UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
|
811-22110
|
AdvisorShares Trust
|
(Exact name of registrant as specified in charter)
|
|
2 Bethesda Metro Center
Suite 1330
Bethesda, MD
|
|
20814
|
(Address of principal executive offices)
|
|
(Zip code)
|
|
Noah Hamman
2 Bethesda Metro Center
Suite 1330
Bethesda, MD 20814
|
(Name and address of agent for service)
|
|
Registrant's telephone number, including area code:
|
1 (877) 843-3831
|
Date of fiscal year end:
|
June 30, 2013
|
|
|
Date of reporting period:
|
September 30, 2012
|
Form N-Q is to be used by management investment
companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter),
to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to
rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided
on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the
information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to
respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management
and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection
burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street,
NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44
U.S.C. § 3507.
Item 1. Schedule of Investments.
ADVISORSHARES TRUST
|
ACCUVEST GLOBAL LONG SHORT ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED FUNDS–96.3%
|
Equity Fund-96.3%
|
|
|
|
|
|
|
|
|
iShares Core S&P 500 ETF
(a)
|
|
|
22,271
|
|
|
$
|
3,215,932
|
|
iShares MSCI Germany Index Fund
|
|
|
146,579
|
|
|
|
3,309,754
|
|
iShares MSCI Russia Capped Index Fund
(a)
|
|
|
95,537
|
|
|
|
2,156,270
|
|
iShares MSCI South Africa Index Fund
(a)
|
|
|
20,486
|
|
|
|
1,367,440
|
|
iShares MSCI South Korea Index Fund
(a)
|
|
|
42,035
|
|
|
|
2,485,530
|
|
iShares MSCI Thailand Investable Index Fund
(a)
|
|
|
31,545
|
|
|
|
2,392,057
|
|
iShares MSCI Turkey Investable Market Index Fund
|
|
|
77,993
|
|
|
|
4,358,249
|
|
iShares MSCI U.K. Index Fund
(a)
|
|
|
78,338
|
|
|
|
1,363,865
|
|
iShares Russell 2000 Index Fund
|
|
|
30,880
|
|
|
|
2,577,245
|
|
Wisdomtree India Earnings Fund
|
|
|
86,720
|
|
|
|
1,642,477
|
|
Total Exchange Traded Funds (Cost $23,866,096)
|
|
|
|
|
|
|
24,868,819
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–8.0%
|
|
|
|
|
|
|
|
|
Dreyfus Cash Management - Investor Class
(Cost $2,064,486)
|
|
|
2,064,486
|
|
|
|
2,064,486
|
|
Total Investments Before Securities Sold, Not Yet Purchased (Cost $25,930,582)
|
|
|
|
|
|
|
26,933,305
|
|
|
|
|
|
|
|
|
|
|
Securities Sold, Not Yet Purchased
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS–(47.8)%
|
|
|
|
|
|
|
|
|
Equity Fund
|
|
|
|
|
|
|
|
|
iShares MSCI Austria Investable Market Index Fund
|
|
|
35,420
|
|
|
|
(542,989
|
)
|
iShares MSCI Brazil Index Fund
|
|
|
4,586
|
|
|
|
(247,873
|
)
|
iShares MSCI Canada Index Fund
|
|
|
48,318
|
|
|
|
(1,375,130
|
)
|
iShares MSCI Chile Investable Market Index Fund
|
|
|
36,902
|
|
|
|
(2,292,352
|
)
|
iShares MSCI Hong Kong Index Fund
|
|
|
56,776
|
|
|
|
(1,033,323
|
)
|
iShares MSCI Italy Index Fund
|
|
|
134,511
|
|
|
|
(1,618,168
|
)
|
iShares MSCI Japan Index Fund
|
|
|
197,127
|
|
|
|
(1,805,683
|
)
|
iShares MSCI Spain Index Fund
|
|
|
77,953
|
|
|
|
(2,158,519
|
)
|
ADVISORSHARES TRUST
|
ACCUVEST GLOBAL LONG SHORT ETF
|
Schedule of Investments
|
|
Equity Fund–(47.8)% (continued)
|
iShares MSCI Taiwan Index Fund
|
|
|
95,195
|
|
|
$
|
(1,271,805
|
)
|
Total Securities Sold, Not Yet Purchased [Proceeds Received $(11,560,264)]
|
|
|
|
|
|
|
(12,345,842
|
)
|
|
|
|
|
|
|
|
|
|
Total Investments Net of Securities Sold, Not Yet Purchased –56.5%
(Cost $14,370,318)
|
|
|
|
|
|
|
14,587,463
|
|
Other Assets in Excess of Liabilities–43.5%
|
|
|
|
|
|
|
11,245,981
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
25,833,444
|
|
|
(a)
|
Represents security, or a portion thereof, segregated as collateral for securities sold, not yet purchased.
|
Cash of $11,238,964 has been segregated to cover
requirement for open short sales as of September 30, 2012.
ADVISORSHARES TRUST
|
ACCUVEST GLOBAL OPPORTUNITIES ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED FUNDS–100.0%
|
Equity Fund–100.0%
|
|
|
|
|
|
|
|
|
iShares MSCI Germany Index Fund
|
|
|
122,297
|
|
|
$
|
2,761,466
|
|
iShares MSCI Russia Capped Index Fund
|
|
|
83,368
|
|
|
|
1,881,616
|
|
iShares MSCI South Korea Index Fund
|
|
|
37,136
|
|
|
|
2,195,852
|
|
iShares MSCI Thailand Investable Market Index Fund
|
|
|
24,503
|
|
|
|
1,858,062
|
|
iShares MSCI Turkey Investable Market Index Fund
|
|
|
64,994
|
|
|
|
3,631,865
|
|
iShares S&P 500 Index Fund
|
|
|
19,591
|
|
|
|
2,828,940
|
|
Total Investments–100.0%
(Cost $14,532,415)
|
|
|
|
|
|
|
15,157,801
|
|
Liabilities in Excess of Other Assets–(0.0)%
†
|
|
|
|
|
|
|
(5,219
|
)
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
15,152,582
|
|
ADVISORSHARES TRUST
|
RANGER EQUITY BEAR ETF
(a)
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
MONEY MARKET FUNDS–47.6%
|
|
|
|
|
|
|
|
|
Morgan Stanley Institutional Liquidity Funds – Government Portfolio
|
|
|
50,000,000
|
|
|
$
|
50,000,000
|
|
Fidelity Institutional Government Money Market Portfolio - Class III
|
|
|
105,423,103
|
|
|
|
105,423,103
|
|
|
|
|
|
|
|
|
|
|
Total Investments Before Securities Sold, Not Yet Purchased (Cost $155,423,103)
|
|
|
|
|
|
|
155,423,103
|
|
|
|
|
|
|
|
|
|
|
Securities Sold, Not Yet Purchased–(92.7)%
|
|
|
|
|
|
|
|
|
COMMON STOCKS–(92.7)%
|
|
|
|
|
|
|
|
|
Aerospace/Defense–(6.5)%
|
|
|
|
|
|
|
|
|
Lockheed Martin Corp.
|
|
|
63,146
|
|
|
|
(5,896,574
|
)
|
Rockwell Collins, Inc.
|
|
|
174,700
|
|
|
|
(9,370,908
|
)
|
Spirit Aerosystems Holdings, Inc., Class A*
|
|
|
262,600
|
|
|
|
(5,832,346
|
)
|
Total Aerospace/Defense
|
|
|
|
|
|
|
(21,099,828
|
)
|
|
|
|
|
|
|
|
|
|
Airlines–(1.9)%
|
|
|
|
|
|
|
|
|
Alaska Air Group, Inc.*
|
|
|
175,000
|
|
|
|
(6,135,500
|
)
|
|
|
|
|
|
|
|
|
|
Apparel–(5.3)%
|
|
|
|
|
|
|
|
|
Coach, Inc.
|
|
|
223,300
|
|
|
|
(12,509,266
|
)
|
Steven Madden Ltd.*
|
|
|
108,500
|
|
|
|
(4,743,620
|
)
|
Total Apparel
|
|
|
|
|
|
|
(17,252,886
|
)
|
|
|
|
|
|
|
|
|
|
Auto Manufacturers–(1.8)%
|
|
|
|
|
|
|
|
|
PACCAR, Inc.
|
|
|
149,000
|
|
|
|
(5,963,725
|
)
|
|
|
|
|
|
|
|
|
|
Auto Parts & Equipment–(5.5)%
|
|
|
|
|
|
|
|
|
Goodyear Tire & Rubber Co. (The)*
|
|
|
755,801
|
|
|
|
(9,213,214
|
)
|
Johnson Controls, Inc.
|
|
|
320,300
|
|
|
|
(8,776,220
|
)
|
Total Auto Parts & Equipment
|
|
|
|
|
|
|
(17,989,434
|
)
|
|
|
|
|
|
Banks–(6.8)%
|
|
|
|
|
|
|
|
|
Citigroup, Inc.
|
|
|
251,895
|
|
|
|
(8,242,004
|
)
|
Deutsche Bank AG (Germany)
(b)
|
|
|
268,600
|
|
|
|
(10,649,990
|
)
|
ADVISORSHARES TRUST
|
RANGER EQUITY BEAR ETF
(a)
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Banks–(6.8)% (continued)
|
|
|
|
|
|
|
|
|
TCF Financial Corp.
|
|
|
282,800
|
|
|
$
|
(3,376,632
|
)
|
Total Banks
|
|
|
|
|
|
|
(22,268,626
|
)
|
|
|
|
|
|
Beverages–(2.5)%
|
|
|
|
|
|
|
|
|
Green Mountain Coffee Roasters, Inc.*
|
|
|
347,200
|
|
|
|
(8,246,000
|
)
|
|
|
|
|
|
|
|
|
|
Chemicals–(1.5)%
|
|
|
|
|
|
|
|
|
Dow Chemical Co. (The)
|
|
|
164,000
|
|
|
|
(4,749,440
|
)
|
|
|
|
|
|
|
|
|
|
Commercial Services–(3.4)%
|
|
|
|
|
|
|
|
|
Ritchie Bros Auctioneers, Inc. (Canada)
|
|
|
576,500
|
|
|
|
(11,086,095
|
)
|
|
|
|
|
|
|
|
|
|
Computers–(1.1)%
|
|
|
|
|
|
|
|
|
Super Micro Computer, Inc.*
|
|
|
289,165
|
|
|
|
(3,478,655
|
)
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale–(3.9)%
|
|
|
|
|
|
|
|
|
Fossil, Inc.*
|
|
|
94,800
|
|
|
|
(8,029,560
|
)
|
Pool Corp.
|
|
|
113,249
|
|
|
|
(4,708,893
|
)
|
Total Distribution/Wholesale
|
|
|
|
|
|
|
(12,738,453
|
)
|
|
|
|
|
|
|
|
|
|
Electrical Components & Equipment–(1.0)%
|
|
|
|
|
|
|
|
|
Graftech International Ltd.*
|
|
|
367,500
|
|
|
|
(3,303,825
|
)
|
|
|
|
|
|
Electronics–(1.6)%
|
|
|
|
|
|
|
|
|
Gentex Corp.
|
|
|
313,500
|
|
|
|
(5,332,635
|
)
|
|
|
|
|
|
|
|
|
|
Entertainment–(1.5)%
|
|
|
|
|
|
|
|
|
Penn National Gaming, Inc.*
|
|
|
114,600
|
|
|
|
(4,939,260
|
)
|
|
|
|
|
|
Environmental Control–(1.8)%
|
|
|
|
|
|
|
|
|
Clean Harbors, Inc.*
|
|
|
122,900
|
|
|
|
(6,003,665
|
)
|
|
|
|
|
|
Healthcare - Products–(1.3)%
|
|
|
|
|
|
|
|
|
Varian Medical Systems, Inc.*
|
|
|
70,900
|
|
|
|
(4,276,688
|
)
|
|
|
|
|
|
Internet–(10.6)%
|
|
|
|
|
|
|
|
|
Broadsoft, Inc.*
|
|
|
72,300
|
|
|
|
(2,965,746
|
)
|
Constant Contact, Inc.*
|
|
|
540,686
|
|
|
|
(9,407,937
|
)
|
F5 Networks, Inc.*
|
|
|
51,100
|
|
|
|
(5,350,170
|
)
|
HomeAway, Inc.*
|
|
|
143,200
|
|
|
|
(3,358,040
|
)
|
Netflix, Inc.*
|
|
|
137,528
|
|
|
|
(7,487,024
|
)
|
OpenTable, Inc.*
|
|
|
71,000
|
|
|
|
(2,953,600
|
)
|
ADVISORSHARES TRUST
|
RANGER EQUITY BEAR ETF
(a)
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Internet–(10.6)% (continued)
|
|
|
|
|
|
|
|
|
Splunk, Inc.*
|
|
|
85,961
|
|
|
$
|
(3,156,488
|
)
|
Total Internet
|
|
|
|
|
|
|
(34,679,005
|
)
|
|
|
|
|
|
Iron / Steel–(2.2)%
|
|
|
|
|
|
|
|
|
Vale SA (Brazil)
(c)
|
|
|
408,800
|
|
|
|
(7,317,520
|
)
|
|
|
|
|
|
|
|
|
|
Lodging–(1.6)%
|
|
|
|
|
|
|
|
|
Caesars Entertainment Corp.*
|
|
|
753,681
|
|
|
|
(5,125,031
|
)
|
|
|
|
|
|
Miscellaneous Manufacturing–(1.3)%
|
|
|
|
|
|
|
|
|
Aptargroup, Inc.
|
|
|
83,200
|
|
|
|
(4,302,272
|
)
|
|
|
|
|
|
|
|
|
|
Retail–(10.2)%
|
|
|
|
|
|
|
|
|
CarMax, Inc.*
|
|
|
265,600
|
|
|
|
(7,516,480
|
)
|
Coinstar, Inc.*
|
|
|
93,700
|
|
|
|
(4,214,626
|
)
|
Ross Stores, Inc.
|
|
|
92,700
|
|
|
|
(5,988,420
|
)
|
Tiffany & Co.
|
|
|
170,600
|
|
|
|
(10,556,728
|
)
|
Williams-Sonoma, Inc.
|
|
|
114,700
|
|
|
|
(5,043,359
|
)
|
Total Retail
|
|
|
|
|
|
|
(33,319,613
|
)
|
|
|
|
|
|
|
|
|
|
Semiconductors–(7.7)%
|
|
|
|
|
|
|
|
|
Lam Research Corp.*
|
|
|
273,361
|
|
|
|
(8,688,779
|
)
|
Marvell Technology Group Ltd. (Bermuda)
|
|
|
1,092,500
|
|
|
|
(9,996,375
|
)
|
Maxim Integrated Products, Inc.
|
|
|
243,900
|
|
|
|
(6,492,618
|
)
|
Total Semiconductors
|
|
|
|
|
|
|
(25,177,772
|
)
|
|
|
|
|
|
|
|
|
|
Software–(1.8)%
|
|
|
|
|
|
|
|
|
VMware, Inc., Class A*
|
|
|
59,300
|
|
|
|
(5,736,682
|
)
|
|
|
|
|
|
|
|
|
|
Telecommunications–(8.5)%
|
|
|
|
|
|
|
|
|
Acme Packet, Inc.*
|
|
|
428,700
|
|
|
|
(7,330,770
|
)
|
Finisar Corp.*
|
|
|
380,000
|
|
|
|
(5,434,000
|
)
|
Telefonaktiebolaget LM Ericsson (Sweden)
(c)
|
|
|
800,000
|
|
|
|
(7,304,000
|
)
|
ViaSat, Inc.*
|
|
|
202,200
|
|
|
|
(7,558,236
|
)
|
Total Telecommunications
|
|
|
|
|
|
|
(27,627,006
|
)
|
Transportation–(1.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Con-Way, Inc.
|
|
|
170,000
|
|
|
|
(4,652,900
|
)
|
Total Securities Sold, Not Yet Purchased [Proceeds Received $(297,712,193)]
|
|
|
|
|
|
|
(302,802,516
|
)
|
|
|
|
|
|
|
|
|
|
ADVISORSHARES TRUST
|
RANGER EQUITY BEAR ETF
(a)
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Total Investments–(45.1)%
[Cost $(142,289,090)]
|
|
|
|
|
|
$
|
(147,379,413
|
)
|
Other Assets in Excess of Liabilities–145.1%
|
|
|
|
|
|
|
474,053,660
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
326,674,247
|
|
*
|
Non-income producing security
|
(a)
|
Formerly Active Bear ETF
|
(b)
|
Registered Shares
|
(c)
|
American Depositary Receipt
|
Cash of $347,110,174 has been segregated to cover requirement
for open short sales as of September 30, 2012.
ADVISORSHARES TRUST
|
CAMBRIA GLOBAL TACTICAL ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED FUNDS–98.4%
|
Commodity Fund-21.1%
|
|
|
|
|
|
|
|
|
PowerShares DB Agriculture Fund*
|
|
|
94,607
|
|
|
$
|
2,782,392
|
|
PowerShares DB Base Metals Fund*
|
|
|
121,992
|
|
|
|
2,415,442
|
|
PowerShares DB Commodity Index Tracking Fund*
|
|
|
72,521
|
|
|
|
2,079,902
|
|
PowerShares DB Energy Fund*
|
|
|
73,833
|
|
|
|
2,099,072
|
|
PowerShares DB Precious Metals Fund*
|
|
|
50,421
|
|
|
|
3,108,959
|
|
United States Commodity Index Fund*
|
|
|
46,282
|
|
|
|
2,839,401
|
|
Total Commodity Fund
|
|
|
|
|
|
|
15,325,168
|
|
|
|
|
|
|
|
|
|
|
Debt Fund-17.9%
|
|
|
|
|
|
|
|
|
iShares Barclays 20+ Year Treasury Bond Fund
|
|
|
14,533
|
|
|
|
1,805,435
|
|
iShares iBoxx $ High Yield Corporate Bond Fund
|
|
|
30,638
|
|
|
|
2,830,032
|
|
iShares iBoxx $ Investment Grade Corporate Bond Fund
|
|
|
23,690
|
|
|
|
2,884,731
|
|
PowerShares Emerging Markets Sovereign Debt Portfolio
|
|
|
96,894
|
|
|
|
2,973,677
|
|
PowerShares Fundamental High Yield Corporate Bond Portfolio
|
|
|
129,559
|
|
|
|
2,469,394
|
|
Total Debt Fund
|
|
|
|
|
|
|
12,963,269
|
|
|
|
|
|
|
|
|
|
|
Equity Fund-59.4%
|
|
|
|
|
|
|
|
|
Consumer Discretionary Select Sector SPDR Fund
|
|
|
31,526
|
|
|
|
1,474,471
|
|
Consumer Staples Select Sector SPDR Fund
|
|
|
20,079
|
|
|
|
719,431
|
|
Financial Select Sector SPDR Fund
|
|
|
46,988
|
|
|
|
733,013
|
|
Health Care Select Sector SPDR Fund
|
|
|
36,919
|
|
|
|
1,480,821
|
|
Industrial Select Sector SPDR Fund
|
|
|
18,396
|
|
|
|
672,190
|
|
iShares FTSE NAREIT Mortgage Plus Capped Index Fund
|
|
|
155,745
|
|
|
|
2,340,847
|
|
iShares FTSE NAREIT Residential Plus Capped Index Fund
|
|
|
45,976
|
|
|
|
2,165,929
|
|
iShares MSCI All Peru Capped Index Fund
|
|
|
8,138
|
|
|
|
360,595
|
|
iShares MSCI Australia Index Fund
|
|
|
30,575
|
|
|
|
727,379
|
|
iShares MSCI Austria Investable Market Index Fund
|
|
|
22,790
|
|
|
|
349,371
|
|
iShares MSCI Belgium Investable Market Index Fund
|
|
|
62,315
|
|
|
|
783,923
|
|
iShares MSCI Canada Index Fund
|
|
|
12,876
|
|
|
|
366,451
|
|
iShares MSCI Chile Investable Market Index Fund
|
|
|
4,689
|
|
|
|
291,281
|
|
iShares MSCI EAFE Small Capital Index Fund
|
|
|
16,128
|
|
|
|
624,154
|
|
iShares MSCI France Index Fund
|
|
|
17,008
|
|
|
|
356,828
|
|
ADVISORSHARES TRUST
|
CAMBRIA GLOBAL TACTICAL ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Equity Fund-59.4% (continued)
|
|
|
|
|
|
|
|
|
iShares MSCI Germany Index Fund
|
|
|
16,659
|
|
|
$
|
376,160
|
|
iShares MSCI Hong Kong Index Fund
|
|
|
39,712
|
|
|
|
722,758
|
|
iShares MSCI Italy Index Fund
|
|
|
56,326
|
|
|
|
677,602
|
|
iShares MSCI Malaysia Index Fund
|
|
|
29,203
|
|
|
|
425,488
|
|
iShares MSCI Mexico Investable Market Index Fund
|
|
|
11,293
|
|
|
|
738,449
|
|
iShares MSCI Netherlands Investable Market Index Fund
|
|
|
39,135
|
|
|
|
723,997
|
|
iShares MSCI Singapore Index Fund
|
|
|
27,890
|
|
|
|
374,005
|
|
iShares MSCI South Africa Index Fund
|
|
|
5,410
|
|
|
|
361,117
|
|
iShares MSCI South Korea Index Fund
|
|
|
6,100
|
|
|
|
360,693
|
|
iShares MSCI Spain Index Fund
|
|
|
13,815
|
|
|
|
382,537
|
|
iShares MSCI Sweden Index Fund
|
|
|
11,099
|
|
|
|
313,658
|
|
iShares MSCI Switzerland Index Fund
|
|
|
14,150
|
|
|
|
347,948
|
|
iShares MSCI Taiwan Index Fund
|
|
|
28,033
|
|
|
|
374,521
|
|
iShares MSCI Thailand Investable Market Index Fund
|
|
|
10,022
|
|
|
|
759,968
|
|
iShares MSCI Turkey Investable Market Index Fund
|
|
|
13,287
|
|
|
|
742,478
|
|
iShares MSCI United Kingdom Index Fund
|
|
|
41,476
|
|
|
|
722,097
|
|
iShares Russell Microcap(R) Index Fund
|
|
|
7,098
|
|
|
|
375,058
|
|
Market Vectors Gold Miners ETF
|
|
|
26,770
|
|
|
|
1,437,817
|
|
Market Vectors Indonesia Index ETF
|
|
|
12,662
|
|
|
|
362,007
|
|
Market Vectors Junior Gold Miners ETF
|
|
|
29,079
|
|
|
|
718,833
|
|
Market Vectors Russia ETF
|
|
|
12,342
|
|
|
|
355,326
|
|
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
|
|
|
6,427
|
|
|
|
216,397
|
|
PowerShares FTSE RAFI Emerging Markets Portfolio
|
|
|
25,035
|
|
|
|
533,996
|
|
PowerShares FTSE RAFI US 1000 Portfolio
|
|
|
5,927
|
|
|
|
364,748
|
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio
|
|
|
4,326
|
|
|
|
292,957
|
|
PowerShares QQQ Trust, Series 1
|
|
|
5,219
|
|
|
|
357,919
|
|
SPDR Dow Jones International Real Estate ETF
|
|
|
94,237
|
|
|
|
3,698,802
|
|
SPDR S&P Emerging Markets SmallCap ETF
|
|
|
13,952
|
|
|
|
620,166
|
|
Technology Select Sector SPDR Fund
|
|
|
46,635
|
|
|
|
1,437,757
|
|
Vanguard FTSE All-World ex-U.S. ETF
|
|
|
17,483
|
|
|
|
751,070
|
|
Vanguard Global ex-U.S. Real Estate ETF
|
|
|
43,574
|
|
|
|
2,241,011
|
|
Vanguard Mid-Cap ETF
|
|
|
4,462
|
|
|
|
362,359
|
|
Vanguard MSCI Emerging Markets ETF
|
|
|
2,596
|
|
|
|
108,383
|
|
ADVISORSHARES TRUST
|
CAMBRIA GLOBAL TACTICAL ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Equity Fund-59.4% (continued)
|
|
|
|
|
|
|
|
|
Vanguard REIT ETF
|
|
|
75,479
|
|
|
$
|
4,903,871
|
|
Vanguard Small-Cap ETF
|
|
|
4,576
|
|
|
|
366,721
|
|
Vanguard Total Stock Market ETF
|
|
|
4,934
|
|
|
|
363,389
|
|
WisdomTree Emerging Markets Equity Income Fund
|
|
|
2,651
|
|
|
|
142,279
|
|
WisdomTree Emerging Markets SmallCap Dividend Fund
|
|
|
13,232
|
|
|
|
606,819
|
|
WisdomTree International SmallCap Dividend Fund
|
|
|
13,029
|
|
|
|
615,620
|
|
Total Equity Fund
|
|
|
|
|
|
|
43,083,465
|
|
Total Exchange Traded Funds
(Cost $67,525,426)
|
|
|
|
|
|
|
71,371,902
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–1.5%
|
|
|
|
|
|
|
|
|
Invesco Government & Agency Portfolio - Private Investment Class
(Cost $1,098,501)
|
|
|
1,098,501
|
|
|
|
1,098,501
|
|
|
|
|
|
|
|
|
|
|
Total Investments–99.9%
(Cost $68,623,927)
|
|
|
|
|
|
|
72,470,403
|
|
Other Assets in Excess of Liabilities–0.1%
|
|
|
|
|
|
|
71,023
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
72,541,426
|
|
____________
ETF - Exchange Traded Fund
REIT - Real Estate Investment Trust
*
|
Non-income producing security
|
ADVISORSHARES TRUST
|
ADVISORSHARES GLOBAL ECHO ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS–47.9%
|
|
Auto Manufacturers–0.5%
|
|
|
|
|
|
|
|
|
Ford Motor Co.
