N-CSRS 1 advisorshares_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, 2020

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.

(a)

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, 2020

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s shareholder reports may 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 may be made available on a website, and you would 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 Dorsey Wright ADR ETF (AADR)	5
AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)	8
AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)	10
AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)	12
AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)	14
AdvisorShares Dorsey Wright Short ETF (DWSH)	18
AdvisorShares DoubleLine Value Equity ETF (DBLV)	22
AdvisorShares Focused Equity ETF (CWS)	25
AdvisorShares FolioBeyond Smart Core Bond ETF (FWDB)	27
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)	29
AdvisorShares Pure Cannabis ETF (YOLO)	41
AdvisorShares Pure US Cannabis ETF (MSOS)	45
AdvisorShares Q Dynamic Growth ETF (QPX)	48
AdvisorShares Q Portfolio Blended Allocation ETF (QPT)	49
AdvisorShares Ranger Equity Bear ETF (HDGE)	50
AdvisorShares Sage Core Reserves ETF (HOLD)	53
AdvisorShares STAR Global Buy-Write ETF (VEGA)	57
AdvisorShares Vice ETF (VICE)	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	92
Liquidity Risk Management Program	113
Board Review of Investment Advisory and Sub-Advisory Agreements	114
Supplemental Information	120

ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC

December 31, 2020

The second half of 2020 was just as challenging as the first half. While most of the world remained shut down in the ongoing battle to stop the spread of Covid-19, the markets continued to gain from the losses suffered earlier in the year. Federal support – Paycheck Protection Program loans, enhanced unemployment benefits, stimulus checks and a variety of other programs – helped buoy economic activity, in spite of significant revenue drawdowns in the travel and leisure space.

This occurred in a year with a divisive presidential election, country-wide protests, racial and civil unrest, as well as a financial market crash. Combined with an unprecedented death toll caused by the global pandemic, it is significantly surprising to see the market driven higher, which was led by companies in the “work from home trade” including Zoom, Apple, and Amazon.

The “work from home trade” and growth in technology stocks were significant contributors to the out performance of two of our funds, the Dorsey Wright FSM U.S. Core ETF (Ticker: DWUS) and the Dorsey Wright FSM All Cap World Equity ETF (Ticker: DWAW). Both ETFs successfully identified these trends and tactically reallocated holdings to focus on growth and technology, benefitting shareholders as a result.

The other area of growth for the Trust was with our cannabis ETFs. While the AdvisorShares Pure Cannabis ETF (Ticker: YOLO) saw a year of volatile performance, investors continued to allocate assets to this category. We launched a second cannabis ETF, solely focused on U.S. companies, the AdvisorShares Pure US Cannabis ETF (Ticker: MSOS), which ended the year with significant out performance, asset growth and investor interest relative to other cannabis funds.

Finally, before year end, we launched two new ETFs with ThinkBetter, LLC: the AdvisorShares Q Dynamic Growth ETF (Ticker: QPX) and the AdvisorShares Q Portfolio Bended Allocation ETF (Ticker: QPT). Both ETFs offer a unique investing approach by measuring risk through a quantitative, heavy tail analysis. QPT is a balanced strategy designed to provide alpha* over a traditional 60/40 (equity/bond) benchmark, while QPX is a tactical equity strategy that looks to avoid significant drawdowns by tactically allocating to fixed income as volatility enters the market. We are excited to add this new manager to the AdvisorShares Trust.

For more information on AdvisorShares ETFs, including performance and holdings, please visit www.advisorshares.com.

We understand and recognize the unprecedented territories that we face together as a society and as partners in financial stewardship. During 2020, AdvisorShares realized increased asset growth which we could not have accomplished without your continuing trust and support. As we begin the second half of our fiscal year, our commitment to our shareholders remains paramount. We wish you nothing but health, happiness, and prosperity as we move forward.

Sincerest regards,

Noah Hamman

CEO, AdvisorShares Investments

* Alpha measures the risk-adjusted premium an investment earns above its benchmark.

ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC (continued)

December 31, 2020

Investing involves risk including possible loss of principal. The Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. The prices of equity securities rise and fall daily Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or offshore markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments.

There is no guarantee the Advisors investment strategy will be successful. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund’s particular allocations may have a significant effect on the Fund’s performance. Allocation risk is the risk that the selection of ETFs and the allocation of assets among such ETFs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. For a list of the asset class specific risks please see the prospectus.

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.

The views in this report were those of the Fund’s CEO as of December 31, 2020 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, 2020 and held for the period ended December 31, 2020, 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 7/1/2020		Ending Account Value 12/31/2020		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares Dorsey Wright ADR ETF
Actual	$	1,000.00	$	1,147.40		1.10	%	$	5.95	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.66		1.10	%	$	5.60
AdvisorShares Dorsey Wright Alpha Equal Weight ETF
Actual	$	1,000.00	$	1,360.20		0.99	%	$	5.89	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04
AdvisorShares Dorsey Wright FSM All Cap World ETF⁽²⁾
Actual	$	1,000.00	$	1,324.80		0.92	%	$	5.39	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.57		0.92	%	$	4.69
AdvisorShares Dorsey Wright FSM US Core ETF⁽²⁾
Actual	$	1,000.00	$	1,247.10		0.99	%	$	5.61	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04
AdvisorShares Dorsey Wright Micro-Cap ETF
Actual	$	1,000.00	$	1,375.60		1.25	%	$	7.48	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.90		1.25	%	$	6.36
AdvisorShares Dorsey Wright Short ETF
Actual	$	1,000.00	$	594.10		0.94	%	$	3.78	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.47		0.94	%	$	4.79

ADVISORSHARES TRUST

Shareholder Expense Examples (unaudited) (continued)

Fund Name	Beginning Account Value 7/1/2020		Ending Account Value 12/31/2020		Annualized Expense Ratio for the Period			Expenses Paid
AdvisorShares DoubleLine Value Equity ETF
Actual	$	1,000.00	$	1,231.30		0.90	%	$	5.06	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.67		0.90	%	$	4.58
AdvisorShares Focused Equity ETF
Actual	$	1,000.00	$	1,221.10		0.65	%	$	3.64	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.93		0.65	%	$	3.31
AdvisorShares FolioBeyond Smart Core Bond ETF⁽²⁾
Actual	$	1,000.00	$	1,038.20		0.95	%	$	4.88	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.42		0.95	%	$	4.84
AdvisorShares Newfleet Multi-Sector Income ETF
Actual	$	1,000.00	$	1,029.50		0.75	%	$	3.84	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
AdvisorShares Pure Cannabis ETF
Actual	$	1,000.00	$	1,690.30		0.74	%	$	5.02	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.48		0.74	%	$	3.77
AdvisorShares Pure US Cannabis ETF
Actual	$	1,000.00	$	1,452.50		0.74	%	$	3.01	⁽³⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.48		0.74	%	$	3.77
AdvisorShares Q Dynamic Growth ETF⁽²⁾
Actual	$	1,000.00	$	1,000.00		1.45	%	$	0.12	⁽⁴⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.90		1.45	%	$	7.38
AdvisorShares Q Portfolio Blended Allocation ETF⁽²⁾
Actual	$	1,000.00	$	1,002.40		0.99	%	$	0.08	⁽⁴⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04
AdvisorShares Ranger Equity Bear ETF
Actual	$	1,000.00	$	625.40		1.70	%	$	6.96	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.64		1.70	%	$	8.64
AdvisorShares Sage Core Reserves ETF
Actual	$	1,000.00	$	1,008.70		0.35	%	$	1.77	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,023.44		0.35	%	$	1.79
AdvisorShares STAR Global Buy-Write ETF⁽²⁾
Actual	$	1,000.00	$	1,147.10		1.85	%	$	10.01	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.88		1.85	%	$	9.40
AdvisorShares Vice ETF
Actual	$	1,000.00	$	1,359.20		0.99	%	$	5.89	⁽¹⁾
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.21		0.99	%	$	5.04

(1)

Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

(2)

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.

(3)

Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 121/365 (to reflect commencement of operations to September 1, 2020).

(4)

Actual Expenses Paid are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 3/365 (to reflect commencement of operations to December 28, 2020).

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.7%

Airlines — 2.3%
Ryanair Holdings PLC (Ireland)*^(a)		16,664	$	1,832,707

Apparel — 3.6%
LVMH Moet Hennessy Louis Vuitton SE (France)^(a)		22,829		2,847,461

Banks — 2.4%
HDFC Bank Ltd. (India)*^(a)		26,520		1,916,335

Biotechnology — 7.8%
Argenx SE (Netherlands)*^(a)		15,497		4,557,513
Genmab A/S (Denmark)*^(a)		40,791		1,658,562
Total Biotechnology				6,216,075

Building Materials — 4.4%
Cemex SAB de CV (Mexico)*^(a)		331,766		1,715,230
CRH PLC (Ireland)^(a)		42,122		1,793,555
Total Building Materials				3,508,785

Chemicals — 2.4%
Sociedad Quimica y Minera de Chile SA (Chile)^(a)		39,246		1,926,586

Commercial Services — 8.4%
Experian PLC (United Kingdom)^(a)(b)		40,304		1,529,940
New Oriental Education & Technology Group, Inc. (China)*^(a)		12,970		2,409,956
TAL Education Group (China)*^(a)		38,011		2,718,166
Total Commercial Services				6,658,062

Computers — 3.1%
Logitech International SA (Switzerland)^(b)		25,139		2,443,260

Diversified Financial Services — 2.2%
KB Financial Group, Inc. (South Korea)^(a)		43,909		1,738,797

Electric — 2.2%
Enel SpA (Italy)^(a)		174,713		1,773,337

Electronics — 2.2%
ABB Ltd. (Switzerland)^(a)(b)		63,068		1,763,381

Energy – Alternate Sources — 2.0%
JinkoSolar Holding Co., Ltd. (China)*^(a)(b)		25,881		1,601,258

Healthcare – Products — 1.9%
Koninklijke Philips NV (Netherlands)*		27,620		1,496,176

Healthcare – Services — 2.7%
ICON PLC (Ireland)*		10,982		2,141,270

Home Furnishings — 2.5%
Sony Corp. (Japan)^(a)		19,371		1,958,408

Investments	Shares		Value
COMMON STOCKS (continued)

Internet — 13.2%
21Vianet Group, Inc. (China)*^(a)		72,640	$	2,519,882
MercadoLibre, Inc. (Argentina)*		2,474		4,144,494
Tencent Holdings Ltd. (China)^(a)		24,077		1,730,895
Vipshop Holdings Ltd. (China)*^(a)		73,136		2,055,853
Total Internet				10,451,124

Lodging — 2.3%
Huazhu Group Ltd. (China)^(a)		39,545		1,780,711

Media — 1.9%
Thomson Reuters Corp. (Canada)^(b)		18,024		1,475,985

Mining — 10.7%
Gold Fields Ltd. (South Africa)^(a)		373,571		3,463,003
Rio Tinto PLC (Australia)^(a)(b)		27,214		2,047,037
Sibanye Stillwater Ltd. (South Africa)^(a)		188,200		2,990,498
Total Mining				8,500,538

Pharmaceuticals — 7.9%
AstraZeneca PLC (United Kingdom)^(a)(b)		40,055		2,002,349
Dr Reddy’s Laboratories Ltd. (India)^(a)		31,565		2,250,269
Novo Nordisk A/S (Denmark)^(a)		28,134		1,965,160
Total Pharmaceuticals				6,217,778

Semiconductors — 6.5%
ASML Holding NV (Netherlands)		6,917		3,373,559
NXP Semiconductors NV (Netherlands)		11,300		1,796,813
Total Semiconductors				5,170,372

Telecommunications — 7.1%
Nice Ltd. (Israel)*^(a)		19,968		5,661,727
Total Common Stocks (Cost $54,872,929)				79,080,133

MONEY MARKET FUNDS — 0.5%

Invesco Government & Agency Portfolio – Private Investment Class, 0.03%^(c)		334,358		334,358
Goldman Sachs Financial Square Government Fund – Institutional Shares, Institutional Class, 0.12%^(c)(d)		46,000		46,000
Total Money Market Funds (Cost $380,358)				380,358

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ADR ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS — 3.8%^(d)

Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $713,515, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.00%, 09/15/21-01/01/51, totaling $726,310)	$	713,509	$	713,509
Daiwa Capital Markets America, dated 12/31/20, due 01/04/21, 0.07%, total to be received $713,515, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/26/21-01/01/51, totaling $725,947)		713,509		713,509
Deutsche Bank Securities, Inc., dated 12/31/20, due 01/04/21, 0.06%, total to be received $713,514, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/15/21-01/01/51, totaling $726,182)		713,509		713,509
Nomura Securities International, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $165,514, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.50%, 01/31/21-01/15/56, totaling $168,431)		165,513		165,513
RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.08%, total to be received $713,515, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 01/05/21-12/20/50, totaling $726,137)		713,509		713,509
Total Repurchase Agreements (Cost $3,019,549)				3,019,549
Total Investments — 104.0% (Cost $58,272,836)				82,480,040
Liabilities in Excess of Other Assets — (4.0%)				(3,147,562	)
Net Assets — 100.0%			$	79,332,478

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 $9,431,803; the aggregate market value of the collateral held by the fund is $9,727,222. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,661,673.

(c)	Rate shown reflects the 7-day yield as of December 31, 2020.

(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, 2020 (Unaudited)

Fair Value Measurements

The following is a summary of the inputs used, as of December 31, 2020, 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	$	79,080,133	$	—	$	—	$	79,080,133
Money Market Funds		380,358		—		—		380,358
Repurchase Agreements		—		3,019,549		—		3,019,549
Total	$	79,460,491	$	3,019,549	$	—	$	82,480,040

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Airlines	2.3		%
Apparel	3.6
Banks	2.4
Biotechnology	7.8
Building Materials		4.4
Chemicals		2.4
Commercial Services		8.4
Computers		3.1
Diversified Financial Services		2.2
Electric		2.2
Electronics		2.2
Energy – Alternate Sources		2.0
Healthcare – Products		1.9
Healthcare – Services		2.7
Home Furnishings		2.5
Internet		13.2
Lodging		2.3
Media		1.9
Mining		10.7
Pharmaceuticals		7.9
Semiconductors		6.5
Telecommunications		7.1
Money Market Funds		0.5
Repurchase Agreements		3.8
Total Investments		104.0
Liabilities in Excess of Other Assets		(4.0	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.7%

Advertising — 2.2%
Trade Desk, Inc. (The), Class A*		2,005	$	1,606,005

Aerospace/Defense — 5.0%
HEICO Corp.		13,706		1,814,675
TransDigm Group, Inc.*		2,964		1,834,271
Total Aerospace/Defense				3,648,946

Apparel — 2.7%
NIKE, Inc., Class B		14,051		1,987,795

Auto Manufacturers — 3.8%
Tesla, Inc.*		3,963		2,796,570

Commercial Services — 7.3%
Cintas Corp.		4,901		1,732,308
CoStar Group, Inc.*		1,937		1,790,330
Rollins, Inc.		46,031		1,798,431
Total Commercial Services				5,321,069

Computers — 5.1%
Apple, Inc.		14,374		1,907,286
EPAM Systems, Inc.*		5,075		1,818,626
Total Computers				3,725,912

Distribution/Wholesale — 4.7%
Pool Corp.		4,619		1,720,578
W.W. Grainger, Inc.		4,216		1,721,561
Total Distribution/Wholesale				3,442,139

Diversified Financial Services — 2.5%
Mastercard, Inc., Class A		5,198		1,855,374

Electrical Components & Equipment — 5.1%
AMETEK, Inc.		14,886		1,800,313
Generac Holdings, Inc.*		8,313		1,890,459
Total Electrical Components & Equipment				3,690,772

Electronics — 2.5%
Roper Technologies, Inc.		4,153		1,790,317

Entertainment — 2.6%
Caesars Entertainment, Inc.*		25,610		1,902,055

Home Builders — 2.2%
NVR, Inc.*		389		1,587,066

Internet — 4.9%
Amazon.com, Inc.*		544		1,771,770
Okta, Inc.*		7,052		1,793,041
Total Internet				3,564,811

Machinery – Diversified — 2.4%
IDEX Corp.		8,947		1,782,242

Miscellaneous Manufacturing — 4.8%
Axon Enterprise, Inc.*		14,106		1,728,408
Trane Technologies PLC		12,040		1,747,727
Total Miscellaneous Manufacturing				3,476,135

Investments	Shares		Value
COMMON STOCKS (continued)

Retail — 16.8%
Best Buy Co., Inc.	14,578	$	1,454,739
Carvana Co.^*(a)	7,026		1,683,008
Chipotle Mexican Grill, Inc.*	1,290		1,788,856
Dollar General Corp.	7,704		1,620,151
Home Depot, Inc. (The)	6,388		1,696,780
O’Reilly Automotive, Inc.*	3,933		1,779,958
RH^*(a)	4,909		2,196,876
Total Retail			12,220,368

Semiconductors — 10.0%
Advanced Micro Devices, Inc.*	17,656		1,619,232
Broadcom, Inc.	4,391		1,922,599
Monolithic Power Systems, Inc.	5,463		2,000,715
NVIDIA Corp.	3,387		1,768,691
Total Semiconductors			7,311,237

Software — 12.8%
ANSYS, Inc.*	4,684		1,704,039
Cadence Design Systems, Inc.*	13,332		1,818,885
Five9, Inc.*	11,540		2,012,576
Paycom Software, Inc.*	4,327		1,956,886
ServiceNow, Inc.*	3,389		1,865,407
Total Software			9,357,793

Transportation — 2.3%
Old Dominion Freight Line, Inc.	8,456		1,650,442

Total Common Stocks (Cost $61,348,621)			72,717,048

MONEY MARKET FUND — 0.4%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%^(b) (Cost $280,978)	280,978		280,978

Total Investments — 100.1% (Cost $61,629,599)			72,998,026
Liabilities in Excess of Other Assets — (0.1%)			(51,644	)
Net Assets — 100.0%		$	72,946,382

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 $3,282,123; the aggregate market value of the collateral held by the fund is $3,434,726. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,434,726.

(b)	Rate shown reflects the 7-day yield as of December 31, 2020.

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	72,717,048	$	—	$	—	$	72,717,048
Money Market Fund		280,978		—		—		280,978
Total	$	72,998,026	$	—	$	—	$	72,998,026

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising	2.2	%
Aerospace/Defense	5.0
Apparel	2.7
Auto Manufacturers	3.8
Commercial Services	7.3
Computers	5.1
Distribution/Wholesale	4.7
Diversified Financial Services	2.5
Electrical Components & Equipment	5.1
Electronics	2.5
Entertainment	2.6
Home Builders	2.2
Internet	4.9
Machinery – Diversified	2.4
Miscellaneous Manufacturing	4.8
Retail	16.8
Semiconductors	10.0
Software	12.8
Transportation	2.3
Money Market Fund	0.4
Total Investments	100.1
Liabilities in Excess of Other Assets	(0.1	)
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 100.0%

Equity Fund — 100.0%
iShares Morningstar Mid-Cap Growth ETF		171,769	$	65,698,207
iShares Morningstar Small-Cap Growth ETF^†		227,081		68,919,084

Total Exchange Traded Funds (Cost $115,386,257)				134,617,291

MONEY MARKET FUND — 0.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%^(a) (Cost $81,570)		81,570		81,570
Total Investments — 100.1% (Cost $115,467,827)				134,698,861
Liabilities in Excess of Other Assets — (0.1%)				(92,787	)
Net Assets — 100.0%			$	134,606,074

ETF — Exchange Traded Fund

†	Affiliated Company.

(a)	Rate shown reflects the 7-day yield as of December31, 2020.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	134,617,291	$	—	$	—	$	134,617,291
Money Market Fund		81,570		—		—		81,570
Total	$	134,698,861	$	—	$	—	$	134,698,861

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		100.0	%
Money Market Fund		0.1
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
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, 2020 were as follows:

Affiliated Fund Name	Value at 6/30/2020		Purchases/ Additions		Sales/ Reductions			Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Number of Shares at 12/31/2020		Value at 12/31/2020		Dividend Income
iShares Morningstar Small-Cap Growth ETF	$	—	$	59,756,089	$	(386,859	)	$	12,432	$	9,537,422		227,081	$	68,919,084	$	20,229

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 100.0%

Equity Fund — 100.0%

Invesco QQQ Trust Series 1^(a)		117,246	$	36,784,760
iShares MSCI USA Momentum Factor ETF		222,810		35,937,025
Total Exchange Traded Funds
(Cost $57,076,816)				72,721,785

MONEY MARKET FUND — 0.1%

BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%^(b) (Cost $95,011)		95,011		95,011

REPURCHASE AGREEMENTS — 1.1%^(c)

Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $249,002 (collateralized by various U.S Government. Agency Obligations, 0.00%-4.00%,09/15/21-01/01/51 totaling $253,467)	$	249,000		249,000
Daiwa Capital Markets America, dated 12/31/20, due 01/04/21, 0.07%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/26/21-01/01/51, totaling $253,341)		249,000		249,000


Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)

Nomura Securities International, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $51,344, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.50%, 01/31/21-01/15/56, totaling $52,249)	$	51,344	$	51,344
RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.08%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 01/05/21-12/20/50, totaling $253,407)		249,000		249,000
Total Repurchase Agreements (Cost $798,344)				798,344
Total Investments — 101.2% (Cost $57,970,171)				73,615,140
Liabilities in Excess of Other Assets — (1.2%)				(864,351	)
Net Assets — 100.0%			$	72,750,789

ETF — Exchange Traded Fund

(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $16,690,341; the aggregate market value of the collateral held by the fund is $16,998,997. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $16,200,653.
(b)	Rate shown reflects the 7-day yield as of December 31, 2020.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	72,721,785	$	—	$	—	$	72,721,785
Money Market Fund		95,011		—		—		95,011
Repurchase Agreements		—		798,344		—		798,344
Total	$	72,816,796	$	798,344	$	—	$	73,615,140

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		100.0	%
Money Market Fund		0.1
Repurchase Agreements		1.1
Total Investments		101.2
Liabilities in Excess of Other Assets		(1.2	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.3%

Advertising — 0.4%
SharpSpring, Inc.*		769	$	12,519

Agriculture — 0.5%
Turning Point Brands, Inc.		300		13,368

Auto Parts & Equipment — 3.4%
Commercial Vehicle Group, Inc.*		1,990		17,213
Modine Manufacturing Co.*		1,100		13,816
Shyft Group, Inc. (The)		555		15,751
Titan International, Inc.		2,639		12,826
XPEL, Inc.*		741		38,206
Total Auto Parts & Equipment				97,812

Banks — 2.0%
First Foundation, Inc.		705		14,100
Merchants Bancorp		497		13,732
Silvergate Capital Corp., Class A*		393		29,204
Total Banks				57,036

Beverages — 3.3%
Celsius Holdings, Inc.*		1,934		97,300

Biotechnology — 6.7%
Avid Bioservices, Inc.*		1,564		18,049
Celldex Therapeutics, Inc.*		760		13,315
OncoSec Medical, Inc.*^(a)		2,160		13,932
Origin Agritech Ltd. (China)*^(a)		1,014		15,403
Surface Oncology, Inc.*^(a)		1,667		15,403
Sutro Biopharma, Inc.*		779		16,912
Syndax Pharmaceuticals, Inc.*		600		13,344
TCR2 Therapeutics, Inc.*		565		17,475
Twist Bioscience Corp.*		265		37,442
Veracyte, Inc.*^(a)		693		33,915
Total Biotechnology				195,190

Building Materials — 0.4%
LSI Industries, Inc.		1,518		12,994

Chemicals — 0.4%
Hawkins, Inc.		211		11,038

Commercial Services — 3.7%
Arlo Technologies, Inc.*		1,716		13,368
CAI International, Inc.		375		11,715
DLH Holdings Corp.*		1,236		11,519
R1 RCM, Inc.*		1,279		30,722
Riot Blockchain, Inc.*		1,465		24,890
Textainer Group Holdings Ltd. (China)*		784		15,037
Total Commercial Services				107,251

Computers — 0.5%
PAR Technology Corp.*^(a)		257		16,137

Cosmetics / Personal Care — 0.5%
elf Beauty, Inc.*		565		14,232

Distribution / Wholesale — 0.4%
Titan Machinery, Inc.*		660		12,903

Investments	Shares		Value
COMMON STOCKS (continued)

Diversified Financial Services — 2.5%
B. Riley Financial, Inc.		373	$	16,494
Cowen, Inc., Class A		535		13,905
Freedom Holding Corp. NV (Kazakhstan)*^(a)		537		27,553
Ocwen Financial Corp.*		487		14,079
Total Diversified Financial Services				72,031

Electric — 1.4%
Ameresco, Inc., Class A*		797		41,635

Electrical Components & Equipment — 3.0%
American Superconductor Corp.*		927		21,710
Capstone Turbine Corp.*		1,680		17,976
Novanta, Inc.*		281		33,220
Orion Energy Systems, Inc.*		1,393		13,749
Total Electrical Components & Equipment				86,655

Electronics — 3.3%
Camtek Ltd. (Israel)*		1,152		25,240
Digimarc Corp.*		254		11,999
Identiv, Inc.*		1,534		13,039
IEC Electronics Corp.*		1,050		14,228
RADA Electronic Industries Ltd. (Israel)*		1,562		15,230
Turtle Beach Corp.*		719		15,494
Total Electronics				95,230

Energy – Alternate Sources — 2.8%
Beam Global*^(a)		924		68,173
Sunworks, Inc.*		2,800		14,336
Total Energy – Alternate Sources				82,509

Engineering & Construction — 2.8%
IES Holdings, Inc.*		417		19,199
Infrastructure and Energy Alternatives, Inc.*		1,888		31,284
Limbach Holdings, Inc.*		1,098		13,538
MYR Group, Inc.*		269		16,167
Total Engineering & Construction				80,188

Entertainment — 1.7%
Chicken Soup For The Soul Entertainment, Inc.*^(a)		788		15,752
Golden Entertainment, Inc.*		700		13,923
RCI Hospitality Holdings, Inc.		487		19,207
Total Entertainment				48,882

Food — 1.5%
AquaBounty Technologies, Inc.*		1,600		14,016
Seneca Foods Corp., Class A*		287		11,451
Utz Brands, Inc.		784		17,295
Total Food				42,762

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)

Forest Products & Paper — 1.0%
Clearwater Paper Corp.*		380	$	14,345
Resolute Forest Products, Inc.*		2,280		14,911
Total Forest Products & Paper				29,256

Healthcare – Products — 3.5%
Accuray, Inc.*		3,400		14,178
Alphatec Holdings, Inc.*		1,196		17,366
Aspira Women’s Health, Inc.*		2,200		14,762
Castle Biosciences, Inc.*		264		17,727
ClearPoint Neuro, Inc.*^(a)		1,308		20,784
Pulse Biosciences, Inc.*^(a)		767		18,301
Total Healthcare – Products				103,118

Healthcare – Services — 2.9%
Addus HomeCare Corp.*		183		21,428
Joint Corp. (The)*		477		12,526
Neuronetics, Inc.*^(a)		1,500		16,665
SI-BONE, Inc.*		480		14,352
Surgery Partners, Inc.*		704		20,423
Total Healthcare – Services				85,394

Holding Companies – Diversified — 1.3%
Marathon Patent Group, Inc.*		2,200		22,968
South Mountain Merger Corp., Class A*		840		13,549
Total Holding
Companies – Diversified				36,517

Home Builders — 1.4%
Green Brick Partners, Inc.*		814		18,690
Horizon Global Corp.*		1,460		12,541
Hovnanian Enterprises, Inc., Class A*^(a)		335		11,008
Total Home Builders				42,239

Home Furnishings — 2.3%
Flexsteel Industries, Inc.		453		15,842
Hooker Furniture Corp.		340		10,965
Mohawk Group Holdings, Inc.*		800		13,768
VOXX International Corp.*		2,004		25,571
Total Home Furnishings				66,146

