N-Q 1 s107945_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: September 30, 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 CORNERSTONE SMALL CAP ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS – 99.3%          
Advertising – 0.4%          
Clear Channel Outdoor Holdings, Inc., Class A   4,033   $18,753 
           
Aerospace/Defense – 0.5%          
Aerovironment, Inc.*   410    22,189 
           
Agriculture – 0.4%          
Limoneira Co.   764    17,702 
           
Airlines – 1.0%          
SkyWest, Inc.   1,059    46,490 
           
Auto Parts & Equipment – 1.2%          
Cooper Tire & Rubber Co.(a)   453    16,942 
Dana, Inc.   698    19,516 
Modine Manufacturing Co.*   1,032    19,866 
Total Auto Parts & Equipment        56,324 
           
Banks – 5.8%          
BancFirst Corp.   382    21,678 
Central Pacific Financial Corp.   573    18,439 
CVB Financial Corp.   700    16,919 
Eagle Bancorp, Inc.*   556    37,280 
Farmers National Banc Corp.   1,041    15,667 
First BanCorp (Puerto Rico)*   3,067    15,703 
First Bancorp/Southern Pines NC   530    18,237 
First Commonwealth Financial Corp.   1,289    18,214 
First Connecticut Bancorp, Inc.   590    15,783 
First Mid-Illinois Bancshares, Inc.   431    16,550 
Fulton Financial Corp.   823    15,431 
Green Bancorp, Inc.*   738    17,454 
Southern National Bancorp of Virginia, Inc.   1,023    17,381 
TriState Capital Holdings, Inc.*   1,108    25,373 
Total Banks        270,109 
           
Beverages – 0.2%          
Boston Beer Co., Inc. (The), Class A*(a)   60    9,372 
           
Biotechnology – 1.0%          
BioCryst Pharmaceuticals, Inc.*   2,130    11,161 
Enzo Biochem, Inc.*   1,592    16,668 
PDL BioPharma, Inc.*   6,161    20,886 
Total Biotechnology        48,715 
           
Building Materials – 0.8%          
Louisiana-Pacific Corp.*   748    20,256 
NCI Building Systems, Inc.*   1,152    17,971 
Total Building Materials        38,227 
           
Chemicals – 1.6%          
Balchem Corp.   191   15,526 
Innospec, Inc.   224    13,810 
Kronos Worldwide, Inc.   1,053    24,040 
Tronox Ltd., Class A   955    20,150 
Total Chemicals        73,526 
           
Coal – 0.4%          
Alliance Holdings GP LP   600    16,686 
           
Commercial Services – 6.7%          
ABM Industries, Inc.   355    14,807 
Adtalem Global Education, Inc.(a)   284    10,181 
Alarm.com Holdings, Inc.*   524    23,674 
Care.com, Inc.*   926    14,714 
Grand Canyon Education, Inc.*   382    34,693 
Green Dot Corp., Class A*   502    24,889 
HealthEquity, Inc.*(a)   377    19,069 
HMS Holdings Corp.*   828    16,444 
Insperity, Inc.   393    34,584 
K12, Inc.*   737    13,148 
Kelly Services, Inc., Class A   644    16,158 
Nutrisystem, Inc.(a)   312    17,441 
On Assignment, Inc.*   311    16,695 
Paylocity Holding Corp.*   447    21,823 
Quad/Graphics, Inc.   666    15,058 
Textainer Group Holdings Ltd.*   1,027    17,613 
Total Commercial Services        310,991 
           
Computers – 4.2%          
Carbonite, Inc.*(a)   1,085    23,870 
Engility Holdings, Inc.*   404    14,011 
Insight Enterprises, Inc.*   457    20,986 
Qualys, Inc.*   355    18,389 
Silver Spring Networks, Inc.*   1,284    20,762 
Stratasys Ltd.*(a)   744    17,201 
Varonis Systems, Inc.*   519    21,746 
Vocera Communications, Inc.*   1,092    34,256 
WNS Holdings Ltd. (India)*(b)   612    22,338 
Total Computers        193,559 
           
Distribution / Wholesale – 1.6%          
G-III Apparel Group Ltd.*   671    19,472 
Systemax, Inc.   899    23,761 
Titan Machinery, Inc.*   840    13,045 
Triton International Limited (Bermuda)*   495    16,474 
Total Distribution / Wholesale        72,752 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Diversified Financial Services – 1.2%          
LendingClub Corp.*   2,692   $16,394 
WageWorks, Inc.*   322    19,545 
WisdomTree Investments, Inc.(a)   1,798    18,304 
Total Diversified Financial Services        54,243 
           
Electronics – 4.1%          
Applied Optoelectronics, Inc.*(a)   312    20,177 
Brady Corp., Class A   459    17,419 
Control4 Corp.*   1,114    32,819 
CTS Corp.   808    19,473 
Fitbit, Inc., Class A*(a)   3,066    21,339 
GoPro, Inc., Class A*(a)   2,014    22,174 
KEMET Corp.*   1,084    22,905 
Stoneridge, Inc.*   1,005    19,909 
Vishay Intertechnology, Inc.   883    16,600 
Total Electronics        192,815 
           
Energy - Alternate Sources – 0.7%          
Sunrun, Inc.*(a)   3,009    16,700 
TPI Composites, Inc.*   810    18,095 
Total Energy - Alternate Sources        34,795 
           
Engineering & Construction – 1.1%          
Argan, Inc.(a)   486    32,683 
Exponent, Inc.   284    20,988 
Total Engineering & Construction        53,671 
           
Entertainment – 1.8%          
Churchill Downs, Inc.   142    29,280 
Marriott Vacations Worldwide Corp.   284    35,367 
Penn National Gaming, Inc.*   742    17,355 
Total Entertainment        82,002 
           
Environmental Control – 0.7%          
Casella Waste Systems, Inc., Class A*   1,665    31,302 
           
Food – 1.3%          
Fresh Del Monte Produce, Inc.   415    18,866 
Sanderson Farms, Inc.   180    29,074 
SpartanNash Co.   573    15,110 
Total Food        63,050 
           
Hand / Machine Tools – 0.4%          
Kennametal, Inc.   502    20,251 
           
Healthcare - Products – 6.5%          
AngioDynamics, Inc.*   926    15,825 
CryoLife, Inc.*(a)   787    17,865 
Cutera, Inc.*   461    19,062 
Halyard Health, Inc.*   373    16,796 
ICU Medical, Inc.*   142    26,391 
Inogen, Inc.*   273    25,962 
LeMaitre Vascular, Inc.   835    31,246 
LivaNova PLC*   213    14,923 
Luminex Corp.   693    14,089 
Meridian Bioscience, Inc.   1,057    15,115 
Merit Medical Systems, Inc.*   857    36,294 
OraSure Technologies, Inc.*   1,556    35,010 
Repligen Corp.*(a)   386    14,792 
Surmodics, Inc.*   633    19,623 
Total Healthcare - Products        302,993 
           
Healthcare - Services – 0.9%          
Tivity Health, Inc.*(a)   589    24,031 
Triple-S Management Corp., Class B (Puerto Rico)*   686    16,245 
Total Healthcare - Services        40,276 
           
Home Furnishings – 1.1%          
American Woodmark Corp.*   196    18,865 
iRobot Corp.*(a)   404    31,132 
Total Home Furnishings        49,997 
           
Household Products / Wares – 1.5%          
ACCO Brands Corp.*   1,223    14,554 
Central Garden & Pet Co.*(a)   715    27,771 
SodaStream International Ltd. (Israel)*   414    27,510 
Total Household Products / Wares        69,835 
           
Insurance – 1.1%          
Fanhua, Inc. (China)(b)   1,615    20,301 
Kemper Corp.   332    17,596 
Universal Insurance Holdings, Inc.   557    12,811 
Total Insurance        50,708 
           
Internet – 4.2%          
Blucora, Inc.*   699    17,685 
FireEye, Inc.*(a)   1,167    19,571 
HealthStream, Inc.*(a)   696    16,266 
Imperva, Inc.*   381    16,535 
Limelight Networks, Inc.*   4,708    18,691 
Rapid7, Inc.*   1,169    20,574 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Internet (continued)          
RingCentral, Inc., Class A*   425   $17,744 
Stamps.com, Inc.*(a)   142    28,776 
TrueCar, Inc.*(a)   813    12,837 
VASCO Data Security International, Inc.*   1,030    12,412 
Yelp, Inc.*   388    16,800 
Total Internet        197,891 
           
Iron / Steel – 0.5%          
Schnitzer Steel Industries, Inc., Class A   755    21,253 
           
Leisure Time – 2.0%          
Callaway Golf Co.   1,130    16,306 
Fox Factory Holding Corp.*   624    26,894 
Johnson Outdoors, Inc., Class A   323    23,670 
LCI Industries   213    24,676 
Total Leisure Time        91,546 
           
Lodging – 0.7%          
Marcus Corp. (The)   455    12,604 
Monarch Casino & Resort, Inc.*   557    22,018 
Total Lodging        34,622 
           
Machinery - Construction & Mining – 0.4%          
Terex Corp.   419    18,863 
           
Machinery - Diversified – 1.3%          
Alamo Group, Inc.   224    24,051 
Chart Industries, Inc.*   464    18,203 
DXP Enterprises, Inc.*   551    17,351 
Total Machinery - Diversified        59,605 
           
Media – 1.1%          
New York Times Co. (The), Class A   828    16,229 
TiVo Corp.   874    17,349 
tronc, Inc.*   1,150    16,709 
Total Media        50,287 
           
Mining – 0.8%          
Fairmount Santrol Holdings, Inc.*(a)   2,375    11,353 
Ferroglobe PLC   1,225    16,121 
US Silica Holdings, Inc.(a)   377    11,713 
Total Mining        39,187 
           
Miscellaneous Manufacturing – 2.0%          
Harsco Corp.*   1,328    27,755 
John Bean Technologies Corp.(a)   355    35,890 
Myers Industries, Inc.   866    18,143 
Sturm Ruger & Co., Inc.   225    11,633 
Total Miscellaneous Manufacturing        93,421 
           
Office Furnishings – 0.3%          
Herman Miller, Inc.   404    14,504 
           
Oil & Gas – 1.1%          
PDC Energy, Inc.*   269    13,189 
Penn Virginia Corp.*   324    12,953 
Transocean Ltd.*   2,159    23,231 
Total Oil & Gas        49,373 
           
Oil & Gas Services – 1.9%          
Archrock, Inc.   1,741    21,850 
McDermott International, Inc.*   2,702    19,643 
Newpark Resources, Inc.*   1,937    19,370 
NOW, Inc.*(a)   1,053    14,542 
Oceaneering International, Inc.   549    14,422 
Total Oil & Gas Services        89,827 
           
Packaging & Containers – 0.5%          
Greif, Inc., Class A   393    23,006 
           
Pharmaceuticals – 2.7%          
Anika Therapeutics, Inc.*   344    19,952 
Avadel Pharmaceuticals PLC*(b)   1,439    15,109 
Corcept Therapeutics, Inc.*   1,127    21,751 
Diplomat Pharmacy, Inc.*   980    20,296 
Enanta Pharmaceuticals, Inc.*   424    19,843 
Heska Corp.*   144    12,685 
Xencor, Inc.*(a)   656    15,036 
Total Pharmaceuticals        124,672 
           
Private Equity – 0.2%          
Kennedy-Wilson Holdings, Inc.   575    10,666 
           
Real Estate – 0.3%          
HFF, Inc., Class A   415    16,417 
           
REITS – 9.3%          
Agree Realty Corp.   404    19,828 
CareTrust REIT, Inc.   890    16,946 
Columbia Property Trust, Inc.   780    16,981 
CoreSite Realty Corp.   284    31,780 
Corporate Office Properties Trust   531    17,433 
EastGroup Properties, Inc.   213    18,769 
First Industrial Realty Trust, Inc.   575    17,302 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
REITS (continued)          
Hersha Hospitality Trust   937   $17,494 
iStar, Inc.*   1,299    15,328 
LaSalle Hotel Properties   553    16,048 
Lexington Realty Trust   1,656    16,924 
National Health Investors, Inc.   159    12,289 
National Storage Affiliates Trust   612    14,835 
New Senior Investment Group, Inc.   1,720    15,738 
Piedmont Office Realty Trust, Inc., Class A   810    16,330 
Potlatch Corp.   300    15,300 
Ramco-Gershenson Properties Trust   704    9,159 
Rayonier, Inc.   582    16,814 
Retail Opportunity Investments Corp.   839    15,949 
Rexford Industrial Realty, Inc.   547    15,655 
STAG Industrial, Inc.   583    16,015 
Summit Hotel Properties, Inc.   988    15,798 
Sunstone Hotel Investors, Inc.   1,163    18,689 
Tier REIT, Inc.   876    16,907 
Washington Prime Group, Inc.   2,063    17,185 
Washington Real Estate Investment Trust   404    13,235 
Total REITS        434,731 
           
Retail – 3.4%          
Arcos Dorados Holdings, Inc., Class A (Uruguay)*   2,615    26,281 
Barnes & Noble, Inc.   2,172    16,507 
Bassett Furniture Industries, Inc.   447    16,852 
Children's Place, Inc. (The)(a)   147    17,368 
Guess?, Inc.   1,307    22,258 
Office Depot, Inc.   2,854    12,957 
Ollie's Bargain Outlet Holdings, Inc.*(a)   355    16,472 
PetMed Express, Inc.   403    13,360 
Wingstop, Inc.(a)   481    15,993 
Total Retail        158,048 
           
Savings & Loans – 1.2%          
Flagstar Bancorp, Inc.*(a)   546    19,372 
Northfield Bancorp, Inc.   950    16,483 
OceanFirst Financial Corp.   749    20,590 
Total Savings & Loans        56,445 
           
Semiconductors – 6.6%          
AXT, Inc.*   2,209    20,212 
Brooks Automation, Inc.   802    24,349 
CEVA, Inc.*   633    27,092 
Cohu, Inc.   961    22,910 
Diodes, Inc.*   613    18,347 
FormFactor, Inc.*   1,349    22,731 
Kulicke & Soffa Industries, Inc. (Singapore)*   857    18,487 
MaxLinear, Inc.*(a)   1,190    28,263 
Nanometrics, Inc.*   594    17,107 
Power Integrations, Inc.   250    18,300 
Rambus, Inc.*   1,276    17,035 
Silicon Laboratories, Inc.*   251    20,055 
Ultra Clean Holdings, Inc.*   1,084    33,192 
Xcerra Corp.*   1,977    19,473 
Total Semiconductors        307,553 
           
Software – 7.3%          
Actua Corp.*   1,283    19,630 
Appfolio, Inc., Class A*   655    31,407 
Blackline, Inc.*(a)   400    13,648 
CommVault Systems, Inc.*   284    17,267 
Ebix, Inc.(a)   464    30,276 
Everbridge, Inc.*   698    18,441 
Five9, Inc.*   657    15,702 
Glu Mobile, Inc.*   4,761    17,901 
HubSpot, Inc.*(a)   250    21,013 
LivePerson, Inc.*   1,251    16,951 
MINDBODY, Inc., Class A*(a)   868    22,438 
New Relic, Inc.*   339    16,882 
Progress Software Corp.   488    18,627 
RealPage, Inc.*   628    25,057 
SPS Commerce, Inc.*   247    14,008 
Twilio, Inc., Class A*(a)   558    16,656 
Zynga, Inc., Class A*   6,048    22,862 
Total Software        338,766 
           
Telecommunications – 2.1%          
ADTRAN, Inc.   748    17,952 
Comtech Telecommunications Corp.   1,027    21,084 
Gigamon, Inc.*   406    17,113 
Iridium Communications, Inc.*(a)   1,283    13,215 
NETGEAR, Inc.*   347    16,517 
Sonus Networks, Inc.*   1,867    14,283 
Total Telecommunications        100,164 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares/
Principal		   Value 
COMMON STOCKS (continued)          
Textiles – 0.4%          
UniFirst Corp.   109   $16,513 
           
Transportation – 0.3%          
Martin Midstream Partners LP(a)   947    14,726 
           
Trucking & Leasing – 0.5%          
GATX Corp.(a)   191    11,758 
Greenbrier Cos., Inc. (The)(a)   240    11,556 
Total Trucking & Leasing        23,314 
           
Total Common Stocks
(Cost $3,868,658)		        4,626,733 
           
MONEY MARKET FUND – 1.1%          
STIT - Government & Agency Portfolio, Institutional Class, 0.93%(c)
(Cost $52,049)		   52,049    52,049 
           
REPURCHASE AGREEMENTS – 8.6%(d)          
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $250,022, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $254,317)  $250,000    250,000 
HSBC Securities USA, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $149,455, (collateralized by various U.S. Government Agency Obligations, 2.50%-6.50%, 05/01/22-08/01/47, totaling $152,018)   149,442    149,442 
Total Repurchase Agreements
(Cost $399,442)		        399,442 
Total Investments – 109.0%
(Cost $4,320,149)		        5,078,224 
Liabilities in Excess of Other Assets – (9.0%)        (421,276)
Net Assets – 100.0%       $4,656,948 

 

 

LP - Limited Partnership
PLC - Public Limited Company
REITS - Real Estate Investment Trusts

 

*Non-income producing security.
(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $702,836; the aggregate market value of the collateral held by the fund is $720,638.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $321,196.
(b)American Depositary Receipt.
(c)Rate shown reflects the 7-day yield as of September 30, 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   0.5 
Agriculture   0.4 
Airlines   1.0 
Auto Parts & Equipment   1.2 
Banks   5.8 
Beverages   0.2 
Biotechnology   1.0 
Building Materials   0.8 
Chemicals   1.6 
Coal   0.4 
Commercial Services   6.7 
Computers   4.2 
Distribution / Wholesale   1.6 
Diversified Financial Services   1.2 
Electronics   4.1 
Energy - Alternate Sources   0.7 
Engineering & Construction   1.1 
Entertainment   1.8 
Environmental Control   0.7 
Food   1.3 
Hand / Machine Tools   0.4 
Healthcare - Products   6.5 
Healthcare - Services   0.9 
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)

 

September 30, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Insurance   1.1%
Internet   4.2 
Iron / Steel   0.5 
Leisure Time   2.0 
Lodging   0.7 
Machinery - Construction & Mining   0.4 
Machinery - Diversified   1.3 
Media   1.1 
Mining   0.8 
Miscellaneous Manufacturing   2.0 
Office Furnishings   0.3 
Oil & Gas   1.1 
Oil & Gas Services   1.9 
Packaging & Containers   0.5 
Pharmaceuticals   2.7 
Private Equity   0.2 
Real Estate   0.3 
REITS   9.3 
Retail   3.4 
Savings & Loans   1.2 
Semiconductors   6.6 
Software   7.3 
Telecommunications   2.1 
Textiles   0.4 
Transportation   0.3 
Trucking & Leasing   0.5 
Money Market Fund   1.1 
Repurchase Agreements   8.6 
Total Investments   109.0 
Liabilities in Excess of Other Assets   (9.0)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 99.3%          
Aerospace/Defense – 2.0%          
Rolls-Royce Holdings PLC (United Kingdom)*(a)   184,347   $2,188,199 
           
Airlines – 5.3%          
Copa Holdings SA, Class A (Panama)   22,969    2,860,330 
Latam Airlines Group SA (Chile)(a)(b)   225,385    2,986,351 
Total Airlines        5,846,681 
           
Auto Parts & Equipment – 2.2%          
China Yuchai International Ltd. (Singapore)(b)   105,840    2,355,999 
           
Banks – 12.2%          
Banco Macro SA (Argentina)(a)(b)   24,773    2,907,111 
BNP Paribas SA (France)(a)   64,723    2,616,751 
Grupo Financiero Galicia SA (Argentina)(a)(b)   54,918    2,830,474 
ING Groep NV (Netherlands)(a)(b)   136,602    2,516,209 
Societe Generale SA (France)(a)   214,830    2,528,549 
Total Banks        13,399,094 
           
Chemicals – 6.9%          
Braskem SA (Brazil)(a)   112,591    3,010,683 
Sociedad Quimica y Minera de Chile SA (Chile)(a)(b)   80,962    4,506,345 
Total Chemicals        7,517,028 
           
Commercial Services – 10.4%          
New Oriental Education & Technology Group, Inc. (China)(a)   59,100    5,216,166 
TAL Education Group (China)(a)   183,227    6,176,582 
Total Commercial Services        11,392,748 
           
Computers – 1.8%          
Logitech International SA (Switzerland)(b)   54,796    1,997,862 
           
Diversified Financial Services – 2.3%          
KB Financial Group, Inc. (South Korea)(a)   51,609    2,530,389 
           
Electric – 11.5%          
Empresa Distribuidora Y Comercializadora Norte (Argentina)*(a)(b)   120,130    4,775,168 
Enel SpA (Italy)(a)   350,073    2,096,937 
Pampa Energia SA (Argentina)*(a)(b)   86,839    5,653,219 
Total Electric        12,525,324 
           
Energy - Alternate Sources – 2.3%          
JinkoSolar Holding Co., Ltd. (China)*(a)(b)   102,357    2,553,807 
           
Engineering & Construction – 1.8%          
Grupo Aeroportuario del Sureste SAB de CV (Mexico)(a)   10,338    1,972,697 
           
Forest Products & Paper – 2.5%          
Stora Enso OYJ (Finland)(a)(b)   195,150    2,767,227 
           
Healthcare - Products – 2.1%          
Mazor Robotics Ltd. (Israel)*(a)   47,370    2,338,657 
           
Household Products / Wares – 2.6%          
SodaStream International Ltd. (Israel)*   42,672    2,835,554 
           
Internet – 6.1%          
SINA Corp. (China)*   32,374    3,711,679 
Tencent Holdings Ltd. (China)(a)(b)   59,212    2,600,295 
Weibo Corp. (China)*(a)(b)   3,273    323,831 
Total Internet        6,635,805 
           
Iron / Steel – 2.7%          
Ternium SA (Luxembourg)(a)   96,029    2,970,177 
           
Lodging – 4.9%          
China Lodging Group Ltd. (China)*(a)   45,049    5,352,722 
           
Machinery - Construction & Mining – 1.9%          
Komatsu Ltd. (Japan)(a)(b)   73,603    2,084,437 
           
Pharmaceuticals – 2.5%          
Galapagos NV (Belgium)*(a)(b)   26,708    2,717,539 
           
Real Estate – 2.2%          
IRSA Inversiones y Representaciones SA (Argentina)*(a)(b)   97,309    2,388,936 
           
Semiconductors – 4.5%          
Broadcom Ltd.   8,404    2,038,306 
STMicroelectronics NV (Switzerland)(c)   148,852    2,890,706 
Total Semiconductors        4,929,012 
           
Software – 2.3%          
SAP SE (Germany)(a)   23,197    2,543,551 
           
Telecommunications – 6.3%          
America Movil SAB de CV, Class L (Mexico)(a)   121,272    2,152,578 
Telecom Argentina SA (Argentina)*(a)(b)   79,728    2,458,811 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments 

Shares/

Principal

   Value 
COMMON STOCKS (continued)          
Telecommunications (continued)          
TIM Participacoes SA (Brazil)(a)   124,035   $2,267,360 
Total Telecommunications        6,878,749 
Total Common Stocks
(Cost $92,648,766)		        108,722,194 
           
MONEY MARKET FUNDS – 2.9%          
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.93%(d)(e)   429,000    429,000 
Federated Government Obligations Fund, Institutional Class, 0.92%(d)(e)   264,000    264,000 
Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class, 0.95%(d)(e)   314,000    314,000 
Invesco Government & Agency Portfolio - Private Investment Class, 0.63%(d)   790,289    790,289 
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.90%(d)(e)   314,000    314,000 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.90%(d)(e)   431,000    431,000 
STIT - Government & Agency Portfolio, Institutional Class, 0.93%(d)(e)   582,000    582,000 
Total Money Market Funds
(Cost $3,124,289)		        3,124,289 
           
REPURCHASE AGREEMENTS – 10.8%(e)          
BNP Paribas Securities Corp., dated 09/29/17, due 10/02/17, 1.06%, total to be received $1,935,677, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 11/01/18-08/20/67, totaling $1,969,572)  $1,935,506    1,935,506 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $3,293,727, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $3,350,298)  3,293,433   3,293,433 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $3,293,729, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $3,348,838)   3,293,433    3,293,433 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $3,293,721, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $3,349,096)   3,293,433    3,293,433 
Total Repurchase Agreements
(Cost $11,815,805)		        11,815,805 
Total Investments – 113.0%  
(Cost $107,588,860)		        123,662,288 
Liabilities in Excess of Other Assets – (13.0%)        (14,179,495)
Net Assets – 100.0%       $109,482,793 

 

 

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 $13,817,891; the aggregate market value of the collateral held by the fund is $14,149,805.
(c)Registered Shares.
(d)Rate shown reflects the 7-day yield as of September 30, 2017.
(e)Collateral received from brokers for securities lending was invested in these short-term investments.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS

   % of 
   Net Assets 
Aerospace/Defense   2.0%
Airlines   5.3 
Auto Parts & Equipment   2.2 
Banks   12.2 
Chemicals   6.9 
Commercial Services   10.4 
Computers   1.8 
Diversified Financial Services   2.3 
Electric   11.5 
Energy - Alternate Sources   2.3 
Engineering & Construction   1.8 
Forest Products & Paper   2.5 
Healthcare - Products   2.1 
Household Products / Wares   2.6 
Internet   6.1 
Iron / Steel   2.7 
Lodging   4.9 
Machinery - Construction & Mining   1.9 
Pharmaceuticals   2.5 
Real Estate   2.2 
Semiconductors   4.5 
Software   2.3 
Telecommunications   6.3 
Money Market Funds   2.9 
Repurchase Agreements   10.8 
Total Investments   113.0 
Liabilities in Excess of Other Assets   (13.0)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares/Principal   Value 
COMMON STOCKS – 99.2%          
Aerospace/Defense – 5.1%          
HEICO Corp.(a)   6,971   $626,065 
           
Banks – 3.0%          
Signature Bank*   2,940    376,438 
           
Building Materials – 4.0%          
Continental Building Products, Inc.*   18,918    491,868 
           
Chemicals – 12.0%          
Axalta Coating Systems Ltd.*   16,286    470,991 
RPM International, Inc.   8,142    418,011 
Sherwin-Williams Co. (The)   1,629    583,247 
Total Chemicals        1,472,249 
           
Commercial Services – 5.2%          
Moody's Corp.   4,644    646,491 
           
Computers – 4.6%          
Cognizant Technology Solutions Corp., Class A   7,835    568,351 
           
Diversified Financial Services – 7.8%          
Alliance Data Systems Corp.   1,924    426,262 
Intercontinental Exchange, Inc.   7,766    533,524 
Total Diversified Financial Services        959,786 
           
Entertainment – 3.4%          
Cinemark Holdings, Inc.(a)   11,442    414,315 
           
Food – 9.7%          
Hormel Foods Corp.(a)   12,621    405,639 
Ingredion, Inc.   3,528    425,618 
JM Smucker Co. (The)   3,437    360,644 
Total Food        1,191,901 
           
Hand/Machine Tools – 3.1%          
Snap-on, Inc.   2,563    381,913 
           
Healthcare - Products – 13.3%          
C.R. Bard, Inc.   1,976    633,308 
Danaher Corp.   5,629    482,856 
Stryker Corp.   3,670    521,213 
Total Healthcare - Products        1,637,377 
           
Insurance – 4.2%          
Aflac, Inc.   6,304    513,083 
           
Machinery - Diversified – 3.2%          
Wabtec Corp.(a)   5,265    398,824 
           
Pharmaceuticals – 3.2%          
Express Scripts Holding Co.*   6,329    400,752 
           
Retail – 3.5%          
Ross Stores, Inc.   6,613    427,001 
           
Software – 13.9%          
Cerner Corp.*   9,266    660,851 
Fiserv, Inc.*   4,101    528,865 
Microsoft Corp.   6,984    520,238 
Total Software        1,709,954 
Total Common Stocks
(Cost $10,999,943)		        12,216,368 
           
MONEY MARKET FUND – 1.0%          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.90%(b)
(Cost $122,253)		   122,253    122,253 
           
REPURCHASE AGREEMENTS – 9.1%(c)          
Citigroup Global Markets, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $260,985, (collateralized by various U.S. Government Agency Obligations, 1.90%-9.00%, 12/01/17-06/01/51, totaling $265,387)  $260,962    260,962 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $260,985, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $265,468)   260,962    260,962 
JP Morgan Securities LLC, dated 09/29/17, due 10/02/17, 1.05%, total to be received $77,338, (collateralized by various U.S. Government Agency Obligations, 0.88%-5.25%, 05/31/18-08/15/44, totaling $78,388)   77,331    77,331 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $260,985, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $265,352)   260,962    260,962 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $260,985, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $265,373)  $260,962   $260,962 
Total Repurchase Agreements
(Cost $1,121,179)		        1,121,179 
Total Investments – 109.3%
(Cost $12,243,375)		        13,459,800 
Liabilities in Excess of Other Assets – (9.3%)        (1,149,718)
Net Assets – 100.0%       $12,310,082 

 

 

 

*Non-income producing security.
(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,317,582; the aggregate market value of the collateral held by the fund is $1,356,465.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $235,286.
(b)Rate shown reflects the 7-day yield as of September 30, 2017.
(c)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   5.1%
Banks   3.0 
Building Materials   4.0 
Chemicals   12.0 
Commercial Services   5.2 
Computers   4.6 
Diversified Financial Services   7.8 
Entertainment   3.4 
Food   9.7 
Hand/Machine Tools   3.1 
Healthcare - Products   13.3
Insurance   4.2 
Machinery - Diversified   3.2 
Pharmaceuticals   3.2 
Retail   3.5 
Software   13.9 
Money Market Fund   1.0 
Repurchase Agreements   9.1 
Total Investments   109.3 
Liabilities in Excess of Other Assets   (9.3)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES GARTMAN GOLD/EURO ETF

Schedule of Investments (Consolidated)†

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
EXCHANGE TRADED FUND – 39.0%          
Debt Fund – 39.0%          
AdvisorShares Sage Core Reserves ETF††
(Cost $4,974,000)		   50,000   $4,972,750 
           
MONEY MARKET FUND – 23.4%          
BNY Mellon Cash Reserve, 0.10%(a)
(Cost $2,974,554)		   2,974,554    2,974,554 
           
Total Investments – 62.4%
(Cost $7,948,554)		        7,947,304 
Other Assets in Excess of Liabilities – 37.6%        4,790,617 
Net Assets – 100.0%       $12,737,921 

 

 

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 September 30, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Debt Fund   39.0%
Money Market Fund   23.4 
Total Investments   62.4 
Other Assets in Excess of Liabilities   37.6 
Net Assets   100.0%

 

Futures contracts outstanding as of September 30, 2017:

 

Type  Broker  Expiration
Date		  Number of
Contracts		   Notional
Value at
Trade Date		   Value at
September 30,
2017		   Unrealized
Appreciation		 
EURO Currency  Interactive Brokers LLC  December 2017   (85)  $(12,790,791)  $(12,606,031)  $184,760 
Gold 100 Oz.  Interactive Brokers LLC  December 2017   99    12,452,444    12,719,520    267,076 
                        $451,836 

 

Cash posted as collateral from broker for futures contracts was $4,826,546 at September 30, 2017.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES GARTMAN GOLD/YEN ETF

Schedule of Investments (Consolidated)†

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
EXCHANGE TRADED FUND – 35.0%          
Debt Fund – 35.0%          
AdvisorShares Sage Core Reserves ETF††
(Cost $4,974,000)		   50,000   $4,972,750 
           
MONEY MARKET FUND – 23.4%          
BNY Mellon Cash Reserve, 0.10%(a)
(Cost $3,317,172)		   3,317,172    3,317,172 
           
Total Investments – 58.4%
(Cost $8,291,172)		        8,289,922 
Other Assets in Excess of Liabilities – 41.6%        5,912,037 
Net Assets – 100.0%       $14,201,959 

 

 

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 September 30, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Debt Fund   35.0%
Money Market Fund   23.4 
Total Investments   58.4 
Other Assets in Excess of Liabilities   41.6 
Net Assets   100.0%

 

Futures contracts outstanding as of September 30, 2017:

 

Type  Broker  Expiration
Date		  Number of
Contracts		   Notional
Value at
Trade Date		   Value at
September 30,
2017		   Unrealized
Appreciation		 
Gold 100 Oz.  Interactive Brokers LLC  December 2017   111   $13,963,252   $14,261,280   $298,028 
Japanese Yen Currency  Interactive Brokers LLC  December 2017   (128)   (14,425,898)   (14,272,000)   153,898 
                        $451,926 

 

Cash posted as collateral from broker for futures contracts was $5,951,154 at September 30, 2017.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 99.4%          
Advertising – 2.6%          
Innocean Worldwide, Inc. (South Korea)   4,559   $266,292 
           
Aerospace/Defense – 0.1%          
Korea Aerospace Industries Ltd. (South Korea)   306    11,675 
           
Agriculture – 0.4%          
Easy Bio, Inc. (South Korea)   7,435    39,987 
           
Airlines – 2.2%          
Hanjin Kal Corp. (South Korea)*   11,954    219,699 
           
Apparel – 1.8%          
Handsome Co. Ltd. (South Korea)   6,773    183,022 
           
Auto Manufacturers – 4.6%          
Hyundai Motor Co. (South Korea)   3,538    464,896 
           
Auto Parts & Equipment – 3.2%          
Halla Holdings Corp. (South Korea)   518    28,447 
Hankook Tire Co. Ltd. (South Korea)   988    51,930 
Hyundai Mobis Co. Ltd. (South Korea)   1,148    240,555 
Total Auto Parts & Equipment        320,932 
           
Banks – 1.9%          
Industrial Bank of Korea (South Korea)   15,020    188,840 
           
Biotechnology – 0.1%          
Samsung Biologics Co. Ltd. (South Korea)*‡   52    15,323 
           
Chemicals – 6.1%          
Hansol Chemical Co. Ltd. (South Korea)   581    36,879 
Kumho Petrochemical Co. Ltd. (South Korea)   1,202    75,666 
LG Chem Ltd. (South Korea)   644    220,411 
Lotte Chemical Corp. (South Korea)   859    283,496 
Total Chemicals        616,452 
           
Commercial Services – 0.2%          
AJ Rent A Car Co. Ltd. (South Korea)*   1,893    21,569 
           
Computers – 3.2%          
Hancom MDS, Inc. (South Korea)   3,090    48,292 
Samsung SDS Co. Ltd. (South Korea)   402    59,141 
SK Holdings Co. Ltd. (South Korea)   844    212,225 
Total Computers        319,658 
           
Cosmetics / Personal Care – 0.9%          
Amorepacific Corp. (South Korea)   236    53,470 
LG Household & Health Care Ltd. (South Korea)   40    32,689 
Total Cosmetics / Personal Care        86,159 
           
Distribution / Wholesale – 3.2%          
Hanwha Corp. (South Korea)   1,244    47,790 
Kolon Corp. (South Korea)   434    24,781 
LG Corp. (South Korea)   2,764    194,507 
SK Networks Co. Ltd. (South Korea)   8,196    51,594 
Total Distribution / Wholesale        318,672 
           
Diversified Financial Services – 6.4%          
DGB Financial Group, Inc. (South Korea)   5,568    51,045 
KB Financial Group, Inc. (South Korea)   7,756    379,894 
KIWOOM Securities Co. Ltd. (South Korea)   1,791    113,213 
NH Investment & Securities Co. Ltd. (South Korea)   8,380    99,505 
Total Diversified Financial Services        643,657 
           
Electrical Components & Equipment – 1.4%          
LS Corp. (South Korea)   2,083    143,310 
           
Electronics – 0.9%          
Samsung Electro-Mechanics Co. Ltd. (South Korea)   1,001    89,145 
           
Engineering & Construction – 0.9%          
Daelim Industrial Co. Ltd. (South Korea)   652    45,598 
Daewoo Engineering & Construction Co. Ltd. (South Korea)*   7,590    47,779 
Total Engineering & Construction        93,377 
           
Food – 3.6%          
CJ CheilJedang Corp. (South Korea)   1,079    333,964 
NUTRIBIOTECH Co. Ltd. (South Korea)*   2,134    33,537 
Total Food        367,501 
           
Gas – 1.2%          
Korea Gas Corp. (South Korea)*   2,843    104,501 
SK Chemicals Co. Ltd. (South Korea)   317    18,073 
Total Gas        122,574 
           
Healthcare - Products – 1.1%          
Interojo Co. Ltd. (South Korea)   1,285    40,333 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Healthcare - Products (continued)          
i-SENS, Inc. (South Korea)   805   $15,498 
Value Added Technology Co. Ltd. (South Korea)   753    17,948 
Vieworks Co. Ltd. (South Korea)   1,010    34,524 
Total Healthcare - Products        108,303 
           
Holding Companies - Diversified – 1.0%          
CJ Corp. (South Korea)   661    98,398 
           
Insurance – 1.1%          
Samsung Life Insurance Co. Ltd. (South Korea)   1,151    113,557 
           
Internet – 6.2%          
NAVER Corp. (South Korea)   587    381,818 
NCSoft Corp. (South Korea)   128    51,911 
NHN Entertainment Corp. (South Korea)*   3,315    197,681 
Total Internet        631,410 
           
Iron / Steel – 3.0%          
POSCO (South Korea)   1,091    301,957 
           
Leisure Time – 0.9%          
Hana Tour Service, Inc. (South Korea)   1,228    92,313 
           
Machinery - Diversified – 3.2%          
Hyundai Robotics Co. Ltd. (South Korea)*   607    225,767 
SFA Engineering Corp. (South Korea)   2,802    101,159 
Total Machinery - Diversified        326,926 
           
Miscellaneous Manufacturing – 1.8%          
Doosan Corp. (South Korea)   1,451    179,894 
           
Oil & Gas – 2.8%          
GS Holdings Corp. (South Korea)   1,444    82,705 
S-Oil Corp. (South Korea)   1,833    204,049 
Total Oil & Gas        286,754 
           
Pharmaceuticals – 1.8%          
Dong-A Socio Holdings Co. Ltd. (South Korea)   433    45,933 
Green Cross Corp. (South Korea)   316    55,318 
Hanmi Pharm Co. Ltd. (South Korea)*   82    32,539 
Yuhan Corp. (South Korea)   253    45,615 
Total Pharmaceuticals        179,405 
           
Retail – 3.0%          
E-MART, Inc. (South Korea)   276    50,243 
Lotte Shopping Co. Ltd. (South Korea)   465    100,076 
Samsung C&T Corp. (South Korea)   1,283    151,225 
Total Retail        301,544 
           
Semiconductors – 24.7%          
Samsung Electronics Co. Ltd. (South Korea)   918    2,055,050 
SK Hynix, Inc. (South Korea)   5,057    366,024 
TES Co. Ltd. (South Korea)   2,479    68,936 
Total Semiconductors        2,490,010 
           
Telecommunications – 2.4%          
Samsung SDI Co. Ltd. (South Korea)   229    39,688 
SK Telecom Co. Ltd. (South Korea)   904    201,266 
Total Telecommunications        240,954 
           
Transportation – 1.5%          
Hyundai Glovis Co. Ltd. (South Korea)   957    123,662 
Korea Line Corp. (South Korea)*   882    26,683 
Total Transportation        150,345 
Total Common Stocks
(Cost $8,602,983)		        10,034,510 
Total Investments – 99.4%
(Cost $8,602,983)		        10,034,510 
Other Assets in Excess of Liabilities – 0.6%        63,899 
Net Assets – 100.0%       $10,098,409 

 

 

 

*Non-income producing security.
‡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.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Advertising   2.6%
Aerospace/Defense   0.1 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

 

  % of 
   Net Assets 
Agriculture   0.4%
Airlines   2.2 
Apparel   1.8 
Auto Manufacturers   4.6 
Auto Parts & Equipment   3.2 
Banks   1.9 
Biotechnology   0.1 
Chemicals   6.1 
Commercial Services   0.2 
Computers   3.2 
Cosmetics / Personal Care   0.9 
Distribution / Wholesale   3.2 
Diversified Financial Services   6.4 
Electrical Components & Equipment   1.4 
Electronics   0.9 
Engineering & Construction   0.9 
Food   3.6 
Gas   1.2 
Healthcare - Products   1.1 
Holding Companies - Diversified   1.0 
Insurance   1.1 
Internet   6.2 
Iron / Steel   3.0 
Leisure Time   0.9 
Machinery - Diversified   3.2 
Miscellaneous Manufacturing   1.8 
Oil & Gas   2.8 
Pharmaceuticals   1.8 
Retail   3.0 
Semiconductors   24.7 
Telecommunications   2.4 
Transportation   1.5 
Total Investments   99.4 
Other Assets in Excess of Liabilities   0.6 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 98.2%          
Advertising – 0.4%          
Interpublic Group of Cos., Inc. (The)   3,460   $71,933 
Omnicom Group, Inc.   722    53,479 
Total Advertising        125,412 
           
Aerospace/Defense – 1.6%          
Arconic, Inc.   5,299    131,839 
Boeing Co. (The)   233    59,231 
General Dynamics Corp.   88    18,091 
Harris Corp.   329    43,323 
L3 Technologies, Inc.   59    11,117 
Lockheed Martin Corp.   29    8,998 
Northrop Grumman Corp.   37    10,646 
Raytheon Co.   54    10,075 
Rockwell Collins, Inc.   449    58,689 
TransDigm Group, Inc.   223    57,010 
United Technologies Corp.   206    23,913 
Total Aerospace/Defense        432,932 
           
Agriculture – 0.7%          
Altria Group, Inc.   361    22,895 
Archer-Daniels-Midland Co.   2,935    124,767 
Philip Morris International, Inc.   511    56,726 
Total Agriculture        204,388 
           
Airlines – 1.1%          
Alaska Air Group, Inc.   890    67,880 
Delta Air Lines, Inc.   2,422    116,789 
Southwest Airlines Co.   2,017    112,912 
United Continental Holdings, Inc.*   342    20,821 
Total Airlines        318,402 
           
Apparel – 1.1%          
Hanesbrands, Inc.(a)   3,640    89,690 
Michael Kors Holdings Ltd.*   369    17,657 
NIKE, Inc., Class B   765    39,665 
Ralph Lauren Corp.   1,029    90,850 
Under Armour, Inc., Class C*(a)   925    13,894 
VF Corp.   732    46,533 
Total Apparel        298,289 
           
Auto Manufacturers – 1.4%          
Ford Motor Co.   12,358    147,925 
General Motors Co.   4,110    165,962 
PACCAR, Inc.   892    64,527 
Total Auto Manufacturers        378,414 
           
Auto Parts & Equipment – 1.3%          
BorgWarner, Inc.   1,854    94,981 
Delphi Automotive PLC   1,070    105,288 
Goodyear Tire & Rubber Co. (The)   4,721    156,973 
Total Auto Parts & Equipment        357,242 
           
Banks – 6.1%          
Bank of America Corp.   2,399    60,791 
Bank of New York Mellon Corp. (The)   989    52,437 
BB&T Corp.   999    46,893 
Capital One Financial Corp.   788    66,712 
Citigroup, Inc.   851    61,902 
Citizens Financial Group, Inc.   4,184    158,448 
Comerica, Inc.   2,218    169,145 
Fifth Third Bancorp   895    25,042 
Goldman Sachs Group, Inc. (The)   548    129,980 
Huntington Bancshares, Inc.   4,016    56,063 
JPMorgan Chase & Co.   597    57,019 
KeyCorp   2,915    54,860 
M&T Bank Corp.   108    17,392 
Morgan Stanley   2,949    142,053 
Northern Trust Corp.   607    55,802 
PNC Financial Services Group, Inc. (The)   432    58,221 
Regions Financial Corp.   7,798    118,764 
State Street Corp.   1,030    98,406 
SunTrust Banks, Inc.   951    56,841 
US Bancorp   290    15,541 
Wells Fargo & Co.   1,066    58,790 
Zions Bancorporation   2,566    121,064 
Total Banks        1,682,166 
           
Beverages – 1.0%          
Brown-Forman Corp., Class B   242    13,141 
Coca-Cola Co. (The)   347    15,618 
Constellation Brands, Inc., Class A   325    64,821 
Dr Pepper Snapple Group, Inc.   284    25,125 
Molson Coors Brewing Co., Class B   1,089    88,906 
Monster Beverage Corp.*   855    47,239 
PepsiCo, Inc.   107    11,923 
Total Beverages        266,773 
           
Biotechnology – 1.6%          
Alexion Pharmaceuticals, Inc.*   851    119,387 
Amgen, Inc.   56    10,441 
Biogen, Inc.*   183    57,301 
Celgene Corp.*   1,000    145,820 
Illumina, Inc.*   61    12,151 
Incyte Corp.*   172    20,079 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Biotechnology (continued)          
Regeneron Pharmaceuticals, Inc.*   144   $64,385 
Vertex Pharmaceuticals, Inc.*   83    12,620 
Total Biotechnology        442,184 
           
Building Materials – 1.7%          
Fortune Brands Home & Security, Inc.   851    57,213 
Johnson Controls International PLC   2,798    112,731 
Martin Marietta Materials, Inc.   341    70,324 
Masco Corp.   2,996    116,874 
Vulcan Materials Co.   851    101,780 
Total Building Materials        458,922 
           
Chemicals – 1.7%          
Air Products & Chemicals, Inc.   330    49,903 
Albemarle Corp.   270    36,804 
DowDuPont, Inc.   407    28,177 
Eastman Chemical Co.   995    90,038 
FMC Corp.   95    8,484 
International Flavors & Fragrances, Inc.   95    13,576 
LyondellBasell Industries NV, Class A   629    62,302 
Monsanto Co.   241    28,877 
Mosaic Co. (The)   581    12,544 
PPG Industries, Inc.   425    46,180 
Praxair, Inc.   237    33,118 
Sherwin-Williams Co. (The)   154    55,138 
Total Chemicals        465,141 
           
Commercial Services – 3.4%          
Automatic Data Processing, Inc.   71    7,762 
Cintas Corp.   325    46,891 
Ecolab, Inc.   324    41,670 
Equifax, Inc.   596    63,170 
Gartner, Inc.*   331    41,180 
Global Payments, Inc.   673    63,955 
H&R Block, Inc.   2,437    64,532 
IHS Markit Ltd.*   1,222    53,866 
Moody's Corp.   54    7,517 
Nielsen Holdings PLC(a)   1,312    54,382 
PayPal Holdings, Inc.*   811    51,928 
Quanta Services, Inc.*   987    36,884 
Robert Half International, Inc.   1,213    61,062 
S&P Global, Inc.   337    52,677 
Total System Services, Inc.   786    51,483 
United Rentals, Inc.*   769    106,691 
Verisk Analytics, Inc.*   122    10,149 
Western Union Co. (The)   6,313    121,210 
Total Commercial Services        937,009 
           
Computers – 3.0%          
Accenture PLC, Class A   185    24,988 
Apple, Inc.   422    65,039 
Cognizant Technology Solutions Corp., Class A   1,045    75,804 
CSRA, Inc.   1,884    60,797 
DXC Technology Co.   1,914    164,374 
HP, Inc.   441    8,802 
International Business Machines Corp.   227    32,933 
NetApp, Inc.   2,196    96,097 
Seagate Technology PLC(a)   4,605    152,748 
Western Digital Corp.   1,902    164,333 
Total Computers        845,915 
           
Cosmetics/Personal Care – 0.4%          
Colgate-Palmolive Co.   151    11,000 
Coty, Inc., Class A   3,816    63,079 
Estee Lauder Cos., Inc. (The), Class A   176    18,980 
Procter & Gamble Co. (The)   94    8,552 
Total Cosmetics/Personal Care        101,611 
           
Distribution/Wholesale – 0.8%          
Fastenal Co.   1,479    67,413 
LKQ Corp.*   3,032    109,122 
W.W. Grainger, Inc.(a)   311    55,902 
Total Distribution/Wholesale        232,437 
           
Diversified Financial Services – 6.9%          
Affiliated Managers Group, Inc.   804    152,623 
Alliance Data Systems Corp.   690    152,869 
American Express Co.   917    82,952 
Ameriprise Financial, Inc.   1,116    165,737 
BlackRock, Inc.   143    63,934 
CBOE Holdings, Inc.   1,218    131,093 
Charles Schwab Corp. (The)   1,808    79,082 
CME Group, Inc.   60    8,141 
Discover Financial Services   2,033    131,088 
E*TRADE Financial Corp.*   2,077    90,578 
Franklin Resources, Inc.   1,274    56,706 
Intercontinental Exchange, Inc.   657    45,136 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Diversified Financial Services (continued)          
Invesco Ltd.   3,868   $135,535 
Mastercard, Inc., Class A   401    56,621 
Nasdaq, Inc.   489    37,932 
Navient Corp.   8,670    130,223 
Raymond James Financial, Inc.   1,695    142,939 
Synchrony Financial   4,012    124,573 
T. Rowe Price Group, Inc.   769    69,710 
Visa, Inc., Class A   559    58,829 
Total Diversified Financial Services        1,916,301 
           
Electric – 1.5%          
AES Corp. (The)   7,148    78,771 
Alliant Energy Corp.   345    14,342 
Ameren Corp.   213    12,320 
American Electric Power Co., Inc.   211    14,821 
CenterPoint Energy, Inc.   486    14,196 
CMS Energy Corp.   197    9,125 
Consolidated Edison, Inc.   214    17,265 
Dominion Energy, Inc.   166    12,770 
DTE Energy Co.   132    14,172 
Duke Energy Corp.   189    15,861 
Edison International   180    13,891 
Entergy Corp.   415    31,689 
Eversource Energy   194    11,725 
Exelon Corp.   210    7,911 
FirstEnergy Corp.   548    16,895 
NRG Energy, Inc.   726    18,578 
PG&E Corp.   237    16,137 
Pinnacle West Capital Corp.   161    13,614 
PPL Corp.   309    11,727 
Public Service Enterprise Group, Inc.   302    13,967 
SCANA Corp.   228    11,056 
Southern Co. (The)   314    15,430 
WEC Energy Group, Inc.   235    14,753 
Xcel Energy, Inc.   309    14,622 
Total Electric        415,638 
           
Electrical Components & Equipment – 0.6%          
Acuity Brands, Inc.(a)   766    131,200 
AMETEK, Inc.   294    19,416 
Emerson Electric Co.   205    12,882 
Total Electrical Components & Equipment        163,498 
           
Electronics – 1.0%          
Agilent Technologies, Inc.   124    7,961 
Allegion PLC   682    58,972 
Amphenol Corp., Class A   160    13,542 
Corning, Inc.   258    7,719 
FLIR Systems, Inc.   670    26,070 
Fortive Corp.   291    20,600 
Garmin Ltd.(a)   185    9,984 
Honeywell International, Inc.   243    34,443 
Mettler-Toledo International, Inc.*   14    8,766 
PerkinElmer, Inc.   342    23,588 
TE Connectivity Ltd.   611    50,750 
Waters Corp.*   88    15,798 
Total Electronics        278,193 
           
Engineering & Construction – 0.4%          
Fluor Corp.   1,371    57,719 
Jacobs Engineering Group, Inc.   922    53,725 
Total Engineering & Construction        111,444 
           
Environmental Control – 0.3%          
Republic Services, Inc.   145    9,579 
Stericycle, Inc.*   881    63,097 
Waste Management, Inc.   189    14,793 
Total Environmental Control        87,469 
           
Food – 1.5%          
Campbell Soup Co.   342    16,013 
Conagra Brands, Inc.   726    24,495 
General Mills, Inc.   1,205    62,371 
Hershey Co. (The)   70    7,642 
Hormel Foods Corp.(a)   450    14,463 
JM Smucker Co. (The)   103    10,808 
Kellogg Co.   124    7,734 
Kraft Heinz Co. (The)   387    30,012 
Kroger Co. (The)   3,119    62,567 
McCormick & Co., Inc.   96    9,853 
Mondelez International, Inc., Class A   1,389    56,477 
Safeway, Inc PDC, LLC CVR*(b)   447    0 
Safeway, Inc SCRP. CVR*(b)   447    0 
Sysco Corp.   982    52,979 
Tyson Foods, Inc., Class A   972    68,477 
Total Food        423,891 
           
Forest Products & Paper – 0.2%          
International Paper Co.   1,130    64,207 
           
Gas – 0.2%          
NiSource, Inc.   449    11,490 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Gas (continued)          
Sempra Energy   310   $35,380 
Total Gas        46,870 
           
Hand/Machine Tools – 0.6%          
Snap-on, Inc.   825    122,933 
Stanley Black & Decker, Inc.   220    33,214 
Total Hand/Machine Tools        156,147 
           
Healthcare - Products – 2.7%          
Abbott Laboratories   1,076    57,415 
Align Technology, Inc.*   118    21,980 
Baxter International, Inc.   746    46,812 
Becton Dickinson and Co.   289    56,630 
Boston Scientific Corp.*   1,488    43,405 
C.R. Bard, Inc.   51    16,346 
Cooper Cos., Inc. (The)   145    34,381 
Danaher Corp.   448    38,430 
DENTSPLY SIRONA, Inc.   443    26,496 
Edwards Lifesciences Corp.*   500    54,655 
Henry Schein, Inc.*   446    36,568 
Hologic, Inc.*   1,418    52,026 
IDEXX Laboratories, Inc.*   64    9,951 
Intuitive Surgical, Inc.*   13    13,596 
Medtronic PLC   181    14,076 
Patterson Cos., Inc.   901    34,824 
ResMed, Inc.   416    32,015 
Stryker Corp.   268    38,061 
Thermo Fisher Scientific, Inc.   290    54,868 
Varian Medical Systems, Inc.*   89    8,905 
Zimmer Biomet Holdings, Inc.   534    62,526 
Total Healthcare - Products        753,966 
           
Healthcare - Services – 3.4%          
Aetna, Inc.   389    61,855 
Anthem, Inc.   338    64,179 
Centene Corp.*   703    68,029 
Cigna Corp.   398    74,402 
DaVita, Inc.*   993    58,974 
Envision Healthcare Corp.*   3,034    136,378 
HCA Healthcare, Inc.*   1,586    126,230 
Humana, Inc.   257    62,613 
Laboratory Corp. of America Holdings*   396    59,784 
Quest Diagnostics, Inc.   243    22,755 
Quintiles IMS Holdings, Inc.*   695    66,074 
UnitedHealth Group, Inc.   342    66,981 
Universal Health Services, Inc., Class B   568    63,014 
Total Healthcare - Services        931,268 
           
Holding Companies - Diversified – 0.2%          
Leucadia National Corp.   2,731    68,958 
           
Home Builders – 1.6%          
D.R. Horton, Inc.   3,540    141,352 
Lennar Corp., Class A   2,319    122,443 
PulteGroup, Inc.   6,388    174,584 
Total Home Builders        438,379 
           
Home Furnishings – 0.7%          
Leggett & Platt, Inc.   863    41,191 
Whirlpool Corp.   863    159,172 
Total Home Furnishings        200,363 
           
Household Products/Wares – 0.2%          
Avery Dennison Corp.   99    9,736 
Church & Dwight Co., Inc.   171    8,285 
Clorox Co. (The)   105    13,850 
Kimberly-Clark Corp.   96    11,297 
Total Household Products/Wares        43,168 
           
Housewares – 0.4%          
Newell Brands, Inc.   2,497    106,547 
           
Insurance – 6.0%          
Aflac, Inc.   106    8,627 
Allstate Corp. (The)   978    89,888 
American International Group, Inc.   1,757    107,862 
Aon PLC   375    54,788 
Arthur J Gallagher & Co.   607    37,361 
Assurant, Inc.   1,654    157,990 
Berkshire Hathaway, Inc., Class B*   75    13,749 
Chubb Ltd.   394    56,165 
Everest Re Group Ltd.   508    116,022 
Hartford Financial Services Group, Inc. (The)   2,080    115,295 
Lincoln National Corp.   1,475    108,383 
Loews Corp.   170    8,136 
Marsh & McLennan Cos., Inc.   631    52,884 
MetLife, Inc.   2,421    125,771 
Principal Financial Group, Inc.   1,297    83,449 
Progressive Corp. (The)   1,638    79,312 
Prudential Financial, Inc.   1,032    109,722 
Torchmark Corp.   353    28,272 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Insurance (continued)          
Travelers Cos., Inc. (The)   170   $20,828 
Unum Group   1,156    59,106 
Willis Towers Watson PLC   342    52,747 
XL Group Ltd (Bermuda)   4,240    167,268 
Total Insurance        1,653,625 
           
Internet – 2.4%          
Alphabet, Inc., Class A*   75    73,029 
Alphabet, Inc., Class C*   80    76,729 
Amazon.com, Inc.*   18    17,304 
eBay, Inc.*   812    31,229 
Expedia, Inc.   533    76,720 
F5 Networks, Inc.*   580    69,925 
Facebook, Inc., Class A*   708    120,976 
Netflix, Inc.*   81    14,689 
Priceline Group, Inc. (The)*   36    65,909 
Symantec Corp.   1,547    50,757 
TripAdvisor, Inc.*(a)   301    12,200 
VeriSign, Inc.*(a)   545    57,983 
Total Internet        667,450 
           
Iron/Steel – 0.6%          
Nucor Corp.   2,911    163,132 
           
Leisure Time – 1.2%          
Carnival Corp.   1,247    80,519 
Harley-Davidson, Inc.(a)   2,263    109,099 
Royal Caribbean Cruises Ltd.   1,326    157,184 
Total Leisure Time        346,802 
           
Lodging – 1.0%          
Hilton Worldwide Holdings, Inc.   941    65,352 
Marriott International, Inc., Class A   487    53,697 
MGM Resorts International   1,520    49,537 
Wyndham Worldwide Corp.   927    97,715 
Wynn Resorts Ltd.   126    18,764 
Total Lodging        285,065 
           
Machinery - Construction & Mining – 0.2%          
Caterpillar, Inc.   369    46,018 
           
Machinery - Diversified – 0.8%          
Cummins, Inc.   428    71,917 
Deere & Co.   323    40,565 
Flowserve Corp.   269    11,457 
Rockwell Automation, Inc.   154    27,444 
Roper Technologies, Inc.   128    31,155 
Xylem, Inc.   795    49,791 
Total Machinery - Diversified        232,329 
           
Media – 2.8%          
CBS Corp., Class B   2,484    144,072 
Charter Communications, Inc., Class A*   31    11,266 
Comcast Corp., Class A   1,418    54,565 
Discovery Communications, Inc., Class A*(a)   6,294    133,999 
Discovery Communications, Inc., Class C*   6,842    138,619 
News Corp., Class A   1,677    22,237 
News Corp., Class B   1,382    18,864 
Scripps Networks Interactive, Inc., Class A   267    22,933 
Time Warner, Inc.   511    52,352 
Twenty-First Century Fox, Inc., Class A   2,352    62,046 
Twenty-First Century Fox, Inc., Class B   2,383    61,457 
Viacom, Inc., Class B   720    20,045 
Walt Disney Co. (The)   274    27,008 
Total Media        769,463 
           
Mining – 0.6%          
Freeport-McMoRan, Inc.*   11,876    166,739 
           
Miscellaneous Manufacturing – 1.8%          
3M Co.   93    19,521 
AO Smith Corp.   783    46,534 
Dover Corp.   644    58,855 
Eaton Corp. PLC   759    58,283 
General Electric Co.   3,326    80,423 
Illinois Tool Works, Inc.   259    38,322 
Ingersoll-Rand PLC   620    55,285 
Parker-Hannifin Corp.   318    55,656 
Pentair PLC (United Kingdom)   853    57,970 
Textron, Inc.   558    30,065 
Total Miscellaneous Manufacturing        500,914 
           
Office / Business Equipment – 0.5%          
Xerox Corp.   3,968    132,095 
           
Oil & Gas – 4.1%          
Andeavor   1,447    149,258 
Apache Corp.   367    16,809 
Cabot Oil & Gas Corp.   2,677    71,610 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Oil & Gas (continued)          
Chevron Corp.   1,170   $137,475 
Cimarex Energy Co.   1,305    148,339 
Concho Resources, Inc.*   123    16,202 
ConocoPhillips   403    20,170 
Devon Energy Corp.   4,413    162,001 
EOG Resources, Inc.   214    20,702 
EQT Corp.(a)   171    11,156 
Exxon Mobil Corp.   352    28,857 
Marathon Petroleum Corp.   1,723    96,626 
Newfield Exploration Co.*   2,036    60,408 
Occidental Petroleum Corp.   764    49,056 
Phillips 66   650    59,547 
Pioneer Natural Resources Co.   126    18,590 
Valero Energy Corp.   899    69,160 
Total Oil & Gas        1,135,966 
           
Oil & Gas Services – 1.3%          
Baker Hughes a GE Co.   2,323    85,068 
Halliburton Co.   3,344    153,924 
National Oilwell Varco, Inc.   589    21,045 
Schlumberger Ltd.   1,394    97,246 
Total Oil & Gas Services        357,283 
           
Packaging & Containers – 0.9%          
Ball Corp.(a)   1,560    64,428 
Packaging Corp. of America   404    46,330 
Sealed Air Corp.   1,522    65,020 
WestRock Co.   1,501    85,152 
Total Packaging & Containers        260,930 
           
Pharmaceuticals – 3.3%          
AbbVie, Inc.   1,191    105,832 
Allergan PLC   667    136,702 
AmerisourceBergen Corp.   719    59,497 
Bristol-Myers Squibb Co.   619    39,455 
Cardinal Health, Inc.   840    56,213 
Eli Lilly & Co.   701    59,963 
Express Scripts Holding Co.*   2,521    159,630 
Johnson & Johnson   83    10,791 
McKesson Corp.   918    141,014 
Merck & Co., Inc.   324    20,746 
Mylan NV*   1,934    60,670 
Perrigo Co. PLC(a)   153    12,951 
Pfizer, Inc.   597    21,313 
Zoetis, Inc.   652    41,571 
Total Pharmaceuticals        926,348 
           
Pipelines – 0.3%          
Kinder Morgan, Inc.   3,389    65,001 
ONEOK, Inc.   265    14,684 
Williams Cos., Inc. (The)   308    9,243 
Total Pipelines        88,928 
           
Real Estate – 0.4%          
CBRE Group, Inc., Class A*   2,602    98,564 
           
REITS – 2.1%          
Alexandria Real Estate Equities, Inc.   163    19,392 
American Tower Corp.   386    52,759 
Apartment Investment & Management Co., Class A   460    20,176 
AvalonBay Communities, Inc.   93    16,593 
Boston Properties, Inc.   152    18,678 
Crown Castle International Corp.   207    20,696 
Digital Realty Trust, Inc.   172    20,353 
Duke Realty Corp.   700    20,174 
Equinix, Inc.   37    16,513 
Equity Residential   280    18,461 
Essex Property Trust, Inc.   76    19,306 
Extra Space Storage, Inc.   170    13,586 
Federal Realty Investment Trust   140    17,389 
GGP, Inc.   837    17,385 
HCP, Inc.   669    18,618 
Host Hotels & Resorts, Inc.   911    16,844 
Iron Mountain, Inc.   467    18,166 
Kimco Realty Corp.   924    18,064 
Macerich Co. (The)   371    20,394 
Mid-America Apartment Communities, Inc.   169    18,063 
Prologis, Inc.   296    18,784 
Public Storage   80    17,119 
Realty Income Corp.   338    19,330 
Regency Centers Corp.   260    16,130 
SBA Communications Corp.*   89    12,821 
Simon Property Group, Inc.   73    11,754 
UDR, Inc.   545    20,726 
Ventas, Inc.   272    17,715 
Vornado Realty Trust   151    11,609 
Welltower, Inc.   282    19,819 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
REITS (continued)          
Weyerhaeuser Co.   501   $17,049 
Total REITS        584,466 
           
Retail – 7.8%          
Advance Auto Parts, Inc.   631    62,595 
AutoZone, Inc.*   179    106,525 
Best Buy Co., Inc.   1,856    105,718 
CarMax, Inc.*(a)   842    63,832 
Chipotle Mexican Grill, Inc.*(a)   168    51,715 
Coach, Inc.   1,570    63,240 
Costco Wholesale Corp.   74    12,157 
CVS Health Corp.   834    67,821 
Darden Restaurants, Inc.   612    48,213 
Dollar General Corp.   828    67,109 
Dollar Tree, Inc.*   783    67,980 
Foot Locker, Inc.   2,511    88,437 
Gap, Inc. (The)   1,888    55,753 
Genuine Parts Co.   168    16,069 
Home Depot, Inc. (The)   376    61,498 
Kohl’s Corp.(a)   1,316    60,075 
L Brands, Inc.(a)   2,211    92,000 
Lowe’s Cos., Inc.   1,173    93,770 
Macy’s, Inc.   5,990    130,702 
McDonald's Corp.   77    12,064 
Nordstrom, Inc.(a)   884    41,681 
O’Reilly Automotive, Inc.*   319    68,703 
PVH Corp.   833    105,008 
Ross Stores, Inc.   1,068    68,961 
Signet Jewelers Ltd.(a)   1,567    104,284 
Starbucks Corp.   1,179    63,324 
Target Corp.   302    17,821 
Tiffany & Co.   346    31,756 
TJX Cos., Inc. (The)   905    66,726 
Tractor Supply Co.(a)   980    62,024 
Ulta Beauty, Inc.*   434    98,110 
Walgreens Boots Alliance, Inc.   844    65,174 
Wal-Mart Stores, Inc.   119    9,299 
Yum! Brands, Inc.   507    37,320 
Total Retail        2,167,464 
           
Savings & Loans – 0.1%          
People’s United Financial, Inc.   934    16,943 
           
Semiconductors – 5.3%          
Advanced Micro Devices, Inc.*(a)   1,428    18,207 
Analog Devices, Inc.   747    64,369 
Applied Materials, Inc.   3,357    174,866 
Broadcom Ltd.   577    139,946 
Intel Corp.   1,697    64,622 
KLA-Tencor Corp.   1,422    150,732 
Lam Research Corp.   879    162,650 
Microchip Technology, Inc.(a)   1,327    119,138 
Micron Technology, Inc.*   4,469    175,766 
NVIDIA Corp.   46    8,223 
Qorvo, Inc.*   2,043    144,399 
QUALCOMM, Inc.   1,265    65,578 
Skyworks Solutions, Inc.   1,299    132,368 
Texas Instruments, Inc.   398    35,677 
Xilinx, Inc.   150    10,624 
Total Semiconductors        1,467,165 
           
Software – 2.5%          
Activision Blizzard, Inc.   959    61,865 
Adobe Systems, Inc.*   430    64,147 
Akamai Technologies, Inc.*   1,262    61,485 
ANSYS, Inc.*   74    9,082 
Autodesk, Inc.*   183    20,544 
CA, Inc.   465    15,522 
Cadence Design Systems, Inc.*   448    17,683 
Cerner Corp.*   718    51,208 
Citrix Systems, Inc.*   998    76,666 
Electronic Arts, Inc.*   287    33,883 
Fidelity National Information Services, Inc.   610    56,968 
Fiserv, Inc.*   387    49,907 
Intuit, Inc.   288    40,936 
Microsoft Corp.   130    9,684 
Oracle Corp.   1,157    55,941 
Paychex, Inc.   176    10,553 
Red Hat, Inc.*   188    20,842 
salesforce.com, Inc.*   187    17,469 
Synopsys, Inc.*   105    8,456 
Total Software        682,841 
           
Telecommunications – 0.8%          
AT&T, Inc.   350    13,709 
Cisco Systems, Inc.   921    30,973 
Juniper Networks, Inc.   4,755    132,332 
Level 3 Communications, Inc.*   234    12,470 
Motorola Solutions, Inc.   316    26,819 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 
Investments  Shares/
Principal		   Value 
COMMON STOCKS (continued)          
Telecommunications (continued)          
Verizon Communications, Inc.   312   $15,441 
Total Telecommunications        231,744 
           
Textiles – 0.0%**          
Mohawk Industries, Inc.*   31    7,673 
           
Toys/Games/Hobbies – 0.2%          
Hasbro, Inc.   466    45,514 
Mattel, Inc.(a)   771    11,935 
Total Toys/Games/Hobbies        57,449 
           
Transportation – 1.5%          
C.H. Robinson Worldwide, Inc.(a)   145    11,034 
CSX Corp.   823    44,656 
Expeditors International of Washington, Inc.   503    30,110 
FedEx Corp.   312    70,381 
JB Hunt Transport Services, Inc.   458    50,875 
Kansas City Southern   551    59,883 
Norfolk Southern Corp.   424    56,070 
Union Pacific Corp.   497    57,637 
United Parcel Service, Inc., Class B   337    40,470 
Total Transportation        421,116 
           
Water – 0.0%**          
American Water Works Co., Inc.   124    10,033 
Total Common Stocks
(Cost $23,619,307)		        27,232,089 
           
MONEY MARKET FUND – 1.9%          
BlackRock Liquidity Funds FedFund Portfolio, 0.93%(c)
(Cost $516,819)		   516,819    516,819 
           
REPURCHASE AGREEMENTS – 3.8%(d)          
BNP Paribas Securities Corp., dated 09/29/17, due 10/02/17, 1.04%, total to be received $51,705, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.88%, 12/07/17-04/15/29, totaling $52,516)  $51,701    51,701 
Citigroup Global Markets, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $250,023, (collateralized by various U.S. Government Agency Obligations, 1.90%-9.00%, 12/01/17-06/01/51, totaling $254,239)   250,000    250,000 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $250,022, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $254,317)   250,000    250,000 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $250,023, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $254,206)   250,000    250,000 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $250,022, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $254,225)   250,000    250,000 
Total Repurchase Agreements
(Cost $1,051,701)		        1,051,701 
Total Investments – 103.9%
(Cost $25,187,827)		        28,800,609 
Liabilities in Excess of Other Assets – (3.9%)        (1,079,544)
Net Assets – 100.0%       $27,721,065 

 

 

CVR - Contingent Value Rights

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

 

*Non-income producing security.
**Less than 0.05%.
(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,437,231; the aggregate market value of the collateral held by the fund is $1,477,112.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $425,411.
(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 September 30, 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   1.6 
Agriculture   0.7 
Airlines   1.1 
Apparel   1.1 
Auto Manufacturers   1.4 
Auto Parts & Equipment   1.3 
Banks   6.1 
Beverages   1.0 
Biotechnology   1.6 
Building Materials   1.7 
Chemicals   1.7 
Commercial Services   3.4 
Computers   3.0 
Cosmetics/Personal Care   0.4 
Distribution/Wholesale   0.8 
Diversified Financial Services   6.9 
Electric   1.5 
Electrical Components & Equipment   0.6 
Electronics   1.0 
Engineering & Construction   0.4 
Environmental Control   0.3 
Food   1.5 
Forest Products & Paper   0.2 
Gas   0.2 
Hand/Machine Tools   0.6 
Healthcare - Products   2.7 
Healthcare - Services   3.4 
Holding Companies - Diversified   0.2 
Home Builders   1.6
Home Furnishings   0.7 
Household Products/Wares   0.2 
Housewares   0.4 
Insurance   6.0 
Internet   2.4 
Iron/Steel   0.6 
Leisure Time   1.2 
Lodging   1.0 
Machinery - Construction & Mining   0.2 
Machinery - Diversified   0.8 
Media   2.8 
Mining   0.6 
Miscellaneous Manufacturing   1.8 
Office / Business Equipment   0.5 
Oil & Gas   4.1 
Oil & Gas Services   1.3 
Packaging & Containers   0.9 
Pharmaceuticals   3.3 
Pipelines   0.3 
Real Estate   0.4 
REITS   2.1 
Retail   7.8 
Savings & Loans   0.1 
Semiconductors   5.3 
Software   2.5 
Telecommunications   0.8 
Textiles   0.0**
Toys/Games/Hobbies   0.2 
Transportation   1.5 
Water   0.0**
Money Market Fund   1.9 
Repurchase Agreements   3.8 
Total Investments   103.9 
Liabilities in Excess of Other Assets   (3.9)
Net Assets   100.0%

 

**Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares /
Principal		   Value 
EXCHANGE TRADED FUNDS – 98.3%          
Asset Allocation Fund – 12.8%          
SPDR Bloomberg Barclays Convertible Securities ETF   45,601   $2,328,843 
           
Debt Funds – 85.5%          
AdvisorShares Peritus High Yield ETF†   34,750    1,252,042 
iShares iBoxx $ Investment Grade Corporate Bond ETF   19,257    2,334,526 
PowerShares Emerging Markets Sovereign Debt Portfolio   36,095    1,074,548 
PowerShares Financial Preferred Portfolio(a)   113,545    2,153,949 
PowerShares Fundamental Investment Grade Corporate Bond Portfolio(a)   27,926    716,014 
PowerShares International Corporate Bond Portfolio   32,667    883,479 
PowerShares National AMT-Free Municipal Bond Portfolio(a)   21,001    536,366 
PowerShares Senior Loan Portfolio   62,146    1,439,301 
PowerShares Taxable Municipal Portfolio(a)   23,526    714,720 
PowerShares Variable Rate Preferred Portfolio   20,686    538,870 
SPDR Bloomberg Barclays High Yield Bond ETF   14,453    539,386 
Vanguard Intermediate-Term Government Bond ETF(a)   8,293    536,060 
Vanguard Long-Term Government Bond ETF(a)   4,608    354,309 
Vanguard Mortgage-Backed Securities ETF   23,723    1,252,100 
WisdomTree Emerging Markets Corporate Bond Fund   17,159    1,252,607 
Total Debt Funds        15,578,277 
Total Exchange Traded Funds
(Cost $17,555,246)		        17,907,120 
           
MONEY MARKET FUND – 2.0%          
BlackRock Liquidity Funds FedFund Portfolio, 0.93%(b)
(Cost $371,135)		   371,135    371,135 
           
REPURCHASE AGREEMENTS – 14.4%(c)          
Citigroup Global Markets, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $612,417, (collateralized by various U.S. Government Agency Obligations, 1.90%-9.00%, 12/01/17-06/01/51, totaling $622,744)  $612,362   612,362 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $612,417, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $622,935)   612,362    612,362 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $612,417, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $622,664)   612,362    612,362 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $612,416, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $622,712)   612,362    612,362 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA GLOBAL BOND ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
Royal Bank of Scotland PLC, dated 09/29/17, due 10/02/17, 1.05%, total to be received $181,483, (collateralized by various U.S. Government Agency Obligations, 0.49%-3.50%, 10/31/17-11/15/42, totaling $184,080)  $181,467   $181,467 
Total Repurchase Agreements
(Cost $2,630,915)		        2,630,915 
Total Investments – 114.7%
(Cost $20,557,296)		        20,909,170 
Liabilities in Excess of Other Assets – (14.7%)        (2,672,557)
Net Assets – 100.0%       $18,236,613 

 

 

ETF - Exchange Traded Fund

PLC - Public Limited Company

 

†Affiliated Company.
(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,544,167; the aggregate market value of the collateral held by the fund is $2,630,915.
(b)Rate shown reflects the 7-day yield as of September 30, 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   12.8%
Debt Funds   85.5 
Money Market Fund   2.0 
Repurchase Agreements   14.4 
Total Investments   114.7 
Liabilities in Excess of Other Assets   (14.7)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 99.9%          
ARGENTINA – 2.8%          
Empresa Distribuidora Y Comercializadora Norte*(a)   2,847   $113,168 
Grupo Supervielle SA(a)   4,051    100,019 
Pampa Energia SA*(a)   1,574    102,468 
Telecom Argentina SA*(a)   885    27,293 
Total Argentina        342,948 
           
BELGIUM – 2.7%          
Anheuser-Busch InBev SA/NV(a)   2,715    323,899 
           
BRAZIL – 5.8%          
Banco Bradesco SA(a)   5,965    66,032 
Banco Santander Brasil SA(a)   7,286    63,679 
Cia Brasileira de Distribuicao*(a)   3,910    92,550 
Cia de Saneamento Basico do Estado de Sao Paulo(a)   10,591    110,782 
Embraer SA(a)   2,475    55,960 
Fibria Celulose SA(a)   5,711    77,327 
Itau Unibanco Holding SA(a)   2,973    40,730 
Telefonica Brasil SA(a)   2,834    44,890 
TIM Participacoes SA(a)   3,156    57,692 
Vale SA(a)   8,638    86,985 
Total Brazil        696,627 
           
CANADA – 3.9%          
Canadian Solar, Inc.*(b)   10,043    169,124 
CGI Group, Inc., Class A*   1,309    67,898 
Magna International, Inc.   2,504    133,663 
Manulife Financial Corp.(b)   4,962    100,679 
Total Canada        471,364 
           
CHILE – 1.2%          
Banco Santander Chile(a)   566    16,816 
Latam Airlines Group SA(a)(b)   6,675    88,444 
Sociedad Quimica y Minera de Chile SA(a)   775    43,136 
Total Chile        148,396 
           
CHINA – 14.5%          
51job, Inc.*(a)   383    23,214 
58.com, Inc.*(a)   349    22,036 
Alibaba Group Holding Ltd.*(a)(b)   2,102    363,036 
Autohome, Inc.*(a)   870    52,270 
Baidu, Inc.*(a)   160    39,630 
Bitauto Holdings Ltd.*(a)   1,361    60,809 
Changyou.com Ltd.*(a)   2,606    103,224 
Cheetah Mobile, Inc.*(a)(b)   9,500    79,895 
Daqo New Energy Corp.*(a)   2,525   73,275 
Fang Holdings Ltd.*(a)(b)   5,048    20,444 
Huaneng Power International, Inc.(a)(b)   1,704    41,612 
Jumei International Holding Ltd.*(a)   36,156    104,852 
Momo, Inc.*(a)   2,723    85,339 
NetEase, Inc.(a)   265    69,910 
New Oriental Education & Technology Group, Inc.(a)   403    35,569 
Noah Holdings Ltd.*(a)(b)   1,493    47,940 
NQ Mobile, Inc., Class A*(a)   22,774    79,709 
Tarena International, Inc.(a)   6,781    98,664 
Vipshop Holdings Ltd.*(a)   8,395    73,792 
Xinyuan Real Estate Co., Ltd.(a)   10,709    60,827 
Yirendai Ltd.(a)(b)   1,642    68,865 
YY, Inc.*(a)   778    67,515 
ZTO Express Cayman, Inc.*(a)   5,372    75,423 
Total China        1,747,850 
           
COLOMBIA – 1.1%          
Bancolombia SA(a)   655    29,992 
Ecopetrol SA(a)(b)   10,775    102,255 
Total Colombia        132,247 
           
FINLAND – 3.7%          
Nokia OYJ(a)   74,940    448,141 
           
FRANCE – 4.0%          
Criteo SA*(a)   11,508    477,582 
           
INDIA – 0.9%          
HDFC Bank Ltd.(a)   587    56,569 
Infosys Ltd.(a)(b)   1,287    18,777 
WNS Holdings Ltd.*(a)   1,011    36,902 
Total India        112,248 
           
IRELAND – 1.5%          
Trinity Biotech PLC*(a)   31,973    179,369 
           
ISRAEL – 4.0%          
Teva Pharmaceutical Industries Ltd.(a)   27,780    488,928 
           
LUXEMBOURG – 4.0%          
Ternium SA(a)   15,666    484,549 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares/
Principal		   Value 
COMMON STOCKS (continued)          
MEXICO – 1.7%          
America Movil SAB de CV, Class L(a)   4,595   $81,561 
Cemex SAB de CV*(a)   10,043    91,191 
Grupo Televisa SAB(a)   1,296    31,972 
Total Mexico        204,724 
           
NETHERLANDS – 16.9%          
Aegon NV(c)   83,604    484,067 
Royal Dutch Shell PLC, Class A(a)   9,708    588,111 
Royal Dutch Shell PLC, Class B(a)(b)   7,669    479,619 
VEON Ltd.(a)(b)   115,892    484,429 
Total Netherlands        2,036,226 
           
NORWAY – 4.0%          
Statoil ASA(a)   23,806    478,263 
           
PERU – 0.8%          
Cia de Minas Buenaventura SAA(a)   7,768    99,353 
           
RUSSIA – 0.8%          
Mobile TeleSystems PJSC(a)   4,613    48,160 
QIWI PLC(a)   3,229    54,699 
Total Russia        102,859 
           
SOUTH AFRICA – 0.3%          
MiX Telematics Ltd.(a)(b)   3,391    33,639 
           
SOUTH KOREA – 0.9%          
Hanwha Q CELLS Co. Ltd.*(a)(b)   1,722    14,138 
LG Display Co., Ltd.(a)   6,938    93,108 
Total South Korea        107,246 
           
SPAIN – 2.5%          
Grifols SA(a)   13,847    303,111 
           
SWITZERLAND – 4.0%          
STMicroelectronics NV(c)   24,985    485,209 
           
TAIWAN – 5.6%          
Advanced Semiconductor Engineering, Inc.(a)   4,151    25,653 
Himax Technologies, Inc.(a)   2,868    31,347 
Silicon Motion Technology Corp.(a)(b)   10,382    498,648 
Siliconware Precision Industries Co., Ltd.(a)(b)   9,125    71,996 
Taiwan Semiconductor Manufacturing Co., Ltd.(a)   1,357   50,955 
Total Taiwan        678,599 
           
UNITED KINGDOM – 4.0%          
BP PLC(a)   12,457    478,723 
           
UNITED STATES – 8.3%          
Carnival PLC(a)   4,374    282,035 
Mitel Networks Corp.*   24,456    205,186 
Shire PLC(a)   3,167    484,994 
Tucows, Inc., Class A*(b)   583    34,135 
Total United States        1,006,350 
Total Common Stocks
(Cost $10,560,404)		        12,068,450 
           
MONEY MARKET FUND – 5.4%          
BlackRock Liquidity Funds FedFund Portfolio, 0.93%(d)
(Cost $647,477)		   647,477    647,477 
           
REPURCHASE AGREEMENTS – 7.4%(e)          
BNP Paribas Securities Corp., dated 09/29/17, due 10/02/17, 1.06%, total to be received $141,242, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 11/01/18-08/20/67, totaling $143,716)  $141,230    141,230 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $250,022, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $254,317)   250,000    250,000 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $250,023, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $254,206)   250,000    250,000 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $250,022, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $254,225)  $250,000   $250,000 
Total Repurchase Agreements
(Cost $891,230)		        891,230 
Total Investments – 112.7%
(Cost $12,099,111)		        13,607,157 
Liabilities in Excess of Other Assets – (12.7%)        (1,528,742)
Net Assets – 100.0%       $12,078,415 

 

 

PLC - Public Limited Company

 

*Non-income producing security.
(a)American Depositary Receipt.
(b)All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,696,209; the aggregate market value of the collateral held by the fund is $1,741,434.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $850,204.
(c)Registered Shares.
(d)Rate shown reflects the 7-day yield as of September 30, 2017.
(e)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   0.5%
Airlines   0.7 
Auto Parts & Equipment   1.1 
Banks   3.1 
Beverages   2.7 
Building Materials   0.8 
Chemicals   1.0 
Commercial Services   1.6 
Computers   1.0
Diversified Financial Services   0.4 
Electric   2.1 
Electronics   0.8 
Energy - Alternate Sources   1.5 
Food   0.8 
Forest Products & Paper   0.6 
Healthcare - Products   1.5 
Insurance   4.8 
Internet   11.7 
Iron / Steel   4.7 
Leisure Time   2.3 
Media   0.3 
Mining   0.8 
Oil & Gas   17.6 
Pharmaceuticals   10.6 
Real Estate   0.5 
Semiconductors   9.6 
Software   5.4 
Telecommunications   9.9 
Transportation   0.6 
Water   0.9 
Money Market Fund   5.4 
Repurchase Agreements   7.4 
Total Investments   112.7 
Liabilities in Excess of Other Assets   (12.7)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments

 

September 30, 2017 (Unaudited) 

 

Investments  Shares/Principal   Value 
EXCHANGE TRADED FUNDS – 97.0%          
Equity Fund – 97.0%          
iShares Core S&P Mid-Cap ETF(a)   22,106   $3,954,763 
iShares Core S&P Small-Cap ETF(a)   54,555    4,049,072 
iShares Nasdaq Biotechnology ETF(a)   3,985    1,329,356 
iShares U.S. Basic Materials ETF(a)   6,787    650,127 
iShares US Financials ETF(a)   11,549    1,294,874 
iShares U.S. Industrials ETF(a)   4,672    647,259 
WisdomTree Europe Hedged Equity Fund   20,041    1,296,653 
Total Exchange Traded Funds
(Cost $12,517,382)		        13,222,104 
           
MONEY MARKET FUND – 3.3%          
Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 0.89%(b)
(Cost $447,433)		   447,433    447,433 
           
REPURCHASE AGREEMENTS – 21.4%(c)          
Citigroup Global Markets, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $678,489, (collateralized by various U.S. Government Agency Obligations, 1.90%-9.00%, 12/01/17-06/01/51, totaling $689,930)  $678,428    678,428 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $678,488, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $690,142)   678,428    678,428 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $678,489, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $689,841)   678,428    678,428 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $678,487, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $689,894)   678,428    678,428 
Royal Bank of Scotland PLC, dated 09/29/17, due 10/02/17, 1.05%, total to be received $201,091, (collateralized by various U.S. Government Agency Obligations, 0.49%-3.50%, 10/31/17-11/15/42, totaling $203,968)   201,073    201,073 
Total Repurchase Agreements
(Cost $2,914,785)		        2,914,785 
Total Investments – 121.7%
(Cost $15,879,600)		        16,584,322 
Liabilities in Excess of Other Assets – (21.7%)        (2,961,625)
Net Assets – 100.0%       $13,622,697 

 

 

ETF - Exchange Traded Fund

PLC - Public Limited Company

 

(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $6,717,888; the aggregate market value of the collateral held by the fund is $6,854,767.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,939,982.
(b)Rate shown reflects the 7-day yield as of September 30, 2017.
(c)Collateral received from brokers for securities lending was invested in these short-term investments.

