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ADVISORSHARES TRUST
2 Bethesda Metro Center
Suite 1330
Bethesda, Maryland 20814
www.advisorshares.com
877.THE.ETF1

Semi-Annual Report
December 31, 2012

TABLE OF CONTENTS
Letter from the CEO of AdvisorShares Investments, LLC . . . . . . . . . . . . . . . . . . . . . . . . . .

1

Shareholder Expense Examples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

Schedules of Investments
Accuvest Global Long Short ETF (AGLS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

Accuvest Global Opportunities ETF (ACCU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

Cambria Global Tactical ETF (GTAA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

Global Alpha & Beta ETF (RRGR). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11

Global Echo ETF (GIVE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14

Madrona Domestic ETF (FWDD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20

Madrona Global Bond ETF (FWDB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

40

Madrona International ETF (FWDI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

42

Meidell Tactical Advantage ETF (MATH) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

54

Peritus High Yield ETF (HYLD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55

Pring Turner Business Cycle ETF (DBIZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59

QAM Equity Hedge ETF (QEH) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

63

Ranger Equity Bear ETF (HDGE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67

Rockledge SectorSAM ETF (SSAM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71

STAR Global Buy-Write ETF (VEGA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

72

TrimTabs Float Shrink ETF (TTFS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

75

WCM/BNY Mellon Focused Growth ADR ETF (AADR) . . . . . . . . . . . . . . . . . . . . . . . . . . .

82

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86

Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

90

Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94

Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100

Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

102

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

112

Board of Trustees and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

133

Board Review of Investment Advisory and Sub-Advisory Agreements . . . . . . . . . . . . . . . . .

134

Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

138

ADVISORSHARES TRUST
Letter from the CEO of AdvisorShares Investments, LLC
December 31, 2012
Thank you for being a shareholder in AdvisorShares ETFs. We are pleased to provide you with this
semi-annual report for the period ending December 31, 2012. Thanks to your support, we have been
able to greatly increase the actively managed investment strategies we can offer you. From December
31, 2011 through December 31, 2012, we have grown from 11 ETFs to 17 ETFs, and our total assets
under management have increased from approximately $420,000,000 to approximately
$620,000,000. In this same period, the number of Active ETFs across all sponsors increased from 40
ETFs to 55 ETFs, and total assets under management doubled to approximately $10,000,000,000.
We are looking forward to seeking out new quality investment managers that provide transparency,
intra-day liquidity, and better overall operating efficiency. In addition to reading this report, we
encourage you to visit www.advisorshares.com to learn more about all the actively managed ETFs
currently offered by AdvisorShares and others that are launching soon. There you will find detailed
information on each investment strategy along with manager commentary from each ETF’s portfolio
management team.
We appreciate your support and use of our ETFs and we hope that you find them helpful to your
investment goals.
Sincerely,

Noah Hamman
CEO, AdvisorShares Investments
An investment in the Funds is subject to risk, including the possible loss of principal amount invested.
The risks associated with each Fund include the risks associated with the underlying ETFs, which can
result in higher volatility, and are detailed in each Fund’s prospectus and on each Fund’s webpage.
The views in this report were those of the Fund’s CEO as of December 31, 2012 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.

1

. . . then multiply the result by the number under the heading entitled ‘‘Expenses Paid’’ to estimate the expenses attributable to your account during this period. . . . . Accuvest Global Opportunities ETF Actual . . Actual Expenses The first line under each Fund in the table below provides information about actual account values and actual expenses. . . . . . Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs.00 $1. .81 1.50% $7. . . if these transactional costs were included. . . . . . . . . You may use this information to compare the ongoing costs of investing in the Funds and other ETF funds. . . . . . . . .049.45 $1. . . . Fund Name Accuvest Global Long Short ETF Actual . .000 (for example.54 $1. . .07% $5. .07% $5. .00 $1. . . . .00 1. .000. .25% $6. .019. .6). . .00 $1. . . . . . .64 1. . . . . . Simply divide your account value by $1.00 $1. . .80 1. . . .055. Therefore. Hypothetical (assuming a 5% return before expenses). .01 Expenses Paid (1) Global Alpha & Beta ETF Actual . . .000.017. . including management fees and other Fund expenses. an $8.25% $6. . . .174. .000. . You may use the information. . your costs would have been higher.25% $6. .85 $1. In addition. .36 $1. . . .00 $1. .00 1. . . . . To do so. .000 = 8.017.060. . . . . Hypothetical (assuming a 5% return before expenses).10 $1. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses for the period. . . .00 $1. . . . .88 1. .000. . . . . . . . . .018. . . . together with the amount you invested. Hypothetical (assuming a 5% return before expenses). .63 $1. 2011. 2 . . . Cambria Global Tactical ETF Actual . . .000 invested at the beginning of the period and held for the period ended December 31. compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.000. . . . . .ADVISORSHARES TRUST Shareholder Expense Examples As a shareholder of the Fund. . . . . the hypothetical example is useful in comparing ongoing costs only. and will not help you determine the relative total costs of owning different funds. . . . . .90 1. . . . . .40 1. .000. . . . . . . . . . . .25% $6.600 account value divided by $1. . . . The examples are based on an initial investment of $1. . you incur transaction cost and ongoing costs. which is not the Fund’s actual return. . . 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.000.00 $1. . Hypothetical (assuming a 5% return before expenses).50% $7.00 $1. . . . . . . .000. . . to estimate the expenses that you incurred over the 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.79 $1. Beginning Account Value Ending Account Value 12/31/2012 Annualized Expense Ratio for the Period $1. .

. .19 1. . . . . . . . Hypothetical (assuming a 5% return before expenses).00 1. .42 0. . . . . .36 $1. . . . . . Hypothetical (assuming a 5% return before expenses). .00 $1. . . .00 $1.00 $1. . . . . . . .94 $1. . .001.49% $0.82 $1. . . . .95% $4. . . . . . . . . . . Ranger Equity Bear ETF Actual . . . . . . .63 $1. .00 $1. . . . .00 $1. .000. . . . .00 $1. . . . . . .00 $ 996. . . .ADVISORSHARES TRUST Shareholder Expense Examples (continued) Fund Name Global Echo ETF Actual . . . .000. .61 $1. . . . .000.25% $6. Beginning Account Value Ending Account Value 12/31/2012 Annualized Expense Ratio for the Period $1. .64 1. . .000.70 1. . . . . . . . . .00 $1. . . . .031. .018.000. . . . . . . . . . .90 $1.000. . . .90 1. .00 $1. . . . . . . . .50% $7. . . . . . . . . . . .044.038. . . . .84 $1. .40 1.50% $6. . . .014.40 0. . . . .53 $1. . . . . Peritus High Yield ETF Actual . . . . .000. . . . .34% $6. . .36 $1. . Hypothetical (assuming a 5% return before expenses).79 $1. . . .00 $1. . . .017. . . . . . .00 $1. . .020.35% $6. . . .00 $1. . . . .00 $1. . . . . . . . . .25% $6. . .08 $1. . .000. . . . .53 $1. . . . . . QAM Equity Hedge ETF(3) Actual . . . . .018. .154. . .80 1. . . . . . . . . . . . . .50% $7. . .59% $7. . . . . . . . Hypothetical (assuming a 5% return before expenses). . . .000. .87 $1. . . . . . . . . .64 1.00 $1.49% $0.073. . . . . .000. Madrona Domestic ETF Actual . . . . . .016.30 1.25% $6.000. . .000. . . . . . . . Pring Turner Business Cycle ETF(2) Actual . . . . . . . . . . Hypothetical (assuming a 5% return before expenses).50% $7.000. Hypothetical (assuming a 5% return before expenses). .59% $8. . . . . . . . . . . . . .00 $1. .096. .017. . . Hypothetical (assuming a 5% return before expenses).95% $4. . . . . . .09 $1. . . .34% $7. . . . . . .25 1. . . . . . . . . . . . . .56 $1. . . Hypothetical (assuming a 5% return before expenses). . .017. . . . . . . . . . . . . . .15 $1. . . . .00 $1.45 1. . . . . . . . .62 $1. .000. Hypothetical (assuming a 5% return before expenses). .00 $ 785.000.25% $6. . . Madrona International ETF Actual .50 1. . . Hypothetical (assuming a 5% return before expenses). . .90 1.000.50% $7. . .04 $1. .90 1. .00 1. . . . . .20 1. . . . .63 Expenses Paid (3) Rockledge SectorSAM ETF Actual . .000.018. . . . . . . . . . . .000. . . .000. .018. . . . . . . .00 $1. 3 . .40 1. Madrona Global Bond ETF Actual . .00 $ 999. . . . . . .00 $1.000. .00 $1.35% $6. . .40 1. . . . Meidell Tactical Advantage ETF Actual . . .50% $6. . . . .

(2) Fund commenced operations on December 18. . . . . . . multiplied by 146/365 (to reflect commencement of operation).000. . . . . . . . . .ADVISORSHARES TRUST Shareholder Expense Examples (continued) Fund Name STAR Global Buy-Write ETF(4) Actual . . . . .90 1.85% $5. multiplied by 105/365 (to reflect commencement of operation). . . . . . .000. Hypothetical (assuming a 5% return before expenses).85% $5. . . . . . .25% $6. . Expenses are calculated using the Fund’s annualized expense ratio. . .04 $1.00 $ 993.31 $1. .089. . . . . . .00 $1. . Expenses are calculated using the Fund’s annualized expense ratio. 2012. . (3) Fund commenced operations on August 7. . .020. .06 1.00 $1. Hypothetical (assuming a 5% return before expenses). .99% $5. . .21 0. . Trimtabs Float Shrink ETF Actual .30 1.000.40 0. . multiplied by the ending value for the period. . . .58 $1. . (1) Fund commenced operations on July 10.09 $1. WCM/BNY Mellon Focused Growth ADR ETF Actual .35 $1. multiplied by 13/365 (to reflect commencement of operation). . . . 2012. .039. . 2012. . 4 . . . .00 $1. (4) Fund commenced operations on September 17.25% $6. . . multiplied by the ending value for the period. . . .99% $5. .000. . . . . . .90 1. . .000. .36 Expenses Paid * Expense ratios reflect expense caps through the period ended December 31. . .018. . Hypothetical (assuming a 5% return before expenses). . . 2012. . 2012. . . . . . . . . multiplied by the ending value for the period. . . . . . . . . . . . Expenses are calculated using the Fund’s annualized expense ratio. multiplied by 174/365 (to reflect commencement of operation).009. Expenses are calculated using the Fund’s annualized expense ratio. . . . . . . . . .00 $1. . . . . . . multiplied by the ending value for the period. Beginning Account Value Ending Account Value 12/31/2012 Annualized Expense Ratio for the Period $1. .000. .00 $1. . .

. .. .953 iShares MSCI Germany Index Fund(a) . . . .504) iShares MSCI Russia Capped Index Fund . . .. . ... .550 1. . . . . .851. .845. .. . . .. . . .941 5.686.. . .957 3. . . . . 2.578.. . .. .. . . 54. 89. .804. . . 119. . . . . .022. . . . . . . 113. .. 21. .303 iShares MSCI South Korea Index Fund ....672.355 1.022 (2. . 27. . . .. . . .100 iShares MSCI Hong Kong Index Fund . .. .. . . . .093) Total Securities Sold.535) . . .174) iShares Russell 2000 Index Fund .. . 42. . .6% Equity Fund — 99. . . . . See accompanying Notes to Financial Statements. . . ..296) iShares MSCI Taiwan Index Fund . . .994 . . 2012 (Unaudited) Investments Shares Value EXCHANGE TRADED FUNDS — 99. . .381 (2. . . . .339 1. .4)% Equity Fund iShares MSCI Brazil Index Fund .383. . . . .. . . .955) . . . . .152. . . . . . .420) . . .. .. . . . . . . .383. ..688.. . 5 (14. . . .. . . .175) iShares MSCI Malaysia Index Fund . . . . . . . .6% Guggenheim China Small Cap Index ETF .. 75.646) iShares MSCI Netherlands Investable Market Index Fund . 2..527 3. . . . . .009. . . . . .596 (586. . . . . .. . . . . Not Yet Purchased (Cost $27. . 76. .. . .. .719 $ 2. . . . . . . . . . Not Yet Purchased [Proceeds Received $(13. . . .. . Not Yet Purchased EXCHANGE TRADED FUNDS — (51. . . . .. .887..596 (676. . . 149... .. . . . . . . .. . . . . . . . . 28. . . . . . . . .. .394 iShares MSCI South Africa Index Fund (a) iShares MSCI Thailand Investable Market Index Fund iShares MSCI Turkey Investable Market Index Fund (a) (a) Total Exchange Traded Funds (Cost $25. . . .. .359 iShares MSCI Austria Investable Market Index Fund . .. .947 (2. 196. . . . . .. . . . . . . 28. .515 (1. . . . .. . . . .. . . 55. . .428. . . . . . . . . . . .753) iShares MSCI Canada Index Fund . .688) iShares MSCI Italy Index Fund . . .. .518 2. .490 . . . . . . . . . . . . . . . . . .356. . ..710 3. . . 51. .770 (992. . 45. . . . . . .555) . . . . . . .468. . . .420 Total Investments Before Securities Sold. . . . ...227 2. . . . . . . . . .. . . . .. . . . . . . . . . .5% Dreyfus Cash Management − Investor Class (Cost $2. 114. .. . . . .. . . . .276 (1. . .355... . . .. .401. . . . . . . . . .816 (1. . . . . . . . .905.383. . . .973. . .408 .016)] . . . . . . . . . . . . 11. . . . . . . . . . . . . . .226) iShares MSCI Chile Investable Market Index Fund . .. . . . . .074. . . . . . . .155 iShares MSCI China Index Fund (a) . . . . . . . . . .936 Securities Sold. . . .516 MONEY MARKET FUND — 8. . . . .548. .. . .420 30. . . . .360 iShares S&P India Nifty 50 Index Fund . . .. .. 24. . . . .. . . . . . . . .. . . . . . . . .365. .. 84. .. . . ..ADVISORSHARES TRUST ACCUVEST GLOBAL LONG SHORT ETF Schedule of Investments December 31.550.. . ..

. . . . . . . . . . . . . . . . or a portion thereof. . . . . . . . . . . .5 56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3% . . . . . .842 ETF — Exchange Traded Fund (a) Represents security. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15. . . . . . . . . . . . . . . . . . . . . . . . 48. . .ADVISORSHARES TRUST ACCUVEST GLOBAL LONG SHORT ETF Schedule of Investments (continued) December 31. . . . . . . not yet purchased. . . . . . . Not Yet Purchased − 56. . Total Investments . . . See accompanying Notes to Financial Statements. . . . . . . .450. . . .3 100. .7% (Cost $14. . . . . . . . . . . . . . . . . . . . segregated as collateral for securities sold. .2% 8. . . . . . . . . . . . . .0% . . .7 43. . . . . . . . . . . Cash of $12. . . . 2012.345 has been segregated to cover requirement for open short sales as of December 31.939) . . . . . . . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Equity Fund — (51. . . . . . SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .928. . . . . . . . . . 6 . . . . . . .4)% (continued) Total Investments Net of Securities Sold. . . . . . . . . . . . . . . . . . . . Other Assets in Excess of Liabilities Net Assets . . . . . . . . . . . . . . . 12. . . . . . . . . . . . .461 Net Assets — 100. . . . .096. . . .168. . . . . . . . . . .381 Other Assets in Excess of Liabilities — 43.0% . . . . . Money Market Fund . . . . . . . . . . . . . . . . . . . $28.279. . .

. . . . . . . . . . . $17. . . . .936 EXCHANGE TRADED FUNDS — 100. . .0% 1. . . . . . . . . . . . . . . . . . . . .0% . . . . . . . . . . . . .700. . . . . . . . . .0% Total Exchange Traded Funds (Cost $15. . . . . . . . .384 2. . . . . . .ADVISORSHARES TRUST ACCUVEST GLOBAL OPPORTUNITIES ETF Schedule of Investments December 31. . . . . . . . . . . . . . . . . . Money Market Fund . . . . . . . . .020. . Liabilities in Excess of Other Assets Net Assets . . . . . . . . . . . . . . . . . . . . . . .138. . . . . 17. . . . 100. . . . . . .967 4. . See accompanying Notes to Financial Statements. .407 $ 3. . . 42. 181. 2012 (Unaudited) Investments Shares Value iShares MSCI Austria Investable Market Index Fund . . . . . . . . . . . . .886. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .611 Total Investments — 101.674. . . . . . . . . .309 SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Equity Fund . . .611) . 61. . . . . . . . . . . . .022. . . . . . . . . . . . . . . .059 3. . . . . . . . . .287) Net Assets — 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .036 iShares MSCI Turkey Investable Market Index Fund . . . . . . . . . . Total Investments . . . . . . . . . . .793 iShares MSCI China Index Fund . . . . . . . . . . 80. . . .3% Dreyfus Cash Management — Institutional Class (Cost $221.242. . . . . . (215.522) . . . . . . . . . . . . . . . . . . . . . .911) .219 3. . . . . . .027. .985 MONEY MARKET FUND — 1. . . .922. . . . . . . . . . . . . . . . . . . 107. .3)% . . . . . . .3) 100. . .156 iShares S&P India Nifty 50 Index Fund .596 Liabilities in Excess of Other Assets — (1. . . . .299. . . . . 17. . . . . . . . . . . . .0% Equity Fund — 100. . . . . . . . .0% . . . . . . . . .3 101. . . . . . . . . . . .3 (1. 7 . . 221. . . . . .611 221. . . . . . . . . . . . . . . . . . . . . . . . . . . .3% (Cost $15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .064 iShares MSCI South Africa Index Fund . . . . .

.728 479. 114. . . . . . . . . . 87. . .440 iShares Barclays TIPS Bond Fund . . . . . . . . . . . .884 478.349 EXCHANGE TRADED FUNDS — 97. . . . . . . . 40.679 Vanguard Total Bond Market ETF .430 478. . . . . . . . . . . . . . . . . . . . . . . 17.850 1.987 740. .898 477. . . . . . 14. . . . . . . . . . .404 1.959 2.682 479. . . . . . . . . .ADVISORSHARES TRUST CAMBRIA GLOBAL TACTICAL ETF Schedule of Investments December 31.379. . . . .238 653. 4. . .338.551 PowerShares DB Precious Metals Fund* . . . . .676 SPDR Barclays International Treasury Bond ETF . . . . . . . .940 484. .211 2.216 958. . . 40. . . 5. . . . . .051 Financial Select Sector SPDR Fund . . . . .429 476. . . . . . . . . .686. . . . .711 See accompanying Notes to Financial Statements.657 475. 19. . . . 7. . . . . . 3. . . . . . . . . . .225 Health Care Select Sector SPDR Fund . . .118 1. .576 iShares iBoxx $ High Yield Corporate Bond Fund . . .790 iShares FTSE NAREIT Mortgage Plus Capped Index Fund .900 Debt Fund — 26. . . . . .089. . .073 iShares Barclays 20+ Year Treasury Bond Fund . . . . . . . .9% iShares Barclays 1 − 3 Year Treasury Bond Fund . . . . . . . .4% Total Commodity Fund .589 2.581 Equity Fund — 63.499 Vanguard Short-Term Bond ETF . . .124 $ 2. . . . . . . . . . . . . 27. . . . . . .414 2. . .354. . . . . . . . . 20. . . . . . . .692. . . . . . . . . . . . . . . . . . . . 4.198. . . .650 iShares FTSE NAREIT Residential Plus Capped Index Fund . . . . . . . . . .010 2. . . . . . . . .239 PIMCO Enhanced Short Maturity ETF . . . . . . .893. . . . 5. . . .845 Energy Select Sector SPDR Fund . . . . . . 47. . . . . . . . . .527. . . . . . .4% Consumer Discretionary Select Sector SPDR Fund . . . . . . . .192. . . . . . . . . . . . . . . . . . . . . . . . . . .384 iShares iBoxx $ Investment Grade Corporate Bond Fund .373. . . . . . 4. . . . . .795 iShares Barclays MBS Bond Fund . . . . . . . . . . .534 iShares Core Total US Bond Market ETF . . . . . . . . . . . .521. . . . . . . . . . . . . . . . . . . .925 476. .986. . . .241 iShares MSCI Austria Investable Market Index Fund . . . . . .681 763. . . . . 85. . 5. . . . . . . . . . .182 1. . . . . 40. . . . . . . . . 3. . . . . . . . . . . . . . . . . 4. . . . . . . . .674 iShares Barclays 3 − 7 Year Treasury Bond Fund . . . . . . . . 20. . . . . . . . 75. . . .358 Total Debt Fund . . . . . . . . . . . . . . . . . .581 iShares MSCI All Peru Capped Index Fund . . . . . . .281 475. . . . .587 iShares Barclays 7 − 10 Year Treasury Bond Fund . . . . . . . . . . . . . . . . . .335 Global X FTSE Greece 20 ETF . . .270 PowerShares Fundamental High Yield Corporate Bond Portfolio . . . . . 10. . . . . . 2012 (Unaudited) Investments Shares Value PowerShares DB Base Metals Fund* . . . . .268 1. . . . . . . . . .888 2. .797 PowerShares Emerging Markets Sovereign Debt Portfolio . . . . 4.7% Commodity Fund — 7. 8 . . 122. . . . . . . . . . . . .951. . . 121. . . . . . . . . . .

. .168 1.037 326. . .ADVISORSHARES TRUST CAMBRIA GLOBAL TACTICAL ETF Schedule of Investments (continued) December 31. . . .199. .605 iShares MSCI Turkey Investable Market Index Fund . . 11. . . ETF .915 WisdomTree International SmallCap Dividend Fund . . . . . . . . . . . . . 16. . . . . . . . .119 267. . .850 3.113. . . . . . . . . . . . . . 11. . . . 58. . . . . . . . . .990 iShares Russell Microcap(R) Index Fund . . . . .487) . . . . .390 510. .379. . . .353 505. 66. . . . . . . . . . . . . . . .775 PowerShares QQQ Trust. . 4.330 Vanguard Small-Cap ETF . . . . . . . . . . . . . . Series 1 . 38. . . . . . . . . 45. . . . .773 1. .419 PowerShares FTSE RAFI Emerging Markets Portfolio . . . . . . . . . . . . . . .397. . . . . . 39. . . . . . . . . . . . . . . . . . . 22. . . . . . . . . . . . .363. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. . . . . . 19. .072 3. . .669 576. . . . . . . . . . . . . . . . .423 SPDR Dow Jones International Real Estate ETF . . . . . . . . . . . . 2. . . . .500 1. . . .283 Total Exchange Traded Funds (Cost $58. . . . . . . . . . . . . .115 1. 100.308.764 See accompanying Notes to Financial Statements. . .059 1. . . 4. . . . . . . . . . . . . . . . . . . . . . .027 SPDR S&P Emerging Markets SmallCap ETF . .572 666. . .669 Vanguard Global ex-U. . . .348. . . . . Real Estate ETF . . . 14. . . . . . . . . . . . .031 WisdomTree Emerging Markets Equity Income Fund . . .S. . . . . .892 506. . . . . . .867 Vanguard Mid-Cap ETF . . . . . . . . . . . 12.284. . . .368. . . 2012 (Unaudited) Investments Shares Value iShares MSCI Belgium Investable Market Index Fund . . . . . . . . . .027 PowerShares FTSE RAFI Developed Markets ex-U. . . . . . . . 5. . . .S. . . . Portfolio . . . . . . . . . . .364.940 PowerShares FTSE RAFI US 1000 Portfolio . . . .192. . . . 11. . . . . . .181 iShares MSCI Spain Index Fund . . . . . . . . . . 102. . . .593 Vanguard Total Stock Market ETF . . 55. . . . 4. . . . . 62. . . . . .774 1. .413 2. . . . . . . .012 PowerShares FTSE RAFI US 1500 Small-Mid Portfolio . . .771 331. . . . . . . . . . 83. 40. . . . . . . . . . . . . . . . . . .222 578. . . . . . . . . . . . . . . . 5. . . . . . . . . .090. . . . . . .353 319.223 iShares MSCI Hong Kong Index Fund .300 573. . . . . . . .485 iShares MSCI Thailand Investable Market Index Fund . . . . .950 682. . . . . . . . . . . .872. . . . . . .4% (continued) Total Equity Fund . . .435. . . . . . .405 iShares MSCI Mexico Investable Market Index Fund . . . . . . . . . . .S.584 WisdomTree Emerging Markets SmallCap Dividend Fund . .978 iShares MSCI Germany Index Fund .940 191. . . . . . 11. . . . . . . . . . . .549 Vanguard REIT ETF . . . . . . . . . . 20. . . . . 13. . 9 . . .330 Vanguard MSCI Emerging Markets ETF . .383.922 Equity Fund — 63. . . . . . . . .672 Vanguard FTSE All-World ex-U. . . . . . .190 324. . . . . .558 1.468 Market Vectors Russia ETF . . . . . . . . . . . .983 iShares MSCI Italy Index Fund . . . .451 iShares MSCI EAFE Small Capital Index Fund . . . .187 1. . . . . . . . . . . . . . .489 598. . . . . . . . . . . . . .899 $ 1. . 14. . . . . . . . . .937 324. .

. . .913. . . . . . . . . . . . . . . . . . . . .869 $ 2. . . . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value 2. . . . . . . . . . . . . . . .356) . 7.822. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .869) . . . . . . . (1. . . . .1)% . . . . . . . . . . . . . . . . . . . . . .822. . . . .ADVISORSHARES TRUST CAMBRIA GLOBAL TACTICAL ETF Schedule of Investments (continued) December 31. .578. . . .1% (Cost $61. . . . . . . . . . . . . . . . . . . . . . . . .1 (2. . . . . . . . . . . . . . . . . . . . . . . . . $63. . . . . . Money Market Fund . . . . . . . . . . . . . . . . .973 ETF — Exchange Traded Fund MBS — Mortgage Backed Securities REIT — Real Estate Investment Trust TIPS — Treasury Inflation Protected Securities * Non-income producing security SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Commodity Fund . . . . . . . . . . . . . . . .4% Invesco Government & Agency Portfolio − Private Investment Class (Cost $2. . . . . . . . . . . Debt Fund . . . . . 64. . See accompanying Notes to Financial Statements. . . . . . . . .0% . . . . . . . . . . . . . . . Total Investments . . . . . . . . . . . . . . . . . . .869 MONEY MARKET FUND — 4. . . . . . . . . . . . . . . . . . . . . . .4% 26. . . . . . . . . . . . . . . . . . .660) Net Assets — 100. . . . . . . . . . . . . . Liabilities in Excess of Other Assets Net Assets . . . . . . . . . . . . . . . .334. 10 .822. Equity Fund . . . . . . . . . . . . . . . . . . . . . . . .0% . . . .022. . . . . . . . . . . . . . .1) 100. . . . .633 Liabilities in Excess of Other Assets — (2. . . . . . . . . . . . . . . . . . . . . .4 102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 63. . . . . . . . . . . . Total Investments — 102.

. . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . .224 30. . . . 11 . . . . 2012 (Unaudited) Investments Shares Value COMMON STOCKS — 56. . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .2% NIKE. . . . . . . . . . . . . . .916 635 40.2% Diageo PLC (United Kingdom)(a) . . . . . . . . . .373 364 25. . Food — 3.ADVISORSHARES TRUST GLOBAL ALPHA & BETA ETF Schedule of Investments December 31. . . . . . . .338 1. . . . . . . . . . . . . .8% Aerospace/Defense — 3. .125 548 28. . . . . . . . . . . . . . . . . . .134 Bank of Nova Scotia (Canada) . . . . . . . . . . . . . . Iron/Steel — 2. . . . . . . . . . . . . . .514 43. .0% H. . . . .277 2. . . . . . . . . Inc. . . . . . . . . . . . . .0% Northrop Grumman Corp. . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . . . .5% Vale SA. . . . Heinz Co. . . . . . . Class B (Brazil)(a) . . . . . . . . . . . . . . . . . . . Electric — 1. .402 Banco Santander Chile (Chile)(a) . . . . . . . . . . . . . . . . . . . . . . .4% Apple. . 362 42. . . . Inc. . . . . . . 84. .5% Total Banks . . .J. . . .545 32. . .576 Beverages — 3. . . . . .202 58 30. Inc. . . . . .332 408 34. . . . . . 716 41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .442 Agriculture — 2. .9% NextEra Energy. Distribution/Wholesale — 3. . . . . . Auto Manufacturers — 2. . . .3% Volvo AB (Sweden)(a) . . . . . . . . . . . . . . . . . . . . . Class B . . . . . . . . . . 1. . . . . . . .383 Computers — 2. Banks — 6. Apparel — 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185 682 39. . . . . . . 582 $39. .6% Philip Morris International. . . . . .1% Genuine Parts Co. . . . . . . . . . . . .

. . . . . . . . . . .524 131. . . . .054 . . . 450 25. . . . . . . .ADVISORSHARES TRUST GLOBAL ALPHA & BETA ETF Schedule of Investments (continued) December 31. . . . . . . . . . . .9% Consumer Discretionary Select Sector SPDR Fund . . . . .1% Johnson & Johnson . . . . . . . . . . . . . . . . . . . Inc. (Israel)(a) .807 Equity Fund — 31. . . Suncor Energy. . .561 Total Oil & Gas . . . .0% PowerShares DB Gold Fund* . . . . .864 28. . . . . . . . . . . . . . . . . .592 866 $ 26. . . . . . . . . . . . . . . . . . . . . . 1. . 548 664 168 630 Total Pharmaceuticals . . . . . . . . . . . . . .031 27. . . . . .168 542 25. 452 36. . . . .3% Ecopetrol SA (Colombia)(a) . . . . . . Pharmaceuticals — 10. . . . . . . . . .799 . . Novartis AG (Switzerland)(a) . . . . . . Inc. . . . 94. . . . .410 96. . . .855 26. . . . . . . . . . . . .0% KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 1.313 774 472 1. . .553 iShares Dow Jones US Technology Sector Index Fund . .265) . . .961 25. . . . . . .065 2. . . . 38. . LP . . . . . . . . . . . . . . . . . . . . . .477 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740. iShares S&P Emerging Markets Infrastructure Index Fund iShares S&P Global Materials Sector Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . Teva Pharmaceutical Industries Ltd. . . . . . . . . . . . . . . . . . 1. . . .9% Commodity Fund — 2. . . . . . . . . . . . .9% Brookline Bancorp. . . . . . . . . . . . .415 42. . . First Trust NASDAQ Technology Dividend Index Fund . . . . . . 2012 (Unaudited) Investments Shares Value Oil & Gas — 7.676 25. . . . . . . . . . . . . . .419 23. 852 4. . . . . . . . . . . . . . . . . . iShares Dow Jones US Medical Devices Index Fund . . . Semiconductors — 2. . . .542 Global X Fertilizers/Potash ETF . . PowerShares Water Resources Portfolio . . . . . . . . . . 12 . Novo Nordisk A/S (Denmark)(a) . . . . . . . . . . . . .8% Kinder Morgan Energy Partners.886 Savings & Loans — 1. . . .374 39. . . . . . . . Statoil ASA (Norway)(a) .900 378 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . Total Common Stocks (Cost $697. . . . . . . . . . . . . . . . . . . . . .352 92. . . . . . . . . .416 EXCHANGE TRADED FUNDS — 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .997 40. . . . . . .417 29. .389 Pipelines — 2. . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities in Excess of Other Assets Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .320. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .303. . . . . . . . . . . . . Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . Pipelines . Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 31. . . . . Money Market Fund . . . . . . . . . . . . . . .079) . . . . . . . . . . . . . . . . . . . . .3% (Cost $1. . . .3)% . . . Computers . . . . . . . . . $1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6% Wells Fargo Advantage Government Money Market Fund − Institutional Class (Cost $137. . . . . Pharmaceuticals . . . . . . . . . . . . .4 3. . . . . . Auto Manufacturers . . . . . 441. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 2. . . . . . . . .5 7. . . 1. . . . . . . . . . . . . .926) Net Assets — 100. . . .9 2. . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . Agriculture . . . . . . . . . . . . . . . . .127 Total Equity Fund . . . . . . . . . . Apparel . . . . . . . . . . . . . . . . .9% (continued) Vanguard Telecommunication Services ETF . 416. . . . . . Iron/Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 6. . . . . . . . . . . . . . Semiconductors . . . . . . . . .9 3. . . . .285 Liabilities in Excess of Other Assets — (1. . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Equity Fund — 31. . . . .5 3. . . . . . . . . . . .918 MONEY MARKET FUND — 10. . . . . . . . . . . . 13 . Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .863) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .951) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 (1. . . . . . . . . . . . . . . . . . 3. . 137. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 2. . .1 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 2. . . . . . . . . . .951 137. . . . . .0% . . . . . Commodity Fund . . . . . .263. . Food . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0% 2. . . . . . . . .0% . . . . . . . . 716 $ 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .951 Total Investments — 101. . . . . . Electric . . . . . . . . . .359 ETF — Exchange Traded Fund (a) American Depositary Receipt * Non-income producing security SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Aerospace/Defense . . . . . . . . . . . . . . . . . . . . (16. . . . . . . . . . . . . . . . . . . . . . Oil & Gas . . . . . . . .6 101. Total Investments . . . . .ADVISORSHARES TRUST GLOBAL ALPHA & BETA ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 2. . . . . . . . . . . . . . . . . . . . .111 Total Exchange Traded Funds (Cost $427. . . . . . . .3) 100. . . . . . . . . . . . . . . . . . . . . . . . . . . .3 10. . . . . . . . . . . . . . Banks . . .1 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Savings & Loans . . . . . . . .

ADVISORSHARES TRUST
GLOBAL ECHO ETF
Schedule of Investments
December 31, 2012 (Unaudited)
Investments

Shares

Value

Johnson Controls, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,682

$ 82,337

Banks — 1.2%
Banco Bradesco SA (Brazil)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
City National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,032
517

35,296
25,602

COMMON STOCKS — 46.5%
Auto Parts & Equipment — 1.6%

Total Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Biotechnology — 3.1%
Illumina, Inc.*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life Technologies Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Novozymes A/S (Denmark)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

60,898

531
930
2,994

Total Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29,518
45,645
84,730
159,893

Building Materials — 0.7%
Toto Ltd. (Japan)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,415

36,008

Commercial Services — 1.6%
Automatic Data Processing, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . .
MasterCard, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

697
88

39,736
43,233

Total Commercial Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Computers — 3.4%
Apple, Inc. . . . . . . . . . . . . .
EMC Corp.* . . . . . . . . . . . .
Maxwell Technologies, Inc.*
Stratasys Ltd.*. . . . . . . . . . .
Teradata Corp.* . . . . . . . . .

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82,969

104
1,411
3,578
381
350

Total Computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55,435
35,698
29,662
30,537
21,662
172,994

Cosmetics/Personal Care — 0.9%
Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

708

48,066

Distribution/Wholesale — 1.2%
LKQ Corp.*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,960

62,456

Diversified Financial Services — 0.5%
Wageworks, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,307

23,265

See accompanying Notes to Financial Statements.
14

ADVISORSHARES TRUST
GLOBAL ECHO ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

Electric — 0.6%
Enernoc, Inc.*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,551

$ 29,974

Electronics — 0.7%
Itron, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

842

37,511

Engineering & Construction — 0.5%
Aegion Corp., Class A* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,259

27,937

Environmental Control — 1.0%
Stericycle, Inc.*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tomra Systems ASA (Norway)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

283
2,996

26,395
27,264

Total Environmental Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53,659

Food — 3.4%
Hain Celestial Group, Inc. (The)* . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nestle SA (Switzerland)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Smart Balance, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

846
631
1,866

45,870
41,122
24,071

United Natural Foods, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,160

62,165

Total Food . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

173,228

Healthcare − Products — 0.7%
Covidien PLC (Ireland) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

615

35,510

Healthcare − Services — 0.7%
Laboratory Corp. of America Holdings* . . . . . . . . . . . . . . . . . . . . . .

401

34,735

Daiwa House Industry Co. Ltd. (Japan)(a) . . . . . . . . . . . . . . . . . . . . .

281

48,051

Internet — 2.1%
Amazon.com, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5 Networks, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Google, Inc., Class A* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

104
335
70

26,119
32,545
49,656

Home Builders — 0.9%

Total Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Machinery − Diversified — 0.7%
Xylem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

108,320

1,341

See accompanying Notes to Financial Statements.
15

36,341

ADVISORSHARES TRUST
GLOBAL ECHO ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

Miscellaneous Manufacturing — 1.0%
Aptargroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pure Technologies Ltd. (Canada)* . . . . . . . . . . . . . . . . . . . . . . . . . .

730
3,746

$ 34,836
17,044

Total Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . .

51,880

Office Furnishings — 0.6%
Interface, Inc., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,832

29,459

Oil & Gas — 0.7%
EnCana Corp. (Canada) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,742

34,422

Pharmaceuticals — 4.4%
GlaxoSmithKline PLC (United Kingdom)(a) . .
Johnson & Johnson . . . . . . . . . . . . . . . . . . .
Novartis AG (Switzerland)(a) . . . . . . . . . . . .
Perrigo Co. . . . . . . . . . . . . . . . . . . . . . . . . .
Teva Pharmaceutical Industries Ltd. (Israel)(a)

1,072
579
880
337
1,255

46,600
40,588
55,704
35,058
46,861

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Total Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

224,811

Pipelines — 0.4%
Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

619

21,869

Real Estate Investment Trusts — 1.1%
HCP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

577
770

26,069
28,097

Total Real Estate Investment Trusts. . . . . . . . . . . . . . . . . . . . . . . . . .
Retail — 2.1%
CVS Caremark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Home Depot, Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
J.C. Penney Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

54,166

1,050
517
1,197

Total Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Semiconductors — 1.8%
Cree, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
First Solar, Inc.*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NXP Semiconductor NV (Netherlands)* . . . . . . . . . . . . . . . . . . . . . .

50,768
31,976
23,593
106,337

960
968
1,191

Total Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

See accompanying Notes to Financial Statements.
16

32,621
29,892
31,406
93,919

. . . . . . . . .5% Cisco Systems. . . . . . . . . . . . . . . . . . . . . . . . . .661 22. . . . . . . . . . . .6% Canadian National Railway Co. . . .053 82. . . . . . . . . . . Fidelity Institutional Money Market Government Portfolio − Class I . . . . . . . .666 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . .110 74. . . .229 Total Telecommunications. . . 51. . .000 271. . . .964 Total Commercial Mortgage Backed Securities (Cost $432. . . . . . . . . . . . . . . . . . . . . . . . . .540 COMMERCIAL MORTGAGE BACKED SECURITIES — 8. . . . . . 665 160 Total Software . . . .309 . .784 31. 107. . . . . . . . . 04/16/43 . . . . . . . 1. . . . . .. . . . . . .796 473 1. Class B. . .25%. . . . . . . . . . . . . . . . . . . . . . . . . . Class AC. .219 2. . . . . . . . . . . . . . . . . . . . . . .1% Federated Government Obligations Fund. . Inc. . . . . . . . . . . .1% American Water Works Co. . . . . . . . . . . . . . . . . . IPG Photonics Corp. . . . . . . . .7% Adobe Systems. . . . . .611 Transportation — 1. . . . . . . . . . . 17 439. . . . . . . . . . . . . . . . . . . . . . . . . . 4. .* . . . . . . . . . . . . 70. . . . . . . . . . . . . . . .6% Government National Mortgage Association. . . . . . . 569 247 Total Transportation . .947 208. . . Corning. . . . .279. 3. .645 37.000 167. . . . . . . . . . . . . . . . . 3. . . . .596 1. . . . . 10/16/44 . . . . . . . .540) . . . . .445 45. . . . . . . . . . . .345 Government National Mortgage Association. . . . . . . . . . . . . . . . . . . . . . . . . .525 31. . . . . . . . . . . .506 Total Water. . . . . . . . . . . . . . . . . . . . . . . (Canada) . . . . . .568) . . . .00%@. . . . . . . . . . . Telecommunications — 4. .293 1. . . . Series 2011-109. .837 Water — 2. . 2. . . . . . . . . . Telenor ASA (Norway)(a) . . . . . . . . . Union Pacific Corp. . 2012 (Unaudited) Investments Shares Software — 0. . . .649 230. . . . . . . Value $ 25. . . . . Inc. . . .*. . . . .ADVISORSHARES TRUST GLOBAL ECHO ETF Schedule of Investments (continued) December 31. .. . . . . . .661 219. . . Inc.768 Total Common Stocks (Cost $2. . . . . . . Severn Trent PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . .702 . . 150. . . . . . . . . . . . . . . . 219.795) . . . . . . . Fiserv. . . . . . . . 39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468. . . . . . . . 250. .389.057 12. . . . . . . . . . . . . . . . . . . . . .932 Fidelity Institutional Money Market Portfolio − Institutional Class . . . . . . . . . . . Telefonica Brasil SA (Brazil)(a) . . . . . See accompanying Notes to Financial Statements. . . . Inc. . . . . . . .661 Total Money Market Funds (Cost $468. .262 62. . . . . . . . . .932 39.947 208. . . Series 2011-64. . . . . . . .933 MONEY MARKET FUNDS — 9. . . .

. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . SBAP 2009 − 20H 1. . . . .200 843 14. . . . . . . . . . . . . . . . . . MUNICIPAL BONDS — 3. . . .402 997 2. . . The interest rate shown reflects the rate in effect at December 31. .. .. . . .6% Equity Fund — 23. . . . . .. . .. .205 .. .410 672. . . . 01/15/17 (Cost $167.218 12. . . . . . .824 ETF (a) * @ † — Exchange Traded Fund American Depositary Receipt Non-income producing security Variable rate instrument. .675 45. . PowerShares Wilderhill Clean Energy Portfolio Proshares Short 20+ Year Treasury* . . . .137. . . . . . . . .. . . . .437 59.398 951 2. . . . . . . . Proshares Short QQQ* . . .064 262. . . . . . . .. . . . . . . iShares MSCI Kld 400 Social Index Fund. 2012. .. 1. ..816) . . .697 3. . . .606 Net Assets — 100. . . 158. . . . . . . . . . . . . .. Other Assets in Excess of Liabilities — 0. . . .577 9. . .580 76. .. . . . . . . . .0% . . . Guggenheim S&P Global Water Index ETF . . . . . . . . . . . .203. . . . . .051 300 100 2. . . .6% First Trust ISE Global Wind Energy Index Fund Global X Lithium ETF. Affiliated company (See Note 8). .. . . . . . . . . . . . . . . . . . . .. . . .. . . . . . .509 68. . . . .454 Value $ 185. .7% SBAP 2007 − 20F 1. . . . 5. . . 5.676 23. . . . .. .085 3.. . . . . . . 08/01/29 . . . ..806 124. . . . . . $5. . . . . . . . .. . . . . . . 4. . . . . . . . . . . . . . . . . . ... . Total Exchange Traded Funds (Cost $1.999. . ... . . . . . . .. . . . . . . . .71%. . .. . . . 06/01/27 .8% (Cost $4. . .3% Tippecanoe County School Building Corp.. . .. . . . . . .. . . . . . . . .308 EXCHANGE TRADED FUNDS — 23.. . . . . . . . . . .. . .. . . . . . .125. . . .. . . . . ... .296 5. .213. . . . . . . . . . Revenue Bonds. . . PowerShares Water Resources Portfolio . . . Total Investments — 99. . Proshares Short FTSE China 25* . . . . . . . . Pax MSCI EAFE Esg Index ETF. .. 18 . . .. . . . . . . .814 3. . . . . . . . . . . . . .45%..219 235. . SPDR Barclays Capital 1 − 3 Month T-Bill ETF*. . . .392 20. PowerShares Cleantech Portfolio ... . . . .. . . . . . .. . . . . . .550 56. 2012 (Unaudited) Investments Shares ASSET BACKED SECURITIES — 8. . . . . . See accompanying Notes to Financial Statements. . .146 150. . . . Ranger Equity Bear ETF*† . .103) . . . . . .ADVISORSHARES TRUST GLOBAL ECHO ETF Schedule of Investments (continued) December 31.. . . . . . . . .000 167. . . . . . . . . . . . . . . . .060 2. ... . . . . . .54%. .213) . . . . .. . . . . . . .608 8. . .2%. .. .254 15. . . . . . . . .. . . . . . .280 24. .082 447. . . . . . . . . . . . . . . . . . . . . . . . . .171) . Total Asset Backed Securities (Cost $447.582 13. . . . . . . .. . . . . . . . PowerShares Global Clean Energy Portfolio . (State Aid Withholding) 4. . .

