93,609
Total Banks				1,614,345
Beverages–0.8%
Brown-Forman Corp., Class B		190		17,167
Coca-Cola Co. (The)		339		13,746
Coca-Cola Enterprises, Inc.		542		23,956
Constellation Brands, Inc., Class A*		457		53,108

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Beverages (continued)
Dr Pepper Snapple Group, Inc.		291	$	22,838
Keurig Green Mountain, Inc.		291		32,513
Molson Coors Brewing Co., Class B		188		13,997
Monster Beverage Corp.*		265		36,675
PepsiCo, Inc.		181		17,307
Total Beverages				231,307
Biotechnology–2.1%
Alexion Pharmaceuticals, Inc.*		648		112,298
Amgen, Inc.		265		42,360
Biogen, Inc.*		368		155,384
Celgene Corp.*		903		104,098
Gilead Sciences, Inc.*		1,869		183,406
Regeneron Pharmaceuticals, Inc.*		88		39,730
Total Biotechnology				637,276
Building Materials–0.4%
Masco Corp.		1,442		38,501
Vulcan Materials Co.		935		78,821
Total Building Materials				117,322
Chemicals–3.4%
Air Products & Chemicals, Inc.		233		35,248
Airgas, Inc.		302		32,045
CF Industries Holdings, Inc.		464		131,628
Dow Chemical Co. (The)		1,835		88,043
E.I. du Pont de Nemours & Co.		341		24,371
Eastman Chemical Co.		1,758		121,759
Ecolab, Inc.		473		54,102
FMC Corp.		1,231		70,475
International Flavors & Fragrances, Inc.		264		30,994
LyondellBasell Industries NV, Class A		1,905		167,259
Monsanto Co.		524		58,971
Mosaic Co. (The)		1,450		66,787
PPG Industries, Inc.		260		58,640
Praxair, Inc.		277		33,445
Sherwin-Williams Co. (The)		144		40,968
Sigma-Aldrich Corp.		99		13,687
Total Chemicals				1,028,422

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Coal–0.1%
CONSOL Energy, Inc.		614	$	17,124
Commercial Services–2.5%
ADT Corp. (The)(a)		1,561		64,813
Automatic Data Processing, Inc.		256		21,924
Cintas Corp.		391		31,917
Equifax, Inc.		388		36,084
H&R Block, Inc.		1,303		41,787
MasterCard, Inc., Class A		701		60,559
McGraw Hill Financial, Inc.		588		60,799
Moody’s Corp.		484		50,239
Quanta Services, Inc.*		4,265		121,680
Robert Half International, Inc.		1,267		76,679
Total System Services, Inc.		1,684		64,245
Western Union Co. (The)		5,876		122,280
Total Commercial Services				753,006
Computers–2.9%
Accenture PLC, Class A (Ireland)		333		31,199
Apple, Inc.		1,237		153,919
Cognizant Technology Solutions Corp., Class A*		2,057		128,336
Computer Sciences Corp.		1,067		69,654
EMC Corp.		3,164		80,872
Hewlett-Packard Co.		390		12,152
International Business Machines Corp.		210		33,705
NetApp, Inc.		2,012		71,346
SanDisk Corp.		2,122		135,002
Seagate Technology PLC (Ireland)		1,183		61,551
Teradata Corp.*		993		43,831
Western Digital Corp.		684		62,251
Total Computers				883,818
Cosmetics/Personal Care–0.7%
Avon Products, Inc.		19,555		156,244
Colgate-Palmolive Co.		277		19,207
Estee Lauder Cos., Inc. (The), Class A		336		27,942
Procter & Gamble Co. (The)		205		16,798

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Cosmetics/Personal Care (continued)
Total Cosmetics/Personal Care			$	220,191
Distribution/Wholesale–0.8%
Fastenal Co.		1,195		49,515
Fossil Group, Inc.*		1,424		117,408
Genuine Parts Co.		226		21,061
W.W. Grainger, Inc.		197		46,455
Total Distribution/Wholesale				234,439
Diversified Financial Services–5.0%
American Express Co.		855		66,793
Ameriprise Financial, Inc.		1,252		163,812
BlackRock, Inc.		250		91,460
Charles Schwab Corp. (The)		4,906		149,339
CME Group, Inc.		371		35,137
Discover Financial Services		1,236		69,649
E*TRADE Financial Corp.*		7,168		204,682
Franklin Resources, Inc.		2,210		113,417
Intercontinental Exchange, Inc.		475		110,803
Invesco Ltd.		3,773		149,750
Legg Mason, Inc.		2,991		165,103
NASDAQ OMX Group, Inc. (The)		1,315		66,986
T. Rowe Price Group, Inc.		859		69,562
Visa, Inc., Class A		944		61,747
Total Diversified Financial Services				1,518,240
Electric–1.0%
AES Corp. (The)		1,681		21,601
Ameren Corp.		536		22,618
American Electric Power Co., Inc.		207		11,644
CMS Energy Corp.		491		17,141
Consolidated Edison, Inc.		157		9,577
Dominion Resources, Inc.		206		14,599
DTE Energy Co.		181		14,605
Duke Energy Corp.		155		11,901
Edison International		173		10,807
Entergy Corp.		120		9,299
Eversource Energy		297		15,004
NextEra Energy, Inc.		156		16,232

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Electric (continued)
Pepco Holdings, Inc.		562	$	15,078
PG&E Corp.		411		21,811
Pinnacle West Capital Corp.		181		11,539
Public Service Enterprise Group, Inc.		418		17,523
SCANA Corp.		253		13,912
Southern Co. (The)		220		9,742
TECO Energy, Inc.		819		15,889
Wisconsin Energy Corp.		251		12,425
Xcel Energy, Inc.(a)		396		13,785
Total Electric				306,732
Electrical Components & Equipment–0.4%
AMETEK, Inc.		1,808		94,992
Emerson Electric Co.		688		38,955
Total Electrical Components & Equipment				133,947
Electronics–2.4%
Agilent Technologies, Inc.		749		31,121
Amphenol Corp., Class A		549		32,353
Corning, Inc.		4,949		112,243
FLIR Systems, Inc.		2,771		86,677
Garmin Ltd. (Switzerland)		381		18,105
Honeywell International, Inc.		425		44,332
PerkinElmer, Inc.		1,501		76,761
TE Connectivity Ltd. (Switzerland)		1,700		121,754
Thermo Fisher Scientific, Inc.		683		91,754
Tyco International PLC		1,827		78,671
Waters Corp.*		235		29,215
Total Electronics				722,986
Engineering & Construction–1.0%
Fluor Corp.		2,210		126,324
Jacobs Engineering Group, Inc.*		3,734		168,627
Total Engineering & Construction				294,951
Entertainment–0.3%
International Game Technology		4,913		85,535
Environmental Control–0.2%
Republic Services, Inc.		368		14,926

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Environmental Control (continued)
Stericycle, Inc.*		210	$	29,491
Waste Management, Inc.		366		19,848
Total Environmental Control				64,265
Food–1.2%
Campbell Soup Co.		275		12,801
ConAgra Foods, Inc.		944		34,484
General Mills, Inc.		375		21,225
Hershey Co. (The)		204		20,586
JM Smucker Co. (The)		198		22,915
Kellogg Co.		224		14,773
Kraft Foods Group, Inc.		297		25,873
Kroger Co. (The)		446		34,190
McCormick & Co., Inc.		264		20,357
Mondelez International, Inc., Class A		998		36,018
Safeway, Inc PDC, LLC CVR.		447		22
Safeway, Inc SCRP.		447		454
Sysco Corp.		514		19,393
Tyson Foods, Inc., Class A		1,885		72,195
Whole Foods Market, Inc.		441		22,967
Total Food				358,253
Forest Products & Paper–0.3%
International Paper Co.		1,230		68,253
MeadWestvaco Corp.		539		26,880
Total Forest Products & Paper				95,133
Gas–0.2%
AGL Resources, Inc.		239		11,866
CenterPoint Energy, Inc.		526		10,736
NiSource, Inc.		429		18,945
Sempra Energy		157		17,116
Total Gas				58,663
Hand/Machine Tools–0.3%
Snap-on, Inc.		412		60,589
Stanley Black & Decker, Inc.		444		42,340
Total Hand/Machine Tools				102,929

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products–1.3%
Baxter International, Inc.		328	$	22,468
Becton Dickinson and Co.		246		35,323
Boston Scientific Corp.*		2,833		50,285
C.R. Bard, Inc.		234		39,160
DENTSPLY International, Inc.		555		28,244
Edwards Lifesciences Corp.*		187		26,640
Intuitive Surgical, Inc.*		34		17,171
Medtronic PLC		530		41,335
Patterson Cos., Inc.		507		24,737
St. Jude Medical, Inc.		618		40,417
Stryker Corp.		259		23,893
Varian Medical Systems, Inc.*		398		37,448
Zimmer Holdings, Inc.		221		25,972
Total Healthcare - Products				413,093
Healthcare - Services–1.9%
Aetna, Inc.		761		81,069
Anthem, Inc.		426		65,779
Cigna Corp.		902		116,755
DaVita HealthCare Partners, Inc.*		430		34,950
Humana, Inc.		260		46,285
Laboratory Corp. of America Holdings*		307		38,710
Quest Diagnostics, Inc.		668		51,336
Tenet Healthcare Corp.*		906		44,856
UnitedHealth Group, Inc.		748		88,481
Total Healthcare - Services				568,221
Home Builders–1.3%
D.R. Horton, Inc.		5,912		168,374
Lennar Corp., Class A		3,947		204,494
PulteGroup, Inc.		1,591		35,368
Total Home Builders				408,236
Home Furnishings–1.3%
Harman International Industries, Inc.		1,445		193,096
Leggett & Platt, Inc.		900		41,481

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Home Furnishings (continued)
Whirlpool Corp.		788	$	159,223
Total Home Furnishings				393,800
Household Products/Wares–0.3%
Avery Dennison Corp.		969		51,270
Clorox Co. (The)		132		14,571
Kimberly-Clark Corp.		156		16,709
Total Household Products/Wares				82,550
Housewares–0.1%
Newell Rubbermaid, Inc.		928		36,257
Insurance–5.9%
ACE Ltd. (Switzerland)		610		68,009
Aflac, Inc.		1,303		83,405
Allstate Corp. (The)		925		65,832
American International Group, Inc.		2,493		136,591
Aon PLC		948		91,122
Assurant, Inc.		563		34,574
Berkshire Hathaway, Inc., Class B*		173		24,967
Chubb Corp. (The)		693		70,062
Genworth Financial, Inc., Class A*		22,350		163,380
Hartford Financial Services Group, Inc. (The)		3,347		139,972
Lincoln National Corp.		3,014		173,185
Marsh & McLennan Cos., Inc.		746		41,843
MetLife, Inc.		2,019		102,060
Principal Financial Group, Inc.		2,736		140,548
Progressive Corp. (The)		1,325		36,040
Prudential Financial, Inc.		1,985		159,415
Torchmark Corp.		959		52,668
Travelers Cos., Inc. (The)		693		74,934
Unum Group		3,977		134,144
Total Insurance				1,792,751
Internet–3.4%
eBay, Inc.*		1,035		59,699
Expedia, Inc.		1,072		100,907
F5 Networks, Inc.*		734		84,366
Facebook, Inc., Class A*		915		75,227

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Internet (continued)
Google, Inc., Class C*		251	$	137,548
Google, Inc., Class A*		239		132,573
Netflix, Inc.*		48		20,001
Priceline Group, Inc. (The)*		150		174,623
Symantec Corp.		1,327		31,005
TripAdvisor, Inc.*		1,705		141,805
VeriSign, Inc.*(a)		1,176		78,757
Yahoo!, Inc.*		209		9,287
Total Internet				1,045,798
Iron/Steel–0.7%
Allegheny Technologies, Inc.		3,244		97,352
Nucor Corp.		554		26,332
United States Steel Corp.(a)		3,975		96,990
Total Iron/Steel				220,674
Leisure Time–0.9%
Carnival Corp. (Panama)		3,347		160,120
Harley-Davidson, Inc.		1,790		108,725
Total Leisure Time				268,845
Lodging–0.8%
Marriott International, Inc., Class A		503		40,401
Starwood Hotels & Resorts Worldwide, Inc.		262		21,877
Wyndham Worldwide Corp.		1,658		149,999
Wynn Resorts Ltd.		260		32,729
Total Lodging				245,006
Machinery - Construction & Mining–0.7%
Caterpillar, Inc.		945		75,628
Joy Global, Inc.		3,793		148,610
Total Machinery - Construction & Mining				224,238
Machinery - Diversified–1.4%
Cummins, Inc.		1,051		145,711
Deere & Co.		410		35,953
Flowserve Corp.		1,313		74,171
Rockwell Automation, Inc.		464		53,819
Roper Industries, Inc.		298		51,256
Xylem, Inc.		1,793		62,791

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Machinery - Diversified (continued)
Total Machinery - Diversified			$	423,701
Media–3.8%
Cablevision Systems Corp., Class A(a)		3,276		59,951
CBS Corp., Class B		2,262		137,145
Comcast Corp., Class A		1,320		74,540
DIRECTV*		529		45,018
Discovery Communications, Inc., Class A*(a)		5,240		161,183
Gannett Co., Inc.		887		32,890
News Corp., Class A*		1,153		18,460
Nielsen N.V.		2,808		125,153
Scripps Networks Interactive, Inc., Class A		691		47,375
Time Warner Cable, Inc.		189		28,327
Time Warner, Inc.		1,280		108,083
Twenty-First Century Fox, Inc., Class A		3,012		101,926
Viacom, Inc., Class B		2,240		152,992
Walt Disney Co. (The)		697		73,108
Total Media				1,166,151
Metal Fabricate/Hardware–0.4%
Precision Castparts Corp.		579		121,590
Mining–0.7%
Alcoa, Inc.		3,317		42,856
Freeport-McMoRan, Inc.		9,632		182,526
Total Mining				225,382
Miscellaneous Manufacturing–2.8%
3M Co.		169		27,877
Danaher Corp.		750		63,675
Dover Corp.		1,582		109,348
Eaton Corp. PLC (Ireland)		1,583		107,549
General Electric Co.		1,577		39,125
Illinois Tool Works, Inc.		515		50,027
Ingersoll-Rand PLC (Ireland)		1,417		96,469
Pall Corp.		279		28,009
Parker-Hannifin Corp.		741		88,016
Pentair PLC (United Kingdom)		1,997		125,591
Textron, Inc.		2,907		128,868

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Miscellaneous Manufacturing (continued)
Total Miscellaneous Manufacturing			$	864,554
Office/Business Equipment–0.1%
Xerox Corp.		2,839		36,481
Oil & Gas–7.0%
Anadarko Petroleum Corp.		215		17,804
Cabot Oil & Gas Corp.		3,706		109,438
Chevron Corp.		137		14,382
ConocoPhillips		184		11,456
Denbury Resources, Inc.		6,616		48,231
Devon Energy Corp.		2,136		128,822
EOG Resources, Inc.		156		14,304
EQT Corp.		1,143		94,720
Exxon Mobil Corp.		290		24,650
Marathon Petroleum Corp.		2,080		212,971
Nabors Industries Ltd.		18,708		255,364
Newfield Exploration Co.*		3,619		126,991
Noble Energy, Inc.		249		12,176
Phillips 66		2,629		206,639
Pioneer Natural Resources Co.		164		26,816
Range Resources Corp.		562		29,246
Rowan Cos. PLC, Class A (United Kingdom)		8,868		157,052
Southwestern Energy Co.*(a)		5,746		133,250
Tesoro Corp.		2,629		240,001
Valero Energy Corp.		4,110		261,479
Total Oil & Gas				2,125,792
Oil & Gas Services–2.6%
Baker Hughes, Inc.		2,431		154,563
Cameron International Corp.*		3,630		163,786
FMC Technologies, Inc.*		3,846		142,340
Halliburton Co.		3,894		170,869
National Oilwell Varco, Inc.		1,359		67,936
Schlumberger Ltd.		1,052		87,779
Total Oil & Gas Services				787,273
Packaging & Containers–0.8%
Ball Corp.		795		56,159

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Packaging & Containers (continued)
Bemis Co., Inc.		471	$	21,812
Owens-Illinois, Inc.*		4,530		105,640
Sealed Air Corp.		1,061		48,339
Total Packaging & Containers				231,950
Pharmaceuticals–3.4%
Abbott Laboratories		753		34,886
AbbVie, Inc.		1,859		108,826
Actavis PLC*		710		211,311
AmerisourceBergen Corp.		873		99,234
Bristol-Myers Squibb Co.		327		21,092
Cardinal Health, Inc.		407		36,740
Eli Lilly & Co.		216		15,692
Express Scripts Holding Co.*		1,135		98,484
Hospira, Inc.*		291		25,561
Johnson & Johnson		209		21,025
McKesson Corp.		504		114,005
Mead Johnson Nutrition Co.		212		21,312
Merck & Co., Inc.		311		17,876
Mylan NV*		2,195		130,274
Perrigo Co. PLC (Ireland)		399		66,054
Pfizer, Inc.		305		10,611
Total Pharmaceuticals				1,032,983
Pipelines–0.2%
Kinder Morgan, Inc.(a)		305		12,828
ONEOK, Inc.		325		15,678
Spectra Energy Corp.		314		11,357
Williams Cos., Inc. (The)		501		25,346
Total Pipelines				65,209
Real Estate–0.3%
CBRE Group, Inc., Class A*		2,137		82,723
Real Estate Investment Trust–0.6%
American Tower Corp.		309		29,093
AvalonBay Communities, Inc.		73		12,720
Equity Residential		131		10,200
General Growth Properties, Inc.		353		10,431

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Real Estate Investment Trust (continued)
HCP, Inc.		208	$	8,988
Host Hotels & Resorts, Inc.		967		19,514
Iron Mountain, Inc.		386		14,081
Plum Creek Timber Co., Inc.		280		12,166
Public Storage		52		10,251
Simon Property Group, Inc.		56		10,956
Ventas, Inc.		123		8,981
Vornado Realty Trust		107		11,984
Weyerhaeuser Co.		325		10,774
Total Real Estate Investment Trust				170,139
Retail–7.9%
AutoNation, Inc.*		2,406		154,778
AutoZone, Inc.*		172		117,332
Bed Bath & Beyond, Inc.*(a)		434		33,320
Best Buy Co., Inc.		3,949		149,233
CarMax, Inc.*		750		51,758
Chipotle Mexican Grill, Inc.*		43		27,973
Coach, Inc.		1,121		46,443
Costco Wholesale Corp.		154		23,330
CVS Health Corp.		612		63,165
Darden Restaurants, Inc.		654		45,348
Dollar General Corp.*		1,495		112,693
Dollar Tree, Inc.*		1,352		109,708
Family Dollar Stores, Inc.		199		15,769
GameStop Corp., Class A(a)		4,549		172,679
Gap, Inc. (The)		1,901		82,370
Home Depot, Inc. (The)		739		83,958
Kohl’s Corp.		960		75,120
L Brands, Inc.		364		34,322
Lowe’s Cos., Inc.		1,400		104,146
Macy’s, Inc.		1,486		96,456
McDonald’s Corp.		221		21,534
Nordstrom, Inc.		326		26,184
O’Reilly Automotive, Inc.*		462		99,903
PVH Corp.(a)		1,053		112,208
Ross Stores, Inc.		434		45,726

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Retail (continued)
Starbucks Corp.		694	$	65,722
Target Corp.		513		42,102
Tiffany & Co.		435		38,284
TJX Cos., Inc. (The)		601		42,100
Tractor Supply Co.		573		48,739
Urban Outfitters, Inc.*		2,868		130,924
Walgreens Boots Alliance, Inc.		757		64,103
Wal-Mart Stores, Inc.		226		18,589
Yum! Brands, Inc.		363		28,575
Total Retail				2,384,594
Savings & Loans–0.1%
People’s United Financial, Inc.		2,502		38,030
Semiconductors–3.1%
Altera Corp.		853		36,602
Analog Devices, Inc.		803		50,589
Applied Materials, Inc.		1,802		40,653
Broadcom Corp., Class A		2,576		111,528
Intel Corp.		1,143		35,742
KLA-Tencor Corp.		462		26,930
Lam Research Corp.		1,902		133,587
Linear Technology Corp.		764		35,755
Microchip Technology, Inc.(a)		1,409		68,900
Micron Technology, Inc.*		5,596		151,820
NVIDIA Corp.		4,000		83,700
QUALCOMM, Inc.		1,495		103,663
Texas Instruments, Inc.		678		38,771
Xilinx, Inc.		915		38,705
Total Semiconductors				956,945
Software–2.1%
Adobe Systems, Inc.*		327		24,178
Akamai Technologies, Inc.*		1,059		75,237
Autodesk, Inc.*		204		11,963
CA, Inc.		665		21,686
Cerner Corp.*		489		35,824
Citrix Systems, Inc.*		1,166		74,472
Dun & Bradstreet Corp. (The)		196		25,159

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Electronic Arts, Inc.*		2,275	$	133,804
Fidelity National Information Services, Inc.		690		46,961
Fiserv, Inc.*		540		42,876
Intuit, Inc.		269		26,082
Microsoft Corp.		660		26,832
Oracle Corp.		819		35,340
Paychex, Inc.		468		23,220
Red Hat, Inc.*		335		25,376
salesforce.com, Inc.*		297		19,843
Total Software				648,853
Telecommunications–0.7%
AT&T, Inc.		518		16,913
Cisco Systems, Inc.		1,197		32,947
Juniper Networks, Inc.		4,132		93,301
Motorola Solutions, Inc.		193		12,867
Verizon Communications, Inc.		1,121		54,514
Total Telecommunications				210,542
Textiles–0.2%
Mohawk Industries, Inc.*		266		49,410
Toys/Games/Hobbies–0.5%
Hasbro, Inc.		1,618		102,323
Mattel, Inc.		2,504		57,216
Total Toys/Games/Hobbies				159,539
Transportation–1.8%
C.H. Robinson Worldwide, Inc.(a)		417		30,533
CSX Corp.		1,237		40,969
Expeditors International of Washington, Inc.		620		29,872
FedEx Corp.		486		80,409
Kansas City Southern		539		55,021
Norfolk Southern Corp.		694		71,426
Ryder System, Inc.		1,353		128,386
Union Pacific Corp.		803		86,973
United Parcel Service, Inc., Class B		338		32,766

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Transportation (continued)
Total Transportation			$	556,355
Total Common Stocks (Cost $26,077,403)				30,055,920
MONEY MARKET FUND–1.5%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.03%(b) (Cost $451,745)		451,745		451,745
REPURCHASE AGREEMENTS–1.7%(c)
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $255,000)	$	250,000		250,000
Morgan Stanley & Co. LLC, dated 03/31/15, due 04/01/15, 0.11%, total to be received $19,167, (collateralized by various U.S. Government Agency Obligations, 2.00%-9.00%, 11/01/15-03/01/45, totaling $19,550)		19,167		19,167
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $519,167)				519,167
Total Investments–101.8% (Cost $27,048,315)				31,026,832
Liabilities in Excess of Other Assets–(1.8)%				(553,467	)
Net Assets–100.0%			$	30,473,365

PLC – Public Limited Company

* Non-income producing security.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $669,976; the aggregate market value of the collateral held by the fund is $686,978.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $167,811.

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Advertising		0.6	%
Aerospace/Defense		1.0
Agriculture		0.7
Airlines		1.2
Apparel		1.0
Auto Manufacturers		1.4
Auto Parts & Equipment		2.3
Banks		5.3
Beverages		0.8
Biotechnology		2.1
Building Materials		0.4
Chemicals		3.4
Coal		0.1
Commercial Services		2.5
Computers		2.9
Cosmetics/Personal Care		0.7
Distribution/Wholesale		0.8
Diversified Financial Services		5.0
Electric		1.0
Electrical Components & Equipment		0.4
Electronics		2.4
Engineering & Construction		1.0
Entertainment		0.3
Environmental Control		0.2
Food		1.2
Forest Products & Paper		0.3
Gas		0.2
Hand/Machine Tools		0.3
Healthcare - Products		1.3
Healthcare - Services		1.9
Home Builders		1.3
Home Furnishings		1.3
Household Products/Wares		0.3
Housewares		0.1
Insurance		5.9
Internet		3.4
Iron/Steel		0.7
Leisure Time		0.9
Lodging		0.8
Machinery - Construction & Mining		0.7
Machinery - Diversified		1.4
Media		3.8
Metal Fabricate/Hardware		0.4
Mining		0.7
Miscellaneous Manufacturing		2.8
Office/Business Equipment		0.1
Oil & Gas		7.0
Oil & Gas Services		2.6
Packaging & Containers		0.8
Pharmaceuticals		3.4
Pipelines		0.2
Real Estate		0.3
Real Estate Investment Trust		0.6
Retail		7.9
Savings & Loans		0.1
Semiconductors		3.1
Software		2.1
Telecommunications		0.7
Textiles		0.2
Toys/Games/Hobbies		0.5
Transportation		1.8
Money Market Fund		1.5
Repurchase Agreements		1.7
Total Investments		101.8
Liabilities in Excess of Other Assets		(1.8	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS-99.0%
Debt Fund–99.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF		27,057	$	3,293,108
iShares International Treasury Bond ETF		8,558		783,143
iShares Utilities Bond ETF		25,582		1,362,510
PIMCO 1 - 5 Year U.S. TIPS Index ETF		10,546		547,654
PowerShares Build America Bond Portfolio		44,154		1,340,957
PowerShares Emerging Markets Sovereign Debt Portfolio		57,859		1,644,353
PowerShares Financial Preferred Portfolio		148,987		2,771,159
PowerShares Fundamental Investment Grade Corporate Bond Portfolio		42,652		1,097,636
PowerShares International Corporate Bond Portfolio		29,140		770,753
PowerShares National AMT-Free Municipal Bond Portfolio		53,102		1,355,694
PowerShares Senior Loan Portfolio		80,027		1,927,850
SPDR Barclays Convertible Securities ETF		41,311		1,973,013
SPDR Barclays High Yield Bond ETF		35,315		1,385,054
SPDR DB International Government Inflation-Protected Bond ETF		14,371		784,082
SPDR Nuveen S&P High Yield Municipal Bond ETF		23,421		1,348,347
Vanguard Intermediate-Term Government Bond ETF(a)		12,529		819,647
Vanguard Long-Term Government Bond ETF(a)		10,085		810,027
Vanguard Mortgage-Backed Securities ETF		35,969		1,922,183
Vanguard Short-Term Bond ETF		6,805		547,939
WisdomTree Emerging Markets Corporate Bond Fund		11,623		830,463
Total Exchange Traded Funds (Cost $26,831,610)				27,315,572
MONEY MARKET FUND–1.1%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.03%(b)   (Cost $300,098)		300,098		300,098
REPURCHASE AGREEMENTS–2.3%(c)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $93,512, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $95,382)	$	93,512		93,512

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $255,000)	$	250,000	$	250,000
Morgan Stanley & Co. LLC, dated 03/31/15, due 04/01/15, 0.12%, total to be received $29,900, (collateralized by various U.S. Government Agency Obligations, 2.00%-9.00%, 11/01/15-03/01/45, totaling $30,498)		29,900		29,900
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $623,412)				623,412
Total Investments–102.4% (Cost $27,755,120)				28,239,082
Liabilities in Excess of Other Assets–(2.4)%				(674,370	)
Net Assets–100.0%			$	27,564,712

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 $609,605; the aggregate market value of the collateral held by the fund is $623,412.  

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Debt Fund		99.0	%
Money Market Fund		1.1
Repurchase Agreements		2.3
Total Investments		102.4
Liabilities in Excess of Other Assets		(2.4	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments

March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS–98.0%
Advertising–0.1%
Publicis Groupe SA (France)(a)(b)		440	$	8,479
WPP PLC (United Kingdom)(b)		8		910
Total Advertising				9,389
Aerospace/Defense–1.9%
Airbus Group NV (France)(b)		6,338		102,739
Finmeccanica SpA (Italy)*(b)		20,469		120,767
Kawasaki Heavy Industries Ltd. (Japan)(a)(b)		5,103		104,050
Safran SA (France)(b)		643		11,127
Total Aerospace/Defense				338,683
Airlines–3.0%
Cathay Pacific Airways Ltd. (Hong Kong)(b)		8,344		95,664
Deutsche Lufthansa AG (Germany)(b)		7,898		110,572
International Consolidated Airlines Group SA (United Kingdom)*(b)		3,229		144,401
Ryanair Holdings PLC (Ireland)(b)		1,760		117,515
Singapore Airlines Ltd. (Singapore)(b)		3,361		58,078
Total Airlines				526,230
Auto Manufacturers–6.9%
Bayerische Motoren Werke AG (Germany)(b)		462		19,157
Daimler AG (Germany)(b)		702		65,637
Fiat Chrysler Automobiles NV (United Kingdom)*(a)		8,128		132,568
Great Wall Motor Co., Ltd. (China)(b)		809		57,318
Honda Motor Co., Ltd. (Japan)(b)		1,906		62,441
Mazda Motor Corp. (Japan)(a)(b)		12,644		128,337
Nissan Motor Co., Ltd. (Japan)(b)		5,136		104,415
Porsche Automobil Holding SE (Germany)(b)		13,317		129,907
Renault SA (France)*(b)		8,829		158,921
Tata Motors Ltd. (India)(b)		1,618		72,907
Toyota Motor Corp. (Japan)(a)(b)		442		61,831
Volkswagen AG (Germany)(b)		1,913		98,041
Volvo AB (Sweden)(a)(b)		9,029		108,619

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Auto Manufacturers (continued)
Total Auto Manufacturers			$	1,200,099
Auto Parts & Equipment–2.5%
Bridgestone Corp. (Japan)(b)		3,346		67,137
Cie Generale des Etablissements Michelin (France)(b)		2,522		50,074
Continental AG (Germany)(b)		713		33,668
Magna International, Inc. (Canada)		1,630		87,466
Sumitomo Electric Industries Ltd. (Japan)(a)(b)		8,989		118,206
Valeo SA (France)(b)		992		73,968
Weichai Power Co., Ltd. (China)(b)		206		3,178
Total Auto Parts & Equipment				433,697
Banks–16.8%
Agricultural Bank of China Ltd. (China)(b)		4,390		54,195
Akbank TAS (Turkey)(a)(b)		5,565		32,555
Banco Bilbao Vizcaya Argentaria SA (Spain)(a)(b)		13,544		135,846
Banco Bradesco SA (Brazil)(b)		7,090		65,795
Banco do Brasil SA (Brazil)(b)		10,725		76,737
Banco Santander SA (Spain)(b)		16,453		122,575
Bank of China Ltd. (China)(a)(b)		3,364		48,862
Bank of East Asia Ltd. (The) (Hong Kong)(b)		6,762		26,778
Bank of Ireland (Ireland)*(b)		8,483		127,796
Bank of Montreal (Canada)(a)		383		22,969
Bank of Nova Scotia (The) (Canada)(a)		916		46,011
Barclays PLC (United Kingdom)(a)(b)		5,156		75,123
BNP Paribas SA (France)(b)		3,674		111,414
Canadian Imperial Bank of Commerce (Canada)(a)		478		34,655
China Construction Bank Corp. (China)(b)		3,420		56,909
Commercial International Bank Egypt SAE (Egypt)(a)(b)		10,434		73,038
Commerzbank AG (Germany)*(a)(b)		9,450		130,316
Credit Agricole SA (France)(a)(b)		14,320		104,536
Credit Suisse Group AG (Switzerland)*(a)(b)		5,610		151,078
Danske Bank A/S (Denmark)(a)(b)		8,178		107,254
DBS Group Holdings Ltd. (Singapore)(b)		647		38,422

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Banks (continued)
Erste Group Bank AG (Austria)(a)(b)		6,028	$	74,265
Grupo Financiero Banorte SAB de CV (Mexico)(b)		1,116		32,453
HSBC Holdings PLC (United Kingdom)(b)		554		23,595
ICICI Bank Ltd. (India)(b)		5,200		53,872
Industrial & Commercial Bank of China Ltd. (China)(b)		2,710		40,000
ING Groep NV (Netherlands)*(b)		6,180		90,290
Intesa Sanpaolo SpA (Italy)(b)		6,343		129,270
Itau Unibanco Holding SA (Brazil)(b)		6,449		71,326
KBC Groep NV (Belgium)*(b)		4,582		141,446
Lloyds Banking Group PLC (United Kingdom)*(a)(b)		23,543		109,946
PT Bank Mandiri Persero Tbk (Indonesia)(a)(b)		544		5,182
PT Bank Rakyat Indonesia Persero Tbk (Indonesia)(b)		1,043		21,110
Royal Bank of Canada (Canada)(a)		195		11,770
Royal Bank of Scotland Group PLC (United Kingdom)*(b)		11,525		116,287
Skandinaviska Enskilda Banken AB (Sweden)(b)		472		5,485
Societe Generale SA (France)(a)(b)		14,850		144,045
Toronto-Dominion Bank (The) (Canada)		1,389		59,519
Turkiye Garanti Bankasi As (Turkey)(b)		3,731		12,499
UBS AG (Switzerland)*(a)		6,139		114,650
United Overseas Bank Ltd. (Singapore)(b)		1,184		39,486
Total Banks				2,939,360
Beverages–0.1%
Carlsberg A/S, Class B (Denmark)(b)		654		10,817
Biotechnology–0.1%
CSL Ltd. (Australia)(a)(b)		455		15,920
Building Materials–3.1%
Anhui Conch Cement Co., Ltd., Class H (China)(b)		3,099		58,416
Cementos Pacasmayo S.A.A. (Peru)(a)(b)		10,684		80,130
Cie de Saint-Gobain (France)(b)		10,024		87,810
Daikin Industries Ltd. (Japan)(b)		364		48,867
HeidelbergCement AG (Germany)(b)		3,721		58,643

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Building Materials (continued)
Holcim Ltd. (Switzerland)*(b)		3,309	$	48,990
Lafarge SA (France)(b)		2,832		45,907
LIXIL Group Corp. (Japan)(a)(b)		2,403		114,190
Total Building Materials				542,953
Chemicals–3.0%
Agrium, Inc. (Canada)(a)		268		27,944
Akzo Nobel NV (Netherlands)(b)		1,130		28,436
Braskem SA (Brazil)(a)(b)		10,809		75,014
Lonza Group AG (Switzerland)*(b)		1,075		13,330
Methanex Corp. (Canada)(a)		1,591		85,230
Shin-Etsu Chemical Co., Ltd. (Japan)(a)(b)		691		11,298
Solvay SA (Belgium)(b)		5,115		73,915
Sumitomo Chemical Co., Ltd. (Japan)(b)		3,241		83,508
Yara International ASA (Norway)(b)		2,537		128,753
Total Chemicals				527,428
Commercial Services–2.4%
Adecco SA (Switzerland)*(a)(b)		960		39,778
Ashtead Group PLC (United Kingdom)(b)		1,419		93,086
Estacio Participacoes SA (Brazil)(b)		16,277		97,173
Kroton Educacional SA (Brazil)(b)		19,224		60,748
New Oriental Education & Technology Group, Inc. (China)*(b)		2,017		44,717
QIWI PLC (Cyprus)(a)(b)		1,778		42,708
Tarena International, Inc. (China)*(a)(b)		4,628		45,030
Total Commercial Services				423,240
Computers–1.7%
Cap Gemini SA (France)(b)		593		24,228
Gemalto NV (Netherlands)(a)(b)		1,041		41,468
Ingenico (France)(a)(b)		2,975		65,391
Lenovo Group Ltd. (Hong Kong)(b)		928		27,051
Logitech International SA (Switzerland)		4,478		58,886

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Computers (continued)
TDK Corp. (Japan)(b)		1,193	$	85,311
Total Computers				302,335
Cosmetics/Personal Care–0.2%
Kao Corp. (Japan)(b)		168		8,407
Svenska Cellulosa AB SCA (Sweden)(b)		1,409		32,421
Total Cosmetics/Personal Care				40,828
Distribution/Wholesale–2.6%
ITOCHU Corp. (Japan)(a)(b)		6,260		136,092
Marubeni Corp. (Japan)(a)(b)		2,310		134,373
Mitsubishi Corp. (Japan)(a)(b)		3,385		136,907
Wolseley PLC (United Kingdom)(b)		7,177		42,918
Total Distribution/Wholesale				450,290
Diversified Financial Services–2.2%
Deutsche Boerse AG (Germany)(b)		429		3,477
Julius Baer Group Ltd. (Switzerland)*(b)		11,406		113,604
KB Financial Group, Inc. (South Korea)(b)		660		23,192
Noah Holdings Ltd. (China)*(a)(b)		5,033		117,672
ORIX Corp. (Japan)(a)(b)		977		68,722
Shinhan Financial Group Co., Ltd. (South Korea)(b)		1,748		65,200
Total Diversified Financial Services				391,867
Electric–1.8%
Cia Paranaense de Energia (Brazil)(a)(b)		8,181		85,737
CPFL Energia SA (Brazil)(a)(b)		484		6,156
Huaneng Power International, Inc. (China)(b)		144		6,924
Korea Electric Power Corp. (South Korea)(b)		6,221		127,530
Power Assets Holdings Ltd. (Hong Kong)(a)(b)		7,479		75,351
Tenaga Nasional Bhd (Malaysia)(b)		814		12,597
Total Electric				314,295

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Electrical Components & Equipment–0.0%**
Schneider Electric SE (France)(b)		324	$	5,019
Electronics–2.4%
AU Optronics Corp. (Taiwan)(a)(b)		22,326		111,853
LG Display Co., Ltd. (South Korea)(a)(b)		7,102		101,630
Murata Manufacturing Co., Ltd. (Japan)(a)(b)		3,611		124,616
Omron Corp. (Japan)(a)(b)		1,801		81,540
Total Electronics				419,639
Energy - Alternate Sources–2.5%
JA Solar Holdings Co., Ltd. (China)*(a)(b)		12,962		123,917
JinkoSolar Holding Co., Ltd. (China)*(a)(b)		6,805		174,480
Vestas Wind Systems A/S (Denmark)(a)(b)		9,836		134,753
Total Energy - Alternate Sources				433,150
Engineering & Construction–1.3%
Abengoa SA (Spain)*(b)		7,650		138,618
Empresas ICA SAB de CV (Mexico)*(a)(b)		28,568		93,132
Total Engineering & Construction				231,750
Food–1.8%
BRF SA (Brazil)(b)		1,472		29,116
Carrefour SA (France)(b)		7,621		50,527
Cencosud SA (Chile)(a)(b)		4,076		28,654
Distribuidora Internacional de Alimentacion SA (Spain)*(b)		1,567		24,367
Marine Harvest ASA (Norway)(a)(b)		9,446		107,619
Orkla ASA (Norway)(b)		9,845		74,133
Total Food				314,416
Forest Products & Paper–0.6%
Fibria Celulose SA (Brazil)*(a)(b)		2,130		30,097
Stora Enso OYJ (Finland)(b)		6,741		68,893
Total Forest Products & Paper				98,990

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Hand/Machine Tools–0.6%
Sandvik AB (Sweden)(b)		387	$	4,303
Techtronic Industries Co., Ltd. (Hong Kong)(b)		5,739		97,047
Total Hand/Machine Tools				101,350
Healthcare - Products–0.3%
Sonova Holding AG (Switzerland)(b)		349		9,693
Trinity Biotech PLC (Ireland)(b)		2,558		49,242
Total Healthcare - Products				58,935
Holding Companies - Diversified–1.2%
Hutchison Whampoa Ltd. (Hong Kong)(a)(b)		3,361		93,268
Jardine Matheson Holdings Ltd. (Hong Kong)(a)(b)		429		27,070
Swire Pacific Ltd., Class A (Hong Kong)(a)(b)		6,024		82,077
Total Holding Companies - Diversified				202,415
Home Furnishings–0.4%
Panasonic Corp. (Japan)(a)(b)		4,987		65,479
Insurance–5.6%
Aegon NV (Netherlands)(c)		17,065		135,325
Ageas (Belgium)(b)		2,610		93,634
Assicurazioni Generali SpA (Italy)(a)(b)		8,749		86,025
Aviva PLC (United Kingdom)(a)(b)		1,078		17,431
AXA SA (France)(b)		1,291		32,585
BB Seguridade Participacoes SA (Brazil)(a)(b)		3,607		37,098
China Life Insurance Co., Ltd. (China)(b)		832		54,979
Manulife Financial Corp. (Canada)		3,846		65,420
MS&AD Insurance Group Holdings, Inc. (Japan)(a)(b)		6,768		94,786
Ping An Insurance Group Co., of China Ltd. (China)(b)		3,073		74,551
Prudential PLC (United Kingdom)(b)		612		30,527
QBE Insurance Group Ltd. (Australia)(b)		7,150		71,071
RSA Insurance Group PLC (United Kingdom)(a)(b)		9,101		58,019
Sun Life Financial, Inc. (Canada)		1,603		49,404
Tokio Marine Holdings, Inc. (Japan)(b)		1,998		75,474

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Total Insurance			$	976,329
Internet–1.5%
Baidu, Inc. (China)*(b)		52		10,837
Bitauto Holdings Ltd. (China)*(b)		368		18,724
Criteo SA (France)*(b)		632		24,964
Leju Holdings Ltd. (China)*(a)(b)		9,690		77,132
Qihoo 360 Technology Co., Ltd. (China)*(a)(b)		1,313		67,226
Vipshop Holdings Ltd. (China)*(b)		75		2,208
YY, Inc. (China)*(a)(b)		1,008		54,991
Total Internet				256,082
Iron/Steel–2.8%
ArcelorMittal (Luxembourg)(a)(c)		13,023		122,677
Cia Siderurgica Nacional SA (Brazil)(a)(b)		14,081		23,656
Nippon Steel & Sumitomo Metal Corp. (Japan)(b)		3,030		76,220
POSCO (South Korea)(b)		1,462		79,913
Ternium SA (Luxembourg)(b)		5,618		101,517
Vale SA (Brazil)(a)(b)		15,145		85,569
Total Iron/Steel				489,552
Leisure Time–0.6%
Carnival PLC (United Kingdom)(b)		1,970		96,510
Lodging–0.3%
Accor SA (France)*(b)		3,491		36,167
China Lodging Group Ltd. (China)*(b)		437		8,609
Total Lodging				44,776
Machinery - Construction & Mining–0.8%
Atlas Copco AB, Class A (Sweden)(b)		498		16,128
Hitachi Ltd. (Japan)(b)		429		29,417
Mitsubishi Electric Corp. (Japan)(a)(b)		3,582		85,448
Total Machinery - Construction & Mining				130,993

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Media–0.7%
ITV PLC (United Kingdom)(b)		1,164	$	43,475
Phoenix New Media Ltd. (China)*(b)		12,505		70,904
ProSiebenSat.1 Media AG (Germany)(b)		586		7,149
Total Media				121,528
Metal Fabricate/Hardware–1.3%
Assa Abloy AB (Sweden)(b)		760		22,625
NSK Ltd. (Japan)(b)		5,035		147,727
SKF AB (Sweden)(b)		2,490		64,292
Total Metal Fabricate/Hardware				234,644
Mining–3.3%
Alumina Ltd. (Australia)(b)		11,836		57,109
Anglo American PLC (United Kingdom)(b)		1,952		14,552
AngloGold Ashanti Ltd. (South Africa)*(a)(b)		2,771		25,881
Glencore PLC (Switzerland)(b)		9,913		83,963
MMC Norilsk Nickel OJSC (Russia)(b)		7,165		127,179
Newcrest Mining Ltd. (Australia)*(a)(b)		7,044		71,461
Norsk Hydro ASA (Norway)(b)		19,915		104,753
Silver Wheaton Corp. (Canada)		257		4,888
Sumitomo Metal Mining Co., Ltd. (Japan)(b)		5,655		83,072
Total Mining				572,858
Miscellaneous Manufacturing–0.0%**
Siemens AG (Germany)(b)		23		2,489
Oil & Gas–2.0%
BG Group PLC (United Kingdom)(b)		1,696		20,954
INPEX Corp. (Japan)(a)(b)		2,598		28,500
Petrobras Argentina SA (Argentina)(b)		22,690		154,973
Premier Oil PLC (United Kingdom)(b)		11,075		20,821
YPF SA (Argentina)(b)		4,604		126,380
Total Oil & Gas				351,628

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments  (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas Services–1.2%
Petrofac Ltd. (Jersey Islands)(a)(b)		7,884	$	55,149
Subsea 7 SA (Luxembourg)(b)		12,289		104,947
Technip SA (France)(b)		2,860		43,272
Total Oil & Gas Services				203,368
Pharmaceuticals–1.9%
Astellas Pharma, Inc. (Japan)(a)(b)		2,638		43,197
Bayer AG (Germany)(b)		91		13,674
Grifols SA (Spain)(b)		986		32,351
Ipsen SA (France)(b)		2,512		29,416
Meda AB (Sweden)(b)		3,825		59,861
Shire PLC (Ireland)(b)		205		49,054
Valeant Pharmaceuticals International, Inc. (Canada)*		547		108,645
Total Pharmaceuticals				336,198
Pipelines–0.9%
Transportadora de Gas del Sur SA, Special Class B (Argentina)(b)		28,651		152,710
Real Estate–1.2%
Cyrela Brazil Realty SA Empreendimentos e Participacoes (Brazil)(b)		16,998		69,398
E-House China Holdings Ltd. (China)(b)		13,471		73,148
Gafisa SA (Brazil)(a)(b)		49,514		65,358
Total Real Estate				207,904
Retail–2.2%
Jumei International Holding Ltd. (China)*(a)(b)		7,451		117,875
Kering (France)(b)		5,107		99,408
Marks & Spencer Group PLC (United Kingdom)(b)		1,320		20,803
Pandora A/S (Denmark)(b)		6,252		142,045
Total Retail				380,131

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Semiconductors–2.2%
Advanced Semiconductor Engineering, Inc. (Taiwan)(b)		7,407	$	53,330
ARM Holdings PLC (United Kingdom)(b)		35		1,726
ASML Holding NV (Netherlands)(c)		593		59,911
Himax Technologies, Inc. (Taiwan)(b)		5,109		32,340
Infineon Technologies AG (Germany)(b)		6,033		72,305
Silicon Motion Technology Corp. (Taiwan)(b)		2,143		57,604
Siliconware Precision Industries Co., Ltd. (Taiwan)(a)(b)		2,040		16,687
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(b)		1,198		28,129
United Microelectronics Corp. (Taiwan)(b)		27,732		67,666
Total Semiconductors				389,698
Software–3.3%
Cheetah Mobile, Inc. (China)*(a)(b)		6,478		110,709
China Mobile Games & Entertainment Group Ltd. (China)*(a)(b)		7,149		119,174
KONAMI Corp. (Japan)(a)(b)		4,656		87,253
Mitel Networks Corp. (Canada)*(a)		12,616		128,306
Open Text Corp. (Canada)		905		47,865
Perfect World Co., Ltd. (China)(b)		3,987		74,078
Total Software				567,385
Telecommunications–3.7%
Alcatel-Lucent (France)*(b)		12,933		48,240
BT Group PLC (United Kingdom)(a)(b)		225		14,663
China Unicom Ltd. (Hong Kong)(a)(b)		4,991		76,163
Deutsche Telekom AG (Germany)(b)		2,263		41,266
Hellenic Telecommunications Organization SA (Greece)*(b)		12,620		55,339
KDDI Corp. (Japan)(b)		3,024		51,348
KT Corp. (South Korea)(b)		4,307		56,336
Nokia OYJ (Finland)(b)		12,184		92,355
SK Telecom Co., Ltd. (South Korea)(b)		506		13,768

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Telecommunications (continued)
Telecom Argentina SA (Argentina)(b)		1,699	$	38,584
Telefonaktiebolaget LM Ericsson (Sweden)(b)		4,319		54,203
Telenor ASA (Norway)(a)(b)		1,840		111,135
Total Telecommunications				653,400
Textiles–0.1%
Toray Industries, Inc. (Japan)(b)		256		21,507
Transportation–2.3%
Canadian National Railway Co. (Canada)		256		17,119
Canadian Pacific Railway Ltd. (Canada)		380		69,426
Nippon Yusen KK (Japan)(a)(b)		20,438		117,518
Royal Mail PLC (United Kingdom)(a)(b)		7,230		93,990
TNT Express NV (Netherlands)(b)		15,036		94,727
Total Transportation				392,780
Water–0.6%
Suez Environnement Co. (France)(b)		2,536		21,556
Veolia Environnement SA (France)(a)(b)		4,406		83,141
Total Water				104,697
Total Common Stocks (Cost $17,141,909)				17,085,741
MONEY MARKET FUND–2.0%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.03%(d) (Cost $350,475)		350,475		350,475
REPURCHASE AGREEMENTS–24.4%(e)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $638,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $650,760)	$	638,000		638,000

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $989,969, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $1,009,763)	$	989,964	$	989,964
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $989,967, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $1,009,766)		989,964		989,964
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $645,431, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $658,337)		645,428		645,428
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $989,968, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $1,009,763)		989,964		989,964
Total Repurchase Agreements (Cost $4,253,320)				4,253,320
Total Investments–124.4% (Cost $21,745,704)			$	21,689,536
Liabilities in Excess of Other Assets–(24.4)%				(4,259,247	)
Net Assets–100.0%			$	17,430,289

PLC - Public Limited Company

* Non-income producing security.

** Less than 0.05%.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $4,104,408; the aggregate market value of the collateral held by the fund is $4,253,816. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $496.

(b) American Depositary Receipt.

(c) Registered Shares.

(d) Rate shown reflects the 7-day yield as of March 31, 2015.

(e) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments  (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Advertising		0.1
Aerospace/Defense		1.9
Airlines		3.0
Auto Manufacturers		6.9
Auto Parts & Equipment		2.5
Banks		16.8
Beverages		0.1
Biotechnology		0.1
Building Materials		3.1
Chemicals		3.0
Commercial Services		2.4
Computers		1.7
Cosmetics/Personal Care		0.2
Distribution/Wholesale		2.6
Diversified Financial Services		2.2
Electric		1.8
Electrical Components & Equipment		0.0	**
Electronics		2.4
Energy - Alternate Sources		2.5
Engineering & Construction		1.3
Food		1.8
Forest Products & Paper		0.6
Hand/Machine Tools		0.6
Healthcare - Products		0.3
Holding Companies - Diversified		1.2
Home Furnishings		0.4
Insurance		5.6
Internet		1.5
Iron/Steel		2.8
Leisure Time		0.6
Lodging		0.3
Machinery - Construction & Mining		0.8
Media		0.7
Metal Fabricate/Hardware		1.3
Mining		3.3
Miscellaneous Manufacturing		0.0	**
Oil & Gas		2.0
Oil & Gas Services		1.2
Pharmaceuticals		1.9
Pipeline		0.9
Real Estate		1.2
Retail		2.2
Semiconductors		2.2
Software		3.3
Telecommunications		3.7
Textiles		0.1
Transportation		2.3
Water		0.6
Money Market Fund		2.0
Repurchase Agreements		24.4
Total Investments		124.4
Liabilities in Excess of Other Assets		(24.4	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments

March 31, 2015 (Unaudited)
Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS-96.3%
Equity Fund–96.3%
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		26,158	$	783,694
iShares Core S&P Mid-Cap ETF		10,471		1,591,383
iShares Core S&P Small-Cap ETF		13,306		1,570,507
iShares Europe ETF		17,396		770,121
iShares Micro-Cap ETF(a)		10,150		802,662
iShares MSCI Pacific ex-Japan ETF(a)		16,819		762,910
iShares S&P Mid-Cap 400 Growth ETF(a)		9,434		1,618,025
iShares S&P Mid-Cap 400 Value ETF		11,847		1,551,365
iShares S&P Small-Cap 600 Growth ETF		12,341		1,606,181
iShares S&P Small-Cap 600 Value ETF(a)		6,562		780,287
SPDR S&P International Small Cap ETF(a)		27,181		787,162
Vanguard FTSE All-World ex-US ETF(a)		31,466		1,533,338
Vanguard FTSE Developed Markets ETF		38,819		1,546,161
Total Exchange Traded Funds (Cost $15,265,791)				15,703,796
MONEY MARKET FUND–4.0%
Dreyfus Institutional Reserves Treasury Fund - Institutional Class, 0.00%(b) (Cost $648,437)		648,437		648,437
REPURCHASE AGREEMENTS–31.4%(c)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $767,538, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $782,886)	$	767,535		767,535
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $1,190,966, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $1,214,779)		1,190,960		1,190,960
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $1,190,964, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $1,214,782)		1,190,960		1,190,960

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $776,481, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $792,008)	$	776,478	$	776,478
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $1,190,964, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $1,214,779)		1,190,960		1,190,960
Total Repurchase Agreements (Cost $5,116,893)				5,116,893
Total Investments–131.7% (Cost $21,031,121)				21,469,126
Liabilities in Excess of Other Assets–(31.7)%				(5,161,511	)
Net Assets–100.0%			$	16,307,615

ETF - Exchange Traded Fund

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $5,010,597; the aggregate market value of the collateral held by the fund is $5,116,893.

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Equity Fund		96.3	%
Money Market Fund		4.0
Repurchase Agreements		31.4
Total Investments		131.7
Liabilities in Excess of Other Assets		(31.7	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF†
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Shares		Value
EXCHANGE TRADED FUNDS-74.6%
Commodity Fund–4.9%
PowerShares DB Agriculture Fund*(a)		9,919	$	219,607
PowerShares DB Base Metals Fund*(a)		14,695		222,776
PowerShares DB Energy Fund*(a)		8,927		141,761
ProShares Ultra Bloomberg Crude Oil*		5,037		34,201
Total Commodity Fund				618,345
Currency Fund–8.6%
PowerShares DB US Dollar Index Bullish Fund*(a)		10,960		283,864
ProShares UltraShort Euro*		30,319		817,097
Total Currency Fund				1,100,961
Debt Fund–7.2%
Direxion Daily 20 Year Plus Treasury Bull 3x Shares*		4,318		410,037
iShares 20+ Year Treasury Bond ETF(a)		3,878		506,816
Total Debt Fund				916,853
Equity Fund–53.9%
Consumer Staples Select Sector SPDR Fund		11,030		537,602
Energy Select Sector SPDR Fund		5,820		451,516
Global X FTSE Greece 20 ETF		10,546		116,217
Global X FTSE Portugal 20 ETF		6,168		71,117
Health Care Select Sector SPDR Fund		10,279		745,228
iShares China Large-Cap ETF(a)		15,173		674,440
iShares MSCI Italy Capped ETF(a)		4,692		69,442
iShares MSCI Spain Capped ETF		1,945		67,647
iShares Residential Real Estate Capped ETF		4,790		297,699
iShares S&P 500 Value ETF		5,670		524,815
Market Vectors Gold Miners ETF		12,130		221,251
Market Vectors Russia ETF		3,904		66,407
SPDR Dow Jones International Real Estate ETF		5,917		256,324
SPDR S&P Oil & Gas Exploration & Production ETF		8,801		454,660
Technology Select Sector SPDR Fund		16,574		686,827
Vanguard Global ex-U.S. Real Estate ETF		4,441		249,895
Vanguard REIT ETF		3,420		287,519
WisdomTree India Earnings Fund		11,488		261,926
WisdomTree Japan Hedged Equity Fund		15,150		835,068

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF†
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS (continued)
Total Equity Fund			$	6,875,600
				–
Total Exchange Traded Funds (Cost $9,178,477)				9,511,759
CLOSED-END FUND–5.0%
Country Fund–5.0%
Morgan Stanley China A Share Fund, Inc. (Cost $512,377)		19,424		639,438
MONEY MARKET FUND–20.4%
Goldman Sachs Financial Square Fund, 0.09%(b) (Cost $2,594,581)		2,594,581		2,594,581
REPURCHASE AGREEMENTS–13.1%(c)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $250,960, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $255,978)	$	250,959		250,959
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $389,407, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $397,193)		389,405		389,405
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $389,406, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $397,194)		389,405		389,405
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/45, 0.15%, total to be received $253,883, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $258,960)		253,882		253,882

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF†
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $389,406, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $397,193)	$	389,405	$	389,405
Total Repurchase Agreements (Cost $1,673,056)				1,673,056
Total Investments–113.1% (Cost $13,958,491)				14,418,834
Liabilities in Excess of Other Assets–(13.1)%				(1,675,456	)
Net Assets–100.0%			$	12,743,378

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 $1,630,732; the aggregate market value of the collateral held by the fund is $1,673,056. 

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF^†

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Commodity Fund		4.9	%
Country Fund		5.0
Currency Fund		8.6
Debt Fund		7.2
Equity Fund		53.9
Money Market Fund		20.4
Repurchase Agreements		13.1
Total Investments		113.1
Liabilities in Excess of Other Assets		(13.1	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS–19.5%
Consumer Discretionary–2.3%
American Axle & Manufacturing, Inc., 5.13%, 02/15/19	$	115,000	$	119,025
Boyd Gaming Corp., 9.13%, 12/01/18		210,000		219,975
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 03/15/21		80,000		82,200
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22		85,000		87,231
Dish DBS Corp., 4.63%, 07/15/17		230,000		236,612
D.R. Horton, Inc., 4.00%, 02/15/20		160,000		163,040
GLP Capital LP/GLP Financing II, Inc., 4.88%, 11/01/20		530,000		545,900
Lennar Corp., 4.50%, 11/15/19		305,000		314,150
Marriott International, Inc., Series N, 3.13%, 10/15/21		520,000		535,979
QVC, Inc., 3.13%, 04/01/19		505,000		508,946
Time Warner Cable, Inc., 6.75%, 07/01/18		205,000		235,715
Toll Brothers Finance Corp., 4.00%, 12/31/18		375,000		386,250
Toll Brothers Finance Corp., 6.75%, 11/01/19		117,000		132,795
TRI Pointe Holdings, Inc. 4.38%, 06/15/19‡		355,000		347,900
Wyndham Worldwide Corp., 2.50%, 03/01/18		450,000		452,199
Total Consumer Discretionary				4,367,917
Energy–0.6%
Antero Resources Corp., 5.63%, 06/01/23‡		210,000		208,163
California Resources Corp., 5.00%, 01/15/20‡(a)		210,000		190,575
Kinder Morgan, Inc., 3.05%, 12/01/19		100,000		101,100
Newfield Exploration Co., 5.75%, 01/30/22		140,000		146,650
NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19		335,000		329,975
Parker Drilling Co., 6.75%, 07/15/22		100,000		79,750
Sabine Oil & Gas Corp., 7.25%, 06/15/19		92,000		16,790
Total Energy				1,073,003
Financials–9.3%
Ally Financial, Inc., 3.25%, 02/13/18		225,000		223,031
Ally Financial, Inc., 3.75%, 11/18/19(a)		285,000		282,506

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Ally Financial, Inc., 4.13%, 03/30/20	$	270,000	$	268,988
Ally Financial, Inc., 4.13%, 02/13/22		90,000		87,975
American International Group, Inc., 3.38%, 08/15/20		335,000		353,910
Ares Capital Corp., 3.88%, 01/15/20		450,000		458,365
Associated Banc-Corp., 5.13%, 03/28/16		60,000		62,170
Associates Corp. of North America, 6.95%, 11/01/18		415,000		483,700
Aviation Capital Group Corp., 3.88%, 09/27/16‡		430,000		439,319
Bank of America Corp., 2.00%, 01/11/18		235,000		236,933
Bank of America Corp., 5.49%, 03/15/19		66,000		73,175
Bank of America Corp., Series L, 5.65%, 05/01/18		200,000		222,011
Bear Stearns Cos. LLC (The), 7.25%, 02/01/18		75,000		86,401
Capital One Financial Corp., 6.15%, 09/01/16		400,000		426,326
Corporate Office Properties LP, 3.70%, 06/15/21		460,000		465,654
Countrywide Financial Corp., 6.25%, 05/15/16		130,000		136,798
DDR Corp., 7.88%, 09/01/20		280,000		349,362
DDR Corp., 3.50%, 01/15/21		145,000		150,356
Fifth Third Bancorp, 4.50%, 06/01/18		321,000		343,584
First Tennessee Bank NA, 2.95%, 12/01/19		250,000		253,725
Ford Motor Credit Co. LLC, 8.13%, 01/15/20		455,000		569,107
FS Investment Corp., 4.25%, 01/15/20		435,000		442,917
General Electric Capital Corp., Series G, 5.63%, 05/01/18		295,000		331,379
Genworth Holdings, Inc., 7.63%, 09/24/21(a)		200,000		209,000
Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17		670,000		718,612
Government Properties Income Trust, 3.75%, 08/15/19		85,000		88,160
HCP, Inc., 3.75%, 02/01/19		175,000		184,634
Healthcare Trust of America Holdings LP, 3.38%, 07/15/21		150,000		152,491
Hertz Corp. (The), 5.88%, 10/15/20		440,000		454,300
HSBC Finance Corp., 6.68%, 01/15/21		225,000		267,499
HSBC USA, Inc., 1.63%, 01/16/18		200,000		200,140
HSBC USA, Inc., 2.63%, 09/24/18		225,000		231,876
Huntington Bancshares, Inc., 7.00%, 12/15/20		200,000		242,904
International Lease Finance Corp., 3.88%, 04/15/18		390,000		396,825
iStar Financial, Inc., 4.00%, 11/01/17		410,000		406,413
Jefferies Group LLC, 5.13%, 04/13/18		275,000		289,513

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
JPMorgan Chase & Co., 6.13%, 06/27/17	$	280,000	$	306,970
JPMorgan Chase & Co., 2.25%, 01/23/20		380,000		381,068
Lazard Group LLC, 4.25%, 11/14/20		275,000		294,268
Lincoln National Corp., 8.75%, 07/01/19		125,000		157,430
Lincoln National Corp., 6.05%, 04/20/67@		100,000		96,850
Morgan Stanley, 5.55%, 04/27/17		425,000		460,034
Morgan Stanley, 2.13%, 04/25/18		180,000		182,111
National Retail Properties, Inc., 5.50%, 07/15/21		250,000		286,548
Navient Corp., 4.88%, 06/17/19		285,000		285,000
New York Life Global Funding, 1.95%, 02/11/20‡		65,000		65,056
Prudential Financial, Inc., 5.20%, 03/15/44@		300,000		306,525
Regions Financial Corp., 5.75%, 06/15/15		325,000		327,899
Santander Holdings USA, Inc., 3.00%, 09/24/15		115,000		115,910
SBA Tower Trust, 2.93%, 12/15/17‡		725,000		734,104
Select Income REIT, 3.60%, 02/01/20		258,000		264,821
Select Income REIT, 4.15%, 02/01/22		257,000		258,472
Senior Housing Properties Trust, 3.25%, 05/01/19		415,000		421,865
Springleaf Finance Corp., 5.25%, 12/15/19		455,000		451,019
State Street Corp., 4.96%, 03/15/18		300,000		324,837
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19‡		400,000		410,393
Ventas Realty LP, 4.00%, 04/30/19		310,000		331,501
Voya Financial, Inc., 2.90%, 02/15/18		365,000		376,868
Wells Fargo & Co., 5.13%, 09/15/16		75,000		79,440
Willis North America, Inc., 6.20%, 03/28/17		250,000		267,546
Zions Bancorporation, 4.50%, 03/27/17(a)		195,000		204,937
Total Financials				17,981,531
Health Care–1.2%
CHS/Community Health Systems, Inc., 5.13%, 08/15/18		170,000		175,738
Forest Laboratories, Inc., 4.38%, 02/01/19‡		200,000		214,428
HCA, Inc., 3.75%, 03/15/19(a)		160,000		162,550
HCA, Inc., 6.50%, 02/15/20		185,000		208,772
Medtronic, Inc., 2.50%, 03/15/20‡		570,000		583,026

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Health Care (continued)
Owens & Minor, Inc., 3.88%, 09/15/21	$	95,000	$	99,519
Tenet Healthcare Corp., 6.25%, 11/01/18		150,000		163,125
Tenet Healthcare Corp., 5.00%, 03/01/19‡		60,000		59,700
Tenet Healthcare Corp., 6.00%, 10/01/20		105,000		111,563
Zimmer Holdings, Inc., 2.70%, 04/01/20		295,000		299,319
Zimmer Holdings, Inc., 3.15%, 04/01/22		295,000		298,844
Total Health Care				2,376,584
Industrials–4.6%
ADT Corp. (The), 6.25%, 10/15/21(a)		540,000		576,449
America West Airlines 1999-1 Pass-Through Trust, Series 991G, 7.93%, 01/02/19		349,660		385,500
America West Airlines 2001-1 Pass-Through Trust, Series 011G, 7.10%, 04/02/21		1,045,158		1,162,738
American Airlines Group, Inc., 4.63%, 03/01/20‡		195,000		191,466
Atlas Air 2000-1 Class A Pass-Through Trust, Series 00-1, 8.71%, 01/02/19		328,507		335,899
Continental Airlines 1999-1 Class A Pass-Through Trust, Series 991A, 6.55%, 02/02/19		313,913		344,300
Continental Airlines 1999-2 Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20		217,150		233,436
Continental Airlines 2000-1 Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20		668,154		755,816
Continental Airlines 2001-1 Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21		431,779		462,004
Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.75%, 05/07/20		1,048,179		1,130,724
Delta Air Lines Class A Pass-Through Trust, Series 2010-2A, 4.95%, 05/23/19		712,184		762,927
HD Supply, Inc., 5.25%, 12/15/21‡		360,000		371,700
Masco Corp., 5.95%, 03/15/22		400,000		451,000
Northwest Airlines 2002-1 Class G-2 Pass-Through Trust, Series 02-1, 6.26%, 11/20/21		397,975		433,037

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Industrials (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡	$	230,000	$	229,218
Textron, Inc., 4.63%, 09/21/16		400,000		420,598
UAL 2009-2a Pass-Through Trust, Series 09-2, 9.75%, 01/15/17		429,764		477,038
United Rentals North America, Inc., 7.38%, 05/15/20		150,000		162,844
United Rentals North America, Inc., 4.63%, 07/15/23		310,000		314,263
Total Industrials				9,200,957
Information Technology–0.4%
Dun & Bradstreet Corp. (The), 3.25%, 12/01/17		300,000		307,022
Equinix, Inc., 4.88%, 04/01/20		175,000		181,563
Juniper Networks, Inc., 3.30%, 06/15/20		110,000		111,447
Total Information Technology				600,032
Materials–0.2%
Hexion, Inc., 6.63%, 04/15/20		175,000		161,000
Huntsman International LLC, 4.88%, 11/15/20		200,000		201,000
International Paper Co., 9.38%, 05/15/19		75,000		95,666
Tronox Finance LLC, 6.38%, 08/15/20(a)		120,000		117,900
Total Materials				575,566
Telecommunication Services–0.6%
AT&T, Inc., 3.88%, 08/15/21		210,000		222,786
Frontier Communications Corp., 7.13%, 03/15/19		250,000		273,125
Frontier Communications Corp., 6.25%, 09/15/21(a)		185,000		185,925
Qwest Corp., 6.50%, 06/01/17		75,000		81,786
T-Mobile USA, Inc., 6.46%, 04/28/19		275,000		284,281
Verizon Communications, Inc., 2.50%, 09/15/16		43,000		43,931
Verizon Communications, Inc., 3.65%, 09/14/18		50,000		53,193
Verizon Communications, Inc., 2.55%, 06/17/19		200,000		205,000
Verizon Communications, Inc., 4.60%, 04/01/21		125,000		139,019
Total Telecommunication Services				1,489,046

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Utilities–0.3%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20	$	90,000	$	95,175
AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22		235,000		253,213
Energy Transfer Partners LP, 4.15%, 10/01/20		250,000		262,766
RJS Power Holdings LLC, 5.13%, 07/15/19‡		265,000		262,350
Total Utilities				873,504
Total Corporate Bonds (Cost $38,258,920)				38,538,140
FOREIGN BONDS–5.9%
Consumer Discretionary–0.3%
Cleopatra Finance Ltd., 5.63%, 02/15/20 (Jersey Island)‡		485,000		475,058
NCL Corp. Ltd., 5.25%, 11/15/19 (Bermuda)‡		45,000		46,350
Volkswagen Group of America Finance LLC, 2.45%, 11/20/19‡		200,000		204,711
Total Consumer Discretionary				726,119
Consumer Staples–0.2%
Coca-Cola Femsa SAB de CV, 2.38%, 11/26/18 (Mexico)		470,000		481,158
Energy–0.3%
Petroleos Mexicanos, 6.00%, 03/05/20 (Mexico)(a)		350,000		400,925
Weatherford International Ltd., 9.63%, 03/01/19 (Bermuda)		150,000		171,982
Total Energy				572,907
Financials–2.8%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.50%, 05/15/21 (Ireland)‡		165,000		170,981
Aircastle Ltd., 4.63%, 12/15/18 (Bermuda)		285,000		297,113
Aircastle Ltd., 6.25%, 12/01/19 (Bermuda)		250,000		275,470

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Financials (continued)
Aircastle Ltd., 5.13%, 03/15/21 (Bermuda)	$	210,000	$	219,975
Axis Bank Ltd., 3.25%, 05/21/20 (India)‡		450,000		456,772
Banco Santander Brasil SA, 4.50%, 04/06/15 (Brazil)		250,000		250,000
Banco Santander Chile, 2.14%, 06/07/18 (Chile)@‡		200,000		204,100
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 01/14/19 (Netherlands)		300,000		305,430
Corp. Andina de Fomento, 3.75%, 01/15/16 (Supranational)		100,000		102,525
Corpbanca SA, 3.88%, 09/22/19 (Chile)‡		500,000		501,686
Guanay Finance Ltd., 6.00%, 12/15/20 (Cayman Islands)‡		460,000		484,150
Industrial & Commercial Bank of China Ltd., 3.23%, 11/13/19 (China)		475,000		489,224
Intesa Sanpaolo SpA, 3.13%, 01/15/16 (Italy)		200,000		202,763
Korea Development Bank (The)., 4.63%, 11/16/21 (South Korea)		375,000		423,675
Macquarie Group Ltd., 6.00%, 01/14/20 (Australia)‡		290,000		331,844
Royal Bank of Scotland Group PLC, 6.40%, 10/21/19 (United Kingdom)		350,000		405,537
Schaeffler Finance BV, 4.25%, 05/15/21 (Germany)‡		375,000		375,000
XLIT Ltd., 6.50%, 12/29/49 (Ireland)@		105,000		93,188
Total Financials				5,589,433
Health Care–0.5%
Actavis Funding SCS, 3.00%, 03/12/20 (Luxembourg)		85,000		87,060
Actavis Funding SCS, 3.45%, 03/15/22 (Luxembourg)		85,000		87,195
Catamaran Corp., 4.75%, 03/15/21 (Canada)		120,000		133,650
Valeant Pharmaceuticals International, Inc., 6.75%, 08/15/18 (Canada)‡		85,000		89,781
Valeant Pharmaceuticals International, Inc., 5.38%, 03/15/20 (Canada)‡		540,000		546,075
Total Health Care				943,761

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Industrials–0.8%
Air Canada 2013-1 Class B Pass-Through Trust, 5.38%, 05/15/21 (Canada)‡	$	517,901	$	541,207
Bombardier, Inc., 4.75%, 04/15/19 (Canada)‡		370,000		364,450
Virgin Australia Trust, Series 2013-1A, 5.00%, 10/23/23 (Australia)‡		601,336		632,906
Total Industrials				1,538,563
Information Technology–0.1%
Alibaba Group Holding Ltd., 2.50%, 11/28/19 (Cayman Islands)‡		200,000		200,287
Materials–0.1%
Methanex Corp., 3.25%, 12/15/19 (Canada)		100,000		102,420
Telecommunication Services–0.4%
Millicom International Cellular SA, 6.63%, 10/15/21 (Luxembourg)‡		280,000		297,150
Telefonica Emisiones SAU, 6.42%, 06/20/16 (Spain)		100,000		106,285
Wind Acquisition Finance SA, 4.75%, 07/15/20 (Luxembourg)‡		375,000		376,875
Total Telecommunication Services				780,310
Utilities–0.4%
Majapahit Holding BV, 7.75%, 01/20/20 (Indonesia)‡		245,000		290,080
State Grid Overseas Investment 2014 Ltd., 2.75%, 05/07/19 (China)‡		500,000		509,955
Total Utilities				800,035
Total Foreign Bonds (Cost $11,564,680)				11,734,993

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES–27.4%
American Homes 4 Rent, Class A, Series 2014-SFR1, 1.25%, 06/17/31@‡	$	276,251	$	273,867
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20		500,000		500,239
AmeriCredit Automobile Receivables Trust, Class D, Series 2011-2, 4.00%, 05/08/17		955,000		962,618
AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18		1,050,000		1,060,821
AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19		575,000		578,226
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20		500,000		497,935
Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21‡		600,000		603,091
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35#		441,830		455,705
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@		316,280		346,553
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡		500,000		504,771
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡		1,140,000		1,140,827
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡		850,000		878,746
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		300,843		306,664
BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25@		318,337		336,526
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37#		608,537		646,872
Beacon Container Finance LLC, Class A, Series 2012-1A, 3.72%, 09/20/27‡		664,846		680,531
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡		589,816		591,822

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20	$	645,000	$	650,703
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20		500,000		503,515
Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19		635,000		642,671
CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19‡		350,000		355,647
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡		200,000		202,048
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡		480,000		480,948
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡		1,000,000		1,006,472
CarFinance Capital Auto Trust, Class D, Series 2014-1A, 4.90%, 04/15/20‡		415,000		423,273
CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20		700,000		706,886
CarMax Auto Owner Trust, Class C, Series 2014-2, 2.08%, 01/15/20		425,000		426,477
Carnow Auto Receivables Trust, Class D, Series 2014-1A, 4.16%, 11/15/18‡		400,000		397,687
CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21‡		420,000		422,467
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.35%, 09/25/34#		438,000		465,515
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡		492,174		490,644
Chase Funding Trust, Class 1A4, Series 2004-2, 5.32%, 02/26/35		1,129,613		1,137,652
Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.85%, 07/25/36#		513,489		535,411
Citicorp Residential Mortgage Trust, Class A6, Series 2007-2, 5.59%, 06/25/37#		480,392		497,741

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡	$	373,450	$	386,054
CLI Funding V LLC, Class A, Series 2014-2A, 3.38%, 10/18/29‡		958,333		973,169
Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@		467,990		494,861
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35#		758,053		775,160
Domino's Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42‡		132,376		137,806
Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21‡		590,000		589,882
Drug Royalty II LP 2, Class A2, Series 2014-1, 3.48%, 07/15/23‡		421,304		428,385
DT Auto Owner Trust, Class C, Series 2013-2A, 3.06%, 09/16/19‡		500,000		506,896
DT Auto Owner Trust, Class C, Series 2014-1A, 2.64%, 10/15/19‡		670,000		675,371
DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20‡		300,000		300,862
DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡		560,000		565,432
Exeter Automobile Receivables Trust, Class B, Series 2013-2A, 3.09%, 07/16/18‡		180,000		182,057
Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡		500,000		507,243
Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡		550,000		554,358
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡		500,000		494,918
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡		500,000		503,138
FDIC Trust, Class A, Series 2013-N1, 4.50%, 10/25/18‡		276,872		279,420
Federal Home Loan Mortgage Corporation, Class M2, Series 2014-DN2, 1.82%, 04/25/24@		500,000		497,335

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Foursight Capital Automobile Receivables Trust, Class B, Series 2014-1, 3.56%, 11/22/21‡	$	500,000	$	506,000
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡		521,680		524,489
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34#		222,270		237,127
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡		1,128,194		1,138,647
Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡		369,235		367,224
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20		425,000		423,001
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21		500,000		499,194
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡		416,531		417,456
JPMorgan Mortgage Trust, Class 2A1, Series 2014-IVR3, 3.00%, 09/25/44@‡		731,638		741,650
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡		290,578		302,461
LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21‡		345,000		353,832
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡		1,084,800		1,100,282
MASTR Asset Securitization Trust, Class 4A5, Series 2003-5, 5.50%, 06/25/33		632,975		642,616
MASTR Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡#		451,809		463,896
Mid-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35		400,881		431,098
New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡		192,041		199,404
OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡		730,000		732,127

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Residential Funding Mortgage Securities II Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 0.42%, 06/25/28@	$	150,743	$	142,505
Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18		260,000		262,471
Santander Drive Auto Receivables Trust, Class C, Series 2012-4, 2.94%, 12/15/17		360,000		365,129
Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19		600,000		601,152
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20		600,000		601,464
Santander Drive Auto Receivables Trust, Class D, Series 2012-2, 3.87%, 02/15/18		300,000		308,100
Santander Drive Auto Receivables Trust, Class D, Series 2012-6, 2.52%, 09/17/18		350,000		352,660
Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19		500,000		500,194
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19		475,000		479,175
Santander Drive Auto Receivables Trust, Class D, Series 2014-4, 3.10%, 11/16/20		600,000		604,800
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡		301,173		303,083
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31‡		208,253		209,505
Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29‡		194,803		197,864
Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25‡		196,369		198,722
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡		818,202		816,729
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡		500,000		497,088
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡		270,000		278,137

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡	$	1,275,000	$	1,304,319
SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20‡		330,000		331,882
SoFi Professional Loan Program LLC, Class A2, Series 2014-A, 3.02%, 10/25/27‡		326,302		332,621
SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡		957,030		963,435
SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30‡		475,971		476,281
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.00%, 02/25/34#		665,490		707,204
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡		147,489		145,492
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34		352,098		358,756
TAL Advantage V LLC, Class A, Series 2013-1A, 2.83%, 02/22/38‡		435,417		435,948
TAL Advantage V LLC, Class A, Series 2014-3A, 3.27%, 11/21/39‡		483,333		492,720
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡		800,000		805,049
Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡		500,000		500,531
Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44‡		277,650		279,147
Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41‡		351,422		366,288
U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23‡		232,437		240,679
Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C30, 5.34%, 12/15/43		90,000		95,678
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 2.49%, 06/25/33@		34,793		35,180

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.57%, 10/25/34@	$	543,299	$	544,259
Westgate Resorts LLC, Class A, Series 2012-2A, 3.00%, 01/20/25‡		256,034		256,726
Westlake Automobile Receivables Trust, Class C, Series 2014-1A, 1.70%, 11/15/19‡		500,000		499,663
Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20‡		500,000		499,900
Total Asset Backed Securities (Cost $53,956,010)				54,034,958
MORTGAGE BACKED SECURITIES–30.1%
Commercial Mortgage Backed Securities–20.1%
A10 Term Asset Financing LLC, Class A1, Series 2014-1, 1.72%, 04/15/33‡		250,000		249,184
BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29‡		274,872		282,688
Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.78%, 04/10/49@		1,084,000		1,149,205
Banc of America Merrill Lynch Commercial Mortgage, Inc., Class G, Series 2005-2, 5.34%, 07/10/43@‡		1,360,000		1,363,742
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 1.67%, 01/25/38@‡		300,000		288,740
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.69%, 06/11/50@		650,000		703,068
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50		970,000		1,050,865
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2005-PW10, 5.45%, 12/11/40@		571,000		584,515
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW13, 5.58%, 09/11/41@		885,000		930,982
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW15, 5.36%, 02/11/44		350,000		363,847
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.92%, 06/11/50@		740,000		811,770

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Capital Auto Receivables Asset Trust, Class C, Series 2013-1, 1.74%, 10/22/18	$	415,000	$	416,708
CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49		780,000		821,807
CD Commercial Mortgage Trust, Class AMFX, Series 2007-CD4, 5.37%, 12/11/49@		430,000		450,336
Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.90%, 12/10/49@		1,438,914		1,550,910
Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.90%, 12/10/49@		140,000		151,574
Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.35%, 12/10/49@		530,000		580,261
Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.74%, 06/14/50@‡		340,000		359,329
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡		351,591		352,909
Commercial Mortgage Trust, Class A4, Series 2007-GG9, 5.44%, 03/10/39		1,850,000		1,953,839
Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49@		510,000		552,800
Credit Suisse Commercial Mortgage Trust, Class 1A, Series 2010-RR7, 5.38%, 08/12/48@‡		481,149		503,490
Credit Suisse Commercial Mortgage Trust, Class A1A, Series 2007-C1, 5.36%, 02/15/40		479,474		505,222
DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44		1,050,000		1,077,992
Extended Stay America Trust, Class A17, Series 2013-ESH7, 2.30%, 12/05/31‡		735,000		733,751
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 2.98%, 06/25/34@		646,416		657,668
GMACM Mortgage Loan Trust, Class A10, Series 2003-J7, 5.50%, 11/25/33		850,488		875,083

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.99%, 08/10/45@	$	536,577	$	581,330
GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.99%, 08/10/45@		898,779		971,418
Hilton USA Trust, Class EFX, Series 2013-HLT, 5.61%, 11/05/30@‡		535,000		551,324
Irwin Home Equity Loan Trust, Class M1, Series 2003-A, 1.72%, 10/25/27@		480,030		476,280
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2006-LDP9, 5.34%, 05/15/47		730,487		770,028
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2006-LDP7, 5.84%, 04/15/45@		198,646		205,393
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51@		2,255,000		2,420,606
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 5.84%, 04/15/45@		1,190,000		1,251,618
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@		275,000		287,526
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 2.34%, 07/25/34@		395,994		397,446
LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 5.90%, 07/15/44@		610,000		659,334
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C2, 5.43%, 02/15/40		408,141		435,622
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@		678,419		746,375
LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40@		1,198,632		1,259,255
Morgan Stanley Capital I Trust, Class A4, Series 2006-IQ12, 5.33%, 12/15/43		462,311		486,025
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ14, 5.69%, 04/15/49@		800,000		858,756
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49		421,726		457,682

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.65%, 04/15/49@	$	226,000	$	237,594
Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.46%, 01/11/43@		860,000		963,618
Vericrest Opportunity Loan Trust, Class A1, Series 2014-NPL9, 3.38%, 11/25/54‡#		283,899		284,300
Vericrest Opportunity Loan Trust, Class A1, Series 2015-NPL3, 3.38%, 10/25/58‡#		425,879		425,069
VFC LLC, Class A, Series 2014-2, 2.75%, 07/20/30‡		171,935		171,954
VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55‡#		392,281		393,047
VOLT XXXI LLC, Class A1, Series 2015-NPL2, 3.38%, 02/25/55‡#		443,946		445,061
Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.71%, 06/15/49@		975,000		1,043,902
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 04/15/47		770,000		812,892
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C30, 5.38%, 12/15/43		870,000		923,596
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C31, 5.59%, 04/15/47@		1,380,000		1,475,095
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 2.25%, 08/25/33@		228,358		227,203
Total Commercial Mortgage Backed Securities				39,541,634
Non-Agency Mortgage-Backed Securities–0.3%
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34		199,515		213,018
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW14, 5.24%, 12/11/38		285,000		302,340
Total Non-Agency Mortgage-Backed Securities				515,358

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities–9.7%
Banc of America Funding Trust, Class 5A1, Series 2004-A, 2.50%, 07/20/34@	$	184,433	$	184,276
Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19		839,442		832,430
Bayview Financial Mortgage Pass-Through Trust, Class 1A2, Series 2006-A, 5.48%, 02/28/41#		378,002		392,386
Bear Stearns ARM Trust, Class 12A3, Series 2004-10, 2.71%, 01/25/35@		437,414		434,027
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 2.59%, 01/25/35@		757,125		753,342
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 2.27%, 04/25/34@		846,834		838,903
Citigroup Mortgage Loan Trust, Class A, Series 2014-A, 4.00%, 01/25/35@‡		175,421		183,472
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@		530,000		537,131
Citigroup Mortgage Loan Trust, Inc., Class A2, Series 2003-UP3, 7.00%, 09/25/33		253,762		268,955
Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.13%, 08/25/34@		407,071		407,967
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19		140,316		142,766
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.39%, 09/25/34@		241,272		240,787
GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%, 01/25/37		33,361		32,090
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.10%, 06/25/34@		907,251		882,605
JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡		448,788		474,666
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.14%, 04/25/35@		828,027		811,789

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.50%, 08/25/34@	$	392,021	$	393,282
MASTR Alternative Loan Trust, Class 1A1, Series 2007-1, 0.77%, 10/25/36@		353,987		340,242
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34		515,706		545,645
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20		346,944		350,968
MASTR Asset Securitization Trust, Class 4A1, Series 2004-6, 5.00%, 07/25/19		149,995		152,219
Merrill Lynch Mortgage Trust, Class AM, Series 2006-C1, 5.87%, 05/12/39@		660,000		687,998
Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.99%, 06/25/44@‡		309,698		317,517
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38		381,274		401,475
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡		304,279		314,759
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡		739,076		765,556
RALI Series Trust, Class A3, Series 2003-QS22, 5.38%, 12/26/33		153,299		157,240
RALI Series Trust, Class A6, Series 2004-QS8, 5.50%, 06/25/34		73,145		73,830
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@		164,702		166,900
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 2.42%, 04/25/34@		195,968		194,672
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 2.42%, 04/25/34@		739,234		741,423
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 2.43%, 05/25/34@		456,230		455,401

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 2.54%, 02/25/34@	$	496,969	$	487,507
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 3.67%, 12/25/33@		340,341		341,567
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33		497,995		510,580
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.60%, 11/25/33@		363,968		357,348
Structured Asset Securities Corp. Pass-Through Certificates, Class A3, Series 2002-AL1, 3.45%, 02/25/32		441,472		437,367
WaMu Mortgage Pass-Through Certificates, Class A1, Series 2003-AR6, 2.44%, 06/25/33@		262,103		263,050
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.62%, 07/25/34@		562,313		564,774
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 2.61%, 12/25/34@		236,904		238,702
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.62%, 07/25/34@		194,928		196,454
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 2.49%, 10/25/33@		220,225		222,575
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 2.64%, 02/25/34@		296,288		297,256
Wells Fargo Mortgage Backed Securities Trust, Class A5, Series 2006-16, 5.00%, 11/25/36		116,224		120,032
WinWater Mortgage Loan Trust, Class A1, Series 2014-1, 4.00%, 06/20/44@‡		687,042		716,282
WinWater Mortgage Loan Trust, Class A4, Series 2014-3, 3.50%, 11/20/44@‡		803,872		827,910
Total Residential Mortgage Backed Securities				19,058,123
Total Mortgage Backed Securities (Cost $60,437,278)				59,115,115

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
U.S. TREASURY NOTE–2.0%
U.S. Treasury Note, 1.00%, 02/15/18 (Cost $3,995,638)(a)	$	4,000,000	$	4,016,248
U.S. GOVERNMENT AGENCY SECURITIES–0.8%
Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41		762,551		817,217
Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37		145,257		156,127
Federal National Mortgage Association, Class PA, Series 2010-57, 4.50%, 12/25/38		146,922		148,239
Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41		523,120		548,736
Total U.S. Government Agency Securities (Cost $1,631,059)				1,670,319
TERM LOANS–13.2%
Consumer Discretionary–4.8%
Allison Transmission, Inc., 0.00%, 08/23/19@(b)		41,000		41,069
Aristocrat International Pty Ltd., 4.75%, 10/20/21 (Australia)@		420,000		413,172
Boyd Gaming Corp., 4.00%, 08/14/20@		299,322		300,278
Caesars Entertainment Corp., 1.50%, 10/31/16@		136,711		127,369
Caesars Entertainment Corp., 1.50%, 03/01/17@		55,720		51,046
CBAC Borrower LLC, 8.25%, 07/02/20@		200,000		194,000
Cequel Communications LLC, 3.50%, 02/14/19@		483,723		484,959
Charter Communications Operating, LLC, 3.00%, 07/01/20@		415,768		414,814
CityCenter Holdings LLC, 4.25%, 10/28/20@		243,658		244,846
CSC Holdings LLC, 2.68%, 04/17/20@		532,334		530,753
Dell International LLC, 4.50%, 04/29/20@		485,000		488,897
FCA U.S. LLC, 3.25%, 12/31/18@		326,700		326,904
General Nutrition Centers, Inc., 3.25%, 03/04/19@		323,671		321,810
Hilton Worldwide Finance LLC, 3.50%, 10/25/20@		417,935		418,980
Landry's, Inc., 4.00%, 04/24/18@		193,967		194,712

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Consumer Discretionary (continued)
Las Vegas Sands LLC, 3.25%, 12/19/20@	$	538,744	$	539,022
Leslie's Poolmart, Inc., 4.25%, 10/16/19@		195,981		195,163
Libbey Glass, Inc., 3.75%, 04/09/21@		315,615		314,826
MGM Resorts International, 3.50%, 12/20/19@		356,824		356,117
PetSmart, Inc., 5.00%, 03/10/22@		297,000		299,572
Pinnacle Entertainment, Inc., 3.75%, 08/13/20@		231,471		231,760
PVH Corp., 3.25%, 02/13/20@		292,444		294,614
Regal Cinemas Corp., 0.00%, 04/01/22@(b)		40,000		40,131
Seminole Hard Rock Entertainment, Inc., 3.50%, 05/14/20@		58,950		58,766
Seminole Tribe of Florida, Inc., 3.00%, 04/29/20@		388,387		388,436
SRAM LLC, 5.25%, 04/10/20@		193,103		193,103
Tribune Co., 4.00%, 12/27/20@		268,612		269,217
Univision Communications, Inc., 4.00%, 03/01/20@		1,112,344		1,111,679
Virgin Media Investment Holdings Ltd., 3.50%, 06/07/20 (United Kingdom)@		427,405		427,407
Total Consumer Discretionary				9,273,422
Consumer Staples–1.0%
Albertson's Holdings LLC, 5.50%, 08/25/21@		270,000		272,630
ARAMARK Corp., 3.25%, 09/07/19@		518,950		520,842
ARAMARK Corp., 3.25%, 02/24/21@		498,741		498,793
HJ Heinz Co., 3.25%, 06/05/20@		317,637		318,606
Hostess Brands, Inc., 6.75%, 03/20/20@		222,750		227,344
Total Consumer Staples				1,838,215
Energy–0.5%
Fieldwood Energy LLC, 3.88%, 09/25/18@		198,418		185,875
MEG Energy Corp., 3.75%, 03/31/20 (Canada)@		575,540		553,097
Seadrill Operating LP, 4.00%, 02/21/21@		250,126		199,409
Total Energy				938,381
Financials–1.0%
Delos Finance Sarl, 3.50%, 03/06/21 (Luxembourg)@		633,000		634,741
Level 3 Financing, Inc, 4.50%, 01/31/22@		110,000		110,739

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Financials (continued)
Realogy Group LLC, 3.75%, 03/05/20@	$	496,231	$	496,387
TransUnion LLC, 4.00%, 04/09/21@		144,540		144,732
Walter Investment Management Corp., 4.75%, 12/18/20@		396,985		365,325
Total Financials				1,751,924
Health Care–1.0%
CHS/Community Health Systems, Inc., 3.43%, 12/31/18@		270,572		270,980
Davita HealthCare Partners, Inc., 3.50%, 06/24/21@		108,183		108,581
Endo Luxemburg Finance I Co. Sarl, 3.25%, 02/28/21@		297,000		297,705
Hologic, Inc., 3.25%, 08/01/19@		463,737		465,154
IASIS Healthcare LLC, 4.50%, 05/03/18@		219,938		220,679
RPI Finance Trust, 3.25%, 11/09/18@		412,015		413,389
Valeant Pharmaceuticals International, Inc., 3.50%, 02/13/19 (Canada)@		259,734		260,526
Total Health Care				2,037,014
Industrials–1.5%
Air Canada, 5.50%, 09/26/19@		233,238		236,547
Alliant Techsystems, Inc., 3.50%, 11/02/20@		332,214		332,976
American Airlines, Inc, 4.25%, 10/10/21@		254,000		255,858
Avis Budget Car Rental LLC, 3.00%, 03/15/19@		611,758		615,070
AWAS Finance Luxembourg 2012 SA, 3.50%, 07/16/18@		505,416		506,361
DigitalGlobe, Inc., 0.00%, 01/31/20@(b)		168,370		168,923
Headwaters, Inc., 4.50%, 03/12/22@		23,000		23,129
McJunkin Red Man Corp., 5.00%, 11/09/19@		84,710		81,851
Nortek, Inc., 3.50%, 10/30/20@		482,360		480,310
TransDigm, Inc., 3.75%, 06/04/21@		173,688		173,530
United Airlines, Inc., 3.75%, 09/15/21@		267,655		269,261
Total Industrials				3,143,816
Information Technology–1.9%
Avago Technologies Cayman Ltd., 3.75%, 05/06/21 (Cayman Islands)@		620,005		622,119
First Data Corp., 3.67%, 03/24/18@		732,000		732,732

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Shares/Principal		Value
TERM LOANS (continued)
Information Technology (continued)
Genpact International, Inc, 3.50%, 08/30/19@	$	827,624	$	829,900
Infor U.S., Inc., 3.75%, 06/03/20@		242,087		240,234
Interactive Data Corp., 4.75%, 05/02/21@		294,661		296,349
Kronos Inc., 4.50%, 10/30/19@		431,462		432,963
SunGard Data Systems, Inc., 4.00%, 03/08/20@		485,000		487,197
U.S. LLC 2, 4.00%, 08/06/21@		251,370		250,176
Total Information Technology				3,891,670
Materials–0.5%
AZ Chem U.S., Inc., 4.50%, 06/12/21@		90,214		90,502
Crown Americas LLC, 4.00%, 02/18/22@		228,428		230,855
FMG Resources Pty. Ltd., 3.75%, 06/30/19 (Australia)@		635,738		575,956
Ineos U.S. Finance LLC, 3.75%, 05/04/18@		196,255		195,233
Total Materials				1,092,546
Telecommunication Services–0.7%
Crown Castle Operating Co., 3.00%, 01/31/21@		663,905		663,205
Level 3 Financing, Inc., 4.00%, 01/15/20@		225,000		225,798
Windstream Corp., 3.50%, 01/23/20@		561,444		562,614
Total Telecommunication Services				1,451,617
Utilities–0.3%
NRG Energy, Inc., 2.75%, 07/01/18@		633,410		632,356
Total Term Loans (Cost $26,172,770)				26,050,961
MONEY MARKET FUND–0.9%
BofA Cash Reserves Money Market Fund - Capital Class, 0.05%(c) (Cost $1,738,498)		1,738,498		1,738,498

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS–0.9%(d)
BNP Paribas Securities Corp., dated 03/31/15, due 04/01/15, 0.12%, total to be received $422,577, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.09%, 04/17/15-07/15/37, totaling $431,028)	$	422,576	$	422,576
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $272,338, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $277,784)		272,337		272,337
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $422,578, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $431,028)		422,576		422,576
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $422,577, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $431,029)		422,576		422,576
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $275,510, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $281,019)		275,509		275,509
Total Repurchase Agreements (Cost $1,815,574)				1,815,574
Total Investments–100.7% (Cost $199,570,427)				198,714,806
Liabilities in Excess of Other Assets–(0.7%)				(1,474,552	)
Net Assets–100.0%			$	197,240,254

PLC — Public Limited Company

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

‡	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 March 31, 2015.
#	Represents step coupon bond. Rate shown reflects the rate in effect as of March 31, 2015.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $5,791,970; the aggregate market value of the collateral held by the fund is $5,915,290. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,099,716.
(b)	This Loan will settle after March 31, 2015 at which time the interest rate will be determined.
(c)	Rate shown reflects the 7-day yield as of March 31, 2015.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

	% of
SUMMARY OF SCHEDULE OF INVESTMENTS	Net Assets
Asset Backed Securities		27.4	%
Commercial Mortgage Backed Securities		19.5
Consumer Discretionary		7.4
Consumer Staples		1.2
Energy		1.4
Financials		13.1
Fixed Income		0.6
Health Care		2.7
Industrials		6.9
Information Technology		2.4
Materials		0.8
Non-Agency Mortgage-Backed Securities		0.3
Residential Mortgage Backed Securities		9.7
Telecommunication Services		1.7
U.S. Government Agency Securities		0.8
U.S. Treasury Note		2.0
Utilities		1.0
Money Market Fund		0.9
Repurchase Agreements		0.9
Total Investments		100.7
Liabilities in Excess of Other Assets		(0.7	)
Net Assets		100.0%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments

March 31, 2015 (Unaudited)
Investments	Principal		Value
CORPORATE BONDS–13.5%
Chemicals–0.9%
Tronox Finance LLC, 6.38%, 08/15/20	$	250,000	$	245,625
Commercial Services–1.0%
United Rentals North America, Inc., 7.38%, 05/15/20		250,000		271,406
Distribution/Wholesale–1.1%
HD Supply, Inc., 11.50%, 07/15/20		250,000		290,313
Diversified Financial Services–0.9%
Jefferies Finance LLC, 7.38%, 04/01/20‡		250,000		243,750
Electric–1.8%
Dynegy, Inc., 6.75%, 11/01/19		250,000		259,062
GenOn Energy, Inc., 9.88%, 10/15/20		250,000		254,375
Total Electric				513,437
Entertainment–0.5%
Penn National Gaming, Inc., 5.88%, 11/01/21		124,000		123,690
Healthcare - Services–1.0%
Tenet Healthcare Corp., 8.00%, 08/01/20		250,000		263,125
Home Builders–0.9%
Lennar Corp., 4.50%, 06/15/19		250,000		258,750
Lodging–1.7%
Caesars Entertainment Resort Properties LLC, 11.00%, 10/01/21		250,000		220,000
MGM Resorts International, 6.75%, 10/01/20		250,000		268,750
Total Lodging				488,750
Oil & Gas–0.8%
Linn Energy LLC, 6.50%, 05/15/19		250,000		211,406

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Principal		Value
CORPORATE BONDS (continued)
Real Estate–1.0%
Howard Hughes Corp. (The), 6.88%, 10/01/21‡	$	250,000	$	263,125
Software–1.0%
First Data Corp., 12.63%, 01/15/21		250,000		296,875
Telecommunications–0.9%
Sprint Communications, Inc., 6.00%, 11/15/22		250,000		238,438
Total Corporate Bonds (Cost $3,722,043)				3,708,690
TERM LOANS–83.7%
Aerospace & Defense–3.5%
Hamilton Sundstrand Industrial, 4.00%, 12/13/19 (Luxembourg)@		500,000		475,158
TransDigm, Inc., 3.75%, 02/28/20@		498,724		498,632
Total Aerospace & Defense				973,790
Airlines–0.9%
Landmark Aviation, 8.25%, 01/25/21@		250,000		248,750
Auto Parts & Equipment–4.6%
Cooper-Standard Automotive, 4.00%, 04/04/21@		500,000		498,307
Federal-Mogul Holdings Corp., 4.75%, 04/15/21@		500,000		499,437
Goodyear Tire & Rubber Co. (The), 4.75%, 04/30/19@		250,000		252,969
Total Auto Parts & Equipment				1,250,713
Building Materials–1.8%
GYP Holdings III Corp., 4.75%, 04/01/21@		500,000		487,815
Chemicals–2.7%
MacDermid, Inc., 4.75%, 06/07/20@		249,375		251,401
Univar, Inc., 5.00%, 06/30/17@		500,000		499,965
Total Chemicals				751,366

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Principal		Value
TERM LOANS (continued)
Commercial Services–9.2%
Acosta Holdco, Inc., 5.00%, 09/26/21@	$	500,000	$	505,742
Allied Security Holdings LLC, 4.25%, 02/12/21@		498,802		499,425
Brickman Group Ltd. LLC (The), 7.50%, 12/17/21@		250,000		251,329
Interactive Data Corp., 4.75%, 04/30/21@		500,000		502,865
ServiceMaster Co. LLC (The), 4.25%, 07/01/21@		500,000		499,250
TransUnion LLC, 4.00%, 04/09/21@		249,370		249,702
Total Commercial Services				2,508,313
Distribution/Wholesale–0.9%
Spin Holdco, Inc., 4.25%, 11/14/19@		249,375		248,985
Diversified Financial Services–0.9%
AlixPartners LLP, 4.00%, 07/10/20@		249,407		250,290
Entertainment–2.7%
Great Wolf Resorts, Inc., 5.75%, 08/06/20@		249,365		250,301
Scientific Games International, Inc., 6.00%, 10/01/21@		500,000		501,840
Total Entertainment				752,141
Environmental Control–0.9%
Waste Industries USA, Inc., 4.25%, 02/27/20@		250,000		251,133
Food–4.7%
Albertsons LLC, 5.38%, 03/21/19@		500,000		504,343
Sprouts Farmers Markets Holdings LLC, 4.00%, 04/23/20@		248,314		249,323
U.S. Foods, Inc., 4.50%, 03/31/19@		500,000		500,835
Total Food				1,254,501
Hand/Machine Tools–0.9%
Apex Tool Group LLC, 4.50%, 01/31/20@		249,364		246,247

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Principal		Value
TERM LOANS (continued)
Healthcare - Services–1.8%
CHS/Community Health Systems, Inc., 4.25%, 01/27/21@	$	498,737	$	501,767
Household Products/Wares–1.8%
Reynolds Group Holdings, Inc., 4.50%, 12/01/18@		487,336		490,077
Insurance–1.8%
HUB International Ltd., 4.25%, 10/02/20@		249,370		247,722
USI, Inc., 4.25%, 12/27/19@		250,000		250,730
Total Insurance				498,452
Internet–0.9%
Zayo Group LLC, 4.00%, 07/02/19@		249,360		250,069
Leisure Time–4.6%
24 Hour Fitness Worldwide, Inc., 4.75%, 05/28/21@		249,372		248,983
Bombardier Recreational Products, Inc., 4.00%, 01/30/19 (Canada)@		250,000		250,313
ClubCorp Club Operations, Inc., 4.50%, 07/24/20@		500,000		503,594
Leslie's Poolmart, 4.25%, 10/16/19@		250,000		248,958
Total Leisure Time				1,251,848
Lodging–2.9%
Caesars Entertainment Resort Properties LLC, 7.00%, 10/09/20@		250,000		237,187
Caesars Growth Properties Holdings LLC, 6.25%, 05/08/21@		249,372		222,097
Hilton Worldwide Finance LLC, 3.50%, 10/26/20@		250,000		250,625
SLS Las Vegas, 13.00%, 05/02/17@		100,000		88,500
Total Lodging				798,409
Machinery-Diversified–1.8%
Rexnord, 4.00%, 08/21/20@		499,367		500,024

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Principal		Value
TERM LOANS (continued)
Media–3.6%
Charter Communications, 4.25%, 09/12/21@	$	500,000	$	504,862
iHeartCommunications, Inc., 6.93%, 01/30/19@		250,000		238,211
Tribune Co., 4.00%, 12/27/20@		250,000		250,563
Total Media				993,636
Mining–1.6%
FMG Resources Pty. Ltd., 3.75%, 06/30/19 (Australia)@		498,734		451,836
Miscellaneous Manufacturing–0.9%
Gates Global LLC, 4.25%, 07/05/21@		249,373		248,735
Packaging & Containers–5.5%
Ardagh Holdings USA, Inc., 4.00%, 12/17/19@		500,000		502,500
BWAY Holding Co., 5.50%, 08/14/20@		498,744		504,148
SIG Combibloc, 5.25%, 03/11/22@		500,000		505,280
Total Packaging & Containers				1,511,928
Pharmaceuticals–0.9%
Par Pharmaceutical Cos., Inc., 4.00%, 09/30/19@		250,000		249,981
Retail–17.4%
BJ's Wholesale Club, Inc., 4.50%, 09/26/19@		500,000		501,052
Burger King, 4.50%, 12/12/21@		495,585		501,022
CEC Entertainment, Inc., 4.00%, 02/15/21@		498,741		494,110
Dollar Tree, Inc., 4.25%, 03/09/22@		250,000		252,934
Doosan Infracore International, Inc., 4.50%, 05/28/21@		249,319		252,436
Jo-Ann Stores LLC, 4.00%, 03/16/18@		241,503		240,749
Michaels Stores, Inc., 4.00%, 01/28/20@		250,000		251,228
Neiman Marcus Group Ltd. LLC, 4.25%, 10/25/20@		500,000		499,063
NPC International, Inc., 4.00%, 12/28/18@		249,357		244,370
PetSmart, Inc., 5.00%, 03/11/22@		500,000		504,329
Pilot Travel Centers LLC, 4.25%, 10/01/21@		498,747		504,000
Rite Aid Corp., 5.75%, 08/21/20@		250,000		253,125
Smart & Final Stores LLC, 4.75%, 11/15/19@		250,000		251,641
Total Retail				4,750,059

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal/Shares		Value
TERM LOANS (continued)
Semiconductors–1.8%
Freescale Semiconductor, Inc., 5.00%, 01/15/21@	$	500,000	$	503,160
Software–0.9%
Infor U.S., Inc., 3.75%, 06/03/20@		249,357		247,448
Telecommunications–1.8%
Level 3 Financing, Inc., 4.50%, 01/31/22@		500,000		503,360
Total Term Loans (Cost $22,990,319)				22,974,833
MONEY MARKET FUND–35.0%
JP Morgan U.S. Government Money Market Fund - Institutional Class, 0.01%(a) (Cost $9,617,413)		9,617,413		9,617,413
Total Investments–132.2% (Cost $36,329,775)				36,300,936
Liabilities in Excess of Other Assets–(32.2%)				(8,835,686	)
Net Assets–100.0%			$	27,465,250

ETF - Exchange Traded Fund

‡ 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 March 31, 2015.

(a) Rate shown reflects the 7-day yield as of March 31, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Total Return Swaps contracts outstanding as of March 31, 2015:

Reference Entity	Number of Contracts		Annual Financing Rate Received (Paid)			Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
iBoxx USD Liquid Leveraged Loans		2,500,000		(0.17	)%	06/20/2015	$	2,500,000	$	2,495,660	$	(4,340	)
iBoxx USD Liquid Leveraged Loans		1,000,000		(0.15	)%	09/20/2015		1,000,000		997,268		(2,732	)
Net Unrealized Depreciation											$	(7,072	)

Morgan Stanley acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon financing rate.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Aerospace & Defense		3.5	%
Airlines		0.9
Auto Parts & Equipment		4.6
Building Materials		1.8
Chemicals		3.6
Commercial Services		10.2
Distribution/Wholesale		2.0
Diversified Financial Services		1.8
Electric		1.8
Entertainment		3.2
Environmental Control		0.9
Food		4.7
Hand/Machine Tools		0.9
Healthcare - Services		2.8
Home Builders		0.9
Household Products/Wares		1.8
Insurance		1.8
Internet		0.9
Leisure Time		4.6
Lodging		4.6
Machinery-Diversified		1.8
Media		3.6
Mining		1.6
Miscellaneous Manufacturing		0.9
Oil & Gas		0.8
Packaging & Containers		5.5
Pharmaceuticals		0.9
Real Estate		1.0
Retail		17.4
Semiconductors		1.8
Software		1.9
Telecommunications		2.7
Money Market Fund		35.0
Total Investments		132.2
Liabilities in Excess of Other Assets		(32.2	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Principal		Value
CORPORATE BONDS–65.5%
Advertising–2.6%
Affinion Group, Inc., 7.88%, 12/15/18(a)	$	8,602,000	$	5,419,260
Sitel LLC/Sitel Finance Corp., 11.00%, 08/01/17‡		5,456,000		5,674,240
Total Advertising				11,093,500
Agriculture–3.5%
Alliance One International, Inc., 9.88%, 07/15/21(a)		8,728,000		7,724,280
Southern States Cooperative, Inc., 10.00%, 08/15/21‡		7,726,000		7,339,700
Total Agriculture				15,063,980
Auto Manufacturers–1.6%
Navistar International Corp., 8.25%, 11/01/21(a)		6,864,000		6,700,980
Auto Parts & Equipment–3.9%
Titan International, Inc., 6.88%, 10/01/20(a)		8,315,000		7,244,444
UCI International, Inc., 8.63%, 02/15/19		10,277,000		9,352,070
Total Auto Parts & Equipment				16,596,514
Banks–1.9%
Creditcorp, 12.00%, 07/15/18‡		9,258,000		8,285,910
Beverages–1.6%
Innovation Ventures LLC/Innovation Ventures Finance Corp., 9.50%, 08/15/19‡(a)		6,603,000		6,702,045
Coal–3.6%
Arch Coal, Inc., 8.00%, 01/15/19‡(a)		13,473,000		6,509,143
Murray Energy Corp., 8.63%, 06/15/21‡		8,570,000		8,998,500
Total Coal				15,507,643
Commercial Services–4.9%
Harland Clarke Holdings Corp., 9.25%, 03/01/21‡		8,698,000		8,469,678
Speedy Cash Intermediate Holdings Corp., 10.75%, 05/15/18‡(a)		7,703,000		7,510,425

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal		Value
CORPORATE BONDS (continued)
Commercial Services (continued)
Stonemor Partners LP/Cornerstone Family Services of WV, 7.88%, 06/01/21	$	4,938,000	$	5,209,590
Total Commercial Services				21,189,693
Computers–1.3%
DynCorp International, Inc., 10.38%, 07/01/17(a)		6,310,000		5,552,800
Diversified Financial Services–1.8%
CNG Holdings, Inc., 9.38%, 05/15/20‡		10,552,000		7,623,820
Electrical Components & Equipment–1.8%
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡		8,071,000		7,828,870
Electronics–1.1%
Kemet Corp., 10.50%, 05/01/18(a)		4,455,000		4,566,375
Entertainment–0.8%
Gibson Brands, Inc., 8.88%, 08/01/18‡		3,270,000		3,290,438
Food–3.5%
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡		8,046,000		8,146,575
Simmons Foods, Inc., 7.88%, 10/01/21‡(a)		6,807,000		6,738,930
Total Food				14,885,505
Forest Products & Paper–1.4%
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75%, 01/15/19(a)		6,617,000		6,203,438
Healthcare - Services–5.3%
21st Century Oncology, Inc., 8.88%, 01/15/17(a)		5,236,000		5,386,535
Lantheus Medical Imaging, Inc., 9.75%, 05/15/17(a)		7,976,000		7,846,390
Vantage Oncology LLC/Vantage Oncology Finance Co., 9.50%, 06/15/17‡(a)		9,727,000		9,435,189
Total Healthcare - Services				22,668,114

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal		Value
CORPORATE BONDS (continued)
Leisure Time–1.4%
ICON Health & Fitness, Inc., 11.88%, 10/15/16‡(a)	$	6,021,000	$	5,975,843
Media–1.9%
Lee Enterprises, Inc., 9.50%, 03/15/22‡(a)		7,675,000		7,962,813
Metal Fabricate/Hardware–1.3%
American Piping Products, Inc., 12.88%, 11/15/17‡		5,331,000		5,410,965
Miscellaneous Manufacturing–1.5%
Koppers, Inc., 7.88%, 12/01/19		6,230,000		6,261,150
Oil & Gas–3.3%
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.75%, 04/15/23‡		1,885,000		1,915,631
Quicksilver Resources, Inc., 7.00%, 06/21/19‡^(a)		7,306,000		4,091,360
Talos Production LLC/Talos Production Finance, Inc., 9.75%, 02/15/18‡(a)		11,308,000		8,141,760
Total Oil & Gas				14,148,751
Oil & Gas Services–1.5%
Seitel, Inc., 9.50%, 04/15/19(a)		7,217,000		6,314,875
Pharmaceuticals–2.8%
BioScrip, Inc., 8.88%, 02/15/21‡		7,797,000		7,036,793
NBTY, Inc., 9.00%, 10/01/18		4,920,000		5,141,400
Total Pharmaceuticals				12,178,193
Semiconductors–1.3%
Advanced Micro Devices, Inc., 7.75%, 08/01/20(a)		5,645,000		5,419,200
Telecommunications–8.7%
Avaya, Inc., 9.00%, 04/01/19‡(a)		6,448,000		6,641,440
EarthLink Holdings Corp., 8.88%, 05/15/19(a)		6,770,000		7,006,949
Sprint Corp., 7.25%, 09/15/21		4,700,000		4,741,125
Syniverse Holdings, Inc., 9.13%, 01/15/19		4,230,000		4,187,700

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal		Value
CORPORATE BONDS (continued)
Telecommunications (continued)
Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.25%, 08/15/16‡	$	9,901,000	$	9,603,395
Windstream Corp., 7.75%, 10/01/21		5,665,000		5,679,163
Total Telecommunications				37,859,772
Transportation–1.2%
Era Group, Inc., 7.75%, 12/15/22(a)		5,455,000		5,291,350
Total Corporate Bonds (Cost $301,257,871)				280,582,537
FOREIGN BONDS–11.5%
Mining–4.7%
AuRico Gold, Inc., 7.75%, 04/01/20 (Canada)‡		7,320,000		7,210,200
HudBay Minerals, Inc., 9.50%, 10/01/20 (Canada)		3,980,000		4,159,100
IAMGOLD Corp., 6.75%, 10/01/20 (Canada)‡		10,380,000		8,641,350
Total Mining				20,010,650
Oil & Gas–5.2%
CHC Helicopter SA, 9.38%, 06/01/21 (Canada)(a)		8,427,250		5,182,759
Connacher Oil and Gas Ltd., 8.50%, 08/01/19 (Canada)‡^ (a)		5,211,000		338,715
Northern Blizzard Resources, Inc., 7.25%, 02/01/22 (Canada)‡(a)		8,141,000		7,489,720
Teine Energy Ltd., 6.88%, 09/30/22 (Canada)‡		10,545,000		9,648,675
Total Oil & Gas				22,659,869
Transportation–1.6%
Global Ship Lease, Inc., 10.00%, 04/01/19 (Marshall Islands)‡		6,535,000		6,861,750
Total Foreign Bonds (Cost $57,246,037)				49,532,269

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares/Principal		Value
COMMON STOCKS–0.9%
Oil & Gas–0.9%
Twin Butte Energy Ltd. (Canada) (Cost $9,054,293)		6,583,267	$	3,759,045
TERM LOANS–18.8%
Agriculture–1.8%
North Atlantic Trading Co., Inc., 7.75%, 01/13/20@	$	7,623,484		7,542,485
North Atlantic Trading Co., Inc., 8.75%, 01/13/20@		279,410		276,441
Total Agriculture				7,818,926
Apparel–1.4%
SK Spice Sarl, 9.50%, 09/30/18 (Luxembourg) @		5,868,274		5,901,283
Chemicals–1.8%
American Pacific Corp., 7.00%, 02/27/19@		7,892,582		7,936,978
Food–3.5%
Flavors Holdings, Inc., 6.75%, 10/07/20@		6,825,000		6,628,781
Shearer's Foods LLC, 7.75%, 06/30/22@		8,931,000		8,852,853
Total Food				15,481,634
Forest Products & Paper–1.8%
NewPage Corp., 9.50%, 02/11/21@		7,834,334		7,534,044
Healthcare - Services–1.7%
Radnet Management, Inc., 8.00%, 03/25/21@		7,300,000		7,217,875
Oil & Gas–1.7%
Osum Production Corp., 6.50%, 07/31/20 (Canada)@		8,955,000		7,119,225
Software–1.8%
Greenway Medical Technologies, 9.25%, 11/04/21@		7,753,846		7,618,154
Telecommunications–1.7%
Global Tel*Link Corp, 9.00%, 11/20/20@		7,375,000		7,239,042

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal/Shares		Value
TERM LOANS (continued)
Transportation–1.6%
YRC Worldwide, Inc., 8.25%, 02/13/19@	$	6,852,827	$	6,790,741
Total Term Loans (Cost $82,958,427)				80,657,902
MONEY MARKET FUND–1.3%
BlackRock Liquidity Funds TempFund Portfolio - Dollar Class, 0.02%(b) (Cost $5,646,515)		5,646,515		5,646,515
REPURCHASE AGREEMENTS–21.0% (c)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $13,519,204, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $13,789,534)	$	13,519,151		13,519,151
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $20,977,321, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $21,396,761)		20,977,216		20,977,216
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $20,977,280, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $21,396,809)		20,977,216		20,977,216
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $13,676,642, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $13,950,117)		13,676,585		13,676,585

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $20,977,292, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $21,396,760)	$	20,977,216	$	20,977,216
Total Repurchase Agreements (Cost $90,127,384)				90,127,384
Total Investments–119.0% (Cost $546,290,527)				510,305,652
Liabilities in Excess of Other Assets–(19.0%)				(81,297,780	)
Net Assets–100.0%			$	429,007,872

LP - Limited Partnership

@ Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2015.

‡ 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.

^ Is In Default.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $89,130,044; the aggregate market value of the collateral held by the fund is $91,959,860.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,832,476.

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Advertising		2.6	%
Agriculture		5.3
Apparel		1.4
Auto Manufacturers		1.6
Auto Parts & Equipment		3.9
Banks		1.9
Beverages		1.6
Chemicals		1.8
Coal		3.6
Commercial Services		4.9
Computers		1.3
Diversified Financial Services		1.8
Electrical Components & Equipment		1.8
Electronics		1.1
Entertainment		0.8
Food		7.0
Forest Products & Paper		3.2
Healthcare - Services		7.0
Leisure Time		1.4
Media		1.9
Metal Fabricate/Hardware		1.3
Mining		4.7
Miscellaneous Manufacturing		1.5
Oil & Gas		11.1
Oil & Gas Services		1.5
Pharmaceuticals		2.8
Semiconductors		1.3
Software		1.8
Telecommunications		10.4
Transportation		4.4
Money Market Fund		1.3
Repurchase Agreements		21.0
Total Investments		119.0
Liabilities in Excess of Other Assets		(19.0	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments

March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS-54.6%
Banks–2.6%
Wells Fargo & Co.		2,099	$	114,186
Building Materials–2.3%
Masco Corp.		3,850		102,795
Computers–1.8%
Apple, Inc.		650		80,880
Gas–2.1%
Atmos Energy Corp.		1,700		94,010
Home Builders–1.1%
Lennar Corp., Class A		989		51,240
Insurance–7.8%
American International Group, Inc.		2,199		120,483
Aon PLC (United Kingdom)		1,352		129,953
Validus Holdings Ltd.		2,275		95,778
Total Insurance				346,214
Mining–9.9%
Aluminum Corp. of China Ltd. (China)*(a)		8,750		109,199
Franco-Nevada Corp. (Canada)		2,068		100,381
Royal Gold, Inc.		1,685		106,340
Sandstorm Gold Ltd. (Canada)*(b)		13,921		45,661
Stillwater Mining Co.*		5,862		75,737
Total Mining				437,318
Pharmaceuticals–1.9%
Merck & Co., Inc.		1,500		86,220
Pipelines–2.1%
Kinder Morgan, Inc.		2,239		94,172
Real Estate–2.1%
WP Carey, Inc.		1,400		95,200
Real Estate Investment Trusts–4.7%
Equity Residential		700		54,502
Essex Property Trust, Inc.		241		55,406

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Senior Housing Properties Trust		4,419	$	98,058
Total Real Estate Investment Trusts				207,966
Semiconductors–3.1%
Intel Corp.		4,441		138,870
Software–3.5%
Microsoft Corp.		2,123		86,311
Oracle Corp.		1,600		69,040
Total Software				155,351
Telecommunications–7.0%
BCE, Inc. (Canada)		1,925		81,543
Cisco Systems, Inc.		4,632		127,496
Verizon Communications, Inc.		2,123		103,241
Total Telecommunications				312,280
Transportation–2.6%
Union Pacific Corp.		1,057		114,484
Total Common Stocks (Cost $2,295,248)				2,431,186
EXCHANGE TRADED FUNDS-33.7%
Debt Fund–21.8%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		2,823		73,709
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF		2,791		73,543
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF(b)		2,782		73,516
iShares 20+ Year Treasury Bond ETF		369		48,225
iShares Core U.S. Aggregate Bond ETF		962		107,196
iShares Floating Rate Bond ETF		1,986		100,571
iShares iBoxx $ Investment Grade Corporate Bond ETF		888		108,078
iShares International Preferred Stock ETF		3,937		79,094
PIMCO Enhanced Short Maturity Active ETF		437		44,203
PowerShares Senior Loan Portfolio		4,495		108,284
Schwab U.S. Aggregate Bond ETF		2,030		107,407

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)
Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS (continued)
Debt Fund (continued)
SPDR Barclays Long Term Treasury ETF		630	$	47,389
Total Debt Fund				971,215
Equity Fund–11.9%
Guggenheim S&P 500 Equal Weight Consumer Staples ETF		1,030		111,250
Schwab U.S. Large-Cap ETF		2,200		109,054
Schwab U.S. Mid-Cap ETF		2,600		112,268
SPDR S&P International Dividend ETF		2,015		84,469
SPDR S&P Retail ETF		1,130		114,175
Total Equity Fund				531,216
Total Exchange Traded Funds (Cost $1,510,832)				1,502,431
MONEY MARKET FUND–12.5%
Dreyfus Government Cash Management – Investor Shares, 0.01%(c) (Cost $558,282)		558,282		558,282
REPURCHASE AGREEMENT–2.1%(d)
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $95,164, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $97,067)
(Cost $95,164)	$	95,164		95,164
Total Investments–102.9% (Cost $4,459,526)				4,587,063
Liabilities in Excess of Other Assets–(2.9)%				(130,548	)
Net Assets–100.0%			$	4,456,515

ETF - Exchange Traded Fund

PLC - Public Limited Company

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

*	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 $89,459; the aggregate market value of the collateral held by the fund is $95,164.
(c)	Rate shown reflects the 7-day yield as of March 31, 2015.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Banks		2.6	%
Building Materials		2.3
Computers		1.8
Debt Fund		21.8
Equity Fund		11.9
Gas		2.1
Home Builders		1.1
Insurance		7.8
Mining		9.9
Pharmaceuticals		1.9
Pipelines		2.1
Real Estate		2.1
Real Estate Investment Trusts		4.7
Semiconductors		3.1
Software		3.5
Telecommunications		7.0
Transportation		2.6
Money Market Fund		12.5
Repurchase Agreement		2.1
Total Investments		102.9
Liabilities in Excess of Other Assets		(2.9	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Shares		Value
EXCHANGE TRADED NOTE–0.1%
Equity Fund–0.1%
JPMorgan Alerian MLP Index ETN (Cost $6,570)		144	$	6,163
EXCHANGE TRADED FUNDS-90.5%
Commodity Fund–1.4%
SPDR Gold Shares*		859		97,634
Currency Fund–0.0%**
WisdomTree Indian Rupee Strategy Fund*		125		2,668
Debt Funds–26.4%
AdvisorShares Sage Core Reserves ETF†(a)		3,500		347,795
Guggenheim Enhanced Short Duration ETF(a)		6,955		348,167
iShares Short Treasury Bond ETF(a)		4,090		451,005
SPDR Barclays 1-3 Month T-Bill ETF*(a)		9,821		449,114
SPDR SSgA Ultra Short Term Bond ETF		7,224		289,249
Total Debt Funds				1,885,330
Equity Funds–62.7%
EGShares India Consumer ETF		549		19,583
EGShares India Small Cap ETF		2,706		47,491
First Trust Dow Jones Internet Index Fund*		1,185		76,930
First Trust Europe AlphaDEX Fund		350		10,833
Global X Brazil Consumer ETF		2,840		32,575
Global X Brazil Financials ETF		973		7,294
Global X Brazil Mid Cap ETF		10,516		93,098
Global X MSCI Nigeria ETF		1,375		12,939
Guggenheim China Small Cap ETF		6,857		185,688
Guggenheim China Technology ETF		1,450		55,527
Guggenheim Raymond James SB-1 Equity ETF		4,771		174,475
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF		320		29,324
Guggenheim S&P 500 Equal Weight Energy ETF		281		18,515
Guggenheim S&P 500 Equal Weight ETF		5,884		476,897
Guggenheim S&P 500 Equal Weight Financials ETF		288		12,833
Guggenheim S&P 500 Equal Weight Healthcare ETF		315		48,894
Guggenheim S&P 500 Equal Weight Technology ETF		614		56,427

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
EXCHANGE TRADED FUNDS (continued)
Equity Funds (continued)
Guggenheim S&P Midcap 400 Pure Growth ETF		447	$	59,388
iShares Core S&P Small-Cap ETF		133		15,698
iShares Global Materials ETF		250		14,210
iShares Japan Large-Cap ETF		112		6,028
iShares Micro-Cap ETF		1,243		98,296
iShares MSCI EAFE ETF		2,504		160,682
iShares MSCI Emerging Markets ETF		307		12,320
iShares MSCI Europe Financials ETF		1,661		38,153
iShares MSCI Frontier 100 ETF		1,790		53,235
iShares MSCI Germany Small-Cap ETF, Class C		564		22,227
iShares MSCI Hong Kong Small-Cap ETF		1,396		38,139
iShares MSCI India Small-Cap ETF		80		2,871
iShares MSCI Poland Capped ETF		230		5,377
iShares MSCI Taiwan ETF		2,087		32,849
iShares MSCI Turkey ETF		33		1,531
iShares MSCI United Kingdom ETF		1,442		25,970
iShares MSCI United Kingdom Small-Cap ETF		1,953		75,034
iShares MSCI USA Momentum Factor ETF		5,318		373,377
iShares Nasdaq Biotechnology ETF		136		46,706
iShares North American Natural Resources ETF		5,595		210,036
iShares Russell 1000 Growth ETF		2,764		273,415
iShares Russell 1000 Value ETF		1,052		108,440
iShares Russell 2000 Growth ETF		1,209		183,224
iShares U.S. Broker-Dealers ETF		601		25,747
iShares U.S. Healthcare Providers ETF		208		27,676
iShares U.S. Medical Devices ETF		437		52,567
iShares U.S. Pharmaceuticals ETF		124		21,380
Market Vectors ChinaAMC A-Share ETF*		1,181		62,227
Market Vectors Egypt Index ETF		366		20,589
Market Vectors Global Alternative Energy ETF		653		37,894
Market Vectors Gulf States Index ETF		313		8,138
Market Vectors Indonesia Index ETF		1,278		31,503
Market Vectors Russia ETF		3,390		57,664
Market Vectors Russia Small-Cap ETF		714		15,144
Market Vectors Semiconductor ETF		485		26,821
PowerShares DWA Healthcare Momentum Portfolio*		1,680		101,808

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares			Value
EXCHANGE TRADED FUNDS (continued)
Equity Funds (continued)
PowerShares Fundamental Pure Small Growth Portfolio		6,476		$	166,043
PowerShares S&P SmallCap Financials Portfolio		806			33,667
PowerShares S&P SmallCap Information Technology Portfolio		863			45,489
SPDR Russell/Nomura Small Cap Japan ETF		2,039			106,426
SPDR S&P Emerging Asia Pacific ETF		156			13,731
SPDR S&P Emerging Markets SmallCap ETF		2,099			93,930
Vanguard FTSE All World ex-US Small-Cap ETF		250			24,815
Vanguard REIT ETF		83			6,978
Vanguard Small-Cap ETF		1,584			194,135
WisdomTree Europe SmallCap Dividend Fund		947			52,701
Yorkville High Income Infrastructure MLP ETF		1,540			30,829
Total Equity Funds					4,474,431
Total Exchange Traded Funds (Cost $6,248,268)					6,460,063
MONEY MARKET FUND–8.3%
JP Morgan Prime Money Market Fund - Institutional Class, 0.04% (b) (Cost $589,344)		589,344			589,344
Total Investments Before Securities Sold, Not Yet Purchased (Cost $6,844,182)					7,055,570
Securities Sold, Not Yet Purchased–(6.6)%
EXCHANGE TRADED FUNDS–(6.6)%
Currency Funds–(5.2)%
CurrencyShares British Pound Sterling Trust*		(662	)		(96,394	)
CurrencyShares Euro Trust*		(1,302	)		(137,634	)
CurrencyShares Japanese Yen Trust*		(1,657	)		(134,250	)
Total Currency Funds					(368,278	)
Equity Funds–(1.4)%
iShares Russell 2000 Value ETF		(922	)		(95,160	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares			Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)
SPDR EURO STOXX 50 ETF		(137	)	$	(5,318	)
Total Equity Funds					(100,478	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(505,188)]					(468,756	)
Total Investments–92.3% (Cost $6,338,994)					6,586,814
Other Assets in Excess of Liabilities–7.7%					548,385
Net Assets–100.0%				$	7,135,199

ETF - Exchange Traded Fund

ETN - Exchange Traded Note

* Non-income producing security.

** Less than 0.05%.

† Affiliated Company.

(a) All or portion of this security has been segregated as collateral for open short positions. The aggregate market value of the collateral posted was $6,046,110, which includes cash in the amount of $511,069 as of March 31, 2015.

(b) Rate shown reflects the 7-day yield as of March 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Commodity Fund		1.4	%
Currency Fund		(5.2	)
Debt Funds		26.4
Equity Funds		61.4
Money Market Fund		8.3
Total Investments		92.3
Other Assets in Excess of Liabilities		7 .7
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Shares			Value
EXCHANGE TRADED FUND–23.6%
Debt Fund–23.6%
AdvisorShares Sage Core Reserves ETF†
(Cost $29,997,150)		300,000		$	29,811,000
MONEY MARKET FUNDS–12.2%
Fidelity Institutional Money Market Government Portfolio - Class III, 0.01%(a)		12,859,367			12,859,367
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.04%(a)		2,500,000			2,500,000
Total Money Market Funds
(Cost $15,359,367)					15,359,367
Total Investments Before Securities Sold, Not Yet Purchased
(Cost $45,356,517)					45,170,367
Securities Sold, Not Yet Purchased–(98.3)%
COMMON STOCKS–(98.3)%
Aerospace/Defense–(2.5)%
Triumph Group, Inc.		(53,000	)		(3,165,160	)
Apparel–(2.8)%
Michael Kors Holdings Ltd.*		(53,600	)		(3,524,200	)
Auto Manufacturers–(1.4)%
Tesla Motors, Inc.*		(9,500	)		(1,793,315	)
Banks–(8.7)%
BOK Financial Corp.		(30,000	)		(1,836,600	)
Comerica, Inc.		(76,300	)		(3,443,419	)
Deutsche Bank AG (Germany)		(94,000	)		(3,264,620	)
TCF Financial Corp.		(155,000	)		(2,436,600	)
Total Banks					(10,981,239	)
Computers–(7.3)%
3D Systems Corp.*		(113,000	)		(3,098,460	)
Diebold, Inc.		(65,000	)		(2,304,900	)
Electronics For Imaging, Inc.*		(47,000	)		(1,962,250	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares			Value
COMMON STOCKS (continued)
Computers (continued)
Seagate Technology PLC (Ireland)		(34,600	)	$	(1,800,238	)
Total Computers					(9,165,848	)
Distribution/Wholesale–(5.0)%
Fastenal Co.		(104,300	)		(4,321,671	)
Genuine Parts Co.		(21,200	)		(1,975,628	)
Total Distribution/Wholesale					(6,297,299	)
Diversified Financial Services–(3.8)%
LendingClub Corp.*		(172,000	)		(3,379,800	)
SLM Corp.*		(150,000	)		(1,392,000	)
Total Diversified Financial Services					(4,771,800	)
Electrical Components & Equipment–(3.0)%
AMETEK, Inc.		(71,000	)		(3,730,340	)
Energy - Alternate Sources–(1.4)%
SolarCity Corp.*		(35,000	)		(1,794,800	)
Home Builders–(2.1)%
Winnebago Industries, Inc.		(127,000	)		(2,700,020	)
Internet–(10.2)%
Amazon.com, Inc.*		(3,350	)		(1,246,535	)
Netflix, Inc.*		(6,000	)		(2,500,140	)
Priceline Group, Inc. (The)*		(1,575	)		(1,833,536	)
TripAdvisor, Inc.*		(25,900	)		(2,154,103	)
Yelp, Inc.*		(58,000	)		(2,746,300	)
Zillow Group, Inc., Class A*		(23,300	)		(2,336,990	)
Total Internet					(12,817,604	)
Iron/Steel–(2.1)%
Allegheny Technologies, Inc.		(89,000	)		(2,670,890	)
Leisure Time–(3.8)%
Harley-Davidson, Inc.		(80,000	)		(4,859,200	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares			Value
COMMON STOCKS (continued)
Metal Fabricate/Hardware–(2.2)%
Precision Castparts Corp.		(13,400	)	$	(2,814,000	)
Oil & Gas–(1.1)%
Range Resources Corp.		(26,500	)		(1,379,060	)
Oil & Gas Services–(1.3)%
Flotek Industries, Inc.*		(110,000	)		(1,621,400	)
Pipelines–(1.0)%
Spectra Energy Corp.		(33,500	)		(1,211,695	)
Real Estate Investment Trusts–(2.1)%
Parkway Properties, Inc.		(152,500	)		(2,645,875	)
Retail–(12.8)%
Cabela's, Inc.*		(54,600	)		(3,056,508	)
Chipotle Mexican Grill, Inc.*		(3,800	)		(2,472,052	)
Five Below, Inc.*		(91,000	)		(3,236,870	)
PVH Corp.		(47,100	)		(5,018,975	)
Vitamin Shoppe, Inc.*		(58,200	)		(2,397,258	)
Total Retail					(16,181,663	)
Semiconductors–(10.4)%
Cree, Inc.*		(73,300	)		(2,601,417	)
Intersil Corp., Class A		(125,000	)		(1,790,000	)
Lam Research Corp.		(33,500	)		(2,352,873	)
Micron Technology, Inc.*		(107,000	)		(2,902,910	)
QUALCOMM, Inc.		(50,000	)		(3,467,000	)
Total Semiconductors					(13,114,200	)
Software–(9.4)%
Constant Contact, Inc.*		(46,300	)		(1,769,123	)
Dealertrack Technologies, Inc.*		(48,000	)		(1,848,960	)
Interactive Intelligence Group, Inc.*		(53,500	)		(2,203,130	)
NetSuite, Inc.*		(14,400	)		(1,335,744	)
PROS Holdings, Inc.*		(94,000	)		(2,322,740	)
VMware, Inc., Class A*		(29,800	)		(2,443,898	)
Total Software					(11,923,595	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares			Value
COMMON STOCKS (continued)
Telecommunications–(3.9)%
CenturyLink, Inc.		(75,000	)	$	(2,591,250	)
Ubiquiti Networks, Inc.		(78,500	)		(2,319,675	)
Total Telecommunications					(4,910,925	)
Total Securities Sold, Not Yet Purchased
[Proceeds Received $(127,122,956)]					(124,074,128	)
Total Investments–(62.5)% [(Cost $(81,766,439)]					(78,903,761	)
Other Assets in Excess of Liabilities–162.5%					205,214,009
Net Assets–100.0%				$	126,310,248

ETF - Exchange Traded Fund

PLC - Public Limited Company

† Affiliated Company.

* Non-income producing security.

(a) Rate shown reflects the 7-day yield as of March 31, 2015.

Cash of $132,383,007 has been segregated to cover margin requirement for open short sales as of March 31, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Aerospace/Defense		(2.5	)%
Apparel		(2.8	)
Auto Manufacturers		(1.4	)
Banks		(8.7	)
Computers		(7.3	)
Debt Fund		23.6
Distribution/Wholesale		(5.0	)
Diversified Financial Services		(3.8	)
Electrical Components & Equipment		(3.0	)
Energy - Alternate Sources		(1.4	)
Home Builders		(2.1	)
Internet		(10.2	)
Iron/Steel		(2.1	)
Leisure Time		(3.8	)
Metal Fabricate/Hardware		(2.2	)
Oil & Gas		(1.1	)
Oil & Gas Services		(1.3	)
Pipelines		(1.0	)
Real Estate Investment Trusts		(2.1	)
Retail		(12.8	)
Semiconductors		(10.4	)
Software		(9.4	)
Telecommunications		(3.9	)
Money Market Fund		12.2
Total Investments		(62.5	)
Other Assets in Excess of Liabilities		162.5
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS–40.4%
Agriculture–1.1%
Altria Group, Inc., 4.13%, 09/11/15	$	365,000	$	370,539
Banks–9.7%
Bank of America Corp., 1.08%, 03/22/16@		410,000		411,556
Bank of America Corp., 5.75%, 08/15/16(a)		265,000		280,488
Capital One Financial Corp., 1.00%, 11/06/15		400,000		400,540
Citigroup, Inc., 4.88%, 05/07/15		220,000		220,777
Citigroup, Inc., 1.06%, 04/01/16@		375,000		376,091
First Horizon National Corp., 5.38%, 12/15/15		325,000		333,444
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/24		370,000		391,476
JPMorgan Chase & Co., 0.80%, 04/23/15		375,000		375,042
JPMorgan Chase & Co., 2.60%, 01/15/16		275,000		278,851
Morgan Stanley, 5.38%, 10/15/15		340,000		348,358
Total Banks				3,416,623
Beverages–1.1%
Dr Pepper Snapple Group, Inc., 2.90%, 01/15/16		360,000		365,863
Chemicals–1.0%
Dow Chemical Co. (The), 2.50%, 02/15/16		340,000		345,202
Computers–1.1%
Hewlett-Packard Co., 2.13%, 09/13/15		365,000		367,356
Diversified Financial Services–1.5%
American Express Credit Corp., 1.75%, 06/12/15		10,000		10,021
American Express Credit Corp., 0.76%, 07/29/16@		525,000		526,953
Total Diversified Financial Services				536,974
Electric–2.8%
Exelon Corp., 4.90%, 06/15/15		384,000		387,046
Georgia Power Co., 0.59%, 03/15/16@		241,000		240,924
Progress Energy, Inc., 5.63%, 01/15/16		346,000		359,005
Total Electric				986,975

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Food–4.1%
ConAgra Foods, Inc., 1.35%, 09/10/15	$	370,000	$	370,801
Kraft Foods Group, Inc., 1.63%, 06/04/15		370,000		370,635
Kroger Co. (The), 2.20%, 01/15/17		365,000		371,376
Mondelez International, Inc., 4.13%, 02/09/16		355,000		364,645
Total Food				1,477,457
Household Products/Wares–1.1%
Clorox Co. (The), 3.55%, 11/01/15		365,000		371,225
Insurance–3.8%
American International Group, Inc., 5.05%, 10/01/15		360,000		367,697
Genworth Holdings, Inc., 4.80%, 02/15/24		360,000		304,650
MetLife, Inc., 5.00%, 06/15/15		305,000		307,729
Prudential Financial, Inc., 4.75%, 09/17/15		340,000		346,106
Total Insurance				1,326,182
Internet–1.1%
Amazon.com, Inc., 0.65%, 11/27/15		370,000		370,454
Media–3.1%
Comcast Corp., 5.85%, 11/15/15		355,000		366,599
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.13%, 02/15/16		340,000		346,524
Time Warner, Inc., 3.15%, 07/15/15		365,000		367,675
Total Media				1,080,798
Pharmaceuticals–1.1%
AbbVie, Inc., 1.20%, 11/06/15		370,000		370,594
Pipelines–1.0%
Enterprise Products Operating LLC, 3.20%, 02/01/16		340,000		346,095

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Retail–1.7%
AutoZone, Inc., 5.50%, 11/15/15	$	363,000	$	373,752
CVS Health Corp., 1.20%, 12/05/16		225,000		226,585
Total Retail				600,337
Savings & Loans–1.1%
Santander Holdings USA, Inc., 3.00%, 09/24/15		365,000		367,888
Telecommunications–1.9%
AT&T, Inc., 2.50%, 08/15/15		368,000		370,511
Verizon Communications, Inc., 2.50%, 09/15/16		279,000		285,039
Total Telecommunications				655,550
Transportation–1.0%
Ryder System, Inc., 3.60%, 03/01/16		355,000		363,527
Trucking & Leasing–1.1%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.13%, 05/11/15‡		370,000		370,791
Total Corporate Bonds (Cost $14,143,823)				14,090,430
FOREIGN BONDS–9.8%
Banks–1.8%
Lloyds Bank PLC, 4.88%, 01/21/16 (United Kingdom)		175,000		180,672
Royal Bank of Canada, 0.46%, 04/29/15 (Canada)@		100,000		100,014
Royal Bank of Canada, 0.72%, 09/09/16 (Canada)@		350,000		351,358
Total Banks				632,044
Beverages–1.3%
Anheuser-Busch InBev Finance, Inc., 0.45%, 01/27/17 (Belgium)@		450,000		449,303

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Chemicals–1.0%
Potash Corp. of Saskatchewan, Inc., 3.75%, 09/30/15 (Canada)	$	355,000	$	360,138
Diversified Financial Services–0.3%
Nomura Holdings, Inc., 1.72%, 09/13/16 (Japan)@		100,000		101,421
Mining–1.0%
Barrick Gold Corp., 2.90%, 05/30/16 (Canada)		355,000		361,214
Oil & Gas–3.3%
BP Capital Markets PLC, 0.70%, 11/06/15 (United Kingdom)		375,000		375,296
Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico)		385,000		376,914
Talisman Energy, Inc., 5.13%, 05/15/15 (Canada)		365,000		366,485
Total Oil & Gas				1,118,695
Telecommunications–1.1%
Vodafone Group PLC, 1.63%, 03/20/17 (United Kingdom)		370,000		372,428
Total Foreign Bonds (Cost $3,394,118)				3,395,243
ASSET BACKED SECURITIES–13.7%
Diversified Financial Services–13.7%
Ally Auto Receivables Trust, Class A3, Series 2012-5, 0.62%, 03/15/17		130,600		130,642
American Express Credit Account Master Trust, Class A, Series 2013-2, 0.59%, 05/17/21@		300,000		301,244
AmeriCredit Automobile Receivables Trust, Class A2B, Series 2013-5, 0.56%, 03/08/17@		51,131		51,133
AmeriCredit Automobile Receivables Trust, Class A3, Series 2012-3, 0.96%, 01/09/17		1,796		1,797

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services(continued)
AmeriCredit Automobile Receivables Trust, Class B, Series 2013-2, 1.19%, 05/08/18	$	180,000	$	180,609
BA Credit Card Trust, Class A11, Series 2007-A11, 0.25%, 12/15/19@		295,000		293,540
Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.22%, 07/15/20@		525,000		521,602
CarMax Auto Owner Trust, Class A2, Series 2013-4, 0.52%, 11/15/16		79,891		79,879
CarMax Auto Owner Trust, Class A3, Series 2012-1, 0.89%, 09/15/16		35,825		35,835
CarMax Auto Owner Trust, Class A3, Series 2012-3, 0.52%, 07/17/17		151,673		151,609
Chase Issuance Trust, Class A5, Series 2012-A5, 0.59%, 08/15/17		335,000		335,188
Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 0.45%, 05/26/20@		600,000		599,373
Fifth Third Auto Trust, Class A3, Series 2013-A, 0.61%, 09/15/17		161,758		161,795
First National Master Note Trust, Class A, Series 2013-2, 0.70%, 10/15/19@		325,000		325,515
GE Equipment Midticket LLC, Class A3, Series 2012-1, 0.60%, 05/23/16		48,034		48,038
Honda Auto Receivables Owner Trust, Class A3, Series 2014-2, 0.77%, 03/19/18		335,000		334,936
Huntington Auto Trust, Class A3, Series 2012-2, 0.51%, 04/17/17		153,672		153,639
Hyundai Auto Receivables Trust, Class A2, Series 2014-B, 0.44%, 02/15/17		235,341		235,345
Nissan Auto Receivables Owner Trust, Class A3, Series 2012-B, 0.46%, 10/17/16		87,666		87,662
Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18		245,000		244,807
Toyota Auto Receivables Owner Trust, Class A3, Series 2013-B, 0.89%, 07/17/17		275,000		275,607

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services(continued)
World Omni Auto Receivables Trust, Class A3, Series 2012-A, 0.64%, 02/15/17	$	73,519	$	73,540
World Omni Automobile Lease Securitization Trust, Class A2B, Series 2013-A, 0.49%, 05/16/16@		139,614		139,611
Total Asset Backed Securities (Cost $4,760,830)				4,762,946
MORTGAGE BACKED SECURITIES–19.7%
Commercial Mortgage Backed Securities–19.7%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A4, Series 2005-5, 5.12%, 10/10/45@		324,969		326,727
Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A4, Series 2005-6, 5.33%, 09/10/47@		286,654		290,043
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-T24, 5.54%, 10/12/41		318,677		334,508
Bear Stearns Commercial Mortgage Securities Trust, Class A4A, Series 2005-T20, 5.14%, 10/12/42		332,578		335,549
CD Commercial Mortgage Trust, Class A4, Series 2005-CD1, 5.23%, 07/15/44@		388,322		390,292
Credit Suisse First Boston Mortgage Securities Corp., Class A5, Series 2005-C4, 5.10%, 08/15/38@		72,671		72,854
Credit Suisse First Boston Mortgage Securities Corp., Class AJ, Series 2005-C6, 5.23%, 12/15/40@		255,000		259,918
DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49@‡		345,971		347,597
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 1.37%, 07/25/24@		317,553		317,843
GS Mortgage Securities Trust, Class A2, Series 2011-GC3, 3.65%, 03/10/44‡		366,537		372,868
GS Mortgage Securities Trust, Class AM, Series 2006-GG6, 5.62%, 04/10/38@		350,000		360,075
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2005-LDP2, 4.74%, 07/15/42		101,154		101,008

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities(continued)
LB-UBS Commercial Mortgage Trust, Class A4, Series 2005-C7, 5.20%, 11/15/30@	$	190,133	$	191,071
LB-UBS Commercial Mortgage Trust, Class AJ, Series 2005-C3, 4.84%, 07/15/40		305,000		305,474
Merrill Lynch Mortgage Trust, Class A4, Series 2006-C1, 5.87%, 05/12/39@		415,000		428,247
Merrill Lynch Mortgage Trust, Class AM, Series 2005-CKI1, 5.45%, 11/12/37@		500,000		509,467
Morgan Stanley Capital I Trust, Class A4, Series 2006-T21, 5.16%, 10/12/52@		345,000		349,851
Morgan Stanley Capital I Trust, Class A4A, Series 2005-T19, 4.89%, 06/12/47		151,997		152,174
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2005-C21, 5.27%, 10/15/44@		287,461		289,617
Wachovia Bank Commercial Mortgage Trust, Class A4FL, Series 2006-C28, 0.33%, 10/15/48@‡		262,007		259,982
Wachovia Bank Commercial Mortgage Trust, Class A7, Series 2005-C20, 5.12%, 07/15/42@		219,175		219,687
Wachovia Bank Commercial Mortgage Trust, Class AMFX, Series 2005-C20, 5.18%, 07/15/42@		295,000		297,322
WFRBS Commercial Mortgage Trust, Class A2, Series 2011-C4, 3.45%, 06/15/44‡		350,000		358,762
Total Mortgage Backed Securities (Cost $6,909,047)				6,870,936
MUNICIPAL BOND–1.7%
State of California, Ad Valorem Property Tax GO, 5.45%, 04/01/15
(Cost $580,000)		580,000		580,000
U.S. TREASURY NOTE–5.4%
U.S. Treasury Note, 0.25%, 09/15/15
(Cost $1,860,093)		1,860,000		1,861,017

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

Investments	Principal		Value
MUNICIPAL BOND (continued)
U.S. TREASURY BILL–0.3%
U.S. Treasury Bill, 0.13%, 09/10/15(b)
(Cost $99,940)	$	100,000	$	99,961
MONEY MARKET FUND–8.4%
JP Morgan US Government Money Market Fund - Institutional Class, 0.01%(c) (Cost $2,920,570)		2,920,570		2,920,570
REPURCHASE AGREEMENTS–0.8%(d)
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $24,422, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $24,910)		24,422		24,422
Nomura Securities Int. Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $274,422)				274,422
Total Investments–100.2% (Cost $34,942,843)				34,855,525
Liabilities in Excess of Other Assets–(0.2%)				(75,767	)
Net Assets–100.0%			$	34,779,758

GO - General Obligation

LP - Limited Partnership

PLC - Public Limited Company

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

@	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2015.
‡	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 $268,204; the aggregate market value of the collateral held by the fund is $274,422.
(b)	Interest rate shown reflects the discount rate at time of purchase.
(c)	Rate shown reflects the 7-day yield as of March 31, 2015.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

Futures contracts outstanding as of March 31, 2015:

Type	Broker	Expiration Date	Number of Contracts	Value at Trade Date	Value at March 31, 2015	Unrealized Appreciation/ (Depreciation)
10-Year U.S. Treasury Note	Jefferies & Company Inc.	June 2015	(7)	$   (891,428 )	$   (902,344 )	$   (10,916 )

Cash posted as collateral to broker for futures contracts was $90,090 at March 31, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Agriculture		1.1	%
Banks		11.5
Beverages		2.4
Chemicals		2.0
Commercial Mortgage Backed Securities		19.7
Computers		1.1
Diversified Financial Services		15.5
Electric		2.8
Food		4.1
Household Products/Wares		1.1
Insurance		3.8
Internet		1.1
Media		3.1
Mining		1.0
Municipal Bond		1.7
Oil & Gas		3.3
Pharmaceuticals		1.1
Pipelines		1.0
Retail		1.7
Savings & Loans		1.1
Telecommunications		3.0
Transportation		1.0
Trucking & Leasing		1.1
U.S. Treasury Bill		0.3
U.S. Treasury Note		5.4
Money Market Fund		8.4
Repurchase Agreement		0.8
Total Investments		100.2
Liabilities in Excess of Other Assets		(0.2	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Shares		Value
EXCHANGE TRADED FUNDS-87.7%
Debt Funds–17.4%
AdvisorShares Sage Core Reserves ETF†		2,500	$	248,425
iShares 1-3 Year Credit Bond ETF		9,301		981,535
iShares 20+ Year Treasury Bond ETF		228		29,797
iShares iBoxx $ High Yield Corporate Bond ETF		10,001		906,191
iShares JPMorgan USD Emerging Markets Bond ETF		12,308		1,379,972
SPDR Barclays High Yield Bond ETF		12,000		470,640
SPDR Barclays International Corporate Bond ETF		20,000		622,200
Total Debt Funds				4,638,760
Equity Funds–70.3%
Consumer Discretionary Select Sector SPDR Fund		6,089		457,467
Consumer Staples Select Sector SPDR Fund		16,474		802,943
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		1,366		40,925
Energy Select Sector SPDR Fund		7,875		610,943
Financial Select Sector SPDR Fund		57,360		1,382,950
Health Care Select Sector SPDR Fund		12,414		900,015
Industrial Select Sector SPDR Fund		7,251		404,388
iShares MSCI EAFE ETF		9,653		619,433
iShares MSCI Emerging Markets ETF		31,480		1,263,292
Materials Select Sector SPDR Fund		3,699		180,437
SPDR S&P 500 ETF Trust		51,580		10,647,660
Technology Select Sector SPDR Fund		13,410		555,710
Utilities Select Sector SPDR Fund		5,357		238,012
Vanguard FTSE Developed Markets ETF		15,000		597,450
Total Equity Funds				18,701,625
				–
Total Exchange Traded Funds (Cost $21,778,361)				23,340,385
COMMON STOCKS-1.5%
Apparel–0.8%
Hanesbrands, Inc.		6,572		220,227

See accompanying Notes to Schedules of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares/Principal/ Contracts			Value
COMMON STOCKS (continued)
Computers–0.7%
Apple, Inc.		1,485		$	184,779
Total Common Stocks (Cost $275,538)					405,006
MONEY MARKET FUND–4.5%
BlackRock Liquidity Funds-T-Fund Portfolio - Institutional Class, 0.01%(a) (Cost $1,187,995)		1,187,995			1,187,995
U.S.TREASURY NOTE–3.9%
U.S. Treasury Note, 02/15/16, 4.50%(b) (Cost $1,037,502)	$	1,000,000			1,036,953
Total Investments Before Written Options - 97.6% (Cost $24,279,396)					25,970,339
WRITTEN PUT OPTION–(0.0)%**
iShares 20+ Year Treasury Bond ETF Option expiring 05/15/15 @ $126.00
[Premium Received $(3,449)]		(25	)		(2,900	)
WRITTEN CALL OPTIONS–(0.1)%
Energy Select Sector SPDR Fund Option expiring 04/17/15, Strike Price $80.00		(40	)		(1,340	)
iShares iBoxx $ High Yield Corporate Bond ETF Option expiring 04/17/15, Strike Price $90.50		(100	)		(4,750	)
iShares JP Morgan USD Emerging Markets Bond ETF Option expiring 04/17/15, Strike Price $112.00		(60	)		(5,550	)
iShares MSCI EAFE ETF Option expiring 04/17/15, Strike Price $66.00		(96	)		(1,392	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Contracts			Value
WRITTEN CALL OPTIONS–(0.1)% (continued)
iShares MSCI Emerging Markets ETF Option expiring 04/17/15, Strike Price $41.50		(157	)	$	(1,806	)
Total Written Call Options [Premiums Received $(23,472)]					(14,838	)
Total Written Options - (0.1)%
[Premiums Received $(26,921)]					(17,738	)
Total Investments–97.5% (Cost $24,252,475)					25,952,601
Other Assets in Excess of Liabilities–2.5%					674,193
Net Assets–100.0%				$	26,626,794

ETF - Exchange Traded Fund

^† Affiliated Company.

^** Less than 0.05%.

^(a) Rate shown reflects the 7-day yield as of March 31, 2015.

^(b) All or portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $1,727,311, which includes cash in the amount of $690,431 as of March 31, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Apparel		0.8	%
Computers		0.7
Debt Funds		17.4
Equity Funds		70.3
U.S. Treasury Note		3.9
Written Put Option		0.0	**
Written Call Options		(0.1	)
Money Market		4.5
Total Investments		97.5
Other Assets in Excess of Liabilities		2.5
Net Assets		100.0	%

^** Less than 0.05%.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SUNRISE GLOBAL MULTI-STRATEGY ETF
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Shares		Value
EXCHANGE TRADED FUNDS-78.7%
Equity Fund–78.7%
Consumer Discretionary Select Sector SPDR Fund		3,587	$	269,491
Consumer Staples Select Sector SPDR Fund		9,927		483,842
Financial Select Sector SPDR Fund		5,406		130,339
Health Care Select Sector SPDR Fund		4,735		343,288
Industrial Select Sector SPDR Fund		423		23,591
Technology Select Sector SPDR Fund		3,529		146,242
Utilities Select Sector SPDR Fund		538		23,903
Total Exchange Traded Funds (Cost $1,351,372)				1,420,696
MONEY MARKET FUND–5.5%
Goldman Sachs Financial Square Treasury Instruments Fund, 0.00%(a) (Cost $98,760)		98,760		98,760
Total Investments–84.2% (Cost $1,450,132)				1,519,456
Other Assets in Excess of Liabilities–15.8%				286,133
Net Assets–100.0%			$	1,805,589

(a) Rate shown reflects the 7-day yield as of March 31, 2015.

Cash posted as collateral to broker for futures contracts was $304,574 at March 31, 2015. 

Futures contracts outstanding as of March 31, 2015:

Type	Broker	Expiration Date	Number of Contracts	Value at Trade Date			Value at March 31, 2015			Unrealized Appreciation/ (Depreciation)
British Pound Futures	JP Morgan	June 2015	2	$	184,093		$	185,463		$	1,370
Euro Fx Futures	JP Morgan	June 2015	(4)		(540,065	)		(537,701	)		2,364
Japanese Yen Futures	JP Morgan	June 2015	3		313,020			312,975			(45	)
Long Gilt Futures	JP Morgan	June 2015	1		178,687			179,254			567
The Tokyo Price Index Futures	JP Morgan	June 2015	3		389,247			386,116			(3,131	)
										$	1,125

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SUNRISE GLOBAL MULTI-STRATEGY ETF

Schedule of Investments

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Equity Fund		78.7	%
Money Market Fund		5.5
Total Investments		84.2
Other Assets in Excess of  Liabilities		15.8
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS-99.9%
Advertising–2.0%
Interpublic Group of Cos., Inc. (The)		98,464	$	2,178,023
Omnicom Group, Inc.		27,770		2,165,505
Total Advertising				4,343,528
Aerospace/Defense–1.0%
L-3 Communications Holdings, Inc.		17,136		2,155,537
Agriculture–2.0%
Archer-Daniels-Midland Co.		45,764		2,169,214
Philip Morris International, Inc.		27,880		2,100,200
Total Agriculture				4,269,414
Apparel–1.0%
VF Corp.		28,764		2,166,217
Auto Parts & Equipment–1.0%
Lear Corp.		19,720		2,185,370
Beverages–3.0%
Coca-Cola Enterprises, Inc.		49,099		2,170,176
Dr Pepper Snapple Group, Inc.		27,676		2,172,012
PepsiCo, Inc.		22,535		2,154,797
Total Beverages				6,496,985
Biotechnology–2.9%
Amgen, Inc.		13,260		2,119,611
Biogen, Inc.*		4,960		2,094,310
Gilead Sciences, Inc.*		21,398		2,099,786
Total Biotechnology				6,313,707
Chemicals–5.1%
LyondellBasell Industries N.V., Class A		25,097		2,203,517
Monsanto Co.		19,016		2,140,061
Sherwin-Williams Co. (The)		7,462		2,122,939
Valspar Corp. (The)		25,411		2,135,286
Westlake Chemical Corp.		32,028		2,304,094
Total Chemicals				10,905,897
Commercial Services–2.0%
Gartner, Inc.*		25,906		2,172,218
Moody's Corp.		21,080		2,188,104

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services (continued)
Total Commercial Services			$	4,360,322
Computers–5.8%
Apple, Inc.		17,258		2,147,413
DST Systems, Inc.		19,975		2,211,432
EMC Corp.		83,708		2,139,576
Lexmark International, Inc., Class A		49,300		2,087,362
NetApp, Inc.		60,387		2,141,323
SanDisk Corp.		25,688		1,634,271
Total Computers				12,361,377
Cosmetics/Personal Care–2.0%
Coty, Inc., Class A*		88,332		2,143,818
Estee Lauder Cos., Inc. (The), Class A		25,500		2,120,580
Total Cosmetics/Personal Care				4,264,398
Distribution/Wholesale–1.0%
W.W. Grainger, Inc.		9,180		2,164,736
Diversified Financial Services–4.9%
American Express Co.		26,792		2,092,991
Discover Financial Services		37,468		2,111,322
Franklin Resources, Inc.		41,276		2,118,285
Synchrony Financial*		69,020		2,094,757
Visa, Inc., Class A		31,945		2,089,522
Total Diversified Financial Services				10,506,877
Electrical Components & Equipment–1.0%
Emerson Electric Co.		38,014		2,152,353
Electronics–3.0%
Corning, Inc.		92,616		2,100,531
Mettler-Toledo International, Inc.*		6,643		2,183,221
Thermo Fisher Scientific, Inc.		15,946		2,142,186
Total Electronics				6,425,938
Food–2.0%
Hershey Co. (The)		21,080		2,127,183
Ingredion, Inc.		26,911		2,094,214
Total Food				4,221,397

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products–4.0%
C.R. Bard, Inc.		12,771	$	2,137,227
Henry Schein, Inc.*		15,234		2,126,971
St. Jude Medical, Inc.		32,504		2,125,762
Varian Medical Systems, Inc.*		23,054		2,169,150
Total Healthcare - Products				8,559,110
Healthcare - Services–4.0%
HCA Holdings, Inc.*		28,347		2,132,545
Health Net, Inc.*		35,429		2,143,100
Humana, Inc.		11,949		2,127,161
UnitedHealth Group, Inc.		18,788		2,222,433
Total Healthcare - Services				8,625,239
Household Products/Wares–1.0%
Kimberly-Clark Corp.		19,880		2,129,347
Housewares–1.0%
Newell Rubbermaid, Inc.		55,012		2,149,319
Insurance–5.0%
Aflac, Inc.		34,136		2,185,045
Aon PLC		22,236		2,137,324
Arch Capital Group Ltd.*		34,680		2,136,288
Chubb Corp. (The)		21,216		2,144,938
Travelers Cos., Inc. (The)		19,912		2,153,085
Total Insurance				10,756,680
Internet–2.0%
eBay, Inc.*		37,761		2,178,055
Priceline Group, Inc. (The)*		1,836		2,137,379
Total Internet				4,315,434
Leisure Time–1.0%
Harley-Davidson, Inc.		35,502		2,156,391
Lodging–2.1%
Marriott International, Inc., Class A		26,792		2,151,933
Starwood Hotels & Resorts Worldwide, Inc.		27,084		2,261,514
Total Lodging				4,413,447

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Machinery - Diversified–3.0%
Cummins, Inc.		15,640	$	2,168,330
Deere & Co.		24,282		2,129,289
Rockwell Automation, Inc.		18,700		2,169,012
Total Machinery - Diversified				6,466,631
Media–3.0%
Nielsen N.V.		49,028		2,185,178
Twenty-First Century Fox, Inc., Class A		62,408		2,111,887
Viacom, Inc., Class B		31,298		2,137,653
Total Media				6,434,718
Miscellaneous Manufacturing–4.0%
3M Co.		12,905		2,128,680
Illinois Tool Works, Inc.		21,873		2,124,743
Parker-Hannifin Corp.		18,224		2,164,646
Pentair PLC (United Kingdom)		33,995		2,137,946
Total Miscellaneous Manufacturing				8,556,015
Office/Business Equipment–1.0%
Xerox Corp.		165,580		2,127,703
Oil & Gas–3.9%
Marathon Petroleum Corp.		20,740		2,123,569
Tesoro Corp.		23,042		2,103,504
Valero Energy Corp.		33,592		2,137,123
Western Refining, Inc.		42,695		2,108,706
Total Oil & Gas				8,472,902
Oil & Gas Services–3.0%
Cameron International Corp.*		48,756		2,199,871
Forum Energy Technologies, Inc.*		109,276		2,141,810
National Oilwell Varco, Inc.		44,268		2,212,957
Total Oil & Gas Services				6,554,638
Packaging & Containers–2.0%
Ball Corp.		30,397		2,147,244
Rock-Tenn Co., Class A		33,320		2,149,140
Total Packaging & Containers				4,296,384

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals–5.1%
Merck & Co., Inc.		36,840	$	2,117,563
Pfizer, Inc.		62,719		2,181,994
Quintiles Transnational Holdings, Inc.*		33,140		2,219,386
VCA, Inc.*		41,093		2,252,718
Zoetis, Inc.		46,933		2,172,529
Total Pharmaceuticals				10,944,190
Retail–6.0%
AutoZone, Inc.*		3,250		2,217,020
CVS Health Corp.		20,788		2,145,529
Dollar General Corp.*		28,628		2,157,979
Gap, Inc. (The)		50,354		2,181,839
Home Depot, Inc. (The)		19,185		2,179,608
McDonald's Corp.		21,964		2,140,172
Total Retail				13,022,147
Semiconductors–4.1%
Intel Corp.		71,712		2,242,435
Linear Technology Corp.		46,756		2,188,181
QUALCOMM, Inc.		31,859		2,209,103
Texas Instruments, Inc.		37,078		2,120,305
Total Semiconductors				8,760,024
Software–4.0%
Citrix Systems, Inc.*		33,741		2,155,038
Fiserv, Inc.*		27,472		2,181,276
Oracle Corp.		49,926		2,154,307
VMware, Inc., Class A*		26,180		2,147,022
Total Software				8,637,643
Telecommunications–1.0%
Verizon Communications, Inc.		43,928		2,136,219
Total Common Stocks (Cost $210,239,153)				214,808,234

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares		Value
MONEY MARKET FUND–0.1%
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 0.01%(a) (Cost $138,821)		138,821	$	138,821
Total Investments–100.0% (Cost $210,377,974)				214,947,055
Liabilities in Excess of Other Assets–(0.0)%**				(15,589	)
Net Assets–100.0%			$	214,931,466

PLC - Public Limited Company

* Non-income producing security.