Housewares — 0.5%
Lifetime Brands, Inc.		886		13,467

Insurance — 2.8%
Goosehead Insurance, Inc., Class A		271		33,810
Kinsale Capital Group, Inc.		235		47,031
Total Insurance				80,841

Internet — 4.2%
HyreCar, Inc.*		1,834		13,095
Lands’ End, Inc.*^(a)		703		15,164
Liquidity Services, Inc.*		1,240		19,728

Investments	Shares		Value
COMMON STOCKS (continued)

Internet (continued)
Perion Network Ltd. (Israel)*		1,590	$	20,241
QuinStreet, Inc.*		707		15,158
TechTarget, Inc.*		445		26,304
Tucows, Inc., Class A*		169		12,487
Total Internet				122,177

Iron/Steel — 0.5%
Schnitzer Steel Industries, Inc., Class A		487		15,540

Leisure Time — 1.2%
MasterCraft Boat Holdings, Inc.*		481		11,948
Vista Outdoor, Inc.*		940		22,335
Total Leisure Time				34,283

Machinery – Construction & Mining — 0.4%
Argan, Inc.		259		11,523

Machinery – Diversified — 2.0%
Kornit Digital Ltd. (Israel)*		381		33,959
Pro-Dex, Inc.*		336		10,406
Ranpak Holdings Corp.*		987		13,265
Total Machinery – Diversified				57,630

Media — 0.5%
Tribune Publishing Co.		980		13,426

Metal Fabricate / Hardware — 1.0%
Ampco-Pittsburgh Corp.*		2,600		14,248
Strattec Security Corp.		292		14,413
Total Metal Fabricate / Hardware				28,661

Miscellaneous Manufacturing — 0.4%
Lydall, Inc.*		400		12,012

Oil & Gas — 0.5%
Sprague Resources LP^(a)		709		13,436

Pharmaceuticals — 4.3%
Aclaris Therapeutics, Inc.*		2,600		16,822
Heska Corp.*		113		16,459
Ideaya Biosciences, Inc.*		843		11,802
KalVista Pharmaceuticals, Inc.*		700		13,293
Ocular Therapeutix, Inc.*		1,646		34,072
ProPhase Labs, Inc.*		1,361		12,494
Tracon Pharmaceuticals, Inc.*		1,772		20,732
Total Pharmaceuticals				125,674

REITS — 1.2%
Dynex Capital, Inc.		457		8,134
Ellington Residential Mortgage REIT		1,046		13,640
Farmland Partners, Inc.		1,418		12,337
Total REITS				34,111

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)

Retail — 6.9%
Aspen Aerogels, Inc.*		900	$	15,021
Bassett Furniture Industries, Inc.		727		14,598
Big 5 Sporting Goods Corp.^(a)		1,174		11,986
Citi Trends, Inc.		369		18,332
Container Store Group, Inc. (The)*		1,214		11,581
Haverty Furniture Cos., Inc.		504		13,946
Kirkland’s, Inc.*		1,703		30,450
Lumber Liquidators Holdings, Inc.*		569		17,491
MarineMax, Inc.*		456		15,974
Noodles & Co.*		1,455		11,494
OptimizeRx Corp.*		729		22,716
TravelCenters of America, Inc.*		480		15,648
Total Retail				199,237

Semiconductors — 2.1%
Alpha & Omega Semiconductor Ltd.*		572		13,522
AXT, Inc.*		1,784		17,073
CEVA, Inc.*		305		13,878
Intellicheck, Inc.*		1,450		16,537
Total Semiconductors				61,010

Software — 9.1%
Avid Technology, Inc.*		1,090		17,298
Brightcove, Inc.*		827		15,217
Digi International, Inc.*		750		14,175
Digital Turbine, Inc.*		1,706		96,491
Donnelley Financial Solutions, Inc.*		854		14,493
Five9, Inc.*		352		61,389
Innodata, Inc.*		2,450		12,985
Magic Software Enterprises Ltd. (Israel)		898		14,054
Qumu Corp.*		2,180		17,418
Total Software				263,520

Telecommunications — 5.9%
A10 Networks, Inc.*		1,474		14,534
Airgain, Inc.*		870		15,469
Aviat Networks, Inc.*		569		19,431
Calix, Inc.*		1,140		33,926
Cambium Networks Corp.*		866		21,719
Clearfield, Inc.*		501		12,385
DZS, Inc.*		974		15,068
Gogo, Inc.*^(a)		1,232		11,864
IDT Corp., Class B*		1,078		13,324
ORBCOMM, Inc.*		2,000		14,840
Total Telecommunications				172,560

Textiles — 0.4%
Culp, Inc.		800		12,696

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)

Transportation — 1.8%
ArcBest Corp.		320	$	13,654
Danaos Corp. (Greece)*		700		15,001
Echo Global Logistics, Inc.*		425		11,399
Universal Logistics Holdings, Inc.		560		11,530
Total Transportation				51,584
Total Common Stocks
(Cost $1,979,327)				2,883,730

MONEY MARKET FUND — 1.6%

STIT – Government & Agency Portfolio, Institutional Class, 0.03%^(b) (Cost $46,996)		46,996		46,996
REPURCHASE AGREEMENT — 7.1%^(c)
RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.08%, total to be received $207,107, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 01/05/21-12/20/50, totaling $210,770) (Cost $207,105)	$	207,105		207,105
Total Investments — 108.0% (Cost $2,233,428)				3,137,831
Liabilities in Excess of Other Assets — (8.0%)				(232,811	)
Net Assets — 100.0%			$	2,905,020

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 $303,682; the aggregate market value of the collateral held by the fund is $308,332. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $101,227.
(b)	Rate shown reflects the 7-day yield as of December 31, 2020.
(c)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,883,730	$	—	$	—	$	2,883,730
Money Market Funds		46,996		—		—		46,996
Repurchase Agreements		—		207,105		—		207,105
Total	$	2,930,726	$	207,105	$	—	$	3,137,831

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		0.4	%
Agriculture		0.5
Auto Parts & Equipment		3.4
Banks		2.0
Beverages		3.3
Biotechnology		6.7
Building Materials		0.4
Chemicals		0.4
Commercial Services		3.7
Computers		0.5
Cosmetics / Personal Care		0.5
Distribution / Wholesale		0.4
Diversified Financial Services		2.5
Electric		1.4
Electrical Components & Equipment		3.0
Electronics		3.3
Energy – Alternate Sources		2.8
Engineering & Construction		2.8
Entertainment		1.7
Food		1.5
Forest Products & Paper		1.0
Healthcare – Products		3.5
Healthcare – Services		2.9
Holding Companies – Diversified		1.3
Home Builders		1.4

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Home Furnishings		2.3	%
Housewares		0.5
Insurance		2.8
Internet		4.2
Iron/Steel		0.5
Leisure Time		1.2
Machinery – Construction & Mining		0.4
Machinery – Diversified		2.0
Media		0.5
Metal Fabricate / Hardware		1.0
Miscellaneous Manufacturing		0.4
Oil & Gas		0.5
Pharmaceuticals		4.3
REITS		1.2
Retail		6.9
Semiconductors		2.1
Software		9.1
Telecommunications		5.9
Textiles		0.4
Transportation		1.8
Money Market Fund		1.6
Repurchase Agreement		7.1
Total Investments		108.0
Liabilities in Excess of Other Assets		(8.0	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares			Value
EXCHANGE TRADED FUND — 26.6%

Debt Fund — 26.6%
AdvisorShares Sage Core Reserves ETF^† (Cost $9,862,980)		100,000		$	9,908,000

MONEY MARKET FUND — 73.4%
STIT – Government & Agency Portfolio, Institutional Class, 0.03%^(a) (Cost $27,415,477)		27,415,477			27,415,477
Total Investments Before Securities Sold, Not Yet Purchased (Cost $37,278,457)					37,323,477

Securities Sold, Not Yet Purchased — (100.6)%^(b)

WARRANT — (0.1)%**

Oil & Gas — (0.1)%**
Occidental Petroleum Corp., 08/03/27*		(8,342	)		(56,809	)

COMMON STOCKS — (100.5)%

Advertising — (0.9)%
Omnicom Group, Inc.		(5,646	)		(352,141	)

Aerospace/Defense — (6.0)%
Boeing Co. (The)		(1,229	)		(263,080	)
General Dynamics Corp.		(2,399	)		(357,019	)
Hexcel Corp.		(7,311	)		(354,510	)
Lockheed Martin Corp.		(1,050	)		(372,729	)
Northrop Grumman Corp.		(1,252	)		(381,509	)
Spirit AeroSystems Holdings, Inc., Class A		(13,163	)		(514,542	)
Total Aerospace/Defense					(2,243,389	)

Airlines — (1.9)%
American Airlines Group, Inc.		(19,719	)		(310,968	)
United Airlines Holdings, Inc.*		(8,955	)		(387,304	)
Total Airlines					(698,272	)

Auto Parts & Equipment — (0.9)%
Goodyear Tire & Rubber Co. (The)		(32,495	)		(354,521	)

Banks — (0.8)%
Wells Fargo & Co.		(9,650	)		(291,237	)

Biotechnology — (7.5)%
Biogen, Inc.*		(1,541	)		(377,329	)
BioMarin Pharmaceutical, Inc.*		(3,589	)		(314,720	)
Bluebird Bio, Inc.*		(7,523	)		(325,520	)
Gilead Sciences, Inc.		(5,853	)		(340,996	)
Incyte Corp.*		(4,340	)		(377,493	)

Investments	Shares			Value
COMMON STOCKS (continued)

Biotechnology (continued)
Ionis Pharmaceuticals, Inc.*		(6,640	)	$	(375,426	)
Nektar Therapeutics*		(18,094	)		(307,598	)
Vertex Pharmaceuticals, Inc.*		(1,668	)		(394,215	)
Total Biotechnology					(2,813,297	)

Chemicals — (1.9)%
International Flavors & Fragrances, Inc.		(3,258	)		(354,601	)
NewMarket Corp.		(890	)		(354,478	)
Total Chemicals					(709,079	)

Coal — (1.9)%
Peabody Energy Corp.*		(287,764	)		(693,511	)

Commercial Services — (4.4)%
Cimpress PLC (Ireland)*		(3,972	)		(348,503	)
Grand Canyon Education, Inc.*		(4,426	)		(412,105	)
H&R Block, Inc.		(24,624	)		(390,537	)
Sabre Corp.		(39,722	)		(477,458	)
Total Commercial Services					(1,628,603	)

Computers — (0.8)%
DXC Technology Co.		(11,216	)		(288,812	)

Distribution/Wholesale — (1.1)%
Univar Solutions, Inc.*		(21,290	)		(404,723	)

Diversified Financial Services — (2.0)%
Cboe Global Markets, Inc.		(3,808	)		(354,601	)
Credit Acceptance Corp.*		(1,110	)		(384,215	)
Total Diversified Financial Services					(738,816	)

Electric — (3.9)%
FirstEnergy Corp.		(12,356	)		(378,217	)
PG&E Corp.*		(29,536	)		(368,019	)
Portland General Electric Co.		(7,490	)		(320,347	)
Vistra Corp.		(20,163	)		(396,405	)
Total Electric					(1,462,988	)

Electronics — (1.8)%
Avnet, Inc.		(9,822	)		(344,851	)
FLIR Systems, Inc.		(7,586	)		(332,494	)
Total Electronics					(677,345	)

Entertainment — (1.5)%
Cinemark Holdings, Inc.		(31,286	)		(544,689	)

Food — (3.9)%
Ingredion, Inc.		(4,752	)		(373,840	)
Kellogg Co.		(6,060	)		(377,114	)
Pilgrim’s Pride Corp.*		(16,993	)		(333,233	)
Tyson Foods, Inc., Class A		(5,697	)		(367,114	)
Total Food					(1,451,301	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)

Food Service — (1.1)%
Healthcare Services Group, Inc.		(14,866	)	$	(417,735	)

Gas — (1.0)%
Atmos Energy Corp.		(3,917	)		(373,799	)

Healthcare – Products — (3.1)%
Baxter International, Inc.		(5,018	)		(402,644	)
Boston Scientific Corp.*		(11,191	)		(402,316	)
Hill-Rom Holdings, Inc.		(3,683	)		(360,824	)
Total Healthcare – Products					(1,165,784	)

Household Products/Wares — (1.0)%
Kimberly-Clark Corp.		(2,800	)		(377,524	)

Insurance — (1.1)%
Markel Corp.*		(387	)		(399,887	)

Internet — (1.3)%
Proofpoint, Inc.*		(3,683	)		(502,398	)

Leisure Time — (2.1)%
Carnival Corp.		(16,685	)		(361,397	)
Norwegian Cruise Line Holdings Ltd.*		(17,095	)		(434,726	)
Total Leisure Time					(796,123	)

Mining — (1.0)%
Royal Gold, Inc.		(3,500	)		(372,260	)

Office/Business Equipment — (0.9)%
Xerox Holdings Corp.		(13,871	)		(321,669	)

Oil & Gas — (10.1)%
Concho Resources, Inc.		(6,224	)		(363,171	)
Continental Resources, Inc.		(20,971	)		(341,827	)
Diamondback Energy, Inc.		(7,500	)		(363,000	)
Helmerich & Payne, Inc.		(16,650	)		(385,614	)
HollyFrontier Corp.		(14,079	)		(363,942	)
Marathon Oil Corp.		(48,817	)		(325,609	)
Occidental Petroleum Corp.		(23,354	)		(404,258	)
Patterson-UTI Energy, Inc.		(88,037	)		(463,075	)
Transocean Ltd.*		(321,606	)		(742,910	)
Total Oil & Gas					(3,753,406	)

Oil & Gas Services — (4.2)%
Core Laboratories NV		(16,582	)		(439,589	)
National Oilwell Varco, Inc.*		(29,933	)		(410,980	)
RPC, Inc.*		(99,763	)		(314,254	)
Schlumberger NV		(18,304	)		(399,576	)
Total Oil & Gas Services					(1,564,399	)

Investments	Shares			Value
COMMON STOCKS (continued)

Pharmaceuticals — (6.1)%
Agios Pharmaceuticals, Inc.*		(11,673	)	$	(505,791	)
Alkermes PLC*		(18,444	)		(367,958	)
Becton Dickinson and Co.		(1,558	)		(389,843	)
Neurocrine Biosciences, Inc.*		(3,801	)		(364,326	)
Perrigo Co., PLC		(6,913	)		(309,149	)
Viatris, Inc.*		(18,453	)		(345,809	)
Total Pharmaceuticals					(2,282,876	)

Pipelines — (1.0)%
ONEOK, Inc.		(9,670	)		(371,135	)

Real Estate — (1.0)%
Howard Hughes Corp. (The)*		(4,631	)		(365,525	)

REITS — (11.7)%
Boston Properties, Inc.		(3,831	)		(362,144	)
CyrusOne, Inc.		(5,531	)		(404,593	)
Diversified Healthcare Trust		(66,525	)		(274,083	)
Douglas Emmett, Inc.		(11,171	)		(325,970	)
EPR Properties		(8,440	)		(274,300	)
Equity Residential		(6,620	)		(392,433	)
Federal Realty Investment Trust		(3,546	)		(301,835	)
Kilroy Realty Corp.		(6,494	)		(372,756	)
Macerich Co. (The)		(35,785	)		(381,826	)
New Residential Investment Corp.		(35,506	)		(352,930	)
Service Properties Trust		(29,224	)		(335,784	)
Simon Property Group, Inc.		(3,514	)		(299,674	)
Vornado Realty Trust		(7,813	)		(291,737	)
Total REITS					(4,370,065	)

Retail — (0.8)%
Walgreens Boots Alliance, Inc.		(7,822	)		(311,941	)

Semiconductors — (1.0)%
Intel Corp.		(7,365	)		(366,924	)

Shipbuilding — (0.9)%
Huntington Ingalls Industries, Inc.		(1,867	)		(318,286	)

Software — (5.1)%
Blackbaud, Inc.		(6,272	)		(361,017	)
Citrix Systems, Inc.		(3,052	)		(397,065	)
Jack Henry & Associates, Inc.		(2,474	)		(400,763	)
Teradata Corp.*		(15,843	)		(355,992	)
VMware, Inc., Class A*		(2,675	)		(375,196	)
Total Software					(1,890,033	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)

Telecommunications — (4.0)%
AT&T, Inc.		(12,806	)	$	(368,301	)
Cisco Systems, Inc.		(8,790	)		(393,352	)
Juniper Networks, Inc.		(17,283	)		(389,040	)
ViaSat, Inc.*		(10,967	)		(358,073	)
Total Telecommunications					(1,508,766	)

Transportation — (0.8)%
Kirby Corp.*		(5,821	)		(301,702	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(43,067,080)]					(37,541,770	)

Total Investments — (0.6)% (Cost $(5,788,623))					(218,293	)
Other Assets in Excess of Liabilities — 100.6%					37,549,803
Net Assets — 100.0%				$	37,331,510

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

Non-income producing security.

Less than 0.05%.

^†

Affiliated Company.

(a)

Rate shown reflects the 7-day yield as of December 31, 2020. (b) As of December 31, 2020 cash in the amount of $40,216,219 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	$	9,908,000	$	—	$	—	$	9,908,000
Money Market Fund		27,415,477		—		—		27,415,477
Total	$	37,323,477	$	—	$	—	$	37,323,477

Liabilities	Level 1			Level 2		Level 3		Total
Warrant	$	(56,809	)	$	—	$	—	$	(56,809	)
Common Stocks		(37,484,961	)		—		—		(37,484,961	)
Total	$	(37,541,770	)	$	—	$	—	$	(37,541,770	)

See accompanying Notes to Financial Statements.

ADVISORSHARES DORSEY WRIGHT SHORT ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		(0.9	)%
Aerospace/Defense		(6.0	)
Airlines		(1.9	)
Auto Parts & Equipment		(0.9	)
Banks		(0.8	)
Biotechnology		(7.5	)
Chemicals		(1.9	)
Coal		(1.9	)
Commercial Services		(4.4	)
Computers		(0.8	)
Debt Fund		26.6
Distribution/Wholesale		(1.1	)
Diversified Financial Services		(2.0	)
Electric		(3.9	)
Electronics		(1.8	)
Entertainment		(1.5	)
Food		(3.9	)
Food Service		(1.1	)
Gas		(1.0	)
Healthcare – Products		(3.1	)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Household Products/Wares		(1.0	)%
Insurance		(1.1	)
Internet		(1.3	)
Leisure Time		(2.1	)
Mining		(1.0	)
Office/Business Equipment		(0.9	)
Oil & Gas		(10.2	)
Oil & Gas Services		(4.2	)
Pharmaceuticals		(6.1	)
Pipelines		(1.0	)
Real Estate		(1.0	)
REITS		(11.7	)
Retail		(0.8	)
Semiconductors		(1.0	)
Shipbuilding		(0.9	)
Software		(5.1	)
Telecommunications		(4.0	)
Transportation		(0.8	)
Money Market Fund		73.4
Total Investments		(0.6	)
Other Assets in Excess of Liabilities		100.6
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, 2020 were as follows:

Affiliated Fund Name		Value at 6/30/2020				Purchases/ Additions				Sales/Reductions				Realized Gain (Loss)				Change in Unrealized Gain (Loss)				Number of Shares at 12/31/2020				Value at 12/31/2020				Dividend Income
AdvisorShares Sage Core Reserves ETF		$	17,212,125			$	19,750,890			$	(27,147,150	)		$	(191,765	)		$	283,900				100,000			$	9,908,000			$	127,760

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF

Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 96.5%

Aerospace/Defense — 4.5%
Boeing Co. (The)		4,282	$	916,605
Raytheon Technologies Corp.		16,235		1,160,965
Total Aerospace/Defense				2,077,570

Agriculture — 2.3%
Philip Morris International, Inc.		13,152		1,088,854

Banks — 14.9%
Bank of America Corp.		61,715		1,870,582
Citizens Financial Group, Inc.		34,373		1,229,178
Fifth Third Bancorp		37,404		1,031,228
JPMorgan Chase & Co.		11,957		1,519,376
PNC Financial Services Group, Inc. (The)		8,389		1,249,961
Total Banks				6,900,325

Beverages — 2.2%
PepsiCo, Inc.		6,957		1,031,723

Chemicals — 4.1%
Air Products and Chemicals, Inc.		2,057		562,013
DuPont de Nemours, Inc.		19,170		1,363,179
Total Chemicals				1,925,192

Commercial Services — 1.3%
IHS Markit Ltd.		6,856		615,875

Diversified Financial Services — 4.6%
Capital One Financial Corp.		13,336		1,318,263
Intercontinental Exchange, Inc.		6,978		804,494
Total Diversified Financial Services				2,122,757

Electric — 1.2%
Ameren Corp.		7,246		565,623

Electronics — 6.2%
Flex Ltd.*		41,373		743,886
Honeywell International, Inc.		6,227		1,324,483
Vontier Corp.*		23,944		799,730
Total Electronics				2,868,099

Engineering & Construction — 1.7%
KBR, Inc.		25,707		795,118

Food — 3.8%
Mondelez International, Inc., Class A		18,515		1,082,572
US Foods Holding Corp.*		21,080		702,175
Total Food				1,784,747

Investments	Shares		Value
COMMON STOCKS (continued)

Healthcare — Products — 3.6%
Alcon, Inc. (Switzerland)*		9,436	$	622,587
Medtronic PLC		8,844		1,035,986
Total Healthcare – Products				1,658,573

Healthcare — Services — 2.0%
Anthem, Inc.		2,863		919,281

Household Products / Wares — 1.2%
Reynolds Consumer Products, Inc.		18,107		543,934

Insurance — 3.3%
Prudential Financial, Inc.		10,628		829,728
Willis Towers Watson PLC		3,428		722,211
Total Insurance				1,551,939

Internet — 2.8%
Alphabet, Inc., Class A*		483		846,525
Amazon.com, Inc.*		139		452,713
Total Internet				1,299,238

Media — 3.1%
Comcast Corp., Class A		27,148		1,422,555

Miscellaneous Manufacturing — 2.1%
Parker-Hannifin Corp.		3,622		986,669

Oil & Gas — 4.3%
Chevron Corp.		11,450		966,952
EOG Resources, Inc.		11,410		569,017
Valero Energy Corp.		7,838		443,396
Total Oil & Gas				1,979,365

Pharmaceuticals — 8.9%
AstraZeneca PLC (United Kingdom)^(a)(b)		13,444		672,065
Cigna Corp.		4,192		872,690
CVS Health Corp.		12,829		876,221
Roche Holding AG (Switzerland)^(b)		15,483		678,775
Sanofi (France)^(b)		20,888		1,014,948
Total Pharmaceuticals				4,114,699

REITS — 2.5%
American Tower Corp.		2,864		642,853
Boston Properties, Inc.		5,450		515,189
Total REITS				1,158,042

Retail — 5.6%
Dollar General Corp.		2,928		615,758
Target Corp.		4,915		867,645
TJX Cos., Inc. (The)		16,376		1,118,317
Total Retail				2,601,720

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)

Semiconductors — 5.5%
KLA Corp.		2,304	$	596,529
Lam Research Corp.		1,482		699,904
Microchip Technology, Inc.		4,462		616,247
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)^(b)		5,650		616,076
Total Semiconductors				2,528,756

Telecommunications — 2.9%
Verizon Communications, Inc.		22,978		1,349,958

Transportation — 1.9%
Norfolk Southern Corp.		3,757		892,701
Total Common Stocks (Cost $36,840,544)				44,783,313

Investments	Shares		Value
COMMON STOCKS (continued)
MONEY MARKET FUND — 2.4%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%^(c) (Cost $1,093,908)		1,093,908	$	1,093,908
Total Investments — 98.9% (Cost $37,934,452)				45,877,221
Other Assets in Excess of Liabilities — 1.1%				519,759
Net Assets — 100.0%			$	46,396,980

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 $658,618; the aggregate market value of the collateral held by the fund is $675,026. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $675,026.

(b)	American Depositary Receipt.

(c)	Rate shown reflects the 7-day yield as of December 31, 2020.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	44,783,313	$	—	$	—	$	44,783,313
Money Market Fund		1,093,908		—		—		1,093,908
Total	$	45,877,221	$	—	$	—	$	45,877,221

See accompanying Notes to Financial Statements.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		4.5	%
Agriculture		2.3
Banks		14.9
Beverages		2.2
Chemicals		4.1
Commercial Services		1.3
Diversified Financial Services		4.6
Electric		1.2
Electronics		6.2
Engineering & Construction		1.7
Food		3.8
Healthcare – Products		3.6
Healthcare – Services		2.0
Household Products / Wares		1.2
Insurance		3.3
Internet		2.8
Media		3.1
Miscellaneous Manufacturing		2.1
Oil & Gas		4.3
Pharmaceuticals		8.9
REITS		2.5
Retail		5.6
Semiconductors		5.5
Telecommunications		2.9
Transportation		1.9
Money Market Fund		2.4
Total Investments		98.9
Other Assets in Excess of Liabilities		1.1
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.0%

Aerospace/Defense — 4.0%
HEICO Corp.		7,146	$	946,130

Auto Parts & Equipment — 4.0%
Miller Industries, Inc.		24,885		946,128

Building Materials — 3.9%
Trex Co., Inc.*^(a)		11,229		940,092

Chemicals — 8.0%
Sherwin-Williams Co. (The)		1,299		954,648
Stepan Co.		7,984		952,651
Total Chemicals				1,907,299

Commercial Services — 4.0%
Moody’s Corp.		3,266		947,924

Computers — 3.9%
Check Point Software Technologies Ltd. (Israel)*		7,036		935,155

Diversified Financial Services — 4.0%
Intercontinental Exchange, Inc.		8,280		954,601

Food — 4.0%
Hershey Co. (The)		6,243		950,996

Healthcare – Products — 15.9%
Abbott Laboratories		8,659		948,074
Danaher Corp.		4,271		948,760
Stryker Corp.		3,898		955,166
Thermo Fisher Scientific, Inc.		2,029		945,067
Total Healthcare – Products				3,797,067

Household Products / Wares — 3.9%
Church & Dwight Co., Inc.		10,822		944,003

Insurance — 4.0%
Aflac, Inc.		21,397		951,525

Investments	Shares		Value
COMMON STOCKS — 99.0% (continued)

Machinery – Diversified — 3.9%
Middleby Corp. (The)*		7,286	$	939,311

Media — 7.8%
FactSet Research Systems, Inc.		2,835		942,638
Walt Disney Co. (The)*		5,145		932,171
Total Media				1,874,809

Packaging & Containers — 4.0%
Silgan Holdings, Inc.		25,499		945,503

Pharmaceuticals — 4.0%
Zoetis, Inc.		5,734		948,977

Retail — 3.9%
Ross Stores, Inc.		7,685		943,795

Software — 15.8%
ANSYS, Inc.*		2,570		934,966
Broadridge Financial Solutions, Inc.		6,182		947,082
Cerner Corp.		12,073		947,489
Fiserv, Inc.*		8,308		945,949
Total Software				3,775,486
Total Common Stocks (Cost $17,230,788)				23,648,801
Total Investments — 99.0% (Cost $17,230,788)				23,648,801
Other Assets in Excess of Liabilities — 1.0%				235,057
Net Assets — 100.0%			$	23,883,858

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,054,202; the aggregate market value of the collateral held by the fund is $1,076,527. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,076,527.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	23,648,801	$	—	$	—	$	23,648,801
Total	$	23,648,801	$	—	$	—	$	23,648,801

See accompanying Notes to Financial Statements.

