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, 2015

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

 

ADVISORSHARES TRUST

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

Semi-Annual Report

December 31, 2015

TABLE OF CONTENTS

Letter from the CEO of AdvisorShares Investments, LLC		1
Shareholder Expense Examples		3
Schedules of Investments
AdvisorShares Athena High Dividend ETF (DIVI)		6
AdvisorShares EquityPro ETF (EPRO)		8
AdvisorShares Gartman Gold/Euro ETF (GEUR)		9
AdvisorShares Gartman Gold/Yen ETF (GYEN)		10
AdvisorShares Global Echo ETF (GIVE)		11
AdvisorShares Madrona Domestic ETF (FWDD)		14
AdvisorShares Madrona Global Bond ETF (FWDB)		22
AdvisorShares Madrona International ETF (FWDI)		23
AdvisorShares Market Adaptive Unconstrained Income ETF (MAUI) [formerly, AdvisorShares Sunrise Global Multi-Strategy ETF (MULT)]		26
AdvisorShares Meidell Tactical Advantage ETF (MATH)		27
AdvisorShares Morgan Creek Global Tactical ETF (GTAA)		28
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)		29
AdvisorShares Pacific Asset Enhanced Floating Rate ETF (FLRT)		44
AdvisorShares Peritus High Yield ETF (HYLD)		47
AdvisorShares QAM Equity Hedge ETF (QEH)		51
AdvisorShares Ranger Equity Bear ETF (HDGE)		53
AdvisorShares Sage Core Reserves ETF (HOLD)		55
AdvisorShares STAR Global Buy-Write ETF (VEGA)		60
AdvisorShares TrimTabs Float Shrink ETF (TTFS)		61
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (AADR)		64
AdvisorShares YieldPro ETF (YPRO)		66
Statements of Assets and Liabilities		68
Statements of Operations		74
Statements of Changes in Net Assets		80
Statements of Cash Flows		89
Financial Highlights		90
Notes to Financial Statements		104
Board Review of Investment Advisory and Sub-Advisory Agreements		127
Supplemental Information		131

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ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC

December 31, 2015

The year ending December 31^st, 2015 was challenging in the markets but growth was robust in the actively managed ETF marketplace in terms of assets and the number of new funds listed. Assets grew by 13.5% to $22.928 billion, the number of funds grew to 137 from 129 six months prior and there are now 30 companies sponsoring actively managed ETFs.

 

As of December 31, 2015 I Source: AdvisorShares.

AdvisorShares offers investors the largest number of actively managed ETFs in the market, with 21 ETFs trading today on both the NYSE Arca and NASDAQ exchanges. Additionally, we remain committed to finding new strategies to offer in order to stay ahead of trends in markets as well as meet the portfolio needs of our advisor customer base.

An increasingly complex investing environment has created the need for investors to utilize the potential benefits that active ETFs provide as a part of their overall asset allocation. We actively seek out investment managers who offer interesting active strategies so that we can provide you with a wide variety of ETFs to choose from, to help you meet and exceed your investment goals.

The last year has been difficult for AdvisorShares with our AUM level decreasing by 14.5% as one of our largest funds continued to struggle in an environment that has been challenging for its segment. The AdvisorShares team remains actively engaged with the fund’s managers hoping to turn the tide.

During this past six months, we closed the following ETFs:

• DBIZ — AdvisorShares Pring Turner Business Cycle ETF

• AGLS — AdvisorShares Accuvest Global Long/Short ETF

1

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

December 31, 2015

We also rebranded one of our funds:

In November 2015, the AdvisorShares Sunrise Global Multi-Strategy ETF (MULT) became the AdvisorShares Market Adaptive Unconstrained Income ETF (NASDAQ: MAUI).

We look forward to an exciting 2016 both in markets and in the active ETF industry as well as continuing to maintain our transparency to you through our regular communications, so you will know what our managers are doing and why with the assets you have entrusted to them. We appreciate the continued trust and confidence that you, our shareholders, have given to us.

Best Regards,

Noah Hamman
CEO, AdvisorShares Investments

An investment in the Funds is subject to risk, including the possible loss of principal amount invested. There is no guarantee that the individual Funds’ will achieve the stated investment objectives. The risks associated with each Fund include the risks associated with the underlying ETFs, which can result in higher volatility, and are detailed in each Fund’s prospectus and on each Fund’s webpage.

The views in this report were those of the Fund’s CEO as of December 31, 2015 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.

2

ADVISORSHARES TRUST

Shareholder Expense Examples

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, 2015 and held for the period ended December 31, 2015.

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 the 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 07/01/2015		Ending Account Value 12/31/2015		Annualized Expense Ratio for the Period(1)			Expenses Paid
AdvisorShares Athena High Dividend ETF
Actual	$	1,000.00	$	790.50		0.99	%	$	4.46
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.16		0.99	%	$	5.03
AdvisorShares EquityPro ETF
Actual	$	1,000.00	$	930.50		1.25	%	$	6.07
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.85		1.25	%	$	6.34
AdvisorShares Gartman Gold/Euro ETF
Actual	$	1,000.00	$	928.20		0.65	%	$	3.15
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.87		0.65	%	$	3.30
AdvisorShares Gartman Gold/Yen ETF
Actual	$	1,000.00	$	883.20		0.65	%	$	3.08
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.87		0.65	%	$	3.30

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ADVISORSHARES TRUST

Shareholder Expense Examples (continued)

Fund Name	Beginning Account Value 07/01/2015		Ending Account Value 12/31/2015		Annualized Expense Ratio for the Period(1)			Expenses Paid
AdvisorShares Global Echo ETF
Actual	$	1,000.00	$	964.80		1.50	%	$	7.41
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.60		1.50	%	$	7.61
AdvisorShares Madrona Domestic ETF
Actual	$	1,000.00	$	944.90		1.25	%	$	6.11
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.85		1.25	%	$	6.34
AdvisorShares Madrona Global Bond ETF
Actual	$	1,000.00	$	994.80		0.95	%	$	4.76
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.36		0.95	%	$	4.82
AdvisorShares Madrona International ETF
Actual	$	1,000.00	$	866.80		1.25	%	$	5.87
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.85		1.25	%	$	6.34
AdvisorShares Market Adaptive Unconstrained Income ETF(2)
Actual	$	1,000.00	$	956.50		1.64	%	$	8.07
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.89		1.64	%	$	8.31
AdvisorShares Meidell Tactical Advantage ETF
Actual	$	1,000.00	$	903.80		1.35	%	$	6.46
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.35		1.35	%	$	6.85
AdvisorShares Morgan Creek Global Tactical ETF
Actual	$	1,000.00	$	925.70		1.25	%	$	6.05
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.85		1.25	%	$	6.34
AdvisorShares Newfleet Multi-Sector Income ETF
Actual	$	1,000.00	$	999.40		0.75	%	$	3.77
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.37		0.75	%	$	3.81
AdvisorShares Pacific Asset Enhanced Floating Rate ETF
Actual	$	1,000.00	$	974.40		1.10	%	$	5.46
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.61		1.10	%	$	5.58
AdvisorShares Peritus High Yield ETF
Actual	$	1,000.00	$	857.70		1.17	%	$	5.46
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.25		1.17	%	$	5.94
AdvisorShares QAM Equity Hedge ETF
Actual	$	1,000.00	$	944.80		1.50	%	$	7.33
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.60		1.50	%	$	7.61

4

ADVISORSHARES TRUST

Shareholder Expense Examples (continued)

Fund Name	Beginning Account Value 07/01/2015		Ending Account Value 12/31/2015		Annualized Expense Ratio for the Period(1)			Expenses Paid
AdvisorShares Ranger Equity Bear ETF
Actual	$	1,000.00	$	988.10		1.65	%	$	8.25
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.84		1.65	%	$	8.36
AdvisorShares Sage Core Reserves ETF
Actual	$	1,000.00	$	999.60		0.35	%	$	1.76
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,023.38		0.35	%	$	1.78
AdvisorShares STAR Global Buy-Write ETF
Actual	$	1,000.00	$	975.60		1.85	%	$	9.19
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.84		1.85	%	$	9.37
AdvisorShares TrimTabs Float Shrink ETF
Actual	$	1,000.00	$	955.30		0.99	%	$	4.87
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.16		0.99	%	$	5.03
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF
Actual	$	1,000.00	$	991.40		1.25	%	$	6.26
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.85		1.25	%	$	6.34
AdvisorShares YieldPro ETF
Actual	$	1,000.00	$	1,002.50		1.20	%	$	6.04
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.10		1.20	%	$	6.09

(1) Expense ratios reflect expense caps through the period ended December 31, 2015.

(2) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

5

ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 100.0%
Agriculture — 2.6%
Philip Morris International, Inc.		2,233	$	196,303
Airlines — 3.0%
Copa Holdings SA, Class A (Panama)		4,678		225,760
Auto Manufacturers — 2.2%
General Motors Co.		4,843		164,710
Banks — 7.4%
Banco de Chile (Chile)(a)		2,884		171,338
Banco Santander Chile (Chile)(a)		11,622		205,013
Corpbanca SA (Chile)(a)(b)		15,030		175,851
Total Banks				552,202
Chemicals — 3.0%
Potash Corp. of Saskatchewan, Inc. (Canada)		12,908		220,985
Electric — 7.4%
CPFL Energia SA (Brazil)*(a)		22,017		163,366
Entergy Corp.		3,047		208,293
Huaneng Power International, Inc. (China)(a)(b)		5,123		175,719
Total Electric				547,378
Internet — 2.6%
SouFun Holdings Ltd. (China)(a)(b)		26,117		193,005
Iron/Steel — 5.1%
Ternium SA (Luxembourg)(a)		14,544		180,782
Vale SA (Brazil)(a)(b)		60,310		198,420
Total Iron/Steel				379,202
Machinery — Construction & Mining — 2.1%
Joy Global, Inc.		12,410		156,490
Mining — 3.0%
BHP Billiton PLC (Austrailia)(a)		9,885		223,895
Oil & Gas — 11.8%
China Petroleum & Chemical Corp. (China)(a)		2,427		145,571
CNOOC Ltd. (China)(a)(b)		2,150		224,418
Ecopetrol SA (Colombia)(a)(b)		22,648		158,762
Helmerich & Payne, Inc.(b)		3,700		198,135
Sasol Ltd. (South Africa)(a)		5,601		150,219
Total Oil & Gas				877,105
Packaging & Containers — 2.7%
Greif, Inc., Class A		6,506		200,450
Pipelines — 8.3%
Energy Transfer Partners LP		4,917		165,850
Kinder Morgan, Inc.		12,958		193,333
ONEOK, Inc.		10,394		256,317
Total Pipelines				615,500
Real Estate — 0.0%**
RMR Group, Inc. (The), Class A*(b)		166		2,392

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Real Estate Investment Trusts — 13.8%
CBL & Associates Properties, Inc.		22,194	$	274,540
Digital Realty Trust, Inc.		2,620		198,124
GEO Group, Inc. (The)		11,269		325,787
Senior Housing Properties Trust		14,972		222,184
Total Real Estate Investment Trusts				1,020,635
Semiconductors — 4.7%
Advanced Semiconductor Engineering, Inc. (Taiwan)(a)		34,897		197,866
United Microelectronics Corp. (Taiwan)(a)		80,953		152,192
Total Semiconductors				350,058
Telecommunications — 18.7%
AT&T, Inc.		7,005		241,042
CenturyLink, Inc.(b)		11,273		283,628
Chunghwa Telecom Co. Ltd. (Taiwan)(a)(b)		5,625		168,919
Frontier Communications Corp.		35,843		167,387
Telecom Argentina SA (Argentina)(a)		11,962		192,229
Turkcell Iletisim Hizmetleri AS (Turkey)(a)		14,871		126,255
Verizon Communications, Inc.		4,385		202,675
Total Telecommunications				1,382,135
Transportation — 1.6%
Golar LNG Ltd. (Bermuda)(b)		7,329		115,725
Total Common Stocks (Cost $9,158,508)				7,423,930
MONEY MARKET FUND — 0.3%
Goldman Sachs Financial Square Fund, 0.30%(c) (Cost $22,216)		22,216		22,216
REPURCHASE AGREEMENTS — 13.0%(d)
BNP Paribas Securities Corp., dated 12/31/15, due 01/04/16, 0.30%, total to be received $250,008, (collateralized by various U.S. Government Agency Obligations, 0.00% – 5.50%, 06/06/16 – 05/04/37, totaling $254,768)	$	250,000		250,000
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $145,041, (collateralized by various U.S. Government Agency Obligations, 0.00% –  11.50%, 01/15/16 – 04/01/51, totaling $147,412)		145,036		145,036

See accompanying Notes to Financial Statements.

6

ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $254,290)	$	250,000	$	250,000
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $254,303)		250,000		250,000
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $71,869, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $73,092)		71,867		71,867
Total Repurchase Agreements (Cost $966,903)				966,903
Total Investments — 113.3% (Cost $10,147,627)				8,413,049
Liabilities in Excess of Other Assets — (13.3)%				(988,198	)
Net Assets — 100.0%			$	7,424,851

LP — Limited Partnership

PLC — Public Limited Company

* Non-income producing security.

** Less than 0.05%.

(a) American Depositary Receipt.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,480,299; the aggregate market value of the collateral held by the fund is $1,529,228. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $562,325.

(c) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Agriculture		2.6	%
Airlines		3.0
Auto Manufacturers		2.2
Banks		7.4
Chemicals		3.0
Electric		7.4
Internet		2.6
Iron/Steel		5.1
Machinery – Construction & Mining		2.1
Mining		3.0
Oil & Gas		11.8
Packaging & Containers		2.7
Pipelines		8.3
Real Estate		0.0	**
Real Estate Investment Trusts		13.8
Semiconductors		4.7
Telecommunications		18.7
Transportation		1.6
Money Market Fund		0.3
Repurchase Agreements		13.0
Total Investments		113.3
Liabilities in Excess of Other Assets		(13.3	)
Net Assets		100.0	%

** Less than 0.05%.

See accompanying Notes to Financial Statements.

7

ADVISORSHARES EQUITYPRO ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 99.4%
Equity Fund — 99.4%
Energy Select Sector SPDR Fund		15,233	$	922,358
Guggenheim S&P 500 Equal Weight Consumer Staples ETF(a)		17,191		1,994,500
Guggenheim S&P 500 Pure Growth ETF(a)		47,073		3,798,791
Health Care Select Sector SPDR Fund		2,765		199,218
Industrial Select Sector SPDR Fund		16,620		881,026
iShares MSCI ACWI ETF(a)		66,471		3,710,411
iShares MSCI EAFE ETF		53,493		3,142,714
iShares MSCI Emerging Markets ETF(a)		48,473		1,560,346
iShares S&P 500 Growth ETF		30,853		3,572,777
iShares S&P Mid-Cap 400 Growth ETF(a)		20,075		3,231,272
Market Vectors Oil Service ETF		55,800		1,475,910
PowerShares Dynamic Pharmaceuticals Portfolio		20,775		1,453,627
PowerShares QQQ Trust, Series 1(a)		34,712		3,882,884
SPDR S&P 500 ETF Trust		20,228		4,124,288
Technology Select Sector SPDR Fund		65,081		2,787,419
Total Exchange Traded Funds (Cost $37,485,960)				36,737,541
MONEY MARKET FUND — 5.1%
Wells Fargo Advantage Government Money Market Fund — Institutional Class, 0.08%(b) (Cost $1,881,169)		1,881,169		1,881,169
REPURCHASE AGREEMENTS — 26.6%(c)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $1,474,960, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $1,499,065)	$	1,474,904		1,474,904
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $2,288,631, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $2,326,852)		2,288,560		2,288,560

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $2,288,636, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $2,327,961)	$	2,288,560	$	2,288,560
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $2,288,644, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $2,327,954)		2,288,560		2,288,560
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $1,492,087, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $1,517,481)		1,492,041		1,492,041
Total Repurchase Agreements (Cost $9,832,625)				9,832,625
Total Investments — 131.1% (Cost $49,199,754)				48,451,335
Liabilities in Excess of Other Assets — (31.1)%				(11,505,656	)
Net Assets — 100.0%			$	36,945,679

ETF — Exchange Traded Fund

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $9,610,158; the aggregate market value of the collateral held by the fund is $9,832,625.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		99.4	%
Money Market Fund		5.1
Repurchase Agreements		26.6
Total Investments		131.1
Liabilities in Excess of Other Assets		(31.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

8

ADVISORSHARES GARTMAN GOLD/EURO ETF
Schedule of Investments (Consolidated)†

December 31, 2015 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND — 55.3%
BNY Mellon Cash Reserve, 0.01%(a) (Cost $6,256,514)		6,256,514	$	6,256,514
Total Investments — 55.3% (Cost $6,256,514)				6,256,514
Other Assets in Excess of Liabilities — 44.7%				5,058,179
Net Assets — 100.0%			$	11,314,693

Futures contracts outstanding as of December 31, 2015:

Type	Broker		Expiration Date		Number of Contracts			Value at Trade Date			Value at December 31, 2015			Unrealized Appreciation (Depreciation)
EURO Currency		Interactive Brokers LLC		March 2016		(83	)	$	(11,323,589	)	$	(11,294,225	)	$	29,364
Gold 100 Oz.		Interactive Brokers LLC		February 2016		107			11,426,747			11,344,140			(82,607	)
														$	(53,243	)

Cash posted as collateral from broker for futures contracts was $5,098,029 at December 31, 2015.

† The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to Financial Statements.

(a) Rate shown reflects the 7-day yield as of December 31, 2015.

See accompanying Notes to Financial Statements.

9

ADVISORSHARES GARTMAN GOLD/YEN ETF
Schedule of Investments (Consolidated)†

December 31, 2015 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND — 63.3%
BNY Mellon Cash Reserve, 0.01%(a) (Cost $8,870,269)		8,870,269	$	8,870,269
Total Investments — 63.3% (Cost $8,870,269)				8,870,269
Other Assets in Excess of Liabilities — 36.7%				5,149,461
Net Assets — 100.0%			$	14,019,730

Futures contracts outstanding as of December 31, 2015:

Type	Broker		Expiration Date		Number of Contracts			Value at Trade Date			Value at December 31, 2015			Unrealized Appreciation (Depreciation)
Gold 100 Oz.		Interactive Brokers LLC		February 2016		137		$	14,623,647		$	14,524,740		$	(98,907	)
Japanese Yen Currency		Interactive Brokers LLC		March 2016		(140	)		(14,254,281	)		(14,581,875	)		(327,594	)
														$	(426,501	)

Cash posted as collateral to broker for futures contracts was $5,193,590 at December 31, 2015.

† The Consolidated Schedule of Investments included the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See the Notes to Financial Statements.

(a) Rate shown reflects the 7-day yield as of December 31, 2015.

See accompanying Notes to Financial Statements.

10

ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 66.7%
Apparel — 1.2%
Hanesbrands, Inc.(a)		900	$	26,487
NIKE, Inc., Class B		990		61,875
Total Apparel				88,362
Auto Parts & Equipment — 0.8%
Johnson Controls, Inc.		1,449		57,221
Banks — 4.0%
Northern Trust Corp.		1,224		88,238
PNC Financial Services Group, Inc. (The)		949		90,450
TCF Financial Corp.		3,245		45,819
Tompkins Financial Corp.(a)		1,321		74,187
Total Banks				298,694
Beverages — 0.5%
Reed’s, Inc.*(a)		7,660		41,058
Biotechnology — 1.8%
Amgen, Inc.		331		53,732
Illumina, Inc.*(a)		230		44,147
Ionis Pharmaceuticals, Inc.*(a)		581		35,981
Total Biotechnology				133,860
Building Materials — 1.1%
Apogee Enterprises, Inc.		250		10,878
Geberit AG (Switzerland)(b)		546		18,520
Masco Corp.		1,988		56,260
Total Building Materials				85,658
Chemicals — 2.3%
Ecolab, Inc.		215		24,592
Novozymes A/S (Denmark)(b)		3,128		149,268
Total Chemicals				173,860
Commercial Services — 2.9%
Automatic Data Processing, Inc.		870		73,706
Bright Horizons Family Solutions, Inc.*		887		59,252
Korn/Ferry International		775		25,715
ManpowerGroup, Inc.		705		59,424
Total Commercial Services				218,097
Computers — 2.5%
Apple, Inc.		920		96,839
EMC Corp.		2,793		71,724
Stratasys Ltd.*(a)		848		19,911
Total Computers				188,474
Cosmetics/Personal Care — 3.4%
Estee Lauder Cos., Inc. (The), Class A		480		42,269
Procter & Gamble Co. (The)		870		69,087
Unilever NV (United Kingdom)(c)		2,390		103,534

Investments	Shares		Value
COMMON STOCKS (continued)
Cosmetics/Personal Care (continued)
Unilever PLC (United Kingdom)(b)		950	$	40,964
Total Cosmetics/Personal Care				255,854
Diversified Financial Services — 1.6%
MarketAxess Holdings, Inc.		312		34,816
MasterCard, Inc., Class A		890		86,650
Total Diversified Financial Services				121,466
Electronics — 1.0%
Agilent Technologies, Inc.		660		27,595
Waters Corp.*		326		43,873
Total Electronics				71,468
Energy — Alternate Sources — 1.1%
Enphase Energy, Inc.*(a)		5,300		18,603
First Solar, Inc.*(a)		965		63,680
Total Energy – Alternate Sources				82,283
Environmental Control — 2.0%
TETRA Tech, Inc.		895		23,288
Tomra Systems ASA (Norway)(b)		11,638		125,566
Total Environmental Control				148,854
Food — 3.4%
Boulder Brands, Inc.*		3,040		33,379
Kroger Co. (The)		2,076		86,839
Nestle SA (Switzerland)(b)		576		42,866
Sprouts Farmers Market, Inc.*		2,001		53,207
SunOpta, Inc. (Canada)*		5,918		40,479
Total Food				256,770
Healthcare — Products — 3.2%
Becton, Dickinson and Co.		179		27,582
Boston Scientific Corp.*		4,064		74,940
Henry Schein, Inc.*		125		19,774
Hologic, Inc.*		2,224		86,047
Sirona Dental Systems, Inc.*		325		35,610
Total Healthcare — Products				243,953
Healthcare – Services — 0.3%
Amedisys, Inc.*		504		19,817
Home Furnishings — 0.6%
Dorel Industries, Inc., Class B (Canada)		2,013		45,576
Household Products/Wares — 0.7%
Church & Dwight Co., Inc.		651		55,257
Insurance — 2.7%
Aflac, Inc.		1,415		84,759
Storebrand ASA (Norway)*(b)		6,760		52,863
Voya Financial, Inc.		1,818		67,102
Total Insurance				204,724

See accompanying Notes to Financial Statements.

11

ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Internet — 2.6%
Alphabet, Inc., Class A*		123	$	95,696
eBay, Inc.*		1,430		39,296
F5 Networks, Inc.*		446		43,244
FireEye, Inc.*(a)		900		18,666
Total Internet				196,902
Machinery – Diversified — 1.8%
Rockwell Automation, Inc.		574		58,898
Xylem, Inc.		2,031		74,132
Total Machinery – Diversified				133,030
Miscellaneous Manufacturing — 2.6%
AO Smith Corp.		400		30,644
AptarGroup, Inc.		1,248		90,668
CLARCOR, Inc.		400		19,872
Ingersoll-Rand PLC		410		22,669
Raven Industries, Inc.(a)		2,069		32,276
Total Miscellaneous Manufacturing				196,129
Packaging & Containers — 0.8%
Sealed Air Corp.		1,365		60,879
Pharmaceuticals — 4.4%
Cardinal Health, Inc.		485		43,296
Johnson & Johnson		565		58,037
Novartis AG (Switzerland)(b)		930		80,017
Perrigo Co. PLC		419		60,629
Teva Pharmaceutical Industries Ltd. (Israel)(b)		1,328		87,170
Total Pharmaceuticals				329,149
Real Estate — 0.5%
CBRE Group, Inc., Class A*		1,108		38,315
Retail — 5.0%
Costco Wholesale Corp.		480		77,520
CVS Health Corp.		1,039		101,583
Kingfisher PLC (United Kingdom)(a)(b)		3,750		36,431
Starbucks Corp.		1,312		78,759
Target Corp.		1,065		77,330
Total Retail				371,623
Semiconductors — 4.5%
Broadcom Corp., Class A		744		43,018
Intel Corp.		1,063		36,620
IPG Photonics Corp.*(a)		776		69,188
NXP Semiconductors NV (Netherlands)*		726		61,166
QUALCOMM, Inc.		1,111		55,533
Xilinx, Inc.		1,544		72,522
Total Semiconductors				338,047

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Software — 3.5%
Adobe Systems, Inc.*		993	$	93,282
Allscripts Healthcare Solutions, Inc.*		1,275		19,610
Citrix Systems, Inc.*		170		12,861
Fiserv, Inc.*		1,198		109,569
Microsoft Corp.		534		29,626
Total Software				264,948
Telecommunications — 2.0%
BT Group PLC (United Kingdom)(b)		630		21,804
Cisco Systems, Inc.		900		24,440
LogMeIn, Inc.*		506		33,953
Sierra Wireless, Inc. (Canada)*		2,824		44,449
Vodafone Group PLC (United Kingdom)(b)		780		25,163
Total Telecommunications				149,809
Transportation — 1.2%
Canadian National Railway Co. (Canada)		684		38,222
Expeditors International of Washington, Inc.		521		23,497
Kansas City Southern		360		26,881
Total Transportation				88,600
Water — 0.7%
American Water Works Co., Inc.		480		28,680
Severn Trent PLC (United Kingdom)(a)(b)		789		25,308
Total Water				53,988
Total Common Stocks (Cost $4,692,771)				5,012,725
ASSET BACKED SECURITIES — 13.9%
SBA, 4.08%, 07/25/38@	$	121,637		140,614
SBA, 4.15%, 02/25/39@		160,081		184,335
SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29		167,891		181,005
SBAP, Class 1, Series 2010-20A, 4.38%, 01/01/30		129,138		140,138
SBAP, Class 1, Series 2010-20B, 4.14%, 02/01/30		252,074		270,654
U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20		123,086		128,947
Total Asset Backed Securities (Cost $1,049,841)				1,045,693
MUNICIPAL BOND — 4.0%
Allegheny County Residential Finance Authority, 0.14%, 11/01/35@ (Cost $300,000)		300,000		300,000

See accompanying Notes to Financial Statements.

12

ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares/ Principal		Value
U.S. GOVERNMENT AGENCY SECURITIES — 11.7%
Federal National Mortgage Association, 3.76%, 05/01/43		337,023	$	349,100
Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43		188,333		192,043
Government National Mortgage Association, Class AC, Series 2015-160, 2.60%, 01/16/56@		149,830		148,439
Government National Mortgage Association, Class AE, Series 2015-41, 2.90%, 09/16/56@		188,657		191,009
Total U.S. GOVERNMENT AGENCY SECURITIES (Cost $898,539)				880,591
MONEY MARKET FUNDS — 3.8%
Fidelity Institutional Money Market Government Portfolio —  Class I 0.12%(d)		201,441		201,441
Fidelity Institutional Money Market Portfolio – Institutional Class 0.28%(d)		83,375		83,375
Total Money Market Funds (Cost $284,816)				284,816
REPURCHASE AGREEMENT — 3.0%(e)
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $229,173, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $233,110) (Cost $229,165)	$	229,165		229,165
Total Investments — 103.1% (Cost $7,455,132)				7,752,990
Liabilities in Excess of Other Assets — (3.1)%				(231,351	)
Net Assets — 100.0%			$	7,521,639

PLC — Public Limited Company

* Non-income producing security.

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $367,026; the aggregate market value of the collateral held by the fund is $376,769. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $147,604.

(b) American Depositary Receipt.

(c) Registered Shares.

(d) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Apparel		1.2	%
Asset Backed Securities		13.9
Auto Parts & Equipment		0.8
Banks		4.0
Beverages		0.5
Biotechnology		1.8
Building Materials		1.1
Chemicals		2.3
Commercial Services		2.9
Computers		2.5
Cosmetics/Personal Care		3.4
Diversified Financial Services		1.6
Electronics		1.0
Energy – Alternate Sources		1.1
Environmental Control		2.0
Food		3.4
Healthcare – Products		3.2
Healthcare – Services		0.3
Home Furnishings		0.6
Household Products/Wares		0.7
Insurance		2.7
Internet		2.6
Machinery – Diversified		1.8
Miscellaneous Manufacturing		2.6
Municipal		4.0
Packaging & Containers		0.8
Pharmaceuticals		4.4
Real Estate		0.5
Retail		5.0
Semiconductors		4.5
Software		3.5
Telecommunications		2.0
Transportation		1.2
U.S. Government Agency Securities		11.7
Water		0.7
Money Market Fund		3.8
Repurchase Agreements		3.0
Total Investments		103.1
Liabilities in Excess of Other Assets		(3.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

13

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.8%
Advertising — 0.5%
Interpublic Group of Cos., Inc. (The)		2,624	$	61,087
Nielsen Holdings PLC		1,607		74,886
Omnicom Group, Inc.		412		31,172
Total Advertising				167,145
Aerospace/Defense — 1.0%
Boeing Co. (The)		432		62,463
General Dynamics Corp.		294		40,384
L-3 Communications Holdings, Inc.		220		26,292
Lockheed Martin Corp.		116		25,189
Northrop Grumman Corp.		189		35,685
Raytheon Co.		239		29,763
Rockwell Collins, Inc.(a)		680		62,764
United Technologies Corp.		469		45,057
Total Aerospace/Defense				327,597
Agriculture — 0.4%
Altria Group, Inc.		484		28,174
Archer-Daniels-Midland Co.		309		11,334
Philip Morris International, Inc.		192		16,879
Reynolds American, Inc.		1,232		56,856
Total Agriculture				113,243
Airlines — 2.6%
American Airlines Group, Inc.		4,638		196,419
Delta Air Lines, Inc.		4,243		215,077
Southwest Airlines Co.		4,564		196,526
United Continental Holdings, Inc.*		3,572		204,676
Total Airlines				812,698
Apparel — 1.4%
Hanesbrands, Inc.		2,431		71,544
Michael Kors Holdings Ltd.*		5,522		221,211
NIKE, Inc., Class B		504		31,500
Ralph Lauren Corp.		568		63,321
Under Armour, Inc., Class A*(a)		199		16,041
VF Corp.		898		55,901
Total Apparel				459,518
Auto Manufacturers — 1.6%
Ford Motor Co.		14,515		204,516
General Motors Co.		5,980		203,380
PACCAR, Inc.		1,963		93,046
Total Auto Manufacturers				500,942
Auto Parts & Equipment — 1.4%
BorgWarner, Inc.		3,668		158,568
Delphi Automotive PLC (United Kingdom)		1,936		165,973

Investments	Shares		Value
COMMON STOCKS (continued)
Auto Parts & Equipment (continued)
Johnson Controls, Inc.		3,306	$	130,554
Total Auto Parts & Equipment				455,095
Banks — 4.2%
Bank of America Corp.		2,497		42,025
Bank of New York Mellon Corp. (The)		944		38,912
BB&T Corp.		1,291		48,813
Capital One Financial Corp.		451		32,553
Citigroup, Inc.		3,659		189,353
Comerica, Inc.		622		26,018
Fifth Third Bancorp		4,390		88,239
Goldman Sachs Group, Inc. (The)		397		71,551
Huntington Bancshares, Inc.		4,070		45,014
JPMorgan Chase & Co.		1,119		73,888
KeyCorp		3,300		43,527
M&T Bank Corp.		318		38,535
Morgan Stanley		4,920		156,505
Northern Trust Corp.		648		46,714
PNC Financial Services Group, Inc. (The)		342		32,596
Regions Financial Corp.		4,083		39,197
State Street Corp.		490		32,516
SunTrust Banks, Inc.		4,764		204,091
US Bancorp		660		28,162
Wells Fargo & Co.		875		47,565
Total Banks				1,325,774
Beverages — 1.5%
Brown-Forman Corp., Class B		154		15,289
Coca-Cola Co. (The)		457		19,633
Coca-Cola Enterprises, Inc.		384		18,908
Constellation Brands, Inc., Class A		328		46,720
Dr Pepper Snapple Group, Inc.		294		27,401
Keurig Green Mountain, Inc.		3,023		272,009
Monster Beverage Corp.*		310		46,178
PepsiCo, Inc.		160		15,987
Total Beverages				462,125
Biotechnology — 1.8%
Alexion Pharmaceuticals, Inc.*		391		74,583
Amgen, Inc.		335		54,381
Biogen, Inc.*		332		101,708
Celgene Corp.*		950		113,772
Gilead Sciences, Inc.		1,208		122,237
Regeneron Pharmaceuticals, Inc.*		79		42,887
Vertex Pharmaceuticals, Inc.*		373		46,935
Total Biotechnology				556,503

See accompanying Notes to Financial Statements.

14

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Building Materials — 1.1%
Martin Marietta Materials, Inc.(a)		637	$	87,001
Masco Corp.		3,236		91,579
Vulcan Materials Co.		1,768		167,907
Total Building Materials				346,487
Chemicals — 3.5%
Air Products & Chemicals, Inc.		659		85,742
Airgas, Inc.		347		47,997
CF Industries Holdings, Inc.		4,044		165,036
Dow Chemical Co. (The)		641		32,999
E.I. du Pont de Nemours & Co.		368		24,509
Eastman Chemical Co.		1,771		119,560
Ecolab, Inc.		417		47,696
FMC Corp.		2,125		83,151
International Flavors & Fragrances, Inc.		213		25,483
LyondellBasell Industries NV, Class A		1,370		119,053
Monsanto Co.		538		53,004
Mosaic Co. (The)		4,045		111,602
PPG Industries, Inc.		449		44,370
Praxair, Inc.		508		52,019
Sherwin-Williams Co. (The)		401		104,100
Total Chemicals				1,116,321
Coal — 0.1%
CONSOL Energy, Inc.(a)		3,707		29,285
Commercial Services — 3.2%
ADT Corp. (The)(a)		2,260		74,535
Automatic Data Processing, Inc.		331		28,042
Cintas Corp.		458		41,701
Equifax, Inc.		330		36,752
H&R Block, Inc.		1,694		56,427
McGraw Hill Financial, Inc.		699		68,907
Moody’s Corp.		848		85,088
PayPal Holdings, Inc.*		2,091		75,694
Quanta Services, Inc.*(a)		4,441		89,930
Robert Half International, Inc.		2,616		123,318
Total System Services, Inc.		611		30,428
United Rentals, Inc.*		2,616		189,766
Verisk Analytics, Inc.*(a)		573		44,052
Western Union Co. (The)		4,816		86,255
Total Commercial Services				1,030,895
Computers — 3.5%
Accenture PLC, Class A		314		32,813
Apple, Inc.		1,580		166,311
Cognizant Technology Solutions Corp., Class A*		1,442		86,549
Computer Sciences Corp.		704		23,007
CSRA, Inc.		704		21,120

Investments	Shares		Value
COMMON STOCKS (continued)
Computers (continued)
EMC Corp.		3,302	$	84,795
Hewlett Packard Enterprise Co.		2,509		38,137
HP, Inc.		1,113		13,178
International Business Machines Corp.		588		80,921
NetApp, Inc.		3,550		94,182
SanDisk Corp.(a)		2,270		172,496
Seagate Technology PLC(a)		3,061		112,216
Teradata Corp.*(a)		3,646		96,327
Western Digital Corp.		1,277		76,684
Total Computers				1,098,736
Cosmetics/Personal Care — 0.2%
Colgate-Palmolive Co.		331		22,051
Estee Lauder Cos., Inc. (The), Class A		343		30,205
Procter & Gamble Co. (The)		278		22,076
Total Cosmetics/Personal Care				74,332
Distribution/Wholesale — 1.1%
Fastenal Co.(a)		2,083		85,028
Fossil Group, Inc.*(a)		3,512		128,398
Genuine Parts Co.		295		25,338
W.W. Grainger, Inc.(a)		556		112,640
Total Distribution/Wholesale				351,404
Diversified Financial Services — 5.2%
Affiliated Managers Group, Inc.*		815		130,204
Alliance Data Systems Corp.*		361		99,842
American Express Co.		1,496		104,047
Ameriprise Financial, Inc.		1,674		178,147
BlackRock, Inc.		173		58,910
Charles Schwab Corp. (The)		2,175		71,623
CME Group, Inc.		410		37,146
Discover Financial Services		1,521		81,556
E*TRADE Financial Corp.*		2,782		82,458
Franklin Resources, Inc.		3,929		144,666
Intercontinental Exchange, Inc.		385		98,660
Invesco Ltd.		4,241		141,989
Legg Mason, Inc.		4,666		183,047
MasterCard, Inc., Class A		731		71,170
Nasdaq, Inc.		699		40,661
T. Rowe Price Group, Inc.		910		65,056
Visa, Inc., Class A		912		70,726
Total Diversified Financial Services				1,659,908
Electric — 2.0%
AES Corp. (The)		6,848		65,534
Ameren Corp.		559		24,166
American Electric Power Co., Inc.		330		19,229
CMS Energy Corp.		627		22,622

See accompanying Notes to Financial Statements.

15

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Electric (continued)
Consolidated Edison, Inc.		192	$	12,340
Dominion Resources, Inc.		308		20,833
DTE Energy Co.		277		22,213
Duke Energy Corp.		250		17,848
Edison International		221		13,085
Eversource Energy		469		23,952
Exelon Corp.		848		23,549
NextEra Energy, Inc.		248		25,765
NRG Energy, Inc.		11,954		140,698
Pepco Holdings, Inc.		557		14,488
PG&E Corp.		378		20,106
Pinnacle West Capital Corp.		292		18,828
PPL Corp.		531		18,123
Public Service Enterprise Group, Inc.		604		23,369
SCANA Corp.		444		26,858
Southern Co. (The)		355		16,610
TECO Energy, Inc.		483		12,872
WEC Energy Group, Inc.		398		20,421
Xcel Energy, Inc.		558		20,038
Total Electric				623,547
Electrical Components & Equipment — 0.4%
AMETEK, Inc.		630		33,762
Emerson Electric Co.		1,944		92,981
Total Electrical Components & Equipment				126,743
Electronics — 2.0%
Agilent Technologies, Inc.		1,090		45,573
Allegion PLC		1,192		78,577
Amphenol Corp., Class A		385		20,109
Corning, Inc.		762		13,929
FLIR Systems, Inc.		4,962		139,283
Garmin Ltd.(a)		1,019		37,876
Honeywell International, Inc.		488		50,542
PerkinElmer, Inc.		734		39,320
TE Connectivity Ltd. (Switzerland)		1,605		103,699
Tyco International PLC		2,466		78,641
Waters Corp.*		241		32,434
Total Electronics				639,983
Engineering & Construction — 0.8%
Fluor Corp.		3,088		145,815
Jacobs Engineering Group, Inc.*		2,667		111,881
Total Engineering & Construction				257,696
Environmental Control — 0.3%
Republic Services, Inc.		401		17,640
Stericycle, Inc.*(a)		425		51,255

Investments	Shares		Value
COMMON STOCKS (continued)
Environmental Control (continued)
Waste Management, Inc.		426	$	22,736
Total Environmental Control				91,631
Food — 1.4%
Campbell Soup Co.		290		15,240
ConAgra Foods, Inc.		526		22,176
General Mills, Inc.		319		18,394
Hershey Co. (The)		305		27,227
Hormel Foods Corp.		347		27,441
JM Smucker Co. (The)		312		38,482
Kellogg Co.		260		18,790
Kraft Heinz Co. (The)		250		18,190
Kroger Co. (The)		997		41,704
McCormick & Co., Inc.		267		22,845
Mondelez International, Inc., Class A		521		23,362
Safeway, Inc PDC, LLC CVR.*		447		22
Safeway, Inc SCRP.*		447		454
Sysco Corp.		763		31,283
Tyson Foods, Inc., Class A		1,249		66,608
Whole Foods Market, Inc.		1,761		58,993
Total Food				431,211
Forest Products & Paper — 0.4%
International Paper Co.		3,366		126,898
Gas — 0.3%
AGL Resources, Inc.		321		20,483
CenterPoint Energy, Inc.		936		17,185
NiSource, Inc.		813		15,862
Sempra Energy		354		33,279
Total Gas				86,809
Hand/Machine Tools — 0.6%
Snap-on, Inc.		741		127,029
Stanley Black & Decker, Inc.		627		66,920
Total Hand/Machine Tools				193,949
Healthcare – Products — 2.4%
Baxter International, Inc.		644		24,569
Becton Dickinson and Co.		439		67,646
Boston Scientific Corp.*		3,866		71,289
C.R. Bard, Inc.		167		31,636
Danaher Corp.		1,109		103,004
DENTSPLY International, Inc.		451		27,443
Edwards Lifesciences Corp.*		414		32,698
Henry Schein, Inc.*		200		31,638
Intuitive Surgical, Inc.*		110		60,078
Medtronic PLC		401		30,845
Patterson Cos., Inc.		681		30,788
St. Jude Medical, Inc.		1,081		66,773
Stryker Corp.		390		36,247

See accompanying Notes to Financial Statements.

