N-CSRS 1 s122826_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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: December 31, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Reports to Stockholders.

The Report to Shareholders is attached herewith.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

ADVISORSHARES TRUST
4800 Montgomery Lane
Suite 150
Bethesda, Maryland 20814
www.advisorshares.com
1.877.843.3831

Semi-Annual Report

December 31, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other communications electronically. You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to continue receiving paper copies of your shareholder reports and for information about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

TABLE OF CONTENTS

Letter from the CEO of AdvisorShares Investments, LLC		1
Shareholder Expense Examples		3
Schedules of Investments
AdvisorShares Cornerstone Small Cap ETF (SCAP)		5
AdvisorShares Dorsey Wright ADR ETF (AADR)		11
AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)		14
AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)		16
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)		17
AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)		18
AdvisorShares Dorsey Wright Short ETF (DWSH)		23
AdvisorShares DoubleLine Value Equity ETF (DBLV)		27
AdvisorShares Focused Equity ETF (CWS)		30
AdvisorShares FolioBeyond Smart Core Bond ETF (FWDB)		32
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)		34
AdvisorShares Pure Cannabis ETF (YOLO)		45
AdvisorShares Ranger Equity Bear ETF (HDGE)		48
AdvisorShares Sage Core Reserves ETF (HOLD)		51
AdvisorShares STAR Global Buy-Write ETF (VEGA)		57
AdvisorShares Vice ETF (ACT)		59
Statements of Assets and Liabilities		62
Statements of Operations		66
Statements of Changes in Net Assets		70
Financial Highlights		78
Notes to Financial Statements		89
Board Review of Investment Advisory and Sub-Advisory Agreements		108
Supplemental Information		111

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC

December 31, 2019

First and most importantly, thank you for being a shareholder in an AdvisorShares ETF. We appreciate the support that your investment in our ETF provides to help grow your investments over time. We hope you had a successful 2019.

The last six months saw a few changes. We closed two ETFs, the New Tech and Media ETF and the Sabretooth ETF. We reorganized the Pacific Asset Management Floating Rate ETF (ticker: FLRT) to the Pacific Global Senior Loan ETF Trust. We sincerely appreciate the sub-advisory services that Pacific Asset Management provided FLRT and we wish them much success as they expand their proprietary line up of ETFs. Finally, we launched three new ETFs based on models provided by an existing sub-advisor, Nasdaq Dorsey Wright, and managed by AdvisorShares. These three new strategies provide core equity exposure, however, the ETFs have a defensive feature that incrementally increases the cash position in the portfolio when the market turns downward.

The three new ETFs are:

• DWAW — AdvisorShares Dorsey Wright FSM All Cap World ETF

• DWEQ — AdvisorShares Dorsey Wright Alpha Equal Weight ETF

• DWUS — AdvisorShares Dorsey Wright FSM U.S. Core ETF

In addition, several of our ETFs had impressive performance results in 2019:

• DBLV — The DoubleLine equity team outperformed their Russell 1000 Value Index benchmark.

• ACT — Was the only ETF or Fund with dedicated cannabis exposure to have a positive total return.

• DWMC — Our technically driven micro cap strategy outperformed its Russell Microcap Index benchmark.

• YOLO — The cannabis fund category had significant underperformance for 2019, however, YOLO outperformed the North American Marijuana Index.

• AADR — Our international equity ETF came roaring back from a tough 2018, significantly outperforming comparable international equity benchmarks.

• FWDB — Easily outperformed its benchmark, the Bloomberg Barclays Aggregate Bond Index.

• MINC — Maintained its four star Overall Morningstar rating – out of 488 funds in the Short-Term Multi-Sector Bond Category.

• DWSH — Our all short equity ETF outperformed a comparable inverse S&P 500 benchmark.

Please go to www.advisorshares.com to get full performance information on all AdvisorShares ETFs.

As we enter the new decade in 2020 and the second half of the fiscal year, AdvisorShares remains committed to you, our shareholders, and I am always available to address any questions or concerns you may have. We truly value your trust and continuous support of AdvisorShares. We wish you and yours a happy, healthy and prosperous new year.

Best regards,

Noah Hamman

CEO, AdvisorShares Investments

ADVISORSHARES TRUST

Letter from the CEO of AdvisorShares Investments, LLC (Continued)

December 31, 2019

Past performance is not indicative of future results.

Overall MINC Morningstar rating is derived from a weighted average of the fund’s 3-, 5-, and 10- year (if applicable) risk-adjusted returns as of 12/31/2019. Category consists of 488 funds in 3 year and 442 in 5 year. MINC received a 4 star rating in the 3 and 5 year period.

An investment in the Funds is subject to risk, including the possible loss of principal amount invested. ADRs are subject to the risk of change in political or economic conditions and exchange rates in foreign countries. Certain funds may participate in leveraged transactions to include selling securities short which creates the risk of magnified capital losses. Under certain market conditions, short sales can increase the volatility and decrease the liquidity of certain securities or positions, and may lower the Fund’s return or result in a loss. There is no guarantee that the individual Funds’ will achieve the stated investment objectives. Investments in fixed income are subject to interest rate risk and credit risk. The risks associated with each Fund include the risks associated with the underlying ETFs, which can result in higher volatility, and are detailed in each Fund’s prospectus and on each Fund’s webpage.

The views in this report were those of the Fund’s CEO as of December 31, 2019 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited)

As a shareholder of the Fund, you incur transaction cost and ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an initial investment of $1,000 invested at July 1, 2019 and held for the period ended December 31, 2019, unless noted below for Funds not in operations for the full six month period.

Actual Expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid” to estimate the expenses attributable to your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses for the period. You may use this information to compare the ongoing costs of investing in the Funds and other ETF funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

In addition, if these transactional costs were included, your costs would have been higher.

Fund Name	Beginning Account Value 7/1/2019		Ending Account Value 12/31/2019		Annualized Expense Ratio for the Period	Expenses Paid(1)
AdvisorShares Cornerstone Small Cap ETF
Actual	$	1,000.00	$	1,034.10	0.90%	$	4.60
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.61	0.90%	$	4.57
AdvisorShares Dorsey Wright ADR ETF
Actual	$	1,000.00	$	1,090.70	0.95%	$	4.99
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.36	0.95%	$	4.82
AdvisorShares Dorsey Wright Alpha Equal Weight ETF
Actual	$	1,000.00	$	996.40	0.99%	$	0.14	(2)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.16	0.99%	$	5.03
AdvisorShares Dorsey Wright FSM All Cap World ETF(3)
Actual	$	1,000.00	$	994.80	0.99%	$	0.13	(2)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.16	0.99%	$	5.03
AdvisorShares Dorsey Wright FSM US Core ETF(3)
Actual	$	1,000.00	$	1,000.10	0.99%	$	0.14	(2)
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.16	0.99%	$	5.03

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name	Beginning Account Value 7/1/2019		Ending Account Value 12/31/2019		Annualized Expense Ratio for the Period	Expenses Paid(1)
AdvisorShares Dorsey Wright Micro-Cap ETF
Actual	$	1,000.00	$	1,034.50	1.09%	$	5.57
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.66	1.09%	$	5.53
AdvisorShares Dorsey Wright Short ETF
Actual	$	1,000.00	$	915.40	1.10%	$	5.30
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.61	1.10%	$	5.58
AdvisorShares DoubleLine Value Equity ETF
Actual	$	1,000.00	$	1,112.70	0.90%	$	4.78
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.61	0.90%	$	4.57
AdvisorShares Focused Equity ETF
Actual	$	1,000.00	$	1,086.40	0.75%	$	3.93
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.37	0.75%	$	3.81
AdvisorShares FolioBeyond Smart Core Bond ETF(3)
Actual	$	1,000.00	$	1,041.30	0.95%	$	4.87
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.36	0.95%	$	4.82
AdvisorShares Newfleet Multi-Sector Income ETF
Actual	$	1,000.00	$	1,015.20	0.75%	$	3.80
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.37	0.75%	$	3.81
AdvisorShares Pure Cannabis ETF
Actual	$	1,000.00	$	543.00	0.74%	$	2.87
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.42	0.74%	$	3.76
AdvisorShares Ranger Equity Bear ETF
Actual	$	1,000.00	$	843.40	1.66%	$	7.69
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.79	1.66%	$	8.42
AdvisorShares Sage Core Reserves ETF
Actual	$	1,000.00	$	1,013.40	0.35%	$	1.77
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,023.38	0.35%	$	1.78
AdvisorShares STAR Global Buy-Write ETF(3)
Actual	$	1,000.00	$	1,066.60	1.85%	$	9.61
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.84	1.85%	$	9.37
AdvisorShares Vice ETF
Actual	$	1,000.00	$	1,026.10	0.83%	$	4.23
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.96	0.83%	$	4.22

____________

(1) Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/366 (to reflect the six-month period).

(2) Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 5/366 (to reflect commencement of operations to December 26, 2019).

(3) The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the funds in which the Fund is invested in. These ratios do not include these indirect fees and expenses.

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 99.6%
Aerospace/Defense — 0.3%
AeroVironment, Inc.*(a)	237	$	14,632
Airlines — 1.6%
Hawaiian Holdings, Inc.(a)	566		16,578
SkyWest, Inc.	1,043		67,409
Total Airlines			83,987
Apparel — 0.9%
Crocs, Inc.*	729		30,538
Steven Madden Ltd.	398		17,118
Total Apparel			47,656
Auto Parts & Equipment — 0.5%
Spartan Motors, Inc.	1,432		25,891
Banks — 7.6%
1st Source Corp.	341		17,691
American National Bankshares, Inc.	469		18,558
Community Trust Bancorp, Inc.	436		20,335
Eagle Bancorp, Inc.	549		26,698
First BanCorp (Puerto Rico)	2,319		24,558
First Bancorp/Southern Pines NC	523		20,873
First Financial Corp.	406		18,562
First Mid Bancshares, Inc.	426		15,016
Flagstar Bancorp, Inc.	539		20,617
Great Southern Bancorp, Inc.	349		22,099
Mercantile Bank Corp.	496		18,089
Metropolitan Bank Holding Corp.*	448		21,607
National Bank Holdings Corp., Class A	477		16,800
Nicolet Bankshares, Inc.*	384		28,358
Opus Bank	670		17,333
Stock Yards Bancorp, Inc.	469		19,257
TriState Capital Holdings, Inc.*	1,097		28,654
Trustmark Corp.	505		17,428
United Community Banks, Inc.	554		17,108
Total Banks			389,641
Beverages — 0.3%
MGP Ingredients, Inc.(a)	291		14,099
Biotechnology — 5.0%
Arena Pharmaceuticals, Inc.*	486		22,074
Innoviva, Inc.*	1,262		17,870
Ligand Pharmaceuticals, Inc.*(a)	122		12,723
Nektar Therapeutics*(a)	958		20,678
NeoGenomics, Inc.*	1,156		33,813
REGENXBIO, Inc.*(a)	473		19,379

Investments	Shares	Value
COMMON STOCKS (continued)
Biotechnology (continued)
Veracyte, Inc.*	1,020	$	28,478
Vericel Corp.*	933		16,234
Xencor, Inc.*(a)	496		17,058
Zymeworks, Inc. (Canada)*	1,434		65,190
Total Biotechnology			253,497
Building Materials — 1.0%
Caesarstone Ltd.	1,273		19,184
Gibraltar Industries, Inc.*	586		29,558
Total Building Materials			48,742
Chemicals — 0.8%
Balchem Corp.	189		19,208
Innospec, Inc.	221		22,860
Total Chemicals			42,068
Coal — 0.2%
Natural Resource Partners LP	454		9,130
Commercial Services — 4.4%
Adtalem Global Education, Inc.*	280		9,792
American Public Education, Inc.*	647		17,721
Barrett Business Services, Inc.	210		18,997
Cardtronics PLC, Class A*(a)	549		24,513
CBIZ, Inc.*	728		19,627
CRA International, Inc.	338		18,411
Cross Country Healthcare, Inc.*	1,445		16,791
Heidrick & Struggles International, Inc.	472		15,340
HMS Holdings Corp.*	869		25,722
Kelly Services, Inc., Class A	745		16,822
Medifast, Inc.	95		10,410
Rent-A-Center, Inc.	1,053		30,368
Total Commercial Services			224,514
Computers — 3.8%
CyberArk Software Ltd.*	149		17,370
Endava PLC (United Kingdom)*(b)	399		18,593
Globant SA (Argentina)*	212		22,483
Insight Enterprises, Inc.*	390		27,413
OneSpan, Inc.*	942		16,127
Qualys, Inc.*(a)	348		29,013
SecureWorks Corp., Class A*	1,533		25,540
Tenable Holdings, Inc.*	717		17,179
WNS Holdings Ltd. (India)*(b)	278		18,390
Total Computers			192,108

See accompanying Notes to Financial Statements.

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS (continued)
Cosmetics/Personal Care — 0.8%
elf Beauty, Inc.*	1,025	$	16,533
Inter Parfums, Inc.	358		26,030
Total Cosmetics/Personal Care			42,563
Distribution/Wholesale — 1.0%
Core-Mark Holding Co., Inc.	608		16,532
G-III Apparel Group Ltd.*(a)	443		14,840
Triton International Ltd. (Bermuda)	488		19,618
Total Distribution/Wholesale			50,990
Diversified Financial Services — 2.1%
Columbia Financial, Inc.*	1,051		17,804
Encore Capital Group, Inc.*(a)	435		15,381
Mr Cooper Group, Inc.*	1,362		17,038
Navient Corp.	1,519		20,780
Nelnet, Inc., Class A	307		17,880
Waddell & Reed Financial, Inc., Class A	1,065		17,807
Total Diversified Financial Services			106,690
Electrical Components & Equipment — 0.9%
Encore Wire Corp.	355		20,377
Powell Industries, Inc.	494		24,201
Total Electrical Components & Equipment			44,578
Electronics — 2.2%
Advanced Energy Industries, Inc.*(a)	268		19,081
Alarm.com Holdings, Inc.*	507		21,786
Benchmark Electronics, Inc.	514		17,661
Brady Corp., Class A	437		25,023
Napco Security Technologies, Inc.*(a)	1,052		30,918
Total Electronics			114,469
Engineering & Construction — 2.6%
Arcosa, Inc.	708		31,541
Construction Partners, Inc., Class A*(a)	1,314		22,167
Exponent, Inc.	560		38,646
Great Lakes Dredge & Dock Corp.*	1,678		19,012
MYR Group, Inc.*	615		20,043
Total Engineering & Construction			131,409

Investments	Shares	Value
COMMON STOCKS (continued)
Entertainment — 0.7%
Everi Holdings, Inc.*	1,648	$	22,133
IMAX Corp.*	787		16,078
Total Entertainment			38,211
Environmental Control — 0.4%
Energy Recovery, Inc.*	2,006		19,639
Food — 1.0%
Ingles Markets, Inc., Class A	494		23,470
John B Sanfilippo & Son, Inc.	235		21,451
United Natural Foods, Inc.*(a)	459		4,021
Total Food			48,942
Forest Products & Paper — 0.8%
PH Glatfelter Co.	1,265		23,149
Verso Corp., Class A*	950		17,129
Total Forest Products & Paper			40,278
Healthcare – Products — 3.2%
BioLife Solutions, Inc.*(a)	1,190		19,254
CONMED Corp.	310		34,667
LeMaitre Vascular, Inc.(a)	675		24,266
Oxford Immunotec Global PLC*	1,203		19,970
STAAR Surgical Co.*(a)	526		18,500
Tactile Systems Technology, Inc.*(a)	660		44,557
Total Healthcare – Products			161,214
Healthcare – Services — 1.5%
Ensign Group, Inc. (The)	438		19,872
LHC Group, Inc.*	322		44,359
Triple-S Management Corp., Class B (Puerto Rico)*	712		13,165
Total Healthcare – Services			77,396
Home Builders — 1.5%
LCI Industries	210		22,498
Meritage Homes Corp.*	274		16,744
Skyline Champion Corp.*	566		17,942
Taylor Morrison Home Corp.*	893		19,521
Total Home Builders			76,705
Home Furnishings — 0.8%
Daktronics, Inc.	2,573		15,670
iRobot Corp.*(a)	175		8,860
Universal Electronics, Inc.*	299		15,626
Total Home Furnishings			40,156

See accompanying Notes to Financial Statements.

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS (continued)
Insurance — 3.8%
Ambac Financial Group, Inc.*	910	$	19,629
American Equity Investment Life Holding Co.	608		18,197
Argo Group International Holdings Ltd.	329		21,632
Employers Holdings, Inc.	396		16,533
FGL Holdings(a)	2,076		22,109
MBIA, Inc.*(a)	1,804		16,777
NMI Holdings, Inc., Class A*	1,070		35,503
Safety Insurance Group, Inc.	252		23,317
White Mountains Insurance Group Ltd.	19		21,195
Total Insurance			194,892
Internet — 4.2%
Boingo Wireless, Inc.*	1,538		16,841
Cargurus, Inc.*	439		15,444
HealthStream, Inc.*	600		16,320
Meet Group, Inc. (The)*(a)	3,587		17,971
NIC, Inc.	838		18,729
Perficient, Inc.*	858		39,528
Rubicon Project, Inc. (The)*	3,061		24,978
Shutterstock, Inc.*(a)	414		17,752
Sogou, Inc. (China)*(a)(b)	3,469		15,784
TrueCar, Inc.*	3,866		18,364
Upwork, Inc.*	1,119		11,940
Total Internet			213,651
Leisure Time — 2.1%
Fox Factory Holding Corp.*(a)	616		42,855
Malibu Boats, Inc., Class A*	438		17,936
Marine Products Corp.	1,280		18,432
YETI Holdings, Inc.*(a)	737		25,633
Total Leisure Time			104,856
Lodging — 0.4%
BBX Capital Corp.	4,350		20,749
Machinery – Diversified — 1.7%
Alamo Group, Inc.	221		27,747
Chart Industries, Inc.*	458		30,910
CSW Industrials, Inc.	390		30,030
Total Machinery – Diversified			88,687
Miscellaneous Manufacturing — 2.3%
ESCO Technologies, Inc.	335		30,987
Fabrinet (Thailand)*	367		23,796
Federal Signal Corp.	758		24,446
John Bean Technologies Corp.(a)	351		39,544
Total Miscellaneous Manufacturing			118,773

Investments	Shares	Value
COMMON STOCKS (continued)
Office Furnishings — 0.4%
Herman Miller, Inc.	489	$	20,367
Oil & Gas — 0.4%
CNX Resources Corp.*(a)	1,257		11,125
PDC Energy, Inc.*(a)	266		6,961
Total Oil & Gas			18,086
Oil & Gas Services — 1.1%
Archrock, Inc.	2,241		22,500
DMC Global, Inc.	260		11,684
Helix Energy Solutions Group, Inc.*	2,391		23,025
Total Oil & Gas Services			57,209
Packaging & Containers — 0.3%
Greif, Inc., Class A	388		17,150
Pharmaceuticals — 3.1%
Alkermes PLC*	854		17,422
Amphastar Pharmaceuticals, Inc.*(a)	800		15,432
Anika Therapeutics, Inc.*	305		15,814
Antares Pharma, Inc.*	5,390		25,333
Enanta Pharmaceuticals, Inc.*(a)	419		25,886
Pacira BioSciences, Inc.*	457		20,702
USANA Health Sciences, Inc.*	241		18,931
Vanda Pharmaceuticals, Inc.*	1,125		18,461
Total Pharmaceuticals			157,981
Private Equity — 0.3%
Kennedy-Wilson Holdings, Inc.	762		16,993
Real Estate — 0.9%
eXp World Holdings, Inc.*(a)	1,754		19,873
McGrath RentCorp	366		28,013
Total Real Estate			47,886
REITS — 4.2%
Acadia Realty Trust	612		15,869
Agree Realty Corp.	399		27,998
American Assets Trust, Inc.	401		18,406
Global Net Lease, Inc.	870		17,644
iStar, Inc.(a)	1,277		18,529
Mack-Cali Realty Corp.	808		18,689
Piedmont Office Realty Trust, Inc., Class A	854		18,993
Preferred Apartment Communities, Inc., Class A(a)	1,185		15,784
Retail Opportunity Investments Corp.	947		16,724

See accompanying Notes to Financial Statements.

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS (continued)
REITS (continued)
Retail Value, Inc.	455	$	16,744
Terreno Realty Corp.	545		29,506
Total REITS			214,886
Retail — 5.8%
America’s Car-Mart, Inc.*	292		32,021
Bed Bath & Beyond, Inc.(a)	1,263		21,850
BJ’s Restaurants, Inc.	357		13,552
BMC Stock Holdings, Inc.*	675		19,366
Boot Barn Holdings, Inc.*(a)	799		35,579
Chuy’s Holdings, Inc.*	670		17,366
Conn’s, Inc.*(a)	620		7,682
Dillard’s, Inc., Class A	238		17,488
Hibbett Sports, Inc.*	912		25,572
PC Connection, Inc.	591		29,349
Shake Shack, Inc., Class A*	175		10,425
Shoe Carnival, Inc.	522		19,460
Vera Bradley, Inc.*(a)	1,352		15,954
Zumiez, Inc.*	925		31,949
Total Retail			297,613
Semiconductors — 8.4%
Ambarella, Inc.*	377		22,831
Amkor Technology, Inc.*	1,338		17,394
Cabot Microelectronics Corp.	199		28,720
CEVA, Inc.*	544		14,666
Cirrus Logic, Inc.*	319		26,289
Cohu, Inc.	940		21,479
Diodes, Inc.*(a)	605		34,104
DSP Group, Inc.*	1,204		18,951
FormFactor, Inc.*	753		19,555
Himax Technologies, Inc. (Taiwan)*(b)	7,872		20,939
Inphi Corp.*	241		17,839
MagnaChip Semiconductor Corp. (South Korea)*	1,638		19,017
Nova Measuring Instruments Ltd. (Israel)*	473		17,894
Onto Innovation, Inc.*	1,195		43,665
Photronics, Inc.*	1,955		30,811
Power Integrations, Inc.	200		19,782
Silicon Motion Technology Corp. (Taiwan)(b)	408		20,690
Ultra Clean Holdings, Inc.*	773		18,142
Veeco Instruments, Inc.*	1,175		17,255
Total Semiconductors			430,023

Investments	Shares	Value
COMMON STOCKS (continued)
Software — 8.5%
American Software, Inc., Class A	1,076	$	16,011
AppFolio, Inc., Class A*(a)	172		18,911
Bandwidth, Inc., Class A*(a)	224		14,347
Blackline, Inc.*(a)	395		20,366
Box, Inc., Class A*(a)	1,279		21,462
Cloudera, Inc.*(a)	2,600		30,238
CommVault Systems, Inc.*	356		15,892
Covetrus, Inc.*(a)	1,183		15,616
Digital Turbine, Inc.*(a)	2,825		20,142
Five9, Inc.*	649		42,561
Glu Mobile, Inc.*	3,237		19,584
Instructure, Inc.*	326		15,716
ManTech International Corp., Class A	344		27,479
MicroStrategy, Inc., Class A*	124		17,686
New Relic, Inc.*	260		17,085
Omnicell, Inc.*	266		21,737
Radware Ltd. (Israel)*	755		19,464
Sapiens International Corp. NV (Israel)	1,826		41,998
SPS Commerce, Inc.*	464		25,715
Workiva, Inc.*	335		14,087
Total Software			436,097
Telecommunications — 1.6%
ATN International, Inc.	316		17,503
Harmonic, Inc.*	2,550		19,890
NeoPhotonics Corp.*	2,097		18,496
Viavi Solutions, Inc.*	1,838		27,570
Total Telecommunications			83,459
Textiles — 0.4%
UniFirst Corp.	108		21,814
Transportation — 3.1%
Costamare, Inc. (Monaco)	2,137		20,366
Frontline Ltd. (Norway)	2,935		37,744
Golden Ocean Group Ltd (Norway)	3,225		18,737
Seaspan Corp. (Hong Kong)	1,583		22,494
Tidewater, Inc.*	916		17,660
Tsakos Energy Navigation Ltd. (Greece)	5,185		22,607
Werner Enterprises, Inc.	556		20,233
Total Transportation			159,841

See accompanying Notes to Financial Statements.

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Trucking & Leasing — 0.7%
Fly Leasing Ltd. (Ireland)*(b)		1,104	$	21,638
GATX Corp.		189		15,659
Total Trucking & Leasing				37,297
Total Common Stocks (Cost $4,291,063)				5,097,515
MONEY MARKET FUND — 0.9%
STIT – Government & Agency Portfolio, Institutional Class, 1.51%(c) (Cost $46,126)		46,126		46,126
REPURCHASE AGREEMENT — 2.1%(d)
Citigroup Global Markets, Inc., dated 12/31/19, due 01/02/20,1.55%, total to be received $107,340, (collateralized by various U.S. Government Agency Obligations, 0.25% – 3.38%, 07/15/29 – 02/15/49, totaling $109,099) (Cost $107,331)	$	107,331		107,331
Total Investments — 102.6% (Cost $4,444,520)				5,250,972
Liabilities in Excess of Other Assets — (2.6%)				(133,783	)
Net Assets — 100.0%			$	5,117,189

____________

LP — Limited Partnership

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $913,014; the aggregate market value of the collateral held by the fund is $932,716. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $825,385.

(b) American Depositary Receipt.

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

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 2019, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	5,097,515	$	—	$	—	$	5,097,515
Money Market Fund		46,126		—		—		46,126
Repurchase Agreement		—		107,331		—		107,331
Total	$	5,143,641	$	107,331	$	—	$	5,250,972

See accompanying Notes to Financial Statements.

ADVISORSHARES CORNERSTONE SMALL CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense	0.3	%
Airlines	1.6
Apparel	0.9
Auto Parts & Equipment	0.5
Banks	7.6
Beverages	0.3
Biotechnology	5.0
Building Materials	1.0
Chemicals	0.8
Coal	0.2
Commercial Services	4.4
Computers	3.8
Cosmetics/Personal Care	0.8
Distribution/Wholesale	1.0
Diversified Financial Services	2.1
Electrical Components & Equipment	0.9
Electronics	2.2
Engineering & Construction	2.6
Entertainment	0.7
Environmental Control	0.4
Food	1.0
Forest Products & Paper	0.8
Healthcare – Products	3.2
Healthcare – Services	1.5
Home Builders	1.5
Home Furnishings	0.8

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Insurance	3.8	%
Internet	4.2
Leisure Time	2.1
Lodging	0.4
Machinery – Diversified	1.7
Miscellaneous Manufacturing	2.3
Office Furnishings	0.4
Oil & Gas	0.4
Oil & Gas Services	1.1
Packaging & Containers	0.3
Pharmaceuticals	3.1
Private Equity	0.3
Real Estate	0.9
REITS	4.2
Retail	5.8
Semiconductors	8.4
Software	8.5
Telecommunications	1.6
Textiles	0.4
Transportation	3.1
Trucking & Leasing	0.7
Money Market Fund	0.9
Repurchase Agreement	2.1
Total Investments	102.6
Liabilities in Excess of Other Assets	(2.6	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 99.8%
Aerospace/Defense — 3.3%
Airbus SE (France)(a)	98,399	$	3,616,163
Airlines — 2.8%
Gol Linhas Aereas Inteligentes SA (Brazil)*(a)(b)	168,795		3,050,126
Apparel — 3.3%
LVMH Moet Hennessy Louis Vuitton SE (France)(a)	37,990		3,543,327
Banks — 2.1%
ICICI Bank Ltd. (India)(a)(b)	153,908		2,322,472
Beverages — 2.2%
Diageo PLC (United Kingdom)(a)(b)	14,206		2,392,574
Biotechnology — 3.8%
Argenx SE (Netherlands)*(a)	25,765		4,135,798
Building Materials — 2.5%
CRH PLC (Ireland)(a)	67,026		2,703,159
Commercial Services — 5.0%
New Oriental Education & Technology Group, Inc. (China)*(a)	20,646		2,503,327
TAL Education Group (China)*(a)	59,680		2,876,576
Total Commercial Services			5,379,903
Computers — 2.8%
WNS Holdings Ltd. (India)*(a)	46,159		3,053,418
Diversified Financial Services — 2.4%
AerCap Holdings NV (Ireland)*	41,464		2,548,792
Electronics — 3.3%
Allegion PLC	28,805		3,587,375
Food — 8.5%
BRF SA (Brazil)*(a)	237,864		2,069,417
Cosan Ltd., Class A (Brazil)*	191,660		4,377,514
Nestle SA (Switzerland)(a)	25,804		2,793,541
Total Food			9,240,472
Healthcare – Products — 4.7%
Koninklijke Philips NV (Netherlands)(b)	46,096		2,249,485
Smith & Nephew PLC (United Kingdom)(a)(b)	58,671		2,820,315
Total Healthcare – Products			5,069,800
Healthcare – Services — 2.8%
ICON PLC (Ireland)*	17,844		3,073,272

Investments	Shares	Value
COMMON STOCKS (continued)
Internet — 3.2%
MercadoLibre, Inc. (Argentina)*	6,153	$	3,519,147
Media — 1.9%
Thomson Reuters Corp. (Canada)	28,480		2,039,168
Mining — 9.6%
AngloGold Ashanti Ltd. (South Africa)(a)	169,476		3,786,094
Gold Fields Ltd. (South Africa)(a)	555,917		3,669,052
Sibanye Gold Ltd. (South Africa)*(a)	297,620		2,955,367
Total Mining			10,410,513
Oil & Gas — 2.5%
LUKOIL PJSC (Russia)(a)	27,026		2,667,736
Pharmaceuticals — 14.3%
AstraZeneca PLC (United Kingdom)(a)	59,600		2,971,656
Dr Reddy’s Laboratories Ltd. (India)(a)	46,969		1,906,002
Galapagos NV (Belgium)*(a)(b)	27,216		5,629,085
Novartis AG (Switzerland)(a)	25,205		2,386,662
Novo Nordisk A/S (Denmark)(a)	46,200		2,674,056
Total Pharmaceuticals			15,567,461
Semiconductors — 5.0%
ASML Holding NV (Netherlands)	10,794		3,194,376
NXP Semiconductors NV (Netherlands)	17,620		2,242,321
Total Semiconductors			5,436,697
Software — 2.0%
SAP SE (Germany)(a)	16,002		2,144,108
Telecommunications — 6.5%
Nice Ltd. (Israel)*(a)	32,304		5,011,966
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)(a)	72,652		2,070,582
Total Telecommunications			7,082,548
Transportation — 3.0%
ZTO Express Cayman, Inc. (China)(a)	137,456		3,209,598
Trucking & Leasing — 2.3%
Fly Leasing Ltd. (Ireland)*(a)	129,713		2,542,375
Total Common Stocks (Cost $83,119,311)			108,336,002

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares/ Principal		Value
MONEY MARKET FUND — 0.1%
Invesco Government & Agency Portfolio – Private Investment Class, 1.21%(c) (Cost $128,108)		128,108	$	128,108
REPURCHASE AGREEMENTS — 2.9%(d)
BofA Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $721,547, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.52%, 04/01/24 – 09/01/49, totaling $733,843)	$	721,484		721,484
Citigroup Global Markets, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $721,547, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 02/13/20 – 09/20/69, totaling $733,323)		721,484		721,484
Daiwa Capital Markets America, dated 12/31/19, due 01/02/20,1.58%, total to be received $721,547, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.03%, 01/14/20 – 12/20/49, totaling $733,780)		721,484		721,484
HSBC Securities USA, Inc., dated 12/31/19, due 01/02/20,1.55%, total to be received $213,824, (collateralized by various U.S. Government Agency Obligations, 0.00% – 2.63%, 01/09/20 – 05/15/47, totaling $218,046)		213,806		213,806

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $721,547, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/30/21 – 12/01/49, totaling $733,834)	$	721,484	$	721,484
Total Repurchase Agreements (Cost $3,099,742)				3,099,742
Total Investments — 102.8% (Cost $86,347,161)				111,563,852
Liabilities in Excess of Other Assets — (2.8%)				(3,065,369	)
Net Assets — 100.0%			$	108,498,483

____________

PLC — Public Limited Company

* Non-income producing security.

(a) American Depositary Receipt.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $11,084,236; the aggregate market value of the collateral held by the fund is $11,344,170. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $8,244,428.

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

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	108,336,002	$	—	$	—	$	108,336,002
Money Market Fund		128,108		—		—		128,108
Repurchase Agreements		—		3,099,742		—		3,099,742
Total	$	108,464,110	$	3,099,742	$	—	$	111,563,852

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense	3.3	%
Airlines	2.8
Apparel	3.3
Banks	2.1
Beverages	2.2
Biotechnology	3.8
Building Materials	2.5
Commercial Services	5.0
Computers	2.8
Diversified Financial Services	2.4
Electronics	3.3
Food	8.5
Healthcare – Products	4.7
Healthcare – Services	2.8
Internet	3.2
Media	1.9
Mining	9.6
Oil & Gas	2.5
Pharmaceuticals	14.3
Semiconductors	5.0
Software	2.0
Telecommunications	6.5
Transportation	3.0
Trucking & Leasing	2.3
Money Market Fund	0.1
Repurchase Agreements	2.9
Total Investments	102.8
Liabilities in Excess of Other Assets	(2.8	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 99.8%
Advertising — 2.4%
Trade Desk, Inc. (The), Class A*	2,842	$	738,295
Apparel — 2.5%
NIKE, Inc., Class B	7,693		779,378
Computers — 2.5%
EPAM Systems, Inc.*	3,577		758,896
Distribution/Wholesale — 2.5%
Pool Corp.	3,577		759,683
Diversified Financial Services — 2.5%
Visa, Inc., Class A	4,067		764,189
Electric — 27.7%
Alliant Energy Corp.	14,112		772,209
American Electric Power Co., Inc.	8,183		773,375
CMS Energy Corp.	12,299		772,869
DTE Energy Co.	5,978		776,363
Entergy Corp.	6,419		768,996
Evergy, Inc.	11,956		778,216
IDACORP, Inc.	7,252		774,514
NextEra Energy, Inc.	3,136		759,414
PNM Resources, Inc.	15,337		777,739
Vistra Energy Corp.	32,777		753,543
WEC Energy Group, Inc.	8,379		772,795
Total Electric			8,480,033
Entertainment — 5.1%
Churchill Downs, Inc.	5,733		786,568
Marriott Vacations Worldwide Corp.	5,978		769,727
Total Entertainment			1,556,295
Gas — 2.5%
Atmos Energy Corp.	6,958		778,322
Home Builders — 2.4%
NVR, Inc.*	196		746,448
Household Products/Wares — 2.5%
Helen of Troy Ltd.*	4,263		766,445
Internet — 2.4%
Okta, Inc.*	6,468		746,213
Lodging — 2.5%
Wyndham Destinations, Inc.	14,896		769,974

Investments	Shares	Value
COMMON STOCKS (continued)
Retail — 15.0%
Best Buy Co., Inc.	8,722	$	765,792
Burlington Stores, Inc.*	3,332		759,796
Home Depot, Inc. (The)	3,430		749,043
Ross Stores, Inc.	6,664		775,823
TJX Cos., Inc. (The)	12,691		774,912
Wendy’s Co. (The)	34,688		770,421
Total Retail			4,595,787
Semiconductors — 7.4%
Broadcom, Inc.	2,352		743,279
Monolithic Power Systems, Inc.	4,263		758,899
NVIDIA Corp.	3,185		749,431
Total Semiconductors			2,251,609
Software — 14.9%
Alteryx, Inc., Class A*	7,497		750,225
Cadence Design Systems, Inc.*	11,025		764,694
Coupa Software, Inc.*	5,145		752,456
Fiserv, Inc.*	6,566		759,227
Paycom Software, Inc.*	2,891		765,421
Tyler Technologies, Inc.*	2,548		764,451
Total Software			4,556,474
Telecommunications — 2.5%
Ubiquiti, Inc.	4,018		759,321
Water — 2.5%
American Water Works Co., Inc.	6,321		776,535
Total Common Stocks (Cost $30,698,208)			30,583,897
MONEY MARKET FUND — 0.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.47%(a) (Cost $47,398)	47,398		47,398
Total Investments — 100.0% (Cost $30,745,606)			30,631,295
Liabilities in Excess of Other Assets — (0.0%)**			(2,098	)
Net Assets — 100.0%		$	30,629,197

____________

* Non-income producing security.

** Less than 0.05%.

(a) Rate shown reflects the 7-day yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	30,583,897	$	—	$	—	$	30,583,897
Money Market Fund		47,398		—		—		47,398
Total	$	30,631,295	$	—	$	—	$	30,631,295

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising	2.4	%
Apparel	2.5
Computers	2.5
Distribution/Wholesale	2.5
Diversified Financial Services	2.5
Electric	27.7
Entertainment	5.1
Gas	2.5
Home Builders	2.4
Household Products/Wares	2.5
Internet	2.4
Lodging	2.5
Retail	15.0
Semiconductors	7.4
Software	14.9
Telecommunications	2.5
Water	2.5
Money Market Fund	0.2
Total Investments	100.0
Liabilities in Excess of Other Assets	(0.0	)**
Net Assets	100.0	%

____________

** Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
EXCHANGE TRADED FUNDS — 99.9%
Equity Fund — 99.9%
First Trust NASDAQ-100 Equal Weighted Index Fund	185,284	$	13,673,959
Invesco QQQ Trust Series 1	64,768		13,770,325
Total Exchange Traded Funds (Cost $27,409,007)			27,444,284
MONEY MARKET FUND — 0.0%**
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.47%(a) (Cost $4,000)	4,000		4,000
Total Investments — 99.9% (Cost $27,413,007)			27,448,284
Other Assets in Excess of Liabilities — 0.1%			36,942
Net Assets — 100.0%		$	27,485,226

____________

** Less than 0.05%.

(a) Rate shown reflects the 7-day yield as of December 31, 2019.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	27,444,284	$	—	$	—	$	27,444,284
Money Market Fund		4,000		—		—		4,000
Total	$	27,448,284	$	—	$	—	$	27,448,284

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund	99.9	%
Money Market Fund	0.0	**
Total Investments	99.9
Other Assets in Excess of Liabilities	0.1
Net Assets	100.0	%

____________

** Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
EXCHANGE TRADED FUNDS — 99.8%
Equity Fund — 99.8%
Invesco QQQ Trust Series 1	63,296	$	13,457,362
Invesco S&P 500 Low Volatility ETF	231,899		13,528,988
Total Exchange Traded Funds (Cost $27,012,631)			26,986,350
MONEY MARKET FUND — 0.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.47%(a) (Cost $43,858)	43,858		43,858
Total Investments — 100.0% (Cost $27,056,489)			27,030,208
Liabilities in Excess of Other Assets — (0.0)%**			(3,841	)
Net Assets — 100.0%		$	27,026,367

____________

ETF — Exchange Traded Fund

** Less than 0.05%.

(a) Rate shown reflects the 7-day yield as of December 31, 2019.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	26,986,350	$	—	$	—	$	26,986,350
Money Market Fund		43,858		—		—		43,858
Total	$	27,030,208	$	—	$	—	$	27,030,208

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund	99.8	%
Money Market Fund	0.2
Total Investments	100.0
Liabilities in Excess of Other Assets	(0.0	)**
Net Assets	100.0	%

____________

** Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 100.5%
Advertising — 0.4%
National CineMedia, Inc.	1,252	$	9,127
Aerospace/Defense — 1.1%
Ducommun, Inc.*	304		15,361
Park Aerospace Corp.	613		9,974
Total Aerospace/Defense			25,335
Agriculture — 0.4%
Cadiz, Inc.*	860		9,477
Airlines — 1.2%
SkyWest, Inc.	428		27,662
Apparel — 0.9%
Rocky Brands, Inc.	436		12,832
Vince Holding Corp.*	498		8,620
Total Apparel			21,452
Auto Parts & Equipment — 1.5%
Miller Industries, Inc.	352		13,070
Spartan Motors, Inc.	618		11,173
XPEL, Inc.*	810		11,867
Total Auto Parts & Equipment			36,110
Banks — 5.7%
Bank First Corp.	177		12,392
Bank of Marin Bancorp	241		10,857
Baycom Corp.*	428		9,733
First United Corp.	480		11,563
Independent Bank Corp.	584		13,228
Macatawa Bank Corp.	1,144		12,733
Nicolet Bankshares, Inc.*	160		11,816
OFG Bancorp (Puerto Rico)	828		19,549
Parke Bancorp, Inc.	452		11,476
Stock Yards Bancorp, Inc.	273		11,209
United Security Bancshares	1,000		10,730
Total Banks			135,286
Biotechnology — 6.4%
Ardelyx, Inc.*	1,823		13,682
Compugen Ltd. (Israel)*(a)	2,093		12,474
Karyopharm Therapeutics, Inc.*	949		18,192
Krystal Biotech, Inc.*	457		25,309
Molecular Templates, Inc.*	1,037		14,502
Veracyte, Inc.*	772		21,554
Vericel Corp.*(a)	637		11,084
XOMA Corp.*	577		15,752
Zymeworks, Inc. (Canada)*	428		19,457
Total Biotechnology			152,006

Investments	Shares	Value
COMMON STOCKS (continued)
Building Materials — 0.7%
Forterra, Inc.*	1,455	$	16,820
Commercial Services — 3.2%
Barrett Business Services, Inc.	123		11,127
Cross Country Healthcare, Inc.*	1,050		12,201
Evo Payments, Inc., Class A*	420		11,092
Franklin Covey Co.*	313		10,088
R1 RCM, Inc.*	1,332		17,289
Vectrus, Inc.*	293		15,019
Total Commercial Services			76,816
Computers — 2.7%
Agilysys, Inc.*	532		13,518
Icad, Inc.*	1,453		11,290
Kornit Digital Ltd. (Israel)*	404		13,829
PAR Technology Corp.*(a)	804		24,715
Total Computers			63,352
Cosmetics/Personal Care — 0.4%
elf Beauty, Inc.*	644		10,388
Diversified Financial Services — 2.1%
America First Multifamily Investors LP	1,608		12,382
B. Riley Financial, Inc.	447		11,255
Hamilton Lane, Inc., Class A	284		16,926
Oppenheimer Holdings, Inc., Class A	376		10,333
Total Diversified Financial Services			50,896
Electric — 1.0%
Ameresco, Inc., Class A*	856		14,980
Spark Energy, Inc., Class A	1,025		9,461
Total Electric			24,441
Electrical Components & Equipment — 1.8%
Novanta, Inc.*	308		27,239
Powell Industries, Inc.	308		15,089
Total Electrical Components & Equipment			42,328
Electronics — 3.2%
Camtek Ltd. (Israel)(a)	1,152		12,476
Mesa Laboratories, Inc.	61		15,214
Napco Security Technologies, Inc.*(a)	524		15,400
RADA Electronic Industries Ltd. (Israel)*	2,121		11,008
Stoneridge, Inc.*(a)	360		10,555
Transcat, Inc.*	371		11,820
Total Electronics			76,473

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS (continued)
Engineering & Construction — 1.1%
Construction Partners, Inc., Class A*(a)	701	$	11,826
Great Lakes Dredge & Dock Corp.*	1,373		15,556
Total Engineering & Construction			27,382
Entertainment — 2.7%
Eldorado Resorts, Inc.*(a)	920		54,869
Monarch Casino & Resort, Inc.*	208		10,098
Total Entertainment			64,967
Environmental Control — 4.3%
AquaVenture Holdings Ltd.*	576		15,621
Casella Waste Systems, Inc., Class A*	1,028		47,319
Energy Recovery, Inc.*(a)	1,109		10,857
Heritage-Crystal Clean, Inc.*	412		12,924
Pure Cycle Corp.*	1,172		14,756
Total Environmental Control			101,477
Food — 1.2%
Chefs’ Warehouse, Inc. (The)*	420		16,006
Ingles Markets, Inc., Class A	280		13,303
Total Food			29,309
Gas — 0.5%
Global Partners LP	588		11,854
Healthcare – Products — 2.8%
Alphatec Holdings, Inc.*	2,616		18,560
Apyx Medical Corp.*	1,536		12,995
Cutera, Inc.*	300		10,743
Hanger, Inc.*	472		13,032
Utah Medical Products, Inc.	111		11,977
Total Healthcare – Products			67,307
Healthcare – Services — 2.6%
Addus HomeCare Corp.*	212		20,611
Fulgent Genetics, Inc.*	892		11,507
Joint Corp. (The)*	668		10,781
RadNet, Inc.*	948		19,244
Total Healthcare – Services			62,143
Home Builders — 0.4%
Beazer Homes USA, Inc.*	662		9,354
Home Furnishings — 0.5%
Universal Electronics, Inc.*	235		12,281

Investments	Shares	Value
COMMON STOCKS (continued)
Household Products/Wares — 0.4%
Quanex Building Products Corp.	571	$	9,753
Insurance — 2.3%
Goosehead Insurance, Inc., Class A(a)	289		12,254
Hallmark Financial Services, Inc.*	760		13,353
Kinsale Capital Group, Inc.	280		28,465
Total Insurance			54,072
Internet — 4.2%
Cardlytics, Inc.*(a)	405		25,458
EverQuote, Inc., Class A*	860		29,541
Limelight Networks, Inc.*	2,899		11,828
PC-Tel, Inc.*	1,225		10,376
Perion Network Ltd. (Israel)*	1,734		10,785
TechTarget, Inc.*	445		11,615
Total Internet			99,603
Investment Companies — 0.9%
Ellington Financial, Inc.	597		10,943
Newtek Business Services Corp.	485		11,348
Total Investment Companies			22,291
Leisure Time — 1.2%
Clarus Corp.	1,040		14,103
Lindblad Expeditions Holdings, Inc.*	852		13,930
Total Leisure Time			28,033
Machinery – Diversified — 0.5%
Ichor Holdings Ltd.*	365		12,143
Metal Fabricate/Hardware — 2.3%
Lawson Products, Inc.*	281		14,640
Northwest Pipe Co.*	440		14,657
Omega Flex, Inc.	124		13,304
Tredegar Corp.	546		12,203
Total Metal Fabricate/Hardware			54,804
Office Furnishings — 0.5%
Kimball International, Inc., Class B	551		11,389
Oil & Gas — 1.0%
Geopark Ltd. (Colombia)	1,092		24,133
Oil & Gas Services — 0.5%
Matrix Service Co.*	509		11,646

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS (continued)
Packaging & Containers — 0.6%
UFP Technologies, Inc.*	272	$	13,494
Pharmaceuticals — 5.6%
Arvinas, Inc.*	433		17,792
BioDelivery Sciences International, Inc.*	2,512		15,876
Kadmon Holdings, Inc.*	2,421		10,967
Kodiak Sciences, Inc.*(a)	973		70,007
Recro Pharma, Inc.*	961		17,615
Total Pharmaceuticals			132,257
Real Estate — 1.2%
Landmark Infrastructure Partners LP	708		11,611
Safehold, Inc.	396		15,959
Total Real Estate			27,570
REITS — 7.5%
Arbor Realty Trust, Inc.	1,068		15,326
Ares Commercial Real Estate Corp.	728		11,532
City Office REIT, Inc.	795		10,748
Community Healthcare Trust, Inc.	348		14,915
CorEnergy Infrastructure Trust, Inc.	236		10,552
Exantas Capital Corp.	935		11,042
Gladstone Commercial Corp.	479		10,471
Global Medical REIT, Inc.	1,004		13,283
Granite Point Mortgage Trust, Inc.	540		9,925
Great Ajax Corp.(a)	728		10,782
iStar, Inc.(a)	848		12,305
NexPoint Residential Trust, Inc.	355		15,975
One Liberty Properties, Inc.	385		10,468
Retail Value, Inc.	288		10,598
Whitestone REIT	754		10,269
Total REITS			178,191
Retail — 3.8%
America’s Car-Mart, Inc.*	197		21,603
Foundation Building Materials, Inc.*	708		13,700
Hibbett Sports, Inc.*	427		11,973
Sportsman’s Warehouse Holdings, Inc.*	1,556		12,494
Stage Stores, Inc.*(a)	2,468		20,040
Zumiez, Inc.*	331		11,433
Total Retail			91,243

Investments	Shares	Value
COMMON STOCKS (continued)
Semiconductors — 1.0%
Alpha & Omega Semiconductor Ltd.*	831	$	11,318
DSP Group, Inc.*	765		12,041
Total Semiconductors			23,359
Software — 9.5%
American Software, Inc., Class A	745		11,086
AppFolio, Inc., Class A*(a)	272		29,906
Daily Journal Corp.*(a)	40		11,617
Digi International, Inc.*	636		11,270
Digital Turbine, Inc.*	2,340		16,684
Five9, Inc.*	788		51,677
LivePerson, Inc.*(a)	628		23,236
Red Violet, Inc.*(a)	676		12,513
Sapiens International Corp. NV (Israel)	732		16,836
Seachange International, Inc.*	2,929		12,273
Simulations Plus, Inc.	576		16,744
Verra Mobility Corp.*	860		12,031
Total Software			225,873
Telecommunications — 3.0%
Anterix, Inc.*	268		11,580
AudioCodes Ltd. (Israel)	1,236		31,753
Harmonic, Inc.*	2,104		16,411
Luna Innovations, Inc.*	1,593		11,613
Total Telecommunications			71,357
Transportation — 4.2%
Costamare, Inc. (Monaco)	1,518		14,467
DHT Holdings, Inc.	2,036		16,858
Dorian LPG Ltd.*	1,200		18,576
Nordic American Tankers Ltd.	2,457		12,088
PAM Transportation Services, Inc.*	260		15,005
Scorpio Bulkers, Inc.	1,452		9,249
Scorpio Tankers, Inc. (Monaco)	20		787
Teekay Tankers Ltd., Class A (Bermuda)*	594		14,238
Total Transportation			101,268
Water — 1.5%
Consolidated Water Co. Ltd. (Cayman Islands)	663		10,807
Middlesex Water Co.	217		13,794
York Water Co. (The)	245		11,297
Total Water			35,898
Total Common Stocks (Cost $2,012,208)			2,392,420

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares/ Principal		Value
RIGHT — 0.0%
Biotechnology — 0.0%
XOMA Corp.*(a) (Cost $0)		38	$	0
MONEY MARKET FUND — 0.9%
STIT – Government & Agency Portfolio, Institutional Class, 1.51%(b) (Cost $22,095)		22,095		22,095
REPURCHASE AGREEMENT — 4.9%(c)
Citigroup Global Markets, Inc., dated 12/31/19, due 01/02/20,1.55%, total to be received $115,740, (collateralized by various U.S. Government Agency Obligations, 0.25% – 3.38%, 07/15/29 – 02/15/49, totaling $117,637) (Cost $115,730)	$	115,730		115,730
Total Investments — 106.3% (Cost $2,150,033)				2,530,245
Liabilities in Excess of Other Assets — (6.3%)				(148,798	)
Net Assets — 100.0%			$	2,381,447

____________

LP — Limited Partnership

REITS — Real Estate Investment Trusts

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $337,098; the aggregate market value of the collateral held by the fund is $344,575. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $228,845.

(b) Rate shown reflects the 7-day yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,392,420	$	—	$	—	$	2,392,420
Right		—		—		0		0
Money Market Fund		22,095		—		—		22,095
Repurchase Agreement		—		115,730		—		115,730
Total	$	2,414,515	$	115,730	$	—	$	2,530,245

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising	0.4	%
Aerospace/Defense	1.1
Agriculture	0.4
Airlines	1.2
Apparel	0.9
Auto Parts & Equipment	1.5
Banks	5.7
Biotechnology	6.4
Building Materials	0.7
Commercial Services	3.2
Computers	2.7
Cosmetics/Personal Care	0.4
Diversified Financial Services	2.1
Electric	1.0
Electrical Components & Equipment	1.8
Electronics	3.2
Engineering & Construction	1.1
Entertainment	2.7
Environmental Control	4.3
Food	1.2
Gas	0.5
Healthcare – Products	2.8
Healthcare – Services	2.6
Home Builders	0.4
Home Furnishings	0.5

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Household Products/Wares	0.4	%
Insurance	2.3
Internet	4.2
Investment Companies	0.9
Leisure Time	1.2
Machinery – Diversified	0.5
Metal Fabricate/Hardware	2.3
Office Furnishings	0.5
Oil & Gas	1.0
Oil & Gas Services	0.5
Packaging & Containers	0.6
Pharmaceuticals	5.6
Real Estate	1.2
REITS	7.5
Retail	3.8
Semiconductors	1.0
Software	9.5
Telecommunications	3.0
Transportation	4.2
Water	1.5
Money Market Fund	0.9
Repurchase Agreement	4.9
Total Investments	106.3
Liabilities in Excess of Other Assets	(6.3	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUND — 41.5%
Debt Fund — 41.5%
AdvisorShares Sage Core Reserves ETF† (Cost $17,451,006)	175,000		$	17,464,983
MONEY MARKET FUND — 24.6%
STIT – Government & Agency Portfolio, Institutional Class, 1.51%(a) (Cost $10,366,295)	10,366,295			10,366,295
Total Investments Before Securities Sold, Not Yet Purchased (Cost $27,817,301)				27,831,278
Securities Sold, Not Yet Purchased — (100.3)%(b)
COMMON STOCKS — (100.3)%
Airlines — (0.9)%
American Airlines Group, Inc.	(13,768	)		(394,866	)
Apparel — (2.1)%
PVH Corp.	(5,101	)		(536,370	)
Tapestry, Inc.	(12,227	)		(329,762	)
Total Apparel				(866,132	)
Auto Parts & Equipment — (3.2)%
Adient PLC*	(18,487	)		(392,849	)
Goodyear Tire & Rubber Co. (The)	(30,246	)		(470,476	)
Lear Corp.	(3,518	)		(482,670	)
Total Auto Parts & Equipment				(1,345,995	)
Banks — (2.0)%
Bank OZK	(13,013	)		(396,962	)
Texas Capital Bancshares, Inc.*	(7,673	)		(435,596	)
Total Banks				(832,558	)
Beverages — (0.9)%
National Beverage Corp.*	(7,191	)		(366,885	)
Biotechnology — (7.3)%
Alexion Pharmaceuticals, Inc.*	(3,573	)		(386,420	)
BioMarin Pharmaceutical, Inc.*	(5,322	)		(449,975	)
Bluebird Bio, Inc.*	(5,062	)		(444,191	)
Exelixis, Inc.*	(24,108	)		(424,783	)
FibroGen, Inc.*	(11,615	)		(498,167	)
Nektar Therapeutics*	(19,961	)		(430,858	)
United Therapeutics Corp.*	(4,920	)		(433,354	)
Total Biotechnology				(3,067,748	)

Investments	Shares		Value
COMMON STOCKS (continued)
Chemicals — (5.7)%
Albemarle Corp.	(5,467	)	$	(399,310	)
Chemours Co. (The)	(21,496	)		(388,863	)
DuPont de Nemours, Inc.	(7,162	)		(459,800	)
Mosaic Co. (The)	(16,723	)		(361,886	)
Olin Corp.	(22,309	)		(384,830	)
Westlake Chemical Corp.	(5,764	)		(404,344	)
Total Chemicals				(2,399,033	)
Coal — (0.9)%
Peabody Energy Corp.	(41,666	)		(379,994	)
Commercial Services — (3.1)%
2U, Inc.*	(23,933	)		(574,153	)
Grand Canyon Education, Inc.*	(4,527	)		(433,641	)
Healthcare Services Group, Inc.	(12,844	)		(312,366	)
Total Commercial Services				(1,320,160	)
Computers — (1.1)%
DXC Technology Co.	(12,057	)		(453,223	)
Diversified Financial Services — (5.0)%
Affiliated Managers Group, Inc.	(4,931	)		(417,853	)
Alliance Data Systems Corp.	(3,750	)		(420,750	)
Franklin Resources, Inc.	(15,142	)		(393,389	)
Interactive Brokers Group, Inc., Class A	(9,717	)		(453,006	)
Invesco Ltd.	(23,656	)		(425,335	)
Total Diversified Financial Services				(2,110,333	)
Electric — (1.5)%
PG&E Corp.*	(60,086	)		(653,135	)
Engineering & Construction — (0.8)%
Fluor Corp.	(18,936	)		(357,512	)
Entertainment — (1.1)%
Six Flags Entertainment Corp.	(9,987	)		(450,514	)
Food — (2.0)%
Ingredion, Inc.	(4,615	)		(428,964	)
Kraft Heinz Co. (The)	(12,517	)		(402,171	)
Total Food				(831,135	)
Food Service — (1.3)%
GrubHub, Inc.*	(11,094	)		(539,612	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare – Products — (3.0)%
ABIOMED, Inc.*	(2,584	)	$	(440,805	)
Cantel Medical Corp.	(5,165	)		(366,198	)
ICU Medical, Inc.*	(2,483	)		(464,619	)
Total Healthcare – Products				(1,271,622	)
Healthcare – Services — (1.2)%
MEDNAX, Inc.*	(17,670	)		(491,049	)
Insurance — (1.0)%
Unum Group	(14,155	)		(412,760	)
Internet — (2.9)%
Netflix, Inc.*	(1,262	)		(408,345	)
TripAdvisor, Inc.	(13,613	)		(413,563	)
Wayfair, Inc., Class A*	(4,425	)		(399,887	)
Total Internet				(1,221,795	)
Iron/Steel — (0.8)%
United States Steel Corp.	(30,959	)		(353,242	)
Leisure Time — (1.0)%
Carnival Corp.	(8,126	)		(413,045	)
Machinery – Construction & Mining — (0.9)%
Terex Corp.	(13,271	)		(395,210	)
Media — (2.1)%
ViacomCBS, Inc., Class B	(21,064	)		(884,056	)
Mining — (0.9)%
Alcoa Corp.*	(18,144	)		(390,277	)
Oil & Gas — (14.4)%
Antero Resources Corp.*	(165,794	)		(472,513	)
Apache Corp.	(14,515	)		(371,439	)
Centennial Resource Development, Inc., Class A*	(114,355	)		(528,320	)
Cimarex Energy Co.	(7,804	)		(409,632	)
Concho Resources, Inc.	(5,344	)		(467,974	)
Continental Resources, Inc.	(14,451	)		(495,669	)
EQT Corp.	(33,670	)		(367,003	)
Helmerich & Payne, Inc.	(9,495	)		(431,358	)
Marathon Oil Corp.	(29,157	)		(395,952	)
Noble Energy, Inc.	(17,795	)		(442,028	)
Occidental Petroleum Corp.	(7,381	)		(304,171	)
Parsley Energy, Inc., Class A	(25,805	)		(487,973	)
Transocean Ltd.*	(64,980	)		(447,062	)
WPX Energy, Inc.*	(31,111	)		(427,465	)
Total Oil & Gas				(6,048,559	)

Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas Services — (6.5)%
Baker Hughes Co.	(15,983	)	$	(409,644	)
Core Laboratories NV	(8,681	)		(327,013	)
Halliburton Co.	(16,298	)		(398,812	)
National Oilwell Varco, Inc.	(13,812	)		(345,991	)
Patterson-UTI Energy, Inc.	(38,825	)		(407,663	)
RPC, Inc.	(90,967	)		(476,667	)
Schlumberger Ltd.	(9,335	)		(375,267	)
Total Oil & Gas Services				(2,741,057	)
Packaging & Containers — (2.1)%
Berry Global Group, Inc.*	(9,574	)		(454,669	)
O-I Glass, Inc.	(35,079	)		(418,493	)
Total Packaging & Containers				(873,162	)
Pharmaceuticals — (5.6)%
Agios Pharmaceuticals, Inc.*	(10,681	)		(510,018	)
Alkermes PLC*	(20,811	)		(424,544	)
Herbalife Nutrition Ltd.*	(9,680	)		(461,446	)
Mylan NV*	(19,400	)		(389,940	)
Sarepta Therapeutics, Inc.*	(4,327	)		(558,356	)
Total Pharmaceuticals				(2,344,304	)
REITS — (1.9)%
Macerich Co. (The)	(14,886	)		(400,731	)
Senior Housing Properties Trust*	(48,276	)		(407,450	)
Total REITS				(808,181	)
Retail — (9.0)%
Foot Locker, Inc.	(10,121	)		(394,618	)
Gap, Inc. (The)	(24,682	)		(436,378	)
Kohl’s Corp.	(8,251	)		(420,388	)
L Brands, Inc.	(22,259	)		(403,333	)
Macy’s, Inc.	(24,029	)		(408,493	)
Michaels Cos., Inc. (The)*	(33,889	)		(274,162	)
Nordstrom, Inc.	(10,544	)		(431,566	)
Nu Skin Enterprises, Inc., Class A	(8,552	)		(350,461	)
Qurate Retail, Inc., Series A*	(33,200	)		(279,876	)
Ulta Beauty, Inc.*	(1,635	)		(413,884	)
Total Retail				(3,813,159	)
Semiconductors — (1.1)%
IPG Photonics Corp.*	(3,082	)		(446,643	)
Software — (1.8)%
PTC, Inc.*	(5,468	)		(409,499	)
Teradata Corp.*	(12,803	)		(342,736	)
Total Software				(752,235	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Telecommunications — (2.2)%
Arista Networks, Inc.*	(2,248	)	$	(457,243	)
CommScope Holding Co., Inc.*	(33,646	)		(477,437	)
Total Telecommunications				(934,680	)
Textiles — (1.2)%
Mohawk Industries, Inc.*	(3,594	)		(490,150	)
Toys/Games/Hobbies — (1.0)%
Mattel, Inc.*	(31,901	)		(432,258	)
Transportation — (0.8)%
FedEx Corp.	(2,252	)		(340,525	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(43,834,839)]			$	(42,226,804	)
Total Investments — (34.2)% (Cost $(16,017,538))				(14,395,526	)
Other Assets in Excess of Liabilities — 134.2%				56,512,359
Net Assets — 100.0%			$	42,116,833

____________

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

* Non-income producing security.

† Affiliated Company.

(a) Rate shown reflects the 7-day yield as of December 31, 2019.

(b) As of December 31, 2019 cash in the amount of $42,493,356 has been segregated as collateral from the broker for securities sold short.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	17,464,983	$	—	$	—	$	17,464,983
Money Market Fund		10,366,295		—		—		10,366,295
Total	$	27,831,278	$	—	$	—	$	27,831,278

Liabilities	Level 1			Level 2		Level 3		Total
Common Stocks	$	(42,226,804	)	$	—	$	—	$	(42,226,804	)
Total	$	(42,226,804	)	$	—	$	—	$	(42,226,804	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Airlines	(0.9	)%
Apparel	(2.1	)
Auto Parts & Equipment	(3.2	)
Banks	(2.0	)
Beverages	(0.9	)
Biotechnology	(7.3	)
Chemicals	(5.7	)
Coal	(0.9	)
Commercial Services	(3.1	)
Computers	(1.1	)
Debt Fund	41.5
Diversified Financial Services	(5.0	)
Electric	(1.5	)
Engineering & Construction	(0.8	)
Entertainment	(1.1	)
Food	(2.0	)
Food Service	(1.3	)
Healthcare – Products	(3.0	)
Healthcare – Services	(1.2	)
Insurance	(1.0	)
Internet	(2.9	)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Iron/Steel	(0.8	)%
Leisure Time	(1.0	)
Machinery – Construction & Mining	(0.9	)
Media	(2.1	)
Mining	(0.9	)
Oil & Gas	(14.4	)
Oil & Gas Services	(6.5	)
Packaging & Containers	(2.1	)
Pharmaceuticals	(5.6	)
REITS	(1.9	)
Retail	(9.0	)
Semiconductors	(1.1	)
Software	(1.8	)
Telecommunications	(2.2	)
Textiles	(1.2	)
Toys/Games/Hobbies	(1.0	)
Transportation	(0.8	)
Money Market Fund	24.6
Total Investments	(34.2	)
Other Assets in Excess of Liabilities	134.2
Net Assets	100.0	%

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2019 were as follows:

Affiliated Fund Name		Value at 6/30/2019			Purchases/ Additions			Sales/ Reductions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2019		Value at 12/31/2019			Dividend Income
AdvisorShares Sage Core Reserves ETF		$	2,490,250		$	14,965,755		$	—		$	—		$	8,978		175,000		$	17,464,983		$	59,255

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 97.3%
Aerospace/Defense — 7.4%
Boeing Co. (The)	4,822	$	1,570,815
General Dynamics Corp.	4,480		790,048
Northrop Grumman Corp.	1,885		648,383
United Technologies Corp.	9,551		1,430,358
Total Aerospace/Defense			4,439,604
Agriculture — 3.4%
Philip Morris International, Inc.	23,922		2,035,523
Auto Manufacturers — 1.0%
General Motors Co.	16,810		615,246
Banks — 13.3%
Bank of America Corp.	43,894		1,545,947
Bank of New York Mellon Corp. (The)	24,613		1,238,772
Goldman Sachs Group, Inc. (The)	5,379		1,236,794
JPMorgan Chase & Co.	16,162		2,252,983
PNC Financial Services Group, Inc. (The)	10,575		1,688,087
Total Banks			7,962,583
Commercial Services — 1.3%
IHS Markit Ltd.*	10,541		794,264
Diversified Financial Services — 1.4%
Intercontinental Exchange, Inc.	9,378		867,934
Electric — 4.2%
American Electric Power Co., Inc.	13,487		1,274,657
Xcel Energy, Inc.	19,219		1,220,214
Total Electric			2,494,871
Electronics — 3.1%
Flex Ltd.*	101,625		1,282,508
Fortive Corp.	7,532		575,369
Total Electronics			1,857,877
Food — 2.3%
US Foods Holding Corp.*	32,352		1,355,225
Healthcare – Products — 1.1%
Alcon, Inc. (Switzerland)*	11,842		669,902
Healthcare – Services — 2.0%
Anthem, Inc.	4,041		1,220,503

Investments	Shares	Value
COMMON STOCKS (continued)
Insurance — 2.3%
Chubb Ltd.	5,271	$	820,484
Willis Towers Watson PLC	2,912		588,049
Total Insurance			1,408,533
Internet — 7.1%
Alibaba Group Holding Ltd. (China)*(a)	6,152		1,304,839
Alphabet, Inc., Class A*	1,233		1,651,468
Amazon.com, Inc.*	387		715,114
Facebook, Inc., Class A*	2,993		614,314
Total Internet			4,285,735
Media — 2.2%
Comcast Corp., Class A	28,658		1,288,750
Oil & Gas — 9.1%
Chevron Corp.	15,974		1,925,027
Concho Resources, Inc.	8,783		769,128
EOG Resources, Inc.	11,663		976,893
Marathon Oil Corp.	44,397		602,911
Pioneer Natural Resources Co.	7,871		1,191,433
Total Oil & Gas			5,465,392
Oil & Gas Services — 1.1%
Halliburton Co.	26,537		649,360
Pharmaceuticals — 11.7%
AstraZeneca PLC (United Kingdom)(a)	28,701		1,431,032
Bayer AG (Germany)(a)	19,030		385,929
Cigna Corp.	5,921		1,210,785
CVS Health Corp.	16,756		1,244,803
Novartis AG (Switzerland)(a)	12,637		1,196,598
Sanofi (France)(a)	30,482		1,530,196
Total Pharmaceuticals			6,999,343
REITS — 2.9%
American Tower Corp.	7,537		1,732,153
Retail — 6.2%
Dollar General Corp.	7,374		1,150,196
Target Corp.	10,222		1,310,563
TJX Cos., Inc. (The)	20,933		1,278,169
Total Retail			3,738,928
Semiconductors — 3.2%
KLA Corp.	4,625		824,036
Texas Instruments, Inc.	8,706		1,116,893
Total Semiconductors			1,940,929

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS (continued)
Software — 4.7%
Fidelity National Information Services, Inc.	5,961	$	829,115
Microsoft Corp.	12,585		1,984,655
Total Software			2,813,770
Telecommunications — 5.0%
Motorola Solutions, Inc.	4,994		804,733
Verizon Communications, Inc.	36,145		2,219,303
Total Telecommunications			3,024,036
Transportation — 1.3%
FedEx Corp.	5,156		779,639
Total Common Stocks (Cost $51,808,824)			58,440,100
MONEY MARKET FUND — 3.0%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 1.50%(b) (Cost $1,788,078)	1,788,078		1,788,078
Total Investments — 100.3% (Cost $53,596,902)			60,228,178
Liabilities in Excess of Other Assets — (0.3%)			(164,136	)
Net Assets — 100.0%		$	60,064,042

____________

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

* Non-income producing security.

(a) American Depositary Receipt.

(b) Rate shown reflects the 7-day yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	58,440,100	$	—	$	—	$	58,440,100
Money Market Fund		1,788,078		—		—		1,788,078
Total	$	60,228,178	$	—	$	—	$	60,228,178

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense	7.4	%
Agriculture	3.4
Auto Manufacturers	1.0
Banks	13.3
Commercial Services	1.3
Diversified Financial Services	1.4
Electric	4.2
Electronics	3.1
Food	2.3
Healthcare – Products	1.1
Healthcare – Services	2.0
Insurance	2.3
Internet	7.1
Media	2.2
Oil & Gas	9.1
Oil & Gas Services	1.1
Pharmaceuticals	11.7
REITS	2.9
Retail	6.2
Semiconductors	3.2
Software	4.7
Telecommunications	5.0
Transportation	1.3
Money Market Fund	3.0
Total Investments	100.3
Liabilities in Excess of Other Assets	(0.3	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 100.0%
Banks — 3.9%
Eagle Bancorp, Inc.	16,651	$	809,738
Building Materials — 3.9%
Trex Co, Inc.*	8,972		806,404
Chemicals — 12.2%
RPM International, Inc.	10,819		830,467
Sherwin-Williams Co. (The)	1,410		822,791
Stepan Co.	8,168		836,730
Total Chemicals			2,489,988
Commercial Services — 4.0%
Moody’s Corp.	3,430		814,316
Computers — 4.0%
Check Point Software Technologies Ltd. (Israel)*	7,318		812,005
Diversified Financial Services — 4.0%
Intercontinental Exchange, Inc.	8,830		817,217
Food — 8.0%
Hershey Co. (The)	5,605		823,823
Hormel Foods Corp.	18,103		816,626
Total Food			1,640,449
Healthcare – Products — 8.0%
Danaher Corp.	5,366		823,574
Stryker Corp.	3,909		820,655
Total Healthcare – Products			1,644,229
Household Products/Wares — 4.0%
Church & Dwight Co., Inc.	11,654		819,743
Insurance — 8.0%
Aflac, Inc.	15,584		824,394
Globe Life, Inc.	7,738		814,424
Total Insurance			1,638,818
Machinery – Diversified — 4.0%
Middleby Corp. (The)*	7,406		811,105
Media — 8.0%
FactSet Research Systems, Inc.(a)	3,049		818,047
Walt Disney Co. (The)	5,628		813,977
Total Media			1,632,024
Packaging & Containers — 4.0%
Silgan Holdings, Inc.	26,326		818,212

Investments	Shares	Value
COMMON STOCKS (continued)
Pharmaceuticals — 4.0%
Becton Dickinson and Co.	3,025	$	822,709
Retail — 4.0%
Ross Stores, Inc.	7,111		827,863
Software — 16.0%
ANSYS, Inc.*	3,174		817,019
Broadridge Financial Solutions, Inc.	6,687		826,112
Cerner Corp.	11,230		824,170
Fiserv, Inc.*	7,067		817,157
Total Software			3,284,458
Total Common Stocks (Cost $16,062,012)			20,489,278
Total Investments — 100.0% (Cost $16,062,012)			20,489,278
Liabilities in Excess of Other Assets — (0.0%)**			(2,147	)
Net Assets — 100.0%		$	20,487,131

____________

* 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 $799,858; the aggregate market value of the collateral held by the fund is $815,965. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $815,965.

See accompanying Notes to Financial Statements.

ADVISORSHARES FOCUSED EQUITY ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	20,489,278	$	—	$	—	$	20,489,278
Total	$	20,489,278	$	—	$	—	$	20,489,278

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Banks	3.9	%
Building Materials	3.9
Chemicals	12.2
Commercial Services	4.0
Computers	4.0
Diversified Financial Services	4.0
Food	8.0
Healthcare – Products	8.0
Household Products/Wares	4.0
Insurance	8.0
Machinery – Diversified	4.0
Media	8.0
Packaging & Containers	4.0
Pharmaceuticals	4.0
Retail	4.0
Software	16.0
Total Investments	100.0
Liabilities in Excess of Other Assets	(0.0	)**
Net Assets	100.0	%

____________

** Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES FOLIOBEYOND SMART CORE BOND ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 99.4%
Debt Fund — 68.8%
iShares 0–5 Year High Yield Corporate Bond ETF		14,649	$	680,153
iShares 20+ Year Treasury Bond ETF(a)		5,209		705,715
iShares iBoxx High Yield Corporate Bond ETF(a)		893		78,531
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		60,351		1,625,856
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF		11,903		702,277
VanEck Vectors High-Yield Municipal Index ETF		24,906		1,595,229
Total Debt Fund				5,387,761
Equity Fund — 30.6%
iShares Mortgage Real Estate ETF(a)		53,684		2,390,549
Total Exchange Traded Funds (Cost $7,574,467)				7,778,310
MONEY MARKET FUND — 0.9%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.52%(b) (Cost $67,843)		67,843		67,843
REPURCHASE AGREEMENTS — 15.2%(c)
BNP Paribas Securities Corp., dated 12/31/19, due 01/02/20,1.55%, total to be received $82,219, (collateralized by various U.S. Government Agency Obligations, 0.00% – 3.88%, 05/15/20 – 11/15/48, totaling $83,413)	$	82,212		82,212
BofA Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $277,665, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.52%, 04/01/24 – 09/01/49, totaling $282,397)		277,641		277,641

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Citigroup Global Markets, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $277,665, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 02/13/20 – 09/20/69, totaling $282,197)	$	277,641	$	277,641
Daiwa Capital Markets America, dated 12/31/19, due 01/02/20,1.58%, total to be received $277,665, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.03%, 01/14/20 – 12/20/49, totaling $282,373)		277,641		277,641
HSBC Securities USA, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $277,665, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.00%, 07/20/47 – 06/20/48, totaling $282,412)		277,641		277,641
Total Repurchase Agreements (Cost $1,192,776)				1,192,776
Total Investments — 115.5% (Cost $8,835,086)				9,038,929
Liabilities in Excess of Other Assets — (15.5%)				(1,212,040	)
Net Assets — 100.0%			$	7,826,889

____________

ETF — Exchange Traded Fund

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,499,022; the aggregate market value of the collateral held by the fund is $1,533,496. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $340,720.

(b) Rate shown reflects the 7-day yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES FOLIOBEYOND SMART CORE BOND ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	7,778,310	$	—	$	—	$	7,778,310
Money Market Fund		67,843		—		—		67,843
Repurchase Agreements		—		1,192,776		—		1,192,776
Total	$	7,846,153	$	1,192,776	$	—	$	9,038,929

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund	68.8	%
Equity Fund	30.6
Money Market Fund	0.9
Repurchase Agreements	15.2
Total Investments	115.5
Liabilities in Excess of Other Assets	(15.5	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES — 31.0%
Commercial Mortgage Backed Securities — 3.8%
Access Point Funding I LLC, Class A, Series 2017-A, 3.06%, 04/15/29‡	$	20,211	$	20,210
Aventura Mall Trust, Class C, Series 2013-AVM, 3.87%, 12/05/32@‡*		250,000		251,716
Bayview Commercial Asset Trust, Class A2, Series 2006-2A, 2.07%, (1-Month USD LIBOR + 0.28%), 07/25/36@‡		147,209		142,454
BX Trust, Class B, Series 2018-GW, 2.76%, (1-Month USD LIBOR + 1.02%), 05/15/35@‡		700,000		698,387
Citigroup Commercial Mortgage Trust, Class A4, Series 2015-GC27, 2.88%, 02/10/48		175,000		179,004
COMM Mortgage Trust, Class A, Series 2014-277P, 3.73%, 08/10/49@‡*		180,000		189,810
Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡*		410,657		417,328
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37@‡*		140,416		141,095
Sutherland Commercial Mortgage Loans, Class A, Series 2018-SBC7, 4.72%, 05/25/39@‡*		238,856		240,396
Velocity Commercial Capital Loan Trust, Class AFX, Series 2017-1, 3.00%, 05/25/47@‡*		85,879		85,693
Wells Fargo Commercial Mortgage Trust, Class A5, Series 2015-LC20, 3.18%, 04/15/50		255,000		264,935
Total Commercial Mortgage Backed Securities				2,631,028
Residential Mortgage Backed Securities — 27.2%
Ajax Mortgage Loan Trust, Class A, Series 2017-B, 3.16%, 09/25/56@‡*		219,147		219,786
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34		79,971		82,075
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-1, 3.26%, 04/27/48@‡*		126,108		126,756

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-2, 3.67%, 07/27/48@‡*	$	87,751	$	88,790
Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49@‡*		130,219		132,153
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.69%, 01/25/35		36,826		37,968
Banc of America Funding Trust, Class 5A1, Series 2004-A, 4.50%, 07/20/34@*		148,802		151,799
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		126,848		129,586
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37		35,992		36,000
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57@‡*		150,848		153,945
Bayview Opportunity Master Fund IVb Trust, Class A, Series 2017-SPL4, 3.50%, 01/28/55@‡*		302,851		307,044
Bear Stearns ALT-A Trust, Class 3A1, Series 2004-5, 4.29%, 06/25/34@*		211,655		219,417
Bear Stearns ARM Trust, Class 21A1, Series 2004-10, 4.13%, 01/25/35@*		426,861		438,008
Bunker Hill Loan Depositary Trust, Class A1, Series 2019-1, 3.61%, 10/26/48‡		126,685		128,349
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.85%, 09/25/34		138,082		139,928
Chase Home Lending Mortgage Trust, Class A4, Series 2019-ATR1, 4.00%, 04/25/49@‡*		292,656		295,145
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35@‡*		280,600		290,981
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2013-A, 3.00%, 05/25/42@‡*		374,947		370,288
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡*		148,449		151,761
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58@‡*		254,200		259,093

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP3, 3.25%, 03/25/61@‡*	$	310,930	$	315,171
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64@‡*		164,763		166,152
COLT Mortgage Loan Trust, Class A1, Series 2018-2, 3.47%, 07/27/48@‡*		118,940		119,535
COLT Mortgage Loan Trust, Class A1, Series 2019-1, 3.71%, 03/25/49@‡*		293,122		295,570
CoreVest American Finance Trust, Class A, Series 2018-1, 3.80%, 06/15/51‡		279,574		288,674
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.04%, 04/25/43@‡*		223,243		223,342
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.75%, 04/25/44@‡*		393,135		399,136
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 4.22%, 09/25/34@*		25,133		25,542
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 6A1, Series 2004-8, 4.50%, 12/25/19^ɸ		22,007		15,339
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 5A1, Series 2003-AR30, 3.97%, 01/25/34@*		86,983		89,025
Deephaven Residential Mortgage Trust, Class A1, Series 2017-2A, 2.45%, 06/25/47@‡*		335,152		335,464
Deephaven Residential Mortgage Trust, Class A3, Series 2017-3A, 2.81%, 10/25/47@‡*		64,497		64,620
Deephaven Residential Mortgage Trust, Class A1, Series 2019-1A, 3.74%, 01/25/59@‡*		339,325		341,529
Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59@‡*		97,789		97,990
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡*		399,374		404,628

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Galton Funding Mortgage Trust, Class A41, Series 2018-2, 4.50%, 10/25/58@‡*	$	105,122	$	107,490
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34		12,290		12,292
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33		171,268		177,185
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 4.04%, 06/25/34@*		159,468		159,365
Homeward Opportunities Fund I Trust, Class A1, Series 2018-1, 3.77%, 06/25/48@‡*		272,259		274,737
Homeward Opportunities Fund I Trust, Class A1, Series 2019-1, 3.45%, 01/25/59@‡*		265,742		267,910
Homeward Opportunities Fund I Trust, Class A1, Series 2019-3, 2.68%, 11/25/59@‡*		170,865		170,822
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.36%, 06/25/29@‡*		414,084		418,406
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡*		213,356		216,657
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 4.69%, 08/25/34@*		93,958		98,276
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 4.33%, 04/25/35@*		288,443		294,221
JPMorgan Mortgage Trust, Class AM1, Series 2015-1, 3.21%, 12/25/44@‡*		150,866		150,893
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 3.17%, 05/25/45@‡*		290,900		291,383
LHOME Mortgage Trust, Class A1, Series 2019-RTL1, 4.58%, 10/25/23‡		315,000		321,886
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34		188,194		193,660
MASTR Alternative Loan Trust, Class 2A1, Series 2005-2, 6.00%, 01/25/35		134,598		142,961
MASTR Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡		96,472		97,300

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 4.35%, 08/25/34@*	$	319,764	$	323,656
Mill City Mortgage Loan Trust, Class A1, Series 2016-1, 2.50%, 04/25/57@‡*		311,209		311,407
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38		102,135		104,163
New Residential Mortgage Loan Trust, Class A1, Series 2018-NQM1, 3.99%, 11/25/48@‡*		93,295		94,407
New Residential Mortgage Loan Trust, Class A1, Series 2019-NQM1, 3.67%, 01/25/49@‡*		82,168		82,834
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡*		118,783		122,740
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56@‡*		468,423		485,302
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56@‡*		316,845		328,922
New Residential Mortgage Loan Trust, Class A1, Series 2019-NQM4, 2.49%, 09/25/59@‡*		162,255		161,941
OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48@‡*		234,789		242,402
OBX Trust, Class 1A8, Series 2019-EXP3, 3.50%, 10/25/59@‡*		168,088		169,692
Pretium Mortgage Credit Partners I LLC, Class A1, Series 2019-NPL3, 3.10%, 07/27/59‡		165,638		165,896
PRPM LLC, Class A1, Series 2019-2A, 3.97%, 04/25/24‡		226,176		227,022
RCO V Mortgage LLC, Class A1, Series 2019-1, 3.72%, 05/24/24‡		189,693		190,368
Residential Mortgage Loan Trust, Class A1, Series 2019-1, 3.94%, 10/25/58@‡*		205,184		208,033
Sequoia Mortgage Trust, Class A12, Series 2018-CH2, 4.00%, 06/25/48@‡*		386,679		390,266

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59@‡*	$	233,992	$	234,168
Spruce Hill Mortgage Loan Trust, Class A1, Series 2019-SH1, 3.40%, 04/29/49@‡*		141,602		142,727
Starwood Waypoint Homes Trust, Class A, Series 2017-1, 2.69%, (1-Month USD LIBOR + 0.95%), 01/17/35@‡		474,013		473,547
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 4.26%, 02/25/34@*		202,111		206,032
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 4.37%, 04/25/34@*		280,147		291,927
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 4.37%, 04/25/34@*		52,604		54,719
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 4.17%, 12/25/33@*		121,373		124,698
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.14%, 02/25/34		360,167		370,421
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 4.27%, 11/25/33@*		150,067		152,273
Towd Point HE Trust, Class A1, Series 2019-HE1, 2.69%, (1-Month USD LIBOR + 0.90%), 04/25/48@‡		123,270		123,461
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55@‡*		250,000		254,610
Towd Point Mortgage Trust, Class A1, Series 2016-3, 2.25%, 04/25/56@‡*		262,603		262,603
Towd Point Mortgage Trust, Class A1, Series 2016-4, 2.25%, 07/25/56@‡*		311,061		309,984
Towd Point Mortgage Trust, Class A1, Series 2017-1, 2.75%, 10/25/56@‡*		186,555		188,294
Vericrest Opportunity Loan Trust, Class A1, Series 2019-NPL2, 3.97%, 02/25/49‡		193,326		194,357
Verus Securitization Trust, Class A1, Series 2017-1A, 2.85%, 01/25/47@‡*		58,571		58,712

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Verus Securitization Trust, Class A1, Series 2018-1, 2.93%, 02/25/48@‡*	$	180,743	$	181,211
Verus Securitization Trust, Class A3, Series 2018-INV1, 4.05%, 03/25/58@‡*		62,685		63,420
Verus Securitization Trust, Class B1, Series 2018-2, 4.43%, 06/01/58@‡*		180,000		182,305
Verus Securitization Trust, Class A1, Series 2018-3, 4.11%, 10/25/58@‡*		139,808		141,561
Verus Securitization Trust, Class A1, Series 2019-2, 3.21%, 05/25/59@‡*		162,187		163,384
Verus Securitization Trust, Class A1, Series 2019-INV1, 3.40%, 12/25/59@‡*		257,010		259,206
VOLT LXXV LLC, Class A1A, Series 2019-NPL1, 4.34%, 01/25/49‡		244,564		246,633
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 4.70%, 06/25/33@*		93,655		95,601
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 4.07%, 08/25/33@*		44,482		44,370
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 4.97%, 07/25/34@*		40,427		40,524
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 4.99%, 07/25/34@*		134,845		135,063
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 4.62%, 10/25/34@*		185,199		185,562
Total Residential Mortgage Backed Securities				19,126,457
Total Mortgage Backed Securities (Cost $21,678,497)				21,757,485
ASSET BACKED SECURITIES — 30.6%
ACC Trust, Class A, Series 2018-1, 3.70%, 12/21/20‡		14,232		14,241
ACC Trust, Class A, Series 2019-1, 3.75%, 05/20/22‡		176,053		177,034

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
American Credit Acceptance Receivables Trust, Class B, Series 2019-1, 3.32%, 04/12/23‡	$	155,000	$	156,389
American Credit Acceptance Receivables Trust, Class C, Series 2018-3, 3.75%, 10/15/24‡		415,000		417,854
American Credit Acceptance Receivables Trust, Class C, Series 2018-4, 3.97%, 01/13/25‡		380,000		385,039
American Credit Acceptance Receivables Trust, Class C, Series 2019-2, 3.17%, 06/12/25‡		205,000		207,141
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-4, 2.88%, 07/08/21		210,078		210,236
AmeriCredit Automobile Receivables Trust, Class D, Series 2018-1, 3.82%, 03/18/24		285,000		295,116
Amur Equipment Finance Receivables V LLC, Class A2, Series 2018-1A, 3.24%, 12/20/23‡		211,784		213,056
Amur Equipment Finance Receivables VI LLC, Class A2, Series 2018-2A, 3.89%, 07/20/22‡		324,056		329,190
Aqua Finance Trust, Class A, Series 2019-A, 3.14%, 07/16/40‡		204,854		205,586
Avid Automobile Receivables Trust, Class A, Series 2018-1, 2.84%, 08/15/23‡		121,158		121,286
BCC Funding Corp. XVI LLC, Class B, Series 2019-1A, 2.64%, 09/20/24‡		220,000		218,904
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡		292,337		292,801
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡		62,583		62,460
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡		317,673		317,332
Carnow Auto Receivables Trust, Class A, Series 2019-1A, 2.72%, 11/15/22‡		160,683		160,760
CCG Receivables Trust, Class B, Series 2019-2, 2.55%, 03/15/27‡		210,000		209,986

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡	$	74,214	$	74,043
Chrysler Capital Auto Receivables Trust, Class D, Series 2015-BA, 4.17%, 01/16/23‡		475,702		475,939
Commonbond Student Loan Trust, Class A1, Series 2019-AGS, 2.54%, 01/25/47‡		217,612		215,789
Conn’s Receivables Funding LLC, Class B, Series 2018-A, 4.65%, 01/15/23‡		120,698		121,379
Consumer Loan Underlying Bond CLUB Credit Trust, Class A, Series 2019-P2, 2.47%, 10/15/26‡		154,053		154,157
Consumer Loan Underlying Bond Credit Trust, Class A, Series 2018-P2, 3.47%, 10/15/25‡		143,516		144,334
CPS Auto Receivables Trust, Class B, Series 2017-D, 2.43%, 01/18/22‡		106,997		107,023
CPS Auto Receivables Trust, Class D, Series 2018-D, 4.34%, 09/16/24‡		210,000		215,978
Credit Acceptance Auto Loan Trust, Class A, Series 2018-1A, 3.01%, 02/16/27‡		250,000		250,976
Dell Equipment Finance Trust, Class A3, Series 2017-2, 2.19%, 10/24/22‡		220,658		220,703
Diamond Resorts Owner Trust, Class B, Series 2019-1A, 3.53%, 02/20/32‡		194,478		194,487
DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡		12,817		12,815
Drive Auto Receivables Trust, Class C, Series 2017-2, 2.75%, 09/15/23		61,031		61,034
Drive Auto Receivables Trust, Class C, Series 2019-3, 2.90%, 08/15/25		240,000		242,711
Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡		13,653		13,652
DT Auto Owner Trust, Class C, Series 2018-3A, 3.79%, 07/15/24‡		280,000		284,565
DT Auto Owner Trust, Class C, Series 2019-1A, 3.61%, 11/15/24‡		210,000		213,811