. . . .6 3. . . . . . . . Building Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Home Builders . . . . . . . . . . . .1 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Real Estate Investment Trusts . . . . . . . . . . . . Computers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Biotechnology . . . . . . . . . . . .7 8. . . . . . . . Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Healthcare − Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 4. . . Pipelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cosmetics/Personal Care. . . . . . . . . . . . . . . . Office Furnishings . . . . . . . . . . Commercial Mortgage Backed Securities Commercial Services. . . . . . .3 0. .7 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Engineering & Construction . . . . . . . .7 0. . .1 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pharmaceuticals . . Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 0. . .6 0. . . . Healthcare − Products . . . . . . . Machinery − Diversified. . . . . .9 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0% . . . . . . . . . . . . . . . . . Banks . .1 0. . . . . . . . . . . Telecommunications. . . . . . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST GLOBAL ECHO ETF Schedule of Investments (continued) SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Asset Backed Securities . . . . . . . .0 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 1. . . . . . . . . . . . . . . . . . . 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 2. . . . . . . . . Transportation . . . . . . . . . . . .6 2. Money Market Fund . . . Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity Fund . . . . .7 0. . . . . . . . . . . . . . . . . . . .7% 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 1. . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . .1 9. . . . . . . . . . . . Retail . . . . . . . . . . . . . . . . . . . . . . . .4 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 100. . . . . . . . . . . . . . Other Assets in Excess of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 1. . . Environmental Control . . .6 3. . . . . . . . . . . . . . . . . . Auto Parts & Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 0. . . . . . . . . .5 0. . . . . . . .8 0. . . . . . . . . . . .7 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electric . . . . . . . . Internet . . . . . . . . . . . . . . . . . . . .2 3. . . . Diversified Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . 19 . . . . . . . . . . . . . Food . . . . . . . . . . . . .6 0. . . . . . . . . . . . . . . . . . . . . Municipal Bonds. . . . . . . . . . . . . . . . . Distribution/Wholesale . . . . . . . .

. . . . 568 39. . . . . . . . . . .359 Total Agriculture . . . . . . . . . . . . . . . . . . . . . . Total Apparel . . . . . . . . . . . . . . . . . . . . . 206 31.ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments December 31. .637 . . . . . . . . . . . . . . . . . . . . . . . . . .759 Rockwell Collins. . . . . . 226 20. . 120 8. . . . . . . . . . . . . . . . . . . .115 Ralph Lauren Corp. . . . . . . . . . . . . . . . . . .185 VF Corp. . . . . . . . 240 28. . Inc. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436 35. . . . . . . . . . . . . . . . . . . . . . 208. .342 Coach. . . . . . . . . . . . . . . . 1. . . . .. . . . . . 188 28. Class B . . . . . . . . 656 37. . . . . . . . . . . . . 122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110 Raytheon Co. . . . . . . . . . See accompanying Notes to Schedule of Investments. . . . . . . . . . . . .097 Airlines — 0. . . . .858 Northrop Grumman Corp. . . . . . .6% Total Advertising . . . . . . Inc. . . . . . . . . . 571 17. . Inc. .674 68. . . . . . . . . . . . . . . . . . . . 419 17. . . . . . . . . . 6. . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . .345 L-3 Communications Holdings.941 Archer-Daniels-Midland Co. . . . . . . . . . .9% . . . . . . . . . . .756 Total Aerospace/Defense . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . 603 31. . . . . . . . . . . Inc. . . . . . . . . . . . . . . . (The) . . . . . . . . . . . . 4.237 Nike. . . . . . . . . . . .524 Omnicom Group. . . . . . . . . . . . .552 Lorillard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4% Southwest Airlines Co. . . . . . . . Inc. . . . . . . . . . . . . .100 Apparel — 0. . . . . . . . . Inc. 503 29. .104 Agriculture — 0. 358 26. . . . . .001 Philip Morris International. . . . . . . . 625 31. . . . . . . . . . . .4% Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . 20 139. . . . . . . . .979 General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8% Altria Group. . . .244 Reynolds American. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .857 $ 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .037 Lockheed Martin Corp. . . . . . . . . 887 49. . . . . . . . . . . . . . . . . . . . . .260 United Technologies Corp. . . . . . . . .371 37. . . . . . . . . . . . 131 10. . . . . . . . . . . . . . . . . . . (The) . . . . . . . . . . . .7% Advertising — 0. . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Interpublic Group of Cos. . . . 254 21. . . . . Inc. . . .749 Aerospace/Defense — 1. . . . . . . . . . . . . . . . . . 84. . . . . . . . . . . . . . . . . . . . .225 COMMON STOCKS — 99. . .

142 53. . . . . . . .792 46. . . . . .370 Huntington Bancshares. . . . . . . . . . . . 1. . . . . . . . . . . . . . . . . .855 Northern Trust Corp. . . . . . . . . . . . . . . . . . . . . . . . .981 PNC Financial Services Group. . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . 817 40. . . .220 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . . . . . . . . 21 847. . . . . . . . . . . . . . . . . . .184 Total Banks . . . . . .986 Regions Financial Corp. . .957 55. . . . . . . . . . .996 Capital One Financial Corp. . . . . . . . . . . .869 M&T Bank Corp. . . . .054 BB&T Corp. . . . . . . . . 1. . . . . . . . . . . . . . . . . . . . . 901 28. .154 Total Auto Parts & Equipment . . . . . . . . . . . .571 $ 46. .425 43. . . . . . . . . . . . . . . . . . . . . . . . . 340 43. . . . . . . . .858 28. . . . . . . . . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 842 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .851 18. . . . . . . 2. . . . . . . . . . . . . 4. . . . 1. . . . . . . . . . . Inc. . . . Inc. . 85. . . . . . . . . . . . . . .053 . . . . . . . . . . . . .6% Total Auto Manufacturers . . .790 Auto Manufacturers — 0. . . . . . . . . . . . . . . . . . . .144 Zions Bancorporation . . . .235 Fifth Third Bancorp . .848 33. . . . . . . 3. . . .399 Citigroup. . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . . . . 1. . . . . . . . . . . 870 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .869 54. . . .091 Goldman Sachs Group. . 1. . . . .824 66. . . 195. . . . . . . . . . . . Inc. . .064 KeyCorp . . . . . . . . . . . . . . . . . . . . . . .661 Morgan Stanley . . . . .037 Bank of New York Mellon Corp.651 46. . . . . . . . . . . .3% BorgWarner. . . .619 Johnson Controls. .218 JPMorgan Chase & Co. . . . . . . . . . . . . . 1. . . . . . . . . . . .481 US Bancorp . . . . . . . . . .995 State Street Corp. . . . . . 2.304 Goodyear Tire & Rubber Co. . . . .747 Comerica. . . . . . . 1. . . . . . . . . . . . . . . . . . . . . . . .485 58. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 661 29. . . . . . . . .6% Bank of America Corp. . . . . . . . . . . . . . . . . . .685 SunTrust Banks. . . . . . . . . .477 42. . .241 18. . .035 Auto Parts & Equipment — 1. . . . .223 First Horizon National Corp. . . (The) . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . . . . See accompanying Notes to Schedule of Investments. . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . . . 257 14. . . . . . 352 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . .233 42. . .317 28.915 34. 2. . .077 Banks — 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Ford Motor Co. . . . . . . . . . . 2. . . . . . . . . . . . . . (The)* . .778 Wells Fargo & Co. .245 PACCAR. . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . Inc. . . . . . . . . . . . . . . . . .* . . . . . . (The) . . . . . . . . 858 38. . . . 2. . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .306 Constellation Brands.721 Ecolab. . . . . . . . . .779 Total Biotechnology . .536 Coca-Cola Enterprises. . . . . . . . . . . . . . . . . . . . . . . .. .234 Building Materials — 0. . . . 173.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9% See accompanying Notes to Schedule of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Class B . . . . . . . . Inc. 729 35. . . . .163 CF Industries Holdings. Class B . 549 29. . . . . . . (The) . . . . . . . . . . . . . . . . . . . .279 41. Inc. . . . . . . . . . . . . . .473 FMC Corp. . . . . . . . . Inc. . Inc. . . . . . . . . . . . . . . . . . . 628 10. . . . 207 19. . . . . . . . . . . . . . . . . . . . . . . . . . .760 Airgas. . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 10. . . .* . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . .188 Biotechnology — 1. . . . . . . . . . .891 Gilead Sciences. . 260 11.913 Molson Coors Brewing Co. . . . . . . . 381 32. . . . . . . . .337 E. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . du Pont de Nemours & Co. 708 52. . . . . . . . . .003 Life Technologies Corp. . . . . . . . . . . . . . . . Inc. 703 22. . . . . . . . . . . . 907 61. . . . . . . . . . . . . . .126 Monster Beverage Corp. . . . . . . . Class A* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 26. . . . .671 Brown-Forman Corp. . . . . . . . . . . . . .* . . . . . . . . . . . . . . 222. . . . . . . . . 549 32.* . . . . . . . . . . . . . .958 Dr Pepper Snapple Group. .* . . . . . . . . . . . . . . . . . . . . . .1% Beam. . . . . . . 429 39. . . . . . . . . . . . . . . . . . . . . . . . . . . . 536 24. . .330 Dow Chemical Co. . . .254 Celgene Corp. . . . . . Inc. . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 Eastman Chemical Co. . . . . . . . . . . . . . . . . . . . . . . . . . 496 21. . . . . . . . . . . . . . . .* . . . 790 27. . . .265 Total Beverages . . . .419 Amgen. . . . . . . 322 $ 19. . Inc. 1. . . Inc. . . . . . . . . . . . . . . . . . . . . . . .I. . . . . . . . . . . Inc. . . . . . . . . . . .462 Air Products & Chemicals. . . . . . . . . . . . . . . . . 549 39. . . . . . .382 Coca-Cola Co..127 Chemicals — 2. . . . . . . 2012 (Unaudited) Investments Shares Value Beverages — 1. . . . . . . . . . . . . . . . . . . . . . . 710 55. . . . . . 401 14. . Inc. . . . . . . . . . . . . . . . .1% Masco Corp. . . . . . . . . . . . . . . . . . . 259 16. . . . .5% Alexion Pharmaceuticals. . 22 . . 378 31.031 PepsiCo. . . .888 Biogen Idec. . . . . . (The) . . 41 8. . . . .

ADVISORSHARES TRUST
MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

Chemicals — 2.9% (continued)
International Flavors & Fragrances, Inc. . . . . . . . . . . . . . . . . . . . . . .

271

$ 18,032

Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

217

20,539

Mosaic Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

592

33,525

PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

169

22,874

Praxair, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

235

25,721

Sherwin-Williams Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

152

23,381

Sigma-Aldrich Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

196

14,422

Total Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

436,509

Commercial Services — 3.4%
Apollo Group, Inc., Class A* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,830

38,284

Automatic Data Processing, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .

267

15,222

Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

541

29,279

H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,801

52,015

Iron Mountain, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

470

14,594

MasterCard, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

87

42,741

Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

925

46,546

Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

474

14,760

Quanta Services, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,517

41,399

Robert Half International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,011

63,990

RR Donnelley & Sons Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

875

7,875

SAIC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,395

49,751

Total System Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

946

20,263

Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

316

47,899

Western Union Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,731

37,169

Total Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

521,787

Computers — 2.9%
Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

92

49,039

Cognizant Technology Solutions Corp., Class A* . . . . . . . . . . . . . . .

666

49,317

Computer Sciences Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

898

35,965

Dell, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,607

56,799

EMC Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,923

48,652

International Business Machines Corp. . . . . . . . . . . . . . . . . . . . . . .

168

32,180

See accompanying Notes to Schedule of Investments.
23

ADVISORSHARES TRUST
MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

NetApp, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,527

$ 51,231

SanDisk Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

588

25,613

Teradata Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

287

17,762

Western Digital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,601

68,027

Computers — 2.9% (continued)

Total Computers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

434,585

Cosmetics/Personal Care — 0.3%
Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

126

13,172

Estee Lauder Cos., Inc. (The), Class A . . . . . . . . . . . . . . . . . . . . . . . .

325

19,455

Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

187

12,695

Total Cosmetics/Personal Care . . . . . . . . . . . . . . . . . . . . . . . . . . . .

45,322

Distribution/Wholesale — 0.9%
Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

465

21,711

Fossil, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

655

60,980

Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

320

20,346

W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

144

29,141

Total Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

132,178

Diversified Financial Services — 4.3%
American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

726

41,731

Ameriprise Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

988

61,878

BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

235

48,577

Charles Schwab Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,765

25,345

CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

308

15,619

Discover Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,327

51,156

E*Trade Financial Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,391

30,349

Federated Investors, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . .

1,229

24,863

Franklin Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

311

39,093

IntercontinentalExchange, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . .

241

29,838

Invesco Ltd. (Bermuda) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,594

41,588

Legg Mason, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,385

61,342

NASDAQ OMX Group, Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . .

1,925

48,144

NYSE Euronext . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,785

56,299

See accompanying Notes to Schedule of Investments.
24

ADVISORSHARES TRUST
MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

SLM Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,231

$ 55,347

T. Rowe Price Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

461

30,025

Diversified Financial Services — 4.3% (continued)

Total Diversified Financial Services . . . . . . . . . . . . . . . . . . . . . . . . .

661,194

Electric — 1.7%
AES Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,421

47,305

American Electric Power Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .

157

6,701

CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

541

13,190

Consolidated Edison, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

118

6,554

Dominion Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

207

10,723

DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

172

10,329

Duke Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

118

7,528

Edison International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123

5,558

Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

158

10,073

Integrys Energy Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

185

9,661

NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

171

11,831

Northeast Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

338

13,209

NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

769

17,679

Pepco Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

669

13,119

PG&E Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

200

8,036

Pinnacle West Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

250

12,745

Public Service Enterprise Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . .

195

5,967

SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

181

8,261

Southern Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

236

10,103

TECO Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

457

7,659

Wisconsin Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

279

10,281

Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

437

11,672

Total Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

258,184

Electrical Components & Equipment — 0.5%
Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

896

47,452

Molex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,057

28,888

Total Electrical Components & Equipment . . . . . . . . . . . . . . . . . . .

See accompanying Notes to Schedule of Investments.
25

76,340

. . 1.998 Jacobs Engineering Group. . . . . .548 Republic Services. . . . . . . 320 11. .470 Waters Corp. . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . . . . . . .530 Waste Management. . . . . . . . . . . . . . . . . .* . . . . . . . . . . . . Inc. . . . . . . . . . . .659 Total Engineering & Construction . . . . . . . . . . . . . . . . . . Inc. . 58. . . . Inc. . . . . . . 226 16. . . . . . . . 263 24. . . . (The) . . .* . . . . . . . . . . . . . . . . . . (The) . . . . . . 297 25. . . . . . . . .368 Engineering & Construction — 0. . . . . .657 Entertainment — 0. . . . . . . . . . . . . . . . . . .174 H. . . . . . . . . . . . . . . .058 Environmental Control — 0. . . . . . . . . . 664 19. . . . . . . . Inc. . . . . . . .085 JM Smucker Co. . . . . . . . . . . . . . . . . Inc. . . . . . . . . .237 52. . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387 13. . . . . . . . . . . . . . . . . . . . . . . . . . .257 $ 51. . . . . . 732 42. . . . . . . . 425 17. . . . . .076 Kellogg Co. . . . . . . . . . .4% Total Environmental Control . . . 2012 (Unaudited) Investments Shares Value Agilent Technologies. . . .145 PerkinElmer. . . . . .322 41. . . . . . . . . . . . . . . . . . . . . . . . .8% Campbell Soup Co. . . .352 Stericycle. . .875 Electronics — 2. . . . 315 17. . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . .J. . . . . . .940 Food — 2. . . . . . . . . . 3. . . . . . . . . . . . . . . . . .* . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . 763 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3% International Game Technology . . . 996 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . 728 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6% Fluor Corp. . . . . . . . . . . . . . . . . 341. . . . .322 Hormel Foods Corp. . . .. . . . . . . .593 See accompanying Notes to Schedule of Investments. . . . . . . . . . . . . . . .428 Jabil Circuit. . Inc. . . . . . . . . . . . . . . . Heinz Co. . . . . . . . . . . . . . . 3. . . . 807 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . 687 44. . . . . . . . . .939 Hershey Co. . . . . . 95.779 53. . . . . . . . 3. . . . . . . . . . . . . . . . . . 1. . . . . . 1. . . . . . . . .579 Honeywell International. . . . . . . . . .757 General Mills. . . . . . .462 Amphenol Corp. . . . .680 60. .429 66. . .449 FLIR Systems. . . . . . . . . . . . . . . . . . . . . . Inc. 26 . Class A . . . . . . . Inc. Inc. . . . . . . . .588 Dean Foods Co. . . . . . . 519 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 17. . . . . . . .960 Thermo Fisher Scientific. . .165 ConAgra Foods. . . . . . . . .2% Total Electronics . . .

. . . . . . . . . . . . . . . . . . . . . . .571 Stanley Black & Decker. . . Inc. . . 217 21. . . . . . . . . . . Inc. .. . . . . . .5% Snap-On. . . Inc. . . . . . . . . . Inc. . . . . . . . . . . . 46. . . . 244 15. . . . . . . .705 Hand/Machine Tools — 0. . . . . . . . .184 Total Food . . . . . . . . . . . 42. . . . . . Inc. . . .781 46. . . .436 62. . . . . .342 McCormick & Co. . 533 16. . . . . . . . . . . . . . .* .738 Whole Foods Market. . . . . .365 Gas — 0.892 Safeway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 804 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . . . . . . . . . . . . . Inc. . . . .724 DENTSPLY International. . . 254 $ 11. . . . . . . . Inc. . . . . . . . . . . (The) . . . Class A . . . . . . . . . .3% International Paper Co. . . Inc. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .8% (continued) Kraft Foods Group. . . . . . . . . . . . . . .700 C. .145 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453 8. . . . . . . . . . . . . . . . . .549 Kroger Co. . . . . . .987 Total Forest Products & Paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 Forest Products & Paper — 0. . . . . . . . . . . . . . . . . . . . . . . . . . 432. . . . . . .531 Becton Dickinson and Co. . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . Inc. . . . . . 2012 (Unaudited) Investments Shares Value Food — 2. . . . . . . . . . . . . .636 31.124 See accompanying Notes to Schedule of Investments. . . . . . . . . . . .* . . . . . .624 Healthcare − Products — 2. .157 Sysco Corp. . . . . . . .7% Baxter International. . . . . . . . . . 74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3% AGL Resources. 602 19. . . . . . . . . . . . .053 Total Hand/Machine Tools . . . . . . . . . . . 3. . . . . . . . . . . . .673 CenterPoint Energy. Bard. . . . . . . . . . . . . . . . . . . . . . . . . . . .012 Sempra Energy . . . . . . . . . . . 912 36. . . . . . . . . . . .300 Total Gas . . . . . Inc. . . . .210 CareFusion Corp. . . . . . . . . . . . . . . . Inc. 637 25. 425 33. . . . . . . . . . Class A . . . . . . . . . . . . . . . . . . . . . . 242 9. . .469 Boston Scientific Corp. . . . . . . . . . . . . .720 NiSource. . . . . . . . . . . . . . . . . . . . . . . . . . . .501 Mondelez International. . . . . . . . .438 19. . 398 26. . . . . Inc. . . . . . . . . . . . . 1. . . . . . . . . . . . 27 . . . . . . . . . . . . . . . 249 19. . . . . . . . . . . . . . . . . . . 221 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . .059 Tyson Foods. . . . . . 117 8. . . . . . . . . . 555 41. 781 19. . . . . . Inc. . . . . . . . . . . . . . . . . . . . . .378 MeadWestvaco Corp. . . 3. . . . . .. . . . . . . . . . . 1. . . . . .R. . . . . . . .

ADVISORSHARES TRUST
MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

Healthcare − Products — 2.7% (continued)
Edwards Lifesciences Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

328

$ 29,576

Hospira, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

694

21,681

Intuitive Surgical, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

40

19,615

Medtronic, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

420

17,228

Patterson Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

798

27,315

St. Jude Medical, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

761

27,502

Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

710

38,922

Varian Medical Systems, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

575

40,388

Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

615

40,996

Total Healthcare − Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

418,981

Healthcare − Services — 3.0%
Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,231

56,995

Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,057

56,507

Coventry Health Care, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

595

26,674

DaVita, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

268

29,622

Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

536

36,786

Laboratory Corp. of America Holdings* . . . . . . . . . . . . . . . . . . . . . .

466

40,365

Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

587

34,205

Tenet Healthcare Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,169

70,427

UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

931

50,497

WellPoint, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

838

51,051

Total Healthcare − Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

453,129

Home Builders — 0.6%
DR Horton, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

582

11,512

Lennar Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

315

12,181

Pultegroup, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,435

62,380

Total Home Builders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86,073

Home Furnishings — 0.4%
Harman International Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . .

1,339

See accompanying Notes to Schedule of Investments.
28

59,773

ADVISORSHARES TRUST
MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

Household Products/Wares — 0.4%
Avery Dennison Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

696

$ 24,304

Clorox Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

182

13,326

Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

201

16,971

Total Household Products/Wares . . . . . . . . . . . . . . . . . . . . . . . . . .

54,601

Housewares — 0.2%
Newell Rubbermaid, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,690

37,636

Aflac, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,118

59,388

Allstate Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,129

45,352

American International Group, Inc.* . . . . . . . . . . . . . . . . . . . . . . . .

1,634

57,680

Aon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

564

31,358

Assurant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,364

47,331

Berkshire Hathaway, Inc., Class B* . . . . . . . . . . . . . . . . . . . . . . . . . .

104

9,329

Chubb Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

351

26,437

Cincinnati Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

268

10,495

Genworth Financial, Inc., Class A* . . . . . . . . . . . . . . . . . . . . . . . . . .

10,764

80,838

Hartford Financial Services Group, Inc. (The) . . . . . . . . . . . . . . . . . .

2,749

61,688

Lincoln National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,362

61,176

Marsh & McLennan Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

850

29,299

MetLife, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,672

55,076

Principal Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,099

59,863

Progressive Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

760

16,036

Prudential Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,021

54,450

Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

919

47,485

Travelers Cos., Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

660

47,401

Unum Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,824

58,796

Insurance — 5.6%

Total Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

859,478

Internet — 2.4%
Amazon.com, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30

7,534

eBay, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

630

32,143

Expedia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

628

38,591

See accompanying Notes to Schedule of Investments.
29

ADVISORSHARES TRUST
MADRONA DOMESTIC ETF
Schedule of Investments (continued)
December 31, 2012 (Unaudited)
Investments

Shares

Value

Internet — 2.4% (continued)
F5 Networks, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

461

$ 44,786

Google, Inc., Class A* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

61

43,272

priceline.com, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82

50,938

Symantec Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,934

36,379

TripAdvisor, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,119

46,953

VeriSign, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

553

21,467

Yahoo! Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,306

45,889

Total Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

367,952

Iron/Steel — 0.8%
Allegheny Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,558

47,301

Cliffs Natural Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,137

43,843

Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

325

14,033

United States Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

537

12,818

Total Iron/Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

117,995

Leisure Time — 0.6%
Carnival Corp. (Panama) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

756

27,798

Harley-Davidson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,173

57,289

Total Leisure Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

85,087

Lodging — 0.9%
Marriott International, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . .

1,163

43,345

Starwood Hotels & Resorts Worldwide, Inc. . . . . . . . . . . . . . . . . . . .

653

37,456

Wynn Resorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

487

54,783

Total Lodging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

135,584

Machinery − Construction & Mining — 0.8%
Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

688

61,631

Joy Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

964

61,484

Total Machinery − Construction & Mining . . . . . . . . . . . . . . . . . . . .

123,115

Machinery − Diversified — 1.7%
Cummins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

604

See accompanying Notes to Schedule of Investments.
30

65,443

937 Metal Fabricate/Hardware — 0. . . . . . . . . . . . . . . . . . . . .749 Xylem. . . . 86. . . Class A . Inc. . . . .013 Roper Industries. . . . . . . . . . . . . . . . . . . .7% (continued) Deere & Co. . . . . . . . . . . . . . . . . Class B . . . . . . . . . . . . . . .060 1. . . .. . . . . . . . . . . Class A . . . . . . . . . . .547 Gannett Co. . . . . . . . Class A . . . . . . . . . . . . . Class A* . . . .272 Scripps Networks Interactive. . . . . . . . . . . . . . . . . . 222 24. . . . . . . Inc. . . . . . . . . .8% 3M Co. . . . . . . . . . . . . . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .125 54. .741 Flowserve Corp. . .. . 539. . . . . . . . .902 Mining — 0. . . . . . . . . . . . . . . . . . . . . . 255. . Inc. Inc. . . . . . . . . . . . . Inc. . . . . Inc. . . . . . . . . .634 Total Mining . . . . . . 307 10. . 1. . .595 Time Warner. . . . . . . . .832 15. . . . (The) . . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . .612 59. . . . . . . . . . . . . . . . . . . . . .054 15. . . . . . . . . . . . . . 1. 31 . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .067 39. . . . . . . . . (The) . . . . . .. . . . . . . . 760 37. . . . . . . . . . . . . . . . . .. . . . . . .035 Miscellaneous Manufacturing — 2. . . . . . . . .683 Danaher Corp. . . . . . . 500 48. . . . . . . . . . .747 CBS Corp. .682 Time Warner Cable. . . . . . . 256 37. . . . . . . . . . . . . . . 483 $ 41. .5% Cablevision Systems Corp. . . . . . . . . . . . 635 35. . . 655 55. . . . . . . . . . . . . . .496 See accompanying Notes to Schedule of Investments. . . . . . . . . . . . . . . .449 News Corp.704 Total Machinery − Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .840 Total Media . .. . . Inc. . . . . . . . . . Freeport-McMoRan Copper & Gold. . . . . . . Inc. . . . . . . 1. . . . . . 2012 (Unaudited) Investments Shares Value Machinery − Diversified — 1. . . . . . . . . . . . . . . . . . . . . . . . . . 259 49. . . . . . . . .499 Titanium Metals Corp. .133 30. . . . . . . . . . 547 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc.581 Rockwell Automation. . . . . . . . . . . . . . . . .090 19.6% Alcoa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . .135 56. . . .378 52. 2. . . . . .400 Viacom. . . . . . . . . . 958 50. . . .3% Precision Castparts Corp. . . . . . . . . . . . . . . Inc. . . . . . . . . .631 McGraw-Hill Cos. Class A . . . . . . . . . . . . . . . .884 DIRECTV* . . . . . . .433 Comcast Corp. . . . . . . . .525 Walt Disney Co. . . . 1. . . . . . . . . . 685 37. . . . . . . . . . . . . . . . .. . . . . . .231 Media — 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . 3. . . . . . . .932 Discovery Communications. .. . 749 47. . . . . . . . . .. . . . . . . . . . . . . . 352 32. . . . . . . . . . . . . . . . . . . . . . Class B . . . . 991 47. . .

. . . . . . . . . . . . . . . . . . . . 144 14. . Inc. .661 34. . .755 Pioneer Natural Resources Co. . . . . . . . . . 32 . . . . . . . . .073 67. . . . . . . . . . . . . . . . . . . . . .352 EQT Corp. . . . . . . . . . . .163 61. Inc. . . . .961 Textron. . . . . . . . . . . . . . . . . . . . . . . 250 13. . . . . . .2% Xerox Corp. . . . . . . . . . . . . . . . . . . .651 Peabody Energy Corp. . . 370 22. . . . . . . .097 Office/Business Equipment — 0. . . . . . .223 EOG Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . .977 QEP Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .279 Diamond Offshore Drilling. . . . . . . . .599 Murphy Oil Corp. . . . . . . . . . . . . 186 15. . . . . . . .8% (continued) Dover Corp. . . . . . .141 Total Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . .539 Apache Corp. . . . 3. . . . . . . . . . . . . . . . . . . . . . . . . 84 7. . . . . . . . . . . . . . .291 36. . . . . . . . . . .541 General Electric Co. . . . . . . . . . . . 168 13. . . . . .305 57. . . . . . . . . . . . . . . . . . . .* . . .474 56. . . . . . . . . PLC. . . . . . . . . . . 2.633 Newfield Exploration Co. 390 19. . . . . . . . . . . . .336 Pall Corp. . . . . . . . . . . . . . . . . . .181 Rowan Cos. . . . . . . . . . . . . . . . . . . . . 88 6. . . . . .675 Denbury Resources. . . . . . . Inc.500 Leggett & Platt. . . . . . . . . Inc. . 903 24. . . . . . . . . . . . . . . . . . . . . . .023 Exxon Mobil Corp. . . . .097 Hess Corp. . . . . . . .819 Eaton Corp. . . . . . .270 Helmerich & Payne. . . . . . . . . . . . . . . . . . . . . . . . .117 60. . . 1. . . . . . . . . . . . . . . . . 300 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . 526 31. . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . . . . . . . . 636 43. 948 53. . . . . .935 Parker Hannifin Corp. . . . . . . . . . . . . . . . PLC (Ireland) . . . . . . (Switzerland) . . . .085 Anadarko Petroleum Corp. . . . . . . . 752 36. . . . . . . . . . . . . . . . . . 931 28. . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .188 Cabot Oil & Gas Corp. . . . . . .029 Phillips 66 . . . . . . . .739 47. . . . . . . . . . . . . . . . . . . . . . .399 CONSOL Energy. . . . . . . . . . . . . . . . . . . 548 32. . . . . . . . . . . . . Inc. . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . Inc. . . . . . 956 $ 62. .774 55. . . . . . . . . . . . . . . . . 5.864 Illinois Tool Works. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 29. 426 13. . . . . . .240 Marathon Petroleum Corp. . . . . . . . . . . . . . . . . Inc. 415 11. 1. . . . . . . . . . . . .* . . . . . 364 21. . . 428. . . . . . . . . . . . . . 1. . . . . .821 Pentair Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .473 Oil & Gas — 4. . . . . . . . . . . . . . . . . . . . . . .9% See accompanying Notes to Schedule of Investments. . . . . . . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Miscellaneous Manufacturing — 2. . . . . . . . . . . . .114 Noble Energy. . . 1. . . . . . Class A (United Kingdom)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . 2. . . . . . . . . . . . . 1. . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . Inc. . . (Curacao) . . . . . . . . . . . . . . .085 46. 705 48. . . . . . . . . . . Inc. . . . . . .9% (continued) Total Oil & Gas . .226 AmerisourceBergen Corp. . . . . . . . . . . . .536 26. . . . . . . . . . . . . . . . . . . . . Inc. . .850 Bristol-Myers Squibb Co. . . . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .521 Mylan. . . . . . . . 1. . . . 1. . . . . . . . . . . . . . . . . . 469 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Tesoro Corp. . . . 723 50. . . . . . . . . . . . . . . .310 Oil & Gas Services — 2. . . . . . . .864 63. . . . . . .780 Perrigo Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 6. . . 314. . . . . . . . . . . . . . . . 364 23. . . . . . . . . 257 10. . .267 51. . . . . . . .097 Total Oil & Gas Services . . . . . . . .842 Allergan. . . . . . .245 Cardinal Health. . . . . . . . . . . . . . . . . . . . . . . . . .895 Total Packaging & Containers . 2. . . .187 Schlumberger Ltd. . . . . . . . . . . .. . . . . . . .013 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . .924 Packaging & Containers — 0. . . . 253 8. . .934 Merck & Co. . .909 Express Scripts Holding Co. . . . . . . . . . . . . . . . . . 961 43. . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . .498 Forest Laboratories. . . . . . .* . . . . . Inc. . . . 33 .8% Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . 1.287 Johnson & Johnson . . . . . . . . . . . 143. . . . . . . . . . . . .9% Ball Corp. . . . . . . . . . . . . . . . . . . . . . . .077 National Oilwell Varco. .016 McKesson Corp. .1% Baker Hughes. . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . .620 Sealed Air Corp. . . . .693 Owens-Illinois. . .413 See accompanying Notes to Schedule of Investments. . . . . . . . . . . . . . . . . . . . . . . . . 787 42. . . . . . . 1. . . .139 58. . . . . . 257 16. . . . . . 275 25. . . . 1. .250 FMC Technologies. . . . . 745. . . . . . . . . . . . . . . 257 18. . . 1. . . . . . . . . . . . . . .014 57. . . . . . . . . . 1.709 57. . . . . . . . . . . . . . . . .213 Pharmaceuticals — 2. . . . . . . . . . . . . . . . . . . . . . . . .042 42. . . . . . . . . . . . 558 54. . . . . . . 177 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .744 Cameron International Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .005 Bemis Co. . . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . . . .569 Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. .134 48. . . . . . . . .703 59. Inc. . . . . .* . .* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 Mead Johnson Nutrition Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc.. . . . .* .600 Oil & Gas — 4. . . .* . . . . . .544 $ 68. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . 2012 (Unaudited) Investments Shares Value Pharmaceuticals — 2. . . .684 80. 48 6. . . . . 41 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694 24. . . . . . . . . Inc.9% Abercrombie & Fitch Co. . . . . . 1. . . . . . . . . . . . . . 1. . 140 6. . .371 Big Lots. . . . . . . . 122 6. Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . .625 See accompanying Notes to Schedule of Investments. .643 AutoZone.884 Host Hotels & Resorts. . .. . . . . . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . .899 Pipelines — 0. . 471 20. . . Inc. . . . .3% CBRE Group. . . .8% (continued) Pfizer. . . . . 296 Watson Pharmaceuticals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .848 Bed Bath & Beyond. . . . .5% Total Real Estate Investment Trust . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . .* . . . . . . . . . . . . . . . . . . . .000 Equity Residential . Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 8. . . . . . . . . . . . . . .083 American Tower Corp. . . . . . . . . . . 201 15. . . . .315 Real Estate — 0. . . . . . . . . .850 420. . .* . . . . . . . . . . . . . . . . . .782 AutoNation. . . . . . . . . . . . . . .063 Total Pipelines . . . . . $ 7. . . .044 12. . . . . . . . . . . . . Inc. . Inc. . . .* . . . . . . . . .117 Plum Creek Timber Co. . . . . . . . . . . . . . . . . . .135 Spectra Energy Corp. . 314 8. . . . 96 5. . . . . Inc. . . 135 47. . . . . . .115 Retail — 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . .4% Kinder Morgan. . . . . . . . . . . . . 923 36. . . . . . 518 8. 475 Total Pharmaceuticals .598 Williams Cos. . . . . . . . . .424 40. . . . . . . . . . . . . . . . . 66. . 87 5. . . . . . 399 13. . . . . . . . . . . . 83. . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . . . . . . . .212 Public Storage . .204 Real Estate Investment Trust — 0. . . . . . . . . . . . .568 44. Inc. . . . . . . . . . . . . . . . . . . . . .. . . 159 7. . . . . . . . (The) . . . . . . . . . . . . . . . . . Inc. . . . .* . . . . Inc. . 223 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .630 Weyerhaeuser Co. . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .482 Ventas. . . . . . . . . . . .183 Health Care REIT. . Inc. . . . . . . . . . . 799 44. .914 HCP. . . . . . . . . . . . .672 Best Buy Co. . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . 34 . . . . . .531 AvalonBay Communities. Inc. . . . . . . . . . . . . . . . . . . . . . . . . .519 ONEOK. . . . . . . . . . . Inc. .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . . . . . . . .* . . . . . . . .958 Simon Property Group. . . . . . . . 2. . . . . . . . .366 47. . . . . Inc. . . . . . . .. . . . . . . . . . .

. . . . . . . . . . . . . . . . . 971 Chipotle Mexican Grill. .. . . .396 60. . . . 660 35. . . . . . . . . . . .999 Wal-Mart Stores. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. 713 38. . . . 1. . . . . . . . . . . . . . . . . . . . . . . .997 See accompanying Notes to Schedule of Investments. . . . . . . . Inc. . . . . . . 679 21. 1. . . . . . . . . . . . . . . . 4. . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Penney Co. . . . . . . Inc. . . . . .209 42. . . . . . Inc. . . . . . . .264 51. . 704 33. . . . .* . . . . . . . . . . . . . . . . . . . .338 26. . . .9% (continued) CarMax. . . 540 48. . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . 2012 (Unaudited) Investments Shares Value Retail — 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 22. . . . . . . . . . . . . . . . . . . . . . Inc.149 CVS Caremark Corp. . . . .* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31.268 Family Dollar Stores.. . . . . . . . .231 Target Corp. . . . . . .385 Urban Outfitters. . . . . . . . 1. . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . .130 Macy’s. . . . . . . . . .923 Savings & Loans — 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 862 41. . . 1. . . . . .868 McDonald’s Corp. . . . 102 30. . . . . . .* . . . . . .341 Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . 1. . . . . . . . .* . . . . . . . . . . . . . . . . . . Inc. . . . .455 Starbucks Corp. . Class A . . . . 35 24. . .010 39. . . . . . . . . . . . . . . . 1. . . . .278 49. . . . . . .076 Home Depot. . . . . . . . . Inc. . . . . . . . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . . . . . 650 37. . . . . . . . . . 661 39. . .836 Gamestop Corp. . . Inc. . . . . . . . . . 628 34. . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . .346. . . . . 216 19. . . . . . . . . .075 46. .. . . . . . . . . (The) . . . . . . . . . . . . . .175 Yum! Brands. . . . .442 Dollar Tree. . . . . . . . . . . . . . 603 41. .006 Staples. . . .678 Darden Restaurants.405 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116 Gap. . . 1. . . . . . 204 20. . . . . . . . . . . . . . . . . . . . . . . . . .754 Walgreen Co. . . 357 23. . . .111 Tiffany & Co. . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . .312 Lowe’s Cos. . . . . . .209 Ross Stores. . Inc. . . . . . . . . . . . . . . (The) . . . . . . . . . . . . . . . . . . . . . . . . . .372 Kohl’s Corp. . . . . . . 742 33. . . . . . . . . . . . . . . Inc. . . . . . . Inc.048 J. . . . . . . . . . . . . . . . . . . . . Brands. . 644 40. . . . . . . . . . . . . . . . . . . . . . . 1. (The) . . . . . . . Inc. . . . . . 810 34. . . . . . . . . . . . . . . . $ 36. . . . . . . .705 Total Retail . . . . . . . . . . . . ..944 Ltd. . . . . . Inc.271 TJX Cos. . . . . . . . . . . . . . . .451 1. . . . . . . . . . . .287 PetSmart. . . . . . . . . . . . . . . . . . . . . . . . . . . . 599 37. . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . .031 44. . . . . . . . . . . . . . . . . . .* . . .053 Nordstrom.2% People’s United Financial. . . .144 . . .C.310 O’Reilly Automotive. . . . .

* . . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 . . . . Inc. . . . . . . . . .623 See accompanying Notes to Schedule of Investments. . (The) . . . . .555 Software — 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . .292 Autodesk. . . 3. . . . . . . . . . . . . . . . . . . . . . . .243 Teradyne. . . . . . . . .089 $ 37. . . . . . . . . . . . . . . . . Inc. . . . Inc. . . . 475 37. . . . . . Inc. . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . Inc. . . . . . .* . . . . . . . . . Inc. . . .667 Fidelity National Information Services. . . . . . . .655 54. . . . . . . . . Inc. . . . . 665 41. . . . . . . .317 Texas Instruments. . . . . . 1. . . . . . . . . . . . . . . . . . . . . . . .963 Intel Corp. . . . . . . . . 519 30. . . . . . . . . . . 8. . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . . . . . . . .273 14. . . . 928 44. . . . . . . . . . . 930 39. . . . . . . . . . . . . . . . . . 985 37.859 40. .* . . . . . . . . . . . . .* . . . Class A . . . Inc. . . . . . . . . Inc. . . . . . . . . . . . . . . . . . .756 Semiconductors — 4. . . . . . . . . . . . . . . . . . . .585 LSI Corp. . 607. . . . . . .485 Citrix Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . .649 Xilinx.339 QUALCOMM. . . .426 38. . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . .548 51. . . . . . . . . . . . . . . .116 Applied Materials. . . . . . . . . 4. . . . . . . . . . . . . . .396 Microchip Technology. . . . . . . . . . . . . . . . . .813 62.065 KLA-Tencor Corp. . . . . . . . . . . .117 Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . .. . .039 42. 2012 (Unaudited) Investments Shares Value Altera Corp.120 Linear Technology Corp. . . . . . . . . 694 22. . . . . . . .900 56. . . . . . 1. . . . . . .* . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . . . . . . . .* . . . . . Inc. . . . .* . . Inc. . . . . . . . . . . . 889 32. . . . . . . . . . . . . . . . 1. . . . . . . . . . . . .256 Fiserv.340 53. . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .617 NVIDIA Corp. . . . . . . . . .0% Total Semiconductors . . . . . . . . . . . . . . . 996 35. . . . . . . . . . . . . . . . . .563 Broadcom Corp. . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . .051 CA. . . . . . . . . . . . . . . . . . . . . . . . . 950 32. . . . . . . . . . . . . . . . . .601 BMC Software. . . .505 Analog Devices.104 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .834 Intuit. . . . . . 829 25.115 Akamai Technologies. . . . . . . . . . . . . . . . . . . . . . . . . . .359 Electronic Arts. . . . . . 1. . . . . . . . . . . . . 488 32. . . . . . . . 909 36. .086 Dun & Bradstreet Corp. 1. . . . . . . . . . . . . .861 Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. .* . . . . .579 Red Hat. . . . . . . . . . . . . . .321 Lam Research Corp. .* . 716 29. . . . .488 52. . . . . Inc. . . . . . . 542 42. . . . . . . . . . . . . .9% Adobe Systems. . . . . . . . . . 2. . . . . . . . 295 15. . . . . . . . . 354 27. Inc. .880 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .415 49. . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .432 CSX Corp. . 782 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .082 Norfolk Southern Corp. . . . . . . . . . .233 43.. .* . . . . . . . . . . . . . . .3% Total Toys/Games/Hobbies . . . . . . . . . . . .9% (continued) Salesforce. . . . . Inc. .926 588. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .176 27. . . . . . . . . . . . . . . . . .* . . . . . . . 201 9. Inc. . . . . . . .966 Harris Corp. . 65 Total Software . . Inc. . . . . . .269 Total Telecommunications . .2% Cintas Corp. . . . . 1. . . . . . . . . .319 Mattel. . . . . . . .194 Expeditors International of Washington.419 United Parcel Service. . . . . . . . . . . . . . .732 Telecommunications — 2. . . . . . . . . . . . . . . . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . 41. . . . . . . . . . 575 21. . . . . . . . . . . . . . . . . $ 10. . . .578 Union Pacific Corp. . . .484 Centurylink. . . . . . . . Inc. . . . . . .841 JDS Uniphase Corp. . .* . . . . . . . . . . . . . . . . 609 24. . . . . . . . . . . . . Robinson Worldwide. . . .394 5.908 Hasbro. . . . . . . . . . . . .838 Motorola Solutions. . 437 40. .584 See accompanying Notes to Schedule of Investments. . . . . . . . . . . . . 409 51. 347 25. . .462 Verizon Communications.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .461 Crown Castle International Corp.H. . . . . . . . . . . . . . . . 227 8. . . . . . Inc. . . . 1. . . . . . . 566 20. . . . . Inc. . . . . . . Class B . . . Inc. . . . .376 Transportation — 2. . . . . . 517 20. . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .113 Textiles — 0. . . . . .621 Corning. . . . 400 13. Inc. . . . Inc. 317. . . . .392 47. . . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .447 FedEx Corp. . . . . . . . 2. . .057 Toys/Games/Hobbies — 0. . . . . . . . . . . . . . . . . . . . Inc. . .627 51. . . .566 Frontier Communications Corp. . . . .359 Ryder System. . . . . . . . . . . . . . .* . . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 . . Inc. . . . .1% C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . 3. . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .880 Cisco Systems. 188 13. .923 MetroPCS Communications. . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. 2. . . 513 32. . . .802 Juniper Networks. . . . . . . . . . . .* .203 31. . . . . . 376 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .033 51. . . . . . . . . . . . . . . . . . . . . . . . . .1% AT&T. . . . . . . . . . . . . . Inc. . . . . . . . . . .032 57. . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Software — 3. . . .718 36.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 0. Chemicals . . Banks . . . . . . 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .095 15. . . . . .9 3. (27. . . 76. . . . . . . . . . . . . . . . . . . . . . . . . . .6% 1. . . . . . . . . . . . . Aerospace/Defense . .1 2. .6 0. . . . . . . . . . . . . . . . . . . . .746 Liabilities in Excess of Other Assets — (0. . . . . . . . . . . . . . . . . .787 76. . . . . . . . . Engineering & Construction . . . . . . . . . . . . . . . . .9 0. . . . . . .959 MONEY MARKET FUND — 0. . . . . . . . . . . . . . . . . . .5 2. . . .5 0. . . . . . . . . . . . . . . . . . . . . Electric . . .3 1. . . . . . . . . . . . . . . . . . . .4 2. . . . . . . . . . . . . . . . . . . . . .7 0. . . . . . . . . . . . . . . . .199. . . . . . . . . . . . . . .2)% . . . . . . . . . .8 0. . . . . . . . . . . . . . . . . . . . . . .0% . . . . . . . . . . . . 317. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Transportation — 2. . . . Apparel . . . . . . . . . . . . . . .3 0. . . . Entertainment . . . . . . . 15. .6 1. . . . . . . . . . . . . . . . . . . .146 Non-income producing security SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Advertising . . . . . . . . . . . . . . . . . . . Computers . . . . . . . . . . Diversified Financial Services . . . . . . . . . . . . . . . . . . . .1 1. . . . . . . . . . . .4 0. . . .073) . . . . . . . . . . . . . . .3 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * $15. . . . . . Airlines . . . . . . . . . . . . Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Building Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 4. . . . . . . . . . . . . . . . .787) . . . . . . . . .286) . . . . . . . . . . .5% . . . . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) December 31. . . .316. .600) Net Assets — 100. . . . $ Total Common Stocks (Cost $14. . . Auto Parts & Equipment . . . . . . . . . . . . . . . . . .4 . . . . . See accompanying Notes to Schedule of Investments. . . . . Fidelity Institutional Prime Money Market Portfolio − Class I (Cost $76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auto Manufacturers . . . . . . . . . . . . .239. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .787 Total Investments — 100. . . . . .1% (continued) Total Transportation . . . . . . . . . . Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electrical Components & Equipment Electronics . . . . . . . . . . . . . . . . . . . . . . . . . .2% (Cost $14. . . . . . . . . . . . . . . . . . . . . Biotechnology . . . . . . . . . . . . . . . .149. . . . . . . . . . . . Beverages . . . . Cosmetics/Personal Care . . . . .4 0. . . . . . 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Environmental Control . . . . Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . .7 3. . . . . . . . . . . . . . . . . . . . . Liabilities in Excess of Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Household Products/Wares . . . . . . . . . . . . . . Net Assets . . . . . . . . . . . . . . Home Builders . .4 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Home Furnishings . . . . . . . . . .6 2. . . . . . . . . . . . . . . . . . . . Machinery − Construction & Mining Machinery − Diversified . . .9 0. . . . . .ADVISORSHARES TRUST MADRONA DOMESTIC ETF Schedule of Investments (continued) % of Net Assets Food . Oil & Gas Services . . . . . .5 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 0. . . . . . . . . . . . . . . . . . . . . . . . . . . .3 0. . . . . . . . . . . . . . . . . . . . . . . . . . Savings & Loans . . . . . . . . . . . . .2 5. . . . . . . . Forest Products & Paper . . . . . . . . . . . . . . . . .8 0. . . . . . . . . . . . . . . . . . . . Lodging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 0. . . . . . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 1. . . . Internet . . . . . . . . . . . . .9 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See accompanying Notes to Schedule of Investments. . . . .3 0. . Metal Fabricate/Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 0. . . . . . . . . . . . . . . . .2 (0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Healthcare − Products . . . . . . . . . . . .2 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Housewares . . . . . . . . . . . . . . . . Pipelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 0. . . . . . .5 8. . . . . . . . . . . . . .0% . . . . . . . . . . . . . . . . . .5 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 0. . . . . . . . . . . . . . . . Insurance . . . . . . . . . .1 0. . . . . . . . . Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Healthcare − Services . . . . . . . . Real Estate Investment Trust . . .6 2. . . . . . . . . . . . . . . . . . . . . . . . . . .2 4. . . . . . . . . . . . Toys/Games/Hobbies . . . . . . .7 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 2. . Packaging & Containers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8% 0.0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Textiles . . . . . . . .9 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hand/Machine Tools . . . . . . . . . . . . . . . . . . . . .8 0. . Office/Business Equipment . . . . .2) 100. . . . . . . . . . . . . . . . . . Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation . 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 0. . . . . . . . . . . . . . . . . . . . . . . . . . .3 0. . . . . . . . . . . . . . . . . . . . . . . . .4 0. . Total Investments . . . . . . . . . Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telecommunications . . . . . . Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Semiconductors . . . . . . . . . . . . . . . . . . . .5 0. . . . . . . . . .0 3. . . . . . . . . . . . . Iron/Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Leisure Time . . . . . . . . . . . . . . . . . . . . . .2 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 0. . . . . . Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . .244 2.829. . . .615 248. . . . .387 37.926. . .096 687. . . .876.559 10. . . . . . . . .123. . . . . . . . . . . . . . . . . . . . . . . .485 1. . . . . . . . . . . . . . . . . . . . . . . . . .169. . . . . . . . . . .885 923. .544. Vanguard Short-Term Bond ETF . . . . . . . . . . . .930 1. .743. . ETF — Exchange Traded Fund TIPS — Treasury Inflation Protected Securities † Less than 0. .184 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Peritus High Yield ETF . . . . . . . . . . . . . . . . .776 674. . . . . . . . . . . . . . . . . . . .932. . . . . . . .265 23. . . Equity Fund — 4. Vanguard Short-Term Government Bond ETF . . . 2012 (Unaudited) Investments Shares Value EXCHANGE TRADED FUNDS — 99. . . . . . 40 23. . . .0% .464 12.265) .552 44. . . . . . . . Vanguard Long-Term Government Bond ETF . . . . . .073 14. . . . . . . . .079 682. . . . . . . .9% PowerShares Financial Preferred Portfolio . . . . . . SPDR DB International Government Inflation-Protected .687 54. . . . . . . . PowerShares Emerging Markets Sovereign Debt Portfolio PowerShares Insured National Municipal Bond Portfolio .979 239. . . . . . . . . . . . . . . . . . . . (Cost $22.1% iShares iBoxx $ High Yield Corporate Bond Fund . . . . . . . . . . . . . . . . . . . .557) . . . . . . . . . . . . . . . . Vanguard Mortgage-Backed Securities ETF . . .ADVISORSHARES TRUST MADRONA GLOBAL BOND ETF Schedule of Investments December 31. . . . . . . . . . . . . . . . . PowerShares International Corporate Bond Portfolio . . . . . .232 26. .862 36. . . .331 22. . . . . Debt Fund — 90. . .152.997 20.0% . . . . . . . . . . . . . . . . . . . . . .122 462. . . . . . . WisdomTree Emerging Markets Corporate Bond Fund . . . . . .171. . . . . .207 915. . . . . .510 5. . .166.942 30. . . .712 4. . . . . . . . . .05% See accompanying Notes to Financial Statements. . . . . . . . . .163 . . Total Investments — 100. Bond ETF . . . . . .533 16. . . . . . . . . . . .0% Asset Allocation Fund — 4. . . . . . Total Debt Fund . . . . . . .391. . . . .900 1. . . . . . . . . . . . PowerShares Build America Bond Portfolio . . . .014 $ 927. . . . . . iShares iBoxx $ Investment Grade Corporate Bond Fund . . .005 1. . . Other Assets in Excess of Liabilities — 0. . . . .0% SPDR Barclays Capital Convertible Securities ETF . .562 8. . . . . . . . . . . .893 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . .964 52. . . . . . . . . .327 4. iShares S&P/Citigroup International Treasury Bond Fund . . .477 14. . . . . . . . . . . . .440 8. . . . . . . . . . . . . . .268 925. . . . . . .265 239.626. . . . . . . . . . . . . . . . . . . .0%† Net Assets — 100. . . MONEY MARKET FUND — 1. . . .919 $23. . .626 911. . . . . Total Exchange Traded Funds (Cost $21. . . . . . . Vanguard Intermediate-Term Government Bond ETF . . . .822) . . . . . . . . . .156.0% Fidelity Institutional Prime Money Market Portfolio − Class I (Cost $239. . . .190 1. . . . . . . . . . . .989 2. . . . . PIMCO 1 − 5 Year US TIPS Index Fund .

. . . Less than 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . Debt Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Assets in Excess of Liabilities Net Assets . . . . . . . . . . . . . . . . . . .0% . . Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. . . . . . .0 —† 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 . . . . . . . . . . . . . . . . . . . . . . . . † . . . . . .9 1. . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA GLOBAL BOND ETF Schedule of Investments (continued) SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Asset Allocation Fund . . . . . . . . . .1 4. . . . . . . . . . . . . . .0 100. . . .0% 90. . . . Total Investments .05% See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . .270 47. .3% Finmeccanica SpA (Italy)*(a) . . . . . . . . . . . . . . . . . . . . . . . .044 461. . . . . . . . . . . . . . . . . . . . . .505 1. . . . . . . . . . . . . 336 536 34. . . . . . . Ltd. (China)*(a) . . . . . .020 41. . . . . . . . . . . . . . . . . Safran SA (France)(a) . . . . . . . . . . . . Value . . . . . . . Toyota Motor Corp. . . . . . . . . .1% China Eastern Airlines Corp. . . . . . . . . . . . . . . .6% Burberry Group PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . .9% BYD Co. . . . . . . . . . . . . .663 92. (China)(a) Publicis Groupe SA (France)(a) . . . . . . .291 1.187 16. . . Valeo SA (France)(a) . . . . . . . . . . . . . .442 91. . . .189 74. . . . . . . . . . .078 187. . .569 233. . .924 2. . . . . . . . . . . . . . . . . . . . . . . (China)*(a) . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares COMMON STOCKS — 99. . . . . . 5. . . . . . . . . . Ryanair Holdings PLC (Ireland)(a) . . . . . . 42 . . . (Canada) . . . . .122 3. . . . . . . . . . . . .779 100. . . . . . . . . . . . . . . . . . . . .436 68. . . .753 46. . . . . . . . . . . Total Apparel . . . . . . . Total Aerospace/Defense . . . . .550 See accompanying Notes to Financial Statements. . . . . . . . . . . . .784 977 17. . . . . . . . .847 3. . . . . . . . . . . . .517 Apparel — 0. . . . . . . . . . . . . . .823 84. .387 86. . . . . . . . . . . . . . . . . . . .210 Auto Manufacturers — 3. . . . . . . . . . . . . (Japan)(a) Tata Motors Ltd. . . . . . . . . . . . . . .1% Bridgestone Corp. . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . Daimler AG (Germany)(a) . . . (Japan)(a) . . . . . . . . . . . . . . (Japan)(a) . .673 1. . . . . . . . .6% Focus Media Holding Ltd. . . . .688 580. . . . . . . . . .429 1. . . . Fiat SpA (Italy)*(a) . . . . .944 103. . . . .267 101. . . . . . Inc.974 Auto Parts & Equipment — 3. . . . . . . . . . . . . . . . . Total Airlines . . . . . . . . . . . Total Auto Parts & Equipment .348 107. . . . . . .535 75.981 5. . . . . . . . . . . . . . .506 872 $101. . . . . .311 63.901 Agriculture — 0. . . . . . . . . . . Imperial Tobacco Group PLC (United Kingdom)(a) . . . . . Total Agriculture . . .118 97. . . . . . .273 4. . . . . . . Gildan Activewear. . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . .412 110. . .327 114. Honda Motor Co. Ltd. . . (Canada) . . . . . . . . . . .871 53. . .555 Airlines — 1. . . . (India)(a) . . . . . . Total Advertising . . . . . . . .950 4. . . . . . . . . . Total Auto Manufacturers . . . . . . . . . . (Japan)(a) . . . . . . . .316 Aerospace/Defense — 1. . . . . . . . . .076 5. . . . . . . . . . . . . . . Magna International. . . . . . . . . . . . . . . . . . . . . . . . . 36. . . . . . . . . . . . . . . . Cie Generale des Etablissements Michelin (France)(a) Denso Corp. .457 94. . . . . .027 45. 3. . . . . . . . . . . . . . . . . . . . . . Ltd. . . .664 110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments December 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5% British American Tobacco PLC (United Kingdom)(a) . . . (Japan)(a) Nissan Motor Co. . . . . . 2. . . . . . . . . . .490 159.2% Advertising — 1. . . . . . . . . . . .171 1. . Ltd. . WPP PLC (Jersey Islands)*(a) . . . . . . . . . . . .

. . . . Kasikornbank PCL (Thailand)(a) . . . . . . . . . . . . Itau Unibanco Holding SA (Brazil)(a) . . . . . . . . . . . . . . (Australia)(a) Banco Bilbao Vizcaya Argentaria SA (Spain)(a) . . . . . . Bank Mandiri Persero Tbk PT (Indonesia)(a) . . . .425 6. . . . .633 102. . . . . . . . . . . . . . .062 5. . . . . . . . . . . . . . . . . . (Singapore)(a) . . . . . DBS Group Holdings Ltd. . Turkiye Garanti Bankasi As (Turkey)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . .559 1. . . . . . . . .734 10. . . . . . . . . . . . . . . . .291 105.364 4. . . .096 57. . . . . . .868 12. .0% Anheuser-Busch InBev NV (Belgium)(a) . Banco Santander SA (Spain)(a) . . . . . . . . . (Japan)(a) . . . . . . . . . . . Sberbank of Russia (Russia)(a) . . . . . .095 608 5. . . . . . . . . . . . . . . . . . . . . . . . . . . Banco do Brasil SA (Brazil)(a) . . . . . . . . .167 . . . . . . Coca-Cola Hellenic Bottling Co. . . . . . . . Lloyds Banking Group PLC (United Kingdom)*(a) .2% Akbank TAS (Turkey)(a) . . . . . . . . Hachijuni Bank Ltd.064 61. . . . .326 71. . . . . . . . . . . . . . . . . . . . . . . . . . . (The) (Japan)(a) . . . . United Overseas Bank Ltd. . . .285 10. . . .195 38. . (Hong Kong)(a) . . . . . . . . . . . . .604 447. . . . . . . . . . .101 11. . . . . .954 4. . . . . . . . . . . . . . . . . . . . . . .157 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (China)(a) . . . . . . . . . . 5. . . . . . . . . . . .227 4. . . . . . . . . . . . . . . .649 8. .262 96. . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. . . . . . . Coca-Cola Femsa SAB de CV (Mexico)(a) . . . . . . .344 1. . . . . . .558 69. . . . . . . . . . . . . .182 86. . . .499 85. . Fomento Economico Mexicano SAB de CV (Mexico)(a) Heineken NV (Netherlands)*(a) . . . . . . . . BNP Paribas SA (France)(a) . Australia & New Zealand Banking Group Ltd. . . . . . . . . . . . Diageo PLC (United Kingdom)(a) . . . . . . . . . 2012 (Unaudited) Investments Shares Banks — 12. . . . . . . . . . . . . . . . . . ICICI Bank Ltd. . . . (India)(a) .592 71. . . . . . . . . Total Banks . 43 Value $ 59. . . . . . .149 110. . .333 7. . (Canada) . Royal Bank of Scotland Group PLC (United Kingdom)*(a) . . . . . . . . . . . . . . . . . .169 71.081 1.933 43. . . . . . . . . . . . . . . .524 8. . . . . . . . . . .275 6. . .280 . . . . . . . . . . . . .788 12. . .146 2.135 30. . . .165 79. . . . . . . .100 24. . . . . . Total Beverages . . . . . . . . . . . . . . . . . . . . .937 54. . . . . . . . . . . . . China Construction Bank Corp. . . . . . . . . . . . . . .913 85. . . . . . . . Banco de Chile (Chile)(a) . . . . . . . . . . . . .555 76. . . Banco Bradesco SA (Brazil)(a) . . . . . . . . . . . . . . . . . . . . . .826 370 300 1. . . . . . . . . . . . . .170 201 1. . . See accompanying Notes to Financial Statements. . . . . Kirin Holdings Co. . . Intesa Sanpaolo SpA (Italy)(a) . . .555 85. . . .629 1. .877 497 1. . . SABMiller PLC (United Kingdom)(a) .064 13. . . . . . Societe Generale SA (France)*(a) . . .020 431 5. . .829. Credit Suisse Group AG (Switzerland)(a) . . . . . . . . . . .400 10. . . .316 Beverages — 3. . . . . . . . . . . . . . . . . . . . HSBC Holdings PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .837 76. . . . . . . . . . . Bancolombia SA (Colombia)(a) . . . . . .203 59. Cott Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .471 18. . . . . Ltd. . . . . . . 684 297 122 729 10. . . . . Cia de Bebidas das Americas (Brazil)(a) . . . . . .672 1. . . . . . . . . . . . . . . . . . . .419 70. . .799 2.867 86. BOC Hong Kong Holdings Ltd.334 96. . . . . . . . . . . . . . . . . . . . . .827 41. . . SA (Greece)(a) . . . . . . . . . . . . . . Banco Santander Chile (Chile)(a) . . . . . . . . . . . . . (Singapore)(a) . . . . . .444 40. . . . . .780 88. . . . . .183 17. . . . . . .864 43. . . .210 47. . . . . . . . . . . . . . . . . .

.868 40.495 $ 42. . . . . . .035 1. James Hardie Industries PLC (Ireland)(a) Lafarge SA (France)(a) . . . . . . . . . . . . . . Akzo Nobel NV (Netherlands)(a) . . .404 168. . . . . . . . . . . Syngenta AG (Switzerland)(a) . . . . .098 24. . . . . . . . . . .137 38. . . . . . . . . . . . Total Building Materials . . . . . . . . Intertek Group PLC (United Kingdom)(a) Secom Co. . . . . . . . . .263 32. . . . . (Canada) . . . . . . . . . . . 291 576 3. . Sociedad Quimica y Minera de Chile SA (Chile)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165 1. .280 . . . . . . . . . . . . . . . . . . . . . . . .290 34. . . . . . . . .383 Building Materials — 2. . . . . . . (Canada) .239 5. . . . . . . .067 111. . . . . . . . . . . . . . . . . . BASF SE (Germany)(a) . . . .410 96. .863 12. . . . .487 3. . . . . . . . . .6% Agrium. . . . . . . . . . . . . . . . . . . .278 29. Value See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . Shin-Etsu Chemical Co. . . . . . . . . . . . . . . .058 97. . . . . . Air Liquide SA (France)(a) .756 54.0% CRH PLC (Ireland)(a) . . . . . . . . . . . . . . (Japan)(a) . . . . . . . . Ltd. . 2. . . . . . . . . . . . . (Australia)(a) . . . . . . . . . . . . . .219 41. . . . . . . . . . . .568 694. . . . . . . . . . . . . . . . . . . . . . . . . 44 . . . . . . . . . . . .2% Bunzl PLC (United Kingdom)(a) . . . . . . . . . . . . . .099 1. . . . . . . . . . . . . . . Experian PLC (Jersey Islands)(a) . . . . . . . .466 52. . Ultrapar Participacoes SA (Brazil)(a) . . . . . . . . . .131 92. . . . . . . . . . .460 26. . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31.138 Chemicals — 4. . . . . . . . . . . . LIXIL Group Corp. . . . . . . . . . .710 2. . . . . . . . . . . . . . . . . . . . . . Cielo SA (Brazil)(a) .893 87. . . .852 807 19. . . . . . .257 307. . . . (Canada) . . . . .824 699 422 1. . . . . . . . . . . . . . . . . . . . .486 63. . . Nitto Denko Corp. . .686 84. . 2012 (Unaudited) Investments Shares Biotechnology — 0. . . . . . . . . . . . . . . . . . .905 135 5. . . . . . . .659 87. . . (Japan)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Japan)(a) . . . . (Hong Kong)(a) Total Computers . . . . . . . . . . . . . Inc. .030 1. . . . . . . . . (Japan)(a) . .662 13. . Total Chemicals . . . . . (Israel)(a) . . . . . .361 324. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . .119 42. .284 781 6. . . . Israel Chemicals Ltd. . . . . . . . . . . SGS SA (Switzerland)(a) . . . . . . . . . . . . . Ltd. . . . . . . . . . . . 1. . .3% CSL Ltd. . . . . 239 2.981 1. . . . . . . . . .717 62. . . . . . . . . (India)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .737 73. . . . .1% Indra Sistemas SA (Spain)(a) . . . . . . . . . . . . . . . . . Methanex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268 19. Yara International ASA (Norway)(a) . . . . .506 3. . . . . Stantec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .666 1. . . .152 88. . . . . .928 Computers — 1. Lenovo Group Ltd. . . . . . Total Commercial Services . . . . . . . . . . . . . . . .785 Commercial Services — 2. . . . . . . . . . . . .825 68. . . . . . . Lonza Group AG (Switzerland)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . .075 7. . . . . . . . . . .074 14. . . . Infosys Ltd. . .

. . . . . . . Ltd. . . . . Huaneng Power International. .376 19. . . .242 85. . . . .1% Kao Corp. .923 2. . .540 24. . . . . .515 1. . . . . . . . . . . . . . Schneider Electric SA (France)(a) . Total Electrical Components & Equipment . . . . . . . . . . . . . SSE PLC (United Kingdom)(a) .111 19. . . . .718 2. . . . . . . . . . . . . . . . . . .227 92. . . . . . .493 170. . . . . . . . . . . . . . . .326 338 104. (Japan)(a) .642 149. . . . . . . . . . . . . . . CPFL Energia SA (Brazil)(a) .319 89. . . . .562 1. . . . . . . . . . . . . . . . Federal Hydrogenerating Co.9% Deutsche Boerse AG (Germany)(a) . . . . . . . . . . . . . . Cia Energetica de Minas Gerais (Brazil)(a) . . . . .574 Distribution/Wholesale — 2. . . . . . . . . . . . . . . . Imax Corp. . . . . . . . . (China)(a) . . . . . . .767 4. . . . . . . . . . . . . . . . . . . . . . . . . . . (Japan)(a) . . . Inc. . . . . . . . . Total Diversified Financial Services . . . . . . . (Canada)* . . .. . . . . . . . . . .301 45. . . . . . . . . . . . . . . . .920 32.ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. . . . . . . 45 . . . . . . . . . . . . . . . . . . JSC (Russia)(a) . . . . . . . . . . . . . . . . .371 64. . . . .372 43. . . . Tractebel Energia SA (Brazil)(a) .829 Electric — 3. 2. . .043 38. . . . . . . . . . . . . .208 76. . . . . . . . . . . (Japan)(a) . . . . . . . . . . . . .621 66. .543 9. . . . . .590 68. . . Mitsubishi Corp. .590 452. . . . . . . . . . . . Ltd. . . . . . . . . . . . . .449 17. . . . . . . . . . . . . .569 295. . . . . . . . . . . . .692 1. . . .714 5. . . . . . . . . . Total Distribution/Wholesale . . . . . . . . . . .999 38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .643 3. . . . . . . . Total Cosmetics/Personal Care . . . . . . . . . . . . . . Electronics — 2. . . . . GDF Suez (France)(a) . . .0% ITOCHU Corp. . . .766 3. . . . . . . . Koninklijke Philips Electronics NV. . . . L’Oreal SA (France)(a) . . . (Switzerland)(a) .422 1.040 284. . . . . . . . . . . . . . . (Japan)(a) . . . . . . . . . . . . . . . . . Class W (Canada)* . . .210 43. (Japan)(a) . . . Electrical Components & Equipment — 0. . . .206 2. . . . . . . . . . . . . . . . . . . (Japan)(a) . . . . . . Nomura Holdings. . . . . . . . .048 1. . . . . . Hoya Corp. . .098 53. . . . . . . . . .555 Diversified Financial Services — 1. . . . .6% Nidec Corp. . . . . . . Julius Baer Group Ltd. . . . . . . . . . . . 1. . . . . . ORIX Corp. .815 30. .625 10. . . . . . . . . . .667 101. . .137 1. Unicharm Corp. . .723 61. . . . . See accompanying Notes to Financial Statements. . . . . . . . . .650 116. .092 . . . . . (Japan)(a) . . . . . . . . . . . . . . . . .277 22. . . . . . . . . . Shiseido Co. . . . . . . (Japan)(a) . . . Inc. . . . . . .3% Celestica. . . . . EDF SA (France)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Japan)(a) . . . . . . . . . .837 3. . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value Cosmetics/Personal Care — 1. . .501 17. . . . . . . . . . .0% AGL Energy Ltd. . . .059 40. . . . (Japan)(a) . . . (Japan)(a) . . . . . . .428 4. . . . Inc. . . . . . . . . . . . 1. . . . . . .491 209 78. . . . . . . . .630 25. . . . Total Electric . . . . (Australia)(a) . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . Mitsui & Co. . . . . . . . . . . . . . . .290 615 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Class Y (Netherlands) Kyocera Corp. .170 $ 33. . . . . . . . . . .

. . . . . . . . .987 185. . . . . . . . . . . . . . . . .982 12. . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . . . . . . . .226 825 614 2. . . . . . . .255 130. . . . . . . . . . . . . . .960 49. . (Japan)(a) . . .640 83. . . . . . . . .376 32. . . . . 46 . JGC Corp. . . . . . . .657 291 1. . . . . . . . . . . . . . . . . . Food Service — 0.9% Essilor International SA (France)(a) . . . . 2012 (Unaudited) Investments Shares Electronics — 2. . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. . . . . . . . (Japan)(a) . . Sony Corp. . . . . . . . . . . . . . . .6% ABB Ltd. . . .343 48. . . . . . . .870 50. . . . . . . . . . . . . Svenska Cellulosa AB (Sweden)(a) . . . . . . . . . . . . . . .2% PT Perusahaan Gas Negara (Indonesia)(a) . . . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . .269 .819 2. . . . . . . . . . . .315 9. . . 895 8. . . . . . . . . . . . . . . . . . . . . . . . .474 13. . . .555 56. . . . . . . Smith & Nephew PLC (United Kingdom)(a) Sysmex Corp. . . . . . . . . . . . . . . .088 Hand/Machine Tools — 0. . . . . . . . . Total Electronics . . . . . . . . . . . . . . . .924 54. (Japan)(a) . . .887 101.3% (continued) LG Display Co. . . . . . . . . . . . . . . . Ltd. . . . .070 4. . .193 1. . . . . . . . . . . . . . . . . . .233 4.5% Techtronic Industries Co. . . . Tesco PLC (United Kingdom)(a) .957 806 40. . . . . . . . . . . . . . . . . . . . . Total Food . . .185 30. . . . . . William Morrison Supermarkets PLC (United Kingdom)(a) . .447 91. . . . . . . . . .093 343. . . .947 347. . . 1. . Unilever NV (Netherlands) . . . . . . . . . . . . . . . Forest Products & Paper — 1. . . . . . . . .121 27. . . . .2% Stora ENSO OYJ (Finland)(a) . . . . Cencosud SA (Chile)(a) .678 23. .005 597 1. . . . . . . . . . . . . . . Value . Total Engineering & Construction . . . . . . . . .516 50. . . . . . . . . (Switzerland)(a) . (Japan)(a) . . . . . . . . . . . . . 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .686 50. . . .856 3. . . . . . . . . . . . . . . . . . . . . . . Healthcare — Products — 0. . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . . . . . . .751 1. . (Hong Kong)(a) . . . . . Carrefour SA (France)(a) . . .087 36. . . . . . . . . . . . .052 Engineering & Construction — 0. . . . . . . . . . . . . . . . . . . . . . Total Forest Products & Paper . . . .2% Compass Group PLC (United Kingdom)(a) . . . . . . . . . . . . . Total Healthcare − Products . . . . . .874 Gas — 0.732 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (South Korea)(a) Panasonic Corp. . .156 $ 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 Food — 2. . . . .338 16. . . . . . . . . . .3% BRF − Brasil Foods SA (Brazil)(a) . . . .227 77. . . . . Cia Brasileira de Distribuicao Grupo Pao de Acucar (Brazil)(a) Koninklijke Ahold NV (Netherlands)(a) . . . . . . . . .568 44. . . . . . . . . . . . . . . . . . Getinge AB (Sweden)(a) .733 57. . . . . . . .

. . . . . . . . . . .674 98. . . . . . . . . . . . . . .400 47. . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . . . . . . .402 65.com (Cayman Islands)*(a) . . . . . .135 13. . . . of China Ltd. . . . . . .923 4. . .889 252 1. . .827 1. .770 934. . . . . . . . . . . . . . . . . . . . . . . .534 4. . . .5% ICON PLC (Ireland)*(a) . . . . . . . . . (Singapore)(a) . . . . Class G (Netherlands) . . . .611 3. . . . . . . . . .056 141. . . . . Sun Life Financial. . . . .020 52. . . . . . . . . . . . . .597 104. . . . . . (China)(a) . Rio Tinto PLC (United Kingdom)(a) Total Iron/Steel . . . . Inc. . . . . . . . . . . . . . . . . . . Total Internet . . . . . . . . . . . NetEase. . . . . . . . . . . . . . . . Gerdau SA (Brazil)(a) . . . . . . .8% Hutchison Whampoa Ltd. . . . . (Cayman Islands)(a) . . MS&AD Insurance Group Holdings (Japan)(a) . . . . . . . .470 72.841 264. Total Insurance . . . . . . . .686 94. . . . . . .585 104. . .776 Home Builders — 0. . . . . .064 64. . .387 82. . . . .2% Aegon NV. . . . . . . . . . . . . . . . .095 118. . . . 726 1. . . . . . . . . . . . . . . . . . . . . . . . . . . Tencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . .744 $ 76. . . .300 11. Ageas (Belgium)(a) . . . . . . . . . (Cayman Islands)*(a) . . . . . . . . . . 2012 (Unaudited) Investments Shares Healthcare − Services — 0. . . . . . Swiss Re AG (Switzerland)(a) . . Tokio Marine Holdings. . . . . . . . . . . . . . . . . . . .435 1. . .065 1. . . . . . .189 Household Products/Wares — 0. . .845 94. . . . . . . . . . .048 9. . . . . . . . .976 53. . . . . . . . . . . . . . . . . . . . . . . . . . Ltd. . .995 178. . . . .686 4. . . 2. . . .129 30. . . . . . . . . . (Japan)(a) . . . . . . . . . (China)(a) Prudential PLC (United Kingdom)(a) . . . . . . . . . . . . . . .514 19. . . . . . . . . . . . . . . . . . . . . . . . . . 47 . . . . . . . . . .865 . . KOC Holding AS (Turkey)(a) .658 2. . (Hong Kong)(a) . . . . Keppel Corp. . .206 Iron/Steel — 0. Value Insurance — 6. . . . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . .811 57. . . . . . . . .207 73. . . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. . . . . . . . . (Japan)(a) .228 Internet — 1. . . . . . . . . . . LVMH Moet Hennessy Louis Vuitton SA (France)(a) Total Holding Companies − Diversified . .2% Baidu. . . . . . Inc. (Canada) . . . . 9. .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. . . . . . . . . .531 Holding Companies − Diversified — 1. . . . . . . . .521 1. . . . .999 71. . . .688 30. . . . . . . . . .678 94. . . . . . . . . ING Groep NV (Netherlands)*(a) . . . China Life Insurance Co. . .671 74. . . . . . .786 116. . . . . . . . . . . . . Ltd. . Ping An Insurance Group Co. . . . . . . . . . .725 1. . . . . . . . .9% ArcelorMittal (Luxembourg) .931 6. . . . . . . . . . . . . . . . . .303 2. . . .075 1. . . . . . . . . . . . . . . . . . . . . . . . . .1% Kimberly-Clark de Mexico SAB de CV (Mexico)(a) . . . .173 3. . . . . . . . . . . . . . . . Inc. . . .7% Sekisui House Ltd. AXA SA (France)(a) . . . . . . . . . . . . Zurich Insurance Group AG (Switzerland)(a) .349 1. . . . . . .

.848 85. . . . . . . . .424 80. . . . . . . . . . . . . . . .436 25. . . . . . . . . . . . . . . . . . . . . . . . .266 61.707 Machinery − Diversified — 1. . . . . . . . . . Total Media . . . . . (Jersey Islands)(a) . .868 24. . . .266 39. Class N (South Africa)(a) . . . . . .258 53. . . .811 60.750 603 2. . . . . . . . . . . . . . . . . . . . . .786 97. . . . . . . . . . . . . . . Media — 1. . . Metal Fabricate/Hardware — 1. .863 299 970 985 6. . . . . .572 11. . . . . .196 1. . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . .378 933 101. . . . . (South Africa)(a) . . . . . . . (United Kingdom)(b) Randgold Resources Ltd. . . . . .881 27. . . . (Canada) . . . . . . . . . . . . . . . . . . . . . .6% British Sky Broadcasting Group PLC (United Kingdom)(a) Grupo Televisa SA (Mexico)(a) . .454 68. . . . . . . . . . . (Japan)(a) . . . . . . . . . . . . . .835 20. . . . . . . . . . . . . . . .475 2. . . . (Canada) . . . . . . . . .442 23. . . Gold Fields Ltd. (India)(a) . . . . . . . . . . . . .290 719. . .698 390 877 810 521 1. . . . .1% Carnival PLC (United Kingdom)(a) . . . .046 2. . . . . . . . . Class Participation Certificate (Hong Kong)*(a) . . . . BHP Billiton PLC (United Kingdom)(a) . . . . . . . . 2012 (Unaudited) Investments Shares Value Leisure Time — 0.140 25.137 23. . . . . . . . . . . . . . Newcrest Mining Ltd. . . . . . . . . . . (Australia)(a) . Wolters Kluwer NV (Netherlands)(a) . . Total Machinery − Diversified . . . . . . . . . . . . . . . . .092 1. . . . .437 Lodging — 0. . . . .618 108. . . . . . . . . .760 155. . . . .7% Melco Crown Entertainment Ltd. . . (South Africa)(a) . . . . . . . . . .018 1. . . . . . . .472 1.350 17.259 19. . . 5. . BHP Billiton Ltd. . . . . . . . . . . . . . . . . . . . .0% Assa Abloy AB (Sweden)(a) . Pearson PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . . . . . . . . . Reed Elsevier NV (Netherlands)(a) . . . . . . . . . .373 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . .433 247. . . . . . . . . . . . . Total Mining .. . . See accompanying Notes to Financial Statements. . Reed Elsevier PLC (United Kingdom)(a) . . . . . . . . Naspers Ltd. . . . . . . . . . . . . Silver Wheaton Corp. . . . . . . . . . . . . . . . . . . .8% AngloGold Ashanti Ltd.903 37.020 59.057 68. . . . . . . . . . . . . . . . . . Polyus Gold International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Australia)(a) . . . . . . Jupiter Telecommunications Co. . . . . . . . . . . . . . . . . Cameco Corp. . . . . . . . . . . . . . . . . (South Africa)(a) . . . .500 1. . . . . . . . .960 21.101 94. . . . . . . . .301 2. . . . . . . . . . . . . . (Japan)(a) . . . . . . . . . . Yamana Gold. . . . . . . . . . . . . . . 48 . . Ltd. . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. . . . . .610 656 58. . . . . . . Sterlite Industries India Ltd. . . . . .870 21. . . . . . . . . . . . . Mining — 4. . . . . . . . . . . Tenaris SA (Luxembourg)(a) . . . . Impala Platinum Holdings Ltd. . Kinross Gold Corp. . (Canada) . . . . . . . . . . . . . . . . . . . 450 $ 17. Total Metal Fabricate/Hardware . . . . . . .020 91. . . . . . . . . . . . . .991 156. . . . . . . . . . . . .0% Alstom SA (France)(a) . .059 3. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . (Canada) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kubota Corp.

. . . . Pharmaceuticals — 3. Daiichi Sankyo Co. . . . . . .754 657 3. . . .268 1. . . . . . . . Grifols SA (Spain)*(a) . . . . . Enerplus Corp. . Sasol Ltd. . . . . . . . . . . . . . . . . . . . . . .242 11. . . . . . Shares Value 4. . . . . . . . . . . . . . . . . . . . . . . . .241 48. . . . . . . .000 83. . . . . . . . . . . . . . . . . . . . . . Eni SpA (Italy)(a) . . . . . . . . . .827 707 25. . . . . . . Siemens AG (Germany)(a) . . .622 Packaging & Containers — 0. . . . . . . . . . . . . Office/Business Equipment — 0. Inc. Total Oil & Gas Services . .314 211. . . . . . . . . . . . . . . . . China Petroleum & Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248 24. . . . . . . .108 58. .826 1. . . . . .2% Rexam PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . . . . . NOVO Nordisk A/S (Denmark)(a) . . . . . .576 23. . .560 79. . . . . . . . . . . . . . . . . . . . . Total SA (France)(a) . . . . . . .4% FUJIFILM Holdings Corp. . . . . . . . . . . . . . (Japan)(a) . .414 $ 89. . . . . . . . . Technip SA (France)(a) . . . Ltd. . . . . . . . .640 637 447 691 51.811 48. Shire PLC (Jersey Islands)(a) . . . . . . . . (South Africa)(a) . . . . . .3% Canon. . . . . . . . Woodside Petroleum Ltd. . . . . . . . . . . . . .144 975 3. . . . . Petroleo Brasileiro SA (Brazil)(a) . . . . . . . . .133 51. . . .090 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Valeant Pharmaceuticals International. . . . . . . . . . . . .084 280 100 1. . . See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . Smiths Group PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . (Japan)(a) . Oil & Gas — 3. . . . . . . . . . (Canada)* Total Pharmaceuticals . . . . . . Ecopetrol SA (Colombia)(a) . . . . . . . Roche Holding AG (Switzerland)(a) . . . . . . . 2012 (Unaudited) Investments Miscellaneous Manufacturing — 1. . . .397 4. . . . . . . . . . . . . . . . . . . . .660 3. . . . . . . . . . . . Total Miscellaneous Manufacturing . . . . . . . .216 18. . . . . . . . . . . . . . .4% Astellas Pharma. . . . . .681 56. . GlaxoSmithKline PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . . .434 54. . . . . .983 76. . . . . . . . . . . . . . . . . . . . . .019 66. . Novartis AG (Switzerland)(a) . . (Japan)(a) . . . . Inc. . . . . . . .617 67.302 1. . . . .534 32. . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . (Japan)(a) . . . . . . . .2% BG Group PLC (Luxembourg)(a) . . . . . Total Oil & Gas . . . . . . . .691 28.209 36. . . . . . . . . . (Canada) .157 5. . . . . .267 99. . . . . . . . . . . .808 165. . . . . .056 186 277 715 638 1. . . . . . . . (Hong Kong)(a) . . . . . . . .605 1. . . . Teva Pharmaceutical Industries Ltd. . Oil & Gas Services — 1. . . . . . . . . . (China)(a) CNOOC Ltd. . . . . . . . . . .359 59. . . . . . . . . . . . . (Australia)(a) .696 475. . .465 494 3. . . 49 . . .719 515. . . . . . . . .076 27. . . . . . . . . . . . . .547 4. . . . . . . . Repsol YPF SA (Spain)(a) . . . . . . . . . . . .891 87. . . . . . . . . . . . . . . . (Israel)(a) . . . . . . . . . . . . . . . . . . . . . . .178 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .078 68. . . . . . . . . . . . . . . . . . . . . . . . . . .1% Subsea 7 SA (Luxembourg)(a) . .774 45. . .

. . . . . . . . . Deutsche Telekom AG (Germany)(a) . Taiwan Semiconductor Manufacturing Co. . . . . . . . . . . . . . . . . . . . .883 1. . . . . . .086 43.188 33. . . Turkcell Iletisim Hizmetleri AS (Turkey)*(a) . . .595 36. .771 75. .531 312. .092 16. . . .330 43. . . . . . . . . . .457 4. . . . .197 51. . . . . . . . . . . . . . . 2. . Mobile TeleSystems (Russia)(a) . .417 23. . . . . . . . . . . . . . . . .655 31. . . . . . .910 830 451 3. . . . . Inc. . . . . . . (Taiwan)(a) . . . 17. . . . . .445 1. .009 4. . . . . . .807 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . Telefonaktiebolaget LM Ericsson (Sweden)(a) . .003 76. . . Soft Bank Corp. (Canada)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nippon Telegraph & Telephone Corp. Marks & Spencer Group PLC (United Kingdom)(a) Swatch Group AG (The) (Switzerland)(a) . . . . . . . . . . . . . . . . . . Kingfisher PLC (United Kingdom)(a) . . . . . . . . . . Telefonica Brasil SA (Brazil)(a) . . . . . . . . . . . . . .597 1. . .480 44. . . .325 74. . . . . . . . . . . . (Japan)(a) . . . . . (Japan)(a) . . . . . . . . .404 20. . . . . . . . .712 51. . . . . (Australia)(a) . . . . Ltd. . . . . . .1% Advanced Semiconductor Engineering. . . . . . . . . . .427 46. . . ARM Holdings PLC (United Kingdom)(a) . . . . . . . . . .263 65.307 53. . Swisscom AG (Switzerland)(a) . . . . . . .895 3. . . . . . . . . . . . . . NTT DoCoMo. . . . . . . . . Telecom Corp. Ltd. . . . . . . . .418 22. (Hong Kong)(a) . . . .700 51. . . . . . . .128 219. . . . . . . Total Retail . . . . . . . . . . . . . . . . . . . .422 30. . . . . . . . . . . . . . . . . . . . . . . . .872 2. . . . . .833 3. . . . . . . . . . . . . . . . . . . . . . . . . China Unicom Ltd. . . . . . . . Hellenic Telecommunications Organization SA (Greece)*(a) KDDI Corp. . . . Inc. . . . (New Zealand)(a) . . . . . .6% Dassault Systemes SA (France)(a) . .573 2. . . . .524 4. . (Japan)(a) . . . . . . . . . .173 90.225 70. .476 81. . Open Text Corp. . . . . . . . . . . . . . . . . . . . .454 Software — 0. . . . . . . .917 492 $ 18. . . . . . . . . . . .049 77.421 61. . (Japan)(a) . (South Africa)(a) . . . (China)(a) . . . . . . Inditex SA (Spain)(a) . . . . . . . .846 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MTN Group Ltd. . . . . . .858 3. . . . . . . . . . PT Telekomunikasi Indonesia Tbk (Indonesia)(a) . . . . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . . Telecommunications — 7. . . . . . . . . . . . . . . . . . . Ltd. . . . . . . . . . . of New Zealand Ltd. . . . . . . . . . . .399 29. . .677 Semiconductors — 2. . . . . . . .304 3. . . . .229 2. . China Telecom Corp. . . . . . .556 818 3. . . . .761 269 1. . . Tim Participacoes SA (Brazil)(a) . .639 1. . . . . . . . . . . . . . Value . CSR PLC (United Kingdom)(a) . (Taiwan)(a) Total Semiconductors . . .964 1. .288 139. . . . . . . . . . . . Ltd. . . . . . . . . . . . ASML Holding NV (Netherlands) . .690 40.975 69. . . . . . . . . . . .804 913 3. .5% Hennes & Mauritz AB (Sweden)(a) . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Retail — 1. . . . . . . . . . . Telstra Corp. . . . . . . . . . . . . . . . . .234 91. . . .959 30. . . . . .655 870 761 4. . Wal-Mart de Mexico SAB de CV (Mexico)(a) . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. .6% BT Group PLC (United Kingdom)(a) .235 43. . . . . . . . . . . 50 . . . . . . . . . . . . . . . . . . . .794 3. . . . . . . . . . . . . . . . . Total Software . . ROHM Co. . . . . (Japan)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . .096 30. .

