ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES – 31.6%
Accelerated LLC, Class A, Series 2021-1H, 1.35%, 10/20/40‡	$	144,560	$	131,963
Aqua Finance Trust, Class B, Series 2020-AA, 2.79%, 07/17/46‡		335,000		293,229
Arivo Acceptance Auto Loan Receivables Trust, Class A, Series 2021-1A, 1.19%, 01/15/27‡		90,356		87,589
Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27‡		260,000		242,003
Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31‡		32,671		31,970
BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34‡		210,000		184,394
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡		102,115		99,140
Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35‡		25,822		24,499
BXG Receivables Note Trust, Class A, Series 2022-A, 4.12%, 09/28/37‡		139,264		134,374
Carvana Auto Receivables Trust, Class E, Series 2019-3A, 4.60%, 07/15/26‡		235,000		227,800
CCG Receivables Trust, Class A2, Series 2023-1, 5.82%, 09/16/30‡		200,000		202,067
CCG Receivables Trust, Class C, Series 2021-1, 0.84%, 06/14/27‡		270,000		252,213
CFMT Issuer Trust, Class A, Series 2021-GRN1, 1.10%, 03/20/41‡		152,393		141,308
Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51‡		63,630		56,463
Credito Real USA Auto Receivables Trust, Class A, Series 2021-1A, 1.35%, 02/16/27‡		51,333		50,442
Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27‡		50,283		49,804
Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24‡		26,969		26,894
Foundation Finance Trust, Class A, Series 2021-1A, 1.27%, 05/15/41‡		160,551		142,853
GLS Auto Receivables Issuer Trust, Class B, Series 2023-1A, 6.19%, 06/15/27‡		100,000		101,098
GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26‡		110,000		106,692
GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28‡		190,000		187,865
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡		7,413		7,313
Hertz Vehicle Financing III LLC, Class C, Series 2022-1A, 2.63%, 06/25/26‡		295,000		270,241
Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39‡		130,136		120,699
Lendbuzz Securitization Trust, Class A, Series 2022-1A, 4.22%, 05/17/27‡		189,023		182,592
Lendingpoint Asset Securitization Trust, Class B, Series 2022-A, 2.41%, 06/15/29‡		245,000		239,339
Mariner Finance Issuance Trust, Class A, Series 2019-AA, 2.96%, 07/20/32‡		40,787		40,337
Mercury Financial Credit Card Master Trust, Class A, Series 2022-1A, 2.50%, 09/21/26‡		145,000		136,132
Mercury Financial Credit Card Master Trust, Class A, Series 2023-1A, 8.04%, 09/20/27‡		305,000		305,259
Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69‡		225,426		191,456
NMEF Funding LLC, Class B, Series 2022-A, 3.35%, 10/16/28‡		195,000		183,670
Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25‡		14,599		14,490
Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38‡		188,129		179,236
Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25‡		8,185		8,120
Post Road Equipment Finance, Class B, Series 2022-1A, 5.15%, 01/16/29‡		185,000		181,354
Sierra Timeshare Receivables Funding LLC, Class C, Series 2022-2A, 6.36%, 06/20/40‡		107,333		105,823
Sofi Consumer Loan Program Trust, Class A, Series 2022-1S, 6.21%, 04/15/31‡		57,421		57,473
Tricolor Auto Securitization Trust, Class C, Series 2022-1A, 4.71%, 08/15/25‡		235,000		230,751
Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31‡		240,000		229,188
VFI ABS LLC, Class B, Series 2022-1A, 3.04%, 07/24/28‡		320,000		304,524
Westgate Resorts LLC, Class B, Series 2022-1A, 2.29%, 08/20/36‡		133,692		126,374
Total Asset Backed Securities
(Cost $6,232,907)				5,889,031
MORTGAGE BACKED SECURITIES – 17.7%
Commercial Mortgage Backed Securities – 3.2%
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2013-C10, 4.07%, 07/15/46@*		275,000		273,783
Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49@‡*		31,509		27,152
Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50@‡*		66,974		59,136
WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47		250,000		238,591
Total Commercial Mortgage Backed Securities				598,662
Mortgage Backed Security – 0.4%
CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61@‡*		88,193		82,972
Residential Mortgage Backed Securities – 14.1%
Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 2.07%, 05/25/50@‡*		54,028		51,571
Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49@‡*		50,754		47,688
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡*		27,067		25,296
Dominion Mortgage Trust, Class A1, Series 2021-RTL1, 2.49%, 07/25/27‡		315,000		286,430
Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59@‡*		19,654		18,241
Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65@‡*		125,198		113,008
Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66@‡*		76,452		63,800
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡*		39,334		36,299
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.36%, 06/25/29@‡*		124,819		119,894
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡*		65,094		62,778
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 5.85%, 05/25/45@‡*		67,229		65,845

