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ADVISORSHARES TRUST Annual Report June 30, 2018

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ADVISORSHARES TRUST Annual Report June 30, 2018 ADVISORSHARES TRUST 4800 Montgomery Lane Suite 150 Bethesda, Maryland 20814 www.advisorshares.com 1.877.843.3831 Annual Report June 30, 2018 TABLE OF CONTENTS Letter from the CEO of AdvisorShares Investments, LLC. 1 Hypothetical Growth of a $10,000 Investment, Historical Performances . 3 Shareholder Expense Examples . 33 Schedules of Investments AdvisorShares Cornerstone Small Cap ETF (SCAP) . 35 AdvisorShares Dorsey Wright ADR ETF (AADR) . 41 AdvisorShares Focused Equity ETF (CWS) . 44 AdvisorShares KIM Korea Equity ETF (KOR). 46 AdvisorShares Madrona Domestic ETF (FWDD) . 49 AdvisorShares Madrona Global Bond ETF (FWDB) . 58 AdvisorShares Madrona International ETF (FWDI) . 60 AdvisorShares New Tech and Media ETF (FNG) . 63 AdvisorShares Newfleet Multi-Sector Income ETF (MINC). 64 AdvisorShares Pacific Asset Enhanced Floating Rate ETF (FLRT) . 78 AdvisorShares Ranger Equity Bear ETF (HDGE) . 83 AdvisorShares Sage Core Reserves ETF (HOLD). 85 AdvisorShares STAR Global Buy-Write ETF (VEGA). 90 AdvisorShares VICE ETF (ACT) . 91 AdvisorShares Wilshire Buyback ETF (TTFS). 92 Statements of Assets and Liabilities . 96 Statements of Operations . 100 Statements of Changes in Net Assets . 104 Financial Highlights . 110 Notes to Financial Statements . 121 Report of Independent Registered Public Accounting Firm. 144 Board of Trustees and Officers (Unaudited) . 145 Supplemental Information . 146 ADVISORSHARES TRUST Letter from the CEO of AdvisorShares Investments, LLC June 30, 2018 As rumblings of potential trade wars and rising interest rates have tended to overshadow the recent fi nancial news cycle, depending on one’s outlook, an ominous cloud may seem lurking over the broader markets and the asset management industry. Another perspective could easily take a more optimistic viewpoint, regardless if we’re continuing an historic bull market or on a path towards a bear market, that an increasing amount of educational resources and tools using the best investment technology available today in the form of exchange-traded funds (ETFs) are available for investors to manage risk. As an early and established leader in the actively managed ETF space, AdvisorShares remains committed to our fund shareholders and prospective investors through our diverse, innovative suite of ETFs that seek to provide attractive risk-adjusted returns relative to their respective benchmarks. We also continue to be educational advocates on the benefi ts of actively managed ETFs and how manager and strategy diversifi cation throughout all market environments may improve one’s path toward their investment goals. AdvisorShares regularly publishes a monthly Active ETF Report that provides a detailed overview of our rapidly expanding investment space. In my letter in last year’s Annual Report, I cited how 187 actively managed ETFs were trading with total net assets exceeding past $37 billion. As of June 30, 2018, 232 actively managed ETFs are trading with total net assets surpassing $58 billion. The growth of the active ETF space has remained remarkably consistent with a growing number of fund sponsors, which includes prominent portfolio managers and some of the largest mutual fund fi rms, as the asset management industry continues to gravitate toward the active ETF space. Exhibit 1 As of June 30, 2018; Source: AdvisorShares AdvisorShares has maintained a steady position with its market share among overall active ETF net assets even as the number of fund sponsors continues to increase. One catalyst of growth can be attributed to the AdvisorShares Dorsey Wright ETF (Ticker: AADR) which utilizes the widely regarded expertise of its portfolio manager, Nasdaq Dorsey Wright, in applying technical analysis and relative strength investing to an international equity strategy. Other funds such as the AdvisorShares Newfl eet Multi-Sector Income ETF (Ticker: MINC), the AdvisorShares Wilshire Buyback ETF (Ticker: TTFS), the AdvisorShares STAR Global Buy-Write ETF (Ticker: VEGA) and the AdvisorShares Cornerstone Small 1 ADVISORSHARES TRUST Letter from the CEO of AdvisorShares Investments, LLC (Continued) June 30, 2018 Cap ETF (Ticker: SCAP) join AADR as investment strategies that have exhibited exemplary, overall risk-adjusted performance among their peer groups. We closed one fund during the fi rst half of 2018, which was the AdvisorShares Meidell Tactical Advantage ETF (Ticker: MATH). MATH closed after our fi rm successfully completed a proxy process to make AdvisorShares 100% employee-owned. Unfortunately, decades-old proxy voting rules forced this closure as MATH did not receive enough proxy votes among its shareholders to meet quorum. The Peritus High