. . . . . . . . . . . . . . . . .711 7. . . . .060 13. . . Total Common Stocks (Cost $13. . . . 859 7. .. . . . . 2012 (Unaudited) Investments Shares Value Telecommunications — 7. . . . . . . . . . .936 276. . .. . .787 93. .588) $15. . .085 164. Total Water . . .. . . . . . . . .984 14. . . . . East Japan Railway Co.1% Cia de Saneamento Basico do Estado de Sao Paulo (Brazil)(a) Veolia Environnement SA (France)(a) . . . . .9% Fidelity Institutional Prime Money Market Portfolio − Class I (Cost $125. . . . . . . . . . 8. . . . . . . . . . . . . . . . . . . .763) . . . . . . . . .. . . . . . .. . . (Japan)(a) . .763 Net Assets — 100. . . . . . . .0% . . 51 125. . . . . . . . . . . . . . . . . . Total Investments — 100. . . . . .763 15. .465) . .455 (10. . . . . . . . . . . .. . . .. . . .. . . . . . . . . . $ 86. . . . . . . . . . .372 7. .967 79. . . . .. . . .. . . . . . . . . . . Total Transportation . .. .175 79. . . . . . . . . . . . . . . . . . Vodafone Group PLC (United Kingdom)(a) . . . . . . . . . . . . . . . . . . . Water — 1. . . . . .010..867 . . . .204 517 Transportation — 1. .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . .023 1. . . . . . . . . . . . . . .8% Canadian Pacific Railway Ltd. . . .605 71. .1)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Bermuda)(a) . . Total Telecommunications . . . Liabilities in Excess of Other Assets — (0. . . . . .895. . . . . . . . . . . . . ..692 125.. . . . . . . . . . . . . . .. . . . . . . . . . .021. . . . . .290 . . . . . . . . . . . . . .. . 563 2. . .. . . . .. . . . TNT Express NV (Netherlands)(a) . . (Canada) Deutsche Post AG (Germany)(a) . .049 57.613.212 59..872 . . . . . . . . . MONEY MARKET FUND — 0.1% (Cost $13. . . . . . . .702) .739. .6% (continued) VimpelCom Ltd. . . . . . . . . . . .135. . . .. PLC — Public Limited Company (a) American Depositary Receipt (b) Global Depositary Receipt * Non-income producing security See accompanying Notes to Financial Statements. . .

. . . . . . . . . . . . . . . . . . . . . . . . . .1 0. . . . . . . . . . . . . . . . . . .5 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 1. . . . . . . . . . . . . .2 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 4. . . . . . . . . . . . . . . . . . . . . . .5 0. . . . . . . . . . . . . . . . . . . Engineering & Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Machinery − Diversified . . . . . . . . . . . . .1 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 0. . . . . . . . . . . . . . Holding Companies − Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 0. . . . . . . . . . . . . . . .6 2. . . . . . . . . . . . Leisure Time . . . .0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Home Builders . . . . . . . . Chemicals . . . . . . Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 1. . . . . . . . . . . . . . . . .6 1. . . . . .3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6% 1. . Computers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 3. . . .6 3. .9 0. . . . . . . . . . . . . . . . . . Food . . . . . . . . .0 1. . .4 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Building Materials . . .0 1. . . . . . . . . . . . . . . . . . . . . Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 2. Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 0. . . . . . . . 1. . . . . .7 0. . . . . . . . . . . . . . Lodging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Iron/Steel . . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Advertising . . . . . . . . . . . . . . . . . . . . . . . 52 . . . . . . . . Healthcare − Products . . . . . . . . . .3 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 2. . . . . . . . Aerospace/Defense . . . . . . . . . Healthcare − Services . . . . . . . . . . . . . . . . . . . . . . . Diversified Financial Services . . . . . . . . . . . . . . . . . . .9 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Food Service . . . . . . . . . . . . . . . . . . . . . . Agriculture . . . Commercial Services . . . . . . . . Metal Fabricate/Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 0. . .5 1. Internet . . . . . . . . . . . . . . . . . . . .2 0. . . . . . . . . . . . . . . . . . . . Electrical Components & Equipment Electronics . . . . . . . . . . . . . . . . . . . . . Hand/Machine Tools . . . . . .3 0. . . . . . . . . . . . . . . . . . . . . . . . Household Products/Wares . . . . . . . . . . . Auto Manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apparel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 0. . . . . . . . . . . . . . . . . . . . . . . .6 2. . . . . . . . . . . . Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 4. . . . . . . . Office/Business Equipment . . . . . . . . . . . .2 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Forest Products & Paper . .3 0. . . . . . . . . . . . . . . .1 6. . . . . . . . . . . Cosmetics/Personal Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 0. . . . . . . . . . . . . . . . . Auto Parts & Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . .9 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Beverages . . . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . .1 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 (0. . . . . . . . . . . Liabilities in Excess of Other Assets Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0% . . . . . . . . . . . . . . . . . . . . . . . . . .6 1. . . . . . . . . . . .2 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . Packaging & Containers . . . Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil & Gas Services . . . . . . . . . . .6 7. . . . . . . . . . . . . . . . . . . . .1 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST MADRONA INTERNATIONAL ETF Schedule of Investments (continued) % of Net Assets Oil & Gas . . . . . . . . . .8 1. . . . . . . . . . . . . . . . . . . . . . . . . .9 100. . . . . . . . . . . . .1) 100. . . 3. . . . . . . . . . . . . . . . . . . Semiconductors . . Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Software . . . . . . . . Water . . . . . . . . . . . . . . . . . . . . Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telecommunications . . . . . . . . . . . . . . . . . .1 0. . . . .1 0. . . Transportation . . . . . . . . . .2% 1. . . . . . .

. . . . . . . . . . . . . 12. . . . . . . . . .171 212. . . . . . . .2% Guggenheim S&P Equal Weight ETF . . . . . . .461 MONEY MARKET FUND — 3. . . . . . . . . . . . . . . . . . . . . . $7. . . . . . . . . . . . . . .762 733. . . . . . . . .0 101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .819 $ 685. . . . . . . . . . . .2% Equity Fund — 98. . . . . iShares S&P Europe 350 Index Fund . . . . . . . . . . . . . . . . . . . . . . . .243 8. . . . . . . . . . . .2% 3. . . .526 672.ADVISORSHARES TRUST MEIDELL TACTICAL ADVANTAGE ETF Schedule of Investments December 31. . . . . . .983. . . .176 ETF — Exchange Traded Fund SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Equity Fund . . . . . . . . . . . .171) . . . . .773 16. . . . .730) .948 Total Exchange Traded Funds (Cost $6. . . . . . . . . . . . .875 7. . . . . . 2012 (Unaudited) Investments Shares Value EXCHANGE TRADED FUNDS — 98. . . . . . iShares MSCI Emerging Markets Index .541 10. .159 689. . . iShares S&P MidCap 400 Growth Index Fund iShares S&P MidCap 400 Value Index Fund . . . . . . . . . . . . . .0% . . . . . .671 716. . . . . . . . . . . . . .0% Dreyfus Institutional Reserves Treasury Fund − Institutional Class (Cost $212. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2) 100. . . . . . . . . . . . . . Liabilities in Excess of Other Assets Net Assets . . . . . . . . . . . . . . . . .771. . . . .456) Net Assets — 100. .2)% . . . . . . 7. . . . . . .559) . 54 .632 (82. . .792 5. .857 12. . . . . . .984 SPDR S&P International Small Cap ETF .033 345. .750 348. . . . . . . . . . . . . . .466 684. . Total Investments . . . . . . . . . 8. . . . . . . .978. . . iShares S&P 500 Value Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98. .171 Total Investments — 101. . . . . . . . . . . . . . . . . . . . . . . . .244 3. . . . . . . . . . . 6. 12. 15. .167 iShares S&P SmallCap 600 Value Index Fund . . .593 680. . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212. .535 725. . . . Money Market Fund . . . . . . . . .108. . . . . . . . . . . . . . . . . . . . . . . .2% (Cost $6. . . . . . . . . . . . . .190. . . . .0% . . . . . . . . . . .342 696. . . . . . . . . . .2 (1. . . Liabilities in Excess of Other Assets — (1. . .412 Vanguard FTSE All-World ex-US Index Fund . . . . . SPDR S&P MidCap 400 ETF Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iShares MSCI EAFE Index Fund . . . . . . . . . . .

00%. . .38%. . . 8. . . . 8.. . 10/01/14 Total Computers . . . . .. . Innovation Ventures LLC / Innovation Ventures Finance Corp. . . .. . . . . . . . .480 Auto Manufacturers — 2. . . . . . . . 08/15/19‡ .482.. .625 3. .3% DynCorp International.614. Sanmina-SCI Corp.25%. . See accompanying Notes to Financial Statements. . . .090.000 3. . . . . . .900. . Spansion LLC. . 05/01/18 .950 Diversified Financial Services — 2. . . Inc. .. 07/01/18‡ . 1. 07/15/18 . . 11/01/21 . .000 1. . . 8. . .137 1. . Inc.ADVISORSHARES TRUST PERITUS HIGH YIELD ETF Schedule of Investments December 31. . . . . . . . 9. . .. . . . . . . . . . . 11. . .0% Advanced Lighting Technologies. . .250 12.000 3. .000 3.175 Electronics — 6. Chemicals — 1. .905.25%. . . . . 2. . . . . .837 1. Inc. . . . . . . .883. . . . . .930.500 2. . . . 2012 (Unaudited) Investments Shares Value 4. .0% Affinion Group. . . . .600.000 2. . . . . .350. .75%.. . . . . .. . . . . . . . 08/01/20 . . . . . . . . . . . . 12/15/18 . . . . . . .000 3. . .88%.173.5% Ducommun. . .000 2. . . . .. . . . . . . . .000 1.00%. . . . 08/01/17‡ . . . . . . . .582. . . . . . .250 1. . . International. .000 3. . .000 3. . . . . . Inc.25%. . . 9. . . . . . . . 3.2% GFI Group. . 8. . . . Inc. .861. . . . . .267. . . . . . . . . . . . . . . . . Stream Global Services. . . . . . .550 7. .000 5. . . . . . 10/15/17‡ . 8. . 7. . 07/19/18 . . . .63%.220. . . . .00%. . . .75%. .028. .250. . . . . .625 6. . . 10/15/20‡ . . . . . .200. . .000 $ 3. . Inc. . . .000 1. . . 7. . . . . . . . . .659. .773. 9. . . . . . . . .800 3. . . . . 7. .. . . . . . . . . . . . . 4. . . . . 05/15/15 . .000 4. . Beverages — 3.829. . . . .38%. 7. . .459.989. . . . .531.. .0% j2 Global. . . . . Viasystems. . 11/15/17 . .2% Exide Technologies. . .. . . . . . . . . .205.000 1. . . . .900. . . .13%. Total Beverages . . .9% Phibro Animal Health Corp. . .380. . . Sitel Worldwide Corp. . . . . . . . . . . . . . Harland Clarke Holdings Corp. . . . . .442.837 Aerospace/Defense — 1. . . . .50%.000 2. . Harland Clarke Holdings Corp. . . 02/01/18 . .1% Navistar International Corp. . .067 Computers — 4.905 4.3% KEMET Corp. . . . . . . . . . .50%.. . . . .. . 9. . . . . . . 07/01/17 . . . . .000 3. . . . . . . . . . . .. . . . . . Inc. . . . . . . . . .680 3.000 3. . . . 05/15/19‡ Stoneridge. . . . . . . 11. . . .375 4. 05/01/19‡ . . Commercial Services — 7. . . . . . . Inc.073.975. . . . .825.7% CEDC Finance Corp.425.330. . 4. . .63%. . . . 9. . . . . . .603.88%. . . . .900 3. . .650 CORPORATE BONDS — 84. . . . .. . . . . . . . 3. .750 11. . . . .9% Advertising — 3. . . .900. . 08/01/18‡ Logo Merger Sub Corp. .850.347. 10. 55 . . . Inc. . Total Advertising . .50%. . Inc. . . 10. .740. .810 Auto Parts & Equipment — 2. .887. . . . .351. . .274. .. . . . .425. . . 9.820. . .000 3. . 4. .063 Electrical Components & Equipment — 2. . .88%. . . . . . . . . Total Electronics . . .000 3. . . Total Commercial Services . . . . . . 9. . . .405. . . . .000 1. . . .299. .000 4. . .000 1. . . . . . . . . ..468. .000 3. . . . . .000 3. . 12/01/16‡ . . . .346. . . . . . . . ..50%. . 10.733.50%. . . . . . . . 06/01/19‡ .

. . . . . . . . 03/15/18 . . 9. Kindred Healthcare. 12/15/17‡ . .. . . 7. . . Select Medical Holdings Corp. . . .044. 11.00%. . . . . Inc. . . Oil & Gas — 6. . .000 1. . 10. See accompanying Notes to Financial Statements.75%. 10. Inc. . . . . . . 05/15/19 . .000 $ 3. . . . . . . . . . . . . Inc.213 9.625. . . . . . . . .ADVISORSHARES TRUST PERITUS HIGH YIELD ETF Schedule of Investments (continued) December 31. . . . . . . . . . . .000 2. . . Total Food . . . . . 3. 11/01/14 . .75%. . 8.847.225 3. . . . . .. .113 1. . . . . . .231 4. Rotech Healthcare. . . .277. 6.. . . . . . .600 3. 8.777. .350. . .0% ICON Health & Fitness.50%. . . . .552. 10. . . . . . . . .000 3. ..406 3. . . . 10/01/17 . . .38%. . . Inc. . . . .5% Niska Gas Storage Partners LLC. .750 3. . . . . . . .43%. . . .000 3.000 4. . 4. . . 7. . . .000 3.870. . . . . Inc. . . . . .760 1.815. . . .7% JB Poindexter & Co.370 Food — 6. . . .75%.885. 05/01/16‡ . . . .572. .000 3.000 4. .50%. . 8.665. . . . . .150 3. . . .381. . . . . . . . . .75%. . . Total Healthcare − Products . . . . . . . . .2% Alliance Healthcare Services. . . . . . . . 04/01/18 . . . .25%. Harmony Foods Corp. . .762 11. . . . . 06/15/20 . . .000 2.927. . Forest Products & Paper — 2. . . . . . . 8. .900. . . Total Retail .900 Leisure Time — 2.205. . .. .75%. . . . . . . . . . . . . . . . . . .63%.000 3. . 10/15/15 . . . . . . . 2. .. .. . . . . . 10.00%.88%. . . .0% Exopack Holding Corp. . . . . . . . . . .670 900. .. . . . .484. . . Inc. . . . . . . .. . . . . . .000 Miscellaneous Manufacturing — 1. . . . . .619. . . Inc. . .000 3. . . 04/01/22‡ . . 11. . . . 08/15/18 . . . . . . .00%. . . .756. .820. . . .250 .000 1. . . Inc.000 4. . . . . . . . .767. . . . . .475 3. . . 6. 4. . .5% Quicksilver Resources. . . . .50%. . .640 Healthcare − Products — 5.366. . . . 06/01/18 . .710 3. Total Oil & Gas .677. . .773 3. . 8. . . . . . .. . . . . . .900. . . . . . RadioShack Corp. 11.000 5. Storage/Warehousing — 0. . . 12/01/16 Apria Healthcare Group.114. . . 06/01/19 . Inc. . . . . .75%.000 3. . .5% Bumble Bee Acquisition Corp. . . . . . 3.509.000 3. . .625. Chiquita Brands International. .960. . . . 02/15/19 ... . . . . 10. .965. .440. . . Inc.792. . . . . . .313 11.925. . . . . . . . . . Inc. . . .486.000 3.850.. . . . 12. . . 8. . . . 02/15/14 . 10/15/16‡ . . .444 Healthcare − Services — 11. .000 3. .830. . . . EnergySolutions. . . . . . 9. . .050. . . . .000 929. . . . .00%. . . . ..372 3. . . .. . .. . . . . . . . . . .856. . . . . . 11. . . 2012 (Unaudited) Investments Shares Value Environmental Control — 4. . . .3% Kinetic Concepts.776.870 3. . . . . . . . .750 3. 2. . . . . . . . . .000 3. . . . . . . . . . .00%. .831.. .897./EnergySolutions LLC. Inc.. . . Inc. . . . . . . 9. .406 19. . .856. . Total Environmental Control .542. . . . . . . 01/01/16 Seitel.920 7. . . . . . . . . . .894 3.25%. .375 3.500 7. . . .590. . Inc. . . SUPERVALU. . . 05/01/16 . . Radiation Therapy Services. 01/15/17 .810. . . . Inc.828. . . 11/01/19‡ . . . .904. . . . . .0% Ferrellgas Partners LP. .88%.00%. . . .063. . . . . . . . . . . 56 . . . 11/01/14 . . . . . . . . .935.. . . . Venoco. . 09/15/15@ Total Healthcare − Services . .88%. .079. .4% Casella Waste Systems. . . . . Radnet Management. . . . ..928. .000 3. . . . . . . . . .000 3. . Retail — 4.

. . . . . .8% Airlines — 2. . . .070. . . . . . 02/01/16 (Canada)‡ . . . Inc. $177. . . . .000 3. . . . . . . .. .450. . .055.. .311.288 6. 2012 (Unaudited) Investments Shares Telecommunications — 3. . . . . . . . . . .000 1. . . . . . . . . The interest rate shown reflects the rate in effect at December 31. .573. . . . . . .612 ‡ @ 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. . .75%. . . . . . . . .500 2. . . . .1% Angiotech Pharmaceuticals. . . 9. . . . . . 8. . . 02/15/19 (Marshall Islands) Ship Finance International Ltd. . . .00%. . . . Inc. Total Telecommunications . .583. . .475 1. . Inc. . . . . . . . . .25%. . . . . 12. . 12/15/13 (Bermuda) . . . . Unless otherwise noted. . . . . . . . . . . . .297.ADVISORSHARES TRUST PERITUS HIGH YIELD ETF Schedule of Investments (continued) December 31. . . Navios Maritime Holdings. . . .320 3. .875 3. . . .000 1. . . . . 02/01/19 (Denmark)‡ . .740. Total Foreign Bonds (Cost $22. . . 8. .083 231. . . . . Total Transportation .00%. . . .739. .50%. .5% Air Canada.187 3. 8. . . . . . . .000 3. . . . .083 Total Investments — 97. 57 . . . 8. . . .360. . . . 173. . . .938 4. . . . . . . . EarthLink. . . . . . . . .00%. . . .63%. .875 150. .0% . . . . . .046. . . . . .469.273.2% Connacher Oil And Gas Ltd.000 Total Corporate Bonds (Cost $150. Transportation — 6. . . . . . . . . . . . .700 Healthcare − Products — 1. .015. . .610.000 3. 2012.950. . . . . . . .252) . . . 4. 12/01/16 (Canada) . . . . . . . . . . . .481. .771. Total Oil & Gas . . . . . . Inc. . . . . . . . . . .827 231. . . . . . .. . Variable rate instrument. . .043. .094 10. . . . . . . . . . . . .319.0% CHC Helicopter SA. 3. . . . . 1. . . . . .904.605. See accompanying Notes to Financial Statements. 03/15/18 . . . . . . . . . .759. . .88%. . . . . . . 8. .083) . . . .000 3.135 3.536. . MONEY MARKET FUND — 0. . . . . . 10/15/20 (Luxembourg) . . .. Inc.477 Net Assets — 100. . . . . 144A securities are deemed to be liquid. . . . . . . . . . .686) . . . . . .000 2. . . . . . .50%. . . . . . . . . . . . .. .913. . . . . 10/15/18 . . .2% . . . . . . . . . . . . .185. . . . . . .215. . . . .074. . .711 4. . .. . . 08/01/19 (Canada)‡ . . . 05/15/19 . . .1% BlackRock Liquidity Funds TempFund Portfolio − Dollar Class (Cost $231. Other Assets in Excess of Liabilities — 2. . .513. . . .225 FOREIGN BONDS — 12. . . . .289 Oil & Gas — 3. . . Value $ 3. . . . . . 9. . Welltec A/S. . . . . . .483) . . . .000 4. . . . . . 8.13%. . . . . Transportation — 0. .9% Cincinnati Bell. 8. 22.400 5. . . .173.900 3.7% PHI. . . . .971. . .8% (Cost $173. ..

. . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST PERITUS HIGH YIELD ETF Schedule of Investments (continued) SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auto Manufacturers . . . . . . . . . . . . . . . . . . . .7 9. . . . . . .5 2. Diversified Financial Services . . . . . Total Investments . . . .2 2. . . . . . . . . . . . .1 2. . . . . . . . . . . . . . . . . . Leisure Time . . . . . . . . . . . . Beverages . . . . . Commercial Services . . . . . .4 6. . Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 6. . . . . . . . . . . . . . . . . . . . . . . . . 58 .0 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Computers . . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . . . Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 4. . . . . . Net Assets . . . . . . . . . .2 2. . . . . . . . . . . . . Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 11. . . . Other Assets in Excess of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electrical Components & Equipment Electronics . . . .0% 1. . . . . . . . . . . . . . . . . . . . . . . . . . .7 0. . . . . . . . Chemicals . . . . . . . . Storage/Warehousing . . . . . . . . . . . . . . Healthcare − Products . . . . . . . . . . . .2 3. .5 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Healthcare − Services . . . . . . . . . . . . .0 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil & Gas . . . . . . . . . . . .0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Environmental Control . . . Food . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aerospace/Defense . .0 0. . . . . . . . . . . . . . . . . . . . . .8 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auto Parts & Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 1.0 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 97. . .7 4. . . . . . . . . . Money Market Fund . .7 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 2. . . . . . . . . . . . . . . . . . . . . . . . Telecommunications . Forest Products & Paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retail . . . . . . . . . . . . . . . . .2 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . Shaw Communications. . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .309 88. . . . . . . . . . . . . . . . . . . . . . . . . . . . .774 Commercial Services — 1. . .5% Comcast Corp. .149 Insurance — 3. . . . . . . Total Insurance . . . .8% Royal Bank of Canada (Canada) . .477 93. . . . . . . .647 Chemicals — 3. . . . . .. . . . . . . . . . Media — 3. . . . . Inc. . . . . . . . . . . . . . Total Chemicals . .6% Paychex. . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST PRING TURNER BUSINESS CYCLE ETF Schedule of Investments December 31. . . . . . . . . . .556 1. . .701 86. . . . . . . . . . .170 43. LP . . Class A . . . .244 1. . . . . . . . .0% Leucadia National Corp. . . . . . . . . . . . . . . . . . . . . . . .160 Holding Companies − Diversified — 2. . . .6% Alliance Resource Partners. . . . 59 . . . .6% . Inc. . . .285 Banks — 3. . . . . . .755 504 43. . . . . . 2. . . . . . . . . . . . . . . . . . . . . . .112 50. . .648 46. . . . . . . . . . . Inc. . . . Aon PLC (United Kingdom) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6% Aerospace/Defense — 1. Total Coal . 2012 (Unaudited) Investments Shares Value COMMON STOCKS — 61. .7% Raytheon Co. . .7% MDU Resources Group. . . . . . . . . . . . . . . . . . . . . Total Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .489 88. . . . Syngenta AG (Switzerland)(a) . . . . . . . . . . . . . . . . . . . . Machinery − Diversified — 1. . . . .741 Coal — 3. . . . .8% Deere & Co. . . . .853 90. . . . . . . 1. . .054 42. . . . . . . . . . . . . . . . . . . Wells Fargo & Co. . . . . . . . . . . . . 832 1. .432 43. . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .921 43. . . . . . . . . . . . . . . . . . . . . . 2. . . .288 40. . . . . . . . . . . . . . . . . .168 1.032 43. . . . . . . . . . . . . . . . . . . . .660 44. . . . .* . . . . . . . . . Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . . . Peabody Energy Corp. . Class B (Canada) . .108 Electric — 1. . . . . . . . 752 $43. . . . . . . . . .936 43. . . . . . .272 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248 768 44. . . . . . . . . . . . . . 808 1. . . . . . . . . . . .5% American International Group. . . . . . . . . . . 480 536 45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Banks .

. . . . . . . . . . . . Inc. Freeport-McMoRan Copper & Gold. . . . . . . . . . . .ADVISORSHARES TRUST PRING TURNER BUSINESS CYCLE ETF Schedule of Investments (continued) December 31. . .611 91. . Royal Gold. . . . . . . . . . . . . . . . . . . . Real Estate Investment Trust — 3. . . . . . Inc. . . Pfizer.196 1. . . . . . . . .184 992 43. . . . . .780 179. . . . . . . . . . . .8% Seadrill Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Real Estate Investment Trust .728 44. . Rayonier. . . . . . . .992 44. . . . . . . . . . 1. . . . . . . . . . . . . . . . .184 43. . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . .677 1. . . . . . . . . . . . . . . . . . . . . . . .040 42.571 672 904 1. . . . . . . . .728 Semiconductors — 1. . 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . .940 4. . . . . . . . . Eli Lilly & Co. .296 536 1. .416 880 46. . . . . . . . . . Inc. . . . Total Pharmaceuticals . . . . . . . . . . . . . . . . .8% Kinder Morgan. . . . . . . . . . . . . . . . . . . . . . . . . . Pipelines — 1. . . . . . . . . .. . . .029 Mining — 7. . . . . . . . . . . (Norway) . .040 43. . . . . . . . Verizon Communications. . . . . . . . . . . . . . . . . . . . . . . . . . . Total Telecommunications . . . . . . . . Inc. . . . . . . .616 43. . . . . . . . . . . .149 21. . . . . . Inc. . .280 490 2. . . . . . Pharmaceuticals — 5. . . . . . . .742 Software — 1. . .7% Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . .916 42. . . . . . . . . . . . . . . . . . . . . . . . . . Oil & Gas — 1. . . . . . . . . . . . . . . . . . . . . . . . Inc. . Inc.323 43. . . . . . . . . . Cisco Systems. . . . . Total Mining . . . BCE. . . . . . . . .7% Lexington Realty Trust . .3% Abbott Laboratories . .147 45. . . . . . . . . . . . . . . . . . . . . . .585 43. . . . . . . . . . . . .0% Lowe’s Cos.582 48. .338 131. . .016 44. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Silver Wheaton Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .352 $ 42. . . . . . . . . 1. . .758 Retail — 2. . . . . . . . . . . . . . . . . . .924 150. Telecommunications — 6. . . . . . . . . . . .939 1. . . . . . . . . . . . . . (Canada) . . . . . . . . . . . .0% AT&T. . . . . . . . . . (Canada) . See accompanying Notes to Financial Statements.400 49. . . . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value 752 1. . . . . . . . . . . . . . . .2% Franco-Nevada Corp. . . . . . . . . (Canada) . . . . . . . . . Inc. . .8% Analog Devices. . . . . 60 . . .272 44. . . . . . . . . .

. . . . . . . .232 2. . . . . . . . . . . . .. . .. . . . . . . . . .. . . .. . . .704 2. . . . . . . . .264 1. . . . . . . . . . . . . .232 . . . . .. . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .7% Dreyfus Government Cash Management − Investor Shares (Cost $365. . . . . . . . . . . .501. . .. . . .401 . Total Equity Fund . . 588. . . . . . . . iShares S&P Europe 350 Index Fund . . . . . . .. . . . . . . . . — Exchange Traded Fund — Limited Partnership — Public Limited Company American Depositary Receipt Non-income producing security Affiliated company (See Note 8). . . . . . . . ETF LP PLC (a) * † . . . . . .. . .331 48.490. . . . . .. .184 1. . . .958 76. . . . . SPDR Dow Jones International Real Estate ETF SPDR S&P International Dividend ETF . . . . . . . . . . . . .085) . . . PowerShares Senior Loan Portfolio . . . . .967 44. .. .. . . . . . .878 .584 43. . . . . .. .. .1% . . . . . Other Assets in Excess of Liabilities — 0. . . . .126 124. .. .406 $2. . . . . .1% Guggenheim BulletShares 2015 High Yield Corporate Bond ETF Peritus High Yield ETF† . . . . . . Total Exchange Traded Funds (Cost $589.. . .487. . .9% (Cost $2. . . . . . . . .. . .115) . . . . . . . 4. 2012 (Unaudited) Investments Shares Transportation — 3. . .533. . . . . . . . . . . . . . . . . Total Debt Fund .6% Debt Fund — 15. . . . . . . Equity Fund — 8. . .472 3. .225 43. . .473 1. . . . . . . .ADVISORSHARES TRUST PRING TURNER BUSINESS CYCLE ETF Schedule of Investments (continued) December 31.232) . . . . . .111 213. .. . ... . . . . . . . . . . . .016 125. . . . . . . . . . . . . . . . . ... . .300 375.. MONEY MARKET FUND — 14. .5% iShares MSCI Hong Kong Index Fund ..472 EXCHANGE TRADED FUNDS — 23. . .738) . . . . . . See accompanying Notes to Financial Statements. . . .. .. . . . . . .. . Union Pacific Corp. 3. . 61 365.. . . . . .768 365. .. .. . . . . . . . . . . . . 2. . . . . . . . . . . . . Total Investments — 99. . .520 344 Total Common Stocks (Cost $1. . . . . . . . . . .. .975 125. .5% Navios Maritime Partners. . . LP (Greece) .. . . . . . . . . . . . . .. . . . . . . . . .496 5. . . . Net Assets — 100. . . .. . . .. . .367 .0% . . . . . . . . . . . . . .. .248 86. . . .. . . . . . .546. Value $ 43. . . . .. . . .. Total Transportation . . . . . .. . . . . . . . .128 1. .

. . . . . . . . . . . . . . . Machinery − Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 2. . . . . . . . . . . . . . . . . . . . . . . . Total Investments . . . . . . . . . . . . .1 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Media . . . . . .5 7. . .0 3. . . . . . . . . . . . . . .0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pipelines . . . . . . . . . . . . . . . . . .9 0. . . . . . . . . . . . . . . . . . . . . . Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 14. . . . . . . . . . . . . . . .2 1. . . .6 1. . . . . . . . . . . Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7% 3. Insurance . . . . . . Money Market . . . . . . . . . . .ADVISORSHARES TRUST PRING TURNER BUSINESS CYCLE ETF Schedule of Investments (continued) SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Aerospace/Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 99. . . . . . . . . .8 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retail . . . . . . . . . . . . . . . . . . . . . . Other Assets in Excess of Liabilities Net Assets . . . . . .8 3. . . . . . . . . . . . . . . . . . . . . . . . .8 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mining . . . . . . . . . . . . . . . . . . . . . Commercial Services . . . . . . . .1 1. Coal . . . . Electric .8 3. . . . . . . . Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Holding Companies − Diversified . . . . . . . . . . . . . .6 15. . . . . . . .7 2. . . . . . . . . . . . . . Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Debt Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil & Gas . . . . . . . . . . . . . . . . . Pharmaceuticals . . Chemicals . . . . . . . . . . . . . . . . . . . . . .8 5. . . . . . . . . . . . . . . . . . . .3 1. . . . . . . . . . . . . Real Estate Investment Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . . . . . . . . . . . . . . . . . . . . .0 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 6. . . . . .0 1. . . . . . . . . . . .7 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . .435 SPDR Barclays Capital 1 − 3 Month T-Bill ETF*. . . . . 2. . .9% SPDR Gold Shares* . . .059 Guggenheim S&P Midcap 400 Pure Growth ETF . . . . . . .498 Guggenheim China Small Capital ETF . .4% Equity Fund — 0. . .831) .782 iShares MSCI EAFE Index Fund . . . . . . . . . 722 16. .866 iShares MSCI Brazil Small Capital Index Fund . . . . . . . . . . . . . . . .156 iShares Barclays Short Treasury Bond Fund . . . . . .969 iShares MSCI Emerging Markets Index Fund . . . . . . . . . . . . 558 50. . . . . . . . . . . . . . . . . . . 182 10. . . . . . . . . . . . . . . . . . . 563 47. . . . . . . . . . . . . .7% Asset Allocation Fund — 2. . . . . . . . . . 2012 (Unaudited) Investments Shares Value EXCHANGE TRADED NOTE — 0. .513 85. . . . . . . . . Commodity Fund — 0. .395 Guggenheim S&P 500 Equal Weight Financials ETF . . . . . . . . .923 iShares Dow Jones US Medical Devices Index Fund . . . . . . . . . . . 926 43. . . . . . . . . . .ADVISORSHARES TRUST QAM EQUITY HEDGE ETF Schedule of Investments December 31. .154 Guggenheim Raymond James SB-1 Equity ETF . . . . . . .966 71. . . . 295 $ 17. . . . . . . . . . . . . .201 Guggenheim China Real Estate ETF . 2.097 Global X China Consumer ETF. . . . . .224 18. . . . . . . . .761 First Trust Dow Jones Internet Index Fund . . . . . . . . . . . . 8. . . . . . . 1. . . . . .692 iShares MSCI Pacific Ex-Japan Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .332 19. . . . . . . . . . Debt Fund — 19. . . .184 374. . .447 iShares MSCI Europe Financial Sector Index Fund . . . . . . . . . . . . . . . . . . . . . . 1. . . 540 10. . . . . . . . .652 See accompanying Notes to Financial Statements. .289 154. . . . . . . . . . . .396 234. . .909 EXCHANGE TRADED FUNDS — 72. . .4% iPath MSCI India Index ETN (Cost $15. .2% Proshares Short Euro ETF* . . . . . . 4. . . . . . . . . . . . . .111 Guggenheim S&P 500 Equal Weight ETF . . . . . . . .547 2. . . . . . . . . . 5. . 912 40. . . . .405 375. . . . . . . . 359 28. 1. . . . . . . . . .344 Equity Fund — 50. . . . . . . 750. . . . . . . . . . . . . . . . .681 iShares Dow Jones US Pharmaceuticals Index Fund . .980 217 35. . . . . . . . . . . . . . . 2. . . .1% EGShares India Small Capital ETF . . . . . . . . . . . . . . . . . . . . . . .142 Guggenheim S&P 500 Equal Weight Technology ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 63 . . . . .5% Total Debt Fund . . 587 39. .235 Guggenheim S&P 500 Equal Weight Healthcare ETF . . .081 81. . . 3. . . . . . . . . . . . . . . . . . . . . . . .689 63. . . . . . . . . . .178 81. .431 39. . . .

. . . . . . . . . . 2012 (Unaudited) Investments Shares Value Equity Fund — 50. . . . 3. . . . . . . 633 19. . . . . . . . . .686) . . . . 551 24.156 iShares S&P North American Natural Resources Sector Index Fund . . .0% JP Morgan Prime Money Market Fund − Institutional Class. . .301 Market Vectors Russia ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . 434 $ 27. . . 100 6. . . . . . . . . . . . . . . . . .388) . . . . . . . . . . . . . . . . . . . . . . . . . 1.035. . . 1.925. . . . . . . . . . . . . 208 8.498 iShares MSCI Taiwan Index Fund . . . . . . . . . . . . . . . .K. . . . . . . . . . . . . . 724 52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Not Yet Purchased (Cost $3.033 27. . . . . . . . . . . . . . . . . . .580 Total Equity Fund . . . . . . . . . . . . . . . . . . .901 PowerShares Dynamic Market Portfolio . . .766. . . . . . . . . . . . . .421 130.951 Total Exchange Traded Funds (Cost $2. . . . . . . . .686 Total Investments Before Securities Sold.316 iShares Russell Microcap(R) Index Fund . . . . . . . . .749 iShares S&P Latin America 40 Index Fund. . . . . . . . . .845 139. . . . . . 819 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .910 iShares Russell 1000 Growth Index Fund . . . . . . . . . . . .690 iShares MSCI Thailand Investable Market Index Fund . . . . . .582 73.035. . .846. . . . . . .793. . . . . . . . . . . . . . . . . . . . . . . . . . .159 iShares MSCI U. . .1% (continued) iShares MSCI South Korea Index Fund . . . . . . . . . . .785 Vanguard REIT ETF . . . . .173 29. . . 2. . . .187 SPDR S&P Emerging Markets SmallCap ETF . . 2. . 220 6. . . . 3. . . . . 854 29. . 1. . . See accompanying Notes to Financial Statements. . . . . . . .228 57. .431 MONEY MARKET FUND — 27. . . . . . .338 iShares MSCI United Kingdom Index Fund . . .686 3. . . . . .774 Market Vectors Uranium+Nuclear Energy ETF . . .035. . . . . . . . . . . . . . . . . . . . . . . . . . . 860 25. . . . . . . . . . . . . . . 771 37. . . . . . . . . . . . .ADVISORSHARES TRUST QAM EQUITY HEDGE ETF Schedule of Investments (continued) December 31. . . . . . . . .664 . . . . . . . .600 SPDR Russell/Nomura SmallCap Japan ETF . . . 1. . . . . . . .545 iShares S&P/TOPIX 150 Index Fund . 64 1. . . . . . . 2. . . . .609 SPDR Euro Stoxx 50 ETF . . . . . .722 iShares Russell 2000 Value Index Fund . . . . . 305 25. . . . . .067 45. . . . . . . . . . . . . . . . . . . . . . (Cost $1. . . . . . . . . . . . . . . . . . . . . . . . . .715. . . . . .830 Market Vectors Indonesia Index ETF . . . . . . . . . . . . . . . . . . . . . . .636 iShares Russell 1000 Value Index Fund . . . . . . . . . . . . . . . 933 48. . . . . . . . . . . . . . Small Capital Index Fund . . . .905) . . . .

. . .789.3 27.374 Other Assets in Excess of Liabilities — 1. . . . . . . . . . . . . . . . . . . . . . . . . . . .290) Total Investments − 98. . . . . . . . . . . . . . . . . . . . .142) Equity Fund — (0. (a) All or a portion of the security is segregated as collateral in connection with swaps positions carried by the fund. . . . . $3. . . . 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. .6 1. . . . . . . . . . . . .6% (Cost $3. . . . . . . . . . . . . . . . . . . . .3) 19.4 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . .4%. 2012 (Unaudited) Investments Shares Value Equity Fund — 50. . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST QAM EQUITY HEDGE ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . . . . . . .681 ETF — Exchange Traded Fund ETN — Exchange Traded Note * Non-income producing security. . See accompanying Notes to Financial Statements. . .1% (continued) Securities Sold. . . . . . . . . . . . . . 52. . . . . . . . . . . . . . . . . Equity Fund . . . . . . . . 312 $ (50. . . . . . . . . . . % of Net Assets SUMMARY OF SCHEDULE OF INVESTMENTS Asset Allocation Fund . . .3)% CurrencyShares British Pound Sterling Trust* . . . . . . . (57. . . .5)% EXCHANGE TRADED FUNDS — (1. . . . . . . . . . . . . . . . . . . . . . . . . . . .079) . . . . . . . . . . . . . . .9 (1.841. . . .711. . . . . . . . . . . . . . . . Money Market Fund . . . Total Investments . . . . .2% 0. .5 50. . . . . . . . 75 (7.148) Total Securities Sold. . . . . . . . . . . . Not Yet Purchased [Proceeds Received $(55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .307 Net Assets — 100. . . . . . . . . . Currency Fund . . . . . Not Yet Purchased — (1. . . . . . . . . . . . . . . . . . . Debt Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0% . . . . . . . . . . . . . Other Assets in Excess of Liabilities Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commodity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .826)] . . . . . . .2)% iShares Russell 2000 Growth Index Fund . . . . . . . . . .0 98. . . . . . . . . . . . . . .0% . . . . . . .5)% Currency Fund — (1. . . . . . . . . . . . . . . . 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.576 . . Societe Generale acts as the counterparty to the total return swap contract listed above. . .Total Return Swaps contracts outstanding as of December 31. depending upon the total return of the benchmark. .918 at December 31.. Net Unrealized Appreciation. . .495 2. .. . . . .788 1/15/2013 40. . .453 . 7 1/15/2013 $ 19. 66 . . Currency Shares Japanese Yen Trust.715 (831) 4. . or pay fees to.795) $117..964 113. the counterparty. The Fund either receives fees from.194 . . and the agreed-upon financing rate. See accompanying Notes to Financial Statements.877 $ (36. . . . . . .139 $ (24. .036 $9. . EURO STOXX Mid Net Return . 318 1/15/2013 37.647 $ 1. . Market Vectors Russia Small-Cap ETF . . .. . . 53 300 1/15/2013 1/15/2013 23. . 2. . 2012 Number of Contracts Reference Entity CECE Net Total Return Index . .064 Cash held as collateral with broker for swap contracts was $54. EURO STOXX Large Net Return USD .. . 2012.830 . . .459 $ 42. .047) 1. Termination Date Notional Amounts Fair Value Unrealized Appreciation/ (Depreciation) $ 20. . ..

. .700 60. . . . . . . .2)% Capital One Financial Corp. . . . .592) Biotechnology — (3. . .2% Fidelity Institutional Government Money Market Portfolio − Class III . . . . . .427.232) (8. . .677. . Shares Value 51. . . . . Deutsche Bank AG (Germany)(a) . . . . . Total Auto Parts & Equipment . .390) (2. Johnson Controls. 887. . . . . . . . . . . . . . . . . .468. .157. .0)% Coach. . .000 75. . . . . . Inc. .555) Auto Parts & Equipment — (6. . . . . . . . . . . . . . . . . . . . . . . .200 (7. . . . .965. .157. . . . . . . . . . . . . .742. .200 107. . . . . . . . . . . . . .000. . . . . . .682. . . . . . . . Total Banks . . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . (The)* . . 141. . . . Inc. .622) Beverages — (3. 80.243) 187. . . . .000 101. . . . . . . . . . . Total Investments Before Securities Sold. . . . . . . . . .600 53. . . Not Yet Purchased — (96. . . . .767) Banks — (3. . . . . . . . . . . . . . . . . . . . . . . . . . . .432 50. . Life Technologies Corp. . . 2012 (Unaudited) Investments MONEY MARKET FUNDS — 46. . . .630) (14. . . . . .5)% Green Mountain Coffee Roasters. .137) (1. . . . . . . . . . .000.5)% Aerospace/Defense — (2.610.500 (4. . . . . . . . . . .1)% Rockwell Collins. .259. . . . . . . . .300 (2. . . . . . . . . .* . . .0)% Exact Sciences Corp. . .514) Chemicals — (3. . . . . . .780) (6.926) (4. . . . . .157. . . . . . . . . . . . .752. . . . . . . . . . .212.100 (5. . . . . . . . . . .* . . . . . . . .500 (4. . . . . . . .432 $ 51. . . . . . . . . . Morgan Stanley Institutional Liquidity Funds − Government Portfolio . . . . . . . . . . . . . . . . . 80. . . . . .432 Securities Sold. . .157. . . . . . . . . . Dow Chemical Co. . . . . . . . . .869. . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 . . . . . . . . . .7)% Cabot Corp. . . 382. . . . . . . .5)% Goodyear Tire & Rubber Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Chemicals . . . . . .734) (2. . . . . Inc. . .5)% COMMON STOCKS — (96. . . . .000 50. . Not Yet Purchased (Cost $101.317) (6. . .* . .051. . . Inc. . . . .685) Apparel — (2.ADVISORSHARES TRUST RANGER EQUITY BEAR ETF† Schedule of Investments December 31. . . . . . . . . . . . . . . Total Biotechnology .500 (4. . . . (The) . .625. . . . . . . . . . . .432) . . .900 (12. .037. . . . . . . . .128. . 38. . . .