|
|
|
2,480
|
|
|
$
|
24,453
|
|
|
|
|
|
|
|
|
|
|
Auto Parts & Equipment–1.4%
|
|
|
|
|
|
|
|
|
Johnson Controls, Inc.
|
|
|
2,661
|
|
|
|
72,911
|
|
|
|
|
|
|
|
|
|
|
Banks–2.0%
|
|
|
|
|
|
|
|
|
Banco Bradesco SA (Brazil)
(a)
|
|
|
3,041
|
|
|
|
48,869
|
|
City National Corp.
|
|
|
519
|
|
|
|
26,734
|
|
Itau Unibanco Holding SA (Brazil)
(a)
|
|
|
1,816
|
|
|
|
27,748
|
|
Total Banks
|
|
|
|
|
|
|
103,351
|
|
|
|
|
|
|
|
|
|
|
Biotechnology–2.6%
|
|
|
|
|
|
|
|
|
Life Technologies Corp.*
|
|
|
933
|
|
|
|
45,605
|
|
Novozymes A/S (Denmark)
(a)
|
|
|
3,139
|
|
|
|
87,107
|
|
Total Biotechnology
|
|
|
|
|
|
|
132,712
|
|
|
|
|
|
|
|
|
|
|
Building Materials–0.7%
|
|
|
|
|
|
|
|
|
TOTO Ltd. (Japan)
(a)
|
|
|
2,420
|
|
|
|
35,598
|
|
|
|
|
|
|
|
|
|
|
Commercial Services–2.0%
|
|
|
|
|
|
|
|
|
Automatic Data Processing, Inc.
|
|
|
699
|
|
|
|
41,003
|
|
MasterCard, Inc., Class A
|
|
|
98
|
|
|
|
44,245
|
|
Zipcar, Inc.*
|
|
|
2,293
|
|
|
|
17,840
|
|
Total Commercial Services
|
|
|
|
|
|
|
103,088
|
|
|
|
|
|
|
|
|
|
|
Computers–3.3%
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
105
|
|
|
|
70,062
|
|
EMC Corp.*
|
|
|
1,539
|
|
|
|
41,969
|
|
Maxwell Technologies, Inc.*
|
|
|
3,585
|
|
|
|
29,110
|
|
Stratasys, Inc.*
|
|
|
544
|
|
|
|
29,594
|
|
Total Computers
|
|
|
|
|
|
|
170,735
|
|
ADVISORSHARES TRUST
|
ADVISORSHARES GLOBAL ECHO ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Cosmetics/Personal Care–1.1%
|
|
|
|
|
|
|
|
|
Procter & Gamble Co. (The)
|
|
|
856
|
|
|
$
|
59,372
|
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale–1.0%
|
|
|
|
|
|
|
|
|
LKQ Corp.*
|
|
|
2,966
|
|
|
|
54,871
|
|
|
|
|
|
|
|
|
|
|
Electric–0.4%
|
|
|
|
|
|
|
|
|
EnerNOC, Inc.*
|
|
|
1,618
|
|
|
|
21,002
|
|
|
|
|
|
|
|
|
|
|
Electronics–1.2%
|
|
|
|
|
|
|
|
|
Itron, Inc.*
|
|
|
1,467
|
|
|
|
63,301
|
|
|
|
|
|
|
|
|
|
|
Engineering & Construction–0.6%
|
|
|
|
|
|
|
|
|
Aegion Corp., Class A*
|
|
|
1,514
|
|
|
|
29,008
|
|
|
|
|
|
|
|
|
|
|
Environmental Control–0.9%
|
|
|
|
|
|
|
|
|
Stericycle, Inc.*
|
|
|
220
|
|
|
|
19,914
|
|
Tomra Systems ASA (Norway)
(a)
|
|
|
3,004
|
|
|
|
26,465
|
|
Total Environmental Control
|
|
|
|
|
|
|
46,379
|
|
|
|
|
|
|
|
|
|
|
Food–4.2%
|
|
|
|
|
|
|
|
|
Annie's, Inc.*
|
|
|
300
|
|
|
|
13,452
|
|
Hain Celestial Group, Inc. (The)*
|
|
|
847
|
|
|
|
53,361
|
|
Nestle SA (Switzerland)
(a)
|
|
|
658
|
|
|
|
41,592
|
|
Smart Balance, Inc.*
|
|
|
3,573
|
|
|
|
43,162
|
|
United Natural Foods, Inc.*
|
|
|
1,164
|
|
|
|
68,036
|
|
Total Food
|
|
|
|
|
|
|
219,603
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Products–0.8%
|
|
|
|
|
|
|
|
|
Covidien PLC (Ireland)
|
|
|
708
|
|
|
|
42,069
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Services–0.8%
|
|
|
|
|
|
|
|
|
Laboratory Corp. of America Holdings*
|
|
|
428
|
|
|
|
39,577
|
|
ADVISORSHARES TRUST
|
ADVISORSHARES GLOBAL ECHO ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Home Builders–0.8%
|
|
|
|
|
|
|
|
|
Daiwa House Industry Co. Ltd. (Japan)
(a)
|
|
|
282
|
|
|
$
|
40,749
|
|
|
|
|
|
|
|
|
|
|
Internet–1.7%
|
|
|
|
|
|
|
|
|
F5 Networks, Inc.*
|
|
|
336
|
|
|
|
35,179
|
|
Google, Inc., Class A*
|
|
|
70
|
|
|
|
52,815
|
|
Total Internet
|
|
|
|
|
|
|
87,994
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturing–1.1%
|
|
|
|
|
|
|
|
|
Aptargroup, Inc.
|
|
|
749
|
|
|
|
38,731
|
|
Pure Technologies Ltd. (Canada)*
|
|
|
3,754
|
|
|
|
18,124
|
|
Total Miscellaneous Manufacturing
|
|
|
|
|
|
|
56,855
|
|
|
|
|
|
|
|
|
|
|
Office Furnishings–0.1%
|
|
|
|
|
|
|
|
|
Virco Manufacturing Corp.*
|
|
|
2,153
|
|
|
|
5,103
|
|
|
|
|
|
|
|
|
|
|
Office/Business Equipment–0.4%
|
|
|
|
|
|
|
|
|
Canon, Inc. (Japan)
(a)
|
|
|
616
|
|
|
|
19,718
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas–1.5%
|
|
|
|
|
|
|
|
|
Devon Energy Corp.
|
|
|
577
|
|
|
|
34,909
|
|
EnCana Corp. (Canada)
|
|
|
1,886
|
|
|
|
41,341
|
|
Total Oil & Gas
|
|
|
|
|
|
|
76,250
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals–4.6%
|
|
|
|
|
|
|
|
|
GlaxoSmithKline PLC (United Kingdom)
(a)
|
|
|
1,127
|
|
|
|
52,113
|
|
Johnson & Johnson
|
|
|
667
|
|
|
|
45,963
|
|
Novartis AG (Switzerland)
(a)
|
|
|
938
|
|
|
|
57,462
|
|
Perrigo Co.
|
|
|
337
|
|
|
|
39,149
|
|
Teva Pharmaceutical Industries Ltd. (Israel)
(a)
|
|
|
1,013
|
|
|
|
41,948
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
236,635
|
|
|
|
|
|
|
|
|
|
|
Retail–3.1%
|
|
|
|
|
|
|
|
|
Chipotle Mexican Grill, Inc.*
|
|
|
67
|
|
|
|
21,275
|
|
Coinstar, Inc.*
|
|
|
305
|
|
|
|
13,719
|
|
CVS Caremark Corp.
|
|
|
1,111
|
|
|
|
53,795
|
|
ADVISORSHARES TRUST
|
ADVISORSHARES GLOBAL ECHO ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Home Depot, Inc. (The)
|
|
|
731
|
|
|
$
|
44,130
|
|
J.C. Penney Co., Inc.
|
|
|
1,200
|
|
|
|
29,148
|
|
Total Retail
|
|
|
|
|
|
|
162,067
|
|
|
|
|
|
|
|
|
|
|
Semiconductors–3.1%
|
|
|
|
|
|
|
|
|
Broadcom Corp., Class A
|
|
|
1,137
|
|
|
|
39,317
|
|
Cree, Inc.*
|
|
|
1,022
|
|
|
|
26,092
|
|
First Solar, Inc.*
|
|
|
1,468
|
|
|
|
32,509
|
|
Intel Corp.
|
|
|
1,414
|
|
|
|
32,069
|
|
NXP Semiconductors NV (Netherlands)*
|
|
|
1,193
|
|
|
|
29,837
|
|
Total Semiconductors
|
|
|
|
|
|
|
159,824
|
|
|
|
|
|
|
|
|
|
|
Software–0.6%
|
|
|
|
|
|
|
|
|
Adobe Systems, Inc.*
|
|
|
667
|
|
|
|
21,651
|
|
Informatica Corp.*
|
|
|
330
|
|
|
|
11,487
|
|
Total Software
|
|
|
|
|
|
|
33,138
|
|
|
|
|
|
|
|
|
|
|
Telecommunications–4.7%
|
|
|
|
|
|
|
|
|
Cisco Systems, Inc.
|
|
|
3,875
|
|
|
|
73,974
|
|
Corning, Inc.
|
|
|
1,917
|
|
|
|
25,209
|
|
Millicom International Cellular SA (Luxembourg)*
|
|
|
455
|
|
|
|
42,265
|
|
Telefonica Brasil SA (Brazil)
(a)
|
|
|
1,295
|
|
|
|
28,153
|
|
Telenor ASA (Norway)
(a)
|
|
|
1,232
|
|
|
|
71,838
|
|
Total Telecommunications
|
|
|
|
|
|
|
241,439
|
|
|
|
|
|
|
|
|
|
|
Transportation–1.0%
|
|
|
|
|
|
|
|
|
Canadian National Railway Co. (Canada)
|
|
|
287
|
|
|
|
25,322
|
|
Union Pacific Corp.
|
|
|
248
|
|
|
|
29,438
|
|
Total Transportation
|
|
|
|
|
|
|
54,760
|
|
|
|
|
|
|
|
|
|
|
Water–1.7%
|
|
|
|
|
|
|
|
|
American Water Works Co., Inc.
|
|
|
593
|
|
|
|
21,977
|
|
Severn Trent PLC (United Kingdom)
(a)
|
|
|
2,450
|
|
|
|
66,446
|
|
Total Water
|
|
|
|
|
|
|
88,423
|
|
|
|
|
|
|
|
|
|
|
ADVISORSHARES TRUST
|
ADVISORSHARES GLOBAL ECHO ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Total Common Stocks
(Cost $2,295,094)
|
|
|
|
|
|
$
|
2,480,985
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS–10.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federated Government Obligations Fund
|
|
|
68,618
|
|
|
|
68,618
|
|
Fidelity Institutional Money Market Government Portfolio - Class I
|
|
|
220,320
|
|
|
|
220,320
|
|
Fidelity Institutional Money Market Portfolio - Institutional Class
|
|
|
233,485
|
|
|
|
233,485
|
|
|
|
|
|
|
|
|
|
|
Total Money Market Funds
(Cost $522,423)
|
|
|
|
|
|
|
522,423
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE BACKED SECURITIES–5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government National Mortgage Association, Pool G2-783417, 4.50%, 08/20/41
(Cost $263,122)
|
|
|
240,014
|
|
|
|
265,794
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL MORTGAGE BACKED SECURITIES–6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government National Mortgage Association, Class B, Series 2011-64, 4.00%@, 10/16/44
(Cost $330,202)
|
|
|
300,000
|
|
|
|
337,454
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS–5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kirkwood Community College, GO Bonds, 5.40%, 06/01/13
|
|
|
90,000
|
|
|
|
92,882
|
|
ADVISORSHARES TRUST
|
ADVISORSHARES GLOBAL ECHO ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Tippecanoe County School Building Corp., Revenue Bonds, (State Aid Withholding) 4.54%, 01/15/17
|
|
|
150,000
|
|
|
$
|
168,315
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds
(Cost $261,129)
|
|
|
|
|
|
|
261,197
|
|
|
|
|
|
|
|
|
|
|
ASSET BACKED SECURITIES–3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA 100087, 4.58%, 09/25/36
(Cost $184,743)
|
|
|
172,550
|
|
|
|
187,120
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS–21.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Fund–21.3%
|
|
|
|
|
|
|
|
|
Ranger Equity Bear ETF (The)*†
|
|
|
746
|
|
|
|
15,644
|
|
Global X Lithium ETF
|
|
|
2,752
|
|
|
|
42,518
|
|
Guggenheim S&P Global Water Index ETF
|
|
|
1,960
|
|
|
|
42,512
|
|
iShares MSCI KLD 400 Social Index Fund
|
|
|
3,600
|
|
|
|
187,576
|
|
Pax MSCI EAFE ESG Index ETF
|
|
|
1,500
|
|
|
|
34,410
|
|
PowerShares Cleantech Portfolio
|
|
|
1,674
|
|
|
|
36,276
|
|
PowerShares Global Clean Energy Portfolio
|
|
|
9,500
|
|
|
|
72,295
|
|
PowerShares Water Resources Portfolio
|
|
|
3,200
|
|
|
|
62,368
|
|
PowerShares Wilderhill Clean Energy Portfolio
|
|
|
9,060
|
|
|
|
37,599
|
|
ProShares Short 20+ Year Treasury*
|
|
|
600
|
|
|
|
17,454
|
|
ProShares Short FTSE China 25*
|
|
|
100
|
|
|
|
4,184
|
|
ProShares Short MSCI EAFE*
|
|
|
300
|
|
|
|
13,623
|
|
SPDR Barclays Capital 1-3 Month T-Bill ETF*
|
|
|
11,700
|
|
|
|
535,977
|
|
|
|
|
|
|
|
|
|
|
Total Exchange Traded Funds
(Cost $1,081,150)
|
|
|
|
|
|
|
1,102,436
|
|
|
|
|
|
|
|
|
|
|
ADVISORSHARES TRUST
|
ADVISORSHARES GLOBAL ECHO ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Total Investments–99.5%
(Cost $4,937,863)
|
|
|
|
|
|
$
|
5,157,409
|
|
Other Assets in Excess of Liabilities–0.5%
|
|
|
|
|
|
|
27,777
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
5,185,186
|
|
____________
ETF- Exchange Traded Fund
1
|
|
(a)
|
American Depositary Receipt
|
*
|
Non-income producing security
|
@
|
Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2012.
|
†
|
Affiliated company.
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS–98.7%
|
Advertising-0.2%
|
|
|
|
|
|
|
|
|
Omnicom Group, Inc.
|
|
|
533
|
|
|
$
|
27,481
|
|
|
|
|
|
|
|
|
|
|
Aerospace/Defense-1.5%
|
|
|
|
|
|
|
|
|
Boeing Co. (The)
|
|
|
307
|
|
|
|
21,373
|
|
General Dynamics Corp.
|
|
|
595
|
|
|
|
39,342
|
|
L-3 Communications Holdings, Inc.
|
|
|
190
|
|
|
|
13,625
|
|
Lockheed Martin Corp.
|
|
|
214
|
|
|
|
19,983
|
|
Northrop Grumman Corp.
|
|
|
321
|
|
|
|
21,324
|
|
Rockwell Collins, Inc.
|
|
|
651
|
|
|
|
34,920
|
|
TransDigm Group, Inc.*
|
|
|
365
|
|
|
|
51,783
|
|
United Technologies Corp.
|
|
|
460
|
|
|
|
36,013
|
|
Total Aerospace/Defense
|
|
|
|
|
|
|
238,363
|
|
|
|
|
|
|
|
|
|
|
Agriculture-0.9%
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
439
|
|
|
|
14,658
|
|
Archer-Daniels-Midland Co.
|
|
|
768
|
|
|
|
20,874
|
|
Bunge Ltd. (Bermuda)
|
|
|
737
|
|
|
|
49,416
|
|
Lorillard, Inc.
|
|
|
145
|
|
|
|
16,885
|
|
Philip Morris International, Inc.
|
|
|
238
|
|
|
|
21,406
|
|
Reynolds American, Inc.
|
|
|
313
|
|
|
|
13,566
|
|
Total Agriculture
|
|
|
|
|
|
|
136,805
|
|
|
|
|
|
|
|
|
|
|
Airlines-0.9%
|
|
|
|
|
|
|
|
|
Delta Air Lines, Inc.*
|
|
|
5,125
|
|
|
|
46,945
|
|
Southwest Airlines Co.
|
|
|
6,313
|
|
|
|
55,365
|
|
United Continental Holdings, Inc.*
|
|
|
2,288
|
|
|
|
44,616
|
|
Total Airlines
|
|
|
|
|
|
|
146,926
|
|
|
|
|
|
|
|
|
|
|
Apparel-0.9%
|
|
|
|
|
|
|
|
|
Coach, Inc.
|
|
|
770
|
|
|
|
43,135
|
|
Nike, Inc., Class B
|
|
|
308
|
|
|
|
29,232
|
|
Ralph Lauren Corp.
|
|
|
215
|
|
|
|
32,515
|
|
VF Corp.
|
|
|
262
|
|
|
|
41,752
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Apparel-0.9% (continued)
|
|
|
|
|
|
|
|
|
Total Apparel
|
|
|
|
|
|
$
|
146,634
|
|
|
|
|
|
|
|
|
|
|
Auto Manufacturers-1.1%
|
|
|
|
|
|
|
|
|
Ford Motor Co.
|
|
|
4,678
|
|
|
|
46,125
|
|
General Motors Co.*
|
|
|
3,053
|
|
|
|
69,456
|
|
PACCAR, Inc.
|
|
|
1,391
|
|
|
|
55,675
|
|
Total Auto Manufacturers
|
|
|
|
|
|
|
171,256
|
|
|
|
|
|
|
|
|
|
|
Auto Parts & Equipment-0.7%
|
|
|
|
|
|
|
|
|
BorgWarner, Inc.*
|
|
|
818
|
|
|
|
56,532
|
|
Johnson Controls, Inc.
|
|
|
1,937
|
|
|
|
53,074
|
|
Total Auto Parts & Equipment
|
|
|
|
|
|
|
109,606
|
|
|
|
|
|
|
|
|
|
|
Banks-5.0%
|
|
|
|
|
|
|
|
|
Bank of America Corp.
|
|
|
3,766
|
|
|
|
33,254
|
|
Bank of New York Mellon Corp. (The)
|
|
|
1,952
|
|
|
|
44,154
|
|
BB&T Corp.
|
|
|
1,215
|
|
|
|
40,289
|
|
Capital One Financial Corp.
|
|
|
729
|
|
|
|
41,560
|
|
CIT Group, Inc.*
|
|
|
314
|
|
|
|
12,369
|
|
Citigroup, Inc.
|
|
|
1,826
|
|
|
|
59,747
|
|
Comerica, Inc.
|
|
|
1,227
|
|
|
|
38,098
|
|
Fifth Third Bancorp
|
|
|
1,820
|
|
|
|
28,228
|
|
Goldman Sachs Group, Inc. (The)
|
|
|
547
|
|
|
|
62,183
|
|
Huntington Bancshares, Inc.
|
|
|
3,230
|
|
|
|
22,287
|
|
JPMorgan Chase & Co.
|
|
|
828
|
|
|
|
33,517
|
|
KeyCorp
|
|
|
2,474
|
|
|
|
21,623
|
|
M&T Bank Corp.
|
|
|
306
|
|
|
|
29,119
|
|
Morgan Stanley
|
|
|
3,831
|
|
|
|
64,131
|
|
Northern Trust Corp.
|
|
|
715
|
|
|
|
33,187
|
|
PNC Financial Services Group, Inc.
|
|
|
281
|
|
|
|
17,731
|
|
Regions Financial Corp.
|
|
|
4,363
|
|
|
|
31,457
|
|
State Street Corp.
|
|
|
968
|
|
|
|
40,617
|
|
SunTrust Banks, Inc.
|
|
|
1,735
|
|
|
|
49,049
|
|
US Bancorp
|
|
|
824
|
|
|
|
28,263
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Banks-5.0% (continued)
|
|
|
|
|
|
|
|
|
Wells Fargo & Co.
|
|
|
1,282
|
|
|
$
|
44,268
|
|
Total Banks
|
|
|
|
|
|
|
775,131
|
|
|
|
|
|
|
|
|
|
|
Beverages-0.7%
|
|
|
|
|
|
|
|
|
Beam, Inc.
|
|
|
254
|
|
|
|
14,615
|
|
Brown-Forman Corp., Class B
|
|
|
181
|
|
|
|
11,810
|
|
Coca-Cola Co. (The)
|
|
|
380
|
|
|
|
14,413
|
|
Coca-Cola Enterprises, Inc.
|
|
|
864
|
|
|
|
27,017
|
|
Dr Pepper Snapple Group, Inc.
|
|
|
413
|
|
|
|
18,391
|
|
Monster Beverage Corp.*
|
|
|
262
|
|
|
|
14,190
|
|
PepsiCo, Inc.
|
|
|
141
|
|
|
|
9,979
|
|
Total Beverages
|
|
|
|
|
|
|
110,415
|
|
|
|
|
|
|
|
|
|
|
Biotechnology-1.9%
|
|
|
|
|
|
|
|
|
Alexion Pharmaceuticals, Inc.*
|
|
|
196
|
|
|
|
22,422
|
|
Amgen, Inc.
|
|
|
374
|
|
|
|
31,536
|
|
Biogen Idec, Inc.*
|
|
|
165
|
|
|
|
24,623
|
|
Celgene Corp.*
|
|
|
803
|
|
|
|
61,349
|
|
Gilead Sciences, Inc.*
|
|
|
953
|
|
|
|
63,213
|
|
Life Technologies Corp.*
|
|
|
881
|
|
|
|
43,063
|
|
Regeneron Pharmaceuticals, Inc.*
|
|
|
135
|
|
|
|
20,609
|
|
Vertex Pharmaceuticals, Inc.*
|
|
|
399
|
|
|
|
22,324
|
|
Total Biotechnology
|
|
|
|
|
|
|
289,139
|
|
|
|
|
|
|
|
|
|
|
Chemicals-4.0%
|
|
|
|
|
|
|
|
|
Air Products & Chemicals, Inc.
|
|
|
441
|
|
|
|
36,471
|
|
Airgas, Inc.
|
|
|
400
|
|
|
|
32,920
|
|
Albemarle Corp.
|
|
|
726
|
|
|
|
38,246
|
|
Ashland, Inc.
|
|
|
744
|
|
|
|
53,270
|
|
Celanese Corp., Series A
|
|
|
1,498
|
|
|
|
56,789
|
|
CF Industries Holdings, Inc.
|
|
|
275
|
|
|
|
61,116
|
|
Dow Chemical Co. (The)
|
|
|
975
|
|
|
|
28,236
|
|
E.I. du Pont de Nemours & Co.
|
|
|
748
|
|
|
|
37,602
|
|
Eastman Chemical Co.
|
|
|
646
|
|
|
|
36,828
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Chemicals-4.0% (continued)
|
|
|
|
|
|
|
|
|
Ecolab, Inc.
|
|
|
376
|
|
|
$
|
24,369
|
|
FMC Corp.
|
|
|
535
|
|
|
|
29,628
|
|
Monsanto Co.
|
|
|
294
|
|
|
|
26,760
|
|
Mosaic Co. (The)
|
|
|
911
|
|
|
|
52,483
|
|
PPG Industries, Inc.
|
|
|
304
|
|
|
|
34,911
|
|
Praxair, Inc.
|
|
|
224
|
|
|
|
23,269
|
|
Sherwin-Williams Co. (The)
|
|
|
150
|
|
|
|
22,337
|
|
Sigma-Aldrich Corp.
|
|
|
238
|
|
|
|
17,129
|
|
Total Chemicals
|
|
|
|
|
|
|
612,364
|
|
|
|
|
|
|
|
|
|
|
Commercial Services-2.6%
|
|
|
|
|
|
|
|
|
Alliance Data Systems Corp.*
|
|
|
307
|
|
|
|
43,579
|
|
Automatic Data Processing, Inc.
|
|
|
321
|
|
|
|
18,830
|
|
Equifax, Inc.
|
|
|
582
|
|
|
|
27,109
|
|
Hertz Global Holdings, Inc.*
|
|
|
4,397
|
|
|
|
60,371
|
|
Iron Mountain, Inc.
|
|
|
642
|
|
|
|
21,899
|
|
MasterCard, Inc., Class A
|
|
|
92
|
|
|
|
41,536
|
|
Moody's Corp.
|
|
|
1,150
|
|
|
|
50,795
|
|
Paychex, Inc.