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
   Net Assets 
Equity Fund   97.0%
Money Market Fund   3.3 
Repurchase Agreements   21.4 
Total Investments   121.7 
Liabilities in Excess of Other Assets   (21.7)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

 

ADVISORSHARES NEW TECH AND MEDIA ETF ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares/
Principal		   Value 
COMMON STOCKS – 97.9%          
Commercial Services – 5.0%          
Square, Inc., Class A*(a)   33,222   $957,126 
           
Computers – 9.5%          
Apple, Inc.   7,540    1,162,065 
WNS Holdings Ltd. (India)*(b)   18,002    657,073 
Total Computers        1,819,138 
           
Internet – 61.2%          
58.com, Inc. (China)*(b)   10,590    668,653 
Alibaba Group Holding Ltd. (China)*(a)(b)   9,054    1,563,716 
Alphabet, Inc., Class C*   774    742,351 
Amazon.com, Inc.*   1,560    1,499,706 
Baidu, Inc. (China)*(b)   4,812    1,191,884 
Etsy, Inc.*   10,004    168,868 
Facebook, Inc., Class A*   11,192    1,912,377 
Netflix, Inc.*   4,672    847,267 
Shopify, Inc., Class A (Canada)*   6,228    725,500 
SINA Corp. (China)*   4,236    485,657 
Tencent Holdings Ltd. (China)(b)   21,178    930,032 
VeriSign, Inc.*(a)   5,760    612,807 
YY, Inc. (China)*(b)   4,000    347,120 
Total Internet        11,695,938 
           
Semiconductors – 12.0%          
Advanced Micro Devices, Inc.*   50,000    637,500 
Diodes, Inc.*   31,000    927,830 
IPG Photonics Corp.*   1,272    235,396 
NVIDIA Corp.   1,174    209,876 
Skyworks Solutions, Inc.   2,672    272,277 
Total Semiconductors        2,282,879 
           
Software – 10.2%          
Adobe Systems, Inc.*   1,668    248,832 
Microsoft Corp.   10,474    780,208 
Red Hat, Inc.*   4,716    522,816 
salesforce.com, Inc.*   4,140    386,759 
Total Software        1,938,615 
Total Common Stocks
(Cost $17,865,377)		        18,693,696 
           
MONEY MARKET FUND – 1.9%          
Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 0.89%(c)(Cost $371,383)   371,383    371,383 
           
REPURCHASE AGREEMENTS – 7.8%(d)          
Citigroup Global Markets, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $348,632, (collateralized by various U.S. Government Agency Obligations, 1.90%-9.00%, 12/01/17-06/01/51, totaling $354,511)  $348,601   348,601 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $348,632, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $354,620)   348,601    348,601 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $348,632, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $354,465)   348,601    348,601 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $348,632, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $354,493)   348,601    348,601 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEW TECH AND MEDIA ETF ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
Royal Bank of Scotland PLC, dated 09/29/17, due 10/02/17, 1.05%, total to be received $103,311, (collateralized by various U.S. Government Agency Obligations, 0.49%-3.50%, 10/31/17-11/15/42, totaling $104,789)  $103,302   $103,302 
Total Repurchase Agreements
(Cost $1,497,706)		        1,497,706 
Total Investments – 107.6%
(Cost $19,734,466)		        20,562,785 
Liabilities in Excess of Other Assets – (7.6%)        (1,459,588)
Net Assets – 100.0%       $19,103,197 

 

 

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 $2,898,514; the aggregate market value of the collateral held by the fund is $2,988,246.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,490,540.
(b)American Depositary Receipt.
(c)Rate shown reflects the 7-day yield as of September 30, 2017.
(d)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Commercial Services   5.0%
Computers   9.5 
Internet   61.2 
Semiconductors   12.0 
Software   10.2 
Money Market Fund   1.9 
Repurchase Agreements   7.8 
Total Investments   107.6 
Liabilities in Excess of Other Assets   (7.6)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
ASSET BACKED SECURITIES – 27.2%          
American Credit Acceptance Receivables Trust, Class B, Series 2016-1A, 4.24%, 06/13/22‡  $665,000   $671,359 
American Credit Acceptance Receivables Trust, Class C, Series 2017-2, 2.86%, 06/12/23‡   645,000    644,428 
AmeriCredit Automobile Receivables Trust, Class B, Series 2016-1, 2.30%, 03/08/21   1,720,000    1,728,306 
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20   500,000    501,467 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21   655,000    661,650 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-4, 2.88%, 07/08/21   715,000    721,880 
AmeriCredit Automobile Receivables Trust, Class C, Series 2017-1, 2.71%, 08/18/22   650,000    652,503 
AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19   476,887    476,974 
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20   755,000    758,855 
Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21‡   194,800    195,039 
Ascentium Equipment Receivables Trust, Class B, Series 2017-1A, 2.85%, 10/10/21‡   645,000    645,457 
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@*   307,785    315,435 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡   500,000    500,526 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡   1,140,000    1,139,953 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡   1,465,000    1,479,071 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2015-2A, 2.63%, 12/20/21‡   670,000    670,600 
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡   570,434    571,980 
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡   136,473    137,065 
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡   632,397    636,747 
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20   367,543    367,886 
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20   500,000    502,269 
California Republic Auto Receivables Trust, Class B, Series 2015-3, 2.70%, 09/15/21   645,000    649,683 
Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19   180,513    180,658 
Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20   650,000    655,654 
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡   62,354    62,505 
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡   480,000    480,785 
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡   1,000,000    1,006,204 
CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20   700,000    702,339 
CarMax Auto Owner Trust, Class B, Series 2015-4, 2.16%, 08/16/21   713,000    713,320 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
CarMax Auto Owner Trust, Class B, Series 2016-2, 2.16%, 12/15/21  $575,000   $573,645 
CarMax Auto Owner Trust, Class C, Series 2015-2, 2.39%, 03/15/21   615,000    618,194 
CCG Receivables Trust, Class A3, Series 2015-1, 1.92%, 01/17/23‡   1,000,000    1,001,764 
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡   459,897    453,539 
Chrysler Capital Auto Receivables Trust, Class D, Series 2015-BA, 4.17%, 01/16/23‡   635,000    652,291 
CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡   551,689    556,284 
CLUB Credit Trust, Class B, Series 2017-P1, 3.56%, 09/15/23‡   270,000    269,975 
Commonbond Student Loan Trust, Class A1, Series 2017-AGS, 2.55%, 05/25/41‡   616,134    612,523 
Conseco Finance Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@*   46,147    46,455 
CPS Auto Receivables Trust, Class B, Series 2017-C, 2.30%, 07/15/21‡   805,000    804,078 
Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡   439,855    435,999 
DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡   256,815    257,053 
Drive Auto Receivables Trust, Class B, Series 2016-AA, 3.17%, 05/15/20‡   447,259    448,204 
Drive Auto Receivables Trust, Class B, Series 2016-BA, 2.56%, 06/15/20‡   1,065,015    1,067,637 
Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21‡   817,750    823,007 
Drive Auto Receivables Trust, Class C, Series 2015-DA, 3.38%, 11/15/21‡   918,032    926,360 
Drive Auto Receivables Trust, Class C, Series 2016-CA, 3.02%, 11/15/21‡   665,000    673,473 
Drive Auto Receivables Trust, Class C, Series 2017-2, 2.75%, 09/15/23   805,000    804,273 
Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡   198,381    198,518 
DT Auto Owner Trust, Class B, Series 2016-1A, 2.79%, 05/15/20‡   305,931    306,265 
DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡   126,273    126,528 
DT Auto Owner Trust, Class C, Series 2015-3A, 3.25%, 07/15/21‡   655,000    658,549 
DT Auto Owner Trust, Class C, Series 2016-2A, 3.67%, 01/18/22‡   625,000    631,108 
DT Auto Owner Trust, Class C, Series 2016-3A, 3.15%, 03/15/22‡   650,000    653,326 
Earnest Student Loan Program LLC, Class A2, Series 2017-A, 2.65%, 01/25/41‡   599,855    597,580 
Exeter Automobile Receivables Trust, Class A, Series 2016-1A, 2.35%, 07/15/20‡   235,964    236,185 
Exeter Automobile Receivables Trust, Class B, Series 2017-2A, 2.82%, 05/16/22‡   785,000    784,957 
Exeter Automobile Receivables Trust, Class B, Series 2017-3A, 2.81%, 09/15/22‡   270,000    268,906 
Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡   72,374    72,422 
Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡   487,460    489,347 
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡   784,327    789,065 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡  $500,000   $508,918 
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡   1,115,000    1,132,754 
First Investors Auto Owner Trust, Class B, Series 2017-2A, 2.65%, 11/15/22‡   650,000    649,570 
Flagship Credit Auto Trust, Class A, Series 2016-1, 2.77%, 12/15/20‡   346,100    348,318 
Flagship Credit Auto Trust, Class C, Series 2017-3, 2.91%, 09/15/23‡   815,000    812,328 
Flagship Credit Auto Trust, Class D, Series 2014-2, 5.21%, 02/15/21‡   645,000    661,467 
Foursight Capital Automobile Receivables Trust, Class A2, Series 2016-1, 2.87%, 10/15/21‡   598,323    600,786 
Foursight Capital Automobile Receivables Trust, Class B, Series 2017-1, 3.05%, 12/15/22‡   650,000    650,812 
GLS Auto Receivables Trust, Class B, Series 2017-1A, 2.98%, 12/15/21‡   770,000    768,949 
GM Financial Consumer Automobile, Class B, Series 2017-1A, 2.30%, 06/16/23‡   650,000    649,557 
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡   250,207    250,566 
Greatamerica Leasing Receivables Funding LLC, Class A4, Series 2017-1, 2.36%, 01/20/23‡   640,000    639,931 
Hertz Vehicle Financing II LP, Class A, Series 2015-2A, 2.02%, 09/25/19‡   1,075,000    1,071,729 
Hertz Vehicle Financing LLC, Class A, Series 2016-1A, 2.32%, 03/25/20‡   200,000    199,851 
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡   439,854    438,381 
Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡   154,364    152,664 
Hilton Grand Vacations Trust, Class A, Series 2017-AA, 2.66%, 12/26/28‡   567,303    568,202 
Hyundai Auto Receivables Trust, Class B, Series 2015-C, 2.15%, 11/15/21   1,000,000    1,000,630 
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20   425,000    427,740 
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21   500,000    502,075 
Laurel Road Prime Student Loan Trust, Class A2FX, Series 2017-B, 2.77%, 08/25/42‡   805,000    804,655 
Leaf Receivables Funding 12 LLC, Class B, Series 2017-1, 2.65%, 02/15/22‡   775,000    772,675 
Mariner Finance Issuance Trust, Class A, Series 2017-AA, 3.62%, 02/20/29‡   645,000    649,358 
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡   489,560    490,225 
Murray Hill Marketplace Trust, Class A, Series 2016-LC1, 4.19%, 11/25/22‡   286,275    287,513 
MVW Owner Trust, Class A, Series 2016-1A, 2.25%, 12/20/33‡   598,695    590,154 
MVW Owner Trust, Class A, Series 2017-1A, 2.42%, 12/20/34‡   797,849    797,127 
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡   308,711    307,675 
Navistar Financial Dealer Note Master Owner Trust II, Class B, Series 2016-1, 2.99%, (1-Month USD LIBOR + 1.75%), 09/27/21@‡   1,065,000    1,067,896 
OneMain Direct Auto Receivables Trust, Class B, Series 2016-1A, 2.76%, 05/15/21‡   1,010,000    1,013,169 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡  $218   $218 
OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 03/18/26‡   120,000    121,324 
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡   215,481    216,151 
Orange Lake Timeshare Trust, Class A, Series 2012-AA, 3.45%, 03/10/27‡   60,902    61,179 
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡   288,257    288,096 
Prestige Auto Receivables Trust, Class C, Series 2017-1A, 2.81%, 01/17/23‡   810,000    812,965 
Santander Drive Auto Receivables Trust, Class B, Series 2016-2, 2.08%, 02/16/21   750,000    752,207 
Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19   1,574    1,574 
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20   239,923    240,313 
Santander Drive Auto Receivables Trust, Class C, Series 2016-1, 3.09%, 04/15/22   1,370,000    1,386,034 
Santander Drive Auto Receivables Trust, Class C, Series 2017-1, 2.58%, 05/16/22   650,000    651,948 
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19   475,000    477,947 
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡   82,386    82,284 
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31@‡*   52,717    52,637 
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡   175,066    174,829 
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡   487,054    487,349 
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡   200,712    202,766 
SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡   1,149,480    1,156,859 
Sofi Consumer Loan Program LLC, Class A, Series 2016-3, 3.05%, 12/26/25‡   422,679    426,963 
Sofi Consumer Loan Program LLC, Class A, Series 2017-1, 3.28%, 01/26/26‡   731,088    741,115 
Sofi Consumer Loan Program LLC, Class A2, Series 2017-5, 2.78%, 09/25/26‡   270,000    270,076 
Sofi Professional Loan Program LLC, Class A2, Series 2016-A, 2.76%, 12/26/36‡   322,055    325,256 
Sofi Professional Loan Program LLC, Class A2A, Series 2017-C, 1.75%, 07/25/40‡   688,071    687,644 
SoFi Professional Loan Program LLC, Class A1FX, Series 2017-B, 1.83%, 05/25/40‡   522,298    523,101 
SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡   273,219    274,431 
SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30‡   162,052    162,236 
SoFi Professional Loan Program LLC, Class A2B, Series 2016-C, 2.36%, 12/27/32‡   1,006,000    1,000,233 
Springleaf Funding Trust, Class A, Series 2016-AA, 2.90%, 11/15/29‡   805,000    807,620 
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡   800,000    802,376 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡  $151,288   $151,395 
TRIP Rail Master Funding LLC, Class A1, Series 2017-1A, 2.71%, 08/15/47‡   656,990    659,431 
U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23‡   629,211    629,463 
Volvo Financial Equipment LLC, Class B, Series 2017-1A, 2.40%, 01/18/22‡   650,000    650,321 
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡   360,071    358,507 
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡   524,300    538,171 
Westgate Resorts LLC, Class A, Series 2016-1A, 3.50%, 12/20/28‡   351,050    354,245 
Westlake Automobile Receivables Trust, Class B, Series 2016-3A, 2.07%, 12/15/21‡   1,230,000    1,227,711 
Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20‡   188,742    188,889 
Westlake Automobile Receivables Trust, Class C, Series 2016-2A, 2.83%, 05/17/21‡   780,000    785,233 
Total Asset Backed Securities
(Cost $72,681,995)		        72,814,880 
           
CORPORATE BONDS – 23.7%          
Consumer Discretionary – 2.8%          
Amazon.Com, Inc., 2.40%, 02/22/23‡   1,000,000    998,807 
American Axle & Manufacturing, Inc., 5.13%, 02/15/19   115,000    115,177 
Calatlantic Group, Inc., 5.88%, 11/15/24   136,000    149,090 
Calatlantic Group, Inc., 5.25%, 06/01/26   390,000    405,113 
CSC Holdings LLC, 6.75%, 11/15/21   365,000    404,237 
Delphi Automotive PLC, 3.15%, 11/19/20   530,000    542,670 
Discovery Communications LLC, 2.20%, 09/20/19   680,000    682,584 
Discovery Communications LLC, 2.95%, 03/20/23   1,085,000    1,089,213 
Dr Horton, Inc., 4.75%, 02/15/23   650,000    705,237 
Hyundai Capital America, 2.45%, 06/15/21‡   515,000    506,084 
Marriott International, Inc., Series N, 3.13%, 10/15/21   520,000    532,748 
Newell Brands, Inc., 2.60%, 03/29/19   71,000    71,594 
Newell Brands, Inc., 3.15%, 04/01/21   65,000    66,551 
QVC, Inc., 3.13%, 04/01/19   610,000    616,440 
Scientific Games International, Inc., 7.00%, 01/01/22‡   155,000    164,881 
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.88%, 06/15/24   495,000    532,125 
Wyndham Worldwide Corp., 4.15%, 04/01/24   35,000    35,537 
Total Consumer Discretionary        7,618,088 
           
Consumer Staples – 0.4%          
Kraft Heinz Foods Co., 2.80%, 07/02/20   185,000    188,463 
Kraft Heinz Foods Co., 3.50%, 07/15/22   281,000    291,120 
Smithfield Foods, Inc., 2.70%, 01/31/20‡   251,000    252,055 
Smithfield Foods, Inc., 2.65%, 10/03/21‡   34,000    33,985 
Smithfield Foods, Inc., 3.35%, 02/01/22‡   222,000    226,674 
Total Consumer Staples        992,297 
           
Energy – 1.2%          
Antero Resources Corp., 5.63%, 06/01/23   210,000    219,975 
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23(a)   550,000    561,000 
Energy Transfer LP / Regency Energy Finance Corp., 5.00%, 10/01/22   440,000    475,747 
EQT Corp., 2.50%, 10/01/20   104,000    104,460 
EQT Corp., 3.00%, 10/01/22   235,000    235,815 
Kinder Morgan, Inc., 3.15%, 01/15/23   350,000    352,308 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Energy (continued)          
Kinder Morgan, Inc., 5.63%, 11/15/23‡  $545,000   $607,804 
NGL Energy Partners LP / NGL Energy Finance Corp., 5.13%, 07/15/19   535,000    536,337 
Ultra Resources, Inc., 6.88%, 04/15/22‡   30,000    30,638 
Total Energy        3,124,084 
           
Financials – 9.5%          
Air Lease Corp., 2.63%, 09/04/18   520,000    524,252 
Ally Financial, Inc., 3.25%, 11/05/18   145,000    146,654 
Ally Financial, Inc., 4.13%, 03/30/20   270,000    278,775 
Ares Capital Corp., 3.88%, 01/15/20(a)   210,000    215,431 
Ares Capital Corp., 3.50%, 02/10/23   545,000    539,574 
Aviation Capital Group Corp., 2.88%, 09/17/18‡   195,000    196,704 
Bank of America Corp., 2.00%, 01/11/18   235,000    235,276 
Bank of America Corp., 5.65%, 05/01/18   200,000    204,596 
Bank of America Corp., 5.49%, 03/15/19   66,000    68,987 
Bank of America Corp., 2.49%, (3-Month USD LIBOR + 1.18%), 10/21/22@   650,000    660,895 
Bank of America Corp., 2.31%, (3-Month USD LIBOR + 1.00%), 04/24/23@   535,000    539,961 
Bank of New York Mellon Corp. (The), 2.05%, 05/03/21   650,000    647,410 
Bank of New York Mellon Corp. (The), Series E, 4.95%, (3-Month USD LIBOR + 3.42%)#@   555,000    576,853 
Bear Stearns Cos. LLC (The), 7.25%, 02/01/18   75,000    76,401 
Berkshire Hathaway Finance Corp., 1.30%, 08/15/19   1,370,000    1,360,585 
Citigroup, Inc., 2.27%, (3-Month USD LIBOR + 0.96%), 04/25/22@   670,000    674,492 
Fifth Third Bancorp, 4.50%, 06/01/18   321,000    326,951 
First Horizon National Corp., 3.50%, 12/15/20   550,000    566,694 
First Tennessee Bank NA, 2.95%, 12/01/19   250,000    252,715 
Ford Motor Credit Co. LLC, 8.13%, 01/15/20   455,000    512,733 
Ford Motor Credit Co. LLC, 3.20%, 01/15/21   650,000    663,602 
FS Investment Corp., 4.25%, 01/15/20   585,000    599,931 
General Motors Financial Co., Inc., 2.40%, 04/10/18   355,000    356,177 
General Motors Financial Co., Inc., 3.20%, 07/06/21   700,000    712,919 
General Motors Financial Co., Inc., 3.70%, 05/09/23   280,000    285,692 
Goldman Sachs Group, Inc. (The), 2.35%, 11/15/21   165,000    163,748 
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/22   515,000    521,216 
Goldman Sachs Group, Inc. (The), 2.92%, (3-Month USD LIBOR + 1.60%), 11/29/23@   270,000    280,190 
Goldman Sachs Group, Inc. (The), Series G, 3.06%, (3-Month USD LIBOR + 1.75%), 10/28/27@   650,000    677,397 
Huntington Bancshares, Inc., 7.00%, 12/15/20   200,000    227,531 
iStar, Inc., 6.00%, 04/01/22   235,000    243,812 
iStar, Inc., 5.25%, 09/15/22   185,000    188,237 
Jefferies Group LLC, 5.13%, 04/13/18   275,000    279,863 
JPMorgan Chase & Co., 2.25%, 01/23/20   380,000    382,170 
JPMorgan Chase & Co., 2.30%, 08/15/21   170,000    169,965 
JPMorgan Chase & Co., 2.21%, (3-Month USD LIBOR + 0.90%), 04/25/23@   400,000    403,147 
JPMorgan Chase Bank NA, 1.65%, 09/23/19   580,000    578,038 
Kimco Realty Corp., 3.30%, 02/01/25   685,000    685,736 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.88%, 08/01/21‡   425,000    436,156 
Lazard Group LLC, 4.25%, 11/14/20   275,000    290,735 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Financials (continued)          
Lincoln National Corp., 8.75%, 07/01/19  $39,000   $43,373 
Lincoln National Corp., 4.20%, 03/15/22   475,000    502,746 
Lincoln National Corp., 3.35%, (3-Month USD LIBOR + 2.04%), 04/20/67@   100,000    90,567 
Manufacturers & Traders Trust Co., 2.05%, 08/17/20   815,000    814,060 
Morgan Stanley, 2.13%, 04/25/18   180,000    180,536 
Morgan Stanley, 2.71%, (3-Month USD LIBOR + 1.40%), 10/24/23@   1,950,000    1,995,738 
Navient Corp., 6.50%, 06/15/22   290,000    307,942 
Nuveen Finance LLC, 2.95%, 11/01/19‡   400,000    406,859 
Santander Holdings USA, Inc., 3.70%, 03/28/22‡   1,040,000    1,060,666 
SBA Tower Trust, 3.16%, 10/08/20‡   570,000    574,917 
SBA Tower Trust, 2.88%, 07/09/21‡   780,000    791,271 
Springleaf Finance Corp., 5.25%, 12/15/19   190,000    198,265 
Springleaf Finance Corp., 6.13%, 05/15/22   110,000    116,770 
State Street Corp., 4.96%, 03/15/18   300,000    304,248 
Voya Financial, Inc., 2.90%, 02/15/18   145,000    145,643 
Wells Fargo & Co., 3.07%, 01/24/23   425,000    432,542 
Wells Fargo Bank NA, 2.15%, 12/06/19   785,000    789,393 
Total Financials        25,507,737 
           
Health Care – 1.9%          
Abbott Laboratories, 2.90%, 11/30/21   335,000    341,469 
AbbVie, Inc., 2.50%, 05/14/20   540,000    546,804 
AbbVie, Inc., 2.30%, 05/14/21   375,000    374,705 
Allergan Funding SCS, 3.00%, 03/12/20   85,000    86,828 
Allergan Funding SCS, 3.45%, 03/15/22   85,000    88,225 
Becton Dickinson and Co., 2.89%, 06/06/22   622,000    624,691 
Becton Dickinson and Co., 3.36%, 06/06/24   136,000    137,468 
Cardinal Health, Inc., 1.95%, 06/14/19   400,000    400,326 
Cardinal Health, Inc., 2.62%, 06/15/22   640,000    640,182 
Cardinal Health, Inc., 3.08%, 06/15/24   255,000    257,155 
CHS/Community Health Systems, Inc., 6.25%, 03/31/23   280,000    276,150 
Forest Laboratories LLC, 4.38%, 02/01/19‡   53,000    54,366 
Mylan NV, 3.15%, 06/15/21   170,000    173,126 
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/21   260,000    259,335 
Tenet Healthcare Corp., 6.00%, 10/01/20   105,000    112,162 
Tenet Healthcare Corp., 4.63%, 07/15/24‡   485,000    481,828 
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22   295,000    300,660 
Total Health Care        5,155,480 
           
