N-Q 1 s106028_nq.htm N-Q

 

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, 2017

 

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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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, 2017 (Unaudited)

Investments  Shares/
Principal		   Value 
MONEY MARKET FUND – 1.5%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.58%(a)
(Cost $59,915)		   59,915   $59,915 
REPURCHASE AGREEMENTS – 17.8%(b)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $230,322, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $234,240)  $230,317    230,317 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $250,006, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $254,124)   250,000    250,000 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $250,006, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $254,198)   250,000    250,000 
Total Repurchase Agreements          
(Cost $730,317)        730,317 
Total Investments – 19.3%          
(Cost $790,232)        790,232 
Other Assets in Excess of Liabilities – 80.7%        3,301,346 
Net Assets – 100.0%       $4,091,578 

 

 

  

(a) Rate shown reflects the 7-day yield as of March 31, 2017.

(b) Collateral received from brokers for securities lending was invested in these short-term investments. Securities on loan includes pending sales. The market value of the securities on loan is $712,565; the aggregate market value of the collateral held by the fund is $730,317.

 

SUMMARY OF SCHEDULE OF INVESTMENTS     
    % of 
    Net Assets 
Money Market Fund   1.5%
Repurchase Agreements   17.8 
Total Investments   19.3 
Other Assets in Excess of Liabilities   80.7 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 99.4%          
Airlines – 0.9%          
SkyWest, Inc.   865   $29,626 
           
Auto Manufacturers – 0.5%          
Wabash National Corp.   816    16,883 
           
Auto Parts & Equipment – 0.5%          
Cooper Tire & Rubber Co.   370    16,410 
           
Banks – 4.0%          
BancFirst Corp.   156    14,024 
Blue Hills Bancorp, Inc.   820    14,637 
Cardinal Financial Corp.   526    15,748 
Central Pacific Financial Corp.   468    14,293 
Eagle Bancorp, Inc.*   454    27,104 
First Bancorp (Puerto Rico)*   2,505    14,153 
TriState Capital Holdings, Inc.*   905    21,132 
WashingtonFirst Bankshares, Inc.   510    14,280 
Total Banks        135,371 
           
Beverages – 0.2%          
Boston Beer Co., Inc. (The), Class A*(a)   49    7,088 
           
Biotechnology – 0.7%          
ANI Pharmaceuticals, Inc.*   183    9,060 
BioCryst Pharmaceuticals, Inc.*   1,740    14,616 
Total Biotechnology        23,676 
           
Building Materials – 1.9%          
AAON, Inc.(a)   348    12,302 
Gibraltar Industries, Inc.*   535    22,042 
Louisiana-Pacific Corp.*   611    15,165 
NCI Building Systems, Inc.*   941    16,138 
Total Building Materials        65,647 
           
Chemicals – 1.8%          
Balchem Corp.   156    12,858 
Innospec, Inc.   183    11,849 
Kronos Worldwide, Inc.   860    14,130 
Rayonier Advanced Materials, Inc.(a)   727    9,778 
Tronox Ltd., Class A   780    14,391 
Total Chemicals        63,006 
           
Coal – 0.4%          
Alliance Holdings GP LP   490    13,441 
           
Commercial Services – 6.6%          
ABM Industries, Inc.   290    12,644 
Alarm.com Holdings, Inc.*   428    13,157 
Bridgepoint Education, Inc.*   1,222    13,039 
Capella Education Co.   146    12,414 
DeVry Education Group, Inc.   232   8,224 
Grand Canyon Education, Inc.*   312    22,342 
Green Dot Corp., Class A*   410    13,678 
HMS Holdings Corp.*   676    13,743 
Insperity, Inc.   321    28,457 
Kelly Services, Inc., Class A   526    11,498 
LendingTree, Inc.*(a)   67    8,398 
Navigant Consulting, Inc.*   620    14,173 
Nutrisystem, Inc.   255    14,152 
On Assignment, Inc.*   254    12,327 
Paylocity Holding Corp.*   365    14,100 
Quad/Graphics, Inc.   544    13,731 
Total Commercial Services        226,077 
           
Computers – 4.0%          
3D Systems Corp.*(a)   602    9,006 
Barracuda Networks, Inc.*   593    13,704 
Carbonite, Inc.*   886    17,986 
Engility Holdings, Inc.*   330    9,550 
Insight Enterprises, Inc.*   373    15,327 
NeuStar, Inc., Class A*   410    13,592 
Sykes Enterprises, Inc.*   330    9,702 
Varonis Systems, Inc.*   424    13,483 
Vocera Communications, Inc.*   892    22,148 
WNS Holdings Ltd. (India)*(b)   500    14,305 
Total Computers        138,803 
           
Diversified Financial Services – 1.4%          
Greenhill & Co., Inc.   436    12,775 
Investment Technology Group, Inc.   710    14,377 
WageWorks, Inc.*   263    19,015 
Total Diversified Financial Services        46,167 
           
Electric – 0.4%          
Avista Corp.   303    11,832 
           
Electrical Components & Equipment – 0.7%          
Encore Wire Corp.   315    14,490 
Powell Industries, Inc.   290    9,988 
Total Electrical Components & Equipment        24,478 
           
Electronics – 3.7%          
Applied Optoelectronics, Inc.*   255    14,318 
AVX Corp.   875    14,332 
Brady Corp., Class A   375    14,494 
Control4 Corp.*   910    14,369 
CTS Corp.   660    14,058 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Electronics (continued)          
GoPro, Inc., Class A*   1,645   $14,312 
II-VI, Inc.*   380    13,699 
Knowles Corp.*(a)   755    14,307 
Methode Electronics, Inc.   315    14,364 
Total Electronics        128,253 
           
Energy - Alternate Sources – 0.7%          
Green Plains, Inc.   370    9,158 
Sunrun, Inc.*(a)   2,458    13,273 
Total Energy - Alternate Sources        22,431 
           
Engineering & Construction – 1.2%          
Argan, Inc.   397    26,261 
Exponent, Inc.   232    13,816 
Total Engineering & Construction        40,077 
           
Entertainment – 1.2%          
Churchill Downs, Inc.   116    18,426 
Marriott Vacations Worldwide Corp.   232    23,184 
Total Entertainment        41,610 
           
Environmental Control – 0.6%          
Casella Waste Systems, Inc., Class A*   1,360    19,190 
           
Food – 1.5%          
Fresh Del Monte Produce, Inc.   339    20,079 
Sanderson Farms, Inc.(a)   147    15,265 
SpartanNash Co.   468    16,375 
Total Food        51,719 
           
Hand / Machine Tools – 0.5%          
Kennametal, Inc.   410    16,084 
           
Healthcare - Products – 3.7%          
Cerus Corp.*(a)   2,188    9,736 
Halyard Health, Inc.*   330    12,570 
ICU Medical, Inc.*   116    17,713 
Inogen, Inc.*   223    17,296 
LeMaitre Vascular, Inc.   682    16,798 
LivaNova PLC*   174    8,528 
Merit Medical Systems, Inc.*   700    20,230 
OraSure Technologies, Inc.*   1,271    16,434 
Orthofix International NV*   223    8,507 
Total Healthcare - Products        127,812 
           
Healthcare - Services – 0.4%          
Tivity Health, Inc.*(a)   481    13,997 
           
Holding Companies - Diversified – 0.4%          
Landmark Infrastructure Partners LP   950   14,202 
           
Home Furnishings – 1.1%          
American Woodmark Corp.*   160    14,688 
iRobot Corp.*   330    21,826 
Total Home Furnishings        36,514 
           
Household Products / Wares – 1.5%          
ACCO Brands Corp.*   999    13,137 
Central Garden & Pet Co.*(a)   584    21,649 
SodaStream International Ltd. (Israel)*   338    16,369 
Total Household Products / Wares        51,155 
           
Insurance – 1.2%          
NMI Holdings, Inc., Class A*   1,604    18,286 
OneBeacon Insurance Group Ltd., Class A   788    12,608 
Universal Insurance Holdings, Inc.(a)   455    11,147 
Total Insurance        42,041 
           
Internet – 2.9%          
8x8, Inc.*   935    14,259 
FireEye, Inc.*(a)   953    12,017 
Groupon, Inc.*(a)   2,875    11,299 
Imperva, Inc.*   311    12,766 
Overstock.com, Inc.*   830    14,276 
Rapid7, Inc.*   955    14,306 
Stamps.com, Inc.*(a)   116    13,729 
WebMD Health Corp.*   133    7,006 
Total Internet        99,658 
           
Iron / Steel – 1.4%          
AK Steel Holding Corp.*(a)   2,711    19,492 
Cliffs Natural Resources, Inc.*   1,846    15,156 
Schnitzer Steel Industries, Inc., Class A   617    12,741 
Total Iron / Steel        47,389 
           
Leisure Time – 0.9%          
Fox Factory Holding Corp.*   510    14,637 
LCI Industries   174    17,365 
Total Leisure Time        32,002 
           
Lodging – 0.4%          
Monarch Casino & Resort, Inc.*   455    13,441 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Machinery - Diversified – 1.3%          
Alamo Group, Inc.   183   $13,943 
Chart Industries, Inc.*   379    13,242 
DXP Enterprises, Inc.*   450    17,042 
Total Machinery - Diversified        44,227 
           
Metal Fabricate / Hardware – 0.3%          
Haynes International, Inc.   295    11,245 
           
Mining – 1.3%          
Century Aluminum Co.*   1,130    14,340 
Fairmount Santrol Holdings, Inc.*   1,940    14,220 
Stillwater Mining Co.*   914    15,785 
Total Mining        44,345 
           
Miscellaneous Manufacturing – 2.3%          
American Outdoor Brands Corp.*(a)   883    17,492 
Fabrinet (Thailand)*   486    20,427 
Harsco Corp.*   1,085    13,834 
John Bean Technologies Corp.   290    25,505 
Total Miscellaneous Manufacturing        77,258 
           
Office Furnishings – 0.3%          
Herman Miller, Inc.   330    10,412 
           
Oil & Gas – 2.0%          
Callon Petroleum Co.*   825    10,857 
Carrizo Oil & Gas, Inc.*   254    7,280 
Denbury Resources, Inc.*(a)   3,789    9,775 
Matador Resources Co.*(a)   501    11,919 
Seadrill Partners LLC   4,090    14,724 
Unit Corp.*   565    13,650 
Total Oil & Gas        68,205 
           
Oil & Gas Services – 2.2%          
Helix Energy Solutions Group, Inc.*   975    7,576 
McDermott International, Inc.*   2,207    14,897 
Newpark Resources, Inc.*(a)   1,582    12,814 
NOW, Inc.*   860    14,586 
Oil States International, Inc.*   354    11,735 
Pioneer Energy Services Corp.*   3,770    15,080 
Total Oil & Gas Services        76,688 
           
Packaging & Containers – 0.5%          
Greif, Inc., Class A   321    17,684 
           
Pharmaceuticals – 2.2%          
Amphastar Pharmaceuticals, Inc.*   682    9,889 
Anika Therapeutics, Inc.*(a)   281    12,207 
Prestige Brands Holdings, Inc.*   263    14,612 
Supernus Pharmaceuticals, Inc.*   525    16,433 
Teligent, Inc.*   1,405    10,973 
Xencor, Inc.*   536    12,821 
Total Pharmaceuticals        76,935 
           
Private Equity – 0.3%          
Kennedy-Wilson Holdings, Inc.   470    10,434 
           
Real Estate – 1.1%          
Forestar Group, Inc.*   1,040    14,196 
HFF, Inc., Class A   339    9,380 
RMR Group, Inc. (The), Class A   295    14,603 
Total Real Estate        38,179 
           
Real Estate Investment Trusts – 12.7%          
Acadia Realty Trust   281    8,447 
Agree Realty Corp.   330    15,827 
Arbor Realty Trust, Inc.   1,720    14,414 
Ares Commercial Real Estate Corp.   895    11,975 
Ashford Hospitality Prime, Inc.   1,356    14,387 
CareTrust REIT, Inc.   727    12,228 
CoreSite Realty Corp.   232    20,892 
Corporate Office Properties Trust   434    14,365 
Cousins Properties, Inc.   1,755    14,514 
EastGroup Properties, Inc.   174    12,794 
Education Realty Trust, Inc.(a)   235    9,600 
First Industrial Realty Trust, Inc.   470    12,516 
Four Corners Property Trust, Inc.   513    11,712 
GEO Group, Inc. (The)   310    14,375 
Hersha Hospitality Trust   765    14,374 
Investors Real Estate Trust   2,435    14,440 
iStar, Inc.*   1,061    12,520 
LaSalle Hotel Properties   452    13,085 
National Health Investors, Inc.   130    9,442 
National Storage Affiliates Trust   500    11,950 
New Senior Investment Group, Inc.   1,405    14,331 
NexPoint Residential Trust, Inc.   600    14,496 
Pebblebrook Hotel Trust   385    11,246 
Piedmont Office Realty Trust, Inc., Class A   480    10,262 
Potlatch Corp.   245    11,196 
Ramco-Gershenson Properties Trust   575    8,061 
Retail Opportunity Investments Corp.   685    14,406 
Sabra Health Care REIT, Inc.(a)   415    11,591 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Real Estate Investment Trusts (continued)          
Silver Bay Realty Trust Corp.   696   $14,943 
Summit Hotel Properties, Inc.   807    12,896 
Sunstone Hotel Investors, Inc.   950    14,563 
Urstadt Biddle Properties, Inc., Class A   510    10,486 
Washington Prime Group, Inc.   1,685    14,643 
Washington Real Estate Investment Trust   330    10,322 
Total Real Estate Investment Trusts        437,299 
           
Retail – 3.2%          
Arcos Dorados Holdings, Inc., Class A (Uruguay)*   2,136    17,195 
Chico's FAS, Inc.   990    14,058 
Children's Place, Inc. (The)   120    14,406 
Francesca's Holdings Corp.*   620    9,517 
Jack in the Box, Inc.   183    18,615 
Pier 1 Imports, Inc.   2,025    14,499 
Potbelly Corp.*   700    9,730 
Wendy's Co. (The)(a)   932    12,684 
Total Retail        110,704 
           
Savings & Loans – 2.0%          
Flagstar Bancorp, Inc.*(a)   446    12,573 
Meridian Bancorp, Inc.   695    12,718 
Northfield Bancorp, Inc.   776    13,984 
Northwest Bancshares, Inc.(a)   807    13,590 
OceanFirst Financial Corp.   612    17,243 
Total Savings & Loans        70,108 
           
Semiconductors – 8.2%          
Alpha & Omega Semiconductor Ltd.*   455    7,821 
Amkor Technology, Inc.*   1,663    19,274 
Brooks Automation, Inc.   655    14,672 
CEVA, Inc.*(a)   517    18,353 
Cirrus Logic, Inc.*   235    14,262 
Cohu, Inc.   785    14,491 
FormFactor, Inc.*(a)   1,102    13,059 
Inphi Corp.*(a)   660    32,221 
Kulicke & Soffa Industries, Inc. (Singapore)*   700    14,224 
MACOM Technology Solutions Holdings, Inc.*   165    7,970 
MaxLinear, Inc.*   972    27,265 
Mellanox Technologies Ltd. (Israel)*   241   12,279 
Nanometrics, Inc.*   485    14,773 
Power Integrations, Inc.   204    13,413 
Silicon Laboratories, Inc.*   205    15,078 
Ultra Clean Holdings, Inc.*   885    14,930 
Veeco Instruments, Inc.*   476    14,209 
Xcerra Corp.*   1,615    14,357 
Total Semiconductors        282,651 
           
Software – 6.4%          
Acxiom Corp.*   400    11,388 
Appfolio, Inc., Class A*   535    14,552 
Bazaarvoice, Inc.*   1,855    7,976 
Blackbaud, Inc.   147    11,271 
Bottomline Technologies de, Inc.*   605    14,308 
CommVault Systems, Inc.*   232    11,786 
Cornerstone OnDemand, Inc.*   365    14,195 
CyberArk Software Ltd. (Israel)*   214    10,886 
Ebix, Inc.(a)   379    23,214 
HubSpot, Inc.*   204    12,352 
MINDBODY, Inc., Class A*   709    19,462 
Paycom Software, Inc.*(a)   241    13,860 
Quality Systems, Inc.*   950    14,478 
RealPage, Inc.*   513    17,904 
Synchronoss Technologies, Inc.*(a)   263    6,417 
Zynga, Inc., Class A*   4,940    14,079 
Total Software        218,128 
           
Telecommunications – 4.3%          
A10 Networks, Inc.*   1,595    14,594 
Consolidated Communications Holdings, Inc.   431    10,094 
Extreme Networks, Inc.*   2,773    20,825 
Iridium Communications, Inc.*(a)   1,048    10,113 
Ixia*   880    17,292 
LogMeIn, Inc.   223    21,743 
NETGEAR, Inc.*   232    11,496 
Oclaro, Inc.*   1,405    13,797 
ShoreTel, Inc.*   2,305    14,176 
Viavi Solutions, Inc.*   1,325    14,204 
Total Telecommunications        148,334 
           
Textiles – 0.7%          
Culp, Inc.   370    11,544 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

 

Investments 

Shares/

Principal

   Value 
COMMON STOCKS (continued)          
Textiles (continued)          
UniFirst Corp.   89   $12,589 
Total Textiles        24,133 
           
Transportation – 0.3%          
Atlas Air Worldwide Holdings, Inc.*   196    10,868 
           
Trucking & Leasing – 0.5%          
GATX Corp.(a)   156    9,510 
Greenbrier Cos., Inc. (The)(a)   196    8,447 
Total Trucking & Leasing        17,957 
           
Total Common Stocks
(Cost $3,041,268)		        3,411,874 
           
MONEY MARKET FUND – 4.6%          
STIT - Government & Agency Portfolio, Institutional Class, 0.61%(c)
(Cost $156,893)		   156,893    156,893 
           
REPURCHASE AGREEMENTS – 7.7%(d)          
Citigroup Global Markets, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $250,006, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.50%, 04/01/17-06/01/52, totaling $254,045)  $250,000    250,000 
Royal Bank of Scotland PLC, dated 03/31/17, due 04/03/17, 0.77%, total to be received $14,895, (collateralized by various U.S. Government Agency Obligations, 0.39%-2.25%, 04/30/17-07/31/18, totaling $15,134)   14,895    14,895 
           
Total Repurchase Agreements
(Cost $264,895)		        264,895 
           
Total Investments – 111.7%
(Cost $3,463,056)		        3,833,662 
           
Liabilities in Excess of Other Assets – (11.7%)        (400,311)
Net Assets – 100.0%       $3,433,351 

 

 

LP - Limited Partnership

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 $441,027; the aggregate market value of the collateral held by the fund is $454,896.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $190,001.
(b)American Depositary Receipt.
(c)Rate shown reflects the 7-day yield as of March 31, 2017.
(d)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Airlines   0.9%
Auto Manufacturers   0.5 
Auto Parts & Equipment   0.5 
Banks   4.0 
Beverages   0.2 
Biotechnology   0.7 
Building Materials   1.9 
Chemicals   1.8 
Coal   0.4 
Commercial Services   6.6 
Computers   4.0 
Diversified Financial Services   1.4 
Electric   0.4 
Electrical Components & Equipment   0.7 
Electronics   3.7 
Energy - Alternate Sources   0.7 
Engineering & Construction   1.2 
Entertainment   1.2 
Environmental Control   0.6 
Food   1.5 
Hand / Machine Tools   0.5 
Healthcare - Products   3.7 
Healthcare - Services   0.4 
Holding Companies - Diversified   0.4 
Home Furnishings   1.1 
Household Products / Wares   1.5 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Insurance   1.2%
Internet   2.9 
Iron / Steel   1.4 
Leisure Time   0.9 
Lodging   0.4 
Machinery - Diversified   1.3 
Metal Fabricate / Hardware   0.3 
Mining   1.3 
Miscellaneous Manufacturing   2.3 
Office Furnishings   0.3 
Oil & Gas   2.0 
Oil & Gas Services   2.2 
Packaging & Containers   0.5 
Pharmaceuticals   2.2 
Private Equity   0.3 
Real Estate   1.1 
Real Estate Investment Trusts   12.7 
Retail   3.2 
Savings & Loans   2.0 
Semiconductors   8.2 
Software   6.4 
Telecommunications   4.3 
Textiles   0.7 
Transportation   0.3 
Trucking & Leasing   0.5 
Money Market Fund   4.6 
Repurchase Agreements   7.7 
Total Investments   111.7 
Liabilities in Excess of Other Assets   (11.7)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF

(Formerly AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF)

Schedule of Investments

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
COMMON STOCKS – 98.7%          
Airlines – 5.8%          
Copa Holdings SA, Class A (Panama)(a)   9,456   $1,061,436 
Latam Airlines Group SA (Chile)*(a)(b)   90,008    1,140,401 
Total Airlines        2,201,837 
           
Banks – 17.9%          
Banco Bradesco SA (Brazil)(b)   91,673    938,731 
Banco do Brasil SA (Brazil)(b)   107,426    1,156,978 
Banco Santander Brasil SA (Brazil)(a)(b)   117,684    1,037,973 
BNP Paribas SA (France)(b)   27,239    906,514 
Itau Unibanco Holding SA (Brazil)(b)   78,281    944,852 
Sberbank of Russia PJSC (Russia)(b)   85,229    982,690 
Societe Generale SA (France)(b)   89,073    898,747 
Total Banks        6,866,485 
           
Building Materials – 2.2%          
CRH PLC (Ireland)(b)   24,264    853,365 
           
Chemicals – 7.9%          
Braskem SA (Brazil)(b)   47,302    962,596 
Sinopec Shanghai Petrochemical Co., Ltd. (China)(a)(b)   14,963    834,337 
Sociedad Quimica y Minera de Chile SA (Chile)(b)   35,977    1,236,529 
Total Chemicals        3,033,462 
           
Commercial Services – 9.1%          
New Oriental Education & Technology Group, Inc. (China)*(b)   23,605    1,425,270 
TAL Education Group (China)*(a)(b)   19,478    2,075,770 
Total Commercial Services        3,501,040 
           
Diversified Financial Services – 6.9%          
KB Financial Group, Inc. (South Korea)(b)   21,486    944,739 
Nomura Holdings, Inc. (Japan)(a)(b)   142,928    896,159 
ORIX Corp. (Japan)(b)   10,994    817,184 
Total Diversified Financial Services        2,658,082 
           
Electric – 10.0%          
Empresa Distribuidora Y Comercializadora Norte (Argentina)*(b)   52,345    1,820,035 
Pampa Energia SA (Argentina)*(b)   36,876    1,999,417 
Total Electric        3,819,452 
           
Food – 2.8%          
Cosan Ltd., Class A (Brazil)   125,782   $1,074,178 
           
Forest Products & Paper – 2.5%          
Stora Enso OYJ (Finland)(a)(b)   79,932    944,796 
           
Insurance – 4.8%          
Chubb Ltd.   6,870    936,038 
Tokio Marine Holdings, Inc. (Japan)(a)(b)   21,203    897,947 
Total Insurance        1,833,985 
           
Internet – 2.5%          
SINA Corp./China (China)*   13,171    949,893 
           
Iron / Steel – 4.2%          
Cia Siderurgica Nacional SA (Brazil)*(a)(b)   186,623    544,939 
Ternium SA (Luxembourg)(a)(b)   40,099    1,047,386 
Total Iron / Steel        1,592,325 
           
Lodging – 2.8%          
China Lodging Group Ltd. (China)*(b)   17,072    1,059,318 
           
Machinery - Construction & Mining – 2.2%          
Komatsu Ltd. (Japan)(b)   32,217    843,441 
           
Mining – 2.1%          
Cia de Minas Buenaventura SAA (Peru)(b)   67,590    813,784 
           
Oil & Gas – 4.9%          
LUKOIL PJSC (Russia)(b)   15,327    813,251 
Petroleo Brasileiro SA (Brazil)*(b)   110,335    1,069,146 
Total Oil & Gas        1,882,397 
           
Real Estate – 5.1%          
Cresud SACIF y A (Argentina)*(b)   47,067    944,635 
IRSA Inversiones y Representaciones SA (Argentina)*(a)(b)   40,368    989,419 
Total Real Estate        1,934,054 
           
Software – 2.6%          
SAP SE (Germany)(a)(b)   9,971    978,853 
           
Telecommunications – 2.4%          
Nice Ltd. (Israel)(b)   13,586    923,576 
Total Common Stocks          
(Cost $34,292,564)        37,764,323 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES DORSEY WRIGHT ADR ETF

(Formerly AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF)

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Shares /
Principal		   Value 
MONEY MARKET FUND – 1.4%          
Invesco Government & Agency Portfolio - Private Investment Class, 0.31%(c)
(Cost $550,824)		   550,824   $550,824 
           
REPURCHASE AGREEMENTS – 13.0%(d)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $1,160,798, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $1,180,542)  $1,160,772    1,160,772 
Citibank NA, dated 03/31/17, due 04/03/17, 0.81%, total to be received $344,023, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.00%, 02/01/26-02/01/46, totaling $349,848)   344,015    344,015 
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $1,160,801, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $1,176,298)   1,160,772    1,160,772 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $1,160,798, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $1,179,918)   1,160,772    1,160,772 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $1,160,798, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $1,180,262)   1,160,772    1,160,772 
Total Repurchase Agreements          
(Cost $4,987,103)        4,987,103 
Total Investments – 113.1%          
(Cost $39,830,491)        43,302,250 
Liabilities in Excess of Other Assets – (13.1%)        (5,001,624)
Net Assets – 100.0%       $38,300,626 

 

 

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 $4,796,467; the aggregate market value of the collateral held by the fund is $4,987,103.  
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of March 31, 2017.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Airlines   5.8%
Banks   17.9 
Building Materials   2.2 
Chemicals   7.9 
Commercial Services   9.1 
Diversified Financial Services   6.9 
Electric   10.0 
Food   2.8 
Forest Products & Paper   2.5 
Insurance   4.8 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES DORSEY WRIGHT ADR ETF

(Formerly AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF)

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

   % of 
   Net Assets 
Internet   2.5%
Iron / Steel   4.2 
Lodging   2.8 
Machinery - Construction & Mining   2.2 
Mining   2.1 
Oil & Gas   4.9 
Real Estate   5.1 
Software   2.6 
Telecommunications   2.4 
Money Market Fund   1.4 
Repurchase Agreements   13.0 
Total Investments   113.1 
Liabilities in Excess of Other Assets   (13.1)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
COMMON STOCKS – 99.4%          
Aerospace/Defense – 4.1%          
HEICO Corp.   5,249   $457,713 
           
Banks – 3.7%          
Signature Bank*   2,767    410,595 
           
Building Materials – 3.9%          
Continental Building Products, Inc.*   17,805    436,223 
           
Chemicals – 12.6%          
Axalta Coating Systems Ltd.*   15,328    493,562 
RPM International, Inc.   7,663    421,695 
Sherwin-Williams Co. (The)   1,533    475,521 
Total Chemicals        1,390,778 
           
Commercial Services – 4.4%          
Moody's Corp.   4,371    489,727 
           
Computers – 4.0%          
Cognizant Technology Solutions Corp., Class A*   7,374    438,900 
           
Diversified Financial Services – 8.0%          
Alliance Data Systems Corp.   1,811    450,939 
Intercontinental Exchange, Inc.   7,309    437,590 
Total Diversified Financial Services        888,529 
           
Entertainment – 4.3%          
Cinemark Holdings, Inc.   10,769    477,497 
           
Food – 11.1%          
Hormel Foods Corp.   11,879    411,370 
Ingredion, Inc.   3,321    399,948 
JM Smucker Co. (The)   3,235    424,044 
Total Food        1,235,362 
           
Hand/Machine Tools – 3.7%          
Snap-on, Inc.   2,412    406,832 
           
Healthcare - Products – 12.4%          
C.R. Bard, Inc.   1,860    462,284 
Danaher Corp.   5,298    453,138 
Stryker Corp.   3,454    454,719 
Total Healthcare - Products        1,370,141 
           
