# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001829126-23-001868
**Filing Date:** 2023-3
**Character Count:** 532152
**Document Hash:** 23b97291bdf3bf8ae624ac0da57b8735
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001868.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001829126-23-001868

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 23703034

**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 Dorsey Wright ADR ETF (Series ID: S000026954)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000081186 | AdvisorShares Dorsey Wright ADR ETF | AADR            |

### AdvisorShares Ranger Equity Bear ETF (Series ID: S000030090)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000092409 | AdvisorShares Ranger Equity Bear ETF | HDGE            |

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

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

### AdvisorShares STAR Global Buy-Write ETF (Series ID: S000034456)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000105934 | AdvisorShares STAR Global Buy-Write ETF | VEGA            |

### AdvisorShares Newfleet Multi-Sector Income ETF (Series ID: S000038247)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000117922 | AdvisorShares Newfleet Multi-Sector Income ETF | MINC            |

### 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            |

### AdvisorShares Focused Equity ETF (Series ID: S000055090)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000173320 | AdvisorShares Focused Equity ETF | CWS             |

### AdvisorShares Vice ETF (Series ID: S000059263)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000194564 | AdvisorShares Vice ETF | VICE            |

### AdvisorShares Dorsey Wright Micro-Cap ETF (Series ID: S000062083)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000201032 | AdvisorShares Dorsey Wright Micro-Cap ETF | DWMC            |

### AdvisorShares Dorsey Wright Short ETF (Series ID: S000062084)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000201033 | AdvisorShares Dorsey Wright Short ETF | DWSH            |

### AdvisorShares Pure Cannabis ETF (Series ID: S000065228)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000211119 | AdvisorShares Pure Cannabis ETF | YOLO            |

### AdvisorShares Pure US Cannabis ETF (Series ID: S000066948)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000215439 | AdvisorShares Pure US Cannabis ETF | MSOS            |

### AdvisorShares Dorsey Wright Alpha Equal Weight ETF (Series ID: S000067382)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000216697 | AdvisorShares Dorsey Wright Alpha Equal Weight ETF | DWEQ            |

### AdvisorShares Dorsey Wright FSM All Cap World ETF (Series ID: S000067383)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000216698 | AdvisorShares Dorsey Wright FSM All Cap World ETF | DWAW            |

### AdvisorShares Dorsey Wright FSM US Core ETF (Series ID: S000067384)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000216699 | AdvisorShares Dorsey Wright FSM US Core ETF | DWUS            |

### AdvisorShares Q Dynamic Growth ETF (Series ID: S000070111)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000223023 | AdvisorShares Q Dynamic Growth ETF | QPX             |

### AdvisorShares Alpha DNA Equity Sentiment ETF (Series ID: S000070646)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000224385 | AdvisorShares Alpha DNA Equity Sentiment ETF | SENT            |

### AdvisorShares Hotel ETF (Series ID: S000071546)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000226855 | AdvisorShares Hotel ETF | BEDZ            |

### AdvisorShares Restaurant ETF (Series ID: S000071547)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000226856 | AdvisorShares Restaurant ETF | EATZ            |

### AdvisorShares Gerber Kawasaki ETF (Series ID: S000072084)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000227805 | AdvisorShares Gerber Kawasaki ETF | GK              |

### AdvisorShares Psychedelics ETF (Series ID: S000072085)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000227806 | AdvisorShares Psychedelics ETF | PSIL            |

### AdvisorShares Poseidon Dynamic Cannabis ETF (Series ID: S000074074)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000231516 | AdvisorShares Poseidon Dynamic Cannabis ETF | PSDN            |

### AdvisorShares Managed Bitcoin Strategy ETF (Series ID: S000074207)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000231814 | AdvisorShares Managed Bitcoin Strategy ETF | CRYP            |

### AdvisorShares Let Bob AI Powered Momentum ETF (Series ID: S000075085)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000233889 | AdvisorShares Let Bob AI Powered Momentum ETF | LETB            |

### AdvisorShares Drone Technology ETF (Series ID: S000075536)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000234720 | AdvisorShares Drone Technology ETF | UAV             |

### AdvisorShares MSOS 2x Daily ETF (Series ID: S000077183)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237353 | AdvisorShares MSOS 2x Daily ETF | MSOX            |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22110</u>

AdvisorShares Trust

(Exact name of registrant as specified in charter)

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip code)

Dan Ahrens

4800 Montgomery Lane, Suite 150

Bethesda, Maryland 20814

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-877-843-3831</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>December 31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Report to Shareholders is attached herewith.

![](img_001.jpg)

**- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -**

**ADVISORSHARES TRUST**<br> **4800 Montgomery Lane<br> Suite 150<br> Bethesda, Maryland 20814<br> www.advisorshares.com<br> 1.877.843.3831**

**Semi-Annual Report**

**December 31, 2022**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Letter from the CEO of AdvisorShares Investments, LLC](#a_001) | 1 |
| [Shareholder Expense Examples](#a_002) | 3 |
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Alpha DNA Equity Sentiment ETF (SENT)](#a_004) | 7 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright ADR ETF (AADR)](#a_005) | 11 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright Alpha Equal Weight ETF (DWEQ)](#a_006) | 14 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW)](#a_007) | 17 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright FSM US Core ETF (DWUS)](#a_008) | 19 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC)](#a_009) | 21 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Dorsey Wright Short ETF (DWSH)](#a_010) | 26 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Drone Technology ETF (UAV)](#a_011) | 30 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Focused Equity ETF (CWS)](#a_012) | 33 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Gerber Kawasaki ETF (GK)](#a_013) | 35 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Hotel ETF (BEDZ)](#a_014) | 38 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Insider Advantage ETF (SURE)](#a_015) | 40 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Let Bob AI Powered Momentum ETF (LETB)](#a_016) | 44 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Managed Bitcoin Strategy ETF (CRYP)](#a_017) | 46 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares MSOS 2x Daily ETF (MSOX)](#a_018) | 48 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Newfleet Multi-Sector Income ETF (MINC)](#a_019) | 50 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares North Square McKee Core Reserves ETF (HOLD)](#a_020) | 58 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Poseidon Dynamic Cannabis ETF (PSDN)](#a_021) | 63 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Psychedelics ETF (PSIL)](#a_022) | 66 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Pure Cannabis ETF (YOLO)](#a_023) | 68 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Pure US Cannabis ETF (MSOS)](#a_024) | 72 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Q Dynamic Growth ETF (QPX)](#a_025) | 76 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Ranger Equity Bear ETF (HDGE)](#a_026) | 78 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Restaurant ETF (EATZ)](#a_027) | 83 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares STAR Global Buy-Write ETF (VEGA)](#a_028) | 85 |
| &nbsp;&nbsp;&nbsp;[AdvisorShares Vice ETF (VICE)](#a_029) | 88 |
| [Statements of Assets and Liabilities](#a_030) | 91 |
| [Statements of Operations](#a_031) | 98 |
| [Statements of Changes in Net Assets](#a_032) | 105 |
| [Financial Highlights](#a_033) | 118 |
| [Notes to Financial Statements](#a_034) | 131 |
| [Liquidity Risk Management Program](#a_035) | 157 |
| [Board Review of Investment Advisory and Sub-Advisory Agreements](#a_036) | 158 |
| [Supplemental Information](#a_037) | 164 |

---

i

**ADVISORSHARES TRUST**

**Letter from the CEO of AdvisorShares Investments, LLC**

December 31, 2022

There was no place to hide in 2022. Domestic equities, international equities, and the broad bond market, as measured by the Bloomberg Aggregate Bond Index, were all down double digits in 2022. The only slightly bright spot was domestic large cap value, however that category was still ultimately down for the year.

While equity and bond performance was negative and challenging, this was nothing compared to performance for "innovation" stocks (predominantly technology stocks) and other categories considered more risky or volatile, such as cannabis and cryptocurrency.

This was a year of cleaning up supply chains and paying the price for all the U.S. Government stimulus issued in 2020 and 2021. Inflation has been continuously growing in many categories, which caused the Federal Reserve to take aggressive action by increasing interest rates and continuing to reduce its balance sheet.

We expect the Federal Reserve to continue to aggressively fight inflation. Throughout 2022, the Federal Reserve has openly communicated its plans to the public. This transparency can be helpful for financial advisors and investors to understand how best to position their investment portfolios.

Looking forward, higher interest rates will take a toll on both valuations and the amount of speculative capital that will enter the market. We expect companies with strong cash flows to thrive in a higher interest rate environment. Additionally, we anticipate seeing fewer startups and IPOs and would not be surprised if mergers and acquisitions heat up as firms look for partners to ensure financial stability and growth. With a potential recession looming ahead (if we are not already in one), we believe investors will be less interested in broad market investing and more focused on risk management and hedging.

At AdvisorShares, we understand that our success is driven by the trust of our investors, and we appreciate your support. We will continue to seek to improve our existing ETF offerings by bringing more innovative strategies and managers to our ETF line-up. As we begin the second half of our fiscal year, our commitment to our shareholders remains paramount. We wish you nothing but health, happiness, and prosperity as we move forward.

Sincerest regards,<br> Noah Hamman<br> CEO, AdvisorShares Investments

For more information on AdvisorShares ETFs, including performance and holdings, please visit www.advisorshares.com.

*Investing involves risk including possible loss of principal. The Advisor's judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. The prices of equity securities rise and fall daily. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging or offshore markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments.* 

*There is no guarantee the Advisor's investment strategy will be successful. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund's particular allocations may have a significant effect on the Fund's performance. Allocation risk is the risk that the selection of ETFs and the allocation of assets among such ETFs will cause the Fund to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. For a list of the asset class specific risks please see the prospectus.* 

**ADVISORSHARES TRUST**

**Letter from the CEO of AdvisorShares Investments, LLC (Continued)**

December 31, 2022

The views in this report were those of the Fund's CEO as of December 31, 2022 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

**ADVISORSHARES TRUST**

**Shareholder Expense Examples (Unaudited)**

As a shareholder of a Fund, you incur transaction costs and ongoing costs, including management fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an initial investment of $1,000 invested at July 1, 2022 and held for the period ended December 31, 2022, unless noted below for Funds not in operations for the full six month period.

**Actual Expenses**

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8 6), then multiply the result by the number under the heading entitled "Expenses Paid" to estimate the expenses attributable to your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line under each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses for the period. You may use this information to compare the ongoing costs of investing in the Funds and other ETF funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund Name** | **Beginning<br> Account<br> Value<br> 7/1/2022** | **Ending<br> Account<br> Value<br> 12/31/2022** | **Annualized<br> Expense<br> Ratio for the<br> Period** | <br>**Expenses**<br> **Paid** |
| **AdvisorShares Alpha DNA Equity Sentiment ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1086.20 | 1.03% | $5.42<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.01 | 1.03% | $5.24 |
| **AdvisorShares Dorsey Wright ADR ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1004.40 | 1.10% | $5.56<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1019.66 | 1.10% | $5.60 |
| **AdvisorShares Dorsey Wright Alpha Equal Weight ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $935.80 | 0.99% | $4.83<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **AdvisorShares Dorsey Wright FSM All Cap World ETF**<sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1028.60 | 0.99% | $5.06<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |

---

**ADVISORSHARES TRUST**

**Shareholder Expense Examples (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund Name** | **Beginning<br> Account<br> Value<br> 7/1/2022** | **Ending<br> Account<br> Value<br> 12/31/2022** | **Annualized<br> Expense<br> Ratio for the<br> Period** | <br>**Expenses**<br> **Paid** |
| **AdvisorShares Dorsey Wright FSM US Core ETF<sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1046.80 | 0.99% | $5.11<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **AdvisorShares Dorsey Wright Micro Cap ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1091.40 | 1.25% | $6.59<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1018.90 | 1.25% | $6.36 |
| **AdvisorShares Dorsey Wright Short ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $949.90 | 1.14% | $5.60<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1019.46 | 1.14% | $5.80 |
| **AdvisorShares Drone Technology ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $939.00 | 0.99% | $4.84<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **AdvisorShares Focused Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1126.00 | 0.84% | $4.50<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.97 | 0.84% | $4.28 |
| **AdvisorShares Gerber Kawasaki ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $926.90 | 0.75% | $3.64<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **AdvisorShares Hotel ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1166.20 | 0.99% | $5.41<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **AdvisorShares Insider Advantage ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1014.00 | 0.90% | $4.57<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.67 | 0.90% | $4.58 |
| **AdvisorShares Let Bob AI Powered Momentum ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $979.90 | 0.99% | $4.94<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **AdvisorShares Managed Bitcoin Strategy ETF**<sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1054.30 | 1.49% | $7.72<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1017.69 | 1.49% | $7.58 |

---

**ADVISORSHARES TRUST**

**Shareholder Expense Examples (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund Name** | **Beginning<br> Account<br> Value<br> 7/1/2022** | **Ending<br> Account<br> Value<br> 12/31/2022** | **Annualized<br> Expense<br> Ratio for the<br> Period** | <br>**Expenses**<br> **Paid** |
| **AdvisorShares MSOS 2x Daily ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $239.70 | 0.95% | $2.08<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1014.31 | 0.95% | $3.38 |
| **AdvisorShares Newfleet Multi-Sector Income ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $992.60 | 0.75% | $3.77<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **AdvisorShares North Square McKee Core Reserves ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1010.60 | 0.35% | $1.77<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1023.44 | 0.35% | $1.79 |
| **AdvisorShares Poseidon Dynamic Cannabis ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $625.10 | 0.99% | $4.06<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **AdvisorShares Psychedelics ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $742.20 | 0.99% | $4.35<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **AdvisorShares Pure Cannabis ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $687.30 | 0.52% | $2.21<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1022.58 | 0.52% | $2.65 |
| **AdvisorShares Pure US Cannabis ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $683.20 | 0.74% | $3.14<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1021.48 | 0.74% | $3.77 |
| **AdvisorShares Q Dynamic Growth ETF**<sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $961.80 | 1.26% | $6.23<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1018.85 | 1.26% | $6.41 |
| **AdvisorShares Ranger Equity Bear ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $903.90 | 1.68% | $8.06<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1016.74 | 1.68% | $8.54 |
| **AdvisorShares Restaurant ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1098.10 | 0.99% | $5.24<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |

---

**ADVISORSHARES TRUST**

**Shareholder Expense Examples (Unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund Name** | **Beginning<br> Account<br> Value<br> 7/1/2022** | **Ending<br> Account<br> Value<br> 12/31/2022** | **Annualized<br> Expense<br> Ratio for the<br> Period** | <br>**Expenses**<br> **Paid** |
| **AdvisorShares STAR Global Buy-Write ETF**<sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1006.60 | 1.84% | $9.31<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1015.93 | 1.84% | $9.35 |
| **AdvisorShares Vice ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $1069.20 | 0.99% | $5.16<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1020.21 | 0.99% | $5.04 |

---

(1) Expenses
are calculated using each Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by
184/365 (to reflect the six-month period).

(2) Actual Expenses Paid are equal to the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 130/365 (to reflect commencement of operations of August 24, 2022).

(3) The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the funds in which the Fund is invested in. These ratios do not include these indirect fees and expenses.

**ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 96.7%** |  |  |
| **Airlines — 4.0%** |  |  |
| American Airlines Group, Inc.\* | 35495 | $451497 |
| Delta Air Lines, Inc.\* | 13798 | 453402 |
| Southwest Airlines Co.\* | 13133 | 442188 |
| United Airlines Holdings, Inc.\* | 11616 | 437923 |
| Total Airlines |  | 1785010 |
| **Auto Manufacturers — 1.9%** |  |  |
| PACCAR, Inc. | 4438 | 439229 |
| Wabash National Corp. | 19017 | 429784 |
| Total Auto Manufacturers |  | 869013 |
| **Banks — 22.1%** |  |  |
| Associated Banc-Corp. | 19507 | 450417 |
| Bank of New York Mellon Corp. (The) | 9961 | 453425 |
| Bank OZK | 11118 | 445387 |
| Banner Corp. | 6999 | 442337 |
| BOK Financial Corp. | 4291 | 445363 |
| Cullen/Frost Bankers, Inc. | 3391 | 453377 |
| First Financial Bancorp | 18303 | 443482 |
| Hancock Whitney Corp. | 9233 | 446785 |
| Heritage Financial Corp. | 14508 | 444525 |
| Huntington Bancshares, Inc. | 31329 | 441739 |
| JPMorgan Chase & Co. | 3384 | 453794 |
| Lakeland Financial Corp. | 6108 | 445701 |
| OFG Bancorp (Puerto Rico) | 16512 | 455071 |
| Old National Bancorp | 25250 | 453995 |
| Pinnacle Financial Partners, Inc. | 6065 | 445171 |
| Preferred Bank/Los Angeles CA | 5912 | 441153 |
| Regions Financial Corp. | 20942 | 451509 |
| Stock Yards Bancorp, Inc. | 6944 | 451221 |
| Trustmark Corp. | 12951 | 452119 |
| Veritex Holdings, Inc. | 15679 | 440266 |
| Westamerica Bancorp | 7575 | 447001 |
| Wintrust Financial Corp. | 5348 | 452013 |
| Total Banks |  | 9855851 |
| **Biotechnology — 4.1%** |  |  |
| Fate Therapeutics, Inc.\* | 44175 | 445726 |
| Gilead Sciences, Inc. | 5243 | 450112 |
| Intra-Cellular Therapies, Inc.\* | 9082 | 480619 |
| Vertex Pharmaceuticals, Inc.\* | 1553 | 448475 |
| Total Biotechnology |  | 1824932 |
| **Building Materials — 1.0%** |  |  |
| Johnson Controls International PLC | 6938 | 444032 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS (continued)** |  |  |  |
| **Commercial Services — 3.0%** |  |  |  |
| Cross Country Healthcare, Inc.\* | 16621 | $| 441620 |
| Paylocity Holding Corp.\* | 2357 |  | 457871 |
| United Rentals, Inc.\* | 1242 |  | 441431 |
| Total Commercial Services |  |  | 1340922 |
| **Computers — 3.0%** |  |  |  |
| Fortinet, Inc.\* | 9038 |  | 441868 |
| Hewlett Packard Enterprise Co. | 28050 |  | 447678 |
| Zscaler, Inc.\* | 4144 |  | 463713 |
| Total Computers |  |  | 1353259 |
| **Distribution/Wholesale — 3.0%** |  |  |  |
| MRC Global, Inc.\* | 38140 |  | 441661 |
| Titan Machinery, Inc.\* | 11093 |  | 440725 |
| WW Grainger, Inc. | 791 |  | 439994 |
| Total Distribution/Wholesale |  |  | 1322380 |
| **Diversified Financial Services — 3.0%** |  |  |  |
| Cboe Global Markets, Inc. | 3543 |  | 444540 |
| Discover Financial Services | 4607 |  | 450703 |
| Synchrony Financial | 13691 |  | 449886 |
| Total Diversified Financial Services |  |  | 1345129 |
| **Electrical Components & Equipment — 1.0%** | **Electrical Components & Equipment — 1.0%** | **Electrical Components & Equipment — 1.0%** | **Electrical Components & Equipment — 1.0%** |
| AMETEK, Inc. | 3182 |  | 444589 |
| **Electronics — 3.0%** |  |  |  |
| Advanced Energy Industries, Inc. | 5323 |  | 456607 |
| Hubbell, Inc. | 1888 |  | 443076 |
| nVent Electric PLC | 11596 |  | 446098 |
| Total Electronics |  |  | 1345781 |
| **Energy — Alternate Sources — 1.0%** |  |  |  |
| Enphase Energy, Inc.\* | 1600 |  | 423936 |
| **Food — 2.0%** |  |  |  |
| Chefs' Warehouse, Inc. (The)\* | 13037 |  | 433872 |
| Performance Food Group Co.\* | 7503 |  | 438100 |
| Total Food |  |  | 871972 |
| **Healthcare — Products — 1.0%** |  |  |  |
| Lantheus Holdings, Inc.\* | 9051 |  | 461239 |
| **Home Builders — 1.0%** |  |  |  |
| Installed Building Products, Inc. | 5137 |  | 439727 |
| **Investment Companies — 3.0%** |  |  |  |
| Ares Capital Corp.<sup>(a)</sup> | 23895 |  | 441341 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS (continued)** |  |  |  |
| **Investment Companies (continued)** |  |  |  |
| Main Street Capital Corp.<sup>(a)</sup> | 12143 | $| 448684 |
| Sixth Street Specialty Lending, Inc. | 25174 |  | 448097 |
| Total Investment Companies |  |  | 1338122 |
| **Lodging — 1.0%** |  |  |  |
| Hyatt Hotels Corp., Class A\* | 4937 |  | 446552 |
| **Machinery — Construction & Mining — 1.0%** | **Machinery — Construction & Mining — 1.0%** | **Machinery — Construction & Mining — 1.0%** | **Machinery — Construction & Mining — 1.0%** |
| Caterpillar, Inc. | 1833 |  | 439114 |
| **Miscellaneous Manufacturing — 1.0%** |  |  |  |
| Parker-Hannifin Corp. | 1521 |  | 442611 |
| **Oil & Gas — 3.0%** |  |  |  |
| Helmerich & Payne, Inc. | 9119 |  | 452029 |
| Nabors Industries Ltd.\* | 2874 |  | 445096 |
| Patterson-UTI Energy, Inc. | 26482 |  | 445957 |
| Total Oil & Gas |  |  | 1343082 |
| **Oil & Gas Services — 3.0%** |  |  |  |
| NOW, Inc.\* | 34585 |  | 439230 |
| RPC, Inc. | 50572 |  | 449585 |
| Schlumberger NV | 8322 |  | 444894 |
| Total Oil & Gas Services |  |  | 1333709 |
| **Packaging & Containers — 1.0%** |  |  |  |
| O-I Glass, Inc.\* | 26294 |  | 435692 |
| **Pharmaceuticals — 1.0%** |  |  |  |
| Neurocrine Biosciences, Inc.\* | 3748 |  | 447661 |
| **Retail — 6.0%** |  |  |  |
| AutoZone, Inc.\* | 181 |  | 446379 |
| Five Below, Inc.\* | 2494 |  | 441114 |
| Hibbett, Inc. | 6606 |  | 450661 |
| Texas Roadhouse, Inc. | 4777 |  | 434468 |
| Tractor Supply Co. | 2001 |  | 450165 |
| Ulta Beauty, Inc.\* | 962 |  | 451245 |
| Total Retail |  |  | 2674032 |
| **Savings & Loans — 1.0%** |  |  |  |
| Northwest Bancshares, Inc. | 31426 |  | 439335 |
| **Semiconductors — 4.0%** |  |  |  |
| Applied Materials, Inc. | 4642 |  | 452038 |
| Lam Research Corp. | 1093 |  | 459388 |
| Microchip Technology, Inc. | 6334 |  | 444964 |
| Rambus, Inc.\* | 12359 |  | 442699 |
| Total Semiconductors |  |  | 1799089 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Software — 12.6%** |  |  |
| Alteryx, Inc., Class A\* | 9339 | $473207 |
| Bill.Com Holdings, Inc.\* | 4369 | 476046 |
| Confluent, Inc., Class A\* | 20896 | 464727 |
| Everbridge, Inc.\* | 16198 | 479137 |
| HashiCorp, Inc., Class A\*<sup>(a)</sup> | 17038 | 465819 |
| Monday.com Ltd.\* | 3975 | 484950 |
| Nutanix, Inc., Class A\* | 17653 | 459861 |
| Procore Technologies, Inc.\* | 9535 | 449861 |
| Qualtrics International, Inc., Class A\* | 44775 | 464764 |
| Roper Technologies, Inc. | 1029 | 444621 |
| Samsara, Inc., Class A\* | 37913 | 471258 |
| Splunk, Inc.\* | 5296 | 455933 |
| Total Software |  | 5590184 |
| **Telecommunications — 2.0%** |  |  |
| Arista Networks, Inc.\* | 3743 | 454213 |
| Calix, Inc.\* | 6661 | 455812 |
| Total Telecommunications |  | 910025 |
| **Transportation — 2.0%** |  |  |
| International Seaways, Inc.<sup>(a)</sup> | 11785 | 436281 |
| Tsakos Energy Navigation Ltd. (Greece) | 25806 | 436895 |
| Total Transportation |  | 873176 |
| **Venture Capital — 1.0%** |  |  |
| Hercules Capital, Inc. | 33679 | 445236 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $43,000,743)** |  | 43085392 |
| **MONEY MARKET FUNDS — 0.8%** |  |  |
| Dreyfus Institutional Treasury and Agency Cash Advantage Fund, 4.19%<sup>(b)</sup> | 519 | 519 |
| Fidelity Investments Money Market Government Portfolio — Class I, 3.81%<sup>(b)</sup> | 364974 | 364974 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $365,493)** |  | 365493 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional<br> Amount** | <br>**Contracts** | <br>**Value** |
| **PURCHASED PUT OPTIONS — 2.5%** | **PURCHASED PUT OPTIONS — 2.5%** | **PURCHASED PUT OPTIONS — 2.5%** | **PURCHASED PUT OPTIONS — 2.5%** |
| Shares Russell 2000 ETF, expiring 03/31/23, Strike Price $165.00\* | $26730000 | 1620 | $771930 |
| SPDR S&P 500 ETF Trust, expiring 03/17/23, Strike Price $365.00\* | 15293500 | 419 | 346304 |
| **Total Purchased Put Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,223,867)** |  |  | 1118234 |
| **REPURCHASE AGREEMENTS — 2.9%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 2.9%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 2.9%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 2.9%<sup>(c)</sup>** |
| BofA Securities, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $305,590) |  | $299598 | 299598 |
| Citigroup Global Markets, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.50%, 8/28/23-12/1/52, totaling $305,590) |  | 299598 | 299598 |
| Daiwa Capital Markets America, dated 01/03/23, due 12/30/22, 4.26%, total to be received $68,026, (collateralized by various U.S. Government Agency Obligations, 0.00%-7.13%, 1/3/23-11/15/43, totaling $69,354) |  | 67994 | 67994 |
| Deutsche Bank Securities, Inc., dated 01/03/23, due 12/30/22, 4.29%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/24-1/1/57, totaling $305,590) |  | 299598 | 299598 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| RBC Dominion Securities, Inc., dated 01/03/23, due 12/30/22, 4.30%, total to be received $299,741, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $305,590) | $299598 | $299598 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,266,386)** |  | 1266386 |
| Total Investments — 102.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,856,489) |  | 45835505 |
| Liabilities in Excess of Other<br> Assets — (2.9%) |  | (1299546) |
| **Net Assets — 100.0%** |  | $**44535959** |

---

ETF — Exchange Traded Fund

PLC — Public Limited Company

\* Non-income producing security.

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $1,624,042; the aggregate market value
 of the collateral held by the fund is $1,673,415. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $407,029.

(b) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral
 received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES ALPHA DNA EQUITY SENTIMENT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $43085392 | $- | $- | $43085392 |
| Money Market Funds | 365493 |  |  | 365493 |
| Purchased Put Options | 1118234 |  |  | 1118234 |
| Repurchase Agreements | - | 1266386 | - | 1266386 |
| Total | $44569119 | $1266386 | $- | $45835505 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Airlines | 4.0% |
| Auto Manufacturers | 1.9 |
| Banks | 22.1 |
| Biotechnology | 4.1 |
| Building Materials | 1 |
| Commercial Services | 3 |
| Computers | 3 |
| Distribution/Wholesale | 3 |
| Diversified Financial Services | 3 |
| Electrical Components & Equipment | 1 |
| Electronics | 3 |
| Energy — Alternate Sources | 1 |
| Food | 2 |
| Healthcare — Products | 1 |
| Home Builders | 1 |
| Investment Companies | 3 |
| Lodging | 1 |
| Machinery — Construction & Mining | 1 |
| Miscellaneous Manufacturing | 1 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)** 

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Oil & Gas | 3.0% |
| Oil & Gas Services | 3 |
| Packaging & Containers | 1 |
| Pharmaceuticals | 1 |
| Purchased Put Option | 2.5 |
| Retail | 6 |
| Savings & Loans | 1 |
| Semiconductors | 4 |
| Software | 12.6 |
| Telecommunications | 2 |
| Transportation | 2 |
| Venture Capital | 1 |
| Money Market Funds | 0.8 |
| Repurchase Agreements | 2.9 |
| Total Investments | 102.9 |
| Liabilities in Excess of Other Assets | (2.9) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.9%** |  |  |
| **Aerospace/Defense — 2.4%** |  |  |
| BAE Systems PLC (United Kingdom)<sup>(a)(b)</sup> | 18925 | $797594 |
| **Agriculture — 2.7%** |  |  |
| British American Tobacco PLC (United Kingdom)<sup>(b)</sup> | 22507 | 899830 |
| **Airlines — 2.3%** |  |  |
| Copa Holdings SA, Class A (Panama)\* | 9255 | 769738 |
| **Auto Manufacturers — 3.5%** |  |  |
| Tata Motors Ltd. (India)\*<sup>(b)</sup> | 50713 | 1171977 |
| **Banks — 22.3%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA (Spain)<sup>(b)</sup> | 132678 | 797395 |
| Credicorp Ltd. (Peru) | 6632 | 899697 |
| HDFC Bank Ltd. (India)<sup>(b)</sup> | 11360 | 777138 |
| ICICI Bank Ltd. (India)<sup>(b)</sup> | 63851 | 1397699 |
| ING Groep NV (Netherlands)<sup>(b)</sup> | 59654 | 725989 |
| Itau Unibanco Holding SA (Brazil)<sup>(b)</sup> | 179885 | 847258 |
| Mitsubishi UFJ Financial Group, Inc. (Japan)<sup>(b)</sup> | 153891 | 1026453 |
| UBS Group AG (Switzerland)<sup>(a)</sup> | 54333 | 1014397 |
| Total Banks |  | 7486026 |
| **Beverages — 7.6%** |  |  |
| Coca-Cola Femsa SAB de CV (Mexico)<sup>(b)</sup> | 11547 | 783810 |
| Diageo PLC (United Kingdom)<sup>(a)(b)</sup> | 5996 | 1068427 |
| Fomento Economico Mexicano SAB de CV (Mexico)<sup>(b)</sup> | 9170 | 716361 |
| Total Beverages |  | 2568598 |
| **Biotechnology — 5.4%** |  |  |
| Argenx SE (Netherlands)\*<sup>(b)</sup> | 1992 | 754630 |
| Genmab A/S (Denmark)\*<sup>(b)</sup> | 25185 | 1067340 |
| Total Biotechnology |  | 1821970 |
| **Chemicals — 2.0%** |  |  |
| Sociedad Quimica y Minera de Chile SA (Chile)<sup>(b)</sup> | 8322 | 664429 |
| **Commercial Services — 2.6%** |  |  |
| RELX PLC (United Kingdom)<sup>(b)</sup> | 31555 | 874705 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS (continued)** |  |  |  |
| **Electric — 4.6%** |  |  |  |
| Centrais Eletricas Brasileiras SA (Brazil)<sup>(b)</sup> | 99872 | $| 791985 |
| Cia Paranaense de Energia (Brazil)<sup>(b)</sup> | 104595 |  | 752038 |
| Total Electric |  |  | 1544023 |
| **Electrical Components & Equipment — 2.9%** | **Electrical Components & Equipment — 2.9%** | **Electrical Components & Equipment — 2.9%** | **Electrical Components & Equipment — 2.9%** |
| ABB Ltd. (Switzerland)<sup>(b)</sup> | 32053 |  | 976334 |
| **Insurance — 2.7%** |  |  |  |
| Aegon NV (Netherlands)<sup>(a) (c)</sup> | 179957 |  | 906983 |
| **Internet — 4.7%** |  |  |  |
| MakeMyTrip Ltd. (India)\* | 31180 |  | 859632 |
| Trip.com Group Ltd. (China)\*<sup>(b)</sup> | 21002 |  | 722469 |
| Total Internet |  |  | 1582101 |
| **Iron/Steel — 2.1%** |  |  |  |
| Gerdau SA (Brazil)<sup>(b)</sup> | 129821 |  | 719208 |
| **Metal Fabricate/Hardware — 4.6%** |  |  |  |
| Tenaris SA<sup>(b)</sup> | 44428 |  | 1562089 |
| **Office/Business Equipment — 2.2%** |  |  |  |
| Canon, Inc. (Japan)<sup>(a)(b)</sup> | 34255 |  | 742648 |
| **Oil & Gas — 6.1%** |  |  |  |
| Equinor ASA (Norway)<sup>(b)</sup> | 32635 |  | 1168659 |
| YPF SA (Argentina)\*<sup>(b)</sup> | 96419 |  | 886091 |
| Total Oil & Gas |  |  | 2054750 |
| **Pharmaceuticals — 7.0%** |  |  |  |
| AstraZeneca PLC (United Kingdom)<sup>(b)</sup> | 11696 |  | 792989 |
| Novo Nordisk A/S (Denmark)<sup>(b)</sup> | 11488 |  | 1554786 |
| Total Pharmaceuticals |  |  | 2347775 |
| **Semiconductors — 2.7%** |  |  |  |
| NXP Semiconductors NV (China) | 5779 |  | 913255 |
| **Telecommunications — 5.3%** |  |  |  |
| America Movil SAB de CV, Class L (Mexico)<sup>(b)</sup> | 48277 |  | 878641 |
| KT Corp. (South Korea)<sup>(a)(b)</sup> | 67263 |  | 908051 |
| Total Telecommunications |  |  | 1786692 |
| **Transportation — 4.2%** |  |  |  |
| Diana Shipping, Inc. (Greece) | 161447 |  | 629643 |
| OceanPal, Inc. (Greece) | 20037 |  | 22241 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investments** | **Shares/<br> Principal** | <br>**Value** | <br>**Value** |
| **COMMON STOCKS (continued)** |  |  |  |
| **Transportation (continued)** |  |  |  |
| Tsakos Energy Navigation Ltd. (Greece) | 43866 | $| 742652 |
| Total Transportation |  |  | 1394536 |
| **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $32,268,579)** |  |  | 33585261 |
| **MONEY MARKET FUND — 0.0%\*\*** |  |  |  |
| Invesco Government & Agency Portfolio — Private Investment Class, 3.92%<sup>(d)</sup> (Cost $44) | 44 |  | 44 |
| **REPURCHASE AGREEMENTS — 10.1%<sup>(e)</sup>** | **REPURCHASE AGREEMENTS — 10.1%<sup>(e)</sup>** | **REPURCHASE AGREEMENTS — 10.1%<sup>(e)</sup>** | **REPURCHASE AGREEMENTS — 10.1%<sup>(e)</sup>** |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 1.50%- 6.50%, 5/1/37-5/1/58, totaling $802,175) | $786446 |  | 786446 |
| Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $232,942, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $237,489) | 232832 |  | 232832 |
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $802,175) | 786446 |  | 786446 |
| National Bank Financial Inc., dated 12/30/22, due 01/03/23, 4.34%, total to be received $786,825, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.44%, 1/3/23-9/9/49, totaling $802,175) | 786446 |  | 786446 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $786,822, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $802,175) | $786446 | $786446 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,378,616)** |  | 3378616 |
| Total Investments — 110.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,647,239) |  | 36963921 |
| Liabilities in Excess of Other<br> Assets — (10.0%) |  | (3363303) |
| **Net Assets — 100.0%** |  | $**33600618** |

---

PLC — Public Limited Company

\* Non-income producing security.

\*\* Less than 0.05%.

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $3,280,950; the aggregate market value
 of the collateral held by the fund is $3,378,616.

(b) American
 Depositary Receipt.

(c) Registered
 Shares.

(d) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(e) Collateral
 received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ADR ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $33585261 | $- | $- | $33585261 |
| Money Market Fund | 44 |  |  | 44 |
| Repurchase Agreements | - | 3378616 | - | 3378616 |
| Total | $33585305 | $3378616 | $- | $36963921 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 2.4 |
| Agriculture | 2.7 |
| Airlines | 2.3 |
| Auto Manufacturers | 3.5 |
| Banks | 22.3 |
| Beverages | 7.6 |
| Biotechnology | 5.4 |
| Chemicals | 2.0 |
| Commercial Services | 2.6 |
| Electric | 4.6 |
| Electrical Components & Equipment | 2.9 |
| Insurance | 2.7 |
| Internet | 4.7 |
| Iron/Steel | 2.1 |
| Metal Fabricate/Hardware | 4.6 |
| Office/Business Equipment | 2.2 |
| Oil & Gas | 6.1 |
| Pharmaceuticals | 7.0 |
| Semiconductors | 2.7 |
| Telecommunications | 5.3 |
| Transportation | 4.2 |
| Money Market Fund | 0.0 |
| Repurchase Agreements | 10.1 |
| Total Investments | 110.0 |
| Liabilities in Excess of Other Assets | (10.0 |
| Net Assets | 100.0 |

---

\*\* Less than 0.05%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **<br>Shares** | **Value** |
| **COMMON STOCKS — 99.8%** |  |  |
| **Biotechnology — 12.9%** |  |  |
| Biohaven Ltd.\*<sup>(a)</sup> | 58596 | $813313 |
| Halozyme Therapeutics, Inc.\* | 16677 | 948921 |
| Regeneron Pharmaceuticals, Inc.\* | 1288 | 929279 |
| Sarepta Therapeutics, Inc.\* | 7352 | 952672 |
| United Therapeutics Corp.\* | 3431 | 954127 |
| Total Biotechnology |  | 4598312 |
| **Commercial Services — 2.3%** |  |  |
| AMN Healthcare Services, Inc.\* | 7889 | 811147 |
| **Electric — 17.6%** |  |  |
| AES Corp. (The) | 33519 | 964006 |
| CenterPoint Energy, Inc. | 30849 | 925161 |
| Constellation Energy Corp. | 9813 | 845979 |
| NextEra Energy, Inc. | 11270 | 942172 |
| NRG Energy, Inc. | 22180 | 705768 |
| PG&E Corp.\*<sup>(a)</sup> | 60305 | 980559 |
| Vistra Corp. | 39603 | 918790 |
| Total Electric |  | 6282435 |
| **Electronics — 2.6%** |  |  |
| Mettler-Toledo International, Inc.\* | 633 | 914970 |
| **Gas — 2.6%** |  |  |
| National Fuel Gas Co. | 14461 | 915381 |
| **Healthcare — Products — 5.2%** |  |  |
| IDEXX Laboratories, Inc.\* | 2194 | 895064 |
| Thermo Fisher Scientific, Inc. | 1743 | 959853 |
| Total Healthcare — Products |  | 1854917 |
| **Healthcare — Services — 10.3%** |  |  |
| Acadia Healthcare Co., Inc.\* | 10900 | 897288 |
| Chemed Corp. | 1825 | 931535 |
| Medpace Holdings, Inc.\* | 4252 | 903168 |
| UnitedHealth Group, Inc. | 1785 | 946371 |
| Total Healthcare — Services |  | 3678362 |
| **Oil & Gas — 23.2%** |  |  |
| Chord Energy Corp. | 6192 | 847127 |
| Devon Energy Corp. | 13931 | 856896 |
| Marathon Oil Corp. | 30827 | 834487 |
| Matador Resources Co. | 13975 | 799929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** | **Value** |
| **COMMON STOCKS (continued)** |  |  |  |
| **Oil & Gas (continued)** |  |  |  |
| Murphy Oil Corp. | 19916 | $| 856587 |
| Occidental Petroleum Corp. | 13254 |  | 834869 |
| Ovintiv, Inc. | 17014 |  | 862780 |
| PDC Energy, Inc. | 12483 |  | 792421 |
| Southwestern Energy Co.\* | 130016 |  | 760594 |
| Texas Pacific Land Corp. | 357 |  | 836890 |
| Total Oil & Gas |  |  | 8282580 |
| **Pharmaceuticals — 5.3%** |  |  |  |
| Eli Lilly & Co. | 2613 |  | 955940 |
| McKesson Corp. | 2486 |  | 932548 |
| Total Pharmaceuticals |  |  | 1888488 |
| **Pipelines — 15.1%** |  |  |  |
| Antero Midstream Corp. | 85170 |  | 918984 |
| Cheniere Energy, Inc. | 5495 |  | 824030 |
| DT Midstream, Inc. | 15737 |  | 869627 |
| Kinder Morgan, Inc. | 50424 |  | 911666 |
| ONEOK, Inc. | 14447 |  | 949168 |
| Williams Cos., Inc. (The) | 27916 |  | 918436 |
| Total Pipelines |  |  | 5391911 |
| **Water — 2.7%** |  |  |  |
| American Water Works Co., Inc. | 6322 |  | 963599 |
| **Total Common Stocks<br> (Cost $35,794,811)** |  |  | 35582102 |
| **MONEY MARKET FUND — 0.4%** |  |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)</sup> <br> (Cost $157,928) | 157928 |  | 157928 |
| **REPURCHASE AGREEMENTS — 1.2%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 1.2%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 1.2%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 1.2%<sup>(c)</sup>** |
| Deutsche Bank Securities, Inc., dated 12/30/22, due 01/03/23, 4.29%, total to be received $177,388, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/24-1/1/57, totaling $180,849) | $177303 |  | 177303 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980) | 249000 | $249000 |
| **Total Repurchase Agreements<br> (Cost $426,303)** |  | 426303 |
| Total Investments — 101.4%<br> (Cost $36,379,042) |  | $36166333 |
| Liabilities in Excess of Other<br> Assets — (1.4%) |  | (512458) |
| **Net Assets — 100.0%** |  | $**35653875** |

---

\* Non-income producing security.

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $1,360,872; the aggregate market value
 of the collateral held by the fund is $1,415,569. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $989,266.

(b) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral
 received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT ALPHA EQUAL WEIGHT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $35582102 | $- | $- | $35582102 |
| Money Market Fund | 157928 |  |  | 157928 |
| Repurchase Agreements | - | 426303 | - | 426303 |
| Total | $35740030 | $426303 | $- | $36166333 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Biotechnology | 12.9% |
| Commercial Services | 2.3 |
| Electric | 17.6 |
| Electronics | 2.6 |
| Gas | 2.6 |
| Healthcare — Products | 5.2 |
| Healthcare — Services | 10.3 |
| Oil & Gas | 23.2 |
| Pharmaceuticals | 5.3 |
| Pipelines | 15.1 |
| Water | 2.7 |
| Money Market Fund | 0.4 |
| Repurchase Agreements | 1.2 |
| Total Investments | 101.4 |
| Liabilities in Excess of Other Assets | (1.4) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **EXCHANGE TRADED FUNDS — 99.8%** | **EXCHANGE TRADED FUNDS — 99.8%** | **EXCHANGE TRADED FUNDS — 99.8%** |
| **Equity Fund — 99.8%** |  |  |
| Invesco S&P 500 Equal Weight ETF<sup>(a)</sup> | 310294 | $43829028 |
| Invesco S&P 500 Pure Value ETF | 544007 | 42421666 |
| **Total Exchange Traded Funds<br> (Cost $90,585,586)** |  | 86250694 |
| **MONEY MARKET FUND — 0.4%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)</sup> <br> (Cost $335,486) | 335486 | 335486 |
| **REPURCHASE AGREEMENTS — 45.1%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 45.1%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 45.1%<sup>(c)</sup>** |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $9,245,481) | $9064197 | 9064197 |
| Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $2,683,827, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $2,736,211) | 2682560 | 2682560 |
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $9,245,481) | 9064197 | 9064197 |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $9,245,481) | 9064197 | 9064197 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| Truist Securities, Inc., dated 12/30/22, due 01/03/23, 4.32%, total to be received $9,068,528, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $9,245,545) | $9064197 | $9064197 |
| **Total Repurchase Agreements<br> (Cost $38,939,348)** |  | 38939348 |
| Total Investments — 145.3%<br> (Cost $129,860,420) |  | 125525528 |
| Liabilities in Excess of Other<br> Assets — (45.3%) |  | (39084802) |
| **Net Assets — 100.0%** |  | $**86440726** |

---

ETF — Exchange Traded Fund

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $37,916,868; the aggregate market value
 of the collateral held by the fund is $38,939,348.

(b) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral
 received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM ALL CAP WORLD ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $86250694 | $- | $- | $86250694 |
| Money Market Fund | 335486 |  |  | 335486 |
| Repurchase Agreements | - | 38939348 | - | 38939348 |
| Total | $86586180 | $38939348 | $- | $125525528 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Equity Fund | 99.8% |
| Money Market Fund | 0.4 |
| Repurchase Agreements | 45.1 |
| Total Investments | 145.3 |
| Liabilities in Excess of Other Assets | (45.3) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **EXCHANGE TRADED FUNDS — 100.0%** | **EXCHANGE TRADED FUNDS — 100.0%** | **EXCHANGE TRADED FUNDS — 100.0%** |
| **Equity Fund — 100.0%** |  |  |
| Invesco S&P 500 Equal Weight ETF<sup>(a)</sup> | 278345 | $39316231 |
| Invesco S&P 500 Low Volatility ETF | 619610 | 39593079 |
| **Total Exchange Traded Funds<br> (Cost $82,526,358)** |  | 78909310 |
| **MONEY MARKET FUND — 0.2%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)</sup> <br> (Cost $149,740) | 149740 | 149740 |
| **REPURCHASE AGREEMENTS — 36.5%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 36.5%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 36.5%<sup>(c)</sup>** |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $6,846,790) | $6712539 | 6712539 |
| Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $1,988,431, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $2,027,242) | 1987492 | 1987492 |
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $6,846,790) | 6712539 | 6712539 |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $6,715,746, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $6,846,790) | 6712539 | 6712539 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| Truist Securities, Inc., dated 12/30/22, due 01/03/22, 4.32%, total to be received $6,715,761, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $6,846,837) | $6712539 | $6712539 |
| **Total Repurchase Agreements<br> (Cost $28,837,648)** |  | 28837648 |
| Total Investments — 136.7%<br> (Cost $111,513,746) |  | 107896698 |
| Liabilities in Excess of Other<br> Assets — (36.7%) |  | (28971263) |
| **Net Assets — 100.0%** |  | $**78925435** |

---

ETF — Exchange Traded Fund

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $28,046,883; the aggregate market value
 of the collateral held by the fund is $28,837,648.

(b) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral
 received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT FSM US CORE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $78909310 | $- | $- | $78909310 |
| Money Market Fund | 149740 |  |  | 149740 |
| Repurchase Agreements | - | 28837648 | - | 28837648 |
| Total | $79059050 | $28837648 | $- | $107896698 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Equity Fund | 100.0% |
| Money Market Fund | 0.2 |
| Repurchase Agreements | 36.5 |
| Total Investments | 136.7 |
| Liabilities in Excess of Other Assets | (36.7) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 100.6%** | | |
| **Auto Parts & Equipment — 0.9%** |  |  |
| China Automotive Systems, Inc. (China)\* | 3500 | $20300 |
| Garrett Motion, Inc. (Switzerland)\*<sup>(a)</sup> | 3186 | 24277 |
| Total Auto Parts & Equipment |  | 44577 |
| **Banks — 18.4%** |  |  |
| Amalgamated Financial Corp. | 1097 | 25275 |
| BayCom Corp. | 1243 | 23592 |
| BCB Bancorp, Inc. | 1221 | 21966 |
| Business First Bancshares, Inc. | 977 | 21631 |
| Byline Bancorp, Inc. | 1151 | 26438 |
| Cambridge Bancorp | 259 | 21512 |
| Capital City Bank Group, Inc. | 759 | 24667 |
| Capstar Financial Holdings, Inc. | 1401 | 24742 |
| Carter Bankshares, Inc.\* | 1603 | 26594 |
| Civista Bancshares, Inc. | 1035 | 22780 |
| CNB Financial Corp. | 900 | 21411 |
| Coastal Financial Corp.\* | 933 | 44336 |
| Equity Bancshares, Inc., Class A | 764 | 24960 |
| Esquire Financial Holdings, Inc. | 869 | 37593 |
| First Bank | 2024 | 27850 |
| First Business Financial Services, Inc. | 794 | 29021 |
| First Guaranty Bancshares, Inc. | 948 | 22231 |
| Five Star Bancorp | 853 | 23236 |
| Hanmi Financial Corp. | 1330 | 32917 |
| Independent Bank Corp. | 1061 | 25379 |
| John Marshall Bancorp, Inc. | 854 | 24578 |
| Mercantile Bank Corp. | 708 | 23704 |
| Metrocity Bankshares, Inc. | 939 | 20311 |
| Midland States Bancorp, Inc. | 898 | 23905 |
| Northeast Bank | 834 | 35111 |
| Northrim BanCorp, Inc. | 555 | 30286 |
| Old Second Bancorp, Inc. | 1903 | 30524 |
| OP Bancorp | 1841 | 20546 |
| Parke Bancorp, Inc. | 1071 | 22213 |
| PCB Bancorp | 1406 | 24872 |
| Peapack-Gladstone Financial Corp. | 666 | 24788 |
| Shore Bancshares, Inc. | 1274 | 22206 |
| South Plains Financial, Inc. | 732 | 20152 |
| TrustCo Bank Corp. NY | 713 | 26802 |
| Unity Bancorp, Inc. | 823 | 22493 |
| Total Banks |  | 900622 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Biotechnology — 5.1%** |  |  |
| 89bio, Inc.\* | 2900 | $36917 |
| Aldeyra Therapeutics, Inc.\* | 3580 | 24917 |
| Astria Therapeutics, Inc.\* | 2270 | 33800 |
| Cymabay Therapeutics, Inc.\* | 6162 | 38636 |
| Dyne Therapeutics, Inc.\* | 1733 | 20085 |
| Immatics NV (Germany)\* | 1995 | 17376 |
| Mersana Therapeutics, Inc.\* | 2988 | 17510 |
| Provention Bio, Inc.\* | 2970 | 31393 |
| WaVe Life Sciences Ltd.\* | 4400 | 30800 |
| Total Biotechnology |  | 251434 |
| **Building Materials — 1.3%** |  |  |
| LSI Industries, Inc. | 2000 | 24480 |
| Modine Manufacturing Co.\* | 1910 | 37933 |
| Total Building Materials |  | 62413 |
| **Chemicals — 0.4%** |  |  |
| Hawkins, Inc. | 524 | 20226 |
| **Coal — 6.0%** |  |  |
| Alpha Metallurgical Resources, Inc. | 1124 | 164543 |
| Hallador Energy Co.\*<sup>(a)</sup> | 5566 | 55604 |
| Natural Resource Partners LP<sup>(a)</sup> | 881 | 47865 |
| SunCoke Energy, Inc. | 3102 | 26770 |
| Total Coal |  | 294782 |
| **Commercial Services — 6.6%** |  |  |
| Alta Equipment Group, Inc. | 1853 | 24441 |
| Barrett Business Services, Inc. | 310 | 28917 |
| CRA International, Inc. | 318 | 38933 |
| DLH Holdings Corp.\* | 1474 | 17489 |
| Franklin Covey Co.\* | 673 | 31476 |
| Hackett Group, Inc. (The) | 1304 | 26562 |
| HireQuest, Inc. | 1353 | 21391 |
| Lincoln Educational Services Corp.\* | 3401 | 19692 |
| Resources Connection, Inc. | 1035 | 19023 |
| ShotSpotter, Inc.\* | 600 | 20298 |
| Textainer Group Holdings Ltd. (China) | 1177 | 36499 |
| Transcat, Inc.\* | 555 | 39333 |
| Total Commercial Services |  | 324054 |
| **Distribution/Wholesale — 3.8%** |  |  |
| Hudson Technologies, Inc.\* | 6919 | 70020 |
| Titan Machinery, Inc.\* | 990 | 39333 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Distribution/Wholesale (continued)** |  |  |
| Veritiv Corp. | 616 | $74973 |
| Total Distribution/Wholesale |  | 184326 |
| **Diversified Financial Services — 2.6%** |  |  |
| Diamond Hill Investment Group, Inc. | 134 | 24793 |
| EZCORP, Inc., Class A\* | 3732 | 30416 |
| Oppenheimer Holdings, Inc., Class A | 577 | 24424 |
| Silvercrest Asset Management Group, Inc., Class A | 1275 | 23932 |
| Velocity Financial, Inc.\* | 2201 | 21239 |
| Total Diversified Financial Services |  | 124804 |
| **Electric — 0.5%** |  |  |
| Genie Energy Ltd., Class B | 2596 | 26843 |
| **Electronics — 3.0%** |  |  |
| Bel Fuse, Inc., Class B | 1604 | 52804 |
| Ituran Location and Control Ltd. (Israel) | 959 | 20264 |
| Kimball Electronics, Inc.\* | 1185 | 26769 |
| Stoneridge, Inc.\* | 1000 | 21560 |
| Vishay Precision Group, Inc.\* | 690 | 26668 |
| Total Electronics |  | 148065 |
| **Energy — Alternate Sources — 0.4%** |  |  |
| REX American Resources Corp.\* | 643 | 20486 |
| **Engineering & Construction — 1.5%** |  |  |
| MYR Group, Inc.\* | 405 | 37288 |
| Sterling Infrastructure, Inc.\* | 1033 | 33883 |
| Total Engineering & Construction |  | 71171 |
| **Entertainment — 0.8%** |  |  |
| Golden Entertainment, Inc.\* | 1050 | 39270 |
| **Environmental Control — 1.3%** |  |  |
| CECO Environmental Corp.\* | 3230 | 37726 |
| Heritage-Crystal Clean, Inc.\* | 851 | 27641 |
| Total Environmental Control |  | 65367 |
| **Food — 1.1%** |  |  |
| Nathan's Famous, Inc. | 398 | 26750 |
| Seneca Foods Corp., Class A\* | 450 | 27427 |
| Total Food |  | 54177 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Forest Products & Paper — 0.5%** |  |  |
| Clearwater Paper Corp.\* | 644 | $24350 |
| **Gas — 0.7%** |  |  |
| Global Partners LP | 1031 | 35848 |
| **Healthcare — Products — 1.1%** |  |  |
| Axogen, Inc.\* | 1962 | 19581 |
| Zynex, Inc.<sup>(a)</sup> | 2362 | 32855 |
| Total Healthcare — Products |  | 52436 |
| **Home Furnishings — 0.5%** |  |  |
| Ethan Allen Interiors, Inc. | 923 | 24386 |
| **Insurance — 2.6%** |  |  |
| Ambac Financial Group, Inc.\* | 1666 | 29055 |
| Donegal Group, Inc., Class A | 1305 | 18531 |
| Greenlight Capital Re Ltd., Class A\* | 2801 | 22828 |
| Investors Title Co. | 132 | 19477 |
| Tiptree, Inc. | 2689 | 37216 |
| Total Insurance |  | 127107 |
| **Investment Companies — 0.4%** |  |  |
| Crescent Capital BDC, Inc. | 1407 | 17981 |
| **Iron/Steel — 0.6%** |  |  |
| Haynes International, Inc. | 671 | 30658 |
| **Leisure Time — 0.6%** |  |  |
| Xponential Fitness, Inc., Class A\* | 1200 | 27516 |
| **Machinery — Diversified — 1.0%** |  |  |
| DXP Enterprises, Inc.\* | 735 | 20249 |
| Thermon Group Holdings, Inc.\* | 1334 | 26787 |
| Total Machinery — Diversified |  | 47036 |
| **Metal Fabricate/Hardware — 2.2%** |  |  |
| Northwest Pipe Co.\* | 732 | 24668 |
| Steel Partners Holdings LP\* | 1986 | 85001 |
| Total Metal Fabricate/Hardware |  | 109669 |
| **Oil & Gas — 7.7%** |  |  |
| Cross Timbers Royalty Trust | 1347 | 34268 |
| Diamond Offshore Drilling, Inc.\* | 3591 | 37346 |
| Epsilon Energy Ltd. | 3654 | 24226 |
| Kimbell Royalty Partners LP | 1965 | 32816 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Oil & Gas (continued)** |  |  |
| North European Oil Royalty Trust | 1490 | $18908 |
| Permian Basin Royalty Trust | 3808 | 95962 |
| Sabine Royalty Trust | 432 | 36914 |
| San Juan Basin Royalty Trust | 5153 | 58847 |
| Voc Energy Trust | 3481 | 36098 |
| Total Oil & Gas |  | 375385 |
| **Oil & Gas Services — 5.3%** |  |  |
| Civeo Corp.\* | 1211 | 37662 |
| Forum Energy Technologies, Inc.\* | 1159 | 34190 |
| Helix Energy Solutions Group, Inc.\* | 5044 | 37225 |
| KLX Energy Services Holdings, Inc.\* | 3300 | 57123 |
| Nine Energy Service, Inc.\* | 5000 | 72650 |
| TETRA Technologies, Inc.\* | 5393 | 18660 |
| Total Oil & Gas Services |  | 257510 |
| **Packaging & Containers — 0.8%** |  |  |
| UFP Technologies, Inc.\* | 338 | 39847 |
| **Pharmaceuticals — 2.1%** |  |  |
| Harrow Health, Inc.\* | 2600 | 38376 |
| Imara, Inc.\* | 5500 | 22495 |
| ProPhase Labs, Inc. | 2074 | 19973 |
| scPharmaceuticals, Inc.\* | 3300 | 23661 |
| Total Pharmaceuticals |  | 104505 |
| **Pipelines — 0.5%** |  |  |
| Green Plains Partners LP | 1928 | 24987 |
| **REITS — 2.4%** |  |  |
| BRT Apartments Corp. | 1246 | 24472 |
| CTO Realty Growth, Inc. | 1379 | 25208 |
| Farmland Partners, Inc. | 2128 | 26515 |
| Hersha Hospitality Trust, Class A | 2239 | 19076 |
| Whitestone REIT | 2049 | 19752 |
| Total REITS |  | 115023 |
| **Retail — 3.6%** |  |  |
| Biglari Holdings, Inc., Class B\* | 162 | 22485 |
| Caleres, Inc. | 1185 | 26402 |
| Chuy's Holdings, Inc.\* | 740 | 20942 |
| J Jill, Inc.\* | 1282 | 31794 |
| Movado Group, Inc. | 842 | 27154 |
| Ruth's Hospitality Group, Inc. | 1161 | 17972 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Retail (continued)** |  |  |
| TravelCenters of America, Inc.\* | 638 | $28570 |
| Total Retail |  | 175319 |
| **Savings & Loans — 2.4%** |  |  |
| FS Bancorp, Inc. | 818 | 27354 |
| Greene County Bancorp, Inc. | 493 | 28308 |
| Hingham Institution For Savings The | 73 | 20145 |
| HomeTrust Bancshares, Inc. | 822 | 19868 |
| Southern Missouri Bancorp, Inc. | 433 | 19844 |
| Total Savings & Loans |  | 115519 |
| **Semiconductors — 1.7%** |  |  |
| Aehr Test Systems\* | 1363 | 27396 |
| Richardson Electronics Ltd. | 2684 | 57250 |
| Total Semiconductors |  | 84646 |
| **Software — 2.8%** |  |  |
| Computer Programs and Systems, Inc.\* | 675 | 18373 |
| Digi International, Inc.\* | 1149 | 41996 |
| Donnelley Financial Solutions, Inc.\* | 1281 | 49511 |
| Inspired Entertainment, Inc.\* | 2000 | 25340 |
| Total Software |  | 135220 |
| **Telecommunications — 1.1%** |  |  |
| Aviat Networks, Inc.\* | 750 | 23392 |
| Preformed Line Products Co. | 372 | 30984 |
| Total Telecommunications |  | 54376 |
| **Transportation — 5.4%** |  |  |
| Ardmore Shipping Corp. (Ireland)\* | 3911 | 56358 |
| Capital Product Partners LP (Greece) | 2140 | 29211 |
| Covenant Logistics Group, Inc. | 962 | 33256 |
| Dorian LPG Ltd. | 1717 | 32537 |
| GasLog Partners LP (Greece) | 4035 | 26873 |
| Teekay Corp. (Bermuda)\* | 5650 | 25651 |
| Teekay Tankers Ltd., Class A (Canada)\* | 973 | 29978 |
| Tsakos Energy Navigation Ltd. (Greece) | 1723 | 29171 |
| Total Transportation |  | 263035 |
| **Venture Capital — 0.4%** |  |  |
| Chicago Atlantic Real Estate Finance, Inc. | 1462 | 22032 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Water — 0.5%** |  |  |
| York Water Co. (The) | 562 | $25279 |
| **Total Common Stocks<br> (Cost $4,425,438)** |  | 4922287 |
| **MONEY MARKET FUND — 0.4%** |  |  |
| STIT — Government & Agency Portfolio, Institutional Class, 4.22%<sup>(b)</sup><br> (Cost $18,996) | 18996 | 18996 |
| **REPURCHASE AGREEMENT — 2.2%<sup>(c)</sup>** | **REPURCHASE AGREEMENT — 2.2%<sup>(c)</sup>** | **REPURCHASE AGREEMENT — 2.2%<sup>(c)</sup>** |
| Nomura Securities International, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $106,263, (collateralized by various U.S. Government Agency Obligations, 1.97%-9.00%, 2/1/23-7/1/60, totaling $108,336)<br> (Cost $106,212) | $106212 | 106212 |
| Total Investments — 103.2%<br> (Cost $4,550,646) |  | 5047495 |
| Liabilities in Excess of Other<br> Assets — (3.2%) |  | (157950) |
| **Net Assets — 100.0%** |  | $**4889545** |

---

LP — Limited Partnership

REITS — Real Estate Investment Trusts

\* Non-income producing security.

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $157,350; the aggregate market value
 of the collateral held by the fund is $162,253. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $56,041.

(b) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral
 received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT MICRO-CAP ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $4922287 | $- | $- | $4922287 |
| Money Market Fund | 18996 |  |  | 18996 |
| Repurchase Agreement | - | 106212 | - | 106212 |
| Total | $4941283 | $106212 | $- | $5047495 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Auto Parts & Equipment | 0.9% |
| Banks | 18.4 |
| Biotechnology | 5.1 |
| Building Materials | 1.3 |
| Chemicals | 0.4 |
| Coal | 6.0 |
| Commercial Services | 6.6 |
| Distribution/Wholesale | 3.8 |
| Diversified Financial Services | 2.6 |
| Electric | 0.5 |
| Electronics | 3.0 |
| Energy — Alternate Sources | 0.4 |
| Engineering & Construction | 1.5 |
| Entertainment | 0.8 |
| Environmental Control | 1.3 |
| Food | 1.1 |
| Forest Products & Paper | 0.5 |
| Gas | 0.7 |
| Healthcare — Products | 1.1 |
| Home Furnishings | 0.5 |
| Insurance | 2.6 |
| Investment Companies | 0.4 |
| Iron/Steel | 0.6 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Leisure Time | 0.6% |
| Machinery — Diversified | 1 |
| Metal Fabricate/Hardware | 2.2 |
| Oil & Gas | 7.7 |
| Oil & Gas Services | 5.3 |
| Packaging & Containers | 0.8 |
| Pharmaceuticals | 2.1 |
| Pipelines | 0.5 |
| REITS | 2.4 |
| Retail | 3.6 |
| Savings & Loans | 2.4 |
| Semiconductors | 1.7 |
| Software | 2.8 |
| Telecommunications | 1.1 |
| Transportation | 5.4 |
| Venture Capital | 0.4 |
| Water | 0.5 |
| Money Market Fund | 0.4 |
| Repurchase Agreement | 2.2 |
| Total Investments | 103.2 |
| Liabilities in Excess of Other Assets | (3.2) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE TRADED FUND — 24.4%** | **EXCHANGE TRADED FUND — 24.4%** | **EXCHANGE TRADED FUND — 24.4%** |
| **Debt Fund — 24.4%** |  |  |
| AdvisorShares North Square McKee Core Reserves ETF<sup>†</sup><br> (Cost $9,862,980) | 100000 | $9731000 |
| **MONEY MARKET FUND — 89.9%** |  |  |
| STIT — Government & Agency Portfolio, Institutional Class, 4.22%<sup>(a)(b)</sup> <br> (Cost $35,741,679) | 35741679 | 35741679 |
| Total Investments Before Securities Sold, Not Yet Purchased <br> (Cost $45,604,659) |  | 45472679 |
| **Securities Sold, Not Yet Purchased — (92.7)%<sup>(c)</sup>** | **Securities Sold, Not Yet Purchased — (92.7)%<sup>(c)</sup>** | **Securities Sold, Not Yet Purchased — (92.7)%<sup>(c)</sup>** |
| **COMMON STOCKS — (92.7)%** |  |  |
| **Aerospace/Defense — (1.0)%** |  |  |
| Spirit AeroSystems Holdings, Inc., Class A | (13821) | (409102) |
| **Airlines — (0.7)%** |  |  |
| JetBlue Airways Corp.\* | (43223) | (280085) |
| **Apparel — (5.0)%** |  |  |
| Hanesbrands, Inc. | (53097) | (337697) |
| NIKE, Inc., Class B | (3851) | (450605) |
| PVH Corp. | (5689) | (401587) |
| Under Armour, Inc., Class C\* | (52316) | (466659) |
| VF Corp. | (11299) | (311965) |
| Total Apparel |  | (1968513) |
| **Banks — (2.5)%** |  |  |
| PacWest Bancorp | (13103) | (300714) |
| Signature Bank | (2892) | (333216) |
| SVB Financial Group\* | (1605) | (369375) |
| Total Banks |  | (1003305) |
| **Biotechnology — (2.8)%** |  |  |
| Bio-Rad Laboratories, Inc., Class A\* | (940) | (395261) |
| Illumina, Inc.\* | (2000) | (404400) |
| Nektar Therapeutics\* | (145835) | (329587) |
| Total Biotechnology |  | (1129248) |
| **Building Materials — (1.8)%** |  |  |
| JELD-WEN Holding, Inc.\* | (33650) | (324722) |
| Mohawk Industries, Inc.\* | (3630) | (371059) |
| Total Building Materials |  | (695781) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS (continued)** |  |  |  |
| **Chemicals — (1.0)%** |  |  |  |
| Celanese Corp. | (3696) | $| (377879) |
| **Commercial Services — (9.7)%** |  |  |  |
| 2U, Inc.\* | (66309) |  | (415757) |
| Block, Inc.\* | (6726) |  | (422662) |
| Bright Horizons Family Solutions, Inc.\* | (5147) |  | (324776) |
| Cimpress PLC (Ireland)\* | (14465) |  | (399379) |
| Euronet Worldwide, Inc.\* | (4689) |  | (442548) |
| MarketAxess Holdings, Inc. | (1398) |  | (389888) |
| PayPal Holdings, Inc.\* | (4325) |  | (308026) |
| Sabre Corp.\* | (63966) |  | (395310) |
| TransUnion | (6790) |  | (385332) |
| WW International, Inc.\* | (96082) |  | (370877) |
| Total Commercial Services |  |  | (3854555) |
| **Computers — (2.9)%** |  |  |  |
| NCR Corp.\* | (18720) |  | (438235) |
| Seagate Technology Holdings PLC | (7070) |  | (371953) |
| Western Digital Corp.\* | (10300) |  | (324965) |
| Total Computers |  |  | (1135153) |
| **Diversified Financial Services — (3.8)%** | **Diversified Financial Services — (3.8)%** | **Diversified Financial Services — (3.8)%** | **Diversified Financial Services — (3.8)%** |
| Ally Financial, Inc. | (15800) |  | (386310) |
| Bread Financial Holdings, Inc. | (10612) |  | (399648) |
| LendingTree, Inc.\* | (16181) |  | (345140) |
| T. Rowe Price Group, Inc. | (3347) |  | (365024) |
| Total Diversified Financial Services |  |  | (1496122) |
| **Electrical Components & Equipment — (0.9)%** | **Electrical Components & Equipment — (0.9)%** | **Electrical Components & Equipment — (0.9)%** | **Electrical Components & Equipment — (0.9)%** |
| Universal Display Corp. | (3187) |  | (344323) |
| **Electronics — (1.0)%** |  |  |  |
| Garmin Ltd. | (4238) |  | (391125) |
| **Entertainment — (1.9)%** |  |  |  |
| Cinemark Holdings, Inc.\* | (33900) |  | (293574) |
| Six Flags Entertainment Corp.\* | (19087) |  | (443773) |
| Total Entertainment |  |  | (737347) |
| **Food — (0.9)%** |  |  |  |
| Hain Celestial Group, Inc. (The)\* | (22638) |  | (366283) |
| **Hand/Machine Tools — (0.8)%** |  |  |  |
| Stanley Black & Decker, Inc. | (4392) |  | (329927) |
| **Healthcare — Products — (6.3)%** |  |  |  |
| Align Technology, Inc.\* | (1885) |  | (397546) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Healthcare — Products (continued)** |  |  |
| DENTSPLY SIRONA, Inc. | (10370) | $(330181) |
| Exact Sciences Corp.\* | (10106) | (500348) |
| Masimo Corp.\* | (2954) | (437044) |
| Teleflex, Inc. | (1754) | (437851) |
| West Pharmaceutical Services, Inc. | (1670) | (393035) |
| Total Healthcare — Products |  | (2496005) |
| **Healthcare — Services — (2.8)%** |  |  |
| Catalent, Inc.\* | (8260) | (371783) |
| Charles River Laboratories International, Inc.\* | (1518) | (330772) |
| Syneos Health, Inc.\* | (11644) | (427102) |
| Total Healthcare — Services |  | (1129657) |
| **Housewares — (2.1)%** |  |  |
| Newell Brands, Inc. | (32600) | (426408) |
| Scotts Miracle-Gro Co. (The) | (8608) | (418263) |
| Total Housewares |  | (844671) |
| **Internet — (6.3)%** |  |  |
| Amazon.com, Inc.\* | (3485) | (292740) |
| eBay, Inc. | (8687) | (360250) |
| Expedia Group, Inc.\* | (3834) | (335858) |
| Meta Platforms, Inc., Class A\* | (3611) | (434548) |
| Snap, Inc., Class A\* | (41533) | (371720) |
| Wayfair, Inc., Class A\* | (10067) | (331104) |
| Zillow Group, Inc., Class A\* | (12016) | (375019) |
| Total Internet |  | (2501239) |
| **Leisure Time — (0.9)%** |  |  |
| Carnival Corp.\* | (46342) | (373516) |
| **Machinery — Diversified — (2.1)%** |  |  |
| Cognex Corp. | (8873) | (418007) |
| Enovis Corp.\* | (7690) | (411569) |
| Total Machinery — Diversified |  | (829576) |
| **Media — (5.6)%** |  |  |
| Altice USA, Inc., Class A\* | (56997) | (262186) |
| Cable One, Inc. | (440) | (313218) |
| Charter Communications, Inc., Class A\* | (1046) | (354699) |
| DISH Network Corp., Class A\* | (25018) | (351253) |
| Paramount Global, Class B | (19750) | (333380) |
| Walt Disney Co. (The)\* | (3147) | (273411) |
| Warner Bros Discovery, Inc.\* | (35503) | (336569) |
| Total Media |  | (2224716) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS (continued)** |  |  |  |
| **Mining — (1.1)%** |  |  |  |
| Newmont Corp. | (9438) | $| (445474) |
| **Office/Business Equipment — (0.7)%** | **Office/Business Equipment — (0.7)%** | **Office/Business Equipment — (0.7)%** | **Office/Business Equipment — (0.7)%** |
| Zebra Technologies Corp., Class A\* | (1103) |  | (282820) |
| **Packaging & Containers — (0.9)%** |  |  |  |
| Ball Corp. | (7040) |  | (360026) |
| **Pharmaceuticals — (0.8)%** |  |  |  |
| Herbalife Nutrition Ltd.\* | (21859) |  | (325262) |
| **REITS — (4.8)%** |  |  |  |
| Diversified Healthcare Trust | (528041) |  | (341537) |
| Douglas Emmett, Inc. | (19419) |  | (304490) |
| Hudson Pacific Properties, Inc. | (28369) |  | (276030) |
| Medical Properties Trust, Inc. | (32400) |  | (360936) |
| SL Green Realty Corp. | (8909) |  | (300411) |
| Vornado Realty Trust | (15312) |  | (318643) |
| Total REITS |  |  | (1902047) |
| **Retail — (1.6)%** |  |  |  |
| CarMax, Inc.\* | (6000) |  | (365340) |
| Qurate Retail, Inc., Series A\* | (173577) |  | (282930) |
| Total Retail |  |  | (648270) |
| **Semiconductors — (9.7)%** |  |  |  |
| Advanced Micro Devices, Inc.\* | (5660) |  | (366598) |
| Entegris, Inc. | (5600) |  | (367304) |
| Intel Corp. | (13534) |  | (357704) |
| IPG Photonics Corp.\* | (3861) |  | (365521) |
| Marvell Technology, Inc. | (9700) |  | (359288) |
| MKS Instruments, Inc. | (4680) |  | (396536) |
| NVIDIA Corp. | (3138) |  | (458587) |
| Qorvo, Inc.\* | (3710) |  | (336274) |
| Skyworks Solutions, Inc. | (4514) |  | (411361) |
| Teradyne, Inc. | (5056) |  | (441642) |
| Total Semiconductors |  |  | (3860815) |
| **Software — (7.7)%** |  |  |  |
| Adobe, Inc.\* | (1023) |  | (344270) |
| ANSYS, Inc.\* | (1655) |  | (399832) |
| Fidelity National Information Services, Inc. | (5700) |  | (386745) |
| Guidewire Software, Inc.\* | (6679) |  | (417838) |
| Pegasystems, Inc. | (11524) |  | (394582) |
| Salesforce, Inc.\* | (2275) |  | (301642) |
| Splunk, Inc.\* | (4730) |  | (407206) |
| Workday, Inc., Class A\* | (2558) |  | (428030) |
| Total Software |  |  | (3080145) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Telecommunications — (0.9)%** |  |  |
| Lumen Technologies, Inc. | (70100) | $(365922) |
| **Toys/Games/Hobbies — (1.0)%** |  |  |
| Hasbro, Inc. | (6600) | (402666) |
| **Transportation — (0.7)%** |  |  |
| XPO, Inc.\* | (8168) | (271913) |
| **Total Securities Sold, Not Yet Purchased <br> [Proceeds Received $(49877148)]** |  | (36863488) |
| Total Investments — 21.6%<br> (Cost $(4272489)) |  | 8609191 |
| Other Assets in Excess of Liabilities — 78.4% |  | 31161280 |
| **Net Assets — 100.0%** |  | $**39770471** |

---

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

\* Non-income producing security.

† Affiliated
 Company.

(a) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(b) A
 portion of this security has been pledged as collateral for securities sold, not yet purchased.

(c) As
 of December 31, 2022 cash in the amount of $31,099,953 has been segregated as collateral from the broker for securities sold short.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DORSEY WRIGHT SHORT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Fund | $9731000 | $- | $- | $9731000 |
| Money Market Fund | 35741679 | - | - | 35741679 |
| Total | $45472679 | $- | $- | $45472679 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $(36863488) | $- | $- | $(36863488) |

---

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at 6/30/2022** | **Purchases/ Additions** | **Change in Unrealized Gain (Loss)** | **Number of Shares at 12/31/2022** | **Value at 12/31/2022** | **Dividend Income** |
| AdvisorShares North Square McKee Core Reserves ETF | $9738000 | $– $– $– $| (7000) | 100000 | $9731000 | $116270 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | (1.0)% |
| Airlines | (0.7) |
| Apparel | (5.0) |
| Banks | (2.5) |
| Biotechnology | (2.8) |
| Building Materials | (1.8) |
| Chemicals | (1.0) |
| Commercial Services | (9.7) |
| Computers | (2.9) |
| Debt Fund | 24.4 |
| Diversified Financial Services | (3.8) |
| Electrical Components & Equipment | (0.9) |
| Electronics | (1.0) |
| Entertainment | (1.9) |
| Food | (0.9) |
| Hand/Machine Tools | (0.8) |
| Healthcare — Products | (6.3) |
| Healthcare — Services | (2.8) |
| Housewares | (2.1) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Internet | (6.3)% |
| Leisure Time | (0.9) |
| Machinery | (2.1) |
| Media | (5.6) |
| Mining | (1.1) |
| Office/Business Equipment | (0.7) |
| Packaging & Containers | (0.9) |
| Pharmaceuticals | (0.8) |
| REITS | (4.8) |
| Retail | (1.6) |
| Semiconductors | (9.7) |
| Software | (7.7) |
| Telecommunications | (0.9) |
| Toys/Games/Hobbies | (1.0) |
| Transportation | (0.7) |
| Money Market Fund | 89.9 |
| Total Investments | 21.6 |
| Other Assets in Excess of Liabilities | 78.4 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DRONE TECHNOLOGY ETF<br> Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 95.5%** |  |  |
| **Aerospace/Defense — 39.3%** |  |  |
| AeroVironment, Inc.\* | 181 | $15505 |
| Airbus SE (France)<sup>(a)</sup> | 534 | 15838 |
| Amprius Technologies, Inc.\* | 1700 | 13481 |
| Archer Aviation, Inc., Class A\* | 2953 | 5522 |
| Boeing Co. (The)\* | 28 | 5334 |
| Elbit Systems Ltd. (Israel) | 24 | 3937 |
| Joby Aviation, Inc.\*<sup>(b)</sup> | 2678 | 8971 |
| Kratos Defense & Security Solutions, Inc.\* | 858 | 8855 |
| L3Harris Technologies, Inc. | 40 | 8328 |
| Lockheed Martin Corp. | 48 | 23352 |
| Northrop Grumman Corp. | 40 | 21824 |
| Thales SA (France)<sup>(a)</sup> | 184 | 4694 |
| Vertical Aerospace Ltd. (United Kingdom)\*<sup>(b)</sup> | 5792 | 19635 |
| Total Aerospace/Defense |  | 155276 |
| **Airlines — 1.5%** |  |  |
| Lilium NV (Germany)\*<sup>(b)</sup> | 5121 | 5838 |
| **Auto Manufacturers — 0.3%** |  |  |
| Workhorse Group, Inc.\*<sup>(b)</sup> | 774 | 1177 |
| **Computers — 1.7%** |  |  |
| Draganfly, Inc. (Canada)\* | 8899 | 6585 |
| **Electronics — 17.3%** |  |  |
| GoPro, Inc., Class A\* | 2324 | 11574 |
| Honeywell International, Inc. | 24 | 5143 |
| Jabil, Inc. | 550 | 37510 |
| Trimble, Inc.\* | 280 | 14157 |
| Total Electronics |  | 68384 |
| **Engineering & Construction — 2.8%** |  |  |
| EHang Holdings Ltd. (China)\*<sup>(a)(b)</sup> | 1290 | 11068 |
| **Internet — 5.4%** |  |  |
| Amazon.com, Inc.\* | 80 | 6720 |
| Blade Air Mobility, Inc.\* | 4114 | 14728 |
| Total Internet |  | 21448 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Machinery — Diversified — 3.0%** |  |  |
| AgEagle Aerial Systems, Inc.\* | 34081 | $11928 |
| **Metal Fabricate/Hardware — 0.7%** |  |  |
| Alpine 4 Holdings, Inc.\* | 5506 | 2910 |
| **Miscellaneous Manufacturing — 9.4%** |  |  |
| Axon Enterprise, Inc.\* | 136 | 22566 |
| Teledyne Technologies, Inc.\* | 24 | 9598 |
| Textron, Inc. | 72 | 5098 |
| Total Miscellaneous Manufacturing |  | 37262 |
| **Semiconductors — 2.5%** |  |  |
| Ambarella, Inc.\* | 28 | 2302 |
| QUALCOMM, Inc. | 68 | 7476 |
| Total Semiconductors |  | 9778 |
| **Software — 2.7%** |  |  |
| Red Cat Holdings, Inc.\* | 11424 | 10739 |
| **Telecommunications — 0.6%** |  |  |
| Ondas Holdings, Inc.\*<sup>(b)</sup> | 1591 | 2530 |
| **Transportation — 8.3%** |  |  |
| Drone Delivery Canada Corp. (Canada)\* | 10775 | 2263 |
| FedEx Corp. | 84 | 14549 |
| United Parcel Service, Inc., Class B | 92 | 15993 |
| Total Transportation |  | 32805 |
| **Total Common Stocks<br> (Cost $467,723)** |  | 377728 |
| **MONEY MARKET FUND — 6.0%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(c)</sup> <br> (Cost $23,936) | 23936 | 23936 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES DRONE TECHNOLOGY ETF<br> Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENT — 8.0%<sup>(d)</sup>** | **REPURCHASE AGREEMENT — 8.0%<sup>(d)</sup>** |  |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $31,607, (collateralized by various U.S. Government Agency Obligations, 0.75%-4.50%, 11/15/25-3/31/26, totaling $32,224)<br> (Cost $31,592) | $31592 | $31592 |
| Total Investments — 109.5%<br> (Cost $523,251) |  | 433256 |
| Liabilities in Excess of Other Assets — (9.5%) |  | (37566) |
| **Net Assets — 100.0%** |  | $**395690** |

---

\* Non-income producing security.