ADVISORSHARES FOCUSED EQUITY ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		4.0	%
Auto Parts & Equipment		4.0
Building Materials		3.9
Chemicals		8.0
Commercial Services		4.0
Computers		3.9
Diversified Financial Services		4.0
Food		4.0
Healthcare – Products		15.9
Household Products / Wares		3.9
Insurance		4.0
Machinery – Diversified		3.9
Media		7.8
Packaging & Containers		4.0
Pharmaceuticals		4.0
Retail		3.9
Software		15.8
Total Investments		99.0
Other Assets in Excess of Liabilities		1.0
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES FOLIOBEYOND SMART CORE BOND ETF
Schedule of Investments

December 31, 2020 (Unaudited)

	Shares/
Investments	Principal		Value
EXCHANGE TRADED FUNDS — 99.7%
Debt Fund — 99.7%
Invesco Senior Loan ETF^(a)		54,539	$	1,215,129
iShares 0-5 Year High Yield Corporate Bond ETF		11,322		514,472
iShares 10-20 Year Treasury Bond ETF^(a)		3,676		585,293
iShares 20+ Year Treasury Bond ETF^(a)		1,053		166,090
iShares 3-7 Year Treasury Bond ETF		1,519		201,997
iShares Agency Bond ETF^(a)		14,924		1,784,164
iShares CMBS ETF^(a)		1,392		77,019
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		45,936		1,237,975
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF		1,776		104,766
Total Exchange Traded Funds (Cost $5,752,970)				5,886,905
MONEY MARKET FUND — 0.6%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.01%^(b) (Cost $37,907)		37,907		37,907
REPURCHASE AGREEMENTS—40.1%^(c)
BNP Paribas Securities Corp., dated 12/31/20, due 01/04/21, 0.07%, total to be received $550,102, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.00%, 02/28/21-11/20/50, totaling $559,534)	$	550,098		550,098
Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $550,102, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.00%, 09/15/21-01/01/51, totaling $559,967)		550,098		550,098
Daiwa Capital Markets America, dated 12/31/20, due 01/04/21, 0.07%, total to be received $550,102, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/26/21-01/01/51, totaling $559,687)		550,098		550,098

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities International, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $163,077, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.50%, 01/31/21-01/15/56, totaling $165,952)	$	163,076	$	163,076
RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.08%, total to be received $550,103, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 01/05/21-12/20/50, totaling $559,834)		550,098		550,098
Total Repurchase Agreements (Cost $2,363,468)				2,363,468
Total Investments — 140.4% (Cost $8,154,345)				8,288,280
Liabilities in Excess of Other Assets — (40.4%)				(2,386,105	)
Net Assets — 100.0%			$	5,902,175

ETF — Exchange Traded Fund

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,710,957; the aggregate market value of the collateral held by the fund is $2,768,446. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $404,978.

(b)

Rate shown reflects the 7-day yield as of December 31, 2020.

(c)

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

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	5,886,905	$	—	$	—	$	5,886,905
Money Market Fund		37,907		—		—		37,907
Repurchase Agreements		—		2,363,468		—		2,363,468
Total	$	5,924,812	$	2,363,468	$	—	$	8,288,280

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund		99.7%
Money Market Fund		0.6
Repurchase Agreements		40.1
Total Investments		140.4
Liabilities in Excess of Other Assets		(40.4	)
Net Assets		100.0%

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES—30.2%

ACC Trust, Class A, Series 2019-1, 3.75%, 05/20/22^‡	$	49,308	$	49,526
ACC Trust, Class A, Series 2020-A, 6.00%, 03/20/23^‡		139,799		144,397
American Credit Acceptance Receivables Trust, Class B, Series 2019-1, 3.32%, 04/12/23^‡		28,001		28,034
American Credit Acceptance Receivables Trust, Class C, Series 2018-3, 3.75%, 10/15/24^‡		136,226		136,944
American Credit Acceptance Receivables Trust, Class C, Series 2018-4, 3.97%, 01/13/25^‡		252,518		255,251
American Credit Acceptance Receivables Trust, Class C, Series 2019-2, 3.17%, 06/12/25^‡		205,000		208,632
American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26^‡		145,000		146,234
AmeriCredit Automobile Receivables Trust, Class D, Series 2018-1, 3.82%, 03/18/24		285,000		299,950
Amur Equipment Finance Receivables V LLC, Class A2, Series 2018-1A, 3.24%, 12/20/23^‡		64,849		65,209
Amur Equipment Finance Receivables VI LLC, Class A2, Series 2018-2A, 3.89%, 07/20/22^‡		179,428		182,435
Amur Equipment Finance Receivables VIII LLC, Class B, Series 2020-1A, 2.50%, 03/20/26^‡		212,227		216,604
Aqua Finance Trust, Class A, Series 2019-A, 3.14%, 07/16/40^‡		137,361		140,912
Aqua Finance Trust, Class C, Series 2019-A, 4.01%, 07/16/40^‡		195,000		201,386
Arbys Funding LLC, Class A2, Series 2020-1A, 3.24%, 07/30/50^‡		144,638		148,796
Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31^‡		120,188		120,487
BCC Funding Corp. XVI LLC, Class B, Series 2019-1A, 2.64%, 09/20/24^‡		220,000		222,729

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

BCC Funding XVII LLC, Class B, Series 2020-1, 1.46%, 09/22/25^‡	$	145,000	$	145,781
BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29^‡		217,768		222,930
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28^‡		40,951		41,613
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30^‡		229,793		228,772
Carnow Auto Receivables Trust, Class A, Series 2019-1A, 2.72%, 11/15/22^‡		57,405		57,750
Carvana Auto Receivables Trust, Class D, Series 2019-3A, 3.04%, 04/15/25^‡		170,000		175,904
CCG Receivables Trust, Class B, Series 2019-2, 2.55%, 03/15/27^‡		210,000		215,686
CLI Funding VI LLC, Class A, Series 2020-1A, 2.08%, 09/18/45^‡		168,875		171,181
Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51^‡		160,635		162,058
Commonbond Student Loan Trust, Class A1, Series 2019-AGS, 2.54%, 01/25/47^‡		146,855		150,668
Consumer Loan Underlying Bond CLUB Credit Trust, Class A, Series 2019-P2, 2.47%, 10/15/26^‡		53,806		54,134
Consumer Loan Underlying Bond Credit Trust, Class A, Series 2018-P2, 3.47%, 10/15/25^‡		3,171		3,173
CPS Auto Receivables Trust, Class C, Series 2020-A, 2.54%, 12/15/25^‡		175,000		178,988
CPS Auto Receivables Trust, Class C, Series 2020-B, 3.30%, 04/15/26^‡		170,000		176,827
CPS Auto Receivables Trust, Class D, Series 2018-D, 4.34%, 09/16/24^‡		210,000		218,764
Credit Acceptance Auto Loan Trust, Class A, Series 2018-1A, 3.01%, 02/16/27^‡		15,034		15,047
Credit Acceptance Auto Loan Trust, Class A, Series 2019-1A, 3.33%, 02/15/28^‡		280,000		285,261

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27^‡	$	135,736	$	136,226
Diamond Resorts Owner Trust, Class B, Series 2019-1A, 3.53%, 02/20/32^‡		133,702		137,226
Drive Auto Receivables Trust, Class C, Series 2019-3, 2.90%, 08/15/25		240,000		247,315
DT Auto Owner Trust, Class C, Series 2019-1A, 3.61%, 11/15/24^‡		210,000		213,979
DT Auto Owner Trust, Class C, Series 2019-4A, 2.73%, 07/15/25^‡		220,000		225,585
DT Auto Owner Trust, Class C, Series 2020-2A, 3.28%, 03/16/26^‡		165,000		173,586
Earnest Student Loan Program LLC, Class A2, Series 2017-A, 2.65%, 01/25/41^‡		213,075		216,116
Exeter Automobile Receivables Trust, Class B, Series 2017-3A, 2.81%, 09/15/22^‡		19,058		19,079
Exeter Automobile Receivables Trust, Class C, Series 2018-3A, 3.71%, 06/15/23^‡		107,520		108,510
Exeter Automobile Receivables Trust, Class C, Series 2019-4A, 2.44%, 09/16/24^‡		220,000		224,726
Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24^‡		175,000		183,098
Fair Square Issuance Trust, Class A, Series 2020-AA, 2.90%, 09/20/24^‡		210,000		212,432
FHF Trust, Class A, Series 2020-1A, 2.59%, 12/15/23^‡		146,551		147,580
First Investors Auto Owner Trust, Class C, Series 2016-2A, 2.53%, 07/15/22^‡		60,991		61,067
First Investors Auto Owner Trust, Class C, Series 2019-1A, 3.26%, 03/17/25^‡		305,000		314,437
First Investors Auto Owner Trust, Class D, Series 2017-1A, 3.60%, 04/17/23^‡		145,000		146,914
Flagship Credit Auto Trust, Class C, Series 2020-1, 2.24%, 01/15/26^‡		210,000		216,127
Flagship Credit Auto Trust, Class C, Series 2020-3, 1.73%, 09/15/26^‡		145,000		148,662
Flagship Credit Auto Trust, Class C, Series 2020-4, 1.28%, 02/16/27^‡		145,000		146,425

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

Foundation Finance Trust, Class A, Series 2017-1A, 3.30%, 07/15/33^‡	$	152,082	$	155,001
Foursight Capital Automobile Receivables Trust, Class E, Series 2019-1, 4.30%, 09/15/25^‡		130,000		135,263
FREED ABS Trust, Class A, Series 2020-3FP, 2.40%, 09/20/27^‡		91,819		92,169
FREED ABS Trust, Class B, Series 2018-2, 4.61%, 10/20/25^‡		250,000		253,521
FREED ABS Trust, Class B, Series 2019-2, 3.19%, 11/18/26^‡		220,000		222,735
Genesis Private Label Amortizing Trust, Class B, Series 2020-1, 2.83%, 07/20/30^‡		200,000		201,271
GLS Auto Receivables Issuer Trust, Class A, Series 2019-2A, 3.06%, 04/17/23^‡		83,284		83,838
GLS Auto Receivables Issuer Trust, Class B, Series 2019-3A, 2.72%, 06/17/24^‡		220,000		225,152
GLS Auto Receivables Issuer Trust, Class B, Series 2020-1A, 2.43%, 11/15/24^‡		245,000		250,829
GLS Auto Receivables Issuer Trust, Class B, Series 2020-2A, 3.16%, 06/16/25^‡		180,000		188,296
GLS Auto Receivables Issuer Trust, Class C, Series 2018-3A, 4.18%, 07/15/24^‡		235,000		244,694
GLS Auto Receivables Issuer Trust, Class C, Series 2019-4A, 3.06%, 08/15/25^‡		135,000		140,759
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31^‡		55,119		55,694
Hertz Vehicle Financing II LP, Class A, Series 2015-3A, 2.67%, 09/25/21^‡		21,835		21,872
Hertz Vehicle Financing II LP, Class A, Series 2016-4A, 2.65%, 07/25/22^‡		61,545		61,718
Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39^‡		157,501		163,116
Marlette Funding Trust, Class A, Series 2019-2A, 3.13%, 07/16/29^‡		78,424		79,121
Marlette Funding Trust, Class A, Series 2019-4A, 2.39%, 12/17/29^‡		95,614		96,399

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

MVW LLC, Class A, Series 2020-1A, 1.74%, 10/20/37^‡	$	158,902	$	162,844
MVW Owner Trust, Class A, Series 2019-1A, 2.89%, 11/20/36^‡		148,635		154,528
MVW Owner Trust, Class A, Series 2019-2A, 2.22%, 10/20/38^‡		164,032		169,070
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32^‡		82,819		83,013
NextGear Floorplan Master Owner Trust, Class A2, Series 2018-1A, 3.22%, 02/15/23^‡		145,000		145,485
NMEF Funding LLC, Class A, Series 2019-A, 2.73%, 08/17/26^‡		59,660		60,006
NMEF Funding LLC, Class B, Series 2019-A, 3.06%, 08/17/26^‡		175,000		178,057
Octane Receivables Trust, Class A, Series 2019-1A, 3.16%, 09/20/23^‡		81,354		82,395
Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25^‡		160,013		160,496
OneMain Direct Auto Receivables Trust, Class C, Series 2018-1A, 3.85%, 10/14/25^‡		250,000		255,956
OneMain Financial Issuance Trust, Class A, Series 2019-1A, 3.48%, 02/14/31^‡		215,000		216,992
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27^‡		83,063		83,946
Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38^‡		147,523		152,962
Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25^‡		126,228		126,629
Prosper Marketplace Issuance Trust, Class A, Series 2019-3A, 3.19%, 07/15/25^‡		23,185		23,265
Sierra Timeshare Receivables Funding LLC, Class B, Series 2020-2A, 2.32%, 07/20/37^‡		122,388		124,050
Skopos Auto Receivables Trust, Class C, Series 2019-1A, 3.63%, 09/16/24^‡		180,000		184,552
Sofi Consumer Loan Program Trust, Class A2, Series 2018-2, 3.35%, 04/26/27^‡		31,650		31,740

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

Sofi Professional Loan Program LLC, Class A2B, Series 2017-C, 2.63%, 07/25/40^‡	$	349,512	$	356,089
Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46^‡		168,875		182,871
Tesla Auto Lease Trust, Class B, Series 2018-B, 4.12%, 10/20/21^‡		310,000		315,011
Tricolor Auto Securitization Trust, Class B, Series 2018-2A, 4.76%, 02/15/22^‡		4,971		4,977
TRIP Rail Master Funding LLC, Class A1, Series 2017-1A, 2.71%, 08/15/47^‡		133,960		134,297
United Auto Credit Securitization Trust, Class D, Series 2019-1, 3.47%, 08/12/24^‡		205,000		208,743
Upstart Securitization Trust, Class A, Series 2019-2, 2.90%, 09/20/29^‡		67,017		67,464
Upstart Securitization Trust, Class A, Series 2019-3, 2.68%, 01/21/30^‡		96,892		97,772
Upstart Securitization Trust, Class A, Series 2020-3, 1.70%, 11/20/30^‡		138,627		139,387
US Auto Funding LLC, Class B, Series 2019-1A, 3.99%, 12/15/22^‡		305,000		309,391
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31^‡		98,516		98,553
Westgate Resorts LLC, Class A, Series 2018-1A, 3.38%, 12/20/31^‡		205,189		207,766
Westlake Automobile Receivables Trust, Class C, Series 2018-3A, 3.61%, 10/16/23^‡		380,000		383,688
Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25^‡		145,000		145,918
Westlake Automobile Receivables Trust, Class D, Series 2018-2A, 4.00%, 01/16/24^‡		215,000		219,438
Total Asset Backed Securities (Cost $16,035,210)				16,289,952
CORPORATE BONDS — 25.0%
Communication Services — 1.2%
Level 3 Financing, Inc., 4.63%, 09/15/27^‡		60,000		62,774
Level 3 Financing, Inc., 4.25%, 07/01/28^‡		85,000		87,422
Live Nation Entertainment, Inc., 4.75%, 10/15/27^‡		25,000		25,662
Sprint Corp., 7.88%, 09/15/23		75,000		86,929

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2020 (UNAUDITED)

Investments		Principal		Value
CORPORATE BONDS (continued)

Communication Services (continued)
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 4.74%, 03/20/25^‡	$	200,000	$	217,243
T-Mobile USA, Inc., 2.05%, 02/15/28^‡		85,000		88,520
TripAdvisor, Inc., 7.00%, 07/15/25^‡		50,000		54,094
Total Communication Services				622,644

Consumer Discretionary — 1.7%
Ford Motor Credit Co. LLC, 3.20%, 01/15/21		360,000		360,855
General Motors Co., 6.13%, 10/01/25		120,000		145,677
Hanesbrands, Inc., 5.38%, 05/15/25^‡		115,000		121,816
MGM Growth Properties Operating Partnership LP / Mgp Finance Co.-Issuer, Inc., 4.63%, 06/15/25^‡(a)		20,000		21,440
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.88%, 06/15/24		190,000		207,979
VF Corp., 2.40%, 04/23/25^(a)		71,000		75,781
Total Consumer Discretionary				933,548

Consumer Staples — 1.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 03/15/26^‡		115,000		116,869
Altria Group, Inc., 3.80%, 02/14/24		158,000		172,608
Conagra Brands, Inc., 4.30%, 05/01/24		125,000		139,957
Kraft Heinz Foods Co., 3.88%, 05/15/27^‡		105,000		113,278
Total Consumer Staples				542,712

Energy — 0.9%
Boardwalk Pipelines LP, 4.95%, 12/15/24		150,000		167,583
Crownrock LP / Crownrock Finance, Inc., 5.63%, 10/15/25^‡		60,000		61,386
EQM Midstream Partners LP, 6.00%, 07/01/25^‡(a)		15,000		16,444
EQM Midstream Partners LP, 6.50%, 07/01/27^‡		20,000		22,549
Sabine Pass Liquefaction LLC, 6.25%, 03/15/22		100,000		105,274
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.88%, 04/15/26		85,000		90,278
Total Energy				463,514

Investments	Principal		Value
CORPORATE BONDS (continued)

Financials — 9.6%
Ares Capital Corp., 3.50%, 02/10/23	$	195,000	$	205,559
Athene Global Funding, 2.45%, 08/20/27^‡		145,000		150,486
Bank of America Corp., 1.21%, (3-Month USD LIBOR + 1.00%), 04/24/23^@		285,000		287,994
Bank of America Corp., 0.99%, (3-Month USD LIBOR + 0.77%), 02/05/26^@		153,000		153,998
Bank of New York Mellon Corp. (The), Series E, 3.66%, (3-Month USD LIBOR + 3.42%)^#@		360,000		360,404
Capital One Financial Corp., 3.75%, 07/28/26		190,000		215,711
Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)^#@		95,000		100,462
Charles Schwab Corp. (The), Series G, 5.38%, (US 5 Year CMT T-Note + 4.97%)^#@		44,000		49,115
Citadel LP, 4.88%, 01/15/27^‡		75,000		81,857
Citigroup, Inc., 1.17%, (3-Month USD LIBOR + 0.96%), 04/25/22^@		215,000		216,956
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/22		330,000		332,693
Goldman Sachs Group, Inc. (The), 1.82%, (3-Month USD LIBOR + 1.60%), 11/29/23^@		170,000		175,874
Goldman Sachs Group, Inc. (The), 1.97%, (3-Month USD LIBOR + 1.75%), 10/28/27^@		170,000		178,799
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/26		140,000		148,574
JPMorgan Chase & Co., Series Z, 4.01%, (3-Month USD LIBOR + 3.80%)^#@		430,000		428,678
JPMorgan Chase & Co., Series HH, 4.60%, (SOFR + 3.13%), 08/01/69^@		182,000		188,142
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27^‡		105,000		103,425
Lincoln National Corp., 2.26%, (3-Month USD LIBOR + 2.04%), 04/20/67^@		60,000		45,000
Morgan Stanley, 1.61%, (3-Month USD LIBOR + 1.40%), 10/24/23^@		445,000		453,569

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2020 (UNAUDITED)

Investments	Principal		Value
CORPORATE BONDS (continued)

Financials (continued)
Morgan Stanley, Series F, 3.88%, 04/29/24	$	275,000	$	304,794
Navient Corp., 5.88%, 10/25/24		110,000		117,150
Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43^@		84,000		90,136
Santander Holdings USA, Inc., 3.70%, 03/28/22		205,000		211,733
Santander Holdings USA, Inc., Series FXD, 3.50%, 06/07/24		240,000		259,399
Wells Fargo & Co., 1.65%, (SOFR + 1.60%), 06/02/24^@		120,000		123,375
Wells Fargo & Co., 4.10%, 06/03/26		140,000		160,618
Total Financials				5,144,501

Health Care — 1.6%
HCA, Inc., 5.38%, 02/01/25		130,000		146,382
Mylan NV, 3.95%, 06/15/26		215,000		246,164
Perrigo Finance Unlimited Co., 3.90%, 12/15/24		200,000		220,156
Royalty Pharma PLC, 1.20%, 09/02/25^‡		23,000		23,411
Royalty Pharma PLC, 1.75%, 09/02/27^‡		123,000		126,718
Tenet Healthcare Corp., 7.50%, 04/01/25^‡		10,000		10,939
Tenet Healthcare Corp., 4.88%, 01/01/26^‡		105,000		109,972
Total Health Care				883,742

Industrials — 3.1%
Ashtead Capital, Inc. (United Kingdom), 5.25%, 08/01/26^‡		200,000		212,250
Ashtead Capital, Inc. (United Kingdom), 4.38%, 08/15/27^‡		200,000		211,750
Aviation Capital Group LLC, 3.88%, 05/01/23^‡		146,000		152,227
Boeing Co. (The), 2.35%, 10/30/21		60,000		60,807
Boeing Co. (The), 4.88%, 05/01/25		45,000		51,336
Boeing Co. (The), 5.04%, 05/01/27		67,000		78,433
CNH Industrial Capital LLC, 4.20%, 01/15/24		280,000		307,360
General Electric Co., Series D, 5.00%, (3-Month USD LIBOR + 3.33%)^#@		175,000		163,013
Howmet Aerospace, Inc., 6.88%, 05/01/25^(a)		105,000		122,981
Spirit AeroSystems, Inc., 5.50%, 01/15/25^‡		115,000		121,457
Stanley Black & Decker, Inc., 4.00%, (US 5 Year CMT T-Note + 2.66%), 03/15/60^@		190,000		202,495
Total Industrials				1,684,109

Investments	Principal		Value
CORPORATE BONDS (continued)

Information Technology — 2.4%
Broadcom, Inc., 3.15%, 11/15/25	$	145,000	$	158,510
Dell International LLC / EMC Corp., 4.00%, 07/15/24^‡		145,000		160,037
Flex Ltd., 3.75%, 02/01/26		116,000		129,872
Hewlett Packard Enterprise Co., 2.25%, 04/01/23		180,000		186,618
HP, Inc., 2.20%, 06/17/25^(a)		53,000		56,172
HP, Inc., 3.00%, 06/17/27		95,000		104,975
Leidos, Inc., 3.63%, 05/15/25^‡		119,000		133,201
Microchip Technology, Inc., 2.67%, 09/01/23^‡		150,000		156,980
VMware, Inc., 4.50%, 05/15/25		145,000		166,113
Xerox Holdings Corp., 5.00%, 08/15/25^‡		60,000		63,931
Total Information Technology				1,316,409

Materials — 0.7%
Ardagh Packaging Finance PLC/ Ardagh Holdings USA, Inc., 4.13%, 08/15/26^‡		200,000		209,250
Nutrition & Biosciences, Inc., 1.23%, 10/01/25^‡		73,000		73,825
Nutrition & Biosciences, Inc., 1.83%, 10/15/27^‡		78,000		80,442
Total Materials				363,517

Real Estate — 0.6%
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25		55,000		62,017
iStar, Inc., 4.25%, 08/01/25		70,000		69,300
Service Properties Trust, 4.65%, 03/15/24		195,000		193,415
Total Real Estate				324,732

Utilities — 2.2%
American Electric Power Co., Inc., Series N, 1.00%, 11/01/25^(a)		41,000		41,526
Avangrid, Inc., 3.20%, 04/15/25		93,000		101,911
DPL, Inc., 4.35%, 04/15/29		135,000		151,630
Exelon Corp., 3.50%, 06/01/22		212,000		220,564
NRG Energy, Inc., 3.75%, 06/15/24^‡		140,000		153,415
Pacific Gas and Electric Co., 1.60%, (3-Month USD LIBOR + 1.38%), 11/15/21^@		146,000		146,099
Terraform Power Operating LLC, 5.00%, 01/31/28^‡		100,000		112,553
Vistra Operations Co. LLC, 3.55%, 07/15/24^‡		235,000		254,643
Total Utilities				1,182,341
Total Corporate Bonds (Cost $12,871,256)				13,461,769

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2020 (UNAUDITED)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES — 24.0%

Commercial Mortgage Backed Securities — 3.5%
BX Trust, Class B, Series 2018-GW, 1.18%, (1-Month USD LIBOR + 1.02%), 05/15/35^@‡	$	700,000	$	685,502
CF Hippolyta LLC, Class A1, Series 2020-1, 1.69%, 07/15/60^‡		109,754		112,096
Commercial Mortgage Trust, Class B, Series 2020-CBM, 3.10%, 02/10/37^‡		150,000		148,939
CSMC Trust, Class A1, Series 2020-NQM1, 1.21%, 05/25/65^‡		258,110		259,349
GS Mortgage Securities Corp. Trust, Class A, Series 2020-TWN3, 2.16%, (1-Month USD LIBOR + 2.00%), 11/15/37^@‡		175,000		176,065
GS Mortgage Securities Trust, Class AS, Series 2020-GC45, 3.17%, 02/13/53^@*		175,000		196,376
Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49^@‡*		93,550		95,353
Sutherland Commercial Mortgage Loans, Class A, Series 2017-SBC6, 3.19%, 05/25/37^@‡*		78,365		78,753
Velocity Commercial Capital Loan Trust, Class AFX, Series 2017-1, 3.00%, 05/25/47^@‡*		13,961		13,985
Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50^@‡*		119,850		121,737
Total Commercial Mortgage Backed Securities				1,888,155

Residential Mortgage Backed Securities — 20.5%
Ajax Mortgage Loan Trust, Class A, Series 2017-B, 3.16%, 09/25/56^@‡*		177,984		178,672
Angel Oak Mortgage Trust, Class A1, Series 2019-3, 2.93%, 05/25/59^@‡*		96,249		97,802
Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-3, 3.65%, 09/25/48^@‡*		35,581		36,354
Angel Oak Mortgage Trust I LLC, Class A1, Series 2019-2, 3.63%, 03/25/49^@‡*		77,090		79,034
Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 1.93%, 05/25/50^@‡*		108,877		109,163

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49^@‡*	$	219,804	$	226,881
Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49^@‡*		162,893		168,317
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		100,518		104,509
Bayview Koitere Fund Trust, Class A, Series 2017-RT4, 3.50%, 07/28/57^@‡*		112,038		116,324
Bayview Opportunity Master Fund IVb Trust, Class A, Series 2017-SPL4, 3.50%, 01/28/55^@‡*		226,216		232,167
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.85%, 09/25/34		84,152		85,640
Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35^@‡*		203,409		215,966
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42^@‡*		93,819		96,993
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58^@‡*		119,020		121,697
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64^@‡*		134,155		142,188
COLT Mortgage Loan Trust, Class A1, Series 2020-1, 2.49%, 02/25/50^@‡*		97,088		98,361
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 2.92%, 04/25/43^@‡*		78,046		79,922
Credit Suisse Commercial Mortgage Trust, Class A2, Series 2014-IVR2, 3.78%, 04/25/44^@‡*		239,302		246,354
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.93%, 09/25/34^@*		6,911		6,932
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates, Class 5A1, Series 2003-AR30, 2.72%, 01/25/34^@*		62,110		62,959

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
Deephaven Residential Mortgage Trust, Class A1, Series 2017-1A, 2.73%, 12/26/46^@‡^*	$	71,321	$	71,437
Deephaven Residential Mortgage Trust, Class A3, Series 2017-3A, 2.81%, 10/25/47^@‡^*		22,767		23,031
Deephaven Residential Mortgage Trust, Class A1, Series 2018-2A, 3.48%, 04/25/58^@‡^*		93,567		95,613
Deephaven Residential Mortgage Trust, Class A1, Series 2019-1A, 3.74%, 01/25/59^@‡^*		228,731		231,389
Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59^@‡^*		72,361		74,101
Ellington Financial Mortgage Trust, Class A1, Series 2020-1, 2.01%, 05/25/65^@‡^*		123,521		125,594
Firstkey Homes Trust, Class B, Series 2020-SFR2, 1.57%, 10/19/37^‡		175,000		174,256
Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56^@‡^*		242,464		246,465
Galton Funding Mortgage Trust, Class A41, Series 2018-2, 4.50%, 10/25/58^@‡^*		46,650		47,606
Galton Funding Mortgage Trust, Class A1, Series 2020-H1, 2.31%, 01/25/60^@‡^*		242,141		246,876
GCAT LLC, Class A1, Series 2019-NQM1, 2.99%, 02/25/59^‡		376,656		385,053
GSR Mortgage Loan Trust, Class 1A6, Series 2003-3F, 6.00%, 04/25/33		99,308		103,964
Homeward Opportunities Fund I Trust, Class A1, Series 2018-1, 3.77%, 06/25/48^@‡^*		161,772		163,027
Homeward Opportunities Fund I Trust, Class A1, Series 2019-1, 3.45%, 01/25/59^@‡^*		309,195		312,838
Homeward Opportunities Fund I Trust, Class A1, Series 2019-3, 2.68%, 11/25/59^@‡^*		109,207		111,410
JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.35%, 06/25/29^@‡^*		316,602		322,127
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29^@‡^*		158,227		162,219
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 3.07%, 08/25/34^@^*		66,390		68,539

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.93%, 04/25/35^@^*	$	211,907	$	209,925
JPMorgan Mortgage Trust, Class A2, Series 2015-5, 2.55%, 05/25/45^@‡^*		198,715		205,977
LHOME Mortgage Trust, Class A1, Series 2019-RTL1, 4.58%, 10/25/23^‡		315,000		319,278
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34		152,880		158,944
MASTR Alternative Loan Trust, Class 2A1, Series 2005-2, 6.00%, 01/25/35		107,015		115,548
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38		68,642		70,498
New Residential Mortgage Loan Trust, Class A1, Series 2019-NQM1, 3.67%, 01/25/49^@‡^*		40,809		41,110
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54^@‡^*		88,451		94,676
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54^@‡^*		161,573		173,839
New Residential Mortgage Loan Trust, Class A1, Series 2016-3A, 3.75%, 09/25/56^@‡^*		364,414		389,961
New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56^@‡^*		253,324		271,063
OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48^@‡^*		134,773		140,996
OBX Trust, Class 1A8, Series 2019-EXP3, 3.50%, 10/25/59^@‡^*		108,015		111,404
PRPM LLC, Class A1, Series 2020-1A, 2.98%, 02/25/25^‡		138,493		139,010
RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50^@‡^*		137,829		141,823
Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 02/25/24^@‡^*		211,047		215,538
Residential Mortgage Loan Trust, Class A1, Series 2019-1, 3.94%, 10/25/58^@‡^*		138,010		139,138

See accompanying Notes to Financial Statements.