Insurance – 3.9%          
Aflac, Inc.   5,933    429,668 
           
Machinery - Diversified – 3.5%          
Wabtec Corp.   4,956    386,568 
           
Pharmaceuticals – 3.5%          
Express Scripts Holding Co.*   5,957    392,626 
           
Retail – 3.7%          
Ross Stores, Inc.   6,224   409,975 
           
Software – 12.6%          
Cerner Corp.*   8,721    513,231 
Fiserv, Inc.*   3,860    445,096 
Microsoft Corp.   6,573    432,898 
Total Software        1,391,225 
Total Common Stocks          
(Cost $10,311,434)        11,012,359 
           
MONEY MARKET FUND – 0.6%          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.54%(a)
(Cost $67,478)		   67,478    67,478 
Total Investments – 100.0%          
(Cost $10,378,912)        11,079,837 
Other Assets in Excess of Liabilities – 0.0%**        3,320 
Net Assets – 100.0%       $11,083,157 

 

 

 

* Non-income producing security.
** Less than 0.05%
(a) Rate shown reflects the 7-day yield as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
   Net Assets 
Aerospace/Defense   4.1%
Banks   3.7 
Building Materials   3.9 
Chemicals   12.6 
Commercial Services   4.4 
Computers   4.0 
Diversified Financial Services   8.0 
Entertainment   4.3 
Food   11.1 
Hand/Machine Tools   3.7 
Healthcare - Products   12.4 
Insurance   3.9 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
   % of 
   Net Assets 
Machinery – Diversified   3.5%
Pharmaceuticals   3.5 
Retail   3.7 
Software   12.6 
Money Market Fund   0.6 
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 GARTMAN GOLD/EURO ETF

Schedule of Investments (Consolidated)†

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
EXCHANGE TRADED FUND – 27.5%          
Debt Fund – 27.5%          
AdvisorShares Sage Core Reserves ETF††          
(Cost $4,974,000)   50,000   $4,970,000 
           
MONEY MARKET FUND – 27.7%          
BNY Mellon Cash Reserve, 0.01%(a)          
(Cost $5,008,670)   5,008,670    5,008,670 
           
Total Investments – 55.2%          
(Cost $9,982,670)        9,978,670 
Other Assets in Excess of Liabilities – 44.8%        8,107,963 
Net Assets – 100.0%       $18,086,633 

 

 

ETF - Exchange Traded Fund

 

† The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to the Schedules of Investments.
†† Affiliated Company.
(a) Rate shown reflects the 7-day yield as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Debt Fund   27.5%
Money Market Fund   27.7 
Total Investments   55.2 
Other Assets in Excess of Liabilities   44.8 
Net Assets   100.0%

 

Futures contracts outstanding as of March 31, 2017:

 

Type  Broker  Expiration
Date		  Number of
Contracts		   Value at
Trade Date		   Value at
March 31,
2017		   Unrealized
Appreciation
(Depreciation)		 
EURO Currency  Interactive Brokers LLC  June 2017   (131)  $(17,353,040)  $(17,557,275)  $(204,235)
Gold 100 Oz.  Interactive Brokers LLC  June 2017   142    17,857,875    17,767,040    (90,835)
                        $(295,070)

 

Cash posted as collateral from broker for futures contracts was $8,148,800 at March 31, 2017.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES GARTMAN GOLD/YEN ETF

Schedule of Investments (Consolidated)†

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
EXCHANGE TRADED FUND – 31.2%          
Debt Fund – 31.2%          
AdvisorShares Sage Core Reserves ETF††          
(Cost $4,974,000)   50,000   $4,970,000 
           
MONEY MARKET FUND – 24.0%          
BNY Mellon Cash Reserve, 0.01%(a)
(Cost $3,811,717)		   3,811,717    3,811,717 
           
Total Investments – 55.2%          
(Cost $8,785,717)        8,781,717 
Other Assets in Excess of Liabilities – 44.8%        7,119,617 
Net Assets – 100.0%       $15,901,334 

 

 

ETF - Exchange Traded Fund

 

†The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to the Schedules of Investments.
††Affiliated Company.
(a)Rate shown reflects the 7-day yield as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Debt Fund   31.2%
Money Market Fund   24.0 
Total Investments   55.2 
Other Assets in Excess of Liabilities   44.8 
Net Assets   100.0%

 

Futures contracts outstanding as of March 31, 2017:

 

Type  Broker  Expiration
Date		  Number of
Contracts		   Value at
Trade Date		   Value at
March 31,
2017		   Unrealized
Appreciation
(Depreciation)		 
Gold 100 Oz.  Interactive Brokers LLC  June 2017   127   $15,959,450   $15,890,240   $(69,210)
Japanese Yen Currency  Interactive Brokers LLC  June 2017   (141)   (15,475,097)   (15,882,769)   (407,672)
                        $(476,882)

 

Cash posted as collateral from broker for futures contracts was $7,160,821 at March 31, 2017.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS – 67.9%          
Apparel – 1.4%          
VF Corp.(a)   1,192   $65,524 
           
Auto Parts & Equipment – 1.2%          
Autoliv, Inc. (Sweden)(a)   570    58,288 
           
Biotechnology – 3.5%          
Bluebird Bio, Inc.*(a)   490    44,541 
Gilead Sciences, Inc.   865    58,751 
Illumina, Inc.*   368    62,795 
Total Biotechnology        166,087 
           
Building Materials – 1.5%          
Johnson Controls International PLC   1,675    70,551 
           
Chemicals – 1.6%          
Novozymes A/S (Denmark)(a)(b)   1,874    74,314 
           
Commercial Services – 4.0%          
Automatic Data Processing, Inc.   772    79,045 
MarketAxess Holdings, Inc.   317    59,434 
PayPal Holdings, Inc.*   1,200    51,624 
Total Commercial Services        190,103 
           
Computers – 1.6%          
Apple, Inc.   545    78,295 
           
Cosmetics/Personal Care – 3.8%          
Procter & Gamble Co. (The)   922    82,842 
Unilever PLC (United Kingdom)(b)   1,969    97,150 
Total Cosmetics/Personal Care        179,992 
           
Diversified Financial Services – 1.8%          
Mastercard, Inc., Class A   759    85,365 
           
Electric – 1.1%          
Ormat Technologies, Inc.   900    51,372 
           
Electronics – 0.9%          
Fortive Corp.   725    43,660 
           
Energy - Alternate Sources – 1.3%          
Vestas Wind Systems A/S (Denmark)*(b)   2,314    62,941 
           
Environmental Control – 1.6%          
Tomra Systems ASA (Norway)(b)   6,972    76,901 
           
Food – 6.5%          
JM Smucker Co. (The)   662    86,775 
Kroger Co. (The)   1,244    36,686 
Nestle SA (Switzerland)(b)   1,095    84,205 
Sprouts Farmers Market, Inc.*(a)   2,394    55,349 
Whole Foods Market, Inc.   1,500    44,580 
Total Food        307,595 
           
Healthcare - Products – 6.7%          
Abbott Laboratories   2,099   93,217 
Boston Scientific Corp.*   2,910    72,372 
Danaher Corp.   905    77,405 
Hologic, Inc.*   1,781    75,781 
Total Healthcare - Products        318,775 
           
Household Products / Wares – 0.8%          
SodaStream International Ltd. (Israel)*(a)   750    36,323 
           
Internet – 3.5%          
Alphabet, Inc., Class A*   98    83,084 
Facebook, Inc., Class A*   371    52,701 
TripAdvisor, Inc.*(a)   700    30,212 
Total Internet        165,997 
           
Machinery - Diversified – 3.2%          
Rockwell Automation, Inc.   469    73,028 
Xylem, Inc.   1,547    77,690 
Total Machinery - Diversified        150,718 
           
Miscellaneous Manufacturing – 1.4%          
AptarGroup, Inc.(a)   858    66,057 
Pharmaceuticals – 3.9%          
Novartis AG (Switzerland)(b)   1,107    82,217 
Perrigo Co. PLC(a)   737    48,929 
Teva Pharmaceutical Industries Ltd. (Israel)(b)   1,696    54,425 
Total Pharmaceuticals        185,571 
           
Retail – 6.2%          
Chipotle Mexican Grill, Inc.*(a)   80    35,642 
CVS Health Corp.   803    63,035 
Kingfisher PLC (United Kingdom)(a)(b)   7,446    62,100 
Starbucks Corp.   836    48,814 
Target Corp.   638    35,211 
TJX Cos., Inc. (The)   600    47,448 
Total Retail        292,250 
           
Semiconductors – 7.2%          
Analog Devices, Inc.   967    79,246 
Intel Corp.   1,737    62,654 
IPG Photonics Corp.*   330    39,831 
NXP Semiconductors NV (Netherlands)*   435    45,022 
QUALCOMM, Inc.   950    54,473 
Xilinx, Inc.   1,050    60,784 
Total Semiconductors        342,010 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Shares/Principal   Value 
COMMON STOCKS (continued)          
Software – 1.7%          
Fiserv, Inc.*   718   $82,793 
           
Transportation – 1.5%          
Canadian National Railway Co. (Canada)   940    69,494 
Total Common Stocks          
(Cost $2,897,086)        3,220,976 
           
U.S. GOVERNMENT AGENCY SECURITIES – 13.4%          
Federal National Mortgage Association, 3.02%, 11/01/31  $14,914    14,624 
Federal National Mortgage Association, 3.76%, 05/01/43   330,066    336,343 
Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43   49,777    50,096 
Government National Mortgage Association, Class AC, Series 2015-160, 2.60%, 01/16/56@   144,016    142,639 
Government National Mortgage Association, Class AE, Series 2015-41, 2.90%, 09/16/56@   92,228    92,268 
Total U.S. Government Agency Securities          
(Cost $655,569)        635,970 
           
ASSET BACKED SECURITIES – 10.4%          
SBA, 4.85%, 07/25/38@   103,397    117,121 
SBA, 4.90%, 02/25/39@   131,001    150,054 
SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29   126,351    134,342 
Toyota Auto Receivables 2016-B Owner Trust, Class A2A, Series 2016-B, 1.02%, 10/15/18   18,435    18,425 
U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20   68,788    71,271 
Total Asset Backed Securities          
(Cost $500,212)        491,213 
           
MUNICIPAL BONDS – 3.3%          
City & County of Honolulu Hi, 1.71%, 10/01/21   15,000    14,690 
City of Atlanta GA, 1.98%, 01/01/18  15,000   15,009 
Health & Educational Facilities Authority of The State of Missouri, 3.69%, 02/15/47   25,000    24,281 
Housing Development Corp., 3.71%, 11/01/28   30,000    30,045 
New York State Environmental Facilities Corp., 3.11%, 07/15/39   80,000    71,808 
Total Municipal Bonds          
(Cost $165,467)        155,833 
           
MONEY MARKET FUNDS – 5.7%          
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.58%(c)   113,382    113,382 
Fidelity Investments Money Market Government Portfolio – Class I, 0.53%(c)   155,839    155,839 
Total Money Market Funds          
(Cost $269,221)        269,221 
           
REPURCHASE AGREEMENTS – 8.5%(d)          
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $250,006, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $253,344)  $250,000    250,000 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES GLOBAL ECHO ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $156,288, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $158,862)  $156,284   $156,284 
Total Repurchase Agreements          
(Cost $406,284)        406,284 
Total Investments – 109.2%          
(Cost $4,893,839)        5,179,497 
Liabilities in Excess of Other Assets – (9.2%)        (434,771)
Net Assets – 100.0%       $4,744,726 

 

 

PLC - Public Limited Company

 

@Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2017.
*Non-income producing security.
(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $553,589; the aggregate market value of the collateral held by the fund is $567,095.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $160,811.
(b)American Depositary Receipt.
(c)Rate shown reflects the 7-day yield as of March 31, 2017.
(d)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
   Net Assets 
Apparel   1.4%
Asset Backed Securities   10.4 
Auto Parts & Equipment   1.2 
Biotechnology   3.5 
Building Materials   1.5 
Chemicals   1.6 
Commercial Services   4.0 
Computers   1.6 
Cosmetics/Personal Care   3.8 
Diversified Financial Services   1.8
Electric   1.1 
Electronics   0.9 
Energy - Alternate Sources   1.3 
Environmental Control   1.6 
Food   6.5 
Healthcare - Products   6.7 
Household Products / Wares   0.8 
Internet   3.5 
Machinery - Diversified   3.2 
Miscellaneous Manufacturing   1.4 
Municipal Bonds   3.3 
Pharmaceuticals   3.9 
Retail   6.2 
Semiconductors   7.2 
Software   1.7 
Transportation   1.5 
U.S. Government Agency Securities   13.4 
Money Market Funds   5.7 
Repurchase Agreements   8.5 
Total Investments   109.2 
Liabilities in Excess of Other Assets   (9.2)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
COMMON STOCKS – 97.5%          
Advertising – 2.5%          
Innocean Worldwide, Inc. (South Korea)   4,194   $231,021 
           
Agriculture – 0.9%          
Easy Bio, Inc. (South Korea)   15,877    85,894 
           
Airlines – 1.7%          
Hanjin Kal Corp. (South Korea)*   9,010    157,915 
           
Apparel – 1.9%          
Handsome Co. Ltd. (South Korea)   6,773    171,702 
           
Auto Manufacturers – 2.0%          
Hyundai Motor Co. (South Korea)   1,291    181,823 
           
Auto Parts & Equipment – 2.5%          
Halla Holdings Corp. (South Korea)   1,313    78,078 
Hankook Tire Co. Ltd. (South Korea)   671    32,701 
Hyundai Mobis Co. Ltd. (South Korea)   542    116,562 
Total Auto Parts & Equipment        227,341 
           
Banks – 1.5%          
Industrial Bank of Korea (South Korea)   12,224    133,357 
           
Biotechnology – 1.5%          
Samsung Biologics Co. Ltd. (South Korea)*   597    92,355 
Seegene, Inc. (South Korea)*   1,503    44,218 
Total Biotechnology        136,573 
           
Chemicals – 4.4%          
KCC Corp. (South Korea)   116    36,720 
Kumho Petrochemical Co. Ltd. (South Korea)   1,958    137,969 
LG Chem Ltd. (South Korea)   400    105,159 
Lotte Chemical Corp. (South Korea)   368    121,921 
Total Chemicals        401,769 
           
Commercial Services – 1.0%          
AJ Rent A Car Co. Ltd. (South Korea)*   9,865    90,420 
           
Computers – 2.6%          
Samsung SDS Co. Ltd. (South Korea)   388    46,318 
SK Holdings Co. Ltd. (South Korea)   862    187,693 
Total Computers        234,011 
           
Cosmetics / Personal Care – 1.5%          
Amorepacific Corp. (South Korea)   371    93,057 
LG Household & Health Care Ltd. (South Korea)   65   47,138 
Total Cosmetics / Personal Care        140,195 
           
Distribution / Wholesale – 3.6%          
Hanwha Corp. (South Korea)   4,656    149,468 
Kolon Corp. (South Korea)   370    20,679 
LG Corp. (South Korea)   793    49,780 
SK Networks Co. Ltd. (South Korea)   16,469    110,009 
Total Distribution / Wholesale        329,936 
           
Diversified Financial Services – 4.7%          
DGB Financial Group, Inc. (South Korea)   14,103    136,830 
KB Financial Group, Inc. (South Korea)   4,524    198,226 
KIWOOM Securities Co. Ltd. (South Korea)   1,353    98,484 
Total Diversified Financial Services        433,540 
           
Electric – 1.5%          
Korea Electric Power Corp. (South Korea)   3,267    135,699 
           
Electrical Components & Equipment – 1.3%          
LS Corp. (South Korea)   2,038    116,999 
           
Electronics – 0.3%          
LG Display Co. Ltd. (South Korea)   927    25,075 
           
Engineering & Construction – 2.6%          
Daelim Industrial Co. Ltd. (South Korea)   2,039    147,505 
Hyundai Engineering & Construction Co. Ltd. (South Korea)   2,098    92,865 
Total Engineering & Construction        240,370 
           
Food – 4.7%          
CJ CheilJedang Corp. (South Korea)   865    273,044 
Hyundai Greenfood Co. Ltd. (South Korea)   6,557    91,762 
Orion Corp. (South Korea)   115    68,899 
Total Food        433,705 
           
Gas – 1.0%          
Korea Gas Corp. (South Korea)*   2,302    92,529 
           
Healthcare - Products – 1.5%          
Interojo Co. Ltd. (South Korea)   704    23,733 
i-SENS, Inc. (South Korea)   892    23,491 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Healthcare - Products (continued)          
Value Added Technologies Co. Ltd. (South Korea)   749   $18,787 
Vieworks Co. Ltd. (South Korea)   1,278    73,711 
Total Healthcare - Products        139,722 
           
Holding Companies - Diversified – 0.9%          
CJ Corp. (South Korea)   517    80,442 
           
Home Furnishings – 0.5%          
SM Entertainment Co. (South Korea)*   2,126    44,866 
           
Insurance – 3.0%          
KB Insurance Co. Ltd. (South Korea)   8,023    193,706 
Samsung Life Insurance Co. Ltd. (South Korea)   863    83,730 
Total Insurance        277,436 
           
Internet – 4.7%          
MDS Technology Co. Ltd. (South Korea)   3,090    62,585 
NAVER Corp. (South Korea)   482    368,514 
Total Internet        431,099 
           
Iron / Steel – 2.4%          
POSCO (South Korea)   824    214,418 
           
Leisure Time – 1.3%          
Hana Tour Service, Inc. (South Korea)   1,608    114,457 
           
Machinery - Diversified – 0.8%          
SFA Engineering Corp. (South Korea)   1,163    75,294 
           
Media – 1.8%          
CJ E&M Corp. (South Korea)   2,136    162,354 
           
Metal Fabricate / Hardware – 0.5%          
Hyosung Corp. (South Korea)   381    46,164 
           
Miscellaneous Manufacturing – 0.9%          
Doosan Corp. (South Korea)   971    82,226 
           
Oil & Gas – 3.2%          
GS Holdings Corp. (South Korea)   1,130    59,718 
S-Oil Corp. (South Korea)   2,611    234,647 
Total Oil & Gas        294,365 
           
Pharmaceuticals – 4.6%          
Dong-A Socio Holdings Co. Ltd. (South Korea)   1,056    124,646 
Green Cross Corp. (South Korea)   1,017   144,143 
Yuhan Corp. (South Korea)   778    154,793 
Total Pharmaceuticals        423,582 
           
Retail – 1.7%          
E-MART, Inc. (South Korea)   435    79,936 
GS Retail Co. Ltd. (South Korea)   607    28,605 
Samsung C&T Corp. (South Korea)   378    43,097 
Total Retail        151,638 
           
Semiconductors – 21.0%          
Samsung Electronics Co. Ltd. (South Korea)   914    1,683,663 
Silicon Works Co. Ltd. (South Korea)   1,674    45,880 
SK Hynix, Inc. (South Korea)   3,067    138,499 
TES Co. Ltd. (South Korea)   2,479    51,096 
Total Semiconductors        1,919,138 
           
Shipbuilding – 2.4%          
Hyundai Heavy Industries Co. Ltd. (South Korea)*   1,500    221,318 
           
Telecommunications – 1.9%          
SK Telecom Co. Ltd. (South Korea)   773    174,189 
           
Transportation – 0.7%          
Korea Line Corp. (South Korea)*   3,043    63,265 
Total Common Stocks          
(Cost $7,969,297)        8,915,847 
Total Investments – 97.5%          
(Cost $7,969,297)        8,915,847 
Other Assets in Excess of Liabilities – 2.5%        226,155 
Net Assets – 100.0%       $9,142,002 

 

 

*Non-income producing security.

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
   Net Assets 
Advertising   2.5%
Agriculture   0.9 
Airlines   1.7 
Apparel   1.9 
Auto Manufacturers   2.0 
Auto Parts & Equipment   2.5 
Banks   1.5 
Biotechnology   1.5 
Chemicals   4.4 
Commercial Services   1.0 
Computers   2.6 
Cosmetics / Personal Care   1.5 
Distribution / Wholesale   3.6 
Diversified Financial Services   4.7 
Electric   1.5 
Electrical Components & Equipment   1.3 
Electronics   0.3 
Engineering & Construction   2.6 
Food   4.7 
Gas   1.0 
Healthcare - Products   1.5 
Holding Companies - Diversified   0.9 
Home Furnishings   0.5 
Insurance   3.0 
Internet   4.7 
Iron / Steel   2.4 
Leisure Time   1.3 
Machinery - Diversified   0.8 
Media   1.8 
Metal Fabricate / Hardware   0.5 
Miscellaneous Manufacturing   0.9 
Oil & Gas   3.2 
Pharmaceuticals   4.6 
Retail   1.7 
Semiconductors   21.0 
Shipbuilding   2.4 
Telecommunications   1.9 
Transportation   0.7 
Total Investments   97.5 
Other Assets in Excess of Liabilities   2.5 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
COMMON STOCKS – 98.2%          
Advertising – 0.4%          
Interpublic Group of Cos., Inc. (The)   3,081   $75,700 
Omnicom Group, Inc.   386    33,277 
Total Advertising        108,977 
           
Aerospace/Defense – 1.5%          
Boeing Co. (The)   554    97,980 
General Dynamics Corp.   211    39,499 
Harris Corp.   555    61,755 
L3 Technologies, Inc.   84    13,884 
Lockheed Martin Corp.   53    14,183 
Northrop Grumman Corp.   71    16,887 
Raytheon Co.   134    20,435 
Rockwell Collins, Inc.   511    49,649 
TransDigm Group, Inc.(a)   219    48,215 
United Technologies Corp.   311    34,897 
Total Aerospace/Defense        397,384 
           
Agriculture – 0.9%          
Altria Group, Inc.   202    14,427 
Archer-Daniels-Midland Co.   3,182    146,499 
Philip Morris International, Inc.   409    46,176 
Reynolds American, Inc.   252    15,881 
Total Agriculture        222,983 
           
Airlines – 1.2%          
Alaska Air Group, Inc.(a)   1,148    105,869 
Delta Air Lines, Inc.   2,862    131,537 
Southwest Airlines Co.   1,618    86,984 
Total Airlines        324,390 
           
Apparel – 1.1%          
Hanesbrands, Inc.(a)   7,822    162,385 
Michael Kors Holdings Ltd.*   371    14,139 
NIKE, Inc., Class B   673    37,506 
Ralph Lauren Corp.   175    14,284 
Under Armour, Inc., Class C*(a)   790    14,457 
VF Corp.(a)   820    45,075 
Total Apparel        287,846 
           
Auto Manufacturers – 1.4%          
Ford Motor Co.   12,858    149,667 
General Motors Co.   4,249    150,245 
PACCAR, Inc.   1,080    72,576 
Total Auto Manufacturers        372,488 
           
Auto Parts & Equipment – 1.3%          
BorgWarner, Inc.(a)   1,169    48,852 
Delphi Automotive PLC   1,659    133,533 
Goodyear Tire & Rubber Co. (The)   4,130    148,680 
Total Auto Parts & Equipment        331,065 
           
Banks – 4.5%          
Bank of America Corp.   2,054    48,454 
Bank of New York Mellon Corp. (The)   1,704    80,480 
BB&T Corp.   362    16,181 
Capital One Financial Corp.   917    79,467 
Citigroup, Inc.   1,060    63,409 
Citizens Financial Group, Inc.   3,501    120,960 
Comerica, Inc.   382    26,198 
Fifth Third Bancorp   526    13,360 
Goldman Sachs Group, Inc. (The)   633    145,413 
Huntington Bancshares, Inc.   4,513    60,429 
JPMorgan Chase & Co.   165    14,494 
KeyCorp   1,827    32,484 
M&T Bank Corp.   92    14,235 
Morgan Stanley   2,307    98,832 
Northern Trust Corp.   598    51,775 
PNC Financial Services Group, Inc. (The)   381    45,812 
Regions Financial Corp.   4,664    67,768 
State Street Corp.   802    63,847 
SunTrust Banks, Inc.   548    30,304 
US Bancorp   272    14,008 
Wells Fargo & Co.   934    51,986 
Zions Bancorporation   949    39,858 
Total Banks        1,179,754 
           
Beverages – 1.1%          
Brown-Forman Corp., Class B(a)   294    13,577 
Coca-Cola Co. (The)   332    14,090 
Constellation Brands, Inc., Class A   676    109,559 
Dr Pepper Snapple Group, Inc.   279    27,320 
Molson Coors Brewing Co., Class B   393    37,614 
Monster Beverage Corp.*   1,313    60,621 
PepsiCo, Inc.   130    14,542 
Total Beverages        277,323 
           
Biotechnology – 1.9%          
Alexion Pharmaceuticals, Inc.*   976    118,330 
Amgen, Inc.   257    42,166 
Biogen, Inc.*   190    51,950 
Celgene Corp.*   1,134    141,104 
Illumina, Inc.*   89    15,187 
Regeneron Pharmaceuticals, Inc.*   199    77,114 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Biotechnology (continued)          
Vertex Pharmaceuticals, Inc.*   425   $46,474 
Total Biotechnology        492,325 
           
Building Materials – 1.7%          
Fortune Brands Home & Security, Inc.   794    48,315 
Johnson Controls International PLC   2,331    98,182 
Martin Marietta Materials, Inc.   336    73,332 
Masco Corp.   2,600    88,374 
Vulcan Materials Co.   1,147    138,190 
Total Building Materials        446,393 
           
Chemicals – 1.6%          
Air Products & Chemicals, Inc.   132    17,858 
Albemarle Corp.   157    16,586 
Dow Chemical Co. (The)   454    28,847 
E.I. du Pont de Nemours & Co.   189    15,182 
Eastman Chemical Co.   1,010    81,608 
FMC Corp.   893    62,144 
International Flavors & Fragrances, Inc.   112    14,843 
LyondellBasell Industries NV, Class A   557    50,793 
Monsanto Co.   202    22,867 
Mosaic Co. (The)   487    14,211 
PPG Industries, Inc.   328    34,466 
Praxair, Inc.   197    23,364 
Sherwin-Williams Co. (The)   115    35,672 
Total Chemicals        418,441 
           
Commercial Services – 2.8%          
Automatic Data Processing, Inc.   204    20,887 
Cintas Corp.   166    21,006 
Ecolab, Inc.   290    36,349 
Equifax, Inc.   270    36,920 
Global Payments, Inc.   187    15,087 
H&R Block, Inc.   2,714    63,100 
Moody's Corp.   271    30,363 
Nielsen Holdings PLC   726    29,991 
PayPal Holdings, Inc.*   1,719    73,951 
Quanta Services, Inc.*   934    34,661 
Robert Half International, Inc.   1,295    63,235 
S&P Global, Inc.   448    58,571 
Total System Services, Inc.   1,257    67,199 
United Rentals, Inc.*   913    114,171 
Verisk Analytics, Inc.*   221    17,932 
Western Union Co. (The)   2,882    58,649 
Total Commercial Services        742,072 
           
Computers – 2.9%          
Accenture PLC, Class A   225    26,973 
Apple, Inc.   368    52,867 
Cognizant Technology Solutions Corp., Class A*(a)   1,912    113,802 
CSRA, Inc.   2,276    66,664 
Hewlett Packard Enterprise Co.   636    15,073 
HP, Inc.   785    14,036 
International Business Machines Corp.   84    14,628 
NetApp, Inc.   2,497    104,499 
Seagate Technology PLC   3,232    148,446 
Teradata Corp.*   698    21,722 
Western Digital Corp.   2,034    167,866 
Total Computers        746,576 
           
Cosmetics/Personal Care – 0.4%          
Colgate-Palmolive Co.   252    18,444 
Coty, Inc., Class A   2,551    46,250 
Estee Lauder Cos., Inc. (The), Class A   323    27,387 
Procter & Gamble Co. (The)   158    14,196 
Total Cosmetics/Personal Care        106,277 
           
Distribution/Wholesale – 0.8%          
Fastenal Co.   998    51,397 
LKQ Corp.*   3,321    97,206 
W.W. Grainger, Inc.(a)   241    56,095 
Total Distribution/Wholesale        204,698 
           
