UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22110
AdvisorShares Trust
(Exact name of registrant as specified in charter)
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
(Address of principal executive offices) (Zip code)
Dan Ahrens
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-877-843-3831
Date of fiscal year end: June 30
Date of reporting period: December 31, 2015
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
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ADVISORSHARES TRUST
4800 Montgomery Lane
Suite 150
Bethesda, Maryland 20814
www.advisorshares.com
1.877.843.3831
Semi-Annual Report
December 31, 2015
TABLE OF CONTENTS
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ADVISORSHARES
TRUST
Letter from the CEO of AdvisorShares
Investments, LLC
December 31, 2015
The year ending December 31st, 2015 was challenging in the markets but growth was robust in the actively managed ETF marketplace in terms of assets and the number of new funds listed. Assets grew by 13.5% to $22.928 billion, the number of funds grew to 137 from 129 six months prior and there are now 30 companies sponsoring actively managed ETFs.
![[GRAPHIC MISSING]](v429684_chrt-baretf.jpg)
As of December 31, 2015 I Source: AdvisorShares.
AdvisorShares offers investors the largest number of actively managed ETFs in the market, with 21 ETFs trading today on both the NYSE Arca and NASDAQ exchanges. Additionally, we remain committed to finding new strategies to offer in order to stay ahead of trends in markets as well as meet the portfolio needs of our advisor customer base.
An increasingly complex investing environment has created the need for investors to utilize the potential benefits that active ETFs provide as a part of their overall asset allocation. We actively seek out investment managers who offer interesting active strategies so that we can provide you with a wide variety of ETFs to choose from, to help you meet and exceed your investment goals.
The last year has been difficult for AdvisorShares with our AUM level decreasing by 14.5% as one of our largest funds continued to struggle in an environment that has been challenging for its segment. The AdvisorShares team remains actively engaged with the fund’s managers hoping to turn the tide.
During this past six months, we closed the following ETFs:
| • | DBIZ — AdvisorShares Pring Turner Business Cycle ETF |
| • | AGLS — AdvisorShares Accuvest Global Long/Short ETF |
1
ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC (continued)
December 31, 2015
We also rebranded one of our funds:
In November 2015, the AdvisorShares Sunrise Global Multi-Strategy ETF (MULT) became the AdvisorShares Market Adaptive Unconstrained Income ETF (NASDAQ: MAUI).
We look forward to an exciting 2016 both in markets and in the active ETF industry as well as continuing to maintain our transparency to you through our regular communications, so you will know what our managers are doing and why with the assets you have entrusted to them. We appreciate the continued trust and confidence that you, our shareholders, have given to us.
Best Regards,
Noah Hamman
CEO, AdvisorShares Investments
An investment in the Funds is subject to risk, including the possible loss of principal amount invested. There is no guarantee that the individual Funds’ will achieve the stated investment objectives. The risks associated with each Fund include the risks associated with the underlying ETFs, which can result in higher volatility, and are detailed in each Fund’s prospectus and on each Fund’s webpage.
The views in this report were those of the Fund’s CEO as of December 31, 2015 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.
2
ADVISORSHARES TRUST
Shareholder Expense Examples
As a shareholder of the Fund, you incur transaction cost and ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an initial investment of $1,000 invested at July 1, 2015 and held for the period ended December 31, 2015.
Actual Expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid” to estimate the expenses attributable to your account during this period.
Hypothetical Example for Comparison Purposes
The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses for the period. You may use this information to compare the ongoing costs of investing in the Funds and other ETF funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have been higher.
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| Fund Name | Beginning Account Value 07/01/2015 |
Ending Account Value 12/31/2015 |
Annualized Expense Ratio for the Period(1) |
Expenses Paid |
||||||||||||
| AdvisorShares Athena High Dividend ETF |
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| Actual | $ | 1,000.00 | $ | 790.50 | 0.99 | % | $ | 4.46 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.16 | 0.99 | % | $ | 5.03 | ||||||||
| AdvisorShares EquityPro ETF |
||||||||||||||||
| Actual | $ | 1,000.00 | $ | 930.50 | 1.25 | % | $ | 6.07 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | 1.25 | % | $ | 6.34 | ||||||||
| AdvisorShares Gartman Gold/Euro ETF |
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| Actual | $ | 1,000.00 | $ | 928.20 | 0.65 | % | $ | 3.15 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.87 | 0.65 | % | $ | 3.30 | ||||||||
| AdvisorShares Gartman Gold/Yen ETF |
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| Actual | $ | 1,000.00 | $ | 883.20 | 0.65 | % | $ | 3.08 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.87 | 0.65 | % | $ | 3.30 | ||||||||
3
ADVISORSHARES TRUST
Shareholder Expense Examples (continued)
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| Fund Name | Beginning Account Value 07/01/2015 |
Ending Account Value 12/31/2015 |
Annualized Expense Ratio for the Period(1) |
Expenses Paid |
||||||||||||
| AdvisorShares Global Echo ETF |
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| Actual | $ | 1,000.00 | $ | 964.80 | 1.50 | % | $ | 7.41 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.60 | 1.50 | % | $ | 7.61 | ||||||||
| AdvisorShares Madrona Domestic ETF |
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| Actual | $ | 1,000.00 | $ | 944.90 | 1.25 | % | $ | 6.11 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | 1.25 | % | $ | 6.34 | ||||||||
| AdvisorShares Madrona Global Bond ETF |
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| Actual | $ | 1,000.00 | $ | 994.80 | 0.95 | % | $ | 4.76 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.36 | 0.95 | % | $ | 4.82 | ||||||||
| AdvisorShares Madrona International ETF |
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| Actual | $ | 1,000.00 | $ | 866.80 | 1.25 | % | $ | 5.87 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | 1.25 | % | $ | 6.34 | ||||||||
| AdvisorShares Market Adaptive Unconstrained Income ETF(2) |
||||||||||||||||
| Actual | $ | 1,000.00 | $ | 956.50 | 1.64 | % | $ | 8.07 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,016.89 | 1.64 | % | $ | 8.31 | ||||||||
| AdvisorShares Meidell Tactical Advantage ETF |
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| Actual | $ | 1,000.00 | $ | 903.80 | 1.35 | % | $ | 6.46 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.35 | 1.35 | % | $ | 6.85 | ||||||||
| AdvisorShares Morgan Creek Global Tactical ETF |
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| Actual | $ | 1,000.00 | $ | 925.70 | 1.25 | % | $ | 6.05 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | 1.25 | % | $ | 6.34 | ||||||||
| AdvisorShares Newfleet Multi-Sector Income ETF |
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| Actual | $ | 1,000.00 | $ | 999.40 | 0.75 | % | $ | 3.77 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,021.37 | 0.75 | % | $ | 3.81 | ||||||||
| AdvisorShares Pacific Asset Enhanced Floating Rate ETF |
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| Actual | $ | 1,000.00 | $ | 974.40 | 1.10 | % | $ | 5.46 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,019.61 | 1.10 | % | $ | 5.58 | ||||||||
| AdvisorShares Peritus High Yield ETF |
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| Actual | $ | 1,000.00 | $ | 857.70 | 1.17 | % | $ | 5.46 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,019.25 | 1.17 | % | $ | 5.94 | ||||||||
| AdvisorShares QAM Equity Hedge ETF |
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| Actual | $ | 1,000.00 | $ | 944.80 | 1.50 | % | $ | 7.33 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,017.60 | 1.50 | % | $ | 7.61 | ||||||||
4
ADVISORSHARES TRUST
Shareholder Expense Examples (continued)
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| Fund Name | Beginning Account Value 07/01/2015 |
Ending Account Value 12/31/2015 |
Annualized Expense Ratio for the Period(1) |
Expenses Paid |
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| AdvisorShares Ranger Equity Bear ETF |
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| Actual | $ | 1,000.00 | $ | 988.10 | 1.65 | % | $ | 8.25 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,016.84 | 1.65 | % | $ | 8.36 | ||||||||
| AdvisorShares Sage Core Reserves ETF |
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| Actual | $ | 1,000.00 | $ | 999.60 | 0.35 | % | $ | 1.76 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,023.38 | 0.35 | % | $ | 1.78 | ||||||||
| AdvisorShares STAR Global Buy-Write ETF |
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| Actual | $ | 1,000.00 | $ | 975.60 | 1.85 | % | $ | 9.19 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,015.84 | 1.85 | % | $ | 9.37 | ||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
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| Actual | $ | 1,000.00 | $ | 955.30 | 0.99 | % | $ | 4.87 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,020.16 | 0.99 | % | $ | 5.03 | ||||||||
| AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
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| Actual | $ | 1,000.00 | $ | 991.40 | 1.25 | % | $ | 6.26 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,018.85 | 1.25 | % | $ | 6.34 | ||||||||
| AdvisorShares YieldPro ETF |
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| Actual | $ | 1,000.00 | $ | 1,002.50 | 1.20 | % | $ | 6.04 | ||||||||
| Hypothetical (assuming a 5% return before expenses) | $ | 1,000.00 | $ | 1,019.10 | 1.20 | % | $ | 6.09 | ||||||||
| (1) | Expense ratios reflect expense caps through the period ended December 31, 2015. |
| (2) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
5
ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments
December 31, 2015 (Unaudited)
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| Investments |
Shares | Value | |||||||
| COMMON STOCKS — 100.0% |
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| Agriculture — 2.6% |
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| Philip Morris International, Inc. | 2,233 | $ | 196,303 | ||||||
| Airlines — 3.0% |
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| Copa Holdings SA, Class A (Panama) | 4,678 | 225,760 | |||||||
| Auto Manufacturers — 2.2% |
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| General Motors Co. | 4,843 | 164,710 | |||||||
| Banks — 7.4% |
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| Banco de Chile (Chile)(a) | 2,884 | 171,338 | |||||||
| Banco Santander Chile (Chile)(a) | 11,622 | 205,013 | |||||||
| Corpbanca SA (Chile)(a)(b) | 15,030 | 175,851 | |||||||
| Total Banks | 552,202 | ||||||||
| Chemicals — 3.0% |
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| Potash Corp. of Saskatchewan, Inc. (Canada) | 12,908 | 220,985 | |||||||
| Electric — 7.4% |
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| CPFL Energia SA (Brazil)*(a) | 22,017 | 163,366 | |||||||
| Entergy Corp. | 3,047 | 208,293 | |||||||
| Huaneng Power International, Inc. (China)(a)(b) | 5,123 | 175,719 | |||||||
| Total Electric | 547,378 | ||||||||
| Internet — 2.6% |
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| SouFun Holdings Ltd. (China)(a)(b) | 26,117 | 193,005 | |||||||
| Iron/Steel — 5.1% |
|||||||||
| Ternium SA (Luxembourg)(a) | 14,544 | 180,782 | |||||||
| Vale SA (Brazil)(a)(b) | 60,310 | 198,420 | |||||||
| Total Iron/Steel | 379,202 | ||||||||
| Machinery — Construction & Mining — 2.1% |
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| Joy Global, Inc. | 12,410 | 156,490 | |||||||
| Mining — 3.0% |
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| BHP Billiton PLC (Austrailia)(a) | 9,885 | 223,895 | |||||||
| Oil & Gas — 11.8% |
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| China Petroleum & Chemical Corp. (China)(a) | 2,427 | 145,571 | |||||||
| CNOOC Ltd. (China)(a)(b) | 2,150 | 224,418 | |||||||
| Ecopetrol SA (Colombia)(a)(b) | 22,648 | 158,762 | |||||||
| Helmerich & Payne, Inc.(b) | 3,700 | 198,135 | |||||||
| Sasol Ltd. (South Africa)(a) | 5,601 | 150,219 | |||||||
| Total Oil & Gas | 877,105 | ||||||||
| Packaging & Containers — 2.7% |
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| Greif, Inc., Class A | 6,506 | 200,450 | |||||||
| Pipelines — 8.3% |
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| Energy Transfer Partners LP | 4,917 | 165,850 | |||||||
| Kinder Morgan, Inc. | 12,958 | 193,333 | |||||||
| ONEOK, Inc. | 10,394 | 256,317 | |||||||
| Total Pipelines | 615,500 | ||||||||
| Real Estate — 0.0%** |
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| RMR Group, Inc. (The), Class A*(b) | 166 | 2,392 | |||||||
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| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) |
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| Real Estate Investment Trusts — 13.8% |
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| CBL & Associates Properties, Inc. | 22,194 | $ | 274,540 | ||||||
| Digital Realty Trust, Inc. | 2,620 | 198,124 | |||||||
| GEO Group, Inc. (The) | 11,269 | 325,787 | |||||||
| Senior Housing Properties Trust | 14,972 | 222,184 | |||||||
| Total Real Estate Investment Trusts | 1,020,635 | ||||||||
| Semiconductors — 4.7% |
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| Advanced Semiconductor Engineering, Inc. (Taiwan)(a) | 34,897 | 197,866 | |||||||
| United Microelectronics Corp. (Taiwan)(a) | 80,953 | 152,192 | |||||||
| Total Semiconductors | 350,058 | ||||||||
| Telecommunications — 18.7% |
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| AT&T, Inc. | 7,005 | 241,042 | |||||||
| CenturyLink, Inc.(b) | 11,273 | 283,628 | |||||||
| Chunghwa Telecom Co. Ltd. (Taiwan)(a)(b) | 5,625 | 168,919 | |||||||
| Frontier Communications Corp. | 35,843 | 167,387 | |||||||
| Telecom Argentina SA (Argentina)(a) | 11,962 | 192,229 | |||||||
| Turkcell Iletisim Hizmetleri AS (Turkey)(a) | 14,871 | 126,255 | |||||||
| Verizon Communications, Inc. | 4,385 | 202,675 | |||||||
| Total Telecommunications | 1,382,135 | ||||||||
| Transportation — 1.6% |
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| Golar LNG Ltd. (Bermuda)(b) | 7,329 | 115,725 | |||||||
| Total Common Stocks (Cost $9,158,508) |
7,423,930 | ||||||||
| MONEY MARKET FUND — 0.3% |
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| Goldman Sachs Financial Square Fund, 0.30%(c) (Cost $22,216) |
22,216 | 22,216 | |||||||
| REPURCHASE AGREEMENTS — 13.0%(d) |
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| BNP Paribas Securities Corp., dated 12/31/15, due 01/04/16, 0.30%, total to be received $250,008, (collateralized by various U.S. Government Agency Obligations, 0.00% – 5.50%, 06/06/16 – 05/04/37, totaling $254,768) |
$ | 250,000 | 250,000 | ||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $145,041, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $147,412) |
145,036 | 145,036 | |||||||
See accompanying Notes to Financial Statements.
6
ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
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| Investments | Principal | Value | |||||||
| REPURCHASE AGREEMENTS (continued) |
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| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $254,290) |
$ | 250,000 | $ | 250,000 | |||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $254,303) |
250,000 | 250,000 | |||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $71,869, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $73,092) | 71,867 | 71,867 | |||||||
| Total Repurchase Agreements (Cost $966,903) | 966,903 | ||||||||
| Total Investments — 113.3% (Cost $10,147,627) |
8,413,049 | ||||||||
| Liabilities in Excess of Other Assets — (13.3)% | (988,198 | ) | |||||||
| Net Assets — 100.0% | $ | 7,424,851 | |||||||
LP — Limited Partnership
PLC — Public Limited Company
| * | Non-income producing security. |
| ** | Less than 0.05%. |
| (a) | American Depositary Receipt. |
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,480,299; the aggregate market value of the collateral held by the fund is $1,529,228. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $562,325. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
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| % of Net Assets |
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| Agriculture | 2.6 | % | ||
| Airlines | 3.0 | |||
| Auto Manufacturers | 2.2 | |||
| Banks | 7.4 | |||
| Chemicals | 3.0 | |||
| Electric | 7.4 | |||
| Internet | 2.6 | |||
| Iron/Steel | 5.1 | |||
| Machinery – Construction & Mining | 2.1 | |||
| Mining | 3.0 | |||
| Oil & Gas | 11.8 | |||
| Packaging & Containers | 2.7 | |||
| Pipelines | 8.3 | |||
| Real Estate | 0.0 | ** | ||
| Real Estate Investment Trusts | 13.8 | |||
| Semiconductors | 4.7 | |||
| Telecommunications | 18.7 | |||
| Transportation | 1.6 | |||
| Money Market Fund | 0.3 | |||
| Repurchase Agreements | 13.0 | |||
| Total Investments | 113.3 | |||
| Liabilities in Excess of Other Assets | (13.3 | ) | ||
| Net Assets | 100.0 | % | ||
| ** | Less than 0.05%. |
See accompanying Notes to Financial Statements.
7
ADVISORSHARES EQUITYPRO ETF
Schedule of Investments
December 31, 2015 (Unaudited)
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| Investments | Shares/ Principal | Value | |||||||
| EXCHANGE TRADED FUNDS — 99.4% |
|||||||||
| Equity Fund — 99.4% |
|||||||||
| Energy Select Sector SPDR Fund | 15,233 | $ | 922,358 | ||||||
| Guggenheim S&P 500 Equal Weight Consumer Staples ETF(a) |
17,191 | 1,994,500 | |||||||
| Guggenheim S&P 500 Pure Growth ETF(a) | 47,073 | 3,798,791 | |||||||
| Health Care Select Sector SPDR Fund | 2,765 | 199,218 | |||||||
| Industrial Select Sector SPDR Fund | 16,620 | 881,026 | |||||||
| iShares MSCI ACWI ETF(a) | 66,471 | 3,710,411 | |||||||
| iShares MSCI EAFE ETF | 53,493 | 3,142,714 | |||||||
| iShares MSCI Emerging Markets ETF(a) | 48,473 | 1,560,346 | |||||||
| iShares S&P 500 Growth ETF | 30,853 | 3,572,777 | |||||||
| iShares S&P Mid-Cap 400 Growth ETF(a) | 20,075 | 3,231,272 | |||||||
| Market Vectors Oil Service ETF | 55,800 | 1,475,910 | |||||||
| PowerShares Dynamic Pharmaceuticals Portfolio | 20,775 | 1,453,627 | |||||||
| PowerShares QQQ Trust, Series 1(a) | 34,712 | 3,882,884 | |||||||
| SPDR S&P 500 ETF Trust | 20,228 | 4,124,288 | |||||||
| Technology Select Sector SPDR Fund | 65,081 | 2,787,419 | |||||||
| Total Exchange Traded Funds (Cost $37,485,960) | 36,737,541 | ||||||||
| MONEY MARKET FUND — 5.1% |
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| Wells Fargo Advantage Government Money Market Fund — Institutional Class, 0.08%(b) (Cost $1,881,169) |
1,881,169 | 1,881,169 | |||||||
| REPURCHASE AGREEMENTS — 26.6%(c) |
|||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $1,474,960, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $1,499,065) | $ | 1,474,904 | 1,474,904 | ||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $2,288,631, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $2,326,852) | 2,288,560 | 2,288,560 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| REPURCHASE AGREEMENTS (continued) |
|||||||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $2,288,636, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $2,327,961) |
$ | 2,288,560 | $ | 2,288,560 | |||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $2,288,644, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $2,327,954) |
2,288,560 | 2,288,560 | |||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $1,492,087, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $1,517,481) |
1,492,041 | 1,492,041 | |||||||
| Total Repurchase Agreements (Cost $9,832,625) | 9,832,625 | ||||||||
| Total Investments — 131.1% (Cost $49,199,754) |
48,451,335 | ||||||||
| Liabilities in Excess of Other Assets — (31.1)% | (11,505,656 | ) | |||||||
| Net Assets — 100.0% |
$ | 36,945,679 | |||||||
ETF — Exchange Traded Fund
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $9,610,158; the aggregate market value of the collateral held by the fund is $9,832,625. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Equity Fund | 99.4 | % | ||
| Money Market Fund | 5.1 | |||
| Repurchase Agreements | 26.6 | |||
| Total Investments | 131.1 | |||
| Liabilities in Excess of Other Assets | (31.1 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
8
ADVISORSHARES GARTMAN GOLD/EURO ETF
Schedule of Investments (Consolidated)†
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| MONEY MARKET FUND — 55.3% |
|||||||||
| BNY Mellon Cash Reserve, 0.01%(a) (Cost $6,256,514) |
6,256,514 | $ | 6,256,514 | ||||||
| Total Investments — 55.3% (Cost $6,256,514) |
6,256,514 | ||||||||
| Other Assets in Excess of Liabilities — 44.7% | 5,058,179 | ||||||||
| Net Assets — 100.0% | $ | 11,314,693 | |||||||
Futures contracts outstanding as of December 31, 2015:
|
|
|
|
|
|
|
||||||||||||||||||
| Type | Broker | Expiration Date |
Number of Contracts |
Value at Trade Date |
Value at December 31, 2015 |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| EURO Currency | Interactive Brokers LLC | March 2016 | (83 | ) | $ | (11,323,589 | ) | $ | (11,294,225 | ) | $ | 29,364 | ||||||||||||
| Gold 100 Oz. | Interactive Brokers LLC | February 2016 | 107 | 11,426,747 | 11,344,140 | (82,607 | ) | |||||||||||||||||
| $ | (53,243 | ) | ||||||||||||||||||||||
Cash posted as collateral from broker for futures contracts was $5,098,029 at December 31, 2015.
| † | The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to Financial Statements. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2015. |
See accompanying Notes to Financial Statements.
9
ADVISORSHARES GARTMAN GOLD/YEN ETF
Schedule of Investments (Consolidated)†
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| MONEY MARKET FUND — 63.3% |
|||||||||
| BNY Mellon Cash Reserve, 0.01%(a) (Cost $8,870,269) |
8,870,269 | $ | 8,870,269 | ||||||
| Total Investments — 63.3% (Cost $8,870,269) |
8,870,269 | ||||||||
| Other Assets in Excess of Liabilities — 36.7% | 5,149,461 | ||||||||
| Net Assets — 100.0% | $ | 14,019,730 | |||||||
Futures contracts outstanding as of December 31, 2015:
|
|
|
|
|
|
|
||||||||||||||||||
| Type | Broker | Expiration Date |
Number of Contracts |
Value at Trade Date |
Value at December 31, 2015 |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| Gold 100 Oz. | Interactive Brokers LLC | February 2016 | 137 | $ | 14,623,647 | $ | 14,524,740 | $ | (98,907 | ) | ||||||||||||||
| Japanese Yen Currency | Interactive Brokers LLC | March 2016 | (140 | ) | (14,254,281 | ) | (14,581,875 | ) | (327,594 | ) | ||||||||||||||
| $ | (426,501 | ) | ||||||||||||||||||||||
Cash posted as collateral to broker for futures contracts was $5,193,590 at December 31, 2015.
| † | The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to Financial Statements. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2015. |
See accompanying Notes to Financial Statements.
10
ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS — 66.7% |
|||||||||
| Apparel — 1.2% |
|||||||||
| Hanesbrands, Inc.(a) | 900 | $ | 26,487 | ||||||
| NIKE, Inc., Class B | 990 | 61,875 | |||||||
| Total Apparel | 88,362 | ||||||||
| Auto Parts & Equipment — 0.8% |
|||||||||
| Johnson Controls, Inc. | 1,449 | 57,221 | |||||||
| Banks — 4.0% |
|||||||||
| Northern Trust Corp. | 1,224 | 88,238 | |||||||
| PNC Financial Services Group, Inc. (The) | 949 | 90,450 | |||||||
| TCF Financial Corp. | 3,245 | 45,819 | |||||||
| Tompkins Financial Corp.(a) | 1,321 | 74,187 | |||||||
| Total Banks | 298,694 | ||||||||
| Beverages — 0.5% |
|||||||||
| Reed’s, Inc.*(a) | 7,660 | 41,058 | |||||||
| Biotechnology — 1.8% |
|||||||||
| Amgen, Inc. | 331 | 53,732 | |||||||
| Illumina, Inc.*(a) | 230 | 44,147 | |||||||
| Ionis Pharmaceuticals, Inc.*(a) | 581 | 35,981 | |||||||
| Total Biotechnology | 133,860 | ||||||||
| Building Materials — 1.1% |
|||||||||
| Apogee Enterprises, Inc. | 250 | 10,878 | |||||||
| Geberit AG (Switzerland)(b) | 546 | 18,520 | |||||||
| Masco Corp. | 1,988 | 56,260 | |||||||
| Total Building Materials | 85,658 | ||||||||
| Chemicals — 2.3% |
|||||||||
| Ecolab, Inc. | 215 | 24,592 | |||||||
| Novozymes A/S (Denmark)(b) | 3,128 | 149,268 | |||||||
| Total Chemicals | 173,860 | ||||||||
| Commercial Services — 2.9% |
|||||||||
| Automatic Data Processing, Inc. | 870 | 73,706 | |||||||
| Bright Horizons Family Solutions, Inc.* | 887 | 59,252 | |||||||
| Korn/Ferry International | 775 | 25,715 | |||||||
| ManpowerGroup, Inc. | 705 | 59,424 | |||||||
| Total Commercial Services | 218,097 | ||||||||
| Computers — 2.5% |
|||||||||
| Apple, Inc. | 920 | 96,839 | |||||||
| EMC Corp. | 2,793 | 71,724 | |||||||
| Stratasys Ltd.*(a) | 848 | 19,911 | |||||||
| Total Computers | 188,474 | ||||||||
| Cosmetics/Personal Care — 3.4% |
|||||||||
| Estee Lauder Cos., Inc. (The), Class A | 480 | 42,269 | |||||||
| Procter & Gamble Co. (The) | 870 | 69,087 | |||||||
| Unilever NV (United Kingdom)(c) | 2,390 | 103,534 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Cosmetics/Personal Care (continued) |
|||||||||
| Unilever PLC (United Kingdom)(b) | 950 | $ | 40,964 | ||||||
| Total Cosmetics/Personal Care | 255,854 | ||||||||
| Diversified Financial Services — 1.6% |
|||||||||
| MarketAxess Holdings, Inc. | 312 | 34,816 | |||||||
| MasterCard, Inc., Class A | 890 | 86,650 | |||||||
| Total Diversified Financial Services | 121,466 | ||||||||
| Electronics — 1.0% |
|||||||||
| Agilent Technologies, Inc. | 660 | 27,595 | |||||||
| Waters Corp.* | 326 | 43,873 | |||||||
| Total Electronics | 71,468 | ||||||||
| Energy — Alternate Sources — 1.1% |
|||||||||
| Enphase Energy, Inc.*(a) | 5,300 | 18,603 | |||||||
| First Solar, Inc.*(a) | 965 | 63,680 | |||||||
| Total Energy – Alternate Sources | 82,283 | ||||||||
| Environmental Control — 2.0% |
|||||||||
| TETRA Tech, Inc. | 895 | 23,288 | |||||||
| Tomra Systems ASA (Norway)(b) | 11,638 | 125,566 | |||||||
| Total Environmental Control | 148,854 | ||||||||
| Food — 3.4% |
|||||||||
| Boulder Brands, Inc.* | 3,040 | 33,379 | |||||||
| Kroger Co. (The) | 2,076 | 86,839 | |||||||
| Nestle SA (Switzerland)(b) | 576 | 42,866 | |||||||
| Sprouts Farmers Market, Inc.* | 2,001 | 53,207 | |||||||
| SunOpta, Inc. (Canada)* | 5,918 | 40,479 | |||||||
| Total Food | 256,770 | ||||||||
| Healthcare — Products — 3.2% |
|||||||||
| Becton, Dickinson and Co. | 179 | 27,582 | |||||||
| Boston Scientific Corp.* | 4,064 | 74,940 | |||||||
| Henry Schein, Inc.* | 125 | 19,774 | |||||||
| Hologic, Inc.* | 2,224 | 86,047 | |||||||
| Sirona Dental Systems, Inc.* | 325 | 35,610 | |||||||
| Total Healthcare — Products | 243,953 | ||||||||
| Healthcare – Services — 0.3% |
|||||||||
| Amedisys, Inc.* | 504 | 19,817 | |||||||
| Home Furnishings — 0.6% |
|||||||||
| Dorel Industries, Inc., Class B (Canada) | 2,013 | 45,576 | |||||||
| Household Products/Wares — 0.7% |
|||||||||
| Church & Dwight Co., Inc. | 651 | 55,257 | |||||||
| Insurance — 2.7% |
|||||||||
| Aflac, Inc. | 1,415 | 84,759 | |||||||
| Storebrand ASA (Norway)*(b) | 6,760 | 52,863 | |||||||
| Voya Financial, Inc. | 1,818 | 67,102 | |||||||
| Total Insurance | 204,724 | ||||||||
See accompanying Notes to Financial Statements.
11
ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Internet — 2.6% |
|||||||||
| Alphabet, Inc., Class A* | 123 | $ | 95,696 | ||||||
| eBay, Inc.* | 1,430 | 39,296 | |||||||
| F5 Networks, Inc.* | 446 | 43,244 | |||||||
| FireEye, Inc.*(a) | 900 | 18,666 | |||||||
| Total Internet | 196,902 | ||||||||
| Machinery – Diversified — 1.8% |
|||||||||
| Rockwell Automation, Inc. | 574 | 58,898 | |||||||
| Xylem, Inc. | 2,031 | 74,132 | |||||||
| Total Machinery – Diversified | 133,030 | ||||||||
| Miscellaneous Manufacturing — 2.6% |
|||||||||
| AO Smith Corp. | 400 | 30,644 | |||||||
| AptarGroup, Inc. | 1,248 | 90,668 | |||||||
| CLARCOR, Inc. | 400 | 19,872 | |||||||
| Ingersoll-Rand PLC | 410 | 22,669 | |||||||
| Raven Industries, Inc.(a) | 2,069 | 32,276 | |||||||
| Total Miscellaneous Manufacturing | 196,129 | ||||||||
| Packaging & Containers — 0.8% |
|||||||||
| Sealed Air Corp. | 1,365 | 60,879 | |||||||
| Pharmaceuticals — 4.4% |
|||||||||
| Cardinal Health, Inc. | 485 | 43,296 | |||||||
| Johnson & Johnson | 565 | 58,037 | |||||||
| Novartis AG (Switzerland)(b) | 930 | 80,017 | |||||||
| Perrigo Co. PLC | 419 | 60,629 | |||||||
| Teva Pharmaceutical Industries Ltd. (Israel)(b) | 1,328 | 87,170 | |||||||
| Total Pharmaceuticals | 329,149 | ||||||||
| Real Estate — 0.5% |
|||||||||
| CBRE Group, Inc., Class A* | 1,108 | 38,315 | |||||||
| Retail — 5.0% |
|||||||||
| Costco Wholesale Corp. | 480 | 77,520 | |||||||
| CVS Health Corp. | 1,039 | 101,583 | |||||||
| Kingfisher PLC (United Kingdom)(a)(b) | 3,750 | 36,431 | |||||||
| Starbucks Corp. | 1,312 | 78,759 | |||||||
| Target Corp. | 1,065 | 77,330 | |||||||
| Total Retail | 371,623 | ||||||||
| Semiconductors — 4.5% |
|||||||||
| Broadcom Corp., Class A | 744 | 43,018 | |||||||
| Intel Corp. | 1,063 | 36,620 | |||||||
| IPG Photonics Corp.*(a) | 776 | 69,188 | |||||||
| NXP Semiconductors NV (Netherlands)* | 726 | 61,166 | |||||||
| QUALCOMM, Inc. | 1,111 | 55,533 | |||||||
| Xilinx, Inc. | 1,544 | 72,522 | |||||||
| Total Semiconductors | 338,047 | ||||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Software — 3.5% |
|||||||||
| Adobe Systems, Inc.* | 993 | $ | 93,282 | ||||||
| Allscripts Healthcare Solutions, Inc.* | 1,275 | 19,610 | |||||||
| Citrix Systems, Inc.* | 170 | 12,861 | |||||||
| Fiserv, Inc.* | 1,198 | 109,569 | |||||||
| Microsoft Corp. | 534 | 29,626 | |||||||
| Total Software | 264,948 | ||||||||
| Telecommunications — 2.0% |
|||||||||
| BT Group PLC (United Kingdom)(b) | 630 | 21,804 | |||||||
| Cisco Systems, Inc. | 900 | 24,440 | |||||||
| LogMeIn, Inc.* | 506 | 33,953 | |||||||
| Sierra Wireless, Inc. (Canada)* | 2,824 | 44,449 | |||||||
| Vodafone Group PLC (United Kingdom)(b) | 780 | 25,163 | |||||||
| Total Telecommunications | 149,809 | ||||||||
| Transportation — 1.2% |
|||||||||
| Canadian National Railway Co. (Canada) | 684 | 38,222 | |||||||
| Expeditors International of Washington, Inc. | 521 | 23,497 | |||||||
| Kansas City Southern | 360 | 26,881 | |||||||
| Total Transportation | 88,600 | ||||||||
| Water — 0.7% |
|||||||||
| American Water Works Co., Inc. | 480 | 28,680 | |||||||
| Severn Trent PLC (United Kingdom)(a)(b) | 789 | 25,308 | |||||||
| Total Water | 53,988 | ||||||||
| Total Common Stocks (Cost $4,692,771) |
5,012,725 | ||||||||
| ASSET BACKED SECURITIES — 13.9% |
|||||||||
| SBA, 4.08%, 07/25/38@ | $ | 121,637 | 140,614 | ||||||
| SBA, 4.15%, 02/25/39@ | 160,081 | 184,335 | |||||||
| SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29 | 167,891 | 181,005 | |||||||
| SBAP, Class 1, Series 2010-20A, 4.38%, 01/01/30 | 129,138 | 140,138 | |||||||
| SBAP, Class 1, Series 2010-20B, 4.14%, 02/01/30 | 252,074 | 270,654 | |||||||
| U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20 |
123,086 | 128,947 | |||||||
| Total Asset Backed Securities (Cost $1,049,841) | 1,045,693 | ||||||||
| MUNICIPAL BOND — 4.0% |
|||||||||
| Allegheny County Residential Finance Authority, 0.14%, 11/01/35@ (Cost $300,000) |
300,000 | 300,000 | |||||||
See accompanying Notes to Financial Statements.
12
ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| U.S. GOVERNMENT AGENCY SECURITIES — 11.7% |
|||||||||
| Federal National Mortgage Association, 3.76%, 05/01/43 | 337,023 | $ | 349,100 | ||||||
| Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43 |
188,333 | 192,043 | |||||||
| Government National Mortgage Association, Class AC, Series 2015-160, 2.60%, 01/16/56@ |
149,830 | 148,439 | |||||||
| Government National Mortgage Association, Class AE, Series 2015-41, 2.90%, 09/16/56@ |
188,657 | 191,009 | |||||||
| Total U.S. GOVERNMENT AGENCY SECURITIES (Cost $898,539) |
880,591 | ||||||||
| MONEY MARKET FUNDS — 3.8% |
|||||||||
| Fidelity Institutional Money Market Government Portfolio — Class I 0.12%(d) | 201,441 | 201,441 | |||||||
| Fidelity Institutional Money Market Portfolio – Institutional Class 0.28%(d) | 83,375 | 83,375 | |||||||
| Total Money Market Funds (Cost $284,816) | 284,816 | ||||||||
| REPURCHASE AGREEMENT — 3.0%(e) |
|||||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $229,173, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $233,110) (Cost $229,165) | $ | 229,165 | 229,165 | ||||||
| Total Investments — 103.1% (Cost $7,455,132) | 7,752,990 | ||||||||
| Liabilities in Excess of Other Assets — (3.1)% | (231,351 | ) | |||||||
| Net Assets — 100.0% | $ | 7,521,639 | |||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $367,026; the aggregate market value of the collateral held by the fund is $376,769. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $147,604. |
| (b) | American Depositary Receipt. |
| (c) | Registered Shares. |
| (d) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Apparel | 1.2 | % | ||
| Asset Backed Securities | 13.9 | |||
| Auto Parts & Equipment | 0.8 | |||
| Banks | 4.0 | |||
| Beverages | 0.5 | |||
| Biotechnology | 1.8 | |||
| Building Materials | 1.1 | |||
| Chemicals | 2.3 | |||
| Commercial Services | 2.9 | |||
| Computers | 2.5 | |||
| Cosmetics/Personal Care | 3.4 | |||
| Diversified Financial Services | 1.6 | |||
| Electronics | 1.0 | |||
| Energy – Alternate Sources | 1.1 | |||
| Environmental Control | 2.0 | |||
| Food | 3.4 | |||
| Healthcare – Products | 3.2 | |||
| Healthcare – Services | 0.3 | |||
| Home Furnishings | 0.6 | |||
| Household Products/Wares | 0.7 | |||
| Insurance | 2.7 | |||
| Internet | 2.6 | |||
| Machinery – Diversified | 1.8 | |||
| Miscellaneous Manufacturing | 2.6 | |||
| Municipal | 4.0 | |||
| Packaging & Containers | 0.8 | |||
| Pharmaceuticals | 4.4 | |||
| Real Estate | 0.5 | |||
| Retail | 5.0 | |||
| Semiconductors | 4.5 | |||
| Software | 3.5 | |||
| Telecommunications | 2.0 | |||
| Transportation | 1.2 | |||
| U.S. Government Agency Securities | 11.7 | |||
| Water | 0.7 | |||
| Money Market Fund | 3.8 | |||
| Repurchase Agreements | 3.0 | |||
| Total Investments | 103.1 | |||
| Liabilities in Excess of Other Assets | (3.1 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
13
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS — 99.8% |
|||||||||
| Advertising — 0.5% |
|||||||||
| Interpublic Group of Cos., Inc. (The) | 2,624 | $ | 61,087 | ||||||
| Nielsen Holdings PLC | 1,607 | 74,886 | |||||||
| Omnicom Group, Inc. | 412 | 31,172 | |||||||
| Total Advertising | 167,145 | ||||||||
| Aerospace/Defense — 1.0% |
|||||||||
| Boeing Co. (The) | 432 | 62,463 | |||||||
| General Dynamics Corp. | 294 | 40,384 | |||||||
| L-3 Communications Holdings, Inc. | 220 | 26,292 | |||||||
| Lockheed Martin Corp. | 116 | 25,189 | |||||||
| Northrop Grumman Corp. | 189 | 35,685 | |||||||
| Raytheon Co. | 239 | 29,763 | |||||||
| Rockwell Collins, Inc.(a) | 680 | 62,764 | |||||||
| United Technologies Corp. | 469 | 45,057 | |||||||
| Total Aerospace/Defense | 327,597 | ||||||||
| Agriculture — 0.4% |
|||||||||
| Altria Group, Inc. | 484 | 28,174 | |||||||
| Archer-Daniels-Midland Co. | 309 | 11,334 | |||||||
| Philip Morris International, Inc. | 192 | 16,879 | |||||||
| Reynolds American, Inc. | 1,232 | 56,856 | |||||||
| Total Agriculture | 113,243 | ||||||||
| Airlines — 2.6% |
|||||||||
| American Airlines Group, Inc. | 4,638 | 196,419 | |||||||
| Delta Air Lines, Inc. | 4,243 | 215,077 | |||||||
| Southwest Airlines Co. | 4,564 | 196,526 | |||||||
| United Continental Holdings, Inc.* | 3,572 | 204,676 | |||||||
| Total Airlines | 812,698 | ||||||||
| Apparel — 1.4% |
|||||||||
| Hanesbrands, Inc. | 2,431 | 71,544 | |||||||
| Michael Kors Holdings Ltd.* | 5,522 | 221,211 | |||||||
| NIKE, Inc., Class B | 504 | 31,500 | |||||||
| Ralph Lauren Corp. | 568 | 63,321 | |||||||
| Under Armour, Inc., Class A*(a) | 199 | 16,041 | |||||||
| VF Corp. | 898 | 55,901 | |||||||
| Total Apparel | 459,518 | ||||||||
| Auto Manufacturers — 1.6% |
|||||||||
| Ford Motor Co. | 14,515 | 204,516 | |||||||
| General Motors Co. | 5,980 | 203,380 | |||||||
| PACCAR, Inc. | 1,963 | 93,046 | |||||||
| Total Auto Manufacturers | 500,942 | ||||||||
| Auto Parts & Equipment — 1.4% |
|||||||||
| BorgWarner, Inc. | 3,668 | 158,568 | |||||||
| Delphi Automotive PLC (United Kingdom) |
1,936 | 165,973 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Auto Parts & Equipment (continued) |
|||||||||
| Johnson Controls, Inc. | 3,306 | $ | 130,554 | ||||||
| Total Auto Parts & Equipment | 455,095 | ||||||||
| Banks — 4.2% |
|||||||||
| Bank of America Corp. | 2,497 | 42,025 | |||||||
| Bank of New York Mellon Corp. (The) | 944 | 38,912 | |||||||
| BB&T Corp. | 1,291 | 48,813 | |||||||
| Capital One Financial Corp. | 451 | 32,553 | |||||||
| Citigroup, Inc. | 3,659 | 189,353 | |||||||
| Comerica, Inc. | 622 | 26,018 | |||||||
| Fifth Third Bancorp | 4,390 | 88,239 | |||||||
| Goldman Sachs Group, Inc. (The) | 397 | 71,551 | |||||||
| Huntington Bancshares, Inc. | 4,070 | 45,014 | |||||||
| JPMorgan Chase & Co. | 1,119 | 73,888 | |||||||
| KeyCorp | 3,300 | 43,527 | |||||||
| M&T Bank Corp. | 318 | 38,535 | |||||||
| Morgan Stanley | 4,920 | 156,505 | |||||||
| Northern Trust Corp. | 648 | 46,714 | |||||||
| PNC Financial Services Group, Inc. (The) | 342 | 32,596 | |||||||
| Regions Financial Corp. | 4,083 | 39,197 | |||||||
| State Street Corp. | 490 | 32,516 | |||||||
| SunTrust Banks, Inc. | 4,764 | 204,091 | |||||||
| US Bancorp | 660 | 28,162 | |||||||
| Wells Fargo & Co. | 875 | 47,565 | |||||||
| Total Banks | 1,325,774 | ||||||||
| Beverages — 1.5% |
|||||||||
| Brown-Forman Corp., Class B | 154 | 15,289 | |||||||
| Coca-Cola Co. (The) | 457 | 19,633 | |||||||
| Coca-Cola Enterprises, Inc. | 384 | 18,908 | |||||||
| Constellation Brands, Inc., Class A | 328 | 46,720 | |||||||
| Dr Pepper Snapple Group, Inc. | 294 | 27,401 | |||||||
| Keurig Green Mountain, Inc. | 3,023 | 272,009 | |||||||
| Monster Beverage Corp.* | 310 | 46,178 | |||||||
| PepsiCo, Inc. | 160 | 15,987 | |||||||
| Total Beverages | 462,125 | ||||||||
| Biotechnology — 1.8% |
|||||||||
| Alexion Pharmaceuticals, Inc.* | 391 | 74,583 | |||||||
| Amgen, Inc. | 335 | 54,381 | |||||||
| Biogen, Inc.* | 332 | 101,708 | |||||||
| Celgene Corp.* | 950 | 113,772 | |||||||
| Gilead Sciences, Inc. | 1,208 | 122,237 | |||||||
| Regeneron Pharmaceuticals, Inc.* | 79 | 42,887 | |||||||
| Vertex Pharmaceuticals, Inc.* | 373 | 46,935 | |||||||
| Total Biotechnology | 556,503 | ||||||||
See accompanying Notes to Financial Statements.
14
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Building Materials — 1.1% |
|||||||||
| Martin Marietta Materials, Inc.(a) | 637 | $ | 87,001 | ||||||
| Masco Corp. | 3,236 | 91,579 | |||||||
| Vulcan Materials Co. | 1,768 | 167,907 | |||||||
| Total Building Materials | 346,487 | ||||||||
| Chemicals — 3.5% |
|||||||||
| Air Products & Chemicals, Inc. | 659 | 85,742 | |||||||
| Airgas, Inc. | 347 | 47,997 | |||||||
| CF Industries Holdings, Inc. | 4,044 | 165,036 | |||||||
| Dow Chemical Co. (The) | 641 | 32,999 | |||||||
| E.I. du Pont de Nemours & Co. | 368 | 24,509 | |||||||
| Eastman Chemical Co. | 1,771 | 119,560 | |||||||
| Ecolab, Inc. | 417 | 47,696 | |||||||
| FMC Corp. | 2,125 | 83,151 | |||||||
| International Flavors & Fragrances, Inc. | 213 | 25,483 | |||||||
| LyondellBasell Industries NV, Class A | 1,370 | 119,053 | |||||||
| Monsanto Co. | 538 | 53,004 | |||||||
| Mosaic Co. (The) | 4,045 | 111,602 | |||||||
| PPG Industries, Inc. | 449 | 44,370 | |||||||
| Praxair, Inc. | 508 | 52,019 | |||||||
| Sherwin-Williams Co. (The) | 401 | 104,100 | |||||||
| Total Chemicals | 1,116,321 | ||||||||
| Coal — 0.1% |
|||||||||
| CONSOL Energy, Inc.(a) | 3,707 | 29,285 | |||||||
| Commercial Services — 3.2% |
|||||||||
| ADT Corp. (The)(a) | 2,260 | 74,535 | |||||||
| Automatic Data Processing, Inc. | 331 | 28,042 | |||||||
| Cintas Corp. | 458 | 41,701 | |||||||
| Equifax, Inc. | 330 | 36,752 | |||||||
| H&R Block, Inc. | 1,694 | 56,427 | |||||||
| McGraw Hill Financial, Inc. | 699 | 68,907 | |||||||
| Moody’s Corp. | 848 | 85,088 | |||||||
| PayPal Holdings, Inc.* | 2,091 | 75,694 | |||||||
| Quanta Services, Inc.*(a) | 4,441 | 89,930 | |||||||
| Robert Half International, Inc. | 2,616 | 123,318 | |||||||
| Total System Services, Inc. | 611 | 30,428 | |||||||
| United Rentals, Inc.* | 2,616 | 189,766 | |||||||
| Verisk Analytics, Inc.*(a) | 573 | 44,052 | |||||||
| Western Union Co. (The) | 4,816 | 86,255 | |||||||
| Total Commercial Services | 1,030,895 | ||||||||
| Computers — 3.5% |
|||||||||
| Accenture PLC, Class A | 314 | 32,813 | |||||||
| Apple, Inc. | 1,580 | 166,311 | |||||||
| Cognizant Technology Solutions Corp., Class A* | 1,442 | 86,549 | |||||||
| Computer Sciences Corp. | 704 | 23,007 | |||||||
| CSRA, Inc. | 704 | 21,120 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Computers (continued) |
|||||||||
| EMC Corp. | 3,302 | $ | 84,795 | ||||||
| Hewlett Packard Enterprise Co. | 2,509 | 38,137 | |||||||
| HP, Inc. | 1,113 | 13,178 | |||||||
| International Business Machines Corp. | 588 | 80,921 | |||||||
| NetApp, Inc. | 3,550 | 94,182 | |||||||
| SanDisk Corp.(a) | 2,270 | 172,496 | |||||||
| Seagate Technology PLC(a) | 3,061 | 112,216 | |||||||
| Teradata Corp.*(a) | 3,646 | 96,327 | |||||||
| Western Digital Corp. | 1,277 | 76,684 | |||||||
| Total Computers | 1,098,736 | ||||||||
| Cosmetics/Personal Care — 0.2% |
|||||||||
| Colgate-Palmolive Co. | 331 | 22,051 | |||||||
| Estee Lauder Cos., Inc. (The), Class A | 343 | 30,205 | |||||||
| Procter & Gamble Co. (The) | 278 | 22,076 | |||||||
| Total Cosmetics/Personal Care | 74,332 | ||||||||
| Distribution/Wholesale — 1.1% |
|||||||||
| Fastenal Co.(a) | 2,083 | 85,028 | |||||||
| Fossil Group, Inc.*(a) | 3,512 | 128,398 | |||||||
| Genuine Parts Co. | 295 | 25,338 | |||||||
| W.W. Grainger, Inc.(a) | 556 | 112,640 | |||||||
| Total Distribution/Wholesale | 351,404 | ||||||||
| Diversified Financial Services — 5.2% |
|||||||||
| Affiliated Managers Group, Inc.* | 815 | 130,204 | |||||||
| Alliance Data Systems Corp.* | 361 | 99,842 | |||||||
| American Express Co. | 1,496 | 104,047 | |||||||
| Ameriprise Financial, Inc. | 1,674 | 178,147 | |||||||
| BlackRock, Inc. | 173 | 58,910 | |||||||
| Charles Schwab Corp. (The) | 2,175 | 71,623 | |||||||
| CME Group, Inc. | 410 | 37,146 | |||||||
| Discover Financial Services | 1,521 | 81,556 | |||||||
| E*TRADE Financial Corp.* | 2,782 | 82,458 | |||||||
| Franklin Resources, Inc. | 3,929 | 144,666 | |||||||
| Intercontinental Exchange, Inc. | 385 | 98,660 | |||||||
| Invesco Ltd. | 4,241 | 141,989 | |||||||
| Legg Mason, Inc. | 4,666 | 183,047 | |||||||
| MasterCard, Inc., Class A | 731 | 71,170 | |||||||
| Nasdaq, Inc. | 699 | 40,661 | |||||||
| T. Rowe Price Group, Inc. | 910 | 65,056 | |||||||
| Visa, Inc., Class A | 912 | 70,726 | |||||||
| Total Diversified Financial Services | 1,659,908 | ||||||||
| Electric — 2.0% |
|||||||||
| AES Corp. (The) | 6,848 | 65,534 | |||||||
| Ameren Corp. | 559 | 24,166 | |||||||
| American Electric Power Co., Inc. | 330 | 19,229 | |||||||
| CMS Energy Corp. | 627 | 22,622 | |||||||
See accompanying Notes to Financial Statements.
15
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Electric (continued) |
|||||||||
| Consolidated Edison, Inc. | 192 | $ | 12,340 | ||||||
| Dominion Resources, Inc. | 308 | 20,833 | |||||||
| DTE Energy Co. | 277 | 22,213 | |||||||
| Duke Energy Corp. | 250 | 17,848 | |||||||
| Edison International | 221 | 13,085 | |||||||
| Eversource Energy | 469 | 23,952 | |||||||
| Exelon Corp. | 848 | 23,549 | |||||||
| NextEra Energy, Inc. | 248 | 25,765 | |||||||
| NRG Energy, Inc. | 11,954 | 140,698 | |||||||
| Pepco Holdings, Inc. | 557 | 14,488 | |||||||
| PG&E Corp. | 378 | 20,106 | |||||||
| Pinnacle West Capital Corp. | 292 | 18,828 | |||||||
| PPL Corp. | 531 | 18,123 | |||||||
| Public Service Enterprise Group, Inc. | 604 | 23,369 | |||||||
| SCANA Corp. | 444 | 26,858 | |||||||
| Southern Co. (The) | 355 | 16,610 | |||||||
| TECO Energy, Inc. | 483 | 12,872 | |||||||
| WEC Energy Group, Inc. | 398 | 20,421 | |||||||
| Xcel Energy, Inc. | 558 | 20,038 | |||||||
| Total Electric | 623,547 | ||||||||
| Electrical Components & Equipment — 0.4% |
|||||||||
| AMETEK, Inc. | 630 | 33,762 | |||||||
| Emerson Electric Co. | 1,944 | 92,981 | |||||||
| Total Electrical Components & Equipment | 126,743 | ||||||||
| Electronics — 2.0% |
|||||||||
| Agilent Technologies, Inc. | 1,090 | 45,573 | |||||||
| Allegion PLC | 1,192 | 78,577 | |||||||
| Amphenol Corp., Class A | 385 | 20,109 | |||||||
| Corning, Inc. | 762 | 13,929 | |||||||
| FLIR Systems, Inc. | 4,962 | 139,283 | |||||||
| Garmin Ltd.(a) | 1,019 | 37,876 | |||||||
| Honeywell International, Inc. | 488 | 50,542 | |||||||
| PerkinElmer, Inc. | 734 | 39,320 | |||||||
| TE Connectivity Ltd. (Switzerland) | 1,605 | 103,699 | |||||||
| Tyco International PLC | 2,466 | 78,641 | |||||||
| Waters Corp.* | 241 | 32,434 | |||||||
| Total Electronics | 639,983 | ||||||||
| Engineering & Construction — 0.8% |
|||||||||
| Fluor Corp. | 3,088 | 145,815 | |||||||
| Jacobs Engineering Group, Inc.* | 2,667 | 111,881 | |||||||
| Total Engineering & Construction | 257,696 | ||||||||
| Environmental Control — 0.3% |
|||||||||
| Republic Services, Inc. | 401 | 17,640 | |||||||
| Stericycle, Inc.*(a) | 425 | 51,255 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Environmental Control (continued) |
|||||||||
| Waste Management, Inc. | 426 | $ | 22,736 | ||||||
| Total Environmental Control | 91,631 | ||||||||
| Food — 1.4% |
|||||||||
| Campbell Soup Co. | 290 | 15,240 | |||||||
| ConAgra Foods, Inc. | 526 | 22,176 | |||||||
| General Mills, Inc. | 319 | 18,394 | |||||||
| Hershey Co. (The) | 305 | 27,227 | |||||||
| Hormel Foods Corp. | 347 | 27,441 | |||||||
| JM Smucker Co. (The) | 312 | 38,482 | |||||||
| Kellogg Co. | 260 | 18,790 | |||||||
| Kraft Heinz Co. (The) | 250 | 18,190 | |||||||
| Kroger Co. (The) | 997 | 41,704 | |||||||
| McCormick & Co., Inc. | 267 | 22,845 | |||||||
| Mondelez International, Inc., Class A | 521 | 23,362 | |||||||
| Safeway, Inc PDC, LLC CVR.* | 447 | 22 | |||||||
| Safeway, Inc SCRP.* | 447 | 454 | |||||||
| Sysco Corp. | 763 | 31,283 | |||||||
| Tyson Foods, Inc., Class A | 1,249 | 66,608 | |||||||
| Whole Foods Market, Inc. | 1,761 | 58,993 | |||||||
| Total Food | 431,211 | ||||||||
| Forest Products & Paper — 0.4% |
|||||||||
| International Paper Co. | 3,366 | 126,898 | |||||||
| Gas — 0.3% |
|||||||||
| AGL Resources, Inc. | 321 | 20,483 | |||||||
| CenterPoint Energy, Inc. | 936 | 17,185 | |||||||
| NiSource, Inc. | 813 | 15,862 | |||||||
| Sempra Energy | 354 | 33,279 | |||||||
| Total Gas | 86,809 | ||||||||
| Hand/Machine Tools — 0.6% |
|||||||||
| Snap-on, Inc. | 741 | 127,029 | |||||||
| Stanley Black & Decker, Inc. | 627 | 66,920 | |||||||
| Total Hand/Machine Tools | 193,949 | ||||||||
| Healthcare – Products — 2.4% |
|||||||||
| Baxter International, Inc. | 644 | 24,569 | |||||||
| Becton Dickinson and Co. | 439 | 67,646 | |||||||
| Boston Scientific Corp.* | 3,866 | 71,289 | |||||||
| C.R. Bard, Inc. | 167 | 31,636 | |||||||
| Danaher Corp. | 1,109 | 103,004 | |||||||
| DENTSPLY International, Inc. | 451 | 27,443 | |||||||
| Edwards Lifesciences Corp.* | 414 | 32,698 | |||||||
| Henry Schein, Inc.* | 200 | 31,638 | |||||||
| Intuitive Surgical, Inc.* | 110 | 60,078 | |||||||
| Medtronic PLC | 401 | 30,845 | |||||||
| Patterson Cos., Inc. | 681 | 30,788 | |||||||
| St. Jude Medical, Inc. | 1,081 | 66,773 | |||||||
| Stryker Corp. | 390 | 36,247 | |||||||
See accompanying Notes to Financial Statements.
