# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001752724-23-035087
**Filing Date:** 2023-2
**Character Count:** 36817
**Document Hash:** 66607a2149fafb8f9acb0c50259afb02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035087.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035087

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AdvisorShares Trust
- **CENTRAL INDEX KEY:** 0001408970
- **IRS NUMBER:** 260636087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 23657106

**BUSINESS ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** (877) 843-3831

**MAIL ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

## Series and Classes Contracts Data

### AdvisorShares Insider Advantage ETF (Series ID: S000031813)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000099071 | AdvisorShares Insider Advantage ETF | SURE            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AdvisorShares Trust

- **b. Investment Company Act file number:** 811-22110

- **c. CIK number of Registrant:** 0001408970

- **d. LEI of Registrant:** 549300K5KGUMX2I7WM68

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4800 Montgomery Lane

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

  - **Telephone number:** 877-843-3831

**Item A.2. Information about the Series.**

- **a. Name of Series:** AdvisorShares Insider Advantage ETF

- **b. EDGAR series identifier (if any):** S000031813

- **c. LEI of Series:** 54930085C9IKMRA4B072

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $39875872.92

**Total Liabilities:** $488853.52

**Net Assets:** $39387019.40

**Cash Not Reported:** $56255.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000099071 | 13.36%               | 6.00%                | -7.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-478752.36              | $6260258.51                                |
| Month 2  | $1297021.79              | $1524277.80                                |
| Month 3  | $168066.85               | $-3707476.56                               |