16

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare – Products (continued)
Thermo Fisher Scientific, Inc.		612	$	86,812
Varian Medical Systems, Inc.*(a)		614		49,611
Total Healthcare – Products				751,077
Healthcare – Services — 3.0%
Aetna, Inc.		767		82,928
Anthem, Inc.		809		112,807
Cigna Corp.		937		137,112
DaVita HealthCare Partners, Inc.*		904		63,018
HCA Holdings, Inc.*		1,715		115,986
Humana, Inc.		395		70,511
Laboratory Corp. of America Holdings*		857		105,959
Quest Diagnostics, Inc.		1,128		80,246
Tenet Healthcare Corp.*		1,898		57,509
UnitedHealth Group, Inc.		710		83,524
Universal Health Services, Inc., Class B		399		47,677
Total Healthcare – Services				957,277
Home Builders — 1.3%
D.R. Horton, Inc.		7,041		225,523
Lennar Corp., Class A(a)		458		22,401
PulteGroup, Inc.		8,883		158,295
Total Home Builders				406,219
Home Furnishings — 1.2%
Harman International Industries, Inc.		1,532		144,330
Leggett & Platt, Inc.		1,103		46,348
Whirlpool Corp.		1,249		183,440
Total Home Furnishings				374,118
Household Products/Wares — 0.2%
Avery Dennison Corp.		388		24,312
Clorox Co. (The)		126		15,981
Kimberly-Clark Corp.		206		26,223
Total Household Products/Wares				66,516
Housewares — 0.1%
Newell Rubbermaid, Inc.		940		41,435
Insurance — 6.0%
ACE Ltd.		980		114,513
Aflac, Inc.		1,488		89,131
Allstate Corp. (The)		1,563		97,047
American International Group, Inc.		1,784		110,554
Aon PLC		1,044		96,267
Assurant, Inc.		462		37,209
Chubb Corp. (The)		363		48,148
Genworth Financial, Inc., Class A*		42,149		157,217

Investments	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Hartford Financial Services Group, Inc. (The)		2,192	$	95,264
Lincoln National Corp.		3,225		162,090
Marsh & McLennan Cos., Inc.		1,452		80,513
MetLife, Inc.		3,078		148,390
Principal Financial Group, Inc.		2,697		121,311
Progressive Corp. (The)		1,360		43,248
Prudential Financial, Inc.		2,417		196,769
Torchmark Corp.		675		38,583
Travelers Cos., Inc. (The)		706		79,679
Unum Group		3,594		119,644
XL Group PLC (Ireland)		2,494		97,715
Total Insurance				1,933,292
Internet — 2.7%
Alphabet, Inc., Class A*		120		93,361
Alphabet, Inc., Class C*		134		101,690
Amazon.com, Inc.*		49		33,119
eBay, Inc.*		1,312		36,054
Expedia, Inc.		931		115,723
F5 Networks, Inc.*		1,377		133,514
Facebook, Inc., Class A*		544		56,935
Priceline Group, Inc. (The)*		80		101,996
Symantec Corp.		4,321		90,741
TripAdvisor, Inc.*		692		58,993
VeriSign, Inc.*(a)		416		36,342
Total Internet				858,468
Iron/Steel — 0.1%
Nucor Corp.		991		39,937
Leisure Time — 1.7%
Carnival Corp.		3,211		174,935
Harley-Davidson, Inc.		3,126		141,889
Royal Caribbean Cruises Ltd.		2,098		212,339
Total Leisure Time				529,163
Lodging — 0.9%
Marriott International, Inc., Class A(a)		1,728		115,845
Starwood Hotels & Resorts Worldwide, Inc.		271		18,775
Wyndham Worldwide Corp.		625		45,406
Wynn Resorts Ltd.		1,562		108,075
Total Lodging				288,101
Machinery – Construction & Mining — 0.1%
Caterpillar, Inc.		309		21,000
Machinery – Diversified — 1.0%
Cummins, Inc.		1,427		125,591
Deere & Co.		214		16,322
Flowserve Corp.		2,139		90,009

See accompanying Notes to Financial Statements.

17

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Machinery – Diversified (continued)
Rockwell Automation, Inc.		404	$	41,454
Roper Technologies, Inc.		198		37,578
Total Machinery – Diversified				310,954
Media — 4.5%
Cablevision Systems Corp., Class A		350		11,165
CBS Corp., Class B		4,046		190,689
Comcast Corp., Class A		2,879		162,463
Discovery Communications, Inc., Class A*		5,672		151,329
Discovery Communications, Inc., Class C*		4,919		124,057
News Corp., Class A		1,723		23,019
News Corp., Class B(a)		1,700		23,732
Scripps Networks Interactive, Inc., Class A		2,551		140,841
TEGNA, Inc.		1,795		45,808
Time Warner Cable, Inc.		65		12,063
Time Warner, Inc.		2,066		133,608
Twenty-First Century Fox, Inc., Class A		3,990		108,368
Twenty-First Century Fox, Inc., Class B		4,358		118,668
Viacom, Inc., Class B		3,275		134,799
Walt Disney Co. (The)		430		45,184
Total Media				1,425,793
Metal Fabricate/Hardware — 0.2%
Precision Castparts Corp.		329		76,331
Mining — 0.3%
Alcoa, Inc.		1,662		16,404
Freeport-McMoRan, Inc.(a)		11,427		77,361
Total Mining				93,765
Miscellaneous Manufacturing — 1.9%
3M Co.		254		38,263
Dover Corp.(a)		1,603		98,280
Eaton Corp. PLC		1,552		80,766
General Electric Co.		938		29,219
Illinois Tool Works, Inc.		321		29,750
Ingersoll-Rand PLC		1,686		93,219
Parker-Hannifin Corp.		327		31,712
Pentair PLC (United Kingdom)		2,291		113,473
Textron, Inc.		2,379		99,942
Total Miscellaneous Manufacturing				614,624
Office/Business Equipment — 0.6%
Pitney Bowes, Inc.		9,300		192,045

Investments	Shares		Value
COMMON STOCKS (continued)
Oil & Gas — 1.5%
Cabot Oil & Gas Corp.		585	$	10,349
Devon Energy Corp.		261		8,352
Marathon Petroleum Corp.		541		28,045
Newfield Exploration Co.*		254		8,270
Phillips 66		467		38,201
Tesoro Corp.		1,837		193,565
Valero Energy Corp.		2,867		202,725
Total Oil & Gas				489,507
Oil & Gas Services — 0.1%
Halliburton Co.		355		12,084
Schlumberger Ltd.		147		10,253
Total Oil & Gas Services				22,337
Packaging & Containers — 1.0%
Ball Corp.		588		42,765
Owens-Illinois, Inc.*		7,587		132,165
Sealed Air Corp.		981		43,753
WestRock Co.		1,872		85,401
Total Packaging & Containers				304,084
Pharmaceuticals — 5.4%
Abbott Laboratories		864		38,802
AbbVie, Inc.		2,703		160,126
Allergan PLC*		148		46,250
AmerisourceBergen Corp.		1,186		123,000
Baxalta, Inc.		923		36,025
Bristol-Myers Squibb Co.		1,167		80,278
Cardinal Health, Inc.		768		68,559
Eli Lilly & Co.		803		67,661
Endo International PLC*		3,213		196,700
Express Scripts Holding Co.*		1,248		109,088
Johnson & Johnson		204		20,955
Mallinckrodt PLC*		2,854		212,994
McKesson Corp.		797		157,192
Mead Johnson Nutrition Co.		265		20,922
Merck & Co., Inc.		638		33,699
Mylan NV*		4,342		234,772
Perrigo Co. PLC		617		89,280
Pfizer, Inc.		1,174		37,897
Total Pharmaceuticals				1,734,200
Pipelines — 0.7%
Columbia Pipeline Group, Inc.		9,816		196,320
Kinder Morgan, Inc.		443		6,610
ONEOK, Inc.		408		10,061
Spectra Energy Corp.		461		11,036
Total Pipelines				224,027

See accompanying Notes to Financial Statements.

18

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS (continued)
Real Estate — 0.3%
CBRE Group, Inc., Class A*		2,460	$	85,066
Four Corners Property Trust, Inc.*		498		12,032
Total Real Estate				97,098
Real Estate Investment Trust — 0.9%
American Tower Corp.		156		15,124
Apartment Investment & Management Co., Class A		251		10,048
AvalonBay Communities, Inc.		68		12,521
Boston Properties, Inc.		83		10,586
Crown Castle International Corp.		157		13,573
Equinix, Inc.		70		21,168
Equity Residential		138		11,259
Essex Property Trust, Inc.		45		10,773
General Growth Properties, Inc.		383		10,421
HCP, Inc.		320		12,237
Host Hotels & Resorts, Inc.		877		13,453
Iron Mountain, Inc.		1,095		29,576
Kimco Realty Corp.		354		9,367
Plum Creek Timber Co., Inc.		471		22,476
Public Storage		53		13,128
Realty Income Corp.		194		10,016
Simon Property Group, Inc.		71		13,805
Ventas, Inc.		278		15,688
Vornado Realty Trust		102		10,196
Welltower, Inc.		162		11,021
Weyerhaeuser Co.		444		13,311
Total Real Estate Investment Trust				289,747
Retail — 8.3%
Advance Auto Parts, Inc.		334		50,270
AutoNation, Inc.*		2,631		156,964
AutoZone, Inc.*		101		74,933
Bed Bath & Beyond, Inc.*		986		47,575
Best Buy Co., Inc.(a)		4,040		123,018
CarMax, Inc.*(a)		2,112		113,985
Chipotle Mexican Grill, Inc.*		90		43,187
Coach, Inc.		1,926		63,038
Costco Wholesale Corp.		139		22,449
CVS Health Corp.		1,043		101,974
Darden Restaurants, Inc.		1,495		95,142
Dollar General Corp.		1,701		122,251
Dollar Tree, Inc.*		2,028		156,602
GameStop Corp., Class A(a)		3,744		104,982
Gap, Inc. (The)		4,503		111,224
Home Depot, Inc. (The)		591		78,160
Kohl’s Corp.		2,840		135,269
L Brands, Inc.(a)		309		29,608

Investments	Shares		Value
COMMON STOCKS (continued)
Retail (continued)
Lowe’s Cos., Inc.		1,760	$	133,830
Macy’s, Inc.		2,908		101,722
McDonald’s Corp.		185		21,856
Nordstrom, Inc.(a)		671		33,423
O’Reilly Automotive, Inc.*		247		62,595
PVH Corp.		1,556		114,599
Ross Stores, Inc.		908		48,859
Signet Jewelers Ltd.		696		86,088
Starbucks Corp.		689		41,361
Target Corp.		691		50,174
Tiffany & Co.		583		44,477
TJX Cos., Inc. (The)		540		38,291
Tractor Supply Co.		525		44,888
Urban Outfitters, Inc.*		5,649		128,515
Walgreens Boots Alliance, Inc.		978		83,282
Wal-Mart Stores, Inc.		290		17,777
Total Retail				2,682,368
Semiconductors — 5.4%
Analog Devices, Inc.		907		50,175
Applied Materials, Inc.		10,249		191,349
Avago Technologies Ltd. (Singapore)		1,679		243,708
Broadcom Corp., Class A		1,642		94,940
Intel Corp.		1,443		49,711
KLA-Tencor Corp.		2,401		166,509
Lam Research Corp.(a)		2,111		167,656
Linear Technology Corp.		896		38,053
Microchip Technology, Inc.(a)		617		28,715
Micron Technology, Inc.*		2,418		34,239
NVIDIA Corp.		1,282		42,255
Qorvo, Inc.*		4,594		233,835
QUALCOMM, Inc.		2,387		119,314
Skyworks Solutions, Inc.		2,663		204,598
Texas Instruments, Inc.		732		40,121
Xilinx, Inc.		544		25,552
Total Semiconductors				1,730,730
Software — 1.9%
Activision Blizzard, Inc.		552		21,368
Adobe Systems, Inc.*		786		73,836
Akamai Technologies, Inc.*		736		38,736
CA, Inc.		462		13,195
Cerner Corp.*		753		45,308
Citrix Systems, Inc.*		785		59,385
Dun & Bradstreet Corp. (The)		219		22,761
Electronic Arts, Inc.*		712		48,929
Fidelity National Information Services, Inc.		600		36,360
Fiserv, Inc.*		353		32,285

See accompanying Notes to Financial Statements.

19

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS
Software (continued)
Intuit, Inc.		539	$	52,014
Microsoft Corp.		596		33,066
Oracle Corp.		1,131		41,315
Paychex, Inc.		497		26,286
Red Hat, Inc.*		339		28,073
salesforce.com, Inc.*		224		17,562
Total Software				590,479
Telecommunications — 0.9%
AT&T, Inc.		849		29,214
Cisco Systems, Inc.		2,028		55,070
Juniper Networks, Inc.		4,663		128,699
Level 3 Communications, Inc.*		325		17,667
Motorola Solutions, Inc.		338		23,136
Verizon Communications, Inc.		759		35,081
Total Telecommunications				288,867
Textiles — 0.1%
Mohawk Industries, Inc.*		169		32,007
Toys/Games/Hobbies — 0.2%
Hasbro, Inc.		495		33,343
Mattel, Inc.		705		19,155
Total Toys/Games/Hobbies				52,498
Transportation — 2.4%
C.H. Robinson Worldwide, Inc.		631		39,135
CSX Corp.		2,723		70,662
Expeditors International of Washington, Inc.		577		26,023
FedEx Corp.		907		135,134
JB Hunt Transport Services, Inc.		1,225		89,866
Kansas City Southern		1,002		74,819
Norfolk Southern Corp.		597		50,500
Ryder System, Inc.		2,299		130,652
Union Pacific Corp.		1,138		88,992
United Parcel Service, Inc., Class B		440		42,341
Total Transportation				748,124
Total Common Stocks (Cost $31,641,832)				31,732,663
MONEY MARKET FUND — 0.3%
Fidelity Institutional Prime Money Market Portfolio – Class I, 0.28%(b) (Cost $88,979)		88,979		88,979
REPURCHASE AGREEMENTS — 3.0%(c)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $140,758, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $143,059)	$	140,753		140,753

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $254,290)	$	250,000	$	250,000
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $250,008, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $254,304)		250,000		250,000
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $254,303)		250,000		250,000
Royal Bank Of Scotland PLC, dated 12/31/15, due 01/04/16, 0.30%, total to be received $47,597, (collateralized by various U.S. Government Agency Obligations, 0.07% – 3.25%, 07/31/16 – 11/15/23, totaling $48,393)		47,595		47,595
Total Repurchase Agreements (Cost $938,348)				938,348
Total Investments — 103.1% (Cost $32,669,159)				32,759,990
Liabilities in Excess of Other Assets — (3.1)%				(982,333	)
Net Assets — 100.0%			$	31,777,657

PLC — Public Limited Company

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,838,745; the aggregate market value of the collateral held by the fund is $1,880,409. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $942,061.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

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

See accompanying Notes to Financial Statements.

20

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		0.5	%
Aerospace/Defense		1.0
Agriculture		0.4
Airlines		2.6
Apparel		1.4
Auto Manufacturers		1.6
Auto Parts & Equipment		1.4
Banks		4.2
Beverages		1.5
Biotechnology		1.8
Building Materials		1.1
Chemicals		3.5
Coal		0.1
Commercial Services		3.2
Computers		3.5
Cosmetics/Personal Care		0.2
Distribution/Wholesale		1.1
Diversified Financial Services		5.2
Electric		2.0
Electrical Components & Equipment		0.4
Electronics		2.0
Engineering & Construction		0.8
Environmental Control		0.3
Food		1.4
Forest Products & Paper		0.4
Gas		0.3
Hand/Machine Tools		0.6
Healthcare – Products		2.4
Healthcare – Services		3.0
Home Builders		1.3
Home Furnishings		1.2
Household Products/Wares		0.2

	% of Net Assets
Housewares		0.1	%
Insurance		6.0
Internet		2.7
Iron/Steel		0.1
Leisure Time		1.7
Lodging		0.9
Machinery – Construction & Mining		0.1
Machinery – Diversified		1.0
Media		4.5
Metal Fabricate/Hardware		0.2
Mining		0.3
Miscellaneous Manufacturing		1.9
Office/Business Equipment		0.6
Oil & Gas		1.5
Oil & Gas Services		0.1
Packaging & Containers		1.0
Pharmaceuticals		5.4
Pipelines		0.7
Real Estate		0.3
Real Estate Investment Trust		0.9
Retail		8.3
Semiconductors		5.4
Software		1.9
Telecommunications		0.9
Textiles		0.1
Toys/Games/Hobbies		0.2
Transportation		2.4
Money Market Fund		0.3
Repurchase Agreements		3.0
Total Investments		103.1
Liabilities in Excess of Other Assets		(3.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

21

ADVISORSHARES MADRONA GLOBAL BOND ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 98.8%
Asset Allocation Fund — 6.6%
SPDR Barclays Convertible Securities ETF		36,405	$	1,575,608
Debt Fund — 92.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF		24,650		2,810,346
iShares International Treasury Bond ETF(a)		13,209		1,184,451
PIMCO 1 – 5 Year U.S. TIPS Index ETF		18,672		958,434
PowerShares Build America Bond Portfolio		16,428		476,248
PowerShares Emerging Markets Sovereign Debt Portfolio		51,383		1,403,270
PowerShares Financial Preferred Portfolio(a)		123,675		2,328,800
PowerShares Fundamental Investment Grade Corporate Bond Portfolio		37,885		947,883
PowerShares International Corporate Bond Portfolio		46,498		1,173,145
PowerShares National AMT-Free Municipal Bond Portfolio		28,742		732,059
PowerShares Senior Loan Portfolio		62,826		1,407,302
SPDR Barclays High Yield Bond ETF		52,904		1,793,975
SPDR DB International Government Inflation-Protected Bond ETF(a)		18,201		917,876
SPDR Nuveen S&P High Yield Municipal Bond ETF		19,048		1,086,688
Vanguard Intermediate-Term Government Bond ETF(a)		11,041		711,482
Vanguard Long-Term Government Bond ETF(a)		9,403		701,652
Vanguard Mortgage-Backed Securities ETF		45,099		2,374,462
WisdomTree Emerging Markets Corporate Bond Fund		14,061		922,120
Total Debt Fund				21,930,193
Total Exchange Traded Funds (Cost $24,447,482)				23,505,801
MONEY MARKET FUND — 1.0%
Fidelity Institutional Prime Money Market Portfolio – Class I, 0.28%(b) (Cost $240,196)		240,196		240,196
REPURCHASE AGREEMENTS — 13.8%(c)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $491,012, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $499,036)	$	490,993		490,993

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $761,882, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $774,605)	$	761,858	$	761,858
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $761,883, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 –  03/01/44, totaling $774,974)		761,858		761,858
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $761,883, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $774,972)		761,858		761,858
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $496,699, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 –  03/20/65, totaling $505,153)		496,684		496,684
Total Repurchase Agreements (Cost $3,273,251)				3,273,251
Total Investments — 113.6% (Cost $27,960,929)				27,019,248
Liabilities in Excess of Other Assets — (13.6)%				(3,231,506	)
Net Assets — 100.0%			$	23,787,742

ETF — Exchange Traded Fund

TIPS — Treasury Inflation Protected Securities

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,201,031; the aggregate market value of the collateral held by the fund is $3,273,251.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Asset Allocation Fund		6.6	%
Debt Fund		92.2
Money Market Fund		1.0
Repurchase Agreements		13.8
Total Investments		113.6
Liabilities in Excess of Other Assets		(13.6	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

22

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments  

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 99.1%
ARGENTINA — 2.5%
Banco Macro SA*(a)		2,702	$	157,040
Telecom Argentina SA(a)		7,479		120,188
YPF SA(a)		9,562		150,315
Total Argentina				427,543
BRAZIL — 7.7%
Banco Bradesco SA(a)		35,788		172,140
Braskem SA(a)(b)		15,864		214,799
BRF SA(a)		8,901		123,012
Cia Brasileira de Distribuicao Grupo Pao de Acucar(a)(b)		10,887		114,531
Cia de Saneamento Basico do Estado de Sao Paulo(a)(b)		35,181		161,833
Cia Paranaense de Energia(a)		12,801		75,142
Cielo SA(a)(b)		5,901		49,037
CPFL Energia SA*(a)(b)		13,717		101,780
Fibria Celulose SA(a)(b)		15,899		201,758
Gerdau SA(a)		27,038		32,446
Itau Unibanco Holding SA(a)		11,609		75,575
Total Brazil				1,322,053
CANADA — 4.8%
Bank of Montreal		626		35,319
Bank of Nova Scotia		2,050		82,902
Cameco Corp.		5,490		67,692
Canadian Imperial Bank of Commerce		315		20,749
Canadian Pacific Railway Ltd.		878		112,033
Gildan Activewear, Inc.		2,891		82,162
Magna International, Inc.		2,503		101,522
Manulife Financial Corp.		6,568		98,389
Royal Bank of Canada		1,041		55,777
Silver Wheaton Corp.		10,516		130,609
Sun Life Financial, Inc.		354		11,045
Total Canada				798,199
CHILE — 0.3%
Enersis SA(a)		4,120		50,058
CHINA — 5.8%
Alibaba Group Holding Ltd.*(a)(b)		1,065		86,553
Baidu, Inc.*(a)		478		90,361
China Life Insurance Co., Ltd.(a)		7,412		118,518
China Unicom Hong Kong Ltd.(a)		6,259		75,484
Ctrip.com International Ltd.*(a)(b)		756		35,025
NetEase, Inc.(a)		835		151,335
Qihoo 360 Technology Co., Ltd.*(a)(b)		3,238		235,759
Tencent Holdings Ltd.(a)		5,090		99,866
Vipshop Holdings Ltd.*(a)		6,686		102,095
Total China				994,996
DENMARK — 0.6%
Novo Nordisk A/S(a)		1,781		103,440

Investments	Shares		Value
COMMON STOCKS (continued)
FRANCE — 6.6%
Alcatel-Lucent*(a)(b)		163,458	$	626,043
Orange SA(a)		30,254		503,124
Total France				1,129,167
GERMANY — 4.8%
Volkswagen AG(a)(b)		26,692		826,784
HONG KONG — 2.7%
CK Hutchison Holdings Ltd.(a)		35,260		473,895
INDIA — 3.2%
Dr Reddy’s Laboratories Ltd.(a)(b)		685		31,709
HDFC Bank Ltd.(a)		2,066		127,266
ICICI Bank Ltd.(a)		18,617		145,771
Infosys Ltd.(a)		1,486		24,891
Tata Motors Ltd.*(a)		6,106		179,944
Wipro Ltd.(a)(b)		4,067		46,933
Total India				556,514
INDONESIA — 0.4%
PT Telekomunikasi Indonesia Tbk(a)		1,701		75,524
IRELAND — 8.4%
CRH PLC(a)		21,520		620,206
Ryanair Holdings PLC(a)		6,830		590,522
Shire PLC(a)		1,205		247,026
Total Ireland				1,457,754
JAPAN — 6.4%
Honda Motor Co., Ltd.(a)		11,842		378,115
Mitsubishi UFJ Financial Group, Inc.(a)		33,132		206,081
Nippon Telegraph & Telephone Corp.(a)		3,834		152,363
Sumitomo Mitsui Financial Group, Inc.(a)		23,833		180,892
Toyota Motor Corp.(a)		1,347		165,735
Total Japan				1,083,186
LUXEMBOURG — 0.5%
Oriflame Cosmetics SA*(a)		12,213		85,491
MEXICO — 1.7%
America Movil SAB de CV, Class L(a)		8,642		121,507
Grupo Financiero Santander Mexico SAB de CV, Class B(a)		11,086		96,116
Grupo Televisa SAB(a)		2,759		75,072
Total Mexico				292,695
NETHERLANDS — 12.3%
Aegon NV(c)		80,545		456,690
ING Groep NV(a)		22,910		308,369
Koninklijke Philips NV(c)		24,077		612,760
VimpelCom Ltd.(a)(b)		219,099		718,644
Total Netherlands				2,096,463

See accompanying Notes to Financial Statements.

23

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)  

December 31, 2015 (Unaudited)

Investments	Shares/ Shares		Value
COMMON STOCKS (continued)
NORWAY — 1.7%
Norsk Hydro ASA(a)		77,880	$	293,218
RUSSIA — 1.3%
Gazprom OAO(a)		49,122		180,277
Mobile TeleSystems PJSC(a)		8,978		55,484
Total Russia				235,761
SOUTH AFRICA — 2.3%
Gold Fields Ltd.(a)		74,322		205,872
Sibanye Gold Ltd.(a)		31,181		189,892
Total South Africa				395,764
SOUTH KOREA — 2.3%
Korea Electric Power Corp.(a)		9,207		194,912
POSCO(a)		4,327		153,002
SK Telecom Co., Ltd.(a)		1,398		28,170
Total South Korea				376,084
SPAIN — 5.1%
Banco Bilbao Vizcaya Argentaria SA(a)		82,846		607,261
Banco Santander SA(a)		54,665		266,219
Total Spain				873,480
SWEDEN — 2.4%
Telefonaktiebolaget LM Ericsson(a)		43,088		414,076
SWITZERLAND — 3.5%
STMicroelectronics NV(c)		88,595		590,043
TAIWAN — 1.0%
Advanced Semiconductor Engineering, Inc.(a)		18,360		104,101
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		3,080		70,070
Total Taiwan				174,171
TURKEY — 0.8%
Turkiye Garanti Bankasi AS(a)		59,864		142,476
UNITED KINGDOM — 6.2%
Aviva PLC(a)(b)		15,816		240,561
Barclays PLC(a)		38,538		499,452
Prudential PLC(a)		7,426		334,764
Total United Kingdom				1,074,777
UNITED STATES — 3.8%
Carnival PLC(a)		7,460		424,623
lululemon athletica, Inc.*(b)		928		48,692
Valeant Pharmaceuticals International, Inc.*		1,673		170,060
Total United States				643,375
Total Common Stocks (Cost $18,320,007)				16,986,987

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
MONEY MARKET FUND — 1.1%
Fidelity Institutional Prime Money Market Portfolio – Class I, 0.28%(d) (Cost $194,771)		194,771	$	194,771
REPURCHASE AGREEMENTS — 8.7%(e)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $223,882, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $227,541)	$	223,874		223,874
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $347,389, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $353,190)		347,378		347,378
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $347,390, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $353,359)	$	347,378		347,378
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $347,391, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $353,357)		347,378		347,378
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $226,480, (collateralized by various U.S. Government Agency Obligations, 0.00% –  7.00%, 04/20/25 – 03/20/65, totaling $230,335)		226,473		226,473
Total Repurchase Agreements (Cost $1,492,481)				1,492,481
Total Investments — 108.9% (Cost $20,007,259)				18,674,239
Liabilities in Excess of Other Assets — (8.9)%				(1,526,788	)
Net Assets — 100.0%			$	17,147,451

PLC — Public Limited Company

* Non-income producing security.

(a) American Depositary Receipt.

See accompanying Notes to Financial Statements.

24

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)  

December 31, 2015 (Unaudited)

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,504,474; the aggregate market value of the collateral held by the fund is $1,561,896. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $69,415.

(c) Registered Shares.

(d) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Airlines		3.4	%
Apparel		0.5
Auto Manufacturers		9.0
Auto Parts & Equipment		0.6
Banks		18.5
Building Materials		3.6
Chemicals		1.3
Commercial Services		0.3
Computers		0.4
Cosmetics/Personal Care		0.5
Electric		2.5
Electronics		3.6
Food		1.4
Forest Products & Paper		1.2
Insurance		7.3
Internet		3.8
Iron/Steel		1.1
Leisure Time		2.5
Media		0.4
Mining		5.2
Oil & Gas		1.9
Pharmaceuticals		3.2
Retail		3.0
Semiconductors		4.5
Software		0.9
Telecommunications		16.9
Transportation		0.7
Water		0.9
Money Market Fund		1.1
Repurchase Agreements		8.7
Total Investments		108.9
Liabilities in Excess of Other Assets		(8.9	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

25

ADVISORSHARES MARKET ADAPTIVE UNCONSTRAINED INCOME ETF
(formerly AdvisorShares Sunrise Global Multi-Strategy ETF)
Schedule of Investments

December 31, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 88.0%
Asset Allocation Fund — 27.3%
SPDR Barclays Convertible Securities ETF		3,608	$	156,154
Debt Fund — 60.7%
iShares iBoxx $Investment Grade Corporate Bond ETF		1,606		183,101
iShares JPMorgan USD Emerging Markets Bond ETF		1,549		163,853
Total Debt Fund				346,954
Total Exchange Traded Funds (Cost $512,392)				503,108
MONEY MARKET FUND — 15.2%
Goldman Sachs Financial Square Funds – Treasury Instruments Fund, 0.12%(a) (Cost $87,031)		87,031		87,031
Total Investments — 103.2% (Cost $599,423)				590,139
Liabilities in Excess of Other Assets — (3.2)%				(18,022	)
Net Assets — 100.0%			$	572,117

ETF — Exchange Traded Fund

(a) Rate shown reflects the 7-day yield as of December 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Asset Allocation Fund		27.3	%
Debt Fund		60.7
Money Market Fund		15.2
Total Investments		103.2
Liabilities in Excess of Other Assets		(3.2	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

26

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 96.5%
Equity Fund — 96.5%
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		35,558	$	965,755
Deutsche X-Trackers MSCI Emerging Markets Hedged Equity ETF		100,941		1,845,201
Financial Select Sector SPDR Fund		40,631		966,205
Guggenheim S&P 500 Equal Weight ETF		25,417		1,947,959
iShares Core S&P 500 ETF		9,699		1,987,034
iShares Core S&P Small-Cap ETF		17,404		1,916,354
iShares S&P 500 Growth ETF		17,338		2,007,741
iShares S&P 500 Value ETF		22,105		1,956,956
iShares S&P Small-Cap 600 Growth ETF(a)		15,537		1,931,404
iShares S&P Small-Cap 600 Value ETF(a)		17,948		1,941,256
PowerShares QQQ Trust, Series 1(a)		8,675		970,386
Technology Select Sector SPDR Fund		23,459		1,004,749
Total Exchange Traded Funds (Cost $19,895,618)				19,441,000
MONEY MARKET FUND — 3.6%
Dreyfus Institutional Reserves Treasury Fund – Institutional Class, 0.09%(b) (Cost $726,721)		726,721		726,721
REPURCHASE AGREEMENTS — 6.4%(c)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $194,473, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $197,651)	$	194,466		194,466
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $301,756, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $306,796)		301,747		301,747
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $301,757, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $306,942)		301,747		301,747

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $301,758, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $306,941)	$	301,747	$	301,747
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $196,717 (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $200,065)		196,711		196,711
Total Repurchase Agreements (Cost $1,296,418)				1,296,418
Total Investments — 106.5% (Cost $21,918,757)				21,464,139
Liabilities in Excess of Other Assets — (6.5)%				(1,313,362	)
Net Assets — 100.0%			$	20,150,777

ETF — Exchange Traded Fund

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,266,828; the aggregate market value of the collateral held by the fund is $1,296,418.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Equity Fund		96.5	%
Money Market Fund		3.6
Repurchase Agreements		6.4
Total Investments		106.5
Liabilities in Excess of Other Assets		(6.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

27

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 39.1%
Currency Fund — 6.9%
PowerShares DB US Dollar Index Bullish Fund*(a)		8,768	$	224,899
ProShares UltraShort Euro*		7,569		193,237
ProShares UltraShort Yen*		2,263		198,895
Total Currency Fund				617,031
Debt Fund — 4.2%
Direxion Daily 20 Year Plus Treasury Bull 3x Shares*		5,108		379,167
Equity Fund — 28.0%
Energy Select Sector SPDR Fund		1,220		73,871
Global X FTSE Portugal 20 ETF		12,454		125,910
iShares China Large-Cap ETF		1,517		53,535
iShares MSCI Europe Financials ETF		8,215		166,929
iShares MSCI Italy Capped ETF(a)		10,007		137,496
iShares MSCI Spain Capped ETF(a)		4,269		120,685
iShares Residential Real Estate Capped ETF		3,752		237,952
Technology Select Sector SPDR Fund		13,260		567,925
Vanguard Global ex-U.S. Real Estate ETF		7,095		362,555
WisdomTree India Earnings Fund(a)		2,298		45,638
WisdomTree Japan Hedged Equity Fund		9,096		455,527
WisdomTree Japan Hedged Financials Fund(a)		6,552		170,418
Total Equity Fund				2,518,441
Total Exchange Traded Funds (Cost $3,604,604)				3,514,639
CLOSED-END FUND — 2.1%
Country Fund — 2.1%
Morgan Stanley China A Share Fund, Inc. (Cost $236,666)		9,526		189,663
MONEY MARKET FUND — 59.9%
Goldman Sachs Financial Square Fund, 0.30%(b) (Cost $5,381,819)		5,381,819		5,381,819

Investments	Principal		Value
REPURCHASE AGREEMENT — 2.2%(c)
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $195,471, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $198,829) (Cost $195,464)	$	195,464	$	195,464
Total Investments — 103.3% (Cost $9,418,553)				9,281,585
Liabilities in Excess of Other Assets — (3.3)%				(298,148	)
Net Assets — 100.0%			$	8,983,437

ETF — Exchange Traded Fund

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $190,571; the aggregate market value of the collateral held by the fund is $195,464.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Country Fund		2.1	%
Currency Fund		6.9
Debt Fund		4.2
Equity Fund		28.0
Money Market Fund		59.9
Repurchase Agreements		2.2
Total Investments		103.3
Liabilities in Excess of Other Assets		(3.3	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

28

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES — 34.4%
Commercial Mortgage Backed Securities — 18.7%
Access Point Funding I LLC, Class A, Series 2015-A, 2.61%, 04/15/20‡	$	161,195	$	160,994
Aventura Mall Trust, Class A, Series 2013-AVM, 3.87%, 12/05/32@‡		115,000		120,292
BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29‡		274,872		277,540
Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.79%, 04/10/49@		1,514,000		1,533,796
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 1.92%, 01/25/38@‡		285,197		277,160
Bcrr Trust, Class 2A1, Series 2009-1, 5.86%, 07/17/40@‡		125,193		126,213
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW14, 5.24%, 12/11/38		285,000		290,743
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2005-PW10, 5.45%, 12/11/40@		73,831		73,758
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW13, 5.58%, 09/11/41@		885,000		904,526
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW15, 5.36%, 02/11/44		265,000		270,208
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW18, 6.08%, 06/11/50@		820,000		872,656
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.88%, 06/11/50@		990,000		1,042,386
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.92%, 06/11/50@		630,633		658,230
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50		970,000		1,012,000
CD Commercial Mortgage Trust, Class AMFX, Series 2007-CD4, 5.37%, 12/11/49@		895,000		914,234
CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49		1,133,993		1,153,883
Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.90%, 12/10/49@		140,000		144,809

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.34%, 12/10/49@	$	530,000	$	564,246
Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.90%, 12/10/49@		1,389,628		1,440,684
Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.81%, 06/14/50@‡		777,965		806,425
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50‡		876,828		868,396
Commercial Mortgage Lease-Backed Certificates, Class A3, Series 2001-CMLB, 7.47%, 06/20/31@‡		460,000		545,217
Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49@		1,050,000		1,092,073
Credit Suisse Commercial Mortgage Trust, Class A1A, Series 2007-C1, 5.36%, 02/15/40		477,617		490,927
Credit Suisse Commercial Mortgage Trust, Class 1A, Series 2010-RR7, 5.38%, 08/12/48@‡		441,784		451,180
DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44		818,909		822,303
Extended Stay America Trust, Class A17, Series 2013-ESH7, 2.30%, 12/05/31‡		735,000		733,016
GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.99%, 08/10/45@		2,320,636		2,415,323
GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.99%, 08/10/45@		895,947		921,489
Hilton USA Trust, Class EFX, Series 2013-HLT, 5.61%, 11/05/30@‡		535,000		536,302
JPMorgan Chase Commercial Mortgage Securities Trust, Class B, Series 2015-SGP, 3.08%, 07/15/36@‡		535,000		536,951
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 6.11%, 04/15/45@		1,190,000		1,201,804
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2006-LDP7, 6.11%, 04/15/45@		137,290		137,772
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47		980,000		997,282

See accompanying Notes to Financial Statements.

29

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2006-LDP9, 5.34%, 05/15/47	$	2,376,743	$	2,422,273
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49@		275,000		280,417
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-CB19, 5.89%, 02/12/49@		1,578,180		1,629,242
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51@		2,255,000		2,340,995
LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 6.10%, 07/15/44@		595,676		618,435
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C2, 5.43%, 02/15/40		1,027,482		1,055,311
LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40@		1,068,150		1,100,143
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45@		666,546		700,294
Merrill Lynch Mortgage Trust, Class AM, Series 2006-C1, 5.91%, 05/12/39@		890,000		893,671
Morgan Stanley Capital I Trust, Class A4, Series 2008-T29, 6.46%, 01/11/43@		170,268		181,372
Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.46%, 01/11/43@		860,000		922,390
Morgan Stanley Capital I Trust, Class A4, Series 2006-IQ12, 5.33%, 12/15/43		436,117		444,097
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ14, 5.69%, 04/15/49@		800,000		821,291
Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.87%, 04/15/49@		226,000		230,102
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49		365,502		382,197
Motel 6 Trust, Class B, Series 2015-MTL6, 3.30%, 02/05/30‡		385,000		381,915
VFC LLC, Class A, Series 2014-2, 2.75%, 07/20/30‡		34,998		34,975
Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C30, 5.34%, 12/15/43		921,336		943,047

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C30, 5.38%, 12/15/43	$	870,000	$	899,537
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C31, 5.59%, 04/15/47@		1,380,000		1,431,586
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 04/15/47		770,000		792,092
Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.90%, 06/15/49@		1,045,000		1,071,615
Total Commercial Mortgage Backed Securities				43,971,815
Residential Mortgage Backed Securities — 15.4%
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34		170,949		181,228
American Homes 4 Rent, Class A, Series 2014-SFR1, 1.35%, 06/17/31@‡		272,502		267,606
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35#		322,485		332,414
B2R Mortgage Trust, Class A1, Series 2015-1, 2.52%, 05/15/48‡		224,978		220,543
Banc of America Alternative Loan Trust, Class 2A1, Series 2003-10, 6.00%, 12/25/33		611,108		634,210
Banc of America Funding Trust, Class 5A1, Series 2004-A, 2.62%, 07/20/34@		178,644		178,042
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		233,911		236,532
Banc of America Mortgage Trust, Class 4A1, Series 2004-5, 4.75%, 06/25/19		346,893		348,665
Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19		513,304		513,759
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37#		511,194		538,974
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 2.36%, 04/25/34@		692,770		687,547
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 2.84%, 01/25/35@		1,058,782		1,060,057
Bear Stearns ARM Trust, Class 12A3, Series 2004-10, 2.89%, 01/25/35@		379,467		376,328

See accompanying Notes to Financial Statements.