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

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^@‡^*	$	122,714	$	124,619
Spruce Hill Mortgage Loan Trust, Class A1, Series 2019-SH1, 3.40%, 04/29/49^@‡^*		161,058		163,659
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.11%, 02/25/34		298,615		304,613
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.67%, 11/25/33^@^*		130,135		125,295
Towd Point HE Trust, Class A1, Series 2019-HE1, 1.05%, (1-Month USD LIBOR + 0.90%), 04/25/48^@‡		166,178		166,126
Towd Point Mortgage Trust, Class A2, Series 2015-5, 3.50%, 05/25/55^@‡^*		250,000		259,359
Tricon American Homes Trust, Class A, Series 2017-SFR1, 2.72%, 09/17/34^‡		98,468		99,845
Verus Securitization Trust, Class A1, Series 2017-1A, 2.85%, 01/25/47^@‡^*		29,972		30,127
Verus Securitization Trust, Class A3, Series 2018-INV1, 4.05%, 03/25/58^@‡^*		42,579		42,904
Verus Securitization Trust, Class B1, Series 2018-2, 4.43%, 06/01/58^@‡^*		180,000		188,537
Verus Securitization Trust, Class A1, Series 2018-3, 4.11%, 10/25/58^@‡^*		77,120		79,291
Verus Securitization Trust, Class A1, Series 2019-2, 3.21%, 05/25/59^@‡^*		318,188		321,042
Verus Securitization Trust, Class A1, Series 2019-INV1, 3.40%, 12/25/59^@‡^*		165,882		167,813
Verus Securitization Trust, Class A1, Series 2020-1, 2.42%, 01/25/60^‡		260,050		265,219
WaMu Mortgage Pass-Through Certificates Trust, Class A1, Series 2003-AR6, 3.10%, 06/25/33^@^*		73,792		75,342

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)

Residential Mortgage Backed Securities (continued)
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.08%, 07/25/34^@^*	$	30,297	$	30,112
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.99%, 07/25/34^@^*		83,158		82,419
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 3.28%, 10/25/34^@^*		117,367		116,439
Total Residential Mortgage Backed Securities				11,053,269
Total Mortgage Backed Securities (Cost $12,803,639)				12,941,424

FOREIGN BONDS — 6.0%

Consumer Staples — 0.4%
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28		200,000		207,880

Energy — 0.4%
Aker BP ASA (Norway), 2.88%, 01/15/26^‡		150,000		153,255
BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)^#@		50,000		55,910
Total Energy				209,165

Financials — 0.9%
Banco Santander (Chile), 2.70%, 01/10/25^‡		150,000		159,001
Industrial & Commercial Bank of China Ltd. (China), 2.96%, 11/08/22		250,000		259,355
Toronto-Dominion Bank (The) (Canada), 2.65%, 06/12/24		57,000		61,107
Total Financials				479,463

Industrials — 1.0%
Avolon Holdings Funding Ltd. (Ireland), 3.95%, 07/01/24^‡		159,000		168,064
Doric Nimrod Air Finance Alpha Ltd. Class A Pass-Through Trust, Series 2012-1A (Guernsey), 5.13%, 11/30/22^‡		268,063		253,733
GFL Environmental, Inc. (Canada), 3.75%, 08/01/25^‡		90,000		92,419
Total Industrials				514,216

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS (continued)

Information Technology — 0.7%
Open Text Corp. (Canada), 3.88%, 02/15/28^‡	$	140,000	$	145,841
Tencent Holdings Ltd. (China), 2.99%, 01/19/23^‡		200,000		208,247
Total Information Technology				354,088

Materials — 0.7%
Glencore Funding LLC (Australia), 1.63%, 09/01/25^‡		150,000		154,488
NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25^‡		200,000		209,875
Total Materials				364,363

Oil & Gas — 0.3%
Petroleos Mexicanos (Mexico), 4.63%, 09/21/23		180,000		187,312

Sovereign Government — 1.6%
Indonesia Government
International Bond (Indonesia), 5.88%, 01/15/24^‡		200,000		230,148
Qatar Government International Bond (Qatar), 3.40%, 04/16/25^‡		200,000		220,842
Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25		200,000		229,484
Turkey Government International Bond (Turkey), 7.38%, 02/05/25		185,000		206,844
Total Sovereign Government				887,318
Total Foreign Bonds (Cost $3,088,557)				3,203,805

U.S. TREASURY NOTES — 5.7%
U.S. Treasury Note, 2.25%, 03/31/21		185,000		185,930
U.S. Treasury Note, 1.13%, 08/31/21		110,000		110,755
U.S. Treasury Note, 0.13%, 05/31/22		1,805,000		1,805,494
U.S. Treasury Note, 0.38%, 09/30/27		730,000		718,936
U.S. Treasury Note, 2.63%, 02/15/29		235,000		269,809
Total U.S. Treasury Notes (Cost $3,072,583)				3,090,924

TERM LOANS — 5.1%

Aerospace — 0.5%
Mileage Plus Holdings LLC, 6.25%, (3-Month USD LIBOR + 5.25%), 06/21/27^@		105,000		109,574

Investments	Principal		Value
TERM LOANS (continued)

Aerospace (continued)
TransDigm, Inc., 2.40%, (1-Month USD LIBOR + 2.25%), 08/22/24^@	$	164,109	$	161,323
Total Aerospace				270,897

Chemicals — 0.4%
Ineos US Finance LLC, 2.15%, (1-Month USD LIBOR + 2.00%), 04/01/24^@		241,373		239,178

Consumer Durables — 0.2%
Weber-Stephen Products LLC, 4.00%, (1-Month USD LIBOR + 3.25%), 10/30/27^@		85,000		85,223
Financials — 0.6%
Avolon TLB Borrower 1 US LLC, 3.25%, (1-Month USD LIBOR + 2.50%), 12/1/27^@		55,000		55,112
Delos Finance S.a.r.l., 2.00%, (3-Month USD LIBOR + 1.75%), 10/06/23^@		153,300		153,364
Refinitiv US Holdings, Inc., 3.40%, (1-Month USD LIBOR + 3.25%), 10/01/25^@		119,391		119,366
Total Financials				327,842

Food/Tobacco — 0.4%
Aramark Servies, Inc., 1.90%, (1-Month USD LIBOR + 1.75%), 03/28/24^@		202,310		200,541

Gaming/Leisure — 0.1%
Aristocrat International Pty Ltd., 4.75%, (3-Month USD LIBOR + 3.75%), 10/19/24^@		29,887		30,065
Station Casinos LLC, 2.50%, (1-Month USD LIBOR + 2.25%), 02/08/27^@		49,510		48,875
Total Gaming/Leisure				78,940

Health Care — 0.8%
Elanco Animal Health, Inc., 1.90%, (1-Month USD LIBOR + 1.75%), 08/01/27^@		74,458		73,907
Jaguar Holding II Co., 3.50%, (1-Month USD LIBOR + 2.50%), 08/18/22^@		114,395		114,488
Valeant Pharmaceuticals International, Inc., 3.15%, (1-Month USD LIBOR + 3.00%), 06/02/25^@		238,535		237,977
Total Health Care				426,372

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)

Housing — 0.1%
Summit Materials LLC, 2.15%, (1-Month USD LIBOR + 2.00%), 11/21/24^@	$	69,820	$	69,558

Information Technology — 0.1%
SS&C Technologies, Inc., 1.90%, (1-Month USD LIBOR + 1.75%), 04/16/25^@		59,530		58,984

Manufacturing — 0.2%
Gardner Denver, Inc., 2.90%, (1-Month USD LIBOR + 2.75%), 03/01/27^@		4,975		5,005
Ingersoll-Rand Services Co., 1.90%, (1-Month USD LIBOR + 1.75%), 03/01/27^@		59,550		58,843
NCR Corp., 2.65%, (1-Month USD LIBOR + 2.50%), 08/28/26^@		74,735		73,832
Total Manufacturing				137,680

Media/Telecom – Broadcasting — 0.2%
Nexstar Media Group, Inc., 2.90%, (1-Month USD LIBOR + 2.75%), 09/18/26^@		90,588		90,181

Media/Telecom – Cable/Wireless Video — 0.6%
CSC Holdings, LLC (fka CSC Holdings, Inc. (Cablevision)), 2.41%, (1-Month USD LIBOR + 2.25%), 07/17/25^@		183,563		181,268
Virgin Media Bristol LLC, 2.66%, (1-Month USD LIBOR + 2.50%), 01/31/28^@		145,000		143,886
Total Media/Telecom – Cable/Wireless Video				325,154

Media/Telecom – Diversified Media — 0.4%
Clear Channel, 3.71%, (3-Month USD LIBOR + 3.50%), 08/21/26^@		108,625		104,852
Newco Financing Partnership, 01/31/29^(b)		50,000		50,231

Investments	Principal/Shares		Value
TERM LOANS (continued)

Media/Telecom – Diversified Media (continued)
Newco Financing Partnership, 01/31/29^(b)	$	50,000	$	50,231
Total Media/Telecom – Diversified Media				205,314

Media/Telecom – Telecommunications – 0.1%
CenturyLink, Inc., 2.40%, (1-Month USD LIBOR + 2.25%), 03/15/27^@		64,325		63,746

Utility – 0.4%
Astoria Energy LLC, 12/10/27^(b)		10,000		9,956
Calpine Corp., 2.62%, (1-Month USD LIBOR + 2.50%), 12/16/27^@		183,475		182,512
Total Utility				192,468
Total Term Loans (Cost $2,773,839)				2,772,078
FEDERAL HOME LOAN MORTGAGE CORPORATION — 0.6%
Federal National Mortgage Association, 3.50%, 07/01/49 (Cost $297,802)		290,406		306,880

EXCHANGE TRADED FUND — 0.5%

Debt Fund – 0.5%
iShares iBoxx High Yield Corporate Bond ETF^(a) (Cost $285,022)		3,314		289,312

MONEY MARKET FUND — 3.2%
JPMorgan U.S. Government Money Market Fund – Institutional Class, 0.03%^(c) (Cost $1,708,369)		1,708,369		1,708,369

REPURCHASE AGREEMENTS — 0.7%^(d)
Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $152,375, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.00%, 09/15/21-01/01/51, totaling $155,109)	$	152,375		152,375

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)

RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.08%, total to be received $250,000, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 01/05/21-12/20/50, totaling $254,425)	$	250,000	$	250,000
Total Repurchase Agreements (Cost$402,375)				402,375
Total Investments — 101.0% (Cost $53,338,652)				54,466,888
Liabilities in Excess of Other Assets — (1.0%)				(569,815	)
Net Assets — 100.0%			$	53,897,073

ETF — Exchange Traded Fund

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

^#	Perpetual security with no stated maturity date.
^@	Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2020.
^*	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 $579,535; the aggregate market value of the collateral held by the fund is $597,548. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $195,173.
^(b)	This loan will settle after December 31, 2020 at which time the interest rate will be determined.
^(c)	Rate shown reflects the 7-day yield as of December 31, 2020.
^(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
Asset Backed Securities	$	—	$	16,289,952	$	—	$	16,289,952
Corporate Bonds		—		13,461,769		—		13,461,769
Mortgage Backed Securities		—		12,941,424		—		12,941,424
Foreign Bonds		—		3,203,805		—		3,203,805
U.S. Treasury Notes		—		3,090,924		—		3,090,924
Term Loans		—		2,772,078		—		2,772,078
Federal Home Loan Mortgage Corporation		—		306,880		—		306,880
Exchange Traded Fund		289,312		—		—		289,312
Money Market Fund		1,708,369		—		—		1,708,369
Repurchase Agreements		—		402,375		—		402,375
Total	$	1,997,681	$	52,469,207	$	—	$	54,466,888

See accompanying Notes to Financial Statements.

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

December 31, 2020 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace		0.5%
Asset Backed Securities		30.2
Chemicals		0.4
Commercial Mortgage Backed Securities		3.5
Communication Services		1.2
Consumer Discretionary		1.7
Consumer Durables		0.2
Consumer Staples		1.4
Debt Fund		0.5
Energy		1.3
Federal Home Loan Mortgage Corporation		0.6
Financials		11.1
Food/Tobacco		0.4
Gaming/Leisure		0.1
Health Care		2.4
Housing		0.1
Industrials		4.1
Information Technology		3.2
Manufacturing		0.2
Materials		1.4
Media/Telecom – Broadcasting		0.2
Media/Telecom – Cable/Wireless Video		0.6
Media/Telecom – Diversified Media		0.4
Media/Telecom – Telecommunications		0.1
Oil & Gas		0.3
Real Estate		0.6
Residential Mortgage Backed Securities		20.5
Sovereign Government		1.6
U.S. Treasury Notes		5.7
Utilities		2.2
Utility		0.4
Money Market		3.2
Repurchase Agreements		0.7
Total Investments		101.0
Liabilities in Excess of Other Assets		(1.0	)
Net Assets		100.0%

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 45.9%

Agriculture — 8.8%
Village Farms International, Inc. (Canada)*^(a)		1,373,341	$	13,925,678

Biotechnology — 2.1%
Arena Pharmaceuticals, Inc.*		39,130		3,006,358
Intec Pharma Ltd. (Israel)*		82,761		285,525
Total Biotechnology				3,291,883

Distributors — 1.6%
Greenlane Holdings, Inc., Class A*^†		654,150		2,590,434

Investment Companies — 1.4%
Andina Acquisition Corp III (Colombia)*		79,323		845,583
Canopy Rivers, Inc. (Canada)*		1,575,665		1,447,039
Total Investment Companies				2,292,622

Pharmaceuticals — 18.2%
Aleafia Health, Inc. (Canada)*^(a)		3,757,951		1,386,371
Aphria, Inc. (Canada)*^(a)		768,565		5,318,470
Aurora Cannabis, Inc. (Canada)*^(a)		16,994		141,220
Canopy Growth Corp. (Canada)*^(a)		177,425		4,371,752
Cardiol Therapeutics, Inc., Class A (Canada)*^(a)		348,769		761,050
cbdMD, Inc.*^(a)		800,293		2,360,864
Charlottes Web Holdings, Inc.*^(a)		458,850		1,509,091
Corbus Pharmaceuticals Holdings, Inc.*		271,873		339,841
Cronos Group, Inc. (Canada)*^(a)		29,840		207,090
Emerald Health Therapeutics, Inc. (Canada)*		1,941,263		304,751
Green Organic Dutchman Holdings Ltd. (The) (Canada)*^(a)		800,206		147,605
GW Pharmaceuticals PLC (United Kingdom)*^(a)(b)		66,317		7,653,645
HEXO Corp. (Canada)*		56,458		207,765
Khiron Life Sciences Corp. (Canada)*^(a)		778,257		229,079
MediPharm Labs Corp. (Canada)*^(a)		670,008		278,732
Neptune Wellness Solutions, Inc. (Canada)*^(a)		414,903		647,249
Organigram Holdings, Inc. (Canada)*^(a)		298,284		395,683
Supreme Cannabis Co., Inc. (The) (Canada)*^(a)		1,177,460		143,255

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)

Pharmaceuticals (continued)
Tilray, Inc., Class 2 (Canada)*^(a)		17,668	$	145,938
Valens Co., Inc. (The) (Canada)*^(a)		803,883		1,041,136
WeedMD, Inc. (Canada)*		841,621		161,850
Zynerba Pharmaceuticals, Inc.*^(a)		303,204		1,000,573
Total Pharmaceuticals				28,753,010

REITS — 7.4%
Innovative Industrial Properties, Inc.		61,077		11,185,031
Power REIT*		22,450		599,639
Total REITS				11,784,670

Specialty Retail — 6.4%
GrowGeneration Corp.*^(a)		252,707		10,163,875

Total Common Stocks
(Cost $68,046,415)				72,802,172

RIGHT — 0.0%^**

REITS — 0.0%^**

Power REIT, expires 01/29/21* (Cost $0)		22,414		4,707

MONEY MARKET FUND — 33.8%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%^(c) (Cost $53,651,091)		53,651,091		53,651,091

REPURCHASE AGREEMENTS — 11.3%^(d)
Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $4,184,379, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.00%, 09/15/21-01/01/51, totaling $4,259,416)	$	4,184,346		4,184,346
Daiwa Capital Markets America, dated 12/31/20, due 01/04/21, 0.07%, total to be received $4,184,379, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/26/21-01/01/51, totaling $4,257,288)		4,184,346		4,184,346

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)

Deutsche Bank Securities, Inc., dated 12/31/20, due 01/04/21, 0.06%, total to be received $4,184,374, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/15/21-01/01/51, totaling $4,258,665)	$	4,184,346	$	4,184,346
Nomura Securities International, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $1,240,433, (collateralized by various U.S. Government Agency Obligations, 0.00%-8.50%, 01/31/21-01/15/56, totaling $1,262,296)		1,240,423		1,240,423
RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.08%, total to be received $4,184,383, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 01/05/21-12/20/50, totaling $4,258,403)		4,184,346		4,184,346
Total Repurchase Agreements
(Cost $17,977,807)				17,977,807
Total Investments — 91.0%
(Cost $139,675,313)				144,435,777
Other Assets in Excess of Liabilities — 9.0%				14,362,921
Net Assets — 100.0%			$	158,798,698

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

*	Non-income producing security.
**	Less than 0.05%.
†	Affiliated Company.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $28,928,621; the aggregate market value of the collateral held by the fund is $31,890,974. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $13,913,167.
(b)	American Depositary Receipt.
(c)	Rate shown reflects the 7-day yield as of December 31, 2020.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	72,802,172	$	—	$	—	$	72,802,172
Right		—		4,707		—		4,707
Money Market Fund		53,651,091		—		—		53,651,091
Repurchase Agreements		—		17,977,807		—		17,977,807
Total	$	126,453,263	$	17,982,514	$	—	$	144,435,777

Liabilities		Level 1		Level 2			Level 3		Total
Swaps^†	$	—	$	(54,132	)	$	—	$	(54,132	)
Total	$	—	$	(54,132	)	$	—	$	(54,132	)

†

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
Agriculture		8.8	%
Biotechnology		2.1
Distributors		1.6
Investment Companies		1.4
Pharmaceuticals		18.2
REITS		7.4
Specialty Retail		6.4
Money Market Fund		33.8
Repurchase Agreements		11.3
Total Investments		91.0
Other Assets in Excess of Liabilities		9.0
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE CANNABIS ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2020:

Reference Entity	Number of Contracts		Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Acerage Holdings FX SUB VOT CL E ORD		325,390	1-month USD LIBOR + 1.00%	Monthly	7/01/2021	$	1,009,455	$	1,008,709	$	(746	)
Ayr Strategies ORD		332,880	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		7,921,587		7,915,853		(5,734	)
Columbia Care ORD		1,270,282	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		7,690,052		7,685,206		(4,846	)
Cresco Labs ORD		719,523	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		7,104,009		7,098,094		(5,915	)
Curaleaf Holdings SUB VOT ORD		1,150,000	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		13,776,566		13,767,455		(9,111	)
Green Thumb Industries SUB VOT ORD		570,000	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		13,975,089		13,965,000		(10,089	)
Harvest Health And Recreation ORD		3,050,000	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		6,592,782		6,588,000		(4,782	)
Ianthus ORD		464,000	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		91,707		91,640		(67	)
Terrascend ORD		633,732	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		6,374,714		6,369,007		(5,707	)
Trulieve Cannabis ORD		322,000	1-month USD LIBOR + 1.00%	Monthly	7/01/2021		10,188,775		10,181,640		(7,135	)
Net Unrealized Depreciation										$	(54,132	)

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, 2020, cash in the amount of $25,760,000 has been segregated as collateral from the broker for Swap contracts.

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, 2020 were as follows:

Affiliated Fund Name		Value at 6/30/2020				Purchases/ Additions				Sales/ Reductions				Realized Gain (Loss)				Change in Unrealized Gain (Loss)				Number of Shares at 12/31/2020				Value at 12/31/2020				Dividend Income
Greenlane Holdings, Inc., Class A		$	1,148,851			$	1,142,976			$	—			$	—			$	298,607				654,150			$	2,590,434			$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE US CANNABIS ETF

Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS — 15.2%
Biotechnology — 0.7%
Arena Pharmaceuticals, Inc.^*		19,122	$	1,469,143
Distributors — 0.9%
Greenlane Holdings, Inc., Class A^*(a)		502,374		1,989,401
Life Sciences Tools & Services — 2.5%
PerkinElmer, Inc.		38,917		5,584,590
Pharmaceuticals — 2.1%
cbdMD, Inc.^*(a)		639,432		1,886,324
Charlottes Web Holdings, Inc.^*(a)		608,010		1,999,656
Zynerba Pharmaceuticals, Inc.^*(a)		306,841		1,012,575
Total Pharmaceuticals				4,898,555
REITS — 5.3%
Innovative Industrial Properties, Inc.		51,524		9,435,590
Power REIT^*(a)		89,401		2,387,901
Total REITS				11,823,491
Specialty Retail — 3.7%
GrowGeneration Corp.^*(a)		204,491		8,224,628
Total Common Stocks (Cost $27,466,247)				33,989,808
RIGHT — 0.0%^**
REITS — 0.0%^**
Power REIT, expires 1/29/21^* (Cost $0)		88,951		18,680
MONEY MARKET FUND — 54.8%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%^(b) (Cost $122,368,193)		122,368,193		122,368,193
REPURCHASE AGREEMENTS — 0.4%^(c)
Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.07%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.00%, 09/15/21-01/01/51, totaling $253,467)	$	249,000		249,000

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Daiwa Capital Markets America, dated 12/31/20, due 01/04/21, 0.07%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/26/21-01/01/51, totaling $253,341)	$	249,000	$	249,000
Deutsche Bank Securities, Inc., dated 12/31/20, due 01/04/21, 0.06%, total to be received $129,517, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 01/15/21-01/01/51, totaling $131,816)		129,516		129,516
RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.08%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.00%, 01/05/21-12/20/50, totaling $253,407)		249,000		249,000
Total Repurchase Agreements (Cost $876,516)				876,516
Total Investments — 70.4%
(Cost $150,710,956)				157,253,197
Other Assets in Excess of Liabilities — 29.6%				66,078,558
Net Assets — 100.0%			$	223,331,755

REITS — Real Estate Investment Trusts

*	Non-income producing security.

**	Less than 0.05%.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,872,127; the aggregate market value of the collateral held by the fund is $4,124,096. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,247,580.

(b)	Rate shown reflects the 7-day yield as of December 31, 2020.

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

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	33,989,808	$	—	$	—	$	33,989,808
Right		—		18,680		—		18,680
Money Market Fund		122,368,193		—		—		122,368,193
Repurchase Agreements		—		876,516		—		876,516
Swap^†		—		9,433		—		9,433
Total	$	156,358,001	$	904,629	$	—	$	157,262,630

Liabilities	Level 1		Level 2			Level 3		Total
Swaps^†	$	—	$	(112,338	)	$	—	$	(112,338	)
Total	$	—	$	(112,338	)	$	—	$	(112,338	)

^†	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
Biotechnology		0.7	%
Distributors		0.9
Life Sciences Tools & Services		2.5
Pharmaceuticals		2.1
REITS		5.3
Specialty Retail		3.7
Money Market Fund		54.8
Repurchase Agreements		0.4
Total Investments		70.4
Other Assets in Excess of Liabilities		29.6
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES PURE US CANNABIS ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Total Return Swap contracts outstanding as of December 31, 2020:

Reference Entity	Number of Contracts		Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
4Front Ventures ORD		5,785,000	1-month USD LIBOR + 1.00%	Monthly	9/03/2021	$	5,268,499	$	5,264,350	$	(4,149	)
Acreage Holdings FX SUB VOT CL E ORD		743,123	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		2,305,400		2,303,681		(1,719	)
AYR Strategies ORD		453,878	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		10,800,309		10,793,173		(7,136	)
C21 Investments ORD		3,580,581	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		5,050,262		5,048,619		(1,643	)
Columbia Care ORD		1,795,491	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		10,869,780		10,862,721		(7,059	)
Cresco Labs ORD		2,265,640	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		22,367,207		22,350,539		(16,668	)
Curaleaf Holdings SUB VOT ORD		1,935,000	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		23,179,465		23,165,239		(14,226	)
Green Thumb Industries SUB VOT ORD		992,000	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		24,320,420		24,304,000		(16,420	)
Harvest Health And Recreation ORD		4,733,963	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		10,232,524		10,225,360		(7,164	)
Indus Holdings SUB VOT ORD		1,568,631	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		1,789,441		1,788,239		(1,202	)
Jushi Holdings CL B SUB VOT ORD		1,755,000	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		10,290,560		10,284,300		(6,260	)
Planet 13 Holdings ORD		1,692,000	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		9,457,307		9,466,740		9,433
Terrascend ORD		1,609,999	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		16,190,949		16,180,490		(10,459	)
Trulieve Cannabis ORD		705,379	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		22,320,243		22,304,084		(16,159	)
Vext Science ORD		1,050,000	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		809,580		809,340		(240	)
Vireo Health International ORD		1,690,230	1-month USD LIBOR + 1.00%	Monthly	9/03/2021		2,502,530		2,500,696		(1,834	)
Net Unrealized Depreciation										$	(102,905	)

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, 2020, cash in the amount of $53,520,000 has been segregated as collateral from the broker for Swap contracts.

See accompanying Notes to Financial Statements.

ADVISORSHARES Q DYNAMIC GROWTH ETF

Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 98.7%

Commodity Fund — 5.9%
SPDR Gold Shares*		533	$	95,066

Equity Fund — 92.8%
Invesco Nasdaq Internet ETF*		1,131		258,094
Invesco QQQ Trust Series 1		1,872		587,321
iShares Russell 2000 Growth ETF		728		208,718
Technology Select Sector SPDR Fund		3,484		452,990
Total Equity Fund				1,507,123
Total Exchange Traded Funds (Cost $1,602,451)				1,602,189

MONEY MARKET FUND — 0.5%
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%^(a) (Cost $8,716)		8,716		8,716
Total Investments — 99.2% (Cost $1,611,167)				1,610,905
Other Assets in Excess of Liabilities — 0.8%				13,792
Net Assets — 100.0%			$	1,624,697

ETF — Exchange Traded Fund

Non-income producing security.