|
|
|
528
|
|
|
|
17,577
|
|
Verisk Analytics, Inc., Class A*
|
|
|
375
|
|
|
|
17,854
|
|
Visa, Inc., Class A
|
|
|
332
|
|
|
|
44,581
|
|
Western Union Co. (The)
|
|
|
2,831
|
|
|
|
51,581
|
|
Total Commercial Services
|
|
|
|
|
|
|
395,712
|
|
|
|
|
|
|
|
|
|
|
Computers-3.3%
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
95
|
|
|
|
63,390
|
|
Cognizant Technology Solutions Corp., Class A*
|
|
|
829
|
|
|
|
57,964
|
|
Dell, Inc.
|
|
|
4,054
|
|
|
|
39,972
|
|
EMC Corp.*
|
|
|
1,929
|
|
|
|
52,604
|
|
Hewlett-Packard Co.
|
|
|
3,128
|
|
|
|
53,363
|
|
IHS, Inc., Class A*
|
|
|
262
|
|
|
|
25,506
|
|
International Business Machines Corp.
|
|
|
203
|
|
|
|
42,112
|
|
NetApp, Inc.*
|
|
|
1,392
|
|
|
|
45,769
|
|
SanDisk Corp.*
|
|
|
703
|
|
|
|
30,531
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Computers-3.3% (continued)
|
|
|
|
|
|
|
|
|
Teradata Corp.*
|
|
|
390
|
|
|
$
|
29,410
|
|
Western Digital Corp.
|
|
|
1,752
|
|
|
|
67,855
|
|
Total Computers
|
|
|
|
|
|
|
508,476
|
|
|
|
|
|
|
|
|
|
|
Cosmetics/Personal Care-0.4%
|
|
|
|
|
|
|
|
|
Avon Products, Inc.
|
|
|
377
|
|
|
|
6,013
|
|
Colgate-Palmolive Co.
|
|
|
133
|
|
|
|
14,260
|
|
Estee Lauder Cos., Inc. (The), Class A
|
|
|
510
|
|
|
|
31,401
|
|
Procter & Gamble Co. (The)
|
|
|
191
|
|
|
|
13,248
|
|
Total Cosmetics/Personal Care
|
|
|
|
|
|
|
64,922
|
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale-0.8%
|
|
|
|
|
|
|
|
|
Fastenal Co.
|
|
|
517
|
|
|
|
22,226
|
|
Genuine Parts Co.
|
|
|
324
|
|
|
|
19,774
|
|
LKQ Corp.*
|
|
|
2,700
|
|
|
|
49,950
|
|
W.W. Grainger, Inc.
|
|
|
169
|
|
|
|
35,214
|
|
Total Distribution/Wholesale
|
|
|
|
|
|
|
127,164
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services-3.3%
|
|
|
|
|
|
|
|
|
Affiliated Managers Group, Inc.*
|
|
|
370
|
|
|
|
45,510
|
|
American Express Co.
|
|
|
626
|
|
|
|
35,594
|
|
Ameriprise Financial, Inc.
|
|
|
1,006
|
|
|
|
57,030
|
|
BlackRock, Inc.
|
|
|
219
|
|
|
|
39,048
|
|
Charles Schwab Corp. (The)
|
|
|
1,955
|
|
|
|
25,005
|
|
CME Group, Inc.
|
|
|
403
|
|
|
|
23,092
|
|
Discover Financial Services
|
|
|
1,262
|
|
|
|
50,139
|
|
Franklin Resources, Inc.
|
|
|
319
|
|
|
|
39,897
|
|
IntercontinentalExchange, Inc.*
|
|
|
199
|
|
|
|
26,549
|
|
Invesco Ltd. (Bermuda)
|
|
|
1,848
|
|
|
|
46,182
|
|
NYSE Euronext
|
|
|
1,348
|
|
|
|
33,228
|
|
SLM Corp.
|
|
|
2,261
|
|
|
|
35,543
|
|
T. Rowe Price Group, Inc.
|
|
|
464
|
|
|
|
29,371
|
|
TD Ameritrade Holding Corp.
|
|
|
1,727
|
|
|
|
26,544
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
512,732
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Electric-1.8%
|
|
|
|
|
|
|
|
|
AES Corp. (The)*
|
|
|
2,442
|
|
|
$
|
26,789
|
|
Alliant Energy Corp.
|
|
|
242
|
|
|
|
10,500
|
|
American Electric Power Co., Inc.
|
|
|
202
|
|
|
|
8,876
|
|
Calpine Corp.*
|
|
|
2,403
|
|
|
|
41,572
|
|
CMS Energy Corp.
|
|
|
537
|
|
|
|
12,646
|
|
Consolidated Edison, Inc.
|
|
|
125
|
|
|
|
7,486
|
|
Dominion Resources, Inc.
|
|
|
179
|
|
|
|
9,476
|
|
DTE Energy Co.
|
|
|
154
|
|
|
|
9,231
|
|
Duke Energy Corp.
|
|
|
184
|
|
|
|
11,923
|
|
Edison International
|
|
|
179
|
|
|
|
8,179
|
|
Entergy Corp.
|
|
|
105
|
|
|
|
7,277
|
|
FirstEnergy Corp.
|
|
|
145
|
|
|
|
6,395
|
|
NextEra Energy, Inc.
|
|
|
174
|
|
|
|
12,237
|
|
Northeast Utilities
|
|
|
297
|
|
|
|
11,354
|
|
OGE Energy Corp.
|
|
|
225
|
|
|
|
12,479
|
|
PG&E Corp.
|
|
|
252
|
|
|
|
10,753
|
|
Pinnacle West Capital Corp.
|
|
|
244
|
|
|
|
12,883
|
|
PPL Corp.
|
|
|
568
|
|
|
|
16,500
|
|
SCANA Corp.
|
|
|
201
|
|
|
|
9,702
|
|
Southern Co. (The)
|
|
|
229
|
|
|
|
10,555
|
|
Wisconsin Energy Corp.
|
|
|
232
|
|
|
|
8,739
|
|
Xcel Energy, Inc.
|
|
|
362
|
|
|
|
10,031
|
|
Total Electric
|
|
|
|
|
|
|
275,583
|
|
|
|
|
|
|
|
|
|
|
Electrical Components & Equipment-0.5%
|
|
|
|
|
|
|
|
|
AMETEK, Inc.
|
|
|
905
|
|
|
|
32,082
|
|
Emerson Electric Co.
|
|
|
919
|
|
|
|
44,360
|
|
Total Electrical Components & Equipment
|
|
|
|
|
|
|
76,442
|
|
|
|
|
|
|
|
|
|
|
Electronics-1.9%
|
|
|
|
|
|
|
|
|
Agilent Technologies, Inc.
|
|
|
1,301
|
|
|
|
50,023
|
|
Amphenol Corp., Class A
|
|
|
774
|
|
|
|
45,573
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Electronics-1.9% (continued)
|
|
|
|
|
|
|
|
|
Honeywell International, Inc.
|
|
|
810
|
|
|
$
|
48,398
|
|
Thermo Fisher Scientific, Inc.
|
|
|
895
|
|
|
|
52,653
|
|
Trimble Navigation Ltd.*
|
|
|
1,150
|
|
|
|
54,809
|
|
Waters Corp.*
|
|
|
414
|
|
|
|
34,499
|
|
Total Electronics
|
|
|
|
|
|
|
285,955
|
|
|
|
|
|
|
|
|
|
|
Engineering & Construction-0.4%
|
|
|
|
|
|
|
|
|
Engility Holdings, Inc.*
|
|
|
32
|
|
|
|
590
|
|
Fluor Corp.
|
|
|
1,002
|
|
|
|
56,393
|
|
Total Engineering & Construction
|
|
|
|
|
|
|
56,983
|
|
|
|
|
|
|
|
|
|
|
Environmental Control-0.5%
|
|
|
|
|
|
|
|
|
Republic Services, Inc.
|
|
|
1,417
|
|
|
|
38,982
|
|
Stericycle, Inc.*
|
|
|
218
|
|
|
|
19,733
|
|
Waste Management, Inc.
|
|
|
546
|
|
|
|
17,516
|
|
Total Environmental Control
|
|
|
|
|
|
|
76,231
|
|
|
|
|
|
|
|
|
|
|
Food-1.8%
|
|
|
|
|
|
|
|
|
Campbell Soup Co.
|
|
|
308
|
|
|
|
10,725
|
|
ConAgra Foods, Inc.
|
|
|
670
|
|
|
|
18,485
|
|
General Mills, Inc.
|
|
|
423
|
|
|
|
16,856
|
|
H.J. Heinz Co.
|
|
|
256
|
|
|
|
14,323
|
|
Hershey Co. (The)
|
|
|
174
|
|
|
|
12,335
|
|
Hormel Foods Corp.
|
|
|
867
|
|
|
|
25,351
|
|
JM Smucker Co. (The)
|
|
|
240
|
|
|
|
20,719
|
|
Kellogg Co.
|
|
|
366
|
|
|
|
18,908
|
|
Kraft Foods, Inc., Class A*
|
|
|
557
|
|
|
|
23,032
|
|
Kroger Co. (The)
|
|
|
1,658
|
|
|
|
39,029
|
|
McCormick & Co., Inc.
|
|
|
246
|
|
|
|
15,262
|
|
Tyson Foods, Inc., Class A
|
|
|
2,378
|
|
|
|
38,096
|
|
Whole Foods Market, Inc.
|
|
|
198
|
|
|
|
19,285
|
|
Total Food
|
|
|
|
|
|
|
272,406
|
|
|
|
|
|
|
|
|
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Forest Products & Paper-0.2%
|
|
|
|
|
|
|
|
|
International Paper Co.
|
|
|
786
|
|
|
$
|
28,548
|
|
|
|
|
|
|
|
|
|
|
Gas-0.3%
|
|
|
|
|
|
|
|
|
CenterPoint Energy, Inc.
|
|
|
422
|
|
|
|
8,989
|
|
NiSource, Inc.
|
|
|
707
|
|
|
|
18,014
|
|
Sempra Energy
|
|
|
194
|
|
|
|
12,511
|
|
Total Gas
|
|
|
|
|
|
|
39,514
|
|
|
|
|
|
|
|
|
|
|
Hand/Machine Tools-0.3%
|
|
|
|
|
|
|
|
|
Stanley Black & Decker, Inc.
|
|
|
663
|
|
|
|
50,554
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Products-2.8%
|
|
|
|
|
|
|
|
|
Baxter International, Inc.
|
|
|
498
|
|
|
|
30,009
|
|
Becton Dickinson and Co.
|
|
|
299
|
|
|
|
23,489
|
|
Boston Scientific Corp.*
|
|
|
3,107
|
|
|
|
17,834
|
|
C.R. Bard, Inc.
|
|
|
182
|
|
|
|
19,046
|
|
CareFusion Corp.*
|
|
|
1,088
|
|
|
|
30,888
|
|
DENTSPLY International, Inc.
|
|
|
783
|
|
|
|
29,864
|
|
Edwards Lifesciences Corp.*
|
|
|
223
|
|
|
|
23,944
|
|
Henry Schein, Inc.*
|
|
|
295
|
|
|
|
23,385
|
|
Hospira, Inc.*
|
|
|
781
|
|
|
|
25,632
|
|
Idexx Laboratories, Inc.*
|
|
|
195
|
|
|
|
19,373
|
|
Intuitive Surgical, Inc.*
|
|
|
38
|
|
|
|
18,834
|
|
Medtronic, Inc.
|
|
|
609
|
|
|
|
26,260
|
|
St. Jude Medical, Inc.
|
|
|
863
|
|
|
|
36,358
|
|
Stryker Corp.
|
|
|
622
|
|
|
|
34,621
|
|
Varian Medical Systems, Inc.*
|
|
|
611
|
|
|
|
36,856
|
|
Zimmer Holdings, Inc.
|
|
|
506
|
|
|
|
34,216
|
|
Total Healthcare - Products
|
|
|
|
|
|
|
430,609
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Services-2.5%
|
|
|
|
|
|
|
|
|
Aetna, Inc.
|
|
|
1,303
|
|
|
|
51,599
|
|
Cigna Corp.
|
|
|
1,130
|
|
|
|
53,302
|
|
DaVita, Inc.*
|
|
|
303
|
|
|
|
31,394
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Healthcare - Services-2.5% (continued)
|
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
|
|
1,762
|
|
|
$
|
58,587
|
|
Humana, Inc.
|
|
|
503
|
|
|
|
35,285
|
|
Laboratory Corp. of America Holdings*
|
|
|
392
|
|
|
|
36,248
|
|
Quest Diagnostics, Inc.
|
|
|
541
|
|
|
|
34,316
|
|
UnitedHealth Group, Inc.
|
|
|
815
|
|
|
|
45,159
|
|
WellPoint, Inc.
|
|
|
785
|
|
|
|
45,538
|
|
Total Healthcare - Services
|
|
|
|
|
|
|
391,428
|
|
|
|
|
|
|
|
|
|
|
Home Builders-0.2%
|
|
|
|
|
|
|
|
|
DR Horton, Inc.
|
|
|
375
|
|
|
|
7,740
|
|
Lennar Corp., Class A
|
|
|
706
|
|
|
|
24,548
|
|
Total Home Builders
|
|
|
|
|
|
|
32,288
|
|
|
|
|
|
|
|
|
|
|
Household Products/Wares-0.3%
|
|
|
|
|
|
|
|
|
Church & Dwight Co., Inc.
|
|
|
262
|
|
|
|
14,145
|
|
Clorox Co. (The)
|
|
|
174
|
|
|
|
12,537
|
|
Kimberly-Clark Corp.
|
|
|
195
|
|
|
|
16,727
|
|
Total Household Products/Wares
|
|
|
|
|
|
|
43,409
|
|
|
|
|
|
|
|
|
|
|
Housewares-0.2%
|
|
|
|
|
|
|
|
|
Newell Rubbermaid, Inc.
|
|
|
1,658
|
|
|
|
31,651
|
|
|
|
|
|
|
|
|
|
|
Insurance-4.8%
|
|
|
|
|
|
|
|
|
Aflac, Inc.
|
|
|
1,150
|
|
|
|
55,062
|
|
Allstate Corp. (The)
|
|
|
1,274
|
|
|
|
50,463
|
|
American International Group, Inc.*
|
|
|
1,585
|
|
|
|
51,972
|
|
Aon PLC
|
|
|
643
|
|
|
|
33,623
|
|
Berkshire Hathaway, Inc., Class B*
|
|
|
203
|
|
|
|
17,905
|
|
Chubb Corp. (The)
|
|
|
368
|
|
|
|
28,071
|
|
Cincinnati Financial Corp.
|
|
|
252
|
|
|
|
9,548
|
|
CNA Financial Corp.
|
|
|
1,093
|
|
|
|
29,292
|
|
Hartford Financial Services Group, Inc. (The)
|
|
|
3,536
|
|
|
|
68,740
|
|
Lincoln National Corp.
|
|
|
2,490
|
|
|
|
60,233
|
|
Marsh & McLennan Cos., Inc.
|
|
|
897
|
|
|
|
30,435
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Insurance-4.8% (continued)
|
|
|
|
|
|
|
|
|
MetLife, Inc.
|
|
|
1,901
|
|
|
$
|
65,508
|
|
Principal Financial Group, Inc.
|
|
|
1,999
|
|
|
|
53,853
|
|
Progressive Corp. (The)
|
|
|
745
|
|
|
|
15,451
|
|
Prudential Financial, Inc.
|
|
|
1,056
|
|
|
|
57,563
|
|
Travelers Cos., Inc. (The)
|
|
|
648
|
|
|
|
44,233
|
|
Unum Group
|
|
|
2,605
|
|
|
|
50,068
|
|
WR Berkley Corp.
|
|
|
570
|
|
|
|
21,369
|
|
Total Insurance
|
|
|
|
|
|
|
743,389
|
|
|
|
|
|
|
|
|
|
|
Internet-3.0%
|
|
|
|
|
|
|
|
|
Amazon.com, Inc.*
|
|
|
35
|
|
|
|
8,901
|
|
eBay, Inc.*
|
|
|
807
|
|
|
|
39,067
|
|
Equinix, Inc.*
|
|
|
99
|
|
|
|
20,399
|
|
Expedia, Inc.
|
|
|
574
|
|
|
|
33,200
|
|
F5 Networks, Inc.*
|
|
|
495
|
|
|
|
51,826
|
|
Facebook, Inc., Class A*
|
|
|
467
|
|
|
|
10,111
|
|
Google, Inc., Class A*
|
|
|
85
|
|
|
|
64,132
|
|
Groupon, Inc., Class A*
|
|
|
1,177
|
|
|
|
5,602
|
|
LinkedIn Corp., Class A*
|
|
|
140
|
|
|
|
16,856
|
|
Priceline.com, Inc.*
|
|
|
72
|
|
|
|
44,549
|
|
Rackspace Hosting, Inc.*
|
|
|
533
|
|
|
|
35,226
|
|
Symantec Corp.*
|
|
|
3,085
|
|
|
|
55,530
|
|
TripAdvisor, Inc.*
|
|
|
403
|
|
|
|
13,271
|
|
VeriSign, Inc.*
|
|
|
569
|
|
|
|
27,705
|
|
Yahoo! Inc.*
|
|
|
2,158
|
|
|
|
34,474
|
|
Total Internet
|
|
|
|
|
|
|
460,849
|
|
|
|
|
|
|
|
|
|
|
Iron/Steel-0.4%
|
|
|
|
|
|
|
|
|
Cliffs Natural Resources, Inc.
|
|
|
1,088
|
|
|
|
42,574
|
|
Nucor Corp.
|
|
|
362
|
|
|
|
13,850
|
|
Total Iron/Steel
|
|
|
|
|
|
|
56,424
|
|
|
|
|
|
|
|
|
|
|
Leisure Time-0.7%
|
|
|
|
|
|
|
|
|
Carnival Corp. (Panama)
|
|
|
964
|
|
|
|
35,128
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Leisure Time-0.7% (continued)
|
|
|
|
|
|
|
|
|
Harley-Davidson, Inc.
|
|
|
854
|
|
|
$
|
36,184
|
|
Royal Caribbean Cruises Ltd. (Liberia)
|
|
|
1,234
|
|
|
|
37,279
|
|
Total Leisure Time
|
|
|
|
|
|
|
108,591
|
|
|
|
|
|
|
|
|
|
|
Lodging-1.8%
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corp., Class A*
|
|
|
462
|
|
|
|
18,549
|
|
Las Vegas Sands Corp.
|
|
|
1,323
|
|
|
|
61,348
|
|
Marriott International, Inc., Class A
|
|
|
898
|
|
|
|
35,112
|
|
Starwood Hotels & Resorts Worldwide, Inc.
|
|
|
767
|
|
|
|
44,455
|
|
Wyndham Worldwide Corp.
|
|
|
936
|
|
|
|
49,121
|
|
Wynn Resorts Ltd.
|
|
|
533
|
|
|
|
61,530
|
|
Total Lodging
|
|
|
|
|
|
|
270,115
|
|
|
|
|
|
|
|
|
|
|
Machinery - Construction & Mining-0.8%
|
|
|
|
|
|
|
|
|
Caterpillar, Inc.
|
|
|
655
|
|
|
|
56,356
|
|
Joy Global, Inc.
|
|
|
1,171
|
|
|
|
65,646
|
|
Total Machinery - Construction & Mining
|
|
|
|
|
|
|
122,002
|
|
|
|
|
|
|
|
|
|
|
Machinery - Diversified-1.5%
|
|
|
|
|
|
|
|
|
Cummins, Inc.
|
|
|
595
|
|
|
|
54,865
|
|
Deere & Co.
|
|
|
591
|
|
|
|
48,752
|
|
Flowserve Corp.
|
|
|
309
|
|
|
|
39,472
|
|
Rockwell Automation, Inc.
|
|
|
757
|
|
|
|
52,649
|
|
Roper Industries, Inc.
|
|
|
262
|
|
|
|
28,791
|
|
Total Machinery - Diversified
|
|
|
|
|
|
|
224,529
|
|
|
|
|
|
|
|
|
|
|
Media-4.4%
|
|
|
|
|
|
|
|
|
CBS Corp., Class B
|
|
|
1,310
|
|
|
|
47,592
|
|
Comcast Corp., Class A
|
|
|
1,276
|
|
|
|
45,643
|
|
DIRECTV*
|
|
|
1,090
|
|
|
|
57,181
|
|
Discovery Communications, Inc., Class A*
|
|
|
953
|
|
|
|
56,827
|
|
DISH Network Corp., Class A
|
|
|
391
|
|
|
|
11,968
|
|
Liberty Global, Inc., Class A*
|
|
|
770
|
|
|
|
46,777
|
|
Liberty Media Corp. - Capital, Class A*
|
|
|
159
|
|
|
|
16,563
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Media-4.4% (continued)
|
|
|
|
|
|
|
|
|
McGraw-Hill Cos., Inc. (The)
|
|
|
717
|
|
|
$
|
39,141
|
|
News Corp., Class A
|
|
|
2,241
|
|
|
|
54,972
|
|
Scripps Networks Interactive, Inc., Class A
|
|
|
614
|
|
|
|
37,595
|
|
Sirius XM Radio, Inc.*
|
|
|
25,151
|
|
|
|
65,393
|
|
Time Warner Cable, Inc.
|
|
|
580
|
|
|
|
55,135
|
|
Time Warner, Inc.
|
|
|
1,094
|
|
|
|
49,591
|
|
Viacom, Inc., Class B
|
|
|
1,076
|
|
|
|
57,663
|
|
Walt Disney Co. (The)
|
|
|
770
|
|
|
|
40,256
|
|
Total Media
|
|
|
|
|
|
|
682,297
|
|
|
|
|
|
|
|
|
|
|
Metal Fabricate/Hardware-0.2%
|
|
|
|
|
|
|
|
|
Precision Castparts Corp.
|
|
|
223
|
|
|
|
36,425
|
|
|
|
|
|
|
|
|
|
|
Mining-0.7%
|
|
|
|
|
|
|
|
|
Alcoa, Inc.
|
|
|
2,908
|
|
|
|
25,736
|
|
Freeport-McMoRan Copper & Gold, Inc.
|
|
|
733
|
|
|
|
29,012
|
|
Southern Copper Corp.
|
|
|
1,372
|
|
|
|
47,142
|
|
Total Mining
|
|
|
|
|
|
|
101,890
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturing-2.7%
|
|
|
|
|
|
|
|
|
3M Co.
|
|
|
354
|
|
|
|
32,717
|
|
Danaher Corp.
|
|
|
811
|
|
|
|
44,727
|
|
Dover Corp.
|
|
|
922
|
|
|
|
54,850
|
|
Eaton Corp.
|
|
|
1,325
|
|
|
|
62,619
|
|
General Electric Co.
|
|
|
2,123
|
|
|
|
48,213
|
|
Illinois Tool Works, Inc.
|
|
|
689
|
|
|
|
40,975
|
|
Pall Corp.
|
|
|
502
|
|
|
|
31,872
|
|
Parker Hannifin Corp.
|
|
|
531
|
|
|
|
44,381
|
|
Textron, Inc.
|
|
|
2,362
|
|
|
|
61,813
|
|
Total Miscellaneous Manufacturing
|
|
|
|
|
|
|
422,167
|
|
|
|
|
|
|
|
|
|
|
Office/Business Equipment-0.3%
|
|
|
|
|
|
|
|
|
Xerox Corp.
|
|
|
6,009
|
|
|
|
44,106
|
|
|
|
|
|
|
|
|
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Oil & Gas-6.3%
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corp.
|
|
|
269
|
|
|
$
|
18,808
|
|
Apache Corp.
|
|
|
320
|
|
|
|
27,670
|
|
Cabot Oil & Gas Corp.
|
|
|
324
|
|
|
|
14,548
|
|
Chesapeake Energy Corp.
|
|
|
469
|
|
|
|
8,850
|
|
Concho Resources, Inc.*
|
|
|
633
|
|
|
|
59,977
|
|
CONSOL Energy, Inc.
|
|
|
552
|
|
|
|
16,588
|
|
Continental Resources, Inc.*
|
|
|
647
|
|
|
|
49,754
|
|
Denbury Resources, Inc.*
|
|
|
4,203
|
|
|
|
67,921
|
|
Devon Energy Corp.
|
|
|
489
|
|
|
|
29,585
|
|
Diamond Offshore Drilling, Inc.
|
|
|
635
|
|
|
|
41,789
|
|
EOG Resources, Inc.
|
|
|
348
|
|
|
|
38,993
|
|
EQT Corp.
|
|
|
431
|
|
|
|
25,429
|
|
Exxon Mobil Corp.
|
|
|
206
|
|
|
|
18,839
|
|
Hess Corp.
|
|
|
1,226
|
|
|
|
65,861
|
|
HollyFrontier Corp.
|
|
|
1,475
|
|
|
|
60,873
|
|
Linn Energy LLC
|
|
|
221
|
|
|
|
9,114
|
|
Marathon Oil Corp.
|
|
|
941
|
|
|
|
27,825
|
|
Marathon Petroleum Corp.
|
|
|
1,159
|
|
|
|
63,270
|
|
Murphy Oil Corp.
|
|
|
438
|
|
|
|
23,516
|
|
Noble Energy, Inc.
|
|
|
243
|
|
|
|
22,529
|
|
Peabody Energy Corp.
|
|
|
2,200
|
|
|
|
49,038
|
|
Phillips 66
|
|
|
605
|
|
|
|
28,054
|
|
Pioneer Natural Resources Co.