30

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.35%, 09/25/34#	$	438,000	$	459,630
Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.67%, 07/25/36#		391,142		404,274
Citicorp Residential Mortgage Trust, Class A6, Series 2007-2, 5.47%, 06/25/37#		308,857		320,432
Citigroup Mortgage Loan Trust, Class A, Series 2014-A, 4.00%, 01/25/35@‡		633,443		658,096
Citigroup Mortgage Loan Trust, Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡		589,668		597,830
Citigroup Mortgage Loan Trust, Class A1, Series 2015-A, 3.50%, 06/25/58@		456,802		457,923
Citigroup Mortgage Loan Trust, Inc., Class A2, Series 2003-UP3, 7.00%, 09/25/33		207,782		219,849
Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.31%, 08/25/34@		335,692		337,069
Colony American Finance Ltd., Class A, Series 2015-1 (Cayman Islands), 2.90%, 10/15/47‡		439,201		433,273
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35#		609,562		621,867
Credit Suisse Commercial Mortgage Trust, Class A16, Series 2013-HYB1, 3.03%, 04/25/43@‡		1,053,002		1,062,962
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19		106,522		108,116
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.48%, 09/25/34@		199,346		198,959
FDIC Trust, Class A, Series 2013-N1, 4.50%, 10/25/18‡		78,551		78,796
Federal Home Loan Mortgage Corporation, Class M2, Series 2014-DN2, 2.07%, 04/25/24@		500,000		491,736
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 3.07%, 06/25/34@		496,254		506,408
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34#		176,250		186,133
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.31%, 06/25/34@		715,003		697,284

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%, 01/25/37	$	26,149	$	25,029
Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 0.67%, 06/25/28@		282,418		270,341
Irwin Home Equity Loan Trust, Class M1, Series 2003-A, 1.97%, 10/25/27@		292,420		290,099
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37‡		527,240		528,799
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡		229,913		235,768
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 2.50%, 07/25/34@		328,263		327,143
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.72%, 08/25/34@		333,365		335,285
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.15%, 04/25/35@		802,901		787,857
JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44@‡		359,167		375,415
JPMorgan Trust, Class A2, Series 2015-5, 2.91%, 05/25/45@‡		946,827		955,415
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34		425,140		449,172
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20		267,448		270,206
MASTR Asset Securitization Trust, Class 4A5, Series 2003-5, 5.50%, 06/25/33		519,682		527,488
Mastr Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35‡#		399,737		406,216
Merrill Lynch Mortgage Investors Trust, Class A1, Series 2004-A4, 2.56%, 08/25/34@		863,927		882,266
Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.99%, 06/25/44@‡		692,017		702,979
New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54@‡		750,587		767,766
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54@‡		363,626		370,414
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54@‡		872,862		889,716

See accompanying Notes to Financial Statements.

31

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
New Residential Mortgage Loan Trust, Class A1, Series 2015-2A, 3.75%, 08/25/55@	$	1,046,332	$	1,064,734
NovaStar Mortgage Funding Trust, Class M5, Series 2004-4, 2.15%, 03/25/35@		1,205,000		1,173,392
RALI Trust, Class A3, Series 2003-QS22, 5.38%, 12/26/33		12,857		12,876
RALI Trust, Class CB5, Series 2003-QS17, 5.50%, 09/25/33		356,222		368,068
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34@		108,469		109,841
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 2.67%, 02/25/34@		447,151		437,951
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 2.58%, 04/25/34@		890,513		892,776
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 2.58%, 04/25/34@		167,215		166,087
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 2.55%, 05/25/34@		361,604		361,497
Structured Asset Sec Corp. Pass-Through Cert., Class A3, Series 2002-AL1, 3.45%, 02/25/32		1,006,134		997,123
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 4.42%, 12/25/33@		307,136		308,860
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.50%, 02/25/34#		610,142		637,169
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31‡		1,195,468		1,180,834
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33		435,005		445,329
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.79%, 11/25/33@		320,793		316,668
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34		280,479		285,076

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Towd Point Mortgage Trust, Class A1B, Series 2015-3, 3.00%, 03/25/54@‡	$	627,915	$	626,786
Vericrest Opportunity Loan Trust, Class A1, Series 2014-NPL9, 3.38%, 11/25/54‡#		204,513		202,849
Vericrest Opportunity Loan Trust, Class A1, Series 2015-NPL3, 3.38%, 10/25/58‡#		358,605		355,019
VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55‡#		255,208		252,505
VOLT XXXI LLC, Class A1, Series 2015-NPL2, 3.38%, 02/25/55‡#		388,415		384,147
WaMu Mortgage Pass-Through Certificates, Class A1, Series 2003-AR6, 2.55%, 06/25/33@		288,910		289,564
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 2.24%, 08/25/33@		189,673		187,704
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 2.62%, 06/25/33@		31,301		31,621
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 2.62%, 10/25/33@		200,786		203,321
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2003-J, 2.63%, 10/25/33@		198,010		199,929
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 2.80%, 02/25/34@		245,239		245,913
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.74%, 07/25/34@		161,586		163,230
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.74%, 07/25/34@		449,183		451,087
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.74%, 10/25/34@		509,535		509,609
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 2.85%, 12/25/34@		189,805		190,105
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35		141,735		145,454

See accompanying Notes to Financial Statements.

32

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
WinWater Mortgage Loan Trust, Class A1, Series 2014-1, 3.96%, 06/20/44@‡	$	567,374	$	584,464
Total Residential Mortgage Backed Securities				36,595,504
U.S. Government Agency Securities — 0.3%
Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41		612,447		645,815
Total Mortgage Backed Securities (Cost $83,603,545)				81,213,134
ASSET BACKED SECURITIES — 24.7%
AmeriCredit Automobile Receivables, Class C, Series 2015-4, 2.88%, 07/08/21		715,000		711,216
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20		500,000		498,869
AmeriCredit Automobile Receivables Trust, Class C, Series 2015-3, 2.73%, 03/08/21		655,000		650,973
AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18		1,050,000		1,058,270
AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19		575,000		576,794
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20		755,000		754,153
Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21‡		600,000		597,844
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27@		232,534		249,895
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2012-3A, 2.10%, 03/20/19‡		500,000		499,680
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-1A, 1.92%, 09/20/19‡		1,140,000		1,132,196
Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2013-2A, 2.97%, 02/20/20‡		1,465,000		1,492,109

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25@	$	214,970	$	223,342
Beacon Container Finance LLC, Class A, Series 2012-1A, 3.72%, 09/20/27‡		598,045		596,363
BXG Receivables Note Trust, Class A, Series 2013-A, 3.01%, 12/04/28‡		215,272		213,266
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30‡		488,834		480,866
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20		645,000		642,088
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20		500,000		493,371
California Republic Auto Receivables Trust, Class B, Series 2015-3, 2.70%, 09/15/21		645,000		620,786
Capital Auto Receivables Asset Trust, Class C, Series 2013-1, 1.74%, 10/22/18		415,000		414,715
Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19		635,000		639,758
Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20		650,000		643,729
CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19‡		350,000		351,845
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20‡		200,000		199,659
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20‡		480,000		475,295
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21‡		1,000,000		992,343
CarFinance Capital Auto Trust, Class D, Series 2014-1A, 4.90%, 04/15/20‡		415,000		415,959
CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20		700,000		697,780
CarMax Auto Owner Trust, Class B, Series 2015-4, 2.16%, 08/16/21		713,000		704,086
CarMax Auto Owner Trust, Class C, Series 2015-2, 2.39%, 03/15/21		615,000		609,706
Carnow Auto Receivables Trust, Class D, Series 2014-1A, 4.16%, 11/15/18‡		400,000		397,964

See accompanying Notes to Financial Statements.

33

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
CCG Receivables Trust, Class A3, Series 2015-1, 1.92%, 01/17/23‡	$	1,000,000	$	995,491
CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21‡		420,000		420,181
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21‡		737,008		727,833
Chrysler Capital Auto Receivables Trust, Class D, Series 2014-BA, 3.44%, 08/16/21‡		680,000		683,284
Citi Held For Asset Issuance, Class A, Series 2015-PM3, 2.56%, 05/16/22‡		700,000		699,887
CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43‡		594,425		591,835
CLI Funding V LLC, Class A, Series 2014-2A, 3.38%, 10/18/29‡		441,562		428,558
Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26@		323,131		337,529
Diamond Resorts Owner Trust, Class A, Series 2014-1, 2.54%, 05/20/27‡		485,501		481,900
Diamond Resorts Owner Trust, Class A, Series 2015-2, 2.99%, 05/22/28‡		436,252		436,126
Domino’s Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42‡		194,989		200,766
DRB Prime Student Loan Trust, Class A3, Series 2015-D, 2.50%, 01/25/36‡		705,000		700,516
Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21‡		590,000		590,976
Drive Auto Receivables Trust, Class C, Series 2015-DA, 3.38%, 11/15/21‡		1,000,000		995,888
Drug Royalty II LP, Class A2, Series 2014-1, 3.48%, 07/15/23‡		361,668		364,468
DT Auto Owner Trust, Class C, Series 2013-2A, 3.06%, 09/16/19‡		306,949		307,548
DT Auto Owner Trust, Class C, Series 2014-1A, 2.64%, 10/15/19‡		670,000		670,925
DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20‡		300,000		299,669
DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20‡		560,000		560,548
DT Auto Owner Trust, Class C, Series 2015-3A, 3.25%, 07/15/21‡		655,000		650,163

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Exeter Automobile Receivables Trust, Class B, Series 2013-2A, 3.09%, 07/16/18‡	$	157,073	$	157,273
Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19‡		500,000		500,607
Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19‡		1,110,000		1,111,160
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19‡		880,000		867,101
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20‡		500,000		495,758
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21‡		600,000		591,165
Foursight Capital Automobile Receivables Trust, Class B, Series 2014-1, 3.56%, 11/22/21‡		500,000		503,450
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡		456,591		452,874
Hertz Vehicle Financing II LP, Class A, Series 2015-2A, 2.02%, 09/25/19‡		1,075,000		1,061,040
Hertz Vehicle Financing LLC, Class A2, Series 2011-1A, 3.29%, 03/25/18‡		1,150,000		1,167,168
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26‡		873,415		862,828
Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26‡		295,446		290,033
Hyundai Auto Receivables Trust, Class B, Series 2015-C, 2.15%, 11/15/21		1,000,000		995,327
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20		425,000		421,456
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21		500,000		504,088
LEAF Receivables Funding 10 LLC, Class D, Series 2015-1, 3.74%, 05/17/21‡		615,000		597,561
LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21‡		345,000		350,622
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30‡		888,367		887,866
Mid-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35		352,908		376,234
MVW Owner Trust, Class B, Series 2015-1A, 2.96%, 12/20/32‡		601,398		598,569

See accompanying Notes to Financial Statements.

34

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38	$	301,237	$	317,371
OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24‡		730,000		727,697
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25‡		325,000		321,598
Orange Lake Timeshare Trust, Class A, Series 2015-AA, 2.88%, 09/08/27‡		525,687		515,738
Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18		90,580		90,860
Santander Drive Auto Receivables Trust, Class C, Series 2012-4, 2.94%, 12/15/17		170,816		171,601
Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19		600,000		599,511
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20		600,000		600,659
Santander Drive Auto Receivables Trust, Class D, Series 2012-2, 3.87%, 02/15/18		300,000		303,289
Santander Drive Auto Receivables Trust, Class D, Series 2012-6, 2.52%, 09/17/18		350,000		351,702
Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19		500,000		500,263
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19		475,000		476,745
Santander Drive Auto Receivables Trust, Class D, Series 2014-4, 3.10%, 11/16/20		600,000		600,271
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30‡		200,563		198,975
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31‡		137,510		137,623
Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29‡		137,056		138,099
Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25‡		134,896		135,757
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27‡		554,194		549,428
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30‡		500,000		486,703

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31‡	$	270,000	$	272,005
SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26‡		1,275,000		1,269,315
SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20‡		655,000		655,647
SoFi Professional Loan Program LLC, Class A2, Series 2014-A, 3.02%, 10/25/27‡		230,878		231,108
SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29‡		664,936		659,788
SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30‡		370,798		364,854
TAL Advantage V LLC, Class A, Series 2013-1A, 2.83%, 02/22/38‡		394,167		392,239
TAL Advantage V LLC, Class A, Series 2014-3A, 3.27%, 11/21/39‡		445,833		438,674
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20‡		800,000		799,290
Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19‡		500,000		498,551
Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44‡		256,002		256,315
Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41‡		304,704		312,770
U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23‡		866,836		883,920
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31‡		566,511		558,167
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45‡		533,663		527,632
Westlake Automobile Receivables Trust, Class C, Series 2014-1A, 1.70%, 11/15/19‡		795,000		792,083
Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20‡		500,000		495,625
Total Asset Backed Securities (Cost $59,049,706)				58,603,064
CORPORATE BONDS — 19.6%
Consumer Discretionary — 1.5%
American Axle & Manufacturing, Inc., 5.13%, 02/15/19		115,000		116,581

See accompanying Notes to Financial Statements.

35

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Consumer Discretionary (continued)
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22	$	85,000	$	86,063
CCO Safari II LLC, 4.46%, 07/23/22‡		175,000		174,585
Churchill Downs, Inc., 5.38%, 12/15/21‡		175,000		176,313
Lennar Corp., 4.50%, 11/15/19		305,000		311,672
Marriott International, Inc., Series N, 3.13%, 10/15/21		520,000		519,769
QVC, Inc., 3.13%, 04/01/19		505,000		498,804
Time Warner Cable, Inc., 6.75%, 07/01/18		205,000		223,795
Toll Brothers Finance Corp., 4.00%, 12/31/18		375,000		383,438
Toll Brothers Finance Corp., 6.75%, 11/01/19		117,000		129,285
TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 4.38%, 06/15/19		575,000		564,938
Wyndham Worldwide Corp., 2.50%, 03/01/18		450,000		448,337
Total Consumer Discretionary				3,633,580
Consumer Staples — 0.1%
Kraft Heinz Foods Co., 2.80%, 07/02/20‡		185,000		184,715
Energy — 1.5%
Antero Resources Corp., 5.63%, 06/01/23‡(a)		210,000		164,850
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22‡		155,000		107,725
Enbridge Energy Partners LP, 4.38%, 10/15/20		110,000		107,421
Kinder Morgan, Inc., 5.63%, 11/15/23‡		545,000		498,968
MPLX LP, 5.50%, 02/15/23‡		320,000		281,600
Newfield Exploration Co., 5.75%, 01/30/22		140,000		124,600
NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19		535,000		425,325
Parker Drilling Co., 6.75%, 07/15/22		100,000		69,000
Regency Energy Partners LP/Regency Energy Finance Corp., 5.00%, 10/01/22		440,000		390,326
Sabine Oil & Gas Corp., 7.25%, 06/15/19ˆ		92,000		6,210
Sunoco LP/Sunoco Finance Corp., 6.38%, 04/01/23‡		665,000		628,425

Investments	Principal		Value
CORPORATE BONDS (continued)
Energy (continued)
Transocean, Inc., 5.80%, 12/15/16	$	545,000	$	530,694
Weatherford International Ltd., 9.63%, 03/01/19		150,000		146,250
Total Energy				3,481,394
Financials — 9.3%
Air Lease Corp., 2.63%, 09/04/18		520,000		514,327
Aircastle Ltd., 5.13%, 03/15/21		210,000		216,300
Ally Financial, Inc., 3.25%, 02/13/18		225,000		224,438
Ally Financial, Inc., 3.25%, 11/05/18		145,000		142,644
Ally Financial, Inc., 4.13%, 03/30/20(a)		270,000		269,325
American Campus Communities Operating Partnership LP, 3.35%, 10/01/20		95,000		94,965
American Tower Trust I, 1.55%, 03/15/18‡		347,000		339,297
Ares Capital Corp., 4.88%, 11/30/18		76,000		79,183
Ares Capital Corp., 3.88%, 01/15/20(a)		210,000		213,383
Associated Banc-Corp., 5.13%, 03/28/16		60,000		60,330
Aviation Capital Group Corp., 3.88%, 09/27/16‡		430,000		433,763
Aviation Capital Group Corp., 2.88%, 09/17/18‡		195,000		194,125
Bank of America Corp., 2.00%, 01/11/18		235,000		234,816
Bank of America Corp., Series L, 5.65%, 05/01/18		200,000		215,179
Bank of America Corp., 5.49%, 03/15/19		66,000		71,272
Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49@		555,000		544,594
Bear Stearns Cos. LLC (The), 7.25%, 02/01/18		75,000		82,756
Block Financial LLC, 4.13%, 10/01/20		315,000		319,286
Brixmor Operating Partnership LP, 3.88%, 08/15/22		210,000		209,337
Capital One Financial Corp., 6.15%, 09/01/16		400,000		412,220
Corporate Office Properties LP, 3.70%, 06/15/21		460,000		446,028
Corrections Corp. of America, 5.00%, 10/15/22		755,000		754,999
Countrywide Financial Corp., 6.25%, 05/15/16		130,000		132,203

See accompanying Notes to Financial Statements.

36

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
DDR Corp., 7.88%, 09/01/20	$	280,000	$	335,451
DDR Corp., 3.50%, 01/15/21		145,000		143,981
Digital Delta Holdings LLC, 3.40%, 10/01/20‡		420,000		420,910
Digital Realty Trust LP, 3.95%, 07/01/22		270,000		268,490
DuPont Fabros Technology LP, 5.88%, 09/15/21		475,000		496,375
Fifth Third Bancorp, 4.50%, 06/01/18		321,000		338,194
First Horizon National Corp., 3.50%, 12/15/20		550,000		545,838
First Tennessee Bank NA, 2.95%, 12/01/19		250,000		248,325
Ford Motor Credit Co. LLC, 8.13%, 01/15/20		455,000		536,360
Ford Motor Credit Co. LLC, 3.20%, 01/15/21		650,000		646,347
FS Investment Corp., 4.25%, 01/15/20		435,000		437,090
FS Investment Corp., 4.75%, 05/15/22		160,000		155,449
General Motors Financial Co., Inc., 2.40%, 04/10/18		355,000		353,450
Genworth Holdings, Inc., 7.63%, 09/24/21		200,000		167,090
GLP Capital LP/GLP Financing II, Inc., 4.88%, 11/01/20(a)		530,000		522,050
Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17		670,000		696,085
Government Properties Income Trust, 3.75%, 08/15/19		85,000		85,458
HCP, Inc., 3.75%, 02/01/19		175,000		180,659
Healthcare Trust of America Holdings LP, 3.38%, 07/15/21		150,000		148,042
HSBC USA, Inc., 1.70%, 03/05/18		200,000		198,947
HSBC USA, Inc., 2.63%, 09/24/18		225,000		228,319
Huntington Bancshares, Inc., 7.00%, 12/15/20(a)		200,000		233,140
International Lease Finance Corp., 3.88%, 04/15/18		390,000		393,900
iStar, Inc., 4.00%, 11/01/17		410,000		403,030
Jefferies Group LLC, 5.13%, 04/13/18		275,000		286,326

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
JPMorgan Chase & Co., 6.13%, 06/27/17	$	280,000	$	296,618
JPMorgan Chase & Co., 2.25%, 01/23/20		380,000		374,052
JPMorgan Chase & Co., Series Z, 5.30%, 12/29/49@		40,000		39,950
Kimco Realty Corp., 3.40%, 11/01/22		105,000		104,169
Lazard Group LLC, 4.25%, 11/14/20		275,000		285,150
Lincoln National Corp., 8.75%, 07/01/19		125,000		150,243
Lincoln National Corp., 6.05%, 04/20/67@		100,000		78,250
McGraw-Hill Financial, Inc., 3.30%, 08/14/20		210,000		212,016
Morgan Stanley, 5.55%, 04/27/17		425,000		446,069
Morgan Stanley, 2.13%, 04/25/18		180,000		180,341
MPT Operating Partnership LP/MPT Finance Corp., 6.38%, 02/15/22		45,000		46,069
National Retail Properties, Inc., 5.50%, 07/15/21		250,000		276,375
New York Life Global Funding, 1.95%, 02/11/20‡		65,000		63,760
Prudential Financial, Inc., 5.20%, 03/15/44@		300,000		290,775
Sabra Health Care LP/Sabra Capital Corp., 5.50%, 02/01/21		370,000		382,950
Santander Holdings USA, Inc., 2.65%, 04/17/20		475,000		466,475
SBA Tower Trust, 2.93%, 12/15/17‡		725,000		734,320
Select Income REIT, 4.15%, 02/01/22		515,000		494,907
Senior Housing Properties Trust, 3.25%, 05/01/19		415,000		413,843
Springleaf Finance Corp., 5.25%, 12/15/19		190,000		180,975
State Street Corp., 4.96%, 03/15/18		300,000		314,925
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19‡		400,000		401,157
Ventas Realty LP, 4.00%, 04/30/19		310,000		322,495
Voya Financial, Inc., 2.90%, 02/15/18		365,000		369,134
Wells Fargo & Co., 5.13%, 09/15/16		75,000		77,104
Willis North America, Inc., 6.20%, 03/28/17		250,000		263,000

See accompanying Notes to Financial Statements.

37

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Zions Bancorporation, 4.50%, 03/27/17	$	330,000	$	336,678
Total Financials				22,275,876
Health Care — 1.2%
AbbVie, Inc., 2.50%, 05/14/20		540,000		535,119
CHS/Community Health Systems, Inc., 5.13%, 08/15/18		170,000		171,700
Forest Laboratories LLC, 4.38%, 02/01/19‡		200,000		209,666
Fresenius US Finance II, Inc., 4.50%, 01/15/23(Germany)‡		140,000		141,750
HCA, Inc., 3.75%, 03/15/19		160,000		161,600
HCA, Inc., 6.50%, 02/15/20		185,000		202,020
Owens & Minor, Inc., 3.88%, 09/15/21		95,000		94,710
Quintiles Transnational Corp., 4.88%, 05/15/23‡		170,000		171,700
Tenet Healthcare Corp., 6.25%, 11/01/18		150,000		158,625
Tenet Healthcare Corp., 5.00%, 03/01/19		60,000		55,650
Tenet Healthcare Corp., 4.01%, 06/15/20@‡		260,000		254,800
Tenet Healthcare Corp., 6.00%, 10/01/20		105,000		111,038
Zimmer Biomet Holdings, Inc., 2.70%, 04/01/20		295,000		291,582
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22		295,000		290,415
Total Health Care				2,850,375
Industrials — 4.1%
ADT Corp. (The), 6.25%, 10/15/21(a)		540,000		566,757
America West Airlines Pass-Through Trust, Series 991G, 7.93%, 01/02/19		317,246		340,643
America West Airlines Pass-Through Trust, Series 011G, 7.10%, 04/02/21		930,186		1,015,064
American Airlines Group, Inc., 4.63%, 03/01/20‡		195,000		186,225
Continental Airlines Class A Pass-Through Trust, Series 991A, 6.55%, 02/02/19		311,697		331,942
Continental Airlines Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20		474,923		532,508
Continental Airlines Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21		588,158		612,419

Investments	Principal		Value
CORPORATE BONDS (continued)
Industrials (continued)
Continental Airlines Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20	$	212,762	$	226,592
Delta Air Lines Class A Pass-Through Trust, Series 2A, 4.95%, 05/23/19		611,458		642,794
Delta Air Lines Class A Pass-Through Trust, Series A, 4.75%, 05/07/20		948,072		1,001,400
HD Supply, Inc., 5.25%, 12/15/21‡(a)		360,000		368,550
Lockheed Martin Corp., 1.85%, 11/23/18		115,000		114,877
Lockheed Martin Corp., 2.50%, 11/23/20		195,000		194,065
Masco Corp., 5.95%, 03/15/22		400,000		433,000
Northwest Airlines Class G-2 Pass-Through Trust, Series 02-1, 6.26%, 11/20/21		515,493		537,685
Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, 06/15/19		195,000		191,972
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22‡		230,000		223,491
SBA Tower Trust, 3.16%, 10/15/20‡		425,000		418,102
Textron, Inc., 4.63%, 09/21/16		400,000		408,644
UAL Pass-Through Trust, Series 09-2, 9.75%, 01/15/17		356,905		376,980
UAL Pass-Through Trust, Series 071A, 6.64%, 07/02/22		123,566		131,753
United Rentals North America, Inc., 4.63%, 07/15/23		310,000		310,388
Total Industrials				9,165,851
Information Technology — 0.7%
Dun & Bradstreet Corp. (The), 3.25%, 12/01/17		150,000		151,236
Dun & Bradstreet Corp. (The), 4.00%, 06/15/20(a)		150,000		152,241
Fidelity National Information Services, Inc., 3.63%, 10/15/20		305,000		309,305
Hewlett Packard Enterprise Co., 2.45%, 10/05/17‡		435,000		434,816
Hewlett Packard Enterprise Co., 2.85%, 10/05/18‡		325,000		325,032
Hewlett Packard Enterprise Co., 3.60%, 10/15/20‡		65,000		65,219
Juniper Networks, Inc., 3.30%, 06/15/20		110,000		109,634

See accompanying Notes to Financial Statements.

38

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Information Technology (continued)
Oracle Corp., 2.50%, 05/15/22	$	200,000	$	196,474
Total Information Technology				1,743,957
Materials — 0.1%
Airgas, Inc., 3.05%, 08/01/20		43,000		43,314
Ball Corp., 4.38%, 12/15/20		25,000		25,438
Huntsman International LLC, 4.88%, 11/15/20(a)		200,000		183,500
Total Materials				252,252
Telecommunication Services — 0.7%
AT&T, Inc., 3.88%, 08/15/21		210,000		216,923
AT&T, Inc., 3.00%, 06/30/22		205,000		200,376
Frontier Communications Corp., 7.13%, 03/15/19		250,000		251,225
Frontier Communications Corp., 8.88%, 09/15/20‡(a)		60,000		60,900
Frontier Communications Corp., 6.25%, 09/15/21		185,000		157,713
Frontier Communications Corp., 10.50%, 09/15/22‡		65,000		64,919
Level 3 Financing, Inc., 5.38%, 01/15/24‡		95,000		95,713
T-Mobile USA, Inc., 6.46%, 04/28/19		275,000		283,888
Verizon Communications, Inc., 2.50%, 09/15/16		43,000		43,343
Verizon Communications, Inc., 3.65%, 09/14/18		50,000		52,318
Verizon Communications, Inc., 2.55%, 06/17/19		200,000		202,687
Verizon Communications, Inc., 4.60%, 04/01/21		125,000		134,511
Total Telecommunication Services				1,764,516
Utilities — 0.4%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20		45,000		43,988
AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22		235,000		228,538
Exelon Corp., 2.85%, 06/15/20		555,000		552,538
Talen Energy Supply LLC, 4.63%, 07/15/19‡		265,000		200,075
Total Utilities				1,025,139
Total Corporate Bonds (Cost $47,344,360)				46,377,655

Investments	Principal		Value
TERM LOANS — 10.7%
Consumer Discretionary — 3.8%
Allison Transmission, Inc., 3.50%, 08/23/19@	$	40,689	$	40,498
Altice US Finance I Corp., 4.25%, 12/14/22@		481,169		474,553
Aristocrat International Pty Ltd., 4.75%, 10/20/21 (Australia)@		394,154		393,168
Boyd Gaming Corp., 4.00%, 08/14/20@		260,858		260,019
Caesars Entertainment Corp., 1.50%, 10/31/16@		136,711		124,351
CCO Safari III LLC, 3.25%, 08/24/21@		90,000		89,421
CCO Safari III LLC, 3.50%, 01/21/23@		77,000		77,032
CDS US Intermediate Holdings, Inc., 5.00%, 07/08/22@		537,653		508,528
Charter Communications Operating, LLC, 3.00%, 07/01/20@		412,594		405,976
CityCenter Holdings LLC, 4.25%, 10/16/20@		237,668		236,361
CSC Holdings LLC, 2.92%, 04/17/20@		451,035		450,191
FCA U.S. LLC, 3.25%, 12/31/18@		324,225		321,874
Hanesbrands, Inc., 3.25%, 04/29/22@		32,753		32,903
Hilton Worldwide Finance LLC, 3.50%, 10/25/20@		794,077		793,626
Jarden Corp., 3.17%, 09/30/20@		17,908		17,921
Jarden Corp., 3.17%, 07/30/22@		125,685		125,711
Landry’s, Inc., 4.00%, 04/24/18@		179,965		179,319
Las Vegas Sands, LLC, 3.25%, 12/19/20@	$	534,653		530,175
Libbey Glass, Inc., 3.75%, 04/09/21@		313,230		308,923
MGM Resorts International, 3.50%, 12/20/19@		354,086		349,955
PetSmart, Inc., 4.25%, 03/10/22@		529,926		517,274
PVH Corp., 3.25%, 02/13/20@		204,914		206,378
Seminole Tribe of Florida, Inc., 3.00%, 04/29/20@		364,677		363,159
Six Flags Theme Parks, Inc., 3.50%, 06/30/22@		152,235		152,236
SRAM LLC, 5.50%, 04/10/20@		190,786		158,829
Staples, Inc., 0.00%, 04/24/21@(b)		248,000		245,726
TI Group Automotive Systems LLC, 4.50%, 06/30/22 (United Kingdom)@		451,868		442,830

See accompanying Notes to Financial Statements.

39

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Consumer Discretionary (continued)
Univision Communications, Inc., 4.00%, 03/01/20@	$	698,659	$	685,035
Virgin Media Investment Holdings Ltd., 3.50%, 06/30/23 (United Kingdom)@		336,661		330,165
Total Consumer Discretionary				8,822,137
Consumer Staples — 1.2%
Albertson’s Holdings LLC, 5.50%, 08/25/21@		527,929		524,368
ARAMARK Corp., 3.25%, 09/07/19@		458,954		458,667
ARAMARK Corp., 3.25%, 02/24/21@		494,962		491,045
Coty, Inc., 3.75%, 10/27/22@		90,476		89,996
Galleria Co., 0.00%, 10/22/22@(b)		180,952		179,935
Hostess Brands LLC, 4.50%, 08/03/22@		683,288		681,579
Kronos, Inc., 4.50%, 10/30/19@		430,155		424,242
Spectrum Brands, Inc., 3.50%, 06/23/22@		58,238		58,159
Total Consumer Staples				2,907,991
Energy — 0.2%
MEG Energy Corp., 3.75%, 03/31/20 (Canada)@		571,080		506,834
Financials — 0.7%
Delos Finance Sarl, 3.50%, 03/06/21@		633,000		631,813
Realogy Group LLC, 3.75%, 03/05/20@		492,462		489,793
TransUnion LLC, 3.50%, 04/09/21@		407,534		396,837
Total Financials				1,518,443
Health Care — 1.2%
Alere, Inc., 4.25%, 06/18/22@		221,616		220,116
CHS/Community Health Systems, Inc., 3.66%, 12/31/18@		268,542		265,465
CHS/Community Health Systems, Inc., 4.00%, 01/27/21@		533,659		526,417
ConvaTec, Inc., 4.25%, 06/15/20 (United Kingdom)@		19,900		19,602
Davita HealthCare Partners, Inc., 3.50%, 06/24/21@		107,365		107,141
Emdeon, Inc., 3.75%, 11/02/18@		348,835		343,494
Endo Luxembourg Finance I Co. Sarl, 3.75%, 09/25/22 (Luxembourg)@		147,000		145,346

Investments	Principal		Value
TERM LOANS (continued)
Health Care (continued)
Envision Healthcare Corp, 4.50%, 10/28/22@	$	464,000	$	462,028
IASIS Healthcare LLC, 4.50%, 05/03/18@		144,522		142,209
Quintiles Transnational Corp, 3.25%, 05/12/22@		75,620		75,588
RPI Finance Trust, 3.50%, 11/09/20@		303,699		303,036
Team Health, Inc., 4.50%, 11/23/22@		226,000		225,647
Valeant Pharmaceuticals International, Inc., 3.50%, 02/13/19@		259,734		251,154
Total Health Care				3,087,243
Industrials — 1.2%
Air Canada, 4.00%, 09/26/19 (Canada)@		231,475		231,283
American Airlines, Inc., 3.25%, 06/27/20@		305,000		301,021
American Airlines, Inc., 3.50%, 10/10/21@		251,460		249,417
Avis Budget Car Rental LLC, 3.00%, 03/15/19@		607,076		606,441
AWAS Finance Luxembourg 2012 SA, 3.50%, 07/16/18@		440,872		440,460
McJunkin Red Man Corp., 4.75%, 11/09/19@		56,970		53,267
Nortek, Inc., 3.50%, 10/30/20@		589,167		577,201
TransDigm, Inc., 3.75%, 06/04/21@		545,481		532,916
United Airlines, Inc., 3.50%, 09/15/21@		104,238		103,977
Total Industrials				3,095,983
Information Technology — 1.0%
Avago Technologies Cayman Ltd., 3.75%, 05/06/21 (Singapore)@		614,620		613,726
Blue Coat Systems, Inc., 4.50%, 05/26/22@		220,000		213,217
Deltek, Inc., 5.00%, 06/25/22@		22,187		21,974
Equinix, Inc., 0.00%, 01/08/23@(b)		25,000		25,125
First Data Corp, 4.17%, 07/10/22@		264,000		260,601
First Data Corp., 3.92%, 03/24/18@		732,000		723,715
NXP BV, 3.75%, 12/07/20 (Netherlands)@		348,000		347,217
Total Information Technology				2,205,575
Materials — 0.4%
Anchor Glass Container Corp., 4.50%, 06/24/22@		535,000		534,165

See accompanying Notes to Financial Statements.

40

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Materials (continued)
AZ Chem U.S., Inc., 4.50%, 06/12/21@	$	84,173	$	84,015
Ineos U.S. Finance LLC, 3.75%, 12/15/20@		194,781		187,477
Owens-Brockway Glass Container, Inc., 3.50%, 09/01/22@		109,725		109,565
PolyOne Corp, 3.75%, 11/12/22@		174,000		174,381
Total Materials				1,089,603
Telecommunication Services — 0.6%
Crown Castle Operating Co., 3.00%, 01/31/21@		658,863		657,150
Level 3 Financing, Inc., 4.00%, 01/15/20@		225,000		224,658
Level 3 Financing, Inc., 3.50%, 05/31/22@		110,000		108,488
T-Mobile USA, Inc., 3.50%, 11/09/22@		382,000		382,478
Total Telecommunication Services				1,372,774
Utilities — 0.4%
Calpine Corp., 3.50%, 05/27/22@		446,755		427,209
NRG Energy, Inc., 2.75%, 07/01/18@		384,191		374,826
Total Utilities				802,035
Total Term Loans (Cost $25,738,558)				25,408,618
FOREIGN BONDS — 4.4%
Consumer Discretionary — 0.4%
British Airways 2013-1 Class B Pass-Through Trust, 5.63%, 06/20/20 (United Kingdom)‡		315,389		328,793
Delphi Automotive PLC, 3.15%, 11/19/20 (United Kingdom)		530,000		529,908
NCL Corp. Ltd., 4.63%, 11/15/20 (Bermuda)‡		225,000		221,450
Total Consumer Discretionary				1,080,151
Financials — 2.1%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.25%, 07/01/20 (Netherlands)		165,000		166,650
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.50%, 05/15/21 (Netherlands)		165,000		168,094
Axis Bank Ltd., 3.25%, 05/21/20 (India)‡		450,000		452,242
BAE Systems Holdings, Inc., 2.85%, 12/15/20 (United Kingdom)‡		145,000		144,796

Investments	Principal		Value
FOREIGN BONDS (continued)
Financials (continued)
Banco Santander Chile, 2.33%, 06/07/18 (Chile)@‡	$	200,000	$	200,500
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 01/14/19 (Netherlands)		300,000		301,186
Corp. Andina de Fomento, 3.75%, 01/15/16 (Supranational)		100,000		100,081
Daimler Finance North America LLC, 2.45%, 05/18/20 (Germany)‡		500,000		490,702
Guanay Finance Ltd., 6.00%, 12/15/20 (Chile)‡		460,000		456,550
Industrial & Commercial Bank of China Ltd., 3.23%, 11/13/19 (China)		475,000		483,407
Intesa Sanpaolo SpA, Series G, 3.13%, 01/15/16 (Italy)		200,000		200,101
Korea Development Bank (The), 4.63%, 11/16/21 (South Korea)		375,000		412,062
Macquarie Group Ltd., 6.00%, 01/14/20 (Australia)‡		290,000		320,357
Royal Bank of Scotland Group PLC, 6.40%, 10/21/19 (United Kingdom)		350,000		388,647
WEA Finance LLC/Westfield UK & Europe Finance PLC, 3.25%, 10/05/20 (Australia)‡		535,000		537,634
XLIT Ltd., Series E, 6.50%, 12/29/49 (Ireland)@		105,000		76,519
Total Financials				4,899,528
Health Care — 0.3%
Actavis Funding SCS, 3.00%, 03/12/20 (Luxembourg)		85,000		85,145
Actavis Funding SCS, 3.45%, 03/15/22 (Luxembourg)		85,000		85,208
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.88%, 04/15/20 (Luxembourg)‡		20,000		19,350
Mylan NV, 3.00%, 12/15/18 (Netherlands)‡		140,000		139,789
Valeant Pharmaceuticals International, Inc., 5.38%, 03/15/20 (Canada)‡		570,000		538,650
Total Health Care				868,142
Industrials — 0.9%
Air Canada 2013-1 Class B Pass-Through Trust, 5.38%, 05/15/21 (Canada)‡		474,802		478,956

See accompanying Notes to Financial Statements.

41

 

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

December 31, 2015 (Unaudited)

Investments	Principal		Value
FOREIGN BONDS
Industrials (continued)
Bombardier, Inc., 4.75%, 04/15/19 (Canada)‡	$	240,000	$	198,600
Virgin Australia Trust, Series 2013-1A, 5.00%, 10/23/23 (Australia)‡		1,127,925		1,165,991
Total Industrials				1,843,547
Materials — 0.0%**
Methanex Corp., 3.25%, 12/15/19 (Canada)		100,000		95,517
Telecommunication Services — 0.4%
Alibaba Group Holding Ltd., 2.50%, 11/28/19 (China)		700,000		684,746
Telefonica Emisiones SAU, 6.42%, 06/20/16 (Spain)		100,000		102,310
Total Telecommunication Services				787,056
Utilities — 0.3%
Majapahit Holding BV, 7.75%, 01/20/20 (Indonesia)‡		245,000		274,706
State Grid Overseas Investment 2014 Ltd., 2.75%, 05/07/19 (China)‡		500,000		505,690
Total Utilities				780,396
Total Foreign Bonds (Cost $10,486,647)				10,354,337
U.S. TREASURY NOTE — 0.5%
U.S. Treasury Note, 04/15/18, 0.75% (Cost $1,246,240)		1,250,000		1,238,038
U.S. GOVERNMENT AGENCY SECURITIES — 0.8%
Federal National Mortgage Association, 3.00%, 10/01/30		1,030,291		1,062,652
Federal Home Loan Mortgage Corporation, 3.50%, 03/01/45		556,214		573,991
Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37		115,941		122,999
Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41		328,876		341,195
Total U.S. Government Agency Securities (Cost $2,107,330)				2,100,837

Investments	Shares/ Principal		Value
MONEY MARKET FUND — 4.1%
BofA Cash Reserves Money Market Fund – Capital Class, 0.31%(c) (Cost $9,728,567)		9,728,567	$	9,728,567
REPURCHASE AGREEMENTS — 0.8%(d)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $269,926, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $274,337)	$	269,916		269,916
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $418,834, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $425,829)		418,821		418,821
Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $418,835, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $426,008)		418,821		418,821
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $418,835, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $426,032)		418,821		418,821
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $273,048, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 – 03/20/65, totaling $277,695)		273,040		273,040
Total Repurchase Agreements (Cost $1,799,419)				1,799,419
Total Investments — 100.0% (Cost $241,104,372)				236,823,669
Other Assets in Excess of Liabilities — 0.0%**				107,428
Net Assets — 100.0%			$	236,931,097

See accompanying Notes to Financial Statements.

42

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

December 31, 2015 (Unaudited)

PLC — Public Limited Company

ˆ Is in default.

** Less than 0.05%.

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

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015.

# Represents step coupon bond. Rate shown reflects the rate in effect as of December 31, 2015.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,639,054; the aggregate market value of the collateral held by the fund is $2,747,588. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $948,169.

(b) This Loan will settle after December 31, 2015 at which time the interest rate will be determined.

(c) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Asset Backed Securities		24.7	%
Commercial Mortgage Backed Securities		18.7
Consumer Discretionary		5.7
Consumer Staples		1.3
Energy		1.7
Financials		12.1
Health Care		2.7
Industrials		6.2
Information Technology		1.7
Materials		0.5
Residential Mortgage Backed Securities		15.4
Telecommunication Services		1.7
U.S. Treasury Note		0.5
U.S. Government Agency Securities		1.1
Utilities		1.1
Money Market Fund		4.1
Repurchase Agreements		0.8
Total Investments		100.0
Other Assets in Excess of Liabilities		0.0	**
Net Assets		100.0	%

** Less than 0.05%.

See accompanying Notes to Financial Statements.

