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[TICKER]: [Month Year] Portfolio Manager Review

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the fund’s most recent standardized and month-end performance, please click www.advisorshares.com/fund/aadr.

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Top 10 Holdings

Ticker Security Description Portfolio Weight %
I INTELSAT SA 5.63%
NICE NICE LTD 4.23%
EC ECOPETROL SA-SPONSORED ADR 3.78%
CEO CNOOC LTD-SPON ADR 3.61%
GLPG GALAPAGOS NV-SPON ADR 3.09%
EADSY AIRBUS SE – UNSP ADR 2.97%
ALLE ALLEGION PLC 2.97%
SHPG SHIRE PLC-ADR 2.92%
ICLR ICON PLC 2.91%
AER AERCAP HOLDINGS NV 2.82%

Allocations across the board dropped this month as both developed and emerging markets could not escape the market wide sell off. The portfolio’s allocation to developed markets experienced the largest drop this month, as Europe sold off. This year Emerging Markets have been under continued pressure led by deteriorating conditions in Latin America and increased Chinese US tensions causing the portfolio to increase its allocation in developed markets. Talend SA (Ticker: TLND) and Ecopetrol SA (Ticker: EC) posted the largest losses this month as technology continued to experience problems and the energy selloff spread across the market. Argenx (Ticker:ARGX), a Belgium healthcare company, was the top performing security for the month, posting the second best return last month, followed by NICE Ltd (Ticker: NICE), one of our older holdings.

Respectfully,

John G. Lewis
AdvisorShares Dorsey Wright ADR ETF (AADR) Portfolio Manager

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Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.

There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Emerging Markets, which consist of countries or markets with low to middle income economics can be subject to greater social, economic, regulatory and political uncertainties and can be extremely volatile. Other Fund risks include concentration risk, foreign securities and currency risk, ADRs which may be less liquid, large-cap risk, early closing risk, counterparty risk and trading risk, which can increase Fund expenses and may decrease Fund performance. The Fund is, also, subject to the same risks associated with the underlying ETFs, which can result in higher volatility. This Fund may not be suitable for all investors. See prospectus for detail regarding risk.

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.

Holdings and allocations are subject to risks and to change.

The views in this commentary are those of the portfolio manager and may not reflect his views on the date this material is distributed or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.