. . . . . . . . . .500 137. . . . . . . . . . . . . . . . . . . . . . .440) (9. .570) Diversified Financial Services — (2. . . . (Cayman Islands)*(b) Splunk. . . .424) (21.081) 324. .785) Distribution/Wholesale — (4. . . . .620) (2. . . . . . . . . .* . . .3)% Agilent Technologies. .700 (10. . . . . . . . . . . Superior Energy Services. . . . . . . . .* . . . . . . . .9)% Cliffs Natural Resources. . . . . . . . . . . . .493. . . . . . . . . . . . . . .600 113.900 $ (4. . . . . . . . . . . . . 68 . . . . . . . . . .9)% Baker Hughes. . . . .225. . Inc. . . . . . . 29. . . . Inc. . . . . . . . . .156) (4. .041 (6. . . . . 66. . .5)% Cummins. . . See accompanying Notes to Financial Statements. . . . . Inc. . . . . . . . . Inc. . . .900 (12. .618. . .400 (5. . . . . . . . . .314) Electronics — (1. . .900 140. .073. .408) (16. . . . . . . . . . .893. . . . . . . . . . . . . . . . . . . . Inc. .2)% CME Group. . . . . . .820. . . . . . .432) (8. . . . . . . . . . . . . . . . . . .084. . . . . . . . . . . NetEase. .678.9)% Cadence Design Systems. . . . . . . . 162. . . .932) Internet — (7. . . . . . . . . . . Iron/Steel — (9. . . . . . . . . . . . . . . Inc. . . . . . . . . . . .995) Miscellaneous Manufacturing — (2. . . . . . . .397) 105. Inc. . . . .549) Machinery − Diversified — (1.738. . . . .445) (4. . .* . .042. . . . . . . .600 (4. . .211) Computers — (0. . 93. . . . . . . . . . . . . . . . . . .880) (2. . . . . . . . . . . Denbury Resources. . . .ADVISORSHARES TRUST RANGER EQUITY BEAR ETF† Schedule of Investments (continued) December 31. Vale SA (Brazil)(b) . . . . . . . . . . . . . . .272) 138. . . . . .885 (2. . . . . . . . .* . . . .9)% Fossil. . . . . . . . . . . . . . . . .736. . . . Inc. . . . . . .157. . . . . Inc. . Inc. . . . . . . . . . . .9)% Caesars Entertainment Corp. . . . . . . . .400 (4. .308. Constant Contact. 2012 (Unaudited) Investments Shares Value Commercial Services — (2. . . . . . . . . . .842. 114. .* . . .846. .072) (2. . . . . . . . . .400 203. . . . .864) Lodging — (0. . . . . . . . . . . . . . Inc. . . Total Iron/Steel . . . . .* Total Oil & Gas . . . . . . . .062. . . . . . . . . .* . . .7)% Broadsoft. .* . . . . . . .2)% Parexel International Corp. . . . .217. . . . 153. . . . . . Total Internet . . . . . . .028. . .166 (2. . . . . . . Inc. . . .8)% Aptargroup. .400 100. . . . . .500 (2. . . .074. . . .650. . . . . . . . . . . . . . . . Oil & Gas — (3. . . . . . . . 295. . . . . . . . . . 127. . . . . .700 (3. . . . . . Inc. . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . . . .* . .000 436.

. . . . . .387.974. . . . . . . ..4)% Acme Packet.668.200 28. . . . . . . . Total Telecommunications . .. . . . . . . . .. . .3)% FedEx Corp. . . .. Inc. . . . . ... . . .. . . . . . . . .298. . . . . . . . . . . . .. . . (110.105. .* . . . . . . .. . . Value . . . . . . .. . . . . . . . . ...902. .410) Telecommunications — (8.527 . . ... . .970) (1. . . 50. . . . . . . . . . . . ... . Tiffany & Co. . . Inc. . . . . . . . Inc. . . . . . . . . . . .262. . .108)] . . .054. . . . .800 (2. . . Total Securities Sold. . . . . . . .714..450) (2. . Nuance Communications.. . . .3)% (Cost $(92. . . . . . . .* ServiceNow. . . . . .. . Inc. . . . . . . . . .. . . . . . . .112) (13. . ... . . . .. . . . . . . . . Not Yet Purchased [Proceeds Received $(194. Inc. . . . . .236. 46. Other Assets in Excess of Liabilities — 150.. . . . .670) (18. .. . Inc. . . .* . . . . . . . . . .. ..031) Transportation — (2. . .* . . . . . . . .. . . .376) (7. . . . . . . .. . . ..500 13. . . . . . . .600 130. . . . . .423. 2012 (Unaudited) Investments Shares Pharmaceuticals — (2. . . .* . . . . . . . . . . . . . . . . . . . . . 28. See accompanying Notes to Financial Statements. . . . . .. . . . Inc. . .700 166. . .. Lululemon Athletica. . .2)% Perrigo Co. . . . . . . . . . . . . . . . . . . . . . . ... . . .. . .709. .. .699) . . . .358. . .072) (2. . . . . ..504) (2.3% . . . . . . . . (211. . .526) (3. . . . .. .900 222. .. . . . .. . . . Total Investments — (50. . . . . .4)% Chipotle Mexican Grill.383. .. . . .397. .128) Semiconductors — (2. .847.200 115. .600 (2. . . . . . . . . .772. . .. Inc. . . . . . . .200 (13. .544) (6. . . . . . .314) . . Total Semiconductors . . . . . . . . . . . . . . . .. . . . . . . . .. . . . Inc. . . . ... . . . . . . . . . . . . .264) (3. Total Transportation . . . . . First Solar. .. .060. . . .. . . . . . Inc. . .. . . . . . . . .* . . . . . . . . . Total Retail . . . . . .798) 44. . . . ... .. . . .. . . .300 (2. .949. . . . . .. . . Centurylink. . . . . . . . .728) (7. . .600 Retail — (12. . ..117. Ulta Salon.800 28. Verifone Systems. .676)) . . . . . . . . . . . . . .. . . . . . . .644) (27. . . . .. . . . . Inc. . . . .1)% Concur Technologies. . . . . . . . . . $ (4. . 103. . . .0% .527) (4. . . . . . . . . . . . .714) (2. . . . . Cosmetics & Fragrance. . . . . 69 $218. . . . . . . . . . .. . .584) (3. . .. Williams-Sonoma. . ... .900 57. . . .696.. . . Inc. . .267) 329. .. .. .. . .503. .268) (8. . . . .036.. . . . . . .. .839. . . . .. . . . . . . . . . . . . . . . . . . . . . .* . . . 78.. .. . . ..794 Net Assets — 100. . . . . . . .. .453. . . .. .402. . . ... . . . . . .. . .. . . .* . . Total Software . . . . . . .819 118. .. . .9)% Altera Corp. . .400 (3. ViaSat. . .. . .* . . . . . . . . . . .070) Software — (6.. . . . Kansas City Southern . . . . . . . . . . . .300 190.500. . ... . . . . . . . . .. .. .ADVISORSHARES TRUST RANGER EQUITY BEAR ETF† Schedule of Investments (continued) December 31.586. . .000 93. .

. . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation . . . . . . . . . . . . . . . . . . . Internet . . . . . . . . . . Machinery − Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commercial Services . . . . . . . . . . . Apparel . . . . . . . . . . . . . . . . . . . . . . . . . Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Semiconductors . .9) (4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retail . Computers . . . . . . . . . . . . . . . . . . . .5) (3. . . . . .4) (2. . . . Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2) (12. . . . . . . . . . . . . . . . . . . . . . Electronics . . . . . . . . . . . . . . . . . . . . Diversified Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . .5) (2. . . . . . . . . . . . Distribution/Wholesale . . . . . . . . . . . . . .9) (2. . . . . . . . .4) (2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3) 150. . . . . . . . . . . . Chemicals . . . . . . . .8) (3. . . . . . . . . Telecommunications . . . . . . . . . . Lodging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 (50. . Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Money Market Funds . . . . . . . . . . . . . . .0) (6. . . . .3) 46. . . . . . . . . . . . . . . . . . . . . . . . .1) (8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Assets in Excess of Liabilities Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .310 has been segregated to cover requirement for open short sales as of December 31. . . . . . . . . .0) (3. . . . . . (2. . . . . . . . . . . . See accompanying Notes to Financial Statements. . . .3) (7. . . . . . . . . . . . .9) (6. . . . . . . . . . . . . . . . . . . .2) (0. . . . . . .2) (3. . . .152. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Aerospace/Defense . .9) (1. Iron/Steel . . . . . . . . . . .7) (2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST RANGER EQUITY BEAR ETF† Schedule of Investments (continued) † * (a) (b) Formerly Active Bear ETF Non-income producing security Registered Shares American Depositary Receipt Cash of $233. . . . . . . . .0% . . . . . . . .5) (3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2) (1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7) (9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 . . . . . . . . . . . . . . . . . . . .9) (0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous Manufacturing . . . .9) (2.1)% (2. . . . . . . . . . . . . . . . . . . Auto Parts & Equipment . . . . Banks . . . . . . . . . . . . . . . . . . . . . . . .

. . . .. . . . .. . . . . . . . . . . . . . . . . .245) (207. Utilities Select Sector SPDR Fund . . . . Other Assets in Excess of Liabilities — 100. .. . . . . . . (1.5% Equity Fund — 101. . . . . . . . . .. . . . . . . .068)) .733) . ... . . .. . . . . .. Energy Select Sector SPDR Fund(a) . . . . . . . .. . 71 . . . . . Materials Select Sector SPDR Fund . . . . . . . . . . . . . . . .275 6. .101) (394.184 13.. . . . . . . . . . Technology Select Sector SPDR Fund .. . Total Investments .. . . . . . 25. . . .6)% Equity Fund — (101. . . . .. . . . . . . . . . . .649 5.. . . . . . . . . . .. . . . . .. Other Assets in Excess of Liabilities Net Assets . . . segregated as collateral for securities sold... . Total Investments — (0.242. . . .. . . . Total Securities Sold. . . .260.. .280. . . . . . . .. . .. ..231.. .. . . . . . . . .. . . .228 $ 419. . . . . . .. . . .558 11. . . . . .623 1. . . .... . . . . . . . . ..1 100.. . . . . . .. . . . . .1)% (0. .748) . .. . . . .. . . . . . . . 2012. . SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Equity Fund . . . . .. . . Cash of $1. . . . . .. . .. . . . . . . . . .6)% Consumer Discretionary Select Sector SPDR Fund Consumer Staples Select Sector SPDR Fund . . . . . .1% . . . ...0% . . . .. . .0% . . . . . . . Not Yet Purchased (Cost $1. .. . . .261.868 $1. . . . . . . ..5% Financial Select Sector SPDR Fund(a) .. . Not Yet Purchased [Proceeds Received $(1. . . .. 1. . . . . . . . . . . . . . . .. .1) 100. Health Care Select Sector SPDR Fund . . . ... . . . . .. not yet purchased. . . . . . . . . . . . . .. . . . . . ... . . . . . . . . . . .716) .. . . . . . . .. . .. . .962 Securities Sold. .. . .082 Represents security. . . . . or a portion thereof. .680 (202. See accompanying Notes to Financial Statements. . 2012 (Unaudited) Investments Shares Value EXCHANGE TRADED FUNDS — 101. .801)] . .. .. . .763) (209. . . . .016 2. ..ADVISORSHARES TRUST ROCKLEDGE SECTORSAM ETF Schedule of Investments December 31. . . . . Industrial Select Sector SPDR Fund(a) . .. ... . . .311 421. . .. . .090 11. . . . . . . . . . . .. . . . . . . . . .. .386) (58. . .152 420. . . .537) (189. . . . (a) .. . . .. .. . .. . . . .1)% (Cost $(37. . .242.243. Net Assets — 100. . (786) 1. . . . . 4. . . . . . . . . (0. . . . . .. .. . . . . . . . . .. .499 .... . . . . . . . . .. . . .781 has been segregated to cover requirement for open short sales as of December 31. . . . . Total Investments Before Securities Sold. . . . . . Not Yet Purchased — (101.

. . . . . . 6. . . 29. .8% Commodity Fund — 12. . . . . . 2012 (Unaudited) Investments Shares Value EXCHANGE TRADED FUNDS–64. .4% U. . . . . . .043 $1. .065 2. . . . 8.3% BlackRock Liquidity Funds -T. . . . . . . . . . . 950. . . .S. . . . 1. . . . . . . . .000 974. 2. 38. . . . . .734. . .25%. . . . . . . . . . .855 iShares MSCI Emerging Markets Index Fund . . .449) . . . . .821 1. . . . . . . . . . .621 Total U. . . . . . . . .000 186. . . . . . . . .936. . . . . . . . .958. . . . . . .S. . . . . . . . . . . . . . . .Fund Portfolio — Institutional Class. . . . . . . . . . . . . . . . . . . 4. . . . . Treasury Note. . . . . . . .781. . .2% PowerShares DB Precious Metals Fund* .747. . . . .747. . . . . . .957. . . . . . . . .778. . . . . .4% iShares iBoxx $ High Yield Corporate Bond Fund .25%. .725. . 11/15/13 .000 983. . . . . . . . . . . . . .882 Debt Fund — 1.ADVISORSHARES TRUST STAR GLOBAL BUY-WRITE ETF Schedule of Investments December 31.735.952 Total Exchange Traded Funds (Cost $8.009 U. . .922) . .778 iShares Dow Jones US Real Estate Index Fund . 950. . .630 MONEY MARKET FUND — 20. .717 U. . . . . .905 1. . .922 . . . . Equity Fund — 51. 4. . . . .S.922 See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215 1.01% (Cost $2. . . . . . . . . . . . . . . . .437 SPDR S&P 500 ETF Trust .740.S. . . 24.2% Total Equity Fund . . 08/15/13 . .700 Energy Select Sector SPDR Fund . . . 12. . . . . . . . . . Treasury Note. . . . . . . . . . . . . . . 0. . .658. . . . . . 26. .747. . . . . 72 2. .283 1. . . TREASURY NOTES — 14.060) . . . . . . Treasury Notes (Cost $1. .

. .. . . .00 . . Strike Price $66. . . .00 . .391) . . . . . .. .005)] . . . .. SPDR S&P 500 ETF Trust Option expiring 02/16/13. . .812) . . . .. .. ... Strike Price $94. 73 (118. . . . . .. . . . .00 ..00 . .. . . (75) (8. . . iShares MSCI Emerging Markets Index Fund Option expiring 01/19/13. ..00 ... . .013) .. .. . . . . . .236) .. (20) (1. . . .. . (75) (5. . . . Strike Price $143. . . .. . . . . .00 . ... . . .. Strike Price $45. . . . . . . WRITTEN CALL OPTIONS — (0.. . . . . .00 . . . .. . .670. . PowerShares DB Precious Metals Fund Option expiring 02/16/13. Strike Price $58. . iShares MSCI Emerging Markets Index Fund Option expiring 01/19/13. . .. .. .363) . . .. . . . Strike Price $43.. .. . (11) (3.. . . .691. . . .. . Total Written Call Options [Premiums Received $(96. .. . .. (76) (13... . . . . . .. .. .00 . ... . . (193) (12.. . .785 13. .. . . . . . . . . . . . ... . .. . . .. . . . . . . . . .00 . iShares Dow Jones US Real Estate Index Fund Option expiring 02/16/13. SPDR S&P 500 ETF Trust Option expiring 01/19/13. . .268) .. (13) (2. . . . . . .. . .9)% Energy Select Sector SPDR Fund Option expiring 01/19/13. .. Strike Price $60.. iShares Dow Jones US Real Estate Index Fund Option expiring 01/19/13. .. . 2012 (Unaudited) Investments Contracts PURCHASED PUT OPTION — 1. .. . . . . . . . . . Strike Price $144. .. . .. . . .. . . (75) (7. . . .181) . . . . . . . .. . iShares Dow Jones US Real Estate Index Fund Option expiring 01/19/13. . . . .. Strike Price $44. .. . .. .812) . . . . . . .. . 526 Value $ 182.792) . .... iShares MSCI Emerging Markets Index Fund Option expiring 02/16/13. . . . . .00 (Cost $206.. . . . . . . . .00 . . . .. . . .. .. Strike Price $141. (49) (5. . . ... . See accompanying Notes to Financial Statements... . .00 . SPDR S&P 500 ETF Trust Option expiring 02/16/13.960) . (121) (13. . .509) . Total Investments Before Written Options — 100. SPDR S&P 500 ETF Trust Option expiring 01/19/13. .. . . . . . . . .....00 . . PowerShares DB Precious Metals Fund Option expiring 01/19/13. . . ... .. . . . . . ... PowerShares DB Precious Metals Fund Option expiring 02/16/13. . . . (23) (5. . . . ... . . Strike Price $57. . (56) (1. . . . .054 .. . PowerShares DB Precious Metals Fund Option expiring 01/19/13.. . . . . .050) .. . . Strike Price $73. .855) . ... .. . . . .. . . . . . (179) (17. . . ... . .110) . ... ... . . . . . . . . . .. . . . .00 ... . . . . (43) (2. . Strike Price $72. . . Strike Price $64.00 . ...00 .842) . . . . . . . .. . .. ..260) .... . . (98) (5. . . .. . . . . . . . . Strike Price $61...000) . . .00 .00 . .194) ... Strike Price $65. . . .. . . . . .. iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 02/16/13. .9% (Cost $13.520) . . .. .. . . . (50) (1.... .4% SPDR S&P 500 ETF Trust Option expiring 12/21/13 @ $115. . .. . (134) (11. . . . . Energy Select Sector SPDR Fund Option expiring 01/19/13. .. . . Strike Price $148.ADVISORSHARES TRUST STAR GLOBAL BUY-WRITE ETF Schedule of Investments (continued) December 31. . . ... . . . . . .. . . . . . . . .. .. .545) . . .. . . . . . .. .

. . . . . . . . . . . . . . . . . . . . . . . . . . 13. . . . . . . . . . . .2% 1. . (8. . .00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .284) . . . . . . . . . . . . . . . . . . 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. . . . .210) Total Written Put Options [Premiums Received $(17. $13. . . . . . . . . . . . . . .4 (0. . . . .0% . . . . . . . . . . . . . . .4 20. . . . . . . . . . . . . . . . . . . . . Written Call Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST STAR GLOBAL BUY-WRITE ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . Equity Fund . .1% . . . . . . . . . . . . . . . . . . (50) (4. . . Debt Fund . .481) Total Investments — 99. . . . . . . . . . . . . . . . . . . . . Money Market Fund . . . . . . . . . . . . . . . . . . . . . Other Assets in Excess of Liabilities Net Assets . . . . . . . .557. .2 14. . . . . . . . . . . .865 Net Assets — 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (107) iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 01/19/2013 @ $93. . . . . . . . . . . . . . . . . . . . . . . . . . . . Treasury Notes . . . . . . . . . . . . . . . . .0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 1. (14) (840) iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 02/16/2013 @ 92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .573 Other Assets in Excess of Liabilities — 0. 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1)% iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 01/19/13 @ 92. . . .1 100. . .107)] .438 ETF — Exchange Traded Fund * Non-income producing security SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Commodity Fund . . . . . . . . . . . . 2012 (Unaudited) Investments Contracts Value WRITTEN PUT OPTIONS — (0. . . . . .300) Total Written Options — (1. . . . . . . . . . . . .9% (Cost $13. . . . . . . . Total Investments . . . . .250) $ (3. . . . . . . . . . . . . . . . . . . . .9 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .00 . . . . . . . . . . See accompanying Notes to Financial Statements. . . . . Written Put Options . . . . . . . . . . . .9) (0. . .1) 99. . . . . . .102)] . . . . . . . . . . . . . . . . . . . . . . . . . . .543. . . . . . . . . . .00 . .4 51. . . . . . . . . . . . . . . . . . . . . .578. . . . Purchased Put Option . . . . . . . . . . . (126. . . .0)% [Premiums Received $(113. .S. . U. . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . .535 VistaPrint NV* . . . . . . . . . . . . . . . 5. . . . . Inc. . . . . 221. . . . . . . Inc. . .863 MasterCard. . . .539 113. .. . . . . . Inc. . . . . . . . . . . . . . . Inc. .009 Gartner. . . . . . .* . . . . . . . Inc. . . . . . . . . . . . . . . Class A* . . .927 Chemicals — 2. . . . . . . . . . 2. . . . . . . . . . . .503 110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . . . . . . .166 Computers — 6. .395 PDL BioPharma. . . . . . . . .912 Cognizant Technology Solutions Corp. . . . .0% Constellation Brands. . . . . .963 Fortinet. . . . . . . . . . . 3. . . . . .. .880 113. . . . . . . . . . . . Class A* . . . . . . . 1. . . . . .600 109. . . 410 107. . . . . . . . . .296 115.179 110. . . . Inc. (The) . . . . . .414 H&R Block. . . . . .3% Beverages — 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . Class A* . . . 2. 720 105. .069 See accompanying Notes to Financial Statements. . . . . . . . . . . . .944 Commercial Services — 9. .0% NewMarket Corp. .110 110. . . . . 2. . . . . Class A . . . . . . . . . . 1. . . . . . . . . . . . . . Inc. . . . . . 431. .502 Sherwin-Williams Co. . . . .9% Total Biotechnology . .. . . . . 744 114. . . . . . . . . . . . . . . . . .098 Total Commercial Services. . . . . . . . . . . . . . . .602 Biogen Idec. .940 105.383 104. . . . . . . . 2012 (Unaudited) Investments Shares Value COMMON STOCKS — 100. . . . . .426 Alexion Pharmaceuticals. . . . . . . . Inc. . . . . . . . .970 110. . . . . . . . . . . . 4. . . . 75 . . . . 14. . . . . . . . . . . . .421 111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . .070 113. 2.. . . . . . 2. . . . 225 110. . . .3% CACI International. . . . . . . . . . . . . . . .603 Gilead Sciences. . . . .* . . . . . . . . . Inc. Inc. . . . .160 113. . . . . . . . . . . . . . . . . . .092 $ 109. . .* . . . . . . . .538 Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .* . . . .222 105. . . . . . . . . . . 5. . . . . . . . . . . . . . . . . . . . . . . .830 Jack Henry & Associates. . . . . . . . . . . . . .449 Chemed Corp. . . . . . . . . . . 4. . . .100. . . . . . . . . . .327 Biotechnology — 3. . 1. . . .744 CoreLogic. Inc. . . . . . . . . . . . . . . . . . . . . .641 DeVry. . Class A* . . . .* . . . 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . 3. . . . . . . . . . . . .ADVISORSHARES TRUST TRIMTABS FLOAT SHRINK ETF Schedule of Investments December 31. . . . . . .875 Weight Watchers International. . . . . . . . . . . . . 1. . . . .355 112. . . . . . . . . 1. . . . . . .9% Apollo Group.184 108. . . . . . . Inc. . . . . . Inc.442 Total Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . .298 CBOE Holdings. ..680 115. . . . . .1% Total Diversified Financial Services . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST TRIMTABS FLOAT SHRINK ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . 2. .930 Watts Water Technologies.9% Ingredion. . . . . .854 $114. . . . .506 Vishay Intertechnology. . . . . . . . . . . Inc. . .417 108. . . . . . .493 113. . . . . . . . . . 76 . .809 113. . . . .235 Electric — 1. .1% MasTec. . . . 4. . . . . . . . . . . . . . . . . . . . . .* . . . . . . . . 1. . . . . . Inc. . . . . . . .649 Engineering & Construction — 1. Inc. . . . . . . . Inc. . . . . . . . . . . . . . 1. . . . . . 567. . . . . . . . . (The) . .556 116. . . . . . . .064 International Game Technology . . . .* . . . . . . . . . . . . . . . . .537 Food — 3. . . . . .213 Electronics — 3. . Class A . . . . . . . . . . . . 2. . . .600 Total Computers. . . . . . . . . . . . . . . .956 125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. . . . . . . . . . . . .395 Tech Data Corp. . . . . . . . . . . . . . . . . .335 Kroger Co. . . . . . . . . . . . . . . . . . . 1. . . . .1% Total Electronics. . . . . . . . . . . . Class B . . . . . .028 107. . 2. . . . . .589 Bally Technologies. . .0% Duke Energy Corp. . . . . .016 Entertainment — 3. . . . . . . . . . . . . . . . . . . . . . . . 2. .000 116. . . . . . . . . . . . . . . Inc. . . . . . . . 1. . . . . . . . . . . . . . . . . .* .3% (continued) Teradata Corp. . . .* .0% Colgate-Palmolive Co. . .457 Six Flags Entertainment Corp.704 World Acceptance Corp. . . . . . . . . . . . . . 330. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .* . .670 114. . . . . . 694. . . . . . . . . . . . . .015 Diversified Financial Services — 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .797 119. . . .863 114. . . . . . . . . . .467 Ameriprise Financial. . 1. . 345.0% Total Entertainment . . . . . 1. . . . . . . . . .744 Western Digital Corp. .746 111. . . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . .768 Eaton Vance Corp. . . . . . . . . . . . . . . . . . . . .169 See accompanying Notes to Financial Statements. . . . . . .654 108. . .450 Federated Investors. . . . .. . . .* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inc. . . . 11. . . . . . . . . . . . . . . . . . . .234 110. . . . . . . . 1. . . . . 7. . . . . . . . . . . . . . . 5. . . .726 109. . . . . . . 3. . . . . .562 113. . . . . . . . . . . . . . . .728 111. . . . 2012 (Unaudited) Investments Shares Value Computers — 6. . . . .118 Cosmetics/Personal Care — 1. . . . . . . . . . . . Inc. . . . . . . . . .

. .462 Intuitive Surgical. . . . .699 Housewares — 1. . . . . . . . 4. . . . . . . . . . . . . . . . . . . . . Inc.1% Expedia.852 110. . . . . . . . . .com. . . . .678 Household Products/Wares — 2. . . . . . . . . . . . . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . . . . .987 Food — 3. . . . . . . .169 Scotts Miracle-Gro Co. . . . . . . . . . . . . . . . . .0% Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (The) . . . . . . 180 111. . . . . .* .457 113. . . . . . .* . . 77 455. . . .330 113. . . . . . . . . . . .0% Toro Co. . . . . . (The) . .215 109. . . . . . . . 2. 2. . . .195 Healthcare − Products — 2. . . .* . . . . . . . . . . . .951 Assurant. . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . . . . .093 Total Healthcare − Products . . . See accompanying Notes to Financial Statements. .911 117. . . 2012 (Unaudited) Investments Shares Value Sanderson Farms. . . . . . . . .600 114. . Inc. . . . . . . . . . . . 3. . . . . . . . . . . . . Inc. . . . Inc. . . . . . . . . . . . . . . Inc. . 1. 2. . . . . . . . 434. . . . . . . . . . . . .186 110. Inc. . . . . . . .704 Priceline. . 5. . . . . . . . . . .786 112. . . . . . . . . . . . . . . . . .576 Internet — 4. . . . . . . . . . 2. . . . . . . . 2. . . . . . . . . . . . . . . .164 Total Healthcare − Services . . . . . . . . . 1.223 $105. . . . 223. . . . . .112 Healthcare − Services — 2. . . . . Inc. . . .530 Total Household Products/Wares. . . . . . .* .022 Insurance — 2. . . . . . . . . . . . . . . . . . . . . . . . .816 ValueClick. . . . . . . . . . . . . . . . . . . . . . . . . . . . .704 Smithfield Foods. Class A . . . . . .* . . . . . . . . . . .450 106. . . . . . . (The). . . . . . .628 112. . . . .* . . . . . . . . . . 314. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0% Bio-Reference Laboratories. . 198 97. . .0% Total Insurance .8% Edwards Lifesciences Corp. . . . . . .9% (continued) Total Food . . . . . .257 . . . . . .960 106. . . . . . . . . . . . . . . . . . .306 Total Internet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .431 Opentable. . . . . . . . .554 Platinum Underwriters Holdings Ltd.ADVISORSHARES TRUST TRIMTABS FLOAT SHRINK ETF Schedule of Investments (continued) December 31. . 1. . . . . .514 Coventry Health Care. . 222. . . . . .557 Idexx Laboratories. . . . . 220. . . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . 2. . . . . Inc. . . . . . . . . . . .158 107. . . . . . . . . . . . . Inc. . . . . . . . . . . . . . .502 112. . . . . . . . . . . . 3. . . .. . . . . Inc. .

. . . . . . . . . . . .000 115. Metal Fabricate/Hardware — 1. 4. . .623 2. . . . .177 See accompanying Notes to Financial Statements. . . . . . . . . . . . . . . . . . 230. . . . . . . . .866 Packaging & Containers — 2. . . . . . . 2012 (Unaudited) Investments Shares Value 13. 5. . . . . . . . . .647 115. 2. . . . . . .248 107. . . . . . . . . . . . . . . . . . . Inc. . . . 552. . . . . . . Inc.064 Investment Companies — 1. . . . . . . .786 15. . . . . . .* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil & Gas — 3. . . . . . . . . . . . . . . . . .0% Extra Space Storage. . . . Class A . . . . . . . . . . . . . .965 Mylan. 3. . .410 Rock Tenn Co. . .1% Mueller Industries. . . . . . . . . . . .0% Abbott Laboratories .652 Real Estate Investment Trusts — 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . . 338. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. . . . . . 1.403 117. . Miscellaneous Manufacturing — 0. 1. . . . .. . . . .562 113. . .* .064 111. . . . . . . . . . .* . . . . . . .142 Total Packaging & Containers . . . . . . . . . .* . . . . . . . . . . . . 78 115.* . .349 95. . . . . . . . . . . . . . . . . . . . . . Inc. . .939 108. . . Inc.971 11. . .ADVISORSHARES TRUST TRIMTABS FLOAT SHRINK ETF Schedule of Investments (continued) December 31. . . . 10.728 117.430 114.1% Packaging Corp. . . . . . . . . . . . . . . . . .552 Pharmaceuticals — 5. . . .704 CVR Energy. . . . . . . . . . . . . . . . . . . . . . . . . . .794 USANA Health Sciences. . . . . . . .0% Xerox Corp. . . . . . . . . . . . . .559 Plains Exploration & Production Co. . . . . . . .209 Total Pharmaceuticals . . . . Inc. . . . . . . . . . . . . . . . . . .611 . .243 Delek US Holdings. . . . . . . . . . . . . . . . . . . of America. . . . . . 4. . . . . Office/Business Equipment — 1. . . . . . . . Machinery − Diversified — 1. . . . . . . . .0% Flowserve Corp. . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .005 Impax Laboratories. . . . . Inc. . . . . . . . . . . . Inc. . . . . . . . . . .662 $114. . .214 774 113. . . . . . . . . . . . . . . . .0% Apollo Investment Corp. . . . . Inc. . . . . . 3. . .1% Total Oil & Gas . . . . . . . . . . .710 112. . . . . . . . . .358 117. . . . 2. . .679 Santarus. . .952 97. . . . . . . . .9% Smith & Wesson Holding Corp. . . . . . . . . .

.232 110.412 Broadridge Financial Solutions. .746 114. . . . . . . . . . . . . . . . . . . . . . . 1. . .927 Savings & Loans — 1. . . . . . . . . 3. . . . . . . . . . . . . . . . . . . . . . . . . . . .312 113. . . . . . . . . . . . .153 110. . . . . . . . .638 114. . .165 Total Retail . . . . .495 MSC Industrial Direct Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .* . . . . . Inc. . . . . . . . . Inc. . 1. .328 O’Reilly Automotive. . Inc. . .602 PMC-Sierra. . . 3. . . . .0% People’s United Financial. . . . 1. . . . . . . . . .* . . . . . . . . . . . . .536 117. 4. . . . . .692 108. .* . . . 4. . . .* . . . .163 GNC Holdings. . . . . . . . . . . .* . . . . . . . 4. . . . .785 Semtech Corp. . .476 108. . . . . . . . . . . . . . . . . . . . .149 110. . . . . . . . . . . .755 CommVault Systems. Inc.835 113. . . Inc. . . . . .330 110. . . . . . . . . Inc. . . 1. . . . .. . . . . . Inc. . . . .510 116. .* . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . .003 Linear Technology Corp. . . . . . . . . . . . . . . . . . . . . . 3. . . . 20. .717 115. . . . . . . . . . . . . . . 3. . . . . Inc. . . . . . . . . . . . . . .0% ANN. . .853 113. . . . . . . . . . . . . . .100 112. . . Class A . . . . . . . . . . . Inc. . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . .527 Intuit. . . . . . . . . . . . . . . . . . .903 MSCI.. . . . . Inc. . . . . . . . . . . . 6. . . . 1.551 Microsoft Corp. . 2012 (Unaudited) Investments Shares Value Retail — 12. . . . . . . . . . . . . .* . . . . . . . . . . . . . . . . . . . . 3. . . . . . . . . . . . . . . .135 Software — 8. . . . . . . . .* . . . . . . . . . . . . Class A . . . .032 101. . . . . . . . . . . 2. . . . . . . . . . . .* . .358 112. .393 $ 114. . . 1. . . . . . . . . . . . . Inc. . . . . 79 . . . . . 4. 9. . . . . . .858 110. . .695 Dunkin’ Brands Group. . . . . 3. . . . . . . . . 3. 676. . . . . . . Inc. .424 Teradyne. . . . . . . . . . . . . . . . . . . . Inc. . . . . . . . . . . . . . . . . . . . . .618 107. . . . . . . . . . . . .9% Allscripts Healthcare Solutions. . . .329. . . . . . . . . . . . . . . . 3. . . . . . . . . Inc. .185 Guidewire Software. . . . . . . . . . . . . . . . .* . . . . . . . . . . Inc. . . .1% Total Semiconductors . . . . . . . . . .264 Copart. . . . . . . . Class A . . . . . . . . . . . . . . . . .618 Lam Research Corp. . . . . . . . . . . . . . . . .. . . . . . . . .*. . Inc. . .. .462 Francesca’s Holdings Corp. . . .316 97. .755 Gamestop Corp. .. . . . . . . . . . . . . . . . . . . . .* . .190 See accompanying Notes to Financial Statements. . . .819 AutoNation. . . . . . . . . . . . . . . . . . . . . . . . . . . .045 Nu Skin Enterprises. . . . . . . . . . . . . . . . . .703 Semiconductors — 6. . . . . . . . . . . . . . Inc. . . . . . . . . . 1. . . . . . . . . . . .ADVISORSHARES TRUST TRIMTABS FLOAT SHRINK ETF Schedule of Investments (continued) December 31. . . . . . . . . . . Class A . . . . 10. . . . . . . .732 113. . (The) . . . . .660 KLA-Tencor Corp. . . . . .880 108. . . Inc.914 DSW. . . . .* . . Inc. . . . . . . . .987 115. . . . . . . . . . 1. . . . . . 2. . . . . . . .566 118. . . .* . . . . . . . . .797 109. . . .822 Home Depot. . . . . . . . . . . . .. . . .438 90. . . . . . . . . . Class A . . . . . . . .177 athenahealth. 3.

. . .. . 98. . . . . . . . . . . .080 MONEY MARKET FUND — 0. . . . . . . Liabilities in Excess of Other Assets — (1. . . . . . . .091. . . 80 11. . . . .336) . . . . . .925 (130. . . . . . . . . .123. . . . . . . Inc. . . 2. . . . . . . . . . . . . . . 3. . . . . . . . . . . . . . . . . . . .057 . . . . . . .510 Total Software . .845 Total Investments — 101.127. 104. . . . . . . . .028. .0% . . . . .845) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9% (continued) Oracle Corp. . . . . . . .845 98. . . . . . . . .868) $11. . . . . . . . . . .653 Telecommunications — 0. .221. . . . . . . . . . . . . . .953 990. . . . . . $ 116. 2012 (Unaudited) Investments Shares Value Software — 8. . . . . . . . . . . . . . . .181) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .805 11. . . . . . . . . . . . . . . . . . . . . . . Net Assets — 100. . .550 Total Common Stocks (Cost $11.9% Wells Fargo Advantage Government Money Market Fund − Institutional Class (Cost $98. .9% InterDigital. . . . . .2)% . . . . . . .2% (Cost $11. . . .ADVISORSHARES TRUST TRIMTABS FLOAT SHRINK ETF Schedule of Investments (continued) December 31. * Non-income producing security See accompanying Notes to Financial Statements. . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 1. . . . . . . . . . . . . . Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 2. Packaging & Containers . . . . . Office/Business Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 12.0 3. . . . . . . . . . . . . . . . . Healthcare — Products . . Diversified Financial Services . . . . . . . . . . . . Biotechnology . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST TRIMTABS FLOAT SHRINK ETF Schedule of Investments (continued) SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cosmetics/Personal Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 2. . . . . . . . . . . . . . . . . . . . . . . Investment Companies . . . . . . . . . . . . . . . . . . . . . Machinery — Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Assets in Excess of Liabilities . . . . . . Pharmaceuticals . . . . . . . . . . .9 2. . . . . . . . . . . . . . . Metal Fabricate/Hardware . . . . . . . . . . . . . . . . . .1 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Internet . . . .0 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commercial Services . . . . . . . . . . . . . . . . .1 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Household Products/Wares . . . .0 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 0. . . . . . . . . Oil & Gas . . Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . Software . . .0 1. . . . . . .0 1. . . . . . . . . .1 5. . . . . . . . . . . . . . . . . . .2 (1. . . . . . . . . . . . . . . . . . . . . Healthcare — Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0% 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 0. . . . . . . . . . . . . . . . . Computers . . . . . . . . . . . Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Food . . . . . . . . . . . . . . . . . . . . . . . .1 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0% See accompanying Notes to Financial Statements. . . . . . . . . . . . .9 1.9 2. . . . . . . . . . . .0 3. . . . . . . . . . . . . . . . . . . . . . . . . . .0 6.0 2. . . . . . . . . . . . . . . . . . . . . . . . . .0 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 6. . . . . . . . . . . . . .0 1. . . . . . . . . . . . . Housewares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Entertainment . Electric . . . . . . . 100. . . . . . . . . . . . . . . . . . . . . . . Telecommunications . . Chemicals . . . . . . . . Savings & Loans . . . . . . . . . . . . . . . . . . . . . . . . . . .1 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 1. . . . . . . . . . Money Market Fund . . . . . . . . . . . . . .2) Net Assets . . . . . . . . . . . . . . . Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 4. . . . . . . . .0 1. . . . . 81 . . . . . . . . . Engineering & Construction . . . . . . . . . . Real Estate Investment Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . . .

.7% Essilor International SA (France)(a) . . . . .. . .. Want Want China Holdings Ltd. . .... .. .. . . .2% Lazard Ltd.1% Potash Corp. . . . . . ... .. . . . 4. Cosmetics/Personal Care — 5.. . Food — 14.. . (a) Shandong Weigao Group Medical Polymer Co..435 116. . . . . . . . . . .. .772 29. . . . .... . . . ..880 151. . . . . .... .070 162...622 7. . . . . SA (Portugal) Nestle SA (Switzerland) (a) Shoprite Holdings Ltd. . . . . . .. . ... .875 11. . .. . . . . . . . Jeronimo Martins. . . . .. .. . . . .788 9..1% Beverages — 4....788 . . . .. . . . .. . . . . .. . . Chemicals — 4.430 167. .761 Forest Products & Paper — 2. ...555 2. . .. . . See accompanying Notes to Financial Statements..144 290. . Total Food . (China) .085 145.. . . .. . ... . 990. . . . . . ... . . .. . . . . . . .259 $293. . .966 3. . . . . .. .. . . . . . . 6.. . . . ..222 6. . . Inc. . ... . . (Japan) (a) . . .. . . . .004 .. . . . . . . .. .2% Svenska Cellulosa AB (Sweden)(a) .... . .... .. Total Healthcare − Products. . . .245 261.7% Novozymes A/S (Denmark)(a) . .. Ltd. .101 13. . . . SGPS. . . . 2012 (Unaudited) Investments Shares Value COMMON STOCKS — 96. . .ADVISORSHARES TRUST WCM/BNY MELLON FOCUSED GROWTH ADR ETF Schedule of Investments December 31. 3. . . . . . . . . . .610 Healthcare − Products — 8.4% L’Oreal SA (France)(a) . ... . . . .. . . .. . . .. . . . .412 375. . . . ... .. . . . . . (South Africa) (a) (a) . ..710 . . .. . ... . .. .. . . . . . .. .502 332. . . . . Class A (Bermuda) . Commercial Services — 4. (Cayman Islands) (a) . .689 14. . . . . . . . . .. . . . . . . .. Sysmex Corp. . . .. . . ... . .1% BRF − Brasil Foods SA (Brazil)(a) . . . . . . . Inc.. ... . .. . . 82 612.. . .. . . ..268 7. .. . .. . . . . . . .. ... . . . .5% SGS SA (Switzerland)(a) . ... .. . .388 285. of Saskatchewan..900 151.. .. . . .742 Biotechnology — 3.. . . .053 313... .. .633 7. . .. . .469 222. .. Diversified Financial Services — 3. . . . . . .... . . . .. . . . 9. . .2% Coca-Cola Enterprises...359 239. (Canada) . .. . ..

. .861 303. . ...750 155. . . . . .. . . . . .. . .. . . . . . . . . . . . . 435. . . . . . . . .. . . . . . . . . . . . .588 22.164 Transportation — 6. 83 . . . . . . . .. . . .2% Tencent Holdings Ltd. . . .. . .7% Core Laboratories N. Kuehne + Nagel International AG (Switzerland) (a) . .2% Canadian National Railway Co. . . . . .. . . . .159 287. . . . . .3% NOVO Nordisk A/S (Denmark)(a) . . . . . . . . . . . . . . . . . .501 6. . . . . . .488 Taiwan Semiconductor Manufacturing Co. 2012 (Unaudited) Investments Shares Value Holding Companies − Diversified — 2. . .. 459. Inc. . .. Class A (Argentina) . . . .V. . . .088 ASML Holding N. . . . . . . . . . . . . . . .. . . Total Retail . . . . . . . . . . . . . . . . . . (Canada) . .. Retail — 6. . . . 3. . . . .. . . . . . . . . .749. . . . . . . Pharmaceuticals — 4. . .. . . . . . . . .. . . . . . . . . . Ltd. . . . . .495 3. . . . . (Cayman Islands)(a) . . . . . . .107. .842 $ 182. . . . . . (a) Wal-Mart de Mexico SAB de CV (Mexico) . . .654 218. . . . .413 Total Transportation . . . . . . . . . . . . . . . . . . .4% Arm Holdings PLC (United Kingdom)(a) . . . . . .118 283. . . . . . . . . (Switzerland) .. . . 4. . .205 4. . . ..148 Semiconductors — 12.1% ACE Ltd. . . . . .977) . . . . . . . . . . .574 285. . . . . . . . . .5% Arcos Dorados Holdings. . . . . . .. . . . (Netherlands) . . (Netherlands) . Oil & Gas Services — 3. .. . . . . Machinery − Diversified — 4.0% Fanuc Corp. . . . . . . . . .030 6. . . 8.ADVISORSHARES TRUST WCM/BNY MELLON FOCUSED GROWTH ADR ETF Schedule of Investments (continued) December 31.402 262.664 171. . . . . .6% LVMH Moet Hennessy Louis Vuitton SA (France)(a) . . . . . . . . . . . . (Taiwan) (a) . . . . . Internet — 2. . . 871. . . . . . . . . . .563 1. .118 Insurance — 4. . . .734 20. . . .100 148. . . . . . . . . . . . . . . . . . . . .088 9. Total Semiconductors . . . . .948 See accompanying Notes to Financial Statements. . . . .914 Total Common Stocks (Cost $6.144 308. . . . . (Japan)(a) . .. . 2. ..296 2. . . .153 241. . . . . . . . .V.814 391. . 6.

. . . . . . . . . . . . . . . . . . . . . . .0% . . . . Liabilities in Excess of Other Assets Net Assets .7 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (46. . . .4 3. . . .1 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . .594) . . . . . . . . . . . . .2% 3. . . . . . . Healthcare − Products . .1 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 14. . . . . . . . . . . . . Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7) 100. . . . . . . . . . . . . . . . . . . . . Internet . . . . . . . . . . . $7. . . . .427. . . . . . . . . . . . . . . .5 12. . . .617 7. . . . . . . . . . . . . . . . . . . . .ADVISORSHARES TRUST WCM/BNY MELLON FOCUSED GROWTH ADR ETF Schedule of Investments (continued) December 31. . . . . . . . . . . . . . . . . . . . . . . . . . . .2 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . Forest Products & Paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 5. . . . . . . . . . . . . . . . . . 84 . . . . . . . . . . . . . . . . . . . . . .4 6. . . Money Market Fund . . . . . . Food . . . . . . . . . . .7% (Cost $6. . . . . . . . . . . . . . . . . . . .560 (a) American Depositary Receipt SUMMARY OF SCHEDULE OF INVESTMENTS % of Net Assets Beverages . . . . . . . . . . . . . Cosmetics/Personal Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319. . . . . . . . . Diversified Financial Services . . . . . . . . . . . . . .7)% . . . . . . . . . . . . . . . . . . . . . Total Investments . . . . . . . . . . . . . . . . . . .6 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 3. . . . . . . . . . . Machinery-Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .617) . . . . . . . . . . Holding Companies − Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 6. . . . . .1 2. . . . . . . . . . . . . . . .7 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 (0. . . . . . . . . . . . . . . . . .6 100. . . . . . . . . . . . . . 2012 (Unaudited) Investments Shares Value MONEY MARKET FUND — 4. . . Oil & Gas Services . . . . . . . . . . . . . . . . . . . . . . Biotechnology . . . . . . . . . . . . . . . . . . 319. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .617 $ Total Investments — 100. . . . . . . . . . . . . . . . .0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. Pharmaceuticals. . . . . .2 8. . . . . . . . . . Insurance . . . . . . . . . . . . . . . . . . . .6% Invesco Government & Agency Portfolio − Private Investment Class (Cost $319. . . . . . . . . . . . . .565 Liabilities in Excess of Other Assets — (0. . .069. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .005) Net Assets — 100. . . . . . . . . . . . . . . . . . . . . . . . . . Retail . . . . . . . . . . . . . . . . 4. . . . . . . . . . . . . . . . . . . . . . . . . . . .023. . . . . . . . . . . . . . . . . . . . . Transportation . . . . . . . . . . . . . . . . . . . . . . . . Chemicals . . . . . .7 4. . . . . . . . . . . . . . . . . . . . . . . . Commercial Services . . . . . . . . . . . . .