|
|
|
685
|
|
|
|
71,514
|
|
QEP Resources, Inc.
|
|
|
1,650
|
|
|
|
52,239
|
|
Southwestern Energy Co.*
|
|
|
477
|
|
|
|
16,590
|
|
Valero Energy Corp.
|
|
|
1,818
|
|
|
|
57,594
|
|
Total Oil & Gas
|
|
|
|
|
|
|
966,768
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Services-2.6%
|
|
|
|
|
|
|
|
|
Baker Hughes, Inc.
|
|
|
1,375
|
|
|
|
62,191
|
|
Cameron International Corp.*
|
|
|
1,172
|
|
|
|
65,714
|
|
FMC Technologies, Inc.*
|
|
|
1,169
|
|
|
|
54,125
|
|
Halliburton Co.
|
|
|
1,880
|
|
|
|
63,337
|
|
National Oilwell Varco, Inc.
|
|
|
759
|
|
|
|
60,804
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Oil & Gas Services-2.6% (continued)
|
|
|
|
|
|
|
|
|
Oceaneering International, Inc.
|
|
|
781
|
|
|
$
|
43,150
|
|
Schlumberger Ltd. (Curacao)
|
|
|
755
|
|
|
|
54,609
|
|
Total Oil & Gas Services
|
|
|
|
|
|
|
403,930
|
|
|
|
|
|
|
|
|
|
|
Packaging & Containers-0.2%
|
|
|
|
|
|
|
|
|
Ball Corp.
|
|
|
897
|
|
|
|
37,952
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals-2.3%
|
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
|
366
|
|
|
|
25,093
|
|
Allergan, Inc.
|
|
|
242
|
|
|
|
22,162
|
|
AmerisourceBergen Corp.
|
|
|
1,009
|
|
|
|
39,058
|
|
Bristol-Myers Squibb Co.
|
|
|
229
|
|
|
|
7,729
|
|
Cardinal Health, Inc.
|
|
|
926
|
|
|
|
36,086
|
|
Johnson & Johnson
|
|
|
226
|
|
|
|
15,574
|
|
McKesson Corp.
|
|
|
463
|
|
|
|
39,832
|
|
Mead Johnson Nutrition Co.
|
|
|
212
|
|
|
|
15,535
|
|
Merck & Co., Inc.
|
|
|
253
|
|
|
|
11,410
|
|
Mylan, Inc.*
|
|
|
2,279
|
|
|
|
55,608
|
|
Perrigo Co.
|
|
|
203
|
|
|
|
23,583
|
|
Pfizer, Inc.
|
|
|
464
|
|
|
|
11,530
|
|
Watson Pharmaceuticals, Inc.*
|
|
|
522
|
|
|
|
44,454
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
347,654
|
|
|
|
|
|
|
|
|
|
|
Pipelines-1.5%
|
|
|
|
|
|
|
|
|
Buckeye Partners LP
|
|
|
170
|
|
|
|
8,155
|
|
El Paso Pipeline Partners LP
|
|
|
375
|
|
|
|
13,957
|
|
Enbridge Energy Partners LP
|
|
|
254
|
|
|
|
7,478
|
|
Energy Transfer Equity LP
|
|
|
485
|
|
|
|
21,922
|
|
Enterprise Products Partners LP
|
|
|
190
|
|
|
|
10,184
|
|
Kinder Morgan Energy Partners LP
|
|
|
95
|
|
|
|
7,838
|
|
Kinder Morgan Management LLC*
|
|
|
86
|
|
|
|
6,570
|
|
Kinder Morgan, Inc.
|
|
|
347
|
|
|
|
12,325
|
|
Magellan Midstream Partners LP
|
|
|
163
|
|
|
|
14,256
|
|
Markwest Energy Partners LP
|
|
|
206
|
|
|
|
11,211
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Pipelines-1.5% (continued)
|
|
|
|
|
|
|
|
|
ONEOK Partners LP
|
|
|
150
|
|
|
$
|
8,925
|
|
ONEOK, Inc.
|
|
|
603
|
|
|
|
29,131
|
|
Plains All American Pipeline LP
|
|
|
137
|
|
|
|
12,083
|
|
Spectra Energy Corp.
|
|
|
349
|
|
|
|
10,247
|
|
Williams Cos., Inc. (The)
|
|
|
1,173
|
|
|
|
41,020
|
|
Williams Partners LP
|
|
|
212
|
|
|
|
11,592
|
|
Total Pipelines
|
|
|
|
|
|
|
226,894
|
|
|
|
|
|
|
|
|
|
|
Private Equity-0.4%
|
|
|
|
|
|
|
|
|
Blackstone Group LP (The)
|
|
|
4,085
|
|
|
|
58,334
|
|
|
|
|
|
|
|
|
|
|
Real Estate-0.3%
|
|
|
|
|
|
|
|
|
CBRE Group, Inc.*
|
|
|
2,686
|
|
|
|
49,449
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust-1.2%
|
|
|
|
|
|
|
|
|
American Capital Agency Corp.
|
|
|
411
|
|
|
|
14,216
|
|
American Tower Corp., Class A
|
|
|
173
|
|
|
|
12,350
|
|
Annaly Capital Management, Inc.
|
|
|
783
|
|
|
|
13,186
|
|
AvalonBay Communities, Inc.
|
|
|
55
|
|
|
|
7,479
|
|
Camden Property Trust
|
|
|
110
|
|
|
|
7,094
|
|
Digital Realty Trust, Inc.
|
|
|
96
|
|
|
|
6,706
|
|
Entertainment Properties Trust
|
|
|
792
|
|
|
|
35,189
|
|
Essex Property Trust, Inc.
|
|
|
37
|
|
|
|
5,485
|
|
Federal Realty Investment Trust
|
|
|
57
|
|
|
|
6,002
|
|
HCP, Inc.
|
|
|
190
|
|
|
|
8,451
|
|
Health Care REIT, Inc.
|
|
|
106
|
|
|
|
6,122
|
|
Host Hotels & Resorts, Inc.
|
|
|
439
|
|
|
|
7,046
|
|
Kimco Realty Corp.
|
|
|
330
|
|
|
|
6,689
|
|
Plum Creek Timber Co., Inc.
|
|
|
154
|
|
|
|
6,751
|
|
Public Storage
|
|
|
47
|
|
|
|
6,541
|
|
Rayonier, Inc.
|
|
|
348
|
|
|
|
17,055
|
|
Simon Property Group, Inc.
|
|
|
41
|
|
|
|
6,224
|
|
Ventas, Inc.
|
|
|
94
|
|
|
|
5,852
|
|
Weyerhaeuser Co.
|
|
|
249
|
|
|
|
6,509
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Real Estate Investment Trust-1.2% (continued)
|
|
|
|
|
|
|
|
|
Total Real Estate Investment Trust
|
|
|
|
|
|
$
|
184,947
|
|
|
|
|
|
|
|
|
|
|
Retail-8.7%
|
|
|
|
|
|
|
|
|
Advance Auto Parts, Inc.
|
|
|
635
|
|
|
|
43,459
|
|
AutoZone, Inc.*
|
|
|
118
|
|
|
|
43,621
|
|
Bed Bath & Beyond, Inc.*
|
|
|
733
|
|
|
|
46,179
|
|
Best Buy Co., Inc.
|
|
|
2,532
|
|
|
|
43,525
|
|
CarMax, Inc.*
|
|
|
1,485
|
|
|
|
42,026
|
|
Chipotle Mexican Grill, Inc.*
|
|
|
48
|
|
|
|
15,242
|
|
Costco Wholesale Corp.
|
|
|
219
|
|
|
|
21,927
|
|
CVS Caremark Corp.
|
|
|
739
|
|
|
|
35,782
|
|
Darden Restaurants, Inc.
|
|
|
775
|
|
|
|
43,206
|
|
Dick's Sporting Goods, Inc.
|
|
|
712
|
|
|
|
36,917
|
|
Dollar General Corp.*
|
|
|
682
|
|
|
|
35,150
|
|
Dollar Tree, Inc.*
|
|
|
655
|
|
|
|
31,620
|
|
Family Dollar Stores, Inc.
|
|
|
486
|
|
|
|
32,222
|
|
Gap, Inc. (The)
|
|
|
986
|
|
|
|
35,279
|
|
Home Depot, Inc. (The)
|
|
|
640
|
|
|
|
38,637
|
|
Kohl's Corp.
|
|
|
1,038
|
|
|
|
53,166
|
|
Lowe's Cos., Inc.
|
|
|
1,688
|
|
|
|
51,045
|
|
Ltd. Brands, Inc.
|
|
|
726
|
|
|
|
35,763
|
|
Macy's, Inc.
|
|
|
1,437
|
|
|
|
54,060
|
|
McDonald's Corp.
|
|
|
234
|
|
|
|
21,470
|
|
Nordstrom, Inc.
|
|
|
709
|
|
|
|
39,123
|
|
O'Reilly Automotive, Inc.*
|
|
|
390
|
|
|
|
32,612
|
|
PetSmart, Inc.
|
|
|
448
|
|
|
|
30,903
|
|
PVH Corp.
|
|
|
612
|
|
|
|
57,357
|
|
Ross Stores, Inc.
|
|
|
400
|
|
|
|
25,840
|
|
Sally Beauty Holdings, Inc.*
|
|
|
1,572
|
|
|
|
39,441
|
|
Staples, Inc.
|
|
|
3,720
|
|
|
|
42,854
|
|
Starbucks Corp.
|
|
|
519
|
|
|
|
26,339
|
|
Target Corp.
|
|
|
576
|
|
|
|
36,559
|
|
Tiffany & Co.
|
|
|
757
|
|
|
|
46,843
|
|
TJX Cos., Inc. (The)
|
|
|
564
|
|
|
|
25,262
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Retail-8.7% (continued)
|
|
|
|
|
|
|
|
|
Tractor Supply Co.
|
|
|
377
|
|
|
$
|
37,282
|
|
ULTA Salon Cosmetics & Fragrance, Inc.
|
|
|
303
|
|
|
|
29,180
|
|
Walgreen Co.
|
|
|
1,450
|
|
|
|
52,838
|
|
Wal-Mart Stores, Inc.
|
|
|
332
|
|
|
|
24,502
|
|
Yum! Brands, Inc.
|
|
|
392
|
|
|
|
26,005
|
|
Total Retail
|
|
|
|
|
|
|
1,333,236
|
|
|
|
|
|
|
|
|
|
|
Savings & Loans-0.1%
|
|
|
|
|
|
|
|
|
New York Community Bancorp, Inc.
|
|
|
747
|
|
|
|
10,578
|
|
|
|
|
|
|
|
|
|
|
Semiconductors-3.3%
|
|
|
|
|
|
|
|
|
Altera Corp.
|
|
|
1,104
|
|
|
|
37,519
|
|
Analog Devices, Inc.
|
|
|
772
|
|
|
|
30,255
|
|
Applied Materials, Inc.
|
|
|
3,036
|
|
|
|
33,897
|
|
Broadcom Corp., Class A
|
|
|
1,576
|
|
|
|
54,498
|
|
Intel Corp.
|
|
|
1,858
|
|
|
|
42,139
|
|
KLA-Tencor Corp.
|
|
|
925
|
|
|
|
44,127
|
|
Lam Research Corp.*
|
|
|
1,030
|
|
|
|
32,739
|
|
Linear Technology Corp.
|
|
|
663
|
|
|
|
21,117
|
|
Maxim Integrated Products, Inc.
|
|
|
1,236
|
|
|
|
32,902
|
|
Microchip Technology, Inc.
|
|
|
849
|
|
|
|
27,796
|
|
NVIDIA Corp.*
|
|
|
3,411
|
|
|
|
45,503
|
|
QUALCOMM, Inc.
|
|
|
796
|
|
|
|
49,742
|
|
Texas Instruments, Inc.
|
|
|
802
|
|
|
|
22,095
|
|
Xilinx, Inc.
|
|
|
978
|
|
|
|
32,675
|
|
Total Semiconductors
|
|
|
|
|
|
|
507,004
|
|
|
|
|
|
|
|
|
|
|
Software-4.0%
|
|
|
|
|
|
|
|
|
Activision Blizzard, Inc.
|
|
|
3,958
|
|
|
|
44,646
|
|
Adobe Systems, Inc.*
|
|
|
1,059
|
|
|
|
34,375
|
|
Akamai Technologies, Inc.*
|
|
|
1,036
|
|
|
|
39,637
|
|
ANSYS, Inc.*
|
|
|
562
|
|
|
|
41,251
|
|
Autodesk, Inc.*
|
|
|
1,306
|
|
|
|
43,581
|
|
BMC Software, Inc.*
|
|
|
827
|
|
|
|
34,312
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Software-4.0% (continued)
|
|
|
|
|
|
|
|
|
CA, Inc.
|
|
|
1,283
|
|
|
$
|
33,057
|
|
Cerner Corp.*
|
|
|
240
|
|
|
|
18,579
|
|
Citrix Systems, Inc.*
|
|
|
303
|
|
|
|
23,201
|
|
Fidelity National Information Services, Inc.
|
|
|
1,047
|
|
|
|
32,687
|
|
Fiserv, Inc.*
|
|
|
490
|
|
|
|
36,275
|
|
Intuit, Inc.
|
|
|
601
|
|
|
|
35,387
|
|
Microsoft Corp.
|
|
|
1,230
|
|
|
|
36,629
|
|
Nuance Communications, Inc.*
|
|
|
1,974
|
|
|
|
49,133
|
|
Oracle Corp.
|
|
|
1,568
|
|
|
|
49,376
|
|
Red Hat, Inc.*
|
|
|
294
|
|
|
|
16,740
|
|
Salesforce.com, Inc.*
|
|
|
78
|
|
|
|
11,910
|
|
VMware, Inc., Class A*
|
|
|
357
|
|
|
|
34,536
|
|
Total Software
|
|
|
|
|
|
|
615,312
|
|
|
|
|
|
|
|
|
|
|
Telecommunications-2.1%
|
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
|
391
|
|
|
|
14,741
|
|
Centurylink, Inc.
|
|
|
331
|
|
|
|
13,372
|
|
Cisco Systems, Inc.
|
|
|
2,731
|
|
|
|
52,135
|
|
Corning, Inc.
|
|
|
3,038
|
|
|
|
39,950
|
|
Crown Castle International Corp.*
|
|
|
224
|
|
|
|
14,358
|
|
Juniper Networks, Inc.*
|
|
|
2,790
|
|
|
|
47,737
|
|
Motorola Solutions, Inc.
|
|
|
1,012
|
|
|
|
51,157
|
|
Verizon Communications, Inc.
|
|
|
339
|
|
|
|
15,448
|
|
Virgin Media, Inc.
|
|
|
2,439
|
|
|
|
71,804
|
|
Total Telecommunications
|
|
|
|
|
|
|
320,702
|
|
|
|
|
|
|
|
|
|
|
Textiles-0.2%
|
|
|
|
|
|
|
|
|
Cintas Corp.
|
|
|
717
|
|
|
|
29,720
|
|
|
|
|
|
|
|
|
|
|
Toys/Games/Hobbies-0.2%
|
|
|
|
|
|
|
|
|
Mattel, Inc.
|
|
|
728
|
|
|
|
25,829
|
|
|
|
|
|
|
|
|
|
|
Transportation-2.0%
|
|
|
|
|
|
|
|
|
C.H. Robinson Worldwide, Inc.
|
|
|
431
|
|
|
|
25,235
|
|
ADVISORSHARES TRUST
|
MADRONA DOMESTIC ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Transportation-2.0% (continued)
|
|
|
|
|
|
|
|
|
CSX Corp.
|
|
|
1,975
|
|
|
$
|
40,981
|
|
Expeditors International of Washington, Inc.
|
|
|
539
|
|
|
|
19,598
|
|
FedEx Corp.
|
|
|
481
|
|
|
|
40,702
|
|
JB Hunt Transport Services, Inc.
|
|
|
610
|
|
|
|
31,745
|
|
Kansas City Southern
|
|
|
544
|
|
|
|
41,224
|
|
Norfolk Southern Corp.
|
|
|
633
|
|
|
|
40,278
|
|
Union Pacific Corp.
|
|
|
387
|
|
|
|
45,937
|
|
United Parcel Service, Inc., Class B
|
|
|
349
|
|
|
|
24,978
|
|
Total Transportation
|
|
|
|
|
|
|
310,678
|
|
|
|
|
|
|
|
|
|
|
Water-0.1%
|
|
|
|
|
|
|
|
|
American Water Works Co., Inc.
|
|
|
462
|
|
|
|
17,122
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $14,309,188)
|
|
|
|
|
|
|
15,183,620
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–1.4%
|
|
|
|
|
|
|
|
|
Fidelity Institutional Prime Money Market Portfolio - Class I
(Cost $209,240)
|
|
|
209,240
|
|
|
|
209,240
|
|
|
|
|
|
|
|
|
|
|
Total Investments–100.0%
(Cost $14,518,428)
|
|
|
|
|
|
|
15,392,860
|
|
Liabilities in Excess of Other Assets–(0.0%)
†
|
|
|
|
|
|
|
(3,193
|
)
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
15,389,667
|
|
*
|
Non-income producing security
|
†
|
Less than (0.05)%.
|
ADVISORSHARES TRUST
|
MADRONA GLOBAL BOND ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED FUNDS–99.3%
|
Asset Allocation Fund-4.1%
|
|
|
|
|
|
|
|
|
SPDR Barclays Capital Convertible Securities ETF
|
|
|
23,184
|
|
|
$
|
917,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Fund-91.2%
|
|
|
|
|
|
|
|
|
iShares iBoxx $ High Yield Corporate Bond Fund
|
|
|
11,932
|
|
|
|
1,102,159
|
|
iShares iBoxx $ Investment Grade Corporate Bond Fund
|
|
|
33,030
|
|
|
|
4,022,063
|
|
iShares S&P/Citigroup International Treasury Bond Fund
|
|
|
8,970
|
|
|
|
922,385
|
|
Peritus High Yield ETF
|
|
|
30,892
|
|
|
|
1,541,789
|
|
PIMCO 1-5 Year US TIPS Index Fund
|
|
|
16,244
|
|
|
|
875,876
|
|
PowerShares Build America Bond Portfolio
|
|
|
29,002
|
|
|
|
871,800
|
|
PowerShares Emerging Markets Sovereign Debt Portfolio
|
|
|
37,395
|
|
|
|
1,147,652
|
|
PowerShares Insured National Municipal Bond Portfolio
|
|
|
25,788
|
|
|
|
664,041
|
|
PowerShares International Corporate Bond Portfolio
|
|
|
48,366
|
|
|
|
1,390,039
|
|
SPDR DB International Government Inflation-Protected Bond ETF
|
|
|
11,077
|
|
|
|
686,331
|
|
Vanguard Intermediate-Term Government Bond ETF
|
|
|
13,087
|
|
|
|
870,024
|
|
Vanguard Long-Term Government Bond ETF
|
|
|
8,319
|
|
|
|
639,066
|
|
Vanguard Mortgage-Backed Securities ETF
|
|
|
66,233
|
|
|
|
3,501,739
|
|
Vanguard Short-Term Bond ETF
|
|
|
8,043
|
|
|
|
655,102
|
|
Vanguard Short-Term Government Bond ETF
|
|
|
14,273
|
|
|
|
870,510
|
|
WisdomTree Emerging Markets Corporate Bond Fund
|
|
|
8,576
|
|
|
|
676,389
|
|
Total Debt Fund
|
|
|
|
|
|
|
20,436,965
|
|
|
|
|
|
|
|
|
|
|
Equity Fund-4.0%
|
|
|
|
|
|
|
|
|
PowerShares Financial Preferred Portfolio
|
|
|
47,956
|
|
|
|
885,268
|
|
|
|
|
|
|
|
|
|
|
Total Exchange Traded Funds
(Cost $21,256,715)
|
|
|
|
|
|
|
22,239,856
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–0.7%
|
|
|
|
|
|
|
|
|
Fidelity Institutional Prime Money Market Portfolio - Class I
(Cost $168,845)
|
|
|
168,845
|
|
|
|
168,845
|
|
|
|
|
|
|
|
|
|
|
ADVISORSHARES TRUST
|
MADRONA GLOBAL BOND ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Total Investments–100.0%
(Cost $21,425,560)
|
|
|
|
|
|
$
|
22,408,701
|
|
Liabilities in Excess of Other Assets–(0.0%)
†
|
|
|
|
|
|
|
(10,857
|
)
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
22,397,844
|
|
ETF - Exchange Traded Fund
|
|
|
|
|
|
|
|
|
TIPS - Treasury Inflation Protected Security
|
|
|
|
|
|
|
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS–98.4%
|
Advertising-0.8%
|
|
|
|
|
|
|
|
|
Publicis Groupe SA (France)
(a)
|
|
|
4,568
|
|
|
$
|
63,495
|
|
WPP PLC (Jersey Islands)
(a)
|
|
|
829
|
|
|
|
56,480
|
|
Total Advertising
|
|
|
|
|
|
|
119,975
|
|
|
|
|
|
|
|
|
|
|
Aerospace/Defense-1.0%
|
|
|
|
|
|
|
|
|
BAE Systems PLC (United Kingdom)
(a)
|
|
|
1,224
|
|
|
|
25,667
|
|
Rolls-Royce Holdings PLC (United Kingdom)
(a)
|
|
|
830
|
|
|
|
56,283
|
|
Safran SA (France)
(a)
|
|
|
1,787
|
|
|
|
63,885
|
|
Total Aerospace/Defense
|
|
|
|
|
|
|
145,835
|
|
|
|
|
|
|
|
|
|
|
Agriculture-0.4%
|
|
|
|
|
|
|
|
|
British American Tobacco PLC (United Kingdom)
(a)
|
|
|
274
|
|
|
|
28,124
|
|
Imperial Tobacco Group PLC (United Kingdom)
(a)
|
|
|
431
|
|
|
|
31,911
|
|
Total Agriculture
|
|
|
|
|
|
|
60,035
|
|
|
|
|
|
|
|
|
|
|
Airlines-0.4%
|
|
|
|
|
|
|
|
|
Ryanair Holdings PLC (Ireland)
(a)
|
|
|
1,614
|
|
|
|
52,051
|
|
|
|
|
|
|
|
|
|
|
Apparel-0.3%
|
|
|
|
|
|
|
|
|
Burberry Group PLC (United Kingdom)
(a)
|
|
|
1,516
|
|
|
|
49,209
|
|
|
|
|
|
|
|
|
|
|
Auto Manufacturers-4.2%
|
|
|
|
|
|
|
|
|
Bayerische Motoren Werke AG (Germany)
(a)
|
|
|
3,650
|
|
|
|
88,622
|
|
Daimler AG (Germany)
(a)
|
|
|
1,445
|
|
|
|
70,559
|
|
Honda Motor Co. Ltd. (Japan)
(a)
|
|
|
2,806
|
|
|
|
86,705
|
|
Nissan Motor Co. Ltd. (Japan)
(a)
|
|
|
4,785
|
|
|
|
81,477
|
|
Tata Motors Ltd. (India)
(a)
|
|
|
4,404
|
|
|
|
113,095
|
|
Toyota Motor Corp. (Japan)
(a)
|
|
|
1,172
|
|
|
|
92,014
|
|
Volvo AB (Sweden)
(a)
|
|
|
5,268
|
|
|
|
74,331
|
|
Total Auto Manufacturers
|
|
|
|
|
|
|
606,803
|
|
|
|
|
|
|
|
|
|
|
Auto Parts & Equipment-1.3%
|
|
|
|
|
|
|
|
|
Cie Generale des Etablissements Michelin (France)
(a)
|
|
|
4,313
|
|
|
|
68,102
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Auto Parts & Equipment-1.3% (continued)
|
|
|
|
|
|
|
|
|
Denso Corp. (Japan)
(a)
|
|
|
3,961
|
|
|
$
|
62,307
|
|
Weichai Power Co. Ltd. (China)
(a)
|
|
|
4,539
|
|
|
|
54,985
|
|
Total Auto Parts & Equipment
|
|
|
|
|
|
|
185,394
|
|
|
|
|
|
|
|
|
|
|
Banks-14.3%
|
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd. (Australia)
(a)
|
|
|
703
|
|
|
|
18,063
|
|
Banco Bilbao Vizcaya Argentaria SA (Spain)
(a)
|
|
|
4,221
|
|
|
|
32,713
|
|
Banco Bradesco SA (Brazil)
(a)
|
|
|
4,937
|
|
|
|
79,338
|
|
Banco de Chile (Chile)
(a)
|
|
|
418
|
|
|
|
34,861
|
|
Banco do Brasil SA (Brazil)
(a)
|
|
|
8,351
|
|
|
|
103,886
|
|
Banco Santander Chile (Chile)
(a)
|
|
|
439
|
|
|
|
32,152
|
|
Banco Santander SA (Spain)
(a)
|
|
|
11,839
|
|
|
|
88,319
|
|
Bancolombia SA (Colombia)
(a)
|
|
|
1,213
|
|
|
|
72,428
|
|
Barclays PLC (United Kingdom)
(a)
|
|
|
6,591
|
|
|
|
91,417
|
|
BNP Paribas SA (France)
(a)
|
|
|
4,267
|
|
|
|
101,171
|
|
BOC Hong Kong Holdings Ltd. (Hong Kong)
(a)
|