Diversified Financial Services – 6.7%          
Affiliated Managers Group, Inc.   902    147,874 
Alliance Data Systems Corp.(a)   583    145,167 
American Express Co.   818    64,712 
Ameriprise Financial, Inc.   1,120    145,241 
BlackRock, Inc.   188    72,100 
CBOE Holdings, Inc.   1,734    140,575 
Charles Schwab Corp. (The)   2,146    87,578 
CME Group, Inc.   189    22,453 
Discover Financial Services   1,261    86,240 
E*TRADE Financial Corp.*   2,884    100,623 
Franklin Resources, Inc.   1,362    57,395 
Intercontinental Exchange, Inc.   1,109    66,396 
Invesco Ltd.   4,167    127,635 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Diversified Financial Services (continued)          
Mastercard, Inc., Class A   537   $60,396 
Nasdaq, Inc.   688    47,782 
Navient Corp.   8,337    123,054 
Synchrony Financial   3,529    121,045 
T. Rowe Price Group, Inc.(a)   1,061    72,307 
Visa, Inc., Class A   716    63,631 
Total Diversified Financial Services        1,752,204 
           
Electric – 1.3%          
AES Corp. (The)   3,375    37,732 
Alliant Energy Corp.   377    14,933 
Ameren Corp.   270    14,739 
American Electric Power Co., Inc.   209    14,030 
CMS Energy Corp.   348    15,570 
Consolidated Edison, Inc.   180    13,979 
Dominion Resources, Inc.   186    14,428 
DTE Energy Co.   147    15,010 
Duke Energy Corp.   173    14,188 
Edison International   183    14,569 
Entergy Corp.   179    13,597 
Eversource Energy   255    14,989 
Exelon Corp.   410    14,752 
FirstEnergy Corp.   442    14,064 
NextEra Energy, Inc.   116    14,891 
PG&E Corp.   213    14,135 
Pinnacle West Capital Corp.   175    14,591 
PPL Corp.   382    14,283 
SCANA Corp.   228    14,900 
Southern Co. (The)   280    13,938 
WEC Energy Group, Inc.   247    14,976 
Xcel Energy, Inc.   333    14,802 
Total Electric        343,096 
           
Electrical Components & Equipment – 0.6%          
Acuity Brands, Inc.(a)   615    125,460 
AMETEK, Inc.   286    15,467 
Emerson Electric Co.   241    14,426 
Total Electrical Components & Equipment        155,353 
           
Electronics – 1.3%          
Agilent Technologies, Inc.   359    18,980 
Allegion PLC   792    59,954 
Amphenol Corp., Class A   204    14,519 
Corning, Inc.   688    18,576 
FLIR Systems, Inc.   986    35,772 
Fortive Corp.   257    15,477 
Garmin Ltd.(a)   728    37,208 
Honeywell International, Inc.   268    33,465 
Mettler-Toledo International, Inc.*   52    24,903 
PerkinElmer, Inc.   442    25,663 
TE Connectivity Ltd.   378    28,180 
Waters Corp.*   100    15,631 
Total Electronics        328,328 
           
Engineering & Construction – 0.4%          
Fluor Corp.   1,336    70,301 
Jacobs Engineering Group, Inc.   644    35,600 
Total Engineering & Construction        105,901 
           
Environmental Control – 0.3%          
Republic Services, Inc.   244    15,326 
Stericycle, Inc.*   509    42,191 
Waste Management, Inc.   271    19,761 
Total Environmental Control        77,278 
           
Food – 1.8%          
Campbell Soup Co.   241    13,795 
Conagra Brands, Inc.   371    14,966 
General Mills, Inc.   434    25,610 
Hershey Co. (The)   144    15,732 
Hormel Foods Corp.   430    14,891 
JM Smucker Co. (The)   112    14,681 
Kellogg Co.   208    15,103 
Kraft Heinz Co. (The)   431    39,139 
Kroger Co. (The)   1,820    53,672 
McCormick & Co., Inc.   151    14,730 
Mondelez International, Inc., Class A   703    30,285 
Safeway, Inc PDC, LLC CVR*(b)   447    0 
Safeway, Inc SCRP. CVR*(b)   447    0 
Sysco Corp.   645    33,488 
Tyson Foods, Inc., Class A   2,525    155,818 
Whole Foods Market, Inc.   525    15,603 
Total Food        457,513 
           
Forest Products & Paper – 0.2%          
International Paper Co.   912    46,311 
           
Gas – 0.2%          
CenterPoint Energy, Inc.   538    14,833 
NiSource, Inc.   647    15,392 
Sempra Energy   258    28,509 
Total Gas        58,734 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Hand/Machine Tools – 0.4%          
Snap-on, Inc.   331   $55,830 
Stanley Black & Decker, Inc.   388    51,553 
Total Hand/Machine Tools        107,383 
           
Healthcare - Products – 2.6%          
Abbott Laboratories   1,353    60,087 
Baxter International, Inc.   732    37,961 
Becton Dickinson and Co.   231    42,375 
Boston Scientific Corp.*   2,319    57,673 
C.R. Bard, Inc.   116    28,831 
Cooper Cos., Inc. (The)   176    35,181 
Danaher Corp.   501    42,850 
DENTSPLY SIRONA, Inc.   312    19,481 
Edwards Lifesciences Corp.*   626    58,888 
Henry Schein, Inc.*   121    20,566 
Hologic, Inc.*   578    24,594 
IDEXX Laboratories, Inc.*   95    14,688 
Intuitive Surgical, Inc.*   21    16,096 
Medtronic PLC   369    29,727 
Patterson Cos., Inc.   320    14,473 
Stryker Corp.   224    29,490 
Thermo Fisher Scientific, Inc.   438    67,277 
Varian Medical Systems, Inc.*   174    15,857 
Zimmer Biomet Holdings, Inc.   577    70,457 
Total Healthcare - Products        686,552 
           
Healthcare - Services – 3.4%          
Aetna, Inc.   526    67,091 
Anthem, Inc.   351    58,049 
Centene Corp.*   1,710    121,855 
Cigna Corp.   507    74,271 
DaVita, Inc.*   454    30,858 
Envision Healthcare Corp.*   1,772    108,659 
HCA Holdings, Inc.*   1,382    122,984 
Humana, Inc.   323    66,583 
Laboratory Corp. of America Holdings*   458    65,709 
Quest Diagnostics, Inc.   332    32,599 
UnitedHealth Group, Inc.   489    80,201 
Universal Health Services, Inc., Class B   498    61,976 
Total Healthcare - Services        890,835 
           
Holding Companies - Diversified – 0.5%          
Leucadia National Corp.   5,067    131,742 
           
Home Builders – 1.2%          
D.R. Horton, Inc.   3,204    106,725 
Lennar Corp., Class A   1,265    64,756 
PulteGroup, Inc.   6,542    154,064 
Total Home Builders        325,545 
           
Home Furnishings – 0.8%          
Leggett & Platt, Inc.   1,281    64,460 
Whirlpool Corp.   870    149,057 
Total Home Furnishings        213,517 
           
Household Products/Wares – 0.3%          
Avery Dennison Corp.   549    44,250 
Church & Dwight Co., Inc.   297    14,811 
Clorox Co. (The)   104    14,022 
Kimberly-Clark Corp.   113    14,874 
Total Household Products/Wares        87,957 
           
Housewares – 0.3%          
Newell Brands, Inc.   1,553    73,255 
           
Insurance – 5.5%          
Aflac, Inc.   205    14,846 
Allstate Corp. (The)   1,120    91,269 
American International Group, Inc.   1,629    101,698 
Aon PLC   371    44,034 
Arthur J Gallagher & Co.   818    46,250 
Assurant, Inc.   1,586    151,732 
Berkshire Hathaway, Inc., Class B*   156    26,002 
Chubb Ltd.   311    42,374 
Hartford Financial Services Group, Inc. (The)   1,996    95,948 
Lincoln National Corp.   1,766    115,585 
Marsh & McLennan Cos., Inc.   739    54,605 
MetLife, Inc.   2,613    138,019 
Principal Financial Group, Inc.(a)   1,081    68,222 
Progressive Corp. (The)   781    30,599 
Prudential Financial, Inc.   666    71,049 
Torchmark Corp.   280    21,571 
Travelers Cos., Inc. (The)   456    54,966 
Unum Group   1,235    57,909 
Willis Towers Watson PLC   532    69,633 
XL Group Ltd (Bermuda)   3,788    150,990 
Total Insurance        1,447,301 
           
Internet – 3.2%          
Alphabet, Inc., Class A*   127    107,671 
Alphabet, Inc., Class C*   132    109,502 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Internet (continued)          
Amazon.com, Inc.*   17   $15,071 
eBay, Inc.*   1,313    44,077 
Expedia, Inc.   820    103,459 
F5 Networks, Inc.*   575    81,978 
Facebook, Inc., Class A*   966    137,220 
Netflix, Inc.*   96    14,190 
Priceline Group, Inc. (The)*   53    94,338 
Symantec Corp.   1,501    46,051 
TripAdvisor, Inc.*(a)   654    28,227 
VeriSign, Inc.*(a)   469    40,855 
Total Internet        822,639 
           
Iron/Steel – 0.1%          
Nucor Corp.   459    27,412 
           
Leisure Time – 0.9%          
Harley-Davidson, Inc.   1,475    89,237 
Royal Caribbean Cruises Ltd.   1,554    152,463 
Total Leisure Time        241,700 
           
Lodging – 0.4%          
Marriott International, Inc., Class A   468    44,076 
Wyndham Worldwide Corp.   636    53,609 
Wynn Resorts Ltd.   128    14,670 
Total Lodging        112,355 
           
Machinery - Construction & Mining – 0.1%          
Caterpillar, Inc.   160    14,842 
           
Machinery - Diversified – 0.9%          
Cummins, Inc.   474    71,669 
Deere & Co.   164    17,853 
Flowserve Corp.(a)   529    25,614 
Rockwell Automation, Inc.   95    14,793 
Roper Technologies, Inc.   205    42,330 
Xylem, Inc.   1,249    62,725 
Total Machinery - Diversified        234,984 
           
Media – 3.3%          
CBS Corp., Class B   1,795    124,501 
Charter Communications, Inc., Class A*   92    30,113 
Discovery Communications, Inc., Class A*(a)   4,499    130,876 
Discovery Communications, Inc., Class C*   4,781    135,350 
DISH Network Corp., Class A*   511    32,443 
News Corp., Class A   1,121    14,573 
News Corp., Class B   1,093    14,756 
Scripps Networks Interactive, Inc., Class A   977    76,568 
TEGNA, Inc.   579    14,834 
Time Warner, Inc.   967    94,486 
Twenty-First Century Fox, Inc., Class A   2,267    73,428 
Twenty-First Century Fox, Inc., Class B   2,389    75,922 
Walt Disney Co. (The)   352    39,913 
Total Media        857,763 
           
Mining – 0.6%          
Freeport-McMoRan, Inc.*   12,521    167,281 
           
Miscellaneous Manufacturing – 1.5%          
3M Co.   123    23,533 
Dover Corp.   476    38,247 
Eaton Corp. PLC   746    55,316 
General Electric Co.   1,935    57,663 
Illinois Tool Works, Inc.   106    14,042 
Ingersoll-Rand PLC   803    65,300 
Parker-Hannifin Corp.   348    55,791 
Pentair PLC (United Kingdom)   770    48,341 
Textron, Inc.   806    38,357 
Total Miscellaneous Manufacturing        396,590 
           
Office/Business Equipment – 0.5%          
Xerox Corp.   19,157    140,612 
           
Oil & Gas – 5.1%          
Cabot Oil & Gas Corp.   4,162    99,513 
Chesapeake Energy Corp.*(a)   22,590    134,185 
Chevron Corp.   1,352    145,164 
Cimarex Energy Co.   1,154    137,891 
Concho Resources, Inc.*   111    14,246 
ConocoPhillips   296    14,762 
Devon Energy Corp.   3,716    155,032 
EQT Corp.   256    15,642 
Exxon Mobil Corp.   1,503    123,261 
Marathon Petroleum Corp.   1,208    61,052 
Newfield Exploration Co.*   3,374    124,534 
Occidental Petroleum Corp.   630    39,917 
Phillips 66   625    49,513 
Pioneer Natural Resources Co.   74    13,781 
Tesoro Corp.   849    68,820 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Oil & Gas (continued)          
Valero Energy Corp.   1,881   $124,691 
Total Oil & Gas        1,322,004 
           
Oil & Gas Services – 0.3%          
Halliburton Co.   1,564    76,964 
Schlumberger Ltd.   175    13,668 
Total Oil & Gas Services        90,632 
           
Packaging & Containers – 0.6%          
Ball Corp.(a)   1,406    104,410 
Sealed Air Corp.   807    35,169 
WestRock Co.   413    21,488 
Total Packaging & Containers        161,067 
           
Pharmaceuticals – 4.5%          
AbbVie, Inc.   2,071    134,946 
Allergan PLC   355    84,817 
AmerisourceBergen Corp.   762    67,437 
Bristol-Myers Squibb Co.   910    49,486 
Cardinal Health, Inc.   869    70,867 
Eli Lilly & Co.   713    59,970 
Express Scripts Holding Co.*   2,295    151,263 
Johnson & Johnson   119    14,821 
Mallinckrodt PLC*   2,756    122,835 
McKesson Corp.   616    91,328 
Mead Johnson Nutrition Co.   163    14,520 
Merck & Co., Inc.   313    19,888 
Mylan NV*   2,822    110,030 
Perrigo Co. PLC(a)   1,507    100,050 
Pfizer, Inc.   1,194    40,847 
Zoetis, Inc.   842    44,938 
Total Pharmaceuticals        1,178,043 
           
Pipelines – 0.7%          
Kinder Morgan, Inc.   5,753    125,070 
ONEOK, Inc.(a)   628    34,816 
Williams Cos., Inc. (The)   484    14,322 
Total Pipelines        174,208 
           
Real Estate – 0.4%          
CBRE Group, Inc., Class A*   2,943    102,387 
           
Real Estate Investment Trust – 1.2%          
American Tower Corp.   224    27,225 
AvalonBay Communities, Inc.   74    13,586 
Boston Properties, Inc.   101    13,373 
Crown Castle International Corp.   150    14,167 
Equinix, Inc.   39    15,614 
Equity Residential   213    13,253 
Essex Property Trust, Inc.   57    13,197 
Extra Space Storage, Inc.   195    14,506 
Federal Realty Investment Trust   101    13,484 
GGP, Inc.   589    13,653 
HCP, Inc.   445    13,920 
Host Hotels & Resorts, Inc.   739    13,790 
Iron Mountain, Inc.   400    14,268 
Kimco Realty Corp.   605    13,364 
Mid-America Apartment Communities, Inc.   135    13,735 
Prologis, Inc.   262    13,593 
Public Storage   62    13,572 
Regency Centers Corp.   212    14,075 
Simon Property Group, Inc.   87    14,967 
Ventas, Inc.   228    14,829 
Weyerhaeuser Co.   403    13,694 
Total Real Estate Investment Trust        305,865 
           
Retail – 8.8%          
Advance Auto Parts, Inc.   475    70,424 
AutoNation, Inc.*   2,833    119,808 
AutoZone, Inc.*   120    86,766 
Bed Bath & Beyond, Inc.   1,916    75,605 
Best Buy Co., Inc.(a)   2,503    123,022 
CarMax, Inc.*(a)   1,182    69,998 
Chipotle Mexican Grill, Inc.*(a)   40    17,821 
Coach, Inc.   1,591    65,756 
Costco Wholesale Corp.   97    16,266 
CVS Health Corp.   1,060    83,210 
Darden Restaurants, Inc.   597    49,951 
Dollar General Corp.   793    55,296 
Dollar Tree, Inc.*   1,840    144,366 
Foot Locker, Inc.   1,057    79,074 
Gap, Inc. (The)   4,059    98,593 
Genuine Parts Co.   148    13,677 
Home Depot, Inc. (The)   356    52,272 
Kohl’s Corp.(a)   1,655    65,886 
L Brands, Inc.   1,728    81,389 
Lowe’s Cos., Inc.   1,306    107,366 
Macy’s, Inc.   894    26,498 
McDonald's Corp.   189    24,496 
Nordstrom, Inc.(a)   1,579    73,534 
O’Reilly Automotive, Inc.*   246    66,381 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Retail (continued)          
PVH Corp.   448   $46,355 
Ross Stores, Inc.   668    44,001 
Signet Jewelers Ltd.   1,094    75,781 
Staples, Inc.   1,856    16,277 
Starbucks Corp.   346    20,203 
Target Corp.   326    17,992 
Tiffany & Co.(a)   275    26,208 
TJX Cos., Inc. (The)   580    45,866 
Tractor Supply Co.   963    66,418 
Ulta Beauty, Inc.*   174    49,630 
Urban Outfitters, Inc.*   3,536    84,015 
Walgreens Boots Alliance, Inc.   769    63,865 
Wal-Mart Stores, Inc.   223    16,074 
Yum! Brands, Inc.   658    42,046 
Total Retail        2,282,186 
           
Savings & Loans – 0.1%          
People’s United Financial, Inc.   715    13,013 
           
Semiconductors – 5.2%          
Analog Devices, Inc.   675    55,316 
Applied Materials, Inc.   3,648    141,907 
Broadcom Ltd.   600    131,376 
Intel Corp.   1,907    68,786 
KLA-Tencor Corp.   1,375    130,721 
Lam Research Corp.   1,107    142,095 
Microchip Technology, Inc.(a)   1,489    109,858 
Micron Technology, Inc.*   5,612    162,187 
NVIDIA Corp.   140    15,250 
Qorvo, Inc.*(a)   2,050    140,548 
QUALCOMM, Inc.   1,466    84,060 
Skyworks Solutions, Inc.(a)   1,284    125,806 
Texas Instruments, Inc.   335    26,988 
Xilinx, Inc.   255    14,762 
Total Semiconductors        1,349,660 
           
Software – 2.9%          
Activision Blizzard, Inc.   1,995    99,471 
Adobe Systems, Inc.*   425    55,305 
Akamai Technologies, Inc.*   838    50,029 
CA, Inc.   478    15,162 
Cerner Corp.*(a)   832    48,963 
Citrix Systems, Inc.*   914    76,218 
Dun & Bradstreet Corp. (The)   375    40,477 
Electronic Arts, Inc.*   710    63,559 
Fidelity National Information Services, Inc.   767    61,068 
Fiserv, Inc.*   299    34,478 
Intuit, Inc.   398    46,164 
Microsoft Corp.   501    32,996 
Oracle Corp.   819    36,536 
Paychex, Inc.   242    14,254 
Red Hat, Inc.*   302    26,123 
salesforce.com, Inc.*   271    22,355 
Synopsys, Inc.*   284    20,485 
Total Software        743,643 
           
Telecommunications – 0.9%          
AT&T, Inc.   357    14,833 
Cisco Systems, Inc.   1,077    36,402 
Juniper Networks, Inc.   4,420    123,009 
Level 3 Communications, Inc.*   401    22,945 
Motorola Solutions, Inc.   203    17,503 
Verizon Communications, Inc.   277    13,504 
Total Telecommunications        228,196 
           
Textiles – 0.1%          
Mohawk Industries, Inc.*   152    34,883 
           
Toys/Games/Hobbies – 0.5%          
Hasbro, Inc.   725    72,370 
Mattel, Inc.   1,886    48,300 
Total Toys/Games/Hobbies        120,670 
           
Transportation – 2.0%          
C.H. Robinson Worldwide, Inc.(a)   283    21,873 
CSX Corp.   324    15,082 
Expeditors International of Washington, Inc.(a)   427    24,121 
FedEx Corp.   497    96,990 
JB Hunt Transport Services, Inc.   599    54,952 
Kansas City Southern   1,066    91,420 
Norfolk Southern Corp.   391    43,781 
Ryder System, Inc.   1,352    101,995 
Union Pacific Corp.   426    45,122 
United Parcel Service, Inc., Class B   297    31,868 
Total Transportation        527,204 
           
Water – 0.1%          
American Water Works Co., Inc.   200    15,554 
Total Common Stocks          
(Cost $22,972,857)        25,613,190 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Shares/Principal   Value 
MONEY MARKET FUND – 2.0%          
BlackRock Liquidity Funds FedFund Portfolio, 0.60%(c)
(Cost $528,696)		   528,696   $528,696 
           
REPURCHASE AGREEMENTS – 4.7%(d)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $286,449, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $291,322)  $286,443    286,443 
Citibank NA, dated 03/31/17, due 04/03/17, 0.81%, total to be received $84,888, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.00%, 02/01/26-02/01/46, totaling $86,325)   84,886    84,886 
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $286,450, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $290,274)   286,443    286,443 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $286,449, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $291,168)   286,443    286,443 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $286,449, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $291,252)   286,443    286,443 
Total Repurchase Agreements          
(Cost $1,230,658)        1,230,658 
Total Investments – 104.9%          
(Cost $24,732,211)        27,372,544 
Liabilities in Excess of Other Assets – (4.9%)        (1,289,168)
Net Assets – 100.0%       $26,083,376 

 

 

CVR - Contingent Value Rights

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 $2,353,166; the aggregate market value of the collateral held by the fund is $2,405,492.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,174,834.
(b)Security fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees.
(c)Rate shown reflects the 7-day yield as of March 31, 2017.
(d)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
   Net Assets 
Advertising   0.4%
Aerospace/Defense   1.5 
Agriculture   0.9 
Airlines   1.2 
Apparel   1.1 
Auto Manufacturers   1.4 
Auto Parts & Equipment   1.3 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
   % of 
   Net Assets 
Banks   4.5%
Beverages   1.1 
Biotechnology   1.9 
Building Materials   1.7 
Chemicals   1.6 
Commercial Services   2.8 
Computers   2.9 
Cosmetics/Personal Care   0.4 
Distribution/Wholesale   0.8 
Diversified Financial Services   6.7 
Electric   1.3 
Electrical Components & Equipment   0.6 
Electronics   1.3 
Engineering & Construction   0.4 
Environmental Control   0.3 
Food   1.8 
Forest Products & Paper   0.2 
Gas   0.2 
Hand/Machine Tools   0.4 
Healthcare - Products   2.6 
Healthcare - Services   3.4 
Holding Companies - Diversified   0.5 
Home Builders   1.2 
Home Furnishings   0.8 
Household Products/Wares   0.3 
Housewares   0.3 
Insurance   5.5 
Internet   3.2 
Iron/Steel   0.1 
Leisure Time   0.9 
Lodging   0.4 
Machinery - Construction & Mining   0.1 
Machinery - Diversified   0.9 
Media   3.3 
Mining   0.6 
Miscellaneous Manufacturing   1.5 
Office/Business Equipment   0.5 
Oil & Gas   5.1 
Oil & Gas Services   0.3 
Packaging & Containers   0.6 
Pharmaceuticals   4.5 
Pipelines   0.7 
Real Estate   0.4
Real Estate Investment Trust   1.2 
Retail   8.8 
Savings & Loans   0.1 
Semiconductors   5.2 
Software   2.9 
Telecommunications   0.9 
Textiles   0.1 
Toys/Games/Hobbies   0.5 
Transportation   2.0 
Water   0.1 
Money Market Fund   2.0 
Repurchase Agreements   4.7 
Total Investments   104.9 
Liabilities in Excess of Other Assets   (4.9)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments

 

March 31, 2017 (Unaudited) 

Investments  Shares/
Principal		   Value 
EXCHANGE TRADED FUNDS – 99.2%          
Asset Allocation Fund – 10.0%          
SPDR Bloomberg Barclays Convertible Securities ETF(a)   36,851   $1,772,533 
Debt Fund – 89.2%          
AdvisorShares Peritus High Yield ETF†   64,294    2,288,223 
iShares iBoxx $ Investment Grade Corporate Bond ETF   19,549    2,305,023 
PIMCO 1 - 5 Year U.S. TIPS Index ETF   10,012    528,934 
PowerShares Emerging Markets Sovereign Debt Portfolio   36,547    1,062,056 
PowerShares Financial Preferred Portfolio   109,023    2,034,369 
PowerShares Fundamental Investment Grade Corporate Bond Portfolio(a)   27,871    705,825 
PowerShares International Corporate Bond Portfolio   21,336    532,973 
PowerShares National AMT-Free Municipal Bond Portfolio(a)   21,216    531,037 
PowerShares Senior Loan Portfolio   60,446    1,405,974 
SPDR Bloomberg Barclays High Yield Bond ETF   14,387    531,312 
SPDR Nuveen S&P High Yield Municipal Bond ETF   14,027    794,068 
Vanguard Intermediate-Term Government Bond ETF(a)   8,245    530,318 
Vanguard Long-Term Government Bond ETF(a)   4,791    357,361 
Vanguard Mortgage-Backed Securities ETF(a)   23,553    1,237,004 
WisdomTree Emerging Markets Corporate Bond Fund   14,843    1,061,571 
Total Debt Fund        15,906,048 
Total Exchange Traded Funds          
(Cost $17,641,722)        17,678,581 
           
MONEY MARKET FUND – 1.1%          
BlackRock Liquidity Funds FedFund Portfolio, 0.60%(b)
(Cost $199,312)		   199,312    199,312 
           
REPURCHASE AGREEMENTS – 21.3%(c)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $883,806, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $898,838)  $883,786   883,786 
Citigroup Global Markets, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $261,925, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.50%, 04/01/17-06/01/52, totaling $266,157)   261,919    261,919 
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $883,808, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $895,608)   883,786    883,786 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $883,806, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $898,363)   883,786    883,786 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $883,806, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $898,625)  $883,786   $883,786 
Total Repurchase Agreements          
(Cost $3,797,063)        3,797,063 
Total Investments – 121.6%          
(Cost $21,638,097)        21,674,956 
Liabilities in Excess of Other    Assets – (21.6%)        (3,851,229)
Net Assets – 100.0%       $17,823,727 

 

 

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 $3,700,213; the aggregate market value of the collateral held by the fund is $3,797,063.  
(b) Rate shown reflects the 7-day yield as of March 31, 2017.
(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   10.0%
Debt Fund   89.2 
Money Market Fund   1.1 
Repurchase Agreements   21.3 
Total Investments   121.6 
Liabilities in Excess of Other Assets   (21.6)
Net Assets   100.0%

  

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
COMMON STOCKS – 97.9%          
ARGENTINA – 3.8%          
Grupo Financiero Galicia SA(a)   4,638   $175,595 
Telecom Argentina SA(a)   12,071    267,855 
Total Argentina        443,450 
           
BELGIUM – 2.4%          
Anheuser-Busch InBev SA/NV(a)   2,616    287,132 
           
BRAZIL – 4.0%          
Banco Bradesco SA(a)   7,793    79,800 
Banco Santander Brasil SA(a)(b)   1,374    12,119 
Cia Brasileira de Distribuicao Grupo Pao de Acucar(a)(b)   4,977    95,558 
Cia de Saneamento Basico do Estado de Sao Paulo(a)   10,068    104,808 
Embraer SA(a)   2,791    61,625 
Itau Unibanco Holding SA(a)   2,222    26,820 
Telefonica Brasil SA(a)   3,746    55,628 
Vale SA(a)   3,136    29,792 
Total Brazil        466,150 
           
CANADA – 4.1%          
Canadian Solar, Inc.*(b)   9,739    119,498 
CGI Group, Inc., Class A*   1,863    89,294 
Gildan Activewear, Inc.(b)   1,426    38,559 
Magna International, Inc.   2,304    99,441 
Manulife Financial Corp.   3,552    63,012 
Silver Wheaton Corp.   3,635    75,753 
Total Canada        485,557 
           
CHILE – 0.9%          
Enel Generacion Chile SA(a)   1,546    34,383 
Latam Airlines Group SA*(a)   1,885    23,883 
Sociedad Quimica y Minera de Chile SA(a)   1,280    43,994 
Total Chile        102,260 
           