43

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS — 77.8%
Advertising — 1.8%
Acosta, Inc. (Luxembourg), 4.25%, 09/26/21@	$	496,253	$	473,391
Aerospace & Defense — 3.3%
Hamilton Sundstrand Industrial, 4.00%, 12/13/19@		488,586		416,764
TransDigm, Inc., 3.75%, 02/28/20@		441,226		431,544
Total Aerospace & Defense				848,308
Airlines — 0.8%
Landmark Aviation, 8.25%, 01/25/21@		207,627		207,195
Auto Parts & Equipment — 3.6%
Cooper-Standard Automotive, 4.00%, 04/04/21@		494,975		488,582
Federal-Mogul Holdings Corp., 4.75%, 04/15/21@		496,231		439,785
Total Auto Parts & Equipment				928,367
Building Materials — 1.8%
GYP Holdings III Corp., 4.75%, 04/01/21@		496,222		476,373
Chemicals — 2.8%
MacDermid, Inc., 5.50%, 06/07/20@		247,500		240,030
Univar, Inc. (Luxembourg), 4.25%, 07/01/22@		498,750		483,925
Total Chemicals				723,955
Commercial Services — 5.5%
Allied Security Holdings LLC, 4.25%, 02/12/21@		495,208		482,828
Brickman Group Ltd. LLC (The) (New Zealand), 4.00%, 12/18/20@		248,106		240,988
Brickman Group Ltd. LLC (The) (New Zealand), 7.50%, 12/17/21@		250,000		227,500
ServiceMaster Co. LLC (The), 4.25%, 07/01/21@		494,987		490,532
Total Commercial Services				1,441,848
Distribution/Wholesale — 1.8%
Spin Holdco, Inc., 4.25%, 11/14/19@		495,620		477,406
Diversified Financial Services — 1.0%
AlixPartners LLP, 4.50%, 07/28/22@		249,375		247,974
Entertainment — 1.7%
Scientific Games International, Inc., 6.00%, 10/01/21@		495,000		452,836
Environmental Control — 1.0%
Waste Industries USA, Inc. (Luxembourg), 4.25%, 02/27/20@		248,125		248,125

Investments	Principal		Value
TERM LOANS (continued)
Food — 3.8%
Albertsons LLC, 5.50%, 03/21/19@	$	496,250	$	495,320
U.S. Foods, Inc., 4.50%, 03/31/19@		494,924		489,665
Total Food				984,985
Hand/Machine Tools — 1.8%
Apex Tool Group LLC, 4.50%, 01/31/20@		495,542		476,186
Healthcare – Services — 3.7%
CHS/Community Health Systems, Inc., 3.75%, 12/31/19@		174,735		170,777
CHS/Community Health Systems, Inc., 4.00%, 01/27/21@		321,508		317,146
IASIS Healthcare LLC (Luxembourg), 4.50%, 05/03/18@		496,164		488,225
Total Healthcare – Services				976,148
Household Products/Wares — 1.9%
Reynolds Group Holdings, Inc., 4.50%, 12/01/18@		487,336		483,427
Insurance — 1.8%
HUB International Ltd., 4.00%, 10/02/20@		247,481		234,257
USI, Inc., 4.25%, 12/27/19@		247,468		240,354
Total Insurance				474,611
Internet — 0.9%
Zayo Group LLC, 3.75%, 05/06/21@		247,489		243,953
Leisure Time — 3.3%
24 Hour Fitness Worldwide, Inc., 4.75%, 05/28/21@		247,487		231,710
Bombardier Recreational Products, Inc., 3.75%, 01/30/19@		250,000		248,036
ClubCorp Club Operations, Inc., 4.25%, 07/24/20@		374,521		374,053
Total Leisure Time				853,799
Lodging — 2.5%
Caesars Entertainment Resort Properties LLC, 7.00%, 10/09/20@		247,475		225,976
Caesars Growth Properties Holdings LLC, 6.25%, 05/08/21@		247,487		218,408
Hilton Worldwide Finance LLC, 3.50%, 10/26/20@		211,250		211,130
Total Lodging				655,514
Machinery-Diversified — 2.8%
Husky Injection Molding Systems Ltd., 7.25%, 06/30/22@		246,382		237,758

See accompanying Notes to Financial Statements.

44

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Machinery-Diversified (continued)
Rexnord, 4.00%, 08/21/20@	$	494,937	$	481,019
Total Machinery-Diversified				718,777
Media — 1.6%
Altice US Finance I Corp., 4.25%, 12/21/22@		248,680		244,017
iHeartCommunications, Inc., 7.17%, 01/30/19@		250,000		175,894
Total Media				419,911
Mining — 1.4%
FMG Resources Pty. Ltd., 4.25%, 06/30/19@		494,937		369,490
Miscellaneous Manufacturing — 0.9%
Gates Global LLC, 4.25%, 07/05/21@		247,494		232,820
Packaging & Containers — 5.5%
Ardagh Holdings USA, Inc., 4.00%, 12/17/19@		494,962		487,909
BWAY Holding Co. (Canada), 5.50%, 08/14/20@		494,975		477,344
SIG Combibloc (Luxembourg), 4.25%, 03/11/22@		496,250		489,543
Total Packaging & Containers				1,454,796
Retail — 18.0%
BJ’s Wholesale Club, Inc., 4.50%, 09/26/19@		495,376		476,180
Burger King, 3.75%, 12/12/21@		377,578		374,746
CEC Entertainment, Inc., 4.25%, 02/15/21@		494,962		471,452
Dollar Tree, Inc. (Canada), 3.50%, 07/06/22@		208,339		208,079
Doosan Infracore International, Inc., 4.50%, 05/28/21@		247,277		244,959
Jo-Ann Stores LLC, 4.00%, 03/16/18@		239,590		225,215
Leslie’s Poolmart (Australia), 4.25%, 10/16/19@		247,443		241,814
Michaels Stores, Inc., 4.00%, 01/28/20@		203,776		202,842
Neiman Marcus Group Ltd. LLC (Ireland), 4.25%, 10/25/20@		496,212		440,646
NPC International, Inc., 4.75%, 12/28/18@		495,496		490,746
PetSmart, Inc., 4.25%, 03/11/22@		497,500		485,622
Pilot Travel Centers LLC, 3.75%, 10/03/21@		367,714		368,909
Rite Aid Corp. (Canada), 5.75%, 08/21/20@		250,000		250,844
Smart & Final Stores LLC, 4.00%, 11/15/19@		250,000		247,291
Total Retail				4,729,345

Investments	Principal		Value
TERM LOANS (continued)
Software — 0.9%
Infor U.S., Inc., 3.75%, 06/03/20@	$	247,429	$	232,944
Telecommunications — 1.9%
Level 3 Financing, Inc., 3.50%, 05/31/22@		500,000		493,125
Total Term Loans (Cost $21,153,641)				20,325,609
CORPORATE BONDS — 11.5%
Commercial Services — 1.0%
United Rentals North America, Inc., 7.38%, 05/15/20(a)		250,000		264,375
Distribution/Wholesale — 1.1%
HD Supply, Inc., 11.50%, 07/15/20		250,000		278,125
Diversified Financial Services — 0.9%
Jefferies Finance LLC, 7.38%, 04/01/20‡		250,000		223,125
Electric — 1.5%
Dynegy, Inc., 6.75%, 11/01/19		250,000		236,250
GenOn Energy, Inc., 9.88%, 10/15/20		250,000		186,250
Total Electric				422,500
Entertainment — 0.5%
Penn National Gaming, Inc., 5.88%, 11/01/21		124,000		120,900
Healthcare – Services — 1.0%
Tenet Healthcare Corp., 8.00%, 08/01/20		250,000		251,875
Home Builders — 1.0%
Lennar Corp., 4.50%, 06/15/19		250,000		255,469
Lodging — 1.8%
Caesars Entertainment Resort Properties LLC, 11.00%, 10/01/21		250,000		227,500
MGM Resorts International, 6.75%, 10/01/20(a)		250,000		258,125
Total Lodging				485,625
Media — 1.0%
Neptune Finco Corp., 6.63%, 10/15/25‡		250,000		260,625
Real Estate — 1.0%
Howard Hughes Corp. (The), 6.88%, 10/01/21‡		250,000		256,250
Telecommunications — 0.7%
Sprint Communications, Inc., 6.00%, 11/15/22		250,000		176,875
Total Corporate Bonds (Cost $3,189,112)				2,995,744

See accompanying Notes to Financial Statements.

45

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
MONEY MARKET FUND — 10.5%
JP Morgan US Government Money Market Fund – Institutional Class, 0.09%(b) (Cost $2,733,858)		2,733,858	$	2,733,858
Total Investments — 99.8% (Cost $27,076,611)				26,055,211
Other Assets in Excess of Liabilities — 0.2%				46,270
Net Assets — 100.0%			$	26,101,481

‡ 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.

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $354,481; the aggregate market value of the collateral held by the fund is $361,593, which is entirely comprised of non-cash U.S. Treasury securities.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

Total Return Swap contracts outstanding as of December 31, 2015:

Reference Entity	Number of Contracts		Annual Financing Rate Received (Paid)			Termination Date		Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
iBoxx USD Liquid Leveraged Loans		3,000,000		0.18	%		3/20/2016	$	3,000,000	$	2,909,177	$	(90,823	)

J.P. Morgan Chase Bank 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 financing rate.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		1.8	%
Aerospace & Defense		3.3
Airlines		0.8
Auto Parts & Equipment		3.6
Building Materials		1.8
Chemicals		2.8
Commercial Services		6.5
Distribution/Wholesale		2.9
Diversified Financial Services		1.9
Electric		1.5
Entertainment		2.2
Environmental Control		1.0
Food		3.8
Hand/Machine Tools		1.8
Healthcare – Services		4.7
Home Builders		1.0
Household Products/Wares		1.9

	% of Net Assets
Insurance		1.8	%
Internet		0.9
Leisure Time		3.3
Lodging		4.3
Machinery-Diversified		2.8
Media		2.6
Mining		1.4
Miscellaneous Manufacturing		0.9
Packaging & Containers		5.5
Real Estate		1.0
Retail		18.0
Software		0.9
Telecommunications		2.6
Money Market Fund		10.5
Total Investments		99.8
Other Assets in Excess of Liabilities		0.2
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

46

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS — 65.6%
Agriculture — 3.5%
Alliance One International, Inc., 9.88%, 07/15/21(a)	$	2,813,000	$	2,078,104
Southern States Cooperative, Inc., 10.00%, 08/15/21‡		5,726,000		4,981,620
Total Agriculture				7,059,724
Auto Parts & Equipment — 2.0%
Titan International, Inc., 6.88%, 10/01/20(a)		3,160,000		2,370,000
UCI International, Inc., 8.63%, 02/15/19		4,702,000		1,645,700
Total Auto Parts & Equipment				4,015,700
Banks — 2.0%
Creditcorp, 12.00%, 07/15/18‡		6,293,000		4,051,119
Beverages — 1.5%
Constellation Brands, Inc., 4.75%, 12/01/25		500,000		510,625
Innovation Ventures LLC/Innovation Ventures Finance Corp., 9.50%, 08/15/19‡(a)		2,451,000		2,555,168
Total Beverages				3,065,793
Biotechnology — 1.3%
AMAG Pharmaceuticals, Inc., 7.88%, 09/01/23‡		2,980,000		2,637,300
Chemicals — 2.4%
Hexion, Inc., 10.00%, 04/15/20		3,290,000		2,722,475
Tronox Finance LLC, 6.38%, 08/15/20		3,710,000		2,251,228
Total Chemicals				4,973,703
Coal — 0.8%
Arch Coal, Inc., 8.00%, 01/15/19‡		13,473,000		538,920
Murray Energy Corp., 11.25%, 04/15/21‡		5,595,000		1,049,063
Total Coal				1,587,983
Commercial Services — 5.5%
Constellis Holdings LLC/Constellis Finance Corp., 9.75%, 05/15/20‡		2,730,000		2,248,838
Harland Clarke Holdings Corp., 9.25%, 03/01/21‡		3,198,000		2,522,422
Quad/Graphics, Inc., 7.00%, 05/01/22		4,000,000		2,529,999
Speedy Cash Intermediate Holdings Corp., 10.75%, 05/15/18‡(a)		3,203,000		1,649,545
StoneMor Partners LP/Cornerstone Family Services of WV, 7.88%, 06/01/21		2,338,000		2,419,830
Total Commercial Services				11,370,634

Investments	Principal		Value
CORPORATE BONDS (continued)
Cosmetics/Personal Care — 1.2%
Revlon Consumer Products Corp., 5.75%, 02/15/21	$	2,500,000	$	2,431,250
Distribution/Wholesale — 0.7%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23‡		1,500,000		1,515,000
Diversified Financial Services — 1.1%
CNG Holdings, Inc., 9.38%, 05/15/20‡		5,197,000		2,208,725
Electrical Components & Equipment — 1.0%
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20‡		2,391,000		2,133,968
Electronics — 1.0%
Kemet Corp., 10.50%, 05/01/18(a)		2,435,000		2,081,925
Entertainment — 3.1%
DreamWorks Animation SKG, Inc., 6.88%, 08/15/20‡		2,230,000		2,207,700
Gibson Brands, Inc., 8.88%, 08/01/18‡		2,620,000		1,532,700
WMG Acquisition Corp., 6.75%, 04/15/22‡		3,010,000		2,618,700
Total Entertainment				6,359,100
Food — 5.1%
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19‡		2,431,000		2,461,388
Dole Food Co., Inc., 7.25%, 05/01/19‡(a)		2,382,000		2,364,135
Simmons Foods, Inc., 7.88%, 10/01/21‡		3,307,000		3,001,102
SUPERVALU, Inc., 6.75%, 06/01/21		2,700,000		2,457,000
Total Food				10,283,625
Healthcare – Services — 3.8%
HCA, Inc., 5.88%, 02/15/26		250,000		251,563
LifePoint Health, Inc., 5.88%, 12/01/23(a)		1,000,000		1,017,500
MEDNAX, Inc., 5.25%, 12/01/23‡		750,000		755,625
Select Medical Corp., 6.38%, 06/01/21(a)		2,825,000		2,486,000
Vantage Oncology LLC/Vantage Oncology Finance Co., 9.50%, 06/15/17‡(a)		3,727,000		3,167,950
Total Healthcare — Services				7,678,638
Home Builders — 0.5%
M/I Homes, Inc., 6.75%, 01/15/21‡		1,000,000		987,500
Leisure Time — 1.7%
ICON Health & Fitness, Inc., 11.88%, 10/15/16‡(a)		3,521,000		3,362,555

See accompanying Notes to Financial Statements.

47

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Machinery – Diversified — 1.4%
Xerium Technologies, Inc., 8.88%, 06/15/18	$	3,000,000	$	2,946,000
Media — 2.5%
Lee Enterprises, Inc., 9.50%, 03/15/22‡(a)		2,425,000		2,240,094
Sirius XM Radio, Inc., 6.00%, 07/15/24‡		2,775,000		2,906,812
Total Media				5,146,906
Miscellaneous Manufacturing — 2.5%
Koppers, Inc., 7.88%, 12/01/19(a)		2,280,000		2,257,200
Techniplas LLC, 10.00%, 05/01/20‡		3,862,000		2,780,640
Total Miscellaneous Manufacturing				5,037,840
Oil & Gas — 2.2%
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.75%, 04/15/23‡		2,580,000		2,205,900
Talos Production LLC/Talos Production Finance, Inc., 9.75%, 02/15/18‡		5,423,000		2,359,005
Total Oil & Gas				4,564,905
Oil & Gas Services — 2.0%
Era Group, Inc., 7.75%, 12/15/22		3,455,000		2,833,100
Seitel, Inc., 9.50%, 04/15/19(a)		1,737,000		1,137,735
Total Oil & Gas Services				3,970,835
Packaging & Containers — 0.1%
Ball Corp., 4.38%, 12/15/20(a)		250,000		254,375
Pharmaceuticals — 2.5%
BioScrip, Inc., 8.88%, 02/15/21		3,297,000		2,637,600
NBTY, Inc., 9.00%, 10/01/18		2,420,000		2,456,034
Total Pharmaceuticals				5,093,634
REITS — 0.3%
Equinix, Inc., 5.88%, 01/15/26		500,000		516,250
Retail — 2.8%
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20(a)		2,265,000		2,140,425
Group 1 Automotive, Inc., 5.25%, 12/15/23‡		1,250,000		1,243,750
Guitar Center, Inc., 6.50%, 04/15/19‡(a)		2,525,000		2,133,625
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/25		100,000		101,500
Total Retail				5,619,300
Semiconductors — 1.2%
Amkor Technology, Inc., 6.38%, 10/01/22(a)		2,425,000		2,367,406

Investments	Principal		Value
CORPORATE BONDS (continued)
Software — 1.1%
Southern Graphics, Inc., 8.38%, 10/15/20‡	$	2,135,000	$	2,156,350
Telecommunications — 8.8%
Avaya, Inc., 9.00%, 04/01/19‡		3,558,000		2,748,554
EarthLink Holdings Corp., 8.88%, 05/15/19		2,095,000		2,142,138
Frontier Communications Corp., 7.63%, 04/15/24		2,730,000		2,306,850
Sprint Corp., 7.25%, 09/15/21		3,200,000		2,423,040
Syniverse Holdings, Inc., 9.13%, 01/15/19		3,275,000		1,514,688
Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.25%, 08/15/16‡		4,481,000		4,385,778
Windstream Services LLC, 7.75%, 10/01/21(a)		3,165,000		2,506,284
Total Telecommunications				18,027,332
Total Corporate Bonds (Cost $178,519,187)				133,505,375
TERM LOANS — 17.8%
Advertising — 1.1%
Affinion Group, Inc., 6.75%, 04/30/18@		2,484,810		2,293,132
Agriculture — 1.0%
North Atlantic Trading Co., Inc., 7.75%, 01/13/20@		2,012,020		1,996,930
North Atlantic Trading Co., Inc., 8.75%, 01/13/20@		92,969		92,272
Total Agriculture				2,089,202
Commercial Services — 0.9%
Jackson Hewitt Tax Service, Inc., 8.00%, 07/24/20@		2,000,000		1,925,000
Electronics — 1.1%
Isola USA Corp., 9.25%, 11/29/18@		4,377,721		2,243,582
Food — 3.3%
Flavors Holdings, Inc., 6.75%, 10/07/20@		2,678,555		2,383,914
Shearer’s Foods LLC, 7.75%, 06/30/22@		4,431,000		4,220,527
Total Food				6,604,441
Forest Products & Paper — 0.9%
Appvion, Inc., 5.75%, 06/28/19@		2,019,025		1,878,966
Healthcare – Services — 3.7%
Lantheus Medical Imaging, Inc., 7.00%, 06/30/22@		4,975,000		4,577,000
Radnet Management, Inc., 8.00%, 03/19/21@		2,800,000		2,674,000
Total Healthcare – Services				7,251,000

See accompanying Notes to Financial Statements.

48

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
TERM LOANS (continued)
Oil & Gas — 1.8%
Osum Production Corp., 6.50%, 07/31/20 (Canada)@	$	5,910,113	$	3,634,720
Software — 1.5%
Greenway Medical Technologies, 9.25%, 11/04/21@		3,253,846		3,123,692
Telecommunications — 1.5%
Global Tel*Link Corp, 9.00%, 11/20/20@		4,375,000		3,084,375
Transportation — 1.0%
YRC Worldwide, Inc., 8.25%, 02/13/19@		2,327,395		2,040,357
Total Term Loans (Cost $43,051,051)				36,168,467
FOREIGN BONDS — 9.9%
Healthcare – Products — 1.2%
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.63%, 10/15/23 (Luxembourg)‡		2,535,000		2,420,925
Mining — 3.1%
Alamos Gold, Inc., 7.75%, 04/01/20 (Canada)‡		3,335,000		3,026,513
IAMGOLD Corp., 6.75%, 10/01/20 (Canada)‡		4,962,000		3,150,869
Total Mining				6,177,382
Miscellaneous Manufacturing — 1.1%
Bombardier, Inc., 6.13%, 01/15/23 (Canada)‡		3,210,000		2,230,950
Oil & Gas — 2.5%
CHC Helicopter SA, 9.38%, 06/01/21 (Canada)		8,102,250		1,741,984
Northern Blizzard Resources, Inc., 7.25%, 02/01/22 (Canada)‡(a)		2,714,000		1,967,650
Teine Energy Ltd., 6.88%, 09/30/22 (Canada)‡		1,670,000		1,352,700
Total Oil & Gas				5,062,334
Telecommunications — 1.1%
VimpelCom Holdings BV, 7.50%, 03/01/22 (Russia)‡		2,305,000		2,316,525
Transportation — 0.9%
Global Ship Lease, Inc., 10.00%, 04/01/19 (United Kingdom)‡		2,110,000		1,920,100
Total Foreign Bonds (Cost $29,212,307)				20,128,216

Investments	Shares/ Principal		Value
MONEY MARKET FUND — 2.3%
BlackRock Liquidity Funds TempFund Portfolio – Dollar Class, 0.04%(b) (Cost $4,595,357)		4,595,357	$	4,595,357
REPURCHASE AGREEMENTS — 7.4%(c)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $2,271,502, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $2,308,625)	$	2,271,416		2,271,416
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $3,524,591, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/43, totaling $3,583,453)		3,524,481		3,524,481
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $3,524,598, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 – 03/01/44, totaling $3,585,160)		3,524,481		3,524,481
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $3,524,610, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $3,585,149)		3,524,481		3,524,481
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $2,297,854, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25-03/20/65, totaling $2,336,961)		2,297,783		2,297,783
Total Repurchase Agreements (Cost $15,142,642)				15,142,642
Total Investments — 103.0% (Cost $270,520,544)				209,540,057
Liabilities in Excess of Other Assets — (3.0)%				(6,069,360	)
Net Assets — 100.0%			$	203,470,697

See accompanying Notes to Financial Statements.

49

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

LP — Limited Partnership

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015.

‡ 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 $21,022,838; the aggregate market value of the collateral held by the fund is $21,517,553. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,374,911.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Advertising		1.1	%
Agriculture		4.5
Auto Parts & Equipment		2.0
Banks		2.0
Beverages		1.5
Biotechnology		1.3
Chemicals		2.4
Coal		0.8
Commercial Services		6.4
Cosmetics/Personal Care		1.2
Distribution/Wholesale		0.7
Diversified Financial Services		1.1
Electrical Components & Equipment		1.0
Electronics		2.1
Entertainment		3.1
Food		8.4
Forest Products & Paper		0.9
Healthcare – Products		1.2
Healthcare – Services		7.5
Home Builders		0.5
Leisure Time		1.7
Machinery – Diversified		1.4
Media		2.5
Mining		3.1
Miscellaneous Manufacturing		3.6
Oil & Gas		6.5
Oil & Gas Services		2.0
Packaging & Containers		0.1
Pharmaceuticals		2.5
REITS		0.3
Retail		2.8
Semiconductors		1.2
Software		2.6
Telecommunications		11.4
Transportation		1.9
Money Market Fund		2.3
Repurchase Agreements		7.4
Total Investments		103.0	%
Liabilities in Excess of Other Assets		(3.0	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

50

ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 90.1%
Commodity Fund — 0.7%
SPDR Gold Shares*		380	$	38,555
Debt Fund — 28.1%
AdvisorShares Sage Core Reserves ETF†(a)		2,800		277,298
Guggenheim Enhanced Short Duration ETF(a)		5,563		277,427
iShares Short Treasury Bond ETF(a)		3,272		360,639
SPDR Barclays 1 – 3 Month T-Bill ETF*(a)		7,857		358,908
SPDR SSgA Ultra Short Term Bond ETF		5,780		230,622
Total Debt Fund				1,504,894
Equity Fund — 61.3%
BioShares Biotechnology Clinical Trials Fund		601		17,459
EGShares India Small Cap ETF		318		4,989
First Trust Dow Jones Internet Index Fund*		496		37,007
First Trust NASDAQ ABA Community Bank Index Fund		893		34,809
Global X MSCI Nigeria ETF		2,382		16,817
Guggenheim China Small Cap ETF		8,517		205,941
Guggenheim China Technology ETF		200		7,202
Guggenheim Raymond James SB-1 Equity ETF		5,025		163,664
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF		55		4,658
Guggenheim S&P 500 Equal Weight Energy ETF		170		8,005
Guggenheim S&P 500 Equal Weight ETF		3,564		273,146
Guggenheim S&P 500 Equal Weight Healthcare ETF		503		77,205
Guggenheim S&P 500 Equal Weight Technology ETF		582		53,701
Guggenheim S&P Midcap 400 Pure Growth ETF		619		76,830
Guggenheim Solar ETF		209		6,404
iShares Global Clean Energy ETF		772		7,589
iShares Global Consumer Discretionary ETF		82		7,300
iShares Global Healthcare ETF		300		30,786
iShares JPX-Nikkei 400 ETF		398		20,911
iShares Latin America 40 ETF		321		6,802
iShares Micro-Cap ETF		2,037		146,868
iShares Mortgage Real Estate Capped ETF		1,297		12,399
iShares MSCI ACWI ETF		2,620		146,248
iShares MSCI Brazil Capped ETF		1,309		27,070

Investments	Shares		Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)
iShares MSCI EAFE ETF		523	$	30,726
iShares MSCI Emerging Markets ETF		182		5,859
iShares MSCI Europe Financials ETF		510		10,363
iShares MSCI Frontier 100 ETF		1,955		48,660
iShares MSCI Germany Small-Cap ETF		1,197		49,544
iShares MSCI India Small-Cap ETF		1,383		46,026
iShares MSCI Pacific ex Japan ETF		419		16,085
iShares MSCI Taiwan ETF		890		11,365
iShares MSCI United Kingdom ETF		1,299		20,966
iShares MSCI United Kingdom Small-Cap ETF		1,092		43,191
iShares MSCI USA Momentum Factor ETF		3,532		258,860
iShares Nasdaq Biotechnology ETF		63		21,315
iShares North American Natural Resources ETF		1,529		43,026
iShares Russell 1000 Growth ETF		2,855		284,016
iShares Russell 2000 Value ETF		1,148		105,627
iShares U.S. Healthcare Providers ETF		488		60,678
JPMorgan Alerian MLP Index ETN		375		10,864
KraneShares CSI China Internet ETF		288		11,082
Market Vectors Brazil Small-Cap ETF		2,250		23,355
Market Vectors ChinaAMC A-Share ETF		692		30,503
Market Vectors Egypt Index ETF		284		10,852
Market Vectors Gulf States Index ETF		797		17,343
Market Vectors Pharmaceutical ETF		291		19,005
Market Vectors Russia ETF		2,508		36,742
Market Vectors Russia Small-Cap ETF		464		8,862
Market Vectors Unconventional Oil & Gas ETF		1,895		25,147
Market Vectors Vietnam ETF		649		9,599
PowerShares DWA Technology Momentum Portfolio*		143		5,676
PowerShares Dynamic Market Portfolio		1,135		83,104
PowerShares S&P SmallCap Consumer Discretionary Portfolio		913		41,925
PowerShares S&P SmallCap Information Technology Portfolio		900		47,088
PureFunds ISE Cyber Security ETF*		526		13,623

See accompanying Notes to Financial Statements.

51

ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares			Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)
PureFunds ISE Mobile Payments ETF*		504		$	12,396
SPDR Russell/Nomura Small Cap Japan ETF		1,739			94,384
SPDR S&P Emerging Asia Pacific ETF		396			29,106
SPDR S&P Emerging Markets SmallCap ETF		1,565			59,016
SPDR S&P Health Care Equipment ETF		1,024			45,640
SPDR S&P Insurance ETF		211			14,665
Vanguard FTSE All World ex-US Small-Cap ETF		896			83,212
Vanguard Small-Cap ETF		548			60,653
WisdomTree Europe SmallCap Dividend Fund		426			23,856
Yorkville High Income Infrastructure MLP ETF		821			10,361
Total Equity Fund					3,278,176
Total Exchange Traded Funds (Cost $4,892,494)					4,821,625
MONEY MARKET FUND — 11.1%
JP Morgan Prime Money Market Fund – Institutional Class, 0.18%(b) (Cost $595,005)		595,005			595,005
Total Investments Before Securities Sold, Not Yet Purchased (Cost $5,487,499)					5,416,630
Securities Sold, Not Yet Purchased — (9.0)%
EXCHANGE TRADED FUNDS — (9.0)%
Currency Fund — (3.2)%
CurrencyShares British Pound Sterling Trust*		(475	)		(68,552	)
CurrencyShares Euro Trust*		(165	)		(17,556	)
CurrencyShares Japanese Yen Trust*		(1,057	)		(85,226	)
Total Currency Fund					(171,334)

Investments	Shares			Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund — (5.8)%
iShares Core S&P Small-Cap ETF		(171	)	$	(18,829	)
iShares Russell 1000 Value ETF		(1,463	)		(143,169	)
iShares Russell 2000 Growth ETF		(741	)		(103,303	)
SPDR EURO STOXX 50 ETF		(1,219	)		(41,970	)
Total Equity Fund					(307,271	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(485,467)]					(478,605	)
Total Investments — 92.2% (Cost $5,002,032)					4,938,025
Other Assets in Excess of Liabilities — 7.8%					415,868
Net Assets — 100.0%				$	5,353,893

ETF — Exchange Traded Fund

ETN — Exchange Traded Note

* Non-income producing security.

† Affiliated Company.

(a) All or a portion of this security has been segregated as collateral for open short positions. The aggregate market value of the collateral posted was $1,789,907 which includes cash in the amount of $521,336 as of December 31, 2015.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Commodity Fund		0.7	%
Currency Fund		(3.2	)
Debt Fund		28.1
Equity Fund		55.5
Money Market Fund		11.1
Total Investments		92.2
Other Assets in Excess of Liabilities		7.8
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

52

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares			Value
EXCHANGE TRADED FUND — 24.2%
Debt Fund — 24.2%
AdvisorShares Sage Core Reserves ETF† (Cost $29,997,150)		300,000		$	29,710,500
MONEY MARKET FUNDS — 6.3%
Fidelity Institutional Money Market Government Portfolio — Class III, 0.01%(a)		5,180,451			5,180,451
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, 0.16%(a)		2,500,000			2,500,000
Total Money Market Funds (Cost $7,680,451)					7,680,451
Total Investments Before Securities Sold, Not Yet Purchased (Cost $37,677,601)					37,390,951
Securities Sold, Not Yet Purchased — (98.5)%
COMMON STOCKS — (98.5)%
Aerospace/Defense — (2.3)%
Triumph Group, Inc.		(70,500	)		(2,802,375	)
Apparel — (5.1)%
Carter’s, Inc.		(49,000	)		(4,362,470	)
Hanesbrands, Inc.		(64,000	)		(1,883,520	)
Total Apparel					(6,245,990	)
Banks — (8.0)%
BankUnited, Inc.		(49,200	)		(1,774,152	)
Credit Suisse Group AG (Switzerland)*(b)		(70,000	)		(1,518,300	)
Deutsche Bank AG (Germany)		(130,000	)		(3,139,500	)
Royal Bank of Scotland Group PLC (United Kingdom)*(b)		(185,000	)		(1,640,950	)
TCF Financial Corp.		(125,000	)		(1,765,000	)
Total Banks					(9,837,902	)
Building Materials — (3.2)%
Louisiana-Pacific Corp.*		(100,000	)		(1,801,000	)
Trex Co., Inc.*		(57,000	)		(2,168,280	)
Total Building Materials					(3,969,280	)
Computers — (4.7)%
MTS Systems Corp.		(41,000	)		(2,599,810	)
Super Micro Computer, Inc.*		(128,000	)		(3,137,280	)
Total Computers					(5,737,090	)
Distribution/Wholesale — (3.8)%
Essendant, Inc.		(75,000	)		(2,438,250	)
Fastenal Co.		(55,000	)		(2,245,100	)
Total Distribution/Wholesale					(4,683,350	)
Diversified Financial Services — (3.1)%
LendingClub Corp.*		(343,225	)		(3,792,636)

Investments	Shares			Value
COMMON STOCKS (continued)
Electrical Components & Equipment — (4.1)%
Generac Holdings, Inc.*		(102,000	)	$	(3,036,540	)
Universal Display Corp.*		(36,000	)		(1,959,840	)
Total Electrical Components & Equipment					(4,996,380	)
Engineering & Construction — (5.0)%
AECOM*		(97,000	)		(2,912,910	)
Fluor Corp.		(69,000	)		(3,258,180	)
Total Engineering & Construction					(6,171,090	)
Healthcare – Products — (2.1)%
Zeltiq Aesthetics, Inc.*		(91,000	)		(2,596,230	)
Internet — (12.9)%
Cogent Communications Holdings, Inc.		(123,000	)		(4,266,870	)
comScore, Inc.*		(72,300	)		(2,975,145	)
GrubHub, Inc.*		(201,000	)		(4,864,200	)
Shutterfly, Inc.*		(82,500	)		(3,676,200	)
Total Internet					(15,782,415	)
Leisure Time — (4.4)%
Harley-Davidson, Inc.		(118,800	)		(5,392,332	)
Lodging — (1.9)%
Wyndham Worldwide Corp.		(32,000	)		(2,324,800	)
Machinery – Construction & Mining — (4.6)%
Caterpillar, Inc.		(83,100	)		(5,647,476	)
Machinery – Diversified — (3.2)%
Flowserve Corp.		(92,000	)		(3,871,360	)
Media — (4.8)%
Nexstar Broadcasting Group, Inc., Class A		(30,000	)		(1,761,000	)
Scholastic Corp.		(54,400	)		(2,097,664	)
Sinclair Broadcast Group, Inc., Class A		(63,600	)		(2,069,544	)
Total Media					(5,928,208	)
Real Estate Investment Trust — (1.0)%
Starwood Property Trust, Inc.		(60,000	)		(1,233,600	)
Retail — (9.2)%
CarMax, Inc.*		(100,000	)		(5,397,000	)
Party City Holdco, Inc.*		(142,000	)		(1,833,220	)
Restoration Hardware Holdings, Inc.*		(15,200	)		(1,207,640	)
Signet Jewelers Ltd.		(22,600	)		(2,795,394	)
Total Retail					(11,233,254	)
Semiconductors — (2.4)%
M/A-COM Technology Solutions Holdings, Inc.*		(72,000	)		(2,944,080)

See accompanying Notes to Financial Statements.

53

ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares			Value
COMMON STOCKS (continued)
Shipbuilding — (1.4)%
Huntington Ingalls Industries, Inc.		(13,300	)	$	(1,687,105	)
Software — (7.9)%
Cerner Corp.*		(30,000	)		(1,805,100	)
Demandware, Inc.*		(45,000	)		(2,428,650	)
NetSuite, Inc.*		(24,300	)		(2,056,266	)
Omnicell, Inc.*		(64,000	)		(1,989,120	)
PROS Holdings, Inc.*		(60,000	)		(1,382,400	)
Total Software					(9,661,536	)
Telecommunications — (3.4)%
Frontier Communications Corp.		(415,000	)		(1,938,050	)
Gogo, Inc.*		(125,000	)		(2,225,000	)
Total Telecommunications					(4,163,050	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(121,462,757)]					(120,701,539	)
Total Investments — (68.0)% [Cost $(83,785,156)]					(83,310,588	)
Other Assets in Excess of Liabilities — 168.0%					205,842,946
Net Assets — 100.0%				$	122,532,358

ETF — Exchange Traded Fund

PLC — Public Limited Company

† Affiliated Company.

* Non-income producing security.

(a) Rate shown reflects the 7-day yield as of December 31, 2015.

(b) American Depositary Receipt.

Cash of $127,341,356 has been segregated to cover margin requirement for open short sales as of December 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		(2.3	)%
Apparel		(5.1	)
Banks		(8.0	)
Building Materials		(3.2	)
Computers		(4.7	)
Debt Fund		24.2
Distribution/Wholesale		(3.8	)
Diversified Financial Services		(3.1	)
Electrical Components & Equipment		(4.1	)
Engineering & Construction		(5.0	)
Healthcare – Products		(2.1	)
Internet		(12.9	)
Leisure Time		(4.4	)
Lodging		(1.9	)
Machinery – Construction & Mining		(4.6	)
Machinery – Diversified		(3.2	)
Media		(4.8	)
Real Estate Investment Trust		(1.0	)
Retail		(9.2	)
Semiconductors		(2.4	)
Shipbuilding		(1.4	)
Software		(7.9	)
Telecommunications		(3.4	)
Money Market Funds		6.3
Total Investments		(68.0	)
Other Assets in Excess of Liabilities		168.0
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

54

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS — 39.0%
Auto Manufacturers — 1.2%
Ford Motor Credit Co. LLC, 2.50%, 01/15/16	$	400,000	$	400,093
Banks — 9.3%
Bank of America Corp., 1.41%, 03/22/16@		410,000		410,028
Bank of America Corp., 5.75%, 08/15/16		365,000		374,003
Bank of New York Mellon Corp. (The), 2.30%, 07/28/16		340,000		342,907
BB&T Corp., 3.20%, 03/15/16		75,000		75,206
Capital One Financial Corp., 3.15%, 07/15/16		350,000		353,281
Capital One Financial Corp., 4.20%, 10/29/25		175,000		173,130
Citigroup, Inc., 1.40%, 04/01/16@		375,000		374,972
JPMorgan Chase & Co., 2.60%, 01/15/16		275,000		275,116
JPMorgan Chase & Co., Series G, 1.03%, 02/26/16@		185,000		185,021
JPMorgan Chase & Co., 3.45%, 03/01/16(a)		150,000		150,629
PNC Funding Corp., 2.70%, 09/19/16(a)		485,000		489,810
Total Banks				3,204,103
Beverages — 1.0%
Dr Pepper Snapple Group, Inc., 2.90%, 01/15/16		360,000		360,135
Diversified Financial Services — 1.5%
American Express Credit Corp., 0.83%, 07/29/16@		525,000		525,162
Electric — 3.5%
American Electric Power Co., Inc., 1.65%, 12/15/17		252,000		250,254
Georgia Power Co., 0.83%, 03/15/16@		291,000		290,762
Progress Energy, Inc., 5.63%, 01/15/16		346,000		346,346
Southern Co. (The), 1.95%, 09/01/16		340,000		341,473
Total Electric				1,228,835
Food — 2.4%
Kroger Co. (The), 2.20%, 01/15/17		40,000		40,373
Kroger Co. (The), 6.40%, 08/15/17		275,000		295,414
Mondelez International, Inc., 4.13%, 02/09/16		485,000		486,262
Total Food				822,049
Home Furnishings — 1.1%
Whirlpool Corp., 6.50%, 06/15/16		360,000		367,775

Investments	Principal		Value
CORPORATE BONDS (continued)
Insurance — 0.7%
Genworth Holdings, Inc., 4.80%, 02/15/24	$	360,000	$	244,800
Internet — 1.0%
eBay, Inc., 1.35%, 07/15/17		350,000		347,361
Machinery – Diversified — 0.1%
John Deere Capital Corp., 0.75%, 01/22/16(a)		25,000		25,001
Media — 1.0%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 2.40%, 03/15/17		340,000		342,836
Oil & Gas — 2.0%
Anadarko Petroleum Corp., 5.95%, 09/15/16		330,000		339,152
Phillips 66, 2.95%, 05/01/17		335,000		339,663
Total Oil & Gas				678,815
Pharmaceuticals — 2.0%
AbbVie, Inc., 1.75%, 11/06/17		345,000		344,485
Express Scripts Holding Co., 3.13%, 05/15/16		340,000		342,300
Total Pharmaceuticals				686,785
Pipelines — 2.9%
Enterprise Products Operating LLC, 3.20%, 02/01/16		340,000		340,115
Kinder Morgan Energy Partners LP, 3.50%, 03/01/16		340,000		341,106
ONEOK Partners LP, 6.15%, 10/01/16		320,000		328,557
Total Pipelines				1,009,778
Real Estate — 1.1%
ERP Operating LP, 5.13%, 03/15/16		367,000		369,860
Real Estate Investment Trusts — 1.5%
Ventas Realty LP, 1.55%, 09/26/16		535,000		535,465
Retail — 2.8%
CVS Health Corp., 1.20%, 12/05/16		225,000		225,091
Home Depot, Inc. (The), 5.40%, 03/01/16		335,000		337,364
Kohl’s Corp., 4.00%, 11/01/21(a)		83,000		85,298
Macy’s Retail Holdings, Inc., 5.90%, 12/01/16		320,000		332,110
Total Retail				979,863
Semiconductors — 1.0%
Intel Corp., 1.35%, 12/15/17		340,000		340,550

See accompanying Notes to Financial Statements.

55

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
CORPORATE BONDS (continued)
Telecommunications — 1.9%
AT&T, Inc., 1.70%, 06/01/17	$	345,000	$	346,071
Verizon Communications, Inc., 2.50%, 09/15/16		325,000		327,592
Total Telecommunications				673,663
Transportation — 1.0%
Ryder System, Inc., 3.60%, 03/01/16		355,000		356,404
Total Corporate Bonds (Cost $13,650,591)				13,499,333
ASSET BACKED SECURITIES — 17.2%
Diversified Financial Services — 17.2%
Ally Master Owner Trust, Class A2, Series 2013-1, 1.00%, 02/15/18		240,000		240,000
American Express Credit Account Master Trust, Class A, Series 2013-2, 0.75%, 05/17/21@		300,000		300,220
AmeriCredit Automobile Receivables Trust, Class B, Series 2013-2, 1.19%, 05/08/18		180,000		179,874
BA Credit Card Trust, Class A11, Series 2007-A11, 0.50%, 12/15/19@		295,000		293,574
Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.47%, 07/15/20@		525,000		522,590
CarMax Auto Owner Trust, Class A3, Series 2012-3, 0.52%, 07/17/17		31,363		31,349
CarMax Auto Owner Trust, Class A3, Series 2014-1, 0.79%, 10/15/18		282,453		281,348
Chase Issuance Trust, Class A3, Series 2013-A3, 0.71%, 04/15/20@		345,000		344,457
Chase Issuance Trust, Class A8, Series 2013-A8, 1.01%, 10/15/18		350,000		349,748
Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 0.70%, 05/26/20@		600,000		598,469
Discover Card Execution Note Trust, Class A2, Series 2013-A2, 0.69%, 08/15/18		350,000		349,970
Fifth Third Auto Trust, Class A3, Series 2013-A, 0.61%, 09/15/17		63,675		63,578
First National Master Note Trust, Class A, Series 2013-2, 0.86%, 10/15/19@		325,000		324,906

Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Ford Credit Auto Owner Trust 2014-B, Class A3, Series 2014-B, 0.90%, 10/15/18	$	305,000	$	304,526
Honda Auto Receivables Owner Trust, Class A2, Series 2015-3, 0.92%, 11/20/17		350,000		349,736
Honda Auto Receivables Owner Trust, Class A3, Series 2014-2, 0.77%, 03/19/18		327,869		327,004
Huntington Auto Trust, Class A3, Series 2012-2, 0.51%, 04/17/17		140		140
Hyundai Auto Receivables Trust, Class A2A, Series 2015-C, 0.99%, 11/15/18		235,000		234,605
Nissan Auto Receivables Owner Trust, Class A2, Series 2015-A, 0.67%, 09/15/17	$	322,848		322,530
Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18		298,071		297,438
Toyota Auto Receivables Owner Trust, Class A3, Series 2013-B, 0.89%, 07/17/17		252,753		252,743
Total Asset Backed Securities (Cost $5,973,776)				5,968,805
MORTGAGE BACKED SECURITIES — 15.3%
Commercial Mortgage Backed Securities — 15.3%
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-PW13, 5.54%, 09/11/41		325,180		328,371
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-T24, 5.54%, 10/12/41		384,148		389,418
CFCRE Commercial Mortgage Trust, Class A2, Series 2011-C2, 3.06%, 12/15/47		95,730		96,529
DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49@‡		204,706		204,706
DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44		265,170		266,269
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C02, 1.37%, 05/25/24@		301,707		298,506
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 1.62%, 07/25/24@		227,158		226,387
Fannie Mae Connecticut Avenue Securities, Class 2M1, Series 2015-C01, 1.92%, 02/25/25@		273,705		273,866

See accompanying Notes to Financial Statements.

56

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
GS Mortgage Securities Trust, Class AM, Series 2006-GG6, 5.62%, 04/10/38@	$	4,094	$	4,091
GS Mortgage Securities Trust, Class A4, Series 2006-GG8, 5.56%, 11/10/39		348,140		347,780
GS Mortgage Securities Trust, Class A2, Series 2011-GC3, 3.65%, 03/10/44‡		110,843		110,746
GS Mortgage Securities Trust, Class A2, Series 2011-GC5, 3.00%, 08/10/44		335,043		336,804
GS Mortgage Securities Trust, Class A2, Series 2012-GCJ7, 2.32%, 05/10/45		345,000		346,912
LB-UBS Commercial Mortgage Trust, Class A3, Series 2006-C7, 5.35%, 11/15/38		335,000		341,433
Merrill Lynch Mortgage Trust, Class A4, Series 2006-C1, 5.91%, 05/12/39@		246,027		246,311
Morgan Stanley Capital I Trust, Class A4, Series 2006-T23, 6.02%, 08/12/41@		370,577		373,286
Morgan Stanley Capital I Trust, Class A3, Series 2007-T25, 5.51%, 11/12/49@		322,990		330,027
Wachovia Bank Commercial Mortgage Trust, Class A4FL, Series 2006-C28, 0.50%, 10/15/48@‡		256,794		254,823
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2006-C29, 5.31%, 11/15/48		337,588		342,434
WFRBS Commercial Mortgage Trust, Class A2, Series 2011-C4, 3.45%, 06/15/44‡		198,566		199,332
Total Mortgage Backed Securities (Cost $5,342,187)				5,318,031
MUNICIPAL BONDS — 9.2%
Bulloch County Development Authority, 3.00%, 08/01/16		50,000		50,710
Chicago O’Hare International Airport, 5.00%, 01/01/29		50,000		50,000
City of Houston TX, Series D, 5.00%, 03/01/17		50,000		50,365
City of New Orleans LA Sewerage Service Revenue, 4.00%, 06/01/16		75,000		76,061
City of Springfield IL Electric Revenue, 5.00%, 03/01/35		140,000		141,020
City of York PA, Series A, 0.80%, 02/01/16(b)		50,000		49,920
Clear Creek Independent School District, 3.00%, 02/15/16		125,000		125,398

Investments	Principal		Value
MUNICIPAL BONDS (continued)
County of Harris TX, Series D, 1.06%, 08/15/16	$	90,000	$	90,251
County of Orange CA, Series A, 1.25%, 09/01/16(b)		150,000		148,315
County of Warren OH, 3.00%, 07/01/16		150,000		151,627
District of Columbia, Series B, 4.00%, 06/01/16		55,000		55,780
Dutchess County Resource Recovery Agency, Series A, 5.00%, 01/01/16		75,000		75,000
Emerald Coast Utilities Authority, 4.63%, 01/01/21		50,000		50,000
Erie Sewer Authority, 3.40%, 06/01/16		50,000		50,577
Farmington Independent School District No 192, Series A, 4.50%, 02/01/24		50,000		50,149
Grossmont Union High School District, Series B, 2.57%, 08/01/16		75,000		75,732
La Joya Independent School District, 5.00%, 02/15/31		90,000		90,471
Lake County Township High School District No 121 Warren, Series B, 0.95%, 03/01/16		130,000		129,982
Maine Municipal Bond Bank, 4.00%, 09/01/16		50,000		51,109
Medford Independent School District No 763, Series A, 4.00%, 02/01/16		50,000		50,141
Michigan Finance Authority, Series G-8A, 5.00%, 04/01/16		110,000		110,861
Minneapolis Special School District No 1, Series D, 5.00%, 02/01/16		125,000		125,454
Municipal Gas Authority of Georgia, 4.00%, 06/01/16		335,000		339,696
New Hampshire Housing Finance Authority, Series D, 4.70%, 01/01/16		60,000		60,000
New Jersey Health Care Facilities Financing Authority, 4.00%, 07/01/16		50,000		50,851
New Jersey Turnpike Authority, Series B, 4.25%, 01/01/16		75,000		75,008
Philadelphia Authority for Industrial Development, Series B, 1.50%, 04/15/16(b)		55,000		54,893
Port Authority of New York & New Jersey, 4.25%, 07/15/26		50,000		50,051
San Bernardino County Financing Authority, 1.25%, 08/01/16(b)		65,000		64,423
Sedona-Oak Creek Joint Unified School District No 9, 5.15%, 07/01/16		160,000		162,858

See accompanying Notes to Financial Statements.

57

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
MUNICIPAL BONDS (continued)
South Carolina State Public Service Authority, Series A, 5.25%, 01/01/21	$	40,000	$	40,000
South Carolina State Public Service Authority, Series A, 5.25%, 01/01/22		50,000		50,000
State Board of Administration Finance Corp., Series A, 1.30%, 07/01/16		55,000		55,170
State of Connecticut, Series C, 5.00%, 06/01/22		75,000		76,390
Tarrant Regional Water District, 4.45%, 03/01/24		50,000		50,323
Tustin Unified School District, Series C, 0.98%, 06/01/16(b)		50,000		49,924
Village of Hobart WI, 3.38%, 03/01/16		55,000		55,256
Wayne Township School Building Corp./Marion County IN, 2.00%, 07/15/16		100,000		100,775
Total Municipal Bonds (Cost $3,183,728)				3,184,541
FOREIGN BONDS — 8.7%
Auto Manufacturers — 1.0%
American Honda Finance Corp., 1.13%, 10/07/16 (Japan)		340,000		340,311
Banks — 1.5%
Lloyds Bank PLC, 4.88%, 01/21/16 (United Kingdom)		205,000		205,321
Royal Bank of Canada, Series G, 0.94%, 09/09/16 (Canada)@		350,000		350,330
Total Banks				555,651
Beverages — 1.3%
Anheuser-Busch InBev Finance, Inc., 0.51%, 01/27/17 (Belgium)@		450,000		448,885
Diversified Financial Services — 0.9%
Nomura Holdings, Inc., 4.13%, 01/19/16 (Japan)		60,000		60,065
Nomura Holdings, Inc., 1.95%, 09/13/16 (Japan)@		235,000		235,984
Total Diversified Financial Services				296,049
Mining — 1.9%
BHP Billiton Finance USA Ltd., 1.88%, 11/21/16 (Australia)		335,000		336,287
Rio Tinto Finance USA PLC, 1.38%, 06/17/16 (United Kingdom)		345,000		344,838
Total Mining				681,125
Oil & Gas — 1.0%
Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico)		385,000		336,875

Investments	Principal/ Shares		Value
FOREIGN BONDS (continued)
Telecommunications — 1.1%
Vodafone Group PLC, 1.63%, 03/20/17 (United Kingdom)	$	370,000	$	369,552
Total Foreign Bonds (Cost $3,071,410)				3,028,448
U.S. TREASURY NOTE — 8.0%
U.S. Treasury Note, 0.38%, 03/31/16 (Cost $2,770,605)		2,770,000		2,770,488
U.S. TREASURY BILL — 0.3%
U.S. Treasury Bill, 0.22%, 03/10/16(b) (Cost $99,958)		100,000		99,980
MONEY MARKET FUND — 1.5%
JP Morgan US Government Money Market Fund – Institutional Class, 0.09%(c) (Cost $502,565)		502,565		502,565
REPURCHASE AGREEMENTS — 2.1%(d)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $109,425, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $111,213)	$	109,421		109,421
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.29%, total to be received $120,056, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 – 11/15/44, totaling $121,987)		120,052		120,052
Merrill Lynch Pierce Fenner & Smith Inc., dated 12/31/15, due 01/04/16, 0.31%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 3.00% – 4.50%, 11/15/42 – 02/20/45, totaling $254,290)		250,000		250,000
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $250,009, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $254,303)		250,000		250,000
Total Repurchase Agreements (Cost $729,473)				729,473

See accompanying Notes to Financial Statements.

58

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal/ Shares	Value
Total Investments — 101.3% (Cost $35,324,293)		$	35,101,664
Liabilities in Excess of Other Assets — (1.3)%			(443,580	)
Net Assets — 100.0%		$	34,658,084

LP — Limited Partnership

PLC — Public Limited Company

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2015.

‡ 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 $712,872; the aggregate market value of the collateral held by the fund is $729,473.

(b) Represents a zero coupon bond. Rate shown reflects the effective yield.

(c) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Auto Manufacturers		2.2	%
Banks		10.8
Beverages		2.3
Commercial Mortgage Backed Securities		15.3
Diversified Financial Services		19.6
Electric		3.5
Food		2.4
Home Furnishings		1.1
Insurance		0.7
Internet		1.0
Machinery – Diversified		0.1
Media		1.0
Mining		1.9
Municipal Bonds		9.2
Oil & Gas		3.0
Pharmaceuticals		2.0
Pipelines		2.9
Real Estate		1.1
Real Estate Investment Trusts		1.5
Retail		2.8
Semiconductors		1.0
Telecommunications		3.0
Transportation		1.0
U.S. Treasury Bill		0.3
U.S. Treasury Note		8.0
Money Market Fund		1.5
Repurchase Agreements		2.1
Total Investments		101.3
Liabilities in Excess of Other Assets		(1.3	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

59

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

December 31, 2015 (Unaudited)

Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 89.3%
Debt Fund — 15.0%
PowerShares Fundamental High Yield Corporate Bond Portfolio		60,686	$	1,058,364
SPDR Doubleline Total Return Tactical ETF		22,173		1,077,608
Vanguard Intermediate-Term Bond ETF		12,966		1,076,956
Total Debt Fund				3,212,928
Equity Fund — 74.3%
Consumer Discretionary Select Sector SPDR Fund		3,471		271,259
Consumer Staples Select Sector SPDR Fund		13,370		675,051
Energy Select Sector SPDR Fund		4,459		269,992
Financial Select Sector SPDR Fund		46,918		1,115,710
Health Care Select Sector SPDR Fund		10,241		737,864
Industrial Select Sector SPDR Fund		3,776		200,166
iShares MSCI EAFE ETF		27,598		1,621,383
iShares MSCI Emerging Markets ETF		27,551		886,867
Materials Select Sector SPDR Fund		3,003		130,390
SPDR S&P 500 ETF Trust		46,719		9,525,537
Technology Select Sector SPDR Fund		6,127		262,419
Utilities Select Sector SPDR Fund		4,419		191,254
Total Equity Fund				15,887,892
Total Exchange Traded Funds (Cost $18,591,339)				19,100,820
U.S. TREASURY NOTE — 4.7%
U.S. Treasury Note, 4.50%, 02/15/16(a) (Cost $1,005,241)	$	1,000,000		1,004,760
COMMON STOCKS — 1.3%
Apparel — 0.7%
Hanesbrands, Inc.		5,422		159,569
Computers — 0.6%
Apple, Inc.		1,226		129,049
Total Common Stocks (Cost $240,665)				288,618
MONEY MARKET FUND — 4.7%
BlackRock Liquidity Funds-T-Fund Portfolio – Institutional Class, 0.10%(b) (Cost $1,015,902)		1,015,902		1,015,902

Investments	Contracts			Value
PURCHASED PUT OPTION — 0.1%
SPDR S&P 500 ETF Trust, Option expiring 02/19/16, Strike Price $200.00 (Cost $52,536)		92		$	31,188
Total Investments Before Written Options — 100.0% (Cost $20,905,683)					21,441,288
WRITTEN CALL OPTIONS — (0.2)%
iShares MSCI EAFE ETF, expiring 01/15/16, Strike Price $59.00		(142	)		(7,597	)
iShares MSCI Emerging Markets ETF, expiring 01/15/16, Strike Price $33.50		(142	)		(1,420	)
SPDR S&P 500 ETF Trust, expiring 01/15/16, Strike Price $206.00		(337	)		(52,235	)
Total Written Call Options [Premiums Received $(47,727)]					(61,252	)
Total Written Options — (0.2)% [Premiums Received $(47,727)]					(61,252	)
Total Investments — 99.9% (Cost $20,857,956)					21,380,036
Other Assets in Excess of Liabilities — 0.1%					31,771
Net Assets — 100.0%				$	21,411,807

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 $1,004,720 which includes cash in the amount of $322 as of December 31, 2015.

(b) Rate shown reflects the 7-day yield as of December 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Apparel		0.7	%
Computers		0.6
Debt Fund		15.0
Equity Fund		74.3
U.S. Treasury Note		4.7
Purchased Put Option		0.1
Written Call Options		(0.2	)
Money Market Fund		4.7
Total Investments		99.9
Other Assets in Excess of Liabilities		0.1
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

60

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 100.3%
Aerospace/Defense — 3.0%
General Dynamics Corp.		15,602	$	2,143,091
Spirit Aerosystems Holdings, Inc., Class A*		42,238		2,114,857
United Technologies Corp.		23,124		2,221,522
Total Aerospace/Defense				6,479,470
Agriculture — 1.1%
Altria Group, Inc.		42,737		2,487,721
Airlines — 1.1%
Alaska Air Group, Inc.(a)		28,901		2,326,820
Apparel — 1.9%
Crocs, Inc.*		192,958		1,975,890
Michael Kors Holdings Ltd.*		52,459		2,101,507
Total Apparel				4,077,397
Beverages — 1.2%
Dr Pepper Snapple Group, Inc.		27,974		2,607,177
Biotechnology — 5.1%
Amgen, Inc.		14,887		2,416,607
Biogen, Inc.*		7,752		2,374,825
Celgene Corp.*		17,614		2,109,453
Gilead Sciences, Inc.		19,871		2,010,746
United Therapeutics Corp.*		13,856		2,169,988
Total Biotechnology				11,081,619
Chemicals — 2.9%
LyondellBasell Industries NV, Class A		22,810		1,982,189
PPG Industries, Inc.		23,890		2,360,810
Westlake Chemical Corp.		38,262		2,078,392
Total Chemicals				6,421,391
Commercial Services — 8.4%
Automatic Data Processing, Inc.		29,096		2,465,013
Equifax, Inc.		22,788		2,537,900
Gartner, Inc.*		25,667		2,327,997
Global Payments, Inc.		35,090		2,263,656
ManpowerGroup, Inc.		25,920		2,184,797
Moody’s Corp.		20,856		2,092,691
Robert Half International, Inc.		43,232		2,037,956
SEI Investments Co.		43,720		2,290,928
Total Commercial Services				18,200,938
Computers — 1.0%
Apple, Inc.		19,930		2,097,832
Cosmetics/Personal Care — 2.0%
Coty, Inc., Class A(a)		80,500		2,063,215
Estee Lauder Cos., Inc. (The), Class A		26,315		2,317,299
Total Cosmetics/Personal Care				4,380,514

Investments	Shares		Value
COMMON STOCKS (continued)
Diversified Financial Services — 5.6%
CBOE Holdings, Inc.		31,803	$	2,064,015
Eaton Vance Corp.		61,925		2,008,228
Franklin Resources, Inc.		50,837		1,871,818
MasterCard, Inc., Class A		23,888		2,325,736
T. Rowe Price Group, Inc.		30,062		2,149,132
Waddell & Reed Financial, Inc., Class A		62,611		1,794,431
Total Diversified Financial Services				12,213,360
Electronics — 3.0%
Amphenol Corp., Class A		41,365		2,160,494
Avnet, Inc.		47,990		2,055,892
Waters Corp.*		17,532		2,359,456
Total Electronics				6,575,842
Environmental Control — 1.1%
Republic Services, Inc.		54,486		2,396,839
Food — 3.4%
Pilgrim’s Pride Corp.(a)		118,267		2,612,518
Sanderson Farms, Inc.(a)		31,995		2,480,252
Sysco Corp.		55,341		2,268,981
Total Food				7,361,751
Healthcare – Products — 3.1%
Danaher Corp.		25,350		2,354,507
ResMed, Inc.(a)		40,765		2,188,673
Stryker Corp.		22,706		2,110,296
Total Healthcare – Products				6,653,476
Healthcare – Services — 2.0%
Amedisys, Inc.*		55,157		2,168,773
Anthem, Inc.		16,207		2,259,904
Total Healthcare – Services				4,428,677
Housewares — 1.0%
Toro Co. (The)		29,725		2,172,006
Internet — 2.1%
comScore, Inc.*(a)		46,368		1,908,043
VeriSign, Inc.*(a)		29,415		2,569,695
Total Internet				4,477,738
Iron/Steel — 1.0%
Reliance Steel & Aluminum Co.		38,317		2,218,937
Lodging — 1.9%
Marriott International, Inc., Class A(a)		30,312		2,032,116
Wyndham Worldwide Corp.		28,140		2,044,371
Total Lodging				4,076,487

See accompanying Notes to Financial Statements.

61

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares Shares		Value
COMMON STOCKS (continued)
Machinery – Diversified — 1.0%
Graco, Inc.(a)		30,809	$	2,220,405
Media — 4.0%
Comcast Corp., Class A		38,544		2,175,038
Scripps Networks Interactive, Inc., Class A(a)		39,735		2,193,769
Sirius XM Holdings, Inc.*(a)		585,555		2,383,209
Twenty-First Century Fox, Inc., Class A		74,867		2,033,388
Total Media				8,785,404
Miscellaneous Manufacturing — 0.9%
Parker-Hannifin Corp.		21,055		2,041,914
Oil & Gas — 2.0%
Tesoro Corp.		19,877		2,094,439
Valero Energy Corp.		31,803		2,248,791
Total Oil & Gas				4,343,230
Oil & Gas Services — 2.7%
FMC Technologies, Inc.*		70,358		2,041,086
National Oilwell Varco, Inc.		55,072		1,844,361
Schlumberger Ltd.		29,056		2,026,656
Total Oil & Gas Services				5,912,103
Packaging & Containers — 1.9%
Packaging Corp. of America		34,720		2,189,096
Sealed Air Corp.		44,160		1,969,536
Total Packaging & Containers				4,158,632
Pharmaceuticals — 3.2%
AbbVie, Inc.		39,220		2,323,393
Express Scripts Holding Co.*		25,886		2,262,695
Mylan N.V.*		43,331		2,342,907
Total Pharmaceuticals				6,928,995
Retail — 11.4%
AutoZone, Inc.*		2,832		2,101,089
Chico’s FAS, Inc.		151,448		1,615,950
Copart, Inc.*		62,130		2,361,561
Dollar General Corp.		28,879		2,075,534
DSW, Inc., Class A(a)		85,145		2,031,560
Gap, Inc. (The)		63,935		1,579,195
L Brands, Inc.(a)		24,840		2,380,169
Lowe’s Cos., Inc.		33,067		2,514,415
Outerwall, Inc.(a)		35,778		1,307,328
Ross Stores, Inc.		43,812		2,357,524
Target Corp.		28,326		2,056,751
Walgreens Boots Alliance, Inc.		26,794		2,281,643
Total Retail				24,662,719

Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Semiconductors — 7.4%
IPG Photonics Corp.*(a)		26,835	$	2,392,609
KLA-Tencor Corp.		40,870		2,834,334
QUALCOMM, Inc.		35,991		1,799,010
Synaptics, Inc.*		25,800		2,072,772
Tessera Technologies, Inc.		67,580		2,028,076
Texas Instruments, Inc.		46,438		2,545,267
Xilinx, Inc.		53,855		2,529,569
Total Semiconductors				16,201,637
Software — 8.0%
Aspen Technology, Inc.*		54,390		2,053,766
Broadridge Financial Solutions, Inc.		38,290		2,057,322
CA, Inc.		79,601		2,273,405
CDK Global, Inc.		45,120		2,141,846
Citrix Systems, Inc.*		29,930		2,264,205
Jack Henry & Associates, Inc.		28,821		2,249,767
Oracle Corp.		58,365		2,132,073
SolarWinds, Inc.*		38,262		2,253,632
Total Software				17,426,016
Telecommunications — 3.0%
Juniper Networks, Inc.		81,681		2,254,396
Ubiquiti Networks, Inc.*(a)		63,585		2,015,009
Verizon Communications, Inc.		49,528		2,289,183
Total Telecommunications				6,558,588
Transportation — 2.9%
Expeditors International of Washington, Inc.		45,716		2,061,792
Landstar System, Inc.		36,275		2,127,529
United Parcel Service, Inc., Class B		22,739		2,188,173
Total Transportation				6,377,494
Total Common Stocks (Cost $228,982,022)				218,353,129
REPURCHASE AGREEMENTS — 6.3%(b)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $2,069,699, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $2,103,525)	$	2,069,621		2,069,621
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $3,211,462, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 –  11/15/43, totaling $3,265,094)		3,211,362		3,211,362

See accompanying Notes to Financial Statements.

62

ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $3,211,469, (collateralized by various U.S. Government Agency Obligations, 0.00% –  9.00%, 06/13/16 – 03/01/44, totaling $3,266,650)	$	3,211,362	$	3,211,362
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $3,211,462, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $3,266,640)		3,211,362		3,211,362
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $2,093,704, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 –  03/20/65, totaling $2,129,337)		2,093,639		2,093,639
Total Repurchase Agreements (Cost $13,797,346)				13,797,346
Total Investments — 106.6% (Cost $242,779,368)				232,150,475
Liabilities in Excess of Other Assets — (6.6)%				(14,435,616	)
Net Assets — 100.0%			$	217,714,859

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $26,827,991; the aggregate market value of the collateral held by the fund is $27,417,424. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $13,620,078.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Aerospace/Defense		3.0	%
Agriculture		1.1
Airlines		1.1
Apparel		1.9
Beverages		1.2
Biotechnology		5.1
Chemicals		2.9
Commercial Services		8.4
Computers		1.0
Cosmetics/Personal Care		2.0
Diversified Financial Services		5.6
Electronics		3.0
Environmental Control		1.1
Food		3.4
Healthcare – Products		3.1
Healthcare – Services		2.0
Housewares		1.0
Internet		2.1
Iron/Steel		1.0
Lodging		1.9
Machinery – Diversified		1.0
Media		4.0
Miscellaneous Manufacturing		0.9
Oil & Gas		2.0
Oil & Gas Services		2.7
Packaging & Containers		1.9
Pharmaceuticals		3.2
Retail		11.4
Semiconductors		7.4
Software		8.0
Telecommunications		3.0
Transportation		2.9
Repurchase Agreements		6.3
Total Investments		106.6
Liabilities in Excess of Other Assets		(6.6	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

63

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments 

December 31, 2015 (Unaudited)

Investments	Shares		Value
COMMON STOCKS — 97.5%
Apparel — 2.6%
LVMH Moet Hennessy Louis Vuitton SE (France)(a)		15,814	$	498,062
Banks — 1.9%
HDFC Bank Ltd. (India)(a)		6,064		373,542
Biotechnology — 4.2%
CSL Ltd. (Australia)(a)		20,916		800,978
Chemicals — 3.6%
Novozymes A/S (Denmark)(a)(b)		14,398		687,073
Commercial Services — 6.7%
Experian PLC (Ireland)(a)(b)		40,817		725,930
SGS SA (Switzerland)(a)(b)		29,178		557,300
Total Commercial Services				1,283,230
Cosmetics/Personal Care — 1.9%
Unicharm Corp. (Japan)(a)		90,621		369,281
Diversified Financial Services — 2.8%
Lazard Ltd., Class A		11,762		529,408
Electronics — 3.3%
Sensata Technologies Holding N.V.*		13,667		629,502
Food — 9.3%
Chr. Hansen Holding A/S (Denmark)(a)(b)		23,113		721,126
Nestle SA (Switzerland)(a)		11,623		864,984
Shoprite Holdings Ltd. (South Africa)(a)		23,371		216,532
Total Food				1,802,642
Food Service — 3.1%
Compass Group PLC (United Kingdom)(a)		34,210		602,780
Healthcare – Products — 6.4%
Coloplast A/S (Denmark)(a)		83,974		680,610
Sysmex Corp. (Japan)(a)		17,238		556,787
Total Healthcare – Products				1,237,397
Healthcare – Services — 3.6%
ICON PLC*		8,904		691,841
Household Products/Wares — 4.2%
Reckitt Benckiser Group PLC (United Kingdom)(a)(b)		43,114		807,956
Insurance — 4.5%
ACE Ltd.		7,465		872,285
Internet — 8.9%
Ctrip.com International Ltd. (China)*(a)(b)		13,832		640,837
Tencent Holdings Ltd. (China)(a)		36,176		709,772
Yandex N.V., Class A (Russia)*		22,401		352,144
Total Internet				1,702,753

Investments	Shares/Principal		Value
COMMON STOCKS (continued)
Machinery – Diversified — 2.9%
FANUC Corp. (Japan)(a)		19,001	$	547,324
Oil & Gas Services — 3.4%
Core Laboratories N.V.(b)		6,014		653,962
Pharmaceuticals — 7.5%
Novo Nordisk A/S (Denmark)(a)		15,708		912,321
Perrigo Co. PLC		3,592		519,762
Total Pharmaceuticals				1,432,083
Retail — 5.0%
Inditex SA (Spain)(a)		19,364		334,029
Swatch Group AG (The) (Switzerland)(a)(b)		15,116		261,809
Wal-Mart de Mexico SAB de CV (Mexico)(a)(b)		14,468		363,870
Total Retail				959,708
Semiconductors — 8.9%
ARM Holdings PLC (United Kingdom)(a)		13,694		619,517
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)		47,752		1,086,358
Total Semiconductors				1,705,875
Transportation — 2.8%
Canadian Pacific Railway Ltd. (Canada)(b)		4,216		537,962
Total Common Stocks (Cost $16,998,975)				18,725,644
MONEY MARKET FUND — 2.6%
Invesco Government & Agency Portfolio – Private Investment Class, 0.04%(c) (Cost $494,991)		494,991		494,991
REPURCHASE AGREEMENTS — 17.5%(d)
Citibank NA, dated 12/31/15, due 01/04/16, 0.34%, total to be received $503,240, (collateralized by various U.S. Government Agency Obligations, 0.00% – 11.50%, 01/15/16 – 04/01/51, totaling $511,464)	$	503,221		503,221
HSBC Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.28%, total to be received $780,856, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.25%, 01/15/16 –  11/15/43, totaling $793,897)		780,832		780,832

See accompanying Notes to Financial Statements.

64

ADVISORSHARES WCM/BNY MELLON FOCUSED GROWTH ADR ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 12/31/15, due 01/04/16, 0.30%, total to be received $780,858, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.00%, 06/13/16 –  03/01/44, totaling $794,275)	$	780,832	$	780,832
Nomura Securities International, Inc., dated 12/31/15, due 01/04/16, 0.33%, total to be received $780,861, (collateralized by various U.S. Government Agency Obligations, 0.00% – 10.50%, 01/15/16 – 10/20/65, totaling $794,273)		780,832		780,832
RBC Capital Markets LLC, dated 12/31/15, due 01/04/16, 0.28%, total to be received $509,087, (collateralized by various U.S. Government Agency Obligations, 0.00% – 7.00%, 04/20/25 –  03/20/65, totaling $517,751)		509,071		509,071
Total Repurchase Agreements (Cost $3,354,788)				3,354,788
Total Investments – 117.6% (Cost $20,848,754)				22,575,423
Liabilities in Excess of Other Assets – (17.6)%				(3,371,294	)
Net Assets — 100.0%			$	19,204,129

PLC — Public Limited Company

* Non-income producing security.

(a) American Depositary Receipt.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,257,933; the aggregate market value of the collateral held by the fund is $3,354,788.

(c) Rate shown reflects the 7-day yield as of December 31, 2015.

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

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Apparel		2.6	%
Banks		1.9
Biotechnology		4.2
Chemicals		3.6
Commercial Services		6.7
Cosmetics/Personal Care		1.9
Diversified Financial Services		2.8
Electronics		3.3
Food		9.3
Food Service		3.1
Healthcare – Products		6.4
Healthcare – Services		3.6
Household Products/Wares		4.2
Insurance		4.5
Internet		8.9
Machinery – Diversified		2.9
Oil & Gas Services		3.4
Pharmaceuticals		7.5
Retail		5.0
Semiconductors		8.9
Transportation		2.8
Money Market Fund		2.6
Repurchase Agreements		17.5
Total Investments		117.6
Liabilities in Excess of Other Assets		(17.6	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

65

ADVISORSHARES YIELDPRO ETF
Schedule of Investments (continued) 

December 31, 2015 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS — 98.8%
Debt Fund — 98.8%
iShares 20+ Year Treasury Bond ETF		34,540	$	4,166,215
SPDR Barclays Short Term Corporate Bond ETF		195,793		5,952,107
SPDR Nuveen Barclays Municipal Bond ETF		238,706		5,819,652
Vanguard Short-Term Bond ETF		78,441		6,241,551
Vanguard Short-Term Corporate Bond ETF		71,487		5,646,758
Total Exchange Traded Funds (Cost $27,924,119)				27,826,283
MONEY MARKET FUND — 1.3%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.08%(a) (Cost $365,340)		365,340		365,340
Total Investments – 100.1% (Cost $28,289,459)				28,191,623
Liabilities in Excess of Other Assets – (0.1)%				(32,848	)
Net Assets — 100.0%			$	28,158,775

ETF — Exchange Traded Fund

(a) Rate shown reflects the 7-day yield as of December 31, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of Net Assets
Debt Fund		98.8	%
Money Market Fund		1.3
Total Investments		100.1
Liabilities in Excess of Other Assets		(0.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

66

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ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2015 (Unaudited)

	AdvisorShares Athena High Dividend ETF			AdvisorShares EquityPro ETF			AdvisorShares Gartman Gold/Euro ETF (Consolidated)
ASSETS
Investments, at Cost	$	9,180,724		$	39,367,129		$	6,256,514
Repurchase Agreements, at Cost (Note 3)		966,903			9,832,625			—
Total Cost of Investments		10,147,627			49,199,754			6,256,514
Investments, at Market Value (including securities on loan) (Note 2)(a)		7,446,146			38,618,710			6,256,514
Repurchase Agreements, at Market Value (Note 3)		966,903			9,832,625			—
Total Market Value of Investments		8,413,049			48,451,335			6,256,514
Dividends and Interest Receivable		17,520			25,155			66
Due from Investment Advisor		1,192			—			5,091
Reclaim Receivable		940			—			—
Cash		—			—			—
Cash collateral held at brokers		—			—			5,098,029
Receivable from Securities Sold		—			—			—
Prepaid CCO Fees		324			684			642
Prepaid Expenses		1,052			4,728			861
Total Assets		8,434,077			48,481,902			11,361,203
LIABILITIES
Cash collateral for securities on loan		966,903			9,832,625			—
Trustee Fees Payable		192			127			208
Due to Custodian		—			—			—
Advisory Fees Payable		—			21,432			—
Capital Gains Payable		—			1,219,968			—
Dividend Payable		—			410,873			—
Payable to Global Echo Foundation		—			—			—
Accrued Expenses		42,131			51,198			46,302
Total Liabilities		1,009,226			11,536,223			46,510
NET ASSETS	$	7,424,851		$	36,945,679		$	11,314,693
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	13,644,106		$	39,462,387		$	13,100,692
Undistributed (Accumulated) Net Investment Income (Loss)		127			(54,804	)		(47,917	)
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written		(4,484,804	)		(1,713,485	)		(1,684,839	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations		(1,734,578	)		(748,419	)		(53,243	)
NET ASSETS	$	7,424,851		$	36,945,679		$	11,314,693
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		500,000			1,350,000			1,000,000
Net Asset Value (NAV) Per Share	$	14.85		$	27.37		$	11.31
(a) Market value of securities on loan	$	1,480,299		$	9,610,158		$	—

See accompanying Notes to Financial Statements.

68

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2015 (Unaudited)

		AdvisorShares Gartman Gold/Yen ETF (Consolidated)			AdvisorShares Global Echo ETF			AdvisorShares Madrona Domestic ETF			AdvisorShares Madrona Global Bond ETF			AdvisorShares Madrona International ETF
ASSETS
Investments, at Cost		$	8,870,269		$	7,225,967		$	31,730,811		$	24,687,678		$	18,514,778
Repurchase Agreements, at Cost (Note 3)			—			229,165			938,348			3,273,251			1,492,481
Total Cost of Investments			8,870,269			7,455,132			32,669,159			27,960,929			20,007,259
Investments, at Market Value (including securities on loan) (Note 2)(a)			8,870,269			7,523,825			31,821,642			23,745,997			17,181,758
Repurchase Agreements, at Market Value (Note 3)			—			229,165			938,348			3,273,251			1,492,481
Total Market Value of Investments			8,870,269			7,752,990			32,759,990			27,019,248			18,674,239
Dividends and Interest Receivable			89			19,220			32,390			107,683			19,330
Due from Investment Advisor			3,214			—			—			—			—
Reclaim Receivable			—			—			—			—			12,017
Cash			—			—			499			—			101
Cash collateral held at brokers			5,193,590			—			—			—			—
Receivable from Securities Sold			—			6,077			—			—			—
Prepaid CCO Fees			716			—			771			720			732
Prepaid Expenses			1,072			—			1,852			1,148			804
Total Assets			14,068,950			7,778,287			32,795,502			27,128,799			18,707,223
LIABILITIES
Cash collateral for securities on loan			—			229,165			938,348			3,273,251			1,492,481
Trustee Fees Payable			201			—			97			118			146
Due to Custodian			—			17,825			—			10,824			—
Advisory Fees Payable			—			7,083			20,102			7,921			7,044
Capital Gains Payable			—			—			—			—			—
Dividend Payable			—			—			—			—			—
Payable to Global Echo Foundation			—			2,575			—			—			—
Accrued Expenses			49,019			—			59,298			48,943			60,101
Total Liabilities			49,220			256,648			1,017,845			3,341,057			1,559,772
NET ASSETS		$	14,019,730		$	7,521,639		$	31,777,657		$	23,787,742		$	17,147,451
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	16,718,977		$	7,335,990		$	32,272,826		$	25,172,279		$	23,470,097
Undistributed (Accumulated) Net Investment Income (Loss)			(60,359	)		(13,363	)		(6,414	)		(22,154	)		(20,305	)
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written			(2,212,387	)		(98,846	)		(579,586	)		(420,702	)		(4,969,321	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations			(426,501	)		297,858			90,831			(941,681	)		(1,333,020	)
NET ASSETS		$	14,019,730		$	7,521,639		$	31,777,657		$	23,787,742		$	17,147,451
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			1,250,000			125,000			775,000			975,000			725,000
Net Asset Value (NAV) Per Share		$	11.22		$	60.17		$	41.00		$	24.40		$	23.65
(a) Market value of securities on loan		$	—		$	367,026		$	1,838,745		$	3,201,031		$	1,504,474

See accompanying Notes to Financial Statements.

69

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2015 (Unaudited)

	AdvisorShares Market Adaptive Unconstrained Income ETF(1)			AdvisorShares Meidell Tactical Advantage ETF			AdvisorShares Morgan Creek Global Tactical ETF
ASSETS
Investments, at Cost	$	599,423		$	20,622,339		$	9,223,089
Repurchase Agreements, at Cost (Note 3)		—			1,296,418			195,464
Investments in Affiliates, at Cost (Note 8)		—			—			—
Total Cost of Investments		599,423			21,918,757			9,418,553
Investments, at Market Value (including securities on loan) (Note 2)(a)		590,139			20,167,721			9,086,121
Repurchase Agreements, at Market Value (Note 3)		—			1,296,418			195,464
Investments in Affiliates, at Market Value (Note 8)		—			—			—
Total Market Value of Investments		590,139			21,464,139			9,281,585
Due from Investment Advisor		6,195			—			620
Dividends and Interest Receivable		7,669			3,744			69,908
Cash		—			—			17,966
Cash collateral held at brokers		—			—			—
Receivable from Securities Sold		—			—			—
Capital Shares Receivable		—			2,779,411			—
Prepaid CCO Fees		587			706			593
Prepaid Trustee Fees		—			—			—
Prepaid Expenses		7,012			962			1,902
Total Assets		611,602			24,248,962			9,372,574
LIABILITIES
Trustee Fees Payable		220			147			176
Securities Sold, Not Yet Purchased(b)		—			—			—
Advisory Fees Payable		—			9,882			—
Payable for Securities Purchased		—			2,681,554			—
Capital Gains Payable		—			—			—
Dividend Payable		—			64,850			132,900
Interest Payable		—			—			—
Dividend Payable on Securities Sold, Not Yet Purchased		—			—			—
Cash collateral for securities on loan		—			1,296,418			195,464
Unrealized Depreciation on Swaps Contracts		—			—			—
Accrued Expenses		39,265			45,334			60,597
Total Liabilities		39,485			4,098,185			389,137
NET ASSETS	$	572,117		$	20,150,777		$	8,983,437
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	760,114		$	22,306,231		$	29,095,283
Undistributed (Accumulated) Net Investment Income (Loss)		(43,730	)		(1,862	)		(62,305	)
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written		(134,983	)		(1,698,974	)		(19,912,573	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations		(9,284	)		(454,618	)		(136,968	)
NET ASSETS	$	572,117		$	20,150,777		$	8,983,437
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		25,000			725,000			400,000
Net Asset Value (NAV) Per Share	$	22.88		$	27.79		$	22.46
(a) Market value of securities on loan	$	—		$	1,266,828		$	190,571
(b) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—		$	—

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

See accompanying Notes to Financial Statements.

