N-Q 1 s109825_nq.htm N-Q

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

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number          811-22110          

 

                                        AdvisorShares Trust                                        

(Exact name of registrant as specified in charter)

 

4800 Montgomery Lane, Suite 150

                              Bethesda, Maryland 20814                              

(Address of principal executive offices) (Zip code)


Dan Ahrens

4800 Montgomery Lane, Suite 150

                         Bethesda, Maryland 20814                         
(Name and address of agent for service)

 

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

 

Date of fiscal year end: June 30

 

Date of reporting period: March 31, 2018

 

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
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS – 99.9%          
Aerospace/Defense – 0.4%          
Aerovironment, Inc.*   405   $18,432 
           
Agriculture – 0.4%          
Phibro Animal Health Corp., Class A   506    20,088 
           
Airlines – 1.2%         
SkyWest, Inc.   1,046    56,902 
           
Apparel – 0.4%          
Deckers Outdoor Corp.*   215    19,356 
           
Auto Manufacturers – 0.4%          
Wabash National Corp.   955    19,874 
           
Auto Parts & Equipment – 1.6%          
Cooper Tire & Rubber Co.   447    13,097 
Modine Manufacturing Co.*   1,019    21,552 
Spartan Motors, Inc.   1,155    19,866 
Titan International, Inc.   1,527    19,256 
Total Auto Parts & Equipment        73,771 
           
Banks – 5.0%          
Blue Hills Bancorp, Inc.   821    17,118 
Central Pacific Financial Corp.   566    16,108 
Community Trust Bancorp, Inc.   436    19,707 
CVB Financial Corp.   691    15,644 
Eagle Bancorp, Inc.*   549    32,858 
First Bancorp/Southern Pines NC   523    18,645 
First Commonwealth Financial Corp.   1,273    17,988 
First Mid-Illinois Bancshares, Inc.(a)   426    15,528 
Fulton Financial Corp.   813    14,431 
Heritage Commerce Corp.   1,154    19,018 
Old Second Bancorp, Inc.   1,290    17,931 
TriState Capital Holdings, Inc.*   1,094    25,435 
Total Banks        230,411 
           
Beverages – 0.2%          
Boston Beer Co., Inc. (The), Class A*(a)   59    11,154 
           
Biotechnology – 1.4%          
ANI Pharmaceuticals, Inc.*   341    19,853 
BioCryst Pharmaceuticals, Inc.*(a)   2,002    9,549 
Myriad Genetics, Inc.*   658    19,444 
PDL BioPharma, Inc.*   6,084    17,887 
Total Biotechnology        66,733 
           
Building Materials – 1.3%          
American Woodmark Corp.*(a)   194    19,099 
Gibraltar Industries, Inc.*   587    19,870 
PGT Innovations, Inc.*   1,060    19,769 
Total Building Materials        58,738 
           
Chemicals – 1.5%          
Balchem Corp.   189    15,451 
Innospec, Inc.   221    15,161 
Koppers Holdings, Inc.*   364    14,960 
Kronos Worldwide, Inc.   1,040    23,504 
Total Chemicals        69,076 
           
Coal – 0.7%          
Alliance Holdings GP LP   564    14,105 
SunCoke Energy, Inc.*   1,826    19,648 
Total Coal        33,753 
           
Commercial Services – 8.4%          
ABM Industries, Inc.   334    11,182 
Adtalem Global Education, Inc.*   280    13,314 
Alarm.com Holdings, Inc.*   507    19,134 
American Public Education, Inc.*   467    20,081 
Care.com, Inc.*   914    14,871 
Career Education Corp.*   1,294    17,003 
CRA International, Inc.   383    20,027 
Deluxe Corp.   259    19,169 
Green Dot Corp., Class A*   496    31,823 
HealthEquity, Inc.*(a)   372    22,521 
Insperity, Inc.   776    53,971 
K12, Inc.*   693    9,827 
Kelly Services, Inc., Class A   636    18,470 
McGrath RentCorp   367    19,704 
Medifast, Inc.   220    20,559 
Paylocity Holding Corp.*   441    22,592 
Quad/Graphics, Inc.   658    16,680 
Resources Connection, Inc.   1,224    19,829 
Textainer Group Holdings Ltd.*   1,014    17,187 
Total Commercial Services        387,944 
           
Computers – 2.3%          
Carbonite, Inc.*(a)   1,071    30,845 
Engility Holdings, Inc.*   380    9,272 
Insight Enterprises, Inc.*   451    15,754 
Qualys, Inc.*   351    25,535 
WNS Holdings Ltd. (India)*(b)   604    27,379 
Total Computers        108,785 
           
Distribution / Wholesale – 1.4%          
G-III Apparel Group Ltd.*   663    24,982 
Systemax, Inc.   888    25,353 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Distribution / Wholesale (continued)          
Triton International Ltd. (Bermuda)   489   $14,963 
Total Distribution / Wholesale        65,298 
           
Diversified Financial Services – 1.6%          
Encore Capital Group, Inc.*   435    19,662 
Financial Engines, Inc.   563    19,705 
Navient Corp.   1,518    19,916 
WageWorks, Inc.*   318    14,374 
Total Diversified Financial Services        73,657 
           
Electrical Components & Equipment – 0.9%          
Encore Wire Corp.   355    20,129 
Energizer Holdings, Inc.   380    22,640 
Total Electrical Components & Equipment        42,769 
           
Electronics – 4.6%          
Applied Optoelectronics, Inc.*(a)   293    7,343 
AVX Corp.   1,178    19,496 
Brady Corp., Class A   453    16,829 
Control4 Corp.*(a)   1,100    23,628 
CTS Corp.   798    21,706 
Electro Scientific Industries, Inc.*   643    12,429 
ESCO Technologies, Inc.   335    19,614 
FARO Technologies, Inc.*   323    18,863 
KEMET Corp.*   1,070    19,399 
Rogers Corp.*   105    12,552 
Stoneridge, Inc.*   992    27,379 
Vishay Intertechnology, Inc.   872    16,219 
Total Electronics        215,457 
           
Energy - Alternate Sources – 1.0%          
Green Plains, Inc.(a)   1,118    18,782 
Sunrun, Inc.*(a)   2,971    26,531 
Total Energy - Alternate Sources        45,313 
           
Engineering & Construction – 0.9%          
Argan, Inc.   457    19,628 
Exponent, Inc.   280    22,022 
Total Engineering & Construction        41,650 
           
Entertainment – 1.2%          
Marriott Vacations Worldwide Corp.   280    37,296 
Penn National Gaming, Inc.*   733    19,249 
Total Entertainment        56,545 
           
Environmental Control – 0.8%          
Casella Waste Systems, Inc., Class A*   1,644   38,437 
           
Food – 2.3%          
Darling Ingredients, Inc.*   1,140    19,722 
Fresh Del Monte Produce, Inc.   390    17,644 
Sanderson Farms, Inc.   178    21,186 
SpartanNash Co.   539    9,276 
Sprouts Farmers Market, Inc.*(a)   803    18,846 
United Natural Foods, Inc.*   461    19,795 
Total Food        106,469 
           
Forest Products & Paper – 0.4%          
Resolute Forest Products, Inc.*   1,943    16,127 
           
Hand / Machine Tools – 0.4%          
Kennametal, Inc.(a)   496    19,919 
           
Healthcare - Products – 6.0%          
AngioDynamics, Inc.*   914    15,767 
CONMED Corp.   310    19,632 
Haemonetics Corp.*   270    19,753 
Halyard Health, Inc.*   368    16,957 
Inogen, Inc.*   270    33,167 
LeMaitre Vascular, Inc.   825    29,890 
Luminex Corp.   651    13,717 
Merit Medical Systems, Inc.*   846    38,366 
NuVasive, Inc.*   388    20,258 
Penumbra, Inc.*(a)   165    19,082 
Repligen Corp.*(a)   363    13,133 
Surmodics, Inc.*   518    19,710 
Tactile Systems Technology, Inc.*(a)   662    21,052 
Total Healthcare - Products        280,484 
           
Healthcare - Services – 2.2%          
Amedisys, Inc.*   325    19,611 
Ensign Group, Inc. (The)   737    19,383 
LHC Group, Inc.*   322    19,822 
Tivity Health, Inc.*(a)   582    23,076 
Triple-S Management Corp., Class B (Puerto Rico)*   677    17,697 
Total Healthcare - Services        99,589 
           
Household Products / Wares – 1.0%          
ACCO Brands Corp.   1,208    15,160 
Central Garden & Pet Co.*(a)   706    30,358 
Total Household Products / Wares        45,518 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Insurance – 1.6%          
CNO Financial Group, Inc.   897   $19,438 
Horace Mann Educators Corp.   372    15,903 
Kemper Corp.(a)   328    18,696 
NMI Holdings, Inc., Class A*   1,069    17,692 
Total Insurance        71,729 
           
Internet – 4.9%          
8x8, Inc.*   1,010    18,837 
Blucora, Inc.*   690    16,974 
Cargurus, Inc.*   574    22,082 
FireEye, Inc.*   1,152    19,503 
Imperva, Inc.*   358    15,501 
Limelight Networks, Inc.*   4,649    19,107 
NIC, Inc.(a)   1,100    14,630 
Perficient, Inc.*   859    19,688 
Q2 Holdings, Inc.*   400    18,220 
QuinStreet, Inc.*   1,387    17,712 
Shutterfly, Inc.*   236    19,175 
TrueCar, Inc.*   764    7,228 
XO Group, Inc.*   877    18,198 
Total Internet        226,855 
           
Iron / Steel – 0.5%          
Schnitzer Steel Industries, Inc., Class A   746    24,133 
           
Leisure Time – 1.3%          
Callaway Golf Co.(a)   1,116    18,258 
Fox Factory Holding Corp.*   616    21,498 
LCI Industries   210    21,872 
Total Leisure Time        61,628 
           
Lodging – 1.2%          
Bluegreen Vacations Corp.   920    19,476 
Marcus Corp. (The)   428    12,990 
Monarch Casino & Resort, Inc.*   550    23,260 
Total Lodging        55,726 
           
Machinery - Diversified – 1.4%          
Alamo Group, Inc.   221    24,288 
Chart Industries, Inc.*(a)   458    27,036 
Kadant, Inc.   165    15,592 
Total Machinery - Diversified        66,916 
           
Media – 0.2%          
TiVo Corp.   822    11,138 
           
Mining – 0.6%          
Materion Corp.   343    17,510 
US Silica Holdings, Inc.(a)   372    9,494 
Total Mining        27,004 
           
Miscellaneous Manufacturing – 2.0%          
EnPro Industries, Inc.   212    16,405 
Harsco Corp.*   1,311    27,072 
John Bean Technologies Corp.   351    39,803 
Sturm Ruger & Co., Inc.(a)   211    11,078 
Total Miscellaneous Manufacturing        94,358 
           
Office Furnishings – 0.3%          
Herman Miller, Inc.   399    12,748 
           
Oil & Gas – 4.0%          
CNX Resources Corp.*   1,257    19,396 
CVR Energy, Inc.   564    17,044 
Delek US Holdings, Inc.   566    23,036 
Denbury Resources, Inc.*   10,307    28,241 
HighPoint Resources Corp.*(a)   4,003    20,335 
Oasis Petroleum, Inc.*   1,818    14,726 
PBF Energy, Inc., Class A   556    18,849 
PDC Energy, Inc.*   266    13,042 
Penn Virginia Corp.*   305    10,687 
Stone Energy Corp.*   531    19,700 
Total Oil & Gas        185,056 
           
Oil & Gas Services – 1.5%          
Archrock, Inc.   2,241    19,609 
Dril-Quip, Inc.*(a)   392    17,561 
Exterran Corp.*   598    15,967 
McDermott International, Inc.*   2,668    16,248 
Total Oil & Gas Services        69,385 
           
Packaging & Containers – 0.4%          
Greif, Inc., Class A(a)   388    20,273 
           
Pharmaceuticals – 3.0%          
Amphastar Pharmaceuticals, Inc.*   994    18,638 
Anika Therapeutics, Inc.*(a)   340    16,905 
Corcept Therapeutics, Inc.*(a)   1,113    18,309 
Diplomat Pharmacy, Inc.*   968    19,505 
Enanta Pharmaceuticals, Inc.*   419    33,901 
Heska Corp.*   135    10,674 
Xencor, Inc.*   648    19,427 
Total Pharmaceuticals        137,359 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Pipelines – 0.3%          
Summit Midstream Partners LP   963   $13,530 
           
Private Equity – 0.2%          
Kennedy-Wilson Holdings, Inc.   541    9,413 
           
Real Estate – 0.4%          
HFF, Inc., Class A   410    20,377 
           
REITS – 6.3%          
Acadia Realty Trust   603    14,834 
AG Mortgage Investment Trust, Inc.   925    16,067 
Agree Realty Corp.   399    19,168 
Corporate Office Properties Trust   499    12,889 
DDR Corp.   2,823    20,693 
EastGroup Properties, Inc.   210    17,359 
First Industrial Realty Trust, Inc.   568    16,603 
Hersha Hospitality Trust   1,137    20,352 
iStar, Inc.*   1,283    13,048 
Mack-Cali Realty Corp.   1,220    20,386 
National Health Investors, Inc.   157    10,564 
National Storage Affiliates Trust   789    19,788 
NexPoint Residential Trust, Inc.   590    14,656 
PotlatchDeltic Corp.   296    15,407 
Ramco-Gershenson Properties Trust   662    8,182 
Rexford Industrial Realty, Inc.   540    15,547 
Tier REIT, Inc.   865    15,985 
Uniti Group, Inc.   1,179    19,159 
Total REITS        290,687 
           
Retail – 4.0%          
Bassett Furniture Industries, Inc.   441    13,384 
Conn's, Inc.*   620    21,080 
El Pollo Loco Holdings, Inc.*   2,046    19,437 
Guess?, Inc.   1,291    26,775 
Movado Group, Inc.   622    23,885 
Ollie's Bargain Outlet Holdings, Inc.*(a)   351    21,165 
PetMed Express, Inc.(a)   398    16,617 
Wingstop, Inc.   475    22,434 
Zumiez, Inc.*(a)   926    22,132 
Total Retail        186,909 
           
Savings & Loans – 1.5%          
Flagstar Bancorp, Inc.*(a)   539    19,081 
Meridian Bancorp, Inc.   892    17,974 
Northfield Bancorp, Inc.   938    14,642 
OceanFirst Financial Corp.   740    19,795 
Total Savings & Loans        71,492 
           
Semiconductors – 2.9%          
Brooks Automation, Inc.   792    21,447 
Cohu, Inc.   949    21,647 
Diodes, Inc.*   605    18,428 
Kulicke & Soffa Industries, Inc. (Singapore)*   846    21,159 
Nanometrics, Inc.*   558    15,010 
Power Integrations, Inc.   247    16,882 
Xperi Corp.   878    18,570 
Total Semiconductors        133,143 
           
Software – 6.3%          
ACI Worldwide, Inc.*   806    19,118 
Apptio, Inc., Class A*   793    22,474 
Blackline, Inc.*   395    15,488 
Bottomline Technologies de, Inc.*   511    19,801 
Ebix, Inc.(a)   458    34,121 
Five9, Inc.*   649    19,334 
Glu Mobile, Inc.*   4,701    17,723 
Manhattan Associates, Inc.*   472    19,767 
Medidata Solutions, Inc.*   303    19,031 
MINDBODY, Inc., Class A*   857    33,337 
Progress Software Corp.   482    18,533 
SendGrid, Inc.*   648    18,235 
SPS Commerce, Inc.*   232    14,864 
Zynga, Inc., Class A*   5,972    21,858 
Total Software        293,684 
           
Telecommunications – 3.0%          
Bandwidth, Inc., Class A*   615    20,086 
Comtech Telecommunications Corp.   1,014    30,308 
InterDigital, Inc.   240    17,664 
Iridium Communications, Inc.*(a)   1,267    14,254 
NETGEAR, Inc.*(a)   343    19,619 
Switch, Inc., Class A   1,246    19,824 
Vonage Holdings Corp.*   1,781    18,968 
Total Telecommunications        140,723 
           
Textiles – 0.4%          
UniFirst Corp.   108    17,458 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares /
Principal		   Value 
COMMON STOCKS (continued)          
Transportation – 1.3%          
Covenant Transportation Group, Inc., Class A*   674   $20,105 
Echo Global Logistics, Inc.*   690    19,044 
Genco Shipping & Trading Ltd.*   1,305    18,557 
Total Transportation        57,706 
           
Trucking & Leasing – 0.5%          
GATX Corp.(a)   189    12,945 
Greenbrier Cos., Inc. (The)(a)   237    11,909 
Total Trucking & Leasing        24,854 
           
Total Common Stocks          
(Cost $4,069,526)        4,646,533 
           
MONEY MARKET FUND – 0.4%          
STIT - Government & Agency Portfolio, Institutional Class, 1.55%(c)
(Cost $18,257)		   18,257    18,257 
           
REPURCHASE AGREEMENTS – 6.4%(d)          
Citigroup Global Markets, Inc., dated 03/29/18, due 04/02/18, 1.80%, total to be received $49,415, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.75%, 04/12/18-09/09/49, totaling $50,197)  $49,408    49,408 
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $250,038, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-02/20/68, totaling $254,280)   250,000    250,000 
Total Repurchase Agreements          
(Cost $299,408)        299,408 
Total Investments – 106.7%          
(Cost $4,387,191)        4,964,198 
Liabilities in Excess of Other Assets – (6.7%)        (312,913)
Net Assets – 100.0%       $4,651,285 

 

 

CVR - Contingent Value Rights

LP - Limited Partnership

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 $599,124; the aggregate market value of the collateral held by the fund is $602,721.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $303,313.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of March 31, 2018.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.

  

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   0.4%
Agriculture   0.4 
Airlines   1.2 
Apparel   0.4 
Auto Manufacturers   0.4 
Auto Parts & Equipment   1.6 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Banks   5.0%
Beverages   0.2 
Biotechnology   1.4 
Building Materials   1.3 
Chemicals   1.5 
Coal   0.7 
Commercial Services   8.4 
Computers   2.3 
Distribution / Wholesale   1.4 
Diversified Financial Services   1.6 
Electrical Components & Equipment   0.9 
Electronics   4.6 
Energy - Alternate Sources   1.0 
Engineering & Construction   0.9 
Entertainment   1.2 
Environmental Control   0.8 
Food   2.3 
Forest Products & Paper   0.4 
Hand / Machine Tools   0.4 
Healthcare - Products   6.0 
Healthcare - Services   2.2 
Household Products / Wares   1.0 
Insurance   1.6 
Internet   4.9 
Iron / Steel   0.5 
Leisure Time   1.3 
Lodging   1.2 
Machinery - Diversified   1.4 
Media   0.2 
Mining   0.6 
Miscellaneous Manufacturing   2.0 
Office Furnishings   0.3 
Oil & Gas   4.0 
Oil & Gas Services   1.5 
Packaging & Containers   0.4 
Pharmaceuticals   3.0 
Pipelines   0.3 
Private Equity   0.2 
Real Estate   0.4 
REITS   6.3 
Retail   4.0 
Savings & Loans   1.5 
Semiconductors   2.9 
Software   6.3 
Telecommunications   3.0 
Textiles   0.4 
Transportation   1.3 
Trucking & Leasing   0.5 
Money Market Fund   0.4 
Repurchase Agreements   6.4 
Total Investments   106.7 
Liabilities in Excess of Other Assets   (6.7)
Net Assets   100.0%

  

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS – 99.2%          
Airlines – 5.6%          
Copa Holdings SA, Class A (Panama)   48,199   $6,199,838 
Latam Airlines Group SA (Chile)(a)(b)   473,539    7,287,765 
Total Airlines        13,487,603 
           
Auto Parts & Equipment – 1.9%          
China Yuchai International Ltd. (China)(a)   222,332    4,706,768 
           
Banks – 5.1%          
Grupo Financiero Galicia SA (Argentina)(b)   115,377    7,587,192 
ING Groep NV (Netherlands)(a)(b)   287,011    4,859,096 
Total Banks        12,446,288 
           
Chemicals – 6.3%          
Braskem SA (Brazil)(a)(b)   236,555    6,857,730 
Sociedad Quimica y Minera de Chile SA (Chile)(a)(b)   170,049    8,357,908 
Total Chemicals        15,215,638 
           
Commercial Services – 9.7%          
New Oriental Education & Technology Group, Inc. (China)(b)   124,141    10,880,959 
TAL Education Group (China)(b)   341,246    12,656,814 
Total Commercial Services        23,537,773 
           
Diversified Financial Services – 5.0%          
KB Financial Group, Inc. (South Korea)(b)   108,416    6,281,623 
Noah Holdings Ltd. (China)*(a)(b)   123,862    5,847,525 
Total Diversified Financial Services        12,129,148 
           
Electric – 10.4%          
Empresa Distribuidora Y Comercializadora Norte (Argentina)*(a)(b)   252,366    14,518,616 
Pampa Energia SA (Argentina)*(a)(b)   182,442    10,873,543 
Total Electric        25,392,159 
           
Forest Products & Paper – 3.2%          
Stora Enso OYJ (Finland)(a)(b)   410,029    7,724,946 
           
Healthcare - Products – 2.5%          
Mazor Robotics Ltd. (Israel)*(a)(b)   99,482    6,104,215 
           
Home Furnishings – 3.4%          
SodaStream International Ltd. (Israel)*   89,646    8,232,192 
           
Insurance – 2.5%          
Aegon NV (Netherlands)(a)(c)   907,911    6,146,558 
           
Internet – 8.7%          
Gravity Co. Ltd. (South Korea)(b)   78,596    6,688,520 
SINA Corp. (China)*   67,957    7,085,876 
Tencent Holdings Ltd. (China)(b)   124,374    6,627,890 
Weibo Corp. (China)*(a)(b)   6,840    817,654 
Total Internet        21,219,940 
           
Iron / Steel – 2.7%          
Ternium SA (Luxembourg)(b)   201,730    6,554,208 
           
Lodging – 5.1%          
China Lodging Group Ltd. (China)(a)(b)   94,635    12,464,376 
           
Machinery - Construction & Mining – 2.1%          
Komatsu Ltd. (Japan)(b)   154,599    5,202,256 
           
Machinery - Diversified – 2.5%          
FANUC Corp. (Japan)(b)   236,894    6,024,214 
           
Oil & Gas – 7.8%          
CNOOC Ltd. (China)(b)   39,145    5,788,371 
Ecopetrol SA (Colombia)(a)(b)   358,106    6,922,189 
Petroleo Brasileiro SA (Brazil)*(b)   443,004    6,264,077 
Total Oil & Gas        18,974,637 
           
Pharmaceuticals – 2.3%          
Galapagos NV (Belgium)*(a)(b)   56,076    5,594,142 
           
Semiconductors – 5.3%          
ASML Holding NV (Netherlands)(a)(c)   29,501    5,857,719 
STMicroelectronics NV (Switzerland)(a)(c)   312,749    6,971,175 
Total Semiconductors        12,828,894 
           
Telecommunications – 7.1%          
Nice Ltd. (Israel)*(b)   68,617    6,445,195 
Telecom Argentina SA (Argentina)(b)   167,501    5,247,806 
TIM Participacoes SA (Brazil)(a)(b)   260,589    5,646,964 
Total Telecommunications        17,339,965 
           
Total Common Stocks          
(Cost $220,214,870)        241,325,920 
           
MONEY MARKET FUND – 0.8%          
Invesco Government & Agency Portfolio - Private Investment Class, 1.25%(d)
(Cost $1,996,627)		   1,996,627    1,996,627 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
REPURCHASE AGREEMENTS – 12.6%(e)          
Citibank NA, dated 03/29/18, due 04/02/18, 1.80%, total to be received $2,118,258, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 08/02/18-09/09/49, totaling $2,147,179)  $2,117,940   $2,117,940 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $7,150,572, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $7,271,066)   7,149,494    7,149,494 
HSBC Securities USA, Inc., dated 03/29/18, due 04/02/18, 1.78%, total to be received $7,150,555, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 05/15/18-01/15/37, totaling $7,303,275)   7,149,494    7,149,494 
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $7,150,578, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-02/20/68, totaling $7,271,902)   7,149,494    7,149,494 
RBC Dominion Securities, Inc., dated 03/29/18, due 04/02/18, 1.80%, total to be received $7,150,566, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 06/28/18-12/20/47, totaling $7,270,479)   7,149,494    7,149,494 
           
Total Repurchase Agreements          
(Cost $30,715,916)        30,715,916 
           
Total Investments – 112.6%          
(Cost $252,927,413)        274,038,463 
Liabilities in Excess of Other Assets – (12.6%)        (30,762,167)
Net Assets – 100.0%       $243,276,296 

 

 

* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $51,180,776; the aggregate market value of the collateral held by the fund is $51,440,459.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $20,724,543.
(b) American Depositary Receipt.
(c) Registered Shares.
(d) Rate shown reflects the 7-day yield as of March 31, 2018.
(e) Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Airlines   5.6%
Auto Parts & Equipment   1.9 
Banks   5.1 
Chemicals   6.3 
Commercial Services   9.7 
Diversified Financial Services   5.0 
Electric   10.4 
Forest Products & Paper   3.2 
Healthcare - Products   2.5 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Home Furnishings   3.4%
Insurance   2.5 
Internet   8.7 
Iron / Steel   2.7 
Lodging   5.1 
Machinery - Construction & Mining   2.1 
Machinery - Diversified   2.5 
Oil & Gas   7.8 
Pharmaceuticals   2.3 
Semiconductors   5.3 
Telecommunications   7.1 
Money Market Fund   0.8 
Repurchase Agreements   12.6 
Total Investments   112.6 
Liabilities in Excess of Other Assets   (12.6)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Shares/Principal   Value 
COMMON STOCKS – 99.1%          
Banks – 4.2%          
Signature Bank*   4,071   $577,878 
           
Building Materials – 4.0%          
Continental Building Products, Inc.*   19,750    563,863 
           
Chemicals – 7.4%          
RPM International, Inc.   10,538    502,347 
Sherwin-Williams Co. (The)   1,342    526,225 
Total Chemicals        1,028,572 
           