.

. . . . . . . . . . . . . . .398) 3. . .379 28. . . . . .118) $ 1.279. Accuvest Global Long Short ETF Accuvest Global Opportunities ETF Cambria Global Tactical ETF Global Alpha & Beta ETF . . . at Market Value. . . Total Assets . . . .550 $ 1.096. .285 — — — — — 1. Net Asset Value (NAV) Per Share . . . . . . . . . 86 . . . . $ *Proceeds Received from Securities Sold. Payable to Global Echo Foundation . . . . . . . . . . . COMPONENTS OF NET ASSETS Capital Stock at Zero Par Value.078) . Not Yet Purchased. . . . .577 $63. . .359 1. . . . Prepaid Expenses . . . .212 (283. . . . . . .309 (19. . . . . .600. . Securities Sold. . . . . .851. . . .585 42. . . 2012 (Unaudited) ASSETS Investments. . .016 $ — $ $ — — $ $ — — $ $ — — See accompanying Notes to Financial Statements. . .000 24. . . . . . . . . . . . . . . . . . NET ASSETS .578. . . . .027. . . . . . options written and swap transactions. . .973 47.795 1. . . . Not Yet Purchased . . . . . . . . . . . . . . . . . . . . . .025 1. . . . .079 $ — 1. Deferred Offering Costs . . Reclaim Receivable. . optiions written and swaps . . . . . . . . . . . . . . .172) $ 79.356 $ — 64. .442 $28. . .653 14. . . . . . . . . . . Capital Shares Payable . . . . . . . . . . . . . . . . . .359 . . . . . . . . . . . . . . .263. . Investments. . Due from Investment Advisor . . . . . . . . . . . . . .600. . . . . . . . . . . . . . . . .299) .242. . Cash . . . . . . .677 . . . . . . . . . . . . . . . . . . . . . . .057 — — 4. . .544 $ 61.07 $ 13. . . . . 1. .143 (535. Investments in Affiliates. . . at Market Value (Note 8). . . . . . . .596 — — — — — 1 — — — 101 1. . . . . . . . Dividend Payable on Securities Sold. . . . . . . . . . . . . .913. . . . . . .748 — — — — — 1. . . . .936 — — 12. . . Total Liabilities . Prepaid Trustee Fees . . . . . .335. . . . . . . . . . . . . Not Yet Purchased* . . . .042 $28. Receivable from Securities Sold . . . . . . . Distribution Payable . . . . . . . . . . . . . . . Unrealized Deprecation on Swaps Contracts. . . . . . . . .555 — — 24. . .338 65. . . . . 176. . . . .356. . . .842 . . . . . . . . . . . . .034 — 53. . .48 $ 600.842 — — — — 8. . . .711 — 5. . Undistributed Net Investment Income (Loss) . . . . . . . . . .551. .38 $ 2. . . . . Unrealized Appreciation (Depreciation) on Investments. . — 14. . Options Written. . .633 — — — — — 208. . . . .665) $ 15.027. . . . . .000 28. . . NET ASSETS . . . .846 17. . . . .303.145 — 41. . . . $ 31. . . . .000 26. .884 $ 15. .015 57. . . . at Cost. . . . . . . . . . . . . . Investments in Affiliates.202. . . . . .624 1. . . . . . . . . . . Interest Payable . .521 — — — 58 8. . .022. . .303. . . . . . SHARES ISSUED AND OUTSTANDING Shares Outstanding (Unlimited Shares Authorized) . . .206 $1. . .000 22.250.428. . .437 (3. . . . . .973 — — — — — — — 7. . . Trustee Fees Payable. .454 — — — — 23. . . . . .500. . .522 $ — 17. Accumulated Net Gain (Loss) on Investments. . . Cash collateral held at brokers . . . . . . . .331. . . . $ 27. . . . . . . . Advisory Payable . . . . . . . . . . . . . . . . . . .320. . . . . . . . . . . . LIABILITIES Due to Custodian . .318 $1. . . . . . . . . at Value(a) . . at Cost (Note 8). . . .45 $ 50. . Accrued Expenses . . . . .074 $17. . . .542. .701 — 238 — — 20. . . . . . .922.477. .451. .955 $ — 30. . . .471. . . .177 — — 185. . . . . .345 — — 18 — — — — 2. . .401. . .490. . . . . . . . . . . . . .382 (69. . . . . . . . . . . (a) Premiums Received for Options Written . . . . . . . .ADVISORSHARES TRUST Statements of Assets and Liabilities December 31. . .235 $17. . .320. . . . . . Dividend and Interest Receivable . . . . . Payable for Securities Purchased . . . . . . . . . . .638.578. . . .277 $63. . . . Unrealized Appreciation on Swaps Contracts . . .130. . . . .604 217. .244. . . . .309 — — — — 46. . . . . .096. . . . . .245 — — — 6. (4. . . . . . .891. .431 13 41. .

137.329 $15.850 15.163 — — — — 2.563 — — — 48 10.202.490.199.133) 126.426 — — — 3.145 $ 13.500.497 124.434 — — 606 7.000 26.600 2.402 41.961 $ 125.051 — — — — — 5.047 5. 2012 (Unaudited) Global Echo ETF Madrona Domestic ETF Madrona Global Bond ETF Madrona International ETF Meidell Tactical Advantage ETF Peritus High Yield ETF Pring Turner Business Cycle ETF $ 4.053.875.644 $15.108.242.913.681 $ 2.195.244 — — — — — 41.069 $177.840 — — — — 5 — — 34.215.996 6.684) 30.868 112.335 — — — — 2.278.135 $ 16.511 $ 6.169.135 — — — — — 4.550.91 $ $ — — $ $ — — $ $ — — $ $ — — $ $ — — $ $ — — $ $ — — See accompanying Notes to Financial Statements.252 $ — 173.499 3.490.199.270 — 6 — — 29.046.566 23.898 $5.010.946 15.475 $ 22.000 51.388 — — — — 1.137.000 49.867 206.808 15.844 $7.990 $15.746 — 395 — — — 11.812) 1.982 $23.553 $2.814) $ 176.171.491 (313.38 $ 550.176 — — — — 165.021.822 $ — 23.226.197 — — — — — 1.146 (28.883 $177.108.684 — — — — — — — 84.455 — — — — — 27.174) 910.233 — — — 2.975 — — — — 4.190.465.410 — — 141.407 — 140.63 $ 875.726 — 2.606 — — — 1.431 23.109.095 42.481 $ 7.824 — — — — 1.000 27.730 $ — 7.137 40.612 (13.316.494.210.739.902 $7.613) $2.038 $ 2.85 $ 3.000 25.867 — — — — — — — 64.92 $ 100.453 — 12.544 — — — — 5 — — 40.056 $ 16.146 — — — — 6.215.000 4.422 $23.000 24.375.983.878 $ 5.935 177.037.02 $ 275.057 590 $ 22.142.ADVISORSHARES TRUST Statements of Assets and Liabilities December 31.824 (587.163 (2.922 — — — — 5 — — 39.166.176 264.772 (27. 87 .612 — — — — — — — — — 54 — — 3.568 93.020 $ 173.632 — — — — — 9.115 $5.722 $ 14.673 $15.983.348 — 1.454 61.385 250.281.848) 994.124 2.311.095 (4.169.253) $ 14.208 3.240.48 $ 625.695 — (21.362.469.073 $ — 15.878 $ 100.143.010.000 24.465 $ — 15.

. .830 — — — 586.691 — 18. .862 — 4. Investments. . .949. Distribution Payable .949.695 $1.221. .262.060. . optiions written and swaps .132 — 42. Undistributed Net Investment Income (Loss) .783) (8. . . . . .108 $ 1.157. . .342 13.223 25. .290 — 211. .950. . . . .918 87.231.230 — 43.22 $ 194.994 $ 10. . . . .192 — — — 260. Advisory Payable .560. . .999 $ 6. . . . .090. Prepaid Expenses .023. .242. . . . .365) (61. . . . . . . . . . . . . . Due from Investment Advisor . at Value(a) . . . Total Assets .781 590. 2012 (Unaudited) ASSETS Investments.640.050 447. . .758 233. .898 31.284. .904 1. . . .157. . .331 3.181 $ 6.984 108. . .895 3.560 $ 3.391 $ 11. . . at Market Value .359 $3. .023. Receivable from Securities Sold .769) 641. (a) Premiums Received for Options Written . .527 — — — 26. . .670.481 — — — — 831 — 5.864 — 26. . Not Yet Purchased* . .752 — 1. .664 — 101.290 — — — 43 809 — 35.209 — 7. Trustee Fees Payable . at Market Value (Note 8) .681 $ 150.910. .148 — 2. .691. Not Yet Purchased . . . Investments in Affiliates. .84 $ 550.057 (419.280.826 $ — (448) 435.591) 36.261.925 — 7.023 $ 13. COMPONENTS OF NET ASSETS Capital Stock at Zero Par Value .557. TrimTabs Float Shrink ETF WCM/BNY Mellon Focused Growth ADR ETF $ 101.260. NET ASSETS . . . Options Written.886 11. .952 1.208 57. . .962 13. .404 — — 1. . at Cost .905 $ — 3. .183. .762 (17. . . . . . .918 — — 116.594 $ $ $ QAM Equity Hedge ETF Ranger Equity Bear ETF $ 3. at Cost (Note 8) . . . Payable to Global Echo Foundation .000 31. .699 — 1.256 — 109. Deferred Offering Costs . . . .966 — 9. . .091. . . . Investments in Affiliates. . .567 9. .971 $7.614. .000 25.424 140. .427.483 — 7.766.681 — 112.841.000 18. .956 $218.732 11. . .950. .082 $13. . . .801 $ — $ — $ — $ $ 113. .470 $ 305. .347 — — — 1. . . Interest Payable . . .527 $1. Prepaid Trustee Fees .731) (64. . . . .668 27. . . . .65 $ 325. .438 $11.057 — 42.242. . .932) (77.819 108.023 3.903.846. .291) 54. . Unrealized Appreciation on Swaps Contracts . . .016 — — — — — — 3.ADVISORSHARES TRUST Statements of Assets and Liabilities (continued) December 31. . .275 56. Not Yet Purchased . . . .243. . . . . . SHARES ISSUED AND OUTSTANDING Shares Outstanding (Unlimited Shares Authorized) . . . . .13 $ 225. . . . . . . . . . . .975 459. . .976.054 11. .642 — 2.004.557.074 240.000 34. . .091. . . . .565 — 15 54. . . .069.310 9.857 8. . . .841. . LIABILITIES Due to Custodian .801.422. . .748 — — 126. .231. .560 50.884 186. . Accrued Expenses .107 $ — $ — $ 11. Unrealized Deprecation on Swaps Contracts . .152. . . . . Cash .299 — — 2. . Accumulated Net Gain (Loss) on Investments.501 — 278 3.202.462 — — — 463 7.687. Securities Sold.282 (34.787 $7. . Dividend Payable on Securities Sold. .866 — 9. .646 — 328. . . .112 38 153 — 70 — — 11 — — 14 — — 16. . .338 — — — — 31. . Unrealized Appreciation (Depreciation) on Investments. .232 — 200. .744 $218. .000 24. . . . Payable for Securities Purchased Capital Shares Payable . Net Asset Value (NAV) Per Share . . .715) (34. Total Liabilities .000 24. .744 — — — 34 34.467 $3. . . .790 — — — — — — — — 9.61 $ 55. . . NET ASSETS . . . . Dividend and Interest Receivable Reclaim Receivable . .127. .145. . .305. options written and swap transactions . .080. 88 .503 (10. . . .733 $ 13. .082 $13.860. . *Proceeds Received from Securities Sold. . . .432 $ 1.564 $ 1.766. . . .32 (145) — $ — $ See accompanying Notes to Financial Statements. . .680 14. Cash collateral held at brokers . . . . . . .763) (1. .432 Rockledge SectorSAM ETF STAR Global Buy-Write ETF — $ — $ — 1. . .438 $11. . . . .711) 94.

.

. . . . . . .844 — — — 2. . .078 1. . . Dividend Income from Affiliates . . .213 1. . . Net Change in Unrealized Appreciation (Depreciation) on: Investments . . . . . . . . 2012 (commencement of operations) to December 31. . . . . . . . . . . .308 8. Net Expenses . . .330 (87) 48. . . . . .812. . . . . . . . . Advisory Fees Waived/Recoupment . . . . . . . . . . . . . . . .811 392 792 932 206. . . .084.550 — 10 (245) 13. . . . . . . .087 37. . . .079. .578 — 2. . . . . .482) Cambria Global Tactical ETF Global Alpha & Beta ETF(1) $1. . . . . .706 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT. .050 — — — — 1. . . .244 — (1. . . . . . . . . . . . . Options Written .304 2.624 818. .422 — 7. . . . . . . . . . . . . . . . . . . . Accounting & Administration Fees . .148 2. .750 1. . . . . . . . .379) — 388.454 62.849 $3. . . . . . . .084 (58. . . . . . . . .063 — 19. . .853 52. . . . . . . . Total Investment Income . . . . . .447 — 19 — 159. . . . . . . . . . 2012. . . . . . . . . . . . .665 (23. . . . . . .752) — 3. . Options Written . . . . . . Net Investment Income (Loss) . . . . . . . . . . . .188 2. . 2012. 160. . . . . . . . . . . . . . . . . . . . . 90 . . . . . . . . . . . . . . .846) . . . . . . . . . . . . . . .213. . . . . . . . . OPTIONS WRITTEN AND SWAP TRANSACTIONS: Net Realized Gain (Loss) on: Investments . . . .718 — 19. . . . .327 496 769 506 819 — — — 254 — 119. . . . Foreign withholding tax . . . . . . .ADVISORSHARES TRUST Statements of Operations For the Six Months Ended December 31. . . See accompanying Notes to Financial Statements. . . . . .889 — 19. . . . . . . . . . (4) Represents the period September 17. . . .272) — — 1. . . . . . . . . . . . . . . . 2. . .367 — (12. . . . . . . Transfer Agent Fees . . Insurance Fees . . .881 10. . . .861 3. . . . . . . . . . . . . . . . . .312 (340. . . . . . Dividend Expense . . . . . . . . . . . . . . . . . . . . . . . 2012. . . . . . . . . . . . . . . . .551 9. . . . . . . .796 5. Total Expenses . . . . . . . . . . . .003 (8. . . . 2012 (commencement of operations) to December 31. . . . . . . . .530) — 96.732) — 9.860 $ 83. . . . .301 $108. . . . . .600 5. (2) Represents the period December 18.331 1. . .501 — 1. . (3) Represents the period August 7. . . .563. . . . . . .466 $ 1. . . . Swaps . . . . . . .301 3. . . . Short Sales . . . . . . . . . . . . . . . .054 105. . . . . .593 (45. . 2012. . . . . . .775.458 — — — — 321. . Miscellaneous Fees . . . . . . . . . . .223. . . . . . . Custody Fees . . . . . . Professional Fees . . . . . . . . . . . . . . . 169. Trustee Fees .169 $2. . .418 1. . . . . . . . . . .299 7. . .118. . . . . . .652 — 1 — 83. . . . . . . . . .557 1. . . . . . . . . . . . .622 — — — 790 559. . . . . . EXPENSES: Advisory Fees .486.434. . Interest Income . In-Kind Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . Short Sales .248 557 808 — — — 26 73 55. . . . . . . . Swaps . . . . . . . . . . . . . . . . .853 (1. . . . . . . . Contribution to Global Echo Foundation Licensing Fees . . . . . . . . . . . . . . . . . . .994. . . . . . . . . .869) — — .199.206. . . . . . . . . . . .923 $ 13. .261 7. . . . . . . . . . .183. . . . . . . . Registration Fees . . . . . . . . . . . . . . . . . . . . . . . . .803. . . .002 57. . .499. . . . . . . . . . .135 (12.316 — — — 2. . . . . . Exchange Listing Fees . . . . . . . . . . . . . . . .623 (1) Represents the period July 10. . . . . Pricing Fees . .467 9. . . . . . . . . . .634 862 — — — — 558 397. .290 1. . . NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATONS. . . .492 750 4. . . . . . . . Interest on Securities Sold Short . .734 4. . . . . . . . . . . . . . . . . . . . . . . . . .206 — — — 105. 2012 (Unaudited) Accuvest Accuvest Global Global Long Opportunities Short ETF ETF INVESTMENT INCOME: Dividend Income . . . . . . . . . . . . . 2012 (commencement of operations) to December 31. . . . . . . .360 1. . . . . . . . . . . . . Expense Reimbursement . . . Net Realized and Unrealized Gain (Loss). . . $ 159. . . . Distributions by other Investments Companies . . . . Report to Shareholders . . . . . . . . . . . . . .315 325. . .900 1. . .772) — 500. . . . . . . . 2012 (commencement of operations) to December 31. . . . . .653 73. . . . . . .

698 4.231 352.366 — — 37.735 — — — 616. 2012 (Unaudited) Global Echo ETF Madrona Domestic ETF Madrona Global Bond ETF Madrona International ETF Meidell Tactical Advantage ETF $ 20.063 2.261 $ 153.067.699 See accompanying Notes to Financial Statements.035 — 13.232 893.304 — (725) — — 72 124.410 2.402 — — — — — — — — — — — 9.001) 2.092 — 169 — 460.845 — — — — (65.129 $460.974) 136.968) — 108.253) 61.315 $ 79.548 1.981 — 78 — 80.113 — 17.530 — — — — 44.547 23.900 4.002) 79.641 188.779 610 — 818 925 — — — 347 155 110.117 — — — 1.801 45.655 — — — 76.059 27.723 56.761 — — — — (596.344.401. 91 .964 — 17.980) 47.655) — 96.410 2.010 36.686 — — — — — 67.366 (4.650 $ 71.061 (27.746 (61.979 8.327 846 382 158 926 — — — 105 142 102.548 1.155 $269.251 24.743 23.010 $968.145 — 144 (16.441 (363) 33.004 — 8.287 4.649 9.548 1.700 — 17.113 $ 153.979 $1.410 2.265 44.675) 756.548 1.514 60.773 — — — 2.662) 83.546 $2.418 — 526 925 — — — (70.964 — — — 37.030 58.964 — — — 233.021.501 (28.660 — 477 925 — — — 114 67 119.048 — 81 — 153.700) — 90.252 26.231 4.534.049 (305.287 634.ADVISORSHARES TRUST Statements of Operations For the Six Months Ended December 31.199 (1.406 56.516 2.

. . . . . . . Trustee Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Report to Shareholders . . . . . . . . . . . . . . . In-Kind Redemptions . . . . . .954. . . . . . . . . . . .934 610 1. Insurance Fees . . . . . . . . .891 6. . . . . . . . . . . . . . . . . . . . . . . .811 $ 19. .616 (13. . . . . . . . . . . . . . . . . . . . . .378 5. . . . . . . . . . . . . . . . . . 2012 (Unaudited) Peritus High Yield ETF INVESTMENT INCOME: Dividend Income . . . . . .084 39. . . . . . . . . . . . .726 1. . . . . . . . . . . . .857. . . . 2012 (commencement of operations) to December 31. . . . (2) Represents the period December 18. (3) Represents the period August 7. . . . . . . . Short Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATONS .330. . . . . 92 . . . . . . Licensing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) Represents the period September 17. . . . . .945) — 19. .085 — — 5. . . . . . . . . . . .857 (1) Represents the period July 10. . . . . 2012 (commencement of operations) to December 31. . . . . . . . . . .251 2. . . . . . . . . . . . . . . . . . . 2012 (commencement of operations) to December 31. . . . . . . . . . .753 . Distributions by other Investments Companies . . . . . . . . . . . $9. . . . . Total Investment Income . . . . . . . . . . . . . . See accompanying Notes to Financial Statements. . . . Interest on Securities Sold Short . . . . . . . . . . . . . . . . . . . . . .491 — — — — — — 12. . .412 — 341 — 19. . . . . . . . . . . . . Net Expenses . . . . Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend Expense . .646 30. . . . . EXPENSES: Advisory Fees . . . .119) — 1. . .935 1. . . . . . . . . . . . . . . . . . . 2012. OPTIONS WRITTEN AND SWAP TRANSACTIONS: Net Realized Gain (Loss) on: . Options Written . . . . . . . Transfer Agent Fees . . . . . . . . . . . . . . . . . . Net Change in Unrealized Appreciation (Depreciation) on: Investments .ADVISORSHARES TRUST Statements of Operations (continued) For the Six Months Ended December 31. . .403 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .400 — 6. . . . . . . . . . . . . . . . . . . . . . . . Dividend Income from Affiliates . 2012. . . . . Registration Fees . . . . . . . . . . . . .378 268 — — 98 117 67. . . . . . . . . . . . . . . . . . . . . .122) 742. . . 2012. . .039 2.613) — — — (13. . . . . . . . . Net Investment Income (Loss) . . . . . . . . . . . . . . . . Swaps . . . . . . . . . . . . . . . . . Custody Fees . . . . . . . . . . . . . . . . . . . . .064 — 101. . . . . . . . . . . . . .557 871 — — — 2. . . . . . . . . . 2012. . . . .699 325 872. . . . . . . . . . . . . . Investments . . . . . . . . . . Contribution to Global Echo Foundation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .376. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .400 Pring Turner Business Cycle ETF(2) QAM Equity Hedge ETF(3) $ 4. . . . . . . . . . . . . . . .881 (149) 903.279. . . . . . . Net Realized and Unrealized Gain (Loss) . 3. Professional Fees . . . . . .320 4.065 — 6. .993 — — — — 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .347 — 4.913 4. . . . . . .645 7. . . . . . . . . . . . . $ — — 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .360 $101. . Total Expenses . . . . . . . . . . . . .357 6. . . . . . . . . . . . .175 668 712 214 285 143 249 53 54 — — — — 4. . . .022 886 — 1. . . . . . . .543 174 28. . . . . . . . . . . . . .638 $ (9. . . . . .613) . . . . . . . . . . . .759 (1.980 (44) — — 79.201 (47. . . . . . . . . . . . . . . . . Pricing Fees . . . . . . Miscellaneous Fees . Advisory Fees Waived/Recoupment . . . . Exchange Listing Fees . . .379 6. . . . . . . . . . . . . . . . . . 2012 (commencement of operations) to December 31. . . . . Accounting & Administration Fees . . . . . . . . . .244 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .785 — 60. . . . . . . . . Short Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .439 (3. . . . . Foreign withholding tax . . . . . . . . . . . . Swaps . . . . . . . . . . . Options Written . . . . . . . . . . . . . . .857. . . . . . NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT. . . . . . . . . .256 497 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96. . . . . . . .605 — — — 3. . . . . . . . . . . . . . Interest Income . . .464) 9.

316 — — 8.379 2.284 2. 93 59.293 338 407 885 934 — — 693 $ 575.528 $(78.374) 37.436 — — — 573.560 .112 — 17.920 28.577) — 41.209 — — — — (258.912 2.489 (76.438 — — 5.108 70.004 (21.303.142) — — — 97.319.320.384 (222.195 335 5.793.369 2.032 (49.787 (21.029 15.302.560) 84.749 — — 8 43 131.526.497 $ 51.717) — 47.885 832.720 — 19.004 4.457 17.ADVISORSHARES TRUST Statements of Operations For the Six Months Ended December 31.431) — — — — — 168.734 26.280 — — — 10.688 471 741 589 — — — 293 72 74.237 — (61.725 6.595 9.933) — — — — 25 — (23.413 — 38 (4.507) 34.552 (99.789 9.695 1.654 2.232 13.119 128 7.438 (5.286 3.320.579 14.308 1.094 1.280 $ 61.076 46.460 $ 319.423 1. 2012 (Unaudited) Ranger Equity Bear ETF Rockledge SectorSAM STAR Global Buy-Write ETF(4) TrimTabs Float Shrink ETF WCM/BNY Mellon Focused Growth ADR ETF $ $ 10.275 See accompanying Notes to Financial Statements.735) — — (25.973) — 46.390 52 118.944 — — 17.655 — — — 61.337) — — (13.464 13.065 511 371 50 957 3.326) 59.765) — 31.535 12.677 13.492.791 — 18.574 55.748 — (216.929) $ 22.764 (55.383.842) 547.468 2.264 10.112 2.622.443 1.296 (26.620 886 1.531 4.791 56.181 $ 48.655 $ 103.507) 43.232 411 243 931 — — — 88 11 102.677 — 20.977 — — 44.172) — — (73.603) (48.178 — 3 — 103.159 4.482) — — — 262.

Total Distributions . . .468) . . . .758 .000 (69. .021. . .585.760.272 2.480 1. .964 $ 28.056 13. . . .000) 1. . . .764 (1. 2012 Accuvest Global Opportunities ETF . . . . 18.223. See accompanying Notes to Financial Statements.665) 850.125. 10. Shares Repurchased .021. 41.764 — 550. . . . .581.316 96. . .000 (194. .842 9.581 1. Value of Shares Redeemed . . . .900. . . End of Period . . .309 — $13.316. . . . .000 (1. . . 2012* to June 30. .819) 450.721 . . . . . . Net Change in Unrealized Appreciation (Depreciation) . Shares Sold .000 850.099. .018.987) 18.864. Net Assets: Beginning of Period . .142. . . . Net Increase (Decrease) in Net Assets . .096. .878 8. . . .015 For the period January 25.316. . . .253 .000 . . . .000) 850. .412. . . .074. . .000 — 550.000 1. . .253 $ 17. Changes in Shares Outstanding Shares Outstanding.ADVISORSHARES TRUST Statements of Changes in Net Assets Accuvest Global Long Short ETF Six months ended December 31. 8.258. .125 $ (275.442.454) — (185.454) — — — .661 14.990) .846) 879. . . . 1. . . CAPITAL STOCK TRANSACTIONS Proceeds from Shares Issued . . . 2012 $ 128. . 896. . .000 (1. . . End of Period .501. . Net Increase (Decrease) In Net Assets Resulting From Operations . . .027.636. . . $ Year ended June 30. . . . . . DISTRIBUTIONS TO SHAREHOLDERS FROM Net Investment Income . . .018 8. . .276. . .564 3. Net Realized Gain (Loss) . .721 — . . . .434. .167) 30.964 13.000 1. Net Realized Gains . . . .400 $18. . 2012 (Unaudited) INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net Investment Income (Loss) . .482) 1. . ..849 (874.500. . .486. . .385.250. . .172) 550. . .333) 14.188) (46.000 * Commencement of operations (1) Formerly Active Bear ETF. .000 (450.188) (185. . Undistributed Net Investment Income (Loss) . . . 2012 (Unaudited) $ (12. . .000) 600.283.849 1. .005 (32. .175.255) (713. Net Increase (Decrease) From Capital Stock Transactions . (535. (340. .860 424.994 (29. . . . . .442. . . . .253 $ $ $ $ . . . 94 128. . . — — — — (46.442. Beginning of Year .647 (9. .322) Six months ended December 31.640. . .

844 57. 2012 — — 500.617 15.507.836.214.451.146 2.000 .600.261 (4.079.303.948 178.617 6.000 50.948 — $ 1.200.000.048) (16.084) (6.751 $ 1.207 5.170 Year ended June 30.000 (4.206 67.185) (1.540 (1.702 (2.578.000 (50.202.278 (4.430.426) — (16.617 $ 5.000 — — — 56.220 $ $ $ $ $ $ (283.253) 8.578 1.655 58.945) — (73.962) 9. 2012 $ $ 818.581.824 — $ 5. 2012 (Unaudited) (5.010 (789.079.559.572 $ 63.818.945) (39.000) 100.849) 1. 2012 (Unaudited) $ Year ended June 30.300.034) — (1.188.658 78.941 (1.083.437 (14.316.963 1. 95 590 600.137.535 (760.401. 2012 Global Alpha & Beta ETF For the period July 10.188.060.577 3.617 10.170.000 17.000) 50.059) 3.338) (73.000 125.410.000 575.301 (14.446.034) (1.229.158 (15.170.733 (94.299 $ 1.292) $ 59.000 (175.297.000 See accompanying Notes to Financial Statements.451.220 $15.426) (23.973 $ 78.000 (1.253) 100.139) 13.299) — 100.953.454 47.000 (400.623 71.665.953.582) — (39.950.000) 550.242) (85.088) 2.000 (75.ADVISORSHARES TRUST Statements of Changes in Net Assets Cambria Global Tactical ETF Six months ended December 31.563.812.492) $ (57.300.117 (88.005.753) (948) (7.303.701) — (23.979 (4.024) 893.000 (50.412.359 58.324) 81.000) 3.000 — (700.624) Six months ended December 31.000 349. 2012* to June 30.000 (19.214.242) 9.975) (100.582) 25. 2012 (Unaudited) For the period May 23.079.000) 100.591.926 12.287.900.000) 600.355) 1.000 350.500.606.563) 2.728.400) 15.460 108.916.199.000) 2.568.118) $ 3. 2012* to December 31.562 $15.812 100.084) — (1.359 5.723 451.000 (3.214) 3.000 (3.654 5. 2012 (Unaudited) Global Echo ETF Madrona Domestic ETF Six months ended December 31.

End of Period . (295. . DISTRIBUTIONS TO SHAREHOLDERS FROM Net Investment Income . . .030 (18.617. . . Beginning of Year . .018 . . .127. . . . .072 (1.135 825.969 $23. .000 5. Net Increase (Decrease) In Net Assets Resulting From Operations .089. . . 968.106) (299.ADVISORSHARES TRUST Statements of Changes in Net Assets (continued) Madrona Global Bond ETF Six months ended December 31. . Net Increase (Decrease) in Net Assets .773 (1. .600 37. 1. . . . .000 (75.067. CAPITAL STOCK TRANSACTIONS Proceeds from Shares Issued . . . . .942 792. . . . . . . .786. .163 2. 634. . . .573. . . .294.037) (441. . Total Distributions . .546 841.000) 675.132) Year ended June 30. 61. .947. . . 96 143. .000 . . . . .288) — (185. .969 14.000) 875.735 359. . .629 . . . .218. . 2012 (Unaudited) $ 45. Net Assets: Beginning of Period . .288) (43.151 11.601. .000 (50.534. . . 352. 2012 (unaudited) INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net Investment Income (Loss) . . .671 2.194 18. .277) .867 2. . .000) 825. . Shares Sold .685 18. Changes in Shares Outstanding Shares Outstanding. . . . . .000 (100.262 Six months ended December 31.036 100. . .054) .279. . . .974. .956. . . .194.027 $21. .742) (185. .237) 19.514 (513.000 650. Net Change in Unrealized Appreciation (Depreciation) . .255 100.407. . . Value of Shares Redeemed . See accompanying Notes to Financial Statements. . 3. . Undistributed Net Investment Income (Loss) .481 675.716) 14. . . .169. . . . .218. $ Year ended June 30. . . .886 (1.752) . 2012 $ 185. .013 (1.000 * Commencement of operations (1) Formerly Active Bear ETF.931) (3.304. .010. Net Realized Gain (Loss) . Net Increase (Decrease) From Capital Stock Transactions . . .000) 625.501. .809 2. . . .356. .200) (57. . . . .112) . . . . .411) . . . .742) — (441. . . .643.716 $15. End of Period .693. . .141) — (1.716) 16.000 3. . Net Realized Gains .219) $ 444. .154 (1.922 (2.912) (13. .089. 21.621. 1. . . . .000 150. .. .194.087 $14.000 — (50.716 $ $ $ $ . . Shares Repurchased . . . . . .155 (3. .000 775. . . . . 2012 Madrona International ETF .

699 (140.589.010) (20.470 1.671) (5.388 2.954.500. 97 (10.605 (2.000) 225.563) Peritus High Yield ETF Six months ended December 31.ADVISORSHARES TRUST Statements of Changes in Net Assets Meidell Tactical Advantage ETF Six months ended December 31.500.477.000 407 100.073 (7.661) (6.766.049 44.746.000 (175.205.000 221.270) (1.931 2.766.926.535 269.955 $ 5.319.176 2.409 $7.338 3.123 48.000 — 3.250.841.000 1.000 6. 2012* to December 31.328.767 3.652.108.491 — QAM Equity Hedge ETF For the period August 7.250.156 51.280) (15.455.491 — 100.171) (13.169.841.366) 5.887.857 (6.898) (6. 2012 (Unaudited) $ 36. 2012 $ 5.366) — (1. 2012 (Unaudited) $ 8.001 3.441 81.650.613) 87.022 97.026 850.470 — 1.389.878 — $3.924) 81.000 — 275.900.637.215.330.808.638 3.288.000) 1. 2012* to December 31.019) (612.000 3.233 Pring Turner Business Cycle ETF For the period December 18.146.189. 2012 $ 497 14.000 — 150.398 373.558 $92.365 (4.646) 1.460 (9.000 — 100.000 50.592.652.409 92.489 $177.612 43.746.279.000 (150.000 4.000 1.011 Year ended June 30.454 84.000 .200.878 3.681 $ $ $ $ $ $ (27.156 — 58.685) 2.490.338 — 7. 2012 $ 4.964 407 (149.000 See accompanying Notes to Financial Statements.917) — — — (11.366) (26.814) 225.505.900.550.621) (64. 2012 $ 188.850.122) 101.270) — (64.000 300.038 1.328.681 5.707.595.490.783) — 150.686 Year ended June 30.489 — $2.000 — 3.359 9.

. . .223.000) 100. . Net Change in Unrealized Appreciation (Depreciation) . 2012 (Unaudited) For the period January 11.552.000 (3. . .242. .000 * Commencement of operations (1) Formerly Active Bear ETF.651. . .300) 5.270) 10.360) 363.587 (23. . . Net Assets: Beginning of Period .475. . Net Realized Gains . .793.483 2. . . DISTRIBUTIONS TO SHAREHOLDERS FROM Net Investment Income . .000 2. . . .225.025. . .526. . . (94. . . .000 .027) 267. . .000 6. . .389) $ $ 13.528) . .080 . Net Realized Gain (Loss) .156) Six months ended December 31.459) 2. End of Period . .165 (1. 2012 $ (4.279. .149 (1. 313. 2012 (Unaudited) INCREASE (DECREASE) IN NET ASSETS OPERATIONS Net Investment Income (Loss) .425. . . Shares Sold . .000 (100.172) 6.057. . . . .497 (13. . Net Increase (Decrease) From Capital Stock Transactions . . . Shares Repurchased . Value of Shares Redeemed . . . . . . Beginning of Year . 98 (13. . . . .082 — $ 2. .. . .010 .966) — — — . Net Increase (Decrease) in Net Assets . . . . . Undistributed Net Investment Income (Loss) .000 (7. .956) 262.950. . (15.608 (2. .431.ADVISORSHARES TRUST Statements of Changes in Net Assets (continued) Ranger Equity Bear ETF(1) Six months ended December 31.950.483 $ 218. .949. .522.535. . . .889. .223.055.444. . .507) 7. . . .715) $ (2. . .000) 11. (5.335 .000 (100. $ Rockledge SectorSAM . End of Period . .880. . .268. . . . . (23.000) 50. . . (78.389.834. 2012 $ $ (21. .070) .522. .622.334 $313.966) (18. . 2012* to June 30. .740 36. .522.283. . Changes in Shares Outstanding Shares Outstanding.000 50. . . . CAPITAL STOCK TRANSACTIONS Proceeds from Shares Issued . .000 15. Total Distributions .600) (6. . . . . . . . . . .425) — 200. .417 (135) . . . — — — — — — — (18.932) 100.010 $ (8.010 $ 1.016) 22. 141.542. .326) (49.928) 2. . See accompanying Notes to Financial Statements.692) 1. . . . .522.273. . . . .183. .425. . . . . .929) (5. .303.825.333 (156.245. . . . . .000) 13. .817. . .896.431) Year ended June 30. . . . . . . . . .527 50.000 (34. . Net Increase (Decrease) In Net Assets Resulting From Operations .857 (95.206.841 (2. .

000) 250.151 (2.243.200.290.994 2.000 (145) 225.068) 13.000 (448) 250.000 317.557.462.057 — $ 8.560 (703. 99 12.409) (25.628 (30.590.763) — 550.270 (34.438 2.000) 325.106) (27.839) (17.183 8.000 (200.290.194) — $13.000 500.798) — — 4.162.501) — (2.000 (425.290.438 8.772.874 $ 11.000 150.409) — (14.482) 51.016) (69.298.275 (91. 2012 (Unaudited) Six months ended December 31.462.994 — 17.409 $7.339. 2012 $ $ $ 14.650.614. 2012 $ 17.699 (5.248.994.232 275.008) (109.177) (109.436 (1.328) (40.186) (14.490 — 1.023.557. 2012 (Unaudited) $ 2.409 $ $ $ $ $ (77.874 561. 2012 (Unaudited) For the period October 5.000) 225.728) 37.639) 12.336) (2. 2011* to June 30.711) (222.614.226 832.369) 13.179.000 (950.360 965.603 $ 6. 2012* to December 31.845) 1.432.032 (258.ADVISORSHARES TRUST Statements of Changes in Net Assets STAR Global Buy-Write ETF For the period September 17.589.830 — (1.244 6.076 72.000 .367 15.000 — 550.000 — — 225.800.874 6.390 485.095 TrimTabs Float Shrink ETF 56.972 (14.091.188.545 575.959 WCM/BNY Mellon Focused Growth ADR ETF Six months ended December 31.501) 13.908) Year ended June 30.389 442.000 See accompanying Notes to Financial Statements.560 8.460 319.533) (52.

. . . . . .162 (1. . . . 100 $ 12. .079 43. . . . . . . . . . . RECONCILIATION OF INCREASE/ (DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES: Increase/Decrease in Net Assets From Operation .018) (1.869 (7. . . . . . . . Increase/Decrease in investments. . . . . . . (1) Formerly Active Bear ETF See accompanying Notes to Financial Statements. .216) 15 65. . .691 (1. . . . Cash. .570. . . . .717 $ 16. . Increase/Decrease in payable for securities purchased .438) $ (78. .711. .965) $ (6. 2012 164. .394. .063.794) (13.766.125 (3. . .908. .394. .787 6.470 (2. . . . . . . .031 — — 1. . .681) 586. .244) 82. . .459) 140.918) (7.484 — — 56.285. . . . . . . Increase/Decrease in prepaid expense . . .237) (4.431 29. Increase/Decrease in interest payable.557. . . . . . .661. . . . . .264) (6.761. Increase/Decrease in payables for securities purchased .112 3. . .752 $ $ (48. .864 55.108.711. . . .468) (2. . . .800) (1. Increase/Decrease in interest receivable .216 — $ — $ 15 — Rockledge SectorSAM ETF 1.864 — (82) (3. . . .396) 5. . .ADVISORSHARES TRUST Statements of Cash Flows (Unaudited) Accuvest Global Long Short ETF For the six months ended December 31. . . . .390.000) 12. . . .707) (36. .434. .090) (4.422.283. . .532 . .972 (9. . . . Dividends paid .536) (3. .836) (4. . . . .689 1.622. Net increase in short sales .552 (65. . . Increase/Decrease in receivables for securities sold .623. Net Cash Flows Provided (Used) By Financing Activities . . Total Adjustments . .499. . .363 (251) 9.773. . . . . . . . . . .229) (16. 2012 CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES: Dividends received. . . .532 (1.987) (1. . . .063. . . . . . .758 $116. . .149 — 1. . . . .813.390. . . . . . . . . . .035. . 2012* to December 31. . at value .108. . . .686) — 7. . $ QAM Equity Hedge ETF For the period August 7.512. . . .536) $(3. . .305 3. . .235. . . . . .252 — 6.064) 8. .849 (99. Beginning of period . . .484 (2. . . .779) — 43 10. . . . . . . . . .234. . CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES: Net proceeds from sale of shares . .537) (82. . . . . .622) (4.137. .444 (62. . .636 — 16. .514.414 — 3. . . . . . . .394) $ 2. . . . . . . . . . . Net Cash Flows Provided (Used) By Operating Activities. .670.497 (24. . . . . .531. . . .904 22.806) 5. . . .422) (222. .564) (36.175) 80. .447 (590. . .804) (3. . . .628) — (28. . . . . . . . . . . .404 (16. . .723) 132. Increase/Decrease in accrued expenses . . . . . . Realized gain (loss) on swap contracts . .636 5.446. . Operating expenses paid. .135) (590. . . . .304) Ranger Equity Bear ETF(1) For the six months ended December 31. .637. . .162 — 1. . .691 16. . .127) (27. . .184) 6.866) — 13.052 (177. .202. . .860 $ 101. Increase/Decrease in dividends payable .865. Increase/Decrease in receivable for securities sold . . . Cash. . .758 $ 1. . .319 (131) (268) (13. Net purchases of short-term investments . . . . . . Deposits with brokers for swap contracts and short sales . . Interest received . Net Cash Provided (Used) By Operating Activities . Proceeds from disposition of long-term investments . . .741. . . . Increase/Decrease in dividends receivable. .711.857 (9.775.409. . . End of period . . .192) 586. .821) 67. . NET INCREASE/DECREASE IN CASH .320 3.798. .000 66. .908. . . Interest paid . .681) (163.202. . . . .285 1 259 (151. . .537) $ (82.985) (54. . . . 2012 $ — 15. .900) 1.929) (7. . . . . . . . . . Purchases of long-term investments . .390. . . .192) (7. . . . .421. . .064 49. .064) * Commencement of operations.376. . . . . .