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
DT Auto Owner Trust, Class C, Series 2019-4A, 2.73%, 07/15/25‡	$	220,000	$	219,836
Exeter Automobile Receivables Trust, Class B, Series 2017-1A, 3.00%, 12/15/21‡		46,170		46,248
Exeter Automobile Receivables Trust, Class B, Series 2017-3A, 2.81%, 09/15/22‡		243,720		244,410
Exeter Automobile Receivables Trust, Class C, Series 2018-1A, 3.03%, 01/17/23‡		465,000		466,691
Exeter Automobile Receivables Trust, Class C, Series 2018-2A, 3.69%, 03/15/23‡		445,000		449,532
Exeter Automobile Receivables Trust, Class C, Series 2019-1A, 3.82%, 12/16/24‡		345,000		352,621
Exeter Automobile Receivables Trust, Class C, Series 2019-4A, 2.44%, 09/16/24‡		220,000		219,205
First Investors Auto Owner Trust, Class B, Series 2017-2A, 2.65%, 11/15/22‡		650,000		651,299
First Investors Auto Owner Trust, Class C, Series 2016-2A, 2.53%, 07/15/22‡		355,000		355,263
First Investors Auto Owner Trust, Class C, Series 2019-1A, 3.26%, 03/17/25‡		305,000		309,110
First Investors Auto Owner Trust, Class D, Series 2017-1A, 3.60%, 04/17/23‡		145,000		147,243
Flagship Credit Auto Trust, Class B, Series 2016-2, 3.84%, 09/15/22‡		111,618		111,997
Foundation Finance Trust, Class A, Series 2017-1A, 3.30%, 07/15/33‡		256,633		257,847
Foursight Capital Automobile Receivables Trust, Class A2, Series 2016-1, 2.87%, 10/15/21‡		36,837		36,855
Foursight Capital Automobile Receivables Trust, Class C, Series 2018-1, 3.68%, 08/15/23‡		445,000		451,383
FREED ABS Trust, Class B, Series 2018-2, 4.61%, 10/20/25‡		250,000		256,228
FREED ABS Trust, Class B, Series 2019-2, 3.19%, 11/18/26‡		220,000		219,558
GLS Auto Receivables Issuer Trust, Class B, Series 2019-3A, 2.72%, 06/17/24‡		220,000		220,579

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡	$	93,840	$	93,896
Hardee’s Funding LLC, Class A2I, Series 2018-1A, 4.25%, 06/20/48‡		202,438		203,865
Hertz Vehicle Financing II LP, Class A, Series 2015-3A, 2.67%, 09/25/21‡		101,000		101,298
Hertz Vehicle Financing II LP, Class A, Series 2016-4A, 2.65%, 07/25/22‡		295,000		296,673
Kabbage Funding LLC, Class A, Series 2019-1, 3.83%, 03/15/24‡		200,000		202,272
Lendmark Funding Trust, Class A, Series 2018-2A, 4.23%, 04/20/27‡		390,000		401,196
Marlette Funding Trust, Class A, Series 2019-2A, 3.13%, 07/16/29‡		210,593		211,987
Marlette Funding Trust, Class A, Series 2019-4A, 2.39%, 12/17/29‡		205,000		205,199
MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36‡		218,394		221,320
MVW Owner Trust, Class A, Series 2019-2A, 2.22%, 10/20/38‡		210,124		208,983
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡		125,596		125,807
NextGear Floorplan Master Owner Trust, Class A2, Series 2018-1A, 3.22%, 02/15/23‡		145,000		146,739
NMEF Funding LLC, Class B, Series 2019-A, 3.06%, 08/15/26‡		175,000		174,720
Octane Receivables Trust, Class A, Series 2019-1A, 3.16%, 09/20/23‡		175,000		174,926
OneMain Direct Auto Receivables Trust, Class C, Series 2018-1A, 3.85%, 10/14/25‡		250,000		255,835
OneMain Financial Issuance Trust, Class A, Series 2019-1A, 3.48%, 02/14/31‡		215,000		217,381
Oportun Funding IX LLC, Class A, Series 2018-B, 3.91%, 07/08/24‡		390,000		395,344
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡		131,435		132,121

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38‡	$	199,329	$	201,515
Prosper Marketplace Issuance Trust, Class A, Series 2019-3A, 3.19%, 07/15/25‡		129,711		130,387
Santander Drive Auto Receivables Trust, Class C, Series 2017-1, 2.58%, 05/16/22		295,049		295,264
Skopos Auto Receivables Trust, Class C, Series 2019-1A, 3.63%, 09/16/24‡		180,000		179,714
Sofi Consumer Loan Program LLC, Class A, Series 2016-3, 3.05%, 12/26/25‡		132,541		132,776
Sofi Consumer Loan Program LLC, Class A, Series 2017-1, 3.28%, 01/26/26‡		156,156		156,655
Sofi Consumer Loan Program Trust, Class A, Series 2019-3, 2.90%, 05/25/28‡		177,858		179,007
Sofi Consumer Loan Program Trust, Class A1, Series 2018-3, 3.20%, 08/25/27‡		92,427		92,574
Sofi Consumer Loan Program Trust, Class A2, Series 2018-2, 3.35%, 04/26/27‡		305,000		306,894
Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46‡		170,625		182,522
Tesla Auto Lease Trust, Class B, Series 2018-B, 4.12%, 10/20/21‡		310,000		316,976
Tidewater Auto Receivables Trust, Class B, Series 2018-AA, 3.45%, 11/15/24‡		525,000		528,910
Tricolor Auto Securitization Trust, Class B, Series 2018-2A, 4.76%, 02/15/22‡		308,465		317,213
TRIP Rail Master Funding LLC, Class A1, Series 2017-1A, 2.71%, 08/15/47‡		348,129		348,619
United Auto Credit Securitization Trust, Class D, Series 2019-1, 3.47%, 08/12/24‡		205,000		207,245
Upstart Securitization Trust, Class A, Series 2019-1, 3.45%, 04/20/26‡		143,007		143,395
Upstart Securitization Trust, Class A, Series 2019-2, 2.90%, 09/20/29‡		184,584		185,137
Upstart Securitization Trust, Class A, Series 2019-3, 2.68%, 01/21/30‡		210,000		209,983

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Upstart Securitization Trust, Class B, Series 2017-2, 3.75%, 03/20/25‡	$	85,321	$	85,462
US Auto Funding LLC, Class B, Series 2019-1A, 3.99%, 12/15/22‡		305,000		308,987
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡		149,867		150,019
Westgate Resorts LLC, Class A, Series 2016-1A, 3.50%, 12/20/28‡		128,340		128,741
Westgate Resorts LLC, Class A, Series 2018-1A, 3.38%, 12/20/31‡		314,091		317,509
Westlake Automobile Receivables Trust, Class C, Series 2018-3A, 3.61%, 10/16/23‡		380,000		385,477
Westlake Automobile Receivables Trust, Class D, Series 2018-2A, 4.00%, 01/16/24‡		215,000		219,991
Total Asset Backed Securities (Cost $21,348,155)				21,494,246
CORPORATE BONDS — 22.5%
Communication Services — 1.4%
AT&T, Inc., 3.07%, (3-Month USD LIBOR + 1.18%), 06/12/24@		190,000		193,421
Crown Castle International Corp., 4.88%, 04/15/22		230,000		243,718
Live Nation Entertainment, Inc., 4.75%, 10/15/27‡		25,000		25,921
Sirius XM Radio, Inc., 4.63%, 07/15/24‡		45,000		47,344
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/25‡		200,000		212,379
Verizon Communications, Inc., 3.01%, (3-Month USD LIBOR + 1.10%), 05/15/25@		267,000		273,329
Total Communication Services				996,112
Consumer Discretionary — 1.5%
Aptiv Corp., 4.15%, 03/15/24		215,000		227,973
Bunge Ltd. Finance Corp., 4.35%, 03/15/24		245,000		257,545
Ford Motor Credit Co. LLC, 3.20%, 01/15/21		360,000		362,094
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/24		190,000		207,179
Total Consumer Discretionary				1,054,791

Investments	Principal		Value
CORPORATE BONDS (continued)
Consumer Staples — 1.2%
Altria Group, Inc., 3.80%, 02/14/24	$	313,000	$	329,813
Campbell Soup Co., 3.65%, 03/15/23		290,000		302,312
Conagra Brands, Inc., 4.30%, 05/01/24		200,000		215,531
Total Consumer Staples				847,656
Energy — 0.8%
Boardwalk Pipelines LP, 4.95%, 12/15/24		150,000		162,386
Kinder Morgan, Inc., 5.63%, 11/15/23‡		355,000		392,702
Total Energy				555,088
Financials — 10.9%
Ares Capital Corp., 3.50%, 02/10/23		195,000		198,054
Aviation Capital Group LLC, 3.88%, 05/01/23‡		306,000		316,379
Bank of America Corp., 2.94%, (3-Month USD LIBOR + 1.00%), 04/24/23@		345,000		348,962
Bank of America Corp., 2.66%, (3-Month USD LIBOR + 0.77%), 02/05/26@(a)		153,000		153,019
Bank of New York Mellon Corp. (The), Series E, 4.95%, (3-Month USD LIBOR + 3.42%)#@		360,000		363,683
Capital One Financial Corp., 3.75%, 07/28/26		190,000		200,358
Citadel LP, 4.88%, 01/15/27‡		75,000		79,051
Citigroup, Inc., 2.90%, (3-Month USD LIBOR + 0.96%), 04/25/22@		215,000		217,896
Citigroup, Inc., 3.20%, 10/21/26		245,000		254,419
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/22		330,000		334,228
Goldman Sachs Group, Inc. (The), 3.51%, (3-Month USD LIBOR + 1.60%), 11/29/23@		170,000		176,195
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27		235,000		250,352
Goldman Sachs Group, Inc. (The), 3.69%, (3-Month USD LIBOR + 1.75%), 10/28/27@		170,000		177,470
JPMorgan Chase & Co., Series Z, 5.30%, (3-Month USD LIBOR + 3.80%)#@		430,000		433,361

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
JPMorgan Chase & Co., 2.84%, (3-Month USD LIBOR + 0.90%), 04/25/23@	$	255,000	$	257,319
Lincoln National Corp., 4.01%, (3-Month USD LIBOR + 2.04%), 04/20/67@		60,000		50,791
Morgan Stanley, 3.34%, (3-Month USD LIBOR + 1.40%), 10/24/23@		445,000		454,819
Morgan Stanley, Series F, 3.88%, 04/29/24		410,000		436,131
Navient Corp., 5.88%, 10/25/24		200,000		214,498
Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43@		84,000		90,457
Santander Holdings USA, Inc., 3.70%, 03/28/22		205,000		210,772
Santander Holdings USA, Inc., Series FXD, 3.50%, 06/07/24		240,000		247,080
SBA Tower Trust, 2.88%, 07/09/21‡		780,000		783,575
SBA Tower Trust, 3.17%, 04/11/22‡		780,000		788,684
Synchrony Financial, 4.38%, 03/19/24		315,000		336,311
Wells Fargo & Co., 3.75%, 01/24/24		305,000		322,675
Total Financials				7,696,539
Health Care — 1.1%
Cigna Corp., Series WI, 2.55%, (3-Month USD LIBOR + 0.65%), 09/17/21@		350,000		350,022
Mylan NV, 3.95%, 06/15/26		275,000		286,930
Tenet Healthcare Corp., 4.88%, 01/01/26‡		105,000		110,108
Total Health Care				747,060
Healthcare – Services — 0.3%
Anthem, Inc., 2.38%, 01/15/25		185,000		185,001
Industrials — 1.2%
CNH Industrial Capital LLC, 4.20%, 01/15/24		280,000		296,851
Continental Airlines Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20		15,075		15,168
General Electric Co., Series D, 5.00%, (3-Month USD LIBOR + 3.33%)#@		175,000		171,672

Investments	Principal		Value
CORPORATE BONDS (continued)
Industrials (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.13%, 08/01/23‡	$	250,000	$	264,075
TransDigm, Inc., 6.25%, 03/15/26‡		70,000		75,914
Total Industrials				823,680
Information Technology — 1.0%
Broadcom, Inc., 3.63%, 10/15/24‡		290,000		301,763
Dell International LLC/EMC Corp., 4.00%, 07/15/24‡		250,000		262,097
Hewlett Packard Enterprise Co., 2.25%, 04/01/23		180,000		179,959
Total Information Technology				743,819
Materials — 0.3%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 5.33%, (3-Month USD LIBOR + 3.50%), 07/15/21@‡		200,000		200,700
Real Estate — 0.6%
iStar, Inc., 4.75%, 10/01/24		60,000		62,300
Service Properties Trust, 4.65%, 03/15/24		330,000		344,023
Total Real Estate				406,323
Utilities — 2.2%
CenterPoint Energy, Inc., 2.50%, 09/01/24		180,000		180,453
DPL, Inc., 4.35%, 04/15/29‡		250,000		241,514
DTE Energy Co., Series C, 2.53%, 10/01/24		179,000		180,073
Exelon Corp., 3.50%, 06/01/22		175,000		179,787
NRG Energy, Inc., 3.75%, 06/15/24‡		204,000		211,116
PSEG Power LLC, 3.85%, 06/01/23		330,000		346,557
Vistra Operations Co. LLC, 3.55%, 07/15/24‡		235,000		238,303
Total Utilities				1,577,803
Total Corporate Bonds (Cost $15,462,339)				15,834,572
FOREIGN BONDS — 5.5%
Consumer Staples — 0.4%
BAT Capital Corp. (United Kingdom), 2.76%, 08/15/22		255,000		258,841

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)
Energy — 0.3%
CNOOC Finance 2013 Ltd. (China), 3.00%, 05/09/23	$	200,000	$	203,541
Financials — 1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 05/15/21		250,000		258,101
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.95%, 02/01/22		150,000		155,033
Guanay Finance Ltd. (Chile), 6.00%, 12/15/20‡		220,011		223,311
Industrial & Commercial Bank of China Ltd. (China), 2.96%, 11/08/22		250,000		254,083
Toronto-Dominion Bank (The) (Canada), 2.65%, 06/12/24		57,000		58,427
Total Financials				948,955
Industrials — 0.9%
Avolon Holdings Funding Ltd. (Ireland), 3.95%, 07/01/24‡		249,000		259,794
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, Series 2012-1A (Guernsey), 5.13%, 11/30/22‡		392,487		401,874
Total Industrials				661,668
Materials — 0.9%
Glencore Funding LLC (Switzerland), 4.13%, 05/30/23‡		410,000		427,520
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡		200,000		204,417
Total Materials				631,937
Oil & Gas — 0.3%
Petroleos Mexicanos (Mexico), 4.63%, 09/21/23		180,000		188,355
Sovereign Government — 1.4%
Egypt Government International Bond (Egypt), 5.88%, 06/11/25‡(a)		200,000		213,108
Indonesia Government International Bond (Indonesia), 5.88%, 01/15/24‡		200,000		226,627
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25		200,000		220,529

Investments	Principal		Value
FOREIGN BONDS (continued)
Sovereign Government (continued)
Turkey Government International Bond (Turkey), 6.35%, 08/10/24	$	200,000	$	209,440
Turkey Government International Bond (Turkey), 7.38%, 02/05/25		105,000		114,894
Total Sovereign Government				984,598
Total Foreign Bonds (Cost $3,807,347)				3,877,895
U.S. TREASURY NOTES — 4.1%
U.S. Treasury Note, 2.25%, 03/31/21		420,000		423,298
U.S. Treasury Note, 1.75%, 06/15/22		2,100,000		2,108,900
U.S. Treasury Note, 2.63%, 02/15/29		365,000		387,178
Total U.S. Treasury Notes (Cost $2,922,618)				2,919,376
TERM LOANS — 3.7%
Aerospace — 0.3%
Kestrel Bidco, Inc., 4.72%, 12/11/26(b)		70,000		70,719
TransDigm, Inc., 4.30%, (1-Month USD LIBOR + 2.50%), 08/22/24@		165,767		166,527
Total Aerospace				237,246
Chemicals — 0.3%
Ineos US Finance LLC, 3.80%, (1-Month USD LIBOR + 2.00%), 04/01/24@		243,862		244,360
Financials — 0.2%
Delos Finance S.a.r.l., 3.69%, (3-Month USD LIBOR + 1.75%), 10/06/23@		153,300		154,083
Food and Drug — 0.1%
Albertson’s LLC, 4.55%, (1-Month USD LIBOR + 2.75%), 11/17/25@		76,072		76,851
Food/Tobacco — 0.3%
Aramark Servies, Inc., 3.55%, (1-Month USD LIBOR + 1.75%), 03/28/24@		202,310		203,448
Gaming/Leisure — 0.4%
StationCasinos LLC, 4.30%, (1-Month USD LIBOR + 2.50%), 06/08/23@		260,978		262,598
Health Care — 0.4%
Select Medical Corp., 4.58%, (3-Month USD LIBOR + 2.50%), 03/06/25@		14,981		15,032

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Health Care (continued)
Valeant Pharmaceuticals International, Inc., 4.74%, (1-Month USD LIBOR + 3.00%), 06/02/25@	$	279,871	$	281,825
Total Health Care				296,857
Media/Telecom – Broadcasting — 0.2%
Nexstar Media Group, Inc., 4.45%, (1-Month USD LIBOR + 2.75%), 09/18/26@		105,000		105,734
Media/Telecom – Cable/Wireless Video — 0.5%
CSC Holdings, LLC (fka CSC Holdings, Inc. (Cablevision)), 3.99%, (1-Month USD LIBOR + 2.25%), 07/17/25@		185,465		186,057
Virgin Media Bristol LLC, 4.24%, (1-Month USD LIBOR + 2.50%), 01/31/28@		145,000		146,097
Total Media/Telecom – Cable/Wireless Video				332,154
Media/Telecom – Diversified Media — 0.2%
Clear Channel, 5.30%, (1-Month USD LIBOR + 3.50%), 08/21/26@		109,725		110,518
Media/Telecom – Telecommunications — 0.4%
CenturyLink, Inc., 4.55%, (1-Month USD LIBOR + 2.75%), 01/31/25@		254,183		255,613
Media/Telecom – Wireless Communications — 0.0%**
CommScope Holding Co., Inc., 5.05%, (1-Month USD LIBOR + 3.25%), 04/06/26@		24,938		25,125
Transportation – Land Transportation — 0.0%**
Genesse & Wyoming Inc., 3.91%, (3-Month USD LIBOR + 2.00%), 11/06/26@		25,000		25,272
Utilities — 0.4%
Calpine Corp., 4.20%, (3-Month USD LIBOR + 2.50%), 01/15/24@		280,349		282,162
Total Term Loans (Cost $2,586,843)				2,612,021
FEDERAL HOME LOAN MORTGAGE CORPORATION — 1.0%
Federal National Mortgage Association, 3.50%, 07/01/49 (Cost $689,596)		672,125		691,089

Investments	Principal/ Shares		Value
MONEY MARKET FUND — 2.0%
JPMorgan U.S. Government Money Market Fund – Institutional Class, 1.45%(c) (Cost $1,381,416)		1,381,416	$	1,381,416
REPURCHASE AGREEMENTS — 0.4%(d)
HSBC Securities USA, Inc., dated 12/31/19, due 01/02/20,1.55%, total to be received $71,532, (collateralized by various U.S. Government Agency Obligations, 0.00% – 2.63%, 01/09/20 – 05/15/47, totaling $72,945)	$	71,526		71,526
RBC Dominion Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $250,022, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/30/21 – 12/01/49, totaling $254,279)		250,000		250,000
Total Repurchase Agreements (Cost $321,526)				321,526
Total Investments — 100.8% (Cost $70,198,337)				70,889,626
Liabilities in Excess of Other Assets — (0.8%)				(615,334	)
Net Assets — 100.0%			$	70,274,292

____________

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

# Perpetual security with no stated maturity date.

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2019.

^ Is in default.

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

** Less than 0.05%.

‡ Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $312,987; the aggregate market value of the collateral held by the fund is $321,526.

(b) This loan will settle after December 31, 2019 at which time the interest rate will be determined.

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

ɸ Fair valued using significant unobservable inputs. See note 2 regarding fair value measurements.

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Mortgage Backed Securities	$	—	$	21,742,146	$	15,339	$	21,757,485
Asset Backed Securities		—		21,494,246		—		21,494,246
Corporate Bonds		—		15,834,572		—		15,834,572
Foreign Bonds		—		3,877,895		—		3,877,895
U.S. Treasury Notes		—		2,919,376		—		2,919,376
Term Loans		—		2,612,021		—		2,612,021
Federal Home Loan Mortgage Corporation		—		691,089		—		691,089
Money Market Fund		1,381,416		—		—		1,381,416
Repurchase Agreements		—		321,526		—		321,526
Total	$	1,381,416	$	69,492,871	$	15,339	$	70,889,626

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace	0.3	%
Asset Backed Securities	30.6
Chemicals	0.3
Commercial Mortgage Backed Securities	3.8
Communication Services	1.4
Consumer Discretionary	1.5
Consumer Staples	1.6
Energy	1.1
Federal Home Loan Mortgage Corporation	1.0
Financials	12.4
Food and Drug	0.1
Food/Tobacco	0.3
Gaming/Leisure	0.4
Health Care	1.5
Healthcare – Services	0.3
Industrials	2.1
Information Technology	1.0
Materials	1.2
Media/Telecom – Broadcasting	0.2

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Media/Telecom – Cable/Wireless Video	0.5	%
Media/Telecom – Diversified Media	0.2
Media/Telecom – Telecommunications	0.4
Media/Telecom – Wireless Communications	0.0**
Oil & Gas	0.3
Real Estate	0.6
Residential Mortgage Backed Securities	27.2
Sovereign Government	1.4
Transportation – Land Transportation	0.0**
U.S. Treasury Notes	4.1
Utilities	2.6
Money Market	2.0
Repurchase Agreements	0.4
Total Investments	100.8
Liabilities in Excess of Other Assets	(0.8	)
Net Assets	100.0	%

____________

** Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 78.0%
Agriculture — 6.4%
Village Farms International, Inc. (Canada)*(a)	464,557	$	2,894,190
Biotechnology — 11.4%
Arena Pharmaceuticals, Inc.*	34,528		1,568,262
Cara Therapeutics, Inc.*	79,821		1,285,916
Valens Groworks Corp. (Canada)*(a)	895,930		2,369,801
Total Biotechnology			5,223,979
Household Products/Wares — 1.2%
Greenlane Holdings, Inc., Class A*(a)	167,936		546,632
Investment Companies — 1.8%
Canopy Rivers, Inc. (Canada)*	933,766		820,893
Pharmaceuticals — 51.0%
Aleafia Health, Inc. (Canada)*(a)	2,483,835		1,149,259
Aphria, Inc. (Canada)*(a)	398,361		2,079,444
Aurora Cannabis, Inc. (Canada)*(a)	242,510		523,822
Canopy Growth Corp. (Canada)*(a)	73,191		1,543,598
Cardiol Therapeutics, Inc., Class A (Canada)*(a)	192,680		680,528
cbdMD, Inc.*(a)	371,910		840,517
Charlottes Web Holdings, Inc.*(a)	143,807		1,102,326
Corbus Pharmaceuticals Holdings, Inc.*(a)	380,750		2,078,895
Emerald Health Therapeutics, Inc. (Canada)*(a)	1,150,405		288,322
Green Organic Dutchman Holdings Ltd. (The) (Canada)*(a)	786,850		455,090
GW Pharmaceuticals PLC (United Kingdom)*(a)(b)	23,781		2,486,541
HEXO Corp. (Canada)*(a)	275,182		437,539
Intec Pharma Ltd. (Israel)*	383,917		191,958
Khiron Life Sciences Corp. (Canada)*(a)	951,929		778,134
MediPharm Labs Corp. (Canada)*(a)	397,028		1,181,822
Neptune Wellness Solutions, Inc. (Canada)*(a)	362,181		995,998
Organigram Holdings, Inc. (Canada)*(a)	767,825		1,888,847
Sundial Growers, Inc. (Canada)*(a)	269,390		810,864
Supreme Cannabis Co., Inc. (The) (Canada)*(a)	1,639,169		796,357

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Tilray, Inc., Class 2 (Canada)*(a)		32,553	$	557,633
WeedMD, Inc. (Canada)*(a)		1,032,492		684,745
Zynerba Pharmaceuticals, Inc.*(a)		269,715		1,629,079
Total Pharmaceuticals				23,181,318
REITS — 6.2%
Innovative Industrial Properties, Inc.		37,320		2,831,468
Total Common Stocks (Cost $61,524,620)				35,498,480
MONEY MARKET FUND — 9.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.47%(c) (Cost $4,197,499)		4,197,499		4,197,499
REPURCHASE AGREEMENTS — 39.4%(d)
BofA Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $4,183,356, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.52%, 04/01/24 – 09/01/49, totaling $4,254,644)	$	4,182,991		4,182,991
Citigroup Global Markets, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $4,183,356, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 02/13/20 – 09/20/69, totaling $4,251,631)		4,182,991		4,182,991
Daiwa Capital Markets America, dated 12/31/19, due 01/02/20,1.58%, total to be received $3,354,623, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.03%, 01/14/20 – 12/20/49, totaling $3,411,497)		3,354,329		3,354,329
HSBC Securities USA, Inc., dated 12/31/19, due 01/02/20,1.55%, total to be received $2,068,155, (collateralized by various U.S. Government Agency Obligations, 0.00% – 2.63%, 01/09/20 – 05/15/47, totaling $2,108,989)		2,067,977		2,067,977

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $4,183,356, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.50%, 06/30/21 – 12/01/49, totaling $4,254,592)	$	4,182,991	$	4,182,991
Total Repurchase Agreements (Cost $17,971,279)				17,971,279
Total Investments — 126.6% (Cost $83,693,398)				57,667,258
Liabilities in Excess of Other Assets — (26.6%)				(12,129,430	)
Net Assets — 100.0%			$	45,537,828

____________

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 $18,229,517; the aggregate market value of the collateral held by the fund is $19,770,996. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,799,717.

(b) American Depositary Receipt.

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

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	35,498,480	$	—	$	—	$	35,498,480
Money Market Fund		4,197,499		—		—		4,197,499
Repurchase Agreements		—		17,971,279		—		17,971,279
Swaps†		—		11,475		—		11,475
Total	$	39,695,979	$	17,982,754	$	—	$	57,678,733

Liabilities	Level 1		Level 2			Level 3		Total
Swaps†	$	—	$	(12,392	)	$	—	$	(12,392	)
Total	$	—	$	(12,392	)	$	—	$	(12,392	)

____________

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

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture	6.4	%
Biotechnology	11.4
Household Products/Wares	1.2
Investment Companies	1.8
Pharmaceuticals	51.0
REITS	6.2
Money Market Fund	9.2
Repurchase Agreements	39.4
Total Investments	126.6
Liabilities in Excess of Other Assets	(26.6	)
Net Assets	100.0	%

Total Return Swap contracts outstanding as of December 31, 2019:
Reference Entity	Number of Contracts	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Cresco Labs ORD	151,623	1-month USD LIBOR + 1.00%	Quarterly	6/24/2020	$	1,034,167	$	1,039,822	$	5,655
Curaleaf Holdings SUB VOT ORD	336,600	1-month USD LIBOR + 1.00%	Quarterly	6/24/2020		2,118,126		2,123,946		5,820
Green Thumb Industries SUB VOT ORD	208,100	1-month USD LIBOR + 1.00%	Quarterly	6/24/2020		2,033,635		2,028,975		(4,660	)
Harvest Health and Recreation ORD	308,800	1-month USD LIBOR + 1.00%	Quarterly	6/24/2020		975,737		974,017		(1,720	)
Ianthus ORD	320,500	1-month USD LIBOR + 1.00%	Quarterly	6/24/2020		472,068		471,135		(933	)
Trulieve Cannabis ORD	180,800	1-month USD LIBOR + 1.00%	Quarterly	6/24/2020		2,145,638		2,140,559		(5,079	)
Net Unrealized Depreciation									$	(917	)

Cowen 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. As of December 31, 2019 cash in the amount of $4,800,000 has been segregated as collateral from the broker for Swap contracts.

