N-Q 1 s113544_nq.htm N-Q

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

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number     811-22110     

 

AdvisorShares Trust

 

(Exact name of registrant as specified in charter)

 

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

 

(Address of principal executive offices) (Zip code)

 

Dan Ahrens

 4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

 

(Name and address of agent for service)

 

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

 

Date of fiscal year end: June 30

 

Date of reporting period: September 30, 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

September 30, 2018 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 100.1%
 
Aerospace/Defense – 0.5%
Aerovironment, Inc.*(a)   237   $26,584 
           
Airlines – 1.1%          
SkyWest, Inc.   1,046    61,609 
           
Apparel – 0.5%          
Deckers Outdoor Corp.*   215    25,495 
           
Auto Manufacturers – 0.3%          
Wabash National Corp.   955    17,410 
           
Auto Parts & Equipment – 0.3%          
Spartan Motors, Inc.   1,155    17,036 
           
Banks – 3.9%          
Blue Hills Bancorp, Inc.   821    19,786 
Community Trust Bancorp, Inc.   436    20,209 
Eagle Bancorp, Inc.*   549    27,779 
First BanCorp (Puerto Rico)*   2,319    21,103 
First Bancorp/Southern Pines NC   523    21,187 
First Commonwealth Financial Corp.   1,273    20,546 
First Mid-Illinois Bancshares, Inc.   426    17,181 
National Bank Holdings Corp., Class A   477    17,959 
OFG Bancorp (Puerto Rico)   1,274    20,575 
TriState Capital Holdings, Inc.*(a)   1,094    30,194 
Total Banks        216,519 
           
Beverages – 0.3%          
Boston Beer Co., Inc. (The), Class A*(a)   59    16,963 
           
Biotechnology – 0.8%          
Acorda Therapeutics, Inc.*(a)   710    13,952 
Myriad Genetics, Inc.*(a)   658    30,268 
Total Biotechnology        44,220 
           
Building Materials – 0.9%          
Gibraltar Industries, Inc.*(a)   587    26,767 
PGT Innovations, Inc.*   1,060    22,896 
Total Building Materials        49,663 
           
Chemicals – 1.2%          
Balchem Corp.   189    21,185 
Innospec, Inc.   221    16,962 
Koppers Holdings, Inc.*   364    11,338 
Rogers Corp.*(a)   105    15,469 
Total Chemicals        64,954 
           
Commercial Services – 7.7%          
Adtalem Global Education, Inc.*(a)   280    13,496 
American Public Education, Inc.*   467    15,434 
Barrett Business Services, Inc.   210    14,024 
Cardtronics PLC, Class A*   549    17,370 
Care.com, Inc.*   914    20,209 
Career Education Corp.*   1,294    19,320 
CRA International, Inc.   383    19,234 
EVERTEC, Inc. (Puerto Rico)   850    20,485 
FTI Consulting, Inc.*   266    19,469 
Green Dot Corp., Class A*   496    44,055 
Heidrick & Struggles International, Inc.   472    15,977 
HMS Holdings Corp.*   869    28,512 
Insperity, Inc.   776    91,529 
Kelly Services, Inc., Class A   636    15,283 
Medifast, Inc.   95    21,047 
Paylocity Holding Corp.*   441    35,421 
Textainer Group Holdings Ltd.*(a)   1,014    12,979 
Total Commercial Services        423,844 
           
Computers – 2.9%          
3D Systems Corp.*(a)   972    18,371 
Carbonite, Inc.*(a)   1,071    38,181 
CyberArk Software Ltd. (Israel)*   286    22,834 
Insight Enterprises, Inc.*   451    24,395 
Qualys, Inc.*   351    31,274 
Unisys Corp.*(a)   1,302    26,561 
Total Computers        161,616 
           
Cosmetics / Personal Care – 0.4%          
Inter Parfums, Inc.   358    23,073 
           
Distribution / Wholesale – 1.0%          
Fossil Group, Inc.*   798    18,578 
G-III Apparel Group Ltd.*(a)   443    21,348 
Triton International Ltd. (Bermuda)   489    16,269 
Total Distribution / Wholesale        56,195 
           
Diversified Financial Services – 2.4%          
Blucora, Inc.*   690    27,772 
Ellie Mae, Inc.*(a)   205    19,428 
Encore Capital Group, Inc.*   435    15,595 
Navient Corp.   1,518    20,463 
On Deck Capital, Inc.*   2,399    18,160 
Stifel Financial Corp.   381    19,530 
WageWorks, Inc.*   318    13,595 
Total Diversified Financial Services        134,543 
           
Electric – 0.7%          
Ameresco, Inc., Class A*   1,622    22,140 
PNM Resources, Inc.   475    18,739 
Total Electric        40,879 
           
Electrical Components & Equipment – 0.7%          
Encore Wire Corp.   355    17,786 
Energizer Holdings, Inc.(a)   380    22,287 
Total Electrical Components & Equipment        40,073 
           
Electronics – 3.7%          
Alarm.com Holdings, Inc.*(a)   507    29,102 
AVX Corp.   1,028    18,555 
Control4 Corp.*   1,100    37,763 
FARO Technologies, Inc.*   323    20,785 
GoPro, Inc., Class A*(a)   3,179    22,889 
KEMET Corp.*   1,070    19,848 
TTM Technologies, Inc.*(a)   1,137    18,090 
Vishay Intertechnology, Inc.   872    17,745 
Vishay Precision Group, Inc.*   464    17,354 
Total Electronics        202,131 
           
Energy - Alternate Sources – 0.7%          
Sunrun, Inc.*   2,971    36,959 
           
Engineering & Construction – 0.5%          
Exponent, Inc.   560    30,016 
           
Entertainment – 1.5%          
Marriott Vacations Worldwide Corp.   280    31,290 
Monarch Casino & Resort, Inc.*   550    24,998 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

           
Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Entertainment (continued)          
Penn National Gaming, Inc.*(a)   733   $24,130 
Total Entertainment        80,418 
           
Environmental Control – 0.3%          
Heritage-Crystal Clean, Inc.*   887    18,938 
           
Food – 1.2%          
Fresh Del Monte Produce, Inc.   390    13,217 
Sanderson Farms, Inc.   178    18,400 
Sprouts Farmers Market, Inc.*(a)   803    22,010 
United Natural Foods, Inc.*(a)   461    13,807 
Total Food        67,434 
           
Forest Products & Paper – 0.5%          
Resolute Forest Products, Inc.*   1,943    25,162 
           
Gas – 0.4%          
New Jersey Resources Corp.(a)   423    19,500 
           
Hand / Machine Tools – 0.4%          
Kennametal, Inc.(a)   496    21,606 
           
Healthcare - Products – 3.9%          
Avanos Medical, Inc.*(a)   292    20,002 
CONMED Corp.   310    24,558 
LeMaitre Vascular, Inc.(a)   825    31,960 
Merit Medical Systems, Inc.*(a)   846    51,987 
OraSure Technologies, Inc.*   1,233    19,050 
Surmodics, Inc.*   283    21,126 
Tactile Systems Technology, Inc.*(a)   662    47,035 
Total Healthcare - Products        215,718 
           
Healthcare - Services – 1.7%          
Amedisys, Inc.*   325    40,612 
LHC Group, Inc.*   322    33,163 
Tivity Health, Inc.*(a)   582    18,711 
Total Healthcare - Services        92,486 
           
Home Builders – 0.3%          
Beazer Homes USA, Inc.*(a)   1,582    16,611 
           
Household Products / Wares – 0.5%          
Central Garden & Pet Co.*(a)   706    25,444 
           
Insurance – 2.7%          
CNO Financial Group, Inc.   897    19,034 
eHealth, Inc.*(a)   878    24,812 
FGL Holdings*(a)   2,073    18,553 
Health Insurance Innovations, Inc., Class A*   569    35,079 
Kemper Corp.   328    26,388 
NMI Holdings, Inc., Class A*(a)   1,069    24,213 
Total Insurance        148,079 
           
Internet – 4.3%          
21Vianet Group, Inc. (China)*(b)   2,304    23,270 
Bandwidth, Inc., Class A*   615    32,945 
Boingo Wireless, Inc.*   643    22,441 
FireEye, Inc.*(a)   1,152    19,584 
HealthStream, Inc.   665    20,622 
Perficient, Inc.*   859    22,892 
Shutterfly, Inc.*(a)   236    15,550 
Stitch Fix, Inc., Class A*(a)   571    24,993 
XO Group, Inc.*   877    30,239 
Yelp, Inc.*(a)   465    22,878 
Total Internet        235,414 
           
Iron/Steel – 0.8%          
Allegheny Technologies, Inc.*(a)   782    23,108 
Schnitzer Steel Industries, Inc., Class A(a)   746    20,179 
Total Iron/Steel        43,287 
           
Leisure Time – 1.3%          
Callaway Golf Co.(a)   1,116    27,107 
Fox Factory Holding Corp.*(a)   616    43,151 
Total Leisure Time        70,258 
           
Lodging – 0.6%          
Bluegreen Vacations Corp.   920    16,459 
Marcus Corp. (The)   428    17,997 
Total Lodging        34,456 
           
Machinery - Diversified – 1.0%          
Alamo Group, Inc.   221    20,246 
Chart Industries, Inc.*(a)   458    35,875 
Total Machinery - Diversified        56,121 
           
Media – 0.3%          
Gannett Co., Inc.(a)   1,658    16,597 
           
Mining – 0.4%          
Materion Corp.   343    20,752 
           
Miscellaneous Manufacturing – 3.0%          
Axon Enterprise, Inc.*(a)   304    20,803 
ESCO Technologies, Inc.   335    22,797 
Federal Signal Corp.   758    20,299 
Harsco Corp.*   1,311    37,429 
John Bean Technologies Corp.(a)   351    41,874 
Myers Industries, Inc.   983    22,855 
Total Miscellaneous Manufacturing        166,057 
           
Office Furnishings – 0.3%          
Interface, Inc.   800    18,680 
           
Oil & Gas – 4.0%          
CNX Resources Corp.*   1,257    17,988 
Denbury Resources, Inc.*(a)   10,307    63,903 
Oasis Petroleum, Inc.*(a)   1,818    25,779 
Ocean Rig UDW, Inc., Class A (Angola)*   773    26,761 
PDC Energy, Inc.*(a)   266    13,023 
Penn Virginia Corp.*(a)   305    24,565 
QEP Resources, Inc.*   2,103    23,806 
SM Energy Co.   705    22,229 
Total Oil & Gas        218,054 
           
Oil & Gas Services – 2.4%          
Archrock, Inc.   2,241    27,340 
Helix Energy Solutions Group, Inc.*   2,250    22,230 
McDermott International, Inc.*(a)   889    16,384 
NOW, Inc.*(a)   1,261    20,870 
SEACOR Holdings, Inc.*(a)   348    17,195 
TETRA Technologies, Inc.*(a)   4,061    18,315 
U.S. Silica Holdings, Inc.(a)   372    7,005 
Total Oil & Gas Services        129,339 
           
Packaging & Containers – 0.4%          
Greif, Inc., Class A   388    20,820 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Pharmaceuticals – 1.5%          
Enanta Pharmaceuticals, Inc.*(a)   419   $35,808 
Pacira Pharmaceuticals, Inc.*   459    22,560 
Phibro Animal Health Corp., Class A   506    21,707 
Total Pharmaceuticals        80,075 
           
Real Estate – 1.0%          
HFF, Inc., Class A   410    17,417 
LCI Industries(a)   210    17,388 
McGrath RentCorp   367    19,991 
Total Real Estate        54,796 
           
REITS – 7.6%          
Acadia Realty Trust   603    16,902 
AG Mortgage Investment Trust, Inc.   925    16,817 
Agree Realty Corp.   399    21,195 
Armada Hoffler Properties, Inc.   1,281    19,356 
Brandywine Realty Trust   1,154    18,141 
City Office REIT, Inc.   1,588    20,041 
EastGroup Properties, Inc.   210    20,080 
First Industrial Realty Trust, Inc.   568    17,835 
Four Corners Property Trust, Inc.   763    19,602 
Independence Realty Trust, Inc.   2,006    21,123 
InfraREIT, Inc.   883    18,675 
iStar, Inc.(a)   1,283    14,331 
Mack-Cali Realty Corp.   1,220    25,937 
National Storage Affiliates Trust   789    20,072 
NexPoint Residential Trust, Inc.   590    19,588 
Paramount Group, Inc.   1,314    19,828 
PotlatchDeltic Corp.   296    12,121 
Rexford Industrial Realty, Inc.   540    17,258 
STAG Industrial, Inc.   702    19,305 
Summit Hotel Properties, Inc.(a)   1,503    20,336 
Terreno Realty Corp.   544    20,509 
Weingarten Realty Investors   661    19,671 
Total REITS        418,723 
           
Retail – 7.3%          
Abercrombie & Fitch Co., Class A(a)   712    15,037 
America’s Car-Mart, Inc.*   292    22,834 
Barnes & Noble, Inc.(a)   3,497    20,283 
BJ’s Restaurants, Inc.(a)   357    25,775 
Cato Corp. (The), Class A   845    17,762 
Conn’s, Inc.*   620    21,917 
Dillard’s, Inc., Class A   238    18,169 
El Pollo Loco Holdings, Inc.*(a)   2,046    25,677 
Guess?, Inc.(a)   1,291    29,177 
Movado Group, Inc.(a)   622    26,062 
Noodles & Co.*   1,817    21,986 
Regis Corp.*   1,060    21,656 
Ruth’s Hospitality Group, Inc.   703    22,180 
Shake Shack, Inc., Class A*   357    22,495 
Tailored Brands, Inc.(a)   538    13,552 
Vera Bradley, Inc.*   1,359    20,738 
Wingstop, Inc.   475    32,428 
Zumiez, Inc.*(a)   926    24,400 
Total Retail        402,128 
           
Savings & Loans – 0.9%          
Flagstar Bancorp, Inc.*   539    16,962 
Northfield Bancorp, Inc.(a)   938    14,933 
OceanFirst Financial Corp.   740    20,143 
Total Savings & Loans        52,038 
           
Semiconductors – 3.2%          
Brooks Automation, Inc.(a)   792    27,744 
Cohu, Inc.   949    23,820 
CTS Corp.   798    27,371 
Diodes, Inc.*   605    20,141 
Lattice Semiconductor Corp.*   2,725    21,800 
Nanometrics, Inc.*   558    20,936 
Photronics, Inc.*   2,172    21,394 
Power Integrations, Inc.   247    15,610 
Total Semiconductors        178,816 
           
Software – 9.9%          
ACI Worldwide, Inc.*   806    22,681 
American Software, Inc., Class A   1,348    16,351 
AppFolio, Inc., Class A*(a)   336    26,342 
Apptio, Inc., Class A*(a)   793    29,309 
Blackline, Inc.*(a)   395    22,306 
CommVault Systems, Inc.*   317    22,190 
Coupa Software, Inc.*   360    28,476 
Ebix, Inc.(a)   458    36,251 
Five9, Inc.*   649    28,355 
Glu Mobile, Inc.*   4,701    35,022 
Manhattan Associates, Inc.*   472    25,771 
ManTech International Corp., Class A   345    21,839 
MobileIron, Inc.*   4,298    22,779 
Monotype Imaging Holdings, Inc.   931    18,806 
Progress Software Corp.   482    17,010 
Radware Ltd. (Israel)*   756    20,011 
SailPoint Technologies Holding, Inc.*   807    27,454 
Sapiens International Corp. NV (Israel)   1,827    24,135 
SendGrid, Inc.*   648    23,840 
SPS Commerce, Inc.*   232    23,024 
Workiva, Inc.*   664    26,228 
Zynga, Inc., Class A*   5,972    23,948 
Total Software        542,128 
           
Telecommunications – 3.0%          
Acacia Communications, Inc.*   548    22,670 
ATN International, Inc.   273    20,169 
Comtech Telecommunications Corp.   1,014    36,778 
InterDigital, Inc.   240    19,200 
Quantenna Communications, Inc.*   1,244    22,952 
Shenandoah Telecommunications Co.(a)   560    21,700 
United States Cellular Corp.*   469    21,002 
Total Telecommunications        164,471 
           
Textiles – 0.3%          
UniFirst Corp.   108    18,754 
           
Transportation – 2.1%          
Costamare, Inc. (Monaco)   2,873    18,646 
Covenant Transportation Group, Inc., Class A*   674    19,586 
Echo Global Logistics, Inc.*(a)   690    21,356 
Genco Shipping & Trading Ltd.*   1,305    18,270 
Marten Transport Ltd.   899    18,924 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES CORNERSTONE SMALL CAP ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

Investments   Shares/
Principal		    Value 
COMMON STOCKS (continued)          
           
Transportation (continued)          
Werner Enterprises, Inc.   557   $19,690 
Total Transportation        116,472 
           
Trucking & Leasing – 0.6%          
GATX Corp.(a)   189    16,365 
Greenbrier Cos., Inc. (The)   237    14,244 
Total Trucking & Leasing        30,609 
Total Common Stocks          
(Cost $4,370,430)        5,510,023 
           
MONEY MARKET FUND – 0.5%          
STIT - Government & Agency Portfolio, Institutional Class, 1.97%(c)
(Cost $26,836)		   26,836    26,836 
           
REPURCHASE AGREEMENT – 3.9%(d)          
Merrill Lynch Pierce Fenner & Smith, Inc., dated 09/28/18, due 10/01/18, 2.27%, total to be received $213,872, (collateralized by various U.S. Government Agency Obligations, 2.32%-4.50%, 02/01/26-08/01/48, totaling $217,529)          
(Cost $213,832)  $213,832    213,832 
           
Total Investments – 104.5%          
(Cost $4,611,098)        5,750,691 
Liabilities in Excess of Other Assets – (4.5%)        (246,325)
Net Assets – 100.0%       $5,504,366 

 

 

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 $1,739,347; the aggregate market value of the collateral held by the fund is $1,776,544.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,562,712.
(b) American Depositary Receipt.
(c) Rate shown reflects the 7-day yield as of September 30, 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   0.5%
Airlines   1.1 
Apparel   0.5 
Auto Manufacturers   0.3 
Auto Parts & Equipment   0.3 
Banks   3.9 
Beverages   0.3 
Biotechnology   0.8 
Building Materials   0.9 
Chemicals   1.2 
Commercial Services   7.7 
Computers   2.9 
Cosmetics / Personal Care   0.4 
Distribution / Wholesale   1.0 
Diversified Financial Services   2.4 
Electric   0.7 
Electrical Components & Equipment   0.7 
Electronics   3.7 
Energy - Alternate Sources   0.7 
Engineering & Construction   0.5 
Entertainment   1.5 
Environmental Control   0.3 
Food   1.2 
Forest Products & Paper   0.5 
Gas   0.4 
Hand / Machine Tools   0.4 
Healthcare - Products   3.9 
Healthcare - Services   1.7 
Home Builders   0.3 
Household Products / Wares   0.5 
Insurance   2.7 
Internet   4.3 
Iron/Steel   0.8 
Leisure Time   1.3 
Lodging   0.6 
Machinery - Diversified   1.0 
Media   0.3 
Mining   0.4 
Miscellaneous Manufacturing   3.0 
Office Furnishings   0.3 
Oil & Gas   4.0 
Oil & Gas Services   2.4 
Packaging & Containers   0.4 
Pharmaceuticals   1.5 
Real Estate   1.0 
REITS   7.6 
Retail   7.3 
Savings & Loans   0.9 
Semiconductors   3.2 
Software   9.9 
Telecommunications   3.0 
Textiles   0.3 
Transportation   2.1 
Trucking & Leasing   0.6 
Money Market Fund   0.5 
Repurchase Agreement   3.9 
Total Investments   104.5 
Liabilities in Excess of Other Assets   (4.5)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS – 99.1%
 
Aerospace/Defense – 2.9%
Airbus SE (France)(a)(b)   177,069   $5,537,833 
           
Apparel – 2.5%          
LVMH Moet Hennessy Louis Vuitton SE (France)(b)   68,326    4,816,300 
           
Biotechnology – 6.2%          
Adaptimmune Therapeutics PLC*(b)   266,368    3,611,950 
Argenx SE (Netherlands)*(a)(b)   46,339    3,514,350 
Shire PLC(b)   26,488    4,801,480 
Total Biotechnology        11,927,780 
           
Chemicals – 2.3%          

Sasol Ltd. (South Africa)(b) 

   113,404    4,381,931 
           
Commercial Services – 7.8%          
New Oriental Education & Technology Group, Inc. (China)*(b)   99,763    7,383,459 
TAL Education Group (China)*(b)   298,353    7,670,656 
Total Commercial Services        15,054,115 
           
Computers – 4.5%          
Logitech International SA (Switzerland)   102,389    4,578,836 
WNS Holdings Ltd. (India)*(b)   83,023    4,213,417 
Total Computers        8,792,253 
           
Diversified Financial Services – 2.5%          
Noah Holdings Ltd. (China)*(b)   115,632    4,872,733 
           
Food – 2.2%          
Tesco PLC (United Kingdom)(b)   463,608    4,325,463 
           
Forest Products & Paper – 3.4%          
Stora Enso OYJ (Finland)(b)   340,974    6,500,669 
           
Healthcare - Products – 2.9%          
Mazor Robotics Ltd. (Israel)*(a)(b)   97,122    5,664,155 
           
Healthcare - Services – 2.6%          
ICON PLC*   32,115    4,937,681 
           
Home Furnishings – 2.4%          
Sony Corp. (Japan)(b)   74,805    4,536,923 
           
Insurance – 2.6%          
Aegon NV (Netherlands)(a) (c)   783,026    5,034,857 
           
Internet – 4.0%          
51job, Inc. (China)*(a)(b)   52,043    4,006,791 
MercadoLibre, Inc. (Argentina)   11,017    3,750,958 
Total Internet        7,757,749 
           
Lodging – 5.2%          
Huazhu Group Ltd. (China)(a)(b)   311,474    10,060,610 
           
Oil & Gas – 12.6%          
CNOOC Ltd. (China)(b)   34,214    6,758,633 
Ecopetrol SA (Colombia)(b)   314,292    8,463,884 
Equinor ASA (Norway)(a)(b)   157,625    4,445,025 
TOTAL SA (France)(b)   73,887    4,757,584 
Total Oil & Gas        24,425,126 
           
Pharmaceuticals – 7.8%          
AstraZeneca PLC (United Kingdom)(a)(b)   107,229    4,243,051 
Galapagos NV (Belgium)*(b)   48,976    5,506,372 
GW Pharmaceuticals PLC (United Kingdom)*(b)   30,780    5,316,937 
Total Pharmaceuticals        15,066,360 

 

 

Investments  Shares/
Principal		   Value 
COMMON STOCKS – 99.1%
 
Semiconductors – 5.1%
ASML Holding NV (Netherlands)(c)   26,039    4,895,853 
STMicroelectronics NV (Switzerland)(a) (c)   275,906    5,060,116 
Total Semiconductors        9,955,969 
           
Software – 6.0%          
Talend SA*(b)   91,342    6,370,191 
Ubisoft Entertainment SA (France)*(a)(b)   242,365    5,239,931 
Total Software        11,610,122 
           
Telecommunications – 9.0%          
Intelsat SA*   361,206    10,836,180 
Nice Ltd. (Israel)*(b)   58,096    6,650,249 
Total Telecommunications        17,486,429 
           
Transportation – 2.1%          
ZTO Express Cayman, Inc. (China)(a)(b)   247,392    4,099,286 
           
Trucking & Leasing – 2.5%          
AerCap Holdings N.V. (Ireland)*   85,086    4,894,147 
Total Common Stocks          
(Cost $185,864,007)        191,738,491 
MONEY MARKET FUND – 0.9%          
Invesco Government & Agency Portfolio - Private Investment Class, 1.67%(d)
(Cost $1,735,694)		   1,735,694    1,735,694 
           
REPURCHASE AGREEMENTS – 7.5%(e)          
Citigroup Global Markets, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $3,392,524, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 10/15/18-02/01/57, totaling $3,448,241)  $3,391,885    3,391,885 
Daiwa Capital Markets America, dated 09/28/18, due 10/01/18, 2.27%, total to be received $3,392,527, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 10/25/18-09/09/49, totaling $3,450,358)   3,391,885    3,391,885 
Merrill Lynch Pierce Fenner & Smith, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $1,004,926, (collateralized by varius U.S. Government Agency Obligations, 0.00%-1.63%, 05/23/19-09/09/49, totaling $1,021,321)   1,004,738    1,004,738 
Nomura Securities International, Inc., dated 09/28/18, due 10/01/18, 2.27%, total to be received $3,392,527, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.50%, 09/30/18-08/20/68, totaling $3,450,809)   3,391,885    3,391,885 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT ADR ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $3,392,524, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 10/04/18-09/09/49, totaling $3,449,404)  $3,391,885   $3,391,885 
Total Repurchase Agreements          
(Cost $14,572,278)        14,572,278 
           
Total Investments – 107.5%          
(Cost $202,171,979)        208,046,463 
           
Liabilities in Excess of Other Assets – (7.5%)        (14,478,606)
Net Assets – 100.0%       $193,567,857 

 

 

PLC - Public Limited Company

 

* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $32,432,255; the aggregate market value of the collateral held by the fund is $33,141,879. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $18,569,601.
(b) American Depositary Receipt.
(c) Registered Shares.
(d) Rate shown reflects the 7-day yield as of September 30, 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 2.9 %
Apparel 2.5  
Biotechnology 6.2  
Chemicals 2.3  
Commercial Services 7.8  
Computers 4.5  
Diversified Financial Services 2.5  
Food 2.2  
Forest Products & Paper 3.4  
Healthcare - Products 2.9  
Healthcare - Services 2.6  
Home Furnishings 2.4  
Insurance 2.6  
Internet 4.0  
Lodging 5.2  
Oil & Gas 12.6  
Pharmaceuticals 7.8  
Semiconductors 5.1  
Software 6.0  
Telecommunications 9.0  
Transportation 2.1  
Trucking & Leasing 2.5  
Money Market Fund 0.9  
Repurchase Agreements 7.5  
Total Investments 107.5  
Liabilities in Excess of Other Assets (7.5 )
Net Assets 100.0 %

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT MICRO CAP ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS – 98.6%
 
Agriculture – 0.6%
Turning Point Brands, Inc.   465   $19,279 
           
Airlines – 1.0%          
SkyWest, Inc.   535    31,511 
           
Apparel – 0.5%          
Rocky Brands, Inc.   543    15,367 
           
Banks – 5.3%          
Bank of Commerce Holdings   990    12,078 
Carolina Financial Corp.   400    15,088 
CenterState Bank Corp.   620    17,391 
Independent Bank Corp.   730    17,265 
Macatawa Bank Corp.   1,430    16,745 
OFG Bancorp (Puerto Rico)   1,035    16,715 
Old Second Bancorp, Inc.   1,180    18,231 
Parke Bancorp, Inc.   565    12,684 
Sierra Bancorp   390    11,271 
Triumph Bancorp, Inc.*   300    11,460 
United Security Bancshares/Fresno CA   1,250    13,875 
Total Banks        162,803 
           
Beverages – 0.5%          
Primo Water Corp.*   841    15,180 
           
Biotechnology – 13.3%          
ArQule, Inc.*   2,625    14,857 
Arrowhead Pharmaceuticals, Inc.*   1,695    32,493 
Audentes Therapeutics, Inc.*   500    19,795 
Avid Bioservices, Inc.*   2,202    15,106 
Cellular Biomedicine Group, Inc.*   700    12,705 
Cerecor, Inc.*   3,140    14,664 
Champions Oncology, Inc.*   1,159    20,248 
ChemoCentryx, Inc.*   975    12,324 
Dicerna Pharmaceuticals, Inc.*   975    14,878 
Endocyte, Inc.*   1,110    19,714 
Immunomedics, Inc.*   1,785    37,181 
Kindred Biosciences, Inc.*   1,129    15,750 
Loxo Oncology, Inc.*   260    44,416 
REGENXBIO, Inc.*   415    31,332 
Stemline Therapeutics, Inc.*   755    12,533 
TapImmune, Inc.*   1,634    14,788 
Verastem, Inc.*   2,085    15,116 
Viking Therapeutics, Inc.*   2,660    46,337 
Xenon Pharmaceuticals, Inc. (Canada)*   1,184    15,629 
Total Biotechnology        409,866 
           
Chemicals – 1.3%          
Codexis, Inc.*   1,470    25,211 
KMG Chemicals, Inc.   190    14,356 
Total Chemicals        39,567 
           
Commercial Services – 5.1%          
Cambium Learning Group, Inc.*   1,223    14,480 
Care.com, Inc.*   715    15,809 
Career Education Corp.*   1,540    22,992 
Chegg, Inc.*   870    24,734 
Civeo Corp.*   3,055    12,678 
CRA International, Inc.   225    11,300 
Heidrick & Struggles International, Inc.   350    11,848 
Medifast, Inc.   195   43,202 
Total Commercial Services        157,043 
           
Computers – 0.7%          
PAR Technology Corp.*   1,005    22,331 
           
Distribution / Wholesale – 0.7%          
Systemax, Inc.   640    21,082 
           
Diversified Financial Services – 4.0%          
Blucora, Inc.*   515    20,729 
Enova International, Inc.*   565    16,272 
Federal Agricultural Mortgage Corp., Class C   225    16,240 
Hamilton Lane, Inc., Class A   355    15,719 
On Deck Capital, Inc.*   1,766    13,369 
Oppenheimer Holdings, Inc., Class A   470    14,852 
Regional Management Corp.*   385    11,100 
World Acceptance Corp.*   120    13,723 
Total Diversified Financial Services        122,004 
           
Electric – 0.5%          
Ameresco, Inc., Class A*   1,070    14,605 
           
Electrical Components & Equipment – 0.9%          
Novanta, Inc.*   385    26,334 
           
Electronics – 5.2%          
Allied Motion Technologies, Inc.   285    15,513 
Camtek Ltd. (Israel)   1,438    12,324 
FARO Technologies, Inc.*   210    13,513 
IntriCon Corp.*   660    37,092 
Mesa Laboratories, Inc.   76    14,107 
NVE Corp.   125    13,235 
ShotSpotter, Inc.*   370    22,677 
Stoneridge, Inc.*   450    13,374 
Vishay Precision Group, Inc.*   490    18,326 
Total Electronics        160,161 
           
Energy - Alternate Sources – 1.8%          
Renewable Energy Group, Inc.*   905    26,064 
Sunrun, Inc.*   1,125    13,995 
Vivint Solar, Inc.*   2,943    15,304 
Total Energy - Alternate Sources        55,363 
           
Engineering & Construction – 0.5%          
NV5 Global, Inc.*   181    15,693 
           
Entertainment – 2.2%          
Eldorado Resorts, Inc.*   1,150    55,890 
Monarch Casino & Resort, Inc.*   260    11,817 
Total Entertainment        67,707 
           
Environmental Control – 1.8%          
Casella Waste Systems, Inc., Class A*   1,285    39,912 
Pure Cycle Corp.*   1,465    16,921 
Total Environmental Control        56,833 
           
Food – 0.6%          
Chefs’ Warehouse, Inc. (The)*   525    19,084 
           
Healthcare - Products – 8.9%          
CareDx, Inc.*   1,705    49,189 
Cerus Corp.*   2,455    17,701 
CytoSorbents Corp.*   1,266    16,332 
Inogen, Inc.*   170    41,500 

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES DORSEY WRIGHT MICRO CAP ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

 

Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Healthcare - Products (continued)          
Nuvectra Corp.*   840   $18,463 
OrthoPediatrics Corp.*   532    19,493 
Quotient Ltd.*   2,008    15,160 
Sientra, Inc.*   765    18,268 
STAAR Surgical Co.*   830    39,840 
Surmodics, Inc.*   280    20,902 
Tactile Systems Technology, Inc.*   256    18,189 
Total Healthcare - Products        275,037 
           
Healthcare - Services – 1.7%          
Addus Homecare Corp.*   265    18,590 
R1 RCM, Inc.*   1,665    16,916 
Radnet, Inc.*   1,185    17,834 
Total Healthcare - Services        53,340 
           
Household Products / Wares – 0.7%          
Central Garden & Pet Co.*   595    21,444 
           
Insurance – 1.8%          
Health Insurance Innovations, Inc., Class A*   263    16,214 
Kinsale Capital Group, Inc.   350    22,351 
Trupanion, Inc.*   460    16,436 
Total Insurance        55,001 
           
Internet – 2.9%          
Attunity Ltd. (Israel)*   872    16,472 
Bandwidth, Inc., Class A*   357    19,124 
Meet Group, Inc. (The)*   3,264    16,157 
QuinStreet, Inc.*   1,640    22,255 
XO Group, Inc.*   465    16,033 
Total Internet        90,041 
           
Iron / Steel – 0.6%          
Mesabi Trust   745    19,742 
           
Leisure Time – 2.9%          
Drive Shack, Inc.*   2,157    12,856 
Johnson Outdoors, Inc., Class A   175    16,273 
Lindblad Expeditions Holdings, Inc.*   1,065    15,836 
Malibu Boats, Inc., Class A*   400    21,888 
Marine Products Corp.   1,010    23,119 
Total Leisure Time        89,972 
           
Machinery - Diversified – 0.4%          
Columbus McKinnon Corp./NY   320    12,653 
           
Miscellaneous Manufacturing – 1.1%          
Chase Corp.   285    34,243 
           
Oil & Gas – 1.9%          
BP Prudhoe Bay Royalty Trust   466    16,054 
Evolution Petroleum Corp.   1,423    15,724 
Geopark Ltd. (Colombia)*   1,365    27,846 
Total Oil & Gas        59,624 
           
Oil & Gas Services – 0.7%          
DMC Global, Inc.   550    22,440 
           
Pharmaceuticals – 4.9%          
Aeglea BioTherapeutics, Inc.*   1,360    13,015 
Enanta Pharmaceuticals, Inc.*   240    20,510 
Lifevantage Corp.*   1,254    13,782 
Mirati Therapeutics, Inc.*   490   23,079 
Natural Grocers By Vitamin Cottage, Inc.*   828    13,985 
Natural Health Trends Corp.   601    13,991 
Rocket Pharmaceuticals, Inc.*   640    15,757 
uniQure NV (Netherlands)*   515    18,741 
Zafgen, Inc.*   1,662    19,429 
Total Pharmaceuticals        152,289 
           
Real Estate – 1.0%          
Forestar Group, Inc.*   560    11,872 
RMR Group, Inc. (The), Class A   220    20,416 
Total Real Estate        32,288 
           
REITS – 0.6%          
Innovative Industrial Properties, Inc., Class A   395    19,055 
           
Retail – 7.8%          
America’s Car-Mart, Inc.*   244    19,081 
Ascena Retail Group, Inc.*   3,272    14,953 
Boot Barn Holdings, Inc.*   675    19,177 
Carvana Co., Class A*   510    30,136 
Cato Corp. (The), Class A   599    12,591 
Citi Trends, Inc.   485    13,953 
Container Store Group, Inc. (The)*   1,800    19,980 
Gaia, Inc., Class A*   805    12,397 
Movado Group, Inc.   280    11,732 
Noodles & Co.*   1,825    22,082 
Pcm, Inc.*   676    13,216 
Shoe Carnival, Inc.   469    18,056 
Tilly’s, Inc., Class A   902    17,093 
Vera Bradley, Inc.*   1,102    16,817 
Total Retail        241,264 
           
Savings & Loans – 0.4%          
Timberland Bancorp, Inc.   425    13,277 
           
Semiconductors – 0.8%          
Cohu, Inc.   545    13,680 
Nova Measuring Instruments Ltd. (Israel)*   455    11,971 
Total Semiconductors        25,651 
           
Software – 7.4%          
AppFolio, Inc., Class A*   340    26,656 
Everbridge, Inc.*   390    22,479 
Five9, Inc.*   985    43,035 
Glu Mobile, Inc.*   3,065    22,834 
LivePerson, Inc.*   785    20,371 
SharpSpring, Inc.*   1,188    16,656 
Simulations Plus, Inc.   720    14,544 
Tabula Rasa Healthcare, Inc.*   475    38,565 
Upland Software, Inc.*   680    21,971 
Total Software        227,111 
           
Telecommunications – 2.9%          
AudioCodes Ltd. (Israel)   1,542    15,513 
Comtech Telecommunications Corp.   415    15,052 
NII Holdings, Inc.*   3,922    22,983 
Ooma, Inc.*   937    15,554 
Preformed Line Products Co.   155    10,893 

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES DORSEY WRIGHT MICRO CAP ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

 

Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Telecommunications (continued)          
RF Industries Ltd.   1,505   $10,686 
Total Telecommunications        90,681 
           
Transportation – 2.1%          
ArcBest Corp.   355    17,235 
Covenant Transportation Group, Inc., Class A*   405    11,770 
CryoPort, Inc.*   1,025    13,130 
PAM Transportation Services, Inc.*   325    21,154 
Total Transportation        63,289 
           
Trucking & Leasing – 0.6%          
General Finance Corp.*   1,112    17,736 
Total Common Stocks          
(Cost $2,872,792)        3,047,991 
           
MONEY MARKET FUND – 0.6%          
STIT - Government & Agency Portfolio, Institutional Class, 1.97%(a)
(Cost $18,561)		   18,561    18,561 
           
Total Investments – 99.2%          
(Cost $2,891,353)        3,066,552 
           
Other Assets in Excess of Liabilities – 0.8%        24,604 
Net Assets – 100.0%       $3,091,156 

 

 

REITS - Real Estate Investment Trusts        

 

 

 

* Non-income producing security.
(a) Rate shown reflects the 7-day yield as of September 30, 2018.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
  % of  
  Net Assets  
Agriculture 0.6 %
Airlines 1.0  
Apparel 0.5  
Banks 5.3  
Beverages 0.5  
Biotechnology 13.3  
Chemicals 1.3  
Commercial Services 5.1  
Computers 0.7  
Distribution / Wholesale 0.7  
Diversified Financial Services 4.0  
Electric 0.5  
Electrical Components & Equipment 0.9  
Electronics 5.2  
Energy - Alternate Sources 1.8  
Engineering & Construction 0.5  
Entertainment 2.2  
Environmental Control 1.8  
Food 0.6  
Healthcare - Products 8.9  
Healthcare - Services 1.7  
Household Products / Wares 0.7  
Insurance 1.8  
Internet 2.9  
Iron / Steel 0.6  
Leisure Time 2.9  
Machinery - Diversified 0.4  
Miscellaneous Manufacturing 1.1  
Oil & Gas 1.9  
Oil & Gas Services 0.7  
Pharmaceuticals 4.9  
Real Estate 1.0  
REITS 0.6  
Retail 7.8  
Savings & Loans 0.4  
Semiconductors 0.8  
Software 7.4  
Telecommunications 2.9  
Transportation 2.1  
Trucking & Leasing 0.6  
Money Market Fund 0.6  
Total Investments 99.2  
Other Assets in Excess of Liabilities 0.8  
Net Assets 100.0 %

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES DORSEY WRIGHT SHORT ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

Investments  Shares   Value 
MONEY MARKET FUND – 40.4%
STIT - Government & Agency Portfolio, Institutional Class, 1.97%(a) (Cost $2,539,477)   2,539,477   $2,539,477 
Total Investments Before Securities Sold, Not Yet Purchased (Cost $2,539,477)        2,539,477 
Securities Sold, Not Yet Purchased – (98.8)% (b)          
           
COMMON STOCKS – (98.8)%          
           
Aerospace/Defense – (1.3)%          
Arconic, Inc.   (3,817)   (84,012)
           
Agriculture – (2.2)%          
Altria Group, Inc.   (1,189)   (71,708)
Philip Morris International, Inc.   (822)   (67,026)
Total Agriculture        (138,734)
           
Airlines – (2.2)%          
Alaska Air Group, Inc.   (1,028)   (70,788)
American Airlines Group, Inc.   (1,569)   (64,847)
Total Airlines        (135,635)
           
Apparel – (0.9)%          
Skechers U.S.A., Inc., Class A*   (2,119)   (59,184)
           
Auto Manufacturers – (1.0)%          
Ford Motor Co.   (6,791)   (62,817)
           
Auto Parts & Equipment – (4.7)%          
Adient PLC   (1,439)   (56,567)
BorgWarner, Inc.   (1,430)   (61,176)
Dana, Inc.   (2,966)   (55,375)
Goodyear Tire & Rubber Co. (The)   (2,652)   (62,030)
WABCO Holdings, Inc.*   (508)   (59,914)
Total Auto Parts & Equipment        (295,062)
           
Banks – (3.0)%          
Bank OZK   (1,642)   (62,330)
Signature Bank   (532)   (61,095)
State Street Corp.   (742)   (62,165)
Total Banks        (185,590)
           
Beverages – (1.0)%          
Molson Coors Brewing Co., Class B   (1,005)   (61,807)
           
Biotechnology – (3.1)%          
Celgene Corp.*   (841)   (75,261)
Exelixis, Inc.*   (3,296)   (58,405)
Incyte Corp.*   (889)   (61,412)
Total Biotechnology        (195,078)
           
Building Materials – (2.8)%          
Fortune Brands Home & Security, Inc.   (1,243)   (65,084)
JELD-WEN Holding, Inc.*   (2,346)   (57,852)
Owens Corning   (971)   (52,696)
Total Building Materials        (175,632)
           
Chemicals – (2.3)%          
Albemarle Corp.   (741)   (73,937)
Valvoline, Inc.   (3,258)   (70,080)
Total Chemicals        (144,017)
           
Commercial Services – (3.2)%          
Healthcare Services Group, Inc.   (1,653)   (67,145)
Macquarie Infrastructure Corp.   (1,611)   (74,315)
ManpowerGroup, Inc.   (725)   (62,321)
Total Commercial Services        (203,781)
           
Computers – (1.9)%          
NCR Corp.*   (2,073)   (58,894)
Western Digital Corp.   (994)   (58,189)
Total Computers        (117,083)
           
Cosmetics/Personal Care – (1.0)%          
Coty, Inc., Class A   (4,822)   (60,564)
           
Diversified Financial Services – (3.9)%          
Affiliated Managers Group, Inc.   (447)   (61,114)
Franklin Resources, Inc.   (2,082)   (63,314)
Invesco Ltd.   (2,499)   (57,177)
LendingTree, Inc.*   (270)   (62,127)
Total Diversified Financial Services        (243,732)
           
Electric – (2.4)%          
PG&E Corp.*   (1,683)   (77,435)
PPL Corp.   (2,419)   (70,780)
Total Electric        (148,215)
           
Electrical Components & Equipment – (1.4)%          
Acuity Brands, Inc.   (555)   (87,246)
           
Electronics – (3.0)%          
Coherent, Inc.*   (462)   (79,552)
SYNNEX Corp.   (628)   (53,191)
Tech Data Corp.*   (765)   (54,751)
Total Electronics        (187,494)
           
Energy - Alternate Sources – (0.9)%          
First Solar, Inc.*   (1,226)   (59,363)
           
Environmental Control – (1.0)%          
Stericycle, Inc.*   (1,095)   (64,255)
           
Food – (7.0)%          
Campbell Soup Co.   (1,954)   (71,575)
General Mills, Inc.   (1,529)   (65,625)
Hain Celestial Group, Inc. (The)*   (2,249)   (60,993)
Ingredion, Inc.   (625)   (65,600)
Kraft Heinz Co. (The)   (1,010)   (55,661)
Pilgrim’s Pride Corp.*   (3,368)   (60,927)
Tyson Foods, Inc., Class A   (997)   (59,351)
Total Food        (439,732)
           
Healthcare - Products – (0.9)%          
DENTSPLY SIRONA, Inc.   (1,489)   (56,195)
           
Healthcare - Services – (1.1)%          
MEDNAX, Inc.*   (1,473)   (68,730)
           
Home Builders – (1.9)%          
Thor Industries, Inc.   (700)   (58,590)

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES DORSEY WRIGHT SHORT ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS (continued)
Home Builders (continued)          
Toll Brothers, Inc.   (1,839)  $(60,742)
Total Home Builders        (119,332)
           
Home Furnishings – (0.9)%          
Whirlpool Corp.   (497)   (59,019)
           
Housewares – (1.9)%          
Newell Brands, Inc.   (2,614)   (53,064)
Scotts Miracle-Gro Co. (The)   (820)   (64,559)
Total Housewares        (117,623)
           
Insurance – (3.2)%          
Brighthouse Financial, Inc.*   (1,474)   (65,210)
Principal Financial Group, Inc.   (1,128)   (66,089)
Unum Group   (1,757)   (68,646)
Total Insurance        (199,945)
           
Internet – (2.9)%          
eBay, Inc.*   (1,864)   (61,549)
Snap, Inc., Class A*   (7,412)   (62,854)
Symantec Corp.   (2,842)   (60,478)
Total Internet        (184,881)
           
Leisure Time – (1.0)%          
Harley-Davidson, Inc.   (1,451)   (65,730)
           
Lodging – (3.0)%          
Caesars Entertainment Corp.*   (6,121)   (62,740)
Hilton Grand Vacations, Inc.*   (1,876)   (62,096)
MGM Resorts International   (2,249)   (62,769)
Total Lodging        (187,605)
           
Machinery - Diversified – (2.1)%          
AGCO Corp.   (1,054)   (64,073)
Cummins, Inc.   (450)   (65,731)
Total Machinery - Diversified        (129,804)
           
Media – (4.6)%          
Altice USA, Inc., Class A   (3,974)   (72,088)
Charter Communications, Inc., Class A*   (226)   (73,649)
DISH Network Corp., Class A*   (1,940)   (69,375)
Liberty Broadband Corp., Class A*   (873)   (73,620)
Total Media        (288,732)
           
Mining – (1.0)%          
Newmont Mining Corp.   (2,069)   (62,484)
           
Miscellaneous Manufacturing – (2.1)%          
Colfax Corp.*   (2,155)   (77,709)
General Electric Co.   (5,034)   (56,834)
Total Miscellaneous Manufacturing        (134,543)
           
Office / Business Equipment – (1.0)%          
Xerox Corp.   (2,281)   (61,541)
           
Oil & Gas – (3.0)%          
Cimarex Energy Co.   (758)   (70,448)
EQT Corp.   (1,270)   (56,172)
           
Patterson-UTI Energy, Inc.   (3,716)   (63,581)
Total Oil & Gas        (190,201)
           
Oil & Gas Services – (3.1)%          
Halliburton Co.   (1,676)   (67,928)
RPC, Inc.   (4,856)   (75,171)
Weatherford International PLC*   (19,408)   (52,596)
Total Oil & Gas Services        (195,695)
           
Packaging & Containers – (3.2)%          
Berry Global Group, Inc.*   (1,264)   (61,165)
Crown Holdings, Inc.*   (1,440)   (69,120)
Owens-Illinois, Inc.*   (3,887)   (73,037)
Total Packaging & Containers        (203,322)
           
Pharmaceuticals – (3.0)%          
Alkermes PLC*   (1,315)   (55,809)
Cardinal Health, Inc.   (1,249)   (67,446)
McKesson Corp.   (479)   (63,539)
Total Pharmaceuticals        (186,794)
           
Retail – (2.8)%          
Beacon Roofing Supply, Inc.*   (1,546)   (55,950)
L Brands, Inc.   (1,808)   (54,782)
Michaels Cos., Inc. (The)*   (3,879)   (62,956)
Total Retail        (173,688)
           
Savings & Loans – (1.0)%          
New York Community Bancorp, Inc.   (5,848)   (60,644)
           
Telecommunications – (2.0)%          
CommScope Holding Co., Inc.*   (1,991)   (61,243)
LogMeIn, Inc.   (722)   (64,330)
Total Telecommunications        (125,573)
           
Textiles – (0.9)%          
Mohawk Industries, Inc.*   (333)   (58,392)
           
Toys/Games/Hobbies – (1.0)%          
Mattel, Inc.*   (3,853)   (60,492)
           
Transportation – (1.0)%          
Knight-Swift Transportation Holdings, Inc.   (1,881)   (64,857)
           
Total Securities Sold, Not Yet Purchased [Proceeds Received $(6,329,313)]        (6,204,855)
           
Total Investments – (58.4)%          
[Cost $(3,789,836)]        (3,665,378)
Other Assets in Excess of Liabilities – 158.4%        9,943,715 
Net Assets – 100.0%       $6,278,337 

 

 

PLC - Public Limited Company

 

* Non-income producing security.
(a) Rate shown reflects the 7-day yield as of September 30, 2018.
(b) As of September 30, 2018, cash in the amount of $4,933,638 has been segregated as collateral from the broker for securities sold short.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES DORSEY WRIGHT SHORT ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Aerospace/Defense   (1.3)%
Agriculture   (2.2)
Airlines   (2.2)
Apparel   (0.9)
Auto Manufacturers   (1.0)
Auto Parts & Equipment   (4.7)
Banks   (3.0)
Beverages   (1.0)
Biotechnology   (3.1)
Building Materials   (2.8)
Chemicals   (2.3)
Commercial Services   (3.2)
Computers   (1.9)
Cosmetics/Personal Care   (1.0)
Diversified Financial Services   (3.9)
Electric   (2.4)
Electrical Components & Equipment   (1.4)
Electronics   (3.0)
Energy - Alternate Sources   (0.9)
Environmental Control   (1.0)
Food   (7.0)
Healthcare - Products   (0.9)
Healthcare - Services   (1.1)
Home Builders   (1.9)
Home Furnishings   (0.9)
Housewares   (1.9)
Insurance   (3.2)
Internet   (2.9)
Leisure Time   (1.0)
Lodging   (3.0)
Machinery - Diversified   (2.1)
Media   (4.6)
Mining   (1.0)
Miscellaneous Manufacturing   (2.1)
Office / Business Equipment   (1.0)
Oil & Gas   (3.0)
Oil & Gas Services   (3.1)
Packaging & Containers   (3.2)
Pharmaceuticals   (3.0)
Retail   (2.8)
Savings & Loans   (1.0)
Telecommunications   (2.0)
Textiles   (0.9)
Toys/Games/Hobbies   (1.0)
Transportation   (1.0)
Money Market Fund   40.4 
Total Investments   (58.4)
Other Assets in Excess of Liabilities   158.4 
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 98.9%
 
Banks – 3.1%
Signature Bank   4,071   $467,514 
           
Building Materials – 4.8%          
Continental Building Products, Inc.*   19,750    741,612 
           
Chemicals – 8.5%          
RPM International, Inc.   10,538    684,338 
Sherwin-Williams Co. (The)   1,342    610,892 
Total Chemicals        1,295,230 
           
Commercial Services – 7.3%          
Carriage Services, Inc.   21,768    469,100 
Moody's Corp.   3,825    639,540 
Total Commercial Services        1,108,640 
           
Computers – 8.1%          
Check Point Software Technologies Ltd. (Israel)*   5,380    633,065 
Cognizant Technology Solutions Corp., Class A   7,853    605,859 
Total Computers        1,238,924 
           
Diversified Financial Services – 7.3%          
Alliance Data Systems Corp.   2,203    520,260 
Intercontinental Exchange, Inc.   8,001    599,195 
Total Diversified Financial Services        1,119,455 
           
Food – 9.8%          
Hormel Foods Corp.(a)   15,428    607,863 
Ingredion, Inc.   4,001    419,945 
JM Smucker Co. (The)(a)   4,514    463,182 
Total Food        1,490,990 
           
Hand/Machine Tools – 3.8%          
Snap-on, Inc.(a)   3,161    580,360 
           
Healthcare - Products – 12.9%          
Becton Dickinson and Co.   2,578    672,858 
Danaher Corp.   6,034    655,654 
Stryker Corp.   3,582    636,450 
Total Healthcare - Products        1,964,962 
           
Household Products/Wares – 4.4%          
Church & Dwight Co., Inc.   11,289    670,228 
           
Insurance – 7.4%          
Aflac, Inc.   12,606    593,364 
Torchmark Corp.   6,187    536,351 
Total Insurance        1,129,715 
           
Machinery - Diversified – 4.7%          
Wabtec Corp.(a)   6,838    717,169 
           
Media – 4.2%          
FactSet Research Systems, Inc.(a)   2,891    646,746 
           
Retail – 4.5%          
Ross Stores, Inc.   6,900    683,790 
           
Software – 8.1%          
Cerner Corp.*   8,163    525,779 
Fiserv, Inc.*   8,574    706,326 
Total Software        1,232,105 
Total Common Stocks          
(Cost $12,508,839)        15,087,440 

 

Investments  Shares/
Principal		   Value 
MONEY MARKET FUND – 1.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.93%(b)
(Cost $194,405)		   194,405   $194,405 
           
REPURCHASE AGREEMENT – 0.3%(c)          
JP Morgan Securities LLC, dated 09/28/18, due 10/01/18, 2.24%, total to be received $35,822, (collateralized by various U.S. Government Agency Obligations, 1.00%-2.50%, 02/15/45-09/09/49, totaling $36,297)          
(Cost $35,815)  $35,815    35,815 
           
Total Investments – 100.5%          
(Cost $12,739,059)        15,317,660 
           
Liabilities in Excess of Other Assets – (0.5%)        (71,239)
Net Assets – 100.0%       $15,246,421 

 

 

* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,794,153; the aggregate market value of the collateral held by the fund is $2,852,276.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,816,461.
(b) Rate shown reflects the 7-day yield as of September 30, 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  3.1 %
Building Materials  4.8  
Chemicals  8.5  
Commercial Services  7.3  
Computers  8.1  
Diversified Financial Services  7.3  
Food  9.8  
Hand/Machine Tools  3.8  
Healthcare - Products  12.9  
Household Products/Wares  4.4  
Insurance  7.4  
Machinery - Diversified  4.7  
Media  4.2  
Retail  4.5  
Software  8.1  
Money Market Fund  1.3  
Repurchase Agreement  0.3  
Total Investments  100.5  
Liabilities in Excess of Other Assets  (0.5 )
Net Assets  100.0 %