16
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Healthcare – Products (continued) |
|||||||||
| Thermo Fisher Scientific, Inc. | 612 | $ | 86,812 | ||||||
| Varian Medical Systems, Inc.*(a) | 614 | 49,611 | |||||||
| Total Healthcare – Products | 751,077 | ||||||||
| Healthcare – Services — 3.0% |
|||||||||
| Aetna, Inc. | 767 | 82,928 | |||||||
| Anthem, Inc. | 809 | 112,807 | |||||||
| Cigna Corp. | 937 | 137,112 | |||||||
| DaVita HealthCare Partners, Inc.* | 904 | 63,018 | |||||||
| HCA Holdings, Inc.* | 1,715 | 115,986 | |||||||
| Humana, Inc. | 395 | 70,511 | |||||||
| Laboratory Corp. of America Holdings* | 857 | 105,959 | |||||||
| Quest Diagnostics, Inc. | 1,128 | 80,246 | |||||||
| Tenet Healthcare Corp.* | 1,898 | 57,509 | |||||||
| UnitedHealth Group, Inc. | 710 | 83,524 | |||||||
| Universal Health Services, Inc., Class B | 399 | 47,677 | |||||||
| Total Healthcare – Services | 957,277 | ||||||||
| Home Builders — 1.3% |
|||||||||
| D.R. Horton, Inc. | 7,041 | 225,523 | |||||||
| Lennar Corp., Class A(a) | 458 | 22,401 | |||||||
| PulteGroup, Inc. | 8,883 | 158,295 | |||||||
| Total Home Builders | 406,219 | ||||||||
| Home Furnishings — 1.2% |
|||||||||
| Harman International Industries, Inc. | 1,532 | 144,330 | |||||||
| Leggett & Platt, Inc. | 1,103 | 46,348 | |||||||
| Whirlpool Corp. | 1,249 | 183,440 | |||||||
| Total Home Furnishings | 374,118 | ||||||||
| Household Products/Wares — 0.2% |
|||||||||
| Avery Dennison Corp. | 388 | 24,312 | |||||||
| Clorox Co. (The) | 126 | 15,981 | |||||||
| Kimberly-Clark Corp. | 206 | 26,223 | |||||||
| Total Household Products/Wares | 66,516 | ||||||||
| Housewares — 0.1% |
|||||||||
| Newell Rubbermaid, Inc. | 940 | 41,435 | |||||||
| Insurance — 6.0% |
|||||||||
| ACE Ltd. | 980 | 114,513 | |||||||
| Aflac, Inc. | 1,488 | 89,131 | |||||||
| Allstate Corp. (The) | 1,563 | 97,047 | |||||||
| American International Group, Inc. | 1,784 | 110,554 | |||||||
| Aon PLC | 1,044 | 96,267 | |||||||
| Assurant, Inc. | 462 | 37,209 | |||||||
| Chubb Corp. (The) | 363 | 48,148 | |||||||
| Genworth Financial, Inc., Class A* | 42,149 | 157,217 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Insurance (continued) |
|||||||||
| Hartford Financial Services Group, Inc. (The) | 2,192 | $ | 95,264 | ||||||
| Lincoln National Corp. | 3,225 | 162,090 | |||||||
| Marsh & McLennan Cos., Inc. | 1,452 | 80,513 | |||||||
| MetLife, Inc. | 3,078 | 148,390 | |||||||
| Principal Financial Group, Inc. | 2,697 | 121,311 | |||||||
| Progressive Corp. (The) | 1,360 | 43,248 | |||||||
| Prudential Financial, Inc. | 2,417 | 196,769 | |||||||
| Torchmark Corp. | 675 | 38,583 | |||||||
| Travelers Cos., Inc. (The) | 706 | 79,679 | |||||||
| Unum Group | 3,594 | 119,644 | |||||||
| XL Group PLC (Ireland) | 2,494 | 97,715 | |||||||
| Total Insurance | 1,933,292 | ||||||||
| Internet — 2.7% |
|||||||||
| Alphabet, Inc., Class A* | 120 | 93,361 | |||||||
| Alphabet, Inc., Class C* | 134 | 101,690 | |||||||
| Amazon.com, Inc.* | 49 | 33,119 | |||||||
| eBay, Inc.* | 1,312 | 36,054 | |||||||
| Expedia, Inc. | 931 | 115,723 | |||||||
| F5 Networks, Inc.* | 1,377 | 133,514 | |||||||
| Facebook, Inc., Class A* | 544 | 56,935 | |||||||
| Priceline Group, Inc. (The)* | 80 | 101,996 | |||||||
| Symantec Corp. | 4,321 | 90,741 | |||||||
| TripAdvisor, Inc.* | 692 | 58,993 | |||||||
| VeriSign, Inc.*(a) | 416 | 36,342 | |||||||
| Total Internet | 858,468 | ||||||||
| Iron/Steel — 0.1% |
|||||||||
| Nucor Corp. | 991 | 39,937 | |||||||
| Leisure Time — 1.7% |
|||||||||
| Carnival Corp. | 3,211 | 174,935 | |||||||
| Harley-Davidson, Inc. | 3,126 | 141,889 | |||||||
| Royal Caribbean Cruises Ltd. | 2,098 | 212,339 | |||||||
| Total Leisure Time | 529,163 | ||||||||
| Lodging — 0.9% |
|||||||||
| Marriott International, Inc., Class A(a) | 1,728 | 115,845 | |||||||
| Starwood Hotels & Resorts Worldwide, Inc. | 271 | 18,775 | |||||||
| Wyndham Worldwide Corp. | 625 | 45,406 | |||||||
| Wynn Resorts Ltd. | 1,562 | 108,075 | |||||||
| Total Lodging | 288,101 | ||||||||
| Machinery – Construction & Mining — 0.1% |
|||||||||
| Caterpillar, Inc. | 309 | 21,000 | |||||||
| Machinery – Diversified — 1.0% |
|||||||||
| Cummins, Inc. | 1,427 | 125,591 | |||||||
| Deere & Co. | 214 | 16,322 | |||||||
| Flowserve Corp. | 2,139 | 90,009 | |||||||
See accompanying Notes to Financial Statements.
17
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Machinery – Diversified (continued) |
|||||||||
| Rockwell Automation, Inc. | 404 | $ | 41,454 | ||||||
| Roper Technologies, Inc. | 198 | 37,578 | |||||||
| Total Machinery – Diversified | 310,954 | ||||||||
| Media — 4.5% |
|||||||||
| Cablevision Systems Corp., Class A | 350 | 11,165 | |||||||
| CBS Corp., Class B | 4,046 | 190,689 | |||||||
| Comcast Corp., Class A | 2,879 | 162,463 | |||||||
| Discovery Communications, Inc., Class A* | 5,672 | 151,329 | |||||||
| Discovery Communications, Inc., Class C* | 4,919 | 124,057 | |||||||
| News Corp., Class A | 1,723 | 23,019 | |||||||
| News Corp., Class B(a) | 1,700 | 23,732 | |||||||
| Scripps Networks Interactive, Inc., Class A | 2,551 | 140,841 | |||||||
| TEGNA, Inc. | 1,795 | 45,808 | |||||||
| Time Warner Cable, Inc. | 65 | 12,063 | |||||||
| Time Warner, Inc. | 2,066 | 133,608 | |||||||
| Twenty-First Century Fox, Inc., Class A | 3,990 | 108,368 | |||||||
| Twenty-First Century Fox, Inc., Class B | 4,358 | 118,668 | |||||||
| Viacom, Inc., Class B | 3,275 | 134,799 | |||||||
| Walt Disney Co. (The) | 430 | 45,184 | |||||||
| Total Media | 1,425,793 | ||||||||
| Metal Fabricate/Hardware — 0.2% |
|||||||||
| Precision Castparts Corp. | 329 | 76,331 | |||||||
| Mining — 0.3% |
|||||||||
| Alcoa, Inc. | 1,662 | 16,404 | |||||||
| Freeport-McMoRan, Inc.(a) | 11,427 | 77,361 | |||||||
| Total Mining | 93,765 | ||||||||
| Miscellaneous Manufacturing — 1.9% |
|||||||||
| 3M Co. | 254 | 38,263 | |||||||
| Dover Corp.(a) | 1,603 | 98,280 | |||||||
| Eaton Corp. PLC | 1,552 | 80,766 | |||||||
| General Electric Co. | 938 | 29,219 | |||||||
| Illinois Tool Works, Inc. | 321 | 29,750 | |||||||
| Ingersoll-Rand PLC | 1,686 | 93,219 | |||||||
| Parker-Hannifin Corp. | 327 | 31,712 | |||||||
| Pentair PLC (United Kingdom) | 2,291 | 113,473 | |||||||
| Textron, Inc. | 2,379 | 99,942 | |||||||
| Total Miscellaneous Manufacturing | 614,624 | ||||||||
| Office/Business Equipment — 0.6% |
|||||||||
| Pitney Bowes, Inc. | 9,300 | 192,045 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Oil & Gas — 1.5% |
|||||||||
| Cabot Oil & Gas Corp. | 585 | $ | 10,349 | ||||||
| Devon Energy Corp. | 261 | 8,352 | |||||||
| Marathon Petroleum Corp. | 541 | 28,045 | |||||||
| Newfield Exploration Co.* | 254 | 8,270 | |||||||
| Phillips 66 | 467 | 38,201 | |||||||
| Tesoro Corp. | 1,837 | 193,565 | |||||||
| Valero Energy Corp. | 2,867 | 202,725 | |||||||
| Total Oil & Gas | 489,507 | ||||||||
| Oil & Gas Services — 0.1% |
|||||||||
| Halliburton Co. | 355 | 12,084 | |||||||
| Schlumberger Ltd. | 147 | 10,253 | |||||||
| Total Oil & Gas Services | 22,337 | ||||||||
| Packaging & Containers — 1.0% |
|||||||||
| Ball Corp. | 588 | 42,765 | |||||||
| Owens-Illinois, Inc.* | 7,587 | 132,165 | |||||||
| Sealed Air Corp. | 981 | 43,753 | |||||||
| WestRock Co. | 1,872 | 85,401 | |||||||
| Total Packaging & Containers | 304,084 | ||||||||
| Pharmaceuticals — 5.4% |
|||||||||
| Abbott Laboratories | 864 | 38,802 | |||||||
| AbbVie, Inc. | 2,703 | 160,126 | |||||||
| Allergan PLC* | 148 | 46,250 | |||||||
| AmerisourceBergen Corp. | 1,186 | 123,000 | |||||||
| Baxalta, Inc. | 923 | 36,025 | |||||||
| Bristol-Myers Squibb Co. | 1,167 | 80,278 | |||||||
| Cardinal Health, Inc. | 768 | 68,559 | |||||||
| Eli Lilly & Co. | 803 | 67,661 | |||||||
| Endo International PLC* | 3,213 | 196,700 | |||||||
| Express Scripts Holding Co.* | 1,248 | 109,088 | |||||||
| Johnson & Johnson | 204 | 20,955 | |||||||
| Mallinckrodt PLC* | 2,854 | 212,994 | |||||||
| McKesson Corp. | 797 | 157,192 | |||||||
| Mead Johnson Nutrition Co. | 265 | 20,922 | |||||||
| Merck & Co., Inc. | 638 | 33,699 | |||||||
| Mylan NV* | 4,342 | 234,772 | |||||||
| Perrigo Co. PLC | 617 | 89,280 | |||||||
| Pfizer, Inc. | 1,174 | 37,897 | |||||||
| Total Pharmaceuticals | 1,734,200 | ||||||||
| Pipelines — 0.7% |
|||||||||
| Columbia Pipeline Group, Inc. | 9,816 | 196,320 | |||||||
| Kinder Morgan, Inc. | 443 | 6,610 | |||||||
| ONEOK, Inc. | 408 | 10,061 | |||||||
| Spectra Energy Corp. | 461 | 11,036 | |||||||
| Total Pipelines | 224,027 | ||||||||
See accompanying Notes to Financial Statements.
18
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Real Estate — 0.3% |
|||||||||
| CBRE Group, Inc., Class A* | 2,460 | $ | 85,066 | ||||||
| Four Corners Property Trust, Inc.* | 498 | 12,032 | |||||||
| Total Real Estate | 97,098 | ||||||||
| Real Estate Investment Trust — 0.9% |
|||||||||
| American Tower Corp. | 156 | 15,124 | |||||||
| Apartment Investment & Management Co., Class A | 251 | 10,048 | |||||||
| AvalonBay Communities, Inc. | 68 | 12,521 | |||||||
| Boston Properties, Inc. | 83 | 10,586 | |||||||
| Crown Castle International Corp. | 157 | 13,573 | |||||||
| Equinix, Inc. | 70 | 21,168 | |||||||
| Equity Residential | 138 | 11,259 | |||||||
| Essex Property Trust, Inc. | 45 | 10,773 | |||||||
| General Growth Properties, Inc. | 383 | 10,421 | |||||||
| HCP, Inc. | 320 | 12,237 | |||||||
| Host Hotels & Resorts, Inc. | 877 | 13,453 | |||||||
| Iron Mountain, Inc. | 1,095 | 29,576 | |||||||
| Kimco Realty Corp. | 354 | 9,367 | |||||||
| Plum Creek Timber Co., Inc. | 471 | 22,476 | |||||||
| Public Storage | 53 | 13,128 | |||||||
| Realty Income Corp. | 194 | 10,016 | |||||||
| Simon Property Group, Inc. | 71 | 13,805 | |||||||
| Ventas, Inc. | 278 | 15,688 | |||||||
| Vornado Realty Trust | 102 | 10,196 | |||||||
| Welltower, Inc. | 162 | 11,021 | |||||||
| Weyerhaeuser Co. | 444 | 13,311 | |||||||
| Total Real Estate Investment Trust | 289,747 | ||||||||
| Retail — 8.3% |
|||||||||
| Advance Auto Parts, Inc. | 334 | 50,270 | |||||||
| AutoNation, Inc.* | 2,631 | 156,964 | |||||||
| AutoZone, Inc.* | 101 | 74,933 | |||||||
| Bed Bath & Beyond, Inc.* | 986 | 47,575 | |||||||
| Best Buy Co., Inc.(a) | 4,040 | 123,018 | |||||||
| CarMax, Inc.*(a) | 2,112 | 113,985 | |||||||
| Chipotle Mexican Grill, Inc.* | 90 | 43,187 | |||||||
| Coach, Inc. | 1,926 | 63,038 | |||||||
| Costco Wholesale Corp. | 139 | 22,449 | |||||||
| CVS Health Corp. | 1,043 | 101,974 | |||||||
| Darden Restaurants, Inc. | 1,495 | 95,142 | |||||||
| Dollar General Corp. | 1,701 | 122,251 | |||||||
| Dollar Tree, Inc.* | 2,028 | 156,602 | |||||||
| GameStop Corp., Class A(a) | 3,744 | 104,982 | |||||||
| Gap, Inc. (The) | 4,503 | 111,224 | |||||||
| Home Depot, Inc. (The) | 591 | 78,160 | |||||||
| Kohl’s Corp. | 2,840 | 135,269 | |||||||
| L Brands, Inc.(a) | 309 | 29,608 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) | |||||||||
| Retail (continued) |
|||||||||
| Lowe’s Cos., Inc. | 1,760 | $ | 133,830 | ||||||
| Macy’s, Inc. | 2,908 | 101,722 | |||||||
| McDonald’s Corp. | 185 | 21,856 | |||||||
| Nordstrom, Inc.(a) | 671 | 33,423 | |||||||
| O’Reilly Automotive, Inc.* | 247 | 62,595 | |||||||
| PVH Corp. | 1,556 | 114,599 | |||||||
| Ross Stores, Inc. | 908 | 48,859 | |||||||
| Signet Jewelers Ltd. | 696 | 86,088 | |||||||
| Starbucks Corp. | 689 | 41,361 | |||||||
| Target Corp. | 691 | 50,174 | |||||||
| Tiffany & Co. | 583 | 44,477 | |||||||
| TJX Cos., Inc. (The) | 540 | 38,291 | |||||||
| Tractor Supply Co. | 525 | 44,888 | |||||||
| Urban Outfitters, Inc.* | 5,649 | 128,515 | |||||||
| Walgreens Boots Alliance, Inc. | 978 | 83,282 | |||||||
| Wal-Mart Stores, Inc. | 290 | 17,777 | |||||||
| Total Retail | 2,682,368 | ||||||||
| Semiconductors — 5.4% |
|||||||||
| Analog Devices, Inc. | 907 | 50,175 | |||||||
| Applied Materials, Inc. | 10,249 | 191,349 | |||||||
| Avago Technologies Ltd. (Singapore) | 1,679 | 243,708 | |||||||
| Broadcom Corp., Class A | 1,642 | 94,940 | |||||||
| Intel Corp. | 1,443 | 49,711 | |||||||
| KLA-Tencor Corp. | 2,401 | 166,509 | |||||||
| Lam Research Corp.(a) | 2,111 | 167,656 | |||||||
| Linear Technology Corp. | 896 | 38,053 | |||||||
| Microchip Technology, Inc.(a) | 617 | 28,715 | |||||||
| Micron Technology, Inc.* | 2,418 | 34,239 | |||||||
| NVIDIA Corp. | 1,282 | 42,255 | |||||||
| Qorvo, Inc.* | 4,594 | 233,835 | |||||||
| QUALCOMM, Inc. | 2,387 | 119,314 | |||||||
| Skyworks Solutions, Inc. | 2,663 | 204,598 | |||||||
| Texas Instruments, Inc. | 732 | 40,121 | |||||||
| Xilinx, Inc. | 544 | 25,552 | |||||||
| Total Semiconductors | 1,730,730 | ||||||||
| Software — 1.9% |
|||||||||
| Activision Blizzard, Inc. | 552 | 21,368 | |||||||
| Adobe Systems, Inc.* | 786 | 73,836 | |||||||
| Akamai Technologies, Inc.* | 736 | 38,736 | |||||||
| CA, Inc. | 462 | 13,195 | |||||||
| Cerner Corp.* | 753 | 45,308 | |||||||
| Citrix Systems, Inc.* | 785 | 59,385 | |||||||
| Dun & Bradstreet Corp. (The) | 219 | 22,761 | |||||||
| Electronic Arts, Inc.* | 712 | 48,929 | |||||||
| Fidelity National Information Services, Inc. | 600 | 36,360 | |||||||
| Fiserv, Inc.* | 353 | 32,285 | |||||||
See accompanying Notes to Financial Statements.
19
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
||||||||||
| Investments | Shares/ Principal |
Value | ||||||||||
| COMMON STOCKS |
||||||||||||
| Software (continued) |
||||||||||||
| Intuit, Inc. | 539 | $ | 52,014 | |||||||||
| Microsoft Corp. | 596 | 33,066 | ||||||||||
| Oracle Corp. | 1,131 | 41,315 | ||||||||||
| Paychex, Inc. | 497 | 26,286 | ||||||||||
| Red Hat, Inc.* | 339 | 28,073 | ||||||||||
| salesforce.com, Inc.* | 224 | 17,562 | ||||||||||
| Total Software | 590,479 | |||||||||||
| Telecommunications — 0.9% |
||||||||||||
| AT&T, Inc. | 849 | 29,214 | ||||||||||
| Cisco Systems, Inc. | 2,028 | 55,070 | ||||||||||
| Juniper Networks, Inc. | 4,663 | 128,699 | ||||||||||
| Level 3 Communications, Inc.* | 325 | 17,667 | ||||||||||
| Motorola Solutions, Inc. | 338 | 23,136 | ||||||||||
| Verizon Communications, Inc. | 759 | 35,081 | ||||||||||
| Total Telecommunications | 288,867 | |||||||||||
| Textiles — 0.1% |
||||||||||||
| Mohawk Industries, Inc.* | 169 | 32,007 | ||||||||||
| Toys/Games/Hobbies — 0.2% |
||||||||||||
| Hasbro, Inc. | 495 | 33,343 | ||||||||||
| Mattel, Inc. | 705 | 19,155 | ||||||||||
| Total Toys/Games/Hobbies | 52,498 | |||||||||||
| Transportation — 2.4% |
||||||||||||
| C.H. Robinson Worldwide, Inc. | 631 | 39,135 | ||||||||||
| CSX Corp. | 2,723 | 70,662 | ||||||||||
| Expeditors International of Washington, Inc. | 577 | 26,023 | ||||||||||
| FedEx Corp. | 907 | 135,134 | ||||||||||
| JB Hunt Transport Services, Inc. | 1,225 | 89,866 | ||||||||||
| Kansas City Southern | 1,002 | 74,819 | ||||||||||
| Norfolk Southern Corp. | 597 | 50,500 | ||||||||||
| Ryder System, Inc. | 2,299 | 130,652 | ||||||||||
| Union Pacific Corp. | 1,138 | 88,992 | ||||||||||
| United Parcel Service, Inc., Class B | 440 | 42,341 | ||||||||||
| Total Transportation | 748,124 | |||||||||||
| Total Common Stocks (Cost $31,641,832) |
31,732,663 | |||||||||||
| MONEY MARKET FUND — 0.3% |
||||||||||||
| Fidelity Institutional Prime Money Market Portfolio – Class I, 0.28%(b) (Cost $88,979) |
88,979 | 88,979 | ||||||||||
| REPURCHASE AGREEMENTS — 3.0%(c) |
||||||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $140,758, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $143,059) | $ | 140,753 | 140,753 | |||||||||
|
|
|
|||||||
| Investments | Principal |
Value | |||||||
| REPURCHASE AGREEMENTS (continued) |
|||||||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $254,290) | $ | 250,000 | $ | 250,000 | |||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $250,008, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $254,304) |
250,000 | 250,000 | |||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $254,303) |
250,000 | 250,000 | |||||||
| Royal Bank Of Scotland PLC, dated 12/31/15, due 01/04/16, 0.30%, total to be received $47,597, (collateralized by various U.S. Government Agency Obligations, 0.07% – 3.25%, 07/31/16 – 11/15/23, totaling $48,393) |
47,595 | 47,595 | |||||||
| Total Repurchase Agreements (Cost $938,348) | 938,348 | ||||||||
| Total Investments — 103.1% (Cost $32,669,159) |
32,759,990 | ||||||||
| Liabilities in Excess of Other Assets — (3.1)% | (982,333 | ) | |||||||
| Net Assets — 100.0% |
$ | 31,777,657 | |||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,838,745; the aggregate market value of the collateral held by the fund is $1,880,409. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $942,061. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
See accompanying Notes to Financial Statements.
20
ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Advertising | 0.5 | % | ||
| Aerospace/Defense | 1.0 | |||
| Agriculture | 0.4 | |||
| Airlines | 2.6 | |||
| Apparel | 1.4 | |||
| Auto Manufacturers | 1.6 | |||
| Auto Parts & Equipment | 1.4 | |||
| Banks | 4.2 | |||
| Beverages | 1.5 | |||
| Biotechnology | 1.8 | |||
| Building Materials | 1.1 | |||
| Chemicals | 3.5 | |||
| Coal | 0.1 | |||
| Commercial Services | 3.2 | |||
| Computers | 3.5 | |||
| Cosmetics/Personal Care | 0.2 | |||
| Distribution/Wholesale | 1.1 | |||
| Diversified Financial Services | 5.2 | |||
| Electric | 2.0 | |||
| Electrical Components & Equipment | 0.4 | |||
| Electronics | 2.0 | |||
| Engineering & Construction | 0.8 | |||
| Environmental Control | 0.3 | |||
| Food | 1.4 | |||
| Forest Products & Paper | 0.4 | |||
| Gas | 0.3 | |||
| Hand/Machine Tools | 0.6 | |||
| Healthcare – Products | 2.4 | |||
| Healthcare – Services | 3.0 | |||
| Home Builders | 1.3 | |||
| Home Furnishings | 1.2 | |||
| Household Products/Wares | 0.2 | |||
|
|
|||
| % of Net Assets |
||||
| Housewares | 0.1 | % | ||
| Insurance | 6.0 | |||
| Internet | 2.7 | |||
| Iron/Steel | 0.1 | |||
| Leisure Time | 1.7 | |||
| Lodging | 0.9 | |||
| Machinery – Construction & Mining | 0.1 | |||
| Machinery – Diversified | 1.0 | |||
| Media | 4.5 | |||
| Metal Fabricate/Hardware | 0.2 | |||
| Mining | 0.3 | |||
| Miscellaneous Manufacturing | 1.9 | |||
| Office/Business Equipment | 0.6 | |||
| Oil & Gas | 1.5 | |||
| Oil & Gas Services | 0.1 | |||
| Packaging & Containers | 1.0 | |||
| Pharmaceuticals | 5.4 | |||
| Pipelines | 0.7 | |||
| Real Estate | 0.3 | |||
| Real Estate Investment Trust | 0.9 | |||
| Retail | 8.3 | |||
| Semiconductors | 5.4 | |||
| Software | 1.9 | |||
| Telecommunications | 0.9 | |||
| Textiles | 0.1 | |||
| Toys/Games/Hobbies | 0.2 | |||
| Transportation | 2.4 | |||
| Money Market Fund | 0.3 | |||
| Repurchase Agreements | 3.0 | |||
| Total Investments | 103.1 | |||
| Liabilities in Excess of Other Assets | (3.1 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
21
ADVISORSHARES MADRONA GLOBAL BOND ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| EXCHANGE TRADED FUNDS — 98.8% |
|||||||||
| Asset Allocation Fund — 6.6% |
|||||||||
| SPDR Barclays Convertible Securities ETF | 36,405 | $ | 1,575,608 | ||||||
| Debt Fund — 92.2% |
|||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 24,650 | 2,810,346 | |||||||
| iShares International Treasury Bond ETF(a) | 13,209 | 1,184,451 | |||||||
| PIMCO 1 – 5 Year U.S. TIPS Index ETF | 18,672 | 958,434 | |||||||
| PowerShares Build America Bond Portfolio | 16,428 | 476,248 | |||||||
| PowerShares Emerging Markets Sovereign Debt Portfolio | 51,383 | 1,403,270 | |||||||
| PowerShares Financial Preferred Portfolio(a) | 123,675 | 2,328,800 | |||||||
| PowerShares Fundamental Investment Grade Corporate Bond Portfolio | 37,885 | 947,883 | |||||||
| PowerShares International Corporate Bond Portfolio | 46,498 | 1,173,145 | |||||||
| PowerShares National AMT-Free Municipal Bond Portfolio | 28,742 | 732,059 | |||||||
| PowerShares Senior Loan Portfolio | 62,826 | 1,407,302 | |||||||
| SPDR Barclays High Yield Bond ETF | 52,904 | 1,793,975 | |||||||
| SPDR DB International Government Inflation-Protected Bond ETF(a) | 18,201 | 917,876 | |||||||
| SPDR Nuveen S&P High Yield Municipal Bond ETF | 19,048 | 1,086,688 | |||||||
| Vanguard Intermediate-Term Government Bond ETF(a) | 11,041 | 711,482 | |||||||
| Vanguard Long-Term Government Bond ETF(a) | 9,403 | 701,652 | |||||||
| Vanguard Mortgage-Backed Securities ETF | 45,099 | 2,374,462 | |||||||
| WisdomTree Emerging Markets Corporate Bond Fund | 14,061 | 922,120 | |||||||
| Total Debt Fund | 21,930,193 | ||||||||
| Total Exchange Traded Funds (Cost $24,447,482) | 23,505,801 | ||||||||
| MONEY MARKET FUND — 1.0% |
|||||||||
| Fidelity Institutional Prime Money Market Portfolio – Class I, 0.28%(b) (Cost $240,196) |
240,196 | 240,196 | |||||||
| REPURCHASE AGREEMENTS — 13.8%(c) |
|||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $491,012, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $499,036) |
$ | 490,993 | 490,993 | ||||||
|
|
|
|||||||
Investments |
Principal |
Value | |||||||
| REPURCHASE AGREEMENTS (continued) | |||||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $761,882, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $774,605) | $ | 761,858 | $ | 761,858 | |||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $761,883, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $774,974) |
761,858 | 761,858 | |||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $761,883, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $774,972) |
761,858 | 761,858 | |||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $496,699, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $505,153) |
496,684 | 496,684 | |||||||
| Total Repurchase Agreements (Cost $3,273,251) | 3,273,251 | ||||||||
| Total Investments — 113.6% (Cost $27,960,929) |
27,019,248 | ||||||||
| Liabilities in Excess of Other Assets — (13.6)% |
(3,231,506 | ) | |||||||
| Net Assets — 100.0% |
$ | 23,787,742 | |||||||
ETF — Exchange Traded Fund
TIPS — Treasury Inflation Protected Securities
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,201,031; the aggregate market value of the collateral held by the fund is $3,273,251. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Asset Allocation Fund | 6.6 | % | ||
| Debt Fund | 92.2 | |||
| Money Market Fund | 1.0 | |||
| Repurchase Agreements | 13.8 | |||
| Total Investments | 113.6 | |||
| Liabilities in Excess of Other Assets | (13.6 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
22
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS — 99.1% |
|||||||||
| ARGENTINA — 2.5% |
|||||||||
| Banco Macro SA*(a) | 2,702 | $ | 157,040 | ||||||
| Telecom Argentina SA(a) | 7,479 | 120,188 | |||||||
| YPF SA(a) | 9,562 | 150,315 | |||||||
| Total Argentina | 427,543 | ||||||||
| BRAZIL — 7.7% |
|||||||||
| Banco Bradesco SA(a) | 35,788 | 172,140 | |||||||
| Braskem SA(a)(b) | 15,864 | 214,799 | |||||||
| BRF SA(a) | 8,901 | 123,012 | |||||||
| Cia Brasileira de Distribuicao Grupo Pao de Acucar(a)(b) | 10,887 | 114,531 | |||||||
| Cia de Saneamento Basico do Estado de Sao Paulo(a)(b) | 35,181 | 161,833 | |||||||
| Cia Paranaense de Energia(a) | 12,801 | 75,142 | |||||||
| Cielo SA(a)(b) | 5,901 | 49,037 | |||||||
| CPFL Energia SA*(a)(b) | 13,717 | 101,780 | |||||||
| Fibria Celulose SA(a)(b) | 15,899 | 201,758 | |||||||
| Gerdau SA(a) | 27,038 | 32,446 | |||||||
| Itau Unibanco Holding SA(a) | 11,609 | 75,575 | |||||||
| Total Brazil | 1,322,053 | ||||||||
| CANADA — 4.8% |
|||||||||
| Bank of Montreal | 626 | 35,319 | |||||||
| Bank of Nova Scotia | 2,050 | 82,902 | |||||||
| Cameco Corp. | 5,490 | 67,692 | |||||||
| Canadian Imperial Bank of Commerce | 315 | 20,749 | |||||||
| Canadian Pacific Railway Ltd. | 878 | 112,033 | |||||||
| Gildan Activewear, Inc. | 2,891 | 82,162 | |||||||
| Magna International, Inc. | 2,503 | 101,522 | |||||||
| Manulife Financial Corp. | 6,568 | 98,389 | |||||||
| Royal Bank of Canada | 1,041 | 55,777 | |||||||
| Silver Wheaton Corp. | 10,516 | 130,609 | |||||||
| Sun Life Financial, Inc. | 354 | 11,045 | |||||||
| Total Canada | 798,199 | ||||||||
| CHILE — 0.3% |
|||||||||
| Enersis SA(a) | 4,120 | 50,058 | |||||||
| CHINA — 5.8% |
|||||||||
| Alibaba Group Holding Ltd.*(a)(b) | 1,065 | 86,553 | |||||||
| Baidu, Inc.*(a) | 478 | 90,361 | |||||||
| China Life Insurance Co., Ltd.(a) | 7,412 | 118,518 | |||||||
| China Unicom Hong Kong Ltd.(a) | 6,259 | 75,484 | |||||||
| Ctrip.com International Ltd.*(a)(b) | 756 | 35,025 | |||||||
| NetEase, Inc.(a) | 835 | 151,335 | |||||||
| Qihoo 360 Technology Co., Ltd.*(a)(b) | 3,238 | 235,759 | |||||||
| Tencent Holdings Ltd.(a) | 5,090 | 99,866 | |||||||
| Vipshop Holdings Ltd.*(a) | 6,686 | 102,095 | |||||||
| Total China | 994,996 | ||||||||
| DENMARK — 0.6% |
|||||||||
| Novo Nordisk A/S(a) | 1,781 | 103,440 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| FRANCE — 6.6% |
|||||||||
| Alcatel-Lucent*(a)(b) | 163,458 | $ | 626,043 | ||||||
| Orange SA(a) | 30,254 | 503,124 | |||||||
| Total France | 1,129,167 | ||||||||
| GERMANY — 4.8% |
|||||||||
| Volkswagen AG(a)(b) | 26,692 | 826,784 | |||||||
| HONG KONG — 2.7% |
|||||||||
| CK Hutchison Holdings Ltd.(a) | 35,260 | 473,895 | |||||||
| INDIA — 3.2% |
|||||||||
| Dr Reddy’s Laboratories Ltd.(a)(b) | 685 | 31,709 | |||||||
| HDFC Bank Ltd.(a) | 2,066 | 127,266 | |||||||
| ICICI Bank Ltd.(a) | 18,617 | 145,771 | |||||||
| Infosys Ltd.(a) | 1,486 | 24,891 | |||||||
| Tata Motors Ltd.*(a) | 6,106 | 179,944 | |||||||
| Wipro Ltd.(a)(b) | 4,067 | 46,933 | |||||||
| Total India | 556,514 | ||||||||
| INDONESIA — 0.4% |
|||||||||
| PT Telekomunikasi Indonesia Tbk(a) | 1,701 | 75,524 | |||||||
| IRELAND — 8.4% |
|||||||||
| CRH PLC(a) | 21,520 | 620,206 | |||||||
| Ryanair Holdings PLC(a) | 6,830 | 590,522 | |||||||
| Shire PLC(a) | 1,205 | 247,026 | |||||||
| Total Ireland | 1,457,754 | ||||||||
| JAPAN — 6.4% |
|||||||||
| Honda Motor Co., Ltd.(a) | 11,842 | 378,115 | |||||||
| Mitsubishi UFJ Financial Group, Inc.(a) | 33,132 | 206,081 | |||||||
| Nippon Telegraph & Telephone Corp.(a) | 3,834 | 152,363 | |||||||
| Sumitomo Mitsui Financial Group, Inc.(a) | 23,833 | 180,892 | |||||||
| Toyota Motor Corp.(a) | 1,347 | 165,735 | |||||||
| Total Japan | 1,083,186 | ||||||||
| LUXEMBOURG — 0.5% |
|||||||||
| Oriflame Cosmetics SA*(a) | 12,213 | 85,491 | |||||||
| MEXICO — 1.7% |
|||||||||
| America Movil SAB de CV, Class L(a) | 8,642 | 121,507 | |||||||
| Grupo Financiero Santander Mexico SAB de CV, Class B(a) | 11,086 | 96,116 | |||||||
| Grupo Televisa SAB(a) | 2,759 | 75,072 | |||||||
| Total Mexico | 292,695 | ||||||||
| NETHERLANDS — 12.3% |
|||||||||
| Aegon NV(c) | 80,545 | 456,690 | |||||||
| ING Groep NV(a) | 22,910 | 308,369 | |||||||
| Koninklijke Philips NV(c) | 24,077 | 612,760 | |||||||
| VimpelCom Ltd.(a)(b) | 219,099 | 718,644 | |||||||
| Total Netherlands | 2,096,463 | ||||||||
See accompanying Notes to Financial Statements.
23
ADVISORSHARES
MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December
31, 2015 (Unaudited)
| Investments | Shares/ Shares |
Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| NORWAY — 1.7% |
|||||||||
| Norsk Hydro ASA(a) | 77,880 | $ | 293,218 | ||||||
| RUSSIA — 1.3% |
|||||||||
| Gazprom OAO(a) | 49,122 | 180,277 | |||||||
| Mobile TeleSystems PJSC(a) | 8,978 | 55,484 | |||||||
| Total Russia | 235,761 | ||||||||
| SOUTH AFRICA — 2.3% |
|||||||||
| Gold Fields Ltd.(a) | 74,322 | 205,872 | |||||||
| Sibanye Gold Ltd.(a) | 31,181 | 189,892 | |||||||
| Total South Africa | 395,764 | ||||||||
| SOUTH KOREA — 2.3% |
|||||||||
| Korea Electric Power Corp.(a) | 9,207 | 194,912 | |||||||
| POSCO(a) | 4,327 | 153,002 | |||||||
| SK Telecom Co., Ltd.(a) | 1,398 | 28,170 | |||||||
| Total South Korea | 376,084 | ||||||||
| SPAIN — 5.1% |
|||||||||
| Banco Bilbao Vizcaya Argentaria SA(a) | 82,846 | 607,261 | |||||||
| Banco Santander SA(a) | 54,665 | 266,219 | |||||||
| Total Spain | 873,480 | ||||||||
| SWEDEN — 2.4% |
|||||||||
| Telefonaktiebolaget LM Ericsson(a) | 43,088 | 414,076 | |||||||
| SWITZERLAND — 3.5% |
|||||||||
| STMicroelectronics NV(c) | 88,595 | 590,043 | |||||||
| TAIWAN — 1.0% |
|||||||||
| Advanced Semiconductor Engineering, Inc.(a) | 18,360 | 104,101 | |||||||
| Taiwan Semiconductor Manufacturing Co., Ltd.(a) | 3,080 | 70,070 | |||||||
| Total Taiwan | 174,171 | ||||||||
| TURKEY — 0.8% |
|||||||||
| Turkiye Garanti Bankasi AS(a) | 59,864 | 142,476 | |||||||
| UNITED KINGDOM — 6.2% |
|||||||||
| Aviva PLC(a)(b) | 15,816 | 240,561 | |||||||
| Barclays PLC(a) | 38,538 | 499,452 | |||||||
| Prudential PLC(a) | 7,426 | 334,764 | |||||||
| Total United Kingdom | 1,074,777 | ||||||||
| UNITED STATES — 3.8% |
|||||||||
| Carnival PLC(a) | 7,460 | 424,623 | |||||||
| lululemon athletica, Inc.*(b) | 928 | 48,692 | |||||||
| Valeant Pharmaceuticals International, Inc.* | 1,673 | 170,060 | |||||||
| Total United States | 643,375 | ||||||||
| Total Common Stocks (Cost $18,320,007) |
16,986,987 | ||||||||
|
|
|
||||||||||
| Investments | Shares/ Principal |
Value | ||||||||||
| COMMON STOCKS (continued) |
||||||||||||
| MONEY MARKET FUND — 1.1% |
||||||||||||
| Fidelity Institutional Prime Money Market Portfolio – Class I, 0.28%(d) (Cost $194,771) |
194,771 | $ | 194,771 | |||||||||
| REPURCHASE AGREEMENTS — 8.7%(e) |
||||||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $223,882, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $227,541) | $ | 223,874 | 223,874 | |||||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $347,389, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $353,190) |
347,378 | 347,378 | ||||||||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $347,390, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $353,359) |
$ | 347,378 | 347,378 | |||||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $347,391, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $353,357) |
347,378 | 347,378 | ||||||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $226,480, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $230,335) |
226,473 | 226,473 | ||||||||||
| Total Repurchase Agreements (Cost $1,492,481) | 1,492,481 | |||||||||||
| Total Investments — 108.9% (Cost $20,007,259) |
18,674,239 | |||||||||||
| Liabilities in Excess of Other Assets — (8.9)% |
(1,526,788 | ) | ||||||||||
| Net Assets — 100.0% |
$ | 17,147,451 | ||||||||||
PLC — Public Limited Company
| * | Non-income producing security. |
| (a) | American Depositary Receipt. |
See accompanying Notes to Financial Statements.
24
ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,504,474; the aggregate market value of the collateral held by the fund is $1,561,896. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $69,415. |
| (c) | Registered Shares. |
| (d) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (e) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Airlines | 3.4 | % | ||
| Apparel | 0.5 | |||
| Auto Manufacturers | 9.0 | |||
| Auto Parts & Equipment | 0.6 | |||
| Banks | 18.5 | |||
| Building Materials | 3.6 | |||
| Chemicals | 1.3 | |||
| Commercial Services | 0.3 | |||
| Computers | 0.4 | |||
| Cosmetics/Personal Care | 0.5 | |||
| Electric | 2.5 | |||
| Electronics | 3.6 | |||
| Food | 1.4 | |||
| Forest Products & Paper | 1.2 | |||
| Insurance | 7.3 | |||
| Internet | 3.8 | |||
| Iron/Steel | 1.1 | |||
| Leisure Time | 2.5 | |||
| Media | 0.4 | |||
| Mining | 5.2 | |||
| Oil & Gas | 1.9 | |||
| Pharmaceuticals | 3.2 | |||
| Retail | 3.0 | |||
| Semiconductors | 4.5 | |||
| Software | 0.9 | |||
| Telecommunications | 16.9 | |||
| Transportation | 0.7 | |||
| Water | 0.9 | |||
| Money Market Fund | 1.1 | |||
| Repurchase Agreements | 8.7 | |||
| Total Investments | 108.9 | |||
| Liabilities in Excess of Other Assets | (8.9 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
25
ADVISORSHARES MARKET
ADAPTIVE UNCONSTRAINED INCOME ETF
(formerly
AdvisorShares Sunrise Global Multi-Strategy ETF)
Schedule
of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 88.0% |
|||||||||
| Asset Allocation Fund — 27.3% |
|||||||||
| SPDR Barclays Convertible Securities ETF | 3,608 | $ | 156,154 | ||||||
| Debt Fund — 60.7% |
|||||||||
| iShares iBoxx $Investment Grade Corporate Bond ETF | 1,606 | 183,101 | |||||||
| iShares JPMorgan USD Emerging Markets Bond ETF | 1,549 | 163,853 | |||||||
| Total Debt Fund | 346,954 | ||||||||
| Total Exchange Traded Funds (Cost $512,392) |
503,108 | ||||||||
| MONEY MARKET FUND — 15.2% |
|||||||||
| Goldman Sachs Financial Square Funds – Treasury Instruments Fund, 0.12%(a) (Cost $87,031) |
87,031 | 87,031 | |||||||
| Total Investments — 103.2% (Cost $599,423) |
590,139 | ||||||||
| Liabilities in Excess of Other Assets — (3.2)% |
(18,022 | ) | |||||||
| Net Assets — 100.0% |
$ | 572,117 | |||||||
ETF — Exchange Traded Fund
| (a) | Rate shown reflects the 7-day yield as of December 31, 2015. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Asset Allocation Fund | 27.3 | % | ||
| Debt Fund | 60.7 | |||
| Money Market Fund | 15.2 | |||
| Total Investments | 103.2 | |||
| Liabilities in Excess of Other Assets | (3.2 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
26
ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| EXCHANGE TRADED FUNDS — 96.5% |
|||||||||
| Equity Fund — 96.5% |
|||||||||
| Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 35,558 | $ | 965,755 | ||||||
| Deutsche X-Trackers MSCI Emerging Markets Hedged Equity ETF | 100,941 | 1,845,201 | |||||||
| Financial Select Sector SPDR Fund | 40,631 | 966,205 | |||||||
| Guggenheim S&P 500 Equal Weight ETF | 25,417 | 1,947,959 | |||||||
| iShares Core S&P 500 ETF | 9,699 | 1,987,034 | |||||||
| iShares Core S&P Small-Cap ETF | 17,404 | 1,916,354 | |||||||
| iShares S&P 500 Growth ETF | 17,338 | 2,007,741 | |||||||
| iShares S&P 500 Value ETF | 22,105 | 1,956,956 | |||||||
| iShares S&P Small-Cap 600 Growth ETF(a) | 15,537 | 1,931,404 | |||||||
| iShares S&P Small-Cap 600 Value ETF(a) | 17,948 | 1,941,256 | |||||||
| PowerShares QQQ Trust, Series 1(a) | 8,675 | 970,386 | |||||||
| Technology Select Sector SPDR Fund | 23,459 | 1,004,749 | |||||||
| Total Exchange Traded Funds (Cost $19,895,618) | 19,441,000 | ||||||||
| MONEY MARKET FUND — 3.6% |
|||||||||
| Dreyfus Institutional Reserves Treasury Fund – Institutional Class, 0.09%(b) (Cost $726,721) |
726,721 | 726,721 | |||||||
| REPURCHASE AGREEMENTS — 6.4%(c) |
|||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $194,473, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $197,651) |
$ | 194,466 | 194,466 | ||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $301,756, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $306,796) |
301,747 | 301,747 | |||||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $301,757, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $306,942) |
301,747 | 301,747 | |||||||
|
|
|
|||||||
| Investments | Principal |
Value | |||||||
| REPURCHASE AGREEMENTS (continued) | |||||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $301,758, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $306,941) |
$ | 301,747 | $ | 301,747 | |||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $196,717 (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $200,065) | 196,711 | 196,711 | |||||||
| Total Repurchase Agreements (Cost $1,296,418) | 1,296,418 | ||||||||
| Total Investments — 106.5% (Cost $21,918,757) | 21,464,139 | ||||||||
| Liabilities in Excess of Other Assets — (6.5)% | (1,313,362 | ) | |||||||
| Net Assets — 100.0% |
$ | 20,150,777 | |||||||
ETF — Exchange Traded Fund
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,266,828; the aggregate market value of the collateral held by the fund is $1,296,418. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Equity Fund | 96.5 | % | ||
| Money Market Fund | 3.6 | |||
| Repurchase Agreements | 6.4 | |||
| Total Investments | 106.5 | |||
| Liabilities in Excess of Other Assets | (6.5 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
27
ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 39.1% |
|||||||||
| Currency Fund — 6.9% |
|||||||||
| PowerShares DB US Dollar Index Bullish Fund*(a) | 8,768 | $ | 224,899 | ||||||
| ProShares UltraShort Euro* | 7,569 | 193,237 | |||||||
| ProShares UltraShort Yen* | 2,263 | 198,895 | |||||||
| Total Currency Fund | 617,031 | ||||||||
| Debt Fund — 4.2% |
|||||||||
| Direxion Daily 20 Year Plus Treasury Bull 3x Shares* | 5,108 | 379,167 | |||||||
| Equity Fund — 28.0% |
|||||||||
| Energy Select Sector SPDR Fund | 1,220 | 73,871 | |||||||
| Global X FTSE Portugal 20 ETF | 12,454 | 125,910 | |||||||
| iShares China Large-Cap ETF | 1,517 | 53,535 | |||||||
| iShares MSCI Europe Financials ETF | 8,215 | 166,929 | |||||||
| iShares MSCI Italy Capped ETF(a) | 10,007 | 137,496 | |||||||
| iShares MSCI Spain Capped ETF(a) | 4,269 | 120,685 | |||||||
| iShares Residential Real Estate Capped ETF | 3,752 | 237,952 | |||||||
| Technology Select Sector SPDR Fund | 13,260 | 567,925 | |||||||
| Vanguard Global ex-U.S. Real Estate ETF | 7,095 | 362,555 | |||||||
| WisdomTree India Earnings Fund(a) | 2,298 | 45,638 | |||||||
| WisdomTree Japan Hedged Equity Fund | 9,096 | 455,527 | |||||||
| WisdomTree Japan Hedged Financials Fund(a) | 6,552 | 170,418 | |||||||
| Total Equity Fund | 2,518,441 | ||||||||
| Total Exchange Traded Funds (Cost $3,604,604) | 3,514,639 | ||||||||
| CLOSED-END FUND — 2.1% |
|||||||||
| Country Fund — 2.1% |
|||||||||
| Morgan Stanley China A Share Fund, Inc. (Cost $236,666) | 9,526 | 189,663 | |||||||
| MONEY
MARKET FUND — 59.9% |
|||||||||
| Goldman Sachs Financial Square Fund, 0.30%(b) (Cost $5,381,819) |
5,381,819 | 5,381,819 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| REPURCHASE AGREEMENT — 2.2%(c) |
|||||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $195,471, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $198,829) (Cost $195,464) |
$ | 195,464 | $ | 195,464 | |||||
| Total Investments — 103.3% (Cost $9,418,553) | 9,281,585 | ||||||||
| Liabilities in Excess of Other Assets — (3.3)% | (298,148 | ) | |||||||
| Net Assets — 100.0% | $ | 8,983,437 | |||||||
ETF — Exchange Traded Fund
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $190,571; the aggregate market value of the collateral held by the fund is $195,464. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Country Fund | 2.1 | % | ||
| Currency Fund | 6.9 | |||
| Debt Fund | 4.2 | |||
| Equity Fund | 28.0 | |||
| Money Market Fund | 59.9 | |||
| Repurchase Agreements | 2.2 | |||
| Total Investments | 103.3 | |||
| Liabilities in Excess of Other Assets | (3.3 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
28
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES — 34.4% |
|||||||||
| Commercial Mortgage Backed Securities — 18.7% |
|||||||||
| Access Point Funding I LLC, Class A, Series 2015-A, 2.61%, 04/15/20‡ | $ | 161,195 | $ | 160,994 | |||||
| Aventura Mall Trust, Class A, Series 2013-AVM, 3.87%, 12/05/32@‡ |
115,000 | 120,292 | |||||||
| BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29‡ |
274,872 | 277,540 | |||||||
| Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.79%, 04/10/49@ |
1,514,000 | 1,533,796 | |||||||
| Bayview Commercial Asset Trust, Class A3, Series 2008-1, 1.92%, 01/25/38@‡ | 285,197 | 277,160 | |||||||
| Bcrr Trust, Class 2A1, Series 2009-1, 5.86%, 07/17/40@‡ |
125,193 | 126,213 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW14, 5.24%, 12/11/38 | 285,000 | 290,743 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2005-PW10, 5.45%, 12/11/40@ | 73,831 | 73,758 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW13, 5.58%, 09/11/41@ | 885,000 | 904,526 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW15, 5.36%, 02/11/44 | 265,000 | 270,208 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW18, 6.08%, 06/11/50@ | 820,000 | 872,656 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.88%, 06/11/50@ | 990,000 | 1,042,386 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.92%, 06/11/50@ | 630,633 | 658,230 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50 | 970,000 | 1,012,000 | |||||||
| CD Commercial Mortgage Trust, Class AMFX, Series 2007-CD4, 5.37%, 12/11/49@ | 895,000 | 914,234 | |||||||
| CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49 | 1,133,993 | 1,153,883 | |||||||
| Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.90%, 12/10/49@ | 140,000 | 144,809 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) |
|||||||||
| Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.34%, 12/10/49@ |
$ | 530,000 | $ | 564,246 | |||||
| Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.90%, 12/10/49@ |
1,389,628 | 1,440,684 | |||||||
| Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.81%, 06/14/50@‡ |
777,965 | 806,425 | |||||||
| Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡ | 876,828 | 868,396 | |||||||
| Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡ |
460,000 | 545,217 | |||||||
| Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49@ | 1,050,000 | 1,092,073 | |||||||
| Credit Suisse Commercial Mortgage Trust, Class A1A, Series 2007-C1, 5.36%, 02/15/40 |
477,617 | 490,927 | |||||||
| Credit Suisse Commercial Mortgage Trust, Class 1A, Series 2010-RR7, 5.38%, 08/12/48@‡ |
441,784 | 451,180 | |||||||
| DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44 |
818,909 | 822,303 | |||||||
| Extended Stay America Trust, Class A17, Series 2013-ESH7, 2.30%, 12/05/31‡ | 735,000 | 733,016 | |||||||
| GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.99%, 08/10/45@ | 2,320,636 | 2,415,323 | |||||||
| GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.99%, 08/10/45@ | 895,947 | 921,489 | |||||||
| Hilton USA Trust, Class EFX, Series 2013-HLT, 5.61%, 11/05/30@‡ |
535,000 | 536,302 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2015-SGP, 3.08%, 07/15/36@‡ | 535,000 | 536,951 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 6.11%, 04/15/45@ | 1,190,000 | 1,201,804 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2006-LDP7, 6.11%, 04/15/45@ | 137,290 | 137,772 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47 | 980,000 | 997,282 | |||||||
See accompanying Notes to Financial Statements.
29
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) |
|||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2006-LDP9, 5.34%, 05/15/47 | $ | 2,376,743 | $ | 2,422,273 | |||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@ | 275,000 | 280,417 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-CB19, 5.89%, 02/12/49@ | 1,578,180 | 1,629,242 | |||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51@ | 2,255,000 | 2,340,995 | |||||||
| LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 6.10%, 07/15/44@ | 595,676 | 618,435 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C2, 5.43%, 02/15/40 | 1,027,482 | 1,055,311 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40@ | 1,068,150 | 1,100,143 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@ | 666,546 | 700,294 | |||||||
| Merrill Lynch Mortgage Trust, Class AM, Series 2006-C1, 5.91%, 05/12/39@ | 890,000 | 893,671 | |||||||
| Morgan Stanley Capital I Trust, Class A4, Series 2008-T29, 6.46%, 01/11/43@ | 170,268 | 181,372 | |||||||
| Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.46%, 01/11/43@ | 860,000 | 922,390 | |||||||
| Morgan Stanley Capital I Trust, Class A4, Series 2006-IQ12, 5.33%, 12/15/43 | 436,117 | 444,097 | |||||||
| Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ14, 5.69%, 04/15/49@ | 800,000 | 821,291 | |||||||
| Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.87%, 04/15/49@ | 226,000 | 230,102 | |||||||
| Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49 | 365,502 | 382,197 | |||||||
| Motel 6 Trust, Class B, Series 2015-MTL6, 3.30%, 02/05/30‡ |
385,000 | 381,915 | |||||||
| VFC LLC, Class A, Series 2014-2, 2.75%, 07/20/30‡ | 34,998 | 34,975 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C30, 5.34%, 12/15/43 |
921,336 | 943,047 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) |
|||||||||
| Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C30, 5.38%, 12/15/43 |
$ | 870,000 | $ | 899,537 | |||||
| Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C31, 5.59%, 04/15/47@ |
1,380,000 | 1,431,586 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 04/15/47 |
770,000 | 792,092 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.90%, 06/15/49@ |
1,045,000 | 1,071,615 | |||||||
| Total Commercial Mortgage Backed Securities | 43,971,815 | ||||||||
| Residential Mortgage Backed Securities — 15.4% |
|||||||||
| Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34 |
170,949 | 181,228 | |||||||
| American Homes 4 Rent, Class A, Series 2014-SFR1, 1.35%, 06/17/31@‡ |
272,502 | 267,606 | |||||||
| Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35# |
322,485 | 332,414 | |||||||
| B2R Mortgage Trust, Class A1, Series 2015-1, 2.52%, 05/15/48‡ |
224,978 | 220,543 | |||||||
| Banc of America Alternative Loan Trust, Class 2A1, Series 2003-10, 6.00%, 12/25/33 |
611,108 | 634,210 | |||||||
| Banc of America Funding Trust, Class 5A1, Series 2004-A, 2.62%, 07/20/34@ | 178,644 | 178,042 | |||||||
| Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35 | 233,911 | 236,532 | |||||||
| Banc of America Mortgage Trust, Class 4A1, Series 2004-5, 4.75%, 06/25/19 | 346,893 | 348,665 | |||||||
| Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19 | 513,304 | 513,759 | |||||||
| Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37# | 511,194 | 538,974 | |||||||
| Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 2.36%, 04/25/34@ | 692,770 | 687,547 | |||||||
| Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 2.84%, 01/25/35@ | 1,058,782 | 1,060,057 | |||||||
| Bear Stearns ARM Trust, Class 12A3, Series 2004-10, 2.89%, 01/25/35@ | 379,467 | 376,328 | |||||||
See accompanying Notes to Financial Statements.
30
ADVISORSHARES
NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Residential Mortgage Backed Securities (continued) |
|||||||||
| Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.35%, 09/25/34# | $ | 438,000 | $ | 459,630 | |||||
| Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.67%, 07/25/36# | 391,142 | 404,274 | |||||||
| Citicorp Residential Mortgage Trust, Class A6, Series 2007-2, 5.47%, 06/25/37# | 308,857 | 320,432 | |||||||
| Citigroup Mortgage Loan Trust, Class A, Series 2014-A, 4.00%, 01/25/35@‡ | 633,443 | 658,096 | |||||||
| Citigroup Mortgage Loan Trust, Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡ | 589,668 | 597,830 | |||||||
| Citigroup Mortgage Loan Trust, Class A1, Series 2015-A, 3.50%, 06/25/58@ | 456,802 | 457,923 | |||||||
| Citigroup Mortgage Loan Trust, Inc., Class A2, Series 2003-UP3, 7.00%, 09/25/33 | 207,782 | 219,849 | |||||||
| Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.31%, 08/25/34@ | 335,692 | 337,069 | |||||||
| Colony American Finance Ltd., Class A, Series 2015-1 (Cayman Islands), 2.90%, 10/15/47‡ |
439,201 | 433,273 | |||||||
| Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35# |
609,562 | 621,867 | |||||||
| Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.03%, 04/25/43@‡ |
1,053,002 | 1,062,962 | |||||||
| Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19 | 106,522 | 108,116 | |||||||
| Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.48%, 09/25/34@ | 199,346 | 198,959 | |||||||
| FDIC Trust, Class A, Series 2013-N1, 4.50%, 10/25/18‡ |
78,551 | 78,796 | |||||||
| Federal Home Loan Mortgage Corporation, Class M2, Series 2014-DN2, 2.07%, 04/25/24@ |
500,000 | 491,736 | |||||||
| GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 3.07%, 06/25/34@ | 496,254 | 506,408 | |||||||
| GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34# |
176,250 | 186,133 | |||||||
| GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.31%, 06/25/34@ | 715,003 | 697,284 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Residential Mortgage Backed Securities (continued) |
|||||||||
| GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%, 01/25/37 | $ | 26,149 | $ | 25,029 | |||||
| Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 0.67%, 06/25/28@ | 282,418 | 270,341 | |||||||
| Irwin Home Equity Loan Trust, Class M1, Series 2003-A, 1.97%, 10/25/27@ | 292,420 | 290,099 | |||||||
| Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡ | 527,240 | 528,799 | |||||||
| JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡ | 229,913 | 235,768 | |||||||
| JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 2.50%, 07/25/34@ | 328,263 | 327,143 | |||||||
| JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.72%, 08/25/34@ | 333,365 | 335,285 | |||||||
| JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.15%, 04/25/35@ | 802,901 | 787,857 | |||||||
| JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡ | 359,167 | 375,415 | |||||||
| JPMorgan Trust, Class A2, Series 2015-5, 2.91%, 05/25/45@‡ |
946,827 | 955,415 | |||||||
| MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34 | 425,140 | 449,172 | |||||||
| MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20 | 267,448 | 270,206 | |||||||
| MASTR Asset Securitization Trust, Class 4A5, Series 2003-5, 5.50%, 06/25/33 | 519,682 | 527,488 | |||||||
| Mastr Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡# | 399,737 | 406,216 | |||||||
| Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 2.56%, 08/25/34@ | 863,927 | 882,266 | |||||||
| Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.99%, 06/25/44@‡ |
692,017 | 702,979 | |||||||
| New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡ | 750,587 | 767,766 | |||||||
| New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡ | 363,626 | 370,414 | |||||||
| New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡ |
872,862 | 889,716 | |||||||
See accompanying Notes to Financial Statements.
31
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Residential Mortgage Backed Securities (continued) |
|||||||||
| New Residential Mortgage Loan Trust, Class A1, Series 2015-2A, 3.75%, 08/25/55@ | $ | 1,046,332 | $ | 1,064,734 | |||||
| NovaStar Mortgage Funding Trust, Class M5, Series 2004-4, 2.15%, 03/25/35@ | 1,205,000 | 1,173,392 | |||||||
| RALI Trust, Class A3, Series 2003-QS22, 5.38%, 12/26/33 |
12,857 | 12,876 | |||||||
| RALI Trust, Class CB5, Series 2003-QS17, 5.50%, 09/25/33 |
356,222 | 368,068 | |||||||
| RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@ |
108,469 | 109,841 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 2.67%, 02/25/34@ |
447,151 | 437,951 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 2.58%, 04/25/34@ | 890,513 | 892,776 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 2.58%, 04/25/34@ | 167,215 | 166,087 | |||||||
| Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 2.55%, 05/25/34@ | 361,604 | 361,497 | |||||||
| Structured Asset Sec Corp. Pass-Through Cert., Class A3, Series 2002-AL1, 3.45%, 02/25/32 |
1,006,134 | 997,123 | |||||||
| Structured Asset Securities Corp., Class 2A, Series 2003-37A, 4.42%, 12/25/33@ | 307,136 | 308,860 | |||||||
| Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.50%, 02/25/34# | 610,142 | 637,169 | |||||||
| Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡ |
1,195,468 | 1,180,834 | |||||||
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33 |
435,005 | 445,329 | |||||||
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.79%, 11/25/33@ |
320,793 | 316,668 | |||||||
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34 |
280,479 | 285,076 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Residential Mortgage Backed Securities (continued) |
|||||||||
| Towd Point Mortgage Trust, Class A1B, Series 2015-3, 3.00%, 03/25/54@‡ | $ | 627,915 | $ | 626,786 | |||||
| Vericrest Opportunity Loan Trust, Class A1, Series 2014-NPL9, 3.38%, 11/25/54‡# | 204,513 | 202,849 | |||||||
| Vericrest Opportunity Loan Trust, Class A1, Series 2015-NPL3, 3.38%, 10/25/58‡# | 358,605 | 355,019 | |||||||
| VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55‡# |
255,208 | 252,505 | |||||||
| VOLT XXXI LLC, Class A1, Series 2015-NPL2, 3.38%, 02/25/55‡# |
388,415 | 384,147 | |||||||
| WaMu Mortgage Pass-Through Certificates, Class A1, Series 2003-AR6, 2.55%, 06/25/33@ |
288,910 | 289,564 | |||||||
| Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 2.24%, 08/25/33@ |
189,673 | 187,704 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 2.62%, 06/25/33@ |
31,301 | 31,621 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 2.62%, 10/25/33@ |
200,786 | 203,321 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2003-J, 2.63%, 10/25/33@ |
198,010 | 199,929 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 2.80%, 02/25/34@ |
245,239 | 245,913 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.74%, 07/25/34@ |
161,586 | 163,230 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.74%, 07/25/34@ |
449,183 | 451,087 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.74%, 10/25/34@ |
509,535 | 509,609 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 2.85%, 12/25/34@ |
189,805 | 190,105 | |||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35 |
141,735 | 145,454 | |||||||
See accompanying Notes to Financial Statements.
32
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Residential Mortgage Backed Securities (continued) |
|||||||||
| WinWater Mortgage Loan Trust, Class A1, Series 2014-1, 3.96%, 06/20/44@‡ | $ | 567,374 | $ | 584,464 | |||||
| Total Residential Mortgage Backed Securities | 36,595,504 | ||||||||
| U.S. Government Agency Securities — 0.3% |
|||||||||
| Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41 |
612,447 | 645,815 | |||||||
| Total Mortgage Backed Securities (Cost $83,603,545) |
81,213,134 | ||||||||
| ASSET BACKED SECURITIES — 24.7% |
|||||||||
| AmeriCredit Automobile Receivables, Class C, Series 2015-4, 2.88%, 07/08/21 | 715,000 | 711,216 | |||||||
| AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20 | 500,000 | 498,869 | |||||||
| AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21 |
655,000 | 650,973 | |||||||
| AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18 | 1,050,000 | 1,058,270 | |||||||
| AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19 | 575,000 | 576,794 | |||||||
| AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20 | 755,000 | 754,153 | |||||||
| Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21‡ | 600,000 | 597,844 | |||||||
| Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@ | 232,534 | 249,895 | |||||||
| Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡ | 500,000 | 499,680 | |||||||
| Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡ | 1,140,000 | 1,132,196 | |||||||
| Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡ | 1,465,000 | 1,492,109 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25@ |
$ | 214,970 | $ | 223,342 | |||||
| Beacon Container Finance LLC, Class A, Series 2012-1A, 3.72%, 09/20/27‡ | 598,045 | 596,363 | |||||||
| BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡ | 215,272 | 213,266 | |||||||
| BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡ | 488,834 | 480,866 | |||||||
| California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20 | 645,000 | 642,088 | |||||||
| California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20 | 500,000 | 493,371 | |||||||
| California Republic Auto Receivables Trust, Class B, Series 2015-3, 2.70%, 09/15/21 | 645,000 | 620,786 | |||||||
| Capital Auto Receivables Asset Trust, Class C, Series 2013-1, 1.74%, 10/22/18 | 415,000 | 414,715 | |||||||
| Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19 | 635,000 | 639,758 | |||||||
| Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20 | 650,000 | 643,729 | |||||||
| CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19‡ | 350,000 | 351,845 | |||||||
| CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡ | 200,000 | 199,659 | |||||||
| CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡ | 480,000 | 475,295 | |||||||
| CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡ | 1,000,000 | 992,343 | |||||||
| CarFinance Capital Auto Trust, Class D, Series 2014-1A, 4.90%, 04/15/20‡ | 415,000 | 415,959 | |||||||
| CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20 | 700,000 | 697,780 | |||||||
| CarMax Auto Owner Trust, Class B, Series 2015-4, 2.16%, 08/16/21 | 713,000 | 704,086 | |||||||
| CarMax Auto Owner Trust, Class C, Series 2015-2, 2.39%, 03/15/21 | 615,000 | 609,706 | |||||||
| Carnow Auto Receivables Trust, Class D, Series 2014-1A, 4.16%, 11/15/18‡ | 400,000 | 397,964 | |||||||
See accompanying Notes to Financial Statements.
33
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 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 | $ | 995,491 | |||||
| CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21‡ | 420,000 | 420,181 | |||||||
| Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡ | 737,008 | 727,833 | |||||||
| Chrysler Capital Auto Receivables Trust, Class D, Series 2014-BA, 3.44%, 08/16/21‡ | 680,000 | 683,284 | |||||||
| Citi Held For Asset Issuance, Class A, Series 2015-PM3, 2.56%, 05/16/22‡ | 700,000 | 699,887 | |||||||
| CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡ | 594,425 | 591,835 | |||||||
| CLI Funding V LLC, Class A, Series 2014-2A, 3.38%, 10/18/29‡ | 441,562 | 428,558 | |||||||
| Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@ | 323,131 | 337,529 | |||||||
| Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡ | 485,501 | 481,900 | |||||||
| Diamond Resorts Owner Trust, Class A, Series 2015-2, 2.99%, 05/22/28‡ | 436,252 | 436,126 | |||||||
| Domino’s Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42‡ | 194,989 | 200,766 | |||||||
| DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡ | 705,000 | 700,516 | |||||||
| Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21‡ | 590,000 | 590,976 | |||||||
| Drive Auto Receivables Trust, Class C, Series 2015-DA, 3.38%, 11/15/21‡ | 1,000,000 | 995,888 | |||||||
| Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡ | 361,668 | 364,468 | |||||||
| DT Auto Owner Trust, Class C, Series 2013-2A, 3.06%, 09/16/19‡ | 306,949 | 307,548 | |||||||
| DT Auto Owner Trust, Class C, Series 2014-1A, 2.64%, 10/15/19‡ | 670,000 | 670,925 | |||||||
| DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20‡ | 300,000 | 299,669 | |||||||
| DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡ | 560,000 | 560,548 | |||||||
| DT Auto Owner Trust, Class C, Series 2015-3A, 3.25%, 07/15/21‡ | 655,000 | 650,163 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| Exeter Automobile Receivables Trust, Class B, Series 2013-2A, 3.09%, 07/16/18‡ | $ | 157,073 | $ | 157,273 | |||||
| Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡ | 500,000 | 500,607 | |||||||
| Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡ | 1,110,000 | 1,111,160 | |||||||
| Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡ | 880,000 | 867,101 | |||||||
| Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡ | 500,000 | 495,758 | |||||||
| Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡ | 600,000 | 591,165 | |||||||
| Foursight Capital Automobile Receivables Trust, Class B, Series 2014-1, 3.56%, 11/22/21‡ | 500,000 | 503,450 | |||||||
| Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡ | 456,591 | 452,874 | |||||||
| Hertz Vehicle Financing II LP, Class A, Series 2015-2A, 2.02%, 09/25/19‡ | 1,075,000 | 1,061,040 | |||||||
| Hertz Vehicle Financing LLC, Class A2, Series 2011-1A, 3.29%, 03/25/18‡ | 1,150,000 | 1,167,168 | |||||||
| Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡ | 873,415 | 862,828 | |||||||
| Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡ | 295,446 | 290,033 | |||||||
| Hyundai Auto Receivables Trust, Class B, Series 2015-C, 2.15%, 11/15/21 | 1,000,000 | 995,327 | |||||||
| Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20 | 425,000 | 421,456 | |||||||
| Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21 | 500,000 | 504,088 | |||||||
| LEAF Receivables Funding 10 LLC, Class D, Series 2015-1, 3.74%, 05/17/21‡ | 615,000 | 597,561 | |||||||
| LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21‡ | 345,000 | 350,622 | |||||||
| Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡ | 888,367 | 887,866 | |||||||
| Mid-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35 | 352,908 | 376,234 | |||||||
| MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡ | 601,398 | 598,569 | |||||||
See accompanying Notes to Financial Statements.
34
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38 | $ | 301,237 | $ | 317,371 | |||||
| OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡ | 730,000 | 727,697 | |||||||
| OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡ | 325,000 | 321,598 | |||||||
| Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡ | 525,687 | 515,738 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18 | 90,580 | 90,860 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2012-4, 2.94%, 12/15/17 | 170,816 | 171,601 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19 | 600,000 | 599,511 | |||||||
| Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20 | 600,000 | 600,659 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2012-2, 3.87%, 02/15/18 | 300,000 | 303,289 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2012-6, 2.52%, 09/17/18 | 350,000 | 351,702 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19 | 500,000 | 500,263 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19 | 475,000 | 476,745 | |||||||
| Santander Drive Auto Receivables Trust, Class D, Series 2014-4, 3.10%, 11/16/20 | 600,000 | 600,271 | |||||||
| Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡ | 200,563 | 198,975 | |||||||
| Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31‡ | 137,510 | 137,623 | |||||||
| Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29‡ | 137,056 | 138,099 | |||||||
| Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25‡ | 134,896 | 135,757 | |||||||
| Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡ | 554,194 | 549,428 | |||||||
| SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡ | 500,000 | 486,703 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡ |
$ | 270,000 | $ | 272,005 | |||||
| SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡ | 1,275,000 | 1,269,315 | |||||||
| SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20‡ | 655,000 | 655,647 | |||||||
| SoFi Professional Loan Program LLC, Class A2, Series 2014-A, 3.02%, 10/25/27‡ | 230,878 | 231,108 | |||||||
| SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡ | 664,936 | 659,788 | |||||||
| SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30‡ | 370,798 | 364,854 | |||||||
| TAL Advantage V LLC, Class A, Series 2013-1A, 2.83%, 02/22/38‡ | 394,167 | 392,239 | |||||||
| TAL Advantage V LLC, Class A, Series 2014-3A, 3.27%, 11/21/39‡ | 445,833 | 438,674 | |||||||
| TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡ | 800,000 | 799,290 | |||||||
| Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡ | 500,000 | 498,551 | |||||||
| Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44‡ | 256,002 | 256,315 | |||||||
| Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41‡ | 304,704 | 312,770 | |||||||
| U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23‡ | 866,836 | 883,920 | |||||||
| Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡ | 566,511 | 558,167 | |||||||
| Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡ | 533,663 | 527,632 | |||||||
| Westlake Automobile Receivables Trust, Class C, Series 2014-1A, 1.70%, 11/15/19‡ | 795,000 | 792,083 | |||||||
| Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20‡ | 500,000 | 495,625 | |||||||
| Total Asset Backed Securities (Cost $59,049,706) | 58,603,064 | ||||||||
| CORPORATE BONDS — 19.6% |
|||||||||
| Consumer Discretionary — 1.5% |
|||||||||
| American Axle & Manufacturing, Inc., 5.13%, 02/15/19 |
115,000 | 116,581 | |||||||
See accompanying Notes to Financial Statements.
35
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Consumer Discretionary (continued) |
|||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22 |
$ | 85,000 | $ | 86,063 | |||||
| CCO Safari II LLC, 4.46%, 07/23/22‡ | 175,000 | 174,585 | |||||||
| Churchill Downs, Inc., 5.38%, 12/15/21‡ |
175,000 | 176,313 | |||||||
| Lennar Corp., 4.50%, 11/15/19 |
305,000 | 311,672 | |||||||
| Marriott International, Inc., Series N, 3.13%, 10/15/21 |
520,000 | 519,769 | |||||||
| QVC, Inc., 3.13%, 04/01/19 |
505,000 | 498,804 | |||||||
| Time Warner Cable, Inc., 6.75%, 07/01/18 |
205,000 | 223,795 | |||||||
| Toll Brothers Finance Corp., 4.00%, 12/31/18 | 375,000 | 383,438 | |||||||
| Toll Brothers Finance Corp., 6.75%, 11/01/19 | 117,000 | 129,285 | |||||||
| TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 4.38%, 06/15/19 |
575,000 | 564,938 | |||||||
| Wyndham Worldwide Corp., 2.50%, 03/01/18 | 450,000 | 448,337 | |||||||
| Total Consumer Discretionary | 3,633,580 | ||||||||
| Consumer Staples — 0.1% |
|||||||||
| Kraft Heinz Foods Co., 2.80%, 07/02/20‡ |
185,000 | 184,715 | |||||||
| Energy — 1.5% |
|||||||||
| Antero Resources Corp., 5.63%, 06/01/23‡(a) |
210,000 | 164,850 | |||||||
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22‡ |
155,000 | 107,725 | |||||||
| Enbridge Energy Partners LP, 4.38%, 10/15/20 | 110,000 | 107,421 | |||||||
| Kinder Morgan, Inc., 5.63%, 11/15/23‡ |
545,000 | 498,968 | |||||||
| MPLX LP, 5.50%, 02/15/23‡ |
320,000 | 281,600 | |||||||
| Newfield Exploration Co., 5.75%, 01/30/22 |
140,000 | 124,600 | |||||||
| NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19 |
535,000 | 425,325 | |||||||
| Parker Drilling Co., 6.75%, 07/15/22 |
100,000 | 69,000 | |||||||
| Regency Energy Partners LP/Regency Energy Finance Corp., 5.00%, 10/01/22 |
440,000 | 390,326 | |||||||
| Sabine Oil & Gas Corp., 7.25%, 06/15/19ˆ |
92,000 | 6,210 | |||||||
| Sunoco LP/Sunoco Finance Corp., 6.38%, 04/01/23‡ |
665,000 | 628,425 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Energy (continued) |
|||||||||
| Transocean, Inc., 5.80%, 12/15/16 |
$ | 545,000 | $ | 530,694 | |||||
| Weatherford International Ltd., 9.63%, 03/01/19 | 150,000 | 146,250 | |||||||
| Total Energy | 3,481,394 | ||||||||
| Financials — 9.3% |
|||||||||
| Air Lease Corp., 2.63%, 09/04/18 |
520,000 | 514,327 | |||||||
| Aircastle Ltd., 5.13%, 03/15/21 |
210,000 | 216,300 | |||||||
| Ally Financial, Inc., 3.25%, 02/13/18 |
225,000 | 224,438 | |||||||
| Ally Financial, Inc., 3.25%, 11/05/18 |
145,000 | 142,644 | |||||||
| Ally Financial, Inc., 4.13%, 03/30/20(a) |
270,000 | 269,325 | |||||||
| American Campus Communities Operating Partnership LP, 3.35%, 10/01/20 |
95,000 | 94,965 | |||||||
| American Tower Trust I, 1.55%, 03/15/18‡ |
347,000 | 339,297 | |||||||
| Ares Capital Corp., 4.88%, 11/30/18 |
76,000 | 79,183 | |||||||
| Ares Capital Corp., 3.88%, 01/15/20(a) |
210,000 | 213,383 | |||||||
| Associated Banc-Corp., 5.13%, 03/28/16 |
60,000 | 60,330 | |||||||
| Aviation Capital Group Corp., 3.88%, 09/27/16‡ |
430,000 | 433,763 | |||||||
| Aviation Capital Group Corp., 2.88%, 09/17/18‡ |
195,000 | 194,125 | |||||||
| Bank of America Corp., 2.00%, 01/11/18 |
235,000 | 234,816 | |||||||
| Bank of America Corp., Series L, 5.65%, 05/01/18 | 200,000 | 215,179 | |||||||
| Bank of America Corp., 5.49%, 03/15/19 |
66,000 | 71,272 | |||||||
| Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49@ | 555,000 | 544,594 | |||||||
| Bear Stearns Cos. LLC (The), 7.25%, 02/01/18 | 75,000 | 82,756 | |||||||
| Block Financial LLC, 4.13%, 10/01/20 |
315,000 | 319,286 | |||||||
| Brixmor Operating Partnership LP, 3.88%, 08/15/22 |
210,000 | 209,337 | |||||||
| Capital One Financial Corp., 6.15%, 09/01/16 | 400,000 | 412,220 | |||||||
| Corporate Office Properties LP, 3.70%, 06/15/21 | 460,000 | 446,028 | |||||||
| Corrections Corp. of America, 5.00%, 10/15/22 | 755,000 | 754,999 | |||||||
| Countrywide Financial Corp., 6.25%, 05/15/16 | 130,000 | 132,203 | |||||||
See accompanying Notes to Financial Statements.
36
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Financials (continued) |
|||||||||
| DDR Corp., 7.88%, 09/01/20 |
$ | 280,000 | $ | 335,451 | |||||
| DDR Corp., 3.50%, 01/15/21 |
145,000 | 143,981 | |||||||
| Digital Delta Holdings LLC, 3.40%, 10/01/20‡ | 420,000 | 420,910 | |||||||
| Digital Realty Trust LP, 3.95%, 07/01/22 |
270,000 | 268,490 | |||||||
| DuPont Fabros Technology LP, 5.88%, 09/15/21 | 475,000 | 496,375 | |||||||
| Fifth Third Bancorp, 4.50%, 06/01/18 |
321,000 | 338,194 | |||||||
| First Horizon National Corp., 3.50%, 12/15/20 | 550,000 | 545,838 | |||||||
| First Tennessee Bank NA, 2.95%, 12/01/19 |
250,000 | 248,325 | |||||||
| Ford Motor Credit Co. LLC, 8.13%, 01/15/20 | 455,000 | 536,360 | |||||||
| Ford Motor Credit Co. LLC, 3.20%, 01/15/21 | 650,000 | 646,347 | |||||||
| FS Investment Corp., 4.25%, 01/15/20 |
435,000 | 437,090 | |||||||
| FS Investment Corp., 4.75%, 05/15/22 |
160,000 | 155,449 | |||||||
| General Motors Financial Co., Inc., 2.40%, 04/10/18 |
355,000 | 353,450 | |||||||
| Genworth Holdings, Inc., 7.63%, 09/24/21 |
200,000 | 167,090 | |||||||
| GLP Capital LP/GLP Financing II, Inc., 4.88%, 11/01/20(a) |
530,000 | 522,050 | |||||||
| Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17 |
670,000 | 696,085 | |||||||
| Government Properties Income Trust, 3.75%, 08/15/19 |
85,000 | 85,458 | |||||||
| HCP, Inc., 3.75%, 02/01/19 |
175,000 | 180,659 | |||||||
| Healthcare Trust of America Holdings LP, 3.38%, 07/15/21 |
150,000 | 148,042 | |||||||
| HSBC USA, Inc., 1.70%, 03/05/18 |
200,000 | 198,947 | |||||||
| HSBC USA, Inc., 2.63%, 09/24/18 |
225,000 | 228,319 | |||||||
| Huntington Bancshares, Inc., 7.00%, 12/15/20(a) | 200,000 | 233,140 | |||||||
| International Lease Finance Corp., 3.88%, 04/15/18 |
390,000 | 393,900 | |||||||
| iStar, Inc., 4.00%, 11/01/17 |
410,000 | 403,030 | |||||||
| Jefferies Group LLC, 5.13%, 04/13/18 |
275,000 | 286,326 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Financials (continued) |
|||||||||
| JPMorgan Chase & Co., 6.13%, 06/27/17 |
$ | 280,000 | $ | 296,618 | |||||
| JPMorgan Chase & Co., 2.25%, 01/23/20 |
380,000 | 374,052 | |||||||
| JPMorgan Chase & Co., Series Z, 5.30%, 12/29/49@ | 40,000 | 39,950 | |||||||
| Kimco Realty Corp., 3.40%, 11/01/22 |
105,000 | 104,169 | |||||||
| Lazard Group LLC, 4.25%, 11/14/20 |
275,000 | 285,150 | |||||||
| Lincoln National Corp., 8.75%, 07/01/19 |
125,000 | 150,243 | |||||||
| Lincoln National Corp., 6.05%, 04/20/67@ |
100,000 | 78,250 | |||||||
| McGraw-Hill Financial, Inc., 3.30%, 08/14/20 | 210,000 | 212,016 | |||||||
| Morgan Stanley, 5.55%, 04/27/17 | 425,000 | 446,069 | |||||||
| Morgan Stanley, 2.13%, 04/25/18 | 180,000 | 180,341 | |||||||
| MPT Operating Partnership LP/MPT Finance Corp., 6.38%, 02/15/22 |
45,000 | 46,069 | |||||||
| National Retail Properties, Inc., 5.50%, 07/15/21 | 250,000 | 276,375 | |||||||
| New York Life Global Funding, 1.95%, 02/11/20‡ | 65,000 | 63,760 | |||||||
| Prudential Financial, Inc., 5.20%, 03/15/44@ |
300,000 | 290,775 | |||||||
| Sabra Health Care LP/Sabra Capital Corp., 5.50%, 02/01/21 |
370,000 | 382,950 | |||||||
| Santander Holdings USA, Inc., 2.65%, 04/17/20 | 475,000 | 466,475 | |||||||
| SBA Tower Trust, 2.93%, 12/15/17‡ |
725,000 | 734,320 | |||||||
| Select Income REIT, 4.15%, 02/01/22 |
515,000 | 494,907 | |||||||
| Senior Housing Properties Trust, 3.25%, 05/01/19 | 415,000 | 413,843 | |||||||
| Springleaf Finance Corp., 5.25%, 12/15/19 |
190,000 | 180,975 | |||||||
| State Street Corp., 4.96%, 03/15/18 |
300,000 | 314,925 | |||||||
| TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19‡ |
400,000 | 401,157 | |||||||
| Ventas Realty LP, 4.00%, 04/30/19 |
310,000 | 322,495 | |||||||
| Voya Financial, Inc., 2.90%, 02/15/18 |
365,000 | 369,134 | |||||||
| Wells Fargo & Co., 5.13%, 09/15/16 |
75,000 | 77,104 | |||||||
| Willis North America, Inc., 6.20%, 03/28/17 |
250,000 | 263,000 | |||||||
See accompanying Notes to Financial Statements.
37
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Financials (continued) |
|||||||||
| Zions Bancorporation, 4.50%, 03/27/17 |
$ | 330,000 | $ | 336,678 | |||||
| Total Financials | 22,275,876 | ||||||||
| Health Care — 1.2% |
|||||||||
| AbbVie, Inc., 2.50%, 05/14/20 |
540,000 | 535,119 | |||||||
| CHS/Community Health Systems, Inc., 5.13%, 08/15/18 |
170,000 | 171,700 | |||||||
| Forest Laboratories LLC, 4.38%, 02/01/19‡ |
200,000 | 209,666 | |||||||
| Fresenius US Finance II, Inc., 4.50%, 01/15/23(Germany)‡ | 140,000 | 141,750 | |||||||
| HCA, Inc., 3.75%, 03/15/19 |
160,000 | 161,600 | |||||||
| HCA, Inc., 6.50%, 02/15/20 |
185,000 | 202,020 | |||||||
| Owens & Minor, Inc., 3.88%, 09/15/21 |
95,000 | 94,710 | |||||||
| Quintiles Transnational Corp., 4.88%, 05/15/23‡ | 170,000 | 171,700 | |||||||
| Tenet Healthcare Corp., 6.25%, 11/01/18 |
150,000 | 158,625 | |||||||
| Tenet Healthcare Corp., 5.00%, 03/01/19 |
60,000 | 55,650 | |||||||
| Tenet Healthcare Corp., 4.01%, 06/15/20@‡ |
260,000 | 254,800 | |||||||
| Tenet Healthcare Corp., 6.00%, 10/01/20 |
105,000 | 111,038 | |||||||
| Zimmer Biomet Holdings, Inc., 2.70%, 04/01/20 | 295,000 | 291,582 | |||||||
| Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22 | 295,000 | 290,415 | |||||||
| Total Health Care | 2,850,375 | ||||||||
| Industrials — 4.1% |
|||||||||
| ADT Corp. (The), 6.25%, 10/15/21(a) |
540,000 | 566,757 | |||||||
| America West Airlines Pass-Through Trust, Series 991G, 7.93%, 01/02/19 |
317,246 | 340,643 | |||||||
| America West Airlines Pass-Through Trust, Series 011G, 7.10%, 04/02/21 |
930,186 | 1,015,064 | |||||||
| American Airlines Group, Inc., 4.63%, 03/01/20‡ | 195,000 | 186,225 | |||||||
| Continental Airlines Class A Pass-Through Trust, Series 991A, 6.55%, 02/02/19 |
311,697 | 331,942 | |||||||
| Continental Airlines Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20 | 474,923 | 532,508 | |||||||
| Continental Airlines Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21 | 588,158 | 612,419 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Industrials (continued) |
|||||||||
| Continental Airlines Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20 | $ | 212,762 | $ | 226,592 | |||||
| Delta Air Lines Class A Pass-Through Trust, Series 2A, 4.95%, 05/23/19 | 611,458 | 642,794 | |||||||
| Delta Air Lines Class A Pass-Through Trust, Series A, 4.75%, 05/07/20 | 948,072 | 1,001,400 | |||||||
| HD Supply, Inc., 5.25%, 12/15/21‡(a) |
360,000 | 368,550 | |||||||
| Lockheed Martin Corp., 1.85%, 11/23/18 |
115,000 | 114,877 | |||||||
| Lockheed Martin Corp., 2.50%, 11/23/20 |
195,000 | 194,065 | |||||||
| Masco Corp., 5.95%, 03/15/22 |
400,000 | 433,000 | |||||||
| Northwest Airlines Class G-2 Pass-Through Trust, Series 02-1, 6.26%, 11/20/21 |
515,493 | 537,685 | |||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, 06/15/19 |
195,000 | 191,972 | |||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡ |
230,000 | 223,491 | |||||||
| SBA Tower Trust, 3.16%, 10/15/20‡ |
425,000 | 418,102 | |||||||
| Textron, Inc., 4.63%, 09/21/16 |
400,000 | 408,644 | |||||||
| UAL Pass-Through Trust, Series 09-2, 9.75%, 01/15/17 |
356,905 | 376,980 | |||||||
| UAL Pass-Through Trust, Series 071A, 6.64%, 07/02/22 |
123,566 | 131,753 | |||||||
| United Rentals North America, Inc., 4.63%, 07/15/23 |
310,000 | 310,388 | |||||||
| Total Industrials | 9,165,851 | ||||||||
| Information Technology — 0.7% |
|||||||||
| Dun & Bradstreet Corp. (The), 3.25%, 12/01/17 | 150,000 | 151,236 | |||||||
| Dun & Bradstreet Corp. (The), 4.00%, 06/15/20(a) | 150,000 | 152,241 | |||||||
| Fidelity National Information Services, Inc., 3.63%, 10/15/20 |
305,000 | 309,305 | |||||||
| Hewlett Packard Enterprise Co., 2.45%, 10/05/17‡ | 435,000 | 434,816 | |||||||
| Hewlett Packard Enterprise Co., 2.85%, 10/05/18‡ | 325,000 | 325,032 | |||||||
| Hewlett Packard Enterprise Co., 3.60%, 10/15/20‡ | 65,000 | 65,219 | |||||||
| Juniper Networks, Inc., 3.30%, 06/15/20 |
110,000 | 109,634 | |||||||
See accompanying Notes to Financial Statements.
38
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Information Technology (continued) |
|||||||||
| Oracle Corp., 2.50%, 05/15/22 |
$ | 200,000 | $ | 196,474 | |||||
| Total Information Technology | 1,743,957 | ||||||||
| Materials — 0.1% |
|||||||||
| Airgas, Inc., 3.05%, 08/01/20 |
43,000 | 43,314 | |||||||
| Ball Corp., 4.38%, 12/15/20 |
25,000 | 25,438 | |||||||
| Huntsman International LLC, 4.88%, 11/15/20(a) | 200,000 | 183,500 | |||||||
| Total Materials | 252,252 | ||||||||
| Telecommunication Services — 0.7% |
|||||||||
| AT&T, Inc., 3.88%, 08/15/21 |
210,000 | 216,923 | |||||||
| AT&T, Inc., 3.00%, 06/30/22 |
205,000 | 200,376 | |||||||
| Frontier Communications Corp., 7.13%, 03/15/19 | 250,000 | 251,225 | |||||||
| Frontier Communications Corp., 8.88%, 09/15/20‡(a) | 60,000 | 60,900 | |||||||
| Frontier Communications Corp., 6.25%, 09/15/21 | 185,000 | 157,713 | |||||||
| Frontier Communications Corp., 10.50%, 09/15/22‡ | 65,000 | 64,919 | |||||||
| Level 3 Financing, Inc., 5.38%, 01/15/24‡ |
95,000 | 95,713 | |||||||
| T-Mobile USA, Inc., 6.46%, 04/28/19 | 275,000 | 283,888 | |||||||
| Verizon Communications, Inc., 2.50%, 09/15/16 | 43,000 | 43,343 | |||||||
| Verizon Communications, Inc., 3.65%, 09/14/18 | 50,000 | 52,318 | |||||||
| Verizon Communications, Inc., 2.55%, 06/17/19 | 200,000 | 202,687 | |||||||
| Verizon Communications, Inc., 4.60%, 04/01/21 | 125,000 | 134,511 | |||||||
| Total Telecommunication Services | 1,764,516 | ||||||||
| Utilities — 0.4% |
|||||||||
| AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20 | 45,000 | 43,988 | |||||||
| AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22 | 235,000 | 228,538 | |||||||
| Exelon Corp., 2.85%, 06/15/20 | 555,000 | 552,538 | |||||||
| Talen Energy Supply LLC, 4.63%, 07/15/19‡ |
265,000 | 200,075 | |||||||
| Total Utilities | 1,025,139 | ||||||||
| Total Corporate Bonds (Cost $47,344,360) |
46,377,655 | ||||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS — 10.7% |
|||||||||
| Consumer Discretionary — 3.8% |
|||||||||
| Allison Transmission, Inc., 3.50%, 08/23/19@ |
$ | 40,689 | $ | 40,498 | |||||
| Altice US Finance I Corp., 4.25%, 12/14/22@ |
481,169 | 474,553 | |||||||
| Aristocrat International Pty Ltd., 4.75%, 10/20/21 (Australia)@ | 394,154 | 393,168 | |||||||
| Boyd Gaming Corp., 4.00%, 08/14/20@ |
260,858 | 260,019 | |||||||
| Caesars Entertainment Corp., 1.50%, 10/31/16@ | 136,711 | 124,351 | |||||||
| CCO Safari III LLC, 3.25%, 08/24/21@ |
90,000 | 89,421 | |||||||
| CCO Safari III LLC, 3.50%, 01/21/23@ | 77,000 | 77,032 | |||||||
| CDS US Intermediate Holdings, Inc., 5.00%, 07/08/22@ | 537,653 | 508,528 | |||||||
| Charter Communications Operating, LLC, 3.00%, 07/01/20@ |
412,594 | 405,976 | |||||||
| CityCenter Holdings LLC, 4.25%, 10/16/20@ |
237,668 | 236,361 | |||||||
| CSC Holdings LLC, 2.92%, 04/17/20@ |
451,035 | 450,191 | |||||||
| FCA U.S. LLC, 3.25%, 12/31/18@ | 324,225 | 321,874 | |||||||
| Hanesbrands, Inc., 3.25%, 04/29/22@ |
32,753 | 32,903 | |||||||
| Hilton Worldwide Finance LLC, 3.50%, 10/25/20@ | 794,077 | 793,626 | |||||||
| Jarden Corp., 3.17%, 09/30/20@ |
17,908 | 17,921 | |||||||
| Jarden Corp., 3.17%, 07/30/22@ |
125,685 | 125,711 | |||||||
| Landry’s, Inc., 4.00%, 04/24/18@ |
179,965 | 179,319 | |||||||
| Las Vegas Sands, LLC, 3.25%, 12/19/20@ |
$ | 534,653 | 530,175 | ||||||
| Libbey Glass, Inc., 3.75%, 04/09/21@ |
313,230 | 308,923 | |||||||
| MGM Resorts International, 3.50%, 12/20/19@ | 354,086 | 349,955 | |||||||
| PetSmart, Inc., 4.25%, 03/10/22@ |
529,926 | 517,274 | |||||||
| PVH Corp., 3.25%, 02/13/20@ |
204,914 | 206,378 | |||||||
| Seminole Tribe of Florida, Inc., 3.00%, 04/29/20@ | 364,677 | 363,159 | |||||||
| Six Flags Theme Parks, Inc., 3.50%, 06/30/22@ | 152,235 | 152,236 | |||||||
| SRAM LLC, 5.50%, 04/10/20@ |
190,786 | 158,829 | |||||||
| Staples, Inc., 0.00%, 04/24/21@(b) |
248,000 | 245,726 | |||||||
| TI Group Automotive Systems LLC, 4.50%, 06/30/22 (United Kingdom)@ |
451,868 | 442,830 | |||||||
See accompanying Notes to Financial Statements.
39
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Consumer Discretionary (continued) |
|||||||||
| Univision Communications, Inc., 4.00%, 03/01/20@ | $ | 698,659 | $ | 685,035 | |||||
| Virgin Media Investment Holdings Ltd., 3.50%, 06/30/23 (United Kingdom)@ |
336,661 | 330,165 | |||||||
| Total Consumer Discretionary | 8,822,137 | ||||||||
| Consumer Staples — 1.2% |
|||||||||
| Albertson’s Holdings LLC, 5.50%, 08/25/21@ |
527,929 | 524,368 | |||||||
| ARAMARK Corp., 3.25%, 09/07/19@ |
458,954 | 458,667 | |||||||
| ARAMARK Corp., 3.25%, 02/24/21@ |
494,962 | 491,045 | |||||||
| Coty, Inc., 3.75%, 10/27/22@ |
90,476 | 89,996 | |||||||
| Galleria Co., 0.00%, 10/22/22@(b) |
180,952 | 179,935 | |||||||
| Hostess Brands LLC, 4.50%, 08/03/22@ |
683,288 | 681,579 | |||||||
| Kronos, Inc., 4.50%, 10/30/19@ |
430,155 | 424,242 | |||||||
| Spectrum Brands, Inc., 3.50%, 06/23/22@ |
58,238 | 58,159 | |||||||
| Total Consumer Staples | 2,907,991 | ||||||||
| Energy — 0.2% |
|||||||||
| MEG Energy Corp., 3.75%, 03/31/20 (Canada)@ |
571,080 | 506,834 | |||||||
| Financials — 0.7% |
|||||||||
| Delos Finance Sarl, 3.50%, 03/06/21@ |
633,000 | 631,813 | |||||||
| Realogy Group LLC, 3.75%, 03/05/20@ |
492,462 | 489,793 | |||||||
| TransUnion LLC, 3.50%, 04/09/21@ |
407,534 | 396,837 | |||||||
| Total Financials | 1,518,443 | ||||||||
| Health Care — 1.2% |
|||||||||
| Alere, Inc., 4.25%, 06/18/22@ |
221,616 | 220,116 | |||||||
| CHS/Community Health Systems, Inc., 3.66%, 12/31/18@ |
268,542 | 265,465 | |||||||
| CHS/Community Health Systems, Inc., 4.00%, 01/27/21@ |
533,659 | 526,417 | |||||||
| ConvaTec, Inc., 4.25%, 06/15/20 (United Kingdom)@ |
19,900 | 19,602 | |||||||
| Davita HealthCare Partners, Inc., 3.50%, 06/24/21@ | 107,365 | 107,141 | |||||||
| Emdeon, Inc., 3.75%, 11/02/18@ |
348,835 | 343,494 | |||||||
| Endo Luxembourg Finance I Co. Sarl, 3.75%, 09/25/22 (Luxembourg)@ | 147,000 | 145,346 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Health Care (continued) |
|||||||||
| Envision Healthcare Corp, 4.50%, 10/28/22@ |
$ | 464,000 | $ | 462,028 | |||||
| IASIS Healthcare LLC, 4.50%, 05/03/18@ |
144,522 | 142,209 | |||||||
| Quintiles Transnational Corp, 3.25%, 05/12/22@ | 75,620 | 75,588 | |||||||
| RPI Finance Trust, 3.50%, 11/09/20@ |
303,699 | 303,036 | |||||||
| Team Health, Inc., 4.50%, 11/23/22@ |
226,000 | 225,647 | |||||||
| Valeant Pharmaceuticals International, Inc., 3.50%, 02/13/19@ |
259,734 | 251,154 | |||||||
| Total Health Care | 3,087,243 | ||||||||
| Industrials — 1.2% |
|||||||||
| Air Canada, 4.00%, 09/26/19 (Canada)@ |
231,475 | 231,283 | |||||||
| American Airlines, Inc., 3.25%, 06/27/20@ |
305,000 | 301,021 | |||||||
| American Airlines, Inc., 3.50%, 10/10/21@ |
251,460 | 249,417 | |||||||
| Avis Budget Car Rental LLC, 3.00%, 03/15/19@ | 607,076 | 606,441 | |||||||
| AWAS Finance Luxembourg 2012 SA, 3.50%, 07/16/18@ | 440,872 | 440,460 | |||||||
| McJunkin Red Man Corp., 4.75%, 11/09/19@ |
56,970 | 53,267 | |||||||
| Nortek, Inc., 3.50%, 10/30/20@ |
589,167 | 577,201 | |||||||
| TransDigm, Inc., 3.75%, 06/04/21@ | 545,481 | 532,916 | |||||||
| United Airlines, Inc., 3.50%, 09/15/21@ | 104,238 | 103,977 | |||||||
| Total Industrials | 3,095,983 | ||||||||
| Information Technology — 1.0% |
|||||||||
| Avago Technologies Cayman Ltd., 3.75%, 05/06/21 (Singapore)@ |
614,620 | 613,726 | |||||||
| Blue Coat Systems, Inc., 4.50%, 05/26/22@ |
220,000 | 213,217 | |||||||
| Deltek, Inc., 5.00%, 06/25/22@ |
22,187 | 21,974 | |||||||
| Equinix, Inc., 0.00%, 01/08/23@(b) |
25,000 | 25,125 | |||||||
| First Data Corp, 4.17%, 07/10/22@ |
264,000 | 260,601 | |||||||
| First Data Corp., 3.92%, 03/24/18@ |
732,000 | 723,715 | |||||||
| NXP BV, 3.75%, 12/07/20 (Netherlands)@ |
348,000 | 347,217 | |||||||
| Total Information Technology | 2,205,575 | ||||||||
| Materials — 0.4% |
|||||||||
| Anchor Glass Container Corp., 4.50%, 06/24/22@ | 535,000 | 534,165 | |||||||
See accompanying Notes to Financial Statements.
40
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Materials (continued) |
|||||||||
| AZ Chem U.S., Inc., 4.50%, 06/12/21@ |
$ | 84,173 | $ | 84,015 | |||||
| Ineos U.S. Finance LLC, 3.75%, 12/15/20@ |
194,781 | 187,477 | |||||||
| Owens-Brockway Glass Container, Inc., 3.50%, 09/01/22@ |
109,725 | 109,565 | |||||||
| PolyOne Corp, 3.75%, 11/12/22@ |
174,000 | 174,381 | |||||||
| Total Materials | 1,089,603 | ||||||||
| Telecommunication Services — 0.6% |
|||||||||
| Crown Castle Operating Co., 3.00%, 01/31/21@ | 658,863 | 657,150 | |||||||
| Level 3 Financing, Inc., 4.00%, 01/15/20@ |
225,000 | 224,658 | |||||||
| Level 3 Financing, Inc., 3.50%, 05/31/22@ |
110,000 | 108,488 | |||||||
| T-Mobile USA, Inc., 3.50%, 11/09/22@ |
382,000 | 382,478 | |||||||
| Total Telecommunication Services | 1,372,774 | ||||||||
| Utilities — 0.4% |
|||||||||
| Calpine Corp., 3.50%, 05/27/22@ |
446,755 | 427,209 | |||||||
| NRG Energy, Inc., 2.75%, 07/01/18@ | 384,191 | 374,826 | |||||||
| Total Utilities | 802,035 | ||||||||
| Total Term Loans (Cost $25,738,558) |
25,408,618 | ||||||||
| FOREIGN BONDS — 4.4% |
|||||||||
| Consumer Discretionary — 0.4% |
|||||||||
| British Airways 2013-1 Class B Pass-Through Trust, 5.63%, 06/20/20 (United Kingdom)‡ | 315,389 | 328,793 | |||||||
| Delphi Automotive PLC, 3.15%, 11/19/20 (United Kingdom) | 530,000 | 529,908 | |||||||
| NCL Corp. Ltd., 4.63%, 11/15/20 (Bermuda)‡ | 225,000 | 221,450 | |||||||
| Total Consumer Discretionary | 1,080,151 | ||||||||
| Financials — 2.1% |
|||||||||
| AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.25%, 07/01/20 (Netherlands) | 165,000 | 166,650 | |||||||
| AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.50%, 05/15/21 (Netherlands) | 165,000 | 168,094 | |||||||
| Axis Bank Ltd., 3.25%, 05/21/20 (India)‡ | 450,000 | 452,242 | |||||||
| BAE Systems Holdings, Inc., 2.85%, 12/15/20 (United Kingdom)‡ | 145,000 | 144,796 | |||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| FOREIGN BONDS (continued) |
|||||||||
| Financials (continued) |
|||||||||
| Banco Santander Chile, 2.33%, 06/07/18 (Chile)@‡ |
$ | 200,000 | $ | 200,500 | |||||
| Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 01/14/19 (Netherlands) |
300,000 | 301,186 | |||||||
| Corp. Andina de Fomento, 3.75%, 01/15/16 (Supranational) | 100,000 | 100,081 | |||||||
| Daimler Finance North America LLC, 2.45%, 05/18/20 (Germany)‡ |
500,000 | 490,702 | |||||||
| Guanay Finance Ltd., 6.00%, 12/15/20 (Chile)‡ |
460,000 | 456,550 | |||||||
| Industrial & Commercial Bank of China Ltd., 3.23%, 11/13/19 (China) |
475,000 | 483,407 | |||||||
| Intesa Sanpaolo SpA, Series G, 3.13%, 01/15/16 (Italy) | 200,000 | 200,101 | |||||||
| Korea Development Bank (The), 4.63%, 11/16/21 (South Korea) | 375,000 | 412,062 | |||||||
| Macquarie Group Ltd., 6.00%, 01/14/20 (Australia)‡ |
290,000 | 320,357 | |||||||
| Royal Bank of Scotland Group PLC, 6.40%, 10/21/19 (United Kingdom) |
350,000 | 388,647 | |||||||
| WEA Finance LLC/Westfield UK & Europe Finance PLC, 3.25%, 10/05/20 (Australia)‡ |
535,000 | 537,634 | |||||||
| XLIT Ltd., Series E, 6.50%, 12/29/49 (Ireland)@ |
105,000 | 76,519 | |||||||
| Total Financials | 4,899,528 | ||||||||
| Health Care — 0.3% |
|||||||||
| Actavis Funding SCS, 3.00%, 03/12/20 (Luxembourg) |
85,000 | 85,145 | |||||||
| Actavis Funding SCS, 3.45%, 03/15/22 (Luxembourg) |
85,000 | 85,208 | |||||||
| Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.88%, 04/15/20 (Luxembourg)‡ |
20,000 | 19,350 | |||||||
| Mylan NV, 3.00%, 12/15/18 (Netherlands)‡ |
140,000 | 139,789 | |||||||
| Valeant Pharmaceuticals International, Inc., 5.38%, 03/15/20 (Canada)‡ |
570,000 | 538,650 | |||||||
| Total Health Care | 868,142 | ||||||||
| Industrials — 0.9% |
|||||||||
| Air Canada 2013-1 Class B Pass-Through Trust, 5.38%, 05/15/21 (Canada)‡ |
474,802 | 478,956 | |||||||
See accompanying Notes to Financial Statements.
41
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal |
Value | |||||||
| FOREIGN BONDS | |||||||||
| Industrials (continued) |
|||||||||
| Bombardier, Inc., 4.75%, 04/15/19 (Canada)‡ |
$ | 240,000 | $ | 198,600 | |||||
| Virgin Australia Trust, Series 2013-1A, 5.00%, 10/23/23 (Australia)‡ |
1,127,925 | 1,165,991 | |||||||
| Total Industrials | 1,843,547 | ||||||||
| Materials — 0.0%** |
|||||||||
| Methanex Corp., 3.25%, 12/15/19 (Canada) |
100,000 | 95,517 | |||||||
| Telecommunication Services — 0.4% |
|||||||||
| Alibaba Group Holding Ltd., 2.50%, 11/28/19 (China) | 700,000 | 684,746 | |||||||
| Telefonica Emisiones SAU, 6.42%, 06/20/16 (Spain) |
100,000 | 102,310 | |||||||
| Total Telecommunication Services | 787,056 | ||||||||
| Utilities — 0.3% |
|||||||||
| Majapahit Holding BV, 7.75%, 01/20/20 (Indonesia)‡ |
245,000 | 274,706 | |||||||
| State Grid Overseas Investment 2014 Ltd., 2.75%, 05/07/19 (China)‡ |
500,000 | 505,690 | |||||||
| Total Utilities | 780,396 | ||||||||
| Total Foreign Bonds (Cost $10,486,647) |
10,354,337 | ||||||||
| U.S. TREASURY NOTE — 0.5% |
|||||||||
| U.S. Treasury Note, 04/15/18, 0.75% (Cost $1,246,240) |
1,250,000 | 1,238,038 | |||||||
| U.S. GOVERNMENT AGENCY SECURITIES — 0.8% |
|||||||||
| Federal National Mortgage Association, 3.00%, 10/01/30 |
1,030,291 | 1,062,652 | |||||||
| Federal Home Loan Mortgage Corporation, 3.50%, 03/01/45 |
556,214 | 573,991 | |||||||
| Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37 |
115,941 | 122,999 | |||||||
| Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41 |
328,876 | 341,195 | |||||||
| Total U.S. Government Agency Securities (Cost $2,107,330) | 2,100,837 | ||||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| MONEY MARKET FUND — 4.1% |
|||||||||
| BofA Cash Reserves Money Market Fund – Capital Class, 0.31%(c) (Cost $9,728,567) | 9,728,567 | $ | 9,728,567 | ||||||
| REPURCHASE AGREEMENTS — 0.8%(d) | |||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $269,926, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $274,337) |
$ | 269,916 | 269,916 | ||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $418,834, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $425,829) |
418,821 | 418,821 | |||||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $418,835, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $426,008) |
418,821 | 418,821 | |||||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $418,835, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $426,032) |
418,821 | 418,821 | |||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $273,048, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $277,695) |
273,040 | 273,040 | |||||||
| Total Repurchase Agreements (Cost $1,799,419) | 1,799,419 | ||||||||
| Total Investments — 100.0% (Cost $241,104,372) | 236,823,669 | ||||||||
| Other Assets in Excess of Liabilities — 0.0%** | 107,428 | ||||||||
| Net Assets — 100.0% |
$ | 236,931,097 | |||||||
See accompanying Notes to Financial Statements.
42
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
PLC — Public Limited Company
| ˆ | Is in default. |
| ** | 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 December 31, 2015. |
| # | Represents step coupon bond. Rate shown reflects the rate in effect as of December 31, 2015. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,639,054; the aggregate market value of the collateral held by the fund is $2,747,588. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $948,169. |
| (b) | This Loan will settle after December 31, 2015 at which time the interest rate will be determined. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Asset Backed Securities | 24.7 | % | ||
| Commercial Mortgage Backed Securities | 18.7 | |||
| Consumer Discretionary | 5.7 | |||
| Consumer Staples | 1.3 | |||
| Energy | 1.7 | |||
| Financials | 12.1 | |||
| Health Care | 2.7 | |||
| Industrials | 6.2 | |||
| Information Technology | 1.7 | |||
| Materials | 0.5 | |||
| Residential Mortgage Backed Securities | 15.4 | |||
| Telecommunication Services | 1.7 | |||
| U.S. Treasury Note | 0.5 | |||
| U.S. Government Agency Securities | 1.1 | |||
| Utilities | 1.1 | |||
| Money Market Fund | 4.1 | |||
| Repurchase Agreements | 0.8 | |||
| Total Investments | 100.0 | |||
| Other Assets in Excess of Liabilities | 0.0 | ** | ||
| Net Assets | 100.0 | % | ||
| ** | Less than 0.05%. |
See accompanying Notes to Financial Statements.
43
ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Food — 3.8% |
|||||||||
| Albertsons LLC, 5.50%, 03/21/19@ |
$ | 496,250 | $ | 495,320 | |||||
| U.S. Foods, Inc., 4.50%, 03/31/19@ |
494,924 | 489,665 | |||||||
| Total Food | 984,985 | ||||||||
| Hand/Machine Tools — 1.8% |
|||||||||
| Apex Tool Group LLC, 4.50%, 01/31/20@ |
495,542 | 476,186 | |||||||
| Healthcare – Services — 3.7% |
|||||||||
| CHS/Community Health Systems, Inc., 3.75%, 12/31/19@ |
174,735 | 170,777 | |||||||
| CHS/Community Health Systems, Inc., 4.00%, 01/27/21@ |
321,508 | 317,146 | |||||||
| IASIS Healthcare LLC (Luxembourg), 4.50%, 05/03/18@ |
496,164 | 488,225 | |||||||
| Total Healthcare – Services | 976,148 | ||||||||
| Household Products/Wares — 1.9% |
|||||||||
| Reynolds Group Holdings, Inc., 4.50%, 12/01/18@ | 487,336 | 483,427 | |||||||
| Insurance — 1.8% |
|||||||||
| HUB International Ltd., 4.00%, 10/02/20@ |
247,481 | 234,257 | |||||||
| USI, Inc., 4.25%, 12/27/19@ |
247,468 | 240,354 | |||||||
| Total Insurance | 474,611 | ||||||||
| Internet — 0.9% |
|||||||||
| Zayo Group LLC, 3.75%, 05/06/21@ |
247,489 | 243,953 | |||||||
| Leisure Time — 3.3% |
|||||||||
| 24 Hour Fitness Worldwide, Inc., 4.75%, 05/28/21@ | 247,487 | 231,710 | |||||||
| Bombardier Recreational Products, Inc., 3.75%, 01/30/19@ |
250,000 | 248,036 | |||||||
| ClubCorp Club Operations, Inc., 4.25%, 07/24/20@ | 374,521 | 374,053 | |||||||
| Total Leisure Time | 853,799 | ||||||||
| Lodging — 2.5% |
|||||||||
| Caesars Entertainment Resort Properties LLC, 7.00%, 10/09/20@ |
247,475 | 225,976 | |||||||
| Caesars Growth Properties Holdings LLC, 6.25%, 05/08/21@ |
247,487 | 218,408 | |||||||
| Hilton Worldwide Finance LLC, 3.50%, 10/26/20@ | 211,250 | 211,130 | |||||||
| Total Lodging | 655,514 | ||||||||
| Machinery-Diversified — 2.8% |
|||||||||
| Husky Injection Molding Systems Ltd., 7.25%, 06/30/22@ |
246,382 | 237,758 | |||||||
See accompanying Notes to Financial Statements.
44
ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Machinery-Diversified (continued) |
|||||||||
| Rexnord, 4.00%, 08/21/20@ |
$ | 494,937 | $ | 481,019 | |||||
| Total Machinery-Diversified | 718,777 | ||||||||
| Media — 1.6% |
|||||||||
| Altice US Finance I Corp., 4.25%, 12/21/22@ |
248,680 | 244,017 | |||||||
| iHeartCommunications, Inc., 7.17%, 01/30/19@ | 250,000 | 175,894 | |||||||
| Total Media | 419,911 | ||||||||
| Mining — 1.4% |
|||||||||
| FMG Resources Pty. Ltd., 4.25%, 06/30/19@ |
494,937 | 369,490 | |||||||
| Miscellaneous Manufacturing — 0.9% |
|||||||||
| Gates Global LLC, 4.25%, 07/05/21@ |
247,494 | 232,820 | |||||||
| Packaging & Containers — 5.5% |
|||||||||
| Ardagh Holdings USA, Inc., 4.00%, 12/17/19@ | 494,962 | 487,909 | |||||||
| BWAY Holding Co. (Canada), 5.50%, 08/14/20@ | 494,975 | 477,344 | |||||||
| SIG Combibloc (Luxembourg), 4.25%, 03/11/22@ | 496,250 | 489,543 | |||||||
| Total Packaging & Containers | 1,454,796 | ||||||||
| Retail — 18.0% |
|||||||||
| BJ’s Wholesale Club, Inc., 4.50%, 09/26/19@ |
495,376 | 476,180 | |||||||
| Burger King, 3.75%, 12/12/21@ | 377,578 | 374,746 | |||||||
| CEC Entertainment, Inc., 4.25%, 02/15/21@ |
494,962 | 471,452 | |||||||
| Dollar Tree, Inc. (Canada), 3.50%, 07/06/22@ | 208,339 | 208,079 | |||||||
| Doosan Infracore International, Inc., 4.50%, 05/28/21@ |
247,277 | 244,959 | |||||||
| Jo-Ann Stores LLC, 4.00%, 03/16/18@ | 239,590 | 225,215 | |||||||
| Leslie’s Poolmart (Australia), 4.25%, 10/16/19@ | 247,443 | 241,814 | |||||||
| Michaels Stores, Inc., 4.00%, 01/28/20@ |
203,776 | 202,842 | |||||||
| Neiman Marcus Group Ltd. LLC (Ireland), 4.25%, 10/25/20@ |
496,212 | 440,646 | |||||||
| NPC International, Inc., 4.75%, 12/28/18@ |
495,496 | 490,746 | |||||||
| PetSmart, Inc., 4.25%, 03/11/22@ |
497,500 | 485,622 | |||||||
| Pilot Travel Centers LLC, 3.75%, 10/03/21@ |
367,714 | 368,909 | |||||||
| Rite Aid Corp. (Canada), 5.75%, 08/21/20@ |
250,000 | 250,844 | |||||||
| Smart & Final Stores LLC, 4.00%, 11/15/19@ |
250,000 | 247,291 | |||||||
| Total Retail | 4,729,345 | ||||||||
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Software — 0.9% |
|||||||||
| Infor U.S., Inc., 3.75%, 06/03/20@ |
$ | 247,429 | $ | 232,944 | |||||
| Telecommunications — 1.9% |
|||||||||
| Level 3 Financing, Inc., 3.50%, 05/31/22@ |
500,000 | 493,125 | |||||||
| Total Term Loans (Cost $21,153,641) |
20,325,609 | ||||||||
| CORPORATE BONDS — 11.5% |
|||||||||
| Commercial Services — 1.0% |
|||||||||
| United Rentals North America, Inc., 7.38%, 05/15/20(a) |
250,000 | 264,375 | |||||||
| Distribution/Wholesale — 1.1% |
|||||||||
| HD Supply, Inc., 11.50%, 07/15/20 |
250,000 | 278,125 | |||||||
| Diversified Financial Services — 0.9% |
|||||||||
| Jefferies Finance LLC, 7.38%, 04/01/20‡ |
250,000 | 223,125 | |||||||
| Electric — 1.5% |
|||||||||
| Dynegy, Inc., 6.75%, 11/01/19 |
250,000 | 236,250 | |||||||
| GenOn Energy, Inc., 9.88%, 10/15/20 |
250,000 | 186,250 | |||||||
| Total Electric | 422,500 | ||||||||
| Entertainment — 0.5% |
|||||||||
| Penn National Gaming, Inc., 5.88%, 11/01/21 | 124,000 | 120,900 | |||||||
| Healthcare – Services — 1.0% |
|||||||||
| Tenet Healthcare Corp., 8.00%, 08/01/20 |
250,000 | 251,875 | |||||||
| Home Builders — 1.0% |
|||||||||
| Lennar Corp., 4.50%, 06/15/19 |
250,000 | 255,469 | |||||||
| Lodging — 1.8% |
|||||||||
| Caesars Entertainment Resort Properties LLC, 11.00%, 10/01/21 |
250,000 | 227,500 | |||||||
| MGM Resorts International, 6.75%, 10/01/20(a) | 250,000 | 258,125 | |||||||
| Total Lodging | 485,625 | ||||||||
| Media — 1.0% |
|||||||||
| Neptune Finco Corp., 6.63%, 10/15/25‡ | 250,000 | 260,625 | |||||||
| Real Estate — 1.0% |
|||||||||
| Howard Hughes Corp. (The), 6.88%, 10/01/21‡ | 250,000 | 256,250 | |||||||
| Telecommunications — 0.7% |
|||||||||
| Sprint Communications, Inc., 6.00%, 11/15/22 | 250,000 | 176,875 | |||||||
| Total Corporate Bonds (Cost $3,189,112) |
2,995,744 | ||||||||
See accompanying Notes to Financial Statements.
45
ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| MONEY MARKET FUND — 10.5% |
|||||||||
| JP Morgan US Government Money Market Fund – Institutional Class, 0.09%(b) (Cost $2,733,858) | 2,733,858 | $ | 2,733,858 | ||||||
| Total Investments — 99.8% (Cost $27,076,611) |
26,055,211 | ||||||||
| Other Assets in Excess of Liabilities — 0.2% | 46,270 | ||||||||
| Net Assets — 100.0% |
$ | 26,101,481 | |||||||
| ‡ | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. |
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $354,481; the aggregate market value of the collateral held by the fund is $361,593, which is entirely comprised of non-cash U.S. Treasury securities. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
Total Return Swap contracts outstanding as of December 31, 2015:
|
|
|
|
|
|
|
||||||||||||||||||
| Reference Entity | Number of Contracts |
Annual Financing Rate Received (Paid) |
Termination Date |
Notional Amounts |
Fair Value |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
| iBoxx USD Liquid Leveraged Loans | 3,000,000 | 0.18 | % | 3/20/2016 | $ | 3,000,000 | $ | 2,909,177 | $ | (90,823 | ) | |||||||||||||
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.
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Advertising | 1.8 | % | ||
| Aerospace & Defense | 3.3 | |||
| Airlines | 0.8 | |||
| Auto Parts & Equipment | 3.6 | |||
| Building Materials | 1.8 | |||
| Chemicals | 2.8 | |||
| Commercial Services | 6.5 | |||
| Distribution/Wholesale | 2.9 | |||
| Diversified Financial Services | 1.9 | |||
| Electric | 1.5 | |||
| Entertainment | 2.2 | |||
| Environmental Control | 1.0 | |||
| Food | 3.8 | |||
| Hand/Machine Tools | 1.8 | |||
| Healthcare – Services | 4.7 | |||
| Home Builders | 1.0 | |||
| Household Products/Wares | 1.9 | |||
|
|
|||
| % of Net Assets |
||||
| Insurance | 1.8 | % | ||
| Internet | 0.9 | |||
| Leisure Time | 3.3 | |||
| Lodging | 4.3 | |||
| Machinery-Diversified | 2.8 | |||
| Media | 2.6 | |||
| Mining | 1.4 | |||
| Miscellaneous Manufacturing | 0.9 | |||
| Packaging & Containers | 5.5 | |||
| Real Estate | 1.0 | |||
| Retail | 18.0 | |||
| Software | 0.9 | |||
| Telecommunications | 2.6 | |||
| Money Market Fund | 10.5 | |||
| Total Investments | 99.8 | |||
| Other Assets in Excess of Liabilities | 0.2 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
46
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS — 65.6% |
|||||||||
| Agriculture — 3.5% |
|||||||||
| Alliance One International, Inc., 9.88%, 07/15/21(a) | $ | 2,813,000 | $ | 2,078,104 | |||||
| Southern States Cooperative, Inc., 10.00%, 08/15/21‡ | 5,726,000 | 4,981,620 | |||||||
| Total Agriculture | 7,059,724 | ||||||||
| Auto Parts & Equipment — 2.0% |
|||||||||
| Titan International, Inc., 6.88%, 10/01/20(a) | 3,160,000 | 2,370,000 | |||||||
| UCI International, Inc., 8.63%, 02/15/19 | 4,702,000 | 1,645,700 | |||||||
| Total Auto Parts & Equipment | 4,015,700 | ||||||||
| Banks — 2.0% |
|||||||||
| Creditcorp, 12.00%, 07/15/18‡ | 6,293,000 | 4,051,119 | |||||||
| Beverages — 1.5% |
|||||||||
| Constellation Brands, Inc., 4.75%, 12/01/25 | 500,000 | 510,625 | |||||||
| Innovation Ventures LLC/Innovation Ventures Finance Corp., 9.50%, 08/15/19‡(a) | 2,451,000 | 2,555,168 | |||||||
| Total Beverages | 3,065,793 | ||||||||
| Biotechnology — 1.3% |
|||||||||
| AMAG Pharmaceuticals, Inc., 7.88%, 09/01/23‡ | 2,980,000 | 2,637,300 | |||||||
| Chemicals — 2.4% |
|||||||||
| Hexion, Inc., 10.00%, 04/15/20 | 3,290,000 | 2,722,475 | |||||||
| Tronox Finance LLC, 6.38%, 08/15/20 | 3,710,000 | 2,251,228 | |||||||
| Total Chemicals | 4,973,703 | ||||||||
| Coal — 0.8% |
|||||||||
| Arch Coal, Inc., 8.00%, 01/15/19‡ | 13,473,000 | 538,920 | |||||||
| Murray Energy Corp., 11.25%, 04/15/21‡ | 5,595,000 | 1,049,063 | |||||||
| Total Coal | 1,587,983 | ||||||||
| Commercial Services — 5.5% |
|||||||||
| Constellis Holdings LLC/Constellis Finance Corp., 9.75%, 05/15/20‡ | 2,730,000 | 2,248,838 | |||||||
| Harland Clarke Holdings Corp., 9.25%, 03/01/21‡ | 3,198,000 | 2,522,422 | |||||||
| Quad/Graphics, Inc., 7.00%, 05/01/22 | 4,000,000 | 2,529,999 | |||||||
| Speedy Cash Intermediate Holdings Corp., 10.75%, 05/15/18‡(a) | 3,203,000 | 1,649,545 | |||||||
| StoneMor Partners LP/Cornerstone Family Services of WV, 7.88%, 06/01/21 | 2,338,000 | 2,419,830 | |||||||
| Total Commercial Services | 11,370,634 | ||||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Cosmetics/Personal Care — 1.2% |
|||||||||
| Revlon Consumer Products Corp., 5.75%, 02/15/21 | $ | 2,500,000 | $ | 2,431,250 | |||||
| Distribution/Wholesale — 0.7% |
|||||||||
| American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23‡ | 1,500,000 | 1,515,000 | |||||||
| Diversified Financial Services — 1.1% |
|||||||||
| CNG Holdings, Inc., 9.38%, 05/15/20‡ | 5,197,000 | 2,208,725 | |||||||
| Electrical Components & Equipment — 1.0% |
|||||||||
| Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡ | 2,391,000 | 2,133,968 | |||||||
| Electronics — 1.0% |
|||||||||
| Kemet Corp., 10.50%, 05/01/18(a) | 2,435,000 | 2,081,925 | |||||||
| Entertainment — 3.1% |
|||||||||
| DreamWorks Animation SKG, Inc., 6.88%, 08/15/20‡ | 2,230,000 | 2,207,700 | |||||||
| Gibson Brands, Inc., 8.88%, 08/01/18‡ | 2,620,000 | 1,532,700 | |||||||
| WMG Acquisition Corp., 6.75%, 04/15/22‡ | 3,010,000 | 2,618,700 | |||||||
| Total Entertainment | 6,359,100 | ||||||||
| Food — 5.1% |
|||||||||
| Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡ | 2,431,000 | 2,461,388 | |||||||
| Dole Food Co., Inc., 7.25%, 05/01/19‡(a) | 2,382,000 | 2,364,135 | |||||||
| Simmons Foods, Inc., 7.88%, 10/01/21‡ | 3,307,000 | 3,001,102 | |||||||
| SUPERVALU, Inc., 6.75%, 06/01/21 | 2,700,000 | 2,457,000 | |||||||
| Total Food | 10,283,625 | ||||||||
| Healthcare – Services — 3.8% |
|||||||||
| HCA, Inc., 5.88%, 02/15/26 | 250,000 | 251,563 | |||||||
| LifePoint Health, Inc., 5.88%, 12/01/23(a) | 1,000,000 | 1,017,500 | |||||||
| MEDNAX, Inc., 5.25%, 12/01/23‡ | 750,000 | 755,625 | |||||||
| Select Medical Corp., 6.38%, 06/01/21(a) | 2,825,000 | 2,486,000 | |||||||
| Vantage Oncology LLC/Vantage Oncology Finance Co., 9.50%, 06/15/17‡(a) | 3,727,000 | 3,167,950 | |||||||
| Total Healthcare — Services | 7,678,638 | ||||||||
| Home Builders — 0.5% |
|||||||||
| M/I Homes, Inc., 6.75%, 01/15/21‡ | 1,000,000 | 987,500 | |||||||
| Leisure Time — 1.7% |
|||||||||
| ICON Health & Fitness, Inc., 11.88%, 10/15/16‡(a) | 3,521,000 | 3,362,555 | |||||||
See accompanying Notes to Financial Statements.
47
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Machinery – Diversified — 1.4% |
|||||||||
| Xerium Technologies, Inc., 8.88%, 06/15/18 | $ | 3,000,000 | $ | 2,946,000 | |||||
| Media — 2.5% |
|||||||||
| Lee Enterprises, Inc., 9.50%, 03/15/22‡(a) | 2,425,000 | 2,240,094 | |||||||
| Sirius XM Radio, Inc., 6.00%, 07/15/24‡ | 2,775,000 | 2,906,812 | |||||||
| Total Media | 5,146,906 | ||||||||
| Miscellaneous Manufacturing — 2.5% |
|||||||||
| Koppers, Inc., 7.88%, 12/01/19(a) | 2,280,000 | 2,257,200 | |||||||
| Techniplas LLC, 10.00%, 05/01/20‡ | 3,862,000 | 2,780,640 | |||||||
| Total Miscellaneous Manufacturing | 5,037,840 | ||||||||
| Oil & Gas — 2.2% |
|||||||||
| Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.75%, 04/15/23‡ | 2,580,000 | 2,205,900 | |||||||
| Talos Production LLC/Talos Production Finance, Inc., 9.75%, 02/15/18‡ | 5,423,000 | 2,359,005 | |||||||
| Total Oil & Gas | 4,564,905 | ||||||||
| Oil & Gas Services — 2.0% |
|||||||||
| Era Group, Inc., 7.75%, 12/15/22 | 3,455,000 | 2,833,100 | |||||||
| Seitel, Inc., 9.50%, 04/15/19(a) | 1,737,000 | 1,137,735 | |||||||
| Total Oil & Gas Services | 3,970,835 | ||||||||
| Packaging & Containers — 0.1% |
|||||||||
| Ball Corp., 4.38%, 12/15/20(a) | 250,000 | 254,375 | |||||||
| Pharmaceuticals — 2.5% |
|||||||||
| BioScrip, Inc., 8.88%, 02/15/21 | 3,297,000 | 2,637,600 | |||||||
| NBTY, Inc., 9.00%, 10/01/18 | 2,420,000 | 2,456,034 | |||||||
| Total Pharmaceuticals | 5,093,634 | ||||||||
| REITS — 0.3% |
|||||||||
| Equinix, Inc., 5.88%, 01/15/26 | 500,000 | 516,250 | |||||||
| Retail — 2.8% |
|||||||||
| Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20(a) | 2,265,000 | 2,140,425 | |||||||
| Group 1 Automotive, Inc., 5.25%, 12/15/23‡ | 1,250,000 | 1,243,750 | |||||||
| Guitar Center, Inc., 6.50%, 04/15/19‡(a) | 2,525,000 | 2,133,625 | |||||||
| Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/25 | 100,000 | 101,500 | |||||||
| Total Retail | 5,619,300 | ||||||||
| Semiconductors — 1.2% |
|||||||||
| Amkor Technology, Inc., 6.38%, 10/01/22(a) | 2,425,000 | 2,367,406 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Software — 1.1% |
|||||||||
| Southern Graphics, Inc., 8.38%, 10/15/20‡ | $ | 2,135,000 | $ | 2,156,350 | |||||
| Telecommunications — 8.8% |
|||||||||
| Avaya, Inc., 9.00%, 04/01/19‡ | 3,558,000 | 2,748,554 | |||||||
| EarthLink Holdings Corp., 8.88%, 05/15/19 | 2,095,000 | 2,142,138 | |||||||
| Frontier Communications Corp., 7.63%, 04/15/24 | 2,730,000 | 2,306,850 | |||||||
| Sprint Corp., 7.25%, 09/15/21 | 3,200,000 | 2,423,040 | |||||||
| Syniverse Holdings, Inc., 9.13%, 01/15/19 | 3,275,000 | 1,514,688 | |||||||
| Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.25%, 08/15/16‡ | 4,481,000 | 4,385,778 | |||||||
| Windstream Services LLC, 7.75%, 10/01/21(a) | 3,165,000 | 2,506,284 | |||||||
| Total Telecommunications | 18,027,332 | ||||||||
| Total Corporate Bonds (Cost $178,519,187) |
133,505,375 | ||||||||
| TERM LOANS — 17.8% |
|||||||||
| Advertising — 1.1% |
|||||||||
| Affinion Group, Inc., 6.75%, 04/30/18@ | 2,484,810 | 2,293,132 | |||||||
| Agriculture — 1.0% |
|||||||||
| North Atlantic Trading Co., Inc., 7.75%, 01/13/20@ | 2,012,020 | 1,996,930 | |||||||
| North Atlantic Trading Co., Inc., 8.75%, 01/13/20@ | 92,969 | 92,272 | |||||||
| Total Agriculture | 2,089,202 | ||||||||
| Commercial Services — 0.9% |
|||||||||
| Jackson Hewitt Tax Service, Inc., 8.00%, 07/24/20@ | 2,000,000 | 1,925,000 | |||||||
| Electronics — 1.1% |
|||||||||
| Isola USA Corp., 9.25%, 11/29/18@ | 4,377,721 | 2,243,582 | |||||||
| Food — 3.3% |
|||||||||
| Flavors Holdings, Inc., 6.75%, 10/07/20@ | 2,678,555 | 2,383,914 | |||||||
| Shearer’s Foods LLC, 7.75%, 06/30/22@ | 4,431,000 | 4,220,527 | |||||||
| Total Food | 6,604,441 | ||||||||
| Forest Products & Paper — 0.9% |
|||||||||
| Appvion, Inc., 5.75%, 06/28/19@ | 2,019,025 | 1,878,966 | |||||||
| Healthcare – Services — 3.7% |
|||||||||
| Lantheus Medical Imaging, Inc., 7.00%, 06/30/22@ | 4,975,000 | 4,577,000 | |||||||
| Radnet Management, Inc., 8.00%, 03/19/21@ | 2,800,000 | 2,674,000 | |||||||
| Total Healthcare – Services | 7,251,000 | ||||||||
See accompanying Notes to Financial Statements.
48
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal |
Value | |||||||
| TERM LOANS (continued) |
|||||||||
| Oil & Gas — 1.8% |
|||||||||
| Osum Production Corp., 6.50%, 07/31/20 (Canada)@ | $ | 5,910,113 | $ | 3,634,720 | |||||
| Software — 1.5% |
|||||||||
| Greenway Medical Technologies, 9.25%, 11/04/21@ | 3,253,846 | 3,123,692 | |||||||
| Telecommunications — 1.5% |
|||||||||
| Global Tel*Link Corp, 9.00%, 11/20/20@ | 4,375,000 | 3,084,375 | |||||||
| Transportation — 1.0% |
|||||||||
| YRC Worldwide, Inc., 8.25%, 02/13/19@ | 2,327,395 | 2,040,357 | |||||||
| Total Term Loans (Cost $43,051,051) |
36,168,467 | ||||||||
| FOREIGN BONDS — 9.9% |
|||||||||
| Healthcare – Products — 1.2% |
|||||||||
| Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.63%, 10/15/23 (Luxembourg)‡ | 2,535,000 | 2,420,925 | |||||||
| Mining — 3.1% |
|||||||||
| Alamos Gold, Inc., 7.75%, 04/01/20 (Canada)‡ | 3,335,000 | 3,026,513 | |||||||
| IAMGOLD Corp., 6.75%, 10/01/20 (Canada)‡ | 4,962,000 | 3,150,869 | |||||||
| Total Mining | 6,177,382 | ||||||||
| Miscellaneous Manufacturing — 1.1% |
|||||||||
| Bombardier, Inc., 6.13%, 01/15/23 (Canada)‡ | 3,210,000 | 2,230,950 | |||||||
| Oil & Gas — 2.5% |
|||||||||
| CHC Helicopter SA, 9.38%, 06/01/21 (Canada) | 8,102,250 | 1,741,984 | |||||||
| Northern Blizzard Resources, Inc., 7.25%, 02/01/22 (Canada)‡(a) | 2,714,000 | 1,967,650 | |||||||
| Teine Energy Ltd., 6.88%, 09/30/22 (Canada)‡ | 1,670,000 | 1,352,700 | |||||||
| Total Oil & Gas | 5,062,334 | ||||||||
| Telecommunications — 1.1% |
|||||||||
| VimpelCom Holdings BV, 7.50%, 03/01/22 (Russia)‡ | 2,305,000 | 2,316,525 | |||||||
| Transportation — 0.9% |
|||||||||
| Global Ship Lease, Inc., 10.00%, 04/01/19 (United Kingdom)‡ | 2,110,000 | 1,920,100 | |||||||
| Total Foreign Bonds (Cost $29,212,307) |
20,128,216 | ||||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| MONEY MARKET FUND — 2.3% |
|||||||||
| BlackRock Liquidity Funds TempFund Portfolio – Dollar Class, 0.04%(b) (Cost $4,595,357) |
4,595,357 | $ | 4,595,357 | ||||||
| REPURCHASE AGREEMENTS — 7.4%(c) | |||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $2,271,502, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $2,308,625) |
$ | 2,271,416 | 2,271,416 | ||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $3,524,591, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $3,583,453) | 3,524,481 | 3,524,481 | |||||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $3,524,598, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $3,585,160) |
3,524,481 | 3,524,481 | |||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $3,524,610, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $3,585,149) |
3,524,481 | 3,524,481 | |||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $2,297,854, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25-03/20/65, totaling $2,336,961) | 2,297,783 | 2,297,783 | |||||||
| Total Repurchase Agreements (Cost $15,142,642) | 15,142,642 | ||||||||
| Total Investments — 103.0% (Cost $270,520,544) | 209,540,057 | ||||||||
| Liabilities in Excess of Other Assets — (3.0)% | (6,069,360 | ) | |||||||
| Net Assets — 100.0% | $ | 203,470,697 | |||||||
See accompanying Notes to Financial Statements.
49
ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
LP — Limited Partnership
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015. |
| ‡ | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $21,022,838; the aggregate market value of the collateral held by the fund is $21,517,553. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,374,911. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Advertising | 1.1 | % | ||
| Agriculture | 4.5 | |||
| Auto Parts & Equipment | 2.0 | |||
| Banks | 2.0 | |||
| Beverages | 1.5 | |||
| Biotechnology | 1.3 | |||
| Chemicals | 2.4 | |||
| Coal | 0.8 | |||
| Commercial Services | 6.4 | |||
| Cosmetics/Personal Care | 1.2 | |||
| Distribution/Wholesale | 0.7 | |||
| Diversified Financial Services | 1.1 | |||
| Electrical Components & Equipment | 1.0 | |||
| Electronics | 2.1 | |||
| Entertainment | 3.1 | |||
| Food | 8.4 | |||
| Forest Products & Paper | 0.9 | |||
| Healthcare – Products | 1.2 | |||
| Healthcare – Services | 7.5 | |||
| Home Builders | 0.5 | |||
| Leisure Time | 1.7 | |||
| Machinery – Diversified | 1.4 | |||
| Media | 2.5 | |||
| Mining | 3.1 | |||
| Miscellaneous Manufacturing | 3.6 | |||
| Oil & Gas | 6.5 | |||
| Oil & Gas Services | 2.0 | |||
| Packaging & Containers | 0.1 | |||
| Pharmaceuticals | 2.5 | |||
| REITS | 0.3 | |||
| Retail | 2.8 | |||
| Semiconductors | 1.2 | |||
| Software | 2.6 | |||
| Telecommunications | 11.4 | |||
| Transportation | 1.9 | |||
| Money Market Fund | 2.3 | |||
| Repurchase Agreements | 7.4 | |||
| Total Investments | 103.0 | % | ||
| Liabilities in Excess of Other Assets | (3.0 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
50
ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 90.1% |
|||||||||
| Commodity Fund — 0.7% |
|||||||||
| SPDR Gold Shares* | 380 | $ | 38,555 | ||||||
| Debt Fund — 28.1% |
|||||||||
| AdvisorShares Sage Core Reserves ETF†(a) | 2,800 | 277,298 | |||||||
| Guggenheim Enhanced Short Duration ETF(a) | 5,563 | 277,427 | |||||||
| iShares Short Treasury Bond ETF(a) | 3,272 | 360,639 | |||||||
| SPDR Barclays 1 – 3 Month T-Bill ETF*(a) | 7,857 | 358,908 | |||||||
| SPDR SSgA Ultra Short Term Bond ETF | 5,780 | 230,622 | |||||||
| Total Debt Fund | 1,504,894 | ||||||||
| Equity Fund — 61.3% |
|||||||||
| BioShares Biotechnology Clinical Trials Fund | 601 | 17,459 | |||||||
| EGShares India Small Cap ETF | 318 | 4,989 | |||||||
| First Trust Dow Jones Internet Index Fund* | 496 | 37,007 | |||||||
| First Trust NASDAQ ABA Community Bank Index Fund | 893 | 34,809 | |||||||
| Global X MSCI Nigeria ETF | 2,382 | 16,817 | |||||||
| Guggenheim China Small Cap ETF | 8,517 | 205,941 | |||||||
| Guggenheim China Technology ETF | 200 | 7,202 | |||||||
| Guggenheim Raymond James SB-1 Equity ETF | 5,025 | 163,664 | |||||||
| Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF | 55 | 4,658 | |||||||
| Guggenheim S&P 500 Equal Weight Energy ETF | 170 | 8,005 | |||||||
| Guggenheim S&P 500 Equal Weight ETF | 3,564 | 273,146 | |||||||
| Guggenheim S&P 500 Equal Weight Healthcare ETF | 503 | 77,205 | |||||||
| Guggenheim S&P 500 Equal Weight Technology ETF | 582 | 53,701 | |||||||
| Guggenheim S&P Midcap 400 Pure Growth ETF | 619 | 76,830 | |||||||
| Guggenheim Solar ETF | 209 | 6,404 | |||||||
| iShares Global Clean Energy ETF | 772 | 7,589 | |||||||
| iShares Global Consumer Discretionary ETF | 82 | 7,300 | |||||||
| iShares Global Healthcare ETF | 300 | 30,786 | |||||||
| iShares JPX-Nikkei 400 ETF | 398 | 20,911 | |||||||
| iShares Latin America 40 ETF | 321 | 6,802 | |||||||
| iShares Micro-Cap ETF | 2,037 | 146,868 | |||||||
| iShares Mortgage Real Estate Capped ETF | 1,297 | 12,399 | |||||||
| iShares MSCI ACWI ETF | 2,620 | 146,248 | |||||||
| iShares MSCI Brazil Capped ETF | 1,309 | 27,070 | |||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS (continued) |
|||||||||
| Equity Fund (continued) |
|||||||||
| iShares MSCI EAFE ETF | 523 | $ | 30,726 | ||||||
| iShares MSCI Emerging Markets ETF | 182 | 5,859 | |||||||
| iShares MSCI Europe Financials ETF | 510 | 10,363 | |||||||
| iShares MSCI Frontier 100 ETF | 1,955 | 48,660 | |||||||
| iShares MSCI Germany Small-Cap ETF | 1,197 | 49,544 | |||||||
| iShares MSCI India Small-Cap ETF | 1,383 | 46,026 | |||||||
| iShares MSCI Pacific ex Japan ETF | 419 | 16,085 | |||||||
| iShares MSCI Taiwan ETF | 890 | 11,365 | |||||||
| iShares MSCI United Kingdom ETF | 1,299 | 20,966 | |||||||
| iShares MSCI United Kingdom Small-Cap ETF | 1,092 | 43,191 | |||||||
| iShares MSCI USA Momentum Factor ETF | 3,532 | 258,860 | |||||||
| iShares Nasdaq Biotechnology ETF | 63 | 21,315 | |||||||
| iShares North American Natural Resources ETF | 1,529 | 43,026 | |||||||
| iShares Russell 1000 Growth ETF | 2,855 | 284,016 | |||||||
| iShares Russell 2000 Value ETF | 1,148 | 105,627 | |||||||
| iShares U.S. Healthcare Providers ETF | 488 | 60,678 | |||||||
| JPMorgan Alerian MLP Index ETN | 375 | 10,864 | |||||||
| KraneShares CSI China Internet ETF | 288 | 11,082 | |||||||
| Market Vectors Brazil Small-Cap ETF | 2,250 | 23,355 | |||||||
| Market Vectors ChinaAMC A-Share ETF | 692 | 30,503 | |||||||
| Market Vectors Egypt Index ETF | 284 | 10,852 | |||||||
| Market Vectors Gulf States Index ETF | 797 | 17,343 | |||||||
| Market Vectors Pharmaceutical ETF | 291 | 19,005 | |||||||
| Market Vectors Russia ETF | 2,508 | 36,742 | |||||||
| Market Vectors Russia Small-Cap ETF | 464 | 8,862 | |||||||
| Market Vectors Unconventional Oil & Gas ETF | 1,895 | 25,147 | |||||||
| Market Vectors Vietnam ETF | 649 | 9,599 | |||||||
| PowerShares DWA Technology Momentum Portfolio* | 143 | 5,676 | |||||||
| PowerShares Dynamic Market Portfolio | 1,135 | 83,104 | |||||||
| PowerShares S&P SmallCap Consumer Discretionary Portfolio | 913 | 41,925 | |||||||
| PowerShares S&P SmallCap Information Technology Portfolio | 900 | 47,088 | |||||||
| PureFunds ISE Cyber Security ETF* | 526 | 13,623 | |||||||
See accompanying Notes to Financial Statements.
51
ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS (continued) |
|||||||||
| Equity Fund (continued) |
|||||||||
| PureFunds ISE Mobile Payments ETF* | 504 | $ | 12,396 | ||||||
| SPDR Russell/Nomura Small Cap Japan ETF | 1,739 | 94,384 | |||||||
| SPDR S&P Emerging Asia Pacific ETF | 396 | 29,106 | |||||||
| SPDR S&P Emerging Markets SmallCap ETF | 1,565 | 59,016 | |||||||
| SPDR S&P Health Care Equipment ETF | 1,024 | 45,640 | |||||||
| SPDR S&P Insurance ETF | 211 | 14,665 | |||||||
| Vanguard FTSE All World ex-US Small-Cap ETF | 896 | 83,212 | |||||||
| Vanguard Small-Cap ETF | 548 | 60,653 | |||||||
| WisdomTree Europe SmallCap Dividend Fund | 426 | 23,856 | |||||||
| Yorkville High Income Infrastructure MLP ETF | 821 | 10,361 | |||||||
| Total Equity Fund | 3,278,176 | ||||||||
| Total Exchange Traded Funds (Cost $4,892,494) | 4,821,625 | ||||||||
| MONEY MARKET FUND — 11.1% |
|||||||||
| JP Morgan Prime Money Market Fund – Institutional Class, 0.18%(b) (Cost $595,005) |
595,005 | 595,005 | |||||||
| Total Investments Before Securities Sold, Not Yet Purchased (Cost $5,487,499) |
5,416,630 | ||||||||
| Securities Sold, Not Yet Purchased — (9.0)% |
|||||||||
| EXCHANGE TRADED FUNDS — (9.0)% |
|||||||||
| Currency Fund — (3.2)% |
|||||||||
| CurrencyShares British Pound Sterling Trust* | (475 | ) | (68,552 | ) | |||||
| CurrencyShares Euro Trust* | (165 | ) | (17,556 | ) | |||||
| CurrencyShares Japanese Yen Trust* | (1,057 | ) | (85,226 | ) | |||||
| Total Currency Fund | (171,334) | ||||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS (continued) |
|||||||||
| Equity Fund — (5.8)% |
|||||||||
| iShares Core S&P Small-Cap ETF | (171 | ) | $ | (18,829 | ) | ||||
| iShares Russell 1000 Value ETF | (1,463 | ) | (143,169 | ) | |||||
| iShares Russell 2000 Growth ETF | (741 | ) | (103,303 | ) | |||||
| SPDR EURO STOXX 50 ETF | (1,219 | ) | (41,970 | ) | |||||
| Total Equity Fund | (307,271 | ) | |||||||
| Total Securities Sold, Not Yet Purchased [Proceeds Received $(485,467)] | (478,605 | ) | |||||||
| Total Investments — 92.2% (Cost $5,002,032) |
4,938,025 | ||||||||
| Other Assets in Excess of Liabilities — 7.8% | 415,868 | ||||||||
| Net Assets — 100.0% |
$ | 5,353,893 | |||||||
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 $1,789,907 which includes cash in the amount of $521,336 as of December 31, 2015. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Commodity Fund | 0.7 | % | ||
| Currency Fund | (3.2 | ) | ||
| Debt Fund | 28.1 | |||
| Equity Fund | 55.5 | |||
| Money Market Fund | 11.1 | |||
| Total Investments | 92.2 | |||
| Other Assets in Excess of Liabilities | 7.8 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
52
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUND — 24.2% |
|||||||||
| Debt Fund — 24.2% |
|||||||||
| AdvisorShares Sage Core Reserves ETF† (Cost $29,997,150) |
300,000 | $ | 29,710,500 | ||||||
| MONEY MARKET FUNDS — 6.3% |
|||||||||
| Fidelity Institutional Money Market Government Portfolio — Class III, 0.01%(a) | 5,180,451 | 5,180,451 | |||||||
| Morgan Stanley Institutional Liquidity Funds – Government Portfolio, 0.16%(a) | 2,500,000 | 2,500,000 | |||||||
| Total Money Market Funds (Cost $7,680,451) | 7,680,451 | ||||||||
| Total Investments Before Securities Sold, Not Yet Purchased (Cost $37,677,601) |
37,390,951 | ||||||||
| Securities Sold, Not Yet Purchased — (98.5)% |
|||||||||
| COMMON STOCKS — (98.5)% |
|||||||||
| Aerospace/Defense — (2.3)% |
|||||||||
| Triumph Group, Inc. | (70,500 | ) | (2,802,375 | ) | |||||
| Apparel — (5.1)% |
|||||||||
| Carter’s, Inc. | (49,000 | ) | (4,362,470 | ) | |||||
| Hanesbrands, Inc. | (64,000 | ) | (1,883,520 | ) | |||||
| Total Apparel | (6,245,990 | ) | |||||||
| Banks — (8.0)% |
|||||||||
| BankUnited, Inc. | (49,200 | ) | (1,774,152 | ) | |||||
| Credit Suisse Group AG (Switzerland)*(b) | (70,000 | ) | (1,518,300 | ) | |||||
| Deutsche Bank AG (Germany) | (130,000 | ) | (3,139,500 | ) | |||||
| Royal Bank of Scotland Group PLC (United Kingdom)*(b) | (185,000 | ) | (1,640,950 | ) | |||||
| TCF Financial Corp. | (125,000 | ) | (1,765,000 | ) | |||||
| Total Banks | (9,837,902 | ) | |||||||
| Building Materials — (3.2)% |
|||||||||
| Louisiana-Pacific Corp.* | (100,000 | ) | (1,801,000 | ) | |||||
| Trex Co., Inc.* | (57,000 | ) | (2,168,280 | ) | |||||
| Total Building Materials | (3,969,280 | ) | |||||||
| Computers — (4.7)% |
|||||||||
| MTS Systems Corp. | (41,000 | ) | (2,599,810 | ) | |||||
| Super Micro Computer, Inc.* | (128,000 | ) | (3,137,280 | ) | |||||
| Total Computers | (5,737,090 | ) | |||||||
| Distribution/Wholesale — (3.8)% |
|||||||||
| Essendant, Inc. | (75,000 | ) | (2,438,250 | ) | |||||
| Fastenal Co. | (55,000 | ) | (2,245,100 | ) | |||||
| Total Distribution/Wholesale | (4,683,350 | ) | |||||||
| Diversified Financial Services — (3.1)% |
|||||||||
| LendingClub Corp.* | (343,225 | ) | (3,792,636) | ||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Electrical Components & Equipment — (4.1)% |
|||||||||
| Generac Holdings, Inc.* | (102,000 | ) | $ | (3,036,540 | ) | ||||
| Universal Display Corp.* | (36,000 | ) | (1,959,840 | ) | |||||
| Total Electrical Components & Equipment | (4,996,380 | ) | |||||||
| Engineering & Construction — (5.0)% |
|||||||||
| AECOM* | (97,000 | ) | (2,912,910 | ) | |||||
| Fluor Corp. | (69,000 | ) | (3,258,180 | ) | |||||
| Total Engineering & Construction | (6,171,090 | ) | |||||||
| Healthcare – Products — (2.1)% |
|||||||||
| Zeltiq Aesthetics, Inc.* | (91,000 | ) | (2,596,230 | ) | |||||
| Internet — (12.9)% |
|||||||||
| Cogent Communications Holdings, Inc. | (123,000 | ) | (4,266,870 | ) | |||||
| comScore, Inc.* | (72,300 | ) | (2,975,145 | ) | |||||
| GrubHub, Inc.* | (201,000 | ) | (4,864,200 | ) | |||||
| Shutterfly, Inc.* | (82,500 | ) | (3,676,200 | ) | |||||
| Total Internet | (15,782,415 | ) | |||||||
| Leisure Time — (4.4)% |
|||||||||
| Harley-Davidson, Inc. | (118,800 | ) | (5,392,332 | ) | |||||
| Lodging — (1.9)% |
|||||||||
| Wyndham Worldwide Corp. | (32,000 | ) | (2,324,800 | ) | |||||
| Machinery – Construction & Mining — (4.6)% |
|||||||||
| Caterpillar, Inc. | (83,100 | ) | (5,647,476 | ) | |||||
| Machinery – Diversified — (3.2)% |
|||||||||
| Flowserve Corp. | (92,000 | ) | (3,871,360 | ) | |||||
| Media — (4.8)% |
|||||||||
| Nexstar Broadcasting Group, Inc., Class A | (30,000 | ) | (1,761,000 | ) | |||||
| Scholastic Corp. | (54,400 | ) | (2,097,664 | ) | |||||
| Sinclair Broadcast Group, Inc., Class A | (63,600 | ) | (2,069,544 | ) | |||||
| Total Media | (5,928,208 | ) | |||||||
| Real Estate Investment Trust — (1.0)% |
|||||||||
| Starwood Property Trust, Inc. | (60,000 | ) | (1,233,600 | ) | |||||
| Retail — (9.2)% |
|||||||||
| CarMax, Inc.* | (100,000 | ) | (5,397,000 | ) | |||||
| Party City Holdco, Inc.* | (142,000 | ) | (1,833,220 | ) | |||||
| Restoration Hardware Holdings, Inc.* | (15,200 | ) | (1,207,640 | ) | |||||
| Signet Jewelers Ltd. | (22,600 | ) | (2,795,394 | ) | |||||
| Total Retail | (11,233,254 | ) | |||||||
| Semiconductors — (2.4)% |
|||||||||
| M/A-COM Technology Solutions Holdings, Inc.* | (72,000 | ) | (2,944,080) | ||||||
See accompanying Notes to Financial Statements.
53
ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Shipbuilding — (1.4)% |
|||||||||
| Huntington Ingalls Industries, Inc. | (13,300 | ) | $ | (1,687,105 | ) | ||||
| Software — (7.9)% |
|||||||||
| Cerner Corp.* | (30,000 | ) | (1,805,100 | ) | |||||
| Demandware, Inc.* | (45,000 | ) | (2,428,650 | ) | |||||
| NetSuite, Inc.* | (24,300 | ) | (2,056,266 | ) | |||||
| Omnicell, Inc.* | (64,000 | ) | (1,989,120 | ) | |||||
| PROS Holdings, Inc.* | (60,000 | ) | (1,382,400 | ) | |||||
| Total Software | (9,661,536 | ) | |||||||
| Telecommunications — (3.4)% |
|||||||||
| Frontier Communications Corp. | (415,000 | ) | (1,938,050 | ) | |||||
| Gogo, Inc.* | (125,000 | ) | (2,225,000 | ) | |||||
| Total Telecommunications | (4,163,050 | ) | |||||||
| Total Securities Sold, Not Yet Purchased [Proceeds Received $(121,462,757)] | (120,701,539 | ) | |||||||
| Total Investments — (68.0)% [Cost $(83,785,156)] | (83,310,588 | ) | |||||||
| Other Assets in Excess of Liabilities — 168.0% | 205,842,946 | ||||||||
| Net Assets — 100.0% |
$ | 122,532,358 | |||||||
ETF — Exchange Traded Fund
PLC — Public Limited Company
| † | Affiliated Company. |
| * | Non-income producing security. |
| (a) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (b) | American Depositary Receipt. |
Cash of $127,341,356 has been segregated to cover margin requirement for open short sales as of December 31, 2015.
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Aerospace/Defense | (2.3 | )% | ||
| Apparel | (5.1 | ) | ||
| Banks | (8.0 | ) | ||
| Building Materials | (3.2 | ) | ||
| Computers | (4.7 | ) | ||
| Debt Fund | 24.2 | |||
| Distribution/Wholesale | (3.8 | ) | ||
| Diversified Financial Services | (3.1 | ) | ||
| Electrical Components & Equipment | (4.1 | ) | ||
| Engineering & Construction | (5.0 | ) | ||
| Healthcare – Products | (2.1 | ) | ||
| Internet | (12.9 | ) | ||
| Leisure Time | (4.4 | ) | ||
| Lodging | (1.9 | ) | ||
| Machinery – Construction & Mining | (4.6 | ) | ||
| Machinery – Diversified | (3.2 | ) | ||
| Media | (4.8 | ) | ||
| Real Estate Investment Trust | (1.0 | ) | ||
| Retail | (9.2 | ) | ||
| Semiconductors | (2.4 | ) | ||
| Shipbuilding | (1.4 | ) | ||
| Software | (7.9 | ) | ||
| Telecommunications | (3.4 | ) | ||
| Money Market Funds | 6.3 | |||
| Total Investments | (68.0 | ) | ||
| Other Assets in Excess of Liabilities | 168.0 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
54
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS — 39.0% |
|||||||||
| Auto Manufacturers — 1.2% |
|||||||||
| Ford Motor Credit Co. LLC, 2.50%, 01/15/16 | $ | 400,000 | $ | 400,093 | |||||
| Banks — 9.3% |
|||||||||
| Bank of America Corp., 1.41%, 03/22/16@ | 410,000 | 410,028 | |||||||
| Bank of America Corp., 5.75%, 08/15/16 | 365,000 | 374,003 | |||||||
| Bank of New York Mellon Corp. (The), 2.30%, 07/28/16 | 340,000 | 342,907 | |||||||
| BB&T Corp., 3.20%, 03/15/16 | 75,000 | 75,206 | |||||||
| Capital One Financial Corp., 3.15%, 07/15/16 | 350,000 | 353,281 | |||||||
| Capital One Financial Corp., 4.20%, 10/29/25 | 175,000 | 173,130 | |||||||
| Citigroup, Inc., 1.40%, 04/01/16@ | 375,000 | 374,972 | |||||||
| JPMorgan Chase & Co., 2.60%, 01/15/16 | 275,000 | 275,116 | |||||||
| JPMorgan Chase & Co., Series G, 1.03%, 02/26/16@ | 185,000 | 185,021 | |||||||
| JPMorgan Chase & Co., 3.45%, 03/01/16(a) | 150,000 | 150,629 | |||||||
| PNC Funding Corp., 2.70%, 09/19/16(a) | 485,000 | 489,810 | |||||||
| Total Banks | 3,204,103 | ||||||||
| Beverages — 1.0% |
|||||||||
| Dr Pepper Snapple Group, Inc., 2.90%, 01/15/16 | 360,000 | 360,135 | |||||||
| Diversified Financial Services — 1.5% |
|||||||||
| American Express Credit Corp., 0.83%, 07/29/16@ | 525,000 | 525,162 | |||||||
| Electric — 3.5% |
|||||||||
| American Electric Power Co., Inc., 1.65%, 12/15/17 | 252,000 | 250,254 | |||||||
| Georgia Power Co., 0.83%, 03/15/16@ | 291,000 | 290,762 | |||||||
| Progress Energy, Inc., 5.63%, 01/15/16 | 346,000 | 346,346 | |||||||
| Southern Co. (The), 1.95%, 09/01/16 | 340,000 | 341,473 | |||||||
| Total Electric | 1,228,835 | ||||||||
| Food — 2.4% |
|||||||||
| Kroger Co. (The), 2.20%, 01/15/17 | 40,000 | 40,373 | |||||||
| Kroger Co. (The), 6.40%, 08/15/17 | 275,000 | 295,414 | |||||||
| Mondelez International, Inc., 4.13%, 02/09/16 | 485,000 | 486,262 | |||||||
| Total Food | 822,049 | ||||||||
| Home Furnishings — 1.1% |
|||||||||
| Whirlpool Corp., 6.50%, 06/15/16 | 360,000 | 367,775 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Insurance — 0.7% |
|||||||||
| Genworth Holdings, Inc., 4.80%, 02/15/24 | $ | 360,000 | $ | 244,800 | |||||
| Internet — 1.0% |
|||||||||
| eBay, Inc., 1.35%, 07/15/17 | 350,000 | 347,361 | |||||||
| Machinery – Diversified — 0.1% |
|||||||||
| John Deere Capital Corp., 0.75%, 01/22/16(a) | 25,000 | 25,001 | |||||||
| Media — 1.0% |
|||||||||
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 2.40%, 03/15/17 | 340,000 | 342,836 | |||||||
| Oil & Gas — 2.0% |
|||||||||
| Anadarko Petroleum Corp., 5.95%, 09/15/16 | 330,000 | 339,152 | |||||||
| Phillips 66, 2.95%, 05/01/17 | 335,000 | 339,663 | |||||||
| Total Oil & Gas | 678,815 | ||||||||
| Pharmaceuticals — 2.0% |
|||||||||
| AbbVie, Inc., 1.75%, 11/06/17 | 345,000 | 344,485 | |||||||
| Express Scripts Holding Co., 3.13%, 05/15/16 | 340,000 | 342,300 | |||||||
| Total Pharmaceuticals | 686,785 | ||||||||
| Pipelines — 2.9% |
|||||||||
| Enterprise Products Operating LLC, 3.20%, 02/01/16 | 340,000 | 340,115 | |||||||
| Kinder Morgan Energy Partners LP, 3.50%, 03/01/16 | 340,000 | 341,106 | |||||||
| ONEOK Partners LP, 6.15%, 10/01/16 | 320,000 | 328,557 | |||||||
| Total Pipelines | 1,009,778 | ||||||||
| Real Estate — 1.1% |
|||||||||
| ERP Operating LP, 5.13%, 03/15/16 | 367,000 | 369,860 | |||||||
| Real Estate Investment Trusts — 1.5% |
|||||||||
| Ventas Realty LP, 1.55%, 09/26/16 | 535,000 | 535,465 | |||||||
| Retail — 2.8% |
|||||||||
| CVS Health Corp., 1.20%, 12/05/16 | 225,000 | 225,091 | |||||||
| Home Depot, Inc. (The), 5.40%, 03/01/16 | 335,000 | 337,364 | |||||||
| Kohl’s Corp., 4.00%, 11/01/21(a) | 83,000 | 85,298 | |||||||
| Macy’s Retail Holdings, Inc., 5.90%, 12/01/16 | 320,000 | 332,110 | |||||||
| Total Retail | 979,863 | ||||||||
| Semiconductors — 1.0% |
|||||||||
| Intel Corp., 1.35%, 12/15/17 | 340,000 | 340,550 | |||||||
See accompanying Notes to Financial Statements.
55
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| CORPORATE BONDS (continued) |
|||||||||
| Telecommunications — 1.9% |
|||||||||
| AT&T, Inc., 1.70%, 06/01/17 | $ | 345,000 | $ | 346,071 | |||||
| Verizon Communications, Inc., 2.50%, 09/15/16 | 325,000 | 327,592 | |||||||
| Total Telecommunications | 673,663 | ||||||||
| Transportation — 1.0% |
|||||||||
| Ryder System, Inc., 3.60%, 03/01/16 |
355,000 | 356,404 | |||||||
| Total Corporate Bonds (Cost $13,650,591) |
13,499,333 | ||||||||
| ASSET BACKED SECURITIES — 17.2% |
|||||||||
| Diversified Financial Services — 17.2% |
|||||||||
| Ally Master Owner Trust, Class A2, Series 2013-1, 1.00%, 02/15/18 | 240,000 | 240,000 | |||||||
| American Express Credit Account Master Trust, Class A, Series 2013-2, 0.75%, 05/17/21@ | 300,000 | 300,220 | |||||||
| AmeriCredit Automobile Receivables Trust, Class B, Series 2013-2, 1.19%, 05/08/18 | 180,000 | 179,874 | |||||||
| BA Credit Card Trust, Class A11, Series 2007-A11, 0.50%, 12/15/19@ | 295,000 | 293,574 | |||||||
| Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.47%, 07/15/20@ | 525,000 | 522,590 | |||||||
| CarMax Auto Owner Trust, Class A3, Series 2012-3, 0.52%, 07/17/17 | 31,363 | 31,349 | |||||||
| CarMax Auto Owner Trust, Class A3, Series 2014-1, 0.79%, 10/15/18 | 282,453 | 281,348 | |||||||
| Chase Issuance Trust, Class A3, Series 2013-A3, 0.71%, 04/15/20@ | 345,000 | 344,457 | |||||||
| Chase Issuance Trust, Class A8, Series 2013-A8, 1.01%, 10/15/18 | 350,000 | 349,748 | |||||||
| Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 0.70%, 05/26/20@ |
600,000 | 598,469 | |||||||
| Discover Card Execution Note Trust, Class A2, Series 2013-A2, 0.69%, 08/15/18 |
350,000 | 349,970 | |||||||
| Fifth Third Auto Trust, Class A3, Series 2013-A, 0.61%, 09/15/17 | 63,675 | 63,578 | |||||||
| First National Master Note Trust, Class A, Series 2013-2, 0.86%, 10/15/19@ | 325,000 | 324,906 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| ASSET BACKED SECURITIES (continued) |
|||||||||
| Diversified Financial Services (continued) |
|||||||||
| Ford Credit Auto Owner Trust 2014-B, Class A3, Series 2014-B, 0.90%, 10/15/18 | $ | 305,000 | $ | 304,526 | |||||
| Honda Auto Receivables Owner Trust, Class A2, Series 2015-3, 0.92%, 11/20/17 | 350,000 | 349,736 | |||||||
| Honda Auto Receivables Owner Trust, Class A3, Series 2014-2, 0.77%, 03/19/18 | 327,869 | 327,004 | |||||||
| Huntington Auto Trust, Class A3, Series 2012-2, 0.51%, 04/17/17 | 140 | 140 | |||||||
| Hyundai Auto Receivables Trust, Class A2A, Series 2015-C, 0.99%, 11/15/18 | 235,000 | 234,605 | |||||||
| Nissan Auto Receivables Owner Trust, Class A2, Series 2015-A, 0.67%, 09/15/17 | $ | 322,848 | 322,530 | ||||||
| Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18 | 298,071 | 297,438 | |||||||
| Toyota Auto Receivables Owner Trust, Class A3, Series 2013-B, 0.89%, 07/17/17 |
252,753 | 252,743 | |||||||
| Total Asset Backed Securities (Cost $5,973,776) | 5,968,805 | ||||||||
| MORTGAGE BACKED SECURITIES — 15.3% |
|||||||||
| Commercial Mortgage Backed Securities — 15.3% |
|||||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-PW13, 5.54%, 09/11/41 | 325,180 | 328,371 | |||||||
| Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-T24, 5.54%, 10/12/41 | 384,148 | 389,418 | |||||||
| CFCRE Commercial Mortgage Trust, Class A2, Series 2011-C2, 3.06%, 12/15/47 |
95,730 | 96,529 | |||||||
| DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49@‡ | 204,706 | 204,706 | |||||||
| DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44 | 265,170 | 266,269 | |||||||
| Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 1.37%, 05/25/24@ | 301,707 | 298,506 | |||||||
| Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 1.62%, 07/25/24@ | 227,158 | 226,387 | |||||||
| Fannie Mae Connecticut Avenue Securities, Class 2M1, Series 2015-C01, 1.92%, 02/25/25@ | 273,705 | 273,866 | |||||||
See accompanying Notes to Financial Statements.