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUND — 58.7%
Debt Fund — 58.7%
AdvisorShares Sage Core Reserves ETF† (Cost $64,679,500)	650,000		$	64,869,935
MONEY MARKET FUNDS — 43.2%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 1.52%(a)	43,831,182			43,831,182
Fidelity Institutional Money Market Government Portfolio – Class III, 1.24%(a)	3,383,170			3,383,170
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, 1.50%(a)	500,000			500,000
Total Money Market Funds (Cost $47,714,352)				47,714,352
Total Investments Before Securities Sold, Not Yet Purchased (Cost $112,393,852)				112,584,287
Securities Sold, Not Yet Purchased — (100.2)%(b)
COMMON STOCKS — (100.2)%
Airlines — (1.6)%
Spirit Airlines, Inc.*	(45,000	)		(1,813,950	)
Apparel — (1.5)%
Hanesbrands, Inc.	(115,000	)		(1,707,750	)
Auto Manufacturers — (1.7)%
General Motors Co.	(50,000	)		(1,830,000	)
Auto Parts & Equipment — (6.2)%
Adient PLC*	(75,000	)		(1,593,750	)
Delphi Technologies PLC*	(130,000	)		(1,667,900	)
Goodyear Tire & Rubber Co. (The)	(110,000	)		(1,711,050	)
Tenneco, Inc., Class A	(145,000	)		(1,899,500	)
Total Auto Parts & Equipment				(6,872,200	)
Banks — (3.3)%
Cadence BanCorp	(100,000	)		(1,813,000	)
CIT Group, Inc.	(40,000	)		(1,825,200	)
Total Banks				(3,638,200	)
Biotechnology — (3.2)%
Livongo Health, Inc.*	(70,000	)		(1,754,200	)
Nektar Therapeutics*	(80,000	)		(1,726,800	)
Total Biotechnology				(3,481,000	)

Investments	Shares		Value
COMMON STOCKS (continued)
Chemicals — (2.9)%
Methanex Corp. (Canada)	(40,000	)	$	(1,545,200	)
Sociedad Quimica y Minera de Chile SA (Chile)(c)	(60,000	)		(1,601,400	)
Total Chemicals				(3,146,600	)
Commercial Services — (2.5)%
Afya Ltd., Class A (Brazil)*	(65,000	)		(1,762,800	)
Clarivate Analytics PLC (United Kingdom)*	(60,000	)		(1,008,000	)
Total Commercial Services				(2,770,800	)
Computers — (4.1)%
International Business Machines Corp.	(20,000	)		(2,680,800	)
NetScout Systems, Inc.*	(75,000	)		(1,805,250	)
Total Computers				(4,486,050	)
Distribution/Wholesale — (1.4)%
Resideo Technologies, Inc.*	(125,000	)		(1,491,250	)
Diversified Financial Services — (9.7)%
Associated Capital Group, Inc., Class A	(25,335	)		(993,132	)
Credit Acceptance Corp.*	(5,000	)		(2,211,650	)
Interactive Brokers Group, Inc., Class A	(42,500	)		(1,981,350	)
LendingClub Corp.*	(158,000	)		(1,993,960	)
Santander Consumer USA Holdings, Inc.	(72,000	)		(1,682,640	)
Tradeweb Markets, Inc., Class A	(40,000	)		(1,854,000	)
Total Diversified Financial Services				(10,716,732	)
Electric — (1.2)%
PG&E Corp.*	(125,000	)		(1,358,750	)
Energy – Alternate Sources — (1.4)%
Sunnova Energy International, Inc.*	(140,000	)		(1,562,400	)
Engineering & Construction — (1.3)%
Dycom Industries, Inc.*	(30,000	)		(1,414,500	)
Food — (6.3)%
Beyond Meat, Inc.*	(25,000	)		(1,890,000	)
Grocery Outlet Holding Corp.*	(50,000	)		(1,622,500	)
McCormick & Co., Inc.	(11,500	)		(1,951,895	)
TreeHouse Foods, Inc.*	(30,000	)		(1,455,000	)
Total Food				(6,919,395	)

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Gas — (1.7)%
National Fuel Gas Co.	(40,000	)	$	(1,861,600	)
Hand/Machine Tools — (1.8)%
Snap-on, Inc.	(12,000	)		(2,032,800	)
Internet — (7.6)%
Farfetch Ltd., Class A (United Kingdom)*	(200,000	)		(2,070,000	)
Netflix, Inc.*	(6,530	)		(2,112,912	)
Uber Technologies, Inc.*	(55,000	)		(1,635,700	)
Wayfair, Inc., Class A*	(28,500	)		(2,575,545	)
Total Internet				(8,394,157	)
Leisure Time — (1.8)%
Harley-Davidson, Inc.	(54,000	)		(2,008,260	)
Machinery – Diversified — (1.5)%
Middleby Corp. (The)*	(15,000	)		(1,642,800	)
Miscellaneous Manufacturing — (1.8)%
Textron, Inc.	(45,000	)		(2,007,000	)
Oil & Gas — (7.6)%
Apache Corp.	(42,500	)		(1,087,575	)
California Resources Corp.*	(100,000	)		(903,000	)
Callon Petroleum Co.*	(400,000	)		(1,932,000	)
Cimarex Energy Co.	(20,000	)		(1,049,800	)
EQT Corp.	(200,000	)		(2,180,000	)
Noble Energy, Inc.	(50,000	)		(1,242,000	)
Total Oil & Gas				(8,394,375	)
Packaging & Containers — (1.6)%
O-I Glass, Inc.	(150,000	)		(1,789,500	)
Pharmaceuticals — (1.6)%
Aerie Pharmaceuticals, Inc.*	(75,000	)		(1,812,750	)
Real Estate — (3.4)%
Cushman & Wakefield PLC*	(101,000	)		(2,064,440	)
Five Point Holdings LLC, Class A*	(250,000	)		(1,737,500	)
Total Real Estate				(3,801,940	)
REITS — (6.3)%
Innovative Industrial Properties, Inc.	(25,000	)		(1,896,750	)
Macerich Co. (The)	(75,000	)		(2,019,000	)
Mack-Cali Realty Corp.	(50,000	)		(1,156,500	)
Simon Property Group, Inc.	(12,500	)		(1,862,000	)
Total REITS				(6,934,250	)

Investments	Shares		Value
COMMON STOCKS (continued)
Retail — (1.4)%
Restaurant Brands International, Inc. (Canada)	(25,000	)	$	(1,594,250	)
Software — (10.9)%
DouYu International Holdings Ltd. (China)*(c)	(250,000	)		(2,117,500	)
Dynatrace, Inc.*	(55,000	)		(1,391,500	)
Phreesia, Inc.*	(50,000	)		(1,332,000	)
Pluralsight, Inc., Class A*	(125,000	)		(2,151,250	)
PTC, Inc.*	(27,500	)		(2,059,475	)
Slack Technologies, Inc., Class A*	(75,000	)		(1,686,000	)
Workday, Inc., Class A*	(8,000	)		(1,315,600	)
Total Software				(12,053,325	)
Telecommunications — (1.5)%
PagerDuty, Inc.*	(70,000	)		(1,637,300	)
Transportation — (1.4)%
Golar LNG Ltd. (Bermuda)	(110,000	)		(1,564,200	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(108,352,767)]				(110,738,084	)
Total Investments — 1.7% (Cost $4,041,085)				1,846,203
Other Assets in Excess of Liabilities — 98.3%				108,687,964
Net Assets — 100.0%			$	110,534,167

____________

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

* Non-income producing security.

† Affiliated Company.

(a) Rate shown reflects the 7-day yield as of December 31, 2019.

(b) As of December 31, 2019 cash in the amount of $94,882,136 has been segregated as collateral from the broker for securities sold short.

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1			Level 2		Level 3		Total
Exchange Traded Fund	$	64,869,935		$	—	$	—	$	64,869,935
Money Market Funds		47,714,352			—		—		47,714,352
Total	$	112,584,287		$	—	$	—	$	112,584,287

Liabilities	Level 1			Level 2		Level 3		Total
Common Stocks	$	(110,738,084	)	$	—	$	—	$	(110,738,084	)
Total	$	(110,738,084	)	$	—	$	—	$	(110,738,084	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Airlines	(1.6	)%
Apparel	(1.5	)
Auto Manufacturers	(1.7	)
Auto Parts & Equipment	(6.2	)
Banks	(3.3	)
Biotechnology	(3.2	)
Chemicals	(2.9	)
Commercial Services	(2.5	)
Computers	(4.1	)
Debt Fund	58.7
Distribution/Wholesale	(1.4	)
Diversified Financial Services	(9.7	)
Electric	(1.2	)
Energy – Alternate Sources	(1.4	)
Engineering & Construction	(1.3	)
Food	(6.3	)
Gas	(1.7	)
Hand/Machine Tools	(1.8	)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Internet	(7.6	)%
Leisure Time	(1.8	)
Machinery – Diversified	(1.5	)
Miscellaneous Manufacturing	(1.8	)
Oil & Gas	(7.6	)
Packaging & Containers	(1.6	)
Pharmaceuticals	(1.6	)
Real Estate	(3.4	)
REITS	(6.3	)
Retail	(1.4	)
Software	(10.9	)
Telecommunications	(1.5	)
Transportation	(1.4	)
Money Market Funds	43.2
Total Investments	1.7
Other Assets in Excess of Liabilities	98.3
Net Assets	100.0	%

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2019 were as follows:

Affiliated Fund Name		Value at 6/30/2019			Purchases/ Additions			Sales/ Reductions				Realized Gain (Loss)				Change in Unrealized Gain (Loss)			Number of Shares at 12/31/2019		Value at 12/31/2019			Dividend Income
AdvisorShares Sage Core Reserves ETF		$	54,785,500		$	34,968,500		$	(24,964,752	)		$	(12,748	)		$	93,435		650,000		$	64,869,935		$	851,965

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS — 61.7%
Aerospace/Defense — 0.7%
Spirit AeroSystems, Inc., 2.69%, (3-Month USD LIBOR + 0.80%), 06/15/21@	$	639,000	$	637,593
Airlines — 2.0%
Delta Air Lines, Inc., 2.60%, 12/04/20		1,930,000		1,936,109
Auto Manufacturers — 2.3%
General Motors Co., 2.69%, (3-Month USD LIBOR + 0.80%), 08/07/20@		1,452,000		1,454,278
General Motors Financial Co., Inc., 2.65%, 04/13/20		795,000		796,029
Total Auto Manufacturers				2,250,307
Banks — 6.8%
Bank of America Corp., Series L, 2.25%, 04/21/20		1,645,000		1,646,632
Bank of New York Mellon Corp. (The), Series G, 2.15%, 02/24/20		940,000		940,087
Citigroup, Inc., 2.96%, (3-Month USD LIBOR + 1.07%), 12/08/21@		1,433,000		1,452,486
Goldman Sachs Group, Inc. (The), 2.60%, 12/27/20		1,632,000		1,635,598
Manufacturers & Traders Trust Co., Series BKNT, 2.21%, (3-Month USD LIBOR + 0.27%), 01/25/21@		520,000		520,340
Truist Bank, Series BKNT, 2.13%, (3-Month USD LIBOR + 0.22%), 06/01/20@		400,000		400,208
Total Banks				6,595,351
Building Materials — 0.4%
Vulcan Materials Co., 2.49%, (3-Month USD LIBOR + 0.60%), 06/15/20@		430,000		430,474
Commercial Services — 2.1%
Equifax, Inc., 3.60%, 08/15/21		1,420,000		1,453,251
Equifax, Inc., 2.78%, (3-Month USD LIBOR + 0.87%), 08/15/21@		570,000		572,221
Total Commercial Services				2,025,472
Computers — 6.0%
Apple, Inc., 2.00%, 11/13/20		410,000		411,103
Dell International LLC/EMC Corp., 4.42%, 06/15/21‡		1,035,000		1,065,378

Investments	Principal		Value
CORPORATE BONDS (continued)
Computers (continued)
Dell, Inc., 4.63%, 04/01/21(a)	$	1,415,000	$	1,458,016
EMC Corp., 2.65%, 06/01/20		970,000		971,387
Hewlett Packard Enterprise Co., 3.60%, 10/15/20		1,914,000		1,935,962
Total Computers				5,841,846
Diversified Financial Services — 6.7%
Air Lease Corp., 2.13%, 01/15/20		1,035,000		1,034,949
Air Lease Corp., 3.50%, 01/15/22		1,420,000		1,459,780
American Express Credit Corp., Series MTN, 2.20%, 03/03/20		725,000		725,030
American Express Credit Corp., Series F, 2.94%, (3-Month USD LIBOR + 1.05%), 09/14/20@		611,000		614,522
Capital One Financial Corp., 2.50%, 05/12/20		1,645,000		1,647,258
International Lease Finance Corp., 8.25%, 12/15/20		515,000		544,565
Synchrony Financial, 2.70%, 02/03/20		483,000		483,175
Total Diversified Financial Services				6,509,279
Electric — 3.3%
Edison International, 2.40%, 09/15/22(a)		1,350,000		1,347,233
Entergy Corp., 4.00%, 07/15/22		930,000		971,128
Exelon Generation Co. LLC, 2.95%, 01/15/20		296,000		296,052
Florida Power & Light Co., 2.31%, (3-Month USD LIBOR + 0.40%), 05/06/22@		627,000		627,026
Total Electric				3,241,439
Food — 0.7%
Tyson Foods, Inc., 2.46%, (3-Month USD LIBOR + 0.55%), 06/02/20@(a)		692,000		692,972
Healthcare – Products — 1.2%
Zimmer Biomet Holdings, Inc., 2.70%, 04/01/20		820,000		820,559
Zimmer Biomet Holdings, Inc., 2.65%, (3-Month USD LIBOR + 0.75%), 03/19/21@		390,000		390,041
Total Healthcare – Products				1,210,600

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Home Builders — 1.5%
D.R. Horton, Inc., 4.00%, 02/15/20	$	1,470,000	$	1,473,324
Housewares — 1.4%
Tupperware Brands Corp., 4.75%, 06/01/21(a)		1,307,000		1,317,517
Internet — 0.7%
Expedia Group, Inc., 5.95%, 08/15/20		660,000		674,814
Media — 2.8%
Comcast Corp., 3.13%, 07/15/22		795,000		820,226
DISH DBS Corp., 5.13%, 05/01/20		1,238,000		1,247,211
DISH DBS Corp., 6.75%, 06/01/21		654,000		689,493
Total Media				2,756,930
Oil & Gas — 2.6%
Occidental Petroleum Corp., 2.60%, 08/13/21		2,265,000		2,282,478
Phillips 66, 2.52%, (3-Month USD LIBOR + 0.60%), 02/26/21@		200,000		200,014
Total Oil & Gas				2,482,492
Pharmaceuticals — 2.0%
Elanco Animal Health, Inc., 3.91%, 08/27/21		1,890,000		1,939,467
Pipelines — 8.7%
Buckeye Partners LP, 4.88%, 02/01/21		1,910,000		1,944,478
Energy Transfer Operating LP, 7.50%, 10/15/20		1,860,000		1,933,338
Energy Transfer Operating LP, 4.65%, 06/01/21		500,000		515,350
Kinder Morgan Energy Partners LP, 3.50%, 03/01/21		1,670,000		1,691,659
NuStar Logistics LP, 6.75%, 02/01/21		935,000		972,774
Sabine Pass Liquefaction LLC, 5.63%, 02/01/21		1,411,000		1,450,604
Total Pipelines				8,508,203
REITS — 2.0%
American Campus Communities Operating Partnership LP, 3.35%, 10/01/20		1,922,000		1,938,187

Investments	Principal		Value
CORPORATE BONDS (continued)
Retail — 3.3%
Dollar Tree, Inc., 2.70%, (3-Month USD LIBOR + 0.70%), 04/17/20@	$	270,000	$	270,052
Penske Automotive Group, Inc., 3.75%, 08/15/20		965,000		977,436
QVC, Inc., 4.38%, 03/15/23		1,870,000		1,931,486
Total Retail				3,178,974
Semiconductors — 0.5%
Xilinx, Inc., 3.00%, 03/15/21		500,000		506,468
Software — 0.5%
VMware, Inc., 2.30%, 08/21/20		461,000		461,706
Telecommunications — 3.2%
AT&T, Inc., 2.89%, (3-Month USD LIBOR + 0.93%), 06/30/20@		1,930,000		1,937,047
Sprint Corp., 7.25%, 09/15/21		1,140,000		1,207,625
Total Telecommunications				3,144,672
Trucking & Leasing — 0.3%
Aviation Capital Group LLC, 2.61%, (3-Month USD LIBOR + 0.67%), 07/30/21@‡		270,000		270,065
Total Corporate Bonds (Cost $59,894,984)				60,024,261
ASSET BACKED SECURITIES — 19.9%
Diversified Financial Services — 19.9%
American Express Credit Account Master Trust, Class A, Series 2017-6, 2.04%, 05/15/23		2,150,000		2,153,455
Cabela’s Credit Card Master Note Trust, Class A1, Series 2015-1A, 2.26%, 03/15/23		725,000		725,320
Cabela’s Credit Card Master Note Trust, Class A2, Series 2015-1A, 2.28%, (1-Month USD LIBOR + 0.54%), 03/15/23@		285,000		285,233
Capital One Multi-Asset Execution Trust, Class A1, Series 2017-A1, 2.00%, 01/17/23		725,000		725,102
Capital One Multi-Asset Execution Trust, Class A4, Series 2017-A4, 1.99%, 07/17/23		1,400,000		1,401,579

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Carmax Auto Owner Trust, Class A2A, Series 2019-2, 2.69%, 07/15/22	$	1,865,289	$	1,874,349
Carmax Auto Owner Trust, Class A3, Series 2016-3, 1.39%, 05/17/21		199,473		199,570
Citibank Credit Card Issuance Trust, Class A3, Series 2017-A3, 1.92%, 04/07/22		2,145,000		2,144,939
Discover Card Execution Note Trust, Class A, Series 2015-A2, 1.90%, 10/17/22		2,522,000		2,522,359
Honda Auto Receivables Owner Trust, Class A3, Series 2016-4, 1.21%, 12/18/20		117,114		117,024
Honda Auto Receivables Owner Trust, Class A3, Series 2017-1, 1.72%, 07/21/21		192,198		192,044
Huntington Auto Trust, Class A4, Series 2016-1, 1.93%, 04/15/22		1,444,617		1,443,983
Hyundai Auto Receivables Trust, Class B, Series 2016-B, 1.82%, 11/15/22		520,000		518,601
Nissan Auto Receivables Owner Trust, Class A3, Series 2016-C, 1.18%, 01/15/21		99,831		99,773
Santander Drive Auto Receivables Trust, Class C, Series 2017-3, 2.76%, 12/15/22		725,000		727,333
Synchrony Credit Card Master Note Trust, Class A, Series 2015-1, 2.37%, 03/15/23		1,150,000		1,150,919
Verizon Owner Trust, Class A, Series 2017-2A, 1.92%, 12/20/21‡		1,142,991		1,142,900
World Financial Network Credit Card Master Trust, Class A, Series 2015-B, 2.55%, 06/17/24		997,000		1,000,189
World Omni Auto Receivables Trust, Class A2, Series 2018-C, 2.80%, 01/18/22		840,916		842,248
World Omni Auto Receivables Trust, Class A3, Series 2016-A, 1.77%, 09/15/21		102,545		102,512
Total Asset Backed Securities (Cost $19,358,826)				19,369,432

Investments	Principal		Value
FOREIGN BONDS — 9.5%
Banks — 4.9%
Credit Suisse AG, 5.40%, 01/14/20 (Switzerland)	$	1,980,000	$	1,981,872
Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/20 (Switzerland)		1,920,000		1,937,535
HSBC Holdings PLC, 2.50%, (3-Month USD LIBOR + 0.60%), 05/18/21 (United Kingdom)@		260,000		260,283
Sumitomo Mitsui Financial Group, Inc., 3.57%, (3-Month USD LIBOR + 1.68%), 03/09/21 (Japan)@		615,000		625,228
Total Banks				4,804,918
Oil & Gas — 2.3%
Ecopetrol SA, 5.88%, 09/18/23 (Colombia)		1,320,000		1,464,388
Petroleos Mexicanos, 5.50%, 01/21/21 (Mexico)		775,000		797,863
Total Oil & Gas				2,262,251
Pharmaceuticals — 2.3%
Bayer US Finance II LLC, 2.58%, (3-Month USD LIBOR + 0.63%), 06/25/21 (Germany)@‡		260,000		260,886
Teva Pharmaceutical Finance IV LLC, 2.25%, 03/18/20 (Israel)		1,946,000		1,949,464
Total Pharmaceuticals				2,210,350
Total Foreign Bonds (Cost $9,252,082)				9,277,519
U.S. TREASURY NOTES — 6.9%
U.S. Treasury Note, 1.38%, 02/15/20(a)		1,940,000		1,939,344
U.S. Treasury Note, 1.38%, 05/31/20(a)		4,835,000		4,829,617
Total U.S. Treasury Notes (Cost $6,761,310)				6,768,961
MORTGAGE BACKED SECURITIES — 0.5%
Commercial Mortgage Backed Securities — 0.5%
Fannie Mae – Aces, Class A1, Series 2016-M1, 2.43%, 01/25/26		136,425		137,399
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2017-C05, 2.34%, (1-Month USD LIBOR + 0.55%), 01/25/30@		1,760		1,760

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Investments	Shares/ Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2018-C05, 2.51%, (1-Month USD LIBOR + 0.72%), 01/25/31@	$	120,085	$	120,134
Freddie Mac REMICS, Class ED, Series 2010-3645, 2.50%, 12/15/20		12,594		12,577
Freddie Mac Structured Agency Credit Risk Debt Notes, Class M1, Series 2018-DNA1, 2.24%, (1-Month USD LIBOR + 0.45%), 07/25/30@		189,121		188,982
Total Mortgage Backed Securities (Cost $461,175)				460,852
MONEY MARKET FUND — 1.6%
JPMorgan U.S. Government Money Market Fund – Institutional Class, 1.45%(b) (Cost $1,602,105)		1,602,105		1,602,105
REPURCHASE AGREEMENTS — 6.2%(c)
BNP Paribas Securities Corp., dated 12/31/19, due 01/02/20,1.57%, total to be received $1,394,690, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 02/29/20 – 12/01/49, totaling $1,419,772)	$	1,394,568		1,394,568
BofA Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $1,394,690, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.52%, 04/01/24 – 09/01/49, totaling $1,418,456)		1,394,568		1,394,568
Citigroup Global Markets, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $1,394,690, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 02/13/20 – 09/20/69, totaling $1,417,452)		1,394,568		1,394,568

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 12/31/19, due 01/02/20,1.58%, total to be received $1,394,690, (collateralized by various U.S. Government Agency Obligations, 0.00% – 6.03%, 01/14/20 – 12/20/49, totaling $1,418,336)	$	1,394,568	$	1,394,568
HSBC Securities USA, Inc., dated 12/31/19, due 01/02/20,1.55%, total to be received $413,294, (collateralized by various U.S. Government Agency Obligations, 0.00% – 2.63%, 01/09/20 – 05/15/47, totaling $421,454)		413,258		413,258
Total Repurchase Agreements (Cost $5,991,530)				5,991,530
Total Investments — 106.3% (Cost $103,322,012)				103,494,660
Liabilities in Excess of Other Assets — (6.3%)				(6,170,129	)
Net Assets — 100.0%			$	97,324,531

____________

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2019.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $7,857,307; the aggregate market value of the collateral held by the fund is $8,032,792. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,041,262.

(b) Rate shown reflects the 7-day yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	60,024,261	$	—	$	60,024,261
Asset Backed Securities		—		19,369,432		—		19,369,432
Foreign Bonds		—		9,277,519		—		9,277,519
U.S. Treasury Notes		—		6,768,961		—		6,768,961
Mortgage Backed Securities		—		460,852		—		460,852
Futures Contracts†		21,242		—		—		21,242
Money Market Fund		1,602,105		—		—		1,602,105
Repurchase Agreements		—		5,991,530		—		5,991,530
Total	$	1,623,347	$	101,892,555	$	—	$	103,515,902

Liabilities	Level 1			Level 2		Level 3		Total
Futures Contracts†	$	(7,999	)	$	—	$	—	$	(7,999	)
Total	$	(7,999	)	$	—	$	—	$	(7,999	)

____________

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense	0.7	%
Airlines	2.0
Auto Manufacturers	2.3
Banks	11.7
Building Materials	0.4
Commercial Mortgage Backed Securities	0.5
Commercial Services	2.1
Computers	6.0
Diversified Financial Services	26.6
Electric	3.3
Food	0.7
Healthcare – Products	1.2
Home Builders	1.5
Housewares	1.4
Internet	0.7
Media	2.8

SUMMARY OF SCHEDULE OF INVESTMENTS
(continued)

	% of Net Assets
Oil & Gas	4.9%
Pharmaceuticals	4.3
Pipelines	8.7
REITS	2.0
Retail	3.3
Semiconductors	0.5
Software	0.5
Telecommunications	3.2
Trucking & Leasing	0.3
U.S. Treasury Notes	6.9
Money Market Fund	1.6
Repurchase Agreements	6.2
Total Investments	106.3
Liabilities in Excess of Other Assets	(6.3	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Futures contracts outstanding as of December 31, 2019:

Type	Broker	Expiration Date	Number of Contracts	Value at Trade Date			Value at December 31, 2019			Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Yr. Note	Jefferies LLC	March 2020	55	$	11,860,499		$	11,852,500		$	(7,999	)
U.S. Treasury 5 Yr. Note	Jefferies LLC	March 2020	(50)		(5,951,710	)		(5,930,468	)		21,242
Net Unrealized Appreciation										$	13,243

Cash posted as collateral from broker for futures contracts was $229,604 at December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
EXCHANGE TRADED FUNDS — 91.5%
Debt Fund — 17.5%
First Trust Low Duration Opportunities ETF(a)	10,313	$	534,214
Invesco Senior Loan ETF(a)	23,622		539,054
iShares Core U.S. Aggregate Bond ETF(a)	2,482		278,902
iShares Interest Rate Hedged High Yield Bond ETF(a)	6,008		538,411
iShares Short-Term Corporate Bond ETF(a)	15,287		819,842
Total Debt Fund			2,710,423
Equity Fund — 74.0%
Consumer Staples Select Sector SPDR Fund	8,475		533,755
Financial Select Sector SPDR Fund	17,769		546,930
Health Care Select Sector SPDR Fund	5,610		571,435
iShares MSCI EAFE ETF	20,853		1,448,032
iShares Russell 2000 ETF	2,769		458,740
SPDR S&P 500 ETF Trust	22,606		7,275,967
Technology Select Sector SPDR Fund	6,362		583,205
Total Equity Fund			11,418,064
Total Exchange Traded Funds (Cost $11,085,520)			14,128,487
MONEY MARKET FUND — 8.5%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 1.51%(b) (Cost $1,304,691)	1,304,691		1,304,691

Investments	Notional Amount			Contracts		Value
PURCHASED PUT OPTION — 0.1%
SPDR S&P 500 ETF Trust, Option expiring 06/19/20, Strike Price $255.00 (Cost $21,801)	$	3,085,500		121		$	19,783
Total Investments Before Written Options — 100.1% (Cost $12,412,012)							15,452,961
WRITTEN CALL OPTION — (0.1)%
SPDR S&P 500 ETF Trust, expiring 01/17/20, Strike Price $327.00		(4,806,900	)	(147	)		(13,597	)
[Premium Received $(14,382)]
Total Investments — 100.0% (Cost $12,397,630)							15,439,364
Liabilities in Excess of Other Assets — (0.0%)**							(12,975	)
Net Assets — 100.0%						$	15,426,389

____________

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 $2,710,117 as of December 31, 2019.

(b) Rate shown reflects the 7-day yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	14,128,487	$	—	$	—	$	14,128,487
Purchased Put Option		19,783		—		—		19,783
Money Market Fund		1,304,691		—		—		1,304,691
Total	$	15,452,961	$	—	$	—	$	15,452,961

Liabilities	Level 1			Level 2		Level 3		Total
Written Call Option	$	(13,597	)	$	—	$	—	$	(13,597	)
Total	$	(13,597	)	$	—	$	—	$	(13,597	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund	17.5	%
Equity Fund	74.0
Purchased Put Option	0.1
Written Call Option	(0.1	)
Money Market Fund	8.5
Total Investments	100.0
Liabilities in Excess of Other Assets	(0.0	)**
Net Assets	100.0%

____________

** Less than 0.05%.

See accompanying Notes to Financial Statements.

ADVISORSHARES VICE ETF
Schedule of Investments

December 31, 2019 (Unaudited)

Investments	Shares	Value
COMMON STOCKS — 99.7%
Agriculture — 21.4%
Altria Group, Inc.	6,720	$	335,395
British American Tobacco PLC (United Kingdom)(a)(b)	11,299		479,756
Imperial Brands PLC (United Kingdom)(b)	11,052		274,090
Philip Morris International, Inc.	5,778		491,650
Turning Point Brands, Inc.	13,634		389,932
Universal Corp.	5,844		333,459
Vector Group Ltd.	18,970		254,008
Total Agriculture			2,558,290
Apparel — 5.0%
LVMH Moet Hennessy Louis Vuitton SE (France)(b)	6,360		593,197
Beverages — 26.1%
Ambev SA (Brazil)(b)	66,259		308,767
Anheuser-Busch InBev SA/NV (Belgium)(b)	2,092		171,628
Boston Beer Co., Inc. (The), Class A*(a)	1,484		560,729
Brown-Forman Corp., Class B(a)	7,630		515,788
Constellation Brands, Inc., Class A	1,264		239,844
Craft Brew Alliance, Inc.*	25,155		415,058
Diageo PLC (United Kingdom)(b)	1,469		247,409
MGP Ingredients, Inc.(a)	4,361		211,290
Molson Coors Brewing Co., Class B(a)	3,203		172,642
New Age Beverages Corp.*(a)	76,085		138,475
Pernod Ricard SA (France)(b)	3,959		142,286
Total Beverages			3,123,916
Electronics — 2.5%
PerkinElmer, Inc.	3,100		301,010
Entertainment — 4.6%
RCI Hospitality Holdings, Inc.	27,078		555,099
Healthcare – Products — 11.9%
Abbott Laboratories	7,617		661,613
Thermo Fisher Scientific, Inc.	2,331		757,272
Total Healthcare – Products			1,418,885
Healthcare – Services — 3.5%
Catalent, Inc.*	7,336		413,017
Housewares — 4.7%
Scotts Miracle-Gro Co. (The)	5,290		561,692
Pharmaceuticals — 10.5%
AbbVie, Inc.	7,344		650,238
Novartis AG (Switzerland)(b)	6,395		605,542
Total Pharmaceuticals			1,255,780

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Retail — 9.5%
BJ’s Restaurants, Inc.		11,372	$	431,681
Darden Restaurants, Inc.		3,401		370,743
Dave & Buster’s Entertainment, Inc.		8,147		327,265
Total Retail				1,129,689
Total Common Stocks (Cost $11,199,217)				11,910,575
MONEY MARKET FUND — 0.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 1.47%(c) (Cost $10,517)		10,517		10,517
REPURCHASE AGREEMENTS — 3.3%(d)
BofA Securities, Inc., dated 12/31/19, due 01/02/20,1.57%, total to be received $249,022, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.52%, 04/01/24 – 09/01/49, totaling $253,265)	$	249,000		249,000
Daiwa Capital Markets America, dated 12/31/19, due 01/02/20,1.55%, total to be received $142,729, (collateralized by various U.S. Government Agency Obligations, 0.00% – 5.25%, 01/14/20 – 02/15/49, totaling $144,547)		142,717		142,717
Total Repurchase Agreements (Cost $391,717)				391,717
Total Investments — 103.1% (Cost $11,601,451)				12,312,809
Liabilities in Excess of Other Assets — (3.1%)				(368,154	)
Net Assets — 100.0%			$	11,944,655

____________

PLC — Public Limited Company

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,899,775; the aggregate market value of the collateral held by the fund is $1,949,914. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,558,197.