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EVERTEC Inc                    | EVERTEC Inc                                | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     11500 | NS      | $372370.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      3052 | NS      | $350735.84    | 0.89%             |  |  |  | No            |                  1 | On Loan: —       |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      3418 | NS      | $403324.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                       | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      8194 | NS      | $395770.20    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Brands Inc              | Acuity Brands Inc                          | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2257 | NS      | $373781.77    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                   | AdvanSix Inc                               | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     10520 | NS      | $399970.40    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc  | Jefferies Financial Group Inc              | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     12049 | NS      | $413039.72    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half International Inc  | Robert Half International Inc              | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |      5580 | NS      | $411971.40    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc          | Delek US Holdings Inc                      | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     12820 | NS      | $346140.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      2901 | NS      | $382380.81    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                      | Pool Corp                                  | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      1338 | NS      | $404517.54    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors Inc              | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7554 | NS      | $396887.16    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources  | Alpha Metallurgical Resources Inc          | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2552 | NS      | $373587.28    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      6584 | NS      | $395435.04    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc            | Landstar System Inc                        | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      2442 | NS      | $397801.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      8712 | NS      | $406676.16    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc         | Group 1 Automotive Inc                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      2254 | NS      | $406553.98    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy Inc                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     13115 | NS      | $322235.55    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp                           | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6580 | NS      | $341436.20    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3777 | NS      | $367804.26    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services In | PennyMac Financial Services Inc            | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |      7503 | NS      | $425119.98    | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      5069 | NS      | $389654.03    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2441 | NS      | $438135.09    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      4262 | NS      | $395726.70    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      3744 | NS      | $318988.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                      | Greif Inc                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      6272 | NS      | $420600.32    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                           | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      7236 | NS      | $394579.08    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC DOMINION SECURITIES INC.   | RBC DOMINION SECURITIES INC                | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |    250000 | PA      | $250000.00    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co                        | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      4165 | NS      | $400089.90    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |      4013 | NS      | $411493.02    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                      | Monro Inc                                  | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8514 | NS      | $384832.80    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                   | Teradyne Inc                               | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      4456 | NS      | $389231.60    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp               | Encore Wire Corp                           | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2876 | NS      | $395622.56    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      3828 | NS      | $397805.76    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1800 | NS      | $431928.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc         | Dolby Laboratories Inc                     | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |      5372 | NS      | $378940.88    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Textainer Group Holdings Ltd   | Textainer Group Holdings Ltd               | CUSIP: 000000000<br>LEI: 529900OHEYRATAFMIT89 | Long             | EC               | CORP              | US        |     13062 | NS      | $405052.62    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      2634 | NS      | $412062.96    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products Inc            | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      4678 | NS      | $400436.80    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Hol | Laboratory Corp of America Holdings        | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |      1790 | NS      | $421509.20    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co      | Edgewell Personal Care Co                  | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |     10169 | NS      | $391913.26    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    122357 | NS      | $122356.62    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     42349 | NS      | $398080.60    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      8428 | NS      | $366702.28    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     27684 | NS      | $359892.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc  | National Health Investors Inc              | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |      6858 | NS      | $358124.76    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      6650 | NS      | $393680.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      3180 | NS      | $422463.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In | Choice Hotels International Inc            | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |      3057 | NS      | $344340.48    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                    | Ovintiv Inc                                | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7504 | NS      | $380527.84    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                 | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      6592 | NS      | $412065.92    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                     | Alcoa Corp                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      9616 | NS      | $437239.52    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3363 | NS      | $426630.18    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      1088 | NS      | $410208.64    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     10262 | NS      | $326536.84    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp              | Marathon Oil Corp                          | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     14517 | NS      | $392975.19    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Oil Corp                | Ranger Oil Corp                            | CUSIP: 70788V102<br>LEI: 5493003S4AVU6OSXB118 | Long             | EC               | CORP              | US        |     10056 | NS      | $406564.08    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                   | Medifast Inc                               | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |      3240 | NS      | $373734.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      3917 | NS      | $432045.10    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp                                   | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     11584 | NS      | $351806.08    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA Inc                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1360 | NS      | $380174.40    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc      | International Seaways Inc                  | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |     10170 | NS      | $376493.40    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1964 | NS      | $391307.36    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc           | Hilltop Holdings Inc                       | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     13678 | NS      | $410476.78    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C | Marriott Vacations Worldwide Corp          | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |      2817 | NS      | $379140.03    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd       | Triton International Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      5904 | NS      | $406077.12    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts Inc                       | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10224 | NS      | $409062.24    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc   | Simpson Manufacturing Co Inc               | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      4359 | NS      | $386468.94    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      3860 | NS      | $401748.80    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      5708 | NS      | $359546.92    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc            | Thor Industries Inc                        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |      4729 | NS      | $356992.21    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp               | Forward Air Corp                           | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3860 | NS      | $404875.40    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association | CITIBANK NA                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | RA               | CORP              | US        |    132941 | PA      | $132941.00    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| CH Robinson Worldwide Inc      | CH Robinson Worldwide Inc                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      4300 | NS      | $393708.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd              | Steven Madden Ltd                          | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     12657 | NS      | $404517.72    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Orchid Island Capital Inc      | Orchid Island Capital Inc                  | CUSIP: 68571X301<br>LEI: 549300KBIHGT19K9DY89 | Long             | EC               | CORP              | US        |     36388 | NS      | $382074.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd           | Assured Guaranty Ltd                       | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      6740 | NS      | $419632.40    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc                | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      3408 | NS      | $391681.44    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      3756 | NS      | $437160.84    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      4760 | NS      | $406028.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                  | H&R Block Inc                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      8864 | NS      | $323624.64    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc         | Sirius XM Holdings Inc                     | CUSIP: 82968B103<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |     64751 | NS      | $378145.84    | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Arch Resources Inc             | Arch Resources Inc                         | CUSIP: 03940R107<br>LEI: W47HVZ7Q6FXL86RELH91 | Long             | EC               | CORP              | US        |      2717 | NS      | $387960.43    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co   | Reliance Steel & Aluminum Co               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      2034 | NS      | $411762.96    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      7236 | NS      | $317443.32    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      2048 | NS      | $358461.44    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                     | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      5856 | NS      | $419992.32    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp                       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     14816 | NS      | $370696.32    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      4190 | NS      | $409363.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc           | Sonic Automotive Inc                       | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      8380 | NS      | $412882.60    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                | Chemours Co/The                            | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     13302 | NS      | $407307.24    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc  | Affiliated Managers Group Inc              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      2765 | NS      | $438058.95    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc | Kulicke & Soffa Industries Inc             | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | SG        |      9368 | NS      | $414627.68    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       878 | NS      | $427138.22    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp             | BOK Financial Corp                         | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |      4100 | NS      | $425539.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corp       | United States Steel Corp                   | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     15699 | NS      | $393259.95    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings Inc          | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      9536 | NS      | $396697.60    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rent-A-Center Inc/TX           | Rent-A-Center Inc/TX                       | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     19140 | NS      | $431607.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy Inc                 | PDC Energy Inc                             | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |      5619 | NS      | $356694.12    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial            | Synchrony Financial                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     12191 | NS      | $400596.26    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      3800 | NS      | $414504.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritiv Corp                   | Veritiv Corp                               | CUSIP: 923454102<br>LEI: 529900VQARHWQROHAS58 | Long             | EC               | CORP              | US        |      3068 | NS      | $373406.28    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc     | Apple Hospitality REIT Inc                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     25131 | NS      | $396567.18    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer