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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number           811-22110        

AdvisorShares Trust

(Exact name of registrant as specified in charter)

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip code)

Dan Ahrens

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-877-843-3831

Date of fiscal year end: June 30

Date of reporting period: March 31, 2016

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.6%
Agriculture – 1.7%
Philip Morris International, Inc.		1,244	$	122,049
Airlines – 3.9%
Copa Holdings SA, Class A (Panama)		4,292		290,783
Auto Manufacturers – 1.3%
General Motors Co.		3,116		97,936
Banks – 13.0%
Banco de Chile (Chile)(a)		3,042		196,057
Banco Santander Chile (Chile)(a)		12,671		245,184
Corpbanca SA (Chile)*(a)		18,610		255,887
Grupo Aval Acciones y Valores SA (Colombia)(a)		33,516		259,079
Total Banks				956,207
Diversified Financial Services – 1.4%
Waddell & Reed Financial, Inc., Class A		4,346		102,305
Electric – 9.1%
CPFL Energia SA (Brazil)*(a)		24,601		267,905
Entergy Corp.		1,720		136,361
Huaneng Power International, Inc. (China)(a)		7,480		265,989
Total Electric				670,255
Electronics – 2.9%
Garmin Ltd.(b)		5,382		215,065
Food – 1.2%
Cal-Maine Foods, Inc.(b)		1,767		91,725
Gas – 2.2%
CenterPoint Energy, Inc.		7,719		161,481
Internet – 2.8%
SouFun Holdings Ltd. (China)*(a)		34,816		208,548
Oil & Gas – 12.8%
China Petroleum & Chemical Corp. (China)(a)		3,220		209,783
CNOOC Ltd. (China)(a)		2,430		284,456
Ecopetrol SA (Colombia)(a)(b)		35,943		309,469
Helmerich & Payne, Inc.(b)		2,367		138,990
Total Oil & Gas				942,698

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Packaging & Containers – 1.9%
Greif, Inc., Class A		4,236	$	138,729
Pipelines – 3.2%
ONEOK, Inc.(b)		7,900		235,894
Real Estate Investment Trusts – 14.4%
Annaly Capital Management, Inc.		15,668		160,754
Digital Realty Trust, Inc.		1,392		123,178
GEO Group, Inc. (The)		7,265		251,877
OMEGA Healthcare Investors, Inc.		4,402		155,391
Senior Housing Properties Trust		8,234		147,306
Starwood Property Trust, Inc.		11,702		221,519
Total Real Estate Investment Trusts				1,060,025
Retail – 1.6%
Gamestop Corp., Class A(b)		3,612		114,609
Savings & Loans – 2.0%
New York Community Bancorp, Inc.		9,405		149,540
Semiconductors – 3.0%
Advanced Semiconductor Engineering, Inc. (Taiwan)(a)		37,478		219,246
Telecommunications – 15.7%
AT&T, Inc.		3,647		142,853
CenturyLink, Inc.(b)		7,487		239,284
Chunghwa Telecom Co. Ltd. (Taiwan)(a)(b)		5,404		182,439
Frontier Communications Corp.(b)		43,701		244,289
Philippine Long Distance Telephone Co. (Philippines)(a)		5,097		220,751
Verizon Communications, Inc.		2,394		129,468
Total Telecommunications				1,159,084
Toys/Games/Hobbies – 2.4%
Mattel, Inc.		5,169		173,782
Transportation – 3.1%
Golar LNG Ltd. (Bermuda)(b)		12,628		226,925
Total Common Stocks
(Cost $7,151,585)				7,336,886
MONEY MARKET FUND – 0.5%
Goldman Sachs Financial Square Fund, 0.44%(c) (Cost $40,398)		40,398		40,398

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS – 19.3%(d)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $330,159, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $335,923)	$	330,156	$	330,156
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $97,864, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $99,802)		97,863		97,863
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $330,159, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $335,904)		330,156		330,156
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $330,159, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $335,793)		330,156		330,156
RBC Capital Markets LLC, dated 03/31/16, due 04/01/16, 0.28%, total to be received $330,159, (collateralized by various U.S. Government Agency Obligations, 1.75%-6.00%, 06/01/18-04/01/46, totaling $335,794)		330,156		330,156
Total Repurchase Agreements
(Cost $1,418,487)				1,418,487
Total Investments – 119.4%
(Cost $8,610,470)				8,795,771
Liabilities in Excess of Other Assets – (19.4)%				(1,426,866	)
Net Assets – 100.0%			$	7,368,905

*	Non-income producing security.
(a)	American Depositary Receipt.
(b)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,831,983; the aggregate market value of the collateral held by the fund is $1,872,493.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $454,006.
(c)	Rate shown reflects the 7-day yield as of March 31, 2016.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES ATHENA HIGH DIVIDEND ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Agriculture		1.7	%
Airlines		3.9
Auto Manufacturers		1.3
Banks		13.0
Diversified Financial Services		1.4
Electric		9.1
Electronics		2.9
Food		1.2
Gas		2.2
Internet		2.8
Oil & Gas		12.8
Packaging & Containers		1.9
Pipelines		3.2
Real Estate Investment Trusts		14.4
Retail		1.6
Savings & Loans		2.0
Semiconductors		3.0
Telecommunications		15.7
Toys/Games/Hobbies		2.4
Transportation		3.1
Money Market Fund		0.5
Repurchase Agreements		19.3
Total Investments		119.4
Liabilities in Excess of Other Assets		(19.4	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES EQUITYPRO ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS – 85.2%
Equity Fund – 85.2%
Energy Select Sector SPDR Fund(a)		19,300	$	1,195,056
First Trust Dow Jones Internet Index Fund*		20,732		1,415,788
Guggenheim S&P 500 Equal Weight Consumer Staples ETF(a)		31,972		3,892,591
iShares MSCI EAFE ETF(a)		41,312		2,360,155
Market Vectors Oil Service ETF(a)		9,407		250,320
PowerShares Dynamic Pharmaceuticals Portfolio		13,400		805,072
SPDR Dow Jones Industrial Average ETF Trust(a)		20,758		3,666,693
SPDR S&P 500 ETF Trust		25,514		5,244,658
Technology Select Sector SPDR Fund		72,422		3,212,640
Total Exchange Traded Funds
(Cost $22,042,397)				22,042,973
MONEY MARKET FUND – 5.1%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.18%(b) (Cost $1,322,461)		1,322,461		1,322,461
REPURCHASE AGREEMENTS – 11.3%(c)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $682,588, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $694,505)	$	682,581		682,581
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $202,304, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $206,309)		202,302		202,302
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $682,587, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $694,464)		682,581		682,581
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $682,587, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $694,236)		682,581		682,581
RBC Capital Markets LLC, dated 03/31/16, due 04/01/16, 0.28%, total to be received $682,586, (collateralized by various U.S. Government Agency Obligations, 1.75%-6.00%, 06/01/18-04/01/46, totaling $694,236)		682,581		682,581
Total Repurchase Agreements
(Cost $2,932,626)				2,932,626

See accompanying Notes to Schedules of Investments.

ADVISORSHARES EQUITYPRO ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Value
Total Investments – 101.6%
(Cost $26,297,484)		26,298,060
Liabilities in Excess of Other Assets – (1.6)%		(408,270	)
Net Assets – 100.0%	$	25,889,790

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 $2,869,642; the aggregate market value of the collateral held by the fund is $2,932,626.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(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		85.2	%
Money Market Fund		5.1
Repurchase Agreements		11.3
Total Investments		101.6
Liabilities in Excess of Other Assets		(1.6	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GARTMAN GOLD/EURO ETF

Schedule of Investments (Consolidated)†

March 31, 2016 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND – 62.0%
BNY Mellon Cash Reserve, 0.01%(a) (Cost $8,354,292)		8,354,292	$	8,354,292
Total Investments – 62.0%
(Cost $8,354,292)				8,354,292
Other Assets in Excess of Liabilities – 38.0%				5,116,397
Net Assets – 100.0%			$	13,470,689

†	The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation.  See the Notes to the Schedule of Investments.
(a)	Rate shown reflects the 7-day yield as of March 31, 2016.

Futures contracts outstanding as of March 31, 2016:

Type	Broker	Expiration Date	Number of Contracts			Value at Trade Date			Value at March 31, 2016			Unrealized Appreciation (Depreciation)
EURO Currency	Interactive Brokers LLC	June 2016		(108	)	$	(14,917,310	)	$	(15,406,200	)	$	(488,890	)
Gold 100 Oz.	Interactive Brokers LLC	June 2016		122			14,913,742			15,074,320			160,578
												$	(328,312	)

Cash posted as collateral to broker for futures contracts was $5,145,212 at March 31, 2016.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GARTMAN GOLD/YEN ETF

Schedule of Investments (Consolidated)†

March 31, 2016 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND – 46.9%
BNY Mellon Cash Reserve, 0.01%(a) (Cost $9,047,607)		9,047,607	$	9,047,607
Total Investments – 46.9%
(Cost $9,047,607)				9,047,607
Other Assets in Excess of Liabilities – 53.1%				10,263,400
Net Assets – 100.0%			$	19,311,007

†	The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation.  See the Notes to the Schedule of Investments.
(a)	Rate shown reflects the 7-day yield as of March 31, 2016.

Futures contracts outstanding as of March 31, 2016:

Type	Broker	Expiration Date	Number of Contracts			Value at Trade Date			Value at March 31, 2016			Unrealized Appreciation (Depreciation)
Gold 100 Oz.	Interactive Brokers LLC	June 2016		160		$	19,591,942		$	19,769,600		$	177,658
Japanese Yen Currency	Interactive Brokers LLC	June 2016		(179	)		(19,841,610	)		(19,922,700	)		(81,090	)
												$	96,568

Cash posted as collateral to broker for futures contracts was $4,809,422 at March 31, 2016.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 64.1%
Apparel – 1.8%
Hanesbrands, Inc.(a)		900	$	25,506
NIKE, Inc., Class B		1,326		81,509
VF Corp.		400		25,904
Total Apparel				132,919
Auto Parts & Equipment – 0.7%
Johnson Controls, Inc.		1,449		56,468
Banks – 3.8%
Northern Trust Corp.		1,224		79,768
PNC Financial Services Group, Inc. (The)		949		80,257
TCF Financial Corp.		3,245		39,784
Tompkins Financial Corp.(a)		1,321		84,544
Total Banks				284,353
Beverages – 0.3%
Reed's, Inc.*(a)		4,960		23,163
Biotechnology – 2.0%
Amgen, Inc.		331		49,627
Gilead Sciences, Inc.		300		27,558
Illumina, Inc.*		230		37,285
Ionis Pharmaceuticals, Inc.*(a)		831		33,656
Total Biotechnology				148,126
Building Materials – 1.1%
Geberit AG (Switzerland)(b)		546		20,453
Masco Corp.		1,988		62,523
Total Building Materials				82,976
Chemicals – 1.9%
Novozymes A/S (Denmark)(b)		3,128		140,338
Commercial Services – 2.9%
Automatic Data Processing, Inc.		870		78,047
Bright Horizons Family Solutions, Inc.*		887		57,460
Korn/Ferry International		775		21,925
ManpowerGroup, Inc.		705		57,401
Total Commercial Services				214,833

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Computers – 2.1%
Apple, Inc.		751	$	81,852
EMC Corp.		2,793		74,433
Total Computers				156,285
Cosmetics/Personal Care – 3.3%
Estee Lauder Cos., Inc. (The), Class A		480		45,269
Procter & Gamble Co. (The)		870		71,609
Unilever NV (United Kingdom)(c)		1,960		87,573
Unilever PLC (United Kingdom)(b)		950		42,921
Total Cosmetics/Personal Care				247,372
Diversified Financial Services – 1.6%
MarketAxess Holdings, Inc.		312		38,947
MasterCard, Inc., Class A		890		84,105
Total Diversified Financial Services				123,052
Electronics – 0.9%
Agilent Technologies, Inc.		660		26,301
Waters Corp.*		326		43,006
Total Electronics				69,307
Energy - Alternate Sources – 1.2%
First Solar, Inc.*		965		66,073
Vestas Wind Systems A/S (Denmark)(a)(b)		1,108		26,271
Total Energy - Alternate Sources				92,344
Environmental Control – 2.0%
TETRA Tech, Inc.		895		26,689
Tomra Systems ASA (Norway)(b)		11,638		121,357
Total Environmental Control				148,046
Food – 2.8%
Kroger Co. (The)		2,076		79,407
Nestle SA (Switzerland)(b)		576		42,976
Sprouts Farmers Market, Inc.*		2,001		58,109
SunOpta, Inc. (Canada)*		5,918		26,394
Total Food				206,886
Healthcare - Products – 3.4%
Becton, Dickinson and Co.		179		27,176
Boston Scientific Corp.*		4,064		76,444
Danaher Corp.		300		28,458

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products (continued)
Henry Schein, Inc.*		125	$	21,578
Hologic, Inc.*		2,954		101,913
Total Healthcare - Products				255,569
Healthcare - Services – 0.3%
Amedisys, Inc.*(a)		504		24,363
Home Furnishings – 0.9%
Dorel Industries, Inc., Class B (Canada)		2,963		65,878
Household Products/Wares – 0.8%
Church & Dwight Co., Inc.		651		60,009
Insurance – 2.6%
Aflac, Inc.		1,415		89,343
Storebrand ASA (Norway)*(b)		6,760		52,491
Voya Financial, Inc.		1,818		54,122
Total Insurance				195,956
Internet – 2.9%
Alphabet, Inc., Class A*		123		93,836
eBay, Inc.*		1,430		34,120
F5 Networks, Inc.*(a)		446		47,209
Facebook, Inc., Class A*		235		26,814
FireEye, Inc.*(a)		900		16,191
Total Internet				218,170
Machinery - Diversified – 2.0%
Rockwell Automation, Inc.		574		65,292
Xylem, Inc.		2,031		83,068
Total Machinery - Diversified				148,360
Miscellaneous Manufacturing – 2.2%
AO Smith Corp.		400		30,524
AptarGroup, Inc.		998		78,253
CLARCOR, Inc.		400		23,116
Raven Industries, Inc.		2,069		33,146
Total Miscellaneous Manufacturing				165,039
Packaging & Containers – 0.9%
Sealed Air Corp.		1,365		65,534

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals – 4.0%
Cardinal Health, Inc.		485	$	39,746
Johnson & Johnson		565		61,133
Novartis AG (Switzerland)(b)		930		67,369
Perrigo Co. PLC		479		61,279
Teva Pharmaceutical Industries Ltd. (Israel)(b)		1,328		71,061
Total Pharmaceuticals				300,588
Real Estate Investment Trusts – 0.5%
Prologis, Inc.		829		36,625
Retail – 5.2%
Costco Wholesale Corp.		480		75,638
CVS Health Corp.		1,039		107,776
Kingfisher PLC (United Kingdom)(a)(b)		3,750		40,763
Starbucks Corp.		1,312		78,326
Target Corp.		1,065		87,628
Total Retail				390,131
Semiconductors – 4.0%
Analog Devices, Inc.		450		26,635
Intel Corp.		1,063		34,388
IPG Photonics Corp.*(a)		551		52,940
NXP Semiconductors NV (Netherlands)*		726		58,857
QUALCOMM, Inc.		1,111		56,817
Xilinx, Inc.		1,544		73,232
Total Semiconductors				302,869
Software – 3.7%
Adobe Systems, Inc.*		993		93,143
Allscripts Healthcare Solutions, Inc.*		1,275		16,843
Citrix Systems, Inc.*		170		13,359
Fiserv, Inc.*		1,198		122,890
Microsoft Corp.		534		29,493
Total Software				275,728
Telecommunications – 0.9%
BT Group PLC (United Kingdom)(b)		630		20,210
LogMeIn, Inc.*		506		25,533
Vodafone Group PLC (United Kingdom)(b)		780		24,999
Total Telecommunications				70,742

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Transportation – 0.6%
Canadian National Railway Co. (Canada)		684	$	42,723
Water – 0.8%
American Water Works Co., Inc.		480		33,086
Severn Trent PLC (United Kingdom)(a)(b)		789		24,679
Total Water				57,765
Total Common Stocks
(Cost $4,404,676)				4,802,517
ASSET BACKED SECURITIES – 12.7%
SBA, 4.34%, 07/25/38@		117,788		133,829
SBA, 4.41%, 02/25/39@		156,934		179,969
SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29		150,378		164,367
SBAP, Class 1, Series 2010-20A, 4.38%, 01/01/30		116,076		127,211
SBAP, Class 1, Series 2010-20B, 4.14%, 02/01/30		231,914		253,392
U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20		87,413		92,248
Total Asset Backed Securities
(Cost $948,129)				951,016
MUNICIPAL BOND – 4.0%
Allegheny County Residential Finance Authority, 0.67%, 11/01/35 (Cost $300,000)@		300,000		300,000
MONEY MARKET FUNDS – 7.3%
Fidelity Institutional Money Market Government Portfolio - Class I 0.23%(d)		335,367		335,367
Fidelity Institutional Money Market Portfolio - Institutional Class 0.35%(d)		214,795		214,796
Total Money Market Funds
(Cost $550,163)				550,163
U.S. GOVERNMENT AGENCY SECURITIES – 11.8%
Federal National Mortgage Association, 3.76%, 05/01/43		335,669		369,605
Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43		164,773		168,308
Government National Mortgage Association, Class AC, Series 2015-160, 2.60%, 01/16/56@		149,316		150,654
Government National Mortgage Association, Class AE, Series 2015-41, 2.90%, 09/16/56@		188,143		194,772
Total U.S. Government Agency Securities
(Cost $870,771)				883,339

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENT – 2.2%(e)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $164,206, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $167,072)
(Cost $164,204)	$	164,204	$	164,204
Total Investments – 102.1%
(Cost $7,237,943)				7,651,239
Liabilities in Excess of Other Assets – (2.1)%				(154,539	)
Net Assets – 100.0%			$	7,496,700

PLC - Public Limited Company

@	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2016.
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $267,133; the aggregate market value of the collateral held by the fund is $274,639.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $110,435.
(b)	American Depositary Receipt.
(c)	Registered Shares.
(d)	Rate shown reflects the 7-day yield as of March 31, 2016.
(e)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Apparel		1.8	%
Asset Backed Securities		12.7
Auto Parts & Equipment		0.7
Banks		3.8
Beverages		0.3
Biotechnology		2.0
Building Materials		1.1
Chemicals		1.9
Commercial Services		2.9
Computers		2.1
Cosmetics/Personal Care		3.3
Diversified Financial Services		1.6

See accompanying Notes to Schedule of Investments.

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets (continued)
Electronics		0.9	%
Energy - Alternate Sources		1.2
Environmental Control		2.0
Food		2.8
Healthcare - Products		3.4
Healthcare - Services		0.3
Home Furnishings		0.9
Household Products/Wares		0.8
Insurance		2.6
Internet		2.9
Machinery - Diversified		2.0
Miscellaneous Manufacturing		2.2
Municipal Bond		4.0
Packaging & Containers		0.9
Pharmaceuticals		4.0
Real Estate Investment Trusts		0.5
Retail		5.2
Semiconductors		4.0
Software		3.7
Telecommunications		0.9
Transportation		0.6
U.S. Government Agency Securities		11.8
Water		0.8
Money Market Fund		7.3
Repurchase Agreements		2.2
Total Investments		102.1
Liabilities in Excess of Other Assets		(2.1	)
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Advertising – 0.3%
Interpublic Group of Cos., Inc. (The)		2,273	$	52,166
Omnicom Group, Inc.		318		26,467
Total Advertising				78,633
Aerospace/Defense – 1.3%
Boeing Co. (The)		462		58,646
General Dynamics Corp.		506		66,473
Harris Corp.		294		22,891
L-3 Communications Holdings, Inc.		129		15,287
Lockheed Martin Corp.		97		21,486
Northrop Grumman Corp.		107		21,175
Raytheon Co.		196		24,036
Rockwell Collins, Inc.		745		68,696
United Technologies Corp.		683		68,368
Total Aerospace/Defense				367,058
Agriculture – 0.2%
Altria Group, Inc.		302		18,923
Archer-Daniels-Midland Co.		251		9,114
Philip Morris International, Inc.		141		13,834
Reynolds American, Inc.		604		30,387
Total Agriculture				72,258
Airlines – 2.5%
American Airlines Group, Inc.		4,047		165,967
Delta Air Lines, Inc.		3,585		174,518
Southwest Airlines Co.		4,151		185,965
United Continental Holdings, Inc.*		3,319		198,675
Total Airlines				725,125
Apparel – 1.6%
Hanesbrands, Inc.		2,377		67,364
Michael Kors Holdings Ltd.*		3,894		221,802
NIKE, Inc., Class B		438		26,924
Ralph Lauren Corp.		688		66,227
Under Armour, Inc., Class A*(a)		230		19,511
VF Corp.		740		47,922
Total Apparel				449,750
Auto Manufacturers – 1.5%
Ford Motor Co.		13,239		178,727
General Motors Co.		5,354		168,276

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Auto Manufacturers (continued)
PACCAR, Inc.		1,331	$	72,792
Total Auto Manufacturers				419,795
Auto Parts & Equipment – 1.6%
BorgWarner, Inc.		3,970		152,448
Delphi Automotive PLC (United Kingdom)		2,018		151,390
Johnson Controls, Inc.		4,117		160,440
Total Auto Parts & Equipment				464,278
Banks – 4.8%
Bank of America Corp.		3,694		49,943
Bank of New York Mellon Corp. (The)		2,367		87,177
BB&T Corp.		1,585		52,733
Capital One Financial Corp.		528		36,596
Citigroup, Inc.		1,001		41,792
Citizens Financial Group, Inc.		3,575		74,896
Comerica, Inc.		1,556		58,926
Fifth Third Bancorp		2,145		35,800
Goldman Sachs Group, Inc. (The)		885		138,927
Huntington Bancshares, Inc.		4,464		42,587
JPMorgan Chase & Co.		921		54,542
KeyCorp		3,512		38,772
M&T Bank Corp.		319		35,409
Morgan Stanley		6,033		150,885
Northern Trust Corp.		772		50,311
PNC Financial Services Group, Inc. (The)		371		31,375
Regions Financial Corp.		8,953		70,281
State Street Corp.		756		44,241
SunTrust Banks, Inc.		4,082		147,279
US Bancorp		770		31,254
Wells Fargo & Co.		722		34,916
Zions Bancorporation		2,701		65,391
Total Banks				1,374,033
Beverages – 0.5%
Brown-Forman Corp., Class B		154		15,164
Coca-Cola Co. (The)		262		12,154
Coca-Cola Enterprises, Inc.		352		17,861
Constellation Brands, Inc., Class A		190		28,707
Dr Pepper Snapple Group, Inc.		204		18,242
Molson Coors Brewing Co., Class B		101		9,714

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Beverages (continued)
Monster Beverage Corp.*		251	$	33,478
PepsiCo, Inc.		143		14,655
Total Beverages				149,975
Biotechnology – 2.2%
Alexion Pharmaceuticals, Inc.*		751		104,554
Amgen, Inc.		232		34,784
Biogen, Inc.*		302		78,617
Celgene Corp.*		1,434		143,529
Gilead Sciences, Inc.		1,446		132,830
Illumina, Inc.*		126		20,426
Regeneron Pharmaceuticals, Inc.*		171		61,635
Vertex Pharmaceuticals, Inc.*		813		64,625
Total Biotechnology				641,000
Building Materials – 1.1%
Martin Marietta Materials, Inc.		799		127,448
Masco Corp.		2,127		66,894
Vulcan Materials Co.		1,275		134,602
Total Building Materials				328,944
Chemicals – 3.4%
Air Products & Chemicals, Inc.		402		57,908
Airgas, Inc.		127		17,988
CF Industries Holdings, Inc.		4,592		143,913
Dow Chemical Co. (The)		780		39,671
E.I. du Pont de Nemours & Co.		424		26,848
Eastman Chemical Co.		1,602		115,713
Ecolab, Inc.		339		37,805
FMC Corp.		1,917		77,389
International Flavors & Fragrances, Inc.		169		19,227
LyondellBasell Industries NV, Class A		1,451		124,177
Monsanto Co.		752		65,981
Mosaic Co. (The)(a)		2,526		68,202
PPG Industries, Inc.		394		43,927
Praxair, Inc.		682		78,055
Sherwin-Williams Co. (The)		257		73,160
Total Chemicals				989,964
Commercial Services – 3.6%
ADT Corp. (The)		2,462		101,582

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services (continued)
Automatic Data Processing, Inc.		286	$	25,657
Cintas Corp.		470		42,211
Equifax, Inc.		252		28,801
H&R Block, Inc.		1,191		31,466
McGraw Hill Financial, Inc.		649		64,238
Moody’s Corp.		624		60,253
Nielsen Holdings PLC		989		52,081
PayPal Holdings, Inc.*		1,460		56,356
Quanta Services, Inc.*		5,036		113,612
Robert Half International, Inc.		2,784		129,679
Total System Services, Inc.		886		42,156
United Rentals, Inc.*		3,236		201,247
Verisk Analytics, Inc.*		456		36,444
Western Union Co. (The)		3,469		66,917
Total Commercial Services				1,052,700
Computers – 3.9%
Accenture PLC, Class A		278		32,081
Apple, Inc.		1,421		154,875
Cognizant Technology Solutions Corp., Class A*		1,525		95,618
CSRA, Inc.		1,498		40,296
EMC Corp.		2,700		71,955
Hewlett Packard Enterprise Co.		2,466		43,722
HP, Inc.		3,570		43,982
International Business Machines Corp.		306		46,344
NetApp, Inc.		5,498		150,040
SanDisk Corp.		1,946		148,052
Seagate Technology PLC(a)		3,190		109,896
Teradata Corp.*		3,101		81,370
Western Digital Corp.		2,252		106,384
Total Computers				1,124,615
Cosmetics/Personal Care – 0.2%
Colgate-Palmolive Co.		214		15,119
Estee Lauder Cos., Inc. (The), Class A		270		25,464
Procter & Gamble Co. (The)		215		17,696
Total Cosmetics/Personal Care				58,279
Distribution/Wholesale – 0.6%
Fastenal Co.(a)		1,702		83,398
Genuine Parts Co.(a)		148		14,705

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Distribution/Wholesale (continued)
W.W. Grainger, Inc.(a)		373	$	87,070
Total Distribution/Wholesale				185,173
Diversified Financial Services – 5.7%
Affiliated Managers Group, Inc.*		1,072		174,093
Alliance Data Systems Corp.*		611		134,420
American Express Co.		2,013		123,598
Ameriprise Financial, Inc.		1,689		158,783
BlackRock, Inc.		187		63,686
Charles Schwab Corp. (The)		3,947		110,595
CME Group, Inc.		362		34,770
Discover Financial Services		638		32,487
E*TRADE Financial Corp.*		4,892		119,805
Franklin Resources, Inc.		4,095		159,910
Intercontinental Exchange, Inc.		278		65,369
Invesco Ltd.		3,067		94,372
Legg Mason, Inc.		5,304		183,943
MasterCard, Inc., Class A		513		48,478
Nasdaq, Inc.		462		30,667
Synchrony Financial*		370		10,604
T. Rowe Price Group, Inc.		567		41,652
Visa, Inc., Class A		660		50,477
Total Diversified Financial Services				1,637,709
Electric – 1.7%
AES Corp. (The)		6,614		78,045
Ameren Corp.		308		15,431
American Electric Power Co., Inc.		214		14,210
CMS Energy Corp.		413		17,528
Consolidated Edison, Inc.		138		10,573
Dominion Resources, Inc.		267		20,057
DTE Energy Co.		186		16,863
Duke Energy Corp.		144		11,618
Edison International		199		14,306
Eversource Energy		304		17,735
Exelon Corp.		595		21,337
NextEra Energy, Inc.		152		17,988
NRG Energy, Inc.		6,466		84,123
PG&E Corp.		371		22,156
Pinnacle West Capital Corp.		194		14,563

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Electric (continued)
PPL Corp.		402	$	15,304
Public Service Enterprise Group, Inc.		381		17,960
SCANA Corp.		285		19,993
Southern Co. (The)		206		10,656
TECO Energy, Inc.		432		11,893
WEC Energy Group, Inc.		261		15,678
Xcel Energy, Inc.		391		16,352
Total Electric				484,369
Electrical Components & Equipment – 0.3%
AMETEK, Inc.		716		35,786
Emerson Electric Co.		829		45,081
Total Electrical Components & Equipment				80,867
Electronics – 1.9%
Agilent Technologies, Inc.		957		38,136
Allegion PLC		1,296		82,568
Amphenol Corp., Class A		432		24,978
Corning, Inc.		814		17,005
FLIR Systems, Inc.		2,916		96,082
Garmin Ltd.(a)		646		25,814
Honeywell International, Inc.		394		44,148
PerkinElmer, Inc.		1,023		50,598
TE Connectivity Ltd. (Switzerland)		1,754		108,608
Tyco International PLC		1,289		47,319
Waters Corp.*		211		27,835
Total Electronics				563,091
Engineering & Construction – 0.6%
Fluor Corp.		1,860		99,882
Jacobs Engineering Group, Inc.*		2,031		88,450
Total Engineering & Construction				188,332
Environmental Control – 0.2%
Republic Services, Inc.		286		13,628
Stericycle, Inc.*		280		35,333
Waste Management, Inc.		356		21,004
Total Environmental Control				69,965
Food – 1.4%
Campbell Soup Co.		202		12,885
ConAgra Foods, Inc.		491		21,908

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Food (continued)
General Mills, Inc.		234	$	14,824
Hershey Co. (The)		188		17,313
Hormel Foods Corp.		512		22,139
JM Smucker Co. (The)		210		27,266
Kellogg Co.		209		15,999
Kraft Heinz Co. (The)		478		37,552
Kroger Co. (The)		780		29,835
McCormick & Co., Inc.		182		18,105
Mondelez International, Inc., Class A		517		20,742
Safeway, Inc PDC, LLC CVR.*		447		22
Safeway, Inc SCRP.*		447		454
Sysco Corp.		500		23,365
Tyson Foods, Inc., Class A		1,754		116,922
Whole Foods Market, Inc.		763		23,737
Total Food				403,068
Forest Products & Paper – 0.5%
International Paper Co.		3,695		151,643
Gas – 0.3%
AGL Resources, Inc.		304		19,803
CenterPoint Energy, Inc.		798		16,694
NiSource, Inc.		555		13,076
Sempra Energy		326		33,920
Total Gas				83,493
Hand/Machine Tools – 0.5%
Snap-on, Inc.		566		88,856
Stanley Black & Decker, Inc.		542		57,024
Total Hand/Machine Tools				145,880
Healthcare - Products – 2.5%
Abbott Laboratories		968		40,491
Baxter International, Inc.		483		19,842
Becton Dickinson and Co.		323		49,038
Boston Scientific Corp.*		3,319		62,430
C.R. Bard, Inc.		144		29,185
Danaher Corp.		892		84,615
DENTSPLY SIRONA, Inc.		308		18,982
Edwards Lifesciences Corp.*		301		26,551
Henry Schein, Inc.*		145		25,031

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products (continued)
Intuitive Surgical, Inc.*		48	$	28,850
Medtronic PLC		325		24,375
Patterson Cos., Inc.		567		26,383
St. Jude Medical, Inc.		1,152		63,360
Stryker Corp.		324		34,762
Thermo Fisher Scientific, Inc.		434		61,450
Varian Medical Systems, Inc.*(a)		627		50,173
Zimmer Biomet Holdings, Inc.		821		87,543
Total Healthcare - Products				733,061
Healthcare - Services – 3.0%
Aetna, Inc.		755		84,824
Anthem, Inc.		659		91,594
Cigna Corp.		525		72,051
DaVita HealthCare Partners, Inc.*		664		48,724
HCA Holdings, Inc.*		1,453		113,407
Humana, Inc.		323		59,093
Laboratory Corp. of America Holdings*		820		96,047
Quest Diagnostics, Inc.		995		71,093
Tenet Healthcare Corp.*		3,054		88,352
UnitedHealth Group, Inc.		743		95,773
Universal Health Services, Inc., Class B		388		48,391
Total Healthcare - Services				869,349
Holding Companies - Diversified – 0.3%
Leucadia National Corp.		5,200		84,084
Home Builders – 1.0%
D.R. Horton, Inc.		5,211		157,529
PulteGroup, Inc.		7,350		137,518
Total Home Builders				295,047
Home Furnishings – 1.6%
Harman International Industries, Inc.		2,067		184,046
Leggett & Platt, Inc.		1,286		62,242
Whirlpool Corp.		1,124		202,702
Total Home Furnishings				448,990
Household Products/Wares – 0.3%
Avery Dennison Corp.		353		25,455
Church & Dwight Co., Inc.		223		20,556
Clorox Co. (The)		99		12,480

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Household Products/Wares (continued)
Kimberly-Clark Corp.		150	$	20,176
Total Household Products/Wares				78,667
Housewares – 0.1%
Newell Rubbermaid, Inc.(a)		823		36,451
Insurance – 5.4%
Aflac, Inc.		1,490		94,079
Allstate Corp. (The)		970		65,349
American International Group, Inc.		523		28,268
Aon PLC		889		92,856
Assurant, Inc.		358		27,620
Chubb Ltd.		790		94,128
Hartford Financial Services Group, Inc. (The)		2,409		111,007
Lincoln National Corp.		3,823		149,862
Marsh & McLennan Cos., Inc.		1,163		70,699
MetLife, Inc.		3,159		138,806
Principal Financial Group, Inc.		3,565		140,639
Progressive Corp. (The)		1,257		44,171
Prudential Financial, Inc.		2,195		158,523
Torchmark Corp.		645		34,933
Travelers Cos., Inc. (The)		536		62,556
Unum Group		4,696		145,200
Willis Towers Watson PLC		345		40,938
XL Group PLC (Ireland)		1,822		67,050
Total Insurance				1,566,684
Internet – 2.4%
Alphabet, Inc., Class A*		82		62,558
Alphabet, Inc., Class C*		93		69,280
Amazon.com, Inc.*		19		11,279
eBay, Inc.*		1,028		24,528
Expedia, Inc.		1,231		132,727
F5 Networks, Inc.*		986		104,368
Facebook, Inc., Class A*		692		78,957
Priceline Group, Inc. (The)*		99		127,607
Symantec Corp.		701		12,884
TripAdvisor, Inc.*		563		37,440
VeriSign, Inc.*(a)		373		33,025
Total Internet				694,653

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Iron/Steel – 0.1%
Nucor Corp.		659	$	31,171
Leisure Time – 1.6%
Carnival Corp.		2,807		148,125
Harley-Davidson, Inc.		3,359		172,418
Royal Caribbean Cruises Ltd.		1,878		154,278
Total Leisure Time				474,821
Lodging – 1.3%
Marriott International, Inc., Class A		1,812		128,978
Starwood Hotels & Resorts Worldwide, Inc.		406		33,873
Wyndham Worldwide Corp.		1,561		119,307
Wynn Resorts Ltd.(a)		965		90,160
Total Lodging				372,318
Machinery - Construction & Mining – 0.2%
Caterpillar, Inc.		686		52,506
Machinery - Diversified – 1.3%
Cummins, Inc.		964		105,982
Deere & Co.		338		26,023
Flowserve Corp.		2,545		113,023
Rockwell Automation, Inc.		322		36,628
Roper Technologies, Inc.		211		38,565
Xylem, Inc.		1,107		45,276
Total Machinery - Diversified				365,497
Media – 4.2%
Cablevision Systems Corp., Class A		403		13,299
CBS Corp., Class B		2,897		159,596
Comcast Corp., Class A		1,360		83,069
Discovery Communications, Inc., Class A*(a)		3,794		108,622
Discovery Communications, Inc., Class C*		3,908		105,516
News Corp., Class A		2,068		26,408
News Corp., Class B		1,919		25,427
Scripps Networks Interactive, Inc., Class A		1,674		109,647
TEGNA, Inc.		1,075		25,219
Time Warner Cable, Inc.		91		18,620
Time Warner, Inc.		1,551		112,525
Twenty-First Century Fox, Inc., Class A		4,383		122,198
Twenty-First Century Fox, Inc., Class B		4,485		126,477
Viacom, Inc., Class B		2,709		111,828

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Media (continued)
Walt Disney Co. (The)		560	$	55,614
Total Media				1,204,065
Mining – 0.1%
Alcoa, Inc.(a)		1,506		14,428
Freeport-McMoRan, Inc.(a)		2,319		23,978
Total Mining				38,406
Miscellaneous Manufacturing – 2.3%
3M Co.		215		35,826
Dover Corp.		1,316		84,658
Eaton Corp. PLC		1,518		94,966
General Electric Co.		1,317		41,867
Illinois Tool Works, Inc.		411		42,103
Ingersoll-Rand PLC		1,580		97,976
Parker-Hannifin Corp.		297		32,991
Pentair PLC (United Kingdom)		2,131		115,628
Textron, Inc.		3,430		125,058
Total Miscellaneous Manufacturing				671,073
Office/Business Equipment – 0.6%
Pitney Bowes, Inc.		7,512		161,809
Oil & Gas – 1.8%
Marathon Petroleum Corp.		3,003		111,652
Phillips 66		1,180		102,176
Tesoro Corp.		1,834		157,742
Valero Energy Corp.		2,115		135,656
Total Oil & Gas				507,226
Oil & Gas Services – 0.1%
Halliburton Co.		314		11,216
Schlumberger Ltd.		208		15,340
Total Oil & Gas Services				26,556
Packaging & Containers – 1.6%
Ball Corp.		743		52,969
Owens-Illinois, Inc.*		12,059		192,462
Sealed Air Corp.		1,639		78,688
WestRock Co.		3,312		129,267
Total Packaging & Containers				453,386

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals – 4.3%
AbbVie, Inc.		2,703	$	154,395
Allergan PLC*		154		41,277
AmerisourceBergen Corp.		1,183		102,389
Baxalta, Inc.		514		20,766
Bristol-Myers Squibb Co.		1,377		87,963
Cardinal Health, Inc.		1,093		89,571
Eli Lilly & Co.		538		38,741
Endo International PLC*		2,663		74,963
Express Scripts Holding Co.*		1,490		102,348
Johnson & Johnson		168		18,178
Mallinckrodt PLC*		2,479		151,913
McKesson Corp.		435		68,404
Mead Johnson Nutrition Co.		299		25,406
Merck & Co., Inc.		621		32,857
Mylan NV*		2,467		114,345
Perrigo Co. PLC		566		72,408
Pfizer, Inc.		1,073		31,804
Zoetis, Inc.		633		28,061
Total Pharmaceuticals				1,255,789
Pipelines – 0.2%
Kinder Morgan, Inc.		882		15,753
ONEOK, Inc.(a)		575		17,169
Spectra Energy Corp.		517		15,820
Total Pipelines				48,742
Real Estate – 0.4%
CBRE Group, Inc., Class A*		3,955		113,983
Four Corners Property Trust, Inc.		239		4,290
Total Real Estate				118,273
Real Estate Investment Trust – 0.8%
American Tower Corp.		178		18,222
AvalonBay Communities, Inc.		58		11,032
Crown Castle International Corp.		117		10,121
Equinix, Inc.		49		16,205
Extra Space Storage, Inc.		118		11,028
Federal Realty Investment Trust		59		9,207
General Growth Properties, Inc.		307		9,127
HCP, Inc.		266		8,666
Host Hotels & Resorts, Inc.		871		14,546

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Real Estate Investment Trust (continued)
Iron Mountain, Inc.(a)		819	$	27,772
Public Storage		42		11,585
Simon Property Group, Inc.		57		11,838
Ventas, Inc.		171		10,766
Vornado Realty Trust		100		9,443
Welltower, Inc.		148		10,262
Weyerhaeuser Co.		1,078		33,397
Total Real Estate Investment Trust				223,217
Retail – 8.5%
Advance Auto Parts, Inc.		504		80,811
AutoNation, Inc.*(a)		2,688		125,476
AutoZone, Inc.*		81		64,532
Bed Bath & Beyond, Inc.*		1,848		91,735
Best Buy Co., Inc.		4,105		133,166
CarMax, Inc.*(a)		2,928		149,621
Chipotle Mexican Grill, Inc.*(a)		45		21,194
Coach, Inc.		752		30,148
Costco Wholesale Corp.		113		17,806
CVS Health Corp.		715		74,167
Darden Restaurants, Inc.		716		47,471
Dollar General Corp.		957		81,919
Dollar Tree, Inc.*		800		65,968
GameStop Corp., Class A		5,698		180,797
Gap, Inc. (The)(a)		2,857		83,996
Home Depot, Inc. (The)		381		50,837
Kohl’s Corp.		1,705		79,470
L Brands, Inc.		236		20,723
Lowe’s Cos., Inc.		1,258		95,293
Macy’s, Inc.		1,992		87,827
McDonald’s Corp.		169		21,240
Nordstrom, Inc.(a)		555		31,752
O’Reilly Automotive, Inc.*		147		40,228
PVH Corp.		1,793		177,615
Ross Stores, Inc.		604		34,972
Signet Jewelers Ltd.		877		108,774
Starbucks Corp.		583		34,805
Target Corp.		564		46,406
Tiffany & Co.		603		44,248
TJX Cos., Inc. (The)		423		33,142

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Retail (continued)
Tractor Supply Co.		449	$	40,617
Urban Outfitters, Inc.*		5,201		172,101
Walgreens Boots Alliance, Inc.		806		67,897
Yum! Brands, Inc.		412		33,722
Total Retail				2,470,476
Semiconductors – 4.1%
Analog Devices, Inc.		555		32,851
Applied Materials, Inc.		7,270		153,979
Broadcom Ltd. (Singapore)		36		5,562
Intel Corp.		1,191		38,529
KLA-Tencor Corp.		1,922		139,941
Lam Research Corp.		1,748		144,385
Linear Technology Corp.		779		34,712
Microchip Technology, Inc.(a)		527		25,401
NVIDIA Corp.		948		33,777
Qorvo, Inc.*		3,793		191,205
QUALCOMM, Inc.		2,917		149,175
Skyworks Solutions, Inc.		2,220		172,938
Texas Instruments, Inc.		614		35,256
Xilinx, Inc.		491		23,288
Total Semiconductors				1,180,999
Software – 2.5%
Activision Blizzard, Inc.		1,013		34,280
Adobe Systems, Inc.*		647		60,689
Akamai Technologies, Inc.*		1,587		88,189
CA, Inc.		1,288		39,657
Cerner Corp.*		727		38,502
Citrix Systems, Inc.*		1,630		128,085
Dun & Bradstreet Corp. (The)		235		24,224
Electronic Arts, Inc.*		580		38,344
Fidelity National Information Services, Inc.		935		59,195
Fiserv, Inc.*		300		30,774
Intuit, Inc.		445		46,284
Microsoft Corp.		394		21,761
Oracle Corp.		868		35,510
Paychex, Inc.		459		24,791
Red Hat, Inc.*		391		29,133

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Software (continued)
salesforce.com, Inc.*		253	$	18,679
Total Software				718,097
Telecommunications – 1.0%
AT&T, Inc.		511		20,016
Cisco Systems, Inc.		2,532		72,086
Juniper Networks, Inc.		5,572		142,142
Level 3 Communications, Inc.*		371		19,607
Motorola Solutions, Inc.		286		21,650
Verizon Communications, Inc.		415		22,443
Total Telecommunications				297,944
Textiles – 0.3%
Mohawk Industries, Inc.*		498		95,068
Toys/Games/Hobbies – 0.2%
Hasbro, Inc.		422		33,802
Mattel, Inc.(a)		472		15,869
Total Toys/Games/Hobbies				49,671
Transportation – 2.6%
C.H. Robinson Worldwide, Inc.		438		32,513
CSX Corp.		1,601		41,226
Expeditors International of Washington, Inc.		585		28,554
FedEx Corp.		981		159,628
JB Hunt Transport Services, Inc.		1,198		100,919
Kansas City Southern		637		54,432
Norfolk Southern Corp.		720		59,940
Ryder System, Inc.		2,687		174,064
Union Pacific Corp.		563		44,787
United Parcel Service, Inc., Class B		424		44,719
Total Transportation				740,782
Total Common Stocks
(Cost $28,093,822)				28,654,875
MONEY MARKET FUND – 1.0%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.39%(b) (Cost $274,972)		274,972		274,972

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares/Principal		Value
REPURCHASE AGREEMENTS – 3.4%(c)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $250,003, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $254,367)	$	250,000	$	250,000
Deutsche Bank Securities Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $237,798, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 04/07/16-09/09/49, totaling $241,918)		237,796		237,796
HSBC Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.29%, total to be received $250,002, (collateralized by various U.S. Government Agency Obligations, 1.38%-6.50%, 07/01/18-03/01/46, totaling $254,247)		250,000		250,000
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $250,002, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $254,352)		250,000		250,000
Total Repurchase Agreements
(Cost $987,796)				987,796
Total Investments – 103.5%
(Cost $29,356,590)				29,917,643
Liabilities in Excess of Other Assets – (3.5)%				(1,010,976	)
Net Assets – 100.0%			$	28,906,667

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 $1,182,451; the aggregate market value of the collateral held by the fund is $1,210,203.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $222,407.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Advertising		0.3	%
Aerospace/Defense		1.3
Agriculture		0.2
Airlines		2.5
Apparel		1.6
Auto Manufacturers		1.5

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets (continued)
Auto Parts & Equipment		1.6	%
Banks		4.8
Beverages		0.5
Biotechnology		2.2
Building Materials		1.1
Chemicals		3.4
Commercial Services		3.6
Computers		3.9
Cosmetics/Personal Care		0.2
Distribution/Wholesale		0.6
Diversified Financial Services		5.7
Electric		1.7
Electrical Components & Equipment		0.3
Electronics		1.9
Engineering & Construction		0.6
Environmental Control		0.2
Food		1.4
Forest Products & Paper		0.5
Gas		0.3
Hand/Machine Tools		0.5
Healthcare - Products		2.5
Healthcare - Services		3.0
Holding Companies - Diversified		0.3
Home Builders		1.0
Home Furnishings		1.6
Household Products/Wares		0.3
Housewares		0.1
Insurance		5.4
Internet		2.4
Iron/Steel		0.1
Leisure Time		1.6
Lodging		1.3
Machinery - Construction & Mining		0.2
Machinery - Diversified		1.3
Media		4.2
Mining		0.1
Miscellaneous Manufacturing		2.3
Office/Business Equipment		0.6
Oil & Gas		1.8

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets (continued)
Oil & Gas Services		0.1	%
Packaging & Containers		1.6
Pharmaceuticals		4.3
Pipelines		0.2
Real Estate		0.4
Real Estate Investment Trust		0.8
Retail		8.5
Semiconductors		4.1
Software		2.5
Telecommunications		1.0
Textiles		0.3
Toys/Games/Hobbies		0.2
Transportation		2.6
Money Market Fund		1.0
Repurchase Agreements		3.4
Total Investments		103.5
Liabilities in Excess of Other Assets		(3.5	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS – 99.1%
Asset Allocation Fund – 7.1%
SPDR Barclays Convertible Securities ETF		33,809	$	1,460,549
Debt Fund – 92.0%
AdvisorShares Peritus High Yield ETF†		32,027		1,010,452
iShares iBoxx $ Investment Grade Corporate Bond ETF		20,863		2,478,942
iShares International Treasury Bond ETF(a)		10,926		1,061,898
PIMCO 1 - 5 Year U.S. TIPS Index ETF		15,379		805,091
PowerShares Build America Bond Portfolio		13,292		401,285
PowerShares Emerging Markets Sovereign Debt Portfolio		44,120		1,248,596
PowerShares Financial Preferred Portfolio(a)		102,086		1,919,217
PowerShares Fundamental Investment Grade Corporate Bond Portfolio(a)		31,674		810,538
PowerShares International Corporate Bond Portfolio		40,010		1,053,063
PowerShares National AMT-Free Municipal Bond Portfolio(a)		23,147		595,804
PowerShares Senior Loan Portfolio		53,584		1,216,357
SPDR Barclays High Yield Bond ETF		18,000		616,500
SPDR City International Government Inflation-Protected Bond ETF(a)		15,841		861,117
SPDR Nuveen S&P High Yield Municipal Bond ETF(a)		15,594		899,462
Vanguard Intermediate-Term Government Bond ETF		9,059		600,702
Vanguard Long-Term Government Bond ETF		7,611		612,000
Vanguard Mortgage-Backed Securities ETF		37,175		1,987,747
WisdomTree Emerging Markets Corporate Bond Fund		12,395		832,324
Total Debt Fund				19,011,095
Total Exchange Traded Funds
(Cost $20,735,781)				20,471,644
MONEY MARKET FUND – 1.0%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.39%(b) (Cost $208,732)		208,732		208,732
REPURCHASE AGREEMENTS – 8.2%(c)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $392,973, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $399,834)	$	392,969		392,969
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $116,475, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $118,781)		116,474		116,474
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $392,972, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $399,810)		392,969		392,969

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $392,973, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $399,679)	$	392,969	$	392,969
RBC Capital Markets LLC, dated 03/31/16, due 04/01/16, 0.28%, total to be received $392,972, (collateralized by various U.S. Government Agency Obligations, 1.75%-6.00%, 06/01/18-04/01/46, totaling $399,679)		392,969		392,969
Total Repurchase Agreements
(Cost $1,688,350)				1,688,350
Total Investments – 108.3%
(Cost $22,632,863)				22,368,726
Liabilities in Excess of Other Assets – (8.3)%				(1,718,061	)
Net Assets – 100.0%			$	20,650,665

ETF - Exchange Traded Fund

TIPS - Treasury Inflation Protected Securities

†	Affiliated Company.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,641,710; the aggregate market value of the collateral held by the fund is $1,688,350.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(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		7.1	%
Debt Fund		92.0
Money Market Fund		1.0
Repurchase Agreements		8.2
Total Investments		108.3
Liabilities in Excess of Other Assets		(8.3	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.7%
ARGENTINA – 2.5%
Banco Macro SA(a)		1,345	$	86,712
Telecom Argentina SA(a)		6,695		119,774
YPF SA(a)		10,049		179,676
Total Argentina				386,162
BRAZIL – 7.1%
Banco Bradesco SA(a)		16,417		122,307
Braskem SA(a)(b)		10,797		139,389
BRF SA(a)		7,551		107,375
Cia Brasileira de Distribuicao Grupo Pao de Acucar(a)(b)		11,494		159,882
Cia Paranaense de Energia(a)		26,228		207,726
Cielo SA(a)(b)		6,150		59,225
CPFL Energia SA*(a)(b)		6,272		68,302
Fibria Celulose SA(a)(b)		17,844		151,317
Itau Unibanco Holding SA(a)		11,016		94,627
Total Brazil				1,110,150
CHILE – 0.2%
Enersis Americas SA(a)		2,016		28,022
CHINA – 5.5%
Alibaba Group Holding Ltd.*(a)		1,439		113,724
Baidu, Inc.*(a)		509		97,158
China Life Insurance Co., Ltd.(a)(b)		12,535		154,055
NetEase, Inc.(a)		851		122,187
Qihoo 360 Technology Co., Ltd.*(a)(b)		1,807		136,519
Tencent Holdings Ltd.(a)		3,179		64,979
Vipshop Holdings Ltd.*(a)(b)		13,773		177,396
Total China				866,018
DENMARK – 0.5%
Novo Nordisk A/S(a)		1,616		87,571
FRANCE – 9.0%
Alcatel-Lucent*(a)		178,323		606,459
Orange SA(a)		22,384		389,034
Societe Generale SA(a)		55,012		409,839
Total France				1,405,332
GERMANY – 2.4%
Deutsche Telekom AG(a)		21,078		377,507

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
HONG KONG – 2.3%
CK Hutchison Holdings Ltd.(a)		27,467	$	357,895
INDIA – 3.3%
Dr Reddy's Laboratories Ltd.(a)(b)		638		28,831
HDFC Bank Ltd.(a)		1,620		99,841
ICICI Bank Ltd.(a)		24,171		173,064
Infosys Ltd.(a)		1,887		35,891
Tata Motors Ltd.*(a)		4,659		135,344
Wipro Ltd.(a)		3,851		48,445
Total India				521,416
INDONESIA – 0.7%
PT Bank Mandiri Persero Tbk(a)		8,868		68,567
PT Telekomunikasi Indonesia Tbk(a)		734		37,324
Total Indonesia				105,891
IRELAND – 8.2%
CRH PLC(a)		16,716		471,057
Ryanair Holdings PLC(a)		6,030		517,495
Shire PLC(a)(b)		1,706		293,261
Total Ireland				1,281,813
ITALY – 3.5%
Intesa Sanpaolo SpA(a)(b)		33,000		549,450
JAPAN – 6.4%
Honda Motor Co., Ltd.(a)		13,972		381,995
Nippon Telegraph & Telephone Corp.(a)		2,456		106,197
Nomura Holdings, Inc.(a)		29,563		131,260
Softbank Group Corp.(a)(b)		8,999		215,121
Toyota Motor Corp.(a)		1,573		167,241
Total Japan				1,001,814
LUXEMBOURG – 0.7%
Oriflame Cosmetics SA*(a)		11,792		106,128
MEXICO – 1.5%
America Movil SAB de CV, Class L(a)(b)		7,257		112,701
Grupo Financiero Santander Mexico SAB de CV, Class B(a)		5,419		48,934
Grupo Televisa SAB(a)		2,489		68,348
Total Mexico				229,983

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
NETHERLANDS – 12.5%
Aegon NV(c)		76,354	$	419,947
ING Groep NV(a)		27,007		322,193
Koninklijke Philips NV(c)		18,603		531,116
VimpelCom Ltd.(a)		160,284		682,810
Total Netherlands				1,956,066
NORWAY – 1.5%
Norsk Hydro ASA(a)(b)		58,684		238,257
RUSSIA – 2.8%
Gazprom PAO(a)		53,891		232,270
Sberbank of Russia PJSC(a)		30,644		212,670
Total Russia				444,940
SINGAPORE – 2.6%
Global Logistic Properties Ltd.(a)		8,186		115,832
Keppel Corp. Ltd.(a)(b)		33,857		290,832
Total Singapore				406,664
SOUTH AFRICA – 2.1%
Gold Fields Ltd.(a)		26,519		104,485
Sibanye Gold Ltd.(a)		14,769		224,046
Total South Africa				328,531
SOUTH KOREA – 2.6%
KB Financial Group, Inc.(a)		833		22,982
Korea Electric Power Corp.(a)		7,968		205,176
POSCO(a)		3,826		181,085
Total South Korea				409,243
SPAIN – 3.2%
Banco Bilbao Vizcaya Argentaria SA(a)		76,836		500,971
SWEDEN – 2.2%
Telefonaktiebolaget LM Ericsson(a)		34,268		343,708
SWITZERLAND – 3.9%
Cie Financiere Richemont SA(a)		19,209		126,779
Credit Suisse Group AG*(a)(b)		14,726		208,078
STMicroelectronics NV(c)		49,720		277,438
Total Switzerland				612,295

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
TAIWAN – 1.5%
Advanced Semiconductor Engineering, Inc.(a)		25,843	$	151,181
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		3,419		89,578
Total Taiwan				240,759
TURKEY – 1.1%
Turkiye Garanti Bankasi AS(a)		58,510		170,849
UNITED KINGDOM – 5.5%
Barclays PLC(a)		48,685		419,665
Prudential PLC(a)		7,125		265,050
Rio Tinto PLC(a)		6,061		171,344
Total United Kingdom				856,059
UNITED STATES – 3.4%
Carnival PLC(a)		9,756		529,653
Total COMMON STOCKS
(Cost $15,868,181)				15,453,147
MONEY MARKET FUND – 1.1%
Fidelity Institutional Prime Money Market Portfolio - Class I, 0.39%(d) (Cost $164,813)		164,813		164,813
REPURCHASE AGREEMENTS – 10.7%(e)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $389,294, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $396,091)	$	389,290		389,290
Deutsche Bank Securities Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $389,293, (collateralized by various U.S. Government Agency Obligations, 1.00%-4.75%, 02/15/18-02/15/37, totaling $395,744)		389,290		389,290
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $115,396, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $117,681)		115,395		115,395
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $389,293, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $396,067)		389,290		389,290

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $389,294, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $395,937)	$	389,290	$	389,290
Total Repurchase Agreements
(Cost $1,672,555)				1,672,555
Total Investments – 110.5%
(Cost $17,705,549)				17,290,515
Liabilities in Excess of Other Assets – (10.5)%				(1,645,761	)
Net Assets – 100.0%			$	15,644,754

PLC - Public Limited Company

*	Non-income producing security.
(a)	American Depositary Receipt.
(b)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,642,496; the aggregate market value of the collateral held by the fund is $1,693,755.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $21,200.
(c)	Registered Shares.
(d)	Rate shown reflects the 7-day yield as of March 31, 2016.
(e)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Airlines		3.3	%
Auto Manufacturers		4.4
Banks		22.3
Building Materials		3.0
Chemicals		0.9
Commercial Services		0.4
Computers		0.5
Cosmetics/Personal Care		0.7
Diversified Financial Services		1.0
Electric		3.3
Electronics		3.4
Food		1.7
Forest Products & Paper		1.0
Holding Companies - Diversified		1.8
Insurance		5.4

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets (continued)
Internet		3.8	%
Iron/Steel		1.1
Leisure Time		3.4
Media		0.4
Mining		4.7
Oil & Gas		2.6
Pharmaceuticals		2.6
Real Estate		0.7
Retail		3.1
Semiconductors		3.3
Software		0.8
Telecommunications		19.1
Money Market Fund		1.1
Repurchase Agreements		10.7
Total Investments		110.5
Liabilities in Excess of Other Assets		(10.5	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MARKET ADAPTIVE UNCONSTRAINED INCOME ETF

(formerly AdvisorShares Sunrise Global Multi-Strategy ETF)

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 95.4%
Asset Allocation Fund – 20.0%
SPDR Barclays Convertible Securities ETF		5,404	$	233,453
Debt Fund – 75.4%
First Trust Senior Loan ETF		4,935		235,153
iShares JPMorgan USD Emerging Markets Bond ETF		1,055		116,419
PowerShares International Corporate Bond Portfolio		8,982		236,406
SPDR Barclays High Yield Bond ETF		8,536		292,358
Total Debt Fund				880,336
Total Exchange Traded Funds
(Cost $1,105,887)				1,113,789
MONEY MARKET FUND – 59.0%
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 0.19%(a) (Cost $688,899)		688,899		688,899
Total Investments – 154.4%
(Cost $1,794,786)				1,802,688
Liabilities in Excess of Other Assets – (54.4)%				(635,200	)
Net Assets – 100.0%			$	1,167,488

ETF - Exchange Traded Fund

(a) Rate shown reflects the 7-day yield as of March 31, 2016.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Asset Allocation Fund		20.0	%
Debt Fund		75.4
Money Market Fund		59.0
Total Investments		154.4
Liabilities in Excess of Other Assets		(54.4	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares/Principal		Value
EXCHANGE TRADED FUNDS – 96.6%
Equity Fund – 96.6%
Deutsche X-Trackers MSCI Emerging Markets Hedged Equity ETF		48,428	$	911,415
First Trust Large Cap Growth AlphaDex Fund		38,789		1,872,733
First Trust MID Cap Growth AlphaDex Fund		32,477		938,910
First Trust Small Cap Growth AlphaDex Fund		62,249		1,877,430
First Trust Small Cap Value AlphaDex Fund		32,482		921,514
Guggenheim S&P 500 Equal Weight ETF(a)		23,386		1,836,502
iShares Core S&P Mid-Cap ETF		12,829		1,849,813
iShares Core S&P Small-Cap ETF		16,538		1,861,683
iShares S&P 500 Value ETF		10,233		920,356
iShares S&P Mid-Cap 400 Growth ETF		5,775		939,073
iShares S&P Mid-Cap 400 Value ETF		7,430		921,617
iShares S&P Small-Cap 600 Value ETF		8,131		921,405
PowerShares QQQ Trust, Series 1(a)		17,118		1,869,286
Vanguard FTSE All-World ex-US ETF		21,186		914,176
Total Exchange Traded Funds
(Cost $18,347,396)				18,555,913
MONEY MARKET FUND – 58.5%
Dreyfus Institutional Reserves Treasury Fund - Institutional Class, 0.23%(b) (Cost $11,236,869)		11,236,869		11,236,869
REPURCHASE AGREEMENTS – 10.0%(c)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $446,810, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $454,611)	$	446,806		446,806
HSBC Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.29%, total to be received $446,810, (collateralized by various U.S. Government Agency Obligations, 1.38%-6.50%, 07/01/18-03/01/46, totaling $454,397)		446,806		446,806
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $132,459, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $135,082)		132,458		132,458
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $446,810, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $454,585)		446,806		446,806

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $446,810, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $454,435)	$	446,806	$	446,806
Total Repurchase Agreements
(Cost $1,919,682)				1,919,682
Total Investments – 165.1%
(Cost $31,503,947)				31,712,464
Liabilities in Excess of Other Assets – (65.1)%				(12,504,810	)
Net Assets – 100.0%			$	19,207,654

ETF - Exchange Traded Fund

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,873,779; the aggregate market value of the collateral held by the fund is $1,919,682.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Equity Fund		96.6	%
Money Market Fund		58.5
Repurchase Agreements		10.0
Total Investments		165.1
Liabilities in Excess of Other Assets		(65.1	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS – 48.8%
Commodity Fund – 2.8%
SPDR Gold Shares*		1,939	$	228,026
Currency Fund – 4.3%
PowerShares DB US Dollar Index Bullish Fund*		7,672		188,271
ProShares UltraShort Euro*(a)		6,623		153,587
Total Currency Fund				341,858
Debt Fund – 10.6%
Direxion Daily 20 Year Plus Treasury Bull 3x Shares*(a)		9,041		853,470
Equity Fund – 31.1%
Direxion Daily S&P 500 Bull 3X*		6,026		504,195
iShares Residential Real Estate Capped ETF(a)		3,284		216,744
ProShares UltraPro QQQ*		4,673		478,515
ProShares UltraShort Financials*		1,227		58,589
Technology Select Sector SPDR Fund		11,604		514,754
Vanguard Global ex-U.S. Real Estate ETF		6,209		332,244
WisdomTree India Earnings Fund		2,012		39,254
WisdomTree Japan Hedged Equity Fund		7,960		347,932
Total Equity Fund				2,492,227
Total Exchange Traded Funds
(Cost $3,642,097)				3,915,581
CLOSED-END FUND – 2.5%
Country Fund – 2.5%
Morgan Stanley China A Share Fund, Inc., (Cost $280,349)		11,929		201,839
MONEY MARKET FUND – 49.1%
Goldman Sachs Financial Square Fund, 0.19%(b) (Cost $3,942,579)		3,942,579		3,942,579
REPURCHASE AGREEMENTS – 11.3%(c)
Citibank NA, dated 03/31/16, due 04/01/16, 0.31%, total to be received $135,838, (collateralized by various U.S. Government Agency Obligations, 0.00%-1.50%, 09/22/16-03/31/23, totaling $138,554)	$	135,837		135,837
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $250,003, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $254,367)		250,000		250,000

See accompanying Notes to Schedules of Investments.

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
HSBC Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.29%, total to be received $250,002, (collateralized by various U.S. Government Agency Obligations, 1.38%-6.50%, 07/01/18-03/01/46, totaling $254,247)	$	250,000	$	250,000
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $250,002, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $254,352)		250,000		250,000
RBC Capital Markets LLC, dated 03/31/16, due 04/01/16, 0.26%, total to be received $19,738, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.25%, 05/15/16-08/15/40, totaling $19,998)		19,738		19,738
Total Repurchase Agreements
(Cost $905,575)				905,575
Total Investments – 111.7%
(Cost $8,770,600)				8,965,574
Liabilities in Excess of Other Assets – (11.7)%				(939,518	)
Net Assets – 100.0%			$	8,026,056

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 $886,542; the aggregate market value of the collateral held by the fund is $905,575.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Commodity Fund		2.8	%
Country Fund		2.5
Currency Fund		4.3
Debt Fund		10.6
Equity Fund		31.1
Money Market Fund		49.1
Repurchase Agreements		11.3
Total Investments		111.7
Liabilities in Excess of Other Assets		(11.7	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES – 37.2%
Commercial Mortgage Backed Securities – 19.3%
Access Point Funding I LLC, Class A, Series 2015-A, 2.61%, 04/15/20‡	$	135,083	$	134,661
Aventura Mall Trust, Class A, Series 2013-AVM, 3.74%, 12/05/32@‡		1,015,000		1,087,946
BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29‡		274,872		277,050
Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.61%, 04/10/49@		514,000		522,120
Banc of America Commercial Mortgage Trust, Class AM, Series 2007-4, 5.81%, 02/10/51@		475,000		493,299
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 1.93%, 01/25/38@‡		260,888		252,926
Bcrr Trust, Class 2A1, Series 2009-1, 5.86%, 07/17/40@‡		124,299		124,958
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW14, 5.24%, 12/11/38		285,000		288,472
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW13, 5.58%, 09/11/41@		885,000		893,448
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW15, 5.36%, 02/11/44		265,000		268,054
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50		970,000		1,005,976
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.88%, 06/11/50@		990,000		1,029,021
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.69%, 06/11/50@		624,107		647,972
CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49#		977,154		996,396
CD Commercial Mortgage Trust, Class AMFX, Series 2007-CD4, 5.37%, 12/11/49@		895,000		910,390
Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.70%, 12/10/49@		1,386,668		1,418,643
Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.14%, 12/10/49@		530,000		541,482
Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.70%, 12/10/49@		140,000		144,365
Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.74%, 06/14/50@‡		1,113,416		1,128,410
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡		805,329		804,987
Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡		460,000		551,135
Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49@		1,050,000		1,080,440

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Credit Suisse Commercial Mortgage Trust, Class A1A, Series 2007-C1, 5.36%, 02/15/40	$	475,133	$	483,083
Credit Suisse Commercial Mortgage Trust, Class 1A, Series 2010-RR7, 5.38%, 08/12/48@‡		422,692		428,127
DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44		1,632,928		1,635,066
Extended Stay America Trust, Class A17, Series 2013-ESH7, 2.30%, 12/05/31‡		735,000		735,294
Gahr Commercial Mortgage Trust 2015-Nrf, Class CFX, Series 2015-NRF, 3.38%, 12/15/19@‡		200,000		196,481
GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.79%, 08/10/45@		879,536		907,012
GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.79%, 08/10/45@		2,318,277		2,384,620
Hilton USA Trust, Class EFX, Series 2013-HLT, 5.22%, 11/05/30@‡		535,000		539,448
JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2015-SGP, 3.19%, 07/15/36@‡		535,000		531,756
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2006-LDP7, 5.94%, 04/17/45@		85,259		85,220
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 5.94%, 04/17/45@		1,190,000		1,191,818
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2006-LDP9, 5.34%, 05/15/47		2,301,970		2,337,333
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47		980,000		984,633
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@		921,000		914,616
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-CB19, 5.70%, 02/12/49@		1,590,909		1,634,799
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51@		2,255,000		2,330,309
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2011-C4, 4.11%, 07/15/46‡		805,000		840,926
LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 5.90%, 07/15/44@		2,392,107		2,470,873
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C2, 5.43%, 02/15/40		1,310,132		1,338,042
LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40@		1,063,312		1,085,833
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@		665,036		699,639

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Merrill Lynch Mortgage Trust, Class AM, Series 2006-C1, 5.76%, 05/12/39@	$	890,000	$	889,123
Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.27%, 01/11/43@		860,000		913,560
Morgan Stanley Capital I Trust, Class A4, Series 2008-T29, 6.27%, 01/11/43@		161,760		171,603
Morgan Stanley Capital I Trust, Class A4, Series 2006-IQ12, 5.33%, 12/15/43		430,975		434,836
Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.67%, 04/15/49@		226,000		225,261
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ14, 5.69%, 04/15/49@		800,000		819,433
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49		674,283		702,885
Motel 6 Trust, Class B, Series 2015-MTL6, 3.30%, 02/05/30‡		385,000		385,389
VFC LLC, Class A, Series 2014-2, 2.75%, 07/20/30‡		10,397		10,382
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C30, 5.38%, 12/15/43		870,000		885,974
Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C30, 5.34%, 12/15/43		921,336		941,019
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C31, 5.59%, 04/15/47@		1,380,000		1,415,250
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 04/15/47		770,000		781,629
Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.70%, 06/15/49@		1,265,000		1,294,912
Total Commercial Mortgage Backed Securities				48,228,335
Residential Mortgage Backed Securities – 17.7%
Agate Bay Mortgage Trust, Class A3, Series 2016-2, 3.50%, 03/25/46@‡		385,000		392,875
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34		162,235		162,994
American Homes 4 Rent, Class A, Series 2014-SFR1, 1.44%, 06/17/31@‡		271,253		266,180
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35		280,055		288,452
B2R Mortgage Trust, Class A1, Series 2015-1, 2.52%, 05/15/48‡		223,243		217,116
Banc of America Alternative Loan Trust, Class 2A1, Series 2003-10, 6.00%, 12/25/33		589,079		601,332
Banc of America Funding Trust, Class 5A1, Series 2004-A, 2.87%, 07/20/34@		176,737		175,175
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		227,247		228,081

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Banc of America Mortgage Trust, Class 4A1, Series 2004-5, 4.75%, 06/25/19	$	311,973	$	312,276
Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19		452,291		451,764
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37		487,761		512,851
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 2.47%, 04/25/34@		641,866		635,917
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 2.86%, 01/25/35@		989,404		983,679
Bear Stearns ARM Trust, Class 12A3, Series 2004-10, 2.89%, 01/25/35@		367,405		336,142
Bear Stearns Arm Trust, Class 21A1, Series 2004-10, 3.14%, 01/25/35@		1,002,249		1,009,114
Bear Stearns Arm Trust, Class 22A1, Series 2004-9, 3.23%, 11/25/34@		698,889		673,462
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.35%, 09/25/34		438,000		458,004
Chase Mortgage Trust, Class M2, Series 2016-1, 3.75%, 04/25/45‡		375,000		369,915
Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.63%, 07/25/36		353,309		363,875
Citicorp Residential Mortgage Trust, Class A6, Series 2007-2, 5.44%, 06/25/37		272,471		282,389
Citigroup Mortgage Loan Trust, Class A, Series 2014-A, 4.00%, 01/25/35@‡		581,943		599,604
Citigroup Mortgage Loan Trust, Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡		539,630		553,544
Citigroup Mortgage Loan Trust, Class A1, Series 2015-A, 3.50%, 06/25/58@‡		1,114,255		1,143,162
Citigroup Mortgage Loan Trust, Inc., Class A2, Series 2003-UP3, 7.00%, 09/25/33		199,164		207,300
Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.37%, 08/25/34@		323,941		323,042
Colony American Finance Ltd., Class A, Series 2015-1 (Cayman Islands), 2.90%, 10/15/47‡		433,644		428,392
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35		566,753		577,697
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.03%, 04/25/43@‡		1,003,673		1,005,796
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19		91,579		92,491
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.54%, 09/25/34@		183,709		181,396
Csmlt 2015-1 Trust, Class A9, Series 2015-1, 3.50%, 05/25/45@‡		656,321		669,565

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
FDIC Trust, Class A, Series 2013-N1, 4.50%, 10/25/18‡	$	27,533	$	27,607
Federal Home Loan Mortgage Corporation, Class M2, Series 2014-DN2, 2.08%, 04/25/24@		500,000		494,798
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 3.17%, 06/25/34@		459,595		464,814
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34		164,146		170,538
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.31%, 06/25/34@		646,919		626,030
GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%, 01/25/37		24,150		22,917
Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 0.68%, 06/25/28@		258,297		247,219
Irwin Home Equity Loan Trust, Class M1, Series 2003-A, 1.98%, 10/25/27@		249,758		247,624
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡		472,873		474,158
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡		219,503		227,264
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 2.51%, 07/25/34@		315,543		312,324
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.72%, 08/25/34@		311,647		312,867
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.40%, 04/25/35@		675,353		661,774
JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡		335,148		354,184
JPMorgan Mortgage Trust, Class 2A1, Series 2004-A4, 2.63%, 09/25/34@		150,734		152,107
JPMorgan Mortgage Trust, Class 2A2, Series 2014-1, 3.50%, 01/25/44@‡		692,151		707,419
JPMorgan Mortgage Trust, Class 1A4, Series 2015-4, 3.50%, 06/25/45@‡		475,835		485,986
JPMorgan Trust, Class A2, Series 2015-5, 2.90%, 05/25/45@‡		1,182,271		1,196,696
Master Alternative Loan Trust, Class 2A1, Series 2005-2, 6.00%, 01/25/35		235,831		245,031
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34		390,695		405,906
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20		254,619		255,627
MASTR Asset Securitization Trust, Class 4A5, Series 2003-5, 5.50%, 06/25/33		515,463		519,193
Mastr Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡		347,360		352,705
Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 2.56%, 08/25/34@		836,340		847,076
Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.99%, 06/25/44@‡		641,037		646,058
New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡		704,641		728,334
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡		339,114		350,561

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡	$	809,673	$	839,518
New Residential Mortgage Loan Trust, Class A1, Series 2015-2A, 3.75%, 08/25/55@		1,314,553		1,364,552
New Residential Mortgage Loan Trust, Class A1, Series 2016-1A, 3.75%, 03/25/56@‡		375,000		386,341
NovaStar Mortgage Funding Trust, Class M5, Series 2004-4, 2.16%, 03/25/35@		1,205,000		1,169,119
RALI Series Trust, Class CB5, Series 2003-QS17, 5.50%, 09/25/33		326,343		332,233
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@		95,776		96,977
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 2.72%, 02/25/34@		442,057		430,167
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 2.72%, 04/25/34@		155,364		152,673
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 2.72%, 04/25/34@		827,399		819,726
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 2.58%, 05/25/34@		350,472		348,091
Structured Asset Sec Corp. Pass-Through Cert., Class A3, Series 2002-AL1, 3.45%, 02/25/32		955,398		945,673
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 4.49%, 12/25/33@		296,105		295,606
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.50%, 02/25/34		593,296		611,063
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡		1,140,862		1,122,346
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33		416,131		425,973
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.88%, 11/25/33@		317,313		311,310
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34		235,600		237,867
Towd Point Mortgage Trust, Class A1B, Series 2015-3, 3.00%, 03/25/54@‡		599,976		605,440
Towd Point Mortgage Trust, Class A1B, Series 2015-5, 2.75%, 05/25/55@‡		1,010,081		1,011,599
Towd Point Mortgage Trust, Class A1B, Series 2016-1, 2.75%, 02/25/55@‡		500,000		501,231
Vericrest Opportunity Loan Trust, Class A1, Series 2014-NPL9, 3.38%, 11/25/54‡		183,331		181,193

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Vericrest Opportunity Loan Trust, Class A1, Series 2015-NPL3, 3.38%, 10/25/58‡	$	333,855	$	330,564
VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55‡		238,173		237,365
VOLT XXXI LLC, Class A1, Series 2015-NPL2, 3.38%, 02/25/55‡		370,042		365,773
WaMu Mortgage Pass-Through Certificates, Class A1, Series 2003-AR6, 2.55%, 06/25/33@		280,376		278,938
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 2.32%, 08/25/33@		182,194		178,905
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 2.62%, 06/25/33@		30,151		30,221
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 2.63%, 10/25/33@		185,062		186,062
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2003-J, 2.64%, 10/25/33@		183,516		183,969
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 2.83%, 02/25/34@		239,891		238,763
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.74%, 07/25/34@		412,060		410,844
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.74%, 07/25/34@		144,400		149,537
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.80%, 10/25/34@		502,780		498,961
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 2.85%, 12/25/34@		176,636		175,634
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35		130,540		133,155
WinWater Mortgage Loan Trust, Class A1, Series 2014-1, 3.95%, 06/20/44@‡		535,725		558,054
WinWater Mortgage Loan Trust, Class A4, Series 2014-3, 3.50%, 11/20/44@‡		921,011		938,873
Winwater Mortgage Loan Trust, Class 1A5, Series 2016-1, 3.50%, 01/20/46@‡		976,380		1,008,944
Total Residential Mortgage Backed Securities				44,133,659
U.S. Government Agency Securities – 0.2%
Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41		529,711		569,776
Total Mortgage Backed Securities
(Cost $95,467,074)				92,931,770

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES – 25.8%
American Credit Acceptance Receivables Trust, Class B, Series 2016-1A, 4.24%, 06/13/22‡	$	665,000	$	667,618
AmeriCredit Automobile Receivables, Class C, Series 2015-4, 2.88%, 07/08/21		715,000		723,900
AmeriCredit Automobile Receivables, Class B, Series 2016-1, 2.30%, 03/08/21		1,720,000		1,727,856
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20		500,000		503,543
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21		655,000		661,215
AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18		1,050,000		1,055,520
AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19		575,000		575,600
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20		755,000		749,974
Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21‡		600,000		602,358
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@		661,316		690,968
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡		500,000		499,221
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡		1,140,000		1,130,444
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡		1,465,000		1,490,805
BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25@		176,575		182,556
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡		202,171		202,625
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡		460,967		458,235
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20		645,000		646,480
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20		500,000		497,212
California Republic Auto Receivables Trust, Class B, Series 2015-3, 2.70%, 09/15/21		645,000		635,198
Capital Auto Receivables Asset Trust, Class C, Series 2013-1, 1.74%, 10/22/18		415,000		415,192
Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19		635,000		641,155

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20	$	650,000	$	643,138
CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19‡		292,524		293,874
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡		200,000		200,278
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡		480,000		479,652
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡		1,000,000		1,005,446
CarFinance Capital Auto Trust, Class D, Series 2014-1A, 4.90%, 04/15/20‡		415,000		413,182
CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20		700,000		706,590
CarMax Auto Owner Trust, Class B, Series 2015-4, 2.16%, 08/16/21		713,000		717,919
CarMax Auto Owner Trust, Class C, Series 2015-2, 2.39%, 03/15/21		615,000		618,032
Carnow Auto Receivables Trust, Class D, Series 2014-1A, 4.16%, 11/15/18‡		400,000		398,208
CCG Receivables Trust, Class A3, Series 2015-1, 1.92%, 01/17/23‡		1,000,000		1,000,267
CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21‡		420,000		420,488
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡		705,697		698,580
Chrysler Capital Auto Receivables Trust, Class D, Series 2014-BA, 3.44%, 08/16/21‡		680,000		667,702
Citi Held For Asset Issuance, Class A, Series 2015-PM3, 2.56%, 05/16/22‡		563,291		562,928
CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡		592,100		592,209
CLI Funding V LLC, Class A, Series 2014-2A, 3.38%, 10/18/29‡		428,957		402,718
Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@		285,575		298,528
Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡		428,242		423,701
Diamond Resorts Owner Trust, Class A, Series 2015-2, 2.99%, 05/22/28‡		364,829		365,285
Domino's Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42‡		190,098		195,197
DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡		602,445		601,071
Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21‡		590,000		588,812
Drive Auto Receivables Trust, Class C, Series 2015-DA, 3.38%, 11/15/21‡		1,000,000		996,099
Drive Auto Receivables Trust, Class B, Series 2016-AA, 3.17%, 05/15/20‡		1,200,000		1,201,274
Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡		334,894		330,963
DT Auto Owner Trust, Class C, Series 2013-2A, 3.06%, 09/16/19‡		88,376		88,438
DT Auto Owner Trust, Class C, Series 2014-1A, 2.64%, 10/15/19‡		499,906		499,737
DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20‡		300,000		299,983
DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡		560,000		559,647
DT Auto Owner Trust, Class C, Series 2015-3A, 3.25%, 07/15/21‡		655,000		652,412
Dt Auto Owner Trust, Class B, Series 2016-1A, 2.79%, 05/15/20‡		700,000		702,078
Exeter Automobile Receivables Trust, Class B, Series 2013-2A, 3.09%, 07/16/18‡		100,981		101,007
Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡		500,000		500,599

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡	$	1,110,000	$	1,110,527
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡		880,000		869,160
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡		500,000		495,101
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡		600,000		585,487
Exeter Automobile Receivables Trust, Class A, Series 2016-1A, 2.35%, 07/15/20‡		1,256,900		1,257,389
Flagship Credit Auto Trust, Class A, Series 2016-1, 2.77%, 12/15/20‡		844,773		842,750
Foursight Capital Automobile Receivables Trust, Class B, Series 2014-1, 3.56%, 11/22/21‡		500,000		507,700
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡		427,669		424,455
Hertz Vehicle Financing II LP, Class A, Series 2015-2A, 2.02%, 09/25/19‡		1,075,000		1,075,220
Hertz Vehicle Financing LLC, Class A2, Series 2011-1A, 3.29%, 03/25/18‡		1,150,000		1,163,894
Hertz Vehicle Financing LLC, Class A, Series 2016-1A, 2.32%, 03/25/20‡		200,000		200,163
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡		801,176		797,503
Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡		270,766		266,477
Hyundai Auto Receivables Trust, Class B, Series 2015-C, 2.15%, 11/15/21		1,000,000		998,897
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20		425,000		423,080
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21		500,000		499,130
LEAF Receivables Funding 10 LLC, Class D, Series 2015-1, 3.74%, 05/17/21‡		615,000		604,158
LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21‡		345,000		345,728
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡		833,650		839,053
Mid-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35		338,630		360,380
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡		559,244		562,410
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38		287,754		300,548
OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡		730,000		728,301
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡		325,000		320,997
Onemain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 03/18/26‡		120,000		118,960

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡	$	486,630	$	486,910
Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18		39,016		39,071
Santander Drive Auto Receivables Trust, Class C, Series 2012-4, 2.94%, 12/15/17		95,326		95,562
Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19		600,000		601,445
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20		600,000		600,490
Santander Drive Auto Receivables Trust, Class D, Series 2012-2, 3.87%, 02/15/18		276,653		279,035
Santander Drive Auto Receivables Trust, Class D, Series 2012-6, 2.52%, 09/17/18		350,000		352,386
Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19		785,000		784,526
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19		475,000		479,395
Santander Drive Auto Receivables Trust, Class C, Series 2016-1, 3.09%, 04/15/22		1,070,000		1,067,200
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡		177,564		176,893
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31‡		120,619		120,090
Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29‡		123,000		122,880
Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25‡		116,251		114,840
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡		471,186		468,756
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡		500,000		490,384
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡		270,000		273,479
SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡		1,275,000		1,281,714
SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20‡		655,000		655,906
Sofi Professional Loan Program LLC, Class A2, Series 2016-A, 2.76%, 12/26/36‡		495,000		491,880
SoFi Professional Loan Program LLC, Class A2, Series 2014-A, 3.02%, 10/25/27‡		201,970		204,152
SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡		591,821		588,691

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30‡	$	335,930	$	332,117
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡		800,000		806,383
Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡		500,000		500,863
Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44‡		246,201		244,381
Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41‡		290,019		299,127
U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23‡		838,002		855,523
United Auto Credit Securitization Trust, Class B, Series 2016-1, 2.73%, 05/15/18‡		720,000		719,408
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡		533,059		529,179
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡		532,325		522,261
Westlake Automobile Receivables Trust, Class C, Series 2014-1A, 1.70%, 11/15/19‡		795,000		793,588
Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20‡		500,000		494,176
Total Asset Backed Securities
(Cost $64,802,618)				64,553,876
CORPORATE BONDS – 20.9%
Consumer Discretionary – 1.9%
American Axle & Manufacturing, Inc., 5.13%, 02/15/19		115,000		116,869
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22		85,000		87,762
CCO Safari II LLC, 4.46%, 07/23/22‡		175,000		183,118
Churchill Downs, Inc., 5.38%, 12/15/21‡		175,000		181,125
Lennar Corp., 4.50%, 11/15/19		305,000		318,725
Marriott International, Inc., Series N, 3.13%, 10/15/21		520,000		530,139
Newell Rubbermaid, Inc., 2.60%, 03/29/19		375,000		380,725
Newell Rubbermaid, Inc., 3.15%, 04/01/21		65,000		66,845
Newell Rubbermaid, Inc., 3.85%, 04/01/23		45,000		46,740
PulteGroup, Inc., 4.25%, 03/01/21(a)		620,000		632,400
QVC, Inc., 3.13%, 04/01/19		505,000		506,924
Time Warner Cable, Inc., 6.75%, 07/01/18		205,000		225,664
Toll Brothers Finance Corp., 4.00%, 12/31/18		375,000		389,063
Toll Brothers Finance Corp., 6.75%, 11/01/19(a)		117,000		131,040
TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 4.38%, 06/15/19		575,000		573,563
Wyndham Worldwide Corp., 2.50%, 03/01/18		450,000		450,293
Total Consumer Discretionary				4,820,995

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Consumer Staples – 0.1%
Kraft Heinz Foods Co., 2.80%, 07/02/20‡	$	185,000	$	190,207
Energy – 2.2%
Anadarko Petroleum Corp., 4.85%, 03/15/21		320,000		323,741
Antero Resources Corp., 5.63%, 06/01/23		210,000		194,250
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.13%, 11/15/22‡		155,000		129,812
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23(a)		570,000		505,162
Concho Resources, Inc., 5.50%, 04/01/23(a)		345,000		339,825
ConocoPhillips Co., 4.20%, 03/15/21		145,000		151,592
Enbridge Energy Partners LP, 4.38%, 10/15/20		110,000		106,654
Exxon Mobil Corp., 2.22%, 03/01/21		195,000		198,588
Exxon Mobil Corp., 2.73%, 03/01/23		155,000		157,787
Kinder Morgan, Inc., 5.63%, 11/15/23‡		545,000		553,765
MPLX LP, 5.50%, 02/15/23‡		320,000		310,211
NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19		535,000		326,350
Occidental Petroleum Corp., 2.60%, 04/15/22		50,000		50,461
Regency Energy Partners LP/Regency Energy Finance Corp., 5.00%, 10/01/22		440,000		414,064
Sabine Oil & Gas Corp., 7.25%, 06/15/19^		92,000		1,725
Sunoco LP/Sunoco Finance Corp., 6.38%, 04/01/23‡		665,000		668,737
Transocean, Inc., 5.80%, 12/15/16		545,000		545,409
Weatherford International Ltd., 9.63%, 03/01/19		385,000		385,963
Total Energy				5,364,096
Financials – 8.4%
Air Lease Corp., 2.63%, 09/04/18		520,000		517,017
Aircastle Ltd., 5.13%, 03/15/21		210,000		219,450
Ally Financial, Inc., 3.25%, 02/13/18		225,000		223,312
Ally Financial, Inc., 3.25%, 11/05/18		145,000		142,970
Ally Financial, Inc., 4.13%, 03/30/20		270,000		268,650
American Campus Communities Operating Partnership LP, 3.35%, 10/01/20		95,000		97,127
American Tower Corp., 3.30%, 02/15/21		375,000		381,840
American Tower Trust I, 1.55%, 03/15/18‡		347,000		346,910
Ares Capital Corp., 4.88%, 11/30/18		76,000		78,128
Ares Capital Corp., 3.88%, 01/15/20(a)		210,000		215,369
Aviation Capital Group Corp., 3.88%, 09/27/16‡		430,000		432,687
Aviation Capital Group Corp., 2.88%, 09/17/18‡		195,000		196,039
Bank of America Corp., 2.00%, 01/11/18		235,000		236,070
Bank of America Corp., Series L, 5.65%, 05/01/18		200,000		214,800
Bank of America Corp., 5.49%, 03/15/19		66,000		72,028

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49@	$	555,000	$	555,000
Bear Stearns Cos. LLC (The), 7.25%, 02/01/18		75,000		82,394
Berkshire Hathaway, Inc., 2.20%, 03/15/21		60,000		61,316
Brixmor Operating Partnership LP, 3.88%, 08/15/22		210,000		205,220
Capital One Financial Corp., 6.15%, 09/01/16		400,000		408,161
Corporate Office Properties LP, 3.70%, 06/15/21		460,000		457,394
Corrections Corp. of America, 5.00%, 10/15/22		450,000		471,375
Countrywide Financial Corp., 6.25%, 05/15/16		130,000		130,742
DDR Corp., 7.88%, 09/01/20		280,000		336,758
DDR Corp., 3.50%, 01/15/21		145,000		147,254
Digital Realty Trust LP, 3.40%, 10/01/20		420,000		429,805
Digital Realty Trust LP, 3.95%, 07/01/22		270,000		275,288
DuPont Fabros Technology LP, 5.88%, 09/15/21		475,000		499,937
Fifth Third Bancorp, 4.50%, 06/01/18		321,000		339,337
First Horizon National Corp., 3.50%, 12/15/20		550,000		550,201
First Tennessee Bank NA, 2.95%, 12/01/19		250,000		250,799
Ford Motor Credit Co. LLC, 8.13%, 01/15/20		455,000		540,782
Ford Motor Credit Co. LLC, 3.20%, 01/15/21		650,000		665,103
FS Investment Corp., 4.25%, 01/15/20		435,000		435,539
FS Investment Corp., 4.75%, 05/15/22		115,000		114,058
General Motors Financial Co., Inc., 2.40%, 04/10/18		355,000		355,093
Genworth Holdings, Inc., 7.63%, 09/24/21		200,000		171,600
GLP Capital LP/GLP Financing II, Inc., 4.88%, 11/01/20		530,000		553,850
Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17		670,000		691,346
Government Properties Income Trust, 3.75%, 08/15/19		85,000		86,995
HCP, Inc., 3.75%, 02/01/19		140,000		144,548
Healthcare Trust of America Holdings LP, 3.38%, 07/15/21		150,000		151,761
Huntington Bancshares, Inc., 7.00%, 12/15/20(a)		200,000		232,468
Jefferies Group LLC, 5.13%, 04/13/18		275,000		285,292
JPMorgan Chase & Co., 6.13%, 06/27/17		280,000		294,790
JPMorgan Chase & Co., 2.25%, 01/23/20		380,000		383,210
JPMorgan Chase & Co., Series Z, 5.30%, 12/29/49@		40,000		40,200
Kimco Realty Corp., 3.40%, 11/01/22		105,000		106,588
Lazard Group LLC, 4.25%, 11/14/20		275,000		287,479
Lincoln National Corp., 8.75%, 07/01/19		125,000		149,487
Lincoln National Corp., 6.05%, 04/20/67@		100,000		65,250
McGraw-Hill Financial, Inc., 3.30%, 08/14/20		210,000		217,464
Morgan Stanley, 2.13%, 04/25/18		180,000		181,339
MPT Operating Partnership LP/MPT Finance Corp., 6.38%, 02/15/22		45,000		47,194

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
National Retail Properties, Inc., 5.50%, 07/15/21	$	250,000	$	282,124
New York Life Global Funding, 1.95%, 02/11/20‡		65,000		65,044
Prudential Financial, Inc., 5.20%, 03/15/44@		300,000		289,179
Sabra Health Care LP/Sabra Capital Corp., 5.50%, 02/01/21		370,000		372,775
Santander Holdings USA, Inc., 2.65%, 04/17/20		475,000		470,170
SBA Tower Trust, 2.93%, 12/15/17‡		725,000		722,281
SBA Tower Trust, 3.16%, 10/15/20‡		425,000		425,161
Select Income REIT, 4.15%, 02/01/22		515,000		511,641
Senior Housing Properties Trust, 3.25%, 05/01/19		415,000		413,997
Springleaf Finance Corp., 5.25%, 12/15/19		190,000		182,162
State Street Corp., 4.96%, 03/15/18		300,000		315,460
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19‡		400,000		406,289
Ventas Realty LP, 4.00%, 04/30/19		310,000		325,478
Voya Financial, Inc., 2.90%, 02/15/18		365,000		370,790
Wells Fargo & Co., 5.13%, 09/15/16		75,000		76,371
Willis North America, Inc., 6.20%, 03/28/17		250,000		260,702
Zions Bancorporation, 4.50%, 03/27/17		330,000		336,734
Total Financials				20,871,172
Health Care – 1.5%
AbbVie, Inc., 2.50%, 05/14/20		540,000		550,284
Actavis Funding SCS, 3.00%, 03/12/20		85,000		87,610
Actavis Funding SCS, 3.45%, 03/15/22		85,000		88,359
Centene Escrow Corp., 5.63%, 02/15/21‡		320,000		334,400
CHS/Community Health Systems, Inc., 5.13%, 08/15/18		170,000		172,125
Express Scripts Holding Co., 3.30%, 02/25/21		100,000		102,615
Forest Laboratories LLC, 4.38%, 02/01/19‡		200,000		212,346
Fresenius US Finance II, Inc. (Germany), 4.50%, 01/15/23‡		140,000		142,800
HCA, Inc., 3.75%, 03/15/19		160,000		164,304
HCA, Inc., 6.50%, 02/15/20		185,000		203,500
Mylan NV, 3.00%, 12/15/18‡		170,000		172,444
Owens & Minor, Inc., 3.88%, 09/15/21		95,000		95,857
Quintiles Transnational Corp., 4.88%, 05/15/23‡		170,000		175,253
Stryker Corp., 2.00%, 03/08/19		95,000		96,083
Stryker Corp., 2.63%, 03/15/21		60,000		61,253
Tenet Healthcare Corp., 6.25%, 11/01/18		150,000		160,500
Tenet Healthcare Corp., 5.00%, 03/01/19		60,000		59,625
Tenet Healthcare Corp., 4.13%, 06/15/20@‡		260,000		259,350
Tenet Healthcare Corp., 6.00%, 10/01/20		105,000		112,350
Zimmer Biomet Holdings, Inc., 2.70%, 04/01/20		295,000		299,413