70

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2015 (Unaudited)

		AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares Pacific Asset Enhanced Floating Rate ETF			AdvisorShares Peritus High Yield ETF			AdvisorShares QAM Equity Hedge ETF			AdvisorShares Ranger Equity Bear ETF
ASSETS
Investments, at Cost		$	239,304,953		$	27,076,611		$	255,377,902		$	5,487,499		$	7,680,451
Repurchase Agreements, at Cost (Note 3)			1,799,419			—			15,142,642			—			—
Investments in Affiliates, at Cost (Note 8)			—			—			—			—			29,997,150
Total Cost of Investments			241,104,372			27,076,611			270,520,544			5,487,499			37,677,601
Investments, at Market Value (including securities on loan) (Note 2)(a)			235,024,250			26,055,211			194,397,415			5,416,630			7,680,451
Repurchase Agreements, at Market Value (Note 3)			1,799,419			—			15,142,642			—			—
Investments in Affiliates, at Market Value (Note 8)			—			—			—			—			29,710,500
Total Market Value of Investments			236,823,669			26,055,211			209,540,057			5,416,630			37,390,951
Due from Investment Advisor			—			—			—			2,046			—
Dividends and Interest Receivable			1,025,264			110,229			5,123,416			522,978			282
Cash			325,682			26,644			720,400			1,285			78,254,553
Cash collateral held at brokers			—			—			—			—			127,341,356
Receivable from Securities Sold			1,453,999			—			3,290,462			—			2,631,368
Capital Shares Receivable			—			—			—			—			—
Prepaid CCO Fees			1,600			525			887			624			2,819
Prepaid Trustee Fees			561			61			919			—			269
Prepaid Expenses			14,774			27,565			68,985			268			7,470
Total Assets			239,645,549			26,220,235			218,745,126			5,943,831			245,629,068
LIABILITIES
Trustee Fees Payable			—			—			—			188			—
Securities Sold, Not Yet Purchased(b)			—			—			—			478,605			120,701,539
Advisory Fees Payable			118,547			9,919			52,605			—			156,241
Payable for Securities Purchased			691,374			—			—			—			2,083,111
Capital Gains Payable			—			—			—			65,720			—
Dividend Payable			—			—			—			—			—
Interest Payable			—			—			—			290			23,494
Dividend Payable on Securities Sold, Not Yet Purchased			—			—			—			—			45,360
Cash collateral for securities on loan			1,799,419			—			15,142,642			—			—
Unrealized Depreciation on Swaps Contracts			—			90,823			—			—			—
Accrued Expenses			105,112			18,012			79,182			45,135			86,965
Total Liabilities			2,714,452			118,754			15,274,429			589,938			123,096,710
NET ASSETS		$	236,931,097		$	26,101,481		$	203,470,697		$	5,353,893		$	122,532,358
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	243,446,949		$	27,488,348		$	404,591,370		$	5,525,001		$	295,289,581
Undistributed (Accumulated) Net Investment Income (Loss)			(289,502	)		(2,332	)		288,919			(42,270	)		(3,406,078	)
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written			(1,945,647	)		(272,312	)		(140,429,105	)		(64,831	)		(169,825,713	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations			(4,280,703	)		(1,112,223	)		(60,980,487	)		(64,007	)		474,568
NET ASSETS		$	236,931,097		$	26,101,481		$	203,470,697		$	5,353,893		$	122,532,358
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			4,900,000			550,000			6,150,000			200,000			11,400,000
Net Asset Value (NAV) Per Share		$	48.35		$	47.46		$	33.08		$	26.77		$	10.75
(a) Market value of securities on loan		$	2,639,054		$	354,481		$	21,022,838		$	—		$	—
(b) Proceeds Received from Securities Sold, Not Yet Purchased		$	—		$	—		$	—		$	485,467		$	121,462,757

See accompanying Notes to Financial Statements.

71

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2015 (Unaudited)

	AdvisorShares Sage Core Reserves ETF			AdvisorShares STAR Global Buy-Write ETF
ASSETS
Investments, at Cost	$	34,594,820		$	20,905,683
Repurchase Agreements, at Cost (Note 3)		729,473			—
Total Cost of Investments		35,324,293			20,905,683
Investments, at Market Value (including securities on loan) (Note 2)(a)		34,372,191			21,441,288
Repurchase Agreements, at Market Value (Note 3)		729,473			—
Total Market Value of Investments		35,101,664			21,441,288
Dividends and Interest Receivable		196,170			77,844
Cash		—			22,822
Cash collateral held at brokers		118,784			—
Reclaim Receivable		—			—
Prepaid CCO Fees		728			730
Prepaid Trustee Fees		—			—
Prepaid Expenses		9,291			1,118
Total Assets		35,426,637			21,543,802
LIABILITIES
Cash collateral for securities on loan		729,473			—
Advisory Fees Payable		2,746			22,692
Trustee Fees Payable		100			122
Due to Custodian		—			—
Options Written, at Value(b)		—			61,252
Accrued Expenses		36,234			47,929
Total Liabilities		768,553			131,995
NET ASSETS	$	34,658,084		$	21,411,807
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	35,012,045		$	20,632,038
Undistributed (Accumulated) Net Investment Income (Loss)		(19,344	)		36,621
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written		(111,988	)		221,068
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations		(222,629	)		522,080
NET ASSETS	$	34,658,084		$	21,411,807
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		350,000			825,000
Net Asset Value (NAV) Per Share	$	99.02		$	25.95
(a) Market value of securities on loan	$	712,872		$	—
(b) Premiums Received for Options Written	$	—		$	47,727

See accompanying Notes to Financial Statements.

72

ADVISORSHARES TRUST
Statements of Assets and Liabilities

December 31, 2015 (Unaudited)

		AdvisorShares TrimTabs Float Shrink ETF			AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF			AdvisorShares YieldPro ETF
ASSETS
Investments, at Cost		$	228,982,022		$	17,493,966		$	28,289,459
Repurchase Agreements, at Cost (Note 3)			13,797,346			3,354,788			—
Total Cost of Investments			242,779,368			20,848,754			28,289,459
Investments, at Market Value (including securities on loan) (Note 2)(a)			218,353,129			19,220,635			28,191,623
Repurchase Agreements, at Market Value (Note 3)			13,797,346			3,354,788			—
Total Market Value of Investments			232,150,475			22,575,423			28,191,623
Dividends and Interest Receivable			186,072			12,036			24,008
Cash			—			—			—
Cash collateral held at brokers			—			—			—
Reclaim Receivable			—			23,120			—
Prepaid CCO Fees			1,601			621			559
Prepaid Trustee Fees			576			—			—
Prepaid Expenses			146,686			838			2,037
Total Assets			232,485,410			22,612,038			28,218,227
LIABILITIES
Cash collateral for securities on loan			13,797,346			3,354,788			—
Advisory Fees Payable			140,277			7,676			16,648
Trustee Fees Payable			—			155			120
Due to Custodian			777,347			—			4,504
Options Written, at Value(b)			—			—			—
Accrued Expenses			55,581			45,290			38,180
Total Liabilities			14,770,551			3,407,909			59,452
NET ASSETS		$	217,714,859		$	19,204,129		$	28,158,775
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value		$	243,628,810		$	17,823,601		$	32,800,920
Undistributed (Accumulated) Net Investment Income (Loss)			(840	)		(13,687	)		(24,727	)
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures, and options written			(15,284,218	)		(332,454	)		(4,519,582	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures, and foreign currency translations			(10,628,893	)		1,726,669			(97,836	)
NET ASSETS		$	217,714,859		$	19,204,129		$	28,158,775
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)			4,025,000			500,000			1,225,000
Net Asset Value (NAV) Per Share		$	54.09		$	38.41		$	22.99
(a) Market value of securities on loan		$	26,827,991		$	3,257,933		$	—
(b) Premiums Received for Options Written		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

73

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2015 (Unaudited)

	AdvisorShares Athena High Dividend ETF			AdvisorShares EquityPro ETF			AdvisorShares Gartman Gold/Euro ETF (Consolidated)
INVESTMENT INCOME:
Dividend Income	$	200,243		$	229,590		$	—
Interest Income		40			222			542
Securities lending income (Note 2)		12,018			30,893			—
Foreign withholding tax		(3,240	)		(182	)		—
Total Investment Income		209,061			260,523			542
EXPENSES:
Advisory Fees		43,347			101,664			41,004
Accounting & Administration Fees		19,197			32,663			30,593
Professional Fees		5,980			9,877			20,546
Exchange Listing Fees		4,511			3,872			4,310
Custody Fees		2,962			1,413			560
Report to Shareholders		1,976			4,414			1,758
Trustee Fees		1,600			1,587			1,633
CCO Fees		1,491			1,666			1,512
Pricing Fees		1,443			1,594			5,267
Transfer Agent Fees		406			953			559
Insurance Fees		21			180			—
Contribution to Global Echo Foundation		—			—			—
Miscellaneous Fees		459			3,115			92
Total Expenses		83,393			162,998			107,834
Advisory Fees Waived/Recoupment		(29,752	)		(4,148	)		(41,004	)
Expense Reimbursement		—			—			(18,371	)
Net Expenses		53,641			158,850			48,459
Net Investment Income (Loss)		155,420			101,673			(47,917	)
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(1,868,382	)		(1,717,145	)		—
Investments in Affiliates		—			—			—
In-Kind Redemptions		(397,991	)		3,672			—
In-Kind Redemptions in Affiliates		—			—			—
Swaps		—			—			—
Futures		—			—			(994,028	)
Options Written		—			—			—
Distributions by other Investment Companies
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(726,791	)		(127,864	)		—
Futures		—			—			(65,866	)
Net Realized and Unrealized Gain (Loss)		(2,993,164	)		(1,841,337	)		(1,059,894	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,837,744	)	$	(1,739,664	)	$	(1,107,811	)

See accompanying Notes to Financial Statements.

74

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2015 (Unaudited)

		AdvisorShares Gartman Gold/Yen ETF (Consolidated)			AdvisorShares Global Echo ETF			AdvisorShares Madrona Domestic ETF			AdvisorShares Madrona Global Bond ETF			AdvisorShares Madrona International ETF
INVESTMENT INCOME:
Dividend Income		$	—		$	29,898		$	286,638		$	502,074		$	166,483
Interest Income			721			17,911			181			214			241
Securities lending income (Note 2)			—			1,114			2,773			43,722			19,647
Foreign withholding tax			—			(608	)		—			—			(12,481	)
Total Investment Income			721			48,315			289,592			546,010			173,890
EXPENSES:
Advisory Fees			51,683			42,410			130,042			64,180			73,101
Accounting & Administration Fees			31,187			—			46,456			37,647			42,028
Professional Fees			20,433			—			12,624			12,575			12,448
Exchange Listing Fees			4,311			—			3,704			3,753			3,753
Custody Fees			706			—			5,507			1,231			6,049
Report to Shareholders			2,010			—			4,588			3,846			2,683
Trustee Fees			1,633			—			1,590			1,587			1,581
CCO Fees			1,515			—			1,852			1,725			1,483
Pricing Fees			5,315			—			3,219			3,219			3,219
Transfer Agent Fees			705			—			1,219			962			685
Insurance Fees			2			—			589			496			352
Contribution to Global Echo Foundation			—			15,422			—			—			—
Miscellaneous Fees			88			—			873			739			587
Total Expenses			119,588			57,832			212,263			131,960			147,969
Advisory Fees Waived/Recoupment			(51,683	)		—			(9,072	)		(10,019	)		(33,749	)
Expense Reimbursement			(6,825	)		—			—			—			—
Net Expenses			61,080			57,832			203,191			121,941			114,220
Net Investment Income (Loss)			(60,359	)		(9,517	)		86,401			424,069			59,670
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments			—			(98,118	)		(215,581	)		(128,273	)		(1,746,776	)
Investments in Affiliates			—			—			—			—			—
In-Kind Redemptions			—			—			1,354,209			234,247			7,634
In-Kind Redemptions in Affiliates			—			—			—			—			—
Swaps			—			—			—			—			—
Futures			(2,279,600	)		—			—			—			—
Options Written			—			—			—			—			—
Distributions by other Investment Companies												50,657			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			—			(168,525	)		(3,082,127	)		(705,829	)		(1,004,312	)
Futures			(18,326	)		—			—			—			—
Net Realized and Unrealized Gain (Loss)			(2,297,926	)		(266,643	)		(1,943,499	)		(549,198	)		(2,743,454	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(2,358,285	)	$	(276,160	)	$	(1,857,098	)	$	(125,129	)	$	(2,683,784	)

See accompanying Notes to Financial Statements.

75

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2015 (Unaudited)

	AdvisorShares Market Adaptive Unconstrained Income ETF(1)			AdvisorShares Meidell Tactical Advantage ETF			AdvisorShares Morgan Creek Global Tactical ETF
INVESTMENT INCOME:
Dividend Income	$	12,763		$	107,745		$	42,533
Dividend Income from Affiliates		—			—			—
Interest Income		—			26			447
Securities lending income (Note 2)		—			12,046			8,739
Foreign withholding tax		—			—			—
Total Investment Income		12,763			119,817			51,719
EXPENSES:
Advisory Fees		9,517			108,157			46,146
Accounting & Administration Fees		20,170			37,795			37,962
Professional Fees		5,817			12,449			15,903
Pricing Fees		1,606			1,548			3,218
Trustee Fees		1,584			1,581			1,578
CCO Fees		1,101			1,481			1,366
Custody Fees		823			1,037			1,544
Transfer Agent Fees		51			676			385
Insurance Fees		46			297			265
Report to Shareholders		41			2,730			3,418
Exchange Listing Fees		12			3,723			4,021
Interest on Securities Sold, Not Yet Purchased		—			—			—
Dividend Expense		—			—			—
Miscellaneous Fees		259			569			176
Total Expenses		41,027			172,043			115,982
Advisory Fees Waived/Recoupment		(9,517	)		(50,366	)		(46,146	)
Expense Reimbursement		(20,464	)		—			(5,744	)
Net Expenses		11,046			121,677			64,092
Net Investment Income (Loss)		1,717			(1,860	)		(12,373	)
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(4,637	)		(1,045,140	)		(917,548	)
Investments in Affiliates		(33	)		—			—
In-Kind Redemptions		18,790			—			58,000
Swaps		—			—			—
Short Sales		—			—			—
Futures		(2	)		—			—
Options Written		—			—			—
Distributions by other Investment Companies		4,046			4,970			111,808
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(71,841	)		(748,704	)		(84,911	)
Short Sales		—			—			—
Swaps		—			—			—
Net Realized and Unrealized Gain (Loss)		(53,677	)		(1,788,874	)		(832,651	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(51,960	)	$	(1,790,734	)	$	(845,024	)

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

See accompanying Notes to Financial Statements.

76

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2015 (Unaudited)

		AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares Pacific Asset Enhanced Floating Rate ETF			AdvisorShares Peritus High Yield ETF			AdvisorShares QAM Equity Hedge ETF			AdvisorShares Ranger Equity Bear ETF
INVESTMENT INCOME:
Dividend Income		$	—		$	—		$	—		$	42,725		$	—
Dividend Income from Affiliates			—			—			—			—			99,081
Interest Income			3,699,594			644,483			15,119,735			303			1,381
Securities lending income (Note 2)			5,044			301			107,382			—			—
Foreign withholding tax			282			—			—			—			—
Total Investment Income			3,704,920			644,784			15,227,117			43,028			100,462
EXPENSES:
Advisory Fees			723,025			128,363			1,595,968			34,097			1,000,572
Accounting & Administration Fees			79,682			8,667			95,418			38,184			39,318
Professional Fees			15,821			28,136			21,306			12,219			14,297
Pricing Fees			11,460			6,413			7,025			3,767			3,768
Trustee Fees			1,703			1,794			1,855			1,574			1,658
CCO Fees			6,633			1,530			10,083			1,228			2,887
Custody Fees			13,983			2,769			13,567			330			5,007
Transfer Agent Fees			8,342			1,013			10,899			256			5,002
Insurance Fees			3,720			198			15,093			119			2,873
Report to Shareholders			30,344			7,296			54,730			1,193			17,077
Exchange Listing Fees			3,754			5,741			3,754			3,753			3,753
Interest on Securities Sold, Not Yet Purchased			—			—			—			4,947			320,603
Dividend Expense			—			—			—			—			537,734
Miscellaneous Fees			4,917			843			10,506			375			1,992
Total Expenses			903,384			192,763			1,840,204			102,042			1,956,541
Advisory Fees Waived/Recoupment			(69,126	)		(44,133	)		(145,483	)		(34,097	)		—
Expense Reimbursement			—			—			—			(11,853	)		—
Net Expenses			834,258			148,630			1,694,721			56,092			1,956,541
Net Investment Income (Loss)			2,870,662			496,154			13,532,396			(13,064	)		(1,856,079	)
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments			(567,694	)		(229,600	)		(18,956,555	)		(129,754	)		—
Investments in Affiliates			—			—			—			(707	)		—
In-Kind Redemptions			—			—			—			55,454			—
Swaps			—			(26,882	)		—			—			—
Short Sales			—			—			—			43,516			1,544,807
Futures			—			—			—			—			—
Options Written			—			—			—			(1,640	)		—
Distributions by other Investment Companies			—			—			—			4,191			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			(2,494,116	)		(844,235	)		(36,304,400	)		(333,285	)		(100,500	)
Short Sales			—			—			—			(26,738	)		(3,348,299	)
Swaps			—			(88,111	)		—			—			—
Net Realized and Unrealized Gain (Loss)			(3,061,810	)		(1,188,828	)		(55,260,955	)		(388,963	)		(1,903,992	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(191,148	)	$	(692,674	)	$	(41,728,559	)	$	(402,027	)	$	(3,760,071	)

See accompanying Notes to Financial Statements.

77

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2015 (Unaudited)

	AdvisorShares Sage Core Reserves ETF			AdvisorShares STAR Global Buy-Write ETF
INVESTMENT INCOME:
Dividend Income	$	—		$	262,671
Dividend Income from Affiliates		—			565
Interest Income		153,652			1,205
Securities lending income (Note 2)		392			—
Foreign withholding tax		275			—
Total Investment Income		154,319			264,441
EXPENSES:
Advisory Fees		52,406			163,914
Accounting & Administration Fees		17,488			37,024
Professional Fees		12,261			11,707
Pricing Fees		6,027			5,226
Exchange Listing Fees		4,168			3,753
Report to Shareholders		4,038			4,145
CCO Fees		1,955			1,676
Custody Fees		1,648			1,993
Trustee Fees		1,604			1,586
Transfer Agent Fees		1,310			911
Insurance Fees		234			492
Registration Fees		—			6
Licensing Fees		—			—
Miscellaneous Fees		78			759
Total Expenses		103,217			233,192
Advisory Fees Waived/Recoupment		(42,077	)		(8,568	)
Net Expenses		61,140			224,624
Net Investment Income (Loss)		93,179			39,817
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		10,026			(550,595	)
Investments in Affiliates		—			(1,738	)
In-Kind Redemptions		—			888,350
In-Kind Redemptions in Affiliates		—			(247	)
Futures		17,854			—
Options Written		—			180,608
Distributions by other Investment Companies		—			3,345
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(129,901	)		(1,041,828	)
Options Written		—			(69,507	)
Futures		(220	)		—
Net Realized and Unrealized Gain (Loss)		(102,241	)		(591,612	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,062	)	$	(551,795	)

See accompanying Notes to Financial Statements.

78

ADVISORSHARES TRUST
Statements of Operations

For the Six Months Ended December 31, 2015 (Unaudited)

		AdvisorShares TrimTabs Float Shrink ETF			AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF			AdvisorShares YieldPro ETF
INVESTMENT INCOME:
Dividend Income		$	1,885,625		$	102,406		$	336,484
Dividend Income from Affiliates			—			—			—
Interest Income			33			127			32
Securities lending income (Note 2)			62,875			10,855			—
Foreign withholding tax			—			(10,754	)		—
Total Investment Income			1,948,533			102,634			336,516
EXPENSES:
Advisory Fees			1,151,720			62,699			123,016
Accounting & Administration Fees			45,965			37,646			28,506
Professional Fees			31,836			13,490			14,438
Pricing Fees			1,701			3,218			5,318
Exchange Listing Fees			3,753			3,753			2,485
Report to Shareholders			60,621			2,760			5,104
CCO Fees			7,242			1,517			1,986
Custody Fees			10,034			982			1,324
Trustee Fees			1,761			1,579			1,626
Transfer Agent Fees			8,725			627			1,153
Insurance Fees			3,817			247			1,006
Registration Fees			—			—			2
Licensing Fees			—			5,231			—
Miscellaneous Fees			5,537			505			2,430
Total Expenses			1,332,712			134,254			188,394
Advisory Fees Waived/Recoupment			(180,993	)		(29,757	)		(3,491	)
Net Expenses			1,151,719			104,497			184,903
Net Investment Income (Loss)			796,814			(1,863	)		151,613
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments			(2,035,201	)		81,064			(174,650	)
Investments in Affiliates			—			—			—
In-Kind Redemptions			(1,493,969	)		—			7,793
In-Kind Redemptions in Affiliates			—			—			—
Futures			—			—			—
Options Written			—			—			—
Distributions by other Investment Companies			—			—			14,221
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			(9,209,222	)		(225,802	)		97,136
Options Written			—			—			—
Futures			—			—			—
Net Realized and Unrealized Gain (Loss)			(12,738,392	)		(144,738	)		(55,500	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(11,941,578	)	$	(146,601	)	$	96,113

See accompanying Notes to Financial Statements.

79

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

	AdvisorShares Athena High Dividend ETF						AdvisorShares EquityPro ETF
	Six months ended December 31, 2015 (Unaudited)			For the period July 29, 2014* to June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	155,420		$	507,832		$	101,673		$	318,430
Net Realized Gain (Loss)		(2,266,373	)		(2,202,636	)		(1,713,473	)		1,623,911
Net Change in Unrealized Appreciation (Depreciation)		(726,791	)		(1,007,787	)		(127,864	)		(1,781,112	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(2,837,744	)		(2,702,591	)		(1,739,664	)		161,229
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(155,687	)		(529,121	)		(410,873	)		(269,924	)
Net Realized Gains		—			—			(1,219,968	)		(463,353	)
Total Distributions		(155,687	)		(529,121	)		(1,630,841	)		(733,277	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			18,496,464			24,853,838			11,378,050
Value of Shares Redeemed		(4,846,470	)		—			(3,716,589	)		(11,696,707	)
Net Increase (Decrease) From Capital Stock Transactions		(4,846,470	)		18,496,464			21,137,249			(318,657	)
Net Increase (Decrease) in Net Assets		(7,839,901	)		15,264,752			17,766,744			(890,705	)
Net Assets:
Beginning of Period		15,264,752			—			19,178,935			20,069,640
End of Period	$	7,424,851		$	15,264,752		$	36,945,679		$	19,178,935
Undistributed (Accumulated) Net Investment Income (Loss)		127			394			(54,804	)		254,396
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		800,000			—			625,000			625,000
Shares Sold		—			800,000			850,000			375,000
Shares Repurchased		(300,000	)		—			(125,000	)		(375,000	)
End of Period		500,000			800,000			1,350,000			625,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

80

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

		AdvisorShares Gartman Gold/Euro ETF (Consolidated)						AdvisorShares Gartman Gold/Yen ETF (Consolidated)						AdvisorShares Global Echo ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)		$	(47,917	)	$	(47,819	)	$	(60,359	)	$	(56,705	)	$	(9,517	)	$	(6,498	)
Net Realized Gain (Loss)			(994,028	)		(434,589	)		(2,279,600	)		338,995			(98,118	)		553,618
Net Change in Unrealized Appreciation (Depreciation)			(65,866	)		(45,609	)		(18,326	)		(549,013	)		(168,525	)		(393,159	)
Net Increase (Decrease) In Net Assets Resulting From Operations			(1,107,811	)		(528,017	)		(2,358,285	)		(266,723	)		(276,160	)		153,961
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income			—			(27,862	)		—			(24,357	)		(3,846	)		(46,077	)
Net Realized Gains			(893,000	)		(126,850	)		(512,262	)		(296,740	)		(57,227	)		—
Total Distributions			(893,000	)		(154,712	)		(512,262	)		(321,097	)		(61,073	)		(46,077	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued			1,573,894			17,829,090			1,930,233			19,728,176			—			1,593,777
Value of Shares Redeemed			(5,016,245	)		(1,690,732	)		(8,061,609	)		—			—			(3,058,904	)
Net Increase (Decrease) From Capital Stock Transactions			(3,442,351	)		16,138,358			(6,131,376	)		19,728,176			—			(1,465,127	)
Net Increase (Decrease) in Net Assets			(5,443,162	)		15,455,629			(9,001,923	)		19,140,356			(337,233	)		(1,357,243	)
Net Assets:
Beginning of Period			16,757,855			1,302,226			23,021,653			3,881,297			7,858,872			9,216,115
End of Period		$	11,314,693		$	16,757,855		$	14,019,730		$	23,021,653		$	7,521,639		$	7,858,872
Undistributed (Accumulated) Net Investment Income (Loss)			(47,917	)		—			(60,359	)		—			(13,363	)		—
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period			1,275,000			100,000			1,750,000			300,000			125,000			150,000
Shares Sold			125,000			1,300,000			150,000			1,450,000			—			25,000
Shares Repurchased			(400,000	)		(125,000	)		(650,000	)		—			—			(50,000	)
End of Period			1,000,000			1,275,000			1,250,000			1,750,000			125,000			125,000

See accompanying Notes to Financial Statements.

81

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

	AdvisorShares Madrona Domestic ETF						AdvisorShares Madrona Global Bond ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	86,401		$	88,604		$	424,069		$	781,661
Net Realized Gain (Loss)		1,138,628			3,912,009			156,631			(288,084	)
Net Change in Unrealized Appreciation (Depreciation)		(3,082,127	)		(2,315,861	)		(705,829	)		(1,157,891	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(1,857,098	)		1,684,752			(125,129	)		(664,314	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(118,397	)		(96,271	)		(446,267	)		(823,886	)
Total Distributions		(118,397	)		(96,271	)		(446,267	)		(823,886	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		7,647,629			23,992,082			1,864,915			5,201,228
Value of Shares Redeemed		(5,468,968	)		(18,761,355	)		(5,601,496	)		—
Net Increase (Decrease) From Capital Stock Transactions		2,178,661			5,230,727			(3,736,581	)		5,201,228
Net Increase (Decrease) in Net Assets		203,166			6,819,208			(4,307,977	)		3,713,028
Net Assets:
Beginning of Period		31,574,491			24,755,283			28,095,719			24,382,691
End of Period	$	31,777,657		$	31,574,491		$	23,787,742		$	28,095,719
Undistributed (Accumulated) Net Investment Income (Loss)		(6,414	)		25,582			(22,154	)		44
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		725,000			600,000			1,125,000			925,000
Shares Sold		175,000			575,000			75,000			200,000
Shares Repurchased		(125,000	)		(450,000	)		(225,000	)		—
End of Period		775,000			725,000			975,000			1,125,000

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

See accompanying Notes to Financial Statements.

82

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

		AdvisorShares Madrona International ETF						AdvisorShares Market Adaptive Unconstrained Income ETF(1)						AdvisorShares Meidell Tactical Advantage ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			For the period July 8, 2014* to June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)		$	59,670		$	258,341		$	1,717		$	(464	)	$	(1,860	)	$	92,797
Net Realized Gain (Loss)			(1,739,142	)		476,307			18,164			(99,852	)		(1,040,170	)		634,972
Net Change in Unrealized Appreciation (Depreciation)			(1,004,312	)		(1,747,956	)		(71,841	)		62,557			(748,704	)		(189,353	)
Net Increase (Decrease) In Net Assets Resulting From Operations			(2,683,784	)		(1,013,308	)		(51,960	)		(37,759	)		(1,790,734	)		538,416
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income			(242,962	)		(304,843	)		—			(45,346	)		(64,850	)		(93,938	)
Total Distributions			(242,962	)		(304,843	)		—			(45,346	)		(64,850	)		(93,938	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued			1,330,179			14,565,285			—			3,736,304			5,034,610			12,076,557
Value of Shares Redeemed			(620,649	)		(13,161,115	)		(1,169,735	)		(1,859,387	)		—			(11,298,866	)
Net Increase (Decrease) From Capital Stock Transactions			709,530			1,404,170			(1,169,735	)		1,876,917			5,034,610			777,691
Net Increase (Decrease) in Net Assets			(2,217,216	)		86,019			(1,221,695	)		1,793,812			3,179,026			1,222,169
Net Assets:
Beginning of Period			19,364,667			19,278,648			1,793,812			—			16,971,751			15,749,582
End of Period		$	17,147,451		$	19,364,667		$	572,117		$	1,793,812		$	20,150,777		$	16,971,751
Undistributed (Accumulated) Net Investment Income (Loss)			(20,305	)		162,987			(43,730	)		(45,447	)		(1,862	)		64,848
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period			700,000			650,000			75,000			—			550,000			525,000
Shares Sold			50,000			500,000			—			150,000			175,000			400,000
Shares Repurchased			(25,000	)		(450,000	)		(50,000	)		(75,000	)		—			(375,000	)
End of Period			725,000			700,000			25,000			75,000			725,000			550,000

See accompanying Notes to Financial Statements.

83

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

	AdvisorShares Morgan Creek Global Tactical ETF						AdvisorShares Newfleet Multi-Sector Income ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(12,373	)	$	41,083		$	2,870,662		$	4,866,958
Net Realized Gain (Loss)		(747,740	)		1,596,746			(567,694	)		(628,122	)
Net Change in Unrealized Appreciation (Depreciation)		(84,911	)		(2,482,888	)		(2,494,116	)		(2,187,565	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(845,024	)		(845,059	)		(191,148	)		2,051,271
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(132,900	)		(354,156	)		(3,206,276	)		(5,247,098	)
Net Realized Gains		—			—			—			—
Total Distributions		(132,900	)		(354,156	)		(3,206,276	)		(5,247,098	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			—			34,196,956			69,253,284
Value of Shares Redeemed		(2,347,601	)		(23,158,545	)		(9,809,241	)		(4,927,422	)
Net Increase (Decrease) From Capital Stock Transactions		(2,347,601	)		(23,158,545	)		24,387,715			64,325,862
Net Increase (Decrease) in Net Assets		(3,325,525	)		(24,357,760	)		20,990,291			61,130,035
Net Assets:
Beginning of Period		12,308,962			36,666,722			215,940,806			154,810,771
End of Period	$	8,983,437		$	12,308,962		$	236,931,097		$	215,940,806
Undistributed (Accumulated) Net Investment Income (Loss)	$	(62,305	)	$	82,968		$	(289,502	)	$	46,112
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		500,000			1,400,000			4,400,000			3,100,000
Shares Sold		—			—			700,000			1,400,000
Shares Repurchased		(100,000	)		(900,000	)		(200,000	)		(100,000	)
End of Period		400,000			500,000			4,900,000			4,400,000

* Commencement of operations.

See accompanying Notes to Financial Statements.

84

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

		AdvisorShares Pacific Asset Enhanced Floating Rate ETF						AdvisorShares Peritus High Yield ETF						AdvisorShares QAM Equity Hedge ETF
		Six months ended December 31, 2015 (Unaudited)			For the period February 18, 2015* to June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)		$	496,154		$	329,893		$	13,532,396		$	45,993,689		$	(13,064	)	$	(34,570	)
Net Realized Gain (Loss)			(256,482	)		(10,073	)		(18,956,555	)		(117,866,961	)		(28,940	)		300,372
Net Change in Unrealized Appreciation (Depreciation)			(932,346	)		(179,877	)		(36,304,400	)		(52,730,083	)		(360,023	)		(191,927	)
Net Increase (Decrease) In Net Assets Resulting From Operations			(692,674	)		139,943			(41,728,559	)		(124,603,355	)		(402,027	)		73,875
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income			(517,457	)		(316,679	)		(14,317,124	)		(48,496,620	)		—			—
Net Realized Gains			—			—			—			—			(65,720	)		(64,929	)
Total Distributions			(517,457	)		(316,679	)		(14,317,124	)		(48,496,620	)		(65,720	)		(64,929	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued			—			27,488,348			6,037,172			192,942,545			—			1,427,899
Value of Shares Redeemed			—			—			(122,511,695	)		(719,848,257	)		(1,349,002	)		(2,808,730	)
Net Increase (Decrease) From Capital Stock Transactions			—			27,488,348			(116,474,523	)		(526,905,712	)		(1,349,002	)		(1,380,831	)
Net Increase (Decrease) in Net Assets			(1,210,131	)		27,311,612			(172,520,206	)		(700,005,687	)		(1,816,749	)		(1,371,885	)
Net Assets:
Beginning of Period			27,311,612			—			375,990,903			1,075,996,590			7,170,642			8,542,527
End of Period		$	26,101,481		$	27,311,612		$	203,470,697		$	375,990,903		$	5,353,893		$	7,170,642
Undistributed (Accumulated) Net Investment Income (Loss)		$	(2,332	)	$	18,971		$	288,919		$	1,073,647		$	(42,270	)	$	(29,206	)
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period			550,000			—			9,250,000			20,200,000			250,000			300,000
Shares Sold			—			550,000			150,000			4,000,000			—			50,000
Shares Repurchased			—			—			(3,250,000	)		(14,950,000	)		(50,000	)		(100,000	)
End of Period			550,000			550,000			6,150,000			9,250,000			200,000			250,000

See accompanying Notes to Financial Statements.

85

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

	AdvisorShares Ranger Equity Bear ETF						AdvisorShares Sage Core Reserves ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(1,856,079	)	$	(4,060,161	)	$	93,179		$	43,627
Net Realized Gain (Loss)		1,544,807			(19,107,511	)		27,880			(34,842	)
Net Change in Unrealized Appreciation (Depreciation)		(3,448,799	)		12,334,124			(130,121	)		(13,902	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(3,760,071	)		(10,833,548	)		(9,062	)		(5,117	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		—			—			(115,595	)		(147,384	)
Total Distributions		—			—			(115,595	)		(147,384	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		45,028,855			49,008,377			—			—
Value of Shares Redeemed		(46,795,150	)		(72,068,067	)		—			(2,483,570	)
Net Increase (Decrease) From Capital Stock Transactions		(1,766,295	)		(23,059,690	)		—			(2,483,570	)
Net Increase (Decrease) in Net Assets		(5,526,366	)		(33,893,238	)		(124,657	)		(2,636,071	)
Net Assets:
Beginning of Period		128,058,724			161,951,962			34,782,741			37,418,812
End of Period	$	122,532,358		$	128,058,724		$	34,658,084		$	34,782,741
Undistributed (Accumulated) Net Investment Income (Loss)	$	(3,406,078	)	$	(1,549,999	)	$	(19,344	)	$	3,072
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		11,775,000			13,750,000			350,000			375,000
Shares Sold		3,950,000			4,225,000			—			—
Shares Repurchased		(4,325,000	)		(6,200,000	)		—			(25,000	)
End of Period		11,400,000			11,775,000			350,000			350,000

See accompanying Notes to Financial Statements.

86

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

		AdvisorShares STAR Global Buy-Write ETF						AdvisorShares TrimTabs Float Shrink ETF						AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)		$	39,817		$	8,814		$	796,814		$	1,381,231		$	(1,863	)	$	130,883
Net Realized Gain (Loss)			519,723			383,334			(3,529,170	)		22,749,625			81,064			353,345
Net Change in Unrealized Appreciation (Depreciation)			(1,111,335	)		34,935			(9,209,222	)		(7,341,753	)		(225,802	)		(262,768	)
Net Increase (Decrease) In Net Assets Resulting From Operations			(551,795	)		427,083			(11,941,578	)		16,789,103			(146,601	)		221,460
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income			—			—			(1,684,986	)		(1,045,971	)		(47,835	)		(94,665	)
Total Distributions			—			—			(1,684,986	)		(1,045,971	)		(47,835	)		(94,665	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued			2,642,128			1,315,362			18,438,171			709,868,546			3,855,067			3,760,440
Value of Shares Redeemed			(7,275,247	)		(2,635,459	)		(29,568,871	)		(620,154,900	)		—			(1,003,980	)
Net Increase (Decrease) From Capital Stock Transactions			(4,633,119	)		(1,320,097	)		(11,130,700	)		89,713,646			3,855,067			2,756,460
Net Increase (Decrease) in Net Assets			(5,184,914	)		(893,014	)		(24,757,264	)		105,456,778			3,660,631			2,883,255
Net Assets:
Beginning of Period			26,596,721			27,489,735			242,472,123			137,015,345			15,543,498			12,660,243
End of Period		$	21,411,807		$	26,596,721		$	217,714,859		$	242,472,123		$	19,204,129		$	15,543,498
Undistributed (Accumulated) Net Investment Income (Loss)		$	36,621		$	(3,196	)	$	(840	)	$	887,332		$	(13,687	)	$	36,011
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period			1,000,000			1,050,000			4,250,000			2,675,000			400,000			325,000
Shares Sold			100,000			50,000			325,000			13,000,000			100,000			100,000
Shares Repurchased			(275,000	)		(100,000	)		(550,000	)		(11,425,000	)		—			(25,000	)
End of Period			825,000			1,000,000			4,025,000			4,250,000			500,000			400,000

See accompanying Notes to Financial Statements.

87

ADVISORSHARES TRUST
Statements of Changes in Net Assets

 

	AdvisorShares YieldPro ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income	$	151,613		$	2,014,399
Net Realized Loss		(152,636	)		(3,511,431	)
Net Change in Unrealized Appreciation (Depreciation)		97,136			(1,445,645	)
Net Increase (Decrease) In Net Assets Resulting From Operations		96,113			(2,942,677	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(179,510	)		(2,337,383	)
Total Distributions		(179,510	)		(2,337,383	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		4,608,415			5,215,701
Value of Shares Redeemed		(10,964,225	)		(37,372,924	)
Net Decrease From Capital Stock Transactions		(6,355,810	)		(32,157,223	)
Net Decrease in Net Assets		(6,439,207	)		(37,437,283	)
Net Assets:
Beginning of Period		34,597,982			72,035,265
End of Period	$	28,158,775		$	34,597,982
Undistributed (Accumulated) Net Investment Income (Loss)		(24,727	)		3,170
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		1,500,000			2,850,000
Shares Sold		200,000			225,000
Shares Repurchased		(475,000	)		(1,575,000	)
End of Period		1,225,000			1,500,000

See accompanying Notes to Financial Statements.

88

ADVISORSHARES TRUST
Statements of Cash Flows

 

	AdvisorShares QAM Equity Hedge ETF			AdvisorShares Ranger Equity Bear ETF
	For the six months ended December 31, 2015 (Unaudited)			For the six months ended December 31, 2015 (Unaudited)
CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:
Dividends and Interest paid (received)	$	(377,850	)	$	100,381
Operating expenses paid (received)		(41,117	)		(1,101,101	)
Net purchases of short-term investments		(24,846	)		4,893,621
Realized gain (loss) on swap contracts and option contracts		(8,818	)		—
Purchases of long-term investments		(3,645,917	)		(1,777,848	)
Proceeds from disposition of long-term investments		5,006,061			1,796,648
Increase/Decrease in receivables for securities sold		—			8,864,924
Increase/Decrease in payables for securities purchased		(92,454	)		(756,085	)
Net increase in short sales		(67,609	)		(6,804,205	)
Capital gains paid		1,223			—
Dividends paid		—			(499,574	)
Interest paid		(4,657	)		(333,399	)
Net Cash Flows Provided (Used) By Operating Activities		744,016			4,383,362
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES:
Net proceeds from shares issued		—			45,028,855
Value of shares redeemed		(1,349,002	)		(46,795,150	)
Deposits with brokers for swap contracts and short sales		596,891			(471,661	)
Net Cash Flows Provided (Used) By Financing Activities		(752,111	)		(2,237,956	)
NET INCREASE/DECREASE IN CASH		(8,095	)		2,145,406
Cash, beginning of period		9,380			76,109,147
Cash, end of period	$	1,285		$	78,254,553
RECONCILIATION OF INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:
Increase/Decrease in Net Assets resulting from Operations	$	(402,027	)	$	(3,760,071	)
Increase/Decrease in investments, at value		1,649,057			12,208
Increase/Decrease in payable for securities purchased		(92,454	)		(756,085	)
Increase/Decrease in receivable for securities sold		—			8,864,924
Increase/Decrease in dividends and interest receivable		(420,878	)		(81	)
Increase/Decrease in due from/to investment advisor		(502	)		—
Increase/Decrease in prepaid expense		6,869			(1,033	)
Increase/Decrease in interest payable		290			(12,796	)
Increase/Decrease in dividends payable		—			38,160
Increase/Decrease in accrued expenses		3,661			(1,864	)
Total Adjustments		1,146,043			8,143,433
Net Cash Flows Provided (Used) By Operating Activities	$	744,016		$	4,383,362

See accompanying Notes to Financial Statements.