(a) American Depositary Receipt.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $30,673; the aggregate market value of the collateral held by the fund is $31,592.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES DRONE TECHNOLOGY ETF<br> Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $377728 | $- | $- | $377728 |
| Money Market Fund | 23936 |  |  | 23936 |
| Repurchase Agreement | - | 31592 | - | 31592 |
| Total | $401664 | $31592 | $- | $433256 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 39.3% |
| Airlines | 1.5 |
| Auto Manufacturers | 0.3 |
| Computers | 1.7 |
| Electronics | 17.3 |
| Engineering & Construction | 2.8 |
| Internet | 5.4 |
| Machinery — Diversified | 3.0 |
| Metal Fabricate / Hardware | 0.7 |
| Miscellaneous Manufacturing | 9.4 |
| Semiconductors | 2.5 |
| Software | 2.7 |
| Telecommunications | 0.6 |
| Transportation | 8.3 |
| Money Market Fund | 6.0 |
| Repurchase Agreement | 8.0 |
| Total Investments | 109.5 |
| Liabilities in Excess of Other Assets | (9.5) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%** |  |  |
| **Aerospace/Defense — 4.0%** |  |  |
| HEICO Corp. | 8467 | $1300870 |
| **Auto Parts & Equipment — 4.0%** |  |  |
| Miller Industries, Inc. | 49158 | 1310552 |
| **Building Materials — 8.0%** |  |  |
| Carrier Global Corp. | 31230 | 1288237 |
| Trex Co., Inc.\* | 30812 | 1304272 |
| Total Building Materials |  | 2592509 |
| **Chemicals — 7.9%** |  |  |
| Celanese Corp. | 12400 | 1267776 |
| Stepan Co. | 12060 | 1283908 |
| Total Chemicals |  | 2551684 |
| **Commercial Services — 4.0%** |  |  |
| Moody's Corp. | 4668 | 1300598 |
| **Computers — 4.1%** |  |  |
| Science Applications International Corp. | 11843 | 1313744 |
| **Diversified Financial Services — 3.9%** |  |  |
| Intercontinental Exchange, Inc. | 12487 | 1281041 |
| **Food — 4.0%** |  |  |
| Hershey Co. (The) | 5624 | 1302350 |
| **Healthcare — Products — 16.0%** |  |  |
| Abbott Laboratories | 11891 | 1305513 |
| Danaher Corp. | 4906 | 1302151 |
| Stryker Corp. | 5350 | 1308021 |
| Thermo Fisher Scientific, Inc. | 2306 | 1269891 |
| Total Healthcare — Products |  | 5185576 |
| **Insurance — 4.1%** |  |  |
| Aflac, Inc. | 18276 | 1314775 |
| **Leisure Time — 4.0%** |  |  |
| Polaris, Inc. | 12800 | 1292800 |
| **Machinery — Diversified — 7.9%** |  |  |
| Middleby Corp. (The)\* | 9500 | 1272050 |
| Otis Worldwide Corp. | 16577 | 1298145 |
| Total Machinery — Diversified |  | 2570195 |
| **Media — 4.0%** |  |  |
| FactSet Research Systems, Inc. | 3212 | 1288687 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Packaging & Containers — 4.0%** |  |  |
| Silgan Holdings, Inc. | 25111 | $1301754 |
| **Pharmaceuticals — 4.0%** |  |  |
| AmerisourceBergen Corp. | 7800 | 1292538 |
| **Software — 15.9%** |  |  |
| Broadridge Financial Solutions, Inc. | 9576 | 1284429 |
| Fair Isaac Corp.\* | 2130 | 1274976 |
| Fiserv, Inc.\* | 12974 | 1311282 |
| Intuit, Inc. | 3300 | 1284426 |
| Total Software |  | 5155113 |
| **Total Common Stocks<br> (Cost $28,673,651)** |  | 32354786 |
| Total Investments — 99.8%<br> (Cost $28,673,651) |  | 32354786 |
| Other Assets in Excess of Liabilities — 0.2% |  | 72769 |
| **Net Assets — 100.0%** |  | $**32427555** |

---

\* Non-income producing security.

See accompanying Notes to Financial Statements.

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $32354786 | $- | $- | $32354786 |
| Total | $32354786 | $- | $- | $32354786 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 4.0% |
| Auto Parts & Equipment | 4.0 |
| Building Materials | 8.0 |
| Chemicals | 7.9 |
| Commercial Services | 4.0 |
| Computers | 4.1 |
| Diversified Financial Services | 3.9 |
| Food | 4.0 |
| Healthcare — Products | 16.0 |
| Insurance | 4.1 |
| Leisure Time | 4.0 |
| Machinery — Diversified | 7.9 |
| Media | 4.0 |
| Packaging & Containers | 4.0 |
| Pharmaceuticals | 4.0 |
| Software | 15.9 |
| Total Investments | 99.8 |
| Other Assets in Excess of Liabilities | 0.2 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES GERBER KAWASAKI ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Aerospace/Defense — 5.9%** |  |  |
| Northrop Grumman Corp. | 1001 | $546156 |
| Raytheon Technologies Corp. | 2898 | 292466 |
| Total Aerospace/Defense |  | 838622 |
| **Apparel — 2.1%** |  |  |
| NIKE, Inc., Class B | 2537 | 296854 |
| **Auto Manufacturers — 8.1%** |  |  |
| Polestar Automotive Holding UK PLC, Class A (Hong Kong)\*<sup>(a)(b)</sup> | 50626 | 268824 |
| Tesla, Inc.\* | 7192 | 885911 |
| Total Auto Manufacturers |  | 1154735 |
| **Auto Parts & Equipment — 0.6%** |  |  |
| Luminar Technologies, Inc.\*<sup>(a)</sup> | 17497 | 86610 |
| **Biotechnology — 1.1%** |  |  |
| Moderna, Inc.\* | 900 | 161658 |
| **Chemicals — 1.9%** |  |  |
| Sociedad Quimica y Minera de Chile SA (Chile)<sup>(b)</sup> | 3426 | 273532 |
| **Computers — 4.5%** |  |  |
| Apple, Inc. | 4874 | 633279 |
| **Diversified Financial Services — 3.6%** |  |  |
| LPL Financial Holdings, Inc. | 2351 | 508216 |
| **Electric — 2.4%** |  |  |
| NextEra Energy, Inc. | 4023 | 336323 |
| **Energy — Alternate Sources — 6.6%** |  |  |
| Enphase Energy, Inc.\* | 1074 | 284567 |
| SolarEdge Technologies, Inc.\* | 1404 | 397711 |
| SunPower Corp.\* | 14064 | 253574 |
| Total Energy — Alternate Sources |  | 935852 |
| **Healthcare — Products — 1.8%** |  |  |
| Thermo Fisher Scientific, Inc. | 458 | 252216 |
| **Internet — 7.2%** |  |  |
| Alphabet, Inc., Class C\* | 4000 | 354920 |
| Netflix, Inc.\* | 2254 | 664659 |
| Total Internet |  | 1019579 |
| **Iron/Steel — 0.9%** |  |  |
| Steel Dynamics, Inc. | 1296 | 126619 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Leisure Time — 2.1%** |  |  |
| Topgolf Callaway Brands Corp.\* | 14782 | $291944 |
| **Lodging — 6.1%** |  |  |
| MGM Resorts International | 25985 | 871277 |
| **Machinery — Diversified — 4.4%** |  |  |
| Deere & Co. | 1455 | 623846 |
| **Media — 3.8%** |  |  |
| Walt Disney Co. (The)\* | 6261 | 543956 |
| **Mining — 1.7%** |  |  |
| MP Materials Corp.\* | 10053 | 244087 |
| **Pharmaceuticals — 3.4%** |  |  |
| Novo Nordisk A/S (Denmark)<sup>(b)</sup> | 500 | 67670 |
| Pfizer, Inc. | 3086 | 158127 |
| Zoetis, Inc. | 1779 | 260712 |
| Total Pharmaceuticals |  | 486509 |
| **REITS — 9.3%** |  |  |
| Crown Castle, Inc. | 896 | 121533 |
| Innovative Industrial Properties, Inc. | 5011 | 507865 |
| Prologis, Inc. | 1965 | 221515 |
| VICI Properties, Inc. | 14385 | 466074 |
| Total REITS |  | 1316987 |
| **Retail — 3.4%** |  |  |
| Home Depot, Inc. (The) | 1035 | 326915 |
| Petco Health & Wellness Co., Inc.\* | 16126 | 152875 |
| Total Retail |  | 479790 |
| **Semiconductors — 6.7%** |  |  |
| ASML Holding NV (Netherlands) | 545 | 297788 |
| NVIDIA Corp. | 3019 | 441197 |
| ON Semiconductor Corp.\* | 3463 | 215987 |
| Total Semiconductors |  | 954972 |
| **Software — 9.1%** |  |  |
| Activision Blizzard, Inc. | 1500 | 114825 |
| Electronic Arts, Inc. | 1287 | 157246 |
| Microsoft Corp. | 3320 | 796202 |
| ROBLOX Corp., Class A\* | 7712 | 219483 |
| Total Software |  | 1287756 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES GERBER KAWASAKI ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Venture Capital — 2.9%** |  |  |
| Blackstone, Inc. | 5600 | $415464 |
| **Total Common Stocks<br> (Cost $19,110,232)** |  | 14140683 |
| **MONEY MARKET FUND — 0.4%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(c)</sup> <br> (Cost $60,195) | 60195 | 60195 |
| **REPURCHASE AGREEMENTS — 2.1%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 2.1%<sup>(d)</sup>** |  |
| Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $47,747, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/11/23-10/31/29, totaling $48,678) | $47724 | 47724 |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980) | 249000 | 249000 |
| **Total Repurchase Agreements<br> (Cost $296,724)** |  | 296724 |
| Total Investments — 102.1%<br> (Cost $19,467,151) |  | 14497602 |
| Liabilities in Excess of Other Assets — (2.1%) |  | (297021) |
| **Net Assets — 100.0%** |  | $**14200581** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $279,364; the aggregate market value of the collateral held by the fund is $296,724.

(b) American Depositary Receipt.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES GERBER KAWASAKI ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $14140683 | $- | $- | $14140683 |
| Money Market Fund | 60195 |  |  | 60195 |
| Repurchase Agreements | - | 296724 | - | 296724 |
| Total | $14200878 | $296724 | $- | $14497602 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 5.9% |
| Apparel | 2.1 |
| Auto Manufacturers | 8.1 |
| Auto Parts & Equipment | 0.6 |
| Biotechnology | 1.1 |
| Chemicals | 1.9 |
| Computers | 4.5 |
| Diversified Financial Services | 3.6 |
| Electric | 2.4 |
| Energy — Alternate Sources | 6.6 |
| Healthcare — Products | 1.8 |
| Internet | 7.2 |
| Iron/Steel | 0.9 |
| Leisure Time | 2.1 |
| Lodging | 6.1 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Machinery — Diversified | 4.4% |
| Media | 3.8 |
| Mining | 1.7 |
| Pharmaceuticals | 3.4 |
| REITS | 9.3 |
| Retail | 3.4 |
| Semiconductors | 6.7 |
| Software | 9.1 |
| Venture Capital | 2.9 |
| Money Market Fund | 0.4 |
| Repurchase Agreements | 2.1 |
| Total Investments | 102.1 |
| Liabilities in Excess of Other Assets | (2.1) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 93.7%** |  |  |
| **Commercial Services — 15.1%** |  |  |
| Target Hospitality Corp.\* | 46605 | $705600 |
| **Entertainment — 9.9%** |  |  |
| Marriott Vacations Worldwide Corp. | 1064 | 143203 |
| Monarch Casino & Resort, Inc.\* | 2792 | 214677 |
| Red Rock Resorts, Inc., Class A | 2678 | 107147 |
| Total Entertainment |  | 465027 |
| **Internet — 3.5%** |  |  |
| Airbnb, Inc., Class A\* | 1927 | 164759 |
| **Lodging — 42.5%** |  |  |
| Bluegreen Vacations Holding Corp. | 6059 | 151233 |
| Boyd Gaming Corp. | 3713 | 202470 |
| Century Casinos, Inc.\* | 14725 | 103517 |
| Choice Hotels International, Inc. | 917 | 103291 |
| Hilton Grand Vacations, Inc.\* | 5617 | 216479 |
| Hilton Worldwide Holdings, Inc. | 1528 | 193078 |
| Hyatt Hotels Corp., Class A\* | 2352 | 212738 |
| InterContinental Hotels Group PLC (United Kingdom)<sup>(a)</sup> | 3260 | 190188 |
| Marriott International, Inc., Class A | 1469 | 218719 |
| Playa Hotels & Resorts NV\* | 18335 | 119728 |
| Travel + Leisure Co. | 1511 | 55000 |
| Wyndham Hotels & Resorts, Inc. | 3190 | 227479 |
| Total Lodging |  | 1993920 |
| **REITS — 22.7%** |  |  |
| Apple Hospitality REIT, Inc. | 13800 | 217764 |
| Chatham Lodging Trust | 19120 | 234602 |
| Gaming and Leisure Properties, Inc. | 4195 | 218518 |
| Host Hotels & Resorts, Inc. | 11758 | 188716 |
| VICI Properties, Inc. | 6261 | 202856 |
| Total REITS |  | 1062456 |
| **Total Common Stocks<br> (Cost $4,138,281)** |  | 4391762 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 7.0%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)</sup> <br> (Cost $328,683) | 328683 | $328683 |
| Total Investments — 100.7%<br> (Cost $4,466,964) |  | 4720445 |
| Liabilities in Excess of Other Assets — (0.7%) |  | (30937) |
| **Net Assets — 100.0%** |  | $**4689508** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

\* Non-income producing security. <br> (a) American Depositary Receipt. <br> (b) Rate shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

**ADVISORSHARES HOTEL ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $4391762 | $- | $- | $4391762 |
| Money Market Fund | 328683 | - | - | 328683 |
| Total | $4720445 | $- | $- | $4720445 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commercial Services | 15.1% |
| Entertainment | 9.9 |
| Internet | 3.5 |
| Lodging | 42.5 |
| REITS | 22.7 |
| Money Market Fund | 7.0 |
| Total Investments | 100.7 |
| Liabilities in Excess of Other Assets | (0.7) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

(formerly AdvisorShares DoubleLine Value Equity ETF)

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Aerospace/Defense — 1.1%** |  |  |
| Lockheed Martin Corp. | 878 | $427138 |
| **Agriculture — 1.0%** |  |  |
| Archer-Daniels-Midland Co. | 4262 | 395727 |
| **Apparel — 1.0%** |  |  |
| Steven Madden Ltd. | 12657 | 404518 |
| **Auto Parts & Equipment — 1.0%** |  |  |
| Allison Transmission Holdings, Inc. | 9536 | 396698 |
| **Banks — 2.1%** |  |  |
| BOK Financial Corp. | 4100 | 425539 |
| Hilltop Holdings, Inc. | 13678 | 410477 |
| Total Banks |  | 836016 |
| **Building Materials — 4.1%** |  |  |
| Eagle Materials, Inc. | 3180 | 422463 |
| Louisiana-Pacific Corp. | 6650 | 393680 |
| Owens Corning | 4760 | 406028 |
| Simpson Manufacturing Co., Inc. | 4359 | 386469 |
| Total Building Materials |  | 1608640 |
| **Chemicals — 4.7%** |  |  |
| AdvanSix, Inc. | 10520 | 399971 |
| CF Industries Holdings, Inc. | 3744 | 318989 |
| Chemours Co. (The) | 13302 | 407307 |
| Mosaic Co. (The) | 7236 | 317443 |
| Westlake Corp. | 4013 | 411493 |
| Total Chemicals |  | 1855203 |
| **Coal — 1.9%** |  |  |
| Alpha Metallurgical Resources, Inc. | 2552 | 373587 |
| Arch Resources, Inc. | 2717 | 387961 |
| Total Coal |  | 761548 |
| **Commercial Services — 7.9%** |  |  |
| EVERTEC, Inc. (Puerto Rico) | 11500 | 372370 |
| H&R Block, Inc. | 8864 | 323625 |
| Medifast, Inc. | 3240 | 373734 |
| Monro, Inc. | 8514 | 384833 |
| Rent-A-Center, Inc. | 19140 | 431607 |
| Robert Half International, Inc. | 5580 | 411971 |
| Textainer Group Holdings Ltd. (China) | 13062 | 405053 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Commercial Services (continued)** |  |  |
| Triton International Ltd. (Bermuda) | 5904 | $406077 |
| Total Commercial Services |  | 3109270 |
| **Computers — 1.0%** |  |  |
| NetApp, Inc. | 6584 | 395435 |
| **Cosmetics / Personal Care — 1.0%** |  |  |
| Edgewell Personal Care Co. | 10169 | 391913 |
| **Distribution/Wholesale — 2.0%** |  |  |
| Pool Corp. | 1338 | 404518 |
| Veritiv Corp. | 3068 | 373406 |
| Total Distribution/Wholesale |  | 777924 |
| **Diversified Financial Services — 5.3%** |  |  |
| Affiliated Managers Group, Inc. | 2765 | 438059 |
| Evercore, Inc., Class A | 3800 | 414504 |
| Jefferies Financial Group, Inc. | 12049 | 413040 |
| PennyMac Financial Services, Inc.<sup>(a)</sup> | 7503 | 425120 |
| Synchrony Financial | 12191 | 400596 |
| Total Diversified Financial Services |  | 2091319 |
| **Electric — 0.8%** |  |  |
| NRG Energy, Inc. | 10262 | 326537 |
| **Electrical Components & Equipment — 3.0%** | **Electrical Components & Equipment — 3.0%** |  |
| Acuity Brands, Inc. | 2257 | 373782 |
| Emerson Electric Co. | 4165 | 400090 |
| Encore Wire Corp. | 2876 | 395622 |
| Total Electrical Components & Equipment |  | 1169494 |
| **Entertainment — 2.0%** |  |  |
| Marriott Vacations Worldwide Corp. | 2817 | 379140 |
| Red Rock Resorts, Inc., Class A | 10224 | 409062 |
| Total Entertainment |  | 788202 |
| **Healthcare — Services — 3.2%** |  |  |
| HCA Healthcare, Inc. | 1800 | 431928 |
| Laboratory Corp. of America Holdings | 1790 | 421509 |
| Quest Diagnostics, Inc. | 2634 | 412063 |
| Total Healthcare — Services |  | 1265500 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Home Builders — 1.9%** |  |  |
| Installed Building Products, Inc. | 4678 | $400437 |
| Thor Industries, Inc. | 4729 | 356992 |
| Total Home Builders |  | 757429 |
| **Home Furnishings — 1.0%** |  |  |
| Dolby Laboratories, Inc., Class A | 5372 | 378941 |
| **Insurance — 2.0%** |  |  |
| Assured Guaranty Ltd. | 6740 | 419632 |
| MGIC Investment Corp. | 27684 | 359892 |
| Total Insurance |  | 779524 |
| **Iron/Steel — 5.1%** |  |  |
| Commercial Metals Co. | 8194 | 395770 |
| Nucor Corp. | 2901 | 382381 |
| Reliance Steel & Aluminum Co. | 2034 | 411763 |
| Steel Dynamics, Inc. | 4190 | 409363 |
| United States Steel Corp. | 15699 | 393260 |
| Total Iron/Steel |  | 1992537 |
| **Lodging — 1.9%** |  |  |
| Boyd Gaming Corp. | 7236 | 394579 |
| Choice Hotels International, Inc. | 3057 | 344341 |
| Total Lodging |  | 738920 |
| **Media — 2.8%** |  |  |
| Fox Corp., Class A | 11584 | 351806 |
| Nexstar Media Group, Inc. | 2048 | 358461 |
| Sirius XM Holdings, Inc.<sup>(a)</sup> | 64751 | 378146 |
| Total Media |  | 1088413 |
| **Mining — 1.1%** |  |  |
| Alcoa Corp. | 9616 | 437239 |
| **Oil & Gas — 17.7%** |  |  |
| APA Corp. | 8712 | 406676 |
| California Resources Corp. | 8428 | 366702 |
| Chevron Corp. | 2441 | 438135 |
| ConocoPhillips | 3418 | 403324 |
| Coterra Energy, Inc. | 13115 | 322236 |
| Delek US Holdings, Inc. | 12820 | 346140 |
| Exxon Mobil Corp. | 3917 | 432045 |
| HF Sinclair Corp. | 6580 | 341436 |
| Marathon Oil Corp. | 14517 | 392975 |
| Marathon Petroleum Corp. | 3756 | 437161 |
| Occidental Petroleum Corp. | 5708 | 359547 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Oil & Gas (continued)** |  |  |
| Ovintiv, Inc. | 7504 | $380528 |
| PDC Energy, Inc. | 5619 | 356694 |
| Permian Resources Corp. | 42349 | 398081 |
| Phillips 66 | 3860 | 401749 |
| Range Resources Corp. | 14816 | 370696 |
| Ranger Oil Corp., Class A | 10056 | 406564 |
| Valero Energy Corp. | 3363 | 426630 |
| Total Oil & Gas |  | 6987319 |
| **Packaging & Containers — 1.1%** |  |  |
| Greif, Inc., Class A | 6272 | 420600 |
| **Pharmaceuticals — 1.0%** |  |  |
| Cardinal Health, Inc. | 5069 | 389654 |
| **REITS — 2.9%** |  |  |
| Apple Hospitality REIT, Inc. | 25131 | 396567 |
| National Health Investors, Inc. | 6858 | 358125 |
| Orchid Island Capital, Inc. | 36388 | 382074 |
| Total REITS |  | 1136766 |
| **Retail — 6.9%** |  |  |
| Academy Sports & Outdoors, Inc. | 7554 | 396887 |
| Group 1 Automotive, Inc. | 2254 | 406554 |
| Lowe's Cos., Inc. | 1964 | 391307 |
| Murphy USA, Inc. | 1360 | 380174 |
| Penske Automotive Group, Inc. | 3408 | 391682 |
| Sonic Automotive, Inc., Class A | 8380 | 412883 |
| Williams-Sonoma, Inc.<sup>(a)</sup> | 3052 | 350736 |
| Total Retail |  | 2730223 |
| **Semiconductors — 5.1%** |  |  |
| Applied Materials, Inc. | 3777 | 367804 |
| KLA Corp. | 1088 | 410209 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 9368 | 414628 |
| Power Integrations, Inc. | 5856 | 419992 |
| Teradyne, Inc. | 4456 | 389231 |
| Total Semiconductors |  | 2001864 |
| **Transportation — 6.0%** |  |  |
| CH Robinson Worldwide, Inc. | 4300 | 393708 |
| Expeditors International of Washington, Inc. | 3828 | 397806 |
| Forward Air Corp. | 3860 | 404875 |
| International Seaways, Inc. | 10170 | 376493 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Transportation (continued)** |  |  |
| Landstar System, Inc. | 2442 | $397802 |
| Matson, Inc. | 6592 | 412066 |
| Total Transportation |  | 2382750 |
| **Total Common Stocks<br> (Cost $39,289,555)** |  | 39223261 |
| **MONEY MARKET FUND — 0.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)</sup> <br> (Cost $122,357) | 122357 | 122357 |
| **REPURCHASE AGREEMENTS — 1.0%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 1.0%<sup>(c)</sup>** |  |
| Citibank NA, dated 12/30/22, due 01/03/23, 4.30%, total to be received $133,005, (collateralized by various U.S. Government Agency Obligations, 1.38%-4.50%, 4/15/25-11/1/51, totaling $135,713) | $132941 | 132941 |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $250,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $255,000) | 250000 | 250000 |
| **Total Repurchase Agreements<br> (Cost $382,941)** |  | 382941 |
| Total Investments — 100.9%<br> (Cost $39,794,853) |  | 39728559 |
| Liabilities in Excess of Other Assets — (0.9%) |  | (339717) |
| **Net Assets — 100.0%** |  | $**39388842** |

---

REITS — Real Estate Investment Trusts

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan
 is $958,028; the aggregate market value of the collateral held by the fund is $990,149. The
 aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral
 having a value of $607,208.