|
|
615
|
|
|
|
38,868
|
|
China Construction Bank Corp. (China)
(a)
|
|
|
6,736
|
|
|
|
92,620
|
|
Credit Suisse Group AG (Switzerland)
(a)
|
|
|
4,896
|
|
|
|
103,550
|
|
DBS Group Holdings Ltd. (Singapore)
(a)
|
|
|
1,152
|
|
|
|
53,741
|
|
Hang Seng Bank Ltd. (Hong Kong)
(a)
|
|
|
2,695
|
|
|
|
41,045
|
|
HDFC Bank Ltd. (India)
(a)
|
|
|
2,021
|
|
|
|
75,949
|
|
HSBC Holdings PLC (United Kingdom)
(a)
|
|
|
1,623
|
|
|
|
75,405
|
|
ICICI Bank Ltd. (India)
(a)
|
|
|
1,950
|
|
|
|
78,273
|
|
Industrial & Commercial Bank of China Ltd. (China)
(a)
|
|
|
8,182
|
|
|
|
95,402
|
|
Intesa Sanpaolo SpA (Italy)
(a)
|
|
|
11,622
|
|
|
|
104,714
|
|
Itau Unibanco Holding SA (Brazil)
(a)
|
|
|
4,286
|
|
|
|
65,490
|
|
Lloyds Banking Group PLC (United Kingdom)*
(a)
|
|
|
47,387
|
|
|
|
117,994
|
|
National Australia Bank Ltd. (Australia)
(a)
|
|
|
1,574
|
|
|
|
41,601
|
|
Royal Bank of Scotland Group PLC (United Kingdom)*
(a)
|
|
|
14,120
|
|
|
|
117,478
|
|
Sberbank of Russia (Russia)
(a)
|
|
|
5,623
|
|
|
|
65,508
|
|
Societe Generale SA (France)
(a)
|
|
|
20,761
|
|
|
|
116,884
|
|
Turkiye Garanti Bankasi As (Turkey)
(a)
|
|
|
19,093
|
|
|
|
82,673
|
|
United Overseas Bank Ltd. (Singapore)
(a)
|
|
|
1,926
|
|
|
|
61,902
|
|
Total Banks
|
|
|
|
|
|
|
2,083,445
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Beverages-2.0%
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev NV (Belgium)
(a)
|
|
|
597
|
|
|
$
|
51,288
|
|
Cia de Bebidas das Americas (Brazil)
(a)
|
|
|
590
|
|
|
|
22,579
|
|
Coca-Cola Amatil Ltd. (Australia)
(a)
|
|
|
667
|
|
|
|
18,803
|
|
Coca-Cola Femsa SAB de CV (Mexico)
(a)
|
|
|
165
|
|
|
|
21,285
|
|
Fomento Economico Mexicano SAB de CV (Mexico)
(a)
|
|
|
290
|
|
|
|
26,674
|
|
Heineken NV (Netherlands)
(a)
|
|
|
1,780
|
|
|
|
52,937
|
|
Pernod-Ricard SA (France)
(a)
|
|
|
1,961
|
|
|
|
44,613
|
|
SABMiller PLC (United Kingdom)
(a)
|
|
|
1,055
|
|
|
|
46,420
|
|
Total Beverages
|
|
|
|
|
|
|
284,599
|
|
|
|
|
|
|
|
|
|
|
Biotechnology-0.3%
|
|
|
|
|
|
|
|
|
CSL Ltd. (Australia)
(a)
|
|
|
1,384
|
|
|
|
33,008
|
|
Novozymes A/S (Denmark)
(a)
|
|
|
561
|
|
|
|
15,568
|
|
Total Biotechnology
|
|
|
|
|
|
|
48,576
|
|
|
|
|
|
|
|
|
|
|
Building Materials-1.1%
|
|
|
|
|
|
|
|
|
CRH PLC (Ireland)
(a)
|
|
|
3,130
|
|
|
|
60,096
|
|
Lafarge SA (France)
(a)
|
|
|
7,635
|
|
|
|
102,080
|
|
Total Building Materials
|
|
|
|
|
|
|
162,176
|
|
|
|
|
|
|
|
|
|
|
Chemicals-3.7%
|
|
|
|
|
|
|
|
|
Air Liquide SA (France)
(a)
|
|
|
854
|
|
|
|
21,196
|
|
Akzo Nobel NV (Netherlands)
(a)
|
|
|
3,326
|
|
|
|
62,595
|
|
Asahi Kasei Corp. (Japan)
(a)
|
|
|
7,029
|
|
|
|
72,188
|
|
BASF SE (Germany)
(a)
|
|
|
680
|
|
|
|
57,480
|
|
Givaudan SA (Switzerland)
(a)
|
|
|
1,098
|
|
|
|
20,950
|
|
Nitto Denko Corp. (Japan)
(a)
|
|
|
3,632
|
|
|
|
85,461
|
|
Shin-Etsu Chemical Co. Ltd. (Japan)
(a)
|
|
|
3,638
|
|
|
|
50,532
|
|
Sinopec Shanghai Petrochemical Co. Ltd. (China)
(a)
|
|
|
548
|
|
|
|
14,012
|
|
Sociedad Quimica y Minera de Chile SA (Chile)
(a)
|
|
|
217
|
|
|
|
13,376
|
|
Syngenta AG (Switzerland)
(a)
|
|
|
599
|
|
|
|
44,835
|
|
Ultrapar Participacoes SA (Brazil)
(a)
|
|
|
724
|
|
|
|
16,153
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Chemicals-3.7% (continued)
|
|
|
|
|
|
|
|
|
Yara International ASA (Norway)
(a)
|
|
|
1,602
|
|
|
$
|
80,020
|
|
Total Chemicals
|
|
|
|
|
|
|
538,798
|
|
|
|
|
|
|
|
|
|
|
Coal-0.6%
|
|
|
|
|
|
|
|
|
Yanzhou Coal Mining Co. Ltd. (China)
(a)
|
|
|
5,425
|
|
|
|
81,104
|
|
|
|
|
|
|
|
|
|
|
Commercial Services-1.7%
|
|
|
|
|
|
|
|
|
Brambles Ltd. (Australia)
(a)
|
|
|
4,102
|
|
|
|
59,438
|
|
Cielo SA (Brazil)
(a)
|
|
|
587
|
|
|
|
14,839
|
|
Experian PLC (Jersey Islands)
(a)
|
|
|
2,706
|
|
|
|
45,190
|
|
Secom Co. Ltd. (Japan)
(a)
|
|
|
7,293
|
|
|
|
94,590
|
|
SGS SA (Switzerland)
(a)
|
|
|
1,657
|
|
|
|
34,085
|
|
Total Commercial Services
|
|
|
|
|
|
|
248,142
|
|
|
|
|
|
|
|
|
|
|
Computers-1.0%
|
|
|
|
|
|
|
|
|
Infosys Ltd. (India)
(a)
|
|
|
1,132
|
|
|
|
54,947
|
|
Lenovo Group Ltd. (Hong Kong)
(a)
|
|
|
5,301
|
|
|
|
87,043
|
|
Total Computers
|
|
|
|
|
|
|
141,990
|
|
|
|
|
|
|
|
|
|
|
Cosmetics/Personal Care-0.6%
|
|
|
|
|
|
|
|
|
Kao Corp. (Japan)
(a)
|
|
|
937
|
|
|
|
27,595
|
|
L'Oreal SA (France)
(a)
|
|
|
575
|
|
|
|
14,203
|
|
Unicharm Corp. (Japan)
(a)
|
|
|
3,683
|
|
|
|
42,796
|
|
Total Cosmetics/Personal Care
|
|
|
|
|
|
|
84,594
|
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale-2.5%
|
|
|
|
|
|
|
|
|
ITOCHU Corp. (Japan)
(a)
|
|
|
4,154
|
|
|
|
83,412
|
|
LI & Fung Ltd. (Hong Kong)
(a)
|
|
|
19,107
|
|
|
|
57,321
|
|
Mitsubishi Corp. (Japan)
(a)
|
|
|
1,920
|
|
|
|
69,178
|
|
Mitsui & Co. Ltd. (Japan)
(a)
|
|
|
298
|
|
|
|
83,282
|
|
Wolseley PLC (Jersey Islands)
(a)
|
|
|
15,090
|
|
|
|
64,434
|
|
Total Distribution/Wholesale
|
|
|
|
|
|
|
357,627
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Diversified Financial Services-2.2%
|
|
|
|
|
|
|
|
|
Deutsche Boerse AG (Germany)
(a)
|
|
|
6,722
|
|
|
$
|
37,038
|
|
Nomura Holdings, Inc. (Japan)
(a)
|
|
|
26,775
|
|
|
|
95,319
|
|
ORIX Corp. (Japan)
(a)
|
|
|
1,644
|
|
|
|
82,381
|
|
Shinhan Financial Group Co. Ltd. (South Korea)
(a)
|
|
|
951
|
|
|
|
63,850
|
|
Woori Finance Holdings Co. Ltd. (South Korea)
(a)
|
|
|
1,625
|
|
|
|
48,035
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
326,623
|
|
|
|
|
|
|
|
|
|
|
Electric-3.5%
|
|
|
|
|
|
|
|
|
Centrais Eletricas Brasileiras SA (Brazil)
(a)
|
|
|
7,858
|
|
|
|
46,598
|
|
Cia Energetica de Minas Gerais (Brazil)
(a)
|
|
|
1,437
|
|
|
|
17,416
|
|
Cia Paranaense de Energia (Brazil)
(a)
|
|
|
2,078
|
|
|
|
34,121
|
|
CLP Holdings Ltd. (Hong Kong)
(a)
|
|
|
5,642
|
|
|
|
47,223
|
|
CPFL Energia SA (Brazil)
(a)
|
|
|
1,291
|
|
|
|
28,286
|
|
E.ON AG (Germany)
(a)
|
|
|
3,237
|
|
|
|
76,749
|
|
EDF SA (France)
(a)
|
|
|
15,422
|
|
|
|
63,539
|
|
Empresa Nacional de Electricidad SA (Chile)
(a)
|
|
|
212
|
|
|
|
10,167
|
|
GDF Suez (France)
(a)
|
|
|
1,707
|
|
|
|
38,237
|
|
Huaneng Power International, Inc. (China)
(a)
|
|
|
3,142
|
|
|
|
94,040
|
|
Iberdrola SA (Spain)
(a)
|
|
|
1,261
|
|
|
|
22,736
|
|
Power Assets Holdings Ltd. (Hong Kong)
(a)
|
|
|
2,014
|
|
|
|
17,059
|
|
SSE PLC (United Kingdom)
(a)
|
|
|
788
|
|
|
|
17,809
|
|
Total Electric
|
|
|
|
|
|
|
513,980
|
|
|
|
|
|
|
|
|
|
|
Electrical Components & Equipment-0.7%
|
|
|
|
|
|
|
|
|
Hitachi Ltd. (Japan)
(a)
|
|
|
390
|
|
|
|
21,645
|
|
Nidec Corp. (Japan)
(a)
|
|
|
1,570
|
|
|
|
28,872
|
|
Schneider Electric SA (France)
(a)
|
|
|
4,054
|
|
|
|
47,959
|
|
Total Electrical Components & Equipment
|
|
|
|
|
|
|
98,476
|
|
|
|
|
|
|
|
|
|
|
Electronics-2.2%
|
|
|
|
|
|
|
|
|
Hoya Corp. (Japan)
(a)
|
|
|
2,547
|
|
|
|
55,983
|
|
Koninklijke Philips Electronics NV, Class Y (Netherlands)
|
|
|
3,644
|
|
|
|
85,452
|
|
Kyocera Corp. (Japan)
(a)
|
|
|
402
|
|
|
|
34,769
|
|
Panasonic Corp. (Japan)
(a)
|
|
|
5,211
|
|
|
|
34,236
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Electronics-2.2% (continued)
|
|
|
|
|
|
|
|
|
Sony Corp. (Japan)
(a)
|
|
|
7,305
|
|
|
$
|
85,469
|
|
Toshiba Corp. (Japan)
(a)
|
|
|
1,167
|
|
|
|
22,371
|
|
Total Electronics
|
|
|
|
|
|
|
318,280
|
|
|
|
|
|
|
|
|
|
|
Engineering & Construction-1.0%
|
|
|
|
|
|
|
|
|
ABB Ltd. (Switzerland)
(a)
|
|
|
2,769
|
|
|
|
51,780
|
|
JGC Corp. (Japan)
(a)
|
|
|
1,140
|
|
|
|
75,879
|
|
Vinci SA (France)
(a)
|
|
|
1,349
|
|
|
|
14,259
|
|
Total Engineering & Construction
|
|
|
|
|
|
|
141,918
|
|
|
|
|
|
|
|
|
|
|
Food-3.7%
|
|
|
|
|
|
|
|
|
BRF - Brasil Foods SA (Brazil)
(a)
|
|
|
5,097
|
|
|
|
88,178
|
|
Carrefour SA (France)
(a)
|
|
|
19,026
|
|
|
|
78,197
|
|
Cencosud SA (Chile)
(a)
|
|
|
1,840
|
|
|
|
33,764
|
|
Cia Brasileira de Distribuicao Grupo Pao de Acucar (Brazil)
(a)
|
|
|
1,702
|
|
|
|
76,777
|
|
Danone SA (France)
(a)
|
|
|
2,054
|
|
|
|
25,162
|
|
J Sainsbury PLC (United Kingdom)
(a)
|
|
|
2,600
|
|
|
|
57,876
|
|
Koninklijke Ahold NV (Netherlands)
(a)
|
|
|
4,181
|
|
|
|
52,095
|
|
Nestle SA (Switzerland)
(a)
|
|
|
206
|
|
|
|
13,021
|
|
Tesco PLC (United Kingdom)
(a)
|
|
|
2,012
|
|
|
|
32,554
|
|
Unilever NV (Netherlands)
|
|
|
665
|
|
|
|
23,594
|
|
William Morrison Supermarkets PLC (United Kingdom)
(a)
|
|
|
2,628
|
|
|
|
60,208
|
|
Total Food
|
|
|
|
|
|
|
541,426
|
|
|
|
|
|
|
|
|
|
|
Food Service-0.3%
|
|
|
|
|
|
|
|
|
Compass Group PLC (United Kingdom)
(a)
|
|
|
3,370
|
|
|
|
37,238
|
|
|
|
|
|
|
|
|
|
|
Forest Products & Paper-0.3%
|
|
|
|
|
|
|
|
|
Svenska Cellulosa AB (Sweden)
(a)
|
|
|
2,431
|
|
|
|
45,066
|
|
|
|
|
|
|
|
|
|
|
Gas-0.4%
|
|
|
|
|
|
|
|
|
Centrica PLC (United Kingdom)
(a)
|
|
|
1,065
|
|
|
|
22,461
|
|
PT Perusahaan Gas Negara (Indonesia)
(a)
|
|
|
2,047
|
|
|
|
41,452
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Gas-0.4% (continued)
|
|
|
|
|
|
|
|
|
Total Gas
|
|
|
|
|
|
$
|
63,913
|
|
|
|
|
|
|
|
|
|
|
Hand/Machine Tools-0.6%
|
|
|
|
|
|
|
|
|
Sandvik AB (Sweden)
(a)
|
|
|
6,136
|
|
|
|
83,266
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Products-0.5%
|
|
|
|
|
|
|
|
|
Essilor International SA (France)
(a)
|
|
|
357
|
|
|
|
16,829
|
|
Luxottica Group SpA (Italy)
(a)
|
|
|
1,286
|
|
|
|
45,344
|
|
Smith & Nephew PLC (United Kingdom)
(a)
|
|
|
314
|
|
|
|
17,308
|
|
Total Healthcare - Products
|
|
|
|
|
|
|
79,481
|
|
|
|
|
|
|
|
|
|
|
Holding Companies - Diversified-1.2%
|
|
|
|
|
|
|
|
|
Hutchison Whampoa Ltd. (Hong Kong)
(a)
|
|
|
4,350
|
|
|
|
83,598
|
|
Keppel Corp. Ltd. (Singapore)
(a)
|
|
|
2,376
|
|
|
|
43,956
|
|
LVMH Moet Hennessy Louis Vuitton SA (France)
(a)
|
|
|
1,767
|
|
|
|
53,134
|
|
Total Holding Companies - Diversified
|
|
|
|
|
|
|
180,688
|
|
|
|
|
|
|
|
|
|
|
Household Products/Wares-0.1%
|
|
|
|
|
|
|
|
|
Reckitt Benckiser Group PLC (United Kingdom)
(a)
|
|
|
976
|
|
|
|
11,185
|
|
|
|
|
|
|
|
|
|
|
Insurance-6.7%
|
|
|
|
|
|
|
|
|
Aegon NV, Class G (Netherlands)
|
|
|
18,004
|
|
|
|
93,801
|
|
AIA Group Ltd. (Hong Kong)
(a)
|
|
|
3,925
|
|
|
|
58,561
|
|
Allianz SE (Germany)
(a)
|
|
|
8,358
|
|
|
|
99,209
|
|
Aviva PLC (United Kingdom)
(a)
|
|
|
4,371
|
|
|
|
45,502
|
|
AXA SA (France)
(a)
|
|
|
6,006
|
|
|
|
89,489
|
|
China Life Insurance Co. Ltd. (China)
(a)
|
|
|
1,402
|
|
|
|
60,805
|
|
ING Groep NV (Netherlands)*
(a)
|
|
|
13,753
|
|
|
|
108,511
|
|
MS&AD Insurance Group Holdings (Japan)
(a)
|
|
|
9,313
|
|
|
|
79,440
|
|
Prudential PLC (United Kingdom)
(a)
|
|
|
1,519
|
|
|
|
39,494
|
|
Sampo OYI, Class A (Finland)
(a)
|
|
|
3,923
|
|
|
|
60,532
|
|
Swiss Re AG (Switzerland)
(a)
|
|
|
1,370
|
|
|
|
88,461
|
|
Tokio Marine Holdings, Inc. (Japan)
(a)
|
|
|
2,971
|
|
|
|
75,018
|
|
Zurich Insurance Group AG (Switzerland)
(a)
|
|
|
2,825
|
|
|
|
70,710
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Insurance-6.7% (continued)
|
|
|
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
$
|
969,533
|
|
|
|
|
|
|
|
|
|
|
Internet-1.4%
|
|
|
|
|
|
|
|
|
Baidu, Inc. (Cayman Islands)*
(a)
|
|
|
756
|
|
|
|
88,316
|
|
NetEase.com (Cayman Islands)*
(a)
|
|
|
1,208
|
|
|
|
67,817
|
|
Tencent Holdings Ltd. (Cayman Islands)
(a)
|
|
|
1,556
|
|
|
|
52,717
|
|
Total Internet
|
|
|
|
|
|
|
208,850
|
|
|
|
|
|
|
|
|
|
|
Iron/Steel-1.2%
|
|
|
|
|
|
|
|
|
ArcelorMittal (Luxembourg)
|
|
|
4,875
|
|
|
|
70,395
|
|
Gerdau SA (Brazil)
(a)
|
|
|
1,645
|
|
|
|
15,644
|
|
Rio Tinto PLC (United Kingdom)
(a)
|
|
|
1,820
|
|
|
|
85,103
|
|
Total Iron/Steel
|
|
|
|
|
|
|
171,142
|
|
|
|
|
|
|
|
|
|
|
Lodging-0.8%
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Ltd., Class Participation Certificate (Hong Kong)*
(a)
|
|
|
8,821
|
|
|
|
118,907
|
|
|
|
|
|
|
|
|
|
|
Machinery - Construction & Mining-0.7%
|
|
|
|
|
|
|
|
|
Atlas Copco AB, Class A (Sweden)
(a)
|
|
|
1,982
|
|
|
|
46,696
|
|
Komatsu Ltd. (Japan)
(a)
|
|
|
2,926
|
|
|
|
57,028
|
|
Total Machinery - Construction & Mining
|
|
|
|
|
|
|
103,724
|
|
|
|
|
|
|
|
|
|
|
Machinery - Diversified-1.0%
|
|
|
|
|
|
|
|
|
Alstom SA (France)
(a)
|
|
|
27,504
|
|
|
|
94,613
|
|
Kubota Corp. (Japan)
(a)
|
|
|
988
|
|
|
|
49,914
|
|
Total Machinery - Diversified
|
|
|
|
|
|
|
144,527
|
|
|
|
|
|
|
|
|
|
|
Media-1.1%
|
|
|
|
|
|
|
|
|
British Sky Broadcasting Group PLC (United Kingdom)
(a)
|
|
|
1,068
|
|
|
|
51,050
|
|
Grupo Televisa SA (Mexico)
(a)
|
|
|
1,638
|
|
|
|
38,509
|
|
Jupiter Telecommunications Co. Ltd. (Japan)
(a)
|
|
|
1,806
|
|
|
|
18,132
|
|
Pearson PLC (United Kingdom)
(a)
|
|
|
690
|
|
|
|
13,483
|
|
Reed Elsevier NV (Netherlands)
(a)
|
|
|
717
|
|
|
|
19,087
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Media-1.1% (continued)
|
|
|
|
|
|
|
|
|
Reed Elsevier PLC (United Kingdom)
(a)
|
|
|
683
|
|
|
$
|
26,098
|
|
Total Media
|
|
|
|
|
|
|
166,359
|
|
|
|
|
|
|
|
|
|
|
Metal Fabricate/Hardware-1.0%
|
|
|
|
|
|
|
|
|
Assa Abloy AB (Sweden)
(a)
|
|
|
3,981
|
|
|
|
64,373
|
|
Tenaris SA (Luxembourg)
(a)
|
|
|
2,175
|
|
|
|
88,675
|
|
Total Metal Fabricate/Hardware
|
|
|
|
|
|
|
153,048
|
|
|
|
|
|
|
|
|
|
|
Mining-4.8%
|
|
|
|
|
|
|
|
|
Anglo American PLC (United Kingdom)
(a)
|
|
|
1,582
|
|
|
|
23,176
|
|
AngloGold Ashanti Ltd. (South Africa)
(a)
|
|
|
1,580
|
|
|
|
55,379
|
|
BHP Billiton Ltd. (Australia)
(a)
|
|
|
976
|
|
|
|
66,964
|
|
BHP Billiton PLC (United Kingdom)
(a)
|
|
|
1,405
|
|
|
|
87,756
|
|
Cia de Minas Buenaventura SA (Peru)
(a)
|
|
|
2,179
|
|
|
|
84,894
|
|
Impala Platinum Holdings Ltd. (South Africa)
(a)
|
|
|
2,687
|
|
|
|
44,792
|
|
Newcrest Mining Ltd. (Australia)
(a)
|
|
|
3,306
|
|
|
|
98,188
|
|
Randgold Resources Ltd. (Jersey Islands)
(a)
|
|
|
922
|
|
|
|
113,406
|
|
Sterlite Industries India Ltd. (India)
(a)
|
|
|
11,489
|
|
|
|
87,202
|
|
Xstrata PLC (United Kingdom)
(a)
|
|
|
10,690
|
|
|
|
32,284
|
|
Total Mining
|
|
|
|
|
|
|
694,041
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturing-1.0%
|
|
|
|
|
|
|
|
|
FUJIFILM Holdings Corp. (Japan)
(a)
|
|
|
4,011
|
|
|
|
66,623
|
|
Siemens AG (Germany)
(a)
|
|
|
803
|
|
|
|
80,420
|
|
Total Miscellaneous Manufacturing
|
|
|
|
|
|
|
147,043
|
|
|
|
|
|
|
|
|
|
|
Office/Business Equipment-0.4%
|
|
|
|
|
|
|
|
|
Canon, Inc. (Japan)
(a)
|
|
|
1,823
|
|
|
|
58,354
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas-6.3%
|
|
|
|
|
|
|
|
|
BG Group PLC (United Kingdom)
(a)
|
|
|
2,997
|
|
|
|
60,839
|
|
BP PLC (United Kingdom)
(a)
|
|
|
557
|
|
|
|
23,595
|
|
China Petroleum & Chemical Corp. (China)
(a)
|
|
|
462
|
|
|
|
42,698
|
|
CNOOC Ltd. (Hong Kong)
(a)
|
|
|
143
|
|
|
|
28,990
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Oil & Gas-6.3% (continued)
|
|
|
|
|
|
|
|
|
Ecopetrol SA (Colombia)
(a)
|
|
|
1,482
|
|
|
$
|
87,334
|
|
Eni SpA (Italy)
(a)
|
|
|
1,574
|
|
|
|
69,004
|
|
PetroChina Co. Ltd. (China)
(a)
|
|
|
462
|
|
|
|
59,672
|
|
Petroleo Brasileiro SA (Brazil)
(a)
|
|
|
1,168
|
|
|
|
26,794
|
|
Repsol YPF SA (Spain)
(a)
|
|
|
5,006
|
|
|
|
96,616
|
|
Royal Dutch Shell PLC, Class A (United Kingdom)
(a)
|
|
|
1,021
|
|
|
|
70,868
|
|
Sasol Ltd. (South Africa)
(a)
|
|
|
1,916
|
|
|
|
85,415
|
|
Statoil ASA (Norway)
(a)
|
|
|
3,245
|
|
|
|
83,689
|
|
Total SA (France)
(a)
|
|
|
1,009
|
|
|
|
50,551
|
|
Tullow Oil PLC (United Kingdom)
(a)
|
|
|
1,196
|
|
|
|
13,096
|
|
Woodside Petroleum Ltd. (Australia)
(a)
|
|
|
863
|
|
|
|
29,437
|
|
YPF SA (Argentina)
(a)
|
|
|
7,360
|
|
|
|
95,680
|
|
Total Oil & Gas
|
|
|
|
|
|
|
924,278
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Services-1.0%
|
|
|
|
|
|
|
|
|
Petrofac Ltd. (Jersey Islands)
(a)
|
|
|
6,117
|
|
|
|
78,726
|
|
Technip SA (France)
(a)
|
|
|
2,190
|
|
|
|
60,926
|
|
Total Oil & Gas Services
|
|
|
|
|
|
|
139,652
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals-2.9%
|
|
|
|
|
|
|
|
|
Astellas Pharma, Inc. (Japan)
(a)
|
|
|
724
|
|
|
|
36,526
|
|
Daiichi Sankyo Co. Ltd. (Japan)