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Health Care (continued)
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22	$	295,000	$	299,772
Total Health Care				3,850,243
Industrials – 3.6%
ADT Corp. (The), 6.25%, 10/15/21(a)		540,000		545,400
America West Airlines Pass-Through Trust, Series 991G, 7.93%, 07/02/20		266,526		283,517
America West Airlines Pass-Through Trust, Series 011G, 7.10%, 04/02/21		930,186		992,973
Continental Airlines Class A Pass-Through Trust, Series 991A, 6.55%, 08/02/20		278,002		294,168
Continental Airlines Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20		474,923		521,205
Continental Airlines Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21		588,158		617,007
Continental Airlines Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20		173,134		183,522
Delta Air Lines Class A Pass-Through Trust, Series 2A, 4.95%, 05/23/19		611,458		644,324
Delta Air Lines Class A Pass-Through Trust, Series A, 4.75%, 05/07/20		948,072		1,006,141
HD Supply, Inc., 5.25%, 12/15/21‡(a)		360,000		379,350
Lockheed Martin Corp., 2.50%, 11/23/20		195,000		199,945
Masco Corp., 3.50%, 04/01/21		515,000		521,438
Masco Corp., 5.95%, 03/15/22		400,000		441,000
Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, 06/15/19		195,000		194,029
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡		230,000		228,655
Standard Industries, Inc./NJ, 5.13%, 02/15/21‡		35,000		36,006
Textron, Inc., 4.63%, 09/21/16		400,000		406,030
UAL Pass-Through Trust, Series 09-2, 9.75%, 07/15/18		292,484		307,527
UAL Pass-Through Trust, Series 071A, 6.64%, 01/02/24		1,184,816		1,242,576
Total Industrials				9,044,813
Information Technology – 1.3%
Apple, Inc., 2.25%, 02/23/21		325,000		331,343
Apple, Inc., 2.85%, 02/23/23		140,000		145,251
Dun & Bradstreet Corp. (The), 3.25%, 12/01/17		150,000		150,896
Dun & Bradstreet Corp. (The), 4.00%, 06/15/20		150,000		149,113
eBay, Inc., 2.50%, 03/09/18		50,000		50,835
Electronic Arts, Inc., 3.70%, 03/01/21		100,000		104,069
Fidelity National Information Services, Inc., 3.63%, 10/15/20		305,000		315,548
First Data Corp., 5.00%, 01/15/24‡		260,000		261,300
Hewlett Packard Enterprise Co., 2.45%, 10/05/17‡		435,000		438,001
Hewlett Packard Enterprise Co., 2.85%, 10/05/18‡		325,000		330,656

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Information Technology (continued)
Hewlett Packard Enterprise Co., 3.60%, 10/15/20‡	$	65,000	$	67,659
Juniper Networks, Inc., 3.13%, 02/26/19		415,000		422,345
Juniper Networks, Inc., 3.30%, 06/15/20		110,000		111,656
Oracle Corp., 2.50%, 05/15/22		200,000		204,198
Western Digital Corp., 7.38%, 04/01/23‡		105,000		107,363
Total Information Technology				3,190,233
Materials – 0.1%
Airgas, Inc., 3.05%, 08/01/20		43,000		44,043
Huntsman International LLC, 4.88%, 11/15/20(a)		200,000		199,000
Total Materials				243,043
Telecommunication Services – 1.2%
AT&T, Inc., 2.80%, 02/17/21		840,000		862,202
AT&T, Inc., 3.88%, 08/15/21		210,000		223,736
AT&T, Inc., 3.00%, 06/30/22		205,000		208,268
CenturyLink, Inc., 7.50%, 04/01/24		365,000		366,825
Crown Castle International Corp., 3.40%, 02/15/21		25,000		25,400
Frontier Communications Corp., 6.25%, 09/15/21		185,000		171,937
Frontier Communications Corp., 10.50%, 09/15/22‡		65,000		66,869
Level 3 Financing, Inc., 5.38%, 01/15/24‡		95,000		96,425
Level 3 Financing, Inc., 5.25%, 03/15/26‡		250,000		252,500
T-Mobile USA, Inc., 6.46%, 04/28/19		275,000		281,875
Verizon Communications, Inc., 2.50%, 09/15/16		43,000		43,336
Verizon Communications, Inc., 3.65%, 09/14/18		50,000		52,634
Verizon Communications, Inc., 2.55%, 06/17/19		200,000		205,897
Verizon Communications, Inc., 4.60%, 04/01/21		125,000		138,982
Total Telecommunication Services				2,996,886
Utilities – 0.6%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20		45,000		46,350
AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22		235,000		242,050
Dynegy, Inc., 7.38%, 11/01/22		705,000		655,650
Exelon Corp., 2.85%, 06/15/20		555,000		566,922
Total Utilities				1,510,972
Total Corporate Bonds
(Cost $52,158,695)				52,082,660
TERM LOANS – 8.3%
Consumer Discretionary – 2.5%
Altice US Finance I Corp., 4.25%, 12/14/22@		479,966		478,039

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Consumer Discretionary (continued)
Aristocrat International Pty Ltd. (Australia), 4.75%, 10/20/21@	$	394,154	$	395,839
Boyd Gaming Corp., 4.00%, 08/14/20@		259,252		259,576
Caesars Entertainment Corp., 1.50%, 10/31/16@^		136,711		129,387
CCO Safari III LLC, 3.25%, 08/24/21@		90,000		89,919
CCO Safari III LLC, 3.50%, 01/24/23@		77,000		77,193
CDS US Intermediate Holdings, Inc., 5.00%, 07/08/22@		536,305		512,507
Charter Communications Operating, LLC, 3.00%, 07/01/20@		411,537		410,378
CSC Holdings LLC, 2.93%, 04/17/20@		449,878		450,215
FCA U.S. LLC, 3.25%, 12/31/18@		189,962		190,022
Hilton Worldwide Finance LLC, 3.50%, 10/26/20@		794,077		795,153
Jarden Corp., 3.18%, 09/30/20@		17,863		17,868
Jarden Corp., 3.18%, 07/29/22@		125,370		125,370
Libbey Glass, Inc., 3.75%, 04/09/21@		308,821		306,312
MGM Resorts International, 3.50%, 12/20/19@		353,173		352,889
PetSmart, Inc., 4.25%, 03/11/22@		528,595		527,252
Six Flags Theme Parks, Inc., 5.25%, 06/30/22@		151,853		152,233
Staples, 4.75%, 02/02/22		720,000		720,500
Univision Communications, Inc., 4.00%, 03/01/20@		248,000		245,849
Total Consumer Discretionary				6,236,501
Consumer Staples – 1.4%
Albertson's Holdings LLC, 5.50%, 08/25/21@		526,599		528,047
ARAMARK Corp., 3.25%, 09/07/19@		436,025		435,916
ARAMARK Corp., 3.25%, 02/24/21@		493,703		493,187
Coty, Inc., 3.75%, 10/27/22@		90,476		90,521
Galleria Co., 3.75%, 01/26/23@		180,952		180,896
Hostess Brands LLC, 4.50%, 08/03/22@		681,575		683,136
Kronos, Inc., 4.50%, 10/30/19@		423,996		422,938
Pinnacle Foods, 3.75%, 01/13/23		63,840		64,170
Spectrum Brands, Inc., 3.50%, 06/23/22@		586,760		589,401
Total Consumer Staples				3,488,212
Energy – 0.2%
MEG Energy Corp. (Canada), 3.75%, 03/31/20@		569,594		462,795
Financials – 0.4%
Delos Finance Sarl, 3.50%, 03/06/21@		633,000		634,978
Realogy Group LLC, 3.75%, 03/05/20@		491,206		491,665
Total Financials				1,126,643

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Health Care – 0.8%
CHS/Community Health Systems, Inc., 3.68%, 12/31/18@	$	267,866	$	265,741
CHS/Community Health Systems, Inc., 4.00%, 01/27/21@		532,318		524,110
Emdeon, Inc., 3.75%, 11/02/18@		347,938		346,894
Endo Luxembourg Finance I Co. Sarl (Luxembourg), 3.75%, 09/26/22@		146,633		144,685
Quintiles Transnational Corp, 3.25%, 05/12/22@		75,430		75,590
RPI Finance Trust, 3.50%, 11/09/20@		302,932		304,144
Team Health, Inc., 4.50%, 11/23/22@		225,435		226,137
Valeant Pharmaceuticals International, Inc., 5.25%, 02/13/19@		259,734		246,553
Total Health Care				2,133,854
Industrials – 1.0%
Air Canada (Canada), 4.00%, 09/26/19@		230,888		231,429
American Airlines, Inc., 3.25%, 06/27/20@		305,000		304,184
American Airlines, Inc., 3.50%, 10/10/21@		251,460		251,271
AWAS Finance Luxembourg 2012 SA, 3.50%, 07/16/18@		432,068		431,662
Nortek, Inc., 3.50%, 10/30/20@		587,678		571,764
TransDigm, Inc., 3.75%, 06/04/21@		544,097		537,587
United Airlines, Inc., 3.50%, 09/15/21@		103,974		103,974
Total Industrials				2,431,871
Information Technology – 0.5%
Blue Coat Systems, Inc., 4.50%, 05/20/22@		219,450		216,570
First Data Corp., 3.93%, 03/23/18@		590,931		590,783
NXP BV (Netherlands), 3.75%, 12/07/20@		347,130		348,350
Total Information Technology				1,155,703
Materials – 0.7%
Anchor Glass Container Corp., 4.25%, 07/01/22@		519,475		518,395
Huntsman, 12/31/23		232,000		231,348
Ineos U.S. Finance LLC, 3.75%, 12/15/20@		194,290		191,618
Owens-Brockway Glass Container, Inc., 3.50%, 09/01/22@		603,612		605,499
PolyOne Corp, 3.75%, 11/11/22@		173,565		174,162
Total Materials				1,721,022
Telecommunication Services – 0.5%
Level 3 Financing, Inc., 4.00%, 01/15/20@		225,000		225,914
Level 3 Financing, Inc., 3.50%, 05/31/22@		290,000		289,819
T-Mobile USA, Inc, 3.50%, 11/09/22@		381,045		382,981
Virgin Media Investment Holdings Ltd. (United Kingdom), 3.50%, 06/30/23@		336,661		334,348
Total Telecommunication Services				1,233,062

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Utilities – 0.3%
Calpine Corp., 3.50%, 05/27/22@	$	445,633	$	440,897
NRG Energy, Inc., 2.75%, 07/01/18@		383,203		380,067
Total Utilities				820,964
Total Term Loans
(Cost $20,948,802)				20,810,627
FOREIGN BONDS – 3.7%
Consumer Discretionary – 0.5%
Alibaba Group Holding Ltd. (China), 2.50%, 11/28/19		700,000		707,770
Delphi Automotive PLC (United Kingdom), 3.15%, 11/19/20		530,000		541,675
Total Consumer Discretionary				1,249,445
Consumer Staples – 0.3%
Anheuser-Busch InBev Finance, Inc. (Belgium), 1.90%, 02/01/19		155,000		157,278
Anheuser-Busch InBev Finance, Inc. (Belgium), 2.65%, 02/01/21		450,000		462,723
Total Consumer Staples				620,001
Energy – 0.2%
EnCana Corp. (Canada), 3.90%, 11/15/21		555,000		486,914
Financials – 1.5%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), 4.25%, 07/01/20		165,000		166,856
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), 4.50%, 05/15/21		165,000		169,227
Axis Bank Ltd. (India), 3.25%, 05/21/20‡		450,000		460,729
Daimler Finance North America LLC (Germany), 2.45%, 05/18/20‡		500,000		505,579
Guanay Finance Ltd. (Chile), 6.00%, 12/15/20‡		679,453		660,768
Industrial & Commercial Bank of China Ltd. (China), 3.23%, 11/13/19		475,000		491,633
Korea Development Bank (The) (South Korea), 4.63%, 11/16/21		375,000		422,595
Trinity Acquisition PLC (United Kingdom), 3.50%, 09/15/21		130,000		132,412
WEA Finance LLC/Westfield UK & Europe Finance PLC (Australia), 3.25%, 10/05/20‡		535,000		547,027
XLIT Ltd., Series E (Ireland), 6.50%, 12/29/49@		105,000		72,975
Total Financials				3,629,801
Industrials – 0.9%
Air Canada Class B Pass-Through Trust (Canada), 5.38%, 05/15/21‡		474,802		461,151
BAE Systems Holdings, Inc. (United Kingdom), 2.85%, 12/15/20‡		145,000		147,464
Bombardier, Inc. (Canada), 4.75%, 04/15/19‡		240,000		209,400

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Industrials (continued)
British Airways Class B Pass-Through Trust (United Kingdom), 5.63%, 06/20/20‡	$	297,867	$	302,707
Virgin Australia Trust, Series 2013-1A (Australia), 5.00%, 04/23/25‡		1,078,857		1,101,783
Total Industrials				2,222,505
Materials – 0.0%**
Methanex Corp. (Canada), 3.25%, 12/15/19		100,000		93,132
Telecommunication Services – 0.0%**
Telefonica Emisiones SAU (Spain), 6.42%, 06/20/16		100,000		101,078
Utilities – 0.3%
Majapahit Holding BV (Indonesia), 7.75%, 01/20/20‡		245,000		280,525
State Grid Overseas Investment 2014 Ltd. (China), 2.75%, 05/07/19‡		500,000		513,594
Total Utilities				794,119
Total Foreign Bonds
(Cost $9,210,430)				9,196,995
U.S. GOVERNMENT AGENCY SECURITIES – 1.8%
Federal Home Loan Mortgage Corporation, 3.50%, 03/01/45		544,482		572,395
Federal National Mortgage Association, 2.50%, 02/01/31		1,774,369		1,823,759
Federal National Mortgage Association, 3.00%, 10/01/30		674,038		704,667
Federal National Mortgage Association, 3.00%, 10/01/30		1,010,682		1,056,610
Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37		109,483		116,916
Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41		294,637		306,191
Total U.S. Government Agency Securities
(Cost $4,556,837)				4,580,538
U.S. TREASURY NOTE – 0.4%
U.S. Treasury Note, 01/31/21, 1.38%(a)
(Cost $1,008,271)		1,000,000		1,007,188
MONEY MARKET FUND – 1.2%
BofA Cash Reserves Money Market Fund - Capital Class, 0.43%(b) (Cost $2,916,732)		2,916,732		2,916,732
REPURCHASE AGREEMENTS – 0.9%(c)
HSBC Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.29%, total to be received $515,351, (collateralized by various U.S. Government Agency Obligations, 1.38%-6.50%, 07/01/18-03/01/46, totaling $524,102)		515,347		515,347

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $152,754, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $155,779)	$	152,753	$	152,753
Merrill Lynch Pierce Fenner & Smith, Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $515,351, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $524,319)		515,347		515,347
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $515,352, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $524,147)		515,347		515,347
RBC Capital Markets LLC, dated 03/31/16, due 04/01/16, 0.28%, total to be received $515,351, (collateralized by various U.S. Government Agency Obligations, 1.75%-6.00%, 06/01/18-04/01/46, totaling $524,147)		515,347		515,347
Total Repurchase Agreements
(Cost $2,214,141)				2,214,141
Total Investments – 100.2%
(Cost $253,283,600)				250,294,527
Liabilities in Excess of Other Assets – (0.2)%				(477,918	)
Net Assets – 100.0%			$	249,816,609

LP - Limited Partnership

PLC - Public Limited Company

@	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2016.
^	Is In Default.
‡	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.  Unless otherwise noted, 144A securities are deemed to be liquid.
#	The maturity date shown represents the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on this obligation. Unless otherwise noted, the coupon rate presented is fixed rate.
**	Less than 0.05%
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,622,793; the aggregate market value of the collateral held by the fund is $3,709,214.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,495,073.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedule of Investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Asset Backed Securities		25.8	%
Commercial Mortgage Backed Securities		19.3
Consumer Discretionary		4.9
Consumer Staples		1.8
Energy		2.6
Financials		10.3
Health Care		2.3
Industrials		5.5
Information Technology		1.8
Materials		0.8
Residential Mortgage Backed Securities		17.7
Telecommunication Services		1.7
U.S. Government Agency Securities		2.0
U.S. Treasury Note		0.4
Utilities		1.2
Money Market Fund		1.2
Repurchase Agreements		0.9
Total Investments		100.2
Liabilities in Excess of Other Assets		(0.2	)
Net Assets		100.0	%

See accompanying Notes to Schedule of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Principal		Value
TERM LOANS – 76.7%
Advertising – 1.8%
Acosta, Inc., 4.25%, 09/26/21@	$	494,470	$	484,138
Aerospace & Defense – 3.3%
Hamilton Sundstrand Industrial, 4.00%, 12/13/19 (Luxembourg)@		488,586		428,327
TransDigm, Inc., 3.75%, 02/28/20@		440,089		434,940
Total Aerospace & Defense				863,267
Auto Parts & Equipment – 3.6%
Cooper-Standard Automotive, 4.00%, 04/04/21@		493,719		490,480
Federal-Mogul Holdings Corp., 4.75%, 04/15/21@		494,975		450,605
Total Auto Parts & Equipment				941,085
Building Materials – 1.8%
GYP Holdings III Corp., 4.75%, 04/01/21@		494,962		468,823
Chemicals – 0.9%
MacDermid, Inc., 5.50%, 06/07/20@		246,875		239,238
Commercial Services – 5.5%
Allied Security Holdings LLC, 4.25%, 02/12/21@		494,010		482,894
Brickman Group Ltd. LLC (The), 4.00%, 12/18/20@		247,475		244,134
Brickman Group Ltd. LLC (The), 7.50%, 12/17/21@		250,000		240,938
ServiceMaster Co. LLC (The), 4.25%, 07/01/21@		493,734		494,413
Total Commercial Services				1,462,379
Distribution/Wholesale – 3.7%
Spin Holdco, Inc., 4.25%, 11/14/19@		494,369		482,751
Univar, Inc., 4.25%, 07/01/22@		497,500		491,826
Total Distribution/Wholesale				974,577
Diversified Financial Services – 1.9%
AlixPartners LLP, 4.50%, 07/28/22@		248,750		248,594
TransFirst, Inc., 6.25%, 11/12/21@		249,370		249,605
Total Diversified Financial Services				498,199
Entertainment – 1.8%
Scientific Games International, Inc., 6.00%, 10/01/21@		493,750		479,478
Environmental Control – 0.9%
Waste Industries USA, Inc., 4.25%, 02/27/20@		247,500		248,350
Food – 3.7%
Albertsons LLC, 5.50%, 03/21/19@		496,250		497,042

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Food (continued)
U.S. Foods, Inc., 4.50%, 03/31/19@	$	493,655	$	492,023
Total Food				989,065
Hand/Machine Tools – 1.8%
Apex Tool Group LLC, 4.50%, 01/31/20@		494,268		480,523
Healthcare - Services – 3.7%
CHS/Community Health Systems, Inc., 3.75%, 12/31/19@		174,296		171,610
CHS/Community Health Systems, Inc., 4.00%, 01/27/21@		320,701		315,755
IASIS Healthcare LLC, 4.50%, 05/03/18@		494,885		493,237
Total Healthcare - Services				980,602
Household Products/Wares – 1.8%
Reynolds Group Holdings, Inc., 4.50%, 12/01/18 (New Zealand)@		487,336		488,225
Insurance – 1.8%
HUB International Ltd., 4.00%, 10/02/20@		246,851		241,033
USI, Inc., 4.25%, 12/27/19@		246,835		243,646
Total Insurance				484,679
Internet – 0.9%
Zayo Group LLC, 3.75%, 05/06/21@		246,866		246,198
Leisure Time – 4.2%
24 Hour Fitness Worldwide, Inc., 4.75%, 05/28/21@		246,859		237,911
Bombardier Recreational Products, Inc., 3.75%, 01/30/19 (Canada)@		250,000		247,916
ClubCorp Club Operations, Inc., 4.25%, 12/15/22@		374,521		374,287
Leslie's Poolmart, 4.25%, 10/16/19@		246,804		244,952
Total Leisure Time				1,105,066
Lodging – 2.4%
Caesars Entertainment Resort Properties LLC, 7.00%, 10/09/20@		246,843		229,071
Caesars Growth Properties Holdings LLC, 6.25%, 05/08/21@		246,859		203,197
Hilton Worldwide Finance LLC, 3.50%, 10/26/20@		211,250		211,536
Total Lodging				643,804
Machinery-Diversified – 1.8%
Rexnord, 4.00%, 08/21/20@		493,671		487,307
Media – 1.6%
Altice US Finance I Corp., 4.25%, 12/14/22@		248,058		247,458
iHeartCommunications, Inc., 7.18%, 01/30/19@		250,000		174,188
Total Media				421,646

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Mining – 1.6%
FMG Resources Pty. Ltd., 4.25%, 06/30/19 (Australia)@	$	493,671	$	418,386
Miscellaneous Manufacturing – 0.9%
Gates Global LLC, 4.25%, 07/05/21@		243,311		230,310
Packaging & Containers – 5.5%
Ardagh Holdings USA, Inc., 4.00%, 12/17/19 (Ireland)@		493,703		494,011
BWAY Holding Co., 5.50%, 08/14/20@		493,719		480,142
SIG Combibloc, 4.25%, 03/11/22 (Luxembourg)@		495,000		494,188
Total Packaging & Containers				1,468,341
Retail – 15.5%
BJ's Wholesale Club, Inc., 4.50%, 09/26/19@		494,112		481,965
Burger King, 3.75%, 12/10/21 (Canada)@		376,623		376,937
CEC Entertainment, Inc., 4.00%, 02/15/21@		493,703		481,237
Dollar Tree, Inc., 3.50%, 07/06/22@		144,525		145,248
Doosan Infracore International, Inc., 4.50%, 05/28/21@		246,596		244,130
Jo-Ann Stores LLC, 4.00%, 03/16/18@		238,952		232,978
Michaels Stores, Inc., 4.00%, 01/28/20@		203,148		203,583
Neiman Marcus Group Ltd. LLC, 4.25%, 10/25/20@		494,949		454,735
NPC International, Inc., 4.75%, 12/28/18@		491,427		491,427
PetSmart, Inc., 4.25%, 03/11/22@		496,250		494,990
Rite Aid Corp., 5.75%, 08/21/20@		250,000		251,145
Smart & Final Stores LLC, 4.00%, 11/15/19@		250,000		248,562
Total Retail				4,106,937
Semiconductors – 1.0%
Microsemi Corp., 5.25%, 01/15/23@		251,086		252,616
Software – 1.9%
Infor U.S., Inc., 3.75%, 06/03/20@		246,786		239,922
Solera LLC, 5.75%, 03/03/23@		250,000		250,201
Total Software				490,123
Technology – 1.4%
ON Semiconductor, 5.25%, 03/31/23@		375,000		376,114
Total Term Loans
(Cost $20,844,624)				20,329,476

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal/Shares		Value
CORPORATE BONDS – 10.6%
Commercial Services – 1.0%
United Rentals North America, Inc., 7.38%, 05/15/20(a)	$	250,000	$	261,719
Distribution/Wholesale – 1.0%
HD Supply, Inc., 11.50%, 07/15/20		250,000		278,594
Diversified Financial Services – 0.8%
Jefferies Finance LLC, 7.38%, 04/01/20‡		250,000		217,500
Electric – 1.5%
Dynegy, Inc., 6.75%, 11/01/19		250,000		250,000
GenOn Energy, Inc., 9.88%, 10/15/20		250,000		162,500
Total Electric				412,500
Entertainment – 0.5%
Penn National Gaming, Inc., 5.88%, 11/01/21(a)		124,000		124,000
Healthcare - Services – 1.0%
Tenet Healthcare Corp., 8.00%, 08/01/20		250,000		258,438
Home Builders – 1.0%
Lennar Corp., 4.50%, 06/15/19		250,000		259,375
Lodging – 1.5%
Caesars Entertainment Resort Properties LLC, 8.00%, 10/01/20(a)		125,000		123,000
MGM Resorts International, 6.75%, 10/01/20(a)		250,000		271,750
Total Lodging				394,750
Media – 1.0%
Neptune Finco Corp., 6.63%, 10/15/25‡		250,000		270,912
Real Estate – 0.6%
Howard Hughes Corp. (The), 6.88%, 10/01/21‡		150,000		148,500
Telecommunications – 0.7%
Sprint Communications, Inc., 6.00%, 11/15/22		250,000		184,062
Total Corporate Bonds
(Cost $2,969,759)				2,810,350
MONEY MARKET FUND – 12.2%
JP Morgan US Government Money Market Fund - Institutional Class, 0.20%(b) (Cost $3,225,951)		3,225,951		3,225,951

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS – 1.2%(c)
HSBC Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.29%, total to be received $250,002, (collateralized by various U.S. Government Agency Obligations, 1.38%-6.50%, 07/01/18-03/01/46, totaling $254,247)	$	250,000	$	250,000
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $74,378, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $75,850)		74,377		74,377
Total Repurchase Agreements
(Cost $324,377)				324,377
Total Investments – 100.7%
(Cost $27,364,711)				26,690,154
Liabilities in Excess of Other Assets – (0.7)%				(192,891	)
Net Assets – 100.0%			$	26,497,263