Commercial Services – 8.8%          
Carriage Services, Inc.   21,768    602,103 
Moody's Corp.   3,825    616,972 
Total Commercial Services        1,219,075 
           
Computers – 8.4%          
Check Point Software Technologies Ltd. (Israel)*   5,380    534,449 
Cognizant Technology Solutions Corp., Class A   7,853    632,167 
Total Computers        1,166,616 
           
Diversified Financial Services – 7.5%          
Alliance Data Systems Corp.   2,203    468,931 
Intercontinental Exchange, Inc.   8,001    580,232 
Total Diversified Financial Services        1,049,163 
           
Food – 11.5%          
Hormel Foods Corp.(a)   15,428    529,489 
Ingredion, Inc.   4,001    515,809 
JM Smucker Co. (The)   4,514    559,781 
Total Food        1,605,079 
           
Hand/Machine Tools – 3.3%          
Snap-on, Inc.(a)   3,161    466,374 
           
Healthcare - Products – 12.4%          
Becton Dickinson and Co.   2,578    558,653 
Danaher Corp.   6,034    590,789 
Stryker Corp.   3,582    576,415 
Total Healthcare - Products        1,725,857 
           
Household Products/Wares – 4.1%          
Church & Dwight Co., Inc.   11,289    568,514 
           
Insurance – 7.7%          
Aflac, Inc.   12,606    551,638 
Torchmark Corp.   6,187    520,760 
Total Insurance        1,072,398 
           
Machinery - Diversified – 4.0%          
Wabtec Corp.(a)   6,838    556,613 
           
Media – 4.1%          
FactSet Research Systems, Inc.   2,891    576,523 
           
Retail – 3.9%          
Ross Stores, Inc.   6,900    538,062 
           
Software – 7.8%          
Cerner Corp.*   8,163    473,454 
Fiserv, Inc.*   8,574    611,412 
Total Software        1,084,866 
           
Total Common Stocks          
(Cost $12,508,838)        13,799,453 
           
MONEY MARKET FUND – 1.0%          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.45%(b)
(Cost $135,685)		   135,685    135,685 
           
REPURCHASE AGREEMENTS – 3.0%(c)          
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $250,038, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $254,251)  $250,000    250,000 
HSBC Securities USA, Inc., dated 03/29/18, due 04/02/18, 1.79%, total to be received $164,667, (collateralized by various U.S. Government Agency Obligations, 2.50%-8.00%, 04/01/22-03/01/48, totaling $167,670)   164,642    164,642 
           
Total Repurchase Agreements          
(Cost $414,642)        414,642 
           
Total Investments – 103.1%          
(Cost $13,059,165)        14,349,780 
Liabilities in Excess of Other Assets – (3.1%)        (425,801)
Net Assets – 100.0%       $13,923,979 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

 

 

* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,516,800; the aggregate market value of the collateral held by the fund is $1,525,759.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,111,117.
(b) Rate shown reflects the 7-day yield as of March 31, 2018.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Banks   4.2%
Building Materials   4.0 
Chemicals   7.4 
Commercial Services   8.8 
Computers   8.4 
Diversified Financial Services   7.5 
Food   11.5 
Hand/Machine Tools   3.3 
Healthcare - Products   12.4 
Household Products/Wares   4.1 
Insurance   7.7 
Machinery - Diversified   4.0 
Media   4.1 
Retail   3.9 
Software   7.8 
Money Market Fund   1.0 
Repurchase Agreements   3.0 
Total Investments   103.1 
Liabilities in Excess of Other Assets   (3.1) 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS – 97.9%          
Advertising – 2.1%          
Innocean Worldwide, Inc. (South Korea)   3,742   $226,086 
           
Aerospace/Defense – 0.1%          
Korea Aerospace Industries Ltd. (South Korea)*   290    13,590 
           
Airlines – 2.9%          
Hanjin Kal Corp. (South Korea)   14,612    270,059 
Jin Air Co. Ltd. (South Korea)   1,244    35,363 
Total Airlines        305,422 
           
Apparel – 1.4%          
Handsome Co. Ltd. (South Korea)   5,169    149,605 
           
Auto Manufacturers – 2.8%          
Hyundai Motor Co. (South Korea)   2,178    293,220 
           
Auto Parts & Equipment – 4.0%          
Hanon Systems (South Korea)   888    9,622 
Hyundai Mobis Co. Ltd. (South Korea)   1,438    342,670 
Mando Corp. (South Korea)   307    66,389 
Total Auto Parts & Equipment        418,681 
           
Banks – 1.7%          
Industrial Bank of Korea (South Korea)   12,047    176,314 
           
Biotechnology – 2.7%          
Hugel, Inc. (South Korea)*   106    59,270 
Medy-Tox, Inc. (South Korea)   82    57,444 
Samsung Biologics Co. Ltd. (South Korea)*‡   366    166,879 
Total Biotechnology        283,593 
           
Chemicals – 4.9%          
Hansol Chemical Co. Ltd. (South Korea)   627    40,941 
LG Chem Ltd. (South Korea)   593    214,746 
Lotte Chemical Corp. (South Korea)   510    207,177 
SK Chemicals Co. Ltd. (South Korea)*   487    47,517 
Wonik Materials Co. Ltd. (South Korea)*   72    3,817 
Total Chemicals        514,198 
           
Commercial Services – 0.3%          
KGMobilians Co. Ltd. (South Korea)   3,437    30,214 
           
Computers – 3.1%          
NHN KCP Corp. (South Korea)*   715    11,806 
Samsung SDS Co. Ltd. (South Korea)   411    97,361 
Shinsegae Information & Communication Co. Ltd. (South Korea)   134    22,252 
SK Holdings Co. Ltd. (South Korea)   687    192,391 
Total Computers        323,810 
           
Cosmetics / Personal Care – 4.7%          
Amorepacific Corp. (South Korea)   810    233,296 
AMOREPACIFIC Group (South Korea)   719    92,413 
CLIO Cosmetics Co. Ltd. (South Korea)   430    13,797 
Cosmax, Inc. (South Korea)   725    93,524 
LG Household & Health Care Ltd. (South Korea)   55    61,506 
Total Cosmetics / Personal Care        494,536 
           
Distribution / Wholesale – 1.4%          
LG Corp. (South Korea)   1,831    149,277 
           
Diversified Financial Services – 4.8%          
KB Financial Group, Inc. (South Korea)   4,594    265,494 
KIWOOM Securities Co. Ltd. (South Korea)   1,258    125,694 
NH Investment & Securities Co. Ltd. (South Korea)   8,775    114,843 
Total Diversified Financial Services        506,031 
           
Electrical Components & Equipment – 2.1%          
LS Corp. (South Korea)   3,141    216,885 
           
Electronics – 0.6%          
L&F Co. Ltd. (South Korea)   266    9,683 
Samsung Electro-Mechanics Co. Ltd. (South Korea)   590    59,227 
Total Electronics        68,910 
           
Engineering & Construction – 1.3%          
Daelim Industrial Co. Ltd. (South Korea)   612    42,258 
Daewoo Engineering & Construction Co. Ltd. (South Korea)*   15,425    75,396 
Hyundai Development Co.-Engineering & Construction (South Korea)   550    19,556 
Total Engineering & Construction        137,210 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Food – 2.3%          
CJ CheilJedang Corp. (South Korea)   627   $188,235 
Daesang Corp. (South Korea)   825    20,008 
NUTRIBIOTECH Co. Ltd. (South Korea)*   1,586    35,041 
Total Food        243,284 
           
Gas – 0.5%          
Korea Gas Corp. (South Korea)*   1,215    55,341 
           
Healthcare - Products – 0.2%          
Interojo Co. Ltd. (South Korea)   597    22,712 
           
Holding Companies - Diversified – 0.9%          
CJ Corp. (South Korea)   621    91,760 
           
Home Furnishings – 2.1%          
LG Electronics, Inc. (South Korea)   1,530    156,459 
SM Entertainment Co. (South Korea)*   1,408    61,490 
Total Home Furnishings        217,949 
           
Insurance – 2.2%          
Samsung Life Insurance Co. Ltd. (South Korea)   2,124    230,155 
           
Internet – 5.9%          
Cafe24 Corp. (South Korea)*   257    28,620 
NAVER Corp. (South Korea)   531    391,562 
NHN Entertainment Corp. (South Korea)*   3,282    207,838 
Total Internet        628,020 
           
Iron / Steel – 1.9%          
POSCO (South Korea)   640    202,345 
           
Leisure Time – 1.3%          
Hana Tour Service, Inc. (South Korea)   749    83,972 
Very Good Tour Co. Ltd. (South Korea)   4,430    52,575 
Total Leisure Time        136,547 
Machinery - Diversified – 2.1%          
Hyundai Robotics Co. Ltd. (South Korea)*   475    189,840 
SFA Engineering Corp. (South Korea)   1,125    36,729 
Total Machinery - Diversified        226,569 
           
Media – 0.9%          
CJ E&M Corp. (South Korea)   1,064    92,135 
           
Metal Fabricate / Hardware – 0.1%          
Hyosung Corp. (South Korea)   121    13,565 
           
Miscellaneous Manufacturing – 0.7%          
Doosan Corp. (South Korea)   517    51,899 
POSCO Chemtech Co. Ltd. (South Korea)   287    12,722 
SK Materials Co. Ltd. (South Korea)   93    12,966 
Total Miscellaneous Manufacturing        77,587 
           
Oil & Gas – 1.8%          
S-Oil Corp. (South Korea)   1,719    192,720 
           
Pharmaceuticals – 4.3%          
Celltrion Healthcare Co. Ltd. (South Korea)*   3    303 
Celltrion, Inc. (South Korea)*   469    139,481 
Dong-A Socio Holdings Co. Ltd. (South Korea)   407    50,784 
Green Cross Corp. (South Korea)   314    59,212 
Hanmi Pharm Co. Ltd. (South Korea)   325    157,637 
Yuhan Corp. (South Korea)   250    51,834 
Total Pharmaceuticals        459,251 
           
Retail – 4.4%          
E-MART, Inc. (South Korea)   312    79,178 
Lotte Shopping Co. Ltd. (South Korea)   634    139,184 
Samsung C&T Corp. (South Korea)   955    122,746 
Shinsegae, Inc. (South Korea)   389    127,185 
Total Retail        468,293 
           
Semiconductors – 22.4%          
Innox Advanced Materials Co. Ltd. (South Korea)*   160    9,757 
Samsung Electronics Co. Ltd. (South Korea)   847    1,948,442 
SK Hynix, Inc. (South Korea)   4,845    365,000 
TES Co. Ltd. (South Korea)   1,459    40,174 
Total Semiconductors        2,363,373 
           
Shipbuilding – 0.5%          
Hyundai Heavy Industries Co. Ltd. (South Korea)*   387    49,923 
           
Telecommunications – 1.5%          
SK Telecom Co. Ltd. (South Korea)   713    153,851 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Transportation – 1.0%          
Hyundai Glovis Co. Ltd. (South Korea)   530   $90,496 
Pan Ocean Co. Ltd. (South Korea)*   2,051    10,160 
Total Transportation        100,656 
           
Total Common Stocks          
(Cost $8,320,535)        10,333,618 
           
Total Investments – 97.9%          
(Cost $8,320,535)        10,333,618 
           
Other Assets in Excess of Liabilities – 2.1%        224,482 
Net Assets – 100.0%       $10,558,100 

 

 

* 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   2.1%
Aerospace/Defense   0.1 
Airlines   2.9 
Apparel   1.4 
Auto Manufacturers   2.8 
Auto Parts & Equipment   4.0 
Banks   1.7 
Biotechnology   2.7 
Chemicals   4.9 
Commercial Services   0.3 
Computers   3.1 
Cosmetics / Personal Care   4.7 
Distribution / Wholesale   1.4 
Diversified Financial Services   4.8 
Electrical Components & Equipment   2.1 
Electronics   0.6 
Engineering & Construction   1.3 
Food   2.3 
Gas   0.5 
Healthcare - Products   0.2 
Holding Companies - Diversified   0.9 
Home Furnishings   2.1 
Insurance   2.2 
Internet   5.9 
Iron / Steel   1.9 
Leisure Time   1.3 
Machinery - Diversified   2.1 
Media   0.9 
Metal Fabricate / Hardware   0.1 
Miscellaneous Manufacturing   0.7 
Oil & Gas   1.8 
Pharmaceuticals   4.3 
Retail   4.4 
Semiconductors   22.4 
Shipbuilding   0.5 
Telecommunications   1.5 
Transportation   1.0 
Total Investments   97.9 
Other Assets in Excess of Liabilities   2.1 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS – 97.5%          
Advertising – 0.7%          
Interpublic Group of Cos., Inc. (The)   5,890   $135,647 
Omnicom Group, Inc.(a)   799    58,063 
Total Advertising        193,710 
           
Aerospace/Defense – 2.0%          
Arconic, Inc.   5,564    128,195 
Boeing Co. (The)   194    63,609 
General Dynamics Corp.   277    61,189 
Harris Corp.   489    78,866 
L3 Technologies, Inc.   88    18,304 
Lockheed Martin Corp.   127    42,917 
Northrop Grumman Corp.   57    19,900 
Raytheon Co.   93    20,071 
Rockwell Collins, Inc.   383    51,647 
TransDigm Group, Inc.(a)   206    63,230 
United Technologies Corp.   231    29,064 
Total Aerospace/Defense        576,992 
           
Agriculture – 0.8%          
Altria Group, Inc.   243    15,144 
Archer-Daniels-Midland Co.   3,713    161,033 
Philip Morris International, Inc.   686    68,188 
Total Agriculture        244,365 
           
Airlines – 0.7%          
Alaska Air Group, Inc.(a)   944    58,490 
Delta Air Lines, Inc.   1,284    70,376 
Southwest Airlines Co.   1,070    61,290 
Total Airlines        190,156 
           
Apparel – 0.7%          
Hanesbrands, Inc.(a)   4,360    80,311 
NIKE, Inc., Class B   273    18,138 
Ralph Lauren Corp.   471    52,658 
Under Armour, Inc., Class C*(a)   1,176    16,875 
VF Corp.   456    33,799 
Total Apparel        201,781 
           
Auto Manufacturers – 1.3%          
Ford Motor Co.   13,829    153,225 
General Motors Co.   4,204    152,773 
PACCAR, Inc.(a)   1,040    68,817 
Total Auto Manufacturers        374,815 
           
Auto Parts & Equipment – 1.0%          
Aptiv PLC   919    78,088 
BorgWarner, Inc.   2,695    135,370 
Goodyear Tire & Rubber Co. (The)   3,211   85,348 
Total Auto Parts & Equipment        298,806 
           
Banks – 5.9%          
Bank of America Corp.   2,244    67,298 
Bank of New York Mellon Corp. (The)   1,375    70,854 
BB&T Corp.   700    36,428 
Capital One Financial Corp.   737    70,619 
Citigroup, Inc.   1,079    72,832 
Citizens Financial Group, Inc.   3,464    145,419 
Comerica, Inc.   1,907    182,939 
Fifth Third Bancorp   1,076    34,163 
Goldman Sachs Group, Inc. (The)   559    140,790 
Huntington Bancshares, Inc.   3,972    59,977 
JPMorgan Chase & Co.   161    17,705 
KeyCorp   3,010    58,845 
M&T Bank Corp.   100    18,436 
Morgan Stanley   2,886    155,729 
Northern Trust Corp.   628    64,766 
PNC Financial Services Group, Inc. (The)   502    75,922 
Regions Financial Corp.   5,831    108,340 
State Street Corp.   1,250    124,662 
SunTrust Banks, Inc.   942    64,094 
US Bancorp   319    16,110 
Wells Fargo & Co.   1,089    57,074 
Zions Bancorporation   1,091    57,528 
Total Banks        1,700,530 
           
Beverages – 0.9%          
Brown-Forman Corp., Class B   318    17,299 
Coca-Cola Co. (The)   376    16,330 
Constellation Brands, Inc., Class A   345    78,632 
Dr Pepper Snapple Group, Inc.   180    21,308 
Molson Coors Brewing Co., Class B   1,113    83,842 
Monster Beverage Corp.*   722    41,306 
PepsiCo, Inc.   145    15,827 
Total Beverages        274,544 
           
Biotechnology – 1.7%          
Alexion Pharmaceuticals, Inc.*   1,171    130,520 
Amgen, Inc.   97    16,536 
Biogen, Inc.*   96    26,287 
Celgene Corp.*   1,614    143,985 
Illumina, Inc.*   77    18,204 
Regeneron Pharmaceuticals, Inc.*   314    108,129 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Biotechnology (continued)          
Vertex Pharmaceuticals, Inc.*   290   $47,264 
Total Biotechnology        490,925 
           
Building Materials – 1.4%          
Fortune Brands Home & Security, Inc.   924    54,414 
Johnson Controls International PLC   3,384    119,252 
Martin Marietta Materials, Inc.   328    67,995 
Masco Corp.   2,539    102,677 
Vulcan Materials Co.   467    53,317 
Total Building Materials        397,655 
           
Chemicals – 1.9%          
Air Products & Chemicals, Inc.   387    61,545 
Albemarle Corp.(a)   131    12,149 
DowDuPont, Inc.   610    38,863 
Eastman Chemical Co.   858    90,588 
FMC Corp.   709    54,288 
International Flavors & Fragrances, Inc.   112    15,334 
LyondellBasell Industries NV, Class A   915    96,697 
Monsanto Co.   470    54,844 
Mosaic Co. (The)   653    15,855 
PPG Industries, Inc.   147    16,405 
Praxair, Inc.   201    29,004 
Sherwin-Williams Co. (The)   159    62,347 
Total Chemicals        547,919 
           
Commercial Services – 3.6%          
Automatic Data Processing, Inc.   148    16,795 
Cintas Corp.   311    53,050 
Ecolab, Inc.   338    46,330 
Equifax, Inc.   455    53,603 
Gartner, Inc.*(a)   421    49,518 
Global Payments, Inc.   1,000    111,520 
H&R Block, Inc.(a)   3,321    84,387 
IHS Markit Ltd.*   1,497    72,215 
Moody's Corp.   118    19,033 
Nielsen Holdings PLC   1,306    41,518 
PayPal Holdings, Inc.*   887    67,297 
Quanta Services, Inc.*   871    29,919 
Robert Half International, Inc.   925    53,548 
S&P Global, Inc.   348    66,489 
Total System Services, Inc.   690    59,519 
United Rentals, Inc.*   893    154,248 
Verisk Analytics, Inc.*   180   18,720 
Western Union Co. (The)   2,207    42,441 
Total Commercial Services        1,040,150 
           
Computers – 3.9%          
Accenture PLC, Class A   193    29,626 
Apple, Inc.   376    63,085 
Cognizant Technology Solutions Corp., Class A   1,756    141,358 
CSRA, Inc.   1,949    80,357 
DXC Technology Co.   1,433    144,060 
HP, Inc.   3,150    69,048 
International Business Machines Corp.   189    28,998 
NetApp, Inc.   2,181    134,546 
Seagate Technology PLC(a)   3,949    231,095 
Western Digital Corp.   2,192    202,256 
Total Computers        1,124,429 
           
Cosmetics/Personal Care – 0.3%          
Colgate-Palmolive Co.   229    16,415 
Coty, Inc., Class A(a)   2,229    40,791 
Estee Lauder Cos., Inc. (The), Class A   135    20,212 
Procter & Gamble Co. (The)   189    14,984 
Total Cosmetics/Personal Care        92,402 
           
Distribution/Wholesale – 0.6%          
Fastenal Co.(a)   317    17,305 
LKQ Corp.*   2,295    87,095 
W.W. Grainger, Inc.   242    68,310 
Total Distribution/Wholesale        172,710 
           
Diversified Financial Services – 6.3%          
Affiliated Managers Group, Inc.   760    144,081 
Alliance Data Systems Corp.   583    124,097 
American Express Co.   743    69,307 
Ameriprise Financial, Inc.   1,008    149,123 
BlackRock, Inc.   149    80,716 
Cboe Global Markets, Inc.   1,126    128,477 
Charles Schwab Corp. (The)   1,533    80,053 
CME Group, Inc.   119    19,247 
Discover Financial Services   714    51,358 
E*TRADE Financial Corp.*   2,295    127,166 
Franklin Resources, Inc.   1,757    60,933 
Intercontinental Exchange, Inc.   246    17,840 
Invesco Ltd.   4,095    131,081 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Diversified Financial Services (continued)          
Mastercard, Inc., Class A   454   $79,523 
Nasdaq, Inc.   509    43,886 
Navient Corp.   10,484    137,550 
Raymond James Financial, Inc.   1,721    153,875 
Synchrony Financial   2,167    72,659 
T. Rowe Price Group, Inc.   715    77,199 
Visa, Inc., Class A   561    67,107 
Total Diversified Financial Services        1,815,278 
           
Electric – 2.0%          
AES Corp. (The)   11,843    134,655 
Alliant Energy Corp.   408    16,671 
Ameren Corp.   296    16,762 
American Electric Power Co., Inc.   238    16,324 
CenterPoint Energy, Inc.   613    16,796 
CMS Energy Corp.   366    16,576 
Consolidated Edison, Inc.   206    16,056 
Dominion Energy, Inc.   215    14,497 
DTE Energy Co.   158    16,495 
Duke Energy Corp.   207    16,036 
Edison International   273    17,379 
Entergy Corp.   375    29,543 
Eversource Energy   275    16,203 
Exelon Corp.   437    17,047 
FirstEnergy Corp.   563    19,148 
NRG Energy, Inc.   605    18,471 
PG&E Corp.   391    17,177 
Pinnacle West Capital Corp.   204    16,279 
PPL Corp.   565    15,984 
Public Service Enterprise Group, Inc.   336    16,881 
SCANA Corp.   445    16,710 
Sempra Energy(a)   440    48,937 
Southern Co. (The)   365    16,301 
WEC Energy Group, Inc.   262    16,427 
Xcel Energy, Inc.   362    16,464 
Total Electric        579,819 
           
Electrical Components & Equipment – 0.3%          
Acuity Brands, Inc.(a)   294    40,922 
AMETEK, Inc.   238    18,081 
Emerson Electric Co.   247    16,870 
Total Electrical Components & Equipment        75,873 
           
Electronics – 1.2%          
Agilent Technologies, Inc.   415    27,764 
Allegion PLC   945   80,599 
Amphenol Corp., Class A   196    16,881 
Corning, Inc.   530    14,776 
FLIR Systems, Inc.   369    18,454 
Fortive Corp.   239    18,527 
Garmin Ltd.(a)   289    17,031 
Honeywell International, Inc.   113    16,330 
Mettler-Toledo International, Inc.*   28    16,101 
PerkinElmer, Inc.   551    41,722 
TE Connectivity Ltd.   567    56,643 
Waters Corp.*   88    17,481 
Total Electronics        342,309 
           
Engineering & Construction – 0.3%          
Fluor Corp.   331    18,940 
Jacobs Engineering Group, Inc.   1,196    70,743 
Total Engineering & Construction        89,683 
           
Environmental Control – 0.4%          
Republic Services, Inc.   258    17,087 
Stericycle, Inc.*(a)   1,184    69,300 
Waste Management, Inc.   200    16,824 
Total Environmental Control        103,211 
           
Food – 1.5%          
Campbell Soup Co.   362    15,678 
Conagra Brands, Inc.   459    16,928 
General Mills, Inc.   704    31,722 
Hershey Co. (The)   153    15,141 
Hormel Foods Corp.(a)   476    16,336 
JM Smucker Co. (The)(a)   566    70,190 
Kellogg Co.(a)   253    16,448 
Kraft Heinz Co. (The)   412    25,663 
Kroger Co. (The)   614    14,699 
McCormick & Co., Inc.   330    35,109 
Mondelez International, Inc., Class A   1,457    60,801 
Safeway, Inc. SCRP. CVR*(b)   447    0 
Sysco Corp.   632    37,895 
Tyson Foods, Inc., Class A   880    64,407 
Total Food        421,017 
           
Forest Products & Paper – 0.3%          
International Paper Co.   1,421    75,924 
           
Gas – 0.1%          
NiSource, Inc.(a)   677    16,187 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Hand/Machine Tools – 0.4%          
Snap-on, Inc.(a)   385   $56,803 
Stanley Black & Decker, Inc.   313    47,952 
Total Hand/Machine Tools        104,755 
           
Healthcare - Products – 2.8%          
Abbott Laboratories   1,113    66,691 
Align Technology, Inc.*   256    64,289 
Baxter International, Inc.   739    48,065 
Becton Dickinson and Co.   325    70,428 
Boston Scientific Corp.*   2,348    64,147 
Cooper Cos., Inc. (The)   229    52,398 
Danaher Corp.   185    18,113 
DENTSPLY SIRONA, Inc.   257    12,930 
Edwards Lifesciences Corp.*   489    68,225 
Henry Schein, Inc.*(a)   511    34,344 
Hologic, Inc.*(a)   926    34,595 
IDEXX Laboratories, Inc.*   108    20,670 
Intuitive Surgical, Inc.*   46    18,990 
Medtronic PLC   428    34,334 
Patterson Cos., Inc.   1,156    25,698 
ResMed, Inc.   464    45,690 
Stryker Corp.   110    17,701 
Thermo Fisher Scientific, Inc.   406    83,823 
Varian Medical Systems, Inc.*   155    19,011 
Zimmer Biomet Holdings, Inc.   140    15,266 
Total Healthcare - Products        815,408 
           
Healthcare - Services – 3.4%          
Aetna, Inc.   287    48,503 
Anthem, Inc.   307    67,448 
Centene Corp.*   876    93,618 
Cigna Corp.   409    68,606 
DaVita, Inc.*   1,493    98,448 
Envision Healthcare Corp.*(a)   4,051    155,680 
HCA Healthcare, Inc.   1,094    106,118 
Humana, Inc.   259    69,627 
IQVIA Holdings, Inc.*   830    81,431 
Laboratory Corp. of America Holdings*   374    60,495 
Quest Diagnostics, Inc.   351    35,205 
UnitedHealth Group, Inc.   339    72,546 
Universal Health Services, Inc., Class B   150    17,762 
Total Healthcare - Services        975,487 
           
