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: June 30, 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.

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ADVISORSHARES TRUST

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

Annual Report

June 30, 2015

TABLE OF CONTENTS


Letter from the CEO of AdvisorShares Investments, LLC			1
Hypothetical Growth of a $10,000 Investment, Historical Performances			4
Shareholder Expense Examples			50
Schedules of Investments
AdvisorShares Accuvest Global Long Short ETF (AGLS)			53
AdvisorShares Athena High Dividend ETF (DIVI)			54
AdvisorShares EquityPro ETF (EPRO)			56
AdvisorShares Gartman Gold/Euro ETF (GEUR)			57
AdvisorShares Gartman Gold/Yen ETF (GYEN)			58
AdvisorShares Global Echo ETF (GIVE)			59
AdvisorShares Madrona Domestic ETF (FWDD)			62
AdvisorShares Madrona Global Bond ETF (FWDB)			70
AdvisorShares Madrona International ETF (FWDI)			72
AdvisorShares Meidell Tactical Advantage ETF (MATH)			78
AdvisorShares Morgan Creek Global Tactical ETF (GTAA)			79
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)			81
AdvisorShares Pacific Asset Enhanced Floating Rate ETF (FLRT)			95
AdvisorShares Peritus High Yield ETF (HYLD)			98
AdvisorShares Pring Turner Business Cycle ETF (DBIZ)			102
AdvisorShares QAM Equity Hedge ETF (QEH)			104
AdvisorShares Ranger Equity Bear ETF (HDGE)			106
AdvisorShares Sage Core Reserves ETF (HOLD)			108
AdvisorShares STAR Global Buy-Write ETF (VEGA)			113
AdvisorShares Sunrise Global Multi-Strategy ETF (MULT)			115
AdvisorShares TrimTabs Float Shrink ETF (TTFS)			116
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (AADR)			119
AdvisorShares YieldPro ETF (YPRO)			121
Statements of Assets and Liabilities			122
Statements of Operations			128
Statements of Changes in Net Assets			134
Statements of Cash Flows			143
Financial Highlights			144
Notes to Financial Statements			159
Report of Independent Registered Public Accounting Firm			187
Board of Trustees and Officers (Unaudited)			188
Board Review of Investment Advisory and Sub-Advisory Agreements			190
Supplemental Information			194

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ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC

June 30, 2015

The year ending June 30^th, 2015 was an exciting year for growth in the actively managed ETF market place. The number of funds grew by 44% to 129 and assets increased by 23% to $20.195 billion (See Exhibit 1 below.) Additionally there were 13 new fund sponsors who entered the market over the last 12 months.

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Exhibit 1
As of June 30, 2015 I Source: AdvisorShares

As you can see from Exhibit 2, AdvisorShares offers investors the largest number of actively managed ETFs in the market, with 23 ETFs trading today on both the NYSE Arca and NASDAQ exchanges. 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.

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

June 30, 2015

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Exhibit 2
As of June 30, 2015 I Source: AdvisorShares

During this past year, we launched the following innovative actively managed ETFs:

•

MULT — AdvisorShares Sunrise Capital Multi-Strategy ETF

•

DIVI — AdvisorShares Athena High Dividend ETF

•

FLRT��— AdvisorShares Pacific Asset Enhanced Floating Rate ETF

We also instituted a change in manager in three of our funds:

•

GTAA — AdvisorShares Global Tactical ETF is now managed by Mark Yusko, CEO of Morgan Creek Capital

•

EPRO — AdvisorShares EquityPro ETF has a new strategy under the oversight of Bob Baker and Phil Voelker from The Elements Financial Group

•

YPRO — AdvisorShares YieldPro ETF also has a new strategy under the oversight of Bob Baker and Phil Voelker from The Elements Financial Group

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

June 30, 2015

We look forward to continuing to offer you new innovative managers and strategies in the market place in the coming year, and will 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. ADRs are subject to the risk of change in political or economic conditions and exchange rates in foreign countries. Certain funds may participate in leveraged transactions to include selling securities short which creates the risk of magnified capital losses. Under certain market conditions, short sales can increase the volatility and decrease the liquidity of certain securities or positions, and may lower the Fund’s return or result in a loss. There is no guarantee that the individual Funds’ will achieve the stated investment objectives. 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 June 30, 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.

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ADVISORSHARES TRUST
AdvisorShares Accuvest Global Long Short ETF (AGLS)

The one year ending June 30, 2015 was characterized by a wide range of performance for world equities. The MSCI World Index (ACWI) was up 1.43% for the 12 month period. The largest weight in the index, the US, was up over 6.9%., which masked the underlying weakness in world markets. The average country in the AGLS universe was down over -7.5%. China and Hong Kong were the only two countries up by double digits, up 24.6% and 12.4% respectively. Nine countries were down over -15%, including Austria, Brazil, Canada, Chile, Malaysia, Norway, Russia, Spain and Turkey.

Performance for the AdvisorShares Accuvest Global Long Short ETF (NYSE Arca: AGLS) was below that of the ACWI benchmark, returning -4.2% over the period. Underperformance was primarily driven by 3 main factors: 1) A structural underweight to the US, which was again one of the best performing countries in the world, 2) A consistent net long exposure of 40 – 45% to a broad universe of countries, 3) Missing the majority of a fierce market rebound in February of 2015. In fact, the entire underperformance of the fund can be attributed to the return differential from that month.

During the year, there were 6 periods in which the benchmark lost over 1%. AGLS outperformed the benchmark in 5 of those months, and was either flat or positive in 4 of those months. We feel that AGLS is well positioned for a market where the US is not a performance leader, and a market that is characterized by higher volatility and larger downside moves.

The majority of short positions in AGLS are total return swaps. These aggregate positions range in size from 50% to 75% of the net value of the fund. We use these swaps as a way to get exposure in positions that are hard to borrow, or as a way to decrease our overall cost of shorting a particular country index. These positions are entirely for hedging purposes.

A long position is the purchase of an investment with the expectation that it will rise in value.

A short position is the sale of a borrowed investment with the expectation that it will decline in value.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 9, 2010* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 7/9/2010
AdvisorShares Accuvest Global Long Short ETF NAV		-1.44	%		-1.29	%		-0.90	%		-4.20	%		-2.17	%		-19.38	%
AdvisorShares Accuvest Global Long Short ETF Market Price**		-1.34	%		-1.34	%		-0.65	%		-4.20	%		-2.20	%		-19.39	%
MSCI World Index (Net)		-2.33	%		0.31	%		2.63	%		1.43	%		14.27	%		12.22	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.13% and the net expense ratio is 1.97%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.50%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The price used to calculate market return (“Market Price”) is determined by using the closing price listed on the NYSE Arca and does not represent returns an investor would receive if shares were traded at other times. Total returns are calculated using the daily 4:00 pm midpoint between the bid and offer. Shares are bought and sold at market price, not NAV and are not individually redeemed from the Fund.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Athena High Dividend ETF (DIVI)

The AdvisorShares Athena High Dividend ETF (NYSE Arca: DIVI) is built on three drivers that have been shown to deliver strong long term equity performance:

Higher yielding stocks on average generate higher total returns both in the US and internationally. Dividends represent a strong commitment by company management to its shareholders and the higher the yield the stronger this commitment.

But even with this powerful market discipline, some high dividend yield (DY) companies over promise and see their stock prices drop when they are unable to sustain dividends. In order to reduce this collateral damage, a quality screen based on Athena’s extensive mutual fund holdings database is used to help identify the best stock ideas of the best managers.

In each sector, International stocks often offer higher dividend yields than do similar US stocks. For this reason, we launched DIVI as a global portfolio rather than as US only.

Over shorter time periods results can be quite different, as was the case during DIVI’s first year:

•

The biggest negative was a dramatic drop in oil prices during the second half of 2014 as DIVI was launched. Since DIVI is more exposed to energy than other high dividend portfolios, it suffered a greater drawdown. This was evidenced by five underperforming months in a row from September 2014 through January 2015, corresponding to the drop in oil prices from near $100 bbl. to $50 bbl. Since then, prices have stabilized.

•

But just when oil prices became less of an issue, high DY stocks began to dramatically underperform. High DY stocks were the darling of 2014, but are the goats of 2015. For some perspective, the top DY decile S&P 500 stocks are underperforming the bottom decile by 10% so far in 2015! Since DIVI’s DY is higher than most funds, its performance has suffered more than others in 2015.

Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 29, 2014* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			Since Inception 7/29/2014
AdvisorShares Athena High Dividend ETF NAV		-4.37	%		-1.95	%		-5.34	%		-20.71	%
AdvisorShares Athena High Dividend ETF Market Price**		-4.32	%		-1.95	%		-5.37	%		-20.65	%
MSCI All Country World Index (Net)		-2.35	%		0.35	%		2.66	%		0.25	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.42% and the net expense ratio is 0.99%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The MSCI All Country World Index is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares EquityPro ETF (EPRO)

The AdvisorShares EquityPro ETF (NYSE Arca: EPRO) returned -1.89% on a Market Price basis, and -2.01% on an NAV basis for the twelve months ended June 30, 2015. While this compares to 7.42% return for the S&P 500 Index, in light of EPRO’s global posture, a comparison to the MSCI World Index, which returned to 1.43% for the same time period, provides an additional perspective.

In October 2014, EPRO adopted a partially defensive position, with only 20% exposure to equities, due in large part to the S&P 500 Index trading under its 200-day moving average. This position was short-lived, however, as the market quickly rebounded, and proceeded to post new highs, including during the month of May 2015.

On May 18, 2015, the Sub-Advisor appointed new portfolio managers for EPRO. We implemented several changes to the EPRO portfolio, including: international equity exposure which was decreased from 40% to 21%, due to less attractive relative valuation vs. U.S. equities and the recent run-up that had taken place in foreign stock markets. The Information Technology sector exposure was increased from 9% to 22%; Financial sector exposure was decreased from 18% to 8%; and the Health Care sector exposure was increased from 12% to 19%. In addition, sector allocations were adjusted in light of our revised approach to sector valuation discipline. As of June 30, 2015, EPRO’s portfolio was over-weighted in Consumer Staples, Health Care and Information Technology. In our opinion, these are the most attractively valued domestic equity sectors, while Financial and Utility companies are more over-valued relative to historical norms, and under-weighted relative to their S&P 500 weightings.

Although risks continued to exist in the securities markets, EPRO remained 98% invested in equities, as of June 30, 2015. Given the structured nature of our investment process, it is significant to note that the S&P 500 Index had continued to trade above its 200-day moving average by approximately 1 – 4% during June 2015, and no part of the U.S. Treasury yield curve was inverted through June 30, 2015. As a result, as of that date, EPRO remained virtually fully exposed to equities going into the second half of 2015. Nonetheless, the investment process is structured with the flexibility to reduce risk in severe down markets, in the event that there is a change in the factors noted in this paragraph.

The MSCI World Index is an unmanaged free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

The 200-day moving average is an indicator used by traders to determine a stock’s closing average over a period of 200 consecutive days. Most traders use this technical indicator to determine trends in the market.

A Yield Curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. The most frequently reported yield curve compares the three month, two-year, five-year and 30-year U.S. Treasury debt. This yield curve is used as a benchmark for other debt in the market, such as mortgage rates or bank lending rates. The curve is also used to predict changes in economic output and growth.

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HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 10, 2012* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 7/10/2012
AdvisorShares EquityPro ETF NAV		-2.57	%		0.03	%		2.00	%		-2.01	%		28.05	%
AdvisorShares EquityPro ETF Market Price**		-2.57	%		0.00	%		4.67	%		-1.89	%		28.22	%
MSCI World Index (Net)		-2.33	%		0.31	%		2.63	%		1.43	%		14.93	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.38% and the net expense ratio is 1.71%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Gartman Gold/Euro ETF (GEUR)

The spot price of gold (funded in US dollars) lagged most major asset classes during the period between 7/1/14 to 6/30/15. However, during this period, gold funded in the Euro currency performed quite well, increasing 8.4%, and outperformed the spot price of gold which was down 11.7%. The AdvisorShares Gartman Gold/Euro ETF’s (NYSE Arca: GEUR) portfolio strategy to provide investors this exposure was executed through the use of exchange traded futures contracts. These derivative contracts provide the most direct and liquid exposure with minimal transaction costs.

The most significant factor affecting gold’s price performance has been the anticipated change in the United States’ monetary policy. The announcement of the end of quantitative easing and the anticipation of interest rate increases has caused the US dollar to get stronger. The softness in gold prices was largely due to its inverse relationship with the US dollar. The economic situation in Euroland was much different with the ECB announcing the start of its own quantitative easing program. This has caused the Euro to depreciate thereby helping GEUR outperform the spot price of gold.

A Gold Future is an agreement to buy and sell quantities of gold on a particular date in the future at a fixed price.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 11, 2014* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 2/11/2014
AdvisorShares Gartman Gold/Euro ETF NAV		-3.24	%		-5.06	%		5.97	%		7.33	%		9.17	%
AdvisorShares Gartman Gold/Euro ETF Market Price**		-3.75	%		-5.41	%		5.73	%		6.56	%		8.81	%
Spot Gold – London Bullion Market Association		-1.71	%		-1.35	%		-2.36	%		-10.95	%		-6.60	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 10.84% and the net expense ratio is 0.77%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.65%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The spot price of Gold is valued on the basis of each day’s 3 pm London time announced price for an ounce of gold set by five market members of the London Bullion Market Association. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Gartman Gold/Yen ETF (GYEN)

The spot price of gold (funded in US dollars) lagged most major asset classes during the period between 7/1/14 to 6/30/15. However, during this period, gold funded in Japanese Yen currency performed quite well, increasing 6.2% and outperformed the spot price of gold, which was down 11.7%. The AdvisorShares Gartman Gold/Yen ETF’s (NYSE Arca: GYEN) portfolio strategy to provide investors this exposure was executed through the use of exchange traded futures contracts. These derivative contracts provide the most direct and liquid exposure with minimal transaction costs.

The most significant factor affecting gold’s price performance has been the anticipated change in the United States’ monetary policy. The announcement of the end of quantitative easing and the anticipation of interest rate increases has caused the US dollar to get stronger. The softness in gold prices was largely due to its inverse relationship with the US dollar. The economic situation in Japan was much different with Japan’s economy struggling to come out of its two decade recession. Japan had put forth a comprehensive plan with monetary and fiscal stimulus to finally get Japan on economic growth. This has caused the Yen to depreciate thereby helping GYEN outperform the spot price of gold.

A Gold Future is an agreement to buy and sell quantities of gold on a particular date in the future at a fixed price.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 11, 2014* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 2/11/2014
AdvisorShares Gartman Gold/Yen ETF NAV		-2.95	%		0.92	%		0.61	%		6.06	%		7.22	%
AdvisorShares Gartman Gold/Yen ETF Market Price**		-3.09	%		1.15	%		0.46	%		5.45	%		7.43	%
Spot Gold – London Bullion Market Association		-1.71	%		-1.35	%		-2.36	%		-10.95	%		-6.60	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 4.89% and the net expense ratio is 0.80%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.65%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

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ADVISORSHARES TRUST
AdvisorShares Global Echo ETF (GIVE)

The AdvisorShares Global Echo ETF (NYSE Arca: GIVE) returned +2.06% on a Market Price basis and +3.05% on an NAV basis from July 1, 2014 through June 30, 2015 compared to +1.43% for the MSCI World Index and +1.86% for the Barclays Capital U.S. Aggregate Bond Index.

GIVE is a multi-asset class fund that at times shifts allocations between stocks, bonds and cash based on market conditions while investing only in sustainable investment themes.

GIVE is a multi-manager fund with each of the three managers having allocations based on market conditions. Baldwin Brothers has the dual role of managing the asset allocation of the fund as well as serving as the global equity manager. In the past year, in response to market conditions the exposure to stocks was reduced in January, and then increased in June.

We have not used derivatives in the Fund during this year.

A derivative is a security whose price is dependent upon or derived from one or more underlying assets. The derivative itself is merely a contract between two or more parties. Its value is determined by fluctuations in the underlying asset.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period May 23, 2012* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 5/23/2012
AdvisorShares Global Echo ETF NAV		-1.61	%		-1.11	%		-0.11	%		3.05	%		7.80	%		27.25	%
AdvisorShares Global Echo ETF Market Price**		-2.43	%		-2.04	%		-1.20	%		2.06	%		7.32	%		26.07	%
Barclays Capital U.S. Aggregate Bond Index		-1.09	%		-1.68	%		-0.10	%		1.86	%		1.83	%		1.93	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is 1.61%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.50%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Madrona Domestic ETF (FWDD)

The AdvisorShares Madrona Domestic Equity ETF (NYSE Arca: FWDD) gained +5.89% on both an NAV basis and a Market Price Basis compared to a gain of +7.42% for the S&P 500 Index.

U.S. Equities valuations have surpassed long-term historical averages due to a combination of increasing prices and decreasing growth projections. As we move forward we believe that qualitative investing will be necessary to take advantage of opportunities in the market. We feel FWDD by nature is positioned to take advantage of opportunities in undervalued securities, while maintaining a material allocation to each sector and a broadly balanced diversified portfolio overall. Because price to earnings ratios do not paint the whole picture to evaluate a stock, the strategy incorporates the forward-looking long-term growth of earnings to rank each security within the basket. Additionally, companies with no or negative growth of earnings are eliminated from the portfolio.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 21, 2011* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 6/21/2011
AdvisorShares Madrona Domestic ETF NAV		-1.80	%		0.05	%		1.71	%		5.89	%		20.25	%		76.54	%
AdvisorShares Madrona Domestic ETF Market Price**		-2.09	%		-0.02	%		1.73	%		5.89	%		20.30	%		76.55	%
S&P 500 Index		-1.94	%		0.28	%		1.23	%		7.42	%		17.31	%		15.06	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.42% and the net expense ratio is 1.25%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Madrona Global Bond ETF (FWDB)

The AdvisorShares Madrona Global Bond ETF (NYSE Arca: FWDB) lost -2.37% on an NAV basis and -2.63% on a Market Price basis versus a gain of +1.86% for the Barclays Capital U.S. Aggregate Bond Index.

It is our belief that inflation is not directly correlated to the interest rate investors are willing to pay for Government bonds. Inflation generally occurs when there is a shortage of cash type investments available, demand is outpacing supply, and companies are at or near capacity. None of these factors currently contribute to an inflationary environment. Many Advisors and broad based bond funds have shied away from any bonds other than short or ultra-short duration bonds. We believe there is opportunity for yield while not going too far out on the bond maturity timeline.

In addition, investors may decide to taper back the purchase of the type of bonds that are most prevalent in most bond indexes. When the artificial demand for these bonds is removed, there could be a selling environment. It is our belief that any such sell-off by bond holders will require that investors find other investment alternatives. Assuming bond investors won’t stay idle, or flock to equities, we believe an opportunity exists. That opportunity is the transfer of investments from Government bonds to other bond categories such as corporates, high-yields, bank notes, emerging markets, preferred bonds, etc. This fund is well represented with these alternative categories of bonds.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 21, 2011* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 6/21/2011
AdvisorShares Madrona Global Bond ETF NAV		-1.50	%		-1.97	%		-1.14	%		-2.37	%		2.10	%		12.44	%
AdvisorShares Madrona Global Bond ETF Market Price**		-1.54	%		-2.01	%		-1.29	%		-2.63	%		2.10	%		12.36	%
Barclays Capital U.S. Aggregate Bond Index		-1.09	%		-1.68	%		-0.10	%		1.86	%		1.83	%		3.05	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.53% and the net expense ratio is 1.41%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.95%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Madrona International ETF (FWDI)

The AdvisorShares Madrona International ETF (NYSE Arca: FWDI) lost -5.06% on an NAV basis and -4.82% on a Market Price basis compared to a decline of -4.22% for the MSCI EAFE Index.

As a result of the rebound in Emerging Markets, our research now points to similarly attractive valuations in Emerging Market positions and their Developed Market counterparts. Based on current average foreign valuations, we believe FWDI by nature is positioned to take advantage of opportunities across the International equity space, while maintaining a broad mix of holdings across both developed and emerging markets.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 21, 2011* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 6/21/2011
AdvisorShares Madrona International ETF NAV		-2.40	%		3.13	%		7.58	%		-5.06	%		11.27	%		16.64	%
AdvisorShares Madrona International ETF Market Price**		-2.37	%		2.71	%		7.46	%		-4.82	%		11.16	%		16.57	%
MSCI EAFE Index (Net)		-2.83	%		0.62	%		5.52	%		-4.22	%		11.97	%		5.93	%
BNY Mellon Classic ADR Index		-2.72	%		1.32	%		5.98	%		-4.24	%		10.51	%		4.59	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.55% and the net expense ratio is 1.25%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Meidell Tactical Advantage ETF (MATH)

The AdvisorShares Meidell Tactical Advantage ETF (NYSE Arca: MATH) gained 3.52% on a Market Price basis and 3.47% on an NAV basis for the year ending June 30, 2015, while the S&P 500 Index rose 7.42% over the same period. Over the past twelve months, the relative performance of the S&P 500 Index has illustrated the changes in investor behavior over this period. In the second half of 2014, U.S. large cap stocks outperformed other U.S. asset classes, as investors became more risk averse following the growing expectation that the Federal Reserve would end quantitative easing by October of last year.

Another challenge for MATH during the second half of 2014 was the Ebola panic during the September to October time frame. Due to the steepness of the stock market’s decline and rebound in such a short period of time, MATH’s quantitative methodology kept it from experiencing the stock market’s sharp loss in value, but was unable to capture much of the early rebound due to the trend-following nature of MATH’s methodology.

As 2014 was coming to a close, small cap stocks began to outperform. This was largely a function of the strengthening U.S. dollar, which investors interpreted as a drag on large multi-national corporations who export goods overseas. The MATH portfolio increased its allocation to small cap stocks in late 2014 and participated in the rally that followed through June of 2015. In early 2015, foreign stocks began outperforming, as the European Central Bank declared its plans for a quantitative easing program. For the first five (5) months of 2015 MATH’s allocation to U.S. small cap and foreign stocks lifted the Fund ahead of most broad U.S. market indexes, but by mid-June of 2015, concerns of Greece defaulting on their loan to the IMF and potentially exiting the European Union, caused MATH shares to underperform the S&P 500 Index.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 23, 2011* to June 30, 2015

$[GRAPHIC MISSING]$

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 6/23/2011
AdvisorShares Meidell Tactical Advantage ETF NAV		-1.72	%		-0.64	%		2.46	%		3.47	%		7.63	%		25.39	%
AdvisorShares Meidell Tactical Advantage ETF Market Price**		-1.72	%		-0.64	%		3.11	%		3.52	%		7.13	%		25.42	%
S&P 500 Index		-1.94	%		0.28	%		1.23	%		7.42	%		17.31	%		14.88	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.27% and the net expense ratio is 1.50%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.35%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Morgan Creek Global Tactical ETF (GTAA)

The AdvisorShares Morgan Creek Global Tactical ETF (NYSE Arca: GTAA) returned -3.52% on a Market Price basis and -3.59% on a NAV basis from July 1, 2014 through June 30, 2015 as compared to 7.42% for the S&P 500. Morgan Creek Capital Management began sub advising for GTAA on July 28, 2014. It has returned -3.60% on a Market Price basis and -3.52% on a NAV basis from July 28, 2014 to June 30, 2015 as compared to 6.32% for the S&P 500 and -0.84% for a composite index consisting of 25% MSCI ACWI Index, 25% Barclays Aggregate Bond Index, 25% Bloomberg Commodity Index, and 25% DXY Index.

Although GTAA underperformed the S&P 500 in the second half of calendar year 2014, its return in the first half of calendar year 2015 kept pace with the index until June when Chinese markets sold off materially. The Fund’s modified approach of investing across asset classes has kept the volatility low while providing the ability to invest in uncorrelated opportunities.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period October 26, 2010* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 10/25/2010
AdvisorShares Morgan Creek Global Tactical ETF NAV		-3.94	%		-3.41	%		-1.44	%		-3.59	%		2.92	%		4.67	%
AdvisorShares Morgan Creek Global Tactical ETF Market Price**		-4.02	%		-3.34	%		1.20	%		-3.52	%		2.97	%		4.59	%
S&P 500 Index		-1.94	%		0.28	%		1.23	%		7.42	%		17.31	%		14.99	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.60% and the net expense ratio is 1.61%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One can not invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)

The AdvisorShares Newfleet Multi-Sector Income Fund (NYSE Arca: MINC) returned 0.95% on a Market Price Basis during the fiscal year ending June 30, 2015 compared to a gain of 1.86% for the Barclays Capital U.S. Aggregate Bond Index. During the fiscal year the Fund’s short duration relative to the benchmark in a declining rate environment detracted from performance. Over the last 12 months, yields increased on the short end of the U.S. Treasury curve and decreased on the long end. Overall the yield curve flattened.

The Fund’s allocation to the structured finance sectors (CMBS, non-agency residential mortgage-backed (RMBS), and asset-backed (ABS)) continues to play an important role in the Fund. Valuations remain attractive in the areas in which we invest, and this segment of the market offers diversification to sectors more sensitive to global macro fears. In addition, it offers diversification to the corporate credit allocation within the portfolio. Our consumer focus within ABS has been beneficial as the U.S. consumer continues to show the ability to lift the U.S. economy. CMBS has benefited from the strengthening U.S. economy and demand for U.S. real estate; underlying commercial real estate fundamentals remain strong and for the most part are not hurt by low oil prices. RMBS benefits from the continuing improvement in the housing market.

High beta sectors such as corporate high yield and bank loans contributed to the Fund’s positive performance. Both benefited from investors’ higher risk appetite and reach for yield. The corporate high yield sector has performed well in an environment where rates have backed up. The sector has benefited from continued positive fundamentals (including low defaults), demand for yield (including strong demand from foreign investors), good relative value, and overall strength in U.S. risk assets. Issue selection within high yield also has contributed positively to performance. High yield bank loans, too, have performed well in a rising rate environment. The sector also has outperformed as a result of continued favorable technicals (due to demand from Collateralized Loan Obligation (CLO) issuance, lower loan fund outflows, and low net issuance), positive fundamentals (including low defaults), demand for yield, good relative value, and strength in U.S. risk assets.

Within the corporate investment grade sector the Fund’s overweight to BBB rated securities benefitted performance as they outperformed the broader corporate investment grade index.

We are constructive on sectors with a yield advantage to U.S. Treasuries as credit fundamentals remain positive and spreads remain at attractive levels. With positive fundamentals such as low defaults and good interest coverage, modest demand for fixed income by investors, and a supportive environment for fixed income, spread sectors continue to offer attractive investment opportunities to investors searching for total return and yield. Some of the specific sectors where we see value are higher quality corporate high yield, out-of-index/off-the-run asset-backed securities, high yield bank loans, new issue corporate investment grade and selective emerging market sovereigns.

Over the fiscal year, we continued to invest cash from inflows and sale proceeds, primarily focusing on the addition of higher quality bank loans, corporate high yield bonds, corporate high quality bonds and asset backed securities. We have continued to overweight spread sectors, seeking to take advantage of higher yields and wider spreads.

The Yield Curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. The most frequently reported yield curve compares the three-month, two-year, five-year and 30-year U.S. Treasury debt. This yield curve is used as a benchmark for other debt in the market, such as mortgage rates or bank lending rates. The curve is also used to predict changes in economic output and growth.

An Asset Backed Security (ABS) is a financial security backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities. For investors, asset-backed securities are an alternative to investing in corporate debt.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), a model that calculates the expected return of an asset based on its beta and expected market returns.

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A Collateralized Loan Obligation (CLO) is a security backed by a pool of debt, often low-rated corporate loans.

Spread is the difference between the bid and the ask price of a security or asset.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period March 19, 2013* to June 30, 2015

[GRAPHIC MISSING]

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 3/19/2013
AdvisorShares Newfleet Multi-Sector Income ETF NAV		-0.22	%		0.22	%		1.34	%		1.04	%		4.25	%
AdvisorShares Newfleet Multi-Sector Income ETF Market Price**		-0.26	%		0.08	%		1.11	%		0.95	%		4.16	%
Barclays Capital U.S. Aggregate Bond Index		-1.09	%		-1.68	%		-0.10	%		1.86	%		1.71	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.84% and the net expense ratio is 0.76%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.75%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Pacific Asset Enhanced Floating Rate ETF (FLRT)

The AdvisorShares Pacific Asset Enhanced Floating Rate ETF (NYSE Arca: FLRT) earned a total return 0.47% (NAV) and 0.62% (Market Price) for the three months ending June 30, 2015, and has provided return of 0.71% (Market Price) and 0.47% (NAV) since inception. For the three months ending June 30, 2015, the Credit Suisse Institutional Leveraged Loan Index (CSILLI) was up 0.98%, with the S&P/LSTA 100 Index returning -0.09%. This underperformance was attributed to FLRT’s exposure to specific sectors, including metals/minerals, utilities and consumer durables. Utilities and metals/minerals lagged the Index and the underperformance was due to declining coal and iron ore prices.

We continue to hold higher-rated, more liquid loans within FLRT. We believe they will continue to strike the best balance among limited rate sensitivity, attractive income and reasonable default risk. The portfolio also maintains a significant exposure to non-bank loan assets, primarily through lower-than-average duration high yield bonds.

FLRT dynamically utilizes Total Return Swaps to add incremental bank loan credit risk to the fund. We believe that, over time, investors will benefit from having a modestly levered exposure to the bank loan market. Our ETF risk committee has targeted leverage equivalent to up to 20% of the assets of the fund. Due to the relative value of leverage available, we’ve elected to hold the leverage component closer to 10% of the size of the fund currently.

A Total Return Swap is a swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains.

A Bank Loan is a loan or a line of credit expended to a corporation from a traditional bank.

Leverage is the amount of debt used to finance a firm’s assets.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 18, 2015* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Since Inception 2/18/2015
AdvisorShares Pacific Asset Enhanced Floating Rate ETF NAV		-0.52	%		0.47	%		0.47	%
AdvisorShares Pacific Asset Enhanced Floating Rate ETF Market Price**		-0.50	%		0.62	%		0.71	%
S&P/LSTA U.S. Leveraged Loan 100 Index		-0.86	%		-0.09	%		0.38	%
S&P 500 Index		-1.94	%		0.28	%		-1.02	%
U.S. OE Bank Loan Index		0.47	%		0.57	%		1.29	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.16% and the net expense ratio is 1.10%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.10%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P/LSTA U.S. Leveraged Loan 100 Index is designed to track the market-weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest payments. One cannot invest directly in an index.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

Bank Loan: funds that invest primarily in floating-rate bank loans instead of bonds. In exchange for their credit risk, they offer high interest payments that typically float above a common short-term benchmark.

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ADVISORSHARES TRUST
AdvisorShares Peritus High Yield ETF (HYLD)

The AdvisorShares Peritus High Yield ETF (NYSE Arca: HYLD) returned -16.88% during fiscal year ending June 30, 2015 on a market price basis and -16.82% on a NAV basis, compared to a return of -0.40% for the Barclays Capital U.S. Corporate High Yield Index. Our underperformance relative to the index was caused largely by our energy exposure during the final quarter of 2014. Based on the research we had done and our in-depth understanding of the energy market, we had made a strategic allocation to the this sector during 2014, and we, like most of the market, were surprised by the swiftness and severity of the decline in oil prices in the latter half of 2014 and into early 2015. No one, including us, projected a 50% decline in oil prices, especially given that global energy markets were merely in a slight over-supply situation and demand was still growing. Another related factor that had an impact on the portfolio was the decision we had made to include dividend paying equities in the portfolio, many of them in the energy space. During 2014, in an effort to protect income and, in several cases, execute on our energy thesis, we had decided to include selective master limited partnerships (MLPs) and dividend paying equities in the portfolio. While this did serve to protect income and provide what we saw as attractive yield, it did introduce an additional level of volatility to the portfolios, especially as we saw the swift decline in oil prices.

As 2015 began and the reality of low oil prices was evident for the time being, we cut our energy holdings by more than half of what it was when we exited 2014, though this didn’t mean we eliminated all of our energy exposure. We are still long term believers that oil prices will have to rise from here, but that may take the better part of a year to happen. Additionally, during the first half of calendar 2015 we eliminated our equity positions. While our intention with purchasing dividend equities was to protect the fund’s yield and take advantage of various yield-bearing opportunities within the company’s entire capital structure, the latter part of 2014 and early 2015 demonstrated that these equities produced excessive volatility within the fund. As of the end of the fiscal year, we have exited our equity positions and do not intend to undertake further equity investments at this time. Finally we are taking steps to broaden out our portfolio in terms of the number of holdings, including adding some more recognizable and highly liquid names that are more familiar to our market makers but still meet our investment criteria. For more detail about our strategy behind these changes within the portfolio, see our recent piece “The Past, Present and Future,” as well as our “Mid-Year Update,” both found on the HYLD website (http://hyld.advisorshares.com).

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 1, 2010* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 12/1/2010
AdvisorShares Peritus High Yield ETF NAV		-1.40	%		0.05	%		0.41	%		-16.82	%		2.21	%		18.19	%
AdvisorShares Peritus High Yield ETF Market Price**		-1.38	%		0.37	%		2.51	%		-16.88	%		2.14	%		17.99	%
Barclays U.S. Corporate High Yield Index		-1.49	%		0.00	%		2.53	%		-0.40	%		6.81	%		7.57	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is 1.18%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.35%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Barclays U.S. Corporate High Yield Index is an unmanaged index considered representative of the universe of U.S. fixed rate, non investment grade debt. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Pring Turner Business Cycle ETF (DBIZ)

The AdvisorShares Pring Turner Business Cycle ETF (NYSE Arca: DBIZ) finished -12.50% on a market price basis and -12.42% on a NAV basis for the year ending June 30, 2015. In comparison, the S&P 500 was up 7.42%. DBIZ is a multi-asset, active allocation fund with holdings in bonds, stocks, commodity and cash and may exhibit less volatile than the S&P 500. Since inception, DBIZ’s portfolio volatility (Beta = 0.53) is significantly lower than the S&P 500’s (Beta = 1.0).

DBIZ has a pro-active asset allocation and sector rotation strategy designed to adapt to the ever-changing economy and financial markets. During the course of a typical business cycle, the three main asset classes: bonds, stocks and commodities move through favorable and unfavorable periods. This results in six turning points or “Stages,” each of which offers a different environment for optimum asset allocation. DBIZ is designed as a core total return multi-asset fund for conservative investors.

As of June 2015 our proprietary business cycle stage work resides in “Stage 2”, a part of the cycle that typically favors stocks and disfavors inflation sensitive commodities. The current environment is in stark contrast to a year ago when inflation was picking up and natural resource themes were leading the market higher. For instance, energy and metals sectors were strong going into the Fall of 2014 when oil and other commodities abruptly started a precipitous decline and hurt fund performance. Over a period of several months late in 2014, DBIZ was re-positioned with broader diversification by sector. Currently, the fund has its largest sector weightings in Financials, Technology, Staples and Consumer Discretionary stocks. For now, inflation sensitive areas are de-emphasized in the fund. The current strategy for the fixed income side of the portfolio is to keep a relatively low bond allocation and use a short/intermediate term bond ladder approach to help protect against higher interest rates.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 18, 2012* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 12/18/2012
AdvisorShares Pring Turner Business Cycle ETF NAV		-3.27	%		-1.45	%		-2.10	%		-12.42	%		2.74	%
AdvisorShares Pring Turner Business Cycle ETF Market Price**		-3.24	%		-1.38	%		-2.03	%		-12.50	%		2.79	%
S&P 500 Index		-1.94	%		0.28	%		1.23	%		7.42	%		17.47	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.74% and the net expense ratio is 1.68%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.49%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares QAM Equity Hedge ETF (QEH)

The AdvisorShares QAM Equity Hedge ETF (NYSE: Arca: QEH) incepted on August 7, 2012. For the period ending 6/30/2015 QEH has returned 6.00% on a Net Asset Value annualized basis and 6.01% on a Market Price annualized basis since inception. For the one year period ending 6/30/2015 QEH returned 1.48% on an NAV basis and 1.60% on a Market Price basis. Performance in the fund was slightly behind our benchmark, the HFRI Equity Hedge (Total) Index, but was still within the range of expectations for the strategy.

The Fund utilizes a fundamental and quantitative investment process to estimate the aggregate net market exposures of a large universe of long/short equity hedge funds defined by the HFRI Equity Hedge (Total) Index. The Fund’s sub-advisor has fundamentally identified over 25 groups of long/short equity hedge fund managers within the Index and utilizes a factor based system to attempt to identify the net exposures for each group. The sub-advisor believes that by replicating the net exposures of each group, over time the Fund’s return will closely track that of the index.

In the year ended June 2015, we believe dominant performance of the US equity markets has begun to fade against its global counterparts. The moderately net exposed global portfolio for QEH partially participated in the gains while doing so with a lower beta to the S&P 500. Throughout the year, there was a tug of war between a friendly low interest rate environment and unfriendly geopolitical situations ranging from Russia and Ukraine to Greece and the European Union. In addition, the concerns of a slowdown in China weighed on markets. As the markets bounced up and down, our models indicated that the universe of long/short equity hedge fund managers, in aggregate, kept their net exposures in a fairly tight band around 60% net long. Within economic sectors, Information Technology was the largest allocation followed by Healthcare, Financials and Consumer Discretionary. Net exposure to North America remained the largest geographic exposure, however during the year exposures to developed Non-U.S., emerging, and frontier markets were rising.

QEH is a diversified and moderately net exposed portfolio providing a lower volatility approach to global equity markets that we believe can produce superior risk adjusted returns over time.

A long position is the purchase of an investment with the expectation that it will rise in value.

A short position is the sale of a borrowed investment with the expectation that it will decline in value.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period August 7, 2012* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 8/7/2012
AdvisorShares QAM Equity Hedge ETF NAV		-1.41	%		0.49	%		2.39	%		1.48	%		18.40	%
AdvisorShares QAM Equity Hedge ETF Market Price**		-0.80	%		0.60	%		3.30	%		1.60	%		18.40	%
HFRI Equity Hedge (Total) Index		-0.75	%		2.01	%		4.05	%		2.59	%		N/A	***

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 3.12% and the net expense ratio is 2.16%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.50%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

***

Benchmark performance available on a month-end basis only. For the period 8/31/2012 through 6/30/2015, the HFRI Equity Hedge Index returned 8.35%.

The HFRI Equity Hedge Index is a fund-weighted index of select hedge funds focusing on Equity Hedge strategies. Equity Hedge investing consists of a core holding of long equities hedged at all times with short sales of stocks and/or stock index options. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Ranger Equity Bear ETF (HDGE)

The AdvisorShares Ranger Equity Bear ETF (NYSE Arca: HDGE) returned -7.72% on a Market Price basis and -7.64% on an NAV basis from July 1, 2014 through June 30, 2015 compared to +7.42% for the S&P 500 Index. As a short-only investment vehicle HDGE seeks to outperform peers and relevant benchmarks on a relative basis during bull markets. During down markets and/or highly volatile market conditions characterized by fear and uncertainty, HDGE seeks to generate positive results and outperform peers and relevant benchmarks on both a relative and absolute basis.

Performance was driven by a mid-capitalization growth exposure allocated to stocks not in the S&P 500 Index and to some extent several large capitalization holdings. The fund remained nearly fully invested over the entire 12 month period in aggressive growth stocks despite equity markets pushing to new highs.

The valuation of market indices on a price/revenue basis is at a multi-decade high. Sentiment among both professional and individual investors has reached extremes on numerous occasions over the past 12 months. The percentage of unprofitable IPOs reached a 25-year high over the past 12 months. In addition, household liquidity has turned down while margin leverage has increased. As a result, the fund managers have maintained an aggressive short position for the fund.

A short position is the sale of a borrowed investment with the expectation that it will decline in value.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period January 27, 2011* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 1/27/2011
AdvisorShares Ranger Equity Bear ETF NAV		0.74	%		-1.80	%		-5.14	%		-7.64	%		-22.45	%		-56.48	%
AdvisorShares Ranger Equity Bear ETF Market Price**		0.65	%		-1.89	%		-4.98	%		-7.72	%		-22.46	%		-56.48	%
S&P 500 Index		-1.94	%		0.28	%		1.23	%		7.42	%		17.31	%		13.47	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is 2.92%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.85%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares Sage Core Reserves ETF (HOLD)

The AdvisorShares Sage Core Reserves ETF (NYSE Arca: HOLD) returned 0.00% for the year ending June 30, 2015 on a NAV basis. The Barclays 1 – 3 Month U.S. Treasury Bill Index, a common short-term benchmark, in contrast returned 0.01% over the same period.

During the 12 months ending June 30 2015, fixed income investors experienced significant volatility of credit spreads and interest rates. Changing Fed policy contributed to volatility as the Federal Reserve ended its QE3 asset-purchase program in October 2014, and has more recently shifted its communications to manage expectations toward tighter monetary policy in the future.

Despite record monetary policy stimulus in the US and worldwide, economic growth and inflation have remained stubbornly low. The US unemployment rate fell from 6.3% to 5.5% over the same period. As of June 30, US GDP growth and CPI (year-over-year) were 2.9% and 0%, respectively. The 10-year Treasury yield began the period at 2.53%, dropped below 2% and ended the period at 2.35%. Investment-grade credit spreads began the period at 0.96% and ended it at 1.37%.

During this time of turbulence we have maintained a high-quality, defensive fixed income allocation with average portfolio duration hovering slightly above half a year, including short futures positions. We maintained broad diversification through exposure to assets in the US government, corporate, mortgage-backed and asset-backed sectors, among others.

Credit Spread is the spread between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.

The Short Futures position is an unlimited profit, unlimited risk position that can be entered by the futures speculator to profit from a fall in the price of the underlying.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period January 14, 2014* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 1/14/2014
AdvisorShares Sage Core Reserves ETF NAV		-0.03	%		0.07	%		0.24	%		0.00	%		0.11	%
AdvisorShares Sage Core Reserves ETF Market Price**		-0.03	%		0.08	%		0.26	%		0.00	%		0.13	%
Barclays 1 – 3 Month U.S. Treasury Bill Index		0.00	%		0.00	%		0.01	%		0.01	%		0.02	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 0.73% and the net expense ratio is 0.35%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.35%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Barclays 1 – 3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. The Barclays Treasury Bill Index is an unmanaged index considered representative of the performance of the U.S. Treasury Bill issued by the U.S. Government. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares STAR Global Buy-Write ETF (VEGA)

The AdvisorShares STAR Global Buy-Write ETF (NYSE Arca: VEGA) gained 1.49% for the year ending June 30, 2015 on a Market Price basis and 1.60% on an NAV basis. By comparison, VEGA’s Policy Benchmark^* gained 1.98% over the same period.

In addition, for the year VEGA achieved a beta of just under 0.60 versus the S&P 500.

VEGA is a broadly diversified ETF that includes other asset classes beyond the S&P 500, such as, individual equities, foreign developed and emerging market equities, global bonds and domestic fixed-income. We believe that VEGA, over full market cycles, can provide its benefit in declining markets by harnessing volatility in the form of earned option premiums from covered calls and cash-secured puts, and utilizing cash as a strategic asset intended to be reinvested when levels of implied volatility on its constituent ETFs is higher than average.

Typically, VEGA will benefit from volatile markets while participating less in strongly trending markets.

VEGA differs from other strictly formulaic BuyWrite funds in several ways, notably:

Invests in a global “go anywhere” portfolio

Invests in fixed-income as well as equity securities

Adjusts the percent covered of the underlying positions, depending on the current volatility regime, which allows for more appreciation potential when volatility is high.

Engages in “volatility-based reinvestment” by redeploying strategic cash reserves when volatility is high and prices are lower.

Uses protective puts as a tactical overlay

A covered call is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset. This is often employed when an investor has a short-term neutral view on the asset and for this reason hold the asset long and simultaneously have a short position via the option to generate income from the option premium.

An investor who employs a cash-secured put writes a put contract, and at the same time deposits in his brokerage account the full cash amount for a possible purchase of underlying shares. The purpose of depositing this cash is to ensure that it’s available should the investor be assigned on the short put position and be obligated to purchase shares at the put’s strike price. While the cash is on deposit it may generally be invested in short-term, interest-bearing instruments.

VEGA’s Policy Benchmark comprises a 37.5% weighting to the MSCI World Index, 37.5% to the CBOE BuyWrite Index and 25% to the Barclays’ Intermediate Government/Credit Index.

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HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period September 17, 2012* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 9/17/2012
AdvisorShares STAR Global Buy-Write ETF NAV		-1.63	%		-0.11	%		0.49	%		1.60	%		7.26	%
AdvisorShares STAR Global Buy-Write ETF Market Price**		-1.63	%		0.07	%		0.60	%		1.49	%		7.29	%
MSCI World Index (Net)		-2.33	%		0.31	%		2.63	%		1.43	%		11.91	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.94% and the net expense ratio is 2.00%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.85%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

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ADVISORSHARES TRUST
AdvisorShares Sunrise Global Multi-Strategy ETF (MULT)

The AdvisorShares Sunrise Global Multi-Strategy ETF (NASDAQ: MULT) returned a -2.61% on a Market Price basis and -2.58% on an NAV basis from inception through June 30^th, 2015 as compared to 7.92% for the Barclays Hedge BTOP50 Index.

During the period in question, generally positive equity futures, bond futures and ETF trading results were undercut by sub-optimal currency future trading results. The primary culprit for the currency challenges was an inordinate amount of short term price vacillation, particularly in the case of the Swiss franc which since a series of unexpected interventionary moves by the Swiss monetary authorities in January 2015, has demonstrated unprecedented volatility swings that seasoned investors such as Sunrise have not seen in more than three decades of trading. Overall, the diversified nature of the total MULT portfolio muted the effects of currency challenges to some degree but the product’s outcome to date was nonetheless undermined.

Looking forward Sunrise would expect the MULT portfolio to achieve even better balance and would expect the strategy to begin to gain traction across global equity, bond and currency markets, particularly if those markets begin to demonstrate more defined patterns of directional volatility as opposed to what have been largely “whippy” markets since MULT’s July 2014 inception.

Futures are a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial instrument, at a predetermined future date and price.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 8, 2014* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			Since Inception 7/8/2014
AdvisorShares Sunrise Global Multi-Strategy ETF NAV		-0.12	%		-0.62	%		-2.37	%		-2.58	%
AdvisorShares Sunrise Global Multi-Strategy ETF Market Price**		-0.38	%		-0.54	%		-0.21	%		-2.61	%
Barclay Hedge BTOP50 Index		-0.46	%		-1.85	%		1.51	%		7.92	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.47% and the net expense ratio is 1.89%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.75%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The BTOP50 Index seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares TrimTabs Float Shrink ETF (TTFS)

In the past fiscal year, the S&P 500 Index gained 7.42%, while the Russell 3000 Index rose 7.29%. The AdvisorShares TrimTabs Float Shrink ETF (NYSE Arca: TTFS) outperformed both broad-market indices with a total return of 12.06% net of all fees. During the first half of 2015, the fund advanced 3.11%, more than double the return of the S&P 500 Index (1.23%), while outperforming the Russell 3000 Index by 1.17%. If we look back further, TTFS has established a 23.13% lead in cumulative performance versus the S&P 500 Index since its inception on October 4, 2011.

In the first six months of 2015, new stock buyback authorizations, which contribute over 20% to total earnings growth, have already exceeded full-year totals for 2008, 2009, 2010, and 2012. The float shrink strategy we manage further serves to differentiate companies using free cash flow to repurchase stocks from those that use debt.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period October 4, 2011* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 10/4/2011
AdvisorShares TrimTabs Float Shrink ETF NAV		-1.66	%		-0.47	%		3.11	%		12.06	%		20.59	%		122.04	%
AdvisorShares TrimTabs Float Shrink ETF Market Price**		-1.72	%		-0.50	%		3.09	%		11.99	%		20.49	%		122.04	%
Russell 3000 Index		-1.67	%		0.14	%		1.94	%		7.29	%		17.73	%		20.56	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.16% and the net expense ratio is 0.99%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 0.99%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. One cannot invest directly in an index.

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ADVISORSHARES TRUST
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (AADR)

The AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (NYSE Arca: AADR) returned +0.36% from July 1, 2014 to the period ended June 30, 2015, outperforming the MSCI EAFE Index which returned -4.22%. Importantly, AADR delivered a positive return in a down year.

While our bottom-up structural biases (underweight Financials & Telecom, overweight Tech & Health Care) were a tailwind overall, the majority of our outperformance was driven by positive stock selection. The vast majority of AADR’s outperformance for the fiscal year ended June 30, 2014 was driven by stock selection, which was positive in each of the last four quarters.

Noting once more that there are indeed environments — such as the first half of last year — that are hostile to AADR’s approach, we’re pleased to report that we’ve had four successive quarters of “good” conditions. There was no artificial size distinction (in ACWI ex US, Small outperformed Large, but just barely), but there was an unambiguous distinction in favor of profitability: higher ROE outperformed lower ROE.

What we wrote nine months ago still holds true: “. . . mean reversion alone should benefit AADR over the next couple of years.” This seems to have gone as hoped and should continue for awhile longer. But best of all it reinforces our conviction that turmoil in the world creates exciting new investment opportunities and refocuses the market on structurally high-quality businesses (those with growing moats and strong long-term tailwinds) rather than mediocre businesses benefitting from temporary/cyclical phenomena.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 21, 2010* to June 30, 2015

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HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			3 Year			Since Inception 7/21/2010
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF NAV		-3.20	%		0.76	%		5.28	%		0.36	%		11.19	%		59.73	%
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF Market Price**		-3.37	%		0.58	%		4.93	%		0.19	%		11.13	%		59.33	%
MSCI EAFE Index (Net)		-2.83	%		0.62	%		5.52	%		-4.22	%		11.97	%		8.57	%
BNY Mellon Classic ADR Index TR		-2.72	%		1.32	%		5.98	%		-4.24	%		10.51	%		7.26	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.69% and the net expense ratio is 1.27%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The BNY Mellon Classic ADR Index combines the over the counter (OTC) traded ADRs with exchange-listed ADRs bringing transparency to the available universe of American Depositary Receipts, including those issued by many of the world’s premier companies. One cannot invest directly in an index.

TABLE OF CONTENTS

ADVISORSHARES TRUST
AdvisorShares YieldPro ETF (YPRO)

The AdvisorShares YieldPro ETF (NASDAQ: YPRO) provided a total Market Price return of -5.20% and an NAV return of -4.92% over the twelve-month period ending June 30, 2015. This compares to the Barclays Capital U.S. Aggregate Bond Index, which returned 1.86% over the same time period.

We have written in the past about the excesses we were observing in a variety of markets, most specifically the loan and high yield markets. We believed that the market was underpricing a variety of risks, including but not limited to, the risks of a rise in interest rates, a resurgence of the European debt crisis, and a potential liquidity crisis in the high yield market and the loan market.

On May 18, 2015, the Sub-Advisor appointed new portfolio managers for YPRO. The new managers implemented several changes to YPRO’s portfolio, including: common stock holdings which were replaced with bonds; High yield bond holdings were reduced from 30% to 20%; the average effective duration of the bond holdings was reduced from 8 years to 3.3 years; and interest rate risk would be managed by targeted maturity management, as opposed to through the use of active hedging strategies, which had been the case prior to May 2015.