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2023 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Lhome Mortgage Trust, Class A1, Series 2021-RTL2, 2.09%, 06/25/26‡	$	205,000	$	197,448
MFA Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65@‡*		173,031		159,544
Mill City Mortgage Loan Trust, Class M2, Series 2017-3, 3.25%, 01/25/61@‡*		122,924		112,572
New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58@‡*		147,891		133,240
NYMT Loan Trust, Class A1, Series 2021-CP1, 2.04%, 07/25/61‡		71,767		65,066
OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48@‡*		25,446		24,473
PRPM LLC, Class A1, Series 2021-RPL2, 1.46%, 10/25/51@‡*		76,533		68,331
RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50@‡*		38,029		32,685
SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59@‡*		41,322		40,068
Starwood Mortgage Residential Trust, Class A2, Series 2021-3, 1.40%, 06/25/56@‡*		79,563		64,450
Starwood Mortgage Residential Trust, Class A1, Series 2020-3, 1.49%, 04/25/65@‡*		219,108		205,990
Towd Point HE Trust, Class M1, Series 2021-HE1, 1.50%, 02/25/63@‡*		72,226		67,761
Towd Point Mortgage Trust, Class A2, Series 2020-MH1, 2.50%, 02/25/60@‡*		130,000		112,577
Visio Trust, Class A2, Series 2019-2, 2.92%, 11/25/54@‡*		142,108		133,609
Visio Trust, Class A1, Series 2021-1R, 1.28%, 05/25/56‡		218,702		200,162
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.62%, 07/25/34@*		39,600		40,720
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.68%, 07/25/34@*		15,873		16,056
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 4.02%, 10/25/34@*		55,267		51,252
Total Residential Mortgage Backed Securities				2,616,854
Total Mortgage Backed Securities
(Cost $3,591,565)				3,298,488
CORPORATE BONDS – 17.3%
Communication Services – 0.4%
Level 3 Financing, Inc., 4.25%, 07/01/28‡		70,000		39,566
Warnermedia Holdings, Inc., 3.76%, 03/15/27‡		35,000		32,980
Total Communication Services				72,546
Consumer Discretionary – 0.0%
Advance Auto Parts, Inc., 5.95%, 03/09/28		8,000		8,249
Consumer Staples – 0.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/28‡		21,000		21,075
Financials – 7.3%
Bank of America Corp., 2.55%, (SOFR + 1.05%), 02/04/28@		55,000		50,036
Bank of New York Mellon Corp. (The), 5.80%, (SOFR Index + 1.80%), 10/25/28@		40,000		41,673
Blackstone Private Credit Fund, 2.63%, 12/15/26		86,000		72,305
Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)#@(a)		115,000		89,990
Citadel LP, 4.88%, 01/15/27‡		170,000		163,808
Citigroup, Inc., 4.40%, 06/10/25		75,000		73,126
Citigroup, Inc., 3.20%, 10/21/26		20,000		18,868
Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T-Note + 3.85%), 12/15/52@‡		107,000		95,332
Fifth Third Bancorp, 4.06%, (SOFR + 1.36%), 04/25/28@		30,000		27,463
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27		40,000		38,593
Huntington Bancshares, Inc., 2.63%, 08/06/24		30,000		28,135
JPMorgan Chase & Co., 4.32%, (SOFR + 1.56%), 04/26/28@		60,000		58,496
Liberty Mutual Group, Inc., 4.13%, 12/15/51‡		190,000		152,811
Morgan Stanley, 5.12%, (SOFR + 1.73%), 02/01/29@		65,000		65,436
Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43@		74,000		72,823
Spirit Realty LP, 4.45%, 09/15/26		96,429		92,498
State Street Corp., 5.82%, (SOFR + 1.72%), 11/04/28@		40,000		41,580
Synchrony Financial, 4.88%, 06/13/25		10,000		9,262
Synchrony Financial, 3.70%, 08/04/26		13,000		11,363
Texas Capital Bancshares, Inc., 4.00%, 05/06/31		135,000		111,687
Wells Fargo & Co., 3.53%, (SOFR + 1.51%), 03/24/28@		55,000		51,892
Total Financials				1,367,177
Health Care – 2.3%
Amgen, Inc., 5.25%, 03/02/25		4,000		4,040
Amgen, Inc., 5.15%, 03/02/28		37,000		37,767
CVS Health Corp., 4.30%, 03/25/28		55,000		53,975
DENTSPLY Sirona, Inc., 3.25%, 06/01/30		55,000		48,624
Illumina, Inc., 5.75%, 12/13/27		40,000		40,911
Royalty Pharma PLC, 1.75%, 09/02/27		45,000		38,995
Universal Health Services, Inc., 1.65%, 09/01/26		175,000		153,992
Viatris, Inc., 2.30%, 06/22/27		50,000		43,808
Viatris, Inc., 2.30%, 06/22/27‡		157		137
Total Health Care				422,249
Industrials – 2.4%
Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27‡		196,987		191,359
Boeing Co. (The), 5.04%, 05/01/27		40,000		40,302
CoStar Group, Inc., 2.80%, 07/15/30‡		50,000		41,997
General Electric Co., Series D, 8.20%, (3-Month USD LIBOR + 3.33%)#@		37,000		37,102
Hexcel Corp., 4.20%, 02/15/27		30,000		28,477
Huntington Ingalls Industries, Inc., 2.04%, 08/16/28		66,000		56,575
Regal Rexnord Corp., 6.05%, 02/15/26‡		13,000		13,061
Regal Rexnord Corp., 6.05%, 04/15/28‡		18,000		18,011
Regal Rexnord Corp., 6.30%, 02/15/30‡		20,000		20,145
Total Industrials				447,029
Information Technology – 1.3%
CDW LLC / CDW Finance Corp., 3.28%, 12/01/28		98,000		86,512
Dell International LLC / EMC Corp., 4.90%, 10/01/26		80,000		79,775
Entegris Escrow Corp., 4.75%, 04/15/29‡		40,000		37,841
Kyndryl Holdings, Inc., 2.05%, 10/15/26		48,000		41,700
Total Information Technology				245,828

