Advisorshares Trust - AdvisorShares Sage Core Reserves ETF

The investment seeks to preserve capital while maximizing income. Sage Advisory Services, Ltd. Co. (the Sub-Advisor) seeks to achieve the fund's investment objective by investing in a variety of fixed income securities, including bonds, forwards and instruments issued by U.S. and foreign issuers. It will invest in U.S. dollar-denominated investment grade debt securities, including mortgage- or asset-backed securities, rated Baa- or higher by Moody's Investors Service, Inc. (Moody's), or equivalently rated by Standard & Poor's Ratings Services (S&P) or Fitch, Inc. (Fitch), or, if unrated, determined by the Sub-Advisor to be of comparable quality.