As of June 30^th, YPRO’s portfolio was 100% invested in domestic fixed income securities and cash equivalents. As of that date, we evaluated the risk of holding longer-term maturity fixed income securities as relatively high. As a result, we targeted a duration of 3.25 years. The only longer-term holdings in the portfolio, as of June 30^th, consisted of a 15% allocation to the municipal bond market. Historically, municipals have tended to be less volatile than other segments of the longer-term bond market. Credit risk is also managed with targeted holdings. As of June 30, YPRO was targeting 20% in the high-yield sector with a specific maturity target of less than 5 years. 81% of the YPRO portfolio was invested in investment grade securities. We intend to continue to watch the Fund’s exposure to high yield bonds, as high yield bonds have historically been highly correlated with equity market volatility.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period March 4, 2014* to June 30, 2015

[GRAPHIC MISSING]

TABLE OF CONTENTS

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015


	1 Month			3 Month			Year to Date			1 Year			Since Inception 3/4/2014
AdvisorShares YieldPro ETF NAV		-0.50	%		-1.52	%		-1.76	%		-4.92	%		-3.06	%
AdvisorShares YieldPro ETF Market Price**		-0.63	%		-1.69	%		-1.68	%		-5.20	%		-3.23	%
Barclays Capital U.S. Aggregate Bond Index		-1.09	%		-1.68	%		-0.10	%		1.86	%		2.95	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV. Returns shown include the reinvestment of all dividends and other distributions. Index returns do not include expenses. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) and net expense ratio is 1.51%. (Actual expenses can be referenced in the Financial Highlights section later in this report.) The Fund’s advisor has agreed to waive a portion of its fees and/or reimburse expenses to the extent necessary to keep the Fund’s expenses from exceeding 1.25%. Returns less than one year are not annualized. The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month end performance, please call 1-877-843-3831.

Commencement of operations.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index considered representative of the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

TABLE OF CONTENTS

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 January 1, 2015 and held for the period ended June 30, 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 1/1/2015		Ending Account Value 6/30/2015		Annualized Expense Ratio for the Period⁽¹⁾			Expenses Paid
AdvisorShares Accuvest Global Long Short ETF
Actual	$	1,000.00	$	991.00		1.50	%	$	7.40
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.36		1.50	%	$	7.50
AdvisorShares Athena High Dividend ETF
Actual	$	1,000.00	$	946.60		0.99	%	$	4.78
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96
AdvisorShares EquityPro ETF
Actual	$	1,000.00	$	1,020.00		1.25	%	$	6.26
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
AdvisorShares Gartman Gold/Euro ETF
Actual	$	1,000.00	$	1,059.70		0.65	%	$	3.32
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.57		0.65	%	$	3.26

TABLE OF CONTENTS

ADVISORSHARES TRUST

Shareholder Expense Examples (continued)


Fund Name	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Annualized Expense Ratio for the Period⁽¹⁾			Expenses Paid
AdvisorShares Gartman Gold/Yen ETF
Actual	$	1,000.00	$	1,006.10		0.65	%	$	3.23
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.57		0.65	%	$	3.26
AdvisorShares Global Echo ETF
Actual	$	1,000.00	$	998.90		1.50	%	$	7.43
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.36		1.50	%	$	7.50
AdvisorShares Madrona Domestic ETF
Actual	$	1,000.00	$	1,017.10		1.25	%	$	6.25
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
AdvisorShares Madrona Global Bond ETF
Actual	$	1,000.00	$	988.60		0.95	%	$	4.68
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,020.08		0.95	%	$	4.76
AdvisorShares Madrona International ETF
Actual	$	1,000.00	$	1,075.80		1.25	%	$	6.43
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
AdvisorShares Meidell Tactical Advantage ETF
Actual	$	1,000.00	$	1,024.60		1.35	%	$	6.78
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.10		1.35	%	$	6.76
AdvisorShares Morgan Creek Global Tactical ETF
Actual	$	1,000.00	$	985.60		1.25	%	$	6.15
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
AdvisorShares Newfleet Multi-Sector Income ETF
Actual	$	1,000.00	$	1,013.40		0.75	%	$	3.74
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,021.08		0.75	%	$	3.76
AdvisorShares Pacific Asset Enhanced Floating Rate ETF⁽²⁾
Actual	$	1,000.00		1,004.70		1.10	%	$	3.99
Hypothetical (assuming a 5% return before expenses)	$	1,000.00		1,019.34		1.10	%	$	5.51
AdvisorShares Peritus High Yield ETF
Actual	$	1,000.00	$	1,004.10		1.27	%	$	6.31
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.50		1.27	%	$	6.36
AdvisorShares Pring Turner Business Cycle ETF
Actual	$	1,000.00	$	979.00		1.49	%	$	7.31
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.41		1.49	%	$	7.45

TABLE OF CONTENTS

ADVISORSHARES TRUST

Shareholder Expense Examples (continued)


Fund Name	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Annualized Expense Ratio for the Period⁽¹⁾			Expenses Paid
AdvisorShares QAM Equity Hedge ETF
Actual	$	1,000.00	$	1,023.90		1.50	%	$	7.53
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,017.36		1.50	%	$	7.50
AdvisorShares Ranger Equity Bear ETF
Actual	$	1,000.00	$	948.60		1.65	%	$	7.97
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.61		1.65	%	$	8.25
AdvisorShares Sage Core Reserves ETF
Actual	$	1,000.00	$	1,002.40		0.35	%	$	1.74
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,023.06		0.35	%	$	1.76
AdvisorShares STAR Global Buy-Write ETF
Actual	$	1,000.00	$	1,004.90		1.85	%	$	9.20
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,015.62		1.85	%	$	9.25
AdvisorShares Sunrise Global Multi-Strategy ETF
Actual	$	1,000.00	$	976.30		1.75	%	$	8.58
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,016.12		1.75	%	$	8.75
AdvisorShares TrimTabs Float Shrink ETF
Actual	$	1,000.00	$	1,031.10		0.99	%	$	4.99
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.89		0.99	%	$	4.96
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF
Actual	$	1,000.00	$	1,052.80		1.25	%	$	6.36
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,018.60		1.25	%	$	6.26
AdvisorShares YieldPro ETF
Actual	$	1,000.00	$	982.40		1.11	%	$	5.46
Hypothetical (assuming a 5% return before expenses)	$	1,000.00	$	1,019.29		1.11	%	$	5.56

(1)

Expense ratios reflect expense caps through the period ended June 30, 2015.

(2)

Fund commenced operations on February 18, 2015. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 132/365 (to reflect commencement of operation).

TABLE OF CONTENTS

ADVISORSHARES ACCUVEST GLOBAL LONG SHORT ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
EXCHANGE TRADED FUNDS — 78.1%
Equity Fund — 78.1%
Deutsche X-trackers MSCI Germany Hedged Equity ETF		20,450	$	513,295
Deutsche X-trackers MSCI Japan Hedged Equity ETF^(a)		28,371		1,185,340
First Trust Large Cap Core AlphaDEX Fund^(a)		59,411		2,723,401
iShares Core S&P 500 ETF^(a)		4,590		951,140
iShares MSCI China ETF^(a)		28,805		1,614,232
iShares MSCI Hong Kong ETF^(a)		65,154		1,469,874
iShares MSCI Israel Capped ETF^(a)		18,819		967,861
iShares MSCI South Korea Capped ETF		6,200		341,682
iShares MSCI Sweden ETF^(a)		21,137		671,522
iShares MSCI Taiwan ETF		26,233		413,957
Total Exchange Traded Funds (Cost $11,054,011)				10,852,304
MONEY MARKET FUND — 18.7%
Dreyfus Cash Management — Investor Class, 0.00%^(b) (Cost $2,591,519)		2,591,519		2,591,519
Total Investments — 96.8% (Cost $13,645,530)				13,443,823
Other Assets in Excess of Liabilities — 3.2%				448,572
Net Assets — 100.0%			$	13,892,395

ETF — Exchange Traded Fund

(a)

All or a portion of this security has been segregated as collateral for swap contracts. The aggregate market value of the collateral posted was $5,615,680 which includes cash in the amount of $367,724 as of June 30, 2015.

(b)

Rate shown reflects the 7-day yield as of June 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS



	% of Net Assets
Equity Fund		78.1	%
Money Market Fund		18.7
Total Investments		96.8
Other Assets in Excess of Liabilities		3.2
Net Assets		100.0	%

Total Return Swaps contracts outstanding as of June 30, 2015:


Reference Entity	Number of Contracts			Annual Financing Rate Received (Paid)			Termination Date		Notional Amounts			Fair Value			Unrealized Appreciation/ (Depreciation)
iShares MSCI Austria Capped ETF		(43,200	)		(4.75	)%		6/08/2017	$	(711,081	)	$	(694,603	)	$	16,478
iShares MSCI Brazil Capped ETF		(21,380	)		(0.99	)		6/08/2017		(701,050	)		(714,131	)		(13,081	)
iShares MSCI Chile Capped ETF		(35,545	)		(2.00	)		6/08/2017		(1,406,110	)		(1,376,208	)		29,902
iShares MSCI Indonesia ETF		(29,053	)		(3.99	)		6/08/2017		(712,089	)		(683,931	)		28,158
iShares MSCI Malaysia ETF		(110,815	)		(0.99	)		6/08/2017		(1,397,377	)		(1,360,500	)		36,877
iShares MSCI Mexico Capped ETF		(12,082	)		(0.99	)		6/08/2017		(697,131	)		(695,470	)		1,661
iShares MSCI Singapore ETF		(54,225	)		(1.24	)		6/08/2017		(691,911	)		(691,941	)		(30	)
iShares MSCI Switzerland Capped ETF		(20,060	)		(1.74	)		6/08/2017		(708,519	)		(673,826	)		34,693
Net Unrealized Appreciation															$	134,658

Morgan Stanley 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.

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
COMMON STOCKS — 99.3%
Agriculture — 2.0%
Philip Morris International, Inc.		3,869	$	310,178
Banks — 2.7%
Banco de Chile (Chile)^(a)^(b)		6,175		406,809
Chemicals — 5.7%
Braskem SA (Brazil)^(b)		51,307		444,319
Sociedad Quimica y Minera de Chile SA (Chile)^(b)		26,624		426,516
Total Chemicals				870,835
Commercial Services — 2.1%
Macquarie Infrastructure Corp.		3,887		321,183
Electric — 9.3%
Brookfield Infrastructure Partners LP		9,630		429,787
CPFL Energia SA (Brazil)^(a)^(b)		49,422		605,419
Huaneng Power International, Inc. (China)^(a)^(b)		7,373		389,147
Total Electric				1,424,353
Engineering & Construction — 1.9%
Grupo Aeroportuario del Pacifico SAB de CV (Mexico)^(b)		4,156		284,644
Internet — 2.9%
SouFun Holdings Ltd. (China)^(a)(b)		52,197		438,977
Investment Companies — 2.6%
Prospect Capital Corp.		53,610		395,106
Iron/Steel — 3.3%
Vale SA (Brazil)^(a)^(b)		84,486		497,623
Lodging — 2.2%
Las Vegas Sands Corp.		6,328		332,663
Oil & Gas — 11.9%
CNOOC Ltd. (China)^(b)		2,823		400,640
Ecopetrol SA (Colombia)^(a)^(b)		46,096		611,233
LinnCo LLC		37,237		351,890
Sasol Ltd. (South Africa)^(b)		12,269		454,689
Total Oil & Gas				1,818,452
Pipelines — 12.8%
Energy Transfer Partners LP		8,633		450,642
Kinder Morgan, Inc.		7,668		294,375
MarkWest Energy Partners LP		6,071		342,283
NGL Energy Partners LP^(a)		8,415		255,227
ONEOK Partners LP		7,254		246,636
ONEOK, Inc.		9,400		371,112
Total Pipelines				1,960,275


Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Private Equity — 6.8%
Apollo Global Management LLC, Class A		13,533	$	299,756
Carlyle Group LP (The)		16,543		465,686
KKR & Co. LP		11,911		272,166
Total Private Equity				1,037,608
Real Estate Investment Trusts — 11.9%
Communications Sales & Leasing, Inc.		11,043		272,983
Digital Realty Trust, Inc.		5,021		334,800
Geo Group, Inc. (The)		12,070		412,311
Lamar Advertising Co., Class A		5,153		296,194
Senior Housing Properties Trust		28,376		498,000
Total Real Estate Investment Trusts				1,814,288
Telecommunications — 14.5%
AT&T, Inc.		9,852		349,943
CenturyLink, Inc.		13,162		386,700
Frontier Communications Corp.^(a)		53,062		262,657
Telecom Argentina SA (Argentina)^(b)		28,583		514,207
Verizon Communications, Inc.		6,077		283,249
Windstream Holdings, Inc.		64,556		411,867
Total Telecommunications				2,208,623
Toys/Games/Hobbies — 2.4%
Mattel, Inc.		14,461		371,503
Transportation — 2.0%
Golar LNG Ltd. (Bermuda)		6,573		307,616
Water — 2.3%
Cia de Saneamento Basico do Estado de Sao Paulo (Brazil)^(b)		68,265		353,613
Total Common Stocks (Cost $16,162,136)				15,154,349
MONEY MARKET FUND — 0.5%
Goldman Sachs Financial Square Fund, 0.11%^(c) (Cost $80,184)		80,184		80,184
REPURCHASE AGREEMENTS — 13.1%^(d)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $300,081, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $306,082)	$	300,080		300,080

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES ATHENA HIGH DIVIDEND ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $465,625, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $474,938)	$	465,624	$	465,624
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $465,626, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $474,937)		465,624		465,624
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $465,625, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $474,936)		465,624		465,624
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $303,579, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $309,650)		303,578		303,578
Total Repurchase Agreements (Cost $2,000,530)				2,000,530
Total Investments — 112.9% (Cost $18,242,850)				17,235,063
Liabilities in Excess of Other Assets — (12.9)%				(1,970,311	)
Net Assets — 100.0%			$	15,264,752

LP — Limited Partnership

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,960,360; the aggregate market value of the collateral held by the fund is $2,035,998. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $35,468.

(b)

American Depositary Receipt.

(c)

Rate shown reflects the 7-day yield as of June 30, 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		2.0	%
Banks		2.7
Chemicals		5.7
Commercial Services		2.1
Electric		9.3
Engineering & Construction		1.9
Internet		2.9
Investment Companies		2.6
Iron/Steel		3.3
Lodging		2.2
Oil & Gas		11.9
Pipelines		12.8
Private Equity		6.8
Real Estate Investment Trusts		11.9
Telecommunications		14.5
Toys/Games/Hobbies		2.4
Transportation		2.0
Water		2.3
Money Market Fund		0.5
Repurchase Agreements		13.1
Total Investments		112.9
Liabilities in Excess of Other Assets		(12.9	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES EQUITYPRO ETF
Schedule of Investments

June 30, 2015


Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 97.6%
Equity Fund — 97.6%
Alerian MLP ETF^(a)		47,274	$	735,583
Energy Select Sector SPDR Fund		10,015		752,727
Guggenheim S&P 500 Equal Weight Consumer Staples ETF^(a)		21,774		2,303,471
Guggenheim S&P 500 Pure Growth ETF^(a)		42,586		3,456,706
Health Care Select Sector SPDR Fund		13,222		983,585
Industrial Select Sector SPDR Fund^(a)		27,986		1,512,923
iShares MSCI EAFE ETF		23,405		1,485,983
PowerShares Dynamic Pharmaceuticals Portfolio^(a)		20,495		1,605,578
SPDR S&P World ex-US ETF		34,414		967,722
Technology Select Sector SPDR Fund		86,999		3,601,759
Vanguard Total International Stock ETF		26,002		1,308,681
Total Exchange Traded Funds (Cost $19,335,273)				18,714,718
MONEY MARKET FUND — 2.4%
Wells Fargo Advantage Government Money Market Fund — Institutional Class, 0.01%^(b) (Cost $464,567)		464,567		464,567
REPURCHASE AGREEMENTS — 12.3%^(c)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $353,684, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $360,757)	$	353,683		353,683
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $548,800, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $559,776)		548,798		548,798
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $548,800, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $559,774)		548,798		548,798


Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $548,799, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $559,774)	$	548,798	$	548,798
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $357,803, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $364,958)		357,802		357,802
Total Repurchase Agreements (Cost $2,357,879)				2,357,879
Total Investments — 112.3% (Cost $22,157,719)				21,537,164
Liabilities in Excess of Other Assets — (12.3)%				(2,358,229	)
Net Assets — 100.0%			$	19,178,935

ETF — Exchange Traded Fund

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,305,926; the aggregate market value of the collateral held by the fund is $2,357,879.

(b)

Rate shown reflects the 7-day yield as of June 30, 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		97.6	%
Money Market Fund		2.4
Repurchase Agreements		12.3
Total Investments		112.3
Liabilities in Excess of Other Assets		(12.3	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Shares		Value
MONEY MARKET FUND — 65.8%
BNY Mellon Cash Reserve, 0.01% (Cost $11,026,789)		11,026,789	$	11,026,789
Total Investments — 65.8% (Cost $11,026,789)				11,026,789
Other Assets in Excess of Liabilities — 34.2%				5,731,066
Net Assets — 100.0%			$	16,757,855

Futures contracts outstanding as of June 30, 2015:


Type	Broker		Expiration Date		Number of Contracts			Value at Trade Date			Value at June 30, 2015			Unrealized Appreciation (Depreciation)
EURO Currency		Interactive Brokers LLC		September 2015		(124	)	$	(17,559,557	)	$	(17,291,800	)	$	267,757
Gold 100 Oz.		Interactive Brokers LLC		August 2015		149			17,714,954			17,459,820			(255,134	)
														$	12,623

Cash posted as collateral to broker for futures contracts was $5,757,933 at June 30, 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.

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Shares		Value
MONEY MARKET FUND — 67.2%
BNY Mellon Cash Reserve, 0.01% (Cost $15,460,955)		15,460,955	$	15,460,955
Total Investments — 67.2% (Cost $15,460,955)				15,460,955
Other Assets in Excess of Liabilities — 32.8%				7,560,698
Net Assets — 100.0%			$	23,021,653

Futures contracts outstanding as of June 30, 2015:


Type	Broker		Expiration Date		Number of Contracts			Value at Trade Date			Value at June 30, 2015			Unrealized Appreciation (Depreciation)
Gold 100 Oz.		Interactive Brokers LLC		August 2015		206		$	24,480,016		$	24,139,080		$	(340,936	)
Japanese Yen Currency		Interactive Brokers LLC		September 2015		(237	)		(24,173,417	)		(24,240,656	)		(67,239	)
														$	(408,175	)

Cash posted as collateral from broker for futures contracts was $7,591,526 at June 30, 2015.

†

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
COMMON STOCKS — 67.0%
Apparel — 1.7%
Hanesbrands, Inc.		900	$	29,988
NIKE, Inc., Class B		260		28,085
VF Corp.		1,081		75,389
Total Apparel				133,462
Auto Parts & Equipment — 1.2%
Johnson Controls, Inc.		1,923		95,246
Total Auto Parts & Equipment				95,246
Banks — 2.7%
Northern Trust Corp.		1,224		93,587
PNC Financial Services Group, Inc. (The)		949		90,772
Tompkins Financial Corp.		499		26,806
Total Banks				211,165
Beverages — 0.6%
Reed's, Inc.*^(a)		7,660		47,722
Biotechnology — 2.7%
Amgen, Inc.		331		50,815
Illumina, Inc.*		603		131,671
Isis Pharmaceuticals, Inc.*^(a)		581		33,437
Total Biotechnology				215,923
Building Materials — 0.9%
Geberit AG (Switzerland)^(b)		546		18,286
Masco Corp.		1,988		53,020
Total Building Materials				71,306
Chemicals — 3.2%
Air Products & Chemicals, Inc.		265		36,260
Minerals Technologies, Inc.		930		63,361
Novozymes A/S (Denmark)^(b)		3,128		148,549
Total Chemicals				248,170
Commercial Services — 2.8%
Automatic Data Processing, Inc.		870		69,800
Korn/Ferry International		775		26,947
MasterCard, Inc., Class A		890		83,197
Where Food Comes From, Inc.*		15,971		42,004
Total Commercial Services				221,948
Computers — 3.0%
Apple, Inc.		920		115,391
EMC Corp.		2,793		73,707
Hewlett-Packard Co.		663		19,897
Stratasys Ltd. (Israel)*^(a)		848		29,621
Total Computers				238,616
Cosmetics/Personal Care — 1.4%
Estee Lauder Cos., Inc. (The), Class A		480		41,597
Procter & Gamble Co. (The)		870		68,069
Total Cosmetics/Personal Care				109,666


Investments	Shares		Value
COMMON STOCKS (continued)
Diversified Financial Services — 3.1%
Ameriprise Financial, Inc.		694	$	86,701
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,653		33,143
MarketAxess Holdings, Inc.		312		28,944
Stifel Financial Corp.*		1,580		91,230
Total Diversified Financial Services				240,018
Electronics — 0.8%
Rogers Corp.*		293		19,379
Waters Corp.*		326		41,852
Total Electronics				61,231
Energy — Alternate Sources — 0.5%
Enphase Energy, Inc.*^(a)		5,300		40,333
Environmental Control — 1.4%
Tomra Systems ASA (Norway)^(b)		11,638		107,302
Total Environmental Control				107,302
Food — 4.2%
Boulder Brands, Inc.*		3,040		21,098
Kroger Co. (The)		1,038		75,265
Nestle SA (Switzerland)^(b)		576		41,564
Sprouts Farmers Market, Inc.*		2,001		53,987
SunOpta, Inc.*		5,918		63,500
Unilever PLC (United Kingdom)^(b)		950		40,812
WhiteWave Foods Co. (The)*		628		30,697
Total Food				326,923
Healthcare — Products — 2.9%
Becton, Dickinson and Co.		274		38,812
Boston Scientific Corp.*		4,064		71,933
Hologic, Inc.*		2,224		84,645
Sirona Dental Systems, Inc.*		325		32,637
Total Healthcare — Products				228,027
Healthcare — Services — 0.3%
Amedisys, Inc.*		504		20,024
Home Furnishings — 0.7%
Dorel Industries, Inc., Class B (Canada)		2,013		54,217
Household Products/Wares — 0.7%
Church & Dwight Co., Inc.		651		52,816
Insurance — 0.7%
Voya Financial, Inc.		1,220		56,693
Internet — 2.0%
F5 Networks, Inc.*		446		53,676
FireEye, Inc.*^(a)		900		44,019
Google, Inc., Class A*		105		56,704
Total Internet				154,399
Lodging — 0.3%
Interval Leisure Group, Inc.		1,090		24,907

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Machinery — Diversified — 2.2%
Rockwell Automation, Inc.		574	$	71,543
Wabtec Corp.		278		26,199
Xylem, Inc.		2,031		75,289
Total Machinery — Diversified				173,031
Miscellaneous Manufacturing — 3.5%
3M Co.		155		23,917
AO Smith Corp.		400		28,792
AptarGroup, Inc.		1,248		79,585
CLARCOR, Inc.		400		24,896
Illinois Tool Works, Inc.		272		24,967
Ingersoll-Rand PLC (Ireland)		770		51,913
Raven Industries, Inc.		2,069		42,063
Total Miscellaneous Manufacturing				276,133
Packaging & Containers — 0.7%
Sealed Air Corp.		1,070		54,977
Pharmaceuticals — 4.7%
Cardinal Health, Inc.		795		66,502
Johnson & Johnson		565		55,065
Novartis AG (Switzerland)^(b)		930		91,455
Perrigo Co. PLC (Ireland)		419		77,444
Teva Pharmaceutical Industries Ltd. (Israel)^(b)		1,328		78,484
Total Pharmaceuticals				368,950
Real Estate — 2.0%
CBRE Group, Inc., Class A*		1,878		69,486
Jones Lang LaSalle, Inc.		534		91,314
Total Real Estate				160,800
Retail — 5.1%
Chipotle Mexican Grill, Inc.*		78		47,189
Costco Wholesale Corp.		480		64,829
CVS Health Corp.		1,039		108,969
Kingfisher PLC (United Kingdom)^(b)		3,750		40,950
Starbucks Corp.		1,100		58,977
Target Corp.		1,065		86,936
Total Retail				407,850
Semiconductors — 4.3%
Broadcom Corp., Class A		744		38,309
Intel Corp.		693		21,078
IPG Photonics Corp.*^(a)		776		66,096
NXP Semiconductors NV (Netherlands)*		726		71,292
QUALCOMM, Inc.		1,111		69,582
Xilinx, Inc.		1,544		68,183
Total Semiconductors				334,540


Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Software — 2.6%
Adobe Systems, Inc.*		993	$	80,443
Fiserv, Inc.*		1,198		99,230
Microsoft Corp.		534		23,576
Total Software				203,249
Telecommunications — 2.0%
Cisco Systems, Inc.		900		24,714
LogMeIn, Inc.*		506		32,632
Sierra Wireless, Inc. (Canada)*^(a)		2,824		70,204
Telenor ASA (Norway)^(b)		436		28,604
Total Telecommunications				156,154
Transportation — 1.1%
Canadian National Railway Co. (Canada)		684		39,501
CSX Corp.		660		21,549
FedEx Corp.		141		24,026
Total Transportation				85,076
Water — 1.0%
American States Water Co.		1,020		38,137
American Water Works Co., Inc.		255		12,401
Severn Trent PLC (United Kingdom)^(a)^(b)		970		31,742
Total Water				82,280
Total Common Stocks (Cost $4,775,907)				5,263,154
ASSET BACKED SECURITIES — 14.9%
SBA, 4.08%, 07/25/38^@	$	127,652		148,113
SBA, 4.15%, 02/25/39^@		171,679		198,564
SBAP, Class 1, Series 2009-20H, 4.45%, 08/01/29		180,027		196,752
SBAP, Class 1, Series 2010-20A, 4.38%, 01/01/30		141,428		154,274
SBAP, Class 1, Series 2010-20B, 4.14%, 02/01/30		273,792		297,817
U.S. SBA, Class 1, Series 2010-10A, 4.11%, 03/10/20		166,591		174,859
Total Asset Backed Securities (Cost $1,169,020)				1,170,379
MUNICIPAL BOND — 3.8%
Allegheny County Residential Finance Authority, 0.16%, 11/01/35^@ (Cost $300,000)		300,000		300,000

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES GLOBAL ECHO ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares/ Principal		Value
U.S. GOVERNMENT AGENCY SECURITIES — 10.1%
Federal National Mortgage Association, 3.76%, 05/01/43		339,677	$	348,845
Government National Mortgage Association, Class AC, Series 2011-109, 3.25%, 04/16/43		250,000		256,726
Government National Mortgage Association, Class AE, Series 2015-41, 2.90%, 09/16/56		189,637		191,699
Total U.S. Government Agency Securities (Cost $819,493)				797,270
MONEY MARKET FUNDS — 4.1%
Fidelity Institutional Money Market Government Portfolio — Class I, 0.01%^(c)		185,920		185,920
Fidelity Institutional Money Market Portfolio — Institutional Class, 0.01%^(c)		138,772		138,772
Total Money Market Funds (Cost $324,692)				324,692
REPURCHASE AGREEMENT — 2.3%^(d)
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $179,837, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $183,433) (Cost $179,836)	$	179,836		179,836
Total Investments — 102.2% (Cost $7,568,948)				8,035,331
Liabilities in Excess of Other Assets — (2.2)%				(176,459	)
Net Assets — 100.0%			$	7,858,872

PLC — Public Limited Company

Non-income producing security.

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2015.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $280,465; the aggregate market value of the collateral held by the fund is $287,035. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $107,199.

(b)

American Depositary Receipt.

(c)

Rate shown reflects the 7-day yield as of June 30, 2015.

(d)

Collateral received from broker for securities lending was invested in this short-term investment.

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Apparel		1.7	%
Asset Backed Securities		14.9
Auto Parts & Equipment		1.2
Banks		2.7
Beverages		0.6
Biotechnology		2.7
Building Materials		0.9
Chemicals		3.2
Commercial Services		2.8
Computers		3.0
Cosmetics/Personal Care		1.4
Diversified Financial Services		3.1
Electronics		0.8
Energy – Alternate Sources		0.5
Environmental Control		1.4
Food		4.2
Healthcare – Products		2.9
Healthcare – Services		0.3
Home Furnishings		0.7
Household Products/Wares		0.7
Insurance		0.7
Internet		2.0
Lodging		0.3
Machinery – Diversified		2.2
Miscellaneous Manufacturing		3.5
Municipal		3.8
Packaging & Containers		0.7
Pharmaceuticals		4.7
Real Estate		2.0
Retail		5.1
Semiconductors		4.3
Software		2.6
Telecommunications		2.0
Transportation		1.1
U.S. Government Agency Securities		10.1
Water		1.0
Money Market Fund		4.1
Repurchase Agreements		2.3
Total Investments		102.2
Liabilities in Excess of Other Assets		(2.2	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
COMMON STOCKS — 99.0%
Advertising — 0.4%
Interpublic Group of Cos., Inc. (The)		4,397	$	84,730
Omnicom Group, Inc.		432		30,020
Total Advertising				114,750
Aerospace/Defense — 1.1%
Boeing Co. (The)		458		63,534
General Dynamics Corp.		312		44,207
Harris Corp.		80		6,153
L-3 Communications Holdings, Inc.		88		9,977
Lockheed Martin Corp.		353		65,623
Northrop Grumman Corp.		226		35,850
Raytheon Co.		389		37,220
Rockwell Collins, Inc.		452		41,742
United Technologies Corp.		438		48,587
Total Aerospace/Defense				352,893
Agriculture — 0.7%
Altria Group, Inc.		734		35,900
Archer-Daniels-Midland Co.		2,141		103,240
Philip Morris International, Inc.		173		13,869
Reynolds American, Inc.		743		55,472
Total Agriculture				208,481
Airlines — 1.6%
American Airlines Group, Inc.		4,050		161,737
Delta Air Lines, Inc.		4,320		177,466
Southwest Airlines Co.		4,636		153,405
Total Airlines				492,608
Apparel — 1.3%
Hanesbrands, Inc.		2,716		90,497
Michael Kors Holdings Ltd.*		3,068		129,132
NIKE, Inc., Class B		399		43,100
Ralph Lauren Corp.		434		57,444
Under Armour, Inc., Class A*^(a)		332		27,702
VF Corp.		708		49,376
Total Apparel				397,251
Auto Manufacturers — 1.5%
Ford Motor Co.		12,453		186,919
General Motors Co.		5,575		185,815
PACCAR, Inc.		1,539		98,204
Total Auto Manufacturers				470,938
Auto Parts & Equipment — 1.3%
BorgWarner, Inc.		1,880		106,859
Delphi Automotive PLC (United Kingdom)		1,853		157,672
Johnson Controls, Inc.		2,971		147,154
Total Auto Parts & Equipment				411,685


Investments	Shares		Value
COMMON STOCKS (continued)
Banks — 5.1%
Bank of America Corp.		5,727	$	97,474
Bank of New York Mellon Corp. (The)		4,003		168,006
BB&T Corp.		1,972		79,491
Capital One Financial Corp.		742		65,274
Citigroup, Inc.		3,564		196,875
Comerica, Inc.		717		36,796
Fifth Third Bancorp		1,658		34,520
Goldman Sachs Group, Inc. (The)		346		72,241
Huntington Bancshares, Inc.		4,385		49,594
JPMorgan Chase & Co.		689		46,687
KeyCorp		2,359		35,432
M&T Bank Corp.		998		124,680
Morgan Stanley		5,001		193,989
Northern Trust Corp.		724		55,357
PNC Financial Services Group, Inc. (The)		380		36,347
Regions Financial Corp.		3,635		37,659
State Street Corp.		565		43,505
SunTrust Banks, Inc.		3,797		163,347
US Bancorp		776		33,678
Wells Fargo & Co.		782		43,980
Total Banks				1,614,932
Beverages — 0.7%
Brown-Forman Corp., Class B		175		17,532
Coca-Cola Co. (The)		357		14,005
Coca-Cola Enterprises, Inc.		272		11,816
Constellation Brands, Inc., Class A		333		38,635
Dr Pepper Snapple Group, Inc.		421		30,691
Keurig Green Mountain, Inc.		718		55,019
Molson Coors Brewing Co., Class B		114		7,958
Monster Beverage Corp.*		270		36,185
PepsiCo, Inc.		181		16,895
Total Beverages				228,736
Biotechnology — 2.3%
Alexion Pharmaceuticals, Inc.*		659		119,127
Amgen, Inc.		379		58,184
Biogen, Inc.*		286		115,527
Celgene Corp.*		1,608		186,102
Gilead Sciences, Inc.		1,843		215,779
Regeneron Pharmaceuticals, Inc.*		80		40,810
Total Biotechnology				735,529

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Building Materials — 0.7%
Martin Marietta Materials, Inc.		645	$	91,275
Masco Corp.		2,999		79,983
Vulcan Materials Co.		438		36,761
Total Building Materials				208,019
Chemicals — 3.5%
Air Products & Chemicals, Inc.		515		70,467
Airgas, Inc.		390		41,254
CF Industries Holdings, Inc.		3,080		197,983
Dow Chemical Co. (The)		654		33,465
E.I. du Pont de Nemours & Co.		472		30,184
Eastman Chemical Co.		1,643		134,430
Ecolab, Inc.		487		55,065
FMC Corp.		751		39,465
International Flavors & Fragrances, Inc.		296		32,350
LyondellBasell Industries NV, Class A		345		35,714
Monsanto Co.		661		70,456
Mosaic Co. (The)		4,072		190,774
PPG Industries, Inc.		340		39,005
Praxair, Inc.		358		42,799
Sherwin-Williams Co. (The)		261		71,780
Sigma-Aldrich Corp.		93		12,960
Total Chemicals				1,098,151
Coal — 0.0%**
CONSOL Energy, Inc.^(a)		628		13,653
Commercial Services — 3.1%
ADT Corp. (The)^(a)		707		23,734
Automatic Data Processing, Inc.		353		28,321
Cintas Corp.		514		43,479
Equifax, Inc.		400		38,836
H&R Block, Inc.		2,645		78,424
MasterCard, Inc., Class A		978		91,423
McGraw Hill Financial, Inc.		663		66,598
Moody’s Corp.		414		44,695
Quanta Services, Inc.*		4,749		136,867
Robert Half International, Inc.		2,333		129,482
Total System Services, Inc.		1,390		58,060
United Rentals, Inc.*		1,845		161,660
Western Union Co. (The)		3,236		65,788
Total Commercial Services				967,367
Computers — 3.6%
Accenture PLC, Class A (Ireland)		398		38,518
Apple, Inc.		1,306		163,806
Cognizant Technology Solutions Corp., Class A*		2,114		129,144
Computer Sciences Corp.		952		62,489
EMC Corp.		4,564		120,444


Investments	Shares		Value
COMMON STOCKS (continued)
Computers (continued)
Hewlett-Packard Co.		1,016	$	30,490
International Business Machines Corp.		882		143,466
NetApp, Inc.		4,273		134,856
SanDisk Corp.		2,285		133,033
Seagate Technology PLC (Ireland)		1,344		63,840
Teradata Corp.*^(a)		1,048		38,776
Western Digital Corp.		871		68,304
Total Computers				1,127,166
Cosmetics/Personal Care — 0.2%
Colgate-Palmolive Co.		289		18,903
Estee Lauder Cos., Inc. (The), Class A		327		28,338
Procter & Gamble Co. (The)		250		19,560
Total Cosmetics/Personal Care				66,801
Distribution/Wholesale — 0.9%
Fastenal Co.		2,042		86,132
Fossil Group, Inc.*^(a)		1,684		116,802
Genuine Parts Co.		413		36,976
W.W. Grainger, Inc.		199		47,093
Total Distribution/Wholesale				287,003
Diversified Financial Services — 6.0%
Affiliated Managers Group, Inc.*		707		154,550
Alliance Data Systems Corp.*		436		127,286
American Express Co.		1,883		146,347
Ameriprise Financial, Inc.		1,464		182,897
BlackRock, Inc.		264		91,339
Charles Schwab Corp. (The)		3,268		106,700
CME Group, Inc.		442		41,133
Discover Financial Services		1,630		93,921
ETRADE Financial Corp.		5,057		151,457
Franklin Resources, Inc.		1,990		97,570
Intercontinental Exchange, Inc.		624		139,533
Invesco Ltd.		3,015		113,032
Legg Mason, Inc.		3,451		177,830
NASDAQ OMX Group, Inc. (The)		1,422		69,408
T. Rowe Price Group, Inc.		1,325		102,992
Visa, Inc., Class A		1,382		92,801
Total Diversified Financial Services				1,888,796
Electric — 1.5%
AES Corp. (The)		2,149		28,496
Ameren Corp.		794		29,918
American Electric Power Co., Inc.		320		16,950
CMS Energy Corp.		860		27,382
Consolidated Edison, Inc.		188		10,881
Dominion Resources, Inc.		318		21,265
DTE Energy Co.		246		18,361

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Electric (continued)
Duke Energy Corp.		229	$	16,172
Edison International		228		12,672
Eversource Energy		569		25,838
Exelon Corp.		456		14,328
NextEra Energy, Inc.		251		24,606
Pepco Holdings, Inc.		819		22,064
PG&E Corp.		686		33,682
Pinnacle West Capital Corp.		370		21,049
PPL Corp.		483		14,234
Public Service Enterprise Group, Inc.		570		22,390
SCANA Corp.		398		20,159
Southern Co. (The)		331		13,869
Talen Energy Corp.*		60		1,030
TECO Energy, Inc.		1,414		24,971
WEC Energy Group, Inc.		564		25,363
Xcel Energy, Inc.		614		19,759
Total Electric				465,439
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		1,126		61,682
Emerson Electric Co.		685		37,970
Total Electrical Components & Equipment				99,652
Electronics — 2.4%
Agilent Technologies, Inc.		984		37,963
Allegion PLC (Ireland)		539		32,415
Amphenol Corp., Class A		485		28,115
Corning, Inc.		2,728		53,823
FLIR Systems, Inc.		3,746		115,453
Garmin Ltd. (Switzerland)		994		43,666
Honeywell International, Inc.		717		73,112
PerkinElmer, Inc.		833		43,849
TE Connectivity Ltd. (Switzerland)		1,390		89,377
Thermo Fisher Scientific, Inc.		768		99,656
Tyco International PLC		2,374		91,352
Waters Corp.*		278		35,690
Total Electronics				744,471
Engineering & Construction — 0.7%
Fluor Corp.		2,157		114,343
Jacobs Engineering Group, Inc.*		2,914		118,366
Total Engineering & Construction				232,709
Environmental Control — 0.3%
Republic Services, Inc.		374		14,650
Stericycle, Inc.*		317		42,449
Waste Management, Inc.		523		24,241
Total Environmental Control				81,340


Investments	Shares		Value
COMMON STOCKS (continued)
Food — 1.6%
Campbell Soup Co.		233	$	11,102
ConAgra Foods, Inc.		963		42,102
General Mills, Inc.		347		19,335
Hershey Co. (The)		378		33,578
Hormel Foods Corp.		396		22,323
JM Smucker Co. (The)		203		22,007
Kellogg Co.		205		12,854
Kraft Foods Group, Inc.		165		14,048
Kroger Co. (The)		542		39,300
McCormick & Co., Inc.		350		28,333
Mondelez International, Inc., Class A		888		36,532
Safeway, Inc PDC, LLC CVR.		447		22
Safeway, Inc SCRP.		447		454
Sysco Corp.		860		31,046
Tyson Foods, Inc., Class A		3,943		168,090
Whole Foods Market, Inc.		757		29,856
Total Food				510,982
Forest Products & Paper — 0.5%
International Paper Co.		3,047		145,007
Gas — 0.2%
AGL Resources, Inc.		157		7,310
CenterPoint Energy, Inc.		540		10,276
NiSource, Inc.		540		24,619
Sempra Energy		304		30,077
Total Gas				72,282
Hand/Machine Tools — 0.3%
Snap-on, Inc.		376		59,878
Stanley Black & Decker, Inc.		386		40,623
Total Hand/Machine Tools				100,501
Healthcare – Products — 2.1%
Baxter International, Inc.		440		30,769
Becton Dickinson and Co.		285		40,370
Boston Scientific Corp.*		2,303		40,763
C.R. Bard, Inc.		240		40,968
Danaher Corp.		1,175		100,569
DENTSPLY International, Inc.		704		36,291
Edwards Lifesciences Corp.*		308		43,868
Henry Schein, Inc.*		261		37,093
Intuitive Surgical, Inc.*		72		34,884
Medtronic PLC		453		33,567
Patterson Cos., Inc.		875		42,569
St. Jude Medical, Inc.		640		46,765
Stryker Corp.		392		37,463
Varian Medical Systems, Inc.*		408		34,407
Zimmer Biomet Holdings, Inc.		628		68,597
Total Healthcare – Products				668,943

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Healthcare – Services — 3.2%
Aetna, Inc.		839	$	106,939
Anthem, Inc.		562		92,247
Cigna Corp.		1,027		166,373
DaVita HealthCare Partners, Inc.*		482		38,305
HCA Holdings, Inc.*		1,794		162,751
Humana, Inc.		424		81,103
Laboratory Corp. of America Holdings*		836		101,340
Quest Diagnostics, Inc.		1,160		84,123
Tenet Healthcare Corp.*		704		40,748
UnitedHealth Group, Inc.		677		82,594
Universal Health Services, Inc., Class B		378		53,714
Total Healthcare – Services				1,010,237
Home Builders — 0.8%
D.R. Horton, Inc.		5,449		149,085
Lennar Corp., Class A		1,456		74,314
PulteGroup, Inc.		1,427		28,754
Total Home Builders				252,153
Home Furnishings — 1.2%
Harman International Industries, Inc.		1,293		153,789
Leggett & Platt, Inc.		1,039		50,579
Whirlpool Corp.		1,033		178,761
Total Home Furnishings				383,129
Household Products/Wares — 0.3%
Avery Dennison Corp.		738		44,974
Clorox Co. (The)		158		16,435
Kimberly-Clark Corp.		202		21,406
Total Household Products/Wares				82,815
Housewares — 0.1%
Newell Rubbermaid, Inc.		1,075		44,193
Insurance — 6.9%
ACE Ltd. (Switzerland)		1,083		110,119
Aflac, Inc.		953		59,277
Allstate Corp. (The)		1,284		83,293
American International Group, Inc.		2,577		159,310
Aon PLC		1,073		106,957
Assurant, Inc.		631		42,277
Berkshire Hathaway, Inc., Class B*		289		39,336
Chubb Corp. (The)		1,076		102,371
Genworth Financial, Inc., Class A*		14,034		106,237
Hartford Financial Services Group, Inc. (The)		4,044		168,109


Investments	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Lincoln National Corp.		2,957	$	175,113
Marsh & McLennan Cos., Inc.		1,501		85,107
MetLife, Inc.		2,875		160,971
Principal Financial Group, Inc.		2,987		153,203
Progressive Corp. (The)		1,647		45,836
Prudential Financial, Inc.		2,242		196,219
Torchmark Corp.		1,171		68,176
Travelers Cos., Inc. (The)		1,012		97,820
Unum Group		4,882		174,531
XL Group PLC (Ireland)		954		35,489
Total Insurance				2,169,751
Internet — 3.0%
eBay, Inc.*		1,151		69,336
Expedia, Inc.		844		92,291
F5 Networks, Inc.*		1,178		141,773
Facebook, Inc., Class A*		1,520		130,363
Google, Inc., Class A*		223		120,429
Google, Inc., Class C*		236		122,840
Priceline Group, Inc. (The)*		90		103,623
Symantec Corp.		1,285		29,876
TripAdvisor, Inc.*		1,034		90,103
VeriSign, Inc.*^(a)		776		47,895
Total Internet				948,529
Iron/Steel — 0.3%
Allegheny Technologies, Inc.		1,644		49,649
Nucor Corp.		843		37,151
Total Iron/Steel				86,800
Leisure Time — 1.8%
Carnival Corp. (Panama)		4,063		200,672
Harley-Davidson, Inc.		2,782		156,766
Royal Caribbean Cruises Ltd. (Liberia)		2,804		220,646
Total Leisure Time				578,084
Lodging — 0.6%
Marriott International, Inc., Class A^(a)		901		67,025
Starwood Hotels & Resorts Worldwide, Inc.		239		19,381
Wyndham Worldwide Corp.		611		50,047
Wynn Resorts Ltd.		632		62,359
Total Lodging				198,812
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		466		39,526
Joy Global, Inc.^(a)		1,738		62,916
Total Machinery – Construction & Mining				102,442

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Machinery – Diversified — 1.3%
Cummins, Inc.		1,057	$	138,669
Deere & Co.		588		57,065
Flowserve Corp.		1,761		92,734
Rockwell Automation, Inc.		331		41,256
Roper Industries, Inc.		264		45,529
Xylem, Inc.		1,085		40,221
Total Machinery – Diversified				415,474
Media — 4.6%
Cablevision Systems Corp., Class A		911		21,809
CBS Corp., Class B		2,312		128,316
Comcast Corp., Class A		2,053		123,467
DIRECTV*		586		54,375
Discovery Communications, Inc., Class A*^(a)		5,217		173,518
Discovery Communications, Inc., Class C*		5,578		173,364
Gannett Co., Inc.*		485		6,785
News Corp., Class A*		1,351		19,711
Nielsen N.V.		2,189		98,002
Scripps Networks Interactive, Inc., Class A		1,177		76,940
TEGNA, Inc.		970		31,108
Time Warner Cable, Inc.		237		42,226
Time Warner, Inc.		1,846		161,359
Twenty-First Century Fox, Inc., Class A		4,225		137,503
Viacom, Inc., Class B		2,370		153,197
Walt Disney Co. (The)		577		65,859
Total Media				1,467,539
Metal Fabricate/Hardware — 0.3%
Precision Castparts Corp.		532		106,331
Mining — 0.7%
Alcoa, Inc.		4,426		49,350
Freeport-McMoRan, Inc.		7,996		148,885
Newmont Mining Corp.		944		22,052
Total Mining				220,287
Miscellaneous Manufacturing — 2.2%
3M Co.		246		37,958
Dover Corp.		841		59,021
Eaton Corp. PLC (Ireland)		1,110		74,914
General Electric Co.		1,327		35,258
Illinois Tool Works, Inc.		447		41,030
Ingersoll-Rand PLC (Ireland)		1,483		99,984
Pall Corp.		393		48,909
Parker-Hannifin Corp.		741		86,201
Pentair PLC (United Kingdom)		954		65,588


Investments	Shares		Value
COMMON STOCKS (continued)
Miscellaneous Manufacturing (continued)
Textron, Inc.		3,111	$	138,843
Total Miscellaneous Manufacturing				687,706
Office/Business Equipment — 0.8%
Pitney Bowes, Inc.		6,188		128,772
Xerox Corp.		11,715		124,648
Total Office/Business Equipment				253,420
Oil & Gas — 1.9%
Cabot Oil & Gas Corp.		549		17,315
Devon Energy Corp.		104		6,187
EQT Corp.		406		33,024
Marathon Petroleum Corp.		1,602		83,801
Newfield Exploration Co.*		286		10,330
Phillips 66		1,096		88,294
Range Resources Corp.		108		5,333
Tesoro Corp.		2,055		173,463
Valero Energy Corp.		3,070		192,182
Total Oil & Gas				609,929
Oil & Gas Services — 0.4%
FMC Technologies, Inc.*		539		22,363
Halliburton Co.		888		38,246
Schlumberger Ltd.		608		52,404
Total Oil & Gas Services				113,013
Packaging & Containers — 0.6%
Ball Corp.		654		45,878
MeadWestvaco Corp.		579		27,323
Owens-Illinois, Inc.*		3,174		72,812
Sealed Air Corp.		895		45,985
Total Packaging & Containers				191,998
Pharmaceuticals — 4.1%
Abbott Laboratories		843		41,374
AbbVie, Inc.		2,398		161,122
Allergan PLC*		589		178,738
AmerisourceBergen Corp.		651		69,227
Bristol-Myers Squibb Co.		403		26,816
Cardinal Health, Inc.		514		42,996
Eli Lilly & Co.		481		40,159
Endo International PLC*		532		42,374
Express Scripts Holding Co.*^(a)		1,321		117,490
Hospira, Inc.*		389		34,508
Johnson & Johnson		250		24,365
Mallinckrodt PLC (Ireland)*		1,529		179,993
McKesson Corp.		622		139,832
Mead Johnson Nutrition Co.		311		28,058
Merck & Co., Inc.		491		27,953
Mylan NV*		1,303		88,422

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Perrigo Co. PLC (Ireland)		242	$	44,729
Pfizer, Inc.		448		15,021
Total Pharmaceuticals				1,303,177
Pipelines — 0.1%
Kinder Morgan, Inc.		319		12,246
Spectra Energy Corp.		279		9,095
Williams Cos., Inc. (The)		322		18,480
Total Pipelines				39,821
Real Estate — 0.2%
CBRE Group, Inc., Class A*		1,868		69,116
Real Estate Investment Trust — 0.8%
American Tower Corp.		331		30,879
AvalonBay Communities, Inc.		56		8,953
Equinix, Inc.		98		24,892
Equity Residential		122		8,561
General Growth Properties, Inc.		315		8,083
HCP, Inc.		243		8,862
Health Care REIT, Inc.		124		8,138
Host Hotels & Resorts, Inc.		598		11,858
Iron Mountain, Inc.		1,047		32,457
Kimco Realty Corp.		274		6,176
Plum Creek Timber Co., Inc.		589		23,896
Prologis, Inc.		202		7,494
Public Storage		57		10,509
Simon Property Group, Inc.		69		11,938
SL Green Realty Corp.		60		6,593
Ventas, Inc.		112		6,954
Vornado Realty Trust		92		8,734
Weyerhaeuser Co.		424		13,356
Total Real Estate Investment Trust				238,333
Retail — 8.3%
AutoNation, Inc.*		2,617		164,819
AutoZone, Inc.*		149		99,368
Bed Bath & Beyond, Inc.*		615		42,423
Best Buy Co., Inc.		4,280		139,571
CarMax, Inc.*		1,130		74,817
Chipotle Mexican Grill, Inc.*		87		52,634
Coach, Inc.		1,057		36,583
Costco Wholesale Corp.		218		29,443
CVS Health Corp.		1,093		114,634
Darden Restaurants, Inc.		1,379		98,019
Dollar General Corp.		1,260		97,952
Dollar Tree, Inc.*		978		77,252
Family Dollar Stores, Inc.		79		6,226
GameStop Corp., Class A^(a)		4,468		191,944
Gap, Inc. (The)		2,275		86,837
Home Depot, Inc. (The)		837		93,016


Investments	Shares		Value
COMMON STOCKS (continued)
Retail (continued)
Kohl’s Corp.		882	$	55,222
L Brands, Inc.		404		34,635
Lowe’s Cos., Inc.		1,996		133,672
Macy’s, Inc.		1,822		122,930
McDonald’s Corp.		245		23,292
Nordstrom, Inc.		565		42,093
O’Reilly Automotive, Inc.*		378		85,420
PVH Corp.		1,289		148,493
Ross Stores, Inc.		872		42,388
Starbucks Corp.		1,249		66,965
Target Corp.		974		79,508
Tiffany & Co.		350		32,130
TJX Cos., Inc. (The)		716		47,378
Tractor Supply Co.		518		46,589
Urban Outfitters, Inc.*		2,763		96,705
Walgreens Boots Alliance, Inc.		773		65,272
Wal-Mart Stores, Inc.		223		15,817
Yum! Brands, Inc.		410		36,933
Total Retail				2,580,980
Savings & Loans — 0.1%
People’s United Financial, Inc.		2,750		44,578
Semiconductors — 4.7%
Altera Corp.		452		23,142
Analog Devices, Inc.		682		43,774
Applied Materials, Inc.		5,090		97,830
Avago Technologies Ltd. (Singapore)		1,551		206,175
Broadcom Corp., Class A		3,715		191,285
Intel Corp.		1,266		38,505
KLA-Tencor Corp.		1,387		77,963
Lam Research Corp.		1,367		111,205
Linear Technology Corp.		915		40,470
Microchip Technology, Inc.^(a)		1,342		63,644
Micron Technology, Inc.*		6,463		121,763
NVIDIA Corp.		4,142		83,296
QUALCOMM, Inc.		1,947		121,941
Skyworks Solutions, Inc.		1,765		183,737
Texas Instruments, Inc.		760		39,148
Xilinx, Inc.		881		38,905
Total Semiconductors				1,482,783
Software — 1.9%
Adobe Systems, Inc.*		507		41,072
Akamai Technologies, Inc.*		576		40,216
Autodesk, Inc.*		296		14,822
Cerner Corp.*		582		40,193
Citrix Systems, Inc.*		1,507		105,732
Dun & Bradstreet Corp. (The)		268		32,696

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Electronic Arts, Inc.*		868	$	57,722
Fidelity National Information Services, Inc.		917		56,671
Fiserv, Inc.*		553		45,805
Intuit, Inc.		299		30,130
Microsoft Corp.		789		34,834
Oracle Corp.		839		33,812
Paychex, Inc.		654		30,660
Red Hat, Inc.*		379		28,777
salesforce.com, Inc.*		218		15,179
Total Software				608,321
Telecommunications — 1.2%
AT&T, Inc.		525		18,648
Cisco Systems, Inc.		1,536		42,179
Frontier Communications Corp.^(a)		3,397		16,815
Juniper Networks, Inc.		6,017		156,261
Level 3 Communications, Inc.*		683		35,974
Verizon Communications, Inc.		2,320		108,135
Total Telecommunications				378,012
Textiles — 0.2%
Mohawk Industries, Inc.*		397		75,787
Toys/Games/Hobbies — 0.2%
Hasbro, Inc.		555		41,509
Mattel, Inc.		1,035		26,589
Total Toys/Games/Hobbies				68,098
Transportation — 2.0%
C.H. Robinson Worldwide, Inc.		629		39,243
CSX Corp.		1,488		48,583
Expeditors International of Washington, Inc.		618		28,493
FedEx Corp.		1,030		175,513
Kansas City Southern		502		45,782
Norfolk Southern Corp.		428		37,390
Ryder System, Inc.		1,414		123,541
Union Pacific Corp.		1,133		108,054
United Parcel Service, Inc., Class B		370		35,857
Total Transportation				642,456
Total Common Stocks (Cost $28,087,231)				31,260,189
MONEY MARKET FUND — 1.1%
Fidelity Institutional Prime Money Market Portfolio – Class I, 0.07%^(b) (Cost $345,390)		345,390		345,390


Investments	Principal		Value
REPURCHASE AGREEMENTS — 2.4%^(c)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $115,382, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $117,690)	$	115,382	$	115,382
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.12%, total to be received $153,831, (collateralized by various U.S. Government Agency Obligations, 2.50% – 6.50%, 07/01/18 – 07/01/45, totaling $156,907)		153,830		153,830
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $255,000)		250,000		250,000
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $769,212)				769,212
Total Investments — 102.5% (Cost $29,201,833)				32,374,791
Liabilities in Excess of Other Assets — (2.5)%				(800,300	)
Net Assets — 100.0%			$	31,574,491

PLC — Public Limited Company

Non-income producing security.