(b) Rate
 shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral
 received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $39223261 | $- | $- | $39223261 |
| Money Market Fund | 122357 |  |  | 122357 |
| Repurchase Agreements | - | 382941 | - | 382941 |
| Total | $39345618 | $382941 | $- | $39728559 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 1.1% |
| Agriculture | 1 |
| Apparel | 1 |
| Auto Parts & Equipment | 1 |
| Banks | 2.1 |
| Building Materials | 4.1 |
| Chemicals | 4.7 |
| Coal | 1.9 |
| Commercial Services | 7.9 |
| Computers | 1 |
| Cosmetics / Personal Care | 1 |
| Distribution/Wholesale | 2 |
| Diversified Financial Services | 5.3 |
| Electric | 0.8 |
| Electrical Components & Equipment | 3 |
| Entertainment | 2 |
| Healthcare — Services | 3.2 |
| Home Builders | 1.9 |
| Home Furnishings | 1 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Insurance | 2.0% |
| Iron/Steel | 5.1 |
| Lodging | 1.9 |
| Media | 2.8 |
| Mining | 1.1 |
| Oil & Gas | 17.7 |
| Packaging & Containers | 1.1 |
| Pharmaceuticals | 1 |
| REITS | 2.9 |
| Retail | 6.9 |
| Semiconductors | 5.1 |
| Transportation | 6 |
| Money Market Fund | 0.3 |
| Repurchase Agreements | 1 |
| Total Investments | 100.9 |
| Liabilities in Excess of Other Assets | (0.9) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES LET BOB AI POWERED MOMENTUM ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 99.9%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(a)</sup> <br> (Cost $25,771,436) | 25771436 | $25771436 |
| Total Investments — 99.9%<br> (Cost $25,771,436) |  | 25771436 |
| Other Assets in Excess of Liabilities — 0.1% |  | 34368 |
| **Net Assets — 100.0%** |  | $**25805804** |

---

(a) Rate
 shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

**ADVISORSHARES LET BOB AI POWERED MOMENTUM ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Fund | $25771436 | $- | $- | $25771436 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Money Market Fund | 99.9% |
| Total Investments | 99.9 |
| Other Assets in Excess of Liabilities | 0.1 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES MANAGED BITCOIN STRATEGY ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **EXCHANGE TRADED FUNDS — 47.0%** |  |  |
| **Alternative Investments — 47.0%** |  |  |
| ProShares Bitcoin Strategy ETF\*<sup>(a)</sup> | 7473 | $77943 |
| Valkyrie Bitcoin Strategy ETF\* | 1208 | 7985 |
| **Total Exchange Traded Funds<br> (Cost $104,446)** |  | 85928 |
| **MONEY MARKET FUND — 41.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)</sup> <br> (Cost $75,525) | 75525 | 75525 |
| **REPURCHASE AGREEMENT — 21.2%<sup>(c)</sup>** | **REPURCHASE AGREEMENT — 21.2%<sup>(c)</sup>** |  |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $39,900, (collateralized by various U.S. Government Agency Obligations, 0.75%-4.50%, 11/15/25-3/31/26, totaling $39,660)<br> (Cost $38,882) | $38882 | 38882 |
| Total Investments — 109.5%<br> (Cost $218,853) |  | 200335 |
| Liabilities in Excess of Other Assets — (9.5%) |  | (17515) |
| **Net Assets — 100.0%** |  | $**182820** |

---

ETF — Exchange Traded Fund

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $37,548; the aggregate market value of the collateral held by the fund is $38,882.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES MANAGED BITCOIN STRATEGY ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $85928 | $- | $- | $85928 |
| Money Market Fund | 75525 |  |  | 75525 |
| Repurchase Agreement | - | 38882 | - | 38882 |
| Total | $161453 | $38882 | $- | $200335 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Alternative Investments | 47.0% |
| Money Market Fund | 41.3 |
| Repurchase Agreement | 21.2 |
| Total Investments | 109.5 |
| Liabilities in Excess of Other Assets | (9.5) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES MSOS 2X DAILY ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND — 90.2%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(a)</sup> <br> (Cost $3,972,677) | 3972677 | $3972677 |
| Total Investments — 90.2%<br> (Cost $3,972,677) |  | 3972677 |
| Other Assets in Excess of Liabilities — 9.8% |  | 429584 |
| **Net Assets — 100.0%** |  | $**4402261** |

---

(a) Rate
 shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

**ADVISORSHARES MSOS 2X DAILY ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Fund | $3972677 | $- | $- | $3972677 |
| Swaps<sup>†</sup> | - | 361406 | - | 361406 |
| Total | $3972677 | $361406 | $- | $4334083 |

---

<sup>†</sup> Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Money Market Fund | 90.2% |
| Total Investments | 90.2 |
| Other Assets in Excess of Liabilities | 9.8 |
| Net Assets | 100.0% |

---

**Total Return Swap contracts outstanding as of December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual Financing<br> Rate Paid** | **Payment Frequency** | **Termination Date** | **Notional Amounts** | **Fair<br> Value** | **Unrealized Appreciation/ (Depreciation)** |
| AdvisorShares Pure US Cannabis ETF | SOFR + 1.00% | Monthly | 8/25/2023 | $8049969 | $8411375 | $361406 |

---

Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES — 35.4%** | **ASSET BACKED SECURITIES — 35.4%** | **ASSET BACKED SECURITIES — 35.4%** |
| Accelerated LLC, Class A, Series 2021-1H, 1.35%, 10/20/40<sup>‡</sup> | $159899 | $144960 |
| Aqua Finance Trust, Class A, Series 2019-A, 3.14%, 07/16/40<sup>‡</sup> | 86217 | 81262 |
| Aqua Finance Trust, Class B, Series 2020-AA, 2.79%, 07/17/46<sup>‡</sup> | 335000 | 295315 |
| Arivo Acceptance Auto Loan Receivables Trust, Class A, Series 2021-1A, 1.19%, 01/15/27<sup>‡</sup> | 111834 | 108101 |
| Avant Credit Card Master Trust, Class A, Series 2021-1A, 1.37%, 04/15/27<sup>‡</sup> | 260000 | 238075 |
| Bankers Healthcare Group Securitization Trust, Class A, Series 2020-A, 2.56%, 09/17/31<sup>‡</sup> | 39511 | 38611 |
| BHG Securitization Trust, Class B, Series 2021-B, 1.67%, 10/17/34<sup>‡</sup> | 210000 | 177248 |
| BRE Grand Islander Timeshare Issuer LLC, Class A, Series 2017-1A, 2.94%, 05/25/29<sup>‡</sup> | 112695 | 108801 |
| Business Jet Securities LLC, Class A, Series 2020-1A, 2.98%, 11/15/35<sup>‡</sup> | 36349 | 33150 |
| BXG Receivables Note Trust, Class A, Series 2022-A, 4.12%, 09/28/37<sup>‡</sup> | 148758 | 141993 |
| Carvana Auto Receivables Trust, Class C, Series 2021-N2, 1.07%, 03/10/28 | 120768 | 111045 |
| Carvana Auto Receivables Trust, Class C, Series 2022-N1, 3.32%, 12/11/28<sup>‡</sup> | 240000 | 231807 |
| Carvana Auto Receivables Trust, Class E, Series 2019-3A, 4.60%, 07/15/26<sup>‡</sup> | 235000 | 225727 |
| CCG Receivables Trust, Class C, Series 2021-1, 0.84%, 06/14/27<sup>‡</sup> | 270000 | 250101 |
| CFMT Issuer Trust, Class A, Series 2021-GRN1, 1.10%, 03/20/41<sup>‡</sup> | 173376 | 160445 |
| Commonbond Student Loan Trust, Class A, Series 2020-1, 1.69%, 10/25/51<sup>‡</sup> | 68363 | 60753 |
| Credit Acceptance Auto Loan Trust, Class A, Series 2022-1A, 4.60%, 06/15/32<sup>‡</sup> | 230000 | 224225 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| Credit Acceptance Auto Loan Trust, Class B, Series 2019-3A, 2.86%, 01/16/29<sup>‡</sup> | $67144 | $67038 |
| Credito Real USA Auto Receivables Trust, Class A, Series 2021-1A, 1.35%, 02/16/27<sup>‡</sup> | 69701 | 68136 |
| Dext ABS LLC, Class A, Series 2020-1, 1.46%, 02/16/27<sup>‡</sup> | 76503 | 75477 |
| Diamond Resorts Owner Trust, Class B, Series 2019-1A, 3.53%, 02/20/32<sup>‡</sup> | 76163 | 74320 |
| DT Auto Owner Trust, Class C, Series 2019-4A, 2.73%, 07/15/25<sup>‡</sup> | 556 | 555 |
| DT Auto Owner Trust, Class C, Series 2020-2A, 3.28%, 03/16/26<sup>‡</sup> | 135267 | 133687 |
| Encina Equipment Finance LLC, Class B, Series 2022-1A, 5.15%, 01/16/29<sup>‡</sup> | 185000 | 179722 |
| Exeter Automobile Receivables Trust, Class D, Series 2018-4A, 4.35%, 09/16/24<sup>‡</sup> | 46246 | 46080 |
| Flagship Credit Auto Trust, Class C, Series 2020-3, 1.73%, 09/15/26<sup>‡</sup> | 145000 | 138305 |
| Foundation Finance Trust, Class A, Series 2021-1A, 1.27%, 05/15/41<sup>‡</sup> | 175605 | 157268 |
| Foursight Capital Automobile Receivables Trust, Class B, Series 2022-1, 2.15%, 05/17/27<sup>‡</sup> | 195000 | 181394 |
| Freed ABS Trust, Class C, Series 2022-1FP, 2.51%, 03/19/29<sup>‡</sup> | 145000 | 135687 |
| GCI Funding I LLC, Class A, Series 2021-1 (Bermuda), 2.38%, 06/18/46<sup>‡</sup> | 169946 | 144949 |
| GLS Auto Receivables Issuer Trust, Class C, Series 2019-4A, 3.06%, 08/15/25<sup>‡</sup> | 115354 | 113752 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2019-4A, 4.09%, 08/17/26<sup>‡</sup> | 110000 | 105598 |
| GLS Auto Receivables Issuer Trust, Class D, Series 2022-2A, 6.15%, 04/17/28<sup>‡</sup> | 190000 | 182541 |
| Gold Key Resorts LLC, Class A, Series 2014-A, 3.22%, 03/17/31<sup>‡</sup> | 10317 | 10141 |
| Hertz Vehicle Financing III LLC, Class C, Series 2022-1A, 2.63%, 06/25/26<sup>‡</sup> | 295000 | 262356 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| Hilton Grand Vacations Trust, Class B, Series 2022-1D, 4.10%, 06/20/34<sup>‡</sup> | $194836 | $185513 |
| Hin Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39<sup>‡</sup> | 138737 | 127406 |
| Lendbuzz Securitization Trust, Class A, Series 2022-1A, 4.22%, 05/17/27<sup>‡</sup> | 212420 | 203404 |
| Lendingpoint Asset Securitization Trust, Class B, Series 2022-A, 2.41%, 06/15/29<sup>‡</sup> | 245000 | 236630 |
| Mariner Finance Issuance Trust, Class A, Series 2019-AA, 2.96%, 07/20/32<sup>‡</sup> | 65154 | 64288 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2021-1A, 1.54%, 03/20/26<sup>‡</sup> | 230000 | 219507 |
| Mercury Financial Credit Card Master Trust, Class A, Series 2022-1A, 2.50%, 09/21/26<sup>‡</sup> | 145000 | 137927 |
| Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69<sup>‡</sup> | 234160 | 196646 |
| NMEF Funding LLC, Class B, Series 2022-A, 3.35%, 10/16/28<sup>‡</sup> | 195000 | 177316 |
| Oasis Securitization Funding LLC, Class A, Series 2021-1A, 2.58%, 02/15/33<sup>‡</sup> | 42936 | 42316 |
| Octane Receivables Trust, Class A, Series 2020-1A, 1.71%, 02/20/25<sup>‡</sup> | 24104 | 23857 |
| Orange Lake Timeshare Trust, Class B, Series 2019-A, 3.36%, 04/09/38<sup>‡</sup> | 206697 | 194806 |
| Palmer Square Loan Funding Ltd., Class A1, Series 2021-1A (Cayman Islands), 5.14%, (3-Month USD LIBOR + 0.90%), 04/20/29<sup>@‡</sup> | 142109 | 140442 |
| Pawnee Equipment Receivables Series, Class A, Series 2020-1, 1.37%, 11/17/25<sup>‡</sup> | 15686 | 15486 |
| Pawneee Equipment Receivables Series LLC, Class B, Series 2022-1, 5.40%, 07/17/28<sup>‡</sup> | 210000 | 203632 |
| Purchasing Power Funding LLC, Class A, Series 2021-A, 1.57%, 10/15/25<sup>‡</sup> | 265000 | 257616 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| Sierra Timeshare Receivables Funding LLC, Class C, Series 2022-2A, 6.36%, 06/20/40<sup>‡</sup> | $| 125091 | $| 122085 |
| Skopos Auto Receivables Trust, Class C, Series 2019-1A, 3.63%, 09/16/24<sup>‡</sup> |  | 14659 |  | 14641 |
| Sofi Consumer Loan Program Trust, Class A, Series 2022-1S, 6.21%, 04/15/31<sup>‡</sup> |  | 78000 |  | 78020 |
| Sofi Professional Loan Program LLC, Class A2B, Series 2017-C, 2.63%, 07/25/40<sup>‡</sup> |  | 57578 |  | 56522 |
| Tricolor Auto Securitization Trust, Class C, Series 2022-1A, 4.71%, 08/15/25<sup>‡</sup> |  | 235000 |  | 229623 |
| Upstart Securitization Trust, Class A, Series 2021-1, 0.87%, 03/20/31<sup>‡</sup> |  | 8075 |  | 8051 |
| Upstart Securitization Trust, Class B, Series 2021-2, 1.75%, 06/20/31<sup>‡</sup> |  | 240000 |  | 227965 |
| USASF Receivables LLC, Class B, Series 2020-1A, 3.22%, 05/15/24<sup>‡</sup> |  | 51984 |  | 51832 |
| VFI ABS LLC, Class B, Series 2022-1A, 3.04%, 07/24/28<sup>‡</sup> |  | 320000 |  | 301932 |
| Westgate Resorts LLC, Class B, Series 2022-1A, 2.29%, 08/20/36<sup>‡</sup> |  | 146339 |  | 137763 |
| **Total Asset Backed Securities<br> (Cost $8,909,940)** |  |  |  | 8363851 |
| **MORTGAGE BACKED SECURITIES — 20.5%** | **MORTGAGE BACKED SECURITIES — 20.5%** | **MORTGAGE BACKED SECURITIES — 20.5%** | **MORTGAGE BACKED SECURITIES — 20.5%** | **MORTGAGE BACKED SECURITIES — 20.5%** |
| **Commercial Mortgage Backed Securities — 3.4%** | **Commercial Mortgage Backed Securities — 3.4%** | **Commercial Mortgage Backed Securities — 3.4%** | **Commercial Mortgage Backed Securities — 3.4%** | **Commercial Mortgage Backed Securities — 3.4%** |
| CSMC Trust, Class A1, Series 2020-NQM1, 1.21%, 05/25/65<sup>‡</sup> |  | 213752 |  | 194875 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2013-C10, 4.07%, 07/15/46<sup>@\*</sup> |  | 275000 |  | 272858 |
| Provident Funding Mortgage Trust, Class A2, Series 2019-1, 3.00%, 12/25/49<sup>@‡</sup>\* |  | 32059 |  | 26879 |
| Velocity Commercial Capital Loan Trust, Class AFX, Series 2020-1, 2.61%, 02/25/50<sup>@‡</sup>\* |  | 71774 |  | 63384 |
| WFRBS Commercial Mortgage Trust, Class AS, Series 2014-C24, 3.93%, 11/15/47 |  | 250000 |  | 238551 |
| **Total Commercial Mortgage Backed Securities** |  |  |  | 796547 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Mortgage Backed Security — 0.3%** | **Mortgage Backed Security — 0.3%** | **Mortgage Backed Security — 0.3%** |
| CIM Trust, Class A1, Series 2022-R2, 3.75%, 12/25/61<sup>@‡</sup>\* | $90266 | $85382 |
| **Residential Mortgage Backed Securities — 16.8%** | **Residential Mortgage Backed Securities — 16.8%** | **Residential Mortgage Backed Securities — 16.8%** |
| Angel Oak Mortgage Trust I LLC, Class A1, Series 2018-3, 3.65%, 09/25/48<sup>@‡</sup>\* | 591 | 589 |
| Angel Oak SB Commercial Mortgage Trust, Class A1, Series 2020-SBC1, 2.07%, 05/25/50<sup>@‡</sup>\* | 56458 | 53801 |
| Arroyo Mortgage Trust, Class A1, Series 2019-2, 3.35%, 04/25/49<sup>@‡</sup>\* | 53530 | 49793 |
| Citigroup Mortgage Loan Trust, Inc., Class A, Series 2014-A, 4.00%, 01/25/35<sup>@‡</sup>\* | 109532 | 102259 |
| Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2015-PS1, 3.75%, 09/25/42<sup>@‡</sup>\* | 27661 | 25947 |
| CSMC Trust, Class A1, Series 2021-AFC1, 0.83%, 03/25/56<sup>@‡</sup>\* | 145189 | 113119 |
| CSMC Trust, Class A1, Series 2021-NQM1, 0.81%, 05/25/65<sup>@‡</sup>\* | 432135 | 364032 |
| CSMC Trust, Class A1, Series 2021-NQM2, 1.18%, 02/25/66<sup>@‡</sup>\* | 108550 | 90546 |
| Dominion Mortgage Trust, Class A1, Series 2021-RTL1, 2.49%, 07/25/27<sup>‡</sup> | 315000 | 284841 |
| Ellington Financial Mortgage Trust, Class A3, Series 2019-2, 3.05%, 11/25/59<sup>@‡</sup>\* | 21063 | 19824 |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>@‡</sup>\* | 137069 | 123227 |
| Ellington Financial Mortgage Trust, Class A2, Series 2021-1, 1.00%, 02/25/66<sup>@‡</sup>\* | 80047 | 65318 |
| Galton Funding Mortgage Trust, Class A21, Series 2017-1, 3.50%, 07/25/56<sup>@‡</sup>\* | 39772 | 36913 |
| JPMorgan Mortgage Trust, Class AM, Series 2014-2, 3.35%, 06/25/29<sup>@‡</sup>\* | 135134 | 125773 |
| JPMorgan Mortgage Trust, Class 2A2, Series 2014-2, 3.50%, 06/25/29<sup>@‡</sup>\* | 69385 | 65156 |
| JPMorgan Mortgage Trust, Class A2, Series 2015-5, 4.86%, 05/25/45<sup>@‡</sup>\* | 77819 | 75162 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| Lhome Mortgage Trust, Class A1, Series 2021-RTL2, 2.09%, 06/25/26<sup>‡</sup> | $205000 | $193622 |
| MFA Trust, Class A1, Series 2020-NQM3, 1.01%, 01/26/65<sup>@‡</sup>\* | 182002 | 166985 |
| Mill City Mortgage Loan Trust, Class M2, Series 2017-3, 3.25%, 01/25/61<sup>@‡</sup>\* | 123115 | 111338 |
| New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58<sup>@‡</sup>\* | 159162 | 138495 |
| NLT Trust, Class A1, Series 2021-INV2, 1.16%, 08/25/56<sup>@‡</sup>\* | 259159 | 205403 |
| NYMT Loan Trust, Class A1, Series 2021-CP1, 2.04%, 07/25/61<sup>‡</sup> | 74670 | 67100 |
| OBX Trust, Class A3, Series 2019-INV1, 4.50%, 11/25/48<sup>@‡</sup>\* | 26895 | 25853 |
| PRPM LLC, Class A1, Series 2021-RPL2, 1.46%, 10/25/51<sup>@‡</sup>\* | 78919 | 70709 |
| RCKT Mortgage Trust, Class A1, Series 2020-1, 3.00%, 02/25/50<sup>@‡</sup>\* | 38541 | 32345 |
| SG Residential Mortgage Trust, Class A1, Series 2019-3, 2.70%, 09/25/59<sup>@‡</sup>\* | 47553 | 45725 |
| Star Trust, Class A1, Series 2021-1, 1.22%, 05/25/65<sup>@‡</sup>\* | 310848 | 282466 |
| Starwood Mortgage Residential Trust, Class A2, Series 2021-3, 1.40%, 06/25/56<sup>@‡</sup>\* | 81183 | 64591 |
| Starwood Mortgage Residential Trust, Class A1, Series 2020-3, 1.49%, 04/25/65<sup>@‡</sup>\* | 236918 | 217984 |
| Towd Point HE Trust, Class M1, Series 2021-HE1, 1.50%, 02/25/63<sup>@‡</sup>\* | 79036 | 74404 |
| Towd Point Mortgage Trust, Class M1, Series 2015-6, 3.75%, 04/25/55<sup>@‡</sup>\* | 100000 | 97219 |
| Towd Point Mortgage Trust, Class A2, Series 2020-MH1, 2.50%, 02/25/60<sup>@‡</sup>\* | 130000 | 111019 |
| Visio Trust, Class A2, Series 2019-2, 2.92%, 11/25/54<sup>@‡</sup>\* | 148678 | 139270 |
| Visio Trust, Class A1, Series 2021-1R, 1.28%, 05/25/56<sup>‡</sup> | 227142 | 209101 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** | **Residential Mortgage Backed Securities (continued)** |
| Wells Fargo Mortgage Backed Securities Trust, Class 2A12, Series 2004-K, 3.67%, 07/25/34<sup>@</sup>\* | $| 17819 | $| 17910 |
| Wells Fargo Mortgage Backed Securities Trust, Class 1A2, Series 2004-K, 3.62%, 07/25/34<sup>@</sup>\* |  | 41485 |  | 42414 |
| Wells Fargo Mortgage Backed Securities Trust, Class A1, Series 2004-U, 4.02%, 10/25/34<sup>@</sup>\* |  | 56306 |  | 52989 |
| **Total Residential Mortgage Backed Securities** |  |  |  | 3963242 |
| **Total Mortgage Backed Securities<br> (Cost $5,414,060)** |  |  |  | 4845171 |
| **TERM LOANS — 12.4%** | **TERM LOANS — 12.4%** | **TERM LOANS — 12.4%** | **TERM LOANS — 12.4%** | **TERM LOANS — 12.4%** |
| **Aerospace — 1.2%** |  |  |  |  |
| Air Canada, 8.13%, (3-Month USD LIBOR + 3.50%), 08/11/28<sup>@</sup> |  | 28094 |  | 27853 |
| Brown Group Holding LLC, 6.88%, (1-Month USD LIBOR + 2.50%), 06/07/28<sup>@</sup> |  | 44293 |  | 43561 |
| Mileage Plus Holdings LLC, 10.00%, (3-Month USD LIBOR + 5.25%), 06/21/27<sup>@</sup> |  | 76500 |  | 78824 |
| SkyMiles IP Ltd, 7.99%, (3-Month USD LIBOR + 3.75%), 09/16/27<sup>@</sup> |  | 60000 |  | 61271 |
| TransDigm, Inc., 6.98%, (3-Month USD LIBOR + 2.25%), 05/30/25<sup>@</sup> |  | 68335 |  | 67722 |
| Total Aerospace |  |  |  | 279231 |
| **Chemicals — 0.6%** |  |  |  |  |
| Ineos US Finance LLC, 8.17%, (1-Month USD LIBOR + 3.75%), 11/03/27<sup>@</sup> |  | 147019 |  | 144997 |
| **Consumer Durables — 0.7%** | **Consumer Durables — 0.7%** | **Consumer Durables — 0.7%** | **Consumer Durables — 0.7%** | **Consumer Durables — 0.7%** |
| Fluidra Finco SL, 6.42%, (1-Month USD LIBOR + 2.00%), 01/21/29<sup>@</sup> |  | 118464 |  | 113015 |
| Resideo Funding, Inc., 6.88%, (3-Month USD LIBOR + 2.25%), 02/11/28<sup>@</sup> |  | 63314 |  | 62958 |
| Total Consumer Durables |  |  |  | 175973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Energy — 0.5%** |  |  |  |  |
| Freeport LNG Investments LLLP, 7.74%, (3-Month USD LIBOR + 3.50%), 11/17/28<sup>@</sup> | $| 39409 | $| 37565 |
| Oryx Midstream Services Permian Basin LLC, 7.92%, (3-Month USD LIBOR + 3.25%), 09/30/28<sup>@</sup> |  | 73145 |  | 72396 |
| Total Energy |  |  |  | 109961 |
| **Financials — 0.7%** |  |  |  |  |
| Avolon TLB Borrower 1 US LLC, 6.60%, (1-Month USD LIBOR + 2.25%), 12/01/27<sup>@</sup> |  | 60779 |  | 60752 |
| Citadel Securities LP, 6.70%, (1-Month USD LIBOR + 2.50%), 02/02/28<sup>@</sup> |  | 96993 |  | 95393 |
| Total Financials |  |  |  | 156145 |
| **Food/Tobacco — 0.7%** |  |  |  |  |
| Aramark Services, Inc., 6.88%, (1-Month USD LIBOR + 2.50%), 04/06/28<sup>@</sup> |  | 109607 |  | 108470 |
| Hostess Brands LLC, 6.66%, (3-Month USD LIBOR + 2.25%), 08/03/25<sup>@</sup> |  | 65974 |  | 65875 |
| Total Food/Tobacco |  |  |  | 174345 |
| **Forest Prod/Containers — 0.5%** | **Forest Prod/Containers — 0.5%** | **Forest Prod/Containers — 0.5%** | **Forest Prod/Containers — 0.5%** | **Forest Prod/Containers — 0.5%** |
| Berry Global, Inc., 6.02%, (1-Month USD LIBOR + 1.75%), 07/01/26<sup>@</sup> |  | 78223 |  | 77743 |
| Mauser Packaging Solutions Holding Co., 7.37%, (1-Month USD LIBOR + 3.25%), 04/03/24<sup>@</sup> |  | 43253 |  | 42316 |
| Total Forest Prod/Containers |  |  |  | 120059 |
| **Gaming/Leisure — 1.3%** | **Gaming/Leisure — 1.3%** | **Gaming/Leisure — 1.3%** | **Gaming/Leisure — 1.3%** | **Gaming/Leisure — 1.3%** |
| Caesars Resort Collection LLC, 7.13%, (1-Month USD LIBOR + 2.75%), 12/23/24<sup>@</sup> |  | 81391 |  | 81313 |
| Hilton Worldwide Finance LLC, 6.17%, (1-Month USD LIBOR + 1.75%), 06/22/26<sup>@</sup> |  | 85000 |  | 84836 |
| Scientific Games, 7.42%, (1-Month USD LIBOR + 3.00%), 04/07/29<sup>@</sup> |  | 49750 |  | 49199 |
| Stars Group Holdings BV, 6.98%, (3-Month USD LIBOR + 2.25%), 07/21/26<sup>@</sup> |  | 37582 |  | 37122 |
| UFC Holdings LLC, 7.11%, (3-Month USD LIBOR + 2.75%), 04/29/26<sup>@</sup> |  | 42814 |  | 42332 |
| Total Gaming/Leisure |  |  |  | 294802 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Health Care — 1.0%** |  |  |  |  |
| Agiliti Health Inc, 6.88%, (1-Month USD LIBOR + 2.75%), 01/04/26<sup>@</sup> | $| 59231 | $| 57972 |
| Elanco Animal Health, Inc., 5.87%, (1-Month USD LIBOR + 1.75%), 08/01/27<sup>@</sup> |  | 53030 |  | 51032 |
| Horizon Therapeutics USA, Inc., 6.19%, (1-Month USD LIBOR + 1.75%), 03/15/28<sup>@</sup> |  | 37697 |  | 37707 |
| Select Medical Corp., 6.89%, (1-Month USD LIBOR + 2.50%), 03/06/25<sup>@</sup> |  | 90000 |  | 88459 |
| Total Health Care |  |  |  | 235170 |
| **Housing — 1.0%** |  |  |  |  |
| CPG International (Azek), 6.92%, (1-Month USD LIBOR + 2.50%), 04/20/29<sup>@</sup> |  | 89775 |  | 87531 |
| Quikrete Holdings, Inc., 7.38%, (1-Month USD LIBOR + 3.00%), 06/11/28<sup>@</sup> |  | 89325 |  | 88746 |
| Standard Industries Inc/NJ, 6.43%, (3-Month USD LIBOR + 2.25%), 08/06/28<sup>@</sup> |  | 58447 |  | 57810 |
| Total Housing |  |  |  | 234087 |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| CCC Intelligent Solutions Inc, 6.63%, (1-Month USD LIBOR + 2.25%), 09/15/28<sup>@</sup> |  | 64151 |  | 63767 |
| Go Daddy Operation LLC, 7.57%, (1-Month USD LIBOR + 3.25%), 10/21/29<sup>@</sup> |  | 180526 |  | 180463 |
| Open Text Corporation, 11/16/29<sup>(a)</sup> |  | 40000 |  | 39165 |
| UKG Inc, 7.00%, (3-Month USD LIBOR + 3.25%), 05/04/26<sup>@</sup> |  | 44438 |  | 42383 |
| Total Information Technology |  |  |  | 325778 |
| **Manufacturing — 0.5%** |  |  |  |  |
| Gates Global LLC, 6.88%, (1-Month USD LIBOR + 2.50%), 03/31/27<sup>@</sup> |  | 42756 |  | 41933 |
| NCR Corp., 6.92%, (3-Month USD LIBOR + 2.50%), 08/28/26<sup>@</sup> |  | 86127 |  | 83866 |
| Total Manufacturing |  |  |  | 125799 |
| **Media/Telecom — Broadcasting — 0.3%** | **Media/Telecom — Broadcasting — 0.3%** | **Media/Telecom — Broadcasting — 0.3%** | **Media/Telecom — Broadcasting — 0.3%** | **Media/Telecom — Broadcasting — 0.3%** |
| Nexstar Media Group, Inc., 6.88%, (1-Month USD LIBOR + 2.50%), 09/18/26<sup>@</sup> |  | 62343 |  | 61946 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **TERM LOANS (continued)** | **TERM LOANS (continued)** | **TERM LOANS (continued)** |
| **Media/Telecom — Cable/Wireless Video — 0.6%** | **Media/Telecom — Cable/Wireless Video — 0.6%** | **Media/Telecom — Cable/Wireless Video — 0.6%** |
| Charter Communications Operating LLC, 6.14%, (1-Month USD LIBOR + 1.75%), 02/01/27<sup>@</sup> | $67059 | $65584 |
| Directv Financing LLC, 9.38%, (1-Month USD LIBOR + 5.00%), 07/22/27<sup>@</sup> | 86253 | 84160 |
| Total Media/Telecom — Cable/Wireless Video |  | 149744 |
| **Media/Telecom — Wireless Communications — 0.3%** | **Media/Telecom — Wireless Communications — 0.3%** | **Media/Telecom — Wireless Communications — 0.3%** |
| SBA Senior Finance II LLC, 6.14%, (1-Month USD LIBOR + 1.75%), 04/11/25<sup>@</sup> | 82451 | 82279 |
| **Service — 0.7%** |  |  |
| Asplundh Tree Expert LLC, 6.13%, (1-Month USD LIBOR + 1.75%), 09/07/27<sup>@</sup> | 38010 | 37994 |
| Dun & Bradstreet Corp. (The), 7.64%, (1-Month USD LIBOR + 3.25%), 02/06/26<sup>@</sup> | 40035 | 39738 |
| NAB Holdings LLC, 7.73%, (3-Month USD LIBOR + 3.00%), 11/17/28<sup>@</sup> | 44164 | 43093 |
| Pike Corp., 7.39%, (1-Month USD LIBOR + 3.00%), 01/21/28<sup>@</sup> | 45479 | 44928 |
| Total Service |  | 165753 |
| **Utilities — 0.4%** |  |  |
| Vistra Operations Co. LLC, 6.09%, (1-Month USD LIBOR + 1.75%), 12/31/25<sup>@</sup> | 94034 | 93356 |
| **Total Term Loans<br> (Cost $2,954,178)** |  | 2929425 |
| **U.S. TREASURY NOTES — 12.0%** | **U.S. TREASURY NOTES — 12.0%** | **U.S. TREASURY NOTES — 12.0%** |
| U.S. Treasury Note, 0.13%, 08/31/23 | 1310000 | 1270485 |
| U.S. Treasury Note, 4.25%, 09/30/24<sup>(b)</sup> | 860000 | 856036 |
| U.S. Treasury Note, 0.63%, 12/31/27 | 835000 | 708771 |
| **Total U.S. Treasury Notes<br> (Cost $2,846,223)** |  | 2835292 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **CORPORATE BONDS — 10.6%** | **CORPORATE BONDS — 10.6%** | **CORPORATE BONDS — 10.6%** |
| **Communication Services — 0.6%** | **Communication Services — 0.6%** | **Communication Services — 0.6%** |
| Level 3 Financing, Inc., 4.25%, 07/01/28<sup>‡</sup> | $165000 | $130347 |
| **Financials — 3.6%** |  |  |
| Blackstone Private Credit Fund, 2.63%, 12/15/26 | 86000 | 71388 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T-Note + 3.08%)<sup>#@</sup> | 115000 | 91851 |
| Citadel LP, 4.88%, 01/15/27<sup>‡</sup> | 170000 | 158447 |
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T-Note + 3.85%), 12/15/52<sup>@‡</sup> | 107000 | 99976 |
| Liberty Mutual Group, Inc., 4.13%, (US 5 Year CMT T-Note + 3.32%), 12/15/51<sup>@‡</sup> | 190000 | 155032 |
| Prudential Financial, Inc., 5.63%, (3-Month USD LIBOR + 3.92%), 06/15/43<sup>@</sup> | 74000 | 72806 |
| Spirit Realty LP, 4.45%, 09/15/26 | 96429 | 92376 |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 05/06/31<sup>@</sup> | 135000 | 120117 |
| Total Financials |  | 861993 |
| **Health Care — 1.0%** |  |  |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 55000 | 45913 |
| Universal Health Services, Inc., 1.65%, 09/01/26<sup>‡</sup> | 175000 | 150707 |
| Viatris, Inc., 2.30%, 06/22/27 | 50000 | 42837 |
| Viatris, Inc., 2.30%, 06/22/27<sup>‡</sup> | 157 | 134 |
| Total Health Care |  | 239591 |
| **Industrials — 1.4%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>‡</sup> | 206590 | 197215 |
| General Electric Co., Series D, 8.10%, (3-Month USD LIBOR + 3.33%)<sup>#@</sup> | 80000 | 78895 |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/28 | 66000 | 54622 |
| Total Industrials |  | 330732 |
| **Information Technology — 1.2%** | **Information Technology — 1.2%** | **Information Technology — 1.2%** |
| CDW LLC / CDW Finance Corp., 3.28%, 12/01/28 | 98000 | 84088 |
| Dell International LLC / EMC Corp., 4.90%, 10/01/26 | 80000 | 78967 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| Entegris Escrow Corp., 4.75%, 04/15/29<sup>‡</sup> | $| 40000 | $| 36558 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/26 |  | 108000 |  | 89220 |
| Total Information Technology |  |  |  | 288833 |
| **Materials — 0.9%** |  |  |  |  |
| Bayport Polymers LLC, 4.74%, 04/14/27<sup>‡</sup> |  | 140000 |  | 130109 |
| Celanese US Holdings LLC, 6.05%, 03/15/25 |  | 85000 |  | 84846 |
| Total Materials |  |  |  | 214955 |
| **Real Estate — 1.3%** |  |  |  |  |
| EPR Properties, 4.95%, 04/15/28 |  | 90000 |  | 77057 |
| GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/25 |  | 30000 |  | 29517 |
| Office Properties Income Trust, 4.50%, 02/01/25 |  | 50000 |  | 45374 |
| Office Properties Income Trust, 2.65%, 06/15/26 |  | 105000 |  | 81576 |
| VICI Properties LP / VICI Note Co., Inc., 4.63%, 06/15/25<sup>‡</sup> |  | 75000 |  | 72004 |
| Total Real Estate |  |  |  | 305528 |
| **Utilities — 0.6%** |  |  |  |  |
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T-Note + 2.92%), 09/15/51<sup>@</sup> |  | 164000 |  | 132832 |
| **Total Corporate Bonds<br> (Cost $2,849,688)** |  |  |  | 2504811 |
| **FOREIGN BONDS — 6.7%** | **FOREIGN BONDS — 6.7%** | **FOREIGN BONDS — 6.7%** | **FOREIGN BONDS — 6.7%** | **FOREIGN BONDS — 6.7%** |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| Bacardi Ltd. (Bermuda), 4.70%, 05/15/28<sup>‡</sup> |  | 110000 |  | 105410 |
| BAT Capital Corp. (United Kingdom), 2.26%, 03/25/28 |  | 85000 |  | 70907 |
| Total Consumer Staples |  |  |  | 176317 |
| **Energy — 1.3%** |  |  |  |  |
| BP Capital Markets PLC (United Kingdom), 4.88%, (US 5 Year CMT T-Note + 4.40%)<sup>#@</sup> |  | 80000 |  | 70250 |
| Enbridge, Inc. (Canada), 7.38%, (US 5 Year CMT T-Note + 3.71%), 01/15/83<sup>@</sup> |  | 75000 |  | 73568 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** | **FOREIGN BONDS (continued)** |
| **Energy (continued)** |  |  |  |  |
| Petroleos Mexicanos (Mexico), 6.50%, 03/13/27 | $| 180000 | $| 164637 |
| Total Energy |  |  |  | 308455 |
| **Financials — 0.7%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/28 |  | 155000 |  | 130401 |
| Brookfield Finance, Inc. (Canada), 3.90%, 01/25/28 |  | 45000 |  | 41460 |
| Total Financials |  |  |  | 171861 |
| **Industrials — 0.7%** |  |  |  |  |
| British Airways Pass-Through Trust, Class A, Series 2021-1 (United Kingdom), 2.90%, 03/15/35<sup>‡</sup> |  | 211565 |  | 173180 |
| **Materials — 0.7%** |  |  |  |  |
| NOVA Chemicals Corp. (Canada), 5.00%, 05/01/25<sup>‡</sup> |  | 100000 |  | 94251 |
| Suzano Austria GMBH (Brazil), 2.50%, 09/15/28 |  | 80000 |  | 67425 |
| Total Materials |  |  |  | 161676 |
| **Sovereign Government — 2.5%** | **Sovereign Government — 2.5%** | **Sovereign Government — 2.5%** | **Sovereign Government — 2.5%** | **Sovereign Government — 2.5%** |
| Dominican Republic International Bond (Dominican Republic), 5.50%, 02/22/29<sup>‡</sup> |  | 195000 |  | 179545 |
| Qatar Government International Bond (Qatar), 3.40%, 04/16/25<sup>‡</sup> |  | 200000 |  | 194481 |
| Republic of South Africa Government International Bond (South Africa), 5.88%, 09/16/25 |  | 200000 |  | 201054 |
| Total Sovereign Government |  |  |  | 575080 |
| **Total Foreign Bonds<br> (Cost $1,736,041)** |  |  |  | 1566569 |
| **MONEY MARKET FUND — 2.1%** |  |  |  |  |
| JPMorgan U.S. Government Money Market Fund — Institutional Class, 4.08%<sup>(c)</sup> (Cost $484,791) |  | 484791 |  | 484791 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENT — 0.0%\*\*<sup>(d)</sup>** | **REPURCHASE AGREEMENT — 0.0%\*\*<sup>(d)</sup>** | **REPURCHASE AGREEMENT — 0.0%\*\*<sup>(d)</sup>** |
| JP Morgan Securities LLC, dated 12/30/22, due 01/03/23, 4.31%, total to be received $334, (collateralized by various U.S. Government Agency Obligations, 0.00%-0.13%, 5/15/23-12/28/23, totaling $341)<br> (Cost $334) | $334 | $334 |
| Total Investments — 99.7%<br> (Cost $25,195,255) |  | 23530244 |
| Other Assets in Excess of Liabilities — 0.3% |  | 77378 |
| **Net Assets — 100.0%** |  | $**23607622** |