(b) American Depositary Receipt.

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

See accompanying Notes to Financial Statements.

ADVISORSHARES VICE ETF
Schedule of Investments (continued)

December 31, 2019 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	11,910,575	$	—	$	—	$	11,910,575
Money Market Fund		10,517		—		—		10,517
Repurchase Agreements		—		391,717		—		391,717
Total	$	11,921,092	$	391,717	$	—	$	12,312,809

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture	21.4	%
Apparel	5.0
Beverages	26.1
Electronics	2.5
Entertainment	4.6
Healthcare – Products	11.9
Healthcare – Services	3.5
Housewares	4.7
Pharmaceuticals	10.5
Retail	9.5
Money Market Fund	0.1
Repurchase Agreements	3.3
Total Investments	103.1
Liabilities in Excess of Other Assets	(3.1	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

THIS PAGE INTENTIONALLY LEFT BLANK

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2019 (Unaudited)

	AdvisorShares Cornerstone Small Cap ETF		AdvisorShares Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF
ASSETS
Investments, at Cost	$	4,337,189	$	83,247,419		$	30,745,606
Investments in Affiliates, at Cost (Note 8)		—		—			—
Repurchase Agreements, at Cost (Note 2)		107,331		3,099,742			—
Total Cost of Investments		4,444,520		86,347,161			30,745,606
Investments, at Market Value (including securities on loan) (Note 2)(a)		5,143,641		108,464,110			30,631,295
Investments in Affiliates, at Market Value (Note 8)		—		—			—
Repurchase Agreements, at Market Value (Note 2)		107,331		3,099,742			—
Total Market Value of Investments		5,250,972		111,563,852			30,631,295
Cash		—		—			—
Cash collateral held at brokers		—		—			—
Dividends and Interest Receivable		4,422		196,624			1,812
Receivable from Securities Sold		—		—			1,872,495
Capital Shares Receivable		—		—			—
Reclaim Receivable		—		25,174			—
Due from Investment Advisor		6,901		—			116
Prepaid CCO Fees		—		—			—
Prepaid Expenses		2,197		6,549			—
Total Assets		5,264,492		111,792,199			32,505,718
LIABILITIES
Cash collateral for securities on loan(b)		107,331		3,099,742			—
Advisory Fees Payable		—		74,195			—
Trustee Fees Payable		650		282			79
Securities Sold, Not Yet Purchased(c)		—		—			—
Payable for Securities Purchased		—		—			—
Capital Shares Payable		—		—			1,875,257
CCO Fees Payable		122		1,309			27
Due to Custodian		769		769			—
Dividend Payable on Securities Sold, Not Yet Purchased		—		—			—
Accrued Expenses		38,431		117,419			1,158
Total Liabilities		147,303		3,293,716			1,876,521
NET ASSETS	$	5,117,189	$	108,498,483		$	30,629,197
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	5,087,654	$	134,468,254		$	30,745,868
Total Distributable Earnings/Accumulated (Loss)		29,535		(25,969,771	)		(116,671	)
NET ASSETS	$	5,117,189	$	108,498,483		$	30,629,197
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		136,476		2,000,000			1,225,000
Net Asset Value (NAV) Per Share	$	37.50	$	54.25		$	25.00

(a) Market value of securities on loan	$	913,014	$	11,084,236		$	—
(b) Non-cash collateral for securities on loan	$	825,385	$	8,244,428		$	—
(c) Proceeds Received from Securities Sold, Not Yet Purchased	$	—	$	—		$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2019 (Unaudited)

AdvisorShares Dorsey Wright FSM All Cap World ETF		AdvisorShares Dorsey Wright FSM US Core ETF			AdvisorShares Dorsey Wright Micro-Cap ETF			AdvisorShares Dorsey Wright Short ETF			AdvisorShares DoubleLine Value Equity ETF

$	27,413,007	$	27,056,489		$	2,034,303		$	10,366,295		$	53,596,902
	—		—			—			17,451,006			—
	—		—			115,730			—			—
	27,413,007		27,056,489			2,150,033			27,817,301			53,596,902
	27,448,284		27,030,208			2,414,515			10,366,295			60,228,178
	—		—			—			17,464,983			—
	—		—			115,730			—			—
	27,448,284		27,030,208			2,530,245			27,831,278			60,228,178
	—		—			—			24,799,230			—
	—		—			—			42,493,356			—
	—		2			3,023			53,717			61,324
	—		1,882,769			—			—			—
	24,938,653		—			—			—			—
	—		—			—			—			—
	912		201			6,000			—			—
	—		—			3			841			—
	—		—			—			1,899			3,441
	52,387,849		28,913,180			2,539,271			95,180,321			60,292,943

	—		—			115,730			—			—
	—		—			—			39,827			21,878
	79		68			626			447			60
	—		—			—			42,226,804			—
	24,901,371		—			—			5,557,522			150,119
	—		1,885,561			—			5,162,516			—
	27		27			—			—			873
	—		—			764			—			769
	—		—			—			45,423			—
	1,146		1,157			40,704			30,949			55,202
	24,902,623		1,886,813			157,824			53,063,488			228,901
$	27,485,226	$	27,026,367		$	2,381,447		$	42,116,833		$	60,064,042

$	27,450,288	$	27,052,613		$	2,580,076		$	47,440,612		$	82,004,857
	34,938		(26,246	)		(198,629	)		(5,323,779	)		(21,940,815	)
$	27,485,226	$	27,026,367		$	2,381,447		$	42,116,833		$	60,064,042

	1,100,000		1,075,000			100,000			1,850,000			800,000
$	24.99	$	25.14		$	23.81		$	22.77		$	75.08

$	—	$	—		$	337,098		$	—		$	—
$	—	$	—		$	228,845		$	—		$	—
$	—	$	—		$	—		$	43,834,839		$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2019 (Unaudited)

	AdvisorShares Focused Equity ETF		AdvisorShares FolioBeyond Smart Core Bond ETF			AdvisorShares Newfleet Multi-Sector Income ETF
ASSETS
Investments, at Cost	$	16,062,012	$	7,642,310		$	69,876,811
Investments in Affiliates, at Cost (Note 8)		—		—			—
Repurchase Agreements, at Cost (Note 2)		—		1,192,776			321,526
Total Cost of Investments		16,062,012		8,835,086			70,198,337
Investments, at Market Value (including securities on loan) (Note 2)(a)		20,489,278		7,846,153			70,568,100
Investments in Affiliates, at Market Value (Note 8)		—		—			—
Repurchase Agreements, at Market Value (Note 2)		—		1,192,776			321,526
Total Market Value of Investments		20,489,278		9,038,929			70,889,626
Cash		—		—			5,857
Cash collateral held at brokers		—		—			—
Unrealized Appreciation on Swaps Contracts		—		—			—
Dividends and Interest Receivable		29,216		6,047			264,334
Receivable from Securities Sold		4,543,489		—			—
Capital Shares Receivable		—		—			—
Reclaim Receivable		—		—			—
Due from Investment Advisor		1,000		8,673			—
Prepaid CCO Fees		—		—			—
Variation Margin Receivable		—		—			—
Prepaid Expenses		1,873		296			4,587
Total Assets		25,064,856		9,053,945			71,164,404
LIABILITIES
Unrealized Depreciation on Swaps Contracts		—		—			—
Cash collateral for securities on loan(b)		—		1,192,776			321,526
Advisory Fees Payable		—		—			24,335
Trustee Fees Payable		647		838			248
Securities Sold, Not Yet Purchased(c)		—		—			—
Payable for Securities Purchased		4,264,173		—			458,385
Options Written, at value(d)		—		—			—
Capital Shares Payable		—		—			—
CCO Fees Payable		93		356			1,865
Due to Custodian		277,366		769			—
Due to Custodian – Foreign Currency(e)		—		—			—
Due to Broker		—		—			—
Dividend Payable on Securities Sold, Not Yet Purchased		—		—			—
Accrued Expenses		35,446		32,317			83,753
Total Liabilities		4,577,725		1,227,056			890,112
NET ASSETS	$	20,487,131	$	7,826,889		$	70,274,292
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	15,712,140	$	8,728,958		$	77,403,086
Total Distributable Earnings/Accumulated (Loss)		4,774,991		(902,069	)		(7,128,794	)
NET ASSETS	$	20,487,131	$	7,826,889		$	70,274,292
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		550,000		300,000			1,450,000
Net Asset Value (NAV) Per Share	$	37.25	$	26.09		$	48.47
(a) Market value of securities on loan	$	799,858	$	1,499,022		$	312,987
(b) Non-cash collateral for securities on loan	$	815,965	$	340,720		$	—
(c) Proceeds Received from Securities Sold, Not Yet Purchased	$	—	$	—		$	—
(d) Premiums received for options written	$	—	$	—		$	—
(e) Foreign currency at cost	$	—	$	—		$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2019 (Unaudited)

AdvisorShares Pure Cannabis ETF			AdvisorShares Ranger Equity Bear ETF			AdvisorShares Sage Core Reserves ETF		AdvisorShares STAR Global Buy-Write ETF		AdvisorShares Vice ETF

$	65,722,119		$	47,714,352		$	97,330,482	$	12,412,012	$	11,209,734
	—			64,679,500			—		—		—
	17,971,279			—			5,991,530		—		391,717
	83,693,398			112,393,852			103,322,012		12,412,012		11,601,451
	39,695,979			47,714,352			97,503,130		15,452,961		11,921,092
	—			64,869,935			—		—		—
	17,971,279			—			5,991,530		—		391,717
	57,667,258			112,584,287			103,494,660		15,452,961		12,312,809
	198,570			11,999,231			—		4,095		—
	4,800,806			94,882,136			229,604		—		—
	11,475			—			—		—		—
	821,480			123,778			690,267		40,954		48,537
	—			11,056,214			—		—		—
	—			1,074,407			—		—		—
	—			—			—		—		3,476
	7,811			—			—		—		4,006
	2,382			1,813			1,300		—		14
	—			—			13,420		—		—
	78,498			15,133			8,254		1,215		5,219
	63,588,280			231,736,999			104,437,505		15,499,225		12,374,061

	12,392			—			—		—		—
	17,971,279			—			5,991,530		—		391,717
	—			151,432			2,913		10,187		—
	82			—			149		113		526
	—			110,738,084			—		—		—
	1,614			8,046,167			1,070,179		—		—
	—			—			—		13,597		—
	—			2,148,813			—		—		—
	—			—			—		334		—
	—			—			769		—		769
	1,599			—			—		—		—
	43,888			—			—		7,864		—
	—			75,363			—		—		—
	19,598			42,973			47,434		40,741		36,394
	18,050,452			121,202,832			7,112,974		72,836		429,406
$	45,537,828		$	110,534,167		$	97,324,531	$	15,426,389	$	11,944,655

$	84,355,935		$	396,549,182		$	97,260,447	$	13,306,976	$	12,284,392
	(38,818,107	)		(286,015,015	)		64,084		2,119,413		(339,737	)
$	45,537,828		$	110,534,167		$	97,324,531	$	15,426,389	$	11,944,655

	3,800,000			20,575,000			975,000		450,000		475,000
$	11.98		$	5.37		$	99.82	$	34.28	$	25.15
$	18,229,517		$	—		$	7,857,307	$	—	$	1,899,775
$	1,799,717		$	—		$	2,041,262	$	—	$	1,558,197
$	—		$	108,352,767		$	—	$	—	$	—
$	—		$	—		$	—	$	14,382	$	—
$	(1,593	)	$	—		$	—	$	—	$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2019 (Unaudited)

	AdvisorShares Cornerstone Small Cap ETF			AdvisorShares Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF(1)
INVESTMENT INCOME:
Dividend Income	$	26,291		$	479,965		$	1,812
Dividend Income from Affiliates		—			—			—
Interest Income		—			—			—
Securities lending income (net) (Note 2)		3,030			21,273			—
Foreign withholding tax		(312	)		(31,054	)		—
Total Investment Income		29,009			470,184			1,812

EXPENSES:
Advisory Fees		15,837			399,997			870
Accounting & Administration Fees		37,683			80,691			109
Professional Fees		11,272			31,496			383
Exchange Listing Fees		3,629			3,617			102
Custody Fees		1,618			4,284			63
Report to Shareholders		563			12,041			410
Trustee Fees		2,739			2,784			79
CCO Fees		409			8,251			27
Pricing Fees		281			114			55
Transfer Agent Fees		183			4,000			9
Insurance Fees		120			4,459			—
Dividend Expense		—			—			—
Miscellaneous Fees		604			6,594			27
Total Expenses		74,938			558,328			2,134

Advisory Fees Waived/Recoupment		(15,837	)		(50,695	)		(870	)
Expense Reimbursement		(37,173	)		—			(116	)
Net Expenses		21,928			507,633			1,148
Net Investment Income (Loss)		7,081			(37,449	)		664

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(141,079	)		(2,263,834	)		—
In-Kind Redemptions		—			—			(3,024	)
Short Sales		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		302,933			11,197,430			(114,311	)
Investments in Affiliates		—			—			—
Short Sales		—			—			—
Net Realized and Unrealized Gain (Loss)		161,854			8,933,596			(117,335	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	168,935		$	8,896,147		$	(116,671	)

____________

(1) Represents the period December 26, 2019 (commencement of operations) to December 31, 2019.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2019 (Unaudited)

AdvisorShares Dorsey Wright FSM All Cap World ETF(1)			AdvisorShares Dorsey Wright FSM US Core ETF(1)			AdvisorShares Dorsey Wright Micro-Cap ETF			AdvisorShares Dorsey Wright Short ETF			AdvisorShares DoubleLine Value Equity ETF

$	—		$	2		$	15,102		$	127,453		$	547,334
	—			—			—			59,255			—
	—			—			—			237,626			—
	—			—			2,419			—			963
	—			—			(128	)		—			—
	—			2			17,393			424,334			548,297


	257			797			7,642			125,011			208,242
	109			109			30,575			29,008			35,903
	383			383			16,657			13,238			59,814
	102			102			—			2,545			3,621
	57			63			1,230			1,250			2,980
	410			410			1,248			1,614			9,748
	79			68			2,717			2,853			2,304
	27			27			132			1,362			4,952
	55			55			25			192			186
	3			8			76			1,250			2,232
	—			—			1,956			2,010			2,094
	—			—			—			373,280			—
	27			27			272			232			3,027
	1,509			2,049			62,530			553,845			335,103

	(257	)		(797	)		(7,642	)		3,476			(67,363	)
	(913	)		(200	)		(43,807	)		—			—
	339			1,052			11,081			557,321			267,740
	(339	)		(1,050	)		6,312			(132,987	)		280,557



	—			—			78,678			—			2,211,984
	—			1,085			—			—			666,551
	—			—			—			(4,518,499	)		—

	35,277			(26,281	)		68,376			—			3,163,569
	—			—			—			8,977			—
	—			—			—			409,714			—
	35,277			(25,196	)		147,054			(4,099,808	)		6,042,104

$	34,938		$	(26,246	)	$	153,366		$	(4,232,795	)	$	6,322,661

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2019 (Unaudited)

	AdvisorShares Focused Equity ETF			AdvisorShares FolioBeyond Smart Core Bond ETF			AdvisorShares Newfleet Multi-Sector Income ETF
INVESTMENT INCOME:
Dividend Income	$	117,028		$	206,047		$	13,871
Dividend Income from Affiliates		—			—			—
Interest Income		—			—			1,240,258
Securities lending income (net) (Note 2)		501			3,665			407
Foreign withholding tax		—			—			—
Total Investment Income		117,529			209,712			1,254,536

EXPENSES:
Advisory Fees		74,199			16,235			181,895
Accounting & Administration Fees		36,236			15,535			54,194
Professional Fees		13,182			15,877			26,883
Exchange Listing Fees		2,259			3,879			3,610
Custody Fees		760			281			7,077
Report to Shareholders		1,525			2,280			11,344
Trustee Fees		2,866			3,162			3,088
CCO Fees		1,283			892			8,755
Pricing Fees		147			186			7,020
Transfer Agent Fees		685			244			2,728
Insurance Fees		375			362			3,320
Dividend Expense		—			—			—
Miscellaneous Fees		596			260			4,339
Total Expenses		134,113			59,193			314,253

Advisory Fees Waived/Recoupment		(59,885	)		(16,235	)		(41,410	)
Expense Reimbursement		—			(12,111	)		—
Net Expenses		74,228			30,847			272,843
Net Investment Income (Loss)		43,301			178,865			981,693

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(108,296	)		(5,552	)		159,753
Investments in Affiliates		—			—			—
In-Kind Redemptions		1,080,885			—			—
Swaps		—			—			—
Futures		—			—			—
Short Sales		—			—			—
Foreign Currency Transactions		—			—			—
Options Written		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		516,260			103,725			(56,250	)
Investments in Affiliates		—			—			—
Short Sales		—			—			—
Options Written		—			—			—
Swaps		—			—			—
Futures		—			—			—
Foreign Currency Translations		—			—			—
Net Realized and Unrealized Gain (Loss)		1,488,849			98,173			103,503
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,532,150		$	277,038		$	1,085,196

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2019 (Unaudited)

AdvisorShares Pure Cannabis ETF			AdvisorShares Ranger Equity Bear ETF			AdvisorShares Sage Core Reserves ETF			AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Vice ETF

$	111,620		$	987,008		$	16,140		$	174,508		$	178,189
	—			851,965			—			—			—
	—			693,092			1,193,628			—			—
	1,575,450			—			5,743			—			20,153
	—			—			—			—			(1,883	)
	1,687,070			2,532,065			1,215,511			174,508			196,459


	151,155			1,144,265			139,665			100,421			38,601
	14,013			35,945			39,762			35,650			31,157
	53,079			35,104			24,048			13,179			12,132
	3,730			3,610			5,987			3,610			—
	3,207			5,720			4,079			763			1,287
	5,288			12,221			5,308			1,614			2,318
	2,804			3,419			2,710			2,237			2,978
	1,797			11,805			6,330			1,041			1,109
	1,237			347			6,692			317			39
	1,889			5,720			3,491			558			482
	392			3,463			1,500			407			168
	—			1,083,288			—			—			—
	452			5,397			1,914			692			613
	239,043			2,350,304			241,486			160,489			90,884

	(52,620	)		—			(78,542	)		(22,874	)		(37,713	)
	—			—			—			—			—
	186,423			2,350,304			162,944			137,615			53,171
	1,500,647			181,761			1,052,567			36,893			143,288



	(8,986,188	)		—			118,096			28,025			(536,402	)
	—			(12,748	)		—			—			—
	—			—			—			—			261,627
	(2,507,293	)		—			—			—			—
	—			—			7,413			—			—
	—			(27,865,629	)		—			—			—
	(5,704	)		—			—			—			—
	—			—			—			(43,023	)		—

	(21,802,017	)		—			19,418			950,844			390,309
	—			93,435			—			—			—
	—			(72,523	)		—			—			—
	—			—			—			(5,433	)		—
	202,571			—			—			—			—
	—			—			13,243			—			—
	(1	)		—			—			—			—
	(33,098,632	)		(27,857,465	)		158,170			930,413			115,534
$	(31,597,985	)	$	(27,675,704	)	$	1,210,737		$	967,306		$	258,822

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Cornerstone Small Cap ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019
INCREASE (DECREASE) IN NET ASSETS OPERATIONS
Net Investment Income (Loss)	$	7,081		$	7,012
Net Realized Gain (Loss)		(141,079	)		243,805
Net Change in Unrealized Appreciation (Depreciation)		302,933			(476,176	)
Net Increase (Decrease) In Net Assets Resulting From Operations		168,935			(225,359	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(6,734	)		(6,840	)
Total Distributions		(6,734	)		(6,840	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			2,818,966
Value of Shares Redeemed		—			(2,831,352	)
Net Increase (Decrease) From Capital Stock Transactions		—			(12,386	)
Net Increase (Decrease) in Net Assets		162,201			(244,585	)
Net Assets:
Beginning of Year/Period		4,954,988			5,199,573
End of Year/Period	$	5,117,189		$	4,954,988
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		136,476			136,476
Shares Sold		—			75,000
Shares Repurchased		—			(75,000	)
Shares Outstanding, End of Year/Period		136,476			136,476

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

AdvisorShares Dorsey Wright ADR ETF						AdvisorShares Dorsey Wright Alpha Equal Weight ETF			AdvisorShares Dorsey Wright FSM All Cap World ETF
Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			For the period December 26, 2019* to December 31, 2019			For the period December 26, 2019* to December 31, 2019

$	(37,449	)	$	671,886		$	664		$	(339	)
	(2,263,834	)		(29,152,407	)		(3,024	)		—
	11,197,430			7,499,640			(114,311	)		35,277

	8,896,147			(20,980,881	)		(116,671	)		34,938

	(18,253	)		(669,735	)		—			—
	(18,253	)		(669,735	)		—			—

	2,564,578			10,215,051			32,621,125			27,450,288
	(11,142,064	)		(127,066,943	)		(1,875,257	)		—
	(8,577,486	)		(116,851,892	)		30,745,868			27,450,288
	300,408			(138,502,508	)		30,629,197			27,485,226

	108,198,075			246,700,583			—			—
$	108,498,483		$	108,198,075		$	30,629,197		$	27,485,226

	2,175,000			4,625,000			—			—
	50,000			225,000			1,300,000			1,100,000
	(225,000	)		(2,675,000	)		(75,000	)		—
	2,000,000			2,175,000			1,225,000			1,100,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright FSM US Core ETF			AdvisorShares Dorsey Wright Micro-Cap ETF
	For the period December 26, 2019* to December 31, 2019			Six months ended December 31, 2019 (Unaudited)			For the period July 10, 2018* to June 30, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(1,050	)	$	6,312		$	(2,561	)
Net Realized Gain (Loss)		1,085			78,678			(651,231	)
Net Change in Unrealized Appreciation (Depreciation)		(26,281	)		68,376			311,836
Net Increase (Decrease) In Net Assets Resulting From Operations		(26,246	)		153,366			(341,956	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			(1,775	)		—
Total Distributions		—			(1,775	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		28,938,173			1,098,973			4,158,184
Value of Shares Redeemed		(1,885,560	)		(1,172,715	)		(1,512,630	)
Net Increase (Decrease) From Capital Stock Transactions		27,052,613			(73,742	)		2,645,554
Net Increase (Decrease) in Net Assets		27,026,367			77,849			2,303,598
Net Assets:
Beginning of Year/Period		—			2,303,598			—
End of Year/Period	$	27,026,367		$	2,381,447		$	2,303,598
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		—			100,000			—
Shares Sold		1,150,000			50,000			175,000
Shares Repurchased		(75,000	)		(50,000	)		(75,000	)
Shares Outstanding, End of Year/Period		1,075,000			100,000			100,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

AdvisorShares Dorsey Wright Short ETF						AdvisorShares DoubleLine Value Equity ETF
Six months ended December 31, 2019 (Unaudited)			For the period July 10, 2018* to June 30, 2019			Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019


$	(132,987	)	$	65,289		$	280,557		$	695,083
	(4,518,499	)		(2,276,599	)		2,878,535			(5,293,435	)

	418,691			1,203,321			3,163,569			4,571,285

	(4,232,795	)		(1,007,989	)		6,322,661			(27,067	)

	(64,055	)		(17,152	)		(652,256	)		(830,880	)
	(64,055	)		(17,152	)		(652,256	)		(830,880	)

	36,438,691			46,950,851			—			—
	(14,305,526	)		(21,645,192	)		(6,992,094	)		(32,790,377	)

	22,133,165			25,305,659			(6,992,094	)		(32,790,377	)
	17,836,315			24,280,518			(1,321,689	)		(33,648,324	)

	24,280,518			—			61,385,731			95,034,055
$	42,116,833		$	24,280,518		$	60,064,042		$	61,385,731

	975,000			—			900,000			1,400,000
	1,450,000			1,800,000			—			—
	(575,000	)		(825,000	)		(100,000	)		(500,000	)
	1,850,000			975,000			800,000			900,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Focused Equity ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019
INCREASE (DECREASE) IN NET ASSETS OPERATIONS
Net Investment Income (Loss)	$	43,301		$	74,174
Net Realized Gain (Loss)		972,589			(614,208	)
Net Change in Unrealized Appreciation (Depreciation)		516,260			2,250,694
Net Increase (Decrease) In Net Assets Resulting From Operations		1,532,150			1,710,660
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(80,515	)		(337,572	)
Total Distributions		(80,515	)		(337,572	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		5,542,940			1,526,590
Value of Shares Redeemed		(3,718,470	)		—
Net Increase (Decrease) From Capital Stock Transactions		1,824,470			1,526,590
Net Increase (Decrease) in Net Assets		3,276,105			2,899,678
Net Assets:
Beginning of Year/Period		17,211,026			14,311,348
End of Year/Period	$	20,487,131		$	17,211,026
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		500,000			450,000
Shares Sold		150,000			50,000
Shares Repurchased		(100,000	)		—
Shares Outstanding, End of Year/Period		550,000			500,000

____________

* Commencement of operations.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

AdvisorShares FolioBeyond Smart Core Bond ETF						AdvisorShares Newfleet Multi-Sector Income ETF						AdvisorShares Pure Cannabis ETF
Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (Unaudited)			For the period April 17, 2019* to June 30, 2019

$	178,865		$	637,678		$	981,693		$	3,286,760		$	1,500,647		$	123,089
	(5,552	)		(127,355	)		159,753			(723,197	)		(11,499,185	)		(1,047,973	)
	103,725			187,184			(56,250	)		1,817,966			(21,599,447	)		(4,427,616	)
	277,038			697,507			1,085,196			4,381,529			(31,597,985	)		(5,352,500	)

	(175,531	)		(659,376	)		(1,048,058	)		(3,385,118	)		(1,871,199	)		—
	(175,531	)		(659,376	)		(1,048,058	)		(3,385,118	)		(1,871,199	)		—

	1,940,715			—			—			2,408,357			19,245,018			65,114,494
	—			(12,658,809	)		(4,842,656	)		(83,853,788	)		—			—
	1,940,715			(12,658,809	)		(4,842,656	)		(81,445,431	)		19,245,018			65,114,494
	2,042,222			(12,620,678	)		(4,805,518	)		(80,449,020	)		(14,224,166	)		59,761,994

	5,784,667			18,405,345			75,079,810			155,528,830			59,761,994			—
$	7,826,889		$	5,784,667		$	70,274,292		$	75,079,810		$	45,537,828		$	59,761,994

	225,000			725,000			1,550,000			3,250,000			2,600,000			—
	75,000			—			—			50,000			1,200,000			2,600,000
	—			(500,000	)		(100,000	)		(1,750,000	)		—			—
	300,000			225,000			1,450,000			1,550,000			3,800,000			2,600,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Ranger Equity Bear ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019
INCREASE (DECREASE) IN NET ASSETS OPERATIONS
Net Investment Income (Loss)	$	181,761		$	237,976
Net Realized Gain (Loss)		(27,878,377	)		(28,825,802	)
Net Change in Unrealized Appreciation (Depreciation)		20,912			658,109
Net Increase (Decrease) In Net Assets Resulting From Operations		(27,675,704	)		(27,929,717	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(241,821	)		—
Total Distributions		(241,821	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		73,885,002			108,950,893
Value of Shares Redeemed		(71,247,589	)		(78,793,948	)
Net Increase (Decrease) From Capital Stock Transactions		2,637,413			30,156,945
Net Increase (Decrease) in Net Assets		(25,280,112	)		2,227,228
Net Assets:
Beginning of Year/Period		135,814,279			133,587,051
End of Year/Period	$	110,534,167		$	135,814,279
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		21,275,000			17,125,000
Shares Sold		10,750,000			14,850,000
Shares Repurchased		(11,450,000	)		(10,700,000	)
Shares Outstanding, End of Year/Period		20,575,000			21,275,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

AdvisorShares Sage Core Reserves ETF						AdvisorShares STAR Global Buy-Write ETF						AdvisorShares Vice ETF
Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019

$	1,052,567		$	1,551,236		$	36,893		$	67,960		$	143,288		$	236,447
	125,509			45,009			(14,998	)		605,667			(274,775	)		(765,936	)
	32,661			179,195			945,411			(1,829	)		390,309			389,973
	1,210,737			1,775,440			967,306			671,798			258,822			(139,516	)

	(1,082,934	)		(1,508,500	)		(67,959	)		(64,625	)		(294,624	)		(193,320	)
	(1,082,934	)		(1,508,500	)		(67,959	)		(64,625	)		(294,624	)		(193,320	)

	49,924,541			19,886,389			—			—			634,444			2,584,978
	(24,967,941	)		—			—			(3,127,207	)		(1,836,958	)		(1,868,954	)
	24,956,600			19,886,389			—			(3,127,207	)		(1,202,514	)		716,024
	25,084,403			20,153,329			899,347			(2,520,034	)		(1,238,316	)		383,188

	72,240,128			52,086,799			14,527,042			17,047,076			13,182,971			12,799,783
$	97,324,531		$	72,240,128		$	15,426,389		$	14,527,042		$	11,944,655		$	13,182,971

	725,000			525,000			450,000			550,000			525,000			500,000
	500,000			200,000			—			—			25,000			100,000
	(250,000	)		—			—			(100,000	)		(75,000	)		(75,000	)
	975,000			725,000			450,000			450,000			475,000			525,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Cornerstone Small Cap ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			For the period July 6, 2016* to June 30, 2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	36.31		$	38.10		$	31.41		$	25.15
Investment Operations
Net Investment Income (Loss)(1)		0.05			0.05			0.07			0.03
Net Realized and Unrealized Gain (Loss)		1.19			(1.79	)		7.36			6.26
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		1.24			(1.74	)		7.43			6.29
Distributions from Net Investment Income		(0.05	)		(0.05	)		(0.03	)		(0.03	)
Distributions from Realized Capital Gains		—			—			(0.71	)		—
Total Distributions		(0.05	)		(0.05	)		(0.74	)		(0.03	)
Net Asset Value, End of Year/Period	$	37.50		$	36.31		$	38.10		$	31.41
Market Value, End of Year/Period	$	37.51		$	36.29		$	38.12		$	31.40

Total Return
Total Investment Return Based on Net Asset Value(4)		3.41	%		(4.55	)%		23.93	%		25.00	%
Total Investment Return Based on Market(4)		3.50	%		(4.65	)%		24.04	%		24.98	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	5,117		$	4,955		$	5,200		$	4,286
Ratio to Average Net Assets of:(5)
Expenses, net of expense waivers and reimbursements(6)		0.90	%		0.90	%		0.90	%		0.90	%
Expenses, prior to expense waivers and reimbursements(6)		3.08	%		3.39	%		3.06	%		3.91	%
Net Investment Income (Loss)(6)		0.29	%		0.14	%		0.22	%		0.09	%
Portfolio Turnover Rate(9)		42	%		96	%		95	%		93	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Dorsey Wright ADR ETF																		AdvisorShares Dorsey Wright Alpha Equal Weight ETF			AdvisorShares Dorsey Wright FSM All Cap World ETF
Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016			Year ended June 30, 2015			For the period December 26, 2019* to December 31, 2019 (Unaudited)			For the period December 26, 2019* to December 31, 2019 (Unaudited)

$	49.75		$	53.34		$	46.56		$	39.06		$	38.86		$	38.95		$	25.09		$	25.12

	(0.02	)		0.23			0.55			0.68			0.17			0.34			0.00	(2)		0.00	(2)
	4.53			(3.51	)		6.66			7.27			0.23			(0.20	)		(0.09	)		(0.13	)
	4.51			(3.28	)		7.21			7.95			0.40			0.14			(0.09	)		(0.13	)
	(0.01	)		(0.31	)		(0.43	)		(0.45	)		(0.20	)		(0.23	)		—			—
	—			—			—			—			—			—			—			—
	(0.01	)		(0.31	)		(0.43	)		(0.45	)		(0.20	)		(0.23	)		—			—
$	54.25		$	49.75		$	53.34		$	46.56		$	39.06		$	38.86		$	25.00		$	24.99
$	53.93		$	49.69		$	53.19		$	46.61		$	39.06		$	38.77		$	25.04		$	25.01


	9.07	%		(6.16	)%		15.45	%		20.43	%		1.05	%		0.36	%		(0.36	)%		(0.52	)%
	8.56	%		(6.00	)%		15.01	%		20.55	%		1.27	%		0.19	%		(0.20	)%		(0.44	)%

$	108,498		$	108,198		$	246,701		$	65,185		$	14,648		$	15,543		$	30,629		$	27,485

	0.95	%		0.88	%		1.02	%		1.25	%		1.25	%		1.25	%		0.99	%		0.99	%
	1.05	%		1.07	%		0.95	%		1.43	%		1.62	%		1.63	%		1.84	%		4.40	%
	(0.07	)%		0.47	%		0.96	%		1.55	%		0.44	%		0.88	%		0.57	%		(0.99	)%
	26	%		120	%		71	%		108	%(10)		25	%		27	%		0	%		0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Dorsey Wright FSM US Core ETF			AdvisorShares Dorsey Wright Micro-Cap ETF						AdvisorShares Dorsey Wright Short ETF
	For the period December 26, 2019* to December 31, 2019 (Unaudited)			Six months ended December 31, 2019 (Unaudited)			For the period July 10, 2018* to June 30, 2019			Six months ended December 31, 2019 (Unaudited)			For the period July 10, 2018* to June 30, 2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.14		$	23.04		$	24.71		$	24.90		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		0.00	(2)		0.07			(0.02	)		(0.10	)		0.13
Net Realized and Unrealized Gain (Loss)		—			0.72			(1.65	)		(2.00	)		(0.19	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		0.00			0.79			(1.67	)		(2.10	)		(0.06	)
Distributions from Net Investment Income		—			(0.02	)		—			(0.03	)		(0.04	)
Distributions from Realized Capital Gains		—			—			—			—			—
Total Distributions		—			(0.02	)		—			(0.03	)		(0.04	)
Net Asset Value, End of Year/Period	$	25.14		$	23.81		$	23.04		$	22.77		$	24.90
Market Value, End of Year/Period	$	25.16		$	23.95		$	23.02		$	22.82		$	24.93

Total Return
Total Investment Return Based on Net Asset Value(4)		0.01	%		3.45	%		(6.79	)%		(8.46	)%		(0.27	)%
Total Investment Return Based on Market(4)		0.08	%		4.12	%		(6.86	)%		(8.34	)%		(0.18	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	27,026		$	2,381		$	2,304		$	42,117		$	24,281
Ratio to Average Net Assets of:(5)
Expenses, net of expense waivers and reimbursements(6)		0.99	%		1.09	%		0.99	%		3.34	%(7)		2.70	%(7)
Expenses, prior to expense waivers and reimbursements(6)		1.93	%		6.14	%		4.79	%		3.32	%(7)		3.26	%(7)
Net Investment Income (Loss)(6)		(0.99	)%		0.62	%		(0.11	)%		(0.80	)%		0.53	%
Portfolio Turnover Rate(9)		0	%		47	%		103	%		134	%		357	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares DoubleLine Value Equity ETF
Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016			Year ended June 30, 2015

$	68.21		$	67.88		$	66.23		$	55.56		$	57.05		$	51.22

	0.34			0.62			0.53			0.47			0.47			0.42
	7.35			0.45			1.59			10.93			(1.54	)		5.75
	7.69			1.07			2.12			11.40			(1.07	)		6.17
	(0.82	)		(0.74	)		(0.47	)		(0.73	)		(0.42	)		(0.34	)
	—			—			—			—			—			—
	(0.82	)		(0.74	)		(0.47	)		(0.73	)		(0.42	)		(0.34	)
$	75.08		$	68.21		$	67.88		$	66.23		$	55.56		$	57.05
$	74.65		$	68.13		$	67.88		$	66.17		$	55.53		$	57.05


	11.27	%		1.74	%		3.15	%		20.55	%		(1.87	)%		12.06	%
	10.77	%		1.63	%		3.26	%		20.52	%		(1.91	)%		11.99	%

$	60,064		$	61,386		$	95,034		$	142,400		$	155,570		$	242,472

	0.90	%		0.90	%		0.87	%		0.90	%		0.99	%		0.99	%
	1.13	%		1.17	%		1.07	%		1.07	%		1.21	%		1.11	%
	0.94	%		0.93	%		0.77	%		0.76	%		0.86	%		0.76	%
	23	%		218	%		171	%		180	%		196	%		52	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Focused Equity ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			For the period September 20, 2016* to June 30, 2017
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	34.42		$	31.80		$	28.59		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		0.08			0.16			0.13			0.06
Net Realized and Unrealized Gain (Loss)		2.90			3.21			3.17			3.54
Distributions of Net Realized Gains by other investment companies		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		2.98			3.37			3.30			3.60
Distributions from Net Investment Income		(0.15	)		(0.16	)		(0.09	)		(0.01	)
Distributions from Realized Capital Gains		—			(0.59	)		—			—
Total Distributions		(0.15	)		(0.75	)		(0.09	)		(0.01	)
Net Asset Value, End of Year/Period	$	37.25		$	34.42		$	31.80		$	28.59
Market Value, End of Year/Period	$	37.44		$	34.31		$	31.79		$	28.59

Total Return
Total Investment Return Based on Net Asset Value(4)		8.64	%		11.09	%		11.57	%		14.39	%
Total Investment Return Based on Market(4)		9.55	%		10.74	%		11.51	%		14.40	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	20,487		$	17,211		$	14,311		$	12,150
Ratio to Average Net Assets of:(5)
Expenses, net of expense waivers and reimbursements(6)		0.75	%		0.72	%		0.68	%		0.75	%
Expenses, prior to expense waivers and reimbursements(6)		1.47	%		1.63	%		1.39	%		2.04	%
Net Investment Income (Loss)(6)		0.47	%		0.49	%		0.42	%		0.28	%
Portfolio Turnover Rate(9)		23	%		19	%		26	%		36	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares FolioBeyond Smart Core Bond ETF
Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016			Year ended June 30, 2015

$	25.71		$	25.39		$	25.88		$	25.61		$	24.97		$	26.36

	0.72			1.04			0.90			0.81			0.75			0.74
	0.33			0.38			(0.50	)		0.25			0.59			(1.39	)
	—			—			—			0.01			0.06			0.04
	1.05			1.42			0.40			1.07			1.40			(0.61	)
	(0.67	)		(1.10	)		(0.89	)		(0.80	)		(0.76	)		(0.78	)
	—			—			—			—			—			—
	(0.67	)		(1.10	)		(0.89	)		(0.80	)		(0.76	)		(0.78	)
$	26.09		$	25.71		$	25.39		$	25.88		$	25.61		$	24.97
$	26.11		$	25.70		$	25.38		$	25.89		$	25.62		$	24.96


	4.13	%		5.82	%		1.55	%		4.23	%		5.76	%		(2.37	)%
	4.26	%		5.80	%		1.47	%		4.24	%		5.84	%		(2.63	)%

$	7,827		$	5,785		$	18,405		$	17,466		$	20,488		$	28,096

	0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
	1.82	%		1.49	%		1.22	%		1.20	%		1.05	%		0.99	%
	5.51	%		4.14	%		3.47	%		3.15	%		3.01	%		2.88	%
	40	%		150	%		39	%		21	%		24	%		34	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Newfleet Multi-Sector Income ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016			Year ended June 30, 2015
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	48.44		$	47.86		$	48.68		$	48.83		$	49.08		$	49.94
Investment Operations
Net Investment Income (Loss)(1)		0.66			1.35			1.05			0.74			1.25			1.28
Net Realized and Unrealized Gain (Loss)		0.07			0.65			(0.62	)		0.38			(0.13	)		(0.77	)
Distributions of Net Realized Gains by other investment companies		—			—			—			0.00	(2)		—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		0.73			2.00			0.43			1.12			1.12			0.51
Distributions from Net Investment Income		(0.70	)		(1.42	)		(1.25	)		(1.27	)		(1.37	)		(1.37	)
Distributions from Realized Capital Gains		—			—			—			—			—			—
Total Distributions		(0.70	)		(1.42	)		(1.25	)		(1.27	)		(1.37	)		(1.37	)
Net Asset Value, End of Year/Period	$	48.47		$	48.44		$	47.86		$	48.68		$	48.83		$	49.08
Market Value, End of Year/Period	$	48.41		$	48.38		$	47.79		$	48.70		$	48.82		$	49.04

Total Return
Total Investment Return Based on Net Asset Value(4)		1.52	%		4.27	%		0.87	%		2.30	%		2.33	%		1.04	%
Total Investment Return Based on Market(4)		1.52	%		4.29	%		0.70	%		2.37	%		2.39	%		0.95	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	70,274		$	75,080		$	155,529		$	258,005		$	261,263		$	215,941
Ratio to Average Net Assets of:(5)
Expenses, net of expense waivers and reimbursements(6)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements(6)		0.86	%		0.96	%		0.84	%		0.80	%		0.81	%		0.82	%
Net Investment Income (Loss)(6)		2.70	%		2.81	%		2.17	%		1.53	%		2.57	%		2.60	%
Portfolio Turnover Rate(9)		30	%		40	%		66	%		63	%		51	%		49	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares Pure Cannabis ETF						AdvisorShares Ranger Equity Bear ETF
Six months ended December 31, 2019 (Unaudited)			For the period April 17, 2019* to June 30, 2019			Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016			Year ended June 30, 2015

$	22.99		$	25.00		$	6.38		$	7.80		$	8.56		$	10.60		$	10.88		$	11.78

	0.47			0.06			0.01			0.01			(0.13	)		(0.20	)		(0.27	)		(0.31	)
	(10.94	)		(2.07	)		(1.01	)		(1.43	)		(0.63	)		(1.84	)		(0.01	)		(0.59	)
	—			—			—			—			—			—			—			—
	(10.47	)		(2.01	)		(1.00	)		(1.42	)		(0.76	)		(2.04	)		(0.28	)		(0.90	)
	(0.47	)		—			(0.01	)		—			—			—			—			—
	(0.07	)		—			—			—			—			—			—			—
	(0.54	)		—			(0.01	)		—			—			—			—			—
$	11.98		$	22.99		$	5.37		$	6.38		$	7.80		$	8.56		$	10.60		$	10.88
$	11.96		$	23.02		$	5.36		$	6.39		$	7.78		$	8.55		$	10.61		$	10.88


	(45.70	)%		(8.06	)%		(15.66	)%		(18.16	)%		(8.92	)%		(19.24	)%		(2.53	)%		(7.64	)%
	(45.89	)%		(7.92	)%		(15.94	)%		(17.87	)%		(9.01	)%		(19.42	)%		(2.48	)%		(7.72	)%

$	45,538		$	59,762		$	110,534		$	135,814		$	133,587		$	174,504		$	213,948		$	128,059

	0.74	%		0.74	%		3.08	%(8)		2.94	%(8)		2.52	%(8)		2.67	%(8)		2.68	%(8)		2.80	%(8)
	0.95	%		1.10	%		3.08	%(8)		2.94	%(8)		2.52	%(8)		2.67	%(8)		2.68	%(8)		2.80	%(8)
	5.96	%		1.35	%		0.24	%		0.18	%		(1.63	)%		(2.15	)%		(2.49	)%		(2.72	)%
	35	%		26	%		232	%		338	%		301	%		245	%		402	%		419	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Sage Core Reserves ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016			Year ended June 30, 2015
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	99.64		$	99.21		$	99.43		$	99.43		$	99.38		$	99.78
Investment Operations
Net Investment Income (Loss)(1)		1.13			2.37			1.53			0.97			0.69			0.12
Net Realized and Unrealized Gain (Loss)		0.19			0.33			(0.16	)		0.11			0.12			(0.12	)
Distributions of Net Realized Gains by other investment companies		—			—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		1.32			2.70			1.37			1.08			0.81			—
Distributions from Net Investment Income		(1.14	)		(2.27	)		(1.59	)		(1.08	)		(0.76	)		(0.40	)
Distributions from Realized Capital Gains		—			—			—			—			—			—
Total Distributions		(1.14	)		(2.27	)		(1.59	)		(1.08	)		(0.76	)		(0.40	)
Net Asset Value, End of Year/Period	$	99.82		$	99.64		$	99.21		$	99.43		$	99.43		$	99.38
Market Value, End of Year/Period	$	99.80		$	99.61		$	99.19		$	99.44		$	99.63		$	99.40

Total Return
Total Investment Return Based on Net Asset Value(4)		1.34	%		2.74	%		1.38	%		1.08	%		0.83	%		0.00	%(2)
Total Investment Return Based on Market(4)		1.35	%		2.74	%		1.34	%		0.88	%		1.00	%		0.00	%(2)
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	97,325		$	72,240		$	52,087		$	84,519		$	111,862		$	34,783
Ratio to Average Net Assets of:(5)
Expenses, net of expense waivers and reimbursements(6)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Expenses, prior to expense waivers and reimbursements(6)		0.52	%		0.65	%		0.65	%		0.50	%		0.55	%		0.73	%
Net Investment Income (Loss)(6)		2.26	%		2.39	%		1.53	%		0.97	%		0.70	%		0.12	%
Portfolio Turnover Rate(9)		58	%		91	%		74	%		81	%		72	%		59	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares STAR Global Buy-Write ETF
Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016			Year ended June 30, 2015

$	32.28		$	30.99		$	29.13		$	26.77		$	26.60		$	26.18

	0.08			0.13			0.11			0.09			0.10			0.01
	2.07			1.29			1.75			2.48			0.07			0.41
	—			—			0.00	(2)		0.01			0.00	(2)		—
	2.15			1.42			1.86			2.58			0.17			0.42
	(0.15	)		(0.13	)		—			(0.22	)		—			—
	—			—			—			—			—			—
	(0.15	)		(0.13	)		—			(0.22	)		—			—
$	34.28		$	32.28		$	30.99		$	29.13		$	26.77		$	26.60
$	34.05		$	32.19		$	31.01		$	29.13		$	26.76		$	26.61


	6.66	%		4.62	%		6.41	%		9.70	%		0.64	%		1.60	%
	6.25	%		4.27	%		6.45	%		9.74	%		0.56	%		1.49	%

$	15,426		$	14,527		$	17,047		$	17,477		$	17,400		$	26,597

	1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%
	2.16	%		2.34	%		2.18	%		2.14	%		1.97	%		1.87	%
	0.50	%		0.43	%		0.38	%		0.32	%		0.38	%		0.03	%
	5	%		49	%		12	%		26	%		58	%		45	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Vice ETF
	Six months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			For the period December 12, 2017* to June 30, 2018
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	25.11		$	25.60		$	25.00
Investment Operations
Net Investment Income (Loss)(1)		0.27			0.45			0.23
Net Realized and Unrealized Gain (Loss)		0.39			(0.57	)		0.41
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(3)		0.66			(0.12	)		0.64
Distributions from Net Investment Income		(0.62	)		(0.37	)		(0.04	)
Distributions from Realized Capital Gains		—			—			—
Total Distributions		(0.62	)		(0.37	)		(0.04	)
Net Asset Value, End of Year/Period	$	25.15		$	25.11		$	25.60
Market Value, End of Year/Period	$	25.12		$	25.12		$	25.68

Total Return
Total Investment Return Based on Net Asset Value(4)		2.61	%		(0.22	)%		2.58	%
Total Investment Return Based on Market(4)		2.47	%		(0.50	)%		2.89	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	11,945		$	13,183		$	12,800
Ratio to Average Net Assets of:(5)
Expenses, net of expense waivers and reimbursements(6)		0.83	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements(6)		1.41	%		1.43	%		2.18	%
Net Investment Income (Loss)(6)		2.23	%		1.79	%		1.64	%
Portfolio Turnover Rate(9)		28	%		76	%		25	%

____________

* Commencement of operations.

(1) Based on average shares outstanding.

(2) Amount represents less than $0.005 or 0.005%.

(3) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(4) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(5) The AdvisorShares Dorsey Wright FSM All Cap World ETF, the AdvisorShares Dorsey Wright FSM US Core ETF, the AdvisorShares FolioBeyond Smart Core Bond ETF Fund and the AdvisorShares STAR Global Buy-Write ETF Fund invest in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Funds are invested. These ratios do not include these indirect fees and expenses.

(6) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(7) The expense ratio includes dividend expense on short sales of 2.24% and 1.71% for the period ended December 31, 2019 and June 30, 2019.

(8) The expense ratio includes interest and dividend expenses on short sales of 0.73%, 1.22%, 0.84%, 1.03%, 1.05% and 1.15% for the periods ended December 31, 2019, June 30, 2019, June 30, 2018, June 30, 2017, June 30, 2016 and June 30, 2015 respectively.

(9) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund’s capital shares.

(10) During the year, the Fund underwent a sub-advisor change. As a result, investment transactions were increased during the period, which caused a higher than normal portfolio rate.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Notes to Financial Statements

December 31, 2019 (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 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 16 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):

Fund	Ticker	Commencement of Operations
AdvisorShares Cornerstone Small Cap ETF	SCAP	July 6, 2016
AdvisorShares Dorsey Wright ADR ETF	AADR	July 21, 2010
AdvisorShares Dorsey Wright Alpha Equal Weight ETF	DWEQ	December 26, 2019
AdvisorShares Dorsey Wright FSM All Cap World ETF	DWAW	December 26, 2019
AdvisorShares Dorsey Wright FSM US Core ETF	DWUS	December 26, 2019
AdvisorShares Dorsey Wright Micro-Cap ETF	DWMC	July 10, 2018
AdvisorShares Dorsey Wright Short ETF	DWSH	July 10, 2018
AdvisorShares DoubleLine Value Equity ETF	DBLV	October 4, 2011
AdvisorShares Focused Equity ETF	CWS	September 20, 2016
AdvisorShares FolioBeyond Smart Core Bond ETF	FWDB	June 21, 2011
AdvisorShares Newfleet Multi-Sector Income ETF	MINC	March 19, 2013
AdvisorShares Pure Cannabis ETF	YOLO	April 17, 2019
AdvisorShares Ranger Equity Bear ETF	HDGE	January 27, 2011
AdvisorShares Sage Core Reserves ETF	HOLD	January 14, 2014
AdvisorShares STAR Global Buy-Write ETF	VEGA	September 17, 2012
AdvisorShares Vice ETF.	ACT	December 12, 2017

AdvisorShares Cornerstone Small Cap ETF (“Cornerstone Small Cap ETF”) seeks to provide total return through long-term capital appreciation and current income. The Portfolio Manager invests in a diversified group of U.S.-traded equity securities, including common and preferred stock, American Depositary Receipts (“ADRs”), and publicly-traded REITs.

AdvisorShares Dorsey Wright ADR ETF (“Dorsey Wright ADR ETF”) seeks to achieve the Fund’s investment objective by selecting primarily a portfolio of U.S. traded securities of non-U.S. organizations, most often ADRs. The Fund invests in developed and emerging markets and may invest in securities of any market capitalization.

AdvisorShares Dorsey Wright Alpha Equal Weight ETF (“Dorsey Wright Alpha Equal Weight ETF”) seeks to achieve its investment objective by investing in a concentrated portfolio of 50 US equity securities selected from a universe of the largest 1,000 US equity securities based on market capitalization.

AdvisorShares Dorsey Wright FSM All Cap World ETF (“Dorsey Wright FSM All Cap World ETF”) seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

AdvisorShares Dorsey Wright FSM US Core ETF (“Dorsey Wright FSM US Core ETF”) seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

1. Organization – (continued)

AdvisorShares Dorsey Wright Micro-Cap ETF (“Dorsey Wright Micro-Cap ETF”) seeks to achieve its investment objective by investing primarily in U.S. traded equity securities consisting of common and preferred stock and ADRs. The Fund invests in micro-cap securities.

AdvisorShares Dorsey Wright Short ETF (“Dorsey Wright Short ETF”) seeks to achieve the Fund’s investment objective by obtaining short exposure to investment returns of the broad U.S. large-capitalization equity market by engaging in short sales of U.S. traded equity securities and ETFs. The Fund invests primarily in investments that create or result in short exposure to U.S. equity securities.

AdvisorShares DoubleLine Value Equity ETF (‘‘DoubleLine Value Equity ETF”) seeks to achieve its investment objective by primarily investing in the broad U.S. equity market, including through ADRs. The Fund invests in stocks with fundamental characteristics that are historically associated with superior long-term performance.

AdvisorShares Focused Equity ETF (“Focused Equity ETF”) seeks long-term capital appreciation. CWS invests primarily in a focused group of U.S. exchange-listed equity securities that the portfolio manager believes have favorable fundamental attributes.

AdvisorShares FolioBeyond Smart Core Bond ETF (‘‘FolioBeyond Smart Core Bond ETF’’) seeks investment results that exceed the price and yield performance of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Portfolio Manager seeks to achieve this objective by selecting a diversified portfolio of fixed income exchange-traded products (ETPs), including but not limited to, exchange-traded notes (ETNs), exchange-traded currency trusts and exchange-traded commodity pools. FWDB invests in at least 20 distinct global bond classes that cover the entire global investable bond universe. The Portfolio Manager constructs FWDB’s portfolio using a weighted allocation system based on historic yield curve analysis and a mean reversion strategy.

AdvisorShares Newfleet Multi-Sector Income ETF (‘‘Newfleet Multi-Sector Income ETF’’) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (‘‘NAV’’) due to changes in interest rates. In seeking to achieve the Fund’s investment objective, the Sub-Advisor applies a time-tested approach and extensive credit research to capitalize on opportunities across undervalued areas of the bond markets. The Fund principally invests in investment-grade securities, which are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization or, if unrated, those securities that the Sub-Advisor determines to be of comparable quality.

AdvisorShares Pure Cannabis ETF (“Pure Cannabis ETF”) seeks long-term capital appreciation. The Fund primarily will invest in exchange-listed equity securities, including common and preferred stock, of mid- and small-capitalization companies. The Fund also may use derivatives, including total return swaps, index swaps, equity basket swaps, or futures, to seek exposure to such U.S. and foreign securities. The Advisor may use a variety of methods for security selection. As the Fund primarily focuses on certain industries, the Advisor intends to select companies with dominant positions in their respective markets, or those in unique positions for growth and expansion.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

1. Organization – (continued)

AdvisorShares Ranger Equity Bear ETF (‘‘Ranger Equity Bear ETF’’) seeks capital appreciation through short sales of domestically traded equity securities. The portfolio management team implements a bottom-up, fundamental, research driven security selection process. In selecting short positions, the Fund seeks to identify securities with low earnings quality or aggressive accounting which may be intended on the part of company management to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition, the portfolio management team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security, such as downwards earnings revisions or reduced forward guidance.

AdvisorShares Sage Core Reserves ETF (‘‘Sage Core Reserves ETF’’) seeks to preserve capital while maximizing income. The Sub-Advisor seeks to achieve the fund’s investment objective by investing in a variety of fixed income securities, including bonds, forwards and instruments issued by U.S. and foreign issuers. It will invest in U.S. dollar-denominated investment grade debt securities, including mortgage- or asset-backed securities, rated Baa- or higher by Moody’s Investors Service, Inc. (‘‘Moody’s’’), or equivalently rated by Standard & Poor’s Ratings Services (‘‘S&P’’) or Fitch, Inc. (‘‘Fitch’’), or, if unrated, determined by the Sub-Advisor to be of comparable quality.

AdvisorShares STAR Global Buy-Write ETF (‘‘STAR Global Buy-Write ETF’’) seeks consistent repeatable returns across all market cycles. The Portfolio Manager seeks to achieve this investment objective by using a proprietary strategy known as Volatility Enhanced Global Appreciation (VEGA). VEGA employs a ‘‘Buy-Write’’ or ‘‘Covered Call’’ overlay for their global allocation strategy using ETPs. The strategy simultaneously writes (sells) a call option against each position in order to seek cumulative price appreciation from the portfolio’s global exposure, while generating a consistent income stream from the sale of covered call and/or cash-secured put options. When volatility is low the portfolio manager buys protective put options to manage downside risk.

AdvisorShares Vice ETF (“Vice ETF”) seeks to achieve its investment objective by investing in securities of companies that derive at least 50% of their net revenue from tobacco and alcoholic beverages and companies that derive at least 50% of their net revenue from the marijuana and hemp industry or have at least 50% of their company assets dedicated to lawful research and development of cannabis or cannabinoid-related products. The Fund will invest primarily in U.S. exchange listed equity securities, including common and preferred stock and ADRs.

Some of the Funds are considered “fund of funds” and seek to achieve their investment objectives by investing primarily in other affiliated and unaffiliated exchange-traded funds (“ETFs”), as well as other exchange-traded products (“ETPs”), including, but not limited to, exchange-traded notes (“ETNs”) and closed-end funds (collectively with ETFs, ETNs, and ETPs), that offer diversified exposure to various global regions, credit qualities, durations and maturity dates.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

1. Organization – (continued)

For the period ended December 31, 2019, the Funds held significant positions (greater than 25% of net assets), except those invested in short term money market instruments, in other funds as follows:

Funds	Security Name	Market Value as of December 31, 2019		% of Fund Net Assets as of December 31, 2019	Reference location
Dorsey Wright FSM All Cap World ETF	First Trust NASDAQ-100 Equal Weighted Index Fund	$	13,673,959	49.8%	https://www.ftportfolios.com
	Invesco QQQ Trust Series 1		13,770,325	50.1	https://www.invesco.com
Dorsey Wright FSM US Core ETF	Invesco QQQ Trust Series 1		13,457,362	49.8	https://www.invesco.com
	Invesco S&P 500 Low Volatility ETF		13,528,988	50.1	https://www.invesco.com
Dorsey Wright Short ETF	AdvisorShares Sage Core Reserves ETF		17,464,983	41.5	Contained within this report.
FolioBeyond Smart Core Bond ETF	iShares Mortgage Real Estate ETF		2,390,549	30.5	https://www.ishares.com
Ranger Equity Bear ETF	AdvisorShares Sage Core Reserves ETF		64,869,935	58.7	Contained within this report.
STAR Global Buy-Write ETF	SPDR S&P 500 ETF Trust		7,275,967	47.2	https://us.spdrs.com

2. Summary of Significant Accounting Policies

These financial statements are prepared in accordance with U.S. generally accepted accounting principles (‘‘GAAP’’) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Investment Valuation

In computing each Fund’s NAV, the Fund’s securities holdings are valued based on their last readily available market price. Price information on listed securities, including Underlying ETFs, is taken from the exchange where the security is primarily traded. Securities regularly traded in an Over-the-Counter (“OTC”) market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith by the Board of Trustees of the Trust.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method.