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2023 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Materials – 0.7%
Bayport Polymers LLC, 4.74%, 04/14/27‡	$	140,000	$	131,611
Real Estate – 1.6%
EPR Properties, 4.95%, 04/15/28		90,000		75,205
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25		30,000		29,325
Office Properties Income Trust, 4.50%, 02/01/25		50,000		43,181
Office Properties Income Trust, 2.65%, 06/15/26		105,000		71,092
VICI Properties LP / VICI Note Co., Inc., 4.63%, 06/15/25‡		75,000		72,607
Total Real Estate				291,410
Utilities – 1.2%
Exelon Corp., 5.15%, 03/15/28		40,000		40,696
NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/25		41,000		41,710
Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T-Note + 2.92%), 09/15/51@		164,000		137,980
Total Utilities				220,386
Total Corporate Bonds
(Cost $3,549,784)				3,227,560
U.S. TREASURY NOTES – 15.9%
U.S. Treasury Note, 0.13%, 08/31/23(a)		970,000		951,793
U.S. Treasury Note, 4.25%, 09/30/24(a)		640,000		639,150
U.S. Treasury Note, 4.13%, 01/31/25		410,000		409,728
U.S. Treasury Note, 0.63%, 12/31/27		1,095,000		951,431
Total U.S. Treasury Notes
(Cost $2,937,460)				2,952,102
FOREIGN BONDS – 6.7%
Consumer Staples – 1.0%
Bacardi Ltd. (Bermuda), 4.70%, 05/15/28‡		110,000		109,049
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28		85,000		72,616
Total Consumer Staples				181,665
Energy – 1.2%
BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)#@		80,000		72,950
Enbridge, Inc. (Canada), 7.38%, (US 5 Year CMT T-Note + 3.71%), 01/15/83@		75,000		71,890
Petroleos Mexicanos (Mexico), 6.50%, 03/13/27		95,000		86,280
Total Energy				231,120
Financials – 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/28		155,000		135,444
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/28		45,000		41,865
Total Financials				177,309
Industrials – 0.9%
British Airways Pass-Through Trust, Class A, Series 2021-1 (United Kingdom), 2.90%, 03/15/35‡		208,436		171,296
Materials – 0.5%
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡		100,000		95,494
Sovereign Government – 2.1%
Dominican Republic International Bond (Dominican Republic), 5.50%, 02/22/29‡		195,000		184,113
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25		200,000		200,246
Total Sovereign Government				384,359
Total Foreign Bonds
(Cost $1,373,888)				1,241,243
EXCHANGE TRADED FUND – 3.0%
Debt Fund – 3.0%
Invesco Senior Loan ETF(a)
(Cost $567,894)		27,004		561,683
FEDERAL HOME LOAN MORTGAGE CORPORATION – 2.7%
Federal National Mortgage Association, 5.00%, 10/01/52
(Cost $502,841)		501,551		500,330
MONEY MARKET FUNDS – 4.3%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class 4.79%(b)(c)		282,977		282,977
JPMorgan U.S. Government Money Market Fund - Institutional Class 4.63%(b)		516,895		516,895
Total Money Market Funds
(Cost $799,872)				799,872
Total Investments – 99.2%
(Cost $19,556,211)				18,470,309
Other Assets in Excess of Liabilities – 0.8%				160,666
Net Assets – 100.0%			$	18,630,975