CHINA – 17.6%          
500.com Ltd., Class A*(a)(b)   7,691    103,136 
51job, Inc.*(a)   1,228    45,019 
AirMedia Group, Inc.*(a)(b)   42,453    116,746 
Alibaba Group Holding Ltd.*(a)(b)   3,315    357,456 
Autohome, Inc.*(a)   1,665    52,897 
Baidu, Inc.*(a)   280    48,306 
Baozun, Inc.*(a)   3,392    50,677 
Bitauto Holdings Ltd.*(a)(b)   2,933    75,114 
Cheetah Mobile, Inc.*(a)(b)   2,059    22,114 
China Lodging Group Ltd.*(a)   244    15,140 
Daqo New Energy Corp.*(a)   4,659    87,449 
Fanhua, Inc.*(a)(b)   6,874    59,323 
Huaneng Power International, Inc.(a)(b)   3,167    84,337 
iKang Healthcare Group, Inc.*(a)   6,192    90,403 
Jumei International Holding Ltd.*(a)(b)   25,024    92,339 
KongZhong Corp.*(a)(b)   9,112    67,520 
Momo, Inc.*(a)   752    25,621 
NetEase, Inc.(a)   286    81,224 
New Oriental Education & Technology Group, Inc.*(a)   751    45,345 
Noah Holdings Ltd.*(a)(b)   2,464    62,536 
NQ Mobile, Inc., Class A*(a)(b)   21,435    89,384 
Semiconductor Manufacturing International Corp.*(a)(b)   9,006    56,558 
TAL Education Group*(a)   185    19,715 
Tarena International, Inc.(a)   4,236    79,129 
Vipshop Holdings Ltd.*(a)   5,233    69,808 
Weibo Corp.*(a)   407    21,237 
Xinyuan Real Estate Co., Ltd.(a)   19,009    83,830 
YY, Inc.*(a)   1,622    74,790 
Total China        2,077,153 
           
COLOMBIA – 0.9%          
Ecopetrol SA*(a)(b)   11,518    107,348 
           
FRANCE – 3.6%          
Criteo SA*(a)   8,545    427,165 
           
GERMANY – 1.7%          
SAP SE(a)   2,072    203,408 
           
INDIA – 1.3%          
HDFC Bank Ltd.(a)   883    66,419 
Infosys Ltd.(a)(b)   2,358    37,257 
WNS Holdings Ltd.*(a)   1,702    48,694 
Total India        152,370 
           
IRELAND – 1.4%          
Trinity Biotech PLC*(a)   28,345    168,936 
           
ISRAEL – 2.1%          
Nice Ltd.(a)   3,655    248,467 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares/
Principal		   Value 
COMMON STOCKS (continued)          
LUXEMBOURG – 4.2%          
Ternium SA(a)   18,904   $493,772 
           
MEXICO – 0.5%          
America Movil SAB de CV, Class L(a)   2,147    30,423 
Cemex SAB de CV*(a)   3,614    32,779 
Total Mexico        63,202 
           
NETHERLANDS – 17.9%          
Aegon NV(c)   111,319    571,066 
Royal Dutch Shell PLC, Class A(a)   9,736    513,379 
Royal Dutch Shell PLC, Class B(a)(b)   8,379    467,800 
VEON Ltd.(a)   136,872    558,438 
Total Netherlands        2,110,683 
           
NORWAY – 3.5%          
Statoil ASA(a)(b)   23,935    411,203 
           
PERU – 1.7%          
Cia de Minas Buenaventura SAA(a)   7,496    90,252 
Grana y Montero SAA(a)   33,382    104,485 
Total Peru        194,737 
           
RUSSIA – 0.8%          
Mobile TeleSystems PJSC(a)   3,131    34,535 
QIWI PLC(a)   3,445    59,082 
Total Russia        93,617 
           
SOUTH AFRICA – 0.6%          
Mix Telematics Ltd.(a)   10,407    65,564 
           
SOUTH KOREA – 0.4%          
Hanwha Q CELLS Co. Ltd.*(a)(b)   5,779    42,129 
           
SPAIN – 2.7%          
Grifols SA(a)   17,140    323,517 
           
SWITZERLAND – 3.6%          
STMicroelectronics NV(b) (c)   27,047    418,147 
           
TAIWAN – 3.9%          
AU Optronics Corp.(a)   27,630    105,547 
Himax Technologies, Inc.(a)(b)   4,113    37,511 
Silicon Motion Technology Corp.(a)   1,951    91,209 
Siliconware Precision Industries Co., Ltd.(a)(b)   8,742    70,723 
Taiwan Semiconductor Manufacturing Co., Ltd.(a)   1,578    51,821 
United Microelectronics Corp.(a)   53,125    102,531 
Total Taiwan        459,342 
           
UNITED KINGDOM – 9.3%          
AstraZeneca PLC(a)(b)   10,562    328,901 
BP PLC(a)   15,923    549,662 
GlaxoSmithKline PLC(a)(b)   5,245    221,129 
Total United Kingdom        1,099,692 
           
UNITED STATES – 5.0%          
IMAX Corp.*   370    12,580 
Mitel Networks Corp.*   7,208    49,951 
Shire PLC(a)   2,137    372,330 
Tucows, Inc., Class A*   511    26,087 
Valeant Pharmaceuticals International, Inc.*   11,772    129,845 
Total United States        590,793 
Total Common Stocks          
(Cost $10,848,132)        11,535,794 
           
MONEY MARKET FUND – 1.9%          
BlackRock Liquidity Funds FedFund Portfolio, 0.60%(d)
(Cost $218,997)		   218,997    218,997 
           
REPURCHASE AGREEMENTS – 16.8%(e)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $461,851, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $469,707)  $461,841    461,841 
Citibank NA, dated 03/31/17, due 04/03/17, 0.81%, total to be received $136,863, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.00%, 02/01/26-02/01/46, totaling       $139,180)   136,860    136,860 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $461,853, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $468,019)  $461,841   $461,841 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $461,851, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $469,459)   461,841    461,841 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $461,851, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $469,595)   461,841    461,841 
Total Repurchase Agreements          
(Cost $1,984,224)        1,984,224 
Total Investments – 116.6%          
(Cost $13,051,353)        13,739,015 
Liabilities in Excess of Other    Assets – (16.6%)        (1,955,532)
Net Assets – 100.0%       $11,783,483 

 

 

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 $2,461,030; the aggregate market value of the collateral held by the fund is $2,534,656.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $550,432.
(c)Registered Shares.
(d)Rate shown reflects the 7-day yield as of March 31, 2017.
(e)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
   Net Assets 
Advertising   1.0%
Aerospace/Defense   0.5 
Airlines   0.2 
Apparel   0.3 
Auto Parts & Equipment   0.8 
Banks   3.1 
Beverages   2.4 
Building Materials   0.3 
Chemicals   1.1 
Commercial Services   1.7 
Computers   1.5 
Diversified Financial Services   0.5 
Electric   1.0 
Electronics   0.9 
Energy - Alternate Sources   1.4 
Entertainment   1.0 
Food   0.8 
Healthcare - Products   1.4 
Healthcare - Services   0.8 
Holding Companies - Diversified   0.9 
Insurance   5.9 
Internet   10.6 
Iron / Steel   4.2 
Iron/Steel   0.3 
Lodging   0.1 
Mining   1.4 
Oil & Gas   17.4 
Pharmaceuticals   11.7 
Real Estate   0.7 
Retail   0.8 
Semiconductors   7.0 
Software   4.6 
Telecommunications   10.7 
Water   0.9 
Money Market Fund   1.9 
Repurchase Agreements   16.8 
Total Investments   116.6 
Liabilities in Excess of Other Assets   (16.6)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MARKET ADAPTIVE UNCONSTRAINED INCOME ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
EXCHANGE TRADED FUNDS – 93.3%          
Asset Allocation Fund – 30.2%          
SPDR Bloomberg Barclays Convertible Securities ETF   7,566   $363,925 
           
Debt Fund – 63.1%          
iShares iBoxx $ Investment Grade Corporate Bond ETF   3,379    398,418 
SPDR Bloomberg Barclays High Yield Bond ETF   9,857    364,019 
Total Debt Fund        762,437 
Total Exchange Traded Funds          
(Cost $1,119,461)        1,126,362 
MONEY MARKET FUND – 9.3%          
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 0.56%(a)
(Cost $112,952)		   112,952    112,952 
Total Investments – 102.6%          
(Cost $1,232,413)        1,239,314 
Liabilities in Excess of Other    Assets – (2.6%)        (30,871)
Net Assets – 100.0%       $1,208,443 

 

 

ETF - Exchange Traded Fund

 

(a)Rate shown reflects the 7-day yield as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
   Net Assets 
Asset Allocation Fund   30.2%
Debt Fund   63.1 
Money Market Fund   9.3 
Total Investments   102.6 
Liabilities in Excess of Other Assets   (2.6)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments

 

March 31, 2017 (Unaudited) 

Investments  Shares/Principal   Value 
EXCHANGE TRADED FUNDS – 97.4%          
Equity Fund – 97.4%          
iShares Core S&P 500 ETF(a)   19,176   $4,549,889 
iShares Core S&P Mid-Cap ETF   25,189    4,312,861 
iShares Core S&P Small-Cap ETF   62,658    4,333,427 
iShares S&P 100 ETF   13,661    1,430,307 
Total Exchange Traded Funds          
(Cost $14,425,383)        14,626,484 
           
MONEY MARKET FUND – 12.5%          
Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 0.62%(b)
(Cost $1,876,551)		   1,876,551    1,876,551 
           
REPURCHASE AGREEMENTS – 23.7%(c)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $825,903, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $839,950)  $825,884    825,884 
Citibank NA, dated 03/31/17, due 04/03/17, 0.81%, total to be received $244,740, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.00%, 02/01/26-02/01/46, totaling $248,883)   244,734    244,734 
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $825,905, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $836,931)   825,884    825,884 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $825,903, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $839,506)   825,884    825,884 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $825,902, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $839,751)   825,884    825,884 
Total Repurchase Agreements          
(Cost $3,548,270)        3,548,270 
Total Investments – 133.6%          
(Cost $19,850,204)        20,051,305 
Liabilities in Excess of Other    Assets – (33.6%)        (5,037,635)
Net Assets – 100.0%       $15,013,670 

 

 

ETF - Exchange Traded Fund

 

(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,470,858; the aggregate market value of the collateral held by the fund is $3,548,270.  
(b)Rate shown reflects the 7-day yield as of March 31, 2017.
(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   97.4%
Money Market Fund   12.5 
Repurchase Agreements   23.7 
Total Investments   133.6 
Liabilities in Excess of Other Assets   (33.6)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Shares/Principal   Value 
EXCHANGE TRADED FUNDS – 43.4%          
Commodity Fund – 2.7%          
SPDR Gold Shares*   1,663   $197,432 
           
Currency Fund – 4.5%          
PowerShares DB US Dollar Index Bullish Fund*(a)   6,576    170,647 
ProShares UltraShort Euro*(a)   5,677    149,816 
Total Currency Fund        320,463 
           
Debt Fund – 4.0%          
Direxion Daily 20 Year Plus Treasury Bull 3x Shares*(a)   15,501    290,179 
           
Equity Fund – 32.2%          
Direxion Daily S&P 500 Bull 3X*   3,444    435,149 
iShares Residential Real Estate Capped ETF   2,816    177,830 
ProShares UltraPro QQQ*   5,341    471,130 
ProShares UltraShort Financials*   1,053    30,116 
Technology Select Sector SPDR Fund   9,948    530,328 
Vanguard Global ex-U.S. Real Estate ETF   5,323    283,503 
WisdomTree India Earnings Fund(a)   1,726    41,648 
WisdomTree Japan Hedged Equity Fund(a)   6,824    345,431 
Total Equity Fund        2,315,135 
Total Exchange Traded Funds
(Cost $2,593,199)		        3,123,209 
           
CLOSED-END FUND – 2.8%          
           
Country Fund – 2.8%          
Morgan Stanley China A Share Fund, Inc.
(Cost $259,180)		   10,665    204,981 
           
MONEY MARKET FUND – 54.5%          
Goldman Sachs Financial Square Fund, 0.56%(b)
(Cost $3,918,649)		   3,918,649    3,918,649 
           
REPURCHASE AGREEMENTS – 8.4%(c)          
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $250,006, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $253,344)  $250,000    250,000 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $250,006, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $254,124)   250,000    250,000 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $102,992, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $104,719)   102,990    102,990 
Total Repurchase Agreements
(Cost $602,990)		        602,990 
Total Investments – 109.1%
(Cost $7,374,018)		        7,849,829 
Liabilities in Excess of Other Assets – (9.1%)        (655,702)
Net Assets – 100.0%       $7,194,127 

 

 

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 $590,004; the aggregate market value of the collateral held by the fund is $602,990.
(b)Rate shown reflects the 7-day yield as of March 31, 2017.
(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   2.7%
Country Fund   2.8 
Currency Fund   4.5 
Debt Fund   4.0 
Equity Fund   32.2 
Money Market Fund   54.5 
Repurchase Agreements   8.4 
Total Investments   109.1 
Liabilities in Excess of Other Assets   (9.1)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES – 29.1%          
Commercial Mortgage Backed Securities – 10.3%          
Access Point Funding I LLC, Class A, Series 2015-A, 2.61%, 04/15/20‡  $21,679   $21,726 
Aventura Mall Trust, Class C, Series 2013-AVM, 3.74%, 12/05/32@‡   250,000    257,514 
Aventura Mall Trust, Class A, Series 2013-AVM, 3.74%, 12/05/32@‡   1,015,000    1,068,523 
Banc of America Commercial Mortgage Trust, Class AM, Series 2007-4, 5.96%, 02/10/51@   475,000    479,636 
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 2.48%, 01/25/38@‡   147,606    145,451 
BCRR Trust, Class 2A1, Series 2009-1, 5.86%, 07/17/40@‡   33,785    33,775 
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.69%, 06/11/50@   508,262    511,911 
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.89%, 06/11/50@   990,000    1,003,216 
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50   822,423    832,349 
Citigroup Commercial Mortgage Trust, Class A, Series 2016-SMPL, 2.23%, 09/10/31‡   470,000    461,821 
Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.78%, 12/10/49@   1,111,627    1,113,391 
Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.78%, 12/10/49@   81,989    82,087 
Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.13%, 12/10/49@   530,000    540,654 
Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.79%, 06/14/50@‡   177,956    178,058 
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡   421,848    419,937 
Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡   460,000    518,675 
Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49@   1,532,000    1,550,266 
Credit Suisse Commercial Mortgage Trust, Class A, Series 2016-BDWN, 3.81%, 02/15/29@‡   600,000    610,933 
GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.38%, 12/15/34@‡   200,000    203,349 
GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.95%, 08/10/45@   330,717    330,780 
GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.95%, 08/10/45@   1,681,623    1,685,984 
Hilton USA Trust, Class B, Series 2016-SFP, 3.32%, 11/05/35‡   535,000    530,565 
JPMBB Commercial Mortgage Securities Trust, Class A4, Series 2014-C22, 3.80%, 09/15/47   809,000    840,522 
JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2015-SGP, 3.66%, 07/15/36@‡   535,000    539,359 
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 5.94%, 04/17/45@   33,144    33,086 
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2011-C4, 4.11%, 07/15/46‡   757,950    775,257 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Commercial Mortgage Backed Securities (continued)          
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47  $603,477   $602,989 
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@   706,589    706,012 
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-CB19, 5.83%, 02/12/49@   489,418    488,972 
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51@   1,850,782    1,860,277 
LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 6.05%, 07/15/44@   1,746,714    1,755,134 
LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40@   573,024    574,428 
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@   599,189    608,245 
Morgan Stanley Capital Barclays Bank Trust, Class A, Series 2016-MART, 2.20%, 09/13/31‡   885,000    869,449 
Morgan Stanley Capital I Trust, Class A4, Series 2008-T29, 6.30%, 01/11/43@   144,248    147,801 
Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.30%, 01/11/43@   860,000    880,684 
Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.78%, 04/15/49@   213,906    213,600 
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49   476,569    479,447 
Motel 6 Trust, Class D, Series 2015-MTL6, 4.53%, 02/05/30‡   650,000    655,225 
Motel 6 Trust, Class B, Series 2015-MTL6, 3.30%, 02/05/30‡   385,000    386,548 
VSD, 3.60%, 12/25/43   295,305    295,415 
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C31, 5.59%, 04/15/47@   1,198,304    1,206,182 
Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.76%, 06/15/49@   246,128    245,874 
Total Commercial Mortgage Backed Securities        26,745,107 
           
Residential Mortgage Backed Securities – 18.7%          
Agate Bay Mortgage Trust, Class A1, Series 2013-1, 3.50%, 07/25/43@‡   1,485,638    1,499,218 
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34   129,333    133,712 
AMSR Trust, Class C, Series 2016-SFR1, 3.19%, 11/17/33@‡   332,500    335,252 
AMSR Trust, Class A, Series 2016-SFR1, 2.34%, 11/17/33@‡   332,500    336,001 
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 01/25/35   146,139    150,687 
Banc of America Funding Trust, Class 5A1, Series 2004-A, 3.50%, 07/20/34@   169,165    168,733 
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35   189,417    189,897 
Banc of America Funding Trust, Class A1, Series 2016-R1, 2.50%, 03/25/40@‡   1,117,423    1,110,314 
Banc of America Mortgage Trust, Class 4A1, Series 2004-5, 4.75%, 06/25/19   146,634    146,784 
Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19   251,873    251,504 
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37   361,847    375,017 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
Bear Stearns ALT-A Trust, Class 3A1, Series 2004-5, 3.32%, 06/25/34@  $582,272   $585,323 
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 3.12%, 04/25/34@   447,203    446,694 
Bear Stearns ARM Trust, Class 22A1, Series 2004-9, 3.55%, 11/25/34@   792,452    794,338 
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 3.35%, 01/25/35@   671,702    673,381 
Bear Stearns ARM Trust, Class 21A1, Series 2004-10, 3.49%, 01/25/35@   968,238    977,970 
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.85%, 09/25/34   418,816    431,787 
Chase Mortgage Trust, Class M2, Series 2016-1, 3.75%, 04/25/45@‡   509,830    510,654 
Chase Mortgage Trust, Class M2, Series 2016-2, 3.75%, 12/25/45@‡   772,836    773,990 
Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.51%, 07/25/36   163,199    165,277 
Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.95%, 08/25/34@   271,420    272,635 
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡   636,288    664,055 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡   391,808    402,192 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@‡   862,246    873,170 
Colony American Finance Ltd., Class A, Series 2015-1, 2.90%, 10/15/47‡   416,774    414,765 
Colony Starwood Homes Trust, Class C, Series 2016-2A, 3.09%, 12/17/33@‡   665,000    668,317 
COLT Mortgage Loan Trust, Class A1, Series 2016-1, 3.00%, 05/25/46‡   575,161    580,937 
COLT Mortgage Loan Trust, Class A1, Series 2016-2, 2.75%, 09/25/46@‡   738,734    745,911 
COLT Mortgage Loan Trust, Class A1, Series 2016-3, 2.80%, 12/26/46@‡   192,344    192,978 
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35   397,095    403,176 
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.01%, 04/25/43@‡   692,845    697,607 
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19   119,728    119,683 
Credit Suisse First Boston Mortgage Securities Corp., Class 5A1, Series 2003-AR30, 3.19%, 01/25/34@   223,759    227,340 
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 3.08%, 09/25/34@   130,370    131,046 
Federal Home Loan Mortgage Corporation, Class M2, Series 2016-DNA2, 3.18%, 10/25/28@   500,000    509,369 
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56‡   765,582    775,623 
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 3.68%, 06/25/34@   323,576    327,149 
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34   113,261    116,695 
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33   382,712    389,834 
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.71%, 06/25/34@   493,354    479,939 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 1.23%, 06/25/28@  $178,830   $176,033 
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡   231,989    232,362 
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡   164,879    167,839 
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 3.06%, 07/25/34@   251,263    249,696 
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 3.18%, 08/25/34@   226,111    227,325 
JPMorgan Mortgage Trust, Class 2A1, Series 2004-A4, 3.20%, 09/25/34@   118,117    119,869 
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 3.09%, 04/25/35@   608,874    600,297 
JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡   257,382    266,345 
JPMorgan Mortgage Trust, Class 1A4, Series 2015-4, 3.50%, 06/25/45@‡   926,218    936,421 
JPMorgan Mortgage Trust, Class A3, Series 2016-1, 3.50%, 05/25/46‡   1,215,310    1,228,697 
JPMorgan Mortgage Trust, Class A1, Series 2016-5, 2.60%, 12/25/46@‡   1,845,631    1,844,345 
JPMorgan Trust, Class AM1, Series 2015-1, 2.63%, 12/25/44@‡   563,876    565,180 
JPMorgan Trust, Class A2, Series 2015-5, 2.87%, 05/25/45@‡   905,169    907,239 
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34   322,472    334,983 
MASTR Alternative Loan Trust, Class 2A1, Series 2005-2, 6.00%, 01/25/35   198,778    206,157 
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20   172,214    174,035 
Mastr Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡   278,776    281,288 
Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 2.85%, 08/25/34@   712,838    723,769 
Mill City Mortgage Loan Trust, Class A1, Series 2016-1, 2.50%, 04/25/57@‡   657,804    655,095 
Mill City Mortgage Loan Trust, Class A1, Series 2017-1, 2.75%, 11/25/58@‡   389,000    388,154 
Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.97%, 06/25/44@‡   513,512    519,369 
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38   188,981    196,993 
New Residential Mortgage Loan Trust, Class A1, Series 2016-2A, 3.75%, 11/26/35@‡   529,280    536,156 
New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡   883,025    905,973 
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡   237,353    243,652 
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡   1,348,836    1,364,252 
New Residential Mortgage Loan Trust, Class A1, Series 2015-2A, 3.75%, 08/25/55@‡   1,007,675    1,033,127 
New Residential Mortgage Loan Trust, Class A1, Series 2016-1A, 3.75%, 03/25/56@‡   285,326    288,594 
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56@‡   846,483    861,457 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56@‡  $236,514   $245,924 
NovaStar Mortgage Funding Trust, Class M5, Series 2004-4, 2.71%, 03/25/35@   1,205,000    1,182,823 
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@   54,992    55,641 
Sequoia Mortgage Trust, Class A9, Series 2014-3, 3.75%, 10/25/44@‡   494,931    502,802 
Station Place Securitization Trust, Class B, Series 2017-1, 2.11%, 02/25/49@‡   450,000    450,000 
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 3.35%, 02/25/34@   308,692    301,149 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 3.31%, 04/25/34@   663,224    660,466 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 3.31%, 04/25/34@   124,536    123,014 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 3.21%, 05/25/34@   252,264    255,425 
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 2.93%, 12/25/33@   232,025    231,263 
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.50%, 02/25/34   498,467    513,618 
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡   884,970    874,790 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33   356,728    364,545 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 3.51%, 11/25/33@   274,450    271,814 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34   171,993    173,291 
Towd Point Mortgage Trust, Class A1B, Series 2015-3, 3.00%, 03/25/54@‡   421,935    425,882 
Towd Point Mortgage Trust, Class A1B, Series 2016-1, 2.75%, 02/25/55@‡   790,871    793,369 
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55@‡   260,000    254,674 
Towd Point Mortgage Trust, Class A1B, Series 2015-5, 2.75%, 05/25/55@‡   788,712    791,191 
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55@‡   250,000    252,594 
Towd Point Mortgage Trust, Class A1, Series 2016-4, 2.25%, 07/25/56@‡   542,308    537,312 
Vericrest Opportunity Loan Trust, Class A1, Series 2015-NPL3, 3.38%, 10/25/58‡   171,713    171,469 
Verus Securitization Trust, Class A1, Series 2017-1A, 2.85%, 01/25/47‡   249,702    250,315 
VOLT LI LLC, Class A1, Series 2016-NP11, 3.50%, 10/25/46‡   257,225    259,756 
VOLT XLVIII LLC, Class A1, Series 2016-NPL8, 3.50%, 07/25/46‡   188,324    189,812 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55‡  $286,818   $289,165 
VOLT XXXI LLC, Class A1, Series 2015-NPL2, 3.38%, 02/25/55‡   181,303    181,183 
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 2.90%, 06/25/33@   216,442    216,018 
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 2.92%, 08/25/33@   146,499    144,776 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 2.90%, 06/25/33@   22,940    23,042 
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 2.96%, 10/25/33@   131,819    133,285 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2003-J, 2.97%, 10/25/33@   151,418    152,745 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 3.11%, 02/25/34@   289,301    292,174 
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.11%, 07/25/34@   326,491    327,516 
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.10%, 07/25/34@   104,510    106,570 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 3.19%, 10/25/34@   411,339    410,581 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 3.00%, 12/25/34@   126,454    128,052 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-AR10, 3.07%, 06/25/35@   601,265    613,627 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35   90,557    93,187 
Total Residential Mortgage Backed Securities        48,528,516 
           
U.S. Government Agency Securities – 0.1%          
Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41   347,328    362,798 
Total Mortgage Backed Securities
(Cost $77,303,313)		        75,636,421 
           