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 89.6%
 
Advertising – 0.7%
Innocean Worldwide, Inc. (South Korea)   1,250   $65,810 
           
Airlines – 0.7%          
Hanjin Kal Corp. (South Korea)   3,305    67,039 
           
Apparel – 1.2%          
Handsome Co. Ltd. (South Korea)   3,357    113,338 
           
Auto Manufacturers – 2.9%          
Hyundai Motor Co. (South Korea)   2,393    279,372 
           
Auto Parts & Equipment – 3.8%          
Hyundai Mobis Co. Ltd. (South Korea)   1,596    328,049 
Mando Corp. (South Korea)   942    29,298 
Total Auto Parts & Equipment        357,347 
           
Banks – 1.3%          
Industrial Bank of Korea (South Korea)   9,264    127,362 
           
Biotechnology – 2.5%          
Medy-Tox, Inc. (South Korea)   98    54,687 
Samsung Biologics Co. Ltd. (South Korea)*‡   388    186,786 
Total Biotechnology        241,473 
           
Chemicals – 5.0%          
Hansol Chemical Co. Ltd. (South Korea)   244    17,576 
L&F Co. Ltd. (South Korea)   402    15,873 
LG Chem Ltd. (South Korea)   475    156,513 
Lotte Chemical Corp. (South Korea)   1,135    284,454 
Total Chemicals        474,416 
           
Computers – 2.7%          
Samsung SDS Co. Ltd. (South Korea)   411    85,590 
Shinsegae Information & Communication Co. Ltd. (South Korea)   177    23,935 
SK Holdings Co. Ltd. (South Korea)   582    150,583 
Total Computers        260,108 
           
Cosmetics / Personal Care – 3.8%          
Amorepacific Corp. (South Korea)   989    232,706 
Cosmax, Inc. (South Korea)   658    93,131 
LG Household & Health Care Ltd. (South Korea)   31    35,660 
Total Cosmetics / Personal Care        361,497 
           
Diversified Financial Services – 6.2%          
KB Financial Group, Inc. (South Korea)   4,653    227,354 
KIWOOM Securities Co. Ltd. (South Korea)   1,637    143,888 
NH Investment & Securities Co. Ltd. (South Korea)   8,775    113,124 
Samsung Securities Co. Ltd. (South Korea)   3,592    105,728 
Total Diversified Financial Services        590,094 
           
Electrical Components & Equipment – 1.3%          
LS Corp. (South Korea)   2,020    124,742 
           
Electronics – 0.8%          
Samsung Electro-Mechanics Co. Ltd. (South Korea)   630    78,945 
           
Engineering & Construction – 1.8%          
Daewoo Engineering & Construction Co. Ltd. (South Korea)*   5,427    28,964 
HDC Holdings Co. Ltd. (South Korea)   1,902    39,266 
Hyundai Engineering & Construction Co. Ltd. (South Korea)   1,687    102,657 
Total Engineering & Construction        170,887 
           
Food – 2.0%          
CJ CheilJedang Corp. (South Korea)   633    190,314 
           
Home Furnishings – 1.1%          
Cuckoo Holdings Co. Ltd. (South Korea)   165    23,948 
LG Electronics, Inc. (South Korea)   1,195    76,489 
Total Home Furnishings        100,437 
           
Insurance – 1.4%          
Samsung Life Insurance Co. Ltd. (South Korea)   1,508    132,277 
           
Internet – 3.6%          
Cafe24 Corp. (South Korea)*   95    12,812 
NAVER Corp. (South Korea)   433    279,493 
NHN Entertainment Corp. (South Korea)*   868    47,890 
Total Internet        340,195 
           
Investment Companies – 2.1%          
Hyundai Heavy Industries Holdings Co. Ltd. (South Korea)*   538    196,430 
           
Iron / Steel – 3.0%          
POSCO (South Korea)   1,077    285,938 
           
Leisure Time – 0.5%          
Very Good Tour Co. Ltd. (South Korea)   4,430    42,333 
           
Machinery - Construction & Mining – 0.2%          
Hyundai Construction Equipment Co. Ltd. (South Korea)*   172    18,995 
           
Miscellaneous Manufacturing – 1.1%          
POSCO Chemtech Co. Ltd. (South Korea)   604    39,749 
SK Materials Co. Ltd. (South Korea)   403    66,304 
Total Miscellaneous Manufacturing        106,053 
           
Oil & Gas – 1.5%          
S-Oil Corp. (South Korea)   1,128    139,316 
           
Pharmaceuticals – 4.2%          
Celltrion, Inc. (South Korea)*   439    117,542 
Green Cross Corp. (South Korea)   153    24,138 
Hanmi Pharm Co. Ltd. (South Korea)   415    187,063 
Yuhan Corp. (South Korea)   330    72,143 
Total Pharmaceuticals        400,886 
           
Retail – 5.5%          
CJ ENM Co. Ltd. (South Korea)   417    93,230 
E-MART, Inc. (South Korea)   505    94,467 
Samsung C&T Corp. (South Korea)   986    115,111 
Shinsegae, Inc. (South Korea)   663    216,667 
Total Retail        519,475 
           
Semiconductors – 24.9%          
Samsung Electronics Co. Ltd. (South Korea)   48,774    2,042,418 
SK Hynix, Inc. (South Korea)   4,906    323,307 
Total Semiconductors        2,365,725 
           
Shipbuilding – 1.0%          
Hyundai Heavy Industries Co. Ltd. (South Korea)*   811    98,336 
           
Telecommunications – 2.3%          
Samsung SDI Co. Ltd. (South Korea)   314    73,175 
SK Telecom Co. Ltd. (South Korea)   582    147,959 
Total Telecommunications        221,134 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES KIM KOREA EQUITY ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

Investments   

Shares

    

Value

 
COMMON STOCKS (continued)          
           
Transportation – 0.5%          
Pan Ocean Co. Ltd. (South Korea)*   10,384   $49,053 
Total Common Stocks          
(Cost $7,556,901)        8,519,327 
           
Total Investments – 89.6%          
(Cost $7,556,901)        8,519,327 
           
Other Assets in Excess of Liabilities – 10.4%        984,760 
Net Assets – 100.0%       $9,504,087 

 

 

* 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  0.7 %
Airlines  0.7  
Apparel  1.2  
Auto Manufacturers  2.9  
Auto Parts & Equipment  3.8  
Banks  1.3  
Biotechnology  2.5  
Chemicals  5.0  
Computers  2.7  
Cosmetics / Personal Care  3.8  
Diversified Financial Services  6.2  
Electrical Components & Equipment  1.3  
Electronics  0.8  
Engineering & Construction  1.8  
Food  2.0  
Home Furnishings  1.1  
Insurance  1.4  
Internet  3.6  
Investment Companies  2.1  
Iron / Steel  3.0  
Leisure Time  0.5  
Machinery - Construction & Mining  0.2  
Miscellaneous Manufacturing  1.1  
Oil & Gas  1.5  
Pharmaceuticals  4.2  
Retail  5.5  
Semiconductors  24.9  
Shipbuilding  1.0  
Telecommunications  2.3  
Transportation  0.5  
Total Investments  89.6  
Other Assets in Excess of Liabilities  10.4  
Net Assets  100.0 %

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

Investments  Shares   Value 
COMMON STOCKS – 97.8%
 
Advertising – 0.2%
Interpublic Group of Cos., Inc. (The)   1,670   $38,193 
Omnicom Group, Inc.   271    18,433 
Total Advertising        56,626 
           
Aerospace/Defense – 2.1%          
Arconic, Inc.   6,393    140,710 
Boeing Co. (The)   172    63,967 
General Dynamics Corp.   329    67,353 
Harris Corp.   122    20,644 
L3 Technologies, Inc.   147    31,255 
Lockheed Martin Corp.   182    62,965 
Northrop Grumman Corp.   198    62,839 
Raytheon Co.   368    76,051 
Rockwell Collins, Inc.   404    56,750 
TransDigm Group, Inc.*(a)   202    75,204 
United Technologies Corp.   139    19,433 
Total Aerospace/Defense        677,171 
           
Agriculture – 0.7%          
Altria Group, Inc.   1,174    70,804 
Archer-Daniels-Midland Co.   2,490    125,172 
Philip Morris International, Inc.   325    26,501 
Total Agriculture        222,477 
           
Airlines – 2.3%          
Alaska Air Group, Inc.(a)   297    20,451 
American Airlines Group, Inc.   3,957    163,543 
Delta Air Lines, Inc.   3,176    183,668 
Southwest Airlines Co.   2,407    150,317 
United Continental Holdings, Inc.*   2,310    205,729 
Total Airlines        723,708 
           
Apparel – 0.7%          
Hanesbrands, Inc.(a)   1,563    28,806 
Michael Kors Holdings Ltd.*   279    19,128 
NIKE, Inc., Class B   244    20,672 
PVH Corp.   444    64,114 
Ralph Lauren Corp.   136    18,707 
Under Armour, Inc., Class A*(a)   916    19,437 
Under Armour, Inc., Class C*(a)   2,291    44,583 
VF Corp.   202    18,877 
Total Apparel        234,324 
           
Auto Manufacturers – 1.3%          
Ford Motor Co.   18,020    166,685 
General Motors Co.   4,850    163,299 
PACCAR, Inc.   1,129    76,987 
Total Auto Manufacturers        406,971 
           
Auto Parts & Equipment – 0.7%          
Aptiv PLC   697    58,478 
BorgWarner, Inc.   1,698    72,640 
Goodyear Tire & Rubber Co. (The)   4,150    97,069 
Total Auto Parts & Equipment        228,187 
           
Banks – 6.7%          
Bank of America Corp.   593    17,470 
Bank of New York Mellon Corp. (The)   930    47,421 
BB&T Corp.   1,382    67,082 
Capital One Financial Corp.   1,530    145,243 
Citigroup, Inc.   1,326    95,127 
Citizens Financial Group, Inc.   4,332    167,085 
Comerica, Inc.   1,729    155,956 
Fifth Third Bancorp   1,870    52,210 
Goldman Sachs Group, Inc. (The)   599    134,320 
Huntington Bancshares, Inc.   6,547    97,681 
JPMorgan Chase & Co.   159    17,942 
KeyCorp   6,987    138,971 
M&T Bank Corp.   649    106,787 
Morgan Stanley   2,732    127,229 
Northern Trust Corp.   725    74,044 
PNC Financial Services Group, Inc. (The)   512    69,729 
Regions Financial Corp.   8,959    164,398 
State Street Corp.   1,629    136,478 
SunTrust Banks, Inc.   1,485    99,183 
SVB Financial Group*   166    51,598 
US Bancorp   820    43,304 
Wells Fargo & Co.   1,945    102,229 
Zions Bancorp NA   893    44,784 
Total Banks        2,156,271 
           
Beverages – 0.5%          
Brown-Forman Corp., Class B   347    17,541 
Coca-Cola Co. (The)   402    18,568 
Constellation Brands, Inc., Class A   204    43,987 
Molson Coors Brewing Co., Class B   715    43,973 
Monster Beverage Corp.*   308    17,950 
PepsiCo, Inc.   163    18,223 
Total Beverages        160,242 
           
Biotechnology – 2.0%          
Alexion Pharmaceuticals, Inc.*   875    121,634 
Amgen, Inc.   97    20,107 
Biogen, Inc.*   146    51,583 
Celgene Corp.*   2,033    181,933 
Illumina, Inc.*   64    23,492 
Incyte Corp.*   1,139    78,682 
Regeneron Pharmaceuticals, Inc.*   168    67,879 
Vertex Pharmaceuticals, Inc.*   432    83,264 
Total Biotechnology        628,574 
           
Building Materials – 1.5%          
Fortune Brands Home & Security, Inc.   1,419    74,299 
Johnson Controls International PLC   2,221    77,735 
Martin Marietta Materials, Inc.(a)   400    72,780 
Masco Corp.   3,387    123,964 
Vulcan Materials Co.   1,093    121,542 
Total Building Materials        470,320 
           
Chemicals – 1.8%          
Air Products & Chemicals, Inc.   286    47,776 
Albemarle Corp.   743    74,137 
CF Industries Holdings, Inc.   414    22,538 
DowDuPont, Inc.   1,125    72,349 
Eastman Chemical Co.   793    75,906 
FMC Corp.   940    81,949 
International Flavors & Fragrances, Inc.(a)   142    19,755 
LyondellBasell Industries NV, Class A   678    69,502 
Mosaic Co. (The)   625    20,300 
PPG Industries, Inc.   168    18,334 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Chemicals (continued)          
Praxair, Inc.   148   $23,788 
Sherwin-Williams Co. (The)   126    57,356 
Total Chemicals        583,690 
           
Commercial Services – 3.1%          
Automatic Data Processing, Inc.   229    34,501 
Cintas Corp.   91    18,001 
Ecolab, Inc.   174    27,280 
Equifax, Inc.   148    19,324 
FleetCor Technologies, Inc.*   354    80,655 
Gartner, Inc.*(a)   137    21,715 
Global Payments, Inc.   734    93,512 
H&R Block, Inc.   3,218    82,864 
IHS Markit Ltd.*   349    18,832 
Moody’s Corp.   160    26,752 
Nielsen Holdings PLC(a)   2,464    68,154 
PayPal Holdings, Inc.*   591    51,914 
Quanta Services, Inc.*   1,830    61,085 
Robert Half International, Inc.   245    17,243 
S&P Global, Inc.   259    50,606 
Total System Services, Inc.   606    59,836 
United Rentals, Inc.*   1,189    194,520 
Verisk Analytics, Inc.*   390    47,015 
Western Union Co. (The)   921    17,554 
Total Commercial Services        991,363 
           
Computers – 2.0%          
Accenture PLC, Class A   116    19,743 
Apple, Inc.   375    84,652 
Cognizant Technology Solutions Corp., Class A   954    73,601 
DXC Technology Co.   939    87,815 
HP, Inc.   3,453    88,984 
NetApp, Inc.   901    77,387 
Seagate Technology PLC   990    46,877 
Western Digital Corp.   2,705    158,351 
Total Computers        637,410 
           
Cosmetics/Personal Care – 0.5%          
Colgate-Palmolive Co.   282    18,880 
Coty, Inc., Class A(a)   6,503    81,678 
Estee Lauder Cos., Inc. (The), Class A   183    26,593 
Procter & Gamble Co. (The)   233    19,393 
Total Cosmetics/Personal Care        146,544 
           
Distribution/Wholesale – 0.7%          
Fastenal Co.(a)   1,481    85,927 
LKQ Corp.*   2,870    90,893 
W.W. Grainger, Inc.   175    62,547 
Total Distribution/Wholesale        239,367 
           
Diversified Financial Services – 5.2%          
Affiliated Managers Group, Inc.   793    108,419 
Alliance Data Systems Corp.   594    140,279 
American Express Co.   796    84,766 
Ameriprise Financial, Inc.   1,147    169,366 
BlackRock, Inc.   142    66,929 
Cboe Global Markets, Inc.   246    23,606 
Charles Schwab Corp. (The)   2,177    107,000 
CME Group, Inc.   113    19,234 
Discover Financial Services   1,831    139,980 
E*TRADE Financial Corp.*   2,480    129,927 
Franklin Resources, Inc.   1,300    39,533 
Intercontinental Exchange, Inc.   244    18,273 
Invesco Ltd.   3,276    74,955 
Mastercard, Inc., Class A   323    71,903 
Nasdaq, Inc.   195    16,731 
Raymond James Financial, Inc.   1,597    147,004 
Synchrony Financial   5,475    170,163 
T. Rowe Price Group, Inc.   600    65,508 
Visa, Inc., Class A   403    60,486 
Total Diversified Financial Services        1,654,062 
           
Electric – 2.2%          
AES Corp. (The)   2,087    29,218 
Alliant Energy Corp.   440    18,731 
Ameren Corp.   302    19,092 
American Electric Power Co., Inc.   264    18,712 
CenterPoint Energy, Inc.   664    18,360 
CMS Energy Corp.   390    19,110 
Consolidated Edison, Inc.   238    18,133 
Dominion Energy, Inc.   263    18,484 
DTE Energy Co.   172    18,770 
Duke Energy Corp.   230    18,405 
Edison International   282    19,086 
Entergy Corp.(a)   734    59,549 
Eversource Energy   311    19,108 
Exelon Corp.   443    19,341 
NextEra Energy, Inc.   112    18,771 
NRG Energy, Inc.   5,560    207,944 
PG&E Corp.*   434    19,968 
Pinnacle West Capital Corp.   232    18,370 
PPL Corp.   650    19,019 
Public Service Enterprise Group, Inc.   363    19,163 
SCANA Corp.   465    18,084 
Sempra Energy   162    18,428 
Southern Co. (The)   390    17,004 
WEC Energy Group, Inc.   285    19,027 
Xcel Energy, Inc.   402    18,978 
Total Electric        708,855 
           
Electrical Components & Equipment – 0.3%          
AMETEK, Inc.   242    19,147 
Emerson Electric Co.   910    69,688 
Total Electrical Components & Equipment        88,835 
           
Electronics – 1.4%          
Agilent Technologies, Inc.   285    20,104 
Allegion PLC   1,023    92,653 
Amphenol Corp., Class A   199    18,710 
Corning, Inc.   1,110    39,183 
FLIR Systems, Inc.   316    19,425 
Fortive Corp.(a)   233    19,619 
Garmin Ltd.   298    20,875 
Honeywell International, Inc.   235    39,104 
Mettler-Toledo International, Inc.*   32    19,487 
PerkinElmer, Inc.(a)   834    81,123 
TE Connectivity Ltd.   596    52,406 
Waters Corp.*   96    18,689 
Total Electronics        441,378 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Engineering & Construction – 0.8%          
Fluor Corp.   2,380   $138,278 
Jacobs Engineering Group, Inc.   1,603    122,630 
Total Engineering & Construction        260,908 
           
Environmental Control – 0.8%          
Pentair PLC (United Kingdom)   3,754    162,736 
Republic Services, Inc.   258    18,746 
Stericycle, Inc.*(a)   846    49,643 
Waste Management, Inc.   382    34,518 
Total Environmental Control        265,643 
           
Food – 1.7%          
Campbell Soup Co.   457    16,740 
Conagra Brands, Inc.   507    17,223 
General Mills, Inc.   1,033    44,336 
Hershey Co. (The)   193    19,686 
Hormel Foods Corp.(a)   522    20,567 
JM Smucker Co. (The)(a)   706    72,442 
Kellogg Co.   348    24,367 
Kraft Heinz Co. (The)   516    28,437 
Kroger Co. (The)   634    18,456 
McCormick & Co., Inc.   160    21,080 
Mondelez International, Inc., Class A   1,373    58,984 
Sysco Corp.   804    58,893 
Tyson Foods, Inc., Class A   2,177    129,597 
Total Food        530,808 
           
Forest Products & Paper – 0.5%          
International Paper Co.   3,112    152,955 
           
Gas – 0.0%**          
NiSource, Inc.   722    17,992 
           
Hand/Machine Tools – 0.4%          
Snap-on, Inc.(a)   407    74,725 
Stanley Black & Decker, Inc.   341    49,936 
Total Hand/Machine Tools        124,661 
           
Healthcare - Products – 1.6%          
Abbott Laboratories   665    48,784 
ABIOMED, Inc.*   52    23,387 
Align Technology, Inc.*   53    20,735 
Baxter International, Inc.   387    29,834 
Becton Dickinson and Co.   236    61,596 
Boston Scientific Corp.*   553    21,291 
Cooper Cos., Inc. (The)   72    19,955 
Danaher Corp.   181    19,667 
DENTSPLY SIRONA, Inc.   392    14,794 
Edwards Lifesciences Corp.*   197    34,298 
Henry Schein, Inc.*(a)   238    20,237 
Hologic, Inc.*   433    17,744 
IDEXX Laboratories, Inc.*   78    19,474 
Intuitive Surgical, Inc.*   37    21,238 
Medtronic PLC   210    20,658 
ResMed, Inc.   176    20,300 
Stryker Corp.   111    19,722 
Thermo Fisher Scientific, Inc.   188    45,887 
Varian Medical Systems, Inc.*   165    18,468 
Zimmer Biomet Holdings, Inc.   147    19,326 
Total Healthcare - Products        517,395 
           
Healthcare - Services – 3.6%          
Aetna, Inc.   294    59,638 
Anthem, Inc.   344    94,273 
Centene Corp.*   803    116,258 
Cigna Corp.   594    123,701 
DaVita, Inc.*   1,873    134,163 
Envision Healthcare Corp.*   3,290    150,452 
HCA Healthcare, Inc.   818    113,800 
Humana, Inc.   206    69,735 
IQVIA Holdings, Inc.*   537    69,670 
Laboratory Corp. of America Holdings*   302    52,451 
Quest Diagnostics, Inc.   262    28,273 
UnitedHealth Group, Inc.   254    67,574 
Universal Health Services, Inc., Class B   666    85,142 
Total Healthcare - Services        1,165,130 
           
Home Builders – 1.6%          
D.R. Horton, Inc.   4,108    173,276 
Lennar Corp., Class A   3,564    166,403 
PulteGroup, Inc.   6,769    167,668 
Total Home Builders        507,347 
           
Home Furnishings – 0.5%          
Leggett & Platt, Inc.(a)   1,418    62,094 
Whirlpool Corp.   917    108,894 
Total Home Furnishings        170,988 
           
Household Products/Wares – 0.4%          
Avery Dennison Corp.   552    59,809 
Church & Dwight Co., Inc.   337    20,008 
Clorox Co. (The)(a)   140    21,057 
Kimberly-Clark Corp.   173    19,660 
Total Household Products/Wares        120,534 
           
Housewares – 0.1%          
Newell Brands, Inc.(a)   1,168    23,710 
           
Insurance – 7.3%          
Aflac, Inc.   1,473    69,334 
Allstate Corp. (The)   883    87,152 
American International Group, Inc.   3,438    183,039 
Aon PLC   494    75,967 
Arthur J Gallagher & Co.   478    35,582 
Assurant, Inc.   1,390    150,051 
Berkshire Hathaway, Inc., Class B*   94    20,126 
Brighthouse Financial, Inc.*   3,212    142,099 
Chubb Ltd.   538    71,898 
Cincinnati Financial Corp.   247    18,972 
Everest Re Group Ltd.   834    190,544 
Hartford Financial Services Group, Inc. (The)   3,222    160,971 
Lincoln National Corp.   2,237    151,356 
Loews Corp.   1,185    59,523 
Marsh & McLennan Cos., Inc.   550    45,496 
MetLife, Inc.   2,974    138,945 
Principal Financial Group, Inc.   1,283    75,171 
Progressive Corp. (The)   1,500    106,560 
Prudential Financial, Inc.   1,211    122,699 
Torchmark Corp.   987    85,563 
Travelers Cos., Inc. (The)   1,208    156,690 
Unum Group   3,261    127,407 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Insurance (continued)          
Willis Towers Watson PLC   464   $65,396 
Total Insurance        2,340,541 
           
Internet – 2.0%          
Alphabet, Inc., Class A*   55    66,389 
Alphabet, Inc., Class C*   58    69,221 
Amazon.com, Inc.*   10    20,030 
Booking Holdings, Inc.*   35    69,440 
eBay, Inc.*   2,205    72,809 
Expedia Group, Inc.   385    50,235 
F5 Networks, Inc.*   286    57,034 
Facebook, Inc., Class A*   510    83,875 
Netflix, Inc.*   54    20,203 
Symantec Corp.   3,156    67,160 
TripAdvisor, Inc.*(a)   316    16,138 
Twitter, Inc.*   566    16,108 
VeriSign, Inc.*   125    20,015 
Total Internet        628,657 
           
Iron / Steel – 0.4%          
Nucor Corp.   2,210    140,225 
           
Leisure Time – 1.7%          
Carnival Corp.   2,029    129,389 
Harley-Davidson, Inc.   1,744    79,003 
Norwegian Cruise Line Holdings Ltd.*   2,810    161,378 
Royal Caribbean Cruises Ltd.   1,293    168,013 
Total Leisure Time        537,783 
           
Lodging – 1.2%          
Hilton Worldwide Holdings, Inc.   1,281    103,479 
Marriott International, Inc., Class A   564    74,465 
MGM Resorts International   2,708    75,580 
Wynn Resorts Ltd.   1,008    128,077 
Total Lodging        381,601 
           
Machinery - Construction & Mining – 0.4%          
Caterpillar, Inc.   873    133,124 
           
Machinery - Diversified – 1.7%          
Cummins, Inc.   868    126,789 
Deere & Co.   770    115,754 
Dover Corp.   953    84,369 
Flowserve Corp.(a)   1,209    66,120 
Rockwell Automation, Inc.   201    37,691 
Roper Technologies, Inc.   62    18,365 
Xylem, Inc.   1,056    84,343 
Total Machinery - Diversified        533,431 
           
Media – 3.0%          
CBS Corp., Class B   3,222    185,104 
Charter Communications, Inc., Class A*   64    20,856 
Comcast Corp., Class A   3,788    134,133 
Discovery, Inc., Class A*(a)   6,197    198,304 
Discovery, Inc., Class C*   6,017    177,983 
News Corp., Class A   1,253    16,527 
News Corp., Class B(a)   1,236    16,810 
Twenty-First Century Fox, Inc., Class A   413    19,134 
Twenty-First Century Fox, Inc., Class B   418    19,153 
Viacom, Inc., Class B   2,478    83,657 
Walt Disney Co. (The)   662    77,414 
Total Media        949,075 
           
Mining – 0.5%          
Freeport-McMoRan, Inc.   9,623    133,952 
Newmont Mining Corp.   506    15,281 
Total Mining        149,233 
           
Miscellaneous Manufacturing – 1.2%          
3M Co.   90    18,964 
AO Smith Corp.   472    25,191 
Eaton Corp. PLC   652    56,548 
General Electric Co.   1,420    16,032 
Illinois Tool Works, Inc.   264    37,256 
Ingersoll-Rand PLC   601    61,482 
Parker-Hannifin Corp.   527    96,931 
Textron, Inc.   830    59,320 
Total Miscellaneous Manufacturing        371,724 
           
Oil & Gas – 6.5%          
Anadarko Petroleum Corp.   337    22,717 
Andeavor   1,228    188,498 
Apache Corp.(a)   2,753    131,236 
Cabot Oil & Gas Corp.(a)   7,589    170,904 
Chevron Corp.   1,385    169,358 
Cimarex Energy Co.(a)   1,824    169,523 
Concho Resources, Inc.*   124    18,941 
ConocoPhillips   255    19,737 
Devon Energy Corp.   2,463    98,372 
EOG Resources, Inc.   141    17,987 
EQT Corp.   1,373    60,728 
Exxon Mobil Corp.   1,792    152,356 
HollyFrontier Corp.   912    63,749 
Marathon Oil Corp.   875    20,370 
Marathon Petroleum Corp.   1,933    154,582 
Newfield Exploration Co.*   6,586    189,874 
Noble Energy, Inc.(a)   519    16,188 
Occidental Petroleum Corp.   2,141    175,926 
Pioneer Natural Resources Co.   339    59,050 
Valero Energy Corp.   1,512    171,990 
Total Oil & Gas        2,072,086 
           