Home Builders – 1.3%          
D.R. Horton, Inc.   2,878   126,172 
Lennar Corp., Class A   1,536    90,532 
PulteGroup, Inc.   5,227    154,144 
Total Home Builders        370,848 
           
Home Furnishings – 0.4%          
Leggett & Platt, Inc.(a)   1,360    60,330 
Whirlpool Corp.   446    68,287 
Total Home Furnishings        128,617 
           
Household Products/Wares – 0.3%          
Avery Dennison Corp.   286    30,388 
Church & Dwight Co., Inc.   348    17,525 
Clorox Co. (The)   118    15,707 
Kimberly-Clark Corp.   144    15,859 
Total Household Products/Wares        79,479 
           
Housewares – 0.2%          
Newell Brands, Inc.(a)   2,334    59,470 
           
Insurance – 6.5%          
Aflac, Inc.   392    17,154 
Allstate Corp. (The)   1,046    99,161 
American International Group, Inc.   2,124    115,588 
Aon PLC   582    81,672 
Arthur J Gallagher & Co.   774    53,197 
Assurant, Inc.   1,652    151,009 
Berkshire Hathaway, Inc., Class B*   87    17,355 
Brighthouse Financial, Inc.*   2,746    141,144 
Chubb Ltd.   287    39,253 
Hartford Financial Services Group, Inc. (The)   1,446    74,498 
Lincoln National Corp.   1,498    109,444 
Loews Corp.   345    17,157 
Marsh & McLennan Cos., Inc.   771    63,677 
MetLife, Inc.   2,456    112,706 
Principal Financial Group, Inc.   1,619    98,613 
Progressive Corp. (The)   2,473    150,680 
Prudential Financial, Inc.   1,009    104,482 
Torchmark Corp.   314    26,429 
Travelers Cos., Inc. (The)   130    18,052 
Unum Group   314    14,950 
Willis Towers Watson PLC   517    78,682 
XL Group Ltd (Bermuda)   5,171    285,749 
Total Insurance        1,870,652 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Internet – 2.6%          
Alphabet, Inc., Class A*   80   $82,971 
Alphabet, Inc., Class C*   83    85,639 
Amazon.com, Inc.*   15    21,710 
Booking Holdings, Inc.*   49    101,939 
eBay, Inc.*   1,009    40,602 
Expedia Group, Inc.(a)   628    69,337 
F5 Networks, Inc.*   356    51,481 
Facebook, Inc., Class A*   801    127,992 
Netflix, Inc.*   86    25,400 
Symantec Corp.(a)   2,161    55,862 
TripAdvisor, Inc.*(a)   503    20,568 
VeriSign, Inc.*(a)   532    63,074 
Total Internet        746,575 
           
Investment Companies – 0.4%          
Leucadia National Corp.   5,697    129,493 
           
Iron/Steel – 0.4%          
Nucor Corp.   2,050    125,235 
           
Leisure Time – 1.9%          
Carnival Corp.   1,984    130,111 
Harley-Davidson, Inc.(a)   2,047    87,775 
Norwegian Cruise Line Holdings Ltd.*   3,121    165,320 
Royal Caribbean Cruises Ltd.   1,338    157,536 
Total Leisure Time        540,742 
           
Lodging – 0.9%          
Hilton Worldwide Holdings, Inc.   977    76,949 
Marriott International, Inc., Class A   311    42,290 
MGM Resorts International(a)   514    18,000 
Wyndham Worldwide Corp.   963    110,196 
Wynn Resorts Ltd.   104    18,965 
Total Lodging        266,400 
           
Machinery - Construction & Mining – 0.1%          
Caterpillar, Inc.   110    16,212 
           
Machinery - Diversified – 1.0%          
Cummins, Inc.   736    119,298 
Deere & Co.   110    17,085 
Flowserve Corp.   407    17,635 
Rockwell Automation, Inc.   147    25,608 
Roper Technologies, Inc.   117    32,841 
Xylem, Inc.   911    70,074 
Total Machinery - Diversified        282,541 
           
Media – 2.7%          
CBS Corp., Class B   2,725   140,038 
Charter Communications, Inc., Class A*   50    15,561 
Comcast Corp., Class A   1,903    65,025 

Discovery Communications, Inc.,

Class A*(a)

   5,678    121,680 
Discovery Communications, Inc.,
Class C*		   6,908    134,844 
News Corp., Class A   3,225    50,955 
News Corp., Class B   3,009    48,445 
Time Warner, Inc.   683    64,598 
Twenty-First Century Fox, Inc., Class A   1,683    61,749 
Twenty-First Century Fox, Inc., Class B   1,621    58,956 
Viacom, Inc., Class B   556    17,269 
Walt Disney Co. (The)   156    15,669 
Total Media        794,789 
           
Mining – 0.5%          
Freeport-McMoRan, Inc.*   9,010    158,306 
           
Miscellaneous Manufacturing – 1.8%          
3M Co.   74    16,245 
AO Smith Corp.   1,004    63,844 
Dover Corp.   692    67,968 
Eaton Corp. PLC   971    77,593 
General Electric Co.   3,912    52,734 
Illinois Tool Works, Inc.   281    44,022 
Ingersoll-Rand PLC   545    46,603 
Parker-Hannifin Corp.   345    59,005 
Pentair PLC (United Kingdom)   923    62,884 
Textron, Inc.   586    34,556 
Total Miscellaneous Manufacturing        525,454 
           
Office / Business Equipment – 0.5%          
Xerox Corp.   5,353    154,059 
           
Oil & Gas – 4.4%          
Andeavor   1,527    153,555 
Apache Corp.(a)   397    15,276 
Cabot Oil & Gas Corp.   4,719    113,162 
Chevron Corp.   1,320    150,533 
Cimarex Energy Co.   1,356    126,786 
Concho Resources, Inc.*   114    17,138 
ConocoPhillips   314    18,617 
Devon Energy Corp.   4,143    131,706 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Oil & Gas (continued)          
EQT Corp.   298   $14,158 
Exxon Mobil Corp.   1,190    88,786 
Marathon Petroleum Corp.   2,205    161,207 
Newfield Exploration Co.*   3,883    94,823 
Occidental Petroleum Corp.   233    15,136 
Phillips 66   662    63,499 
Pioneer Natural Resources Co.   100    17,178 
Valero Energy Corp.   833    77,277 
Total Oil & Gas        1,258,837 
           
Oil & Gas Services – 1.3%          
Baker Hughes a GE Co.(a)   3,702    102,804 
Halliburton Co.   3,254    152,743 
Schlumberger Ltd.   1,882    121,916 
Total Oil & Gas Services        377,463 
           
Packaging & Containers – 0.9%          
Ball Corp.(a)   1,412    56,070 
Packaging Corp. of America   404    45,531 
Sealed Air Corp.   1,181    50,535 
WestRock Co.   1,646    105,624 
Total Packaging & Containers        257,760 
           
Pharmaceuticals – 3.5%          
AbbVie, Inc.   1,283    121,436 
Allergan PLC   635    106,864 
AmerisourceBergen Corp.   647    55,778 
Bristol-Myers Squibb Co.   911    57,621 
Cardinal Health, Inc.   1,260    78,977 
CVS Health Corp.   1,387    86,285 
Eli Lilly & Co.   823    63,676 
Express Scripts Holding Co.*   2,080    143,686 
Johnson & Johnson   123    15,763 
McKesson Corp.   859    121,007 
Merck & Co., Inc.   305    16,613 
Mylan NV*   729    30,013 
Perrigo Co. PLC   397    33,086 
Pfizer, Inc.   1,036    36,768 
Zoetis, Inc.   589    49,187 
Total Pharmaceuticals        1,016,760 
           
Pipelines – 0.4%          
Kinder Morgan, Inc.   5,623    84,682 
ONEOK, Inc.   319    18,157 
Williams Cos., Inc. (The)   560    13,922 
Total Pipelines        116,761 
           
Real Estate – 0.4%          
CBRE Group, Inc., Class A*   2,737   129,241 
           
REITS – 1.4%          
Alexandria Real Estate Equities, Inc.   132    16,485 
American Tower Corp.   255    37,062 
AvalonBay Communities, Inc.   97    15,953 
Boston Properties, Inc.   133    16,388 
Equinix, Inc.   38    15,889 
Equity Residential   270    16,637 
Essex Property Trust, Inc.   71    17,088 
Extra Space Storage, Inc.   200    17,472 
Federal Realty Investment Trust   129    14,978 
GGP, Inc.   726    14,854 
HCP, Inc.   664    15,425 
Host Hotels & Resorts, Inc.   865    16,124 
Iron Mountain, Inc.   457    15,017 
Kimco Realty Corp.   945    13,608 
Mid-America Apartment Communities, Inc.   172    15,693 
Prologis, Inc.   269    16,944 
Public Storage(a)   83    16,632 
Realty Income Corp.   304    15,726 
Regency Centers Corp.   248    14,627 
SBA Communications Corp.*   106    18,118 
Simon Property Group, Inc.   100    15,435 
Ventas, Inc.   286    14,166 
Vornado Realty Trust   223    15,008 
Weyerhaeuser Co.   490    17,150 
Total REITS        402,479 
           
Retail – 6.7%          
Advance Auto Parts, Inc.   838    99,345 
AutoZone, Inc.*   109    70,707 
Best Buy Co., Inc.(a)   1,081    75,659 
CarMax, Inc.*(a)   1,762    109,138 
Chipotle Mexican Grill, Inc.*(a)   176    56,867 
Costco Wholesale Corp.   91    17,147 
Darden Restaurants, Inc.   336    28,644 
Dollar General Corp.   485    45,372 
Dollar Tree, Inc.*   729    69,182 
Foot Locker, Inc.   905    41,214 
Gap, Inc. (The)   1,885    58,812 
Genuine Parts Co.   177    15,902 
Home Depot, Inc. (The)   227    40,460 
Kohl’s Corp.   308    20,177 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Retail (continued)          
L Brands, Inc.   1,185   $45,279 
Lowe’s Cos., Inc.   1,028    90,207 
Macy’s, Inc.   4,441    132,075 
McDonald's Corp.   100    15,638 
Nordstrom, Inc.   349    16,895 
O’Reilly Automotive, Inc.*   371    91,778 
PVH Corp.   667    101,004 
Ross Stores, Inc.   844    65,815 
Signet Jewelers Ltd.(a)   2,457    94,644 
Starbucks Corp.   1,239    71,726 
Tapestry, Inc.   1,601    84,229 
Tiffany & Co.   162    15,821 
TJX Cos., Inc. (The)   858    69,978 
Tractor Supply Co.   606    38,190 
Ulta Beauty, Inc.*   537    109,693 
Walgreens Boots Alliance, Inc.   1,294    84,718 
Walmart, Inc.   173    15,392 
Yum! Brands, Inc.   453    38,564 
Total Retail        1,930,272 
           
Savings & Loans – 0.1%          
People’s United Financial, Inc.   917    17,111 
           
Semiconductors – 5.6%          
Advanced Micro Devices, Inc.*(a)   1,602    16,100 
Analog Devices, Inc.   661    60,237 
Applied Materials, Inc.   3,107    172,780 
Broadcom Ltd.   613    144,453 
Intel Corp.   1,238    64,475 
KLA-Tencor Corp.   1,499    163,406 
Lam Research Corp.   893    181,422 
Microchip Technology, Inc.(a)   1,216    111,094 
Micron Technology, Inc.*   4,177    217,789 
NVIDIA Corp.   152    35,202 
Qorvo, Inc.*(a)   2,401    169,150 
QUALCOMM, Inc.   1,696    93,975 
Skyworks Solutions, Inc.   1,603    160,717 
Texas Instruments, Inc.   164    17,038 
Xilinx, Inc.   252    18,205 
Total Semiconductors        1,626,043 
           
Software – 2.5%          
Activision Blizzard, Inc.   813    54,845 
Adobe Systems, Inc.*   513    110,849 
Akamai Technologies, Inc.*   265    18,810 
ANSYS, Inc.*   117    18,333 
Autodesk, Inc.*   161    20,218 
CA, Inc.   520    17,628 
Cadence Design Systems, Inc.*   410    15,076 
Cerner Corp.*   406    23,548 
Citrix Systems, Inc.*   714    66,259 
Electronic Arts, Inc.*   474    57,468 
Fidelity National Information Services, Inc.   724    69,721 
Fiserv, Inc.*   684    48,776 
Intuit, Inc.   250    43,337 
Microsoft Corp.   443    40,433 
Oracle Corp.   1,017    46,528 
Paychex, Inc.(a)   253    15,582 
Red Hat, Inc.*   143    21,380 
salesforce.com, Inc.*   165    19,189 
Synopsys, Inc.*   200    16,648 
Total Software        724,628 
           
Telecommunications – 0.7%          
AT&T, Inc.   447    15,935 
Cisco Systems, Inc.   446    19,129 
Juniper Networks, Inc.   4,566    111,091 
Motorola Solutions, Inc.   392    41,278 
Verizon Communications, Inc.   323    15,446 
Total Telecommunications        202,879 
           
Textiles – 0.0%**          
Mohawk Industries, Inc.*   63    14,630 
           
Toys/Games/Hobbies – 0.2%          
Hasbro, Inc.   620    52,266 
Mattel, Inc.(a)   1,088    14,307 
Total Toys/Games/Hobbies        66,573 
           
Transportation – 1.4%          
C.H. Robinson Worldwide, Inc.(a)   194    18,180 
CSX Corp.   1,005    55,989 
Expeditors International of Washington, Inc.   265    16,775 
FedEx Corp.   312    74,914 
JB Hunt Transport Services, Inc.   320    37,488 
Kansas City Southern   697    76,565 
Norfolk Southern Corp.   367    49,831 
Union Pacific Corp.   367    49,336 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments 

Shares/

Principal

   Value 
COMMON STOCKS (continued)          
Transportation (continued)          
United Parcel Service, Inc., Class B   308   $32,235 
Total Transportation        411,313 
           
Water – 0.1%          
American Water Works Co., Inc.   192    15,769 
           
Total Common Stocks          
(Cost $23,890,130)        28,154,231 
           
MONEY MARKET FUND – 2.5%          
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class 1.55%(c)
(Cost $728,333)		   728,333    728,333 
           
REPURCHASE AGREEMENTS – 3.9%(d)          
Citibank NA, dated 03/29/18, due 04/02/18, 1.80%, total to be received $78,649, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 08/02/18-09/09/49, totaling $79,723)  $78,637    78,637 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $265,496, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $269,970)   265,456    265,456 
HSBC Securities USA, Inc., dated 03/29/18, due 04/02/18, 1.78%, total to be received $265,495, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 05/15/18-01/15/37, totaling $271,166)   265,456    265,456 
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $265,496, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-02/20/68, totaling $270,001)   265,456    265,456 
RBC Dominion Securities, Inc., dated 03/29/18, due 04/02/18, 1.80%, total to be received $265,496, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 06/28/18-12/20/47, totaling $269,948)  $265,456   $265,456 
           
Total Repurchase Agreements          
(Cost $1,140,461)        1,140,461 
           
Total Investments – 103.9%          
(Cost $25,758,924)        30,023,025 
           
Liabilities in Excess of Other Assets – (3.9%)        (1,131,439)
Net Assets – 100.0%       $28,891,586 

 

 

CVR - Contingent Value Rights

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

  

* 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 $2,727,992; the aggregate market value of the collateral held by the fund is $2,773,906.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,633,445.
(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c) Rate shown reflects the 7-day yield as of March 31, 2018.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.

  

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Advertising   0.7%
Aerospace/Defense   2.0 
Agriculture   0.8 
Airlines   0.7 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

  

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Apparel   0.7%
Auto Manufacturers   1.3 
Auto Parts & Equipment   1.0 
Banks   5.9 
Beverages   0.9 
Biotechnology   1.7 
Building Materials   1.4 
Chemicals   1.9 
Commercial Services   3.6 
Computers   3.9 
Cosmetics/Personal Care   0.3 
Distribution/Wholesale   0.6 
Diversified Financial Services   6.3 
Electric   2.0 
Electrical Components & Equipment   0.3 
Electronics   1.2 
Engineering & Construction   0.3 
Environmental Control   0.4 
Food   1.5 
Forest Products & Paper   0.3 
Gas   0.1 
Hand/Machine Tools   0.4 
Healthcare - Products   2.8 
Healthcare - Services   3.4 
Home Builders   1.3 
Home Furnishings   0.4 
Household Products/Wares   0.3 
Housewares   0.2 
Insurance   6.5 
Internet   2.6 
Investment Companies   0.4 
Iron/Steel   0.4 
Leisure Time   1.9 
Lodging   0.9 
Machinery - Construction & Mining   0.1 
Machinery - Diversified   1.0 
Media   2.7 
Mining   0.5 
Miscellaneous Manufacturing   1.8 
Office / Business Equipment   0.5 
Oil & Gas   4.4 
Oil & Gas Services   1.3 
Packaging & Containers   0.9 
Pharmaceuticals   3.5 
Pipelines   0.4 
Real Estate   0.4 
REITS   1.4 
Retail   6.7 
Savings & Loans   0.1 
Semiconductors   5.6 
Software   2.5 
Telecommunications   0.7 
Textiles   0.0**
Toys/Games/Hobbies   0.2 
Transportation   1.4 
Water   0.1 
Money Market Fund   2.5 
Repurchase Agreements   3.9 
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
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
EXCHANGE TRADED FUNDS – 98.0%          
Asset Allocation Fund – 13.0%          
SPDR Bloomberg Barclays Convertible Securities ETF   46,732   $2,414,175 
           
Debt Fund – 85.0%          
AdvisorShares Peritus High Yield ETF† (a)   20,457    749,545 
iShares iBoxx $ Investment Grade Corporate Bond ETF   19,865    2,331,952 
PowerShares Emerging Markets Sovereign Debt Portfolio(a)   43,592    1,228,858 
PowerShares Financial Preferred Portfolio   118,599    2,200,011 
PowerShares Fundamental Investment Grade Corporate Bond Portfolio(a)   36,138    900,198 
PowerShares International Corporate Bond Portfolio(a)   53,484    1,488,460 
PowerShares National AMT-Free Municipal Bond Portfolio(a)   21,481    540,247 
PowerShares Senior Loan Portfolio   63,931    1,478,724 
PowerShares Taxable Municipal Portfolio(a)   24,152    727,700 
PowerShares Variable Rate Preferred Portfolio   21,632    544,477 
Vanguard Intermediate-Term Treasury ETF   8,675    546,352 
Vanguard Long-Term Treasury ETF   4,782    358,746 
Vanguard Mortgage-Backed Securities ETF   24,640    1,271,424 
WisdomTree Emerging Markets Corporate Bond Fund   20,194    1,439,226 
Total Debt Fund        15,805,920 
           
Total Exchange Traded Funds          
(Cost $18,166,253)        18,220,095 
           
MONEY MARKET FUND – 2.1%          
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.55%(b)
(Cost $396,649)		   396,649    396,649 
           
REPURCHASE AGREEMENTS – 12.9%(c)          
BNP Paribas Securities Corp.,    dated 03/29/18, due 04/02/18, 1.80%, total to be received $165,826, (collateralized by various U.S. Government Agency Obligations, 0.00%-2.38%, 02/15/23-09/09/49, totaling $168,941)  $165,801   $165,801 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $559,576, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $569,006)   559,492    559,492 
HSBC Securities USA, Inc.,       dated 03/29/18, due 04/02/18, 1.78%, total to be received $559,575, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 05/15/18-01/15/37, totaling $571,526)   559,492    559,492 
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $559,577, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-02/20/68, totaling $569,071)   559,492    559,492 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA GLOBAL BOND ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc.,  dated 03/29/18, due 04/02/18, 1.80%, total to be received $559,576, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 06/28/18-12/20/47, totaling $568,960)  $559,492   $559,492 
           
Total Repurchase Agreements          
(Cost $2,403,769)        2,403,769 
           
Total Investments – 113.0%          
(Cost $20,966,671)        21,020,513 
           
Liabilities in Excess of Other Assets – (13.0%)        (2,417,788)
Net Assets – 100.0%       $18,602,725 

 

 

ETF - Exchange Traded Fund

 

† Affiliated Company.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,343,280; the aggregate market value of the collateral held by the fund is $2,403,769.  
(b) Rate shown reflects the 7-day yield as of March 31, 2018.
(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   13.0%
Debt Fund   85.0 
Money Market Fund   2.1 
Repurchase Agreements   12.9 
Total Investments   113.0 
Liabilities in Excess of Other Assets   (13.0)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
COMMON STOCKS – 98.0%          
ARGENTINA – 2.9%          
Banco Macro SA(a)   290   $31,311 
Empresa Distribuidora Y Comercializadora Norte*(a)(b)   2,392    137,612 
Grupo Financiero Galicia SA(a)   418    27,488 
Grupo Supervielle SA(a)   3,088    93,690 
Pampa Energia SA*(a)   1,555    92,678 
Total Argentina        382,779 
           
BELGIUM – 3.6%          
Anheuser-Busch InBev SA/NV(a)   4,298    472,522 
           
BRAZIL – 6.5%          
Banco Bradesco SA(a)   7,117    84,550 
Banco Santander Brasil SA(a)(b)   8,625    103,672 
Cia Brasileira de Distribuicao(a)   4,383    88,537 
Cia de Saneamento Basico do Estado de Sao Paulo(a)   12,047    127,578 
Embraer SA(a)   2,281    59,306 
Fibria Celulose SA(a)(b)   6,928    135,096 
Itau Unibanco Holding SA(a)   3,205    49,998 
Telefonica Brasil SA(a)   5,490    84,326 
TIM Participacoes SA(a)(b)   3,470    75,195 
Vale SA(a)   4,071    51,783 
Total Brazil        860,041 
           
CANADA – 3.6%          
Canadian Solar, Inc.*(b)   13,702    222,932 
CGI Group, Inc., Class A*   717    41,328 
Magna International, Inc.   2,625    147,919 
Manulife Financial Corp.   3,544    65,847 
Total Canada        478,026 
           
CHILE – 1.0%          
Latam Airlines Group SA(a)(b)   5,866    90,278 
Sociedad Quimica y Minera de Chile SA(a)(b)   827    40,647 
Total Chile        130,925 
           
CHINA – 13.7%          
51job, Inc.*(a)(b)   522    44,913 
58.com, Inc.*(a)   377    30,107 
Alibaba Group Holding Ltd.*(a)(b)   1,814    332,942 
Autohome, Inc.(a)   789    67,807 
Baidu, Inc.*(a)   168    37,496 
Baozun, Inc.*(a)   2,100    96,348 
Bitauto Holdings Ltd.*(a)(b)   2,726    57,655 
Changyou.com Ltd.*(a)   2,643    73,713 
Cheetah Mobile, Inc.*(a)(b)   5,183    69,297 
Daqo New Energy Corp.*(a)   401    19,629 
Fang Holdings Ltd.*(a)(b)   16,787    86,285 
Huaneng Power International, Inc.(a)(b)   1,774    47,632 
JinkoSolar Holding Co., Ltd.*(a)(b)   3,011    54,951 
Jumei International Holding Ltd.*(a)(b)   33,200    96,280 
Link Motion, Inc.*(a)(b)   29,370    48,754 
Momo, Inc.*(a)(b)   4,150    155,127 
NetEase, Inc.(a)   120    33,647 
New Oriental Education & Technology Group, Inc.(a)   204    17,881 
Noah Holdings Ltd.*(a)(b)   338    15,957 
Tarena International, Inc.(a)   6,914    77,575 
Vipshop Holdings Ltd.*(a)   4,144    68,873 
Yirendai Ltd.(a)   2,717    109,305 
YY, Inc.*(a)   612    64,382 
ZTO Express Cayman, Inc.(a)(b)   6,854    102,741 
Total China        1,809,297 
           
COLOMBIA – 1.0%          
Ecopetrol SA(a)(b)   6,535    126,322 
           
FINLAND – 3.4%          
Nokia OYJ(a)   82,914    453,540 
           
FRANCE – 5.1%          
Criteo SA*(a)   14,729    380,597 
Sanofi(a)   7,181    287,815 
Total France        668,412 
           
INDIA – 0.8%          
HDFC Bank Ltd.(a)   699    69,040 
WNS Holdings Ltd.*(a)   943    42,746 
Total India        111,786 
           
IRELAND – 6.8%          
Ryanair Holdings PLC*(a)   4,978    611,548 
Trinity Biotech PLC*(a)(b)   55,435    285,490 
Total Ireland        897,038 
           
LUXEMBOURG – 4.1%          
Ternium SA(a)   16,696    542,453 
           
MEXICO – 2.6%          

America Movil SAB de CV,

Class L(a)

   3,695    70,537 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Shares/
Principal		   Value 
COMMON STOCKS (continued)          
MEXICO (continued)          
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(a)   7,874   $56,457 
Cemex SAB de CV*(a)   12,997    86,040 
Coca-Cola Femsa SAB de CV(a)   328    21,789 
Controladora Vuela Cia de Aviacion SAB de CV*(a)   5,981    48,745 
Grupo Televisa SAB(a)   3,535    56,419 
Total Mexico        339,987 
           
NETHERLANDS – 11.5%          
Royal Dutch Shell PLC, Class A(a)   8,586    547,873 
Royal Dutch Shell PLC, Class B(a)(b)   8,142    533,545 
VEON Ltd.(a)(b)   165,910    438,002 
Total Netherlands        1,519,420 
           
NORWAY – 4.5%          
Statoil ASA(a)   25,406    600,852 
           
PERU – 0.9%          
Cia de Minas Buenaventura SAA(a)   8,015    122,068 
           
RUSSIA – 0.2%          
Mobile TeleSystems PJSC(a)   1,764    20,092 
           
SOUTH AFRICA – 0.3%          
MiX Telematics Ltd.(a)   2,130    33,121 
           
SOUTH KOREA – 0.9%          
Hanwha Q CELLS Co. Ltd.*(a)(b)   4,962    37,612 
LG Display Co., Ltd.(a)(b)   6,686    80,901 
Total South Korea        118,513 
           