Less than 0.05%

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $905,203; the aggregate market value of the collateral held by the fund is $928,924. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $159,712.

(b)

Rate shown reflects the 7-day yield as of June 30, 2015.

(c)

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

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA DOMESTIC ETF
Schedule of Investments (continued)

June 30, 2015

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Advertising		0.4	%
Aerospace/Defense		1.1
Agriculture		0.7
Airlines		1.6
Apparel		1.3
Auto Manufacturers		1.5
Auto Parts & Equipment		1.3
Banks		5.1
Beverages		0.7
Biotechnology		2.3
Building Materials		0.7
Chemicals		3.5
Coal		0.0	**
Commercial Services		3.1
Computers		3.6
Cosmetics/Personal Care		0.2
Distribution/Wholesale		0.9
Diversified Financial Services		6.0
Electric		1.5
Electrical Components & Equipment		0.3
Electronics		2.4
Engineering & Construction		0.7
Environmental Control		0.3
Food		1.6
Forest Products & Paper		0.5
Gas		0.2
Hand/Machine Tools		0.3
Healthcare – Products		2.1
Healthcare – Services		3.2
Home Builders		0.8
Home Furnishings		1.2
Household Products/Wares		0.3
Housewares		0.1


	% of Net Assets
Insurance		6.9	%
Internet		3.0
Iron/Steel		0.3
Leisure Time		1.8
Lodging		0.6
Machinery – Construction & Mining		0.3
Machinery – Diversified		1.3
Media		4.6
Metal Fabricate/Hardware		0.3
Mining		0.7
Miscellaneous Manufacturing		2.2
Office/Business Equipment		0.8
Oil & Gas		1.9
Oil & Gas Services		0.4
Packaging & Containers		0.6
Pharmaceuticals		4.1
Pipelines		0.1
Real Estate		0.2
Real Estate Investment Trust		0.8
Retail		8.3
Savings & Loans		0.1
Semiconductors		4.7
Software		1.9
Telecommunications		1.2
Textiles		0.2
Toys/Games/Hobbies		0.2
Transportation		2.0
Money Market Fund		1.1
Repurchase Agreements		2.4
Total Investments		102.5
Liabilities in Excess of Other Assets		(2.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA GLOBAL BOND ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
EXCHANGE TRADED FUNDS — 99.0%
Debt Fund — 99.0%
iShares iBoxx $Investment Grade Corporate Bond ETF		28,330	$	3,278,348
iShares International Treasury Bond ETF		12,308		1,105,135
iShares Utilities Bond ETF		27,149		1,351,613
PIMCO 1 – 5 Year U.S. TIPS Index ETF^(a)		10,960		572,331
PowerShares Build America Bond Portfolio^(a)		47,222		1,359,049
PowerShares Emerging Markets Sovereign Debt Portfolio		59,377		1,645,337
PowerShares Financial Preferred Portfolio^(a)		154,898		2,814,497
PowerShares Fundamental Investment Grade Corporate Bond Portfolio		44,508		1,128,723
PowerShares International Corporate Bond Portfolio^(a)		52,796		1,396,454
PowerShares National AMT-Free Municipal Bond Portfolio^(a)		45,556		1,126,144
PowerShares Senior Loan Portfolio^(a)		59,908		1,425,211
SPDR Barclays Convertible Securities ETF^(a)		52,864		2,514,740
SPDR Barclays High Yield Bond ETF^(a)		36,285		1,394,433
SPDR DB International Government Inflation-Protected Bond ETF^(a)		15,228		836,169
SPDR Nuveen S&P High Yield Municipal Bond ETF		20,068		1,112,369
Vanguard Intermediate-Term Government Bond ETF^(a)		13,147		847,719
Vanguard Long-Term Government Bond ETF^(a)		10,821		790,582
Vanguard Mortgage-Backed Securities ETF^(a)		37,560		1,984,295
Vanguard Short-Term Bond ETF		158		12,670
WisdomTree Emerging Markets Corporate Bond Fund		15,497		1,117,024
Total Exchange Traded Funds (Cost $28,048,695)				27,812,843
MONEY MARKET FUND — 1.2%
Fidelity Institutional Prime Money Market Portfolio – Class I, 0.07%^(b) (Cost $326,686)		326,686		326,686


Investments	Principal		Value
REPURCHASE AGREEMENTS — 29.6%^(c)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $1,249,163, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $1,274,141)	$	1,249,158	$	1,249,158
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $1,938,285, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $1,977,042)		1,938,277		1,938,277
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $1,938,282, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $1,977,043)		1,938,277		1,938,277
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $1,938,282, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $1,977,050)		1,938,277		1,938,277
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $1,263,712, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $1,288,982)		1,263,708		1,263,708
Total Repurchase Agreements (Cost $8,327,697)				8,327,697
Total Investments — 129.8% (Cost $36,703,078)				36,467,226
Liabilities in Excess of Other Assets — (29.8)%				(8,371,507	)
Net Assets — 100.0%			$	28,095,719

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 $8,092,592; the aggregate market value of the collateral held by the fund is $8,327,697.

(b)

Rate shown reflects the 7-day yield as of June 30, 2015.

(c)

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

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA GLOBAL BOND ETF
Schedule of Investments (continued)

June 30, 2015

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Debt Fund		99.0	%
Money Market Fund		1.2
Repurchase Agreements		29.6
Total Investments		129.8
Liabilities in Excess of Other Assets		(29.8	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
COMMON STOCKS — 97.1%
ARGENTINA — 1.3%
Petrobras Argentina SA^(a)		19,436	$	129,638
Telecom Argentina SA^(a)		5,971		107,418
Total Argentina				237,056
AUSTRALIA — 1.8%
Alumina Ltd.^(a)		26,237		122,527
Cochlear Ltd.^(a)		118		3,646
CSL Ltd.^(a)		740		24,642
National Australia Bank Ltd.^(a)		3,403		43,286
Newcrest Mining Ltd.*^(a)^(b)		11,533		116,253
QBE Insurance Group Ltd.^(a)		4,611		48,646
Total Australia				359,000
AUSTRIA — 0.7%
Andritz AG^(a)		1,402		15,512
Erste Group Bank AG*^(a)		9,936		142,185
Total Austria				157,697
BELGIUM — 0.8%
Delhaize Group^(a)		1,196		24,673
KBC Groep NV^(a)		4,054		135,972
Total Belgium				160,645
BERMUDA — 0.1%
Brookfield Infrastructure Partners LP^(b)		407		18,164
BRAZIL — 5.6%
Banco Bradesco SA^(a)		11,084		101,529
Banco do Brasil SA^(a)^(b)		15,568		121,119
BB Seguridade Participacoes SA^(a)		5,317		58,859
BRF SA^(a)		3,517		73,540
Cia Brasileira de Distribuicao Grupo Pao de Acucar^(a)^(b)		2,863		67,767
Cia de Saneamento Basico do Estado de Sao Paulo^(a)		18,951		98,166
Cia Paranaense de Energia^(a)		8,901		97,911
Cyrela Brazil Realty SA Empreendimentos e Participacoes^(a)		6,747		21,388
Estacio Participacoes SA^(a)		22,897		132,803
Fibria Celulose SA^(a)^(b)		2,850		38,789
Gerdau SA^(a)		4,166		10,040
Hypermarcas SA*^(a)		4,037		29,470
Itau Unibanco Holding SA^(a)		8,371		91,662
Kroton Educacional SA^(a)^(b)		33,169		129,359
Localiza Rent A Car SA^(a)		686		6,750
Total Brazil				1,079,152


Investments	Shares		Value
COMMON STOCKS (continued)
CANADA — 4.8%
Agrium, Inc.^(b)		703	$	74,483
Bank of Montreal		990		58,687
Canadian National Railway Co.		607		35,054
Canadian Pacific Railway Ltd.		506		81,076
Gildan Activewear, Inc.^(b)		1,398		46,469
Magna International, Inc.		1,769		99,222
Manulife Financial Corp.		4,427		82,298
Methanex Corp.		1,244		69,241
Mitel Networks Corp.*		14,159		125,024
Silver Wheaton Corp.		3,336		57,846
Teck Resources Ltd., Class B		8,768		86,891
Toronto-Dominion Bank (The)		493		20,957
Valeant Pharmaceuticals International, Inc.*		608		135,067
Total Canada				972,315
CHILE — 0.7%
Cencosud SA^(a)^(b)		11,506		82,958
Empresa Nacional de Electricidad SA^(a)		1,134		47,004
Sociedad Quimica y Minera de Chile SA^(a)		1,096		17,558
Total Chile				147,520
CHINA — 5.3%
Agricultural Bank of China Ltd.^(a)		7,230		92,544
Autohome, Inc.*^(a)		790		39,927
Baidu, Inc.*^(a)		428		85,206
Bank of China Ltd.^(a)^(b)		4,257		68,708
China Construction Bank Corp.^(a)		4,912		89,644
China Life Insurance Co., Ltd.^(a)		4,176		90,870
China Southern Airlines Co. Ltd.*^(a)		1,322		77,125
China Telecom Corp. Ltd.^(a)		218		12,869
Huaneng Power International, Inc.^(a)^(b)		1,439		75,950
Industrial & Commercial Bank of China Ltd.^(a)^(b)		3,555		56,311
NetEase, Inc.^(a)		250		36,216
Ping An Insurance Group Co., of China Ltd.^(a)		3,161		84,494
Qihoo 360 Technology Co., Ltd.*^(a)		2,099		142,081
Semiconductor Manufacturing International Corp.*^(a)		4,408		23,847
Tencent Holdings Ltd.^(a)		1,306		26,185
Total China				1,001,977

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
DENMARK — 1.6%
Danske Bank A/S^(a)		10,307	$	151,308
Novo Nordisk A/S^(a)		625		34,225
Pandora A/S^(a)		4,877		130,898
Vestas Wind Systems A/S^(a)		1,220		20,362
Total Denmark				336,793
EGYPT — 0.7%
Commercial International Bank Egypt SAE^(a)		17,986		132,557
FINLAND — 1.3%
Nokia OYJ^(a)		8,250		56,513
Stora Enso OYJ^(a)		14,344		147,456
UPM-Kymmene OYJ^(a)		2,849		50,456
Total Finland				254,425
FRANCE — 9.5%
Airbus Group SE^(a)		4,987		81,164
Alcatel-Lucent*^(a)		36,529		132,235
Arkema SA^(a)		1,114		80,564
Atos Se^(a)^(b)		5,959		89,623
AXA SA^(a)		1,189		30,022
BNP Paribas SA^(a)		3,367		102,592
Cap Gemini SA^(a)^(b)		184		8,171
Carrefour SA^(a)^(b)		9,603		61,939
Cie de Saint-Gobain^(a)		11,607		105,043
Cie Generale des Etablissements Michelin^(a)		4,257		89,440
Credit Agricole SA^(a)^(b)		16,436		122,448
Ingenico Group^(a)		2,649		61,987
Kering^(a)		3,128		55,960
Orange SA^(a)		8,471		130,115
Pernod Ricard SA^(a)		1,167		26,806
Publicis Groupe SA^(a)		2,064		38,308
Renault SA^(a)^(b)		7,437		157,517
Safran SA^(a)		2,942		49,896
Schneider Electric SE^(a)		3,132		43,425
Societe Generale SA^(a)^(b)		12,368		116,630
Suez Environnement Co.^(a)		4,162		38,748
Valeo SA^(a)		1,250		99,050
Veolia Environnement SA^(a)^(b)		5,500		112,310
Total France				1,833,993
GERMANY — 6.4%
adidas AG^(a)		1,005		38,649
Bayer AG^(a)		222		31,299
Bayerische Motoren Werke AG^(a)		1,751		64,314
Commerzbank AG*^(a)^(b)		10,296		132,613
Continental AG^(a)		1,318		62,994
Daimler AG^(a)		1,174		107,609
Deutsche Boerse AG^(a)		1,607		13,306


Investments	Shares		Value
COMMON STOCKS (continued)
GERMANY (continued)
Deutsche Lufthansa AG*^(a)		10,069	$	130,897
Deutsche Post AG^(a)		319		9,398
Deutsche Telekom AG^(a)^(b)		3,620		62,318
Fresenius SE & Co. KGaA^(a)^(b)		2,173		35,007
GEA Group AG^(a)		405		18,241
HeidelbergCement AG^(a)		7,185		114,385
Infineon Technologies AG^(a)		7,729		96,767
Porsche Automobil Holding SE^(a)		15,358		129,314
ProSiebenSat.1 Media AG^(a)		857		10,618
Symrise AG^(a)		2,243		34,879
Volkswagen AG^(a)		2,579		119,433
Total Germany				1,212,041
GREECE — 0.5%
Hellenic Telecommunications Organization SA^(a)		22,060		100,761
HONG KONG — 4.5%
BOC Hong Kong Holdings Ltd.^(a)^(b)		1,140		95,122
Cathay Pacific Airways Ltd.^(a)		10,941		134,356
China State Construction International Holdings Ltd.^(a)		1,237		110,514
China Unicom Hong Kong Ltd.^(a)		2,086		32,750
Hang Seng Bank Ltd.^(a)		3,444		67,296
Hutchison Telecommunications Hong Kong Holdings Ltd.^(a)^(b)		12,018		75,113
Lenovo Group Ltd.^(a)		2,862		79,392
Swire Pacific Ltd., Class A^(a)		9,557		120,991
Techtronic Industries Co., Ltd.^(a)^(b)		4,689		77,697
Wharf Holdings Ltd.^(a)^(b)		5,002		66,427
Total Hong Kong				859,658
INDIA — 1.6%
HDFC Bank Ltd.^(a)		1,279		77,418
ICICI Bank Ltd.^(a)		8,012		83,485
Infosys Ltd.^(a)^(b)		616		9,764
Tata Motors Ltd.^(a)		3,288		113,337
Wipro Ltd.^(a)		1,825		21,845
Total India				305,849
INDONESIA — 0.7%
PT Bank Mandiri Persero Tbk^(a)^(b)		9,268		69,695
PT Bank Rakyat Indonesia Persero Tbk^(a)		3,636		55,813
Total Indonesia				125,508
IRELAND — 1.5%
CRH PLC^(a)		3,379		94,984
Ryanair Holdings PLC^(a)		2,184		155,829
Shire PLC^(a)		155		37,431
Total Ireland				288,244

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
ISRAEL — 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		1,325	$	11,355
ITALY — 1.0%
Atlantia SpA^(a)		4,060		50,263
Intesa Sanpaolo SpA^(a)^(b)		6,276		137,006
Luxottica Group SpA^(a)^(b)		282		18,739
Telecom Italia SpA*^(a)		227		2,887
Total Italy				208,895
JAPAN — 11.7%
Asahi Glass Co. Ltd.^(a)^(b)		2,550		15,300
Astellas Pharma, Inc.^(a)		3,728		53,161
Bridgestone Corp.^(a)		2,287		42,287
East Japan Railway Co.^(a)^(b)		1,735		25,912
Fast Retailing Co. Ltd.^(a)		795		36,157
Fuji Heavy Industries Ltd.^(a)		1,814		134,145
FUJIFILM Holdings Corp.^(a)^(b)		816		29,148
Hitachi Ltd.^(a)		918		60,465
Honda Motor Co., Ltd.^(a)		3,052		98,885
Hoya Corp.^(a)		1,551		62,490
Isuzu Motors Ltd.^(a)^(b)		6,872		90,229
ITOCHU Corp.^(a)^(b)		5,788		153,324
JGC Corp.^(a)^(b)		2,404		90,967
KDDI Corp.^(a)		7,848		94,294
Kubota Corp.^(a)^(b)		269		21,410
Makita Corp.^(a)		762		41,559
Mazda Motor Corp.^(a)^(b)		14,486		141,818
MS&AD Insurance Group Holdings, Inc.^(a)^(b)		7,304		113,504
Nidec Corp.^(a)^(b)		3,104		57,983
Nissan Motor Co., Ltd.^(a)		4,834		101,079
NSK Ltd.^(a)^(b)		4,505		139,700
ORIX Corp.^(a)^(b)		1,036		77,203
Panasonic Corp.^(a)^(b)		5,849		80,248
Santen Pharmaceutical Co. Ltd.^(a)		4,316		60,953
Sumitomo Metal Mining Co., Ltd.^(a)		2,922		44,385
Sumitomo Mitsui Trust Holdings, Inc.^(a)^(b)		8,109		37,220
TDK Corp.^(a)^(b)		1,769		136,355
Tokio Marine Holdings, Inc.^(a)		2,133		89,053
Toray Industries, Inc.^(a)		592		50,225
Toyota Motor Corp.^(a)		617		82,524
Total Japan				2,261,983


Investments	Shares		Value
COMMON STOCKS (continued)
LUXEMBOURG — 0.5%
Oriflame Cosmetics SA*^(a)		11,792	$	91,978
MEXICO — 1.1%
Empresas ICA SAB de CV*^(a)^(b)		38,202		119,572
Grupo Financiero Banorte SAB de CV^(a)		1,998		54,875
Grupo Televisa SAB^(a)		852		33,075
Total Mexico				207,522
NETHERLANDS — 2.6%
Aegon NV^(c)		15,538		114,981
Akzo Nobel NV^(a)		3,610		87,795
ASML Holding N.V.^(c)		800		83,304
Heineken NV^(a)		116		4,428
ING Groep NV^(a)		3,421		56,720
Koninklijke Ahold NV^(a)		314		5,925
Koninklijke Philips NV^(c)		3,677		93,616
Reed Elsevier NV^(a)		149		6,981
TNT Express NV^(a)		6,778		57,206
Wolters Kluwer NV^(a)		438		13,079
Total Netherlands				524,035
NORWAY — 3.1%
Marine Harvest ASA^(a)^(b)		12,101		138,194
Norsk Hydro ASA^(a)		29,943		124,263
Orkla ASA^(a)		14,167		112,452
Telenor ASA^(a)		1,541		101,097
Yara International ASA^(a)		2,312		120,340
Total Norway				596,346
RUSSIA — 2.3%
Gazprom Neft OAO^(a)		10,766		131,345
Gazprom OAO^(a)		20,437		107,703
Lukoil OAO^(a)		2,287		102,709
MMC Norilsk Nickel OJSC^(a)		7,014		118,887
Total Russia				460,644
SINGAPORE — 1.6%
DBS Group Holdings Ltd.^(a)		1,163		71,629
Global Logistic Properties Ltd.^(a)^(b)		1,185		22,355
Keppel Corp. Ltd.^(a)		5,753		70,187
Singapore Airlines Ltd.^(a)		3,619		57,216
United Overseas Bank Ltd.^(a)		2,072		71,349
Total Singapore				292,736

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
SOUTH AFRICA — 1.4%
Impala Platinum Holdings Ltd.*^(a)^(b)		20,449	$	91,203
Imperial Holdings Ltd.^(a)^(b)		3,110		47,645
Nampak Ltd.^(a)		1,659		4,612
Nedbank Group Ltd.^(a)		813		16,219
Sanlam Ltd.^(a)		4,526		49,922
Standard Bank Group Ltd.^(a)^(b)		4,691		62,156
Total South Africa				271,757
SOUTH KOREA — 3.2%
KB Financial Group, Inc.^(a)		1,207		39,674
Korea Electric Power Corp.^(a)		7,145		145,473
KT Corp.^(a)		9,241		117,083
LG Display Co., Ltd.^(a)^(b)		10,711		124,140
POSCO^(a)		2,425		119,043
Shinhan Financial Group Co., Ltd.^(a)		1,062		39,358
SK Telecom Co., Ltd.^(a)		1,815		44,994
Total South Korea				629,765
SPAIN — 2.0%
Banco Bilbao Vizcaya Argentaria SA^(a)		13,338		131,646
Banco Popular Espanol SA*^(a)		5,694		110,919
Banco Santander SA^(a)		16,183		113,443
Grifols SA^(a)		453		14,029
Total Spain				370,037
SWEDEN — 3.5%
Atlas Copco AB, Class A^(a)		973		27,312
Electrolux AB^(a)		2,087		131,210
Elekta AB, Class B^(a)		3,529		22,127
Meda AB^(a)		4,119		56,719
Nordea Bank AB^(a)^(b)		1,197		15,010
Sandvik AB^(a)^(b)		6,302		70,141
SKF AB^(a)^(b)		4,422		101,352
Telefonaktiebolaget LM Ericsson^(a)		9,662		100,871
Volvo AB^(a)		10,699		133,631
Total Sweden				658,373
SWITZERLAND — 3.4%
ABB Ltd.*^(a)		1,013		21,151
Adecco SA*^(a)^(b)		1,937		78,642
Credit Suisse Group AG*^(a)		4,547		125,497
Glencore PLC^(a)		8,493		68,241
Holcim Ltd.*^(a)		3,075		45,049
Julius Baer Group Ltd.*^(a)		8,732		97,885
STMicroelectronics NV ^(c)		13,893		112,811
UBS AG*^(b)		6,216		132,028
Total Switzerland				681,304


Investments	Shares		Value
COMMON STOCKS (continued)
TAIWAN — 2.4%
Advanced Semiconductor Engineering, Inc.^(a)		7,611	$	50,233
AU Optronics Corp.^(a)^(b)		29,675		132,351
Siliconware Precision Industries Co., Ltd.^(a)		11,701		87,172
Taiwan Semiconductor Manufacturing Co., Ltd.^(a)		2,948		66,949
United Microelectronics Corp.^(a)		51,957		106,512
Total Taiwan				443,217
THAILAND — 0.2%
Kasikornbank PCL^(a)^(b)		1,327		29,990
TURKEY — 1.1%
Akbank TAS^(a)^(b)		15,605		90,509
Turkcell Iletisim Hizmetleri AS^(a)		4,106		47,178
Turkiye Garanti Bankasi AS^(a)		24,127		76,483
Total Turkey				214,170
UNITED KINGDOM — 6.5%
Aberdeen Asset Management PLC^(a)^(b)		688		8,830
Anglo American PLC^(a)		4,551		32,949
ARM Holdings PLC^(a)		806		39,712
Ashtead Group PLC^(a)		1,701		118,339
Aviva PLC^(a)^(b)		4,453		69,333
Barclays PLC^(a)^(b)		6,718		110,444
Carnival PLC^(a)		2,356		120,816
G4S PLC^(a)^(b)		2,670		56,764
ITV PLC^(a)		2,250		93,329
Legal & General Group PLC^(a)^(b)		2,254		44,990
Lloyds Banking Group PLC^(a)		12,966		70,405
Marks & Spencer Group PLC^(a)		669		11,293
Polyus Gold International Ltd. ^(d)		6,805		18,510
Provident Financial PLC^(a)		1,240		57,509
Prudential PLC^(a)		1,650		80,124
Royal Mail PLC^(a)		7,546		121,416
RSA Insurance Group PLC^(a)^(b)		20,829		134,555
Smith & Nephew PLC^(a)		158		5,364
Wolseley PLC^(a)		13,287		86,100
Total United Kingdom				1,280,782
Total Common Stocks (Cost $19,146,952)				18,818,244
MONEY MARKET FUND — 2.7%
Fidelity Institutional Prime Money Market Portfolio — Class I, 0.07%^(e) (Cost $516,762)		516,762		516,762

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
REPURCHASE AGREEMENTS — 12.6%^(f)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $365,455, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $372,763)	$	365,454	$	365,454
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $567,066, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $578,407)		567,064		567,064
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $567,066, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $578,405)	$	567,064		567,064
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $567,065, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $578,405)		567,064		567,064
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $369,715, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $377,108)		369,714		369,714
Total Repurchase Agreements (Cost $2,436,360)				2,436,360
Total Investments — 112.4% (Cost $22,100,074)				21,771,366
Liabilities in Excess of Other Assets — (12.4)%				(2,406,699	)
Net Assets — 100.0%			$	19,364,667

LP — Limited Partnership

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 $2,356,217; the aggregate market value of the collateral held by the fund is $2,436,360.

(c)

Registered Shares.

(d)

Global Depositary Receipt.

(e)

Rate shown reflects the 7-day yield as of June 30, 2015.

(f)

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

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MADRONA INTERNATIONAL ETF
Schedule of Investments (continued)

June 30, 2015

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Advertising		0.2	%
Aerospace/Defense		0.7
Airlines		2.9
Apparel		0.4
Auto Manufacturers		7.6
Auto Parts & Equipment		2.0
Banks		19.3
Beverages		0.2
Biotechnology		0.1
Building Materials		1.9
Chemicals		2.8
Commercial Services		3.0
Computers		2.1
Cosmetics/Personal Care		0.5
Distribution/Wholesale		1.2
Diversified Financial Services		1.7
Electric		2.0
Electrical Components & Equipment		0.5
Electronics		2.1
Energy – Alternate Sources		0.1
Engineering & Construction		1.7
Food		2.9
Forest Products & Paper		1.2
Hand/Machine Tools		1.0
Healthcare – Products		0.2
Healthcare – Services		0.2
Holding Companies – Diversified		1.6
Home Furnishings		1.1
Insurance		5.6
Internet		1.5
Iron/Steel		0.7
Leisure Time		0.6
Machinery – Construction & Mining		0.6
Machinery – Diversified		0.3
Media		0.8
Metal Fabricate/Hardware		1.2
Mining		4.6
Miscellaneous Manufacturing		0.2
Oil & Gas		2.4
Packaging & Containers		0.0	**
Pharmaceuticals		2.3
Real Estate		0.2
Retail		1.3
Semiconductors		3.4
Software		0.8
Telecommunications		6.4
Transportation		1.7
Water		1.3
Money Market Fund		2.7
Repurchase Agreements		12.6
Total Investments		112.4
Liabilities in Excess of Other Assets		(12.4	)
Net Assets		100.0	%

Less than 0.05%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MEIDELL TACTICAL ADVANTAGE ETF
Schedule of Investments

June 30, 2015



Investments	Shares/ Principal		Value
EXCHANGE TRADED FUNDS — 96.4%
Equity Fund — 96.4%
Deutsche X-trackers MSCI EAFE Hedged Equity ETF^(a)		27,404	$	784,302
iShares Core S&P Mid-Cap ETF		10,970		1,645,281
iShares Core S&P Small-Cap ETF		13,940		1,643,247
iShares Europe ETF		18,224		796,936
iShares S&P 100 ETF^(a)		8,965		814,381
iShares S&P Mid-Cap 400 Growth ETF^(a)		9,883		1,675,168
iShares S&P Mid-Cap 400 Value ETF^(a)		12,411		1,600,523
iShares S&P Small-Cap 600 Growth ETF^(a)		12,929		1,693,698
iShares S&P Small-Cap 600 Value ETF		13,785		1,623,322
SPDR S&P International Small Cap ETF^(a)		28,476		869,088
Vanguard FTSE All-World ex-US ETF		32,964		1,600,402
Vanguard FTSE Developed Markets ETF		40,668		1,612,486
Total Exchange Traded Funds (Cost $16,064,748)				16,358,834
MONEY MARKET FUND — 3.6%
Dreyfus Institutional Reserves Treasury Fund – Institutional Class, 0.00%^(b) (Cost $614,679)		614,679		614,679
REPURCHASE AGREEMENTS — 24.3%^(c)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $617,641, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $629,992)	$	617,639		617,639
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $958,374, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $977,542)		958,371		958,371
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $958,375, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $977,538)		958,371		958,371


Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $958,373, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $977,538)	$	958,371	$	958,371
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $624,835, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $637,330)		624,833		624,833
Total Repurchase Agreements (Cost $4,117,585)				4,117,585
Total Investments — 124.3% (Cost $20,797,012)				21,091,098
Liabilities in Excess of Other Assets — (24.3)%				(4,119,347	)
Net Assets — 100.0%			$	16,971,751

ETF — Exchange Traded Fund

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $4,026,607; the aggregate market value of the collateral held by the fund is $4,117,585.

(b)

Rate shown reflects the 7-day yield as of June 30, 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		96.4	%
Money Market Fund		3.6
Repurchase Agreements		24.3
Total Investments		124.3
Liabilities in Excess of Other Assets		(24.3	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF†
Schedule of Investments

June 30, 2015


Investments	Shares		Value
EXCHANGE TRADED FUNDS — 73.0%
Commodity Fund — 2.1%
PowerShares DB Base Metals Fund*		14,695	$	211,461
Proshares Ultra Bloomberg Crude Oil*		1,007		45,516
Total Commodity Fund				256,977
Currency Fund — 4.3%
PowerShares DB US Dollar Index Bullish Fund*^(a)		10,960		274,329
ProShares UltraShort Yen*		2,827		260,649
Total Currency Fund				534,978
Debt Fund — 5.1%
Direxion Daily 20 Year Plus Treasury Bull 3x Shares*		9,214		632,449
Total Debt Fund				632,449
Equity Fund — 61.5%
Energy Select Sector SPDR Fund^(a)		5,820		437,431
Global X FTSE Greece 20 ETF		31,209		313,963
Global X FTSE Portugal 20 ETF		31,134		351,503
Health Care Select Sector SPDR Fund		10,279		764,655
iShares China Large-Cap ETF^(a)		15,173		699,475
iShares MSCI Italy Capped ETF^(a)		25,016		372,488
iShares MSCI Spain Capped ETF^(a)		10,672		358,046
iShares Residential Real Estate Capped ETF^(a)		9,377		525,862
Market Vectors Gold Miners ETF		12,130		215,429
Market Vectors Russia ETF		20,975		383,423
SPDR S&P Oil & Gas Exploration & Production ETF^(a)		11,735		547,555
Technology Select Sector SPDR Fund^(a)		16,574		686,164
Vanguard Global ex-U.S. Real Estate ETF		8,867		491,764
WisdomTree India Earnings Fund		5,744		124,472
WisdomTree Japan Hedged Equity Fund		22,737		1,300,556
Total Equity Fund				7,572,786
Total Exchange Traded Funds (Cost $9,195,732)				8,997,190
CLOSED-END FUND — 5.4%
Country Fund — 5.4%
Morgan Stanley China A Share Fund, Inc. (Cost $512,377)		19,424		658,862
MONEY MARKET FUND — 21.7%
Goldman Sachs Financial Square Fund, 0.04%^(b) (Cost $2,672,595)		2,672,595		2,672,595


Investments	Principal		Value
REPURCHASE AGREEMENTS — 15.0%^(c)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $276,314, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $281,839)	$	276,313	$	276,313
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $428,748, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $437,324)		428,747		428,747
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $428,749, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $437,322)		428,747		428,747
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $428,748, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $437,322)		428,747		428,747
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $279,531, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $285,121)		279,530		279,530
Total Repurchase Agreements (Cost $1,842,084)				1,842,084
Total Investments — 115.1% (Cost $14,222,788)				14,170,731
Liabilities in Excess of Other Assets — (15.1)%				(1,861,769	)
Net Assets — 100.0%			$	12,308,962

ETF — Exchange Traded Fund

†

Formerly known as AdvisorShares Cambria Global Tactical ETF.

Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,798,342; the aggregate market value of the collateral held by the fund is $1,842,084.

(b)

Rate shown reflects the 7-day yield as of June 30, 2015.

(c)

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

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES MORGAN CREEK GLOBAL TACTICAL ETF†
Schedule of Investments (continued)

June 30, 2015

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Commodity Fund		2.1	%
Country Fund		5.4
Currency Fund		4.3
Debt Fund		5.1
Equity Fund		61.5
Money Market Fund		21.7
Repurchase Agreements		15.0
Total Investments		115.1
Liabilities in Excess of Other Assets		(15.1	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments

June 30, 2015


Investments	Principal		Value
MORTGAGE BACKED SECURITIES — 29.4%
Commercial Mortgage Backed Securities — 18.8%
A10 Term Asset Financing LLC, Class A1, Series 2014-1, 1.72%, 04/15/33^‡	$	250,000	$	249,531
BAMLL-DB Trust, Class A2FX, Series 2012-OSI, 3.35%, 04/13/29^‡		274,872		281,388
Banc of America Commercial Mortgage Trust, Class A4, Series 2007-2, 5.61%, 04/10/49^@		1,084,000		1,135,386
Banc of America Merrill Lynch Commercial Mortgage, Inc., Class G, Series 2005-2, 5.02%, 07/10/43^@^‡		1,360,000		1,358,755
Bayview Commercial Asset Trust, Class A3, Series 2008-1, 1.69%, 01/25/38^@^‡		300,000		289,580
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2005-PW10, 5.45%, 12/11/40^@		571,000		579,747
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW13, 5.58%, 09/11/41^@		885,000		922,734
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW15, 5.36%, 02/11/44		265,000		274,425
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW17, 5.89%, 06/11/50^@		990,000		1,070,960
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW18, 5.70%, 06/11/50		970,000		1,038,356
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2007-PW17, 5.69%, 06/11/50^@		650,000		693,550
Capital Auto Receivables Asset Trust, Class C, Series 2013-1, 1.74%, 10/22/18		415,000		416,278
CD Commercial Mortgage Trust, Class AMFX, Series 2007-CD4, 5.37%, 12/11/49^@		895,000		929,541
CD Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49		780,000		813,299
Citigroup Commercial Mortgage Trust, Class AM, Series 2008-C7, 6.14%, 12/10/49^@		530,000		574,047
Citigroup Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.71%, 12/10/49^@		140,000		149,876
Citigroup Commercial Mortgage Trust, Class A1A, Series 2007-C6, 5.71%, 12/10/49^@		1,410,413		1,508,337


Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Citigroup Commercial Mortgage Trust, Class MLSR, Series 2010-RR3, 5.74%, 06/14/50^@^‡	$	330,607	$	348,733
Colony Multifamily Mortgage Trust, Class A, Series 2014-1, 2.54%, 04/20/50^‡		780,897		781,767
Commercial Mortgage Trust, Class AM, Series 2007-GG11, 5.87%, 12/10/49^@		510,000		547,692
Credit Suisse Commercial Mortgage Trust, Class A1A, Series 2007-C1, 5.36%, 02/15/40		478,769		500,933
Credit Suisse Commercial Mortgage Trust, Class 1A, Series 2010-RR7, 5.38%, 08/12/48^@^‡		469,282		487,403
DBUBS Mortgage Trust, Class A2, Series 2011-LC3A, 3.64%, 08/10/44		978,471		996,313
Extended Stay America Trust, Class A17, Series 2013-ESH7, 2.30%, 12/05/31^‡		735,000		728,826
GMACM Mortgage Loan Trust, Class A10, Series 2003-J7, 5.50%, 11/25/33		788,258		811,084
GMACM Mortgage Loan Trust, Class 12A, Series 2004-AR1, 3.03%, 06/25/34^@		629,638		642,146
GS Mortgage Securities Trust, Class A4, Series 2007-GG10, 5.79%, 08/10/45^@		897,857		958,939
GS Mortgage Securities Trust, Class A1A, Series 2007-GG10, 5.79%, 08/10/45^@		536,107		576,001
Hilton USA Trust, Class EFX, Series 2013-HLT, 4.45%, 11/05/30^@^‡		535,000		543,905
Irwin Home Equity Loan Trust, Class M1, Series 2003-A, 1.74%, 10/25/27^@		437,357		433,850
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP7, 5.90%, 04/15/45^@		1,190,000		1,233,734
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2006-LDP7, 5.90%, 04/15/45^@		183,205		187,484
JPMorgan Chase Commercial Mortgage Securities Trust, Class A3, Series 2006-LDP9, 5.34%, 05/15/47		2,391,591		2,498,868
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2006-LDP9, 5.37%, 05/15/47		650,000		672,312

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Class AM, Series 2007-LDPX, 5.46%, 01/15/49^@	$	275,000	$	284,677
JPMorgan Chase Commercial Mortgage Securities Trust, Class A4, Series 2007-LD12, 5.88%, 02/15/51^@		2,255,000		2,400,427
JPMorgan Mortgage Trust, Class 1A1, Series 2004-A3, 2.39%, 07/25/34^@		362,241		364,068
LB Commercial Mortgage Trust, Class A4, Series 2007-C3, 5.90%, 07/15/44^@		601,947		644,282
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C2, 5.43%, 02/15/40		407,559		430,854
LB-UBS Commercial Mortgage Trust, Class A4, Series 2007-C6, 5.86%, 07/15/40^@		1,250,962		1,319,131
LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 09/15/45^@		676,807		733,028
Morgan Stanley Capital I Trust, Class AM, Series 2008-T29, 6.27%, 01/11/43^@		860,000		953,156
Morgan Stanley Capital I Trust, Class A4, Series 2006-IQ12, 5.33%, 12/15/43		451,762		470,223
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ14, 5.69%, 04/15/49^@		800,000		846,863
Morgan Stanley Capital I Trust, Class AM, Series 2007-IQ14, 5.68%, 04/15/49^@		226,000		235,847
Morgan Stanley Capital I Trust, Class A4, Series 2007-IQ16, 5.81%, 12/12/49		410,733		441,265
Vericrest Opportunity Loan Trust, Class A1, Series 2014-NPL9, 3.38%, 11/25/54^‡^#		268,803		269,224
Vericrest Opportunity Loan Trust, Class A1, Series 2015-NPL3, 3.38%, 10/25/58^‡^#		392,813		393,049
VFC LLC, Class A, Series 2014-2, 2.75%, 07/20/30^‡		148,285		148,303
VOLT XXII LLC, Class A1, Series 2015-NPL4, 3.50%, 02/25/55^‡^#		300,045		300,388
VOLT XXXI LLC, Class A1, Series 2015-NPL2, 3.38%, 02/25/55^‡^#		425,625		425,559
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C30, 5.38%, 12/15/43		870,000		915,034
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 04/15/47		770,000		806,540


Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Wachovia Bank Commercial Mortgage Trust, Class AM, Series 2007-C31, 5.59%, 04/15/47^@	$	1,380,000	$	1,465,480
Wachovia Bank Commercial Mortgage Trust, Class A3, Series 2007-C32, 5.71%, 06/15/49^@		975,000		1,032,115
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Class 2A1, Series 2003-AR4, 2.26%, 08/25/33^@		216,333		215,228
Total Commercial Mortgage Backed Securities				40,330,521
Non-Agency Mortgage-Backed Securities — 1.6%
Access Point Funding LLC, Class A, Series 2015-A, 2.61%, 04/15/20^‡		248,237		248,212
Alternative Loan Trust, Class 1A1, Series 2004-22CB, 6.00%, 10/25/34		188,339		201,015
Bcrr Trust, Class 2A1, Series 2009-1, 5.86%, 07/17/40^@^‡		158,942		163,877
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2006-PW14, 5.24%, 12/11/38		285,000		299,224
Bear Stearns Commercial Mortgage Securities Trust, Class AM, Series 2007-PW18, 6.08%, 06/11/50^@		460,000		502,699
Leaf Receivables Funding 10 LLC, Class D, Series 2015-1, 3.74%, 05/17/21^‡		615,000		607,860
OneMain Financial Issuance Trust, Class A, Series 2015-2A, 2.57%, 07/18/25^‡		325,000		325,247
Welk Resorts LLC, Class A, Series 2015-AA, 2.79%, 06/16/31^‡		650,000		650,631
Wendys Funding LLC, Class A2II, Series 2015-1A, 4.08%, 06/15/45^‡		535,000		530,934
Total Non-Agency Mortgage-Backed Securities				3,529,699
Residential Mortgage Backed Securities — 9.0%
B2R Mortgage Trust, Class A1, Series 2015-1, 2.52%, 05/15/48^‡		229,058		228,304
Banc of America Funding Trust, Class 5A1, Series 2004-A, 2.50%, 07/20/34^@		182,482		182,125
Banc of America Mortgage Trust, Class 6A3, Series 2004-7, 4.50%, 08/25/19		678,482		671,382

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Bayview Financial Mortgage Pass-Through Trust, Class 1A2, Series 2006-A, 5.48%, 02/28/41^#	$	285,620	$	299,691
Bear Stearns ARM Trust, Class 21A1, Series 2004-1, 2.26%, 04/25/34^@		807,099		799,407
Bear Stearns ARM Trust, Class 12A3, Series 2004-10, 2.73%, 01/25/35^@		416,404		413,962
Bear Stearns ARM Trust, Class 15A1, Series 2004-10, 2.63%, 01/25/35^@		1,260,839		1,258,562
Citigroup Mortgage Loan Trust, Class A, Series 2014-A, 4.00%, 01/25/35^@^‡		154,715		161,705
Citigroup Mortgage Loan Trust, Inc., Class A2, Series 2003-UP3, 7.00%, 09/25/33		232,816		246,685
Citigroup Mortgage Loan Trust, Inc., Class A3, Series 2004-UST1, 2.18%, 08/25/34^@		375,500		376,442
Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-A, 3.50%, 06/25/58^@		506,366		510,198
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-8, 4.50%, 12/25/19		129,527		131,692
Credit Suisse First Boston Mortgage Securities Corp., Class 6A1, Series 2004-AR8, 2.37%, 09/25/34^@		229,271		228,635
GSR Mortgage Loan Trust, Class 3A1, Series 2004-7, 2.29%, 06/25/34^@		819,289		798,263
GSR Mortgage Loan Trust, Class 2A2, Series 2007-1F, 5.50%, 01/25/37		29,997		28,787
JPMorgan Mortgage Trust, Class 4A1, Series 2006-A2, 2.64%, 08/25/34^@		377,794		379,337
JPMorgan Mortgage Trust, Class 4A1, Series 2005-A2, 2.14%, 04/25/35^@		819,676		803,558
JPMorgan Mortgage Trust, Class 1A1, Series 2014-1, 4.00%, 01/25/44^@^‡		413,793		433,131
MASTR Alternative Loan Trust, Class 6A1, Series 2004-4, 5.50%, 04/25/34		489,341		517,504
MASTR Asset Securitization Trust, Class 1A1, Series 2005-1, 5.00%, 05/25/20		332,481		336,212
Merrill Lynch Mortgage Trust, Class AM, Series 2006-C1, 5.68%, 05/12/39^@		660,000		678,555


Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Morgan Stanley Residential Mortgage Loan Trust, Class A1, Series 2014-1A, 2.99%, 06/25/44^@^‡	$	295,434	$	302,980
National City Mortgage Capital Trust, Class 2A1, Series 2008-1, 6.00%, 03/25/38		340,362		358,884
New Residential Mortgage Loan Trust, Class A3, Series 2014-2A, 3.75%, 05/25/54^@^‡		282,294		293,101
New Residential Mortgage Loan Trust, Class AFX3, Series 2014-3A, 3.75%, 11/25/54^@^‡		681,589		701,958
RALI Series Trust, Class CB5, Series 2003-QS17, 5.50%, 09/25/33		421,124		436,391
RALI Series Trust, Class A3, Series 2003-QS22, 5.38%, 12/26/33		97,294		98,394
RASC Series Trust, Class AI6, Series 2004-KS2, 4.30%, 03/25/34^@		144,200		146,101
Structured Adjustable Rate Mortgage Loan Trust, Class 6A, Series 2004-1, 2.64%, 02/25/34^@		490,676		481,207
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-4, 2.64%, 04/25/34^@		970,757		972,642
Structured Adjustable Rate Mortgage Loan Trust, Class 3A1, Series 2004-4, 2.48%, 04/25/34^@		182,283		180,913
Structured Adjustable Rate Mortgage Loan Trust, Class 3A2, Series 2004-5, 2.44%, 05/25/34^@		427,209		426,209
Structured Asset Securities Corp., Class 2A, Series 2003-37A, 3.77%, 12/25/33^@		329,065		330,316
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 1A1, Series 2003-33H, 5.50%, 10/25/33		473,835		485,687
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 6A, Series 2003-34A, 2.58%, 11/25/33^@		341,978		336,147
Structured Asset Securities Corp. Pass-Through Certificates, Class A3, Series 2002-AL1, 3.45%, 02/25/32		1,128,046		1,117,768
WaMu Mortgage Pass-Through Certificates, Class A1, Series 2003-AR6, 2.56%, 06/25/33^@		247,603		248,429

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Residential Mortgage Backed Securities (continued)
Wells Fargo Mortgage Backed Securities Trust, Class 5A1, Series 2003-J, 2.49%, 10/25/33^@	$	217,328	$	219,633
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-A, 2.64%, 02/25/34^@		267,619		268,432
Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 2.73%, 07/25/34^@		185,717		187,241
Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 2.74%, 07/25/34^@		522,933		525,356
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2004-Z, 2.61%, 12/25/34^@		221,975		223,584
Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2005-14, 5.50%, 12/25/35		173,004		176,832
WinWater Mortgage Loan Trust, Class A1, Series 2014-1, 4.00%, 06/20/44^@^‡		623,498		643,211
WinWater Mortgage Loan Trust, Class A4, Series 2014-3, 3.50%, 11/20/44^@^‡		703,077		708,844
Total Residential Mortgage Backed Securities				19,354,397
Total Mortgage Backed Securities (Cost $64,777,815)				63,214,617
ASSET BACKED SECURITIES — 26.4%
American Homes 4 Rent, Class A, Series 2014-SFR1, 1.25%, 06/17/31^@^‡		275,002		274,626
AmeriCredit Automobile Receivables Trust, Class C, Series 2014-2, 2.18%, 06/08/20		500,000		500,386
AmeriCredit Automobile Receivables Trust, Class D, Series 2011-2, 4.00%, 05/08/17		871,872		874,515
AmeriCredit Automobile Receivables Trust, Class D, Series 2012-4, 2.68%, 10/09/18		1,050,000		1,069,869
AmeriCredit Automobile Receivables Trust, Class D, Series 2013-2, 2.42%, 05/08/19		575,000		579,257
AmeriCredit Automobile Receivables Trust, Class D, Series 2014-1, 2.54%, 06/08/20		755,000		752,948


Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Ascentium Equipment Receivables LLC, Class B, Series 2015-1A, 2.26%, 06/10/21^‡	$	600,000	$	603,511
Asset Backed Funding Certificates Trust, Class A6, Series 2005-AQ1, 4.78%, 06/25/35^#		398,994		411,752
Associates Manufactured Housing Pass-Through Certificates, Class B1, Series 1996-1, 8.00%, 03/15/27^@		285,544		311,267
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2012-3A, 2.10%, 03/20/19^‡		500,000		503,754
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-1A, 1.92%, 09/20/19^‡		1,140,000		1,137,198
Avis Budget Rental Car Funding AESOP LLC, Class A, Series 2013-2A, 2.97%, 02/20/20^‡		1,465,000		1,505,700
Banc of America Funding Trust, Class 1A1, Series 2005-1, 5.50%, 02/25/35		278,320		283,739
BankAmerica Manufactured Housing Contract Trust, Class B1, Series 1998-1, 7.81%, 08/10/25^@		284,170		298,773
Bayview Financial Acquisition Trust, Class 1A2, Series 2007-A, 6.21%, 05/28/37^#		573,793		617,181
Beacon Container Finance LLC, Class A, Series 2012-1A, 3.72%, 09/20/27^‡		642,598		654,313
BXG Receivables Note Trust, Class A, Series 2015-A, 2.88%, 05/02/30^‡		555,042		553,987
California Republic Auto Receivables Trust, Class A4, Series 2014-3, 1.79%, 03/16/20		645,000		649,833
California Republic Auto Receivables Trust, Class B, Series 2014-2, 2.34%, 04/15/20		500,000		500,358
Capital Auto Receivables Asset Trust, Class C, Series 2013-4, 2.67%, 02/20/19		635,000		641,925
Capital Auto Receivables Asset Trust, Class C, Series 2015-2, 2.67%, 08/20/20		650,000		650,316
CarFinance Capital Auto Trust, Class B, Series 2013-2A, 3.15%, 08/15/19^‡		350,000		355,703
CarFinance Capital Auto Trust, Class B, Series 2014-1A, 2.72%, 04/15/20^‡		200,000		201,765

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
CarFinance Capital Auto Trust, Class B, Series 2014-2A, 2.64%, 11/16/20^‡	$	480,000	$	480,186
CarFinance Capital Auto Trust, Class B, Series 2015-1A, 2.91%, 06/15/21^‡		1,000,000		1,003,020
CarFinance Capital Auto Trust, Class D, Series 2014-1A, 4.90%, 04/15/20^‡		415,000		422,275
CarMax Auto Owner Trust, Class B, Series 2014-4, 2.20%, 09/15/20		700,000		704,447
CarMax Auto Owner Trust, Class C, Series 2014-2, 2.08%, 01/15/20		425,000		426,267
CarMax Auto Owner Trust, Class C, Series 2015-2, 2.39%, 03/15/21		615,000		615,992
Carnow Auto Receivables Trust, Class D, Series 2014-1A, 4.16%, 11/15/18^‡		400,000		398,913
CCG Receivables Trust, Class B, Series 2014-1, 2.15%, 11/15/21^‡		420,000		422,445
Centex Home Equity Loan Trust, Class AF5, Series 2004-D, 5.35%, 09/25/34^#		438,000		464,539
Centre Point Funding LLC, Class 1, Series 2012-2A, 2.61%, 08/20/21^‡		773,095		771,523
Citicorp Residential Mortgage Trust, Class A4, Series 2006-1, 5.76%, 07/25/36^#		473,967		491,741
Citicorp Residential Mortgage Trust, Class A6, Series 2007-2, 5.52%, 06/25/37^#		420,688		438,355
CKE Restaurant Holdings, Inc., Class A2, Series 2013-1A, 4.47%, 03/20/43^‡		372,006		378,253
CLI Funding V LLC, Class A, Series 2014-2A, 3.38%, 10/18/29^‡		933,333		939,274
Conseco Financial Corp., Class B1, Series 1995-5, 7.30%, 09/15/26^@		402,713		424,901
Countrywide Asset-Backed Certificates, Class A3, Series 2004-S1, 5.12%, 02/25/35^#		722,357		738,209
Domino’s Pizza Master Issuer LLC, Class A2, Series 2012-1A, 5.22%, 01/25/42^‡		308,234		318,524
Drive Auto Receivables Trust, Class C, Series 2015-AA, 3.06%, 05/17/21^‡		590,000		594,031
Drug Royalty II LP 2, Class A2, Series 2014-1, 3.48%, 07/15/23^‡		408,009		414,011
DT Auto Owner Trust, Class C, Series 2013-2A, 3.06%, 09/16/19^‡		500,000		505,046


Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
DT Auto Owner Trust, Class C, Series 2014-1A, 2.64%, 10/15/19^‡	$	670,000	$	674,787
DT Auto Owner Trust, Class C, Series 2014-2A, 2.46%, 01/15/20^‡		300,000		300,991
DT Auto Owner Trust, Class C, Series 2014-3A, 3.04%, 09/15/20^‡		560,000		565,294
Exeter Automobile Receivables Trust, Class B, Series 2013-2A, 3.09%, 07/16/18^‡		180,000		181,991
Exeter Automobile Receivables Trust, Class C, Series 2013-1A, 3.52%, 02/15/19^‡		500,000		508,608
Exeter Automobile Receivables Trust, Class C, Series 2014-1A, 3.57%, 07/15/19^‡		1,110,000		1,122,382
Exeter Automobile Receivables Trust, Class C, Series 2014-2A, 3.26%, 12/16/19^‡		880,000		876,374
Exeter Automobile Receivables Trust, Class C, Series 2015-1A, 4.10%, 12/15/20^‡		500,000		504,862
Exeter Automobile Receivables Trust, Class C, Series 2015-2A, 3.90%, 03/15/21^‡		500,000		501,980
FDIC Trust, Class A, Series 2013-N1, 4.50%, 10/25/18^‡		181,941		183,029
Federal Home Loan Mortgage Corporation, Class M2, Series 2014-DN2, 1.84%, 04/25/24^@		500,000		488,713
Foursight Capital Automobile Receivables Trust, Class B, Series 2014-1, 3.56%, 11/22/21^‡		500,000		504,550
Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31^‡		499,426		501,934
GSAA Trust, Class AF4, Series 2005-1, 5.62%, 11/25/34^#		207,273		220,373
Hilton Grand Vacations Trust, Class A, Series 2013-A, 2.28%, 01/25/26^‡		1,036,622		1,043,058
Hilton Grand Vacations Trust, Class A, Series 2014-AA, 1.77%, 11/25/26^‡		339,920		337,431
Hyundai Auto Receivables Trust, Class D, Series 2014-B, 2.51%, 12/15/20		425,000		428,358
Hyundai Auto Receivables Trust, Class D, Series 2015-A, 2.73%, 06/15/21		500,000		505,955
Jefferies Resecuritization Trust, Class 1A1, Series 2014-R1, 4.00%, 12/27/37^‡		660,411		662,747
JPMorgan Mortgage Trust, Class 2A1, Series 2014-IVR3, 3.00%, 09/25/44^@^‡		667,429		672,741

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29^@^‡	$	261,679	$	270,528
LEAF Receivables Funding 9 LLC, Class D, Series 2013-1, 5.11%, 09/15/21^‡		345,000		357,834
Marriott Vacation Club Owner Trust, Class A, Series 2012-1A, 2.51%, 05/20/30^‡		1,011,224		1,022,484
MASTR Asset Securitization Trust, Class 4A5, Series 2003-5, 5.50%, 06/25/33		613,407		622,837
MASTR Specialized Loan Trust, Class A2, Series 2005-3, 5.70%, 11/25/35^‡^#		449,764		468,584
Mid-State Trust, Class A4, Series 1997-6, 7.79%, 07/01/35		384,517		412,736
New Residential Mortgage Loan Trust, Class A, Series 2014-1A, 3.75%, 01/25/54^@^‡		179,414		185,434
OneMain Financial Issuance Trust, Class A, Series 2014-1A, 2.43%, 06/18/24^‡		730,000		734,403
Residential Funding Mortgage Securities II Home Equity Loan Trust, Class AIIB, Series 2003-HS2, 0.44%, 06/25/28^@		133,755		126,803
Santander Drive Auto Receivables Trust, Class C, Series 2012-3, 3.01%, 04/16/18		210,913		212,544
Santander Drive Auto Receivables Trust, Class C, Series 2012-4, 2.94%, 12/15/17		349,513		352,966
Santander Drive Auto Receivables Trust, Class C, Series 2013-3, 1.81%, 04/15/19		600,000		603,050
Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 08/17/20		600,000		605,366
Santander Drive Auto Receivables Trust, Class D, Series 2012-2, 3.87%, 02/15/18		300,000		306,924
Santander Drive Auto Receivables Trust, Class D, Series 2012-6, 2.52%, 09/17/18		350,000		351,907
Santander Drive Auto Receivables Trust, Class D, Series 2013-1, 2.27%, 01/15/19		500,000		498,533
Santander Drive Auto Receivables Trust, Class D, Series 2013-5, 2.73%, 10/15/19		475,000		479,250
Santander Drive Auto Receivables Trust, Class D, Series 2014-4, 3.10%, 11/16/20		600,000		604,904
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-1A, 2.07%, 03/20/30^‡		264,323		265,761


Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC, Class A, Series 2014-2A, 2.05%, 06/20/31^‡	$	179,658	$	180,961
Sierra Timeshare Receivables Funding LLC, Class B, Series 2012-2A, 3.42%, 03/20/29^‡		173,408		175,795
Silverleaf Finance XV LLC, Class A, Series 2012-D, 3.00%, 03/17/25^‡		172,612		174,508
Silverleaf Finance XVIII LLC, Class A, Series 2014-A, 2.81%, 01/15/27^‡		714,545		714,116
SLM Private Education Loan Trust, Class A2A, Series 2013-B, 1.85%, 06/17/30^‡		500,000		496,413
SLM Private Education Loan Trust, Class A2A, Series 2013-C, 2.94%, 10/15/31^‡		270,000		278,265
SLM Private Education Loan Trust, Class A2A, Series 2014-A, 2.59%, 01/15/26^‡		1,275,000		1,296,424
SNAAC Auto Receivables Trust, Class C, Series 2014-1A, 2.21%, 01/15/20^‡		330,000		330,989
SoFi Professional Loan Program LLC, Class A2, Series 2014-A, 3.02%, 10/25/27^‡		288,134		294,182
SoFi Professional Loan Program LLC, Class A2, Series 2014-B, 2.55%, 08/27/29^‡		824,614		828,580
SoFi Professional Loan Program LLC, Class A2, Series 2015-A, 2.42%, 03/25/30^‡		443,877		444,421
Structured Asset Securities Corp., Class A3A, Series 2004-4XS, 5.00%, 02/25/34^#		647,681		688,126
Structured Asset Securities Corp. Assistance Loan Trust, Class A, Series 2003-AL1, 3.36%, 04/25/31^‡		1,327,487		1,310,145
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Class 3A3, Series 2004-15, 5.50%, 09/25/34		299,327		304,537
TAL Advantage V LLC, Class A, Series 2013-1A, 2.83%, 02/22/38^‡		421,667		419,968
TAL Advantage V LLC, Class A, Series 2014-3A, 3.27%, 11/21/39^‡		470,833		475,256
TCF Auto Receivables Owner Trust, Class B, Series 2014-1A, 2.33%, 05/15/20^‡		800,000		804,979
Tidewater Auto Receivables Trust, Class C, Series 2014-AA, 2.56%, 08/15/19^‡		500,000		501,427
Trip Rail Master Funding LLC, Class A1, Series 2014-1A, 2.86%, 04/15/44^‡		273,318		273,040

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Trip Rail Master Funding LLC, Class A1A, Series 2011-1A, 4.37%, 07/15/41^‡	$	334,436	$	344,767
U-Haul S Fleet LLC, Class 1, Series 2010-BT1A, 4.90%, 10/25/23^‡		600,411		625,304
Wachovia Bank Commercial Mortgage Trust, Class A5, Series 2007-C30, 5.34%, 12/15/43		90,000		94,610
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2003-G, 2.52%, 06/25/33^@		33,785		34,150
Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 2.60%, 10/25/34^@		537,337		536,890
Westgate Resorts LLC, Class A, Series 2012-2A, 3.00%, 01/20/25^‡		199,488		200,211
Westlake Automobile Receivables Trust, Class C, Series 2014-1A, 1.70%, 11/15/19^‡		500,000		498,913
Westlake Automobile Receivables Trust, Class C, Series 2015-1A, 2.29%, 11/16/20^‡		500,000		499,893
Total Asset Backed Securities (Cost $56,890,093)				56,980,504
CORPORATE BONDS — 18.8%
Consumer Discretionary — 2.0%
American Axle & Manufacturing, Inc., 5.13%, 02/15/19		115,000		118,019
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 03/15/21		80,000		80,000
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22		85,000		83,938
D.R. Horton, Inc., 4.00%, 02/15/20		160,000		159,952
Dish DBS Corp., 4.63%, 07/15/17		230,000		237,474
GLP Capital LP/GLP Financing II, Inc., 4.88%, 11/01/20		530,000		541,925
Lennar Corp., 4.50%, 11/15/19		305,000		310,338
Marriott International, Inc., Series N, 3.13%, 10/15/21		520,000		520,229
QVC, Inc., 3.13%, 04/01/19		505,000		502,044
Time Warner Cable, Inc., 6.75%, 07/01/18		205,000		228,722
Toll Brothers Finance Corp., 4.00%, 12/31/18		375,000		383,437
Toll Brothers Finance Corp., 6.75%, 11/01/19		117,000		130,455
TRI Pointe Holdings, Inc., 4.38%, 06/15/19		355,000		349,675


Investments	Principal		Value
CORPORATE BONDS (continued)
Consumer Discretionary (continued)
Wyndham Worldwide Corp., 2.50%, 03/01/18	$	450,000	$	451,437
Total Consumer Discretionary				4,097,645
Consumer Staples — 0.1%
HJ Heinz Co., 2.80%, 07/02/20^‡		185,000		185,355
Energy — 0.8%
Antero Resources Corp., 5.63%, 06/01/23^‡^(a)		210,000		203,963
California Resources Corp., 5.00%, 01/15/20^(a)		210,000		185,850
Kinder Morgan, Inc., 3.05%, 12/01/19		100,000		99,992
Kinder Morgan, Inc., 5.63%, 11/15/23^‡		445,000		474,136
Newfield Exploration Co., 5.75%, 01/30/22		140,000		142,800
NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19		335,000		335,838
Parker Drilling Co., 6.75%, 07/15/22		100,000		86,750
Sabine Oil & Gas Corp., 7.25%, 06/15/19ˆ		92,000		20,700
Total Energy				1,550,029
Financials — 9.1%
Ally Financial, Inc., 3.25%, 02/13/18		225,000		223,875
Ally Financial, Inc., 3.60%, 05/21/18		125,000		125,313
Ally Financial, Inc., 3.75%, 11/18/19		285,000		283,575
Ally Financial, Inc., 4.13%, 03/30/20		270,000		270,167
Ally Financial, Inc., 4.13%, 02/13/22		90,000		86,625
American International Group, Inc., 3.38%, 08/15/20		335,000		347,154
Ares Capital Corp., 3.88%, 01/15/20		280,000		284,904
Associated Banc-Corp., 5.13%, 03/28/16		60,000		61,807
Associates Corp. of North America, 6.95%, 11/01/18		415,000		477,811
Aviation Capital Group Corp., 3.88%, 09/27/16^‡		430,000		437,738
Bank of America Corp., 2.00%, 01/11/18		235,000		235,914
Bank of America Corp., Series L, 5.65%, 05/01/18		200,000		219,846
Bank of America Corp., 5.49%, 03/15/19		66,000		72,402
Bank of New York Mellon Corp. (The), Series E, 4.95%, 12/29/49^@		395,000		392,531

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Bear Stearns Cos. LLC (The), 7.25%, 02/01/18	$	75,000	$	84,992
Capital One Financial Corp., 6.15%, 09/01/16		400,000		422,313
Corporate Office Properties LP, 3.70%, 06/15/21		460,000		456,316
Countrywide Financial Corp., 6.25%, 05/15/16		130,000		135,133
DDR Corp., 7.88%, 09/01/20		280,000		343,134
DDR Corp., 3.50%, 01/15/21		145,000		147,225
Digital Realty Trust LP, 3.95%, 07/01/22		270,000		269,848
DuPont Fabros Technology LP, 5.88%, 09/15/21		475,000		483,313
Fifth Third Bancorp, 4.50%, 06/01/18		321,000		340,241
First Tennessee Bank NA, 2.95%, 12/01/19		250,000		250,132
Ford Motor Credit Co. LLC, 8.13%, 01/15/20		455,000		556,178
FS Investment Corp., 4.25%, 01/15/20		435,000		440,157
FS Investment Corp., 4.75%, 05/15/22		160,000		156,733
General Motors Financial Co., Inc., 2.40%, 04/10/18		355,000		356,119
Genworth Holdings, Inc., 7.63%, 09/24/21		200,000		211,000
Goldman Sachs Group, Inc. (The), 5.63%, 01/15/17		670,000		709,737
Government Properties Income Trust, 3.75%, 08/15/19		85,000		87,515
HCP, Inc., 3.75%, 02/01/19		175,000		182,180
Healthcare Trust of America Holdings LP, 3.38%, 07/15/21		150,000		149,443
Hertz Corp. (The), 5.88%, 10/15/20		440,000		447,700
HSBC Finance Corp., 6.68%, 01/15/21		225,000		260,609
HSBC USA, Inc., 1.70%, 03/05/18		200,000		199,527
HSBC USA, Inc., 2.63%, 09/24/18		225,000		229,951
Huntington Bancshares, Inc., 7.00%, 12/15/20		200,000		238,501
International Lease Finance Corp., 3.88%, 04/15/18		390,000		392,925
iStar Financial, Inc., 4.00%, 11/01/17		410,000		404,363
Jefferies Group LLC, 5.13%, 04/13/18		275,000		292,397
JPMorgan Chase & Co., 6.13%, 06/27/17		280,000		302,938
JPMorgan Chase & Co., 2.25%, 01/23/20		380,000		373,660
JPMorgan Chase & Co., Series Z, 5.30%, 12/29/49^@		40,000		39,804


Investments	Principal		Value
CORPORATE BONDS (continued)
Financials (continued)
Lazard Group LLC, 4.25%, 11/14/20	$	275,000	$	289,498
Lincoln National Corp., 8.75%, 07/01/19		125,000		153,389
Lincoln National Corp., 6.05%, 04/20/67^@		100,000		90,750
Morgan Stanley, 5.55%, 04/27/17		425,000		455,586
Morgan Stanley, 2.13%, 04/25/18		180,000		181,290
MPT Operating Partnership LP/MPT Finance Corp., 6.38%, 02/15/22		45,000		48,150
National Retail Properties, Inc., 5.50%, 07/15/21		250,000		279,845
Navient Corp., 4.88%, 06/17/19		285,000		282,863
New York Life Global Funding, 1.95%, 02/11/20^‡		65,000		64,078
Progressive Corp. (The), 6.70%, 06/15/37^@		430,000		450,424
Prudential Financial, Inc., 5.20%, 03/15/44^@		300,000		298,275
Santander Holdings USA, Inc., 3.00%, 09/24/15		115,000		115,321
Santander Holdings USA, Inc., 2.65%, 04/17/20		475,000		467,497
SBA Tower Trust, 2.93%, 12/15/17^‡		725,000		735,949
Select Income REIT, 4.15%, 02/01/22		515,000		510,847
Senior Housing Properties Trust, 3.25%, 05/01/19		415,000		415,671
Springleaf Finance Corp., 5.25%, 12/15/19		455,000		449,881
State Street Corp., 4.96%, 03/15/18		300,000		322,698
TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19^‡		400,000		403,201
Ventas Realty LP, 4.00%, 04/30/19		310,000		327,832
Voya Financial, Inc., 2.90%, 02/15/18		365,000		374,797
Wells Fargo & Co., 5.13%, 09/15/16		75,000		78,631
Willis North America, Inc., 6.20%, 03/28/17		250,000		267,785
Zions Bancorporation, 4.50%, 03/27/17		195,000		203,689
Total Financials				19,751,693
Health Care — 1.0%
AbbVie, Inc., 2.50%, 05/14/20		75,000		74,315
CHS/Community Health Systems, Inc., 5.13%, 08/15/18		170,000		174,675
Forest Laboratories LLC, 4.38%, 02/01/19^‡		200,000		211,844

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
CORPORATE BONDS (continued)
Health Care (continued)
HCA, Inc., 3.75%, 03/15/19	$	160,000	$	161,600
HCA, Inc., 6.50%, 02/15/20		185,000		207,200
Hologic, Inc., 5.25%, 07/15/22^‡		40,000		40,950
Owens & Minor, Inc., 3.88%, 09/15/21		95,000		97,844
Quintiles Transnational Corp., 4.88%, 05/15/23^‡		170,000		171,275
Tenet Healthcare Corp., 6.25%, 11/01/18		150,000		163,313
Tenet Healthcare Corp., 5.00%, 03/01/19^‡		60,000		60,225
Tenet Healthcare Corp., 3.79%, 06/15/20^@^‡		260,000		262,599
Tenet Healthcare Corp., 6.00%, 10/01/20		105,000		112,219
Zimmer Biomet Holdings, Inc., 2.70%, 04/01/20		295,000		293,865
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/22		295,000		290,615
Total Health Care				2,322,539
Industrials — 4.2%
ADT Corp. (The), 6.25%, 10/15/21^(a)		540,000		569,699
America West Airlines 1999-1 Pass-Through Trust, Series 991G, 7.93%, 01/02/19		349,660		377,633
America West Airlines 2001-1 Pass-Through Trust, Series 011G, 7.10%, 04/02/21		1,012,770		1,098,854
American Airlines Group, Inc., 4.63%, 03/01/20^‡		195,000		189,150
Atlas Air 2000-1 Class A Pass-Through Trust, Series 00-1, 8.71%, 01/02/19		260,451		266,311
Continental Airlines 1999-1 Class A Pass-Through Trust, Series 991A, 6.55%, 02/02/19		313,913		343,923
Continental Airlines 1999-2 Class C-2 Pass-Through Trust, Series AMBC, 6.24%, 03/15/20		217,150		234,522
Continental Airlines 2000-1 Class A-1 Pass-Through Trust, Series 00A1, 8.05%, 11/01/20		479,434		543,535
Continental Airlines 2001-1 Class A-1 Pass-Through Trust, Series 01A1, 6.70%, 06/15/21		854,172		907,558
Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.75%, 05/07/20		1,008,033		1,078,595
Delta Air Lines Class A Pass-Through Trust, Series 2010-2A, 4.95%, 05/23/19		662,176		701,906
HD Supply, Inc., 5.25%, 12/15/21^‡(a)		360,000		366,300


Investments	Principal		Value
CORPORATE BONDS (continued)
Industrials (continued)
Masco Corp., 5.95%, 03/15/22	$	400,000	$	451,000
Northwest Airlines 2002-1 Class G-2 Pass-Through Trust, Series 02-1, 6.26%, 11/20/21		535,587		560,332
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 02/01/22^‡		230,000		223,606
Textron, Inc., 4.63%, 09/21/16		400,000		416,165
UAL 2009-2a Pass-Through Trust, Series 09-2, 9.75%, 01/15/17		429,764		467,369
United Rentals North America, Inc., 7.38%, 05/15/20		150,000		160,799
United Rentals North America, Inc., 4.63%, 07/15/23		310,000		305,149
Total Industrials				9,262,406
Information Technology — 0.3%
Dun & Bradstreet Corp. (The), 3.25%, 12/01/17		150,000		152,627
Dun & Bradstreet Corp. (The), 4.00%, 06/15/20		150,000		150,879
Juniper Networks, Inc., 3.30%, 06/15/20		110,000		110,903
Oracle Corp., 2.50%, 05/15/22		200,000		194,383
Total Information Technology				608,792
Materials — 0.2%
Hexion, Inc., 6.63%, 04/15/20	$	175,000		161,438
Huntsman International LLC, 4.88%, 11/15/20		200,000		200,500
Tronox Finance LLC, 6.38%, 08/15/20^(a)		120,000		111,900
Total Materials				473,838
Telecommunication Services — 0.7%
AT&T, Inc., 3.88%, 08/15/21		210,000		216,900
AT&T, Inc., 3.00%, 06/30/22		205,000		198,249
Frontier Communications Corp., 7.13%, 03/15/19		250,000		259,375
Frontier Communications Corp., 6.25%, 09/15/21		185,000		169,275
T-Mobile USA, Inc., 6.46%, 04/28/19		275,000		283,938
Verizon Communications, Inc., 2.50%, 09/15/16		43,000		43,711
Verizon Communications, Inc., 3.65%, 09/14/18		50,000		52,629
Verizon Communications, Inc., 2.55%, 06/17/19		200,000		202,924
Verizon Communications, Inc., 4.60%, 04/01/21		125,000		134,495
Total Telecommunication Services				1,561,496

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
CORPORATE BONDS (continued)
Utilities — 0.4%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 05/20/20	$	45,000	$	47,588
AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 05/20/22		235,000		250,275
Energy Transfer Partners LP, 4.15%, 10/01/20		250,000		257,233
Exelon Corp., 2.85%, 06/15/20		70,000		70,486
Talen Energy Supply LLC, 5.13%, 07/15/19^‡		265,000		261,025
Total Utilities				886,607
Total Corporate Bonds (Cost $40,842,839)				40,700,400
TERM LOANS — 12.2%
Consumer Discretionary — 4.3%
Allison Transmission, Inc., 3.50%, 08/23/19^@		40,896		41,038
Aristocrat International Pty Ltd., 4.75%, 10/20/21 (Australia)^@		410,308		412,651
Boyd Gaming Corp., 4.00%, 08/14/20^@		290,219		291,347
Caesars Entertainment Corp., 11.25%, 10/31/16^@ˆ		136,711		124,451
Caesars Entertainment Corp., 11.50%, 03/01/17^@ˆ		55,720		48,745
CBAC Borrower LLC, 8.25%, 07/02/20^@		200,000		185,500
CDS US Intermediate Holdings, Inc., 0.00%, 07/08/22^@^(b)		189,000		189,236
Cequel Communications LLC, 3.50%, 02/14/19^@		482,446		481,508
Charter Communications Operating, LLC, 3.00%, 07/01/20^@		414,710		410,737
CityCenter Holdings LLC, 4.25%, 10/16/20^@		243,658		244,343
CSC Holdings LLC, 2.69%, 04/17/20^@		453,348		449,381
FCA U.S. LLC, 3.25%, 12/31/18^@		325,875		325,626
General Nutrition Centers, Inc., 3.25%, 03/04/19^@		323,397		319,255
Hanesbrands, Inc., 3.25%, 04/29/22^@		32,918		33,164
Hilton Worldwide Finance LLC, 3.50%, 10/25/20^@		402,855		403,485
Landry’s, Inc., 4.00%, 04/24/18^@		192,550		193,373
Las Vegas Sands, LLC, 3.25%, 12/19/20^@		537,380		535,548
Libbey Glass, Inc., 3.75%, 04/09/21^@		314,820		315,116
Life Time Fitness, Inc., 4.25%, 06/10/22^@		265,000		263,443


Investments	Principal		Value
TERM LOANS (continued)
Consumer Discretionary (continued)
MGM Resorts International, 3.50%, 12/20/19^@	$	355,911	$	354,042
PetSmart Inc, 4.25%, 03/10/22^@		297,000		296,777
Pinnacle Entertainment, Inc., 3.75%, 08/13/20^@		230,592		230,942
PVH Corp., 3.25%, 02/13/20^@		257,528		259,163
Seminole Hard Rock Entertainment, Inc., 3.50%, 05/14/20^@		58,800		58,714
Seminole Tribe of Florida, Inc., 3.00%, 04/29/20^@		380,484		380,769
Six Flags Theme Parks, Inc., 0.00%, 06/30/22^@^(b)		153,000		153,311
SRAM LLC, 5.25%, 04/10/20^@		191,911		190,711
Staples, Inc., 0.00%, 04/24/21^@^(b)		248,000		247,936
TI Group Automotive Systems LLC, 0.00%, 06/25/22^@^(b)		38,000		37,953
Tribune Media Co., 0.00%, 12/27/20^@^(b)		419,006		419,791
Univision Communications, Inc., 4.00%, 03/01/20^@		702,359		697,841
Univision Communications, Inc., 4.00%, 03/01/20^@		407,055		404,694
Virgin Media Investment Holdings Ltd., 3.50%, 06/30/23 (United Kingdom)^@		336,661		333,856
Total Consumer Discretionary				9,334,447
Industrials — 1.6%
Air Canada, 4.00%, 09/26/19^@		233,238		234,186
Alliant Techsystems, Inc., 3.50%, 11/02/20^@		331,373		331,941
American Airlines, Inc., 3.50%, 06/27/20^@		305,000		302,905
American Airlines, Inc., 3.75%, 10/10/21^@		254,000		253,643
Avis Budget Car Rental LLC, 3.00%, 03/15/19^@		610,197		611,979
AWAS Finance Luxembourg 2012 SA, 3.50%, 07/16/18^@		496,612		498,010
DigitalGlobe, Inc., 3.75%, 01/31/20^@		167,513		167,827
McJunkin Red Man Corp., 5.00%, 11/09/19^@		57,400		57,053
Nortek, Inc., 3.50%, 10/30/20^@		111,000		110,376
Nortek, Inc., 3.50%, 10/30/20^@		481,145		478,838
TransDigm, Inc., 3.75%, 06/04/21^@		173,250		172,178
United Airlines, Inc., 3.75%, 09/15/21^@		266,983		267,818
Total Industrials				3,486,754

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
TERM LOANS (continued)
Information Technology — 1.5%
Avago Technologies Cayman Ltd., 3.75%, 05/06/21 (Cayman Islands)^@	$	618,210	$	619,892
Blue Coat Systems. Inc., 4.50%, 05/26/22^@		220,000		219,863
Deltek, Inc., 0.00%, 06/25/22^@^(b)		22,706		22,763
First Data Corp., 3.69%, 03/24/18^@		732,000		730,495
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 4.00%, 08/06/21^@		250,110		248,859
Infor U.S., Inc., 3.75%, 06/03/20^@		241,463		238,621
Interactive Data Corp., 4.75%, 05/02/21^@		293,919		295,204
Kronos Inc., 4.50%, 10/30/19^@		431,462		432,325
SunGard Data Systems, Inc., 4.00%, 03/08/20^@		485,000		485,453
Total Information Technology				3,293,475
Financials — 1.0%
Delos Finance Sarl, 3.50%, 03/06/21 (Luxembourg)^@		633,000		632,842
Realogy Group LLC, 3.75%, 03/05/20^@		494,975		494,512
TransUnion LLC, 3.75%, 04/09/21^@		630,167		625,932
Walter Investment Management Corp., 4.75%, 12/18/20^@		395,980		375,068
Total Financials				2,128,354
Health Care — 1.1%
Alere, Inc., 0.00%, 06/18/22^@^(b)		239,000		239,502
CHS/Community Health Systems, Inc., 3.53%, 12/31/18^@		269,895		270,219
ConvaTec, Inc., 0.00%, 12/22/16^@^(b)		20,000		20,018
Davita HealthCare Partners, Inc., 3.50%, 06/24/21^@		107,910		108,106
Endo Luxembourg Finance I Co. Sarl, 0.00%, 06/24/16^@^(b)		93,000		93,000
Endo Luxembourg Finance I Co. Sarl, 0.00%, 06/24/22^@^(b)		147,000		147,322
Endo Luxemburg Finance I Co. Sarl, 3.25%, 02/28/21^@		296,250		297,237
IASIS Healthcare LLC, 4.50%, 05/03/18^@		219,375		220,014
Quintiles Transnational Corp, 3.25%, 05/12/22^@		76,000		76,238
RPI Finance Trust, 3.25%, 11/09/18^@		410,969		412,457
RPI Finance Trust, 3.50%, 11/09/20^@		305,233		305,996
Valeant Pharmaceuticals International, Inc., 3.50%, 02/13/19 (Canada)^@		259,734		259,450
Total Health Care				2,449,559


Investments	Principal		Value
TERM LOANS (continued)
Consumer Staples — 0.7%
Albertson’s Holdings LLC, 5.50%, 08/25/21^@	$	269,325	$	270,996
ARAMARK Corp., 3.25%, 09/07/19^@		518,950		519,228
ARAMARK Corp., 3.25%, 02/24/21^@		497,481		496,327
HJ Heinz Co., 3.25%, 06/05/20^@		317,637		318,055
Hostess Brands, Inc., 6.75%, 03/20/20^@		154,688		157,395
Spectrum Brands, Inc., 0.00%, 06/23/22^@^(b)		69,000		69,518
Total Consumer Staples				1,831,519
Telecommunication Services — 0.6%
Crown Castle Operating Co., 3.00%, 01/31/21^@		662,224		659,531
Level 3 Financing, Inc., 4.00%, 01/15/20^@		225,000		225,352
Level 3 Financing, Inc., 3.50%, 05/31/22^@		110,000		109,393
Total Telecommunication Services				994,276
Utilities — 0.5%
Calpine Corp., 3.50%, 05/27/22^@		449,000		445,857
NRG Energy, Inc., 2.75%, 07/01/18^@		631,794		627,659
Total Utilities				1,073,516
Energy — 0.5%
Fieldwood Energy LLC, 3.88%, 09/28/18^@		197,915		189,071
MEG Energy Corp., 3.75%, 03/31/20 (Canada)^@		574,054		563,135
Seadrill Operating LP, 4.00%, 02/21/21^@		249,492		189,537
Total Energy				941,743
Materials — 0.4%
AZ Chem U.S., Inc., 4.50%, 06/12/21^@		88,468		88,579
FMG Resources Pty. Ltd., 3.75%, 06/30/19 (Australia)^@		634,124		564,659
Ineos U.S. Finance LLC, 3.75%, 12/15/20^@		195,764		194,826
Total Materials				848,064
Total Term Loans (Cost $26,576,185)				26,381,707

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
FOREIGN BONDS — 6.0%
Consumer Discretionary — 0.3%
International Game Technology PLC, 5.63%, 02/15/20 (United Kingdom)^‡	$	485,000	$	476,513
Volkswagen Group of America Finance LLC, 2.45%, 11/20/19^‡		200,000		200,893
Total Consumer Discretionary				677,406
Energy — 0.3%
Petroleos Mexicanos, 6.00%, 03/05/20 (Mexico)		350,000		392,000
Weatherford International Ltd., 9.63%, 03/01/19 (Bermuda)		150,000		175,274
Total Energy				567,274
Financials — 3.0%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.25%, 07/01/20 (Ireland)		165,000		165,309
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.50%, 05/15/21 (Ireland)^‡		165,000		166,238
Aircastle Ltd., 5.13%, 03/15/21 (Bermuda)		210,000		212,625
American Tower Trust, 1.55%, 03/15/18^‡		347,000		345,529
Axis Bank Ltd., 3.25%, 05/21/20 (India)^��		450,000		448,449
Banco Santander Chile, 2.15%, 06/07/18 (Chile)^@^‡		200,000		203,500
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 01/14/19 (Netherlands)		300,000		302,215
Corp. Andina de Fomento, 3.75%, 01/15/16 (Supranational)		100,000		101,035
Corpbanca SA, 3.88%, 09/22/19 (Chile)^‡		500,000		508,763
Daimler Finance North America LLC, 2.45%, 05/18/20^‡		500,000		497,111
Guanay Finance Ltd., 6.00%, 12/15/20 (Cayman Islands)^‡		460,000		477,112
Industrial & Commercial Bank of China Ltd., 3.23%, 11/13/19 (China)		475,000		484,348
Intesa Sanpaolo SpA, 3.13%, 01/15/16 (Italy)		200,000		201,551
Itau Unibanco Holding SA, 2.85%, 05/26/18 (Brazil)^‡		200,000		198,900
Korea Development Bank (The), 4.63%, 11/16/21 (South Korea)		375,000		416,313


Investments	Principal		Value
FOREIGN BONDS (continued)
Financials (continued)
Macquarie Group Ltd., 6.00%, 01/14/20 (Australia)^‡	$	290,000	$	326,186
Royal Bank of Scotland Group PLC, 6.40%, 10/21/19 (United Kingdom)		350,000		391,504
Schaeffler Finance BV, 4.25%, 05/15/21 (Germany)^‡		375,000		367,500
Volkswagen Group of America Finance LLC, 2.40%, 05/22/20^‡		600,000		597,344
XLIT Ltd., Series E, 6.50%, 12/29/49 (Ireland)^@		105,000		90,104
Total Financials				6,501,636
Health Care — 0.4%
Actavis Funding SCS, 3.00%, 03/12/20 (Luxembourg)		85,000		85,405
Actavis Funding SCS, 3.45%, 03/15/22 (Luxembourg)		85,000		84,320
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.88%, 04/15/20 (Luxembourg)^‡		20,000		20,426
Valeant Pharmaceuticals International, Inc., 6.75%, 08/15/18 (Canada)^‡		85,000		89,303
Valeant Pharmaceuticals International, Inc., 5.38%, 03/15/20 (Canada)^‡		640,000		662,400
Total Health Care				941,854
Industrials — 0.9%
Air Canada 2013-1 Class B Pass-Through Trust, 5.38%, 05/15/21 (Canada)^‡		496,351		516,205
Bombardier, Inc., 4.75%, 04/15/19 (Canada)^‡		370,000		361,675
Virgin Australia Trust, Series 2013-1A, 5.00%, 10/23/23 (Australia)^‡		1,007,679		1,050,505
Total Industrials				1,928,385
Information Technology — 0.4%
Alibaba Group Holding Ltd., 2.50%, 11/28/19 (Cayman Islands)^‡		700,000		693,074
NXP BV/NXP Funding LLC, 4.13%, 06/15/20 (Netherlands)^‡		240,000		242,400
Total Information Technology				935,474
Materials — 0.1%
Anglo American Capital PLC, 3.63%, 05/14/20 (United Kingdom)^‡		200,000		200,244
Methanex Corp., 3.25%, 12/15/19 (Canada)		100,000		100,713
Total Materials				300,957

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
FOREIGN BONDS (continued)
Telecommunication Services — 0.2%
Millicom International Cellular SA, 6.63%, 10/15/21 (Luxembourg)^‡	$	280,000	$	289,100
Telefonica Emisiones SAU, 6.42%, 06/20/16 (Spain)		100,000		104,584
Total Telecommunication Services				393,684
Utilities — 0.4%
Majapahit Holding BV, 7.75%, 01/20/20 (Indonesia)^‡		245,000		283,894
State Grid Overseas Investment 2014 Ltd., 2.75%, 05/07/19 (China)^‡		500,000		505,507
Total Utilities				789,401
Total Foreign Bonds (Cost $13,002,962)				13,036,071
U.S. TREASURY NOTES — 2.0%
U.S. Treasury Note, 04/15/18, 0.75%		1,250,000		1,243,555
U.S. Treasury Note, 03/31/20, 1.38%		3,000,000		2,970,702
Total U.S. Treasury Notes (Cost $4,252,218)				4,214,257
U.S. GOVERNMENT AGENCY SECURITIES — 0.6%
Federal Home Loan Mortgage Corporation, Class J, Series 2012-4011, 4.00%, 12/15/41		698,308		741,787
Federal National Mortgage Association, Class NA, Series 2009-36, 5.00%, 06/25/37		136,900		146,631
Federal National Mortgage Association, Class PA, Series 2010-57, 4.50%, 12/25/38		21,550		21,560
Federal National Mortgage Association, Class PA, Series 2012-10, 4.00%, 11/25/41		418,417		438,607
Total U.S. Government Agency Securities (Cost $1,320,616)				1,348,585
MONEY MARKET FUND — 4.7%
BofA Cash Reserves Money Market Fund – Capital Class, 0.05%^(c) (Cost $10,181,323)		10,181,323		10,181,323
REPURCHASE AGREEMENTS — 0.3%^(d)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $113,089, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $115,351)		113,089		113,089


Investments	Principal		Value
REPURCHASE AGREEMENTS^(d)(continued)
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.12%, total to be received $140,829, (collateralized by various U.S. Government Agency Obligations, 2.50% – 6.50%, 07/01/18 – 07/01/45, totaling $143,646)	$	140,829	$	140,829
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $255,000)		250,000		250,000
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $753,918)				753,918
Total Investments — 100.4% (Cost $218,597,969)				216,811,382
Liabilities in Excess of Other Assets — (0.4)%				(870,576	)
Net Assets — 100.0%			$	215,940,806

PLC – Public Limited Company

Is In Default.

‡

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 June 30, 2015.

Represents step coupon bond. Rate shown reflects the rate in effect as of June 30, 2015.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $1,376,040; the aggregate market value of the collateral held by the fund is $1,412,003. The aggregate market value of the collateral includes non-cash securities collateral having a value of $658,085.

(b)

This Loan will settle after June 30, 2015 at which time the interest rate will be determined.

(c)

Rate shown reflects the 7-day yield as of June 30, 2015.

(d)

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

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Asset Backed Securities		26.4	%
Commercial Mortgage Backed Securities		18.8
Consumer Discretionary		6.6
Consumer Staples		0.8
Energy		1.6
Financials		13.1
Health Care		2.5
Industrials		6.7
Information Technology		2.2
Materials		0.7
Non-Agency Mortgage-Backed Securities		1.6
Residential Mortgage Backed Securities		9.0
Telecommunication Services		1.5
U.S. Government Agency Securities		0.6
U.S. Treasury Note		2.0
Utilities		1.3
Money Market Fund		4.7
Repurchase Agreements		0.3
Total Investments		100.4
Liabilities in Excess of Other Assets		(0.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES PACIFIC ASSET ENHANCED FLOATING RATE ETF
Schedule of Investments

June 30, 2015


Investments	Principal		Value
TERM LOANS — 87.0%
Advertising — 1.8%
Acosta, Inc., 4.25%, 09/26/21^@	$	498,747	$	497,929
Aerospace & Defense — 3.4%
Hamilton Sundstrand Industrial (Luxembourg), 4.00%, 12/13/19^@		500,000		483,750
TransDigm, Inc., 3.75%, 02/28/20^@		443,501		440,804
Total Aerospace & Defense				924,554
Airlines — 0.9%
Landmark Aviation, 8.25%, 01/25/21^@		250,000		248,958
Auto Parts & Equipment — 3.6%
Cooper-Standard Automotive, 4.00%, 04/04/21^@		497,487		497,301
Federal-Mogul Holdings Corp., 4.75%, 04/15/21^@		497,487		493,291
Total Auto Parts & Equipment				990,592
Building Materials — 3.6%
GYP Holdings III Corp., 4.75%, 04/01/21^@		498,741		483,778
Roofing Supply Group LLC, 5.00%, 05/31/19^@		500,000		501,250
Total Building Materials				985,028
Chemicals — 4.6%
MacDermid, Inc., 4.75%, 06/07/20^@		248,750		250,170
Univar, Inc., 5.00%, 06/30/17^@		497,401		497,590
Univar, Inc., 4.50%, 07/01/22^@		500,000		500,080
Total Chemicals				1,247,840
Commercial Services — 7.3%
Allied Security Holdings LLC, 4.25%, 02/12/21^@		497,604		498,176
Brickman Group Ltd. LLC (The), 5.25%, 12/18/20		250,000		248,789
Brickman Group Ltd. LLC (The), 7.50%, 12/17/21^@		250,000		251,355
Interactive Data Corp., 4.75%, 04/30/21^@		497,487		499,664
ServiceMaster Co. LLC (The), 4.25%, 07/01/21^@		497,494		498,272
Total Commercial Services				1,996,256
Distribution/Wholesale — 1.8%
Spin Holdco, Inc., 4.25%, 11/14/19^@		498,123		497,189
Diversified Financial Services — 2.7%
AlixPartners LLP, 4.00%, 07/10/20^@		248,782		248,121
Onex Wizard U.S. Acquisition, Inc., 4.25%, 03/11/22^@		498,750		499,187
Total Diversified Financial Services				747,308


Investments	Principal		Value
TERM LOANS (continued)
Entertainment — 1.8%
Scientific Games International, Inc., 6.00%, 10/01/21^@	$	497,500	$	497,876
Environmental Control — 0.9%
Waste Industries USA, Inc., 4.25%, 02/27/20^@		249,375		250,389
Food — 3.7%
Albertsons LLC, 5.38%, 03/21/19^@		498,750		501,339
U.S. Foods, Inc., 4.50%, 03/31/19^@		497,462		498,877
Total Food				1,000,216
Hand/Machine Tools — 1.8%
Apex Tool Group LLC, 4.50%, 01/31/20^@		498,090		489,789
Healthcare – Services — 3.7%
CHS/Community Health Systems, Inc., 3.75%, 12/31/19^@		175,613		175,858
CHS/Community Health Systems, Inc., 4.00%, 01/27/21^@		323,124		324,079
IASIS Healthcare LLC, 4.50%, 05/03/18^@		498,721		500,175
Total Healthcare – Services				1,000,112
Household Products/Wares — 1.8%
Reynolds Group Holdings, Inc., 4.50%, 12/01/18^@		487,336		489,621
Insurance — 1.8%
HUB International Ltd., 4.00%, 10/02/20^@		248,741		247,264
USI, Inc., 4.25%, 12/27/19^@		248,734		248,942
Total Insurance				496,206
Internet — 0.9%
Zayo Group LLC, 3.75%, 05/06/21^@		248,736		247,042
Leisure Time — 3.6%
24 Hour Fitness Worldwide, Inc., 4.75%, 05/28/21^@		248,744		237,007
Bombardier Recreational Products, Inc., 3.75%, 01/30/19^@		250,000		250,250
ClubCorp Club Operations, Inc., 4.25%, 07/24/20^@		500,000		501,937
Total Leisure Time				989,194
Lodging — 2.5%
Caesars Entertainment Resort Properties LLC, 7.00%, 10/09/20^@		248,737		226,973
Caesars Growth Properties Holdings LLC, 6.25%, 05/08/21^@		248,744		213,298

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Principal		Value
TERM LOANS (continued)
Lodging (continued)
Hilton Worldwide Finance LLC, 3.50%, 10/26/20^@	$	233,750	$	234,115
Total Lodging				674,386
Machinery-Diversified — 2.9%
Husky Injection Molding Systems Ltd., 7.25%, 06/30/22^@		300,000		297,375
Rexnord, 4.00%, 08/21/20^@		497,468		496,777
Total Machinery-Diversified				794,152
Media — 1.8%
Cequel Communications LLC, 3.50%, 02/14/19^@		250,000		249,514
iHeartCommunications, Inc., 6.94%, 01/30/19^@		250,000		231,620
Total Media				481,134
Mining — 1.6%
FMG Resources Pty. Ltd. (Australia), 3.75%, 06/30/19^@		497,468		442,973
Miscellaneous Manufacturing — 0.9%
Gates Global LLC, 4.25%, 07/06/21^@		248,747		245,344
Packaging & Containers — 3.6%
Ardagh Holdings USA, Inc., 4.00%, 12/17/19^@		497,481		497,324
BWAY Holding Co., 5.50%, 08/14/20^@		497,487		498,938
Total Packaging & Containers				996,262
Pharmaceuticals — 0.9%
Par Pharmaceutical Cos., Inc., 4.00%, 09/30/19^@		248,737		249,004
Retail — 18.6%
BJ’s Wholesale Club, Inc., 4.50%, 09/26/19^@		497,903		498,182
Burger King, 3.75%, 12/10/21^@		379,489		379,673
CEC Entertainment, Inc., 4.00%, 02/15/21^@		497,481		485,251
Dollar Tree, Inc., 3.50%, 03/09/22^@		208,861		209,101
Doosan Infracore International, Inc., 4.50%, 05/28/21^@		248,638		250,192
Jo-Ann Stores LLC, 4.00%, 03/16/18^@		240,865		234,242
Leslie’s Poolmart, 4.25%, 10/16/19^@		248,721		249,342
Michaels Stores, Inc., 4.00%, 01/28/20^@		249,372		250,074
Neiman Marcus Group Ltd. LLC, 4.25%, 10/25/20^@		498,737		496,498
NPC International, Inc., 4.00%, 12/28/18^@		498,070		494,646


Investments	Principal		Value
TERM LOANS (continued)
Retail (continued)
PetSmart, Inc., 4.25%, 03/11/22^@	$	500,000	$	499,625
Pilot Travel Centers LLC, 4.25%, 10/01/21^@		496,241		501,874
Rite Aid Corp., 5.75%, 08/21/20^@		250,000		252,891
Smart & Final Stores LLC, 4.00%, 11/15/19^@		250,000		249,844
Total Retail				5,051,435
Semiconductors — 1.8%
Freescale Semiconductor, Inc., 5.00%, 01/15/21^@		497,468		499,956
Software — 0.9%
Infor U.S., Inc., 3.75%, 06/03/20^@		248,714		245,787
Telecommunications — 1.8%
Level 3 Financing, Inc., 3.50%, 05/31/22^@		500,000		497,240
Total Term Loans (Cost $23,904,594)				23,773,772
CORPORATE BONDS — 13.4%
Chemicals — 0.9%
Tronox Finance LLC, 6.38%, 08/15/20		250,000		233,125
Commercial Services — 1.0%
United Rentals North America, Inc., 7.38%, 05/15/20		250,000		267,998
Distribution/Wholesale — 1.1%
HD Supply, Inc., 11.50%, 07/15/20		250,000		290,000
Diversified Financial Services — 0.9%
Jefferies Finance LLC, 7.38%, 04/01/20^‡		250,000		246,875
Electric — 1.8%
Dynegy, Inc., 6.75%, 11/01/19^‡		250,000		261,374
GenOn Energy, Inc., 9.88%, 10/15/20		250,000		255,625
Total Electric				516,999
Entertainment — 0.5%
Penn National Gaming, Inc., 5.88%, 11/01/21		124,000		125,550
Healthcare – Services — 1.0%
Tenet Healthcare Corp., 8.00%, 08/01/20		250,000		260,938
Home Builders — 0.9%
Lennar Corp., 4.50%, 06/15/19		250,000		256,250

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

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

June 30, 2015


Investments	Shares/ Principal		Value
CORPORATE BONDS (continued)
Lodging — 1.7%
Caesars Entertainment Resort Properties LLC, 11.00%, 10/01/21^@	$	250,000	$	210,625
MGM Resorts International, 6.75%, 10/01/20		250,000		266,250
Total Lodging				476,875
Oil & Gas — 0.7%
Linn Energy LLC, 6.50%, 05/15/19		250,000		203,125
Real Estate — 1.0%
Howard Hughes Corp. (The), 6.88%, 10/01/21^‡		250,000		266,250
Software — 1.1%
First Data Corp., 12.63%, 01/15/21		250,000		289,375
Telecommunications — 0.8%
Sprint Communications, Inc., 6.00%, 11/15/22		250,000		229,063
Total Corporate Bonds (Cost $3,708,766)				3,662,423
MONEY MARKET FUND — 4.5%
JP Morgan US Government Money Market Fund – Institutional Class, 0.01%^(a) (Cost $1,216,054)		1,216,054		1,216,054
Total Investments — 104.9% (Cost $28,829,414)				28,652,249
Liabilities in Excess of Other Assets — (4.9)%				(1,340,637	)
Net Assets — 100.0%			$	27,311,612

‡

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2015.

(a)

Rate shown reflects the 7-day yield as of June 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS



	% of Net Assets
Advertising		1.8	%
Aerospace & Defense		3.4
Airlines		0.9
Auto Parts & Equipment		3.6
Building Materials		3.6
Chemicals		5.5
Commercial Services		8.3
Distribution/Wholesale		2.9
Diversified Financial Services		3.6
Electric		1.8
Entertainment		2.3
Environmental Control		0.9
Food		3.7
Hand/Machine Tools		1.8
Healthcare – Services		4.7
Home Builders		0.9
Household Products/Wares		1.8
Insurance		1.8
Internet		0.9
Leisure Time		3.6
Lodging		4.2
Machinery-Diversified		2.9
Media		1.8
Mining		1.6
Miscellaneous Manufacturing		0.9
Oil & Gas		0.7
Packaging & Containers		3.6
Pharmaceuticals		0.9
Real Estate		1.0
Retail		18.6
Semiconductors		1.8
Software		2.0
Telecommunications		2.6
Money Market Fund		4.5
Total Investments		104.9
Liabilities in Excess of Other Assets		(4.9	)
Net Assets		100.0	%

Total Return Swaps contracts outstanding as of June 30, 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		1,000,000		0.15	%		9/21/2015	$	1,000,000	$	997,288	$	(2,712	)

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.