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. .73% (2. . the ratio of net investment income to average net assets would have been 0. . investment income per share reflects a special dividend which amounted to $0. .33 — 1.86 (16. . . . . Excluding the special dividend. . net of expense waivers and reimbursements. . Investment Operations Net Investment Income (Loss)(1) . .50% 1. . . Total Return Total Investment Return Based on Net Asset Value(3) . . . . Excluding the special dividend. . Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period. investment income per share reflects a special dividend which amounted to less than $0. the ratio of net investment income to average net assets would have been less than 0.25)%.33% .50% 1. prior to expense waivers and reimbursements. . . .82)% 751% * (1) (2) (3) Commencement of operations. . . . . . . .30) 1. Excluding the special dividend. . .31) — (0. . . . . the ratio of net investment income to average net assets would have been 0. . (8) For the six months ended December 31. . Portfolio Turnover Rate(5) . Ratio to Average Net Assets of: Expenses. . excluding interest and dividend expense(4) . End of Period .88% (3. . . . . . . .97% (2.14) — — — $ 20.56)% (16.20 (0. . . .005 per share. . investment income per share reflects a special dividend which amounted to $0. . . . . . . Beginning of Period . . . . . . See accompanying Notes to Financial Statements. . . Total Distributions. . . . the ratio of net investment income to average net assets would have been 0. the ratio of net investment income to average net assets would have been (3. . Net Increase (Decrease) in Net Assets Resulting from Investment Operations . .94%. if any. . . . . . .48 $ 22. . .67) (3. 2010* 2012 Year ended to (Unaudited) June 30. . Ratios/Supplemental Data Net Assets. . . (4) Ratios of periods of less than one year have been annualized. .62%. $ 21. . . . . Net Asset Value. . . . . . reinvestment of all dividends and distributions. . . . . 2012.01 per share. . . . .04 per share. .00 (0. Excluding the special dividend. . 2011 Selected Data for a Share of Capital Stock Outstanding Net Asset Value. .005%. .005. . . . . . . 1. . 2012.86 (0. . . . .20)% 365% 1. excluding interest and dividend expense(4) . . .08% $28. . . . . .47) — (4. . . . . . .68) 1. . . . .65 (0. . . Expenses. . . .86 $ 20. . Distributions from Net Investment Income .097 3. . (10) For the six months ended December 31. . the ratio of net investment income to average net assets would have been (0. . . . . . . Excluding the special dividend. .022 $ 25. . Periods less than one year are not annualized. .15% 3. . . . . . . . .04% 6. . .31) $ 21. reinvestment of all dividends and distributions at market value during the period. . . (12) For the six months ended December 31. . and sale at the market value on the last day of ther period. . .51 — 0.385 . . .22 6. . 2012. . . . . . . . . . . . . Net Realized and Unrealized Gain (Loss) . at net asset value during the period.46% 8. . . . . . . July 9. 2012 June 30. . (6) Formerly Active Bear ETF (7) For the six months ended December 31. . . . investment income per share reflects a special dividend which amounted to $0. (11) For the six months ended December 31. .01 per share. . . . Total Investment Return Based on Market(3) . . . . . . . 2012. .19)%. . . investment income per share reflects a special dividend which amounted to $0.72)% 89% 3. . 102 . .24% $18. (5) 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. Distributions from Net Realized Gains . . . Net investment Income (Loss)(4) . . . . .20 $ 21. (9) For the six months ended December 31. . . Excluding the special dividend. . . . . .55%. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period. . . . Less than $0. . . . . Expenses. . . .58 $ 20. . . . . . . 4.ADVISORSHARES TRUST Financial Highlights Accuvest Global Long Short ETF Six months ended For the period December 31. . . . . . Based on average shares outstanding. . . . .28 — — — $ 22. including interest and dividend expense(4) . . . . . . . . . . . investment income per share reflects a special dividend which amounted to less than $0. . . prior to expense waivers and reimbursements. . and redemption on the last day of the period.02 per share.56)% $ 9. . . . . 2012. . . End of Period (000’s omitted) . Market Value. .15% 3.50% . Distributions of Net Realized Gains by other investment companies . . 2012. End of Period . . . . . . . 1. . . .005 per share. . . .

79 — (2.25 (0.38 $ 28.92 25.03) — (0.93 4.69 $ 23.56) — — — $ 24.31) $ 28.22) 25.87) — (0.20% $178.90% 135% 1.45 $ 24. 2012 (Unaudited) Year ended June 30.30% $63. 2011 $ 0.20)% $13.04% 1.44 (0.ADVISORSHARES TRUST Financial Highlights Accuvest Global Opportunities ETF Six months ended For the period December 31. January 25.92 0.02) 4.32 (0. 2012 $ 24.17% 4.00 0.69 $ 25.40% 16.10 — $ $ 1.24) 0.45 (2.10% 1.21 (2.99% 1.44 $ 24. 103 .25 0.56) $ 24.84)% (8.25% 1. 2012* 2012 to (Unaudited) June 30.442 Cambria Global Tactical ETF Six months ended December 31.08% 0.31 (0.04 — 1.27 — 4.07% $17.27% 1.837 1.07)% $78.07% 0.027 $ 25.16)% 34% 2.10% 2.04% 1. 2010* to June 30.56% 2. 2012 $ 23.42 5.04 (0.31) — (0.56) — (0.58% 3.02% 1.24)% (2.87% 475% 1.22) — (0.579 For the period October 26.56% (0.26% 120% 1.27% 2.08% 1.20) (0.38 17.28 1.20) $ 23.45% 187% See accompanying Notes to Financial Statements.171 25.25% 1.64 (7.

. . . . . . . . . . . . . . End of Period (000’s omitted) . . . . . . . . . . . excluding interest and dividend expense(4) . . .138 (0. . . . . . . . . . . excluding interest and dividend expense(4) .98% $5.02) 0. Expenses. . . . . . . . . . . . . . . . . . . . .17 . .23) $51. . . .12% $1.60% 1. . . . Net Realized and Unrealized Gain (Loss) . Distributions from Net Realized Gains .71% $5. . . . . . . . . . . . . . .90% 4. . . .05% 0. . . . . . . .ADVISORSHARES TRUST Financial Highlights (continued) Selected Data for a Share of Capital Stock Outstanding Net Asset Value. .50% 1. Expenses. . . . Market Value. . . . .303 Global Echo ETF (0. . . . . . . . . . . Beginning of Period . . . . . . . — . . . . .50% (0. . Ratios/Supplemental Data Net Assets.03 4. . 2012* to June 30.02) (0. . . . .05% 1. . . . . . . . . . . . including interest and dividend expense(4) . 0. . . . prior to expense waivers and reimbursements. . Net Asset Value. . .80 – – – $50. . . . .04)(7) 0. . Total Distributions. .82 – 0. Portfolio Turnover Rate(5) . Distributions from Net Investment Income . .13) (0. Net Increase (Decrease) in Net Assets Resulting from Investment Operations . .63 1. . .05 1. . Total Investment Return Based on Market(3) . .15) $26. . . . . . . . . .23) (0. . . . 2012 (Unaudited) For the period May 23. . . .81 — (0. . . .44% 24% 1. . .80 $50.22 (0.60% 1. Global Alpha & Beta ETF For the period July 10. . . Distributions of Net Realized Gains by other investment companies . .080 . . Ratio to Average Net Assets of: Expenses. . Investment Operations Net Investment Income (Loss)(1) . . . . . 2012* to December 31. . . . .07 $26. . . . . . .50% . 2012 $25. . . .17)%(7) 100% See accompanying Notes to Financial Statements.85 — 0. . . . 2012 (Unaudited) Six months ended December 31. . . . . 1. . . . .32)% 70% .99 1. . . . .00 $50.80 $50. . . . net of expense waivers and reimbursements. . . . . . Net investment Income (Loss)(4) . .50% . . . . . . . . . . . 1. .50% (0. . . . .25% 1. . . End of Period . . .38 $51. . . prior to expense waivers and reimbursements. 104 1. . . . . . . . . . . . . . .00 . . . . . End of Period .50% 1. . . 7. . . . . 7. . . Total Return Total Investment Return Based on Net Asset Value(3) . . . . .

13) — (0.40% 40% 10.23% 0% 0. 2011 $ 26.45 (0.00 0.00 $ 25.95% 0.61% 0.68% 0% See accompanying Notes to Financial Statements.48 1.99% 2.01 — — — — 0.07 4.07 — — — $26.81% 12% 11.76)% $15.07) $ 25. 105 .07 $26.38 (0.96% 0.199 Madrona Global Bond ETF Year ended June 30.08% $2.97% 3.34) $ 26.08% 1.95% 1.70) — (0.65 9.46% 10.41 0.08% 1.34) —(2) (0.169 5.95% 0.68 4.48% $23.67 0.88% $15. 2011 Six months ended December 31.25% 0.13 (0. 2012 (Unaudited) $ 25. 2012 For the period June 21.44% 4.69 $ 25.96% 0.72 0. 2011* to June 30.13) $ 27.188 —(2) 1.69 $ 25.07 $25.31 $ 25.28% $2.49% $21.01 — — — $25.07) — (0.48 $ 26.61% 1.07 — 1.09% 13% 0.63 $ 27.70) $ 25.59% 5.195 0.46% 0.01 $25.10 (0.28 (2. 2012 For the period June 21.74%(8) 23% 1. 2012 (Unaudited) Year ended June 30.ADVISORSHARES TRUST Financial Highlights Madrona Domestic ETF Six months ended December 31.71 0.01 $25.79) — (0.35 — 2.65)% (2.68% 9.501 1.99% 11.25% 1. 2011* to June 30.69) (0.31 0.97% 0.607 1.25% 1.10(8) 2.02 0.28% 4.04% 0.

95)% $14. End of Period . 1. . . Distributions from Net Investment Income .00 0. . .48% 110% 10. . .17 — — — $26. . . . . .96 15. . . .48% 14.25% 1. .65% 1. . . net of expense waivers and reimbursements. . .25% . . . .11)% (18. . . . . . . . . . . . . .99% 1. . . . . . . .54% 10. . .219 $25. 2012 June 30. . . . . . . . . .11 (19. . .ADVISORSHARES TRUST Financial Highlights (continued) Madrona International ETF Six months ended For the period December 31. . . . . . . . . .14% 19% See accompanying Notes to Financial Statements. . . . . prior to expense waivers and reimbursements. . 2011* 2012 Year ended to (Unaudited) June 30. . . End of Period (000’s omitted) . . . . . . . . . . . . Distributions of Net Realized Gains by other investment companies . . .26 (0.33) — (5. . . . 1. . . including interest and dividend expense(4) . . . . . . . . Portfolio Turnover Rate(5) . . Investment Operations Net Investment Income (Loss)(1) . Total Return Total Investment Return Based on Net Asset Value(3) .617 . . .25% 1. . .08) (0. . Net investment Income (Loss)(4) . . . . . . . . . . .17 0. . . . . . . . .72% $2. Total Investment Return Based on Market(3) . . .01) (0. . . .06 . Ratio to Average Net Assets of: Expenses. . . . 3. . . Ratios/Supplemental Data Net Assets. . Total Distributions.17 $26. . . . . . Net Realized and Unrealized Gain (Loss) . . . 0. . . .16 — 1. . . prior to expense waivers and reimbursements. . . .02 $ 23. . . .18 4. . . . . . . $ 21. . . . . excluding interest and dividend expense(4) . Net Asset Value. . Distributions from Net Realized Gains . . .19 . . . . . . . Net Increase (Decrease) in Net Assets Resulting from Investment Operations . . . . . .011 $ 26. . . . . . . . .06 $ 21. . excluding interest and dividend expense(4) . . . . . . . Expenses. . .90% $15. . .02) (0. . . . 106 . . . .99% . . . End of Period .68% 4. Market Value. . . . June 21. . .32 (5. . .07(9) 3. . . . . . .30) — (0. . . . — . . . . . . . 1. . . . . . . . . . . . . . . Beginning of Period . . . . .65% 0. . . .54% 1.01 1. . 2011 Selected Data for a Share of Capital Stock Outstanding Net Asset Value. . . . . . .10) $ 21. . . . . Expenses. .30) $ 24. . . . . . . . . . . .63%(9) 66% 1. .

15% 3. 2012 For the period June 23.96 (0.12 $25.14 0. 107 .23) — (0. 2011* to June 30.69% 13.35% 3.01 0.84% 1.85 $25.49% $7.35% 1.06 $25.48 0.23) $25.35% 1.00 0.31% 1.28% $2. 2011 $25.69% 0.15% 1.07 0.01% 817% 13.08 — 0.652 0. 2012 (Unaudited) Year ended June 30.06 — — — $25.506 1.02) $25.70% 3.86 3.00% 5% See accompanying Notes to Financial Statements.24% 0.70% 1.08 (0.06 $25.71% $5.82 — 0.05 — 0.11% 370% 3.02) — (0.12 $25.ADVISORSHARES TRUST Financial Highlights Meidell Tactical Advantage ETF Six months ended December 31.108 —(2) 0.

328 2. . . . .30 — 3. . Net Realized and Unrealized Gain (Loss) . . . . . . . — .16) (0. . . 1. . . .96) $ 51. Net Asset Value. . . . . . . . Expenses. . . . . . . . .16% 7. . . . Portfolio Turnover Rate(5) . .59 $ 50. 1.47) (4.64 7. . . . . . . End of Period . . . . . . 2. . . . . . . . . . . Distributions of Net Realized Gains by other investment companies . . .47% 81% See accompanying Notes to Financial Statements. . . Beginning of Period . . . . . .27% 2. . . . . . prior to expense waivers and reimbursements. . . Distributions from Net Investment Income .30 . 108 .34% 8. . . .35% 8. $ $ 3. . .20 1.92 50. . . . . . . . . . . .32% 7.20 (2.34% . . . . . . . . . . . . . . . . . . . .34% 1. . $ 48. . . . . . .59 . . . 2011 $ 51. .00 4. .54% $177. . End of Period . . . . . .96) — (1. .17) 49.82% 16% 1.75% $92. . . . .35% 1. . . . . . . . . Distributions from Net Realized Gains . . . . . . . . . . .34% 1. .57% . .99) (0. . . . . . .57% 7. Total Distributions. . . . .59 $ 48.25 1. . . . . Net investment Income (Loss)(4) .50 (2.46) $ 48.55 (1. . 1.46 (3. .08 Year ended June 30. . . prior to expense waivers and reimbursements. . . . . including interest and dividend expense(4) . . . . . . Total Investment Return Based on Market(3) . . Total Return Total Investment Return Based on Net Asset Value(3) . Ratio to Average Net Assets of: Expenses.87 7. . . . . 2012 (Unaudited) Selected Data for a Share of Capital Stock Outstanding Net Asset Value. . .ADVISORSHARES TRUST Financial Highlights (continued) Peritus High Yield ETF Six months ended December 31. . . . . . . . . . . . .59 $ 51. . . . . .74) —(2) 1. . . . . . . . . . . .216 3. . . . Ratios/Supplemental Data Net Assets. . excluding interest and dividend expense(4) . Expenses. 2010* to June 30. . . 2012 For the period December 1. . . . . . net of expense waivers and reimbursements. . . . . Net Increase (Decrease) in Net Assets Resulting from Investment Operations . . . .01) (2.35% 1. . . . . . . . .73% $43. . . .851 . . . . . . . . . . . . . . . . . . . . excluding interest and dividend expense(4) . End of Period (000’s omitted) . Investment Operations Net Investment Income (Loss)(1) .64% 80% 1. . . Market Value. . . . . . .

08)% $2.36% 3.33 —(2) 0.91 $24. 2011* to June 30.08) (0.50% 1.79 (0. 2011 $ 25.61 $25.32 18.00 0.35) — — — $ 22.88% (3.36)% (0.491 Ranger Equity Bear ETF(6) Six months ended December 31. 2012 $ 22. 109 .ADVISORSHARES TRUST Financial Highlights Pring Turner Business Cycle ETF For the period December 18.01% 5.842 $ $ (5.59% 1.35)(10) (4. 2012* to December 31.04% 52% 1.64 3.59)% $218. 2012 (Unaudited) $25. 2012 (Unaudited) $ 23.56% $3.07% 0% 5.68 — — — 23. 2012 (Unaudited) QAM Equity Hedge ETF For the period August 7.950 Year ended June 30.09) — — — $24.66) — — 0.72) 1.01) — — — 18.49% 1.06)% 756% 1. 2012* to December 31.30) (2.40 — $ $ 0.13) — (0.16% 5.79% 5.04 (0.69% 1.33 23.65 (9.06% 3.68% (3.34)%(10) 393% See accompanying Notes to Financial Statements.05) — (2.05% $313.40)% $50.30 (21.47)% (21.34 3.18) $25.223 For the period January 27.40)% (9.01% 5.00 $25.65 (0.65 $ 22.15% 2.79 (0.00% 3.10) (0.32% 0.98 (0.59% (3.389 1.35% 3.00 (0.07)% 635% 1.

. January 11. . . . . . . Net Increase (Decrease) in Net Assets Resulting from Investment Operations . . . .04 (0. .50% 1.ADVISORSHARES TRUST Financial Highlights (continued) Rockledge SectorSAM Six months ended For the period December 31. . . . . . . Investment Operations Net Investment Income (Loss)(1) . . $25. excluding interest and dividend expense(4) . . . . . . . . . Total Distributions. . . . . .84 $24. . . . Total Investment Return Based on Market(3) .00 0. . . . .65 $ 24. . .38) $24. . . . 2012 (Unaudited) $ 25. .43% (1. . . . . . . . . End of Period . . . . . . . . Expenses. . . . . Ratio to Average Net Assets of: Expenses. .557 1.01)% (1. . . .19) — (0. . .29) 0. . . prior to expense waivers and reimbursements. .522 STAR Global Buy-Write ETF For the period September 17. . . . . .03) (0.80% 11. . . .38) — (0.50% 1. . . . . .23 (1.72)% $13. . .54 (0. . . .25)% (1. . . . . . . . . Distributions from Net Realized Gains . .85 (0. . .22 $25. .08) — (0. . . . .26)% 849% 9. . including interest and dividend expense(4) . . . 2012* 2012 to (Unaudited) June 30. excluding interest and dividend expense(4) . . . Distributions from Net Investment Income . . . . . . . . . Net Realized and Unrealized Gain (Loss) . Total Return Total Investment Return Based on Net Asset Value(3) .242 $25. . Net Asset Value. . . .96% (2. .03% 2. .89% 11.15) (0. . . . Market Value. . Distributions of Net Realized Gains by other investment companies . .29 — — (0. . . . . .24) (0. . . . . Portfolio Turnover Rate(5) . .61)% (0. . . . . . . . . . Beginning of Period . .32) — — — $25. . .89% 0. . Net investment Income (Loss)(4) . . . net of expense waivers and reimbursements. . . . .97)% 391% 2. . . . . 110 . . . . . .85% 13. . . . .20) $ 24. . . . . .22 (0. . . . . . . prior to expense waivers and reimbursements. . . . End of Period . 2012* to December 31. . . . .17) (0. . . . . . . . . .21)% $2. . Expenses. . Ratios/Supplemental Data Net Assets. .55% 21% See accompanying Notes to Financial Statements. End of Period (000’s omitted) . . . .51)% $1.82 (0. . . . . . 2012 Selected Data for a Share of Capital Stock Outstanding Net Asset Value.

34% 3.12) (0.21(11) 1.40 — 6.13 $ 34.70 (7.33) $ 34.99% 0.51) (0.46 $25.22 $31.97 (0. October 5.23) $28. 2010* to June 30.16 $33.46 $31.25% 1.58 26. 2012 $ 33.94% 3.56 (0.17% 2.94)% (8.58) — (2.20 0.25% 1.12) (0.55 (0.17 8.04% 2.55 — 2.72 $31. 2012 For the period July 21.21% 26.11) (0.30 (0.21) (0.04% 0.19%(11) 44% 2.83% $7.06) $31.09) $31.25% 2.53% 0.31% 201% 3.024 0.53% 4. 2011* 2012 to (Unaudited) June 30.16 0.07 (2.15 6.99% 1.651 0. 2011 $28.291 WCM/BNY Mellon Focused Growth ADR ETF Six months ended December 31.09) — (0.01) — (0.90 — 6.ADVISORSHARES TRUST Financial Highlights TrimTabs Float Shrink ETF Six months ended For the period December 31.62% 26.93% 8.462 0.06) — (0.17% 0.93% $8.09 — 1.52% 34% See accompanying Notes to Financial Statements.01(12) 2.34% 0.01) $33.00 0.17% 3.17% 1.72 $28.07 6.69% $8. 111 . 2012 (Unaudited) Year ended June 30.69% $11.24% 16% 3.091 $26.13 3.36)% $6.24 26.06%(12) 21% 4.

. . . . . Global Alpha & Beta ETF . . . individual stocks. . . 2011 January 11. . . . . . . . . 2012 September 17. . . . The Trust is an open-end management investment company. Accuvest Global Opportunities ETF seeks long-term capital appreciation in excess of global equity benchmarks such as the MSCI All Country World Index by investing primarily in Underlying ETFs that provide diversified exposure to select economies around the world. . . . . . . . . . . . . . . . Cambria Global Tactical ETF seeks to preserve and grow capital by investing primarily in other Underlying ETFs that offer diversified exposure to global regions. the Active Bear ETF changed its name to Ranger Equity Bear ETF. . . Cambria Global Tactical ETF . . . . . . . . . . . . . Ranger Equity Bear ETF (formerly Active Bear ETF) Rockledge SectorSAM ETF . . . . . . . . . . . . . . . . . . 2012 August 7. . 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. . . . . . . . styles or sectors and exchange-traded products. . . . . . . . . . . . . . . . . . WCM/BNY Mellon Focused Growth ADR ETF . Global Alpha & Beta ETF is a broadly diversified global equity ETF which seeks long-term capital growth. . Meidell Tactical Advantage ETF . . STAR Global Buy-Write ETF . . . . . . TrimTabs Float Shrink ETF . . . . . . . . . . . . . . . Organization AdvisorShares Trust (the ‘‘Trust’’) was organized as a Delaware statutory trust on July 30. 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. . . . . . . . . . . registered under the Investment Company Act of 1940. 2010 January 25. . 2012 May 23. . . . . . . . . Effective October 29. . . as amended (the ‘‘Act’’). Madrona Domestic ETF . . . . . . . . . 2012 January 27. . . . . . . . . 2010 Dent Tactical ETF was liquidated on August 15. . . . . . . . . . . . . RRGR utilizes a ‘‘top-down’’ thematic approach while employing a proprietary security selection process and from time to time will employ risk management techniques to lower portfolio volatility and risk. . . . . . . . . . 2012 June 21. . 2011 June 23. . . . 2012 (Unaudited) 1. . Madrona International ETF . . . Global Echo ETF . . . . . . . . . . . . . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. Madrona Global Bond ETF . . . 2007 and has authorized capital of unlimited shares. . . . . . . . . . countries. . . . . . 2011 June 21. . . . . . . The Portfolio Manager seeks to achieve this objective by investing primarily in other ETPs. . . . . . . . The Trust is comprised of 17 active funds (the ‘‘Funds’’ or ‘‘ETFs’’ and individually. . . . . . . . . . QAM Equity Hedge ETF . . . . . . Peritus High Yield ETF . . Accuvest Global Opportunities ETF . . . . . . . . . . . . . . . . . . . . . 2010 July 10. . . . . 2012 October 26. . . . . . . . . 2012. . . . . . . 2011 July 21. . . . . . . 2011 June 21. . . the ‘‘Fund’’ or ‘‘ETF’’): Fund Accuvest Global Long Short ETF . . . . . . . 2012. . and American Depositary Receipts (ADRs) that provide investment exposure to global equity markets and that meet certain selection criteria established by the Portfolio Manager. . . . . . 2012 October 5. . . . . Pring Turner Business Cycle ETF . . . . . . . . . . Ticker Commencement of Operations AGLS ACCU GTAA RRGR GIVE FWDD FWDB FWDI MATH HYLD DBIZ QEH HDGE SSAM VEGA TTFS AADR July 9. . . . . . . 2010 December 18. RRGR is managed by Your Source Financial (Portfolio Manager). . . . . . 112 . . . . . . 2011 December 1. . . . . . . . . . . .

the Fund’s primary benchmark. Australasia and the Far East (EAFE) and Canada. and cash. The Fund is a multi-manager. and the BNY Mellon Classic ADR Index. Madrona Global Bond ETF seeks investment results that exceed the price and yield performance of its benchmark. The Portfolio Manager constructs FWDB’s portfolio using a weighted allocation system based on historic yield curve analysis and a mean reversion strategy. 113 . exchange-traded currency trusts and exchange-traded commodity pools. 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 TRUST Notes to Financial Statements December 31. FWDB is sub-advised by Madrona Funds. FWDB invests in at least 12 distinct global bond classes that cover the entire global investable bond universe. medium-term or long-term maturities. Pring Turner Business Cycle ETF seeks long-term growth from capital appreciation and income. 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. It’s portfolio may also include ADRs that provide exposure to certain markets deemed to be emerging markets. fundamental. 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. bond. Organization − (continued) Global Echo ETF seeks long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to traditional financial market indices. the S&P 500 Index by selecting a portfolio of up to 500 of the largest U. such as the MSCI EAFE Index. The cornerstone of the Portfolio Manager’s investment philosophy rests on the core belief of building wealth consistently while minimizing portfolio risk. and technical analysis. over a full market cycle. The Fund does not have any portfolio maturity limitation and may invest in instruments with short-term. This adaptive approach combines continuous asset allocation changes. 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. QEH is managed by Commerce Asset Management (Portfolio Manager). 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.S. the Barclays Capital Aggregate Bond Index. LLC (Portfolio Manager). 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 Portfolio Manager seeks to achieve this objective by selecting a diversified portfolio of fixed income exchange-traded products (ETPs). the Fund’s secondary benchmark. multi-strategy. broadly diversified. 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. actively managed ETF with a focus on sustainable investing. such as the S&P 500 Index. Madrona International ETF seeks to provide long-term capital appreciation above the capital appreciation of its international benchmarks. and income emphasis. Madrona Domestic ETF seeks to provide long-term capital appreciation above the capital appreciation of its benchmark. DBIZ is a multi-asset class fund that dynamically allocates among stock. inflation-sensitive securities. Meidell Tactical Advantage ETF seeks to provide long-term capital appreciation and capital preservation. 2012 (Unaudited) 1. including but not limited to. exchangetraded notes (ETNs). diversification with careful sector selections. DBIZ is managed by Pring Turner Capital Group (Portfolio Manager).

The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by primarily investing in the broad U. research driven security selection process.S. Additionally. 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. LLC (Portfolio Manager). while generating a consistent income stream from the sale of covered call and/or cash-secured put options. patented hedge fund analysis software. When volatility is low the portfolio manager buys protective put options to manage downside risk. the Fund’s primary index. large capitalization sectors. 2012 (Unaudited) 1. Organization − (continued) 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. WCM/BNY Mellon Focused ADR ETF seeks long-term capital appreciation by investing primarily in other Underlying ETFs. Summary of Significant Accounting Policies These financial statements are prepared in accordance with U. The Portfolio Manager seeks to achieve this investment objective by using a proprietary strategy known as Volatility Enhanced Global Appreciation (VEGA). and swap contracts. The portfolio management team implements a bottom-up. Investment Valuation In computing each Fund’s NAV. 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. DSA (Dynamic Style Analysis). TrimTabs Float Shrink ETF seeks to generate long-term returns in excess of the total return of the Russell 3000威 Index. In addition. STAR Global Buy-Write ETF seeks consistent repeatable returns across all market cycles. is taken from 114 . as represented by the Russell 3000威 Index. 2. The strategy simultaneously writes (sells) a call option against each position in order to seek cumulative price appreciation from the portfolio’s global exposure. combined with the Portfolio Manager’s qualitative knowledge of the hedge fund investor community to develop investment strategies.S. Ranger Equity Bear ETF seeks capital appreciation through short sales of domestically traded equity securities. VEGA is subadvised by Partnervest Advisory Services. Rockledge SectorSAM ETF seeks to generate stable and consistent annual returns under all market conditions by investing primarily in both long and short positions in Underlying ETFs that offer diversified exposure to U. including Underlying ETFs. In selecting short positions. the Fund’s securities holdings are valued based on their last readily available market price. equity market. 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. VEGA employs a ‘‘Buy-Write’’ or ‘‘Covered Call’’ overlay for their global allocation strategy using ETPs. with less volatility than the Russell 3000威 Index. fundamental. Price information on listed securities. the Portfolio Manager utilizes advanced algorithms including Markov Processes International’s (MPI) proprietary and patented style analysis technique and associated algorithms.ADVISORSHARES TRUST Notes to Financial Statements December 31. Actual results could differ from those estimates.S. such as downwards earnings revisions or reduced forward guidance. American Depository Receipts (ADRs) included in the BNY Mellon Classic ADR Index. the portfolio management team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security.

with a large number of banks and investment banking firms acting both as principals and as agents. which may be substantial. the QAM Equity Hedge ETF and the STAR Global Buy-Write ETF may invest in equity swaps to obtain exposure to the underlying referenced security. Equity swaps normally do not involve the delivery of securities or other underlying assets. Expenses Expenses of the Trust. 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. When the Funds make a short sale. as applicable.ADVISORSHARES TRUST Notes to Financial Statements December 31. do not accurately analyze and predict future market trends. the Cambria Global Tactical ETF. If the other party to an equity swap defaults. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. security index or index component during the period of the swap. obtain leverage or enjoy the returns from ownership without actually owning equity. Summary of Significant Accounting Policies − (continued) the exchange where the security is primarily traded. a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive. 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. taking into consideration the nature and type of expense and the relative net assets of each Fund. Periodic payments received or paid by the Funds are recorded as realized gains or losses. is recorded as an unrealized gain or loss. the QAM Equity Hedge ETF. 2012 (Unaudited) 2. are applied to that Fund. the Cambria Global Tactical ETF. The Funds may have to pay a fee to borrow the particular security and may be obligated to remit any 115 . the values of assets or economic factors. basket of securities. the markets for certain types of swaps have become relatively liquid. the Pring Turner Business Cycle ETF. if any. Securities not listed on an exchange or national securities market. Accordingly. Equity swaps are derivatives and their value can be very volatile. Investment Transactions Investment transactions are accounted for on the trade date. 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 any. As a result. Short Sales The Accuvest Global Long Short ETF. Equity Swaps The Accuvest Global Long Short ETF. or securities in which there was no last reported sales price. the Ranger Equity Bear ETF and the Rockledge SectorSAM ETF 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). which are directly identifiable to a specific Fund. the Funds may suffer a loss. Premiums and discounts are amortized over the life of the bond using the effective interest method. it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable. To the extent that the Adviser or Sub-Adviser. Equity swap contracts are marked to market daily based on the value of the underlying security and the change. Realized gains and losses on sales of investment securities are calculated using the identified cost method. 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. are valued at the most recent bid price. The swap markets in which many types of swap transactions are traded have grown substantially in recent years.

116 .622. The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. The net amounts of income or fees paid by Accuvest Global Long Short ETF. called variation margin. Collateral requirements are calculated daily based on the current market value of the short positions. The Funds are subject to credit risk should the prime brokers be unable to meet its obligations to the Funds. respectively. based on the value of the contract. 2012 are $206. or a loss. a process known as ‘marking-to-the-market. The exchange or board of trade acts as the counterparty to each futures contract. Such Funds may invest in futures as a primary investment strategy. and a Fund will realize a loss or gain. will be made on a daily basis as the price of the underlying instruments fluctuates. A gain. Futures Contracts Certain of the Funds may invest in futures contracts (‘‘futures’’). $268. Ranger Equity Bear ETF and Rockledge SectorSAM ETF for the period ended December 31.749. to and from the broker. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral. Use of short futures contracts subjects the Funds to unlimited risk of loss. 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.ADVISORSHARES TRUST Notes to Financial Statements December 31. which are included as interest expense in the Statement of Operations. the proceeds originally received. 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. known as initial margin. Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the Funds’ prime brokers and custodian. Summary of Significant Accounting Policies − (continued) interest or dividends received on such borrowed securities. Cash deposited with broker for collateral for securities sold short is recorded as an asset on the Statement of Assets and Liabilities and securities segregated as collateral are denoted in the Schedule of Investments. making the long and short positions in the futures contract more or less valuable. may invest in futures in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Investments in futures may increase or leverage exposure to a particular market risk. the Funds’ credit risk is limited to failure of the exchange or board of trade. 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. thereby increasing price volatility of derivative instruments a Fund holds. 2012 (Unaudited) 2. therefore. Subsequent payments. The Funds may enter into futures contracts only on exchanges or boards of trade.’ Once a final determination of variation margin is made. 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. 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. a Fund will be required to deposit with the broker an amount of cash or cash equivalents. additional cash is required to be paid by or released to a Fund. up to the notional value of the futures contracts. QAM Equity Hedge ETF. (ii) the broker’s fee on the borrowed securities.316 and $3. will be recognized upon the termination of a short sale if the market price at termination is less than or greater than. $1. limited to the price at which the Funds sold the security short. Initially. unlimited in magnitude. Dividends declared on short positions open are recorded on the ex-date as an expense. which could effectively prevent liquidation of unfavorable positions. respectively. Under some circumstances.302.

These short-term debt securities and money market instruments include shares of other mutual funds. as writer of an option. the Advisor has overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio. Written and purchased options are non-income producing investments. the Trust expects any risk of loss to be remote. For its services. 117 . U. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U. Each Fund will distribute its net capital gains. 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. commercial paper. the Advisor may waive all or a portion of its fee. Summary of Significant Accounting Policies − (continued) Options Certain of the Funds are authorized to write and purchase put and call options. Government securities and repurchase agreements. 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. When an option expires (or the Fund enters into a closing transaction). Investment Advisory Agreement and Other Agreements Investment Advisory Agreement Each Fund has entered into an Investment Advisory Agreement with AdvisorShares Investments. and has ultimate responsibility (subject to oversight by the Trust’s Board of Trustees) for oversight of the Trust’s sub-advisers.S. an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. bankers’ acceptances. Dividends and Distributions Each Fund will generally pay out dividends to shareholders at least annually. generally accepted accounting principles. certificates of deposit. 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. Indemnifications In the normal course of business. 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. The Fund. each Fund pays the Advisor an annual management fee and such fees do not include breakpoints. The Advisor acts as the Fund’s investment adviser pursuant to an advisory agreement with the Trust on behalf of each Fund.S. if any. 2012 (Unaudited) 2. Pursuant to the Advisory Agreement. From time to time. Distributions are recorded on ex-dividend date. When a Fund writes an option. however. to shareholders annually.ADVISORSHARES TRUST Notes to Financial Statements December 31. bears the market risk of an unfavorable change in the price of the security underlying the written option. 3. the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). LLC (the ‘‘Advisor’’).

. . . . $250. . . .20%*** 1. . . .000. . . . . . .. . . . 2012 (Unaudited) 3.. .. . . . . . short dividend expenses. . . . . . . . . . .. . . . . . Global Alpha & Beta ETF $0 − $100. $100. . Madrona Domestic ETF . . . . . .75%* * Prior to January 1. . . . . . . . . . . . . . . . . fund administration. . . . . .000. . . . . acquired fund fees and expenses. . . . . . . . .001 − $1. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .000 thereafter. . . .000 per month. . . . . . . . $250. . .000. . .. . . . . . . . . . . . . . . .50%** 0.001 + . . . . . . . . . . . .. . . . . . . . . . . . . . . . .000. . . . . . . . . .000 per month for months 7 − 12 and $10. . .. . . . . . . . custody.000.. . . . . . . . . . . . . . . . .99% 0. .000 . subject to minimum fee of $5. . . .. . . . subject to minimum fee of $5.10% 0. . Madrona International ETF . . . Madrona Global Bond ETF . . .95% . . ... Meidell Tactical Advantage ETF . . . . . .. . . . . . . Pursuant to an 118 . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . $1. . .. . . Rockledge SectorSAM ETF . . . . . . . . .00% 1. . . . . . . the Advisor has contractually agreed to pay all operating expenses of the Fund. . . . . . . . . . . Pring Turner Business Cycle ETF . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . .. . . . subject to minimum fee of $10. . . . . . . . . . . . . .00% 1. . . . . . . . . . . .00% 0. . . . . . . . . . . . . . . . ** Prior to January 1. 0. . . QAM Equity Hedge ETF . . . Investment Advisory Agreement and Other Agreements − (continued) The Advisor’s annual management fee for each Fund is as follows: Fund: Rate: Accuvest Global Long Short ETF . . . . . . .. . . . legal. . .000. . .80%** 1. brokerage commissions and other expenses connected with the execution of portfolio transactions. . . . . . . . . . . .. . . . . . . .. . . . . .. . . .. . . . . . . . . . . .. . . . . . . . . . .25%* 1. . . STAR Global Buy-Write ETF . . For the Global Echo Fund. .000. . . . . . . . . . . .. . . . . . interest expense. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . .. ..80%** 0. . .001 + . . .90% 0. . . . . . . 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. . . 1. . .80% 0. . . .35% 0. . . . . . . . .000 . . . . . .000. . . .000 per month. . . . . . . . .90% 0.. . . . .000 . .001 − $1. . . . . . . . . . . . . . . . . . taxes (expected to be de minimis). . . . . . . . . . . .000. . . . . . .000. . . . . . . . . ..000. . . . ..80% 0. . . ..000 . . . . . . . WCM/BNY Mellon Focused Growth ADR ETF . . . . . . . . .35%* 0. . . . .70% 1. .50% 1. .000. . . . . . . . . . . . . . as part of its agreement with the Trust. .. . . . Sub-Advisory Agreements Each Fund’s investment sub-advisor provides investment advice and management services to the Fund. . .. . .000. . . . . . . . . . . . . . . . . . . . . .000.60% . ..000 . . . . . . . . . .000. . . Peritus High Yield ETF . and extraordinary expenses. . . . . $1. . . .000. . . . . . . . . . .70% 0. . . .. .. . . . . . 2013. Ranger Equity Bear ETF . . Global Echo ETF . .. . . . . . . . except management fees. . . . . . . . . 2013. . . . . . . . . . . ..10%* 1. . . . . . expenses of Independent Trustees (including any Trustees’ counsel fees). . . . . . . . .000.. . TrimTabs Float Shrink ETF . . . . . . . . . Cambria Global Tactical ETF $0 − $250. .. . . . . . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. . ..001 − $5.000. . . . . . including transfer agency. . .000 .001 − $250. . . . . . . . . . . . . . . . . .. . .. . .. .. . . 2013. . .. . . . . . Accuvest Global Opportunities ETF . . *** Prior to January 1. . . . . . . . . $5. . audit and other services. . . . . . . . . . . .

. . . . . . . McVeigh Capital Management. Madrona Global Bond ETF . . . . . . . 0. . . . . . . . . . .000 . . . . .000. . 0.90% 0. . . . . Accuvest Global Advisors LLC serves as investment sub-advisor to Accuvest Global Long Short ETF. . . . . . . .000 . . . . .000 . . . . . . . .000. . . . . . . . . .000.000. . 0. . . . . . . . . . . . . . . . . . .000. . . . . . . . . . . . . . .70% based on the average daily net assets. . . . . . . . . . . . 2012 (Unaudited) 3. . . . . . .35% 0. . First Affirmative Financial Network. . . . . . . . . . . . . . . . . . . . . . .50% based on the average daily net assets. .000. . . . . . . . . . . . $100. . .95% 1. . . . .000. . . . Madrona International ETF . . . . Community Capital Management. . . . . . . . . . . . . . . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. . . .000. . . . . . . . . . . . . . . . . . They receive a sub-advisory fee at an annual fee of 0. . . . . . . . . . . . . . . . . Rate . . . . . . . . .000. . . Inc. . . . . . . . . . . . . . . . . .001 − $1. . They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: AUM Schedule $0 − $100. .. . .45% 0. . . . . . . . . . . . . Inc. They receive a sub-advisory fee at an annual fee of 0. . . . LLC and Reynders.001 − $500. . Fund Rate Madrona Domestic ETF . . . . . . . . 0. . . . . . the sub-advisor receives an annual fee equal to the average daily net assets of the Fund. . .000. . . .001 − $5. . .000. . . . . . .000. . . . . . . . . .000 . . .000. Rate .000. . . .30% Your Source Financial. Inc.001 + . .000 . . . . . . $100. . . . . $250. . . . . . . . . . . . . . . . . . . . Cambria Investment Management. . . . .000. . . . . . . . Madrona International ETF and Madrona Global Bond ETF. . . . . . . . They receive a sub-advisory fee at an annual fee of 0. . . . . . . . . . . .000. . . . . . . . . . . . . . $5. . . . .000 . .000. . . . . . . . . . . . . . . . . . . . . . . .001 + . . . .28% 0. . . .315% 0. . . . $500. . . . $100. . . . . They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: AUM Schedule Rate $0 − $100. . . . . . .40% American Wealth Management serves as investment sub-advisor to Meidell Tactical Advantage ETF. . . . . . . . . . . . .25% based on the average daily net assets.245% Baldwin Brothers. . . . . . . . . . . . . . . . . .001 − $250. . . . . . . . PLC serves as investment sub-advisor to Global Alpha & Beta ETF. . . . . . . .000. . . . . . . . .000 . . . . . . . . . . . . . . . . . . . . . . . They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: AUM Schedule $0 − $250. .000. . . . LLC serve as investment sub-advisors to Global Echo ETF. .001 − $1. .000. . . . .40% 0. . serves as investment sub-advisor to Cambria Global Tactical ETF. $250. . . . . . . . .001 + . . . .000. . . . . $1. . . . . 119 . . . . . . . .25% 0. . Investment Advisory Agreement and Other Agreements − (continued) investment sub-advisory agreement (‘‘Investment Sub-Advisory Agreement’’) between the sub-advisor and the Advisor. .000 .35% 0. . . . . They receive a sub-advisor fee at an annual rate based on the average daily net assets. .00% Accuvest Global Advisors LLC serves as investment sub-advisor to Accuvest Global Opportunities ETF. . . . .. . Madrona Funds LLC serves as investment sub-advisor to Madrona Domestic ETF. .40% 0. . .

. . .00% based on the average daily net assets. . They receive a sub-advisory fee at an annual fee of 1. . . . . . . LLC serves as the investment sub-advisor to Peritus High Yield ETF. . . . . . each sub-adviser may waive all or a portion of its fee. They receive a sub-advisory fee at an annual fee equal to the average daily net assets of the Fund as follows: AUM Schedule Rate $0 − $250. . . . . Investment Advisory Agreement and Other Agreements − (continued) Peritus I Asset Management. . . . .000 . . . They receive a sub-advisory fee at an annual fee of 0. From time to time. . They receive a sub-advisory fee at an annual fee of 0. . 120 .85% based on the average daily net assets. . . . . 2012 (Unaudited) 3. . . . Partnervest Advisory Services. . . . . . . . . Pring Turner Capital Group serves as the investment sub-advisor to Pring Turner Business Cycle ETF. serves as investment sub-advisor to Ranger Equity Bear ETF. .000. 0. . . . .60% Ranger Alternative Management LP. . .75% based on the average daily net assets. . . . . . . . . . . . LLC serves as investment sub-advisor to TrimTabs Float Shrink ETF. . They receive a sub-advisory fee at an annual fee of 0. . . . LLC serves as investment sub-advisor to QAM Equity Hedge ETF. .75% based on the average daily net assets.55% based on the average daily net assets. $250. . Rockledge Advisors LLC serves as investment sub-advisor to Rockledge SectorSAM ETF. They receive a sub-advisory fee at an annual fee of 0. . . . . They receive a sub-advisory fee at an annual fee of 0.001 + . . Commerce Asset Management. . . . . They receive a sub-advisory fee at an annual fee of 0. . .25% based on the average daily net assets. . . TrimTabs Asset Management. LLC serves as investment sub-advisor to STAR Global Buy-Write ETF. . . . .000. .64% based on the average daily net assets.ADVISORSHARES TRUST Notes to Financial Statements December 31. . .55% 0. . WCM Investment Management serves as the investment sub-advisor to WCM/BNY Mellon Focused Growth ADR ETF. .

. . . . . . . Rockledge SectorSAM ETF . . Cambria Global Tactical ETF . . . . . . . . . . . . . . . .25% . . . .25% 0. . . . . . . . . . . . . . . . . . Investment Advisory Agreement and Other Agreements − (continued) Expense Limitation Agreement The Advisor has contractually agreed to reduce their fees and reimburse expenses in order to keep net expenses (excluding interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pring Turner Business Cycle ETF . . . . . . . . . . . . . . . . . STAR Global Buy-Write ETF . . . . . . . . . . . . . . . Madrona International ETF . . . .50% 1. . . . . . . . Madrona Domestic ETF . . . QAM Equity Hedge ETF . . . . . . . . . . . . . . . . . . . . . .99% 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. . . . . 121 . . . . . . . . . . . .25% 0. . . . . . . . . . . . . . . . . . . . acquired fund fees and expenses. . . . . . . . . . . . . . Meidell Tactical Advantage ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The investment advisory agreement may only be terminated with the approval of the Fund’s Board. . The expense limitation agreement will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. . . . . . . . . . . . . .50% 1. . . . . . Global Echo ETF . . . . . . . . . . . . . . . . . brokerage commissions. . . . . . . . . . . . . .85% 1. . . . . . . . . . . 2012 (Unaudited) 3. . . . . . . . . . . . . . . . . . . .25% — 1. . . . . . . . . . . . . . . . . . . . Peritus High Yield ETF . . . . . . . Ranger Equity Bear ETF . . . . . . . . . . . . . . . . . . . . . taxes. . . . . . . .35% 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 were as follows: Fund: Rate: Accuvest Global Long Short ETF .25% 1. . .99% 1. . . . . . . . . . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. . . . . . . . . . . . . . .95% 1. . . . . . The expense caps in effect for each Fund during the period ended December 31. . Global Alpha & Beta ETF . . . . . . . . . . . . . . . . . . . . Accuvest Global Opportunities ETF . . and extraordinary expenses) from exceeding a specified for each Fund’s average daily net assets. . . .49% 1. . . .35% 1. . . . . . . . . . . . . . . . . . . TrimTabs Float Shrink ETF . . . . . . . . . . . . . . . . . WCM/BNY Mellon Focused Growth ADR ETF . . . . . . . . . . . . Madrona Global Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85% 0. . . . . . . . . .50% 1. . . . . . . . .