(a)

Rate shown reflects the 7-day yield as of December 31, 2020.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	1,602,189	$	—	$	—	$	1,602,189
Money Market Fund		8,716		—		—		8,716
Total	$	1,610,905	$	—	$	—	$	1,610,905

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net
	Assets
Commodity Fund		5.9	%
Equity Fund		92.8
Money Market Fund		0.5
Total Investments		99.2
Other Assets in Excess of Liabilities		0.8
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES Q PORTFOLIO BLENDED ALLOCATION ETF

Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 97.4%

Commodity Fund — 12.3%
SPDR Gold Shares*		1,118	$	199,407

Debt Fund — 34.9%
iShares 20+ Year Treasury Bond ETF		2,353		371,139
Vanguard Extended Duration Treasury ETF		1,300		197,990
Total Debt Fund				569,129

Equity Fund — 50.2%
Invesco Nasdaq Internet ETF*		650		148,330
Invesco QQQ Trust Series 1		1,079		338,525
iShares Russell 2000 Growth ETF		247		70,815
Technology Select Sector SPDR Fund		2,002		260,300
Total Equity Fund				817,970
Total Exchange Traded Funds (Cost $1,584,120)				1,586,506

MONEY MARKET FUND — 1.0%
Fidelity Investments Money Market Government Portfolio — Class I, 0.01%^(a) (Cost $16,378) 16,378		16,378		16,378
Total Investments — 98.4% (Cost $1,600,498)				1,602,884
Other Assets in Excess of Liabilities —1.6%				26,099
Net Assets — 100.0%			$	1,628,983

ETF — Exchange Traded Fund

Non-income producing security.

(a)

Rate shown reflects the 7-day yield as of December 31, 2020.

Fair Value Measurements

Assets	Level1		Level 2		Level 3		Total
Exchange Traded Funds	$	1,586,506	$	—	$	—	$	1,586,506
Money Market Fund		16,378		—		—		16,378
Total	$	1,602,884	$	—	$	—	$	1,602,884

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net
	Assets
Commodity Fund		12.3	%
Debt Fund		34.9
Equity Fund		50.2
Money Market Fund		1.0
Total Investments		98.4
Other Assets in Excess of Liabilities		1.6
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments

December 31, 2020 (Unaudited)

Investment	Shares			Value
EXCHANGE TRADED FUND—49.9%

Debt Fund — 49.9%
AdvisorShares Sage Core Reserves ETF^† (Cost $29,828,999)		300,000		$	29,724,000

MONEY MARKET FUNDS — 188.8%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.01%^(a)		112,086,867			112,086,867
Fidelity Institutional Money Market Government Portfolio - Class III, 0.01%^(a)		449,786			449,786
Total Money Market Funds (Cost $112,536,653)					112,536,653
Total Investments Before Securities Sold, Not Yet Purchased (Cost $142,365,652)					142,260,653

Securities Sold, Not Yet Purchased — (103.2)%^(b)

COMMON STOCKS — (103.2)%

Advertising — (2.1)%
Omnicom Group, Inc.		(20,000	)		(1,247,400	)

Apparel — (2.7)%
Hanesbrands, Inc.		(110,000	)		(1,603,800	)

Auto Parts & Equipment — (1.3)%
BorgWarner, Inc.		(20,000	)		(772,800	)

Banks — (4.1)%
Citigroup, Inc.		(25,000	)		(1,541,500	)
Wells Fargo & Co.		(29,069	)		(877,303	)
Total Banks					(2,418,803	)

Chemicals — (2.2)%
International Flavors & Fragrances, Inc.		(12,000	)		(1,306,080	)

Commercial Services — (1.3)%
Rollins, Inc.		(20,000	)		(781,400	)

Computers — (4.7)%
Fortinet, Inc.*		(10,000	)		(1,485,300	)
Ping Identity Holding Corp.*		(45,000	)		(1,288,800	)
Total Computers					(2,774,100	)

Investments	Shares			Value
COMMON STOCKS (continued)

Diversified Financial Services — (5.2)%
Credit Acceptance Corp.*		(5,000	)	$	(1,730,700	)
LexinFintech Holdings Ltd. (China)*^(c)		(200,000	)		(1,340,000	)
Total Diversified Financial Services					(3,070,700	)

Electric — (3.5)%
Alliant Energy Corp.		(20,000	)		(1,030,600	)
FirstEnergy Corp.		(35,000	)		(1,071,350	)
Total Electric					(2,101,950	)

Electronics — (3.5)%
Plexus Corp.*		(15,000	)		(1,173,150	)
Vicor Corp.*		(10,000	)		(922,200	)
Total Electronics					(2,095,350	)

Engineering & Construction — (2.5)%
Dycom Industries, Inc.*		(20,000	)		(1,510,400	)

Food — (1.6)%
Kellogg Co.		(15,000	)		(933,450	)

Healthcare - Services — (2.3)%
Teladoc Health, Inc.*		(7,000	)		(1,399,720	)

Home Builders — (1.7)%
D.R. Horton, Inc.		(15,000	)		(1,033,800	)

Home Furnishings — (4.1)%
Whirlpool Corp.		(13,700	)		(2,472,713	)

Insurance — (2.4)%
eHealth, Inc.*		(20,000	)		(1,412,200	)

Internet — (2.9)%
Momo, Inc. (China)^(c)		(50,000	)		(698,000	)
NortonLifeLock, Inc.		(50,000	)		(1,039,000	)
Total Internet					(1,737,000	)

Iron / Steel — (2.1)%
Commercial Metals Co.		(60,000	)		(1,232,400	)

Oil & Gas — (2.0)%
Cabot Oil & Gas Corp.		(75,000	)		(1,221,000	)

Pharmaceuticals — (1.5)%
Prestige Consumer Healthcare, Inc.*		(25,000	)		(871,750	)

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)

REITS — (3.2)%
Digital Realty Trust, Inc.		(7,000	)	$	(976,570	)
Realty Income Corp.		(15,000	)		(932,550	)
Total REITS					(1,909,120	)

Retail — (9.4)%
Domino’s Pizza, Inc.		(3,000	)		(1,150,380	)
FirstCash, Inc.		(40,000	)		(2,801,600	)
Ollie’s Bargain Outlet Holdings, Inc.*		(20,000	)		(1,635,400	)
Total Retail					(5,587,380	)

Software — (25.5)%
Akamai Technologies, Inc.*		(15,000	)		(1,574,850	)
Alteryx, Inc., Class A*		(10,056	)		(1,224,720	)
Arco Platform Ltd., Class A (Brazil)*		(44,000	)		(1,561,560	)
Blackbaud, Inc.		(32,398	)		(1,864,829	)
Citrix Systems, Inc.		(14,000	)		(1,821,400	)
CSG Systems International, Inc.		(35,000	)		(1,577,450	)
Everbridge, Inc.*		(12,000	)		(1,788,840	)
SAP SE (Germany)^(c)		(10,000	)		(1,303,900	)
Teradata Corp.*		(50,000	)		(1,123,500	)
Veeva Systems, Inc., Class A*		(5,000	)		(1,361,250	)
Total Software					(15,202,299	)

Telecommunications — (9.8)%
AudioCodes Ltd. (Israel)		(25,000	)		(688,750	)
Ciena Corp.*		(25,000	)		(1,321,250	)
Juniper Networks, Inc.		(25,000	)		(562,750	)
Plantronics, Inc.		(50,000	)		(1,351,500	)
Telephone and Data Systems, Inc.		(50,000	)		(928,500	)
ViaSat, Inc.*		(30,000	)		(979,500	)
Total Telecommunications					(5,832,250	)

Transportation — (1.6)%
Werner Enterprises, Inc.		(25,000	)		(980,500	)

Total Securities Sold, Not Yet Purchased [Proceeds Received $(58,326,226)]					(61,508,365	)
Total Investments — 135.5% (Cost $84,039,426)					80,752,288
Liabilities in Excess of Other Assets — (35.5%)					(21,161,323	)
Net Assets — 100.0%				$	59,590,965

ETF — Exchange Traded Fund

REITS — Real Estate Investment Trusts

Non-income producing security.

†

Affiliated Company.

(a)

Rate shown reflects the 7-day yield as of December 31, 2020.

(b)

As of December 31, 2020 cash in the amount of $7,856,520 has been segregated as collateral from the broker for securities sold short.

(c)

American Depositary Receipt.

See accompanying Notes to Financial Statements.

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	29,724,000	$	—	$	—	$	29,724,000
Money Market Funds		112,536,653		—		—		112,536,653
Total	$	142,260,653	$	—	$	—	$	142,260,653

Liabilities	Level 1			Level 2		Level 3		Total
Common Stocks	$	(61,508,365	)	$	—	$	—	$	(61,508,365	)
Total	$	(61,508,365	)	$	—	$	—	$	(61,508,365	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		(2.1	)%
Apparel		(2.7	)
Auto Parts & Equipment		(1.3	)
Banks		(4.1	)
Chemicals		(2.2	)
Commercial Services		(1.3	)
Computers		(4.7	)
Debt Fund		49.9
Diversified Financial Services		(5.2	)
Electric		(3.5	)
Electronics		(3.5	)
Engineering & Construction		(2.5	)
Food		(1.6	)
Healthcare - Services		(2.3	)
Home Builders		(1.7	)

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)

	% of Net Assets
Home Furnishings		(4.1	)%
Insurance		(2.4	)
Internet		(2.9	)
Iron / Steel		(2.1	)
Oil & Gas		(2.0	)
Pharmaceuticals		(1.5	)
REITS		(3.2	)
Retail		(9.4	)
Software		(25.5	)
Telecommunications		(9.8	)
Transportation		(1.6	)
Money Market Funds		188.8
Total Investments		135.5
Liabilities in Excess of Other Assets		(35.5	)
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, 2020 were as follows:

Affiliated Fund Name		Value at 6/30/2020				Purchases/ Additions				Sales/ Reductions				Realized Gain (Loss)				Change in Unrealized Gain (Loss)				Number of Shares at 12/31/2020				Value at 12/31/2020				Dividend Income
AdvisorShares Sage Core Reserves ETF		$	63,930,750			$	—			$	(34,560,286	)		$	(290,214	)		$	643,750				300,000			$	29,724,000			$	269,774

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS — 63.2%

Airlines — 0.8%
Delta Air Lines, Inc., 3.40%, 04/19/21	$	434,000	$	436,869

Auto Manufacturers — 2.0%
General Motors Financial Co., Inc., 4.38%, 09/25/21		1,090,000		1,119,594

Banks — 10.3%
Bank of America Corp., Series MTN, 3.50%, (3-Month USD LIBOR + 0.63%), 05/17/22^@		1,384,000		1,400,451
Citigroup, Inc., 1.17%, (3-Month USD LIBOR + 0.96%), 04/25/22^@		1,022,000		1,031,298
Citigroup, Inc., 2.31%, (SOFR + 0.87%), 11/04/22^@		541,000		549,735
Goldman Sachs Group, Inc. (The), 2.88%, (3-Month USD LIBOR + 0.82%), 10/31/22^@		723,000		737,763
Manufacturers & Traders Trust Co., Series BKNT, 0.48%, (3-Month USD LIBOR + 0.27%), 01/25/21^@		520,000		520,088
Wells Fargo & Co., 3.07%, 01/24/23		1,550,000		1,594,489
Total Banks				5,833,824

Beverages — 1.5%
Constellation Brands, Inc., 2.70%, 05/09/22		803,000		826,149

Biotechnology — 1.0%
Biogen, Inc., 3.63%, 09/15/22		531,000		559,990

Commercial Services — 2.0%
Equifax, Inc., 3.60%, 08/15/21		575,000		585,858
Equifax, Inc., 1.09%, (3-Month USD LIBOR + 0.87%), 08/15/21^@		570,000		571,822
Total Commercial Services				1,157,680

Computers — 0.9%
Dell, Inc., 4.63%, 04/01/21		524,000		529,174

Investments	Principal		Value
CORPORATE BONDS (continued)

Diversified Financial Services — 6.5%
Air Lease Corp., 3.50%, 01/15/22	$	1,389,000	$	1,429,651
American Express Co., 0.84%, (3-Month USD LIBOR + 0.62%), 05/20/22^@		1,609,000		1,619,498
Aviation Capital Group LLC, 0.88%, (3-Month USD LIBOR + 0.67%), 07/30/21^@‡		270,000		267,503
OneMain Finance Corp., 7.75%, 10/01/21		379,000		399,371
Total Diversified Financial Services				3,716,023

Electric — 6.2%
Dominion Energy, Inc., 2.72%, 08/15/21^#		1,141,000		1,155,359
Edison International, 2.40%, 09/15/22		1,159,000		1,185,262
Entergy Corp., 4.00%, 07/15/22		841,000		882,073
Sempra Energy, 0.67%, (3-Month USD LIBOR + 0.45%), 03/15/21^@		310,000		310,205
Total Electric				3,532,899

Gas — 1.4%
Southern California Gas Co., 0.57%, (3-Month USD LIBOR + 0.35%), 09/14/23^@		798,000		798,181

Healthcare - Products — 0.9%
Boston Scientific Corp., 3.38%, 05/15/22		256,000		266,721
Zimmer Biomet Holdings, Inc., 0.99%, (3-Month USD LIBOR + 0.75%), 03/19/21^@		228,000		228,005
Total Healthcare - Products				494,726

Healthcare - Services — 0.5%
Molina Healthcare, Inc., 5.38%, 11/15/22		265,000		281,066

Home Builders — 0.8%
Lennar Corp., 4.13%, 01/15/22		436,000		447,173

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)

Investment Companies — 2.1%
Ares Capital Corp., 3.63%, 01/19/22	$	1,131,000	$	1,163,510

Media — 2.7%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.46%, 07/23/22		500,000		527,264
DISH DBS Corp., 6.75%, 06/01/21		484,000		494,266
Time Warner Cable LLC, 4.00%, 09/01/21		522,000		529,463
Total Media				1,550,993

Mining — 0.9%
Freeport-McMoRan, Inc., 3.55%, 03/01/22^(a)		527,000		537,395
Oil & Gas — 1.7%
Phillips 66, 0.83%, (3-Month USD LIBOR + 0.60%), 02/26/21^@		970,000		970,116

Oil & Gas Services — 1.0%
Halliburton Co., 3.25%, 11/15/21		579,000		588,963

Pharmaceuticals — 6.0%
AbbVie, Inc., 2.90%, 11/06/22		534,000		558,808
Becton Dickinson and Co., 2.89%, 06/06/22		822,000		849,817
Cigna Corp., 3.90%, 02/15/22		668,000		694,206
Elanco Animal Health, Inc., 4.91%, 08/27/21		288,000		295,020
Utah Acquisition Sub, Inc., 3.15%, 06/15/21		1,019,000		1,028,887
Total Pharmaceuticals				3,426,738

Pipelines — 5.7%
Energy Transfer Operating LP, 4.65%, 06/01/21		697,000		702,286
Kinder Morgan Energy Partners LP, 3.50%, 03/01/21		826,000		826,000
NGPL PipeCo LLC, 4.38%, 08/15/22^‡		465,000		484,715
Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 06/01/22		1,182,000		1,217,422
Total Pipelines				3,230,423

Investments	Principal		Value
CORPORATE BONDS (continued)

REITS — 1.8%
Kimco Realty Corp., 3.40%, 11/01/22	$	982,000	$	1,031,460

Retail — 1.0%
QVC, Inc., 4.38%, 03/15/23		535,000		562,419

Semiconductors — 1.9%
Broadcom, Inc., 3.13%, 10/15/22		1,021,000		1,068,924

Software — 2.1%
VMware, Inc., 2.95%, 08/21/22		1,135,000		1,177,753

Telecommunications — 1.5%
Qwest Corp., 6.75%, 12/01/21		510,000		533,855
Sprint Corp., 7.25%, 09/15/21		284,000		295,857
Total Telecommunications				829,712

Total Corporate Bonds (Cost $35,679,682)				35,871,754

ASSET BACKED SECURITIES — 13.3%

Diversified Financial Services — 13.3%
Ally Master Owner Trust, Class A, Series 2018-2, 3.29%, 05/15/23		1,085,000		1,097,097
Carmax Auto Owner Trust, Class A2A, Series 2019-2, 2.69%, 07/15/22		261,809		262,373
First National Master Note Trust, Class A, Series 2018-1, 0.62%, (1-Month USD LIBOR + 0.46%), 10/15/24^@		665,000		666,113
Ford Credit Floorplan Master Owner Trust A, Class A, Series 2017-3, 2.48%, 09/15/24		565,000		586,015
GM Financial Consumer Automobile Receivables Trust, Class B, Series 2017-3A, 2.33%, 03/16/23^‡		735,000		742,663
Hyundai Auto Receivables Trust, Class A2, Series 2020-C, 0.26%, 09/15/23		1,000,000		1,000,438

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)

Hyundai Auto Receivables Trust, Class B, Series 2016-B, 1.82%, 11/15/22	$	113,808	$	113,881
Santander Drive Auto Receivables Trust, Class C, Series 2017-3, 2.76%, 12/15/22		99,604		99,768
SoFi Consumer Loan Program Trust, Class A, Series 2020-1, 2.02%, 01/25/29^‡		294,095		297,248
Verizon Owner Trust, Class A1A, Series 2019-A, 2.93%, 09/20/23		1,277,000		1,302,086
World Financial Network Credit Card Master Trust, Class A, Series 2019-B, 2.49%, 04/15/26		535,000		551,582
World Omni Auto Receivables Trust, Class A2, Series 2020-A, 1.71%, 11/15/22		854,084		861,851
Total Asset Backed Securities (Cost $7,554,335)				7,581,115

U.S. TREASURY NOTES — 12.0%
U.S. Treasury Note, 1.38%, 04/30/21^(a)		2,649,000		2,659,847
U.S. Treasury Note, 1.25%, 10/31/21		1,164,000		1,174,918
U.S. Treasury Note, 0.20%, 04/30/22^@		2,983,000		2,985,756
Total U.S. Treasury Notes (Cost $6,819,190)				6,820,521

FOREIGN BONDS — 7.3%

Auto Manufacturers — 1.4%
Daimler Finance North America LLC, 0.66%, (3-Month USD LIBOR + 0.45%), 02/22/21 (Germany)^@‡		780,000		780,375

Banks — 1.4%
Sumitomo Mitsui Financial Group, Inc., 1.91%, (3-Month USD LIBOR + 1.68%), 03/09/21 (Japan)^@		795,000		797,254

Oil & Gas — 2.5%
Ecopetrol SA, 5.88%, 09/18/23 (Colombia)		795,000		888,619
Petroleos Mexicanos, 5.50%, 01/21/21 (Mexico)		530,000		532,120
Total Oil & Gas				1,420,739

Investments	Principal/Shares		Value
FOREIGN BONDS (continued)

Pharmaceuticals — 2.0%
Bayer US Finance II LLC, 0.88%, (3-Month USD LIBOR + 0.63%), 06/25/21 (Germany)^@‡	$	260,000	$	260,540
Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 07/21/21 (Israel)		895,000		894,441
Total Pharmaceuticals				1,154,981

Total Foreign Bonds (Cost $4,115,719)				4,153,349

MORTGAGE BACKED SECURITIES — 0.9%

Commercial Mortgage Backed Securities — 0.9%
Fannie Mae - Aces, Class A1, Series 2016-M1, 2.43%, 01/25/26		29,453		29,588
Mello Warehouse
Securitization Trust, Class A, Series
2020-1, 1.05%, (1-Month USD LIBOR + 0.90%), 10/25/53^@‡		455,000		455,987

Total Mortgage Backed Securities (Cost $485,730)				485,575

MONEY MARKET FUND — 1.9%
JPMorgan U.S. Government Money Market Fund — Institutional Class, 0.03%^(b) (Cost $1,097,265)		1,097,265		1,097,265
Total Investments — 98.6% (Cost $55,751,921)				56,009,579
Other Assets in Excess of Liabilities — 1.4%				796,840
Net Assets — 100.0%			$	56,806,419

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

REITS — Real Estate Investment Trusts

SOFR — Secured Overnight Financing Rate

Represents step coupon bond. Rate shown reflects the rate in effect at December 31, 2020.

Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2020.

^‡

Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to

See accompanying Notes to Financial Statements.

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

December 31, 2020 (Unaudited)

that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,829,984; the aggregate market value of the collateral held by the fund is $2,899,609. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,899,609.

(b)

Rate shown reflects the 7-day yield as of December 31, 2020.

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	35,871,754	$	—	$	35,871,754
Asset Backed Securities		—		7,581,115		—		7,581,115
U.S. Treasury Notes		—		6,820,521		—		6,820,521
Foreign Bonds		—		4,153,349		—		4,153,349
Mortgage Backed Securities		—		485,575		—		485,575
Money Market Fund		1,097,265		—		—		1,097,265
Total	$	1,097,265	$	54,912,314	$	—	$	56,009,579

SUMMARY OF SCHEDULE OF INVESTMENTS
	% of Net Assets
Airlines		0.8	%
Auto Manufacturers		3.4
Banks		11.7
Beverages		1.5
Biotechnology		1.0
Commercial Mortgage Backed Securities		0.9
Commercial Services		2.0
Computers		0.9
Diversified Financial Services		19.8
Electric		6.2
Gas		1.4
Healthcare - Products		0.9
Healthcare - Services		0.5
Home Builders		0.8
Investment Companies		2.1
Media		2.7

SUMMARY OF SCHEDULE OF INVESTMENTS (continued)
	% of Net Assets
Mining		0.9	%
Oil & Gas		4.2
Oil & Gas Services		1.0
Pharmaceuticals		8.0
Pipelines		5.7
REITS		1.8
Retail		1.0
Semiconductors		1.9
Software		2.1
Telecommunications		1.5
U.S. Treasury Note		12.0
Money Market Fund		1.9
Total Investments		98.6
Other Assets in Excess of Liabilities		1.4
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 93.2%
Debt Fund — 16.8%
First Trust Low Duration Opportunities ETF^(a)		8,295	$	426,944
iShares Core U.S. Aggregate Bond ETF^(a)		3,668		433,521
iShares Short-Term Corporate Bond ETF^(a)		7,984		440,477
JPMorgan Ultra-Short Income ETF^(a)		8,518		432,629
PIMCO Enhanced Short
Maturity Active ETF^(a)		4,258		434,486
Total Debt Fund				2,168,057

Equity Fund — 76.4%
Communication Services Select Sector SPDR Fund		7,767		524,117
Consumer Staples Select Sector SPDR Fund		6,591		444,563
Health Care Select Sector SPDR Fund^(a)		5,680		644,339
iShares MSCI EAFE ETF		9,772		712,965
SPDR S&P 500 ETF Trust		17,724		6,626,649
Technology Select Sector SPDR Fund		4,041		525,411
X-trackers MSCI Europe Hedged Equity ETF		12,291		367,747
Total Equity Fund				9,845,791
Total Exchange Traded Funds (Cost $8,487,762)				12,013,848

MONEY MARKET FUND — 6.9%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.01%^(b) (Cost $892,037)		892,037		892,037

Investments	Notional Amount			Contracts			Value
PURCHASED PUT OPTION — 0.1%

SPDR S&P 500 ETF Trust, expiring 04/16/21, Strike Price $300.00 (Cost $19,129)	$	1,320,000			44		$	13,552
Total Investments Before Written
Options — 100.2% (Cost $9,398,928)								12,919,437

WRITTEN CALL OPTION — (0.1)%
SPDR S&P 500 ETF Trust, expiring 01/15/21, Strike Price $385.00		(4,081,000	)		(106	)		(9,805	)
[Premium Received $(10,710)]
Total Investments — 100.1% (Cost $9,388,218)								12,909,632
Liabilities in Excess of Other Assets — (0.1%)								(15,148	)
Net Assets — 100.0%							$	12,894,484

ETF - Exchange Traded Fund

(a)

All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $2,582,236 as of December 31, 2020.

(b)

Rate shown reflects the 7-day yield as of December 31, 2020.

See accompanying Notes to Financial Statements.

ADVISORSHARES STAR GLOBAL BUY-WRITE ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	12,013,848	$	—	$	—	$	12,013,848
Purchased Put Option		13,552		—		—		13,552
Money Market Funds		892,037		—		—		892,037
Total	$	12,919,437	$	—	$	—	$	12,919,437

Liabilities	Level 1			Level 2		Level 3		Total
Written Call Option	$	(9,805	)	$	—	$	—	$	(9,805	)
Total	$	(9,805	)	$	—	$	—	$	(9,805	)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund		16.8	%
Equity Fund		76.4
Purchased Put Option		0.1
Written Call Option		(0.1	)
Money Market Fund		6.9
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES VICE ETF
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.6%

Agriculture — 15.3%
Altria Group, Inc.		4,178	$	171,298
British American Tobacco PLC (United Kingdom)^(a)		3,160		118,468
Imperial Brands PLC (United Kingdom)^(a)		8,142		171,145
Philip Morris International, Inc.		2,513		208,051
Turning Point Brands, Inc.		15,664		697,988
Universal Corp.		2,204		107,137
Vector Group Ltd.		13,977		162,832
Total Agriculture				1,636,919

Apparel — 5.4%
LVMH Moet Hennessy Louis Vuitton SE (France)^(a)		4,685		584,360

Beverages — 21.4%
Anheuser-Busch InBev SA/NV (Belgium)^(a)(b)		1,926		134,647
Boston Beer Co., Inc. (The), Class A*		1,094		1,087,753
Brown-Forman Corp., Class B		3,098		246,074
Constellation Brands, Inc., Class A		932		204,155
Diageo PLC (United Kingdom)(a)		1,084		172,150
MGP Ingredients, Inc.		2,610		122,827
Molson Coors Beverage Co., Class B		4,853		219,307
Pernod Ricard SA (France)^(a)		2,918		111,905
Total Beverages				2,298,818

Electronics — 5.1%
Turtle Beach Corp.*		25,200		543,060

Entertainment — 10.4%
Monarch Casino & Resort, Inc.*		7,280		445,681
Penn National Gaming, Inc.*^(b)		5,040		435,305
RCI Hospitality Holdings, Inc.		5,839		230,290
Total Entertainment				1,111,276

Lodging — 2.3%
Boyd Gaming Corp.*		5,786		248,335

REITS — 7.2%
Gaming and Leisure Properties, Inc.		9,066		384,398
VICI Properties, Inc.		15,213		387,932
Total REITS				772,330

Investments	Shares		Value
COMMON STOCKS (continued)

Retail — 21.9%
Brinker International, Inc.		9,706	$	549,069
Chuy’s Holdings, Inc.*		8,866		234,860
Del Taco Restaurants, Inc.*		44,799		405,879
Domino’s Pizza, Inc.		467		179,076
Jack in the Box, Inc.		2,520		233,856
McDonald’s Corp.		840		180,247
Ruth’s Hospitality Group, Inc.		15,866		281,304
Wingstop, Inc.		747		99,015
Yum China Holdings, Inc. (China)		3,360		191,822
Total Retail				2,355,128

Semiconductors — 4.1%
NVIDIA Corp.		840		438,648

Software — 6.5%
Activision Blizzard, Inc.		5,600		519,960
Take-Two Interactive Software, Inc.*		840		174,544
Total Software				694,504

Total Common Stocks (Cost $8,501,316)				10,683,378

MONEY MARKET FUND — 0.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.01%^(c) (Cost $34,875)		34,875		34,875
Total Investments — 99.9% (Cost $8,536,191)				10,718,253
Other Assets in Excess of Liabilities — 0.1%				9,491
Net Assets — 100.0%			$	10,727,744

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

*	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 $545,428; the aggregate market value of the collateral held by the fund is $562,109. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $562,109.

(c)

Rate shown reflects the 7-day yield as of December 31, 2020.

See accompanying Notes to Financial Statements.