Oil & Gas Services – 1.1%          
Baker Hughes a GE Co.(a)   2,761    93,405 
Halliburton Co.   3,930    159,283 
National Oilwell Varco, Inc.   388    16,715 
Schlumberger Ltd.   1,371    83,521 
Total Oil & Gas Services        352,924 
           
Packaging & Containers – 0.8%          
Ball Corp.(a)   1,123    49,401 
Packaging Corp. of America   761    83,474 
Sealed Air Corp.(a)   425    17,064 
WestRock Co.   1,976    105,597 
Total Packaging & Containers        255,536 
           
Pharmaceuticals – 3.8%          
AbbVie, Inc.   1,891    178,851 
Allergan PLC   359    68,382 
AmerisourceBergen Corp.   1,005    92,681 
Bristol-Myers Squibb Co.   1,073    66,612 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Investments   Shares    Value 
COMMON STOCKS (continued)          
           
Pharmaceuticals (continued)          
Cardinal Health, Inc.   2,228   $120,312 
CVS Health Corp.   1,858    146,262 
Eli Lilly & Co.   514    55,157 
Express Scripts Holding Co.*   1,896    180,139 
Johnson & Johnson   141    19,482 
McKesson Corp.   621    82,376 
Merck & Co., Inc.   291    20,644 
Mylan NV*   2,463    90,146 
Perrigo Co. PLC(a)   352    24,922 
Pfizer, Inc.   1,206    53,148 
Zoetis, Inc.   292    26,735 
Total Pharmaceuticals        1,225,849 
           
Pipelines – 0.5%          
Kinder Morgan, Inc.   2,609    46,257 
ONEOK, Inc.   1,453    98,499 
Williams Cos., Inc. (The)   636    17,293 
Total Pipelines        162,049 
           
Real Estate – 0.2%          
CBRE Group, Inc., Class A*   1,374    60,593 
           
REITS – 1.4%          
Alexandria Real Estate Equities, Inc.   153    19,246 
American Tower Corp.   131    19,034 
AvalonBay Communities, Inc.   108    19,564 
Boston Properties, Inc.   152    18,710 
Crown Castle International Corp.   171    19,037 
Equinix, Inc.   43    18,614 
Equity Residential   293    19,414 
Essex Property Trust, Inc.   80    19,737 
Extra Space Storage, Inc.   201    17,415 
Federal Realty Investment Trust   154    19,476 
Host Hotels & Resorts, Inc.   898    18,948 
Iron Mountain, Inc.   539    18,606 
Kimco Realty Corp.   1,156    19,351 
Macerich Co. (The)   330    18,246 
Mid-America Apartment Communities, Inc.   189    18,934 
Prologis, Inc.   286    19,388 
Public Storage   87    17,542 
Realty Income Corp.   338    19,229 
Regency Centers Corp.   302    19,530 
SBA Communications Corp.*   117    18,794 
Simon Property Group, Inc.   110    19,443 
Welltower, Inc.   303    19,489 
Weyerhaeuser Co.   549    17,716 
Total REITS        435,463 
           
Retail – 5.9%          
Advance Auto Parts, Inc.   529    89,047 
AutoZone, Inc.*   133    103,168 
Best Buy Co., Inc.   1,036    82,217 
CarMax, Inc.*(a)   1,029    76,835 
Chipotle Mexican Grill, Inc.*   39    17,726 
Copart, Inc.*(a)   1,094    56,374 
Costco Wholesale Corp.   85    19,965 
Darden Restaurants, Inc.   232    25,796 
Dollar General Corp.   854    93,342 
Dollar Tree, Inc.*   943    76,902 
Foot Locker, Inc.(a)   1,034    52,713 
Gap, Inc. (The)   2,580    74,433 
Genuine Parts Co.   192    19,085 
Home Depot, Inc. (The)   315    65,252 
Kohl’s Corp.   505    37,648 
L Brands, Inc.(a)   3,491    105,777 
Lowe’s Cos., Inc.   1,043    119,757 
Macy’s, Inc.(a)   463    16,080 
McDonald’s Corp.   117    19,573 
Nordstrom, Inc.(a)   354    21,173 
O’Reilly Automotive, Inc.*   287    99,681 
Ross Stores, Inc.   535    53,019 
Starbucks Corp.   1,124    63,888 
Tapestry, Inc.   1,300    65,351 
Target Corp.   229    20,200 
Tiffany & Co.   136    17,540 
TJX Cos., Inc. (The)   318    35,622 
Tractor Supply Co.   889    80,792 
Ulta Beauty, Inc.*   341    96,203 
Walgreens Boots Alliance, Inc.   1,440    104,976 
Walmart, Inc.   210    19,721 
Yum! Brands, Inc.   512    46,546 
Total Retail        1,876,402 
           
Savings & Loans – 0.0%**          
People’s United Financial, Inc.(a)   1,003    17,171 
           
Semiconductors – 4.5%          
Advanced Micro Devices, Inc.*(a)   940    29,037 
Analog Devices, Inc.   515    47,617 
Applied Materials, Inc.   3,214    124,221 
Broadcom, Inc.   577    142,363 
Intel Corp.   1,715    81,102 
IPG Photonics Corp.*   80    12,486 
KLA-Tencor Corp.   1,450    147,479 
Lam Research Corp.   855    129,704 
Microchip Technology, Inc.(a)   1,108    87,432 
Micron Technology, Inc.*   3,584    162,104 
NVIDIA Corp.   237    66,602 
Qorvo, Inc.*   1,525    117,257 
QUALCOMM, Inc.   990    71,310 
Skyworks Solutions, Inc.   1,371    124,363 
Texas Instruments, Inc.   554    59,439 
Xilinx, Inc.   254    20,363 
Total Semiconductors        1,422,879 
           
Shipbuilding – 0.6%          
Huntington Ingalls Industries, Inc.   778    199,230 
           
Software – 2.4%          
Activision Blizzard, Inc.   875    72,791 
Adobe Systems, Inc.*   126    34,014 
Akamai Technologies, Inc.*   758    55,448 
ANSYS, Inc.*   108    20,161 
Autodesk, Inc.*   145    22,636 
Broadridge Financial Solutions, Inc.   161    21,244 
CA, Inc.   423    18,675 
Cadence Design Systems, Inc.*   415    18,808 
Cerner Corp.*   861    55,457 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Investments   Shares/Principal    Value 
COMMON STOCKS (continued)          
           
Software (continued)          
Citrix Systems, Inc.*   251   $27,901 
Electronic Arts, Inc.*   477    57,474 
Fidelity National Information Services, Inc.   464    50,609 
Fiserv, Inc.*   246    20,265 
Intuit, Inc.   90    20,466 
Microsoft Corp.   351    40,144 
MSCI, Inc.   109    19,338 
Oracle Corp.   899    46,352 
Paychex, Inc.   266    19,591 
Red Hat, Inc.*   131    17,853 
salesforce.com, Inc.*   131    20,833 
Synopsys, Inc.*   203    20,018 
Take-Two Interactive Software, Inc.*   580    80,034 
Total Software        760,112 
           
Telecommunications – 0.6%          
AT&T, Inc.   2,239    75,186 
Cisco Systems, Inc.   438    21,309 
Juniper Networks, Inc.   1,760    52,747 
Motorola Solutions, Inc.   153    19,911 
Verizon Communications, Inc.   354    18,900 
Total Telecommunications        188,053 
           
Textiles – 0.1%          
Mohawk Industries, Inc.*   152    26,653 
           
Toys/Games/Hobbies – 0.1%          
Hasbro, Inc.(a)   370    38,894 
           
Transportation – 1.9%          
C.H. Robinson Worldwide, Inc.   202    19,780 
CSX Corp.   1,275    94,414 
Expeditors International of Washington, Inc.   246    18,089 
FedEx Corp.   382    91,982 
JB Hunt Transport Services, Inc.   780    92,773 
Kansas City Southern   451    51,089 
Norfolk Southern Corp.   474    85,557 
Union Pacific Corp.   540    87,928 
United Parcel Service, Inc., Class B   467    54,522 
Total Transportation        596,134 
           
Water – 0.1%          
American Water Works Co., Inc.   212    18,650 
Total Common Stocks          
(Cost $26,303,337)        31,188,518 
MONEY MARKET FUND – 2.3%          
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.96%(b)
(Cost $743,676)		   743,676    743,676 
           
REPURCHASE AGREEMENTS – 1.2%(c)          
Mizuho Securities USA, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $142,165, (collateralized by various U.S. Government Agency Obligations, 2.00%-8.50%, 11/01/18-08/20/47, totaling $144,564)  $142,138    142,138 

 

Investments   Principal    Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $250,047, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 10/04/18-09/09/49, totaling $254,239)  $250,000   $250,000 
Total Repurchase Agreements          
(Cost $392,138)        392,138 
           
Total Investments – 101.3%          
(Cost $27,439,151)        32,324,332 
Liabilities in Excess of Other Assets – (1.3%)        (419,437)
Net Assets – 100.0%       $31,904,895 

 

 

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 $2,440,490; the aggregate market value of the collateral held by the fund is $2,493,447.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,101,309.
(b) Rate shown reflects the 7-day yield as of September 30, 2018.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Advertising   0.2%
Aerospace/Defense   2.1 
Agriculture   0.7 
Airlines   2.3 
Apparel   0.7 
Auto Manufacturers   1.3 
Auto Parts & Equipment   0.7 
Banks   6.7 
Beverages   0.5 
Biotechnology   2.0 
Building Materials   1.5 
Chemicals   1.8 
Commercial Services   3.1 
Computers   2.0 
Cosmetics/Personal Care   0.5 
Distribution/Wholesale   0.7 
Diversified Financial Services   5.2 
Electric   2.2 
Electrical Components & Equipment   0.3 
Electronics   1.4 
Engineering & Construction   0.8 
Environmental Control   0.8 
Food   1.7 
Forest Products & Paper   0.5 
Gas   0.0**
Hand/Machine Tools   0.4 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA DOMESTIC ETF

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
   % of 
    Net Assets 
Healthcare - Products   1.6%
Healthcare - Services   3.6 
Home Builders   1.6 
Home Furnishings   0.5 
Household Products/Wares   0.4 
Housewares   0.1 
Insurance   7.3 
Internet   2.0 
Iron / Steel   0.4 
Leisure Time   1.7 
Lodging   1.2 
Machinery - Construction & Mining   0.4 
Machinery - Diversified   1.7 
Media   3.0 
Mining   0.5 
Miscellaneous Manufacturing   1.2 
Oil & Gas   6.5 
Oil & Gas Services   1.1 
Packaging & Containers   0.8 
Pharmaceuticals   3.8 
Pipelines   0.5 
Real Estate   0.2 
REITS   1.4 
Retail   5.9 
Savings & Loans   0.0**
Semiconductors   4.5 
Shipbuilding   0.6 
Software   2.4 
Telecommunications   0.6 
Textiles   0.1 
Toys/Games/Hobbies   0.1 
Transportation   1.9 
Water   0.1 
Money Market Fund   2.3 
Repurchase Agreements   1.2 
Total Investments   101.3 
Liabilities in Excess of Other Assets   (1.3)
Net Assets   100.0%

 

** Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA GLOBAL BOND ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

Investments 

Shares/ 

Principal 

   Value 
EXCHANGE TRADED FUNDS – 98.1%
Asset Allocation Fund – 12.9%
SPDR Bloomberg Barclays Convertible Securities ETF   44,077   $2,377,513 
           
Debt Fund – 85.2%          
High Yield ETF(a)   59,306    2,173,565 
Invesco Financial Preferred ETF   116,956    2,127,430 
Invesco Fundamental Investment Grade Corporate Bond ETF(a)   131,948    3,255,157 
Invesco Global Short Term High Yield Bond ETF   23,260    541,842 
Invesco National AMT-Free Municipal Bond ETF   21,522    533,530 
Invesco Senior Loan ETF   63,051    1,460,892 
Invesco Variable Rate Preferred ETF   58,011    1,443,894 
iShares Floating Rate Bond ETF   14,249    726,984 
Vanguard Mortgage-Backed Securities ETF   14,124    720,324 
Vanguard Short-Term Treasury ETF   9,102    543,753 
WisdomTree Emerging Markets Corporate Bond Fund   31,375    2,168,326 
Total Debt Fund        15,695,697 
           
Total Exchange Traded Funds
(Cost $18,081,485)		        18,073,210 
           
MONEY MARKET FUND – 2.1%          
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.96%(b)
(Cost $388,621)		   388,621    388,621 
           
REPURCHASE AGREEMENTS – 5.5%(c)          
Citigroup Global Markets, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $250,047, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 10/15/18-02/01/57, totaling $254,153)  $250,000    250,000 
Daiwa Capital Markets America, dated 09/28/18, due 10/01/18, 2.27%, total to be received $250,047, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 10/25/18-09/09/49, totaling $254,310)   250,000    250,000 
Deutsche Bank Securities, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $16,334, (collateralized by various U.S. Government Agency Obligations, 0.13%-3.88%, 07/15/19-02/15/44, totaling $16,599)   16,331    16,331 
Nomura Securities International, Inc., dated 09/28/18, due 10/01/18, 2.27%, total to be received $250,047, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.50%, 09/30/18-08/20/68, totaling $254,343)   250,000    250,000 

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $250,047, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 10/04/18-09/09/49, totaling $254,239)  $250,000   $250,000 
           
Total Repurchase Agreements          
(Cost $1,016,331)        1,016,331 
Total Investments – 105.7%          
(Cost $19,486,437)        19,478,162 
Liabilities in Excess of Other Assets – (5.7%)        (1,056,299)
Net Assets – 100.0%       $18,421,863 

 

 

ETF - Exchange Traded Fund

 

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $986,714; the aggregate market value of the collateral held by the fund is $1,016,331.
(b) Rate shown reflects the 7-day yield as of September 30, 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   12.9%
Debt Fund   85.2 
Money Market Fund   2.1 
Repurchase Agreements   5.5 
Total Investments   105.7 
Liabilities in Excess of Other Assets   (5.7)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS – 99.6%
ARGENTINA – 3.5%
Banco Macro SA(a)   1,610   $66,606 
Empresa Distribuidora Y Comercializadora Norte*(a)   3,463    86,575 
Grupo Financiero Galicia SA(a)(b)   2,517    64,007 
Grupo Supervielle SA(a)(b)   8,779    67,335 
Loma Negra Cia Industrial Argentina SA*(a)   8,191    72,408 
Pampa Energia SA*(a)   2,872    89,176 
Total Argentina        446,107 
           
BELGIUM – 1.6%          
Anheuser-Busch InBev SA/NV(a)(b)   2,342    205,089 
           
BRAZIL – 5.3%          
Ambev SA(a)   13,843    63,262 
Banco Bradesco SA(a)   11,149    78,935 
Banco Santander Brasil SA(a)   5,997    52,834 
Cia de Saneamento Basico do Estado de Sao Paulo(a)   18,064    106,578 
Embraer SA(a)   4,120    80,711 
Fibria Celulose SA(a)   3,579    66,319 
Itau Unibanco Holding SA(a)   4,980    54,680 
Telefonica Brasil SA(a)   4,601    44,768 
TIM Participacoes SA(a)   1,874    27,154 
Vale SA(a)   6,943    103,034 
Total Brazil        678,275 
           
CANADA – 3.9%          
Canadian Solar, Inc.*(b)   11,562    167,649 
CGI Group, Inc., Class A*   478    30,821 
Magna International, Inc.   2,276    119,558 
Manulife Financial Corp.   4,145    74,113 
Mercer International, Inc.   6,099    102,463 
Total Canada        494,604 
           
CHILE – 0.7%          
Latam Airlines Group SA(a)(b)   9,594    90,184 
           
CHINA – 15.6%          
58.com, Inc.*(a)   1,153    84,861 
Alibaba Group Holding Ltd.*(a)(b)   2,291    377,465 
Autohome, Inc.(a)(b)   608    47,065 
Baidu, Inc.*(a)   141    32,244 
Baozun, Inc.*(a)(b)   375    18,218 
Bright Scholar Education Holdings Ltd.*(a)(b)   2,698    33,428 
Changyou.com Ltd.(a)(b)   9,065    119,658 
Ctrip.com International Ltd.*(a)   1,267    47,094 
Daqo New Energy Corp.*(a)   653    17,050 
Fang Holdings Ltd.*(a)   33,197    85,980 
Huaneng Power International, Inc.(a)(b)   1,526    39,523 
Huazhu Group Ltd.(a)(b)   836    27,003 
JD.Com, Inc.*(a)(b)   839    21,890 
JinkoSolar Holding Co., Ltd.*(a)(b)   4,826    51,976 
Jumei International Holding Ltd.*(a)   62,230    132,550 
LexinFintech Holdings Ltd.*(a)   9,277    92,121 
Link Motion, Inc.*(a)(b)   121,590    80,249 
Momo, Inc.*(a)(b)   2,406    105,383 
NetEase, Inc.(a)   219    49,987 
New Oriental Education & Technology Group, Inc.*(a)   626    46,330 
Noah Holdings Ltd.*(a)(b)   496    20,901 
Tarena International, Inc.(a)(b)   10,037    81,500 
Vipshop Holdings Ltd.*(a)   8,349    52,098 
Weibo Corp.*(a)(b)   957    69,985 
Yirendai Ltd.(a)(b)   6,107    112,369 
YY, Inc.*(a)   1,094    81,963 
ZTO Express Cayman, Inc.(a)(b)   3,879    64,275 
Total China        1,993,166 
           
COLOMBIA – 1.4%          
Bancolombia SA(a)   1,747    72,885 
Ecopetrol SA(a)   4,126    111,113 
Total Colombia        183,998 
           
FRANCE – 4.0%          
Criteo SA*(a)(b)   9,085    208,410 
Sanofi(a)   6,708    299,646 
Total France        508,056 
           
HONG KONG – 2.8%          
Melco Resorts Entertainment Ltd.(a)   16,841    356,187 
           
INDIA – 0.8%          
HDFC Bank Ltd.(a)   629    59,189 
ICICI Bank Ltd.(a)   5,122    43,486 
Total India        102,675 
           
IRELAND – 2.5%          
Trinity Biotech PLC*(a)(b)   80,164    320,656 
           
LUXEMBOURG – 11.0%          
ArcelorMittal(b) (c)   14,538    448,643 
Tenaris SA(a)   13,943    467,369 
Ternium SA(a)   15,857    480,309 
Total Luxembourg        1,396,321 
           
MEXICO – 1.5%          
America Movil SAB de CV, Class L(a)   2,860    45,932 
Cemex SAB de CV*(a)   9,136    64,317 
Coca-Cola Femsa SAB de CV(a)   688    42,133 
Grupo Televisa SAB(a)   1,959    34,753 
Total Mexico        187,135 
           
NETHERLANDS – 14.6%          
ASML Holding N.V.(c)   1,658    311,737 
Royal Dutch Shell PLC, Class A(a)   8,191    558,135 
Royal Dutch Shell PLC, Class B(a)(b)   7,660    543,324 
VEON Ltd.(a)(b)   156,017    452,449 
Total Netherlands        1,865,645 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

 Investments

  Shares   Value 
COMMON STOCKS (continued)
NORWAY – 3.3%
Equinor ASA(a)   14,810   $417,642 
           
PERU – 0.8%          
Cia de Minas Buenaventura SAA(a)   7,317    98,121 
           
RUSSIA – 0.8%          
Mobile TeleSystems PJSC(a)   11,211    95,630 
           
SOUTH AFRICA – 0.2%          
MiX Telematics Ltd.(a)   1,614    23,306 
           
SPAIN – 2.5%          
Grifols SA(a)   14,825    316,810 
           
SWEDEN – 2.9%          
Telefonaktiebolaget LM Ericsson(a)   42,668    375,478 
           
SWITZERLAND – 2.5%          
STMicroelectronics NV(b) (c)   17,221    315,833 
           
TAIWAN – 4.2%          
Silicon Motion Technology Corp.(a)   9,302    499,518 
Taiwan Semiconductor Manufacturing Co., Ltd.(a)   908    40,097 
Total Taiwan        539,615 
           
UNITED KINGDOM – 6.3%          
AstraZeneca PLC(a)(b)   6,600    261,162 
BP PLC(a)   11,827    545,225 
Total United Kingdom        806,387 
           
UNITED STATES – 6.9%          
Carnival PLC(a)   3,770    237,812 
IMAX Corp.*   2,146    55,367 
Mitel Networks Corp.*(b)   11,098    122,300 
Resolute Forest Products, Inc.*   8,900    115,255 
Shire PLC(a)   1,597    289,488 
Tucows, Inc., Class A*(b)   1,023    57,032 
Total United States        877,254 
           
Total Common Stocks
(Cost $13,137,055)		        12,694,174 
           
MONEY MARKET FUND – 0.7%          
BlackRock Liquidity Funds FedFund Portfolio, 1.96%(d)
(Cost $91,867)		   91,867    91,867 

 

 Investments

  Principal   Value 
REPURCHASE AGREEMENTS – 19.1%(e)          
Citigroup Global Markets, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $569,123, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 10/15/28-02/01/57, totaling $578,470)  $569,016   $569,016 
Daiwa Capital Markets America, dated 09/28/18, due 10/01/18, 2.27%, total to be received $569,124, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 10/25/18-09/09/49, totaling $578,825)   569,016    569,016 
Merrill Lynch Pierce Fenner & Smith, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $168,575, (collateralized by various U.S. Government Agency Obligations, 0.00%-1.63%, 05/23/19-09/09/49, totaling $171,325)   168,543    168,543 
Nomura Securities International, Inc., dated 09/28/18, due 10/01/18, 2.27%, total to be received $569,124, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.50%, 09/30/18-08/20/68, totaling $578,901)   569,016    569,016 
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $569,123, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 10/04/18-09/09/49, totaling $578,665)   569,016    569,016 
           
Total Repurchase Agreements
(Cost $2,444,607)		        2,444,607 
Total Investments – 119.4%
(Cost $15,673,529)		        15,230,648 
Liabilities in Excess of Other Assets – (19.4%)        (2,479,652)
           
Net Assets – 100.0%       $12,750,996 

 

 

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 $3,357,515; the aggregate market value of the collateral held by the fund is $3,440,820. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $996,213.
(c) Registered Shares.
(d) Rate shown reflects the 7-day yield as of September 30, 2018.
(e) Collateral received from brokers for securities lending was invested in these short-term investments.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES MADRONA INTERNATIONAL ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Aerospace/Defense   0.6%
Airlines   0.7 
Auto Parts & Equipment   0.9 
Banks   4.4 
Beverages   2.4 
Biotechnology   2.3 
Building Materials   1.1 
Chemicals   0.1 
Commercial Services   1.3 
Computers   0.2 
Diversified Financial Services   1.8 
Electric   1.7 
Energy - Alternate Sources   1.7 
Entertainment   0.4 
Forest Products & Paper   2.2 
Healthcare - Products   2.5 
Insurance   0.6 
Internet   10.3 
Iron / Steel   8.1 
Leisure Time   1.9 
Lodging   3.0 
Media   0.3 
Metal Fabricate/Hardware   3.7 
Mining   0.8 
Oil & Gas   17.1 
Pharmaceuticals   6.9 
Semiconductors   9.2 
Software   3.0 
Telecommunications   9.1 
Transportation   0.5 
Water   0.8 
Money Market Fund   0.7 
Repurchase Agreements   19.1 
Total Investments   119.4 
Liabilities in Excess of Other Assets   (19.4)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEW TECH AND MEDIA ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

Investments  Shares/
Principal		   Value 
COMMON STOCKS – 97.3%
Commercial Services – 12.6%          
PayPal Holdings, Inc.*   17,579   $1,544,139 
Square, Inc., Class A*(a)   28,690    2,840,597 
Total Commercial Services        4,384,736 
           
Healthcare - Products – 9.0%          
Align Technology, Inc.*   4,000    1,564,880 
Intuitive Surgical, Inc.*   2,756    1,581,944 
Total Healthcare - Products        3,146,824 
           
Home Furnishings – 4.5%          
Roku, Inc., Class A*(a)   21,407    1,563,353 
           
Internet – 22.5%          
Alphabet, Inc., Class C*   600    716,082 
Amazon.com, Inc.*   1,447    2,898,341 
IAC/InterActiveCorp*   7,269    1,575,338 
Netflix, Inc.*   2,300    860,499 
Zendesk, Inc.*   25,000    1,775,000 
Total Internet        7,825,260 
           
Office / Business Equipment – 4.1%          
Zebra Technologies Corp., Class A*   8,118    1,435,506 
           
Semiconductors – 7.2%          
Advanced Micro Devices, Inc.*(a)   29,282    904,521 
NVIDIA Corp.   5,743    1,613,898 
Total Semiconductors        2,518,419 
           
Software – 26.4%          
Adobe Systems, Inc.*   6,840    1,846,458 
Autodesk, Inc.*   11,900    1,857,709 
Cloudera, Inc.*   57,228    1,010,074 
Microsoft Corp.   13,401    1,532,673 
salesforce.com, Inc.*   8,729    1,388,173 
VMware, Inc., Class A*   10,000    1,560,600 
Total Software        9,195,687 
           
Telecommunications – 11.0%          
Arista Networks, Inc.*   5,800    1,541,988 
Cisco Systems, Inc.   17,486    850,694 
Intelsat SA*   48,000    1,440,000 
Total Telecommunications        3,832,682 
           
Total Common Stocks
(Cost $31,169,635)		        33,902,467 
           
MONEY MARKET FUND – 2.8%          
Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 1.97%(b)
(Cost $956,754)		   956,754    956,754 
           
REPURCHASE AGREEMENT – 0.0%**(c)          
NatWest Markets PLC, dated 09/28/18, due 10/01/18, 1.67%, total to be received $216, (collateralized by various U.S. Government Agency Obligations, 2.75%-6.63%, 02/15/27-08/15/47, totaling $219)          
(Cost $216)  $216   $216 
Total Investments – 100.1%          
(Cost $32,126,605)        34,859,437 
Liabilities in Excess of Other Assets – (0.1%)        (28,025)
Net Assets – 100.0%       $34,831,412 

 

 

PLC - Public Limited Company

 

* 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 $4,183,718; the aggregate market value of the collateral held by the fund is $4,269,833. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $4,269,617.
(b) Rate shown reflects the 7-day yield as of September 30, 2018.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Commercial Services   12.6%
Healthcare - Products   9.0 
Home Furnishings   4.5 
Internet   22.5 
Office / Business Equipment   4.1 
Semiconductors   7.2 
Software   26.4 
Telecommunications   11.0 
Money Market Fund   2.8 
Repurchase Agreement   0.0**
Total Investments   100.1 
Liabilities in Excess of Other Assets   (0.1)
Net Assets   100.0%

 

** Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES – 28.3%
           
Commercial Mortgage Backed Securities – 3.4%          
Access Point Funding I LLC, Class A, Series 2017-A, 3.06%, 04/15/29‡  $189,955   $188,754 
Aventura Mall Trust, Class C, Series 2013-AVM, 3.87%, 12/05/32@‡*   250,000    253,427 
Bayview Commercial Asset Trust, Class A2, Series 2006-2A, 2.50%, (1-Month USD LIBOR + 0.28%), 07/25/36@‡   180,450    175,851 
BX Trust, Class B, Series 2018-GW, 3.18%, (1-Month USD LIBOR + 1.02%), 05/15/35@‡   700,000    701,732 
Caesars Palace Las Vegas Trust, Class C, Series 2017-VICI, 4.14%, 10/15/34‡   445,000    446,545 
Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡*   460,000    481,921 
GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.49%, 12/15/34@‡*   200,000    199,452 
Hospitality Mortgage Trust, Class B, Series 2017-HIT, 3.31%, (1-Month USD LIBOR + 1.18%), 05/08/30@‡   750,000    751,122 
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47   306,946    308,167 
Motel 6 Trust, Class A, Series 2017-MTL6, 3.08%, (1-Month USD LIBOR + 0.92%), 08/15/34@‡   648,830    650,038 
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37@‡*   295,068    293,710 
Velocity Commercial Capital Loan Trust, Class AFX, Series 2017-1, 3.00%, 05/25/47@‡*   165,951    164,066 
VSD LLC, 3.60%, 12/25/43   119,973    119,941 
Total Commercial Mortgage Backed Securities        4,734,726 
           
Residential Mortgage Backed Securities – 24.9%          
Ajax Mortgage Loan Trust, Class A, Series 2017-B, 3.16%, 09/25/56@‡*   267,346    262,018 
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34   97,466    100,657 
AMSR Trust, Class C, Series 2016-SFR1, 4.41%, (1-Month USD LIBOR + 2.25%), 11/17/33@‡   762,500    764,414 
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-2, 3.67%, 07/27/48@‡*   148,739    149,105 
Angel Oak Mortgage Trust LLC, Class A1, Series 2017-3, 2.71%, 11/25/47@‡*   450,975    448,974 
Arroyo Mortgage Trust, Class A1, Series 2018-1, 3.76%, 04/25/48@‡*   649,926    651,678 
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 01/25/35   69,207    71,233 
Banc of America Funding Trust, Class 5A1, Series 2004-A, 4.75%, 07/20/34@*   157,979    158,857 
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35   143,980    144,464 
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37   162,474    165,550 
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57@‡*   204,929    203,550 
Bayview Opportunity Master Fund IVa Trust, Class A1, Series 2017-RT1, 3.00%, 03/28/57@‡*   727,996   713,953 
Bayview Opportunity Master Fund IVb Trust, Class A, Series 2017-SPL4, 3.50%, 01/28/55@‡*   406,439    404,670 
Bear Stearns ALT-A Trust, Class 3A1, Series 2004-5, 4.23%, 06/25/34@*   258,240    263,590 
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 3.90%, 04/25/34@*   262,032    263,552 
Bear Stearns ARM Trust, Class 22A1, Series 2004-9, 4.59%, 11/25/34@*   420,227    428,224 
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 4.51%, 01/25/35@*   394,105    413,123 
Bear Stearns ARM Trust, Class 21A1, Series 2004-10, 3.91%, 01/25/35@*   633,978    640,187 
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.85%, 09/25/34   249,406    256,228 
Citigroup Mortgage Loan Trust, Class A1, Series 2018-RP3, 3.25%, 03/25/61@‡*   360,086    360,965 
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡*   390,236    393,700 
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2013-A, 3.00%, 05/25/42@‡*   881,141    868,141 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡*   224,310    224,592 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@‡*   491,828    488,231 
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64@‡*   187,403    184,097 
Colony Starwood Homes Trust, Class C, Series 2016-2A, 4.31%, (1-Month USD LIBOR + 2.15%), 12/17/33@‡   665,000    667,543 
COLT Mortgage Loan Trust, Class A1, Series 2018-1, 2.93%, 02/25/48@‡*   441,364    440,139 
COLT Mortgage Loan Trust, Class A1, Series 2018-2, 3.47%, 07/27/48@‡*   301,688    301,383 
Corevest American Finance Trust, Class A, Series 2018-1, 3.80%, 06/15/51‡   308,092    308,548 
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35   236,917    238,651 
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.00%, 04/25/43@‡*   403,176    400,805 
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.76%, 04/25/44@‡*   479,986    476,489 
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 4.27%, 09/25/34@*   72,006    73,154 
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 6A1, Series 2004-8, 4.50%, 12/25/19   43,470    43,854 
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 5A1, Series 2003-AR30, 3.96%, 01/25/34@*   143,935    148,477 
Deephaven Residential Mortgage Trust, Class A1, Series 2017-2A, 2.45%, 06/25/47@‡*   133,969    133,376 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)
           
Residential Mortgage Backed Securities (continued)          
Deephaven Residential Mortgage Trust, Class A3, Series 2017-3A, 2.81%, 10/25/47@‡*  $156,560   $155,333 
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡*   621,379    615,018 
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 4.21%, 06/25/34@*   184,024    186,973 
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34   59,305    60,112 
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33   215,995    224,246 
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 3.86%, 06/25/34@*   243,953    241,604 
Homeward Opportunities Fund I Trust, Class A1, Series 2018-1, 3.77%, 06/25/48@‡*   418,155    419,205 
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.40%, 06/25/29@‡*   561,923    557,836 
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡*   324,372    323,624 
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 4.15%, 07/25/34@*   167,680    168,163 
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 4.48%, 08/25/34@*   138,504    140,270 
JPMorgan Mortgage Trust, Class 2A1, Series 2004-A4, 4.33%, 09/25/34@*   84,841    86,278 
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 4.02%, 04/25/35@*   420,296    419,161 
JPMorgan Mortgage Trust, Class AM1, Series 2015-1, 3.04%, 12/25/44@‡*   325,223    325,339 
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 3.08%, 05/25/45@‡*   555,705    555,203 
JPMorgan Mortgage Trust, Class 2A2, Series 2017-3, 2.50%, 08/25/47@‡*   702,931    674,450 
JPMorgan Mortgage Trust, Class A1, Series 2017-5, 3.17%, 10/26/48@‡*   853,503    847,156 
JPMorgan Mortgage Trust, Class A3, Series 2017-4, 3.50%, 11/25/48@‡*   210,154    204,942 
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34   239,255    248,577 
MASTR Alternative Loan Trust, Class 2A1, Series 2005-2, 6.00%, 01/25/35   156,477    162,859 
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20   19,771    19,802 
MASTR Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡   162,483    165,476 
Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 4.10%, 08/25/34@*   507,616    508,948 
Mill City Mortgage Loan Trust, Class A1, Series 2016-1, 2.50%, 04/25/57@‡*   490,319    480,831 
Mill City Mortgage Loan Trust, Class A1, Series 2017-1, 2.75%, 11/25/58@‡*   268,361    263,850 
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38   122,994    127,549 
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡*   151,708    152,110 
New Residential Mortgage Loan Trust, Class A1, Series 2015-2A, 3.75%, 08/25/55@‡*   861,725    861,862 
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56@‡*   613,609    612,548 
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56@‡*   400,331    399,401 
NovaStar Mortgage Funding Trust, Class M5, Series 2004-4, 3.94%, (1-Month USD LIBOR + 1.73%), 03/25/35@   883,894    896,858 
Oak Hill Advisors Residential Loan Trust, Class A1, Series 2017-NPL2, 3.00%, 07/25/57‡   284,288    280,576 
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2017-NPL3, 3.25%, 06/29/32‡   354,095    352,376 
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2018-NPL3, 4.13%, 08/27/33‡   236,619    236,966 
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2017-NPL2, 3.25%, 03/28/57‡   242,231    241,635 
Progress Residential Trust, Class B, Series 2017-SFR1, 3.02%, 08/17/34‡   665,000    642,226 
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@*   18,687    18,741 
RCO Mortgage LLC, Class A1, Series 2017-1, 3.38%, 08/25/22‡   105,558    105,198 
Starwood Waypoint Homes Trust, Class A, Series 2017-1, 3.11%, (1-Month USD LIBOR + 0.95%), 01/17/35@‡   500,939    501,433 
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 4.33%, 02/25/34@*   234,601    234,973 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 4.17%, 04/25/34@*   390,513    397,450 
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 4.17%, 04/25/34@*   73,328    73,875 
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 4.19%, 12/25/33@*   147,100    148,115 
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.24%, 02/25/34   425,458    431,202 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33   268,491    274,042 
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 4.38%, 11/25/33@*   195,943    196,123 
Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55@‡*   260,000    257,529 
Towd Point Mortgage Trust, Class A1B, Series 2015-5, 2.75%, 05/25/55@‡*   502,727    496,185 
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55@‡*   250,000    247,460 
Towd Point Mortgage Trust, Class A1, Series 2016-3, 2.25%, 04/25/56@‡*   385,874    378,126 
Towd Point Mortgage Trust, Class A1, Series 2016-4, 2.25%, 07/25/56@‡*   442,414    431,966 
Tricon American Homes Trust, Class A, Series 2017-SFR1, 2.72%, 09/17/34‡   265,000    254,536 
Verus Securitization Trust, Class A1, Series 2017-1A, 2.85%, 01/25/47@‡*   122,619    121,985 
Verus Securitization Trust, Class A1, Series 2017-2A, 2.49%, 07/25/47@‡*   701,371    687,599 
Verus Securitization Trust, Class A1, Series 2018-1, 2.93%, 02/25/48@‡*   651,940    644,999 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
MORTGAGE BACKED SECURITIES (continued)
           
Residential Mortgage Backed Securities (continued)          
Verus Securitization Trust, Class A3, Series 2018-INV1, 4.05%, 03/25/58@‡*  $96,478   $96,712 
Verus Securitization Trust, Class A1, Series 2018-2, 3.68%, 06/01/58@‡*   750,400    751,581 
VOLT LVI LLC, Class A1, Series 2017-NPL3, 3.50%, 03/25/47‡   360,058    359,265 
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 4.23%, 06/25/33@*   130,232    132,084 
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 3.91%, 08/25/33@*   91,578    91,328 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 4.47%, 06/25/33@*   16,796    17,053 
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 4.62%, 10/25/33@*   102,526    104,079 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2003-J, 4.42%, 10/25/33@*   103,991    106,030 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 3.92%, 02/25/34@*   208,881    217,107 
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 4.49%, 07/25/34@*   67,186    69,386 
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 4.48%, 07/25/34@*   189,261    193,723 
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 4.33%, 10/25/34@*   264,643    267,567 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 3.76%, 12/25/34@*   68,199    69,866 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-AR10, 4.21%, 06/25/35@*   371,775    384,285 
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35   60,263    62,079 
Total Residential Mortgage Backed Securities        33,939,217 
Total Mortgage Backed Securities          
(Cost $38,938,571)        38,673,943 
ASSET BACKED SECURITIES – 27.2%          
ACC Trust, Class A, Series 2018-1, 3.70%, 12/21/20‡   319,142    319,055 
American Credit Acceptance Receivables Trust, Class B, Series 2016-1A, 4.24%, 06/13/22‡   75,471    75,558 
American Credit Acceptance Receivables Trust, Class C, Series 2017-2, 2.86%, 06/12/23‡   645,000    642,904 
American Credit Acceptance Receivables Trust, Class C, Series 2018-3, 3.75%, 10/15/24‡   415,000    414,838 
AmeriCredit Automobile Receivables Trust, Class B, Series 2016-1, 2.30%, 03/08/21   720,000    718,405 
AmeriCredit Automobile Receivables Trust, Class B, Series 2016-2, 2.21%, 05/10/21   290,000    288,951 
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20   72,647    72,630 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21   655,000    654,496 
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-4, 2.88%, 07/08/21   715,000    714,234 
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20   688,866    688,786 
Aqua Finance Trust, Class A, Series 2017-A, 3.72%, 11/15/35‡   469,208    459,413 
Ascentium Equipment Receivables Trust, Class B, Series 2017-1A, 2.85%, 10/10/21‡   645,000    628,907 
Avid Automobile Receivables Trust, Class A, Series 2018-1, 2.84%, 08/15/23‡   385,402    383,703 
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡   438,299    428,519 
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡   102,412    100,425 
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡   485,074    471,260 
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20   26,544    26,531 
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20   395,849    395,720 
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡   170,217    170,162 
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡   1,000,000    998,921 
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡   356,097    352,166 
Chrysler Capital Auto Receivables Trust, Class D, Series 2015-BA, 4.17%, 01/16/23‡   635,000    637,493 
CLUB Credit Trust, Class B, Series 2017-P1, 3.56%, 09/15/23‡   270,000    268,729 
Conn's Receivables Funding LLC, Class B, Series 2018-A, 4.65%, 01/15/23‡   365,000    365,609 
Consumer Loan Underlying Bond Credit Trust, Class A, Series 2018-P2, 3.47%, 10/15/25‡   410,000    411,113 
CPS Auto Receivables Trust, Class B, Series 2017-C, 2.30%, 07/15/21‡   805,000    800,379 
CPS Auto Trust, Class D, Series 2018-C, 4.40%, 06/17/24‡   390,000    390,328 
Dell Equipment Finance Trust, Class A3, Series 2017-2, 2.19%, 10/24/22‡   615,000    609,091 
Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡   264,538    264,404 
Diamond Resorts Owner Trust, Class A, Series 2017-1A, 3.27%, 10/22/29‡   387,327    383,791 
DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡   119,991    119,541 
Drive Auto Receivables Trust, Class C, Series 2015-DA, 3.38%, 11/15/21‡   271,023    271,451 
Drive Auto Receivables Trust, Class C, Series 2016-CA, 3.02%, 11/15/21‡   665,000    665,450 
Drive Auto Receivables Trust, Class C, Series 2017-2, 2.75%, 09/15/23   805,000    803,112 
Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡   104,672    104,366 
DT Auto Owner Trust, Class C, Series 2016-2A, 3.67%, 01/18/22‡   230,765    231,142 
DT Auto Owner Trust, Class C, Series 2016-3A, 3.15%, 03/15/22‡   352,858    353,078 
Exeter Automobile Receivables Trust, Class B, Series 2017-1A, 3.00%, 12/15/21‡   455,000    454,956 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)          
Exeter Automobile Receivables Trust, Class B, Series 2017-2A, 2.82%, 05/16/22‡  $785,000   $780,886 
Exeter Automobile Receivables Trust, Class B, Series 2017-3A, 2.81%, 09/15/22‡   270,000    266,952 
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡   342,625    344,252 
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡   1,115,000    1,119,728 
Exeter Automobile Receivables Trust, Class C, Series 2018-1A, 3.03%, 01/17/23‡   465,000    460,160 
Exeter Automobile Receivables Trust, Class C, Series 2018-2A, 3.69%, 03/15/23‡   445,000    444,093 
First Investors Auto Owner Trust, Class B, Series 2017-2A, 2.65%, 11/15/22‡   650,000    641,503 
Flagship Credit Auto Trust, Class A, Series 2016-1, 2.77%, 12/15/20‡   106,331    106,346 
Flagship Credit Auto Trust, Class D, Series 2014-2, 5.21%, 02/15/21‡   645,000    652,329 
Foursight Capital Automobile Receivables Trust, Class A2, Series 2016-1, 2.87%, 10/15/21‡   294,372    293,897 
Foursight Capital Automobile Receivables Trust, Class B, Series 2017-1, 3.05%, 12/15/22‡   650,000    640,992 
Foursight Capital Automobile Receivables Trust, Class C, Series 2018-1, 3.68%, 08/15/23‡   445,000    441,102 
GLS Auto Receivables Trust, Class B, Series 2017-1A, 2.98%, 12/15/21‡   770,000    764,437 
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡   167,023    165,735 
Hertz Vehicle Financing II LP, Class A, Series 2015-1A, 2.73%, 03/25/21‡   910,000    902,412 
Hertz Vehicle Financing II LP, Class A, Series 2016-1A, 2.32%, 03/25/20‡   200,000    199,464 
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡   275,198    273,622 
Hilton Grand Vacations Trust, Class A, Series 2018-AA, 3.54%, 02/25/32‡   415,000    415,065 
Hyundai Auto Lease Securitization Trust, Class A2A, Series 2018-A, 2.55%, 08/17/20‡   550,000    549,282 
Mariner Finance Issuance Trust, Class A, Series 2017-AA, 3.62%, 02/20/29‡   645,000    645,368 
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡   309,869    307,639 
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡   200,559    196,335 
OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 03/18/26‡   43,338    43,447 
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡   3,393    3,397 
Oportun Funding IX LLC, Class A, Series 2018-B, 3.91%, 07/08/24‡   390,000    388,878 
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡   204,313    200,685 
Prestige Auto Receivables Trust, Class C, Series 2017-1A, 2.81%, 01/17/23‡   810,000    793,834 
Prosper Marketplace Issuance Trust, Class A, Series 2018-1A, 3.11%, 06/17/24‡   285,031    285,133 
Santander Drive Auto Receivables Trust, Class C, Series 2017-1, 2.58%, 05/16/22   650,000    645,865 
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31@‡*   32,793   32,719 
Skopos Auto Receivables Trust, Class A, Series 2018-1A, 3.19%, 09/15/21‡   320,405    320,149 
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡   236,622    235,248 
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡   93,519    93,610 
Sofi Consumer Loan Program LLC, Class A, Series 2016-3, 3.05%, 12/26/25‡   443,498    441,694 
Sofi Consumer Loan Program LLC, Class A, Series 2017-1, 3.28%, 01/26/26‡   425,779    425,344 
Sofi Consumer Loan Program Trust, Class A1, Series 2018-3, 3.20%, 08/25/27‡   601,923    601,953 
Sofi Professional Loan Program LLC, Class A2A, Series 2017-C, 1.75%, 07/25/40‡   318,500    315,813 
SoFi Professional Loan Program LLC, Class A1FX, Series 2017-B, 1.83%, 05/25/40‡   208,398    207,361 
Springleaf Funding Trust, Class A, Series 2016-AA, 2.90%, 11/15/29‡   805,000    802,976 
Taco Bell Funding LLC, Class A2I, Series 2016-1A, 3.83%, 05/25/46‡   453,100    453,889 
Tesla Auto Lease Trust, Class A, Series 2018-A, 2.32%, 12/20/19‡   389,609    388,592 
Tidewater Auto Receivables Trust, Class B, Series 2018-AA, 3.45%, 11/15/24‡   525,000    523,428 
TRIP Rail Master Funding LLC, Class A1, Series 2017-1A, 2.71%, 08/15/47‡   533,523    526,003 
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡   255,064    249,929 
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡   518,950    520,298 
Westgate Resorts LLC, Class A, Series 2016-1A, 3.50%, 12/20/28‡   249,031    247,905 
Westgate Resorts LLC, Class A, Series 2018-1A, 3.38%, 12/20/31‡   477,972    475,486 
Westlake Automobile Receivables Trust, Class B, Series 2016-3A, 2.07%, 12/15/21‡   409,857    409,463 
Westlake Automobile Receivables Trust, Class C, Series 2016-2A, 2.83%, 05/17/21‡   734,150    734,211 
           
Total Asset Backed Securities          
(Cost $37,313,937)        37,118,526 
           
CORPORATE BONDS – 23.4%          
           
Consumer Discretionary – 2.6%          
Aptiv Corp., 4.15%, 03/15/24   510,000    511,602 
Bunge Ltd. Finance Corp., 4.35%, 03/15/24   490,000    485,705 
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.50%, 02/01/24   235,000    236,715 
DR Horton, Inc., 4.75%, 02/15/23(a)   410,000    420,384 
Ford Motor Credit Co. LLC, 3.20%, 01/15/21   360,000    354,858 
General Motors Financial Co., Inc., 3.55%, 04/09/21   94,000    93,991 
Hyundai Capital America, 2.45%, 06/15/21‡   515,000    495,795 
Lennar Corp., 5.25%, 06/01/26   390,000    388,050 
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.88%, 06/15/24   495,000    493,144 
Total Consumer Discretionary        3,480,244 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
CORPORATE BONDS (continued)
           
Consumer Staples – 1.2%          
Campbell Soup Co., 3.30%, 03/15/21(a)  $110,000   $109,016 
Campbell Soup Co., 3.65%, 03/15/23(a)   450,000    441,794 
CVS Health Corp., 3.05%, (3-Month USD LIBOR + 0.72%), 03/09/21@   130,000    131,067 
CVS Health Corp., 3.70%, 03/09/23   382,000    380,386 
Kraft Heinz Foods Co., 3.50%, 07/15/22   281,000    279,106 
Kraft Heinz Foods Co., 4.00%, 06/15/23   265,000    266,033 
Total Consumer Staples        1,607,402 
           
Energy – 0.9%          
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23(a)   350,000    359,188 
Kinder Morgan, Inc., 3.15%, 01/15/23   350,000    340,825 
Kinder Morgan, Inc., 5.63%, 11/15/23‡   545,000    582,385 
Total Energy        1,282,398 
           
Financials – 10.6%          
Ares Capital Corp., 3.50%, 02/10/23   545,000    521,304 
Aviation Capital Group LLC, 3.88%, 05/01/23‡   306,000    303,099 
Bank of America Corp., 3.34%, (3-Month USD LIBOR + 1.00%), 04/24/23@   535,000    542,398 
Bank of America Corp., 3.11%, (3-Month USD LIBOR + 0.77%), 02/05/26@   243,000    239,118 
Bank of New York Mellon Corp. (The), Series E, 4.95%, (3-Month USD LIBOR + 3.42%)#@   555,000    566,794 
Citigroup, Inc., 3.30%, (3-Month USD LIBOR + 0.96%), 04/25/22@   670,000    677,011 
Citigroup, Inc., 3.65%, (3-Month USD LIBOR + 1.25%), 07/01/26@   850,000    857,957 
FS Investment Corp., 4.25%, 01/15/20   345,000    345,315 
Goldman Sachs Group, Inc. (The), 2.35%, 11/15/21   165,000    159,312 
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/22   515,000    504,816 
Goldman Sachs Group, Inc. (The), 3.92%, (3-Month USD LIBOR + 1.60%), 11/29/23@   270,000    281,373 
Goldman Sachs Group, Inc. (The), 3.48%, (3-Month USD LIBOR + 1.17%), 05/15/26@   595,000    595,888 
Goldman Sachs Group, Inc. (The), 4.09%, (3-Month USD LIBOR + 1.75%), 10/28/27@   650,000    674,835 
Huntington Bancshares, Inc., 7.00%, 12/15/20(a)   200,000    214,365 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 02/01/22   350,000    359,625 
iStar, Inc., 6.00%, 04/01/22   235,000    237,350 
Jefferies Group LLC, 6.88%, 04/15/21   82,000    88,000 
JPMorgan Chase & Co., 3.24%, (3-Month USD LIBOR + 0.90%), 04/25/23@   400,000    403,942 
JPMorgan Chase & Co., Series Z, 5.30%, (3-Month USD LIBOR + 3.80%)#@   805,000    825,125 
Lincoln National Corp., 4.39%, (3-Month USD LIBOR + 2.04%), 04/20/67@   100,000    92,135 
Morgan Stanley, 3.74%, (3-Month USD LIBOR + 1.40%), 10/24/23@   1,950,000    2,004,893 
Navient Corp., 6.50%, 06/15/22   385,000    400,585 
Nuveen Finance LLC, 2.95%, 11/01/19‡   400,000    399,557 
Santander Holdings USA, Inc., 3.70%, 03/28/22   585,000    578,275 
SBA Tower Trust, 3.16%, 10/08/20‡   570,000    568,575 
SBA Tower Trust, 2.88%, 07/09/21‡   780,000    767,891 
SBA Tower Trust, 3.17%, 04/11/22‡   780,000    768,583 
Wells Fargo Bank NA, 3.55%, 08/14/23   445,000    443,209 
Total Financials        14,421,330 
           
Health Care – 2.1%          
Allergan Funding SCS, 3.00%, 03/12/20   85,000    84,924 
Allergan Funding SCS, 3.45%, 03/15/22   85,000    84,498 
Anthem, Inc., 2.95%, 12/01/22   347,000    337,703 
Becton Dickinson and Co., 3.26%, (3-Month USD LIBOR + 0.88%), 12/29/20@   183,000    183,283 
Becton Dickinson and Co., 2.89%, 06/06/22   622,000    605,258 
Cardinal Health, Inc., 2.62%, 06/15/22   640,000    612,858 
Elanco Animal Health, Inc., 3.91%, 08/27/21‡   44,000    44,071 
Elanco Animal Health, Inc., 4.27%, 08/28/23‡   112,000    112,575 
Halfmoon Parent, Inc., 2.98%, (3-Month USD LIBOR + 0.65%), 09/17/21@‡   350,000    350,565 
Halfmoon Parent, Inc., 3.22%, (3-Month USD LIBOR + 0.89%), 07/15/23@‡(a)   224,000    224,159 
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22   295,000    289,193 
Total Health Care        2,929,087 
           
Industrials – 2.0%          
CNH Industrial Capital LLC, 4.20%, 01/15/24   435,000    433,918 
Continental Airlines Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20   72,356    73,803 
General Electric Co., Series D, 5.00%, (3-Month USD LIBOR + 3.33%)#@   370,000    360,935 
Masco Corp., 3.50%, 04/01/21   515,000    515,032 
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.13%, 08/01/23‡   385,000    384,783 
Pitney Bowes, Inc., 4.38%, 05/15/22   738,000    687,263 
TransDigm, Inc., 6.50%, 07/15/24   270,000    277,290 
Total Industrials        2,733,024 
           
Information Technology – 0.1%          
Hewlett Packard Enterprise Co., 3.50%, 10/05/21   180,000    179,933 
           
Materials – 0.3%          
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.84%, (3-Month USD LIBOR + 3.50%), 07/15/21@‡(a)   380,000    386,175 
           
Real Estate – 0.5%          
Government Properties Income Trust, 3.75%, 08/15/19   85,000    85,333 
Greystar Student Housing Growth & Income OP LP, 4.60%, 12/01/24   100,000    106,935 
Hospitality Properties Trust, 4.65%, 03/15/24   515,000    512,517 
Total Real Estate        704,785 
           
