# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001752724-23-035105
**Filing Date:** 2023-2
**Character Count:** 39202
**Document Hash:** 8e48898a4ce8553b9bb39b746fba2607
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035105.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035105

**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:** 23657124

**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 North Square McKee Core Reserves ETF (Series ID: S000039806)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000123404 | AdvisorShares North Square McKee Core Reserves ETF | HOLD            |

## 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 North Square McKee Core Reserves ETF

- **b. EDGAR series identifier (if any):** S000039806

- **c. LEI of Series:** 549300JV5T62F5E7S151

**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:** $31727782.75

**Total Liabilities:** $94104.78

**Net Assets:** $31633677.97

**Cash Not Reported:** $5274.89

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 440.67182000 | **1-Year:** 1809.48766000 | **5-Year:** 228.23602000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 6.80232000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123404 | -0.04%               | 0.45%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8674.00                | $-69912.28                                 |
| Month 2  | $-39.37                  | $67812.87                                  |
| Month 3  | $327.04                  | $57679.45                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Credit Acceptance Rec                              | American Credit Acceptance Receivables Trust 2019-3          | CUSIP: 02529NAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237341 | PA      | $235988.88    | 0.75%             | 2025-09-12      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                              | OneMain Financial Issuance Trust 2020-A                      | CUSIP: 68269LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225045 | PA      | $223447.96    | 0.71%             | 2032-05-14      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                       | Southern California Gas Co                                   | CUSIP: 842434CV2<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    466000 | PA      | $464720.15    | 1.47%             | 2023-09-14      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                  | Flagship Credit Auto Trust 2021-4                            | CUSIP: 33845AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262681 | PA      | $254954.78    | 0.81%             | 2026-07-17      | Fixed         | 0.81%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                         | American Express Co                                          | CUSIP: 025816CU1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    495000 | PA      | $494562.06    | 1.56%             | 2024-05-03      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| OGE ENERGY CORP                                             | OGE Energy Corp                                              | CUSIP: 670837AC7<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | DBT              | CORP              | US        |    113000 | PA      | $111014.91    | 0.35%             | 2023-05-26      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                             | CUSIP: 9128284X5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $419617.90    | 1.33%             | 2023-08-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: —       |
| Westlake Automobile Receivable                              | Westlake Automobile Receivables Trust 2020-3                 | CUSIP: 96042QAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $546042.22    | 1.73%             | 2025-11-17      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac REMICS                                           | CUSIP: 3137F4R46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    188767 | PA      | $184510.17    | 0.58%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                              | Santander Drive Auto Receivables Trust 2020-3                | CUSIP: 80285WAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    143875 | PA      | $142594.34    | 0.45%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                              | United Auto Credit Securitization Trust 2022-1               | CUSIP: 90944DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86089 | PA      | $85739.00     | 0.27%             | 2024-07-10      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva                              | AmeriCredit Automobile Receivables Trust 2021-3              | CUSIP: 03066JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $381881.52    | 1.21%             | 2026-08-18      | Fixed         | 0.76%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva                              | AmeriCredit Automobile Receivables Trust 2021-2              | CUSIP: 03066RAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $584210.10    | 1.85%             | 2026-12-18      | Fixed         | 0.34%                 | No            |                  2 | On Loan: No      |
| Verizon Owner Trust                                         | Verizon Owner Trust 2020-A                                   | CUSIP: 92348TAC8<br>LEI: 549300XY7L2MRX0BQH89 | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $693426.02    | 2.19%             | 2024-07-22      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                    | FHF Trust 2022-2                                             | CUSIP: 31568EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233467 | PA      | $231565.13    | 0.73%             | 2027-12-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac REMICS                                           | CUSIP: 3137BRVA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    590356 | PA      | $582971.35    | 1.84%             | 2043-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                      | Federal Home Loan Banks                                      | CUSIP: 3130ATGX9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1500000 | PA      | $1494474.57   | 4.72%             | 2023-09-26      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133EN3L2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $499470.45    | 1.58%             | 2024-12-05      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                      | Tesla Auto Lease Trust 2021-A                                | CUSIP: 88161FAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     77729 | PA      | $77065.72     | 0.24%             | 2025-03-20      | Fixed         | 0.36%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                      | Federal Home Loan Banks                                      | CUSIP: 3130ARNT4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | SN               | USGSE             | US        |    150000 | PA      | $146872.84    | 0.46%             | 2027-04-29      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                    | Warnermedia Holdings Inc                                     | CUSIP: 55903VAB9<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    375000 | PA      | $363710.38    | 1.15%             | 2024-03-15      | Fixed         | 3.53%                 | No            |                  2 | On Loan: —       |