SPAIN – 1.7%          
Grifols SA(a)   10,456    221,667 
           
SWITZERLAND – 4.4%          
STMicroelectronics NV(b) (c)   25,924    577,846 
           
TAIWAN – 5.1%          
Himax Technologies, Inc.(a)(b)   6,043    37,225 
Silicon Motion Technology Corp.(a)   10,356    498,331 
Siliconware Precision Industries Co., Ltd.(a)(b)   10,643    92,062 
Taiwan Semiconductor Manufacturing Co., Ltd.(a)   1,207    52,818 
Total Taiwan        680,436 
           
UNITED KINGDOM – 4.4%          
BP PLC(a)   14,473    586,735 
           
UNITED STATES – 9.0%          
Carnival PLC(a)   6,250    409,375 
Mitel Networks Corp.*   22,371    207,603 
Shire PLC(a)   3,088    461,316 
Tucows, Inc., Class A*(b)   2,109    118,104 
Total United States        1,196,398 
           
Total Common Stocks          
(Cost $11,582,154)        12,950,276 
           
MONEY MARKET FUND – 2.2%          
BlackRock Liquidity Funds FedFund Portfolio, 1.55%(d)
(Cost $295,073)		   295,073    295,073 
           
REPURCHASE AGREEMENTS – 12.9%(e)          
Citibank NA, dated 03/29/18, due 04/02/18, 1.80%, total to be received $117,566, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 08/02/18-09/09/49, totaling $119,171)  $117,548    117,548 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $396,850, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $403,537)   396,790    396,790 
HSBC Securities USA, Inc., dated 03/29/18, due 04/02/18, 1.78%, total to be received $396,849, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 05/15/18-01/15/37, totaling $405,325)   396,790    396,790 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $396,850, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-02/20/68, totaling $403,584)  $396,790   $396,790 
RBC Dominion Securities, Inc., dated 03/29/18, due 04/02/18, 1.80%, total to be received $396,850, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 06/28/18-12/20/47, totaling $403,505)   396,790    396,790 
           
Total Repurchase Agreements          
(Cost $1,704,708)        1,704,708 
           
Total Investments – 113.1%          
(Cost $13,581,935)        14,950,057 
           
Liabilities in Excess of Other Assets – (13.1%)        (1,726,577)
Net Assets – 100.0%       $13,223,480 

 

 

PLC - Public Limited Company

 

* Non-income producing security.
(a) American Depositary Receipt.
(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,120,508; the aggregate market value of the collateral held by the fund is $3,160,036.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,455,328.
(c) Registered Shares.
(d) Rate shown reflects the 7-day yield as of March 31, 2018.
(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   5.7 
Auto Parts & Equipment   1.1 
Banks   3.9 
Beverages   3.7 
Biotechnology   3.5 
Building Materials   0.7 
Chemicals   0.5 
Commercial Services   0.7 
Computers   0.6 
Diversified Financial Services   0.9 
Electric   2.1 
Electronics   0.6 
Energy - Alternate Sources   2.4 
Food   0.7 
Forest Products & Paper   1.0 
Healthcare - Products   2.2 
Insurance   0.5 
Internet   11.2 
Iron / Steel   4.5 
Leisure Time   3.1 
Media   0.4 
Mining   0.9 
Oil & Gas   18.1 
Pharmaceuticals   3.9 
Semiconductors   9.5 
Software   4.7 
Telecommunications   8.6 
Transportation   0.8 
Water   1.0 
Money Market Fund   2.2 
Repurchase Agreements   12.9 
Total Investments   113.1 
Liabilities in Excess of Other Assets   (13.1)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Shares   Value 
MONEY MARKET FUND – 6.0%          
Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 1.59%(a)
(Cost $544,545)		   544,545   $544,545 
           
Total Investments – 6.0%          
(Cost $544,545)        544,545 
           
Other Assets in Excess of Liabilities – 94.0%        8,553,374 
Net Assets – 100.0%       $9,097,919 

 

 

(a)Rate shown reflects the 7-day yield as of March 31, 2018.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Money Market Fund   6.0%
Total Investments   6.0 
Other Assets in Excess of Liabilities   94.0 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEW TECH AND MEDIA ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Shares/
Principal		   Value 
COMMON STOCKS – 91.8%          
Commercial Services – 9.7%          
Square, Inc., Class A*   88,369   $4,347,755 
           
Computers – 6.7%          
Apple, Inc.   382    64,092 
DXC Technology Co.   13,288    1,335,843 
EPAM Systems, Inc.*   6,739    771,750 
Qualys, Inc.*   11,216    815,964 
Total Computers        2,987,649 
           
Internet – 55.0%          
Alibaba Group Holding Ltd. (China)*(a)(b)   16,601    3,046,947 
Alphabet, Inc., Class C*   1,135    1,171,082 
Amazon.com, Inc.*   3,189    4,615,567 
Etsy, Inc.*   29,618    831,081 
Facebook, Inc., Class A*   97    15,500 
FireEye, Inc.*   114,355    1,936,030 
JD.Com, Inc. (China)*(b)   48,860    1,978,341 
Netflix, Inc.*   12,756    3,767,485 
Proofpoint, Inc.*   7,478    849,875 
Shopify, Inc., Class A (Canada)*   804    100,170 
Tencent Holdings Ltd. (China)*(a)(b)   40,762    2,172,207 
Twitter, Inc.*   118,598    3,440,528 
Vipshop Holdings Ltd. (China)*(b)   41,956    697,309 
Total Internet        24,622,122 
           
Semiconductors – 11.9%          
Micron Technology, Inc.*   36,310    1,893,203 
NVIDIA Corp.   7,907    1,831,182 
ON Semiconductor Corp.*   65,428    1,600,369 
Total Semiconductors        5,324,754 
           
Software – 3.2%          
Ebix, Inc.(a)   370    27,565 
Microsoft Corp.   15,452    1,410,304 
Total Software        1,437,869 
           
Telecommunications – 5.3%          
GTT Communications, Inc.*(a)   31,160    1,766,772 
Nice Ltd. (Israel)*(b)   6,063    569,498 
Total Telecommunications        2,336,270 
Total Common Stocks          
(Cost $40,697,315)        41,056,419 
           
MONEY MARKET FUND – 52.7%          
Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 1.59%(c)
(Cost $23,605,497)		   23,605,497    23,605,497 
           
REPURCHASE AGREEMENTS – 3.0%(d)          
Citibank NA, dated 03/29/18, due 04/02/18, 1.80%, total to be received $93,373, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 08/02/18-09/09/49, totaling $94,648)  $93,359   $93,359 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $315,185, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $320,496)   315,137    315,137 
HSBC Securities USA, Inc., dated 03/29/18, due 04/02/18, 1.78%, total to be received $315,184, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 05/15/18-01/15/37, totaling $321,915)   315,137    315,137 
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $315,185, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-02/20/68, totaling $320,533)   315,137    315,137 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEW TECH AND MEDIA ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 03/29/18, due 04/02/18, 1.80%, total to be received $315,184, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 06/28/18-12/20/47, totaling $320,470)  $315,137   $315,137 
Total Repurchase Agreements          
(Cost $1,353,907)        1,353,907 
Total Investments – 147.5%          
(Cost $65,656,719)        66,015,823 
Liabilities in Excess of Other Assets – (47.5%)        (21,262,419)
Net Assets – 100.0%       $44,753,404 

 

 

* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,475,381; the aggregate market value of the collateral held by the fund is $1,498,598.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $144,691.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of March 31, 2018.
(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   9.7%
Computers   6.7 
Internet   55.0 
Semiconductors   11.9 
Software   3.2 
Telecommunications   5.3 
Money Market Fund   52.7 
Repurchase Agreements   3.0 
Total Investments   147.5 
Liabilities in Excess of Other Assets   (47.5)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
ASSET BACKED SECURITIES – 28.7%          
American Credit Acceptance Receivables Trust, Class B, Series 2016-1A, 4.24%, 06/13/22‡  $374,033   $375,197 
American Credit Acceptance Receivables Trust, Class C, Series 2017-2, 2.86%, 06/12/23‡   645,000    641,060 
AmeriCredit Automobile Receivables Trust, Class B, Series 2016-1, 2.30%, 03/08/21   720,000    716,580 
AmeriCredit Automobile Receivables Trust, Class B, Series 2016-2, 2.21%, 05/10/21   290,000    288,440 
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20   377,655    377,140 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21   655,000    655,598 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-4, 2.88%, 07/08/21   715,000    716,484 
AmeriCredit Automobile Receivables Trust, Class C, Series 2017-1, 2.71%, 08/18/22   650,000    642,368 
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20   755,000    754,795 
Aqua Finance Trust, Class A, Series 2017-A, 3.72%, 11/15/35‡   553,848    546,494 
Ascentium Equipment Receivables Trust, Class B, Series 2017-1A, 2.85%, 10/10/21‡   645,000    631,925 
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@*   215,831    219,796 
Avid Automobile Receivables Trust, Class A, Series 2018-1, 2.84%, 08/15/23‡   519,583    517,735 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡   1,140,000    1,137,956 
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡  1,465,000   1,466,948 
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡   515,432    506,065 
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡   118,946    117,756 
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡   556,808    550,257 
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20   184,040    183,709 
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20   500,000    499,431 
California Republic Auto Receivables Trust, Class B, Series 2015-3, 2.70%, 09/15/21   645,000    642,840 
Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20   650,000    650,714 
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡   3,642    3,642 
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡   480,000    479,684 
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡   1,000,000    998,820 
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡   413,732    410,113 
Chrysler Capital Auto Receivables Trust, Class D, Series 2015-BA, 4.17%, 01/16/23‡   635,000    641,044 
CLUB Credit Trust, Class B, Series 2017-P1, 3.56%, 09/15/23‡   270,000    268,990 
CPS Auto Receivables Trust, Class B, Series 2017-C, 2.30%, 07/15/21‡   805,000    798,339 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Dell Equipment Finance Trust, Class A3, Series 2017-2, 2.19%, 10/24/22‡  $615,000   $609,063 
Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡   346,403    344,970 
Diamond Resorts Owner Trust, Class A, Series 2017-1A, 3.27%, 10/22/29‡   529,031    518,700 
DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡   179,801    179,167 
Drive Auto Receivables Trust, Class B, Series 2016-BA, 2.56%, 06/15/20‡   124,682    124,694 
Drive Auto Receivables Trust, Class C, Series 2015-DA, 3.38%, 11/15/21‡   554,181    556,076 
Drive Auto Receivables Trust, Class C, Series 2016-CA, 3.02%, 11/15/21‡   665,000    666,172 
Drive Auto Receivables Trust, Class C, Series 2017-2, 2.75%, 09/15/23   805,000    800,762 
Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡   147,978    147,105 
DT Auto Owner Trust, Class C, Series 2015-3A, 3.25%, 07/15/21‡   332,536    332,962 
DT Auto Owner Trust, Class C, Series 2016-2A, 3.67%, 01/18/22‡   579,123    581,538 
DT Auto Owner Trust, Class C, Series 2016-3A, 3.15%, 03/15/22‡   650,000    650,932 
Exeter Automobile Receivables Trust, Class A, Series 2016-1A, 2.35%, 07/15/20‡   21,014    21,014 
Exeter Automobile Receivables Trust, Class B, Series 2017-1A, 3.00%, 12/15/21‡   455,000    455,919 
Exeter Automobile Receivables Trust, Class B, Series 2017-2A, 2.82%, 05/16/22‡   785,000    779,937 
Exeter Automobile Receivables Trust, Class B, Series 2017-3A, 2.81%, 09/15/22‡  270,000   267,535 
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡   361,916    362,332 
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡   500,000    504,395 
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡   1,115,000    1,124,055 
First Investors Auto Owner Trust, Class B, Series 2017-2A, 2.65%, 11/15/22‡   650,000    642,663 
Flagship Credit Auto Trust, Class A, Series 2016-1, 2.77%, 12/15/20‡   219,237    219,389 
Flagship Credit Auto Trust, Class D, Series 2014-2, 5.21%, 02/15/21‡   645,000    658,210 
Foursight Capital Automobile Receivables Trust, Class A2, Series 2016-1, 2.87%, 10/15/21‡   445,679    444,233 
Foursight Capital Automobile Receivables Trust, Class B, Series 2017-1, 3.05%, 12/15/22‡   650,000    639,209 
Foursight Capital Automobile Receivables Trust, Class C, Series 2018-1, 3.68%, 08/15/23‡   445,000    445,976 
GLS Auto Receivables Trust, Class B, Series 2017-1A, 2.98%, 12/15/21‡   770,000    765,212 
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡   204,253    202,071 
GreatAmerica Leasing Receivables Funding LLC, Class A4, Series 2017-1, 2.36%, 01/20/23‡   640,000    633,585 
Hertz Vehicle Financing II LP, Class A, Series 2016-1A, 2.32%, 03/25/20‡   200,000    198,979 
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡   352,682    348,948 
Hilton Grand Vacations Trust, Class A, Series 2017-AA, 2.66%, 12/26/28‡   501,051    494,521 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Hyundai Auto Lease Securitization Trust, Class A2A, Series 2018-A, 2.55%, 08/17/20‡  $550,000   $549,434 
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20   425,000    424,554 
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21   500,000    500,370 
Leaf Receivables Funding 12 LLC, Class B, Series 2017-1, 2.65%, 02/15/22‡   775,000    760,855 
Mariner Finance Issuance Trust, Class A, Series 2017-AA, 3.62%, 02/20/29‡   645,000    648,084 
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡   396,697    394,668 
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡   252,787    248,238 
Navistar Financial Dealer Note Master Owner Trust II, Class B, Series 2016-1, 3.62%, (1-Month USD LIBOR + 1.75%), 09/27/21@‡   1,065,000    1,069,245 
OneMain Direct Auto Receivables Trust, Class B, Series 2016-1A, 2.76%, 05/15/21‡   1,010,000    1,010,024 
Onemain Financial Issuance Trust, Class A, Series 2018-1A, 3.30%, 03/14/29‡   460,000    461,198 
OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 03/18/26‡   96,307    96,636 
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡   87,900    87,891 
Orange Lake Timeshare Trust, Class A, Series 2012-AA, 3.45%, 03/10/27‡   45,731    45,742 
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡   244,078    239,867 
Prestige Auto Receivables Trust, Class C, Series 2017-1A, 2.81%, 01/17/23‡  810,000   796,346 
Prosper Marketplace Issuance Trust, Class A, Series 2018-1A, 3.11%, 06/17/24‡   445,000    444,966 
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20   25,765    25,762 
Santander Drive Auto Receivables Trust, Class C, Series 2016-1, 3.09%, 04/15/22   1,370,000    1,374,050 
Santander Drive Auto Receivables Trust, Class C, Series 2017-1, 2.58%, 05/16/22   650,000    645,852 
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19   337,152    337,230 
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡   65,627    65,389 
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31@‡*   41,935    41,692 
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡   121,562    121,122 
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡   365,838    363,321 
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡   150,146    150,582 
Sofi Consumer Loan Program LLC, Class A, Series 2016-3, 3.05%, 12/26/25‡   328,519    328,345 
Sofi Consumer Loan Program LLC, Class A, Series 2017-1, 3.28%, 01/26/26‡   557,270    558,406 
Sofi Consumer Loan Program LLC, Class A2, Series 2017-5, 2.78%, 09/25/26‡   270,000    266,180 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Sofi Consumer Loan Program LLC, Class A2, Series 2017-6, 2.82%, 11/25/26‡  $660,000   $653,000 
Sofi Professional Loan Program LLC, Class A2A, Series 2017-C, 1.75%, 07/25/40‡   499,683    495,561 
SoFi Professional Loan Program LLC, Class A1FX, Series 2017-B, 1.83%, 05/25/40‡   351,773    350,006 
Springleaf Funding Trust, Class A, Series 2016-AA, 2.90%, 11/15/29‡   805,000    801,687 
Taco Bell Funding LLC, Class A2I, Series 2016-1A, 3.83%, 05/25/46‡   454,250    457,662 
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡   800,000    799,670 
Tesla Auto Lease Trust, Class A, Series 2018-A, 2.32%, 12/20/19‡   514,334    513,391 
TRIP Rail Master Funding LLC, Class A1, Series 2017-1A, 2.71%, 08/15/47‡   599,052    592,636 
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡   306,724    302,320 
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡   521,625    530,247 
Westgate Resorts LLC, Class A, Series 2016-1A, 3.50%, 12/20/28‡   302,890    303,413 
Westlake Automobile Receivables Trust, Class B, Series 2016-3A, 2.07%, 12/15/21‡   1,230,000    1,225,055 
Westlake Automobile Receivables Trust, Class C, Series 2016-2A, 2.83%, 05/17/21‡   780,000    780,528 
Total Asset Backed Securities          
(Cost $51,245,982)        51,021,469 
           
MORTGAGE BACKED SECURITIES – 26.3%          
           
Commercial Mortgage Backed Securities – 5.2%          
Access Point Funding I LLC, Class A, Series 2017-A, 3.06%, 04/15/29‡  275,408   274,281 
Aventura Mall Trust, Class C, Series 2013-AVM, 3.74%, 12/05/32@‡*   250,000    252,155 
Bayview Commercial Asset Trust, Class A2, Series 2006-2A, 2.15%, (1-Month USD LIBOR + 0.28%), 07/25/36@‡   193,842    188,730 
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 3.37%, (1-Month USD LIBOR + 1.50%), 01/25/38@‡   19,195    19,254 
Caesars Palace Las Vegas Trust, Class C, Series 2017-VICI, 4.14%, 10/15/34‡   445,000    453,477 
Citigroup Commercial Mortgage Trust, Class A, Series 2016-SMPL, 2.23%, 09/10/31‡   470,000    456,018 
Cold Storage Trust, Class A, Series 2017-ICE3, 2.78%, (1-Month USD LIBOR + 1.00%), 04/15/36@‡   775,000    778,930 
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡   99,813    99,152 
Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡*   460,000    491,374 
Credit Suisse Commercial Mortgage Trust, Class A, Series 2016-BDWN, 4.68%, (1-Month USD LIBOR + 2.90%), 02/15/29@‡   980,000    984,116 
GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.38%, 12/15/34@‡*   200,000    199,756 
Hospitality Mortgage Trust, Class B, Series 2017-HIT, 2.89%, (1-Month USD LIBOR + 1.18%), 05/08/30@‡   750,000    753,780 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Commercial Mortgage Backed Securities (continued)          
JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2015-SGP, 4.53%, (1-Month USD LIBOR + 2.75%), 07/15/36@‡  $535,000   $537,476 
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2011-C4, 4.11%, 07/15/46‡   479,279    479,414 
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47   481,707    485,067 
Morgan Stanley Capital I Trust, Class A, Series 2017-CLS, 2.48%, (1-Month USD LIBOR + 0.70%), 11/15/34@‡   600,000    601,352 
Motel 6 Trust, Class A, Series 2017-MTL6, 2.70%, (1-Month USD LIBOR + 0.92%), 08/15/34@‡   661,726    664,786 
SBA Tower Trust, 3.17%, 04/11/22‡   780,000    772,689 
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37@‡*   408,743    408,025 
Velocity Commercial Capital Loan Trust, Class AFX, Series 2017-1, 3.00%, 05/25/47@‡*   211,059    209,149 
VSD, 3.60%, 12/25/43   173,476    173,242 

Total Commercial Mortgage Backed Securities

        9,282,223 
           
Residential Mortgage Backed Securities – 20.9%          
Ajax Mortgage Loan Trust, Class A, Series 2017-B, 3.16%, 09/25/56@‡*   290,640    287,348 
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34   106,923    110,568 
AMSR Trust, Class C, Series 2016-SFR1, 4.06%, (1-Month USD LIBOR + 2.25%), 11/17/33@‡   332,500    335,658 
Angel Oak Mortgage Trust LLC, Class A1, Series 2017-3, 2.71%, 11/25/47@‡*   627,830    629,368 
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 01/25/35  88,292   90,990 
Banc of America Funding Trust, Class 5A1, Series 2004-A, 3.87%, 07/20/34@*   161,672    162,256 
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35   147,296    147,801 
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37   234,653    241,798 
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57@‡*   230,882    233,001 
Bayview Opportunity Master Fund IIIb Trust, Class A1, Series 2017-RN2, 3.47%, 04/28/32@‡*   70,795    70,872 
Bayview Opportunity Master Fund IVa Trust, Class A1, Series 2017-RT1, 3.00%, 03/28/57@‡*   831,001    822,190 
Bayview Opportunity Master Fund IVb Trust, Class A, Series 2017-SPL4, 3.50%, 01/28/55@‡*   461,209    464,420 
Bear Stearns ALT-A Trust, Class 3A1, Series 2004-5, 3.83%, 06/25/34@*   282,494    289,727 
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 3.55%, 04/25/34@*   277,984    279,954 
Bear Stearns ARM Trust, Class 22A1, Series 2004-9, 3.89%, 11/25/34@*   490,564    494,170 
Bear Stearns ARM Trust, Class 21A1, Series 2004-10, 3.80%, 01/25/35@*   713,698    720,373 
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 3.64%, 01/25/35@*   437,198    450,655 
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.85%, 09/25/34   308,052    318,073 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
Chase Mortgage Trust, Class M2, Series 2016-1, 3.75%, 04/25/45@‡*  $444,786   $446,058 
Chase Mortgage Trust, Class M2, Series 2016-2, 3.75%, 12/25/45@‡*   685,458    685,607 
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡*   444,638    459,999 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡*   263,510    266,062 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@‡*   639,742    640,911 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64@‡*   200,284    199,326 
Colony American Finance Ltd., Class A, Series 2015-1 (Cayman Islands), 2.90%, 10/15/47‡   324,463    322,822 
Colony Starwood Homes Trust, Class C, Series 2016-2A, 3.93%, (1-Month USD LIBOR + 2.15%), 12/17/33@‡   665,000    666,230 
COLT Mortgage Loan Trust, Class A2, Series 2016-1, 3.50%, 05/25/46‡   505,444    509,185 
COLT Mortgage Loan Trust, Class A3, Series 2017-1, 3.07%, 05/27/47@‡*   328,747    329,817 
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35   283,735    286,664 
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.01%, 04/25/43@‡*   493,140    492,264 
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.80%, 04/25/44@‡*   518,514    523,264 
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 3.46%, 09/25/34@*   92,953    94,422 
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 6A1, Series 2004-8, 4.50%, 12/25/19  59,274   59,734 
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 5A1, Series 2003-AR30, 3.54%, 01/25/34@*   157,016    161,872 
Deephaven Residential Mortgage Trust, Class A1, Series 2017-1A, 2.73%, 12/26/46@‡*   369,220    365,210 
Deephaven Residential Mortgage Trust, Class A1, Series 2017-2A, 2.45%, 06/25/47@‡*   183,626    180,316 
Deephaven Residential Mortgage Trust, Class A3, Series 2017-3A, 2.81%, 10/25/47@‡*   215,614    214,024 
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡*   711,181    712,351 
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 4.02%, 06/25/34@*   233,753    236,981 
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34   75,211    76,593 
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33   228,613    237,531 
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 3.25%, 06/25/34@*   363,565    360,535 
Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 2.12%, (1-Month USD LIBOR + 0.25%), 06/25/28@   75,935    75,598 
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡   53,855    53,874 
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡*   353,491    357,799 
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 3.53%, 07/25/34@*   212,451    212,986 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 3.72%, 08/25/34@*  $158,231   $160,492 
JPMorgan Mortgage Trust, Class 2A1, Series 2004-A4, 3.58%, 09/25/34@*   95,933    97,676 
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 3.46%, 04/25/35@*   552,818    550,603 
JPMorgan Mortgage Trust, Class AM1, Series 2015-1, 2.72%, 12/25/44@‡*   390,042    390,684 
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 2.89%, 05/25/45@‡*   655,206    654,087 
JPMorgan Mortgage Trust, Class 2A2, Series 2017-3, 2.50%, 08/25/47@‡*   774,830    756,201 
JPMorgan Mortgage Trust, Class A1, Series 2017-5, 3.18%, 10/26/48@‡*   1,610,072    1,606,414 
JPMorgan Mortgage Trust, Class A3, Series 2017-4, 3.50%, 11/25/48@‡*   220,997    219,866 
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34   278,873    290,124 
MASTR Alternative Loan Trust, Class 2A1, Series 2005-2, 6.00%, 01/25/35   168,623    175,009 
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20   30,686    30,754 
MASTR Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡   200,478    205,887 
Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 3.27%, 08/25/34@*   573,009    572,896 
Mill City Mortgage Loan Trust, Class A1, Series 2016-1, 2.50%, 04/25/57@‡*   502,576    496,953 
Mill City Mortgage Loan Trust, Class A1, Series 2017-1, 2.75%, 11/25/58@‡*   315,015    312,576 
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38  135,916   141,007 
New Residential Mortgage Loan Trust, Class A1, Series 2016-2A, 3.75%, 11/26/35@‡*   421,099    426,301 
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡*   171,286    173,879 
New Residential Mortgage Loan Trust, Class A1, Series 2015-2A, 3.75%, 08/25/55@‡*   795,921    805,833 
New Residential Mortgage Loan Trust, Class A1, Series 2016-1A, 3.75%, 03/25/56@‡*   220,974    223,278 
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56@‡*   681,916    689,299 
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56@‡*   187,961    190,172 
NovaStar Mortgage Funding Trust, Class M5, Series 2004-4, 3.60%, (1-Month USD LIBOR + 1.73%), 03/25/35@   1,073,989    1,078,987 
Oak Hill Advisors Residential Loan Trust, Class A1, Series 2017-NPL2, 3.00%, 07/25/57‡   304,408    302,663 
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2017-NPL3, 3.25%, 06/29/32‡   426,443    425,370 
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2017-NPL2, 3.25%, 03/28/57‡   346,498    345,345 
Progress Residential Trust, Class B, Series 2017-SFR1, 3.02%, 08/17/34‡   665,000    652,559 
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@*   28,095    28,182 
RCO Mortgage LLC, Class A1, Series 2017-1, 3.38%, 08/25/22‡   203,351    203,047 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
Starwood Waypoint Homes Trust, Class A, Series 2017-1, 2.73%, (1-Month USD LIBOR + 0.95%), 01/17/35@‡  $503,162   $506,467 
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 3.66%, 02/25/34@*   278,007    274,722 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 3.81%, 04/25/34@*   461,006    468,333 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 3.81%, 04/25/34@*   86,565    87,175 
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 3.40%, 12/25/33@*   168,083    169,098 
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.29%, 02/25/34   451,534    458,713 
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡   695,404    691,803 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33   291,491    297,624 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 3.78%, 11/25/33@*   226,975    225,892 
Towd Point Mortgage Trust, Class A1B, Series 2016-1, 2.75%, 02/25/55@‡*   555,426    552,435 
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55@‡*   260,000    265,261 
Towd Point Mortgage Trust, Class A1B, Series 2015-5, 2.75%, 05/25/55@‡*   595,561    592,273 
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55@‡*  250,000   251,998 
Towd Point Mortgage Trust, Class A1, Series 2016-3, 2.25%, 04/25/56@‡*   96,442    95,211 
Towd Point Mortgage Trust, Class A1, Series 2016-4, 2.25%, 07/25/56@‡*   498,452    490,195 
Tricon American Homes Trust, Class A, Series 2017-SFR1, 2.72%, 09/17/34‡   265,000    259,354 
Verus Securitization Trust, Class A1, Series 2017-1A, 2.85%, 01/25/47@‡*   153,041    153,640 
Verus Securitization Trust, Class A1, Series 2017-2A, 2.49%, 07/25/47@‡*   836,383    832,743 
Verus Securitization Trust, Class A1, Series 2018-1, 2.93%, 02/25/48@‡*   367,678    368,224 
VOLT LVI LLC, Class A1, Series 2017-NPL3, 3.50%, 03/25/47‡   502,354    503,682 
VOLT LVIII LLC, Class A1, Series 2017-NPL5, 3.38%, 05/28/47‡   120,320    120,419 
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 3.25%, 06/25/33@*   148,870    150,631 
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 3.22%, 08/25/33@*   95,027    94,529 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 3.37%, 06/25/33@*   18,197    18,441 
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 3.49%, 10/25/33@*   114,184    115,586 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)          
Residential Mortgage Backed Securities (continued)          
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2003-J, 3.48%, 10/25/33@*  $118,484   $120,432 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 3.79%, 02/25/34@*   231,978    240,295 
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.48%, 07/25/34@*   213,272    217,690 
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.47%, 07/25/34@*   81,723    84,245 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 3.69%, 10/25/34@*   304,899    307,468 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 3.74%, 12/25/34@*   83,669    85,438 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-AR10, 3.65%, 06/25/35@*   452,256    465,942 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35   66,812    68,794 
Total Residential Mortgage Backed Securities        37,218,154 
           