Telecommunication Services – 2.7%          
AT&T, Inc., 3.21%, (3-Month USD LIBOR + 0.89%), 02/15/23@‡   525,000    520,566 
AT&T, Inc., 3.51%, (3-Month USD LIBOR + 1.18%), 06/12/24@   695,000    698,666 
Crown Castle International Corp., 4.88%, 04/15/22   355,000    366,585 
Motorola Solutions, Inc., 3.75%, 05/15/22   51,173    50,781 
Motorola Solutions, Inc., 3.50%, 03/01/23(a)   260,000    253,496 
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.36%, 09/20/21‡   585,000    584,269 
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 03/20/25‡   445,000    445,912 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
CORPORATE BONDS (continued)
           
Telecommunication Services (continued)          
Verizon Communications, Inc., 3.41%, (3-Month USD LIBOR + 1.10%), 05/15/25@  $782,000   $789,465 
Total Telecommunication Services        3,709,740 
           
Utilities – 0.4%          
PSEG Power LLC, 3.85%, 06/01/23   510,000    508,643 
Total Corporate Bonds          
(Cost $32,160,637)        31,942,761 
           
TERM LOANS – 11.1%          
           
Aerospace – 0.6%          
TransDigm, Inc., 4.74%, (1-Month USD LIBOR + 2.50%), 06/09/23@   201,933    202,901 
TransDigm, Inc., 4.74%, (1-Month USD LIBOR + 2.50%), 08/22/24@   167,881    168,578 
TransDigm, Inc., 4.74%, (1-Month USD LIBOR + 2.50%), 05/30/25@   74,625    74,923 
United AirLines, Inc., 3.99%, (1-Month USD LIBOR + 1.75%), 04/01/24@   333,778    333,986 
Total Aerospace        780,388 
           
Chemicals – 0.3%          
Ineos US Finance LLC, 4.24%, (1-Month USD LIBOR + 2.00%), 04/01/24@   362,263    363,496 
           
Consumer Non-Durables – 0.0%†          
Herbalife Nutrition Ltd., 5.49%, (1-Month USD LIBOR + 3.25%), 08/18/25@   65,000    65,663 
           
Energy – 0.5%          
Lotus Midstream, LLC, 09/26/25@(b)   45,000    45,338 
Medallion Midland Acquisition, LLC, 5.49%, (1-Month USD LIBOR + 3.25%), 10/30/24@   347,824    346,085 
Ultra Resources, Inc., 5.17%, (1-Month USD LIBOR + 3.00%), 04/12/24@   365,000    329,945 
Total Energy        721,368 
           
Financials – 0.2%          
Delos Finance S.a.r.l., 4.14%, (3-Month USD LIBOR + 1.75%), 10/06/23@   289,000    290,445 
           
Food and Drug – 0.4%          
Albertson's LLC, 4.99%, (1-Month USD LIBOR + 2.75%), 08/25/21@   477,784    478,828 
           
Food/Tobacco – 0.6%          
Aramark Servies, Inc., 4.08%, (3-Month USD LIBOR + 1.75%), 03/28/24@   323,738    324,800 
Hostess Brands, LLC, 4.49%, (1-Month USD LIBOR + 2.25%), 08/03/22@   463,954    464,896 
Total Food/Tobacco        789,696 
           
Gaming/Leisure – 1.8%          
Eldorado Resorts, Inc., 4.44%, (2-Month USD LIBOR + 2.25%), 04/17/24@   594,085    597,676 
GVC Holdings PLC, 4.74%, (1-Month USD LIBOR + 2.50%), 03/29/24@   338,300    340,132 
MGM Growth Properties Operating Partnership LP, 4.24%, (1-Month USD LIBOR + 2.00%), 03/25/25@   611,325    612,804 
Playa Resorts Holding B.V., 4.99%, (1-Month USD LIBOR + 2.75%), 04/29/24@   277,827    276,126 
Scientific Games International, Inc., 4.99%, (1-Month USD LIBOR + 2.75%), 08/14/24@   4,975    4,973 
Seminole Tribe of Florida, 3.99%, (1-Month USD LIBOR + 1.75%), 07/08/24@   276,302    277,960 
Station Casinos LLC, 4.75%, (1-Month USD LIBOR + 2.50%), 06/08/23@   369,660    371,614 
Total Gaming/Leisure        2,481,285 
           
Health Care – 1.0%          
Acadia Healthcare Co., Inc., 4.74%, (1-Month USD LIBOR + 2.50%), 02/16/23@   171,735    173,144 
CHS/Community Health Systems, Inc., 5.56%, (3-Month USD LIBOR + 3.25%), 01/27/21@   291,097    287,949 
IQVIA Holdings, Inc., 4.14%, (3-Month USD LIBOR + 1.75%), 06/11/25@   229,425    229,617 
Syneos Health, Inc. (fka INC Research Holdings, Inc.), 4.24%, (1-Month USD LIBOR + 2.00%), 08/01/24@   160,284    160,723 
Valeant Pharmaceuticals International, Inc., 5.10%, (1-Month USD LIBOR + 3.00%), 06/02/25@   501,120    504,229 
Total Health Care        1,355,662 
           
Housing – 0.9%          
Capital Automotive LP, 4.75%, (1-Month USD LIBOR + 2.50%), 03/25/24@   506,342    507,714 
Quikrete Holdings, Inc., 4.99%, (1-Month USD LIBOR + 2.75%), 11/15/23@   445,192    446,724 
Realogy Group, 4.40%, (1-Month USD LIBOR + 2.25%), 02/08/25@   283,594    284,763 
Total Housing        1,239,201 
           
Information Technology – 0.7%          
Rackspace Hosting, Inc., 5.35%, (3-Month USD LIBOR + 3.00%), 11/03/23@   342,667    338,759 
SS&C European Holdings S.a.r.l., 4.49%, (1-Month USD LIBOR + 2.25%), 04/16/25@   140,854    141,163 
SS&C Technologies Holdings, Inc., 04/16/25@(b)   55,000    55,107 
SS&C Technologies, Inc., 4.49%, (1-Month USD LIBOR + 2.25%), 04/16/25@   362,870    363,665 
Total Information Technology        898,694 
           
Manufacturing – 0.0%†          
Altra Industrial Motion Corp., 09/26/25@(b)   35,000    35,137 
           
Media/Telecom - Cable/Wireless Video – 1.3%          
Charter Communications Operating, LLC (aka CCO Safari LLC), 4.25%, (1-Month USD LIBOR + 2.00%), 04/30/25@   465,492    466,710 
CSC Holdings, LLC (fka CSC Holdings Inc. (Cablevision)), 4.41%, (1-Month USD LIBOR + 2.25%), 07/17/25@   389,053    389,700 
Telenet Financing, 4.41%, (1-Month USD LIBOR + 2.25%), 08/15/26@   415,000    413,801 
Virgin Media Bristol LLC, 4.66%, (1-Month USD LIBOR + 2.50%), 01/15/26@   495,000    496,378 
Total Media/Telecom - Cable/Wireless Video        1,766,589 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
TERM LOANS (continued)
           
Media/Telecom - Diversified Media – 0.4%          
McGraw-Hill Global Education Holdings LLC, 6.24%, (1-Month USD LIBOR + 4.00%), 05/04/22@  $328,193   $319,509 
Meredith Corp., 5.24%, (1-Month USD LIBOR + 3.00%), 01/31/25@   234,893    236,590 
Total Media/Telecom - Diversified Media        556,099 
           
Media/Telecom - Telecommunications – 0.9%          
CenturyLink, Inc., 4.99%, (1-Month USD LIBOR + 2.75%), 01/31/25@   277,476    275,880 
Frontier Communications Corp., 6.00%, (1-Month USD LIBOR + 3.75%), 06/15/24@   297,739    292,714 
Level 3 Financing, Inc., 4.43%, (1-Month USD LIBOR + 2.25%), 02/22/24@   485,000    486,921 
TDC A/S, 5.84%, (3-Month USD LIBOR + 3.50%), 06/04/25@   144,638    146,301 
Total Media/Telecom - Telecommunications        1,201,816 
           
Service – 0.5%          
First Data Corp., 4.21%, (1-Month USD LIBOR + 2.00%), 07/08/22@   227,829    228,437 
First Data Corp., 4.21%, (1-Month USD LIBOR + 2.00%), 04/26/24@   487,489    488,444 
Total Service        716,881 
           
Utilities – 1.0%          
Calpine Corp., 4.89%, (3-Month USD LIBOR + 2.50%), 01/15/24@   434,408    434,996 
NRG Energy, Inc., 4.14%, (3-Month USD LIBOR + 1.75%), 06/30/23@   380,653    381,486 
Vistra Operations Co. LLC, 4.16%, (1-Month USD LIBOR + 2.00%), 12/31/25@   319,200    319,939 
Vistra Operations Co. LLC, 4.24%, (1-Month USD LIBOR + 2.00%), 08/04/23@   225,574    226,138 
Total Utilities        1,362,559 
           
Total Term Loans          
(Cost $15,098,184)        15,103,807 
           
FOREIGN BONDS – 4.9%          
           
Consumer Staples – 0.6%          
BAT Capital Corp. (United Kingdom), 2.76%, 08/15/22‡   805,000    776,353 
           
Financials – 1.8%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 4.50%, 05/15/21   405,000    411,538 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.95%, 02/01/22   150,000    149,700 
Guanay Finance Ltd. (Chile), 6.00%, 12/15/20‡   479,403    482,998 
HSBC Holdings PLC (United Kingdom), 2.95%, 05/25/21   640,000    631,586 
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/21   785,000    755,609 
Total Financials        2,431,431 
           
Health Care – 0.4%          
Bayer US Finance II LLC (Germany), 3.00%, (3-Month USD LIBOR + 0.63%), 06/25/21@‡   310,000    311,326 
Bayer US Finance II LLC (Germany), 3.34%, (3-Month USD LIBOR + 1.01%), 12/15/23@‡   235,000    235,569 
Total Health Care        546,895 

 

 

Investments  Principal/ Shares   Value 
FOREIGN BONDS (continued)
 
Industrials – 0.5%
British Airways Class B Pass-Through Trust (United Kingdom), 5.63%, 06/20/20‡  $122,651   $124,491 
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, Series 2012-1A (Guernsey), 5.13%, 11/30/22‡   551,814    560,838 
Total Industrials        685,329 
           
Information Technology – 0.1%          
Tencent Holdings Ltd. (China), 2.99%, 01/19/23‡   200,000    193,824 
           
Materials – 1.5%          
ArcelorMittal (Luxembourg), 6.13%, 06/01/25   365,000    397,110 
FMG Resources August 2006 Pty Ltd. (Australia), 5.13%, 03/15/23‡(a)   240,000    235,800 
Glencore Funding LLC (Switzerland), 4.13%, 05/30/23‡   640,000    639,891 
James Hardie International Finance Dac (Ireland), 4.75%, 01/15/25‡   345,000    335,150 
NOVA Chemicals Corp. (Canada), 4.88%, 06/01/24‡   60,000    57,990 
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡   450,000    428,625 
Total Materials        2,094,566 
           
Total Foreign Bonds          
(Cost $6,870,126)        6,728,398 
           
U.S. TREASURY BILL – 2.9%          
U.S. Treasury Bill, 09/12/19, 2.59%(c)          
(Cost $3,904,227)   4,000,000    3,904,658 
           
MONEY MARKET FUND – 1.8%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 1.91%(d)
(Cost $2,388,257)		   2,388,257    2,388,257 
           
REPURCHASE AGREEMENTS – 0.9%(e)          
Citigroup Global Markets, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $302,931, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 10/15/18-02/01/57, totaling $307,906)  $302,874    302,874 
Daiwa Capital Markets America, dated 09/28/18, due 10/01/18, 2.27%, total to be received $302,931, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 10/25/18-09/09/49, totaling $308,095)   302,874    302,874 
Merrill Lynch Pierce Fenner & Smith, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $89,713, (collateralized by various U.S. Government Agency Obligations, 0.00%-1.63%, 05/23/19-09/09/49, totaling $91,176)   89,696    89,696 
Nomura Securities International, Inc., dated 09/28/18, due 10/01/18, 2.27%, total to be received $302,931, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.50%, 09/30/18-08/20/68, totaling $308,136)   302,874    302,874 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS (continued)          
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $302,931, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 10/04/18-09/09/49, totaling $308,010)  $302,874   $302,874 
           
Total Repurchase Agreements          
(Cost $1,301,192)        1,301,192 
Total Investments – 100.5%          
(Cost $137,975,131)        137,161,542 
Liabilities in Excess of Other Assets – (0.5%)        (704,916)
Net Assets – 100.0%       $136,456,626 

 

 

LIBOR - London Interbank Offered Rate

LP - Limited Partnership

PLC - Public Limited Company

 

# Perpetual security with no stated maturity date.
@ Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2018.
† Less than 0.05%.
* 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 $1,265,781; the aggregate market value of the collateral held by the fund is $1,301,192.  
(b) This loan will settle after September 30, 2018 at which time the interest rate will be determined.
(c) Represents a zero coupon bond.  Rate shown reflects the effective yield.
(d) Rate shown reflects the 7-day yield as of September 30, 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  0.6 %
Asset Backed Securities  27.2  
Chemicals  0.3  
Commercial Mortgage Backed Securities  3.4  
Consumer Discretionary  2.6  
Consumer Non-Durables  0.0 **
Consumer Staples  1.8  
Energy  1.4  
Financials  12.6  
Food and Drug  0.4  
Food/Tobacco  0.6  
Gaming/Leisure  1.8  
Health Care  3.5  
Housing  0.9  
Industrials  2.5  
Information Technology  0.9  
Manufacturing  0.0 **
Materials  1.8  
Media/Telecom - Cable/Wireless Video  1.3  
Media/Telecom - Diversified Media  0.4  
Media/Telecom - Telecommunications  0.9  
Real Estate  0.5  
Residential Mortgage Backed Securities  24.9  
Service  0.5  
Telecommunication Services  2.7  
U.S. Treasury Bill  2.9  
Utilities  1.4  
Money Market Fund  1.8  
Repurchase Agreements  0.9  
Total Investments  100.5  
Liabilities in Excess of Other Assets  (0.5 )
Net Assets  100.0 %

 

** Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF 

Schedule of Investments 

September 30, 2018 (Unaudited)

 

Investments  Principal   Value 
TERM LOANS – 71.9%
 
Advertising – 1.2%
Acosta, Inc., 5.49%, (1-Month USD LIBOR + 3.25%), 09/26/21@  $482,538   $361,602 
           
Aerospace / Defense – 2.2%          
Accudyne Industries Borrower SCA, 5.24%, (1-Month USD LIBOR + 3.00%), 08/19/24 (Luxembourg)@   226,629    227,790 
TransDigm, Inc., 4.74%, (1-Month USD LIBOR + 2.50%), 06/09/23@   430,253    432,316 
Total Aerospace / Defense        660,106 
           
Auto Manufacturers – 0.8%          
Navistar, Inc., 5.64%, (1-Month USD LIBOR + 3.50%), 11/06/24@   248,750    250,563 
           
Auto Parts & Equipment – 2.1%          
Cooper-Standard Automotive, Inc., 4.24%, (1-Month USD LIBOR + 2.00%), 11/02/23@   223,819    224,833 
Federal-Mogul LLC, 5.83%, (1-Month USD LIBOR + 3.75%), 04/15/21@   95,676    95,915 
Federal-Mogul LLC, 5.91%, (1-Month USD LIBOR + 3.75%), 04/15/21@   289,077    289,800 
Total Auto Parts & Equipment        610,548 
           
Building Materials – 1.7%          
Quikrete Holdings, Inc., 4.99%, (1-Month USD LIBOR + 2.75%), 11/15/23@   491,593    493,284 
           
Chemicals – 1.5%          
MacDermid, Inc., 5.24%, (1-Month USD LIBOR + 3.00%), 06/07/23@   189,056    190,504 
Solenis International LP, 6.31%, (3-Month USD LIBOR + 4.00%), 12/26/23@   249,375    251,744 
Total Chemicals        442,248 
           
Coal – 0.8%          
Arch Coal, Inc., 4.99%, (1-Month USD LIBOR + 2.75%), 03/07/24@   246,867    247,330 
           
Commercial Services – 2.5%          
Allied Universal Holdco LLC, 6.14%, (3-Month USD LIBOR + 3.75%), 07/28/22@   246,835    243,595 
Camelot Finance LP, 5.49%, (1-Month USD LIBOR + 3.25%), 10/03/23@   241,948    242,453 
Garda World Security Corp., 5.82%, (1-Month USD LIBOR + 3.50%), 05/24/24 (Canada)@   246,867    248,204 
Garda World Security Corp., 7.50%, (Prime + 2.50%), 05/24/24 (Canada)@   627    630 
Total Commercial Services        734,882 
           
Computers – 1.9%          
McAfee LLC, 6.74%, (1-Month USD LIBOR + 4.50%), 09/30/24@   247,500    249,843 
Western Digital Corp., 3.99%, (1-Month USD LIBOR + 1.75%), 05/01/23@   325,724    326,742 
Total Computers        576,585 
           
Distribution / Wholesale – 4.6%          
Nexeo Solutions LLC, 5.56%, (3-Month USD LIBOR + 3.25%), 06/09/23@   164,122    165,312 
Nexeo Solutions LLC, 5.59%, (3-Month USD LIBOR + 3.25%), 06/09/23@   166,412    167,619 
Nexeo Solutions LLC, 5.64%, (3-Month USD LIBOR + 3.25%), 06/09/23@   158,297    159,444 
Spin Holdco, Inc., 5.59%, (3-Month USD LIBOR + 3.25%), 11/14/22@   483,245    485,224 
Univar USA, Inc., 4.49%, (1-Month USD LIBOR + 2.25%), 07/01/24@   375,082    376,436 
Total Distribution / Wholesale        1,354,035 
           
Electric – 2.5%          
Talen Energy Supply LLC, 6.24%, (1-Month USD LIBOR + 4.00%), 04/15/24@   247,477    249,041 
Vistra Operations Co. LLC, 4.49%, (1-Month USD LIBOR + 2.25%), 12/14/23@   491,250    493,009 
Total Electric        742,050 
           
Entertainment – 1.3%          
Cineworld Finance US, Inc., 4.74%, (1-Month USD LIBOR + 2.50%), 02/28/25@   373,125    373,125 
           
Environmental Control – 0.8%          
Wrangler Buyer Corp., 4.99%, (1-Month USD LIBOR + 2.75%), 09/27/24@   248,125    249,909 
           
Food – 2.8%          
Albertson’s LLC, 5.31%, (3-Month USD LIBOR + 3.00%), 06/22/23@   343,866    344,332 
U.S. Foods, Inc., 4.24%, (1-Month USD LIBOR + 2.00%), 06/27/23@   482,548    484,902 
Total Food        829,234 
Hand / Machine Tools – 1.6%          
Apex Tool Group LLC, 5.99%, (1-Month USD LIBOR + 3.75%), 02/01/22@   469,185    471,446 
           
Healthcare - Products – 0.9%          
Avantor, Inc., 6.24%, (1-Month USD LIBOR + 4.00%), 11/21/24@   248,125    251,440 
           
Healthcare - Services – 3.1%          
Air Medical Group Holdings, Inc., 5.38%, (1-Month USD LIBOR + 3.25%), 04/28/22@   246,859    243,377 
CHS/Community Health Systems, Inc., 5.56%, (3-Month USD LIBOR + 3.25%), 01/27/21@   175,374    173,478 
HCA, Inc., 4.24%, (1-Month USD LIBOR + 2.00%), 03/13/25@   498,747    503,041 
Total Healthcare - Services        919,896 
           
Household Products / Wares – 1.1%          
Prestige Brands, Inc., 4.24%, (1-Month USD LIBOR + 2.00%), 01/26/24@   335,236    335,724 
           
Insurance – 2.2%          
HUB International, Ltd., 5.34%, (3-Month USD LIBOR + 3.00%), 04/25/25@   249,375    250,183 
USI, Inc., 5.39%, (3-Month USD LIBOR + 3.00%), 05/16/24@   396,000    396,644 
Total Insurance        646,827 
           
Internet – 1.7%          
Uber Technologies, Inc., 5.65%, (1-Month USD LIBOR + 3.50%), 07/13/23@   490,000    492,450 
           
Leisure Time – 2.5%          
BRP US, Inc., 4.24%, (1-Month USD LIBOR + 2.00%), 05/23/25 (Canada)@   246,252    246,440 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

Investments  Principal   Value 
TERM LOANS (continued)
           
Leisure Time (continued)          
ClubCorp Holdings, Inc., 5.14%, (3-Month USD LIBOR + 2.75%), 09/18/24@  $489,634   $488,148 
Total Leisure Time        734,588 
           
Lodging – 3.1%          
Caesars Resort Collection LLC, 4.99%, (1-Month USD LIBOR + 2.75%), 12/23/24@   496,250    499,525 
Hilton Worldwide Finance LLC, 3.97%, (1-Month USD LIBOR + 1.75%), 10/25/23@   177,571    178,569 
Playa Resorts Holding BV, 4.99%, (1-Month USD LIBOR + 2.75%), 04/29/24@   246,878    245,366 
Total Lodging        923,460 
           
Machinery - Diversified – 0.7%          
RBS Global, Inc., 4.24%, (1-Month USD LIBOR + 2.00%), 08/21/24@   207,725    209,012 
           
Media – 0.8%          
Altice US Finance I Corp., 4.49%, (1-Month USD LIBOR + 2.25%), 07/28/25@   243,120    243,394 
           
Metal Fabricate / Hardware – 0.8%          
Crosby U.S. Acquisition Corp., 5.21%, (1-Month USD LIBOR + 3.00%), 11/23/20@   246,762    244,216 
           
Miscellaneous Manufacturing – 1.0%          
Gates Global LLC, 4.99%, (1-Month USD LIBOR + 2.75%), 04/01/24@   296,199    298,375 
           
Packaging & Containers – 6.3%          
Kloeckner Pentaplast of America, Inc., 6.49%, (1-Month USD LIBOR + 4.25%), 06/30/22 (Luxembourg)@   248,120    241,948 
Plastipak Holdings, Inc., 4.75%, (1-Month USD LIBOR + 2.50%), 10/14/24@   247,500    247,906 
Proampac PG Borrower LLC, 5.68%, (1-Month USD LIBOR + 3.50%), 11/20/23@   178,165    179,101 
Proampac PG Borrower LLC, 5.81%, (3-Month USD LIBOR + 3.50%), 11/20/23@   110,418    110,997 
Proampac PG Borrower LLC, 5.84%, (3-Month USD LIBOR + 3.50%), 11/20/23@   202,667    203,731 
Reynolds Group Holdings, Inc., 4.99%, (1-Month USD LIBOR + 2.75%), 02/06/23@   441,362    443,845 
SIG Combibloc, 4.83%, (1-Month USD LIBOR + 2.75%), 03/11/22 (Luxembourg)@   445,765    447,002 
Total Packaging & Containers        1,874,530 
           
Pharmaceuticals – 0.8%          
Valeant Pharmaceuticals International, Inc., 5.10%, (1-Month USD LIBOR + 3.00%), 06/02/25@   224,240    225,632 
           
Retail – 12.8%          
1011778 BC ULC, 4.49%, (1-Month USD LIBOR + 2.25%), 02/16/24 (Canada)@   367,372    368,015 
Bass Pro Group LLC, 7.24%, (1-Month USD LIBOR + 5.00%), 09/25/24@   248,744    251,542 
CEC Entertainment, Inc., 5.49%, (1-Month USD LIBOR + 3.25%), 02/15/21@   481,108    466,976 
GYP Holdings III Corp., 4.99%, (1-Month USD LIBOR + 2.75%), 06/02/25@   482,653    482,148 
Michaels Stores, Inc., 4.66%, (1-Month USD LIBOR + 2.50%), 01/30/23@   116,545    116,012 

 

Investments 

Principal/ 

Shares

   Value 
TERM LOANS (continued)
 
Retail (continued)          
Michaels Stores, Inc., 4.71%, (1-Month USD LIBOR + 2.50%), 01/30/23@  $20,094   $20,002 
Michaels Stores, Inc., 4.74%, (1-Month USD LIBOR + 2.50%), 01/30/23@   309,561    308,143 
Neiman Marcus Group Ltd. LLC, 5.37%, (1-Month USD LIBOR + 3.25%), 10/25/20@   482,323    449,110 
Petco Animal Supplies, Inc., 5.59%, (3-Month USD LIBOR + 3.25%), 01/26/23@   489,950    398,638 
PetSmart, Inc., 5.12%, (1-Month USD LIBOR + 3.00%), 03/11/22@   483,750    423,446 
Smart & Final Stores LLC, 5.74%, (1-Month USD LIBOR + 3.50%), 11/15/22@   250,000    245,626 
SRS Distribution, Inc., 5.44%, (2-Month USD LIBOR + 3.25%), 05/23/25@   250,000    248,620 
Total Retail        3,778,278 
           
Semiconductors – 0.6%          
ON Semiconductor Corp., 3.83%, (1-Month USD LIBOR + 1.75%), 03/31/23@   178,350    178,807 
           
Software – 2.3%          
CCC Information Services, Inc., 5.25%, (1-Month USD LIBOR + 3.00%), 04/29/24@   247,494    248,824 
Infor US, Inc., 5.14%, (1-Month USD LIBOR + 2.75%), 02/01/22@   424,009    425,665 
Total Software        674,489 
Telecommunications – 2.9%          
Avaya, Inc., 6.41%, (1-Month USD LIBOR + 4.25%), 12/15/24@   372,188    375,939 
Frontier Communications Corp., 6.00%, (1-Month USD LIBOR + 3.75%), 06/17/24@   246,875    242,709 
Intelsat Jackson Holdings SA, 5.98%, (1-Month USD LIBOR + 3.75%), 11/30/23@   250,000    251,284 
Total Telecommunications        869,932 
           
Total Term Loans          
(Cost $21,576,940)        21,297,997 
           
CORPORATE BONDS – 12.2%          
           
Advertising – 0.4%          
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.88%, 03/15/25   125,000    126,719 
           
Auto Manufacturers – 0.4%          
Tesla, Inc., 5.30%, 08/15/25‡(a)   125,000    105,781 
           
Commercial Services – 1.6%          
Ahern Rentals, Inc., 7.38%, 05/15/23‡   250,000    247,500 
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 05/15/23‡   202,000    216,544 
Total Commercial Services        464,044 
           
Diversified Financial Services – 0.9%          
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.38%, 04/01/20‡   250,000    255,312 
           
Food – 0.4%          
JBS USA LUX SA / JBS USA Finance, Inc., 7.25%, 06/01/21‡   125,000    127,500 
           
Home Builders – 1.3%          
Lennar Corp., 4.50%, 06/15/19   250,000    252,187 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

Investments 

Principal/ 

Shares

   Value 
CORPORATE BONDS (continued)          
           
Home Builders (continued)          
Taylor Morrison Communities, Inc., 6.63%, 05/15/22  $125,000   $129,244 
Total Home Builders        381,431 
           
Lodging – 0.9%          
MGM Resorts International, 6.75%, 10/01/20   250,000    263,437 
           