89

ADVISORSHARES TRUST
Financial Highlights

 

	AdvisorShares Athena High Dividend ETF
	Six months ended December 31, 2015 (Unaudited)			For the period July 29, 2014* to June 30, 2015
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	19.08		$	25.00
Investment Operations
Net Investment Income (Loss)(2)		0.25			0.90
Net Realized and Unrealized Gain (Loss)		(4.23	)		(6.03	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(3.98	)		(5.13	)
Distributions from Net Investment Income		(0.25	)		(0.79	)
Distributions from Realized Capital Gains		—			—
Total Distributions		(0.25	)		(0.79	)
Net Asset Value, End of Period	$	14.85		$	19.08
Market Value, End of Period	$	14.84		$	19.08
Total Return
Total Investment Return Based on Net Asset Value(5)		(20.95	)%		(20.71	)%
Total Investment Return Based on Market(5)		(21.00	)%		(20.65	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	7,425		$	15,265
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements(6)		1.54	%		1.71	%
Net Investment Income (Loss)(6)		2.87	%		4.60	%
Portfolio Turnover Rate(9)		102	%		193	%

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

(2) Based on average shares outstanding.

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

(4) The amount shown for a share distribution throughout the period may not correlate with the Statements 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.

(5) 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, 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, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized.

(7) The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively.

(8) The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, 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.

See accompanying Notes to Financial Statements.

90

ADVISORSHARES TRUST
Financial Highlights

 

		AdvisorShares EquityPro ETF												AdvisorShares Gartman Gold/Euro ETF (Consolidated)
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			For the period July 10, 2012* to June 30, 2013			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			For the period February 11, 2014* to June 30, 2014
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period		$	30.69		$	32.11		$	27.13		$	25.00		$	13.14		$	13.02		$	12.80
Investment Operations
Net Investment Income (Loss)(2)			0.12			0.39			1.24			0.22			(0.04	)		(0.08	)		(0.03	)
Net Realized and Unrealized Gain (Loss)			(2.24	)		(1.04	)		4.08			2.06			(0.90	)		0.97			0.25
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)			(2.12	)		(0.65	)		5.32			2.28			(0.94	)		0.89			0.22
Distributions from Net Investment Income			(0.30	)		(0.28	)		(0.34	)		(0.13	)		—			(0.14	)		—
Distributions from Realized Capital Gains			(0.90	)		(0.49	)		—			(0.02	)		(0.89	)		(0.63	)		—
Total Distributions			(1.20	)		(0.77	)		(0.34	)		(0.15	)		(0.89	)		(0.77	)		—
Net Asset Value, End of Period		$	27.37		$	30.69		$	32.11		$	27.13		$	11.31		$	13.14		$	13.02
Market Value, End of Period		$	27.45		$	30.70		$	32.11		$	27.12		$	11.24		$	13.11		$	13.07
Total Return
Total Investment Return Based on Net Asset Value(5)			(6.95	)%		(2.01	)%		19.71	%		9.16	%		(7.18	)%		7.33	%		1.72	%
Total Investment Return Based on Market(5)			(10.59	)%		(1.89	)%		19.76	%		9.11	%		(7.45	)%		6.56	%		2.11	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)		$	36,946		$	19,179		$	20,070		$	1,357		$	11,315		$	16,758		$	1,302
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)			1.25	%		1.25	%		1.25	%		1.25	%		0.65	%		0.65	%		0.65	%
Expenses, prior to expense waivers and reimbursements(6)			1.28	%		1.13	%		1.92	%		6.95	%		1.45	%		2.21	%		10.72	%
Net Investment Income (Loss)(6)			0.80	%		1.25	%		4.13	%		0.88	%		(0.64	)%		(0.63	)%		(0.63	)%
Portfolio Turnover Rate(9)			266	%		349	%		21	%		43	%		0	%		0	%		0	%

See accompanying Notes to Financial Statements.

91

ADVISORSHARES TRUST
Financial Highlights

 

	AdvisorShares Gartman Gold/Yen ETF (Consolidated)
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			For the period February 11, 2014* to June 30, 2014
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	13.16		$	12.94		$	12.80
Investment Operations
Net Investment Income (Loss)(2)		(0.04	)		(0.08	)		(0.03	)
Net Realized and Unrealized Gain (Loss)		(1.49	)		0.86			0.17
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(1.53	)		0.78			0.14
Distributions from Net Investment Income		—			(0.04	)		—
Distributions from Realized Capital Gains		(0.41	)		(0.52	)		—
Total Distributions		(0.41	)		(0.56	)		—
Net Asset Value, End of Period	$	11.22		$	13.16		$	12.94
Market Value, End of Period		11.13		$	13.19		$	13.04
Total Return
Total Investment Return Based on Net Asset Value(5)		(11.68	)%		6.06	%		1.09	%
Total Investment Return Based on Market(5)		(12.51	)%		5.45	%		1.88	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	14,020		$	23,022		$	3,881
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		0.65	%		0.65	%		0.65	%
Expenses, prior to expense waivers and reimbursements(6)		1.27	%		1.99	%		4.74	%
Net Investment Income (Loss)(6)		(0.64	)%		(0.62	)%		(0.63	)%
Portfolio Turnover Rate(9)		0	%		0	%		0	%

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

(2) Based on average shares outstanding.

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

(4) The amount shown for a share distribution throughout the period may not correlate with the Statements 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.

(5) 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, 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, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized.

(7) The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively.

(8) The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, 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.

See accompanying Notes to Financial Statements.

92

ADVISORSHARES TRUST
Financial Highlights

 

		AdvisorShares Global Echo ETF															AdvisorShares Madrona Domestic ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			For the period May 23, 2012* to June 30, 2012			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period June 21, 2011* to June 30, 2011
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period		$	62.87		$	61.44		$	54.38		$	50.80		$	50.00		$	43.55		$	41.26		$	32.34		$	25.31		$	26.07		$	25.00
Investment Operations
Net Investment Income (Loss)(2)			(0.08	)		(0.06	)		0.22			(0.07	)		(0.02	)		0.11			0.13			0.11			0.15			0.10			0	(3)
Net Realized and Unrealized Gain (Loss)			(2.13	)		1.92			6.86			3.88			0.82			(2.51	)		2.30			8.91			7.01			(0.79	)		1.07
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)			(2.21	)		1.86			7.08			3.81			0.80			(2.40	)		2.43			9.02			7.16			(0.69	)		1.07
Distributions from Net Investment Income			(0.03	)		(0.43	)		(0.02	)		—			—			(0.15	)		(0.14	)		(0.10	)		(0.13	)		(0.07	)		—
Distributions from Realized Capital Gains			(0.46	)		—			—			(0.23	)		—			—			—			—			—			—			—
Total Distributions			(0.49	)		(0.43	)		(0.02	)		(0.23	)		—			(0.15	)		(0.14	)		(0.10	)		(0.13	)		(0.07	)		—
Net Asset Value, End of Period		$	60.17		$	62.87		$	61.44		$	54.38		$	50.80		$	41.00		$	43.55		$	41.26		$	32.34		$	25.31		$	26.07
Market Value, End of Period		$	60.11		$	62.28		$	61.46		$	54.53		$	50.99		$	41.00		$	43.55		$	41.26		$	32.34		$	25.28		$	26.07
Total Return
Total Investment Return Based on Net Asset Value(5)			(3.52	)%		3.05	%		13.03	%		7.54	%		1.60	%		(5.51	)%		5.89	%		27.93	%		28.37	%		(2.65	)%		4.28	%
Total Investment Return Based on Market(5)			(2.69	)%		2.06	%		12.75	%		7.43	%		1.98	%		(5.50	)%		5.89	%		27.93	%		28.52	%		(2.76	)%		4.28	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)		$	7,522		$	7,859		$	9,216		$	5,438		$	5,080		$	31,778		$	31,574		$	24,755		$	18,593		$	15,188		$	2,607
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)			1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Expenses, prior to expense waivers and reimbursements(6)			1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.31	%		1.37	%		1.42	%		1.61	%		1.46	%		10.96	%
Net Investment Income (Loss)(6)			(0.25	)%		(0.09	)%		0.37	%		(0.13	)%		(0.32	)%		0.53	%		0.30	%		0.31	%		0.51	%		0.40	%		0.23	%
Portfolio Turnover Rate(9)			18	%		68	%		157	%		180	%		70	%		18	%		15	%		14	%		33	%		40	%		0	%

See accompanying Notes to Financial Statements.

93

ADVISORSHARES TRUST
Financial Highlights

 

	AdvisorShares Madrona Global Bond ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period June 21, 2011* to June 30, 2011
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	24.97		$	26.36		$	25.05		$	25.69		$	25.01		$	25.00
Investment Operations
Net Investment Income (Loss)(2)		0.41			0.74			0.86			0.72			0.71			0.01
Net Realized and Unrealized Gain (Loss)		(0.59	)		(1.39	)		1.30			(0.66	)		0.67			—
Distributions of Net Realized Gains by other investment companies		0.05			0.04			—			0.01			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(0.13	)		(0.61	)		2.16			0.07			1.38			0.01
Distributions from Net Investment Income		(0.44	)		(0.78	)		(0.85	)		(0.71	)		(0.70	)		—
Distributions from Realized Capital Gains		—			—			—			(0.00	)		—			—
Total Distributions		(0.44	)		(0.78	)		(0.85	)		(0.71	)		(0.70	)		—
Net Asset Value, End of Period	$	24.40		$	24.97		$	26.36		$	25.05		$	25.69		$	25.01
Market Value, End of Period	$	24.40		$	24.96		$	26.42		$	24.96		$	25.68		$	25.02
Total Return
Total Investment Return Based on Net Asset Value(5)		(0.52	)%		(2.37	)%		8.80	%		0.20	%		5.59	%		0.04	%
Total Investment Return Based on Market(5)		(0.48	)%		(2.63	)%		9.44	%		(0.13	)%		5.49	%		0.08	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	23,788		$	28,096		$	24,383		$	22,543		$	21,195		$	2,501
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Expenses, prior to expense waivers and reimbursements(6)		1.03	%		0.99	%		1.07	%		1.02	%		0.99	%		11.08	%
Net Investment Income (Loss)(6)		3.30	%		2.88	%		3.36	%		2.73	%		2.81	%		1.68	%
Portfolio Turnover Rate(9)		12	%		34	%		20	%		28	%		12	%		0	%

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

(2) Based on average shares outstanding.

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

(4) The amount shown for a share distribution throughout the period may not correlate with the Statements 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.

(5) 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, 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, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized.

(7) The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively.

(8) The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, 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.

See accompanying Notes to Financial Statements.

94

ADVISORSHARES TRUST
Financial Highlights

 

		AdvisorShares Madrona International ETF																		AdvisorShares Market Adaptive Unconstrained Income ETF(1)
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period June 21, 2011* to June 30, 2011			Six months ended December 31, 2015 (Unaudited)			For the period July 8, 2014* to June 30, 2015
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period		$	27.66		$	29.66		$	23.97		$	21.06		$	26.17		$	25.00		$	23.92		$	25.00
Investment Operations
Net Investment Income (Loss)(2)			0.08			0.39			0.41			0.39			0.32			0.01			0.03			(0.01	)
Net Realized and Unrealized Gain (Loss)			(3.75	)		(1.92	)		5.77			2.82			(5.33	)		1.16			(1.14	)		(0.62	)
Distributions of Net Realized Gains by other investment companies			—			—			—			—			—			—			0.07			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)			(3.67	)		(1.53	)		6.18			3.21			(5.01	)		1.17			(1.04	)		(0.63	)
Distributions from Net Investment Income			(0.34	)		(0.47	)		(0.49	)		(0.30	)		(0.08	)		—			—			(0.45	)
Distributions from Realized Capital Gains			—			—			—			—			(0.02	)		—			—			—
Total Distributions			(0.34	)		(0.47	)		(0.49	)		(0.30	)		(0.10	)		—			—			(0.45	)
Net Asset Value, End of Period		$	23.65		$	27.66		$	29.66		$	23.97		$	21.06		$	26.17		$	22.88		$	23.92
Market Value, End of Period		$	23.68		$	27.65		$	29.58		$	23.95		$	21.11		$	26.18		$	22.51		$	23.90
Total Return
Total Investment Return Based on Net Asset Value(5)			(13.32	)%		(5.06	)%		25.91	%		15.24	%		(19.11	)%		4.68	%		(4.35	)%		(2.58	)%
Total Investment Return Based on Market(5)			(13.15	)%		(4.82	)%		25.64	%		14.86	%		(18.95	)%		4.72	%		(5.82	)%		(2.61	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)		$	17,147		$	19,365		$	19,279		$	14,978		$	14,219		$	2,617		$	572		$	1,794
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)			1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.64	%		1.75	%
Expenses, prior to expense waivers and reimbursements(6)			1.62	%		1.69	%		1.55	%		1.65	%		1.54	%		10.99	%		6.10	%		6.20	%
Net Investment Income (Loss)(6)			0.65	%		1.41	%		1.48	%		1.65	%		1.48	%		1.14	%		0.26	%		(0.02	)%
Portfolio Turnover Rate(9)			127	%		85	%		182	%		93	%		110	%		19	%		314	%		203	%

See accompanying Notes to Financial Statements.

95

ADVISORSHARES TRUST
Financial Highlights

 

	AdvisorShares Meidell Tactical Advantage ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period June 23, 2011* to June 30, 2011
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period.	$	30.86		$	30.00		$	28.33		$	25.12		$	25.06		$	25.00
Investment Operations
Net Investment Income (Loss)(2)		(0.00	)(3)		0.17			0.14			0.14			0.00	(3)		0.01
Net Realized and Unrealized Gain (Loss)		(2.98	)		0.87			1.53			3.30			0.08			0.05
Distributions of Net Realized Gains by other investment companies		0.01			—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(2.97	)		1.04			1.67			3.44			0.08			0.06
Distributions from Net Investment Income		(0.10	)		(0.18	)		—			(0.23	)		(0.02	)		—
Distributions from Realized Capital Gains		—			—			—			—			—			—
Total Distributions		(0.10	)		(0.18	)		—			(0.23	)		(0.02	)		—
Net Asset Value, End of Period	$	27.79		$	30.86		$	30.00		$	28.33		$	25.12		$	25.06
Market Value, End of Period	$	27.80		$	30.87		$	30.00		$	28.37		$	25.48		$	25.07
Total Return
Total Investment Return Based on Net Asset Value(5)		(9.62	)%		3.47	%		5.89	%		13.81	%		0.31	%		0.24	%
Total Investment Return Based on Market(5)		(9.94	)%		3.52	%		5.75	%		12.33	%		1.71	%		0.28	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	20,151		$	16,972		$	15,750		$	9,209		$	5,652		$	2,506
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Expenses, prior to expense waivers and reimbursements(6)		1.91	%		1.99	%		2.12	%		2.99	%		3.69	%		13.70	%
Net Investment Income (Loss)(6)		(0.02	)%		0.57	%		0.49	%		0.51	%		0.01	%		1.00	%
Portfolio Turnover Rate(9)		364	%		434	%		687	%		605	%		817	%		5	%

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

(2) Based on average shares outstanding.

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

(4) The amount shown for a share distribution throughout the period may not correlate with the Statements 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.

(5) 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, 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, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized.

(7) The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively.

(8) The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, 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.

See accompanying Notes to Financial Statements.

96

ADVISORSHARES TRUST
Financial Highlights

 

		AdvisorShares Morgan Creek Global Tactical ETF																		AdvisorShares Newfleet Multi-Sector Income ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period October 26, 2010* to June 30, 2011			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			For the period March 19, 2013* to June 30, 2013
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period		$	24.62		$	26.19		$	23.78		$	23.69		$	25.92		$	25.10		$	49.08		$	49.94		$	49.04		$	50.00
Investment Operations
Net Investment Income (Loss)(2)			(0.03	)		0.06			0.30			0.38			0.21			0.25			0.63			1.28			1.26			0.28
Net Realized and Unrealized Gain (Loss)			(2.06	)		(1.06	)		2.11			0.27			(2.24	)		0.79			(0.66	)		(0.77	)		0.99			(0.99	)
Distributions of Net Realized Gains by other investment companies			0.26			0.07			—			0.00	(3)		—			—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)			(1.83	)		(0.93	)		2.41			0.65			(2.03	)		1.04			(0.03	)		0.51			2.25			(0.71	)
Distributions from Net Investment Income			(0.33	)		(0.64	)		—			(0.56	)		—			(0.22	)		(0.70	)		(1.37	)		(1.35	)		(0.25	)
Distributions from Realized Capital Gains			—			—			—			—			(0.20	)		—			—			—			—			—
Total Distributions			(0.33	)		(0.64	)		—			(0.56	)		(0.20	)		(0.22	)		(0.70	)		(1.37	)		(1.35	)		(0.25	)
Net Asset Value, End of Period		$	22.46		$	24.62		$	26.19		$	23.78		$	23.69		$	25.92		$	48.35		$	49.08		$	49.94		$	49.04
Market Value, End of Period		$	22.50		$	24.60		$	26.16		$	23.79		$	23.64		$	25.93		$	48.40		$	49.04		$	49.94		$	49.01
Total Return
Total Investment Return Based on Net Asset Value(5)			(7.43	)%		(3.59	)%		10.13	%		2.68	%		(7.84	)%		4.17	%		(0.06	)%		1.04	%		4.65	%		(1.42	)%
Total Investment Return Based on Market(5)			(8.54	)%		(3.52	)%		9.96	%		2.92	%		(8.07	)%		4.20	%		0.13	%		0.95	%		4.70	%		(1.48	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)		$	8,983		$	12,309		$	36,667		$	49,942		$	78,171		$	178,837		$	236,931		$	215,941		$	154,811		$	83,362
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)			1.25	%		1.25	%		1.25	%		1.15	%		0.99	%		1.02	%		0.75	%		0.75	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements(6)			2.26	%		2.23	%		1.24	%		1.15	%		1.08	%		1.04	%		0.81	%		0.82	%		0.83	%		1.13	%
Net Investment Income (Loss)(6)			(0.24	)%		0.23	%		1.19	%		1.54	%		0.87	%		1.45	%		2.58	%		2.60	%		2.55	%		1.98	%
Portfolio Turnover Rate(9)			40	%		244	%		232	%		236	%		475	%		187	%		23	%		49	%		85	%		105	%

See accompanying Notes to Financial Statements.

97

ADVISORSHARES TRUST
Financial Highlights

 

	AdvisorShares Pacific Asset Enhanced Floating Rate ETF
	Six months ended December 31, 2015 (Unaudited)			For the period February 18, 2015* to June 30, 2015
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	49.66		$	50.00
Investment Operations
Net Investment Income (Loss)(2)		0.90			0.62
Net Realized and Unrealized Gain (Loss)		(2.16	)		(0.38	)
Distributions of Net Realized Gains by other investment companies		—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(1.26	)		0.24
Distributions from Net Investment Income		(0.94	)		(0.58	)
Distributions from Realized Capital Gains		—			—
Total Distributions		(0.94	)		(0.58	)
Net Asset Value, End of Period	$	47.46		$	49.66
Market Value, End of Period	$	47.33		$	49.78
Total Return
Total Investment Return Based on Net Asset Value(5)		(2.56	)%		0.47	%
Total Investment Return Based on Market(5)		(3.07	)%		0.71	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	26,101		$	27,312
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		1.10	%		1.10	%
Expenses, prior to expense waivers and reimbursements(6)		1.43	%		1.41	%
Net Investment Income (Loss)(6)		3.67	%		3.46	%
Portfolio Turnover Rate(9)		9	%		102	%

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

(2) Based on average shares outstanding.

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

(4) The amount shown for a share distribution throughout the period may not correlate with the Statements 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.

(5) 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, 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, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized.

(7) The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively.

(8) The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, 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.

See accompanying Notes to Financial Statements.

98

ADVISORSHARES TRUST
Financial Highlights

 

		AdvisorShares Peritus High Yield ETF																		AdvisorShares QAM Equity Hedge ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period December 1, 2010* to June 30, 2011			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			For the period August 7, 2012* to June 30, 2013
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period		$	40.65		$	53.27		$	50.43		$	48.59		$	51.59		$	50.00		$	28.68		$	28.48		$	26.21		$	25.00
Investment Operations
Net Investment Income (Loss)(2)			1.77			3.59			4.14			4.28			4.20			2.25			(0.05	)		(0.13	)		(0.20	)		(0.12	)
Net Realized and Unrealized Gain (Loss)			(7.41	)		(12.33	)		2.69			1.66			(2.74	)		1.30			(1.55	)		0.54			2.95			1.51
Distributions of Net Realized Gains by other investment companies			—			—			—			—			0.00	(3)		—			0.02			0.01			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)			(5.64	)		(8.74	)		6.83			5.94			1.46			3.55			(1.58	)		0.42			2.75			1.39
Distributions from Net Investment Income			(1.93	)		(3.88	)		(3.95	)		(4.09	)		(3.99	)		(1.96	)		—			—			—			(0.08	)
Distributions from Realized Capital Gains			—			—			(0.04	)		(0.01	)		(0.47	)		—			(0.33	)		(0.22	)		(0.48	)		(0.10	)
Total Distributions			(1.93	)		(3.88	)		(3.99	)		(4.10	)		(4.46	)		(1.96	)		(0.33	)		(0.22	)		(0.48	)		(0.18	)
Net Asset Value, End of Period		$	33.08		$	40.65		$	53.27		$	50.43		$	48.59		$	51.59		$	26.77		$	28.68		$	28.48		$	26.21
Market Value, End of Period		$	32.53		$	40.58		$	53.27		$	49.91		$	48.64		$	51.87		$	26.66		$	28.68		$	28.45		$	26.16
Total Return
Total Investment Return Based on Net Asset Value(5)			(14.23	)%		(16.82	)%		14.04	%		12.58	%		3.27	%		7.16	%		(5.52	)%		1.48	%		10.52	%		5.57	%
Total Investment Return Based on Market(5)			(15.44	)%		(16.88	)%		15.20	%		11.29	%		2.75	%		7.73	%		(7.04	)%		1.60	%		10.62	%		5.36	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)		$	203,471		$	375,991		$	1,075,997		$	259,729		$	92,328		$	43,851		$	5,354		$	7,171		$	8,543		$	3,932
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)			1.17	%		1.23	%		1.18	%		1.25	%		1.35	%		1.34	%		1.65	%(7)		1.65	%(7)		1.70	%(7)		1.56	%(7)
Expenses, prior to expense waivers and reimbursements(6)			1.27	%		1.23	%		1.18	%		1.23	%		1.35	%		1.57	%		2.99	%(7)		2.83	%(7)		2.66	%(7)		4.61	%(7)
Net Investment Income (Loss)(6)			9.33	%		7.65	%		7.95	%		8.44	%		8.64	%		7.47	%		(0.38	)%		(0.46	)%		(0.71	)%		(0.50	)%
Portfolio Turnover Rate(9)			22	%		88	%		87	%		37	%		80	%		81	%		67	%		131	%		179	%		114	%

See accompanying Notes to Financial Statements.

99

ADVISORSHARES TRUST
Financial Highlights

 

	AdvisorShares Ranger Equity Bear ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period January 27, 2011* to June 30, 2011
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	10.88		$	11.78		$	16.17		$	23.33		$	22.65		$	25.00
Investment Operations
Net Investment Income (Loss)(2)		(0.15	)		(0.31	)		(0.38	)		(0.60	)		(0.72	)		(0.30	)
Net Realized and Unrealized Gain (Loss)		0.02			(0.59	)		(4.01	)		(6.56	)		1.40			(2.05	)
Distributions of Net Realized Gains by other investment companies		—			—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(0.13	)		(0.90	)		(4.39	)		(7.16	)		0.68			(2.35	)
Distributions from Net Investment Income		—			—			—			—			—			—
Distributions from Realized Capital Gains		—			—			—			—			—			—
Total Distributions		—			—			—			—			—			—
Net Asset Value, End of Period	$	10.75		$	10.88		$	11.78		$	16.17		$	23.33		$	22.65
Market Value, End of Period	$	10.75		$	10.88		$	11.79		$	16.16		$	23.34		$	22.65
Total Return
Total Investment Return Based on Net Asset Value(5)		(1.19	)%		(7.64	)%		(27.15	)%		(30.69	)%		3.00	%		(9.40	)%
Total Investment Return Based on Market(5)		(1.19	)%		(7.72	)%		(27.04	)%		(30.76	)%		3.05	%		(9.40	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	122,532		$	128,059		$	161,952		$	218,357		$	313,223		$	50,389
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		2.93	%(8)		2.80	%(8)		2.87	%(8)		3.12	%(8)		3.07	%(8)		3.07	%(8)
Expenses, prior to expense waivers and reimbursements(6)		2.93	%(8)		2.80	%(8)		2.87	%(8)		3.12	%(8)		3.06	%(8)		3.16	%(8)
Net Investment Income (Loss)(6)		(2.78	)%		(2.72	)%		(2.81	)%		(3.11	)%		(3.06	)%		(3.07	)%
Portfolio Turnover Rate(9)		249	%		419	%		484	%		697	%		756	%		635	%

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

(2) Based on average shares outstanding.

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

(4) The amount shown for a share distribution throughout the period may not correlate with the Statements 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.

(5) 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, 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, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized.

(7) The expense ratio includes interest and dividend expenses on short sales of 0.15%, 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively.

(8) The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, 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.

See accompanying Notes to Financial Statements.

100

ADVISORSHARES TRUST
Financial Highlights

 

		AdvisorShares Sage Core Reserves ETF									AdvisorShares STAR Global Buy-Write ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			For the period January 14, 2014* to June 30, 2014			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			For the period September 17, 2012* to June 30, 2013
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period		$	99.38		$	99.78		$	100.00		$	26.60		$	26.18		$	23.61		$	25.00
Investment Operations
Net Investment Income (Loss)(2)			0.27			0.12			0.36			0.04			0.01			(0.10	)		(0.03	)
Net Realized and Unrealized Gain (Loss)			(0.30	)		(0.12	)		(0.25	)		(0.69	)		0.41			2.67			(1.16	)
Distributions of Net Realized Gains by other investment companies			—			—			—			0.00	(3)		—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)			(0.03	)		—			0.11			(0.65	)		0.42			2.57			(1.19	)
Distributions from Net Investment Income			(0.33	)		(0.40	)		(0.33	)		—			—			—			(0.17	)
Distributions from Realized Capital Gains			—			—			—			—			—			—			(0.03	)
Total Distributions			(0.33	)		(0.40	)		(0.33	)		—			—			—			(0.20	)
Net Asset Value, End of Period		$	99.02		$	99.38		$	99.78		$	25.95		$	26.60		$	26.18		$	23.61
Market Value, End of Period		$	99.03		$	99.40		$	99.80		$	25.84		$	26.61		$	26.22		$	23.62
Total Return
Total Investment Return Based on Net Asset Value(5)			(0.04	)%		(0.00	)%(3)		0.11	%		(2.44	)%		1.60	%		10.89	%		(4.80	)%
Total Investment Return Based on Market(5)			(0.05	)%		(0.00	)%(3)		0.13	%		(2.89	)%		1.49	%		11.01	%		(4.76	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)		$	34,658		$	34,783		$	37,419		$	21,412		$	26,597		$	27,490		$	22,428
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)			0.35	%		0.35	%		0.35	%		1.85	%		1.85	%		1.85	%		1.85	%
Expenses, prior to expense waivers and reimbursements(6)			0.59	%		0.73	%		0.73	%		1.92	%		1.87	%		1.79	%		2.35	%
Net Investment Income (Loss)(6)			0.53	%		0.12	%		0.78	%		0.33	%		0.03	%		(0.42	)%		(0.14	)%
Portfolio Turnover Rate(9)			40	%		59	%		12	%		45	%		45	%		166	%		40	%

See accompanying Notes to Financial Statements.

101

ADVISORSHARES TRUST
Financial Highlights

 

	AdvisorShares TrimTabs Float Shrink ETF
	Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			For the period October 4, 2011* to June 30, 2012
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	57.05		$	51.22		$	41.05		$	33.16		$	26.20
Investment Operations
Net Investment Income (Loss)(2)		0.19			0.42			0.43			0.23			0.07
Net Realized and Unrealized Gain (Loss)		(2.73	)		5.75			9.89			7.99			6.90
Distributions of Net Realized Gains by other investment companies		—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)		(2.54	)		6.17			10.32			8.22			6.97
Distributions from Net Investment Income		(0.42	)		(0.34	)		(0.15	)		(0.21	)		(0.01	)
Distributions from Realized Capital Gains		—			—			—			(0.12	)		—
Total Distributions		(0.42	)		(0.34	)		(0.15	)		(0.33	)		(0.01	)
Net Asset Value, End of Period	$	54.09		$	57.05		$	51.22		$	41.05		$	33.16
Market Value, End of Period	$	54.08		$	57.05		$	51.25		$	41.13		$	33.24
Total Return
Total Investment Return Based on Net Asset Value(5)		(4.47	)%		12.06	%		25.18	%		25.01	%		26.62	%
Total Investment Return Based on Market(5)		(4.47	)%		11.99	%		25.00	%		24.96	%		26.93	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	217,715		$	242,472		$	137,015		$	25,657		$	8,291
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements(6)		1.15	%		1.11	%		1.16	%		1.90	%		2.34	%
Net Investment Income (Loss)(6)		0.68	%		0.76	%		0.90	%		0.62	%		0.31	%
Portfolio Turnover Rate(9)		132	%		52	%		7	%		57	%		201	%

* Commencement of operations.

(1) Formerly known as, AdvisorShares Sunrise Global Multi-Strategy ETF.

(2) Based on average shares outstanding.

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

(4) The amount shown for a share distribution throughout the period may not correlate with the Statements 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.

(5) 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, 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, and sale at the market value on the last day of the period.

(6) Ratios of periods of less than one year have been annualized.

(7) The expense ratio includes interest and dividend expenses on short sales of 0.07% 0.15%, 0.20%, and 0.06% for the periods ended December 31, 2015, June 30, 2015, June 30, 2014, and June 30, 2013, respectively.

(8) The expense ratio includes interest and dividend expenses on short sales of 1.28%, 1.15%, 1.22%, 1.51%, 1.38, and 1.28% for the periods ended December 31,2015, June 30, 2015, June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, 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.

See accompanying Notes to Financial Statements.

102

ADVISORSHARES TRUST
Financial Highlights

 

		AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF																		AdvisorShares YieldPro ETF
		Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2013			Year ended June 30, 2012			For the period July 21, 2010* to June 30, 2011			Six months ended December 31, 2015 (Unaudited)			Year ended June 30, 2015			For the period March 4, 2014* to June 30, 2014
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period		$	38.86		$	38.95		$	32.65		$	28.72		$	31.46		$	25.00		$	23.07		$	25.28		$	25.00
Investment Operations
Net Investment Income (Loss)(2)			0.00	(3)		0.34			0.18			0.11			0.07			0.15			0.12			0.85			0.29
Net Realized and Unrealized Gain (Loss)			(0.34	)		(0.20	)		6.29			3.99			(2.58	)		6.40			(0.07	)		(2.07	)		0.20
Distributions of Net Realized Gains by other investment companies			—			—			—			0.00	(3)		—			—			0.01			0.00	(3)		—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations(4)			(0.34	)		0.14			6.47			4.10			(2.51	)		6.55			0.06			(1.22	)		0.49
Distributions from Net Investment Income			(0.11	)		(0.23	)		(0.17	)		(0.17	)		(0.11	)		(0.09	)		(0.14	)		(0.99	)		(0.21	)
Distributions from Realized Capital Gains			—			—			—			—			(0.12	)		—			—			—			—
Total Distributions			(0.11	)		(0.23	)		(0.17	)		(0.17	)		(0.23	)		(0.09	)		(0.14	)		(0.99	)		(0.21	)
Net Asset Value, End of Period		$	38.41		$	38.86		$	38.95		$	32.65		$	28.72		$	31.46		$	22.99		$	23.07		$	25.28
Market Value, End of Period		$	38.60		$	38.77		$	38.93		$	32.63		$	28.70		$	31.58		$	22.99		$	23.03		$	25.31
Total Return
Total Investment Return Based on Net Asset Value(5)			(0.86	)%		0.36	%		19.85	%		14.30	%		(7.94	)%		26.21	%		0.25	%		(4.92	)%		1.95	%
Total Investment Return Based on Market(5)			(0.13	)%		0.19	%		19.85	%		14.29	%		(8.36	)%		26.69	%		0.43	%		(5.20	)%		2.07	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)		$	19,204		$	15,543		$	12,660		$	7,346		$	6,462		$	8,651		$	28,159		$	34,598		$	72,035
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements(6)			1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.20	%		1.05	%		1.07	%
Expenses, prior to expense waivers and reimbursements(6)			1.61	%		1.63	%		1.67	%		2.52	%		4.17	%		3.04	%		1.23	%		1.05	%		1.07	%
Net Investment Income (Loss)(6)			(0.02	)%		0.88	%		0.50	%		0.36	%		0.24	%		0.52	%		0.99	%		3.49	%		3.64	%
Portfolio Turnover Rate(9)			13	%		27	%		24	%		38	%		16	%		34	%		23	%		128	%		8	%

See accompanying Notes to Financial Statements.

103

ADVISORSHARES TRUST
Notes to Financial Statements
December 31, 2015 (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 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 21 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):

Fund	Ticker		Commencement of Operations
AdvisorShares Athena High Dividend ETF		DIVI		July 29, 2014
AdvisorShares EquityPro ETF		EPRO		July 10, 2012
AdvisorShares Gartman Gold/Euro ETF		GEUR		February 11, 2014
AdvisorShares Gartman Gold/Yen ETF		GYEN		February 11, 2014
AdvisorShares Global Echo ETF		GIVE		May 23, 2012
AdvisorShares Madrona Domestic ETF		FWDD		June 21, 2011
AdvisorShares Madrona Global Bond ETF		FWDB		June 21, 2011
AdvisorShares Madrona International ETF		FWDI		June 21, 2011
AdvisorShares Market Adaptive Unconstrained Income ETF*		MAUI		July 8, 2014
AdvisorShares Meidell Tactical Advantage ETF		MATH		June 23, 2011
AdvisorShares Morgan Creek Global Tactical ETF		GTAA		October 26, 2010
AdvisorShares NewFleet Multi-Sector Income ETF		MINC		March 19, 2013
AdvisorShares Pacific Asset Enhanced Floating Rate ETF		FLRT		February 18, 2015
AdvisorShares Peritus High Yield ETF		HYLD		December 1, 2010
AdvisorShares QAM Equity Hedge ETF		QEH		August 7, 2012
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 TrimTabs Float Shrink ETF		TTFS		October 4, 2011
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF		AADR		July 21, 2010
AdvisorShares YieldPro ETF		YPRO		March 4, 2014

* Effective November 1, 2015, AdvisorShares Sunrise Global Multi-Strategy ETF changed its name to AdvisorShares Market Adaptive Unconstrained Income ETF.

AdvisorShares Athena High Dividend ETF (“Athena High Dividend ETF”) seeks long-term capital appreciation. The Portfolio Manager uses a behavioral finance approach to identifying securities for DIVI’s portfolio. Stocks are screened and selected using the Portfolio Manager’s patented research.

AdvisorShares EquityPro ETF (“EquityPro ETF”) is a broadly diversified global equity ETF which seeks long-term capital growth. EPRO utilizes a “top-down” thematic approach while employing a proprietary security selection process and from time to time will employ risk management techniques to lower portfolio volatility and risk. The Portfolio Manager seeks to achieve this objective by investing primarily in other ETFs, individual stocks, and American Depositary Receipts (ADRs) that provide investment exposure to global equity markets and that meet certain selection criteria established by the Portfolio Manager.

AdvisorShares Gartman Gold/Euro ETF (“Gartman Gold/Euro ETF”) seeks to provide positive returns by utilizing the European Union’s Euro to invest its assets in the gold market. GEUR offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. Euros are obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts.

104

ADVISORSHARES TRUST
Notes to Financial Statements
December 31, 2015 (Unaudited)

1. Organization - (continued)

AdvisorShares Gartman Gold/Yen ETF (“Gartman Gold/Yen ETF”) seeks to provide positive returns by utilizing the Japanese yen to invest its assets in the gold market. GYEN offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. The Japanese yen is obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts.

AdvisorShares Global Echo ETF (“Global Echo ETF”) seeks long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices, such as the S&P 500 Index, over a full market cycle. The Fund is a multi-manager, multi-strategy, broadly diversified, and actively managed ETF with a focus on sustainable investing.

AdvisorShares Madrona Domestic ETF (“Madrona Domestic ETF”) seeks to provide long-term capital appreciation above the capital appreciation of its benchmark, the S&P 500 Index by selecting a portfolio of up to 500 of the largest U.S. traded equity securities using a weighted allocation system based on consensus analyst estimates of the present value of future expected earnings relative to the share price of each security.

AdvisorShares Madrona Global Bond ETF (“Madrona Global Bond ETF”) seeks investment results that exceed the price and yield performance of its benchmark, the Barclays Capital 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 12 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 Madrona International ETF (“Madrona International ETF”) seeks to provide long-term capital appreciation above the capital appreciation of its international benchmarks, such as the MSCI EAFE Index, the Fund’s primary benchmark, and the BNY Mellon Classic ADR Index, the Fund’s secondary benchmark. The Fund seeks to achieve this objective by selecting a portfolio primarily composed of at least 250 of the largest American Depositary Receipts (ADRs) from among the largest issuers of Europe, Australasia and the Far East (EAFE) and Canada. Its portfolio may also include ADRs that provide exposure to certain markets deemed to be emerging markets.

The AdvisorShares Market Adaptive Unconstrained Income ETF (“Market Adaptive Unconstrained Income ETF”) seeks to provide long-term total return and income with a secondary emphasis on capital preservation. MAUI is a non-traditional bond strategy and is designed to be different from most fixed income funds. It tactically allocates to various global regions, income categories, credit qualities, and durations, and when the environment calls for it, will get defensive and move to ultra-short-term fixed income.

AdvisorShares Meidell Tactical Advantage ETF (“Meidell Tactical Advantage ETF”) seeks to provide long-term capital appreciation and capital preservation. The Fund is considered a “fund-of-funds” that seeks to achieve this investment objective by managing a tactical strategy that has the ability to dynamically rebalance the Fund’s portfolio from as much as 100% equity assets to 100% fixed income assets or cash and cash equivalents depending on market trends. The Fund employs a long tactical strategy that seeks to minimize portfolio losses by rotating out of higher volatility assets and lower volatility assets depending on the Fund’s current view of risks in different asset classes.

AdvisorShares Morgan Creek Global Tactical ETF (“Morgan Creek Global Tactical ETF”) seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity

105

ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

1. Organization - (continued)

and currency markets, independent of market direction. The Portfolio Manager seeks to achieve GTAA’s objective by utilizing a combination a qualitative and quantitative approaches with established risk management controls to actively manage the portfolio in an attempt to control the downside losses and protect capital.

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 Pacific Asset Enhanced Floating Rate ETF (“Pacific Asset Enhanced Floating Rate ETF”) seeks to provide a high level of current income. The fund seeks to achieve its investment objective by selecting a focused portfolio comprised primarily of income producing floating rate loans and floating rate debt securities. Under normal circumstances, it will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and other floating rate debt securities and in derivatives or other instruments that have economic characteristics similar to such securities (such as swap agreements, including, but not limited to, total return swaps, credit default swaps, and interest rate swaps).

AdvisorShares Peritus High Yield ETF (“Peritus High Yield ETF”) seeks high current income by investing in a focused portfolio of high yield debt securities commonly referred to as “junk bonds”. The Fund does not have any portfolio maturity limitation and may invest in instruments with short-term, medium-term or long-term maturities.

AdvisorShares QAM Equity Hedge ETF (“QAM Equity Hedge ETF”) seeks investment results that exceed the risk adjusted performance of approximately 50% of the long/short equity hedge fund universe as defined by the HFRI Equity Hedge Total Index constituents. The Portfolio Manager seeks to achieve this objective by employing an actively managed long/short equity strategy that attempts to gain global net equity exposures that approximate those of the universe of managers in the HFRI Equity Hedge Total Index. Additionally, the Portfolio Manager utilizes advanced algorithms including Markov Processes International’s (MPI) proprietary and patented style analysis technique and associated algorithms, DSA (Dynamic Style Analysis), patented hedge fund analysis software, combined with the Portfolio Manager’s qualitative knowledge of the hedge fund investor community to develop investment strategies.