U.S. Government Agency Securities – 0.2%          
Federal Home Loan Mortgage Corp., Class J, Series 2012-4011, 4.00%, 12/15/41   299,455    306,424 
Total Mortgage Backed Securities          
(Cost $47,009,152)        46,806,801 
CORPORATE BONDS – 20.9%          
Consumer Discretionary – 2.1%          
Aptiv PLC, 3.15%, 11/19/20   530,000    529,362 
CSC Holdings LLC, 6.75%, 11/15/21   365,000    380,969 
DR Horton, Inc., 4.75%, 02/15/23   410,000    430,657 
Ford Motor Credit Co. LLC, 3.20%, 01/15/21  650,000   645,071 
General Motors Financial Co., Inc., 3.70%, 05/09/23   280,000    278,280 
Hyundai Capital America, 2.45%, 06/15/21‡   515,000    501,347 
Lennar Corp., 5.25%, 06/01/26‡   390,000    387,075 
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.88%, 06/15/24   495,000    504,752 
Wyndham Worldwide Corp., 4.15%, 04/01/24   35,000    34,955 
Total Consumer Discretionary        3,692,468 
           
Consumer Staples – 0.8%          
Campbell Soup Co., 3.30%, 03/15/21(a)   110,000    110,730 
Campbell Soup Co., 3.65%, 03/15/23   450,000    450,835 
CVS Health Corp., 2.78%, (3-Month USD LIBOR + 0.72%), 03/09/21@   130,000    131,032 
CVS Health Corp., 3.70%, 03/09/23   382,000    384,498 
Kraft Heinz Foods Co., 3.50%, 07/15/22   281,000    280,744 
Total Consumer Staples        1,357,839 
           
Energy – 1.1%          
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23(a)   350,000    351,750 
Energy Transfer Partners LP / Regency Energy Finance Corp., 5.00%, 10/01/22   440,000    457,856 
Kinder Morgan, Inc., 3.15%, 01/15/23   350,000    340,975 
Kinder Morgan, Inc., 5.63%, 11/15/23‡   545,000    583,789 
MPLX LP, 3.38%, 03/15/23   131,000    129,588 
Ultra Resources, Inc., 6.88%, 04/15/22‡(a)   30,000    26,212 
Total Energy        1,890,170 
           
Financials – 8.9%          
Air Lease Corp., 2.63%, 09/04/18   520,000    519,479 
American Express Co., 3.40%, 02/27/23   54,000    53,878 
Ares Capital Corp., 3.50%, 02/10/23   545,000    530,109 
Ares Capital Corp., 4.25%, 03/01/25   290,000    282,159 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Financials (continued)          
Bank of America Corp., 5.49%, 03/15/19  $66,000   $67,560 
Bank of America Corp., 2.92%, (3-Month USD LIBOR + 1.18%), 10/21/22@   650,000    660,341 
Bank of America Corp., 2.74%, (3-Month USD LIBOR + 1.00%), 04/24/23@   535,000    539,131 
Bank of New York Mellon Corp. (The), 2.05%, 05/03/21   650,000    631,296 
Bank of New York Mellon Corp. (The), Series E, 4.95%, (3-Month USD LIBOR + 3.42%)#@   555,000    568,947 
Capital One Financial Corp., 4.20%, 10/29/25   495,000    491,263 
Citigroup, Inc., 2.71%, (3-Month USD LIBOR + 0.96%), 04/25/22@   670,000    674,241 
First Horizon National Corp., 3.50%, 12/15/20   550,000    553,307 
First Tennessee Bank NA, 2.95%, 12/01/19   250,000    249,531 
FS Investment Corp., 4.25%, 01/15/20   585,000    590,589 
Goldman Sachs Group, Inc. (The), 2.35%, 11/15/21   165,000    159,235 
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/22   515,000    505,979 
Goldman Sachs Group, Inc. (The), 3.58%, (3-Month USD LIBOR + 1.60%), 11/29/23@   270,000    278,649 
Goldman Sachs Group, Inc. (The), 3.51%, (3-Month USD LIBOR + 1.75%), 10/28/27@   650,000    681,389 
Huntington Bancshares, Inc., 7.00%, 12/15/20   200,000    217,981 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 02/01/22   350,000    357,000 
iStar, Inc., 6.00%, 04/01/22   235,000    236,175 
JPMorgan Chase & Co., 2.25%, 01/23/20   380,000    375,481 
JPMorgan Chase & Co., 2.65%, (3-Month USD LIBOR + 0.90%), 04/25/23@   400,000    401,761 
JPMorgan Chase & Co., 5.30%, (3-Month USD LIBOR + 3.80%)#@  805,000   828,748 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.88%, 08/01/21‡   425,000    434,014 
Lincoln National Corp., 3.78%, (3-Month USD LIBOR + 2.04%), 04/20/67@   100,000    95,500 
Morgan Stanley, 3.14%, (3-Month USD LIBOR + 1.40%), 10/24/23@   1,950,000    1,995,498 
Navient Corp., 6.50%, 06/15/22   290,000    300,150 
Nuveen Finance LLC, 2.95%, 11/01/19‡   400,000    399,297 
Santander Holdings USA, Inc., 3.70%, 03/28/22   585,000    586,762 
SBA Tower Trust, 3.16%, 10/08/20‡   570,000    563,257 
SBA Tower Trust, 2.88%, 07/09/21‡   780,000    772,122 
Springleaf Finance Corp., 6.13%, 05/15/22   325,000    332,020 
Total Financials        15,932,849 
           
Health Care – 2.6%          
Abbott Laboratories, 2.90%, 11/30/21   335,000    331,741 
AbbVie, Inc., 2.50%, 05/14/20   540,000    533,285 
Allergan Funding SCS, 3.00%, 03/12/20   85,000    84,601 
Allergan Funding SCS, 3.45%, 03/15/22   85,000    84,350 
Anthem, Inc., 2.95%, 12/01/22   347,000    338,023 
Becton Dickinson and Co., 2.94%, (3-Month USD LIBOR + 0.88%), 12/29/20@   183,000    183,218 
Becton Dickinson and Co., 2.89%, 06/06/22   622,000    604,089 
Cardinal Health, Inc., 1.95%, 06/14/19   400,000    395,778 
Cardinal Health, Inc., 2.62%, 06/15/22   640,000    619,296 
Cardinal Health, Inc., 3.08%, 06/15/24   255,000    243,613 
CHS/Community Health Systems, Inc., 6.25%, 03/31/23   280,000    259,350 
Mylan NV, 3.15%, 06/15/21   170,000    167,755 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Health Care (continued)          
Tenet Healthcare Corp., 4.63%, 07/15/24‡  $485,000   $468,025 
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22   295,000    291,043 
Total Health Care        4,604,167 
           
Industrials – 1.7%          
Continental Airlines Class C-2 Pass-Through Trust, 6.24%, 03/15/20   87,426    89,087 
General Electric Co., 5.00%, (3-Month USD LIBOR + 3.33%)#@   370,000    366,763 
Masco Corp., 3.50%, 04/01/21   515,000    517,817 
Masco Corp., 5.95%, 03/15/22   304,000    329,269 
Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, 06/15/19   195,000    194,078 
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡   230,000    228,949 
Pitney Bowes, Inc., 4.13%, 05/15/22   738,000    701,100 
Ryder System, Inc., 3.40%, 03/01/23   314,000    313,399 
TransDigm, Inc., 6.50%, 07/15/24   270,000    277,425 
Total Industrials        3,017,887 
           
Information Technology – 0.8%          
Apple, Inc., 2.25%, 02/23/21   325,000    320,245 
Apple, Inc., 2.50%, 02/09/22   510,000    502,398 
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.38%, 01/15/20   395,000    389,657 
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.65%, 01/15/23   270,000    257,352 
Total Information Technology        1,469,652 
           
Materials – 0.4%          
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.22%, (3-Month USD LIBOR + 3.50%), 07/15/21@‡   670,000    680,050 
           
Real Estate – 1.0%          
Education Realty Operating Partnership LP, 4.60%, 12/01/24   100,000    101,590 
Government Properties Income Trust, 3.75%, 08/15/19   85,000    85,375 
Hospitality Properties Trust, 4.65%, 03/15/24   515,000    526,846 
Kilroy Realty LP, 3.45%, 12/15/24  149,000   144,783 
Select Income REIT, 4.15%, 02/01/22   515,000    515,409 
Senior Housing Properties Trust, 3.25%, 05/01/19   415,000    415,388 
Total Real Estate        1,789,391 
           
Telecommunication Services – 1.1%          
AT&T, Inc., 2.72%, (3-Month USD LIBOR + 0.89%), 02/14/23@   525,000    532,645 
Crown Castle International Corp., 4.88%, 04/15/22   355,000    373,318 
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.36%, 09/20/21‡   682,500    679,941 
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 03/20/25‡   445,000    447,781 
Total Telecommunication Services        2,033,685 
           
Utilities – 0.4%          
Exelon Corp., 2.85%, 06/15/20   555,000    550,311 
PNM Resources, Inc., 3.25%, 03/09/21   210,000    209,929 
Total Utilities        760,240 
Total Corporate Bonds          
(Cost $37,490,337)        37,228,398 
           
TERM LOANS – 12.4%          
           
Aerospace – 0.4%          
TransDigm, Inc., 5.05%, (3-Month USD LIBOR + 2.75%), 06/09/23@   202,947    203,756 
TransDigm, Inc., 4.38%, (3-Month USD LIBOR + 2.50%), 08/22/24@   168,727    169,465 
United AirLines, Inc., 3.77%, (3-Month USD LIBOR + 2.00%), 04/01/24@   425,700    428,274 
Total Aerospace        801,495 
           
Chemicals – 0.2%          
Ineos US Finance LLC, 3.88%, (1-Month USD LIBOR + 2.00%), 04/01/24@   364,088    365,589 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
TERM LOANS (continued)          
Consumer Durables – 0.3%          
Hayward Industries, Inc., 5.38%, (1-Month USD LIBOR + 3.50%), 08/05/24@  $502,475   $505,113 
           
Consumer Non-Durables – 0.1%          
HLF Financing, 7.38%, (1-Month USD LIBOR + 5.50%), 02/15/23@   120,250    121,622 
           
Energy – 0.5%          
Medallion Midland Acquisition, LLC, 5.13%, (1-Month USD LIBOR + 3.25%), 10/30/24@   259,350    259,350 
MEG Energy, 5.81%, (3-Month USD LIBOR + 3.50%), 12/31/23@   121,206    121,441 
Ultra Resources, Inc., 4.76%, (2-Month USD LIBOR + 3.00%), 04/12/24@   585,000    580,797 
Total Energy        961,588 
           
Financials – 0.2%          
Delos Finance S.a.r.l., 4.05%, (3-Month USD LIBOR + 1.75%), 10/06/23@   289,000    290,686 
           
Food and Drug – 0.3%          
Albertson's LLC, 4.63%, (1-Month USD LIBOR + 2.75%), 08/25/21@   480,203    474,993 
           
Food/Tobacco – 1.3%          
Aramark Servies, Inc., 3.88%, (1-Month USD LIBOR + 2.00%), 03/28/24@   342,580    345,258 
Hostess Brands, LLC, 4.13%, (1-Month USD LIBOR + 2.25%), 08/03/22@   891,291    896,443 
JBS U.S., 4.68%, (3-Month USD LIBOR + 2.50%), 10/30/22@   536,416    535,579 
Post Holdings, Inc., 3.88%, (1-Month USD LIBOR + 2.00%), 05/24/24@   463,258    464,590 
Total Food/Tobacco        2,241,870 
           
Gaming/Leisure – 1.9%          
Caesars Entertainment Operating Co., Inc. (fka Harrah's Operating Co., Inc.), 4.38%, (1-Month USD LIBOR + 2.50%), 10/07/24@   249,375    251,167 
Eldorado Resorts, Inc., 4.06%, (2-Month USD LIBOR + 2.25%), 04/17/24@  594,085   596,684 
GVC Holdings PLC, 03/15/24(b)   340,000    341,239 
MGM Growth Properties Operating Partnership LP, 3.88%, (1-Month USD LIBOR + 2.00%), 03/24/25@   614,460    616,859 
Playa Resorts Holding B.V., 5.00%, (3-Month USD LIBOR + 3.25%), 04/29/24@   804,711    810,344 
Scientific Games International, Inc., 4.63%, (2-Month USD LIBOR + 2.75%), 08/14/24@   5,000    5,024 
Seminole Tribe of Florida, 3.88%, (1-Month USD LIBOR + 2.00%), 07/08/24@   398,000    399,956 
StationCasinos LLC, 4.38%, (1-Month USD LIBOR + 2.50%), 06/08/23@   371,567    373,115 
Wyndham Hotels & Resorts, 03/28/25(b)   70,000    70,262 
Total Gaming/Leisure        3,464,650 
           
Health Care – 0.6%          
Acadia Healthcare Co., Inc., 4.38%, (1-Month USD LIBOR + 2.50%), 02/16/23@   174,483    176,155 
CHS/Community Health Systems, Inc., 4.98%, (3-Month USD LIBOR + 3.00%), 01/27/21@   321,621    309,806 
INC Research Holdings, Inc., 4.13%, (1-Month USD LIBOR + 2.25%), 08/01/24@   195,391    196,307 
Valeant Pharmaceuticals International, Inc., 5.24%, (1-Month USD LIBOR + 3.50%), 04/01/22@   463,969    469,389 
Total Health Care        1,151,657 
           
Housing – 0.8%          
Capital Automotive LP, 4.38%, (1-Month USD LIBOR + 2.50%), 03/25/24@   723,905    727,224 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
TERM LOANS (continued)          
Housing (continued)          
Quikrete Holdings, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 11/15/23@  $445,192   $447,621 
Realogy Group, 3.96%, (1-Month USD LIBOR + 2.25%), 02/08/25@   285,022    287,049 
Total Housing        1,461,894 
           
Information Technology – 0.8%          
Kronos, Inc., 4.88%, (2-Month USD LIBOR + 3.00%), 11/01/23@   329,676    332,167 
Rackspace Hosting, Inc., 4.79%, (3-Month USD LIBOR + 3.00%), 11/03/23@   499,794    498,467 
SS&C European Holdings S.a.r.l., 02/28/25(b)   145,929    146,803 
SS&C Technologies, Inc., 02/28/25(b)   409,071    411,521 
Total Information Technology        1,388,958 
           
Media/Telecom - Broadcasting – 0.6%          
Sinclair Television Group, Inc., 12/12/24(b)   505,000    507,841 
Univision Communications, 4.63%, (1-Month USD LIBOR + 2.75%), 03/15/24@   497,788    490,583 
Total Media/Telecom - Broadcasting        998,424 
           
Media/Telecom - Cable/Wireless Video – 1.7%          
Altice US Finance I Corp., 4.13%, (1-Month USD LIBOR + 2.25%), 07/28/25@   477,756    477,697 
Charter Communications Operating, LLC (aka CCO Safari LLC), 3.88%, (1-Month USD LIBOR + 2.00%), 04/30/25@   862,838    867,014 
CSC Holdings, LLC (fka CSC Holdings Inc. (Cablevision)), 4.04%, (1-Month USD LIBOR + 2.25%), 07/17/25@   656,692    655,736 
Telenet, 03/01/26(b)   375,000    377,265 
Virgin Media Bristol LLC, 4.28%, (1-Month USD LIBOR + 2.50%), 01/15/26@   665,000    669,156 
Total Media/Telecom - Cable/Wireless Video        3,046,868 
           
Media/Telecom - Diversified Media – 0.4%          
McGraw-Hill Global Education Holdings LLC, 5.88%, (1-Month USD LIBOR + 4.00%), 05/04/22@  499,912   494,913 
Meredith Corp., 4.88%, (1-Month USD LIBOR + 3.00%), 01/31/25@   265,000    266,921 
Total Media/Telecom - Diversified Media        761,834 
           
Media/Telecom - Telecommunications – 0.8%          
CenturyLink, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 01/31/25@   364,088    358,741 
Frontier Communications Corp., 5.63%, (3-Month USD LIBOR + 3.75%), 06/15/24@   299,246    296,005 
Level 3 Financing, Inc., 4.11%, (1-Month USD LIBOR + 2.25%), 02/22/24@   815,000    817,486 
Total Media/Telecom - Telecommunications        1,472,232 
           
Retail – 0.1%          
PetSmart, Inc., 4.68%, (1-Month USD LIBOR + 3.00%), 03/11/22@   213,550    171,932 
           
Service – 0.4%          
First Data Corp., 4.12%, (1-Month USD LIBOR + 2.25%), 07/08/22@   260,000    260,676 
First Data Corp., 4.12%, (1-Month USD LIBOR + 2.25%), 04/26/24@   487,489    488,739 
Total Service        749,415 
           
Utilities – 1.0%          
Calpine Corp., 4.81%, (3-Month USD LIBOR + 2.50%), 01/15/24@   436,653    438,375 
Dynegy, Inc., 4.60%, (1-Month USD LIBOR + 2.75%), 02/07/24@   622,594    627,024 
NRG Energy, 4.05%, (3-Month USD LIBOR + 1.75%), 06/30/23@   382,600    383,556 

 

See accompanying Notes to Schedules of Investments.

 

 

 

  

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
TERM LOANS (continued)          
Utilities (continued)          
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 4.38%, (1-Month USD LIBOR + 2.50%), 08/04/23@  $226,722   $228,485 
Vistra Operations Co. LLC (fka Tex Operations Co. LLC), 4.38%, (1-Month USD LIBOR + 2.50%), 08/04/23@   40,031    40,343 
Total Utilities        1,717,783 
Total Term Loans          
(Cost $22,111,757)        22,148,603 
           
FOREIGN BONDS – 6.8%          
           
Consumer Staples – 0.6%          
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.50%, 01/12/24   208,000    209,621 
BAT Capital Corp. (United Kingdom), 2.76%, 08/15/22‡   805,000    779,424 
Total Consumer Staples        989,045 
           
Energy – 1.2%          
Gazprom OAO Via GAZ Capital SA (Russia), 6.51%, 03/07/22‡   440,000    474,253 
Petrobras Global Finance BV (Brazil), 8.38%, 05/23/21   118,000    134,564 
Petrobras Global Finance BV (Brazil), 5.30%, 01/27/25‡   275,000    271,906 
Petroleos Mexicanos (Mexico), 4.88%, 01/24/22   1,300,000    1,335,620 
Total Energy        2,216,343 
           
Financials – 2.1%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Netherlands), 4.50%, 05/15/21   405,000    415,155 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Netherlands), 3.95%, 02/01/22   150,000    150,512 
Brookfield Finance LLC (Canada), 4.00%, 04/01/24   561,000    565,861 
Guanay Finance Ltd. (Chile), 6.00%, 12/15/20‡   575,085    589,660 
HSBC Holdings PLC (United Kingdom), 2.95%, 05/25/21   640,000    633,879 
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/21   785,000    756,087 
Mizuho Financial Group, Inc. (Japan), 3.55%, 03/05/23  550,000   547,651 
Total Financials        3,658,805 
           
Industrials – 0.4%          
British Airways Class B Pass Through Trust (United Kingdom), 5.63%, 06/20/20‡   157,694    162,236 
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, (Guernsey), 5.13%, 11/30/22‡   599,694    616,669 
Total Industrials        778,905 
           
Information Technology – 0.1%          
Tencent Holdings Ltd. (China), 2.99%, 01/19/23‡   200,000    195,038 
           
Materials – 2.0%          
Anglo American Capital PLC (United Kingdom), 3.63%, 09/11/24‡   680,000    655,828 
Fibria Overseas Finance Ltd. (Brazil), 4.00%, 01/14/25   339,000    327,771 
FMG Resources August 2006 Pty Ltd. (Australia), 5.13%, 03/15/23‡   240,000    238,956 
Glencore Funding LLC (Switzerland), 4.13%, 05/30/23‡   640,000    644,916 
James Hardie International Finance Dac (Ireland), 4.75%, 01/15/25‡   345,000    339,825 
NOVA Chemicals Corp. (Canada), 4.88%, 06/01/24‡   70,000    67,287 
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡   545,000    524,399 
Yamana Gold, Inc. (Canada), 4.63%, 12/15/27‡   720,000    710,370 
Total Materials        3,509,352 
           
Sovereign Government – 0.4%          
Argentine Republic Government International Bond (Argentina), 4.63%, 01/11/23   415,000    400,583 
Russian Federal Bond - Ofz, Series 6216 (Russia), 6.70%, 05/15/19   17,000,000   RUB297,518 
Total Sovereign Government        698,101 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal/
Shares		   Value 
Total Foreign Bonds          
(Cost $12,213,817)       $12,045,589 
           
U.S. TREASURY NOTES – 2.5%          
U.S. Treasury Note, 03/31/20, 2.25%  $1,500,000    1,499,385 
U.S. Treasury Note, 03/15/21, 2.38%   1,500,000    1,499,502 
U.S. Treasury Note, 03/31/23, 2.50%   1,500,000    1,495,517 
Total U.S. Treasury Notes          
(Cost $4,493,613)        4,494,404 
           
U.S. GOVERNMENT AGENCY SECURITIES – 1.4%          
Federal National Mortgage Association, 2.50%, 02/01/31   989,278    970,168 
Federal National Mortgage Association, 2.50%, 08/01/31   228,094    223,687 
Federal National Mortgage Association, 3.00%, 10/01/30   653,880    654,780 
Federal National Mortgage Association, 3.00%, 10/01/30   482,574    483,239 
Federal National Mortgage Association, 5.00%, 06/25/37   25,832    26,278 
Federal National Mortgage Association, 4.00%, 11/25/41   112,114    113,906 
Total U.S. Government Agency Securities          
(Cost $2,564,881)        2,472,058 
           
MONEY MARKET FUND – 4.0%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 1.53%(c)
(Cost $7,109,989)		   7,109,989    7,109,989 
           
REPURCHASE AGREEMENTS – 0.3%(d)          
Citigroup Global Markets, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $235,708, (collateralized by various U.S. Government Agency Obligations, 0.00%-10.00%, 05/15/18-10/20/67, totaling $239,834)  $235,672    235,672 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $250,038, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $254,251)  250,000   250,000 
Total Repurchase Agreements          
(Cost $485,672)        485,672 
Total Investments – 103.3%          
(Cost $184,725,200)        183,812,983 
Liabilities in Excess of Other Assets – (3.3%)        (5,879,001)
Net Assets – 100.0%       $177,933,982 

 

 

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trust

RUB – Russian Ruble

 

# Perpetual security with no stated maturity date.
@ Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2018.
* 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) All or a portion of security is on loan. The aggregate market value of the securities on loan is $474,324; the aggregate market value of the collateral held by the fund is $485,672.  
(b) This loan will settle after March 31, 2018 at which time the interest rate will be determined.
(c) Rate shown reflects the 7-day yield as of March 31, 2018.
(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)
 
March 31, 2018 (Unaudited)
 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace   0.4%
Asset Backed Securities   28.7 
Chemicals   0.2 
Commercial Mortgage Backed Securities   5.2 
Consumer Discretionary   2.1 
Consumer Durables   0.3 
Consumer Non-Durables   0.1 
Consumer Staples   1.4 
Energy   2.8 
Financials   11.2 
Food and Drug   0.3 
Food/Tobacco   1.3 
Gaming/Leisure   1.9 
Health Care   3.2 
Housing   0.8 
Industrials   2.1 
Information Technology   1.7 
Materials   2.4 
Media/Telecom - Broadcasting   0.6 
Media/Telecom - Cable/Wireless Video   1.7 
Media/Telecom - Diversified Media   0.4 
Media/Telecom - Telecommunications   0.8 
Real Estate   1.0 
Residential Mortgage Backed Securities   20.9 
Retail   0.1 
Service   0.4 
Sovereign Government   0.4 
Telecommunication Services   1.1 
U.S. Government Agency Securities   1.6 
U.S. Treasury Notes   2.5 
Utilities   1.4 
Money Market   4.0 
Repurchase Agreements   0.3 
Total Investments   103.3 
Liabilities in Excess of Other Assets   (3.3)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
TERM LOANS – 79.1%          
Advertising – 1.4%          
Acosta, Inc., 5.13%, (1-Month USD LIBOR + 3.25%), 09/26/21@  $485,031   $408,079 
           
Aerospace / Defense – 2.3%          
Accudyne Industries Borrower SCA, 08/19/24 (Luxembourg)(a)   249,375    251,075 
TransDigm, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 06/09/23@   283,795    284,926 
TransDigm, Inc., 5.05%, (3-Month USD LIBOR + 2.75%), 06/09/23@   148,619    149,212 
Total Aerospace / Defense        685,213 
           
Auto Manufacturers – 0.9%          
Navistar, Inc., 5.21%, (1-Month USD LIBOR + 3.50%), 11/06/24@   250,000    251,719 
           
Auto Parts & Equipment – 2.1%          
Cooper-Standard Automotive, Inc., 4.30%, (3-Month USD LIBOR + 2.00%), 11/02/23@   224,958    226,260 
Federal-Mogul LLC, 5.53%, (1-Month USD LIBOR + 3.75%), 04/15/21@   289,077    291,300 
Federal-Mogul LLC, 5.63%, (1-Month USD LIBOR + 3.75%), 04/15/21@   95,676    96,411 
Total Auto Parts & Equipment        613,971 
           
Building Materials – 3.3%          
GYP Holdings III Corp., 4.77%, (3-Month USD LIBOR + 3.00%), 04/03/23@   485,084    488,017 
Quikrete Holdings, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 11/15/23@   491,593    494,274 
Total Building Materials        982,291 
           
Chemicals – 0.6%          
MacDermid, Inc., 4.88%, (1-Month USD LIBOR + 3.00%), 06/07/23@   189,056    190,473 
           
Coal – 0.8%          
Arch Coal, Inc., 5.13%, (1-Month USD LIBOR + 3.25%), 03/07/24@  248,120   249,929 
           
Commercial Services – 3.7%          
Allied Universal Holdco LLC, 6.05%, (3-Month USD LIBOR + 3.75%), 07/28/22@   248,101    245,036 
Brightview Landscapes LLC, 4.81%, (1-Month USD LIBOR + 3.00%), 12/18/20@   107,239    108,006 
Brightview Landscapes LLC, 4.88%, (1-Month USD LIBOR + 3.00%), 12/18/20@   130,861    131,798 
Brightview Landscapes LLC, 8.31%, (1-Month USD LIBOR + 6.50%), 12/17/21@   117,021    118,045 
Camelot Finance LP, 5.13%, (1-Month USD LIBOR + 3.25%), 10/03/23@   243,170    244,972 
Garda World Security Corp., 5.51%, (3-Month USD LIBOR + 3.50%), 05/24/24 (Canada)@   248,120    250,835 
Garda World Security Corp., 7.25%, (Prime + 2.50%), 05/24/24 (Canada)@   627    633 
Total Commercial Services        1,099,325 
           
Computers – 2.0%          
McAfee LLC, 6.38%, (1-Month USD LIBOR + 4.50%), 09/30/24@   248,750    251,626 
Western Digital Corp., 3.88%, (1-Month USD LIBOR + 2.00%), 05/01/23@   327,361    329,552 
Total Computers        581,178 
           
Distribution / Wholesale – 4.8%          
Nexeo Solutions LLC, 5.02%, (2-Month USD LIBOR + 3.25%), 06/09/23@   166,412    168,337 
Nexeo Solutions LLC, 5.23%, (3-Month USD LIBOR + 3.25%), 06/09/23@   164,122    166,020 
Nexeo Solutions LLC, 5.55%, (3-Month USD LIBOR + 3.25%), 06/09/23@   160,766    162,625 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
TERM LOANS (continued)          
Distribution / Wholesale (continued)          
Spin Holdco, Inc., 5.08%, (3-Month USD LIBOR + 3.25%), 11/14/22@  $485,692   $489,235 
Univar USA, Inc., 4.38%, (1-Month USD LIBOR + 2.50%), 07/01/24@   424,441    427,790 
Total Distribution / Wholesale        1,414,007 
           
Electric – 2.5%          
Talen Energy Supply LLC, 5.88%, (1-Month USD LIBOR + 4.00%), 04/15/24@   249,243    245,816 
Vistra Operations Co. LLC, 4.06%, (1-Month USD LIBOR + 2.25%), 12/14/23@   375,000    377,706 
Vistra Operations Co. LLC, 4.13%, (1-Month USD LIBOR + 2.25%), 12/14/23@   118,750    119,607 
Total Electric        743,129 
           
Entertainment – 1.3%          
Cineworld Finance US, Inc., 4.38%, (1-Month USD LIBOR + 2.50%), 02/28/25 (United Kingdom)@   375,000    374,949 
           
Environmental Control – 0.9%          
Wrangler Buyer Corp., 4.88%, (1-Month USD LIBOR + 3.00%), 09/27/24@   249,375    251,067 
           
Food – 2.8%          
Albertson's LLC, 4.96%, (3-Month USD LIBOR + 3.00%), 06/22/23@   345,607    341,600 
U.S. Foods, Inc., 4.38%, (1-Month USD LIBOR + 2.50%), 06/27/23@   485,016    488,792 
Total Food        830,392 
           
Hand / Machine Tools – 1.6%          
Apex Tool Group LLC, 5.63%, (1-Month USD LIBOR + 3.75%), 02/01/22@   475,162    475,205 
           
Healthcare - Products – 0.9%          
Avantor, Inc., 5.88%, (1-Month USD LIBOR + 4.00%), 11/21/24@  249,375   252,310 
           
Healthcare - Services – 1.8%          
Air Medical Group Holdings, Inc., 4.94%, (1-Month USD LIBOR + 3.25%), 04/28/22@   248,103    249,463 
CHS/Community Health Systems, Inc., 4.73%, (3-Month USD LIBOR + 2.75%), 12/31/19@   104,607    102,290 
CHS/Community Health Systems, Inc., 4.98%, (3-Month USD LIBOR + 3.00%), 01/27/21@   193,764    186,646 
Total Healthcare - Services        538,399 
           
Household Products / Wares – 1.3%          
Prestige Brands, Inc., 3.88%, (1-Month USD LIBOR + 2.00%), 01/26/24@   375,241    376,582 
           
Insurance – 3.0%          
HUB International Ltd., 4.84%, (3-Month USD LIBOR + 3.00%), 10/02/20@   241,820    243,365 
USI, Inc., 5.30%, (3-Month USD LIBOR + 3.00%), 05/16/24@   398,000    399,162 
VF Holdings Corp., 5.13%, (1-Month USD LIBOR + 3.25%), 06/30/23@   248,111    250,541 
Total Insurance        893,068 
           
Internet – 1.7%          
Uber Technologies, Inc., 5.88%, (1-Month USD LIBOR + 4.00%), 07/13/23@   492,500    495,007 
           
Leisure Time – 3.3%          
24 Hour Fitness Worldwide, Inc., 6.05%, (3-Month USD LIBOR + 3.75%), 05/28/21@   241,834    244,253 
BRP US, Inc., 4.38%, (1-Month USD LIBOR + 2.50%), 06/30/23@   246,252    248,868 
ClubCorp Holdings, Inc., 5.55%, (3-Month USD LIBOR + 3.25%), 09/18/24@   489,634    493,394 
Total Leisure Time        986,515 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
TERM LOANS (continued)          
Lodging – 3.3%          
Caesars Resort Collection LLC, 4.63%, (1-Month USD LIBOR + 2.75%), 12/23/24@  $498,750   $502,630 
Hilton Worldwide Finance LLC, 3.87%, (1-Month USD LIBOR + 2.00%), 10/25/23@   203,537    204,838 
Playa Resorts Holding BV, 5.00%, (3-Month USD LIBOR + 3.25%), 04/29/24@   248,126    249,863 
Total Lodging        957,331 
           
Machinery - Diversified – 0.7%          
RBS Global, Inc., 4.11%, (1-Month USD LIBOR + 2.25%), 08/21/24@   207,725    209,179 
           
Media – 0.8%          
Altice US Finance I Corp., 4.13%, (1-Month USD LIBOR + 2.25%), 07/28/25@   244,351    244,321 
           
Metal Fabricate / Hardware – 0.8%          
Crosby U.S. Acquisition Corp., 4.90%, (3-Month USD LIBOR + 3.00%), 11/23/20@   248,057    244,150 
           
Miscellaneous Manufacturing – 1.0%          
Gates Global LLC, 5.05%, (3-Month USD LIBOR + 2.75%), 04/01/24@   297,695    299,696 
           
Oil & Gas – 1.8%          
Chesapeake Energy Corp., 9.44%, (3-Month USD LIBOR + 7.50%), 08/23/21@   500,000    531,875 
           
Packaging & Containers – 6.4%          
Kloeckner Pentaplast of America, Inc., 6.13%, (1-Month USD LIBOR + 4.25%), 06/30/22 (Luxembourg)@   249,373    240,647 
Plastipak Holdings, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 10/15/24@   248,750    250,398 
Proampac PG Borrower LLC, 5.17%, (1-Month USD LIBOR + 3.50%), 11/20/23@  105,927   106,959 
Proampac PG Borrower LLC, 5.22%, (1-Month USD LIBOR + 3.50%), 11/20/23@   40,312    40,705 
Proampac PG Borrower LLC, 5.35%, (1-Month USD LIBOR + 3.50%), 11/20/23@   347,511    350,900 
Reynolds Group Holdings, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 02/06/23@   443,608    446,320 
SIG Combibloc, 4.63%, (1-Month USD LIBOR + 2.75%), 03/11/22 (Luxembourg)@   448,265    451,383 
Total Packaging & Containers        1,887,312 
           
Pharmaceuticals – 0.8%          
Valeant Pharmaceuticals International, Inc., 5.24%, (1-Month USD LIBOR + 3.50%), 04/01/22@   229,990    232,676 
           
Real Estate – 1.7%          
DTZ US Borrower LLC, 5.02%, (1-Month USD LIBOR + 3.25%), 11/04/21@   146,059    145,572 
DTZ US Borrower LLC, 5.23%, (2-Month USD LIBOR + 3.25%), 11/04/21@   326,585    325,496 
DTZ US Borrower LLC, 5.55%, (3-Month USD LIBOR + 3.25%), 11/04/21@   18,518    18,456 
Total Real Estate        489,524 
           
Retail – 11.7%          
1011778 BC ULC, 4.13%, (1-Month USD LIBOR + 2.25%), 02/16/24 (Canada)@   224,386    224,807 
1011778 BC ULC, 4.55%, (3-Month USD LIBOR + 2.25%), 02/16/24 (Canada)@   144,855    145,127 
BJ's Wholesale Club, Inc., 9.19%, (1-Month USD LIBOR + 7.50%), 02/03/25@   250,000    251,445 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal   Value 
TERM LOANS (continued)          
Retail (continued)          
CEC Entertainment, Inc., 5.13%, (1-Month USD LIBOR + 3.25%), 02/15/21@  $483,627   $458,841 
Michaels Stores, Inc., 4.49%, (1-Month USD LIBOR + 2.75%), 01/27/23@   116,545    117,231 
Michaels Stores, Inc., 4.57%, (1-Month USD LIBOR + 2.75%), 01/27/23@   20,094    20,212 
Michaels Stores, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 01/27/23@   311,930    313,764 
Neiman Marcus Group Ltd. LLC, 4.94%, (1-Month USD LIBOR + 3.25%), 10/25/20@   484,848    420,262 
Petco Animal Supplies, Inc., 4.77%, (3-Month USD LIBOR + 3.00%), 01/26/23@   492,462    362,918 
PetSmart, Inc., 4.68%, (1-Month USD LIBOR + 3.00%), 03/11/22@   486,250    391,487 
Smart & Final Stores LLC, 5.38%, (1-Month USD LIBOR + 3.50%), 11/15/22@   250,000    247,032 
SRS Distribution Inc., 5.13%, (1-Month USD LIBOR + 3.25%), 08/25/22@   288,190    290,531 
SRS Distribution Inc., 5.55%, (3-Month USD LIBOR + 3.25%), 08/25/22@   204,254    205,913 
Total Retail        3,449,570 
           
Semiconductors – 1.0%          
Microsemi Corp., 3.74%, (2-Month USD LIBOR + 2.00%), 01/15/23@   93,963    94,230 
ON Semiconductor Corp., 3.88%, (1-Month USD LIBOR + 2.00%), 03/31/23@   189,354    190,502 
Total Semiconductors        284,732 
           
Software – 3.1%          
CCC Information Services, Inc., 4.88%, (1-Month USD LIBOR + 3.00%), 04/29/24@   248,747    249,925 
Infor US, Inc., 4.63%, (1-Month USD LIBOR + 2.75%), 02/01/22@  429,569   431,031 
Solera LLC, 4.63%, (1-Month USD LIBOR + 2.75%), 03/03/23@   245,000    245,946 
Total Software        926,902 
           
Telecommunications – 3.0%          
Avaya, Inc., 6.54%, (1-Month USD LIBOR + 4.75%), 12/16/24@   374,063    377,203 
Frontier Communications Corp., 5.63%, (1-Month USD LIBOR + 3.75%), 06/17/24@   248,125    245,438 
Intelsat Jackson Holdings SA, 5.71%, (3-Month USD LIBOR + 3.75%), 11/30/23@   250,000    250,538 
Total Telecommunications        873,179 
           
Total Term Loans          
(Cost $23,612,152)        23,323,255 
           
CORPORATE BONDS – 8.4%          
           
Auto Manufacturers – 0.4%          
Tesla, Inc., 5.30%, 08/15/25‡(b)   125,000    109,531 
           
Commercial Services – 1.6%          
Ahern Rentals, Inc., 7.38%, 05/15/23‡   250,000    243,750 
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 05/15/23‡   202,000    219,408 
Total Commercial Services        463,158 
           
Diversified Financial Services – 0.9%          
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.38%, 04/01/20‡   250,000    253,750 
           
Home Builders – 0.8%          
Lennar Corp., 4.50%, 06/15/19   250,000    251,875 
           
Lodging – 0.9%          
MGM Resorts International, 6.75%, 10/01/20   250,000    266,250 
           
Media – 0.9%          
CSC Holdings LLC, 6.63%, 10/15/25‡   250,000    258,750 
           
Retail – 0.8%          
Golden Nugget, Inc., 6.75%, 10/15/24‡   250,000    251,873 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

Investments  Principal /
Shares		   Value 
CORPORATE BONDS (continued)          
Telecommunications – 1.7%          
Sprint Communications, Inc., 6.00%, 11/15/22  $250,000   $245,938 
T-Mobile USA, Inc., 6.38%, 03/01/25   250,000    261,875 
Total Telecommunications        507,813 
           
Toys / Games / Hobbies – 0.4%          
Mattel, Inc., 2.35%, 08/15/21   125,000    111,251 
           
Total Corporate Bonds          
(Cost $2,472,984)        2,474,251 
           
FOREIGN BONDS – 2.5%          
           
Food – 0.4%          
JBS USA LUX SA / JBS USA Finance, Inc., 7.25%, 06/01/21  (Brazil)‡   125,000    126,562 
           
Mining – 0.4%          
Constellium NV, 5.75%, 05/15/24  (Netherlands)‡   125,000    123,125 
           
Pharmaceuticals – 0.8%          
Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 07/21/21  (Israel)   250,000    225,301 
           
Trucking & Leasing – 0.9%          
Park Aerospace Holdings Ltd., 5.25%, 08/15/22  (Ireland)‡   250,000    245,862 
           
Total Foreign Bonds          
(Cost $730,469)        720,850 
           
EXCHANGE TRADED FUND – 0.1%          
           
Closed-End Funds – 0.1%          
Eagle Point Credit Co., Inc.          
(Cost $35,053)   1,905    34,557 
           
MONEY MARKET FUND – 10.2%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 1.53%(c)
(Cost $3,013,279)		   3,013,279    3,013,279 
           
REPURCHASE AGREEMENT – 0.4%(d)          
Royal Bank of Scotland PLC, dated 03/29/18, due 04/02/18, 1.78%, total to be received $112,657, (collateralized by various U.S. Government Agency Obligations, 0.49%-3.75%, 07/31/18-08/15/46, totaling $114,682)          
(Cost $112,640)  $112,640   $112,640 
           
Total Investments – 100.7%          
(Cost $29,976,577)        29,678,832 
           
Liabilities in Excess of Other Assets – (0.7%)        (208,825)
Net Assets – 100.0%       $29,470,007 

 

 

LP - Limited Partnership

PLC - Public Limited Company

 

@ Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2018.
‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.  Unless otherwise noted, 144A securities are deemed to be liquid.
(a) The loan will settle after March 31, 2018 at which time the interest rate will be determined.
(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $109,891; the aggregate market value of the collateral held by the fund is $112,640.  
(c) Rate shown reflects the 7-day yield as of March 31, 2018.
(d) Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Advertising   1.4%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Aerospace / Defense   2.3%
Auto Manufacturers   1.3 
Auto Parts & Equipment   2.1 
Building Materials   3.3 
Chemicals   0.6 
Closed-End Funds   0.1 
Coal   0.8 
Commercial Services   5.3 
Computers   2.0 
Distribution / Wholesale   4.8 
Diversified Financial Services   0.9 
Electric   2.5 
Entertainment   1.3 
Environmental Control   0.9 
Food   3.2 
Hand / Machine Tools   1.6 
Healthcare - Products   0.9 
Healthcare - Services   1.8 
Home Builders   0.8 
Household Products / Wares   1.3 
Insurance   3.0 
Internet   1.7 
Leisure Time   3.3 
Lodging   4.2 
Machinery - Diversified   0.7 
Media   1.7 
Metal Fabricate / Hardware   0.8 
Mining   0.4 
Miscellaneous Manufacturing   1.0 
Oil & Gas   1.8 
Packaging & Containers   6.4 
Pharmaceuticals   1.6 
Real Estate   1.7 
Retail   12.5 
Semiconductors   1.0 
Software   3.1 
Telecommunications   4.7 
Toys / Games / Hobbies   0.4 
Trucking & Leasing   0.9 
Money Market Fund   10.2 
Repurchase Agreement   0.4 
Total Investments   100.7 
Liabilities in Excess of Other Assets   (0.7)%
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued)
 
March 31, 2018 (Unaudited)
 

 

Total Return Swaps contracts outstanding as of March 31, 2018:

 

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    (1.61)%  Quarterly  9/20/2018  $4,000,000   $4,025,986   $25,986 

 

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

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal   Value 
CORPORATE BONDS – 62.9%          
Aerospace/Defense – 1.1%          
Triumph Group, Inc., 7.75%, 08/15/25(a)  $1,645,000   $1,690,238 
           
Agriculture – 0.9%          
Alliance One International, Inc., 8.50%, 04/15/21‡   1,376,000    1,437,920 
           
Auto Parts & Equipment – 1.1%          
Titan International, Inc., 6.50%, 11/30/23‡   1,618,000    1,670,585 
           
Biotechnology – 1.6%          
AMAG Pharmaceuticals, Inc., 7.88%, 09/01/23‡(a)   2,446,000    2,427,655 
           
Chemicals – 2.9%          
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23‡   2,080,000    2,222,376 
Hexion, Inc., 10.00%, 04/15/20   2,259,000    2,196,877 
Total Chemicals        4,419,253 
           
Commercial Services – 5.2%          
ACE Cash Express, Inc., 12.00%, 12/15/22‡   1,618,000    1,808,115 
Flexi-Van Leasing, Inc., 10.00%, 02/15/23‡   2,172,000    2,161,140 
Quad/Graphics, Inc., 7.00%, 05/01/22(a)   1,463,000    1,521,520 
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary, 7.88%, 06/01/21(a)   2,450,000    2,431,625 
Total Commercial Services        7,922,400 
           
Computers – 3.2%          
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/23‡   1,277,000    1,297,751 
Harland Clarke Holdings Corp., 9.25%, 03/01/21‡   2,106,000    2,164,547 
West Corp., 8.50%, 10/15/25‡(a)   1,367,000    1,329,408 
Total Computers        4,791,706 
           
Diversified Financial Services – 2.0%          
CNG Holdings, Inc., 9.38%, 05/15/20‡   2,322,000    2,298,780 
Springleaf Finance Corp., 6.88%, 03/15/25   250,000    251,562 
Travelport Corporate Finance PLC, 6.00%, 03/15/26‡   500,000    503,125 
Total Diversified Financial Services        3,053,467 
           
Electric – 1.0%          
Terraform Global Operating LLC, 6.13%, 03/01/26‡  1,480,000   1,494,800 
           
Electrical Components & Equipment – 1.5%          
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡   2,396,000    2,348,080 
           
Energy - Alternate Sources – 0.9%          
Enviva Partners LP/Enviva Partners Finance Corp., 8.50%, 11/01/21   1,332,000    1,413,585 
           
Engineering & Construction – 1.1%          
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26‡(a)   1,600,000    1,606,000 
           
Entertainment – 1.2%          
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/23‡   1,727,000    1,778,810 
           
Food – 3.8%          
Albertsons Cos. LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC, 6.63%, 06/15/24   1,727,000    1,556,459 
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡(a)   2,558,000    2,567,592 
SUPERVALU, Inc., 6.75%, 06/01/21(a)   1,737,000    1,719,630 
Total Food        5,843,681 
           
Hand / Machine Tools – 1.0%          
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/23‡(a)   1,480,000    1,480,000 
           
Healthcare - Products – 2.3%          
Greatbatch Ltd., 9.13%, 11/01/23‡   1,357,000    1,472,345 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.63%, 10/15/23‡   2,467,000    1,985,935 
Total Healthcare - Products        3,458,280 
           
Healthcare - Services – 1.1%          
Kindred Healthcare, Inc., 8.75%, 01/15/23(a)   1,598,000    1,697,875 
           
Iron / Steel – 1.0%          
United States Steel Corp., 6.25%, 03/15/26(a)   1,500,000    1,500,000 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Machinery - Diversified – 2.1%          
JPW Industries Holding Corp., 9.00%, 10/01/24‡  $1,542,000   $1,621,027 
Xerium Technologies, Inc., 9.50%, 08/15/21   1,516,000    1,565,270 
Total Machinery - Diversified        3,186,297 
           
Media – 3.7%          
Lee Enterprises, Inc., 9.50%, 03/15/22‡(a)   2,879,000    3,015,752 
Meredith Corp., 6.88%, 02/01/26‡(a)   1,233,000    1,268,449 
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23‡   1,440,000    1,400,400 
Total Media        5,684,601 
           
Miscellaneous Manufacturing – 1.9%          
FXI Holdings, Inc., 7.88%, 11/01/24‡   1,618,000    1,588,674 
Techniplas LLC, 10.00%, 05/01/20‡   1,560,000    1,333,800 
Total Miscellaneous Manufacturing        2,922,474 
           
Oil & Gas – 5.7%          
Berry Petroleum Co. LLC, 7.00%, 02/15/26‡   986,000    996,156 
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.50%, 01/15/21‡   1,302,000    1,455,799 
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/23‡   1,480,000    1,502,200 
Indigo Natural Resources LLC, 6.88%, 02/15/26‡   1,480,000    1,402,300 
Par Petroleum LLC/Petroleum Finance Corp., 7.75%, 12/15/25‡   1,618,000    1,626,090 
Sanchez Energy Corp., 7.25%, 02/15/23‡(a)   1,727,000    1,739,952 
Total Oil & Gas        8,722,497 
           
Oil & Gas Services – 2.7%          
Bristow Group, Inc., 8.75%, 03/01/23‡   1,750,000    1,771,875 
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, 04/01/25‡   1,000,000    1,012,500 
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26‡(a)   1,250,000    1,271,875 
Total Oil & Gas Services        4,056,250 
           
Pharmaceuticals – 1.8%          
Horizon Pharma, Inc./Horizon Pharma USA, Inc., 8.75%, 11/01/24‡(a)  2,486,000   2,660,020 
NVA Holdings, Inc., 6.88%, 04/01/26‡   100,000    101,000 
Total Pharmaceuticals        2,761,020 
           
Pipelines – 1.6%          
CNX Midstream Partners LP/CNX Midstream Finance, Corp., 6.50%, 03/15/26‡   1,000,000    988,750 
Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.25%, 02/15/21   1,429,000    1,436,145 
Total Pipelines        2,424,895 
           
Real Estate – 0.9%          
Hunt Cos., Inc., 6.25%, 02/15/26‡   1,480,000    1,432,448 
           
Retail – 3.7%          
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20(a)   2,262,000    2,086,695 
Guitar Center Escrow Issuer, Inc., 9.50%, 10/15/21‡(a)   1,000,000    966,300 
Guitar Center, Inc., 6.50%, 04/15/19‡(a)   1,598,000    1,599,598 
IRB Holding Corp., 6.75%, 02/15/26‡   1,057,000    1,038,608 
Total Retail        5,691,201 
           
Software – 1.0%          
CURO Financial Technologies Corp., 12.00%, 03/01/22‡(a)   1,312,000    1,462,985 
           
Telecommunications – 4.9%          
Frontier Communications Corp., 11.00%, 09/15/25(a)   2,429,000    1,832,377 
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 12.50%, 07/01/22‡   1,174,000    1,323,685 
Sprint Corp., 7.63%, 03/01/26(a)   1,750,000    1,711,850 
Windstream Services LLC/Windstream Finance Corp., 8.63%, 10/31/25‡(a)   2,719,000    2,528,670 
Total Telecommunications        7,396,582 
Total Corporate Bonds          
(Cost $95,743,034)        95,775,585 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal   Value 
TERM LOANS – 18.5%          
Coal – 2.5%          
Foresight Energy LLC, 7.63%, (3-Month USD LIBOR + 5.75%), 03/16/22@  $1,980,000   $1,955,042 
Murray Energy Corp., 10.05%, (3-Month USD LIBOR + 7.75%), 04/16/20@   2,221,828    1,898,074 
Total Coal        3,853,116 
           