Media – 0.9%          
CSC Holdings LLC, 6.63%, 10/15/25‡   250,000    264,063 
           
Mining – 0.4%          
Constellium NV, 5.75%, 05/15/24‡   125,000    124,844 
           
Oil & Gas – 0.4%          
Range Resources Corp., 5.88%, 07/01/22   125,000    127,813 
           
Packaging & Containers – 0.4%          
BWAY Holding Co., 7.25%, 04/15/25‡   125,000    122,175 
           
Real Estate – 0.8%          
Howard Hughes Corp. (The), 5.38%, 03/15/25‡   250,000    248,750 
           
Retail – 1.3%          
Golden Nugget, Inc., 6.75%, 10/15/24‡   250,000    254,220 
Men’s Wearhouse, Inc. (The), 7.00%, 07/01/22(a)   125,000    129,062 
Total Retail        383,282 
           
Telecommunications – 1.7%          
Sprint Communications, Inc., 6.00%, 11/15/22   250,000    255,625 
T-Mobile USA, Inc., 6.38%, 03/01/25   250,000    261,075 
Total Telecommunications        516,700 
           
Toys / Games / Hobbies – 0.4%          
Mattel, Inc., 2.35%, 08/15/21   125,000    113,750 
           
Total Corporate Bonds          
(Cost $3,604,015)        3,625,601 
           
FOREIGN BONDS – 2.4%          
           
Packaging & Containers – 0.7%          
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 7.25%, 05/15/24 (Ireland)‡   200,000    210,000 
           
Pharmaceuticals – 0.8%          
Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 07/21/21 (Israel)   250,000    235,082 
           
Trucking & Leasing – 0.9%          
Park Aerospace Holdings Ltd., 5.25%, 08/15/22 (Ireland)‡   250,000    253,125 
           
Total Foreign Bonds          
(Cost $688,271)        698,207 
           
EXCHANGE TRADED FUND – 0.1%          
           
Closed-End Funds – 0.1%          
Eagle Point Credit Co., Inc.(a)          
(Cost $35,053)   1,905    34,100 
           
MONEY MARKET FUND – 13.0%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 1.91%(b)
(Cost $3,865,526)		   3,865,526    3,865,526 

 

 

Investments  Principal   Value 
REPURCHASE AGREEMENTS – 0.9%(c)          
Deutsche Bank Securities, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $17,638, (collateralized by various U.S. Government Agency Obligations, 0.13%-3.88%, 07/15/19-02/15/44, totaling $17,925)  $17,635   $17,635 
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $250,047, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 10/04/18-09/09/49, totaling $254,239)   250,000    250,000 
           
Total Repurchase Agreements          
(Cost $267,635)        267,635 
Total Investments – 100.5%          
(Cost $30,037,440)        29,789,066 
Liabilities in Excess of Other Assets – (0.5%)        (159,010)
           
Net Assets – 100.0%       $29,630,056 

 

 

LP - Limited Partnership

 

@ Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 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 $260,103; the aggregate market value of the collateral held by the fund is $267,635.
(b) Rate shown reflects the 7-day yield as of September 30, 2018.
(c) Collateral received from brokers for securities lending was invested in these short-term investments.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Advertising   1.6%
Aerospace / Defense   2.2 
Auto Manufacturers   1.2 
Auto Parts & Equipment   2.1 
Building Materials   1.7 
Chemicals   1.5 
Closed-End Funds   0.1 
Coal   0.8 
Commercial Services   4.1 
Computers   1.9 
Distribution / Wholesale   4.6 
Diversified Financial Services   0.9 
Electric   2.5 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
   % of 
   Net Assets 
Entertainment   1.3%
Environmental Control   0.8 
Food   3.2 
Hand / Machine Tools   1.6 
Healthcare - Products   0.9 
Healthcare - Services   3.1 
Home Builders   1.3 
Household Products / Wares   1.1 
Insurance   2.2 
Internet   1.7 
Leisure Time   2.5 
Lodging   4.0 
Machinery - Diversified   0.7 
Media   1.7 
Metal Fabricate / Hardware   0.8 
Mining   0.4 
Miscellaneous Manufacturing   1.0 
Oil & Gas   0.4 
Packaging & Containers   7.4 
Pharmaceuticals   1.6 
Real Estate   0.8 
Retail   14.1 
Semiconductors   0.6 
Software   2.3 
Telecommunications   4.6 
Toys / Games / Hobbies   0.4 
Trucking & Leasing   0.9 
Money Market Fund   13.0 
Repurchase Agreements   0.9 
Total Investments   100.5 
Liabilities in Excess of Other Assets   (0.5)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

 

Total Return Swaps contracts outstanding as of September 30, 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    2.34%  Quarterly  6/20/2019  $4,000,000   $4,011,846   $11,846 

 

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 RANGER EQUITY BEAR ETF 

Schedule of Investments 

September 30, 2018 (Unaudited) 

 

 

Investments  Shares   Value 
EXCHANGE TRADED FUND – 45.6%
 
Debt Fund – 45.6%
AdvisorShares Sage Core Reserves ETF†          
(Cost $54,688,500)   550,000   $54,639,750 
           
MONEY MARKET FUNDS – 6.4%          
Fidelity Institutional Money Market Government Portfolio - Class III, 1.67%(a)   7,153,357    7,153,357 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 1.93%(a)   500,000    500,000 
           
Total Money Market Funds          
(Cost $7,653,357)        7,653,357 
Total Investments Before Securities Sold, Not Yet Purchased          
(Cost $62,341,857)        62,293,107 
Securities Sold, Not Yet Purchased – (93.3)%          
           
COMMON STOCKS – (93.3)%          
           
Aerospace/Defense – (7.4)%          
Aerojet Rocketdyne Holdings, Inc.*   (125,000)   (4,248,750)
Kaman Corp.   (40,606)   (2,711,668)
Triumph Group, Inc.   (82,500)   (1,922,250)
Total Aerospace/Defense        (8,882,668)
           
Airlines – (2.1)%          
Allegiant Travel Co.   (20,000)   (2,536,000)
           
Apparel – (9.0)%          
Carter’s, Inc.   (30,000)   (2,958,000)
PVH Corp.   (30,000)   (4,332,000)
Skechers U.S.A., Inc., Class A*   (123,600)   (3,452,148)
Total Apparel        (10,742,148)
           
Auto Parts & Equipment – (2.4)%          
Cooper Tire & Rubber Co.   (100,000)   (2,830,000)
           
Chemicals – (4.1)%          
Kronos Worldwide, Inc.   (140,000)   (2,275,000)
Sensient Technologies Corp.   (35,000)   (2,677,850)
Total Chemicals        (4,952,850)
           
Commercial Services – (3.6)%          
MarketAxess Holdings, Inc.   (24,022)   (4,287,687)
           
Computers – (4.8)%          
Electronics For Imaging, Inc.*   (82,500)   (2,811,600)
NetScout Systems, Inc.*   (116,739)   (2,947,660)
Total Computers        (5,759,260)
           
Cosmetics / Personal Care – (4.1)%          
Coty, Inc., Class A   (135,000)   (1,695,600)
Edgewell Personal Care Co.*   (70,000)   (3,236,100)
Total Cosmetics / Personal Care        (4,931,700)
           
Diversified Financial Services – (5.2)%          
Credit Acceptance Corp.*   (5,500)   (2,409,385)
Ellie Mae, Inc.*   (39,783)   (3,770,235)
Total Diversified Financial Services        (6,179,620)
           
Electrical Components & Equipment – (3.0)%          
Belden, Inc.   (50,000)   (3,570,500)
           
Electronics – (3.3)%          
OSI Systems, Inc.*   (52,500)   (4,006,275)
           
Engineering & Construction – (5.9)%          
Dycom Industries, Inc.*   (43,500)   (3,680,100)
MasTec, Inc.*   (75,000)   (3,348,750)
Total Engineering & Construction        (7,028,850)
           
Hand/Machine Tools – (3.3)%          
Snap-on, Inc.   (21,500)   (3,947,400)
           
Holding Companies - Diversified – (2.5)%          
Spectrum Brands Holdings, Inc.   (40,000)   (2,988,800)
           
Household Products / Wares – (1.5)%          
Central Garden & Pet Co.*   (50,000)   (1,802,000)
           
Internet – (6.0)%          
Alibaba Group Holding Ltd. (China)*(b)   (27,500)   (4,530,900)
Spotify Technology SA*   (15,000)   (2,712,450)
Total Internet        (7,243,350)
           
Machinery - Construction & Mining – (5.9)%          
Caterpillar, Inc.   (25,000)   (3,812,250)
Oshkosh Corp.   (45,000)   (3,205,800)
Total Machinery - Construction & Mining        (7,018,050)
           
Miscellaneous Manufacturing – (2.9)%          
Ambarella, Inc.*   (90,815)   (3,512,724)
           
Pharmaceuticals – (3.3)%          
Prestige Consumer Healthcare, Inc.*   (105,000)   (3,978,450)
           
Real Estate – (2.0)%          
Realogy Holdings Corp.   (115,000)   (2,373,600)
           
Retail – (6.1)%          
AutoNation, Inc.*   (74,000)   (3,074,700)
PetMed Express, Inc.   (70,000)   (2,310,700)
Signet Jewelers Ltd.   (30,000)   (1,977,900)
Total Retail        (7,363,300)
           
Software – (2.4)%          
Omnicell, Inc.*   (40,000)   (2,876,000)
           
Telecommunications – (2.5)%          
Ubiquiti Networks, Inc.   (30,000)   (2,965,800)

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited) 

 

 

Investments          Value 
             
Total Securities Sold, Not Yet Purchased [Proceeds Received $(111,092,480)]          $(111,777,032)
              
Total Investments – (41.3)%             
(Cost $(48,750,623))           (49,483,925)
Other Assets in Excess of Liabilities – 141.3%           169,351,189 
Net Assets – 100.0%          $119,867,264 

              
ETF - Exchange Traded Fund             

 

† Affiliated Company.
* Non-income producing security.
(a) Rate shown reflects the 7-day yield as of September 30, 2018.
(b) American Depositary Receipt.

 

Cash of $102,574,536 has been segregated to cover margin requirement for open short sales as of September 30, 2018.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
  % of
  Net Assets
Aerospace/Defense (7.4) %
Airlines (2.1)  
Apparel (9.0)  
Auto Parts & Equipment (2.4)  
Chemicals (4.1)  
Commercial Services (3.6)  
Computers (4.8)  
Cosmetics / Personal Care (4.1)  
Debt Fund 45.6   
Diversified Financial Services (5.2)  
Electrical Components & Equipment (3.0)  
Electronics (3.3)  
Engineering & Construction (5.9)  
Hand/Machine Tools (3.3)  
Holding Companies - Diversified (2.5)  
Household Products / Wares (1.5)  
Internet (6.0)  
Machinery - Construction & Mining (5.9)  
Miscellaneous Manufacturing (2.9)  
Pharmaceuticals (3.3)  
Real Estate (2.0)  
Retail (6.1)  
Software (2.4)  
Telecommunications (2.5)  
Money Market Funds 6.4   
Total Investments (41.3)  
Other Assets in Excess of Liabilities 141.3   
Net Assets 100.0 %

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES RANGER EQUITY BEAR ETF 

Schedule of Investments (continued) 

September 30, 2018 (Unaudited) 

 

 

 

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended September 30, 2018 were as follows:

 

Affiliated Fund Name   Value at
6/30/2018		    Purchases/
Additions		    Sales/
Reductions		    Realized
Gain (Loss)		    

Change in 

Unrealized
Gain (Loss) 

    Value at
9/30/2018		    Dividend Income 
                                    
Sage Core Reserves ETF  $44,635,500   $9,945,000   $—   $—   $59,250   $54,639,750   $236,611 

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments

September 30, 2018 (Unaudited) 

 

Investments  Principal   Value 
CORPORATE BONDS – 51.7%
 
Aerospace/Defense – 1.0%
Spirit AeroSystems, Inc., 3.13%, (3-Month USD LIBOR + 0.80%), 06/15/21@  $639,000   $640,445 
           
Auto Manufacturers – 1.6%          
General Motors Co., 3.50%, 10/02/18   525,000    525,000 
General Motors Co., 3.14%, (3-Month USD LIBOR + 0.80%), 08/07/20@   517,000    518,875 
Total Auto Manufacturers        1,043,875 
           
Banks – 16.3%          
Bank of America Corp., Series L, 2.60%, 01/15/19   415,000    414,952 
Bank of America Corp., Series L, 2.65%, 04/01/19   103,000    103,015 
Bank of America Corp., Series L, 2.25%, 04/21/20   975,000    962,758 
Bank of New York Mellon Corp. (The), Series G, 2.15%, 02/24/20   940,000    929,720 
BB&T Corp., Series MTN, 2.25%, 02/01/19   630,000    629,334 
Branch Banking & Trust Co., 2.79%, (3-Month USD LIBOR + 0.45%), 01/15/20@   475,000    476,827 
Branch Banking & Trust Co., Series BKNT, 2.54%, (3-Month USD LIBOR + 0.22%), 06/01/20@   400,000    400,336 
Capital One Financial Corp., 2.45%, 04/24/19(a)   276,000    275,611 
Capital One Financial Corp., 2.50%, 05/12/20   435,000    429,943 
Citigroup, Inc., 2.05%, 06/07/19   260,000    258,763 
Citigroup, Inc., 2.40%, 02/18/20   315,000    312,118 
Citigroup, Inc., 3.40%, (3-Month USD LIBOR + 1.07%), 12/08/21@   770,000    783,809 
Goldman Sachs Group, Inc. (The), Series GMTN, 5.38%, 03/15/20   600,000    618,604 
Goldman Sachs Group, Inc. (The), Series FRN, 4.08%, (3-Month USD LIBOR + 1.77%), 02/25/21@   1,065,000    1,099,399 
JPMorgan Chase & Co., 2.35%, 01/28/19   590,000    589,516 
JPMorgan Chase & Co., 3.80%, (3-Month USD LIBOR + 1.48%), 03/01/21@   630,000    646,935 
Manufacturers & Traders Trust Co., Series BKNT, 2.61%, (3-Month USD LIBOR + 0.27%), 01/25/21@   520,000    520,237 
Wells Fargo & Co., 2.13%, 04/22/19   1,100,000    1,096,602 
Total Banks        10,548,479 
           
Beverages – 0.5%          
Constellation Brands, Inc., 2.00%, 11/07/19(a)   345,000    341,148 
           
Biotechnology – 1.1%          
Amgen, Inc., 2.66%, (3-Month USD LIBOR + 0.32%), 05/10/19@   705,000    706,177 
           
Building Materials – 1.1%          
Vulcan Materials Co., 2.93%, (3-Month USD LIBOR + 0.60%), 06/15/20@   430,000    431,216 
Vulcan Materials Co., 2.97%, (3-Month USD LIBOR + 0.65%), 03/01/21@   245,000    245,989 
Total Building Materials        677,205 
           
Chemicals – 2.1%          
Dow Chemical Co. (The), 8.55%, 05/15/19   680,000    703,327 
Eastman Chemical Co., 2.70%, 01/15/20   419,000    416,923 
Monsanto Co., 2.13%, 07/15/19   264,000    262,483 
Total Chemicals        1,382,733 
           
Commercial Services – 1.7%          
Equifax, Inc., 3.18%, (3-Month USD LIBOR + 0.87%), 08/15/21@   570,000    573,636 
Moody’s Corp., 2.75%, 07/15/19   521,000    520,600 
Total Commercial Services        1,094,236 
           
Computers – 1.8%          
Dell International LLC / EMC Corp., 3.48%, 06/01/19‡   525,000    526,413 
Hewlett Packard Enterprise Co., 3.60%, 10/15/20   634,000    636,878 
Total Computers        1,163,291 
           
Diversified Financial Services – 3.6%          
American Express Credit Corp., Series GMTN, 2.25%, 08/15/19   420,000    418,073 
American Express Credit Corp., Series F, 3.38%, (3-Month USD LIBOR + 1.05%), 09/14/20@   540,000    548,138 
Charles Schwab Corp. (The), 2.63%, (3-Month USD LIBOR + 0.32%), 05/21/21@   300,000    300,770 
International Lease Finance Corp., 5.88%, 04/01/19   300,000    304,178 
International Lease Finance Corp., 6.25%, 05/15/19   225,000    229,411 
Jefferies Group LLC, 8.50%, 07/15/19   520,000    541,855 
Total Diversified Financial Services        2,342,425 
           
Electric – 0.3%          
Dominion Energy, Inc., Series A, 1.88%, 01/15/19   180,000    179,437 
           
Food – 1.7%          
Kraft Heinz Foods Co., 2.76%, (3-Month USD LIBOR + 0.42%), 08/09/19@   525,000    525,827 
Tyson Foods, Inc., 2.87%, (3-Month USD LIBOR + 0.55%), 06/02/20@   590,000    591,899 
Total Food        1,117,726 
           
Healthcare - Products – 1.2%          
Becton Dickinson and Co., 3.26%, (3-Month USD LIBOR + 0.88%), 12/29/20@   390,000    390,602 
Zimmer Biomet Holdings, Inc., 3.09%, (3-Month USD LIBOR + 0.75%), 03/19/21@   390,000    390,388 
Total Healthcare - Products        780,990 
           
Healthcare - Services – 1.4%          
Anthem, Inc., 2.25%, 08/15/19   629,000    625,711 
Humana, Inc., 2.63%, 10/01/19(a)   260,000    259,017 
Total Healthcare - Services        884,728 
           
Home Furnishings – 0.8%          
Whirlpool Corp., 2.40%, 03/01/19   524,000    523,123 
           
Housewares – 0.9%          
Newell Brands, Inc., 2.60%, 03/29/19   610,000    609,185 
           
Insurance – 1.0%          
Aflac, Inc., 2.40%, 03/16/20   625,000    619,254 
           
Internet – 0.8%          
eBay, Inc., 2.20%, 08/01/19   522,000    519,441 
           
Machinery - Diversified – 1.2%          
Roper Technologies, Inc., 2.05%, 10/01/18   755,000    755,000 
           
Media – 1.3%          
NBCUniversal Media LLC, 5.15%, 04/30/20   308,000    317,708 

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued) 

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
CORPORATE BONDS (continued)
           
Media (continued)          
Warner Media LLC, 2.10%, 06/01/19  $525,000   $522,370 
Total Media        840,078 
           
Oil & Gas – 0.3%          
Phillips 66, 2.91%, (3-Month USD LIBOR + 0.60%), 02/26/21@   200,000    200,259 
           
Pharmaceuticals – 3.5%          
Allergan Funding SCS, 3.59%, (3-Month USD LIBOR + 1.26%), 03/12/20@   855,000    866,880 
CVS Health Corp., 2.96%, (3-Month USD LIBOR + 0.63%), 03/09/20@   643,000    646,447 
Express Scripts Holding Co., 2.25%, 06/15/19   745,000    741,684 
Total Pharmaceuticals        2,255,011 
           
Pipelines – 2.3%          
Buckeye Partners LP, 2.65%, 11/15/18   555,000    554,921 
EnLink Midstream Partners LP, 2.70%, 04/01/19   390,000    388,775 
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19‡   537,000    551,760 
Total Pipelines        1,495,456 
           
REITS – 2.1%          
ERP Operating LP, 2.38%, 07/01/19   740,000    737,145 
Welltower, Inc., 4.13%, 04/01/19   586,000    587,961 
Total REITS        1,325,106 
           
Retail – 0.4%          
Dollar Tree, Inc., 3.04%, (3-Month USD LIBOR + 0.70%), 04/17/20@   270,000    270,433 
           
Telecommunications – 1.3%          
AT&T, Inc., 3.32%, (3-Month USD LIBOR + 0.93%), 06/30/20@   636,000    642,501 
AT&T, Inc., 3.29%, (3-Month USD LIBOR + 0.95%), 07/15/21@   165,000    167,022 
Total Telecommunications        809,523 
           
Trucking & Leasing – 0.4%          
Aviation Capital Group LLC, 3.01%, (3-Month USD LIBOR + 0.67%), 07/30/21@‡   270,000    271,056 
           
Total Corporate Bonds          
(Cost $33,354,407)        33,395,820 
ASSET BACKED SECURITIES – 28.3%          
           
Diversified Financial Services – 28.3%          
Ally Master Owner Trust, Class A2, Series 2015-2, 1.83%, 01/15/21   525,000    523,973 
American Express Credit Account Master Trust, Class A, Series 2013-2, 2.58%, (1-Month USD LIBOR + 0.42%), 05/17/21@   650,000    650,090 
American Express Credit Account Master Trust, Class A, Series 2017-4, 1.64%, 12/15/21   625,000    621,073 
Cabela’s Credit Card Master Note Trust, Class A2, Series 2015-1A, 2.70%, (1-Month USD LIBOR + 0.54%), 03/15/23@   285,000    286,377 
Capital One Multi-Asset Execution Trust, Class A3, Series 2016-A3, 1.34%, 04/15/22   1,305,000    1,292,543 
CarMax Auto Owner Trust, Class A3, Series 2015-4, 1.56%, 11/16/20   456,618    454,897 
CarMax Auto Owner Trust, Class A3, Series 2016-3, 1.39%, 05/17/21   438,016    435,074 
Chase Issuance Trust, Class A, Series 2016-A2, 1.37%, 06/15/21   1,255,000    1,243,129 
Citibank Credit Card Issuance Trust, Class A2, Series 2017-A2, 1.74%, 01/19/21   640,000    638,611 
Citibank Credit Card Issuance Trust, Class A6, Series 2014-A6, 2.15%, 07/15/21   645,000    641,896 
Discover Card Execution Note Trust, Class A1, Series 2016-A1, 1.64%, 07/15/21   300,000    299,266 
Discover Card Execution Note Trust, Class A2, Series 2016-A2, 2.70%, (1-Month USD LIBOR + 0.54%), 09/15/21@   190,000    190,436 
Discover Card Execution Note Trust, Class A6, Series 2013-A6, 2.61%, (1-Month USD LIBOR + 0.45%), 04/15/21@   840,000    840,155 
Ford Credit Auto Owner Trust, Class A2B, Series 2017-C, 2.28%, (1-Month USD LIBOR + 0.12%), 09/15/20@   289,683    290,096 
Ford Credit Auto Owner Trust, Class A3, Series 2016-A, 1.39%, 07/15/20   117,919    117,547 
Ford Credit Auto Owner Trust, Class B, Series 2014-C, 1.97%, 04/15/20   565,000    564,140 
GE Capital Credit Card Master Note Trust, Class A, Series 2012-2, 2.22%, 01/15/22   645,000    644,415 
GM Financial Consumer Automobile, Class A2A, Series 2017-1A, 1.51%, 03/16/20‡   232,285    231,958 
Honda Auto Receivables Owner Trust, Class A2, Series 2017-3, 1.57%, 01/21/20   99,414    99,144 
Honda Auto Receivables Owner Trust, Class A3, Series 2016-1, 1.22%, 12/18/19   138,550    138,123 
Honda Auto Receivables Owner Trust, Class A3, Series 2016-4, 1.21%, 12/18/20   866,248    858,475 
Huntington Auto Trust, Class A4, Series 2015-1, 1.64%, 06/15/21   408,784    408,378 
Hyundai Auto Receivables Trust, Class A2A, Series 2017-B, 1.57%, 08/17/20   187,151    186,520 
Hyundai Auto Receivables Trust, Class A3, Series 2016-A, 1.56%, 09/15/20   771,535    768,544 
Nissan Auto Receivables Owner Trust, Class A3, Series 2015-B, 1.34%, 03/16/20   152,554    152,223 
Nissan Auto Receivables Owner Trust, Class A3, Series 2016-A, 1.34%, 10/15/20   155,278    154,517 
Nissan Auto Receivables Owner Trust, Class A3, Series 2016-C, 1.18%, 01/15/21   477,023    472,692 
Nissan Master Owner Trust Receivables, Class A1, Series 2016-A, 2.80%, (1-Month USD LIBOR + 0.64%), 06/15/21@   520,000    521,829 
SCF Equipment Leasing LLC, Class A1, Series 2018-1A, 2.81%, 04/20/21‡   127,932    127,929 
Tesla Auto Lease Trust, Class A, Series 2018-A, 2.32%, 12/20/19‡   208,719    208,174 
Toyota Auto Receivables Owner Trust, Class A2B, Series 2017-C, 2.24%, (1-Month USD LIBOR + 0.08%), 07/15/20@   93,734    93,726 
Toyota Auto Receivables Owner Trust, Class A3, Series 2016-D, 1.23%, 10/15/20   1,363,668    1,354,394 
Verizon Owner Trust, Class A, Series 2016-1A, 1.42%, 01/20/21‡   1,296,042    1,291,562 

 

See accompanying Notes to Schedules of Investments.

