Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

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

^† Less than (0.05)%

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

†

Less than (0.05)%.

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

^†

Less than 0.05%

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

†

Less than 0.05%

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

^†

Less than 0.05%

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

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