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: September 30, 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 ATHENA HIGH DIVIDEND ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.3%
Agriculture – 2.4%
Philip Morris International, Inc.		2,417	$	191,741
Airlines – 2.9%
Copa Holdings SA, Class A (Panama)(a)		5,507		230,909
Auto Manufacturers – 2.4%
General Motors Co.		6,257		187,835
Banks – 10.2%
Banco de Chile (Chile)(b)		3,080		193,424
Banco Santander Chile (Chile)(b)		11,968		218,057
Corpbanca SA (Chile)(a)(b)		15,654		208,668
Nedbank Group Ltd. (South Africa)(b)		11,926		189,385
Total Banks				809,534
Chemicals – 2.6%
Braskem SA (Brazil)(b)		24,810		209,148
Electric – 7.4%
CPFL Energia SA (Brazil)*(a)(b)		24,127		180,953
Entergy Corp.		3,136		204,153
Huaneng Power International, Inc. (China)(b)		4,746		200,756
Total Electric				585,862
Internet – 4.2%
SouFun Holdings Ltd. (China)(a)(b)		50,374		332,468
Investment Companies – 2.9%
Prospect Capital Corp.		31,683		225,900
Iron/Steel – 3.1%
Vale SA (Brazil)(a)(b)		58,767		246,821
Oil & Gas – 11.5%
China Petroleum & Chemical Corp. (China)(b)		2,749		169,173
CNOOC Ltd. (China)(a)(b)		2,003		206,469
Ecopetrol SA (Colombia)(b)		20,310		174,666
Helmerich & Payne, Inc.(a)		3,518		166,261
Sasol Ltd. (South Africa)(b)		6,854		190,678
Total Oil & Gas				907,247
Packaging & Containers – 2.6%
Greif, Inc., Class A		6,387		203,809

See accompanying Notes to Schedule of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Pipelines – 7.3%
Energy Transfer Partners LP		3,434	$	141,034
Kinder Morgan, Inc.		7,528		208,375
ONEOK, Inc.		7,128		229,522
Total Pipelines				578,931
Real Estate Investment Trusts – 11.2%
CBL & Associates Properties, Inc.		19,116		262,845
Digital Realty Trust, Inc.(a)		3,334		217,777
Lamar Advertising Co., Class A		3,775		196,980
Senior Housing Properties Trust		12,566		203,569
Total Real Estate Investment Trusts				881,171
Retail – 2.6%
Wal-Mart de Mexico SAB de CV (Mexico)(b)		8,226		202,689
Semiconductors – 3.3%
Advanced Semiconductor Engineering, Inc. (Taiwan)(b)		46,877		257,355
Telecommunications – 19.8%
AT&T, Inc.		6,666		217,178
CenturyLink, Inc.		11,405		286,493
Chunghwa Telecom Co. Ltd. (Taiwan)(a)(b)		6,183		186,850
Frontier Communications Corp.		28,938		137,456
Telecom Argentina SA (Argentina)(b)		18,416		268,137
Turkcell Iletisim Hizmetleri AS (Turkey)(b)		19,103		165,814
Verizon Communications, Inc.		4,040		175,780
Windstream Holdings, Inc.		20,890		128,265
Total Telecommunications				1,565,973
Toys/Games/Hobbies – 2.9%
Mattel, Inc.(a)		10,880		229,133
Total Common Stocks
(Cost $9,499,014)				7,846,526
MONEY MARKET FUND – 0.5%
Goldman Sachs Financial Square Fund, 0.13%(c)
(Cost $40,001)		40,001		40,001
REPURCHASE AGREEMENTS – 14.5%(d)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $172,066, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $175,506)	$	172,065		172,065

See accompanying Notes to Schedule of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $266,989, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-7/15/37, totaling $272,328)	$	266,988	$	266,988
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $174,071, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $177,551)		174,070		174,070
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $266,989, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $272,328)		266,988		266,988
RBC Capital Markets LLC, dated 09/30/15, due 10/01/15, 0.10%, total to be received $269,989, (collateralized by various U.S. Government Agency Obligations, 1.88%-7.00%, 04/20/25-05/20/65, totaling $272,328)		266,988		266,988
Total Repurchase Agreements
(Cost $1,147,099)				1,147,099
Total Investments – 114.3%
(Cost $10,686,114)				9,033,626
Liabilities in Excess of Other Assets – (14.3)%				(1,131,977	)
Net Assets – 100.0%			$	7,901,649

LP - Limited Partnership

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,475,397; the aggregate market value of the collateral held by the fund is $1,521,559.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $374,460.
(b)	American Depositary Receipt.
(c)	Rate shown reflects the 7-day yield as of September 30, 2015.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedule of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Agriculture		2.4	%
Airlines		2.9
Auto Manufacturers		2.4
Banks		10.2
Chemicals		2.6
Electric		7.4
Internet		4.2
Investment Companies		2.9
Iron/Steel		3.1
Oil & Gas		11.5
Packaging & Containers		2.6
Pipelines		7.3
Real Estate Investment Trusts		11.2
Retail		2.6
Semiconductors		3.3
Telecommunications		19.8
Toys/Games/Hobbies		2.9
Money Market Fund		0.5
Repurchase Agreements		14.5
Total Investments		114.3
Liabilities in Excess of Other Assets		(14.3	)
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES EQUITYPRO ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS – 84.9%
Debt Fund – 65.2%
iShares 1-3 Year Credit Bond ETF		28,800	$	3,027,743
iShares 1-3 Year Treasury Bond ETF		27,700		2,354,223
SPDR Barclays Short Term Corporate Bond ETF		85,300		2,603,356
Vanguard Short-Term Bond ETF		29,800		2,395,622
Vanguard Short-Term Corporate Bond ETF		29,800		2,375,358
Vanguard Short-Term Government Bond ETF		35,200		2,154,944
Total Debt Fund				14,911,246
Equity Fund – 19.7%
Alerian MLP ETF(a)		14,410		179,837
Energy Select Sector SPDR Fund		2,809		171,911
Guggenheim S&P 500 Equal Weight Consumer Staples ETF(a)		8,584		911,535
Guggenheim S&P 500 Pure Growth ETF(a)		13,757		1,064,655
Health Care Select Sector SPDR Fund(a)		1,640		108,617
Industrial Select Sector SPDR Fund(a)		7,232		360,804
PowerShares Dynamic Pharmaceuticals Portfolio		11,895		789,233
Technology Select Sector SPDR Fund		23,180		915,610
Total Equity Fund				4,502,202
Total Exchange Traded Funds
(Cost $19,807,827)				19,413,448
MONEY MARKET FUND – 15.3%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%(b)
(Cost $3,504,477)		3,504,477		3,504,477
REPURCHASE AGREEMENTS – 8.4%(c)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $289,837, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $295,633)	$	289,836		289,836
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $449,730, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-07/15/37, totaling $458,724)		449,729		449,729
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $293,215, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $299,078)		293,214		293,214

See accompanying Notes to Schedule of Investments.

ADVISORSHARES EQUITYPRO ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $449,731, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $458,724)	$	449,729	$	449,729
Morgan Stanley & Co. LLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $449,730, (collateralized by various U.S. Government Agency Obligations, 2.13%-10.50%, 05/15/16-09/01/45, totaling $458,724)		449,729		449,729
Total Repurchase Agreements
(Cost $1,932,237)				1,932,237
Total Investments – 108.6%
(Cost $25,244,541)				24,850,162
Liabilities in Excess of Other Assets – (8.6)%				(1,972,844	)
Net Assets – 100.0%			$	22,877,318

ETF - Exchange Traded Fund

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,887,973; the aggregate market value of the collateral held by the fund is $1,932,237.  

(b) Rate shown reflects the 7-day yield as of September 30, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Debt Fund		65.2	%
Equity Fund		19.7
Money Market Fund		15.3
Repurchase Agreements		8.4
Total Investments		108.6
Liabilities in Excess of Other Assets		(8.6	)
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GARTMAN GOLD/EURO ETF

Schedule of Investments (Consolidated)†

September 30, 2015 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND – 59.1%
BNY Mellon Cash Reserve, 0.01% (Cost $8,657,029)		8,657,029	$	8,657,029
Total Investments – 59.1% (Cost $8,657,029)				8,657,029
Other Assets in Excess of Liabilities – 40.9%				5,981,438
Net Assets – 100.0%			$	14,638,467

Futures contracts outstanding as of September 30, 2015:

Type	Broker	Expiration Date	Number of Contracts		Value at Trade Date			Value at September 30, 2015			Unrealized Appreciation (Depreciation)
EURO Currency	Interactive Brokers LLC	December 2015		(110)	$	(15,421,873	)	$	(15,371,125	)	$	50,748
Gold 100 Oz.	Interactive Brokers LLC	December 2015		144		16,633,772			16,058,880			(574,892	)
											$	(524,144	)

Cash posted as collateral to broker for futures contracts was $6,000,281 at September 30, 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 Schedule of Investments.

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GARTMAN GOLD/YEN ETF

Schedule of Investments (Consolidated)†

September 30, 2015 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND – 61.6%
BNY Mellon Cash Reserve, 0.01% (Cost $11,307,480)		11,307,480	$	11,307,480
Total Investments – 61.6% (Cost $11,307,480)				11,307,480
Other Assets in Excess of Liabilities – 38.4%				7,053,988
Net Assets – 100.0%			$	18,361,468

Futures contracts outstanding as of September 30, 2015:

Type	Broker	Expiration Date	Number of Contracts		Value at Trade Date			Value at September 30, 2015			Unrealized Appreciation (Depreciation)
Gold 100 Oz.	Interactive Brokers LLC	December 2015		183	$	21,131,433		$	20,408,160		$	(723,273	)
Japanese Yen Currency	Interactive Brokers LLC	December 2015		(194)		(20,136,723	)		(20,231,775	)		(95,052	)
											$	(818,325	)

Cash posted as collateral to broker for futures contracts was $7,083,892 at September 30, 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 Schedule of Investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 65.3%
Apparel – 1.4%
Hanesbrands, Inc.(a)		900	$	26,046
NIKE, Inc., Class B		495		60,870
Wolverine World Wide, Inc.		925		20,017
Total Apparel				106,933
Auto Parts & Equipment – 0.8%
Johnson Controls, Inc.		1,449		59,931
Banks – 3.9%
Barclays PLC (United Kingdom)(b)		3,125		46,188
Northern Trust Corp.		1,224		83,428
PNC Financial Services Group, Inc. (The)		949		84,650
TCF Financial Corp.		3,245		49,194
Tompkins Financial Corp.		499		26,627
Total Banks				290,087
Beverages – 0.5%
Reed's, Inc.*(a)		7,660		35,006
Biotechnology – 2.4%
Amgen, Inc.		331		45,784
Illumina, Inc.*		603		106,019
Isis Pharmaceuticals, Inc.*(a)		581		23,484
Total Biotechnology				175,287
Building Materials – 1.1%
Apogee Enterprises, Inc.(a)		250		11,163
Geberit AG (Switzerland)(b)		546		16,489
Masco Corp.		1,988		50,058
Total Building Materials				77,710
Chemicals – 2.6%
Air Products & Chemicals, Inc.		180		22,964
Minerals Technologies, Inc.		680		32,749
Novozymes A/S (Denmark)(b)		3,128		135,599
Total Chemicals				191,312
Commercial Services – 3.9%
Automatic Data Processing, Inc.		870		69,913
Bright Horizons Family Solutions, Inc.*		582		37,388
Korn/Ferry International		775		25,629
ManpowerGroup, Inc.		425		34,803
MasterCard, Inc., Class A		890		80,207

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services (continued)
Where Food Comes From, Inc.*		15,971	$	39,928
Total Commercial Services				287,868
Computers – 2.6%
Apple, Inc.		920		101,475
EMC Corp.		2,793		67,479
Stratasys Ltd.*(a)		848		22,464
Total Computers				191,418
Cosmetics/Personal Care – 2.5%
Estee Lauder Cos., Inc. (The), Class A		480		38,726
Procter & Gamble Co. (The)		870		62,588
Unilever NV (United Kingdom)(c)		1,205		48,441
Unilever PLC (United Kingdom)(b)		950		38,741
Total Cosmetics/Personal Care				188,496
Diversified Financial Services – 1.7%
Ameriprise Financial, Inc.		249		27,173
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,653		28,465
MarketAxess Holdings, Inc.		312		28,979
Stifel Financial Corp.*		1,065		44,836
Total Diversified Financial Services				129,453
Electronics – 0.8%
Agilent Technologies, Inc.		660		22,658
Waters Corp.*		326		38,536
Total Electronics				61,194
Energy - Alternate Sources – 0.3%
Enphase Energy, Inc.*(a)		5,300		19,610
Environmental Control – 1.5%
Tomra Systems ASA (Norway) (a) (b)		11,638		110,677
Food – 3.4%
Boulder Brands, Inc.*(a)		3,040		24,898
Hain Celestial Group, Inc. (The)*		220		11,352
Kroger Co. (The)		2,076		74,882
Nestle SA (Switzerland)(b)		576		43,338
Sprouts Farmers Market, Inc.*(a)		2,001		42,221
SunOpta, Inc. (Canada)*		5,918		28,761
WhiteWave Foods Co. (The)*		628		25,214
Total Food				250,666

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products – 3.0%
Becton, Dickinson and Co.		274	$	36,349
Boston Scientific Corp.*		4,064		66,690
Hologic, Inc.*		2,224		87,025
Sirona Dental Systems, Inc.*		325		30,336
Total Healthcare - Products				220,400
Healthcare - Services – 0.3%
Amedisys, Inc.*		504		19,137
Home Furnishings – 0.6%
Dorel Industries, Inc., Class B (Canada)(a)		2,013		47,340
Household Products/Wares – 0.7%
Church & Dwight Co., Inc.		651		54,619
Insurance – 1.0%
Voya Financial, Inc.		1,818		70,484
Internet – 2.6%
eBay, Inc.*		1,430		34,949
F5 Networks, Inc.*		446		51,647
FireEye, Inc.*(a)		900		28,638
Google, Inc., Class A*		123		78,520
Total Internet				193,754
Machinery - Diversified – 2.0%
Rockwell Automation, Inc.		574		58,244
Wabtec Corp.		278		24,478
Xylem, Inc.		2,031		66,718
Total Machinery - Diversified				149,440
Miscellaneous Manufacturing – 2.5%
AO Smith Corp.		400		26,076
AptarGroup, Inc.		1,248		82,317
CLARCOR, Inc.(a)		400		19,072
Ingersoll-Rand PLC (Ireland)		410		20,816
Raven Industries, Inc.		2,069		35,070
Total Miscellaneous Manufacturing				183,351
Office Furnishings – 0.5%
Interface, Inc.		1,543		34,625
Packaging & Containers – 0.7%
Sealed Air Corp.		1,070		50,162

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals – 4.6%
Cardinal Health, Inc.		795	$	61,072
Johnson & Johnson		565		52,743
Novartis AG (Switzerland)(b)		930		85,486
Perrigo Co. PLC		419		65,896
Teva Pharmaceutical Industries Ltd. (Israel)(b)		1,328		74,979
Total Pharmaceuticals				340,176
Real Estate – 0.8%
CBRE Group, Inc., Class A*		1,108		35,456
Jones Lang LaSalle, Inc.		169		24,297
Total Real Estate				59,753
Retail – 5.8%
Chipotle Mexican Grill, Inc.*		78		56,180
Costco Wholesale Corp.		480		69,394
CVS Health Corp.		1,039		100,242
Kingfisher PLC (United Kingdom)(a)(b)		3,750		40,988
Starbucks Corp.		1,312		74,574
Target Corp.		1,065		83,773
Total Retail				425,151
Semiconductors – 4.1%
Broadcom Corp., Class A		744		38,264
Intel Corp.		693		20,887
IPG Photonics Corp.*(a)		776		58,953
NXP Semiconductors NV (Netherlands)*		726		63,213
QUALCOMM, Inc.		1,111		59,694
Xilinx, Inc.		1,544		65,465
Total Semiconductors				306,476
Software – 2.8%
Adobe Systems, Inc.*		993		81,644
Fiserv, Inc.*		1,198		103,759
Microsoft Corp.		534		23,635
Total Software				209,038
Telecommunications – 1.9%
Cisco Systems, Inc.		900		23,625
LogMeIn, Inc.*		506		34,489
Sierra Wireless, Inc. (Canada)*		2,824		59,756
Telenor ASA (Norway)(b)		436		24,433
Total Telecommunications				142,303

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Transportation – 0.9%
Canadian National Railway Co. (Canada)		684	$	38,824
Expeditors International of Washington, Inc.		521		24,513
Total Transportation				63,337
Water – 1.1%
American Water Works Co., Inc.		480		26,438
Severn Trent PLC (United Kingdom)(b)		1,760		58,165
Total Water				84,603
Total Common Stocks (Cost $4,778,715)				4,829,797
ASSET BACKED SECURITIES – 14.4%
SBA, 4.08%, 07/25/38@	$	125,759		146,188
SBA, 4.15%, 02/25/39@		165,370		191,447
SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29		167,891		182,212
SBAP, Class 1, Series 2010-20A, 4.38%, 01/01/30		129,138		140,495
SBAP, Class 1, Series 2010-20B, 4.14%, 02/01/30		252,074		273,329
U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20		123,086		129,887
Total Asset Backed Securities (Cost $1,062,178)				1,063,558
MUNICIPAL BOND – 4.1%
Allegheny County Residential Finance Authority, 0.14%, 11/01/35@ (Cost $300,000)		300,000		300,000
U.S. GOVERNMENT AGENCY SECURITIES – 10.3%
Federal National Mortgage Association, 3.76%, 05/01/43		338,359		361,349
Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43		202,591		207,994
Government National Mortgage Association, Class AE, Series 2015-41, 2.90%, 09/16/56		189,153		194,298
Total U.S. GOVERNMENT AGENCY SECURITIES (Cost $766,839)				763,641
MONEY MARKET FUNDS – 5.8%
Fidelity Institutional Money Market Government Portfolio - Class I 0.01%(d)		345,476		345,476

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
MONEY MARKET FUNDS (continued)
Fidelity Institutional Money Market Portfolio - Institutional Class 0.17%(d)		87,214	$	87,214
Total Money Market Funds (Cost $432,690)				432,690
REPURCHASE AGREEMENT – 2.8%(e)
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.11%, total to be received $207,778, (collateralized by various U.S. Government Agency Obligations, 0.63%-6.50%, 12/28/16-10/01/45, totaling $211,933) (Cost $207,777)	$	207,777		207,777
Total Investments – 102.7% (Cost $7,548,199)				7,597,463
Liabilities in Excess of Other Assets – (2.7)%				(199,651	)
Net Assets – 100.0%			$	7,397,812

PLC - Public Limited Company

* Non-income producing security.

@ Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2015.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $352,469; the aggregate market value of the collateral held by the fund is $363,355.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $155,578.

(b) American Depositary Receipt.

(c) Registered Shares.

(d) Rate shown reflects the 7-day yield as of September 30, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Apparel		1.4	%
Asset Backed Securities		14.4
Auto Parts & Equipment		0.8
Banks		3.9
Beverages		0.5
Biotechnology		2.4
Building Materials		1.1

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of
	Net Assets (continued)
Chemicals		2.6	%
Commercial Services		3.9
Computers		2.6
Cosmetics/Personal Care		2.5
Diversified Financial Services		1.7
Electronics		0.8
Energy - Alternate Sources		0.3
Environmental Control		1.5
Food		3.4
Healthcare - Products		3.0
Healthcare - Services		0.3
Home Furnishings		0.6
Household Products/Wares		0.7
Insurance		1.0
Internet		2.6
Machinery - Diversified		2.0
Miscellaneous Manufacturing		2.5
Municipal		4.1
Office Furnishings		0.5
Packaging & Containers		0.7
Pharmaceuticals		4.6
Real Estate		0.8
Retail		5.8
Semiconductors		4.1
Software		2.8
Telecommunications		1.9
Transportation		0.9
U.S. Government Agency Securities		10.3
Water		1.1
Money Market Fund		5.8
Repurchase Agreements		2.8
Total Investments		102.7
Liabilities in Excess of Other Assets		(2.7	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.8%
Advertising – 0.6%
Interpublic Group of Cos., Inc. (The)		4,101	$	78,452
Nielsen Holdings PLC		1,963		87,294
Omnicom Group, Inc.(a)		395		26,031
Total Advertising				191,777
Aerospace/Defense – 1.1%
Boeing Co. (The)		531		69,535
General Dynamics Corp.		316		43,592
L-3 Communications Holdings, Inc.		260		27,175
Lockheed Martin Corp.		208		43,120
Northrop Grumman Corp.		181		30,037
Raytheon Co.		226		24,693
Rockwell Collins, Inc.		512		41,902
United Technologies Corp.		593		52,771
Total Aerospace/Defense				332,825
Agriculture – 0.7%
Altria Group, Inc.		542		29,485
Archer-Daniels-Midland Co.		2,502		103,707
Philip Morris International, Inc.		223		17,691
Reynolds American, Inc.		1,492		66,051
Total Agriculture				216,934
Airlines – 2.0%
American Airlines Group, Inc.		5,019		194,888
Delta Air Lines, Inc.		4,522		202,902
Southwest Airlines Co.		5,497		209,106
Total Airlines				606,896
Apparel – 1.6%
Hanesbrands, Inc.(a)		3,276		94,807
Michael Kors Holdings Ltd.*		5,232		220,999
NIKE, Inc., Class B		300		36,891
Ralph Lauren Corp.		689		81,412
Under Armour, Inc., Class A*(a)		184		17,808
VF Corp.		641		43,723
Total Apparel				495,640
Auto Manufacturers – 1.7%
Ford Motor Co.		13,871		188,229
General Motors Co.		6,451		193,660

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Auto Manufacturers (continued)
PACCAR, Inc.		2,444	$	127,503
Total Auto Manufacturers				509,392
Auto Parts & Equipment – 1.5%
BorgWarner, Inc.		2,972		123,605
Delphi Automotive PLC		2,384		181,280
Johnson Controls, Inc.		3,534		146,166
Total Auto Parts & Equipment				451,051
Banks – 3.8%
Bank of America Corp.		4,923		76,700
Bank of New York Mellon Corp. (The)		1,812		70,940
BB&T Corp.		1,296		46,138
Capital One Financial Corp.		460		33,359
Citigroup, Inc.		3,371		167,234
Comerica, Inc.		849		34,894
Fifth Third Bancorp		1,290		24,394
Goldman Sachs Group, Inc. (The)		485		84,274
Huntington Bancshares, Inc.		4,224		44,774
JPMorgan Chase & Co.		745		45,423
KeyCorp		2,178		28,336
M&T Bank Corp.(a)		437		53,292
Morgan Stanley		3,743		117,904
Northern Trust Corp.		936		63,798
PNC Financial Services Group, Inc. (The)		363		32,380
Regions Financial Corp.		2,392		21,552
State Street Corp.		835		56,120
SunTrust Banks, Inc.		2,494		95,371
US Bancorp		520		21,325
Wells Fargo & Co.		939		48,218
Total Banks				1,166,426
Beverages – 0.9%
Brown-Forman Corp., Class B		177		17,151
Coca-Cola Co. (The)		416		16,690
Coca-Cola Enterprises, Inc.		317		15,327
Constellation Brands, Inc., Class A		379		47,455
Dr Pepper Snapple Group, Inc.		303		23,952
Keurig Green Mountain, Inc.		1,804		94,061
Monster Beverage Corp.*		237		32,028

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Beverages (continued)
PepsiCo, Inc.		198	$	18,671
Total Beverages				265,335
Biotechnology – 1.5%
Alexion Pharmaceuticals, Inc.*		197		30,809
Amgen, Inc.		278		38,453
Biogen, Inc.*		325		94,838
Celgene Corp.*		1,141		123,423
Gilead Sciences, Inc.		1,169		114,784
Regeneron Pharmaceuticals, Inc.*		67		31,164
Vertex Pharmaceuticals, Inc.*		130		13,538
Total Biotechnology				447,009
Building Materials – 0.8%
Martin Marietta Materials, Inc.		529		80,382
Masco Corp.		3,598		90,597
Vulcan Materials Co.		703		62,708
Total Building Materials				233,687
Chemicals – 3.6%
Air Products & Chemicals, Inc.		606		77,313
Airgas, Inc.		332		29,658
CF Industries Holdings, Inc.		3,443		154,590
Dow Chemical Co. (The)		828		35,107
E.I. du Pont de Nemours & Co.		481		23,184
Eastman Chemical Co.		1,855		120,056
Ecolab, Inc.		539		59,139
FMC Corp.		1,925		65,277
International Flavors & Fragrances, Inc.		206		21,272
LyondellBasell Industries NV, Class A		1,655		137,961
Monsanto Co.		522		44,547
Mosaic Co. (The)		4,698		146,155
PPG Industries, Inc.		400		35,076
Praxair, Inc.		399		40,642
Sherwin-Williams Co. (The)		406		90,449
Sigma-Aldrich Corp.		103		14,309
Total Chemicals				1,094,735
Coal – 0.0%**
CONSOL Energy, Inc.(a)		1,124		11,015