ADVISORSHARES VICE ETF

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Fair Value Measurements

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	10,683,378	$	—	$	—	$	10,683,378
Money Market Funds		34,875		—		—		34,875
Total	$	10,718,253	$	—	$	—	$	10,718,253

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture		15.3	%
Apparel		5.4
Beverages		21.4
Electronics		5.1
Entertainment		10.4
Lodging		2.3
REITS		7.2
Retail		21.9
Semiconductors		4.1
Software		6.5
Money Market Fund		0.3
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2020 (Unaudited)

	AdvisorShares Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF		AdvisorShares Dorsey Wright FSM All Cap World ETF
ASSETS
Investments, at Cost	$	55,253,287		$	61,629,599	$	56,086,165
Investments in Affiliates, at Cost (Note 8)		—			—		59,381,662
Repurchase Agreements, at Cost (Note 2)		3,019,549			—		—
Total Cost of Investments		58,272,836			61,629,599		115,467,827
Investments, at Market Value (including securities on loan) (Note 2)^(a)		79,460,491			72,998,026		65,779,777
Investments in Affiliates, at Market Value (Note 8)		—			—		68,919,084
Repurchase Agreements, at Market Value (Note 2)		3,019,549			—		—
Total Market Value of Investments		82,480,040			72,998,026		134,698,861
Cash		—			6,281		251
Cash collateral held at brokers		—			—		—
Dividends and Interest Receivable		6,584			10,853		602
Receivable from Securities Sold		—			—		—
Reclaim Receivable		27,243			—		—
Due from Investment Advisor		—			—		—
Prepaid CCO Fees		—			248		544
Prepaid Expenses		642			2,031		9,364
Total Assets		82,514,509			73,017,439		134,709,622
LIABILITIES
Cash collateral for securities on loan^(b)		3,065,549			—		—
Advisory Fees Payable		55,270			49,538		81,980
Trustee Fees Payable		1,094			816		822
Securities Sold, Not Yet Purchased^(c)		—			—		—
Payable for Securities Purchased		—			—		—
CCO Fees Payable		149			—		—
Due to Custodian		622			—		—
Dividend Payable on Securities Sold, Not Yet Purchased		—			—		—
Accrued Expenses		59,347			20,703		20,746
Total Liabilities		3,182,031			71,057		103,548
NET ASSETS	$	79,332,478		$	72,946,382	$	134,606,074
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	110,882,957		$	62,702,440	$	99,390,761
Total Distributable Earnings / Accumulated (Loss)		(31,550,479	)		10,243,942		35,215,313
NET ASSETS	$	79,332,478		$	72,946,382	$	134,606,074
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		1,300,000			2,625,000		3,625,000
Net Asset Value (NAV) Per Share	$	61.02		$	27.79	$	37.13

(a) Market value of securities on loan	$	9,431,803		$	3,282,123	$	—
(b) Non-cash collateral for securities on loan	$	6,661,673		$	3,434,726	$	—
(c) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—	$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2020 (Unaudited)

AdvisorShares Dorsey Wright FSM US Core ETF		AdvisorShares Dorsey Wright Micro-Cap ETF			AdvisorShares Dorsey Wright Short ETF			AdvisorShares DoubleLine Value Equity ETF			AdvisorShares Focused Equity ETF		AdvisorShares FolioBeyond Smart Core Bond ETF

$	57,171,827	$	2,026,323		$	27,415,477		$	37,934,452		$	17,230,788	$	5,790,877
	—		—			9,862,980			—			—		—
	798,344		207,105			—			—			—		2,363,468
	57,970,171		2,233,428			37,278,457			37,934,452			17,230,788		8,154,345
	72,816,796		2,930,726			27,415,477			45,877,221			23,648,801		5,924,812
	—		—			9,908,000			—			—		—
	798,344		207,105			—			—			—		2,363,468
	73,615,140		3,137,831			37,323,477			45,877,221			23,648,801		8,288,280
	159		5			312			124			—		23
	—		—			40,216,219			—			—		—
	2,575		1,119			9,556			66,972			9,925		2,386
	—		182,186			1,859,369			518,749			6,256,399		809,743
	—		—			—			—			—		—
	—		5,562			—			—			—		3,938
	53		—			—			—			—		—
	3,368		402			17,811			1,553			782		1,516
	73,621,295		3,327,105			79,426,744			46,464,619			29,915,907		9,105,886

	798,344		207,105			—			—			—		2,363,468
	49,336		—			25,905			24,028			2,221		—
	808		621			708			987			1,064		538
	—		—			37,541,770			—			—		—
	—		182,954			4,410,555			—			5,902,601		805,941
	—		83			1,418			73			8		78
	—		—			—			—			96,231		—
	—		—			86,268			—			—		—
	22,018		31,322			28,610			42,551			29,924		33,686
	870,506		422,085			42,095,234			67,639			6,032,049		3,203,711
$	72,750,789	$	2,905,020		$	37,331,510		$	46,396,980		$	23,883,858	$	5,902,175

$	56,801,944	$	2,914,418		$	116,555,658		$	68,668,530		$	17,140,724	$	6,772,876
	15,948,845		(9,398	)		(79,224,148	)		(22,271,550	)		6,743,134		(870,701	)
$	72,750,789	$	2,905,020		$	37,331,510		$	46,396,980		$	23,883,858	$	5,902,175

	2,125,000		100,000			3,250,000			575,000			550,000		225,000
$	34.24	$	29.05		$	11.49		$	80.69		$	43.43	$	26.23

$	16,690,341	$	303,682		$	—		$	658,618		$	1,054,202	$	2,710,957
$	16,200,653	$	101,227		$	—		$	675,026		$	1,076,527	$	404,978
$	—	$	—		$	43,067,080		$	—		$	—	$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2020 (Unaudited)

	AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares Pure Cannabis ETF			AdvisorShares Pure US Cannabis ETF
ASSETS
Investments, at Cost	$	52,936,277		$	118,543,666		$	149,834,440
Investments in Affiliates, at Cost (Note 8)		—			3,153,840			—
Repurchase Agreements, at Cost (Note 2)		402,375			17,977,807			876,516
Total Cost of Investments		53,338,652			139,675,313			150,710,956
Investments, at Market Value (including securities on loan) (Note 2)^(a)		54,064,513			123,867,536			156,376,681
Investments in Affiliates, at Market Value (Note 8)		—			2,590,434			—
Repurchase Agreements, at Market Value (Note 2)		402,375			17,977,807			876,516
Total Market Value of Investments		54,466,888			144,435,777			157,253,197
Cash		17,444			177			20
Cash collateral held at brokers		—			25,760,000			53,520,000
Unrealized Appreciation on Swaps Contracts		—			—			9,433
Dividends and Interest Receivable		202,899			6,217,467			13,560,779
Receivable from Securities Sold		134,748			498,388			—
Capital Shares Receivable		—			—			—
Reclaim Receivable		—			—			—
Due from Investment Advisor		—			—			—
Prepaid CCO Fees		—			638			—
Prepaid Expenses		1,485			17,411			118,333
Total Assets		54,823,464			176,929,858			224,461,762
LIABILITIES
Unrealized Depreciation on Swaps Contracts		—			54,132			112,338
Cash collateral for securities on loan^(b)		402,375			17,977,807			876,516
Advisory Fees Payable		16,582			75,534			84,065
Trustee Fees Payable		680			577			—
Securities Sold, Not Yet Purchased^(c)		—			—			—
Payable for Securities Purchased		444,783			1,950			—
Options Written, at value^(d)		—			—			—
Capital Shares Payable		—			—			—
CCO Fees Payable		556			—			1,935
Due to Custodian - Foreign Currency^(e)		—			2,782			—
Due to Broker		—			—			—
Dividend Payable on Securities Sold, Not Yet Purchased		—			—			—
Accrued Expenses		61,415			18,378			55,153
Total Liabilities		926,391			18,131,160			1,130,007
NET ASSETS	$	53,897,073		$	158,798,698		$	223,331,755
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	60,661,521		$	164,726,877		$	188,869,396
Total Distributable Earnings / Accumulated (Loss)		(6,764,448	)		(5,928,179	)		34,462,359
NET ASSETS	$	53,897,073		$	158,798,698		$	223,331,755
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		1,100,000			9,325,000			6,150,000
Net Asset Value (NAV) Per Share	$	49.00		$	17.03		$	36.31

(a) Market value of securities on loan	$	579,535		$	28,928,621		$	3,872,127
(b) Non-cash collateral for securities on loan	$	195,173		$	13,913,167		$	3,247,580
(c) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—		$	—
(d) Premiums received for options written	$	—		$	—		$	—
(e) Foreign currency at cost	$	—		$	(2,729	)	$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2020 (Unaudited)

AdvisorShares Q Dynamic Growth ETF			AdvisorShares Q Portfolio Blended Allocation ETF		AdvisorShares Ranger Equity Bear ETF			AdvisorShares Sage Core Reserves ETF			AdvisorShares STAR Global Buy-Write ETF		AdvisorShares Vice ETF

$	1,611,167		$	1,600,498	$	112,536,653		$	55,751,921		$	9,398,928	$	8,536,191
	—			—		29,828,999			—			—		—
	—			—		—			—			—		—
	1,611,167			1,600,498		142,365,652			55,751,921			9,398,928		8,536,191

	1,610,905			1,602,884		112,536,653			56,009,579			12,919,437		10,718,253
	—			—		29,724,000			—			—		—
	—			—		—			—			—		—
	1,610,905			1,602,884		142,260,653			56,009,579			12,919,437		10,718,253
	—			—		427			327			784		29
	—			—		7,856,520			500,000			—		—
	—			—		—			—			—		—
	—			—		5,982			335,890			28,639		26,646
	—			—		3,182,475			—			—		—
	1,000,034			1,001,648		—			—			—		—
	—			—		—			—			—		2,609
	952			976		—			—			—		—
	—			—		—			—			—		—
	—			—		7,960			5,008			4,530		12,553
	2,611,891			2,605,508		153,314,017			56,850,804			12,953,390		10,760,090

	—			—		—			—			—		—
	—			—		—			—			—		—
	—			—		85,826			1,229			10,091		174
	53			53		869			747			893		684
	—			—		61,508,365			—			—		—
	986,167			975,498		5,509,049			—			—		—
	—			—		—			—			9,805		—
	—			—		2,887,473			—			—		—
	46			46		2,243			102			99		136
	—			—		—			—			—		—
	—			—		23,534,765			—			9,677		—
	—			—		150,474			—			—		—
	928			928		43,988			42,307			28,341		31,352
	987,194			976,525		93,723,052			44,385			58,906		32,346
$	1,624,697		$	1,628,983	$	59,590,965		$	56,806,419		$	12,894,484	$	10,727,744

$	1,625,034		$	1,626,648	$	419,731,282		$	57,677,805		$	10,279,213	$	9,427,317
	(337	)		2,335		(360,140,317	)		(871,386	)		2,615,271		1,300,427
$	1,624,697		$	1,628,983	$	59,590,965		$	56,806,419		$	12,894,484	$	10,727,744

	65,000			65,000		19,625,000			575,000			350,000		350,000
$	25.00		$	25.06	$	3.04		$	98.79		$	36.84	$	30.65

$	—		$	—	$	—		$	2,829,984		$	—	$	545,428
$	—		$	—	$	—		$	2,899,609		$	—	$	562,109
$	—		$	—	$	58,326,226		$	—		$	—	$	—
$	—		$	—	$	—		$	—		$	10,710	$	—
$	—		$	—	$	—		$	—		$	—	$	—

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2020 (Unaudited)

	Advisor Share Dorsey Wright ADR ETF			AdvisorShares Dorsey Wright Alpha Equal Weight ETF			AdvisorShares Dorsey Wright FSM All Cap World ETF
INVESTMENT INCOME:
Dividend Income	$	422,131		$	100,245		$	78,627
Dividend Income from Affiliates		—			—			20,229
Securities lending income (net) (Note 2)		15,469			2,592			28,742
Foreign withholding tax		(41,246	)		—			—
Total Investment Income		396,354			102,837			127,598

EXPENSES:
Advisory Fees		294,158			203,354			370,070
Accounting & Administration Fees		32,060			7,864			7,864
Professional Fees		21,173			15,125			20,292
Exchange Listing Fees		4,662			696			1,295
Custody Fees		3,295			2,688			3,904
Report to Shareholders		14,115			4,738			4,184
Trustee Fees		3,025			3,025			3,025
CCO Fees		4,782			2,467			4,576
Pricing Fees		2,017			2,017			2,017
Transfer Agent Fees		2,942			2,033			3,701
Insurance Fees		3,932			1,513			1,513
Interest on Securities Sold, Not Yet Purchased		—			—			—
Dividend Expense		—			—			—
Organizational Fees		—			9,908			9,336
Miscellaneous Fees		5,042			1,008			1,008
Total Expenses		391,203			256,436			432,785

Advisory Fees Waived/Recoupment		40,228			11,989			22,184
Expense Reimbursement		—			—			—
Net Expenses		431,431			268,425			454,969
Net Investment Income (Loss)		(35,077	)		(165,588	)		(327,371	)

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		1,893,578			8,558,423			2,140,220
Investments in Affiliates		—			—			12,432
In-Kind Redemptions		5,253,327			—			14,347,627
Short Sales		—			—			—
Distributions by other Investment Companies		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,682,044			8,055,643			5,337,715
Investments in Affiliates		—			—			9,537,422
Short Sales		—			—			—
Net Realized and Unrealized Gain (Loss)		10,828,949			16,614,066			31,375,416
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,793,872		$	16,448,478		$	31,048,045

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2020 (Unaudited)

AdvisorShares Dorsey Wright FSMUS Core ETF			AdvisorShares Dorsey Wright Micro-Cap ETF			AdvisorShares Dorsey Wright Short ETF			AdvisorShares Double Line Value Equity ETF			AdvisorShares Focused Equity ETF			AdvisorShares Folio Beyond Smart Core Bond ETF

$	215,635		$	7,568		$	15,070		$	466,403		$	98,789		$	98,603
	—			—			127,760			—			—			—
	13,960			3,680			—			154			581			9,605
	—			(81	)		—			(1,466	)		—			—
	229,595			11,167			142,830			465,091			99,370			108,208


	217,867			7,816			337,899			155,344			70,200			18,724
	7,864			32,060			31,941			31,002			30,901			30,700
	16,133			9,452			26,593			15,754			12,350			10,713
	823			40			2,026			4,663			4,662			4,663
	2,381			1,892			3,561			2,572			895			785
	4,184			756			4,234			6,554			2,521			1,008
	3,025			3,025			3,025			3,025			3,025			3,025
	2,880			155			7,147			2,570			1,235			513
	2,017			2,017			2,017			3,025			2,017			3,025
	2,179			78			3,379			1,664			794			281
	1,512			151			1,110			2,118			655			226
	—			—			240,396			—			—			—
	—			—			927,793			—			—			—
	9,336			—			—			—			—			—
	1,008			252			2,521			3,075			1,260			1,008
	271,209			57,694			1,593,642			231,366			130,515			74,671

	16,375			(7,816	)		—			(31,638	)		(60,315	)		(18,724	)
	—			(36,852	)		—			—			—			(20,372	)
	287,584			13,026			1,593,642			199,728			70,200			35,575
	(57,989	)		(1,859	)		(1,450,812	)		265,363			29,170			72,633



	9,673			147,594			—			1,746,241			209,296			22,465
	—			—			(191,765	)		—			—			—
	393,913			142,379			—			711,058			835,123			87,958
	—			—			(24,397,243	)		—			—			—
	—			—			—			—			—			20,844

	12,365,429			408,629			—			6,568,590			3,148,837			66,138
	—			—			283,900			—			—			—
	—			—			(13,592,296	)		—			—			—
	12,769,015			698,602			(37,897,404	)		9,025,889			4,193,256			197,405

$	12,711,026		$	696,743		$	(39,348,216	)	$	9,291,252		$	4,222,426		$	270,038

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2020 (Unaudited)

	AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares Pure Cannabis ETF			AdvisorShares Pure US Cannabis ETF⁽¹⁾
INVESTMENT INCOME:
Dividend Income	$	10,463		$	138,683		$	77,669
Dividend Income from Affiliates		—			—			—
Interest Income		783,511			—			—
Securities lending income (net) (Note 2)		215			813,551			38,391
Foreign withholding tax		—			—			—
Total Investment Income		794,189			952,234			116,060

EXPENSES:
Advisory Fees		144,258			230,890			132,672
Accounting & Administration Fees		48,696			15,741			9,385
Professional Fees		18,904			16,258			13,322
Exchange Listing Fees		4,662			4,663			3,706
Custody Fees		5,441			5,512			3,262
Report to Shareholders		9,075			16,485			2,004
Trustee Fees		3,025			3,025			2,137
CCO Fees		3,702			2,931			2,805
Pricing Fees		4,033			4,033			1,201
Transfer Agent Fees		2,164			2,886			1,659
Insurance Fees		2,672			2,066			1,683
Interest on Securities Sold, Not Yet Purchased		—			—			—
Dividend Expense		—			—			—
Organizational Fees		—			—			36,616
Miscellaneous Fees		3,781			2,773			400
Total Expenses		250,413			307,263			210,852

Advisory Fees Waived/Recoupment		(34,026	)		(22,500	)		(47,224	)
Expense Reimbursement		—			—			—
Net Expenses		216,387			284,763			163,628
Net Investment Income (Loss)		577,802			667,471			(47,568	)

REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		230,076			(6,847,980	)		(165,829	)
Investments in Affiliates		—			—			—
In-Kind Redemptions		—			—			50,313
Swaps		—			19,525,040			28,186,107
Short Sales		—			—			—
Foreign Currency Transactions		—			(1,757	)		—
Options Written		—			—			—
Distributions by other Investment Companies		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		849,626			28,093,547			6,542,241
Investments in Affiliates		—			298,607			—
Short Sales		—			—			—
Options Written		—			—			—
Swaps		—			(314,954	)		(102,905	)
Foreign Currency Translations		—			(59	)		—
Net Realized and Unrealized Gain (Loss)		1,079,702			40,752,444			34,509,927
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,657,504		$	41,419,915		$	34,462,359

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2020 (Unaudited)

AdvisorShares Q Dynamic Growth ETF⁽²⁾			AdvisorShares Q Portfolio Blended Allocation ETF⁽²⁾			AdvisorShares Ranger Equity Bear ETF			AdvisorShares Sage Core Reserves ETF			AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Vice ETF

$	—		$	—		$	30,625		$	391		$	101,875		$	118,015
	—			—			269,774			—			—			—
	—			—			—			640,781			—			—
	—			—			—			1,500			—			1,169
	—			—			—			—			—			1,930
	—			—			300,399			642,672			101,875			121,114


	51			38			960,454			149,737			86,036			30,870
	13			13			31,127			35,540			30,750			31,052
	553			553			35,667			25,206			11,846			10,585
	82			82			4,663			4,662			4,663			162
	41			41			5,055			5,207			680			890
	49			49			18,652			6,050			1,463			4,386
	53			53			3,025			3,025			3,025			3,025
	47			47			10,696			6,427			822			565
	33			33			4,033			4,033			4,033			2,017
	—			—			4,803			3,744			478			386
	8			8			5,897			2,823			554			504
	—			—			578,800			—			—			—
	—			—			1,457,305			—			—			—
	140			140			—			—			—			—
	8			8			7,562			4,537			907			795
	1,078			1,065			3,127,739			250,991			145,257			85,237

	(51	)		(38	)		—			(76,298	)		(27,356	)		(30,870	)
	(952	)		(976	)		—			—			—			(3,432	)
	75			51			3,127,739			174,693			117,901			50,935
	(75	)		(51	)		(2,827,340	)		467,979			(16,026	)		70,179



	—			—			—			253,520			90,675			164,479
	—			—			(290,214	)		—			—			—
	—			—			—			—			422,201			349,821
	—			—			—			—			—			—
	—			—			(48,708,729	)		—			—			—
	—			—			—			—			—			—
	—			—			—			—			(2,200	)		—
	—			—			291			—			—			—

	(262	)		2,386			—			153,982			1,251,696			2,587,559
	—			—			643,750			—			—			—
	—			—			(1,219,662	)		—			—			—
	—			—			—			—			(13,450	)		—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(262	)		2,386			(49,574,564	)		407,502			1,748,922			3,101,859

$	(337	)	$	2,335		$	(52,401,904	)	$	875,481		$	1,732,896		$	3,172,038

(1)

Represents the period September 1, 2020 (commencement of operations) to December 30, 2020.

(2)

Represents the period December 28, 2020 (commencement of operations) to December 30, 2020.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright ADR ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020
INCREASE (DECREASE) IN NET ASSETS OPERATIONS
Net Investment Income (Loss)	$	(35,077	)	$	(55,048	)
Net Realized Gain (Loss)		7,146,905			(7,301,080	)
Net Change in Unrealized Appreciation (Depreciation)		3,682,044			6,505,899
Net Increase (Decrease) In Net Assets Resulting From Operations		10,793,872			(850,229	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(95,062	)		(18,253	)
Total Distributions		(95,062	)		(18,253	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		7,305,154			21,728,373
Value of Shares Redeemed		(14,550,808	)		(53,178,644	)
Net Increase (Decrease) From Capital Stock Transactions		(7,245,654	)		(31,450,271	)
Net Increase (Decrease) in Net Assets		3,453,156			(32,318,753	)
Net Assets:
Beginning of Year/Period		75,879,322			108,198,075
End of Year/Period	$	79,332,478		$	75,879,322
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		1,425,000			2,175,000
Shares Sold		125,000			400,000
Shares Repurchased		(250,000	)		(1,150,000	)
Shares Outstanding, End of Year/Period		1,300,000			1,425,000

*	Commencement of operations.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

AdvisorShares Dorsey Wright Alpha Equal Weight ETF						AdvisorShares Dorsey Wright FSM All Cap World ETF						AdvisorShares Dorsey Wright FSM US Core ETF
Six months ended December 31, 2020 (Unaudited)			For the period December 26, 2019* to June 30, 2020			Six months ended December 31, 2020 (Unaudited)			For the period December 26, 2019* to June 30, 2020			Six months ended December 31, 2020 (Unaudited)			For the period December 26, 2019* to June 30, 2020

$	(165,588	)	$	13,986		$	(327,371	)	$	(29,960	)	$	(57,989	)	$	59,933
	8,558,423			(9,357,241	)		16,500,279			543,665			403,586			442,047
	8,055,643			3,312,784			14,875,137			4,355,897			12,365,429			3,279,540

	16,448,478			(6,030,471	)		31,048,045			4,869,602			12,711,026			3,781,520

	(14,018	)		—			(215,143	)		—			(144,245	)		—
	(14,018	)		—			(215,143	)		—			(144,245	)		—

	17,178,567			52,473,131			123,897,583			84,936,967			14,919,952			61,741,061
	—			(7,109,305	)		(93,809,207	)		(16,121,773	)		(1,503,193	)		(18,755,332	)
	17,178,567			45,363,826			30,088,376			68,815,194			13,416,759			42,985,729
	33,613,027			39,333,355			60,921,278			73,684,796			25,983,540			46,767,249

	39,333,355			—			73,684,796			—			46,767,249			—
$	72,946,382		$	39,333,355		$	134,606,074		$	73,684,796		$	72,750,789		$	46,767,249

	1,925,000			—			2,625,000			—			1,700,000			—
	700,000			2,250,000			3,950,000			3,250,000			475,000			2,425,000
	—			(325,000	)		(2,950,000	)		(625,000	)		(50,000	)		(725,000	)
	2,625,000			1,925,000			3,625,000			2,625,000			2,125,000			1,700,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares Dorsey Wright Micro-Cap ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(1,859	)	$	(1,096	)
Net Realized Gain (Loss)		289,973			(299,125	)
Net Change in Unrealized Appreciation (Depreciation)		408,629			183,938
Net Increase (Decrease) In Net Assets Resulting From Operations		696,743			(116,283	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			(1,775	)
Total Distributions		—			(1,775	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		641,577			1,098,972
Value of Shares Redeemed		(545,097	)		(1,172,715	)
Net Increase (Decrease) From Capital Stock Transactions		96,480			(73,743	)
Net Increase (Decrease) in Net Assets		793,223			(191,801	)
Net Assets:
Beginning of Year/Period		2,111,797			2,303,598
End of Year/Period	$	2,905,020		$	2,111,797
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		100,000			100,000
Shares Sold		25,000			50,000
Shares Repurchased		(25,000	)		(50,000	)
Shares Outstanding, End of Year/Period		100,000			100,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

AdvisorShares Dorsey Wright Short ETF						AdvisorShares DoubleLine Value Equity ETF						AdvisorShares Focused Equity ETF
Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020


$	(1,450,812	)	$	(1,514,124	)	$	265,363		$	639,768		$	29,170		$	77,116
	(24,589,008	)		(55,052,518	)		2,457,299			(450,959	)		1,044,419			1,145,040
	(13,308,396	)		17,675,405			6,568,590			(2,093,528	)		3,148,837			(641,830	)
	(39,348,216	)		(38,891,237	)		9,291,252			(1,904,719	)		4,222,426			580,326

	—			(64,055	)		(614,874	)		(652,256	)		(62,748	)		(80,515	)
	—			(64,055	)		(614,874	)		(652,256	)		(62,748	)		(80,515	)

	19,318,312			226,951,360			—			—			4,298,569			6,471,068
	(55,736,685	)		(99,178,487	)		(3,762,639	)		(17,345,515	)		(4,190,848	)		(4,565,446	)

	(36,418,373	)		127,772,873			(3,762,639	)		(17,345,515	)		107,721			1,905,622
	(75,766,589	)		88,817,581			4,913,739			(19,902,490	)		4,267,399			2,405,433

	113,098,099			24,280,518			41,483,241			61,385,731			19,616,459			17,211,026
$	37,331,510		$	113,098,099		$	46,396,980		$	41,483,241		$	23,883,858		$	19,616,459

	5,850,000			975,000			625,000			900,000			550,000			500,000
	1,025,000			8,500,000			—			—			100,000			175,000
	(3,625,000	)		(3,625,000	)		(50,000	)		(275,000	)		(100,000	)		(125,000	)
	3,250,000			5,850,000			575,000			625,000			550,000			550,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

	AdvisorShares FolioBeyond Smart Core Bond ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	72,633		$	224,674
Net Realized Gain (Loss)		131,267			(23,241	)
Net Change in Unrealized Appreciation (Depreciation)		66,138			(32,321	)
Net Increase (Decrease) In Net Assets Resulting From Operations		270,038			169,112
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(81,494	)		(224,781	)
Total Distributions		(81,494	)		(224,781	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			2,582,984
Value of Shares Redeemed		(2,598,351	)		—
Net Increase (Decrease) From Capital Stock Transactions		(2,598,351	)		2,582,984
Net Increase (Decrease) in Net Assets		(2,409,807	)		2,527,315
Net Assets:
Beginning of Year/Period		8,311,982			5,784,667
End of Year/Period	$	5,902,175		$	8,311,982
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		325,000			225,000
Shares Sold		—			100,000
Shares Repurchased		(100,000	)		—
Shares Outstanding, End of Year/Period		225,000			325,000

Commencement of operations.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Statements of Changes in Net Assets

AdvisorShares Newfleet Multi-Sector Income ETF						AdvisorShares Pure Cannabis ETF						AdvisorShares Pure US Cannabis ETF
Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			For the period September 1, 2020* to December 31, 2020



$	577,802		$	1,700,718		$	667,471		$	2,578,342		$	(47,568	)
	230,076			(22,978	)		12,675,303			(22,031,433	)		28,070,591
	849,626			(468,929	)		28,077,141			(18,943,246	)		6,439,336

	1,657,504			1,208,811			41,419,915			(38,396,337	)		34,462,359

	(650,222	)		(1,814,609	)		(728,447	)		(2,875,940	)		—
	(650,222	)		(1,814,609	)		(728,447	)		(2,875,940	)		—