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments

June 30, 2015


Investments	Principal		Value
CORPORATE BONDS — 67.5%
Advertising — 2.8%
Affinion Group, Inc., 7.88%, 12/15/18^(a)	$	8,102,000	$	5,428,340
Sitel LLC/Sitel Finance Corp., 11.00%, 08/01/17^‡		4,956,000		5,055,120
Total Advertising				10,483,460
Agriculture — 2.8%
Alliance One International, Inc., 9.88%, 07/15/21^(a)		5,813,000		5,108,174
Southern States Cooperative, Inc., 10.00%, 08/15/21^‡		5,726,000		5,382,440
Total Agriculture				10,490,614
Auto Manufacturers — 1.2%
Navistar International Corp., 8.25%, 11/01/21^(a)		4,909,000		4,688,095
Auto Parts & Equipment — 3.0%
Titan International, Inc., 6.88%, 10/01/20^(a)		5,160,000		4,766,550
UCI International, Inc., 8.63%, 02/15/19^(a)		7,412,000		6,633,740
Total Auto Parts & Equipment				11,400,290
Banks — 1.4%
Creditcorp, 12.00%, 07/15/18^‡		6,293,000		5,293,986
Beverages — 1.3%
Innovation Ventures LLC/Innovation Ventures Finance Corp., 9.50%, 08/15/19^‡		4,713,000		4,925,085
Chemicals — 2.5%
Hexion, Inc., 10.00%, 04/15/20		4,980,000		5,141,850
Tronox Finance LLC, 6.38%, 08/15/20(a)		4,710,000		4,392,075
Total Chemicals				9,533,925
Coal — 2.0%
Arch Coal, Inc., 8.00%, 01/15/19^‡^(a)		13,473,000		2,896,695
Murray Energy Corp., 11.25%, 04/15/21^‡		5,595,000		4,713,788
Total Coal				7,610,483
Commercial Services — 6.5%
Constellis Holdings LLC/Constellis Finance Corp., 9.75%, 05/15/20^‡		5,230,000		5,060,025
Harland Clarke Holdings Corp., 9.25%, 03/01/21^‡		5,698,000		5,007,118
Quad/Graphics, Inc., 7.00%, 05/01/22		4,000,000		3,910,000


Investments	Principal		Value
CORPORATE BONDS (continued)
Commercial Services (continued)
Speedy Cash Intermediate Holdings Corp., 10.75%, 05/15/18^‡^(a)	$	5,203,000	$	4,942,850
StoneMor Partners LP/Cornerstone Family Services of WV, 7.88%, 06/01/21		4,938,000		5,160,209
Total Commercial Services				24,080,202
Computers — 1.0%
DynCorp International, Inc., 10.38%, 07/01/17^(a)		5,310,000		3,849,750
Cosmetics/Personal Care — 0.9%
Revlon Consumer Products Corp., 5.75%, 02/15/21		3,500,000		3,447,500
Diversified Financial Services — 1.3%
CNG Holdings, Inc., 9.38%, 05/15/20^‡		6,697,000		4,888,810
Electrical Components & Equipment — 1.4%
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/20^‡		5,141,000		5,128,148
Electronics — 1.3%
Kemet Corp., 10.50%, 05/01/18^(a)		4,935,000		5,009,025
Entertainment — 3.5%
DreamWorks Animation SKG, Inc., 6.88%, 08/15/20^‡		4,230,000		4,208,850
Gibson Brands, Inc., 8.88%, 08/01/18^‡		4,620,000		4,689,299
WMG Acquisition Corp., 6.75%, 04/15/22^‡		4,010,000		3,830,272
Total Entertainment				12,728,421
Food — 2.7%
Bi-Lo LLC/Bi-Lo Finance Corp., 9.25%, 02/15/19^‡		4,681,000		4,751,215
Simmons Foods, Inc., 7.88%, 10/01/21^‡^(a)		5,807,000		5,356,958
Total Food				10,108,173
Healthcare – Services — 2.4%
Select Medical Corp., 6.38%, 06/01/21		4,325,000		4,389,875
Vantage Oncology LLC/Vantage Oncology Finance Co., 9.50%, 06/15/17^‡		4,727,000		4,632,460
Total Healthcare – Services				9,022,335
Leisure Time — 1.3%
ICON Health & Fitness, Inc., 11.88%, 10/15/16^‡^(a)		5,021,000		5,046,105

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
CORPORATE BONDS (continued)
Media — 2.1%
Lee Enterprises, Inc., 9.50%, 03/15/22^‡	$	4,925,000	$	5,029,656
Sirius XM Radio, Inc., 6.00%, 07/15/24^‡		3,000,000		3,037,500
Total Media				8,067,156
Miscellaneous Manufacturing — 2.6%
Koppers, Inc., 7.88%, 12/01/19		4,780,000		4,839,750
Techniplas LLC, 10.00%, 05/01/20^‡		4,745,000		4,804,313
Total Miscellaneous Manufacturing				9,644,063
Oil & Gas — 2.5%
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.75%, 04/15/23^‡^(a)		4,580,000		4,728,850
Talos Production LLC/Talos Production Finance, Inc., 9.75%, 02/15/18^‡		5,423,000		4,745,125
Total Oil & Gas				9,473,975
Oil & Gas Services — 1.4%
Seitel, Inc., 9.50%, 04/15/19^(a)		5,737,000		5,263,698
Pharmaceuticals — 2.7%
BioScrip, Inc., 8.88%, 02/15/21		5,797,000		4,949,189
NBTY, Inc., 9.00%, 10/01/18		4,920,000		5,098,350
Total Pharmaceuticals				10,047,539
Retail — 3.1%
Carrols Restaurant Group, Inc., 8.00%, 05/01/22^‡		3,065,000		3,233,575
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.63%, 06/15/20		4,265,000		4,435,599
Guitar Center, Inc., 6.50%, 04/15/19^‡^(a)		4,500,000		4,140,000
Total Retail				11,809,174
Semiconductors — 2.3%
Advanced Micro Devices, Inc., 7.75%, 08/01/20^(a)		5,530,000		4,838,750
Amkor Technology, Inc., 6.38%, 10/01/22		3,800,000		3,861,750
Total Semiconductors				8,700,500
Software — 1.2%
Southern Graphics, Inc., 8.38%, 10/15/20^‡		4,400,000		4,532,000
Telecommunications — 9.0%
Avaya, Inc., 9.00%, 04/01/19^‡^(a)		4,558,000		4,671,950
EarthLink Holdings Corp., 8.88%, 05/15/19^(a)		4,595,000		4,813,263


Investments	Principal		Value
CORPORATE BONDS (continued)
Telecommunications (continued)
Frontier Communications Corp., 7.63%, 04/15/24	$	5,230,000	$	4,641,625
Sprint Corp., 7.25%, 09/15/21		4,700,000		4,594,250
Syniverse Holdings, Inc., 9.13%, 01/15/19		5,625,000		4,978,124
Trilogy International Partners LLC/Trilogy International Finance, Inc., 10.25%, 08/15/16^‡		4,981,000		4,946,755
Windstream Services LLC, 7.75%, 10/01/21^(a)		5,165,000		4,751,800
Total Telecommunications				33,397,767
Transportation — 1.3%
Era Group, Inc., 7.75%, 12/15/22^(a)		4,955,000		4,893,063
Total Corporate Bonds (Cost $273,342,639)				253,563,342
TERM LOANS — 18.8%
Agriculture — 1.3%
North Atlantic Trading Co., Inc., 7.75%, 01/13/20^@		4,717,508		4,685,075
North Atlantic Trading Co., Inc., 8.75%, 01/13/20^@		173,344		172,152
Total Agriculture				4,857,227
Apparel — 1.9%
SK Spice Sarl, 9.50%, 09/30/18 (Luxembourg)^@		4,353,386		4,364,269
SK Spice Sarl, 0.00%, 06/12/20 (Luxembourg)^@^(b)		3,000,000		2,955,000
Total Apparel				7,319,269
Chemicals — 1.3%
American Pacific Corp., 7.00%, 02/27/19^@		4,877,702		4,934,600
Electronics — 1.2%
Isola USA Corp., 9.25%, 11/29/18^@		4,435,323		4,324,440
Food — 2.5%
Flavors Holdings, Inc., 6.75%, 04/03/20^@		4,750,321		4,581,090
Shearer’s Foods LLC, 7.75%, 06/30/22^@		4,931,000		4,894,018
Total Food				9,475,108
Forest Products & Paper — 2.5%
Appvion, Inc., 5.75%, 06/28/19^@		4,987,277		4,657,494
Appvion, Inc., 6.75%, 06/28/19^@		12,723		11,881
NewPage Corp., 9.50%, 02/11/21^@		5,834,334		4,724,352
Total Forest Products & Paper				9,393,727

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
TERM LOANS (continued)
Healthcare – Services — 2.8%
Lantheus Medical Imaging, Inc., 0.00%, 6/25/22^@^(b)	$	5,000,000	$	4,943,750
Radnet Management, Inc., 8.00%, 03/19/21^@		5,800,000		5,720,250
Total Healthcare – Services				10,664,000
Oil & Gas — 1.4%
Osum Production Corp., 6.50%, 07/31/20 (Canada)^@		5,937,525		5,180,491
Software — 1.2%
Greenway Medical Technologies, 9.25%, 11/04/21^@		4,753,846		4,682,538
Telecommunications — 1.4%
Global Tel*Link Corp, 9.00%, 11/20/20^@		5,375,000		5,160,000
Transportation — 1.3%
YRC Worldwide, Inc., 8.25%, 02/12/19^@		4,840,542		4,701,376
Total Term Loans (Cost $72,690,071)				70,692,776
FOREIGN BONDS — 12.8%
Internet — 1.2%
Mood Media Corp., 9.25%, 10/15/20 (Canada)^‡		5,385,000		4,617,638
Mining — 3.9%
AuRico Gold, Inc., 7.75%, 04/01/20 (Canada)^‡		4,835,000		4,883,350
HudBay Minerals, Inc., 9.50%, 10/01/20 (Canada)		4,520,000		4,813,800
IAMGOLD Corp., 6.75%, 10/01/20 (Canada)^‡		5,962,000		5,022,985
Total Mining				14,720,135
Miscellaneous Manufacturing — 1.1%
Bombardier, Inc., 6.13%, 01/15/23 (Canada)^‡^(a)		4,710,000		4,203,675
Oil & Gas — 4.0%
CHC Helicopter SA, 9.38%, 06/01/21 (Canada)		8,102,250		4,861,350
Northern Blizzard Resources, Inc., 7.25%, 02/01/22 (Canada)^‡^(a)		5,214,000		5,005,439
Teine Energy Ltd., 6.88%, 09/30/22 (Canada)^‡		5,120,000		4,966,400
Total Oil & Gas				14,833,189
Telecommunications — 1.3%
VimpelCom Holdings BV, 7.50%, 03/01/22 (Netherlands)^‡		5,055,000		4,966,538
Transportation — 1.3%
Global Ship Lease, Inc., 10.00%, 04/01/19 (Marshall Islands)^‡		4,610,000		4,828,975
Total Foreign Bonds (Cost $50,897,505)				48,170,150


Investments	Shares/ Principal		Value
COMMON STOCK — 0.0%**
Oil & Gas — 0.0%**
Connacher Oil and Gas Ltd. (Canada)* (Cost $288,191)		76,855	$	116,051
REPURCHASE AGREEMENTS — 13.8%^(c)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $7,782,559, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $7,938,180)	$	7,782,529		7,782,529
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $12,075,938, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $12,317,409)		12,075,891		12,075,891
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $12,075,921, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $12,317,409)		12,075,891		12,075,891
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $12,075,925, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $12,317,454)		12,075,891		12,075,891
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $7,873,171, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $8,030,612)		7,873,149		7,873,149
Total Repurchase Agreements (Cost $51,883,351)				51,883,351
Total Investments — 112.9% (Cost $449,101,757)			$	424,425,670
Liabilities in Excess of Other Assets — (12.9)%				(48,434,767	)
Net Assets — 100.0%			$	375,990,903

LP — Limited Partnership

Non-income producing security.

Less than 0.05%

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2015.

See accompanying Notes to Financial Statements.

100

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ADVISORSHARES PERITUS HIGH YIELD ETF
Schedule of Investments (continued)

June 30, 2015

‡

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $57,428,728; the aggregate market value of the collateral held by the fund is $58,848,876. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $6,965,525.

(b)

This Loan will settle after June 30, 2015 at which time the interest rate will be determined.

(c)

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

SUMMARY OF SCHEDULE OF INVESTMENTS



	% of Net Assets
Advertising		2.8	%
Agriculture		4.1
Apparel		1.9
Auto Manufacturers		1.2
Auto Parts & Equipment		3.0
Banks		1.4
Beverages		1.3
Chemicals		3.8
Coal		2.0
Commercial Services		6.5
Computers		1.0
Cosmetics/Personal Care		0.9
Diversified Financial Services		1.3
Electrical Components & Equipment		1.4
Electronics		2.5
Entertainment		3.5
Food		5.2
Forest Products & Paper		2.5
Healthcare – Services		5.2
Internet		1.2
Leisure Time		1.3
Media		2.1
Mining		3.9
Miscellaneous Manufacturing		3.7
Oil & Gas		7.9
Oil & Gas Services		1.4
Pharmaceuticals		2.7
Retail		3.1
Semiconductors		2.3
Software		2.4
Telecommunications		11.7
Transportation		3.9
Repurchase Agreements		13.8
Total Investments		112.9
Liabilities in Excess of Other Assets		(12.9	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

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ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
COMMON STOCKS — 53.5%
Banks — 4.8%
Citigroup, Inc.		1,700	$	93,908
Wells Fargo & Co.		2,099		118,048
Total Banks				211,956
Building Materials — 2.3%
Masco Corp.		3,850		102,680
Computers — 1.9%
Apple, Inc.		650		81,526
Electric — 1.9%
Southern Co. (The)		2,000		83,800
Gas — 2.0%
Atmos Energy Corp.		1,700		87,176
Home Builders — 2.3%
Lennar Corp., Class A		1,989		101,519
Insurance — 8.5%
American International Group, Inc.		2,199		135,942
Aon PLC (United Kingdom)		1,352		134,767
Validus Holdings Ltd.		2,275		100,077
Total Insurance				370,786
Mining — 8.0%
Aluminum Corp. of China Ltd. (China)*^(a)^(b)		8,750		108,938
Franco-Nevada Corp. (Canada)		2,068		98,540
Royal Gold, Inc.		1,685		103,779
Sandstorm Gold Ltd. (Canada)*^(a)		13,921		40,928
Total Mining				352,185
Pharmaceuticals — 1.9%
Merck & Co., Inc.		1,500		85,395
Pipelines — 2.0%
Kinder Morgan, Inc.		2,239		85,955
Real Estate Investment Trusts — 4.2%
Equity Residential		700		49,119
Essex Property Trust, Inc.		241		51,213
WP Carey, Inc.		1,400		82,516
Total Real Estate Investment Trusts				182,848
Semiconductors — 3.1%
Intel Corp.		4,441		135,073
Software — 3.6%
Microsoft Corp.		2,123		93,730
Oracle Corp.		1,600		64,480
Total Software				158,210


Investments	Shares		Value
COMMON STOCKS (continued)
Telecommunications — 7.0%
BCE, Inc. (Canada)		1,925	$	81,813
Cisco Systems, Inc.		4,632		127,194
Verizon Communications, Inc.		2,123		98,953
Total Telecommunications				307,960
Total Common Stocks (Cost $2,230,822)				2,347,069
EXCHANGE TRADED FUNDS — 36.5%
Debt Fund — 19.6%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		2,823		73,511
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF^(a)		2,791		73,347
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF^(a)		2,782		73,417
iShares Core U.S. Aggregate Bond ETF		962		104,646
iShares Floating Rate Bond ETF		1,986		100,571
iShares iBoxx $Investment Grade Corporate Bond ETF		888		102,759
iShares International Preferred Stock ETF		3,937		77,441
PIMCO Enhanced Short Maturity Active ETF		437		44,203
PowerShares Senior Loan Portfolio		4,495		106,936
Schwab U.S. Aggregate Bond ETF^(a)		2,030		105,012
Total Debt Fund				861,843
Equity Fund — 16.9%
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF		1,200		108,336
Guggenheim S&P 500 Equal Weight Consumer Staples ETF		1,030		108,964
Guggenheim S&P 500 Equal Weight Healthcare ETF		700		111,657
Schwab U.S. Large-Cap ETF		2,200		108,482
Schwab U.S. Mid-Cap ETF		2,600		110,864
SPDR S&P International Dividend ETF		2,015		83,562
SPDR S&P Retail ETF^(a)		1,130		111,486
Total Equity Fund				743,351
Total Exchange Traded Funds (Cost $1,646,790)				1,605,194
MONEY MARKET FUND — 10.6%
Dreyfus Government Cash Management – Investor Shares, 0.01%^(c) (Cost $466,381)		466,381		466,381

See accompanying Notes to Financial Statements.

102

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ADVISORSHARES PRING TURNER BUSINESS CYCLE ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
REPURCHASE AGREEMENTS — 8.0%^(d)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $52,543, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $53,594)	$	52,543	$	52,543
Merrill Lynch Pierce Fenner & Smith Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 2.18% – 6.00%, 06/01/25 – 06/20/61, totaling $255,000)		250,000		250,000
Royal Bank of Scotland PLC, dated 06/30/15, due 07/01/15, 0.11%, total to be received $47,749, (collateralized by various U.S. Government Agency Obligations, 1.00% – 3.63%, 09/30/15 – 02/15/44, totaling $48,704)		47,749		47,749
Total Repurchase Agreements (Cost $350,292)				350,292
Total Investments — 108.6% (Cost $4,694,285)				4,768,936
Liabilities in Excess of Other Assets — (8.6)%				(376,018	)
Net Assets — 100.0%			$	4,392,918

ETF — Exchange Traded Fund

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 $340,699; the aggregate market value of the collateral held by the fund is $350,292.

(b)

American Depositary Receipt.

(c)

Rate shown reflects the 7-day yield as of June 30, 2015.

(d)

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

SUMMARY OF SCHEDULE OF INVESTMENTS



	% of Net Assets
Banks		4.8	%
Building Materials		2.3
Computers		1.9
Debt Fund		19.6
Electric		1.9
Equity Fund		16.9
Gas		2.0
Home Builders		2.3
Insurance		8.5
Mining		8.0
Pharmaceuticals		1.9
Pipelines		2.0
Real Estate Investment Trusts		4.2
Semiconductors		3.1
Software		3.6
Telecommunications		7.0
Money Market Fund		10.6
Repurchase Agreements		8.0
Total Investments		108.6
Liabilities in Excess of Other Assets		(8.6	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

103

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ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
EXCHANGE TRADED FUNDS — 91.8%
Commodity Fund — 0.5%
SPDR Gold Shares*		325	$	36,520
Total Commodity Fund				36,520
Debt Fund — 26.3%
AdvisorShares Sage Core Reserves ETF^†^(a)		3,500		347,795
Guggenheim Enhanced Short Duration ETF^(a)		6,955		348,306
iShares Short Treasury Bond ETF^(a)		4,090		451,087
SPDR Barclays 1-3 Month T-Bill ETF*^(a)		9,821		448,918
SPDR SSgA Ultra Short Term Bond ETF		7,224		289,104
Total Debt Fund				1,885,210
Equity Fund — 65.0%
Alerian MLP ETF		1,490		23,184
ALPS Medical Breakthroughs ETF*		1,552		55,143
EGShares India Consumer ETF		578		19,802
Energy Select Sector SPDR Fund		1,175		88,313
First Trust China AlphaDEX Fund		394		10,214
First Trust Dow Jones Internet Index Fund*		1,095		73,584
Global X MSCI Nigeria ETF		3,002		29,119
Global X Social Media Index ETF		2,315		46,393
Guggenheim China Small Cap ETF		8,047		253,641
Guggenheim China Technology ETF		847		33,634
Guggenheim Raymond James SB-1 Equity ETF		6,258		229,356
Guggenheim S&P 500 Equal Weight Consumer Discretionary ETF		212		19,139
Guggenheim S&P 500 Equal Weight ETF		5,594		446,402
Guggenheim S&P 500 Equal Weight Financials ETF		252		11,088
Guggenheim S&P 500 Equal Weight Healthcare ETF		827		131,915
Guggenheim S&P 500 Equal Weight Technology ETF		941		84,916
Guggenheim S&P Global Water Index ETF		848		24,244
Guggenheim S&P Midcap 400 Pure Growth ETF		862		114,043
iShares Core S&P Small-Cap ETF		243		28,645
iShares Global Clean Energy ETF		97		1,079
iShares Global Consumer Discretionary ETF		152		13,876
iShares Global Healthcare ETF		490		53,273
iShares Japan Large-Cap ETF		827		45,758
iShares Micro-Cap ETF		2,132		173,822
iShares MSCI Brazil Capped ETF		3,969		130,064


Investments	Shares		Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)
iShares MSCI EAFE ETF		682	$	43,300
iShares MSCI Europe Financials ETF		2,514		57,420
iShares MSCI Frontier 100 ETF		1,095		32,051
iShares MSCI Germany ETF		909		25,343
iShares MSCI Hong Kong ETF		1,515		34,178
iShares MSCI Hong Kong Small-Cap ETF		410		11,660
iShares MSCI India Small-Cap ETF		1,780		59,274
iShares MSCI Indonesia ETF		1,879		43,536
iShares MSCI Poland Capped ETF		449		10,255
iShares MSCI South Africa ETF		60		3,926
iShares MSCI Taiwan ETF		235		3,708
iShares MSCI Turkey ETF		89		4,017
iShares MSCI United Kingdom ETF		1,527		27,868
iShares MSCI United Kingdom Small-Cap ETF		2,115		89,528
iShares MSCI USA Momentum Factor ETF		5,141		367,273
iShares PHLX Semiconductor ETF		573		52,768
iShares Russell 1000 Growth ETF		3,441		340,693
iShares Russell 2000 Growth ETF		1,152		178,076
iShares U.S. Broker-Dealers ETF		791		34,677
iShares U.S. Healthcare Providers ETF		287		41,027
Market Vectors ChinaAMC A-Share ETF*		822		47,388
Market Vectors Egypt Index ETF		135		6,519
Market Vectors Gulf States Index ETF		889		24,425
Market Vectors Pharmaceutical ETF		658		46,554
Market Vectors Russia ETF		3,783		69,153
Market Vectors Russia Small-Cap ETF		244		5,478
Market Vectors Unconventional Oil & Gas ETF		897		18,604
Market Vectors Vietnam ETF		625		11,650
PowerShares Dynamic Market Portfolio		389		29,475
PowerShares Russell 2000 Pure Growth Portfolio		6,019		156,976
PowerShares S&P SmallCap Financials Portfolio		382		16,132
PowerShares S&P SmallCap Information Technology Portfolio		1,112		58,113
Schwab International Small-Capital Equity ETF		5,212		163,188
SPDR Russell/Nomura Small Cap Japan ETF		2,162		118,067
SPDR S&P Emerging Asia Pacific ETF		314		27,698

See accompanying Notes to Financial Statements.

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ADVISORSHARES QAM EQUITY HEDGE ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares			Value
EXCHANGE TRADED FUNDS (continued)
Equity Fund (continued)
SPDR S&P Emerging Markets SmallCap ETF		1,608		$	72,424
SPDR S&P Health Care Equipment ETF		166			15,665
Vanguard Small-Cap ETF		895			108,716
WisdomTree Europe SmallCap Dividend Fund		1,063			60,750
Total Equity Fund					4,658,200
Total Exchange Traded Funds (Cost $6,317,514)					6,579,930
MONEY MARKET FUND — 8.0%
JP Morgan Prime Money Market Fund – Institutional Class, 0.07%^(b) (Cost $570,159)		570,159			570,159
Total Investments Before Securities Sold, Not Yet Purchased (Cost $6,887,673)					7,150,089
Securities Sold, Not Yet Purchased — (7.9)%
EXCHANGE TRADED FUNDS — (7.9)%
Currency Fund — (5.4)%
CurrencyShares British Pound Sterling Trust*		(612	)		(94,285	)
CurrencyShares Euro Trust*		(1,160	)		(126,974	)
CurrencyShares Japanese Yen Trust*		(2,058	)		(163,302	)
Total Currency Fund					(384,561	)
Equity Fund — (2.5)%
iShares Russell 1000 Value ETF		(595	)		(61,374	)
iShares Russell 2000 Value ETF		(856	)		(87,278	)
SPDR EURO STOXX 50 ETF		(796	)		(29,794	)
Total Equity Fund					(178,446	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(596,607)]					(563,007	)
Total Investments — 91.9% (Cost $6,291,066)					6,587,082
Other Assets in Excess of Liabilities — 8.1%					583,560
Net Assets — 100.0%				$	7,170,642

ETF — Exchange Traded Fund

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 $2,187,725, which includes cash in the amount of $596,891 as of June 30, 2015.

(b)

Rate shown reflects the 7-day yield as of June 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Commodity Fund		0.5	%
Currency Fund		(5.4	)
Debt Fund		26.3
Equity Fund		62.5
Money Market Fund		8.0
Total Investments		91.9
Other Assets in Excess of Liabilities		8.1
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

105

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ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments

June 30, 2015


Investments	Shares			Value
EXCHANGE TRADED FUND — 23.3%
Debt Fund — 23.3%
AdvisorShares Sage Core Reserves ETF^† (Cost $29,997,150)		300,000		$	29,811,000
MONEY MARKET FUNDS — 9.8%
Fidelity Institutional Money Market Government Portfolio – Class III, 0.01%^(a)		10,074,072			10,074,072
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, 0.04%^(a)		2,500,000			2,500,000
Total Money Market Funds (Cost $12,574,072)					12,574,072
Total Investments Before Securities Sold, Not Yet Purchased (Cost $42,571,222)					42,385,072
Securities Sold, Not Yet Purchased — (98.1)%
COMMON STOCKS — (98.1)%
Banks — (5.1)%
Deutsche Bank AG (Germany)		(102,000	)		(3,076,320	)
TCF Financial Corp.		(210,000	)		(3,488,100	)
Total Banks					(6,564,420	)
Commercial Services — (1.5)%
Huron Consulting Group, Inc.*		(26,500	)		(1,857,385	)
Computers — (11.6)%
Diebold, Inc.		(154,400	)		(5,404,000	)
Electronics For Imaging, Inc.*		(47,000	)		(2,044,970	)
Seagate Technology PLC (Ireland)		(83,100	)		(3,947,250	)
Super Micro Computer, Inc.*		(119,000	)		(3,520,020	)
Total Computers					(14,916,240	)
Distribution/Wholesale — (5.9)%
Fastenal Co.		(93,000	)		(3,922,740	)
Genuine Parts Co.		(40,000	)		(3,581,200	)
Total Distribution/Wholesale					(7,503,940	)
Diversified Financial Services — (3.3)%
LendingClub Corp.*		(290,000	)		(4,277,500	)
Electrical Components & Equipment — (3.0)%
AMETEK, Inc.		(71,000	)		(3,889,380	)
Electronics — (2.3)%
National Instruments Corp.		(99,500	)		(2,931,270	)
Energy – Alternate Sources — (1.3)%
SolarCity Corp.*		(31,600	)		(1,692,180)


Investments	Shares			Value
COMMON STOCKS (continued)
Healthcare – Products — (0.9)%
Zeltiq Aesthetics, Inc.*		(40,000	)	$	(1,178,800	)
Home Builders — (3.3)%
Winnebago Industries, Inc.		(181,000	)		(4,269,790	)
Internet — (14.3)%
Cogent Communications Holdings, Inc.		(98,500	)		(3,333,240	)
F5 Networks, Inc.*		(22,400	)		(2,695,840	)
Google, Inc., Class C*		(5,925	)		(3,084,022	)
Priceline Group, Inc. (The)*		(1,960	)		(2,256,685	)
TripAdvisor, Inc.*		(35,400	)		(3,084,756	)
Zillow Group, Inc., Class A*		(43,400	)		(3,764,515	)
Total Internet					(18,219,058	)
Leisure Time — (4.8)%
Harley-Davidson, Inc.		(110,000	)		(6,198,500	)
Machinery – Diversified — (2.5)%
Flowserve Corp.		(62,000	)		(3,264,920	)
Metal Fabricate/Hardware — (4.5)%
Precision Castparts Corp.		(15,250	)		(3,048,018	)
Rexnord Corp.*		(111,000	)		(2,654,010	)
Total Metal Fabricate/Hardware					(5,702,028	)
Oil & Gas — (1.0)%
Range Resources Corp.		(26,500	)		(1,308,570	)
Retail — (13.1)%
Cabela’s, Inc.*		(92,800	)		(4,638,143	)
CarMax, Inc.*		(20,000	)		(1,324,200	)
Chipotle Mexican Grill, Inc.*		(4,750	)		(2,873,703	)
DSW, Inc., Class A		(109,000	)		(3,637,330	)
Five Below, Inc.*		(59,000	)		(2,332,270	)
Rush Enterprises, Inc., Class A*		(69,200	)		(1,813,732	)
Total Retail					(16,619,378	)
Semiconductors — (9.4)%
ASML Holding NV (Netherlands)^(b)		(18,000	)		(1,874,340	)
Cree, Inc.*		(91,000	)		(2,368,730	)
M/A-COM Technology Solutions Holdings, Inc.*		(115,500	)		(4,417,875	)
Microchip Technology, Inc.		(53,500	)		(2,537,238	)
Micron Technology, Inc.*		(47,500	)		(894,900	)
Total Semiconductors					(12,093,083	)
Software — (4.4)%
NetSuite, Inc.*		(26,400	)		(2,422,200	)
PROS Holdings, Inc.*		(151,000	)		(3,187,610	)
Total Software					(5,609,810)

See accompanying Notes to Financial Statements.

106

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ADVISORSHARES RANGER EQUITY BEAR ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares			Value
COMMON STOCKS (continued)
Telecommunications — (5.9)%
CenturyLink, Inc.		(153,000	)	$	(4,495,140	)
NETGEAR, Inc.*		(103,000	)		(3,092,060	)
Total Telecommunications					(7,587,200	)
Total Securities Sold, Not Yet Purchased [Proceeds Received $(129,792,969)]					(125,683,452)
Total Investments – (65.0)% [Cost $(87,221,747)]					(83,298,380	)
Other Assets in Excess of Liabilities — 165.0%					211,357,104
Net Assets — 100.0%					$128,058,724

ETF — Exchange Traded Fund

PLC — Public Limited Company

†

Affiliated Company.

Non-income producing security.

(a)

Rate shown reflects the 7-day yield as of June 30, 2015.

(b)

Registered Shares.

Cash of $126,869,695 has been segregated to cover margin requirement for open short sales as of June 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS



	% of Net Assets
Banks		(5.1	)%
Commercial Services		(1.5	)
Computers		(11.6	)
Debt Fund		23.3
Distribution/Wholesale		(5.9	)
Diversified Financial Services		(3.3	)
Electrical Components & Equipment		(3.0	)
Electronics		(2.3	)
Energy – Alternate Sources		(1.3	)
Healthcare – Products		(0.9	)
Home Builders		(3.3	)
Internet		(14.3	)
Leisure Time		(4.8	)
Machinery – Diversified		(2.5	)
Metal Fabricate/Hardware		(4.5	)
Oil & Gas		(1.0	)
Retail		(13.1	)
Semiconductors		(9.4	)
Software		(4.4	)
Telecommunications		(5.9	)
Money Market Fund		9.8
Total Investments		(65.0	)
Other Assets in Excess of Liabilities		165.0
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

107

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ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments

June 30, 2015


Investments	Principal		Value
CORPORATE BONDS — 44.9%
Agriculture — 1.1%
Altria Group, Inc., 4.13%, 09/11/15	$	365,000	$	367,075
Auto Manufacturers — 1.2%
Ford Motor Credit Co. LLC, 2.50%, 01/15/16		400,000		403,285
Banks — 11.3%
Bank of America Corp., 1.10%, 03/22/16^@		410,000		410,982
Bank of America Corp., 5.75%, 08/15/16		265,000		277,570
Bank of New York Mellon Corp. (The), 0.70%, 10/23/15		240,000		240,119
Capital One Financial Corp., 1.00%, 11/06/15		610,000		609,129
Citigroup, Inc., 1.07%, 04/01/16^@		375,000		375,818
First Horizon National Corp., 5.38%, 12/15/15		325,000		330,019
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/24		370,000		376,867
JPMorgan Chase & Co., 2.60%, 01/15/16		275,000		277,204
JPMorgan Chase & Co., Series G, 0.90%, 02/26/16^@		185,000		185,282
JPMorgan Chase & Co., 3.45%, 03/01/16		150,000		152,556
Morgan Stanley, 5.38%, 10/15/15		340,000		344,465
Santander Holdings USA, Inc., 3.00%, 09/24/15		390,000		391,090
Total Banks				3,971,101
Beverages — 1.0%
Dr Pepper Snapple Group, Inc., 2.90%, 01/15/16		360,000		364,046
Chemicals — 1.0%
Dow Chemical Co. (The), 2.50%, 02/15/16		340,000		343,331
Computers — 1.1%
Hewlett-Packard Co., 2.13%, 09/13/15		365,000		366,225
Diversified Financial Services — 1.7%
American Express Credit Corp., 2.75%, 09/15/15		55,000		55,214
American Express Credit Corp., 0.79%, 07/29/16^@		525,000		525,917
Total Diversified Financial Services				581,131
Electric — 3.7%
Georgia Power Co., 0.61%, 03/15/16^@		291,000		290,765
Progress Energy, Inc., 5.63%, 01/15/16		346,000		354,756


Investments	Principal		Value
CORPORATE BONDS (continued)
Electric (continued)
PSEG Power LLC, 5.50%, 12/01/15	$	350,000	$	356,646
Southern Co. (The), Series A, 2.38%, 09/15/15		310,000		311,111
Total Electric				1,313,278
Food — 3.4%
ConAgra Foods, Inc., 1.35%, 09/10/15		370,000		370,188
Kroger Co. (The), 2.20%, 01/15/17		40,000		40,573
Kroger Co. (The), 6.40%, 08/15/17		275,000		302,925
Mondelez International, Inc., 4.13%, 02/09/16		485,000		494,286
Total Food				1,207,972
Household Products/Wares — 1.1%
Clorox Co. (The), 3.55%, 11/01/15		365,000		368,532
Insurance — 4.6%
Aflac, Inc., 3.45%, 08/15/15		270,000		270,764
American International Group, Inc., 5.05%, 10/01/15		360,000		363,658
Genworth Holdings, Inc., 4.80%, 02/15/24		360,000		315,000
Prudential Financial, Inc., 4.75%, 09/17/15		680,000		685,295
Total Insurance				1,634,717
Internet — 1.1%
Amazon.com, Inc., 0.65%, 11/27/15		390,000		390,051
Machinery – Diversified — 0.1%
John Deere Capital Corp., 0.75%, 01/22/16		25,000		25,061
Media — 2.2%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 3.13%, 02/15/16		340,000		344,081
Time Warner, Inc., 3.15%, 07/15/15		415,000		415,435
Total Media				759,516
Pharmaceuticals — 2.1%
AbbVie, Inc., 1.20%, 11/06/15		370,000		370,369
Express Scripts Holding Co., 3.13%, 05/15/16		340,000		345,659
Total Pharmaceuticals				716,028
Pipelines — 2.0%
Enterprise Products Operating LLC, 3.20%, 02/01/16		340,000		344,192
Kinder Morgan Energy Partners LP, 3.50%, 03/01/16		340,000		344,955
Total Pipelines				689,147

See accompanying Notes to Financial Statements.

108

TABLE OF CONTENTS

ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
CORPORATE BONDS (continued)
Real Estate — 1.0%
ERP Operating LP, 5.13%, 03/15/16	$	335,000	$	344,646
Retail — 2.0%
AutoZone, Inc., 5.50%, 11/15/15		363,000		369,288
CVS Health Corp., 1.20%, 12/05/16		225,000		225,394
Kohl’s Corp., 4.00%, 11/01/21^(a)		83,000		87,472
Total Retail				682,154
Telecommunications — 2.2%
AT&T, Inc., 2.50%, 08/15/15		419,000		419,799
Verizon Communications, Inc., 2.50%, 09/15/16		325,000		330,371
Total Telecommunications				750,170
Transportation — 1.0%
Ryder System, Inc., 3.60%, 03/01/16		355,000		361,018
Total Corporate Bonds (Cost $15,704,161)				15,638,484
ASSET BACKED SECURITIES — 14.8%
Diversified Financial Services — 14.8%
Ally Auto Receivables Trust, Class A3, Series 2012-5, 0.62%, 03/15/17		72,464		72,480
Ally Master Owner Trust, Class A2, Series 2013-1, 1.00%, 02/15/18		240,000		240,341
American Express Credit Account Master Trust, Class A, Series 2013-2, 0.60%, 05/17/21^@		300,000		300,829
AmeriCredit Automobile Receivables Trust, Class A2B, Series 2013-5, 0.56%, 03/08/17^@		12,531		12,530
AmeriCredit Automobile Receivables Trust, Class B, Series 2013-2, 1.19%, 05/08/18		180,000		180,191
BA Credit Card Trust, Class A11, Series 2007-A11, 0.26%, 12/15/19^@		295,000		294,122
Capital One Multi-Asset Execution Trust, Class A5, Series 2007-A5, 0.23%, 07/15/20^@		525,000		521,820
CarMax Auto Owner Trust, Class A2, Series 2013-4, 0.52%, 11/15/16		14,491		14,490
CarMax Auto Owner Trust, Class A3, Series 2012-3, 0.52%, 07/17/17		107,583		107,567
Chase Issuance Trust, Class A5, Series 2012-A5, 0.59%, 08/15/17		640,000		640,018


Investments	Principal		Value
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citibank Credit Card Issuance Trust, Class A2, Series 2013-A2, 0.47%, 05/26/20^@	$	600,000	$	600,587
Discover Card Execution Note Trust, Class A2, Series 2013-A2, 0.69%, 08/15/18		350,000		350,143
Fifth Third Auto Trust, Class A3, Series 2013-A, 0.61%, 09/15/17		126,496		126,521
First National Master Note Trust, Class A, Series 2013-2, 0.72%, 10/15/19^@		325,000		325,611
GE Equipment Midticket LLC, Class A3, Series 2012-1, 0.60%, 05/23/16		2,287		2,287
Honda Auto Receivables Owner Trust, Class A3, Series 2014-2, 0.77%, 03/19/18		335,000		334,545
Huntington Auto Trust, Class A3, Series 2012-2, 0.51%, 04/17/17		94,179		94,180
Hyundai Auto Receivables Trust, Class A2, Series 2014-B, 0.44%, 02/15/17		146,377		146,406
Nissan Auto Receivables Owner Trust, Class A3, Series 2012-B, 0.46%, 10/17/16		40,841		40,840
Nissan Auto Receivables Owner Trust, Class A3, Series 2013-C, 0.67%, 08/15/18		327,074		326,793
Toyota Auto Receivables Owner Trust, Class A3, Series 2013-B, 0.89%, 07/17/17		337,168		337,801
World Omni Auto Receivables Trust, Class A3, Series 2012-A, 0.64%, 02/15/17		29,744		29,745
World Omni Automobile Lease Securitization Trust, Class A2B, Series 2013-A, 0.51%, 05/16/16^@		67,946		67,949
Total Asset Backed Securities (Cost $5,165,217)				5,167,796
MORTGAGE BACKED SECURITIES — 13.6%
Commercial Mortgage Backed Securities — 13.6%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A4, Series 2005-5, 5.12%, 10/10/45^@		211,457		211,619
Banc of America Merrill Lynch Commercial Mortgage, Inc., Class A4, Series 2005-6, 5.16%, 09/10/47^@		337,798		339,586
Bear Stearns Commercial Mortgage Securities Trust, Class A4, Series 2006-T24, 5.54%, 10/12/41		307,427		319,644

See accompanying Notes to Financial Statements.

109

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ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Commercial Mortgage Backed Securities (continued)
Bear Stearns Commercial Mortgage Securities Trust, Class A4A, Series 2005-T20, 5.26%, 10/12/42^@	$	187,685	$	188,072
CD Commercial Mortgage Trust, Class A4, Series 2005-CD1, 5.38%, 07/15/44^@		202,540		202,722
Credit Suisse First Boston Mortgage Securities Corp., Class AJ, Series 2005-C6, 5.23%, 12/15/40^@		255,000		257,110
DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49^@^‡		306,965		308,404
Fannie Mae Connecticut Avenue Securities, Class 1M1, Series 2014-C03, 1.39%, 07/25/24^@		287,928		287,784
GS Mortgage Securities Trust, Class AM, Series 2006-GG6, 5.55%, 04/10/38^@		350,000		355,975
GS Mortgage Securities Trust, Class A2, Series 2011-GC3, 3.65%, 03/10/44^‡		347,400		350,358
Merrill Lynch Mortgage Trust, Class AM, Series 2005-CKI1, 5.46%, 11/12/37^@		500,000		501,452
Merrill Lynch Mortgage Trust, Class A4, Series 2006-C1, 5.87%, 05/12/39^@		415,000		423,964
Morgan Stanley Capital I Trust, Class A4, Series 2006-T21, 5.16%, 10/12/52^@		339,080		340,694
Wachovia Bank Commercial Mortgage Trust, Class AMFX, Series 2005-C20, 5.18%, 07/15/42^@		10,158		10,162
Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2005-C21, 5.43%, 10/15/44^@		130,683		130,828
Wachovia Bank Commercial Mortgage Trust, Class A4FL, Series 2006-C28, 0.34%, 10/15/48^@^‡		260,807		258,369
WFRBS Commercial Mortgage Trust, Class A2, Series 2011-C4, 3.45%, 06/15/44^‡		219,530		223,188
Total Mortgage Backed Securities (Cost $4,725,786)				4,709,931
FOREIGN BONDS — 9.0%
Banks — 1.6%
Lloyds Bank PLC, 4.88%, 01/21/16 (United Kingdom)		205,000		209,527
Royal Bank of Canada, Series G, 0.74%, 09/09/16 (Canada)^@		350,000		351,244
Total Banks				560,771


Investments	Shares/ Principal		Value
FOREIGN BONDS (continued)
Beverages — 1.3%
Anheuser-Busch InBev Finance, Inc., 0.47%, 01/27/17 (Belgium)^@	$	450,000	$	449,321
Chemicals — 1.2%
Potash Corp. of Saskatchewan, Inc., 3.75%, 09/30/15 (Canada)		430,000		432,648
Diversified Financial Services — 0.6%
Nomura Holdings, Inc., 4.13%, 01/19/16 (Japan)		60,000		61,001
Nomura Holdings, Inc., 1.74%, 09/13/16 (Japan)^@		140,000		141,070
Total Diversified Financial Services				202,071
Mining — 1.0%
Barrick Gold Corp., 2.90%, 05/30/16 (Canada)^(a)		355,000		358,540
Oil & Gas — 2.2%
BP Capital Markets PLC, 0.70%, 11/06/15 (United Kingdom)		375,000		375,329
Petroleos Mexicanos, 3.50%, 01/30/23 (Mexico)		385,000		366,212
Total Oil & Gas				741,541
Telecommunications — 1.1%
Vodafone Group PLC, 1.63%, 03/20/17 (United Kingdom)		370,000		368,669
Total Foreign Bonds (Cost $3,127,901)				3,113,561
MUNICIPAL BONDS — 2.2%
Clear Creek Independent School District, 3.00%, 02/15/16		125,000		126,611
County of Miami-Dade FL Aviation Revenue, Series A, 5.00%, 10/01/38		55,000		55,608
Gwinnett County Water & Sewerage Authority, 4.00%, 08/01/16		50,000		50,148
La Joya Independent School District, 5.00%, 02/15/31		90,000		92,614
Michigan Finance Authority, Series G-8A, 5.00%, 04/01/16		110,000		112,641
New Hampshire Housing Finance Authority, Series D, 4.70%, 01/01/16		60,000		61,021
RNR School Financing Authority, 4.00%, 09/01/15		160,000		160,919
Village of Hobart WI, 3.38%, 03/01/16		55,000		56,043
Williamson-Travis Counties Water Control & Improvement District 1G, 2.00%, 09/01/15		50,000		50,137
Total Municipal Bonds (Cost $765,892)				765,742

See accompanying Notes to Financial Statements.

110

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ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares/ Principal		Value
U.S. TREASURY NOTE — 5.3%
U.S. Treasury Note, 0.25%, 09/15/15 (Cost $1,860,042)		1,860,000	$	1,860,727
U.S. TREASURY BILL — 0.3%
U.S. Treasury Bill, 0.02%, 09/10/15^(b) (Cost $99,974)		100,000		100,004
MONEY MARKET FUND — 10.5%
JP Morgan US Government Money Market Fund – Institutional Class, 0.01%^(c) (Cost $3,653,086)		3,653,086		3,653,086
REPURCHASE AGREEMENTS — 0.8%^(d)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $39,881, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $40,678)	$	39,881		39,881
Merrill Lynch Pierce Fenner & Smith Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $225,995, (collateralized by various U.S. Government Agency Obligations, 2.18% – 6.00%, 06/01/25 – 06/20/61, totaling $230,514)		225,994		225,994
Total Repurchase Agreements (Cost $265,875)				265,875
Total Investments — 101.4% (Cost $35,367,934)				35,275,206
Liabilities in Excess of Other Assets — (1.4)%				(492,465	)
Net Assets — 100.0%			$	34,782,741

LP — Limited Partnership

PLC — Public Limited Company

Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2015.

‡

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $258,996; the aggregate market value of the collateral held by the fund is $265,875.

(b)

Interest rate shown reflects the discount rate at time of purchase.

(c)

Rate shown reflects the 7-day yield as of June 30, 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		1.1	%
Auto Manufacturers		1.2
Banks		12.9
Beverages		2.3
Chemicals		2.2
Commercial Mortgage Backed Securities		13.6
Computers		1.1
Diversified Financial Services		17.1
Electric		3.7
Food		3.4
Household Products/Wares		1.1
Insurance		4.6
Internet		1.1
Machinery – Diversified		0.1
Media		2.2
Mining		1.0
Municipal Bonds		2.2
Oil & Gas		2.2
Pharmaceuticals		2.1
Pipelines		2.0
Real Estate		1.0
Retail		2.0
Telecommunications		3.3
Transportation		1.0
U.S. Treasury Bill		0.3
U.S. Treasury Note		5.3
Money Market Fund		10.5
Repurchase Agreements		0.8
Total Investments		101.4
Liabilities in Excess of Other Assets		(1.4	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

111

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ADVISORSHARES SAGE CORE RESERVES ETF
Schedule of Investments (continued)

June 30, 2015

Futures contracts outstanding as of June 30, 2015:


Type	Broker		Expiration Date		Number of Contracts		Value at Trade Date			Value at June 30, 2015			Unrealized Appreciation/ (Depreciation)
2-Year U.S. Treasury Note		Jefferies & Company Inc.		September 2015		(4)	$	(874,700	)	$	(875,750	)	$	(1,050	)
5-Year U.S. Treasury Note		Jefferies & Company Inc.		September 2015		10		1,193,954			1,192,578			(1,376	)
10-Year U.S. Treasury Note		Jefferies & Company Inc.		September 2015		(7)		(885,849	)		(883,203	)		2,646
													$	220

Cash posted as collateral to broker for futures contracts was $101,042 at June 30, 2015.

See accompanying Notes to Financial Statements.

112

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ADVISORSHARES STAR GLOBAL BUY-WRITE ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
EXCHANGE TRADED FUNDS — 90.1%
Debt Fund — 18.3%
AdvisorShares Sage Core Reserves ETF^†		2,500	$	248,425
iShares 1 – 3 Year Credit Bond ETF		9,301		979,674
iShares 20+ Year Treasury Bond ETF		2,728		320,431
iShares iBoxx $ High Yield Corporate Bond ETF		10,001		888,089
iShares JPMorgan USD Emerging Markets Bond ETF		12,308		1,352,895
SPDR Barclays High Yield Bond ETF		12,000		461,160
SPDR Barclays International Corporate Bond ETF		20,000		629,200
Total Debt Fund				4,879,874
Equity Fund — 71.8%
Consumer Discretionary Select Sector SPDR Fund		6,089		465,687
Consumer Staples Select Sector SPDR Fund		16,474		784,162
Energy Select Sector SPDR Fund		7,875		591,885
Financial Select Sector SPDR Fund		57,360		1,398,437
Health Care Select Sector SPDR Fund		12,414		923,477
Industrial Select Sector SPDR Fund		7,251		391,989
iShares MSCI EAFE ETF		26,821		1,702,865
iShares MSCI Emerging Markets ETF		30,967		1,226,913
Materials Select Sector SPDR Fund		3,699		178,995
SPDR S&P 500 ETF Trust		51,580		10,617,744
Technology Select Sector SPDR Fund		13,410		555,174
Utilities Select Sector SPDR Fund		5,357		222,101
Total Equity Fund				19,059,429
Total Exchange Traded Funds (Cost $22,491,816)				23,939,303
COMMON STOCKS — 1.5%
Apparel — 0.8%
Hanesbrands, Inc.		6,572		218,979
Computers — 0.7%
Apple, Inc.		1,485		186,256
Total Common Stocks (Cost $275,538)				405,235
MONEY MARKET FUND — 3.9%
BlackRock Liquidity Funds-T-Fund Portfolio – Institutional Class, 0.01%^(a) (Cost $1,046,062)		1,046,062		1,046,062


Investments	Principal/ Contracts			Value
U.S. TREASURY NOTE — 3.9%
U.S. Treasury Note, 4.50%, 02/15/16^(b) (Cost $1,026,744)	$	1,000,000		$	1,026,993
Total Investments Before Written Options — 99.4% (Cost $24,840,160)					26,417,593
WRITTEN PUT OPTION — (0.0)%**
iShares 20+ Year Treasury Bond ETF, expiring 07/17/15, Strike Price $116.00 [Premium Received $(4,711)]		(31	)		(4,201	)
WRITTEN CALL OPTIONS — (0.1)%
Consumer Discretionary Select Sector SPDR Fund, expiring 07/17/15, Strike Price $79.00		(30	)		(450	)
Industrial Select Sector SPDR Fund, expiring 07/17/15, Strike Price $57.00		(36	)		(252	)
iShares 20+ Year Treasury Bond ETF, expiring 07/17/15, Strike Price $120.00		(27	)		(2,322	)
iShares MSCI EAFE ETF, expiring 07/17/15, Strike Price $67.00		(79	)		(869	)
iShares MSCI Emerging Markets ETF, expiring 07/17/15, Strike Price $41.00		(153	)		(2,907	)
SPDR S&P 500 ETF Trust, expiring 07/17/15, Strike Price $215.00		(232	)		(2,436	)
Utilities Select Sector SPDR Fund, expiring 07/17/15, Strike Price $44.00		(4	)		(12	)
Total Written Call Options [Premiums Received $(64,720)]					(9,248	)
Total Written Options — (0.1)% [Premiums Received $(69,431)]					(13,449	)
Total Investments — 99.3% (Cost $24,770,729)					26,404,144
Other Assets in Excess of Liabilities — 0.7%					192,577
Net Assets — 100.0%				$	26,596,721

ETF — Exchange Traded Fund

†

Affiliated Company.

Less than 0.05%.

(a)

Rate shown reflects the 7-day yield as of June 30, 2015.

(b)

All or portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $1,717,381, which includes cash in the amount of $691,494 as of June 30, 2015.

See accompanying Notes to Financial Statements.

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

June 30, 2015

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Apparel		0.8	%
Computers		0.7
Debt Fund		18.3
Equity Fund		71.8
U.S. Treasury Note		3.9
Written Call Options		(0.1	)
Written Put Option		(0.0) **
Money Market Fund		3.9
Total Investments		99.3
Other Assets in Excess of Liabilities		0.7
Net Assets		100.0	%

Less than 0.05%.

See accompanying Notes to Financial Statements.

114

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ADVISORSHARES SUNRISE GLOBAL MULTI-STRATEGY ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
EXCHANGE TRADED FUNDS — 79.4%
Debt Fund — 1.0%
iShares 7 – 10 Year Treasury Bond ETF		172	$	18,062
Equity Fund — 78.4%
Consumer Discretionary Select Sector SPDR Fund		3,516		268,904
Consumer Staples Select Sector SPDR Fund		7,465		355,333
Financial Select Sector SPDR Fund		14,359		350,072
Health Care Select Sector SPDR Fund		3,597		267,581
Industrial Select Sector SPDR Fund		836		45,194
Materials Select Sector SPDR Fund		364		17,614
Technology Select Sector SPDR Fund		2,434		100,768
Total Equity Fund				1,405,466
Total Exchange Traded Funds (Cost $1,360,971)				1,423,528
MONEY MARKET FUND — 6.4%
Goldman Sachs Financial Square Funds – Treasury Instruments Fund, 0.00%^(a) (Cost $115,261)		115,261		115,261
Total Investments — 85.8% (Cost $1,476,232)				1,538,789
Other Assets in Excess of Liabilities — 14.2%				255,023
Net Assets — 100.0%			$	1,793,812

ETF — Exchange Traded Fund

(a)

Rate shown reflects the 7-day yield as of June 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS



	% of Net Assets
Debt Fund		1.0 %
Equity Fund		78.4
Money Market Fund		6.4
Total Investments		85.8
Other Assets in Excess of Liabilities		14.2
Net Assets		100.0 %

See accompanying Notes to Financial Statements.