Industrials – 2.2%          
America West Airlines Pass-Through Trust, Series 011G, 7.10%, 04/02/21   725,660    792,784 
Continental Airlines Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21   197,816    210,674 
Continental Airlines Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20   114,330    118,903 
General Electric Co., Series D, 5.00%, (3-Month USD LIBOR + 3.33%)#@   815,000    863,044 
Masco Corp., 3.50%, 04/01/21   515,000    531,413 
Masco Corp., 5.95%, 03/15/22   304,000    342,702 
Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, 06/15/19   195,000    196,507 
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡   230,000    236,386 
Pitney Bowes, Inc., 3.88%, 05/15/22   738,000    726,882 
Standard Industries, Inc., 5.50%, 02/15/23‡   480,000    509,400 
UAL Pass-Through Trust, Series 071A, 6.64%, 07/02/22   1,144,203    1,250,041 
Total Industrials        5,778,736 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Information Technology – 1.8%          
Apple, Inc., 2.25%, 02/23/21  $325,000   $327,771 
Apple, Inc., 2.50%, 02/09/22   510,000    517,063 
Apple, Inc., 3.00%, 02/09/24   535,000    548,704 
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.38%, 01/15/20‡   395,000    397,402 
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.00%, 01/15/22‡   280,000    284,951 
Dun & Bradstreet Corp. (The), 4.25%, 06/15/20   150,000    154,505 
Hewlett Packard Enterprise Co., 2.45%, 10/05/17   145,000    145,007 
Hewlett Packard Enterprise Co., 2.85%, 10/05/18   325,000    328,330 
Microsoft Corp., 1.55%, 08/08/21   650,000    638,878 
Microsoft Corp., 2.40%, 02/06/22   510,000    515,872 
VMware, Inc., 2.30%, 08/21/20   127,000    127,460 
VMware, Inc., 2.95%, 08/21/22   701,000    705,972 
Total Information Technology        4,691,915 
           
Materials – 0.1%          
Freeport-McMoRan, Inc., 3.88%, 03/15/23(a)   275,000    272,250 
           
Real Estate – 1.7%          
Corporate Office Properties LP, 3.70%, 06/15/21   460,000    472,045 
Digital Realty Trust LP, 3.40%, 10/01/20   420,000    433,414 
Digital Realty Trust LP, 3.95%, 07/01/22   270,000    284,982 
Education Realty Operating Partnership LP, 4.60%, 12/01/24   100,000    103,424 
Government Properties Income Trust, 3.75%, 08/15/19   85,000    86,244 
HCP, Inc., 3.75%, 02/01/19   140,000    142,592 
Healthcare Trust of America Holdings LP, 3.38%, 07/15/21   150,000    154,264 
Healthcare Trust of America Holdings LP, 2.95%, 07/01/22   895,000    901,901 
Hospitality Properties Trust, 4.65%, 03/15/24   515,000    539,744 
National Retail Properties, Inc., 5.50%, 07/15/21   250,000    273,752 
Select Income REIT, 4.15%, 02/01/22   515,000    523,768 
Senior Housing Properties Trust, 3.25%, 05/01/19   415,000    419,839 
Ventas Realty LP / Ventas Capital Corp., 4.00%, 04/30/19   310,000    318,036 
Total Real Estate        4,654,005 
           
Telecommunication Services – 1.9%          
AT&T, Inc., 3.88%, 08/15/21   210,000    220,019 
AT&T, Inc., 3.00%, 06/30/22   1,045,000    1,056,297 
AT&T, Inc., 2.20%, (3-Month USD LIBOR + 0.89%), 02/14/23@   525,000    524,226 
AT&T, Inc., 3.40%, 08/14/24   536,000    537,633 
Crown Castle International Corp., 4.88%, 04/15/22   355,000    385,944 
Frontier Communications Corp., 10.50%, 09/15/22   645,000    561,150 
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.36%, 09/20/21‡   780,000    793,650 
Verizon Communications, Inc., 4.60%, 04/01/21   125,000    135,068 
Verizon Communications, Inc., 2.95%, 03/15/22   856,000    871,409 
Total Telecommunication Services        5,085,396 
           
Utilities – 0.2%          
Dominion Energy, Inc., 2.96%, 07/01/19   50,000    50,740 
Exelon Corp., 2.85%, 06/15/20   555,000    566,389 
Total Utilities        617,129 
Total Corporate Bonds
(Cost $62,722,534)		        63,497,117 
           
MORTGAGE BACKED SECURITIES – 23.7%          
Commercial Mortgage Backed Securities – 5.9%          
Aventura Mall Trust, Class A, Series 2013-AVM, 3.87%, 12/05/32@‡*   1,015,000    1,057,199 
Aventura Mall Trust, Class C, Series 2013-AVM, 3.87%, 12/05/32@‡*   250,000    256,410 
Bayview Commercial Asset Trust, Class A2, Series 2006-2A, 1.52%, (1-Month USD LIBOR + 0.28%), 07/25/36@‡   210,749    201,290 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Commercial Mortgage Backed Securities (continued)          
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 2.74%, (1-Month USD LIBOR + 1.50%), 01/25/38@‡  $81,280   $80,770 
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50   72,503    72,473 
Citigroup Commercial Mortgage Trust, Class A, Series 2016-SMPL, 2.23%, 09/10/31‡   470,000    466,357 
CLNS Trust, Class B, Series 2017-IKPR, 2.24%, (1-Month USD LIBOR + 1.00%), 06/11/32@‡   775,000    775,674 
Cold Storage Trust, Class A, Series 2017-ICE3, 2.23%, (1-Month USD LIBOR + 1.00%), 04/15/36@‡   775,000    778,911 
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡   191,899    191,141 
Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡*   460,000    509,834 
Credit Suisse Commercial Mortgage Trust, Class A, Series 2016-BDWN, 4.13%, (1-Month USD LIBOR + 2.90%), 02/15/29@‡   980,000    984,900 
GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.49%, 12/15/34@‡*   200,000    202,780 
GS Mortgage Securities Corp. Trust, Class A, Series 2012-ALOH, 3.55%, 04/10/34‡   1,158,000    1,208,991 
Hilton USA Trust, Class B, Series 2016-SFP, 3.32%, 11/05/35‡   535,000    539,091 
Hospitality Mortgage Trust, Class B, Series 2017-HIT, 2.41%, (1-Month USD LIBOR + 1.18%), 05/08/30@‡   750,000    750,880 
JPMBB Commercial Mortgage Securities Trust, Class A4, Series 2014-C22, 3.80%, 09/15/47   1,049,000    1,105,985 
JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2015-SGP, 3.98%, (1-Month USD LIBOR + 2.75%), 07/15/36@‡   535,000    539,887 
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 6.14%, 04/17/45@*   10,057    10,049 
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2011-C4, 4.11%, 07/15/46‡   757,950    766,932 
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47   505,314    504,986 
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@*   228,814    228,629 
Morgan Stanley Capital Barclays Bank Trust, Class A, Series 2016-MART, 2.20%, 09/13/31‡   1,140,000    1,130,155 
Morgan Stanley Capital I Trust, Class A4, Series 2008-T29, 6.50%, 01/11/43@*   88,361    88,906 
Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.50%, 01/11/43@*   860,000    865,488 
Motel 6 Trust, Class A, Series 2017-MTL6, 2.15%, (1-Month USD LIBOR + 0.92%), 08/15/34@‡   670,000    672,240 
SBA Tower Trust, 3.17%, 04/11/22‡   780,000    780,334 
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37@‡*   510,361    509,026 
Velocity Commercial Capital Loan Trust, Class AFX, Series 2017-1, 3.00%, 05/25/47@‡*   241,248    242,806 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Commercial Mortgage Backed Securities (continued)          
VSD, 3.60%, 12/25/43  $255,374   $255,581 
Total Commercial Mortgage Backed Securities        15,777,705 
           
Residential Mortgage Backed Securities – 17.7%          
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34   116,966    121,023 
AMSR Trust, Class A, Series 2016-SFR1, 2.63%, (1-Month USD LIBOR + 1.40%), 11/17/33@‡   332,500    335,774 
AMSR Trust, Class C, Series 2016-SFR1, 3.48%, (1-Month USD LIBOR + 2.25%), 11/17/33@‡   332,500    338,694 
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 01/25/35   112,159    115,619 
Banc of America Funding Trust, Class 5A1, Series 2004-A, 3.62%, 07/20/34@*   165,429    165,875 
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35   171,207    171,813 
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37   303,821    316,257 
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57@‡*   250,000    256,524 
Bayview Opportunity Master Fund IIIb Trust, Class A1, Series 2017-RN2, 3.47%, 04/28/32@‡*   190,911    192,561 
Bayview Opportunity Master Fund IVa Trust, Class A1, Series 2017-RT1, 3.00%, 03/28/57@‡*   942,692    955,495 
Bayview Opportunity Master Fund IVb Trust, Class A, Series 2017-SPL4, 3.50%, 01/28/55@‡*   510,043    525,123 
Bear Stearns ALT-A Trust, Class 3A1, Series 2004-5, 3.61%, 06/25/34@*   323,111    331,045 
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 3.31%, 04/25/34@*   345,632    347,430 
Bear Stearns ARM Trust, Class 22A1, Series 2004-9, 3.86%, 11/25/34@*   630,652    636,104 
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 3.59%, 01/25/35@*   498,115    512,295 
Bear Stearns ARM Trust, Class 21A1, Series 2004-10, 3.53%, 01/25/35@*   815,352    828,829 
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.85%, 09/25/34   351,095    359,082 
Chase Mortgage Trust, Class M2, Series 2016-1, 3.75%, 04/25/45@‡*   476,141    486,288 
Chase Mortgage Trust, Class M2, Series 2016-2, 3.75%, 12/25/45@‡*   729,354    744,857 
Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.40%, 07/25/36   76,560    76,982 
Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 3.22%, 08/25/34@*   208,573    210,211 
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡*   528,082    553,081 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡*   331,632    339,912 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@‡*   706,966    720,844 
Colony American Finance Ltd., Class A, Series 2015-1, 2.90%, 10/15/47‡   383,535    386,027 
Colony Starwood Homes Trust, Class C, Series 2016-2A, 3.38%, (1-Month USD LIBOR + 2.15%), 12/17/33@‡   665,000    666,402 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
COLT Mortgage Loan Trust, Class A2, Series 2016-1, 3.50%, 05/25/46‡  $766,174   $772,484 
COLT Mortgage Loan Trust, Class A1, Series 2016-1, 3.00%, 05/25/46‡   395,445    403,317 
COLT Mortgage Loan Trust, Class A1, Series 2016-2, 2.75%, 09/25/46@‡*   447,732    455,513 
COLT Mortgage Loan Trust, Class A1, Series 2016-3, 2.80%, 12/26/46@‡*   142,315    142,708 
COLT Mortgage Loan Trust, Class A3, Series 2017-1, 3.07%, 05/27/47@‡*   459,659    466,565 
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35   335,006    339,342 
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.00%, 04/25/43@‡*   607,202    615,968 
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.82%, 04/25/44@‡*   564,633    586,517 
Credit Suisse Commercial Mortgage Trust, Class A1, Series 2017-FHA1, 3.25%, 04/25/47@‡*   604,015    609,301 
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 3.36%, 09/25/34@*   113,744    115,430 
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 6A1, Series 2004-8, 4.50%, 12/25/19   92,446    92,745 
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 5A1, Series 2003-AR30, 3.31%, 01/25/34@*   188,623    193,827 
Deephaven Residential Mortgage Trust, Class A1, Series 2017-1A, 2.73%, 12/26/46@‡*   518,234    518,161 
Deephaven Residential Mortgage Trust, Class A1, Series 2017-2A, 2.45%, 06/25/47@‡*   232,892    232,161 
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡*   842,532    859,065 
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 3.96%, 06/25/34@*   247,985    251,842 
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34   95,419    97,643 
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33   359,670    372,822 
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 3.21%, 06/25/34@*   437,673    433,993 
Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 1.49%, (1-Month USD LIBOR + 0.25%), 06/25/28@   121,858    121,595 
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡   132,937    133,074 
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡*   148,950    152,807 
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 3.45%, 07/25/34@*   221,596    221,669 
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 3.73%, 08/25/34@*   190,076    192,389 
JPMorgan Mortgage Trust, Class 2A1, Series 2004-A4, 3.46%, 09/25/34@*   106,247    108,670 
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 3.19%, 04/25/35@*   563,677    561,052 
JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡*   233,053    242,214 
JPMorgan Mortgage Trust, Class A1, Series 2016-5, 2.61%, 12/25/46@‡*   1,734,731    1,742,277 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
JPMorgan Mortgage Trust, Class 2A2, Series 2017-3, 2.50%, 08/25/47@‡*  $831,339   $830,235 
JPMorgan Trust, Class AM1, Series 2015-1, 2.63%, 12/25/44@‡*   476,032    479,301 
JPMorgan Trust, Class A2, Series 2015-5, 2.86%, 05/25/45@‡*   748,228    753,923 
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34   304,191    316,701 
MASTR Alternative Loan Trust, Class 2A1, Series 2005-2, 6.00%, 01/25/35   181,038    187,678 
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20   156,684    158,552 
Mastr Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡   253,182    261,443 
Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 3.28%, 08/25/34@*   626,662    638,991 
Mill City Mortgage Loan Trust, Class A1, Series 2016-1, 2.50%, 04/25/57@‡*   574,262    575,397 
Mill City Mortgage Loan Trust, Class A1, Series 2017-1, 2.75%, 11/25/58@‡*   346,451    349,256 
Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.97%, 06/25/44@‡*   467,137    474,531 
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38   173,103    179,860 
New Residential Mortgage Loan Trust, Class A1, Series 2016-2A, 3.75%, 11/26/35@‡*   475,035    493,235 
New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡*   1,044,522    1,079,998 
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡*   199,290    204,400 
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡*   1,165,467    1,180,120 
New Residential Mortgage Loan Trust, Class A1, Series 2015-2A, 3.75%, 08/25/55@‡*   898,545    934,121 
New Residential Mortgage Loan Trust, Class A1, Series 2016-1A, 3.75%, 03/25/56@‡*   247,106    254,601 
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56@‡*   764,415    792,524 
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56@‡*   210,176    218,011 
New Residential Mortgage Loan Trust, Class A3, Series 2017-2A, 4.00%, 03/25/57@‡*   376,931    396,634 
NovaStar Mortgage Funding Trust, Class M5, Series 2004-4, 2.96%, (1-Month USD LIBOR + 1.73%), 03/25/35@   1,205,000    1,209,437 
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2017-NPL3, 3.25%, 06/29/32‡   471,714    472,328 
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2017-NPL2, 3.25%, 03/28/57‡   433,995    435,210 
Progress Residential Trust, Class B, Series 2017-SFR1, 3.02%, 08/17/34‡   665,000    666,129 
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@*   40,699    41,176 
Starwood Waypoint Homes Trust, Class A, Series 2017-1, 2.20%, (1-Month USD LIBOR + 0.95%), 01/17/35@‡   505,000    505,000 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 3.48%, 02/25/34@*  $283,136   $279,162 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 3.47%, 04/25/34@*   559,098    567,411 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 3.47%, 04/25/34@*   104,984    105,645 
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 3.24%, 12/25/33@*   206,814    206,904 
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.40%, 02/25/34   498,467    509,392 
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡   776,886    770,510 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33   316,158    322,926 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 3.54%, 11/25/33@*   253,736    251,803 
Towd Point Mortgage Trust, Class A1B, Series 2015-3, 3.00%, 03/25/54@‡*   361,075    365,227 
Towd Point Mortgage Trust, Class A1B, Series 2016-1, 2.75%, 02/25/55@‡*   663,666    668,852 
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55@‡*   260,000    271,836 
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55@‡*   250,000    258,449 
Towd Point Mortgage Trust, Class A1B, Series 2015-5, 2.75%, 05/25/55@‡*   682,606    687,947 
Towd Point Mortgage Trust, Class A1, Series 2016-3, 2.25%, 04/25/56@‡*   110,110    109,838 
Towd Point Mortgage Trust, Class A1, Series 2016-4, 2.25%, 07/25/56@‡*   560,994    558,802 
Tricon American Homes Trust, Class A, Series 2017-SFR1, 2.72%, 09/17/34‡   265,000    264,284 
Verus Securitization Trust, Class A1, Series 2017-1A, 2.85%, 01/25/47‡   197,562    200,606 
Verus Securitization Trust, Class A1, Series 2017-2A, 2.49%, 07/25/47‡   1,019,329    1,022,647 
VOLT LVI LLC, Class A1, Series 2017-NPL3, 3.50%, 03/25/47‡   558,909    564,593 
VOLT LVIII LLC, Class A1, Series 2017-NPL5, 3.38%, 05/28/47‡   204,954    206,747 
VOLT LX LLC, Class A1, Series 2017-NPL7, 3.25%, 04/25/59‡   916,679    922,491 
VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55‡   238,204    239,569 
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 3.23%, 06/25/33@*   173,732    175,302 
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 3.01%, 08/25/33@*   108,681    108,006 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 3.37%, 06/25/33@*   21,057    21,272 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2003-J, 3.38%, 10/25/33@*  $132,856   $134,936 
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 3.49%, 10/25/33@*   116,872    119,016 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 3.18%, 02/25/34@*   266,501    271,238 
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.47%, 07/25/34@*   88,604    90,992 
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.48%, 07/25/34@*   250,509    252,307 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 3.49%, 10/25/34@*   330,834    332,861 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 3.01%, 12/25/34@*   105,606    107,806 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-AR10, 3.30%, 06/25/35@*   518,897    533,377 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35   75,965    78,182 
Total Residential Mortgage Backed Securities        47,399,026 
           
U.S. Government Agency Securities – 0.1%          
Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41   326,995    341,627 
Total Mortgage Backed Securities
(Cost $63,458,194)		        63,518,358 
           
TERM LOANS – 9.3%          
Consumer Discretionary – 3.2%          
Altice US Finance I Corp., 3.49%, (LIBOR + 2.25%), 07/28/25@  480,163   478,722 
Aristocrat Leisure Ltd., 3.31%, (LIBOR + 2.00%), 10/20/21@   527,998    530,070 
Aristocrat Leisure Private Ltd., 3.31%, (LIBOR + 2.00%), 10/20/21@   110,000    110,357 
Caesars Entertainment Corp., 1.50%, (LIBOR + 9.00%), 10/31/21@   129,052    168,735 
Caesars Entertainment Operating Co., Inc. (fka Harrah's Operating Co., Inc.), (LIBOR + 2.50%), 04/04/24@(b)   250,000    250,521 
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.24%, (LIBOR + 2.00%), 07/01/20@   602,104    604,832 
Charter Communications Operating, LLC (aka CCO Safari LLC), 3.49%, (LIBOR + 2.25%), 01/15/24@   258,687    260,017 
CityCenter Holdings, LLC, 3.74%, (LIBOR + 2.50%), 04/18/24@   219,450    220,644 
CSC Holdings, LLC (fka CSC Holdings Inc. (Cablevision)), 3.48%, (LIBOR + 2.25%), 07/17/25@   660,000    657,347 
Eldorado Resorts, Inc., 3.56%, (LIBOR + 2.25%), 04/17/24@   622,105    622,493 
Hilton Worldwide Finance, 3.24%, (LIBOR + 2.00%), 10/25/23@   768,947    772,938 
McGraw-Hill Global Education Holdings LLC, 5.24%, (LIBOR + 4.00%), 05/04/22@   502,456    494,605 
MGM Growth Properties Operating Partnership LP, 3.49%, (LIBOR + 2.25%), 04/25/23@   617,595    620,223 
PetSmart, Inc., 4.24%, (LIBOR + 3.00%), 03/11/22@   505,392    428,845 
Playa Resorts Holding B.V., 4.32%, (LIBOR + 3.00%), 04/29/24@   493,763    491,664 
Scientific Games International, Inc., 4.49%, (LIBOR + 3.25%), 08/14/24@   420,000    421,247 
Seminole Tribe of Florida, 3.46%, (LIBOR + 2.00%), 07/08/24@   400,000    402,408 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
TERM LOANS (continued)          
Consumer Discretionary (continued)          
StationCasinos LLC, 3.74%, (LIBOR + 2.50%), 06/08/23@  $371,567   $372,348 
Univision Communications, 3.99%, (LIBOR + 2.75%), 03/15/24@   686,321    681,092 
Total Consumer Discretionary        8,589,108 
           
Consumer Staples – 0.7%          
Albertson's LLC, 3.99%, (LIBOR + 2.75%), 08/25/21@   482,622    466,373 
Aramark Servies, Inc., 3.24%, (LIBOR + 2.00%), 03/28/24@   342,580    344,223 
Hostess Brands, LLC, 3.74%, (LIBOR + 2.50%), 08/03/22@   893,525    898,180 
JBS U.S., 3.80%, (LIBOR + 2.50%), 10/30/22@   174,125    172,311 
Post Holdings, Inc., 3.49%, (LIBOR + 2.25%), 05/24/24@   114,713    115,119 
Total Consumer Staples        1,996,206 
           
Energy – 0.5%          
MEG Energy, 4.83%, (LIBOR + 3.50%), 12/31/23@   634,738    633,398 
Ultra Resources, Inc., 4.31%, (LIBOR + 3.00%), 04/12/24@   585,000    585,366 
Total Energy        1,218,764 
           
Financials – 0.1%          
Delos Finance S.à r.l., 3.33%, (LIBOR + 2.00%), 10/06/23@   289,000    291,212 
           
Health Care – 0.9%          
Acadia Healthcare Company, Inc., 3.98%, (LIBOR + 2.75%), 02/16/23@   177,739    179,205 
CHS/Community Health Systems, Inc., 4.32%, (LIBOR + 3.00%), 01/27/21@   328,184    326,481 
Endo Luxembourg Finance Co. I Sarl, 5.50%, (LIBOR + 4.25%), 04/29/24@   369,075    373,227 
Envision Healthcare Corp. (fka Emergency Medical Services Corp.), 4.24%, (LIBOR + 3.00%), 12/01/23@   382,400    383,954 
HLF Financing, 6.74%, (LIBOR + 5.50%), 02/15/23@   125,125    126,663 
INC Research Holdings, Inc., 3.49%, (LIBOR + 2.25%), 08/01/24@   205,000    205,954 
Tennessee Merger Sub, 3.99%, (LIBOR + 2.75%), 02/06/24@   335,411    329,963 
Valeant Pharmaceuticals International, Inc., 5.99%, (LIBOR + 4.75%), 04/01/22@   514,392    524,143 
Total Health Care        2,449,590 
           
Industrials – 1.4%          
Advanced Disposal Services, Inc. (fka ADS Waste Holdings, Inc.), 3.95%, (LIBOR + 2.75%), 11/10/23@   637,219    642,164 
American Airlines, Inc., 3.74%, (LIBOR + 2.50%), 04/28/23@   495,000    497,121 
Hayward Industries, Inc., 4.74%, (LIBOR + 3.50%), 08/05/24@   690,000    695,316 
Quikrete Holdings, Inc., 3.99%, (LIBOR + 2.75%), 11/15/23@   459,528    460,049 
TransDigm, Inc., 4.24%, (LIBOR + 3.00%), 06/04/21@   535,790    537,799 
TransDigm, Inc., 4.24%, (LIBOR + 3.00%), 06/09/23@   203,967    204,752 
TransDigm, Inc., 4.33%, (LIBOR + 3.00%), 08/22/24@   169,575    170,052 
United Airlines, Inc., 3.56%, (LIBOR + 2.25%), 04/01/24@   427,850    429,902 
Total Industrials        3,637,155 
           
Information Technology – 0.6%          
Donnelley Financial Solutions, 7.25%, (LIBOR + 4.00%), 09/29/23@   80,571    81,126 
First Data Corp., 3.74%, (LIBOR + 2.50%), 04/26/24@   503,145    505,347 
Kronos, Inc., 4.81%, (LIBOR + 3.50%), 11/01/23@   330,507    332,779 
Rackspace Hosting, Inc., 4.31%, (LIBOR + 3.00%), 11/03/23@   802,312    802,412 
Total Information Technology        1,721,664 
           
Materials – 0.2%          
Ineos, 3.99%, (LIBOR + 2.75%), 03/31/22@   191,369    192,924 
Ineos U.S. Financing, 3.99%, (LIBOR + 2.75%), 04/01/24@   307,675    310,213 
Total Materials        503,137 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
TERM LOANS (continued)          
Real Estate – 0.1%          
Capital Automotive LP, 4.24%, (LIBOR + 3.00%), 03/25/24@  $72,625   $73,183 
Realogy Group, 3.49%, (LIBOR + 2.25%), 07/20/22@   286,458    288,160 
Total Real Estate        361,343 
           
Telecommunication Services – 0.8%          
CenturyLink, Inc., 2.75%, (LIBOR + 2.75%), 01/31/25@   365,000    354,278 
Level 3 Financing, Inc., 3.49%, (LIBOR + 2.25%), 02/22/24@   815,000    815,575 
UPC Financing Partnership, 3.98%, (LIBOR + 2.75%), 04/15/25@   485,000    487,085 
Virgin Media Bristol LLC, 3.98%, (LIBOR + 2.75%), 01/31/25@   465,000    467,181 
Total Telecommunication Services        2,124,119 
           
Utilities – 0.8%          
Calpine Corp., 4.09%, (LIBOR + 2.75%), 01/15/24@   438,898    438,511 
DYNEG, 4.49%, (LIBOR + 3.25%), 02/07/24@   622,594    626,125 
Energy Future Intermediate Holding Co. LLC, 4.24%, (LIBOR + 3.00%), 06/30/18@   370,000    372,313 
NRG Energy, 3.58%, (LIBOR + 2.25%), 06/30/23@   384,547    385,308 
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 3.99%, (LIBOR + 2.75%), 08/04/23@   227,870    228,607 
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 3.98%, (LIBOR + 2.75%), 08/04/23@   52,041    52,209 
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 3.98%, (LIBOR + 2.75%), 12/14/23@   68,483    68,796 
Total Utilities        2,171,869 
Total Term Loans
(Cost $25,020,185)		        25,064,167 
           
FOREIGN BONDS – 6.7%          
Consumer Discretionary – 0.0%**          
Delphi Corp. (United Kingdom), 4.15%, 03/15/24   130,000    138,107 
           
Consumer Staples – 0.5%          
BAT Capital Corp. (United Kingdom), 2.30%, 08/14/20‡   270,000    271,049 
BAT Capital Corp. (United Kingdom), 2.76%, 08/15/22‡   805,000    810,425 
BAT Capital Corp. (United Kingdom), 3.22%, 08/15/24‡   270,000    271,071 
Total Consumer Staples        1,352,545 
           
Energy – 0.6%          
Petrobras Global Finance BV (Brazil), 8.38%, 05/23/21   450,000    521,325 
Petrobras Global Finance BV (Brazil), 5.30%, 01/27/25‡   85,000    84,979 
Petroleos Mexicanos (Mexico), 4.88%, 01/24/22   905,000    951,381 
Total Energy        1,557,685 
           
Financials – 2.0%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Netherlands), 4.50%, 05/15/21   405,000    428,861 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Netherlands), 3.95%, 02/01/22   150,000    156,283 
Brookfield Finance LLC (Canada), 4.00%, 04/01/24   561,000    581,875 
Guanay Finance Ltd. (Chile), 6.00%, 12/15/20‡   671,822    691,977 
HSBC Holdings PLC (United Kingdom), 2.95%, 05/25/21   640,000    650,295 
Industrial & Commercial Bank of China Ltd. (China), 3.23%, 11/13/19   475,000    482,664 
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/21   785,000    773,564 
Nordea Bank AB (Sweden), 1.63%, 09/30/19‡   940,000    934,494 
TC Ziraat Bankasi AS (Turkey), 5.13%, 05/03/22‡   370,000    376,790 
Turkiye Vakiflar Bankasi TAO (Turkey), 5.63%, 05/30/22‡   360,000    366,408 
Total Financials        5,443,211 
           