(a)
|
|
|
4,166
|
|
|
|
68,406
|
|
Eisai Co. Ltd. (Japan)
(a)
|
|
|
253
|
|
|
|
11,415
|
|
Elan Corp. PLC (Ireland)*
(a)
|
|
|
3,099
|
|
|
|
33,221
|
|
GlaxoSmithKline PLC (United Kingdom)
(a)
|
|
|
730
|
|
|
|
33,755
|
|
Grifols SA (Spain)*
(a)
|
|
|
3,249
|
|
|
|
74,175
|
|
NOVO Nordisk A/S (Denmark)
(a)
|
|
|
237
|
|
|
|
37,401
|
|
Roche Holding AG (Switzerland)
(a)
|
|
|
622
|
|
|
|
29,228
|
|
Shire PLC (Jersey Islands)
(a)
|
|
|
558
|
|
|
|
49,494
|
|
Teva Pharmaceutical Industries Ltd. (Israel)
(a)
|
|
|
1,307
|
|
|
|
54,123
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
427,744
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust-1.1%
|
|
|
|
|
|
|
|
|
China Overseas Land & Investment Ltd. (Hong Kong)
(a)
|
|
|
1,145
|
|
|
|
86,047
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Real Estate Investment Trust 1.1% (continued)
|
|
|
|
|
|
|
|
|
Hang Lung Properties Ltd. (Hong Kong)
(a)
|
|
|
4,130
|
|
|
$
|
69,962
|
|
Total Real Estate Investment Trust
|
|
|
|
|
|
|
156,009
|
|
|
|
|
|
|
|
|
|
|
Retail-3.6%
|
|
|
|
|
|
|
|
|
Aeon Co. Ltd. (Japan)
(a)
|
|
|
1,659
|
|
|
|
18,879
|
|
Belle International Holdings Ltd. (Cayman Islands)
(a)
|
|
|
2,950
|
|
|
|
52,658
|
|
CIE Financiere Richemont SA (Switzerland)
(a)
|
|
|
13,914
|
|
|
|
83,206
|
|
Fast Retailing Co. Ltd. (Japan)
(a)
|
|
|
2,971
|
|
|
|
68,868
|
|
Hennes & Mauritz AB (Sweden)
(a)
|
|
|
3,453
|
|
|
|
23,722
|
|
Inditex SA (Spain)
(a)
|
|
|
1,550
|
|
|
|
38,688
|
|
Kingfisher PLC (United Kingdom)
(a)
|
|
|
6,774
|
|
|
|
57,579
|
|
Marks & Spencer Group PLC (United Kingdom)
(a)
|
|
|
4,161
|
|
|
|
47,935
|
|
Seven & I Holdings Co. Ltd. (Japan)
(a)
|
|
|
568
|
|
|
|
34,733
|
|
Swatch Group AG (The) (Switzerland)
(a)
|
|
|
3,203
|
|
|
|
64,124
|
|
Woolworths Holdings Ltd. (South Africa)-GDR
|
|
|
430
|
|
|
|
31,376
|
|
Total Retail
|
|
|
|
|
|
|
521,768
|
|
|
|
|
|
|
|
|
|
|
Semiconductors-1.8%
|
|
|
|
|
|
|
|
|
Advanced Semiconductor Engineering, Inc. (Taiwan)
(a)
|
|
|
17,321
|
|
|
|
64,607
|
|
ARM Holdings PLC (United Kingdom)
(a)
|
|
|
1,206
|
|
|
|
33,744
|
|
ASML Holding NV (Netherlands)
|
|
|
607
|
|
|
|
32,584
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
(a)
|
|
|
3,833
|
|
|
|
60,638
|
|
United Microelectronics Corp. (Taiwan)
(a)
|
|
|
33,761
|
|
|
|
69,210
|
|
Total Semiconductors
|
|
|
|
|
|
|
260,783
|
|
|
|
|
|
|
|
|
|
|
Software-0.3%
|
|
|
|
|
|
|
|
|
Dassault Systemes SA (France)
(a)
|
|
|
358
|
|
|
|
37,783
|
|
|
|
|
|
|
|
|
|
|
Telecommunications-7.2%
|
|
|
|
|
|
|
|
|
America Movil SAB de CV, Series L (Mexico)
(a)
|
|
|
895
|
|
|
|
22,769
|
|
BT Group PLC (United Kingdom)
(a)
|
|
|
846
|
|
|
|
31,471
|
|
China Mobile Ltd. (Hong Kong)
(a)
|
|
|
215
|
|
|
|
11,902
|
|
China Telecom Corp. Ltd. (China)
(a)
|
|
|
1,220
|
|
|
|
70,723
|
|
China Unicom Ltd. (Hong Kong)
(a)
|
|
|
6,604
|
|
|
|
107,711
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Telecommunications-7.2% (continued)
|
|
|
|
|
|
|
|
|
Deutsche Telekom AG (Germany)
(a)
|
|
|
2,821
|
|
|
$
|
34,783
|
|
KDDI Corp. (Japan)
(a)
|
|
|
2,306
|
|
|
|
44,621
|
|
Mobile TeleSystems (Russia)
(a)
|
|
|
1,713
|
|
|
|
30,012
|
|
MTN Group Ltd. (South Africa)
(a)
|
|
|
3,200
|
|
|
|
61,920
|
|
Nippon Telegraph & Telephone Corp. (Japan)
(a)
|
|
|
495
|
|
|
|
11,736
|
|
NTT DoCoMo, Inc. (Japan)
(a)
|
|
|
1,180
|
|
|
|
19,069
|
|
Oi SA (Brazil)
(a)
|
|
|
2,184
|
|
|
|
8,780
|
|
PT Telekomunikasi Indonesia Tbk (Indonesia)
(a)
|
|
|
506
|
|
|
|
19,699
|
|
Singapore Telecommunications Ltd. (Singapore)
(a)
|
|
|
650
|
|
|
|
16,868
|
|
Soft Bank Corp. (Japan)
(a)
|
|
|
3,539
|
|
|
|
71,629
|
|
Swisscom AG (Switzerland)
(a)
|
|
|
1,523
|
|
|
|
61,331
|
|
Telefonaktiebolaget LM Ericsson (Sweden)
(a)
|
|
|
5,240
|
|
|
|
47,841
|
|
Telenor ASA (Norway)
(a)
|
|
|
1,266
|
|
|
|
73,820
|
|
Telstra Corp. Ltd. (Australia)
(a)
|
|
|
746
|
|
|
|
15,107
|
|
Tim Participacoes SA (Brazil)
(a)
|
|
|
2,577
|
|
|
|
49,530
|
|
Turkcell Iletisim Hizmetleri AS (Turkey)*
(a)
|
|
|
3,654
|
|
|
|
55,322
|
|
VimpelCom Ltd. (Bermuda)
(a)
|
|
|
10,992
|
|
|
|
130,805
|
|
Vodafone Group PLC (United Kingdom)
(a)
|
|
|
720
|
|
|
|
20,516
|
|
PT XL Axiata Tbk (Indonesia)*
(a)
|
|
|
2,845
|
|
|
|
38,379
|
|
Total Telecommunications
|
|
|
|
|
|
|
1,056,344
|
|
|
|
|
|
|
|
|
|
|
Transportation-1.0%
|
|
|
|
|
|
|
|
|
Deutsche Post AG (Germany)
(a)
|
|
|
3,015
|
|
|
|
59,184
|
|
East Japan Railway Co. (Japan)
(a)
|
|
|
7,719
|
|
|
|
84,909
|
|
Total Transportation
|
|
|
|
|
|
|
144,093
|
|
|
|
|
|
|
|
|
|
|
Water-0.2%
|
|
|
|
|
|
|
|
|
Cia de Saneamento Basico do Estado de Sao Paulo (Brazil)
(a)
|
|
|
432
|
|
|
|
35,083
|
|
|
|
|
|
|
Total Common Stocks
(Cost $14,360,353)
|
|
|
|
|
|
|
14,330,958
|
|
ADVISORSHARES TRUST
|
MADRONA INTERNATIONAL ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
MONEY MARKET FUND–1.6%
|
|
|
|
|
|
|
|
|
Fidelity Institutional Prime Money Market Portfolio - Class I (Cost $236,031)
|
|
|
236,031
|
|
|
$
|
236,031
|
|
Total Investments–100.0%
(Cost $14,596,384)
|
|
|
|
|
|
|
14,566,989
|
|
Other Assets in Excess of Liabilities–0.0%
†
|
|
|
|
|
|
|
5,643
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
14,572,632
|
|
GDR – Global Depositary Receipts
|
(a)
|
American Depositary Receipt
|
|
*
|
Non-income producing security
|
ADVISORSHARES TRUST
|
MEIDELL TACTICAL ADVANTAGE ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED FUNDS–96.6%
|
Commodity Fund-4.9%
|
|
|
|
|
|
|
|
|
PowerShares DB Commodity Index Tracking Fund*
|
|
|
10,829
|
|
|
$
|
310,576
|
|
|
|
|
|
|
|
|
|
|
Equity Fund-91.7%
|
|
|
|
|
|
|
|
|
Guggenheim S&P Equal Weight ETF
|
|
|
5,906
|
|
|
|
308,175
|
|
iShares Core S&P Mid-Cap ETF
|
|
|
6,088
|
|
|
|
600,764
|
|
iShares MSCI EAFE Index Fund
|
|
|
11,615
|
|
|
|
615,595
|
|
iShares MSCI Emerging Markets Index
|
|
|
15,042
|
|
|
|
621,536
|
|
iShares S&P Europe 350 Index Fund
|
|
|
8,495
|
|
|
|
310,237
|
|
iShares S&P MidCap 400 Growth Index Fund
|
|
|
5,343
|
|
|
|
598,202
|
|
iShares S&P MidCap 400 Value Index Fund
|
|
|
7,095
|
|
|
|
603,146
|
|
iShares S&P SmallCap 600 Value Index Fund
|
|
|
7,922
|
|
|
|
625,838
|
|
iShares S&P Small-Cap ETF
|
|
|
8,033
|
|
|
|
619,103
|
|
SPDR S&P Emerging Markets SmallCap ETF
|
|
|
7,090
|
|
|
|
315,151
|
|
Vanguard FTSE All-World ex-US Index Fund
|
|
|
14,250
|
|
|
|
612,180
|
|
Total Equity Fund
|
|
|
|
|
|
|
5,829,927
|
|
Total Exchange Traded Funds
(Cost $6,103,025)
|
|
|
|
|
|
|
6,140,503
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–3.4%
|
|
|
|
|
|
|
|
|
Dreyfus Institutional Reserves Treasury Fund - Institutional Class
(Cost $213,219)
|
|
|
213,219
|
|
|
|
213,219
|
|
Total Investments–100.0%
(Cost $6,316,244)
|
|
|
|
|
|
|
6,353,722
|
|
Other Assets in Excess of Liabilities–0.0%
†
|
|
|
|
|
|
|
541
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
6,354,263
|
|
ETF - Exchange Traded Fund
|
*
|
Non-income producing security
|
ADVISORSHARES TRUST
|
PERITUS HIGH YIELD ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
CORPORATE BONDS–82.1%
|
|
Advertising–2.2%
|
|
|
|
|
|
|
|
|
Affinion Group, Inc., 7.88%, 12/15/18
|
|
|
3,655,000
|
|
|
$
|
3,006,237
|
|
|
|
|
|
|
|
|
|
|
Aerospace/Defense–2.0%
|
|
|
|
|
|
|
|
|
Ducommun, Inc., 9.75%, 07/15/18
|
|
|
2,531,000
|
|
|
|
2,682,860
|
|
|
|
|
|
|
|
|
|
|
Auto Manufacturers–2.0%
|
|
|
|
|
|
|
|
|
Navistar International Corp., 8.25%, 11/01/21
|
|
|
2,785,000
|
|
|
|
2,656,194
|
|
|
|
|
|
|
|
|
|
|
Auto Parts & Equipment–2.3%
|
|
|
|
|
|
|
|
|
Exide Technologies, 8.63%, 02/01/18
|
|
|
3,482,000
|
|
|
|
3,033,692
|
|
|
|
|
|
|
|
|
|
|
Beverages–2.5%
|
|
|
|
|
|
|
|
|
CEDC Finance Corp. International, Inc., 9.13%, 12/01/16‡
|
|
|
4,900,000
|
|
|
|
3,417,750
|
|
|
|
|
|
|
|
|
|
|
Chemicals–3.1%
|
|
|
|
|
|
|
|
|
American Pacific Corp., 9.00%, 02/01/15
|
|
|
846,000
|
|
|
|
869,646
|
|
Phibro Animal Health Corp., 9.25%, 07/01/18‡
|
|
|
3,330,000
|
|
|
|
3,246,750
|
|
Total Chemicals
|
|
|
|
|
|
|
4,116,396
|
|
|
|
|
|
|
|
|
|
|
Commercial Services–5.4%
|
|
|
|
|
|
|
|
|
DynCorp International, Inc., 10.38%, 07/01/17
|
|
|
3,329,000
|
|
|
|
2,887,907
|
|
Harland Clarke Holdings Corp., 9.50%, 05/15/15
|
|
|
3,805,000
|
|
|
|
3,177,175
|
|
Harland Clarke Holdings Corp., 9.75%, 08/01/18‡
|
|
|
1,200,000
|
|
|
|
1,152,000
|
|
Total Commercial Services
|
|
|
|
|
|
|
7,217,082
|
|
|
|
|
|
|
|
|
|
|
Computers–4.2%
|
|
|
|
|
|
|
|
|
Spansion LLC, 7.88%, 11/15/17
|
|
|
3,250,000
|
|
|
|
3,233,750
|
|
Stream Global Services, Inc., 11.25%, 10/01/14
|
|
|
2,351,000
|
|
|
|
2,456,795
|
|
Total Computers
|
|
|
|
|
|
|
5,690,545
|
|
|
|
|
|
|
|
|
|
|
Distribution / Wholesale–2.4%
|
|
|
|
|
|
|
|
|
SGS International, Inc., 12.00%, 12/15/13
|
|
|
3,190,000
|
|
|
|
3,233,863
|
|
ADVISORSHARES TRUST
|
PERITUS HIGH YIELD ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
Diversified Financial Services–2.3%
|
|
|
|
|
|
|
|
|
GFI Group, Inc., 8.38%, 07/19/18
|
|
|
3,525,000
|
|
|
$
|
3,110,813
|
|
|
|
|
|
|
|
|
|
|
Electrical Components & Equipment–2.3%
|
|
|
|
|
|
|
|
|
Advanced Lighting Technologies, Inc., 10.50%, 06/01/19‡
|
|
|
3,100,000
|
|
|
|
3,084,500
|
|
|
|
|
|
|
|
|
|
|
Electronics–4.9%
|
|
|
|
|
|
|
|
|
Sanmina-SCI Corp., 7.00%, 05/15/19‡
|
|
|
2,080,000
|
|
|
|
2,111,200
|
|
Stoneridge, Inc., 9.50%, 10/15/17‡
|
|
|
1,740,000
|
|
|
|
1,887,900
|
|
Viasystems, Inc., 7.88%, 05/01/19‡
|
|
|
2,650,000
|
|
|
|
2,650,000
|
|
Total Electronics
|
|
|
|
|
|
|
6,649,100
|
|
|
|
|
|
|
|
|
|
|
Environmental Control–2.1%
|
|
|
|
|
|
|
|
|
EnergySolutions, Inc. / EnergySolutions LLC, 10.75%, 08/15/18
|
|
|
3,050,000
|
|
|
|
2,798,375
|
|
|
|
|
|
|
|
|
|
|
Food–7.2%
|
|
|
|
|
|
|
|
|
Bumble Bee Acquisition Corp., 9.00%, 12/15/17‡
|
|
|
2,226,000
|
|
|
|
2,340,082
|
|
Chiquita Brands International, Inc., 7.50%, 11/01/14
|
|
|
1,820,000
|
|
|
|
1,820,000
|
|
Harmony Foods Corp., 10.00%, 05/01/16‡
|
|
|
2,530,000
|
|
|
|
2,669,150
|
|
SUPERVALU, Inc., 8.00%, 05/01/16
|
|
|
3,235,000
|
|
|
|
2,903,413
|
|
Total Food
|
|
|
|
|
|
|
9,732,645
|
|
|
|
|
|
|
|
|
|
|
Forest Products & Paper–2.4%
|
|
|
|
|
|
|
|
|
Exopack Holding Corp., 10.00%, 06/01/18
|
|
|
3,285,000
|
|
|
|
3,170,025
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Products–5.4%
|
|
|
|
|
|
|
|
|
Kinetic Concepts, Inc., 12.50%, 11/01/19‡
|
|
|
3,215,000
|
|
|
|
3,054,250
|
|
Rotech Healthcare, Inc., 10.50%, 03/15/18
|
|
|
2,375,000
|
|
|
|
1,377,500
|
|
Rotech Healthcare, Inc., 10.75%, 10/15/15
|
|
|
2,885,000
|
|
|
|
2,841,725
|
|
Total Healthcare - Products
|
|
|
|
|
|
|
7,273,475
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Services–10.3%
|
|
|
|
|
|
|
|
|
Alliance Healthcare Services, Inc., 8.00%, 12/01/16
|
|
|
3,410,000
|
|
|
|
2,932,600
|
|
ADVISORSHARES TRUST
|
PERITUS HIGH YIELD ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Kindred Healthcare, Inc., 8.25%, 06/01/19
|
|
|
3,140,000
|
|
|
$
|
3,069,350
|
|
Radiation Therapy Services, Inc., 8.88%, 01/15/17
|
|
|
2,960,000
|
|
|
|
2,871,200
|
|
Radnet Management, Inc., 10.38%, 04/01/18
|
|
|
3,005,000
|
|
|
|
3,050,075
|
|
Select Medical Holdings Corp., 6.43%@, 09/15/15
|
|
|
1,925,000
|
|
|
|
1,929,812
|
|
Total Healthcare - Services
|
|
|
|
|
|
|
13,853,037
|
|
|
|
|
|
|
|
|
|
|
Household Products / Wares–1.3%
|
|
|
|
|
|
|
|
|
Central Garden & Pet Co., 8.25%, 03/01/18
|
|
|
1,625,000
|
|
|
|
1,730,625
|
|
|
|
|
|
|
|
|
|
|
Leisure Time–2.1%
|
|
|
|
|
|
|
|
|
ICON Health & Fitness, 11.88%, 10/15/16‡
|
|
|
2,925,000
|
|
|
|
2,753,156
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturing–2.0%
|
|
|
|
|
|
|
|
|
JB Poindexter & Co., Inc., 9.00%, 04/01/22‡
|
|
|
2,735,000
|
|
|
|
2,748,675
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas–6.8%
|
|
|
|
|
|
|
|
|
Quicksilver Resources, Inc., 11.75%, 01/01/16
|
|
|
2,900,000
|
|
|
|
2,943,500
|
|
United Refining Co., 10.50%, 02/28/18
|
|
|
3,332,000
|
|
|
|
3,673,530
|
|
Venoco, Inc., 11.50%, 10/01/17
|
|
|
2,475,000
|
|
|
|
2,561,625
|
|
Total Oil & Gas
|
|
|
|
|
|
|
9,178,655
|
|
|
|
|
|
|
|
|
|
|
Retail–4.4%
|
|
|
|
|
|
|
|
|
Ferrellgas Partners LP, 8.63%, 06/15/20
|
|
|
3,350,000
|
|
|
|
3,257,875
|
|
RadioShack Corp., 6.75%, 05/15/19
|
|
|
4,350,000
|
|
|
|
2,588,250
|
|
Total Retail
|
|
|
|
|
|
|
5,846,125
|
|
|
|
|
|
|
|
|
|
|
Telecommunications–1.6%
|
|
|
|
|
|
|
|
|
Cincinnati Bell, Inc., 8.75%, 03/15/18
|
|
|
2,150,000
|
|
|
|
2,193,000
|
|
|
|
|
|
|
|
|
|
|
Transportation–0.9%
|
|
|
|
|
|
|
|
|
PHI, Inc., 8.63%, 10/15/18
|
|
|
1,185,000
|
|
|
|
1,247,213
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
(Cost $111,362,570)
|
|
|
|
|
|
|
110,424,038
|
|
ADVISORSHARES TRUST
|
PERITUS HIGH YIELD ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
FOREIGN BONDS–12.9%
|
|
Airlines–3.1%
|
|
|
|
|
|
|
|
|
Air Canada, 12.00%, 02/01/16 (Canada)‡
|
|
|
4,319,711
|
|
|
$
|
4,244,116
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas–4.1%
|
|
|
|
|
|
|
|
|
Connacher Oil And Gas Ltd., 8.50%, 08/01/19 (Canada)‡
|
|
|
3,650,000
|
|
|
|
3,157,250
|
|
Welltec A/S, 8.00%, 02/01/19 (Denmark)‡
|
|
|
2,210,000
|
|
|
|
2,309,450
|
|
Total Oil & Gas
|
|
|
|
|
|
|
5,466,700
|
|
|
|
|
|
|
|
|
|
|
Transportation–5.7%
|
|
|
|
|
|
|
|
|
CHC Helicopter SA, 9.25%, 10/15/20 (Luxembourg)
|
|
|
3,186,000
|
|
|
|
3,289,545
|
|
Navios Maritime Holdings, Inc., 8.13%, 02/15/19 (Marshall Islands)
|
|
|
3,170,000
|
|
|
|
2,876,775
|
|
Ship Finance International Ltd., 8.50%, 12/15/13 (Bermuda)
|
|
|
1,555,000
|
|
|
|
1,562,775
|
|
Total Transportation
|
|
|
|
|
|
|
7,729,095
|
|
|
|
|
|
|
|
|
|
|
Total Foreign Bonds
(Cost $17,085,325)
|
|
|
|
|
|
|
17,439,911
|
|
|
|
|
|
|
|
|
|
|
Total Investments–95.0%
(Cost $128,447,895)
|
|
|
|
|
|
|
127,863,949
|
|
Other Assets in Excess of Liabilities–5.0%
|
|
|
|
|
|
|
6,675,719
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
134,539,668
|
|
|
‡
|
Security was purchased pursuant to Rule 144A under the
Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless
otherwise noted, 144A securities are deemed to be liquid.
|
|
@
|
Variable rate instrument. The interest rate shown reflects
the rate in effect at September 30, 2012.
|
ADVISORSHARES TRUST
|
ROCKLEDGE SECTOR SAM ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED FUNDS–99.0%
|
Equity Fund-99.0%
|
|
|
|
|
|
|
|
|
Consumer Discretionary Select Sector SPDR Fund
(a)
|
|
|
8,919
|
|
|
$
|
417,142
|
|
Financial Select Sector SPDR Fund
(a)
|
|
|
26,770
|
|
|
|
417,612
|
|
Health Care Select Sector SPDR Fund
(a)
|
|
|
10,475
|
|
|
|
420,152
|
|
Total Investments Before Securities Sold, Not Yet Purchased (Cost $1,273,189)
|
|
|
|
|
|
|
1,254,906
|
|
|
|
|
|
|
|
|
|
|
Securities Sold, Not Yet Purchased–(99.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Fund–(99.4)%
|
|
|
|
|
|
|
|
|
Consumer Staples Select Sector SPDR Fund
|
|
|
6,715
|
|
|
|
(240,598
|
)
|
Energy Select Sector SPDR Fund
|
|
|
3,007
|
|
|
|
(220,954
|
)
|
Industrial Select Sector SPDR Fund
|
|
|
5,368
|
|
|
|
(196,147
|
)
|
Materials Select Sector SPDR Fund
|
|
|
1,772
|
|
|
|
(65,156
|
)
|
Technology Select Sector SPDR Fund
|
|
|
15,160
|
|
|
|
(467,383
|
)
|
Utilities Select Sector SPDR Fund
|
|
|
1,904
|
|
|
|
(69,306
|
)
|
Total Securities Sold, Not Yet Purchased [Proceeds Received $(1,259,273)]
|
|
|
|
|
|
|
(1,259,544
|
)
|
|
|
|
|
|
|
|
|
|
Total Investments–(0.4)%
(Cost $13,916)
|
|
|
|
|
|
|
(4,638
|
)
|
Other Assets in Excess of Liabilities–100.4%
|
|
|
|
|
|
|
1,271,850
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
1,267,212
|
|
|
(a)
|
Represents security, or a portion thereof, segregated
as collateral for securities sold, not yet purchased.
|
Cash of $1,254,170 has been segregated to cover requirement
for open short sales as of September 30, 2012.