56
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| MORTGAGE BACKED SECURITIES (continued) |
|||||||||
| Commercial Mortgage Backed Securities (continued) |
|||||||||
| GS Mortgage Securities Trust, Class AM, Series 2006-GG6, 5.62%, 04/10/38@ | $ | 4,094 | $ | 4,091 | |||||
| GS Mortgage Securities Trust, Class A4, Series 2006-GG8, 5.56%, 11/10/39 | 348,140 | 347,780 | |||||||
| GS Mortgage Securities Trust, Class A2, Series 2011-GC3, 3.65%, 03/10/44‡ | 110,843 | 110,746 | |||||||
| GS Mortgage Securities Trust, Class A2, Series 2011-GC5, 3.00%, 08/10/44 | 335,043 | 336,804 | |||||||
| GS Mortgage Securities Trust, Class A2, Series 2012-GCJ7, 2.32%, 05/10/45 | 345,000 | 346,912 | |||||||
| LB-UBS Commercial Mortgage Trust, Class A3, Series 2006-C7, 5.35%, 11/15/38 | 335,000 | 341,433 | |||||||
| Merrill Lynch Mortgage Trust, Class A4, Series 2006-C1, 5.91%, 05/12/39@ | 246,027 | 246,311 | |||||||
| Morgan Stanley Capital I Trust, Class A4, Series 2006-T23, 6.02%, 08/12/41@ | 370,577 | 373,286 | |||||||
| Morgan Stanley Capital I Trust, Class A3, Series 2007-T25, 5.51%, 11/12/49@ | 322,990 | 330,027 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A4FL, Series 2006-C28, 0.50%, 10/15/48@‡ | 256,794 | 254,823 | |||||||
| Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2006-C29, 5.31%, 11/15/48 | 337,588 | 342,434 | |||||||
| WFRBS Commercial Mortgage Trust, Class A2, Series 2011-C4, 3.45%, 06/15/44‡ | 198,566 | 199,332 | |||||||
| Total Mortgage Backed Securities (Cost $5,342,187) |
5,318,031 | ||||||||
| MUNICIPAL BONDS — 9.2% |
|||||||||
| Bulloch County Development Authority, 3.00%, 08/01/16 | 50,000 | 50,710 | |||||||
| Chicago O’Hare International Airport, 5.00%, 01/01/29 | 50,000 | 50,000 | |||||||
| City of Houston TX, Series D, 5.00%, 03/01/17 | 50,000 | 50,365 | |||||||
| City of New Orleans LA Sewerage Service Revenue, 4.00%, 06/01/16 | 75,000 | 76,061 | |||||||
| City of Springfield IL Electric Revenue, 5.00%, 03/01/35 | 140,000 | 141,020 | |||||||
| City of York PA, Series A, 0.80%, 02/01/16(b) | 50,000 | 49,920 | |||||||
| Clear Creek Independent School District, 3.00%, 02/15/16 | 125,000 | 125,398 | |||||||
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| MUNICIPAL BONDS (continued) |
|||||||||
| County of Harris TX, Series D, 1.06%, 08/15/16 | $ | 90,000 | $ | 90,251 | |||||
| County of Orange CA, Series A, 1.25%, 09/01/16(b) | 150,000 | 148,315 | |||||||
| County of Warren OH, 3.00%, 07/01/16 | 150,000 | 151,627 | |||||||
| District of Columbia, Series B, 4.00%, 06/01/16 | 55,000 | 55,780 | |||||||
| Dutchess County Resource Recovery Agency, Series A, 5.00%, 01/01/16 | 75,000 | 75,000 | |||||||
| Emerald Coast Utilities Authority, 4.63%, 01/01/21 | 50,000 | 50,000 | |||||||
| Erie Sewer Authority, 3.40%, 06/01/16 | 50,000 | 50,577 | |||||||
| Farmington Independent School District No 192, Series A, 4.50%, 02/01/24 |
50,000 | 50,149 | |||||||
| Grossmont Union High School District, Series B, 2.57%, 08/01/16 | 75,000 | 75,732 | |||||||
| La Joya Independent School District, 5.00%, 02/15/31 | 90,000 | 90,471 | |||||||
| Lake County Township High School District No 121 Warren, Series B, 0.95%, 03/01/16 | 130,000 | 129,982 | |||||||
| Maine Municipal Bond Bank, 4.00%, 09/01/16 | 50,000 | 51,109 | |||||||
| Medford Independent School District No 763, Series A, 4.00%, 02/01/16 | 50,000 | 50,141 | |||||||
| Michigan Finance Authority, Series G-8A, 5.00%, 04/01/16 | 110,000 | 110,861 | |||||||
| Minneapolis Special School District No 1, Series D, 5.00%, 02/01/16 | 125,000 | 125,454 | |||||||
| Municipal Gas Authority of Georgia, 4.00%, 06/01/16 | 335,000 | 339,696 | |||||||
| New Hampshire Housing Finance Authority, Series D, 4.70%, 01/01/16 | 60,000 | 60,000 | |||||||
| New Jersey Health Care Facilities Financing Authority, 4.00%, 07/01/16 | 50,000 | 50,851 | |||||||
| New Jersey Turnpike Authority, Series B, 4.25%, 01/01/16 | 75,000 | 75,008 | |||||||
| Philadelphia Authority for Industrial Development, Series B, 1.50%, 04/15/16(b) | 55,000 | 54,893 | |||||||
| Port Authority of New York & New Jersey, 4.25%, 07/15/26 | 50,000 | 50,051 | |||||||
| San Bernardino County Financing Authority, 1.25%, 08/01/16(b) | 65,000 | 64,423 | |||||||
| Sedona-Oak Creek Joint Unified School District No 9, 5.15%, 07/01/16 | 160,000 | 162,858 | |||||||
See accompanying Notes to Financial Statements.
57
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments |
Principal | Value | |||||||
| MUNICIPAL BONDS (continued) |
|||||||||
| South Carolina State Public Service Authority, Series A, 5.25%, 01/01/21 | $ | 40,000 | $ | 40,000 | |||||
| South Carolina State Public Service Authority, Series A, 5.25%, 01/01/22 | 50,000 | 50,000 | |||||||
| State Board of Administration Finance Corp., Series A, 1.30%, 07/01/16 | 55,000 | 55,170 | |||||||
| State of Connecticut, Series C, 5.00%, 06/01/22 | 75,000 | 76,390 | |||||||
| Tarrant Regional Water District, 4.45%, 03/01/24 | 50,000 | 50,323 | |||||||
| Tustin Unified School District, Series C, 0.98%, 06/01/16(b) | 50,000 | 49,924 | |||||||
| Village of Hobart WI, 3.38%, 03/01/16 | 55,000 | 55,256 | |||||||
| Wayne Township School Building Corp./Marion County IN, 2.00%, 07/15/16 | 100,000 | 100,775 | |||||||
| Total Municipal Bonds (Cost $3,183,728) |
3,184,541 | ||||||||
| FOREIGN BONDS — 8.7% |
|||||||||
| Auto Manufacturers — 1.0% |
|||||||||
| American Honda Finance Corp., 1.13%, 10/07/16 (Japan) | 340,000 | 340,311 | |||||||
| Banks — 1.5% |
|||||||||
| Lloyds Bank PLC, 4.88%, 01/21/16 (United Kingdom) | 205,000 | 205,321 | |||||||
| Royal Bank of Canada, Series G, 0.94%, 09/09/16 (Canada)@ | 350,000 | 350,330 | |||||||
| Total Banks | 555,651 | ||||||||
| Beverages — 1.3% |
|||||||||
| Anheuser-Busch InBev Finance, Inc., 0.51%, 01/27/17 (Belgium)@ | 450,000 | 448,885 | |||||||
| Diversified Financial Services — 0.9% |
|||||||||
| Nomura Holdings, Inc., 4.13%, 01/19/16 (Japan) | 60,000 | 60,065 | |||||||
| Nomura Holdings, Inc., 1.95%, 09/13/16 (Japan)@ | 235,000 | 235,984 | |||||||
| Total Diversified Financial Services | 296,049 | ||||||||
| Mining — 1.9% |
|||||||||
| BHP Billiton Finance USA Ltd., 1.88%, 11/21/16 (Australia) | 335,000 | 336,287 | |||||||
| Rio Tinto Finance USA PLC, 1.38%, 06/17/16 (United Kingdom) |
345,000 | 344,838 | |||||||
| Total Mining | 681,125 | ||||||||
| Oil & Gas — 1.0% |
|||||||||
| Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico) | 385,000 | 336,875 | |||||||
|
|
|
|||||||
| Investments | Principal/ Shares |
Value | |||||||
| FOREIGN BONDS (continued) |
|||||||||
| Telecommunications — 1.1% |
|||||||||
| Vodafone Group PLC, 1.63%, 03/20/17 (United Kingdom) | $ | 370,000 | $ | 369,552 | |||||
| Total Foreign Bonds (Cost $3,071,410) |
3,028,448 | ||||||||
| U.S. TREASURY NOTE — 8.0% |
|||||||||
| U.S. Treasury Note, 0.38%, 03/31/16 (Cost $2,770,605) |
2,770,000 | 2,770,488 | |||||||
| U.S. TREASURY BILL — 0.3% |
|||||||||
| U.S. Treasury Bill, 0.22%, 03/10/16(b) (Cost $99,958) |
100,000 | 99,980 | |||||||
| MONEY MARKET FUND — 1.5% |
|||||||||
| JP Morgan US Government Money Market Fund – Institutional Class, 0.09%(c) (Cost $502,565) |
502,565 | 502,565 | |||||||
| REPURCHASE AGREEMENTS — 2.1%(d) | |||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $109,425, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $111,213) |
$ | 109,421 | 109,421 | ||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.29%, total to be received $120,056, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/44, totaling $121,987) | 120,052 | 120,052 | |||||||
| Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $254,290) |
250,000 | 250,000 | |||||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $254,303) |
250,000 | 250,000 | |||||||
| Total Repurchase Agreements (Cost $729,473) | 729,473 | ||||||||
See accompanying Notes to Financial Statements.
58
ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
||||||
| Investments | Principal/ Shares |
Value | ||||||
| Total Investments — 101.3% (Cost $35,324,293) |
$ | 35,101,664 | ||||||
| Liabilities in Excess of Other Assets — (1.3)% | (443,580 | ) | ||||||
| Net Assets — 100.0% |
$ | 34,658,084 | ||||||
LP — Limited Partnership
PLC — Public Limited Company
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015. |
| ‡ | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $712,872; the aggregate market value of the collateral held by the fund is $729,473. |
| (b) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Auto Manufacturers | 2.2 | % | ||
| Banks | 10.8 | |||
| Beverages | 2.3 | |||
| Commercial Mortgage Backed Securities | 15.3 | |||
| Diversified Financial Services | 19.6 | |||
| Electric | 3.5 | |||
| Food | 2.4 | |||
| Home Furnishings | 1.1 | |||
| Insurance | 0.7 | |||
| Internet | 1.0 | |||
| Machinery – Diversified | 0.1 | |||
| Media | 1.0 | |||
| Mining | 1.9 | |||
| Municipal Bonds | 9.2 | |||
| Oil & Gas | 3.0 | |||
| Pharmaceuticals | 2.0 | |||
| Pipelines | 2.9 | |||
| Real Estate | 1.1 | |||
| Real Estate Investment Trusts | 1.5 | |||
| Retail | 2.8 | |||
| Semiconductors | 1.0 | |||
| Telecommunications | 3.0 | |||
| Transportation | 1.0 | |||
| U.S. Treasury Bill | 0.3 | |||
| U.S. Treasury Note | 8.0 | |||
| Money Market Fund | 1.5 | |||
| Repurchase Agreements | 2.1 | |||
| Total Investments | 101.3 | |||
| Liabilities in Excess of Other Assets | (1.3 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
59
ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| EXCHANGE TRADED FUNDS — 89.3% |
|||||||||
| Debt Fund — 15.0% |
|||||||||
| PowerShares Fundamental High Yield Corporate Bond Portfolio | 60,686 | $ | 1,058,364 | ||||||
| SPDR Doubleline Total Return Tactical ETF | 22,173 | 1,077,608 | |||||||
| Vanguard Intermediate-Term Bond ETF | 12,966 | 1,076,956 | |||||||
| Total Debt Fund | 3,212,928 | ||||||||
| Equity Fund — 74.3% |
|||||||||
| Consumer Discretionary Select Sector SPDR Fund | 3,471 | 271,259 | |||||||
| Consumer Staples Select Sector SPDR Fund | 13,370 | 675,051 | |||||||
| Energy Select Sector SPDR Fund | 4,459 | 269,992 | |||||||
| Financial Select Sector SPDR Fund | 46,918 | 1,115,710 | |||||||
| Health Care Select Sector SPDR Fund | 10,241 | 737,864 | |||||||
| Industrial Select Sector SPDR Fund | 3,776 | 200,166 | |||||||
| iShares MSCI EAFE ETF | 27,598 | 1,621,383 | |||||||
| iShares MSCI Emerging Markets ETF | 27,551 | 886,867 | |||||||
| Materials Select Sector SPDR Fund | 3,003 | 130,390 | |||||||
| SPDR S&P 500 ETF Trust | 46,719 | 9,525,537 | |||||||
| Technology Select Sector SPDR Fund | 6,127 | 262,419 | |||||||
| Utilities Select Sector SPDR Fund | 4,419 | 191,254 | |||||||
| Total Equity Fund | 15,887,892 | ||||||||
| Total Exchange Traded Funds (Cost $18,591,339) | 19,100,820 | ||||||||
| U.S. TREASURY NOTE — 4.7% |
|||||||||
| U.S. Treasury Note, 4.50%, 02/15/16(a) (Cost $1,005,241) |
$ | 1,000,000 | 1,004,760 | ||||||
| COMMON STOCKS — 1.3% |
|||||||||
| Apparel — 0.7% |
|||||||||
| Hanesbrands, Inc. | 5,422 | 159,569 | |||||||
| Computers — 0.6% |
|||||||||
| Apple, Inc. | 1,226 | 129,049 | |||||||
| Total Common Stocks (Cost $240,665) |
288,618 | ||||||||
| MONEY MARKET FUND — 4.7% |
|||||||||
| BlackRock Liquidity Funds-T-Fund Portfolio – Institutional Class, 0.10%(b) (Cost $1,015,902) |
1,015,902 | 1,015,902 | |||||||
|
|
|
|||||||
| Investments | Contracts |
Value | |||||||
| PURCHASED PUT OPTION — 0.1% |
|||||||||
| SPDR S&P 500 ETF Trust, Option expiring 02/19/16, Strike Price $200.00 (Cost $52,536) |
92 | $ | 31,188 | ||||||
| Total Investments Before Written Options — 100.0% (Cost $20,905,683) |
21,441,288 | ||||||||
| WRITTEN CALL OPTIONS — (0.2)% |
|||||||||
| iShares MSCI EAFE ETF, expiring 01/15/16, Strike Price $59.00 | (142 | ) | (7,597 | ) | |||||
| iShares MSCI Emerging Markets ETF, expiring 01/15/16, Strike Price $33.50 | (142 | ) | (1,420 | ) | |||||
| SPDR S&P 500 ETF Trust, expiring 01/15/16, Strike Price $206.00 | (337 | ) | (52,235 | ) | |||||
| Total Written Call Options [Premiums Received $(47,727)] | (61,252 | ) | |||||||
| Total Written Options — (0.2)% [Premiums Received $(47,727)] |
(61,252 | ) | |||||||
| Total Investments — 99.9% (Cost $20,857,956) |
21,380,036 | ||||||||
| Other Assets in Excess of Liabilities — 0.1% | 31,771 | ||||||||
| Net Assets — 100.0% |
$ | 21,411,807 | |||||||
ETF — Exchange Traded Fund
| (a) | All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $1,004,720 which includes cash in the amount of $322 as of December 31, 2015. |
| (b) | Rate shown reflects the 7-day yield as of December 31, 2015. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Apparel | 0.7 | % | ||
| Computers | 0.6 | |||
| Debt Fund | 15.0 | |||
| Equity Fund | 74.3 | |||
| U.S. Treasury Note | 4.7 | |||
| Purchased Put Option | 0.1 | |||
| Written Call Options | (0.2 | ) | ||
| Money Market Fund | 4.7 | |||
| Total Investments | 99.9 | |||
| Other Assets in Excess of Liabilities | 0.1 | |||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
60
ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS — 100.3% |
|||||||||
| Aerospace/Defense — 3.0% |
|||||||||
| General Dynamics Corp. | 15,602 | $ | 2,143,091 | ||||||
| Spirit Aerosystems Holdings, Inc., Class A* | 42,238 | 2,114,857 | |||||||
| United Technologies Corp. | 23,124 | 2,221,522 | |||||||
| Total Aerospace/Defense | 6,479,470 | ||||||||
| Agriculture — 1.1% |
|||||||||
| Altria Group, Inc. | 42,737 | 2,487,721 | |||||||
| Airlines — 1.1% |
|||||||||
| Alaska Air Group, Inc.(a) | 28,901 | 2,326,820 | |||||||
| Apparel — 1.9% |
|||||||||
| Crocs, Inc.* | 192,958 | 1,975,890 | |||||||
| Michael Kors Holdings Ltd.* | 52,459 | 2,101,507 | |||||||
| Total Apparel | 4,077,397 | ||||||||
| Beverages — 1.2% |
|||||||||
| Dr Pepper Snapple Group, Inc. | 27,974 | 2,607,177 | |||||||
| Biotechnology — 5.1% |
|||||||||
| Amgen, Inc. | 14,887 | 2,416,607 | |||||||
| Biogen, Inc.* | 7,752 | 2,374,825 | |||||||
| Celgene Corp.* | 17,614 | 2,109,453 | |||||||
| Gilead Sciences, Inc. | 19,871 | 2,010,746 | |||||||
| United Therapeutics Corp.* | 13,856 | 2,169,988 | |||||||
| Total Biotechnology | 11,081,619 | ||||||||
| Chemicals — 2.9% |
|||||||||
| LyondellBasell Industries NV, Class A | 22,810 | 1,982,189 | |||||||
| PPG Industries, Inc. | 23,890 | 2,360,810 | |||||||
| Westlake Chemical Corp. | 38,262 | 2,078,392 | |||||||
| Total Chemicals | 6,421,391 | ||||||||
| Commercial Services — 8.4% |
|||||||||
| Automatic Data Processing, Inc. | 29,096 | 2,465,013 | |||||||
| Equifax, Inc. | 22,788 | 2,537,900 | |||||||
| Gartner, Inc.* | 25,667 | 2,327,997 | |||||||
| Global Payments, Inc. | 35,090 | 2,263,656 | |||||||
| ManpowerGroup, Inc. | 25,920 | 2,184,797 | |||||||
| Moody’s Corp. | 20,856 | 2,092,691 | |||||||
| Robert Half International, Inc. | 43,232 | 2,037,956 | |||||||
| SEI Investments Co. | 43,720 | 2,290,928 | |||||||
| Total Commercial Services | 18,200,938 | ||||||||
| Computers — 1.0% |
|||||||||
| Apple, Inc. | 19,930 | 2,097,832 | |||||||
| Cosmetics/Personal Care — 2.0% |
|||||||||
| Coty, Inc., Class A(a) | 80,500 | 2,063,215 | |||||||
| Estee Lauder Cos., Inc. (The), Class A | 26,315 | 2,317,299 | |||||||
| Total Cosmetics/Personal Care | 4,380,514 | ||||||||
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Diversified Financial Services — 5.6% |
|||||||||
| CBOE Holdings, Inc. | 31,803 | $ | 2,064,015 | ||||||
| Eaton Vance Corp. | 61,925 | 2,008,228 | |||||||
| Franklin Resources, Inc. | 50,837 | 1,871,818 | |||||||
| MasterCard, Inc., Class A | 23,888 | 2,325,736 | |||||||
| T. Rowe Price Group, Inc. | 30,062 | 2,149,132 | |||||||
| Waddell & Reed Financial, Inc., Class A | 62,611 | 1,794,431 | |||||||
| Total Diversified Financial Services | 12,213,360 | ||||||||
| Electronics — 3.0% |
|||||||||
| Amphenol Corp., Class A | 41,365 | 2,160,494 | |||||||
| Avnet, Inc. | 47,990 | 2,055,892 | |||||||
| Waters Corp.* | 17,532 | 2,359,456 | |||||||
| Total Electronics | 6,575,842 | ||||||||
| Environmental Control — 1.1% |
|||||||||
| Republic Services, Inc. | 54,486 | 2,396,839 | |||||||
| Food — 3.4% |
|||||||||
| Pilgrim’s Pride Corp.(a) | 118,267 | 2,612,518 | |||||||
| Sanderson Farms, Inc.(a) | 31,995 | 2,480,252 | |||||||
| Sysco Corp. | 55,341 | 2,268,981 | |||||||
| Total Food | 7,361,751 | ||||||||
| Healthcare – Products — 3.1% |
|||||||||
| Danaher Corp. | 25,350 | 2,354,507 | |||||||
| ResMed, Inc.(a) | 40,765 | 2,188,673 | |||||||
| Stryker Corp. | 22,706 | 2,110,296 | |||||||
| Total Healthcare – Products | 6,653,476 | ||||||||
| Healthcare – Services — 2.0% |
|||||||||
| Amedisys, Inc.* | 55,157 | 2,168,773 | |||||||
| Anthem, Inc. | 16,207 | 2,259,904 | |||||||
| Total Healthcare – Services | 4,428,677 | ||||||||
| Housewares — 1.0% |
|||||||||
| Toro Co. (The) | 29,725 | 2,172,006 | |||||||
| Internet — 2.1% |
|||||||||
| comScore, Inc.*(a) | 46,368 | 1,908,043 | |||||||
| VeriSign, Inc.*(a) | 29,415 | 2,569,695 | |||||||
| Total Internet | 4,477,738 | ||||||||
| Iron/Steel — 1.0% |
|||||||||
| Reliance Steel & Aluminum Co. | 38,317 | 2,218,937 | |||||||
| Lodging — 1.9% |
|||||||||
| Marriott International, Inc., Class A(a) |
30,312 | 2,032,116 | |||||||
| Wyndham Worldwide Corp. | 28,140 | 2,044,371 | |||||||
| Total Lodging | 4,076,487 | ||||||||
See accompanying Notes to Financial Statements.
61
ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares Shares |
Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Machinery – Diversified — 1.0% |
|||||||||
| Graco, Inc.(a) | 30,809 | $ | 2,220,405 | ||||||
| Media — 4.0% |
|||||||||
| Comcast Corp., Class A | 38,544 | 2,175,038 | |||||||
| Scripps Networks Interactive, Inc., Class A(a) | 39,735 | 2,193,769 | |||||||
| Sirius XM Holdings, Inc.*(a) | 585,555 | 2,383,209 | |||||||
| Twenty-First Century Fox, Inc., Class A | 74,867 | 2,033,388 | |||||||
| Total Media | 8,785,404 | ||||||||
| Miscellaneous Manufacturing — 0.9% |
|||||||||
| Parker-Hannifin Corp. | 21,055 | 2,041,914 | |||||||
| Oil & Gas — 2.0% |
|||||||||
| Tesoro Corp. | 19,877 | 2,094,439 | |||||||
| Valero Energy Corp. | 31,803 | 2,248,791 | |||||||
| Total Oil & Gas | 4,343,230 | ||||||||
| Oil & Gas Services — 2.7% |
|||||||||
| FMC Technologies, Inc.* | 70,358 | 2,041,086 | |||||||
| National Oilwell Varco, Inc. | 55,072 | 1,844,361 | |||||||
| Schlumberger Ltd. | 29,056 | 2,026,656 | |||||||
| Total Oil & Gas Services | 5,912,103 | ||||||||
| Packaging & Containers — 1.9% |
|||||||||
| Packaging Corp. of America | 34,720 | 2,189,096 | |||||||
| Sealed Air Corp. | 44,160 | 1,969,536 | |||||||
| Total Packaging & Containers | 4,158,632 | ||||||||
| Pharmaceuticals — 3.2% |
|||||||||
| AbbVie, Inc. | 39,220 | 2,323,393 | |||||||
| Express Scripts Holding Co.* | 25,886 | 2,262,695 | |||||||
| Mylan N.V.* | 43,331 | 2,342,907 | |||||||
| Total Pharmaceuticals | 6,928,995 | ||||||||
| Retail — 11.4% |
|||||||||
| AutoZone, Inc.* | 2,832 | 2,101,089 | |||||||
| Chico’s FAS, Inc. | 151,448 | 1,615,950 | |||||||
| Copart, Inc.* | 62,130 | 2,361,561 | |||||||
| Dollar General Corp. | 28,879 | 2,075,534 | |||||||
| DSW, Inc., Class A(a) | 85,145 | 2,031,560 | |||||||
| Gap, Inc. (The) | 63,935 | 1,579,195 | |||||||
| L Brands, Inc.(a) | 24,840 | 2,380,169 | |||||||
| Lowe’s Cos., Inc. | 33,067 | 2,514,415 | |||||||
| Outerwall, Inc.(a) | 35,778 | 1,307,328 | |||||||
| Ross Stores, Inc. | 43,812 | 2,357,524 | |||||||
| Target Corp. | 28,326 | 2,056,751 | |||||||
| Walgreens Boots Alliance, Inc. | 26,794 | 2,281,643 | |||||||
| Total Retail | 24,662,719 | ||||||||
|
|
|
|||||||
| Investments | Shares/ Principal |
Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Semiconductors — 7.4% |
|||||||||
| IPG Photonics Corp.*(a) | 26,835 | $ | 2,392,609 | ||||||
| KLA-Tencor Corp. | 40,870 | 2,834,334 | |||||||
| QUALCOMM, Inc. | 35,991 | 1,799,010 | |||||||
| Synaptics, Inc.* | 25,800 | 2,072,772 | |||||||
| Tessera Technologies, Inc. | 67,580 | 2,028,076 | |||||||
| Texas Instruments, Inc. | 46,438 | 2,545,267 | |||||||
| Xilinx, Inc. | 53,855 | 2,529,569 | |||||||
| Total Semiconductors | 16,201,637 | ||||||||
| Software — 8.0% |
|||||||||
| Aspen Technology, Inc.* | 54,390 | 2,053,766 | |||||||
| Broadridge Financial Solutions, Inc. | 38,290 | 2,057,322 | |||||||
| CA, Inc. | 79,601 | 2,273,405 | |||||||
| CDK Global, Inc. | 45,120 | 2,141,846 | |||||||
| Citrix Systems, Inc.* | 29,930 | 2,264,205 | |||||||
| Jack Henry & Associates, Inc. | 28,821 | 2,249,767 | |||||||
| Oracle Corp. | 58,365 | 2,132,073 | |||||||
| SolarWinds, Inc.* | 38,262 | 2,253,632 | |||||||
| Total Software | 17,426,016 | ||||||||
| Telecommunications — 3.0% |
|||||||||
| Juniper Networks, Inc. | 81,681 | 2,254,396 | |||||||
| Ubiquiti Networks, Inc.*(a) | 63,585 | 2,015,009 | |||||||
| Verizon Communications, Inc. | 49,528 | 2,289,183 | |||||||
| Total Telecommunications | 6,558,588 | ||||||||
| Transportation — 2.9% |
|||||||||
| Expeditors International of Washington, Inc. | 45,716 | 2,061,792 | |||||||
| Landstar System, Inc. | 36,275 | 2,127,529 | |||||||
| United Parcel Service, Inc., Class B |
22,739 | 2,188,173 | |||||||
| Total Transportation | 6,377,494 | ||||||||
| Total Common Stocks (Cost $228,982,022) |
218,353,129 | ||||||||
| REPURCHASE AGREEMENTS — 6.3%(b) |
|||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $2,069,699, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $2,103,525) | $ | 2,069,621 | 2,069,621 | ||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $3,211,462, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $3,265,094) |
3,211,362 | 3,211,362 | |||||||
See accompanying Notes to Financial Statements.
62
ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| REPURCHASE AGREEMENTS (continued) | |||||||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $3,211,469, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $3,266,650) |
$ | 3,211,362 | $ | 3,211,362 | |||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $3,211,462, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $3,266,640) |
3,211,362 | 3,211,362 | |||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $2,093,704, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $2,129,337) |
2,093,639 | 2,093,639 | |||||||
| Total Repurchase Agreements (Cost $13,797,346) | 13,797,346 | ||||||||
| Total Investments — 106.6% (Cost $242,779,368) | 232,150,475 | ||||||||
| Liabilities in Excess of Other Assets — (6.6)% | (14,435,616 | ) | |||||||
| Net Assets — 100.0% | $ | 217,714,859 | |||||||
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $26,827,991; the aggregate market value of the collateral held by the fund is $27,417,424. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $13,620,078. |
| (b) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Aerospace/Defense | 3.0 | % | ||
| Agriculture | 1.1 | |||
| Airlines | 1.1 | |||
| Apparel | 1.9 | |||
| Beverages | 1.2 | |||
| Biotechnology | 5.1 | |||
| Chemicals | 2.9 | |||
| Commercial Services | 8.4 | |||
| Computers | 1.0 | |||
| Cosmetics/Personal Care | 2.0 | |||
| Diversified Financial Services | 5.6 | |||
| Electronics | 3.0 | |||
| Environmental Control | 1.1 | |||
| Food | 3.4 | |||
| Healthcare – Products | 3.1 | |||
| Healthcare – Services | 2.0 | |||
| Housewares | 1.0 | |||
| Internet | 2.1 | |||
| Iron/Steel | 1.0 | |||
| Lodging | 1.9 | |||
| Machinery – Diversified | 1.0 | |||
| Media | 4.0 | |||
| Miscellaneous Manufacturing | 0.9 | |||
| Oil & Gas | 2.0 | |||
| Oil & Gas Services | 2.7 | |||
| Packaging & Containers | 1.9 | |||
| Pharmaceuticals | 3.2 | |||
| Retail | 11.4 | |||
| Semiconductors | 7.4 | |||
| Software | 8.0 | |||
| Telecommunications | 3.0 | |||
| Transportation | 2.9 | |||
| Repurchase Agreements | 6.3 | |||
| Total Investments | 106.6 | |||
| Liabilities in Excess of Other Assets | (6.6 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
63
ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| COMMON STOCKS — 97.5% |
|||||||||
| Apparel — 2.6% |
|||||||||
| LVMH Moet Hennessy Louis Vuitton SE (France)(a) | 15,814 | $ | 498,062 | ||||||
| Banks — 1.9% |
|||||||||
| HDFC Bank Ltd. (India)(a) | 6,064 | 373,542 | |||||||
| Biotechnology — 4.2% |
|||||||||
| CSL Ltd. (Australia)(a) | 20,916 | 800,978 | |||||||
| Chemicals — 3.6% |
|||||||||
| Novozymes A/S (Denmark)(a)(b) | 14,398 | 687,073 | |||||||
| Commercial Services — 6.7% |
|||||||||
| Experian PLC (Ireland)(a)(b) | 40,817 | 725,930 | |||||||
| SGS SA (Switzerland)(a)(b) | 29,178 | 557,300 | |||||||
| Total Commercial Services | 1,283,230 | ||||||||
| Cosmetics/Personal Care — 1.9% |
|||||||||
| Unicharm Corp. (Japan)(a) | 90,621 | 369,281 | |||||||
| Diversified Financial Services — 2.8% |
|||||||||
| Lazard Ltd., Class A | 11,762 | 529,408 | |||||||
| Electronics — 3.3% |
|||||||||
| Sensata Technologies Holding N.V.* | 13,667 | 629,502 | |||||||
| Food — 9.3% |
|||||||||
| Chr. Hansen Holding A/S (Denmark)(a)(b) | 23,113 | 721,126 | |||||||
| Nestle SA (Switzerland)(a) | 11,623 | 864,984 | |||||||
| Shoprite Holdings Ltd. (South Africa)(a) |
23,371 | 216,532 | |||||||
| Total Food | 1,802,642 | ||||||||
| Food Service — 3.1% |
|||||||||
| Compass Group PLC (United Kingdom)(a) |
34,210 | 602,780 | |||||||
| Healthcare – Products — 6.4% |
|||||||||
| Coloplast A/S (Denmark)(a) | 83,974 | 680,610 | |||||||
| Sysmex Corp. (Japan)(a) | 17,238 | 556,787 | |||||||
| Total Healthcare – Products | 1,237,397 | ||||||||
| Healthcare – Services — 3.6% |
|||||||||
| ICON PLC* | 8,904 | 691,841 | |||||||
| Household Products/Wares — 4.2% |
|||||||||
| Reckitt Benckiser Group PLC (United Kingdom)(a)(b) | 43,114 | 807,956 | |||||||
| Insurance — 4.5% |
|||||||||
| ACE Ltd. | 7,465 | 872,285 | |||||||
| Internet — 8.9% |
|||||||||
| Ctrip.com International Ltd. (China)*(a)(b) | 13,832 | 640,837 | |||||||
| Tencent Holdings Ltd. (China)(a) | 36,176 | 709,772 | |||||||
| Yandex N.V., Class A (Russia)* | 22,401 | 352,144 | |||||||
| Total Internet | 1,702,753 | ||||||||
|
|
|
|||||||
| Investments | Shares/Principal | Value | |||||||
| COMMON STOCKS (continued) |
|||||||||
| Machinery – Diversified — 2.9% |
|||||||||
| FANUC Corp. (Japan)(a) | 19,001 | $ | 547,324 | ||||||
| Oil & Gas Services — 3.4% |
|||||||||
| Core Laboratories N.V.(b) | 6,014 | 653,962 | |||||||
| Pharmaceuticals — 7.5% |
|||||||||
| Novo Nordisk A/S (Denmark)(a) | 15,708 | 912,321 | |||||||
| Perrigo Co. PLC | 3,592 | 519,762 | |||||||
| Total Pharmaceuticals | 1,432,083 | ||||||||
| Retail — 5.0% |
|||||||||
| Inditex SA (Spain)(a) | 19,364 | 334,029 | |||||||
| Swatch Group AG (The) (Switzerland)(a)(b) | 15,116 | 261,809 | |||||||
| Wal-Mart de Mexico SAB de CV (Mexico)(a)(b) | 14,468 | 363,870 | |||||||
| Total Retail | 959,708 | ||||||||
| Semiconductors — 8.9% |
|||||||||
| ARM Holdings PLC (United Kingdom)(a) |
13,694 | 619,517 | |||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a) | 47,752 | 1,086,358 | |||||||
| Total Semiconductors | 1,705,875 | ||||||||
| Transportation — 2.8% |
|||||||||
| Canadian Pacific Railway Ltd. (Canada)(b) | 4,216 | 537,962 | |||||||
| Total Common Stocks (Cost $16,998,975) |
18,725,644 | ||||||||
| MONEY MARKET FUND — 2.6% |
|||||||||
| Invesco Government & Agency Portfolio – Private Investment Class, 0.04%(c) (Cost $494,991) |
494,991 | 494,991 | |||||||
| REPURCHASE AGREEMENTS — 17.5%(d) |
|||||||||
| Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $503,240, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $511,464) | $ | 503,221 | 503,221 | ||||||
| HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $780,856, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $793,897) |
780,832 | 780,832 | |||||||
See accompanying Notes to Financial Statements.
64
ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Principal | Value | |||||||
| REPURCHASE AGREEMENTS (continued) | |||||||||
| Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $780,858, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $794,275) |
$ | 780,832 | $ | 780,832 | |||||
| Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $780,861, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $794,273) |
780,832 | 780,832 | |||||||
| RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $509,087, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $517,751) |
509,071 | 509,071 | |||||||
| Total Repurchase Agreements (Cost $3,354,788) | 3,354,788 | ||||||||
| Total Investments – 117.6% (Cost $20,848,754) | 22,575,423 | ||||||||
| Liabilities in Excess of Other Assets – (17.6)% | (3,371,294 | ) | |||||||
| Net Assets — 100.0% | $ | 19,204,129 | |||||||
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 $3,257,933; the aggregate market value of the collateral held by the fund is $3,354,788. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2015. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |
SUMMARY OF SCHEDULE OF INVESTMENTS
|
|
|||
| % of Net Assets |
||||
| Apparel | 2.6 | % | ||
| Banks | 1.9 | |||
| Biotechnology | 4.2 | |||
| Chemicals | 3.6 | |||
| Commercial Services | 6.7 | |||
| Cosmetics/Personal Care | 1.9 | |||
| Diversified Financial Services | 2.8 | |||
| Electronics | 3.3 | |||
| Food | 9.3 | |||
| Food Service | 3.1 | |||
| Healthcare – Products | 6.4 | |||
| Healthcare – Services | 3.6 | |||
| Household Products/Wares | 4.2 | |||
| Insurance | 4.5 | |||
| Internet | 8.9 | |||
| Machinery – Diversified | 2.9 | |||
| Oil & Gas Services | 3.4 | |||
| Pharmaceuticals | 7.5 | |||
| Retail | 5.0 | |||
| Semiconductors | 8.9 | |||
| Transportation | 2.8 | |||
| Money Market Fund | 2.6 | |||
| Repurchase Agreements | 17.5 | |||
| Total Investments | 117.6 | |||
| Liabilities in Excess of Other Assets | (17.6 | ) | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Financial Statements.
65
ADVISORSHARES YIELDPRO ETF
Schedule of Investments (continued)
December 31, 2015 (Unaudited)
|
|
|
|||||||
| Investments | Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 98.8% |
|||||||||
| Debt Fund — 98.8% |
|||||||||
| iShares 20+ Year Treasury Bond ETF | 34,540 | $ | 4,166,215 | ||||||
| SPDR Barclays Short Term Corporate Bond ETF | 195,793 | 5,952,107 | |||||||
| SPDR Nuveen Barclays Municipal Bond ETF | 238,706 | 5,819,652 | |||||||
| Vanguard Short-Term Bond ETF | 78,441 | 6,241,551 | |||||||
| Vanguard Short-Term Corporate Bond ETF | 71,487 | 5,646,758 | |||||||
| Total Exchange Traded Funds (Cost $27,924,119) | 27,826,283 | ||||||||
| MONEY MARKET FUND — 1.3% |
|||||||||
| Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.08%(a) (Cost $365,340) |
365,340 | 365,340 | |||||||
| Total Investments – 100.1% (Cost $28,289,459) | 28,191,623 | ||||||||
| Liabilities in Excess of Other Assets – (0.1)% | (32,848 | ) | |||||||
| Net Assets — 100.0% |
$ | 28,158,775 | |||||||
ETF — Exchange Traded Fund
| (a) | Rate shown reflects the 7-day yield as of December 31, 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 Financial Statements.
66
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blank.)
|
|
|
|
|||||||||
| AdvisorShares Athena High Dividend ETF | AdvisorShares EquityPro ETF | AdvisorShares Gartman Gold/Euro ETF (Consolidated) |
||||||||||
| ASSETS |
||||||||||||
| Investments, at Cost | $ | 9,180,724 | $ | 39,367,129 | $ | 6,256,514 | ||||||
| Repurchase Agreements, at Cost (Note 3) | 966,903 | 9,832,625 | — | |||||||||
| Total Cost of Investments | 10,147,627 | 49,199,754 | 6,256,514 | |||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) | 7,446,146 | 38,618,710 | 6,256,514 | |||||||||
| Repurchase Agreements, at Market Value (Note 3) | 966,903 | 9,832,625 | — | |||||||||
| Total Market Value of Investments | 8,413,049 | 48,451,335 | 6,256,514 | |||||||||
| Dividends and Interest Receivable | 17,520 | 25,155 | 66 | |||||||||
| Due from Investment Advisor | 1,192 | — | 5,091 | |||||||||
| Reclaim Receivable | 940 | — | — | |||||||||
| Cash | — | — | — | |||||||||
| Cash collateral held at brokers | — | — | 5,098,029 | |||||||||
| Receivable from Securities Sold | — | — | — | |||||||||
| Prepaid CCO Fees | 324 | 684 | 642 | |||||||||
| Prepaid Expenses | 1,052 | 4,728 | 861 | |||||||||
| Total Assets | 8,434,077 | 48,481,902 | 11,361,203 | |||||||||
| LIABILITIES |
||||||||||||
| Cash collateral for securities on loan | 966,903 | 9,832,625 | — | |||||||||
| Trustee Fees Payable | 192 | 127 | 208 | |||||||||
| Due to Custodian | — | — | — | |||||||||
| Advisory Fees Payable | — | 21,432 | — | |||||||||
| Capital Gains Payable | — | 1,219,968 | — | |||||||||
| Dividend Payable | — | 410,873 | — | |||||||||
| Payable to Global Echo Foundation | — | — | — | |||||||||
| Accrued Expenses | 42,131 | 51,198 | 46,302 | |||||||||
| Total Liabilities | 1,009,226 | 11,536,223 | 46,510 | |||||||||
| NET ASSETS | $ | 7,424,851 | $ | 36,945,679 | $ | 11,314,693 | ||||||
| COMPONENTS OF NET ASSETS |
||||||||||||
| Capital Stock at Zero Par Value | $ | 13,644,106 | $ | 39,462,387 | $ | 13,100,692 | ||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | 127 | (54,804 | ) | (47,917 | ) | |||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written | (4,484,804 | ) | (1,713,485 | ) | (1,684,839 | ) | ||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations | (1,734,578 | ) | (748,419 | ) | (53,243 | ) | ||||||
| NET ASSETS | $ | 7,424,851 | $ | 36,945,679 | $ | 11,314,693 | ||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 500,000 | 1,350,000 | 1,000,000 | |||||||||
| Net Asset Value (NAV) Per Share | $ | 14.85 | $ | 27.37 | $ | 11.31 | ||||||
| (a) Market value of securities on loan | $ | 1,480,299 | $ | 9,610,158 | $ | — | ||||||
See accompanying Notes to Financial Statements.
68
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2015 (Unaudited)
|
|
|
|
|
|
|
||||||||||||||||||
| AdvisorShares Gartman Gold/Yen ETF (Consolidated) |
AdvisorShares Global Echo ETF |
AdvisorShares Madrona Domestic ETF |
AdvisorShares Madrona Global Bond ETF |
AdvisorShares Madrona International ETF |
||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||
| Investments, at Cost | $ | 8,870,269 | $ | 7,225,967 | $ | 31,730,811 | $ | 24,687,678 | $ | 18,514,778 | ||||||||||||||
| Repurchase Agreements, at Cost (Note 3) | — | 229,165 | 938,348 | 3,273,251 | 1,492,481 | |||||||||||||||||||
| Total Cost of Investments | 8,870,269 | 7,455,132 | 32,669,159 | 27,960,929 | 20,007,259 | |||||||||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) |
8,870,269 | 7,523,825 | 31,821,642 | 23,745,997 | 17,181,758 | |||||||||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | — | 229,165 | 938,348 | 3,273,251 | 1,492,481 | |||||||||||||||||||
| Total Market Value of Investments | 8,870,269 | 7,752,990 | 32,759,990 | 27,019,248 | 18,674,239 | |||||||||||||||||||
| Dividends and Interest Receivable | 89 | 19,220 | 32,390 | 107,683 | 19,330 | |||||||||||||||||||
| Due from Investment Advisor | 3,214 | — | — | — | — | |||||||||||||||||||
| Reclaim Receivable | — | — | — | — | 12,017 | |||||||||||||||||||
| Cash | — | — | 499 | — | 101 | |||||||||||||||||||
| Cash collateral held at brokers | 5,193,590 | — | — | — | — | |||||||||||||||||||
| Receivable from Securities Sold | — | 6,077 | — | — | — | |||||||||||||||||||
| Prepaid CCO Fees | 716 | — | 771 | 720 | 732 | |||||||||||||||||||
| Prepaid Expenses | 1,072 | — | 1,852 | 1,148 | 804 | |||||||||||||||||||
| Total Assets | 14,068,950 | 7,778,287 | 32,795,502 | 27,128,799 | 18,707,223 | |||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||
| Cash collateral for securities on loan | — | 229,165 | 938,348 | 3,273,251 | 1,492,481 | |||||||||||||||||||
| Trustee Fees Payable | 201 | — | 97 | 118 | 146 | |||||||||||||||||||
| Due to Custodian | — | 17,825 | — | 10,824 | — | |||||||||||||||||||
| Advisory Fees Payable | — | 7,083 | 20,102 | 7,921 | 7,044 | |||||||||||||||||||
| Capital Gains Payable | — | — | — | — | — | |||||||||||||||||||
| Dividend Payable | — | — | — | — | — | |||||||||||||||||||
| Payable to Global Echo Foundation | — | 2,575 | — | — | — | |||||||||||||||||||
| Accrued Expenses | 49,019 | — | 59,298 | 48,943 | 60,101 | |||||||||||||||||||
| Total Liabilities | 49,220 | 256,648 | 1,017,845 | 3,341,057 | 1,559,772 | |||||||||||||||||||
| NET ASSETS | $ | 14,019,730 | $ | 7,521,639 | $ | 31,777,657 | $ | 23,787,742 | $ | 17,147,451 | ||||||||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||||||||||
| Capital Stock at Zero Par Value | $ | 16,718,977 | $ | 7,335,990 | $ | 32,272,826 | $ | 25,172,279 | $ | 23,470,097 | ||||||||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (60,359 | ) | (13,363 | ) | (6,414 | ) | (22,154 | ) | (20,305 | ) | ||||||||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written | (2,212,387 | ) | (98,846 | ) | (579,586 | ) | (420,702 | ) | (4,969,321 | ) | ||||||||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations | (426,501 | ) | 297,858 | 90,831 | (941,681 | ) | (1,333,020 | ) | ||||||||||||||||
| NET ASSETS | $ | 14,019,730 | $ | 7,521,639 | $ | 31,777,657 | $ | 23,787,742 | $ | 17,147,451 | ||||||||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 1,250,000 | 125,000 | 775,000 | 975,000 | 725,000 | |||||||||||||||||||
| Net Asset Value (NAV) Per Share | $ | 11.22 | $ | 60.17 | $ | 41.00 | $ | 24.40 | $ | 23.65 | ||||||||||||||
| (a) Market value of securities on loan | $ | — | $ | 367,026 | $ | 1,838,745 | $ | 3,201,031 | $ | 1,504,474 | ||||||||||||||
See accompanying Notes to Financial Statements.
69
|
|
|
|
|||||||||
| AdvisorShares Market Adaptive Unconstrained Income ETF(1) |
AdvisorShares Meidell Tactical Advantage ETF |
AdvisorShares Morgan Creek Global Tactical ETF |
||||||||||
| ASSETS |
||||||||||||
| Investments, at Cost | $ | 599,423 | $ | 20,622,339 | $ | 9,223,089 | ||||||
| Repurchase Agreements, at Cost (Note 3) | — | 1,296,418 | 195,464 | |||||||||
| Investments in Affiliates, at Cost (Note 8) | — | — | — | |||||||||
| Total Cost of Investments | 599,423 | 21,918,757 | 9,418,553 | |||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) | 590,139 | 20,167,721 | 9,086,121 | |||||||||
| Repurchase Agreements, at Market Value (Note 3) | — | 1,296,418 | 195,464 | |||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | — | — | |||||||||
| Total Market Value of Investments | 590,139 | 21,464,139 | 9,281,585 | |||||||||
| Due from Investment Advisor | 6,195 | — | 620 | |||||||||
| Dividends and Interest Receivable | 7,669 | 3,744 | 69,908 | |||||||||
| Cash | — | — | 17,966 | |||||||||
| Cash collateral held at brokers | — | — | — | |||||||||
| Receivable from Securities Sold | — | — | — | |||||||||
| Capital Shares Receivable | — | 2,779,411 | — | |||||||||
| Prepaid CCO Fees | 587 | 706 | 593 | |||||||||
| Prepaid Trustee Fees | — | — | — | |||||||||
| Prepaid Expenses | 7,012 | 962 | 1,902 | |||||||||
| Total Assets | 611,602 | 24,248,962 | 9,372,574 | |||||||||
| LIABILITIES |
||||||||||||
| Trustee Fees Payable | 220 | 147 | 176 | |||||||||
| Securities Sold, Not Yet Purchased(b) | — | — | — | |||||||||
| Advisory Fees Payable | — | 9,882 | — | |||||||||
| Payable for Securities Purchased | — | 2,681,554 | — | |||||||||
| Capital Gains Payable | — | — | — | |||||||||
| Dividend Payable | — | 64,850 | 132,900 | |||||||||
| Interest Payable | — | — | — | |||||||||
| Dividend Payable on Securities Sold, Not Yet Purchased | — | — | — | |||||||||
| Cash collateral for securities on loan | — | 1,296,418 | 195,464 | |||||||||
| Unrealized Depreciation on Swaps Contracts | — | — | — | |||||||||
| Accrued Expenses | 39,265 | 45,334 | 60,597 | |||||||||
| Total Liabilities | 39,485 | 4,098,185 | 389,137 | |||||||||
| NET ASSETS | $ | 572,117 | $ | 20,150,777 | $ | 8,983,437 | ||||||
| COMPONENTS OF NET ASSETS |
||||||||||||
| Capital Stock at Zero Par Value | $ | 760,114 | $ | 22,306,231 | $ | 29,095,283 | ||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (43,730 | ) | (1,862 | ) | (62,305 | ) | ||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written | (134,983 | ) | (1,698,974 | ) | (19,912,573 | ) | ||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations | (9,284 | ) | (454,618 | ) | (136,968 | ) | ||||||
| NET ASSETS | $ | 572,117 | $ | 20,150,777 | $ | 8,983,437 | ||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 25,000 | 725,000 | 400,000 | |||||||||
| Net Asset Value (NAV) Per Share | $ | 22.88 | $ | 27.79 | $ | 22.46 | ||||||
| (a) Market value of securities on loan | $ | — | $ | 1,266,828 | $ | 190,571 | ||||||
| (b) Proceeds Received from Securities Sold, Not Yet Purchased | $ | — | $ | — | $ | — | ||||||
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
See accompanying Notes to Financial Statements.
70
ADVISORSHARES TRUST
Statements of Assets and Liabilities
December 31, 2015 (Unaudited)
|
|
|
|
|
|
|
||||||||||||||||||
| AdvisorShares Newfleet Multi-Sector Income ETF |
AdvisorShares Pacific Asset Enhanced Floating Rate ETF |
AdvisorShares Peritus High Yield ETF |
AdvisorShares QAM Equity Hedge ETF |
AdvisorShares Ranger Equity Bear ETF |
||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||
| Investments, at Cost | $ | 239,304,953 | $ | 27,076,611 | $ | 255,377,902 | $ | 5,487,499 | $ | 7,680,451 | ||||||||||||||
| Repurchase Agreements, at Cost (Note 3) | 1,799,419 | — | 15,142,642 | — | — | |||||||||||||||||||
| Investments in Affiliates, at Cost (Note 8) |
— | — | — | — | 29,997,150 | |||||||||||||||||||
| Total Cost of Investments | 241,104,372 | 27,076,611 | 270,520,544 | 5,487,499 | 37,677,601 | |||||||||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) | 235,024,250 | 26,055,211 | 194,397,415 | 5,416,630 | 7,680,451 | |||||||||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | 1,799,419 | — | 15,142,642 | — | — | |||||||||||||||||||
| Investments in Affiliates, at Market Value (Note 8) | — | — | — | — | 29,710,500 | |||||||||||||||||||
| Total Market Value of Investments | 236,823,669 | 26,055,211 | 209,540,057 | 5,416,630 | 37,390,951 | |||||||||||||||||||
| Due from Investment Advisor | — | — | — | 2,046 | — | |||||||||||||||||||
| Dividends and Interest Receivable | 1,025,264 | 110,229 | 5,123,416 | 522,978 | 282 | |||||||||||||||||||
| Cash | 325,682 | 26,644 | 720,400 | 1,285 | 78,254,553 | |||||||||||||||||||
| Cash collateral held at brokers | — | — | — | — | 127,341,356 | |||||||||||||||||||
| Receivable from Securities Sold | 1,453,999 | — | 3,290,462 | — | 2,631,368 | |||||||||||||||||||
| Capital Shares Receivable | — | — | — | — | — | |||||||||||||||||||
| Prepaid CCO Fees | 1,600 | 525 | 887 | 624 | 2,819 | |||||||||||||||||||
| Prepaid Trustee Fees | 561 | 61 | 919 | — | 269 | |||||||||||||||||||
| Prepaid Expenses | 14,774 | 27,565 | 68,985 | 268 | 7,470 | |||||||||||||||||||
| Total Assets | 239,645,549 | 26,220,235 | 218,745,126 | 5,943,831 | 245,629,068 | |||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||
| Trustee Fees Payable | — | — | — | 188 | — | |||||||||||||||||||
| Securities Sold, Not Yet Purchased(b) | — | — | — | 478,605 | 120,701,539 | |||||||||||||||||||
| Advisory Fees Payable | 118,547 | 9,919 | 52,605 | — | 156,241 | |||||||||||||||||||
| Payable for Securities Purchased | 691,374 | — | — | — | 2,083,111 | |||||||||||||||||||
| Capital Gains Payable | — | — | — | 65,720 | — | |||||||||||||||||||
| Dividend Payable | — | — | — | — | — | |||||||||||||||||||
| Interest Payable | — | — | — | 290 | 23,494 | |||||||||||||||||||
| Dividend Payable on Securities Sold, Not Yet Purchased | — | — | — | — | 45,360 | |||||||||||||||||||
| Cash collateral for securities on loan | 1,799,419 | — | 15,142,642 | — | — | |||||||||||||||||||
| Unrealized Depreciation on Swaps Contracts | — | 90,823 | — | — | — | |||||||||||||||||||
| Accrued Expenses | 105,112 | 18,012 | 79,182 | 45,135 | 86,965 | |||||||||||||||||||
| Total Liabilities | 2,714,452 | 118,754 | 15,274,429 | 589,938 | 123,096,710 | |||||||||||||||||||
| NET ASSETS | $ | 236,931,097 | $ | 26,101,481 | $ | 203,470,697 | $ | 5,353,893 | $ | 122,532,358 | ||||||||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||||||||||
| Capital Stock at Zero Par Value | $ | 243,446,949 | $ | 27,488,348 | $ | 404,591,370 | $ | 5,525,001 | $ | 295,289,581 | ||||||||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (289,502 | ) | (2,332 | ) | 288,919 | (42,270 | ) | (3,406,078 | ) | |||||||||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written | (1,945,647 | ) | (272,312 | ) | (140,429,105 | ) | (64,831 | ) | (169,825,713 | ) | ||||||||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations | (4,280,703 | ) | (1,112,223 | ) | (60,980,487 | ) | (64,007 | ) | 474,568 | |||||||||||||||
| NET ASSETS | $ | 236,931,097 | $ | 26,101,481 | $ | 203,470,697 | $ | 5,353,893 | $ | 122,532,358 | ||||||||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 4,900,000 | 550,000 | 6,150,000 | 200,000 | 11,400,000 | |||||||||||||||||||
| Net Asset Value (NAV) Per Share | $ | 48.35 | $ | 47.46 | $ | 33.08 | $ | 26.77 | $ | 10.75 | ||||||||||||||
| (a) Market value of securities on loan | $ | 2,639,054 | $ | 354,481 | $ | 21,022,838 | $ | — | $ | — | ||||||||||||||
| (b) Proceeds Received from Securities Sold, Not Yet Purchased | $ | — | $ | — | $ | — | $ | 485,467 | $ | 121,462,757 | ||||||||||||||
See accompanying Notes to Financial Statements.
71
|
|
|
||||||
| AdvisorShares Sage Core Reserves ETF |
AdvisorShares STAR Global Buy-Write ETF |
|||||||
| ASSETS |
||||||||
| Investments, at Cost | $ | 34,594,820 | $ | 20,905,683 | ||||
| Repurchase Agreements, at Cost (Note 3) | 729,473 | — | ||||||
| Total Cost of Investments | 35,324,293 | 20,905,683 | ||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) | 34,372,191 | 21,441,288 | ||||||
| Repurchase Agreements, at Market Value (Note 3) | 729,473 | — | ||||||
| Total Market Value of Investments | 35,101,664 | 21,441,288 | ||||||
| Dividends and Interest Receivable | 196,170 | 77,844 | ||||||
| Cash | — | 22,822 | ||||||
| Cash collateral held at brokers | 118,784 | — | ||||||
| Reclaim Receivable | — | — | ||||||
| Prepaid CCO Fees | 728 | 730 | ||||||
| Prepaid Trustee Fees | — | — | ||||||
| Prepaid Expenses | 9,291 | 1,118 | ||||||
| Total Assets | 35,426,637 | 21,543,802 | ||||||
| LIABILITIES |
||||||||
| Cash collateral for securities on loan | 729,473 | — | ||||||
| Advisory Fees Payable | 2,746 | 22,692 | ||||||
| Trustee Fees Payable | 100 | 122 | ||||||
| Due to Custodian | — | — | ||||||
| Options Written, at Value(b) | — | 61,252 | ||||||
| Accrued Expenses | 36,234 | 47,929 | ||||||
| Total Liabilities | 768,553 | 131,995 | ||||||
| NET ASSETS | $ | 34,658,084 | $ | 21,411,807 | ||||
| COMPONENTS OF NET ASSETS |
||||||||
| Capital Stock at Zero Par Value | $ | 35,012,045 | $ | 20,632,038 | ||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (19,344 | ) | 36,621 | |||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written | (111,988 | ) | 221,068 | |||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations | (222,629 | ) | 522,080 | |||||
| NET ASSETS | $ | 34,658,084 | $ | 21,411,807 | ||||
| SHARES ISSUED AND OUTSTANDING |
||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 350,000 | 825,000 | ||||||
| Net Asset Value (NAV) Per Share | $ | 99.02 | $ | 25.95 | ||||
| (a) Market value of securities on loan | $ | 712,872 | $ | — | ||||
| (b) Premiums Received for Options Written | $ | — | $ | 47,727 | ||||
See accompanying Notes to Financial Statements.
72
|
|
|
|
|
||||||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
AdvisorShares YieldPro ETF |
||||||||||||||
| ASSETS |
||||||||||||||||
| Investments, at Cost | $ | 228,982,022 | $ | 17,493,966 | $ | 28,289,459 | ||||||||||
| Repurchase Agreements, at Cost (Note 3) | 13,797,346 | 3,354,788 | — | |||||||||||||
| Total Cost of Investments | 242,779,368 | 20,848,754 | 28,289,459 | |||||||||||||
| Investments, at Market Value (including securities on loan) (Note 2)(a) | 218,353,129 | 19,220,635 | 28,191,623 | |||||||||||||
| Repurchase Agreements, at Market Value (Note 3) | 13,797,346 | 3,354,788 | — | |||||||||||||
| Total Market Value of Investments | 232,150,475 | 22,575,423 | 28,191,623 | |||||||||||||
| Dividends and Interest Receivable | 186,072 | 12,036 | 24,008 | |||||||||||||
| Cash | — | — | — | |||||||||||||
| Cash collateral held at brokers | — | — | — | |||||||||||||
| Reclaim Receivable | — | 23,120 | — | |||||||||||||
| Prepaid CCO Fees | 1,601 | 621 | 559 | |||||||||||||
| Prepaid Trustee Fees | 576 | — | — | |||||||||||||
| Prepaid Expenses | 146,686 | 838 | 2,037 | |||||||||||||
| Total Assets | 232,485,410 | 22,612,038 | 28,218,227 | |||||||||||||
| LIABILITIES |
||||||||||||||||
| Cash collateral for securities on loan | 13,797,346 | 3,354,788 | — | |||||||||||||
| Advisory Fees Payable | 140,277 | 7,676 | 16,648 | |||||||||||||
| Trustee Fees Payable | — | 155 | 120 | |||||||||||||
| Due to Custodian | 777,347 | — | 4,504 | |||||||||||||
| Options Written, at Value(b) | — | — | — | |||||||||||||
| Accrued Expenses | 55,581 | 45,290 | 38,180 | |||||||||||||
| Total Liabilities | 14,770,551 | 3,407,909 | 59,452 | |||||||||||||
| NET ASSETS | $ | 217,714,859 | $ | 19,204,129 | $ | 28,158,775 | ||||||||||
| COMPONENTS OF NET ASSETS |
||||||||||||||||
| Capital Stock at Zero Par Value | $ | 243,628,810 | $ | 17,823,601 | $ | 32,800,920 | ||||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (840 | ) | (13,687 | ) | (24,727 | ) | ||||||||||
| Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written | (15,284,218 | ) | (332,454 | ) | (4,519,582 | ) | ||||||||||
| Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations | (10,628,893 | ) | 1,726,669 | (97,836 | ) | |||||||||||
| NET ASSETS | $ | 217,714,859 | $ | 19,204,129 | $ | 28,158,775 | ||||||||||
| SHARES ISSUED AND OUTSTANDING |
||||||||||||||||
| Shares Outstanding (Unlimited Shares Authorized) | 4,025,000 | 500,000 | 1,225,000 | |||||||||||||
| Net Asset Value (NAV) Per Share | $ | 54.09 | $ | 38.41 | $ | 22.99 | ||||||||||
| (a) Market value of securities on loan | $ | 26,827,991 | $ | 3,257,933 | $ | — | ||||||||||
| (b) Premiums Received for Options Written | $ | — | $ | — | $ | — | ||||||||||
See accompanying Notes to Financial Statements.
73
|
|
|
|
|||||||||
| AdvisorShares Athena High Dividend ETF |
AdvisorShares EquityPro ETF |
AdvisorShares Gartman Gold/Euro ETF (Consolidated) |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend Income | $ | 200,243 | $ | 229,590 | $ | — | ||||||
| Interest Income | 40 | 222 | 542 | |||||||||
| Securities lending income (Note 2) | 12,018 | 30,893 | — | |||||||||
| Foreign withholding tax | (3,240 | ) | (182 | ) | — | |||||||
| Total Investment Income | 209,061 | 260,523 | 542 | |||||||||
| EXPENSES: |
||||||||||||
| Advisory Fees | 43,347 | 101,664 | 41,004 | |||||||||
| Accounting & Administration Fees | 19,197 | 32,663 | 30,593 | |||||||||
| Professional Fees | 5,980 | 9,877 | 20,546 | |||||||||
| Exchange Listing Fees | 4,511 | 3,872 | 4,310 | |||||||||
| Custody Fees | 2,962 | 1,413 | 560 | |||||||||
| Report to Shareholders | 1,976 | 4,414 | 1,758 | |||||||||
| Trustee Fees | 1,600 | 1,587 | 1,633 | |||||||||
| CCO Fees | 1,491 | 1,666 | 1,512 | |||||||||
| Pricing Fees | 1,443 | 1,594 | 5,267 | |||||||||
| Transfer Agent Fees | 406 | 953 | 559 | |||||||||
| Insurance Fees | 21 | 180 | — | |||||||||
| Contribution to Global Echo Foundation | — | — | — | |||||||||
| Miscellaneous Fees | 459 | 3,115 | 92 | |||||||||
| Total Expenses | 83,393 | 162,998 | 107,834 | |||||||||
| Advisory Fees Waived/Recoupment | (29,752 | ) | (4,148 | ) | (41,004 | ) | ||||||
| Expense Reimbursement | — | — | (18,371 | ) | ||||||||
| Net Expenses | 53,641 | 158,850 | 48,459 | |||||||||
| Net Investment Income (Loss) | 155,420 | 101,673 | (47,917 | ) | ||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||
| Investments | (1,868,382 | ) | (1,717,145 | ) | — | |||||||
| Investments in Affiliates | — | — | — | |||||||||
| In-Kind Redemptions | (397,991 | ) | 3,672 | — | ||||||||
| In-Kind Redemptions in Affiliates | — | — | — | |||||||||
| Swaps | — | — | — | |||||||||
| Futures | — | — | (994,028 | ) | ||||||||
| Options Written | — | — | — | |||||||||
| Distributions by other Investment Companies | ||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Investments | (726,791 | ) | (127,864 | ) | — | |||||||
| Futures | — | — | (65,866 | ) | ||||||||
| Net Realized and Unrealized Gain (Loss) | (2,993,164 | ) | (1,841,337 | ) | (1,059,894 | ) | ||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,837,744 | ) | $ | (1,739,664 | ) | $ | (1,107,811 | ) | |||
See accompanying Notes to Financial Statements.
74
ADVISORSHARES TRUST
Statements of Operations
For the Six Months Ended December 31, 2015 (Unaudited)
|
|
|
|
|
|
|
||||||||||||||||||
| AdvisorShares Gartman Gold/Yen ETF (Consolidated) |
AdvisorShares Global Echo ETF |
AdvisorShares Madrona Domestic ETF |
AdvisorShares Madrona Global Bond ETF |
AdvisorShares Madrona International ETF |
||||||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||||||
| Dividend Income | $ | — | $ | 29,898 | $ | 286,638 | $ | 502,074 | $ | 166,483 | ||||||||||||||
| Interest Income | 721 | 17,911 | 181 | 214 | 241 | |||||||||||||||||||
| Securities lending income (Note 2) | — | 1,114 | 2,773 | 43,722 | 19,647 | |||||||||||||||||||
| Foreign withholding tax | — | (608 | ) | — | — | (12,481 | ) | |||||||||||||||||
| Total Investment Income | 721 | 48,315 | 289,592 | 546,010 | 173,890 | |||||||||||||||||||
| EXPENSES: |
||||||||||||||||||||||||
| Advisory Fees | 51,683 | 42,410 | 130,042 | 64,180 | 73,101 | |||||||||||||||||||
| Accounting & Administration Fees | 31,187 | — | 46,456 | 37,647 | 42,028 | |||||||||||||||||||
| Professional Fees | 20,433 | — | 12,624 | 12,575 | 12,448 | |||||||||||||||||||
| Exchange Listing Fees | 4,311 | — | 3,704 | 3,753 | 3,753 | |||||||||||||||||||
| Custody Fees | 706 | — | 5,507 | 1,231 | 6,049 | |||||||||||||||||||
| Report to Shareholders | 2,010 | — | 4,588 | 3,846 | 2,683 | |||||||||||||||||||
| Trustee Fees | 1,633 | — | 1,590 | 1,587 | 1,581 | |||||||||||||||||||
| CCO Fees | 1,515 | — | 1,852 | 1,725 | 1,483 | |||||||||||||||||||
| Pricing Fees | 5,315 | — | 3,219 | 3,219 | 3,219 | |||||||||||||||||||
| Transfer Agent Fees | 705 | — | 1,219 | 962 | 685 | |||||||||||||||||||
| Insurance Fees | 2 | — | 589 | 496 | 352 | |||||||||||||||||||
| Contribution to Global Echo Foundation | — | 15,422 | — | — | — | |||||||||||||||||||
| Miscellaneous Fees | 88 | — | 873 | 739 | 587 | |||||||||||||||||||
| Total Expenses | 119,588 | 57,832 | 212,263 | 131,960 | 147,969 | |||||||||||||||||||
| Advisory Fees Waived/Recoupment | (51,683 | ) | — | (9,072 | ) | (10,019 | ) | (33,749 | ) | |||||||||||||||
| Expense Reimbursement | (6,825 | ) | — | — | — | — | ||||||||||||||||||
| Net Expenses | 61,080 | 57,832 | 203,191 | 121,941 | 114,220 | |||||||||||||||||||
| Net Investment Income (Loss) | (60,359 | ) | (9,517 | ) | 86,401 | 424,069 | 59,670 | |||||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
| Investments | — | (98,118 | ) | (215,581 | ) | (128,273 | ) | (1,746,776 | ) | |||||||||||||||
| Investments in Affiliates | — | — | — | — | — | |||||||||||||||||||
| In-Kind Redemptions | — | — | 1,354,209 | 234,247 | 7,634 | |||||||||||||||||||
| In-Kind Redemptions in Affiliates | — | — | — | — | — | |||||||||||||||||||
| Swaps | — | — | — | — | — | |||||||||||||||||||
| Futures | (2,279,600 | ) | — | — | — | — | ||||||||||||||||||
| Options Written | — | — | — | — | — | |||||||||||||||||||
| Distributions by other Investment Companies | 50,657 | — | ||||||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||
| Investments | — | (168,525 | ) | (3,082,127 | ) | (705,829 | ) | (1,004,312 | ) | |||||||||||||||
| Futures | (18,326 | ) | — | — | — | — | ||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (2,297,926 | ) | (266,643 | ) | (1,943,499 | ) | (549,198 | ) | (2,743,454 | ) | ||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,358,285 | ) | $ | (276,160 | ) | $ | (1,857,098 | ) | $ | (125,129 | ) | $ | (2,683,784 | ) | |||||||||
See accompanying Notes to Financial Statements.
75
|
|
|
|
|||||||||
| AdvisorShares Market Adaptive Unconstrained Income ETF(1) |
AdvisorShares Meidell Tactical Advantage ETF |
AdvisorShares Morgan Creek Global Tactical ETF |
||||||||||
| INVESTMENT INCOME: |
||||||||||||
| Dividend Income | $ | 12,763 | $ | 107,745 | $ | 42,533 | ||||||
| Dividend Income from Affiliates | — | — | — | |||||||||
| Interest Income | — | 26 | 447 | |||||||||
| Securities lending income (Note 2) | — | 12,046 | 8,739 | |||||||||
| Foreign withholding tax | — | — | — | |||||||||
| Total Investment Income | 12,763 | 119,817 | 51,719 | |||||||||
| EXPENSES: |
||||||||||||
| Advisory Fees | 9,517 | 108,157 | 46,146 | |||||||||
| Accounting & Administration Fees | 20,170 | 37,795 | 37,962 | |||||||||
| Professional Fees | 5,817 | 12,449 | 15,903 | |||||||||
| Pricing Fees | 1,606 | 1,548 | 3,218 | |||||||||
| Trustee Fees | 1,584 | 1,581 | 1,578 | |||||||||
| CCO Fees | 1,101 | 1,481 | 1,366 | |||||||||
| Custody Fees | 823 | 1,037 | 1,544 | |||||||||
| Transfer Agent Fees | 51 | 676 | 385 | |||||||||
| Insurance Fees | 46 | 297 | 265 | |||||||||
| Report to Shareholders | 41 | 2,730 | 3,418 | |||||||||
| Exchange Listing Fees | 12 | 3,723 | 4,021 | |||||||||
| Interest on Securities Sold, Not Yet Purchased | — | — | — | |||||||||
| Dividend Expense | — | — | — | |||||||||
| Miscellaneous Fees | 259 | 569 | 176 | |||||||||
| Total Expenses | 41,027 | 172,043 | 115,982 | |||||||||
| Advisory Fees Waived/Recoupment | (9,517 | ) | (50,366 | ) | (46,146 | ) | ||||||
| Expense Reimbursement | (20,464 | ) | — | (5,744 | ) | |||||||
| Net Expenses | 11,046 | 121,677 | 64,092 | |||||||||
| Net Investment Income (Loss) | 1,717 | (1,860 | ) | (12,373 | ) | |||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||
| Investments | (4,637 | ) | (1,045,140 | ) | (917,548 | ) | ||||||
| Investments in Affiliates | (33 | ) | — | — | ||||||||
| In-Kind Redemptions | 18,790 | — | 58,000 | |||||||||
| Swaps | — | — | — | |||||||||
| Short Sales | — | — | — | |||||||||
| Futures | (2 | ) | — | — | ||||||||
| Options Written | — | — | — | |||||||||
| Distributions by other Investment Companies | 4,046 | 4,970 | 111,808 | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Investments | (71,841 | ) | (748,704 | ) | (84,911 | ) | ||||||
| Short Sales | — | — | — | |||||||||
| Swaps | — | — | — | |||||||||
| Net Realized and Unrealized Gain (Loss) | (53,677 | ) | (1,788,874 | ) | (832,651 | ) | ||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (51,960 | ) | $ | (1,790,734 | ) | $ | (845,024 | ) | |||
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
See accompanying Notes to Financial Statements.
76
ADVISORSHARES TRUST
Statements of Operations
For the Six Months Ended December 31, 2015 (Unaudited)
|
|
|
|
|
|
|
||||||||||||||||||
| AdvisorShares Newfleet Multi-Sector Income ETF |
AdvisorShares Pacific Asset Enhanced Floating Rate ETF |
AdvisorShares Peritus High Yield ETF |
AdvisorShares QAM Equity Hedge ETF |
AdvisorShares Ranger Equity Bear ETF |
||||||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||||||
| Dividend Income | $ | — | $ | — | $ | — | $ | 42,725 | $ | — | ||||||||||||||
| Dividend Income from Affiliates | — | — | — | — | 99,081 | |||||||||||||||||||
| Interest Income | 3,699,594 | 644,483 | 15,119,735 | 303 | 1,381 | |||||||||||||||||||
| Securities lending income (Note 2) | 5,044 | 301 | 107,382 | — | — | |||||||||||||||||||
| Foreign withholding tax | 282 | — | — | — | — | |||||||||||||||||||
| Total Investment Income | 3,704,920 | 644,784 | 15,227,117 | 43,028 | 100,462 | |||||||||||||||||||
| EXPENSES: |
||||||||||||||||||||||||
| Advisory Fees | 723,025 | 128,363 | 1,595,968 | 34,097 | 1,000,572 | |||||||||||||||||||
| Accounting & Administration Fees | 79,682 | 8,667 | 95,418 | 38,184 | 39,318 | |||||||||||||||||||
| Professional Fees | 15,821 | 28,136 | 21,306 | 12,219 | 14,297 | |||||||||||||||||||
| Pricing Fees | 11,460 | 6,413 | 7,025 | 3,767 | 3,768 | |||||||||||||||||||
| Trustee Fees | 1,703 | 1,794 | 1,855 | 1,574 | 1,658 | |||||||||||||||||||
| CCO Fees | 6,633 | 1,530 | 10,083 | 1,228 | 2,887 | |||||||||||||||||||
| Custody Fees | 13,983 | 2,769 | 13,567 | 330 | 5,007 | |||||||||||||||||||
| Transfer Agent Fees | 8,342 | 1,013 | 10,899 | 256 | 5,002 | |||||||||||||||||||
| Insurance Fees | 3,720 | 198 | 15,093 | 119 | 2,873 | |||||||||||||||||||
| Report to Shareholders | 30,344 | 7,296 | 54,730 | 1,193 | 17,077 | |||||||||||||||||||
| Exchange Listing Fees | 3,754 | 5,741 | 3,754 | 3,753 | 3,753 | |||||||||||||||||||
| Interest on Securities Sold, Not Yet Purchased | — | — | — | 4,947 | 320,603 | |||||||||||||||||||
| Dividend Expense | — | — | — | — | 537,734 | |||||||||||||||||||
| Miscellaneous Fees | 4,917 | 843 | 10,506 | 375 | 1,992 | |||||||||||||||||||
| Total Expenses | 903,384 | 192,763 | 1,840,204 | 102,042 | 1,956,541 | |||||||||||||||||||
| Advisory Fees Waived/Recoupment | (69,126 | ) | (44,133 | ) | (145,483 | ) | (34,097 | ) | — | |||||||||||||||
| Expense Reimbursement | — | — | — | (11,853 | ) | — | ||||||||||||||||||
| Net Expenses | 834,258 | 148,630 | 1,694,721 | 56,092 | 1,956,541 | |||||||||||||||||||
| Net Investment Income (Loss) | 2,870,662 | 496,154 | 13,532,396 | (13,064 | ) | (1,856,079 | ) | |||||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
| Investments | (567,694 | ) | (229,600 | ) | (18,956,555 | ) | (129,754 | ) | — | |||||||||||||||
| Investments in Affiliates | — | — | — | (707 | ) | — | ||||||||||||||||||
| In-Kind Redemptions | — | — | — | 55,454 | — | |||||||||||||||||||
| Swaps | — | (26,882 | ) | — | — | — | ||||||||||||||||||
| Short Sales | — | — | — | 43,516 | 1,544,807 | |||||||||||||||||||
| Futures | — | — | — | — | — | |||||||||||||||||||
| Options Written | — | — | — | (1,640 | ) | — | ||||||||||||||||||
| Distributions by other Investment Companies | — | — | — | 4,191 | — | |||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||
| Investments | (2,494,116 | ) | (844,235 | ) | (36,304,400 | ) | (333,285 | ) | (100,500 | ) | ||||||||||||||
| Short Sales | — | — | — | (26,738 | ) | (3,348,299 | ) | |||||||||||||||||
| Swaps | — | (88,111 | ) | — | — | — | ||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (3,061,810 | ) | (1,188,828 | ) | (55,260,955 | ) | (388,963 | ) | (1,903,992 | ) | ||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (191,148 | ) | $ | (692,674 | ) | $ | (41,728,559 | ) | $ | (402,027 | ) | $ | (3,760,071 | ) | |||||||||
See accompanying Notes to Financial Statements.
77
ADVISORSHARES TRUST
Statements of Operations
For the Six Months Ended December 31, 2015 (Unaudited)
|
|
|
||||||
| AdvisorShares Sage Core Reserves ETF |
AdvisorShares STAR Global Buy-Write ETF |
|||||||
| INVESTMENT INCOME: |
||||||||
| Dividend Income | $ | — | $ | 262,671 | ||||
| Dividend Income from Affiliates | — | 565 | ||||||
| Interest Income | 153,652 | 1,205 | ||||||
| Securities lending income (Note 2) | 392 | — | ||||||
| Foreign withholding tax | 275 | — | ||||||
| Total Investment Income | 154,319 | 264,441 | ||||||
| EXPENSES: |
||||||||
| Advisory Fees | 52,406 | 163,914 | ||||||
| Accounting & Administration Fees | 17,488 | 37,024 | ||||||
| Professional Fees | 12,261 | 11,707 | ||||||
| Pricing Fees | 6,027 | 5,226 | ||||||
| Exchange Listing Fees | 4,168 | 3,753 | ||||||
| Report to Shareholders | 4,038 | 4,145 | ||||||
| CCO Fees | 1,955 | 1,676 | ||||||
| Custody Fees | 1,648 | 1,993 | ||||||
| Trustee Fees | 1,604 | 1,586 | ||||||
| Transfer Agent Fees | 1,310 | 911 | ||||||
| Insurance Fees | 234 | 492 | ||||||
| Registration Fees | — | 6 | ||||||
| Licensing Fees | — | — | ||||||
| Miscellaneous Fees | 78 | 759 | ||||||
| Total Expenses | 103,217 | 233,192 | ||||||
| Advisory Fees Waived/Recoupment | (42,077 | ) | (8,568 | ) | ||||
| Net Expenses | 61,140 | 224,624 | ||||||
| Net Investment Income (Loss) | 93,179 | 39,817 | ||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||
| Net Realized Gain (Loss) on: |
||||||||
| Investments | 10,026 | (550,595 | ) | |||||
| Investments in Affiliates | — | (1,738 | ) | |||||
| In-Kind Redemptions | — | 888,350 | ||||||
| In-Kind Redemptions in Affiliates | — | (247 | ) | |||||
| Futures | 17,854 | — | ||||||
| Options Written | — | 180,608 | ||||||
| Distributions by other Investment Companies | — | 3,345 | ||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||
| Investments | (129,901 | ) | (1,041,828 | ) | ||||
| Options Written | — | (69,507 | ) | |||||
| Futures | (220 | ) | — | |||||
| Net Realized and Unrealized Gain (Loss) | (102,241 | ) | (591,612 | ) | ||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (9,062 | ) | $ | (551,795 | ) | ||
See accompanying Notes to Financial Statements.
78
ADVISORSHARES TRUST
Statements of Operations
For the Six Months Ended December 31, 2015 (Unaudited)
|
|
|
|
|
||||||||||||
| AdvisorShares TrimTabs Float Shrink ETF |
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
AdvisorShares YieldPro ETF |
||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||
| Dividend Income | $ | 1,885,625 | $ | 102,406 | $ | 336,484 | ||||||||||
| Dividend Income from Affiliates | — | — | — | |||||||||||||
| Interest Income | 33 | 127 | 32 | |||||||||||||
| Securities lending income (Note 2) | 62,875 | 10,855 | — | |||||||||||||
| Foreign withholding tax | — | (10,754 | ) | — | ||||||||||||
| Total Investment Income | 1,948,533 | 102,634 | 336,516 | |||||||||||||
| EXPENSES: |
||||||||||||||||
| Advisory Fees | 1,151,720 | 62,699 | 123,016 | |||||||||||||
| Accounting & Administration Fees | 45,965 | 37,646 | 28,506 | |||||||||||||
| Professional Fees | 31,836 | 13,490 | 14,438 | |||||||||||||
| Pricing Fees | 1,701 | 3,218 | 5,318 | |||||||||||||
| Exchange Listing Fees | 3,753 | 3,753 | 2,485 | |||||||||||||
| Report to Shareholders | 60,621 | 2,760 | 5,104 | |||||||||||||
| CCO Fees | 7,242 | 1,517 | 1,986 | |||||||||||||
| Custody Fees | 10,034 | 982 | 1,324 | |||||||||||||
| Trustee Fees | 1,761 | 1,579 | 1,626 | |||||||||||||
| Transfer Agent Fees | 8,725 | 627 | 1,153 | |||||||||||||
| Insurance Fees | 3,817 | 247 | 1,006 | |||||||||||||
| Registration Fees | — | — | 2 | |||||||||||||
| Licensing Fees | — | 5,231 | — | |||||||||||||
| Miscellaneous Fees | 5,537 | 505 | 2,430 | |||||||||||||
| Total Expenses | 1,332,712 | 134,254 | 188,394 | |||||||||||||
| Advisory Fees Waived/Recoupment | (180,993 | ) | (29,757 | ) | (3,491 | ) | ||||||||||
| Net Expenses | 1,151,719 | 104,497 | 184,903 | |||||||||||||
| Net Investment Income (Loss) | 796,814 | (1,863 | ) | 151,613 | ||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON: |
||||||||||||||||
| Net Realized Gain (Loss) on: |
||||||||||||||||
| Investments | (2,035,201 | ) | 81,064 | (174,650 | ) | |||||||||||
| Investments in Affiliates | — | — | — | |||||||||||||
| In-Kind Redemptions | (1,493,969 | ) | — | 7,793 | ||||||||||||
| In-Kind Redemptions in Affiliates | — | — | — | |||||||||||||
| Futures | — | — | — | |||||||||||||
| Options Written | — | — | — | |||||||||||||
| Distributions by other Investment Companies | — | — | 14,221 | |||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||
| Investments | (9,209,222 | ) | (225,802 | ) | 97,136 | |||||||||||
| Options Written | — | — | — | |||||||||||||
| Futures | — | — | — | |||||||||||||
| Net Realized and Unrealized Gain (Loss) | (12,738,392 | ) | (144,738 | ) | (55,500 | ) | ||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (11,941,578 | ) | $ | (146,601 | ) | $ | 96,113 | ||||||||
See accompanying Notes to Financial Statements.
79
|
|
|
|
|
||||||||||||
| AdvisorShares Athena High Dividend ETF |
AdvisorShares EquityPro ETF |
|||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
For the period July 29, 2014* to June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
|||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
| OPERATIONS |
||||||||||||||||
| Net Investment Income (Loss) | $ | 155,420 | $ | 507,832 | $ | 101,673 | $ | 318,430 | ||||||||
| Net Realized Gain (Loss) | (2,266,373 | ) | (2,202,636 | ) | (1,713,473 | ) | 1,623,911 | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (726,791 | ) | (1,007,787 | ) | (127,864 | ) | (1,781,112 | ) | ||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (2,837,744 | ) | (2,702,591 | ) | (1,739,664 | ) | 161,229 | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||
| Net Investment Income | (155,687 | ) | (529,121 | ) | (410,873 | ) | (269,924 | ) | ||||||||
| Net Realized Gains | — | — | (1,219,968 | ) | (463,353 | ) | ||||||||||
| Total Distributions | (155,687 | ) | (529,121 | ) | (1,630,841 | ) | (733,277 | ) | ||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||
| Proceeds from Shares Issued | — | 18,496,464 | 24,853,838 | 11,378,050 | ||||||||||||
| Value of Shares Redeemed | (4,846,470 | ) | — | (3,716,589 | ) | (11,696,707 | ) | |||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (4,846,470 | ) | 18,496,464 | 21,137,249 | (318,657 | ) | ||||||||||
| Net Increase (Decrease) in Net Assets | (7,839,901 | ) | 15,264,752 | 17,766,744 | (890,705 | ) | ||||||||||
| Net Assets: |
||||||||||||||||
| Beginning of Period | 15,264,752 | — | 19,178,935 | 20,069,640 | ||||||||||||
| End of Period | $ | 7,424,851 | $ | 15,264,752 | $ | 36,945,679 | $ | 19,178,935 | ||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | 127 | 394 | (54,804 | ) | 254,396 | |||||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares Outstanding, Beginning of Period | 800,000 | — | 625,000 | 625,000 | ||||||||||||
| Shares Sold | — | 800,000 | 850,000 | 375,000 | ||||||||||||
| Shares Repurchased | (300,000 | ) | — | (125,000 | ) | (375,000 | ) | |||||||||
| End of Period | 500,000 | 800,000 | 1,350,000 | 625,000 | ||||||||||||
| * | Commencement of operations. |
See accompanying Notes to Financial Statements.
80
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Gartman Gold/Euro ETF (Consolidated) |
AdvisorShares Gartman Gold/Yen ETF (Consolidated) |
AdvisorShares Global Echo ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | (47,917 | ) | $ | (47,819 | ) | $ | (60,359 | ) | $ | (56,705 | ) | $ | (9,517 | ) | $ | (6,498 | ) | ||||||||||
| Net Realized Gain (Loss) | (994,028 | ) | (434,589 | ) | (2,279,600 | ) | 338,995 | (98,118 | ) | 553,618 | ||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) |
(65,866 | ) | (45,609 | ) | (18,326 | ) | (549,013 | ) | (168,525 | ) | (393,159 | ) | ||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (1,107,811 | ) | (528,017 | ) | (2,358,285 | ) | (266,723 | ) | (276,160 | ) | 153,961 | |||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||||||||||||||
| Net Investment Income | — | (27,862 | ) | — | (24,357 | ) | (3,846 | ) | (46,077 | ) | ||||||||||||||||||
| Net Realized Gains | (893,000 | ) | (126,850 | ) | (512,262 | ) | (296,740 | ) | (57,227 | ) | — | |||||||||||||||||
| Total Distributions | (893,000 | ) | (154,712 | ) | (512,262 | ) | (321,097 | ) | (61,073 | ) | (46,077 | ) | ||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | 1,573,894 | 17,829,090 | 1,930,233 | 19,728,176 | — | 1,593,777 | ||||||||||||||||||||||
| Value of Shares Redeemed | (5,016,245 | ) | (1,690,732 | ) | (8,061,609 | ) | — | — | (3,058,904 | ) | ||||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (3,442,351 | ) | 16,138,358 | (6,131,376 | ) | 19,728,176 | — | (1,465,127 | ) | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets | (5,443,162 | ) | 15,455,629 | (9,001,923 | ) | 19,140,356 | (337,233 | ) | (1,357,243 | ) | ||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 16,757,855 | 1,302,226 | 23,021,653 | 3,881,297 | 7,858,872 | 9,216,115 | ||||||||||||||||||||||
| End of Period | $ | 11,314,693 | $ | 16,757,855 | $ | 14,019,730 | $ | 23,021,653 | $ | 7,521,639 | $ | 7,858,872 | ||||||||||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (47,917 | ) | — | (60,359 | ) | — | (13,363 | ) | — | |||||||||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 1,275,000 | 100,000 | 1,750,000 | 300,000 | 125,000 | 150,000 | ||||||||||||||||||||||
| Shares Sold | 125,000 | 1,300,000 | 150,000 | 1,450,000 | — | 25,000 | ||||||||||||||||||||||
| Shares Repurchased | (400,000 | ) | (125,000 | ) | (650,000 | ) | — | — | (50,000 | ) | ||||||||||||||||||
| End of Period | 1,000,000 | 1,275,000 | 1,250,000 | 1,750,000 | 125,000 | 125,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
81
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
||||||||||||
| AdvisorShares Madrona Domestic ETF |
AdvisorShares Madrona Global Bond ETF |
|||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 | Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 | |||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
| OPERATIONS |
||||||||||||||||
| Net Investment Income (Loss) | $ | 86,401 | $ | 88,604 | $ | 424,069 | $ | 781,661 | ||||||||
| Net Realized Gain (Loss) | 1,138,628 | 3,912,009 | 156,631 | (288,084 | ) | |||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (3,082,127 | ) | (2,315,861 | ) | (705,829 | ) | (1,157,891 | ) | ||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (1,857,098 | ) | 1,684,752 | (125,129 | ) | (664,314 | ) | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||
| Net Investment Income | (118,397 | ) | (96,271 | ) | (446,267 | ) | (823,886 | ) | ||||||||
| Total Distributions | (118,397 | ) | (96,271 | ) | (446,267 | ) | (823,886 | ) | ||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||
| Proceeds from Shares Issued | 7,647,629 | 23,992,082 | 1,864,915 | 5,201,228 | ||||||||||||
| Value of Shares Redeemed | (5,468,968 | ) | (18,761,355 | ) | (5,601,496 | ) | — | |||||||||
| Net Increase (Decrease) From Capital Stock Transactions | 2,178,661 | 5,230,727 | (3,736,581 | ) | 5,201,228 | |||||||||||
| Net Increase (Decrease) in Net Assets | 203,166 | 6,819,208 | (4,307,977 | ) | 3,713,028 | |||||||||||
| Net Assets: |
||||||||||||||||
| Beginning of Period | 31,574,491 | 24,755,283 | 28,095,719 | 24,382,691 | ||||||||||||
| End of Period | $ | 31,777,657 | $ | 31,574,491 | $ | 23,787,742 | $ | 28,095,719 | ||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (6,414 | ) | 25,582 | (22,154 | ) | 44 | ||||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares Outstanding, Beginning of Period | 725,000 | 600,000 | 1,125,000 | 925,000 | ||||||||||||
| Shares Sold | 175,000 | 575,000 | 75,000 | 200,000 | ||||||||||||
| Shares Repurchased | (125,000 | ) | (450,000 | ) | (225,000 | ) | — | |||||||||
| End of Period | 775,000 | 725,000 | 975,000 | 1,125,000 | ||||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
See accompanying Notes to Financial Statements.
82
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Madrona International ETF |
AdvisorShares Market Adaptive Unconstrained Income ETF(1) |
AdvisorShares Meidell Tactical Advantage ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
For the period July 8, 2014* to June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | 59,670 | $ | 258,341 | $ | 1,717 | $ | (464 | ) | $ | (1,860 | ) | $ | 92,797 | ||||||||||||||
| Net Realized Gain (Loss) | (1,739,142 | ) | 476,307 | 18,164 | (99,852 | ) | (1,040,170 | ) | 634,972 | |||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) |
(1,004,312 | ) | (1,747,956 | ) | (71,841 | ) | 62,557 | (748,704 | ) | (189,353 | ) | |||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (2,683,784 | ) | (1,013,308 | ) | (51,960 | ) | (37,759 | ) | (1,790,734 | ) | 538,416 | |||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||||||||||||||
| Net Investment Income | (242,962 | ) | (304,843 | ) | — | (45,346 | ) | (64,850 | ) | (93,938 | ) | |||||||||||||||||
| Total Distributions | (242,962 | ) | (304,843 | ) | — | (45,346 | ) | (64,850 | ) | (93,938 | ) | |||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | 1,330,179 | 14,565,285 | — | 3,736,304 | 5,034,610 | 12,076,557 | ||||||||||||||||||||||
| Value of Shares Redeemed | (620,649 | ) | (13,161,115 | ) | (1,169,735 | ) | (1,859,387 | ) | — | (11,298,866 | ) | |||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | 709,530 | 1,404,170 | (1,169,735 | ) | 1,876,917 | 5,034,610 | 777,691 | |||||||||||||||||||||
| Net Increase (Decrease) in Net Assets | (2,217,216 | ) | 86,019 | (1,221,695 | ) | 1,793,812 | 3,179,026 | 1,222,169 | ||||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 19,364,667 | 19,278,648 | 1,793,812 | — | 16,971,751 | 15,749,582 | ||||||||||||||||||||||
| End of Period | $ | 17,147,451 | $ | 19,364,667 | $ | 572,117 | $ | 1,793,812 | $ | 20,150,777 | $ | 16,971,751 | ||||||||||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (20,305 | ) | 162,987 | (43,730 | ) | (45,447 | ) | (1,862 | ) | 64,848 | ||||||||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 700,000 | 650,000 | 75,000 | — | 550,000 | 525,000 | ||||||||||||||||||||||
| Shares Sold | 50,000 | 500,000 | — | 150,000 | 175,000 | 400,000 | ||||||||||||||||||||||
| Shares Repurchased | (25,000 | ) | (450,000 | ) | (50,000 | ) | (75,000 | ) | — | (375,000 | ) | |||||||||||||||||
| End of Period | 725,000 | 700,000 | 25,000 | 75,000 | 725,000 | 550,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
83
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
||||||||||||
| AdvisorShares Morgan Creek Global Tactical ETF |
AdvisorShares Newfleet Multi-Sector Income ETF |
|||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 | Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 | |||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
| OPERATIONS |
||||||||||||||||
| Net Investment Income (Loss) | $ | (12,373 | ) | $ | 41,083 | $ | 2,870,662 | $ | 4,866,958 | |||||||
| Net Realized Gain (Loss) | (747,740 | ) | 1,596,746 | (567,694 | ) | (628,122 | ) | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (84,911 | ) | (2,482,888 | ) | (2,494,116 | ) | (2,187,565 | ) | ||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (845,024 | ) | (845,059 | ) | (191,148 | ) | 2,051,271 | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||
| Net Investment Income | (132,900 | ) | (354,156 | ) | (3,206,276 | ) | (5,247,098 | ) | ||||||||
| Net Realized Gains | — | — | — | — | ||||||||||||
| Total Distributions | (132,900 | ) | (354,156 | ) | (3,206,276 | ) | (5,247,098 | ) | ||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||
| Proceeds from Shares Issued | — | — | 34,196,956 | 69,253,284 | ||||||||||||
| Value of Shares Redeemed | (2,347,601 | ) | (23,158,545 | ) | (9,809,241 | ) | (4,927,422 | ) | ||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (2,347,601 | ) | (23,158,545 | ) | 24,387,715 | 64,325,862 | ||||||||||
| Net Increase (Decrease) in Net Assets | (3,325,525 | ) | (24,357,760 | ) | 20,990,291 | 61,130,035 | ||||||||||
| Net Assets: |
||||||||||||||||
| Beginning of Period | 12,308,962 | 36,666,722 | 215,940,806 | 154,810,771 | ||||||||||||
| End of Period | $ | 8,983,437 | $ | 12,308,962 | $ | 236,931,097 | $ | 215,940,806 | ||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | $ | (62,305 | ) | $ | 82,968 | $ | (289,502 | ) | $ | 46,112 | ||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares Outstanding, Beginning of Period | 500,000 | 1,400,000 | 4,400,000 | 3,100,000 | ||||||||||||
| Shares Sold | — | — | 700,000 | 1,400,000 | ||||||||||||
| Shares Repurchased | (100,000 | ) | (900,000 | ) | (200,000 | ) | (100,000 | ) | ||||||||
| End of Period | 400,000 | 500,000 | 4,900,000 | 4,400,000 | ||||||||||||
| * | Commencement of operations. |
See accompanying Notes to Financial Statements.
84
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares Pacific Asset Enhanced Floating Rate ETF |
AdvisorShares Peritus High Yield ETF |
AdvisorShares QAM Equity Hedge ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
For the period February 18, 2015* to June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | 496,154 | $ | 329,893 | $ | 13,532,396 | $ | 45,993,689 | $ | (13,064 | ) | $ | (34,570 | ) | ||||||||||||||
| Net Realized Gain (Loss) | (256,482 | ) | (10,073 | ) | (18,956,555 | ) | (117,866,961 | ) | (28,940 | ) | 300,372 | |||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) |
(932,346 | ) | (179,877 | ) | (36,304,400 | ) | (52,730,083 | ) | (360,023 | ) | (191,927 | ) | ||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (692,674 | ) | 139,943 | (41,728,559 | ) | (124,603,355 | ) | (402,027 | ) | 73,875 | ||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||||||||||||||
| Net Investment Income | (517,457 | ) | (316,679 | ) | (14,317,124 | ) | (48,496,620 | ) | — | — | ||||||||||||||||||
| Net Realized Gains | — | — | — | — | (65,720 | ) | (64,929 | ) | ||||||||||||||||||||
| Total Distributions | (517,457 | ) | (316,679 | ) | (14,317,124 | ) | (48,496,620 | ) | (65,720 | ) | (64,929 | ) | ||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | — | 27,488,348 | 6,037,172 | 192,942,545 | — | 1,427,899 | ||||||||||||||||||||||
| Value of Shares Redeemed | — | — | (122,511,695 | ) | (719,848,257 | ) | (1,349,002 | ) | (2,808,730 | ) | ||||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | — | 27,488,348 | (116,474,523 | ) | (526,905,712 | ) | (1,349,002 | ) | (1,380,831 | ) | ||||||||||||||||||
| Net Increase (Decrease) in Net Assets | (1,210,131 | ) | 27,311,612 | (172,520,206 | ) | (700,005,687 | ) | (1,816,749 | ) | (1,371,885 | ) | |||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 27,311,612 | — | 375,990,903 | 1,075,996,590 | 7,170,642 | 8,542,527 | ||||||||||||||||||||||
| End of Period | $ | 26,101,481 | $ | 27,311,612 | $ | 203,470,697 | $ | 375,990,903 | $ | 5,353,893 | $ | 7,170,642 | ||||||||||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | $ | (2,332 | ) | $ | 18,971 | $ | 288,919 | $ | 1,073,647 | $ | (42,270 | ) | $ | (29,206 | ) | |||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 550,000 | — | 9,250,000 | 20,200,000 | 250,000 | 300,000 | ||||||||||||||||||||||
| Shares Sold | — | 550,000 | 150,000 | 4,000,000 | — | 50,000 | ||||||||||||||||||||||
| Shares Repurchased | — | — | (3,250,000 | ) | (14,950,000 | ) | (50,000 | ) | (100,000 | ) | ||||||||||||||||||
| End of Period | 550,000 | 550,000 | 6,150,000 | 9,250,000 | 200,000 | 250,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
85
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
||||||||||||
| AdvisorShares Ranger Equity Bear ETF |
AdvisorShares Sage Core Reserves ETF |
|||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
|||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
| OPERATIONS |
||||||||||||||||
| Net Investment Income (Loss) | $ | (1,856,079 | ) | $ | (4,060,161 | ) | $ | 93,179 | $ | 43,627 | ||||||
| Net Realized Gain (Loss) | 1,544,807 | (19,107,511 | ) | 27,880 | (34,842 | ) | ||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | (3,448,799 | ) | 12,334,124 | (130,121 | ) | (13,902 | ) | |||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (3,760,071 | ) | (10,833,548 | ) | (9,062 | ) | (5,117 | ) | ||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||
| Net Investment Income | — | — | (115,595 | ) | (147,384 | ) | ||||||||||
| Total Distributions | — | — | (115,595 | ) | (147,384 | ) | ||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||
| Proceeds from Shares Issued | 45,028,855 | 49,008,377 | — | — | ||||||||||||
| Value of Shares Redeemed | (46,795,150 | ) | (72,068,067 | ) | — | (2,483,570 | ) | |||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (1,766,295 | ) | (23,059,690 | ) | — | (2,483,570 | ) | |||||||||
| Net Increase (Decrease) in Net Assets | (5,526,366 | ) | (33,893,238 | ) | (124,657 | ) | (2,636,071 | ) | ||||||||
| Net Assets: |
||||||||||||||||
| Beginning of Period | 128,058,724 | 161,951,962 | 34,782,741 | 37,418,812 | ||||||||||||
| End of Period | $ | 122,532,358 | $ | 128,058,724 | $ | 34,658,084 | $ | 34,782,741 | ||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | $ | (3,406,078 | ) | $ | (1,549,999 | ) | $ | (19,344 | ) | $ | 3,072 | |||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares Outstanding, Beginning of Period | 11,775,000 | 13,750,000 | 350,000 | 375,000 | ||||||||||||
| Shares Sold | 3,950,000 | 4,225,000 | — | — | ||||||||||||
| Shares Repurchased | (4,325,000 | ) | (6,200,000 | ) | — | (25,000 | ) | |||||||||
| End of Period | 11,400,000 | 11,775,000 | 350,000 | 350,000 | ||||||||||||
See accompanying Notes to Financial Statements.
86
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| AdvisorShares STAR Global Buy-Write ETF |
AdvisorShares TrimTabs Float Shrink ETF |
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||
| Net Investment Income (Loss) | $ | 39,817 | $ | 8,814 | $ | 796,814 | $ | 1,381,231 | $ | (1,863 | ) | $ | 130,883 | |||||||||||||||
| Net Realized Gain (Loss) | 519,723 | 383,334 | (3,529,170 | ) | 22,749,625 | 81,064 | 353,345 | |||||||||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) |
(1,111,335 | ) | 34,935 | (9,209,222 | ) | (7,341,753 | ) | (225,802 | ) | (262,768 | ) | |||||||||||||||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | (551,795 | ) | 427,083 | (11,941,578 | ) | 16,789,103 | (146,601 | ) | 221,460 | |||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||||||||||||||||||||||
| Net Investment Income | — | — | (1,684,986 | ) | (1,045,971 | ) | (47,835 | ) | (94,665 | ) | ||||||||||||||||||
| Total Distributions | — | — | (1,684,986 | ) | (1,045,971 | ) | (47,835 | ) | (94,665 | ) | ||||||||||||||||||
| CAPITAL STOCK TRANSACTIONS |
||||||||||||||||||||||||||||
| Proceeds from Shares Issued | 2,642,128 | 1,315,362 | 18,438,171 | 709,868,546 | 3,855,067 | 3,760,440 | ||||||||||||||||||||||
| Value of Shares Redeemed | (7,275,247 | ) | (2,635,459 | ) | (29,568,871 | ) | (620,154,900 | ) | — | (1,003,980 | ) | |||||||||||||||||
| Net Increase (Decrease) From Capital Stock Transactions | (4,633,119 | ) | (1,320,097 | ) | (11,130,700 | ) | 89,713,646 | 3,855,067 | 2,756,460 | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets | (5,184,914 | ) | (893,014 | ) | (24,757,264 | ) | 105,456,778 | 3,660,631 | 2,883,255 | |||||||||||||||||||
| Net Assets: |
||||||||||||||||||||||||||||
| Beginning of Period | 26,596,721 | 27,489,735 | 242,472,123 | 137,015,345 | 15,543,498 | 12,660,243 | ||||||||||||||||||||||
| End of Period | $ | 21,411,807 | $ | 26,596,721 | $ | 217,714,859 | $ | 242,472,123 | $ | 19,204,129 | $ | 15,543,498 | ||||||||||||||||
| Undistributed (Accumulated) Net Investment Income (Loss) | $ | 36,621 | $ | (3,196 | ) | $ | (840 | ) | $ | 887,332 | $ | (13,687 | ) | $ | 36,011 | |||||||||||||
| Changes in Shares Outstanding |
||||||||||||||||||||||||||||
| Shares Outstanding, Beginning of Period | 1,000,000 | 1,050,000 | 4,250,000 | 2,675,000 | 400,000 | 325,000 | ||||||||||||||||||||||
| Shares Sold | 100,000 | 50,000 | 325,000 | 13,000,000 | 100,000 | 100,000 | ||||||||||||||||||||||
| Shares Repurchased | (275,000 | ) | (100,000 | ) | (550,000 | ) | (11,425,000 | ) | — | (25,000 | ) | |||||||||||||||||
| End of Period | 825,000 | 1,000,000 | 4,025,000 | 4,250,000 | 500,000 | 400,000 | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
87
ADVISORSHARES TRUST
Statements of Changes in Net Assets
|
|
|
||||||
| AdvisorShares YieldPro ETF |
||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
|||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||
| OPERATIONS |
||||||||
| Net Investment Income | $ | 151,613 | $ | 2,014,399 | ||||
| Net Realized Loss | (152,636 | ) | (3,511,431 | ) | ||||
| Net Change in Unrealized Appreciation (Depreciation) | 97,136 | (1,445,645 | ) | |||||
| Net Increase (Decrease) In Net Assets Resulting From Operations | 96,113 | (2,942,677 | ) | |||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM |
||||||||
| Net Investment Income | (179,510 | ) | (2,337,383 | ) | ||||
| Total Distributions | (179,510 | ) | (2,337,383 | ) | ||||
| CAPITAL STOCK TRANSACTIONS |
||||||||
| Proceeds from Shares Issued | 4,608,415 | 5,215,701 | ||||||
| Value of Shares Redeemed | (10,964,225 | ) | (37,372,924 | ) | ||||
| Net Decrease From Capital Stock Transactions | (6,355,810 | ) | (32,157,223 | ) | ||||
| Net Decrease in Net Assets | (6,439,207 | ) | (37,437,283 | ) | ||||
| Net Assets: |
||||||||
| Beginning of Period | 34,597,982 | 72,035,265 | ||||||
| End of Period | $ | 28,158,775 | $ | 34,597,982 | ||||
| Undistributed (Accumulated) Net Investment Income (Loss) | (24,727 | ) | 3,170 | |||||
| Changes in Shares Outstanding |
||||||||
| Shares Outstanding, Beginning of Period | 1,500,000 | 2,850,000 | ||||||
| Shares Sold | 200,000 | 225,000 | ||||||
| Shares Repurchased | (475,000 | ) | (1,575,000 | ) | ||||
| End of Period | 1,225,000 | 1,500,000 | ||||||
See accompanying Notes to Financial Statements.
88
ADVISORSHARES TRUST
Statements of Cash Flows
|
|
|
||||||
| AdvisorShares QAM Equity Hedge ETF |
AdvisorShares Ranger Equity Bear ETF |
|||||||
| For the six months ended December 31, 2015 (Unaudited) |
For the six months ended December 31, 2015 (Unaudited) |
|||||||
| CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES: |
||||||||
| Dividends and Interest paid (received) | $ | (377,850 | ) | $ | 100,381 | |||
| Operating expenses paid (received) | (41,117 | ) | (1,101,101 | ) | ||||
| Net purchases of short-term investments | (24,846 | ) | 4,893,621 | |||||
| Realized gain (loss) on swap contracts and option contracts | (8,818 | ) | — | |||||
| Purchases of long-term investments | (3,645,917 | ) | (1,777,848 | ) | ||||
| Proceeds from disposition of long-term investments | 5,006,061 | 1,796,648 | ||||||
| Increase/Decrease in receivables for securities sold | — | 8,864,924 | ||||||
| Increase/Decrease in payables for securities purchased | (92,454 | ) | (756,085 | ) | ||||
| Net increase in short sales | (67,609 | ) | (6,804,205 | ) | ||||
| Capital gains paid | 1,223 | — | ||||||
| Dividends paid | — | (499,574 | ) | |||||
| Interest paid | (4,657 | ) | (333,399 | ) | ||||
| Net Cash Flows Provided (Used) By Operating Activities | 744,016 | 4,383,362 | ||||||
| CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES: |
||||||||
| Net proceeds from shares issued | — | 45,028,855 | ||||||
| Value of shares redeemed | (1,349,002 | ) | (46,795,150 | ) | ||||
| Deposits with brokers for swap contracts and short sales | 596,891 | (471,661 | ) | |||||
| Net Cash Flows Provided (Used) By Financing Activities | (752,111 | ) | (2,237,956 | ) | ||||
| NET INCREASE/DECREASE IN CASH | (8,095 | ) | 2,145,406 | |||||
| Cash, beginning of period | 9,380 | 76,109,147 | ||||||
| Cash, end of period | $ | 1,285 | $ | 78,254,553 | ||||
| RECONCILIATION OF INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES: |
||||||||
| Increase/Decrease in Net Assets resulting from Operations | $ | (402,027 | ) | $ | (3,760,071 | ) | ||
| Increase/Decrease in investments, at value | 1,649,057 | 12,208 | ||||||
| Increase/Decrease in payable for securities purchased | (92,454 | ) | (756,085 | ) | ||||
| Increase/Decrease in receivable for securities sold | — | 8,864,924 | ||||||
| Increase/Decrease in dividends and interest receivable | (420,878 | ) | (81 | ) | ||||
| Increase/Decrease in due from/to investment advisor | (502 | ) | — | |||||
| Increase/Decrease in prepaid expense | 6,869 | (1,033 | ) | |||||
| Increase/Decrease in interest payable | 290 | (12,796 | ) | |||||
| Increase/Decrease in dividends payable | — | 38,160 | ||||||
| Increase/Decrease in accrued expenses | 3,661 | (1,864 | ) | |||||
| Total Adjustments | 1,146,043 | 8,143,433 | ||||||
| Net Cash Flows Provided (Used) By Operating Activities | $ | 744,016 | $ | 4,383,362 | ||||
See accompanying Notes to Financial Statements.
89
|
|
|
||||||
| AdvisorShares Athena High Dividend ETF |
||||||||
| Six months ended December 31, 2015 (Unaudited) | For the period July 29, 2014* to June 30, 2015 | |||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||
| Net Asset Value, Beginning of Period | $ | 19.08 | $ | 25.00 | ||||
| Investment Operations |
||||||||
| Net Investment Income (Loss)(2) | 0.25 | 0.90 | ||||||
| Net Realized and Unrealized Gain (Loss) | (4.23 | ) | (6.03 | ) | ||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (3.98 | ) | (5.13 | ) | ||||
| Distributions from Net Investment Income | (0.25 | ) | (0.79 | ) | ||||
| Distributions from Realized Capital Gains | — | — | ||||||
| Total Distributions | (0.25 | ) | (0.79 | ) | ||||
| Net Asset Value, End of Period | $ | 14.85 | $ | 19.08 | ||||
| Market Value, End of Period | $ | 14.84 | $ | 19.08 | ||||
| Total Return |
||||||||
| Total Investment Return Based on Net Asset Value(5) | (20.95 | )% | (20.71 | )% | ||||
| Total Investment Return Based on Market(5) | (21.00 | )% | (20.65 | )% | ||||
| Ratios/Supplemental Data |
||||||||
| Net Assets, End of Period (000’s omitted) | $ | 7,425 | $ | 15,265 | ||||
| Ratio to Average Net Assets of: |
||||||||
| Expenses, net of expense waivers and reimbursements(6) | 0.99 | % | 0.99 | % | ||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.54 | % | 1.71 | % | ||||
| Net Investment Income (Loss)(6) | 2.87 | % | 4.60 | % | ||||
| Portfolio Turnover Rate(9) | 102 | % | 193 | % | ||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Amount represents less than $0.005 or 0.005%. |
| (4) | The amount shown for a share distribution throughout the period may not correlate with the Statements of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| (5) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. |
| (6) | Ratios of periods of less than one year have been annualized. |
| (7) | The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively. |
| (8) | The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively. |
| (9) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
90
ADVISORSHARES TRUST
Financial Highlights
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||||||||||||||||||||||||
| AdvisorShares EquityPro ETF |
AdvisorShares Gartman Gold/Euro ETF (Consolidated) |
|||||||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Year ended June 30, 2014 |
For the period July 10, 2012* to June 30, 2013 | Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
For the period February 11, 2014* to June 30, 2014 |
||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 30.69 | $ | 32.11 | $ | 27.13 | $ | 25.00 | $ | 13.14 | $ | 13.02 | $ | 12.80 | ||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.12 | 0.39 | 1.24 | 0.22 | (0.04 | ) | (0.08 | ) | (0.03 | ) | ||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (2.24 | ) | (1.04 | ) | 4.08 | 2.06 | (0.90 | ) | 0.97 | 0.25 | ||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (2.12 | ) | (0.65 | ) | 5.32 | 2.28 | (0.94 | ) | 0.89 | 0.22 | ||||||||||||||||||||||
| Distributions from Net Investment Income | (0.30 | ) | (0.28 | ) | (0.34 | ) | (0.13 | ) | — | (0.14 | ) | — | ||||||||||||||||||||
| Distributions from Realized Capital Gains | (0.90 | ) | (0.49 | ) | — | (0.02 | ) | (0.89 | ) | (0.63 | ) | — | ||||||||||||||||||||
| Total Distributions | (1.20 | ) | (0.77 | ) | (0.34 | ) | (0.15 | ) | (0.89 | ) | (0.77 | ) | — | |||||||||||||||||||
| Net Asset Value, End of Period | $ | 27.37 | $ | 30.69 | $ | 32.11 | $ | 27.13 | $ | 11.31 | $ | 13.14 | $ | 13.02 | ||||||||||||||||||
| Market Value, End of Period | $ | 27.45 | $ | 30.70 | $ | 32.11 | $ | 27.12 | $ | 11.24 | $ | 13.11 | $ | 13.07 | ||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (6.95 | )% | (2.01 | )% | 19.71 | % | 9.16 | % | (7.18 | )% | 7.33 | % | 1.72 | % | ||||||||||||||||||
| Total Investment Return Based on Market(5) |
(10.59 | )% | (1.89 | )% | 19.76 | % | 9.11 | % | (7.45 | )% | 6.56 | % | 2.11 | % | ||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 36,946 | $ | 19,179 | $ | 20,070 | $ | 1,357 | $ | 11,315 | $ | 16,758 | $ | 1,302 | ||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.28 | % | 1.13 | % | 1.92 | % | 6.95 | % | 1.45 | % | 2.21 | % | 10.72 | % | ||||||||||||||||||
| Net Investment Income (Loss)(6) | 0.80 | % | 1.25 | % | 4.13 | % | 0.88 | % | (0.64 | )% | (0.63 | )% | (0.63 | )% | ||||||||||||||||||
| Portfolio Turnover Rate(9) | 266 | % | 349 | % | 21 | % | 43 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||||
See accompanying Notes to Financial Statements.