ASSET BACKED SECURITIES – 25.4%          
American Credit Acceptance Receivables Trust, Class B, Series 2016-1A, 4.24%, 06/13/22‡   665,000    675,715 
AmeriCredit Automobile Receivables Trust, Class B, Series 2016-1, 2.30%, 03/08/21   1,720,000    1,731,838 
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20   500,000    502,528 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21   655,000    659,429 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-4, 2.88%, 07/08/21   715,000    721,196 
AmeriCredit Automobile Receivables Trust, Class C, Series 2017-1, 2.71%, 08/18/22   650,000    653,083 
AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18   901,124    901,289 
AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19   575,000    577,007 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20  $755,000   $760,290 
Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21‡   600,000    602,975 
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@   407,688    420,398 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡   500,000    501,355 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡   1,140,000    1,140,178 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡   1,465,000    1,488,433 
BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25@   40,838    41,193 
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡   156,219    157,168 
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡   360,336    362,427 
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20   601,893    602,739 
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20   500,000    503,520 
California Republic Auto Receivables Trust, Class B, Series 2015-3, 2.70%, 09/15/21   645,000    645,008 
Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19   635,000    637,830 
Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20   650,000    653,253 
CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19‡   41,143    41,234 
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡   139,828    140,503 
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡   480,000    481,389 
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡   1,000,000    1,004,798 
CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20   700,000    702,734 
CarMax Auto Owner Trust, Class B, Series 2015-4, 2.16%, 08/16/21   713,000    710,715 
CarMax Auto Owner Trust, Class B, Series 2016-2, 2.16%, 12/15/21   575,000    573,124 
CarMax Auto Owner Trust, Class C, Series 2015-2, 2.39%, 03/15/21   615,000    617,247 
CCG Receivables Trust, Class A3, Series 2015-1, 1.92%, 01/17/23‡   1,000,000    1,002,539 
CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21‡   420,000    420,193 
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡   517,440    509,725 
Chrysler Capital Auto Receivables Trust, Class D, Series 2015-BA, 4.17%, 01/16/23‡   635,000    640,928 
Citi Held For Asset Issuance, Class A, Series 2015-PM3, 2.56%, 05/16/22‡   118,406    118,536 
CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡   577,349    573,210 
Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@   123,424    125,000 
Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡   536,923    537,063 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡  $359,586   $360,235 
Drive Auto Receivables Trust, Class B, Series 2016-AA, 3.17%, 05/15/20‡   1,200,000    1,207,265 
Drive Auto Receivables Trust, Class B, Series 2016-BA, 2.56%, 06/15/20‡   1,250,000    1,257,132 
Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21‡   1,225,000    1,232,792 
Drive Auto Receivables Trust, Class C, Series 2015-DA, 3.38%, 11/15/21‡   1,000,000    1,011,297 
Drive Auto Receivables Trust, Class C, Series 2016-CA, 3.02%, 11/15/21‡   665,000    673,550 
Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡   243,350    241,405 
DT Auto Owner Trust, Class B, Series 2016-1A, 2.79%, 05/15/20‡   700,000    702,777 
DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20‡   15,534    15,540 
DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡   387,730    389,751 
DT Auto Owner Trust, Class C, Series 2015-3A, 3.25%, 07/15/21‡   655,000    662,139 
DT Auto Owner Trust, Class C, Series 2016-2A, 3.67%, 01/18/22‡   625,000    633,849 
DT Auto Owner Trust, Class C, Series 2016-3A, 3.15%, 03/15/22‡   650,000    655,291 
Exeter Automobile Receivables Trust, Class A, Series 2016-1A, 2.35%, 07/15/20‡   514,569    515,775 
Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡   234,711    235,771 
Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡   1,110,000    1,116,033 
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡   880,000    887,758 
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡   500,000    512,557 
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡   600,000    610,133 
Flagship Credit Auto Trust, Class A, Series 2016-1, 2.77%, 12/15/20‡   499,896    503,748 
Foursight Capital Automobile Receivables Trust, Class A2, Series 2016-1, 2.87%, 10/15/21‡   797,013    799,660 
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡   303,996    304,976 
Greatamerica Leasing Receivables Funding LLC, Class A4, Series 2017-1, 2.36%, 01/20/23‡   640,000    638,556 
Hertz Vehicle Financing II LP, Class A, Series 2015-2A, 2.02%, 09/25/19‡   1,075,000    1,070,322 
Hertz Vehicle Financing LLC, Class A, Series 2016-1A, 2.32%, 03/25/20‡   200,000    199,330 
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡   545,679    544,106 
Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡   186,575    184,362 
Hilton Grand Vacations Trust, Class A, Series 2017-AA, 2.66%, 12/26/28‡   650,000    649,977 
Hyundai Auto Receivables Trust, Class B, Series 2015-C, 2.15%, 11/15/21   1,000,000    1,000,769 
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20   425,000    425,768 
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21   500,000    502,526 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Leaf Receivables Funding 10 LLC, Class D, Series 2015-1, 3.74%, 05/17/21‡  $615,000   $605,706 
LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21‡   345,000    349,043 
Mariner Finance Issuance Trust, Class A, Series 2017-AA, 3.62%, 02/20/29‡   645,000    649,173 
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡   606,921    607,979 
MVW Owner Trust, Class A, Series 2016-1A, 2.25%, 12/20/33‡   709,647    699,833 
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡   394,888    393,984 
Navistar Financial Dealer Note Master Owner Trust II, Class B, Series 2016-1, 2.73%, 09/27/21@‡   1,065,000    1,067,553 
OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡   179,833    179,881 
OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 03/18/26‡   120,000    121,419 
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡   325,000    326,064 
Orange Lake Timeshare Trust, Class A, Series 2012-AA, 3.45%, 03/10/27‡   81,059    81,768 
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡   349,949    350,026 
Santander Drive Auto Receivables Trust, Class B, Series 2016-2, 2.08%, 02/16/21   750,000    750,988 
Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19   201,502    201,639 
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20   504,189    505,521 
Santander Drive Auto Receivables Trust, Class C, Series 2016-1, 3.09%, 04/15/22   1,370,000    1,387,442 
Santander Drive Auto Receivables Trust, Class C, Series 2017-1, 2.58%, 05/16/22   650,000    650,387 
Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19   785,000    786,894 
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19   475,000    479,608 
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡   107,426    107,347 
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31‡   70,023    69,930 
Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25‡   54,029    54,049 
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡   257,424    256,943 
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡   500,000    498,052 
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡   258,166    261,258 
SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡   1,275,000    1,284,040 
SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20‡   13,397    13,399 
Sofi Consumer Loan Program LLC, Class A, Series 2016-3, 3.05%, 12/26/25‡   575,113    576,197 
Sofi Professional Loan Program LLC, Class A2, Series 2016-A, 2.76%, 12/26/36‡   377,563    380,784 
SoFi Professional Loan Program LLC, Class A1FX, Series 2017-B, 1.83%, 05/25/40‡   650,000    649,951 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡  $358,210   $359,418 
SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30‡   207,365    207,346 
SoFi Professional Loan Program LLC, Class A2B, Series 2016-C, 2.36%, 12/27/32‡   1,006,000    993,785 
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡   800,000    804,738 
Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡   412,829    414,028 
Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44‡   224,812    220,287 
Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41‡   237,728    239,506 
U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23‡   694,939    698,685 
United Auto Credit Securitization Trust, Class B, Series 2016-1, 2.73%, 05/15/18‡   253,169    253,364 
Volvo Financial Equipment LLC, Class B, Series 2017-1A, 2.40%, 01/18/22‡   650,000    648,935 
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡   419,221    417,596 
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡   526,975    531,737 
Westgate Resorts LLC, Class A, Series 2016-1A, 3.50%, 12/20/28‡   404,546    406,680 
Westlake Automobile Receivables Trust, Class B, Series 2016-3A, 2.07%, 12/15/21‡   1,230,000    1,226,817 
Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20‡   500,000    501,043 
Westlake Automobile Receivables Trust, Class C, Series 2016-2A, 2.83%, 05/17/21‡   780,000    785,152 
Total Asset Backed Securities
(Cost $65,836,221)		        65,938,915 
           
CORPORATE BONDS – 20.8%          
Consumer Discretionary – 2.2%          
American Axle & Manufacturing, Inc., 5.13%, 02/15/19   115,000    116,757 
Calatlantic Group, Inc., 5.88%, 11/15/24   136,000    143,310 
Calatlantic Group, Inc., 5.25%, 06/01/26   290,000    290,000 
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.46%, 07/23/22   245,000    258,657 
CSC Holdings LLC, 6.75%, 11/15/21   365,000    396,709 
Delphi Automotive PLC, 3.15%, 11/19/20   530,000    541,147 
Dr Horton, Inc., 4.75%, 02/15/23   650,000    692,565 
Marriott International, Inc., Series N, 3.13%, 10/15/21   520,000    529,827 
NCL Corp. Ltd., 4.75%, 12/15/21‡   580,000    590,150 
Newell Brands, Inc., 2.60%, 03/29/19   71,000    71,912 
Newell Brands, Inc., 3.15%, 04/01/21   65,000    66,461 
QVC, Inc., 3.13%, 04/01/19   610,000    619,725 
Scientific Games International, Inc., 7.00%, 01/01/22‡   155,000    165,850 
Toll Brothers Finance Corp., 4.00%, 12/31/18(a)   175,000    179,813 
Toll Brothers Finance Corp., 6.75%, 11/01/19(a)   117,000    128,407 
Toll Brothers Finance Corp., 5.63%, 01/15/24   35,000    37,056 
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.88%, 06/15/24   245,000    253,575 
Wyndham Worldwide Corp., 2.50%, 03/01/18   450,000    452,258 
Wyndham Worldwide Corp., 4.15%, 04/01/24   35,000    35,350 
Total Consumer Discretionary        5,569,529 
           
Consumer Staples – 0.3%          
Kraft Heinz Foods Co., 2.80%, 07/02/20   185,000    187,661 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Consumer Staples (continued)          
Smithfield Foods, Inc., 2.70%, 01/31/20‡  $251,000   $251,138 
Smithfield Foods, Inc., 3.35%, 02/01/22‡   222,000    221,964 
Total Consumer Staples        660,763 
           
Energy – 1.4%          
Antero Resources Corp., 5.63%, 06/01/23   210,000    215,775 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.13%, 11/15/22‡   155,000    157,712 
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23(a)   640,000    644,800 
Holly Energy Partners LP / Holly Energy Finance Corp., 6.00%, 08/01/24‡   35,000    36,837 
Kinder Morgan, Inc., 5.63%, 11/15/23‡   545,000    598,949 
NGL Energy Partners LP / NGL Energy Finance Corp., 5.13%, 07/15/19(a)   535,000    539,013 
Range Resources Corp., 5.00%, 08/15/22‡   260,000    258,700 
Regency Energy Partners LP/Regency Energy Finance Corp., 5.00%, 10/01/22   440,000    468,424 
Sabine Oil & Gas Corp., 7.25%, 06/15/19^(b)   92,000    230 
Sunoco LP / Sunoco Finance Corp., 6.38%, 04/01/23   665,000    678,300 
Total Energy        3,598,740 
           
Financials – 8.2%          
Air Lease Corp., 2.63%, 09/04/18   520,000    524,540 
Ally Financial, Inc., 3.25%, 11/05/18   145,000    146,360 
Ally Financial, Inc., 4.13%, 03/30/20   270,000    276,075 
Ares Capital Corp., 4.88%, 11/30/18   76,000    78,884 
Ares Capital Corp., 3.88%, 01/15/20(a)   210,000    214,331 
Aviation Capital Group Corp., 2.88%, 09/17/18‡   195,000    197,021 
Bank of America Corp., 2.00%, 01/11/18   235,000    235,645 
Bank of America Corp., 5.65%, 05/01/18   200,000    208,138 
Bank of America Corp., 5.49%, 03/15/19   66,000    69,917 
Bank of America Corp., 2.22%, 10/21/22@(a)   650,000    660,707 
Bank of New York Mellon Corp. (The), Series E, 4.95%#@   555,000    573,211 
Bank of New York Mellon Corp. (The), 2.05%, 05/03/21   650,000    641,803 
Bear Stearns Cos. LLC (The), 7.25%, 02/01/18   75,000    78,394 
Berkshire Hathaway Finance Corp., 1.30%, 08/15/19   1,370,000    1,357,356 
Fifth Third Bancorp, 4.50%, 06/01/18   321,000    330,701 
First Horizon National Corp., 3.50%, 12/15/20   550,000    565,611 
First Tennessee Bank NA, 2.95%, 12/01/19   250,000    253,082 
Ford Motor Credit Co. LLC, 8.13%, 01/15/20   455,000    523,220 
Ford Motor Credit Co. LLC, 3.20%, 01/15/21   650,000    657,543 
FS Investment Corp., 4.25%, 01/15/20   585,000    589,804 
General Motors Financial Co., Inc., 2.40%, 04/10/18   355,000    356,903 
General Motors Financial Co., Inc., 3.20%, 07/06/21   700,000    703,338 
General Motors Financial Co., Inc., 3.70%, 05/09/23   280,000    281,427 
Goldman Sachs Group, Inc. (The), 2.35%, 11/15/21   165,000    161,773 
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/22   515,000    516,752 
Goldman Sachs Group, Inc. (The), Series G, 2.79%, 10/28/27@   650,000    669,817 
Huntington Bancshares, Inc., 7.00%, 12/15/20   200,000    229,280 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 02/01/22‡   160,000    162,800 
iStar, Inc., 6.00%, 04/01/22(a)   130,000    132,275 
Jefferies Group LLC, 5.13%, 04/13/18   275,000    283,685 
JPMorgan Chase & Co., 5.30%#@   40,000    41,550 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Financials (continued)          
JPMorgan Chase & Co., 6.13%, 06/27/17  $280,000   $282,956 
JPMorgan Chase & Co., 2.25%, 01/23/20   380,000    381,458 
JPMorgan Chase & Co., 2.30%, 08/15/21(a)   170,000    168,339 
JPMorgan Chase Bank NA, 1.65%, 09/23/19   580,000    577,197 
Lazard Group LLC, 4.25%, 11/14/20   275,000    289,474 
Lincoln National Corp., 8.75%, 07/01/19   39,000    44,541 
Lincoln National Corp., 4.20%, 03/15/22   475,000    501,894 
Lincoln National Corp., 6.05%, 04/20/67@   100,000    85,000 
Morgan Stanley, 2.13%, 04/25/18   180,000    180,735 
Morgan Stanley, 2.44%, 10/24/23@   1,467,000    1,499,295 
Navient Corp., 6.50%, 06/15/22   212,000    214,120 
New York Life Global Funding, 1.95%, 02/11/20‡   65,000    64,775 
Santander Holdings USA, Inc., 3.70%, 03/28/22‡   910,000    914,156 
SBA Tower Trust, 2.93%, 12/11/17‡   725,000    725,497 
SBA Tower Trust, 3.16%, 10/15/20‡   425,000    427,699 
SBA Tower Trust, 2.88%, 07/15/21‡   780,000    776,381 
Springleaf Finance Corp., 5.25%, 12/15/19   190,000    192,137 
Starwood Property Trust, Inc., 5.00%, 12/15/21‡   125,000    130,000 
State Street Corp., 4.96%, 03/15/18   300,000    308,561 
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19‡   400,000    406,834 
Voya Financial, Inc., 2.90%, 02/15/18   279,000    281,599 
Wells Fargo & Co., 3.07%, 01/24/23   425,000    427,870 
Wells Fargo Bank NA, 2.15%, 12/06/19   785,000    787,949 
Total Financials        21,390,410 
           
Health Care – 1.5%          
Abbott Laboratories, 2.35%, 11/22/19   240,000    241,148 
Abbott Laboratories, 2.90%, 11/30/21   335,000    336,824 
AbbVie, Inc., 2.50%, 05/14/20   540,000    544,076 
AbbVie, Inc., 2.30%, 05/14/21   375,000    370,652 
Actavis Funding SCS, 3.00%, 03/12/20   85,000    86,509 
Actavis Funding SCS, 3.45%, 03/15/22   85,000    86,887 
CHS/Community Health Systems, Inc., 6.25%, 03/31/23   135,000    137,869 
Forest Laboratories LLC, 4.38%, 02/01/19‡   200,000    207,152 
Mylan NV, 3.15%, 06/15/21   170,000    170,788 
Owens & Minor, Inc., 3.88%, 09/15/21   95,000    96,772 
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/21   260,000    254,525 
Tenet Healthcare Corp., 6.25%, 11/01/18   150,000    158,156 
Tenet Healthcare Corp., 4.63%, 06/15/20@   800,000    808,000 
Tenet Healthcare Corp., 6.00%, 10/01/20   105,000    111,300 
Valeant Pharmaceuticals International, Inc., 6.50%, 03/15/22‡(a)   95,000    97,969 
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22   295,000    296,408 
Total Health Care        4,005,035 
           
Industrials – 2.1%          
America West Airlines Pass-Through Trust, Series 011G, 7.10%, 04/02/21   773,171    842,756 
Continental Airlines Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20   402,488    441,228 
Continental Airlines Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21   262,694    277,470 
Continental Airlines Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20   122,362    126,645 
Delta Air Lines Class A Pass-Through Trust, Series 2A, 4.95%, 05/23/19   469,109    490,219 
Delta Air Lines, Inc., 2.88%, 03/13/20   94,000    94,828 
Masco Corp., 3.50%, 04/01/21   515,000    526,644 
Masco Corp., 5.95%, 03/15/22   400,000    449,740 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Industrials (continued)          
Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, 06/15/19  $195,000   $196,205 
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡   230,000    233,629 
Standard Industries, Inc., 5.50%, 02/15/23‡   480,000    492,000 
UAL Pass-Through Trust, Series 071A, 6.64%, 07/02/22   1,205,341    1,304,782 
Total Industrials        5,476,146 
           
Information Technology – 1.9%          
Apple, Inc., 2.25%, 02/23/21   325,000    326,163 
Apple, Inc., 2.50%, 02/09/22   510,000    512,605 
Apple, Inc., 3.00%, 02/09/24   535,000    540,083 
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.38%, 01/15/20‡   395,000    395,216 
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.00%, 01/15/22‡   280,000    279,953 
CDW LLC / CDW Finance Corp., 5.00%, 09/01/25   75,000    76,875 
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.45%, 06/15/23‡   85,000    91,834 
Dun & Bradstreet Corp. (The), 3.50%, 12/01/17   150,000    151,096 
Dun & Bradstreet Corp. (The), 4.25%, 06/15/20   150,000    155,915 
DXC Technology Co., 2.88%, 03/27/20‡   110,000    111,000 
First Data Corp., 5.00%, 01/15/24‡   260,000    265,525 
Hewlett Packard Enterprise Co., 2.45%, 10/05/17   435,000    436,323 
Hewlett Packard Enterprise Co., 2.85%, 10/05/18   325,000    329,037 
Hewlett Packard Enterprise Co., 3.60%, 10/15/20   65,000    66,899 
Microsoft Corp., 1.55%, 08/08/21   650,000    633,774 
Microsoft Corp., 2.40%, 02/06/22   510,000    513,410 
Total Information Technology        4,885,708 
           
Materials – 0.2%          
Freeport-McMoRan, Inc., 3.88%, 03/15/23(a)   550,000    508,541 
WR Grace & Co.-Conn, 5.13%, 10/01/21‡   70,000    73,588 
Total Materials        582,129 
           
Real Estate – 1.6%          
CoreCivic, Inc., 5.00%, 10/15/22  450,000   466,875 
Corporate Office Properties LP, 3.70%, 06/15/21   460,000    469,219 
Cyrusone LP / Cyrusone Finance Corp., 5.00%, 03/15/24‡   105,000    108,150 
DDR Corp., 7.88%, 09/01/20   280,000    324,113 
DDR Corp., 3.50%, 01/15/21   145,000    146,739 
Digital Realty Trust LP, 3.40%, 10/01/20   420,000    431,098 
Digital Realty Trust LP, 3.95%, 07/01/22   270,000    281,519 
Education Realty Operating Partnership LP, 4.60%, 12/01/24   100,000    100,920 
Government Properties Income Trust, 3.75%, 08/15/19   85,000    85,756 
HCP, Inc., 3.75%, 02/01/19   140,000    143,585 
Healthcare Trust of America Holdings LP, 3.38%, 07/15/21   150,000    152,272 
National Retail Properties, Inc., 5.50%, 07/15/21   250,000    275,281 
Select Income REIT, 4.15%, 02/01/22   515,000    520,299 
Senior Housing Properties Trust, 3.25%, 05/01/19   415,000    417,049 
Ventas Realty LP / Ventas Capital Corp., 4.00%, 04/30/19   310,000    320,769 
Total Real Estate        4,243,644 
           
Telecommunication Services – 1.2%          
AT&T, Inc., 3.88%, 08/15/21   210,000    218,706 
AT&T, Inc., 3.00%, 06/30/22   1,045,000    1,040,812 
Crown Castle International Corp., 4.88%, 04/15/22   355,000    382,299 
Frontier Communications Corp., 10.50%, 09/15/22   645,000    656,287 
T-Mobile USA, Inc., 6.46%, 04/28/19   275,000    276,031 
Verizon Communications, Inc., 4.60%, 04/01/21   125,000    133,690 
Verizon Communications, Inc., 2.95%, 03/15/22‡   51,000    50,855 
Verizon Communications, Inc., 3.13%, 03/16/22   327,000    329,134 
Total Telecommunication Services        3,087,814 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Utilities – 0.2%          
Dominion Resources, Inc., 2.96%, 07/01/19  $50,000   $50,738 
Exelon Corp., 2.85%, 06/15/20   555,000    562,693 
Total Utilities        613,431 
Total Corporate Bonds
(Cost $53,584,834)		        54,113,349 
           
TERM LOANS – 8.3%          
Consumer Discretionary – 2.5%          
Altice U.S. Finance I Corp., 3.38%, 07/28/25@   5,000    5,004 
Altice US Finance I Corp., 3.98%, 01/15/25@   476,366    476,666 
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), 3.73%, 12/15/23@   80,000    80,813 
Aristocrat Leisure Ltd., 3.14%, 10/20/21@   527,998    531,834 
Boyd Gaming Corp., 3.62%, 09/15/23@   580,000    584,214 
Caesars Entertainment Corp., 1.50%, 10/31/21@   129,052    160,240 
CDS US Intermediate Holdings, Inc., 5.15%, 07/08/22@   530,915    535,783 
Charter Communications Operating LLC / Charter Communications Operating Capital, 2.99%, 07/01/20@   605,248    607,560 
Charter Communications Operating, LLC (aka CCO Safari LLC), 2.99%, 01/14/22@   89,100    89,434 
Eldorado Resorts, Inc., 3.40%, 03/16/24@   140,000    140,000 
Harbor Freight Tools USA, Inc., 4.23%, 08/18/23@   501,700    501,700 
Hilton Worldwide Finance, 2.98%, 10/25/23@   772,811    779,704 
Las Vegas Sands LLC, 2.00%, 03/20/24@   65,000    65,122 
MGM Growth Properties Operating Partnership LP, 3.48%, 04/25/23@   620,730    624,610 
PetSmart, Inc., 4.02%, 03/11/22@   507,977    486,388 
StationCasinos LLC, 3.45%, 06/08/23@   307,675    308,426 
Univision Communications, 3.75%, 03/15/24@   529,601    527,117 
Total Consumer Discretionary        6,504,615 
           
Consumer Staples – 1.4%          
Albertson's LLC, 3.98%, 08/25/21@   523,969    526,888 
Aramark Servies, Inc., 2.98%, 03/08/24@   425,000    428,277 
Coty, Inc., 3.31%, 10/27/22@   380,114    382,174 
Dell International, 3.49%, 09/07/23@   603,875    607,115 
Galleria Co., 3.81%, 09/29/23@   180,952    182,762 
Hostess Brands, LLC, 4.00%, 08/03/22@   895,765    905,730 
JBS U.S., 3.29%, 10/30/22@   175,000    175,893 
Kronos, Inc., 5.03%, 11/01/23@   332,168    334,469 
Total Consumer Staples        3,543,308 
           
Energy – 0.3%          
MEG Energy, 4.54%, 12/31/23@   637,928    639,079 
           
Financials – 0.1%          
Avolon, 2.75%, 03/21/22@   20,000    20,292 
Delos Finance, 3.40%, 10/06/23@   289,000    292,612 
Total Financials        312,904 
           
Health Care – 0.7%          
Acadia Healthcare Co., Inc., 3.98%, 02/16/23@   178,643    179,871 
CHS/Community Health Systems, Inc., 4.05%, 01/27/21@   512,061    505,949 
Envision Healthcare Corp. (fka Emergency Medical Services Corp.), 4.15%, 12/01/23@   313,215    316,347 
HLF Financing, 6.48%, 02/15/23@   130,000    130,298 
Tennessee Merger Sub, 3.75%, 02/06/24@   337,097    335,201 
Valeant Pharmaceuticals International, Inc., 5.57%, 04/01/22@   366,020    367,463 
Total Health Care        1,835,129 
           
Industrials – 1.0%          
Advanced Disposal Services, Inc. (fka ADS Waste Holdings, Inc.), 3.70%, 11/10/23@   642,661    647,214 
Air Canada (Canada), 3.76%, 10/06/23@   97,000    97,728 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
TERM LOANS (continued)          
Industrials (continued)          
American Airlines, Inc., 3.48%, 04/28/23@  $500,000   $501,448 
Quikrete Holdings, Inc., 4.23%, 11/15/23@   461,843    466,708 
TransDigm, Inc., 4.15%, 06/04/21@   538,559    538,031 
United Airlines, Inc., 3.40%, 04/01/24@   260,000    260,976 
XPO Logistics, Inc., 3.11%, 10/30/21@   140,000    140,623 
Total Industrials        2,652,728 
           
Information Technology – 0.6%          
Donnelley Financial Solutions, 5.00%, 09/29/23@   120,857    122,090 
First Data Corp., 3.98%, 03/24/21@   528,196    532,818 
Rackspace Hosting, Inc., 4.53%, 11/03/23@   669,323    675,132 
Western Digital Corp., 3.73%, 04/29/23@   308,721    310,993 
Total Information Technology        1,641,033 
           
Materials – 0.3%          
Anchor Glass Container Corp., 4.25%, 12/07/23@   75,810    76,427 
Huntsman International LLC, 3.98%, 04/01/23@   229,686    232,079 
Ineos, 3.73%, 03/31/22@   192,333    193,638 
Ineos U.S. Financing, 3.73%, 02/28/24@   309,225    311,303 
Total Materials        813,447 
           
Real Estate – 0.1%          
Capital Automotive LP, 4.00%, 03/16/24@   75,000    75,843 
Realogy Group, 3.23%, 07/20/22@   287,901    291,142 
Total Real Estate        366,985 
           
Telecommunication Services – 0.6%          
Aerial Merger Sub, Inc., 4.35%, 09/02/19@   165,000    167,440 
Aerial Merger Sub, Inc., 4.85%, 03/01/24@   65,000    65,914 
Sprint Communication, 3.50%, 02/02/24@   285,000    285,307 
UPC Financing Partnership, 3.66%, 04/15/25@   485,000    487,071 
Virgin Media Bristol LLC, 3.66%, 01/31/25@   465,000    466,781 
Total Telecommunication Services        1,472,513 
           
Utilities – 0.7%          
Calpine Corp., 3.90%, 01/15/24@   441,143    443,699 
DYNEG, 4.25%, 06/27/23@   686,000    688,885 
Helix Gen Funding LLC, 4.87%, 03/09/24@   15,000    15,239 
NRG Energy, 3.23%, 06/30/23@   386,494    388,602 
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 3.73%, 08/04/23@   52,041    52,003 
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 3.73%, 08/04/23@   229,018    228,851 
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 4.19%, 12/14/23@   68,828    69,025 
Total Utilities        1,886,304 
Total Term Loans
(Cost $21,507,086)		        21,668,045 
           
FOREIGN BONDS – 7.1%          
Basic Materials – 0.3%          
FMG Resources August 2006 Pty Ltd. (Australia), 9.75%, 03/01/22‡   650,000    748,313 
           
Energy – 0.8%          
Pertamina Persero PT (Indonesia), 4.88%, 05/03/22‡   485,000    515,042 
Petrobras Global Finance BV (Brazil), 8.38%, 05/23/21   450,000    509,400 
Petroleos Mexicanos (Mexico), 4.88%, 01/24/22(a)   905,000    933,236 
Total Energy        1,957,678 
           
Financials – 2.4%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Netherlands), 4.50%, 05/15/21   405,000    424,941 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Netherlands), 3.95%, 02/01/22   150,000    154,214 
Brookfield Finance LLC (Canada), 4.00%, 04/01/24   561,000    565,160 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
FOREIGN BONDS (continued)          
Financials (continued)          
Corp. Andina de Fomento (Supranational), 2.00%, 05/10/19  $420,000   $419,474 
Guanay Finance Ltd. (Chile), 6.00%, 12/15/20‡(a)   551,960    569,209 
HSBC Holdings PLC (United Kingdom), 2.95%, 05/25/21   640,000    643,517 
Industrial & Commercial Bank of China Ltd. (China), 3.23%, 11/13/19   475,000    484,695 
Korea Development Bank (The) (South Korea), 4.63%, 11/16/21   375,000    406,218 
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/21   785,000    767,613 
Nordea Bank AB (Sweden), 1.63%, 09/30/19‡   940,000    930,228 
UBS Group Funding Jersey Ltd. (Switzerland), 2.65%, 02/01/22‡   400,000    392,588 
Vnesheconombank Via Veb Finance PLC (Russia), 6.03%, 07/05/22‡   475,000    510,568 
Total Financials        6,268,425 
           
Health Care – 0.2%          
Teva Pharmaceutical Finance Netherlands III BV (Israel), 1.70%, 07/19/19   400,000    395,660 
Teva Pharmaceutical Finance Netherlands III BV (Israel), 2.20%, 07/21/21   165,000    159,396 
Teva Pharmaceutical Finance Netherlands III BV (Israel), 2.80%, 07/21/23   65,000    61,826 
Total Health Care        616,882 
           
Industrials – 0.2%          
BAE Systems Holdings, Inc. (United Kingdom), 2.85%, 12/15/20‡   145,000    146,510 
British Airways Class B Pass Through Trust (United Kingdom), 5.63%, 06/20/20‡   227,781    237,176 
Park Aerospace Holdings Ltd. (Ireland), 5.25%, 08/15/22‡   65,000    67,844 
Total Industrials        451,530 
           
Information Technology – 0.2%          
NXP BV / NXP Funding LLC (Netherlands), 4.13%, 06/01/21‡   500,000    520,000 
           
Materials – 1.1%          
Airgas, Inc. (France), 3.05%, 08/01/20  43,000   44,195 
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland), 4.25%, 09/15/22‡   200,000    202,500 
Glencore Funding LLC (Switzerland), 4.13%, 05/30/23‡   640,000    653,228 
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu (New Zealand), 4.52%, 07/15/21@‡   670,000    687,172 
Rusal Capital Dac (Russia), 5.13%, 02/02/22‡   385,000    387,656 
Severstal OAO Via Steel Capital SA (Russia), 3.85%, 08/27/21‡   645,000    647,000 
Vale Overseas Ltd. (Brazil), 5.88%, 06/10/21(a)   275,000    295,383 
Total Materials        2,917,134 
           
Real Estate – 0.2%          
WEA Finance LLC / Westfield UK & Europe Finance PLC (Australia), 3.25%, 10/05/20‡   535,000    545,734 
           