	—			2,415,315			72,604,402			27,013,111			190,001,514
	(4,877,309	)		(19,122,227	)		—			—			(1,132,118	)
	(4,877,309	)		(16,706,912	)		72,604,402			27,013,111			188,869,396
	(3,870,027	)		(17,312,710	)		113,295,870			(14,259,166	)		223,331,755

	57,767,100			75,079,810			45,502,828			59,761,994			—
$	53,897,073		$	57,767,100		$	158,798,698		$	45,502,828		$	223,331,755

	1,200,000			1,550,000			4,475,000			2,600,000			—
	—			50,000			4,850,000			1,875,000			6,200,000
	(100,000	)		(400,000	)		—			—			(50,000	)
	1,100,000			1,200,000			9,325,000			4,475,000			6,150,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Statements of Changes in Net Assets

		AdvisorShares Q Dynamic Growth ETF			AdvisorShares Q Portfolio Blended Allocation ETF			AdvisorShares Ranger Equity Bear ETF						AdvisorShares Sage Core Reserves ETF
		For the period December 28, *2020 to December 31, 2020**			For the period December 28, *2020 to December 31, 2020**			Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020
INCREASE (DECREASE) IN NET ASSETS OPERATIONS
Net Investment Income (Loss)	$	(75	)	$	(51	)	$	(2,827,340	)	$	(1,569,782	)	$	467,979		$	1,937,301
Net Realized Gain (Loss)		—			—			(48,998,652	)		(47,333,888	)		253,520			(1,127,943	)
Net Change in Unrealized Appreciation (Depreciation)		(262	)		2,386			(575,912	)		(495,432	)		153,982			(49,554	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(337	)		2,335			(52,401,904	)		(49,399,102	)		875,481			759,804
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		—			—			—			(241,821	)		(503,426	)		(1,939,526	)
Total Distributions		—			—			—			(241,821	)		(503,426	)		(1,939,526	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		1,625,034			1,626,648			26,510,699			256,014,517			19,742,687			54,828,438
Value of Shares Redeemed		—			—			(76,537,153	)		(180,168,550	)		(64,229,226	)		(24,967,941	)
Net Increase (Decrease) From Capital Stock Transactions		1,625,034			1,626,648			(50,026,454	)		75,845,967			(44,486,539	)		29,860,497
Net Increase (Decrease) in Net Assets		1,624,697			1,628,983			(102,428,358	)		26,205,044			(44,114,484	)		28,680,775
Net Assets:
Beginning of Year/Period		—			—			162,019,323			135,814,279			100,920,903			72,240,128
End of Year/Period	$	1,624,697		$	1,628,983		$	59,590,965		$	162,019,323		$	56,806,419		$	100,920,903
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		—			—			33,375,000			21,275,000			1,025,000			725,000
Shares Sold		65,000			65,000			5,950,000			41,200,000			200,000			550,000
Shares Repurchased		—			—			(19,700,000	)		(29,100,000	)		(650,000	)		(250,000	)
Shares Outstanding, End of Year/Period		65,000			65,000			19,625,000			33,375,000			575,000			1,025,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Statements of Changes in Net Assets


	AdvisorShares STAR Global Buy-Write ETF						AdvisorShares Vice ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020
INCREASE (DECREASE) IN NET ASSETS OPERATIONS
Net Investment Income (Loss)	$	(16,026	)	$	36,640		$	70,179		$	204,473
Net Realized Gain (Loss)		510,676			(63,885	)		514,300			(287,043	)
Net Change in Unrealized Appreciation (Depreciation)		1,238,246			186,845			2,587,559			(726,546	)
Net Increase (Decrease) In Net Assets Resulting From Operations		1,732,896			159,600			3,172,038			(809,116	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions		(36,638	)		(67,959	)		(128,418	)		(294,624	)
Total Distributions		(36,638	)		(67,959	)		(128,418	)		(294,624	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			—			—			634,444
Value of Shares Redeemed		(1,683,510	)		(1,736,947	)		(1,441,453	)		(3,588,098	)
Net Increase (Decrease) From Capital Stock Transactions		(1,683,510	)		(1,736,947	)		(1,441,453	)		(2,953,654	)
Net Increase (Decrease) in Net Assets		12,748			(1,645,306	)		1,602,167			(4,057,394	)
Net Assets:
Beginning of Year/Period		12,881,736			14,527,042			9,125,577			13,182,971
End of Year/Period	$	12,894,484		$	12,881,736		$	10,727,744		$	9,125,577
Changes in Shares Outstanding
Shares Outstanding, Beginning of Year/Period		400,000			450,000			400,000			525,000
Shares Sold		—			—			—			25,000
Shares Repurchased		(50,000	)		(50,000	)		(50,000	)		(150,000	)
Shares Outstanding, End of Year/Period		350,000			400,000			350,000			400,000

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

	AdvisorShares Dorsey Wright ADR ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	53.25		$	49.75		$	53.34		$	46.56		$	39.06		$	38.86
Investment Operations
Net Investment Income (Loss)⁽¹⁾		(0.03	)		(0.03	)		0.23			0.55			0.68			0.17
Net Realized and Unrealized Gain (Loss)		7.87			3.54			(3.51	)		6.66			7.27			0.23
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		7.84			3.51			(3.28	)		7.21			7.95			0.40
Distributions from Net Investment Income		(0.07	)		(0.01	)		(0.31	)		(0.43	)		(0.45	)		(0.20	)
Distributions from Realized Capital Gains		—			—			—			—			—			—
Total Distributions		(0.07	)		(0.01	)		(0.31	)		(0.43	)		(0.45	)		(0.20	)
Net Asset Value, End of Year/Period	$	61.02		$	53.25		$	49.75		$	53.34		$	46.56		$	39.06
Market Value, End of Year/Period	$	60.81		$	52.97		$	49.69		$	53.19		$	46.61		$	39.06

Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		14.74	%		7.06	%		(6.16	)%		15.45	%		20.43	%		1.05	%
Total Investment Return Based on Market⁽⁴⁾		14.94	%		6.62	%		(6.00	)%		15.01	%		20.55	%		1.27	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	79,332		$	75,879		$	108,198		$	246,701		$	65,185		$	14,648
Ratio to Average Net Assets of⁽⁵⁾:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.10	%		1.02	%		0.88	%		1.02	%		1.25	%		1.25	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.00	%		0.97	%		1.07	%		0.95	%		1.43	%		1.62	%
Net Investment Income (Loss)⁽⁶⁾		(0.09	)%		(0.06	)%		0.47	%		0.96	%		1.55	%		0.44	%
Portfolio Turnover Rate⁽⁹⁾		29	%		48	%		120	%		71	%		108	%⁽¹⁰⁾		25	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Dorsey Wright Alpha Equal Weight ETF						AdvisorShares Dorsey Wright FSM All Cap World ETF
Six months ended December 31, 2020 (Unaudited)			For the period December 26, 2019* to June 30, 2020			Six months ended December 31, 2020 (Unaudited)			For the period December 26, 2019* to June 30, 2020

$	20.43		$	25.09		$	28.07		$	25.12

	(0.08	)		0.01			(0.11	)		(0.02	)
	7.45			(4.67	)		9.23			2.97
	7.37			(4.66	)		9.12			2.95
	(0.01	)		—			—			—
	—			—			(0.06	)		—
	(0.01	)		—			(0.06	)		—
$	27.79		$	20.43		$	37.13		$	28.07
$	27.75		$	20.44		$	37.16		$	28.07


	36.02	%		(18.57	)%		32.48	%		11.76	%
	35.79	%		(18.53	)%		32.60	%		11.74	%

$	72,946		$	39,333		$	134,606		$	73,685

	0.99	%		0.99	%		0.92	%		0.99	%
	0.95	%		1.19	%		0.88	%		1.12	%
	(0.61	)%		0.09	%		(0.66	)%		(0.17	)%
	113	%		147	%		95	%		46	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

	AdvisorShares Dorsey Wright FSM US Core ETF
	Six months ended December 31, 2020 (Unaudited)			For the period December 26, 2019* to June 30, 2020
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	27.51		$	25.14
Investment Operations
Net Investment Income (Loss)⁽¹⁾		(0.03	)		0.05
Net Realized and Unrealized Gain (Loss)		6.83			2.32
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		6.80			2.37
Distributions from Net Investment Income		(0.03	)		—
Distributions from Realized Capital Gains		(0.04	)		—
Total Distributions		(0.07	)		—
Net Asset Value, End of Year/Period	$	34.24		$	27.51
Market Value, End of Year/Period	$	34.23		$	27.46

Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		24.71	%		9.43	%
Total Investment Return Based on Market⁽⁴⁾		24.90	%		9.23	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	72,751		$	46,767
Ratio to Average Net Assets of⁽⁵⁾:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		0.93	%		1.15	%
Net Investment Income (Loss)⁽⁶⁾		(0.20	)%		0.37	%
Portfolio Turnover Rate⁽⁹⁾		1	%		53	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Dorsey Wright Micro-Cap ETF
Six months ended December 31, 2020 (Unaudited)			Year ended June 30,2020			For the period July 11, 2018* to June 30, 2019

$	21.12		$	23.04		$	24.71

	(0.02	)		(0.01	)		(0.02	)
	7.95			(1.89	)		(1.65	)
	7.93			(1.90	)		(1.67	)
	—			(0.02	)		—
	—			—			—
	—			(0.02	)		—
$	29.05		$	21.12		$	23.04
$	28.96		$	20.80		$	23.02


	37.56	%		(8.26	)%		(6.79	)%
	39.23	%		(9.58	)%		(6.86	)%

$	2,905		$	2,112		$	2,304

	1.25	%		1.17	%		0.99	%
	5.54	%		4.98	%		4.79	%
	(0.18	)%		(0.05	)%		(0.11	)%
	88	%		119	%		103	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Dorsey Wright Short ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			For the period July 11, 2018^* to June 30, 2019
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	19.33		$	24.90		$	25.00
Investment Operations
Net Investment Income (Loss)⁽¹⁾		(0.28	)		(0.65	)		0.13
Net Realized and Unrealized Gain (Loss)		(7.56	)		(4.89	)		(0.19	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		(7.84	)		(5.54	)		(0.06	)
Distributions from Net Investment Income		—			(0.03	)		(0.04	)
Total Distributions		—			(0.03	)		(0.04	)
Net Asset Value, End of Year/Period	$	11.49		$	19.33		$	24.90
Market Value, End of Year/Period	$	11.44		$	19.36		$	24.93

Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(40.59	)%		(22.26	)%		(0.27	)%
Total Investment Return Based on Market⁽⁴⁾		(40.91	)%		(22.24	)%		(0.18	)%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	37,332		$	113,098		$	24,281
Ratio to Average Net Assets of⁽⁵⁾:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		3.54	%⁽⁷⁾		3.56	%⁽⁷⁾		2.70	%⁽⁷⁾
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		3.54	%⁽⁷⁾		3.56	%⁽⁷⁾		3.26	%⁽⁷⁾
Net Investment Income (Loss)⁽⁶⁾		(3.22	)%		(2.58	)%		0.53	%
Portfolio Turnover Rate⁽⁹⁾		136	%		555	%		357	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

AdvisorShares DoubleLine Value Equity ETF
Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016

$	66.37		$	68.21		$	67.88		$	66.23		$	55.56		$	57.05
	0.44			0.82			0.62			0.53			0.47			0.47
	14.90			(1.84	)		0.45			1.59			10.93			(1.54	)
	15.34			(1.02	)		1.07			2.12			11.40			(1.07	)
	(1.02	)		(0.82	)		(0.74	)		(0.47	)		(0.73	)		(0.42	)
	(1.02	)		(0.82	)		(0.74	)		(0.47	)		(0.73	)		(0.42	)
$	80.69		$	66.37		$	68.21		$	67.88		$	66.23		$	55.56
$	80.43		$	66.28		$	68.13		$	67.88		$	66.17		$	55.53
	23.13	%		(1.63	)%		1.74	%		3.15	%		20.55	%		(1.87	)%
	22.90	%		(1.65	)%		1.63	%		3.26	%		20.52	%		(1.91	)%
$	46,397		$	41,483		$	61,386		$	95,034		$	142,400		$	155,570
	0.90	%		0.90	%		0.90	%		0.87	%		0.90	%		0.99	%
	1.04	%		1.07	%		1.17	%		1.07	%		1.07	%		1.21	%
	1.20	%		1.18	%		0.93	%		0.77	%		0.76	%		0.86	%
	25	%		93	%		218	%		171	%		180	%		196	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST
Financial Highlights

	AdvisorShares Focused Equity ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			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	$	35.67		$	34.42		$	31.80		$	28.59		$	25.00
Investment Operations
Net Investment Income (Loss)⁽¹⁾		0.06			0.14			0.16			0.13			0.06
Net Realized and Unrealized Gain (Loss)		7.82			1.26			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⁾		7.88			1.40			3.37			3.30			3.60
Distributions from Net Investment Income		(0.12	)		(0.15	)		(0.16	)		(0.09	)		(0.01	)
Distributions from Realized Capital Gains		—			—			(0.59	)		—			—
Total Distributions		(0.12	)		(0.15	)		(0.75	)		(0.09	)		(0.01	)
Net Asset Value, End of Year/Period	$	43.43		$	35.67		$	34.42		$	31.80		$	28.59
Market Value, End of Year/Period	$	43.75		$	34.88		$	34.31		$	31.79		$	28.59

Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		22.11	%		4.02	%		11.09	%		11.57	%		14.39	%
Total Investment Return Based on Market⁽⁴⁾		25.77	%		2.06	%		10.74	%		11.51	%		14.40	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	23,884		$	19,616		$	17,211		$	14,311		$	12,150
Ratio to Average Net Assets of⁽⁵⁾:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		0.65	%		0.77	%		0.72	%		0.68	%		0.75	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.23	%		1.43	%		1.63	%		1.39	%		2.04	%
Net Investment Income (Loss)⁽⁶⁾		0.28	%		0.41	%		0.49	%		0.42	%		0.28	%
Portfolio Turnover Rate⁽⁹⁾		28	%		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, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016

$	25.58		$	25.71		$	25.39		$	25.88		$	25.61		$	24.97
	0.25			0.81			1.04			0.90			0.81			0.75
	0.65			(0.10	)		0.38			(0.50	)		0.25			0.59
	0.07			—			—			—			0.01			0.06
	0.97			0.71			1.42			0.40			1.07			1.40
	(0.32	)		(0.84	)		(1.10	)		(0.89	)		(0.80	)		(0.76	)
	—			—			—			—			—			—
	(0.32	)		(0.84	)		(1.10	)		(0.89	)		(0.80	)		(0.76	)
$	26.23		$	25.58		$	25.71		$	25.39		$	25.88		$	25.61
$	26.24		$	25.57		$	25.70		$	25.38		$	25.89		$	25.62
	3.82	%		2.73	%		5.82	%		1.55	%		4.23	%		5.76	%
	3.87	%		2.75	%		5.80	%		1.47	%		4.24	%		5.84	%
$	5,902		$	8,312		$	5,785		$	18,405		$	17,466		$	20,488
	0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
	1.99	%		1.50	%		1.49	%		1.22	%		1.20	%		1.05	%
	1.94	%		3.14	%		4.14	%		3.47	%		3.15	%		3.01	%
	113	%		765	%		150	%		39	%		21	%		24	%

ADVISORSHARES TRUST

Financial Highlights

	AdvisorShares Newfleet Multi-Sector Income ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	48.14		$	48.44		$	47.86		$	48.68		$	48.83		$	49.08
Investment Operations
Net Investment Income (Loss)⁽¹⁾		0.49			1.21			1.35			1.05			0.74			1.25
Net Realized and Unrealized Gain (Loss)		0.92			(0.22	)		0.65			(0.62	)		0.38			(0.13	)
Distributions of Net Realized Gains by other investment companies		—			—			—			—			0.00	⁽²⁾		—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		1.41			0.99			2.00			0.43			1.12			1.12
Distributions from Net Investment Income		(0.55	)		(1.29	)		(1.42	)		(1.25	)		(1.27	)		(1.37	)
Distributions from Realized Capital Gains		—			—			—			—			—			—
Total Distributions		(0.55	)		(1.29	)		(1.42	)		(1.25	)		(1.27	)		(1.37	)
Net Asset Value, End of Year/Period	$	49.00		$	48.14		$	48.44		$	47.86		$	48.68		$	48.83
Market Value, End of Year/Period	$	49.10		$	48.17		$	48.38		$	47.79		$	48.70		$	48.82

Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		2.95	%		2.10	%		4.27	%		0.87	%		2.30	%		2.33	%
Total Investment Return Based on Market⁽⁴⁾		3.10	%		2.28	%		4.29	%		0.70	%		2.37	%		2.39	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	53,897		$	57,767		$	75,080		$	155,529		$	258,005		$	261,263
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⁾		0.87	%		0.82	%		0.96	%		0.84	%		0.80	%		0.81	%
Net Investment Income (Loss)⁽⁶⁾		2.00	%		2.51	%		2.81	%		2.17	%		1.53	%		2.57	%
Portfolio Turnover Rate⁽⁹⁾		27	%		63	%		40	%		66	%		63	%		51	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Pure Cannabis ETF									AdvisorShares Pure US Cannabis ETF			AdvisorShares Q Dynamic Growth ETF			AdvisorShares Q Portfolio Blended Allocation ETF
Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			For the period April 17, 2019* to June 30, 2019			For the period September 1, 2020* to December 31, 2020 (Unaudited)			For the period December 28, 2020* to December 31, 2020 (Unaudited)			For the period December 28, 2020* to December 31, 2020 (Unaudited)
$	10.17		$	22.99		$	25.00		$	25.00		$	25.00		$	25.00
	0.11			0.70			0.06			(0.02	)		0.00	⁽²⁾		0.00	⁽²⁾
	6.86			(12.75	)		(2.07	)		11.33			—			0.06
	—			—			—			—			—			—
	6.97			(12.05	)		(2.01	)		11.31			0.00	⁽²⁾		0.06
	(0.11	)		(0.70	)		—			—			—			—
	—			(0.07	)		—			—			—			—
	(0.11	)		(0.77	)		—			—			—			—
$	17.03		$	10.17		$	22.99		$	36.31		$	25.00		$	25.06
$	17.01		$	10.18		$	23.02		$	36.46		$	25.01		$	25.06
	69.03	%		(52.76)	%		(8.06)	%		45.25	%		0.00	%		0.24	%
	68.61	%		(52.70)	%		(7.92)	%		45.84	%		0.04	%		0.24	%
$	158,799		$	45,503		$	59,762		$	223,332		$	1,625		$	1,629
	0.74	%		0.74	%		0.74	%		0.74	%		1.45	%		0.99	%
	0.81	%		1.17	%		1.10	%		0.95	%		21.00	%		20.72	%
	1.73	%		5.67	%		1.35	%		(0.22)	%		(1.45)	%		(0.99)	%
	18	%		59	%		26	%		16	%		0	%		0	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

	AdvisorShares Ranger Equity Bear ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	4.85		$	6.38		$	7.80		$	8.56		$	10.60		$	10.88
Investment Operations
Net Investment Income (Loss)⁽¹⁾		(0.09	)		(0.06	)		0.01			(0.13	)		(0.20	)		(0.27	)
Net Realized and Unrealized Gain (Loss)		(1.72	)		(1.46	)		(1.43	)		(0.63	)		(1.84	)		(0.01	)
Distributions of Net Realized Gains by other investment companies		0.00	⁽²⁾		—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		(1.81	)		(1.52	)		(1.42	)		(0.76	)		(2.04	)		(0.28	)
Distributions from Net Investment Income		—			(0.01	)		—			—			—			—
Total Distributions		—			(0.01	)		—			—			—			—
Net Asset Value, End of Year/Period	$	3.04		$	4.85		$	6.38		$	7.80		$	8.56		$	10.60
Market Value, End of Year/Period	$	3.02		$	4.85		$	6.39		$	7.78		$	8.55		$	10.61
Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		(37.46)	%		(23.79)	%		(18.16)	%		(8.92)	%		(19.24)	%		(2.53)	%
Total Investment Return Based on Market⁽⁴⁾		(37.73)	%		(23.94)	%		(17.87)	%		(9.01)	%		(19.42)	%		(2.48)	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	59,591		$	162,019		$	135,814		$	133,587		$	174,504		$	213,948
Ratio to Average Net Assets of⁽⁵⁾:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		4.88	%⁽⁸⁾		3.10	%⁽⁸⁾		2.94	%⁽⁸⁾		2.52	%⁽⁸⁾		2.67	%⁽⁸⁾		2.68	%⁽⁸⁾
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		4.88	%⁽⁸⁾		3.10	%⁽⁸⁾		2.94	%⁽⁸⁾		2.52	%⁽⁸⁾		2.67	%⁽⁸⁾		2.68	%⁽⁸⁾
Net Investment Income (Loss)⁽⁶⁾		(4.42)	%		(1.07)	%		0.18	%		(1.63)	%		(2.15)	%		(2.49)	%
Portfolio Turnover Rate⁽⁹⁾		282	%		593	%		338	%		301	%		245	%		402	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Sage Core Reserves ETF
Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016
$	98.46		$	99.64		$	99.21		$	99.43		$	99.43		$	99.38
	0.47			2.03			2.37			1.53			0.97			0.69
	0.39			(1.19	)		0.33			(0.16	)		0.11			0.12
	—			—			—			—			—			—
	0.86			0.84			2.70			1.37			1.08			0.81
	(0.53	)		(2.02	)		(2.27	)		(1.59	)		(1.08	)		(0.76	)
	(0.53	)		(2.02	)		(2.27	)		(1.59	)		(1.08	)		(0.76	)
$	98.79		$	98.46		$	99.64		$	99.21		$	99.43		$	99.43
$	98.77		$	98.35		$	99.61		$	99.19		$	99.44		$	99.63
	0.87	%		0.83	%		2.74	%		1.38	%		1.08	%		0.83	%
	0.97	%		0.75	%		2.74	%		1.34	%		0.88	%		1.00	%
$	56,806		$	100,921		$	72,240		$	52,087		$	84,519		$	111,862
	0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
	0.50	%		0.53	%		0.65	%		0.65	%		0.50	%		0.55	%
	0.94	%		2.05	%		2.39	%		1.53	%		0.97	%		0.70	%
	64	%		101	%		91	%		74	%		81	%		72	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

	AdvisorShares STAR Global Buy-Write ETF
	Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2017			Year ended June 30, 2016
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Year/Period	$	32.20		$	32.28		$	30.99		$	29.13		$	26.77		$	26.60
Investment Operations
Net Investment Income (Loss)⁽¹⁾		(0.04	)		0.09			0.13			0.11			0.09			0.10
Net Realized and Unrealized Gain (Loss)		4.78			(0.02	)		1.29			1.75			2.48			0.07
Distributions of Net Realized Gains by other investment companies		—			—			—			0.00	⁽²⁾		0.01			0.00	⁽²⁾
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽³⁾		4.74			0.07			1.42			1.86			2.58			0.17
Distributions from Net Investment Income		(0.10	)		(0.15	)		(0.13	)		—			(0.22	)		—
Total Distributions		(0.10	)		(0.15	)		(0.13	)		—			(0.22	)		—
Net Asset Value, End of Year/Period	$	36.84		$	32.20		$	32.28		$	30.99		$	29.13		$	26.77
Market Value, End of Year/Period	$	36.76		$	32.25		$	32.19		$	31.01		$	29.13		$	26.76

Total Return
Total Investment Return Based on Net Asset Value⁽⁴⁾		14.71	%		0.20	%		4.62	%		6.41	%		9.70	%		0.64	%
Total Investment Return Based on Market⁽⁴⁾		14.31	%		0.63	%		4.27	%		6.45	%		9.74	%		0.56	%
Ratios/Supplemental Data
Net Assets, End of Year/Period (000’s omitted)	$	12,894		$	12,882		$	14,527		$	17,047		$	17,477		$	17,400
Ratio to Average Net Assets of:⁽⁵⁾
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		2.28	%		2.20	%		2.34	%		2.18	%		2.14	%		1.97	%
Net Investment Income (Loss)⁽⁶⁾		(0.25)	%		0.26	%		0.43	%		0.38	%		0.32	%		0.38	%
Portfolio Turnover Rate⁽⁹⁾		1	%		47	%		49	%		12	%		26	%		58	%

See accompanying Notes to Financial Statements.

ADVISORSHARES TRUST

Financial Highlights

AdvisorShares Vice ETF
Six months ended December 31, 2020 (Unaudited)			Year ended June 30, 2020			Year ended June 30, 2019			For the period December 12, 2017* to June 30, 2018
$	22.81		$	25.11		$	25.60		$	25.00
	0.18			0.42			0.45			0.23
	8.03			(2.10	)		(0.57	)		0.41
	—			—			—			—
	8.21			(1.68	)		(0.12	)		0.64
	(0.37	)		(0.62	)		(0.37	)		(0.04	)
	(0.37	)		(0.62	)		(0.37	)		(0.04	)
$	30.65		$	22.81		$	25.11		$	25.60
$	30.70		$	22.80		$	25.12		$	25.68
	35.92	%		(6.91)	%		(0.22)	%		2.58	%
	36.26	%		(6.99)	%		(0.50)	%		2.89	%
$	10,728		$	9,126		$	13,183		$	12,800
	0.99	%		0.90	%		0.75	%		0.75	%
	1.66	%		1.59	%		1.43	%		2.18	%
	1.36	%		1.77	%		1.79	%		1.64	%
	81	%		41	%		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, the AdvisorShares Q Dynamic Growth ETF, the Q Portfilio Blended Allocation ETF 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 interest and dividend expenses on short sales of 2.59%, 2.47% and 1.71% for the periods ended December 31, 2020, June 30, 2020 and June 30, 2019, respectively.

(8)

The expense ratio includes interest and dividend expenses on short sales of 3.18%, 1.42%, 1.22%, 0.84%, 1.03% and 1.05% for the periods ended December 31, 2020, June 30, 2020, June 30, 2019, June 30, 2018, June 30, 2017 and June 30, 2016, 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, 2020 (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 18 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):

Fund	Ticker	Commencement of Operations
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 Pure US Cannabis ETF	MSOS	September 1, 2020
AdvisorShares Q Dynamic Growth ETF	QPT	December 28, 2020
AdvisorShares Q Portfolio Blended Allocation ETF	QPX	December 28, 2020
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	VICE	December 12, 2017

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 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 TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

1. Organization – (Continued)

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 seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies that derive at least 50% of their net revenue from the marijuana and hemp business and in derivatives or other instruments that have economic characteristics similar to such securities. The Fund primarily invests in exchange-listed equity securities, including common and preferred stock, of mid- and small-capitalization companies and in total return swaps intended to provide exposure to such U.S. and foreign securities. The Advisor may seek investment opportunities through initial public offerings (“IPOs”).

AdvisorShares Pure US Cannabis ETF (“Pure US Cannabis ETF”) seeks long-term capital appreciation. The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies that derive at least 50% of their net revenue from the marijuana and hemp business in the United States and in derivatives that have economic characteristics similar to such securities. The Fund primarily will invest in exchange-listed equity securities, including common and preferred stock, of mid- and small-capitalization companies, and in total return swaps intended to provide exposure to such companies.

AdvisorShares Q Dynamic Growth ETF (“Q Dynamic Growth ETF”) seeks to achieve long-term growth. The Fund invests in ETFs representing all asset classes, including, but not limited to, treasury bonds, municipal bonds, investment grade corporate bonds, high-yield U.S. corporate bonds (sometimes referred

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

1. Organization – (Continued)

to as “junk bonds”), municipal bonds, U.S. and foreign equities, and commodities. These underlying investments may be of any market capitalization, duration, maturity, and quality. The Fund seeks to maximize long-term growth by providing equity-like returns in most normal market conditions except when faced with abnormal levels of implied volatility as measured by QIX™, a proprietary implied volatility index owned by ThinkBetter Holdings, LLC, the parent company of ThinkBetter, LLC (the “Sub-Advisor”).

