ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments
March 31, 2023 (Unaudited)
| Investments | Principal | Value | ||||||
| ASSET BACKED SECURITIES – 31.6% | ||||||||
| Accelerated LLC, Class A, Series 2021-1H, 1.35%, 10/20/40‡ | $ | 144,560 | $ | 131,963 | ||||
| Aqua Finance Trust, Class B, Series 2020-AA, 2.79%, 07/17/46‡ | 335,000 | 293,229 | ||||||
| Arivo Acceptance Auto Loan Receivables Trust, Class A, Series 2021-1A, 1.19%, 01/15/27‡ | 90,356 | 87,589 | ||||||
| Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27‡ | 260,000 | 242,003 | ||||||
| Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31‡ | 32,671 | 31,970 | ||||||
| BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34‡ | 210,000 | 184,394 | ||||||
| BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29‡ | 102,115 | 99,140 | ||||||
| Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35‡ | 25,822 | 24,499 | ||||||
| BXG Receivables Note Trust, Class A, Series 2022-A, 4.12%, 09/28/37‡ | 139,264 | 134,374 | ||||||
| Carvana Auto Receivables Trust, Class E, Series 2019-3A, 4.60%, 07/15/26‡ | 235,000 | 227,800 | ||||||
| CCG Receivables Trust, Class A2, Series 2023-1, 5.82%, 09/16/30‡ | 200,000 | 202,067 | ||||||
| CCG Receivables Trust, Class C, Series 2021-1, 0.84%, 06/14/27‡ | 270,000 | 252,213 | ||||||
| CFMT Issuer Trust, Class A, Series 2021-GRN1, 1.10%, 03/20/41‡ | 152,393 | 141,308 | ||||||
| Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51‡ | 63,630 | 56,463 | ||||||
| Credito Real USA Auto Receivables Trust, Class A, Series 2021-1A, 1.35%, 02/16/27‡ | 51,333 | 50,442 | ||||||
| Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27‡ | 50,283 | 49,804 | ||||||
| Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24‡ | 26,969 | 26,894 | ||||||
| Foundation Finance Trust, Class A, Series 2021-1A, 1.27%, 05/15/41‡ | 160,551 | 142,853 | ||||||
| GLS Auto Receivables Issuer Trust, Class B, Series 2023-1A, 6.19%, 06/15/27‡ | 100,000 | 101,098 | ||||||
| GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26‡ | 110,000 | 106,692 | ||||||
| GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28‡ | 190,000 | 187,865 | ||||||
| Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31‡ | 7,413 | 7,313 | ||||||
| Hertz Vehicle Financing III LLC, Class C, Series 2022-1A, 2.63%, 06/25/26‡ | 295,000 | 270,241 | ||||||
| Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39‡ | 130,136 | 120,699 | ||||||
| Lendbuzz Securitization Trust, Class A, Series 2022-1A, 4.22%, 05/17/27‡ | 189,023 | 182,592 | ||||||
| Lendingpoint Asset Securitization Trust, Class B, Series 2022-A, 2.41%, 06/15/29‡ | 245,000 | 239,339 | ||||||
| Mariner Finance Issuance Trust, Class A, Series 2019-AA, 2.96%, 07/20/32‡ | 40,787 | 40,337 | ||||||
| Mercury Financial Credit Card Master Trust, Class A, Series 2022-1A, 2.50%, 09/21/26‡ | 145,000 | 136,132 | ||||||
| Mercury Financial Credit Card Master Trust, Class A, Series 2023-1A, 8.04%, 09/20/27‡ | 305,000 | 305,259 | ||||||
| Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69‡ | 225,426 | 191,456 | ||||||
| NMEF Funding LLC, Class B, Series 2022-A, 3.35%, 10/16/28‡ | 195,000 | 183,670 | ||||||
| Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25‡ | 14,599 | 14,490 | ||||||
| Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38‡ | 188,129 | 179,236 | ||||||
| Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25‡ | 8,185 | 8,120 | ||||||
| Post Road Equipment Finance, Class B, Series 2022-1A, 5.15%, 01/16/29‡ | 185,000 | 181,354 | ||||||
| Sierra Timeshare Receivables Funding LLC, Class C, Series 2022-2A, 6.36%, 06/20/40‡ | 107,333 | 105,823 | ||||||
| Sofi Consumer Loan Program Trust, Class A, Series 2022-1S, 6.21%, 04/15/31‡ | 57,421 | 57,473 | ||||||
| Tricolor Auto Securitization Trust, Class C, Series 2022-1A, 4.71%, 08/15/25‡ | 235,000 | 230,751 | ||||||
| Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31‡ | 240,000 | 229,188 | ||||||
| VFI ABS LLC, Class B, Series 2022-1A, 3.04%, 07/24/28‡ | 320,000 | 304,524 | ||||||
| Westgate Resorts LLC, Class B, Series 2022-1A, 2.29%, 08/20/36‡ | 133,692 | 126,374 | ||||||
| Total Asset Backed Securities | ||||||||
| (Cost $6,232,907) | 5,889,031 | |||||||
| MORTGAGE BACKED SECURITIES – 17.7% | ||||||||
| Commercial Mortgage Backed Securities – 3.2% | ||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2013-C10, 4.07%, 07/15/46@* | 275,000 | 273,783 | ||||||
| Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49@‡* | 31,509 | 27,152 | ||||||
| Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50@‡* | 66,974 | 59,136 | ||||||
| WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47 | 250,000 | 238,591 | ||||||
| Total Commercial Mortgage Backed Securities | 598,662 | |||||||
| Mortgage Backed Security – 0.4% | ||||||||
| CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61@‡* | 88,193 | 82,972 | ||||||
| Residential Mortgage Backed Securities – 14.1% | ||||||||
| Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 2.07%, 05/25/50@‡* | 54,028 | 51,571 | ||||||
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49@‡* | 50,754 | 47,688 | ||||||
| Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42@‡* | 27,067 | 25,296 | ||||||
| Dominion Mortgage Trust, Class A1, Series 2021-RTL1, 2.49%, 07/25/27‡ | 315,000 | 286,430 | ||||||
| Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59@‡* | 19,654 | 18,241 | ||||||
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65@‡* | 125,198 | 113,008 | ||||||
| Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66@‡* | 76,452 | 63,800 | ||||||
| Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56@‡* | 39,334 | 36,299 | ||||||
| JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.36%, 06/25/29@‡* | 124,819 | 119,894 | ||||||
| JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29@‡* | 65,094 | 62,778 | ||||||
| JPMorgan Mortgage Trust, Class A2, Series 2015-5, 5.85%, 05/25/45@‡* | 67,229 | 65,845 | ||||||
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
| Investments | Principal | Value | ||||||
| MORTGAGE BACKED SECURITIES (continued) | ||||||||
| Residential Mortgage Backed Securities (continued) | ||||||||
| Lhome Mortgage Trust, Class A1, Series 2021-RTL2, 2.09%, 06/25/26‡ | $ | 205,000 | $ | 197,448 | ||||
| MFA Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65@‡* | 173,031 | 159,544 | ||||||
| Mill City Mortgage Loan Trust, Class M2, Series 2017-3, 3.25%, 01/25/61@‡* | 122,924 | 112,572 | ||||||
| New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58@‡* | 147,891 | 133,240 | ||||||
| NYMT Loan Trust, Class A1, Series 2021-CP1, 2.04%, 07/25/61‡ | 71,767 | 65,066 | ||||||
| OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48@‡* | 25,446 | 24,473 | ||||||
| PRPM LLC, Class A1, Series 2021-RPL2, 1.46%, 10/25/51@‡* | 76,533 | 68,331 | ||||||
| RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50@‡* | 38,029 | 32,685 | ||||||
| SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59@‡* | 41,322 | 40,068 | ||||||
| Starwood Mortgage Residential Trust, Class A2, Series 2021-3, 1.40%, 06/25/56@‡* | 79,563 | 64,450 | ||||||
| Starwood Mortgage Residential Trust, Class A1, Series 2020-3, 1.49%, 04/25/65@‡* | 219,108 | 205,990 | ||||||
| Towd Point HE Trust, Class M1, Series 2021-HE1, 1.50%, 02/25/63@‡* | 72,226 | 67,761 | ||||||
| Towd Point Mortgage Trust, Class A2, Series 2020-MH1, 2.50%, 02/25/60@‡* | 130,000 | 112,577 | ||||||
| Visio Trust, Class A2, Series 2019-2, 2.92%, 11/25/54@‡* | 142,108 | 133,609 | ||||||
| Visio Trust, Class A1, Series 2021-1R, 1.28%, 05/25/56‡ | 218,702 | 200,162 | ||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.62%, 07/25/34@* | 39,600 | 40,720 | ||||||
| Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.68%, 07/25/34@* | 15,873 | 16,056 | ||||||
| Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 4.02%, 10/25/34@* | 55,267 | 51,252 | ||||||
| Total Residential Mortgage Backed Securities | 2,616,854 | |||||||
| Total Mortgage Backed Securities | ||||||||
| (Cost $3,591,565) | 3,298,488 | |||||||
| CORPORATE BONDS – 17.3% | ||||||||
| Communication Services – 0.4% | ||||||||
| Level 3 Financing, Inc., 4.25%, 07/01/28‡ | 70,000 | 39,566 | ||||||
| Warnermedia Holdings, Inc., 3.76%, 03/15/27‡ | 35,000 | 32,980 | ||||||
| Total Communication Services | 72,546 | |||||||
| Consumer Discretionary – 0.0% | ||||||||
| Advance Auto Parts, Inc., 5.95%, 03/09/28 | 8,000 | 8,249 | ||||||
| Consumer Staples – 0.1% | ||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/28‡ | 21,000 | 21,075 | ||||||
| Financials – 7.3% | ||||||||
| Bank of America Corp., 2.55%, (SOFR + 1.05%), 02/04/28@ | 55,000 | 50,036 | ||||||
| Bank of New York Mellon Corp. (The), 5.80%, (SOFR Index + 1.80%), 10/25/28@ | 40,000 | 41,673 | ||||||
| Blackstone Private Credit Fund, 2.63%, 12/15/26 | 86,000 | 72,305 | ||||||
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)#@(a) | 115,000 | 89,990 | ||||||
| Citadel LP, 4.88%, 01/15/27‡ | 170,000 | 163,808 | ||||||
| Citigroup, Inc., 4.40%, 06/10/25 | 75,000 | 73,126 | ||||||
| Citigroup, Inc., 3.20%, 10/21/26 | 20,000 | 18,868 | ||||||
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T-Note + 3.85%), 12/15/52@‡ | 107,000 | 95,332 | ||||||
| Fifth Third Bancorp, 4.06%, (SOFR + 1.36%), 04/25/28@ | 30,000 | 27,463 | ||||||
| Goldman Sachs Group, Inc. (The), 3.85%, 01/26/27 | 40,000 | 38,593 | ||||||
| Huntington Bancshares, Inc., 2.63%, 08/06/24 | 30,000 | 28,135 | ||||||
| JPMorgan Chase & Co., 4.32%, (SOFR + 1.56%), 04/26/28@ | 60,000 | 58,496 | ||||||
| Liberty Mutual Group, Inc., 4.13%, 12/15/51‡ | 190,000 | 152,811 | ||||||
| Morgan Stanley, 5.12%, (SOFR + 1.73%), 02/01/29@ | 65,000 | 65,436 | ||||||
| Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43@ | 74,000 | 72,823 | ||||||
| Spirit Realty LP, 4.45%, 09/15/26 | 96,429 | 92,498 | ||||||
| State Street Corp., 5.82%, (SOFR + 1.72%), 11/04/28@ | 40,000 | 41,580 | ||||||
| Synchrony Financial, 4.88%, 06/13/25 | 10,000 | 9,262 | ||||||
| Synchrony Financial, 3.70%, 08/04/26 | 13,000 | 11,363 | ||||||
| Texas Capital Bancshares, Inc., 4.00%, 05/06/31 | 135,000 | 111,687 | ||||||
| Wells Fargo & Co., 3.53%, (SOFR + 1.51%), 03/24/28@ | 55,000 | 51,892 | ||||||
| Total Financials | 1,367,177 | |||||||
| Health Care – 2.3% | ||||||||
| Amgen, Inc., 5.25%, 03/02/25 | 4,000 | 4,040 | ||||||
| Amgen, Inc., 5.15%, 03/02/28 | 37,000 | 37,767 | ||||||
| CVS Health Corp., 4.30%, 03/25/28 | 55,000 | 53,975 | ||||||
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 55,000 | 48,624 | ||||||
| Illumina, Inc., 5.75%, 12/13/27 | 40,000 | 40,911 | ||||||
| Royalty Pharma PLC, 1.75%, 09/02/27 | 45,000 | 38,995 | ||||||
| Universal Health Services, Inc., 1.65%, 09/01/26 | 175,000 | 153,992 | ||||||
| Viatris, Inc., 2.30%, 06/22/27 | 50,000 | 43,808 | ||||||
| Viatris, Inc., 2.30%, 06/22/27‡ | 157 | 137 | ||||||
| Total Health Care | 422,249 | |||||||
| Industrials – 2.4% | ||||||||
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27‡ | 196,987 | 191,359 | ||||||