Industrials – 0.6%          
British Airways Class B Pass Through Trust (United Kingdom), 5.63%, 06/20/20‡   192,737    201,652 
CNH Industrial NV (United Kingdom), 4.50%, 08/15/23(a)   741,000    786,571 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
FOREIGN BONDS (continued)          
Industrials (continued)          
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, Series 2012-1A (Guernsey), 5.13%, 11/30/22‡  $646,406   $672,603 
Total Industrials        1,660,826 
           
Materials – 1.8%          
Anglo American Capital PLC (United Kingdom), 3.63%, 09/11/24‡(a)   680,000    679,128 
FMG Resources Pty Ltd. (Australia), 9.75%, 03/01/22‡   650,000    732,550 
Glencore Funding LLC (Switzerland), 4.13%, 05/30/23‡   640,000    667,111 
NOVA Chemicals Corp. (Canada), 4.88%, 06/01/24‡   70,000    71,050 
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡   545,000    554,537 
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu (New Zealand), 4.80%, (3-Month USD LIBOR + 3.50%), 07/15/21@‡   670,000    685,075 
Rusal Capital Dac (Russia), 5.13%, 02/02/22‡   385,000    392,590 
Severstal OAO Via Steel Capital SA (Russia), 3.85%, 08/27/21‡   645,000    660,861 
Vale Overseas Ltd. (Brazil), 5.88%, 06/10/21   275,000    303,050 
Total Materials        4,745,952 
           
Sovereign Government – 1.0%          
Argentine Republic Government International Bond (Argentina), 6.88%, 04/22/21   355,000    387,616 
Argentine Republic Government International Bond (Argentina), 5.63%, 01/26/22   235,000    247,337 
Costa Rica Government International Bond (Costa Rica), 4.38%, 04/30/25‡   535,000    528,313 
Indonesia Government International Bond (Indonesia), 3.70%, 01/08/22‡   455,000    472,604 
Oman Government International Bond (Oman), 3.63%, 06/15/21‡   690,000    695,195 
Provincia de Buenos Aires/Argentina (Argentina), 6.50%, 02/15/23‡   255,000    269,448 
Total Sovereign Government        2,600,513 
           
Utilities – 0.2%          
State Grid Overseas Investment 2014 Ltd. (China), 2.75%, 05/07/19‡   500,000    505,095 
Total Foreign Bonds
(Cost $17,697,668)		        18,003,934 
           
U.S. GOVERNMENT AGENCY SECURITIES – 5.4%          
Federal National Mortgage Association, 2.50%, 02/01/31   1,069,281    1,077,733 
Federal National Mortgage Association, 2.50%, 08/01/31   242,599    244,516 
Federal National Mortgage Association, 3.00%, 10/01/30   720,207    741,793 
Federal National Mortgage Association, 3.00%, 10/01/30   519,785    534,579 
Federal National Mortgage Association, 3.50%, 12/01/46   1,196,628    1,234,876 
Federal National Mortgage Association, 3.50%, 01/01/47   1,763,963    1,820,345 
Federal National Mortgage Association, 3.50%, 07/01/47   1,406,106    1,451,049 
Federal National Mortgage Association, 4.00%, 01/01/46   711,604    749,876 
Federal National Mortgage Association, 4.00%, 04/01/47   1,261,797    1,329,756 
Federal National Mortgage Association, 4.00%, 07/01/47   2,300,470    2,424,370 
Federal National Mortgage Association, 4.00%, 08/01/47   2,476,567    2,609,951 
Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37   34,949    36,054 
Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41   134,033    136,017 
Total U.S. Government Agency Securities
(Cost $14,421,028)		        14,390,915 
           
U.S. TREASURY NOTES – 1.7%          
U.S. Treasury Note, 12/15/19, 1.38%   1,500,000    1,495,576 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited) 

 

Investments  Principal/
Shares		   Value 
U.S. TREASURY NOTES (continued)          
U.S. Treasury Note, 01/31/22, 1.88%  $3,000,000   $3,001,934 
Total U.S. Treasury Notes
(Cost $4,491,445)		        4,497,510 
           
MONEY MARKET FUND – 2.2%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.87%(c)
(Cost $5,865,627)		   5,865,627    5,865,627 
           
REPURCHASE AGREEMENTS – 0.7%(d)          
Citigroup Global Markets, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $452,101, (collateralized by various U.S. Government Agency Obligations, 1.90%-9.00%, 12/01/17-06/01/51, totaling $459,725)  $452,060    452,060 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $452,100, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $459,865)   452,060    452,060 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $452,101, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $459,665)   452,060    452,060 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $452,100, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $459,700)   452,060    452,060 
Royal Bank of Scotland PLC, dated 09/29/17, due 10/02/17, 1.05%, total to be received $133,984, (collateralized by various U.S. Government Agency Obligations, 0.49%-3.50%, 10/31/17-11/15/42, totaling $135,901)  133,972   133,972 
Total Repurchase Agreements
(Cost $1,942,212)		        1,942,212 
Total Investments – 100.6%
(Cost $268,300,888)		        269,594,720 
Liabilities in Excess of Other Assets – (0.6%)        (1,637,995)
Net Assets – 100.0%       $267,956,725 

 

 

LP - Limited Partnership

PLC - Public Limited Company

 

#Perpetual security with no stated maturity date.
@Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2017.

* Adjustable rate security with an interest rate that is not based on a published reference index and spread.  The rate is based on the structure of the agreement and current market conditions.

**Less than 0.05%.
‡Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.  Unless otherwise noted, 144A securities are deemed to be liquid.
(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,155,447; the aggregate market value of the collateral held by the fund is $2,204,802.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $262,590.
(b)This loan will settle after September 30, 2017 at which time the interest rate will be determined.
(c)Rate shown reflects the 7-day yield as of September 30, 2017.
(d)Collateral received from brokers for securities lending was invested in these short-term investments.

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Asset Backed Securities   27.2%
Commercial Mortgage Backed Securities   5.9 
Consumer Discretionary   6.0 
Consumer Staples   1.6 
Energy   2.3 
Federal Home Loan Mortgage Corporation   5.4 
Financials   11.6 
Health Care   2.8 
Industrials   4.2 
Information Technology   2.4 
Materials   2.1 
Real Estate   1.8 
Residential Mortgage Backed Securities   17.7 
Sovereign Government   1.0 
Telecommunication Services   2.7 
U.S. Government Agency Securities   0.1 
U.S. Treasury Notes   1.7 
Utilities   1.2 
Money Market   2.2 
Repurchase Agreements   0.7 
Total Investments   100.6 
Liabilities in Excess of Other Assets   (0.6)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
TERM LOANS – 76.1%          
Advertising – 1.6%          
Acosta, Inc., 4.48%, (1-Month LIBOR + 3.25%), 09/26/21@  $486,222   $432,130 
           
Aerospace & Defense – 1.6%          
TransDigm, Inc., 4.24%, (1-Month LIBOR + 3.00%), 06/09/23@   282,476    283,562 
TransDigm, Inc., 4.33%, (3-Month LIBOR + 3.00%), 06/09/23@   152,112    152,689 
Total Aerospace & Defense        436,251 
           
Auto Parts & Equipment – 2.3%          
Cooper-Standard Automotive, Inc., 3.58%, (3-Month LIBOR + 2.25%), 11/02/23@   226,097    227,322 
Federal-Mogul Holdings LLC, 4.98%, (1-Month LIBOR + 3.75%), 04/15/21@   289,077    291,142 
Federal-Mogul Holdings LLC, 4.99%, (1-Month LIBOR + 3.75%), 04/15/21@   95,676    96,359 
Total Auto Parts & Equipment        614,823 
           
Building Materials – 2.7%          
GYP Holdings III Corp., 4.31%, (3-Month LIBOR + 3.00%), 04/01/23@   487,528    491,592 
Quikrete Holdings, Inc., 3.99%, (1-Month LIBOR + 2.75%), 11/15/23@   249,372    249,655 
Total Building Materials        741,247 
           
Chemicals – 1.7%          
Avantor Performance Materials Holdings LLC, 5.24%, (12-Month LIBOR + 4.00%), 09/20/24@   250,000    251,043 
MacDermid, Inc., 4.24%, (1-Month LIBOR + 3.00%), 06/07/23@   203,968    205,285 
Total Chemicals        456,328 
           
Coal – 1.6%          
Arch Coal, Inc., 5.24%, (1-Month LIBOR + 4.00%), 03/07/24@   249,373    250,932 
Peabody Energy Corp., 4.74%, (1-Month LIBOR + 3.50%), 03/31/22@   170,428    171,653 
Total Coal        422,585 
           
Commercial Services – 4.1%          
Allied Universal Holdco LLC, 5.08%, (3-Month LIBOR + 3.75%), 07/28/22@  249,367   249,134 
Brightview Landscapes LLC, 4.23%, (1-Month LIBOR + 3.00%), 12/18/20@   107,239    107,848 
Brightview Landscapes LLC, 4.24%, (1-Month LIBOR + 3.00%), 12/18/20@   132,124    132,876 
Brightview Landscapes LLC, 7.73%, (1-Month LIBOR + 6.50%), 12/17/21@   117,021    117,771 
Camelot Finance LP, 4.74%, 10/03/23@,*   244,392    245,690 
Garda World Security Corp., 7.25%, (Prime + 3.00%), 05/24/24 (Canada)@   250,000    252,865 
Total Commercial Services        1,106,184 
           
Computers – 1.5%          
Western Digital Corp., 3.98%, (1-Month LIBOR + 2.75%), 04/29/23@   395,015    398,053 
           
Distribution / Wholesale – 5.5%          
Nexeo Solutions LLC, 5.06%, (3-Month LIBOR + 3.75%), 06/09/23@   166,412    167,799 
Nexeo Solutions LLC, 5.07%, (3-Month LIBOR + 3.75%), 06/09/23@   164,122    165,489 
Nexeo Solutions LLC, 5.08%, (3-Month LIBOR + 3.75%), 06/09/23@   163,234    164,594 
Spin Holdco, Inc., 5.01%, (2-Month + 3.75%), 11/14/22@   489,362    492,176 
Univar USA, Inc., 3.98%, (1-Month LIBOR + 2.75%), 07/01/22@   490,047    492,536 
Total Distribution / Wholesale        1,482,594 
           
Electric – 1.8%          
Vistra Operations Co. LLC, 3.98%, (1-Month LIBOR + 2.75%), 12/14/23@   496,250    498,523 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
TERM LOANS (continued)
Food – 3.0%
Albertson's LLC, 4.32%, (3-Month LIBOR + 3.00%), 06/22/23@  $347,348   $334,446 
U.S. Foods, Inc., 3.98%, (1-Month LIBOR + 2.75%), 06/27/23@   487,484    490,967 
Total Food        825,413 
           
Hand / Machine Tools – 1.7%          
Apex Tool Group LLC, 4.50%, (1-Month LIBOR + 3.25%), 01/31/20@   481,224    469,194 
           
Healthcare - Services – 2.0%          
Air Medical Group Holdings, Inc., 4.48%, (1-Month LIBOR + 3.25%), 04/28/22@   249,362    247,928 
CHS/Community Health Systems, Inc., 4.07%, (3-Month LIBOR + 2.75%), 12/31/19@   106,742    106,253 
CHS/Community Health Systems, Inc., 4.32%, (3-Month LIBOR + 3.00%), 01/27/21@   197,718    196,692 
Total Healthcare - Services        550,873 
           
Household Products / Wares – 1.8%          
Prestige Brands, Inc., 3.98%, (1-Month LIBOR + 2.75%), 01/26/24@   486,662    489,659 
           
Information Technology – 0.9%          
McAfee LLC, 5.74, (12-Month LIBOR + 4.50%), 09/27/24@   250,000    251,469 
           
Insurance – 1.8%          
HUB International Ltd., 4.31%, (3-Month LIBOR + 3.00%), 10/02/20@   243,073    244,962 
VF Holdings Corp., 4.48%, (1-Month LIBOR + 3.25%), 06/30/23@   249,370    250,618 
Total Insurance        495,580 
           
Internet – 1.8%          
Uber Technologies, Inc., 5.24%, (1-Month LIBOR + 4.00%), 07/13/23@   495,000    498,173 
           
Leisure Time – 1.8%          
24 Hour Fitness Worldwide, Inc., 5.05%, (3-Month LIBOR + 3.75%), 05/28/21@  243,090   242,788 
BRP US, Inc., 4.24%, (1-Month LIBOR + 3.00%), 06/30/23@   247,500    249,135 
Total Leisure Time        491,923 
           
Lodging – 3.5%          
Caesars Entertainment Resort Properties LLC, 4.74%, (1-Month LIBOR + 3.50%), 10/09/20@   243,056    243,815 
Caesars Growth Properties Holdings LLC, 4.33%, (1-Month LIBOR + 3.00%), 05/10/21@   243,125    243,772 
Hilton Worldwide Finance LLC, 3.24%, (1-Month LIBOR + 2.00%), 10/25/23@   204,565    205,626 
Playa Resorts Holding BV, 4.32%, (3-Month LIBOR + 3.00%), 04/29/24@   249,375    248,315 
Total Lodging        941,528 
           
Machinery - Diversified – 1.5%          
RBS Global, Inc., 3.98%, (1-Month LIBOR + 2.75%), 08/21/23@   37,475    37,659 
RBS Global, Inc., 3.99%, (1-Month LIBOR + 2.75%), 08/21/23@   12,983    13,047 
RBS Global, Inc., 4.06%, (3-Month LIBOR + 2.75%), 08/21/23@   194,742    195,697 
RBS Global, Inc., 4.08%, (3-Month LIBOR + 2.75%), 08/21/23@   168,776    169,604 
Total Machinery - Diversified        416,007 
           
Media – 3.5%          
Altice US Finance I Corp., 3.49%, (1-Month LIBOR + 2.25%), 07/28/25@   245,582    244,846 
iHeartCommunications, Inc., 8.08%, (3-Month LIBOR + 6.75%), 01/30/19@   250,000    194,128 
Virgin Media Bristol LLC, 3.98%, (1-Month LIBOR + 2.75%), 01/31/25@   500,000    502,345 
Total Media        941,319 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal   Value 
TERM LOANS (continued)          
Metal Fabricate / Hardware – 0.9%          
Crosby U.S. Acquisition Corp., 4.31%, (3-Month LIBOR + 3.00%), 11/23/20@  $249,352   $231,689 
           
Miscellaneous Manufacturing – 1.1%          
Gates Global LLC, 4.58%, (3-Month LIBOR + 3.25%), 03/29/24@   299,191    300,856 
           
Oil & Gas – 2.0%          
Chesapeake Energy Corp., 8.81%, (3-Month LIBOR + 7.50%), 08/23/21@   500,000    540,313 
           
Packaging & Containers – 5.3%          
Proampac PG Borrower LLC, 5.24%, (1-Month LIBOR + 4.00%), 11/20/23@   231,562    234,131 
Proampac PG Borrower LLC, 5.31%, (3-Month LIBOR + 4.00%), 11/20/23@   115,318    116,597 
Proampac PG Borrower LLC, 5.32%, (3-Month LIBOR + 4.00%), 11/20/23@   149,370    151,027 
Proampac PG Borrower LLC, 7.25%, (Prime + 3.00%), 11/20/23@   1,250    1,264 
Reynolds Group Holdings, Inc., 3.98%, (1-Month LIBOR + 3.00%), 02/05/23@   445,854    448,041 
SIG Combibloc, 4.00%, (1-Month LIBOR + 3.00%), 03/11/22 (Luxembourg)@   425,313    427,440 
SIG Combibloc, 4.24%, (1-Month LIBOR + 3.00%), 03/11/22 (Luxembourg)@   47,901    48,141 
Total Packaging & Containers        1,426,641 
           
Pharmaceuticals – 1.5%          
Valeant Pharmaceuticals International, Inc., 5.99%, (1-Month LIBOR + 4.75%), 04/01/22@   402,365    409,992 
           
Real Estate – 1.8%          
DTZ US Borrower LLC, 4.56%, (3-Month LIBOR + 3.25%), 11/04/21@   146,811    147,349 
DTZ US Borrower LLC, 4.57%, (3-Month LIBOR + 3.25%), 11/04/21@   326,703    327,900 
DTZ US Borrower LLC, 4.58%, (3-Month LIBOR + 3.25%), 11/04/21@   20,173    20,247 
Total Real Estate        495,496 
           
Retail – 12.0%          
1011778 BC ULC, 3.49%, (1-Month LIBOR + 2.25%), 02/16/24 (Canada)@   226,255    226,198 
1011778 BC ULC, 3.58%, (3-Month LIBOR + 2.25%), 02/16/24 (Canada)@   144,855    144,819 
CEC Entertainment, Inc., 4.24%, (1-Month LIBOR + 3.00%), 02/15/21@   486,146    483,159 
Michaels Stores, Inc., 3.98%, (1-Month LIBOR + 2.75%), 01/27/23@   199,677    199,784 
Neiman Marcus Group Ltd. LLC, 4.48%, (1-Month LIBOR + 3.25%), 10/25/20@   487,374    364,594 
Petco Animal Supplies, Inc., 4.31%, (3-Month LIBOR + 3.00%), 01/26/23@   494,975    410,005 
PetSmart, Inc., 4.24%, (1-Month LIBOR + 3.00%), 03/10/22@   488,750    414,724 
Rite Aid Corp., 5.99%, (1-Month LIBOR + 4.75%), 08/21/20@   250,000    252,396 
Smart & Final Stores LLC, 4.83%, (3-Month LIBOR + 3.50%), 11/15/22@   250,000    241,796 
SRS Distribution Inc., 4.48%, (1-Month LIBOR + 3.25%), 08/25/22@   290,709    293,677 
SRS Distribution Inc., 4.58%, (3-Month LIBOR + 3.25%), 08/25/22@   204,254    206,339 
Total Retail        3,237,491 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal/
Shares		   Value 
TERM LOANS (continued)          
Semiconductors – 1.3%          
Microsemi Corp., 3.55%, (3-Month LIBOR + 2.25%), 01/15/23@  $93,963   $94,269 
ON Semiconductor Corp., 3.49%, (1-Month LIBOR + 2.25%), 03/31/23@   252,233    253,429 
Total Semiconductors        347,698 
           
Software – 1.6%          
Infor US, Inc., 4.08%, (3-Month LIBOR + 2.75%), 02/01/22@   181,109    180,897 
Solera LLC, 4.48%, (1-Month LIBOR + 3.25%), 03/03/23@   246,250    247,341 
Total Software        428,238 
           
Telecommunications – 0.9%          
Frontier Communications Corp., 4.99%, (1-Month LIBOR + 3.75%), 06/15/24@   249,375    237,531 
Total Term Loans
(Cost $20,918,256)		        20,615,801 
           
CORPORATE BONDS – 9.2%          
Commercial Services – 1.9%          
Ahern Rentals, Inc., 7.38%, 05/15/23‡   250,000    230,000 
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 05/15/23‡   250,000    276,515 
Total Commercial Services        506,515 
           
Diversified Financial Services – 1.0%          
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.38%, 04/01/20‡   250,000    258,750 
           
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    128,125 
MGM Resorts International, 6.75%, 10/01/20   250,000    276,250 
Total Lodging        404,375 
           
Media – 1.0%          
CSC Holdings LLC, 6.63%, 10/15/25‡  250,000   274,375 
           
Retail – 0.9%          
Golden Nugget, Inc., 6.75%, 10/15/24‡   250,000    253,438 
           
Telecommunications – 2.0%          
Sprint Communications, Inc., 6.00%, 11/15/22   250,000    268,255 
T-Mobile USA, Inc., 6.38%, 03/01/25   250,000    269,800 
Total Telecommunications        538,055 
Total Corporate Bonds
(Cost $2,416,813)		        2,493,633 
           
FOREIGN BOND – 0.5%          
Food – 0.5%          
JBS USA LUX SA / JBS USA Finance, Inc., 7.25%, 06/01/21 (Brazil)
(Cost $126,122)‡		   125,000    128,125 
           
MONEY MARKET FUND – 21.4%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.87%(a)
(Cost $5,787,370)		   5,787,370    5,787,370 
Total Investments – 107.2%
(Cost $29,248,561)		        29,024,929 
Liabilities in Excess of Other Assets – (7.2%)        (1,959,621)
Net Assets – 100.0%       $27,065,308 

 

 

LP - Limited Partnership

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

 

@Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2017.

* Adjustable rate security with an interest rate that is not based on a published reference index and spread.  The rate is based on the

structure of the agreement and current market conditions.

‡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 September 30, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Advertising   1.6%
Aerospace & Defense   1.6 
Auto Parts & Equipment   2.3 
Building Materials   2.7 
Chemicals   1.7 
Coal   1.6 
Commercial Services   6.0 
Computers   1.5 
Distribution / Wholesale   5.5 
Diversified Financial Services   1.0 
Electric   1.8 
Food   3.5 
Hand / Machine Tools   1.7 
Healthcare - Services   2.0 
Home Builders   0.9 
Household Products / Wares   1.8 
Information Technology   0.9 
Insurance   1.8 
Internet   1.8 
Leisure Time   1.8 
Lodging   5.0 
Machinery - Diversified   1.5 
Media   4.5 
Metal Fabricate / Hardware   0.9 
Miscellaneous Manufacturing   1.1 
Oil & Gas   2.0 
Packaging & Containers   5.3 
Pharmaceuticals   1.5 
Real Estate   1.8
Retail   12.9 
Semiconductors   1.3 
Software   1.6 
Telecommunications   2.9 
Money Market Fund   21.4 
Total Investments   107.2 
Liabilities in Excess of Other Assets   (7.2)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF

Schedule of Investments (continued)

 

September 30, 2017

 

 

Total Return Swaps contracts outstanding as of September 30, 2017:

 

Reference Entity  Number of
Contracts		   Annual
Financing
 Rate Received
(Paid)		   Payment
Frequency		  Termination
Date		  Notional
Amounts		   Fair
Value		   Unrealized
Appreciation/
(Depreciation)		 
iBoxx USD Liquid Leveraged Loans Index   4,000,000    (1.15)%  Quarterly  12/20/2017  $4,000,000   $3,991,151   $(8,849)

 

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

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS – 73.2%          
Aerospace/Defense – 1.2%          
Triumph Group, Inc., 7.75%, 08/15/25‡  $1,799,000   $1,897,945 
           
Agriculture – 1.0%          
Alliance One International, Inc., 8.50%, 04/15/21‡(a)   1,503,000    1,570,635 
           
Auto Parts & Equipment – 1.1%          
Titan International, Inc., 6.88%, 10/01/20(a)   1,636,000    1,688,966 
           
Banks – 0.3%          
Provident Funding Associates LP / PFG Finance Corp., 6.38%, 06/15/25‡   488,000    513,620 
           
Beverages – 0.8%          
Beverages & More, Inc., 11.50%, 06/15/22‡   1,347,000    1,266,180 
           
Biotechnology – 1.7%          
AMAG Pharmaceuticals, Inc., 7.88%, 09/01/23‡(a)   2,670,000    2,716,725 
           
Chemicals – 4.1%          
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23‡(a)   2,276,000    2,432,475 
Hexion, Inc., 10.00%, 04/15/20   2,469,000    2,376,412 
Tronox Finance PLC, 5.75%, 10/01/25‡   1,687,000    1,733,393 
Total Chemicals        6,542,280 
           
Commercial Services – 4.1%          
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25‡   892,000    967,820 
Hertz Corp. (The), 7.63%, 06/01/22‡   1,350,000    1,395,562 
Quad/Graphics, Inc., 7.00%, 05/01/22(a)   1,603,000    1,651,090 
StoneMor Partners LP / Cornerstone Family Services of West Virginia Subsidiary, 7.88%, 06/01/21(a)   2,674,000    2,580,410 
Total Commercial Services        6,594,882 
           
Computers – 2.4%          
Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 07/15/23‡   1,392,000    1,374,600 
Harland Clarke Holdings Corp., 9.25%, 03/01/21‡   2,302,000    2,376,815 
Total Computers        3,751,415 
           
Cosmetics / Personal Care – 0.2%          
High Ridge Brands Co., 8.88%, 03/15/25‡   408,000    390,660 
           
Distribution / Wholesale – 0.6%          
H&E Equipment Services, Inc., 5.63%, 09/01/25‡   964,000    1,019,430 
           
Diversified Financial Services – 5.8%          
CNG Holdings, Inc., 9.38%, 05/15/20‡   2,533,000    2,229,040 
CSTN Merger Sub, Inc., 6.75%, 08/15/24‡   1,669,000    1,666,914 
Enova International, Inc., 8.50%, 09/01/24‡   1,446,000    1,451,422 
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 7.25%, 08/15/24‡   1,750,000    1,758,750 
Navient Corp., 6.75%, 06/25/25   1,124,000    1,171,770 
VFH Parent LLC / Orchestra Co.-Issuer, Inc., 6.75%, 06/15/22‡   892,000    931,025 
Total Diversified Financial Services        9,208,921 
           
Electrical Components & Equipment – 1.7%          
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡   2,608,000    2,634,080 
           
Energy - Alternate Sources – 1.0%          
Enviva Partners LP / Enviva Partners Finance Corp., 8.50%, 11/01/21   1,458,000    1,558,237 
           
Environmental Control – 1.0%          
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25‡(a)   1,620,000    1,666,575 
           
Food – 4.5%          
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡(a)   2,791,000    2,553,765 
Pilgrim's Pride Corp., 5.88%, 09/30/27‡   1,100,000    1,126,125 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Food (continued)          
Simmons Foods, Inc., 7.88%, 10/01/21‡  $1,558,000   $1,655,959 
SUPERVALU, Inc., 6.75%, 06/01/21(a)   1,893,000    1,803,083 
Total Food        7,138,932 
           
Healthcare - Products – 3.6%          
Avantor, Inc., 9.00%, 10/01/25‡   1,500,000    1,536,570 
Greatbatch Ltd., 9.13%, 11/01/23‡   1,484,000    1,622,398 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.63%, 10/15/23‡(a)   2,692,000    2,527,115 
Total Healthcare - Products        5,686,083 
           
Healthcare - Services – 2.9%          
Kindred Healthcare, Inc., 8.75%, 01/15/23   1,750,000    1,640,450 
Tenet Healthcare Corp., 7.00%, 08/01/25‡(a)   1,352,000    1,274,260 
West Street Merger Sub, Inc., 6.38%, 09/01/25‡   1,687,000    1,687,000 
Total Healthcare - Services        4,601,710 
           
Home Builders – 0.9%          
Beazer Homes USA, Inc., 5.88%, 10/15/27‡   1,500,000    1,503,750 
           
Iron / Steel – 3.2%          
AK Steel Corp., 6.38%, 10/15/25(a)   1,669,000    1,652,310 
Big River Steel LLC / BRS Finance Corp., 7.25%, 09/01/25‡   1,585,000    1,685,647 
United States Steel Corp., 6.88%, 08/15/25   1,666,000    1,711,815 
Total Iron / Steel        5,049,772 
           
Leisure Time – 1.1%          
Viking Cruises Ltd., 5.88%, 09/15/27‡   1,687,000    1,697,038 
           
Lodging – 0.4%          
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25‡   715,000    704,275 
           