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

106

ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

1. Organization - (continued)

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 TrimTabs Float Shrink ETF (“TrimTabs Float Shrink ETF”) seeks to generate long-term returns in excess of the total return of the Russell 3000^® Index, with less volatility than the Russell 3000^® Index. The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by primarily investing in the broad U.S. equity market, as represented by the Russell 3000^® Index. The Fund seeks to achieve this goal by investing in stocks with liquidity and fundamental characteristics that are historically associated with superior long-term performance.

AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (“WCM/BNY Mellon Focused Growth ADR ETF”) seeks long-term capital appreciation by investing primarily in other Underlying ETFs, American Depository Receipts (ADRs) included in the BNY Mellon Classic ADR Index, the Fund’s primary index, and swap contracts.

AdvisorShares YieldPro ETF (“YieldPro ETF”) seeks to provide current income and capital appreciation. The fund is considered a “fund of funds” that seeks to achieve its investment objective by primarily investing in both long and short positions in other affiliated and unaffiliated exchange traded funds (“ETFs”) that offer diversified exposure to fixed income and other income producing securities. It may also invest in equity, inverse or other types of ETFs to supplement its fixed income ETF positions. The fund intends to invest the majority of its assets in investments that provide a competitive yield on a risk-adjusted basis.

2. Consolidation of Subsidiaries

The Consolidated Schedules of Investments; Consolidated Statements of Assets and Liabilities, of Operations and of Changes in Net Assets; and the Consolidated Financial Highlights of the ETFs listed below include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Funds	Wholly Owned Subsidiary
Gartman Gold/Euro ETF		AdvisorShares Gartman Gold/Euro CFC
Gartman Gold/Yen ETF		AdvisorShares Gartman Gold/Yen CFC

A summary of each ETF’s investment in its corresponding subsidiary is as follows:

Funds	Inception Date of Subsidiary		Subsidiary Net Assets at December 31, 2015		% of ETF’s Total Net Assets at December 31, 2015
Gartman Gold/Euro ETF		February 11, 2014	$	1,453,045		12.8	%
Gartman Gold/Yen ETF		February 11, 2014		1,880,413		13.4

107

ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

3. 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 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.

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.

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 Adviser or Sub-Adviser, 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.

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December 31, 2015 (Unaudited)

3. Summary of Significant Accounting Policies - (continued)

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, 2015 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 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 amounts of income or fees paid by QAM Equity Hedge ETF and Ranger Equity Bear ETF for the period ended December 31, 2015 are $4,947 and $320,603, respectively, which are included as Interest on Securities Sold Short, 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.

Futures Contracts

Certain Funds may invest in futures contracts (“futures”), may invest in 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

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December 31, 2015 (Unaudited)

3. Summary of Significant Accounting Policies - (continued)

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 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.

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.

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 in 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

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December 31, 2015 (Unaudited)

3. Summary of Significant Accounting Policies - (continued)

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 overnight repurchase agreements. 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 repurchase agreement 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, 2015 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Liabilities:	Description		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Statements of Financial Position		Net Amounts Presented in the Statements of Financial Position		Gross Amounts not offset in the Statements of Assets and Liabilities						Net Amount
Fund									Financial Instruments			Collateral Pledged/ Received
Athena High Dividend ETF		Repurchase Agreements	$	966,903	$	—	$	966,903	$	966,903	*	$	1,546,190	(1)	$	—
EquityPro ETF		Repurchase Agreements		9,832,625		—		9,832,625		9,832,625	*		9,999,313			—
Global Echo ETF		Repurchase Agreements		229,165		—		229,165		229,165	*		380,714	(1)		—
Madrona Domestic ETF		Repurchase Agreements		938,348		—		938,348		938,348	*		1,896,410	(1)		—
Madrona Global Bond ETF		Repurchase Agreements		3,273,251		—		3,273,251		3,273,251	*		3,328,740			—
Madrona International ETF		Repurchase Agreements		1,492,481		—		1,492,481		1,492,481	*		1,587,197	(1)		—
Meidell Tactical Advantage ETF		Repurchase Agreements		1,296,418		—		1,296,418		1,296,418	*		1,318,395			—
Morgan Creek Global Tactical ETF		Repurchase Agreements		195,464		—		195,464		195,464	*		198,829			—
Newfleet Multi-Sector Income ETF		Repurchase Agreements		1,799,419		—		1,799,419		1,799,419	*		2,778,070	(1)		—
Peritus High Yield ETF		Repurchase Agreements		15,142,642		—		15,142,642		15,142,642	*		21,774,259	(1)		—
Sage Core Reserves ETF		Repurchase Agreements		729,473		—		729,473		729,473	*		741,793			—
TrimTabs Float Shrink ETF		Repurchase Agreements		13,797,346		—		13,797,346		13,797,346	*		27,651,324	(1)		—
WCM/BNY Mellon Focused Growth ADR ETF		Repurchase Agreements		3,354,788		—		3,354,788		3,354,788	*		3,411,660			—

* Collateral for securities on loan included in the Schedules of Investments.

(1) Includes the value of securities received as collateral which are not shown on the Statements of Assets and Liabilities because the Fund does not have the right to sell or repledge the securities received as collateral.

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.

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December 31, 2015 (Unaudited)

3. Summary of Significant Accounting Policies - (continued)

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.

4. 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 adviser. 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-advisers. 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:
Athena High Dividend ETF		0.80	%
EquityPro ETF		0.80	%
Gartman Gold/Euro ETF		0.55	%
Gartman Gold/Yen ETF		0.55	%
Global Echo ETF		1.10	%
Madrona Domestic ETF		0.80	%
Madrona Global Bond ETF		0.50	%
Madrona International ETF		0.80	%
Market Adaptive Unconstrained Income ETF		0.90	%*
Meidell Tactical Advantage ETF		1.20	%
Morgan Creek Global Tactical ETF
$0 – $250,000,000		0.90	%
$250,000,001 – $1,000,000,000		0.80	%
$1,000,000,001 – $5,000,000,000		0.70	%
$5,000,000,001 +		0.60	%
Newfleet Multi-Sector Income ETF		0.65	%
Pacific Asset Enhanced Floating Rate ETF		0.95	%
Peritus High Yield ETF		1.10	%
QAM Equity Hedge ETF		1.00	%
Ranger Equity Bear ETF		1.50	%
Sage Core Reserves ETF		0.30	%
STAR Global Buy-Write ETF		1.35	%
TrimTabs Float Shrink ETF		0.99	%
WCM/BNY Mellon Focused Growth ADR ETF		0.75	%
YieldPro ETF		0.80	%

* Effective November 1, 2015, AdvisorShares Sunrise Global Multi-Strategy ETF changed its name to AdvisorShares Market Adaptive Unconstrained Income ETF and the Fund’s Investment Advisory Agreement changed from 1.50% to 0.90%.

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

4. Investment Advisory Agreement and Other Agreements - (continued)

For the Global Echo Fund, as part of its agreement with the Trust, the Advisor has contractually agreed to pay all operating expenses of the Fund, including transfer agency, custody, fund administration, legal, audit and other services, except management fees, interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, acquired fund fees and expenses, short dividend expenses, expenses of Independent Trustees (including any Trustees’ counsel fees), and extraordinary expenses.

Sub-Advisory Agreement

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 receives an annual fee.

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

Expense Limitation Agreements

The Advisor has contractually agreed to reduce their fees and reimburse expenses in order to keep net expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding a specified amount for each Fund’s average daily net assets (with the exception of Global Echo ETF). The expense limitation agreement will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. The investment advisory agreement may only be terminated with the approval of the Fund’s Board. The expense caps in effect for each Fund during the period ended December 31, 2015 were as follows:

Fund:	Rate:
Athena High Dividend ETF		0.99	%
EquityPro ETF		1.25	%
Gartman Gold/Euro ETF		0.65	%
Gartman Gold/Yen ETF		0.65	%
Global Echo ETF		—
Madrona Domestic ETF		1.25	%
Madrona Global Bond ETF		0.95	%
Madrona International ETF		1.25	%
Market Adaptive Unconstrained Income ETF		0.99	%*
Meidell Tactical Advantage ETF		1.35	%
Morgan Creek Global Tactical ETF		1.25	%
Newfleet Multi-Sector Income ETF		0.75	%
Pacific Asset Enhanced Floating Rate ETF		1.10	%
Peritus High Yield ETF		1.35	%
QAM Equity Hedge ETF		1.50	%
Ranger Equity Bear ETF		1.85	%
Sage Core Reserves ETF		0.35	%
STAR Global Buy-Write ETF		1.85	%
TrimTabs Float Shrink ETF		0.99	%
WCM/BNY Mellon Focused Growth ADR ETF		1.25	%
YieldPro ETF		1.25	%

* Effective November 1, 2015, AdvisorShares Sunrise Global Multi-Strategy ETF changed its name to AdvisorShares Market Adaptive Unconstrained Income ETF and the Fund’s Expense Limitation Agreement changed from 1.75% to 0.99%.

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December 31, 2015 (Unaudited)

4. Investment Advisory Agreement and Other Agreements - (continued)

For the period ended December 31, 2015, the Advisor waived fees and reimbursed expenses for each Fund as follows. Each Fund may recoup such waivers until the date indicated.

Fund:	Expenses Reimbursed:		Recoupment Balance:		Recoupment Expiration:
Athena High Dividend ETF	$	83,036	$	79,776		6/30/2018
		31,165		29,752		6/30/2019
Total Athena High Dividend ETF		114,201		109,528
EquityPro ETF		83,603		53,151		6/30/2016
		67,622		67,622		6/30/2017
		802		—		6/30/2018
		7,843		4,148		6/30/2019
Total EquityPro ETF		159,870		124,921
Gartman Gold Euro ETF		49,169		49,169		6/30/2017
		118,897		118,897		6/30/2018
		59,375		59,375		6/30/2019
Total Gartman Gold Euro ETF		227,441		227,441
Gartman Gold Yen ETF		48,900		48,900		6/30/2017
		122,306		122,306		6/30/2018
		58,508		58,508		6/30/2019
Total Gartman Gold Yen ETF		229,714		229,714
Madrona Domestic ETF		59,617		59,418		6/30/2016
		35,931		35,931		6/30/2017
		35,654		35,654		6/30/2018
		9,072		9,072		6/30/2019
Total Madrona Domestic ETF		140,274		140,075
Madrona Global Bond ETF		28,515		16,831		6/30/2016
		27,899		27,899		6/30/2017
		12,090		11,721		6/30/2018
		10,089		10,019		6/30/2019
Total Madrona Global Bond ETF		78,593		66,470
Madrona International ETF		60,597		60,597		6/30/2016
		54,221		54,221		6/30/2017
		79,853		79,853		6/30/2018
		33,749		33,749		6/30/2019
Total Madrona International ETF		228,420		228,420
Market Adaptive Unconstrained Income ETF		97,168		92,537		6/30/2018
		32,056		29,981		6/30/2019
Total Market Adaptive Unconstrained Income ETF		129,224		122,518
Meidell Tactical Advantage ETF		119,857		117,592		6/30/2016
		106,095		106,095		6/30/2017
		103,519		103,519		6/30/2018
		50,366		50,366		6/30/2019
Total Meidell Tactical Advantage ETF		379,837		377,572

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December 31, 2015 (Unaudited)

4. Investment Advisory Agreement and Other Agreements - (continued)

Fund:	Expenses Reimbursed:		Recoupment Balance:		Recoupment Expiration:
Morgan Creek Global Tactical ETF	$	15,570	$	—		6/30/2016
		4,358		—		6/30/2017
		175,707		165,254		6/30/2018
		51,890		51,890		6/30/2019
Total Morgan Creek Global Tactical ETF		247,525		217,144
Newfleet Multi-Sector Income ETF		76,615		76,615		6/30/2016
		88,416		88,416		6/30/2017
		139,832		139,832		6/30/2018
		69,126		69,126		6/30/2019
Total Newfleet Multi-Sector Income ETF		373,989		373,989
Pacific Asset Enhanced Floating Rate ETF		30,046		30,046		6/30/2018
		44,133		44,133		6/30/2019
Pacific Asset Enhanced Floating Rate ETF		74,179		74,179
QAM Equity Hedge ETF		104,781		104,781		6/30/2016
		65,019		65,019		6/30/2017
		88,514		88,514		6/30/2018
		45,950		45,950		6/30/2019
Total QAM Equity Hedge ETF		304,264		304,264
Sage Core Reserves ETF		58,758		58,758		6/30/2017
		141,235		138,231		6/30/2018
		43,424		42,077		6/30/2019
Total Sage Core Reserves ETF		243,417		239,066
STAR Global Buy-Write ETF		58,584		44,767		6/30/2016
		3,240		—		6/30/2017
		13,786		4,976		6/30/2018
		9,831		8,568		6/30/2019
Total STAR Global Buy-Write ETF		85,441		58,311
Trimtabs Float Shrink ETF		113,494		113,494		6/30/2016
		159,385		159,385		6/30/2017
		211,220		211,220		6/30/2018
		180,993		180,993		6/30/2019
Total Trimtabs Float Shrink ETF		665,092		665,092
WCM/BNY Mellon Focused Growth ADR ETF		93,571		89,500		6/30/2016
		40,767		40,767		6/30/2017
		55,807		55,807		6/30/2018
		29,757		29,757		6/30/2019
Total WCM/BNY Mellon Focused Growth ADR ETF		219,902		215,831
YieldPro ETF		2,266		2,266		6/30/2017
		23		23		6/30/2018
		3,491		3,491		6/30/2019
Total YieldPro ETF		5,780		5,780

As part of its agreement with the Trust, the Advisor has contractually agreed to pay all operating expenses of the Global Echo ETF. There are no expenses reimbursed or recouped for that Fund.

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December 31, 2015 (Unaudited)

4. Investment Advisory Agreement and Other Agreements - (continued)

Administrator, Custodian, Fund Accountant and Transfer Agent

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

Distribution and Service (12b-1) Plan

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

5. 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.

6. 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.

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December 31, 2015 (Unaudited)

6. Summary of Fair Value Disclosure - (continued)

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

The following is a summary of the inputs used as of December 31, 2015 in valuing the Funds’ assets carried at fair value:

Assets	Athena High Dividend ETF		EquityPro ETF		Gartman Gold/Euro ETF			Gartman Gold/Yen ETF			Global Echo ETF		Madrona Domestic ETF
Level 1
Exchange Traded Funds	$	—	$	36,737,541	$	—		$	—		$	—	$	—
Common Stocks		7,423,930		—		—			—			5,012,725		31,732,663
Money Market Funds		22,216		1,881,169		6,256,514			8,870,269			284,816		88,979
Futures†		—		—		29,364			—			—		—
Level 2
Municipal Bonds		—		—		—			—			300,000		—
Asset Backed Securities		—		—		—			—			1,045,693		—
U.S. Government Agency Securities		—		—		—			—			880,591		—
Repurchase Agreements for Securities Loaned		966,903		9,832,625		—			—			229,165		938,348
Liabilities
Level 1
Futures†		—		—		(82,607	)		(426,501	)		—		—
Total	$	8,413,049	$	48,451,335	$	6,203,271		$	8,443,768		$	7,752,990	$	32,759,990

Assets	Madrona Global Bond ETF		Madrona International ETF		Market Adaptive Unconstrained Income ETF		Meidell Tactical Advantage ETF		Morgan Creek Global Tactical ETF		Newfleet Multi-Sector Income ETF
Level 1
Exchange Traded Funds	$	23,505,801	$	—	$	503,108	$	19,441,000	$	3,514,639	$	—
Closed End Fund		—		—		—		—		189,663		—
Common Stocks		—		16,986,987		—		—		—		—
Money Market Funds		240,196		194,771		87,031		726,721		5,381,819		9,728,567
Level 2
Corporate Bonds		—		—		—		—		—		46,377,655
Foreign Bonds		—		—		—		—		—		10,354,337
US Treasury Notes		—		—		—		—		—		1,238,038
U.S. Government Agency Securities		—		—		—		—		—		2,100,837
Asset Backed Securities		—		—		—		—		—		58,603,064
Mortgage Backed Securities		—		—		—		—		—		81,213,134
Term Loans		—		—		—		—		—		25,408,618
Repurchase Agreements for Securities Loaned		3,273,251		1,492,481		—		1,296,418		195,464		1,799,419
Total	$	27,019,248	$	18,674,239	$	590,139	$	21,464,139	$	9,281,585	$	236,823,669

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

6. Summary of Fair Value Disclosure - (continued)

Assets	Pacific Asset Enhanced Floating Rate ETF			Peritus High Yield ETF		QAM Equity Hedge ETF			Ranger Equity Bear ETF			Sage Core Reserves ETF		STAR Global Buy-Write ETF
Level 1
Exchange Traded Funds	$	—		$	—	$	4,821,625		$	29,710,500		$	—	$	19,100,820
Common Stocks		—			—		—			—			—		288,618
Purchased Options		—			—		—			—			—		31,188
Money Market Funds		2,733,858			4,595,357		595,005			7,680,451			502,565		1,015,902
Level 2
Corporate Bonds		2,995,744			133,505,375		—			—			13,499,333		—
Foreign Bonds		—			20,128,216		—			—			3,028,448		—
Municipal Bonds		—			—		—			—			3,184,541		—
US Treasury Notes		—			—		—			—			2,770,488		1,004,760
US Treasury Bills		—			—		—			—			99,980		—
Asset Backed Securities		—			—		—			—			5,968,805		—
Commercial Mortgage Backed Securities		—			—		—			—			5,318,031		—
Term Loans		20,325,609			36,168,467		—			—			—		—
Repurchase Agreements for Securities Loaned		—			15,142,642		—			—			729,473		—
Liabilities
Level 1															—
Exchange Traded Funds		—			—		(478,605	)		—			—		—
Common Stocks		—			—		—			(120,701,539	)		—		—
Written Options		—			—		—			—			—		(61,252	)
Level 2
Swaps Contracts†		(90,823	)		—		—			—			—		—
Total	$	25,964,388		$	209,540,057	$	4,938,025		$	(83,310,588	)	$	35,101,664	$	21,380,036

Assets	TrimTabs Float Shrink ETF		WCM/BNY Mellon Focused Growth ADR ETF		YieldPro ETF
Level 1
Exchange Traded Funds	$	—	$	—	$	27,826,283
Common Stocks		218,353,129		18,725,644		—
Money Market Funds		—		494,991		365,340
Level 2
Repurchase Agreements for Securities Loaned		13,797,346		3,354,788		—
Liabilities
Level 1
Written Options†		—		—		—
Total	$	232,150,475	$	22,575,423	$	28,191,623

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

There were no transfers between Level 1 and Level 2 fair value measurements that occurred during the period ended December 31, 2015.

The Funds did not hold any Level 3 securities as of December 31, 2015.

7. Valuation of Derivative Instruments

The Funds have adopted authoritative standards of accounting for derivative instruments which establish disclosure requirement for derivative instruments. These standards improve financial

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

7. Valuation of Derivative Instruments - (continued)

reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivatives instruments, how derivatives 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, 2015, the fair values of derivative instruments were as follows:

Statements of Assets and Liabilities:

Fund:	Asset Derivatives:		Equity Risk		Foreign Exchange Risk		Commodity Risk		Interest Rate Risk
Gartman Gold/Euro ETF		Unrealized Appreciation on Futures Contracts	$	—	$	29,364	$	—	$	—
STAR Global Buy-Write ETF		Options Purchased, at Value		31,188		—		—
			$	31,188	$	29,364	$	—	$	—

Fund:	Liability Derivatives:		Equity Risk			Foreign Exchange Risk			Commodity Risk			Interest Rate Risk
Gartman Gold/Euro ETF		Unrealized Depreciation on Futures Contracts	$	—		$	—		$	(82,607	)	$	—
Gartman Gold/Yen ETF		Unrealized Depreciation on Futures Contracts		—			(327,594	)		(98,907	)		—
Pacific Asset Enhanced Floating Rate ETF		Unrealized Depreciation on Swaps Contracts		(90,823	)		—			—			—
STAR Global Buy-Write ETF		Options Written, at Value		(61,252	)		—			—			—
			$	(152,075	)	$	(327,594	)	$	(181,514	)	$	—

Transactions in derivative instruments during the period ended December 31, 2015, were as follows:

Statements of Operations:

Fund:	Realized Gain (Loss):		Equity Risk			Foreign Exchange Risk		Commodity Risk			Interest Rate Risk
Gartman Gold/Euro ETF		Futures	$	—		$	627,994	$	(1,622,022	)	$	—
Gartman Gold/Yen ETF		Futures		—			34,740		(2,314,340	)		—
Pacific Asset Enhanced Floating Rate ETF		Swaps		(26,882	)		—		—			—
QAM Equity Hedge ETF		Investments – Options Purchased		(7,178	)		—		—			—
QAM Equity Hedge ETF		Options Written		(1,640	)		—		—			—
Sage Core Reserves ETF		Futures		—			—		—			17,854
STAR Global Buy-Write ETF		Investments – Options Purchased		(666	)		—		—			—
STAR Global Buy-Write ETF		Options Written		180,608			—		—			—
Market Adaptive Unconstrained Income ETF		Futures		—			—		(2	)		—
			$	144,242		$	662,734	$	(3,936,364	)	$	17,854

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

7. Valuation of Derivative Instruments - (continued)

Fund:	Change in Unrealized Gain (Loss):		Equity Risk			Foreign Exchange Risk			Commodity Risk		Interest Rate Risk
Gartman Gold/Euro ETF		Futures	$	—		$	(238,393	)	$	172,527	$	—
Gartman Gold/Yen ETF		Futures		—			(260,355	)		242,029		—
Pacific Asset Enhanced Floating Rate ETF		Swaps		(88,111	)		—			—		—
Sage Core Reserves ETF		Futures		—			—			—		(220	)
STAR Global Buy-Write ETF		Investments – Options Purchased		(21,348	)		—			—		—
STAR Global Buy-Write ETF		Options Written		(69,507	)		—			—		—
			$	(178,966	)	$	(498,748	)	$	414,556	$	(220	)

For the period ended December 31, 2015, the volume of the derivatives opened by the Funds were as follows:

	Gartman Global/Euro ETF		Gartman Global/Yen ETF		Pacific Asset Enhanced Floating Rate ETF		QAM Equity Hedge ETF		Sage Core Reserves ETF		STAR Global Buy-Write ETF
Long Swaps Contracts		—		—		3,000,000		—		—		—
Purchased Options Contracts		—		—		—		15		—		276
Written Options Contracts		—		—		—		30		—		6,241
Short Futures Contracts		509		684		—		—		—		—
Long Futures Contracts		296		486		—		—		2		—

8. Federal Income Tax

The Funds intend 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 (2013 – 2015), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2015, 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.

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

8. Federal Income Tax - (continued)

At December 31, 2015, the approximate cost of investments, including 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)
Athena High Dividend ETF	$	10,147,627		$	121,767	$	(1,856,345	)	$	(1,734,578	)	$	—
EquityPro ETF		49,199,754			81,598		(830,017	)		(748,419	)		—
Gartman Gold/Euro ETF		6,256,514			—		—			—			(53,243	)
Gartman Gold/Yen ETF		8,870,269			—		—			—			(426,501	)
Global Echo ETF		7,455,132			618,182		(320,324	)		297,858			—
Madrona Domestic ETF		32,669,159			2,893,255		(2,802,424	)		90,831			—
Madrona Global Bond ETF		27,960,929			243,534		(1,185,215	)		(941,681	)		—
Madrona International ETF		20,007,259			439,720		(1,772,740	)		(1,333,020	)		—
Market Adaptive Unconstrained Income ETF		599,423			—		(9,284	)		(9,284	)		—
Meidell Tactical Advantage ETF		21,918,757			8,502		(463,120	)		(454,618	)		—
Morgan Creek Global Tactical ETF		9,418,553			121,194		(258,162	)		(136,968	)		—
Newfleet Multi-Sector Income ETF		241,104,372			432,751		(4,713,454	)		(4,280,703	)		—
Pacific Asset Enhanced Floating Rate ETF		27,076,611			9,396		(1,030,796	)		(1,021,400	)		(90,823	)
Peritus High Yield ETF		270,520,544			495,005		(61,475,492	)		(60,980,487	)		—
QAM Equity Hedge ETF		5,002,032			86,023		(150,030	)		(64,007	)		—
Ranger Equity Bear ETF		(83,785,156	)		4,030,215		(3,555,647	)		474,568			—
Sage Core Reserves ETF		35,324,293			3,034		(225,663	)		(222,629	)		—
STAR Global Buy-Write ETF		20,857,956			794,764		(272,684	)		522,080			—
TrimTabs Float Shrink ETF		242,779,368			4,776,650		(15,405,543	)		(10,628,893	)		—
WCM/BNY Mellon Focused Growth ADR ETF		20,848,754			2,507,716		(781,047	)		1,726,669			—
YieldPro ETF		28,289,459			129,527		(227,363	)		(97,836	)		—

* Cost of investments on a tax basis, includes the adjustments for financial reporting purposes, as of the most recently completed Federal income tax reporting period end.

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

8. 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 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, 2015 are as follows:

Fund	Late Year Ordinary Deferral		Short-Term Post-October Loss		Long-Term Post-October Loss
Athena High Dividend ETF	$	—	$	1,025,539	$	—
Madrona Domestic ETF		—		507,970		181,955
Madrona Global Bond ETF		—		—		141,828
Madrona International ETF		—		947,362		124,595
Market Adaptive Unconstrained Income ETF		45,447		—		51,731
Morgan Creek Global Tactical ETF		49,931		183,358		—
Newfleet Multi-Sector Income ETF		—		579,219		222,148
Pacific Asset Enhanced Floating Rate ETF		—		15,830		—
Peritus High Yield ETF		—		62,885,772		35,005,175
QAM Equity Hedge ETF		29,206		—		—
Ranger Equity Bear ETF		1,549,999		12,878,483		—
Sage Core Reserves ETF		—		50,439		63,249
STAR Global Buy-Write ETF		3,196		—		—
TrimTabs Float Shrink ETF		—		3,925,462		—
YieldPro ETF		—		2,566,012		33,867

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

Fund	Short-Term Post-Effective No Expiration		Long-Term Post-Effective No Expiration		Total
Athena High Dividend ETF	$	299,791	$	—	$	299,791
Madrona Domestic ETF		797,082		193,546		990,628
Madrona Global Bond ETF		207,121		152,523		359,644
Madrona International ETF		2,120,908		—		2,120,908
Market Adaptive Unconstrained Income ETF		98,290		—		98,290
Meidell Tactical Advantage ETF		658,804		—		658,804
Morgan Creek Global Tactical ETF		19,011,958		—		19,011,958
Newfleet Multi-Sector Income ETF		457,334		88,927		546,261
Peritus High Yield ETF		18,015,087		5,033,549		23,048,636
Ranger Equity Bear ETF		156,506,507		—		156,506,507
Sage Core Reserves ETF		25,960		—		25,960
STAR Global Buy-Write ETF		—		173,044		173,044
TrimTabs Float Shrink ETF		7,755,380		—		7,755,380
WCM/BNY Mellon Focused Growth ADR ETF		92,950		298,855		391,805
YieldPro ETF		1,767,067		—		1,767,067

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

8. Federal Income Tax - (continued)

The following Funds utilized capital loss carryforwards to offset taxable capital gains realized during the period ended December 31, 2015:

Fund	Amount
Global Echo ETF	$	13,478
Madrona Domestic ETF		486
Morgan Creek Global Tactical ETF		260,244
STAR Global Buy-Write ETF		1,340
WCM/BNY Mellon Focused Growth ADR ETF		58,175

On December 22, 2010, the Regulated Investment Company (“RIC”) Modernization Act of 2010 (the “Act”), The Act permits to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carry forwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The carry forward capital losses noted above are all post-enactment capital loss carry forwards.

9. Other Affiliated Parties and Transactions

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2015 are as follows:

Affiliated Fund Name	Value at 06/30/2015		Purchases/ Additions		Sales/ Reductions			Value at 12/31/2015		Dividend Income		Realized Gain (Loss)
QAM Equity Hedge ETF
Sage Core Reserves ETF	$	347,795	$	—	$	(69,293	)	$	277,298	$	1,097	$	(707	)
Ranger Equity Bear ETF
Sage Core Reserves ETF		29,811,000		—		—			29,710,500		99,081		—
STAR Global Buy-Write ETF
Sage Core Reserves ETF		248,425		24,815		(272,778	)		—		565		(1,985	)

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

10. Investment Transactions

Purchases and sales of investments for the period ended December 31, 2015 are as follows:

	Purchases						Sales
Fund	Long Term		U.S. Government		In-Kind		Long Term		U.S. Government		In-Kind
Athena High Dividend ETF	$	10,895,466	$	—	$	—	$	10,729,685	$	—	$	4,846,321
EquityPro ETF		63,546,076		—		19,908,199		59,885,967		—		3,644,977
Gartman Gold/Euro ETF		—		—		—		—		—		—
Gartman Gold/Yen ETF		—		—		—		—		—		—
Global Echo ETF		1,320,576		—		—		1,329,111		—		—
Madrona Domestic ETF		10,409,798		—		2,158,154		5,665,049		—		4,483,933
Madrona Global Bond ETF		3,067,618		—		1,390,273		3,030,929		—		5,123,192
Madrona International ETF		22,704,193		—		1,289,675		22,478,401		—		602,677
Market Adaptive Unconstrained Income ETF		2,958,817		—		—		3,514,064		—		307,450
Meidell Tactical Advantage ETF		50,130,332		—		4,195,934		49,447,941		—		—
Morgan Creek Global Tactical ETF		2,435,931		—		—		5,876,504		—		1,536,039
Newfleet Multi-Sector Income ETF		70,859,440		—		—		47,824,384		—		—
Pacific Asset Enhanced Floating Rate ETF		2,260,313		—		—		5,281,830		—		—
Peritus High Yield ETF		59,939,075		—		—		188,411,949		—		—
QAM Equity Hedge ETF		3,645,917		—		—		3,815,824		—		1,187,263
Ranger Equity Bear ETF		1,796,648		—		—		1,777,848		—		—
Sage Core Reserves ETF		12,198,452		—		—		8,973,923		—		—
STAR Global Buy-Write ETF		9,837,786		—		2,298,592		9,968,985		—		6,388,546
TrimTabs Float Shrink ETF		304,168,816		—		18,412,139		304,188,246		—		29,518,963
WCM/BNY Mellon Focused Growth ADR ETF		2,301,007		—		3,756,524		2,046,900		—		—
YieldPro ETF		6,938,281		—		4,547,174		6,938,605		—		10,816,775

Options Written transactions, during the period ended December 31, 2015, were as follows:

QAM Equity Hedge ETF	Contracts			Premiums Paid/Received
Options outstanding at June 30, 2015		—		$	—
Options written		15			9,524
Options terminated in closing purchase transactions		(15	)		(9,524	)
Options expired		—			—
Options exercised		—			—
Options outstanding at December 31, 2015		—			—

STAR Global Buy-Write ETF	Contracts			Premiums Paid/Received
Options outstanding at June 30, 2015		592		$	69,431
Options written		6,057			503,117
Options terminated in closing purchase transactions		(2,677	)		(277,861	)
Options expired		(2,624	)		(196,327	)
Options exercised		(727	)		(50,633	)
Options outstanding at December 31, 2015		621			47,727

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Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

11. Risks Involved with Investing in the Funds

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

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.

New Fund Risk

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

12. Subsequent Events

The Funds have adopted authoritative standards of accounting for disclosure of events that occur after the Statements of Assets and Liabilities date but before financial statements are issued or are available to be issued. These standards require the Fund to recognize in the financial statements the effects of all recognized subsequent events that provide additional evidence about conditions that existed at the date of Statement.

125

ADVISORSHARES TRUST
Notes to Financial Statements (continued)
December 31, 2015 (Unaudited)

12. Subsequent Events - (continued)

The following Funds paid dividends after December 31, 2015:

Fund	Ticker		Ordinary Income Per Share Distributed		Payable Date
Athena High Dividend ETF		DIVI	$	0.00294		01/29/2016
Pacific Asset Enhanced Floating Rate ETF		FLRT	$	0.10417		01/29/2016
Peritus High Yield ETF		HYLD	$	0.20345		01/29/2016
Madrona Global Bond ETF		FWDB	$	0.01106		01/29/2016
Newfleet Multi-Sector Income ETF		MINC	$	0.08834		01/29/2016
Sage Core Reserves ETF		HOLD	$	0.05202		01/29/2016

126

Board Review of Investment Advisory and Sub-Advisory Agreements
 

Renewal of the Sub-Advisory Agreements for AdvisorShares Athena High Dividend ETF, AdvisorShares EquityPro ETF AdvisorShares Gartman Gold/Euro ETF, AdvisorShares Gartman Gold/Yen ETF, AdvisorShares Global Echo ETF, AdvisorShares Madrona Domestic ETF, AdvisorShares Madrona Global Bond ETF, AdvisorShares Madrona International ETF, AdvisorShares QAM Equity Hedge ETF, AdvisorShares Ranger Equity Bear ETF, AdvisorShares STAR Global Buy-Write ETF, AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF, and AdvisorShares YieldPro ETF

At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on August 12, 2015 and November 17, 2015, 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”), unanimously approved the renewal of separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”), on behalf of certain series of the Trust (each a “Fund” and collectively the “Funds”), between AdvisorShares Investments, LLC (the “Advisor”) and (1) AthenaInvest Advisors LLC, on behalf of the AdvisorShares Athena High Dividend ETF, (2) Baldwin Brothers Inc., Community Capital Management, Inc., and Reynders, McVeigh Capital Management LLC, on behalf of the AdvisorShares Global Echo ETF, (3) Commerce Asset Management, LLC, on behalf of the AdvisorShares QAM Equity Hedge ETF, (4) The Elements Financial Group, LLC, on behalf of the AdvisorShares EquityPro ETF and AdvisorShares YieldPro ETF, (5) Madrona Funds, LLC, on behalf of the AdvisorShares Madrona Domestic ETF, AdvisorShares Madrona Global Bond ETF and AdvisorShares Madrona International ETF, (6) Partnervest Advisory Services, on behalf of the AdvisorShares STAR Global Buy-Write ETF, (7) Ranger Alternative Management, L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF, (8) Treesdale Partners LLC, on behalf of the AdvisorShares Gartman Gold/Euro ETF and AdvisorShares Gartman Gold/Yen ETF, and (9) WCM Investment Management, on behalf of the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.

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

Prior to the meetings, the Board, including the Independent Trustees, reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by the Sub-Advisor; (ii) the investment performance of each Fund; (iii) the costs of the services provided and profits and other benefits realized by the Sub-Advisor and its affiliates from the relationship with each Fund; (iv) the personnel and operations of the Sub-Advisor; (v) the extent to which economies of scale would be realized as each Fund grows; and (vi) whether fee levels reflect the sharing of these economies of scale for the benefit of each Fund’s shareholders. At the meetings, the Board was presented with additional information to help it evaluate each Sub-Advisor’s fee and other aspects of the Sub-Advisory Agreements.

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.

127

Board Review of Investment Advisory and Sub-Advisory Agreements (continued) 

  

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 all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to each Fund. The most recent Form ADV for each Sub-Advisor also was provided to the Board, as was information regarding the sufficiency of each Sub-Advisor’s resources. The Board considered each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning each Sub-Advisor’s 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(s).

Cost of Advisory Services and Profitability

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

Economies of Scale

The Board considered for each Fund whether economies of scale were realized during the current contract period, noting the fee waivers and expense reimbursements by the Advisor and Sub-Advisors. The Board determined to reassess at an appropriate time in the future whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of any significant asset growth of the Funds.

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 fees are reasonable in light of the services that it provides to its respective Fund(s); and (iii) agreed to renew each Sub-Advisory Agreement for another year.

128

Board Review of Investment Advisory and Sub-Advisory Agreements (continued) 

  

Initial Approval of the Sub-Advisory Agreement for AdvisorShares Market Adaptive Unconstrained Income ETF

At a meeting of the Board held on October 30, 2015, the Board considered the approval of a new investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and American Wealth Management (“AWM”) with respect to the AdvisorShares Market Adaptive Unconstrained Income ETF (formerly, AdvisorShares Sunrise Global Multi-Strategy ETF) (the “Fund”). The Sub-Advisory Agreement replaced a sub-advisory agreement between the Advisor and Sunrise Capital Partners LLC (“Sunrise”) with respect to the Fund. In considering whether to approve the Sub-Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor and AWM. The Board considered all factors that it deemed to be relevant, noting that AWM provides investment sub-advisory services to another series of the Trust whose agreement the Board considered for renewal in February 2015. 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. Certain factors considered by the Board at the meeting are addressed in more detail below.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services to be provided by AWM, the Board reviewed the proposed services and the qualification and background of the portfolio manager proposed to be responsible for managing the Fund. The Board took note of its comprehensive review of AWM in February 2015 in connection with its consideration of the annual renewal of the agreement between the Adviser and AWM with respect to another series of the Trust. The Board considered AWM’s operational capabilities and resources and its experience in managing investment portfolios. Based on its review, within the full context of its deliberations, the Board determined that it was satisfied with the nature, extent, and quality of services to be provided to the Fund by AWM.

Performance

In connection with the assessment of AWM’s ability to perform its duties under the Sub-Advisory Agreement, the Board considered the sufficiency of its resources and concluded that AWM had the financial resources necessary to perform its obligations under the Sub-Advisory Agreement. The Board heard an overview of AWM’s investment philosophy, the proposed portfolio construction of the Fund, and the specific investment techniques to be employed. The Board also reviewed AWM’s overall investment performance.

Cost of Services and Profitability

The Board considered the cost of the services to be provided by AWM, reviewed the fee to be paid pursuant to the Sub-Advisory Agreement, and considered the estimated profitability projected by AWM. In addition, the Board discussed the fee arrangement between the Adviser and AWM, noting that the Adviser would pay AWM out of the advisory fee it receives from the Fund. The Board also noted that both the aggregate advisory fee to be paid to the Adviser under the new arrangement, as well as the proposed sub-advisory fee to be paid to AWM by the Adviser, are lower than the fees previously had been for the Fund. The Board also reviewed information provided by the Adviser 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 Adviser’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 AWM is reasonable and fair.

129

Board Review of Investment Advisory and Sub-Advisory Agreements (continued) 

  

Economies of Scale

The Board considered the potential for economies of scale, noting that the aggregate advisory fee for the Fund would be lowered as part of the proposed changes to the Fund, 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 advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

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 Sub-Advisory Agreement are fair and reasonable; (ii) concluded that the fee for AWM is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Sub-Advisory Agreement for an initial term of two years.

130

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 on Form N-Q. Copies of the filings are available without charge on the SEC’s website at www.sec.gov. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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 http://www.advisorshares.com.

131

ADVISORSHARES TRUST
 

  

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

Sub-Advisors
WCM Investment Management
281 Brooks Street
Laguna Beach, CA 92651

Madrona Funds, LLC
2911 Bond Street, Suite 200
Everett, WA 98201

Morgan Creek Capital Management, LLC
301 West Barbee Chapel Road, Suite 200
Chapel Hill, NC 27517

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

Peritus I Asset Management, LLC
1216 State Street, 4th Floor
Santa Barbara, CA 93103

American Retirement Planners II, Inc.
570 Hammill Lane
Reno, NV 89511

TrimTabs Asset Management, LLC
1350 Avenue of the Americas, Suite 248
New York, NY 10019

Community Capital Management, Inc.
2500 Weston Road, Suite 101
Weston, FL 33331

Reynders, McVeigh Capital Management, LLC
121 High Street, 5^th Floor
Boston, MA 02110

Baldwin Brothers, Inc.
204 Spring Street
Marion, MA 02738

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

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

Commerce Asset Management, LLC
5050 Poplar Avenue, Suite 2020
Memphis, TN 38157

The Elements Financial Group, LLC
19200 Von Karman Avenue, Suite 800
Irvine, CA 92612

AthenaInvest Advisors LLC
5340 South Quebec Street, Suite 365-N
Greenwood Village, CO 80111

Treesdale Partners, LLC
1325 Avenue of the Americas, Suite 2302
New York, NY 10019

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

Pacific Life Fund Advisors, LLC
700 Newport Center Drive
Newport Beach, CA 92660

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

Custodian/Fund Administrator/Transfer Agent
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286

Legal Counsel
Morgan, Lewis & Bockius LLP
2020 K Street, N.W..
Washington, D.C. 20006

Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
1818 Market Street
Philadelphia, PA 19103

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

 

Item 2. Code of Ethics.

Not Applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of 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. 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.

(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	3/3/16

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	3/3/16

By (Signature and Title)*	/s/ Dan Ahrens
	Dan Ahrens, Treasurer
	(principal financial officer)
Date	3/3/16

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