Electronics – 1.0%          
KEMET Corp., 7.88%, (1-Month USD LIBOR + 6.00%), 04/26/24@   1,431,410    1,460,039 
           
Food – 2.9%          
Flavors Holdings, Inc., 8.05%, (3-Month USD LIBOR + 5.75%), 04/03/20@   2,357,128    2,133,201 
Shearer's Foods LLC, 9.05%, (3-Month USD LIBOR + 6.75%), 06/30/22@   2,431,000    2,285,140 
Total Food        4,418,341 
           
Forest Products & Paper – 2.0%          
Appvion, Inc., 8.38%, (1-Month USD LIBOR + 6.50%), 07/02/18@   2,019,025    2,019,025 
Verso Paper Holdings LLC, 12.75%, (2-Month USD LIBOR + 11.00%), 10/14/21@   864,172    889,380 
Verso Paper Holdings LLC, 12.88%, (1-Month USD LIBOR + 11.00%), 10/14/21@   183,267    188,613 
Total Forest Products & Paper        3,097,018 
           
Healthcare - Services – 1.3%          
21st Century Oncology, Inc., 7.85%, (3-Month USD LIBOR + 6.13%), 01/16/23@   1,995,000    1,927,170 
           
Office/Business Equipment – 1.2%          
Eastman Kodak Co., 8.02%, (3-Month USD LIBOR + 6.25%),  09/03/19@   1,840,475    1,740,786 
Eastman Kodak Co., 8.04%, (1-Month USD LIBOR + 6.25%), 09/03/19@   124,424    117,684 
Total Office/Business Equipment        1,858,470 
           
Oil & Gas – 2.1%          
Osum Production Corp., 7.80%, (3-Month USD LIBOR + 5.50%), 07/31/20@  3,803,546   3,233,014 
           
Retail – 2.5%          
California Pizza Kitchen, Inc., 7.88%, (1-Month USD LIBOR + 6.00%), 08/23/22@   1,989,899    1,955,076 
General Nutrition Centers, Inc., 10.59%, (2-Month USD LIBOR + 8.75%), 03/04/21@   1,405,962    1,328,633 
General Nutrition Centers, Inc., 8.88%, (1-Month USD LIBOR + 7.00%), 01/02/23@   572,350    588,233 
Total Retail        3,871,942 
           
Telecommunications – 1.6%          
Global Tel*Link Corp., 10.55%, (3-Month USD LIBOR + 8.25%), 11/20/20@   2,375,000    2,380,201 
           
Transportation – 1.4%          
YRC Worldwide, Inc., 10.27%, (3-Month USD LIBOR + 8.50%), 07/21/22@   2,054,819    2,074,812 
YRC Worldwide, Inc., 10.38%, (1-Month USD LIBOR + 8.50%), 07/21/22@   1,828    1,846 
Total Transportation        2,076,658 
           
Total Term Loans          
(Cost $29,006,109)        28,175,969 
           
FOREIGN BONDS – 14.2%          
Beverages – 1.1%          
CEDC Finance Corp. International, Inc., 10.00%, 12/31/22  (Poland)‡   1,843,281    1,640,520 
           
Diversified Financial Services – 1.1%          
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22  (Canada)‡   1,618,000    1,622,045 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal/
Shares		   Value 
FOREIGN BONDS (continued)          
Food – 0.6%          
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28  (Brazil)‡  $986,000   $947,792 
           
Gas – 0.8%          
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23  (Canada)‡   1,233,000    1,237,624 
           
Mining – 2.3%          
First Quantum Minerals Ltd., 6.50%, 03/01/24  (Zambia)‡   1,000,000    951,250 
First Quantum Minerals Ltd., 6.88%, 03/01/26  (Zambia)‡   1,000,000    952,500 
IAMGOLD Corp., 7.00%, 04/15/25  (Canada)‡   1,538,000    1,576,450 
Total Mining        3,480,200 
           
Oil & Gas – 3.4%          
Athabasca Oil Corp., 9.88%, 02/24/22  (Canada)‡   1,855,000    1,866,594 
Precision Drilling Corp., 7.75%, 12/15/23  (Canada)(a)   1,708,000    1,782,725 
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25  (United Arab Emirates)‡(a)   1,480,000    1,489,250 
Total Oil & Gas        5,138,569 
           
Oil & Gas Services – 1.3%          
Welltec A/S, 9.50%, 12/01/22  (Denmark)‡   2,000,000    2,075,000 
           
Pharmaceuticals – 1.3%          
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 04/15/24  (Israel)‡(a)   1,000,000    972,389 
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 03/01/28  (Israel)‡(a)   1,000,000    989,889 
Total Pharmaceuticals        1,962,278 
           
Storage / Warehousing – 1.0%          
Algeco Global Finance PLC, 8.00%, 02/15/23  (United Kingdom)‡(a)   1,500,000    1,500,000 
           
Transportation – 1.3%          
Global Ship Lease, Inc., 9.88%, 11/15/22  (United Kingdom)‡   2,000,000    2,013,000 
           
Total Foreign Bonds          
(Cost $21,609,928)        21,617,028 
           
MONEY MARKET FUND – 2.5%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 1.53%(b)
(Cost $3,791,940)		   3,791,940   3,791,940 
REPURCHASE AGREEMENTS – 21.3%(c)          
Citibank NA, dated 03/29/18, due 04/02/18, 1.80%, total to be received $2,231,147, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 08/02/18-09/09/49, totaling $2,261,610)  $2,230,812    2,230,812 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $7,531,331, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $7,658,241)   7,530,195    7,530,195 
HSBC Securities USA, Inc., dated 03/29/18, due 04/02/18, 1.78%, total to be received $7,531,312, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 05/15/18-01/15/37, totaling $7,692,165)   7,530,195    7,530,195 
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $7,531,337, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-02/20/68, totaling $7,659,122)   7,530,195    7,530,195 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PERITUS HIGH YIELD ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 03/29/18, due 04/02/18, 1.80%, total to be received $7,531,325, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 06/28/18-12/20/47, totaling $7,657,622)  $7,530,195   $7,530,195 
Total Repurchase Agreements          
(Cost $32,351,592)        32,351,592 
Total Investments – 119.4%          
(Cost $182,502,603)        181,712,114 
Liabilities in Excess of Other Assets – (19.4%)        (29,505,282)
Net Assets – 100.0%       $152,206,832 

 

 

LP - Limited Partnership

PLC - Public Limited Company

 

@ Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2018.
‡ 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 $35,844,345; the aggregate market value of the collateral held by the fund is $36,731,423.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,379,831.
(b) Rate shown reflects the 7-day yield as of March 31, 2018.
(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   1.1%
Agriculture   0.9 
Auto Parts & Equipment   1.1 
Beverages   1.1 
Biotechnology   1.6 
Chemicals   2.9 
Coal   2.5 
Commercial Services   5.2 
Computers   3.2 
Diversified Financial Services   3.1 
Electric   1.0 
Electrical Components & Equipment   1.5 
Electronics   1.0 
Energy - Alternate Sources   0.9 
Engineering & Construction   1.1 
Entertainment   1.2 
Food   7.3 
Forest Products & Paper   2.0 
Gas   0.8 
Hand / Machine Tools   1.0 
Healthcare - Products   2.3 
Healthcare - Services   2.4 
Iron / Steel   1.0 
Machinery - Diversified   2.1 
Media   3.7 
Mining   2.3 
Miscellaneous Manufacturing   1.9 
Office/Business Equipment   1.2 
Oil & Gas   11.2 
Oil & Gas Services   4.0 
Pharmaceuticals   3.1 
Pipelines   1.6 
Real Estate   0.9 
Retail   6.2 
Software   1.0 
Storage / Warehousing   1.0 
Telecommunications   6.5 
Transportation   2.7 
Money Market Fund   2.5 
Repurchase Agreements   21.3 
Total Investments   119.4 
Liabilities in Excess of Other Assets   (19.4)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments

 

March 31, 2018 (Unaudited)

 

 

Investments  Shares   Value 
EXCHANGE TRADED FUND – 31.0%          
Debt Fund – 31.0%          
AdvisorShares Sage Core Reserves ETF†          
(Cost $44,743,500)   450,000   $44,581,500 
           
MONEY MARKET FUNDS – 20.9%          
Fidelity Institutional Money Market Government Portfolio - Class III, 1.24%(a)   29,470,928    29,470,928 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 1.56%(a)   500,000    500,000 
Total Money Market Funds          
(Cost $29,970,928)        29,970,928 
Total Investments Before Securities Sold, Not Yet Purchased          
(Cost $74,714,428)        74,552,428 
           
Securities Sold, Not Yet Purchased – (95.1)%          
EXCHANGE TRADED FUNDS – (4.6)%          
Debt Fund – (4.6)%          
iShares iBoxx $ High Yield Corporate Bond ETF   (25,000)   (2,141,000)
SPDR Bloomberg Barclays High Yield Bond ETF   (124,200)   (4,452,570)
Total Debt Fund        (6,593,570)
Total Exchange Traded Funds          
(Cost $(6,592,171))        (6,593,570)
           
COMMON STOCKS – (90.5)%          
Aerospace/Defense – (5.0)%          
Aerojet Rocketdyne Holdings, Inc.*   (125,000)   (3,496,250)
Triumph Group, Inc.   (145,000)   (3,654,000)
Total Aerospace/Defense        (7,150,250)
           
Apparel – (4.7)%          
Hanesbrands, Inc.   (190,000)   (3,499,800)
Steven Madden Ltd.   (75,000)   (3,292,500)
Total Apparel        (6,792,300)
           
Auto Parts & Equipment – (2.2)%          
Cooper Tire & Rubber Co.   (109,100)   (3,196,630)
           
Banks – (1.0)%          
Deutsche Bank AG (Germany)(b)   (100,000)  (1,398,000)
           
Chemicals – (2.9)%          
Sensient Technologies Corp.   (60,000)   (4,234,800)
           
Commercial Services – (4.5)%          
Healthcare Services Group, Inc.   (79,700)   (3,465,356)
Sabre Corp.   (140,000)   (3,003,000)
Total Commercial Services        (6,468,356)
           
Computers – (3.1)%          
NetScout Systems, Inc.*   (103,000)   (2,714,050)
Super Micro Computer, Inc.*   (100,000)   (1,700,000)
Total Computers        (4,414,050)
           
Cosmetics / Personal Care – (2.4)%          
Edgewell Personal Care Co.*   (70,000)   (3,417,400)
           
Diversified Financial Services – (5.0)%          
Credit Acceptance Corp.*   (10,800)   (3,568,428)
Ellie Mae, Inc.*   (40,000)   (3,677,600)
Total Diversified Financial Services        (7,246,028)
           
Electrical Components & Equipment – (1.9)%          
Belden, Inc.   (40,000)   (2,757,600)
           
Electronics – (3.3)%          
OSI Systems, Inc.*   (72,500)   (4,732,075)
           
Engineering & Construction – (4.5)%          
Dycom Industries, Inc.*   (30,000)   (3,228,900)
KBR, Inc.   (200,000)   (3,238,000)
Total Engineering & Construction        (6,466,900)
           
Food – (6.1)%          
B&G Foods, Inc.   (95,000)   (2,251,500)
Kellogg Co.   (80,000)   (5,200,800)
TreeHouse Foods, Inc.*   (35,000)   (1,339,450)
Total Food        (8,791,750)
           
Hand/Machine Tools – (3.6)%          
Snap-on, Inc.   (35,000)   (5,163,900)

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Healthcare - Products – (4.6)%          
Align Technology, Inc.*   (10,000)  $(2,511,300)
DENTSPLY SIRONA, Inc.   (80,000)   (4,024,800)
Total Healthcare - Products        (6,536,100)
           
Healthcare - Services – (2.1)%          
Select Medical Holdings Corp.*   (175,000)   (3,018,750)
           
Home Furnishings – (1.9)%          
Tempur Sealy International, Inc.*   (59,500)   (2,694,755)
           
Internet – (1.1)%          
Snap, Inc., Class A*   (100,000)   (1,587,000)
           
Leisure Time – (2.4)%          
Harley-Davidson, Inc.   (80,000)   (3,430,400)
           
Machinery - Construction & Mining – (2.2)%          
Oshkosh Corp.   (40,000)   (3,090,800)
           
Miscellaneous Manufacturing – (2.8)%          
Actuant Corp., Class A   (170,000)   (3,952,500)
           
Pharmaceuticals – (2.5)%          
Prestige Brands Holdings, Inc.*   (107,185)   (3,614,278)
           
REITS – (9.4)%          
EastGroup Properties, Inc.   (35,000)   (2,893,100)
Simon Property Group, Inc.   (27,000)   (4,167,450)
Tanger Factory Outlet Centers, Inc.   (125,300)   (2,756,600)
Urban Edge Properties   (175,000)   (3,736,250)
Total REITS        (13,553,400)
           
Software – (3.4)%          
Cerner Corp.*   (35,600)   (2,064,800)
Medidata Solutions, Inc.*   (45,000)   (2,826,450)
Total Software        (4,891,250)
           
Telecommunications – (7.9)%          
Juniper Networks, Inc.   (86,800)   (2,111,844)
NETGEAR, Inc.*   (40,000)   (2,288,000)
Telephone & Data Systems, Inc.   (100,000)   (2,803,000)
Ubiquiti Networks, Inc.*   (60,000)  (4,128,000)
Total Telecommunications        (11,330,844)
           
Total Common Stocks          
(Cost $(138,318,889))        (129,930,116)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(144,911,060)]        (136,523,686)
           
Total Investments – (43.2)%          
(Cost $(70,196,632))        (61,971,258)
Other Assets in Excess of Liabilities – 143.2%        205,465,657 
Net Assets – 100.0%       $143,494,399 

 

 

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 March 31, 2018.
(b) Registered Shares.

 

Cash of $131,490,010 has been segregated to cover margin requirement for open short sales as of March 31, 2018.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   (5.0)%
Apparel   (4.7)
Auto Parts & Equipment   (2.2)
Banks   (1.0)
Chemicals   (2.9)
Commercial Services   (4.5)
Computers   (3.1)
Cosmetics / Personal Care   (2.4)
Debt Fund   26.4 
Diversified Financial Services   (5.0)
Electrical Components & Equipment   (1.9)

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Electronics   (3.3)%
Engineering & Construction   (4.5)
Food   (6.1)
Hand/Machine Tools   (3.6)
Healthcare - Products   (4.6)
Healthcare - Services   (2.1)
Home Furnishings   (1.9)
Internet   (1.1)
Leisure Time   (2.4)
Machinery - Construction & Mining   (2.2)
Miscellaneous Manufacturing   (2.8)
Pharmaceuticals   (2.5)
REITS   (9.4)
Software   (3.4)
Telecommunications   (7.9)
Money Market Funds   20.9 
Total Investments   (43.2)
Other Assets in Excess of Liabilities   143.2 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal   Value 
CORPORATE BONDS – 53.9%          
Aerospace/Defense – 1.6%          
Northrop Grumman Corp., 1.75%, 06/01/18  $844,000   $843,210 
           
Auto Manufacturers – 3.2%          
Ford Motor Credit Co. LLC, 2.24%, 06/15/18   845,000    843,967 
General Motors Co., 3.50%, 10/02/18   825,000    826,309 
Total Auto Manufacturers        1,670,276 
           
Banks – 18.5%          
Bank of America Corp., Series L, 2.60%, 01/15/19   415,000    415,456 
Bank of America Corp., Series L, 2.65%, 04/01/19   830,000    829,691 
Bank of New York Mellon Corp. (The), Series G, 2.20%, 05/15/19   420,000    418,437 
BB&T Corp., Series MTN, 2.25%, 02/01/19   630,000    627,259 
Branch Banking & Trust Co., 2.17%, (3-Month USD LIBOR + 0.45%), 01/15/20@   475,000    476,341 
Branch Banking & Trust Co., Series BKNT, 2.23%, (3-Month USD LIBOR + 0.22%), 06/01/20@   400,000    399,664 
Capital One Financial Corp., 2.45%, 04/24/19   276,000    274,836 
Capital One NA, Series BKNT, 2.92%, (3-Month USD LIBOR + 1.15%), 01/30/23@   670,000    673,231 
Citigroup, Inc., 2.05%, 06/07/19   420,000    416,256 
Goldman Sachs Group, Inc. (The), Series FRN, 3.71%, (3-Month USD LIBOR + 1.77%), 02/25/21@   1,065,000    1,102,468 
JPMorgan Chase & Co., 2.35%, 01/28/19   590,000    589,341 
JPMorgan Chase & Co., 3.49%, (3-Month USD LIBOR + 1.48%), 03/01/21@   630,000    648,240 
Manufacturers & Traders Trust Co., Series BKNT, 2.02%, (3-Month USD LIBOR + 0.27%), 01/25/21@   520,000    520,348 
US Bancorp, Series MTN, 2.38%, (3-Month USD LIBOR + 0.64%), 01/24/22@  1,125,000   1,134,311 
Wells Fargo & Co., 2.13%, 04/22/19   1,100,000    1,093,582 
Total Banks        9,619,461 
           
Biotechnology – 1.4%          
Amgen, Inc., 2.13%, (3-Month USD LIBOR + 0.32%), 05/10/19@   705,000    705,948 
           
Building Materials – 1.3%          
Vulcan Materials Co., 2.72%, (3-Month USD LIBOR + 0.60%), 06/15/20@   430,000    429,496 
Vulcan Materials Co., 2.57%, (3-Month USD LIBOR + 0.65%), 03/01/21@   245,000    245,174 
Total Building Materials        674,670 
           
Chemicals – 1.4%          
Dow Chemical Co. (The), 8.55%, 05/15/19   680,000    721,959 
           
Computers – 1.7%          
Apple, Inc., 2.30%, (3-Month USD LIBOR + 0.50%), 02/09/22@   870,000    880,532 
           
Diversified Financial Services – 2.5%          
American Express Credit Corp., Series GMTN, 2.25%, 08/15/19   420,000    417,634 
American Express Credit Corp., Series F, 3.16%, (3-Month USD LIBOR + 1.05%), 09/14/20@   540,000    549,087 
International Lease Finance Corp., 5.88%, 04/01/19   300,000    308,262 
Total Diversified Financial Services        1,274,983 
           
Electric – 3.3%          
Dominion Energy, Inc., Series A, 1.88%, 01/15/19   180,000    178,730 
PG&E Corp., 2.40%, 03/01/19   755,000    750,264 
Southern Co. (The), 2.45%, 09/01/18   805,000    804,183 
Total Electric        1,733,177 
           
Food – 1.1%          
Tyson Foods, Inc., 2.57%, (3-Month USD LIBOR + 0.55%), 06/02/20@   590,000    591,472 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal   Value 
CORPORATE BONDS (continued)          
Healthcare - Products – 1.6%          
Abbott Laboratories, 2.35%, 11/22/19  $524,000   $519,691 
Zimmer Biomet Holdings, Inc., 2.93%, (3-Month USD LIBOR + 0.75%), 03/19/21@   305,000    305,413 
Total Healthcare - Products        825,104 
           
Healthcare - Services – 0.7%          
Catholic Health Initiatives, 2.60%, 08/01/18   340,000    340,446 
           
Machinery - Diversified – 1.4%          
Roper Technologies, Inc., 2.05%, 10/01/18   755,000    753,301 
           
Media – 1.5%          
Time Warner Cable, Inc., 6.75%, 07/01/18   785,000    792,447 
           
Oil & Gas – 0.4%          
Phillips 66, 2.61%, (3-Month USD LIBOR + 0.60%), 02/26/21@   200,000    200,273 
           
Pharmaceuticals – 4.7%          
Allergan Funding SCS, 3.33%, (3-Month USD LIBOR + 1.26%), 03/12/20@   855,000    865,360 
CVS Health Corp., 1.90%, 07/20/18   840,000    838,301 
Express Scripts Holding Co., 2.25%, 06/15/19   745,000    740,621 
Total Pharmaceuticals        2,444,282 
           
Pipelines – 3.6%          
Buckeye Partners LP, 2.65%, 11/15/18   555,000    553,699 
Energy Transfer Partners LP, 2.50%, 06/15/18   780,000    780,180 
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19‡   537,000    545,726 
Total Pipelines        1,879,605 
           
REITS – 1.4%          
ERP Operating LP, 2.38%, 07/01/19   740,000    736,709 
           
Telecommunications – 1.9%          
AT&T, Inc., 3.23%, (3-Month USD LIBOR + 0.93%), 06/30/20@   350,000    353,796 
AT&T, Inc., 2.72%, (3-Month USD LIBOR + 0.89%), 02/14/23@   600,000    608,737 
Total Telecommunications        962,533 
           
Toys / Games / Hobbies – 0.7%          
Mattel, Inc., 2.35%, 05/06/19  385,000   378,263 
Total Corporate Bonds          
(Cost $28,058,482)        28,028,651 
           
ASSET BACKED SECURITIES – 24.8%          
Diversified Financial Services – 24.8%          
Ally Master Owner Trust, Class A, Series 2015-3, 1.63%, 05/15/20   325,000    324,751 
American Express Credit Account Master Trust, Class A, Series 2013-2, 2.20%, (1-Month USD LIBOR + 0.42%), 05/17/21@   650,000    651,280 
American Express Credit Account Master Trust, Class A, Series 2014-1, 2.15%, (1-Month USD LIBOR + 0.37%), 12/15/21@   400,000    401,171 
BA Credit Card Trust, Class A, Series 2015-A2, 1.36%, 09/15/20   855,000    854,683 
Cabela's Credit Card Master Note Trust, Class A2, Series 2015-1A, 2.32%, (1-Month USD LIBOR + 0.54%), 03/15/23@   285,000    286,916 
Capital One Multi-Asset Execution Trust, Class A3, Series 2016-A3, 1.34%, 04/15/22   1,090,000    1,074,385 
CarMax Auto Owner Trust, Class A3, Series 2016-3, 1.39%, 05/17/21   580,000    573,817 
Chase Issuance Trust, Class A, Series 2016-A2, 1.37%, 06/15/21   755,000    744,454 
Chase Issuance Trust, Class A5, Series 2015-A5, 1.36%, 04/15/20   240,000    239,911 
Citibank Credit Card Issuance Trust, Class A2, Series 2017-A2, 1.74%, 01/19/21   640,000    636,430 
Citibank Credit Card Issuance Trust, Class A6, Series 2014-A6, 2.15%, 07/15/21   500,000    497,336 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Diversified Financial Services (continued)          
Discover Card Execution Note Trust, Class A2, Series 2016-A2, 2.32%, (1-Month USD LIBOR + 0.54%), 09/15/21@  $190,000   $190,829 
Discover Card Execution Note Trust, Class A6, Series 2013-A6, 2.23%, (1-Month USD LIBOR + 0.45%), 04/15/21@   840,000    841,603 
Ford Credit Auto Owner Trust, Class A2B, Series 2017-C, 1.90%, (1-Month USD LIBOR + 0.12%), 09/15/20@   524,424    525,079 
Ford Credit Auto Owner Trust, Class A3, Series 2016-A, 1.39%, 07/15/20   238,791    237,488 
Ford Credit Floorplan Master Owner Trust A, Class A1, Series 2015-4, 1.77%, 08/15/20   375,000    374,101 
Honda Auto Receivables Owner Trust, Class A3, Series 2016-1, 1.22%, 12/18/19   197,163    196,068 
Honda Auto Receivables Owner Trust, Class A3, Series 2016-4, 1.21%, 12/18/20   680,000    671,220 
Hyundai Auto Receivables Trust, Class A2A, Series 2017-B, 1.57%, 08/17/20   205,172    204,136 
Hyundai Auto Receivables Trust, Class C, Series 2014-A, 2.02%, 08/15/19   745,000    744,195 
Nissan Auto Receivables Owner Trust, Class A3, Series 2015-B, 1.34%, 03/16/20   382,765    380,910 
Nissan Auto Receivables Owner Trust, Class A3, Series 2016-C, 1.18%, 01/15/21   625,000    617,501 
Synchrony Credit Card Master Note Trust, Class A, Series 2015-2, 1.60%, 04/15/21   400,000    399,921 
Toyota Auto Receivables Owner Trust, Class A2B, Series 2017-C, 1.86%, (1-Month USD LIBOR + 0.08%), 07/15/20@   155,000    155,025 
Toyota Auto Receivables Owner Trust, Class A3, Series 2016-D, 1.23%, 10/15/20  850,000   840,742 
Verizon Owner Trust, Class A, Series 2016-1A, 1.42%, 01/20/21‡   265,000    262,952 
Total Asset Backed Securities          
(Cost $12,981,149)        12,926,904 
           
FOREIGN BONDS – 7.6%          
Banks – 5.5%          
Barclays Bank PLC, Series GMTN, 2.34%, (3-Month USD LIBOR + 0.55%), 08/07/19  (United Kingdom)@   420,000    421,182 
BNP Paribas SA, Series MTN, 2.40%, 12/12/18  (France)   295,000    294,978 
Sumitomo Mitsui Financial Group, Inc., 3.74%, (3-Month USD LIBOR + 1.68%), 03/09/21  (Japan)@   615,000    636,124 
Toronto-Dominion Bank (The), Series GMTN, 1.45%, 09/06/18  (Canada)   425,000    423,402 
Toronto-Dominion Bank (The), 1.89%, (3-Month USD LIBOR + 0.15%), 10/24/19  (Canada)@   510,000    509,797 
Westpac Banking Corp., 2.25%, 07/30/18  (Australia)   561,000    560,437 
Total Banks        2,845,920 
           
Diversified Financial Services – 1.0%          
Nomura Holdings, Inc., Series GMTN, 2.75%, 03/19/19  (Japan)   549,000    548,674 
           
Oil & Gas – 0.7%          
Ecopetrol SA, 7.63%, 07/23/19  (Colombia)   335,000    354,765 
           