91
ADVISORSHARES TRUST
Financial Highlights
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|||||||||
| AdvisorShares Gartman Gold/Yen ETF (Consolidated) |
||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
For the period February 11, 2014* to June 30, 2014 | ||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||
| Net Asset Value, Beginning of Period | $ | 13.16 | $ | 12.94 | $ | 12.80 | ||||||
| Investment Operations |
||||||||||||
| Net Investment Income (Loss)(2) | (0.04 | ) | (0.08 | ) | (0.03 | ) | ||||||
| Net Realized and Unrealized Gain (Loss) | (1.49 | ) | 0.86 | 0.17 | ||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (1.53 | ) | 0.78 | 0.14 | ||||||||
| Distributions from Net Investment Income | — | (0.04 | ) | — | ||||||||
| Distributions from Realized Capital Gains | (0.41 | ) | (0.52 | ) | — | |||||||
| Total Distributions | (0.41 | ) | (0.56 | ) | — | |||||||
| Net Asset Value, End of Period | $ | 11.22 | $ | 13.16 | $ | 12.94 | ||||||
| Market Value, End of Period | 11.13 | $ | 13.19 | $ | 13.04 | |||||||
| Total Return |
||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (11.68 | )% | 6.06 | % | 1.09 | % | ||||||
| Total Investment Return Based on Market(5) | (12.51 | )% | 5.45 | % | 1.88 | % | ||||||
| Ratios/Supplemental Data |
||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 14,020 | $ | 23,022 | $ | 3,881 | ||||||
| Ratio to Average Net Assets of: |
||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 0.65 | % | 0.65 | % | 0.65 | % | ||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.27 | % | 1.99 | % | 4.74 | % | ||||||
| Net Investment Income (Loss)(6) | (0.64 | )% | (0.62 | )% | (0.63 | )% | ||||||
| Portfolio Turnover Rate(9) | 0 | % | 0 | % | 0 | % | ||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Amount represents less than $0.005 or 0.005%. |
| (4) | The amount shown for a share distribution throughout the period may not correlate with the Statements of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| (5) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. |
| (6) | Ratios of periods of less than one year have been annualized. |
| (7) | The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively. |
| (8) | The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively. |
| (9) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
92
ADVISORSHARES TRUST
Financial Highlights
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||||||||||||||||||||||||||||||||||||
| AdvisorShares Global Echo ETF |
AdvisorShares Madrona Domestic ETF |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) | Year ended June 30, 2015 | Year ended June 30, 2014 | Year ended June 30, 2013 | For the period May 23, 2012* to June 30, 2012 |
Six months ended December 31, 2015 (Unaudited) | Year ended June 30, 2015 | Year ended June 30, 2014 | Year ended June 30, 2013 | Year ended June 30, 2012 | For the period June 21, 2011* to June 30, 2011 |
||||||||||||||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 62.87 | $ | 61.44 | $ | 54.38 | $ | 50.80 | $ | 50.00 | $ | 43.55 | $ | 41.26 | $ | 32.34 | $ | 25.31 | $ | 26.07 | $ | 25.00 | ||||||||||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.08 | ) | (0.06 | ) | 0.22 | (0.07 | ) | (0.02 | ) | 0.11 | 0.13 | 0.11 | 0.15 | 0.10 | 0 | (3) | ||||||||||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (2.13 | ) | 1.92 | 6.86 | 3.88 | 0.82 | (2.51 | ) | 2.30 | 8.91 | 7.01 | (0.79 | ) | 1.07 | ||||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) |
(2.21 | ) | 1.86 | 7.08 | 3.81 | 0.80 | (2.40 | ) | 2.43 | 9.02 | 7.16 | (0.69 | ) | 1.07 | ||||||||||||||||||||||||||||||||||
| Distributions from Net Investment Income | (0.03 | ) | (0.43 | ) | (0.02 | ) | — | — | (0.15 | ) | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.07 | ) | — | |||||||||||||||||||||||||||||
| Distributions from Realized Capital Gains | (0.46 | ) | — | — | (0.23 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Total Distributions | (0.49 | ) | (0.43 | ) | (0.02 | ) | (0.23 | ) | — | (0.15 | ) | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.07 | ) | — | ||||||||||||||||||||||||||||
| Net Asset Value, End of Period | $ | 60.17 | $ | 62.87 | $ | 61.44 | $ | 54.38 | $ | 50.80 | $ | 41.00 | $ | 43.55 | $ | 41.26 | $ | 32.34 | $ | 25.31 | $ | 26.07 | ||||||||||||||||||||||||||
| Market Value, End of Period | $ | 60.11 | $ | 62.28 | $ | 61.46 | $ | 54.53 | $ | 50.99 | $ | 41.00 | $ | 43.55 | $ | 41.26 | $ | 32.34 | $ | 25.28 | $ | 26.07 | ||||||||||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (3.52 | )% | 3.05 | % | 13.03 | % | 7.54 | % | 1.60 | % | (5.51 | )% | 5.89 | % | 27.93 | % | 28.37 | % | (2.65 | )% | 4.28 | % | ||||||||||||||||||||||||||
| Total Investment Return Based on Market(5) |
(2.69 | )% | 2.06 | % | 12.75 | % | 7.43 | % | 1.98 | % | (5.50 | )% | 5.89 | % | 27.93 | % | 28.52 | % | (2.76 | )% | 4.28 | % | ||||||||||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 7,522 | $ | 7,859 | $ | 9,216 | $ | 5,438 | $ | 5,080 | $ | 31,778 | $ | 31,574 | $ | 24,755 | $ | 18,593 | $ | 15,188 | $ | 2,607 | ||||||||||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.31 | % | 1.37 | % | 1.42 | % | 1.61 | % | 1.46 | % | 10.96 | % | ||||||||||||||||||||||||||
| Net Investment Income (Loss)(6) | (0.25 | )% | (0.09 | )% | 0.37 | % | (0.13 | )% | (0.32 | )% | 0.53 | % | 0.30 | % | 0.31 | % | 0.51 | % | 0.40 | % | 0.23 | % | ||||||||||||||||||||||||||
| Portfolio Turnover Rate(9) | 18 | % | 68 | % | 157 | % | 180 | % | 70 | % | 18 | % | 15 | % | 14 | % | 33 | % | 40 | % | 0 | % | ||||||||||||||||||||||||||
See accompanying Notes to Financial Statements.
93
ADVISORSHARES TRUST
Financial Highlights
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|
|
|
|
||||||||||||||||||
| AdvisorShares Madrona Global Bond ETF |
||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 | Year ended June 30, 2014 | Year ended June 30, 2013 | Year ended June 30, 2012 | For the period June 21, 2011* to June 30, 2011 |
|||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 24.97 | $ | 26.36 | $ | 25.05 | $ | 25.69 | $ | 25.01 | $ | 25.00 | ||||||||||||
| Investment Operations |
||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.41 | 0.74 | 0.86 | 0.72 | 0.71 | 0.01 | ||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.59 | ) | (1.39 | ) | 1.30 | (0.66 | ) | 0.67 | — | |||||||||||||||
| Distributions of Net Realized Gains by other investment companies | 0.05 | 0.04 | — | 0.01 | — | — | ||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (0.13 | ) | (0.61 | ) | 2.16 | 0.07 | 1.38 | 0.01 | ||||||||||||||||
| Distributions from Net Investment Income | (0.44 | ) | (0.78 | ) | (0.85 | ) | (0.71 | ) | (0.70 | ) | — | |||||||||||||
| Distributions from Realized Capital Gains | — | — | — | (0.00 | ) | — | — | |||||||||||||||||
| Total Distributions | (0.44 | ) | (0.78 | ) | (0.85 | ) | (0.71 | ) | (0.70 | ) | — | |||||||||||||
| Net Asset Value, End of Period | $ | 24.40 | $ | 24.97 | $ | 26.36 | $ | 25.05 | $ | 25.69 | $ | 25.01 | ||||||||||||
| Market Value, End of Period | $ | 24.40 | $ | 24.96 | $ | 26.42 | $ | 24.96 | $ | 25.68 | $ | 25.02 | ||||||||||||
| Total Return |
||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (0.52 | )% | (2.37 | )% | 8.80 | % | 0.20 | % | 5.59 | % | 0.04 | % | ||||||||||||
| Total Investment Return Based on Market(5) | (0.48 | )% | (2.63 | )% | 9.44 | % | (0.13 | )% | 5.49 | % | 0.08 | % | ||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 23,788 | $ | 28,096 | $ | 24,383 | $ | 22,543 | $ | 21,195 | $ | 2,501 | ||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.03 | % | 0.99 | % | 1.07 | % | 1.02 | % | 0.99 | % | 11.08 | % | ||||||||||||
| Net Investment Income (Loss)(6) | 3.30 | % | 2.88 | % | 3.36 | % | 2.73 | % | 2.81 | % | 1.68 | % | ||||||||||||
| Portfolio Turnover Rate(9) | 12 | % | 34 | % | 20 | % | 28 | % | 12 | % | 0 | % | ||||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Amount represents less than $0.005 or 0.005%. |
| (4) | The amount shown for a share distribution throughout the period may not correlate with the Statements of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| (5) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. |
| (6) | Ratios of periods of less than one year have been annualized. |
| (7) | The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively. |
| (8) | The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively. |
| (9) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
94
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares Madrona International ETF |
AdvisorShares Market Adaptive Unconstrained Income ETF(1) |
|||||||||||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) | Year ended June 30, 2015 | Year ended June 30, 2014 | Year ended June 30, 2013 | Year ended June 30, 2012 | For the period June 21, 2011* to June 30, 2011 | Six months ended December 31, 2015 (Unaudited) | For the period July 8, 2014* to June 30, 2015 | |||||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 27.66 | $ | 29.66 | $ | 23.97 | $ | 21.06 | $ | 26.17 | $ | 25.00 | $ | 23.92 | $ | 25.00 | ||||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.08 | 0.39 | 0.41 | 0.39 | 0.32 | 0.01 | 0.03 | (0.01 | ) | |||||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (3.75 | ) | (1.92 | ) | 5.77 | 2.82 | (5.33 | ) | 1.16 | (1.14 | ) | (0.62 | ) | |||||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies |
— | — | — | — | — | — | 0.07 | — | ||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) |
(3.67 | ) | (1.53 | ) | 6.18 | 3.21 | (5.01 | ) | 1.17 | (1.04 | ) | (0.63 | ) | |||||||||||||||||||||||
| Distributions from Net Investment Income | (0.34 | ) | (0.47 | ) | (0.49 | ) | (0.30 | ) | (0.08 | ) | — | — | (0.45 | ) | ||||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | (0.02 | ) | — | — | — | |||||||||||||||||||||||||||
| Total Distributions | (0.34 | ) | (0.47 | ) | (0.49 | ) | (0.30 | ) | (0.10 | ) | — | — | (0.45 | ) | ||||||||||||||||||||||
| Net Asset Value, End of Period | $ | 23.65 | $ | 27.66 | $ | 29.66 | $ | 23.97 | $ | 21.06 | $ | 26.17 | $ | 22.88 | $ | 23.92 | ||||||||||||||||||||
| Market Value, End of Period | $ | 23.68 | $ | 27.65 | $ | 29.58 | $ | 23.95 | $ | 21.11 | $ | 26.18 | $ | 22.51 | $ | 23.90 | ||||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) |
(13.32 | )% | (5.06 | )% | 25.91 | % | 15.24 | % | (19.11 | )% | 4.68 | % | (4.35 | )% | (2.58 | )% | ||||||||||||||||||||
| Total Investment Return Based on Market(5) |
(13.15 | )% | (4.82 | )% | 25.64 | % | 14.86 | % | (18.95 | )% | 4.72 | % | (5.82 | )% | (2.61 | )% | ||||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 17,147 | $ | 19,365 | $ | 19,279 | $ | 14,978 | $ | 14,219 | $ | 2,617 | $ | 572 | $ | 1,794 | ||||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) |
1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.64 | % | 1.75 | % | ||||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) |
1.62 | % | 1.69 | % | 1.55 | % | 1.65 | % | 1.54 | % | 10.99 | % | 6.10 | % | 6.20 | % | ||||||||||||||||||||
| Net Investment Income (Loss)(6) | 0.65 | % | 1.41 | % | 1.48 | % | 1.65 | % | 1.48 | % | 1.14 | % | 0.26 | % | (0.02 | )% | ||||||||||||||||||||
| Portfolio Turnover Rate(9) | 127 | % | 85 | % | 182 | % | 93 | % | 110 | % | 19 | % | 314 | % | 203 | % | ||||||||||||||||||||
See accompanying Notes to Financial Statements.
95
ADVISORSHARES TRUST
Financial Highlights
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|
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| AdvisorShares Meidell Tactical Advantage ETF |
||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) | Year ended June 30, 2015 | Year ended June 30, 2014 | Year ended June 30, 2013 | Year ended June 30, 2012 | For the period June 23, 2011* to June 30, 2011 |
|||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||
| Net Asset Value, Beginning of Period. | $ | 30.86 | $ | 30.00 | $ | 28.33 | $ | 25.12 | $ | 25.06 | $ | 25.00 | ||||||||||||
| Investment Operations |
||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.00 | )(3) | 0.17 | 0.14 | 0.14 | 0.00 | (3) | 0.01 | ||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (2.98 | ) | 0.87 | 1.53 | 3.30 | 0.08 | 0.05 | |||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | 0.01 | — | — | — | — | — | ||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (2.97 | ) | 1.04 | 1.67 | 3.44 | 0.08 | 0.06 | |||||||||||||||||
| Distributions from Net Investment Income | (0.10 | ) | (0.18 | ) | — | (0.23 | ) | (0.02 | ) | — | ||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
| Total Distributions | (0.10 | ) | (0.18 | ) | — | (0.23 | ) | (0.02 | ) | — | ||||||||||||||
| Net Asset Value, End of Period | $ | 27.79 | $ | 30.86 | $ | 30.00 | $ | 28.33 | $ | 25.12 | $ | 25.06 | ||||||||||||
| Market Value, End of Period | $ | 27.80 | $ | 30.87 | $ | 30.00 | $ | 28.37 | $ | 25.48 | $ | 25.07 | ||||||||||||
| Total Return |
||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (9.62 | )% | 3.47 | % | 5.89 | % | 13.81 | % | 0.31 | % | 0.24 | % | ||||||||||||
| Total Investment Return Based on Market(5) | (9.94 | )% | 3.52 | % | 5.75 | % | 12.33 | % | 1.71 | % | 0.28 | % | ||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 20,151 | $ | 16,972 | $ | 15,750 | $ | 9,209 | $ | 5,652 | $ | 2,506 | ||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | ||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.91 | % | 1.99 | % | 2.12 | % | 2.99 | % | 3.69 | % | 13.70 | % | ||||||||||||
| Net Investment Income (Loss)(6) | (0.02 | )% | 0.57 | % | 0.49 | % | 0.51 | % | 0.01 | % | 1.00 | % | ||||||||||||
| Portfolio Turnover Rate(9) | 364 | % | 434 | % | 687 | % | 605 | % | 817 | % | 5 | % | ||||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Amount represents less than $0.005 or 0.005%. |
| (4) | The amount shown for a share distribution throughout the period may not correlate with the Statements of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| (5) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. |
| (6) | Ratios of periods of less than one year have been annualized. |
| (7) | The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively. |
| (8) | The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively. |
| (9) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
96
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares Morgan Creek Global Tactical ETF |
AdvisorShares Newfleet Multi-Sector Income ETF |
|||||||||||||||||||||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) | Year ended June 30, 2015 | Year ended June 30, 2014 | Year ended June 30, 2013 | Year ended June 30, 2012 | For the period October 26, 2010* to June 30, 2011 |
Six months ended December 31, 2015 (Unaudited) | Year ended June 30, 2015 | Year ended June 30, 2014 | For the period March 19, 2013* to June 30, 2013 | |||||||||||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 24.62 | $ | 26.19 | $ | 23.78 | $ | 23.69 | $ | 25.92 | $ | 25.10 | $ | 49.08 | $ | 49.94 | $ | 49.04 | $ | 50.00 | ||||||||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.03 | ) | 0.06 | 0.30 | 0.38 | 0.21 | 0.25 | 0.63 | 1.28 | 1.26 | 0.28 | |||||||||||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (2.06 | ) | (1.06 | ) | 2.11 | 0.27 | (2.24 | ) | 0.79 | (0.66 | ) | (0.77 | ) | 0.99 | (0.99 | ) | ||||||||||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | 0.26 | 0.07 | — | 0.00 | (3) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) |
(1.83 | ) | (0.93 | ) | 2.41 | 0.65 | (2.03 | ) | 1.04 | (0.03 | ) | 0.51 | 2.25 | (0.71 | ) | |||||||||||||||||||||||||||||
| Distributions from Net Investment Income | (0.33 | ) | (0.64 | ) | — | (0.56 | ) | — | (0.22 | ) | (0.70 | ) | (1.37 | ) | (1.35 | ) | (0.25 | ) | ||||||||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | (0.20 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Total Distributions | (0.33 | ) | (0.64 | ) | — | (0.56 | ) | (0.20 | ) | (0.22 | ) | (0.70 | ) | (1.37 | ) | (1.35 | ) | (0.25 | ) | |||||||||||||||||||||||||
| Net Asset Value, End of Period | $ | 22.46 | $ | 24.62 | $ | 26.19 | $ | 23.78 | $ | 23.69 | $ | 25.92 | $ | 48.35 | $ | 49.08 | $ | 49.94 | $ | 49.04 | ||||||||||||||||||||||||
| Market Value, End of Period | $ | 22.50 | $ | 24.60 | $ | 26.16 | $ | 23.79 | $ | 23.64 | $ | 25.93 | $ | 48.40 | $ | 49.04 | $ | 49.94 | $ | 49.01 | ||||||||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) |
(7.43 | )% | (3.59 | )% | 10.13 | % | 2.68 | % | (7.84 | )% | 4.17 | % | (0.06 | )% | 1.04 | % | 4.65 | % | (1.42 | )% | ||||||||||||||||||||||||
| Total Investment Return Based on Market(5) |
(8.54 | )% | (3.52 | )% | 9.96 | % | 2.92 | % | (8.07 | )% | 4.20 | % | 0.13 | % | 0.95 | % | 4.70 | % | (1.48 | )% | ||||||||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) |
$ | 8,983 | $ | 12,309 | $ | 36,667 | $ | 49,942 | $ | 78,171 | $ | 178,837 | $ | 236,931 | $ | 215,941 | $ | 154,811 | $ | 83,362 | ||||||||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 1.25 | % | 1.25 | % | 1.25 | % | 1.15 | % | 0.99 | % | 1.02 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 2.26 | % | 2.23 | % | 1.24 | % | 1.15 | % | 1.08 | % | 1.04 | % | 0.81 | % | 0.82 | % | 0.83 | % | 1.13 | % | ||||||||||||||||||||||||
| Net Investment Income (Loss)(6) | (0.24 | )% | 0.23 | % | 1.19 | % | 1.54 | % | 0.87 | % | 1.45 | % | 2.58 | % | 2.60 | % | 2.55 | % | 1.98 | % | ||||||||||||||||||||||||
| Portfolio Turnover Rate(9) | 40 | % | 244 | % | 232 | % | 236 | % | 475 | % | 187 | % | 23 | % | 49 | % | 85 | % | 105 | % | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements.
97
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares Pacific Asset Enhanced Floating Rate ETF |
||||||||
| Six months ended December 31, 2015 (Unaudited) |
For the period February 18, 2015* to June 30, 2015 |
|||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||
| Net Asset Value, Beginning of Period | $ | 49.66 | $ | 50.00 | ||||
| Investment Operations |
||||||||
| Net Investment Income (Loss)(2) | 0.90 | 0.62 | ||||||
| Net Realized and Unrealized Gain (Loss) | (2.16 | ) | (0.38 | ) | ||||
| Distributions of Net Realized Gains by other investment companies | — | — | ||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (1.26 | ) | 0.24 | |||||
| Distributions from Net Investment Income | (0.94 | ) | (0.58 | ) | ||||
| Distributions from Realized Capital Gains | — | — | ||||||
| Total Distributions | (0.94 | ) | (0.58 | ) | ||||
| Net Asset Value, End of Period | $ | 47.46 | $ | 49.66 | ||||
| Market Value, End of Period | $ | 47.33 | $ | 49.78 | ||||
| Total Return |
||||||||
| Total Investment Return Based on Net Asset Value(5) | (2.56 | )% | 0.47 | % | ||||
| Total Investment Return Based on Market(5) | (3.07 | )% | 0.71 | % | ||||
| Ratios/Supplemental Data |
||||||||
| Net Assets, End of Period (000’s omitted) | $ | 26,101 | $ | 27,312 | ||||
| Ratio to Average Net Assets of: |
||||||||
| Expenses, net of expense waivers and reimbursements(6) | 1.10 | % | 1.10 | % | ||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.43 | % | 1.41 | % | ||||
| Net Investment Income (Loss)(6) | 3.67 | % | 3.46 | % | ||||
| Portfolio Turnover Rate(9) | 9 | % | 102 | % | ||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Amount represents less than $0.005 or 0.005%. |
| (4) | The amount shown for a share distribution throughout the period may not correlate with the Statements of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| (5) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. |
| (6) | Ratios of periods of less than one year have been annualized. |
| (7) | The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively. |
| (8) | The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively. |
| (9) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
98
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares Peritus High Yield ETF |
AdvisorShares QAM Equity Hedge ETF |
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| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period December 1, 2010* to June 30, 2011 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Year ended June 30, 2014 |
For the period August 7, 2012* to June 30, 2013 |
|||||||||||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 40.65 | $ | 53.27 | $ | 50.43 | $ | 48.59 | $ | 51.59 | $ | 50.00 | $ | 28.68 | $ | 28.48 | $ | 26.21 | $ | 25.00 | ||||||||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 1.77 | 3.59 | 4.14 | 4.28 | 4.20 | 2.25 | (0.05 | ) | (0.13 | ) | (0.20 | ) | (0.12 | ) | ||||||||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (7.41 | ) | (12.33 | ) | 2.69 | 1.66 | (2.74 | ) | 1.30 | (1.55 | ) | 0.54 | 2.95 | 1.51 | ||||||||||||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | 0.00 | (3) | — | 0.02 | 0.01 | — | — | |||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) |
(5.64 | ) | (8.74 | ) | 6.83 | 5.94 | 1.46 | 3.55 | (1.58 | ) | 0.42 | 2.75 | 1.39 | |||||||||||||||||||||||||||||||
| Distributions from Net Investment Income | (1.93 | ) | (3.88 | ) | (3.95 | ) | (4.09 | ) | (3.99 | ) | (1.96 | ) | — | — | — | (0.08 | ) | |||||||||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | (0.04 | ) | (0.01 | ) | (0.47 | ) | — | (0.33 | ) | (0.22 | ) | (0.48 | ) | (0.10 | ) | |||||||||||||||||||||||||||
| Total Distributions | (1.93 | ) | (3.88 | ) | (3.99 | ) | (4.10 | ) | (4.46 | ) | (1.96 | ) | (0.33 | ) | (0.22 | ) | (0.48 | ) | (0.18 | ) | ||||||||||||||||||||||||
| Net Asset Value, End of Period | $ | 33.08 | $ | 40.65 | $ | 53.27 | $ | 50.43 | $ | 48.59 | $ | 51.59 | $ | 26.77 | $ | 28.68 | $ | 28.48 | $ | 26.21 | ||||||||||||||||||||||||
| Market Value, End of Period | $ | 32.53 | $ | 40.58 | $ | 53.27 | $ | 49.91 | $ | 48.64 | $ | 51.87 | $ | 26.66 | $ | 28.68 | $ | 28.45 | $ | 26.16 | ||||||||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (14.23 | )% | (16.82 | )% | 14.04 | % | 12.58 | % | 3.27 | % | 7.16 | % | (5.52 | )% | 1.48 | % | 10.52 | % | 5.57 | % | ||||||||||||||||||||||||
| Total Investment Return Based on Market(5) |
(15.44 | )% | (16.88 | )% | 15.20 | % | 11.29 | % | 2.75 | % | 7.73 | % | (7.04 | )% | 1.60 | % | 10.62 | % | 5.36 | % | ||||||||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 203,471 | $ | 375,991 | $ | 1,075,997 | $ | 259,729 | $ | 92,328 | $ | 43,851 | $ | 5,354 | $ | 7,171 | $ | 8,543 | $ | 3,932 | ||||||||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 1.17 | % | 1.23 | % | 1.18 | % | 1.25 | % | 1.35 | % | 1.34 | % | 1.65 | %(7) | 1.65 | %(7) | 1.70 | %(7) | 1.56 | %(7) | ||||||||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.27 | % | 1.23 | % | 1.18 | % | 1.23 | % | 1.35 | % | 1.57 | % | 2.99 | %(7) | 2.83 | %(7) | 2.66 | %(7) | 4.61 | %(7) | ||||||||||||||||||||||||
| Net Investment Income (Loss)(6) | 9.33 | % | 7.65 | % | 7.95 | % | 8.44 | % | 8.64 | % | 7.47 | % | (0.38 | )% | (0.46 | )% | (0.71 | )% | (0.50 | )% | ||||||||||||||||||||||||
| Portfolio Turnover Rate(9) | 22 | % | 88 | % | 87 | % | 37 | % | 80 | % | 81 | % | 67 | % | 131 | % | 179 | % | 114 | % | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements.
99
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares Ranger Equity Bear ETF |
||||||||||||||||||||||||
| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period January 27, 2011* to June 30, 2011 |
|||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 10.88 | $ | 11.78 | $ | 16.17 | $ | 23.33 | $ | 22.65 | $ | 25.00 | ||||||||||||
| Investment Operations |
||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | (0.15 | ) | (0.31 | ) | (0.38 | ) | (0.60 | ) | (0.72 | ) | (0.30 | ) | ||||||||||||
| Net Realized and Unrealized Gain (Loss) | 0.02 | (0.59 | ) | (4.01 | ) | (6.56 | ) | 1.40 | (2.05 | ) | ||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | — | ||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (0.13 | ) | (0.90 | ) | (4.39 | ) | (7.16 | ) | 0.68 | (2.35 | ) | |||||||||||||
| Distributions from Net Investment Income | — | — | — | — | — | — | ||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | — | ||||||||||||||||||
| Total Distributions | — | — | — | — | — | — | ||||||||||||||||||
| Net Asset Value, End of Period | $ | 10.75 | $ | 10.88 | $ | 11.78 | $ | 16.17 | $ | 23.33 | $ | 22.65 | ||||||||||||
| Market Value, End of Period | $ | 10.75 | $ | 10.88 | $ | 11.79 | $ | 16.16 | $ | 23.34 | $ | 22.65 | ||||||||||||
| Total Return |
||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (1.19 | )% | (7.64 | )% | (27.15 | )% | (30.69 | )% | 3.00 | % | (9.40 | )% | ||||||||||||
| Total Investment Return Based on Market(5) | (1.19 | )% | (7.72 | )% | (27.04 | )% | (30.76 | )% | 3.05 | % | (9.40 | )% | ||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 122,532 | $ | 128,059 | $ | 161,952 | $ | 218,357 | $ | 313,223 | $ | 50,389 | ||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 2.93 | %(8) | 2.80 | %(8) | 2.87 | %(8) | 3.12 | %(8) | 3.07 | %(8) | 3.07 | %(8) | ||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 2.93 | %(8) | 2.80 | %(8) | 2.87 | %(8) | 3.12 | %(8) | 3.06 | %(8) | 3.16 | %(8) | ||||||||||||
| Net Investment Income (Loss)(6) | (2.78 | )% | (2.72 | )% | (2.81 | )% | (3.11 | )% | (3.06 | )% | (3.07 | )% | ||||||||||||
| Portfolio Turnover Rate(9) | 249 | % | 419 | % | 484 | % | 697 | % | 756 | % | 635 | % | ||||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Amount represents less than $0.005 or 0.005%. |
| (4) | The amount shown for a share distribution throughout the period may not correlate with the Statements of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| (5) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. |
| (6) | Ratios of periods of less than one year have been annualized. |
| (7) | The expense ratio includes interest and dividend expenses on short sales of 0.15%, 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively. |
| (8) | The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively. |
| (9) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
100
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares Sage Core Reserves ETF |
AdvisorShares STAR Global Buy-Write ETF |
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| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
For the period January 14, 2014* to June 30, 2014 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Year ended June 30, 2014 |
For the period September 17, 2012* to June 30, 2013 |
||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding |
||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 99.38 | $ | 99.78 | $ | 100.00 | $ | 26.60 | $ | 26.18 | $ | 23.61 | $ | 25.00 | ||||||||||||||||||
| Investment Operations |
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| Net Investment Income (Loss)(2) | 0.27 | 0.12 | 0.36 | 0.04 | 0.01 | (0.10 | ) | (0.03 | ) | |||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.30 | ) | (0.12 | ) | (0.25 | ) | (0.69 | ) | 0.41 | 2.67 | (1.16 | ) | ||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies |
— | — | — | 0.00 | (3) | — | — | — | ||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) |
(0.03 | ) | — | 0.11 | (0.65 | ) | 0.42 | 2.57 | (1.19 | ) | ||||||||||||||||||||||
| Distributions from Net Investment Income | (0.33 | ) | (0.40 | ) | (0.33 | ) | — | — | — | (0.17 | ) | |||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | — | — | (0.03 | ) | ||||||||||||||||||||||||
| Total Distributions | (0.33 | ) | (0.40 | ) | (0.33 | ) | — | — | — | (0.20 | ) | |||||||||||||||||||||
| Net Asset Value, End of Period | $ | 99.02 | $ | 99.38 | $ | 99.78 | $ | 25.95 | $ | 26.60 | $ | 26.18 | $ | 23.61 | ||||||||||||||||||
| Market Value, End of Period | $ | 99.03 | $ | 99.40 | $ | 99.80 | $ | 25.84 | $ | 26.61 | $ | 26.22 | $ | 23.62 | ||||||||||||||||||
| Total Return |
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| Total Investment Return Based on Net Asset Value(5) |
(0.04 | )% | (0.00 | )%(3) | 0.11 | % | (2.44 | )% | 1.60 | % | 10.89 | % | (4.80 | )% | ||||||||||||||||||
| Total Investment Return Based on Market(5) |
(0.05 | )% | (0.00 | )%(3) | 0.13 | % | (2.89 | )% | 1.49 | % | 11.01 | % | (4.76 | )% | ||||||||||||||||||
| Ratios/Supplemental Data |
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| Net Assets, End of Period (000’s omitted) | $ | 34,658 | $ | 34,783 | $ | 37,419 | $ | 21,412 | $ | 26,597 | $ | 27,490 | $ | 22,428 | ||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) |
0.35 | % | 0.35 | % | 0.35 | % | 1.85 | % | 1.85 | % | 1.85 | % | 1.85 | % | ||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) |
0.59 | % | 0.73 | % | 0.73 | % | 1.92 | % | 1.87 | % | 1.79 | % | 2.35 | % | ||||||||||||||||||
| Net Investment Income (Loss)(6) | 0.53 | % | 0.12 | % | 0.78 | % | 0.33 | % | 0.03 | % | (0.42 | )% | (0.14 | )% | ||||||||||||||||||
| Portfolio Turnover Rate(9) | 40 | % | 59 | % | 12 | % | 45 | % | 45 | % | 166 | % | 40 | % | ||||||||||||||||||
See accompanying Notes to Financial Statements.
101
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares TrimTabs Float Shrink ETF |
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| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
For the period October 4, 2011* to June 30, 2012 |
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| Selected Data for a Share of Capital Stock Outstanding |
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| Net Asset Value, Beginning of Period | $ | 57.05 | $ | 51.22 | $ | 41.05 | $ | 33.16 | $ | 26.20 | ||||||||||
| Investment Operations |
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| Net Investment Income (Loss)(2) | 0.19 | 0.42 | 0.43 | 0.23 | 0.07 | |||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (2.73 | ) | 5.75 | 9.89 | 7.99 | 6.90 | ||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | — | — | |||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) | (2.54 | ) | 6.17 | 10.32 | 8.22 | 6.97 | ||||||||||||||
| Distributions from Net Investment Income | (0.42 | ) | (0.34 | ) | (0.15 | ) | (0.21 | ) | (0.01 | ) | ||||||||||
| Distributions from Realized Capital Gains | — | — | — | (0.12 | ) | — | ||||||||||||||
| Total Distributions | (0.42 | ) | (0.34 | ) | (0.15 | ) | (0.33 | ) | (0.01 | ) | ||||||||||
| Net Asset Value, End of Period | $ | 54.09 | $ | 57.05 | $ | 51.22 | $ | 41.05 | $ | 33.16 | ||||||||||
| Market Value, End of Period | $ | 54.08 | $ | 57.05 | $ | 51.25 | $ | 41.13 | $ | 33.24 | ||||||||||
| Total Return |
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| Total Investment Return Based on Net Asset Value(5) | (4.47 | )% | 12.06 | % | 25.18 | % | 25.01 | % | 26.62 | % | ||||||||||
| Total Investment Return Based on Market(5) | (4.47 | )% | 11.99 | % | 25.00 | % | 24.96 | % | 26.93 | % | ||||||||||
| Ratios/Supplemental Data |
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| Net Assets, End of Period (000’s omitted) | $ | 217,715 | $ | 242,472 | $ | 137,015 | $ | 25,657 | $ | 8,291 | ||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.15 | % | 1.11 | % | 1.16 | % | 1.90 | % | 2.34 | % | ||||||||||
| Net Investment Income (Loss)(6) | 0.68 | % | 0.76 | % | 0.90 | % | 0.62 | % | 0.31 | % | ||||||||||
| Portfolio Turnover Rate(9) | 132 | % | 52 | % | 7 | % | 57 | % | 201 | % | ||||||||||
| * | Commencement of operations. |
| (1) | Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF. |
| (2) | Based on average shares outstanding. |
| (3) | Amount represents less than $0.005 or 0.005%. |
| (4) | The amount shown for a share distribution throughout the period may not correlate with the Statements of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| (5) | Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. |
| (6) | Ratios of periods of less than one year have been annualized. |
| (7) | The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively. |
| (8) | The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively. |
| (9) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
102
ADVISORSHARES TRUST
Financial Highlights
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| AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF |
AdvisorShares YieldPro ETF |
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| Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
Year ended June 30, 2014 |
Year ended June 30, 2013 |
Year ended June 30, 2012 |
For the period July 21, 2010* to June 30, 2011 |
Six months ended December 31, 2015 (Unaudited) |
Year ended June 30, 2015 |
For the period March 4, 2014* to June 30, 2014 |
||||||||||||||||||||||||||||||||
| Selected Data for a Share of Capital Stock Outstanding | ||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $ | 38.86 | $ | 38.95 | $ | 32.65 | $ | 28.72 | $ | 31.46 | $ | 25.00 | $ | 23.07 | $ | 25.28 | $ | 25.00 | ||||||||||||||||||||||
| Investment Operations |
||||||||||||||||||||||||||||||||||||||||
| Net Investment Income (Loss)(2) | 0.00 | (3) | 0.34 | 0.18 | 0.11 | 0.07 | 0.15 | 0.12 | 0.85 | 0.29 | ||||||||||||||||||||||||||||||
| Net Realized and Unrealized Gain (Loss) | (0.34 | ) | (0.20 | ) | 6.29 | 3.99 | (2.58 | ) | 6.40 | (0.07 | ) | (2.07 | ) | 0.20 | ||||||||||||||||||||||||||
| Distributions of Net Realized Gains by other investment companies | — | — | — | 0.00 | (3) | — | — | 0.01 | 0.00 | (3) | — | |||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4) |
(0.34 | ) | 0.14 | 6.47 | 4.10 | (2.51 | ) | 6.55 | 0.06 | (1.22 | ) | 0.49 | ||||||||||||||||||||||||||||
| Distributions from Net Investment Income | (0.11 | ) | (0.23 | ) | (0.17 | ) | (0.17 | ) | (0.11 | ) | (0.09 | ) | (0.14 | ) | (0.99 | ) | (0.21 | ) | ||||||||||||||||||||||
| Distributions from Realized Capital Gains | — | — | — | — | (0.12 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
| Total Distributions | (0.11 | ) | (0.23 | ) | (0.17 | ) | (0.17 | ) | (0.23 | ) | (0.09 | ) | (0.14 | ) | (0.99 | ) | (0.21 | ) | ||||||||||||||||||||||
| Net Asset Value, End of Period | $ | 38.41 | $ | 38.86 | $ | 38.95 | $ | 32.65 | $ | 28.72 | $ | 31.46 | $ | 22.99 | $ | 23.07 | $ | 25.28 | ||||||||||||||||||||||
| Market Value, End of Period | $ | 38.60 | $ | 38.77 | $ | 38.93 | $ | 32.63 | $ | 28.70 | $ | 31.58 | $ | 22.99 | $ | 23.03 | $ | 25.31 | ||||||||||||||||||||||
| Total Return |
||||||||||||||||||||||||||||||||||||||||
| Total Investment Return Based on Net Asset Value(5) | (0.86 | )% | 0.36 | % | 19.85 | % | 14.30 | % | (7.94 | )% | 26.21 | % | 0.25 | % | (4.92 | )% | 1.95 | % | ||||||||||||||||||||||
| Total Investment Return Based on Market(5) |
(0.13 | )% | 0.19 | % | 19.85 | % | 14.29 | % | (8.36 | )% | 26.69 | % | 0.43 | % | (5.20 | )% | 2.07 | % | ||||||||||||||||||||||
| Ratios/Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
| Net Assets, End of Period (000’s omitted) | $ | 19,204 | $ | 15,543 | $ | 12,660 | $ | 7,346 | $ | 6,462 | $ | 8,651 | $ | 28,159 | $ | 34,598 | $ | 72,035 | ||||||||||||||||||||||
| Ratio to Average Net Assets of: |
||||||||||||||||||||||||||||||||||||||||
| Expenses, net of expense waivers and reimbursements(6) | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.20 | % | 1.05 | % | 1.07 | % | ||||||||||||||||||||||
| Expenses, prior to expense waivers and reimbursements(6) | 1.61 | % | 1.63 | % | 1.67 | % | 2.52 | % | 4.17 | % | 3.04 | % | 1.23 | % | 1.05 | % | 1.07 | % | ||||||||||||||||||||||
| Net Investment Income (Loss)(6) | (0.02 | )% | 0.88 | % | 0.50 | % | 0.36 | % | 0.24 | % | 0.52 | % | 0.99 | % | 3.49 | % | 3.64 | % | ||||||||||||||||||||||
| Portfolio Turnover Rate(9) | 13 | % | 27 | % | 24 | % | 38 | % | 16 | % | 34 | % | 23 | % | 128 | % | 8 | % | ||||||||||||||||||||||
See accompanying Notes to Financial Statements.
103
ADVISORSHARES TRUST
Notes to Financial Statements
December 31, 2015 (Unaudited)
1. Organization
AdvisorShares Trust (the “Trust”) was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”). The Trust is comprised of 21 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):
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| Fund | Ticker | Commencement of Operations |
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| AdvisorShares Athena High Dividend ETF | DIVI | July 29, 2014 | ||||||
| AdvisorShares EquityPro ETF | EPRO | July 10, 2012 | ||||||
| AdvisorShares Gartman Gold/Euro ETF | GEUR | February 11, 2014 | ||||||
| AdvisorShares Gartman Gold/Yen ETF | GYEN | February 11, 2014 | ||||||
| AdvisorShares Global Echo ETF | GIVE | May 23, 2012 | ||||||
| AdvisorShares Madrona Domestic ETF | FWDD | June 21, 2011 | ||||||
| AdvisorShares Madrona Global Bond ETF | FWDB | June 21, 2011 | ||||||
| AdvisorShares Madrona International ETF | FWDI | June 21, 2011 | ||||||
| AdvisorShares Market Adaptive Unconstrained Income ETF* | MAUI | July 8, 2014 | ||||||
| AdvisorShares Meidell Tactical Advantage ETF | MATH | June 23, 2011 | ||||||
| AdvisorShares Morgan Creek Global Tactical ETF | GTAA | October 26, 2010 | ||||||
| AdvisorShares NewFleet Multi-Sector Income ETF | MINC | March 19, 2013 | ||||||
| AdvisorShares Pacific Asset Enhanced Floating Rate ETF | FLRT | February 18, 2015 | ||||||
| AdvisorShares Peritus High Yield ETF | HYLD | December 1, 2010 | ||||||
| AdvisorShares QAM Equity Hedge ETF | QEH | August 7, 2012 | ||||||
| AdvisorShares Ranger Equity Bear ETF | HDGE | January 27, 2011 | ||||||
| AdvisorShares Sage Core Reserves ETF | HOLD | January 14, 2014 | ||||||
| AdvisorShares STAR Global Buy-Write ETF | VEGA | September 17, 2012 | ||||||
| AdvisorShares TrimTabs Float Shrink ETF | TTFS | October 4, 2011 | ||||||
| AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF | AADR | July 21, 2010 | ||||||
| AdvisorShares YieldPro ETF | YPRO | March 4, 2014 | ||||||
| * | Effective November 1, 2015, AdvisorShares Sunrise Global Multi-Strategy ETF changed its name to AdvisorShares Market Adaptive Unconstrained Income ETF. |
AdvisorShares Athena High Dividend ETF (“Athena High Dividend ETF”) seeks long-term capital appreciation. The Portfolio Manager uses a behavioral finance approach to identifying securities for DIVI’s portfolio. Stocks are screened and selected using the Portfolio Manager’s patented research.
AdvisorShares EquityPro ETF (“EquityPro ETF”) is a broadly diversified global equity ETF which seeks long-term capital growth. EPRO utilizes a “top-down” thematic approach while employing a proprietary security selection process and from time to time will employ risk management techniques to lower portfolio volatility and risk. The Portfolio Manager seeks to achieve this objective by investing primarily in other ETFs, individual stocks, and American Depositary Receipts (ADRs) that provide investment exposure to global equity markets and that meet certain selection criteria established by the Portfolio Manager.
AdvisorShares Gartman Gold/Euro ETF (“Gartman Gold/Euro ETF”) seeks to provide positive returns by utilizing the European Union’s Euro to invest its assets in the gold market. GEUR offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. Euros are obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts.
104
ADVISORSHARES TRUST
Notes to Financial Statements
December 31, 2015 (Unaudited)
1. Organization - (continued)
AdvisorShares Gartman Gold/Yen ETF (“Gartman Gold/Yen ETF”) seeks to provide positive returns by utilizing the Japanese yen to invest its assets in the gold market. GYEN offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. The Japanese yen is obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts.
AdvisorShares Global Echo ETF (“Global Echo ETF”) seeks long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices, such as the S&P 500 Index, over a full market cycle. The Fund is a multi-manager, multi-strategy, broadly diversified, and actively managed ETF with a focus on sustainable investing.
AdvisorShares Madrona Domestic ETF (“Madrona Domestic ETF”) seeks to provide long-term capital appreciation above the capital appreciation of its benchmark, the S&P 500 Index by selecting a portfolio of up to 500 of the largest U.S. traded equity securities using a weighted allocation system based on consensus analyst estimates of the present value of future expected earnings relative to the share price of each security.
AdvisorShares Madrona Global Bond ETF (“Madrona Global Bond ETF”) seeks investment results that exceed the price and yield performance of its benchmark, the Barclays Capital Aggregate Bond Index. The Portfolio Manager seeks to achieve this objective by selecting a diversified portfolio of fixed income exchange-traded products (ETPs), including but not limited to, exchange-traded notes (ETNs), exchange-traded currency trusts and exchange-traded commodity pools. FWDB invests in at least 12 distinct global bond classes that cover the entire global investable bond universe. The Portfolio Manager constructs FWDB’s portfolio using a weighted allocation system based on historic yield curve analysis and a mean reversion strategy.
AdvisorShares Madrona International ETF (“Madrona International ETF”) seeks to provide long-term capital appreciation above the capital appreciation of its international benchmarks, such as the MSCI EAFE Index, the Fund’s primary benchmark, and the BNY Mellon Classic ADR Index, the Fund’s secondary benchmark. The Fund seeks to achieve this objective by selecting a portfolio primarily composed of at least 250 of the largest American Depositary Receipts (ADRs) from among the largest issuers of Europe, Australasia and the Far East (EAFE) and Canada. Its portfolio may also include ADRs that provide exposure to certain markets deemed to be emerging markets.
The AdvisorShares Market Adaptive Unconstrained Income ETF (“Market Adaptive Unconstrained Income ETF”) seeks to provide long-term total return and income with a secondary emphasis on capital preservation. MAUI is a non-traditional bond strategy and is designed to be different from most fixed income funds. It tactically allocates to various global regions, income categories, credit qualities, and durations, and when the environment calls for it, will get defensive and move to ultra-short-term fixed income.
AdvisorShares Meidell Tactical Advantage ETF (“Meidell Tactical Advantage ETF”) seeks to provide long-term capital appreciation and capital preservation. The Fund is considered a “fund-of-funds” that seeks to achieve this investment objective by managing a tactical strategy that has the ability to dynamically rebalance the Fund’s portfolio from as much as 100% equity assets to 100% fixed income assets or cash and cash equivalents depending on market trends. The Fund employs a long tactical strategy that seeks to minimize portfolio losses by rotating out of higher volatility assets and lower volatility assets depending on the Fund’s current view of risks in different asset classes.
AdvisorShares Morgan Creek Global Tactical ETF (“Morgan Creek Global Tactical ETF”) seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity
105
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
1. Organization - (continued)
and currency markets, independent of market direction. The Portfolio Manager seeks to achieve GTAA’s objective by utilizing a combination a qualitative and quantitative approaches with established risk management controls to actively manage the portfolio in an attempt to control the downside losses and protect capital.
AdvisorShares Newfleet Multi-Sector Income ETF (“Newfleet Multi-Sector Income ETF”) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates. In seeking to achieve the Fund’s investment objective, the Sub-Advisor applies a time-tested approach and extensive credit research to capitalize on opportunities across undervalued areas of the bond markets. The Fund principally invests in investment-grade securities, which are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization or, if unrated, those securities that the Sub-Advisor determines to be of comparable quality.
AdvisorShares Pacific Asset Enhanced Floating Rate ETF (“Pacific Asset Enhanced Floating Rate ETF”) seeks to provide a high level of current income. The fund seeks to achieve its investment objective by selecting a focused portfolio comprised primarily of income producing floating rate loans and floating rate debt securities. Under normal circumstances, it will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and other floating rate debt securities and in derivatives or other instruments that have economic characteristics similar to such securities (such as swap agreements, including, but not limited to, total return swaps, credit default swaps, and interest rate swaps).
AdvisorShares Peritus High Yield ETF (“Peritus High Yield ETF”) seeks high current income by investing in a focused portfolio of high yield debt securities commonly referred to as “junk bonds”. The Fund does not have any portfolio maturity limitation and may invest in instruments with short-term, medium-term or long-term maturities.
AdvisorShares QAM Equity Hedge ETF (“QAM Equity Hedge ETF”) seeks investment results that exceed the risk adjusted performance of approximately 50% of the long/short equity hedge fund universe as defined by the HFRI Equity Hedge Total Index constituents. The Portfolio Manager seeks to achieve this objective by employing an actively managed long/short equity strategy that attempts to gain global net equity exposures that approximate those of the universe of managers in the HFRI Equity Hedge Total Index. Additionally, the Portfolio Manager utilizes advanced algorithms including Markov Processes International’s (MPI) proprietary and patented style analysis technique and associated algorithms, DSA (Dynamic Style Analysis), patented hedge fund analysis software, combined with the Portfolio Manager’s qualitative knowledge of the hedge fund investor community to develop investment strategies.
AdvisorShares Ranger Equity Bear ETF (“Ranger Equity Bear ETF”) seeks capital appreciation through short sales of domestically traded equity securities. The portfolio management team implements a bottom-up, fundamental, research driven security selection process. In selecting short positions, the Fund seeks to identify securities with low earnings quality or aggressive accounting which may be intended on the part of company management to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition, the portfolio management team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security, such as downwards earnings revisions or reduced forward guidance.
AdvisorShares Sage Core Reserves ETF (“Sage Core Reserves ETF”) seeks to preserve capital while maximizing income. The Sub-Advisor seeks to achieve the fund’s investment objective by investing in a variety of fixed income securities, including bonds, forwards and instruments issued by U.S. and foreign issuers. It will invest in U.S. dollar-denominated investment grade debt securities, including
106
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
1. Organization - (continued)
mortgage- or asset-backed securities, rated Baa- or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by the Sub-Advisor to be of comparable quality.
AdvisorShares STAR Global Buy-Write ETF (“STAR Global Buy-Write ETF”) seeks consistent repeatable returns across all market cycles. The Portfolio Manager seeks to achieve this investment objective by using a proprietary strategy known as Volatility Enhanced Global Appreciation (VEGA). VEGA employs a “Buy-Write” or “Covered Call” overlay for their global allocation strategy using ETPs. The strategy simultaneously writes (sells) a call option against each position in order to seek cumulative price appreciation from the portfolio’s global exposure, while generating a consistent income stream from the sale of covered call and/or cash-secured put options. When volatility is low the portfolio manager buys protective put options to manage downside risk.
AdvisorShares TrimTabs Float Shrink ETF (“TrimTabs Float Shrink ETF”) seeks to generate long-term returns in excess of the total return of the Russell 3000® Index, with less volatility than the Russell 3000® Index. The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by primarily investing in the broad U.S. equity market, as represented by the Russell 3000® Index. The Fund seeks to achieve this goal by investing in stocks with liquidity and fundamental characteristics that are historically associated with superior long-term performance.
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (“WCM/BNY Mellon Focused Growth ADR ETF”) seeks long-term capital appreciation by investing primarily in other Underlying ETFs, American Depository Receipts (ADRs) included in the BNY Mellon Classic ADR Index, the Fund’s primary index, and swap contracts.
AdvisorShares YieldPro ETF (“YieldPro ETF”) seeks to provide current income and capital appreciation. The fund is considered a “fund of funds” that seeks to achieve its investment objective by primarily investing in both long and short positions in other affiliated and unaffiliated exchange traded funds (“ETFs”) that offer diversified exposure to fixed income and other income producing securities. It may also invest in equity, inverse or other types of ETFs to supplement its fixed income ETF positions. The fund intends to invest the majority of its assets in investments that provide a competitive yield on a risk-adjusted basis.
2. Consolidation of Subsidiaries
The Consolidated Schedules of Investments; Consolidated Statements of Assets and Liabilities, of Operations and of Changes in Net Assets; and the Consolidated Financial Highlights of the ETFs listed below include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.
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| Funds | Wholly Owned Subsidiary | |||
| Gartman Gold/Euro ETF | AdvisorShares Gartman Gold/Euro CFC | |||
| Gartman Gold/Yen ETF | AdvisorShares Gartman Gold/Yen CFC | |||
A summary of each ETF’s investment in its corresponding subsidiary is as follows:
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| Funds | Inception Date of Subsidiary |
Subsidiary Net Assets at December 31, 2015 |
% of ETF’s Total Net Assets at December 31, 2015 |
|||||||||
| Gartman Gold/Euro ETF | February 11, 2014 | $ | 1,453,045 | 12.8 | % | |||||||
| Gartman Gold/Yen ETF | February 11, 2014 | 1,880,413 | 13.4 | |||||||||
107
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
3. Summary of Significant Accounting Policies
These financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Investment Valuation
In computing each Fund’s NAV, the Fund’s securities holdings are valued based on their last readily available market price. Price information on listed securities, including Underlying ETFs, is taken from the exchange where the security is primarily traded. Securities regularly traded in an OTC market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith by the Board of Trustees of the Trust.
Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method.
Expenses
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Swap Agreements
Certain funds may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile. To the extent that the Adviser or Sub-Adviser, as applicable, do not accurately analyze and predict future market trends, the values of assets or economic factors, the Funds may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid. Periodic payments received or paid by the Funds are recorded as realized gains or losses.
108
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
3. Summary of Significant Accounting Policies - (continued)
Repurchase Agreements
The Funds may enter into repurchase agreements provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
At December 31, 2015 the market values of repurchase agreements outstanding are included as cash collateral for securities on loan on the Statements of Assets and Liabilities.
Short Sales
Certain Funds may sell securities it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market value of that security (short sale). When the Funds make a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Funds may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared on short positions open are recorded on the ex-date as an expense. A gain, limited to the price at which the Funds sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Funds are also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.
The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with broker for collateral for securities sold short is recorded as an asset on the Statements of Assets and Liabilities and securities segregated as collateral are denoted in the Schedule of Investments. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities; and (iii) a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. The net amounts of income or fees paid by QAM Equity Hedge ETF and Ranger Equity Bear ETF for the period ended December 31, 2015 are $4,947 and $320,603, respectively, which are included as Interest on Securities Sold Short, Not Yet Purchased in the Statements of Operations.
Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the Funds’ prime brokers and custodian. The Funds are subject to credit risk should the prime brokers be unable to meet its obligations to the Funds.
Futures Contracts
Certain Funds may invest in futures contracts (“futures”), may invest in futures in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent
109
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
3. Summary of Significant Accounting Policies - (continued)
payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as ‘marking-to-the-market.’ Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and a Fund will realize a loss or gain. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying index. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures contract; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
Options
Certain Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.
Short-Term Investments
Each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements.
Securities Lending
The Funds participate in a securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash and is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to
110
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
3. Summary of Significant Accounting Policies - (continued)
return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in a separate account managed by BNYM, who is authorized to exclusively enter into overnight repurchase agreements. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.