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations.

Expenses

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Futures Contracts

Certain Funds may invest in futures contracts (‘‘futures’’), in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as ‘marking-to-the-market.’ Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and a Fund will realize a loss or gain. The Funds may be subject to the risk that the change in the value of the futures contract may not

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

correlate perfectly with the underlying index. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures contract; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

Swap Agreements

Certain funds may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss.

Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

Equity swaps are derivatives and their value can be very volatile. To the extent that the Advisor or Sub-Advisor, as applicable, do not accurately analyze and predict future market trends, the values of assets or economic factors, the Funds may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid. Periodic payments received or paid by the Funds are recorded as realized gains or losses.

Repurchase Agreements

The Funds may enter into repurchase agreements provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

At December 31, 2019 the market values of repurchase agreements outstanding are included as cash collateral for securities on loan on the Statements of Assets and Liabilities.

Short Sales

Certain Funds may sell securities it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market value of that security (short sale). When the Funds make a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Funds may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

on short positions open are recorded on the ex-date as an expense. A gain, limited to the price at which the Funds sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Funds are also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with broker for collateral for securities sold short is recorded as an asset on the Statements of Assets and Liabilities and securities segregated as collateral are denoted in the Schedule of Investments. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities; and (iii) a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. The net amount of income or fees paid to Ranger Equity Bear ETF for the period ended December 31, 2019 was $693,092, which is included as Interest Income in the Statements of Operations.

Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the Funds’ prime brokers and custodian. The Funds are subject to credit risk should the prime brokers be unable to meet its obligations to the Funds.

Term Loans

Certain Funds invests in senior secured corporate loans or bank loans, some of which may be partially or entirely unfunded and purchased on a when-issued or delayed delivery basis, that pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, actual maturity may be substantially less than the stated maturity. Bank loans in which the Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.

Options

Certain Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.

Short-Term Investments

Each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements.

Securities Lending

The Funds participate in a securities lending program offered by The Bank of New York Mellon (‘‘BNYM’’) (the ‘‘Program’’), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted as cash and non-cash and is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in a separate account managed by BNYM, who is authorized to exclusively enter into money market instruments and overnight repurchase agreements, which are collateralized at 102% with securities issued or fully guaranteed by the U.S. Treasury; U.S. Government or any agency, instrumentality or authority of the U.S. government. The securities purchased with cash collateral received are reflected in the Schedule of Investments. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.

The money market instruments and repurchase agreements income related to the Program earned by the Funds is disclosed on the Statements of Operations.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

The value of loaned securities and related collateral outstanding at December 31, 2019 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Fund’s Schedules of Investments or Statements of Asset and Liabilities.

Fund and Description	Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Statements of Assets and (Liabilities)		Net Amounts Presented in the Statements of Assets and (Liabilities)			Gross Amounts not offset in the Statements of Assets and Liabilities
Fund and Description	Gross Amounts of Recognized Assets (Liabilities)								Financial Instruments			Collateral Pledged/ Received		Net Amount
Cornerstone Small Cap ETF
Securities Lending	$	(107,331	)	$	—	$	(107,331	)	$	107,331	(1)	$	—	$	—
Repurchase Agreements		107,331			—		107,331			107,331	(2)		—		—
Dorsey Wright ADR ETF
Securities Lending		(3,099,742	)		—		(3,099,742	)		3,099,742	(1)		—		—
Repurchase Agreements		3,099,742			—		3,099,742			3,099,742	(2)		—		—
Dorsey Wright Micro-Cap ETF
Securities Lending		(115,730	)		—		(115,730	)		115,730	(1)		—		—
Repurchase Agreements		115,730			—		115,730			115,730	(2)		—		—
FolioBeyond Smart Core Bond ETF
Securities Lending		(1,192,776	)		—		(1,192,776	)		1,192,776	(1)		—		—
Repurchase Agreements		1,192,776			—		1,192,776			1,192,776	(2)		—		—
Newfleet Multi-Sector Income ETF
Securities Lending		(321,526	)		—		(321,526	)		321,526	(1)		—		—
Repurchase Agreements		321,526			—		321,526			321,526	(2)		—		—
Pure Cannabis ETF
Securities Lending		(17,971,279	)		—		(17,971,279	)		17,971,279	(1)		—		—
Repurchase Agreements		17,971,279			—		17,971,279			17,971,279	(2)		—		—
Swaps		(917	)		—		(917	)		—	(2)		—		(917	)
Sage Core Reserves ETF
Securities Lending		(5,991,530	)		—		(5,991,530	)		5,991,530	(1)		—		—
Repurchase Agreements		5,991,530			—		5,991,530			5,991,530	(2)		—		—
Vice ETF
Securities Lending		(391,717	)		—		(391,717	)		391,717	(1)		—		—
Repurchase Agreements		391,717			—		391,717			391,717	(2)		—		—

____________

(1) Collateral for securities on loan is included in the Schedules of Investments and consists of Repurchase Agreements and shares of Money Market instruments.

(2) Repurchase agreements are collateralized by U.S. Government Agency Obligations in the event the other party to the repurchase agreement defaults on its obligation.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

2. Summary of Significant Accounting Policies – (continued)

Dividends and Distributions

Each Fund will generally pay out dividends to shareholders at least annually. Each Fund will distribute its net capital gains, if any, to shareholders annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. Distributions are recorded on ex-dividend date.

Indemnifications

In the normal course of business, each Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

3. Investment Advisory Agreement and Other Agreements

Investment Advisory Agreement

Each Fund has entered into an investment advisory agreement with AdvisorShares Investments, LLC (the ‘‘Advisor’’) pursuant to which the Advisor acts as the Fund’s investment advisor. Pursuant to the agreement, the Advisor has overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-advisors. For its services, each Fund pays the Advisor an annual management fee and which is calculated daily and paid monthly based on average daily net assets. From time to time, the Advisor may waive all or a portion of its fee.

The Advisor’s annual management fee for each Fund is as follows:

		Fund:		Rate:
		Cornerstone Small Cap ETF		0.65%
		Dorsey Wright ADR ETF		0.75%
		Dorsey Wright Alpha Equal Weight ETF		0.75%
		Dorsey Wright FSM All Cap World ETF		0.75%
		Dorsey Wright FSM US Core ETF		0.75%
		Dorsey Wright Micro-Cap ETF		0.75%
		Dorsey Wright Short ETF		0.75%
		DoubleLine Value Equity ETF		0.70%
		Focused Equity ETF		0.75%(a)
		FolioBeyond Smart Core Bond ETF		0.50%
		Newfleet Multi-Sector Income ETF		0.50%
		Pure Cannabis ETF		0.60%
		Ranger Equity Bear ETF		1.50%
		Sage Core Reserves ETF		0.30%
		STAR Global Buy-Write ETF		1.35%
		Vice ETF		0.60%

____________

(a) The actual fee paid may vary from the contractual fee based on the Fund’s performance to its benchmark. Accordingly, the Advisor’s annual advisory fee will range from 0.65% to 0.85% of the Fund’s average daily net assets.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Pursuant to an investment advisory agreement between the Focused Equity ETF and the Advisor, the Advisor is entitled to receive, on a monthly basis, an annual advisory fee based on the average daily net assets of the Fund. The Advisor’s advisory fee has two components — the base fee and the performance fee adjustment. The base fee is the pre-determined rate at which the Advisor is paid when the Fund’s net performance is in line with Fund’s pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If the Fund outperforms the performance benchmark, the Advisor may receive an upward fee adjustment. If the Fund underperforms the performance benchmark, the Advisor may receive a downward fee adjustment.

The Advisor’s annual base fee is 0.75% of the Fund’s average daily net assets. The performance fee adjustment is derived by comparing the Fund’s performance over a rolling twelve-month period to its performance benchmark, the S&P 500 Index. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the Advisor’s annual advisory fee may range from 0.65% to 0.85% of the Fund’s average daily net assets. For the period ended December 31, 2019, there was no performance fee adjustment.

Sub-Advisory Agreements

Each Fund’s investment sub-advisor provides investment advice and management services to the Fund. AdvisorShares supervises the day-to-day investment and reinvestment of the assets in the Fund and is responsible for monitoring the Fund’s adherence to its investment mandate. Pursuant to an investment sub-advisory agreement between each sub-advisor and the Advisor, the sub-advisor is entitled to a fee, which is not an additional expense of the Funds, and is calculated daily and paid monthly by the Advisor, at an annual rate based on the average daily net assets of its respective Fund(s) as follows:

Fund	Sub-Advisor	Sub-Advisory Fee Rate
AdvisorShares Cornerstone Small Cap ETF	Cornerstone Investment Partners, LLC	0.35%
AdvisorShares Dorsey Wright ADR ETF	Dorsey, Wright & Associates, LLC	0.25%
AdvisorShares Dorsey Wright Micro Cap ETF	Dorsey, Wright & Associates, LLC	0.25%
AdvisorShares Dorsey Wright Short ETF	Dorsey, Wright & Associates, LLC	0.25%
AdvisorShares Double Line Value ETF	Doubleline Equity LP	0.35%
AdvisorShares Newfleet Multi-Sector Income ETF	Newfleet Asset Management, LLC	0.25%
AdvisorShares Ranger Equity Bear ETF	Ranger Alternative Management, L.P.	1.00%
AdvisorShares Sage Core Reserves ETF	Sage Advisory Services, Ltd. Co.	0.15%
AdvisorShares STAR Global Buy-Write ETF	Partnervest Advisory Services, LLC	0.85%

From time to time, each sub-advisor may waive all or a portion of its fee.

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Expense Limitation Agreement

The Advisor has contractually agreed to reduce their fees and reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding a specified amount for each Fund’s average daily net assets. The expense limitation agreement will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. The investment advisory agreement may only be terminated with the approval of the Fund’s Board. The expense caps in effect for each Fund during the period ended December 31, 2019 were as follows:

		Fund:		Rate:
		Cornerstone Small Cap ETF		0.90%
		Dorsey Wright ADR ETF		1.10%(a)
		Dorsey Wright Alpha Equal Weight ETF		0.99%
		Dorsey Wright FSM All Cap World ETF		0.99%
		Dorsey Wright FSM US Core ETF		0.99%
		Dorsey Wright Micro-Cap ETF		1.25%(b)
		Dorsey Wright Short ETF		1.25%(b)
		DoubleLine Value Equity ETF		0.90%
		Focused Equity ETF		0.75%(c)
		FolioBeyond Smart Core Bond ETF		0.95%
		Newfleet Multi-Sector Income ETF		0.75%
		Pure Cannabis ETF		0.74%
		Ranger Equity Bear ETF		1.85%
		Sage Core Reserves ETF		0.35%
		STAR Global Buy-Write ETF		1.85%
		Vice ETF		0.99%(d)

____________

(a) Prior to November 1, 2019, the expense limit was 0.88%.

(b) Prior to November 1, 2019, the expense limit was 0.99%.

(c) The Advisor has contractually agreed to waive its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding a percentage of the Fund’s average daily net assets equal to the monthly calculated rate of the management fee, which can range from 0.65% to 0.85%.

(d) Prior to November 1, 2019, the expense limit was 0.75%.

The Advisor may recapture operating expenses waived and/or reimbursed within three years after the date on which such waiver or reimbursement occurred. The Funds must pay their ordinary operating expenses before the Advisor is permitted to recapture and must remain in compliance with any applicable expense limitation, as well as with, the expense limitation in effect at the time of the waiver or reimbursement, if different. All or a portion of the following Advisor waived and/or reimbursed expenses may be recaptured during the fiscal years indicated:

Fund	Recoupment Balance		Recoupment Expiration
Cornerstone Small Cap ETF	$	101,317	6/30/2020
		100,635	6/30/2021
		124,576	6/30/2022
Total		326,528

100

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Fund	Recoupment Balance		Recoupment Expiration
Dorsey Wright ADR ETF	$	46,955	6/30/2020
		272,311	6/30/2022
Total		319,266

Dorsey Wright Micro Cap ETF		86,234	6/30/2022
Total		86,234

Dorsey Wright Short ETF		70,194	6/30/2022
Total		70,194

DoubleLine Value Equity ETF		244,904	6/30/2020
		240,281	6/30/2021
		200,619	6/30/2022
Total		685,804

Focused Equity ETF		83,821	6/30/2020
		94,062	6/30/2021
		136,738	6/30/2022
Total		314,621

FolioBeyond Smart Core Bond ETF		46,960	6/30/2020
		50,120	6/30/2021
		82,793	6/30/2022
Total		179,873

Newfleet Multi-Sector Income ETF		133,302	6/30/2020
		204,737	6/30/2021
		249,159	6/30/2022
Total		587,198

Pure Cannabis ETF		33,071	6/30/2022
Total		33,071

Sage Core Reserves ETF		141,505	6/30/2020
		202,791	6/30/2021
		192,747	6/30/2022
Total		537,043

STAR Global Buy-Write ETF		50,044	6/30/2020
		56,242	6/30/2021
		77,386	6/30/2022
Total		183,672

Vice ETF		103,464	6/30/2021
		89,372	6/30/2022
Total		192,836

101

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

3. Investment Advisory Agreement and Other Agreements – (continued)

Administrator, Custodian, Fund Accountant and Transfer Agent

The Bank of New York Mellon (‘‘BNYM’’) (in each capacity, the ‘‘Administrator’’, ‘‘Custodian’’, ‘‘Fund Accountant’’ or ‘‘Transfer Agent’’), serves as the Fund’s Administrator, Custodian, Fund Accountant and Transfer Agent pursuant to a certain Fund Administration and Accounting Agreement, a Custody Agreement or a Transfer Agency and Service Agreement, as the case may be.

Distribution and Service (12b-1) Plan

Foreside Fund Services, LLC (the ‘‘Distributor’’) serves as the Fund’s distributor of Creation Units for the Fund pursuant to the distribution agreement. The Distributor does not maintain any secondary market shares. The Funds have adopted a Distribution and Service Plan (‘‘Plan’’) pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. No fees are currently paid by each Fund under the Plan, and there are no current plans to impose these fees. However, in the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in each Fund.

4. Creation and Redemption Transactions

The Funds issue and redeem shares on a continuous basis at NAV in groups of 25,000 shares, at minimum, called ‘‘Creation Units.’’ Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only ‘‘Authorized Participants’’ may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

5. Summary of Fair Value Disclosure

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

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

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

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

102

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

5. Summary of Fair Value Disclosure – (continued)

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.

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

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.

6. Derivative Instruments

The Funds have adopted authoritative standards of accounting for derivative instruments which establish enhanced disclosure requirements. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations. The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective.

At December 31, 2019, the fair values of derivative instruments were as follows:

Statements of Assets and Liabilities:

Fund:	Asset Derivatives:	Equity Risk
Pure Cannabis ETF	Unrealized Appreciation on Swaps Contracts	$	11,475
Sage Core Reserves Etf	Unrealized Appreciation on Futures Contracts		21,242
STAR Global Buy-Write ETF	Investments – Options Purchased		19,783

Fund:	Liability Derivatives:	Equity Risk
Pure Cannabis ETF	Unrealized Depreciationon Swaps Contracts	$	(12,392	)
Sage Core Reserves Etf	Unrealized Depreciation on Futures Contracts		(7,999	)
STAR Global Buy-Write ETF	Options Written, at value		(13,597	)

103

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

6. Derivative Instruments – (continued)

Transactions in derivative instruments during the period ended December 31, 2019, were as follows:

Statements of Operations:

Fund:	Realized Gain (Loss):	Equity Risk			Credit Risk
Pure Cannabis ETF	Swaps	$	—		$	(2,507,293	)
Sage Core Reserves ETF	Futures		—			7,413
STAR Global Buy-Write ETF	Investments – Options Purchased		38,293			—
STAR Global Buy-Write ETF	Options Written		(43,023	)		—

Fund:	Change in Unrealized Gain (Loss):	Equity Risk			Credit Risk
Pure Cannabis ETF	Swaps	$	—		$	202,571
Sage Core Reserves ETF	Futures		—			13,243
STAR Global Buy-Write ETF	Investments – Options Purchased		10,445			—
STAR Global Buy-Write ETF	Options Written		(5,433	)		—

For the period ended December 31, 2019, the average volume of the derivatives opened by the Funds was as follows:

	Pure Cannabis ETF		Sage Core Reserves ETF		STAR Global Buy-Write ETF
Futures Contracts	$	—	$	8,906,105	$	—
Long Swaps Contracts		959,832		—		—
Purchased Options Contracts		—		—		26,150
Written Options Contracts		—		—		8,941

7. Federal Income Tax

Each Fund intends to qualify as a ‘‘regulated investment company’’ under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund’s tax returns to determine whether the tax positions are ‘‘more-likely-than-not’’ of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2017 – 2019), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

104

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

7. Federal Income Tax – (continued)

At June 30, 2019, the approximate cost of investments, excluding short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Other Derivatives Net Unrealized Appreciation (Depreciation)
Cornerstone Small Cap ETF	$	4,808,155	$	753,117	$	(354,229	)	$	398,888		$	—
Dorsey Wright ADR ETF		100,448,059		14,634,437		(629,111	)		14,005,326			—
Dorsey Wright Micro-Cap ETF		2,191,757		355,078		(43,242	)		311,836			—
Dorsey Wright Short ETF		15,255,120		1,313,440		(1,308,440	)		5,000			700,964
DoubleLine Value Equity ETF		58,053,532		6,318,590		(2,850,883	)		3,467,707			—
Focused Equity ETF		13,364,290		4,064,941		(170,835	)		3,894,106			—
FolioBeyond Smart Core Bond ETF		6,341,441		100,270		(152	)		100,118			—
Newfleet Multi-Sector Income ETF		74,362,992		919,423		(172,320	)		747,103			—
Pure Cannabis ETF		87,162,846		9,342,082		(14,901,470	)		(5,559,388	)		(203,493	)
Ranger Equity Bear ETF		117,633,857		3,531,084		(3,434,084	)		97,000			(3,291,635	)
Sage Core Reserves ETF		76,344,396		173,735		(20,505	)		153,230			—
STAR Global Buy-Write ETF		12,469,747		2,105,435		(15,795	)		2,089,640			6,218
Vice ETF		13,900,642		1,671,290		(1,596,052	)		75,238			—

Under current tax regulations, capital losses on securities transactions realized after October 31 (‘‘Post-October Losses’’) may be deferred and treated as occurring on the first business day of the following fiscal year. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year.

The following Funds have capital loss carryforwards available to offset future realized gains of:

Fund	Short-Term Post-Effective No Expiration		Long-Term Post-Effective No Expiration		Total
Cornerstone Small Cap ETF	$	538,287	$	—	$	538,287
Dorsey Wright ADR ETF		48,855,142		—		48,855,142
Dorsey Wright Micro-Cap ETF		662,056		—		662,056
Dorsey Wright Short ETF		1,796,930		—		1,796,930
DoubleLine Value Equity ETF		31,105,852		384,432		31,490,284
Focused Equity ETF		258,620		349,433		608,053
FolioBeyond Smart Core Bond ETF		378,665		725,167		1,103,832
Newfleet Multi-Sector Income ETF		1,899,664		6,058,851		7,958,515
Ranger Equity Bear ETF		254,695,639		207,216		254,902,855
Sage Core Reserves ETF		128,809		122,158		250,967
STAR Global Buy-Write ETF		—		223,644		223,644
Vice ETF		406,525		120,878		527,403

105

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

8. Investment Transactions

Purchases and sales of investments and securities sold short (excluding short term securities) for the period ended December 31, 2019 were as follows:

	Purchases						Sales
Fund	Long Term		U.S. Government		In-Kind		Long Term		U.S. Government		In-Kind
Cornerstone Small Cap ETF	$	2,068,470	$	—	$	—	$	2,120,382	$	—	$	—
Dorsey Wright ADR ETF		27,834,737		—		2,557,232		27,885,343		—		11,094,908
Dorsey Wright Alpha Equal Weight ETF		—		—		32,573,727		—		—		1,872,495
Dorsey Wright FSM All Cap World ETF		—		—		27,409,006		—		—		—
Dorsey Wright FSM US Core ETF		—		—		28,894,315		—		—		1,882,769
Dorsey Wright Micro-Cap ETF		1,036,849		—		1,089,064		992,137		—		1,162,147
Dorsey Wright Short ETF		14,965,755		—		—		—		—		—
DoubleLine Value Equity ETF		13,323,107		—		—		13,847,791		—		6,777,932
Focused Equity ETF		4,264,173		—		5,515,508		4,543,489		—		3,343,369
FolioBeyond Smart Core Bond ETF		2,647,229		—		1,930,954		2,668,178		—		—
Newfleet Multi-Sector Income ETF		15,032,582		5,851,183		—		20,865,757		2,932,597		—
Pure Cannabis ETF		14,436,425		—		15,204,203		15,939,293		—		—
Ranger Equity Bear ETF		34,968,500		—		—		24,964,753		—		—
Sage Core Reserves ETF		60,797,777		—		—		39,742,479		—		—
STAR Global Buy-Write ETF		973,480		—		—		693,400		—		—
Vice ETF		3,487,209		—		632,993		3,647,957		—		1,829,023

9. Risks Involved with Investing in the Funds

The Funds are subject to the principal risks described below, some or all of these risks may adversely affect the Funds’ NAV, trading price, yield, total return and ability to meet its investment objective. As with any investment, an investment in each Fund could result in a loss or the performance of each Fund could be inferior to that of other investments.

Credit Risk

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. The Fund’s, and its affiliates, manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its Statements of Assets and Liabilities. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

Fund of Funds Risk

Some of the Funds’ investment performance, because they are fund of funds, depends on the investment performance of the Underlying ETFs in which they invest. An investment in these Funds

106

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2019 (Unaudited)

9. Risks Involved with Investing in the Funds – (continued)

is subject to the risk associated with the Underlying ETFs that comprise their Underlying Index. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest.

Liquidity Risk

In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. To the extent that there is not an established retail market for instruments in which the Fund may invest, trading in such instruments may be relatively inactive. Trading in shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to ‘‘circuit breaker’’ rules. There can be no assurance that the requirements necessary to maintain the listing of the shares of the Fund will continue to be met or will remain unchanged.

Market Risk

Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. The Fund’s investments may decline in value due to factors affecting securities markets generally, or particular countries, segments, economic sectors, industries or companies within those markets. The value of a security held in a short position may increase due to general economic and market conditions which are not specifically related to a particular issuer, such as real or perceived positive economic conditions or changes in interest or currency rates. Because the market value of ETF shares may differ from their net asset value, the shares may trade at a premium or discount. An investment in the Fund may lose money.

New Fund Risk

Some of the Funds are new funds. As new funds, there can be no assurance that the Funds will grow to or maintain an economically viable size, in which case the Funds may experience greater tracking error to their Underlying Index than it otherwise would be at higher asset levels or it could ultimately liquidate.

Cannabis-Related Company Risk

Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company’s ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.

10. Subsequent Events

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require additional disclosure.

107

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of the Sub-Advisory Agreement for the AdvisorShares STAR Global Buy-Write ETF, AdvisorShares Ranger Equity Bear ETF, AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF, and AdvisorShares Dorsey Wright Short ETF

At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on August 20, 2019 and November 21, 2019, the Board, including those trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of the renewal of separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Partnervest Advisory Services, LLC, on behalf of the AdvisorShares STAR Global Buy-Write ETF, (2) Ranger Alternative Management L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF, and (3) Dorsey, Wright & Associates, LLC, on behalf of the AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF and AdvisorShares Dorsey Wright Short ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.

Pursuant to Section 15 of the 1940 Act, to continue after their initial two-year term, the Sub-Advisory Agreements must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board at the meetings and over the course of the prior year, to help evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements and decide whether to renew the Sub-Advisory Agreements for an additional year.

As discussed in further detail below, prior to and at the meetings, the Board, including the Independent Trustees, reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by each Sub-Advisor; (ii) the performance of each Sub-Advisor; (iii) the costs of the services provided and profits realized by each Sub-Advisor; (iv) the potential for economies of scale for the benefit of each Fund’s shareholders; and (v) any ancillary benefits to each Sub-Advisor. The Board received an overview of each Sub-Advisor’s operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund’s strategy, the focus in the markets, the Fund’s positioning in the market, and its attractive and unique offering. The Board reviewed each Sub-Advisor’s overall business generally, including any noteworthy personnel changes.

The Board deliberated on the renewal of the Sub-Advisory Agreements in light of the written materials that it received before the meetings, information it received at the meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the selection of each Sub-Advisor and the renewal of its Sub-Advisory Agreement. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to each Fund. The most recent Form ADV for each Sub-Advisor also was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and compensation. The Board considered each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Sub-Advisors.

108

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Performance of the Funds. The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. Each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. Based on this information, the Board concluded that it was satisfied with the investment results that each Sub-Advisor had been able to achieve for its respective Fund.

Cost of Services and Profitability. In considering whether the sub-advisory fee payable with respect to each Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fee waived and/or expenses reimbursed by each Sub-Advisor over the period, the costs and other expenses incurred by each Sub-Advisor in providing the services, and the profitability analysis with respect to each Fund. The Board also reviewed information comparing each Fund’s fee to the fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the sub-advisory fee appears to be reasonable in light of the services rendered.

Economies of Scale. The Board considered for each Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by the Sub-Advisors and whether the Sub-Advisors’ fee includes breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

Ancillary Benefits. The Board noted the potential benefits to be received by each Sub-Advisor as a result of its relationship with a Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with a Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Sub-Advisory Agreement are fair and reasonable; (ii) concluded that each Sub-Advisor’s fee is reasonable in light of the services that it provides to its respective Fund; and (iii) agreed to renew each Sub-Advisory Agreement for another year.

Approval of the Advisory Agreement for AdvisorShares Dorsey Wright FSM US Core ETF, AdvisorShares Dorsey Wright FSM All Cap World ETF, and AdvisorShares Dorsey Wright Alpha Equal Weight ETF

At a meeting held on November 21, 2019, the Board, including the Independent Trustees, considered the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor on behalf of the AdvisorShares Dorsey Wright FSM US Core ETF, AdvisorShares Dorsey Wright FSM All Cap World ETF, and AdvisorShares Dorsey Wright Alpha Equal Weight ETF. The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that an annual in-depth review of the Advisor with respect to those series had recently been conducted in May 2019.

In connection with its consideration of the Advisory Agreement, the Board, including the Independent Trustees, requested, received and evaluated materials from the Advisor about the services proposed to be provided thereunder, including information about the key features of each Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rate and various other materials that it considered relevant to its consideration and approval of the proposed agreement.

In considering the Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.

109

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor to each Fund, the Board reviewed the services to be provided by the Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment advisor to each Fund, including the oversight of service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Funds. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor, including those individuals responsible for portfolio management. The Board also considered the Advisor’s operational capabilities and resources and its experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Funds by the Advisor.

Performance. In connection with the assessment of the ability of the Advisor to perform its duties under the Advisory Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the resources necessary to perform its obligations under the Advisory Agreement.

Cost of Services and Profitability. The Board considered the cost of the services to be provided by the Advisor, reviewed the fee to be paid pursuant to the Advisory Agreement, and considered the estimated profitability projected by the Advisor from its relationship with each Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds, and evaluated the proposed fee arrangement in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor’s contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of each Fund. Based on its review, within the context of its full deliberations, the Board determined that the fee proposed to be paid by each Fund to the Advisor appears to be reasonable in light of the services to be provided.

Economies of Scale. The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in a Fund, the Board determined to reassess whether the investment advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor’s willingness to enter into a contractual expense limitation agreement for each Fund, noting that this would protect shareholders from high operational costs.

Ancillary Benefits. The Board noted the potential benefits to be received by the Advisor as a result of its relationship with each Fund (other than the advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund’s performance.

Conclusion. Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Advisory Agreement are fair and reasonable; (ii) concluded that the fee to be paid to the Advisor is reasonable in light of the services that it will provide to each Fund; and (iii) agreed to approve the Advisory Agreement for an initial term of two years.

110

SUPPLEMENTAL INFORMATION

Quarterly Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters as an exhibit to its reports on Form N-PORT. Copies of the filings are available without charge on the SEC’s website at www.sec.gov.

Proxy Voting Information

A description of the Funds proxy voting policies and procedures, as well as a record of how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by calling 1-877-843-3831. This information is also available on the SEC’s website at www.sec.gov.

Premium/Discount Information

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund’s net asset value may be found on the Fund’s website at www.advisorshares.com.

111

ADVISORSHARES TRUST

Investment Advisor

AdvisorShares Investments, LLC
4800 Montgomery Lane, Suite 150
Bethesda, MD 20814

Sub-Advisors

Ranger Alternative Management, L.P.
2828 N. Harwood Street, Suite 1900
Dallas, TX 75201

Newfleet Asset Management, LLC
100 Pearl Street
Hartford, CT 06103

Partnervest Advisory Services, LLC
1216 State Street, 3rd Floor
Santa Barbara, CA 93101

Sage Advisory Services, Ltd. Co.
5900 Southwest Parkway, Building I
Austin, TX 78735

Cornerstone Investment Partners, LLC
3438 Peachtree Road NE, Suite 900
Atlanta, GA 30326

Dorsey, Wright & Associates, LLC
1101 Boulder Spring Drive, Suite 150
Richmond, VA 23225

DoubleLine Equity LP
505 N. Brand Boulevard, Suite 860
Glendale, CA 91203

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101

Custodian/Fund Administrator/Transfer Agent

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Legal Counsel

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, D.C. 20004

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
50 South 16th Street, Suite 2900
Philadelphia, PA 19102

This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding a Fund’s risks, objectives, fees and expenses, experience of management and other information.

Item 2. Code of Ethics.

Not Applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 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	February 27, 2020

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	February 27, 2020


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

Date	February 27, 2020

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