ADVISORSHARES DOUBLELINE VALUE EQUITY ETF

Schedule of Investments

March 31, 2020 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 95.8%
Aerospace/Defense – 5.3%
Boeing Co. (The)		2,870	$	428,032
Lockheed Martin Corp.		2,769		938,553
United Technologies Corp.		8,656		816,520
Total Aerospace/Defense				2,183,105
Agriculture – 3.4%
Philip Morris International, Inc.		18,952		1,382,738
Banks – 11.7%
Bank of America Corp.		24,989		530,517
Bank of New York Mellon Corp. (The)		22,305		751,232
Goldman Sachs Group, Inc. (The)		5,665		875,752
JPMorgan Chase & Co.		19,124		1,721,734
PNC Financial Services Group, Inc. (The)		9,871		944,852
Total Banks				4,824,087
Commercial Services – 0.9%
IHS Markit Ltd.		5,992		359,520
Diversified Financial Services – 2.2%
Intercontinental Exchange, Inc.		11,077		894,468
Electric – 0.6%
Xcel Energy, Inc.		3,725		224,617
Electrical Components & Equipment – 1.7%
AMETEK, Inc.		9,812		706,660
Electronics – 2.2%
Flex Ltd.*		105,357		882,365
Engineering & Construction – 0.9%
KBR, Inc.		18,742		387,585
Food – 3.0%
Mondelez International, Inc., Class A		12,887		645,381
US Foods Holding Corp.*		33,953		601,308
Total Food				1,246,689
Healthcare - Products – 2.7%
Alcon, Inc. (Switzerland)*		10,731		545,349
Medtronic PLC		6,342		571,922
Total Healthcare - Products				1,117,271
Healthcare - Services – 2.0%
Anthem, Inc.		3,662		831,420
Insurance – 4.0%
Chubb Ltd.		5,695		636,074
Prudential Financial, Inc.		8,547		445,641
Willis Towers Watson PLC		3,292		559,146
Total Insurance				1,640,861
Internet – 8.4%
Alibaba Group Holding Ltd. (China)*(a)		4,110		799,313
Alphabet, Inc., Class A*		1,116		1,296,736
Amazon.com, Inc.*		302		588,816
Facebook, Inc., Class A*		4,479		747,097
Total Internet				3,431,962
Media – 2.3%
Comcast Corp., Class A		27,599		948,854
Miscellaneous Manufacturing – 1.8%
General Electric Co.		26,734		212,268
Parker-Hannifin Corp.		4,153		538,769
Total Miscellaneous Manufacturing				751,037
Oil & Gas – 4.5%
Chevron Corp.		14,476		1,048,931
EOG Resources, Inc.		10,568		379,602
Valero Energy Corp.		9,616		436,182
Total Oil & Gas				1,864,715
Pharmaceuticals – 12.0%
AstraZeneca PLC (United Kingdom)(a)(b)		22,027		983,726
Cigna Corp.		5,366		950,748
CVS Health Corp.		16,426		974,554
Roche Holding AG (Switzerland)(a)		19,649		797,160
Sanofi (France)(a)		27,624		1,207,721
Total Pharmaceuticals				4,913,909
REITS – 3.6%
American Tower Corp.		6,831		1,487,450
Retail – 7.9%
Dollar General Corp.		6,683		1,009,200
Target Corp.		10,262		954,058
TJX Cos., Inc. (The)		6,555		313,395
Walmart, Inc.		8,662		984,176
Total Retail				3,260,829
Semiconductors – 4.6%
KLA Corp.		4,242		609,745
Microchip Technology, Inc.(b)		7,586		514,331
Taiwan Semiconductor Manufacturing Co Ltd. (Taiwan)(a)		16,193		773,863
Total Semiconductors				1,897,939
Software – 6.2%
Fidelity National Information Services, Inc.		6,036		734,219
Microsoft Corp.		11,405		1,798,683
Total Software				2,532,902
Telecommunications – 3.9%
Verizon Communications, Inc.		29,998		1,611,793
Total Common Stocks
(Cost $42,416,509)				39,382,776
MONEY MARKET FUND – 2.0%
Wells Fargo Advantage Government Money Market Fund - Institutional Class, 0.29%(c) (Cost $807,589)		807,589		807,589
Total Investments – 97.8%
(Cost $43,224,098)				40,190,365
Other Assets in Excess of Liabilities – 2.2%				907,925
Net Assets – 100.0%			$	41,098,290

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

*	Non-income producing security.
(a)	American Depositary Receipt.
(b)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,468,056; the aggregate market value of the collateral held by the fund is $1,505,583.  The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,505,583.
(c)	Rate shown reflects the 7-day yield as of March 31, 2020.

ADVISORSHARES DOUBLELINE VALUE EQUITY ETF

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

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

Fair Value Measurements

The following is a summary of the inputs used, as of March 31, 2020, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	39,382,776	$	–	$	–	$	39,382,776
Money Market Fund		807,589		–		–		807,589
Total	$	40,190,365	$	–	$	–	$	40,190,365

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Aerospace/Defense		5.3	%
Agriculture		3.4
Banks		11.7
Commercial Services		0.9
Diversified Financial Services		2.2
Electric		0.6
Electrical Components & Equipment		1.7
Electronics		2.2
Engineering & Construction		0.9
Food		3.0
Healthcare – Products		2.7
Healthcare – Services		2.0
Insurance		4.0
Internet		8.4
Media		2.3
Miscellaneous Manufacturing		1.8
Oil & Gas		4.5
Pharmaceuticals		12.0
REITS		3.6
Retail		7.9
Semiconductors		4.6
Software		6.2
Telecommunications		3.9
Money Market Fund		2.0
Total Investments		97.8
Other Assets in Excess of Liabilities		2.2
Net Assets		100.0	%