Retail – 0.4%          
Alimentation Couche-Tard, Inc., 2.59%, (3-Month USD LIBOR + 0.50%), 12/13/19  (Canada)@‡   200,000    200,343 
Total Foreign Bonds          
(Cost $3,949,502)        3,949,702 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Principal/
Shares		   Value 
MORTGAGE BACKED SECURITIES – 7.3%          
Commercial Mortgage Backed Securities – 7.3%          
COMM Mortgage Trust, Class A2, Series 2013-CR6, 2.12%, 03/10/46  $61,603   $61,559 
COMM Mortgage Trust, Class A2, Series 2013-LC13, 3.01%, 08/10/46   321,096    321,312 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 2.82%, (1-Month USD LIBOR + 0.95%), 05/25/24@   200,075    200,689 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C04, 3.32%, (1-Month USD LIBOR + 1.45%), 01/25/29@   453,661    457,352 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C06, 3.17%, (1-Month USD LIBOR + 1.30%), 04/25/29@   643,888    649,599 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2017-C03, 2.82%, (1-Month USD LIBOR + 0.95%), 10/25/29@   649,224    653,006 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2017-C05, 2.42%, (1-Month USD LIBOR + 0.55%), 01/25/30@   346,591    346,467 
Freddie Mac REMICS, Class ED, Series 2010-3645, 2.50%, 12/15/20   205,785    205,591 
Freddie Mac Structured Agency Credit Risk Debt Notes, Class M1, Series 2018-DNA1, 2.32%, (1-Month USD LIBOR + 0.45%), 07/25/30@   494,047    491,984 
JPMBB Commercial Mortgage Securities Trust, Class A1, Series 2015-C29, 1.63%, 05/15/48   429,983    425,927 
WFRBS Commercial Mortgage Trust, Class A2, Series 2013-C13, 1.96%, 05/15/45  10,371   10,361 
Total Mortgage Backed Securities          
(Cost $3,815,723)        3,823,847 
           
U.S. TREASURY NOTES – 3.7%          
U.S. Treasury Note, 1.00%, 05/15/18(a)   780,000    779,384 
U.S. Treasury Note, 1.38%, 09/30/18   625,000    623,340 
U.S. Treasury Note, 1.25%, 11/30/18   525,000    522,385 
Total U.S. Treasury Notes          
(Cost $1,928,156)        1,925,109 
           
U.S. TREASURY BILL – 0.2%          
U.S. Treasury Bill, 1.24%, 05/03/18(b)          
(Cost $99,892)   100,000    99,860 
           
MONEY MARKET FUND – 1.8%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 1.53%(c)
(Cost $912,543)		   912,543    912,543 
           
REPURCHASE AGREEMENT – 0.0%**(d)          
Citigroup Global Markets, Inc., dated 03/29/18, due 04/02/18, 6.10%, total to be received $59, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.75%, 04/12/18-09/09/49, totaling $60)          
(Cost $59)   59    59 
           
Total Investments – 99.3%          
(Cost $51,745,506)        51,666,675 
Other Assets in Excess of Liabilities – 0.7%        341,918 
Net Assets – 100.0%       $52,008,593 

 

 

LP - Limited Partnership

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

 

@ Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2018.
** 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 $480,403; the aggregate market value of the collateral held by the fund is $491,694.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $491,635.
(b) Represents a zero coupon bond.  Rate shown reflects the effective yield.
(c) Rate shown reflects the 7-day yield as of March 31, 2018.
(d) 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)

 

March 31, 2018 (Unaudited)

 

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Aerospace/Defense   1.6%
Auto Manufacturers   3.2 
Banks   24.0 
Biotechnology   1.4 
Building Materials   1.3 
Chemicals   1.4 
Commercial Mortgage Backed Securities   7.3 
Computers   1.7 
Diversified Financial Services   28.3 
Electric   3.3 
Food   1.1 
Healthcare - Products   1.6 
Healthcare - Services   0.7 
Machinery - Diversified   1.4 
Media   1.5 
Oil & Gas   1.1 
Pharmaceuticals   4.7 
Pipelines   3.6 
REITS   1.4 
Retail   0.4 
Telecommunications   1.9 
Toys / Games / Hobbies   0.7 
U.S. Treasury Bill   0.2 
U.S. Treasury Notes   3.7 
Money Market Fund   1.8 
Repurchase Agreement   0.0**
Total Investments   99.3 
Other Assets in Excess of Liabilities   0.7 
Net Assets   100.0%

 

**       Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

 

March 31, 2018 (Unaudited)

 

 

Investments  Shares/
Contracts		   Value 
EXCHANGE TRADED FUNDS – 98.6%          
Asset Allocation Fund – 2.0%          
SPDR Bloomberg Barclays Convertible Securities ETF(a)   6,453   $333,362 
           
Debt Fund – 14.6%          
PowerShares Fundamental High Yield Corporate Bond Portfolio   43,687    808,646 
SPDR Doubleline Total Return Tactical ETF(a)   17,003    815,634 
Vanguard Intermediate-Term Bond ETF(a)   9,863    806,498 
Total Debt Fund        2,430,778 
           
Equity Fund – 82.0%          
Financial Select Sector SPDR Fund   24,769    682,881 
iShares MSCI EAFE ETF   22,589    1,574,001 
iShares MSCI Emerging Markets ETF   15,865    765,962 
iShares Russell 2000 ETF   6,720    1,020,298 
SPDR S&P 500 ETF Trust   31,957    8,409,485 
Vanguard Real Estate ETF(a)   5,994    452,367 
X-trackers MSCI Europe Hedged Equity ETF   28,653    786,525 
Total Equity Fund        13,691,519 
Total Exchange Traded Funds          
(Cost $14,337,351)        16,455,659 
           
MONEY MARKET FUND – 1.4%          
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 1.55%(b)
(Cost $240,723)		   240,723    240,723 
           
Total Investments Before Written Call Options – 100.0%          
(Cost $14,578,074)        16,696,382 

 

   Notional
Amount		         
WRITTEN CALL OPTIONS – 0.0%**               
iShares MSCI EAFE ETF, expiring 04/20/18, Strike Price $72.00   (16,900)   (169)   (1,690)
iShares MSCI Emerging Markets ETF, expiring 04/20/18, Strike Price $51.00   (7,900)   (79)   (1,027)
SPDR S&P 500 ETF Trust, expiring 04/20/18, Strike Price $282.00   (19,200)   (192)   (2,688)
Total Written Call Options – 0.0%**               
[Premiums Received $(29,912)]             (5,405)
Total Investments – 100.0%               
(Cost $14,548,162)             16,690,977 
Other Assets in Excess of Liabilities – 0.0%**             7,532 
Net Assets – 100.0%            $16,698,509 

 

 

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 $2,407,861 as of March 31, 2018.
(b) Rate shown reflects the 7-day yield as of March 31, 2018.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Asset Allocation Fund   2.0%
Debt Fund   14.6 
Equity Fund   82.0 
Written Call Option   0.0**
Money Market Fund   1.4 
Total Investments   100.0 
Other Assets in Excess of Liabilities   0.0**
Net Assets   100.0%

 

**Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES VICE ETF

Schedule of Investments

 

March 31, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS – 99.1%          
Agriculture – 25.5%          
Alliance One International, Inc.*   7,000   $182,350 
Altria Group, Inc.   10,071    627,625 
British American Tobacco PLC (United Kingdom)(a)   10,555    608,918 
Imperial Brands PLC (United Kingdom)(a)   13,195    457,207 
Philip Morris International, Inc.   6,230    619,262 
Turning Point Brands, Inc.   27,382    532,306 
Universal Corp.   8,287    401,919 
Vector Group Ltd.   19,124    389,938 
Total Agriculture        3,819,525 
           
Beverages – 44.8%          
Ambev SA (Brazil)(a)   26,415    192,037 
Anheuser-Busch InBev SA/NV (Belgium)(a)   2,760    303,434 
Boston Beer Co., Inc. (The), Class A*   4,000    756,200 
Brown-Forman Corp., Class B   13,868    754,419 
China New Borun Corp. (China)*(a)   45,000    60,300 
Cia Cervecerias Unidas SA (Chile)(a)   15,660    460,561 
Constellation Brands, Inc., Class A   4,341    989,401 
Craft Brew Alliance, Inc.*   23,395    435,147 
Diageo PLC (United Kingdom)(a)   4,920    666,266 
Fomento Economico Mexicano SAB de CV (Mexico)(a)   845    77,258 
Heineken NV (Netherlands)(a)   4,560    245,602 
Kirin Holdings Co. Ltd. (Japan)(a)   6,400    171,584 
MGP Ingredients, Inc.   10,517    942,218 
Molson Coors Brewing Co., Class B   2,400    180,792 
Pernod Ricard SA (France)(a)   5,000    166,950 
Vina Concha y Toro SA (Chile)(a)   6,960    295,800 
Total Beverages        6,697,969 
           
Entertainment – 4.9%          
RCI Hospitality Holdings, Inc.   25,881    734,762 
           
Healthcare - Products – 3.1%          
Abbott Laboratories   7,777    465,998 
           
Housewares – 2.1%          
Scotts Miracle-Gro Co. (The)   3,735    320,276 
           
Pharmaceuticals – 13.4%          
AbbVie, Inc.   9,103    861,599 
Catalent, Inc.*   16,555    679,749 
Corbus Pharmaceuticals Holdings, Inc.*   24,001    146,406 
Insys Therapeutics, Inc.*   52,579   317,577 
Total Pharmaceuticals        2,005,331 
           
Retail – 5.3%          
BJ's Restaurants, Inc.   2,160    96,984 
Darden Restaurants, Inc.   4,800    409,200 
Dave & Buster's Entertainment, Inc.*   6,743    281,453 
Total Retail        787,637 
Total Common Stocks          
(Cost $15,282,018)        14,831,498 
           
MONEY MARKET FUND – 0.2%          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.45%(b)
(Cost $30,343)		   30,343    30,343 
           
Total Investments – 99.3%          
(Cost $15,312,361)        14,861,841 
Other Assets in Excess of Liabilities – 0.7%        108,126 
Net Assets – 100.0%       $14,969,967 

 

 

PLC - Public Limited Company

 

* Non-income producing security.
(a) American Depositary Receipt.
(b) Rate shown reflects the 7-day yield as of March 31, 2018.

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Agriculture   25.5%
Beverages   44.8 
Entertainment   4.9 
Healthcare - Products   3.1 
Housewares   2.1 
Pharmaceuticals   13.4 
Retail   5.3 
Money Market Fund   0.2 
Total Investments   99.3 
Other Assets in Excess of Liabilities   0.7 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments

 

March 31, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS – 97.4%          
Aerospace/Defense – 4.8%          
Harris Corp.   14,384   $2,319,852 
Orbital ATK, Inc.   5,858    776,829 
Raytheon Co.   3,829    826,375 
Spirit AeroSystems Holdings, Inc., Class A   16,516    1,382,389 
Total Aerospace/Defense        5,305,445 
           
Auto Parts & Equipment – 1.3%          
BorgWarner, Inc.   8,443    424,092 
Lear Corp.   5,218    971,017 
Total Auto Parts & Equipment        1,395,109 
           
Banks – 6.2%          
BB&T Corp.   19,290    1,003,852 
Huntington Bancshares, Inc.   31,961    482,611 
JPMorgan Chase & Co.   11,603    1,275,982 
KeyCorp   20,104    393,033 
M&T Bank Corp.   4,890    901,521 
Regions Financial Corp.   96,542    1,793,750 
US Bancorp   19,612    990,406 
Total Banks        6,841,155 
           
Biotechnology – 0.8%          
Alexion Pharmaceuticals, Inc.*   8,375    933,477 
           
Building Materials – 0.4%          
Fortune Brands Home & Security, Inc.   8,290    488,198 
           
Chemicals – 1.0%          
CF Industries Holdings, Inc.   5,762    217,400 
Eastman Chemical Co.   8,849    934,278 
Total Chemicals        1,151,678 
           
Commercial Services – 1.7%          
ManpowerGroup, Inc.   6,145    707,290 
Robert Half International, Inc.   19,671    1,138,754 
Total Commercial Services        1,846,044 
           
Computers – 3.2%          
HP, Inc.   47,399    1,038,986 
Teradata Corp.*(a)   63,266    2,509,762 
Total Computers        3,548,748 
           
Cosmetics / Personal Care – 0.9%          
Edgewell Personal Care Co.*(a)   19,942    973,568 
           
Distribution / Wholesale – 2.4%          
HD Supply Holdings, Inc.*   69,413    2,633,529 
           
Diversified Financial Services – 7.0%          
Ally Financial, Inc.(a)   80,728    2,191,765 
E*TRADE Financial Corp.*   15,649   867,111 
Franklin Resources, Inc.   33,559    1,163,826 
Synchrony Financial   68,086    2,282,924 
Visa, Inc., Class A   9,430    1,128,017 
Total Diversified Financial Services        7,633,643 
           
Electric – 0.4%          
WEC Energy Group, Inc.   6,561    411,375 
           
Electrical Components & Equipment – 1.7%          
Acuity Brands, Inc.(a)   13,666    1,902,171 
           
Electronics – 3.0%          
Corning, Inc.   77,631    2,164,352 
Gentex Corp.   20,029    461,068 
Waters Corp.*   3,138    623,364 
Total Electronics        3,248,784 
           
Environmental Control – 0.7%          
Waste Management, Inc.   8,744    735,545 
           
Food – 4.8%          
Campbell Soup Co.   54,946    2,379,711 
Conagra Brands, Inc.   65,829    2,427,774 
Ingredion, Inc.   3,736    481,645 
Total Food        5,289,130 
           
Healthcare - Products – 3.0%          
DENTSPLY SIRONA, Inc.   8,703    437,848 
IDEXX Laboratories, Inc.*   5,814    1,112,741 
Patterson Cos., Inc.   29,524    656,319 
Varian Medical Systems, Inc.*   8,492    1,041,544 
Total Healthcare - Products        3,248,452 
           
Healthcare - Services – 7.0%          
Anthem, Inc.   4,712    1,035,226 
Cigna Corp.   7,778    1,304,682 
DaVita Inc.*   33,634    2,217,826 
HCA Healthcare, Inc.   17,271    1,675,287 
Laboratory Corp. of America Holdings*   4,066    657,675 
Quest Diagnostics, Inc.   7,893    791,668 
Total Healthcare - Services        7,682,364 
           
Home Builders – 0.7%          
Toll Brothers, Inc.   16,823    727,595 
           
Housewares – 1.2%          
Scotts Miracle-Gro Co. (The)(a)   10,818    927,643 
Toro Co. (The)   6,580    410,921 
Total Housewares        1,338,564 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Insurance – 4.4%          
Alleghany Corp.   695   $427,036 
Cincinnati Financial Corp.   7,650    568,089 
Lincoln National Corp.   19,081    1,394,058 
Markel Corp.*   480    561,720 
Prudential Financial, Inc.   6,348    657,335 
RenaissanceRe Holdings Ltd. (Bermuda)   8,749    1,211,824 
Total Insurance        4,820,062 
           
Internet – 1.7%          
CDW Corp.(a)   26,090    1,834,388 
           
Iron / Steel – 0.8%          
Nucor Corp.   3,460    211,371 
Steel Dynamics, Inc.   14,531    642,561 
Total Iron / Steel        853,932 
           
Leisure Time – 0.5%          
Brunswick Corp.   8,808    523,107 
           
Machinery - Diversified – 0.8%          
Middleby Corp. (The)*(a)   6,749    835,459 
           
Media – 5.2%          
AMC Networks, Inc., Class A*(a)   36,696    1,897,183 
Charter Communications, Inc., Class A*   5,159    1,605,584 
Thomson Reuters Corp. (Canada)   57,531    2,223,573 
Total Media        5,726,340 
           
Miscellaneous Manufacturing – 2.8%          
Carlisle Cos., Inc.(a)   13,676    1,427,911 
Eaton Corp. PLC   11,874    948,851 
Pentair PLC (United Kingdom)   9,665    658,477 
Total Miscellaneous Manufacturing        3,035,239 
           
Oil & Gas – 1.3%          
Anadarko Petroleum Corp.   13,650    824,597 
Cabot Oil & Gas Corp.   26,690    640,026 
Total Oil & Gas        1,464,623 
           
Oil & Gas Services – 0.8%          
Halliburton Co.   9,122    428,187 
Schlumberger Ltd.   7,668    496,733 
Total Oil & Gas Services        924,920 
           
Packaging & Containers – 1.9%          
Crown Holdings, Inc.*   17,768    901,726 
Sealed Air Corp.   26,391    1,129,271 
Total Packaging & Containers        2,030,997 
           
Pharmaceuticals – 1.1%          
Allergan PLC   3,156   531,123 
Zoetis, Inc.   8,043    671,671 
Total Pharmaceuticals        1,202,794 
           
REITS – 2.6%          
Apple Hospitality REIT, Inc.   44,947    789,719 
SL Green Realty Corp.   16,850    1,631,585 
VEREIT, Inc.   58,774    409,067 
Total REITS        2,830,371 
           
Retail – 14.0%          
AutoNation, Inc.*   31,547    1,475,769 
AutoZone, Inc.*   1,509    978,873 
Bed Bath & Beyond, Inc.   62,399    1,309,755 
Best Buy Co., Inc.(a)   20,942    1,465,731 
Burlington Stores, Inc.*   7,103    945,764 
Dollar General Corp.   5,205    486,928 
Foot Locker, Inc.   34,141    1,554,781 
Macy's, Inc.   12,634    375,735 
Michaels Cos., Inc. (The)*   70,296    1,385,534 
Ross Stores, Inc.   10,453    815,125 
Signet Jewelers Ltd.(a)   35,624    1,372,237 
Walgreens Boots Alliance, Inc.   33,701    2,206,404 
Walmart, Inc.   11,005    979,115 
Total Retail        15,351,751 
           
Semiconductors – 1.7%          
Teradyne, Inc.(a)   23,570    1,077,384 
Texas Instruments, Inc.   7,429    771,799 
Total Semiconductors        1,849,183 
           
Shipbuilding – 1.1%          
Huntington Ingalls Industries, Inc.   4,578    1,180,025 
           
Software – 1.6%          
Akamai Technologies, Inc.*   16,563    1,175,642 
Jack Henry & Associates, Inc.(a)   5,110    618,054 
Total Software        1,793,696 
           
Telecommunications – 2.2%          
CommScope Holding Co., Inc.*   19,884    794,764 
Juniper Networks, Inc.   22,293    542,389 
Motorola Solutions, Inc.   10,628    1,119,128 
Total Telecommunications        2,456,281 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

Investments  Shares/
Principal		   Value 
COMMON STOCKS (continued)          
Transportation – 0.7%          
Norfolk Southern Corp.   5,843   $793,363 
Total Common Stocks          
(Cost $110,675,992)        106,841,105 
           
MONEY MARKET FUND – 2.4%          
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 1.48%(b)
(Cost $2,680,756)		   2,680,756    2,680,756 
           
REPURCHASE AGREEMENTS – 1.0%(c)          
Citibank NA, dated 03/29/18, due 04/02/18, 1.80%, total to be received $75,097, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 08/02/18-9/09/49, totaling $76,123)  $75,086    75,086 
Daiwa Capital Markets America, dated 03/29/18, due 04/02/18, 1.81%, total to be received $253,784, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/30/18-12/01/51, totaling $258,061)   253,746    253,746 
HSBC Securities USA, Inc., dated 03/29/18, due 04/02/18, 1.78%, total to be received $253,784, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.25%, 05/15/18-1/15/37, totaling $259,204)   253,746    253,746 
Nomura Securities International, Inc., dated 03/29/18, due 04/02/18, 1.82%, total to be received $253,784, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.50%, 04/02/18-2/20/68, totaling $258,090)   253,746    253,746 
RBC Dominion Securities, Inc., dated 03/29/18, due 04/02/18, 1.80%, total to be received $253,784, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.00%, 06/28/18-12/20/47, totaling $258,040)  253,746   253,746 
Total Repurchase Agreements          
(Cost $1,090,070)        1,090,070 
           
Total Investments – 100.8%          
(Cost $114,446,818)        110,611,931 
Liabilities in Excess of Other Assets – (0.8%)        (911,644)
Net Assets – 100.0%       $109,700,287 

 

 

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 $12,307,263; the aggregate market value of the collateral held by the fund is $12,445,334.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $11,355,264.
(b) Rate shown reflects the 7-day yield as of March 31, 2018.
(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   4.8%
Auto Parts & Equipment   1.3 
Banks   6.2 
Biotechnology   0.8 
Building Materials   0.4 
Chemicals   1.0 
Commercial Services   1.7 
Computers   3.2 
Cosmetics / Personal Care   0.9 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

 

March 31, 2018 (Unaudited)

 

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

 

   % of 
   Net Assets 
Distribution / Wholesale   2.4%
Diversified Financial Services   7.0 
Electric   0.4 
Electrical Components & Equipment   1.7 
Electronics   3.0 
Environmental Control   0.7 
Food   4.8 
Healthcare - Products   3.0 
Healthcare - Services   7.0 
Home Builders   0.7 
Housewares   1.2 
Insurance   4.4 
Internet   1.7 
Iron / Steel   0.8 
Leisure Time   0.5 
Machinery - Diversified   0.8 
Media   5.2 
Miscellaneous Manufacturing   2.8 
Oil & Gas   1.3 
Oil & Gas Services   0.8 
Packaging & Containers   1.9 
Pharmaceuticals   1.1 
REITS   2.6 
Retail   14.0 
Semiconductors   1.7 
Shipbuilding   1.1 
Software   1.6 
Telecommunications   2.2 
Transportation   0.7 
Money Market Fund   2.4 
Repurchase Agreements   1.0 
Total Investments   100.8 
Liabilities in Excess of Other Assets   (0.8)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES TRUST

Notes to the Schedules of Investments

March 31, 2018 (unaudited)

 

1. Organization

 

AdvisorShares Trust (the “Trust”) was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification ("ASC") Topic 946 “Financial Services—Investment Companies”. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”). The Trust is comprised of 17 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”).

 

2. Summary of Fair Value Disclosure

 

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

 

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

 

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

 

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

 

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

 

The following is a summary of the inputs used as of March 31, 2018 in valuing the Funds’ assets and liabilities carried at fair value:

 

Assets  Cornerstone
Small Cap ETF		   Dorsey Wright
ADR ETF		   Focused Equity
ETF		   KIM Korea
Equity ETF		   Madrona
Domestic ETF		   Madrona Global
Bond ETF		 
Level 1                              
Exchange Traded Funds  $-   $-   $-   $-   $-   $18,220,095 
Common Stocks   4,646,533    241,325,920    13,799,453    10,333,618    28,154,231    - 
Money Market Fund   18,257    1,996,627    135,685    -    728,333    396,649 
Futures†   -    -    -    -    -    - 
Level 2                              
Repurchase Agreements for Securities Loaned   299,408    30,715,916    414,642    -    1,140,461    2,403,769 
Level 3                              
Common Stocks   -    -    -    -    - (a)    - 
Total  $4,964,198   $274,038,463   $14,349,780   $10,333,618   $30,023,025   $21,020,513 

 

Assets  Madrona
International ETF		   Meidell Tactical
Advantage ETF		   New Tech and
Media ETF		   Newfleet Multi-
Sector Income
ETF		   Pacific Asset
Enhanced
Floating Rate
ETF		   Peritus High Yield
ETF		 
Level 1                              
Exchange Traded Fund  $-   $-   $-   $-   $34,557   $- 
Common Stocks   12,950,276    -    41,056,419    -    -    - 
Money Market Fund   295,073    544,545    23,605,497    7,109,989    3,013,279    3,791,940 
Level 2                              
Corporate Bonds   -    -    -    37,228,398    2,474,251    95,775,585 
Foreign Bonds   -    -    -    12,045,589    720,850    21,617,028 
U.S. Treasury Notes   -    -    -    4,494,404    -    - 
U.S. Government Agency Securities   -    -    -    2,472,058    -    - 
Asset Backed Securities   -    -    -    51,021,469    -    - 
Mortgage Backed Securities   -    -    -    46,806,801    -    - 
Term Loans   -    -    -    22,148,603    23,323,255    28,175,969 
Swap Contracts†   -    -    -    -    25,986    - 
Repurchase Agreements for Securities Loaned   1,704,708    -    1,353,907    485,672    112,640    32,351,592 
Total  $14,950,057   $544,545   $66,015,823   $183,812,983   $29,704,818   $181,712,114 

 

 

 

 

 

Assets

  Ranger Equity
Bear ETF		   Sage Core
Reserves ETF		   STAR Global
Buy-Write ETF		   Vice ETF   Wilshire Buyback
ETF		 
Level 1                         
Exchange Traded Funds  $44,581,500   $-   $16,455,659   $-   $- 
Common Stocks   -    -    -    14,831,498    106,841,105 
Money Market Fund   29,970,928    912,543    240,723    30,343    2,680,756 
Repurchase Agreements for Securities Loaned   -    -    -    -    1,090,070 
Level 2                         
Corporate Bonds   -    28,028,651    -    -    - 
Foreign Bonds   -    3,949,702    -    -    - 
U.S. Treasury Notes   -    1,925,109    -    -    - 
U.S. Treasury Bill   -    99,860    -    -    - 
Asset Backed Securities   -    12,926,904    -    -    - 
Mortgage Backed Securities   -    3,823,847    -    -    - 
Repurchase Agreements for Securities Loaned   -    59    -    -    - 
Liabilities                         
Level 1                         
Exchange Traded Funds   (6,593,570)   -    -    -    - 
Common Stocks   (129,930,116)   -    -    -    - 
Written Options   -    -    (5,405)   -    - 
Total  $(61,971,258)  $51,666,675   $16,690,977   $14,861,841   $110,611,931 

 

(a) Includes securities fair valued at $0. See Schedule of Investments.

† Derivative instruments, including swap contracts, 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 March 31, 2018 were as follows:

 

Affiliated Fund Name  Value at 6/30/2017   Purchases/
Additions		   Sales/
Reductions		   Realized
Gain (Loss)		   Unrealized Gain
(Loss)		   Value at 3/31/2018   Dividend
Income		 
Madrona Global Bond ETF                                   
Peritus High Yield ETF  $2,226,968   $127,165   $(1,624,724)  $55,370   $(35,234)  $749,545   $72,668 
Ranger Equity Bear ETF                                   
Sage Core Reserves ETF   67,182,750    -    (22,339,734)   (32,016)   (229,500)   44,581,500    670,401 

 

 

 

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 May 9, 2018

 

 

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 May 9, 2018

 

 

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

 

Date May 9, 2018

 

 

 

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