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ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
COMMON STOCKS — 99.9%
Advertising — 1.0%
Omnicom Group, Inc.		34,358	$	2,387,537
Aerospace/Defense — 2.9%
Boeing Co. (The)		16,741		2,322,312
Northrop Grumman Corp.		15,427		2,447,184
United Technologies Corp.		21,130		2,343,951
Total Aerospace/Defense				7,113,447
Agriculture — 2.9%
Altria Group, Inc.		48,438		2,369,103
Archer-Daniels-Midland Co.		48,522		2,339,731
Bunge Ltd. (Bermuda)		27,443		2,409,495
Total Agriculture				7,118,329
Apparel — 2.0%
NIKE, Inc., Class B		23,775		2,568,176
VF Corp.		33,591		2,342,636
Total Apparel				4,910,812
Beverages — 1.0%
Coca-Cola Enterprises, Inc.		54,081		2,349,279
Biotechnology — 2.1%
Celgene Corp.*		22,130		2,561,216
Gilead Sciences, Inc.		20,978		2,456,104
Total Biotechnology				5,017,320
Chemicals — 2.9%
LyondellBasell Industries NV, Class A		23,419		2,424,335
Monsanto Co.		21,556		2,297,654
Westlake Chemical Corp.		34,726		2,381,856
Total Chemicals				7,103,845
Commercial Services — 6.1%
Cintas Corp.		29,173		2,467,744
Equifax, Inc.		25,540		2,479,678
Gartner, Inc.*		28,458		2,441,127
Global Payments, Inc.		23,566		2,437,903
Moody’s Corp.		22,806		2,462,136
Western Union Co. (The)		117,414		2,387,027
Total Commercial Services				14,675,615
Computers — 3.9%
Apple, Inc.		18,941		2,375,675
Computer Sciences Corp.		37,196		2,441,545
EMC Corp.		90,962		2,400,487
NetApp, Inc.		73,612		2,323,195
Total Computers				9,540,902
Distribution/Wholesale — 1.0%
W.W. Grainger, Inc.		9,824		2,324,850


Investments	Shares		Value
COMMON STOCKS (continued)
Diversified Financial Services — 5.0%
Affiliated Managers Group, Inc.*		11,110	$	2,428,646
Alliance Data Systems Corp.*		8,201		2,394,200
American Express Co.		31,318		2,434,035
Franklin Resources, Inc.		46,776		2,293,427
Synchrony Financial*		76,430		2,516,840
Total Diversified Financial Services				12,067,148
Electrical Components & Equipment — 2.0%
AMETEK, Inc.		45,933		2,516,210
Emerson Electric Co.		41,496		2,300,123
Total Electrical Components & Equipment				4,816,333
Electronics — 4.0%
Amphenol Corp., Class A		43,678		2,532,013
Corning, Inc.		115,461		2,278,046
Mettler-Toledo International, Inc.*		7,319		2,499,146
Waters Corp.*		18,513		2,376,699
Total Electronics				9,685,904
Food — 3.0%
Campbell Soup Co.		52,312		2,492,667
Hershey Co. (The)		26,654		2,367,675
Whole Foods Market, Inc.		60,966		2,404,499
Total Food				7,264,841
Hand/Machine Tools — 1.0%
Stanley Black & Decker, Inc.		23,656		2,489,557
Healthcare – Products — 4.1%
DENTSPLY International, Inc.		47,849		2,466,616
QIAGEN NV (Netherlands)*		102,398		2,538,446
Sirona Dental Systems, Inc.*		24,804		2,490,818
St. Jude Medical, Inc.		33,462		2,445,068
Total Healthcare – Products				9,940,948
Healthcare – Services — 2.2%
HCA Holdings, Inc.*		29,895		2,712,075
MEDNAX, Inc.*		34,059		2,524,112
Total Healthcare – Services				5,236,187
Insurance — 6.1%
Aflac, Inc.		38,696		2,406,891
Arch Capital Group Ltd. (Bermuda)*		37,420		2,505,644
Everest Re Group Ltd. (Bermuda)		13,530		2,462,595
Reinsurance Group of America, Inc.		25,880		2,455,236
Torchmark Corp.		42,584		2,479,240
W.R. Berkley Corp.		48,288		2,507,597
Total Insurance				14,817,203

See accompanying Notes to Financial Statements.

116

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ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Shares		Value
COMMON STOCKS (continued)
Internet — 2.1%
IAC/InterActiveCorp.		32,762	$	2,609,821
VeriSign, Inc.*^(a)		39,334		2,427,694
Total Internet				5,037,515
Iron/Steel — 0.9%
Reliance Steel & Aluminum Co.		37,739		2,282,455
Lodging — 1.0%
Marriott International, Inc., Class A		32,618		2,426,453
Machinery – Diversified — 1.0%
Rockwell Automation, Inc.		20,082		2,503,020
Media — 5.0%
CBS Corp., Class B		43,062		2,389,941
Sirius XM Holdings, Inc.*^(a)		665,500		2,482,315
Thomson Reuters Corp.		63,854		2,430,922
Twenty-First Century Fox, Inc., Class A		77,022		2,506,681
Viacom, Inc., Class B		37,350		2,414,304
Total Media				12,224,163
Metal Fabricate/Hardware — 1.0%
Precision Castparts Corp.		11,890		2,376,454
Miscellaneous Manufacturing — 4.0%
3M Co.		15,612		2,408,932
Dover Corp.		34,328		2,409,139
Illinois Tool Works, Inc.		27,036		2,481,635
Parker-Hannifin Corp.		20,656		2,402,912
Total Miscellaneous Manufacturing				9,702,618
Office/Business Equipment — 0.9%
Xerox Corp.		212,020		2,255,893
Oil & Gas — 3.1%
Marathon Petroleum Corp.		47,002		2,458,675
Valero Energy Corp.		42,142		2,638,088
Western Refining, Inc.		53,596		2,337,858
Total Oil & Gas				7,434,621
Oil & Gas Services — 3.9%
Cameron International Corp.*		44,732		2,342,615
FMC Technologies, Inc.*		58,486		2,426,584
Oceaneering International, Inc.		50,478		2,351,770
Schlumberger Ltd.		26,053		2,245,508
Total Oil & Gas Services				9,366,477
Pharmaceuticals — 3.0%
Pfizer, Inc.		71,079		2,383,279
VCA, Inc.*		46,760		2,543,977
Zoetis, Inc.		49,803		2,401,501
Total Pharmaceuticals				7,328,757


Investments	Shares		Value
COMMON STOCKS (continued)
Retail — 8.0%
Dillard’s, Inc., Class A		23,167	$	2,436,937
Dollar General Corp.		32,110		2,496,231
Gap, Inc. (The)		61,863		2,361,311
Home Depot, Inc. (The)		22,537		2,504,537
Lowe’s Cos., Inc.		34,912		2,338,057
Macy’s, Inc.		35,969		2,426,828
McDonald’s Corp.		24,884		2,365,722
TJX Cos., Inc. (The)		38,263		2,531,863
Total Retail				19,461,486
Semiconductors — 4.8%
Intel Corp.		74,978		2,280,456
NVIDIA Corp.		116,072		2,334,208
QUALCOMM, Inc.		36,099		2,260,880
Texas Instruments, Inc.		44,772		2,306,206
Xilinx, Inc.		53,172		2,348,075
Total Semiconductors				11,529,825
Software — 3.0%
Fiserv, Inc.*		31,132		2,578,663
Microsoft Corp.		54,270		2,396,021
VMware, Inc., Class A *^(a)		27,584		2,365,052
Total Software				7,339,736
Telecommunications — 2.0%
Cisco Systems, Inc.		86,466		2,374,356
Juniper Networks, Inc.		90,940		2,361,712
Total Telecommunications				4,736,068
Toys/Games/Hobbies — 1.0%
Hasbro, Inc.		33,632		2,515,337
Transportation — 2.0%
Expeditors International of Washington, Inc.		52,491		2,420,097
United Parcel Service, Inc., Class B		24,938		2,416,742
Total Transportation				4,836,839
Total Common Stocks (Cost $243,637,445)				242,217,774
MONEY MARKET FUND — 0.1%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%^(b) (Cost $268,307)		268,307		268,307

See accompanying Notes to Financial Statements.

117

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ADVISORSHARES TRIMTABS FLOAT SHRINK ETF
Schedule of Investments (continued)

June 30, 2015


Investments	Principal		Value
REPURCHASE AGREEMENTS — 0.3%^(c)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $113,926, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $116,204)	$	113,926	$	113,926
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.12%, total to be received $145,583, (collateralized by various U.S. Government Agency Obligations, 2.50% – 6.50%, 07/01/18 – 07/01/45, totaling $148,495)		145,583		145,583
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $255,000)		250,000		250,000
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $250,001, (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $255,000)		250,000		250,000
Total Repurchase Agreements (Cost $759,509)				759,509
Total Investments — 100.3% (Cost $244,665,261)				243,245,590
Liabilities in Excess of Other Assets — (0.3)%				(773,467	)
Net Assets — 100.0%				$242,472,123

Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,007,503; the aggregate market value of the collateral held by the fund is $3,071,044. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,311,535.

(b)

Rate shown reflects the 7-day yield as of June 30, 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		1.0	%
Aerospace/Defense		2.9
Agriculture		2.9
Apparel		2.0
Beverages		1.0
Biotechnology		2.1
Chemicals		2.9
Commercial Services		6.1
Computers		3.9
Distribution/Wholesale		1.0
Diversified Financial Services		5.0
Electrical Components & Equipment		2.0
Electronics		4.0
Food		3.0
Hand/Machine Tools		1.0
Healthcare – Products		4.1
Healthcare – Services		2.2
Insurance		6.1
Internet		2.1
Iron/Steel		0.9
Lodging		1.0
Machinery – Diversified		1.0
Media		5.0
Metal Fabricate/Hardware		1.0
Miscellaneous Manufacturing		4.0
Office/Business Equipment		0.9
Oil & Gas		3.1
Oil & Gas Services		3.9
Pharmaceuticals		3.0
Retail		8.0
Semiconductors		4.8
Software		3.0
Telecommunications		2.0
Toys/Games/Hobbies		1.0
Transportation		2.0
Money Market Fund		0.1
Repurchase Agreements		0.3
Total Investments		100.3
Liabilities in Excess of Other Assets		(0.3	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

118

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

June 30, 2015



Investments	Shares		Value
COMMON STOCKS — 95.6%
Apparel — 2.9%
LVMH Moet Hennessy Louis Vuitton SE (France)^(a)		12,654	$	444,788
Biotechnology — 3.7%
CSL Ltd. (Australia)^(a)		17,139		570,729
Chemicals — 3.6%
Novozymes A/S (Denmark)^(a)^(b)		11,891		564,704
Commercial Services — 6.8%
Experian PLC (Ireland)^(a)^(b)		33,465		613,079
SGS SA (Switzerland)^(a)^(b)		24,132		437,996
Total Commercial Services				1,051,075
Cosmetics/Personal Care — 5.1%
Svenska Cellulosa AB SCA (Sweden)^(a)^(b)		17,189		439,351
Unicharm Corp. (Japan)^(a)^(b)		72,500		346,550
Total Cosmetics/Personal Care				785,901
Diversified Financial Services — 4.6%
Lazard Ltd., Class A		12,848		722,572
Electronics — 3.8%
Sensata Technologies Holding N.V. (Netherlands)*		11,284		595,118
Food — 10.8%
Chr. Hansen Holding A/S (Denmark)^(a)		29,746		728,777
Nestle SA (Switzerland)^(a)		9,506		685,953
Shoprite Holdings Ltd. (South Africa)^(a)^(b)		18,699		269,640
Total Food				1,684,370
Food Service — 1.9%
Compass Group PLC (United Kingdom)^(a)^(b)		18,100		302,994
Healthcare – Products — 2.6%
Sysmex Corp. (Japan)^(a)		13,793		411,031
Healthcare – Services — 3.1%
ICON PLC (Ireland)*		7,124		479,445
Household Products/Wares — 4.0%
Reckitt Benckiser Group PLC (United Kingdom)^(a)^(b)		35,651		618,901
Insurance — 4.0%
ACE Ltd. (Switzerland)		6,160		626,349
Internet — 5.0%
Tencent Holdings Ltd. (China)^(a)		29,600		593,480
Yandex N.V., Class A (Netherlands)*		12,392		188,606
Total Internet				782,086
Machinery – Diversified — 3.5%
FANUC Corp. (Japan)^(a)		15,691		536,789


Investments	Shares/ Principal		Value
COMMON STOCKS (continued)
Oil & Gas Services — 2.7%
Core Laboratories N.V. (Netherlands)^(b)		3,628	$	413,737
Pharmaceuticals — 4.5%
Novo Nordisk A/S (Denmark)^(a)		12,813		701,640
Retail — 5.8%
Inditex SA (Spain)^(a)		24,099		391,127
Swatch Group AG (The) (Switzerland)^(a)^(b)		12,096		234,910
Wal-Mart de Mexico SAB de CV (Mexico)^(a)		11,576		282,107
Total Retail				908,144
Semiconductors — 13.6%
ARM Holdings PLC (United Kingdom)^(a)		11,298		556,652
ASML Holding N.V. (Netherlands)^(c)		6,286		654,561
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)^(a)		39,425		895,342
Total Semiconductors				2,106,555
Transportation — 3.6%
Canadian Pacific Railway Ltd. (Canada)		3,480		557,600
Total Common Stocks (Cost $12,912,057)				14,864,528
MONEY MARKET FUND — 4.2%
Invesco Government & Agency Portfolio – Private Investment Class, 0.04%^(d) (Cost $651,100)		651,100		651,100
REPURCHASE AGREEMENTS — 15.7%^(e)
Citibank NA, dated 06/30/15, due 07/01/15, 0.14%, total to be received $366,110, (collateralized by various U.S. Government Agency Obligations, 0.63% – 6.50%, 11/15/16 – 07/01/45, totaling $373,431)	$	366,109		366,109
HSBC Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.10%, total to be received $568,081, (collateralized by various U.S. Government Agency Obligations, 0.00% – 9.38%, 07/15/15 – 01/15/37, totaling $579,443)		568,079		568,079

See accompanying Notes to Financial Statements.

119

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

June 30, 2015


Investments	Principal		Value
REPURCHASE AGREEMENTS (continued)
Mizuho Securities USA, Inc., dated 06/30/15, due 07/01/15, 0.14%, total to be received $568,081, (collateralized by various U.S. Government Agency Obligations, 0.00% – 8.50%, 06/13/16 – 04/20/44, totaling $579,441)	$	568,079	$	568,079
Morgan Stanley & Co. LLC, dated 06/30/15, due 07/01/15, 0.09%, total to be received $568,080 (collateralized by various U.S. Government Agency Obligations, 0.75% – 9.50%, 02/16/16 – 05/01/45, totaling $579,441)		568,079		568,079
RBC Capital Markets LLC, dated 06/30/15, due 07/01/15, 0.10%, total to be received $370,374, (collateralized by various U.S. Government Agency Obligations, 2.38% – 6.50%, 03/01/19 – 02/20/65, totaling $377,780)		370,373		370,373
Total Repurchase Agreements (Cost $2,440,719)				2,440,719
Total Investments — 115.5% (Cost $16,003,876)				17,956,347
Liabilities in Excess of Other Assets — (15.5)%				(2,412,849	)
Net Assets — 100.0%			$	15,543,498

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 $2,384,176; the aggregate market value of the collateral held by the fund is $2,440,719.

(c)

Registered Shares.

(d)

Rate shown reflects the 7-day yield as of June 30, 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		2.9	%
Biotechnology		3.7
Chemicals		3.6
Commercial Services		6.8
Cosmetics/Personal Care		5.1
Diversified Financial Services		4.6
Electronics		3.8
Food		10.8
Food Service		1.9
Healthcare – Products		2.6
Healthcare – Services		3.1
Household Products/Wares		4.0
Insurance		4.0
Internet		5.0
Machinery – Diversified		3.5
Oil & Gas Services		2.7
Pharmaceuticals		4.5
Retail		5.8
Semiconductors		13.6
Transportation		3.6
Money Market Fund		4.2
Repurchase Agreements		15.7
Total Investments		115.5
Liabilities in Excess of Other Assets		(15.5	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

120

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ADVISORSHARES YIELDPRO ETF
Schedule of Investments

June 30, 2015


Investments	Shares		Value
EXCHANGE TRADED FUNDS — 98.8%
Debt Fund — 98.8%
iShares 0 – 5 Year High Yield Corporate Bond ETF		71,371	$	3,470,058
PIMCO 0 – 5 Year High Yield Corporate Bond Index Exchange-Traded Fund		34,427		3,438,224
SPDR Barclays Short Term Corporate Bond ETF		239,750		7,336,350
SPDR Nuveen Barclays Municipal Bond ETF		221,476		5,253,411
Vanguard Short-Term Bond ETF		96,047		7,702,009
Vanguard Short-Term Corporate Bond ETF		87,533		6,965,876
Total Exchange Traded Funds (Cost $34,360,900)				34,165,928
MONEY MARKET FUND — 1.4%
Wells Fargo Advantage Government Money Market Fund – Institutional Class, 0.01%^(a) (Cost $492,809)		492,809		492,809
Total Investments — 100.2% (Cost $34,853,709)				34,658,737
Liabilities in Excess of Other Assets — (0.2)%				(60,755	)
Net Assets — 100.0%			$	34,597,982

ETF — Exchange Traded Fund

(a)

Rate shown reflects the 7-day yield as of June 30, 2015.

SUMMARY OF SCHEDULE OF INVESTMENTS


	% of Net Assets
Debt Fund		98.8	%
Money Market Fund		1.4
Total Investments		100.2
Liabilities in Excess of Other Assets		(0.2	)
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities

June 30, 2015


	AdvisorShares Accuvest Global Long Short ETF			AdvisorShares Athena High Dividend ETF			AdvisorShares EquityPro ETF
ASSETS
Investments, at Cost:	$	13,645,530		$	16,242,320		$	19,799,840
Repurchase Agreements, at Cost (Note 3)		—			2,000,530			2,357,879
Total Cost of Investments		13,645,530			18,242,850			22,157,719
Investments, at Market Value (including securities on loan) (Note 2)^(a)		13,443,823			15,234,533			19,179,285
Repurchase Agreements, at Market Value (Note 3)		—			2,000,530			2,357,879
Total Market Value of Investments		13,443,823			17,235,063			21,537,164
Cash		47,392			3,919			—
Cash collateral held at brokers		367,724			—			—
Unrealized Appreciation on Swaps Contracts		147,769			—			—
Dividends and Interest Receivable		64,830			69,537			55,025
Receivable from Securities Sold		—			—			—
Reclaim Receivable		—			529			182
Due from Investment Advisor		—			—			—
Prepaid CCO Fees		188			1			225
Prepaid Expenses		7,684			4,510			6,345
Total Assets		14,079,410			17,313,559			21,598,941
LIABILITIES
Unrealized Depreciation on Swaps Contracts		13,111			—			—
Interest Payable		113,496			—			—
Advisory Payable		10,092			13,395			17,910
Trustee Fees Payable		750			749			735
Payable for Securities Purchased		—			—			—
Cash collateral for securities on loan		—			2,000,530			2,357,879
Payable to Global Echo Foundation		—			—			—
Accrued Expenses		49,566			34,133			43,482
Total Liabilities		187,015			2,048,807			2,420,006
NET ASSETS	$	13,892,395		$	15,264,752		$	19,178,935
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	27,753,377		$	18,490,576		$	18,325,138
Undistributed Net Investment Income (Loss)		—			394			254,396
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures and options written		(13,793,933	)		(2,218,431	)		1,219,956
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations		(67,049	)		(1,007,787	)		(620,555	)
NET ASSETS	$	13,892,395		$	15,264,752		$	19,178,935
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		700,000			800,000			625,000
Net Asset Value (NAV) Per Share	$	19.85		$	19.08		$	30.69
(a) Market value of securities on loan	$	—		$	1,960,360		$	2,305,926

See accompanying Notes to Financial Statements.

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June 30, 2015


	AdvisorShares Gartman Gold/Euro ETF (Consolidated)		AdvisorShares Gartman Gold/Yen ETF (Consolidated)			AdvisorShares Global Echo ETF		AdvisorShares Madrona Domestic ETF			AdvisorShares Madrona Global Bond ETF
ASSETS
Investments, at Cost:	$	11,026,789	$	15,460,955		$	7,389,112	$	28,432,621		$	28,375,381
Repurchase Agreements, at Cost (Note 3)		—		—			179,836		769,212			8,327,697
Total Cost of Investments		11,026,789		15,460,955			7,568,948		29,201,833			36,703,078
Investments, at Market Value (including securities on loan) (Note 2)^(a)		11,026,789		15,460,955			7,855,495		31,605,579			28,139,529
Repurchase Agreements, at Market Value (Note 3)		—		—			179,836		769,212			8,327,697
Total Market Value of Investments		11,026,789		15,460,955			8,035,331		32,374,791			36,467,226
Cash		—		—			—		2,991			—
Cash collateral held at brokers		5,757,933		7,591,526			—		—			—
Unrealized Appreciation on Swaps Contracts		—		—			—		—			—
Dividends and Interest Receivable		—		—			21,784		27,382			6,216
Receivable from Securities Sold		—		—			97,320		—			—
Reclaim Receivable		—		—			—		—			—
Due from Investment Advisor		167		—			—		—			—
Prepaid CCO Fees		247		213			—		269			256
Prepaid Expenses		10,088		10,149			—		7,170			7,181
Total Assets		16,795,224		23,062,843			8,154,435		32,412,603			36,480,879
LIABILITIES
Unrealized Depreciation on Swaps Contracts		—		—			—		—			—
Interest Payable		—		—			—		—			—
Advisory Payable		—		155			7,206		17,124			11,974
Trustee Fees Payable		746		750			—		732			735
Payable for Securities Purchased		—		—			105,901		—			—
Cash collateral for securities on loan		—		—			179,836		769,212			8,327,697
Payable to Global Echo Foundation		—		—			2,620		—			—
Accrued Expenses		36,623		40,285			—		51,044			44,754
Total Liabilities		37,369		41,190			295,563		838,112			8,385,160
NET ASSETS	$	16,757,855	$	23,021,653		$	7,858,872	$	31,574,491		$	28,095,719
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	16,543,043	$	22,850,353		$	7,335,990	$	30,094,165		$	28,908,860
Undistributed Net Investment Income (Loss)		—		—			—		25,582			44
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures and options written		202,189		579,475			56,499		(1,718,214	)		(577,333	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations		12,623		(408,175	)		466,383		3,172,958			(235,852	)
NET ASSETS	$	16,757,855	$	23,021,653		$	7,858,872	$	31,574,491		$	28,095,719
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		1,275,000		1,750,000			125,000		725,000			1,125,000
Net Asset Value (NAV) Per Share	$	13.14	$	13.16		$	62.87	$	43.55		$	24.97
(a) Market value of securities on loan	$	—	$	—		$	280,465	$	905,203		$	8,092,592

See accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities

June 30, 2015


	AdvisorShares Madrona International ETF			AdvisorShares Meidell Tactical Advantage ETF			AdvisorShares Morgan Creek Global Tactical ETF⁽¹⁾
ASSETS
Investments, at Cost:	$	19,663,714		$	16,679,427		$	12,380,704
Repurchase Agreements, at Cost (Note 3)		2,436,360			4,117,585			1,842,084
Investments in Affiliates, at Cost (Note 9)		—			—			—
Total Cost of Investments		22,100,074			20,797,012			14,222,788
Investments, at Market Value (including securities on loan) (Note 2)^(a)		19,335,006			16,973,513			12,328,647
Repurchase Agreements, at Market Value (Note 3)		2,436,360			4,117,585			1,842,084
Investments in Affiliates, at Market Value (Note 9)		—			—			—
Total Market Value of Investments		21,771,366			21,091,098			14,170,731
Cash .		310			—			—
Dividends and Interest Receivable		71,751			44,282			17,645
Reclaim Receivable		8,327			—			—
Cash collateral held at brokers		—			—			—
Receivable from Securities Sold		—			—			—
Due from Investment Advisor		—			—			5,093
Prepaid CCO Fees		227			215			180
Prepaid Expenses		7,121			5,333			9,738
Total Assets		21,859,102			21,140,928			14,203,387
LIABILITIES
Cash collateral for securities on loan		2,436,360			4,117,585			1,842,084
Advisory Payable		5,229			9,950			—
Trustee Fees Payable		744			746			750
Unrealized Depreciation on Swaps Contracts		—			—			—
Securities Sold, Not Yet Purchased^(b)		—			—			—
Payable for Securities Purchased		—			—			—
Capital Shares Payable		—			—			—
CCO Fee Payable		—			—			—
Accrued Expenses		52,102			40,896			51,591
Total Liabilities		2,494,435			4,169,177			1,894,425
NET ASSETS	$	19,364,667		$	16,971,751		$	12,308,962
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	22,760,567		$	17,271,621		$	31,442,884
Undistributed Net Investment Income (Loss)		162,987			64,848			82,968
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures and options written		(3,230,179	)		(658,804	)		(19,164,833	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations		(328,708	)		294,086			(52,057	)
NET ASSETS	$	19,364,667		$	16,971,751		$	12,308,962
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		700,000			550,000			500,000
Net Asset Value (NAV) Per Share	$	27.66		$	30.86		$	24.62
(a) Market value of securities on loan	$	2,356,217		$	4,026,607		$	1,798,342
(b) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—		$	—

(1)

Formerly known as, AdvisorShares Cambria Global Tactical ETF.

See accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities

June 30, 2015


	AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares Pacific Asset Enhanced Floating Rate ETF			AdvisorShares Peritus High Yield ETF			AdvisorShares Pring Turner Business Cycle ETF			AdvisorShares QAM Equity Hedge ETF
ASSETS
Investments, at Cost:	$	217,844,051		$	28,829,414		$	397,218,406		$	4,343,993		$	6,537,673
Repurchase Agreements, at Cost (Note 3)		753,918			—			51,883,351			350,292			—
Investments in Affiliates, at Cost (Note 9)		—			—			—			—			350,000
Total Cost of Investments		218,597,969			28,829,414			449,101,757			4,694,285			6,887,673
Investments, at Market Value (including securities on loan) (Note 2)^(a)		216,057,464			28,652,249			372,542,319			4,418,644			6,802,294
Repurchase Agreements, at Market Value (Note 3)		753,918			—			51,883,351			350,292			—
Investments in Affiliates, at Market Value (Note 9)		—			—			—			—			347,795
Total Market Value of Investments		216,811,382			28,652,249			424,425,670			4,768,936			7,150,089
Cash		1,429,639			14,788			1,954,493			—			9,380
Dividends and Interest Receivable		954,601			126,281			8,142,320			7,071			9,782
Reclaim Receivable		—			—			—			113			—
Cash collateral held at brokers		—			—			—			—			596,891
Receivable from Securities Sold		244,237			1,256			7,721,905			—			92,318
Due from Investment Advisor		—			—			—			3,137			1,544
Prepaid CCO Fees		962			—			1,139			161			170
Prepaid Expenses		6,458			47,950			70,076			5,164			7,591
Total Assets		219,447,279			28,842,524			442,315,603			4,784,582			7,867,765
LIABILITIES
Cash collateral for securities on loan		753,918			—			51,883,351			350,292			—
Advisory Payable		103,844			13,713			362,370			—			—
Trustee Fees Payable		559			747			328			759			756
Unrealized Depreciation on Swaps Contracts .		—			2,712			—			—			—
Securities Sold, Not Yet Purchased^(b)		—			—			—			—			563,007
Payable for Securities Purchased		2,571,055			1,500,000			7,892,500			—			92,454
Capital Shares Payable		—			—			6,111,497			—			—
CCO Fee Payable		—			160			—			—			—
Accrued Expenses		77,097			13,580			74,654			40,613			40,906
Total Liabilities		3,506,473			1,530,912			66,324,700			391,664			697,123
NET ASSETS	$	215,940,806		$	27,311,612		$	375,990,903		$	4,392,918		$	7,170,642
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	219,059,234		$	27,488,348		$	521,065,893		$	4,730,190		$	6,874,003
Undistributed Net Investment Income (Loss)		46,112			18,971			1,073,647			22,133			(29,206	)
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures and options written		(1,377,953	)		(15,830	)		(121,472,550	)		(434,056	)		29,829
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations		(1,786,587	)		(179,877	)		(24,676,087	)		74,651			296,016
NET ASSETS	$	215,940,806		$	27,311,612		$	375,990,903		$	4,392,918		$	7,170,642
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		4,400,000			550,000			9,250,000			175,000			250,000
Net Asset Value (NAV) Per Share	$	49.08		$	49.66		$	40.65		$	25.10		$	28.68
(a) Market value of securities on loan	$	1,376,040		$	—		$	57,428,728		$	340,699		$	—
(b) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—		$	—		$	—		$	596,607

See accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities

June 30, 2015


	AdvisorShares Ranger Equity Bear ETF			AdvisorShares Sage Core Reserves ETF
ASSETS
Investments, at Cost:	$	12,574,072		$	35,102,059
Repurchase Agreements, at Cost (Note 3)		—			265,875
Investments in Affiliates, at Cost (Note 9)		29,997,150			—
Total Cost of Investments		42,571,222			35,367,934
Investments, at Market Value (including securities on loan) (Note 2)^(a)		12,574,072			35,009,331
Repurchase Agreements, at Market Value (Note 3)		—			265,875
Investments in Affiliates, at Market Value (Note 9)		29,811,000			—
Total Market Value of Investments		42,385,072			35,275,206
Cash		76,109,147			—
Cash collateral held at brokers		126,869,695			101,042
Receivable from Securities Sold		11,496,292			—
Dividends and Interest Receivable		201			187,091
Capital Shares Receivable		—			—
Reclaim Receivable		—			—
Prepaid CCO Fees		651			264
Prepaid Expenses		8,874			9,775
Total Assets		256,869,932			35,573,378
LIABILITIES
Securities Sold, Not Yet Purchased^(b)		125,683,452			—
Payable for Securities Purchased		2,839,196			468,792
Advisory Payable		158,392			13,296
Interest Payable		36,290			1,517
Dividend Payable on Securities Sold, Not Yet Purchased		7,200			—
Trustee Fees Payable		636			728
Options Written, at Value^(c)		—			—
Capital Shares Payable		—			—
Cash collateral for securities on loan		—			265,875
Accrued Expenses		86,042			40,429
Total Liabilities		128,811,208			790,637
NET ASSETS	$	128,058,724		$	34,782,741
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	297,055,876		$	35,012,045
Undistributed Net Investment Income (Loss)		(1,549,999	)		3,072
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures and options written		(171,370,520	)		(139,868	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations		3,923,367			(92,508	)
NET ASSETS	$	128,058,724		$	34,782,741
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		11,775,000			350,000
Net Asset Value (NAV) Per Share	$	10.88		$	99.38
(a) Market value of securities on loan	$	—		$	258,996
(b) Proceeds Received from Securities Sold, Not Yet Purchased	$	129,792,969		$	—
(c) Premiums Received for Options Written	$	—		$	—

See accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities

June 30, 2015


	AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Sunrise Global Multi-Strategy ETF			AdvisorShares TrimTabs Float Shrink ETF			AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF			AdvisorShares YieldPro ETF
ASSETS
Investments, at Cost:	$	24,590,212		$	1,476,232		$	243,905,752		$	13,563,157		$	34,853,709
Repurchase Agreements, at Cost (Note 3)		—			—			759,509			2,440,719			—
Investments in Affiliates, at Cost (Note 9)		249,948			—			—			—			—
Total Cost of Investments		24,840,160			1,476,232			244,665,261			16,003,876			34,853,709
Investments, at Market Value (including securities on loan) (Note 2)^(a)		26,169,168			1,538,789			242,486,081			15,515,628			34,658,737
Repurchase Agreements, at Market Value (Note 3)		—			—			759,509			2,440,719			—
Investments in Affiliates, at Market Value (Note 9)		248,425			—			—			—			—
Total Market Value of Investments		26,417,593			1,538,789			243,245,590			17,956,347			34,658,737
Cash		—			—			—			—			—
Cash collateral held at brokers		691,494			296,634			—			—			—
Receivable from Securities Sold		—			—			—			—			2,278,872
Dividends and Interest Receivable		99,864			—			212,776			43,765			14,463
Capital Shares Receivable		—			—			2,852,613			—			—
Reclaim Receivable		—			—			—			25,884			—
Prepaid CCO Fees		250			150			1,173			213			217
Prepaid Expenses		9,189			—			7,241			7,065			9,210
Total Assets		27,218,390			1,835,573			246,319,393			18,033,274			36,961,499
LIABILITIES
Securities Sold, Not Yet Purchased^(b)		—			—			—			—			—
Payable for Securities Purchased		529,954			—			2,849,311			—			—
Advisory Payable		32,845			6,584			179,365			6,063			22,709
Interest Payable		—			—			—			—			—
Dividend Payable on Securities Sold, Not Yet Purchased		—			—			—			—			—
Trustee Fees Payable		736			761			538			746			717
Options Written, at Value^(c)		13,449			—			—			—			—
Capital Shares Payable		—			—			—			—			2,306,720
Cash collateral for securities on loan		—			—			759,509			2,440,719			—
Accrued Expenses		44,685			34,416			58,547			42,248			33,371
Total Liabilities		621,669			41,761			3,847,270			2,489,776			2,363,517
NET ASSETS	$	26,596,721		$	1,793,812		$	242,472,123		$	15,543,498		$	34,597,982
COMPONENTS OF NET ASSETS
Capital Stock at Zero Par Value	$	25,265,157		$	1,929,849		$	254,759,510		$	13,968,534		$	39,156,730
Undistributed Net Investment Income (Loss)		(3,196	)		(45,447	)		887,332			36,011			3,170
Undistributed (Accumulated) Net Gain (Loss) on investments, swaps, short sales, foreign currency transactions, futures and options written		(298,655	)		(153,147	)		(11,755,048	)		(413,518	)		(4,366,946	)
Unrealized Appreciation (Depreciation) on investments, swaps, short sales, options written, futures and foreign currency translations		1,633,415			62,557			(1,419,671	)		1,952,471			(194,972	)
NET ASSETS	$	26,596,721		$	1,793,812		$	242,472,123		$	15,543,498		$	34,597,982
SHARES ISSUED AND OUTSTANDING
Shares Outstanding (Unlimited Shares Authorized)		1,000,000			75,000			4,250,000			400,000			1,500,000
Net Asset Value (NAV) Per Share	$	26.60		$	23.92		$	57.05		$	38.86		$	23.07
(a) Market value of securities on loan	$	—		$	—		$	3,007,503		$	2,384,176		$	—
(b) Proceeds Received from Securities Sold, Not Yet Purchased	$	—		$	—		$	—		$	—		$	—
(c) Premiums Received for Options Written	$	69,431		$	—		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

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Statements of Operations

Year or Period Ended June 30, 2015


	AdvisorShares Accuvest Global Long Short ETF			AdvisorShares Athena High Dividend ETF⁽¹⁾			AdvisorShares EquityPro ETF
INVESTMENT INCOME:
Dividend Income	$	253,781		$	596,676		$	385,425
Dividend Income from Affiliates		—			—			—
Interest Income		123			42			74
Securities lending income (Note 2)		—			34,494			251,942
Foreign withholding tax		—			(14,380	)		(322	)
Total Investment Income		253,904			616,832			637,119
EXPENSES:
Advisory Fees		242,574			88,080			203,974
Accounting & Administration Fees		76,838			10,308			20,444
Professional Fees		23,243			41,097			19,793
Report to Shareholders		13,430			10,837			11,974
Pricing Fees		8,232			4,809			4,898
Exchange Listing Fees		7,497			16,175			7,320
Trustee Fees		2,858			2,920			2,844
Custody Fees		2,524			4,428			1,528
CCO Fees		2,331			2,101			2,234
Transfer Agent Fees		1,348			826			1,912
Insurance Fees		1,077			399			118
Registration Fees		674			5,331			4,634
Contribution to Global Echo Foundation		—			—			—
Miscellaneous Fees		2,038			1,465			6,564
Total Expenses		384,664			188,776			288,237
Advisory Fees Waived/Recoupment		(115,138	)		(79,776	)		30,452
Expense Reimbursement		—			—			—
Net Expenses		269,526			109,000			318,689
Net Investment Income (Loss)		(15,622	)		507,832			318,430
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(1,603,446	)		(2,202,636	)		1,351,756
Investments in Affiliates		—			—			—
In-Kind Redemptions		364,248			—			272,155
In-Kind Redemptions in Affiliates		—			—			—
Swaps		703,697			—			—
Futures		—			—			—
Distributions by other Investment Companies		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(565,669	)		(1,007,787	)		(1,781,112	)
Swaps		103,629			—			—
Futures		—			—			—
Net Realized and Unrealized Gain (Loss)		(997,541	)		(3,210,423	)		(157,201	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,013,163	)	$	(2,702,591	)	$	161,229

(1)

Represents the period July 29, 2014 (commencement of operations) to June 30, 2015.

See accompanying Notes to Financial Statements.

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ADVISORSHARES TRUST
Statements of Operations

Year or Period Ended June 30, 2015


	AdvisorShares Gartman Gold/Euro ETF (Consolidated)			AdvisorShares Gartman Gold/Yen ETF (Consolidated)			AdvisorShares Global Echo ETF			AdvisorShares Madrona Domestic ETF			AdvisorShares Madrona Global Bond ETF
INVESTMENT INCOME:
Dividend Income	$	—		$	—		$	57,312		$	452,640		$	903,195
Dividend Income from Affiliates		—			—			—			—			57,711
Interest Income		1,882			2,510			37,738			76			70
Securities lending income (Note 2)		—			—			6,685			8,093			78,490
Foreign withholding tax		—			—			(3,002	)		(275	)		—
Total Investment Income		1,882			2,510			98,733			460,534			1,039,466
EXPENSES:
Advisory Fees		42,054			50,105			77,169			238,035			135,687
Accounting & Administration Fees		30,736			31,361			—			100,122			76,362
Professional Fees		55,041			55,397			—			22,865			22,892
Report to Shareholders		4,285			5,881			—			8,473			8,833
Pricing Fees		7,527			7,479			—			5,281			5,281
Exchange Listing Fees		12,971			12,971			—			7,546			7,497
Trustee Fees		3,802			3,807			—			2,858			2,856
Custody Fees		—			683			—			14,438			2,338
CCO Fees		1,851			1,946			—			1,987			1,848
Transfer Agent Fees		574			683			—			2,232			2,036
Insurance Fees		—			—			—			951			895
Registration Fees		102			1,850			—			1,633			1,484
Contribution to Global Echo Foundation		—			—			28,062			—			—
Miscellaneous Fees		9,655			9,358			—			1,163			1,517
Total Expenses		168,598			181,521			105,231			407,584			269,526
Advisory Fees Waived/Recoupment		(42,054	)		(50,105	)		—			(35,654	)		(11,721	)
Expense Reimbursement		(76,843	)		(72,201	)		—			—			—
Net Expenses		49,701			59,215			105,231			371,930			257,805
Net Investment Income (Loss)		(47,819	)		(56,705	)		(6,498	)		88,604			781,661
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		258			—			126,566			(698,397	)		(165,278	)
Investments in Affiliates		—			—			(2,935	)		—			(163,677	)
In-Kind Redemptions		—			—			429,774			4,610,406			—
In-Kind Redemptions in Affiliates		—			—			213			—			—
Swaps		—			—			—			—			—
Futures		(434,847	)		338,995			—			—			—
Distributions by other Investment Companies		—			—			—			—			40,871
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			—			(393,159	)		(2,315,861	)		(1,157,891	)
Swaps		—			—			—			—			—
Futures		(45,609	)		(549,013	)		—			—			—
Net Realized and Unrealized Gain (Loss)		(480,198	)		(210,018	)		160,459			1,596,148			(1,445,975	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(528,017	)	$	(266,723	)	$	153,961		$	1,684,752		$	(664,314	)

See accompanying Notes to Financial Statements.

129

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ADVISORSHARES TRUST
Statements of Operations

Year or Period Ended June 30, 2015


	AdvisorShares Madrona International ETF			AdvisorShares Meidell Tactical Advantage ETF			AdvisorShares Morgan Creek Global Tactical ETF⁽¹⁾
INVESTMENT INCOME:
Dividend Income	$	441,804		$	274,639		$	229,143
Dividend Income from Affiliates		—			94			—
Interest Income		75			—			18
Securities lending income (Note 2)		95,830			35,941			32,856
Foreign withholding tax		(50,293	)		—			—
Total Investment Income		487,416			310,674			262,017
EXPENSES:
Advisory Fees		146,608			193,668			159,072
Accounting & Administration Fees		91,559			74,824			77,685
Professional Fees		22,842			22,677			80,366
Custody Fees		19,173			2,522			4,960
Report to Shareholders		8,343			7,416			46,548
Exchange Listing Fees		7,497			7,541			9,729
Pricing Fees		5,281			5,008			5,281
Trustee Fees		2,846			2,840			2,871
CCO Fees		1,599			1,659			2,390
Transfer Agent Fees		1,375			1,211			1,326
Insurance Fees		679			541			1,052
Registration Fees		46			585			—
Interest on Securities Sold, Not Yet Purchased		—			—			—
Miscellaneous Fees		1,080			904			2,900
Total Expenses		308,928			321,396			394,180
Advisory Fees Waived/Recoupment		(79,853	)		(103,519	)		(159,072	)
Expense Reimbursement					—			(14,174	)
Net Expenses		229,075			217,877			220,934
Net Investment Income (Loss)		258,341			92,797			41,083
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(1,472,073	)		192,616			90,596
Investments in Affiliates		—			(936	)		—
In-Kind Redemptions		1,948,380			443,292			1,456,000
In-Kind Redemptions in Affiliates		—			—			—
Swaps		—			—			—
Short Sales		—			—			—
Foreign Currency Transactions		—			—			—
Options Written		—			—			—
Distributions by other Investment Companies		—			—			50,150
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,747,956	)		(189,353	)		(2,482,888	)
Short Sales		—			—			—
Swaps		—			—			—
Foreign currency translations		—			—			—
Net Realized and Unrealized Gain (Loss)		(1,271,649	)		445,619			(886,142	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,013,308	)	$	538,416		$	(845,059	)

(1)

Formerly known as, AdvisorShares Cambria Global Tactical ETF.

(2)

Represents the period February 18, 2015 (commencement of operations) to June 30, 2015.

See accompanying Notes to Financial Statements.

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ADVISORSHARES TRUST
Statements of Operations

Year or Period Ended June 30, 2015


	AdvisorShares Newfleet Multi-Sector Income ETF			AdvisorShares Pacific Asset Enhanced Floating Rate ETF⁽²⁾			AdvisorShares Peritus High Yield ETF			AdvisorShares Pring Turner Business Cycle ETF			AdvisorShares QAM Equity Hedge ETF
INVESTMENT INCOME:
Dividend Income	$	—		$	—		$	2,789,994		$	107,118		$	88,233
Dividend Income from Affiliates		—			—			—			7,858			1,556
Interest Income		6,257,437			434,885			50,192,656			56			260
Securities lending income (Note 2)		14,704			—			817,790			11,135			—
Foreign withholding tax		(1,647	)		—			(422,645	)		(1,987	)		—
Total Investment Income		6,270,494			434,885			53,377,795			124,180			90,049
EXPENSES:
Advisory Fees		1,216,397			90,675			6,609,619			49,131			75,366
Accounting & Administration Fees		166,847			3,818			284,906			62,656			75,961
Professional Fees		25,076			24,496			41,721			22,608			22,761
Custody Fees		25,851			1,633			55,148			886			497
Report to Shareholders		41,286			3,103			159,161			3,639			5,184
Exchange Listing Fees		7,496			5,072			7,497			7,496			7,497
Pricing Fees		19,014			2,132			13,957			5,119			8,232
Trustee Fees		3,090			1,481			4,636			2,821			2,826
CCO Fees		6,745			1,129			24,430			1,308			1,448
Transfer Agent Fees		14,037			716			55,492			368			565
Insurance Fees		4,887			—			24,820			273			290
Registration Fees		7,758			—			62,307			103			294
Interest on Securities Sold, Not Yet Purchased		—			—			—			—			11,570
Miscellaneous Fees		4,884			784			40,412			787			642
Total Expenses		1,543,368			135,039			7,384,106			157,195			213,133
Advisory Fees Waived/Recoupment		(139,832	)		(30,047	)		—			(49,131	)		(75,366	)
Expense Reimbursement		—			—			—			(34,860	)		(13,148	)
Net Expenses		1,403,536			104,992			7,384,106			73,204			124,619
Net Investment Income (Loss)		4,866,958			329,893			45,993,689			50,976			(34,570	)
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(626,103	)		—			(119,735,670	)		(284,838	)		45,329
Investments in Affiliates		—			—			—			(36,870	)		—
In-Kind Redemptions		—			—			1,868,709			35,639			206,231
In-Kind Redemptions in Affiliates		—			—			—			—			(333	)
Swaps		—			(10,073	)		—			—			—
Short Sales		—			—			—			—			44,939
Foreign Currency Transactions		(2,019	)		—			—			—			—
Options Written		—			—			—			—			358
Distributions by other Investment Companies		—			—			—			236			3,848
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,187,563	)		(177,165	)		(52,730,083	)		(478,129	)		(244,333	)
Short Sales		—			—			—			—			52,406
Swaps		—			(2,712	)		—			—			—
Foreign currency translations		(2	)		—			—			—			—
Net Realized and Unrealized Gain (Loss)		(2,815,687	)		(189,950	)		(170,597,044	)		(763,962	)		108,445
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,051,271		$	139,943		$	(124,603,355	)	$	(712,986	)	$	73,875

See accompanying Notes to Financial Statements.

131

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ADVISORSHARES TRUST
Statements of Operations

Year or Period Ended June 30, 2015


	AdvisorShares Ranger Equity Bear ETF			AdvisorShares Sage Core Reserves ETF
INVESTMENT INCOME:
Dividend Income	$	—		$	—
Dividend Income from Affiliates		118,989			—
Interest Income		4,587			171,157
Securities lending income (Note 2)		—			173
Foreign withholding tax		—			(275	)
Total Investment Income		123,576			171,055
EXPENSES:
Advisory Fees		2,239,492			109,224
Accounting & Administration Fees		84,561			41,924
Report to Shareholders		49,183			25,259
Professional Fees		26,379			48,593
Custody Fees		11,278			4,671
Transfer Agent Fees		11,198			2,731
Pricing Fees		8,232			10,699
Exchange Listing Fees		7,497			11,857
Insurance Fees		6,038			210
Registration Fees		3,359			2,512
Trustee Fees		3,105			3,059
CCO Fees		2,577			2,291
Interest on Securities Sold, Not Yet Purchased		1,112,213			—
Dividend Expense		608,898			—
Licensing Fees		—			—
Miscellaneous Fees		9,727			2,629
Total Expenses		4,183,737			265,659
Advisory Fees Waived/Recoupment		—			(109,224	)
Expense Reimbursement		—			(29,007	)
Net Expenses		4,183,737			127,428
Net Investment Income (Loss)		(4,060,161	)		43,627
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		22			15,590
Investments in Affiliates		—			—
In-Kind Redemptions		—			—
In-Kind Redemptions in Affiliates		—			—
Short Sales		(19,107,533	)		—
Foreign Currency Transactions		—			—
Futures		—			(50,432	)
Options Written		—			—
Distributions by other Investment Companies		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(132,000	)		(13,473	)
Short Sales		12,466,124			—
Options Written		—			—
Futures		—			(429	)
Net Realized and Unrealized Gain (Loss)		(6,773,387	)		(48,744	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,833,548	)	$	(5,117	)

(1)

Represents the period July 8, 2014 (commencement of operations) to June 30, 2015.

See accompanying Notes to Financial Statements.

132

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ADVISORSHARES TRUST
Statements of Operations

Year or Period Ended June 30, 2015


	AdvisorShares STAR Global Buy-Write ETF			AdvisorShares Sunrise Global Multi-Strategy ETF⁽¹⁾			AdvisorShares TrimTabs Float Shrink ETF			AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF			AdvisorShares YieldPro ETF
INVESTMENT INCOME:
Dividend Income	$	499,938		$	35,941		$	3,153,895		$	295,994		$	2,443,389
Dividend Income from Affiliates		1,003			—			—			—			174,117
Interest Income		212			—			57			207			512
Securities lending income (Note 2)		—			—			17,733			52,797			—
Foreign withholding tax		—			—			(2,674	)		(32,619	)		—
Total Investment Income		501,153			35,941			3,169,011			316,379			2,618,018
EXPENSES:
Advisory Fees		359,275			31,204			1,787,781			111,297			461,572
Accounting & Administration Fees		77,677			9,016			74,226			72,133			26,636
Report to Shareholders		10,217			10,323			46,688			4,972			28,304
Professional Fees		21,215			56,053			24,681			22,596			43,265
Custody Fees		5,365			1,907			15,561			2,050			3,257
Transfer Agent Fees		1,996			156			13,545			1,113			4,328
Pricing Fees		6,774			5,000			5,350			5,281			7,361
Exchange Listing Fees		7,497			7,802			7,496			7,497			8,143
Insurance Fees		893			343			4,268			453			1,441
Registration Fees		324			740			4,955			1,620			5,785
Trustee Fees		2,860			2,918			3,060			2,834			3,512
CCO Fees		1,846			1,893			6,839			2,408			4,193
Interest on Securities Sold, Not Yet Purchased		—			—			—			—			—
Dividend Expense		—			—			—			—			—
Licensing Fees		—			—			—			6,399			—
Miscellaneous Fees		1,376			1,587			4,550			650			5,822
Total Expenses		497,315			128,942			1,999,000			241,303			603,619
Advisory Fees Waived/Recoupment		(4,976	)		(31,204	)		(211,220	)		(55,807	)		—
Expense Reimbursement		—			(61,333	)		—			—			—
Net Expenses		492,339			36,405			1,787,780			185,496			603,619
Net Investment Income (Loss)		8,814			(464	)		1,381,231			130,883			2,014,399
REALIZED AND UNREALIZED GAIN (LOSS) ON:
Net Realized Gain (Loss) on:
Investments		(21,980	)		(54,452	)		(7,774,553	)		38,779			(3,150,261	)
Investments in Affiliates		—			—			—			—			(482,303	)
In-Kind Redemptions		383,698			54,396			30,524,178			314,566			122,819
In-Kind Redemptions in Affiliates		(111	)		—			—			—			(7,807	)
Short Sales		—			—			—			—			—
Foreign Currency Transactions		—			363			—			—			—
Futures		—			(100,159	)		—			—			—
Options Written		21,458			—			—			—			—
Distributions by other Investment Companies		269			—			—			—			6,121
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(11,288	)		62,557			(7,341,753	)		(262,768	)		(1,445,645	)
Short Sales		—			—			—			—			—
Options Written		46,223			—			—			—			—
Futures		—			—			—			—			—
Net Realized and Unrealized Gain (Loss)		418,269			(37,295	)		15,407,872			90,577			(4,957,076	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	427,083		$	(37,759	)	$	16,789,103		$	221,460		$	(2,942,677	)

See accompanying Notes to Financial Statements.

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ADVISORSHARES TRUST
Statements of Changes in Net Assets


	AdvisorShares Accuvest Global Long Short ETF						AdvisorShares Athena High Dividend ETF
	Year ended June 30, 2015			Year ended June 30, 2014			For the period July 29, 2014* to June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(15,622	)	$	(151,464	)	$	507,832
Net Realized Gain (Loss)		(535,501	)		(1,275,082	)		(2,202,636	)
Net Change in Unrealized Appreciation (Depreciation)		(462,040	)		(579,792	)		(1,007,787	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(1,013,163	)		(2,006,338	)		(2,702,591	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		—			—			(529,121	)
Net Realized Gains		—			—			—
Total Distributions		—			—			(529,121	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		12,476,577			69,802,024			18,496,464
Value of Shares Redeemed		(23,467,035	)		(84,472,216	)		—
Net Increase (Decrease) From Capital Stock Transactions		(10,990,458	)		(14,670,192	)		18,496,464
Net Increase (Decrease) in Net Assets		(12,003,621	)		(16,676,530	)		15,264,752
Net Assets:
Beginning of Period		25,896,016			42,572,546			—
End of Period	$	13,892,395		$	25,896,016		$	15,264,752
Undistributed Net Investment Income (Loss)	$	—		$	—		$	394
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		1,250,000			1,950,000			—
Shares Sold		600,000			3,250,000			800,000
Shares Repurchased		(1,150,000	)		(3,950,000	)		—
End of Period		700,000			1,250,000			800,000

Commencement of operations.