‡	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.  Unless otherwise noted, 144A securities are deemed to be liquid.
@	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2016.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $658,417; the aggregate market value of the collateral held by the fund is $673,479.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $349,102.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

Total Return Swaps contracts outstanding as of March 31, 2016: 

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		0.62	%	6/20/2016	$	3,000,000	$	3,002,182	$	2,182

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

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Advertising		1.8	%
Aerospace & Defense		3.3
Auto Parts & Equipment		3.6
Building Materials		1.8
Chemicals		0.9
Commercial Services		6.5
Distribution/Wholesale		4.7
Diversified Financial Services		2.7
Electric		1.5
Entertainment		2.3
Environmental Control		0.9
Food		3.7
Hand/Machine Tools		1.8
Healthcare - Services		4.7
Home Builders		1.0
Household Products/Wares		1.8
Insurance		1.8
Internet		0.9
Leisure Time		4.2
Lodging		3.9
Machinery-Diversified		1.8
Media		2.6
Mining		1.6
Miscellaneous Manufacturing		0.9
Packaging & Containers		5.5
Real Estate		0.6
Retail		15.5
Semiconductors		1.0
Software		1.9
Technology		1.4
Telecommunications		0.7
Money Market Fund		12.2
Repurchase Agreements		1.2
Total Investments		100.7
Liabilities in Excess of Other Assets		(0.7	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS – 66.7%
Aerospace / Defense – 1.1%
Triumph Group, Inc., 5.25%, 06/01/22	$	2,329,000	$	2,107,745
Agriculture – 1.1%
Alliance One International, Inc., 9.88%, 07/15/21(a)		2,725,000		2,088,031
Auto Parts & Equipment – 1.3%
Titan International, Inc., 6.88%, 10/01/20(a)		3,056,000		2,490,640
Beverages – 1.3%
Innovation Ventures LLC/Innovation Ventures Finance Corp., 9.50%, 08/15/19‡		2,371,000		2,480,659
Biotechnology – 1.3%
AMAG Pharmaceuticals, Inc., 7.88%, 09/01/23‡		2,884,000		2,559,550
Building Materials – 1.0%
Standard Industries, Inc./NJ, 5.13%, 02/15/21‡		973,000		1,000,974
Standard Industries, Inc./NJ, 5.50%, 02/15/23‡		973,000		999,757
Total Building Materials				2,000,731
Chemicals – 1.7%
Hexion, Inc., 10.00%, 04/15/20		2,186,000		1,972,865
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 6.75%, 05/01/22‡		1,250,000		1,253,125
Total Chemicals				3,225,990
Coal – 0.1%
Arch Coal, Inc., 8.00%, 01/15/19^‡		13,037,000		195,555
Commercial Services – 5.7%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 6.38%, 04/01/24‡		1,500,000		1,509,225
Constellis Holdings LLC/Constellis Finance Corp., 9.75%, 05/15/20‡		2,642,000		2,311,750
Harland Clarke Holdings Corp., 9.25%, 03/01/21‡		3,094,000		2,382,380
Quad/Graphics, Inc., 7.00%, 05/01/22		2,872,000		2,398,120
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary, 7.88%, 06/01/21		2,261,000		2,290,294
Total Commercial Services				10,891,769
Computers – 1.2%
Western Digital Corp., 7.38%, 04/01/23‡		1,100,000		1,124,750
Western Digital Corp., 10.50%, 04/01/24‡		1,100,000		1,105,500
Total Computers				2,230,250

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Distribution / Wholesale – 1.6%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23‡	$	1,452,000	$	1,513,710
HD Supply, Inc., 5.75%, 04/15/24‡		1,500,000		1,545,000
Total Distribution / Wholesale				3,058,710
Diversified Financial Services – 3.9%
CNG Holdings, Inc., 9.38%, 05/15/20‡(a)		5,032,000		2,214,080
Creditcorp, 12.00%, 07/15/18‡		6,093,000		3,259,755
Speedy Cash Intermediate Holdings Corp., 10.75%, 05/15/18‡(a)		3,099,000		1,874,895
Total Diversified Financial Services				7,348,730
Electrical Components & Equipment – 1.0%
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡		2,311,000		1,970,127
Electronics – 0.9%
Kemet Corp., 10.50%, 05/01/18(a)		2,355,000		1,736,813
Entertainment – 1.5%
WMG Acquisition Corp., 6.75%, 04/15/22‡		2,914,000		2,899,430
Environmental Control – 0.7%
Clean Harbors, Inc., 5.13%, 06/01/21‡		1,250,000		1,270,312
Food – 5.0%
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡(a)		2,351,000		2,256,960
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., 5.88%, 01/15/24‡		2,228,000		2,343,188
Simmons Foods, Inc., 7.88%, 10/01/21‡		3,199,000		2,703,155
SUPERVALU, Inc., 6.75%, 06/01/21(a)		2,612,000		2,239,790
Total Food				9,543,093
Healthcare - Products – 2.8%
Greatbatch Ltd., 9.13%, 11/01/23‡		1,936,000		1,923,900
Kinetic Concepts, Inc. / KCI USA, Inc., 7.88%, 02/15/21‡		1,070,000		1,134,200
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.63%, 10/15/23‡(a)		2,455,000		2,240,187
Total Healthcare - Products				5,298,287
Healthcare - Services – 4.3%
Acadia Healthcare Co., Inc., 6.50%, 03/01/24‡		1,170,000		1,219,725
Centene Escrow Corp., 5.63%, 02/15/21‡		729,000		761,805
Centene Escrow Corp., 6.13%, 02/15/24‡		729,000		769,095
HCA, Inc., 5.25%, 06/15/26		1,000,000		1,027,500
LifePoint Health, Inc., 5.88%, 12/01/23(a)		968,000		1,013,980

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Healthcare - Services (continued)
MEDNAX, Inc., 5.25%, 12/01/23‡	$	723,000	$	753,727
Select Medical Corp., 6.38%, 06/01/21(a)		2,736,000		2,599,200
Total Healthcare - Services				8,145,032
Holding Companies - Diversified – 0.9%
Horizon Pharma Financing, Inc., 6.63%, 05/01/23‡(a)		2,000,000		1,775,000
Home Builders – 1.7%
M/I Homes, Inc., 6.75%, 01/15/21		968,000		955,900
PulteGroup, Inc., 4.25%, 03/01/21(a)		1,000,000		1,020,000
PulteGroup, Inc., 5.50%, 03/01/26		1,250,000		1,292,188
Total Home Builders				3,268,088
Household Products / Wares – 0.9%
Prestige Brands, Inc., 6.38%, 03/01/24‡		1,655,000		1,733,613
Leisure Time – 1.2%
Icon Health & Fitness, Inc., 11.88%, 10/15/16‡(a)		2,433,000		2,207,947
Machinery - Diversified – 1.8%
CNH Industrial Capital LLC, 4.88%, 04/01/21(a)		1,000,000		998,750
Xerium Technologies, Inc., 8.88%, 06/15/18		2,904,000		2,410,320
Total Machinery - Diversified				3,409,070
Media – 2.4%
AMC Networks, Inc., 5.00%, 04/01/24		1,250,000		1,257,812
Lee Enterprises, Inc., 9.50%, 03/15/22‡(a)		2,345,000		2,315,688
Sinclair Television Group, Inc., 5.88%, 03/15/26‡		1,000,000		1,026,250
Total Media				4,599,750
Miscellaneous Manufacturing – 2.6%
Koppers, Inc., 7.88%, 12/01/19(a)		2,208,000		2,210,760
Techniplas LLC, 10.00%, 05/01/20‡		3,738,000		2,710,050
Total Miscellaneous Manufacturing				4,920,810
Oil & Gas – 0.2%
Western Refining, Inc., 6.25%, 04/01/21		490,000		437,325
Pharmaceuticals – 2.7%
BioScrip, Inc., 8.88%, 02/15/21		3,192,000		2,713,200
NBTY, Inc., 9.00%, 10/01/18		2,340,000		2,401,425
Total Pharmaceuticals				5,114,625

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Pipelines – 0.4%
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 7.50%, 07/01/21	$	980,000	$	774,200
REITS – 0.9%
MPT Operating Partnership LP / MPT Finance Corp., 6.38%, 03/01/24		1,558,000		1,647,585
Retail – 3.6%
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20		2,193,000		2,039,490
GameStop Corp., 6.75%, 03/15/21‡		1,500,000		1,455,000
Group 1 Automotive, Inc., 5.25%, 12/15/23‡		1,210,000		1,200,925
Guitar Center, Inc., 6.50%, 04/15/19‡(a)		2,445,000		2,212,725
Total Retail				6,908,140
Semiconductors – 1.2%
Amkor Technology, Inc., 6.38%, 10/01/22(a)		2,345,000		2,248,269
Telecommunications – 8.7%
CenturyLink, Inc., 7.50%, 04/01/24		1,000,000		1,005,000
EarthLink Holdings Corp., 8.88%, 05/15/19		2,023,000		2,083,690
Frontier Communications Corp., 11.00%, 09/15/25‡		1,936,000		1,952,940
Level 3 Financing, Inc., 5.25%, 03/15/26‡		1,500,000		1,515,000
Sprint Corp., 7.25%, 09/15/21		3,096,000		2,380,050
T-Mobile USA, Inc., 6.00%, 04/15/24		1,100,000		1,116,500
Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.25%, 08/15/16‡		4,337,000		3,935,828
Windstream Services LLC, 7.75%, 10/01/21(a)		3,061,000		2,511,933
Total Telecommunications				16,500,941
Total Corporate Bonds
(Cost $151,814,107)				127,086,817
TERM LOANS – 18.8%
Advertising – 1.2%
Affinion Group, Inc., 6.75%, 04/30/18@		2,479,753		2,206,100
Agriculture – 1.1%
North Atlantic Trading Co., Inc., 7.75%, 01/13/20@		2,012,020		1,991,900
North Atlantic Trading Co., Inc., 8.75%, 01/13/20@		49,259		48,766
Total Agriculture				2,040,666
Commercial Services – 1.0%
Jackson Hewitt Tax Service, Inc., 8.00%, 07/24/20@		2,000,000		1,952,500

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Electronics – 1.3%
Isola USA Corp., 9.25%, 11/29/18@	$	4,320,120	$	2,390,473
Food – 3.4%
Flavors Holdings, Inc., 6.75%, 04/03/20@		2,642,841		2,378,557
Shearer's Foods LLC, 7.75%, 06/30/22@		4,431,000		4,120,830
Total Food				6,499,387
Forest Products & Paper – 0.9%
Appvion, Inc., 5.75%, 06/28/19@		2,019,025		1,818,385
Healthcare - Products – 1.0%
Immucor, Inc., 08/19/18(b)		1,994,845		1,933,344
Healthcare - Services – 3.0%
21st Century Oncology, Inc., 04/28/22(b)		997,487		898,985
Lantheus Medical Imaging, Inc., 7.00%, 06/30/22@		2,468,781		2,160,184
Radnet Management, Inc., 8.00%, 03/19/21@		2,800,000		2,583,000
Total Healthcare - Services				5,642,169
Oil & Gas – 1.4%
Osum Production Corp., 6.50%, 07/31/20 (Canada)@		5,895,151		2,682,294
Pharmaceuticals – 0.5%
Sucampo Pharmaceuticals, Inc., 10/15/21(b)		975,000		962,812
Software – 1.3%
Greenway Health LLC, 9.25%, 11/04/21@		3,253,846		2,554,269
Telecommunications – 1.7%
Global Tel*Link Corp, 9.00%, 11/20/20@		4,375,000		3,339,591
Transportation – 1.0%
YRC Worldwide, Inc., 8.00%, 02/13/19@		2,321,458		1,859,488
Total Term Loans
(Cost $44,225,574)				35,881,478
FOREIGN BONDS – 9.5%
Airlines – 1.0%
Air Canada, 7.75%, 04/15/21 (Canada)‡		1,952,000		1,932,480
Diversified Financial Services – 0.6%
Lincoln Finance Ltd., 7.38%, 04/15/21 (Netherlands)‡		1,200,000		1,252,500

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares/ Principal		Value
FOREIGN BONDS (continued)
Environmental Control – 0.7%
GFL Environmental, Inc., 9.88%, 02/01/21 (Canada)‡	$	1,206,000	$	1,260,270
Healthcare - Products – 1.1%
ConvaTec Healthcare E SA, 10.50%, 12/15/18 (Luxembourg)‡		2,100,000		2,165,625
Mining – 2.9%
Alamos Gold, Inc., 7.75%, 04/01/20 (Canada)‡		2,731,000		2,526,175
IAMGOLD Corp., 6.75%, 10/01/20 (Canada)‡(a)		3,826,000		2,926,890
Total Mining				5,453,065
Miscellaneous Manufacturing – 1.2%
Bombardier, Inc., 6.13%, 01/15/23 (Canada)‡(a)		3,106,000		2,368,325
Oil & Gas – 1.1%
Northern Blizzard Resources, Inc., 7.25%, 02/01/22 (Canada)‡(a)		2,626,000		2,113,930
Transportation – 0.9%
Global Ship Lease, Inc., 10.00%, 04/01/19 (United Kingdom)‡		1,975,000		1,649,125
Total Foreign Bonds
(Cost $19,953,227)				18,195,320
MONEY MARKET FUND – 3.4%
BlackRock Liquidity Funds TempFund Portfolio - Dollar Class, 0.15%(c) (Cost $6,423,352)		6,423,352		6,423,352
REPURCHASE AGREEMENTS – 11.5%(d)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $5,125,881, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $5,215,372)		5,125,830		5,125,830
Deutsche Bank Securities Inc., dated 03/31/16, due 04/01/16, 0.32%, total to be received $5,125,876, (collateralized by various U.S. Government Agency Obligations, 1.00%-4.75%, 02/15/18-02/15/37, totaling $5,210,808)		5,125,830		5,125,830
Goldman Sachs & Co., dated 03/31/16, due 04/01/16, 0.30%, total to be received $5,125,873, (collateralized by various U.S. Government Agency Obligations, 2.50%-4.50%, 01/01/20-09/01/45, totaling $5,213,914)		5,125,830		5,125,830
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $1,519,412, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $1,549,496)		1,519,399		1,519,399

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $5,125,873, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $5,215,067)	$	5,125,830	$	5,125,830
Total Repurchase Agreements
(Cost $22,022,719)				22,022,719
Total Investments – 109.9%
(Cost $244,438,979)				209,609,686
Liabilities in Excess of Other Assets – (9.9)%				(18,930,893	)
Net Assets – 100.0%			$	190,678,793

LP - Limited Partnership

@	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2016.
^	Is in default.
‡	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.  Unless otherwise noted, 144A securities are deemed to be liquid.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $29,521,592; the aggregate market value of the collateral held by the fund is $30,244,006.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $8,221,287.
(b)	The loan will settle after March 31, 2016 at which time the interest rate will be determined.
(c)	Rate shown reflects the 7-day yield as of March 31, 2016.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Advertising		1.2	%
Aerospace / Defense		1.1
Agriculture		2.2
Airlines		1.0
Auto Parts & Equipment		1.3
Beverages		1.3
Biotechnology		1.3
Building Materials		1.0
Chemicals		1.7
Coal		0.1
Commercial Services		6.7
Computers		1.2

See accompanying Notes to Schedules of Investments.

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of
	Net Assets (continued)
Distribution / Wholesale		1.6	%
Diversified Financial Services		4.5
Electrical Components & Equipment		1.0
Electronics		2.2
Entertainment		1.5
Environmental Control		1.4
Food		8.4
Forest Products & Paper		0.9
Healthcare - Products		4.9
Healthcare - Services		7.3
Holding Companies - Diversified		0.9
Home Builders		1.7
Household Products / Wares		0.9
Leisure Time		1.2
Machinery - Diversified		1.8
Media		2.4
Mining		2.9
Miscellaneous Manufacturing		3.8
Oil & Gas		2.7
Pharmaceuticals		3.2
Pipelines		0.4
REITS		0.9
Retail		3.6
Semiconductors		1.2
Software		1.3
Telecommunications		10.4
Transportation		1.9
Money Market Fund		3.4
Repurchase Agreements		11.5
Total Investments		109.9
Liabilities in Excess of Other Assets		(9.9	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 84.8%
Commodity Fund – 0.8%
SPDR Gold Shares*		385	$	45,276
Debt Fund – 28.4%
AdvisorShares Sage Core Reserves ETF†(a)		2,800		277,550
Guggenheim Enhanced Short Duration ETF(a)		5,563		277,427
iShares Short Treasury Bond ETF(a)		3,272		361,098
SPDR Barclays 1-3 Month T-Bill ETF*(a)		7,857		358,986
SPDR SSgA Ultra Short Term Bond ETF		5,780		230,853
Total Debt Fund				1,505,914
Equity Fund – 55.6%
ALPS Medical Breakthroughs ETF*		414		9,075
BioShares Biotechnology Clinical Trials Fund*		1,885		36,022
First Trust Dow Jones Internet Index Fund*		425		29,023
First Trust NASDAQ ABA Community Bank Index Fund		869		31,927
Global X MSCI Nigeria ETF		3,565		21,746
Guggenheim China Small Cap ETF		9,928		222,586
Guggenheim Raymond James SB-1 Equity ETF		6,043		197,546
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF		217		19,263
Guggenheim S&P 500 Equal Weight Energy ETF		78		3,777
Guggenheim S&P 500 Equal Weight ETF		4,074		319,931
Guggenheim S&P 500 Equal Weight Healthcare ETF		271		39,119
Guggenheim S&P 500 Equal Weight Technology ETF		695		65,184
Guggenheim S&P Global Water Index ETF		181		5,086
Guggenheim S&P Midcap 400 Pure Growth ETF		378		45,768
Guggenheim Solar ETF		389		8,815
iShares Global Clean Energy ETF		1,680		15,826
iShares Global Consumer Discretionary ETF		319		28,273
iShares Global Healthcare ETF		435		41,891
iShares JPX-Nikkei 400 ETF		797		39,651
iShares Latin America 40 ETF		240		6,038
iShares Micro-Cap ETF		1,552		105,412
iShares MSCI Brazil Capped ETF		1,139		29,956
iShares MSCI EAFE ETF		740		42,276
iShares MSCI Emerging Markets ETF		319		10,926
iShares MSCI Europe Financials ETF		907		16,208
iShares MSCI Frontier 100 ETF		1,558		38,280
iShares MSCI Germany ETF		987		25,396
iShares MSCI India Small-Cap ETF		1,492		45,625
iShares MSCI Ireland Capped ETF		293		11,779

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
Equity Fund (continued)
iShares MSCI Pacific ex Japan ETF		289	$	11,335
iShares MSCI South Africa ETF		148		7,845
iShares MSCI Taiwan ETF		399		5,530
iShares MSCI United Kingdom ETF		837		13,124
iShares MSCI United Kingdom Small-Cap ETF		2,108		79,957
iShares MSCI USA Momentum Factor ETF		2,070		151,317
iShares Nasdaq Biotechnology ETF		93		24,255
iShares North American Natural Resources ETF		1,406		41,800
iShares Russell 1000 Growth ETF		1,694		169,027
iShares Russell 2000 Value ETF		559		52,104
iShares U.S. Broker-Dealers & Securities Exchanges ETF		325		12,168
iShares U.S. Healthcare Providers ETF		625		76,238
KraneShares CSI China Internet ETF		343		12,286
Market Vectors Brazil Small-Cap ETF		2,984		36,823
Market Vectors China AMC SME-ChiNext ETF*		165		5,646
Market Vectors ChinaAMC A-Share ETF		858		33,050
Market Vectors Gulf States Index ETF		914		20,126
Market Vectors High Income Infrastructure MLP ETF		471		5,454
Market Vectors Pharmaceutical ETF		408		23,452
Market Vectors Russia ETF		2,351		38,462
Market Vectors Russia Small-Cap ETF		797		17,630
Market Vectors Unconventional Oil & Gas ETF		2,505		35,396
Market Vectors Vietnam ETF		563		7,882
PowerShares DWA Technology Momentum Portfolio*		223		8,291
PowerShares Dynamic Market Portfolio		1,247		89,572
PowerShares S&P SmallCap Consumer Discretionary Portfolio		954		46,632
PowerShares S&P SmallCap Energy Portfolio		454		6,697
PowerShares S&P SmallCap Information Technology Portfolio		1,153		63,565
PureFunds ISE Cyber Security ETF*		337		8,078
PureFunds ISE Mobile Payments ETF*		180		4,322
SPDR EURO STOXX 50 ETF		352		11,697
SPDR Russell/Nomura Small Cap Japan ETF		1,793		95,172
SPDR S&P Emerging Asia Pacific ETF		485		35,919
SPDR S&P Emerging Markets SmallCap ETF		1,142		44,424
SPDR S&P Health Care Equipment ETF		387		16,463
Vanguard FTSE All World ex-US Small-Cap ETF		324		30,255
Vanguard Small-Cap ETF		635		70,815
WisdomTree Europe SmallCap Dividend Fund		411		23,439
Total Equity Fund				2,948,653
Total Exchange Traded Funds
(Cost $4,460,110)				4,499,843

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares			Value
MONEY MARKET FUND – 14.6%
JP Morgan Prime Money Market Fund - Institutional Class, 0.39%(b) (Cost $775,207)		775,207		$	775,207
Total Investments Before Securities Sold, Not Yet Purchased
(Cost $5,235,317)					5,275,050
Securities Sold, Not Yet Purchased – (6.9)%
EXCHANGE TRADED FUNDS – (6.9)%
Currency Fund – (4.6)%
CurrencyShares British Pound Sterling Trust*		(650	)		(91,364	)
CurrencyShares Euro Trust*		(165	)		(18,345	)
CurrencyShares Japanese Yen Trust*		(1,555	)		(133,761	)
Total Currency Fund					(243,470	)
Equity Fund – (2.3)%
iShares Core S&P Small-Cap ETF		(280	)		(31,520	)
iShares Russell 1000 Value ETF		(597	)		(58,989	)
iShares Russell 2000 Growth ETF		(227	)		(30,118	)
Total Equity Fund					(120,627	)
Total Securities Sold, Not Yet Purchased
[Proceeds Received $(360,843)]					(364,097	)
Total Investments – 92.5%
(Cost $4,874,474)					4,910,953
Other Assets in Excess of Liabilities – 7.5%					396,301
Net Assets – 100.0%				$	5,307,254