Sovereign Government – 1.4%          
Argentine Republic Government International Bond (Argentina), 6.88%, 04/22/21‡   355,000    382,157 
Argentine Republic Government International Bond (Argentina), 5.63%, 01/26/22‡   650,000    666,412 
Costa Rica Government International Bond (Costa Rica), 4.38%, 04/30/25‡   535,000    505,575 
Indonesia Government International Bond (Indonesia), 3.70%, 01/08/22‡   455,000    464,835 
Oman Government International Bond (Oman), 3.63%, 06/15/21‡   690,000    699,492 
Provincia de Buenos Aires/Argentina (Argentina), 5.75%, 06/15/19‡   205,000    212,062 
Provincia de Buenos Aires/Argentina (Argentina), 6.50%, 02/15/23‡   255,000    256,199 
Turkey Government International Bond (Turkey), 5.63%, 03/30/21   520,000    544,013 
Total Sovereign Government        3,730,745 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal/ Shares   Value 
FOREIGN BONDS (continued)          
Utilities – 0.3%          
Majapahit Holding BV (Indonesia), 7.75%, 01/20/20‡  $245,000   $277,021 
State Grid Overseas Investment 2014 Ltd. (China), 2.75%, 05/07/19‡   500,000    506,348 
Total Utilities        783,369 
Total Foreign Bonds
(Cost $18,373,023)		        18,539,810 
           
U.S. TREASURY NOTES – 4.3%          
U.S. Treasury Note, 12/31/18, 1.25%(a)   2,585,000    2,586,616 
U.S. Treasury Note, 12/15/19, 1.38%(a)   2,605,000    2,600,420 
U.S. Treasury Note, 02/15/20, 1.38%(a)   2,000,000    1,993,906 
U.S. Treasury Note, 01/31/21, 1.38%   1,000,000    985,977 
U.S. Treasury Note, 01/31/22, 1.88%   3,000,000    2,993,847 
Total U.S. Treasury Notes
(Cost $11,181,689)		        11,160,766 
           
U.S. GOVERNMENT AGENCY SECURITIES – 1.4%          
Federal National Mortgage Association, 2.50%, 02/01/31   1,144,833    1,146,493 
Federal National Mortgage Association, 3.00%, 10/01/30   558,241    573,072 
Federal National Mortgage Association, 3.00%, 10/01/30   805,157    826,549 
Federal National Mortgage Association, 4.00%, 01/01/46   780,850    819,714 
Federal National Mortgage Association, 5.00%, 06/25/37   64,853    68,091 
Federal National Mortgage Association, 4.00%, 11/25/41   167,671    171,755 
Total U.S. Government Agency Securities
(Cost $3,668,469)		        3,605,674 
           
MONEY MARKET FUND – 3.7%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.58%(c)
(Cost $9,551,792)		   9,551,792    9,551,792 
           
REPURCHASE AGREEMENTS – 1.3%          
Citigroup Global Markets, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $814,850, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.50%, 04/01/17-06/01/52, totaling
$828,018)		  814,832   814,832 
Merrill Lynch Pierce Fenner & Smith, Inc., dated 03/31/17, due 04/03/17, 0.83%, total to be received $814,851, (collateralized by various U.S. Government Agency Obligations, 1.84%-7.00%, 05/01/17-12/01/46, totaling
$828,453)		   814,832    814,832 
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $814,852, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling
$825,731)		   814,832    814,832 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $814,850, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling
$828,513)		   814,832    814,832 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
Royal Bank of Scotland PLC, dated 03/31/17, due 04/03/17, 0.78%, total to be received $241,419, (collateralized by various U.S. Government Agency Obligations, 0.39%-2.25%, 04/30/17-07/31/18, totaling
$245,295)		  $241,414   $241,414 
Total Repurchase Agreements
(Cost $3,500,742)		        3,500,742 
Total Investments – 101.4%
(Cost $264,507,169)		        263,715,514 
Liabilities in Excess of Other Assets – (1.4%)        (3,650,110)
Net Assets – 100.0%       $260,065,404 

 

 

LP - Limited Partnership

PLC - Public Limited Company

 

^Is in default.
#Perpetual security with no stated maturity date.
@Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2017.
‡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 $10,995,312; the aggregate market value of the collateral held by the fund is $11,432,339.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $7,931,597.
(b)Security fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees.
(c)Rate shown reflects the 7-day yield as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

   % of 
   Net Assets 
Asset Backed Securities   25.4%
Basic Materials   0.3 
Commercial Mortgage Backed Securities   10.3 
Consumer Discretionary   4.7 
Consumer Staples   1.7 
Energy   2.5 
Financials   10.7 
Health Care   2.4 
Industrials   3.3 
Information Technology   2.7 
Materials   1.6 
Real Estate   1.9 
Residential Mortgage Backed Securities   18.7 
Sovereign Government   1.4 
Telecommunication Services   1.8 
U.S. Government Agency Securities   1.5 
U.S. Treasury Notes   4.3 
Utilities   1.2 
Money Market Fund   3.7 
Repurchase Agreements   1.3 
Total Investments   101.4 
Liabilities in Excess of Other Assets   (1.4)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
TERM LOANS – 81.1%          
Advertising – 1.7%          
Acosta, Inc., 4.29%, 09/26/21@  $486,222   $457,554 
           
Aerospace & Defense – 3.3%          
Accudyne Industries Borrower SCA, 4.15%, 12/13/19 (Luxembourg)@   488,586    460,290 
TransDigm, Inc., 3.98%, 06/09/23@   436,788    435,626 
Total Aerospace & Defense        895,916 
           
Auto Parts & Equipment – 2.6%          
Cooper-Standard Automotive, Inc., 3.90%, 11/02/23@   227,236    229,793 
Federal-Mogul Holdings LLC, 4.75%, 04/15/21@   489,950    488,918 
Total Auto Parts & Equipment        718,711 
           
Building Materials – 1.8%          
GYP Holdings III Corp., 4.54%, 04/01/21@   489,981    492,737 
           
Chemicals – 0.9%          
MacDermid, Inc., 5.00%, 06/07/23@   244,397    245,543 
           
Coal – 0.9%          
Peabody Energy Corp., 03/31/22(a)   250,000    250,438 
           
Commercial Services – 4.6%          
Brightview Landscapes LLC, 4.00%, 12/18/20@   236,301    237,308 
Brightview Landscapes LLC, 4.02%, 12/18/20@   8,648    8,685 
Brightview Landscapes LLC, 7.50%, 12/17/21@   196,809    198,449 
Brightview Landscapes LLC, 7.52%, 12/17/21@   53,191    53,635 
Camelot Finance LP, 4.75%, 10/03/23@   746,873    749,211 
Total Commercial Services        1,247,288 
           
Computers – 1.5%          
Western Digital Corp., 3.73%, 04/29/23@   397,005    399,927 
           
Distribution / Wholesale – 5.5%          
Nexeo Solutions LLC, 06/09/23(a)   496,256    501,591 
Spin Holdco, Inc., 4.28%, 11/14/19@   274,706    275,171 
Spin Holdco, Inc., 4.29%, 11/14/19@   214,657    215,021 
Univar USA, Inc., 3.73%, 07/01/22@   492,516    494,286 
Total Distribution / Wholesale        1,486,069 
           
Diversified Financial Services – 0.9%          
AlixPartners LLP, 4.00%, 07/28/22@   246,881    248,050 
           
Electric – 1.8%          
Vistra Operations Co. LLC, 4.19%, 12/14/23@   498,750    500,184 
           
Entertainment – 1.4%          
Scientific Games International, Inc., 4.85%, 10/01/21@   382,436    387,785 
Scientific Games International, Inc., 4.94%, 10/01/21@   2,338    2,371 
Total Entertainment        390,156 
           
Environmental Control – 0.9%          
Waste Industries USA, Inc., 3.73%, 02/27/20@   245,000    246,654 
           
Food – 3.1%          
Albertsons LLC, 4.30%, 06/22/23@   348,219    350,515 
U.S. Foods, Inc., 3.73%, 06/27/23@   489,952    495,195 
Total Food        845,710 
           
Hand / Machine Tools – 1.8%          
Apex Tool Group LLC, 4.50%, 01/31/20@   487,373    478,844 
           
Healthcare - Services – 3.5%          
CHS/Community Health Systems, Inc., 3.75%, 12/31/19@   19,750    19,656 
CHS/Community Health Systems, Inc., 3.80%, 12/31/19@   147,913    147,207 
CHS/Community Health Systems, Inc., 4.00%, 01/27/21@   36,209    35,777 
CHS/Community Health Systems, Inc., 4.05%, 01/27/21@   272,287    269,037 
IASIS Healthcare LLC, 4.50%, 05/03/18@   489,770    491,109 
Total Healthcare - Services        962,786 
           
Insurance – 1.8%          
HUB International Ltd., 4.03%, 10/02/20@   244,436    246,049 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Principal   Value 
TERM LOANS (continued)          
Insurance (continued)          
USI, Inc., 4.25%, 12/27/19@  $229,642   $230,216 
Total Insurance        476,265 
           
Internet – 1.8%          
Uber Technologies, Inc., 5.00%, 07/13/23@   497,500    496,070 
           
Leisure Time – 3.2%          
24 Hour Fitness Worldwide, Inc., 4.90%, 05/28/21@   244,347    244,042 
BRP US, Inc., 4.04%, 06/30/23@   248,750    250,409 
ClubCorp Club Operations, Inc., 4.00%, 12/15/22@   361,205    363,406 
Total Leisure Time        857,857 
           
Lodging – 2.6%          
Caesars Entertainment Resort Properties LLC, 7.00%, 10/09/20@   244,318    246,152 
Caesars Growth Properties Holdings LLC, 6.25%, 05/08/21@   244,347    246,332 
Hilton Worldwide Finance LLC, 2.98%, 10/25/23@   205,593    207,426 
Total Lodging        699,910 
           
Machinery - Diversified – 2.3%          
Clark Equipment Co., 4.50%, 05/28/21 (South Korea)@   197,790    200,510 
RBS Global, Inc., 3.75%, 08/21/23@   39,561    39,745 
RBS Global, Inc., 3.79%, 08/21/23@   194,742    195,646 
RBS Global, Inc., 3.90%, 08/21/23@   181,759    182,603 
Total Machinery - Diversified        618,504 
           
Media – 1.7%          
Altice US Finance I Corp., 3.98%, 01/15/25@   246,198    246,353 
iHeartCommunications, Inc., 7.73%, 01/30/19@   250,000    215,676 
Total Media        462,029 
           
Miscellaneous Manufacturing – 0.9%          
Gates Global LLC, 4.40%, 07/05/21@   240,805    241,543 
           
Oil & Gas – 2.8%          
Chesapeake Energy Corp., 8.55%, 08/23/21@   500,000    533,543 
Fieldwood Energy LLC, 8.00%, 08/31/20@   250,000    237,814 
Total Oil & Gas        771,357 
           
Packaging & Containers – 7.0%          
BWAY Holding Co., 4.75%, 08/14/23@   471,154    470,932 
Proampac PG Borrower LLC, 5.06%, 11/20/23@   498,750    504,236 
Reynolds Group Holdings, Inc., 3.98%, 02/05/23@   448,100    450,365 
SIG Combibloc, 4.00%, 03/11/22 (Luxembourg)@   475,714    479,908 
Total Packaging & Containers        1,905,441 
           
Pharmaceuticals – 1.7%          
Valeant Pharmaceuticals International, Inc., 5.57%, 04/01/22@   473,835    475,702 
           
Real Estate – 1.8%          
DTZ US Borrower LLC, 4.29%, 11/04/21@   146,811    147,889 
DTZ US Borrower LLC, 4.30%, 11/04/21@   326,703    329,103 
DTZ US Borrower LLC, 4.40%, 11/04/21@   22,698    22,865 
Total Real Estate        499,857 
           
Retail – 14.3%          
1011778 BC ULC, 3.25%, 02/16/24 (Canada)@   222,270    222,734 
1011778 BC ULC, 3.40%, 02/16/24 (Canada)@   150,708    151,022 
CEC Entertainment, Inc., 4.00%, 02/15/21@   488,665    485,459 
Michaels Stores, Inc., 3.75%, 01/27/23@   200,784    200,492 
Neiman Marcus Group Ltd. LLC, 4.25%, 10/25/20@   489,899    395,199 
NPC International, Inc., 4.75%, 12/28/18@   489,061    491,915 
Petco Animal Supplies, Inc., 4.29%, 01/26/23@   497,487    470,126 
PetSmart, Inc., 4.02%, 03/10/22@   491,250    470,372 
Rite Aid Corp., 5.75%, 08/21/20@   250,000    251,146 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
TERM LOANS (continued)          
Retail (continued)          
Smart & Final Stores LLC, 4.48%, 11/15/22@  $105,200   $103,579 
Smart & Final Stores LLC, 4.65%, 11/15/22@   144,800    142,568 
SRS Distribution Inc., 5.29%, 08/25/22@   497,481    505,048 
Total Retail        3,889,660 
           
Semiconductors – 1.4%          
Microsemi Corp., 3.23%, 01/15/23@   99,875    100,530 
ON Semiconductor Corp., 03/31/23(a)   283,673    285,328 
Total Semiconductors        385,858 
           
Software – 1.6%          
Infor US, Inc., 3.90%, 02/01/22@   182,019    181,742 
Solera LLC, 4.25%, 03/03/23@   247,500    249,064 
Total Software        430,806 
Total Term Loans
(Cost $22,163,868)		        22,077,426 
           
CORPORATE BONDS – 9.9%          
Commercial Services – 1.8%          
Ahern Rentals, Inc., 7.38%, 05/15/23‡   250,000    216,250 
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 05/15/23‡   250,000    274,687 
Total Commercial Services        490,937 
           
Diversified Financial Services – 0.9%          
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.38%, 04/01/20‡   250,000    253,750 
           
Electric – 1.0%          
Dynegy, Inc., 6.75%, 11/01/19   250,000    258,125 
           
Healthcare - Services – 0.9%          
Tenet Healthcare Corp., 8.00%, 08/01/20   250,000    254,688 
           
Home Builders – 0.9%          
Lennar Corp., 4.50%, 06/15/19   250,000    258,125 
           
Lodging – 1.5%          
Caesars Entertainment Resort Properties LLC, 8.00%, 10/01/20   125,000    130,781 
MGM Resorts International, 6.75%, 10/01/20   250,000    275,625 
Total Lodging        406,406 
           
Media – 1.0%          
CSC Holdings LLC, 6.63%, 10/15/25‡   250,000    272,500 
           
Retail – 1.0%          
Landry's, Inc., 6.75%, 10/15/24‡   250,000    260,000 
           
Telecommunications – 0.9%          
Sprint Communications, Inc., 6.00%, 11/15/22   250,000    256,250 
Total Corporate Bonds
(Cost $2,664,346)		        2,710,781 
           
MONEY MARKET FUND – 9.7%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.58%(b)
(Cost $2,632,797)		   2,632,797    2,632,797 
Total Investments – 100.7%          
(Cost $27,461,011)        27,421,004 
Liabilities in Excess of Other Assets – (0.7%)        (189,154)
Net Assets – 100.0%       $27,231,850 

 

 

LP - Limited Partnership

 

@Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2017.
‡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)The loan will settle after March 31, 2017 at which time the interest rate will be determined.
(b)Rate shown reflects the 7-day yield as of March 31, 2017.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

  

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Advertising   1.7%
Aerospace & Defense   3.3 
Auto Parts & Equipment   2.6 
Building Materials   1.8 
Chemicals   0.9 
Coal   0.9 
Commercial Services   6.4 
Computers   1.5 
Distribution / Wholesale   5.5 
Diversified Financial Services   1.8 
Electric   2.8 
Entertainment   1.4 
Environmental Control   0.9 
Food   3.1 
Hand / Machine Tools   1.8 
Healthcare - Services   4.4 
Home Builders   0.9 
Insurance   1.8 
Internet   1.8 
Leisure Time   3.2 
Lodging   4.1 
Machinery - Diversified   2.3 
Media   2.7 
Miscellaneous Manufacturing   0.9 
Oil & Gas   2.8 
Packaging & Containers   7.0 
Pharmaceuticals   1.7 
Real Estate   1.8 
Retail   15.3 
Semiconductors   1.4 
Software   1.6 
Telecommunications   0.9 
Money Market Fund   9.7 
Total Investments   100.7 
Liabilities in Excess of Other Assets   (0.7)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

 

Total Return Swaps contracts outstanding as of March 31, 2017:

 

Reference Entity  Number of
Contracts		   Annual Financing
Rate Received
(Paid)		   Termination
Date		  Notional
Amounts		   Fair
Value		   Unrealized
Appreciation/
(Depreciation)		 
iBoxx USD Liquid Leveraged Loans   4,000,000    (1.15)%  12/20/2017  $4,000,000   $3,969,344   $(30,656)

 

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

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS – 67.6%          
Aerospace / Defense – 1.0%          
Triumph Group, Inc., 5.25%, 06/01/22  $1,963,000   $1,894,295 
           
Agriculture – 1.7%          
Alliance One International, Inc., 8.50%, 04/15/21‡   1,757,000    1,805,317 
Vector Group Ltd., 6.13%, 02/01/25‡   1,384,000    1,416,870 
Total Agriculture        3,222,187 
           
Auto Parts & Equipment – 1.6%          
American Axle & Manufacturing, Inc., 6.25%, 04/01/25‡   490,000    491,837 
American Axle & Manufacturing, Inc., 6.50%, 04/01/27‡(a)   490,000    489,691 
Titan International, Inc., 6.88%, 10/01/20(a)   1,917,000    1,988,888 
Total Auto Parts & Equipment        2,970,416 
           
Biotechnology – 1.5%          
AMAG Pharmaceuticals, Inc., 7.88%, 09/01/23‡   2,856,000    2,720,340 
           
Building Materials – 0.8%          
Airxcel, Inc., 8.50%, 02/15/22‡   1,410,000    1,455,825 
           
Chemicals – 3.4%          
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23‡(a)   2,666,000    2,745,980 
Hexion, Inc., 10.00%, 04/15/20   1,837,000    1,841,592 
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25‡   1,716,000    1,703,130 
Total Chemicals        6,290,702 
           
Coal – 1.5%          
Peabody Energy Corp., 6.00%, 03/31/22‡(a)   1,412,000    1,409,353 
Peabody Energy Corp., 6.38%, 03/31/25‡   1,412,000    1,410,235 
Total Coal        2,819,588 
           
Commercial Services – 3.4%          
Constellis Holdings LLC/Constellis Finance Corp., 9.75%, 05/15/20‡   2,226,000    2,392,950 
Quad/Graphics, Inc., 7.00%, 05/01/22(a)   1,881,000    1,890,405 
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary, 7.88%, 06/01/21(a)   1,900,000    1,897,625 
Total Commercial Services        6,180,980 
           
Computers – 1.7%          
Harland Clarke Holdings Corp., 9.25%, 03/01/21‡   3,258,000    3,180,623 
           
Cosmetics / Personal Care – 0.3%          
High Ridge Brands Co., 8.88%, 03/15/25‡   490,000    501,025 
           
Diversified Financial Services – 2.9%          
CNG Holdings, Inc., 9.38%, 05/15/20‡   2,119,000    1,944,182 
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25‡   1,470,000    1,486,538 
LPL Holdings, Inc., 5.75%, 09/15/25‡   1,922,000    1,946,025 
Total Diversified Financial Services        5,376,745 
           
Electrical Components & Equipment – 1.6%          
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡   3,054,000    3,000,555 
           
Electronics – 1.1%          
Kemet Corp., 10.50%, 05/01/18(a)   1,989,000    1,999,194 
           
Energy - Alternate Sources – 1.0%          
Enviva Partners LP/Enviva Partners Finance Corp., 8.50%, 11/01/21‡   1,711,000    1,820,076 
           
Entertainment – 3.2%          
AMC Entertainment Holdings, Inc., 6.13%, 05/15/27‡   1,470,000    1,486,537 
CCM Merger, Inc., 6.00%, 03/15/22‡   1,570,000    1,605,325 
Eagle II Acquisition Co. LLC, 6.00%, 04/01/25‡   1,716,000    1,773,915 
Jacobs Entertainment, Inc., 7.88%, 02/01/24‡   940,000    969,375 
Total Entertainment        5,835,152 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Environmental Control – 0.9%          
Covanta Holding Corp., 5.88%, 07/01/25(a)  $1,680,000   $1,687,350 
           
Food – 5.4%          
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡(a)   3,265,000    2,836,469 
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25‡   1,000,000    1,027,500 
Post Holdings, Inc., 5.50%, 03/01/25‡   940,000    949,400 
Post Holdings, Inc., 5.75%, 03/01/27‡   940,000    942,350 
Simmons Foods, Inc., 7.88%, 10/01/21‡(a)   1,830,000    1,926,075 
SUPERVALU, Inc., 6.75%, 06/01/21(a)   2,210,000    2,210,000 
Total Food        9,891,794 
           
Gas – 0.7%          
NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, 03/01/25‡   1,412,000    1,376,700 
           
Healthcare - Products – 2.6%          
Greatbatch Ltd., 9.13%, 11/01/23‡   1,738,000    1,837,935 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.63%, 10/15/23‡(a)   3,141,000    3,007,508 
Total Healthcare - Products        4,845,443 
           
Healthcare - Services – 0.8%          
CHS/Community Health Systems, Inc., 6.25%, 03/31/23   1,438,000    1,468,557 
           
Home Builders – 1.4%          
Beazer Homes USA, Inc., 6.75%, 03/15/25‡(a)   1,202,000    1,211,015 
William Lyon Homes, Inc., 5.88%, 01/31/25‡   1,386,000    1,399,860 
Total Home Builders        2,610,875 
           
Housewares – 1.1%          
American Greetings Corp., 7.88%, 02/15/25‡   1,882,000    1,985,510 
           
Machinery - Construction & Mining – 1.1%          
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25%, 03/15/24‡   1,922,000    1,972,452 
           
Machinery - Diversified – 1.1%          
Xerium Technologies, Inc., 9.50%, 08/15/21(a)   1,939,000    1,975,356 
           
Media – 2.5%          
Block Communications, Inc., 6.88%, 02/15/25‡   1,978,000    2,101,625 
Lee Enterprises, Inc., 9.50%, 03/15/22‡(a)   2,407,000    2,538,302 
Total Media        4,639,927 
           
Mining – 1.1%          
Ferroglobe PLC/Globe Specialty Metals, Inc., 9.38%, 03/01/22‡   2,000,000    2,095,000 
           
Miscellaneous Manufacturing – 1.7%          
Koppers, Inc., 6.00%, 02/15/25‡   1,152,000    1,192,320 
Techniplas LLC, 10.00%, 05/01/20‡   1,991,000    1,916,338 
Total Miscellaneous Manufacturing        3,108,658 
           
Oil & Gas – 2.6%          
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22‡   1,000,000    1,038,750 
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.50%, 01/15/21‡   1,678,000    1,946,480 
Sanchez Energy Corp., 7.75%, 06/15/21(a)   1,822,000    1,808,335 
Total Oil & Gas        4,793,565 
           
Oil & Gas Services – 0.6%          
Exterran Energy Solutions LP/EES Finance Corp., Series AI, 8.13%, 05/01/25   1,000,000    1,022,500 
           
Packaging & Containers – 0.8%          
BWAY Holding Co., 5.50%, 04/15/24‡   982,000    992,439 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Packaging & Containers (continued)          
BWAY Holding Co., 7.25%, 04/15/25‡  $490,000   $491,225 
Total Packaging & Containers        1,483,664 
           
Pharmaceuticals – 2.2%          
Horizon Pharma, Inc./Horizon Pharma USA, Inc., 8.75%, 11/01/24‡   1,986,000    2,077,852 
Valeant Pharmaceuticals International, Inc., 6.50%, 03/15/22‡(a)   982,000    1,012,688 
Valeant Pharmaceuticals International, Inc., 7.00%, 03/15/24‡   982,000    1,010,233 
Total Pharmaceuticals        4,100,773 
           
Pipelines – 2.9%          
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23(a)   1,678,000    1,749,315 
Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.25%, 02/15/21   1,828,000    1,855,420 
SemGroup Corp., 6.38%, 03/15/25‡   1,708,000    1,686,650 
Total Pipelines        5,291,385 
           
Real Estate Investment Trusts – 0.5%          
iStar, Inc., 6.00%, 04/01/22   976,000    993,080 
           
Retail – 3.4%          
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20   1,840,000    1,771,000 
Guitar Center, Inc., 6.50%, 04/15/19‡(a)   2,053,000    1,734,785 
Sonic Automotive, Inc., 6.13%, 03/15/27‡   1,922,000    1,929,208 
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27   786,000    778,140 
Total Retail        6,213,133 
           
Semiconductors – 1.1%          
Amkor Technology, Inc., 6.38%, 10/01/22(a)   1,979,000    2,050,739 
           
Software – 2.1%          
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25‡   1,882,000    1,936,107 
CURO Financial Technologies Corp., 12.00%, 03/01/22‡   1,882,000    1,943,165 
Total Software        3,879,272 
           
Telecommunications – 4.3%          
Frontier Communications Corp., 11.00%, 09/15/25   1,839,000    1,797,622 
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 12.50%, 07/01/22‡   1,511,000    1,711,208 
Trilogy International Partners LLC/Trilogy International Finance, Inc., 13.38%, 05/15/19‡   2,610,000    2,649,150 
Windstream Services LLC, 7.75%, 10/01/21(a)   1,869,000    1,850,310 
Total Telecommunications        8,008,290 
Total Corporate Bonds
(Cost $122,504,455)		        124,761,726 
           
TERM LOANS – 16.8%          
Advertising – 1.1%          
Affinion Group, Inc., 6.75%, 04/30/18@   1,955,735    1,952,381 
           
Coal – 2.2%          
Foresight Energy LLC, 03/16/22@ (b)   2,000,000    1,953,750 
Murray Energy Corp., 8.90%, 04/16/20@   2,244,375    2,181,723 
Total Coal        4,135,473 
           
Commercial Services – 1.0%          
Jackson Hewitt Tax Service, Inc., 8.04%, 07/24/20@   1,960,000    1,866,900 
           
Electronics – 1.6%          
Isola USA Corp., 9.30%, 11/29/18@   4,143,910    2,926,637 
           
Food – 2.5%          
Flavors Holdings, Inc., 6.90%, 04/03/20@   2,499,985    2,159,362 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
TERM LOANS (continued)          
Food (continued)          
Shearer's Foods LLC, 7.90%, 06/30/22@  $2,431,000   $2,376,302 
Total Food        4,535,664 
           
Forest Products & Paper – 2.0%          
Appvion, Inc., 7.75%, 06/28/19@   2,019,025    1,967,288 
Verso Paper Holdings LLC, 12.12%, 10/14/21@   1,694,245    1,703,775 
Verso Paper Holdings LLC, 13.75%, 10/14/21@   96,364    96,906 
Total Forest Products & Paper        3,767,969 
           
Healthcare - Services – 1.2%          
Radnet Management, Inc., 8.00%, 03/19/21@   2,113,333    2,129,183 
           
Oil & Gas – 1.7%          
Osum Production Corp., 6.50%, 07/31/20@   3,842,961    3,189,658 
           
Retail – 1.0%          
General Nutrition Centers, Inc., 3.49%, 03/04/19@   2,247,816    1,938,742 
           
Telecommunications – 1.3%          
Global Tel*Link Corp, 9.00%, 11/20/20@   2,375,000    2,369,062 
           
Transportation – 1.2%          
YRC Worldwide, Inc., 8.50%, 02/13/19@   2,214,406    2,189,295 
           
Total Term Loans
(Cost $32,927,846)		        31,000,964 
           
FOREIGN BONDS – 12.7%          
Chemicals – 0.7%          
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25 (United Kingdom)‡   1,250,000    1,271,875 
           
Electric – 1.0%          
Stoneway Capital Corp., 10.00%, 03/01/27 (Argentina)‡   1,700,000    1,776,976 
           
Forest Products & Paper – 0.9%          
Mercer International, Inc., 6.50%, 02/01/24 (Canada)‡   1,644,000    1,652,220 
           
Mining – 3.2%          
Alamos Gold, Inc., 7.75%, 04/01/20 (Canada)‡   1,873,000    1,945,579 
First Quantum Minerals Ltd., 7.25%, 04/01/23 (Canada)‡   1,000,000    1,013,750 
First Quantum Minerals Ltd., 7.50%, 04/01/25 (Canada)‡(a)   1,000,000    1,010,000 
IAMGOLD Corp., 7.00%, 04/15/25 (Canada)‡   1,962,000    1,947,285 
Total Mining        5,916,614 
           
Miscellaneous Manufacturing – 1.0%          
Bombardier, Inc., 6.13%, 01/15/23 (Canada)‡   1,924,000    1,890,330 
           
Oil & Gas – 2.0%          
Northern Blizzard Resources, Inc., 7.25%, 02/01/22 (Canada)‡   1,841,000    1,854,807 
Vermilion Energy, Inc., 5.63%, 03/15/25 (Canada)‡   1,922,000    1,912,390 
Total Oil & Gas        3,767,197 
           
Oil & Gas Services – 1.5%          
KCA Deutag UK Finance PLC, 9.88%, 04/01/22 (United Kingdom)‡   1,750,000    1,798,125 
Trinidad Drilling Ltd., 6.63%, 02/15/25 (Canada)‡   940,000    941,175 
Total Oil & Gas Services        2,739,300 
           
Packaging & Containers – 0.5%          
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 02/15/25 (Ireland)‡   1,000,000    1,013,750 
           
Transportation – 1.9%          
Global Ship Lease, Inc., 10.00%, 04/01/19 (United Kingdom)‡   3,475,000    3,457,625 
           
Total Foreign Bonds
(Cost $22,942,534)		        23,485,887 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares/Principal   Value 
MONEY MARKET FUND – 4.7%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.58%(c)
(Cost $8,593,888)		   8,593,888   $8,593,888 
           
REPURCHASE AGREEMENTS – 10.6%(d)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $4,532,467, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $4,609,558)  $4,532,365    4,532,365 
Citibank NA, dated 03/31/17, due 04/03/17, 0.81%, total to be received $1,343,237, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.00%, 02/01/26-02/01/46, totaling $1,365,980)   1,343,207    1,343,207 
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $4,532,478, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $4,592,990)   4,532,365    4,532,365 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $4,532,467, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $4,607,122)   4,532,365    4,532,365 
           
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $4,532,466, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $4,608,464)   4,532,365    4,532,365 
Total Repurchase Agreements
(Cost $19,472,667)		        19,472,667 
Total Investments – 112.4%
(Cost $206,441,390)		        207,315,132 
Liabilities in Excess of Other Assets – (12.4%)        (22,804,158)
Net Assets – 100.0%       $184,510,974 

 

 

LP - Limited Partnership

PLC - Public Limited Company

 

@Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2017.
‡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 $31,417,077; the aggregate market value of the collateral held by the fund is $32,270,209.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $12,797,542.
(b)The loan will settle after March 31, 2017 at which time the interest rate will be determined.
(c)Rate shown reflects the 7-day yield as of March 31, 2017.
(d)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Advertising   1.1%
Aerospace / Defense   1.0 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Agriculture   1.7%
Auto Parts & Equipment   1.6 
Biotechnology   1.5 
Building Materials   0.8 
Chemicals   4.1 
Coal   3.7 
Commercial Services   4.4 
Computers   1.7 
Cosmetics / Personal Care   0.3 
Diversified Financial Services   2.9 
Electric   1.0 
Electrical Components & Equipment   1.6 
Electronics   2.7 
Energy - Alternate Sources   1.0 
Entertainment   3.2 
Environmental Control   0.9 
Food   7.9 
Forest Products & Paper   2.9 
Gas   0.7 
Healthcare - Products   2.6 
Healthcare - Services   2.0 
Home Builders   1.4 
Housewares   1.1 
Machinery - Construction & Mining   1.1 
Machinery - Diversified   1.1 
Media   2.5 
Mining   4.3 
Miscellaneous Manufacturing   2.7 
Oil & Gas   6.3 
Oil & Gas Services   2.1 
Packaging & Containers   1.3 
Pharmaceuticals   2.2 
Pipelines   2.9 
Real Estate Investment Trusts   0.5 
Retail   4.4 
Semiconductors   1.1 
Software   2.1 
Telecommunications   5.6 
Transportation   3.1 
Money Market Fund   4.7 
Repurchase Agreements   10.6 
Total Investments   112.4 
Liabilities in Excess of Other Assets   (12.4)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
EXCHANGE TRADED FUNDS – 84.7%          
Commodity Fund – 0.5%          
SPDR Gold Shares*   231   $27,424 
           
Debt Fund – 26.5%          
AdvisorShares Sage Core Reserves ETF†   2,800    278,320 
Guggenheim Enhanced Short Duration ETF*   5,563    279,596 
iShares Short Treasury Bond ETF   3,272    361,033 
iShares U.S. Preferred Stock ETF   314    12,152 
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF   7,857    359,143 
SPDR SSgA Ultra Short Term Bond ETF   5,780    232,992 
Total Debt Fund        1,523,236 
           
Equity Fund – 57.7%          
ALPS Medical Breakthroughs ETF*   1,320    34,003 
BioShares Biotechnology Clinical Trials Fund*   884    20,509 
Columbia India Small Capital ETF   518    9,531 
First Trust Dow Jones Internet Index Fund*   1,539    135,494 
First Trust NASDAQ ABA Community Bank Index Fund   620    31,384 
Guggenheim China Small Cap ETF   7,198    178,870 
Guggenheim China Technology ETF   590    24,869 
Guggenheim Raymond James SB-1 Equity ETF   6,704    269,561 
Guggenheim S&P 500 Equal Weight ETF   2,230    202,529 
Guggenheim S&P 500 Equal Weight Financials ETF   1,495    56,362 
Guggenheim S&P 500 Equal Weight Healthcare ETF   151    24,152 
Guggenheim S&P 500 Equal Weight Technology ETF   840    101,459 
Guggenheim S&P Midcap 400 Pure Growth ETF   256    34,721 
iShares Edge MSCI USA Momentum Factor ETF   1,037    85,708 
iShares Global Clean Energy ETF   2,613    22,393 
iShares Global Consumer Discretionary ETF   109    10,516 
iShares Global Healthcare ETF   360    37,004 
iShares JPX-Nikkei 400 ETF   1,343    74,993 
iShares Latin America 40 ETF   350    11,098 
iShares Micro-Cap ETF   2,163    185,261 
iShares Mortgage Real Estate Capped ETF   253    11,458 
iShares MSCI ACWI ETF   975    61,678 
iShares MSCI Brazil Capped ETF   1,521    56,977 
iShares MSCI EAFE ETF   1,047    65,218 
iShares MSCI Emerging Markets ETF   639    25,170 
iShares MSCI Europe Financials ETF   2,712    55,108 
iShares MSCI Frontier 100 ETF   1,486    41,222 
iShares MSCI Germany ETF   357    10,264 
iShares MSCI Germany Small-Cap ETF   311    14,477 
iShares MSCI Hong Kong ETF   1,613    35,889 
iShares MSCI India Small-Cap ETF   1,647    69,141 
iShares MSCI Japan Small Cap ETF   1,030    68,320 
iShares MSCI Pacific ex Japan ETF   424    18,949 
iShares MSCI Taiwan Capped ETF   859    28,545 
iShares MSCI Thailand Capped ETF   341    26,595 
iShares MSCI United Kingdom ETF   286    9,309 
iShares MSCI United Kingdom Small-Cap ETF   990    36,224 
iShares North American Natural Resources ETF   1,123    38,485 
iShares Russell 1000 Growth ETF   1,165    132,577 
iShares Russell 1000 Value ETF   670    77,010 
iShares Russell 2000 Growth ETF   65    10,508 
iShares Russell 2000 Value ETF   340    40,174 
iShares U.S. Broker-Dealers & Securities Exchanges ETF   260    13,328 
iShares U.S. Oil & Gas Exploration & Production ETF   240    14,669 
JPMorgan Alerian MLP Index ETN   1,869    60,369 
PowerShares DWA Technology Momentum Portfolio   839    37,503 
PowerShares Dynamic Market Portfolio   347    29,156 
PowerShares S&P SmallCap Information Technology Portfolio   1,125    82,136 
QuantShares U.S. Market Neutral Anti-Beta Fund*   2,018    39,855 
SPDR S&P Emerging Asia Pacific ETF   457    39,329 
SPDR S&P Emerging Markets SmallCap ETF   1,954    88,673 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES QAM EQUITY HEDGE ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Shares   Value 
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)          
SPDR S&P Health Care Equipment ETF   1,211   $68,131 
SPDR S&P Semiconductor ETF   253    15,263 
SPDR S&P Software & Services ETF   194    11,435 
VanEck Vectors Brazil Small-Cap ETF   1,385    27,381 
VanEck Vectors ChinaAMC CSI 300 ETF   658    25,787 
Vaneck Vectors Gulf State Escrow   709    0 
VanEck Vectors High Income Infrastructure MLP ETF   620    9,939 
VanEck Vectors Russia ETF   2,827    58,434 
VanEck Vectors Russia Small-Cap ETF   470    19,101 
VanEck Vectors Unconventional Oil & Gas ETF   1,829    30,023 
Vanguard FTSE All World ex-US Small-Cap ETF   230    23,610 
Vanguard Small-Cap ETF   546    72,771 
WisdomTree Europe SmallCap Dividend Fund   493    29,117 
WisdomTree Japan Hedged Financials Fund   362    8,536 
WisdomTree Middle East Dividend Fund   1,062    18,543 
Total Equity Fund        3,306,804 
Total Exchange Traded Funds
(Cost $4,444,116)		        4,857,464 
           
MONEY MARKET FUND – 15.9%          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.54%(a)
(Cost $911,809)		   911,809    911,809 
Total Investments Before Securities Sold, Not Yet Purchased          
(Cost $5,355,925)        5,769,273 
Securities Sold, Not Yet Purchased – (4.0)%          
           
EXCHANGE TRADED FUNDS – (4.0)%          
Currency Fund – (3.6)%          
CurrencyShares British Pound Sterling Trust*   (372)   (45,436)
CurrencyShares Euro Trust*   (836)   (86,451)
CurrencyShares Japanese Yen Trust*   (891)   (77,089)
Total Currency Fund        (208,976)
           
Equity Fund – (0.4)%          
SPDR EURO STOXX 50 ETF   (573)   (20,829)
           
Total Securities Sold, Not Yet Purchased [Proceeds Received $(232,375)]        (229,805)
Total Investments – 96.6%
(Cost $5,123,550)		        5,539,468 
Other Assets in Excess of Liabilities – 3.4%        195,244 
Net Assets – 100.0%       $5,734,712 

 

 

ETF - Exchange Traded Fund

ETN - Exchange Traded Note

 

*Non-income producing security.
†Affiliated Company.
(a)Rate shown reflects the 7-day yield as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Commodity Fund   0.5%
Currency Fund   (3.6)
Debt Fund   26.5 
Equity Fund   57.3 
Money Market Fund   15.9 
Total Investments   96.6 
Other Assets in Excess of Liabilities   3.4 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
EXCHANGE TRADED FUND – 38.8%          
Debt Fund – 38.8%          
AdvisorShares Sage Core Reserves ETF†
(Cost $67,115,250)		   675,000   $67,095,000 
           
MONEY MARKET FUNDS – 14.9%          
Fidelity Institutional Money Market Government Portfolio - Class III, 0.31%(a)   25,355,036    25,355,036 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.60%(a)   500,000    500,000 
Total Money Market Funds
(Cost $25,855,036)		        25,855,036 
Total Investments Before Securities Sold, Not Yet Purchased
(Cost $92,970,286)		        92,950,036 
Securities Sold, Not Yet Purchased – (99.0)%          
           
COMMON STOCKS – (99.0)%          
Aerospace/Defense – (5.5)%          
Orbital ATK, Inc.   (46,546)   (4,561,508)
Triumph Group, Inc.   (195,000)   (5,021,250)
Total Aerospace/Defense        (9,582,758)
           
Apparel – (2.7)%          
Gildan Activewear, Inc. (Canada)   (170,000)   (4,596,800)
           
Banks – (1.0)%          
TCF Financial Corp.   (100,000)   (1,702,000)
           
Commercial Services – (3.9)%          
PAREXEL International Corp.*   (60,000)   (3,786,600)
ServiceMaster Global Holdings, Inc.*   (72,000)   (3,006,000)
Total Commercial Services        (6,792,600)
           
Computers – (3.8)%          
Electronics For Imaging, Inc.*   (42,500)   (2,075,275)
Super Micro Computer, Inc.*   (176,000)   (4,461,600)
Total Computers        (6,536,875)
           
Distribution/Wholesale – (2.1)%          
LKQ Corp.*   (125,000)   (3,658,750)
           
Diversified Financial Services – (6.9)%          
Alliance Data Systems Corp.   (25,000)   (6,225,000)
Credit Acceptance Corp.*   (28,800)   (5,743,008)
Total Diversified Financial Services        (11,968,008)
           
Electrical Components & Equipment – (2.1)%          
Acuity Brands, Inc.   (18,000)   (3,672,000)
           
Engineering & Construction – (4.4)%          
AECOM*   (63,000)   (2,242,170)
Granite Construction, Inc.   (106,000)   (5,320,140)
Total Engineering & Construction        (7,562,310)
           
Food – (2.0)%          
Kellogg Co.   (47,500)   (3,448,975)
           
Hand/Machine Tools – (2.6)%          
Snap-on, Inc.   (26,500)   (4,469,755)
           
Healthcare - Products – (3.4)%          
Globus Medical, Inc., Class A*   (37,000)   (1,095,940)
Patterson Cos., Inc.   (105,000)   (4,749,150)
Total Healthcare - Products        (5,845,090)
           
Healthcare - Services – (2.4)%          
HealthSouth Corp.   (96,000)   (4,109,760)
           
Housewares – (2.7)%          
Newell Brands, Inc.   (100,700)   (4,750,019)
           
Internet – (3.2)%          
Alibaba Group Holding Ltd. (China)*(b)   (25,000)   (2,695,750)
Snap, Inc., Class A*   (130,000)   (2,928,900)
Total Internet        (5,624,650)
           
Machinery - Construction & Mining – (3.6)%          
Caterpillar, Inc.   (67,500)   (6,261,300)
           
Machinery - Diversified – (2.2)%          
Flowserve Corp.   (77,000)   (3,728,340)
           
Pharmaceuticals – (2.9)%          
Express Scripts Holding Co.*   (77,000)   (5,075,070)
           
Real Estate Investment Trusts – (11.6)%          
CBL & Associates Properties, Inc.   (250,000)   (2,385,000)

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Real Estate Investment Trusts (continued)          
DDR Corp.   (125,000)  $(1,566,250)
GGP, Inc.   (95,000)   (2,202,100)
Kimco Realty Corp.   (120,000)   (2,650,800)
Macerich Co. (The)   (103,000)   (6,633,200)
Washington Prime Group, Inc.   (250,000)   (2,172,500)
Weingarten Realty Investors   (75,000)   (2,504,250)
Total Real Estate Investment Trusts        (20,114,100)
           
Retail – (16.7)%          
AutoNation, Inc.*   (77,000)   (3,256,330)
CarMax, Inc.*   (81,000)   (4,796,820)
Dick's Sporting Goods, Inc.   (105,000)   (5,109,300)
Five Below, Inc.*   (65,000)   (2,815,150)
Genesco, Inc.*   (65,000)   (3,604,250)
Genuine Parts Co.   (45,000)   (4,158,450)
Signet Jewelers Ltd.   (73,500)   (5,091,345)
Total Retail        (28,831,645)
           
Software – (7.1)%          
ACI Worldwide, Inc.*   (75,000)   (1,604,250)
Akamai Technologies, Inc.*   (70,000)   (4,179,000)
Cerner Corp.*   (40,000)   (2,354,000)
Medidata Solutions, Inc.*   (45,000)   (2,596,050)
Synchronoss Technologies, Inc.*   (65,000)   (1,586,000)
Total Software        (12,319,300)
           
Telecommunications – (6.2)%          
Motorola Solutions, Inc.   (67,500)   (5,819,850)
Ubiquiti Networks, Inc.*   (95,000)   (4,774,700)
Zayo Group Holdings, Inc.*   (2,000)   (65,800)
Total Telecommunications        (10,660,350)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(168,353,484)]        (171,310,455)
           
Total Investments – (45.3)%
(Cost $(75,383,198))		        (78,360,419)
Other Assets in Excess of Liabilities – 145.3%        251,433,090 
Net Assets – 100.0%       $173,072,671 

 

 

ETF - Exchange Traded Fund

 

†Affiliated Company.
*Non-income producing security.
(a)Rate shown reflects the 7-day yield as of March 31, 2017.
(b)American Depositary Receipt.

 

Cash of $177,228,312 has been segregated to cover margin requirement for open short sales as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

   % of 
   Net Assets 
Aerospace/Defense   (5.5)%
Apparel   (2.7)
Banks   (1.0)
Commercial Services   (3.9)
Computers   (3.8)
Debt Fund   38.8 
Distribution/Wholesale   (2.1)
Diversified Financial Services   (6.9)
Electrical Components & Equipment   (2.1)
Engineering & Construction   (4.4)
Food   (2.0)
Hand/Machine Tools   (2.6)
Healthcare - Products   (3.4)
Healthcare - Services   (2.4)
Housewares   (2.7)
Internet   (3.2)
Machinery - Construction & Mining   (3.6)
Machinery - Diversified   (2.2)
Pharmaceuticals   (2.9)
Real Estate Investment Trusts   (11.6)
Retail   (16.7)
Software   (7.1)
Telecommunications   (6.2)
Money Market Funds   14.9 
Total Investments   (45.3)
Other Assets in Excess of Liabilities   145.3 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS – 49.5%          
Agriculture – 1.2%          
Bunge Ltd. Finance Corp., 3.20%, 06/15/17  $1,050,000   $1,053,580 
           
Auto Manufacturers – 2.3%          
Ford Motor Credit Co. LLC, 1.72%, 12/06/17   880,000    880,135 
General Motors Financial Co., Inc., 2.63%, 07/10/17   1,065,000    1,068,072 
Total Auto Manufacturers        1,948,207 
           
Banks – 10.0%          
Bank of America Corp., 5.70%, 05/02/17   850,000    852,813 
Branch Banking & Trust Co., 1.48%, 01/15/20@   475,000    476,219 
Capital One Financial Corp., 6.75%, 09/15/17   545,000    557,733 
Capital One NA/McLean VA, Series BKNT, 2.19%, 01/30/23@   670,000    673,593 
Goldman Sachs Group, Inc. (The), Series FRN, 2.82%, 02/25/21@   1,065,000    1,104,185 
JPMorgan Chase & Co., 2.00%, 08/15/17   530,000    531,212 
JPMorgan Chase & Co., 2.53%, 03/01/21@   630,000    649,919 
Morgan Stanley, Series MTN, 6.25%, 08/28/17   970,000    988,674 
PNC Bank NA, Series BKTN, 4.88%, 09/21/17   298,000    302,646 
US Bancorp, Series MTN, 1.68%, 01/24/22@   1,125,000    1,130,678 
Wachovia Corp., 5.75%, 06/15/17   745,000    751,531 
Wells Fargo & Co., 5.63%, 12/11/17   380,000    390,436 
Total Banks        8,409,639 
           
Beverages – 1.3%          
Molson Coors Brewing Co., 2.00%, 05/01/17   1,090,000    1,090,796 
           
Chemicals – 1.3%          
Sherwin-Williams Co. (The), 1.35%, 12/15/17   1,061,000    1,059,598 
           
Computers – 1.0%          
Apple, Inc., 1.54%, 02/09/22@   870,000    877,631 
           
Diversified Financial Services – 3.4%          
American Express Credit Corp., Series MTN, 1.13%, 06/05/17   635,000    635,040 
American Express Credit Corp., Series F, 2.17%, 09/14/20@   540,000    548,923 
Nasdaq, Inc., 5.25%, 01/16/18   420,000    430,989 
NYSE Holdings LLC, 2.00%, 10/05/17   690,000    692,487 
Synchrony Financial, 1.88%, 08/15/17   605,000    605,267 
Total Diversified Financial Services        2,912,706 
           
Electric – 1.7%          
American Electric Power Co., Inc., Series E, 1.65%, 12/15/17   752,000    751,901 
Edison International, 3.75%, 09/15/17   690,000    696,945 
Total Electric        1,448,846 
           
Food – 0.7%          
Kroger Co. (The), 6.40%, 08/15/17   540,000    549,617 
           
Gas – 1.1%          
Sempra Energy, 2.30%, 04/01/17   970,000    970,000 
           
Home Builders – 1.0%          
Toll Brothers Finance Corp., 8.91%, 10/15/17   800,000    832,000 
           
Home Furnishings – 1.0%          
Whirlpool Corp., 1.65%, 11/01/17   850,000    850,296 
           
Insurance – 1.0%          
MetLife, Inc., 1.76%, 12/15/17   860,000    860,129 
           
Internet – 1.3%          
eBay, Inc., 1.35%, 07/15/17   1,065,000    1,064,600 
           
Media – 1.2%          
Time Warner Cable LLC, 5.85%, 05/01/17   1,030,000    1,033,182 
           
Miscellaneous Manufacturing – 0.9%          
Eaton Corp., 1.50%, 11/02/17   750,000    750,008 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Oil & Gas – 3.8%          
Chevron Corp., 1.10%, 12/05/17  $1,065,000   $1,063,331 
ConocoPhillips Co., 1.05%, 12/15/17   1,075,000    1,071,139 
Phillips 66, 2.95%, 05/01/17   1,050,000    1,051,204 
Total Oil & Gas        3,185,674 
           
Pharmaceuticals – 4.1%          
Actavis Funding SCS, 2.37%, 03/12/20@   855,000    874,347 
Actavis, Inc., 1.88%, 10/01/17   1,065,000    1,066,130 
AmerisourceBergen Corp., 1.15%, 05/15/17   475,000    474,866 
Cardinal Health, Inc., 1.90%, 06/15/17   1,030,000    1,031,035 
Total Pharmaceuticals        3,446,378 
           
Real Estate Investment Trusts – 3.5%          
HCP, Inc., 5.63%, 05/01/17   861,000    863,571 
Realty Income Corp., 2.00%, 01/31/18   260,000    260,489 
Simon Property Group LP, 2.15%, 09/15/17   615,000    616,057 
Ventas Realty LP / Ventas Capital Corp., 2.00%, 02/15/18   710,000    711,176 
Welltower, Inc., 4.70%, 09/15/17   500,000    506,621 
Total Real Estate Investment Trusts        2,957,914 
           
Retail – 3.8%          
Macy's Retail Holdings, Inc., 7.45%, 07/15/17   845,000    859,834 
McDonald's Corp., Series GMTN, 5.80%, 10/15/17   485,000    496,164 
Target Corp., 6.00%, 01/15/18   525,000    543,697 
Walgreens Boots Alliance, Inc., 1.75%, 11/17/17   1,305,000    1,306,377 
Total Retail        3,206,072 
           
Semiconductors – 1.2%          
Intel Corp., 1.35%, 12/15/17   1,055,000    1,055,789 
           
Software – 0.6%          
Microsoft Corp., 0.88%, 11/15/17   500,000    498,481 
           
Telecommunications – 1.7%          
AT&T, Inc., 2.08%, 06/30/20@   350,000    354,256 
Verizon Communications, Inc., 1.10%, 11/01/17   1,075,000    1,073,658 
Total Telecommunications        1,427,914 
           
Transportation – 0.4%          
Norfolk Southern Corp., 7.70%, 05/15/17   345,000    347,450 
           
Total Corporate Bonds
(Cost $41,789,186)		        41,836,507 
           
ASSET BACKED SECURITIES – 20.7%          
Diversified Financial Services – 20.7%          
Ally Auto Receivables Trust, Class A3, Series 2014-1, 0.97%, 10/15/18   234,580    234,469 
American Express Credit Account Master Trust, Class A, Series 2013-2, 1.33%, 05/17/21@   1,520,000    1,527,035 
American Express Credit Account Master Trust, Class A, Series 2014-1, 1.28%, 12/15/21@   400,000    402,160 
American Express Credit Account Secured Note Trust, Class A, Series 2012-4, 1.15%, 05/15/20@   350,000    350,352 
BA Credit Card Trust, Class A, Series 2015-A1, 1.24%, 06/15/20@   1,310,000    1,312,726 
BA Credit Card Trust, Class A11, Series 2007-A11, 0.98%, 12/15/19@   590,000    590,179 
Capital One Multi-Asset Execution Trust, Class A3, Series 2014-A3, 1.29%, 01/18/22@   400,000    401,873 
Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.95%, 07/15/20@   915,000    914,881 
CarMax Auto Owner Trust, Class A2B, Series 2015-4, 1.51%, 04/15/19@   330,333    330,644 
CarMax Auto Owner Trust, Class A3, Series 2014-1, 0.79%, 10/15/18   124,907    124,831 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Diversified Financial Services (continued)          
Chase Issuance Trust, Class A, Series 2013-A9, 1.33%, 11/16/20@  $400,000   $402,056 
Chase Issuance Trust, Class A, Series 2017-A1, 1.21%, 01/18/22@   900,000    903,375 
Chase Issuance Trust, Class A3, Series 2013-A3, 1.19%, 04/15/20@   345,000    345,673 
Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 1.26%, 05/26/20@   600,000    601,309 
Citibank Credit Card Issuance Trust, Class A4, Series 2013-A4, 1.40%, 07/24/20@   500,000    502,284 
Citibank Credit Card Issuance Trust, Class A4, Series 2014-A4, 1.23%, 04/24/19   750,000    750,048 
Discover Card Execution Note Trust, Class A3, Series 2014-A3, 1.22%, 10/15/19   715,000    715,001 
Fifth Third Auto Trust, Class A3, Series 2014-2, 0.89%, 11/15/18   70,323    70,292 
Ford Credit Auto Owner Trust, Class A3, Series 2014-B, 0.90%, 10/15/18   161,641    161,550 
Ford Credit Auto Owner Trust, Class C, Series 2014-A, 1.90%, 09/15/19   445,000    446,200 
Honda Auto Receivables Owner Trust, Class A3, Series 2014-2, 0.77%, 03/19/18   46,041    46,009 
Honda Auto Receivables Owner Trust, Class A3, Series 2014-3, 0.88%, 06/15/18   350,114    349,839 
Honda Auto Receivables Owner Trust, Class A3, Series 2015-1, 1.05%, 10/15/18   919,030    918,243 
Hyundai Auto Receivables Trust, Class A2A, Series 2015-C, 0.99%, 11/15/18   581,154    580,698 
Hyundai Auto Receivables Trust, Class A3, Series 2015-B, 1.12%, 11/15/19   509,893    508,866 
Hyundai Auto Receivables Trust, Class B, Series 2013-A, 1.13%, 09/17/18   558,683    558,530 
Nissan Auto Receivables Owner Trust, Class A2A, Series 2015-C, 0.87%, 11/15/18   352,551    352,243 
Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18   23,701    23,691 
Toyota Auto Receivables, Class A2A, Series 2016-C, 1.00%, 01/15/19   1,000,000    998,974 
Toyota Auto Receivables Owner Trust, Class A2A, Series 2016-A, 1.03%, 07/16/18   929,929    929,602 
USAA Auto Owner Trust, Class B, Series 2014-1, 1.34%, 08/17/20   1,145,000    1,144,886 
Total Asset Backed Securities
(Cost $17,482,588)		        17,498,519 
           
MORTGAGE BACKED SECURITIES – 10.3%          
Commercial Mortgage Backed Securities – 10.3%          
Banc of America Commercial Mortgage Trust, Class AM, Series 2007-4, 5.96%, 02/10/51@   425,000    429,148 
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-T28, 5.74%, 09/11/42@   578,801    583,670 
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.69%, 06/11/50@   660,741    665,484 
CD Mortgage Trust, Class A4, Series 2007-CD5, 5.89%, 11/15/44@   561,500    565,170 
CFCRE Commercial Mortgage Trust, Class A2, Series 2011-C2, 3.06%, 12/15/47   1,860    1,858 
COMM Mortgage Trust, Class A4, Series 2007-C9, 5.81%, 12/10/49@   364,761    366,112 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited) 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Commercial Mortgage Backed Securities (continued)          
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 1.93%, 05/25/24@  $410,978   $412,626 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 2.18%, 07/25/24@   545,078    546,485 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C04, 2.43%, 01/25/29@   1,360,534    1,375,711 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C06, 2.28%, 04/25/29@   1,210,461    1,221,660 
Freddie Mac REMICS, Class ED, Series 2010-3645, 2.50%, 12/15/20   509,852    514,194 
Freddie Mac Structured Agency Credit Risk Debt Notes, Class M2, Series 2014-DN3, 3.38%, 08/25/24@   213,409    214,377 
GS Mortgage Securities Trust, Class A2, Series 2011-GC5, 3.00%, 08/10/44   2,925    2,923 
GS Mortgage Securities Trust, Class A2, Series 2012-GCJ7, 2.32%, 05/10/45   166,874    166,838 
HILT Mortgage Trust, Class C, Series 2014-ORL, 3.28%, 07/15/29@‡   580,000    571,954 
HILT 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 2007-C7, 5.87%, 09/15/45@   264,835    268,838 
Morgan Stanley Capital I Trust, Class A1A, Series 2007-T27, 5.79%, 06/11/42@   167,115    167,650 
Morgan Stanley Capital I Trust, Class A4, Series 2007-T27, 5.79%, 06/11/42@   470,570    471,204 
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49   178,713    179,793 
Total Mortgage Backed Securities
(Cost $8,715,927)		        8,731,881 
           
FOREIGN BONDS – 10.1%          
Banks – 3.6%          
Bank of Nova Scotia (The), Series BKTN, 1.25%, 04/11/17 (Canada)   765,000    765,002 
BNP Paribas SA, Series MTN, 2.38%, 09/14/17 (France)   760,000    762,303 
Caisse Centrale Desjardins, 1.55%, 09/12/17 (Canada)‡   860,000    860,237 
Sumitomo Mitsui Financial Group, Inc., 2.79%, 03/09/21 (Japan)@   615,000    635,122 
Total Banks        3,022,664 
           
Beverages – 0.7%          
Anheuser-Busch InBev Worldwide, Inc., 1.38%, 07/15/17 (Belgium)   580,000    579,457 
           
Mining – 1.0%          
Glencore Finance Canada Ltd., 2.70%, 10/25/17 (Switzerland)‡   840,000    843,484 
           
Oil & Gas – 4.1%          
BP Capital Markets PLC, 1.85%, 05/05/17 (United Kingdom)   1,000,000    1,000,497 
Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico)   385,000    367,829 
Shell International Finance BV, 1.13%, 08/21/17 (Netherlands)   1,060,000    1,060,013 
Total Capital International SA, 1.55%, 06/28/17 (France)   1,000,000    1,000,765 
Total Oil & Gas        3,429,104 
           
Sovereign – 0.7%          
Export-Import Bank of Korea, 1.75%, 02/27/18 (South Korea)   620,000    620,135 
           
Total Foreign Bonds
(Cost $8,502,093)		        8,494,844 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Principal/
Shares		   Value 
U.S. TREASURY NOTE – 5.7%          
U.S. Treasury Note, 0.88%, 05/15/17          
(Cost $4,770,616)  $4,769,000   $4,770,178 
           
MUNICIPAL BONDS – 1.7%          
City of Gloucester City NJ, Series B, 2.00%, 04/10/17   530,000    530,022 
Hudson County Improvement Authority, Series B-2, 2.50%, 06/27/17   640,000    641,555 
Michigan Finance Authority, Series A, 5.00%, 05/01/17   290,000    290,806 
Total Municipal Bonds
(Cost $1,462,883)		        1,462,383 
           
MONEY MARKET FUND – 1.3%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.58%(a)
(Cost $1,087,334)		   1,087,334    1,087,334 
Total Investments – 99.3%
(Cost $83,810,627)		        83,881,646 
Other Assets in Excess of    Liabilities – 0.7%        608,432 
Net Assets – 100.0%       $84,490,078 

 

 

LP - Limited Partnership

PLC - Public Limited Company

 

@Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2017.
‡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)Rate shown reflects the 7-day yield as of March 31, 2017.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Agriculture   1.2%
Auto Manufacturers   2.3 
Banks   13.6 
Beverages   2.0 
Chemicals   1.3 
Commercial Mortgage Backed Securities   10.3 
Computers   1.0 
Diversified Financial Services   24.1 
Electric   1.7 
Food   0.7 
Gas   1.1 
Home Builders   1.0 
Home Furnishings   1.0 
Insurance   1.0 
Internet   1.3 
Media   1.2 
Mining   1.0 
Miscellaneous Manufacturing   0.9 
Municipal Bonds   1.7 
Oil & Gas   7.9 
Pharmaceuticals   4.1 
Real Estate Investment Trusts   3.5 
Retail   3.8 
Semiconductors   1.2 
Software   0.6 
Sovereign   0.7 
Telecommunications   1.7 
Transportation   0.4 
U.S. Treasury Note   5.7 
Money Market Fund   1.3 
Total Investments   99.3 
Other Assets in Excess of Liabilities   0.7 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Shares/ Contracts   Value 
EXCHANGE TRADED FUNDS – 94.6%          
Asset Allocation Fund – 2.0%          
SPDR Bloomberg Barclays Convertible Securities ETF   7,497   $360,606 
           
Debt Fund – 15.1%          
PowerShares Fundamental High Yield Corporate Bond Portfolio   47,147    886,835 
SPDR Doubleline Total Return Tactical ETF   18,384    898,426 
Vanguard Intermediate-Term Bond ETF   10,758    899,476 
Total Debt Fund        2,684,737 
           
Equity Fund – 77.5%          
Financial Select Sector SPDR Fund   28,673    680,410 
iShares MSCI EAFE ETF   27,901    1,737,953 
iShares MSCI Emerging Markets ETF   23,207    914,124 
iShares Russell 2000 ETF   7,694    1,057,771 
SPDR S&P 500 ETF Trust(a)   37,712    8,890,227 
Vanguard REIT ETF   6,320    521,969 
Total Equity Fund        13,802,454 
Total Exchange Traded Funds
(Cost $15,708,981)		        16,847,797 
           
MONEY MARKET FUND – 5.5%          
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.58%(b)
(Cost $978,428)		   978,428    978,428 
           
PURCHASED PUT OPTION – 0.3%          
SPDR S&P 500 ETF Trust, Option expiring 05/19/17, Strike Price $235.00
(Cost $84,249)		   150    46,200 
Total Investments Before Written Options – 100.4%          
(Cost $16,771,658)        17,872,425 
           
WRITTEN CALL OPTIONS – (0.2)%          
iShares MSCI EAFE ETF, expiring 04/21/17, Strike Price $62.00   (140)   (9,660)
iShares MSCI Emerging Markets ETF, expiring 04/21/17, Strike Price $39.00   (116)   (8,352)
SPDR S&P 500 ETF Trust, expiring 04/21/17, Strike Price $240.00   (226)   (8,475)
Total Written Call Options          
[Premiums Received $(39,260)]        (26,487)
Total Written Options – (0.2)%          
[Premiums Received $(39,260)]        (26,487)
Total Investments – 100.2%
(Cost $16,732,398)		        17,845,938 
Liabilities in Excess of Other Assets – (0.2%)        (34,103)
Net Assets – 100.0%       $17,811,835 

 

 

ETF - Exchange Traded Fund

 

(a)All or a portion of this security has been pledged as collateral for option contracts.  The aggregate market value of the collateral was $2,245,188 as of March 31, 2017.
(b)Rate shown reflects the 7-day yield as of March 31, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

   % of 
   Net Assets 
Asset Allocation Fund   2.0%
Debt Fund   15.1 
Equity Fund   77.5 
Purchased Put Option   0.3 
Written Call Option   (0.2)
Money Market Fund   5.5 
Total Investments   100.2 
Liabilities in Excess of Other Assets   (0.2)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

(Formerly AdvisorShares TrimTabs Float Shrink ETF)

Schedule of Investments

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS – 97.9%          
Advertising – 0.9%          
Interpublic Group of Cos., Inc. (The)   54,621   $1,342,038 
           
Aerospace/Defense – 4.1%          
Orbital ATK, Inc.   9,117    893,466 
Raytheon Co.   8,172    1,246,230 
Spirit AeroSystems Holdings, Inc., Class A   57,218    3,314,067 
TransDigm Group, Inc.(a)   4,228    930,836 
Total Aerospace/Defense        6,384,599 
           
Agriculture – 0.8%          
Altria Group, Inc.   17,006    1,214,568 
           
Airlines – 3.8%          
Delta Air Lines, Inc.   45,299    2,081,942 
United Continental Holdings, Inc.*   52,718    3,723,999 
Total Airlines        5,805,941 
           
Apparel – 1.6%          
Carter's, Inc.   27,166    2,439,507 
           
Auto Parts & Equipment – 1.7%          
Lear Corp.   18,835    2,666,659 
           
Banks – 6.3%          
Bank of America Corp.   29,844    704,020 
Bank of New York Mellon Corp. (The)   15,388    726,775 
Citizens Financial Group, Inc.   20,295    701,192 
Goldman Sachs Group, Inc. (The)   5,230    1,201,435 
M&T Bank Corp.   10,331    1,598,516 
Morgan Stanley   21,221    909,108 
PNC Financial Services Group, Inc. (The)   7,399    889,656 
State Street Corp.   14,960    1,190,966 
SunTrust Banks, Inc.   14,421    797,481 
US Bancorp   14,242    733,463 
Zions Bancorporation   8,861    372,162 
Total Banks        9,824,774 
           
Biotechnology – 1.8%          
United Therapeutics Corp.*   21,076    2,853,269 
           
Chemicals – 2.4%          
Dow Chemical Co. (The)   16,143    1,025,726 
Eastman Chemical Co.   12,762    1,031,170 
Valspar Corp. (The)   7,376    818,293 
WR Grace & Co.   11,403    794,903 
Total Chemicals        3,670,092 
           
Commercial Services – 4.5%          
Robert Half International, Inc.   26,563    1,297,071 
United Rentals, Inc.*   27,665    3,459,508 
Western Union Co. (The)   106,719    2,171,732 
Total Commercial Services        6,928,311 
           
Computers – 3.0%          
Cognizant Technology Solutions Corp., Class A*   19,678    1,171,235 
Genpact Ltd.   140,352    3,475,115 
Total Computers        4,646,350 
           
Diversified Financial Services – 5.6%          
American Express Co.   18,440    1,458,788 
Ameriprise Financial, Inc.   9,145    1,185,923 
E*TRADE Financial Corp.*   30,084    1,049,631 
FNF Group   15,420    600,455 
Franklin Resources, Inc.   30,771    1,296,690 
Invesco Ltd.   25,100    768,813 
Navient Corp.   112,610    1,662,124 
TD Ameritrade Holding Corp.   17,887    695,089 
Total Diversified Financial Services        8,717,513 
           
Electric – 1.2%          
Avangrid, Inc.(a)   44,611    1,906,674 
           
Electronics – 0.7%          
Gentex Corp.   53,363    1,138,233 
           
Engineering & Construction – 0.7%          
Jacobs Engineering Group, Inc.   19,405    1,072,708 
           
Food – 4.5%          
Campbell Soup Co.   20,885    1,195,457 
General Mills, Inc.   18,601    1,097,645 
Mondelez International, Inc., Class A   36,321    1,564,709 
Sysco Corp.   40,600    2,107,952 
Tyson Foods, Inc., Class A   16,719    1,031,730 
Total Food        6,997,493 
           
Forest Products & Paper – 0.4%          
International Paper Co.   13,374    679,132 
           
Hand/Machine Tools – 0.5%          
Snap-on, Inc.   4,415    744,678 
           
Healthcare - Products – 0.8%          
Baxter International, Inc.   25,224    1,308,117 
           
Healthcare - Services – 4.7%          
HCA Holdings, Inc.*   55,989    4,982,461 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

(Formerly AdvisorShares TrimTabs Float Shrink ETF)

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Healthcare - Services (continued)          
Quest Diagnostics, Inc.   24,074   $2,363,826 
Total Healthcare - Services        7,346,287 
           
Home Builders – 1.1%          
NVR, Inc.*   814    1,715,000 
           
Insurance – 11.8%          
Alleghany Corp.*   714    438,867 
Allstate Corp. (The)   12,079    984,318 
American International Group, Inc.   24,138    1,506,935 
AmTrust Financial Services, Inc.   71,020    1,311,029 
Assured Guaranty Ltd.   32,272    1,197,614 
Axis Capital Holdings Ltd.   20,240    1,356,687 
Everest Re Group Ltd.   8,731    2,041,395 
Hartford Financial Services Group, Inc. (The)   26,765    1,286,594 
Lincoln National Corp.   19,203    1,256,837 
Loews Corp.   18,862    882,176 
Principal Financial Group, Inc.(a)   11,900    751,009 
Prudential Financial, Inc.   8,231    878,083 
Reinsurance Group of America, Inc.   4,843    614,964 
Torchmark Corp.   10,105    778,489 
Travelers Cos., Inc. (The)   9,150    1,102,941 
Voya Financial, Inc.   35,856    1,361,094 
WR Berkley Corp.   7,540    532,550 
Total Insurance        18,281,582 
           
Internet – 3.1%          
Liberty Ventures, Series A*   107,672    4,789,251 
           
Media – 1.2%          
AMC Networks, Inc., Class A*   30,428    1,785,515 
           
Miscellaneous Manufacturing – 0.9%          
Eaton Corp. PLC   18,184    1,348,344 
           
Oil & Gas – 1.6%          
Phillips 66   30,721    2,433,718 
           
Packaging & Containers – 1.5%          
Sonoco Products Co.   16,471    871,645 
WestRock Co.   27,386    1,424,894 
Total Packaging & Containers        2,296,539 
           
Pharmaceuticals – 4.8%          
Allergan PLC   13,556    3,238,800 
Herbalife Ltd.*(a)   44,951    2,613,451 
McKesson Corp.   10,316    1,529,450 
Total Pharmaceuticals        7,381,701 
           
Real Estate Investment Trust – 1.9%          
AGNC Investment Corp.   40,202    799,618 
Host Hotels & Resorts, Inc.   32,066    598,352 
Macerich Co. (The)   24,811    1,597,828 
Total Real Estate Investment Trust        2,995,798 
           
Retail – 12.1%          
Bed Bath & Beyond, Inc.   78,301    3,089,757 
Best Buy Co., Inc.   64,684    3,179,219 
Foot Locker, Inc.   25,273    1,890,673 
Genuine Parts Co.   10,289    950,807 
MSC Industrial Direct Co., Inc., Class A   18,979    1,950,282 
PVH Corp.   16,487    1,705,910 
Ross Stores, Inc.   21,181    1,395,192 
Sally Beauty Holdings, Inc.*(a)   65,172    1,332,116 
Urban Outfitters, Inc.*(a)   140,186    3,330,819 
Total Retail        18,824,775 
           
Semiconductors – 1.9%          
Texas Instruments, Inc.   17,732    1,428,490 
Xilinx, Inc.   25,684    1,486,847 
Total Semiconductors        2,915,337 
           
Shipbuilding – 0.7%          
Huntington Ingalls Industries, Inc.   5,708    1,142,970 
           
Software – 3.8%          
Akamai Technologies, Inc.*   25,086    1,497,634 
Jack Henry & Associates, Inc.   13,528    1,259,457 
Red Hat, Inc.*   21,360    1,847,640 
Synopsys, Inc.*   17,985    1,297,258 
Total Software        5,901,989 
           
Textiles – 0.8%          
Mohawk Industries, Inc.*   5,058    1,160,760 
           
Transportation – 0.7%          
C.H. Robinson Worldwide, Inc.(a)   14,568    1,125,961 
Total Common Stocks
(Cost $143,296,731)		        151,786,183 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

(Formerly AdvisorShares TrimTabs Float Shrink ETF)

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

Investments  Shares/ Principal   Value 
MONEY MARKET FUND – 2.1%          
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 0.57%(b)
(Cost $3,289,478)		   3,289,478   $3,289,478 
           
REPURCHASE AGREEMENTS – 2.8%(c)          
BNP Paribas Securities Corp., dated 03/31/17, due 04/03/17, 0.81%, total to be received $1,011,227, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.00%, 11/15/18-07/20/63, totaling $1,028,426)  $1,011,204    1,011,204 
Citibank NA, dated 03/31/17, due 04/03/17, 0.81%, total to be received $299,674, (collateralized by various U.S. Government Agency Obligations, 3.00%-4.00%, 02/01/26-02/01/46, totaling $304,748)   299,667    299,667 
NBC Global Finance Ltd., dated 03/31/17, due 04/03/17, 0.90%, total to be received $1,011,229, (collateralized by various U.S. Government Agency Obligations, 1.25%-4.63%, 08/15/21-09/09/49, totaling $1,024,730)   1,011,204    1,011,204 
Nomura Securities International, Inc., dated 03/31/17, due 04/03/17, 0.81%, total to be received $1,011,227, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/19/17-02/20/67, totaling $1,027,883)   1,011,204    1,011,204 
RBC Dominion Securities, Inc., dated 03/31/17, due 04/03/17, 0.80%, total to be received $1,011,226, (collateralized by various U.S. Government Agency Obligations, 1.00%-7.00%, 07/15/17-07/01/55, totaling $1,028,182)   1,011,204    1,011,204 
Total Repurchase Agreements
(Cost $4,344,483)		        4,344,483 
Total Investments – 102.8%
(Cost $150,930,692)		        159,420,144 
Liabilities in Excess of Other Assets – (2.8%)        (4,382,144)
Net Assets – 100.0%       $155,038,000 

 

 

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 $11,648,649; the aggregate market value of the collateral held by the fund is $11,897,440.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $7,552,957.
(b)Rate shown reflects the 7-day yield as of March 31, 2017.
(c)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

   % of 
   Net Assets 
Advertising   0.9%
Aerospace/Defense   4.1 
Agriculture   0.8 
Airlines   3.8 
Apparel   1.6 
Auto Parts & Equipment   1.7 
Banks   6.3 
Biotechnology   1.8 
Chemicals   2.4 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

(Formerly AdvisorShares TrimTabs Float Shrink ETF)

Schedule of Investments (continued)

 

March 31, 2017 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

   % of 
   Net Assets 
Commercial Services   4.5%
Computers   3.0 
Diversified Financial Services   5.6 
Electric   1.2 
Electronics   0.7 
Engineering & Construction   0.7 
Food   4.5 
Forest Products & Paper   0.4 
Hand/Machine Tools   0.5 
Healthcare - Products   0.8 
Healthcare - Services   4.7 
Home Builders   1.1 
Insurance   11.8 
Internet   3.1 
Media   1.2 
Miscellaneous Manufacturing   0.9 
Oil & Gas   1.6 
Packaging & Containers   1.5 
Pharmaceuticals   4.8 
Real Estate Investment Trust   1.9 
Retail   12.1 
Semiconductors   1.9 
Shipbuilding   0.7 
Software   3.8 
Textiles   0.8 
Transportation   0.7 
Money Market Fund   2.1 
Repurchase Agreements   2.8 
Total Investments   102.8 
Liabilities in Excess of Other Assets   (2.8)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES TRUST

Notes to the Schedules of Investments

March 31, 2017 (unaudited)

 

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

 

A summary of each ETF's investment in its corresponding subsidiary is as follows:

 

Funds  Inception Date
of Subsidiary		  Subsidiary Net
Assets at March
 31, 2017		   % of ETF's
Total Net Assets
at March 31,
2017		 
Gartman Gold/Euro ETF  February 11, 2014  $3,497,064    19.3%
Gartman Gold/Yen ETF  February 11, 2014  $3,067,355    19.3%

 

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 U.S. generally accepted accounting principles ("U.S. GAAP"), 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, 2017 in valuing the Funds’ assets and liabilities carried at fair value:

 

Assets  Athena High
Dividend ETF		   Cornerstone
Small Cap ETF		   Dorsey Wright
ADR ETF1		   Focused Equity
ETF		   Gartman
Gold/Euro ETF		   Gartman
Gold/Yen ETF		 
Level 1                              
Exchange Traded Fund  $-   $-   $-   $-   $4,970,000   $4,970,000 
Common Stocks   -    3,411,874    37,764,323    11,012,359    -    - 
Money Market Fund   59,915    156,893    550,824    67,478    5,008,670    3,811,717 
Level 2                              
Repurchase Agreements for Securities Loaned   730,317    264,895    4,987,103    -    -    - 
                               
Liabilities                              
Level 1                              
Futures†   -    -    -    -    (295,070)   (476,882)
Total  $790,232   $3,833,662   $43,302,250   $11,079,837   $9,683,600   $8,304,835 

 

Assets  Global Echo
ETF		   KIM Korea
Equity ETF		   Madrona
Domestic ETF		   Madrona Global
Bond ETF		   Madrona
International ETF		   Market Adaptive
Unconstrained
Income ETF		 
Level 1                              
Exchange Traded Funds  $-   $-   $-   $17,678,581   $-   $1,126,362 
Common Stocks   3,220,976    8,915,847    25,613,190    -    11,535,794    - 
Money Market Funds   269,221    -    528,696    199,312    218,997    112,952 
Level 2                              
Municipal Bonds   155,833    -    -    -    -    - 
U.S. Government Agency Securities   635,970    -    -    -    -    - 
Asset Backed Securities   491,213    -    -    -    -    - 
Repurchase Agreements for Securities Loaned   406,284    -    1,230,658    3,797,063    1,984,224    - 
Level 3                              
Common Stocks   -    -    0    -    -    - 
Total  $5,179,497   $8,915,847   $27,372,544   $21,674,956   $13,739,015   $1,239,314 

 

 

 

 

Assets  Meidell Tactical
Advantage ETF		   Morgan Creek
Global Tactical
ETF		   Newfleet Multi-
Sector Income
ETF		   Pacific Asset
Enhanced
Floating Rate
ETF		   Peritus High
Yield ETF		   QAM Equity
Hedge ETF		 
Level 1                              
Exchange Traded Funds  $14,626,484   $3,123,209   $-   $-   $-   $4,857,464 
Closed-End Fund   -    204,981    -    -    -    - 
Money Market Fund   1,876,551    3,918,649    9,551,792    2,632,797    8,593,888    911,809 
Level 2                              
Corporate Bonds   -    -    54,113,349    2,710,781    124,761,726    - 
Foreign Bonds   -    -    18,539,810    -    23,485,887    - 
U.S. Treasury Notes   -    -    11,160,766    -    -    - 
U.S. Government Agency Securities   -    -    3,605,674    -    -    - 
Asset Backed Securities   -    -    65,938,915    -    -    - 
Mortgage Backed Securities   -    -    75,636,421    -    -    - 
Term Loans   -    -    21,668,045    22,077,426    31,000,964    - 
Repurchase Agreements for Securities Loaned   3,548,270    602,990    3,500,742    -    19,472,667    - 
                               
Liabilities                              
Level 1                              
Exchange Traded Funds   -    -    -    -    -    (229,805)
Level 2                              
Swap Contracts†   -    -    -    (30,656)   -    - 
Total  $20,051,305   $7,849,829   $263,715,514   $27,390,348   $207,315,132   $5,539,468 

 

Assets  Ranger Equity
Bear ETF		   Sage Core
Reserves ETF		   STAR Global
Buy-Write ETF		   Wilshire
Buyback ETF2		 
Level 1                    
Exchange Traded Fund  $67,095,000   $-   $16,847,797   $- 
Purchased Options   -    -    46,200    - 
Common Stocks   -    -    -    151,786,183 
Money Market Funds   25,855,036    1,087,334    978,428    3,289,478 
Level 2                    
Corporate Bonds   -    41,836,507    -    - 
Foreign Bonds   -    8,494,844    -    - 
Municipal Bonds   -    1,462,383    -    - 
U.S. Treasury Note   -    4,770,178    -    - 
Asset Backed Securities   -    17,498,519    -    - 
Mortgage Backed Securities   -    8,731,881    -    - 
Repurchase Agreements for Securities Loaned   -    -    -    4,344,483 
                     
Liabilities                    
Level 1                    
Common Stocks   (171,310,455)   -    -    - 
Written Options   -    -    (26,487)   - 
Total  $(78,360,419)  $83,881,646   $17,845,938   $159,420,144 

 

There were no recognized transfers between Level 1 and Level 2.

 

A reconciliation of assets or liabilities in which Level 3 inputs are used in determining fair value is presented when there are significant (individually, greater than 1% of the net assets of a fund, or collectively, greater than 5% of the net assets of a fund) Level 3 assets or liabilities at the end of the period.

 

 

 

 

3. Federal Income Tax

 

At March 31, 2017, the approximate cost of investments, including short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

 

Fund  Cost   Gross
Unrealized
Appreciation		   Gross
Unrealized
Depreciation		   Net Unrealized
Appreciation
(Depreciation)		   Other Derivatives
Net Unrealized
Appreciation/
(Depreciation)		 
Athena High Dividend ETF  $790,232   $-   $-   $-   $- 
Cornerstone Small Cap ETF   3,463,056    417,127    (46,521)   370,606    - 
Dorsey Wright ADR ETF1   39,830,491    3,816,687    (344,928)   3,471,759    - 
Focused Equity ETF   10,378,912    773,373    (72,448)   700,925    - 
Gartman Gold/Euro ETF   9,982,670    -    (4,000)   (4,000)   (295,070)
Gartman Gold/Yen ETF   8,785,717    -    (4,000)   (4,000)   (476,882)
Global Echo ETF   4,893,839    452,410    (166,752)   285,658    - 
KIM Korea Equity ETF   7,969,297    1,026,256    (79,706)   946,550    - 
Madrona Domestic ETF   24,732,211    3,155,359    (515,026)   2,640,333    - 
Madrona Global Bond ETF   21,638,097    250,806    (213,947)   36,859    - 
Madrona International ETF   13,051,353    1,006,719    (319,057)   687,662    - 
Market Adaptive Unconstrained Income ETF   1,232,413    6,901    -    6,901    - 
Meidell Tactical Advantage ETF   19,850,204    242,446    (41,345)   201,101    - 
Morgan Creek Global Tactical ETF   7,374,018    637,841    (162,030)   475,811    - 
Newfleet Multi-Sector Income ETF   264,507,169    1,639,043    (2,430,698)   (791,655)   - 
Pacific Asset Enhanced Floating Rate ETF   27,461,011    241,891    (281,898)   (40,007)   (30,656)
Peritus High Yield ETF   206,441,390    4,380,285    (3,506,543)   873,742    - 
QAM Equity Hedge ETF   5,123,550    422,663    (6,745)   415,918    - 
Ranger Equity Bear ETF   (75,383,198)   4,668,794    (7,646,015)   (2,977,221)   - 
Sage Core Reserves ETF   83,810,627    124,142    (53,123)   71,019    - 
STAR Global Buy-Write ETF   16,771,658    1,197,977    (97,210)   1,100,767    12,773 
Wilshire Buyback ETF2   150,930,692    13,041,836    (4,552,384)   8,489,452    - 

 

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, 2017 are as follows:

 

Affiliated Fund Name  Value at 6/30/2016   Purchases/
Additions		   Sales/
Reductions		   Value at
3/31/2017		   Dividend Income   Realized
Gain (Loss)		 
Gartman Gold/Euro ETF                              
Sage Core Reserves ETF  $-   $4,974,000   $-   $4,970,000   $22,278   $- 
Gartman Gold/Yen ETF                              
Sage Core Reserves ETF   -    4,974,000    -    4,970,000    22,278    - 
Madrona Global Bond ETF                              
Peritus High Yield ETF   1,631,570    992,786    (427,757)   2,288,223    115,779    38,148 
Meidell Tactical Advantage ETF                              
Cornerstone Small Cap ETF   -    878,499    881,162    -    -    2,663 
QAM Equity Hedge ETF                              
Sage Core Reserves ETF   278,950    -    -    278,320    2,182    - 
Ranger Equity Bear ETF                              
Sage Core Reserves ETF   102,115,625    -    (34,788,341)   67,095,000    586,922    (180,309)

 

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

1 Formerly known as, AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF. Effective September 1, 2016.

2 Formerly known as, AdvisorShares TrimTabs Float Shrink ETF. Effective July 1, 2016.

 

 

 

 

 

Item 2. Controls and Procedures.

 

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

 

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

 

 

Item 3. Exhibits.

 

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

 

 

 

 

 

SIGNATURES

 

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

 

(Registrant)      AdvisorShares Trust                                                    

 

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

Noah Hamman, Chief Executive Officer

(principal executive officer)

 

Date      05/10/2017                                                                                   

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

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

Noah Hamman, Chief Executive Officer

(principal executive officer)

 

Date      05/10/2017                                                                                   

 

 

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

Dan Ahrens, Treasurer

(principal financial officer)

 

Date      05/10/2017                                                                                   

 

 

 

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