See accompanying Notes to Financial Statements.

134

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ADVISORSHARES TRUST
Statements of Changes in Net Assets


	AdvisorShares EquityPro ETF						AdvisorShares Gartman Gold/Euro ETF (Consolidated)						AdvisorShares Gartman Gold/Yen ETF (Consolidated)
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			For the period February 11, 2014* to June 30, 2014			Year ended June 30, 2015			For the period February 11, 2014* to June 30, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	318,430		$	416,909		$	(47,819	)	$	(3,093	)	$	(56,705	)	$	(7,557	)
Net Realized Gain (Loss)		1,623,911			264,841			(434,589	)		(32,913	)		338,995			(161,492	)
Net Change in Unrealized Appreciation (Depreciation)		(1,781,112	)		1,054,167			(45,609	)		58,232			(549,013	)		140,838
Net Increase (Decrease) In Net Assets Resulting From Operations		161,229			1,735,917			(528,017	)		22,226			(266,723	)		(28,211	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(269,924	)		(154,669	)		(27,862	)		—			(24,357	)		—
Net Realized Gains		(463,353	)		—			(126,850	)		—			(296,740	)		—
Total Distributions		(733,277	)		(154,669	)		(154,712	)		—			(321,097	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		11,378,050			20,096,255			17,829,090			1,280,000			19,728,176			3,909,508
Value of Shares Redeemed		(11,696,707	)		(2,964,386	)		(1,690,732	)		—			—			—
Net Increase (Decrease) From Capital Stock Transactions		(318,657	)		17,131,869			16,138,358			1,280,000			19,728,176			3,909,508
Net Increase (Decrease) in Net Assets		(890,705	)		18,713,117			15,455,629			1,302,226			19,140,356			3,881,297
Net Assets:
Beginning of Period		20,069,640			1,356,523			1,302,226			—			3,881,297			—
End of Period	$	19,178,935		$	20,069,640		$	16,757,855		$	1,302,226		$	23,021,653		$	3,881,297
Undistributed Net Investment Income (Loss)	$	254,396		$	269,918		$	—		$	(3,093	)	$	—		$	(7,557	)
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		625,000			50,000			100,000			—			300,000			—
Shares Sold		375,000			675,000			1,300,000			100,000			1,450,000			300,000
Shares Repurchased		(375,000	)		(100,000	)		(125,000	)		—			—			—
End of Period		625,000			625,000			1,275,000			100,000			1,750,000			300,000

See accompanying Notes to Financial Statements.

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Statements of Changes in Net Assets


	AdvisorShares Global Echo ETF						AdvisorShares Madrona Domestic ETF
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income	$	(6,498	)	$	26,912		$	88,604		$	66,719
Net Realized Gain (Loss)		553,618			33,814			3,912,009			2,601,716
Net Change in Unrealized Appreciation (Depreciation)		(393,159	)		673,768			(2,315,861	)		2,619,735
Net Increase (Decrease) In Net Assets Resulting From Operations		153,961			734,494			1,684,752			5,288,170
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(46,077	)		(2,380	)		(96,271	)		(59,938	)
Total Distributions		(46,077	)		(2,380	)		(96,271	)		(59,938	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		1,593,777			3,045,916			23,992,082			10,327,769
Value of Shares Redeemed		(3,058,904	)		—			(18,761,355	)		(9,393,829	)
Net Increase (Decrease) From Capital Stock Transactions		(1,465,127	)		3,045,916			5,230,727			933,940
Net Increase (Decrease) in Net Assets		(1,357,243	)		3,778,030			6,819,208			6,162,172
Net Assets:
Beginning of Period		9,216,115			5,438,085			24,755,283			18,593,111
End of Period	$	7,858,872		$	9,216,115		$	31,574,491		$	24,755,283
Undistributed Net Investment Income (Loss)	$	—		$	30,808		$	25,582		$	33,249
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		150,000			100,000			600,000			575,000
Shares Sold		25,000			50,000			575,000			275,000
Shares Repurchased		(50,000	)		—			(450,000	)		(250,000	)
End of Period		125,000			150,000			725,000			600,000

See accompanying Notes to Financial Statements.

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Statements of Changes in Net Assets


	AdvisorShares Madrona Global Bond ETF						AdvisorShares Madrona International ETF						AdvisorShares Meidell Tactical Advantage ETF
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income	$	781,661		$	763,418		$	258,341		$	265,073		$	92,797		$	67,957
Net Realized Gain (Loss)		(288,084	)		(166,336	)		476,307			2,099,473			634,972			223,038
Net Change in Unrealized Appreciation (Depreciation)		(1,157,891	)		1,351,960			(1,747,956	)		1,576,909			(189,353	)		491,104
Net Increase (Decrease) In Net Assets Resulting From Operations		(664,314	)		1,949,042			(1,013,308	)		3,941,455			538,416			782,099
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(823,886	)		(761,153	)		(304,843	)		(318,396	)		(93,938	)		—
Total Distributions		(823,886	)		(761,153	)		(304,843	)		(318,396	)		(93,938	)		—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		5,201,228			1,282,317			14,565,285			6,765,707			12,076,557			22,189,205
Value of Shares Redeemed		—			(630,454	)		(13,161,115	)		(6,088,375	)		(11,298,866	)		(16,430,574	)
Net Increase (Decrease) From Capital Stock Transactions		5,201,228			651,863			1,404,170			677,332			777,691			5,758,631
Net Increase (Decrease) in Net Assets		3,713,028			1,839,752			86,019			4,300,391			1,222,169			6,540,730
Net Assets:
Beginning of Period		24,382,691			22,542,939			19,278,648			14,978,257			15,749,582			9,208,852
End of Period	$	28,095,719		$	24,382,691		$	19,364,667		$	19,278,648		$	16,971,751		$	15,749,582
Undistributed Net Investment Income (Loss)	$	44		$	13,352		$	162,987		$	208,792		$	64,848		$	67,182
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		925,000			900,000			650,000			625,000			525,000			325,000
Shares Sold		200,000			50,000			500,000			250,000			400,000			750,000
Shares Repurchased		—			(25,000	)		(450,000	)		(225,000	)		(375,000	)		(550,000	)
End of Period		1,125,000			925,000			700,000			650,000			550,000			525,000

See accompanying Notes to Financial Statements.

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Statements of Changes in Net Assets


	AdvisorShares Morgan Creek Global Tactical ETF⁽¹⁾						AdvisorShares Newfleet Multi-Sector Income ETF
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income	$	41,083		$	514,710		$	4,866,958		$	2,658,998
Net Realized Gain (Loss)		1,596,746			2,606,984			(628,122	)		(52,072	)
Net Change in Unrealized Appreciation (Depreciation)		(2,482,888	)		927,505			(2,187,565	)		2,057,227
Net Increase (Decrease) In Net Assets Resulting From Operations		(845,059	)		4,049,199			2,051,271			4,664,153
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(354,156	)		—			(5,247,098	)		(2,905,125	)
Net Realized Gains		—			—			—			—
Total Distributions		(354,156	)		—			(5,247,098	)		(2,905,125	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			1,306,971			69,253,284			72,137,339
Value of Shares Redeemed		(23,158,545	)		(18,631,777	)		(4,927,422	)		(2,447,417	)
Net Increase (Decrease) From Capital Stock Transactions		(23,158,545	)		(17,324,806	)		64,325,862			69,689,922
Net Increase (Decrease) in Net Assets		(24,357,760	)		(13,275,607	)		61,130,035			71,448,950
Net Assets:
Beginning of Period		36,666,722			49,942,329			154,810,771			83,361,821
End of Period	$	12,308,962		$	36,666,722		$	215,940,806		$	154,810,771
Undistributed Net Investment Income (Loss)	$	82,968		$	354,155		$	46,112		$	77,533
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		1,400,000			2,100,000			3,100,000			1,700,000
Shares Sold		—			50,000			1,400,000			1,450,000
Shares Repurchased		(900,000	)		(750,000	)		(100,000	)		(50,000	)
End of Period		500,000			1,400,000			4,400,000			3,100,000

(1)

Formerly known as, AdvisorShares Cambria Global Tactical ETF.

Commencement of operations.

See accompanying Notes to Financial Statements.

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Statements of Changes in Net Assets


	AdvisorShares Pacific Asset Enhanced Floating Rate ETF			AdvisorShares Peritus High Yield ETF						AdvisorShares Pring Turner Business Cycle ETF
	For the period February 18, 2015* to June 30, 2015			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income	$	329,893		$	45,993,689		$	46,696,979		$	50,976		$	48,924
Net Realized Gain (Loss)		(10,073	)		(117,866,961	)		7,747			(285,833	)		128,393
Net Change in Unrealized Appreciation (Depreciation)		(179,877	)		(52,730,083	)		28,680,594			(478,129	)		580,835
Net Increase (Decrease) In Net Assets Resulting From Operations		139,943			(124,603,355	)		75,385,320			(712,986	)		758,152
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(316,679	)		(48,496,620	)		(45,294,692	)		(53,639	)		(59,326	)
Net Realized Gains		—			—			(385,440	)		—			—
Total Distributions		(316,679	)		(48,496,620	)		(45,680,132	)		(53,639	)		(59,326	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		27,488,348			192,942,545			786,562,567			725,852			1,309,926
Value of Shares Redeemed		—			(719,848,257	)		—			(640,545	)		(2,663,641	)
Net Increase (Decrease) From Capital Stock Transactions		27,488,348			(526,905,712	)		786,562,567			85,307			(1,353,715	)
Net Increase (Decrease) in Net Assets		27,311,612			(700,005,687	)		816,267,755			(681,318	)		(654,889	)
Net Assets:
Beginning of Period		—			1,075,996,590			259,728,835			5,074,236			5,729,125
End of Period	$	27,311,612		$	375,990,903		$	1,075,996,590		$	4,392,918		$	5,074,236
Undistributed Net Investment Income (Loss)	$	18,971		$	1,073,647		$	1,623,319		$	22,133		$	18,295
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		—			20,200,000			5,150,000			175,000			225,000
Shares Sold		550,000			4,000,000			15,050,000			25,000			50,000
Shares Repurchased		—			(14,950,000	)		—			(25,000	)		(100,000	)
End of Period		550,000			9,250,000			20,200,000			175,000			175,000

Commencement of operations.

See accompanying Notes to Financial Statements.

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Statements of Changes in Net Assets


	AdvisorShares QAM Equity Hedge ETF						AdvisorShares Ranger Equity Bear ETF
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	(34,570	)	$	(48,172	)	$	(4,060,161	)	$	(4,722,034	)
Net Realized Gain (Loss)		300,372			338,357			(19,107,511	)		(48,679,864	)
Net Change in Unrealized Appreciation (Depreciation)		(191,927	)		292,416			12,334,124			(3,692,274	)
Net Increase (Decrease) In Net Assets Resulting From Operations		73,875			582,601			(10,833,548	)		(57,094,172	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		—			—			—			—
Net Realized Gains		(64,929	)		(119,153	)		—			—
Total Distributions		(64,929	)		(119,153	)		—			—
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		1,427,899			5,525,090			49,008,377			66,544,424
Value of Shares Redeemed		(2,808,730	)		(1,377,532	)		(72,068,067	)		(65,855,506	)
Net Increase (Decrease) From Capital Stock Transactions		(1,380,831	)		4,147,558			(23,059,690	)		688,918
Net Increase (Decrease) in Net Assets		(1,371,885	)		4,611,006			(33,893,238	)		(56,405,254	)
Net Assets:
Beginning of Period		8,542,527			3,931,521			161,951,962			218,357,216
End of Period	$	7,170,642		$	8,542,527		$	128,058,724		$	161,951,962
Undistributed Net Investment Income (Loss)	$	(29,206	)	$	—		$	(1,549,999	)	$	(2,033,900	)
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		300,000			150,000			13,750,000			13,500,000
Shares Sold		50,000			200,000			4,225,000			4,950,000
Shares Repurchased		(100,000	)		(50,000	)		(6,200,000	)		(4,700,000	)
End of Period		250,000			300,000			11,775,000			13,750,000

Commencement of operations.

See accompanying Notes to Financial Statements.

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Statements of Changes in Net Assets


	AdvisorShares Sage Core Reserves ETF						AdvisorShares STAR Global Buy-Write ETF						AdvisorShares Sunrise Global Multi-Strategy ETF
	Year ended June 30, 2015			For the period January 14, 2014* to June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014			For the period July 8, 2014* to June 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income (Loss)	$	43,627		$	119,779		$	8,814		$	(102,119	)	$	(464	)
Net Realized Gain (Loss)		(34,842	)		2,015			383,334			339,698			(99,852	)
Net Change in Unrealized Appreciation (Depreciation)		(13,902	)		(78,606	)		34,935			2,240,003			62,557
Net Increase (Decrease) In Net Assets Resulting From Operations		(5,117	)		43,188			427,083			2,477,582			(37,759	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(147,384	)		(119,991	)		—			—			(45,346	)
Net Realized Gains		—			—			—			—			—
Total Distributions		(147,384	)		(119,991	)		—			—			(45,346	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		—			37,495,615			1,315,362			4,947,012			3,736,304
Value of Shares Redeemed		(2,483,570	)		—			(2,635,459	)		(2,362,662	)		(1,859,387	)
Net Increase (Decrease) From Capital Stock Transactions		(2,483,570	)		37,495,615			(1,320,097	)		2,584,350			1,876,917
Net Increase (Decrease) in Net Assets		(2,636,071	)		37,418,812			(893,014	)		5,061,932			1,793,812
Net Assets:
Beginning of Period		37,418,812			—			27,489,735			22,427,803			—
End of Period	$	34,782,741		$	37,418,812		$	26,596,721		$	27,489,735		$	1,793,812
Undistributed Net Investment Income (Loss)	$	3,072		$	8,116		$	(3,196	)	$	(60,353	)	$	(45,447	)
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		375,000			—			1,050,000			950,000			—
Shares Sold		—			375,000			50,000			200,000			150,000
Shares Repurchased		(25,000	)		—			(100,000	)		(100,000	)		(75,000	)
End of Period		350,000			375,000			1,000,000			1,050,000			75,000

Commencement of operations.

See accompanying Notes to Financial Statements.

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Statements of Changes in Net Assets


	AdvisorShares TrimTabs Float Shrink ETF						AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF						AdvisorShares YieldPro ETF
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			For the period March 4, 2014* to June 30, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net Investment Income	$	1,381,231		$	831,991		$	130,883		$	48,335		$	2,014,399		$	675,347
Net Realized Gain (Loss)		22,749,625			10,973,199			353,345			70,960			(3,511,431	)		(769,325	)
Net Change in Unrealized Appreciation (Depreciation)		(7,341,753	)		5,511,917			(262,768	)		1,505,268			(1,445,645	)		1,250,673
Net Increase (Decrease) In Net Assets Resulting From Operations		16,789,103			17,317,107			221,460			1,624,563			(2,942,677	)		1,156,695
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net Investment Income		(1,045,971	)		(300,553	)		(94,665	)		(54,540	)		(2,337,383	)		(532,662	)
Total Distributions		(1,045,971	)		(300,553	)		(94,665	)		(54,540	)		(2,337,383	)		(532,662	)
CAPITAL STOCK TRANSACTIONS
Proceeds from Shares Issued		709,868,546			402,230,886			3,760,440			5,438,789			5,215,701			72,033,809
Value of Shares Redeemed		(620,154,900	)		(307,889,188	)		(1,003,980	)		(1,694,175	)		(37,372,924	)		(622,577	)
Net Increase (Decrease) From Capital Stock Transactions		89,713,646			94,341,698			2,756,460			3,744,614			(32,157,223	)		71,411,232
Net Increase (Decrease) in Net Assets		105,456,778			111,358,252			2,883,255			5,314,637			(37,437,283	)		72,035,265
Net Assets:
Beginning of Period		137,015,345			25,657,093			12,660,243			7,345,606			72,035,265			—
End of Period	$	242,472,123		$	137,015,345		$	15,543,498		$	12,660,243		$	34,597,982		$	72,035,265
Undistributed Net Investment Income (Loss)	$	887,332		$	552,118		$	36,011		$	—		$	3,170		$	142,685
Changes in Shares Outstanding
Shares Outstanding, Beginning of Period		2,675,000			625,000			325,000			225,000			2,850,000			—
Shares Sold		13,000,000			8,600,000			100,000			150,000			225,000			2,875,000
Shares Repurchased		(11,425,000	)		(6,550,000	)		(25,000	)		(50,000	)		(1,575,000	)		(25,000	)
End of Period		4,250,000			2,675,000			400,000			325,000			1,500,000			2,850,000

Commencement of operations.

See accompanying Notes to Financial Statements.

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ADVISORSHARES TRUST
Statement of Cash Flows


	AdvisorShares Accuvest Global Long Short ETF			AdvisorShares QAM Equity Hedge ETF			AdvisorShares Ranger Equity Bear ETF
	Year ended June 30, 2015			Year ended June 30, 2015			Year ended June 30, 2015
CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:
Dividends and Interest received	$	382,234		$	91,190		$	123,905
Operating expenses paid		(287,941	)		(123,435	)		(2,510,483	)
Net purchases of short-term investments		(1,629,823	)		(98,367	)		46,446,269
Realized gain (loss) on swap contracts and option contracts		703,697			(10,033	)		—
Purchases of long-term investments		(72,886,453	)		(9,947,590	)		—
Proceeds from disposition of long-term investments		84,997,881			11,530,385			—
Increase/Decrease in receivables for securities sold		—			(92,318	)		(2,941,386	)
Increase/Decrease in payables for securities purchased		—			92,454			(8,761,900	)
Net Increase/Decrease in short sales		—			(334,008	)		(41,192,443	)
Capital gains paid		—			5,314			—
Dividends paid		—			—			(643,731	)
Interest paid		(2,100	)		(11,570	)		(1,137,606	)
Net Cash Flows Provided (Used) By Operating Activities		11,277,495			1,102,022			(10,617,375	)
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES:
Net proceeds from shares issued		12,476,577			1,427,899			49,008,377
Value of shares redeemed		(23,467,035	)		(2,808,730	)		(72,068,067	)
Cash dividends paid to shareholders		—			(64,929	)		—
Deposits with brokers for swap contracts and short sales		(251,597	)		350,254			33,677,065
Net Cash Flows Provided (Used) By Financing Activities		(11,242,055	)		(1,095,506	)		10,617,375
NET INCREASE/DECREASE IN CASH		35,440			6,516			–
Cash, Beginning of year		11,952			2,864			76,109,147
Cash, End of year	$	47,392		$	9,380		$	76,109,147
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	$	(1,013,163	)	$	73,875		$	(10,833,548	)
Increase/Decrease in investments, at value		12,286,472			1,037,256			12,027,213
Increase/Decrease in payable for securities purchased		—			92,454			(8,761,900	)
Increase/Decrease in receivable for securities sold		—			(92,318	)		(2,941,386	)
Increase/Decrease in dividends and interest receivable		128,330			1,141			329
Increase/Decrease in unrealized appreciation (depreciation) on swaps		(103,629	)		—			—
Increase/Decrease in due from/to investment advisor		(16,815	)		(5,618	)		(45,447	)
Increase/Decrease in prepaid expense		873			78			263
Increase/Decrease in interest payable		(2,100	)		—			(25,393	)
Increase/Decrease in dividends payable		—			—			(34,833	)
Increase/Decrease in accrued expenses		(2,473	)		(4,846	)		(2,673	)
Total Adjustments		12,290,658			1,028,147			216,173
Net Cash Flows Provided (Used) By Operating Activities	$	11,277,495		$	1,102,022		$	(10,617,375	)

See accompanying Notes to Financial Statements.

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	AdvisorShares Accuvest Global Long Short ETF
	Year ended June 30, 2015			Year ended June 30, 2014				Year ended June 30, 2013			Year ended June 30, 2012			For the period July 9, 2010* to June 30, 2011
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	20.72		$	21.83			$	21.20		$	20.86		$	25.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.02	)		(0.08	)			(0.34	)		(0.68	)		(0.67	)
Net Realized and Unrealized Gain (Loss)		(0.85	)		(1.03	)			0.97			1.33			(3.47	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		(0.87	)		(1.11	)			0.63			0.65			(4.14	)
Distributions from Net Investment Income		—			—				—			(0.31	)		—
Distributions from Realized Capital Gains		—			—				—			—			—
Total Distributions		—			—				—			(0.31	)		—
Net Asset Value, End of Period	$	19.85		$	20.72			$	21.83		$	21.20		$	20.86
Market Value, End of Period	$	19.85		$	20.72			$	21.98		$	21.22		$	20.86
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		(4.20	)%		(5.08	)%			2.97	%		3.15	%		(16.56	)%
Total Investment Return Based on Market⁽⁵⁾		(4.20	)%		(5.73	)%			3.58	%		3.24	%		(16.56	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	13,892		$	25,896			$	42,573		$	18,022		$	9,385
Ratio to Average Net Assets of:							��
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.50	%		1.73	%⁽⁸⁾			3.96	%⁽⁸⁾		5.77	%⁽⁸⁾		3.10	%⁽⁸⁾
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		2.14	%		1.89	%⁽⁸⁾			4.25	%⁽⁸⁾		8.15	%⁽⁸⁾		3.33	%⁽⁸⁾
Net Investment Income (Loss)⁽⁶⁾		(0.09	)%		(0.39	)%			(1.57	)%		(3.20	)%		(2.82	)%
Portfolio Turnover Rate⁽⁷⁾		379	%		226	%			270	%		365	%		751	%

See accompanying Notes to Financial Statements.

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	AdvisorShares Athena High Dividend ETF			AdvisorShares EquityPro ETF
	For the period July 29, 2014* to June 30, 2015			Year ended June 30, 2015			Year ended June 30, 2014			For the period July 10, 2012* to June 30, 2013
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	25.00		$	32.11		$	27.13		$	25.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		0.90			0.39			1.24			0.22
Net Realized and Unrealized Gain (Loss)		(6.03	)		(1.04	)		4.08			2.06
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		(5.13	)		(0.65	)		5.32			2.28
Distributions from Net Investment Income		(0.79	)		(0.28	)		(0.34	)		(0.13	)
Distributions from Realized Capital Gains		—			(0.49	)		—			(0.02	)
Total Distributions		(0.79	)		(0.77	)		(0.34	)		(0.15	)
Net Asset Value, End of Period	$	19.08		$	30.69		$	32.11		$	27.13
Market Value, End of Period	$	19.08		$	30.70		$	32.11		$	27.12
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		(20.71	)%		(2.01	)%		19.71	%		9.16	%
Total Investment Return Based on Market⁽⁵⁾		(20.65	)%		(1.89	)%		19.76	%		9.11	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	15,265		$	19,179		$	20,070		$	1,357
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		0.99	%		1.25	%		1.25	%		1.25	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.71	%		1.13	%		1.92	%		6.95	%
Net Investment Income (Loss)⁽⁶⁾		4.60	%		1.25	%		4.13	%		0.88	%
Portfolio Turnover Rate⁽⁷⁾		193	%		349	%		21	%		43	%

See accompanying Notes to Financial Statements.

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	AdvisorShares Gartman Gold/Euro ETF (Consolidated)
	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	$	13.02		$	12.80
Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.08	)		(0.03	)
Net Realized and Unrealized Gain		0.97			0.25
Net Increase in Net Assets Resulting from Investment Operations⁽⁴⁾		0.89			0.22
Distributions from Net Investment Income		(0.14	)		—
Distributions from Realized Capital Gains		(0.63	)		—
Total Distributions		(0.77	)		—
Net Asset Value, End of Period	$	13.14		$	13.02
Market Value, End of Period	$	13.11		$	13.07
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		7.33	%		1.72	%
Total Investment Return Based on Market⁽⁵⁾		6.56	%		2.11	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	16,758		$	1,302
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		0.65	%		0.65	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		2.21	%		10.72	%
Net Investment Income (Loss)⁽⁶⁾		(0.63	)%		(0.63	)%
Portfolio Turnover Rate⁽⁷⁾		0	%		0	%

See accompanying Notes to Financial Statements.

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	AdvisorShares Gartman Gold/Yen ETF (Consolidated)						AdvisorShares Global Echo ETF
	Year ended June 30, 2015			For the period February 11, 2014* to June 30, 2014			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
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	12.94		$	12.80		$	61.44		$	54.38		$	50.80		$	50.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.08	)		(0.03	)		(0.06	)		0.22			(0.07	)		(0.02	)
Net Realized and Unrealized Gain		0.86			0.17			1.92			6.86			3.88			0.82
Net Increase in Net Assets Resulting from Investment Operations⁽⁴⁾		0.78			0.14			1.86			7.08			3.81			0.80
Distributions from Net Investment Income		(0.04	)		—			(0.43	)		(0.02	)		—			—
Distributions from Realized Capital Gains		(0.52	)		—			—			—			(0.23	)		—
Total Distributions		(0.56	)		—			(0.43	)		(0.02	)		(0.23	)		—
Net Asset Value, End of Period	$	13.16		$	12.94		$	62.87		$	61.44		$	54.38		$	50.80
Market Value, End of Period	$	13.19		$	13.04		$	62.28		$	61.46		$	54.53		$	50.99
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		6.06	%		1.09	%		3.05	%		13.03	%		7.54	%		1.60	%
Total Investment Return Based on Market⁽⁵⁾		5.45	%		1.88	%		2.06	%		12.75	%		7.43	%		1.98	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	23,022		$	3,881		$	7,859		$	9,216		$	5,438		$	5,080
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		0.65	%		0.65	%		1.50	%		1.50	%		1.50	%		1.50	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.99	%		4.74	%		1.50	%		1.50	%		1.50	%		1.50	%
Net Investment Income (Loss)⁽⁶⁾		(0.62	)%		(0.63	)%		(0.09	)%		0.37	%		(0.13	)%		(0.32	)%
Portfolio Turnover Rate⁽⁷⁾		0	%		0	%		68	%		157	%		180	%		70	%

See accompanying Notes to Financial Statements.

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	AdvisorShares Madrona Domestic ETF
	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	$	41.26		$	32.34		$	25.31		$	26.07		$	25.00
Investment Operations
Net Investment Income⁽²⁾		0.13			0.11			0.15			0.10			0.00	⁽³⁾
Net Realized and Unrealized Gain (Loss)		2.30			8.91			7.01			(0.79	)		1.07
Distributions of Net Realized Gains by other investment companies		—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		2.43			9.02			7.16			(0.69	)		1.07
Distributions from Net Investment Income		(0.14	)		(0.10	)		(0.13	)		(0.07	)		—
Distributions from Realized Capital Gains		—			—			—			—			—
Total Distributions		(0.14	)		(0.10	)		(0.13	)		(0.07	)		—
Net Asset Value, End of Period	$	43.55		$	41.26		$	32.34		$	25.31		$	26.07
Market Value, End of Period	$	43.55		$	41.26		$	32.34		$	25.28		$	26.07
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		5.89	%		27.93	%		28.37	%		(2.65	)%		4.28	%
Total Investment Return Based on Market⁽⁵⁾		5.89	%		27.93	%		28.52	%		(2.76	)%		4.28	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	31,574		$	24,755		$	18,593		$	15,188		$	2,607
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.37	%		1.42	%		1.61	%		1.46	%		10.96	%
Net Investment Income⁽⁶⁾		0.30	%		0.31	%		0.51	%		0.40	%		0.23	%
Portfolio Turnover Rate⁽⁷⁾		15	%		14	%		33	%		40	%		0	%

See accompanying Notes to Financial Statements.

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	AdvisorShares Madrona Global Bond ETF															AdvisorShares Madrona International ETF
	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			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	$	26.36		$	25.05		$	25.69		$	25.01		$	25.00		$	29.66		$	23.97		$	21.06		$	26.17		$	25.00
Investment Operations
Net Investment Income⁽²⁾		0.74			0.86			0.72			0.71			0.01			0.39			0.41			0.39			0.32			0.01
Net Realized and Unrealized Gain (Loss)		(1.39	)		1.30			(0.66	)		0.67			—			(1.92	)		5.77			2.82			(5.33	)		1.16
Distributions of Net Realized Gains by other investment companies		0.04			—			0.01			—			—			—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		(0.61	)		2.16			0.07			1.38			0.01			(1.53	)		6.18			3.21			(5.01	)		1.17
Distributions from Net Investment Income		(0.78	)		(0.85	)		(0.71	)		(0.70	)		—			(0.47	)		(0.49	)		(0.30	)		(0.08	)		—
Distributions from Realized Capital Gains		—			—			(0.00	)⁽³⁾		—			—			—			—			—			(0.02	)		—
Total Distributions		(0.78	)		(0.85	)		(0.71	)		(0.70	)		—			(0.47	)		(0.49	)		(0.30	)		(0.10	)		—
Net Asset Value, End of Period	$	24.97		$	26.36		$	25.05		$	25.69		$	25.01		$	27.66		$	29.66		$	23.97		$	21.06		$	26.17
Market Value, End of Period	$	24.96		$	26.42		$	24.96		$	25.68		$	25.02		$	27.65		$	29.58		$	23.95		$	21.11		$	26.18
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		(2.37	)%		8.80	%		0.20	%		5.59	%		0.04	%		(5.06	)%		25.91	%		15.24	%		(19.11	)%		4.68	%
Total Investment Return Based on Market⁽⁵⁾		(2.63	)%		9.44	%		(0.13	)%		5.49	%		0.08	%		(4.82	)%		25.64	%		14.86	%		(18.95	)%		4.72	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	28,096		$	24,383		$	22,543		$	21,195		$	2,501		$	19,365		$	19,279		$	14,978		$	14,219		$	2,617
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		0.99	%		1.07	%		1.02	%		0.99	%		11.08	%		1.69	%		1.55	%		1.65	%		1.54	%		10.99	%
Net Investment Income⁽⁶⁾		2.88	%		3.36	%		2.73	%		2.81	%		1.68	%		1.41	%		1.48	%		1.65	%		1.48	%		1.14	%
Portfolio Turnover Rate⁽⁷⁾		34	%		20	%		28	%		12	%		0	%		85	%		182	%		93	%		110	%		19	%

See accompanying Notes to Financial Statements.

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	AdvisorShares Meidell Tactical Advantage ETF
	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	$	30.00		$	28.33		$	25.12		$	25.06		$	25.00
Investment Operations
Net Investment Income⁽²⁾		0.17			0.14			0.14			0.00	⁽³⁾		0.01
Net Realized and Unrealized Gain (Loss)		0.87			1.53			3.30			0.08			0.05
Distributions of Net Realized Gains by other investment companies		—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		1.04			1.67			3.44			0.08			0.06
Distributions from Net Investment Income		(0.18	)		—			(0.23	)		(0.02	)		—
Distributions from Realized Capital Gains		—			—			—			—			—
Total Distributions		(0.18	)		—			(0.23	)		(0.02	)		—
Net Asset Value, End of Period	$	30.86		$	30.00		$	28.33		$	25.12		$	25.06
Market Value, End of Period	$	30.87		$	30.00		$	28.37		$	25.48		$	25.07
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		3.47	%		5.89	%		13.81	%		0.31	%		0.24	%
Total Investment Return Based on Market⁽⁵⁾		3.52	%		5.75	%		12.33	%		1.71	%		0.28	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	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	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.99	%		2.12	%		2.99	%		3.69	%		13.70	%
Net Investment Income⁽⁶⁾		0.57	%		0.49	%		0.51	%		0.01	%		1.00	%
Portfolio Turnover Rate⁽⁷⁾		434	%		687	%		605	%		817	%		5	%

See accompanying Notes to Financial Statements.

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	AdvisorShares Morgan Creek Global Tactical ETF⁽¹⁾															AdvisorShares Newfleet Multi-Sector Income ETF
	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			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	$	26.19		$	23.78		$	23.69		$	25.92		$	25.10		$	49.94		$	49.04		$	50.00
Investment Operations
Net Investment Income⁽²⁾		0.06			0.30			0.38			0.21			0.25			1.28			1.26			0.28
Net Realized and Unrealized Gain (Loss)		(1.06	)		2.11			0.27			(2.24	)		0.79			(0.77	)		0.99			(0.99	)
Distributions of Net Realized Gains by other investment companies		0.07			—			0.00	⁽³⁾		—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		(0.93	)		2.41			0.65			(2.03	)		1.04			0.51			2.25			(0.71	)
Distributions from Net Investment Income		(0.64	)		—			(0.56	)		—			(0.22	)		(1.37	)		(1.35	)		(0.25	)
Distributions from Realized Capital Gains		—			—			—			(0.20	)		—			—			—			—
Total Distributions		(0.64	)		—			(0.56	)		(0.20	)		(0.22	)		(1.37	)		(1.35	)		(0.25	)
Net Asset Value, End of Period	$	24.62		$	26.19		$	23.78		$	23.69		$	25.92		$	49.08		$	49.94		$	49.04
Market Value, End of Period	$	24.60		$	26.16		$	23.79		$	23.64		$	25.93		$	49.04		$	49.94		$	49.01
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		(3.59	)%		10.13	%		2.68	%		(7.84	)%		4.17	%		1.04	%		4.65	%		(1.42	)%
Total Investment Return Based on Market⁽⁵⁾		(3.52	)%		9.96	%		2.92	%		(8.07	)%		4.20	%		0.95	%		4.70	%		(1.48	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	12,309		$	36,667		$	49,942		$	78,171		$	178,837		$	215,941		$	154,811		$	83,362
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.25	%		1.25	%		1.15	%		0.99	%		1.02	%		0.75	%		0.75	%		0.75	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		2.23	%		1.24	%		1.15	%		1.08	%		1.04	%		0.82	%		0.83	%		1.13	%
Net Investment Income⁽⁶⁾		0.23	%		1.19	%		1.54	%		0.87	%		1.45	%		2.60	%		2.55	%		1.98	%
Portfolio Turnover Rate⁽⁷⁾		244	%		232	%		236	%		475	%		187	%		49	%		85	%		105	%

See accompanying Notes to Financial Statements.

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Financial Highlights


	AdvisorShares Pacific Asset Enhanced Floating Rate ETF
	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	$	50.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		0.62
Net Realized and Unrealized Gain (Loss)		(0.38	)
Distributions of Net Realized Gains by other investment companies		—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		0.24
Distributions from Net Investment Income		(0.58	)
Distributions from Realized Capital Gains		—
Total Distributions		(0.58	)
Net Asset Value, End of Period	$	49.66
Market Value, End of Period	$	49.78
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		0.47	%
Total Investment Return Based on Market⁽⁵⁾		0.71	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	27,312
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.10	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.41	%
Net Investment Income⁽⁶⁾		3.46	%
Portfolio Turnover Rate⁽⁷⁾		102	%

See accompanying Notes to Financial Statements.

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Financial Highlights


	AdvisorShares Peritus High Yield ETF															AdvisorShares Pring Turner Business Cycle ETF
	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			Year ended June 30, 2015			Year ended June 30, 2014			For the period December 18, 2012* to June 30, 2013
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	53.27		$	50.43		$	48.59		$	51.59		$	50.00		$	29.00		$	25.46		$	25.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		3.59			4.14			4.28			4.20			2.25			0.28			0.24			0.18
Net Realized and Unrealized Gain (Loss)		(12.33	)		2.69			1.66			(2.74	)		1.30			(3.87	)		3.60			0.28
Distributions of Net Realized Gains by other investment companies		—			—			—			0.00	⁽³⁾		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		(8.74	)		6.83			5.94			1.46			3.55			(3.59	)		3.84			0.46
Distributions from Net Investment Income		(3.88	)		(3.95	)		(4.09	)		(3.99	)		(1.96	)		(0.31	)		(0.30	)		—
Distributions from Realized Capital Gains		—			(0.04	)		(0.01	)		(0.47	)		—			—			—			—
Total Distributions		(3.88	)		(3.99	)		(4.10	)		(4.46	)		(1.96	)		(0.31	)		(0.30	)		—
Net Asset Value, End of Period	$	40.65		$	53.27		$	50.43		$	48.59		$	51.59		$	25.10		$	29.00		$	25.46
Market Value, End of Period	$	40.58		$	53.27		$	49.91		$	48.64		$	51.87			25.11		$	29.04		$	25.47
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		(16.82	)%		14.04	%		12.58	%		3.27	%		7.16	%		(12.42	)%		15.19	%		1.84	%
Total Investment Return Based on Market⁽⁵⁾		(16.88	)%		15.20	%		11.29	%		2.75	%		7.73	%		(12.50	)%		15.30	%		1.88	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	375,991		$	1,075,997		$	259,729		$	92,328		$	43,851		$	4,393		$	5,074		$	5,729
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.23	%		1.18	%		1.25	%		1.35	%		1.34	%		1.49	%		1.49	%		1.49	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.23	%		1.18	%		1.23	%		1.35	%		1.57	%		3.20	%		2.55	%		4.70	%
Net Investment Income⁽⁶⁾		7.65	%		7.95	%		8.44	%		8.64	%		7.47	%		1.04	%		0.91	%		1.35	%
Portfolio Turnover Rate⁽⁷⁾		88	%		87	%		37	%		80	%		81	%		73	%		35	%		26	%

See accompanying Notes to Financial Statements.

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Financial Highlights


	AdvisorShares QAM Equity Hedge ETF
	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	$	28.48		$	26.21		$	25.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.13	)		(0.20	)		(0.12	)
Net Realized and Unrealized Gain (Loss)		0.54			2.95			1.51
Distributions of Net Realized Gains by other investment companies		0.01			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		0.42			2.75			1.39
Distributions from Net Investment Income		—			—			(0.08	)
Distributions from Realized Capital Gains		(0.22	)		(0.48	)		(0.10	)
Total Distributions		(0.22	)		(0.48	)		(0.18	)
Net Asset Value, End of Period	$	28.68		$	28.48		$	26.21
Market Value, End of Period	$	28.68		$	28.45		$	26.16
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		1.48	%		10.52	%		5.57	%
Total Investment Return Based on Market⁽⁵⁾		1.60	%		10.62	%		5.36	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	7,171		$	8,543		$	3,932
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.65	%⁽⁹⁾		1.70	%⁽⁹⁾		1.56	%⁽⁹⁾
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		2.83	%⁽⁹⁾		2.66	%⁽⁹⁾		4.61	%⁽⁹⁾
Net Investment Income (Loss)⁽⁶⁾		(0.46	)%		(0.71	)%		(0.50	)%
Portfolio Turnover Rate⁽⁷⁾		131	%		179	%		114	%

See accompanying Notes to Financial Statements.

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Financial Highlights


	AdvisorShares Ranger Equity Bear ETF															AdvisorShares Sage Core Reserves ETF
	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			Year ended June 30, 2015			For the period January 14, 2014* to June 30, 2014
Selected Data for a Share of Capital Stock Outstanding
Net Asset Value, Beginning of Period	$	11.78		$	16.17		$	23.33		$	22.65		$	25.00		$	99.78		$	100.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.31	)		(0.38	)		(0.60	)		(0.72	)		(0.30	)		0.12			0.36
Net Realized and Unrealized Gain (Loss)		(0.59	)		(4.01	)		(6.56	)		1.40			(2.05	)		(0.12	)		(0.25	)
Distributions of Net Realized Gains by other investment companies		—			—			—			—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		(0.90	)		(4.39	)		(7.16	)		0.68			(2.35	)		—			0.11
Distributions from Net Investment Income		—			—			—			—			—			(0.40	)		(0.33	)
Distributions from Realized Capital Gains		—			—			—			—			—			—			—
Total Distributions		—			—			—			—			—			(0.40	)		(0.33	)
Net Asset Value, End of Period	$	10.88		$	11.78		$	16.17		$	23.33		$	22.65		$	99.38		$	99.78
Market Value, End of Period	$	10.88		$	11.79		$	16.16		$	23.34		$	22.65		$	99.40		$	99.80
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		(7.64	)%		(27.15	)%		(30.69	)%		3.00	%		(9.40	)%		(0.00	)%⁽³⁾		0.11	%
Total Investment Return Based on Market⁽⁵⁾		(7.72	)%		(27.04	)%		(30.76	)%		3.05	%		(9.40	)%		(0.00	)%⁽³⁾		0.13	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	128,059		$	161,952		$	218,357		$	313,223		$	50,389		$	34,783		$	37,419
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		2.80	%⁽¹⁰⁾		2.87	%⁽¹⁰⁾		3.12	%⁽¹⁰⁾		3.07	%⁽¹⁰⁾		3.07	%⁽¹⁰⁾		0.35	%		0.35	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		2.80	%⁽¹⁰⁾		2.87	%⁽¹⁰⁾		3.12	%⁽¹⁰⁾		3.06	%⁽¹⁰⁾		3.16	%⁽¹⁰⁾		0.73	%		0.73	%
Net Investment Income (Loss)⁽⁶⁾		(2.72	)%		(2.81	)%		(3.11	)%		(3.06	)%		(3.07	)%		0.12	%		0.78	%
Portfolio Turnover Rate⁽⁷⁾		419	%		484	%		697	%		756	%		635	%		59	%		12	%

See accompanying Notes to Financial Statements.

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Financial Highlights


	AdvisorShares STAR Global Buy-Write ETF
	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	$	26.18		$	23.61		$	25.00
Investment Operations
Net Investment Income (Loss)⁽²⁾		0.01			(0.10	)		(0.03	)
Net Realized and Unrealized Gain (Loss)		0.41			2.67			(1.16	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		0.42			2.57			(1.19	)
Distributions from Net Investment Income		—			—			(0.17	)
Distributions from Realized Capital Gains		—			—			(0.03	)
Total Distributions		—			—			(0.20	)
Net Asset Value, End of Period	$	26.60		$	26.18		$	23.61
Market Value, End of Period	$	26.61		$	26.22		$	23.62
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		1.60	%		10.89	%		(4.80	)%
Total Investment Return Based on Market⁽⁵⁾		1.49	%		11.01	%		(4.76	)%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	26,597		$	27,490		$	22,428
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.85	%		1.85	%		1.85	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.87	%		1.79	%		2.35	%
Net Investment Income (Loss)⁽⁶⁾		0.03	%		(0.42	)%		(0.14	)%
Portfolio Turnover Rate⁽⁷⁾		45	%		166	%		40	%

See accompanying Notes to Financial Statements.

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Financial Highlights


	AdvisorShares Sunrise Global Multi-Strategy ETF			AdvisorShares TrimTabs Float Shrink ETF
	For the period July 8, 2014* to June 30, 2015			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	$	25.00		$	51.22		$	41.05		$	33.16		$	26.20
Investment Operations
Net Investment Income (Loss)⁽²⁾		(0.01	)		0.42			0.43			0.23			0.07
Net Realized and Unrealized Gain (Loss)		(0.62	)		5.75			9.89			7.99			6.90
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		(0.63	)		6.17			10.32			8.22			6.97
Distributions from Net Investment Income		(0.45	)		(0.34	)		(0.15	)		(0.21	)		(0.01	)
Distributions from Realized Capital Gains		—			—			—			(0.12	)		—
Total Distributions		(0.45	)		(0.34	)		(0.15	)		(0.33	)		(0.01	)
Net Asset Value, End of Period	$	23.92		$	57.05		$	51.22		$	41.05		$	33.16
Market Value, End of Period	$	23.90		$	57.05		$	51.25		$	41.13		$	33.24
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		(2.58	)%		12.06	%		25.18	%		25.01	%		26.62	%
Total Investment Return Based on Market⁽⁵⁾		(2.61	)%		11.99	%		25.00	%		24.96	%		26.93	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	1,794		$	242,472		$	137,015		$	25,657		$	8,291
Ratio to Average Net Assets of:
Expenses, net of expense waivers and reimbursements⁽⁶⁾		1.75	%		0.99	%		0.99	%		0.99	%		0.99	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		6.20	%		1.11	%		1.16	%		1.90	%		2.34	%
Net Investment Income (Loss)⁽⁶⁾		(0.02	)%		0.76	%		0.90	%		0.62	%		0.31	%
Portfolio Turnover Rate⁽⁷⁾		203	%		52	%		7	%		57	%		201	%

See accompanying Notes to Financial Statements.

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Financial Highlights


	AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF															AdvisorShares YieldPro ETF
	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			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	$	38.95		$	32.65		$	28.72		$	31.46		$	25.00		$	25.28		$	25.00
Investment Operations
Net Investment Income⁽²⁾		0.34			0.18			0.11			0.07			0.15			0.85			0.29
Net Realized and Unrealized Gain (Loss)		(0.20	)		6.29			3.99			(2.58	)		6.40			(2.07	)		0.20
Distributions of Net Realized Gains by other investment companies		—			—			0.00	⁽³⁾		—			—			0.00	⁽³⁾		—
Net Increase (Decrease) in Net Assets Resulting from Investment Operations⁽⁴⁾		0.14			6.47			4.10			(2.51	)		6.55			(1.22	)		0.49
Distributions from Net Investment Income		(0.23	)		(0.17	)		(0.17	)		(0.11	)		(0.09	)		(0.99	)		(0.21	)
Distributions from Realized Capital Gains		—			—			—			(0.12	)		—			—			—
Total Distributions		(0.23	)		(0.17	)		(0.17	)		(0.23	)		(0.09	)		(0.99	)		(0.21	)
Net Asset Value, End of Period	$	38.86		$	38.95		$	32.65		$	28.72		$	31.46		$	23.07		$	25.28
Market Value, End of Period	$	38.77		$	38.93		$	32.63		$	28.70		$	31.58		$	23.03		$	25.31
Total Return
Total Investment Return Based on Net Asset Value⁽⁵⁾		0.36	%		19.85	%		14.30	%		(7.94	)%		26.21	%		(4.92	)%		1.95	%
Total Investment Return Based on Market⁽⁵⁾		0.19	%		19.85	%		14.29	%		(8.36	)%		26.69	%		(5.20	)%		2.07	%
Ratios/Supplemental Data
Net Assets, End of Period (000’s omitted)	$	15,543		$	12,660		$	7,346		$	6,462		$	8,651		$	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	%		1.05	%		1.07	%
Expenses, prior to expense waivers and reimbursements⁽⁶⁾		1.63	%		1.67	%		2.52	%		4.17	%		3.04	%		1.05	%		1.07	%
Net Investment Income⁽⁶⁾		0.88	%		0.50	%		0.36	%		0.24	%		0.52	%		3.49	%		3.64	%
Portfolio Turnover Rate⁽⁷⁾		27	%		24	%		38	%		16	%		34	%		128	%		8	%

Commencement of operations.

(1)

Formerly known as, AdvisorShares Cambria Global Tactical 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 Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(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)

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.

(8)

The expense ratio includes interest and dividend expenses on short sales of 0.23%, 2.46%, 4.27%, and 1.60% for the periods ended June 30, 2014, June 30, 2013, June 30, 2012, and June 30, 2011, respectively.

(9)

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

(10)

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

See accompanying Notes to Financial Statements.

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ADVISORSHARES TRUST
Notes to Financial Statements

June 30, 2015

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 23 active funds (the “Funds” or “ETFs” and individually, the “Fund” or “ETF”):


Fund	Ticker		Commencement of Operations
AdvisorShares Accuvest Global Long Short ETF		AGLS		July 9, 2010
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 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 Pring Turner Business Cycle ETF		DBIZ		December 18, 2012
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 Sunrise Global Multi-Strategy ETF		MULT		July 8, 2014
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 July 28, 2014, AdvisorShares Cambria Global Tactical ETF changed its name to AdvisorShares Morgan Creek Global Tactical ETF.

AdvisorShares Accuvest Global Long Short ETF (“Accuvest Global Long Short ETF”) seeks average annual returns in excess of the total return of the MSCI World Index by investing in both long and short positions in Underlying ETFs that offer diversified exposure to global regions. The Fund may also use derivatives tied to the broad market indices when establishing net long and net short exposure on top of the core long/short portfolio.

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

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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.

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.

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.

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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 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 Pring Turner Business Cycle ETF (“Pring Turner Business Cycle ETF”) seeks long-term growth from capital appreciation and income. The cornerstone of the Portfolio Manager’s investment philosophy rests on the core belief of building wealth consistently while minimizing portfolio risk. DBIZ is a multi-asset class fund that dynamically allocates among stock, bond, inflation-sensitive securities, and cash. The Portfolio Manager has developed a pro-active asset allocation and sector rotation process designed around the stage changes in the business cycle. DBIZ’s disciplined decision-making employs multiple layers of input including business cycle, fundamental, and technical analysis. This adaptive approach combines continuous asset allocation changes, diversification with careful sector selections, and income emphasis.

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.

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

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

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

AdvisorShares Sunrise Global Multi-Strategy ETF (“Sunrise Global Multi-Strategy ETF”) seeks to provide long-term total returns by investing long and short in a variety of asset classes and investment strategies. The Portfolio Manager seeks to achieve MULT’s objective by tactically investing, both long and short, in global equity, bond, currency and commodity markets as opportunities arise within those markets.

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.

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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 June 30, 2015		% of ETF’s Total Net Assets at June 30, 2015
Gartman Gold/Euro ETF		February 11, 2014	$	2,502,550		14.9	%
Gartman Gold/Yen ETF		February 11, 2014		4,052,733		17.6

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.

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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.

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 June 30, 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.

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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 year ended June 30, 2015 are $11,570 and $1,112,213, 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 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

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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 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.

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3. Summary of Significant Accounting Policies - (continued)

The value of loaned securities and related collateral outstanding at June 30, 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	Description		Gross Amounts of Recognized Assets (Liabilities)								Financial Instruments			Collateral Pledged/ Received			Net Amount
Accuvest Global Long Short ETF		Swaps	$	134,658		$	—	$	134,658		$	134,658		$	5,615,680		$	—
Athena High Dividend ETF		Repurchase Agreements		2,000,530			—		2,000,530			2,000,530	*		2,040,543			—
EquityPro ETF		Repurchase Agreements		2,357,879			—		2,357,879			2,357,879	*		2,405,039			—
Global Echo ETF		Repurchase Agreements		179,836			—		179,836			179,836	*		290,632	⁽¹⁾		—
Madrona Domestic ETF		Repurchase Agreements		769,212			—		769,212			769,212	*		944,309	⁽¹⁾		—
Madrona Global Bond ETF		Repurchase Agreements		8,327,697			—		8,327,697			8,327,697	*		8,494,258			—
Madrona International ETF		Repurchase Agreements		2,436,360			—		2,436,360			2,436,360	*		2,485,088			—
Meidell Tactical Advantage ETF		Repurchase Agreements		4,117,585			—		4,117,585			4,117,585	*		4,199,940			—
Morgan Creek Global Tactical ETF		Repurchase Agreements		1,842,084			—		1,842,084			1,842,084	*		1,878,928			—
Newfleet Multi-Sector Income ETF		Repurchase Agreements		753,918			—		753,918			753,918	*		1,427,082	⁽¹⁾		—
Pacific Asset Enhanced Floating Rate ETF		Swaps		(2,712	)		—		(2,712	)		(2,712)			—			—
Peritus High Yield ETF		Repurchase Agreements		51,883,351			—		51,883,351			51,883,351	*		59,886,589	⁽¹⁾		—
Pring Turner Business Cycle ETF		Repurchase Agreements		350,292			—		350,292			350,292	*		357,298			—
Sage Core Reserves ETF		Repurchase Agreements		265,875			—		265,875			265,875	*		271,192			—
TrimTabs Float Shrink ETF		Repurchase Agreements		759,509			—		759,509			759,509	*		3,086,234	⁽¹⁾		—
WCM/BNY Mellon Focused Growth ADR ETF		Repurchase Agreements		2,440,719			—		2,440,719			2,440,719	*		2,489,536			—

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.

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.

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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:
Accuvest Global Long Short ETF		1.35	%
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	%
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	%
Pring Turner Business Cycle ETF		1.00	%
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	%
Sunrise Global Multi-Strategy ETF		1.50	%
TrimTabs Float Shrink ETF		0.99	%
WCM/BNY Mellon Focused Growth ADR ETF		0.75	%
YieldPro ETF		0.80	%

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.