ETF - Exchange Traded Fund

*	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 $1,682,022 which includes cash in the amount of $413,283 as of March 31, 2016.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Commodity Fund		0.8	%
Currency Fund		(4.6	)
Debt Fund		28.4
Equity Fund		53.3
Money Market Fund		14.6
Total Investments		92.5
Other Assets in Excess of Liabilities		7.5
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares			Value
EXCHANGE TRADED FUND – 14.1%
Debt Fund – 14.1%
AdvisorShares Sage Core Reserves ETF†
(Cost $29,997,150)		300,000		$	29,737,500
MONEY MARKET FUNDS – 42.9%
Fidelity Institutional Money Market Government Portfolio - Class III, 0.01%(a)		88,080,205			88,080,205
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.25%(a)		2,500,000			2,500,000
Total Money Market Funds
(Cost $90,580,205)					90,580,205
Total Investments Before Securities Sold, Not Yet Purchased
(Cost $120,577,355)					120,317,705
Securities Sold, Not Yet Purchased – (99.6)%
COMMON STOCKS – (99.6)%
Aerospace/Defense – (4.4)%
Teledyne Technologies, Inc.*		(54,000	)		(4,759,560	)
Triumph Group, Inc.		(145,000	)		(4,564,600	)
Total Aerospace/Defense					(9,324,160	)
Apparel – (4.7)%
Hanesbrands, Inc.		(225,000	)		(6,376,500	)
Under Armour, Inc., Class A*		(43,000	)		(3,647,690	)
Total Apparel					(10,024,190	)
Auto Parts & Equipment – (3.2)%
Cooper Tire & Rubber Co.		(181,500	)		(6,719,130	)
Banks – (6.5)%
BankUnited, Inc.		(112,600	)		(3,877,944	)
Credit Suisse Group AG (Switzerland)*(b)		(140,000	)		(1,978,200	)
Deutsche Bank AG (Germany)		(214,000	)		(3,625,160	)
UMB Financial Corp.		(82,000	)		(4,233,660	)
Total Banks					(13,714,964	)
Building Materials – (5.2)%
Louisiana-Pacific Corp.*		(278,000	)		(4,759,360	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Building Materials (continued)
Trex Co., Inc.*		(129,600	)	$	(6,211,728	)
Total Building Materials					(10,971,088	)
Commercial Services – (4.0)%
ExamWorks Group, Inc.*		(107,000	)		(3,162,920	)
Paylocity Holding Corp.*		(162,500	)		(5,320,250	)
Total Commercial Services					(8,483,170	)
Computers – (6.1)%
Electronics For Imaging, Inc.*		(92,000	)		(3,899,880	)
Fleetmatics Group PLC*		(107,000	)		(4,355,970	)
MTS Systems Corp.		(77,000	)		(4,685,450	)
Total Computers					(12,941,300	)
Cosmetics/Personal Care – (1.4)%
Coty, Inc., Class A		(104,000	)		(2,894,320	)
Distribution / Wholesale – (1.9)%
Essendant, Inc.		(123,404	)		(3,940,290	)
Diversified Financial Services – (6.3)%
LendingClub Corp.*		(858,225	)		(7,123,267	)
OneMain Holdings, Inc.*		(223,000	)		(6,116,890	)
Total Diversified Financial Services					(13,240,157	)
Electrical Components & Equipment – (1.8)%
AMETEK, Inc.		(75,000	)		(3,748,500	)
Electronics – (2.8)%
OSI Systems, Inc.*		(90,000	)		(5,894,100	)
Engineering & Construction – (2.4)%
AECOM*		(168,000	)		(5,172,720	)
Food – (1.6)%
WhiteWave Foods Co. (The)*		(83,000	)		(3,373,120	)
Healthcare - Products – (4.6)%
ABIOMED, Inc.*		(36,500	)		(3,460,565	)
Globus Medical, Inc., Class A*		(137,000	)		(3,253,750	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Healthcare - Products (continued)
Zeltiq Aesthetics, Inc.*		(112,000	)	$	(3,041,920	)
Total Healthcare - Products					(9,756,235	)
Housewares – (1.5)%
Toro Co. (The)		(37,000	)		(3,186,440	)
Internet – (9.0)%
Alibaba Group Holding Ltd. (China)*(b)		(88,000	)		(6,954,640	)
GrubHub, Inc.*		(386,000	)		(9,700,180	)
Shutterfly, Inc.*		(50,000	)		(2,318,500	)
Total Internet					(18,973,320	)
Leisure Time – (3.1)%
Harley-Davidson, Inc.		(127,800	)		(6,559,974	)
Media – (1.5)%
Nexstar Broadcasting Group, Inc., Class A		(72,500	)		(3,209,575	)
Miscellaneous Manufacturing – (2.6)%
Donaldson Co., Inc.		(170,000	)		(5,424,700	)
Office/Business Equipment – (1.4)%
Canon, Inc. (Japan)(b)		(98,000	)		(2,922,360	)
Real Estate – (2.0)%
Realogy Holdings Corp.*		(115,000	)		(4,152,650	)
Real Estate Investment Trusts – (1.1)%
Starwood Property Trust, Inc.		(127,961	)		(2,422,302	)
Retail – (6.3)%
CarMax, Inc.*		(182,000	)		(9,300,200	)
Party City Holdco, Inc.*		(52,350	)		(787,344	)
Signet Jewelers Ltd.		(25,500	)		(3,162,765	)
Total Retail					(13,250,309	)
Semiconductors – (3.5)%
M/A-COM Technology Solutions Holdings, Inc.*		(97,000	)		(4,247,630	)
Microsemi Corp.*		(81,000	)		(3,103,110	)
Total Semiconductors					(7,350,740	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Software – (9.2)%
Cerner Corp.*		(136,000	)	$	(7,202,560	)
Cvent, Inc.*		(112,055	)		(2,397,977	)
Demandware, Inc.*		(250,000	)		(9,775,000	)
Total Software					(19,375,537	)
Telecommunications – (1.5)%
Gogo, Inc.*		(285,000	)		(3,137,850	)
Total Securities Sold, Not Yet Purchased
[Proceeds Received $(198,901,176)]					(210,163,201	)
Total Investments – (42.6)%
[Cost $(78,323,821)]					(89,845,496	)
Other Assets in Excess of Liabilities – 142.6%					300,794,100
Net Assets – 100.0%				$	210,948,604

ETF - Exchange Traded Fund

PLC - Public Limited Company

†	Affiliated Company.
*	Non-income producing security.
(a)	Rate shown reflects the 7-day yield as of March 31, 2016.
(b)	American Depositary Receipt.

Cash of $232,153,733 has been segregated to cover margin requirement for open short sales as of March 31, 2016.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Aerospace/Defense		(4.4	)%
Apparel		(4.7	)
Auto Parts & Equipment		(3.2	)
Banks		(6.5	)
Building Materials		(5.2	)
Commercial Services		(4.0	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets (continued)
Computers		(6.1	)%
Cosmetics/Personal Care		(1.4	)
Debt Fund		14.1
Distribution / Wholesale		(1.9	)
Diversified Financial Services		(6.3	)
Electrical Components & Equipment		(1.8	)
Electronics		(2.8	)
Engineering & Construction		(2.4	)
Food		(1.6	)
Healthcare - Products		(4.6	)
Housewares		(1.5	)
Internet		(9.0	)
Leisure Time		(3.1	)
Media		(1.5	)
Miscellaneous Manufacturing		(2.6	)
Office/Business Equipment		(1.4	)
Real Estate		(2.0	)
Real Estate Investment Trusts		(1.1	)
Retail		(6.3	)
Semiconductors		(3.5	)
Software		(9.2	)
Telecommunications		(1.5	)
Money Market Funds		42.9
Total Investments		(42.6	)
Other Assets in Excess of Liabilities		142 .6
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS – 31.2%
Auto Manufacturers – 1.0%
Ford Motor Credit Co. LLC, 1.50%, 01/17/17	$	355,000	$	354,623
Banks – 7.9%
Bank of America Corp., 5.75%, 08/15/16		365,000		371,106
Bank of New York Mellon Corp. (The), 2.30%, 07/28/16		340,000		341,774
Capital One Financial Corp., 3.15%, 07/15/16		350,000		352,018
Capital One Financial Corp., 4.20%, 10/29/25		175,000		177,534
Citigroup, Inc., 1.40%, 04/01/16@		375,000		375,000
Goldman Sachs Group, Inc. (The), Series FRN, 2.40%, 02/25/21@		300,000		304,363
JPMorgan Chase & Co., 2.12%, 03/01/21@		345,000		350,467
PNC Funding Corp., 2.70%, 09/19/16		485,000		488,378
Total Banks				2,760,640
Biotechnology – 1.0%
Amgen, Inc., 2.50%, 11/15/16		340,000		343,060
Diversified Financial Services – 1.5%
American Express Credit Corp., 1.13%, 07/29/16@		525,000		525,692
Electric – 1.7%
American Electric Power Co., Inc., 1.65%, 12/15/17		252,000		250,588
Southern Co. (The), 1.95%, 09/01/16		340,000		341,641
Total Electric				592,229
Food – 1.0%
Kroger Co. (The), 2.20%, 01/15/17(a)		40,000		40,308
Kroger Co. (The), 6.40%, 08/15/17		275,000		294,002
Total Food				334,310
Home Furnishings – 1.0%
Whirlpool Corp., 6.50%, 06/15/16		360,000		363,462
Insurance – 0.9%
Genworth Holdings, Inc., 4.80%, 02/15/24		360,000		265,500
MetLife, Inc., 6.75%, 06/01/16		57,000		57,548
Total Insurance				323,048
Internet – 2.0%
Amazon.Com, Inc., 1.20%, 11/29/17		345,000		345,720
eBay, Inc., 1.35%, 07/15/17		350,000		349,388
Total Internet				695,108

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Media – 1.0%
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 2.40%, 03/15/17	$	340,000	$	344,048
Oil & Gas – 3.0%
Anadarko Petroleum Corp., 5.95%, 09/15/16		330,000		335,766
ConocoPhillips Co., 1.05%, 12/15/17		355,000		350,010
Phillips 66, 2.95%, 05/01/17		335,000		341,265
Total Oil & Gas				1,027,041
Pharmaceuticals – 2.0%
AbbVie, Inc., 1.75%, 11/06/17		345,000		346,732
Express Scripts Holding Co., 3.13%, 05/15/16		340,000		340,933
Total Pharmaceuticals				687,665
Pipelines – 0.9%
ONEOK Partners LP, 6.15%, 10/01/16		320,000		328,457
Real Estate Investment Trusts – 1.5%
Ventas Realty LP, 1.55%, 09/26/16		535,000		535,643
Retail – 1.9%
CVS Health Corp., 1.20%, 12/05/16		225,000		225,462
Kohl's Corp., 4.00%, 11/01/21(a)		83,000		86,918
Macy's Retail Holdings, Inc., 5.90%, 12/01/16		320,000		329,832
Total Retail				642,212
Semiconductors – 1.0%
Intel Corp., 1.35%, 12/15/17		340,000		342,848
Telecommunications – 1.9%
AT&T, Inc., 1.56%, 06/30/20@		350,000		346,642
Verizon Communications, Inc., 2.50%, 09/15/16		325,000		327,539
Total Telecommunications				674,181
Total Corporate Bonds
(Cost $10,959,895)				10,874,267
ASSET BACKED SECURITIES – 16.9%
Diversified Financial Services – 16.9%
American Express Credit Account Master Trust, Class A, Series 2013-2, 0.86%, 05/17/21@		300,000		300,654
American Express Credit Account Secured Note Trust, Class A, Series 2012-4, 0.68%, 05/15/20@		350,000		349,792

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
AmeriCredit Automobile Receivables Trust, Class B, Series 2013-2, 1.19%, 05/08/18	$	124,595	$	124,559
BA Credit Card Trust, Class A11, Series 2007-A11, 0.51%, 12/15/19@		295,000		294,328
Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.48%, 07/15/20@		525,000		523,086
CarMax Auto Owner Trust, Class A3, Series 2014-1, 0.79%, 10/15/18		226,227		225,911
Chase Issuance Trust, Class A3, Series 2013-A3, 0.72%, 04/15/20@		345,000		345,159
Chase Issuance Trust, Class A8, Series 2013-A8, 1.01%, 10/15/18		350,000		350,279
Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 0.71%, 05/26/20@		600,000		599,514
Discover Card Execution Note Trust, Class A5, Series 2013-A5, 1.04%, 04/15/19		300,000		300,366
Fifth Third Auto Trust, Class A3, Series 2013-A, 0.61%, 09/15/17		38,620		38,584
First National Master Note Trust, Class A, Series 2013-2, 0.97%, 10/15/19@		325,000		324,870
Ford Credit Auto Owner Trust, Class A3, Series 2014-B, 0.90%, 10/15/18		251,499		251,351
Ford Credit Floorplan Master Owner Trust A, Class A1, Series 2014-1, 1.20%, 02/15/19		350,000		349,699
Honda Auto Receivables Owner Trust, Class A2, Series 2015-3, 0.92%, 11/20/17		350,000		349,981
Honda Auto Receivables Owner Trust, Class A3, Series 2014-2, 0.77%, 03/19/18		260,772		260,393
Hyundai Auto Receivables Trust, Class A2A, Series 2015-C, 0.99%, 11/15/18		235,000		234,922
Nissan Auto Receivables Owner Trust, Class A2, Series 2015-A, 0.67%, 09/15/17		258,834		258,759
Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18		230,051		229,741
Toyota Auto Receivables Owner Trust, Class A3, Series 2013-B, 0.89%, 07/17/17		156,951		156,941
Total Asset Backed Securities
(Cost $5,867,338)				5,868,889
MORTGAGE BACKED SECURITIES – 11.7%
Commercial Mortgage Backed Securities – 11.7%
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-PW13, 5.54%, 09/11/41		272,764		273,602
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-T24, 5.54%, 10/12/41		259,662		261,768

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
CFCRE Commercial Mortgage Trust, Class A2, Series 2011-C2, 3.06%, 12/15/47	$	94,829	$	95,388
DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49@‡		147,980		147,911
DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44		244,580		244,900
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 1.38%, 05/25/24@		280,715		277,147
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 1.63%, 07/25/24@		204,300		203,704
Fannie Mae Connecticut Avenue Securities, Class 2M1, Series 2015-C01, 1.93%, 02/25/25@		92,330		92,345
GS Mortgage Securities Trust, Class A4, Series 2006-GG8, 5.56%, 11/10/39		294,186		296,011
GS Mortgage Securities Trust, Class A2, Series 2011-GC5, 3.00%, 08/10/44		280,231		280,672
GS Mortgage Securities Trust, Class A2, Series 2012-GCJ7, 2.32%, 05/10/45		345,000		347,254
HILT 2014-ORL Mortgage Trust, Class XEXT, Series 2014-ORL, 1.10%, 07/15/29@‡		6,598,125		6,186
LB-UBS Commercial Mortgage Trust, Class A3, Series 2006-C7, 5.35%, 11/15/38		335,000		338,138
Morgan Stanley Capital I Trust, Class A4, Series 2006-T23, 5.89%, 08/12/41@		147,457		147,757
Morgan Stanley Capital I Trust, Class A3, Series 2007-T25, 5.51%, 11/12/49@		320,798		325,339
Wachovia Bank Commercial Mortgage Trust, Class A4FL, Series 2006-C28, 0.59%, 10/15/48@‡		251,711		249,867
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2006-C29, 5.31%, 11/15/48		336,967		339,992
WFRBS Commercial Mortgage Trust, Class A2, Series 2011-C4, 3.45%, 06/15/44‡		135,895		136,056
Total Mortgage Backed Securities
(Cost $4,072,182)				4,064,037
FOREIGN BONDS – 9.0%
Auto Manufacturers – 1.0%
American Honda Finance Corp., 1.13%, 10/07/16 (Japan)		340,000		340,750
Banks – 1.0%
Royal Bank of Canada, Series G, 1.10%, 09/09/16 (Canada)@		350,000		350,464
Beverages – 1.3%
Anheuser-Busch InBev Finance, Inc., 0.81%, 01/27/17 (Belgium)@		450,000		449,408

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Diversified Financial Services – 0.7%
Nomura Holdings, Inc., 2.08%, 09/13/16 (Japan)@	$	235,000	$	235,636
Mining – 1.9%
BHP Billiton Finance USA Ltd., 1.88%, 11/21/16 (Australia)		335,000		336,333
Rio Tinto Finance USA PLC, 1.38%, 06/17/16 (United Kingdom)		345,000		344,845
Total Mining				681,178
Oil & Gas – 2.0%
Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico)		385,000		349,869
Shell International Finance BV, 1.13%, 08/21/17 (Netherlands)		345,000		344,849
Total Oil & Gas				694,718
Telecommunications – 1.1%
Vodafone Group PLC, 1.63%, 03/20/17 (United Kingdom)		370,000		371,542
Total Foreign Bonds
(Cost $3,147,199)				3,123,696
MUNICIPAL BONDS – 8.0%
Bulloch County Development Authority, 3.00%, 08/01/16		50,000		50,379
City of Houston TX Airport System Revenue, 1.30%, 01/01/17		50,000		50,200
City of New Orleans LA Sewerage Service Revenue, 4.00%, 06/01/16		75,000		75,407
County of Harris TX, Series D, 1.06%, 08/15/16		90,000		90,194
County of Orange CA, Series A, 1.25%, 09/01/16(b)		200,000		198,714
County of Warren OH, 3.00%, 07/01/16		150,000		150,705
District of Columbia, Series B, 4.00%, 06/01/16		55,000		55,296
Erie Sewer Authority, 3.40%, 06/01/16		50,000		50,214
Fairlake Metropolitan District, 4.00%, 12/01/16		105,000		107,212
Grady County School Finance Authority, 4.82%, 09/01/16		75,000		75,835
Grossmont Union High School District, Series B, 2.57%, 08/01/16		75,000		75,449
Hobart Building Corp., 6.50%, 07/15/16		60,000		60,937
Kentucky State Property & Building Commission, 4.44%, 11/01/16		50,000		50,989
Maine Municipal Bond Bank, 4.00%, 09/01/16		50,000		50,667
Massachusetts Educational Financing Authority, 5.00%, 01/01/17		50,000		51,108
Michigan Finance Authority, Series G-8A, 5.00%, 04/01/16		110,000		110,000
Municipal Gas Authority of Georgia, 4.00%, 06/01/16		335,000		336,765
New Jersey Health Care Facilities Financing Authority, 4.00%, 07/01/16		50,000		50,398
Philadelphia Authority for Industrial Development, Series B, 1.36%, 04/15/16(b)		105,000		104,961
San Bernardino County Financing Authority, 1.25%, 08/01/16(b)		65,000		64,702
Sedona-Oak Creek Joint Unified School District No 9, 5.15%, 07/01/16		160,000		161,458
South Carolina Jobs-Economic Development Authority, 4.50%, 11/01/35		335,000		335,951

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal/Shares		Value
MUNICIPAL BONDS (continued)
South Carolina State Public Service Authority, 5.04%, 01/01/17	$	50,000	$	51,604
State Board of Administration Finance Corp., Series A, 1.30%, 07/01/16		55,000		55,080
State of Connecticut, Series C, 5.00%, 06/01/22		75,000		75,529
Tustin Unified School District, Series C, 0.98%, 06/01/16(b)		50,000		49,957
Warren Consolidated Schools, 6.70%, 05/01/35		50,000		51,725
Wayne Township School Building Corp./Marion County IN, 2.00%, 07/15/16		100,000		100,376
Wisconsin Health & Educational Facilities Authority, 4.25%, 12/01/16		50,000		51,169
Total Municipal Bonds
(Cost $2,792,542)				2,792,981
U.S.TREASURY NOTE – 5.0%
U.S. Treasury Note, 0.25%, 05/15/16
(Cost $1,729,404)		1,730,000		1,729,936
U.S. TREASURY BILL – 0.3%
U.S. Treasury Bill, 0.42%, 09/15/16(b)
(Cost $99,810)		100,000		99,851
MONEY MARKET FUND – 17.2%
JP Morgan US Government Money Market Fund - Institutional Class, 0.20%(c) (Cost $5,991,480)		5,991,480		5,991,480
REPURCHASE AGREEMENT – 0.4%(d)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $125,569, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $127,761)
(Cost $125,568)	$	125,568		125,568
Total Investments – 99.7%
(Cost $34,785,418)				34,670,705
Other Assets in Excess of Liabilities – 0.3%				101,554
Net Assets – 100.0%			$	34,772,259

LP - Limited Partnership

PLC - Public Limited Company

@	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2016.
‡	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.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $122,107; the aggregate market value of the collateral held by the fund is $125,568.
(b)	Represents a zero coupon bond.  Rate shown reflects the effective yield.
(c)	Rate shown reflects the 7-day yield as of March 31, 2016.
(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		2.0	%
Banks		8.9
Beverages		1.3
Biotechnology		1.0
Commercial Mortgage Backed Securities		11.7
Diversified Financial Services		19.1
Electric		1.7
Food		1.0
Home Furnishings		1.0
Insurance		0.9
Internet		2.0
Media		1.0
Mining		1.9
Municipal Bonds		8.0
Oil & Gas		5.0
Pharmaceuticals		2.0
Pipelines		0.9
Real Estate Investment Trusts		1.5
Retail		1.9
Semiconductors		1.0
U.S. Treasury Bill		0.3
U.S. Treasury Note		5.0
Telecommunications		3.0
Money Market Fund		17.2
Repurchase Agreements		0.4
Total Investments		99.7
Other Assets in Excess of Liabilities		0 .3
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares/ Contracts			Value
EXCHANGE TRADED FUNDS – 95.2%
Asset Allocation Fund – 2.0%
SPDR Barclays Convertible Securities ETF		8,967		$	387,374
Debt Fund – 15.3%
PowerShares Fundamental High Yield Corporate Bond Portfolio		53,330			949,274
SPDR Doubleline Total Return Tactical ETF(a)		19,485			962,169
Vanguard Intermediate-Term Bond ETF(a)		11,394			982,961
Total Debt Fund					2,894,404
Equity Fund – 77.9%
iShares MSCI EAFE ETF		24,254			1,385,631
iShares MSCI Emerging Markets ETF		24,211			829,227
SPDR S&P 500 ETF Trust		58,136			11,950,436
Vanguard REIT ETF		7,260			608,388
Total Equity Fund					14,773,682
Total Exchange Traded Funds
(Cost $17,623,572)					18,055,460
MONEY MARKET FUND – 4.6%
BlackRock Liquidity Funds-T-Fund Portfolio - Institutional Class, 0.20%(b) (Cost $875,075)		875,075			875,075
PURCHASED PUT OPTION – 0.3%
SPDR S&P 500 ETF Trust, Option expiring 05/20/16, Strike Price $204.00 (Cost $88,253)		185			60,495
Total Investments Before Written Options – 100.1%
(Cost $18,586,900)					18,991,030
WRITTEN CALL OPTIONS – (0.1)%
iShares MSCI EAFE ETF, expiring 04/15/16, Strike Price $58.00		(121	)		(2,844	)
iShares MSCI Emerging Markets ETF, expiring 04/15/16, Strike Price $35.50		(121	)		(1,512	)
SPDR S&P 500 ETF Trust, expiring 04/15/16, Strike Price $208.00		(283	)		(22,923	)
Total Written Call Options
[Premiums Received $(36,664)]					(27,279	)
Total Written Options – (0.1)%
[Premiums Received $(36,664)]					(27,279	)

See accompanying Notes to Schedules of Investments.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Value
Total Investments – 100.0%
(Cost $18,550,236)	$	18,963,751
Other Assets in Excess of Liabilities – 0.0%**		1,203
Net Assets – 100.0%	$	18,964,954

ETF - Exchange Traded Fund

**	Less than 0.05%.
(a)	All or a portion of this security has been pledged as collateral for option contracts.  The aggregate market value of the collateral was $1,095,756 which includes cash in the amount of $448 as of March 31, 2016.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Asset Allocation Fund		2.0	%
Debt Fund		15.3
Equity Fund		77.9
Purchased Put Option		0.3
Written Call Options		(0.1	)
Money Market Fund		4.6
Total Investments		100.0
Other Assets in Excess of Liabilities		0 .0	**
Net Assets		100.0	%

** Less than 0.05%.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.7%
Aerospace/Defense – 2.8%
General Dynamics Corp.		12,110	$	1,590,891
Spirit Aerosystems Holdings, Inc., Class A*		32,806		1,488,080
United Technologies Corp.		17,942		1,795,994
Total Aerospace/Defense				4,874,965
Agriculture – 1.2%
Altria Group, Inc.		33,194		2,079,936
Airlines – 2.9%
Alaska Air Group, Inc.(a)		22,443		1,840,775
Delta Air Lines, Inc.		35,190		1,713,049
United Continental Holdings, Inc.*		26,500		1,586,290
Total Airlines				5,140,114
Apparel – 2.2%
Michael Kors Holdings Ltd.*		40,723		2,319,582
Steven Madden Ltd.*		42,200		1,563,088
Total Apparel				3,882,670
Auto Manufacturers – 0.9%
Wabash National Corp.*		124,000		1,636,800
Auto Parts & Equipment – 1.1%
Lear Corp.		17,130		1,904,342
Biotechnology – 2.5%
Amgen, Inc.		11,567		1,734,240
Gilead Sciences, Inc.		15,441		1,418,410
United Therapeutics Corp.*		10,760		1,198,987
Total Biotechnology				4,351,637
Chemicals – 4.1%
LyondellBasell Industries NV, Class A		17,698		1,514,595
PPG Industries, Inc.		18,562		2,069,477
Valspar Corp. (The)		20,685		2,213,709
Westlake Chemical Corp.		29,694		1,374,832
Total Chemicals				7,172,613
Commercial Services – 6.0%
Equifax, Inc.		17,690		2,021,790
Gartner, Inc.*		19,941		1,781,728
Global Payments, Inc.		27,242		1,778,903
LendingTree, Inc.*(a)		18,500		1,808,930