| First Investors Auto Owner Tru                              | First Investors Auto Owner Trust 2022-1                      | CUSIP: 32057KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    202921 | PA      | $196968.22    | 0.62%             | 2027-01-15      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2021-N4                       | CUSIP: 14687HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    153741 | PA      | $148676.02    | 0.47%             | 2028-09-11      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                                  | CIG Auto Receivables Trust 2021-1                            | CUSIP: 12598NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188244 | PA      | $185164.81    | 0.59%             | 2025-04-14      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                  | Flagship Credit Auto Trust 2022-1                            | CUSIP: 33845VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    301712 | PA      | $291169.54    | 0.92%             | 2026-10-15      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitizat                              | Hyundai Auto Lease Securitization Trust 2022-C               | CUSIP: 448978AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $521068.49    | 1.65%             | 2025-01-15      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                             | CUSIP: 91282CFN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $696773.43    | 2.20%             | 2024-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                      | Federal Home Loan Banks                                      | CUSIP: 3130ASN88<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    750000 | PA      | $728447.99    | 2.30%             | 2025-07-28      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2021-3                     | CUSIP: 36263LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195000 | PA      | $189717.47    | 0.60%             | 2025-11-17      | Fixed         | 0.78%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2021-4                     | CUSIP: 36263DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    282881 | PA      | $279055.29    | 0.88%             | 2025-07-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                       | Arroyo Mortgage Trust 2019-1                                 | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100283 | PA      | $92638.27     | 0.29%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                               | Aircastle Ltd                                                | CUSIP: 00928QAR2<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    325000 | PA      | $321844.39    | 1.02%             | 2023-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                      | Oscar US Funding XIV LLC                                     | CUSIP: 68784HAB7<br>LEI: 353800FUC565GTX73583 | Long             | ABS-O            | CORP              | JP        |    488720 | PA      | $478641.52    | 1.51%             | 2025-03-10      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                                     | JPMorgan Chase Bank NA                                       | CUSIP: 48128LRZ4<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |    245000 | PA      | $241530.80    | 0.76%             | 2023-12-04      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                | Ecopetrol SA                                                 | CUSIP: 279158AC3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    328000 | PA      | $326266.25    | 1.03%             | 2023-09-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES | JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1220640 | NS      | $1220639.81   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2022-1                     | CUSIP: 36263XAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    326910 | PA      | $322437.94    | 1.02%             | 2025-08-15      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVAB                              | GreatAmerica Leasing Receivables Funding LLC Series 2021-2   | CUSIP: 39154TBP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    391725 | PA      | $385082.14    | 1.22%             | 2024-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133ENC99<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    750000 | PA      | $738053.31    | 2.33%             | 2026-07-27      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T                              | Honda Auto Receivables 2021-3 Owner Trust                    | CUSIP: 43815EAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102740 | PA      | $102147.72    | 0.32%             | 2024-02-20      | Fixed         | 0.20%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                              | SoFi Consumer Loan Program 2022-1S Trust                     | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $700180.32    | 2.21%             | 2031-04-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                                 | Federal Home Loan Mortgage Corp                              | CUSIP: 3134GYBP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    160000 | PA      | $159996.85    | 0.51%             | 2024-12-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner                               | Toyota Auto Receivables 2022-B Owner Trust                   | CUSIP: 89238FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    308493 | PA      | $304879.15    | 0.96%             | 2025-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                      | Federal Home Loan Banks                                      | CUSIP: 3130ATC47<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    150000 | PA      | $149088.65    | 0.47%             | 2023-10-10      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK FINANCIAL INC.                                | NATIONAL BANK FINANCIAL                                      | CUSIP: 000000000<br>LEI: 549300D83GR71RNG0O65 | Long             | RA               | CORP              | US        |      4000 | PA      | $4000.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BM7B6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    321012 | PA      | $312016.35    | 0.99%             | 2025-04-25      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                       | Athene Global Funding                                        | CUSIP: 04685A3H2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    825000 | PA      | $803011.29    | 2.54%             | 2025-01-07      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                     | Kinder Morgan Energy Partners LP                             | CUSIP: 494550BM7<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    509000 | PA      | $507924.26    | 1.61%             | 2023-02-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae REMICS                                            | CUSIP: 3136AXJT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    312771 | PA      | $306122.25    | 0.97%             | 2053-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                              | Westlake Automobile Receivables Trust 2021-3                 | CUSIP: 96043JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150549 | PA      | $149468.89    | 0.47%             | 2024-09-16      | Fixed         | 0.57%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                                 | Ally Auto Receivables Trust 2022-3                           | CUSIP: 02008DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502682.20    | 1.59%             | 2027-04-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                              | American Credit Acceptance Receivables Trust 2020-4          | CUSIP: 02530QAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355000 | PA      | $339263.67    | 1.07%             | 2026-12-14      | Fixed         | 1.77%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin                              | GM Financial Automobile Leasing Trust 2020-2                 | CUSIP: 36259PAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $189643.12    | 0.60%             | 2024-07-22      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                             | CUSIP: 91282CFG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $519234.38    | 1.64%             | 2024-08-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| Fannie Mae                                                  | Fannie Mae REMICS                                            | CUSIP: 3136ALD81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    258541 | PA      | $254629.72    | 0.80%             | 2033-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133ENR77<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    327000 | PA      | $326122.01    | 1.03%             | 2026-01-12      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                                      | John Deere Owner Trust 2022-B                                | CUSIP: 47800AAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $282408.61    | 0.89%             | 2025-06-16      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                     | Carmax Auto Owner Trust 2022-4                               | CUSIP: 14318UAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501483.40    | 1.59%             | 2025-12-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133EN2X7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $499762.80    | 1.58%             | 2024-02-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                              | Enterprise Fleet Funding 2021-1 LLC                          | CUSIP: 29374EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    348693 | PA      | $337918.93    | 1.07%             | 2026-12-21      | Fixed         | 0.44%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                                | Ford Credit Auto Lease Trust 2021-B                          | CUSIP: 345329AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    117587 | PA      | $117226.41    | 0.37%             | 2024-04-15      | Fixed         | 0.24%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                      | Federal Home Loan Banks                                      | CUSIP: 3130ATRL3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    245000 | PA      | $244820.27    | 0.77%             | 2023-10-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                         | CNH Equipment Trust 2022-B                                   | CUSIP: 12663JAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $642110.82    | 2.03%             | 2025-12-15      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                                      | CenterPoint Energy Resources Corp                            | CUSIP: 15189WAN0<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |    523000 | PA      | $522753.30    | 1.65%             | 2023-03-02      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                              | Westlake Automobile Receivables Trust 2021-2                 | CUSIP: 96042RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    151997 | PA      | $150413.02    | 0.48%             | 2025-04-15      | Fixed         | 0.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac REMICS                                           | CUSIP: 3137FLAX2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    370865 | PA      | $354294.45    | 1.12%             | 2046-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                                 | Federal Home Loan Mortgage Corp                              | CUSIP: 3134GXBL7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    341000 | PA      | $327729.15    | 1.04%             | 2023-11-16      | Fixed         | 0.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                  | Fannie Mae REMICS                                            | CUSIP: 31394AWL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124846 | PA      | $124334.29    | 0.39%             | 2034-04-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2021-3                     | CUSIP: 36263LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30657 | PA      | $30499.57     | 0.10%             | 2025-01-15      | Fixed         | 0.42%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133ENQ52<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1050000 | PA      | $1046284.45   | 3.31%             | 2025-10-03      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137B4WB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $297068.31    | 0.94%             | 2023-07-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term                               | GM Financial Consumer Automobile Receivables Trust 2022-4    | CUSIP: 36265QAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    258000 | PA      | $256932.86    | 0.81%             | 2025-11-17      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                              | Santander Drive Auto Receivables Trust 2022-1                | CUSIP: 80286EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490000 | PA      | $482752.17    | 1.53%             | 2025-11-17      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                                        | Conn's Receivables Funding 2021-A LLC                        | CUSIP: 20825GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       450 | PA      | $448.88       | 0.00%             | 2026-05-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137B4WA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    264528 | PA      | $263489.69    | 0.83%             | 2023-02-25      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                      | Federal Home Loan Banks                                      | CUSIP: 3130AT3L9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    455000 | PA      | $450102.08    | 1.42%             | 2024-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2022-N1                       | CUSIP: 14686GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135797 | PA      | $131869.73    | 0.42%             | 2028-12-11      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                                 | Federal Home Loan Mortgage Corp                              | CUSIP: 3134GX3A0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $994148.43    | 3.14%             | 2025-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                      | Pacific Gas and Electric Co                                  | CUSIP: 694308KA4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488393.23    | 1.54%             | 2024-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                              | Santander Drive Auto Receivables Trust 2021-1                | CUSIP: 80286NAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    553237 | PA      | $543737.17    | 1.72%             | 2026-02-17      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| QVC INC                                                     | QVC Inc                                                      | CUSIP: 747262AK9<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    336000 | PA      | $331820.69    | 1.05%             | 2023-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac REMICS                                           | CUSIP: 3137BF5B3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    182715 | PA      | $177400.79    | 0.56%             | 2054-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                 | Freddie Mac REMICS                                           | CUSIP: 3137BXDL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26639 | PA      | $26288.54     | 0.08%             | 2044-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                             | CUSIP: 91282CFK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $686656.25    | 2.17%             | 2025-09-15      | Fixed         | 3.50%                 | No            |                  2 | 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