Machinery - Diversified – 2.2%          
JPW Industries Holding Corp., 9.00%, 10/01/24‡   1,684,000    1,730,310 
Xerium Technologies, Inc., 9.50%, 08/15/21   1,657,000    1,719,138 
Total Machinery - Diversified        3,449,448 
           
Media – 1.3%          
Lee Enterprises, Inc., 9.50%, 03/15/22‡(a)   2,062,000    2,152,213 
           
Miscellaneous Manufacturing – 0.8%          
Techniplas LLC, 10.00%, 05/01/20‡   1,702,000    1,199,910 
           
Oil & Gas – 6.2%          
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.50%, 01/15/21‡   1,428,000    1,661,835 
Carrizo Oil & Gas, Inc., 8.25%, 07/15/25   1,162,000    1,268,033 
Diamond Offshore Drilling, Inc., 7.88%, 08/15/25(a)   1,669,000    1,771,226 
Extraction Oil & Gas, Inc., 7.38%, 05/15/24‡   1,630,000    1,703,350 
Sanchez Energy Corp., 7.75%, 06/15/21(a)   1,556,000    1,482,090 
Southwestern Energy Co., 7.50%, 04/01/26(a)   964,000    1,003,765 
Southwestern Energy Co., 7.75%, 10/01/27   964,000    1,001,355 
Total Oil & Gas        9,891,654 
           
Oil & Gas Services – 2.2%          
Jonah Energy LLC / Jonah Energy Finance Corp., 7.25%, 10/15/25‡   1,750,000    1,767,500 
SESI LLC, 7.75%, 09/15/24‡(a)   1,675,000    1,737,812 
Total Oil & Gas Services        3,505,312 
           
Pharmaceuticals – 1.6%          
Horizon Pharma, Inc./Horizon Pharma USA, Inc., 8.75%, 11/01/24‡   2,486,000    2,616,515 
           
Pipelines – 3.9%          
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23   1,428,000    1,479,765 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Pipelines (continued)          
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/01/25  $1,687,000   $1,676,456 
Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.25%, 02/15/21   1,557,000    1,599,818 
SemGroup Corp., 7.25%, 03/15/26‡   1,446,000    1,460,460 
Total Pipelines        6,216,499 
           
Retail – 3.6%          
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20(a)   2,472,000    2,360,760 
Golden Nugget, Inc., 8.75%, 10/01/25‡(a)   1,687,000    1,720,740 
Guitar Center, Inc., 6.50%, 04/15/19‡(a)   1,747,000    1,594,137 
Total Retail        5,675,637 
           
Semiconductors – 1.1%          
Amkor Technology, Inc., 6.38%, 10/01/22   1,694,000    1,756,339 
           
Software – 2.1%          
Ascend Learning LLC, 6.88%, 08/01/25‡   1,486,000    1,571,445 
CURO Financial Technologies Corp., 12.00%, 03/01/22‡   1,604,000    1,728,310 
Total Software        3,299,755 
           
Telecommunications – 4.6%          
Frontier Communications Corp., 11.00%, 09/15/25   2,653,000    2,261,683 
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 12.50%, 07/01/22‡   1,286,000    1,469,255 
ViaSat, Inc., 5.63%, 09/15/25‡   1,687,000    1,706,063 
Windstream Services LLC, 7.75%, 10/01/21(a)   2,501,000    1,863,245 
Total Telecommunications        7,300,246 
Total Corporate Bonds
(Cost $115,654,173)		        116,465,639 
           
TERM LOANS – 19.3%          
Coal – 2.5%          
Foresight Energy LLC, 7.08%, (3-Month Libor + 5.75%), 03/16/22@   1,990,000    1,868,122 
Murray Energy Corp., 9.08%, (3-Month Libor + 7.75%), 04/16/20@   2,233,078    2,051,082 
Total Coal        3,919,204 
           
Commercial Services – 3.0%          
Constellis Holdings LLC, 6.33%, (3-Month Libor + 5.00%), 04/13/24@   1,995,000    1,998,741 
Jackson Hewitt Tax Service, Inc., 8.31%, (3-Month Libor + 7.00%), 07/24/20@   2,830,849    2,738,846 
Total Commercial Services        4,737,587 
           
Electronics – 2.8%          
Isola USA Corp., 0.00%, (3-Month Libor + 8.25%), 11/29/18^@   4,171,105    2,510,483 
KEMET Corp., 7.24%, (1-Month Libor + 6.00%), 04/26/24@   1,975,000    1,987,344 
Total Electronics        4,497,827 
           
Food – 2.9%          
Flavors Holdings, Inc., 7.08%, (3-Month Libor + 5.75%), 04/03/20@   2,428,557    2,313,200 
Shearer's Foods LLC, 8.08%, (3-Month Libor + 6.75%), 06/30/22@   2,431,000    2,321,605 
Total Food        4,634,805 
           
Forest Products & Paper – 2.2%          

Appvion, Inc., 7.75%,(1-Month

Libor + 6.50%), 06/28/19@

   743,583    711,980 
Appvion, Inc., 7.83%, (3-Month Libor + 6.50%), 06/28/19@   1,275,442    1,221,236 
Verso Paper Holdings LLC, 12.32%, (3-Month Libor + 11.00%), 10/14/21@   1,532,069    1,556,965 
Total Forest Products & Paper        3,490,181 
           
Office/Business Equipment – 1.2%          
Eastmen Kodak Co., 7.58%, (3-Month Libor + 6.25%), 09/03/19@   1,995,612    1,971,924 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Principal
/Shares		   Value 
TERM LOANS (continued)          
Oil & Gas – 1.9%          
Osum Production Corp., 6.83%, (3-Month Libor + 5.50%), 07/31/20@  $3,823,254   $3,058,603 
           
Telecommunications – 1.5%          
Global Tel*Link Corp., 9.08%, (3-Month Libor + 7.75%), 11/20/20@   2,375,000    2,371,046 
           
Transportation – 1.3%          
YRC Worldwide, Inc., 9.74%, (1-Month Libor + 8.50%), 07/21/22@   2,082,943    2,043,888 
           
Total Term Loans
(Cost $33,256,438)		        30,725,065 
           
FOREIGN BONDS – 8.1%          
Auto Manufacturers – 0.8%          
Mclaren Finance PLC, 5.75%, 08/01/22 (United Kingdom)‡   1,250,000    1,291,250 
           
Food – 1.2%          
JBS USA LUX SA / JBS USA Finance, Inc., 8.25%, 02/01/20 (Brazil)‡(a)   1,864,000    1,891,960 
           
Home Builders – 0.8%          
Mattamy Group Corp., 6.50%, 10/01/25 (Canada)‡   1,250,000    1,287,500 
           
Mining – 2.0%          
IAMGOLD Corp., 7.00%, 04/15/25 (Canada)‡   1,680,000    1,778,700 
Taseko Mines Ltd., 8.75%, 06/15/22 (Canada)‡   1,347,000    1,373,940 
Total Mining        3,152,640 
           
Oil & Gas – 1.2%          
Precision Drilling Corp., 7.75%, 12/15/23 (Canada)   1,864,000    1,910,600 
           
Transportation – 2.1%          
Global Ship Lease, Inc., 10.00%, 04/01/19 (United Kingdom)‡   3,262,000    3,294,620 
           
Total Foreign Bonds
(Cost $12,431,668)		        12,828,570 
           
MONEY MARKET FUNDS – 4.3%          
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.93%(b)(c)   1,418,000    1,418,000 
Federated Government Obligations Fund, Institutional Class, 0.92%(b)(c)   665,000    665,000 
Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class, 0.95%(b)(c)   792,000    792,000 
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.90%(b)(c)   792,000    792,000 
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.87%(b)   902,348    902,348 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.90%(b)(c)   951,000    951,000 
STIT - Government & Agency Portfolio, Institutional Class, 0.93%(b)(c)   1,377,000    1,377,000 
Total Money Market Funds
(Cost $6,897,348)		        6,897,348 
           
REPURCHASE AGREEMENTS – 16.0%(c)          
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $7,330,526, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $7,456,431)   7,329,872    7,329,872 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
HSBC Securities USA, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $3,507,462, (collateralized by various U.S. Government Agency Obligations, 2.50%-6.50%, 05/01/22-08/01/47, totaling $3,567,601)  $3,507,155   $3,507,155 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $7,330,532, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $7,453,181)   7,329,872    7,329,872 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $7,330,513, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $7,453,757)   7,329,872    7,329,872 
Total Repurchase Agreements
(Cost $25,496,771)		        25,496,771 
Total Investments – 120.9%
(Cost $193,736,398)		        192,413,393 
Liabilities in Excess of Other Assets – (20.9%)        (33,307,861)
Net Assets – 100.0%       $159,105,532 

 

 

 LP - Limited Partnership

PLC - Public Limited Company

 

^Is in default.

@Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 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 $35,798,293; the aggregate market value of the collateral held by the fund is $36,664,077.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $5,172,306.
(b)Rate shown reflects the 7-day yield as of September 30, 2017.
(c)Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   1.2%
Agriculture   1.0 
Auto Manufacturers   0.8 
Auto Parts & Equipment   1.1 
Banks   0.3 
Beverages   0.8 
Biotechnology   1.7 
Chemicals   4.1 
Coal   2.5 
Commercial Services   7.1 
Computers   2.4 
Cosmetics / Personal Care   0.2 
Distribution / Wholesale   0.6 
Diversified Financial Services   5.8 
Electrical Components & Equipment   1.7 
Electronics   2.8 
Energy - Alternate Sources   1.0 
Environmental Control   1.0 
Food   8.6 
Forest Products & Paper   2.2 
Healthcare - Products   3.6 
Healthcare - Services   2.9 
Home Builders   1.7 
Iron / Steel   3.2 
Leisure Time   1.1 
Lodging   0.4 
Machinery - Diversified   2.2 
Media   1.3 
Mining   2.0 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Miscellaneous Manufacturing   0.8%
Office/Business Equipment   1.2 
Oil & Gas   9.3 
Oil & Gas Services   2.2 
Pharmaceuticals   1.6 
Pipelines   3.9 
Retail   3.6 
Semiconductors   1.1 
Software   2.1 
Telecommunications   6.1 
Transportation   3.4 
Money Market Funds   4.3 
Repurchase Agreements   16.0 
Total Investments   120.9 
Liabilities in Excess of Other Assets   (20.9)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
EXCHANGE TRADED FUND – 38.6%          
Debt Fund – 38.6%          
AdvisorShares Sage Core Reserves ETF†
(Cost $67,115,250)		   675,000   $67,132,125 
           
MONEY MARKET FUNDS – 19.7%          
Fidelity Institutional Money Market Government Portfolio - Class III, 0.66%(a)   33,764,944    33,764,944 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.90%(a)   500,000    500,000 
Total Money Market Funds
(Cost $34,264,944)		        34,264,944 
Total Investments Before Securities Sold, Not Yet Purchased
(Cost $101,380,194)		        101,397,069 
           
Securities Sold, Not Yet Purchased – (99.1)%          
COMMON STOCKS – (99.1)%          
Aerospace/Defense – (6.3)%          
TransDigm Group, Inc.   (20,000)   (5,113,000)
Triumph Group, Inc.   (195,000)   (5,801,250)
Total Aerospace/Defense        (10,914,250)
           
Apparel – (3.7)%          
Hanesbrands, Inc.   (70,000)   (1,724,800)
NIKE, Inc., Class B   (90,000)   (4,666,500)
Total Apparel        (6,391,300)
           
Auto Parts & Equipment – (3.2)%          
Cooper Tire & Rubber Co.   (149,100)   (5,576,340)
           
Chemicals – (2.1)%          
Axalta Coating Systems Ltd.*   (127,000)   (3,672,840)
           
Commercial Services – (2.2)%          
Avis Budget Group, Inc.*   (100,000)   (3,806,000)
           
Computers – (3.7)%          
NetScout Systems, Inc.*   (143,000)   (4,626,050)
Super Micro Computer, Inc.*   (83,023)   (1,834,808)
Total Computers        (6,460,858)
           
Diversified Financial Services – (5.8)%          
Alliance Data Systems Corp.   (24,000)   (5,317,200)
Credit Acceptance Corp.*   (16,800)   (4,706,856)
Total Diversified Financial Services        (10,024,056)
           
Electrical Components & Equipment – (3.3)%          
Energizer Holdings, Inc.   (75,000)   (3,453,750)
Hubbell, Inc.   (20,000)   (2,320,400)
Total Electrical Components & Equipment        (5,774,150)
           
Food – (1.7)%          
Kellogg Co.   (47,000)   (2,931,390)
           
Hand/Machine Tools – (4.9)%          
Snap-on, Inc.   (56,900)   (8,478,669)
           
Healthcare - Products – (3.9)%          
Inogen, Inc.*   (20,000)   (1,902,000)
NuVasive, Inc.*   (35,000)   (1,941,100)
Patterson Cos., Inc.   (75,000)   (2,898,750)
Total Healthcare - Products        (6,741,850)
           
Housewares – (2.7)%          
Newell Brands, Inc.   (110,000)   (4,693,700)
           
Leisure Time – (3.3)%          
Harley-Davidson, Inc.   (120,000)   (5,785,200)
           
Media – (4.5)%          
FactSet Research Systems, Inc.   (24,900)   (4,484,739)
Nexstar Media Group, Inc., Class A   (52,500)   (3,270,750)
Total Media        (7,755,489)
           
Miscellaneous Manufacturing – (2.9)%          
Actuant Corp., Class A   (200,624)   (5,135,974)
           
Pharmaceuticals – (5.8)%          
Express Scripts Holding Co.*   (75,000)   (4,749,000)
Prestige Brands Holdings, Inc.*   (107,185)   (5,368,897)
Total Pharmaceuticals        (10,117,897)
           
REITS – (10.6)%          
GGP, Inc.   (140,000)   (2,907,800)
Macerich Co. (The)   (103,000)   (5,661,910)
Simon Property Group, Inc.   (36,000)   (5,796,360)
Washington Prime Group, Inc.   (500,000)   (4,165,000)
Total REITS        (18,531,070)

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Retail – (10.6)%          
Burlington Stores, Inc.*   (40,000)  $(3,818,400)
Genuine Parts Co.   (41,000)   (3,921,650)
O'Reilly Automotive, Inc.*   (20,000)   (4,307,400)
Signet Jewelers Ltd.   (97,500)   (6,488,625)
Total Retail        (18,536,075)
           
Software – (10.7)%          
Fiserv, Inc.*   (27,000)   (3,481,920)
HubSpot, Inc.*   (65,000)   (5,463,250)
Medidata Solutions, Inc.*   (45,000)   (3,512,700)
Paychex, Inc.   (63,000)   (3,777,480)
Pegasystems, Inc.   (40,000)   (2,306,000)
Total Software        (18,541,350)
           
Telecommunications – (7.2)%          
Ciena Corp.*   (205,000)   (4,503,850)
Motorola Solutions, Inc.   (45,000)   (3,819,150)
Ubiquiti Networks, Inc.*   (75,000)   (4,201,500)
Total Telecommunications        (12,524,500)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(168,759,705)]        (172,392,958)
           
Total Investments – (40.8)%
(Cost $(67,379,511))		        (70,995,889)
Other Assets in Excess of Liabilities – 140.8%        245,027,758 
Net Assets – 100.0%       $174,031,869 

 

 

ETF - Exchange Traded Fund

REITS - Real Estate Investment Trusts

 

†Affiliated Company.
*Non-income producing security.
(a)Rate shown reflects the 7-day yield as of September 30, 2017.

 

Cash of $165,672,612 has been segregated to cover margin requirement for open short sales as of September 30, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   (6.3)%
Apparel   (3.7)
Auto Parts & Equipment   (3.2)
Chemicals   (2.1)
Commercial Services   (2.2)
Computers   (3.7)
Debt Fund   38.6 
Diversified Financial Services   (5.8)
Electrical Components & Equipment   (3.3)
Food   (1.7)
Hand/Machine Tools   (4.9)
Healthcare - Products   (3.9)
Housewares   (2.7)
Leisure Time   (3.3)
Media   (4.5)
Miscellaneous Manufacturing   (2.9)
Pharmaceuticals   (5.8)
REITS   (10.6)
Retail   (10.6)
Software   (10.7)
Telecommunications   (7.2)
Money Market Funds   19.7 
Total Investments   (40.8)
Other Assets in Excess of Liabilities   140.8 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS – 49.0%          
Aerospace/Defense – 1.0%          
Northrop Grumman Corp., 1.75%, 06/01/18  $844,000   $845,157 
           
Auto Manufacturers – 3.4%          
Ford Motor Credit Co. LLC, 1.72%, 12/06/17   880,000    880,100 
Ford Motor Credit Co. LLC, 2.24%, 06/15/18   845,000    847,982 
General Motors Co., 3.50%, 10/02/18   825,000    838,601 
Harley-Davidson Financial Services, Inc., 1.55%, 11/17/17‡   345,000    344,944 
Total Auto Manufacturers        2,911,627 
           
Banks – 11.8%          
Bank of America Corp., Series L, 2.60%, 01/15/19   415,000    418,486 
Bank of America Corp., Series L, 2.65%, 04/01/19   830,000    837,776 
Bank of New York Mellon Corp. (The), Series G, 2.20%, 05/15/19   420,000    422,546 
BB&T Corp., Series MTN, 2.25%, 02/01/19   630,000    633,977 
Branch Banking & Trust Co., 1.75%, (3-Month USD LIBOR + 0.45%), 01/15/20@   475,000    476,788 
Capital One NA/McLean VA, Series BKNT, 2.46%, (3-Month USD LIBOR + 1.15%), 01/30/23@   670,000    673,724 
Citigroup, Inc., 6.13%, 11/21/17   300,000    301,800 
Citigroup, Inc., 1.80%, 02/05/18   840,000    840,076 
Citigroup, Inc., 2.05%, 06/07/19   420,000    420,496 
Goldman Sachs Group, Inc. (The), 5.95%, 01/18/18   415,000    420,292 
Goldman Sachs Group, Inc. (The), Series FRN, 3.09%, (3-Month USD LIBOR + 1.77%), 02/25/21@   1,065,000    1,105,103 
JPMorgan Chase & Co., 2.80%, (3-Month USD LIBOR + 1.48%), 03/01/21@   630,000    650,470 
US Bancorp, Series MTN, 1.95%, (3-Month USD LIBOR + 0.64%), 01/24/22@   1,125,000    1,130,365 
Wells Fargo & Co., 5.63%, 12/11/17   515,000    519,069 
Wells Fargo & Co., 2.13%, 04/22/19  1,100,000   1,106,301 
Total Banks        9,957,269 
           
Biotechnology – 1.3%          
Amgen, Inc., 1.63%, (3-Month USD LIBOR + 0.32%), 05/10/19@   705,000    707,467 
Gilead Sciences, Inc., 1.85%, 09/20/19   400,000    400,431 
Total Biotechnology        1,107,898 
           
Building Materials – 0.5%          
Vulcan Materials Co., 1.92%, (3-Month USD LIBOR + 0.60%), 06/15/20@   430,000    430,432 
           
Chemicals – 1.3%          
Sherwin-Williams Co. (The), 1.35%, 12/15/17   1,061,000    1,060,475 
           
Computers – 1.0%          
Apple, Inc., 1.81%, (3-Month USD LIBOR + 0.50%), 02/09/22@   870,000    882,490 
           
Diversified Financial Services – 4.2%          
Air Lease Corp., 2.13%, 01/15/18   420,000    420,487 
American Express Co., 7.00%, 03/19/18   400,000    410,018 
American Express Credit Corp., Series GMTN, 2.25%, 08/15/19   420,000    423,604 
American Express Credit Corp., Series F, 2.37%, (3-Month USD LIBOR + 1.05%), 09/14/20@   540,000    549,531 
International Lease Finance Corp., 3.88%, 04/15/18   620,000    626,956 
International Lease Finance Corp., 5.88%, 04/01/19   300,000    316,133 
Jefferies Group LLC, 5.13%, 04/13/18   629,000    640,124 
Visa, Inc., 1.20%, 12/14/17   190,000    190,071 
Total Diversified Financial Services        3,576,924 
           
Electric – 0.9%          
American Electric Power Co., Inc., Series E, 1.65%, 12/15/17   752,000    752,063 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Food – 0.7%          
Tyson Foods, Inc., 1.87%, (3-Month USD LIBOR + 0.55%), 06/02/20@  $590,000   $593,038 
           
Healthcare - Products – 1.0%          
Abbott Laboratories, 2.35%, 11/22/19   834,000    841,229 
           
Healthcare - Services – 0.4%          
Catholic Health Initiatives, 2.60%, 08/01/18   340,000    342,500 
           
Home Builders – 0.9%          
Toll Brothers Finance Corp., 8.91%, 10/15/17   800,000    802,924 
           
Home Furnishings – 1.0%          
Whirlpool Corp., 1.65%, 11/01/17   850,000    850,049 
           
Insurance – 1.0%          
MetLife, Inc., 1.76%, 12/15/17   860,000    860,597 
           
Internet – 1.0%          
eBay, Inc., 2.50%, 03/09/18   835,000    838,325 
           
Media – 1.0%          
Time Warner Cable, Inc., 6.75%, 07/01/18   785,000    813,565 
           
Miscellaneous Manufacturing – 0.9%          
Eaton Corp., 1.50%, 11/02/17   750,000    749,927 
           
Oil & Gas – 2.5%          
Chevron Corp., 1.10%, 12/05/17   1,065,000    1,064,516 
ConocoPhillips Co., 1.05%, 12/15/17   1,075,000    1,074,237 
Total Oil & Gas        2,138,753 
           
Pharmaceuticals – 2.8%          
AbbVie, Inc., 1.80%, 05/14/18   965,000    966,488 
Allergan Funding SCS, 2.35%, 03/12/18   490,000    491,481 
Allergan Funding SCS, 2.57%, (3-Month USD LIBOR + 1.26%), 03/12/20@  855,000   871,227 
Total Pharmaceuticals        2,329,196 
           
Pipelines – 2.1%          
Enbridge Energy Partners LP, Series B, 6.50%, 04/15/18   400,000    409,984 
Energy Transfer LP, 2.50%, 06/15/18   780,000    783,199 
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19‡   537,000    575,932 
Total Pipelines        1,769,115 
           
REITS – 1.5%          
Realty Income Corp., 2.00%, 01/31/18   260,000    260,240 
Ventas Realty LP / Ventas Capital Corp., 2.00%, 02/15/18   845,000    845,831 
Welltower, Inc., 2.25%, 03/15/18   155,000    155,403 
Total REITS        1,261,474 
           
Retail – 2.2%          
CVS Health Corp., 1.90%, 07/20/18   840,000    842,179 
McDonald's Corp., Series GMTN, 5.80%, 10/15/17   485,000    485,230 
Target Corp., 6.00%, 01/15/18   525,000    531,647 
Total Retail        1,859,056 
           
Semiconductors – 1.2%          
Intel Corp., 1.35%, 12/15/17   1,055,000    1,055,179 
           
Software – 1.0%          
Microsoft Corp., 0.88%, 11/15/17   845,000    844,539 
           
Telecommunications – 2.1%          
AT&T, Inc., 5.50%, 02/01/18   810,000    820,352 
AT&T, Inc., 2.26%, (3-Month USD LIBOR + 0.93%), 06/30/20@   350,000    354,880 
AT&T, Inc., 2.20%, (3-Month USD LIBOR + 0.89%), 02/14/23@   600,000    599,116 
Total Telecommunications        1,774,348 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Transportation – 0.3%          
Burlington Northern Santa Fe LLC, 5.75%, 03/15/18  $220,000   $224,165 
           
Total Corporate Bonds
(Cost $41,379,128)		        41,472,314 
           
ASSET BACKED SECURITIES – 24.8%          
Diversified Financial Services – 24.8%          
American Express Credit Account Master Trust, Class A, Series 2013-2, 1.65%, (1-Month USD LIBOR + 0.42%), 05/17/21@   1,520,000    1,526,089 
American Express Credit Account Master Trust, Class A, Series 2014-1, 1.60%, (1-Month USD LIBOR + 0.37%), 12/15/21@   400,000    401,859 
American Express Credit Account Secured Note Trust, Class A, Series 2012-4, 1.47%, (1-Month USD LIBOR + 0.24%), 05/15/20@   350,000    350,040 
BA Credit Card Trust, Class A, Series 2015-A1, 1.56%, (1-Month USD LIBOR + 0.33%), 06/15/20@   1,310,000    1,311,191 
BA Credit Card Trust, Class A, Series 2015-A2, 1.36%, 09/15/20   425,000    424,825 
Capital One Multi-Asset Execution Trust, Class A3, Series 2014-A3, 1.61%, (1-Month USD LIBOR + 0.38%), 01/18/22@   400,000    401,777 
Capital One Multi-Asset Execution Trust, Class A3, Series 2016-A3, 1.34%, 04/15/22   1,275,000    1,266,156 
CarMax Auto Owner Trust, Class A3, Series 2016-3, 1.39%, 05/17/21   900,000    896,648 
CarMax Auto Owner Trust, Class C, Series 2014-1, 1.93%, 11/15/19   500,000    500,688 
Chase Issuance Trust, Class A, Series 2016-A2, 1.37%, 06/15/21   755,000    750,257 
Chase Issuance Trust, Class A, Series 2017-A1, 1.53%, (1-Month USD LIBOR + 0.30%), 01/18/22@   900,000    904,537 
Chase Issuance Trust, Class A5, Series 2015-A5, 1.36%, 04/15/20   240,000    239,901 
Citibank Credit Card Issuance Trust, Class A2, Series 2017-A2, 1.74%, 01/19/21   640,000    640,710 
Citibank Credit Card Issuance Trust, Class A6, Series 2014-A6, 2.15%, 07/15/21   500,000    503,458 
Citibank Credit Card Issuance Trust, Class A8, Series 2014-A8, 1.73%, 04/09/20   595,000    595,763 
Discover Card Execution Note Trust, Class A1, Series 2013-A1, 1.53%, (1-Month USD LIBOR + 0.30%), 08/17/20@   845,000    845,917 
Discover Card Execution Note Trust, Class A6, Series 2013-A6, 1.68%, (1-Month USD LIBOR + 0.45%), 04/15/21@   840,000    843,518 
Ford Credit Auto Owner Trust, Class A3, Series 2016-A, 1.39%, 07/15/20   350,000    349,572 
Ford Credit Auto Owner Trust, Class C, Series 2014-A, 1.90%, 09/15/19   545,000    546,122 
Honda Auto Receivables Owner Trust, Class A3, Series 2015-1, 1.05%, 10/15/18   336,346    336,149 
Honda Auto Receivables Owner Trust, Class A3, Series 2016-4, 1.21%, 12/18/20   680,000    675,341 
Hyundai Auto Receivables Trust, Class A2A, Series 2017-B, 1.57%, 08/17/20   149,000    148,962 
Hyundai Auto Receivables Trust, Class A3, Series 2015-B, 1.12%, 11/15/19   738,955    737,643 
Hyundai Auto Receivables Trust, Class C, Series 2014-A, 2.02%, 08/15/19   660,000    661,054 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Diversified Financial Services (continued)          
Nissan Auto Receivables Owner Trust, Class A2A, Series 2015-C, 0.87%, 11/15/18  $32,885   $32,877 
Nissan Auto Receivables Owner Trust, Class A3, Series 2015-A, 1.05%, 10/15/19   511,265    510,507 
Nissan Auto Receivables Owner Trust, Class A3, Series 2015-B, 1.34%, 03/16/20   648,986    648,295 
Nissan Auto Receivables Owner Trust, Class A3, Series 2016-C, 1.18%, 01/15/21   625,000    620,639 
Synchrony Credit Card Master Note Trust, Class A, Series 2014-1, 1.61%, 11/15/20   445,000    445,119 
Synchrony Credit Card Master Note Trust, Class A, Series 2015-2, 1.60%, 04/15/21   400,000    400,192 
Toyota Auto Receivables, Class A2A, Series 2016-C, 1.00%, 01/15/19   438,384    438,102 
Toyota Auto Receivables Owner Trust, Class A2A, Series 2016-A, 1.03%, 07/16/18   77,298    77,284 
Toyota Auto Receivables Owner Trust, Class A3, Series 2016-D, 1.23%, 10/15/20   850,000    845,238 
Verizon Owner Trust, Class A, Series 2016-1A, 1.42%, 01/20/21‡   665,000    662,726 
World Financial Network Credit Card Master Trust, Class A, Series 2014-C, 1.54%, 08/16/21   425,000    425,031 
Total Asset Backed Securities
(Cost $20,955,972)		        20,964,187 
           