The repurchase agreement income related to the Program earned by the Funds is disclosed on the Statements of Operations.
The value of loaned securities and related collateral outstanding at December 31, 2015 are shown in the Schedules of Investments and Statements of Assets and Liabilities.
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Liabilities: | Description | Gross Amounts of Recognized Assets (Liabilities) |
Gross Amounts Offset in the Statements of Financial Position |
Net Amounts Presented in the Statements of Financial Position |
Gross Amounts not offset in the Statements of Assets and Liabilities |
Net Amount |
||||||||||||||||||||||
| Fund | Financial Instruments |
Collateral Pledged/ Received |
||||||||||||||||||||||||||
| Athena High Dividend ETF |
Repurchase Agreements |
$ | 966,903 | $ | — | $ | 966,903 | $ | 966,903 | * | $ | 1,546,190 | (1) | $ | — | |||||||||||||
| EquityPro ETF | Repurchase Agreements |
9,832,625 | — | 9,832,625 | 9,832,625 | * | 9,999,313 | — | ||||||||||||||||||||
| Global Echo ETF | Repurchase Agreements |
229,165 | — | 229,165 | 229,165 | * | 380,714 | (1) | — | |||||||||||||||||||
| Madrona Domestic ETF | Repurchase Agreements |
938,348 | — | 938,348 | 938,348 | * | 1,896,410 | (1) | — | |||||||||||||||||||
| Madrona Global Bond ETF |
Repurchase Agreements |
3,273,251 | — | 3,273,251 | 3,273,251 | * | 3,328,740 | — | ||||||||||||||||||||
| Madrona International ETF |
Repurchase Agreements |
1,492,481 | — | 1,492,481 | 1,492,481 | * | 1,587,197 | (1) | — | |||||||||||||||||||
| Meidell Tactical Advantage ETF | Repurchase Agreements |
1,296,418 | — | 1,296,418 | 1,296,418 | * | 1,318,395 | — | ||||||||||||||||||||
| Morgan Creek Global Tactical ETF | Repurchase Agreements |
195,464 | — | 195,464 | 195,464 | * | 198,829 | — | ||||||||||||||||||||
| Newfleet Multi-Sector Income ETF | Repurchase Agreements |
1,799,419 | — | 1,799,419 | 1,799,419 | * | 2,778,070 | (1) | — | |||||||||||||||||||
| Peritus High Yield ETF | Repurchase Agreements |
15,142,642 | — | 15,142,642 | 15,142,642 | * | 21,774,259 | (1) | — | |||||||||||||||||||
| Sage Core Reserves ETF | Repurchase Agreements |
729,473 | — | 729,473 | 729,473 | * | 741,793 | — | ||||||||||||||||||||
| TrimTabs Float Shrink ETF |
Repurchase Agreements |
13,797,346 | — | 13,797,346 | 13,797,346 | * | 27,651,324 | (1) | — | |||||||||||||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | Repurchase Agreements |
3,354,788 | — | 3,354,788 | 3,354,788 | * | 3,411,660 | — | ||||||||||||||||||||
| * | Collateral for securities on loan included in the Schedules of Investments. |
| (1) | Includes the value of securities received as collateral which are not shown on the Statements of Assets and Liabilities because the Fund does not have the right to sell or repledge the securities received as collateral. |
Dividends and Distributions
Each Fund will generally pay out dividends to shareholders at least annually. Each Fund will distribute its net capital gains, if any, to shareholders annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. Distributions are recorded on ex-dividend date.
111
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
3. Summary of Significant Accounting Policies - (continued)
Indemnifications
In the normal course of business, each Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.
4. Investment Advisory Agreement and Other Agreements
Investment Advisory Agreement
Each Fund has entered into an investment advisory agreement with AdvisorShares Investments, LLC (the “Advisor”) pursuant to which the Advisor acts as the Fund’s investment adviser. Pursuant to the agreement, the Advisor has overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-advisers. For its services, each Fund pays the Advisor an annual management fee and which is calculated daily and paid monthly based on average daily net assets. From time to time, the Advisor may waive all or a portion of its fee.
The Advisor’s annual management fee for each Fund is as follows:
|
|
|||
| Fund: | Rate: | |||
| Athena High Dividend ETF | 0.80 | % | ||
| EquityPro ETF | 0.80 | % | ||
| Gartman Gold/Euro ETF | 0.55 | % | ||
| Gartman Gold/Yen ETF | 0.55 | % | ||
| Global Echo ETF | 1.10 | % | ||
| Madrona Domestic ETF | 0.80 | % | ||
| Madrona Global Bond ETF | 0.50 | % | ||
| Madrona International ETF | 0.80 | % | ||
| Market Adaptive Unconstrained Income ETF | 0.90 | %* | ||
| Meidell Tactical Advantage ETF | 1.20 | % | ||
| Morgan Creek Global Tactical ETF |
||||
| $0 – $250,000,000 | 0.90 | % | ||
| $250,000,001 – $1,000,000,000 | 0.80 | % | ||
| $1,000,000,001 – $5,000,000,000 | 0.70 | % | ||
| $5,000,000,001 + | 0.60 | % | ||
| Newfleet Multi-Sector Income ETF | 0.65 | % | ||
| Pacific Asset Enhanced Floating Rate ETF | 0.95 | % | ||
| Peritus High Yield ETF | 1.10 | % | ||
| QAM Equity Hedge ETF | 1.00 | % | ||
| Ranger Equity Bear ETF | 1.50 | % | ||
| Sage Core Reserves ETF | 0.30 | % | ||
| STAR Global Buy-Write ETF | 1.35 | % | ||
| TrimTabs Float Shrink ETF | 0.99 | % | ||
| WCM/BNY Mellon Focused Growth ADR ETF | 0.75 | % | ||
| YieldPro ETF | 0.80 | % | ||
| * | Effective November 1, 2015, AdvisorShares Sunrise Global Multi-Strategy ETF changed its name to AdvisorShares Market Adaptive Unconstrained Income ETF and the Fund’s Investment Advisory Agreement changed from 1.50% to 0.90%. |
112
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
4. Investment Advisory Agreement and Other Agreements - (continued)
For the Global Echo Fund, as part of its agreement with the Trust, the Advisor has contractually agreed to pay all operating expenses of the Fund, including transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, acquired fund fees and expenses, short dividend expenses, expenses of Independent Trustees (including any Trustees’ counsel fees), and extraordinary expenses.
Sub-Advisory Agreement
Each Fund’s investment sub-advisor provides investment advice and management services to the Fund. AdvisorShares supervises the day-to-day investment and reinvestment of the assets in the Fund and is responsible for monitoring the Fund’s adherence to its investment mandate. Pursuant to an investment sub-advisory agreement between each sub-advisor and the Advisor, the sub-advisor receives an annual fee.
From time to time, each sub-advisor may waive all or a portion of its fee.
Expense Limitation Agreements
The Advisor has contractually agreed to reduce their fees and reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding a specified amount for each Fund’s average daily net assets (with the exception of Global Echo ETF). The expense limitation agreement will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. The investment advisory agreement may only be terminated with the approval of the Fund’s Board. The expense caps in effect for each Fund during the period ended December 31, 2015 were as follows:
|
|
|||
| Fund: | Rate: | |||
| Athena High Dividend ETF | 0.99 | % | ||
| EquityPro ETF | 1.25 | % | ||
| Gartman Gold/Euro ETF | 0.65 | % | ||
| Gartman Gold/Yen ETF | 0.65 | % | ||
| Global Echo ETF | — | |||
| Madrona Domestic ETF | 1.25 | % | ||
| Madrona Global Bond ETF | 0.95 | % | ||
| Madrona International ETF | 1.25 | % | ||
| Market Adaptive Unconstrained Income ETF | 0.99 | %* | ||
| Meidell Tactical Advantage ETF | 1.35 | % | ||
| Morgan Creek Global Tactical ETF | 1.25 | % | ||
| Newfleet Multi-Sector Income ETF | 0.75 | % | ||
| Pacific Asset Enhanced Floating Rate ETF | 1.10 | % | ||
| Peritus High Yield ETF | 1.35 | % | ||
| QAM Equity Hedge ETF | 1.50 | % | ||
| Ranger Equity Bear ETF | 1.85 | % | ||
| Sage Core Reserves ETF | 0.35 | % | ||
| STAR Global Buy-Write ETF | 1.85 | % | ||
| TrimTabs Float Shrink ETF | 0.99 | % | ||
| WCM/BNY Mellon Focused Growth ADR ETF | 1.25 | % | ||
| YieldPro ETF | 1.25 | % | ||
| * | Effective November 1, 2015, AdvisorShares Sunrise Global Multi-Strategy ETF changed its name to AdvisorShares Market Adaptive Unconstrained Income ETF and the Fund’s Expense Limitation Agreement changed from 1.75% to 0.99%. |
113
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
4. Investment Advisory Agreement and Other Agreements - (continued)
For the period ended December 31, 2015, the Advisor waived fees and reimbursed expenses for each Fund as follows. Each Fund may recoup such waivers until the date indicated.
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|||||||||
| Fund: | Expenses Reimbursed: |
Recoupment Balance: |
Recoupment Expiration: |
|||||||||
| Athena High Dividend ETF | $ | 83,036 | $ | 79,776 | 6/30/2018 | |||||||
| 31,165 | 29,752 | 6/30/2019 | ||||||||||
| Total Athena High Dividend ETF | 114,201 | 109,528 | ||||||||||
| EquityPro ETF | 83,603 | 53,151 | 6/30/2016 | |||||||||
| 67,622 | 67,622 | 6/30/2017 | ||||||||||
| 802 | — | 6/30/2018 | ||||||||||
| 7,843 | 4,148 | 6/30/2019 | ||||||||||
| Total EquityPro ETF | 159,870 | 124,921 | ||||||||||
| Gartman Gold Euro ETF | 49,169 | 49,169 | 6/30/2017 | |||||||||
| 118,897 | 118,897 | 6/30/2018 | ||||||||||
| 59,375 | 59,375 | 6/30/2019 | ||||||||||
| Total Gartman Gold Euro ETF | 227,441 | 227,441 | ||||||||||
| Gartman Gold Yen ETF | 48,900 | 48,900 | 6/30/2017 | |||||||||
| 122,306 | 122,306 | 6/30/2018 | ||||||||||
| 58,508 | 58,508 | 6/30/2019 | ||||||||||
| Total Gartman Gold Yen ETF | 229,714 | 229,714 | ||||||||||
| Madrona Domestic ETF | 59,617 | 59,418 | 6/30/2016 | |||||||||
| 35,931 | 35,931 | 6/30/2017 | ||||||||||
| 35,654 | 35,654 | 6/30/2018 | ||||||||||
| 9,072 | 9,072 | 6/30/2019 | ||||||||||
| Total Madrona Domestic ETF | 140,274 | 140,075 | ||||||||||
| Madrona Global Bond ETF | 28,515 | 16,831 | 6/30/2016 | |||||||||
| 27,899 | 27,899 | 6/30/2017 | ||||||||||
| 12,090 | 11,721 | 6/30/2018 | ||||||||||
| 10,089 | 10,019 | 6/30/2019 | ||||||||||
| Total Madrona Global Bond ETF | 78,593 | 66,470 | ||||||||||
| Madrona International ETF | 60,597 | 60,597 | 6/30/2016 | |||||||||
| 54,221 | 54,221 | 6/30/2017 | ||||||||||
| 79,853 | 79,853 | 6/30/2018 | ||||||||||
| 33,749 | 33,749 | 6/30/2019 | ||||||||||
| Total Madrona International ETF | 228,420 | 228,420 | ||||||||||
| Market Adaptive Unconstrained Income ETF | 97,168 | 92,537 | 6/30/2018 | |||||||||
| 32,056 | 29,981 | 6/30/2019 | ||||||||||
| Total Market Adaptive Unconstrained Income ETF | 129,224 | 122,518 | ||||||||||
| Meidell Tactical Advantage ETF | 119,857 | 117,592 | 6/30/2016 | |||||||||
| 106,095 | 106,095 | 6/30/2017 | ||||||||||
| 103,519 | 103,519 | 6/30/2018 | ||||||||||
| 50,366 | 50,366 | 6/30/2019 | ||||||||||
| Total Meidell Tactical Advantage ETF | 379,837 | 377,572 | ||||||||||
114
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
4. Investment Advisory Agreement and Other Agreements - (continued)
|
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|||||||||
| Fund: | Expenses Reimbursed: |
Recoupment Balance: |
Recoupment Expiration: |
|||||||||
| Morgan Creek Global Tactical ETF | $ | 15,570 | $ | — | 6/30/2016 | |||||||
| 4,358 | — | 6/30/2017 | ||||||||||
| 175,707 | 165,254 | 6/30/2018 | ||||||||||
| 51,890 | 51,890 | 6/30/2019 | ||||||||||
| Total Morgan Creek Global Tactical ETF | 247,525 | 217,144 | ||||||||||
| Newfleet Multi-Sector Income ETF | 76,615 | 76,615 | 6/30/2016 | |||||||||
| 88,416 | 88,416 | 6/30/2017 | ||||||||||
| 139,832 | 139,832 | 6/30/2018 | ||||||||||
| 69,126 | 69,126 | 6/30/2019 | ||||||||||
| Total Newfleet Multi-Sector Income ETF | 373,989 | 373,989 | ||||||||||
| Pacific Asset Enhanced Floating Rate ETF | 30,046 | 30,046 | 6/30/2018 | |||||||||
| 44,133 | 44,133 | 6/30/2019 | ||||||||||
| Pacific Asset Enhanced Floating Rate ETF | 74,179 | 74,179 | ||||||||||
| QAM Equity Hedge ETF | 104,781 | 104,781 | 6/30/2016 | |||||||||
| 65,019 | 65,019 | 6/30/2017 | ||||||||||
| 88,514 | 88,514 | 6/30/2018 | ||||||||||
| 45,950 | 45,950 | 6/30/2019 | ||||||||||
| Total QAM Equity Hedge ETF | 304,264 | 304,264 | ||||||||||
| Sage Core Reserves ETF | 58,758 | 58,758 | 6/30/2017 | |||||||||
| 141,235 | 138,231 | 6/30/2018 | ||||||||||
| 43,424 | 42,077 | 6/30/2019 | ||||||||||
| Total Sage Core Reserves ETF | 243,417 | 239,066 | ||||||||||
| STAR Global Buy-Write ETF | 58,584 | 44,767 | 6/30/2016 | |||||||||
| 3,240 | — | 6/30/2017 | ||||||||||
| 13,786 | 4,976 | 6/30/2018 | ||||||||||
| 9,831 | 8,568 | 6/30/2019 | ||||||||||
| Total STAR Global Buy-Write ETF | 85,441 | 58,311 | ||||||||||
| Trimtabs Float Shrink ETF | 113,494 | 113,494 | 6/30/2016 | |||||||||
| 159,385 | 159,385 | 6/30/2017 | ||||||||||
| 211,220 | 211,220 | 6/30/2018 | ||||||||||
| 180,993 | 180,993 | 6/30/2019 | ||||||||||
| Total Trimtabs Float Shrink ETF | 665,092 | 665,092 | ||||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | 93,571 | 89,500 | 6/30/2016 | |||||||||
| 40,767 | 40,767 | 6/30/2017 | ||||||||||
| 55,807 | 55,807 | 6/30/2018 | ||||||||||
| 29,757 | 29,757 | 6/30/2019 | ||||||||||
| Total WCM/BNY Mellon Focused Growth ADR ETF | 219,902 | 215,831 | ||||||||||
| YieldPro ETF | 2,266 | 2,266 | 6/30/2017 | |||||||||
| 23 | 23 | 6/30/2018 | ||||||||||
| 3,491 | 3,491 | 6/30/2019 | ||||||||||
| Total YieldPro ETF | 5,780 | 5,780 | ||||||||||
As part of its agreement with the Trust, the Advisor has contractually agreed to pay all operating expenses of the Global Echo ETF. There are no expenses reimbursed or recouped for that Fund.
115
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
4. Investment Advisory Agreement and Other Agreements - (continued)
Administrator, Custodian, Fund Accountant and Transfer Agent
The Bank of New York Mellon (“BNYM”) (in each capacity, the “Administrator”, “Custodian”, “Fund Accountant” or “Transfer Agent”), serves as the Fund’s Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a certain Fund Administration and Accounting Agreement, a Custody Agreement or a Transfer Agency and Service Agreement, as the case may be.
Distribution and Service (12b-1) Plan
Foreside Fund Services, LLC (the “Distributor”) serves as the Fund’s distributor of Creation Units for the Fund pursuant to the distribution agreement. The Distributor does not maintain any secondary market shares. The Funds have adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. No fees are currently paid by each Fund under the Plan, and there are no current plans to impose these fees. However, in the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in each Fund.
5. Creation and Redemption Transactions
The Funds issue and redeem shares on a continuous basis at NAV in groups of 25,000 shares, at minimum, called “Creation Units.” Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only “Authorized Participants” may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
6. Summary of Fair Value Disclosure
The Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, defines fair value, establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
| Level 1 — | Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access. |
| Level 2 — | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. |
| Level 3 — | Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. |
116
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
6. Summary of Fair Value Disclosure - (continued)
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 December 31, 2015 in valuing the Funds’ assets carried at fair value:
|
|
|
|
|
|
|
||||||||||||||||||
| Assets | Athena High Dividend ETF |
EquityPro ETF |
Gartman Gold/Euro ETF |
Gartman Gold/Yen ETF |
Global Echo ETF |
Madrona Domestic ETF |
||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | $ | — | $ | 36,737,541 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Common Stocks | 7,423,930 | — | — | — | 5,012,725 | 31,732,663 | ||||||||||||||||||
| Money Market Funds | 22,216 | 1,881,169 | 6,256,514 | 8,870,269 | 284,816 | 88,979 | ||||||||||||||||||
| Futures† | — | — | 29,364 | — | — | — | ||||||||||||||||||
| Level 2 |
||||||||||||||||||||||||
| Municipal Bonds | — | — | — | — | 300,000 | — | ||||||||||||||||||
| Asset Backed Securities | — | — | — | — | 1,045,693 | — | ||||||||||||||||||
| U.S. Government Agency Securities | — | — | — | — | 880,591 | — | ||||||||||||||||||
| Repurchase Agreements for Securities Loaned | 966,903 | 9,832,625 | — | — | 229,165 | 938,348 | ||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Futures† | — | — | (82,607 | ) | (426,501 | ) | — | — | ||||||||||||||||
| Total | $ | 8,413,049 | $ | 48,451,335 | $ | 6,203,271 | $ | 8,443,768 | $ | 7,752,990 | $ | 32,759,990 | ||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
| Assets | Madrona Global Bond ETF |
Madrona International ETF |
Market Adaptive Unconstrained Income ETF |
Meidell Tactical Advantage ETF |
Morgan Creek Global Tactical ETF |
Newfleet Multi-Sector Income ETF |
||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | $ | 23,505,801 | $ | — | $ | 503,108 | $ | 19,441,000 | $ | 3,514,639 | $ | — | ||||||||||||
| Closed End Fund | — | — | — | — | 189,663 | — | ||||||||||||||||||
| Common Stocks | — | 16,986,987 | — | — | — | — | ||||||||||||||||||
| Money Market Funds | 240,196 | 194,771 | 87,031 | 726,721 | 5,381,819 | 9,728,567 | ||||||||||||||||||
| Level 2 |
||||||||||||||||||||||||
| Corporate Bonds | — | — | — | — | — | 46,377,655 | ||||||||||||||||||
| Foreign Bonds | — | — | — | — | — | 10,354,337 | ||||||||||||||||||
| US Treasury Notes | — | — | — | — | — | 1,238,038 | ||||||||||||||||||
| U.S. Government Agency Securities | — | — | — | — | — | 2,100,837 | ||||||||||||||||||
| Asset Backed Securities | — | — | — | — | — | 58,603,064 | ||||||||||||||||||
| Mortgage Backed Securities | — | — | — | — | — | 81,213,134 | ||||||||||||||||||
| Term Loans | — | — | — | — | — | 25,408,618 | ||||||||||||||||||
| Repurchase Agreements for Securities Loaned | 3,273,251 | 1,492,481 | — | 1,296,418 | 195,464 | 1,799,419 | ||||||||||||||||||
| Total | $ | 27,019,248 | $ | 18,674,239 | $ | 590,139 | $ | 21,464,139 | $ | 9,281,585 | $ | 236,823,669 | ||||||||||||
117
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
6. Summary of Fair Value Disclosure - (continued)
|
|
|
|
|
|
|
||||||||||||||||||
| Assets | Pacific Asset Enhanced Floating Rate ETF | Peritus High Yield ETF | QAM Equity Hedge ETF | Ranger Equity Bear ETF | Sage Core Reserves ETF | STAR Global Buy-Write ETF | ||||||||||||||||||
| Level 1 |
||||||||||||||||||||||||
| Exchange Traded Funds | $ | — | $ | — | $ | 4,821,625 | $ | 29,710,500 | $ | — | $ | 19,100,820 | ||||||||||||
| Common Stocks | — | — | — | — | — | 288,618 | ||||||||||||||||||
| Purchased Options | — | — | — | — | — | 31,188 | ||||||||||||||||||
| Money Market Funds | 2,733,858 | 4,595,357 | 595,005 | 7,680,451 | 502,565 | 1,015,902 | ||||||||||||||||||
| Level 2 |
||||||||||||||||||||||||
| Corporate Bonds | 2,995,744 | 133,505,375 | — | — | 13,499,333 | — | ||||||||||||||||||
| Foreign Bonds | — | 20,128,216 | — | — | 3,028,448 | — | ||||||||||||||||||
| Municipal Bonds | — | — | — | — | 3,184,541 | — | ||||||||||||||||||
| US Treasury Notes | — | — | — | — | 2,770,488 | 1,004,760 | ||||||||||||||||||
| US Treasury Bills | — | — | — | — | 99,980 | — | ||||||||||||||||||
| Asset Backed Securities | — | — | — | — | 5,968,805 | — | ||||||||||||||||||
| Commercial Mortgage Backed Securities | — | — | — | — | 5,318,031 | — | ||||||||||||||||||
| Term Loans | 20,325,609 | 36,168,467 | — | — | — | — | ||||||||||||||||||
| Repurchase Agreements for Securities Loaned | — | 15,142,642 | — | — | 729,473 | — | ||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Level 1 |
— | |||||||||||||||||||||||
| Exchange Traded Funds | — | — | (478,605 | ) | — | — | — | |||||||||||||||||
| Common Stocks | — | — | — | (120,701,539 | ) | — | — | |||||||||||||||||
| Written Options | — | — | — | — | — | (61,252 | ) | |||||||||||||||||
| Level 2 |
||||||||||||||||||||||||
| Swaps Contracts† | (90,823 | ) | — | — | — | — | — | |||||||||||||||||
| Total | $ | 25,964,388 | $ | 209,540,057 | $ | 4,938,025 | $ | (83,310,588 | ) | $ | 35,101,664 | $ | 21,380,036 | |||||||||||
|
|
|
|
|||||||||
| Assets | TrimTabs Float Shrink ETF |
WCM/BNY Mellon Focused Growth ADR ETF |
YieldPro ETF |
|||||||||
| Level 1 |
||||||||||||
| Exchange Traded Funds | $ | — | $ | — | $ | 27,826,283 | ||||||
| Common Stocks | 218,353,129 | 18,725,644 | — | |||||||||
| Money Market Funds | — | 494,991 | 365,340 | |||||||||
| Level 2 |
||||||||||||
| Repurchase Agreements for Securities Loaned | 13,797,346 | 3,354,788 | — | |||||||||
| Liabilities |
||||||||||||
| Level 1 |
||||||||||||
| Written Options† | — | — | — | |||||||||
| Total | $ | 232,150,475 | $ | 22,575,423 | $ | 28,191,623 | ||||||
| † | Derivative instruments, including swap contracts and futures, are valued at the net unrealized gain (loss) on the instrument. |
There were no transfers between Level 1 and Level 2 fair value measurements that occurred during the period ended December 31, 2015.
The Funds did not hold any Level 3 securities as of December 31, 2015.
7. Valuation of Derivative Instruments
The Funds have adopted authoritative standards of accounting for derivative instruments which establish disclosure requirement for derivative instruments. These standards improve financial
118
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
7. Valuation of Derivative Instruments - (continued)
reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivatives instruments, how derivatives instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations. The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective.
At December 31, 2015, the fair values of derivative instruments were as follows:
Statements of Assets and Liabilities:
|
|
|
|
|
|
|||||||||||||||
| Fund: | Asset Derivatives: | Equity Risk |
Foreign Exchange Risk |
Commodity Risk |
Interest Rate Risk |
|||||||||||||||
| Gartman Gold/Euro ETF | Unrealized Appreciation on Futures Contracts |
$ | — | $ | 29,364 | $ | — | $ | — | |||||||||||
| STAR Global Buy-Write ETF | Options Purchased, at Value |
31,188 | — | — | ||||||||||||||||
| $ | 31,188 | $ | 29,364 | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|||||||||||||||
| Fund: | Liability Derivatives: | Equity Risk |
Foreign Exchange Risk |
Commodity Risk |
Interest Rate Risk |
|||||||||||||||
| Gartman Gold/Euro ETF | Unrealized Depreciation on Futures Contracts |
$ | — | $ | — | $ | (82,607 | ) | $ | — | ||||||||||
| Gartman Gold/Yen ETF | Unrealized Depreciation on Futures Contracts |
— | (327,594 | ) | (98,907 | ) | — | |||||||||||||
| Pacific Asset Enhanced Floating Rate ETF | Unrealized Depreciation on Swaps Contracts |
(90,823 | ) | — | — | — | ||||||||||||||
| STAR Global Buy-Write ETF | Options Written, at Value | (61,252 | ) | — | — | — | ||||||||||||||
| $ | (152,075 | ) | $ | (327,594 | ) | $ | (181,514 | ) | $ | — | ||||||||||
Transactions in derivative instruments during the period ended December 31, 2015, were as follows:
Statements of Operations:
|
|
|
|
|
|
|||||||||||||||
| Fund: | Realized Gain (Loss): | Equity Risk |
Foreign Exchange Risk |
Commodity Risk |
Interest Rate Risk |
|||||||||||||||
| Gartman Gold/Euro ETF | Futures | $ | — | $ | 627,994 | $ | (1,622,022 | ) | $ | — | ||||||||||
| Gartman Gold/Yen ETF | Futures | — | 34,740 | (2,314,340 | ) | — | ||||||||||||||
| Pacific Asset Enhanced Floating Rate ETF | Swaps | (26,882 | ) | — | — | — | ||||||||||||||
| QAM Equity Hedge ETF | Investments – Options Purchased | (7,178 | ) | — | — | — | ||||||||||||||
| QAM Equity Hedge ETF | Options Written | (1,640 | ) | — | — | — | ||||||||||||||
| Sage Core Reserves ETF | Futures | — | — | — | 17,854 | |||||||||||||||
| STAR Global Buy-Write ETF | Investments – Options Purchased | (666 | ) | — | — | — | ||||||||||||||
| STAR Global Buy-Write ETF | Options Written | 180,608 | — | — | — | |||||||||||||||
| Market Adaptive Unconstrained Income ETF | Futures | — | — | (2 | ) | — | ||||||||||||||
| $ | 144,242 | $ | 662,734 | $ | (3,936,364 | ) | $ | 17,854 | ||||||||||||
119
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
7. Valuation of Derivative Instruments - (continued)
|
|
|
|
|
|
|||||||||||||||
| Fund: | Change in Unrealized Gain (Loss): |
Equity Risk |
Foreign Exchange Risk |
Commodity Risk |
Interest Rate Risk |
|||||||||||||||
| Gartman Gold/Euro ETF | Futures | $ | — | $ | (238,393 | ) | $ | 172,527 | $ | — | ||||||||||
| Gartman Gold/Yen ETF | Futures | — | (260,355 | ) | 242,029 | — | ||||||||||||||
| Pacific Asset Enhanced Floating Rate ETF | Swaps | (88,111 | ) | — | — | — | ||||||||||||||
| Sage Core Reserves ETF | Futures | — | — | — | (220 | ) | ||||||||||||||
| STAR Global Buy-Write ETF | Investments – Options Purchased | (21,348 | ) | — | — | — | ||||||||||||||
| STAR Global Buy-Write ETF | Options Written | (69,507 | ) | — | — | — | ||||||||||||||
| $ | (178,966 | ) | $ | (498,748 | ) | $ | 414,556 | $ | (220 | ) | ||||||||||
For the period ended December 31, 2015, the volume of the derivatives opened by the Funds were as follows:
|
|
|
|
|
|
|
||||||||||||||||||
| Gartman Global/Euro ETF |
Gartman Global/Yen ETF |
Pacific Asset Enhanced Floating Rate ETF |
QAM Equity Hedge ETF |
Sage Core Reserves ETF |
STAR Global Buy-Write ETF |
|||||||||||||||||||
| Long Swaps Contracts | — | — | 3,000,000 | — | — | — | ||||||||||||||||||
| Purchased Options Contracts | — | — | — | 15 | — | 276 | ||||||||||||||||||
| Written Options Contracts | — | — | — | 30 | — | 6,241 | ||||||||||||||||||
| Short Futures Contracts | 509 | 684 | — | — | — | — | ||||||||||||||||||
| Long Futures Contracts | 296 | 486 | — | — | 2 | — | ||||||||||||||||||
8. Federal Income Tax
The Funds intend to qualify as a “regulated investment company” under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2013 – 2015), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.
120
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
8. Federal Income Tax - (continued)
At December 31, 2015, the approximate cost of investments, including short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:
|
|
|
|
|
|
|||||||||||||||
| Fund | Cost* | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
Other Derivatives Net Unrealized Appreciation/ (Depreciation) |
|||||||||||||||
| Athena High Dividend ETF | $ | 10,147,627 | $ | 121,767 | $ | (1,856,345 | ) | $ | (1,734,578 | ) | $ | — | ||||||||
| EquityPro ETF | 49,199,754 | 81,598 | (830,017 | ) | (748,419 | ) | — | |||||||||||||
| Gartman Gold/Euro ETF | 6,256,514 | — | — | — | (53,243 | ) | ||||||||||||||
| Gartman Gold/Yen ETF | 8,870,269 | — | — | — | (426,501 | ) | ||||||||||||||
| Global Echo ETF | 7,455,132 | 618,182 | (320,324 | ) | 297,858 | — | ||||||||||||||
| Madrona Domestic ETF | 32,669,159 | 2,893,255 | (2,802,424 | ) | 90,831 | — | ||||||||||||||
| Madrona Global Bond ETF | 27,960,929 | 243,534 | (1,185,215 | ) | (941,681 | ) | — | |||||||||||||
| Madrona International ETF | 20,007,259 | 439,720 | (1,772,740 | ) | (1,333,020 | ) | — | |||||||||||||
| Market Adaptive Unconstrained Income ETF | 599,423 | — | (9,284 | ) | (9,284 | ) | — | |||||||||||||
| Meidell Tactical Advantage ETF | 21,918,757 | 8,502 | (463,120 | ) | (454,618 | ) | — | |||||||||||||
| Morgan Creek Global Tactical ETF | 9,418,553 | 121,194 | (258,162 | ) | (136,968 | ) | — | |||||||||||||
| Newfleet Multi-Sector Income ETF | 241,104,372 | 432,751 | (4,713,454 | ) | (4,280,703 | ) | — | |||||||||||||
| Pacific Asset Enhanced Floating Rate ETF | 27,076,611 | 9,396 | (1,030,796 | ) | (1,021,400 | ) | (90,823 | ) | ||||||||||||
| Peritus High Yield ETF | 270,520,544 | 495,005 | (61,475,492 | ) | (60,980,487 | ) | — | |||||||||||||
| QAM Equity Hedge ETF | 5,002,032 | 86,023 | (150,030 | ) | (64,007 | ) | — | |||||||||||||
| Ranger Equity Bear ETF | (83,785,156 | ) | 4,030,215 | (3,555,647 | ) | 474,568 | — | |||||||||||||
| Sage Core Reserves ETF | 35,324,293 | 3,034 | (225,663 | ) | (222,629 | ) | — | |||||||||||||
| STAR Global Buy-Write ETF | 20,857,956 | 794,764 | (272,684 | ) | 522,080 | — | ||||||||||||||
| TrimTabs Float Shrink ETF | 242,779,368 | 4,776,650 | (15,405,543 | ) | (10,628,893 | ) | — | |||||||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | 20,848,754 | 2,507,716 | (781,047 | ) | 1,726,669 | — | ||||||||||||||
| YieldPro ETF | 28,289,459 | 129,527 | (227,363 | ) | (97,836 | ) | — | |||||||||||||
| * | Cost of investments on a tax basis, includes the adjustments for financial reporting purposes, as of the most recently completed Federal income tax reporting period end. |
121
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
8. Federal Income Tax - (continued)
Under current tax regulations, capital losses on securities transactions realized after October 31 (“Post-October Losses”) may be deferred and treated as occurring on the first business day of the following fiscal Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year. Post-October losses and ordinary income losses deferred to July 1, 2015 are as follows:
|
|
|
|
|||||||||
| Fund | Late Year Ordinary Deferral |
Short-Term Post-October Loss |
Long-Term Post-October Loss |
|||||||||
| Athena High Dividend ETF | $ | — | $ | 1,025,539 | $ | — | ||||||
| Madrona Domestic ETF | — | 507,970 | 181,955 | |||||||||
| Madrona Global Bond ETF | — | — | 141,828 | |||||||||
| Madrona International ETF | — | 947,362 | 124,595 | |||||||||
| Market Adaptive Unconstrained Income ETF | 45,447 | — | 51,731 | |||||||||
| Morgan Creek Global Tactical ETF | 49,931 | 183,358 | — | |||||||||
| Newfleet Multi-Sector Income ETF | — | 579,219 | 222,148 | |||||||||
| Pacific Asset Enhanced Floating Rate ETF | — | 15,830 | — | |||||||||
| Peritus High Yield ETF | — | 62,885,772 | 35,005,175 | |||||||||
| QAM Equity Hedge ETF | 29,206 | — | — | |||||||||
| Ranger Equity Bear ETF | 1,549,999 | 12,878,483 | — | |||||||||
| Sage Core Reserves ETF | — | 50,439 | 63,249 | |||||||||
| STAR Global Buy-Write ETF | 3,196 | — | — | |||||||||
| TrimTabs Float Shrink ETF | — | 3,925,462 | — | |||||||||
| YieldPro ETF | — | 2,566,012 | 33,867 | |||||||||
The following Funds have capital loss carryforwards available to offset future realized gains of:
|
|
|
|
|||||||||
| Fund | Short-Term Post-Effective No Expiration |
Long-Term Post-Effective No Expiration |
Total | |||||||||
| Athena High Dividend ETF | $ | 299,791 | $ | — | $ | 299,791 | ||||||
| Madrona Domestic ETF | 797,082 | 193,546 | 990,628 | |||||||||
| Madrona Global Bond ETF | 207,121 | 152,523 | 359,644 | |||||||||
| Madrona International ETF | 2,120,908 | — | 2,120,908 | |||||||||
| Market Adaptive Unconstrained Income ETF | 98,290 | — | 98,290 | |||||||||
| Meidell Tactical Advantage ETF | 658,804 | — | 658,804 | |||||||||
| Morgan Creek Global Tactical ETF | 19,011,958 | — | 19,011,958 | |||||||||
| Newfleet Multi-Sector Income ETF | 457,334 | 88,927 | 546,261 | |||||||||
| Peritus High Yield ETF | 18,015,087 | 5,033,549 | 23,048,636 | |||||||||
| Ranger Equity Bear ETF | 156,506,507 | — | 156,506,507 | |||||||||
| Sage Core Reserves ETF | 25,960 | — | 25,960 | |||||||||
| STAR Global Buy-Write ETF | — | 173,044 | 173,044 | |||||||||
| TrimTabs Float Shrink ETF | 7,755,380 | — | 7,755,380 | |||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | 92,950 | 298,855 | 391,805 | |||||||||
| YieldPro ETF | 1,767,067 | — | 1,767,067 | |||||||||
122
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
8. Federal Income Tax - (continued)
The following Funds utilized capital loss carryforwards to offset taxable capital gains realized during the period ended December 31, 2015:
|
|
|||
| Fund | Amount | |||
| Global Echo ETF | $ | 13,478 | ||
| Madrona Domestic ETF | 486 | |||
| Morgan Creek Global Tactical ETF | 260,244 | |||
| STAR Global Buy-Write ETF | 1,340 | |||
| WCM/BNY Mellon Focused Growth ADR ETF | 58,175 | |||
On December 22, 2010, the Regulated Investment Company (“RIC”) Modernization Act of 2010 (the “Act”), The Act permits to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carry forwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The carry forward capital losses noted above are all post-enactment capital loss carry forwards.
9. Other Affiliated Parties and Transactions
Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2015 are as follows:
|
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|
||||||||||||||||||
| Affiliated Fund Name | Value at 06/30/2015 |
Purchases/ Additions |
Sales/ Reductions |
Value at 12/31/2015 |
Dividend Income |
Realized Gain (Loss) |
||||||||||||||||||
| QAM Equity Hedge ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF | $ | 347,795 | $ | — | $ | (69,293 | ) | $ | 277,298 | $ | 1,097 | $ | (707 | ) | ||||||||||
| Ranger Equity Bear ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF | 29,811,000 | — | — | 29,710,500 | 99,081 | — | ||||||||||||||||||
| STAR Global Buy-Write ETF |
||||||||||||||||||||||||
| Sage Core Reserves ETF | 248,425 | 24,815 | (272,778 | ) | — | 565 | (1,985 | ) | ||||||||||||||||
123
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
10. Investment Transactions
Purchases and sales of investments for the period ended December 31, 2015 are as follows:
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| Purchases | Sales | |||||||||||||||||||||||
| Fund | Long Term | U.S. Government | In-Kind | Long Term | U.S. Government | In-Kind | ||||||||||||||||||
| Athena High Dividend ETF | $ | 10,895,466 | $ | — | $ | — | $ | 10,729,685 | $ | — | $ | 4,846,321 | ||||||||||||
| EquityPro ETF | 63,546,076 | — | 19,908,199 | 59,885,967 | — | 3,644,977 | ||||||||||||||||||
| Gartman Gold/Euro ETF | — | — | — | — | — | — | ||||||||||||||||||
| Gartman Gold/Yen ETF | — | — | — | — | — | — | ||||||||||||||||||
| Global Echo ETF | 1,320,576 | — | — | 1,329,111 | — | — | ||||||||||||||||||
| Madrona Domestic ETF | 10,409,798 | — | 2,158,154 | 5,665,049 | — | 4,483,933 | ||||||||||||||||||
| Madrona Global Bond ETF | 3,067,618 | — | 1,390,273 | 3,030,929 | — | 5,123,192 | ||||||||||||||||||
| Madrona International ETF | 22,704,193 | — | 1,289,675 | 22,478,401 | — | 602,677 | ||||||||||||||||||
| Market Adaptive Unconstrained Income ETF |
2,958,817 | — | — | 3,514,064 | — | 307,450 | ||||||||||||||||||
| Meidell Tactical Advantage ETF |
50,130,332 | — | 4,195,934 | 49,447,941 | — | — | ||||||||||||||||||
| Morgan Creek Global Tactical ETF | 2,435,931 | — | — | 5,876,504 | — | 1,536,039 | ||||||||||||||||||
| Newfleet Multi-Sector Income ETF | 70,859,440 | — | — | 47,824,384 | — | — | ||||||||||||||||||
| Pacific Asset Enhanced Floating Rate ETF | 2,260,313 | — | — | 5,281,830 | — | — | ||||||||||||||||||
| Peritus High Yield ETF | 59,939,075 | — | — | 188,411,949 | — | — | ||||||||||||||||||
| QAM Equity Hedge ETF | 3,645,917 | — | — | 3,815,824 | — | 1,187,263 | ||||||||||||||||||
| Ranger Equity Bear ETF | 1,796,648 | — | — | 1,777,848 | — | — | ||||||||||||||||||
| Sage Core Reserves ETF | 12,198,452 | — | — | 8,973,923 | — | — | ||||||||||||||||||
| STAR Global Buy-Write ETF | 9,837,786 | — | 2,298,592 | 9,968,985 | — | 6,388,546 | ||||||||||||||||||
| TrimTabs Float Shrink ETF | 304,168,816 | — | 18,412,139 | 304,188,246 | — | 29,518,963 | ||||||||||||||||||
| WCM/BNY Mellon Focused Growth ADR ETF | 2,301,007 | — | 3,756,524 | 2,046,900 | — | — | ||||||||||||||||||
| YieldPro ETF | 6,938,281 | — | 4,547,174 | 6,938,605 | — | 10,816,775 | ||||||||||||||||||
Options Written transactions, during the period ended December 31, 2015, were as follows:
|
|
|
||||||
| QAM Equity Hedge ETF | Contracts | Premiums Paid/Received |
||||||
| Options outstanding at June 30, 2015 | — | $ | — | |||||
| Options written | 15 | 9,524 | ||||||
| Options terminated in closing purchase transactions | (15 | ) | (9,524 | ) | ||||
| Options expired | — | — | ||||||
| Options exercised | — | — | ||||||
| Options outstanding at December 31, 2015 | — | — | ||||||
|
|
|
||||||
| STAR Global Buy-Write ETF | Contracts | Premiums Paid/Received |
||||||
| Options outstanding at June 30, 2015 | 592 | $ | 69,431 | |||||
| Options written | 6,057 | 503,117 | ||||||
| Options terminated in closing purchase transactions | (2,677 | ) | (277,861 | ) | ||||
| Options expired | (2,624 | ) | (196,327 | ) | ||||
| Options exercised | (727 | ) | (50,633 | ) | ||||
| Options outstanding at December 31, 2015 | 621 | 47,727 | ||||||
124
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
11. Risks Involved with Investing in the Funds
The Funds are subject to the principal risks described below, some or all of these risks may adversely affect the Funds’ NAV, trading price, yield, total return and ability to meet its investment objective. As with any investment, an investment in each Fund could result in a loss or the performance of each Fund could be inferior to that of other investments.
Fund of Funds Risk
Some of the Funds’ investment performance, because they are fund of funds, depends on the investment performance of the Underlying ETFs in which they invest. An investment in these Funds is subject to the risk associated with the Underlying ETFs that comprise their Underlying Index. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest.
Liquidity Risk
In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. To the extent that there is not an established retail market for instruments in which the Fund may invest, trading in such instruments may be relatively inactive. Trading in shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules. There can be no assurance that the requirements necessary to maintain the listing of the shares of the Fund will continue to be met or will remain unchanged.
Market Risk
Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. The Fund’s investments may decline in value due to factors affecting securities markets generally, or particular countries, segments, economic sectors, industries or companies within those markets. The value of a security held in a short position may increase due to general economic and market conditions which are not specifically related to a particular issuer, such as real or perceived positive economic conditions or changes in interest or currency rates. Because the market value of ETF shares may differ from their net asset value, the shares may trade at a premium or discount. An investment in the Fund may lose money.
New Fund Risk
Some of the Funds are new funds. As new funds, there can be no assurance that the Funds will grow to or maintain an economically viable size, in which case the Funds may experience greater tracking error to their Underlying Index than it otherwise would be at higher asset levels or it could ultimately liquidate.
12. Subsequent Events
The Funds have adopted authoritative standards of accounting for disclosure of events that occur after the Statements of Assets and Liabilities date but before financial statements are issued or are available to be issued. These standards require the Fund to recognize in the financial statements the effects of all recognized subsequent events that provide additional evidence about conditions that existed at the date of Statement.
125
ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)
12. Subsequent Events - (continued)
The following Funds paid dividends after December 31, 2015:
|
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|
|||||||||
| Fund | Ticker | Ordinary Income Per Share Distributed |
Payable Date | |||||||||
| Athena High Dividend ETF | DIVI | $ | 0.00294 | 01/29/2016 | ||||||||
| Pacific Asset Enhanced Floating Rate ETF | FLRT | $ | 0.10417 | 01/29/2016 | ||||||||
| Peritus High Yield ETF | HYLD | $ | 0.20345 | 01/29/2016 | ||||||||
| Madrona Global Bond ETF | FWDB | $ | 0.01106 | 01/29/2016 | ||||||||
| Newfleet Multi-Sector Income ETF | MINC | $ | 0.08834 | 01/29/2016 | ||||||||
| Sage Core Reserves ETF | HOLD | $ | 0.05202 | 01/29/2016 | ||||||||
126
Board Review of Investment Advisory and Sub-Advisory Agreements
Renewal of the Sub-Advisory Agreements for AdvisorShares Athena High Dividend ETF, AdvisorShares EquityPro ETF AdvisorShares Gartman Gold/Euro ETF, AdvisorShares Gartman Gold/Yen ETF, AdvisorShares Global Echo ETF, AdvisorShares Madrona Domestic ETF, AdvisorShares Madrona Global Bond ETF, AdvisorShares Madrona International ETF, AdvisorShares QAM Equity Hedge ETF, AdvisorShares Ranger Equity Bear ETF, AdvisorShares STAR Global Buy-Write ETF, AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF, and AdvisorShares YieldPro ETF
At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on August 12, 2015 and November 17, 2015, the Board, including those trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), unanimously approved the renewal of separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”), on behalf of certain series of the Trust (each a “Fund” and collectively the “Funds”), between AdvisorShares Investments, LLC (the “Advisor”) and (1) AthenaInvest Advisors LLC, on behalf of the AdvisorShares Athena High Dividend ETF, (2) Baldwin Brothers Inc., Community Capital Management, Inc., and Reynders, McVeigh Capital Management LLC, on behalf of the AdvisorShares Global Echo ETF, (3) Commerce Asset Management, LLC, on behalf of the AdvisorShares QAM Equity Hedge ETF, (4) The Elements Financial Group, LLC, on behalf of the AdvisorShares EquityPro ETF and AdvisorShares YieldPro ETF, (5) Madrona Funds, LLC, on behalf of the AdvisorShares Madrona Domestic ETF, AdvisorShares Madrona Global Bond ETF and AdvisorShares Madrona International ETF, (6) Partnervest Advisory Services, on behalf of the AdvisorShares STAR Global Buy-Write ETF, (7) Ranger Alternative Management, L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF, (8) Treesdale Partners LLC, on behalf of the AdvisorShares Gartman Gold/Euro ETF and AdvisorShares Gartman Gold/Yen ETF, and (9) WCM Investment Management, on behalf of the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.
Pursuant to Section 15 of the 1940 Act, to continue after their initial two-year term, the Sub-Advisory Agreements must be approved annually (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board, to help decide whether to renew the Sub-Advisory Agreements for an additional year.
Prior to the meetings, the Board, including the Independent Trustees, reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by the Sub-Advisor; (ii) the investment performance of each Fund; (iii) the costs of the services provided and profits and other benefits realized by the Sub-Advisor and its affiliates from the relationship with each Fund; (iv) the personnel and operations of the Sub-Advisor; (v) the extent to which economies of scale would be realized as each Fund grows; and (vi) whether fee levels reflect the sharing of these economies of scale for the benefit of each Fund’s shareholders. At the meetings, the Board was presented with additional information to help it evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements.
The Board received an overview of each Sub-Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund’s strategy, the focus in the markets, the Fund’s positioning in the market, and its attractive and unique offering. The Board reviewed each Sub-Advisor’s overall business generally, including any noteworthy personnel changes.
127
Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
The Board deliberated on the renewal of the Sub-Advisory Agreements in light of the written materials that it received before the meetings, information it received at the meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the selection of each Sub-Advisor and the renewal of its Sub-Advisory Agreement. The Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to each Fund. The most recent Form ADV for each Sub-Advisor also was provided to the Board, as was information regarding the sufficiency of each Sub-Advisor’s resources. The Board considered each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning each Sub-Advisor’s compliance function, operational capabilities, and portfolio management team. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Sub-Advisors.
Performance of the Funds
The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. Each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. Based on this information, the Board concluded that it was satisfied with the investment results that each Sub-Advisor had been able to achieve for its respective Fund(s).
Cost of Advisory Services and Profitability
In considering whether the sub-advisory fees payable with respect to each Fund were reasonable, the Board reviewed the sub-advisory fees paid by the Advisor to each Sub-Advisor, the fees waived and/or expenses reimbursed by each Sub-Advisor over the period, the costs and other expenses incurred by each Sub-Advisor in providing advisory services, and the profitability analysis with respect to each Fund. The Board also reviewed information comparing the advisory fees paid by each Fund to those paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the advisory fees appeared reasonable in light of the services rendered.
Economies of Scale
The Board considered for each Fund whether economies of scale were realized during the current contract period, noting the fee waivers and expense reimbursements by the Advisor and Sub-Advisors. The Board determined to reassess at an appropriate time in the future whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of any significant asset growth of the Funds.
Conclusion
Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Sub-Advisory Agreement are fair and reasonable; (ii) concluded that each Sub-Advisor’s fees are reasonable in light of the services that it provides to its respective Fund(s); and (iii) agreed to renew each Sub-Advisory Agreement for another year.
128
Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
Initial Approval of the Sub-Advisory Agreement for AdvisorShares Market Adaptive Unconstrained Income ETF
At a meeting of the Board held on October 30, 2015, the Board considered the approval of a new investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and American Wealth Management (“AWM”) with respect to the AdvisorShares Market Adaptive Unconstrained Income ETF (formerly, AdvisorShares Sunrise Global Multi-Strategy ETF) (the “Fund”). The Sub-Advisory Agreement replaced a sub-advisory agreement between the Advisor and Sunrise Capital Partners LLC (“Sunrise”) with respect to the Fund. In considering whether to approve the Sub-Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor and AWM. The Board considered all factors that it deemed to be relevant, noting that AWM provides investment sub-advisory services to another series of the Trust whose agreement the Board considered for renewal in February 2015. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual Trustees may have attributed different weights to various factors. Certain factors considered by the Board at the meeting are addressed in more detail below.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services to be provided by AWM, the Board reviewed the proposed services and the qualification and background of the portfolio manager proposed to be responsible for managing the Fund. The Board took note of its comprehensive review of AWM in February 2015 in connection with its consideration of the annual renewal of the agreement between the Adviser and AWM with respect to another series of the Trust. The Board considered AWM’s operational capabilities and resources and its experience in managing investment portfolios. Based on its review, within the full context of its deliberations, the Board determined that it was satisfied with the nature, extent, and quality of services to be provided to the Fund by AWM.
Performance
In connection with the assessment of AWM’s ability to perform its duties under the Sub-Advisory Agreement, the Board considered the sufficiency of its resources and concluded that AWM had the financial resources necessary to perform its obligations under the Sub-Advisory Agreement. The Board heard an overview of AWM’s investment philosophy, the proposed portfolio construction of the Fund, and the specific investment techniques to be employed. The Board also reviewed AWM’s overall investment performance.
Cost of Services and Profitability
The Board considered the cost of the services to be provided by AWM, reviewed the fee to be paid pursuant to the Sub-Advisory Agreement, and considered the estimated profitability projected by AWM. In addition, the Board discussed the fee arrangement between the Adviser and AWM, noting that the Adviser would pay AWM out of the advisory fee it receives from the Fund. The Board also noted that both the aggregate advisory fee to be paid to the Adviser under the new arrangement, as well as the proposed sub-advisory fee to be paid to AWM by the Adviser, are lower than the fees previously had been for the Fund. The Board also reviewed information provided by the Adviser regarding advisory fees of comparable funds and evaluated the proposed fee arrangement in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Adviser’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fee proposed to be paid to AWM is reasonable and fair.
129
Board Review of Investment Advisory and Sub-Advisory Agreements (continued)
Economies of Scale
The Board considered the potential for economies of scale, noting that the aggregate advisory fee for the Fund would be lowered as part of the proposed changes to the Fund, and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.
Conclusion
Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Sub-Advisory Agreement are fair and reasonable; (ii) concluded that the fee for AWM is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Sub-Advisory Agreement for an initial term of two years.
130
SUPPLEMENTAL INFORMATION
Quarterly Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters on Form N-Q. Copies of the filings are available without charge on the SEC’s website at www.sec.gov. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting Information
A description of the Funds proxy voting policies and procedures, as well as a record of how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by calling 1-877-843-3831. This information is also available on the SEC’s website at www.sec.gov.
Premium/Discount Information
Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Fund’s website at http://www.advisorshares.com.
131
ADVISORSHARES TRUST
Investment Advisor
AdvisorShares Investments, LLC
4800 Montgomery Lane, Suite 150
Bethesda, MD 20814
Sub-Advisors
WCM Investment Management
281 Brooks Street
Laguna Beach, CA 92651
Madrona Funds, LLC
2911 Bond Street, Suite 200
Everett, WA 98201
Morgan Creek Capital Management, LLC
301 West Barbee Chapel Road, Suite 200
Chapel Hill, NC 27517
Ranger Alternative Management, L.P.
2828 N. Harwood Street, Suite 1900
Dallas, TX 75201
Peritus I Asset Management, LLC
1216 State Street, 4th Floor
Santa Barbara, CA 93103
American Retirement Planners II, Inc.
570 Hammill Lane
Reno, NV 89511
TrimTabs Asset Management, LLC
1350 Avenue of the Americas, Suite 248
New York, NY 10019
Community Capital Management, Inc.
2500 Weston Road, Suite 101
Weston, FL 33331
Reynders, McVeigh Capital Management, LLC
121 High Street, 5th Floor
Boston, MA 02110
Baldwin Brothers, Inc.
204 Spring Street
Marion, MA 02738
Newfleet Asset Management, LLC
100 Pearl Street
Hartford, CN 06103
Partnervest Advisory Services, LLC
1216 State Street, 3rd Floor
Santa Barbara, CA 93101
Commerce Asset Management, LLC
5050 Poplar Avenue, Suite 2020
Memphis, TN 38157
The Elements Financial Group, LLC
19200 Von Karman Avenue, Suite 800
Irvine, CA 92612
AthenaInvest Advisors LLC
5340 South Quebec Street, Suite 365-N
Greenwood Village, CO 80111
Treesdale Partners, LLC
1325 Avenue of the Americas, Suite 2302
New York, NY 10019
Sage Advisory Services, Ltd. Co.
5900 Southwest Parkway, Building I
Austin, TX 78735
Pacific Life Fund Advisors, LLC
700 Newport Center Drive
Newport Beach, CA 92660
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Custodian/Fund Administrator/Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286
Legal Counsel
Morgan, Lewis & Bockius LLP
2020 K Street, N.W..
Washington, D.C. 20006
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
1818 Market Street
Philadelphia, PA 19103
This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund’s risks, objectives, fees and expenses, experience of management and other information.
Item 2. Code of Ethics.
Not Applicable for the semi-annual reporting period.
Item 3. Audit Committee Financial Expert.
Not Applicable for the semi-annual reporting period.
Item 4. Principal Accountant Fees and Services.
Not Applicable for the semi-annual reporting period.
Item 5. Audit Committee of Listed Registrants.
Not Applicable for the semi-annual reporting period.
Item 6. Investments.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
| (b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
| (a)(1) | Not applicable. |
| (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| (a)(3) | Not applicable. |
| (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | AdvisorShares Trust | |
| By (Signature and Title)* | /s/ Noah Hamman | |
| Noah Hamman, Chief Executive Officer | ||
| (principal executive officer) | ||
| Date | 3/3/16 |
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 | 3/3/16 |
| By (Signature and Title)* | /s/ Dan Ahrens | |
| Dan Ahrens, Treasurer | ||
| (principal financial officer) | ||
| Date | 3/3/16 | |
* Print the name and title of each signing officer under his or her signature.