---

CMT — Constant Maturity Treasury Index

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

PLC — Public Limited Company

USD — United States Dollar

---

| | |
|:---|:---|
| # | Perpetual security with no stated maturity date. |
| @ | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2022. |
| \* | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. |
| \*\* | Less than 0.05%. |
| ‡ | 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. |
| (a) | This loan will settle after December 31, 2022 at which time the interest rate will be determined. |
| (b) | All or a portion of security is on loan. The aggregate market value of the securities on loan is $622,119; the aggregate market value of the collateral held by the fund is $642,323. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $641,989. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2022. |
| (d) | Collateral received from brokers for securities lending was invested in these short-term investments. |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NEWFLEET MULTI-SECTOR INCOME ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $- | $8363851 | $- | $8363851 |
| Mortgage Backed Securities |  | 4845171 |  | 4845171 |
| Term Loans |  | 2929425 |  | 2929425 |
| U.S. Treasury Notes |  | 2835292 |  | 2835292 |
| Corporate Bonds |  | 2504811 |  | 2504811 |
| Foreign Bonds |  | 1566569 |  | 1566569 |
| Money Market Fund | 484791 |  |  | 484791 |
| Repurchase Agreement | - | 334 | - | 334 |
| Total | $484791 | $23045453 | $- | $23530244 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace | 1.2% |
| Asset Backed Securities | 35.4 |
| Chemicals | 0.6 |
| Commercial Mortgage Backed Securities | 3.4 |
| Communication Services | 0.6 |
| Consumer Durables | 0.7 |
| Consumer Staples | 0.8 |
| Energy | 1.8 |
| Financials | 5 |
| Food/Tobacco | 0.7 |
| Forest Prod/Containers | 0.5 |
| Gaming/Leisure | 1.3 |
| Health Care | 2 |
| Housing | 1 |
| Industrials | 2.1 |
| Information Technology | 2.6 |
| Manufacturing | 0.5 |
| Materials | 1.6 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Media/Telecom — Broadcasting | 0.3% |
| Media/Telecom — Cable/Wireless Video | 0.6 |
| Media/Telecom — Wireless Communications | 0.3 |
| Mortgage Backed Security | 0.3 |
| Real Estate | 1.3 |
| Residential Mortgage Backed Securities | 16.8 |
| Service | 0.7 |
| Sovereign Government | 2.5 |
| U.S. Treasury Notes | 12 |
| Utilities | 1 |
| Money Market | 2.1 |
| Repurchase Agreements | - |
| Total Investments | 99.7 |
| Other Assets in Excess of Liabilities | 0.3 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES — 38.6%** | **ASSET BACKED SECURITIES — 38.6%** | **ASSET BACKED SECURITIES — 38.6%** |
| **Diversified Financial Services — 38.6%** | **Diversified Financial Services — 38.6%** | **Diversified Financial Services — 38.6%** |
| Ally Auto Receivables Trust, Class A3, Series 2022-3, 5.07%, 04/15/27 | $500000 | $502682 |
| American Credit Acceptance Receivables Trust, Class D, Series 2019-3, 2.89%, 09/12/25<sup>‡</sup> | 237341 | 235989 |
| American Credit Acceptance Receivables Trust, Class D, Series 2020-4, 1.77%, 12/14/26<sup>‡</sup> | 355000 | 339264 |
| AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-2, 0.34%, 12/18/26 | 600000 | 584210 |
| AmeriCredit Automobile Receivables Trust, Class A3, Series 2021-3, 0.76%, 08/18/26 | 400000 | 381882 |
| Carmax Auto Owner Trust, Class A2A, Series 2022-4, 5.34%, 12/15/25 | 500000 | 501483 |
| Carvana Auto Receivables Trust, Class A1, Series 2021-N4, 0.83%, 09/11/28 | 153741 | 148676 |
| Carvana Auto Receivables Trust, Class A1, Series 2022-N1, 2.31%, 12/11/28<sup>‡</sup> | 135797 | 131870 |
| CIG Auto Receivables Trust, Class A, Series 2021-1, 0.69%, 04/14/25<sup>‡</sup> | 188244 | 185165 |
| CNH Equipment Trust, Class A2, Series 2022-B, 3.94%, 12/15/25 | 650000 | 642111 |
| Conn's Receivables Funding LLC, Class A, Series 2021-A, 1.05%, 05/15/26<sup>‡</sup> | 450 | 449 |
| Enterprise Fleet Funding LLC, Class A2, Series 2021-1, 0.44%, 12/21/26<sup>‡</sup> | 348693 | 337919 |
| FHF Trust, Class A, Series 2022-2A, 6.14%, 12/15/27<sup>‡</sup> | 233467 | 231565 |
| First Investors Auto Owner Trust, Class A, Series 2022-1A, 2.03%, 01/15/27<sup>‡</sup> | 202921 | 196968 |
| Flagship Credit Auto Trust, Class A, Series 2021-4, 0.81%, 07/17/26<sup>‡</sup> | 262681 | 254955 |
| Flagship Credit Auto Trust, Class A, Series 2022-1, 1.79%, 10/15/26<sup>‡</sup> | 301712 | 291170 |
| Ford Credit Auto Lease Trust, Class A2, Series 2021-B, 0.24%, 04/15/24 | 117587 | 117226 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| GLS Auto Receivables Issuer Trust, Class A, Series 2021-3A, 0.42%, 01/15/25<sup>‡</sup> | $30657 | $30500 |
| GLS Auto Receivables Issuer Trust, Class A, Series 2021-4A, 0.84%, 07/15/25<sup>‡</sup> | 282881 | 279055 |
| GLS Auto Receivables Issuer Trust, Class B, Series 2021-3A, 0.78%, 11/17/25<sup>‡</sup> | 195000 | 189717 |
| GLS Auto Receivables Trust, Class A, Series 2022-1A, 1.98%, 08/15/25<sup>‡</sup> | 326911 | 322438 |
| GM Financial Automobile Leasing Trust, Class C, Series 2020-2, 2.56%, 07/22/24 | 190000 | 189643 |
| GM Financial Consumer Automobile Receivables Trust, Class A2A, Series 2022-4, 4.60%, 11/17/25 | 258000 | 256933 |
| GreatAmerica Leasing Receivables Funding LLC, Class A2, Series 2021-2, 0.38%, 03/15/24<sup>‡</sup> | 391725 | 385082 |
| Honda Auto Receivables Owner Trust, Class A2, Series 2021-3, 0.20%, 02/20/24 | 102740 | 102148 |
| Hyundai Auto Lease Securitization Trust, Class A2A, Series 2022-C, 4.34%, 01/15/25<sup>‡</sup> | 525000 | 521068 |
| John Deere Owner Trust, Class A2, Series 2022-B, 3.73%, 06/16/25 | 285000 | 282409 |
| OneMain Financial Issuance Trust, Class A, Series 2020-1A, 3.84%, 05/14/32<sup>‡</sup> | 225045 | 223448 |
| Oscar US Funding XIV LLC, Class A2, Series 2022-1A (Japan), 1.60%, 03/10/25<sup>‡</sup> | 488720 | 478642 |
| Santander Drive Auto Receivables Trust, Class A3, Series 2022-1, 1.94%, 11/17/25 | 490000 | 482752 |
| Santander Drive Auto Receivables Trust, Class C, Series 2020-3, 1.12%, 01/15/26 | 143875 | 142594 |
| Santander Drive Auto Receivables Trust, Class C, Series 2021-1, 0.75%, 02/17/26 | 553237 | 543737 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Sofi Consumer Loan Program Trust, Class A, Series 2022-1S, 6.21%, 04/15/31<sup>‡</sup> | $| 700000 | $| 700180 |
| Tesla Auto Lease Trust, Class A2, Series 2021-A, 0.36%, 03/20/25<sup>‡</sup> |  | 77729 |  | 77066 |
| Toyota Auto Receivables Owner Trust, Class A2A, Series 2022-B, 2.35%, 01/15/25 |  | 308493 |  | 304879 |
| United Auto Credit Securitization Trust, Class A, Series 2022-1, 1.11%, 07/10/24<sup>‡</sup> |  | 86089 |  | 85739 |
| Verizon Owner Trust, Class B, Series 2020-A, 1.98%, 07/22/24 |  | 700000 |  | 693426 |
| Westlake Automobile Receivables Trust, Class A2, Series 2021-3A, 0.57%, 09/16/24<sup>‡</sup> |  | 150549 |  | 149469 |
| Westlake Automobile Receivables Trust, Class A2A, Series 2021-2A, 0.32%, 04/15/25<sup>‡</sup> |  | 151997 |  | 150413 |
| Westlake Automobile Receivables Trust, Class C, Series 2020-3A, 1.24%, 11/17/25<sup>‡</sup> |  | 560000 |  | 546042 |
| **Total Asset Backed Securities<br> (Cost $12,369,446)** |  |  |  | 12220964 |
| **U.S. GOVERNMENT BONDS AND NOTES — 24.7%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.7%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.7%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.7%** | **U.S. GOVERNMENT BONDS AND NOTES — 24.7%** |
| Federal Farm Credit Banks Funding Corp., 3.94%, 07/27/26 |  | 750000 |  | 738053 |
| Federal Farm Credit Banks Funding Corp., 4.89%, 10/03/25 |  | 1050000 |  | 1046284 |
| Federal Farm Credit Banks Funding Corp., 4.92%, 01/12/26 |  | 327000 |  | 326122 |
| Federal Farm Credit Banks Funding Corp., 5.04%, 02/23/24 |  | 500000 |  | 499763 |
| Federal Farm Credit Banks Funding Corp., 5.06%, 12/05/24 |  | 500000 |  | 499471 |
| Federal Home Loan Banks, 3.00%, 04/29/27 |  | 150000 |  | 146873 |
| Federal Home Loan Banks, 3.64%, 07/28/25 |  | 750000 |  | 728448 |
| Federal Home Loan Banks, 3.70%, 03/15/24 |  | 455000 |  | 450102 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES (continued)** | **U.S. GOVERNMENT BONDS AND NOTES (continued)** | **U.S. GOVERNMENT BONDS AND NOTES (continued)** | **U.S. GOVERNMENT BONDS AND NOTES (continued)** | **U.S. GOVERNMENT BONDS AND NOTES (continued)** |
| Federal Home Loan Banks, 3.72%, 10/10/23 | $| 150000 | $| 149089 |
| Federal Home Loan Banks, 4.30%, 09/26/23 |  | 1500000 |  | 1494475 |
| Federal Home Loan Banks, 4.75%, 10/24/23 |  | 245000 |  | 244820 |
| Federal Home Loan Mortgage Corp., 4.75%, 09/30/25 |  | 1000000 |  | 994148 |
| Federal Home Loan Mortgage Corp., 0.30%, 11/16/23 |  | 341000 |  | 327729 |
| Federal Home Loan Mortgage Corp., 5.13%, 12/30/24 |  | 160000 |  | 159997 |
| **Total U.S. Government Bonds and Notes <br> (Cost $7,862,665)** |  |  |  | 7805374 |
| **CORPORATE BONDS — 14.7%** | **CORPORATE BONDS — 14.7%** | **CORPORATE BONDS — 14.7%** | **CORPORATE BONDS — 14.7%** | **CORPORATE BONDS — 14.7%** |
| **Banks — 0.8%** |  |  |  |  |
| JPMorgan Chase Bank NA, Series 2, 3.00%, (3-Month USD LIBOR + 0.10%), 12/04/23<sup>@</sup> |  | 245000 |  | 241531 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| Aircastle Ltd., 4.40%, 09/25/23 |  | 325000 |  | 321845 |
| American Express Co., 4.79%, (SOFR + 0.72%), 05/03/24<sup>@</sup> |  | 495000 |  | 494562 |
| Total Diversified Financial Services |  |  |  | 816407 |
| **Electric — 1.9%** |  |  |  |  |
| OGE Energy Corp., 0.70%, 05/26/23 |  | 113000 |  | 111015 |
| Pacific Gas and Electric Co., 3.25%, 02/16/24 |  | 500000 |  | 488393 |
| Total Electric |  |  |  | 599408 |
| **Entertainment — 1.2%** |  |  |  |  |
| Warnermedia Holdings, Inc., 3.53%, 03/15/24<sup>‡(a)</sup> |  | 375000 |  | 363710 |
| **Gas — 3.1%** |  |  |  |  |
| CenterPoint Energy Resources Corp., 5.28%, (3-Month USD LIBOR + 0.50%), 03/02/23<sup>@</sup> |  | 523000 |  | 522753 |
| Southern California Gas Co., 5.10%, (3-Month USD LIBOR + 0.35%), 09/14/23<sup>@</sup> |  | 466000 |  | 464720 |
| Total Gas |  |  |  | 987473 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal** | **Principal** | **Value** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance — 2.5%** |  |  |  |  |
| Athene Global Funding, 5.04%,<br> (SOFR + 0.72%), 01/07/25<sup>@‡</sup> | $| 825000 | $| 803011 |
| **Pipelines — 1.6%** |  |  |  |  |
| Kinder Morgan Energy Partners LP, 3.45%, 02/15/23 |  | 509000 |  | 507924 |
| **Retail — 1.0%** |  |  |  |  |
| QVC, Inc., 4.38%, 03/15/23 |  | 336000 |  | 331821 |
| **Total Corporate Bonds<br> (Cost $4,718,513)** |  |  |  | 4651285 |
| **MORTGAGE BACKED SECURITIES — 9.4%** | **MORTGAGE BACKED SECURITIES — 9.4%** | **MORTGAGE BACKED SECURITIES — 9.4%** | **MORTGAGE BACKED SECURITIES — 9.4%** | **MORTGAGE BACKED SECURITIES — 9.4%** |
| **Commercial Mortgage Backed Securities — 9.4%** | **Commercial Mortgage Backed Securities — 9.4%** | **Commercial Mortgage Backed Securities — 9.4%** | **Commercial Mortgage Backed Securities — 9.4%** | **Commercial Mortgage Backed Securities — 9.4%** |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>@‡</sup>\* |  | 100283 |  | 92638 |
| Federal Home Loan Mortgage Corp., Class A1, Series 2013-K033, 2.87%, 02/25/23 |  | 264528 |  | 263490 |
| Federal Home Loan Mortgage Corp., Class A2, Series 2013-K033, 3.06%, 07/25/23<sup>@</sup>\* |  | 300000 |  | 297068 |
| Federal Home Loan Mortgage Corp., Class A1, Series 2015-K051, 2.89%, 04/25/25 |  | 321012 |  | 312016 |
| Federal Home Loan Mortgage Corp., Class PA, Series 2016-4614, 3.00%, 12/15/43 |  | 590356 |  | 582971 |
| Federal Home Loan Mortgage Corp., Class LB, Series 2017-4673, 2.50%, 04/15/44 |  | 26639 |  | 26289 |
| Federal Home Loan Mortgage Corp., Class QM, Series 2018-4776, 3.00%, 06/15/45 |  | 188767 |  | 184510 |
| Federal Home Loan Mortgage Corp., Class EG, Series 2019-4870, 3.00%, 06/15/46 |  | 370865 |  | 354295 |
| Federal Home Loan Mortgage Corp., Class MA, Series 2014-4409, 3.00%, 01/15/54 |  | 182715 |  | 177401 |
| Federal National Mortgage Association, Class LB, Series 2014-85, 3.00%, 02/25/33 |  | 258541 |  | 254630 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal/<br> Shares** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |
| **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** | **Commercial Mortgage Backed Securities (continued)** |
| Federal National Mortgage Association, Class FW, Series 2004-60, 4.84%, (1-Month USD LIBOR + 0.45%), 04/25/34<sup>@</sup> | $124846 | $124334 |
| Federal National Mortgage Association, Class JA, Series 2017-49, 4.00%, 07/25/53 | 312771 | 306122 |
| **Total Mortgage Backed Securities <br> (Cost $3,020,395)** |  | 2975764 |
| **U.S. TREASURY NOTES — 7.4%** | **U.S. TREASURY NOTES — 7.4%** | **U.S. TREASURY NOTES — 7.4%** |
| U.S. Treasury Note, 2.75%, 08/31/23<sup>(a)</sup> | 425000 | 419618 |
| U.S. Treasury Note, 3.25%, 08/31/24<sup>(a)</sup> | 530000 | 519234 |
| U.S. Treasury Note, 4.25%, 09/30/24 | 700000 | 696774 |
| U.S. Treasury Note, 3.50%, 09/15/25 | 700000 | 686656 |
| **Total U.S. Treasury Notes<br> (Cost $2,349,731)** |  | 2322282 |
| **FOREIGN BOND — 1.0%** |  |  |
| **Oil & Gas — 1.0%** |  |  |
| Ecopetrol SA, 5.88%, 09/18/23 (Colombia) <br> (Cost $334,779) | 328000 | 326266 |
| **MONEY MARKET FUND — 3.9%** | **MONEY MARKET FUND — 3.9%** | **MONEY MARKET FUND — 3.9%** |
| JPMorgan U.S. Government Money Market Fund — Institutional Class, 4.11%<sup>(b)</sup> <br> (Cost $1,220,640) | 1220640 | 1220640 |
| **REPURCHASE AGREEMENT — 0.0%<sup>\*\*(c)</sup>** | **REPURCHASE AGREEMENT — 0.0%<sup>\*\*(c)</sup>** | **REPURCHASE AGREEMENT — 0.0%<sup>\*\*(c)</sup>** |
| National Bank Financial Inc., dated 12/30/23, due 01/03/23, 4.32%, total to be received $4,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.44%, 01/03/23-09/09/49, totaling $4,080)<br> (Cost $4,000) | $4000 | 4000 |
| Total Investments — 99.7%<br> (Cost $31,880,169) |  | 31526575 |
| Other Assets in Excess of Liabilities — 0.3% |  | 101793 |
| **Net Assets — 100.0%** |  | $**31628368** |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

@ Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2022.

\* Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

\*\* Less than 0.05%.

‡ 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.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $671,214; the aggregate market value of the collateral held by the fund is $692,970. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $688,970.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES NORTH SQUARE MCKEE CORE RESERVES ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $- | $12220964 | $- | $12220964 |
| U.S. Government Bonds and Notes |  | 7805374 |  | 7805374 |
| Corporate Bonds |  | 4651285 |  | 4651285 |
| Mortgage Backed Securities |  | 2975764 |  | 2975764 |
| U.S. Treasury Notes |  | 2322282 |  | 2322282 |
| Foreign Bond |  | 326266 |  | 326266 |
| Money Market Fund | 1220640 |  |  | 1220640 |
| Repurchase Agreement | - | 4000 | - | 4000 |
| Total | $1220640 | $30305935 | $- | $31526575 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
|  | **% of<br> Net Assets** |  |
| Banks | 0.8 | % |
| Commercial Mortgage Backed Securities | 9.4 |  |
| Diversified Financial Services | 41.2 |  |
| Electric | 1.9 |  |
| Entertainment | 1.2 |  |
| Gas | 3.1 |  |
| Insurance | 2.5 |  |
| Oil & Gas | 1 |  |
| Pipelines | 1.6 |  |
| Retail | 1 |  |
| U.S. Government Bonds and Notes | 24.7 |  |
| U.S. Treasury Notes | 7.4 |  |
| Money Market Fund | 3.9 |  |
| Repurchase Agreement | 0 | \*\* |
| Total Investments | 99.7 |  |
| Other Assets in Excess of Liabilities | 0.3 |  |
| Net Assets | 100 | % |

---

\*\* Less than 0.05%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **COMMON STOCKS — 8.0%** |  |  |
| **Agriculture — 0.3%** |  |  |
| Village Farms International, Inc. (Canada)\* | 7293 | $9773 |
| **Pharmaceuticals — 7.7%** |  |  |
| Intercure Ltd. (Israel)\* | 12420 | 40986 |
| SNDL, Inc. (Canada)\*<sup>(a)</sup> | 99673 | 208316 |
| Total Pharmaceuticals |  | 249302 |
| **Total Common Stocks<br> (Cost $309,882)** |  | 259075 |
| **MONEY MARKET FUND — 145.1%** | **MONEY MARKET FUND — 145.1%** | **MONEY MARKET FUND — 145.1%** |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)(c)</sup> <br> (Cost $4,724,099) | 4724099 | 4724099 |
| **REPURCHASE AGREEMENT — 1.9%<sup>(d)</sup>** | **REPURCHASE AGREEMENT — 1.9%<sup>(d)</sup>** | **REPURCHASE AGREEMENT — 1.9%<sup>(d)</sup>** |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $69,629, (collateralized by various U.S. Government Agency Obligations, 0.75%-4.50%, 11/15/25-3/31/26, totaling $63,851)<br> (Cost $62,599) | $62599 | 62599 |
| Total Investments — 155.0%<br> (Cost $5,096,580) |  | 5045773 |
| Liabilities in Excess of Other Assets — (55.0%) |  | (1790312) |
| **Net Assets — 100.0%** |  | $**3255461** |

---

SOFR — Secured Overnight Financing Rate

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $61,768; the aggregate market value of the collateral held by the fund is $62,599.

(b) Amount includes $4,630,503 of segregated collateral for swaps.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $259075 | $- | $- | $259075 |
| Money Market Fund | 4724099 |  |  | 4724099 |
| Repurchase Agreement |  | 62599 |  | 62599 |
| Swaps<sup>†</sup> | - | 188193 | - | 188193 |
| Total | $4983174 | $250792 | $- | $5233966 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swap<sup>†</sup> | $- | $(299) | $- | $(299) |

---

† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 0.3% |
| Pharmaceuticals | 7.7 |
| Money Market Fund | 145.1 |
| Repurchase Agreement | 1.9 |
| Total Investments | 155.0 |
| Liabilities in Excess of Other Assets | (55.0) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES POSEIDON DYNAMIC CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Total Return Swap contracts outstanding as of December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual Financing Rate Paid** | **Payment Frequency** | **Termination Date** | **Notional Amounts** | **Fair<br> Value** | **Unrealized Appreciation/ (Depreciation)** |
| Ascend Well | SOFR + 1.00% | Monthly | 11/20/2023 | $480789 | $490717 | $9928 |
| Columbia Care | SOFR + 1.00% | Monthly | 11/20/2023 | 34067 | 33768 | (299) |
| Cresco Labs | SOFR + 1.00% | Monthly | 11/20/2023 | 122115 | 122571 | 456 |
| Curaleaf Holdings SUB VOT | SOFR + 1.00% | Monthly | 11/20/2023 | 576701 | 631183 | 54482 |
| Green Thumb Industries SUB VOT | SOFR + 1.00% | Monthly | 11/20/2023 | 863015 | 938883 | 75868 |
| Terrascend | SOFR + 1.00% | Monthly | 11/20/2023 | 32401 | 35633 | 3232 |
| Trulieve Cannabis | SOFR + 1.00% | Monthly | 11/20/2023 | 377617 | 408288 | 30671 |
| Verano Holdings | SOFR + 1.00% | Monthly | 11/20/2023 | 198779 | 212335 | 13556 |
| **Net Unrealized Appreciation** |  |  |  |  |  | $187894 |

---

Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PSYCHEDELICS ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 86.8%** |  |  |
| **Biotechnology — 51.1%** |  |  |
| ATAI Life Sciences NV (Germany)\* | 208031 | $553362 |
| Bright Minds Biosciences, Inc. (Canada)\* | 314863 | 232999 |
| Cybin, Inc. (Canada)\*<sup>(a)</sup> | 1678331 | 498632 |
| Enveric Biosciences, Inc.\* | 116295 | 238405 |
| GH Research PLC (Ireland)\*<sup>(a)</sup> | 29258 | 282925 |
| Intra-Cellular Therapies, Inc.\* | 5229 | 276719 |
| Mind Medicine MindMed, Inc.\* | 113437 | 249561 |
| PsyBio Therapeutics Corp.\* | 2583122 | 68194 |
| Sage Therapeutics, Inc.\* | 7139 | 272282 |
| Seelos Therapeutics, Inc.\* | 373083 | 253323 |
| Small Pharma, Inc. (Canada)\* | 2000937 | 142067 |
| Total Biotechnology |  | 3068469 |
| **Healthcare — Services — 9.4%** | **Healthcare — Services — 9.4%** | **Healthcare — Services — 9.4%** |
| Field Trip Health & Wellness Ltd. (Canada)\* | 469132 | 23691 |
| Greenbrook TMS, Inc. (Canada)\* | 117428 | 234856 |
| Numinus Wellness, Inc. (Canada)\*<sup>(a)</sup> | 1402466 | 189193 |
| Reunion Neuroscience, Inc. (Canada)\* | 130241 | 117217 |
| Total Healthcare — Services |  | 564957 |
| **Pharmaceuticals — 26.3%** |  |  |
| Alkermes PLC\* | 10701 | 279617 |
| Compass Pathways PLC (United Kingdom)\*<sup>(a)(b)</sup> | 90448 | 726298 |
| FSD Pharma, Inc., Class B (Canada)\* | 368879 | 290824 |
| Relmada Therapeutics, Inc.\* | 81362 | 283953 |
| Total Pharmaceuticals |  | 1580692 |
| **Total Common Stocks<br> (Cost $12,573,587)** |  | 5214118 |
| **MONEY MARKET FUND — 7.8%** | **MONEY MARKET FUND — 7.8%** | **MONEY MARKET FUND — 7.8%** |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(c)</sup> <br> (Cost $467,187) | 467187 | 467187 |
| Total Investments — 94.6%<br> (Cost $13,040,774) |  | 5681305 |
| Other Assets in Excess of Liabilities — 5.4% |  | 326200 |
| **Net Assets — 100.0%** |  | $**6007505** |

---

PLC — Public Limited Company

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $384,796; the aggregate market value of the collateral held by the fund is $536,720. The aggregate market value of the collateral includes $536,720 of uninvested cash collateral.

(b) American Depositary Receipt.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PSYCHEDELICS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $5214118 | $- | $- | $5214118 |
| Money Market Fund | 467187 | - | - | 467187 |
| Total | $5681305 | $- | $- | $5681305 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swaps<sup>†</sup> | $- | $(102451) | $- | $(102451) |

---

† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Biotechnology | 51.1% |
| Healthcare — Services | 9.4 |
| Pharmaceuticals | 26.3 |
| Money Market Fund | 7.8 |
| Total Investments | 94.6 |
| Other Assets in Excess of Liabilities | 5.4 |
| Net Assets | 100.0% |

---

**Total Return Swap contracts outstanding as of December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual Financing**<br> **Rate Paid** | **Payment Frequency** | **Termination Date** | **Notional Amounts** | **Fair<br> Value** | **Unrealized Appreciation/ (Depreciation)** |
| Core One Labs |  |  | 8/25/2026 | $99987 | $44712 | $(55275) |
| Mindset Pharma |  |  | 8/25/2026 | 76732 | 29556 | (47176) |
| **Net Unrealized Depreciation** |  |  |  |  |  | $(102451) |

---

Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE CANNABIS ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS — 64.4%** | **COMMON STOCKS — 64.4%** | | |
| **Agriculture — 12.0%** | **Agriculture — 12.0%** | | |
| Village Farms International, Inc. (Canada)\*<sup>†(a)</sup> | 4430131 | $| 5936376 |
| **Distributors — 2.7%** |  |  |  |
| High Tide, Inc. (Canada)\*<sup>(a)</sup> | 866183 |  | 1333922 |
| **Investment Company — 1.6%** | **Investment Company — 1.6%** | **Investment Company — 1.6%** | **Investment Company — 1.6%** |
| RIV Capital, Inc. (Canada)\* | 4975540 |  | 771145 |
| **Pharmaceuticals — 36.6%** |  |  |  |
| Canopy Growth Corp. (Canada)\*<sup>(a)</sup> | 519798 |  | 1200733 |
| Cardiol Therapeutics, Inc., Class A — Canada Exchange (Canada)\*<sup>(a)</sup> | 950790 |  | 484184 |
| Cardiol Therapeutics, Inc., Class A — US Exchange (Canada)\* | 150000 |  | 76500 |
| cbdMD, Inc.\* | 872753 |  | 198115 |
| Charlottes Web Holdings, Inc.\*<sup>(a)</sup> | 1817435 |  | 979171 |
| Clever Leaves Holdings, Inc. (Canada)\* | 1005983 |  | 310748 |
| Hempfusion Wellness, Inc. (Canada)\* | 1785852 |  | 62505 |
| IM Cannabis Corp. (Canada)\* | 143005 |  | 141575 |
| Intercure Ltd. (Israel)\* | 243190 |  | 802527 |
| Jazz Pharmaceuticals PLC\* | 59237 |  | 9437046 |
| Organigram Holdings, Inc. (Canada)\* | 1211686 |  | 969349 |
| PharmaCielo Ltd. (Canada)\*<sup>(a)</sup> | 361137 |  | 46643 |
| Tilray Brands, Inc. (Canada)\*<sup>(a)</sup> | 1164914 |  | 3133619 |
| Valens Co., Inc. (The) (Canada)\*<sup>(a)</sup> | 530280 |  | 356142 |
| Total Pharmaceuticals |  |  | 18198857 |
| **REITS — 6.8%** |  |  |  |
| Innovative Industrial Properties, Inc. | 32010 |  | 3244213 |
| Power REIT\* | 38155 |  | 150712 |
| Total REITS |  |  | 3394925 |
| **Software — 1.2%** |  |  |  |
| WM Technology, Inc.\* | 614432 |  | 620576 |
| **Specialty Retail — 3.5%** |  |  |  |
| GrowGeneration Corp.\* | 440279 |  | 1725894 |
| **Total Common Stocks<br> (Cost $136,486,305)** |  |  | 31981695 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **EXCHANGE TRADED FUND — 29.6%** | **EXCHANGE TRADED FUND — 29.6%** | **EXCHANGE TRADED FUND — 29.6%** |
| **Equity Fund — 29.6%** |  |  |
| AdvisorShares Pure US Cannabis ETF\*<sup>†</sup> <br> (Cost $59,149,402) | 2102448 | $14696112 |
| **MONEY MARKET FUND — 1.7%** | **MONEY MARKET FUND — 1.7%** | **MONEY MARKET FUND — 1.7%** |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)(c)</sup> <br> (Cost $824,027) | 824027 | 824027 |
| **REPURCHASE AGREEMENTS — 11.7%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 11.7%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 11.7%<sup>(d)</sup>** |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,349,493, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $1,375,826) | $1348849 | 1348849 |
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,349,493, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $1,375,826) | 1348849 | 1348849 |
| HSBC Securities USA, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $399,369, (collateralized by various U.S. Government Agency Obligations, 0%-4.50%, 4/30/23-2/15/51, totaling $407,164) | 399180 | 399180 |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,349,493, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $1,375,826) | 1348849 | 1348849 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| Truist Securities, Inc., dated 12/30/22, due 01/03/23, 4.32%, total to be received $1,349,496, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $1,375,835) | $1348849 | $1348849 |
| **Total Repurchase Agreements<br> (Cost $5,794,576)** |  | 5794576 |
| Total Investments — 107.4%<br> (Cost $202,254,310) |  | 53296410 |
| Liabilities in Excess of Other Assets — (7.4%) |  | (3676588) |
| **Net Assets — 100.0%** |  | $**49619822** |

---

ETF — Exchange Traded Fund

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

\* Non-income producing security.

† Affiliated Company.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $5,283,700; the aggregate market value of the collateral held by the fund is $5,794,576.

(b) Amount includes $63,954 of segregated collateral for swaps.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $31981695 | $- | $- | $31981695 |
| Exchange Traded Fund | 14696112 |  |  | 14696112 |
| Money Market Fund | 824027 |  |  | 824027 |
| Repurchase Agreements | - | 5794576 | - | 5794576 |
| Total | $47501834 | $5794576 | $- | $53296410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swaps<sup>†</sup> | $- | $(24006401) | $- | $(24006401) |

---

† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 12.0% |
| Distributors | 2.7 |
| Equity Fund | 29.6 |
| Investment Company | 1.6 |
| Pharmaceuticals | 36.6 |
| REITS | 6.8 |
| Software | 1.2 |
| Specialty Retail | 3.5 |
| Money Market Fund | 1.7 |
| Repurchase Agreements | 11.7 |
| Total Investments | 107.4 |
| Liabilities in Excess of Other Assets | (7.4) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Total Return Swap contracts outstanding as of December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual Financing<br> Rate Paid** | **Payment Frequency** | **Termination Date** | **Notional Amounts** | **Fair Value** | **Unrealized Appreciation/ (Depreciation)** |
| Ianthus Capital ORD |  |  | 8/25/2026 | $108947 | $10672 | $(98275) |
| SOL Global Investments Corp |  |  | 8/25/2026 | 12051113 | 375405 | (11675708) |
| Terrascend ORD |  |  | 8/25/2026 | 13701418 | 1469000 | (12232418) |
| **Net Unrealized Depreciation** |  |  |  |  |  | $(24006401) |

---

Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate.

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at 6/30/2022** | **Purchases/ Additions** | **Sales/ Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Gain (Loss)** | **Number of Shares at 12/31/2022** | **Value at 12/31/2022** | **Dividend Income** |
| AdvisorShares Pure US Cannabis ETF | $24719940 | $186979 | $(3354803) | $(5193577) | $(1662427) | 2102448 | $14696112 | $- |
| Village Farms International, Inc. | 12647619 | 77190 | (1064595) | (6690298) | 966460 | 4430131 | 5936376 | - |
| Total | $37367559 | $264169 | $(4419398) | $(11883875) | $(695967) | 6532579 | $20632488 | $- |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **COMMON STOCKS — 4.2%** |  |  |
| **Investment Company — 0.2%** | **Investment Company — 0.2%** | **Investment Company — 0.2%** |
| RIV Capital, Inc. (Canada)\* | 4504850 | $698194 |
| **Machinery — 0.3%** |  |  |
| Urban-GRO, Inc.\*<sup>†</sup> | 569497 | 1549032 |
| **Pharmaceuticals — 0.1%** |  |  |
| Hempfusion Wellness, Inc. (Canada)\* | 8014431 | 280505 |
| **REITS — 2.0%** |  |  |
| AFC Gamma, Inc. | 135305 | 2128348 |
| Innovative Industrial Properties, Inc. | 56465 | 5722728 |
| Power REIT\*<sup>†</sup> | 277561 | 1096366 |
| Total REITS |  | 8947442 |
| **Specialty Retail — 1.6%** |  |  |
| GrowGeneration Corp.\*<sup>(a)</sup> | 1309443 | 5133017 |
| Hydrofarm Holdings Group, Inc.\* | 1073138 | 1663364 |
| Total Specialty Retail |  | 6796381 |
| **Total Common Stocks<br> (Cost $89,169,050)** |  | 18271554 |
| **MONEY MARKET FUND — 57.7%** | **MONEY MARKET FUND — 57.7%** | **MONEY MARKET FUND — 57.7%** |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)(c)</sup> <br> (Cost $256,709,633) | 256709633 | 256709633 |
| **REPURCHASE AGREEMENT — 0.0%\*\*<sup>(d)</sup>** | **REPURCHASE AGREEMENT — 0.0%\*\*<sup>(d)</sup>** | **REPURCHASE AGREEMENT — 0.0%\*\*<sup>(d)</sup>** |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $200,219, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $204,125)<br> (Cost $200,123) | $200123 | 200123 |
| Total Investments — 61.9%<br> (Cost $346,078,806) |  | 275181310 |
| Other Assets in Excess of Liabilities — 38.1% |  | 169698145 |
| **Net Assets — 100.0%** |  | $**444879455** |

---

REITS — Real Estate Investment Trusts

SOFR — Secured Overnight Financing Rate

\* Non-income producing security.

\*\* Less than 0.05%.

† Affiliated Company.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $183,840; the aggregate market value of the collateral held by the fund is $200,123.

(b) Amount includes $173,006,866 of segregated collateral for swaps.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $18271554 | $- | $- | $18271554 |
| Money Market Fund | 256709633 |  |  | 256709633 |
| Repurchase Agreement |  | 200123 |  | 200123 |
| Swaps<sup>†</sup> | - | 20889168 | - | 20889168 |
| Total | $274981187 | $21089291 | $- | $296070478 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Swaps<sup>†</sup> | $- | $(429804735) | $- | $(429804735) |

---

† Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
|  | **% of<br> Net Assets** |  |
| Investment Company | 0.2 | % |
| Machinery | 0.3 |  |
| Pharmaceuticals | 0.1 |  |
| REITS | 2.0 |  |
| Specialty Retail | 1.6 |  |
| Money Market Fund | 57.7 |  |
| Repurchase Agreement | 0.0 | \*\* |
| Total Investments | 61.9 |  |
| Other Assets in Excess of Liabilities | 38.1 |  |
| Net Assets | 100.0 | % |

---

\*\* Less than 0.05%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Total Return Swap contracts outstanding as of December 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual Financing<br> Rate Paid** | **Payment Frequency** | **Termination Date** | **Notional Amounts** | **Fair<br> Value** | **Unrealized Appreciation/ (Depreciation)** |
| 4Front Ventures ORD | SOFR + 1.00% | Monthly | 9/05/2023 | $1094578 | $1085775 | $(8803) |
| 4Front Ventures ORD |  |  | 9/05/2023 | 27224492 | 4656114 | (22568378) |
| Acreage Holdings FX SUB VOT CL E ORD |  |  | 9/05/2023 | 4980207 | 1243618 | (3736589) |
| Acreage Holdings FX SUB VOT CL E ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 25695 | 25500 | (195) |
| AYR Wellness |  |  | 9/05/2023 | 28791360 | 1248103 | (27543257) |
| AYR Wellness | SOFR + 1.00% | Monthly | 9/05/2023 | 5779162 | 5725093 | (54069) |
| C21 Investments ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 29468 | 29303 | (165) |
| C21 Investments ORD |  |  | 9/05/2023 | 10560928 | 1538824 | (9022104) |
| Columbia Care ORD |  |  | 9/05/2023 | 20122066 | 2138551 | (17983515) |
| Columbia Care ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 14297935 | 14165836 | (132099) |
| Columbia Care ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 1034137 | 922064 | (112073) |
| Cresco Labs ORD |  |  | 9/05/2023 | 51021553 | 7039845 | (43981708) |
| Cresco Labs ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 2478391 | 2457383 | (21008) |
| Cresco Labs ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 23044615 | 21578503 | (1466112) |
| Curaleaf Holdings SUB VOT ORD |  |  | 9/05/2023 | 55926131 | 16157848 | (39768283) |
| Curaleaf Holdings SUB VOT ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 5279739 | 5233312 | (46427) |
| Curaleaf Holdings SUB VOT ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 70843502 | 75265362 | 4421860 |
| Glass House Brands |  |  | 9/05/2023 | 5739181 | 1432500 | (4306681) |
| Glass House Brands | SOFR + 1.00% | Monthly | 9/05/2023 | 2937397 | 2912750 | (24647) |
| Goodness Growth Hold |  |  | 9/05/2023 | 9914073 | 534437 | (9379636) |
| Goodness Growth Hold | SOFR + 1.00% | Monthly | 9/05/2023 | 169633 | 168000 | (1633) |
| Gramf Tpco ORD |  |  | 9/05/2023 | 28186522 | 737176 | (27449346) |
| Green Thumb Industries SUB VOT ORD |  |  | 9/05/2023 | 49121658 | 13367618 | (35754040) |
| Green Thumb Industries SUB VOT ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 4430724 | 4386554 | (44170) |
| Green Thumb Industries SUB VOT ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 87446708 | 94329645 | 6882937 |
| Jushi Holdings CL B SUB VOT ORD |  |  | 9/05/2023 | 31130311 | 4651026 | (26479285) |
| Jushi Holdings CL B SUB VOT ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 6314282 | 6248400 | (65882) |
| Lowell Farms ORD |  |  | 9/05/2023 | 6074994 | 433628 | (5641366) |
| Lowell Farms ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 43110 | 42750 | (360) |
| Marimed ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 465304 | 462995 | (2309) |
| Planet 13 Holdings ORD |  |  | 9/05/2023 | 18939539 | 1586676 | (17352863) |
| Planet 13 Holdings ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 3258262 | 3229203 | (29059) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES PURE US CANNABIS ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Annual Financing<br> Rate Paid** | **Payment Frequency** | **Termination Date** | **Notional Amounts** | **Fair<br> Value** | **Unrealized Appreciation/ (Depreciation)** |
| Terrascend ORD | SOFR + 1.00% | Monthly | 9/05/2023 | $6198762 | $5508806 | $(689956) |
| Terrascend ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 8532561 | 8475000 | (57561) |
| Terrascend ORD |  |  | 9/05/2023 | 30841843 | 3509842 | (27332001) |
| Trulieve Cannabis ORD |  |  | 9/05/2023 | 76060637 | 16516892 | (59543745) |
| Trulieve Cannabis ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 2657745 | 2627433 | (30312) |
| Trulieve Cannabis ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 51721777 | 57980371 | 6258594 |
| Vapen Mj Ventures ORD |  |  | 9/05/2023 | 4389310 | 874126 | (3515184) |
| Vapen Mj Ventures ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 18074 | 18000 | (74) |
| Verano Holdings ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 2778594 | 2756776 | (21818) |
| Verano Holdings ORD |  |  | 9/05/2023 | 56560468 | 10922446 | (45638022) |
| Verano Holdings ORD | SOFR + 1.00% | Monthly | 9/05/2023 | 29443661 | 32769438 | 3325777 |
| **Net Unrealized Depreciation** | **Net Unrealized Depreciation** | **Net Unrealized Depreciation** |  |  |  | $(408915567) |

---

Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of December 31, 2022, cash in the amount of $143,260,000 has been segregated as collateral from the broker for Swap contracts.

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at 6/30/2022** | **Purchases/ Additions** | **Sales/ Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Gain (Loss)** | **Number of Shares at 12/31/2022** | **Value at 12/31/2022** | **Dividend Income** |
| GrowGeneration Corp\*. | $12977764 | $1929220 | $(11436921) | $(45599895) | $47262849 | 1309443 | $5133017 | $- |
| Power REIT | 3673522 |  | (117410) | (570859) | (1888887) | 277561 | 1096366 |  |
| Urban-GRO, Inc. | 2976915 | 439824 | (426238) | (922338) | (519131) | 569497 | 1549032 | - |
| Total | $19628201 | $2369044 | $(11980569) | $(47093092) | $44854831 | 2156501 | 7778415 | $- |

---

\* Security is no longer an affiliated company at period end.

See accompanying Notes to Financial Statements.