45. .655 64. .187 28. .119 3. .973 6/30/2015 6/30/2016 Fund: Accuvest Global Long Short ETF . . . . 6. . . . . . . . . . . Cambria Global Tactical ETF . . . .625 STAR Global Buy-Write ETF . . . Total STAR Global Buy-Write ETF . .754 Pring Turner Business Cycle ETF .384 23. . . . .945 47. .573 60. . . . . Total Global Opportunities ETF . 93. . . .383 17. .119 3.717 6/30/2016 TrimTabs Float Shrink ETF . . 93.733 30. .732 6/30/2016 Madrona Domestic ETF . . . . . Investment Advisory Agreement and Other Agreements − (continued) For the period ended December 31. Expenses Reimbursed: Recoupment Amount: Recoupment Expiration: $ 66.653 58. .738 Global Alpha & Beta ETF . . . Total Madrona Domestic ETF . . . . . .119 6/30/2016 QAM Equity Hedge ETF . . . .652 14.732 45. . . . .127 $ 66. . . .772 330. . Total Madrona Global Bond ETF . Total QAM Equity Hedge ETF .702 204.384 23. . .105 146. .655 64. . . .735 36. 26. . . . . . . . . . . . .530 68. .908 1. .175 27. . . . .733 30. . . . . Meidell Tactical Advantage ETF . . . .119 3. . . . .914 6/30/2015 6/30/2016 158 129.256 13. . . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. .573 60.646 6/30/2014 6/30/2015 6/30/2016 Total Cambria Global Tactical ETF . . . 66. . . . . . .507 79. . .945 47. . . . . .973 66. . Total Global Alpha & Beta ETF . . .765 193. . .652 14.945 47. . .653 58. . the Advisor waived fees and reimbursed expenses for each Fund as follows. . . . 122 . . . .105 155.860 99. Madrona Global Bond ETF . . . .717 26. . 9.674 144. .383 17. . . . .765 193. . . .127 6/30/2014 6/30/2015 6/30/2016 45. . . . . . . Madrona International ETF . . . . .717 26. . .768 55.702 204. . .754 6/30/2014 6/30/2015 6/30/2016 Total Meidell Tactical Advantage ETF . . .700 71.735 36. . . . . . . . . . . .908 6/30/2015 6/30/2016 6. . . . . . . Total Pring Turner Business Cycle ETF . . . Each Fund may recoup such waivers until the date indicated. .507 79.256 13. .530 68. . . . . .674 144.250 129. Accuvest Global Opportunities ETF .175 27. . . . . . . .772 330. . .187 28. .945 6/30/2016 Rockledge SectorSAM ETF . . Total Accuvest Global Long Short ETF . 47.622 6/30/2014 6/30/2015 6/30/2016 4. . . . .732 45. . . 4. . . . . . . . . . . .768 55. . . .860 99. . . .717 26. 2012. . . . Total Madrona International ETF . .622 6.732 45. .625 6/30/2015 6/30/2016 Total Rockledge SectorSAM ETF . . . . . . . . . . . . . . . .563 6. . . . . .700 71. .563 6/30/2014 6/30/2015 6/30/2016 1. . . . . . .914 45. . 2012 (Unaudited) 3. . . . . . . . . . . . 3. . . . . . .

serves as the Fund’s Administrator. . in the event Rule 12b-1 fees were charged. .635 214. Rather. . in each case. the Advisor has contractually agreed to pay all operating expenses of the Global Echo Fund. defines fair value. . Fund Accountant and Transfer Agent The Bank of New York Mellon (‘‘BNYM’’) (in each capacity. 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 accordance with its Plan.000 shares. 122. .577 118. . and there are no current plans to impose these fees. . the ‘‘Administrator’’. . 5. each Fund is authorized to pay an amount up to 0. . . at minimum. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. The Distributor does not maintain any secondary market shares. ‘‘Custodian’’. Only ‘‘Authorized Participants’’ may purchase or redeem shares directly from each Fund. must have executed a Participant Agreement with the Distributor. . . There are no expenses reimbursed or recouped for that Fund. Investment Advisory Agreement and Other Agreements − (continued) Expenses Reimbursed: Recoupment Amount: Total TrimTabs Float Shrink ETF . Custodian. These inputs are summarized in the three broad levels listed below: 123 . . . 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. However.244 411. shares are not redeemable securities of a Fund. Creation and Redemption Transactions The Funds issue and redeem shares on a continuous basis at NAV in groups of 25. Distribution and Service (12b-1) Plan Foreside Fund Services. The Funds have adopted a Distribution and Service Plan (‘‘Plan’’) pursuant to Rule 12b-1 under the 1940 Act. they will be unable to purchase or redeem the shares directly from the Fund.244 Fund: Total WCM/BNY Mellon Focused Growth ADR ETF . . Custodian. 2012 (Unaudited) 3. . . a Custody Agreement or a Transfer Agency and Service Agreement. and expands disclosure about fair value measurements. over time they would increase the cost of an investment in each Fund.741 122.’’ Except when aggregated in Creation Units. Summary of Fair Value Disclosure The Financial Accounting Standard Board’s (‘‘FASB’’) Accounting Standards Codification (‘‘ASC’’) 820-10. . Recoupment Expiration: 6/30/2014 6/30/2015 6/30/2016 As part of its agreement with the Trust. . 4. LLC (the ‘‘Distributor’’) serves as the Fund’s distributor of Creation Units for the Fund pursuant to the distribution agreement. .ADVISORSHARES TRUST Notes to Financial Statements December 31. . . . . called ‘‘Creation Units. Various inputs are used in determining the value of the Fund’s investments. . . .741 WCM/BNY Mellon Focused Growth ADR ETF . Fund Accountant and Transfer Agent pursuant to a certain Fund Administration and Accounting Agreement. . . Administrator. Therefore. . . as the case may be. No fees are currently paid by each Fund under a Plan.25% of its average daily net assets each year for certain distribution-related activities. establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles. .577 411. . ‘‘Fund Accountant’’ or ‘‘Transfer Agent’’).032 78.635 214. Fair Value Measurements and Disclosures. . 118.032 78.

218 $15. .928. .244 $15. — . U.226. and (vii) a security affected by a significant event (e. default rates.149.596 — — — — — — — — — — — — $64. .611 . Government Bonds . but are not limited to: (i) an unlisted security related to corporate actions.285 $5. . Examples of events that may be ‘‘significant events’’ are government actions. Exchange Traded Notes .g. Level 2 Swaps Contracts . . $ 27.555) . . and similar data.242.787 239.895. prepayment speeds. Summary of Fair Value Disclosure − (continued) Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access. .822.455 124 . . . . . (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange.692 2. Foreign Bonds . 2012 (Unaudited) 5. . Liabilities Level 1 Exchange Traded Funds Common Stocks .506 — — — 167. .205 $ — $22. Options Written . — — — — — — — — — . . . .918 $1. one that may not be publicly sold without registration under the Securities Act of 1933 as amended).213.021. . . — — . .455 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — . interest rates. The following is a summary of the inputs used as of December 31.ADVISORSHARES TRUST Notes to Financial Statements December 31. . . .869 137. . (vi) a security affected by currency controls or restrictions.125. 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).327. .959 — 14. . . . .973. Investments that use Level 2 or Level 3 inputs may include. (14. $ 15. . 2. . .951 468. (ii) a restricted security (e. Total . .763 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 62. natural disasters.979 $ — — 740.985 . .540 76. . .764 $ 441. Treasury Notes .383. .913. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. . armed conflicts and acts of terrorism. . . These inputs may include quoted prices for the identical instrument on an inactive market. Level 3 . Money Market Fund . . .428. . Level 2 Common Stocks . — — . representing the company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability. . .633 $1. . Corporate Bonds . . yield curves.. ..265 125. . . . (v) a security in default or bankruptcy proceedings for which there is no current market quotation. . Purchased Put Options . . and that would be based on the best information available. Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available.420 221. . Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly.746 $23. .416 2. credit risk. .381 $17.S. (iv) a security that is thinly traded.g. . prices for similar instruments. . .166. .427 15. . Accuvest Global Opportunities ETF . Swaps Contracts .085 886.020.320. . Municipal Bonds . . . — — . — — .090. Level 3 .516 $17. . — Cambria Global Tactical ETF Global Alpha & Beta ETF Global Echo ETF Madrona Domestic ETF Madrona Global Bond ETF Madrona International ETF $62. . 2012 in valuing the Funds’ assets carried at fair value: Accuvest Global Long Short ETF Assets Level 1 Exchange Traded Funds Common Stocks . .926.

260. . .610.080 6. . — — 1.978. — — — — — — — — — Government Bonds .035. . .261.925 $7.472 — — — — 11.957.845 319. . — — — — — .962 $ 8.472 $3. . .134 — — — — — Level 3 . . . — — — — — — — — — Liabilities Level 1 Exchange Traded Funds .469. . .781.262.461 $ — $ 588.793.827 — — — — — — — U. Total . . . .232 1. . Common Stocks . Level 2 Swaps Contracts Level 3 .069. — — — — — (1. .632 $173. .432 — 2.225 — — — — — — — Foreign Bonds .748) (211. . .699) — — . . . . .785 — — Swaps Contracts . The funds did not hold any level 3 securities during the period. .948 Money Market Fund .565 The following is a summary of transfers between Level 1 and Level 2 fair value measurements that occurred during the six months ended December 31.157. .768 $2.190.543. . . . — — — — .717 $ — $ — Common Stocks .267) $ — — — — — — — — — (126. . Options Written . — — — (1.123.481) — — — — — — — — (786) $13. .487. . . 212. . — — — (57. Fund Global Echo ETF .749. — — — 10.221. . 2012. . . .573 $11. 125 .431 $ — $ 1. .00) — . .747.438 $(110.ADVISORSHARES TRUST Notes to Financial Statements December 31.520 $— (1) Transfers from Level 1 to Level 2 are as a result of the unavailability of a quoted price in an active market. . — — — — — — — — — Purchased Put Option — — — — — — 182. . $7. All transfers between Level 1 and Level 2 fair value measurment are done using the beginning of period method.922 98. .135 $2. .171 231. . — — — — — — — — — Corporate Bonds .686 101. . . . $6.070. .617 Exchange Traded Notes . . . Transfers from Level 1 to 2(1) Transfers from Level 2 to 1 $63. Summary of Fair Value Disclosure − (continued) Meidell Tactical Advantage ETF Assets Pring Turner Business Cycle ETF Peritus High Yield ETF QAM Equity Hedge ETF Ranger Equity Bear ETF Rockledge SectorSAM ETF STAR Global Buy-Write ETF TrimTabs Float Shrink ETF WCM/BNY Mellon Focused Growth ADR ETF Level 1 Exchange Traded Funds . .798. . — 22. .630 — — Municipal Bonds .S Treasury Notes .105. — — — 17. — 150.083 365.533.311.290) . 2012 (Unaudited) 5. — — — — — — 1. .547 — — — — — Level 2 Common Stocks .

. . . . . . . were as follows: Statement of Operations Fund: QAM Equity Hedge ETF . . . 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. . . . . . STAR Global Buy-Write ETF . . . . . . . 2012. . . . . . . .980 (27. . STAR Global Buy-Write ETF . . . . 2012. . at Value Equity Risk $ 9. . . . . . . . .580) 97. . Liability Derivatives: Unrealized Depreciation on Swaps Contracts Options Written. . . . STAR Global Buy-Write ETF . . . . . . .657 Unrealized Gain (Loss): Equity Risk Swaps Contracts Options Purchased Contracts Options Written Contracts $ 9. how derivatives instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations. . . . Fund: QAM Equity Hedge ETF .481 $127. . . the fair values of derivative instruments were as follows: Statement of Assets and Liabilities Fund: QAM Equity Hedge ETF . . at Market Value Fund: QAM Equity Hedge ETF .895 182. . . . . . . . . . .680 Equity Risk $ 831 126. . . Asset Derivatives: Unrealized Appreciation on Swaps Contracts Investments. . . . . . . . . STAR Global Buy-Write ETF . . . . . . . . The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective.549) . .175) (13. . . .064 (24. . . . 126 Realized Gain (Loss): Equity Risk Swaps Contracts Options Purchased Contracts Options Written Contracts $ 6. Valuation of Derivative Instruments The Funds have adopted authoritative standards of accounting for derivative instruments which establish disclosure requirement for derivative instruments. .312 Transactions in derivative instruments during the period ended December 31. . . . . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. . STAR Global Buy-Write ETF . . . . . .237 $ 69. . . . . . At December 31.785 $192. . . . . . . . . . . . . . STAR Global Buy-Write ETF . . . 2012 (Unaudited) 6. .374) $(37. . . . . . . . . . .

. . . as defined by IRS statute of limitations. .160 7. . . . . . . . including federal tax authorities and certain state tax authorities.858 — — STAR Global Buy-Write ETF $ — — 1. Federal Income Tax The Funds intend to qualify as a ‘‘regulated investment company’’ under Sub-chapter M of the Internal Revenue Code of 1986. . . . . . 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. .212 5. . . . 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. Short Equity Swaps Contracts . for all major jurisdictions. . . .900 10. as amended. . . 2012 (Unaudited) 6. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized. . . . . . . . . . . . . the volume of the derivatives held by the Funds was as follows: QAM Equity Hedge ETF Long Equity Swaps Contracts . . . the Funds did not have a liability for any unrecognized tax benefits. . . . Management of the Funds is required to analyze all open tax years (2010 – 2012). 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. . . . . . . Purchased Equity Options Contracts Written Equity Options Contracts . . . . . . . 2012. . presented and disclosed in the financial statements. . 2012. . . . . . . . 127 . $13. measured. . . . . 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. . . Valuation of Derivative Instruments − (continued) For the period ended December 31. . . As of June 30. Interest and penalty related to income taxes would be recorded as income tax expense.ADVISORSHARES TRUST Notes to Financial Statements December 31. . If so qualified. . . . . .

347 756. Ranger Equity Bear ETF .539) $ 1. .862. . . 2012 (Unaudited) 7.880.396..699 — — $170. .425 — $ 556.244 . . . . . .312 4. .822 997. . . . .858) 3. . .614) 994. .171. . 14.046. . Madrona Global Bond ETF . . . . . . .594 1. . . Cambria Global Tactical ETF . .955) (34.121 — — 148 — — — — 162. . . .006) 264. . Meidell Tactical Advantage ETF Peritus High Yield ETF . . 11. . . . . . . . Rockledge SectorSAM ETF . . .392. .. . .825 . . . .730 218. . .673 (2. . . . . . Pring Turner Business Cycle ETF QAM Equity Hedge ETF .504.. . .594.284 144. . . . . .585. . .857 .663) 57.939 $2. . . . . Global Alpha & Beta ETF . . . .889 . . . .874) 1. . . . . . . Accuvest Global Opportunities ETF .085 8. .356 3. . . .422 (343. . .281.074 (86. . . . . . .902. .316. . .922. . Madrona International ETF . . . .413 258. . . .068) 39. . . . . .206 (23. . .891. . . . . .902 (3.028. . . . .252 3.320. .869 .385 Gross Unrealized Depreciation Net Unrealized Appreciation (Depreciation) $ (1. .465 1.477. .481 . .414) 641. .135 . . .981 . . 22.819 — — — — — 2. . 15. WCM/BNY Mellon Focused Growth ADR ETF .127.744 (373. . . . and net unrealized appreciation (depreciation) for federal income tax purposes was as follows: Fund Gross Unrealized Appreciation Cost Accuvest Global Long Short ETF Accuvest Global Opportunities Cambria Global Tactical ETF .079 87.971 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.711) (175. 1.015. . . .613) (9. .676) 1. Meidell Tactical Advantage ETF . . . .983.579. . .625. . Madrona Domestic ETF . 2.083) 126. .282 (178. . . 6. .263.027. . . .450.851 434. 173.508 . .381) 94. TrimTabs Float Shrink ETF .427. .094) (13. . .335 .543) 36. . . .849. . . . .074 .103 149. 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. Global Echo ETF . . . . . the cost of investments. . Under current tax regulations. Madrona International ETF . . .289 . . . . . .295 (18.277 (10. . . . 13. . . . . .501. . . . .125 . Rocklege SectorSAM ETF .ADVISORSHARES TRUST Notes to Financial Statements December 31.993 . .115 (486. (92. .320) 910. . . Post-October losses and ordinary income losses deferred to July 1.. . .442 — 1. . . .022. . . . .522 1.320. Madrona Domestic ETF . 2012.198 . . 61. . . .711. . .202. . . . . . .864 . . . . ..545 1. 4. . 3. . . . . . . . . . STAR Global Buy-Write ETF .073 1. . . . . Ordinary Short-Term Post-Effective Long-Term Post-Effective $ 194. (37. . . .181 270. . . . $ 14. . .036 . . . . . . . . .978. 6. Ranger Equity Bear ETF .213) 78.739. WCM/BNY Mellon Focused Growth ADR ETF . . .744 4. . . . 128 . 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. . . 2012 are as follows: Fund Accuvest Global Long Short ETF . .389 13. . 13. . . .990 (11.883 (22. . .591) (3.955) 206. .079 67. . . Federal Income Tax − (continued) At December 31. including short positions. .880) (17.999. .578.

238 1.271 — $261. . . . . . . . .423 15.407. 2010 for an unlimited period. . . . . .124 — 124.238 1.166. . .056 52. .013.700 The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended June 30. 2012 (Unaudited) 7. . . . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. . . . . . . .056 52. . Additionally. . Federal Income Tax − (continued) The following Funds have capital loss carryforwards available to offset future realized gains of: Fund Accuvest Global Long Short ETF Cambria Global Tactical ETF . . . . . .509 Under the recently enacted Regulated Investment Company Modernization Act of 2010. . Madrona International ETF . . . . . Pring Turner Business Cycle ETF Peritus High Yield ETF . .657 567. . . 8. . . 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. . . .729 $117. . . . . . . . 2012: Fund Capital Loss Carryforwards Used Ranger Equity Bear ETF . Transactions with affiliated companies during the six months ended December 31. $2.085 129 Dividend Income . . the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22. . . Other Affiliated Parties and Transactions Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. . 2012 are as follows: Affiliated Fund Name Global Echo ETF Ranger Equity Bear ETF .961 15. . . As a result of this ordering rule. .975 1.538 — — — — 35. . . . . . . . . . . .469 $ 15. . . . However. .049 $ 95. Peritus High Yield ETF . . . . . Meidell Tactical Advantage ETF .166. . . . .879. The carry forward capital losses noted above are all post-enactment capital loss carry forwards.271 35. . .657 567. Value at 6/30/2012 Purchases/ Additions Sales/ Reductions Value at 12/31/2012 $43. . . . . .700 $ 4. .407. pre-enactment capital loss carry forwards may have an increased likelihood to expire unused. . . . . . . .274. . . . . Madrona Domestic ETF . . . Short-Term Post-Effective No Expiration Long-Term Post-Effective No Expiration Total $ 4. any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. . . . .410 — — 125.

.394. . . .049. 10. . 4. Fund of Funds Risk Some of the Funds’ investment performance. .166 14.311 (1. . . . .142. . 87. .070.601) (36. . Risks Involved with Investing in the Funds The Funds are subject to the principal risks described below. .426 3. . 23.569. 2. . 2012 . Madrona Global Bond ETF . As with any investment. Rockledge SectorSAM ETF . Sales Purchases In-Kind Sales In-Kind $40. .908 .349 $ 23.100 — . 1. . . .338 1. .247 4.325. .329 . . STAR Global Buy-Write ETF . . .074 .920. . .775. . . . trading price. . . depends on the investment performance of the Underlying ETFs in which they invest. . . . .902 4.493. . Pring Turner Business Cycle ETF QAM Equity Hedge ETF .495. Global Echo ETF .389.934 1. . . .ADVISORSHARES TRUST Notes to Financial Statements December 31. .581 . .070. . Investment Transactions Purchases and sales of investments for the period ended December 31.089 1. . . — 3. . . .107 Commencement of operations.720.883 (117.022 — 1. . Madrona International ETF . .493. . . . Global Alpha & Beta ETF . were as follows: STAR Global Buy-Write ETF Contracts Options outstanding at September 17.907 4.282.573 . . .626. .091 . .593 28.508.726. . . . . 5. 2012 are as follows: Fund Purchases Accuvest Global Long Short ETF Accuvest Global Opportunities Cambria Global Tactical ETF . . yield.752 314.583 — 1.986. Options written .. . . . . .162. . . 1. . . TrimTabs Float Shrink ETF . Meidell Tactical Advantage ETF Peritus High Yield ETF . if any. * .079 20.133. An investment in these Funds are subject to the risk associated with the Underlying ETFs that comprise their Underlying Index.788 9. . . . .003 — 2.233. .569 16. . .732 . .207. . 2012.067. WCM/BNY Mellon Focused Growth ADR ETF . . . total return and ability to meet its investment objective.609.266.612. . . . .956. . 9.756 .462 Premiums Received $ — 266. . .885 . . . . . . . . .396) (453) 1. . . . . .223. . 1.282 1.286 3. . . . . . because they are fund of funds. .071. 4. . . . . . .702. . .175) $ 113. . of the Underlying ETFs in which they invest.371. . .572 16.363. . . .144 Options written transactions. Options terminated in closing purchase transactions Options expired .947.892. . .114 — 13. .635 1. .865 . . . .750 .888. . . . Options outstanding at December 31.497.549. 100.030. . . . 2012 (Unaudited) 9. .777. .851 5. Ranger Equity Bear ETF . 3. . .068 . . . . . .258.069. .997.774 — — — — — 2. . .317 2.919.894 .172. .499 $32. . . during the period ended December 31. . 3. some or all of these risks may adversely affect the Funds’ NAV. .568. .605 .833 — — . . 130 . . .790 8. .009 2. .713. . . 383. . .473. .487 30.955 1. . 65. .060.180. The Funds will indirectly pay a proportional share of the asset-based fees. . . .777 82. 2012* .819.035 1.446. . . . . an investment in each Fund could result in a loss or the performance of each Fund could be inferior to that of other investments. .166 — 2. Madrona Domestic ETF . .620 . .173 20.836 1. . .362. 14. . .872.753 3.615 1. $ 21. .

2011 and for interim periods within those fiscal years. New Fund Risk Some of the Funds are new funds. 2011-04 ‘‘Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements’’ in GAAP and the International Financial Reporting Standards (‘‘IFRSs’’). 131 . in general. Trading in shares may be halted because of market conditions or for reasons that. the FASB issued Accounting Standards Update No. the FASB issued ASU No. As new funds. 2013. trading in such instruments may be relatively inactive. 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. 2011-04 is effective for fiscal years beginning after December 15.ADVISORSHARES TRUST Notes to Financial Statements December 31. The Fund’s investments may decline in value due to factors affecting securities markets generally. segments. An investment in the Fund may lose money. there can be no assurance that the Funds will grow to or maintain an economically viable size. Risks Involved with Investing in the Funds − (continued) Liquidity Risk In certain circumstances. and interim periods within those annual periods. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures. 2012 (Unaudited) 10. industries or companies within those markets. Fair Value Measurements and Disclosures. 2011-04 amends FASB ASC Topic 820. Market Risk Investments in securities. New Accounting Pronouncements In May 2011. to establish common requirements for measuring fair value and disclosing information about fair value measurements in accordance with GAAP and IFRSs. ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to ‘‘circuit breaker’’ rules. ASU No. In December 2011. In addition. Disclosures about Offsetting Assets and Liabilities (‘‘ASU 2011-11’’). in the view of the Exchange. 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. 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. economic sectors. it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. In addition. the shares may trade at a premium or discount. ASU 2011-11 requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards. New disclosures are required for annual reporting periods beginning on or after January 1. 2011-11. make trading in shares inadvisable. Because the market value of ETF shares may differ from their net asset value. or particular countries. 11. Management is currently evaluating the impact these amendments may have on the Fund’s financial statements. To the extent that there is not an established retail market for instruments in which the Fund may invest. such as real or perceived positive economic conditions or changes in interest or currency rates. ASU No. are subject to market risks that may cause their prices to fluctuate over time.

Subsequent Events The Funds have adopted authoritative standards of accounting for disclosure of events that occur after the Statements of Asset and Liabilities date but before financial statements are issued or are available to be issued.ADVISORSHARES TRUST Notes to Financial Statements December 31. 132 . 2012 (Unaudited) 12. 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.

Bethesda.com Funds (2003 − 2005). Suite 1330. McVay 2 Bethesda Metro Center. President of Mutuals Advisors. President and CEO of Arrow Investment Advisors. 18 None Dan Ahrens 4144 N. Senior Vice President and Chief Trust Officer at FBR National Trust Co. Position(s) Held with the Trust. Bethesda. along with the other public directorships held by the Trustees. Bethesda. No set term. Vice-President − Business Development of Rydex Investments (2001 − 2006). MD 20814 (1952) Trustee. President of Ahrens Advisors. (2001 − 2006). Inc. Bethesda. (2009 − present).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. served 2009 Executive Vice President of AdvisorShares Investments. LLC (2006 − 2008). Inc. MD 20814 (1968) Chief Executive Officer & President. Inc. Secretary & Treasurer. 18 None Officers of AdvisorShares Trust Noah Hamman 2 Bethesda Metro Center. LLC (2008 − present). served since 2009 Vice President / COO of NADA Retirement Administrators. MD 20814 (1968) Trustee. Central Expressway. served since 2009 Founder of AdvisorShares Investments. Executive Vice-President of Financeware. (2001 − 2006). No set term. No set term. LLC − Investment Advisory Services (2006 − present). Suite 1330. LLC (2006 − present). President of Cardinal Trust and Investments. Inc. Vice-President − Business Development of Rydex Investments (2001 − 2006). 18 None William G. & Mutuals. Dallas. 18 None 133 . Inc. LP (2005 − 2008). served since 2011 Founder of RDK Strategies. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. CIO for Wilson/ Bennett Capital Management (2006). (2000). First VicePresident of Legg Mason Wood Walker. Suite 600. address and principal occupations during the past five years for each Trustee and officer of the Trust is set forth below. LLC (2007 − present). Term of Office and Length of Time Served Name. Suite 1330. No set term. Suite 1330. served since 2009 Independent Trustees Elizabeth (‘‘Betsy’’) Piper/Bach 2 Bethesda Metro Center. Each Trustee serves until his or her successor is duly elected or appointed and qualified. age. Address and Date of Birth of Trustee/Officer Number of Portfolios in Fund Complex Overseen by Trustee/ Officer Other Directorships Held by Trustee CEO and Founder of AdvisorShares Investments. No set term. LLC (2006 − 2008). TX 75204 (1966) Chief Compliance Officer. MD 20814 (1954) Trustee. The name. (1989 − 2000).. 18 None Principal Occupation(s) During Past 5 Years Interested Trustee Noah Hamman* 2 Bethesda Metro Center. President and CEO of Arrow Investment Advisors. Vice-President of Zephyr Associates.

including comparative fee data and profitability analysis for each Fund.’’ collectively. a Delaware limited partnership. (2) Ranger Alternative Management. Each year. the representatives from WCM Investment Management and Madrona Funds. Pursuant to Section 15(c) of the 1940 Act. among other things: (i) the nature. (3) WCM Investment Management. LLC discussed the focus on the international market by the WCM/BNY Mellon Focused Growth ADR ETF and the Madrona International ETF and Madrona Global Bond ETF. along with other Fund service providers. on behalf of the Cambria Global Tactical ETF. LLC.. cast in person at a meeting called for the purpose of voting on such approval. Madrona Domestic ETF. and (ii) by the vote of a majority of the Independent Trustees. to help them decide whether to renew the Sub-Advisory Agreements for an additional year. WCM/BNY Mellon Focused Growth ADR ETF. the Board must annually review and re-approve the existing Sub-Advisory Agreements after their initial two-year term: (i) by the vote of the Board or by a vote of the shareholders of the Funds. as that term is defined in the Investment Company Act of 1940 (the ‘‘1940 Act’’) (the ‘‘Independent Trustees’’). Madrona Domestic ETF. The representatives also described each Sub-Advisor’s business generally.P. respectively. including the Fund’s strategy. a ‘‘Sub-Advisor. L. the Board.P. a Washington limited liability company. Active Bear ETF). In addition. Madrona International ETF. reviewed written materials from each Sub-Advisor regarding. (ii) the investment performance of each Fund. unanimously approved the renewal of separate sub-advisory agreements (collectively. the ‘‘Funds’’). and its attractive and unique offering. the Board calls and holds meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. and (4) Madrona Funds. the Fund’s positioning in the market. as well as other information that the Advisor. WCM/BNY Mellon Focused Growth ADR ETF. (iii) the costs of the services to be provided and profits and other benefits to be realized by the Sub-Advisor and its affiliates from the relationship with each Fund. Active Bear ETF). Madrona International ETF and the Madrona Global Bond ETF At in-person meetings of the Board of Trustees (the ‘‘Board’’) of AdvisorShares Trust (the ‘‘Trust’’) held on August 14. as discussed in further detail below.Board Review of Investment Advisory and Sub-Advisory Agreements ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL Renewal of the Sub-Advisory Agreements for the Cambria Global Tactical ETF. At the Meetings. representatives of each Sub-Advisor. the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. Madrona International ETF and the Madrona Global Bond ETF (each. including the Independent Trustees. together with the Advisor. on behalf of the Madrona Domestic ETF. (iii) the respective personnel and operations of the Sub-Advisor. The representatives for each Sub-Advisor then discussed their management of each Fund in more detail. on behalf of the Ranger Equity Bear ETF (formerly. a ‘‘Fund’’ and collectively. the Board. Representatives from each Sub-Advisor provided an overview of the Sub-Advisor’s operations and management of the Funds. LLC (the ‘‘Advisor’’) and (1) Cambria Investment Management. pursuant to which the Sub-Advisors perform portfolio management and related services for the Cambria Global Tactical ETF. The Board uses this information. L.. (iv) the extent to which economies of scale would be realized as each Fund grows. the ‘‘Meetings’’). the ‘‘Sub-Advisors’’ and. Prior to this year’s Meetings. including those trustees who are not ‘‘interested persons’’ of the Trust. extent and quality of the services to be provided by each Sub-Advisor. the ‘‘Advisors’’). Sub-Advisors and other service providers may submit to the Board. Ranger Equity Bear ETF (formerly. Ranger Equity Bear ETF. and also discussed compliance oversight. The Board then discussed the written materials that the Board received before the 134 . a Texas limited partnership. on behalf of the WCM/BNY Mellon Focused Growth ADR ETF. the ‘‘Sub-Advisory Agreements’’) between AdvisorShares Investments. including any noteworthy personnel changes. In preparation for these meetings. presented additional oral and written information to help the Board evaluate each Sub-Advisor’s advisory fees and other aspects of the Sub-Advisory Agreements. 2012 and November 16. and (v) whether fee levels reflect these economies of scale for the benefit of each Fund’s shareholders. a California corporation. 2012 (together. and the Madrona Global Bond ETF (each.

Based on the Board’s deliberations and its evaluation of the information described above. outlining current market conditions and explaining the Sub-Advisor’s expectations and strategies for the future. operations. The Board did not identify any single piece of information discussed below that was all-important. on behalf of the QAM Equity Hedge ETF. as well as information regarding each Fund’s performance since its inception. representatives of each Sub-Advisor provided information regarding. information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Funds. a ‘‘Fund’’ and collectively. operational capabilities and portfolio management team. as well as those discussed below. November 16. including all of the Independent Trustees. the Board reviewed the portfolio management services provided to the Funds. At the Meetings. Based on the factors above. the Board considered the factors and reached the conclusions described below relating to the selection of each Sub-Advisor and the renewal of its Sub-Advisory Agreement. the Board considered for each Fund whether economies of scale were realized during the current contract period. the ‘‘Initial Approval Meetings’’). the Board concluded that it was satisfied with the nature. 2012 (together. Nature. and (iii) agreed to renew each Sub-Advisory Agreement for another year. and investment advisory capabilities and information concerning the Sub-Advisor’s compliance function. The Board also considered the approval of separate sub-advisory 135 . The Board also considered each Sub-Advisor’s overall high quality of personnel. the Sub-Advisor’s oral presentations and any other information that the Board received at the Meetings. 2011. Based on this information. as well as the costs and other expenses incurred by the Sub-Advisors in providing advisory services. unanimously: (i) concluded that the terms of each Sub-Advisory Agreement are fair and reasonable. and the fees and expenses waived and/or reimbursed by the Sub-Advisors over the period. financial condition. Profitability and Economies of Scale In concluding that the sub-advisory fee payable with respect to each Fund is reasonable. the Board considered the approval of the investment advisory agreement (the ‘‘Advisory Agreement’’) between the Trust and AdvisorShares Investments. factors impacting the performance of the Funds. 2011. the ‘‘Funds’’). The most recent investment adviser registration forms (‘‘Forms ADV’’) for the Sub-Advisors were also provided to the Board. extent and quality of the services provided to the Funds by each Sub-Advisor. Global Alpha and Beta ETF and Pring Turner Business Cycle ETF At in-person meetings of the Board held on August 30. Extent and Quality of Services Provided by the Sub-Advisors In considering the nature. Global Alpha and Beta ETF and Pring Turner Business Cycle ETF (each. In addition. The Board concluded for each Fund that the sub-advisory fee appeared reasonable in light of the services rendered. Costs of Advisory Services. and May 21. Investment Performance of the Funds The Board was provided with information regarding each Fund’s performance since its Sub-Advisory Agreement was last approved. The Board also reviewed reports comparing the expense ratio and advisory fee paid by each Fund to those paid by other comparable funds and noted each Fund’s advisory fee was consistent with the range of advisory fees paid by other peer funds. for an initial term of two years. STAR Global Buy-Write ETF. extent and quality of the services provided by each Sub-Advisor. controlling or determinative of its decision. among other things. STAR Global Buy-Write ETF. and led a discussion of. the Board reviewed a report of the sub-advisory fee paid by the Advisor to each Sub-Advisor. the Board.Meetings. In its deliberations. as were the responses of the Sub-Advisors to a detailed series of questions which included. and deliberated on the renewal of the Sub-Advisory Agreements in light of this information. (ii) concluded that each Sub-Advisor’s fees are reasonable in light of the services that it provides to its respective Fund. the Board concluded that it was satisfied with the investment results that each Sub-Advisor had been able to achieve for its respective Fund. but concluded that no economies of scale had yet been achieved. LLC (the ‘‘Advisor’’). Initial Approval of the Advisory and Sub-Advisory Agreements for QAM Equity Hedge ETF.

agreements (together. with a view toward making a business judgment as to whether each of the proposed New Agreements is. on behalf of the QAM Equity Hedge ETF. Nature. extent and quality of the investment management services proposed to be provided by the Advisors to the Funds. Each New Agreement. the Board. the following: (i) their favorable evaluation of the investment performance of each Advisor. Among the factors that the Board considered and conclusions that the Trustees. a Delaware limited liability company. Quality. its management. together with the Advisor. the Board reviewed the services to be provided by each firm and the qualifications and backgrounds of the portfolio managers responsible for managing the Funds. on behalf of the Global Alpha and Beta ETF. (ii) their favorable evaluation of the nature. In addition. and the costs of those services. the Board considered the approval of the New Agreements for initial two-year terms. In its deliberations. and Extent of Services to be Provided by the Advisor and Sub-Advisors In considering the nature. must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of each Fund. received and evaluated. LLC. the ‘‘New Agreements’’) between the Advisor and (1) Commerce Asset Management. In that regard. The Board also discussed information set forth in each firm’s Form ADV (Parts 1A and 2A). in their business judgment. The Board also received various other materials which it considered relevant to its consideration and approval of the proposed New Agreements. on behalf of the Pring Turner Business Cycle ETF (each. the Board did not identify any single factor that was paramount or controlling and individual trustees may have attributed different weights to various factors. Pursuant to Section 15(c) of the 1940 Act. an Arizona limited liability company. on behalf of the STAR Global Buy-Write ETF. reached included. organizational structure and investment philosophy and processes at each firm. management. extent and quality of the services proposed to be provided to the Funds. LLC. Certain factors considered by the Board at the Initial Approval Meetings are addressed in more detail below. a ‘‘Sub-Advisor. in the best interests of the Funds. which included information with respect to staffing. PLC. and (iv) their assessment that the Advisors’ projected profitability in connection with providing investment management services to the Funds would not be excessive. At the conclusion of its review of the materials discussed above and the discussions among the Trustees leading up to and during the Initial Approval Meetings. the ‘‘Sub-Advisory Agreements. cast in person at a meeting called for the purpose of voting on such approval. the ‘‘Sub-Advisors’’ and. the Board considered the 136 . (3) Your Source Financial. the Board will call and hold a meeting each year to decide whether to renew each New Agreement for an additional one-year term. including the Independent Trustees. and (4) Pring Turner Capital Group.’’ collectively. In connection with its consideration of the New Agreements. a California limited liability company. extent and quality of the services proposed to be provided by the Advisors. (iii) their satisfaction that the investment advisory fee rates proposed for the Funds are consistent with applicable standards and are reasonable and fair. (2) Partnervest Advisory Services. agreed that it had been furnished with sufficient information to make an informed business decision with respect to approval of each of the proposed New Agreements. was presented with. a California corporation. and its business activities and affiliations. principally. For the Global Alpha and Beta ETF and Pring Turner Business Cycle ETF. which provides information about each firm. on behalf of the Trust and the Funds. the Board considered factors bearing on the nature. including information about the investment advisory fee rates and related matters from the Advisors. the ‘‘Advisors’’) pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds. after the initial two-year term. The Board also reviewed information comparing the proposed investment advisory fee rates with a group of comparable funds. the Board observed that the Chief Compliance Officer of the Trust reviewed each firm’s compliance program and determined that they were reasonably designed to prevent violation of the federal securities laws as applicable to the Funds. and requested.’’ and collectively. After the initial two-year term. the Board reviewed presentations it received from each Sub-Advisor. materials about the New Agreements and the services proposed to be provided thereunder. and (ii) by the vote of a majority of the Independent Trustees. the Board. with the Advisory Agreement. In considering each of the proposed New Agreements. under the circumstances.

The Board concluded that each Sub-Advisor had the financial resources necessary to perform its obligations under its Sub-Advisory Agreement. the Board considered the sufficiency of each Sub-Advisor’s resources. (ii) concluded that each Sub-Advisor’s fee is fair and reasonable in light of the services that it will provide to its respective Fund. the proposed portfolio construction of each Fund. including the Independent Trustees.professional experience and qualifications of their respective Sub-Advisors’ senior management and key professional personnel. Economies of Scale For the Funds. and that each firm has appropriate resources to provide such services. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds in peer groups. Performance of the Funds In connection with the assessment of the ability of each Sub-Advisor to perform its duties under its Sub-Advisory Agreement. unanimously: (i) concluded that the terms of the New Agreements are fair and reasonable. In the event there were to be significant asset growth in the Funds. The Board heard an overview of each Sub-Advisor’s investment philosophy. and the specific investment techniques to be employed. The Board also considered their respective Sub-Advisors’ operational capabilities and resources. and evaluated the proposed advisory fee arrangements in light of this information and the factors that judicial decisions have specified as pertinent generally. and reviewed the investment advisory fees to be paid pursuant to the New Agreements. The Board also reviewed the overall investment performance of each Sub-Advisor. and their depth and breadth of experience in managing investment portfolios. including those individuals responsible for portfolio management. Cost of Services to be Provided and Profits to be Realized by the Advisor. the Board determined to reassess whether the investment sub-advisory fees paid to the Sub-Advisors appropriately took into account any economies of scale that had been realized as a result of that growth. In addition. and Comparative Fees The Board considered the cost of the services to be provided by the Advisors. Sub-Advisors and their Affiliates under the New Agreements. the Board. the Board discussed the fee arrangements between the Advisor and each Sub-Advisor. the Sub-Advisors and their respective personnel were well-qualified to provide all required services to the Funds and to provide services that are of high quality. the Board determined that it was satisfied that the investment advisory fee rate proposed for each of the Funds was consistent with applicable standards and was reasonable and fair. Based on its review. The Board also considered the Advisor’s contractual agreement to waive a portion of its advisory fee in an effort to control the expense ratios of the Funds. Conclusion Based on the Board’s deliberations and its evaluation of the information described above. Based on the foregoing considerations. and (iii) agreed to approve the New Agreements for initial terms of two years. the Board determined that the Advisor. the Board concluded that economies of scale would not likely be realized during the Sub-Advisors’ initial term and determined that it would reconsider this factor at an appropriate time in the future. 137 .

Copies of the filings are available without charge.gov. or (iii) sending your request electronically to publicinfosec. 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.SUPPLEMENTAL INFORMATION Shareholder Reports and Quarterly Portfolio Disclosure The Fund is required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters on Form N-Q. Contact your financial representative for a free prospectus or SAI. DC 20549-0102. 138 . Washington. upon request on the SEC’s website at www.sec. DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330). You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington. (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room. The Fund’s Statement of Additional Information (‘‘SAI’’) has additional information about the Fund’s Trustees and Officers and is available without charge upon request.advisorshares.gov.com.

CA 93101 Pring Turner Capital Group 1600 South Main Street. Suite 101 Weston. Texas 75201 Peritus I Asset Management. Suite 1330 Bethesda. California 90245 Ranger Alternative Management. Inc. Colorado 80918 Reynders. Maryland 20814 Sub-Adviser WCM Investment Management 281 Brooks Street Laguna Beach. LLC 1216 State Street. 204 Spring Street Marion. Suite 3225 El Segundo. Suite 100 Portland. AZ 85020 Commerce Asset Management. Suite 105 Everett.P. McVeigh Capital Management. 2321 Rosecrans Avenue. LLC 2 Bethesda Metro Center. Nevada 89511 TrimTabs Asset Management. Weller & Baker LLP 1818 Market Street Philadelphia. CA 95403 Community Capital Management. Lewis & Bockius LLP 1111 Pennsylvania Ave. Northern Avenue Phoenix.P. MA 02738 Rockledge Advisors. FL 33331 First Affirmative Financial Network. LLC Three Canal Plaza. N. LLC 121 High Street. CA 94596 Your Source Financial.C. NY 11238 Partnervest Advisory Services. PLC 707 E. Washington 98201 Accuvest Global Advisors 3100 Oak Road. TN 38119 Distributor Foreside Fund Services. LLC 5475 Mark Dabling Boulevard. LLC 460 Classon Avenue Brooklyn. 20004 Independent Registered Public Accounting Firm Tait. 3rd Floor Santa Barbara. ME 04101 Custodian/Fund Administrator/Transfer Agent The Bank of New York Mellon 101 Barclay Street New York. 2500 Weston Road. Suite 700 Memphis. L. LLC 26 West Anapamu. LLC 2911 Bond Street. California 92651 Madrona Funds. Washington. Suite 1100 Dallas. 300 Crescent Court. CA 94597 Cambria Investment Management. LLC 6075 Poplar Avenue. Suite 108 Colorado Springs. PA 19103 . D. California 93103 American Wealth Management 570 Hammill Lane Reno. 3rd Floor Santa Barbara. 5th Floor Boston.ADVISORSHARES TRUST Investment Advisor AdvisorShares Investments. NY 10286 Legal Counsel Morgan.W. Suite 375 Walnut Creek. LLC 2018 Stony Oak Court Santa Rosa. Suite 380 Walnut Creek. MA 02110 Baldwin Brothers. Inc. L.

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