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

Sub-Advisory Agreements

Each Fund’s investment sub-advisor provides investment advice and management services to the Fund. AdvisorShares supervises the day-to-day investment and reinvestment of the assets in the Fund and is responsible for monitoring the Fund’s adherence to its investment mandate. Pursuant to an investment sub-advisory agreement between each sub-advisor and the Advisor, the sub-advisor receives an annual fee.

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

Expense Limitation Agreement

The Advisor has contractually agreed to 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 year ended June 30, 2015 were as follows:


Fund:	Rate:
Accuvest Global Long Short ETF		1.50	%
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	%
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	%
Pring Turner Business Cycle ETF		1.49	%
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	%
Sunrise Global Multi-Strategy ETF		1.75	%
TrimTabs Float Shrink ETF		0.99	%
WCM/BNY Mellon Focused Growth ADR ETF		1.25	%
YieldPro ETF		1.25	%

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June 30, 2015

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

For the year ended June 30, 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:
Accuvest Global Long Short ETF	$	83,973	$	81,563		6/30/2016
		63,291		63,291		6/30/2017
		115,138		115,138		6/30/2018
Total Accuvest Global Long Short ETF		262,402		259,992
Athena High Dividend ETF		83,036		79,776		6/30/2018
Total Athena High Dividend ETF		83,036		79,776
EquityPro ETF		83,603		52,349		6/30/2016
		67,622		67,622		6/30/2017
		802		802		6/30/2018
Total EquityPro ETF		152,027		120,773
Gartman Gold Euro ETF		49,169		49,169		6/30/2017
		118,897		118,897		6/30/2018
Total Gartman Gold Euro ETF		168,066		168,066
Gartman Gold Yen ETF		48,900		48,900		6/30/2017
		122,306		122,306		6/30/2018
Total Gartman Gold Yen ETF		171,206		171,206
Madrona Domestic ETF		59,617		59,418		6/30/2016
		35,931		35,931		6/30/2017
		35,654		35,654		6/30/2018
Total Madrona Domestic ETF		131,202		131,003
Madrona Global Bond ETF		28,515		16,462		6/30/2016
		27,899		27,899		6/30/2017
		12,090		12,090		6/30/2018
Total Madrona Global Bond ETF		68,504		56,451
Madrona International ETF		60,597		60,597		6/30/2016
		54,221		54,221		6/30/2017
		79,853		79,853		6/30/2018
Total Madrona International ETF		194,671		194,671
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
Total Meidell Tactical Advantage ETF		329,471		327,206
Morgan Creek Global Tactical ETF		15,570		—		6/30/2016
		4,358		—		6/30/2017
		175,707		165,254		6/30/2018
Total Morgan Creek Global Tactical ETF		195,635		165,254

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June 30, 2015

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


Fund:	Expenses Reimbursed:		Recoupment Balance:		Recoupment Expiration:
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
Total Newfleet Multi-Sector Income ETF		304,863		304,863
Pacific Asset Enhanced Floating Rate ETF		30,047		30,047		6/30/2018
Total Pacific Asset Enhanced Floating Rate ETF		30,047		30,047
Pring Turner Business Cycle ETF		68,085		68,085		6/30/2016
		57,187		57,187		6/30/2017
		83,991		83,991		6/30/2018
Total Pring Turner Business Cycle ETF		209,263		209,263
QAM Equity Hedge ETF		98,205		98,205		6/30/2016
		65,019		65,019		6/30/2017
		88,514		88,514		6/30/2018
Total QAM Equity Hedge ETF		251,738		251,738
Sage Core Reserves ETF		58,758		55,754		6/30/2017
		141,235		141,235		6/30/2018
Total Sage Core Reserves ETF		199,993		196,989
STAR Global Buy-Write ETF		58,584		32,717		6/30/2016
		3,240		3,240		6/30/2017
		13,786		13,786		6/30/2018
Total STAR Global Buy-Write ETF		75,610		49,743
Sunrise Global Multi-Strategy ETF		97,168		92,537		6/30/2018
Total Sunrise Global Multi-Strategy ETF		97,168		92,537
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
Total TrimTabs Float Shrink ETF		484,099		484,099
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
Total WCM/BNY Mellon Focused Growth ADR ETF		190,145		186,074

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.

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.

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June 30, 2015

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

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.

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

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June 30, 2015

6. Summary of Fair Value Disclosure - (continued)

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 June 30, 2015 in valuing the Funds’ assets carried at fair value:


Assets	Accuvest Global Long Short ETF			Athena High Dividend ETF		EquityPro ETF		Gartman Gold/Euro ETF			Gartman Gold/Yen ETF			Global Echo ETF
Level 1
Exchange Traded Funds	$	10,852,304		$	—	$	18,714,718	$	—		$	—		$	—
Common Stocks		—			15,154,349		—		—			—			5,263,154
Money Market Funds		2,591,519			80,184		464,567		11,026,789			15,460,955			324,692
Futures†		—			—		—		267,757			—			—
Level 2
Municipal Bonds		—			—		—		—			—			300,000
Asset Backed Securities		—			—		—		—			—			1,170,379
U.S. Government Agency Securities		—			—		—		—			—			797,270
Repurchase Agreements for Securities Loaned		—			2,000,530		2,357,879		—			—			179,836
Swaps Contracts†		147,769			—		—		—			—			—
Liabilities
Level 1
Futures†		—			—		—		(255,134	)		(408,175	)		—
Level 2
Swaps Contracts†		(13,111	)		—		—		—			—			—
Total	$	13,578,481		$	17,235,063	$	21,537,164	$	11,039,412		$	15,052,780		$	8,035,331


Assets	Madrona Domestic ETF		Madrona Global Bond ETF		Madrona International ETF		Meidell Tactical Advantage ETF			Morgan Creek Global Tactical ETF		Newfleet Multi-Sector Income ETF
Level 1
Exchange Traded Funds	$	—	$	27,812,843	$	—	$	16,358,834		$	8,997,190	$	—
Closed End Fund		—		—		—		—			658,862		—
Common Stocks		31,260,189		—		18,818,244		—			—		—
Money Market Funds		345,390		326,686		516,762		614,679			2,672,595		10,181,323
Level 2
Corporate Bonds		—		—		—		—			—		40,700,400
Foreign Bonds		—		—		—		—	��		—		13,036,071
US Treasury Notes		—		—		—		—			—		4,214,257
U.S. Government Agency Securities		—		—		—		—			—		1,348,585
Asset Backed Securities		—		—		—		—			—		56,980,504
Mortgage Backed Securities		—		—		—		—			—		63,214,617
Term Loans		—		—		—		—			—		26,381,707
Repurchase Agreements for Securities Loaned		769,212		8,327,697		2,436,360		4,117,585			1,842,084		753,918
Total	$	32,374,791	$	36,467,226	$	21,771,366	$	21,091,098		$	14,170,731	$	216,811,382

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June 30, 2015

6. Summary of Fair Value Disclosure - (continued)


Assets	Pacific Asset Enhanced Floating Rate ETF			Peritus High Yield ETF		Pring Turner Business Cycle ETF		QAM Equity Hedge ETF			Ranger Equity Bear ETF			Sage Core Reserves ETF
Level 1
Exchange Traded Funds	$	—		$	—	$	1,605,194	$	6,579,930		$	29,811,000		$	—
Common Stocks		—			116,051		2,347,069		—			—			—
Money Market Funds		1,216,054			—		466,381		570,159			12,574,072			3,653,086
Futures†		—			—		—		—			—			2,646
Level 2
Corporate Bonds		3,662,423			253,563,342		—		—			—			15,638,484
Foreign Bonds		—			48,170,150		—		—			—			3,113,561
Municipal Bonds		—			—		—		—			—			765,742
US Treasury Notes		—			—		—		—			—			1,860,727
US Treasury Bills		—			—		—		—			—			100,004
Asset Backed Securities		—			—		—		—			—			5,167,796
Commercial Mortgage Backed Securities		—			—		—		—			—			4,709,931
Term Loans		23,773,772			70,692,776		—		—			—			—
Repurchase Agreements for Securities Loaned		—			51,883,351		350,292		—			—	��		265,875
Liabilities
Level 1
Exchange Traded Funds		—			—		—		(563,007	)		—			—
Liabilities
Level 1															—
Exchange Traded Funds		—			—		—		—			—			—
Common Stocks		—			—		—		—			(125,683,452	)		—
Futures†		—			—		—		—			—			(2,426	)
Level 2
Swaps Contracts†		(2,712	)		—		—		—			—			—
Total	$	28,649,537		$	424,425,670	$	4,768,936	$	6,587,082		$	(83,298,380	)	$	35,275,426


Assets	STAR Global Buy-Write ETF			Sunrise Global Multi-Strategy ETF		TrimTabs Float Shrink ETF		WCM/BNY Mellon Focused Growth ADR ETF		YieldPro ETF
Level 1
Exchange Traded Funds	$	23,939,303		$	1,423,528	$	—	$	—	$	34,165,928
Common Stocks		405,235			—		242,217,774		14,864,528		—
Money Market Funds		1,046,062			115,261		268,307		651,100		492,809
Level 2
U.S. Treasury Notes		1,026,993			—		—		—		—
Repurchase Agreements for Securities Loaned		—			—		759,509		2,440,719		—
Liabilities
Level 1
Written Options†		(13,449	)		—		—		—		—
Total	$	26,404,144		$	1,538,789	$	243,245,590	$	17,956,347	$	34,658,737

†

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

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June 30, 2015

6. Summary of Fair Value Disclosure - (continued)

There were no transfers between Level 1 and Level 2 fair value measurements that occurred during the year ended June 30, 2015.

The Funds did not hold any Level 3 securities as of June 30, 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 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 June 30, 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
Accuvest Global Long Short ETF		Unrealized Appreciation on Swaps Contracts	$	147,769	$	—	$	—	$	—
Gartman Gold/Euro ETF		Unrealized Appreciation on Futures Contracts		—		267,757		—		—
Sage Core Reserves ETF		Unrealized Appreciation on Futures Contracts		—		—		—		2,646
			$	147,769	$	267,757	$	—	$	2,646


Fund:	Liability Derivatives:		Equity Risk			Foreign Exchange Risk			Commodity Risk			Interest Rate Risk
Accuvest Global Long Short ETF		Unrealized Depreciation on Swaps Contracts	$	(13,111	)	$	—		$	—		$	—
Gartman Gold/Euro ETF		Unrealized Depreciation on Futures Contracts		—			—			(255,134	)		—
Gartman Gold/Yen ETF		Unrealized Depreciation on Futures Contracts		—			(67,239	)		(340,936	)		—
Pacific Asset Enhanced Floating Rate ETF		Unrealized Depreciation on Swaps Contracts		(2,712	)		—			—			—
Sage Core Reserves ETF		Unrealized Depreciation on Futures Contracts		—			—			—			(2,426	)
STAR Global Buy-Write ETF		Options Written, at Value		(6,926	)		—			—			(6,523	)
			$	(22,749	)	$	(67,239	)	$	(596,070	)	$	(8,949	)

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June 30, 2015

7. Valuation of Derivative Instruments - (continued)

Transactions in derivative instruments during the year ended June 30, 2015, were as follows:

Statements of Operations:


Fund:	Realized Gain (Loss):		Equity Risk			Foreign Exchange Risk			Commodity Risk			Interest Rate Risk
Accuvest Global Long Short ETF		Swaps	$	703,697		$	—		$	—		$	—
Gartman Gold/Euro ETF		Futures		—			378,635			(813,482	)		—
Gartman Gold/Yen ETF		Futures		—			940,073			(601,078	)		—
Pacific Asset Enhanced Floating Rate ETF		Swaps		(10,073	)		—			—			—
QAM Equity Hedge ETF		Investments – Options Purchased		(10,391	)		—			—			—
QAM Equity Hedge ETF		Options Written		358			—			—			—
Sage Core Reserves ETF		Futures		—			—			—			(50,432	)
STAR Global Buy-Write ETF		Investments – Options Purchased		1,127			—			—			—
STAR Global Buy-Write ETF		Options Written		21,458			—			—			—
Sunrise Global Multi Strategy		Futures		(3,109	)		(105,470	)		(337	)		8,757
YieldPro ETF		Investments – Options Purchased		(2,416,236	)		—			—			(953,770	)
			$	(1,713,169	)	$	1,213,238		$	(1,414,897	)	$	(995,445	)


Fund:	Change in Unrealized Gain (Loss):		Equity Risk			Foreign Exchange Risk			Commodity Risk			Interest Rate Risk
Accuvest Global Long Short ETF		Swaps	$	103,629		$	—		$	—		$	—
Gartman Gold/Euro ETF		Futures		—			271,615			(317,224	)		—
Gartman Gold/Yen ETF		Futures		—			(21,807	)		(527,206	)		—
Pacific Asset Enhanced Floating Rate ETF		Swaps		(2,712	)		—			—			—
Sage Core Reserves ETF		Futures		—			—			—			(429	)
STAR Global Buy-Write ETF		Investments – Options Purchased		—			—			—			1,338
STAR Global Buy-Write ETF		Options Written		51,302			—			—			(5,079	)
YieldPro ETF		Investments – Options Purchased		186,125			—			—			132,059
			$	338,344		$	249,808		$	(844,430	)	$	127,889

For the year ended June 30, 2015, the volume of the derivatives opened by the Funds were as follows:


	Accuvest Global Long Short ETF		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		Sunrise Global Multi- Strategy		YieldPro ETF
Long Swaps Contracts		—		—		—		3,500,000		—		—		—		—		—
Short Swaps Contracts		5,623,633		—		—		—		—		—		—		—		—
Purchased Options Contracts		—		—		—		—		160		—		49		—		115,970
Written Options Contracts		—		—		—		—		60		—		9,050		—		—
Short Futures Contracts		—		315		474		—		—		45		—		197		—
Long Futures Contracts		—		404		419		—		—		—		—		540		—

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June 30, 2015

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 June 30, 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.

At June 30, 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)
Accuvest Global Long Short ETF	$	13,861,988	$	103,015	$	(521,180	)	$	(418,165	)	$	134,658
Athena High Dividend ETF		19,135,951		417,260		(2,318,148	)		(1,900,888	)		—
EquityPro ETF		22,157,719		12,827		(633,382	)		(620,555	)		—
Gartman Gold/Euro ETF		11,026,789		—		—			—			—
Gartman Gold/Yen ETF		15,460,955		—		—			—			—
Global Echo ETF		7,569,676		677,422		(211,767	)		465,655			—
Madrona Domestic ETF		29,239,494		4,191,287		(1,055,990	)		3,135,297			—
Madrona Global Bond ETF		36,778,939		471,747		(783,460	)		(311,713	)		—
Madrona International ETF		22,148,190		1,064,704		(1,441,528	)		(376,824	)		—
Meidell Tactical Advantage ETF		20,797,012		419,573		(125,487	)		294,086			—
Morgan Creek Global Tactical ETF		14,192,305		596,318		(617,892	)		(21,574	)		—
Newfleet Multi-Sector Income ETF		218,628,294		846,468		(2,663,380	)		(1,816,912	)		—
Pacific Asset Enhanced Floating Rate ETF		28,829,414		39,506		(216,671	)		(177,165	)		(2,712	)
Peritus High Yield ETF		449,634,724		3,113,965		(28,323,019	)		(25,209,054	)		—
Pring Turner Business Cycle ETF		4,694,468		249,102		(174,634	)		74,468			—
QAM Equity Hedge ETF		6,920,397		333,187		(73,060	)		229,692			30,435
Ranger Equity Bear ETF		42,571,222		6,726,609		(4,788,772	)		(186,150	)		2,123,987
Sage Core Reserves ETF		35,367,934		12,713		(105,441	)		(92,728	)		—
STAR Global Buy-Write ETF		24,883,597		1,855,530		(321,534	)		1,533,996			55,982
Sunrise Global Multi-Strategy ETF		1,479,358		65,484		(6,053	)		59,431			—
TrimTabs Float Shrink ETF		244,739,467		6,089,353		(7,583,230	)		(1,493,877	)		—
WCM/BNY Mellon Focused Growth ADR ETF		16,025,589		2,466,540		(535,782	)		1,930,758			—
YieldPro ETF		34,853,709		1,802		(196,774	)		(194,972	)		—

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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8. Federal Income Tax - (continued)

At June 30, 2015, the components of distributable earnings/loss on a tax basis were as follows:


Fund	Undistributed Income		Accumulated Capital Gains/ (Losses)			Timing Differences			Net Unrealized Appreciation (Depreciation)			Total Earnings (Losses)
Accuvest Global Long Short ETF	$	—	$	(12,583,302	)	$	(994,173	)	$	(283,507	)	$	(13,860,982	)
Athena High Dividend ETF		394		(299,791	)		(1,025,539	)		(1,900,888	)		(3,225,824	)
EquityPro ETF		1,352,991		121,361			—			(620,555	)		853,797
Gartman Gold/Euro ETF		469,946		—			(255,134	)		—			214,812
Gartman Gold/Yen ETF		170,869		341,367			(340,936	)		—			171,300
Global Echo ETF		57,227		—			—			465,655			522,882
Madrona Domestic ETF		25,582		(990,628	)		(689,925	)		3,135,297			1,480,326
Madrona Global Bond ETF		44		(359,644	)		(141,828	)		(311,713	)		(813,141	)
Madrona International ETF		173,789		(2,120,908	)		(1,071,957	)		(376,824	)		(3,395,900	)
Meidell Tactical Advantage ETF		64,848		(658,804	)		—			294,086			(299,870	)
Morgan Creek Global Tactical ETF		132,899		(19,011,958	)		(233,289	)		(21,574	)		(19,133,922	)
Newfleet Multi-Sector Income ETF		46,112		(546,261	)		(801,367	)		(1,816,912	)		(3,118,428	)
Pacific Asset Enhanced Floating Rate ETF		18,971		—			(15,830	)		(179,877	)		(176,736	)
Peritus High Yield ETF		1,073,647		(23,048,636	)		(97,890,947	)		(25,209,054	)		(145,074,990	)
Pring Turner Business Cycle ETF		22,133		(110,781	)		(323,092	)		74,468			(337,272	)
QAM Equity Hedge ETF		51,095		14,623			(29,206	)		260,127			296,639
Ranger Equity Bear ETF		—		(156,506,507	)		(14,428,482	)		1,937,837			(168,997,152	)
Sage Core Reserves ETF		3,072		(25,960	)		(113,688	)		(92,728	)		(229,304	)
STAR Global Buy-Write ETF		—		(173,044	)		(85,370	)		1,589,978			1,331,564
Sunrise Global Multi-Strategy ETF		—		(98,290	)		(97,178	)		59,431			(136,037	)
TrimTabs Float Shrink ETF		887,332		(7,755,380	)		(3,925,462	)		(1,493,877	)		(12,287,387	)
WCM/BNY Mellon Focused Growth ADR ETF		36,011		(391,805	)		—			1,930,758			1,574,964
YieldPro ETF		3,170		(1,767,067	)		(2,599,879	)		(194,972	)		(4,558,748	)

The differences between book and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences.

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June 30, 2015

8. Federal Income Tax - (continued)

At June 30, 2015, the effect of permanent book/tax reclassifications resulted in increases/(decreases) to the components of net assets as follows:


Fund	Undistributed Net Investment Income			Accumulated Net Realized Gains/(Losses)			Paid-in Capital
Accuvest Global Long Short ETF	$	15,622		$	(156,029	)	$	140,407
Athena High Dividend ETF		21,683			(15,795	)		(5,888	)
EquityPro ETF		(64,028	)		(160,628	)		224,656
Gartman Gold/Euro ETF		78,774			765,406			(844,180	)
Gartman Gold/Yen ETF		88,619			544,352			(632,971	)
Global Echo ETF		21,767			(440,682	)		418,915
Madrona Domestic ETF		—			(4,608,427	)		4,608,427
Madrona Global Bond ETF		28,917			(28,917	)		—
Madrona International ETF		697			(1,918,468	)		1,917,771
Meidell Tactical Advantage ETF		(1,193	)		(440,631	)		441,824
Morgan Creek Global Tactical ETF		41,886			(1,333,530	)		1,291,644
Newfleet Multi-Sector Income ETF		348,719			(348,719	)		—
Pacific Asset Enhanced Floating Rate ETF		5,757			(5,757	)		—
Peritus High Yield ETF		1,953,259			(3,495,231	)		1,541,972
Pring Turner Business Cycle ETF		6,501			(39,111	)		32,610
QAM Equity Hedge ETF		5,364			(195,588	)		190,224
Ranger Equity Bear ETF		4,544,062			(173,304	)		(4,370,758	)
Sage Core Reserves ETF		98,713			(98,713	)		—
STAR Global Buy-Write ETF		48,343			(690,474	)		642,131
Sunrise Global Multi-Strategy ETF		363			(53,295	)		52,932
TrimTabs Float Shrink ETF		(46	)		(30,484,934	)		30,484,980
WCM/BNY Mellon Focused Growth ADR ETF		(207	)		(314,359	)		314,566
YieldPro ETF		183,469			(85,998	)		(97,471	)

For Financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of net operating losses and distribution reclassifications.

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June 30, 2015

8. Federal Income Tax - (continued)

The tax character of distributions paid during the years ended June 30, 2015 and 2014 were:


Fund	2015 Ordinary Income		2015 Long Term Capital Gains		2014 Ordinary Income		2014 Long Term Capital Gains
Athena High Dividend ETF	$	529,121	$	—	$	—	$	—
EquityPro ETF		528,866		204,411		154,669		—
Gartman Gold/Euro ETF		78,602		76,110		—		—
Gartman Gold/Yen ETF		143,054		178,043		—		—
Global Echo ETF		43,499		2,578		2,380		—
Madrona Domestic ETF		96,271		—		59,938		—
Madrona Global Bond ETF		823,886		—		761,153		—
Madrona International ETF		304,843		—		318,396		—
Meidell Tactical Advantage ETF		93,938		—		—		—
Morgan Creek Global Tactical ETF		354,156		—		—		—
Newfleet Multi-Sector Income ETF		5,247,098		—		2,905,125		—
Pacific Asset Enhanced Floating Rate ETF		316,679		—		—		—
Peritus High Yield ETF		48,496,620		—		45,680,132		—
Pring Turner Business Cycle ETF		53,639		—		59,326		—
QAM Equity Hedge ETF		28,704		36,225		92,485		26,668
Sage Core Reserves ETF		147,384		—		119,991		—
Sunrise Global Multi-Strategy ETF		45,346		—		—		—
TrimTabs Float Shrink ETF		1,045,971		—		300,553		—
WCM/BNY Mellon Focused Growth ADR ETF		94,665		—		54,540		—
YieldPro ETF		2,337,383		—		532,662		—

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
Accuvest Global Long Short ETF	$	—	$	994,172	$	1
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
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
Pring Turner Business Cycle ETF		—		219,147		103,945
QAM Equity Hedge ETF		29,206		—		—
Ranger Equity Bear ETF		1,549,999		12,878,483		—

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June 30, 2015

8. Federal Income Tax - (continued)


Fund	Late Year Ordinary Deferral		Short-Term Post-October Loss		Long-Term Post-October Loss
Sage Core Reserves ETF	$	—	$	50,439	$	63,249
STAR Global Buy-Write ETF		3,196		—		—
Sunrise Global Multi-Strategy ETF		45,447		—		51,731
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
Accuvest Global Long Short ETF	$	12,162,244	$	421,058	$	12,583,302
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
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
Pring Turner Business Cycle ETF		110,781		—		110,781
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
Sunrise Global Multi-Strategy ETF		98,290		—		98,290
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

The following Funds utilized capital loss carryforwards to offset taxable capital gains realized during the year ended June 30, 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

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June 30, 2015

8. Federal Income Tax - (continued)

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 year ended June 30, 2015 are as follows:


Affiliated Fund Name	Value at 06/30/2014		Purchases/ Additions		Sales/ Reductions			Value at 6/30/2015		Dividend Income		Realized Gain (Loss)
Global Echo ETF
Ranger Equity Bear ETF	$	11,780	$	1,361	$	(13,669	)	$	—	$	—	$	(461	)
Sage Core Reserves ETF		1,098,409		49,940		(1,147,794	)		—		—		(2,261	)
Madrona Global Bond ETF
Peritus High Yield ETF		3,112,080		405,318		(3,191,587	)		—		57,711		(163,677	)
Meidell Tactical Advantage ETF
Sage Core Reserves ETF		—		740,093		(739,157	)		—		94		(936	)
Pring Turner Business Cycle ETF
Peritus High Yield ETF		234,467		32,691		(222,722	)		—		7,858		(36,870	)
QAM Equity Hedge ETF
Sage Core Reserves ETF		419,202		69,615		(139,283	)		347,795		1,556		(333	)
Ranger Equity Bear ETF
Sage Core Reserves ETF		29,943,000		—		—			29,811,000		118,989		—
STAR Global Buy-Write ETF
Sage Core Reserves ETF		262,001		12,425		(24,889	)		248,425		1,003		(111	)
YieldPro ETF
Peritus High Yield ETF		10,049,182		—		(9,444,655	)		—		174,117		(490,110	)

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June 30, 2015

10. Investment Transactions

Purchases and sales of investments for the year ended June 30, 2015 are as follows:


	Purchases						Sales
Fund	Long Term		U.S. Government		In-Kind		Long Term		U.S. Government		In-Kind
Accuvest Global Long Short ETF	$	61,959,309	$	—	$	10,927,144	$	64,148,819	$	—		20,849,062
Athena High Dividend ETF		22,657,615		—		18,311,868		22,425,724		—		—
EquityPro ETF		85,111,513		—		11,129,191		85,287,428		—		11,422,839
Global Echo ETF		4,515,365		—		934,701		5,255,968		—		1,811,051
Madrona Domestic ETF		21,194,485		—		5,165,187		4,391,580		—		16,674,191
Madrona Global Bond ETF		9,142,245		—		5,140,741		9,092,103		—		—
Madrona International ETF		27,287,484		—		1,374,040		15,393,417		—		12,246,366
Meidell Tactical Advantage ETF		61,159,561		—		12,123,292		61,126,969		—		11,534,828
Morgan Creek Global Tactical ETF		38,433,968		—		—		43,005,946		—		21,223,718
Newfleet Multi-Sector Income ETF		125,718,786		18,982,150		—		67,702,191		21,273,353		—
Pacific Asset Enhanced Floating Rate ETF		54,400,253		—		—		26,765,281		—		—
Peritus High Yield ETF		524,418,498		—		9,778,318		753,025,960		—		278,139,770
Pring Turner Business Cycle ETF		3,362,037		—		622,074		3,211,088		—		504,728
QAM Equity Hedge ETF		10,011,421		—		1,233,709		9,874,405		—		2,615,349
Ranger Equity Bear ETF		770,767,975		—		—		729,575,510		—		—
Sage Core Reserves ETF		12,594,708		—		—		15,385,463		—		—
STAR Global Buy-Write ETF		14,889,119		—		1,173,914		10,468,525		—		2,203,312
Sunrise Global Multi Strategy ETF		3,467,999		—		3,004,527		3,615,520		—		1,495,978
TrimTabs Float Shrink ETF		94,570,185		—		704,482,402		331,842,168		—		376,977,599
WCM/BNY Mellon Focused Growth ADR ETF		3,873,731		—		3,605,547		4,232,128		—		939,935
YieldPro ETF		66,469,065		—		5,044,252		74,249,615		—		31,821,881

Options Written transactions, during the year ended June 30, 2015, were as follows:


QAM Equity Hedge ETF	Contracts			Premiums Paid/Received
Options outstanding at June 30, 2014		—		$	—
Options written		60			358
Options terminated in closing purchase transactions		—			—
Options expired		(60	)		(358	)
Options exercised		—			—
Options outstanding at June 30, 2015		—			—


STAR Global Buy-Write ETF	Contracts			Premiums Paid/Received
Options outstanding at June 30, 2014		1,030		$	57,243
Options written		9,050			726,138
Options terminated in closing purchase transactions		(5,841	)		(484,805	)
Options expired		(2,535	)		(155,115	)
Options exercised		(1,112	)		(74,030	)
Options outstanding at June 30, 2015		592			69,431

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June 30, 2015

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.

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June 30, 2015

12. Subsequent Events - (continued)

Since June 30, 2015, the following events occurred:

On July 28, 2015, the Advisor announced it will liquidate Accuvest Global Long Short ETF. The Trust’s Board of Trustees approved the liquidation of the Fund. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on August 14, 2015.

The following Funds paid dividends after June 30, 2015:

Fund

Ticker

Ordinary Income
Per Share
Distributed

Payable Date

Peritus High Yield ETF

HYLD

0.29998

07/30/2015

Madrona Global Bond ETF

FWDB

0.06215

07/30/2015

Newfleet Multi-Sector Income ETF

MINC

0.09423

07/30/2015

Sage Core Reserves ETF

HOLD

0.03877

07/30/2015

YieldPro ETF

YPRO

0.01773

07/30/2015

Pacific Asset Enhanced Floating Rate

FLRT

0.14686

07/30/2015

Athena High Dividend ETF

DIVI

0.02010

07/30/2015

13. Unaudited Tax Information

Qualified Dividend Income — Certain dividends paid by the Funds may be subject to a minimum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the period ended June 30, 2015, taxed at a maximum rate of 15% were:


Fund	Percentage
Athena High Dividend ETF		94.21	%
EquityPro ETF		56.06	%
Gartman Gold/Euro ETF		12.31	%
Gartman Gold/Yen ETF		9.14	%
Global Echo ETF		29.18	%
Madrona Domestic ETF		100.00	%
Madrona Global Bond ETF		17.46	%
Madrona International ETF		93.26	%
Meidell Tactical Advantage ETF		28.48	%
Morgan Creek Global Tactical ETF		100.00	%
Peritus High Yield ETF		4.76	%
Pring Turner Business Cycle ETF		100.00	%
QAM Equity Hedge ETF		35.23	%
Sunrise Global Multi-Strategy ETF		69.28	%
TrimTabs Float Shrink ETF		100.00	%
WCM/BNY Mellon Focused Growth ADR ETF		100.00	%
YieldPro ETF		61.46	%

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June 30, 2015

13. Unaudited Tax Information - (continued)

Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the period ended June 30, 2015 that qualifies for the dividends received deduction were:


Fund	Percentage
Athena High Dividend ETF		78.62	%
EquityPro ETF		56.06	%
Global Echo ETF		29.18	%
Madrona Domestic ETF		100.00	%
Madrona Global Bond ETF		9.34	%
Meidell Tactical Advantage ETF		28.48	%
Morgan Creek Global Tactical ETF		53.99	%
Pring Turner Business Cycle ETF		93.99	%
QAM Equity Hedge ETF		22.36	%
Sunrise Global Multi-Strategy ETF		76.54	%
TrimTabs Float Shrink ETF		100.00	%
YieldPro ETF		59.80	%

Qualified Interest Income — For nonresident alien shareholders, the percentage of ordinary income distributions for the period ended June 30, 2015 that qualifies as qualified interest income were:


Fund	Percentage
Madrona Global Bond ETF		43.90	%
Newfleet Multi-Sector Income ETF		100.00	%
Pacific Asset Enhanced Floating Rate ETF		100.00	%
Peritus High Yield ETF		83.36	%
Sage Core Reserves ETF		100.00	%
YieldPro ETF		45.00	%

The following Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:


Fund	Taxes Paid		Foreign Source Income
EquityPro ETF	$	11,059	$	180,999
Madrona International ETF		47,368		429,241
Meidell Tactical Advantage ETF		4,909		67,684
Morgan Creek Global Tactical ETF		20,345		200,997

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders
AdvisorShares Trust

We have audited the accompanying statements of assets and liabilities of Accuvest Global Long Short ETF, Athena High Dividend ETF, EquityPro ETF, Global Echo ETF, Madrona Domestic ETF, Madrona Global Bond ETF, Madrona International ETF, Meidell Tactical Advantage ETF, Morgan Creek Global Tactical ETF (formerly known as Cambria Global Tactical ETF), Newfleet Multi-Sector Income ETF, Pacific Asset Enhanced Floating Rate ETF, Peritus High Yield ETF, Pring Turner Business Cycle ETF, QAM Equity Hedge ETF, Ranger Equity Bear ETF, Sage Core Reserves ETF, STAR Global Buy-Write ETF, Sunrise Global Multi-Strategy ETF, TrimTabs Float Shrink ETF, WCM/BNY Mellon Focused Growth ADR ETF, and YieldPro ETF, each a series of AdvisorShares Trust (the “Trust”), including the schedules of investments as of June 30, 2015, and the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated thereon, and with respect to Accuvest Global Long Short ETF, QAM Equity Hedge ETF, and Ranger Equity Bear ETF, the statements of cash flows for the year ended June 30, 2015. We have audited the accompanying consolidated statements of assets and liabilities of Gartman Gold/Euro ETF and Gartman Gold/Yen ETF, each a series of AdvisorShares Trust (the “Trust”), including the consolidated schedules of investments as of June 30, 2015, and the related consolidated statements of operations, the consolidated statements of changes in net assets and the consolidated financial highlights for the periods indicated thereon These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal controls over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Accuvest Global Long Short ETF, Athena High Dividend ETF, EquityPro ETF, Global Echo ETF, Madrona Domestic ETF, Madrona Global Bond ETF, Madrona International ETF, Meidell Tactical Advantage ETF, Morgan Creek Global Tactical ETF, Newfleet Multi-Sector Income ETF, Pacific Asset Enhanced Floating Rate ETF, Peritus High Yield ETF, Pring Turner Business Cycle ETF, QAM Equity Hedge ETF, Ranger Equity Bear ETF, Sage Core Reserves ETF, STAR Global Buy-Write ETF, Sunrise Global Multi-Strategy ETF, TrimTabs Float Shrink ETF, WCM/BNY Mellon Focused Growth ADR ETF, and YieldPro ETF, as of June 30, 2015, and the results of their operations, their cash flows (for Accuvest Global Long Short ETF, QAM Equity Hedge ETF, and Ranger Equity Bear ETF), the changes in their net assets and their financial highlights for the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the consolidated financial position of Gartman Gold/Euro ETF and Gartman Gold/Yen ETF as of June 30, 2015, and the results of their consolidated operations, the consolidated changes in their net assets and their consolidated financial highlights for the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
August 28, 2015

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ADVISORSHARES TRUST
Board of Trustees and Officers (Unaudited)

The business of the Trust is managed under the direction of the Trust’s Board of Trustees. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. Each Trustee serves until his or her successor is duly elected or appointed and qualified.

The name, age, address, and principal occupations during the past five years for each Trustee and officer of the Trust is set forth below, along with the other public directorships held by the Trustees. More information about the Trustees is in the Trust’s Statement of Additional Information, which is available without charge by calling 1-877-843-3831.

Name, Address,
and Year of Birth

Position(s)
Held with
the Trust,
Term of Office
and Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen by
Trustee

Other
Directorships
Held by
Trustee During
Past 5 Years

Interested Trustee

Noah Hamman*
4800 Montgomery Lane, Suite 150 Bethesda, MD 20814
(1968)

Trustee
(no set term);
served since 2009

President of AdvisorShares Trust
(2009 – present); Chief Executive
Officer, President, and Founder of
AdvisorShares Investments, LLC
(2006 – present).

None

Independent Trustees

Elizabeth (“Betsy”)
Piper/Bach
4800 Montgomery
Lane, Suite 150
Bethesda, MD
20814
(1952)

Trustee
(no set term);
served since 2009

Vice President/Chief Operating Officer of
NADA Retirement Administrators,
Inc. (2009 – present).

None

William G. McVay
4800 Montgomery
Lane, Suite 150
Bethesda, MD
20814
(1954)

Trustee
(no set term);
served since 2011

Founder of RDK Strategies, LLC
(2007 – present).

None

Officers

Noah Hamman
4800 Montgomery
Lane, Suite 150
Bethesda, MD
20814
(1968)

President
(no set term);
served since 2009

President of AdvisorShares Trust
(2009 – present); Chief Executive
Officer, President, and Founder of
AdvisorShares Investments, LLC
(2006 – present).

N/A

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ADVISORSHARES TRUST
Board of Trustees and Officers (Unaudited) (Continued)


Name, Address, and Year of Birth	Position(s) Held with the Trust, Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Dan Ahrens 4144 N. Central Expressway, Suite 600 Dallas, TX 75204 (1966)	Secretary & Treasurer (no set terms); served since 2009	Managing Director of AdvisorShares Investments, LLC (2013 – present); Chief Compliance Officer of the Trust (2009 – 2013); Executive Vice President of AdvisorShares Investments, LLC (2008 – 2013).	N/A	N/A
Stefanie Little 11 Gina Marie Lane Elkton, MD 21921 (1967)	Chief Compliance Officer (no set term); served since 2013	Chief Compliance Officer of AdvisorShares Investments, LLC and the Trust (2013 – present); Managing Member of SEC Compliance Alliance, LLC (2012 – present), President of Little Consulting Group, Inc. (2011 – present); Director of Cipperman Compliance Services (2008 – 2011).	N/A	N/A

Mr. Hamman is an “interested” person of the Trust, as that term is defined in the 1940 Act, by virtue of his ownership and controlling interest in the Advisor.

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Board Review of Investment Advisory and Sub-Advisory Agreements

Renewal of the Advisory Agreement for Each Fund and the Sub-Advisory Agreement for the AdvisorShares Peritus High Yield ETF, AdvisorShares Meidell Tactical Advantage ETF, AdvisorShares TrimTabs Float Shrink ETF, AdvisorShares Pring Turner Business Cycle ETF, AdvisorShares Newfleet Multi-Sector Income ETF, AdvisorShares Accuvest Global Long Short ETF, and AdvisorShares Sage Core Reserves ETF

At meetings of the Board of Trustees (the “Board”) of AdvisorShares Trust (the “Trust”) held on February 23, 2015 and May 13, 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 (a) separate sub-advisory agreements (collectively, the “Sub-Advisory Agreements”) between AdvisorShares Investments, LLC (the “Advisor”) and (1) Peritus I Asset Management, LLC, on behalf of the AdvisorShares Peritus High Yield ETF, (2) American Wealth Management, on behalf of the AdvisorShares Meidell Tactical Advantage ETF, (3) TrimTabs Asset Management, LLC, on behalf of the AdvisorShares TrimTabs Float Shrink ETF, (4) Pring Turner Capital Group, on behalf of the AdvisorShares Pring Turner Business Cycle ETF, (5) Newfleet Asset Management, on behalf of the AdvisorShares Newfleet Multi-Sector Income ETF, (6) Accuvest Global Advisors, on behalf of the AdvisorShares Accuvest Global Long Short ETF, and (7) Sage Advisory Services Ltd. Co., on behalf of the AdvisorShares Sage Core Reserves ETF (collectively, the “Sub-Advisors”), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds, and (b) the investment advisory agreement (together with the Sub-Advisory Agreements, the “Advisory Agreements”) between the Advisor and the Trust, on behalf of each series of the Trust (each a “Fund” and collectively, the “Funds”).

Pursuant to Section 15 of the 1940 Act, to continue after their initial two-year term, the 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 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 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 Advisor and each Sub-Advisor; (ii) the investment performance of each Fund; (iii) the costs of the services provided and profits and other benefits realized by the Advisor, each Sub-Advisor, and their affiliates from the relationship with each Fund; (iv) the personnel and operations of each 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, as discussed in further detail below.

At the meetings, the Board was presented with additional information to help it evaluate the Advisor’s and each Sub-Advisor’s fee and other aspects of the Advisory Agreements. The Board received an overview of the Advisor’s and 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 the Advisor’s and each Sub-Advisor’s overall business generally, including any noteworthy personnel changes. The Board deliberated on the renewal of the 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

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

deliberations, the Board considered the factors and reached the conclusions described below relating to the selection of the Advisor and each Sub-Advisor and the renewal of each 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 the Advisor and each Sub-Advisor, the Board reviewed the portfolio management services provided to the Funds. The Board also noted the extensive responsibilities that the Advisor has as investment adviser to the Funds, including the selection of the Funds’ sub-advisers and oversight of the sub-advisers’ compliance with Fund policies and objectives, oversight of general Fund compliance with federal laws, and the implementation of Board directives as they relate to the Funds. The most recent Form ADV for the Advisor and each Sub-Advisor also was provided to the Board, as were the responses of the Advisor and each Sub-Advisor to a detailed series of questions that requested, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Funds.

The Board also considered the Advisor’s and each Sub-Advisor’s overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning the Advisor’s and each Sub-Advisor’s compliance function, operational capabilities, and portfolio management team. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Advisor and each Sub-Advisor.

Performance of the Funds

The Board was provided with information regarding each Fund’s performance for various periods, as well as comparative performance information. The Advisor and 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. In particular, a representative from Accuvest Global Advisors addressed the performance of the AdvisorShares Accuvest Global Long Short ETF and discussed strategies to improve its performance. Based on the information provided by the Advisor and each Sub-Advisor, the Board concluded that generally it was satisfied with the investment results that the Advisor and each Sub-Advisor had been able to achieve for its respective Fund.

Cost of Advisory Services, Profitability, and Economies of Scale

In concluding that the advisory and sub-advisory fees payable with respect to each Fund were reasonable, the Board reviewed the advisory fees paid by each Fund to the Advisor, the sub-advisory fees paid by the Advisor to each Sub-Advisor, the fees waived and/or expenses reimbursed by the Advisor and each Sub-Advisor over the period, the costs and other expenses incurred by the Advisor and 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. The Board concluded for each Fund that the advisory fees appeared reasonable in light of the services rendered. In addition, the Board considered for each Fund whether economies of scale were realized during the current contract period and concluded that no significant economies of scale had yet been achieved.

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

Conclusion

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

Approval of New and Interim Sub-Advisory Agreements for AdvisorShares TrimTabs Float Shrink ETF

On May 31, 2015, TrimTabs Asset Management, LLC (“TrimTabs”) concluded a transaction with Silk Partners, L.P., an affiliate of Siget NY Partners, LP, a Family Office of Simon Glick and Seymour Pluchenik, pursuant to which a wholly-owned subsidiary of Silk Partners, L.P. acquired a controlling interest in TrimTabs (the “Transaction”). The Transaction caused a change of control of TrimTabs under the 1940 Act, resulting in the assignment and automatic termination of the investment sub-advisory agreement dated May 9, 2011 between the Advisor and TrimTabs with respect to the AdvisorShares TrimTabs Float Shrink ETF (the “Fund”) (the “Prior Sub-Advisory Agreement”).

In anticipation of the Transaction, at a meeting of the Board held on May 27, 2015, the Board, including the Independent Trustees, considered the approval of a new sub-advisory agreement between the Advisor and TrimTabs (the “New Sub-Advisory Agreement”), on behalf of the Fund, noting that it had considered and approved the annual renewal of the Prior Sub-Advisory Agreement at its February 23, 2015 meeting. The Board also considered and approved an interim sub-advisory agreement that became effective at the termination of the Prior Sub-Advisory Agreement and is intended to continue in effect until the New Sub-Advisory Agreement is approved by shareholders of the Fund. With respect to the Board’s consideration and approval, references below to the New Sub-Advisory Agreement also refer to the interim sub-advisory agreement.

At the meetings, the Board reviewed and discussed information and analysis provided by TrimTabs and the Advisor. At the May meeting, the Board also reviewed and discussed information provided by Silk Partners, L.P. regarding the Transaction. All of this information formed the primary, but not exclusive, basis for the Board’s determination. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval. 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 the Services to be Provided

In considering the nature, extent and quality of the services provided by TrimTabs, the Board reviewed the portfolio management services provided to the Fund. The most recent Form ADV for TrimTabs also was provided to the Board, as were the TrimTabs’ responses to a detailed series of questions that requested, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Fund. The Board also considered TrimTabs’ overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. The Board noted that TrimTabs generally does not expect any change in its resources or capabilities as a result of the Transaction except that it expects to have additional financial resources available to it in the future. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by TrimTabs.

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

Performance

The Board was provided information regarding the Fund’s performance. Information also was provided regarding factors impacting the performance of the Fund, 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 TrimTabs has been able to achieve for the Fund.

Cost of Services, Profitability, and Economies of Scale

In concluding that the sub-advisory fee payable with respect to the Fund was reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to TrimTabs, the fees waived and/or expenses reimbursed by TrimTabs over the period, the costs and other expenses incurred by TrimTabs in providing advisory services, and the profitability analysis with respect to the Fund. The Board also reviewed information comparing the advisory fees paid by the Fund to those paid by comparable funds. The Board noted that the proposed fee under the New Sub-Advisory Agreement is the same as the fee under the Prior Sub-Advisory Agreement. The Board concluded that the fee appeared reasonable in light of the services rendered. In addition, the Board considered whether economies of scale were realized during the period of the Prior Sub-Advisory Agreement and concluded that no significant economies of scale had yet been achieved.

Conclusion

Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, concluded that the terms of the New Sub-Advisory Agreement, including the fee, are fair and reasonable in light of the services that TrimTabs provides to the Fund. For these reasons, the Board unanimously approved the New Sub-Advisory Agreement.

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SUPPLEMENTAL INFORMATION

Quarterly Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters 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.

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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 105
Everett, WA 98201

Accuvest Global Advisors
3100 Oak Road, Suite 380
Walnut Creek, CA 94597

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

Ranger Alternative Management, L.P.
300 Crescent Court, Suite 1100
Dallas, TX 75201

Peritus I Asset Management, LLC
26 West Anapamu, 3^rd Floor
Santa Barbara, CA 93103

American Wealth Management
570 Hammill Lane
Reno, NV 89511

TrimTabs Asset Management, LLC
2018 Stony Oak Court
Santa Rosa, CA 95403

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

Pring Turner Capital Group
1600 South Main Street, Suite 375
Walnut Creek, CA 94596

Commerce Asset Management, LLC
6075 Poplar Avenue, Suite 700
Memphis, TN 38119

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

AthenaInvest, Inc.
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

Sunrise Capital Partners LLC
12544 High Bluff Drive, Suite 400
San Diego, CA 92130

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, DC 20006

Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
1818 Market Street, Suite 2400
Philadelphia, PA 19103

TABLE OF CONTENTS

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.

[GRAPHIC MISSING]

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has one audit committee financial expert serving on its audit committee, an “independent” Trustee, Elizabeth Piper/Bach. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $315,900 for 2015 and $299,400 for 2014.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2015 and $0 for 2014.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $66,700 for 2015 and $67,200 for 2014.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2015 and $0 for 2014.

(e)(1)

Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Per Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the Audit, Audit-Related, Tax and Other Fees of the Registrant.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(d) N/A

(f)

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2015 and $0 for 2014.

(h)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)

The Fund has a designated Audit Committee in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the member of such committee is Elizabeth Piper/Bach and William G. McVay.

(b)

Not applicable.

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)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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.

(12.other)

Not applicable.

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 9/3/15

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 9/3/15

By (Signature and Title)* /s/ Dan Ahrens

Dan Ahrens, Treasurer

(principal financial officer)

Date 9/3/15

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

AdvisorShares Dorsey Wright ADR ETF (AADR) N-CSRCertified annual shareholder report (management investment company)

ADVISORSHARES TRUST

Annual Report

June 30, 2015

TABLE OF CONTENTS

ADVISORSHARES TRUSTLetter from the CEO of AdvisorShares Investments, LLCJune 30, 2015

ADVISORSHARES TRUSTLetter from the CEO of AdvisorShares Investments, LLC (Continued)June 30, 2015

ADVISORSHARES TRUSTLetter from the CEO of AdvisorShares Investments, LLC (Continued)June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Accuvest Global Long Short ETF (AGLS)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period July 9, 2010* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Athena High Dividend ETF (DIVI)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period July 29, 2014* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares EquityPro ETF (EPRO)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period July 10, 2012* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Gartman Gold/Euro ETF (GEUR)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period February 11, 2014* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Gartman Gold/Yen ETF (GYEN)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period February 11, 2014* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Global Echo ETF (GIVE)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period May 23, 2012* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Madrona Domestic ETF (FWDD)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period June 21, 2011* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Madrona Global Bond ETF (FWDB)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period June 21, 2011* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Madrona International ETF (FWDI)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period June 21, 2011* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Meidell Tactical Advantage ETF (MATH)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period June 23, 2011* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Morgan Creek Global Tactical ETF (GTAA)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period October 26, 2010* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Newfleet Multi-Sector Income ETF (MINC)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period March 19, 2013* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Pacific Asset Enhanced Floating Rate ETF (FLRT)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period February 18, 2015* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Peritus High Yield ETF (HYLD)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period December 1, 2010* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Pring Turner Business Cycle ETF (DBIZ)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period December 18, 2012* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares QAM Equity Hedge ETF (QEH)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period August 7, 2012* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Ranger Equity Bear ETF (HDGE)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period January 27, 2011* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Sage Core Reserves ETF (HOLD)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period January 14, 2014* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares STAR Global Buy-Write ETF (VEGA)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period September 17, 2012* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares Sunrise Global Multi-Strategy ETF (MULT)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period July 8, 2014* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares TrimTabs Float Shrink ETF (TTFS)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period October 4, 2011* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (AADR)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period July 21, 2010* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUSTAdvisorShares YieldPro ETF (YPRO)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENTFor the period March 4, 2014* to June 30, 2015

HISTORICAL PERFORMANCETotal Return as of June 30, 2015

ADVISORSHARES TRUST Shareholder Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC

June 30, 2015

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

June 30, 2015

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

June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Accuvest Global Long Short ETF (AGLS)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 9, 2010* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Athena High Dividend ETF (DIVI)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 29, 2014* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares EquityPro ETF (EPRO)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 10, 2012* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Gartman Gold/Euro ETF (GEUR)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 11, 2014* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Gartman Gold/Yen ETF (GYEN)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 11, 2014* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Global Echo ETF (GIVE)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period May 23, 2012* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Madrona Domestic ETF (FWDD)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 21, 2011* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Madrona Global Bond ETF (FWDB)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 21, 2011* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Madrona International ETF (FWDI)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 21, 2011* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Meidell Tactical Advantage ETF (MATH)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period June 23, 2011* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Morgan Creek Global Tactical ETF (GTAA)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period October 26, 2010* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Newfleet Multi-Sector Income ETF (MINC)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period March 19, 2013* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Pacific Asset Enhanced Floating Rate ETF (FLRT)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period February 18, 2015* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Peritus High Yield ETF (HYLD)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 1, 2010* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Pring Turner Business Cycle ETF (DBIZ)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period December 18, 2012* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares QAM Equity Hedge ETF (QEH)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period August 7, 2012* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Ranger Equity Bear ETF (HDGE)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period January 27, 2011* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Sage Core Reserves ETF (HOLD)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period January 14, 2014* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares STAR Global Buy-Write ETF (VEGA)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period September 17, 2012* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares Sunrise Global Multi-Strategy ETF (MULT)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 8, 2014* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares TrimTabs Float Shrink ETF (TTFS)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period October 4, 2011* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (AADR)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period July 21, 2010* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST
AdvisorShares YieldPro ETF (YPRO)

HYPOTHETICAL GROWTH OF $10,000 INVESTMENT
For the period March 4, 2014* to June 30, 2015

HISTORICAL PERFORMANCE
Total Return as of June 30, 2015

ADVISORSHARES TRUST

Shareholder Expense Examples

ADVISORSHARES TRUST

Shareholder Expense Examples (continued)

ADVISORSHARES TRUST

Shareholder Expense Examples (continued)

ADVISORSHARES TRUST
Statements of Assets and Liabilities

ADVISORSHARES TRUST
Statements of Assets and Liabilities

ADVISORSHARES TRUST
Statements of Assets and Liabilities

ADVISORSHARES TRUST
Statements of Assets and Liabilities

ADVISORSHARES TRUST
Statements of Assets and Liabilities