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services – 3.6%
ADT Corp. (The)(a)		1,973	$	58,993
Automatic Data Processing, Inc.		357		28,689
Cintas Corp.		545		46,734
Equifax, Inc.		370		35,957
H&R Block, Inc.		2,704		97,885
MasterCard, Inc., Class A		882		79,486
McGraw Hill Financial, Inc.		728		62,972
Moody’s Corp.		573		56,269
PayPal Holdings, Inc.*		1,784		55,375
Quanta Services, Inc.*(a)		4,866		117,806
Robert Half International, Inc.		2,914		149,079
Total System Services, Inc.		899		40,842
United Rentals, Inc.*		3,030		181,951
Western Union Co. (The)		4,568		83,868
Total Commercial Services				1,095,906
Computers – 3.5%
Accenture PLC, Class A		322		31,640
Apple, Inc.		1,560		172,068
Cognizant Technology Solutions Corp., Class A*		1,956		122,465
Computer Sciences Corp.		1,201		73,717
EMC Corp.		4,869		117,635
Hewlett-Packard Co.		1,113		28,504
International Business Machines Corp.		534		77,414
NetApp, Inc.		2,813		83,265
SanDisk Corp.(a)		3,058		166,141
Seagate Technology PLC(a)		2,060		92,288
Teradata Corp.*(a)		1,570		45,467
Western Digital Corp.		945		75,071
Total Computers				1,085,675
Cosmetics/Personal Care – 0.2%
Colgate-Palmolive Co.		291		18,467
Estee Lauder Cos., Inc. (The), Class A		272		21,945
Procter & Gamble Co. (The)		231		16,618
Total Cosmetics/Personal Care				57,030
Distribution/Wholesale – 1.1%
Fastenal Co.(a)		2,344		85,814
Fossil Group, Inc.*(a)		2,808		156,911
Genuine Parts Co.		407		33,736

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Distribution/Wholesale (continued)
W.W. Grainger, Inc.(a)		264	$	56,763
Total Distribution/Wholesale				333,224
Diversified Financial Services – 5.9%
Affiliated Managers Group, Inc.*		840		143,632
Alliance Data Systems Corp.*		556		143,993
American Express Co.		2,234		165,606
Ameriprise Financial, Inc.		1,542		168,278
BlackRock, Inc.		406		120,773
Charles Schwab Corp. (The)		2,309		65,945
CME Group, Inc.		575		53,326
Discover Financial Services		1,888		98,157
E*TRADE Financial Corp.*		3,402		89,575
Franklin Resources, Inc.		2,292		85,400
Intercontinental Exchange, Inc.		641		150,629
Invesco Ltd.		4,156		129,792
Legg Mason, Inc.		4,073		169,477
Nasdaq, Inc.		1,034		55,143
T. Rowe Price Group, Inc.		1,290		89,655
Visa, Inc., Class A		1,012		70,496
Total Diversified Financial Services				1,799,877
Electric – 1.6%
AES Corp. (The)		2,800		27,412
Ameren Corp.		661		27,940
American Electric Power Co., Inc.		340		19,332
CMS Energy Corp.		702		24,795
Consolidated Edison, Inc.(a)		229		15,309
Dominion Resources, Inc.		279		19,636
DTE Energy Co.		275		22,102
Duke Energy Corp.		250		17,985
Edison International		269		16,966
Entergy Corp.		189		12,304
Eversource Energy		428		21,665
Exelon Corp.		702		20,849
NextEra Energy, Inc.		189		18,437
NRG Energy, Inc.		1,877		27,873
Pepco Holdings, Inc.		630		15,259
PG&E Corp.		324		17,107
Pinnacle West Capital Corp.		336		21,551

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Electric (continued)
PPL Corp.		618	$	20,326
Public Service Enterprise Group, Inc.		582		24,537
SCANA Corp.		393		22,110
Southern Co. (The)		395		17,657
TECO Energy, Inc.		846		22,216
WEC Energy Group, Inc.		422		22,037
Xcel Energy, Inc.		582		20,609
Total Electric				496,014
Electrical Components & Equipment – 0.3%
AMETEK, Inc.		1,143		59,802
Emerson Electric Co.		405		17,889
Total Electrical Components & Equipment				77,691
Electronics – 2.4%
Agilent Technologies, Inc.		964		33,094
Allegion PLC		1,675		96,581
Amphenol Corp., Class A		418		21,301
Corning, Inc.		1,066		18,250
FLIR Systems, Inc.		4,304		120,469
Garmin Ltd.		867		31,108
Honeywell International, Inc.		637		60,318
PerkinElmer, Inc.		903		41,502
TE Connectivity Ltd.		2,183		130,739
Thermo Fisher Scientific, Inc.		560		68,477
Tyco International PLC		3,041		101,752
Waters Corp.*		207		24,469
Total Electronics				748,060
Energy - Alternate Sources – 0.0%**
First Solar, Inc.*		320		13,680
Engineering & Construction – 0.8%
Fluor Corp.		3,654		154,747
Jacobs Engineering Group, Inc.*		2,755		103,120
Total Engineering & Construction				257,867
Environmental Control – 0.3%
Republic Services, Inc.		427		17,592
Stericycle, Inc.*		295		41,097
Waste Management, Inc.		429		21,368
Total Environmental Control				80,057

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Food – 1.5%
Campbell Soup Co.		310	$	15,711
ConAgra Foods, Inc.		508		20,579
General Mills, Inc.		321		18,018
Hershey Co. (The)		266		24,440
Hormel Foods Corp.		428		27,097
JM Smucker Co. (The)		208		23,731
Kellogg Co.		250		16,638
Kroger Co. (The)		1,090		39,316
McCormick & Co., Inc.		260		21,367
Mondelez International, Inc., Class A		509		21,312
Safeway, Inc PDC, LLC CVR.		447		22
Safeway, Inc SCRP.		447		454
Sysco Corp.		845		32,930
Tyson Foods, Inc., Class A		3,552		153,090
Whole Foods Market, Inc.		1,488		47,094
Total Food				461,799
Forest Products & Paper – 0.4%
International Paper Co.		3,280		123,951
Gas – 0.3%
AGL Resources, Inc.		535		32,656
CenterPoint Energy, Inc.		805		14,522
NiSource, Inc.		1,329		24,653
Sempra Energy		308		29,790
Total Gas				101,621
Hand/Machine Tools – 0.3%
Snap-on, Inc.		313		47,244
Stanley Black & Decker, Inc.		398		38,598
Total Hand/Machine Tools				85,842
Healthcare - Products – 2.0%
Baxter International, Inc.		509		16,721
Becton Dickinson and Co.		372		49,349
Boston Scientific Corp.*		3,005		49,312
C.R. Bard, Inc.		133		24,779
Danaher Corp.		1,176		100,206
DENTSPLY International, Inc.		554		28,016
Edwards Lifesciences Corp.*		166		23,600
Henry Schein, Inc.*		205		27,208

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products (continued)
Intuitive Surgical, Inc.*		72	$	33,090
Medtronic PLC		375		25,103
Patterson Cos., Inc.		507		21,928
St. Jude Medical, Inc.		742		46,813
Stryker Corp.		275		25,878
Varian Medical Systems, Inc.*(a)		444		32,758
Zimmer Biomet Holdings, Inc.		990		92,990
Total Healthcare - Products				597,751
Healthcare - Services – 2.4%
Aetna, Inc.		715		78,228
Anthem, Inc.		638		89,320
Cigna Corp.		749		101,131
DaVita HealthCare Partners, Inc.*		707		51,137
HCA Holdings, Inc.*		952		73,647
Humana, Inc.		408		73,032
Laboratory Corp. of America Holdings*		794		86,125
Quest Diagnostics, Inc.		941		57,843
Tenet Healthcare Corp.*		570		21,044
UnitedHealth Group, Inc.		710		82,367
Universal Health Services, Inc., Class B		251		31,327
Total Healthcare - Services				745,201
Home Builders – 0.9%
D.R. Horton, Inc.		4,334		127,247
Lennar Corp., Class A(a)		377		18,145
PulteGroup, Inc.		6,705		126,523
Total Home Builders				271,915
Home Furnishings – 1.2%
Harman International Industries, Inc.		1,639		157,328
Leggett & Platt, Inc.		1,049		43,271
Whirlpool Corp.		1,128		166,109
Total Home Furnishings				366,708
Household Products/Wares – 0.2%
Avery Dennison Corp.		409		23,138
Clorox Co. (The)		165		19,062
Kimberly-Clark Corp.		183		19,954
Total Household Products/Wares				62,154

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Housewares – 0.1%
Newell Rubbermaid, Inc.		900	$	35,739
Insurance – 6.3%
ACE Ltd.		1,177		121,702
Aflac, Inc.		1,430		83,126
Allstate Corp. (The)		1,418		82,584
American International Group, Inc.		1,956		111,140
Aon PLC		971		86,040
Assurant, Inc.		889		70,240
Chubb Corp. (The)		466		57,155
Genworth Financial, Inc., Class A*		25,207		116,456
Hartford Financial Services Group, Inc. (The)		2,537		116,144
Lincoln National Corp.		3,286		155,954
Marsh & McLennan Cos., Inc.		1,087		56,763
MetLife, Inc.		2,643		124,617
Principal Financial Group, Inc.		2,562		121,285
Progressive Corp. (The)		2,389		73,199
Prudential Financial, Inc.		2,129		162,251
Torchmark Corp.		762		42,977
Travelers Cos., Inc. (The)		1,041		103,611
Unum Group		4,561		146,317
XL Group PLC		3,136		113,900
Total Insurance				1,945,461
Internet – 3.1%
Amazon.com, Inc.*		28		14,333
eBay, Inc.*		4,183		102,233
Expedia, Inc.		1,073		126,271
F5 Networks, Inc.*		988		114,410
Facebook, Inc., Class A*		902		81,090
Google, Inc., Class A*		152		97,032
Google, Inc., Class C*		182		110,732
Priceline Group, Inc. (The)*		114		141,002
Symantec Corp.		2,343		45,618
TripAdvisor, Inc.*		1,156		72,851
VeriSign, Inc.*(a)		626		44,171
Total Internet				949,743
Iron/Steel – 0.1%
Nucor Corp.		684		25,684

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Leisure Time – 1.7%
Carnival Corp.		3,356	$	166,793
Harley-Davidson, Inc.		2,976		163,382
Royal Caribbean Cruises Ltd.		2,154		191,900
Total Leisure Time				522,075
Lodging – 0.8%
Marriott International, Inc., Class A		1,414		96,436
Starwood Hotels & Resorts Worldwide, Inc.		280		18,614
Wyndham Worldwide Corp.		1,078		77,508
Wynn Resorts Ltd.(a)		745		39,574
Total Lodging				232,132
Machinery - Construction & Mining – 0.4%
Caterpillar, Inc.		452		29,543
Joy Global, Inc.(a)		6,481		96,761
Total Machinery - Construction & Mining				126,304
Machinery - Diversified – 1.4%
Cummins, Inc.(a)		1,208		131,165
Deere & Co.		268		19,832
Flowserve Corp.		2,699		111,037
Rockwell Automation, Inc.		353		35,819
Roper Industries, Inc.		396		62,053
Xylem, Inc.		1,806		59,327
Total Machinery - Diversified				419,233
Media – 3.8%
Cablevision Systems Corp., Class A		625		20,294
CBS Corp., Class B		3,462		138,134
Comcast Corp., Class A		1,431		81,395
Discovery Communications, Inc., Class C*		4,013		97,476
Discovery Communications, Inc., Class A*(a)		5,000		130,150
News Corp., Class A		1,516		19,132
Scripps Networks Interactive, Inc., Class A		1,902		93,559
TEGNA, Inc.		6,192		138,639
Time Warner Cable, Inc.		98		17,578
Time Warner, Inc.		1,866		128,288
Twenty-First Century Fox, Inc., Class A		3,071		82,856
Viacom, Inc., Class B		3,351		144,595
Walt Disney Co. (The)		572		58,458
Total Media				1,150,554

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Metal Fabricate/Hardware – 0.4%
Precision Castparts Corp.		583	$	133,921
Mining – 0.2%
Alcoa, Inc.(a)		2,483		23,986
Freeport-McMoRan, Inc.		4,797		46,483
Total Mining				70,469
Miscellaneous Manufacturing – 1.8%
3M Co.		334		47,351
Dover Corp.(a)		2,004		114,590
Eaton Corp. PLC		1,559		79,977
General Electric Co.		970		24,463
Illinois Tool Works, Inc.		259		21,318
Ingersoll-Rand PLC		1,665		84,532
Parker-Hannifin Corp.		671		65,288
Pentair PLC		1,195		60,993
Textron, Inc.		1,033		38,882
Total Miscellaneous Manufacturing				537,394
Office/Business Equipment – 1.1%
Pitney Bowes, Inc.		9,523		189,031
Xerox Corp.		13,797		134,245
Total Office/Business Equipment				323,276
Oil & Gas – 2.4%
Cabot Oil & Gas Corp.		873		19,084
Chesapeake Energy Corp.(a)		4,090		29,980
Devon Energy Corp.		310		11,498
EQT Corp.		215		13,926
Exxon Mobil Corp.		947		70,409
Hess Corp.		250		12,515
Marathon Petroleum Corp.		2,101		97,339
Newfield Exploration Co.*		493		16,220
Phillips 66		970		74,535
Southwestern Energy Co.*		1,022		12,969
Tesoro Corp.		2,075		201,772
Valero Energy Corp.		2,921		175,552
Total Oil & Gas				735,799
Oil & Gas Services – 0.5%
FMC Technologies, Inc.*		882		27,342
Halliburton Co.		1,472		52,035

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas Services (continued)
Schlumberger Ltd.		1,128	$	77,798
Total Oil & Gas Services				157,175
Packaging & Containers – 1.1%
Ball Corp.		733		45,593
Owens-Illinois, Inc.*		8,558		177,322
Sealed Air Corp.		973		45,614
WestRock Co.		1,423		73,199
Total Packaging & Containers				341,728
Pharmaceuticals – 3.4%
Abbott Laboratories		644		25,902
AbbVie, Inc.		2,268		123,401
Allergan PLC*		369		100,298
AmerisourceBergen Corp.		900		85,491
Baxalta, Inc.		1,771		55,804
Bristol-Myers Squibb Co.		410		24,272
Cardinal Health, Inc.		626		48,089
Eli Lilly & Co.		466		39,000
Endo International PLC*		758		52,514
Express Scripts Holding Co.*		1,164		94,237
Johnson & Johnson		210		19,604
Mallinckrodt PLC*		1,465		93,672
McKesson Corp.		492		91,035
Mead Johnson Nutrition Co.		259		18,234
Merck & Co., Inc.		561		27,708
Mylan NV*		3,006		121,022
Pfizer, Inc.		886		27,829
Total Pharmaceuticals				1,048,112
Pipelines – 0.2%
Kinder Morgan, Inc.		458		12,677
ONEOK, Inc.		429		13,814
Spectra Energy Corp.		514		13,503
Williams Cos., Inc. (The)		314		11,571
Total Pipelines				51,565
Real Estate – 0.2%
CBRE Group, Inc., Class A*		2,139		68,448
Real Estate Investment Trust – 1.1%
American Tower Corp.		192		16,892

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Real Estate Investment Trust (continued)
AvalonBay Communities, Inc.		82	$	14,335
Boston Properties, Inc.		115		13,616
Care Capital Properties, Inc.		51		1,679
Crown Castle International Corp.		196		15,459
Equinix, Inc.		71		19,411
Equity Residential		196		14,724
Essex Property Trust, Inc.		58		12,958
General Growth Properties, Inc.		496		12,881
HCP, Inc.(a)		382		14,230
Host Hotels & Resorts, Inc.		894		14,134
Iron Mountain, Inc.		1,494		46,345
Kimco Realty Corp.		556		13,583
Plum Creek Timber Co., Inc.		526		20,782
Prologis, Inc.		324		12,604
Public Storage		69		14,602
Simon Property Group, Inc.		89		16,351
Ventas, Inc.		205		11,492
Vornado Realty Trust		162		14,648
Welltower, Inc.		196		13,273
Weyerhaeuser Co.		539		14,736
Total Real Estate Investment Trust				328,735
Retail – 8.6%
Advance Auto Parts, Inc.		466		88,321
AutoNation, Inc.*		3,025		175,996
AutoZone, Inc.*		147		106,403
Bed Bath & Beyond, Inc.*		849		48,410
Best Buy Co., Inc.		4,284		159,022
CarMax, Inc.*(a)		1,548		91,827
Chipotle Mexican Grill, Inc.*		57		41,054
Coach, Inc.		2,633		76,173
Costco Wholesale Corp.		164		23,709
CVS Health Corp.		658		63,484
Darden Restaurants, Inc.		882		60,452
Dollar General Corp.		887		64,254
Dollar Tree, Inc.*		1,076		71,726
GameStop Corp., Class A(a)		3,897		160,595
Gap, Inc. (The)		2,544		72,504
Home Depot, Inc. (The)		582		67,215
Kohl’s Corp.		1,589		73,587

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Retail (continued)
L Brands, Inc.(a)		428	$	38,576
Lowe’s Cos., Inc.		2,244		154,656
Macy’s, Inc.		1,306		67,024
McDonald’s Corp.		225		22,169
Nordstrom, Inc.		577		41,377
O’Reilly Automotive, Inc.*		347		86,750
PVH Corp.		1,190		121,309
Ross Stores, Inc.		872		42,266
Signet Jewelers Ltd.		1,174		159,817
Starbucks Corp.		866		49,223
Target Corp.		897		70,558
Tiffany & Co.		488		37,683
TJX Cos., Inc. (The)		655		46,780
Tractor Supply Co.		555		46,798
Urban Outfitters, Inc.*		4,865		142,934
Walgreens Boots Alliance, Inc.		568		47,201
Wal-Mart Stores, Inc.		325		21,073
Yum! Brands, Inc.		390		31,181
Total Retail				2,672,107
Semiconductors – 5.8%
Altera Corp.		393		19,681
Analog Devices, Inc.		947		53,420
Applied Materials, Inc.		9,878		145,108
Avago Technologies Ltd.		1,580		197,517
Broadcom Corp., Class A		1,952		100,391
Intel Corp.		2,748		82,825
KLA-Tencor Corp.		3,256		162,800
Lam Research Corp.(a)		2,295		149,932
Linear Technology Corp.		1,185		47,815
Microchip Technology, Inc.(a)		1,040		44,814
Micron Technology, Inc.*		10,041		150,414
NVIDIA Corp.		3,417		84,229
Qorvo, Inc.*		3,346		150,737
QUALCOMM, Inc.		2,308		124,009
Skyworks Solutions, Inc.		2,086		175,662
Texas Instruments, Inc.		958		47,440
Xilinx, Inc.		613		25,991
Total Semiconductors				1,762,785

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Software – 1.7%
Adobe Systems, Inc.*		271	$	22,282
Akamai Technologies, Inc.*		535		36,947
Autodesk, Inc.*		330		14,566
CA, Inc.		521		14,223
Cerner Corp.*(a)		628		37,655
Citrix Systems, Inc.*		1,115		77,248
Dun & Bradstreet Corp. (The)		227		23,835
Electronic Arts, Inc.*		687		46,544
Fidelity National Information Services, Inc.		935		62,720
Fiserv, Inc.*		464		40,187
Intuit, Inc.		299		26,536
Microsoft Corp.		503		22,263
Oracle Corp.		1,069		38,612
Paychex, Inc.		564		26,863
Red Hat, Inc.*		276		19,839
salesforce.com, Inc.*		249		17,288
Total Software				527,608
Telecommunications – 1.2%
AT&T, Inc.		593		19,320
Cisco Systems, Inc.		2,322		60,953
Juniper Networks, Inc.		5,860		150,660
Level 3 Communications, Inc.*		1,226		53,564
Motorola Solutions, Inc.		284		19,420
Verizon Communications, Inc.		1,648		71,704
Total Telecommunications				375,621
Textiles – 0.1%
Mohawk Industries, Inc.*		123		22,360
Toys/Games/Hobbies – 0.3%
Hasbro, Inc.		679		48,983
Mattel, Inc.		2,443		51,450
Total Toys/Games/Hobbies				100,433
Transportation – 2.3%
C.H. Robinson Worldwide, Inc.		701		47,514
CSX Corp.		2,257		60,713
Expeditors International of Washington, Inc.		543		25,548
FedEx Corp.		893		128,574
JB Hunt Transport Services, Inc.		974		69,544

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Transportation (continued)
Kansas City Southern		590	$	53,619
Norfolk Southern Corp.		831		63,488
Ryder System, Inc.		1,817		134,531
Union Pacific Corp.		1,040		91,946
United Parcel Service, Inc., Class B		388		38,292
Total Transportation				713,769
Total Common Stocks (Cost $31,427,104)				30,262,975
MONEY MARKET FUND – 1.3%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.10%(b) (Cost $400,971)		400,971		400,971
REPURCHASE AGREEMENTS – 2.5%(c)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $113,393, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $115,661)	$	113,393		113,393
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.11%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.63%-6.50%, 12/28/16-10/01/45, totaling $255,001)		250,000		250,000
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $142,564, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $145,414)		142,563		142,563
RBC Capital Markets LLC, dated 09/30/15, due 10/01/15, 0.10%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.88%-7.00%, 04/20/25-05/20/65, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $755,956)				755,956
Total Investments – 102.6% (Cost $32,584,031)				31,419,902
Liabilities in Excess of Other Assets – (2.6)%				(782,414	)
Net Assets – 100.0%			$	30,637,488

PLC - Public Limited Company

* Non-income producing security.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

**	Less than 0.05%
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,060,993; the aggregate market value of the collateral held by the fund is $2,105,204.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,349,248.
(b)	Rate shown reflects the 7-day yield as of September 30, 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		1.1
Agriculture		0.7
Airlines		2.0
Apparel		1.6
Auto Manufacturers		1.7
Auto Parts & Equipment		1.5
Banks		3.8
Beverages		0.9
Biotechnology		1.5
Building Materials		0.8
Chemicals		3.6
Coal		0.0	**
Commercial Services		3.6
Computers		3.5
Cosmetics/Personal Care		0.2
Distribution/Wholesale		1.1
Diversified Financial Services		5.9
Electric		1.6
Electrical Components & Equipment		0.3
Electronics		2.4
Energy - Alternate Sources		0.0	**
Engineering & Construction		0.8
Environmental Control		0.3
Food		1.5
Forest Products & Paper		0.4
Gas		0.3
Hand/Machine Tools		0.3
Healthcare - Products		2.0
Healthcare - Services		2.4

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets
Home Builders		0.9	%
Home Furnishings		1.2
Household Products/Wares		0.2
Housewares		0.1
Insurance		6.3
Internet		3.1
Iron/Steel		0.1
Leisure Time		1.7
Lodging		0.8
Machinery - Construction & Mining		0.4
Machinery - Diversified		1.4
Media		3.8
Metal Fabricate/Hardware		0.4
Mining		0.2
Miscellaneous Manufacturing		1.8
Office/Business Equipment		1.1
Oil & Gas		2.4
Oil & Gas Services		0.5
Packaging & Containers		1.1
Pharmaceuticals		3.4
Pipelines		0.2
Real Estate		0.2
Real Estate Investment Trust		1.1
Retail		8.6
Semiconductors		5.8
Software		1.7
Telecommunications		1.2
Textiles		0.1
Toys/Games/Hobbies		0.3
Transportation		2.3
Money Market Fund		1.3
Repurchase Agreements		2.5
Total Investments		102.6
Liabilities in Excess of Other Assets		(2.6	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS – 99.2%
Debt Fund – 99.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF		26,375	$	3,061,874
iShares International Treasury Bond ETF		11,387		1,040,316
PIMCO 1 - 5 Year U.S. TIPS Index ETF		9,744		502,498
PowerShares Build America Bond Portfolio		17,605		515,474
PowerShares Emerging Markets Sovereign Debt Portfolio		54,855		1,504,673
PowerShares Financial Preferred Portfolio(a)		172,895		3,157,063
PowerShares Fundamental Investment Grade Corporate Bond Portfolio(a)		40,188		1,012,738
PowerShares International Corporate Bond Portfolio		48,658		1,247,591
PowerShares National AMT-Free Municipal Bond Portfolio		30,548		764,311
PowerShares Senior Loan Portfolio		63,837		1,470,804
SPDR Barclays Convertible Securities ETF		48,213		2,156,085
SPDR Barclays High Yield Bond ETF		46,799		1,668,852
SPDR DB International Government Inflation-Protected Bond ETF		14,089		733,192
SPDR Nuveen S&P High Yield Municipal Bond ETF(a)		20,544		1,162,996
Vanguard Intermediate-Term Government Bond ETF(a)		11,810		773,791
Vanguard Long-Term Government Bond ETF(a)		10,306		788,306
Vanguard Mortgage-Backed Securities ETF(a)		47,919		2,556,958
WisdomTree Emerging Markets Corporate Bond Fund		14,115		935,119
Total Exchange Traded Funds (Cost $25,570,335)				25,052,641
MONEY MARKET FUND – 1.0%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.10%(b) (Cost $246,662)		246,662		246,662
REPURCHASE AGREEMENTS – 8.9%(c)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $338,877, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $345,654)	$	338,876		338,876
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $525,824, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-07/15/2037, totaling $536,340)		525,823		525,823

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $342,828, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $349,684)	$	342,827	$	342,827
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $525,825, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $536,339)		525,823		525,823
Morgan Stanley & Co. LLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $528,824, (collateralized by various U.S. Government Agency Obligations, 2.13%-10.50%, 12/15/16-09/01/45, totaling $536,339)		525,823		525,823
Total Repurchase Agreements (Cost $2,259,172)				2,259,172
Total Investments – 109.1% (Cost $28,076,169)				27,558,475
Liabilities in Excess of Other Assets – (9.1)%				(2,288,210	)
Net Assets – 100.0%			$	25,270,265

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 $2,206,069; the aggregate market value of the collateral held by the fund is $2,259,172.  

(b) Rate shown reflects the 7-day yield as of September 30, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Debt Fund		99.2	%
Money Market Fund		1.0
Repurchase Agreements		8.9
Total Investments		109.1
Liabilities in Excess of Other Assets		(9.1	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 96.3%
ARGENTINA – 1.9%
Grupo Financiero Galicia SA(a)		1,647	$	29,350
Petrobras Argentina SA(a)		14,328		73,216
Telecom Argentina SA(a)		4,817		70,136
Transportadora de Gas del Sur SA, Special Class B(a)(b)		21,411		84,359
YPF SA(a)		3,932		59,884
Total Argentina				316,945
AUSTRALIA – 2.0%
Australia & New Zealand Banking Group Ltd.(a)		2,342		44,615
National Australia Bank Ltd.(a)		6,496		68,338
Newcrest Mining Ltd.*(a)(b)		18,855		167,809
Telstra Corp. Ltd.(a)		1,985		39,005
Westpac Banking Corp.(a)		1,377		29,000
Total Australia				348,767
BELGIUM – 1.0%
Delhaize Group(a)		3,238		71,657
KBC Groep NV(a)		3,360		106,142
Total Belgium				177,799
BRAZIL – 5.0%
Ambev SA(a)		5,016		24,578
Banco Bradesco SA(a)		12,288		65,864
Banco do Brasil SA(a)(b)		15,592		59,250
BB Seguridade Participacoes SA(a)(b)		5,438		33,933
Braskem SA(a)(b)		9,440		79,579
BRF SA(a)		2,405		42,785
Cia Brasileira de Distribuicao Grupo Pao de Acucar(a)(b)		3,708		46,498
Cia de Saneamento Basico do Estado de Sao Paulo(a)		19,052		73,922
Cia Paranaense de Energia(a)(b)		7,983		65,540
Cielo SA(a)(b)		2,985		27,611
CPFL Energia SA*(a)(b)		2,191		16,433
Embraer SA(a)		2,018		51,620
Estacio Participacoes SA(a)(b)		21,973		76,028
Fibria Celulose SA(a)(b)		6,650		90,174
Itau Unibanco Holding SA(a)		10,329		68,378
Telefonica Brasil SA(a)		2,079		18,981
Total Brazil				841,174
CANADA – 3.5%
Agrium, Inc.(b)		355		31,773

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
CANADA (continued)
Amaya, Inc.*(b)		1,514	$	27,555
Bank of Montreal		602		32,839
Bank of Nova Scotia(b)		622		27,418
CAE, Inc.		1,141		12,117
Cameco Corp.(b)		1,115		13,570
Canadian Imperial Bank of Commerce(b)		269		19,357
Canadian National Railway Co.		190		10,784
Canadian Pacific Railway Ltd.		166		23,833
CGI Group, Inc., Class A*		149		5,395
DAVIDsTEA, Inc.*(b)		1,003		15,707
Descartes Systems Group, Inc. (The)*		510		9,022
Gildan Activewear, Inc.		683		20,599
HudBay Minerals, Inc.(b)		9,566		35,203
Magna International, Inc.		754		36,200
Manulife Financial Corp.		1,784		27,616
Methanex Corp.		816		27,059
Open Text Corp.		82		3,670
Potash Corp. of Saskatchewan, Inc.		54		1,110
Primero Mining Corp.*(b)		14,946		34,824
Royal Bank of Canada		302		16,686
Sierra Wireless, Inc.*		858		18,155
Silver Wheaton Corp.		3,169		38,060
Stantec, Inc.		1,095		23,981
Sun Life Financial, Inc.		427		13,775
Teck Resources Ltd., Class B		6,342		30,442
TELUS Corp.		212		6,686
Toronto-Dominion Bank (The)		619		24,401
Total Canada				587,837
CHILE – 1.1%
Cencosud SA(a)(b)		13,352		77,976
Empresa Nacional de Electricidad SA(a)		1,053		37,392
Enersis SA(a)		2,355		29,767
Sociedad Quimica y Minera de Chile SA(a)		2,802		40,741
Total Chile				185,876
CHINA – 11.1%
21Vianet Group, Inc.*(a)		684		12,504
51job, Inc.*(a)		2,228		61,047
Alibaba Group Holding Ltd.*(a)(b)		584		34,438

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
CHINA (continued)
Autohome, Inc.*(a)(b)		1,797	$	58,456
Baidu, Inc.*(a)		318		43,696
Bitauto Holdings Ltd.*(a)		2,430		72,341
Bona Film Group Ltd.*(a)(b)		6,581		78,380
Changyou.com Ltd.*(a)		4,637		82,538
China Construction Bank Corp.(a)(b)		4,432		59,079
China Life Insurance Co., Ltd.(a)(b)		4,512		78,419
China Lodging Group Ltd.*(a)		2,376		57,808
China Mobile Ltd.(a)		668		39,746
China Southern Airlines Co. Ltd.(a)		1,060		38,754
China Unicom Hong Kong Ltd.(a)		9,031		115,326
CNOOC Ltd.(a)(b)		508		52,365
Ctrip.com International Ltd.*(a)(b)		700		44,226
Daqo New Energy Corp.*(a)(b)		1,612		25,776
JA Solar Holdings Co., Ltd.*(a)(b)		3,314		25,849
JD.Com, Inc.*(a)		560		14,594
JinkoSolar Holding Co., Ltd.*(a)(b)		3,402		74,640
Jumei International Holding Ltd.*(a)		3,762		37,131
Leju Holdings Ltd.(a)(b)		10,227		57,169
Mindray Medical International Ltd.(a)		1,300		28,431
NetEase, Inc.(a)		542		65,105
New Oriental Education & Technology Group, Inc.(a)		1,393		28,153
Phoenix New Media Ltd.*(a)		8,935		39,135
Qihoo 360 Technology Co., Ltd.*(a)(b)		1,354		64,762
Semiconductor Manufacturing International Corp.*(a)(b)		8,873		39,840
TAL Education Group*(a)		1,296		41,666
Tarena International, Inc.*(a)(b)		4,876		46,224
Tencent Holdings Ltd.(a)		2,453		41,407
Trina Solar Ltd.*(a)(b)		8,918		79,995
Vimicro International Corp.*(a)(b)		8,318		103,642
Vipshop Holdings Ltd.*(a)		3,533		59,354
WuXi PharmaTech Cayman, Inc.*(a)		449		19,401
YY, Inc.*(a)		1,208		65,884
Total China				1,887,281
DENMARK – 0.5%
Novo Nordisk A/S(a)		1,606		87,109
FINLAND – 0.7%
Nokia OYJ(a)		16,267		110,290

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
FRANCE – 8.9%
Accor SA(a)		8,222	$	77,246
Airbus Group SE(a)		6,582		96,636
Alcatel-Lucent*(a)		45,415		165,765
AXA SA(a)		3,613		87,904
BNP Paribas SA(a)		3,894		115,185
Criteo SA*(a)		2,774		104,137
Danone SA(a)		4,454		56,120
Flamel Technologies SA*(a)		7,405		120,775
L'Oreal SA(a)		1,146		39,720
LVMH Moet Hennessy Louis Vuitton SE(a)		1,158		39,384
Orange SA(a)		9,271		140,178
Publicis Groupe SA(a)(b)		6,602		112,630
Safran SA(a)(b)		5,188		97,484
Sanofi(a)		865		41,062
Schneider Electric SE(a)		5,121		57,253
Societe Generale SA(a)(b)		12,994		116,166
Total France				1,467,645
GERMANY – 6.1%
Bayerische Motoren Werke AG(a)		2,473		72,825
Daimler AG(a)		1,780		129,655
Deutsche Post AG(a)(b)		2,857		79,196
Deutsche Telekom AG(a)		6,123		108,806
Fresenius Medical Care AG & Co. KGaA(a)(b)		1,622		63,274
Infineon Technologies AG(a)(b)		13,865		156,814
Linde AG(a)		4,791		77,327
Porsche Automobil Holding SE(a)		19,792		84,512
SAP SE(a)		1,221		79,109
Siemens AG(a)		544		48,579
Volkswagen AG(a)(b)		3,628		87,435
Total Germany				987,532
HONG KONG – 1.1%
AIA Group Ltd.(a)		3,219		67,213
CK Hutchison Holdings Ltd.(a)		8,255		107,397
Melco Crown Entertainment Ltd.(a)		1,211		16,663
Total Hong Kong				191,273
INDIA – 1.0%
Dr Reddy's Laboratories Ltd.(a)		467		29,846
Tata Motors Ltd.*(a)		3,208		72,180

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
INDIA (continued)
Wipro Ltd.(a)		3,053	$	37,521
WNS Holdings Ltd.*(a)		770		21,522
Total India				161,069
INDONESIA – 0.5%
PT Bank Mandiri Persero Tbk(a)		8,610		46,236
PT Telekomunikasi Indonesia Tbk(a)		893		31,835
Total Indonesia				78,071
IRELAND – 3.7%
CRH PLC(a)		4,030		106,956
Experian PLC(a)(b)		4,188		67,469
Fly Leasing Ltd.(a)		10,324		136,277
Ryanair Holdings PLC(a)		1,830		143,289
Shire PLC(a)		432		88,659
Trinity Biotech PLC(a)		7,020		80,309
Total Ireland				622,959
ISRAEL – 0.4%
Nice Systems Ltd.(a)		1,220		68,723
ITALY – 1.3%
Eni SpA(a)		1,801		56,497
Luxottica Group SpA(a)		974		67,479
Mediolanum SpA(a)		7,426		105,843
Total Italy				229,819
JAPAN – 7.3%
Daiichi Sankyo Co. Ltd.(a)		4,397		75,892
Honda Motor Co., Ltd.(a)		4,253		127,165
Japan Tobacco, Inc.(a)		3,682		56,556
KDDI Corp.(a)		7,848		88,212
Komatsu Ltd.(a)		2,742		40,472
Mitsubishi Electric Corp.(a)(b)		6,440		118,042
Mitsubishi UFJ Financial Group, Inc.(a)		13,613		82,903
Mizuho Financial Group, Inc.(a)(b)		9,177		34,047
Nidec Corp.(a)(b)		5,747		99,595
NTT DOCOMO, Inc.(a)(b)		1,564		26,400
Panasonic Corp.(a)		7,728		78,130
SoftBank Corp.(a)		4,663		107,948
Sony Corp.(a)		2,383		58,384
Sumitomo Mitsui Financial Group, Inc.(a)		11,223		85,631

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
JAPAN (continued)
Toyota Motor Corp.(a)		805	$	94,410
Unicharm Corp.(a)		11,979		42,765
Total Japan				1,216,552
LUXEMBOURG – 0.4%
Oriflame Cosmetics SA*(a)		12,213		47,020
Ternium SA(a)		1,866		22,933
Total Luxembourg				69,953
MEXICO – 1.5%
America Movil SAB de CV, Class L(a)		3,213		53,175
Coca-Cola Femsa SAB de CV(a)		235		16,304
Empresas ICA SAB de CV*(a)(b)		48,386		80,805
Fomento Economico Mexicano SAB de CV(a)		245		21,866
Grupo Aeroportuario del Centro Norte SAB de CV*(a)		378		14,991
Grupo Financiero Santander Mexico SAB de CV, Class B(a)		2,467		18,108
Grupo Televisa SAB(a)		1,269		33,019
Kimberly-Clark de Mexico SAB de CV(a)		1,641		18,655
Total Mexico				256,923
NETHERLANDS – 3.7%
Aegon NV(c)		23,144		133,077
Akzo Nobel NV(a)		5,575		120,029
ASML Holding N.V.(c)		1,352		118,949
ING Groep NV(a)		7,011		99,065
Koninklijke DSM NV(a)(b)		2,805		32,594
Koninklijke Philips NV(c)		5,707		133,885
Total Netherlands				637,599
NORWAY – 2.2%
Marine Harvest ASA*(a)(b)		13,067		165,036
Norsk Hydro ASA(a)		36,743		121,986
Orkla ASA(a)		14,588		106,492
Total Norway				393,514
RUSSIA – 1.2%
Gazprom OAO(a)		20,172		81,899
LUKOIL PJSC(a)		1,220		41,553
Mobile TeleSystems PJSC(a)		7,426		53,616
QIWI PLC(a)		2,003		32,288
Total Russia				209,356

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
SINGAPORE – 1.2%
Keppel Corp. Ltd.(a)(b)		11,962	$	114,835
United Overseas Bank Ltd.(a)		3,074		80,231
Total Singapore				195,066
SOUTH AFRICA – 1.8%
Gold Fields Ltd.(a)		16,916		44,997
Impala Platinum Holdings Ltd.*(a)(b)		28,400		79,520
MTN Group Ltd.(a)		1,920		24,576
Nampak Ltd.(a)		16,436		32,050
Sasol Ltd.(a)		1,614		44,901
Sibanye Gold Ltd.(a)		13,966		64,802
Total South Africa				290,846
SOUTH KOREA – 2.3%
KB Financial Group, Inc.(a)		1,091		32,064
Korea Electric Power Corp.(a)		4,467		91,529
KT Corp.*(a)		2,255		29,473
LG Display Co., Ltd.(a)		9,765		92,768
POSCO(a)		2,267		79,390
Shinhan Financial Group Co., Ltd.(a)(b)		717		24,952
SK Telecom Co., Ltd.(a)		1,356		33,086
Total South Korea				383,262
SPAIN – 2.5%
Abengoa SA(a)		32,315		150,588
Banco Bilbao Vizcaya Argentaria SA(a)		15,717		131,550
Banco Santander SA(a)		20,500		108,240
Grifols SA(a)		1,894		57,578
Total Spain				447,956
SWEDEN – 1.7%
Assa Abloy AB(a)		6,530		58,182
Nordea Bank AB(a)(b)		3,896		43,129
Svenska Handelsbanken AB, Class A(a)		6,454		46,211
Telefonaktiebolaget LM Ericsson(a)		13,851		135,463
Total Sweden				282,985
SWITZERLAND – 5.3%
ABB Ltd.*(a)		4,433		78,331
Cie Financiere Richemont SA(a)		12,266		95,184
Credit Suisse Group AG*(a)(b)		5,431		130,506
Givaudan SA(a)		841		27,297

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
SWITZERLAND (continued)
Glencore PLC(a)		21,285	$	58,747
Julius Baer Group Ltd.*(a)		12,716		115,207
Novartis AG(a)		536		49,269
Roche Holding AG(a)		1,006		33,148
STMicroelectronics NV(b) (c)		20,304		138,473
Syngenta AG(a)		578		36,865
Wolseley PLC(a)(b)		15,698		93,246
Total Switzerland				856,273
TAIWAN – 2.7%
Advanced Semiconductor Engineering, Inc.(a)		13,313		73,088
AU Optronics Corp.(a)(b)		28,976		85,769
Himax Technologies, Inc.(a)		2,624		20,913
Silicon Motion Technology Corp.(a)		2,687		73,382
Siliconware Precision Industries Co., Ltd.(a)(b)		14,017		88,097
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		3,018		62,624
United Microelectronics Corp.(a)		29,682		48,085
Total Taiwan				451,958
TURKEY – 1.1%
Turkcell Iletisim Hizmetleri AS(a)		5,294		45,952
Turkiye Garanti Bankasi AS(a)		26,803		62,719
Turkiye Halk Bankasi AS(a)(b)		9,456		63,087
Total Turkey				171,758
UNITED KINGDOM – 10.3%
Anglo American PLC(a)		16,972		69,925
ARM Holdings PLC(a)		2,521		109,033
Associated British Foods PLC(a)		526		26,879
AstraZeneca PLC(a)		1,097		34,907
Aviva PLC(a)		8,101		111,146
Barclays PLC(a)		7,930		117,204
BP PLC(a)		2,936		89,725
British American Tobacco PLC(a)		288		31,703
BT Group PLC(a)		1,186		75,608
Compass Group PLC(a)(b)		3,455		55,591
HSBC Holdings PLC(a)		2,743		103,905
InterContinental Hotels Group PLC(a)		1,847		63,962
Kingfisher PLC(a)		3,372		36,856
Lloyds Banking Group PLC(a)		18,083		83,182
Marks & Spencer Group PLC(a)		4,027		61,251

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
UNITED KINGDOM (continued)
Pearson PLC(a)		2,925	$	50,193
Prudential PLC(a)		2,554		107,626
RELX NV(a)(b)		4,585		75,469
Rio Tinto PLC(a)(b)		2,421		81,877
SABMiller PLC(a)		567		32,467
Smith & Nephew PLC(a)		2,144		75,040
Tesco PLC(a)		5,535		45,830
Unilever NV(c)		1,348		54,191
Unilever PLC(a)		716		29,198
WPP PLC(a)		670		69,700
Total United Kingdom				1,692,468
UNITED STATES – 1.3%
Carnival PLC(a)		2,391		123,686
IMAX Corp.*		881		29,769
lululemon athletica, Inc.*(b)		85		4,305
Mitel Networks Corp.*(b)		5,114		32,985
Valeant Pharmaceuticals International, Inc.*		156		27,827
Total United States				218,572
Total Common Stocks (Cost $19,109,203)				16,125,210
PREFERRED STOCK – 0.5%
GERMANY – 0.5%
Volkswagen AG(a)(b) (Cost $138,807)		3600		80,172
MONEY MARKET FUND – 3.2%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.10%(d) (Cost $530,250)		530,250		530,250
REPURCHASE AGREEMENTS – 17.0%(e)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $426,621, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $435,152)	$	426,620		426,620

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $661,975, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-07/15/37, totaling $675,213)	$	661,973	$	661,973
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $431,594, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $440,224)		431,592		431,592
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $661,976, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $675,212)		661,973		661,973
Morgan Stanley & Co. LLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $661,975, (collateralized by various U.S. Government Agency Obligations, 2.13%-10.50%, 12/15/16-09/01/45, totaling $675,212)		661,973		661,973
Total Repurchase Agreements (Cost $2,844,131)				2,844,131
Total Investments – 117.0% (Cost $22,622,391)				19,579,763
Liabilities in Excess of Other Assets – (17.0)%				(2,851,645	)
Net Assets – 100.0%			$	16,728,118

PLC - Public Limited Company

*	Non-income producing security.
(a)	American Depositary Receipt.
(b)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,730,735; the aggregate market value of the collateral held by the fund is $2,848,458.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,327.
(c)	Registered Shares.
(d)	Rate shown reflects the 7-day yield as of September 30, 2015.
(e)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Advertising		1.1	%
Aerospace/Defense		1.5
Agriculture		0.5
Airlines		1.1
Apparel		0.4
Auto Manufacturers		4.5
Auto Parts & Equipment		0.2
Banks		13.4
Beverages		0.7
Building Materials		0.6
Chemicals		3.0
Commercial Services		2.8
Computers		0.4
Cosmetics/Personal Care		1.3
Distribution/Wholesale		0.6
Diversified Financial Services		1.8
Electric		1.4
Electrical Components & Equipment		0.9
Electronics		2.4
Energy - Alternate Sources		1.1
Engineering & Construction		1.6
Entertainment		0.6
Food		3.8
Food Service		0.3
Forest Products & Paper		0.5
Healthcare - Products		1.1
Healthcare - Services		0.4
Holding Companies - Diversified		0.7
Home Furnishings		0.5
Household Products/Wares		0.1
Insurance		4.6
Internet		4.3
Iron/Steel		0.6
Leisure Time		0.7
Lodging		1.3
Machinery - Construction & Mining		1.4
Media		0.5
Metal Fabricate/Hardware		0.3
Mining		5.0
Miscellaneous Manufacturing		0.3

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of
	Net Assets (continued)
Oil & Gas		3.0	%
Packaging & Containers		0.2
Pharmaceuticals		3.9
Pipelines		0.5
Retail		2.4
Semiconductors		6.2
Software		1.6
Telecommunications		9.6
Transportation		0.7
Water		0.4
Money Market Fund		3.2
Repurchase Agreements		17.0
Total Investments		117.0
Liabilities in Excess of Other Assets		(17.0	)
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS – 10.2%
Debt Fund – 10.2%
iShares 3-7 Year Treasury Bond  ETF(a)		7,308	$	910,942
iShares 7-10 Year Treasury Bond ETF		8,443		910,746
Total Exchange Traded Funds (Cost $1,810,775)				1,821,688
MONEY MARKET FUND – 90.0%
Dreyfus Institutional Reserves Treasury Fund - Institutional Class, 0.00%(b) (Cost $16,158,295)		16,158,295		16,158,295
REPURCHASE AGREEMENTS – 1.5%(c)
Royal Bank of Scotland PLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $17,426, (collateralized by various U.S. Government Agency Obligations, 0.09%-3.63%, 01/31/16-02/15/44, totaling $17,775)	$	17,426		17,426
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.11%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.63%-6.50%, 12/28/16-10/01/45, totaling $255,001)		250,000		250,000
Total Repurchase Agreements (Cost $267,426)				267,426
Total Investments – 101.7% (Cost $18,236,495)				18,247,409
Liabilities in Excess of Other Assets – (1.7)%				(302,533	)
Net Assets – 100.0%			$	17,944,876

ETF - Exchange Traded Fund

PLC - Public Limited Company

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $261,576; the aggregate market value of the collateral held by the fund is $267,426.  

(b) Rate shown reflects the 7-day yield as of September 30, 2015.

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

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Debt Fund		10.2	%
Money Market Fund		90.0
Repurchase Agreements		1.5
Total Investments		101.7
Liabilities in Excess of Other Assets		(1.7	)
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 46.6%
Commodity Fund – 2.9%
iPath Bloomberg Commodity Index Total Return ETN*(a)		8,209	$	200,710
PowerShares DB Base Metals Fund*		7,572		96,316
Total Commodity Fund				297,026
Currency Fund – 6.8%
PowerShares DB US Dollar Index Bullish Fund*(a)		9,864		247,587
ProShares UltraShort Euro*		8,515		207,425
ProShares UltraShort Yen*		2,545		223,502
Total Currency Fund				678,514
Debt Fund – 4.5%
Direxion Daily 20 Year Plus Treasury Bull 3x Shares*(a)		5,746		457,152
Equity Fund – 32.4%
Energy Select Sector SPDR Fund		1,372		83,966
Global X FTSE Portugal 20 ETF(a)		28,021		282,732
iShares China Large-Cap ETF		3,414		121,095
iShares MSCI Europe Financials ETF		9,241		189,810
iShares MSCI Italy Capped ETF(a)		11,257		161,200
iShares MSCI Spain Capped ETF(a)		4,802		142,427
iShares Residential Real Estate Capped ETF(a)		8,440		500,399
Technology Select Sector SPDR Fund		14,917		589,222
Vanguard Global ex-U.S. Real Estate ETF		7,981		406,792
WisdomTree India Earnings Fund(a)		5,170		102,986
WisdomTree Japan Hedged Equity Fund		10,232		497,889
WisdomTree Japan Hedged Financials Fund(a)		7,371		190,761
Total Equity Fund				3,269,279
Total Exchange Traded Funds (Cost $4,896,457)				4,701,971
CLOSED-END FUND – 1.9%
Country Fund – 1.9%
Morgan Stanley China A Share Fund, Inc. (Cost $218,744)		8,741		196,148
MONEY MARKET FUND – 44.2%
Goldman Sachs Financial Square Fund, 0.13%(b) (Cost $4,472,942)		4,472,942		4,472,942

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS – 16.3%(c)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $247,196, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $252,139)	$	247,195	$	247,195
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $383,566, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-07/15/2037, totaling $391,236)		383,565		383,565
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $250,074, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $255,074)		250,073		250,073
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $383,566, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $391,236)		383,565		383,565
RBC Capital Markets LLC, dated 09/30/15, due 10/01/15, 0.10%, total to be received $383,566, (collateralized by various U.S. Government Agency Obligations, 1.88%-7.00%, 04/20/25-05/20/65, totaling $391,236)		383,565		383,565
Total Repurchase Agreements (Cost $1,647,963)				1,647,963
Total Investments – 109.0% (Cost $11,236,106)				11,019,024
Liabilities in Excess of Other Assets – (9.0)%				(908,066	)
Net Assets – 100.0%			$	10,110,958

ETF - Exchange Traded Fund

ETN - Exchange Traded Note

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,608,229; the aggregate market value of the collateral held by the fund is $1,649,259.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,296.
(b)	Rate shown reflects the 7-day yield as of September 30, 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)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Commodity Fund		2.9	%
Country Fund		1.9
Currency Fund		6.8
Debt Fund		4.5
Equity Fund		32.4
Money Market Fund		44.2
Repurchase Agreements		16.3
Total Investments		109.0
Liabilities in Excess of Other Assets		(9.0	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES – 33.6%
Commercial Mortgage Backed Securities – 18.5%
A10 Term Asset Financing LLC, Class A1, Series 2014-1, 1.72%, 04/15/33‡	$	232,435	$	232,096
Access Point Funding LLC, Class A, Series 2015-A, 2.61%, 04/15/20‡		212,010		211,968
Aventura Mall Trust, Class A, Series 2013-AVM, 3.74%, 12/05/32@‡		115,000		123,063
BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29‡		274,872		281,067
Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.62%, 04/10/49@		1,514,000		1,572,608
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 1.69%, 01/25/38@‡		300,000		290,568
Bcrr Trust, Class 2A1, Series 2009-1, 5.86%, 07/17/40@‡		126,057		128,841
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW14, 5.24%, 12/11/38		285,000		296,255
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2005-PW10, 5.45%, 12/11/40@		1,081,000		1,084,034
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW13, 5.58%, 09/11/41@		885,000		913,969
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW15, 5.36%, 02/11/44		265,000		272,534
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.88%, 06/11/50@		990,000		1,059,405
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50		970,000		1,024,603
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW18, 6.08%, 06/11/50@		460,000		496,719
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.69%, 06/11/50@		650,000		687,048
CD Commercial Mortgage Trust, Class AMFX, Series 2007-CD4, 5.37%, 12/11/49@		895,000		926,005
CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49		780,000		805,904
Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.71%, 12/10/49@		140,000		147,968
Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.71%, 12/10/49@		1,390,644		1,470,343
Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.14%, 12/10/49@		530,000		570,883

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.81%, 06/14/50@‡	$	307,991	$	322,725
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡		929,324		930,510
Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49@		1,050,000		1,110,451
Credit Suisse Commercial Mortgage Trust, Class A1A, Series 2007-C1, 5.36%, 02/15/40		478,070		496,607
Credit Suisse Commercial Mortgage Trust, Class 1A, Series 2010-RR7, 5.38%, 08/12/48@‡		463,528		477,700
DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44		971,275		982,446
Extended Stay America Trust, Class A17, Series 2013-ESH7, 2.30%, 12/05/31‡		735,000		736,103
GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.79%, 08/10/45@		1,847,923		1,967,692
GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.79%, 08/10/45@		896,935		946,786
Hilton USA Trust, Class EFX, Series 2013-HLT, 4.45%, 11/05/30@‡		535,000		541,843
JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2015-SGP, 2.94%, 07/15/36@‡		535,000		537,973
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 6.10%, 04/15/45@		1,190,000		1,218,223
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2006-LDP7, 6.10%, 04/15/45@		141,051		143,253
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2006-LDP9, 5.34%, 05/15/47		2,384,191		2,465,566
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47		650,000		666,917
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@		275,000		283,020
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51@		2,255,000		2,374,159
LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 6.10%, 07/15/44@		599,342		634,449
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C2, 5.43%, 02/15/40		1,029,630		1,073,696
LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40@		1,072,834		1,119,752

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@	$	675,768	$	728,477
Merrill Lynch Mortgage Trust, Class AM, Series 2006-C1, 5.67%, 05/12/39@		660,000		672,830
Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.27%, 01/11/43@		860,000		945,314
Morgan Stanley Capital I Trust, Class A4, Series 2006-IQ12, 5.33%, 12/15/43		449,245		462,959
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ14, 5.69%, 04/15/49@		800,000		835,496
Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.87%, 04/15/49@		226,000		235,001
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49		401,575		427,570
Motel 6 Trust, Class B, Series 2015-MTL6, 3.30%, 02/05/30‡		385,000		388,359
VFC LLC, Class A, Series 2014-2, 2.75%, 07/20/30‡		104,177		104,141
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C30, 5.38%, 12/15/43		870,000		905,104
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C31, 5.59%, 04/15/47@		1,380,000		1,451,794
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 04/15/47		770,000		786,811
Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.90%, 06/15/49@		975,000		1,023,111
Total Commercial Mortgage Backed Securities				40,592,719
Residential Mortgage Backed Securities – 15.1%
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34		179,809		190,780
American Homes 4 Rent, Class A, Series 2014-SFR1, 1.25%, 06/17/31@‡		273,752		269,110
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35		354,638		365,715
B2R Mortgage Trust, Class A1, Series 2015-1, 2.52%, 05/15/48‡		227,670		227,417
Banc of America Funding Trust, Class 5A1, Series 2004-A, 2.62%, 07/20/34@		180,566		180,267
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		266,545		269,782
Banc of America Mortgage Trust, Class 4A1, Series 2004-5, 4.75%, 06/25/19		289,157		290,778

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19	$	565,556	$	566,786
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37		543,409		574,931
Bayview Financial Mortgage Pass-Through Trust, Class 1A2, Series 2006-A, 5.48%, 02/28/41		155,350		164,262
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 2.27%, 04/25/34@		735,058		728,302
Bear Stearns ARM Trust, Class 12A3, Series 2004-10, 2.74%, 01/25/35@		403,376		400,456
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 2.81%, 01/25/35@		1,132,023		1,132,984
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.35%, 09/25/34		438,000		461,263
Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.74%, 07/25/36		430,798		445,025
Citicorp Residential Mortgage Trust, Class A6, Series 2007-2, 5.52%, 06/25/37		360,147		374,200
Citigroup Mortgage Loan Trust, Class A, Series 2014-A, 4.00%, 01/25/35@‡		140,080		145,618
Citigroup Mortgage Loan Trust, Inc., Class A2, Series 2003-UP3, 7.00%, 09/25/33		221,363		234,438
Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.25%, 08/25/34@		355,216		356,749
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@		479,408		490,651
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35		649,741		663,427
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19		116,615		118,488
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.47%, 09/25/34@		217,507		217,164
FDIC Trust, Class A, Series 2013-N1, 4.50%, 10/25/18‡		124,244		124,801
Federal Home Loan Mortgage Corporation, Class M2, Series 2014-DN2, 1.84%, 04/25/24@		500,000		496,318
GMACM Mortgage Loan Trust, Class A10, Series 2003-J7, 5.50%, 11/25/33		667,305		686,939
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 3.04%, 06/25/34@		577,406		589,155
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34		190,599		201,946

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.30%, 06/25/34@	$	779,269	$	760,268
GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%, 01/25/37		27,635		26,481
Irwin Home Equity Loan Trust, Class M1, Series 2003-A, 1.74%, 10/25/27@		366,866		363,788
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡		593,056		595,026
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡		246,236		255,007
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 2.45%, 07/25/34@		350,200		348,986
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.72%, 08/25/34@		348,047		350,065
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.14%, 04/25/35@		810,842		795,662
JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡		382,179		403,130
JPMorgan Mortgage Trust, Class 2A1, Series 2014-IVR3, 3.00%, 09/25/44@‡		587,467		592,006
JPMorgan Trust, Class A2, Series 2015-5, 2.91%, 05/25/45@‡		523,878		530,229
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34		456,063		482,340
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20		280,889		283,948
MASTR Asset Securitization Trust, Class 4A5, Series 2003-5, 5.50%, 06/25/33		538,150		546,365
MASTR Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡		444,372		453,568
Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.99%, 06/25/44@‡		737,658		754,499
New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡		414,376		430,102
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡		387,813		406,958
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡		942,688		980,683
RALI Series Trust, Class CB5, Series 2003-QS17, 5.50%, 09/25/33		381,980		395,211
RALI Series Trust, Class A3, Series 2003-QS22, 5.38%, 12/26/33		40,636		40,810

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@	$	124,598	$	126,219
Residential Funding Mortgage Securities II Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 0.44%, 06/25/28@		305,650		290,946
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 2.58%, 02/25/34@		476,920		467,668
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 2.51%, 04/25/34@		173,048		171,945
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 2.51%, 04/25/34@		921,576		924,308
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 2.45%, 05/25/34@		400,059		399,832
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 3.86%, 12/25/33@		310,325		312,064
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.50%, 02/25/34		640,955		685,419
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡		1,250,812		1,235,032
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33		456,446		467,486
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.64%, 11/25/33@		324,343		318,923
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34		289,384		294,300
Structured Asset Securities Corp. Pass-Through Certificates, Class A3, Series 2002-AL1, 3.45%, 02/25/32		1,065,132		1,055,561
Towd Point Mortgage Trust, Class A1B, Series 2015-3, 3.00%, 03/25/54@‡		670,427		676,747
Vericrest Opportunity Loan Trust, Class A1, Series 2014-NPL9, 3.38%, 11/25/54‡		215,771		215,971
Vericrest Opportunity Loan Trust, Class A1, Series 2015-NPL3, 3.38%, 10/25/58‡		373,167		370,853
VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55‡		274,416		274,504
VOLT XXXI LLC, Class A1, Series 2015-NPL2, 3.38%, 02/25/55‡		404,205		403,835
Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C30, 5.34%, 12/15/43		90,000		93,198
WaMu Mortgage Pass-Through Certificates, Class A1, Series 2003-AR6, 2.55%, 06/25/33@		234,073		234,794

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 2.26%, 08/25/33@	$	203,841	$	202,087
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 2.62%, 06/25/33@		32,282		32,678
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 2.61%, 10/25/33@		214,066		216,785
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 2.65%, 02/25/34@		255,489		256,315
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.74%, 07/25/34@		169,157		170,915
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.74%, 07/25/34@		489,452		491,855
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.67%, 10/25/34@		515,270		515,744
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 2.62%, 12/25/34@		202,567		203,057
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35		158,689		162,148
WinWater Mortgage Loan Trust, Class A1, Series 2014-1, 3.99%, 06/20/44@‡		594,269		617,863
Total Residential Mortgage Backed Securities				32,651,936
Total Mortgage Backed Securities (Cost $75,007,975)				73,244,655
ASSET BACKED SECURITIES – 24.2%
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20		500,000		502,564
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21		655,000		658,598
AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18		1,050,000		1,063,761
AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19		575,000		580,083
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20		755,000		761,180
Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21‡		600,000		608,051
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@		255,922		276,355

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡	$	500,000	$	503,965
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡		1,140,000		1,145,011
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡		1,465,000		1,509,859
BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25@		247,938		259,114
Beacon Container Finance LLC, Class A, Series 2012-1A, 3.72%, 09/20/27‡		619,937		629,527
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡		520,043		518,795
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20		645,000		647,138
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20		500,000		502,592
California Republic Auto Receivables Trust, Class B, Series 2015-3, 2.70%, 09/15/21		645,000		644,930
Capital Auto Receivables Asset Trust, Class C, Series 2013-1, 1.74%, 10/22/18		415,000		416,763
Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19		635,000		643,773
Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20		650,000		653,723
CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19‡		350,000		354,521
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡		200,000		200,759
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡		480,000		484,266
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡		1,000,000		1,013,611
CarFinance Capital Auto Trust, Class D, Series 2014-1A, 4.90%, 04/15/20‡		415,000		418,546
CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20		700,000		706,617
CarMax Auto Owner Trust, Class C, Series 2015-2, 2.39%, 03/15/21		615,000		616,920
Carnow Auto Receivables Trust, Class D, Series 2014-1A, 4.16%, 11/15/18‡		400,000		394,811

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
CCG Receivables Trust, Class A3, Series 2015-1, 1.92%, 01/17/23‡	$	1,000,000	$	1,004,270
CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21‡		420,000		422,057
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡		747,839		745,774
CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡		370,563		384,246
CLI Funding V LLC, Class A, Series 2014-2A, 3.38%, 10/18/29‡		454,167		458,816
Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@		358,049		375,665
Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡		557,208		563,342
Domino's Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42‡		308,234		317,834
Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21‡		590,000		593,623
Drug Royalty II LP 2, Class A2, Series 2014-1, 3.48%, 07/15/23‡		390,004		396,373
DT Auto Owner Trust, Class C, Series 2013-2A, 3.06%, 09/16/19‡		500,000		503,089
DT Auto Owner Trust, Class C, Series 2014-1A, 2.64%, 10/15/19‡		670,000		673,937
DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20‡		300,000		300,093
DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡		560,000		566,826
Exeter Automobile Receivables Trust, Class B, Series 2013-2A, 3.09%, 07/16/18‡		180,000		181,407
Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡		500,000		507,592
Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡		1,110,000		1,123,613
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡		880,000		881,699
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡		500,000		510,085
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡		500,000		507,297
Foursight Capital Automobile Receivables Trust, Class B, Series 2014-1, 3.56%, 11/22/21‡		500,000		508,450
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡		478,599		482,247

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Hertz Vehicle Financing LLC, Class A, Series 2015-2A, 2.02%, 09/25/19‡	$	1,075,000	$	1,074,771
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡		950,519		958,529
Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡		318,312		315,045
Hyundai Auto Receivables Trust, Class B, Series 2015-C, 2.15%, 11/15/21		1,000,000		1,007,545
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20		425,000		424,339
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21		500,000		509,785
Leaf Receivables Funding 10 LLC, Class D, Series 2015-1, 3.74%, 05/17/21‡		615,000		609,520
LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21‡		345,000		354,703
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡		945,344		952,667
Mid-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35		367,077		392,868
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡		639,298		644,397
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38		335,822		354,243
OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡		730,000		730,266
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡		325,000		324,670
Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18		147,478		148,309
Santander Drive Auto Receivables Trust, Class C, Series 2012-4, 2.94%, 12/15/17		254,550		256,520
Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19		600,000		601,825
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20		600,000		604,881
Santander Drive Auto Receivables Trust, Class D, Series 2012-2, 3.87%, 02/15/18		300,000		305,596
Santander Drive Auto Receivables Trust, Class D, Series 2012-6, 2.52%, 09/17/18		350,000		353,869
Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19		500,000		503,319

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19	$	475,000	$	480,824
Santander Drive Auto Receivables Trust, Class D, Series 2014-4, 3.10%, 11/16/20		600,000		606,278
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡		230,517		231,961
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31‡		156,415		157,681
Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29‡		153,189		155,292
Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25‡		152,996		154,737
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡		632,174		629,140
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡		500,000		499,420
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡		270,000		279,178
SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡		1,275,000		1,290,629
SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20‡		655,000		657,125
SoFi Professional Loan Program LLC, Class A2, Series 2014-A, 3.02%, 10/25/27‡		259,870		264,728
SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡		741,459		745,494
SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30‡		406,994		406,902
TAL Advantage V LLC, Class A, Series 2013-1A, 2.83%, 02/22/38‡		407,917		411,032
TAL Advantage V LLC, Class A, Series 2014-3A, 3.27%, 11/21/39‡		458,333		464,764
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡		800,000		806,104
Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡		500,000		502,150
Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44‡		265,873		269,151
Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41‡		319,180		331,706

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23‡	$	560,799	$	583,572
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡		610,967		613,932
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡		535,000		540,190
Westgate Resorts LLC, Class A, Series 2012-2A, 3.00%, 01/20/25‡		139,348		139,500
Westlake Automobile Receivables Trust, Class C, Series 2014-1A, 1.70%, 11/15/19‡		795,000		794,237
Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20‡		500,000		501,563
Total Asset Backed Securities (Cost $52,474,418)				52,669,125
CORPORATE BONDS – 20.5%
Consumer Discretionary – 1.6%
American Axle & Manufacturing, Inc., 5.13%, 02/15/19		115,000		115,431
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 03/15/21		80,000		78,990
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22		85,000		79,900
CCO Safari II LLC, 4.46%, 07/23/22‡		175,000		175,296
Dish DBS Corp., 4.63%, 07/15/17		230,000		230,150
Lennar Corp., 4.50%, 11/15/19(a)		305,000		309,118
Marriott International, Inc., Series N, 3.13%, 10/15/21		520,000		528,363
QVC, Inc., 3.13%, 04/01/19		505,000		504,279
Time Warner Cable, Inc., 6.75%, 07/01/18		205,000		228,257
Toll Brothers Finance Corp., 4.00%, 12/31/18		375,000		386,250
Toll Brothers Finance Corp., 6.75%, 11/01/19		117,000		133,380
TRI Pointe Holdings, Inc., 4.38%, 06/15/19		355,000		349,675
Wyndham Worldwide Corp., 2.50%, 03/01/18		450,000		450,872
Total Consumer Discretionary				3,569,961
Consumer Staples – 0.4%
CVS Health Corp., 1.90%, 07/20/18		450,000		453,308
CVS Health Corp., 2.80%, 07/20/20		255,000		259,366
Kraft Heinz Foods Co., 2.80%, 07/02/20‡		185,000		186,415
Total Consumer Staples				899,089
Energy – 1.2%
Antero Resources Corp., 5.63%, 06/01/23‡		210,000		185,325

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Energy (continued)
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.13%, 11/15/22‡	$	155,000	$	148,025
Energy Transfer Partners LP, 4.15%, 10/01/20		250,000		253,153
Kinder Morgan, Inc., 3.05%, 12/01/19		100,000		98,278
Kinder Morgan, Inc., 5.63%, 11/15/23‡		445,000		437,012
Markwest Energy Partners LP / Markwest Energy Finance Corp., 5.50%, 02/15/23		320,000		311,600
Newfield Exploration Co., 5.75%, 01/30/22		140,000		136,500
NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19		535,000		489,525
Parker Drilling Co., 6.75%, 07/15/22		100,000		78,500
Sabine Oil & Gas Corp., 7.25%, 06/15/19^		92,000		13,340
Sunoco LP / Sunoco Finance Corp., 5.50%, 08/01/20‡		650,000		643,499
Total Energy				2,794,757
Financials – 9.4%
Air Lease Corp., 2.63%, 09/04/18		295,000		294,816
Ally Financial, Inc., 3.25%, 02/13/18(a)		225,000		221,906
Ally Financial, Inc., 4.13%, 03/30/20(a)		270,000		267,638
American Campus Communities Operating Partnership LP, 3.35%, 10/01/20		95,000		96,242
Ares Capital Corp., 3.88%, 01/15/20		280,000		288,584
Associated Banc-Corp., 5.13%, 03/28/16		60,000		60,921
Associates Corp. of North America, 6.95%, 11/01/18		415,000		473,630
Aviation Capital Group Corp., 3.88%, 09/27/16‡		430,000		434,838
Aviation Capital Group Corp., 2.88%, 09/17/18‡		195,000		195,066
Bank of America Corp., 2.00%, 01/11/18		235,000		235,999
Bank of America Corp., Series L, 5.65%, 05/01/18		200,000		218,353
Bank of America Corp., 5.49%, 03/15/19		66,000		72,617
Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49@		395,000		389,569
Bear Stearns Cos. LLC (The), 7.25%, 02/01/18		75,000		83,993
Block Financial LLC, 4.13%, 10/01/20		315,000		315,358
Brixmor Operating Partnership LP, 3.88%, 08/15/22		210,000		212,208
Capital One Financial Corp., 6.15%, 09/01/16		400,000		416,750
Corporate Office Properties LP, 3.70%, 06/15/21		460,000		451,792
Corrections Corp. of America, 5.00%, 10/15/22		755,000		760,662
Countrywide Financial Corp., 6.25%, 05/15/16		130,000		133,711
DDR Corp., 7.88%, 09/01/20		280,000		342,401
DDR Corp., 3.50%, 01/15/21		145,000		147,677

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Digital Delta Holdings LLC, 3.40%, 10/01/20‡	$	420,000	$	422,062
Digital Realty Trust LP, 3.95%, 07/01/22		270,000		270,097
DuPont Fabros Technology LP, 5.88%, 09/15/21		475,000		489,250
Fifth Third Bancorp, 4.50%, 06/01/18		321,000		341,727
First Tennessee Bank NA, 2.95%, 12/01/19		250,000		252,932
Ford Motor Credit Co. LLC, 8.13%, 01/15/20		455,000		545,798
FS Investment Corp., 4.25%, 01/15/20		435,000		442,994
FS Investment Corp., 4.75%, 05/15/22		160,000		157,980
General Motors Financial Co., Inc., 2.40%, 04/10/18		355,000		352,485
Genworth Holdings, Inc., 7.63%, 09/24/21(a)		200,000		195,500
GLP Capital LP/GLP Financing II, Inc., 4.88%, 11/01/20(a)		530,000		539,275
Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17		670,000		703,873
Government Properties Income Trust, 3.75%, 08/15/19		85,000		87,239
HCP, Inc., 3.75%, 02/01/19		175,000		182,855
Healthcare Trust of America Holdings LP, 3.38%, 07/15/21		150,000		149,949
Hertz Corp. (The), 5.88%, 10/15/20(a)		440,000		437,140
HSBC Finance Corp., 6.68%, 01/15/21		225,000		263,554
HSBC USA, Inc., 1.70%, 03/05/18		200,000		199,523
HSBC USA, Inc., 2.63%, 09/24/18		225,000		229,058
Huntington Bancshares, Inc., 7.00%, 12/15/20(a)		200,000		236,360
International Lease Finance Corp., 3.88%, 04/15/18		390,000		390,000
iStar, Inc., 4.00%, 11/01/17		410,000		395,650
Jefferies Group LLC, 5.13%, 04/13/18		275,000		289,022
JPMorgan Chase & Co., 6.13%, 06/27/17		280,000		301,065
JPMorgan Chase & Co., 2.25%, 01/23/20		380,000		377,069
JPMorgan Chase & Co., Series Z, 5.30%, 12/29/49@(a)		40,000		39,400
Lazard Group LLC, 4.25%, 11/14/20		275,000		291,629
Lincoln National Corp., 8.75%, 07/01/19		125,000		152,804
Lincoln National Corp., 6.05%, 04/20/67@		100,000		84,250
McGraw-Hill Financial, Inc., 3.30%, 08/14/20‡		210,000		213,908
Morgan Stanley, 5.55%, 04/27/17		425,000		451,106
Morgan Stanley, 2.13%, 04/25/18		180,000		181,127
MPT Operating Partnership LP/MPT Finance Corp., 6.38%, 02/15/22		45,000		47,194
National Retail Properties, Inc., 5.50%, 07/15/21		250,000		281,006
New York Life Global Funding, 1.95%, 02/11/20‡		65,000		64,729
Prudential Financial, Inc., 5.20%, 03/15/44@		300,000		295,781
Santander Holdings USA, Inc., 2.65%, 04/17/20		475,000		466,866
SBA Tower Trust, 2.93%, 12/15/17‡		725,000		737,014

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Select Income REIT, 4.15%, 02/01/22	$	515,000	$	508,257
Senior Housing Properties Trust, 3.25%, 05/01/19		415,000		417,888
Springleaf Finance Corp., 5.25%, 12/15/19(a)		455,000		445,900
State Street Corp., 4.96%, 03/15/18		300,000		320,159
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19‡		400,000		405,947
Ventas Realty LP, 4.00%, 04/30/19		310,000		326,383
Voya Financial, Inc., 2.90%, 02/15/18		365,000		372,906
WEA Finance LLC / Westfield UK & Europe Finance PLC, 3.25%, 10/05/20‡		200,000		202,155
Wells Fargo & Co., 5.13%, 09/15/16		75,000		77,851
Willis North America, Inc., 6.20%, 03/28/17		250,000		264,322
Zions Bancorporation, 4.50%, 03/27/17		195,000		200,272
Total Financials				21,216,042
Health Care – 1.7%
AbbVie, Inc., 2.50%, 05/14/20		75,000		74,666
CHS/Community Health Systems, Inc., 5.13%, 08/15/18		170,000		174,250
Forest Laboratories LLC, 4.38%, 02/01/19‡		200,000		211,847
Fresenius US Finance II, Inc., 4.50%, 01/15/23‡		140,000		140,000
HCA, Inc., 3.75%, 03/15/19		160,000		160,000
HCA, Inc., 6.50%, 02/15/20		185,000		202,113
Hill-Rom Holdings, Inc., 5.75%, 09/01/23‡		1,130,000		1,138,474
Hologic, Inc., 5.25%, 07/15/22‡		40,000		40,550
Owens & Minor, Inc., 3.88%, 09/15/21		95,000		95,971
Quintiles Transnational Corp., 4.88%, 05/15/23‡		170,000		168,725
Tenet Healthcare Corp., 6.25%, 11/01/18		150,000		160,500
Tenet Healthcare Corp., 5.00%, 03/01/19		60,000		58,275
Tenet Healthcare Corp., 3.84%, 06/15/20@‡		260,000		258,538
Tenet Healthcare Corp., 6.00%, 10/01/20		105,000		111,038
Zimmer Biomet Holdings, Inc., 2.70%, 04/01/20		295,000		296,385
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22(a)		295,000		292,506
Total Health Care				3,583,838
Industrials – 4.4%
ADT Corp. (The), 6.25%, 10/15/21(a)		540,000		559,574
America West Airlines 1999-1 Pass-Through Trust, Series 991G, 7.93%, 01/02/19		317,246		341,436
America West Airlines 2001-1 Pass-Through Trust, Series 011G, 7.10%, 04/02/21		1,012,770		1,105,184
American Airlines Group, Inc., 4.63%, 03/01/20‡		195,000		190,613

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Industrials (continued)
Continental Airlines 1999-1 Class A Pass-Through Trust, Series 991A, 6.55%, 02/02/19	$	311,697	$	335,838
Continental Airlines 1999-2 Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20		212,762		227,124
Continental Airlines 2000-1 Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20		479,434		541,161
Continental Airlines 2001-1 Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21		854,172		895,812
Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.75%, 05/07/20		1,008,033		1,064,734
Delta Air Lines Class A Pass-Through Trust, Series 2010-2A, 4.95%, 05/23/19		662,176		699,422
HD Supply, Inc., 5.25%, 12/15/21‡		360,000		363,150
Masco Corp., 5.95%, 03/15/22		400,000		438,500
Northwest Airlines 2002-1 Class G-2 Pass-Through Trust, Series 02-1, 6.26%, 11/20/21		535,587		558,002
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡		230,000		225,101
Textron, Inc., 4.63%, 09/21/16		400,000		411,660
UAL 2009-2a Pass-Through Trust, Series 09-2, 9.75%, 01/15/17		356,905		388,612
United Rentals North America, Inc., 4.63%, 07/15/23(a)		310,000		301,475
Total Industrials				8,647,398
Information Technology – 0.7%
Dun & Bradstreet Corp. (The), 3.25%, 12/01/17		150,000		152,388
Dun & Bradstreet Corp. (The), 4.00%, 06/15/20(a)		150,000		153,350
Hewlett Packard Enterprise Co., 2.45%, 10/05/17‡		435,000		434,756
Hewlett Packard Enterprise Co., 2.85%, 10/05/18‡		155,000		154,802
Hewlett Packard Enterprise Co., 3.60%, 10/15/20‡		65,000		64,982
Juniper Networks, Inc., 3.30%, 06/15/20		110,000		111,779
Oracle Corp., 2.50%, 05/15/22		200,000		197,270
Total Information Technology				1,269,327
Materials – 0.2%
Airgas, Inc., 3.05%, 08/01/20		43,000		43,711
Hexion, Inc., 6.63%, 04/15/20		175,000		149,625
Huntsman International LLC, 4.88%, 11/15/20(a)		200,000		174,780
Total Materials				368,116
Telecommunication Services – 0.7%
AT&T, Inc., 3.88%, 08/15/21		210,000		218,386

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Telecommunication Services (continued)
AT&T, Inc., 3.00%, 06/30/22	$	205,000	$	200,301
Frontier Communications Corp., 7.13%, 03/15/19		250,000		246,709
Frontier Communications Corp., 8.88%, 09/15/20‡		60,000		58,950
Frontier Communications Corp., 6.25%, 09/15/21		185,000		154,938
Frontier Communications Corp., 10.50%, 09/15/22‡		65,000		63,538
T-Mobile USA, Inc., 6.46%, 04/28/19		275,000		280,500
Verizon Communications, Inc., 2.50%, 09/15/16		43,000		43,601
Verizon Communications, Inc., 3.65%, 09/14/18		50,000		52,741
Verizon Communications, Inc., 2.55%, 06/17/19		200,000		202,757
Verizon Communications, Inc., 4.60%, 04/01/21		125,000		134,996
Total Telecommunication Services				1,657,417
Utilities – 0.2%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20		45,000		45,788
AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22		235,000		242,050
Exelon Corp., 2.85%, 06/15/20		70,000		70,689
Talen Energy Supply LLC, 4.63%, 07/15/19‡		265,000		242,475
Total Utilities				601,002
Total Corporate Bonds (Cost $45,039,116)				44,606,947
TERM LOANS – 11.9%
Consumer Discretionary – 4.5%
Allison Transmission, Inc., 3.50%, 08/23/19@		40,792		40,846
Aristocrat International Pty Ltd., 4.75%, 10/20/21 (Australia)@		410,308		411,333
Boyd Gaming Corp., 4.00%, 08/14/20@		277,993		278,210
Caesars Entertainment Corp., 11.25%, 10/31/16@		136,711		128,440
CBAC Borrower LLC, 8.25%, 07/02/20@		140,000		132,300
CCO Safari III LLC, 3.25%, 08/24/21@		90,000		89,663
CCO Safari III LLC, 3.50%, 01/21/23@		77,000		76,695
CDS US Intermediate Holdings, Inc., 5.00%, 07/08/22@		539,000		539,841
Cequel Communications LLC, 3.50%, 02/14/19@		481,169		476,059
Charter Communications Operating, LLC, 3.00%, 07/01/20@		413,652		409,491
CityCenter Holdings LLC, 4.25%, 10/16/20@		243,658		243,352
CSC Holdings LLC, 2.69%, 04/17/20@		452,191		449,611
FCA U.S. LLC, 3.25%, 12/31/18@		325,050		322,815
Hanesbrands, Inc., 3.25%, 04/29/22@		32,835		33,054
Hilton Worldwide Finance LLC, 3.50%, 10/25/20@		372,694		372,344

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Consumer Discretionary (continued)
Jarden Corp., 2.94%, 09/30/20@	$	17,954	$	18,022
Jarden Corp., 2.94%, 07/30/22@		126,000		126,118
Landry's, Inc., 4.00%, 04/24/18@		185,915		186,287
Las Vegas Sands, LLC, 3.25%, 12/19/20@		536,017		531,830
Libbey Glass, Inc., 3.75%, 04/09/21@		314,025		313,632
Life Time Fitness, Inc., 4.25%, 06/10/22@		264,338		263,677
MGM Resorts International, 3.50%, 12/20/19@		354,998		352,868
PetSmart Inc, 4.25%, 03/10/22@		296,258		296,086
Pinnacle Entertainment, Inc., 3.75%, 08/13/20@		115,336		115,428
PVH Corp., 3.25%, 02/13/20@		251,942		253,359
Seminole Tribe of Florida, Inc., 3.00%, 04/29/20@		372,581		372,039
Six Flags Theme Parks, Inc., 3.50%, 06/30/22@		152,618		152,872
SRAM LLC, 4.00%, 04/10/20@		191,348		181,303
Staples, Inc., 04/24/21@		248,000		247,086
TI Group Automotive Systems LLC, 4.50%, 06/30/22 (United Kingdom)@		453,000		448,092
Tribune Media Co., 3.75%, 12/27/20@		417,958		414,999
Univision Communications, Inc., 4.00%, 03/01/20@		405,974		403,914
Univision Communications, Inc., 4.00%, 03/01/20@		700,509		697,006
Virgin Media Investment Holdings Ltd., 3.50%, 06/30/23 (United Kingdom)@		336,661		332,244
Total Consumer Discretionary				9,710,916
Consumer Staples – 0.9%
Albertson's Holdings LLC, 5.50%, 08/25/21@		268,023		268,421
ARAMARK Corp., 3.25%, 09/07/19@		458,954		458,616
ARAMARK Corp., 3.25%, 02/24/21@		496,222		495,343
Hostess Brands LLC, 4.50%, 08/03/22@		520,000		521,378
Kronos Inc., 4.50%, 10/30/19@		431,304		430,359
Spectrum Brands, Inc., 3.75%, 06/23/22@		58,385		58,668
Total Consumer Staples				2,232,785
Energy – 0.2%
MEG Energy Corp., 3.75%, 03/31/20 (Canada)@		572,567		536,862
Financials – 1.0%
Delos Finance Sarl, 3.50%, 03/06/21@		633,000		632,380
Realogy Group LLC, 3.75%, 03/05/20@		493,719		493,180
TransUnion LLC, 3.75%, 04/09/21@		628,571		623,269
Total Financials				1,748,829

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Health Care – 1.0%
Alere, Inc., 4.25%, 06/18/22@	$	238,403	$	238,737
CHS/Community Health Systems, Inc., 3.58%, 12/31/18@		269,219		269,295
ConvaTec, Inc., 4.25%, 06/15/20 (United Kingdom)@		19,950		19,925
Davita HealthCare Partners, Inc., 3.50%, 06/24/21@		107,638		107,637
Emdeon, Inc., 3.75%, 11/02/18@		494,731		492,876
Endo Luxembourg Finance I Co. Sarl, 09/25/22 (Luxembourg)@		147,000		146,793
Hill-Rom Holdings, Inc., 3.50%, 09/08/22@		19,000		19,056
IASIS Healthcare LLC, 4.50%, 05/03/18@		218,813		219,250
Quintiles Transnational Corp, 3.25%, 05/12/22@		75,810		75,962
RPI Finance Trust, 3.25%, 11/09/18@		409,924		410,950
RPI Finance Trust, 3.50%, 11/09/20@		304,466		303,927
Valeant Pharmaceuticals International, Inc., 3.50%, 02/13/19 (Canada)@		259,734		256,104
Total Health Care				2,560,512
Industrials – 1.5%
Air Canada, 4.00%, 09/26/19 (Canada)@		232,063		232,353
American Airlines, Inc., 3.25%, 06/27/20@		305,000		302,446
American Airlines, Inc., 3.50%, 10/10/21@		254,000		253,524
Avis Budget Car Rental LLC, 3.00%, 03/15/19@		608,636		608,329
AWAS Finance Luxembourg 2012 SA, 3.50%, 07/16/18@		449,676		448,694
DigitalGlobe, Inc., 3.75%, 02/01/20@		167,085		166,598
McJunkin Red Man Corp., 4.75%, 11/09/19@		57,185		55,994
Nortek, Inc., 3.50%, 10/30/20@		590,656		587,337
TransDigm, Inc., 3.75%, 06/04/21@		546,866		541,055
United Airlines, Inc., 3.50%, 09/15/21@		266,310		265,978
Total Industrials				3,462,308
Information Technology – 1.3%
Avago Technologies Cayman Ltd., 3.75%, 05/06/21 (Singapore)@		616,415		616,766
Blue Coat Systems. Inc., 4.50%, 05/26/22@		220,000		218,488
Deltek, Inc., 0.05%, 06/25/22@		22,649		22,692
First Data Corp., 3.70%, 03/24/18@		732,000		727,084
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 4.00%, 08/06/21@		249,485		247,147
Infor U.S., Inc., 3.75%, 06/03/20@		240,839		233,565
Interactive Data Corp., 4.75%, 05/02/21@		293,176		292,627
SunGard Data Systems, Inc., 4.00%, 03/08/20@		485,000		485,228
Total Information Technology				2,843,597

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Materials – 0.3%
AZ Chem U.S., Inc., 4.50%, 06/12/21@	$	85,515	$	85,539
FMG Resources Pty. Ltd., 3.75%, 06/30/19 (Australia)@		378,159		310,234
Ineos U.S. Finance LLC, 3.75%, 12/15/20@		195,272		189,780
Owens-Brockway Glass Container, Inc., 3.50%, 09/01/22@		109,725		110,257
Total Materials				695,810
Telecommunication Services – 0.6%
Crown Castle Operating Co., 3.00%, 01/31/21@		660,544		659,269
Level 3 Financing, Inc., 4.00%, 01/15/20@		225,000		224,634
Level 3 Financing, Inc., 3.50%, 05/31/22@		110,000		109,313
Total Telecommunication Services				993,216
Utilities – 0.6%
Calpine Corp., 3.50%, 05/27/22@		447,878		441,533
NRG Energy, Inc., 2.75%, 07/01/18@		630,179		618,126
Total Utilities				1,059,659
Total Term Loans (Cost $26,043,564)				25,844,494
FOREIGN BONDS – 4.5%
Consumer Discretionary – 0.4%
Alibaba Group Holding Ltd., 2.50%, 11/28/19 (China)‡		700,000		688,301
Energy – 0.1%
Weatherford International Ltd., 9.63%, 03/01/19		150,000		160,817
Financials – 2.1%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.25%, 07/01/20 (Netherlands)		165,000		165,206
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.50%, 05/15/21 (Netherlands)		165,000		165,206
Aircastle Ltd., 5.13%, 03/15/21		210,000		211,050
American Tower Trust, 1.55%, 03/15/18‡		347,000		344,721
Axis Bank Ltd., 3.25%, 05/21/20 (India)‡		450,000		451,766
Banco Santander Chile, 2.15%, 06/07/18 (Chile)@‡		200,000		202,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 01/14/19 (Netherlands)		300,000		303,084
Corp. Andina de Fomento, 3.75%, 01/15/16 (Supranational)		100,000		100,990
Daimler Finance North America LLC, 2.45%, 05/18/20 (Germany)‡		500,000		489,090
Guanay Finance Ltd., 6.00%, 12/15/20 (Chile)‡		460,000		455,975

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Financials (continued)
Industrial & Commercial Bank of China Ltd., 3.23%, 11/13/19 (China)	$	475,000	$	484,732
Intesa Sanpaolo SpA, Series G, 3.13%, 01/15/16 (Italy)		200,000		201,096
Korea Development Bank (The), 4.63%, 11/16/21 (South Korea)		375,000		416,721
Macquarie Group Ltd., 6.00%, 01/14/20 (Australia)‡		290,000		325,702
Royal Bank of Scotland Group PLC, 6.40%, 10/21/19 (United Kingdom)		350,000		393,550
XLIT Ltd., Series E, 6.50%, 12/29/49 (Ireland)@		105,000		83,633
Total Financials				4,794,522
Health Care – 0.4%
Actavis Funding SCS, 3.00%, 03/12/20		85,000		85,287
Actavis Funding SCS, 3.45%, 03/15/22		85,000		84,146
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.88%, 04/15/20‡		20,000		19,175
Valeant Pharmaceuticals International, Inc., 6.75%, 08/15/18‡		85,000		86,647
Valeant Pharmaceuticals International, Inc., 5.38%, 03/15/20‡		640,000		623,599
Total Health Care				898,854
Industrials – 1.0%
Air Canada 2013-1 Class B Pass-Through Trust, 5.38%, 05/15/21 (Canada)‡		496,351		510,622
Bombardier, Inc., 4.75%, 04/15/19 (Canada)‡		240,000		194,400
Virgin Australia Trust, Series 2013-1A, 5.00%, 10/23/23 (Australia)‡		962,406		1,002,104
Total Industrials				1,707,126
Materials – 0.1%
Anglo American Capital PLC, 3.63%, 05/14/20 (United Kingdom)‡		200,000		174,687
Methanex Corp., 3.25%, 12/15/19 (Canada)		100,000		99,907
Total Materials				274,594
Telecommunication Services – 0.1%
Millicom International Cellular SA, 6.63%, 10/15/21 (Luxembourg)‡		280,000		278,320
Telefonica Emisiones SAU, 6.42%, 06/20/16 (Spain)		100,000		103,575
Total Telecommunication Services				381,895
Utilities – 0.3%
Majapahit Holding BV, 7.75%, 01/20/20 (Indonesia)‡		245,000		273,175

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Utilities (continued)
State Grid Overseas Investment 2014 Ltd., 2.75%, 05/07/19 (China)‡	$	500,000	$	508,657
Total Utilities				781,832
Total Foreign Bonds (Cost $9,820,578)				9,687,941
U.S. TREASURY NOTE – 0.6%
U.S. Treasury Note, 04/15/18, 0.75% (Cost $1,246,240)		1,250,000		1,248,136
U.S. GOVERNMENT AGENCY SECURITIES – 0.6%
Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41		643,024		688,075
Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37		130,475		139,913
Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41		356,260		373,522
Total U.S. Government Agency Securities (Cost $1,170,576)				1,201,510
MONEY MARKET FUND – 4.3%
BofA Cash Reserves Money Market Fund - Capital Class,, 0.09%(b) (Cost $9,367,582)		9,367,582		9,367,582
REPURCHASE AGREEMENTS – 1.0%(c)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $330,215, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $336,818)	$	330,214		330,214
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $512,383, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-10/01/45, totaling $522,630)		512,382		512,382
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $334,054, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $340,734)		334,053		334,053

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $512,384, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $522,630)	$	512,382	$	512,382
RBC Capital Markets LLC, dated 09/30/15, due 10/01/15, 0.10%, total to be received $512,383, (collateralized by various U.S. Government Agency Obligations, 1.88%-7.00%, 04/20/25-05/20/65, totaling $522,630)		512,382		512,382
Total Repurchase Agreements (Cost $2,201,413)				2,201,413
Total Investments – 101.2% (Cost $222,371,462)				220,071,803
Liabilities in Excess of Other Assets – (1.2)%				(2,560,755	)
Net Assets – 100.0%			$	217,511,047

LP - Limited Partnership

PLC - Public Limited Company

^ Is In Default.

‡ 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 September 30, 2015.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,864,699; the aggregate market value of the collateral held by the fund is $3,962,003.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,760,590.

(b) Rate shown reflects the 7-day yield as of September 30, 2015.

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

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Asset Backed Securities		24.2	%
Commercial Mortgage Backed Securities		18.5
Consumer Discretionary		6.5
Consumer Staples		1.3
Energy		1.5
Financials		12.5
Health Care		3.1
Industrials		6.9
Information Technology		2.0
Materials		0.6
Residential Mortgage Backed Securities		15.1
Telecommunication Services		1.4
Treasury		0.6
U.S. Government Agency Securities		0.6
Utilities		1.1
Money Market Fund		4.3
Repurchase Agreements		1.0
Total Investments		101.2
Liabilities in Excess of Other Assets		(1.2	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS – 84.8%
Advertising – 1.8%
Acosta, Inc., 4.25%, 09/26/21@	$	497,500	$	490,816
Aerospace & Defense – 3.3%
Hamilton Sundstrand Industrial (Luxembourg), 4.00%, 12/13/19@		500,000		457,918
TransDigm, Inc., 3.75%, 02/28/20@		442,363		437,703
Total Aerospace & Defense				895,621
Airlines – 0.9%
Landmark Aviation, 8.25%, 01/25/21@		250,000		249,219
Auto Parts & Equipment – 3.6%
Cooper-Standard Automotive, 4.00%, 04/04/21@		496,231		493,956
Federal-Mogul Holdings Corp., 4.75%, 04/15/21@		497,487		473,444
Total Auto Parts & Equipment				967,400
Building Materials – 3.7%
GYP Holdings III Corp., 4.75%, 04/01/21@		497,481		487,531
Roofing Supply Group LLC, 5.00%, 05/31/19@		275,960		276,305
Roofing Supply Group LLC, 6.00%, 05/31/19@		221,476		221,753
Total Building Materials				985,589
Chemicals – 2.7%
MacDermid, Inc., 4.75%, 06/07/20@		248,125		242,077
Univar, Inc., 4.25%, 07/01/22@		500,000		491,522
Total Chemicals				733,599
Commercial Services – 7.5%
Allied Security Holdings LLC, 4.25%, 02/12/21@		496,406		491,236
Brickman Group Ltd. LLC (The), 4.00%, 12/18/20@		249,369		245,459
Brickman Group Ltd. LLC (The), 7.50%, 12/17/21@		250,000		244,375
Interactive Data Corp., 4.75%, 04/30/21@		496,231		495,300
ServiceMaster Co. LLC (The), 4.25%, 07/01/21@		496,241		496,510
Total Commercial Services				1,972,880
Distribution/Wholesale – 1.8%
Spin Holdco, Inc., 4.25%, 11/14/19@		496,872		488,179
Diversified Financial Services – 2.8%
AlixPartners LLP, 4.50%, 07/28/22@		250,000		249,728
Onex Wizard U.S. Acquisition, Inc., 4.25%, 03/11/22@		497,500		497,447
Total Diversified Financial Services				747,175

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Entertainment – 1.8%
Scientific Games International, Inc., 6.00%, 10/01/21@	$	496,250	$	490,744
Environmental Control – 0.9%
Waste Industries USA, Inc., 4.25%, 02/27/20@		248,750		250,148
Food – 3.7%
Albertsons LLC, 5.38%, 03/21/19@		496,338		497,026
U.S. Foods, Inc., 4.50%, 03/31/19@		496,193		496,456
Total Food				993,482
Hand/Machine Tools – 1.8%
Apex Tool Group LLC, 4.50%, 01/31/20@		496,816		485,225
Healthcare - Services – 3.7%
CHS/Community Health Systems, Inc., 3.75%, 12/31/19@		175,174		175,110
CHS/Community Health Systems, Inc., 4.00%, 01/27/21@		322,316		322,740
IASIS Healthcare LLC, 4.50%, 05/03/18@		497,442		498,438
Total Healthcare - Services				996,288
Household Products/Wares – 1.8%
Reynolds Group Holdings, Inc. (New Zealand), 4.50%, 12/01/18@		487,336		488,167
Insurance – 1.8%
HUB International Ltd., 4.00%, 10/02/20@		248,111		242,994
USI, Inc., 4.25%, 12/27/19@		248,101		246,343
Total Insurance				489,337
Internet – 0.9%
Zayo Group LLC, 3.75%, 05/06/21@		248,113		247,014
Leisure Time – 3.7%
24 Hour Fitness Worldwide, Inc., 4.75%, 05/28/21@		248,744		234,779
Bombardier Recreational Products, Inc.(Canada), 3.75%, 01/30/19@		250,000		250,273
ClubCorp Club Operations, Inc., 4.25%, 07/24/20@		500,000		500,625
Total Leisure Time				985,677
Lodging – 2.5%
Caesars Entertainment Resort Properties LLC, 7.00%, 10/09/20@		248,106		232,422
Caesars Growth Properties Holdings LLC, 6.25%, 05/08/21@		248,116		218,962
Hilton Worldwide Finance LLC, 3.50%, 10/26/20@		216,250		216,047
Total Lodging				667,431
Machinery-Diversified – 2.8%
Husky Injection Molding Systems Ltd. (Canada), 7.25%, 06/30/22@		246,382		245,150

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Machinery-Diversified (continued)
Rexnord, 4.00%, 08/21/20@	$	496,203	$	492,401
Total Machinery-Diversified				737,551
Media – 1.7%
Cequel Communications LLC, 3.50%, 02/14/19@		248,680		246,039
iHeartCommunications, Inc., 6.94%, 01/30/19@		250,000		208,008
Total Media				454,047
Mining – 1.5%
FMG Resources Pty. Ltd., 3.75%, 06/30/19 (Australia)@		496,203		407,075
Miscellaneous Manufacturing – 0.9%
Gates Global LLC, 4.25%, 07/03/21@		248,120		235,758
Packaging & Containers – 3.7%
Ardagh Holdings USA, Inc. (Ireland), 4.00%, 12/17/1 @		496,222		495,137
BWAY Holding Co., 5.50%, 08/14/20@		496,231		495,301
Total Packaging & Containers				990,438
Retail – 18.8%
BJ's Wholesale Club, Inc., 4.50%, 09/26/19@		496,640		492,667
Burger King (Canada), 3.75%, 12/12/21@		378,534		377,256
CEC Entertainment, Inc., 4.00%, 02/15/21@		496,222		484,642
Dollar Tree, Inc., 3.50%, 07/06/22@		208,861		209,296
Doosan Infracore International, Inc., 4.50%, 05/28/21@		247,958		248,682
Jo-Ann Stores LLC, 4.00%, 03/18/18@		240,228		237,225
Leslie's Poolmart, 4.25%, 10/16/19@		248,082		243,354
Michaels Stores, Inc., 4.00%, 01/28/20@		248,744		249,364
Neiman Marcus Group Ltd. LLC, 4.25%, 10/25/20@		497,475		487,836
NPC International, Inc., 4.00%, 12/28/18@		496,783		492,436
PetSmart, Inc., 4.25%, 03/11/22@		498,750		498,461
Pilot Travel Centers LLC, 4.25%, 10/01/21@		496,241		498,872
Rite Aid Corp., 5.75%, 08/21/20@		250,000		253,125
Smart & Final Stores LLC, 4.00%, 11/15/19@		250,000		249,688
Total Retail				5,022,904
Semiconductors – 1.9%
Freescale Semiconductor, Inc., 5.00%, 01/15/21@		496,203		497,133
Software – 0.9%
Infor U.S., Inc., 3.75%, 06/03/20@		248,072		240,579

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Telecommunications – 1.9%
Level 3 Financing, Inc., 3.50%, 05/31/22@	$	500,000	$	496,875
Total Term Loans (Cost $23,046,543)				22,706,351
CORPORATE BONDS – 11.7%
Commercial Services – 1.0%
United Rentals North America, Inc., 7.38%, 05/15/20		250,000		263,750
Distribution/Wholesale – 1.1%
HD Supply, Inc., 11.50%, 07/15/20		250,000		283,750
Diversified Financial Services – 0.9%
Jefferies Finance LLC, 7.38%, 04/01/20‡		250,000		242,200
Electric – 1.8%
Dynegy, Inc., 6.75%, 11/01/19		250,000		251,875
GenOn Energy, Inc., 9.88%, 10/15/20		250,000		233,750
Total Electric				485,625
Entertainment – 0.5%
Penn National Gaming, Inc., 5.88%, 11/01/21(a)		124,000		125,705
Healthcare - Services – 1.0%
Tenet Healthcare Corp., 8.00%, 08/01/20		250,000		258,750
Home Builders – 0.9%
Lennar Corp., 4.50%, 06/15/19		250,000		254,000
Lodging – 1.7%
Caesars Entertainment Resort Properties LLC, 11.00%, 10/01/21(a)		250,000		228,125
MGM Resorts International, 6.75%, 10/01/20		250,000		259,375
Total Lodging				487,500
Real Estate – 1.0%
Howard Hughes Corp. (The), 6.88%, 10/01/21‡		250,000		255,225
Software – 1.1%
First Data Corp., 12.63%, 01/15/21		250,000		284,688
Telecommunications – 0.7%
Sprint Communications, Inc., 6.00%, 11/15/22		250,000		188,750
Total Corporate Bonds (Cost $3,222,922)				3,129,943

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
MONEY MARKET FUND – 2.2%
JP Morgan US Government Money Market Fund - Institutional Class, 0.01%(b) (Cost $595,445)		595,445	$	595,445
REPURCHASE AGREEMENTS – 1.3%(c)
Royal Bank of Scotland PLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $107,619, (collateralized by various U.S. Government Agency Obligations, 0.09%-3.63%, 01/31/16-02/15/44, totaling $109,772)	$	107,619		107,619
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.11%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.63%-6.50%, 12/28/16-10/01/45, totaling $255,001)		250,000		250,000
Total Repurchase Agreements (Cost $357,619)				357,619
Total Investments – 100.0% (Cost $27,222,529)				26,789,358
Assets in Excess of Other Liabilities – 0.0%**				470
Net Assets – 100.0%			$	26,789,828

PLC - Public Limited Company

** Less than 0.05%.

‡ 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 September 30, 2015.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $349,623; the aggregate market value of the collateral held by the fund is $357,619.

(b) Rate shown reflects the 7-day yield as of September 30, 2015.

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

Total Return Swaps contracts outstanding as of September 30, 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		3,000,000		0.18	%	3/21/2016	$	3,000,000	$	2,980,323	$	(19,677	)

J.P. Morgan Chase Bank 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 Schedule of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Advertising		1.8	%
Aerospace & Defense		3.3
Airlines		0.9
Auto Parts & Equipment		3.6
Building Materials		3.7
Chemicals		2.7
Commercial Services		8.5
Distribution/Wholesale		2.9
Diversified Financial Services		3.7
Electric		1.8
Entertainment		2.3
Environmental Control		0.9
Food		3.7
Hand/Machine Tools		1.8
Healthcare - Services		4.7
Home Builders		0.9
Household Products/Wares		1.8
Insurance		1.8
Internet		0.9
Leisure Time		3.7
Lodging		4.2
Machinery-Diversified		2.8
Media		1.7
Mining		1.5
Miscellaneous Manufacturing		0.9
Packaging & Containers		3.7
Real Estate		1.0
Retail		18.8
Semiconductors		1.9
Software		2.0
Telecommunications		2.6
Money Market Fund		2.2
Repurchase Agreements		1.3
Total Investments		100.0
Assets in Excess of Other Liabilities		0.0	**
Net Assets		100.0	%

** Less than 0.05%.

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS – 64.5%
Agriculture – 2.9%
Alliance One International, Inc., 9.88%, 07/15/21(a)	$	3,813,000	$	3,274,414
Southern States Cooperative, Inc., 10.00%, 08/15/21‡		5,726,000		5,067,510
Total Agriculture				8,341,924
Auto Manufacturers – 1.1%
Navistar International Corp., 8.25%, 11/01/21(a)		3,909,000		3,151,631
Auto Parts & Equipment – 2.4%
Titan International, Inc., 6.88%, 10/01/20(a)		3,660,000		3,085,838
UCI International, Inc., 8.63%, 02/15/19		4,702,000		3,785,110
Total Auto Parts & Equipment				6,870,948
Banks – 1.7%
Creditcorp, 12.00%, 07/15/18‡		6,293,000		4,877,075
Beverages – 1.3%
Innovation Ventures LLC/Innovation Ventures Finance Corp., 9.50%, 08/15/19‡(a)		3,601,000		3,727,035
Biotechnology – 1.0%
AMAG Pharmaceuticals, Inc., 7.88%, 09/01/23‡		2,980,000		2,868,250
Chemicals – 2.2%
Hexion, Inc., 10.00%, 04/15/20(a)		3,290,000		3,166,625
Tronox Finance LLC, 6.38%, 08/15/20(a)		4,710,000		3,014,400
Total Chemicals				6,181,025
Coal – 1.6%
Arch Coal, Inc., 8.00%, 01/15/19‡(a)		13,473,000		1,549,395
Murray Energy Corp., 11.25%, 04/15/21‡		5,595,000		2,965,350
Total Coal				4,514,745
Commercial Services – 5.8%
Constellis Holdings LLC/Constellis Finance Corp., 9.75%, 05/15/20‡		3,730,000		3,408,288
Harland Clarke Holdings Corp., 9.25%, 03/01/21‡(a)		3,198,000		2,670,330
Quad/Graphics, Inc., 7.00%, 05/01/22		4,000,000		3,599,999
Speedy Cash Intermediate Holdings Corp., 10.75%, 05/15/18‡(a)		4,203,000		3,341,385
StoneMor Partners LP/Cornerstone Family Services of WV, 7.88%, 06/01/21		3,338,000		3,446,485
Total Commercial Services				16,466,487

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Computers – 1.1%
DynCorp International, Inc., 10.38%, 07/01/17(a)	$	4,310,000	$	3,103,200
Cosmetics / Personal Care – 1.2%
Revlon Consumer Products Corp., 5.75%, 02/15/21		3,500,000		3,412,500
Diversified Financial Services – 1.2%
CNG Holdings, Inc., 9.38%, 05/15/20‡		6,197,000		3,315,395
Electrical Components & Equipment – 1.1%
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡		3,141,000		3,156,705
Electronics – 1.4%
Kemet Corp., 10.50%, 05/01/18(a)		4,435,000		4,113,463
Entertainment – 3.6%
DreamWorks Animation SKG, Inc., 6.88%, 08/15/20‡		3,230,000		3,149,250
Gibson Brands, Inc., 8.88%, 08/01/18‡		3,620,000		3,212,750
WMG Acquisition Corp., 6.75%, 04/15/22‡		4,010,000		3,789,450
Total Entertainment				10,151,450
Food – 3.3%
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡		3,181,000		3,228,715
Dole Food Co., Inc., 7.25%, 05/01/19‡(a)		3,132,000		3,132,000
Simmons Foods, Inc., 7.88%, 10/01/21‡		3,307,000		3,063,109
Total Food				9,423,824
Healthcare - Services – 2.3%
Select Medical Corp., 6.38%, 06/01/21		3,325,000		3,258,500
Vantage Oncology LLC/Vantage Oncology Finance Co., 9.50%, 06/15/17‡(a)		3,727,000		3,354,300
Total Healthcare - Services				6,612,800
Leisure Time – 1.2%
ICON Health & Fitness, Inc., 11.88%, 10/15/16‡(a)		3,521,000		3,450,580
Media – 2.2%
Lee Enterprises, Inc., 9.50%, 03/15/22‡(a)		3,425,000		3,138,156
Sirius XM Radio, Inc., 6.00%, 07/15/24‡		3,000,000		3,022,500
Total Media				6,160,656
Miscellaneous Manufacturing – 2.7%
Koppers, Inc., 7.88%, 12/01/19(a)		3,280,000		3,296,400
Techniplas LLC, 10.00%, 05/01/20‡		4,745,000		4,389,125
Total Miscellaneous Manufacturing				7,685,525

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Oil & Gas – 2.5%
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.75%, 04/15/23‡	$	3,580,000	$	3,304,770
Talos Production LLC/Talos Production Finance, Inc., 9.75%, 02/15/18‡		5,423,000		3,714,755
Total Oil & Gas				7,019,525
Oil & Gas Services – 1.1%
Seitel, Inc., 9.50%, 04/15/19(a)		3,737,000		3,139,080
Pharmaceuticals – 2.3%
BioScrip, Inc., 8.88%, 02/15/21		3,797,000		2,937,929
NBTY, Inc., 9.00%, 10/01/18		3,420,000		3,505,500
Total Pharmaceuticals				6,443,429
Retail – 3.8%
Carrols Restaurant Group, Inc., 8.00%, 05/01/22		3,065,000		3,241,238
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20		4,265,000		4,286,324
Guitar Center, Inc., 6.50%, 04/15/19‡(a)		3,500,000		3,237,500
Total Retail				10,765,062
Semiconductors – 2.3%
Advanced Micro Devices, Inc., 7.75%, 08/01/20(a)		4,530,000		2,955,825
Amkor Technology, Inc., 6.38%, 10/01/22(a)		3,800,000		3,526,875
Total Semiconductors				6,482,700
Software – 1.2%
Southern Graphics, Inc., 8.38%, 10/15/20‡		3,400,000		3,417,000
Telecommunications – 8.7%
Avaya, Inc., 9.00%, 04/01/19‡		3,558,000		2,970,930
EarthLink Holdings Corp., 8.88%, 05/15/19(a)		3,095,000		3,203,325
Frontier Communications Corp., 7.63%, 04/15/24		4,230,000		3,553,200
Sprint Corp., 7.25%, 09/15/21		3,200,000		2,628,000
Syniverse Holdings, Inc., 9.13%, 01/15/19		5,275,000		4,510,124
Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.25%, 08/15/16‡		4,481,000		4,452,994
Windstream Services LLC, 7.75%, 10/01/21(a)		4,165,000		3,248,700
Total Telecommunications				24,567,273
Transportation – 1.3%
Era Group, Inc., 7.75%, 12/15/22		3,955,000		3,796,800

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Total Corporate Bonds (Cost $216,707,495)			$	183,216,087
TERM LOANS – 19.8%
Advertising – 2.2%
Affinion Group, Inc., 0.00% 04/30/18@ (b)	$	2,992,405		2,814,731
Visant Corp., 7.00%, 09/23/21@		3,755,586		3,473,917
Total Advertising				6,288,648
Agriculture – 1.1%
North Atlantic Trading Co., Inc., 7.75%, 01/13/20@		3,036,130		3,013,359
North Atlantic Trading Co., Inc., 8.75%, 01/13/20@		245,168		243,329
Total Agriculture				3,256,688
Chemicals – 1.9%
American Pacific Corp., 7.00%, 02/27/19@		2,374,201		2,370,497
SK Spice Sarl, 0.00% 06/29/20 (Luxembourg)@ (b)		3,000,000		3,015,000
Total Chemicals				5,385,497
Commercial Services – 1.0%
Jackson Hewitt Tax Service, Inc., 8.00%, 07/24/20@		3,000,000		2,955,000
Electronics – 1.2%
Isola USA Corp., 9.25%, 11/29/18@		4,406,522		3,415,055
Food – 2.9%
Flavors Holdings, Inc., 6.75%, 10/07/20@		3,714,269		3,542,484
Shearer's Foods LLC, 7.75%, 06/30/22@		4,431,000		4,353,457
Total Food				7,895,941
Forest Products & Paper – 1.6%
Appvion, Inc., 5.75%, 06/28/19@		2,019,025		1,897,884
NewPage Corp., 9.50%, 02/11/21@		4,834,334		2,652,841
Total Forest Products & Paper				4,550,725
Healthcare - Services – 2.6%
Lantheus Medical Imaging, Inc., 7.00%, 06/25/22@		4,987,500		4,738,125
Radnet Management, Inc., 8.00%, 03/19/21@		2,800,000		2,709,000
Total Healthcare - Services				7,447,125
Oil & Gas – 1.7%
Osum Production Corp., 6.50%, 07/31/20 (Canada)@		5,925,075		4,858,562
Software – 1.1%
Greenway Medical Technologies, 9.25%, 11/04/21@		3,253,846		3,172,500

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal/Shares		Value
TERM LOANS (continued)
Telecommunications – 1.5%
Global Tel*Link Corp, 9.00%, 11/20/20@	$	4,375,000	$	4,172,656
Transportation – 1.0%
YRC Worldwide, Inc., 8.25%, 02/13/19@		2,833,332		2,748,332
Total Term Loans (Cost $60,974,053)				56,146,729
FOREIGN BONDS – 11.9%
Healthcare - Products – 1.0%
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.63%, 10/15/23‡		3,035,000		2,765,644
Internet – 1.4%
Mood Media Corp., 9.25%, 10/15/20‡		5,385,000		3,957,975
Mining – 2.5%
Alamos Gold, Inc., 7.75%, 04/01/20 (Canada)‡		3,335,000		2,893,113
IAMGOLD Corp., 6.75%, 10/01/20 (Canada)‡		5,962,000		4,337,355
Total Mining				7,230,468
Miscellaneous Manufacturing – 1.2%
Bombardier, Inc., 6.13%, 01/15/23 (Canada)‡(a)		4,710,000		3,485,400
Oil & Gas – 3.3%
CHC Helicopter SA, 9.38%, 06/01/21 (Canada)		8,102,250		3,159,877
Northern Blizzard Resources, Inc., 7.25%, 02/01/22 (Canada)‡(a)		3,714,000		3,054,765
Teine Energy Ltd., 6.88%, 09/30/22 (Canada)‡		3,620,000		3,108,675
Total Oil & Gas				9,323,317
Telecommunications – 1.1%
VimpelCom Holdings BV, 7.50%, 03/01/22 (Russia)‡		3,055,000		3,074,094
Transportation – 1.4%
Global Ship Lease, Inc., 10.00%, 04/01/19 (United Kingdom)‡		4,110,000		4,110,000
Total Foreign Bonds (Cost $42,311,032)				33,946,898
MONEY MARKET FUND – 1.8%
BlackRock Liquidity Funds TempFund Portfolio - Dollar Class, 0.01%(c)
(Cost $5,217,100)		5,217,100		5,217,100

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS – 15.0%(d)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $6,388,175, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 5/15/18-10/01/45, totaling $6,515,917)	$	6,388,154	$	6,388,154
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $9,912,314, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-07/15/37, totaling $10,110,535)		9,912,286		9,912,286
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $6,462,611, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $6,591,840)		6,462,588		6,462,588
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $9,912,325, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $10,110,532)		9,912,286		9,912,286
Morgan Stanley & Co. LLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $9,912,311, (collateralized by various U.S. Government Agency Obligations, 2.13%-10.50%, 05/15/16-09/01/45, totaling $10,110,532)		9,912,286		9,912,286
Total Repurchase Agreements (Cost $42,587,600)				42,587,600
Total Investments – 113.0%
(Cost $367,797,280)				321,114,414
Liabilities in Excess of Other Assets – (13.0)%				(36,994,758	)
Net Assets – 100.0%			$	284,119,656

LP - Limited Partnership

@	Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 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 $52,249,693; the aggregate market value of the collateral held by the fund is $53,557,135.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $10,969,535.
(b)	This loan will settle after September 30, 2015 at which time the interest rate will be determined.
(c)	Rate shown reflects the 7-day yield as of September 30, 2015.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Advertising		2.2	%
Agriculture		4.0
Auto Manufacturers		1.1
Auto Parts & Equipment		2.4
Banks		1.7
Beverages		1.3
Biotechnology		1.0
Chemicals		4.1
Coal		1.6
Commercial Services		6.8
Computers		1.1
Cosmetics / Personal Care		1.2
Diversified Financial Services		1.2
Electrical Components & Equipment		1.1
Electronics		2.6
Entertainment		3.6
Food		6.2
Forest Products & Paper		1.6
Healthcare - Products		1.0
Healthcare - Services		4.9
Internet		1.4
Leisure Time		1.2
Media		2.2
Mining		2.5
Miscellaneous Manufacturing		3.9
Oil & Gas		7.5
Oil & Gas Services		1.1
Pharmaceuticals		2.3
Retail		3.8
Semiconductors		2.3
Software		2.3
Telecommunications		11.3
Transportation		3.7
Money Market Fund		1.8
Repurchase Agreements		15.0
Total Investments		113.0
Liabilities in Excess of Other Assets		(13.0	)
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 40.8%
Banks – 4.6%
Citigroup, Inc.		1,700	$	84,337
Wells Fargo & Co.		2,099		107,784
Total Banks				192,121
Electric – 2.1%
Southern Co. (The)		2,000		89,400
Gas – 2.4%
Atmos Energy Corp.		1,700		98,906
Home Builders – 2.3%
Lennar Corp., Class A(a)		1,989		95,731
Insurance – 5.4%
American International Group, Inc.		2,199		124,946
Validus Holdings Ltd.		2,275		102,534
Total Insurance				227,480
Mining – 4.1%
Franco-Nevada Corp. (Canada)(a)		2,068		91,034
Royal Gold, Inc.		1,685		79,161
Total Mining				170,195
Pharmaceuticals – 1.8%
Merck & Co., Inc.		1,500		74,085
Pipelines – 1.5%
Kinder Morgan, Inc.		2,239		61,976
Real Estate Investment Trusts – 4.3%
Essex Property Trust, Inc.		441		98,528
WP Carey, Inc.		1,400		80,934
Total Real Estate Investment Trusts				179,462
Semiconductors – 3.2%
Intel Corp.		4,441		133,852
Software – 2.2%
Microsoft Corp.		2,123		93,964
Telecommunications – 6.9%
BCE, Inc. (Canada)		1,925		78,848
Cisco Systems, Inc.		4,632		121,589

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Telecommunications (continued)
Verizon Communications, Inc.		2,123	$	92,372
Total Telecommunications				292,809
Total Common Stocks (Cost $1,717,741)				1,709,981
EXCHANGE TRADED FUNDS – 26.2%
Debt Fund – 20.0%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		2,823		73,059
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF(a)		2,791		72,203
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF		2,782		70,607
iShares Core U.S. Aggregate Bond ETF(a)		962		105,416
iShares Floating Rate Bond ETF		1,986		100,194
iShares iBoxx $ Investment Grade Corporate Bond ETF		888		103,088
iShares International Preferred Stock ETF		3,937		64,646
PIMCO Enhanced Short Maturity Active ETF		437		44,028
PowerShares Senior Loan Portfolio		4,495		103,565
Schwab U.S. Aggregate Bond ETF(a)		2,030		105,843
Total Debt Fund				842,649
Equity Fund – 6.2%
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF		1,500		126,375
Guggenheim S&P 500 Equal Weight Consumer Staples ETF		1,250		132,738
Total Equity Fund				259,113
Total Exchange Traded Funds (Cost $1,162,703)				1,101,762
MONEY MARKET FUND – 33.4%
Dreyfus Government Cash Management – Investor Shares, 0.01%(b) (Cost $1,403,155)		1,403,155		1,403,155
REPURCHASE AGREEMENTS – 7.8%(c)
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.11%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.63%-6.50%, 12/28/16- 10/01/45, totaling $255,001)	$	250,000		250,000

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Royal Bank Of Scotland PLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $76,305, (collateralized by various U.S. Government Agency Obligations, 0.09%-3.63%, 01/31/16-02/15/44, totaling $77,831)	$	76,305	$	76,305
Total Repurchase Agreements (Cost $326,305)				326,305
Total Investments – 108.2% (Cost $4,609,904)				4,541,203
Liabilities in Excess of Other Assets – (8.2)%				(342,701	)
Net Assets – 100.0%			$	4,198,502

ETF - Exchange Traded Fund

PLC - Public Limited Company

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $410,910; the aggregate market value of the collateral held by the fund is $419,741.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $93,436.
(b)	Rate shown reflects the 7-day yield as of September 30, 2015.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Banks		4.6	%
Debt Fund		20.0
Electric		2.1
Equity Fund		6.2
Gas		2.4
Home Builders		2.3
Insurance		5.4
Mining		4.1
Pharmaceuticals		1.8
Pipelines		1.5
Real Estate Investment Trusts		4.3

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets (continued)
Semiconductors		3.2	%
Software		2.2
Telecommunications		6.9
Money Market Fund		33.4
Repurchase Agreements		7.8
Total Investments		108.2
Liabilities in Excess of Other Assets		(8.2	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 84.1%
Commodity Fund – 0.9%
SPDR Gold Shares*		533	$	56,956
Debt Fund – 28.3%
AdvisorShares Sage Core Reserves ETF†(a)		3,500		347,200
Guggenheim Enhanced Short Duration ETF(a)		6,955		348,098
iShares Short Treasury Bond ETF(a)		4,090		451,168
SPDR Barclays 1-3 Month T-Bill ETF*(a)		9,821		448,721
SPDR SSgA Ultra Short Term Bond ETF		7,224		288,816
Total Debt Fund				1,884,003
Equity Fund – 54.9%
EGShares India Consumer ETF		259		8,117
EGShares India Small Cap ETF		471		6,905
First Trust Dow Jones Internet Index Fund*		324		21,407
First Trust NASDAQ ABA Community Bank Index Fund		812		31,067
Global X MSCI Nigeria ETF		2,378		20,498
Guggenheim China Small Cap ETF		10,900		255,605
Guggenheim China Technology ETF		276		8,142
Guggenheim Raymond James SB-1 Equity ETF		8,112		260,817
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF		120		10,110
Guggenheim S&P 500 Equal Weight Energy ETF		172		8,517
Guggenheim S&P 500 Equal Weight ETF		3,873		284,898
Guggenheim S&P 500 Equal Weight Healthcare ETF		650		91,332
Guggenheim S&P 500 Equal Weight Technology ETF		885		75,367
Guggenheim S&P Midcap 400 Pure Growth ETF		537		66,389
Guggenheim Solar ETF		428		11,359
iShares Global Clean Energy ETF		661		5,995
iShares Global Consumer Discretionary ETF		56		4,780
iShares Global Healthcare ETF		432		42,539
iShares JPX-Nikkei 400 ETF		722		35,457
iShares Micro-Cap ETF		3,280		228,780
iShares MSCI ACWI ETF		4,100		221,154
iShares MSCI Brazil Capped ETF		1,754		38,500
iShares MSCI EAFE ETF		36		2,064
iShares MSCI Emerging Markets ETF		275		9,015
iShares MSCI Europe Financials ETF		639		13,125
iShares MSCI Frontier 100 ETF		1,638		41,179
iShares MSCI Germany Small-Cap ETF		1,568		62,218
iShares MSCI Hong Kong ETF		52		994

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)
iShares MSCI India Small-Cap ETF		1,033	$	34,213
iShares MSCI Pacific ex Japan ETF		145		5,316
iShares MSCI Poland Capped ETF		257		5,356
iShares MSCI South Africa ETF		132		7,086
iShares MSCI Taiwan ETF		307		4,040
iShares MSCI United Kingdom ETF		690		11,309
iShares MSCI United Kingdom Small-Cap ETF		1,164		46,036
iShares MSCI USA Momentum Factor ETF		5,037		343,575
iShares Nasdaq Biotechnology ETF		83		25,176
iShares North American Natural Resources ETF		2,623		76,172
iShares Russell 1000 Growth ETF		2,379		221,247
iShares Russell 2000 Growth ETF		730		97,798
iShares U.S. Healthcare Providers ETF		281		34,810
JPMorgan Alerian MLP Index ETN		97		2,948
Market Vectors Brazil Small-Cap ETF		3,736		40,199
Market Vectors China AMC SME-ChiNext ETF*		211		7,163
Market Vectors ChinaAMC A-Share ETF*		555		22,444
Market Vectors Egypt Index ETF		287		11,236
Market Vectors Gulf States Index ETF		634		15,761
Market Vectors Indonesia Index ETF		229		3,673
Market Vectors Pharmaceutical ETF		916		57,681
Market Vectors Russia ETF		3,684		57,839
Market Vectors Russia Small-Cap ETF		351		6,564
Market Vectors Unconventional Oil & Gas ETF		2,076		30,953
Market Vectors Vietnam ETF		789		12,214
PowerShares DWA Technology Momentum Portfolio		682		26,318
PowerShares Dynamic Market Portfolio		291		20,327
PowerShares S&P SmallCap Information Technology Portfolio		115		5,582
PureFunds ISE Cyber Security ETF*		701		17,700
PureFunds ISE Mobile Payments ETF*		886		20,670
SPDR Russell/Nomura Small Cap Japan ETF		3,334		169,801
SPDR S&P Emerging Asia Pacific ETF		516		37,503
SPDR S&P Emerging Europe ETF		131		3,145
SPDR S&P Emerging Markets SmallCap ETF		1,964		72,609
SPDR S&P Health Care Equipment ETF		991		42,830
SPDR S&P Insurance ETF		254		17,150
Vanguard FTSE All World ex-US Small-Cap ETF		904		81,993
Vanguard Small-Cap ETF		354		38,214
WisdomTree Europe SmallCap Dividend Fund		737		39,687

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares			Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)
Yorkville High Income Infrastructure MLP ETF		1,094		$	14,985
Total Equity Fund					3,655,653
Total Exchange Traded Funds (Cost $5,788,622)					5,596,612
MONEY MARKET FUND – 15.3%
JP Morgan Prime Money Market Fund - Institutional Class, 0.07%(b) (Cost $1,017,001)		1,017,001			1,017,001
Total Investments Before Securities Sold, Not Yet Purchased (Cost $6,805,623)					6,613,613
Securities Sold, Not Yet Purchased – (7.9)%
EXCHANGE TRADED FUNDS – (7.9)%
Currency Fund – (6.0)%
CurrencyShares British Pound Sterling Trust*		(495	)		(73,364	)
CurrencyShares Euro Trust*		(1,453	)		(159,220	)
CurrencyShares Japanese Yen Trust*		(2,091	)		(169,015	)
Total Currency Fund					(401,599	)
Equity Fund – (1.9)%
iShares Russell 1000 Value ETF		(719	)		(67,068	)
SPDR EURO STOXX 50 ETF		(1,761	)		(59,610	)
Total Equity Fund					(126,678	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(564,443)]					(528,277	)
Total Investments – 91.5% (Cost $6,241,180)					6,085,336
Other Assets in Excess of Liabilities – 8.5%					565,472
Net Assets – 100.0%				$	6,650,808

ETF - Exchange Traded Fund

ETN - Exchange Traded Note

*	Non-income producing security.
†	Affiliated Company.
(a)	All or a portion of this security has been segregated as collateral for open short positions. The aggregate market value of the collateral posted was $2,164,503 which includes cash in the amount of $574,845 as of September 30, 2015.
(b)	Rate shown reflects the 7-day yield as of September 30, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Commodity Fund		0.9	%
Currency Fund		(6.0	)
Debt Fund		28.3
Equity Fund		53.0
Money Market Fund		15.3
Total Investments		91.5
Other Assets in Excess of Liabilities		8 .5
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares			Value
EXCHANGE TRADED FUND – 18.4%
Debt Fund – 18.4%
AdvisorShares Sage Core Reserves ETF† (Cost $29,997,150)		300,000		$	29,760,000
MONEY MARKET FUNDS – 13.5%
Fidelity Institutional Money Market Government Portfolio - Class III, 0.01%(a)		19,347,540			19,347,540
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.04%(a)		2,500,000			2,500,000
Total Money Market Funds (Cost $21,847,540)					21,847,540
Total Investments Before Securities Sold, Not Yet Purchased (Cost $51,844,690)					51,607,540
Securities Sold, Not Yet Purchased – (89.9)%
COMMON STOCKS – (89.9)%
Airlines – (1.2)%
American Airlines Group, Inc.		(49,000	)		(1,902,670	)
Apparel – (2.6)%
Hanesbrands, Inc.		(145,800	)		(4,219,452	)
Auto Manufacturers – (1.9)%
General Motors Co.		(100,000	)		(3,002,000	)
Banks – (7.4)%
Bank of Montreal (Canada)		(50,000	)		(2,727,500	)
Comerica, Inc.		(71,000	)		(2,918,100	)
Deutsche Bank AG (Germany)		(150,000	)		(4,044,000	)
TCF Financial Corp.		(150,000	)		(2,274,000	)
Total Banks					(11,963,600	)
Chemicals – (1.8)%
Dow Chemical Co. (The)		(69,000	)		(2,925,600	)
Commercial Services – (1.6)%
Hertz Global Holdings, Inc.*		(158,000	)		(2,643,340	)
Computers – (6.8)%
Apple, Inc.		(35,500	)		(3,915,650	)
Super Micro Computer, Inc.*		(262,000	)		(7,142,120	)
Total Computers					(11,057,770	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Distribution/Wholesale – (4.3)%
Fastenal Co.		(70,000	)	$	(2,562,700	)
Genuine Parts Co.		(53,300	)		(4,418,037	)
Total Distribution/Wholesale					(6,980,737	)
Diversified Financial Services – (5.4)%
Discover Financial Services		(58,000	)		(3,015,420	)
LendingClub Corp.*		(433,225	)		(5,731,566	)
Total Diversified Financial Services					(8,746,986	)
Electronics – (1.1)%
National Instruments Corp.		(66,800	)		(1,856,372	)
Hand/Machine Tools – (1.3)%
Franklin Electric Co., Inc.		(78,000	)		(2,123,940	)
Healthcare - Products – (1.0)%
Mindray Medical International Ltd. (China)(b)		(75,000	)		(1,640,250	)
Home Builders – (2.8)%
Winnebago Industries, Inc.		(236,000	)		(4,519,400	)
Internet – (6.4)%
Cogent Communications Holdings, Inc.		(247,000	)		(6,708,520	)
GrubHub, Inc.*		(152,000	)		(3,699,680	)
Total Internet					(10,408,200	)
Leisure Time – (4.6)%
Harley-Davidson, Inc.		(137,000	)		(7,521,300	)
Machinery - Construction & Mining – (3.8)%
Caterpillar, Inc.		(93,600	)		(6,117,696	)
Machinery - Diversified – (3.9)%
Flowserve Corp.		(155,000	)		(6,376,700	)
Media – (2.3)%
Sinclair Broadcast Group, Inc., Class A		(150,000	)		(3,798,000	)
Miscellaneous Manufacturing – (3.8)%
3M Co.		(43,300	)		(6,138,641	)
Oil & Gas Services – (1.3)%
Halliburton Co.		(59,000	)		(2,085,650	)
REITS – (1.6)%
Starwood Property Trust, Inc.		(125,000	)		(2,565,000	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Retail – (7.8)%
CarMax, Inc.*		(120,700	)	$	(7,159,924	)
Copart, Inc.*		(47,096	)		(1,549,458	)
Party City Holdco, Inc.*		(115,000	)		(1,836,550	)
Popeyes Louisiana Kitchen, Inc.*		(37,800	)		(2,130,408	)
Total Retail					(12,676,340	)
Semiconductors – (12.0)%
Intel Corp.		(196,000	)		(5,907,440	)
Linear Technology Corp.		(89,000	)		(3,591,150	)
M/A-COM Technology Solutions Holdings, Inc.*		(207,500	)		(6,015,426	)
Microchip Technology, Inc.		(88,000	)		(3,791,920	)
Total Semiconductors					(19,305,936	)
Software – (3.2)%
CommVault Systems, Inc.*		(88,000	)		(2,988,480	)
SolarWinds, Inc.*		(55,000	)		(2,158,200	)
Total Software					(5,146,680	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(153,324,838)]					(145,722,260	)
Total Investments – (58.0)% [Cost $(101,480,148)]					(94,114,720	)
Other Assets in Excess of Liabilities – 158.0%					256,288,736
Net Assets – 100.0%				$	162,174,016

ETF - Exchange Traded Fund

†	Affiliated Company.
*	Non-income producing security.
(a)	Rate shown reflects the 7-day yield as of September 30, 2015.
(b)	American Depositary Receipt.

Cash of $157,520,580 has been segregated to cover margin requirement for open short sales as of September 30, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Airlines		(1.2	)%
Apparel		(2.6	)
Auto Manufacturers		(1.9	)
Banks		(7.4	)
Chemicals		(1.8	)
Commercial Services		(1.6	)
Computers		(6.8	)
Debt Fund		18.4
Distribution/Wholesale		(4.3	)
Diversified Financial Services		(5.4	)
Electronics		(1.1	)
Hand/Machine Tools		(1.3	)
Healthcare - Products		(1.0	)
Home Builders		(2.8	)
Internet		(6.4	)
Leisure Time		(4.6	)
Machinery - Construction & Mining		(3.8	)
Machinery - Diversified		(3.9	)
Media		(2.3	)
Miscellaneous Manufacturing		(3.8	)
Oil & Gas Services		(1.3	)
REITS		(1.6	)
Retail		(7.8	)
Semiconductors		(12.0	)
Software		(3.2	)
Money Market Fund		13.5
Total Investments		(58.0	)
Other Assets in Excess of Liabilities		158 .0
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS – 41.4%
Auto Manufacturers – 1.2%
Ford Motor Credit Co. LLC, 2.50%, 01/15/16	$	400,000	$	401,907
Banks – 12.0%
Bank of America Corp., 1.14%, 03/22/16@		410,000		410,785
Bank of America Corp., 5.75%, 08/15/16		365,000		378,171
Bank of New York Mellon Corp. (The), 2.30%, 07/28/16		340,000		344,399
BB&T Corp., 3.20%, 03/15/16		75,000		75,656
Capital One Financial Corp., 1.00%, 11/06/15		610,000		610,159
Citigroup, Inc., 1.12%, 04/01/16@		375,000		375,483
First Horizon National Corp., 5.38%, 12/15/15		325,000		327,811
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/24		370,000		381,234
JPMorgan Chase & Co., 2.60%, 01/15/16		275,000		276,485
JPMorgan Chase & Co., Series G, 0.95%, 02/26/16@		185,000		185,190
JPMorgan Chase & Co., 3.45%, 03/01/16		150,000		151,659
Morgan Stanley, 5.38%, 10/15/15		340,000		340,576
PNC Funding Corp., 2.70%, 09/19/16		340,000		344,891
Total Banks				4,202,499
Beverages – 1.0%
Dr Pepper Snapple Group, Inc., 2.90%, 01/15/16(a)		360,000		362,133
Diversified Financial Services – 1.5%
American Express Credit Corp., 0.80%, 07/29/16@		525,000		525,596
Electric – 2.9%
Georgia Power Co., 0.66%, 03/15/16@		291,000		290,800
Progress Energy, Inc., 5.63%, 01/15/16		346,000		350,752
PSEG Power LLC, 5.50%, 12/01/15		350,000		352,598
Total Electric				994,150
Food – 2.4%
Kroger Co. (The), 2.20%, 01/15/17		40,000		40,506
Kroger Co. (The), 6.40%, 08/15/17		275,000		299,626
Mondelez International, Inc., 4.13%, 02/09/16		485,000		490,399
Total Food				830,531
Home Furnishings – 1.1%
Whirlpool Corp., 6.50%, 06/15/16		360,000		374,355
Household Products/Wares – 1.1%
Clorox Co. (The), 3.55%, 11/01/15		365,000		365,856

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Insurance – 1.8%
American International Group, Inc., 5.05%, 10/01/15	$	360,000	$	360,000
Genworth Holdings, Inc., 4.80%, 02/15/24		360,000		270,900
Total Insurance				630,900
Internet – 2.1%
Amazon.com, Inc., 0.65%, 11/27/15		390,000		390,141
eBay, Inc., 1.35%, 07/15/17		350,000		348,160
Total Internet				738,301
Machinery - Diversified – 0.1%
John Deere Capital Corp., 0.75%, 01/22/16(a)		25,000		25,027
Oil & Gas – 2.0%
Anadarko Petroleum Corp., 5.95%, 09/15/16		330,000		343,022
Phillips 66, 2.95%, 05/01/17		335,000		342,851
Total Oil & Gas				685,873
Pharmaceuticals – 2.1%
AbbVie, Inc., 1.20%, 11/06/15		370,000		370,166
Express Scripts Holding Co., 3.13%, 05/15/16		340,000		343,921
Total Pharmaceuticals				714,087
Pipelines – 2.0%
Enterprise Products Operating LLC, 3.20%, 02/01/16		340,000		342,343
Kinder Morgan Energy Partners LP, 3.50%, 03/01/16		340,000		343,209
Total Pipelines				685,552
Real Estate – 1.0%
ERP Operating LP, 5.13%, 03/15/16		347,000		353,475
Real Estate Investment Trusts – 1.3%
Ventas Realty LP, 1.55%, 09/26/16		435,000		436,255
Retail – 2.9%
AutoZone, Inc., 5.50%, 11/15/15		363,000		364,992
CVS Health Corp., 1.20%, 12/05/16		225,000		225,564
Home Depot, Inc. (The), 5.40%, 03/01/16(a)		335,000		341,702
Kohl's Corp., 4.00%, 11/01/21(a)		83,000		85,869
Total Retail				1,018,127
Telecommunications – 1.9%
AT&T, Inc., 1.70%, 06/01/17		345,000		346,434
Verizon Communications, Inc., 2.50%, 09/15/16		325,000		329,543

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Telecommunications (continued)
Total Telecommunications			$	675,977
Transportation – 1.0%
Ryder System, Inc., 3.60%, 03/01/16	$	355,000		358,835
Total Corporate Bonds (Cost $14,476,541)				14,379,436
MORTGAGE BACKED SECURITIES – 15.3%
Commercial Mortgage Backed Securities – 15.3%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A4, Series 2005-6, 5.15%, 09/10/47@		92,425		92,331
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-T24, 5.54%, 10/12/41		389,112		400,237
CFCRE Commercial Mortgage Trust, Class A2, Series 2011-C2, 3.06%, 12/15/47		96,629		98,230
Credit Suisse First Boston Mortgage Securities Corp., Class AJ, Series 2005-C6, 5.23%, 12/15/40@		255,000		255,163
DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49@‡		242,538		242,538
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 1.14%, 05/25/24@		326,253		323,307
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 1.39%, 07/25/24@		254,512		254,016
GS Mortgage Securities Trust, Class AM, Series 2006-GG6, 5.55%, 04/10/38@		350,000		352,833
GS Mortgage Securities Trust, Class A4, Series 2006-GG8, 5.56%, 11/10/39		355,270		365,119
GS Mortgage Securities Trust, Class A2, Series 2011-GC3, 3.65%, 03/10/44‡		321,202		321,651
GS Mortgage Securities Trust, Class A2, Series 2011-GC5, 3.00%, 08/10/44		339,269		343,318
LB-UBS Commercial Mortgage Trust, Class A3, Series 2006-C7, 5.35%, 11/15/38		335,000		345,610
Merrill Lynch Mortgage Trust, Class A4, Series 2006-C1, 5.67%, 05/12/39@		415,000		419,292
Morgan Stanley Capital I Trust, Class A4, Series 2006-T23, 5.84%, 08/12/41@		389,619		397,459
Morgan Stanley Capital I Trust, Class A3, Series 2007-T25, 5.51%, 11/12/49@		390,562		405,572
Morgan Stanley Capital I Trust, Class A4, Series 2006-T21, 5.16%, 10/12/52@		24,259		24,234

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Wachovia Bank Commercial Mortgage Trust, Class A4FL, Series 2006-C28, 0.36%, 10/15/48@‡	$	259,594	$	257,639
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2006-C29, 5.31%, 11/15/48		195,299		201,003
WFRBS Commercial Mortgage Trust, Class A2, Series 2011-C4, 3.45%, 06/15/44‡		208,180		210,588
Total Mortgage Backed Securities (Cost $5,314,731)				5,310,140
ASSET BACKED SECURITIES – 14.6%
Diversified Financial Services – 14.6%
Ally Auto Receivables Trust, Class A3, Series 2012-5, 0.62%, 03/15/17		21,695		21,694
Ally Master Owner Trust, Class A2, Series 2013-1, 1.00%, 02/15/18		240,000		240,165
American Express Credit Account Master Trust, Class A, Series 2013-2, 0.63%, 05/17/21@		300,000		300,312
AmeriCredit Automobile Receivables Trust, Class B, Series 2013-2, 1.19%, 05/08/18		180,000		180,153
BA Credit Card Trust, Class A11, Series 2007-A11, 0.27%, 12/15/19@		295,000		294,076
Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.24%, 07/15/20@		525,000		522,034
CarMax Auto Owner Trust, Class A3, Series 2012-3, 0.52%, 07/17/17		67,296		67,268
CarMax Auto Owner Trust, Class A3, Series 2014-1, 0.79%, 10/15/18		325,000		324,623
Chase Issuance Trust, Class A3, Series 2013-A3, 0.48%, 04/15/20@		345,000		344,466
Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 0.48%, 05/26/20@		600,000		599,010
Discover Card Execution Note Trust, Class A2, Series 2013-A2, 0.69%, 08/15/18		350,000		350,026
Fifth Third Auto Trust, Class A3, Series 2013-A, 0.61%, 09/15/17		92,855		92,866
First National Master Note Trust, Class A, Series 2013-2, 0.74%, 10/15/19@		325,000		325,357
Honda Auto Receivables Owner Trust, Class A2, Series 2015-3, 0.92%, 11/20/17		350,000		350,245
Honda Auto Receivables Owner Trust, Class A3, Series 2014-2, 0.77%, 03/19/18		335,000		334,667

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Huntington Auto Trust, Class A3, Series 2012-2, 0.51%, 04/17/17	$	42,237	$	42,227
Hyundai Auto Receivables Trust, Class A2, Series 2014-B, 0.44%, 02/15/17		62,232		62,217
Nissan Auto Receivables Owner Trust, Class A3, Series 2012-B, 0.46%, 10/17/16		459		459
Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18		371,729		371,203
Toyota Auto Receivables Owner Trust, Class A3, Series 2013-B, 0.89%, 07/17/17		251,325		251,522
Total Asset Backed Securities (Cost $5,074,406)				5,074,590
FOREIGN BONDS – 8.6%
Auto Manufacturers – 1.0%
American Honda Finance Corp., 1.13%, 10/07/16 (Japan)		340,000		341,195
Banks – 1.6%
Lloyds Bank PLC, 4.88%, 01/21/16 (United Kingdom)		205,000		207,573
Royal Bank of Canada, Series G, 0.79%, 09/09/16 (Canada)@		350,000		350,881
Total Banks				558,454
Beverages – 1.3%
Anheuser-Busch InBev Finance, Inc., 0.49%, 01/27/17 (Belgium)@		450,000		448,950
Diversified Financial Services – 0.6%
Nomura Holdings, Inc., 4.13%, 01/19/16 (Japan)		60,000		60,520
Nomura Holdings, Inc., 1.79%, 09/13/16 (Japan)@		155,000		155,876
Total Diversified Financial Services				216,396
Mining – 1.0%
Rio Tinto Finance USA PLC, 1.38%, 06/17/16 (United Kingdom)		345,000		344,504
Oil & Gas – 2.0%
BP Capital Markets PLC, 0.70%, 11/06/15 (United Kingdom)		375,000		375,101
Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico)		385,000		347,463
Total Oil & Gas				722,564
Telecommunications – 1.1%
Vodafone Group PLC, 1.63%, 03/20/17 (United Kingdom)		370,000		370,538
Total Foreign Bonds (Cost $3,032,375)			$	3,002,601

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
MUNICIPAL BONDS – 8.0%
Bay Shore Union Free School District, 4.00%, 12/01/18	$	70,000		70,424
City of New Orleans LA Sewerage Service Revenue, 4.00%, 06/01/16		75,000		76,661
City of York PA, Series A, 02/01/16(b)		50,000		49,653
Clear Creek Independent School District, 3.00%, 02/15/16		125,000		126,016
Colorado Health Facilities Authority, 5.25%, 12/01/25		50,000		50,392
County of Harris TX, Series D, 1.06%, 08/15/16		90,000		90,293
County of Miami-Dade FL Aviation Revenue, Series A, 5.00%, 10/01/38		55,000		55,000
District of Columbia, Series B, 4.00%, 06/01/16		55,000		56,295
Emerald Coast Utilities Authority, 4.63%, 01/01/21		50,000		50,537
Erie Sewer Authority, 3.40%, 06/01/16		50,000		50,964
Greater Peoria Airport Authority, Series C, 5.75%, 12/01/15		155,000		156,072
JEA Water & Sewer System Revenue, 3.75%, 10/01/15		200,000		199,999
La Joya Independent School District, 5.00%, 02/15/31		90,000		91,598
Lake County Township High School District No 121 Warren, Series B, 0.95%, 03/01/16		130,000		130,000
Maine Municipal Bond Bank, 4.00%, 09/01/16		50,000		51,575
Metropolitan Transportation Authority, Series F, 5.00%, 11/15/30		395,000		397,144
Metropolitan Transportation Authority, Series A, 4.50%, 11/15/34		255,000		256,241
Michigan Finance Authority, Series G-8A, 5.00%, 04/01/16		110,000		111,830
New Hampshire Housing Finance Authority, Series D, 4.70%, 01/01/16		60,000		60,518
New Jersey Health Care Facilities Financing Authority, 4.00%, 07/01/16		50,000		51,293
New York State Dormitory Authority, Series C, 5.00%, 12/15/15		30,000		30,282
Philadelphia Authority for Industrial Development, 04/15/16(b)		55,000		54,830
Sedona-Oak Creek Joint Unified School District No 9, 5.15%, 07/01/16		160,000		164,527
South Carolina State Public Service Authority, Series A, 5.25%, 01/01/21		40,000		40,489
South Carolina State Public Service Authority, Series A, 5.25%, 01/01/22		50,000		50,611
State Board of Administration Finance Corp., Series A, 1.30%, 07/01/16		55,000		55,307
State of Connecticut, Series C, 5.00%, 06/01/22		75,000		77,332
Tarrant Regional Water District, 4.45%, 03/01/24		50,000		50,876

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
MUNICIPAL BONDS (continued)
Village of Hobart WI, 3.38%, 03/01/16	$	55,000	$	55,705
Total Municipal Bonds (Cost $2,761,128)				2,762,464
U.S. TREASURY BILL – 0.3%
U.S. Treasury Bill, 0.00%, 03/10/16(c) (Cost $99,902)		100,000		99,990
MONEY MARKET FUND – 12.6%
JP Morgan US Government Money Market Fund - Institutional Class, 0.01%(d) (Cost $4,359,206)		4,359,206		4,359,206
REPURCHASE AGREEMENTS – 2.0%(e)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $106,024, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 05/15/18-10/01/45, totaling $108,144)		106,024		106,024
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.11%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.63%-6.50%, 12/28/16-10/01/45, totaling $255,001)		250,000		250,000
RBC Capital Markets LLC, dated 09/30/15, due 10/01/15, 0.10%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 1.88%-7.00%, 04/20/25-05/20/65, totaling $255,000)		250,000		250,000
Royal Bank of Scotland PLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $100,802, (collateralized by various U.S. Government Agency Obligations, 0.09%-3.63%, 01/31/16-02/15/44, totaling $102,818)		100,802		100,802
Total Repurchase Agreements (Cost $706,826)				706,826
Total Investments – 102.8% (Cost $35,825,115)				35,695,253
Liabilities in Excess of Other Assets – (2.8)%				(967,038	)
Net Assets – 100.0%			$	34,728,215

LP - Limited Partnership

PLC - Public Limited Company

@ Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2015.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 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.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $688,675; the aggregate market value of the collateral held by the fund is $706,826.

(b) Represents a zero coupon bond.  Rate shown reflects the effective yield.

(c) Interest rate shown reflects the discount rate at time of purchase.

(d) Rate shown reflects the 7-day yield as of September 30, 2015.

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

Futures contracts outstanding as of September 30, 2015:

Type	Broker	Expiration Date	Number of Contracts	Value at Trade Date			Value at September 30, 2015			Unrealized Appreciation/ (Depreciation)
2-Year U.S. Treasury Note	Jefferies & Company Inc.	December 2015	(4)	$	(875,200	)	$	(876,125	)	$	(925	)
5-Year U.S. Treasury Note	Jefferies & Company Inc.	December 2015	10		1,198,017			1,205,156			7,139
10-Year U.S. Treasury Note	Jefferies & Company Inc.	December 2015	(7)		(891,646	)		(901,141	)		(9,495	)
										$	(3,281	)

Cash posted as collateral to broker for futures contracts was $93,003 at September 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Auto Manufacturers		2.2	%
Banks		13.6
Beverages		2.3
Commercial Mortgage Backed Securities		15.3
Diversified Financial Services		16.7
Electric		2.9
Food		2.4
Home Furnishings		1.1
Household Products/Wares		1.1
Insurance		1.8
Internet		2.1
Machinery - Diversified		0.1
Mining		1.0

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of
	Net Assets (continued)
Municipal Bonds		8.0	%
Oil & Gas		4.0
Pharmaceuticals		2.1
Pipelines		2.0
Real Estate		1.0
Real Estate Investment Trusts		1.3
Retail		2.9
Telecommunications		3.0
Transportation		1.0
U.S. Treasury Bill		0.3
Money Market Fund		12.6
Repurchase Agreements		2.0
Total Investments		102.8
Liabilities in Excess of Other Assets		(2.8	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS – 85.9%
Debt Fund – 11.6%
AdvisorShares Sage Core Reserves ETF†		2,375	$	235,600
iShares 1-3 Year Credit Bond ETF		8,836		928,929
iShares 20+ Year Treasury Bond ETF		1,592		196,676
iShares iBoxx $ High Yield Corporate Bond ETF		9,501		791,338
iShares JPMorgan USD Emerging Markets Bond ETF		93		9,895
SPDR Barclays International Corporate Bond ETF		19,000		596,220
Total Debt Fund				2,758,658
Equity Fund – 74.3%
Consumer Discretionary Select Sector SPDR Fund		3,985		295,926
Consumer Staples Select Sector SPDR Fund		15,650		738,524
Energy Select Sector SPDR Fund		7,481		457,837
Financial Select Sector SPDR Fund		54,492		1,234,789
Health Care Select Sector SPDR Fund		11,793		781,050
Industrial Select Sector SPDR Fund		4,388		218,917
iShares MSCI EAFE ETF		32,021		1,835,444
Materials Select Sector SPDR Fund		3,514		140,279
SPDR S&P 500 ETF Trust		54,567		10,456,674
Technology Select Sector SPDR Fund		7,139		281,991
Utilities Select Sector SPDR Fund		5,089		220,303
Vanguard FTSE Emerging Markets ETF		31,593		1,045,412
Total Equity Fund				17,707,146
Total Exchange Traded Funds (Cost $20,490,249)				20,465,804
U.S. TREASURY NOTE – 4.3%
U.S. Treasury Note, 4.50%, 02/15/16(a) (Cost $1,015,952)	$	1,000,000		1,016,348
COMMON STOCKS – 1.4%
Apparel – 0.7%
Hanesbrands, Inc.		6,243		180,673
Computers – 0.7%
Apple, Inc.		1,411		155,633
Total Common Stocks (Cost $262,585)				336,306

See accompanying Notes to Schedule of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/ Contracts			Value
MONEY MARKET FUND – 5.6%
BlackRock Liquidity Funds-T-Fund Portfolio - Institutional Class, 0.01%(b) (Cost $1,340,097)		1,340,097		$	1,340,097
Total Investments Before Written Options – 97.2%
(Cost $23,108,883)					23,158,555
WRITTEN CALL OPTIONS – (0.1)%
Consumer Discretionary Select Sector SPDR Fund, expiring 10/16/15, Strike Price $78.00		(20	)		(250	)
Consumer Staples Select Sector SPDR Fund, expiring 10/16/15, Strike Price $48.00		(78	)		(2,379	)
Energy Select Sector SPDR Fund, expiring 10/16/15, Strike Price $65.00		(37	)		(1,110	)
Health Care Select Sector SPDR Fund, expiring 10/16/15, Strike Price $72.00		(58	)		(435	)
iShares 20+ Year Treasury Bond ETF, expiring 10/16/15, Strike Price $122.00		(15	)		(3,248	)
iShares MSCI EAFE ETF, expiring 10/16/15, Strike Price $60.00		(162	)		(2,187	)
SPDR S&P 500 ETF Trust, expiring 10/16/15, Strike Price $198.00		(258	)		(20,640	)
Vanguard FTSE Emerging Markets ETF, expiring 10/16/15, Strike Price $35.00		(158	)		(2,765	)
Total Written Call Options [Premiums Received $(56,477)]					(33,014	)
WRITTEN PUT OPTIONS – (0.2)%
iShares 20+ Year Treasury Bond ETF, expiring 10/16/15, Strike Price $120.00		(10	)		(400	)
iShares iBoxx $ High Yield Corporate Bond ETF, expiring 10/16/15, Strike Price $85.00		(52	)		(12,402	)
iShares JPMorgan USD Emerging Markets Bond ETF, expiring 10/16/15, Strike Price $108.00		(118	)		(30,385	)
Total Written Put Options [Premiums Received $(17,846)]					(43,187	)
Total Written Options – (0.3)% [Premiums Received $(74,323)]					(76,201	)
Total Investments – 96.9% (Cost $23,034,560)					23,082,354
Other Assets in Excess of Liabilities – 3.1%					735,829
Net Assets – 100.0%				$	23,818,183

ETF - Exchange Traded Fund

See accompanying Notes to Schedule of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

†	Affiliated Company.
(a)	All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $1,016,250, which includes cash in the amount of $691,274 as of September 30, 2015.
(b)	Rate shown reflects the 7-day yield as of September 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Apparel		0.7	%
Computers		0.7
Debt Fund		11.6
Equity Fund		74.3
U.S. Treasury Note		4.3
Written Call Options		(0.1	)
Written Put Options		(0.2	)
Money Market Fund		5.6
Total Investments		96.9
Other Assets in Excess of Liabilities		3 .1
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES SUNRISE GLOBAL MULTI-STRATEGY ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 52.9%
Debt Fund – 3.3%
iShares 7-10 Year Treasury Bond ETF		530	$	57,171
Equity Fund – 49.6%
Consumer Discretionary Select Sector SPDR Fund		3,755		278,846
Consumer Staples Select Sector SPDR Fund		4,683		220,991
Financial Select Sector SPDR Fund		7,356		166,687
Health Care Select Sector SPDR Fund		1,499		99,279
Industrial Select Sector SPDR Fund		551		27,489
Technology Select Sector SPDR Fund		1,566		61,857
Total Equity Fund				855,149
Total Exchange Traded Funds (Cost $899,096)				912,320
MONEY MARKET FUND – 22.6%
Goldman Sachs Financial Square Treasury Instruments Fund, 0.00%(a) (Cost $389,714)		389,714		389,714
Total Investments – 75.5% (Cost $1,288,810)				1,302,034
Other Assets in Excess of Liabilities – 24.5%				422,175
Net Assets – 100.0%			$	1,724,209

ETF - Exchange Traded Fund

(a) Rate shown reflects the 7-day yield as of September 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Debt Fund		3.3	%
Equity Fund		49.6
Money Market Fund		22.6
Total Investments		75.5
Other Assets in Excess of Liabilities		24 .5
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.9%
Advertising – 1.0%
Omnicom Group, Inc.(a)		31,934	$	2,104,451
Aerospace/Defense – 2.0%
General Dynamics Corp.		15,311		2,112,153
United Technologies Corp.		22,692		2,019,361
Total Aerospace/Defense				4,131,514
Agriculture – 1.1%
Altria Group, Inc.		41,942		2,281,645
Auto Parts & Equipment – 1.1%
Remy International, Inc.		77,736		2,273,778
Beverages – 1.0%
Dr Pepper Snapple Group, Inc.		27,452		2,170,081
Biotechnology – 4.5%
Alnylam Pharmaceuticals, Inc.*		22,023		1,769,768
Amgen, Inc.		14,613		2,021,270
Celgene Corp.*		17,287		1,869,935
Gilead Sciences, Inc.		19,502		1,914,901
United Therapeutics Corp.*		13,598		1,784,602
Total Biotechnology				9,360,476
Chemicals – 2.1%
PPG Industries, Inc.		23,446		2,055,980
Sigma-Aldrich Corp.		15,907		2,209,800
Total Chemicals				4,265,780
Commercial Services – 7.1%
Automatic Data Processing, Inc.		28,553		2,294,520
Equifax, Inc.		22,362		2,173,139
Gartner, Inc.*		25,190		2,114,197
ManpowerGroup, Inc.		25,437		2,083,036
MasterCard, Inc., Class A		23,444		2,112,773
Moody's Corp.		20,466		2,009,761
SEI Investments Co.		42,902		2,069,163
Total Commercial Services				14,856,589
Computers – 5.1%
Accenture PLC, Class A		22,036		2,165,257
Apple, Inc.		19,558		2,157,247
Computer Sciences Corp.		34,568		2,121,784

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Computers (continued)
EMC Corp.		84,542	$	2,042,535
NetScout Systems, Inc.*		61,189		2,164,255
Total Computers				10,651,078
Diversified Financial Services – 3.9%
BlackRock, Inc.		7,419		2,206,929
Franklin Resources, Inc.		49,889		1,858,864
Ocwen Financial Corp.*(a)		282,705		1,896,951
T. Rowe Price Group, Inc.		29,501		2,050,320
Total Diversified Financial Services				8,013,064
Electric – 1.1%
Xcel Energy, Inc.		67,539		2,391,556
Electronics – 2.0%
Amphenol Corp., Class A		40,594		2,068,670
Waters Corp.*		17,205		2,033,803
Total Electronics				4,102,473
Engineering & Construction – 1.0%
AECOM*		74,393		2,046,551
Entertainment – 1.9%
Marriott Vacations Worldwide Corp.		27,309		1,860,835
Vail Resorts, Inc.		20,806		2,177,972
Total Entertainment				4,038,807
Environmental Control – 1.1%
Republic Services, Inc.		53,474		2,203,129
Food – 5.2%
ConAgra Foods, Inc.		53,760		2,177,818
JM Smucker Co. (The)		18,558		2,117,282
Kellogg Co.		33,110		2,203,471
McCormick & Co., Inc.		28,019		2,302,601
Whole Foods Market, Inc.		63,151		1,998,729
Total Food				10,799,901
Healthcare - Products – 3.9%
Danaher Corp.		24,881		2,120,110
Medtronic PLC		29,012		1,942,063
Sirona Dental Systems, Inc.*		22,011		2,054,507

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products (continued)
Stryker Corp.		22,283	$	2,096,830
Total Healthcare - Products				8,213,510
Healthcare - Services – 4.0%
Anthem, Inc.		15,416		2,158,240
Community Health Systems, Inc.*		41,962		1,794,715
DaVita HealthCare Partners, Inc.*		29,452		2,130,263
Humana, Inc.		12,062		2,159,098
Total Healthcare - Services				8,242,316
Insurance – 2.1%
Everest Re Group Ltd.		12,570		2,178,884
Reinsurance Group of America, Inc.		24,056		2,179,233
Total Insurance				4,358,117
Internet – 1.0%
TripAdvisor, Inc.*		32,689		2,060,061
Iron/Steel – 1.0%
Reliance Steel & Aluminum Co.		37,603		2,030,938
Leisure Time – 1.0%
Jarden Corp.*		42,743		2,089,278
Lodging – 1.8%
Diamond Resorts International, Inc.*(a)		78,807		1,843,296
Wyndham Worldwide Corp.		27,615		1,985,518
Total Lodging				3,828,814
Machinery - Diversified – 1.1%
Roper Technologies, Inc.		13,976		2,190,039
Media – 3.0%
Comcast Corp., Class A		37,827		2,165,217
Sirius XM Holdings, Inc.*		574,644		2,149,169
Twenty-First Century Fox, Inc., Class A		73,472		1,982,275
Total Media				6,296,661
Miscellaneous Manufacturing – 1.0%
Illinois Tool Works, Inc.		25,128		2,068,286
Oil & Gas – 4.1%
Chesapeake Energy Corp.(a)		288,109		2,111,839
ConocoPhillips		46,398		2,225,248

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas (continued)
Pioneer Natural Resources Co.		18,549	$	2,256,301
Seadrill Ltd. (United Kingdom)*(a)		311,549		1,838,139
Total Oil & Gas				8,431,527
Oil & Gas Services – 3.8%
FMC Technologies, Inc.*		69,047		2,140,457
Forum Energy Technologies, Inc.*		149,976		1,831,207
National Oilwell Varco, Inc.		54,046		2,034,832
Schlumberger Ltd.		27,540		1,899,434
Total Oil & Gas Services				7,905,930
Packaging & Containers – 2.0%
Packaging Corp. of America		34,072		2,049,772
Sealed Air Corp.		43,338		2,031,685
Total Packaging & Containers				4,081,457
Pharmaceuticals – 3.7%
Alkermes PLC*		33,858		1,986,449
Allergan PLC*		7,459		2,027,431
Express Scripts Holding Co.*		25,403		2,056,626
Mylan N.V.*		41,060		1,653,076
Total Pharmaceuticals				7,723,582
Real Estate – 1.1%
CBRE Group, Inc., Class A*		68,795		2,201,440
Real Estate Investment Trusts – 2.2%
Prologis, Inc.		59,943		2,331,783
Ventas, Inc.		41,698		2,337,590
Total Real Estate Investment Trusts				4,669,373
Retail – 8.7%
Dollar General Corp.		28,342		2,053,094
Gap, Inc. (The)		62,744		1,788,204
L Brands, Inc.(a)		24,378		2,197,189
Lowe's Cos., Inc.		32,452		2,236,592
Macy's, Inc.		71,175		3,652,700
Ross Stores, Inc.		42,996		2,084,016
Target Corp.		27,798		2,186,591
Vista Outdoor, Inc.*		46,704		2,075,059
Total Retail				18,273,445

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Semiconductors – 3.1%
QUALCOMM, Inc.		35,317	$	1,897,582
Texas Instruments, Inc.		45,576		2,256,924
Xilinx, Inc.		52,848		2,240,755
Total Semiconductors				6,395,261
Software – 5.0%
CA, Inc.		78,112		2,132,458
CDK Global, Inc.		44,280		2,115,698
Intuit, Inc.		21,528		1,910,610
Microsoft Corp.		48,921		2,165,243
Oracle Corp.		57,275		2,068,773
Total Software				10,392,782
Telecommunications – 3.0%
Juniper Networks, Inc.		80,160		2,060,914
Level 3 Communications, Inc.*		48,873		2,135,261
Verizon Communications, Inc.		48,604		2,114,760
Total Telecommunications				6,310,935
Textiles – 1.0%
Mohawk Industries, Inc.*		11,000		1,999,690
Transportation – 1.1%
United Parcel Service, Inc., Class B		22,316		2,202,366
Total Common Stocks (Cost $228,525,704)				207,656,681
MONEY MARKET FUND – 0.1%
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 0.01%(b)
(Cost $279,408)		279,408		279,408
REPURCHASE AGREEMENTS – 2.8%(c)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $888,217, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 5/15/18-10/01/45, totaling $905,978)	$	888,214		888,214
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $1,378,217, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-07/15/37, totaling $1,405,778)		1,378,213		1,378,213

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $898,567, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $916,535)	$	898,564	$	898,564
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $1,378,218, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $1,405,777)		1,378,213		1,378,213
Morgan Stanley & Co. LLC, dated 09/30/15, due 10/01/15, 0.09%, total to be received $1,378,216, (collateralized by various U.S. Government Agency Obligations, 2.13%-10.50%, 05/15/16-09/01/45, totaling $1,405,777)		1,378,213		1,378,213
Total Repurchase Agreements (Cost $5,921,417)				5,921,417
Total Investments – 102.8% (Cost $234,726,529)				213,857,506
Liabilities in Excess of Other Assets – (2.8)%				(5,790,411	)
Net Assets – 100.0%			$	208,067,095

PLC - Public Limited Company

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $10,195,492; the aggregate market value of the collateral held by the fund is $10,502,853. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,581,436.

(b) Rate shown reflects the 7-day yield as of September 30, 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		1.0	%
Aerospace/Defense		2.0
Agriculture		1.1
Auto Parts & Equipment		1.1

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of
	Net Assets (continued)
Beverages		1.0	%
Biotechnology		4.5
Chemicals		2.1
Commercial Services		7.1
Computers		5.1
Diversified Financial Services		3.9
Electric		1.1
Electronics		2.0
Engineering & Construction		1.0
Entertainment		1.9
Environmental Control		1.1
Food		5.2
Healthcare - Products		3.9
Healthcare - Services		4.0
Insurance		2.1
Internet		1.0
Iron/Steel		1.0
Leisure Time		1.0
Lodging		1.8
Machinery - Diversified		1.1
Media		3.0
Miscellaneous Manufacturing		1.0
Oil & Gas		4.1
Oil & Gas Services		3.8
Packaging & Containers		2.0
Pharmaceuticals		3.7
Real Estate		1.1
Real Estate Investment Trusts		2.2
Retail		8.7
Semiconductors		3.1
Software		5.0
Telecommunications		3.0
Textiles		1.0
Transportation		1.1
Money Market Fund		0.1
Repurchase Agreements		2.8
Total Investments		102.8
Liabilities in Excess of Other Assets		(2.8	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES YIELDPRO ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 98.8%
Debt Fund – 98.8%
iShares 20+ Year Treasury Bond ETF		36,655	$	4,528,359
SPDR Barclays Short Term Corporate Bond ETF		207,779		6,341,415
SPDR Nuveen Barclays Municipal Bond ETF		253,322		6,107,593
Vanguard Short-Term Bond ETF		83,244		6,691,986
Vanguard Short-Term Corporate Bond ETF		75,864		6,047,119
Total Exchange Traded Funds (Cost $29,632,242)				29,716,472
MONEY MARKET FUND – 1.3%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%(a) (Cost $397,370)		397,370		397,370
Total Investments – 100.1% (Cost $30,029,612)				30,113,842
Liabilities in Excess of Other Assets – (0.1)%				(38,965	)
Net Assets – 100.0%			$	30,074,877

ETF - Exchange Traded Fund

(a) Rate shown reflects the 7-day yield as of September 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Debt Fund		98.8	%
Money Market Fund		1.3
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF

Schedule of Investments

September 30, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 96.6%
Apparel – 3.0%
LVMH Moet Hennessy Louis Vuitton SE (France)(a)		13,444	$	457,230
Banks – 2.0%
HDFC Bank Ltd. (India)(a)		5,155		314,919
Biotechnology – 3.7%
CSL Ltd. (Australia)(a)(b)		18,209		571,034
Chemicals – 3.6%
Novozymes A/S (Denmark)(a)		12,633		547,641
Commercial Services – 6.6%
Experian PLC (Ireland)(a)(b)		35,555		572,791
SGS SA (Switzerland)(a)		25,639		445,990
Total Commercial Services				1,018,781
Cosmetics/Personal Care – 5.1%
Svenska Cellulosa AB SCA (Sweden)(a)		18,262		511,336
Unicharm Corp. (Japan)(a)		77,029		274,994
Total Cosmetics/Personal Care				786,330
Diversified Financial Services – 3.8%
Lazard Ltd., Class A		13,650		591,045
Electronics – 3.5%
Sensata Technologies Holding N.V.*		11,989		531,592
Food – 11.0%
Chr. Hansen Holding A/S (Denmark)(a)(b)		24,905		693,106
Nestle SA (Switzerland)(a)		10,099		759,849
Shoprite Holdings Ltd. (South Africa)(a)(b)		19,867		225,133
Total Food				1,678,088
Food Service – 3.0%
Compass Group PLC (United Kingdom)(a)(b)		29,080		467,897
Healthcare - Products – 5.8%
Coloplast A/S (Denmark)(a)		71,380		506,798
Sysmex Corp. (Japan)(a)		14,654		387,378
Total Healthcare - Products				894,176
Healthcare - Services – 3.5%
ICON PLC*		7,569		537,172

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Household Products/Wares – 4.5%
Reckitt Benckiser Group PLC (United Kingdom)(a)(b)		37,878	$	691,274
Insurance – 4.4%
ACE Ltd.		6,544		676,650
Internet – 4.4%
Tencent Holdings Ltd. (China)(a)		31,449		530,859
Yandex N.V., Class A (Russia)*		13,166		141,271
Total Internet				672,130
Machinery - Diversified – 2.8%
FANUC Corp. (Japan)(a)		16,671		427,611
Oil & Gas Services – 2.5%
Core Laboratories N.V. (b)		3,854		384,629
Pharmaceuticals – 4.7%
Novo Nordisk A/S (Denmark)(a)		13,353		724,267
Retail – 6.3%
Inditex SA (Spain)(a)		25,604		427,587
Swatch Group AG (The) (Switzerland)(a)(b)		12,851		237,358
Wal-Mart de Mexico SAB de CV (Mexico)(a)		12,299		303,047
Total Retail				967,992
Semiconductors – 8.9%
ARM Holdings PLC (United Kingdom)(a)		12,003		519,130
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)		41,208		855,066
Total Semiconductors				1,374,196
Transportation – 3.5%
Canadian Pacific Railway Ltd. (Canada)		3,697		530,778
Total Common Stocks (Cost $14,021,147)				14,845,432
MONEY MARKET FUND – 3.3%
Invesco Government & Agency Portfolio - Private Investment Class, 0.04%(c) (Cost $503,860)		503,860		503,860
REPURCHASE AGREEMENTS – 9.5%(d)
Citibank NA, dated 09/30/15, due 10/01/15, 0.12%, total to be received $218,885, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 5/15/18-10/01/45, totaling $223,262)	$	218,884		218,884

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
HSBC Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.10%, total to be received $339,637, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 11/15/15-07/15/37, totaling $346,429)	$	339,636	$	339,636
Merrill Lynch Pierce Fenner & Smith Inc., dated 09/30/15, due 10/01/15, 0.13%, total to be received $221,436, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.50%, 10/20/41-05/20/45, totaling $225,864)		221,435		221,435
Mizuho Securities USA, Inc., dated 09/30/15, due 10/01/15, 0.14%, total to be received $339,637, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 10/09/19-10/01/45, totaling $346,429)		339,636		339,636
RBC Capital Markets LLC, dated 09/30/15, due 10/01/15, 0.10%, total to be received $339,637, (collateralized by various U.S. Government Agency Obligations, 1.88%-7.00%, 04/20/25-05/20/65, totaling $346,429)		339,636		339,636
Total Repurchase Agreements (Cost $1,459,227)				1,459,227
Total Investments – 109.4% (Cost $15,984,234)				16,808,519
Liabilities in Excess of Other Assets – (9.4)%				(1,440,595	)
Net Assets – 100.0%			$	15,367,924

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 $1,411,624; the aggregate market value of the collateral held by the fund is $1,459,227.

(c) Rate shown reflects the 7-day yield as of September 30, 2015.

(d) 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)

September 30, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Apparel		3.0	%
Banks		2.0
Biotechnology		3.7
Chemicals		3.6
Commercial Services		6.6
Cosmetics/Personal Care		5.1
Diversified Financial Services		3.8
Electronics		3.5
Food		11.0
Food Service		3.0
Healthcare - Products		5.8
Healthcare - Services		3.5
Household Products/Wares		4.5
Insurance		4.4
Internet		4.4
Machinery - Diversified		2.8
Oil & Gas Services		2.5
Pharmaceuticals		4.7
Retail		6.3
Semiconductors		8.9
Transportation		3.5
Money Market Fund		3.3
Repurchase Agreements		9.5
Total Investments		109.4
Liabilities in Excess of Other Assets		(9.4	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

Notes to the Schedules of Investments (Unaudited)

September 30, 2015

1. Consolidation od Subsidiaries

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 consolidation.

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

2. Summary of Fair Value Disclosure

The Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, defines fair value, establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933 as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund’s net asset value is computed and that may materially affect the value of the Fund’s investment). Examples of events that may be “significant events” are government actions, natural disasters, armed conflicts and acts of terrorism. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of September 30, 2015 in valuing the Funds’ assets carried at fair value:

	Athena High Dividend ETF		EquityPro ETF		Gartman Gold/Euro ETF			Gartman Gold/Yen ETF			Global Echo ETF		Madrona Domestic ETF
Assets
Level 1
Exchange Traded Funds	$	-	$	19,413,448	$	-		$	-		$	-	$	-
Common Stocks		7,846,526		-		-			-			4,829,797		30,262,975
Money Market Funds		40,001		3,504,477		8,657,029			11,307,480			432,690		400,971
Futures†		-		-		50,748			-			-		-
Level 2
Asset Backed Securities		-		-		-			-			1,063,558		-
Municipal Bonds		-		-		-			-			300,000		-
Repurchase Agreements for Securities Loaned		1,147,099		1,932,237		-			-			207,777		755,956
U.S. Government Agency Securities		-		-		-			-			763,641		-
Liabilities
Level 1
Futures Contracts†		-		-		(574,892	)		(818,325	)		-		-
Total	$	9,033,626	$	24,850,162	$	8,132,885		$	10,489,155		$	7,597,463	$	31,419,902

	Madrona Global Bond ETF		Madrona International ETF		Meidell Tactical Advantage ETF		Morgan Creek Global Tactical ETF		Newfleet Multi- Sector Income  ETF		Pacific Asset Enhanced Floating Rate ETF
Assets
Level 1
Exchange Traded Funds	$	25,052,641	$	-	$	1,821,688	$	4,701,971	$	-	$	-
Common Stocks		-		16,125,210		-		-		-		-
Preferred Stocks		-		80,172		-		-		-		-
Money Market Funds		246,662		530,250		16,158,295		4,472,942		9,367,582		595,445
Closed-End Fund		-		-		-		196,148		-		-
Level 2
Corporate Bonds		-		-		-		-		44,606,947		3,129,943
Foreign Bonds		-		-		-		-		9,687,941		-
U.S. Treasury Note		-		-		-		-		1,248,136		-
U.S. Government Agency Securities		-		-		-		-		1,201,510		-
Asset Backed Securities		-		-		-		-		52,669,125		-
Mortgage Backed Securities		-		-		-		-		73,244,655		-
Common Stocks		-		-		-		-		-		-
Term Loans		-		-		-		-		25,844,494		22,706,351
Repurchase Agreements for Securities Loaned		2,259,172		2,844,131		267,426		1,647,963		2,201,413		357,619
Liabilities
Level 2
Swaps Contracts†		-		-		-		-		-		(19,677	)
Total	$	27,558,475	$	19,579,763	$	18,247,409	$	11,019,024	$	220,071,803	$	26,769,681

	Peritus High Yield ETF		Pring Turner Business Cycle ETF		QAM Equity Hedge ETF			Ranger Equity Bear ETF			Sage Core Reserves ETF			STAR Global Buy-Write ETF
Assets
Level 1
Exchange Traded Funds	$	-	$	1,101,762	$	5,596,612		$	29,760,000		$	-		$	20,465,804
Common Stocks		-		1,709,981		-			-			-			336,306
Money Market Funds		5,217,100		1,403,155		1,017,001			21,847,540			4,359,206			1,340,097
Futures†		-		-		-			-			7,139			-
Level 2
Corporate Bonds		183,216,087		-		-			-			14,379,436			-
Foreign Bonds		33,946,898		-		-			-			3,002,601			-
U.S. Treasury Note		-		-		-			-			-			1,016,348
U.S. Treasury Bill		-		-		-			-			99,990			-
Asset Backed Securities		-		-		-			-			5,074,590			-
Mortgage Backed Securities		-		-		-			-			5,310,140			-
Municipal Bond		-		-		-			-			2,762,464			-
Term Loans		56,146,729		-		-			-			-			-
Repurchase Agreements for Securities Loaned		42,587,600		326,305		-			-			706,826			-
Liabilities
Level 1
Exchange Traded Funds		-		-		(528,277	)		-			-			-
Common Stocks		-		-		-			(145,722,260	)		-			-
Written Options		-		-		-			-			-			(76,201	)
Futures†		-		-		-			-			(10,420	)		-
Total	$	321,114,414	$	4,541,203	$	6,085,336		$	(94,114,720	)	$	35,691,972		$	23,082,354

	Sunrise Global Multi-Strategy ETF		TrimTabs Float Shrink ETF		WCM/BNY Mellon Focused Growth ADR ETF		YieldPro ETF
Assets
Level 1
Exchange Traded Funds	$	912,320	$	-	$	-	$	29,716,472
Common Stocks		-		207,656,681		14,845,432		-
Money Market Funds		389,714		279,408		503,860		397,370
Level 2
Repurchase Agreements for Securities Loaned		-		5,921,417		1,459,227		-
Total	$	1,302,034	$	213,857,506	$	16,808,519	$	30,113,842

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

There were no transfers between Level 1 and Level 2 fair value measurements that occurred during the period ended September 30, 2015.

The Funds did not hold any Level 3 securities as of September 30, 2015.

3. Federal Income Tax

At September 30, 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)
Athena High Dividend ETF	$	10,686,114		$	42,629	$	(1,695,117	)	$	(1,652,488	)	$	-
EquityPro ETF		25,244,541			29,987		(424,366	)		(394,379	)		-
Gartman Gold/Euro ETF		8,657,029			-		-			-			(524,144	)
Gartman Gold/Yen ETF		11,307,480			-		-			-			(818,325	)
Global Echo ETF		7,548,199			452,255		(402,991	)		49,264			-
Madrona Domestic ETF		32,584,031			1,852,147		(3,016,276	)		(1,164,129	)		-
Madrona Global Bond ETF		28,076,169			301,546		(819,240	)		(517,694	)		-
Madrona International ETF		22,622,391			232,733		(3,275,361	)		(3,042,628	)		-
Meidell Tactical Advantage ETF		18,236,495			10,914		-			10,914			-
Morgan Creek Global Tactical ETF		11,236,106			104,591		(321,673	)		(217,082	)		-
Newfleet Multi-Sector Income ETF		222,371,462			893,003		(3,192,662	)		(2,299,659	)		-
Pacific Asset Enhanced Floating Rate ETF		27,222,529			17,411		(450,582	)		(433,171	)		(19,677	)
Peritus High Yield ETF		367,797,280			964,712		(47,647,578	)		(46,682,866	)		-
Pring Turner Business Cycle ETF		4,609,904			123,103		(191,804	)		(68,701	)		-
QAM Equity Hedge ETF		6,241,180			101,948		(257,792	)		(155,844	)		-
Ranger Equity Bear ETF		(101,480,148	)		8,567,228		(1,201,800	)		7,365,428			-
Sage Core Reserves ETF		35,825,115			19,527		(149,389	)		(129,862	)		(3,281	)
STAR Global Buy-Write ETF		23,034,560			578,617		(530,823	)		47,794			-
Sunrise Global Multi-Strategy ETF		1,288,810			24,410		(11,186	)		13,224			-
TrimTabs Float Shrink ETF		234,726,529			635,524		(21,504,547	)		(20,869,023	)		-
WCM/BNY Mellon Focused Growth ADR ETF		15,984,234			1,668,129		(843,844	)		824,285			-
YieldPro ETF		30,029,612			161,377		(77,147	)		84,230			-

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

4. Other Affiliated Parties and Transactions

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended September 30, 2015 are as follows:

Affiliated Fund Name	Value at 06/30/2015		Purchases/ Additions		Sales/ Reductions			Value at 09/30/2015		Dividend Income		Realized Gain (Loss)
QAM Equity Hedge ETF
Sage Core Reserves ETF		347,795		-		-			347,200		469		-
Ranger Equity Bear ETF
Sage Core Reserves ETF		29,811,000		-		-			29,760,000		40,170		-
STAR Global Buy-Write ETF
Sage Core Reserves ETF		248,425		-		(12,462	)		235,600		318		38

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 11/4/2015

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 11/4/2015

By (Signature and Title)* /s/ Dan Ahrens                                     

Dan Ahrens, Treasurer

(principal financial officer)

Date 11/4/2015

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