CMT - Constant Maturity Treasury Index

ETF - Exchange Traded Fund

LIBOR - London Interbank Offered Rate

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

#	Perpetual security with no stated maturity date.
@	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2023.
*	Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.
‡	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $271,962; the aggregate market value of the collateral held by the fund is $1,909,768. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,626,791.
(b)	Rate shown reflects the 7-day yield as of March 31, 2023.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

March 31, 2023 (Unaudited)

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

Fair Value Measurements

The following is a summary of the inputs used, as of March 31, 2023, 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
Asset Backed Securities	$	-	$	5,889,031	$	-	$	5,889,031
Mortgage Backed Securities		-		3,298,488		-		3,298,488
Corporate Bonds		-		3,227,560		-		3,227,560
U.S. Treasury Notes		-		2,952,102		-		2,952,102
Foreign Bonds		-		1,241,243		-		1,241,243
Exchange Traded Fund		561,683		-		-		561,683
Federal Home Loan Mortgage Corporation		-		500,330		-		500,330
Money Market Funds		799,872		-		-		799,872
Total	$	1,361,555	$	17,108,754	$	-	$	18,470,309

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Asset Backed Securities		31.6	%
Commercial Mortgage Backed Securities		3.2
Communication Services		0.4
Consumer Discretionary		0.0	**
Consumer Staples		1.1
Debt Fund		3.0
Energy		1.2
Financials		8.3
Health Care		2.3
Industrials		3.3
Information Technology		1.3
Materials		1.2
Mortgage Backed Security		0.4
Mortgage Securities		2.7
Real Estate		1.6
Residential Mortgage Backed Securities		14.1
Sovereign Government		2.1
U.S. Treasury Notes		15.9
Utilities		1.2
Money Market		4.3
Total Investments		99.2
Other Assets in Excess of Liabilities		0.8
Net Assets		100.0	%

** Less than 0.05%.