ADVISORSHARES TRUST
|
TRIMTABS FLOAT SHRINK ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS–99.9%
|
Aerospace/Defense-1.9%
|
|
|
|
|
|
|
|
|
General Dynamics Corp.
|
|
|
1,396
|
|
|
$
|
92,303
|
|
Raytheon Co.
|
|
|
1,604
|
|
|
|
91,685
|
|
Total Aerospace/Defense
|
|
|
|
|
|
|
183,988
|
|
|
|
|
|
|
|
|
|
|
Agriculture-2.7%
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
2,583
|
|
|
|
86,247
|
|
Lorillard, Inc.
|
|
|
718
|
|
|
|
83,611
|
|
Philip Morris International, Inc.
|
|
|
1,029
|
|
|
|
92,548
|
|
Total Agriculture
|
|
|
|
|
|
|
262,406
|
|
|
|
|
|
|
|
|
|
|
Apparel-3.0%
|
|
|
|
|
|
|
|
|
Carter's, Inc.*
|
|
|
1,771
|
|
|
|
95,351
|
|
Coach, Inc.
|
|
|
1,789
|
|
|
|
100,220
|
|
Ralph Lauren Corp.
|
|
|
624
|
|
|
|
94,367
|
|
Total Apparel
|
|
|
|
|
|
|
289,938
|
|
|
|
|
|
|
|
|
|
|
Auto Parts & Equipment-1.0%
|
|
|
|
|
|
|
|
|
WABCO Holdings, Inc.*
|
|
|
1,626
|
|
|
|
93,771
|
|
|
|
|
|
|
|
|
|
|
Beverages-1.0%
|
|
|
|
|
|
|
|
|
Brown-Forman Corp., Class B
|
|
|
1,448
|
|
|
|
94,482
|
|
|
|
|
|
|
|
|
|
|
Biotechnology-1.1%
|
|
|
|
|
|
|
|
|
Gilead Sciences, Inc.*
|
|
|
1,624
|
|
|
|
107,720
|
|
|
|
|
|
|
|
|
|
|
Chemicals-3.0%
|
|
|
|
|
|
|
|
|
Airgas, Inc.
|
|
|
1,144
|
|
|
|
94,151
|
|
Albemarle Corp.
|
|
|
1,791
|
|
|
|
94,350
|
|
NewMarket Corp.
|
|
|
394
|
|
|
|
97,113
|
|
Total Chemicals
|
|
|
|
|
|
|
285,614
|
|
|
|
|
|
|
|
|
|
|
Commercial Services-11.1%
|
|
|
|
|
|
|
|
|
Apollo Group, Inc., Class A*
|
|
|
3,256
|
|
|
|
94,587
|
|
ADVISORSHARES TRUST
|
TRIMTABS FLOAT SHRINK ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Commercial Services-11.1% (continued)
|
|
|
|
|
|
|
|
|
Bridgepoint Education, Inc.*
|
|
|
9,646
|
|
|
$
|
97,907
|
|
Chemed Corp.
|
|
|
1,465
|
|
|
|
101,510
|
|
Corporate Executive Board Co. (The)
|
|
|
2,031
|
|
|
|
108,923
|
|
Gartner, Inc.*
|
|
|
2,049
|
|
|
|
94,438
|
|
ITT Educational Services, Inc.*
|
|
|
2,924
|
|
|
|
94,240
|
|
Lender Processing Services, Inc.
|
|
|
3,623
|
|
|
|
101,045
|
|
Robert Half International, Inc.
|
|
|
3,351
|
|
|
|
89,237
|
|
SEI Investments Co.
|
|
|
4,255
|
|
|
|
91,270
|
|
Strayer Education, Inc.
|
|
|
1,477
|
|
|
|
95,045
|
|
Zillow, Inc., Class A*
|
|
|
2,383
|
|
|
|
100,515
|
|
Total Commercial Services
|
|
|
|
|
|
|
1,068,717
|
|
|
|
|
|
|
|
|
|
|
Computers-3.9%
|
|
|
|
|
|
|
|
|
Brocade Communications Systems, Inc.*
|
|
|
16,613
|
|
|
|
98,266
|
|
Dell, Inc.
|
|
|
9,100
|
|
|
|
89,726
|
|
Diebold, Inc.
|
|
|
2,811
|
|
|
|
94,759
|
|
International Business Machines Corp.
|
|
|
456
|
|
|
|
94,597
|
|
Total Computers
|
|
|
|
|
|
|
377,348
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services-4.1%
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
1,544
|
|
|
|
87,792
|
|
Franklin Resources, Inc.
|
|
|
786
|
|
|
|
98,305
|
|
Greenhill & Co., Inc.
|
|
|
2,261
|
|
|
|
117,007
|
|
World Acceptance Corp.*
|
|
|
1,336
|
|
|
|
90,113
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
393,217
|
|
|
|
|
|
|
|
|
|
|
Electronics-0.9%
|
|
|
|
|
|
|
|
|
Tech Data Corp.*
|
|
|
1,861
|
|
|
|
84,303
|
|
|
|
|
|
|
|
|
|
|
Engineering & Construction-1.0%
|
|
|
|
|
|
|
|
|
Chicago Bridge & Iron Co. N.V. (Netherlands)
|
|
|
2,662
|
|
|
|
101,396
|
|
|
|
|
|
|
|
|
|
|
Entertainment-1.0%
|
|
|
|
|
|
|
|
|
Dolby Laboratories, Inc., Class A*
|
|
|
2,860
|
|
|
|
93,665
|
|
ADVISORSHARES TRUST
|
TRIMTABS FLOAT SHRINK ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Food-1.0%
|
|
|
|
|
|
|
|
|
Fresh Market, Inc. (The)*
|
|
|
1,539
|
|
|
$
|
92,309
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Products-6.3%
|
|
|
|
|
|
|
|
|
C.R. Bard, Inc.
|
|
|
919
|
|
|
|
96,173
|
|
Cyberonics, Inc.*
|
|
|
2,018
|
|
|
|
105,784
|
|
Idexx Laboratories, Inc.*
|
|
|
1,020
|
|
|
|
101,337
|
|
Masimo Corp.*
|
|
|
3,992
|
|
|
|
96,527
|
|
St. Jude Medical, Inc.
|
|
|
2,442
|
|
|
|
102,881
|
|
Varian Medical Systems, Inc.*
|
|
|
1,664
|
|
|
|
100,372
|
|
Total Healthcare - Products
|
|
|
|
|
|
|
603,074
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Services-1.0%
|
|
|
|
|
|
|
|
|
Laboratory Corp. of America Holdings*
|
|
|
1,069
|
|
|
|
98,851
|
|
|
|
|
|
|
|
|
|
|
Insurance-1.0%
|
|
|
|
|
|
|
|
|
Axis Capital Holdings Ltd. (Bermuda)
|
|
|
2,772
|
|
|
|
96,798
|
|
|
|
|
|
|
|
|
|
|
Internet-6.1%
|
|
|
|
|
|
|
|
|
Ancestry.com, Inc.*
|
|
|
3,091
|
|
|
|
92,977
|
|
Expedia, Inc.
|
|
|
1,837
|
|
|
|
106,252
|
|
F5 Networks, Inc.*
|
|
|
956
|
|
|
|
100,093
|
|
Opentable, Inc.*
|
|
|
2,285
|
|
|
|
95,056
|
|
Symantec Corp.*
|
|
|
5,887
|
|
|
|
105,966
|
|
TripAdvisor, Inc.*
|
|
|
2,574
|
|
|
|
84,762
|
|
Total Internet
|
|
|
|
|
|
|
585,106
|
|
|
|
|
|
|
|
|
|
|
Machinery-1.0%
|
|
|
|
|
|
|
|
|
Gardner Denver, Inc.
|
|
|
1,606
|
|
|
|
97,019
|
|
|
|
|
|
|
|
|
|
|
Media-3.1%
|
|
|
|
|
|
|
|
|
DIRECTV*
|
|
|
1,851
|
|
|
|
97,103
|
|
Scripps Networks Interactive, Inc., Class A
|
|
|
1,650
|
|
|
|
101,030
|
|
ADVISORSHARES TRUST
|
TRIMTABS FLOAT SHRINK ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Media-3.1% (continued)
|
|
|
|
|
|
|
|
|
Viacom, Inc., Class B
|
|
|
1,947
|
|
|
$
|
104,340
|
|
Total Media
|
|
|
|
|
|
|
302,473
|
|
|
|
|
|
|
|
|
|
|
Mining-1.0%
|
|
|
|
|
|
|
|
|
Southern Copper Corp.
|
|
|
2,900
|
|
|
|
99,644
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturing-1.0%
|
|
|
|
|
|
|
|
|
Cooper Industries PLC, Class A (Ireland)
|
|
|
1,261
|
|
|
|
94,651
|
|
|
|
|
|
|
|
|
|
|
Office/Business Equipment-1.0%
|
|
|
|
|
|
|
|
|
Pitney Bowes, Inc.
|
|
|
6,912
|
|
|
|
95,524
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals-3.9%
|
|
|
|
|
|
|
|
|
Herbalife Ltd. (Cayman Islands)
|
|
|
1,940
|
|
|
|
91,956
|
|
McKesson Corp.
|
|
|
1,001
|
|
|
|
86,116
|
|
Medicis Pharmaceutical Corp., Class A
|
|
|
2,238
|
|
|
|
96,838
|
|
Pfizer, Inc.
|
|
|
3,946
|
|
|
|
98,058
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
372,968
|
|
|
|
|
|
|
|
|
|
|
Retail-23.1%
|
|
|
|
|
|
|
|
|
Bed Bath & Beyond, Inc.*
|
|
|
1,441
|
|
|
|
90,783
|
|
Best Buy Co., Inc.
|
|
|
5,122
|
|
|
|
88,047
|
|
Brinker International, Inc.
|
|
|
2,880
|
|
|
|
101,664
|
|
Cheesecake Factory, Inc. (The)
|
|
|
2,721
|
|
|
|
97,276
|
|
Chico's FAS, Inc.
|
|
|
5,261
|
|
|
|
95,277
|
|
Children's Place Retail Stores, Inc. (The)*
|
|
|
1,774
|
|
|
|
106,440
|
|
Cracker Barrel Old Country Store, Inc.
|
|
|
1,454
|
|
|
|
97,644
|
|
Dillard's, Inc., Class A
|
|
|
1,386
|
|
|
|
100,235
|
|
Finish Line, Inc. (The), Class A
|
|
|
4,245
|
|
|
|
96,531
|
|
Gamestop Corp., Class A
|
|
|
4,795
|
|
|
|
100,695
|
|
Gap, Inc. (The)
|
|
|
2,724
|
|
|
|
97,465
|
|
Hibbett Sports, Inc.*
|
|
|
1,620
|
|
|
|
96,309
|
|
Home Depot, Inc. (The)
|
|
|
1,693
|
|
|
|
102,206
|
|
HSN, Inc.
|
|
|
2,096
|
|
|
|
102,809
|
|
ADVISORSHARES TRUST
|
TRIMTABS FLOAT SHRINK ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Retail-23.1% (continued)
|
|
|
|
|
|
|
|
|
Kohl's Corp.
|
|
|
1,848
|
|
|
$
|
94,654
|
|
Panera Bread Co., Class A*
|
|
|
613
|
|
|
|
104,756
|
|
PetSmart, Inc.
|
|
|
1,392
|
|
|
|
96,020
|
|
Ross Stores, Inc.
|
|
|
1,336
|
|
|
|
86,306
|
|
Saks, Inc.*
|
|
|
8,698
|
|
|
|
89,676
|
|
Target Corp.
|
|
|
1,474
|
|
|
|
93,555
|
|
TJX Cos., Inc. (The)
|
|
|
2,024
|
|
|
|
90,655
|
|
Walgreen Co.
|
|
|
2,529
|
|
|
|
92,157
|
|
Williams-Sonoma, Inc.
|
|
|
2,369
|
|
|
|
104,165
|
|
Total Retail
|
|
|
|
|
|
|
2,225,325
|
|
|
|
|
|
|
|
|
|
|
Semiconductors-3.7%
|
|
|
|
|
|
|
|
|
Atmel Corp.*
|
|
|
16,549
|
|
|
|
87,048
|
|
Cirrus Logic, Inc.*
|
|
|
2,508
|
|
|
|
96,282
|
|
QLogic Corp.*
|
|
|
7,845
|
|
|
|
89,590
|
|
Veeco Instruments, Inc.*
|
|
|
2,664
|
|
|
|
79,973
|
|
Total Semiconductors
|
|
|
|
|
|
|
352,893
|
|
|
|
|
|
|
|
|
|
|
Software-7.0%
|
|
|
|
|
|
|
|
|
Acxiom Corp.*
|
|
|
5,715
|
|
|
|
104,413
|
|
Akamai Technologies, Inc.*
|
|
|
2,563
|
|
|
|
98,060
|
|
CA, Inc.
|
|
|
3,720
|
|
|
|
95,846
|
|
Dun & Bradstreet Corp. (The)
|
|
|
1,210
|
|
|
|
96,340
|
|
Electronic Arts, Inc.*
|
|
|
7,451
|
|
|
|
94,553
|
|
Fiserv, Inc.*
|
|
|
1,247
|
|
|
|
92,316
|
|
Intuit, Inc.
|
|
|
1,524
|
|
|
|
89,733
|
|
Total Software
|
|
|
|
|
|
|
671,261
|
|
|
|
|
|
|
|
|
|
|
Telecommunications-3.0%
|
|
|
|
|
|
|
|
|
Arris Group, Inc.*
|
|
|
7,160
|
|
|
|
91,577
|
|
Cisco Systems, Inc.
|
|
|
5,191
|
|
|
|
99,096
|
|
Neustar, Inc., Class A*
|
|
|
2,564
|
|
|
|
102,637
|
|
Total Telecommunications
|
|
|
|
|
|
|
293,310
|
|
ADVISORSHARES TRUST
|
TRIMTABS FLOAT SHRINK ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Toys/Games/Hobbies-1.0%
|
|
|
|
|
|
|
|
|
Mattel, Inc.
|
|
|
2,589
|
|
|
$
|
91,858
|
|
Total Common Stocks
(Cost $9,033,485)
|
|
|
|
|
|
|
9,609,629
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–0.0%
†
|
|
|
|
|
|
|
|
|
Wells Fargo Advantage Government Money Market Fund, Institutional Class
(Cost $1,958)
|
|
|
1,958
|
|
|
|
1,958
|
|
Total Investments–99.9%
(Cost $9,035,443)
|
|
|
|
|
|
|
9,611,587
|
|
Other Assets in Excess of Liabilities–0.1%
|
|
|
|
|
|
|
5,662
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
9,617,249
|
|
|
*
|
Non-income producing security
|
ADVISORSHARES TRUST
|
WCM/BNY MELLON FOCUSED GROWTH ADR ETF
|
Schedule of Investments
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS–97.1%
|
Beverages-9.2%
|
|
|
|
|
|
|
|
|
Cia de Bebidas das Americas (Brazil)
(a)
|
|
|
4,983
|
|
|
$
|
190,699
|
|
Coca-Cola Enterprises, Inc.
|
|
|
9,259
|
|
|
|
289,529
|
|
Coca-Cola Femsa SAB de CV (Mexico)
(a)
|
|
|
1,064
|
|
|
|
137,256
|
|
Total Beverages
|
|
|
|
|
|
|
617,484
|
|
|
|
|
|
|
|
|
|
|
Biotechnology-3.8%
|
|
|
|
|
|
|
|
|
Novozymes A/S (Denmark)
(a)
|
|
|
9,245
|
|
|
|
256,549
|
|
|
|
|
|
|
|
|
|
|
Chemicals-4.6%
|
|
|
|
|
|
|
|
|
Potash Corp. of Saskatchewan, Inc. (Canada)
|
|
|
7,144
|
|
|
|
310,193
|
|
|
|
|
|
|
|
|
|
|
Commercial Services-4.3%
|
|
|
|
|
|
|
|
|
SGS SA (Switzerland)
(a)
|
|
|
14,053
|
|
|
|
289,070
|
|
|
|
|
|
|
|
|
|
|
Cosmetics / Personal Care-5.0%
|
|
|
|
|
|
|
|
|
L'Oreal SA (France)
(a)
|
|
|
13,412
|
|
|
|
331,276
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services-3.3%
|
|
|
|
|
|
|
|
|
Lazard Ltd., Class A (Bermuda)
|
|
|
7,469
|
|
|
|
218,319
|
|
|
|
|
|
|
|
|
|
|
Food-11.1%
|
|
|
|
|
|
|
|
|
BRF - Brasil Foods SA (Brazil)
(a)
|
|
|
11,359
|
|
|
|
196,511
|
|
Jeronimo Martins, SGPS, SA (Portugal)
(a)
|
|
|
3,900
|
|
|
|
130,572
|
|
Nestle SA (Switzerland)
(a)
|
|
|
4,388
|
|
|
|
277,365
|
|
Shoprite Holdings Ltd. (South Africa)
(a)
|
|
|
3,430
|
|
|
|
139,944
|
|
Total Food
|
|
|
|
|
|
|
744,392
|
|
|
|
|
|
|
|
|
|
|
Healthcare - Products-9.4%
|
|
|
|
|
|
|
|
|
Essilor International SA (France)
(a)
|
|
|
6,502
|
|
|
|
306,504
|
|
Shandong Weigao Group Medical Polymer Co. Ltd. (China)
(a)
|
|
|
29,435
|
|
|
|
155,122
|
|
Sysmex Corp. (Japan)
(a)
|
|
|
7,070
|
|
|
|
170,246
|
|
Total Healthcare - Products
|
|
|
|
|
|
|
631,872
|
|
ADVISORSHARES TRUST
|
WCM/BNY MELLON FOCUSED GROWTH ADR ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Holding Companies - Diversified-2.2%
|
|
|
|
|
|
|
|
|
LVMH Moet Hennessy Louis Vuitton SA (France)
(a)
|
|
|
4,842
|
|
|
$
|
145,599
|
|
|
|
|
|
|
|
|
|
|
Insurance-4.0%
|
|
|
|
|
|
|
|
|
ACE Ltd. (Switzerland)
|
|
|
3,574
|
|
|
|
270,194
|
|
|
|
|
|
|
|
|
|
|
Internet-2.5%
|
|
|
|
|
|
|
|
|
Baidu, Inc. (China)*
(a)
|
|
|
1,446
|
|
|
|
168,922
|
|
|
|
|
|
|
|
|
|
|
Machinery - Diversified-3.6%
|
|
|
|
|
|
|
|
|
Fanuc Corp. (Japan)
(a)
|
|
|
9,118
|
|
|
|
243,724
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Services-4.4%
|
|
|
|
|
|
|
|
|
Core Laboratories N.V. (Netherlands)
|
|
|
2,402
|
|
|
|
291,795
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals-4.4%
|
|
|
|
|
|
|
|
|
NOVO Nordisk A/S (Denmark)
(a)
|
|
|
1,861
|
|
|
|
293,685
|
|
|
|
|
|
|
|
|
|
|
Retail-7.4%
|
|
|
|
|
|
|
|
|
Arcos Dorados Holdings, Inc., Class A (Argentina)
|
|
|
20,153
|
|
|
|
310,961
|
|
Wal-Mart de Mexico SAB de CV (Mexico)
(a)
|
|
|
6,654
|
|
|
|
186,645
|
|
Total Retail
|
|
|
|
|
|
|
497,606
|
|
|
|
|
|
|
|
|
|
|
Semiconductors-11.6%
|
|
|
|
|
|
|
|
|
Arm Holdings PLC (United Kingdom)
(a)
|
|
|
8,144
|
|
|
|
227,869
|
|
ASML Holding N.V. (Netherlands)
|
|
|
3,460
|
|
|
|
185,733
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
(a)
|
|
|
22,814
|
|
|
|
360,917
|
|
Total Semiconductors
|
|
|
|
|
|
|
774,519
|
|
|
|
|
|
|
|
|
|
|
Transportation-6.3%
|
|
|
|
|
|
|
|
|
Canadian National Railway Co. (Canada)
|
|
|
3,159
|
|
|
|
278,719
|
|
Kuehne + Nagel International AG (Switzerland)
(a)
|
|
|
6,100
|
|
|
|
141,276
|
|
ADVISORSHARES TRUST
|
WCM/BNY MELLON FOCUSED GROWTH ADR ETF
|
Schedule of Investments (continued)
|
|
Investments
|
|
Shares
|
|
|
Value
|
|
Transportation-6.3% (continued)
|
|
|
|
|
|
|
|
|
Total Transportation
|
|
|
|
|
|
$
|
419,995
|
|
Total Common Stocks
(Cost $6,113,267)
|
|
|
|
|
|
|
6,505,194
|
|
MONEY MARKET FUND–5.3%
|
|
|
|
|
|
|
|
|
Invesco Government & Agency Portfolio - Private Investment Class
(Cost $353,569)
|
|
|
353,569
|
|
|
|
353,569
|
|
Total Investments–102.4%
(Cost $6,466,836)
|
|
|
|
|
|
|
6,858,763
|
|
Liabilities in Excess of Other Assets–(2.4%)
|
|
|
|
|
|
|
(159,667
|
)
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
6,699,096
|
|
|
*
|
Non-income producing security
|
|
(a)
|
American Depositary Receipt
|
ADVISORSHARES TRUST
QAM EQUITY HEDGE ETF
Schedule of Investments
September 30, 2012 (Unaudited)
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED NOTES–0.6%
|
|
|
|
|
|
|
Commodity Fund-0.0%
†
|
|
|
|
|
|
|
|
|
iPath Dow Jones-UBS Softs Subindex Total Return ETN*
|
|
|
13
|
|
|
$
|
746
|
|
|
|
|
|
|
|
|
|
|
Equity Fund-0.6%
|
|
|
|
|
|
|
|
|
iPath MSCI India Index ETN*
|
|
|
268
|
|
|
|
15,734
|
|
Total Exchange Traded Notes
(Cost $14,755)
|
|
|
|
|
|
|
16,480
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS–68.6%
|
|
|
|
|
|
|
|
|
Asset Allocation Fund-2.6%
|
|
|
|
|
|
|
|
|
Proshares Short Euro ETF*
|
|
|
1,712
|
|
|
|
66,151
|
|
|
|
|
|
|
|
|
|
|
Commodity Fund-0.9%
|
|
|
|
|
|
|
|
|
SPDR Gold Shares*
|
|
|
135
|
|
|
|
23,223
|
|
|
|
|
|
|
|
|
|
|
Debt Fund-19.7%
|
|
|
|
|
|
|
|
|
iShares Barclays Short Treasury Bond Fund
(a)
|
|
|
2,270
|
|
|
|
250,200
|
|
SPDR Barclays Capital 1-3 Month T-Bill ETF
|
|
|
5,456
|
|
|
|
249,939
|
|
Total Debt Fund
|
|
|
|
|
|
|
500,139
|
|
|
|
|
|
|
|
|
|
|
Equity Fund-45.4%
|
|
|
|
|
|
|
|
|
First Trust Dow Jones Internet Index Fund
|
|
|
1,665
|
|
|
|
63,153
|
|
Guggenheim Canadian Energy Income ETF
|
|
|
1,093
|
|
|
|
18,406
|
|
Guggenheim China Small Capital ETF
|
|
|
2,783
|
|
|
|
54,992
|
|
Guggenheim Raymond James SB-1 Equity ETF
|
|
|
1,587
|
|
|
|
36,184
|
|
Guggenheim S&P 500 Equal Weight Energy ETF
|
|
|
292
|
|
|
|
18,840
|
|
Guggenheim S&P 500 Equal Weight ETF
|
|
|
3,177
|
|
|
|
165,776
|
|
Guggenheim S&P 500 Equal Weight Financials ETF
|
|
|
2,681
|
|
|
|
75,497
|
|
Guggenheim S&P Midcap 400 Pure Growth ETF
|
|
|
574
|
|
|
|
51,528
|
|
iShares Core S&P SmallCap ETF
|
|
|
401
|
|
|
|
30,905
|
|
iShares Dow Jones US Energy Sector Index Fund
|
|
|
6
|
|
|
|
253
|
|
ADVISORSHARES TRUST
QAM EQUITY HEDGE ETF
Schedule of Investments (continued)
September 30, 2012 (Unaudited)
Investments
|
|
Shares
|
|
|
Value
|
|
Equity Fund-45.4% (continued)
|
|
|
|
|
|
|
|
|
iShares Dow Jones US Medical Devices Index Fund
|
|
|
485
|
|
|
$
|
33,344
|
|
iShares Dow Jones US Oil & Gas Exploration & Production Index Fund
|
|
|
157
|
|
|
|
10,065
|
|
iShares Dow Jones US Pharmaceuticals Index Fund
|
|
|
134
|
|
|
|
12,010
|
|
iShares MSCI EAFE Index Fund
|
|
|
761
|
|
|
|
40,333
|
|
iShares MSCI Emerging Markets Index Fund
|
|
|
330
|
|
|
|
13,636
|
|
iShares MSCI Japan Index Fund
|
|
|
842
|
|
|
|
7,713
|
|
iShares MSCI Pacific ex-Japan Index Fund
|
|
|
241
|
|
|
|
10,746
|
|
iShares MSCI South Korea Index Fund
|
|
|
138
|
|
|
|
8,160
|
|
iShares MSCI Taiwan Index Fund
|
|
|
2,789
|
|
|
|
37,261
|
|
iShares MSCI Thailand Investable Market Index Fund
|
|
|
269
|
|
|
|
20,398
|
|
iShares MSCI United Kingdom Index Fund
|
|
|
1,305
|
|
|
|
22,720
|
|
iShares Russell 1000 Growth Index Fund
|
|
|
868
|
|
|
|
57,896
|
|
iShares Russell 1000 Value Index Fund
|
|
|
534
|
|
|
|
38,544
|
|
iShares Russell 2000 Growth Index Fund
|
|
|
12
|
|
|
|
1,147
|
|
iShares Russell 2000 Value Index Fund
|
|
|
157
|
|
|
|
11,609
|
|
iShares Russell Microcap® Index Fund
|
|
|
1,090
|
|
|
|
57,596
|
|
iShares S&P Global Materials Sector Index Fund
|
|
|
21
|
|
|
|
1,246
|
|
iShares S&P Latin America 40 Index Fund
|
|
|
84
|
|
|
|
3,577
|
|
iShares S&P North American Natural Resources Sector Index Fund
|
|
|
997
|
|
|
|
39,391
|
|
iShares S&P/TOPIX 150 Index Fund
|
|
|
562
|
|
|
|
22,081
|
|
Market Vectors Indonesia Index ETF
|
|
|
604
|
|
|
|
17,268
|
|
Market Vectors Russia ETF
|
|
|
863
|
|
|
|
24,846
|
|
Market Vectors® Uranium+Nuclear Energy ETF
|
|
|
1,970
|
|
|
|
29,057
|
|
PowerShares Dynamic Market Portfolio
|
|
|
584
|
|
|
|
28,248
|
|
SPDR Russell/Nomura SmallCap Japan ETF
|
|
|
267
|
|
|
|
11,011
|
|
SPDR S&P Emerging Markets SmallCap ETF
|
|
|
1,710
|
|
|
|
76,010
|
|
Total Equity Fund
|
|
|
|
|
|
|
1,151,447
|
|
Total Exchange Traded Funds
(Cost $1,710,843)
|
|
|
|
|
|
|
1,740,960
|
|
ADVISORSHARES TRUST
QAM EQUITY HEDGE ETF
Schedule of Investments (continued)
September 30, 2012 (Unaudited)
Investments
|
|
Shares
|
|
|
Value
|
|
MONEY MARKET FUND–29.5%
|
|
|
|
|
|
|
|
|
JP Morgan Prime Money Market Fund - Institutional Class
(Cost $749,153)
|
|
|
749,153
|
|
|
$
|
749,153
|
|
Total Investments Before Securities Sold, Not Yet Purchased (Cost $2,474,751)
|
|
|
|
|
|
|
2,506,593
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUND–(0.6)%
|
|
|
|
|
|
|
|
|
Security Sold, Not Yet Purchased–(0.6)%
|
|
|
|
|
|
|
|
|
Asset Allocation Fund–(0.6)%
|
|
|
|
|
|
|
|
|
CurrencyShares Japanese Yen Trust*
|
|
|
126
|
|
|
|
(15,851
|
)
|
Total Securities Sold, Not Yet Purchased [Proceeds Received $(15,769)]
|
|
|
|
|
|
|
(15,851
|
)
|
|
|
|
|
|
|
|
|
|
Total Investments–98.1%
(Cost $2,458,982)
|
|
|
|
|
|
|
2,490,742
|
|
Other Assets in Excess of Liabilities–1.9%
|
|
|
|
|
|
|
48,487
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
2,539,229
|
|
|
|
ETF - Exchange Traded Fund
†
Less than 0.05%
* Non-income producing security
(a)
All or a portion of
the security is segregated as collateral in connection with the swaps positions carried by the Fund.