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Commercial Services (continued)
Moody's Corp.		16,192	$	1,563,500
Robert Half International, Inc.		33,567		1,563,551
Total Commercial Services				10,518,402
Computers – 2.9%
Amdocs Ltd.		29,630		1,790,245
Apple, Inc.		15,466		1,685,639
Brocade Communications Systems, Inc.		151,000		1,597,580
Total Computers				5,073,464
Cosmetics/Personal Care – 2.1%
Coty, Inc., Class A(a)		62,500		1,739,375
Estee Lauder Cos., Inc. (The), Class A		20,440		1,927,696
Total Cosmetics/Personal Care				3,667,071
Diversified Financial Services – 5.1%
CBOE Holdings, Inc.		24,694		1,613,259
Eaton Vance Corp.(a)		48,066		1,611,172
Franklin Resources, Inc.		39,461		1,540,952
Nationstar Mortgage Holdings, Inc.*(a)		127,000		1,257,300
T. Rowe Price Group, Inc.		23,330		1,713,822
Waddell & Reed Financial, Inc., Class A		48,607		1,144,209
Total Diversified Financial Services				8,880,714
Electronics – 3.0%
Amphenol Corp., Class A		32,113		1,856,774
Avnet, Inc.		37,262		1,650,707
Waters Corp.*		13,608		1,795,167
Total Electronics				5,302,648
Entertainment – 1.0%
Six Flags Entertainment Corp.		32,173		1,785,280
Environmental Control – 1.1%
Republic Services, Inc.		42,317		2,016,405
Food – 4.9%
Pilgrim's Pride Corp.*(a)		91,819		2,332,203
Sanderson Farms, Inc.(a)		24,831		2,239,259
Sysco Corp.		42,957		2,007,381
Tyson Foods, Inc., Class A		30,327		2,021,598
Total Food				8,600,441

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare - Products – 3.0%
Bruker Corp.		55,000	$	1,540,000
ResMed, Inc.(a)		31,657		1,830,408
Stryker Corp.		17,630		1,891,523
Total Healthcare - Products				5,261,931
Healthcare - Services – 1.0%
Anthem, Inc.		12,571		1,747,243
Internet – 1.2%
VeriSign, Inc.*(a)		22,827		2,021,103
Iron/Steel – 1.2%
Reliance Steel & Aluminum Co.		29,749		2,058,333
Lodging – 3.0%
Las Vegas Sands Corp.		37,040		1,914,227
Marriott International, Inc., Class A(a)		23,544		1,675,862
Wyndham Worldwide Corp.		21,840		1,669,231
Total Lodging				5,259,320
Machinery - Diversified – 4.2%
AGCO Corp.(a)		30,000		1,491,000
BWX Technologies, Inc.		55,605		1,866,104
Cognex Corp.		50,554		1,969,078
Graco, Inc.		23,933		2,009,415
Total Machinery - Diversified				7,335,597
Media – 1.9%
Sirius XM Holdings, Inc.*(a)		454,588		1,795,622
Twenty-First Century Fox, Inc., Class A		58,127		1,620,581
Total Media				3,416,203
Miscellaneous Manufacturing – 2.1%
Carlisle Cos., Inc.		19,442		1,934,479
Parker-Hannifin Corp.		16,339		1,814,936
Total Miscellaneous Manufacturing				3,749,415
Oil & Gas – 1.7%
Tesoro Corp.		15,441		1,328,081
Valero Energy Corp.		24,694		1,583,873
Total Oil & Gas				2,911,954
Oil & Gas Services – 2.6%
FMC Technologies, Inc.*		54,626		1,494,567

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas Services (continued)
National Oilwell Varco, Inc.(a)		42,760	$	1,329,836
Schlumberger Ltd.		22,568		1,664,390
Total Oil & Gas Services				4,488,793
Packaging & Containers – 1.9%
Packaging Corp. of America(a)		26,944		1,627,418
Sealed Air Corp.		34,296		1,646,551
Total Packaging & Containers				3,273,969
Retail – 12.0%
AutoZone, Inc.*		2,192		1,746,345
Chico's FAS, Inc.		117,571		1,560,167
Children's Place, Inc. (The)		24,355		2,032,912
Copart, Inc.*		48,234		1,966,500
Dollar General Corp.		22,435		1,920,436
DSW, Inc., Class A		66,101		1,827,032
Gap, Inc. (The)(a)		49,643		1,459,504
Lowe's Cos., Inc.		25,687		1,945,790
Outerwall, Inc.(a)		27,786		1,027,804
Ross Stores, Inc.		34,020		1,969,758
Target Corp.		21,990		1,809,337
Walgreens Boots Alliance, Inc.		20,817		1,753,624
Total Retail				21,019,209
Semiconductors – 6.1%
Applied Materials, Inc.		78,000		1,652,040
IPG Photonics Corp.*(a)		20,823		2,000,674
QUALCOMM, Inc.		27,941		1,428,903
Tessera Technologies, Inc.		52,460		1,626,260
Texas Instruments, Inc.		36,065		2,070,852
Xilinx, Inc.		41,819		1,983,475
Total Semiconductors				10,762,204
Shipbuilding – 1.0%
Huntington Ingalls Industries, Inc.		12,689		1,737,632
Software – 6.9%
Aspen Technology, Inc.*		42,222		1,525,481
Broadridge Financial Solutions, Inc.		29,722		1,762,812
CA, Inc.		54,816		1,687,784
CDK Global, Inc.		35,040		1,631,112
Citrix Systems, Inc.*		23,234		1,825,728

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Software (continued)
Jack Henry & Associates, Inc.		22,377	$	1,892,423
Oracle Corp.		45,317		1,853,918
Total Software				12,179,258
Telecommunications – 3.0%
Juniper Networks, Inc.		63,425		1,617,972
Ubiquiti Networks, Inc.*(a)		49,365		1,642,374
Verizon Communications, Inc.		38,444		2,079,051
Total Telecommunications				5,339,397
Transportation – 3.1%
Expeditors International of Washington, Inc.		35,492		1,732,364
Landstar System, Inc.		28,175		1,820,387
United Parcel Service, Inc., Class B		17,663		1,862,917
Total Transportation				5,415,668
Total Common Stocks
(Cost $174,575,736)				174,864,731
MONEY MARKET FUND – 0.3%
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 0.18%(b) (Cost $529,431)		529,431		529,431
REPURCHASE AGREEMENTS – 9.8%(c)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $4,010,831, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $4,080,855)	$	4,010,791		4,010,791
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $1,188,879, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $1,212,418)		1,188,869		1,188,869
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $4,010,824, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $4,080,616)		4,010,791		4,010,791
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $4,010,829, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $4,079,275)		4,010,791		4,010,791

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Capital Markets LLC, dated 03/31/16, due 04/01/16, 0.28%, total to be received $4,010,822, (collateralized by various U.S. Government Agency Obligations, 1.75%-6.00%, 06/01/18-04/01/46, totaling $4,079,277)	$	4,010,791	$	4,010,791
Total Repurchase Agreements
(Cost $17,232,033)				17,232,033
Total Investments – 109.8%
(Cost $192,337,200)				192,626,195
Liabilities in Excess of Other Assets – (9.8)%				(17,145,167	)
Net Assets – 100.0%			$	175,481,028

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $20,615,538; the aggregate market value of the collateral held by the fund is $21,120,690.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,888,657.
(b)	Rate shown reflects the 7-day yield as of March 31, 2016.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Aerospace/Defense		2.8	%
Agriculture		1.2
Airlines		2.9
Apparel		2.2
Auto Manufacturers		0.9
Auto Parts & Equipment		1.1
Biotechnology		2.5
Chemicals		4.1
Commercial Services		6.0
Computers		2.9
Cosmetics/Personal Care		2.1
Diversified Financial Services		5.1
Electronics		3.0
Entertainment		1.0
Environmental Control		1.1
Food		4.9
Healthcare - Products		3.0

See accompanying Notes to Schedules of Investments.

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of
	Net Assets (continued)
Healthcare - Services		1.0	%
Internet		1.2
Iron/Steel		1.2
Lodging		3.0
Machinery - Diversified		4.2
Media		1.9
Miscellaneous Manufacturing		2.1
Oil & Gas		1.7
Oil & Gas Services		2.6
Packaging & Containers		1.9
Retail		12.0
Semiconductors		6.1
Shipbuilding		1.0
Software		6.9
Telecommunications		3.0
Transportation		3.1
Money Market Fund		0.3
Repurchase Agreements		9.8
Total Investments		109.8
Liabilities in Excess of Other Assets		(9.8	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.5%
Apparel – 2.8%
LVMH Moet Hennessy Louis Vuitton SE (France)(a)		11,864	$	405,393
Banks – 3.0%
HDFC Bank Ltd. (India)(a)		7,096		437,326
Biotechnology – 4.2%
CSL Ltd. (Australia)(a)		15,691		605,751
Chemicals – 3.4%
Novozymes A/S (Denmark)(a)(b)		10,800		484,542
Commercial Services – 7.0%
Experian PLC (Ireland)(a)		30,614		549,215
SGS SA (Switzerland)(a)(b)		21,885		460,023
Total Commercial Services				1,009,238
Cosmetics/Personal Care – 2.0%
Unicharm Corp. (Japan)(a)		67,966		292,254
Diversified Financial Services – 2.4%
Lazard Ltd., Class A(b)		8,822		342,294
Electronics – 2.8%
Sensata Technologies Holding N.V.*		10,252		398,188
Food – 10.0%
Chr. Hansen Holding A/S (Denmark)(a)(b)		17,338		582,557
Nestle SA (Switzerland)(a)		8,718		650,450
Shoprite Holdings Ltd. (South Africa)(a)(b)		17,531		207,742
Total Food				1,440,749
Food Service – 3.2%
Compass Group PLC (United Kingdom)(a)		25,660		457,518
Healthcare - Products – 5.1%
Coloplast A/S (Denmark)(a)(b)		62,981		476,136
Sysmex Corp. (Japan)(a)		8,280		259,164
Total Healthcare - Products				735,300
Healthcare - Services – 3.5%
ICON PLC*		6,679		501,593
Household Products/Wares – 4.4%
Reckitt Benckiser Group PLC (United Kingdom)(a)		32,336		631,199

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Insurance – 4.6%
Chubb Ltd.		5,600	$	667,240
Internet – 8.8%
Ctrip.com International Ltd. (China)*(a)(b)		10,377		459,286
Tencent Holdings Ltd. (China)(a)		27,133		554,599
Yandex N.V., Class A (Russia)*		16,801		257,391
Total Internet				1,271,276
Machinery - Diversified – 2.6%
FANUC Corp. (Japan)(a)		14,251		368,174
Oil & Gas Services – 3.5%
Core Laboratories N.V.(b)		4,514		507,419
Pharmaceuticals – 6.8%
Novo Nordisk A/S (Denmark)(a)		11,783		638,521
Perrigo Co. PLC		2,697		345,027
Total Pharmaceuticals				983,548
Retail – 4.8%
Inditex SA (Spain)(a)		14,524		244,874
Swatch Group AG (The) (Switzerland)(a)(b)		11,341		194,725
Wal-Mart de Mexico SAB de CV (Mexico)(a)		10,853		256,565
Total Retail				696,164
Semiconductors – 9.6%
ARM Holdings PLC (United Kingdom)(a)		10,274		448,871
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)		35,817		938,405
Total Semiconductors				1,387,276
Transportation – 4.0%
Canadian Pacific Railway Ltd. (Canada)		4,281		568,046
Total Common Stocks
(Cost $13,525,793)				14,190,488
MONEY MARKET FUND – 1.6%
Invesco Government & Agency Portfolio - Private Investment Class, 0.14%(c) (Cost $232,809)		232,809		232,809

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS – 14.4%(d)
Daiwa Capital Markets America, dated 03/31/16, due 04/01/16, 0.36%, total to be received $485,115, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 05/31/16-09/09/49, totaling $493,584)	$	485,110	$	485,110
JP Morgan Securities LLC, dated 03/31/16, due 04/01/16, 0.31%, total to be received $143,796, (collateralized by various U.S. Government Agency Obligations, 0.88%-1.38%, 02/28/17-03/31/20, totaling $146,643)		143,795		143,795
Merrill Lynch Pierce Fenner & Smith Inc., dated 03/31/16, due 04/01/16, 0.30%, total to be received $485,114, (collateralized by various U.S. Government Agency Obligations, 1.41%-7.00%, 05/15/24-01/20/66, totaling $493,555)		485,110		485,110
Mizuho Securities USA, Inc., dated 03/31/16, due 04/01/16, 0.34%, total to be received $485,115, (collateralized by various U.S. Government Agency Obligations, 1.94%-9.50%, 10/01/19-06/01/44, totaling $493,393)		485,110		485,110
RBC Capital Markets LLC, dated 03/31/16, due 04/01/16, 0.28%, total to be received $485,114, (collateralized by various U.S. Government Agency Obligations, 1.75%-6.00%, 06/01/18-04/01/46, totaling $493,394)		485,110		485,110
Total Repurchase Agreements
(Cost $2,084,235)				2,084,235
Total Investments – 114.5%
(Cost $15,842,837)				16,507,532
Liabilities in Excess of Other Assets – (14.5)%				(2,095,738	)
Net Assets – 100.0%			$	14,411,794

PLC - Public Limited Company

*	Non-income producing security.
(a)	American Depositary Receipt.
(b)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,028,689; the aggregate market value of the collateral held by the fund is $2,084,235.
(c)	Rate shown reflects the 7-day yield as of March 31, 2016.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Schedules of Investments.

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF

Schedule of Investments (continued)

March 31, 2016 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Apparel		2.8	%
Banks		3.0
Biotechnology		4.2
Chemicals		3.4
Commercial Services		7.0
Cosmetics/Personal Care		2.0
Diversified Financial Services		2.4
Electronics		2.8
Food		10.0
Food Service		3.2
Healthcare - Products		5.1
Healthcare - Services		3.5
Household Products/Wares		4.4
Insurance		4.6
Internet		8.8
Machinery - Diversified		2.6
Oil & Gas Services		3.5
Pharmaceuticals		6.8
Retail		4.8
Semiconductors		9.6
Transportation		4.0
Money Market Fund		1.6
Repurchase Agreements		14.4
Total Investments		114.5
Liabilities in Excess of Other Assets		(14.5	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments. 

ADVISORSHARES YIELDPRO ETF

Schedule of Investments

March 31, 2016 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 99.0%
Debt Fund – 99.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF		26,978	$	3,205,526
iShares National Muni Bond ETF		30,014		3,351,063
Market Vectors AMT-Free Intermediate Municipal Index ETF		138,188		3,346,914
SPDR Barclays Short Term Corporate Bond ETF		130,229		3,988,914
Vanguard Short-Term Bond ETF		49,830		4,017,793
Vanguard Short-Term Corporate Bond ETF		49,936		3,996,378
Total Exchange Traded Funds
(Cost $21,846,405)				21,906,588
MONEY MARKET FUND – 1.2%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.18%(a) (Cost $271,856)		271,856		271,856
Total Investments – 100.2%
(Cost $22,118,261)				22,178,444
Liabilities in Excess of Other Assets – (0.2)%				(45,847	)
Net Assets – 100.0%			$	22,132,597

ETF - Exchange Traded Fund

(a) Rate shown reflects the 7-day yield as of March 31, 2016.

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of
	Net Assets
Debt Fund		99.0	%
Money Market Fund		1.2
Total Investments		100.2
Liabilities in Excess of Other Assets		(0.2	)
Net Assets		100.0	%

See accompanying Notes to Schedules of Investments.

Notes to the Schedules of Investments (Unaudited)

March 31, 2016

1. Consolidation of Subsidiaries

The Consolidated Schedules of Investments of the ETFs listed below include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

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

2. Summary of Fair Value Disclosure

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

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

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

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

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

The following is a summary of the inputs used as of March 31, 2016 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	$	-	$	22,042,973		$	-		$	-		$	-	$	-
Common Stocks		7,336,886		-			-			-			4,802,517		28,654,875
Money Market Funds		40,398		1,322,461			8,354,292			9,047,607			550,163		274,972
Futures†		-		-			160,578			177,658			-		-
Level 2
Municipal Bonds		-		-			-			-			300,000		-
Asset Backed Securities		-		-			-			-			951,016		-
U.S. Government Agency Securities		-		-			-			-			883,339		-
Repurchase Agreements for Securities Loaned		1,418,487		2,932,626			-			-			164,204		987,796
Liabilities
Level 1
Futures†		-		-			(488,890	)		(81,090	)		-		-
Total	$	8,795,771	$	26,298,060		$	8,025,980		$	9,144,175		$	7,651,239	$	29,917,643
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	$	20,471,644	$	-		$	1,113,789		$	18,555,913		$	3,915,581	$	-
Closed-End Fund		-		-			-			-			201,839		-
Common Stocks		-		14,846,688			-			-			-		-
Money Market Funds		208,732		164,813			688,899			11,236,869			3,942,579		2,916,732
Level 2
Common Stocks		-		606,459	*		-			-			-		-
Corporate Bonds		-		-			-			-			-		52,082,660
Foreign Bonds		-		-			-			-			-		9,196,995
U.S. Treasury Notes		-		-			-			-			-		1,007,188
U.S. Government Agency Securities		-		-			-			-			-		4,580,538
Asset Backed Securities		-		-			-			-			-		64,553,876
Mortgage Backed Securities		-		-			-			-			-		92,931,770
Term Loans		-		-			-			-			-		20,810,627
Repurchase Agreements for Securities Loaned		1,688,350		1,672,555			-			1,919,682			905,575		2,214,141
Total	$	22,368,726	$	17,290,515		$	1,802,688		$	31,712,464		$	8,965,574	$	250,294,527

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	$	-	$	-	$	4,499,843		$	29,737,500		$	-	$	18,055,460
Common Stocks		-		-		-			-			-		-
Purchased Options		-		-		-			-			-		60,495
Money Market Funds		3,225,951		6,423,352		775,207			90,580,205			5,991,480		875,075
Level 2
Corporate Bonds		2,810,350		127,086,817		-			-			10,874,267		-
Foreign Bonds		-		18,195,320		-			-			3,123,696		-
Municipal Bonds		-		-		-			-			2,792,981		-
U.S. Treasury Note		-		-		-			-			1,729,936		-
U.S. Treasury Bill		-		-		-			-			99,851		-
Asset Backed Securities		-		-		-			-			5,868,889		-
Mortgage Backed Securities		-		-		-			-			4,064,037		-
Term Loans		20,329,476		35,881,478		-			-			-		-
Repurchase Agreements for Securities Loaned		324,377		22,022,719		-			-			125,568		-
Liabilities
Level 1
Exchange Traded Funds		-		-		(364,097	)		-			-		-
Common Stocks		-		-		-			(210,163,201	)		-		-
Written Options		-		-		-			-			-		(27,279	)
Level 2
Swaps Contracts†		2,182		-		-			-			-		-
Total	$	26,692,336	$	209,609,686	$	4,910,953		$	(89,845,496	)	$	34,670,705	$	18,963,751

Assets	TrimTabs Float Shrink ETF		WCM/BNY Mellon Focused Growth ADR ETF		YieldPro ETF
Level 1
Exchange Traded Funds	$	-	$	-	$	21,906,588
Common Stocks		174,864,731		14,190,488		-
Money Market Funds		529,431		232,809		271,856
Level 2
Repurchase Agreements for Securities Loaned		17,232,033		2,084,235		-
Liabilities
Level 1
Written Options		-		-		-
Total	$	192,626,195	$	16,507,532	$	22,178,444

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

The Funds policy is to recognize transfers in and transfers out at the fair value as of the beginning of the period. There were no transfers between Level 1 and Level 2 fair value measurements that occurred during the period ended March 31, 2016.

The Funds did not hold any Level 3 securities as of March 31, 2016.

3. Federal Income Tax

At March 31, 2016, the approximate cost of investments, including short positions, and net unrealized appreciation (depreciation) 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	$	8,610,470		$	534,939	$	(349,638	)	$	185,301		$	-
EquityPro ETF		26,297,484			233,466		(232,890	)		576			-
Gartman Gold/Euro ETF		8,354,292			-		-			-			(328,312	)
Gartman Gold/Yen ETF		9,047,607			-		-			-			96,568
Global Echo ETF		7,237,943			655,848		(242,552	)		413,296			-
Madrona Domestic ETF		29,356,590			2,429,928		(1,868,875	)		561,053			-
Madrona Global Bond ETF		22,632,863			357,841		(621,978	)		(264,137	)		-
Madrona International ETF		17,705,549			1,055,115		(1,470,149	)		(415,034	)		-
Market Adaptive Uncontrained Income ETF		1,794,786			8,141		(239	)		7,902			-
Meidell Tactical Advantage ETF		31,503,947			235,128		(26,611	)		208,517			-
Morgan Creek Global Tactical ETF		8,770,600			401,762		(206,788	)		194,974			-
Newfleet Multi-Sector Income ETF		253,283,600			1,182,297		(4,171,370	)		(2,989,073	)		-
Pacific Asset Enhanced Floating Rate ETF		27,364,711			39,802		(714,359	)		(674,557	)		2,182
Peritus High Yield ETF		244,438,979			1,585,147		(36,414,440	)		(34,829,293	)		-
QAM Equity Hedge ETF		4,874,474			129,287		(92,808	)		36,479			-
Ranger Equity Bear ETF		(78,323,821	)		3,244,963		(14,766,638	)		(11,521,675	)		-
Sage Core Reserves ETF		34,785,418			36,699		(151,412	)		(114,713	)		-
STAR Global Buy-Write ETF		18,550,236			549,902		(136,387	)		413,515			-
TrimTabs Float Shrink ETF		192,337,200			10,708,763		(10,419,768	)		288,995			-
WCM/BNY Mellon Focused Growth ADR ETF		15,842,837			1,488,958		(824,263	)		664,695			-
YieldPro ETF		22,118,261			84,300		(24,117	)		60,183			-

4. Other Affiliated Parties and Transactions

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended March 31, 2016 are as follows:

Affiliated Fund Name	Value at 6/30/2015		Purchases/ Additions		Sales/ Reductions			Value at 03/31/2016		Dividend Income		Realized Gain (Loss)
Madrona Global Bond ETF
Peritus High Yield ETF	$	-	$	1,218,447	$	(212,603	)	$	1,010,452	$	14,130	$	(610	)
QAM Equity Hedge ETF
Sage Core Reserves ETF		347,795		-		(69,293	)		277,550		1,656		(707	)
Ranger Equity Bear ETF
Sage Core Reserves ETF		29,811,000		-		-			29,737,500		158,937		-
STAR Global Buy-Write ETF
Sage Core Reserves ETF		248,425		24,815		(272,778	)		-		565		(1,985	)

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)      AdvisorShares Trust                                                    

By (Signature and Title)*    /s/ Noah Hamman                                    

Noah Hamman, Chief Executive Officer

(principal executive officer)

Date      5/5/2016                                                                                   

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      5/5/2016                                                                                   

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

Dan Ahrens, Treasurer

(principal financial officer)

Date      5/5/2016                                                                                   

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