Yield ETF (Ticker: HYLD) did not close but moved to another Trust and is no longer an AdvisorShares-affi liated product. While no new ETFs launched during the fi rst six months of 2018, we are preparing for two new ETFs to begin trading soon: a micro cap equity strategy (Ticker: DWMC) and a short equity strategy (Ticker: DWSH) both managed by Dorsey Wright who will be employing their renowned relative strength investment approach to both ETFs. We remain tremendously optimistic about our actively managed ETF suite. A number of our ETFs that have reached their three-year track record, an important milestone for investors evaluating actively managed strategies, stand out when viewing their overall risk-adjusted performance among their respective peer groups. As we complement our existing strategies with new ETFs entering a new fi scal year, we believe our compelling line-up will continue to benefi t our current shareholders as well as attract new investors. We remain bullish on the future of actively managed ETFs and the structural benefi ts that they deliver—the ability to use limit orders, full transparency, intraday liquidity and operational and tax effi ciency. As an early trailblazer within the active ETF space, we look forward to continuing serving you, our shareholders, and thank you for your ongoing support and interest in AdvisorShares. Best regards, Noah Hamman CEO, AdvisorShares Investments An investment in the Funds is subject to risk, including the possible loss of principal amount invested. ADRs are subject to the risk of change in political or economic conditions and exchange rates in foreign countries. Certain funds may participate in leveraged transactions to include selling securities short which creates the risk of magnifi ed capital losses. Under certain market conditions, short sales can increase the volatility and decrease the liquidity of certain securities or positions, and may lower the Fund’s return or result in a loss. There is no guarantee that the individual Funds’ will achieve the stated investment objectives. The risks associated with each Fund include the risks associated with the underlying ETFs, which can result in higher volatility, and are detailed in each Fund’s prospectus and on each Fund’s webpage. The views in this report were those of the Fund’s CEO as of June 30, 2018 and may not refl ect his views on the date that this report is fi rst published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice. 2 ADVISORSHARES TRUST AdvisorShares Cornerstone Small Cap ETF (SCAP) For the 12-month period ending June 30, 2018, the AdvisorShares Cornerstone Small Cap ETF returned 23.93% on a NAV basis and 24.04% on a Market Price basis. For the same period, the Russell 2000 Index returned 17.57%. As of June 30, 2018, the strategy underlying the ETF has a six-year track record of outperformance, returning 17.71% on an annualized NAV basis, while the Russell 2000 Index has returned 14.34%. Small cap stocks demonstrated strength during the period, as investors continued to seek companies that would benefi t from a changing legislative agenda, particularly tax reform. Additionally, as confi dence in the U.S. economy improved at the same time as foreign uncertainty rose, companies exhibiting fundamental strength, differentiated products, and more domestic exposure benefi tted. The strategy underlying the AdvisorShares Cornerstone Small Cap ETF seeks to identify companies which are demonstrating improving fundamentals and quality balance sheets. This growth tilt in the portfolio likely supported performance, as the Russell 2000 Growth Index signifi cantly outperformed the Russell 2000 Value Index during the period. Within the portfolio, stock selection was key to our signifi cant positive performance during the period. On a sector basis, our overweight position to and stock selection within Information Technology, Consumer Discretionary, and Energy, our underweight position to and stock selection in Financials, and our underweight position to Utilities were positive contributors to performance. Top contributing holdings include HR consulting business Insperity, Chinese insurance broker Fanhua, and tertiary oil driller Denbury Resources. Our underweight position to Health Care, overweight position to Industrials, and stock selection in Consumer Staples slightly offset our positive performance. Top detracting holdings include power plant builder Argan, fi ber-optics producer Applied Optoelectronics, and network security provider A10 Networks. Additionally, as the market was very strong during the period, our modest cash holdings also partly offset performance. Looking forward, we continue to believe that the portfolio underlying the AdvisorShares Cornerstone Small Cap ETF is well positioned for long-term success. We continue
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