FOREIGN BONDS – 8.5%          
Banks – 3.7%          
Bank of Nova Scotia (The), 1.38%, 12/18/17 (Canada)   840,000    839,934 
Barclays Bank PLC, Series GMTN, 1.86%, (3-Month USD LIBOR + 0.55%), 08/07/19 (United Kingdom)@   420,000    420,839 
BNP Paribas SA, Series MTN, 2.40%, 12/12/18 (France)   295,000    297,304 
Royal Bank of Canada, Series MTN, 1.50%, 01/16/18 (Canada)   285,000    284,998 
Royal Bank of Canada, Series GMTN, 1.80%, 07/30/18 (Canada)   630,000    631,542 
Sumitomo Mitsui Financial Group, Inc., 3.00%, (3-Month USD LIBOR + 1.68%), 03/09/21 (Japan)@   615,000    636,107 
Total Banks        3,110,724 
           
Beverages – 1.0%          
Anheuser-Busch InBev Finance, Inc., 1.90%, 02/01/19 (Belgium)   840,000    842,445 
           
Diversified Financial Services – 0.5%          
Nomura Holdings, Inc., Series GMTN, 2.75%, 03/19/19 (Japan)   415,000    418,886 
           
Mining – 1.0%          
Glencore Finance Canada Ltd., 2.70%, 10/25/17 (Switzerland)‡   840,000    841,029 
           
Oil & Gas – 0.6%          
BP Capital Markets PLC, 1.38%, 05/10/18 (United Kingdom)   500,000    499,732 
           
Sovereign – 0.7%          
Export-Import Bank of Korea, 1.75%, 02/27/18 (South Korea)   620,000    619,483 
           
Telecommunications – 1.0%          
Vodafone Group PLC, 1.50%, 02/19/18 (United Kingdom)   845,000    844,621 
Total Foreign Bonds
(Cost $7,169,433)		        7,176,920 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal /
Shares		   Value 
MORTGAGE BACKED SECURITIES – 8.4%          
Commercial Mortgage Backed Securities – 8.4%          
CFCRE Commercial Mortgage Trust, Class A2, Series 2011-C2, 3.06%, 12/15/47  $818   $817 
COMM Mortgage Trust, Class A2, Series 2013-CR6, 2.12%, 03/10/46   473,636    474,002 
COMM Mortgage Trust, Class A2, Series 2013-LC13, 3.01%, 08/10/46   415,000    419,477 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 2.19%, (1-Month USD LIBOR + 0.95%), 05/25/24@   302,807    303,989 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 2.44%, (1-Month USD LIBOR + 1.20%), 07/25/24@   156,094    156,274 
Fannie Mae Connecticut Avenue Securities, Class 2M1, Series 2014-C03, 2.44%, (1-Month USD LIBOR + 1.20%), 07/25/24@   22,446    22,457 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C04, 2.69%, (1-Month USD LIBOR + 1.45%), 01/25/29@   1,220,484    1,232,056 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C06, 2.54%, (1-Month USD LIBOR + 1.30%), 04/25/29@   1,174,194    1,188,148 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2017-C03, 2.19%, (1-Month USD LIBOR + 0.95%), 10/25/29@   762,549    766,397 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2017-C05, 1.79%, (1-Month USD LIBOR + 0.55%), 01/25/30@   790,303    790,101 
Freddie Mac REMICS, Class ED, Series 2010-3645, 2.50%, 12/15/20   339,844    341,563 
HILT Mortgage Trust, Class C, Series 2014-ORL, 2.83%, (1-Month USD LIBOR + 1.60%), 07/15/29@‡   580,000    580,404 
HILT Mortgage Trust, Class XEXT, Series 2014-ORL, 1.10%, 07/15/29@‡(a),*   6,598,125    6,186 
WFRBS Commercial Mortgage Trust, Class A2, Series 2013-C13, 1.96%, 05/15/45   845,000    845,930 
Total Mortgage Backed Securities
(Cost $7,096,808)		        7,127,801 
           
U.S. TREASURY NOTES – 6.0%          
U.S. Treasury Note, 1.38%, 09/30/18   1,260,000    1,260,147 
U.S. Treasury Note, 1.25%, 11/30/18(b)   3,800,000    3,794,211 
Total U.S. Treasury Notes
(Cost $5,058,133)		        5,054,358 
           
U.S. TREASURY BILL – 0.1%          
U.S. Treasury Bill, 0.99%, 11/02/17(c)
(Cost $99,914)		   100,000    99,918 
           
MONEY MARKET FUND – 3.6%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.87%(d)
(Cost $3,011,010)		   3,011,010    3,011,010 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Principal   Value 
REPURCHASE AGREEMENT – 0.0%**(e)          
BNP Paribas Securities Corp., dated 09/29/17, due 10/02/17, 0.00%, total to be received $78, (collateralized by various U.S. Government Agency Obligations, 0.00%-3.88%, 12/07/17-04/15/29, totaling $79) (Cost $78)  $78   $78 
Total Investments – 100.4%
(Cost $84,770,476)		        84,906,586 
Liabilities in Excess of Other Assets – (0.4%)        (373,542)
Net Assets – 100.0%       $84,533,044 

 

 

LP - Limited Partnership

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

 

@Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2017.
*Adjustable rate security with an interest rate that is not based on a published reference index and spread.  The rate is based on the structure of the agreement and current market conditions.
**Less than 0.05%.
‡Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.  Unless otherwise noted, 144A securities are deemed to be liquid.
(a)Security fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees.
(b)All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,809,776; the aggregate market value of the collateral held by the fund is $3,888,451.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,888,373.
(c)Represents a zero coupon bond.  Rate shown reflects the effective yield.
(d)Rate shown reflects the 7-day yield as of September 30, 2017.
(e)Collateral received from brokers for securities lending was invested in these short-term investments.

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

September 30, 2017

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   1.0%
Auto Manufacturers   3.4 
Banks   15.5 
Beverages   1.0 
Biotechnology   1.3 
Building Materials   0.5 
Chemicals   1.3 
Commercial Mortgage Backed Securities   8.4 
Computers   1.0 
Diversified Financial Services   29.5 
Electric   0.9 
Food   0.7 
Healthcare - Products   1.0 
Healthcare - Services   0.4 
Home Builders   0.9 
Home Furnishings   1.0 
Insurance   1.0 
Internet   1.0 
Media   1.0 
Mining   1.0 
Miscellaneous Manufacturing   0.9 
Oil & Gas   3.1 
Pharmaceuticals   2.8 
Pipelines   2.1 
REITS   1.5 
Retail   2.2 
Semiconductors   1.2 
Software   1.0 
Sovereign   0.7 
Telecommunications   3.1 
Transportation   0.3 
U.S. Treasury Bill   0.1 
U.S. Treasury Notes   6.0 
Money Market Fund   3.6 
Repurchase Agreement   0.0**
Total Investments   100.4 
Liabilities in Excess of Other Assets   (0.4)
Net Assets   100.0%

 

**Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

  

 

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

Investments 

Shares/

Contracts

   Value 
EXCHANGE TRADED FUNDS – 95.6%          
Asset Allocation Fund – 2.0%          
SPDR Bloomberg Barclays Convertible Securities ETF   6,897   $352,230 
           
Debt Funds – 14.5%          
PowerShares Fundamental High Yield Corporate Bond Portfolio   43,375    827,595 
SPDR Doubleline Total Return Tactical ETF   16,914    833,353 
Vanguard Intermediate-Term Bond ETF   9,898    837,964 
Total Debt Fund        2,498,912 
           
Equity Funds – 79.1%          
Financial Select Sector SPDR Fund   26,379    682,161 
iShares MSCI EAFE ETF   23,913    1,637,562 
iShares MSCI Emerging Markets ETF   19,253    862,727 
iShares Russell 2000 ETF   7,078    1,048,818 
SPDR S&P 500 ETF Trust(a)   35,344    8,879,473 
Vanguard REIT ETF   5,814    483,086 
Total Equity Fund        13,593,827 
Total Exchange Traded Funds
(Cost $14,462,108)		        16,444,969 
           
MONEY MARKET FUND – 4.2%          
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.91%(b)
(Cost $719,241)		   719,241    719,241 

 

   Notional
Amount		       
PURCHASED PUT OPTION – 0.3%         
SPDR S&P 500 ETF Trust, Option expiring 12/15/17, Strike Price $250.00
(Cost $74,179)		   14,300    143    56,700 
Total Investments Before Written Options – 100.1%
(Cost $15,255,528)		             17,220,910 
                
WRITTEN CALL OPTIONS – (0.1)%               
iShares MSCI EAFE ETF, expiring 10/20/17, Strike Price $69.00   (12,500)   (125)   (2,750)
iShares MSCI Emerging Markets ETF, expiring 10/20/17, Strike Price $46.50   (10,000)   (100)  (700)
SPDR S&P 500 ETF Trust, expiring 10/20/17, Strike Price $253.00   (22,100)   (221)   (18,012)
Total Written Call Options [Premiums Received  
$(19,101)]		             (21,462)
Total Investments – 100.0%
(Cost $15,236,427)		             17,199,448 
Liabilities in Excess of Other Assets – 0.0%**             (6,988)
Net Assets – 100.0%            $17,192,460 

 

 

ETF - Exchange Traded Fund

 

**Less than 0.05%.
(a)All or a portion of this security has been pledged as collateral for option contracts.  The aggregate market value of the collateral was $2,392,715 as of September 30, 2017.
(b)Rate shown reflects the 7-day yield as of September 30, 2017.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Asset Allocation Fund   2.0%
Debt Funds   14.5 
Equity Funds   79.1 
Purchased Put Option   0.3 
Written Call Option   (0.1)
Money Market Fund   4.2 
Total Investments   100.0 
Liabilities in Excess of Other Assets   (0.0)**
Net Assets   100.0%

 

**Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments

 

September 30, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS – 98.1%          
Aerospace/Defense – 2.6%          
Harris Corp.   8,123   $1,069,637 
Orbital ATK, Inc.   9,352    1,245,312 
Raytheon Co.   5,870    1,095,225 
Total Aerospace/Defense        3,410,174 
           
Apparel – 0.8%          
Ralph Lauren Corp.   12,473    1,101,241 
           
Auto Parts & Equipment – 2.6%          
Goodyear Tire & Rubber Co. (The)   46,757    1,554,670 
Lear Corp.   10,993    1,902,669 
Total Auto Parts & Equipment        3,457,339 
           
Banks – 4.0%          
CIT Group, Inc.(a)   19,435    953,287 
Fifth Third Bancorp   44,611    1,248,216 
M&T Bank Corp.   7,251    1,167,701 
State Street Corp.   19,532    1,866,087 
Total Banks        5,235,291 
           
Biotechnology – 1.5%          
Amgen, Inc.   6,409    1,194,958 
Illumina, Inc.*   4,075    811,740 
Total Biotechnology        2,006,698 
           
Building Materials – 1.3%          
Masco Corp.   45,509    1,775,306 
           
Chemicals – 2.1%          
Albemarle Corp.   6,853    934,132 
Eastman Chemical Co.   10,565    956,027 
Monsanto Co.   7,502    898,890 
Total Chemicals        2,789,049 
           
Commercial Services – 4.0%          
Robert Half International, Inc.   29,378    1,478,888 
ServiceMaster Global Holdings, Inc.*   16,427    767,634 
United Rentals, Inc.*   10,346    1,435,404 
Western Union Co. (The)   85,130    1,634,496 
Total Commercial Services        5,316,422 
           
Computers – 1.6%          
Cognizant Technology Solutions Corp., Class A   17,530    1,271,626 
NCR Corp.*   24,122    905,058 
Total Computers        2,176,684 
           
Diversified Financial Services – 7.3%          
Alliance Data Systems Corp.   11,726    2,597,895 
Ameriprise Financial, Inc.   17,586    2,611,697 
E*TRADE Financial Corp.*   16,017    698,501 
FNF Group   16,282   772,744 
Navient Corp.   195,699    2,939,399 
Total Diversified Financial Services        9,620,236 
           
Electric – 0.5%          
WEC Energy Group, Inc.   9,682    607,836 
           
Electronics – 1.3%          
Amphenol Corp., Class A   11,024    933,071 
Waters Corp.*   4,406    790,965 
Total Electronics        1,724,036 
           
Engineering & Construction – 0.6%          
Jacobs Engineering Group, Inc.   12,525    729,832 
           
Food – 5.2%          
Campbell Soup Co.   23,028    1,078,171 
Conagra Brands, Inc.   42,547    1,435,536 
Hormel Foods Corp.(a)   22,008    707,337 
Ingredion, Inc.   6,600    796,224 
JM Smucker Co. (The)   6,173    647,733 
Tyson Foods, Inc., Class A   31,683    2,232,067 
Total Food        6,897,068 
           
Hand/Machine Tools – 0.5%          
Snap-on, Inc.(a)   4,690    698,857 
           
Healthcare - Products – 1.3%          
DENTSPLY SIRONA, Inc.   17,804    1,064,857 
Patterson Cos., Inc.   17,326    669,650 
Total Healthcare - Products        1,734,507 
           
Healthcare - Services – 4.7%          
Cigna Corp.   3,591    671,301 
DaVita Inc.*   40,394    2,399,000 
Humana, Inc.   6,574    1,601,624 
Laboratory Corp. of America Holdings*   4,011    605,541 
Quest Diagnostics, Inc.   10,722    1,004,008 
Total Healthcare - Services        6,281,474 
           
Housewares – 0.8%          
Toro Co. (The)   16,134    1,001,276 
           
Insurance – 15.0%          
Aflac, Inc.   20,366    1,657,589 
Alleghany Corp.*   1,040    576,170 
Assurant, Inc.   26,556    2,536,629 
Axis Capital Holdings Ltd.   39,553    2,266,782 
Brighthouse Financial, Inc.*   1,869    113,635 
Cincinnati Financial Corp.   9,239    707,430 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

Investments  Shares   Value 
COMMON STOCKS (continued)          
Insurance (continued)          
Hartford Financial Services Group, Inc. (The)   40,435   $2,241,312 
Lincoln National Corp.   27,945    2,053,399 
MetLife, Inc.   20,564    1,068,300 
Principal Financial Group, Inc.   9,885    636,001 
Progressive Corp. (The)   13,897    672,893 
Prudential Financial, Inc.   11,045    1,174,304 
RenaissanceRe Holdings Ltd. (Bermuda)   8,390    1,133,825 
Torchmark Corp.   17,670    1,415,190 
Travelers Cos., Inc. (The)   13,113    1,606,605 
Total Insurance        19,860,064 
           
Internet – 2.5%          
CDW Corp.(a)   28,427    1,876,182 
TripAdvisor, Inc.*(a)   34,348    1,392,124 
Total Internet        3,268,306 
           
Iron / Steel – 0.5%          
Steel Dynamics, Inc.   17,685    609,602 
           
Machinery - Diversified – 0.5%          
Middleby Corp. (The)*(a)   4,963    636,108 
           
Media – 4.0%          
AMC Networks, Inc., Class A*(a)   35,804    2,093,460 
Charter Communications, Inc., Class  A*   2,518    915,091 
Thomson Reuters Corp. (Canada)   48,712    2,234,907 
Total Media        5,243,458 
           
Miscellaneous Manufacturing – 1.7%          
AptarGroup, Inc.(a)   8,146    703,081 
Donaldson Co., Inc.(a)   18,285    840,013 
Textron, Inc.   14,243    767,413 
Total Miscellaneous Manufacturing        2,310,507 
           
Oil & Gas – 1.9%          
Helmerich & Payne, Inc.(a)   49,428    2,575,693 
           
Packaging & Containers – 1.3%          
Crown Holdings, Inc.*   16,077    960,119 
Sonoco Products Co.   14,749    744,087 
Total Packaging & Containers        1,704,206 
           
Pharmaceuticals – 5.3%          
Bristol-Myers Squibb Co.   17,367    1,106,972 
Cardinal Health, Inc.   16,103    1,077,613 
Express Scripts Holding Co.*   37,207    2,355,947 
McKesson Corp.   15,662    2,405,840 
Total Pharmaceuticals        6,946,372 
           
REITS – 1.1%          
DDR Corp.(a)   83,245    762,524 
Host Hotels & Resorts, Inc.   35,475    655,933 
Total REITS        1,418,457 
           
Retail – 11.9%          
AutoZone, Inc.*   2,437    1,450,283 
Bed Bath & Beyond, Inc.(a)   59,498    1,396,418 
Best Buy Co., Inc.   27,547    1,569,077 
Burlington Stores, Inc.*   10,333    986,388 
Dick's Sporting Goods, Inc.(a)   17,053    460,601 
Foot Locker, Inc.   21,481    756,561 
Kohl's Corp.(a)   47,078    2,149,111 
Macy's, Inc.   31,768    693,178 
PVH Corp.   10,799    1,361,322 
Ross Stores, Inc.   16,906    1,091,620 
Signet Jewelers Ltd.(a)   39,932    2,657,475 
Williams-Sonoma, Inc.(a)   24,281    1,210,651 
Total Retail        15,782,685 
           
Semiconductors – 1.6%          
Texas Instruments, Inc.   9,328    836,162 
Xilinx, Inc.   18,644    1,320,554 
Total Semiconductors        2,156,716 
           
Shipbuilding – 1.0%          
Huntington Ingalls Industries, Inc.   5,993    1,357,055 
           
Software – 6.0%          
Adobe Systems, Inc.*   5,320    793,638 
Akamai Technologies, Inc.*   18,829    917,349 
Cerner Corp.*   21,357    1,523,181 
Red Hat, Inc.*   11,051    1,225,114 
VMware, Inc., Class A*(a)   32,097    3,504,671 
Total Software        7,963,953 
           
Telecommunications – 1.1%          
ARRIS International PLC*   52,356    1,491,622 
Total Common Stocks
(Cost $124,887,187)		        129,888,130 
           
MONEY MARKET FUNDS – 3.5%          
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.93%(b)(c)   482,000    482,000 

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

 

Investments  Shares/
Principal		   Value 
MONEY MARKET FUNDS (continued)          
Federated Government Obligations Fund, Institutional Class, 0.92%(b)(c)   236,000   $236,000 
Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class, 0.95%(b)(c)   281,000    281,000 
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.90%(b)(c)   281,000    281,000 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.90%(b)(c)   404,000    404,000 
STIT - Government & Agency Portfolio, Institutional Class, 0.93%(b)(c)   438,000    438,000 
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 0.86%(b)   2,455,481    2,455,481 
Total Money Market Funds
(Cost $4,577,481)		        4,577,481 
           
REPURCHASE AGREEMENTS – 8.5%(c)          
BNP Paribas Securities Corp., dated 09/29/17, due 10/02/17, 1.06%, total to be received $1,915,875, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 11/01/18-08/20/67, totaling $1,949,424)  $1,915,706    1,915,706 
Daiwa Capital Markets America, dated 09/29/17, due 10/02/17, 1.07%, total to be received $3,114,890, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 10/12/17-12/01/51, totaling $3,168,390)   3,114,612    3,114,612 
Nomura Securities International, Inc., dated 09/29/17, due 10/02/17, 1.08%, total to be received $3,114,892, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.00%, 11/15/17-08/20/67, totaling $3,167,008)   3,114,612    3,114,612 
RBC Dominion Securities, Inc., dated 09/29/17, due 10/02/17, 1.05%, total to be received $3,114,885, (collateralized by various U.S. Government Agency Obligations, 0.13%-7.00%, 02/08/18-08/20/47, totaling $3,167,253)   3,114,612    3,114,612 
Total Repurchase Agreements
(Cost $11,259,542)		        11,259,542 
Total Investments – 110.1%
(Cost $140,724,210)		        145,725,153 
Liabilities in Excess of Other Assets – (10.1%)        (13,375,151)
Net Assets – 100.0%       $132,350,002 

 

 

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

 

*Non-income producing security.
(a)All or a portion of security is on loan. The aggregate market value of the securities on loan is $23,142,365; the aggregate market value of the collateral held by the fund is $23,638,399.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $10,256,857.
(b)Rate shown reflects the 7-day yield as of September 30, 2017.
(c)Collateral received from brokers for securities lending was invested in these short-term investments.

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

 

September 30, 2017 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS  

 

   % of 
   Net Assets 
Aerospace/Defense   2.6%
Apparel   0.8 
Auto Parts & Equipment   2.6 
Banks   4.0 
Biotechnology   1.5 
Building Materials   1.3 
Chemicals   2.1 
Commercial Services   4.0 
Computers   1.6 
Diversified Financial Services   7.3 
Electric   0.5 
Electronics   1.3 
Engineering & Construction   0.6 
Food   5.2 
Hand/Machine Tools   0.5 
Healthcare - Products   1.3 
Healthcare - Services   4.7 
Housewares   0.8 
Insurance   15.0 
Internet   2.5 
Iron / Steel   0.5 
Machinery - Diversified   0.5 
Media   4.0 
Miscellaneous Manufacturing   1.7 
Oil & Gas   1.9 
Packaging & Containers   1.3 
Pharmaceuticals   5.3 
REITS   1.1 
Retail   11.9 
Semiconductors   1.6 
Shipbuilding   1.0 
Software   6.0 
Telecommunications   1.1 
Money Market Funds   3.5 
Repurchase Agreements   8.5 
Total Investments   110.1 
Liabilities in Excess of Other Assets   (10.1)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

  

 

 

ADVISORSHARES TRUST

Notes to the Schedules of Investments

September 30, 2017 (unaudited)

 

1. Consolidation of Subsidiaries

 

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

 

Funds   Wholly Owned Subsidiary
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
September 30,
2017		   % of ETF's Total
Net Assets at
September 30,
2017		 
Gartman Gold/Euro ETF  February 11, 2014  $2,228,982    17.5%
Gartman Gold/Yen ETF  February 11, 2014  $2,571,565    18.1%

 

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 September 30, 2017 in valuing the Funds’ assets and liabilities carried at fair value:

 

Assets  Cornerstone
Small Cap ETF		   Dorsey Wright
ADR ETF		   Focused Equity
ETF		   Gartman
Gold/Euro ETF		   Gartman
Gold/Yen ETF		   KIM Korea
Equity ETF		 
Level 1                              
Exchange Traded Fund  $-   $-   $-   $4,972,750   $4,972,750   $- 
Common Stocks   4,626,733    108,722,194    12,216,368    -    -    10,034,510 
Money Market Fund   52,049    3,124,289    122,253    2,974,554    3,317,172    - 
Futures†   -    -    -    451,836    451,926    - 
Level 2                              
Repurchase Agreements for Securities Loaned   399,442    11,815,805    1,121,179    -    -    - 
Total  $5,078,224   $123,662,288   $13,459,800   $8,399,140   $8,741,848   $10,034,510 

 

Assets  Madrona
Domestic ETF		   Madrona Global
 Bond ETF		   Madrona
International
ETF		   Meidell Tactical
 Advantage ETF		   New Tech and
Media ETF		   Newfleet Multi-
Sector Income
ETF		 
Level 1                              
Exchange Traded Funds  $-   $17,907,120   $-   $13,222,104   $-   $- 
Common Stocks   27,232,089    -    12,068,450    -    18,693,696    - 
Money Market Funds   516,819    371,135    647,477    447,433    371,383    5,865,627 
Level 2                              
Corporate Bonds   -    -    -    -    -    63,497,117 
Foreign Bonds   -    -    -    -    -    18,003,934 
U.S. Treasury Notes   -    -    -    -    -    4,497,510 
U.S. Government Agency Securities   -    -    -    -    -    14,390,915 
Asset Backed Securities   -    -    -    -    -    72,814,880 
Mortgage Backed Securities   -    -    -    -    -    62,909,057 
Term Loans   -    -    -    -    -    25,064,167 
Repurchase Agreements for Securities Loaned   1,051,701    2,630,915    891,230    2,914,785    1,497,706    1,942,212 
Level 3                              
Mortgage Backed Securities   -    -    -    -    -    609,301 
Total  $28,800,609   $20,909,170   $13,607,157   $16,584,322   $20,562,785   $269,594,720 

 

  

 

 

Assets  Pacific Asset
Enhanced
Floating Rate
ETF		  

Peritus High
Yield ETF

   Ranger Equity
Bear ETF		   Sage Core
Reserves ETF		   STAR Global Buy-
Write ETF		   Wilshire Buyback
ETF		 
Level 1                              
Exchange Traded Funds  $-   $-   $67,132,125   $-   $16,444,969   $- 
Common Stocks   -    -    -    -    -    129,888,130 
Purchased Options   -    -    -    -    56,700    - 
Money Market Fund   5,787,370    6,897,348    34,264,944    3,011,010    719,241    2,455,481 
Level 2                              
Corporate Bonds   2,493,633    116,465,639    -    41,472,314    -    - 
Foreign Bonds   128,125    12,828,570    -    7,176,920    -    - 
U.S. Treasury Notes   -    -    -    5,054,358    -    - 
U.S. Treasury Bill   -    -    -    99,918    -    - 
Asset Backed Securities   -    -    -    20,964,187    -    - 
Mortgage Backed Securities   -    -    -    7,121,615    -    - 
Term Loans   20,615,801    30,725,065    -    -    -    - 
Repurchase Agreements for Securities Loaned   -    25,496,771    -    -    -    11,259,542 
Level 3                              
Mortgage Backed Securities   -    -    -    6,186    -    - 
Liabilities                              
Level 1                              
Common Stocks   -    -    (172,392,958)   -    -    - 
Written Options   -    -    -    -    (21,462)   - 
Level 2                              
Swap Contracts†   (8,849)   -    -    -    -    - 
Total  $29,016,080   $192,413,393   $(70,995,889)  $84,906,508   $17,199,448   $143,603,153 

 

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

 

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. Other Affiliated Parties and Transactions

 

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended September 30, 2017 are as follows:

 

Affiliated Fund Name  Value at 6/30/2017   Purchases/
Additions		   Sales/
Reductions		   Realized
 Gain (Loss)		   Unrealized Gain
(Loss)		   Value at
9/30/2017		   Dividend
Income		 
Gartman Gold/Euro ETF                                   
Sage Core Reserves ETF  $4,976,500   $-   $-   $-   $(3,750)  $4,972,750   $17,056 
Gartman Gold/Yen ETF                                   
Sage Core Reserves ETF   4,976,500    -    -    -    (3,750)   4,972,750    17,056 
Madrona Global Bond ETF                                   
Peritus High Yield ETF   2,226,968    82,414    (1,063,338)   18,109    (12,111)   1,252,042    34,837 
Ranger Equity Bear ETF                                   
Sage Core Reserves ETF   67,182,750    -    -    -    (50,625)   67,132,125    230,249 

 

  

 

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      November 13, 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      November 13, 2017

 

 

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

 

Date      November 13, 2017

 

 

 

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