  

 

 

 

ADVISORSHARES SAGE CORE RESERVES ETF

Schedule of Investments (continued)  

September 30, 2018 (Unaudited)

 

 

Investments  Principal   Value 
ASSET BACKED SECURITIES (continued)
           
Diversified Financial Services (continued)          
World Financial Network Credit Card Master Trust, Class A, Series 2012-C, 2.23%, 08/15/22  $525,000   $524,956 
World Omni Auto Receivables Trust, Class A3, Series 2016-A, 1.77%, 09/15/21   658,292    654,177 
World Omni Auto Receivables Trust, Class B, Series 2015-A, 2.04%, 01/18/22   315,000    313,750 
           
Total Asset Backed Securities          
(Cost $18,323,409)        18,294,789 
FOREIGN BONDS – 6.8%          
Banks – 3.2%          
Barclays Bank PLC, Series GMTN, 2.89%, (3-Month USD LIBOR + 0.55%), 08/07/19 (United Kingdom)@   420,000    421,013 
Credit Suisse AG/New York NY, 5.40%, 01/14/20 (Switzerland)   250,000    256,659 
HSBC Holdings PLC, 2.92%, (3-Month USD LIBOR + 0.60%), 05/18/21 (United Kingdom)@   260,000    260,565 
Sumitomo Mitsui Financial Group, Inc., 4.01%, (3-Month USD LIBOR + 1.68%), 03/09/21 (Japan)@   615,000    633,219 
Toronto-Dominion Bank (The), 2.49%, (3-Month USD LIBOR + 0.15%), 10/24/19 (Canada)@   510,000    510,264 
Total Banks        2,081,720 
           
Diversified Financial Services – 0.9%          
Nomura Holdings, Inc., Series GMTN, 2.75%, 03/19/19 (Japan)   549,000    549,272 
           
Oil & Gas – 2.0%          
Cenovus Energy, Inc., 5.70%, 10/15/19 (Canada)   617,000    631,650 
Ecopetrol SA, 7.63%, 07/23/19 (Colombia)   617,000    640,940 
Total Oil & Gas        1,272,590 
           
Pharmaceuticals – 0.4%          
Bayer US Finance II LLC, 3.00%, (3-Month USD LIBOR + 0.63%), 06/25/21 (Germany)@‡   260,000    261,112 
           
Retail – 0.3%          
Alimentation Couche-Tard, Inc., 2.83%, (3-Month USD LIBOR + 0.50%), 12/13/19 (Canada)@‡   200,000    200,053 
           
Total Foreign Bonds          
(Cost $4,355,386)        4,364,747 
           
MORTGAGE BACKED SECURITIES – 5.1%          
           
Commercial Mortgage Backed Securities – 5.1%          
COMM Mortgage Trust, Class A2, Series 2013-LC13, 3.01%, 08/10/46   2,275    2,274 
Fannie Mae Connecticut Avenue Securities, Class M1, Series 2013-C01, 4.22%, (1-Month USD LIBOR + 2.00%), 10/25/23@   58,711    58,838 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 3.17%, (1-Month USD LIBOR + 0.95%), 05/25/24@   116,578    116,801 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C04, 3.67%, (1-Month USD LIBOR + 1.45%), 01/25/29@   318,891    321,168 

 

 

Investments  Principal/
Shares		   Value 
MORTGAGE BACKED SECURITIES (continued)
           
Commercial Mortgage Backed Securities (continued)          
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2016-C06, 3.52%, (1-Month USD LIBOR + 1.30%), 04/25/29@  $493,649   $498,031 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2017-C03, 3.17%, (1-Month USD LIBOR + 0.95%), 10/25/29@   551,926    555,543 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2017-C05, 2.77%, (1-Month USD LIBOR + 0.55%), 01/25/30@   251,774    252,068 
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2018-C05, 2.94%, (1-Month USD LIBOR + 0.72%), 01/25/31@   275,619    276,231 
Freddie Mac REMICS, Class ED, Series 2010-3645, 2.50%, 12/15/20   110,674    110,302 
Freddie Mac Structured Agency Credit Risk Debt Notes, Class M1, Series 2018-DNA1, 2.67%, (1-Month USD LIBOR + 0.45%), 07/25/30@   474,485    473,986 
Freddie Mac Structured Agency Credit Risk Debt Notes, Class M1, Series 2018-HQA1, 2.92%, (1-Month USD LIBOR + 0.70%), 09/25/30@   640,973    642,534 
           
Total Mortgage Backed Securities          
(Cost $3,297,707)        3,307,776 
U.S. TREASURY NOTE – 5.0%          
U.S. Treasury Note, 0.88%, 04/15/19          
(Cost $3,234,700)   3,260,000    3,233,194 
           
U.S. TREASURY BILL – 0.2%          
U.S. Treasury Bill, 1.98%, 11/01/18(b)          
(Cost $99,832)   100,000    99,823 
           
MONEY MARKET FUND – 3.7%          
JPMorgan U.S. Government Money Market Fund - Institutional Class, 1.91%(c)
(Cost $2,416,241)		   2,416,241    2,416,241 
           
REPURCHASE AGREEMENT – 0.2%(d)          
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $124,657, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.71%, 09/30/18-09/09/49, totaling $126,648)          
(Cost $124,634)  $124,634    124,634 
Total Investments – 101.0%          
(Cost $65,206,316)        65,237,024 
Liabilities in Excess of Other Assets – (1.0%)        (654,891)
Net Assets – 100.0%       $64,582,133 

 

 

LIBOR - London Interbank Offered Rate

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) 

September 30, 2018 (Unaudited)

 

 

@ Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 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 $121,756; the aggregate market value of the collateral held by the fund is $124,634.
(b) Represents a zero coupon bond. Rate shown reflects the effective yield.
(c) Rate shown reflects the 7-day yield as of September 30, 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 1.0 %
Auto Manufacturers 1.6   
Banks 19.5   
Beverages 0.5   
Biotechnology 1.1   
Building Materials 1.1   
Chemicals 2.1   
Commercial Mortgage Backed Securities 5.1   
Commercial Services 1.7   
Computers 1.8   
Diversified Financial Services 32.8   
Electric 0.3   
Food 1.7   
Healthcare - Products 1.2   
Healthcare - Services 1.4   
Home Furnishings 0.8   
Housewares 0.9   
Insurance 1.0   
Internet 0.8   
Machinery - Diversified 1.2   
Media 1.3   
Oil & Gas 2.3   
Pharmaceuticals 3.9   
Pipelines 2.3   
REITS 2.1   
Retail 0.7   
Telecommunications 1.3   
Trucking & Leasing 0.4   
U.S. Treasury Bill 0.2   
U.S. Treasury Note 5.0   
Money Market Fund 3.7   
Repurchase Agreement 0.2   
Total Investments 101.0   
Liabilities in Excess of Other Assets (1.0)  
Net Assets 100.0 %

 

See accompanying Notes to Schedules of Investments.

  

 

 

 

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

 

 

Investments  Shares/ Contracts   Value 
EXCHANGE TRADED FUNDS – 92.1%
 
Asset Allocation Fund – 2.0%
SPDR Bloomberg Barclays Convertible Securities ETF(a)   6,453   $348,075 
           
Debt Fund – 13.6%          
Invesco Fundamental High Yield Corporate Bond ETF   43,687    809,520 
SPDR Doubleline Total Return Tactical ETF(a)   17,003    803,392 
Vanguard Intermediate-Term Bond ETF(a)   9,863    793,774 
Total Debt Fund        2,406,686 
           
Equity Fund – 76.5%          
Financial Select Sector SPDR Fund   24,769    683,129 
iShares MSCI EAFE ETF   22,470    1,527,735 
iShares Russell 2000 ETF   6,719    1,132,487 
SPDR S&P 500 ETF Trust   30,493    8,864,925 
Vanguard Real Estate ETF(a)   5,994    483,596 
X-trackers MSCI Europe Hedged Equity ETF   28,652    818,588 
Total Equity Fund        13,510,460 
Total Exchange Traded Funds          
(Cost $13,492,450)        16,265,221 
           
MONEY MARKET FUND – 8.0%          
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 1.97%(b)
(Cost $1,408,116)		   1,408,116    1,408,116 
Total Investments Before Written Options – 100.1%          
(Cost $14,900,566)        17,673,337 

 

   Notional Amount         
WRITTEN CALL OPTIONS – (0.1)%               
iShares MSCI EAFE ETF, expiring 10/19/18, Strike Price $69.50  $1,174,550    (169)   (2,620)
SPDR S&P 500 ETF Trust, expiring 10/19/18, Strike Price $296.00   4,499,200    (152)   (6,992)
                
Total Written Options               
[Premiums Received $(15,821)]             (9,612)
                
Total Investments – 100.0%               
(Cost $14,884,745)             17,663,725 
Liabilities in Excess of Other Assets – (0.0)%**             (15,509)
Net Assets – 100.0%            $17,648,216 

 

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 $2,318,508 as of September 30, 2018.
(b) Rate shown reflects the 7-day yield as of September 30, 2018.

 

SUMMARY OF SCHEDULE OF INVESTMENTS
   % of 
    Net Assets 
Asset Allocation Fund   2.0% 
Debt Fund   13.6  
Equity Fund   76.5  
Money Market Fund   8.0  
Written Call Options   (0.1 )
Total Investments   100.0  
Liabilities in Excess of Other Assets   (0.0)**
Net Assets   100.0%

 

** Less than 0.05%.

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES VICE ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS – 99.8%
 
Agriculture – 21.5%
Altria Group, Inc.   6,662   $401,785 
British American Tobacco PLC (United Kingdom)(a)   7,240    337,601 
Imperial Brands PLC (United Kingdom)(a)(b)   3,569    123,862 
Philip Morris International, Inc.   4,649    379,080 
Pyxus International, Inc.*(b)   14,927    343,321 
Turning Point Brands, Inc.(b)   19,587    812,077 
Universal Corp.   8,257    536,705 
Vector Group Ltd.(b)   18,406    253,635 
Total Agriculture        3,188,066 
Apparel – 4.8%          
LVMH Moet Hennessy Louis Vuitton SE (France)(a)   10,222    720,549 
Beverages – 31.7%          
Ambev SA (Brazil)(a)   29,795    136,163 
Anheuser-Busch InBev SA/NV (Belgium)(a)(b)   1,122    98,254 
Boston Beer Co., Inc. (The), Class A*(b)   3,067    881,762 
Brown-Forman Corp., Class B   7,835    396,059 
China New Borun Corp. (China)*(a)   41,244    51,143 
Cia Cervecerias Unidas SA (Chile)(a)   18,891    527,059 
Constellation Brands, Inc., Class A   1,462    315,236 
Craft Brew Alliance, Inc.*   34,923    570,991 
Diageo PLC (United Kingdom)(a)   2,640    374,009 
Fomento Economico Mexicano SAB de CV (Mexico)(a)   775    76,702 
Heineken NV (Netherlands)(a)(b)   2,965    138,970 
Kirin Holdings Co. Ltd. (Japan)(a)(b)   3,006    77,209 
MGP Ingredients, Inc.(b)   7,639    603,328 
Molson Coors Brewing Co., Class B   1,661    102,151 
Pernod Ricard SA (France)(a)(b)   4,583    150,002 
Vina Concha y Toro SA (Chile)(a)   5,060    201,135 
Total Beverages        4,700,173 
Entertainment – 4.6%          
RCI Hospitality Holdings, Inc.   23,142    685,235 
Healthcare - Products – 5.1%          
Abbott Laboratories   10,426    764,851 
Healthcare - Services – 2.8%          
Catalent, Inc.*   9,057    412,546 
Housewares – 0.8%          
Scotts Miracle-Gro Co. (The)(b)   1,469    115,654 
Pharmaceuticals – 13.7%          
AbbVie, Inc.   7,730    731,103 
Corbus Pharmaceuticals Holdings, Inc.*(b)   85,470    645,299 
Insys Therapeutics, Inc.*   20,456    206,196 
Novartis AG (Switzerland)(a)   5,225    450,186 
Total Pharmaceuticals        2,032,784 
Retail – 14.8%          
BJ's Restaurants, Inc.(b)   10,780    778,316 
Darden Restaurants, Inc.   6,160    684,930 
Dave & Buster's Entertainment, Inc.(b)   11,021    729,811 
Total Retail        2,193,057 
Total Common Stocks          
(Cost $13,940,287)        14,812,915 

 

 

Investments  Shares/Principal   Value 
MONEY MARKET FUND – 0.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.93%(c)
(Cost $27,682)		   27,682   $27,682 
REPURCHASE AGREEMENTS – 7.7%(d)          
Citigroup Global Markets, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $267,706, (collateralized by various U.S. Government Agency Obligations, 0.00%-11.00%, 10/15/18-02/01/57, totaling $272,103)  $267,656    267,656 
Daiwa Capital Markets America, dated 09/28/18, due 10/01/18, 2.27%, total to be received $267,707, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.88%, 10/25/18-09/09/49, totaling $272,270)   267,656    267,656 
Merrill Lynch Pierce Fenner & Smith, Inc., dated 09/28/18, due 10/01/18, 2.25%, total to be received $79,296, (collateralized by various U.S. Government Agency Obligations, 0.00%-1.63%, 05/23/19-09/09/49, totaling $80,589)   79,281    79,281 
Nomura Securities International, Inc., dated 09/28/18, due 10/01/18, 2.27%, total to be received $267,707, (collateralized by various U.S. Government Agency Obligations, 0.00%-9.50%, 09/30/18-08/20/68, totaling $272,306)   267,656    267,656 
RBC Dominion Securities, Inc., dated 09/28/18, due 10/01/18, 2.26%, total to be received $267,706, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 10/04/18-09/09/49, totaling $272,195)   267,656    267,656 
Total Repurchase Agreements          
(Cost $1,149,905)        1,149,905 
Total Investments – 107.7%          
(Cost $15,117,874)        15,990,502 
Liabilities in Excess of Other Assets – (7.7%)        (1,149,585)
Net Assets – 100.0%       $14,840,917 

           
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 $4,139,817; the aggregate market value of the collateral held by the fund is $4,242,702.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,092,797.
(c) Rate shown reflects the 7-day yield as of September 30, 2018.
(d)

Collateral received from brokers for securities lending was invested in these short-term investments.

 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES VICE ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

SUMMARY OF SCHEDULE OF INVESTMENTS

 

   % of 
   Net Assets 
Agriculture   21.5%
Apparel   4.8 
Beverages   31.7 
Entertainment   4.6 
Healthcare - Products   5.1 
Healthcare - Services   2.8 
Housewares   0.8 
Pharmaceuticals   13.7 
Retail   14.8 
Money Market Fund   0.2 
Repurchase Agreements   7.7 
Total Investments   107.7 
Liabilities in Excess of Other Assets   (7.7)
Net Assets   100.0%

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments

September 30, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS – 98.0%          
Advertising – 0.6%          
Omnicom Group, Inc.   8,445   $574,429 
Aerospace/Defense – 0.6%          
Raytheon Co.   2,627    542,896 
Airlines – 1.8%          
Southwest Airlines Co.   25,317    1,581,047 
Auto Parts & Equipment – 2.9%          
BorgWarner, Inc.   8,077    345,534 
Goodyear Tire & Rubber Co. (The)   62,189    1,454,601 
Lear Corp.   5,525    801,125 
Total Auto Parts & Equipment        2,601,260 
Banks – 3.9%          
Comerica, Inc.   9,984    900,557 
M&T Bank Corp.   8,463    1,392,502 
SunTrust Banks, Inc.   18,213    1,216,446 
Total Banks        3,509,505 
Biotechnology – 1.8%          
Alexion Pharmaceuticals, Inc.*   5,382    748,152 
Biogen, Inc.*   1,236    436,691 
Gilead Sciences, Inc.   5,515    425,813 
Total Biotechnology        1,610,656 
Building Materials – 2.8%          
Fortune Brands Home & Security, Inc.   28,914    1,513,937 
Masco Corp.   26,560    972,096 
Total Building Materials        2,486,033 
Chemicals – 2.6%          
Chemours Co. (The)   16,650    656,676 
Eastman Chemical Co.   5,636    539,478 
PPG Industries, Inc.   6,657    726,479 
WR Grace & Co.   5,405    386,241 
Total Chemicals        2,308,874 
Commercial Services – 3.0%          
Automatic Data Processing, Inc.   4,383    660,343 
Equifax, Inc.   2,101    274,328 
Robert Half International, Inc.   11,852    834,144 
S&P Global, Inc.   4,442    867,922 
Total Commercial Services        2,636,737 
Computers – 2.7%          
Cognizant Technology Solutions Corp., Class A   6,282    484,656 
HP, Inc.   75,491    1,945,403 
Total Computers        2,430,059 
Cosmetics/Personal Care – 0.8%          
Colgate-Palmolive Co.   10,704    716,633 
Distribution/Wholesale – 0.3%          
Fastenal Co.(a)   5,122    297,178 
Diversified Financial Services – 7.2%          
Affiliated Managers Group, Inc.   8,646    1,182,081 
Alliance Data Systems Corp.   2,162    510,578 
Ameriprise Financial, Inc.   9,874    1,457,995 
Discover Financial Services   24,634    1,883,269 
Franklin Resources, Inc.   46,446    1,412,423 
Total Diversified Financial Services        6,446,346 
Electric – 0.4%          
MDU Resources Group, Inc.   13,179    338,569 
Electrical Components & Equipment – 0.9%          
Emerson Electric Co.   9,960    762,737 
Electronics – 4.1%          
Agilent Technologies, Inc.   5,822    410,684 
Amphenol Corp., Class A   11,833    1,112,539 
Gentex Corp.   45,944    985,958 
Waters Corp.*   5,771    1,123,498 
Total Electronics        3,632,679 
Healthcare - Products – 0.6%          
West Pharmaceutical Services, Inc.   4,005    494,497 
Healthcare - Services – 2.7%          
Quest Diagnostics, Inc.   4,664    503,292 
UnitedHealth Group, Inc.   1,758    467,698 
Universal Health Services, Inc., Class B   11,520    1,472,717 
Total Healthcare - Services        2,443,707 
Home Builders – 1.0%          
NVR, Inc.*   346    854,897 
Household Products/Wares – 0.9%          
Kimberly-Clark Corp.   7,421    843,322 
Housewares – 2.3%          
Newell Brands, Inc.(a)   60,592    1,230,018 
Toro Co. (The)   14,383    862,548 
Total Housewares        2,092,566 
Insurance – 10.4%          
Aflac, Inc.   14,564    685,527 
Assured Guaranty Ltd.   46,490    1,963,273 
Brown & Brown, Inc.   22,260    658,228 
Markel Corp.*   236    280,484 
Principal Financial Group, Inc.   7,016    411,067 
Prudential Financial, Inc.   7,666    776,719 
RenaissanceRe Holdings Ltd. (Bermuda)   3,085    412,094 
Torchmark Corp.   13,611    1,179,938 
Unum Group   26,993    1,054,617 
Voya Financial, Inc.   37,032    1,839,379 
Total Insurance        9,261,326 
Internet – 4.8%          
Booking Holdings, Inc.*   344    682,496 
CDW Corp/DE   16,250    1,444,950 
eBay, Inc.*   66,715    2,202,929 
Total Internet        4,330,375 
Investment Companies – 0.3%          
Ares Capital Corp.   15,661    269,213 
Iron / Steel – 0.9%          
Reliance Steel & Aluminum Co.   2,988    254,847 
Steel Dynamics, Inc.   12,132    548,245 
Total Iron / Steel        803,092 
Leisure Time – 2.2%          
Brunswick Corp.   12,303    824,547 
Carnival Corp.   5,688    362,724 
Royal Caribbean Cruises Ltd.   5,868    762,488 
Total Leisure Time        1,949,759 

 

See accompanying Notes to Schedules of Investments.

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

Investments  Shares   Value 
COMMON STOCKS (continued)          
Lodging – 0.6%          
Las Vegas Sands Corp.   9,450   $560,669 
Machinery - Diversified – 2.4%          
Cummins, Inc.   5,383    786,295 
Dover Corp.   6,037    534,456 
Rockwell Automation, Inc.   4,499    843,652 
Total Machinery - Diversified        2,164,403 
Mining – 0.2%          
Newmont Mining Corp.   4,427    133,695 
Oil & Gas – 0.4%          
Exxon Mobil Corp.   4,552    387,011 
Oil & Gas Services – 1.6%          
Baker Hughes a GE Co.(a)   41,710    1,411,049 
Packaging & Containers – 0.3%          
Ball Corp.(a)   6,392    281,184 
Pharmaceuticals – 4.2%          
AbbVie, Inc.   5,139    486,047 
McKesson Corp.   12,060    1,599,759 
Pfizer, Inc.   19,527    860,555 
Zoetis, Inc.   9,202    842,535 
Total Pharmaceuticals        3,788,896 
Pipelines – 1.3%          
Kinder Morgan, Inc.   63,413    1,124,312 
REITS – 3.6%          
Brixmor Property Group, Inc.   17,851    312,571 
Colony Capital, Inc.   68,721    418,511 
Essex Property Trust, Inc.   1,674    412,992 
SL Green Realty Corp.   17,511    1,707,848 
VEREIT, Inc.   50,189    364,372 
Total REITS        3,216,294 
Retail – 8.0%          
AutoZone, Inc.*   2,178    1,689,475 
Burlington Stores, Inc.*   5,760    938,419 
Dollar General Corp.   8,154    891,232 
Kohl's Corp.   7,910    589,690 
L Brands, Inc.(a)   26,475    802,192 
Ross Stores, Inc.   11,367    1,126,470 
Target Corp.   12,198    1,075,986 
Total Retail        7,113,464 
Semiconductors – 2.2%          
KLA-Tencor Corp.   5,297    538,758 
Teradyne, Inc.   39,400    1,457,012 
Total Semiconductors        1,995,770 
Shipbuilding – 1.2%          
Huntington Ingalls Industries, Inc.   4,163    1,066,061 
Software – 2.9%          
Adobe Systems, Inc.*   1,671    451,087 
Electronic Arts, Inc.*   3,558    428,703 
Fiserv, Inc.*   20,990    1,729,156 
Total Software        2,608,946 
Telecommunications – 3.5%          
Juniper Networks, Inc.   88,278    2,645,692 
LogMeIn, Inc.   5,729    510,454 
Total Telecommunications        3,156,146 

 

Investments  Shares/Principal   Value 
COMMON STOCKS (continued)          
Transportation – 3.1%          
Genesee & Wyoming, Inc., Class A*(a)   7,117   $647,576 
Kansas City Southern   10,254    1,161,573 
Norfolk Southern Corp.   5,511    994,735 
Total Transportation        2,803,884 
Total Common Stocks          
(Cost $86,119,430)        87,630,176 
MONEY MARKET FUND – 2.0%          
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 1.93%(b) (Cost $1,753,908)   1,753,908    1,753,908 
REPURCHASE AGREEMENT – 0.0%**(c)          
NatWest Markets PLC, dated 09/28/18, due 10/01/18, 0.00%, total to be received $33, (collateralized by various U.S. Government Agency Obligations, 2.75%-6.63%, 02/15/27-08/15/47, totaling $33) (Cost $33)  $33    33 
Total Investments – 100.0%          
(Cost $87,873,371)        89,384,117 
Other Assets in Excess of Liabilities – 0.0%**        6,728 
Net Assets – 100.0%       $89,390,845 

 

 

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 $3,580,529; the aggregate market value of the collateral held by the fund is $3,654,437.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,654,404.
(b) Rate shown reflects the 7-day yield as of September 30, 2018.

(c)

 Collateral received from brokers for securities lending was invested in these short-term investments.

  

SUMMARY OF SCHEDULE OF INVESTMENTS    
     
    % of
Net Assets		 
Advertising   0.6%
Aerospace/Defense   0.6 
Airlines   1.8 
Auto Parts & Equipment   2.9 
Banks   3.9 
Biotechnology   1.8 
Building Materials   2.8 
Chemicals   2.6 
Commercial Services   3.0 
Computers   2.7 
Cosmetics/Personal Care   0.8 
Distribution/Wholesale   0.3 
Diversified Financial Services   7.2 
Electric   0.4 
Electrical Components & Equipment   0.9 

 

See accompanying Notes to Schedules of Investments. 

 

 

 

 

ADVISORSHARES WILSHIRE BUYBACK ETF

Schedule of Investments (continued)

September 30, 2018 (Unaudited)

 

 

 

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)    
   % of
Net Assets		 
Electronics   4.1%
Healthcare - Products   0.6 
Healthcare - Services   2.7 
Home Builders   1.0 
Household Products/Wares   0.9 
Housewares   2.3 
Insurance   10.4 
Internet   4.8 
Investment Companies   0.3 
Iron / Steel   0.9 
Leisure Time   2.2 
Lodging   0.6 
Machinery - Diversified   2.4 
Mining   0.2 
Oil & Gas   0.4 
Oil & Gas Services   1.6 
Packaging & Containers   0.3 
Pharmaceuticals   4.2 
Pipelines   1.3 
REITS   3.6 
Retail   8.0 
Semiconductors   2.2 
Shipbuilding   1.2 
Software   2.9 
Telecommunications   3.5 
Transportation   3.1 
Money Market Fund   2.0 
Repurchase Agreement   0.0**
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 TRUST 

Notes to the Schedules of Investments 

September 30, 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 generally accepted accounting principles (“U.S. GAAP”), and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

 

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

 

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

 

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

 

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

 

The following is a summary of the inputs used as of September 30, 2018 in valuing the Funds’ assets and liabilities carried at fair value:

 

Assets  Cornerstone Small Cap ETF   Dorsey Wright ADR ETF   Dorsey Wright Micro Cap ETF   Dorsey Wright Short ETF   Focused Equity ETF   KIM Korea Equity ETF 
Level 1                              
Common Stocks  $5,510,023   $191,738,491   $3,047,991   $—   $15,087,440   $8,519,327 
Money Market Funds   26,836    1,735,694    18,561    2,539,477    194,405    — 
Level 2                              
Repurchase Agreements for Securities Loaned   213,832    14,572,278    —    —    35,815    — 
Liabilities                              
Level 1                              
Common Stocks   —    —    —    (6,204,855)   —    — 
Total  $5,750,691   $208,046,463   $3,066,552   $(3,665,378)  $15,317,660   $8,519,327 

 

Assets  Madrona Domestic ETF   Madrona Global Bond ETF   Madrona International ETF   New Tech and Media ETF   Newfleet Multi-Sector Income ETF   Pacific Asset Enhanced Floating Rate ETF 
Level 1                              
Exchange Traded Funds  $—   $18,073,210   $—   $—   $—   $34,100 
Common Stocks   31,188,518    —    12,694,174    33,902,467    —    — 
Money Market Funds   743,676    388,621    91,867    956,754    2,388,257    3,865,526 
Level 2                              
Mortgage Backed Securities   —    —    —    —    38,673,943    — 
Asset Backed Securities   —    —    —    —    37,118,526    — 
Corporate Bonds   —    —    —    —    31,942,761    3,625,601 
Term Loans   —    —    —    —    15,103,807    21,297,997 
Foreign Bonds   —    —    —    —    6,728,398    698,207 
U.S. Treasury Bill   —    —    —    —    3,904,658    — 
Repurchase Agreements for Securities Loaned   392,138    1,016,331    2,444,607    216    1,301,192    267,635 
Swaps†   —    —    —    —    —    11,846 
Total  $32,324,332   $19,478,162   $15,230,648   $34,859,437   $137,161,542   $29,800,912 

 

Assets  Ranger Equity Bear ETF   Sage Core Reserves ETF   STAR Global Buy-Write ETF   Vice ETF   Wilshire Buyback ETF 
Level 1                         
Exchange Traded Funds  $54,639,750   $—   $16,265,221   $—   $— 
Common Stocks   —    —    —    14,812,915    87,630,176 
Money Market Funds   7,653,357    2,416,241    1,408,116    27,682    1,753,908 
Level 2                         
Mortgage Backed Securities   —    3,307,776    —    —    — 
Asset Backed Securities   —    18,294,789    —    —    — 
Corporate Bonds   —    33,395,820    —    —    — 
Foreign Bonds   —    4,364,747    —    —    — 
U.S. Treasury Note   —    3,233,194    —    —    — 
U.S. Treasury Bill   —    99,823    —    —    — 
Repurchase Agreements for Securities Loaned   —    124,634    —    1,149,905    33 
Liabilities                         
Level 1                         
Common Stocks   (111,777,032)   —    —    —    — 
Written Options   —    —    (9,612)   —    — 
Total  $(49,483,925)  $65,237,024   $17,663,725   $15,990,502   $89,384,117 

 

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

 

For more detailed categories, see the accompanying Schedules of Investments.

 

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.

 

 

 

 

ADVISORSHARES TRUST 

Notes to the Schedules of Investments (continued)

September 30, 2018 (unaudited)

 

3. New Accounting Pronouncement

 

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. The amendments in the ASU modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact, if any, of applying this provision and believes the adoption of this ASU will not have a material impact on the Funds’ financial statements.

 

 

 

  

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 10/26/2018

 

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 10/26/2018

 

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

 

Date 10/26/2018

 

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