| Boeing Co. (The), 5.04%, 05/01/27 | 40,000 | 40,302 | ||||||
| CoStar Group, Inc., 2.80%, 07/15/30‡ | 50,000 | 41,997 | ||||||
| General Electric Co., Series D, 8.20%, (3-Month USD LIBOR + 3.33%)#@ | 37,000 | 37,102 | ||||||
| Hexcel Corp., 4.20%, 02/15/27 | 30,000 | 28,477 | ||||||
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/28 | 66,000 | 56,575 | ||||||
| Regal Rexnord Corp., 6.05%, 02/15/26‡ | 13,000 | 13,061 | ||||||
| Regal Rexnord Corp., 6.05%, 04/15/28‡ | 18,000 | 18,011 | ||||||
| Regal Rexnord Corp., 6.30%, 02/15/30‡ | 20,000 | 20,145 | ||||||
| Total Industrials | 447,029 | |||||||
| Information Technology – 1.3% | ||||||||
| CDW LLC / CDW Finance Corp., 3.28%, 12/01/28 | 98,000 | 86,512 | ||||||
| Dell International LLC / EMC Corp., 4.90%, 10/01/26 | 80,000 | 79,775 | ||||||
| Entegris Escrow Corp., 4.75%, 04/15/29‡ | 40,000 | 37,841 | ||||||
| Kyndryl Holdings, Inc., 2.05%, 10/15/26 | 48,000 | 41,700 | ||||||
| Total Information Technology | 245,828 | |||||||
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
| Investments | Principal | Value | ||||||
| CORPORATE BONDS (continued) | ||||||||
| Materials – 0.7% | ||||||||
| Bayport Polymers LLC, 4.74%, 04/14/27‡ | $ | 140,000 | $ | 131,611 | ||||
| Real Estate – 1.6% | ||||||||
| EPR Properties, 4.95%, 04/15/28 | 90,000 | 75,205 | ||||||
| GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25 | 30,000 | 29,325 | ||||||
| Office Properties Income Trust, 4.50%, 02/01/25 | 50,000 | 43,181 | ||||||
| Office Properties Income Trust, 2.65%, 06/15/26 | 105,000 | 71,092 | ||||||
| VICI Properties LP / VICI Note Co., Inc., 4.63%, 06/15/25‡ | 75,000 | 72,607 | ||||||
| Total Real Estate | 291,410 | |||||||
| Utilities – 1.2% | ||||||||
| Exelon Corp., 5.15%, 03/15/28 | 40,000 | 40,696 | ||||||
| NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/25 | 41,000 | 41,710 | ||||||
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T-Note + 2.92%), 09/15/51@ | 164,000 | 137,980 | ||||||
| Total Utilities | 220,386 | |||||||
| Total Corporate Bonds | ||||||||
| (Cost $3,549,784) | 3,227,560 | |||||||
| U.S. TREASURY NOTES – 15.9% | ||||||||
| U.S. Treasury Note, 0.13%, 08/31/23(a) | 970,000 | 951,793 | ||||||
| U.S. Treasury Note, 4.25%, 09/30/24(a) | 640,000 | 639,150 | ||||||
| U.S. Treasury Note, 4.13%, 01/31/25 | 410,000 | 409,728 | ||||||
| U.S. Treasury Note, 0.63%, 12/31/27 | 1,095,000 | 951,431 | ||||||
| Total U.S. Treasury Notes | ||||||||
| (Cost $2,937,460) | 2,952,102 | |||||||
| FOREIGN BONDS – 6.7% | ||||||||
| Consumer Staples – 1.0% | ||||||||
| Bacardi Ltd. (Bermuda), 4.70%, 05/15/28‡ | 110,000 | 109,049 | ||||||
| BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28 | 85,000 | 72,616 | ||||||
| Total Consumer Staples | 181,665 | |||||||
| Energy – 1.2% | ||||||||
| BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)#@ | 80,000 | 72,950 | ||||||
| Enbridge, Inc. (Canada), 7.38%, (US 5 Year CMT T-Note + 3.71%), 01/15/83@ | 75,000 | 71,890 | ||||||
| Petroleos Mexicanos (Mexico), 6.50%, 03/13/27 | 95,000 | 86,280 | ||||||
| Total Energy | 231,120 | |||||||
| Financials – 1.0% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/28 | 155,000 | 135,444 | ||||||
| Brookfield Finance, Inc. (Canada), 3.90%, 01/25/28 | 45,000 | 41,865 | ||||||
| Total Financials | 177,309 | |||||||
| Industrials – 0.9% | ||||||||
| British Airways Pass-Through Trust, Class A, Series 2021-1 (United Kingdom), 2.90%, 03/15/35‡ | 208,436 | 171,296 | ||||||
| Materials – 0.5% | ||||||||
| NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25‡ | 100,000 | 95,494 | ||||||
| Sovereign Government – 2.1% | ||||||||
| Dominican Republic International Bond (Dominican Republic), 5.50%, 02/22/29‡ | 195,000 | 184,113 | ||||||
| Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25 | 200,000 | 200,246 | ||||||
| Total Sovereign Government | 384,359 | |||||||
| Total Foreign Bonds | ||||||||
| (Cost $1,373,888) | 1,241,243 | |||||||
| EXCHANGE TRADED FUND – 3.0% | ||||||||
| Debt Fund – 3.0% | ||||||||
| Invesco Senior Loan ETF(a) | ||||||||
| (Cost $567,894) | 27,004 | 561,683 | ||||||
| FEDERAL HOME LOAN MORTGAGE CORPORATION – 2.7% | ||||||||
| Federal National Mortgage Association, 5.00%, 10/01/52 | ||||||||
| (Cost $502,841) | 501,551 | 500,330 | ||||||
| MONEY MARKET FUNDS – 4.3% | ||||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class 4.79%(b)(c) | 282,977 | 282,977 | ||||||
| JPMorgan U.S. Government Money Market Fund - Institutional Class 4.63%(b) | 516,895 | 516,895 | ||||||
| Total Money Market Funds | ||||||||
| (Cost $799,872) | 799,872 | |||||||
| Total Investments – 99.2% | ||||||||
| (Cost $19,556,211) | 18,470,309 | |||||||
| Other Assets in Excess of Liabilities – 0.8% | 160,666 | |||||||
| Net Assets – 100.0% | $ | 18,630,975 | ||||||
CMT - Constant Maturity Treasury Index
ETF - Exchange Traded Fund
LIBOR - London Interbank Offered Rate
LP - Limited Partnership
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
USD - United States Dollar
| # | Perpetual security with no stated maturity date. |
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2023. |
| * | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. |
| ‡ | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. |
| (a) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $271,962; the aggregate market value of the collateral held by the fund is $1,909,768. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $1,626,791. |
| (b) | Rate shown reflects the 7-day yield as of March 31, 2023. |
| (c) | Collateral received from brokers for securities lending was invested in these short-term investments. |
ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
Fair Value Measurements
The following is a summary of the inputs used, as of March 31, 2023, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Backed Securities | $ | - | $ | 5,889,031 | $ | - | $ | 5,889,031 | ||||||||
| Mortgage Backed Securities | - | 3,298,488 | - | 3,298,488 | ||||||||||||
| Corporate Bonds | - | 3,227,560 | - | 3,227,560 | ||||||||||||
| U.S. Treasury Notes | - | 2,952,102 | - | 2,952,102 | ||||||||||||
| Foreign Bonds | - | 1,241,243 | - | 1,241,243 | ||||||||||||
| Exchange Traded Fund | 561,683 | - | - | 561,683 | ||||||||||||
| Federal Home Loan Mortgage Corporation | - | 500,330 | - | 500,330 | ||||||||||||
| Money Market Funds | 799,872 | - | - | 799,872 | ||||||||||||
| Total | $ | 1,361,555 | $ | 17,108,754 | $ | - | $ | 18,470,309 | ||||||||
SUMMARY OF SCHEDULE OF INVESTMENTS
| % of Net Assets | ||||
| Asset Backed Securities | 31.6 | % | ||
| Commercial Mortgage Backed Securities | 3.2 | |||
| Communication Services | 0.4 | |||
| Consumer Discretionary | 0.0 | ** | ||
| Consumer Staples | 1.1 | |||
| Debt Fund | 3.0 | |||
| Energy | 1.2 | |||
| Financials | 8.3 | |||
| Health Care | 2.3 | |||
| Industrials | 3.3 | |||
| Information Technology | 1.3 | |||
| Materials | 1.2 | |||
| Mortgage Backed Security | 0.4 | |||
| Mortgage Securities | 2.7 | |||
| Real Estate | 1.6 | |||
| Residential Mortgage Backed Securities | 14.1 | |||
| Sovereign Government | 2.1 | |||
| U.S. Treasury Notes | 15.9 | |||
| Utilities | 1.2 | |||
| Money Market | 4.3 | |||
| Total Investments | 99.2 | |||
| Other Assets in Excess of Liabilities | 0.8 | |||
| Net Assets | 100.0 | % | ||
| ** | Less than 0.05%. |