Total Return Swaps contracts
outstanding as of September 30, 2012
|
Reference Entity
|
|
Number of
Contracts
|
|
|
Termination
Date
|
|
|
Notional
Amounts
|
|
|
|
Market
Value
|
|
|
|
Unrealized
Appreciation/
(Depreciation)
|
|
CECE Net Total Return Index
|
|
4
|
|
|
10/08/2012
|
|
$
|
9,770
|
|
|
$
|
9,890
|
|
|
$
|
120
|
|
EURO STOXX Large Net Return USD
|
|
37
|
|
|
10/08/2012
|
|
|
15,859
|
|
|
|
(15,481
|
)
|
|
|
379
|
|
EURO STOXX Mid Net Return
|
|
190
|
|
|
10/08/2012
|
|
|
68,664
|
|
|
|
68,639
|
|
|
|
(25
|
)
|
Market Vectors Russia Small-Cap ETF
|
|
1,930
|
|
|
10/08/2012
|
|
|
29,870
|
|
|
|
29,542
|
|
|
|
(328
|
)
|
Net Unrealized Appreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
146
|
|
Cash held as collateral with broker for swap contracts was $15,669
at September 30, 2012.
Societe Generale acts as the counterparty to the total return
swap contract listed above. The Fund either receives fees from, or pay fees to, the counterparty, depending upon the
total return of the benchmark, and the agreed-upon financing rate.
ADVISORSHARES TRUST
STAR GLOBAL BUY-WRITE ETF
Schedule of Investments
September 30, 2012 (Unaudited)
Investments
|
|
Shares
|
|
|
Value
|
|
EXCHANGE TRADED FUNDS–54.3%
|
|
|
|
|
|
|
|
|
Energy Select Sector SPDR Fund
|
|
|
6,314
|
|
|
$
|
463,953
|
|
iShares Dow Jones US Real Estate Index Fund
|
|
|
7,110
|
|
|
|
457,813
|
|
iShares MSCI Emerging Markets Index Fund
|
|
|
13,289
|
|
|
|
549,101
|
|
SPDR S&P 500 ETF Trust
|
|
|
3,829
|
|
|
|
551,108
|
|
Total Exchange Traded Funds
(Cost $2,048,935)
|
|
|
|
|
|
|
2,021,975
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–39.2%
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds -T- Fund Portfolio - Institutional Class
(Cost $1,461,030)
|
|
|
1,461,030
|
|
|
|
1,461,030
|
|
Description
|
|
Contracts
|
|
|
Value
|
|
PURCHASED PUT OPTION–1.4%
|
|
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust Option expiring 09/21/13 @ $120.00 (Cost $50,205)
|
|
|
110
|
|
|
|
51,315
|
|
WRITTEN CALL OPTION–(0.5)%
|
|
|
|
|
|
|
|
|
Energy Select Sector SPDR Fund Option expiring 11/17/12, Strike Price $75.00
|
|
|
(17
|
)
|
|
|
(2,083
|
)
|
Energy Select Sector SPDR Fund Option expiring 11/17/12, Strike Price $77.00
|
|
|
(42
|
)
|
|
|
(2,436
|
)
|
iShares Dow Jones US Real Estate Index Fund Option expiring 11/17/12, Strike Price $66.00
|
|
|
(24
|
)
|
|
|
(1,272
|
)
|
iShares Dow Jones US Real Estate Index Fund Option expiring 11/17/12, Strike Price $67.00
|
|
|
(47
|
)
|
|
|
(1,222
|
)
|
iShares MSCI Emerging Markets Index Fund Option expiring 11/17/12, Strike Price $42.00
|
|
|
(25
|
)
|
|
|
(2,500
|
)
|
iShares MSCI Emerging Markets Index Fund Option expiring 11/17/12, Strike Price $44.00
|
|
|
(88
|
)
|
|
|
(2,772
|
)
|
SPDR S&P 500 ETF Trust Option expiring 11/17/12, Strike Price $146.00
|
|
|
(7
|
)
|
|
|
(1,330
|
)
|
SPDR S&P 500 ETF Trust Option expiring 11/17/12, Strike Price $150.00
|
|
|
(25
|
)
|
|
|
(1,387
|
)
|
Total Written Call Options
[Cost $(23,528)]
|
|
|
|
|
|
|
(15,002
|
)
|
ADVISORSHARES TRUST
STAR GLOBAL BUY-WRITE ETF
Schedule of Investments (continued)
September 30, 2012 (Unaudited)
Investments
|
|
Contracts
|
|
|
Value
|
|
WRITTEN PUT OPTIONS–(0.1)%
|
|
|
|
|
|
|
|
|
iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 10/20/12 @ 93.00
|
|
|
(20
|
)
|
|
$
|
(2,700
|
)
|
iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 11/17/12 @ 91.00
|
|
|
(16
|
)
|
|
|
(1,440
|
)
|
iShares iBoxx $ High Yield Corporate Bond Fund Option expiring 11/17/12 @ 93.00
|
|
|
(14
|
)
|
|
$
|
(2,870
|
)
|
Total Written Put Options
[Cost $(4,649)]
|
|
|
|
|
|
|
(7,010
|
)
|
Total Investments–94.3%
(Cost $3,531,993)
|
|
|
|
|
|
|
3,512,308
|
|
Other Assets in Excess of Liabilities–5.7%
|
|
|
|
|
|
|
211,021
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
3,723,329
|
|
ETF - Exchange Traded Fund
ADVISORSHARES TRUST
GLOBAL ALPHA & BETA ETF
Schedule of Investments
September 30, 2012 (Unaudited)
Investments
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS–54.8%
|
|
|
|
|
|
|
Aerospace/Defense–2.9%
|
|
|
|
|
|
|
|
|
Northrop Grumman Corp.
|
|
|
582
|
|
|
$
|
38,662
|
|
|
|
|
|
|
|
|
|
|
Agriculture–2.8%
|
|
|
|
|
|
|
|
|
Philip Morris International, Inc.
|
|
|
408
|
|
|
|
36,696
|
|
|
|
|
|
|
|
|
|
|
Apparel–2.0%
|
|
|
|
|
|
|
|
|
NIKE, Inc., Class B
|
|
|
274
|
|
|
|
26,005
|
|
|
|
|
|
|
|
|
|
|
Auto Manufacturers–2.4%
|
|
|
|
|
|
|
|
|
Volvo AB (Sweden)
(a)
|
|
|
2,224
|
|
|
|
31,381
|
|
|
|
|
|
|
|
|
|
|
Banks–6.2%
|
|
|
|
|
|
|
|
|
Banco Santander Chile (Chile)
(a)
|
|
|
572
|
|
|
|
41,893
|
|
Bank of Nova Scotia (Canada)
|
|
|
716
|
|
|
|
39,251
|
|
Total Banks
|
|
|
|
|
|
|
81,144
|
|
|
|
|
|
|
|
|
|
|
Beverages–3.1%
|
|
|
|
|
|
|
|
|
Diageo PLC (United Kingdom)
(a)
|
|
|
362
|
|
|
|
40,808
|
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale–2.9%
|
|
|
|
|
|
|
|
|
Genuine Parts Co.
|
|
|
635
|
|
|
|
38,754
|
|
|
|
|
|
|
|
|
|
|
Electric–1.9%
|
|
|
|
|
|
|
|
|
NextEra Energy, Inc.
|
|
|
364
|
|
|
|
25,600
|
|
|
|
|
|
|
|
|
|
|
Food–2.9%
|
|
|
|
|
|
|
|
|
H.J. Heinz Co.
|
|
|
682
|
|
|
|
38,158
|
|
|
|
|
|
|
|
|
|
|
Iron / Steel–1.7%
|
|
|
|
|
|
|
|
|
Vale SA, Class B (Brazil)
(a)
|
|
|
1,252
|
|
|
|
22,411
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas–7.3%
|
|
|
|
|
|
|
|
|
Ecopetrol SA (Colombia)
(a)
|
|
|
442
|
|
|
|
26,047
|
|
Statoil ASA (Norway)
(a)
|
|
|
1,592
|
|
|
|
41,058
|
|
Suncor Energy, Inc.
|
|
|
866
|
|
|
|
28,448
|
|
Total Oil & Gas
|
|
|
|
|
|
|
95,553
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals–9.9%
|
|
|
|
|
|
|
|
|
Johnson & Johnson
|
|
|
548
|
|
|
|
37,763
|
|
Novartis AG (Switzerland)
(a)
|
|
|
664
|
|
|
|
40,677
|
|
Novo Nordisk A/S (Denmark)
(a)
|
|
|
168
|
|
|
|
26,512
|
|
Teva Pharmaceutical Industries Ltd. (Israel)
(a)
|
|
|
630
|
|
|
|
26,088
|
|
ADVISORSHARES TRUST
GLOBAL ALPHA & BETA ETF
Schedule of Investments (continued)
September 30, 2012 (Unaudited)
Investments
|
|
Shares
|
|
|
Value
|
|
Total Pharmaceuticals
|
|
|
|
|
|
$
|
131,040
|
|
|
|
|
|
|
|
|
|
|
Pipelines–2.8%
|
|
|
|
|
|
|
|
|
Kinder Morgan Energy Partners, LP
|
|
|
452
|
|
|
|
37,290
|
|
|
|
|
|
|
|
|
|
|
Savings and Loans–2.0%
|
|
|
|
|
|
|
|
|
Brookline Bancorp, Inc.
|
|
|
2,961
|
|
|
|
26,116
|
|
|
|
|
|
|
|
|
|
|
Semiconductors–2.0%
|
|
|
|
|
|
|
|
|
KLA-Tencor Corp.
|
|
|
542
|
|
|
|
25,856
|
|
|
|
|
|
|
|
|
|
|
Software–2.0%
|
|
|
|
|
|
|
|
|
MSCI, Inc., Class A*
|
|
|
732
|
|
|
|
26,198
|
|
Total Common Stocks
(Cost $689,802)
|
|
|
|
|
|
|
721,672
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS–34.1%
|
|
|
|
|
|
|
|
|
Commodity Fund–2.1%
|
|
|
|
|
|
|
|
|
PowerShares DB Gold Fund*
|
|
|
450
|
|
|
|
27,486
|
|
|
|
|
|
|
|
|
|
|
Equity Fund–32.0%
|
|
|
|
|
|
|
|
|
Consumer Discretionary Select Sector SPDR Fund
|
|
|
852
|
|
|
|
39,848
|
|
First Trust NASDAQ Technology Dividend Index Fund
|
|
|
4,997
|
|
|
|
98,691
|
|
Global X Fertilizers/Potash ETF
|
|
|
1,900
|
|
|
|
26,695
|
|
iShares Dow Jones US Technology Sector Index Fund
|
|
|
1,313
|
|
|
|
99,617
|
|
iShares S&P Emerging Markets Infrastructure Index Fund
|
|
|
774
|
|
|
|
25,240
|
|
iShares S&P Global Utilities Sector Index Fund
|
|
|
596
|
|
|
|
25,133
|
|
iShares Dow Jones US Medical Devices Index Fund
|
|
|
378
|
|
|
|
25,988
|
|
PowerShares Water Resources Portfolio
|
|
|
1,352
|
|
|
|
26,351
|
|
Vanguard Telecommunication Services ETF
|
|
|
716
|
|
|
|
53,736
|
|
Total Equity Fund
|
|
|
|
|
|
|
421,299
|
|
Total Exchange Traded Funds
(Cost $424,465)
|
|
|
|
|
|
|
448,785
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND–9.9%
|
|
|
|
|
|
|
|
|
Wells Fargo Advantage Government Money Market Fund - Institutional Class
(Cost $130,177)
|
|
|
130,177
|
|
|
|
130,177
|
|
ADVISORSHARES TRUST
|
GLOBAL ALPHA & BETA ETF
|
Schedule of Investments (continued)
|
|
September 30, 2012 (Unaudited)
|
Investments
|
|
Shares
|
|
|
Value
|
|
Total Investments–98.8%
(Cost $1,244,444)
|
|
|
|
|
|
$
|
1,300,634
|
|
Other Assets in Excess of Liabilities–1.2%
|
|
|
|
|
|
|
15,561
|
|
Net Assets–100.0%
|
|
|
|
|
|
$
|
1,316,195
|
|
ETF
- Exchange Traded Fund
(a)
American Depositary Receipt
*
Non-income producing security
At September 30, 2012, the cost of investments and net
unrealized appreciation (depreciation) for federal income tax purposes was as follows:
|
|
|
|
|
Gross
|
|
|
Gross
|
|
|
Net Unrealized
|
|
|
Net Unrealzied
|
|
|
|
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Appreciation
|
|
|
Appreciation
|
|
Fund
|
|
Cost
|
|
|
Appreciation
|
|
|
Depreciation
|
|
|
(Depreciation)
|
|
|
Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accuvest Global Long Short ETF
|
|
$
|
14,370,318
|
|
|
$
|
1,021,816
|
|
|
$
|
(804,671
|
)
|
|
$
|
217,145
|
|
|
$
|
-
|
|
Accuvest Global Opportunities
|
|
|
14,532,415
|
|
|
|
625,386
|
|
|
|
-
|
|
|
|
625,386
|
|
|
|
-
|
|
Ranger Equity Bear ETF
|
|
|
(142,289,090
|
)
|
|
|
10,506,699
|
|
|
|
(15,597,022
|
)
|
|
|
(5,090,323
|
)
|
|
|
-
|
|
Cambria Global Tactical ETF
|
|
|
68,623,927
|
|
|
|
3,923,955
|
|
|
|
(77,479
|
)
|
|
|
3,846,476
|
|
|
|
-
|
|
Global Echo ETF
|
|
|
4,937,863
|
|
|
|
264,179
|
|
|
|
(44,633
|
)
|
|
|
219,546
|
|
|
|
-
|
|
Madrona Domestic ETF
|
|
|
14,518,428
|
|
|
|
1,533,414
|
|
|
|
(658,982
|
)
|
|
|
874,432
|
|
|
|
-
|
|
Madrona Global Bond ETF
|
|
|
21,425,560
|
|
|
|
983,540
|
|
|
|
(399
|
)
|
|
|
983,141
|
|
|
|
-
|
|
Madrona International ETF
|
|
|
14,596,384
|
|
|
|
868,514
|
|
|
|
(897,909
|
)
|
|
|
(29,395
|
)
|
|
|
-
|
|
Meidell Tactical Advantage ETF
|
|
|
6,316,244
|
|
|
|
78,220
|
|
|
|
(40,742
|
)
|
|
|
37,478
|
|
|
|
-
|
|
Peritus High Yield ETF
|
|
|
128,447,895
|
|
|
|
2,558,015
|
|
|
|
(3,141,961
|
)
|
|
|
(583,946
|
)
|
|
|
-
|
|
Rockledge SectorSAM ETF
|
|
|
13,916
|
|
|
|
3,174
|
|
|
|
(21,728
|
)
|
|
|
(18,554
|
)
|
|
|
-
|
|
Trimtabs Float Shrink ETF
|
|
|
9,035,443
|
|
|
|
795,824
|
|
|
|
(219,680
|
)
|
|
|
576,144
|
|
|
|
-
|
|
WCM/BNY Mellon Focused Growth ADR ETF
|
|
|
6,466,836
|
|
|
|
663,830
|
|
|
|
(271,903
|
)
|
|
|
391,927
|
|
|
|
-
|
|
QAM Equity Hedge ETF
|
|
|
2,458,982
|
|
|
|
35,815
|
|
|
|
(4,055
|
)
|
|
|
31,760
|
|
|
|
146
|
|
Star Global Buy-Write ETF
|
|
|
3,531,993
|
|
|
|
9,785
|
|
|
|
(29,470
|
)
|
|
|
(19,685
|
)
|
|
|
-
|
|
Global Alpha & Beta ETF
|
|
|
1,244,444
|
|
|
|
62,700
|
|
|
|
(6,510
|
)
|
|
|
56,190
|
|
|
|
-
|
|
The Funds utilizes various
inputs in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices
in active markets for identical securities
Level 2 - other significant
observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant
unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology
used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary
of the inputs used as of September 30, 2012 in valuing the Funds’ assets carried at fair value:
|
|
Accuvest
Global Long Short ETF
|
|
|
Accuvest
Global Opportunities
|
|
|
Ranger
Equity Bear ETF
|
|
|
Cambria
Global Tactical ETF
|
|
|
Global
Echo ETF
|
|
|
Madrona
Domestic ETF
|
|
|
Madrona
Global Bond ETF
|
|
|
Madrona
International ETF
|
|
|
Meidell
Tactical Advantage ETF
|
|
|
Peritus
High Yield ETF
|
|
|
Rockledge
SectorSAM
|
|
|
TrimTabs
Float Shrink ETF
|
|
|
WCM/BNY
Mellon Focused Growth ADR ETF
|
|
|
QAM
Equity Hedge ETF
|
|
|
Star
Global Buy-Write ETF
|
|
|
Global
Alpha & Beta ETF
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Traded Funds
|
|
$
|
24,868,819.00
|
|
|
$
|
15,157,801
|
|
|
$
|
-
|
|
|
$
|
71,371,902
|
|
|
$
|
1,102,436
|
|
|
$
|
-
|
|
|
$
|
22,239,856
|
|
|
$
|
-
|
|
|
$
|
6,140,503
|
|
|
$
|
-
|
|
|
$
|
1,254,906
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,757,440
|
|
|
$
|
2,021,975
|
|
|
$
|
448,785
|
|
Common Stocks
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0
|
|
|
|
2,414,539
|
|
|
|
15,183,620
|
|
|
|
-
|
|
|
|
14,330,958
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,609,629
|
|
|
|
6,505,194
|
|
|
|
-
|
|
|
|
-
|
|
|
|
721,672
|
|
Money Market Fund
|
|
|
2,064,486
|
|
|
|
-
|
|
|
|
155,423,103
|
|
|
|
1,098,501
|
|
|
|
522,423
|
|
|
|
209,240
|
|
|
|
168,845
|
|
|
|
236,031
|
|
|
|
213,219
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,958
|
|
|
|
353,569
|
|
|
|
749,153
|
|
|
|
1,461,030
|
|
|
|
130,177
|
|
Option
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
51,315
|
|
|
|
-
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
66,446
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Corporate Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
110,424,038
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Foreign Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
17,439,911
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Municipal Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
261,197
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Government Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
790,368
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Traded Funds
|
|
|
(12,345,842
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,259,544
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(15,851
|
)
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Options
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(22,012
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
14,587,463
|
|
|
$
|
15,157,801
|
|
|
$
|
155,423,103
|
|
|
$
|
72,470,403
|
|
|
$
|
5,157,409
|
|
|
$
|
15,392,860
|
|
|
$
|
22,408,701
|
|
|
$
|
14,566,989
|
|
|
$
|
6,353,722
|
|
|
$
|
127,863,949
|
|
|
$
|
(4,638
|
)
|
|
$
|
9,611,587
|
|
|
$
|
6,858,763
|
|
|
$
|
2,490,742
|
|
|
$
|
3,512,308
|
|
|
$
|
1,300,634
|
|
The Funds did not hold any level 3 securities during the period.
The Funds’ policy is to disclose transfers
between Levels based on valuations at the beginning of the reporting period. At September 30, 2012, there were no transfers
between Level 1, 2 or 3, based on the valuation input Levels assigned to securities on June 30, 2012.
Item 2. Controls
and Procedures.
|
(a)
|
The
Registrant’s Principal
Executive and Treasurer, or
persons performing similar
functions, have concluded
that the Registrant’s
disclosure controls and procedures
(as defined in Rule 30a-3(c) under
the Investment Company Act
of 1940, as amended (the “1940
Act”) (17 CFR 270.30a-3(c)))
are effective, as of a date
within 90 days of the filing
date of the report that includes
the disclosure required by
this paragraph, based on their
evaluation of these controls
and procedures required by
Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b))
and Rule 13a-15(b) or
15d-15(b) under the Securities
Exchange Act of 1934, as amended
(17 CFR 240.13a-15(b) or
240.15d-15(b)).
|
|
(b)
|
There
were no changes in the Registrant’s
internal controls over financial
reporting (as defined in Rule 30a-3(d) under
the 1940 Act (17 CFR 270.30a-3(d)))
that occurred during the Registrant’s
last fiscal quarter that have
materially affected, or are
reasonably likely to materially
affect, the Registrant’s
internal control over financial
reporting.
|
Item 3. Exhibits.
A separate certification
for each Principal Executive Officer and Treasurer of the Registrant as required by Rule 30a-2(a) under the Investment
Company Act (17 CFR 270.30a-2(a)) is attached hereto.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)
|
AdvisorShares Trust
|
|
|
|
|
By:
|
/s/ Noah
Hamman
|
|
|
Noah Hamman
|
|
Chief Executive Officer
|
|
|
Date:
|
November
28, 2012
|
|
|
|
|
|
|
Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:
|
/s/ Noah
Hamman
|
|
|
Noah Hamman
|
|
Chief Executive Officer
|
|
|
Date:
|
November
28, 2012
|
|
|
|
|
|
By:
|
/s/
Dan
Ahrens
|
|
|
Dan
Ahrens
|
|
Treasurer
|
|
|
Date:
|
November
28, 2012
|
|
|
|
|
|
|
|
MBG (CE) (USOTC:MBGH)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
MBG (CE) (USOTC:MBGH)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024