** Less than 0.05%.

(a) Rate shown reflects the 7-day yield as of March 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Advertising		2.0	%
Aerospace/Defense		1.0
Agriculture		2.0
Apparel		1.0
Auto Parts & Equipment		1.0
Beverages		3.0
Biotechnology		2.9
Chemicals		5.1
Commercial Services		2.0
Computers		5.8
Cosmetics/Personal Care		2.0
Distribution/Wholesale		1.0
Diversified Financial Services		4.9

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Electrical Components & Equipment		1.0
Electronics		3.0
Food		2.0
Healthcare - Products		4.0
Healthcare - Services		4.0
Household Products/Wares		1.0
Housewares		1.0
Insurance		5.0
Internet		2.0
Leisure Time		1.0
Lodging		2.1
Machinery - Diversified		3.0
Media		3.0
Miscellaneous Manufacturing		4.0
Office/Business Equipment		1.0
Oil & Gas		3.9
Oil & Gas Services		3.0
Packaging & Containers		2.0
Pharmaceuticals		5.1
Retail		6.0
Semiconductors		4.1
Software		4.0
Telecommunications		1.0
Money Market Fund		0.1
Total Investments		100.0
Liabilities in Excess of Other Assets		(0.0	)*
Net Assets		100.0	%

*Less than 0.05%.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments
March 31, 2015 (Unaudited)
Investments	Shares		Value
COMMON STOCKS-95.4%
Apparel–1.8%
LVMH Moet Hennessy Louis Vuitton SE (France)(a)		8,594	$	302,853
Biotechnology–3.9%
CSL Ltd. (Australia)(a)(b)		18,210		637,168
Chemicals–3.5%
Novozymes A/S (Denmark)(a)(b)		12,634		577,121
Commercial Services–6.5%
Experian PLC (Ireland)(a)		35,556		586,497
SGS SA (Switzerland)(a)		25,640		487,416
Total Commercial Services				1,073,913
Cosmetics/Personal Care–2.6%
Svenska Cellulosa AB SCA (Sweden)(a)		18,263		420,232
Diversified Financial Services–4.4%
Lazard Ltd., Class A (Bermuda)		13,651		717,906
Electronics–4.2%
Sensata Technologies Holding N.V. (Netherlands)*		11,989		688,768
Food–9.7%
Chr. Hansen Holding A/S (Denmark)(a)(b)		31,605		728,494
Nestle SA (Switzerland)(a)		7,960		598,756
Shoprite Holdings Ltd. (South Africa)(a)(b)		19,867		268,801
Total Food				1,596,051
Healthcare - Products–2.5%
Sysmex Corp. (Japan)(a)(b)		14,655		407,922
Household Products/Wares–3.9%
Reckitt Benckiser Group PLC (United Kingdom)(a)		37,879		648,110
Insurance–4.4%
ACE Ltd. (Switzerland)		6,545		729,702
Internet–5.9%
Tencent Holdings Ltd. (China)(a)		40,140		761,456
Yandex N.V., Class A (Netherlands)*		13,166		199,662
Total Internet				961,118

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Machinery - Diversified–3.7%
FANUC Corp. (Japan)(a)		16,671	$	609,492
Oil & Gas Services–2.5%
Core Laboratories N.V. (Netherlands)(b)		3,854		402,704
Pharmaceuticals–8.3%
Novo Nordisk A/S (Denmark)(a)		13,613		726,798
Perrigo Co. PLC (Ireland)		3,864		639,685
Total Pharmaceuticals				1,366,483
Retail–6.0%
Inditex SA (Spain)(a)		25,605		408,272
Swatch Group AG (The) (Switzerland)(a)(b)		12,852		270,342
Wal-Mart de Mexico SAB de CV (Mexico)(a)		12,299		306,368
Total Retail				984,982
Semiconductors–13.8%
ARM Holdings PLC (United Kingdom)(a)		12,004		591,797
ASML Holding N.V. (Netherlands)(c)		6,678		674,678
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)		41,889		983,553
Total Semiconductors				2,250,028
Transportation–7.8%
Canadian National Railway Co. (Canada)		9,063		606,043
Canadian Pacific Railway Ltd. (Canada)		3,697		675,442
Total Transportation				1,281,485
				–
Total Common Stocks (Cost $13,188,066)				15,656,038
MONEY MARKET FUND–4.6%
Invesco Government & Agency Portfolio - Private Investment Class, 0.01%(d) (Cost $763,484)		763,484		763,484
REPURCHASE AGREEMENTS–7.3%(e)
Citibank NA, dated 03/31/15, due 04/01/15, 0.14%, total to be received $179,701, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 08/15/16-02/15/55, totaling $183,294)	$	179,700		179,700

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.18%, total to be received $278,836, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 02/15/16-03/01/48, totaling $284,412)	$	278,835	$	278,835
HSBC Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.11%, total to be received $278,836, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.38%, 04/15/15-07/15/32, totaling $284,412)		278,835		278,835
Mizuho Securities USA, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $181,796, (collateralized by various U.S. Government Agency Obligations, 2.00%-5.00%, 05/01/44-04/01/45, totaling $185,431)		181,795		181,795
Nomura Securities Intl., Inc., dated 03/31/15, due 04/01/15, 0.13%, total to be received $278,836, (collateralized by various U.S. Government Agency Obligations, 1.28%-7.50%, 08/18/15-03/20/65, totaling $284,412)		278,835		278,835
Total Repurchase Agreements (Cost $1,198,000)				1,198,000
Total Investments–107.3% (Cost $15,149,550)				17,617,522
Liabilities in Excess of Other Assets–(7.3)%				(1,193,644	)
Net Assets–100.0%			$	16,423,878

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 $1,166,358; the aggregate market value of the collateral held by the fund is $1,198,000.  

(c) Registered Shares.

(d) Rate shown reflects the 7-day yield as of March 31, 2015.

(e) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF  
Schedule of Investments (continued)

March 31, 2015 (Unaudited)  

SUMMARY OF SCHEDULE OF INVESTMENTS      

	% of
	Net Assets
Apparel		1.8	%
Biotechnology		3.9
Chemicals		3.5
Commercial Services		6.5
Cosmetics/Personal Care		2.6
Diversified Financial Services		4.4
Electronics		4.2
Food		9.7
Healthcare - Products		2.5
Household Products/Wares		3.9
Insurance		4.4
Internet		5.9
Machinery - Diversified		3.7
Oil & Gas Services		2.5
Pharmaceuticals		8.3
Retail		6.0
Semiconductors		13.8
Transportation		7.8
Money Market Fund		4.6
Repurchase Agreements		7.3
Total Investments		107.3
Liabilities in Excess of Other Assets		(7.3	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES YIELDPRO ETF

Schedule of Investments

March 31, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS-64.6%
Debt Fund–64.6%
iShares iBoxx $ High Yield Corporate Bond ETF		71,422	$	6,471,547
iShares iBoxx $ Investment Grade Corporate Bond ETF		37,433		4,555,970
iShares U.S. Preferred Stock ETF		119,990		4,812,799
PowerShares Preferred Portfolio		189,623		2,827,279
PowerShares Senior Loan Portfolio		121,297		2,922,045
SPDR Blackstone/GSO Senior Loan ETF		60,298		2,970,882
Vanguard Intermediate-Term Corporate Bond ETF		36,925		3,238,323
Vanguard Long-Term Corporate Bond ETF		28,924		2,721,604
Total Exchange Traded Funds (Cost $29,970,655)				30,520,449
COMMON STOCKS-21.0%
Agriculture–1.9%
Philip Morris International, Inc.		11,951		900,269
Commercial Services–2.3%
R.R. Donnelley & Sons Co.		57,032		1,094,444
Oil & Gas–1.7%
Ensco PLC, Class A (United Kingdom)		14,916		314,280
Noble Corp. PLC (United Kingdom)		34,503		492,703
Total Oil & Gas				806,983
Pharmaceuticals–2.4%
Pfizer, Inc.		33,188		1,154,611
Real Estate Investment Trust–6.1%
American Capital Agency Corp.		29,516		629,576
Annaly Capital Management, Inc.		72,246		751,359
Chimera Investment Corp.		77,031		241,877
Hatteras Financial Corp.		8,920		161,987
Invesco Mortgage Capital, Inc.		12,291		190,879
MFA Financial, Inc.		30,079		236,421
Starwood Property Trust, Inc.		15,698		381,461
Two Harbors Investment Corp.		26,716		283,724
Total Real Estate Investment Trust				2,877,284

See accompanying Notes to Schedules of Investments.

ADVISORSHARES YIELDPRO ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Shares/Contracts		Value
COMMON STOCKS (continued)
Retail–1.5%
Staples, Inc.		44,894	$	731,099
Telecommunications–5.1%
AT&T, Inc.		35,166		1,148,170
Verizon Communications, Inc.		25,637		1,246,727
Total Telecommunications				2,394,897
Total Common Stocks (Cost $10,187,744)				9,959,587
MONEY MARKET FUND–13.3%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%(a) (Cost $6,317,565)		6,317,565		6,317,565
PURCHASED CALL OPTIONS–0.2%
Chicago Board Options Exchange SPX Volatility Index Option expiring 04/15/15, Strike Price $21.00		500		18,750
Chicago Board Options Exchange SPX Volatility Index Option expiring 04/15/15, Strike Price $29.00		1,000		10,000
ProShares UltraShort 20+ Year Treasury Option expiring 04/17/15, Strike Price $43.00		1,000		63,500
Total Purchased Call Options (Cost $132,175)				92,250
PURCHASED PUT OPTIONS–0.8%
iShares 20+ Year Treasury Bond ETF Option expiring 04/17/15, Strike Price $122.00		1,000		6,500
iShares iBoxx $ High Yield Corporate Bond ETF Option expiring 04/17/15, Strike Price $89.00		850		21,250
iShares U.S. Preferred Stock ETF Option expiring 07/17/15, Strike Price $39.00		1,751		65,663
Noble Corp. PLC Option expiring 04/17/15, Strike Price $12.00 (United Kingdom)		360		4,680
Philip Morris International, Inc. Option expiring 06/19/15, Strike Price $75.00		124		26,412

See accompanying Notes to Schedules of Investments.

ADVISORSHARES YIELDPRO ETF
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
Investments	Contracts		Value
PURCHASED PUT OPTIONS (continued)
PowerShares DB U.S. Dollar Index Bullish Fund Option expiring 06/19/15, Strike Price $25.00		1,000	$	15,500
PowerShares Senior Loan Portfolio Option expiring 04/17/15, Strike Price $23.00		1,500		11,250
SPDR S&P 500 ETF Trust Option expiring 04/17/15, Strike Price $201.00		500		50,000
SPDR S&P 500 ETF Trust Option expiring 04/17/15, Strike Price $205.00		1,000		198,500
Total Purchased Put Options (Cost $555,374)				399,755
Total Purchased Options - 1.0%
(Cost $687,549)				492,005
Total Investments–99.9% (Cost $47,163,513)				47,289,606
Other Assets in Excess of Liabilities–0.1%				63,840
Net Assets–100.0%			$	47,353,446

ETF - Exchange Traded Fund

PLC - Public Limited Company 

(a) Rate shown reflects the 7-day yield as of March 31, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES YIELDPRO ETF

Schedule of Investments (continued)

March 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Agriculture		1.9	%
Commercial Services		2.3
Debt Fund		64.6
Oil & Gas		1.7
Pharmaceuticals		2.4
Purchased Call Options		0.2
Purchased Put Options		0.8
Real Estate Investment Trust		6.1
Retail		1.5
Telecommunications		5.1
Money Market Fund		13.3
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

Notes to the Schedules of Investments (Unaudited)

March 31, 2015

The Consolidated Schedules of Investments of the ETF's listed below include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions

have been eliminated in consoldiation.

Funds	Wholly Owned Subsidiary
AdvisorShares Gartman Gold/Euro ETF	AdvisorShares Gartman Gold/Euro CFC
AdvisorShares Gartman Gold/Yen ETF	AdvisorShares Gartman Gold/Yen CFC

The Funds utilize various inputs 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.

The following is a summary of the inputs used as of March 31, 2015 in valuing the Funds’ assets carried at fair value:

	Accuvest Global Long Short ETF			Athena High Dividend ETF		EquityPro ETF		Gartman Gold/Euro ETF			Gartman Gold/Yen ETF			Global Echo ETF
Assets
Level 1
Exchange Traded Funds	$	13,048,911		$	-	$	24,894,679	$	-		$	-		$	-
Common Stocks		-			13,726,337		-		-			-			4,889,919
Money Market Funds		105,602			57,363		1,984,713		8,553,565			8,511,495			723,121
Level 2
Asset Backed Securities		-			-		-		-			-			1,200,814
Municipal Bonds		-			-		-		-			-			300,000
Repurchase Agreements for Securities Loaned		-			3,282,987		1,688,438		-			-			445,194
U.S. Government Agency Securities		-			-		-		-			-			834,089
Swaps Contracts†		85,479			-		-		-			-			-
Liabilities
Level 1
Futures Contracts†		-			-		-		(391,713	)		(283,434	)		-
Level 2
Swaps Contracts†		(81,871	)		-		-		-			-			-
Total	$	13,158,121		$	17,066,687	$	28,567,830	$	8,161,852		$	8,228,061		$	8,393,137

	Madrona Domestic ETF		Madrona Global Bond ETF		Madrona International ETF		Meidell Tactical Advantage ETF		Morgan Creek Global Tactical ETF*		Newfleet Multi- Sector Income ETF
Assets
Level 1
Exchange Traded Funds	$	-	$	27,315,572	$	-	$	15,703,796	$	9,511,759	$	-
Common Stocks		30,055,444		-		17,085,741		-		-		-
Money Market Funds		451,745		300,098		350,475		648,437		2,594,581		1,738,498
Closed-End Fund		-		-		-		-		639,438		-
Level 2
Corporate Bonds		-		-		-		-		-		38,538,140
Foreign Bonds		-		-		-		-		-		11,734,993
U.S. Treasury Note		-		-		-		-		-		4,016,248
U.S. Government Agency Securities		-		-		-		-		-		1,670,319
Asset Backed Securities		-		-		-		-		-		54,034,958
Mortgage Backed Securities		-		-		-		-		-		59,115,115
Common Stocks		476		-		-		-		-		-
Term Loans		-		-		-		-		-		26,050,961
Repurchase Agreements for Securities Loaned		519,167		623,412		4,253,320		5,116,893		1,673,056		1,815,574
Total	$	31,026,832	$	28,239,082	$	21,689,536	$	21,469,126	$	14,418,834	$	198,714,806

	Pacific Asset Enhanced Floating Rate ETF			Peritus High Yield ETF		Pring Turner Business Cycle ETF		QAM Equity Hedge ETF			Ranger Equity Bear ETF			Sage Core Reserves ETF
Assets
Level 1
Exchange Traded Funds	$	-		$	-	$	1,502,431	$	6,460,063		$	29,811,000		$	-
Exchange Traded Note		-			-		-		6,163			-			-
Common Stocks		-			3,759,045		2,431,186		-			-			-
Money Market Funds		9,617,413			5,646,515		558,282		589,344			15,359,367			2,920,570
Level 2
Corporate Bonds		3,708,690			280,582,537		-		-			-			14,090,430
Foreign Bonds		-			49,532,269		-		-			-			3,395,243
U.S. Treasury Note		-			-		-		-			-			1,861,017
U.S. Treasury Bill		-			-		-		-			-			99,961
Asset Backed Securities		-			-		-		-			-			4,762,946
Mortgage Backed Securities		-			-		-		-			-			6,870,936
Municipal Bond		-			-		-		-			-			580,000
Term Loans		22,974,833			80,657,902		-		-			-			-
Repurchase Agreements for Securities Loaned		-			90,127,384		95,164		-			-			274,422
Liabilities
Level 1
Exchange Traded Funds		-			-		-		(468,756	)		-			-
Common Stocks		-			-		-		-			(124,074,128	)		-
Futures†		-			-		-		-			-			(10,916	)
Level 2
Swaps Contracts†		(7,072	)		-		-		-			-			-
Total	$	36,293,864		$	510,305,652	$	4,587,063	$	6,586,814		$	(78,903,761	)	$	34,844,609

	STAR Global Buy- Write ETF			Sunrise Global Multi-Strategy ETF			TrimTabs Float Shrink ETF		WCM/BNY Mellon Focused Growth ADR ETF		YieldPro ETF
Assets
Level 1
Exchange Traded Funds	$	23,340,385		$	1,420,696		$	-	$	-	$	30,520,449
Common Stocks		405,006			-			214,808,234		15,656,038		9,959,587
Money Market Funds		1,187,995			98,760			138,821		763,484		6,317,565
Purchased Options		-			-			-		-		492,005
Futures Contracts†		-			4,301			-		-		-
Level 2
U.S. Treasury Note		1,036,953			-			-		-		-
Repurchase Agreements for Securities Loaned		-			-			-		1,198,000		-
Liabilities
Level 1
Written Options		(17,738	)		-			-		-		-
Futures Contracts†		-			(3,176	)		-		-		-
Total	$	25,952,601		$	1,520,581		$	214,947,055	$	17,617,522	$	47,289,606

† Derivative instruments, including swap contracts and futures contracts, are valued at the net unrealized gain (loss) on the instrument.

* Formerly known as, Cambria Global Tactical ETF.

There were no transfers between Level 1 and Level 2 fair value measurements that occurred during the period ended March 31, 2015.

The Funds did not hold any level 3 securities as of March 31, 2015.

At March 31, 2015, the approximate cost of investments, including short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

												Other
												Derivatives†
				Gross		Gross			Net Unrealized			Net Unrealized
Fund	Cost			Unrealized Appreciation		Unrealized Depreciation			Appreciation (Depreciation)			Appreciation (Depreciation)
Accuvest Global Long Short ETF	$	12,755,720		$	480,850	$	(82,057	)	$	398,793		$	3,608
Athena High Dividend ETF		18,166,697			257,235		(1,357,245	)		(1,100,010	)		-
EquityPro ETF		29,094,106			14,645		(540,921	)		(526,276	)		-
Gartman Gold/Euro ETF		8,553,565			-		-			-			(391,713	)
Gartman Gold/Yen ETF		8,511,495			-		-			-			(283,434	)
Global Echo ETF		7,849,953			659,335		(116,151	)		543,184			-
Madrona Domestic ETF		27,048,315			4,829,452		(850,935	)		3,978,517			-
Madrona Global Bond ETF		27,755,120			846,037		(362,075	)		483,962			-
Madrona International ETF		21,745,704			1,364,896		(1,421,064	)		(56,168	)		-
Meidell Tactical Advantage ETF		21,031,121			472,516		(34,511	)		438,005			-
Morgan Creek Global Tactical ETF*		13,958,491			830,128		(369,785	)		460,343			-
Newfleet Multi-Sector Income ETF		199,570,427			1,289,442		(2,145,063	)		(855,621	)		-
Pacific Asset Enhanced Floating Rate ETF		36,329,775			52,597		(81,436	)		(28,839	)		(7,072	)
Peritus High Yield ETF		546,290,527			2,296,973		(38,281,848	)		(35,984,875	)		-
Pring Turner Business Cycle ETF		4,459,526			273,454		(145,917	)		127,537			-
QAM Equity Hedge ETF		6,338,994			336,427		(88,607	)		247,820			-
Ranger Equity Bear ETF		(81,766,439	)		5,981,261		(3,118,583	)		2,862,678			-
Sage Core Reserves ETF		34,942,843			34,330		(121,648	)		(87,318	)		(10,916	)
STAR Global Buy-Write ETF		24,252,475			1,888,826		(188,700	)		1,700,126			-
Sunrise Global Multi-Strategy ETF		1,450,132			69,740		(416	)		69,324			1,125
TrimTabs Float Shrink ETF		210,377,974			7,204,307		(2,635,226	)		4,569,081			-
WCM/BNY Mellon Focused Growth ADR ETF		15,149,550			2,954,582		(486,610	)		2,467,972			-
YieldPro ETF		47,163,513			1,376,222		(1,250,129	)		126,093			-

† Derivative instruments, including swap contracts and futures contracts, are valued at the net unrealized gain (loss) on the instrument.

* Formerly known as, Cambria Global Tactical ETF.

Affiliated holdings are funds which are managed by AdvisorShares Trust or an affiliate of AdvisorShares Trust. Transactions with affiliated companies during the period ended March 31, 2015 are as follows:

Affiliated Fund Name	Value at 06/30/2014		Purchases/ Additions		Sales/ Reductions			Value at 03/31/2015		Dividend Income		Realized Gain (Loss)
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	)
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		(139,283	)		347,795		1,366		(333	)
Ranger Equity Bear ETF
Sage Core Reserves ETF		29,943,000		-		-			29,811,000		102,765		-
STAR Global Buy-Write ETF
Sage Core Reserves ETF		262,001		12,424		(24,889	)		248,425		867		(111	)
YieldPro ETF
Peritus High Yield ETF		10,049,182		-		(9,444,655	)		-		174,117		(490,110	)

Item 2. 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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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 05/05/15

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 05/05/15

By (Signature and Title)*	/s/ Dan Ahrens
	Dan Ahrens, Treasurer
	(principal financial officer)

Date 05/05/15

^* Print the name and title of each signing officer under his or her signature.