AdvisorShares Q Portfolio Blended Allocation ETF (“Q Portfolio Blended Allocation ETF”) seeks to maximize total return over the long-term. The Fund invests in ETFs representing all asset classes, including, but not limited to, treasury bonds, municipal bonds, investment grade corporate bonds, high-yield U.S. corporate bonds (sometimes referred to as “junk bonds”), municipal bonds, U.S. and foreign equities, and commodities. These underlying investments may be of any market capitalization, duration, maturity, and quality. The Fund seeks to strike a balance between long term growth and market volatility by maximizing returns within its peer group through risk optimization.

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”) The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of (i) companies that derive at least 50% of their net revenue from tobacco and alcoholic beverages, (ii) companies that derive at least 50% of their net revenue from the food and beverage industry, and (iii) companies that derive at least 50% of their net revenue from gaming activities.

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, 2020 (Unaudited)

1. Organization – (Continued)

For the period ended December 31, 2020, 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, 2020	% of Fund Net Assets as of December 31, 2020			Reference location
Dorsey Wright FSM All Cap World ETF	iShares Morningstar Mid-Cap Growth ETF	$65,698,207		48.8	%	https://www.ishares.com
	iShares Morningstar Small-Cap Growth ETF	68,919,084		51.2		https://www.ishares.com
Dorsey Wright FSM US Core ETF	Invesco QQQ Trust Series 1	36,784,760		50.6		https://www.invesco.com
	iShares MSCI USA Momentum Factor ETF	35,937,025		49.4		https://www.ishares.com
Dorsey Wright Short ETF	AdvisorShares Sage Core Reserves ETF	9,908,000		26.5		Contained within this report.
FolioBeyond Smart Core Bond ETF	iShares Agency Bond ETF	1,784,164		30.2		https://www.ishares.com
Q Dynamic Growth ETF	Invesco QQQ Trust Series 1	587,321		36.1		https://www.invesco.com
	Technology Select Sector SPDR Fund	452,990		27.9		https://www.ssga.com
Ranger Equity Bear ETF	AdvisorShares Sage Core Reserves ETF	29,724,000		49.9		Contained within this report.
STAR Global Buy-Write ETF	SPDR S&P 500 ETF Trust	6,626,649		51.4		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

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

2. Summary of Significant Accounting Policies – (Continued)

(“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.

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.

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 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

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

2. Summary of Significant Accounting Policies – (Continued)

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, 2020, 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 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

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

2. Summary of Significant Accounting Policies – (Continued)

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 by Ranger Equity Bear ETF for the period ended December 31, 2020 was $578,800, which is included as Interest on Securities Sold, Not Yet Purchased 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 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.

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

2. Summary of Significant Accounting Policies – (Continued)

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.

The value of loaned securities and related collateral outstanding at December 31, 2020 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.

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

2. Summary of Significant Accounting Policies – (Continued)

									Gross Amounts not offset in the Statements of Assets 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)			Financial Instruments			Collateral Pledged/ Received		Net Amount
Dorsey Wright ADR ETF
Securities Lending	$	(3,019,549	)	$	—	$	(3,019,549	)	$	3,019,549	⁽¹⁾	$	—	$	—
Repurchase Agreements		3,019,549			—		3,019,549			3,019,549	⁽²⁾		—		—
Dorsey Wright FSM US Core ETF
Securities Lending		(798,344	)		—		(798,344	)		798,344	⁽¹⁾		—		—
Repurchase Agreements		798,344			—		798,344			798,344	⁽²⁾		—		—
Dorsey Wright Micro-Cap ETF
Securities Lending		(207,105	)		—		(207,105	)		207,105	⁽¹⁾		—		—
Repurchase Agreements		207,105			—		207,105			207,105	⁽²⁾		—		—
FolioBeyond Smart Core Bond ETF
Securities Lending		(2,363,468	)		—		(2,363,468	)		2,363,468	⁽¹⁾		—		—
Repurchase Agreements		2,363,468			—		2,363,468			2,363,468	⁽²⁾		—		—
Newfleet Multi-Sector Income ETF
Securities Lending		(402,375	)		—		(402,375	)		402,375	⁽¹⁾		—		—
Repurchase Agreements		402,375			—		402,375			402,375	⁽²⁾		—		—
Pure Cannabis ETF
Securities Lending		(17,977,807	)		—		(17,977,807	)		17,977,807	⁽¹⁾		—		—
Repurchase Agreements		17,977,807			—		17,977,807			17,977,807	⁽²⁾		—		—
Swaps		(54,132	)		—		(54,132	⁾		—	⁽²⁾		—		(54,132	)
Pure US Cannabis ETF
Securities Lending		(876,516	)		—		(876,516	)		876,516	⁽¹⁾		—		—
Repurchase Agreements		876,516			—		876,516			876,516	⁽²⁾		—		—
Swaps		(102,905	)		—		(102,905	⁾		—	⁽²⁾		—		(102,905	)

(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.

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.

100

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

2. Summary of Significant Accounting Policies – (Continued)

Recent Accounting Pronouncement

Accounting Standards Update 2020-04 Reference Rate Reform

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the consolidated financial statements.

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
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	%*
FolioBeyond Smart Core Bond ETF		0.50	%
Newfleet Multi-Sector Income ETF		0.50	%
Pure Cannabis ETF		0.60	%
Pure US Cannabis ETF		0.60	%
Q Dynamic Growth ETF		1.00	%*
Q Portfolio Blended Allocation ETF		0.74	%*
Ranger Equity Bear ETF		1.50	%
Sage Core Reserves ETF		0.30	%
STAR Global Buy-Write ETF		1.35	%
Vice ETF		0.60	%

*	The Advisor’s advisory fee has two components the – base fee (disclosed in the table above) 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

101

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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

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 based on 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, which is set forth in the table below. 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 as follows, based on the Fund’s average daily net assets:

Fund	Performance Benchmark	Annual Advisory Fee Range
AdvisorShares Focused Equity ETF	S&P 500 Index	0.65% to 0.85%
AdvisorShares Q Dynamic Growth ETF	S&P 500 Index	0.90% to 1.10%
AdvisorShares Q Portfolio Blended	Blended 60% S&P 500 Index/	0.64% to 0.84%
Allocation ETF	40% Bloomberg Barclays US Aggregate Bond Index

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 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 Q Dynamic Growth ETF	ThinkBetter, LLC	0.65%*
AdvisorShares Q Portfolio Blended Allocation ETF	ThinkBetter, LLC	0.50%*
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	ChangePath, LLC	0.85%

The sub-advisory fee has two components – the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the sub-adviser is paid when net performance is in line with a pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If a Fund outperforms the performance benchmark, the sub-adviser may receive an upward fee adjustment. If a Fund underperforms the performance benchmark, the sub-adviser may receive a downward fee adjustment. The performance fee adjustment is derived by comparing a Fund’s performance over a rolling twelve-month period to its performance benchmark, which is the S&P 500 Index for AdvisorShares Q Dynamic Growth ETF and Blended 60% S&P 500 Index/40% Bloomberg Barclays US Aggregate Bond Index for AdvisorShares Q Portfolio

102

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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

Blended Allocation ETF. 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 sub-adviser’s annual sub-advisory fee may range from 0.40% to 0.60% of AdvisorShares Q Portfolio Blended Allocation ETF’s average daily net assets and 0.55% to 0.75% of AdvisorShares Q Dynamic Growth ETF’s average daily net assets.

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

Expense Limitation Agreement

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 specified percentage of each Fund’s average daily net assets for at least one year from the date of the Fund’s currently effective prospectus. The expense limitation agreement may be terminated without payment of any penalty (i) by the Trust for any reason and at any time and (ii) by the Advisor, for any reason, upon ninety (90) days’ prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period. The expense limits in effect for each Fund during the period ended December 31, 2020 were as follows:

Fund	Rate
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		0.65%-0.85	%^(c)
FolioBeyond Smart Core Bond ETF		0.95	%
Newfleet Multi-Sector Income ETF		0.75	%
Pure Cannabis ETF		0.74	%
Pure US Cannabis ETF		0.74	%
Q Dynamic Growth ETF		1.45	%
Q Portfolio Blended Allocation ETF		0.99	%
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 expense limit is equal to the annual rate of the Advisor’s contractual advisory fee, which can range from 0.65%to 0.85%.

(d)

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

103

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Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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

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	Expenses Reimbursed		Recoupment Balance		Recoupment Expiration
Dorsey Wright ADR ETF		272,312		220,876	6/30/2022
Total		272,312		220,876

Dorsey Wright Alpha Equal Weight ETF		31,003		31,003	6/30/2023
Total		31,003		31,003

Dorsey Wright FSM All Cap World ETF		22,184		22,184	6/30/2023
Total		22,184		22,184

Dorsey Wright FSM US Core ETF		26,148		26,148	6/30/2023
Total		26,148		26,148

Dorsey Wright Micro Cap ETF		86,234		86,234	6/30/2022
		77,363		77,363	6/30/2023
Total		163,597		163,597

DoubleLine Value Equity ETF		240,281		240,281	6/30/2021
		200,619		200,619	6/30/2022
		91,371		91,371	6/30/2023
Total		532,271		532,271

Focused Equity ETF		94,062		94,062	6/30/2021
		136,738		136,738	6/30/2022
		125,698		125,698	6/30/2023
Total		356,498		356,498

FolioBeyond Smart Core Bond ETF		50,120		50,120	6/30/2021
		82,792		82,792	6/30/2022
		39,057		39,057	6/30/2023
Total		171,969		171,969

104

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Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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

Fund	Expenses Reimbursed		Recoupment Balance		Recoupment Expiration
Newfleet Multi-Sector Income ETF		204,737		204,737	6/30/2021
		249,159		249,159	6/30/2022
		50,459		50,459	6/30/2023
Total		504,355		504,355

Pure Cannabis ETF		33,071		33,071	6/30/2022
		196,096		196,096	6/30/2023
Total		229,167		229,167

Sage Core Reserves ETF		202,791		202,791	6/30/2021
		192,747		192,747	6/30/2022
		165,567		165,567	6/30/2023
Total		561,105		561,105

STAR Global Buy-Write ETF		56,242		56,242	6/30/2021
		77,386		77,386	6/30/2022
		49,370		49,370	6/30/2023
Total		182,998		182,998

Vice ETF		103,464		103,464	6/30/2021
		89,372		89,372	6/30/2022
		79,288		79,288	6/30/2023
Total		272,124		272,124

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 Arrangement

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.

105

ADVISORSHARES TRUST
Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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.

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.

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.

106

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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, 2020, the fair values of derivative instruments were as follows:

Statements of Assets and Liabilities:

Fund	Asset Derivatives	Equity Risk
Pure US Cannabis ETF	Unrealized Appreciation on Swaps Contracts	$	9,433

Fund	Liability Derivatives		Equity Risk
Pure Cannabis ETF	Unrealized Depreciation on Swaps Contracts	$	(54,132	)
Pure US Cannabis ETF	Unrealized Depreciation on Swaps Contracts		(112,338	)
STAR Global Buy-Write ETF	Options Written, at value		(9,805	)

Transactions in derivative instruments during the period ended December 31, 2020, were as follows:

Statements of Operations:

Fund	Realized Gain (Loss)	Equity Risk			Credit Risk
Pure Cannabis ETF	Swaps	$	19,525,040		$	—
Pure US Cannabis ETF	Swaps		28,186,107			—
STAR Global Buy-Write ETF	Options Written		(2,200	)		—

Fund	Change in Unrealized Gain (Loss)		Equity Risk			Credit Risk
Pure Cannabis ETF	Swaps	$	(314,954	)	$	—
Pure US Cannabis ETF	Swaps		(102,905	)		—
STAR Global Buy-Write ETF	Options Written		(13,450	)		—

For the period ended December 31, 2020, the average volume of the derivatives opened by the Funds was as follows:

	Pure Cannabis ETF		Pure US Cannabis ETF		STAR Global Buy-Write ETF
Futures Contracts	$	—	$	—	$	—
Long Swaps Contracts		28,459,010		90,941,361		—
Purchased Options Contracts		—		—		20,038
Written Options Contracts		—		—		13,514

107

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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 June 30, 2020, 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.

At June 30, 2020, 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)
Dorsey Wright ADR ETF	$	64,184,696	$	21,035,853		$	(529,058	)	$	20,506,795		$	—
Dorsey Wright Alpha Equal Weight ETF		36,307,304		3,663,778			(387,053	)		3,276,725			—
Dorsey Wright FSM All Cap World ETF		91,654,706		4,360,230			(4,333	)		4,355,897			—
Dorsey Wright FSM US Core ETF		66,392,226		3,499,216			(252,882	)		3,246,334			—
Dorsey Wright Micro-Cap ETF		1,931,651		531,650			(36,450	)		495,200			—
Dorsey Wright Short ETF		113,954,317		27,204,018			(27,442,898	)		(238,880	)		(10,807,084	)
DoubleLine Value Equity ETF		41,111,241		3,651,967			(3,298,485	)		353,482			—
Focused Equity ETF		16,404,636		4,124,753			(879,669	)		3,245,084			—
FolioBeyond Smart Core Bond ETF		9,856,460		(6,969	)		(90,693	)		(97,662	)		—
Newfleet Multi-Sector Income ETF		58,948,575		910,087			(632,481	)		277,606			—
Pure Cannabis ETF		78,887,088		11,451,083			(38,171,070	)		(26,719,987	)		260,828
Ranger Equity Bear ETF		187,209,771		4,951,518			(5,700,267	)		(748,749	)		(8,228,866	)
Sage Core Reserves ETF		102,603,711		371,666			(271,379	)		100,287			—
STAR Global Buy-Write ETF		10,642,894		2,281,420			(13,072	)		2,268,348			14,355
Vice ETF		10,045,468		1,420,107			(2,021,537	)		(601,430	)		—

108

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

7. Federal Income Tax – (Continued)

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. Post-October losses and ordinary income losses deferred to July 1, 2020 are as follows:

Fund	Late Year Ordinary Loss Deferral		Short-Term Capital Post-October Loss		Long-Term Capital Post-October Loss
Dorsey Wright ADR ETF	$	17,599	$	—	$	—
Dorsey Wright Alpha Equal Weight ETF		—		—		—
Dorsey Wright FSM All Cap World ETF		—		—		—
Dorsey Wright FSM US Core ETF		—		—		—
Dorsey Wright Micro-CAP ETF		2,902		—		—
Dorsey Wright Short ETF		1,126,063		—		—
DoubleLine Value Equity ETF		—		—		—
Focused Equity ETF		—		—		—
FolioBeyond Smart Core Bond ETF		—		—		—
Newfleet Multi-Sector Income ETF		—		—		—
Pure Cannabis ETF		—		—		—
Ranger Equity Bear ETF		1,128,571		—		—
Sage Core Reserves ETF		—		—		—
STAR Global Buy-Write ETF		—		—		—
Vice ETF		—		—		—

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

Fund	Short-Term No Expiration		Long-Term No Expiration		Total
Dorsey Wright ADR ETF	$	60,038,766	$	2,699,719	$	62,738,485
Dorsey Wright Alpha Equal Weight ETF		9,481,255		—		9,481,255
Dorsey Wright FSM All Cap World ETF		—		—		—
Dorsey Wright FSM US Core ETF		—		—		—
Dorsey Wright Micro-CAP ETF		1,144,343		54,096		1,198,439
Dorsey Wright Short ETF		27,703,905		—		27,703,905
DoubleLine Value Equity ETF		29,810,781		1,889,498		31,700,279
Focused Equity ETF		252,483		443,049		695,532
FolioBeyond Smart Core Bond ETF		223,655		737,959		961,614
Newfleet Multi-Sector Income ETF		1,929,690		6,150,681		8,080,371
Pure Cannabis ETF		19,940,470		323,678		20,264,148
Ranger Equity Bear ETF		297,425,011		207,216		297,632,227
Sage Core Reserves ETF		1,220,340		155,181		1,375,521
STAR Global Buy-Write ETF		—		663,174		663,174
Vice ETF		751,851		447,991		1,199,842

109

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

8. Investment Transactions

Purchases and sales of investments and securities sold short (excluding short term securities) for the period ended December 31, 2020 were as follows:

	Purchases						Sales
Fund	Long Term		U.S. Government		In-Kind		Long Term		U.S. Government		In-Kind
Dorsey Wright ADR ETF	$	22,112,195	$	—	$	7,282,392	$	22,302,681	$	—	$	14,483,801
Dorsey Wright Alpha Equal Weight ETF		61,059,102		—		17,152,940		61,142,065		—		—
Dorsey Wright FSM All Cap World ETF		93,578,486		—		123,844,431		94,559,679		—		93,206,480
Dorsey Wright FSM US Core ETF		532,305		—		14,903,891		534,967		—		1,501,429
Dorsey Wright Micro-Cap ETF		1,824,350		—		626,907		1,836,305		—		535,650
Dorsey Wright Short ETF		251,395,512		—		—		148,388,048		—		—
DoubleLine Value Equity ETF		10,531,717		—		—		10,375,075		—		3,649,801
Focused Equity ETF		5,902,601		—		4,299,759		6,256,399		—		4,076,105
FolioBeyond Smart Core Bond ETF		8,344,168		—		—		8,356,735		—		2,587,878
Newfleet Multi-Sector Income ETF		13,256,910		1,627,686		—		15,926,356		2,363,050		—
Pure Cannabis ETF		9,065,736		—		16,896,045		10,453,381		—		—
Pure US Cannabis ETF		10,120,898		—		20,267,591		2,343,387		—		463,340
Q Dynamic Growth ETF		—		—		1,602,450		—		—		—
Q Portfolio Blended Allocation ETF		—		—		1,584,120		—		—		—
Ranger Equity Bear ETF		612,761,385		—		—		492,589,915		—		—
Sage Core Reserves ETF		41,150,581		2,501,997		—		62,296,557		2,469,554		—
STAR Global Buy-Write ETF		120,078		—		—		547,309		—		1,606,299
Vice ETF		7,548,726		—		—		7,655,651		—		1,412,772

9. Risks Involved with Investing in the Funds

As with any investment, an investor could lose all or part of their investment in a Fund and the Fund’s performance could trail that of other investments. A Fund may be subject to the principal risks noted below, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in each Fund’s prospectus. Please refer to each Fund’s currently effective prospectus for the specific list and description of the principal risks of investing in the Fund.

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

110

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

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

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 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.

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

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, than it otherwise would be at higher asset levels or it could ultimately liquidate.

111

ADVISORSHARES TRUST

Notes to Financial Statements (Continued)

December 31, 2020 (Unaudited)

Risks Involved with Investing in the Funds – (Continued)

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

After the close of markets on February 5, 2021, AdvisorShares Ranger Equity Bear ETF performed a reverse stock split (1 for 10) of the Fund’s issued and outstanding shares. A shareholder’s investment value was not affected by the reverse split.

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

112

LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, AdvisorShares Trust (the “Trust”), on behalf of its series (the “Funds”), has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk based on factors specific to the circumstances of the Funds. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a Fund will be unable to meet its redemption obligations without significant dilution of remaining shareholders’ interests. The Board of Trustees of the Trust appointed AdvisorShares Investments, LLC, the Funds’ investment adviser, as the administrator of the Program (the “Program Administrator”).

At the Board’s August 2020 meeting, the Trustees reviewed a written report provided by the Program Administrator addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period December 1, 2019 through June 30, 2020. The report did not reflect that any material changes had been made to the Program since its implementation. The report noted that the Program utilizes analysis from a third-party liquidity metrics service provider to assist in liquidity classification, calculation, and monitoring. The Program Administrator concluded in the report that the Program has been adequately designed and effectively implemented to meet the requirements of Rule 22e-4 and the Funds’ liquidity needs.

113

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of the Sub-Advisory Agreements 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 17, 2020 and November 12, 2020, 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) 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, (2) DoubleLine Equity LP, on behalf of the AdvisorShares DoubleLine Value Equity ETF, (3) Partnervest Advisory Services, LLC, on behalf of AdvisorShares STAR Global Buy-Write ETF, and (4) Ranger Alternative Management L.P., on behalf of the AdvisorShares Ranger Equity Bear 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 and related exemptive relief, 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 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, was presented with additional information to help it evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements. The Board 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 of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund’s shareholders; and (vi) 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 Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Advisors, including those individuals responsible for portfolio management. The Board also considered the Sub-Advisors’ operational

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

capabilities and resources and their experience in managing investment portfolios. The most recent Form ADV for each Sub-Advisor 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.

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, as applicable, 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 a Sub-Advisor and whether a Sub-Advisor’s 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 and Sub-Advisory Agreements for AdvisorShares Q Dynamic Growth ETF and AdvisorShares Q Portfolio Blended Allocation ETF

At a meeting held on August 17, 2020, 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 Q Dynamic Growth ETF and AdvisorShares Q Portfolio Blended Allocation ETF (each a “Fund” and together, the “Funds”). 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 most recently had been conducted in May 2020. The Board also considered the approval of a separate sub-advisory agreement (the “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Advisor and ThinkBetter, LLC (the “Sub-Advisor”), on behalf of each Fund, pursuant to which the Sub-Advisor would perform portfolio management and related services.

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

In connection with its consideration of the Agreements, the Board, including the Independent Trustees, requested, received and evaluated materials from the Advisor and Sub-Advisor about the Agreements and 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 rates and various other materials that it considered relevant to its consideration and approval of the proposed agreements.

In considering each of the Agreements, the Board considered and discussed information and analysis provided by the Advisor and Sub-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.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor and Sub-Advisor to each Fund, the Board reviewed the services to be provided by the Advisor and Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, 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 the activities and operations of the Sub-Advisor and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board received the most recent Form ADV for the Sub-Advisor as well as responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor’s business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and Sub-Advisor, including those individuals responsible for portfolio management. The Board also considered the Advisor’s and Sub-Advisor’s operational capabilities and resources and their 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 each Fund by the Advisor and the Sub-Advisor.

Performance. In connection with the assessment of the ability of each of the Advisor and Sub-Advisor to perform its duties under its 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 each of the Advisor and Sub-Advisor has the resources necessary to perform its obligations under its Agreement.

Cost of Services and Profitability. The Board considered the cost of the services to be provided by the Advisor and Sub-Advisor, reviewed the fees to be paid pursuant to the Agreements, and considered the estimated profitability projected by each of the Advisor and Sub-Advisor from its relationship with the Funds. The Board noted that the proposed advisory and sub-advisory fees include a fulcrum fee component, which is intended to align the Advisor’s and Sub-Advisor’s incentives with those of the Fund, and reviewed the structure of the arrangement. In addition, the Board discussed the fee arrangement between the Advisor and Sub-Advisor, noting that the Advisor would pay the Sub-Advisor out of the advisory fee it receives from each Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds and evaluated the proposed fee arrangements 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 fees proposed to be paid to the Advisor and Sub-Advisor appear to be reasonable in light of the services to be provided.

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

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 and sub-advisory fees 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 each of the Advisor and Sub-Advisor as a result of its relationship with the Funds (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with each 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 Agreements are fair and reasonable; (ii) concluded that the fees to be paid to the Advisor are fair and reasonable in light of the services that it will provide to Funds; (iii) concluded that the fees to be paid to the Sub-Advisor are fair and reasonable in light of the services that the Sub-Advisor will provide to the Funds; and (iv) agreed to approve each of the Agreements for an initial term of two years.

Approval of the Advisory Agreement for AdvisorShares Pure US Cannabis 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 Pure US Cannabis ETF (the “Fund”). 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 most recently had 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 the 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.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by the Advisor to the 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 Fund, 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 the 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 Fund. 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 Fund by the Advisor.

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

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 the 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 the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fee proposed to be paid 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 the 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 the 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 the Fund (other than the advisory or sub-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 fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Advisory Agreement for an initial term of two years.

Approval of New Sub-Advisory Agreement for AdvisorShares STAR Global Buy-Write ETF

On October 1, 2020, Partnervest Financial Group, LLC, the parent company of Partnervest Advisory Services, LLC (“Partnervest”), the investment sub-advisor to the AdvisorShares STAR Global Buy-Write ETF (the “Fund”), concluded a transaction with ChangePath, LLC (“ChangePath”) pursuant to which ChangePath acquired substantially all of the assets of Partnervest Financial Group, LLC.

Accordingly, at a meeting held on October 29, 2020, the Board, including a majority of the Trustees who are not “interested persons” of the Trust as defined by the 1940 Act (the “Independent Trustees”), approved a new investment sub-advisory agreement between the Adviser and ChangePath (the “New Sub-Advisory Agreement”), which contains substantially the same terms as the sub-advisory agreement with Partnervest including the rate of compensation. Effective November 25, 2020, ChangePath replaced Partnervest as the sub-advisor to the Fund.

At the meeting, the Board noted that it most recently had considered and approved the annual renewal of the sub-advisory agreement with Partnervest at its August 2020 meeting. In considering whether to approve the New Sub-Advisory Agreement, the Board reviewed and discussed information and analysis provided by ChangePath and the Adviser. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual trustees may have attributed different weights to various factors.

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

Nature, Extent and Quality of the Services to be Provided. In considering the nature, extent and quality of the services to be provided by ChangePath, the Board reviewed the services to be provided by ChangePath, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities. The Board further noted that these services are the same as the services currently provided by Partnervest. The Board received the most recent Form ADV for ChangePath as well as responses to a detailed series of questions that, among other things, requested information about ChangePath’s business, services, and financial condition. The Board considered, among other things, the organizational structure and professional experience of the senior management and key professional personnel of ChangePath, the firm’s operational capabilities and its compliance program. The Board noted that the Fund’s current portfolio managers would continue to manage the Fund as ChangePath employees. Based on its review, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by ChangePath.

Performance. In connection with the assessment of the ability of ChangePath to perform its duties under its 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 ChangePath has the resources necessary to perform its obligations under the New Sub-Advisory Agreement.

Cost of Services and Profitability. The Board considered the cost of the services to be provided by ChangePath, reviewed the fee to be paid pursuant to the New Sub-Advisory Agreement, and considered the estimated profitability projected by ChangePath from its relationship with the Fund. The Board noted that the proposed fee under the New Sub-Advisory Agreement is the same as the sub-advisory fee paid to Partnervest. The Board also reviewed information provided by ChangePath regarding advisory fees of comparable accounts and evaluated the proposed fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. Based on its review, within the context of its full deliberations, the Board concluded that the fee appeared reasonable in light of the services to be rendered.

Economies of Scale. The Board considered whether economies of scale would be realized by the Fund at higher asset levels and determined to reassess in the future whether the Fund’s advisory fees appropriately took into account any economies of scale that may be realized as a result of significant growth of assets of the Fund.

Ancillary Benefits. The Board noted the potential benefits to be received by ChangePath as a result of its relationship with the 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 the Fund’s performance.

Conclusion. Based on its deliberations, the Board, including the Independent Trustees, unanimously concluded that the terms of the New Sub-Advisory Agreement, including the fee, are fair and reasonable in light of the services to be provided to the Fund and approved the New Sub-Advisory Agreement for an initial term of two years.

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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 their 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.

120

ADVISORSHARES TRUST

Investment Advisor

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

Sub-Advisors

ChangePath, LLC

11460 Tomahawk Creek Parkway, Suite 200
Leawood, KS 66211

Dorsey, Wright & Associates, LLC

3300 W. Leigh Street
Richmond, VA 23230

DoubleLine Equity LP

505 N. Brand Boulevard, Suite 860
Glendale, CA 91203

Newfleet Asset Management, LLC

1 Financial Plaza
Hartford, CT 06103

Ranger Alternative Management, L.P.

2828 N. Harwood Street, Suite 1900
Dallas, TX 75201

Sage Advisory Services, Ltd. Co.

5900 Southwest Parkway, Building I
Austin, TX 78735

ThinkBetter, LLC

1549 Ringling Boulevard, Suite 510
Sarasota, FL 34236

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.

(GRAPHIC)

(b)

Not applicable.

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(a) 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	March 1, 2021


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	March 1, 2021

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

Date	March 1, 2021

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