**ADVISORSHARES Q DYNAMIC GROWTH ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **EXCHANGE TRADED FUNDS — 97.6%** | **EXCHANGE TRADED FUNDS — 97.6%** | **EXCHANGE TRADED FUNDS — 97.6%** |
| **Commodity Fund — 3.8%** |  |  |
| SPDR Gold Shares\* | 6267 | $1063134 |
| **Equity Fund — 93.8%** |  |  |
| Invesco QQQ Trust Series 1<sup>(a)</sup> | 39844 | 10609661 |
| iShares Core S&P Small-Cap ETF | 11619 | 1099622 |
| iShares Russell 2000 Growth ETF | 4188 | 898410 |
| iShares US Technology ETF | 65229 | 4858908 |
| Technology Select Sector SPDR Fund<sup>(a)</sup> | 67568 | 8408162 |
| Vanguard Total Stock Market ETF | 200 | 38238 |
| Total Equity Fund |  | 25913001 |
| **Total Exchange Traded Funds<br> (Cost $35,833,652)** |  | 26976135 |
| **MONEY MARKET FUND — 2.8%** | **MONEY MARKET FUND — 2.8%** | **MONEY MARKET FUND — 2.8%** |
| Fidelity Investments Money Market Government Portfolio — Class I, 3.81%<sup>(b)</sup> <br> (Cost $770,738) | 770738 | 770738 |
| **REPURCHASE AGREEMENTS — 3.5%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 3.5%<sup>(c)</sup>** | **REPURCHASE AGREEMENTS — 3.5%<sup>(c)</sup>** |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $253,980) | $249000 | 249000 |
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $253,980) | 249000 | 249000 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| Deutsche Bank Securities, Inc., dated 12/30/22, due 01/03/23, 4.29%, total to be received $226,237, (collateralized by various U.S. Government Agency Obligations, 1.50%-7.50%, 2/1/23-1/1/57, totaling $230,652) | $226129 | $226129 |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980) | 249000 | 249000 |
| **Total Repurchase Agreements<br> (Cost $973,129)** |  | 973129 |
| Total Investments — 103.9%<br> (Cost $37,577,519) |  | 28720002 |
| Liabilities in Excess of Other Assets — (3.9%) |  | (1085709) |
| **Net Assets — 100.0%** |  | $**27634293** |

---

ETF — Exchange Traded Fund

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,211,966; the aggregate market value of the collateral held by the fund is $3,287,381. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $2,314,252.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES Q DYNAMIC GROWTH ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $26976135 | $- | $- | $26976135 |
| Money Market Fund | 770738 |  |  | 770738 |
| Repurchase Agreements | - | 973129 | - | 973129 |
| Total | $27746873 | $973129 | $- | $28720002 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Commodity Fund | 3.8% |
| Equity Fund | 93.8 |
| Money Market Fund | 2.8 |
| Repurchase Agreements | 3.5 |
| Total Investments | 103.9 |
| Liabilities in Excess of Other Assets | (3.9) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **U.S. TREASURY BILLS — 48.2%** | **U.S. TREASURY BILLS — 48.2%** | **U.S. TREASURY BILLS — 48.2%** |
| U.S. Treasury Bill, 1.97%, 04/20/23<sup>(a)</sup> | 50000000 | $49348861 |
| U.S. Treasury Bill, 2.85%, 06/15/23<sup>(a)</sup> | 30000000 | 29395915 |
| **Total U.S. Treasury Bills<br> (Cost $79,321,023)** |  | 78744776 |
| **EXCHANGE TRADED FUND — 11.9%** | **EXCHANGE TRADED FUND — 11.9%** | **EXCHANGE TRADED FUND — 11.9%** |
| **Debt Fund — 11.9%** |  |  |
| AdvisorShares North Square McKee Core Reserves ETF<sup>†</sup> <br> (Cost $19,886,000) | 200000 | 19462000 |
| **MONEY MARKET FUNDS — 26.9%** | **MONEY MARKET FUNDS — 26.9%** | **MONEY MARKET FUNDS — 26.9%** |
| BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 4.03%<sup>(b)(c)</sup> | 5481951 | 5481951 |
| Fidelity Institutional Money Market Government Portfolio — Class III, 3.81%<sup>(b)</sup> | 38482246 | 38482246 |
| **Total Money Market Funds<br> (Cost $43,964,197)** |  | 43964197 |
| Total Investments Before Securities Sold, Not Yet Purchased<br> (Cost $143,171,220) |  | 142170973 |
| **Securities Sold, Not Yet Purchased — (102.9)%<sup>(d)</sup>** | **Securities Sold, Not Yet Purchased — (102.9)%<sup>(d)</sup>** | **Securities Sold, Not Yet Purchased — (102.9)%<sup>(d)</sup>** |
| **COMMON STOCKS — (102.9)%** | **COMMON STOCKS — (102.9)%** | **COMMON STOCKS — (102.9)%** |
| **Aerospace/Defense — (0.9)%** | **Aerospace/Defense — (0.9)%** | **Aerospace/Defense — (0.9)%** |
| Spirit AeroSystems Holdings, Inc., Class A | (50000) | (1480000) |
| **Agriculture — (1.3)%** |  |  |
| Adecoagro SA (Brazil) | (250000) | (2072500) |
| **Apparel — (1.4)%** |  |  |
| Carter's, Inc. | (30000) | (2238300) |
| **Auto Parts & Equipment — (1.7)%** | **Auto Parts & Equipment — (1.7)%** | **Auto Parts & Equipment — (1.7)%** |
| Goodyear Tire & Rubber Co. (The)\* | (275000) | (2791250) |
| **Banks — (9.8)%** |  |  |
| Citigroup, Inc. | (75000) | (3392250) |
| Comerica, Inc. | (65000) | (4345250) |
| Community Bank System, Inc. | (30000) | (1888500) |
| East West Bancorp, Inc. | (30000) | (1977000) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** |  |  |  |
| PNC Financial Services Group, Inc. (The) | (14000) | $| (2211160) |
| Zions Bancorp NA | (45000) |  | (2212200) |
| Total Banks |  |  | (16026360) |
| **Chemicals — (1.1)%** |  |  |  |
| Mosaic Co. (The) | (40000) |  | (1754800) |
| **Commercial Services — (3.5)%** |  |  |  |
| Moody's Corp. | (15000) |  | (4179300) |
| Nuvei Corp. (Canada)\* | (60000) |  | (1524600) |
| Total Commercial Services |  |  | (5703900) |
| **Diversified Financial Services — (11.0)%** | **Diversified Financial Services — (11.0)%** | **Diversified Financial Services — (11.0)%** | **Diversified Financial Services — (11.0)%** |
| B. Riley Financial, Inc. | (50000) |  | (1710000) |
| Coinbase Global, Inc., Class A\* | (110000) |  | (3892900) |
| Credit Acceptance Corp.\* | (9000) |  | (4269600) |
| OneMain Holdings, Inc. | (125000) |  | (4163750) |
| Tradeweb Markets, Inc., Class A | (30000) |  | (1947900) |
| Western Union Co. (The) | (150000) |  | (2065500) |
| Total Diversified Financial Services |  |  | (18049650) |
| **Entertainment — (2.6)%** |  |  |  |
| Bally's Corp.\* | (32500) |  | (629850) |
| DraftKings, Inc., Class A\* | (100000) |  | (1139000) |
| Live Nation Entertainment, Inc.\* | (35000) |  | (2440900) |
| Total Entertainment |  |  | (4209750) |
| **Home Builders — (1.4)%** |  |  |  |
| Winnebago Industries, Inc. | (45000) |  | (2371500) |
| **Home Furnishings — (1.3)%** |  |  |  |
| Whirlpool Corp. | (15000) |  | (2121900) |
| **Household Products/Wares — (1.5)%** | **Household Products/Wares — (1.5)%** | **Household Products/Wares — (1.5)%** | **Household Products/Wares — (1.5)%** |
| Church & Dwight Co., Inc. | (30000) |  | (2418300) |
| **Insurance — (0.9)%** |  |  |  |
| Trupanion, Inc.\* | (30000) |  | (1425900) |
| **Internet — (6.6)%** |  |  |  |
| DoorDash, Inc., Class A\* | (60000) |  | (2929200) |
| Robinhood Markets, Inc., Class A\* | (400000) |  | (3256000) |
| Spotify Technology SA\* | (25000) |  | (1973750) |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Internet (continued)** |  |  |
| Wayfair, Inc., Class A\* | (80000) | $(2631200) |
| Total Internet |  | (10790150) |
| **Leisure Time — (4.0)%** |  |  |
| Brunswick Corp. | (30000) | (2162400) |
| Carnival Corp.\* | (325000) | (2619500) |
| Virgin Galactic Holdings, Inc.\* | (500000) | (1740000) |
| Total Leisure Time |  | (6521900) |
| **Machinery — Diversified — (1.0)%** |  |  |
| Kornit Digital Ltd. (Israel)\* | (70000) | (1607900) |
| **Media — (3.7)%** |  |  |
| DISH Network Corp., Class A\* | (175000) | (2457000) |
| TEGNA, Inc. | (80000) | (1695200) |
| Warner Bros Discovery, Inc.\* | (200000) | (1896000) |
| Total Media |  | (6048200) |
| **Office/Business Equipment — (2.0)%** | **Office/Business Equipment — (2.0)%** |  |
| Canon, Inc. (Japan)<sup>(e)</sup> | (100000) | (2168000) |
| Xerox Holdings Corp. | (74950) | (1094270) |
| Total Office/Business Equipment |  | (3262270) |
| **Real Estate — (1.0)%** |  |  |
| Newmark Group, Inc., Class A | (200000) | (1594000) |
| **REITS — (13.9)%** |  |  |
| Acadia Realty Trust | (100000) | (1435000) |
| Boston Properties, Inc. | (30000) | (2027400) |
| Digital Realty Trust, Inc. | (40000) | (4010800) |
| First Industrial Realty Trust, Inc. | (40000) | (1930400) |
| Invitation Homes, Inc. | (100000) | (2964000) |
| Lamar Advertising Co., Class A | (20000) | (1888000) |
| NETSTREIT Corp. | (125000) | (2291250) |
| Prologis, Inc. | (20000) | (2254600) |
| Realty Income Corp. | (30000) | (1902900) |
| SL Green Realty Corp. | (60000) | (2023200) |
| Total REITS |  | (22727550) |
| **Retail — (5.7)%** |  |  |
| CarMax, Inc.\* | (110000) | (6697900) |
| Victoria's Secret & Co.\* | (75000) | (2683500) |
| Total Retail |  | (9381400) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software — (21.8)%** |  |  |
| Altair Engineering, Inc., Class A\* | (44000) | $(2000680) |
| ANSYS, Inc.\* | (11000) | (2657490) |
| Appian Corp., Class A\* | (60000) | (1953600) |
| Bill.Com Holdings, Inc.\* | (20000) | (2179200) |
| Braze, Inc., Class A\* | (95000) | (2591600) |
| CCC Intelligent Solutions Holdings, Inc.\* | (225000) | (1957500) |
| Cloudflare, Inc., Class A\* | (35000) | (1582350) |
| Confluent, Inc., Class A\* | (90000) | (2001600) |
| Global-e Online Ltd. (Israel)\* | (110000) | (2270400) |
| Monday.com Ltd.\* | (20000) | (2440000) |
| nCino, Inc.\* | (93849) | (2481368) |
| Palantir Technologies, Inc., Class A\* | (50000) | (321000) |
| Paycor HCM, Inc.\* | (60000) | (1468200) |
| Procore Technologies, Inc.\* | (50000) | (2359000) |
| Sprout Social, Inc., Class A\* | (25000) | (1411500) |
| Veeva Systems, Inc., Class A\* | (10000) | (1613800) |
| Zoom Video Communications, Inc., Class A\* | (30000) | (2032200) |
| ZoomInfo Technologies, Inc.\* | (75000) | (2258250) |
| Total Software |  | (35579738) |
| **Telecommunications — (3.4)%** |  |  |
| EchoStar Corp., Class A\* | (150000) | (2502000) |
| Telephone and Data Systems, Inc. | (300000) | (3147000) |
| Total Telecommunications |  | (5649000) |
| **Transportation — (1.4)%** |  |  |
| CH Robinson Worldwide, Inc. | (25000) | (2289000) |
| **Total Common Stocks<br> (Cost $(171723990))** |  | (168115218) |
| **Total Securities Sold, Not Yet Purchased [Proceeds Received $(171723990)]** |  | (168115218) |
| Total Investments — (15.9)% <br> (Cost $(28552770)) |  | (25944245) |
| Other Assets in Excess of Liabilities — 115.9% |  | 189376693 |
| **Net Assets — 100.0%** |  | $**163432448** |

---

ETF — Exchange Traded Fund

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

REITS — Real Estate Investment Trusts

\* Non-income producing security.

† Affiliated Company.

(a) Represents a zero coupon bond. Rate shown reflects the effective yield.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

(c) A portion of this security has been pledged as collateral for securities sold, not yet purchased.

(d) As of December 31, 2022 cash in the amount of $194,934,071 has been segregated as collateral from the broker for securities sold short.

(e) American Depositary Receipt.

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $- | $78744776 | $- | $78744776 |
| Exchange Traded Fund | 19462000 |  |  | 19462000 |
| Money Market Funds | 43964197 | - | - | 43964197 |
| Total | $63426197 | $78744776 | $- | $142170973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $(168115218) | $- | $- | $(168115218) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | (0.9)% |
| Agriculture | (1.3) |
| Apparel | (1.4) |
| Auto Parts & Equipment | (1.7) |
| Banks | (9.8) |
| Chemicals | (1.1) |
| Commercial Services | (3.5) |
| Debt Fund | 11.9 |
| Diversified Financial Services | (11.0) |
| Entertainment | (2.6) |
| Home Builders | (1.4) |
| Home Furnishings | (1.3) |
| Household Products/Wares | (1.5) |
| Insurance | (0.9) |
| Internet | (6.6) |
| Leisure Time | (4.0) |
| Machinery — Diversified | (1.0) |
| Media | (3.7) |
| Office/Business Equipment | (2.0) |
| Real Estate | (1.0) |
| REITS | (13.9) |
| Retail | (5.7) |
| Software | (21.8) |
| Sovereign | 48.2 |
| Telecommunications | (3.4) |
| Transportation | (1.4) |
| Money Market Funds | 26.9 |
| Total Investments | (15.9) |
| Other Assets in Excess of Liabilities | 115.9 |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

Affiliated holdings are funds which are managed by the Trust or an affiliate of the Trust. Transactions with affiliated companies during the period ended December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding Name** | **Value at 6/30/2022** | **Purchases/ Additions** | **Change in Unrealized Gain (Loss)** | **Number of Shares at 12/31/2022** | **Value at 12/31/2022** | **Dividend Income** |
| AdvisorShares North Square McKee Core Reserves ETF | $19476000 | $– $– $– $| (14000) | 200000 | $19462000 | $232540 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES RESTAURANT ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 94.7%** |  |  |
| **Entertainment — 6.7%** |  |  |
| RCI Hospitality Holdings, Inc. | 1648 | $153577 |
| **Retail — 88.0%** |  |  |
| Arcos Dorados Holdings, Inc., Class A (Brazil) | 32848 | 274609 |
| Bloomin' Brands, Inc. | 2418 | 48650 |
| Casey's General Stores, Inc. | 420 | 94227 |
| Cheesecake Factory, Inc. (The)<sup>(a)</sup> | 800 | 25368 |
| Chipotle Mexican Grill, Inc.\* | 92 | 127649 |
| Chuy's Holdings, Inc.\* | 3621 | 102474 |
| Cracker Barrel Old Country Store, Inc. | 500 | 47370 |
| Darden Restaurants, Inc. | 831 | 114952 |
| Dave & Buster's Entertainment, Inc.\* | 753 | 26686 |
| Denny's Corp.\* | 8314 | 76572 |
| Dine Brands Global, Inc. | 1600 | 103360 |
| Domino's Pizza, Inc. | 49 | 16974 |
| Dutch Bros, Inc., Class A\* | 3262 | 91956 |
| El Pollo Loco Holdings, Inc. | 2348 | 23386 |
| FAT Brands, Inc., Class A | 14775 | 71954 |
| Jack in the Box, Inc. | 1055 | 71983 |
| McDonald's Corp. | 116 | 30570 |
| ONE Group Hospitality, Inc. (The)\* | 7920 | 49896 |
| Papa John's International, Inc. | 462 | 38027 |
| Restaurant Brands International, Inc. (Canada)<sup>(a)</sup> | 1443 | 93319 |
| Shake Shack, Inc., Class A\* | 481 | 19976 |
| Starbucks Corp. | 221 | 21923 |
| Sweetgreen, Inc., Class A\* | 2120 | 18168 |
| Texas Roadhouse, Inc. | 1264 | 114961 |
| Wendy's Co. (The) | 2976 | 67347 |
| Wingstop, Inc. | 800 | 110096 |
| Yum! Brands, Inc. | 944 | 120908 |
| Total Retail |  | 2003361 |
| **Total Common Stocks**<br> **(Cost $2,224,416)** |  | 2156938 |
| **MONEY MARKET FUND — 7.0%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(b)</sup> <br> (Cost $160,195) | 160195 | 160195 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENT — 5.3%<sup>(c)</sup>** | **REPURCHASE AGREEMENT — 5.3%<sup>(c)</sup>** |  |
| Nomura Securities International, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $120,065, (collateralized by various U.S. Government Agency Obligations, 1.97%-9.00%, 2/1/23-7/1/60, totaling $122,408)<br> (Cost $120,008) | $120008 | $120008 |
| Total Investments — 107.0%<br> (Cost $2,504,619) |  | 2437141 |
| Liabilities in Excess of Other Assets — (7.0%) |  | (160071) |
| **Net Assets — 100.0%** |  | $**2277070** |

---

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $116,304; the aggregate market value of the collateral held by the fund is $120,008.

(b) Rate shown reflects the 7-day yield as of December 31, 2022.

(c) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES RESTAURANT ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $2156938 | $- | $- | $2156938 |
| Money Market Fund | 160195 |  |  | 160195 |
| Repurchase Agreement | - | 120008 | - | 120008 |
| Total | $2317133 | $120008 | $- | $2437141 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Entertainment | 6.7% |
| Retail | 88.0 |
| Money Market Fund | 7.0 |
| Repurchase Agreement | 5.3 |
| Total Investments | 107.0 |
| Liabilities in Excess of Other Assets | (7.0) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES STAR GLOBAL BUY-WRITE ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares/<br> Principal** | **Value** |
| **EXCHANGE TRADED FUNDS — 97.4%** | **EXCHANGE TRADED FUNDS — 97.4%** | **EXCHANGE TRADED FUNDS — 97.4%** |
| **Debt Fund — 25.5%** |  |  |
| iShares 10-20 Year Treasury Bond ETF | 10893 | $1178405 |
| iShares MBS ETF<sup>(a)</sup> | 16727 | 1551429 |
| iShares Core Total USD Bond Market ETF<sup>(a)(b)</sup> | 120622 | 5419546 |
| iShares U.S. Treasury Bond ETF<sup>(a)</sup> | 33762 | 767073 |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 31255 | 757621 |
| Total Debt Fund |  | 9674074 |
| **Equity Fund — 71.9%** |  |  |
| iShares MSCI EAFE ETF<sup>(a)</sup> | 82941 | 5444247 |
| iShares MSCI Emerging Markets ETF | 55322 | 2096704 |
| iShares MSCI USA Momentum Factor ETF | 7668 | 1118991 |
| iShares Russell 2000 ETF | 4118 | 718015 |
| iShares Russell Mid-Cap Growth ETF | 35611 | 2977080 |
| SPDR S&P 500 ETF Trust<sup>(b)</sup> | 39087 | 14948041 |
| Total Equity Fund |  | 27303078 |
| **Total Exchange Traded Funds**<br> **(Cost $40,097,925)** |  | 36977152 |
| **MONEY MARKET FUND — 2.8%** | **MONEY MARKET FUND — 2.8%** | **MONEY MARKET FUND — 2.8%** |
| BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 4.03%<sup>(c)</sup> <br> (Cost $1,055,683) | 1055683 | 1055683 |
| **REPURCHASE AGREEMENTS — 17.0%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 17.0%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 17.0%<sup>(d)</sup>** |
| BofA Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,500,866, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/1/37-5/1/58, totaling $1,530,152) | $1500149 | 1500149 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| Daiwa Capital Markets America, dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,500,866, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.00%, 8/1/23-1/1/53, totaling $1,530,152) | $1500149 | $1500149 |
| HSBC Securities USA, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $444,160, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/30/23-2/15/51, totaling $452,829) | 443950 | 443950 |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $1,500,866, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $1,530,152) | 1500149 | 1500149 |
| Truist Securities, Inc., dated 12/30/22, due 01/03/23, 4.32%, total to be received $1,500,869, (collateralized by various U.S. Government Agency Obligations, 1.50%-6.50%, 5/31/24-12/1/52, totaling $1,530,163) | 1500149 | 1500149 |
| **Total Repurchase Agreements**<br> **(Cost $6,444,546)** |  | 6444546 |
| **Total Investments Before Written Options — 117.2%**<br> (Cost $47,598,154) |  | 44477381 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES STAR GLOBAL BUY-WRITE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Notional Amount** | **Contracts** | **Value** |
| **WRITTEN CALL OPTION — (0.1)%** | **WRITTEN CALL OPTION — (0.1)%** | **WRITTEN CALL OPTION — (0.1)%** |  |
| SPDR S&P 500 ETF Trust, expiring 01/20/23, Strike Price $405.00 [Premium Received $(42147)] | $(13446000) | (332) | $(28552) |
| Total Investments — 117.1%<br> (Cost $47,556,007) |  |  | 44448829 |
| Liabilities in Excess of Other Assets — (17.1%) |  |  | (6492590) |
| **Net Assets — 100.0%** |  |  | $**37956239** |

---

ETF — Exchange Traded Fund

(a) All or a portion of
 security is on loan. The aggregate market value of the securities on loan is $7,622,309; the aggregate market value of the
 collateral held by the fund is $7,871,069. The aggregate market value of the collateral includes non-cash U.S. Treasury securities
 collateral having a value of $1,426,523.

(b) All or a portion of this security has been pledged as collateral for option contracts. The aggregate market value of the collateral was $1,615,269 as of December 31, 2022.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES STAR GLOBAL BUY-WRITE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $36977152 | $- | $- | $36977152 |
| Money Market Fund | 1055683 |  |  | 1055683 |
| Repurchase Agreements | - | 6444546 | - | 6444546 |
| Total | $38032835 | $6444546 | $- | $44477381 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Call Option | $(28552) | $- | $- | $(28552) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Debt Fund | 25.5% |
| Equity Fund | 71.9 |
| Written Call Option | (0.1) |
| Money Market Fund | 2.8 |
| Repurchase Agreements | 17.0 |
| Total Investments | 117.1 |
| Liabilities in Excess of Other Assets | (17.1) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES VICE ETF**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS — 92.3%** | **COMMON STOCKS — 92.3%** | **COMMON STOCKS — 92.3%** |
| **Agriculture — 16.7%** |  |  |
| Altria Group, Inc. | 1750 | $79993 |
| British American Tobacco PLC (United Kingdom)<sup>(a)</sup> | 8783 | 351144 |
| Imperial Brands PLC (United Kingdom)<sup>(a)</sup> | 11870 | 296750 |
| Philip Morris International, Inc. | 1064 | 107687 |
| Turning Point Brands, Inc. | 6314 | 136572 |
| Universal Corp. | 3620 | 191172 |
| Vector Group Ltd. | 19966 | 236797 |
| Total Agriculture |  | 1400115 |
| **Apparel — 3.1%** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE (France)<sup>(a)</sup> | 1827 | 264678 |
| **Beverages — 25.4%** |  |  |
| Anheuser-Busch InBev SA/NV (Belgium)<sup>(a)</sup> | 1728 | 103749 |
| Boston Beer Co., Inc. (The), Class A\*<sup>(b)</sup> | 255 | 84028 |
| Brown-Forman Corp., Class B | 2013 | 132214 |
| Constellation Brands, Inc., Class A | 967 | 224102 |
| Diageo PLC (United Kingdom)<sup>(a)(b)</sup> | 1430 | 254812 |
| Duckhorn Portfolio, Inc. (The)\* | 12328 | 204275 |
| MGP Ingredients, Inc. | 5106 | 543176 |
| Molson Coors Beverage Co., Class B | 3830 | 197322 |
| Pernod Ricard SA (France)<sup>(a)</sup> | 10016 | 393929 |
| Total Beverages |  | 2137607 |
| **Entertainment — 24.8%** |  |  |
| Caesars Entertainment, Inc.\* | 3233 | 134493 |
| Churchill Downs, Inc. | 546 | 115441 |
| Everi Holdings, Inc.\* | 5384 | 77260 |
| International Game Technology PLC | 17284 | 392001 |
| Monarch Casino & Resort, Inc.\* | 4894 | 376300 |
| Penn Entertainment, Inc.\* | 5540 | 164538 |
| RCI Hospitality Holdings, Inc. | 5524 | 514782 |
| Red Rock Resorts, Inc., Class A | 7842 | 313758 |
| Total Entertainment |  | 2088573 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares/**<br> **Principal** | **Value** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food — 2.0%** |  |  |  |
| Hershey Co. (The) | 744 | $| 172288 |
| **Lodging — 8.3%** |  |  |  |
| Boyd Gaming Corp. | 7101 |  | 387217 |
| Century Casinos, Inc.\* | 29365 |  | 206436 |
| Full House Resorts, Inc.\* | 13623 |  | 102445 |
| Total Lodging |  |  | 696098 |
| **REITS — 7.2%** |  |  |  |
| Gaming and Leisure Properties, Inc. | 6420 |  | 334418 |
| VICI Properties, Inc. | 8326 |  | 269762 |
| Total REITS |  |  | 604180 |
| **Retail — 2.4%** |  |  |  |
| Dave & Buster's Entertainment, Inc.\* | 5588 |  | 198039 |
| **Software — 2.4%** |  |  |  |
| Inspired Entertainment, Inc.\* | 10084 |  | 127764 |
| Take-Two Interactive Software, Inc.\* | 723 |  | 75286 |
| Total Software |  |  | 203050 |
| **Total Common Stocks**<br> **(Cost $7,261,023)** |  |  | 7764628 |
| **MONEY MARKET FUND — 8.1%** | **MONEY MARKET FUND — 8.1%** | **MONEY MARKET FUND — 8.1%** | **MONEY MARKET FUND — 8.1%** |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.94%<sup>(c)</sup> <br> (Cost $682,501) | 682501 |  | 682501 |
| **REPURCHASE AGREEMENTS — 4.1%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 4.1%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 4.1%<sup>(d)</sup>** | **REPURCHASE AGREEMENTS — 4.1%<sup>(d)</sup>** |
| HSBC Securities USA, Inc., dated 12/30/22, due 01/03/23, 4.25%, total to be received $93,819, (collateralized by various U.S. Government Agency Obligations, 0.00%-4.50%, 4/30/23-2/15/51, totaling $95,651) | $93775 |  | 93775 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES VICE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |  |
| RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.30%, total to be received $249,119, (collateralized by various U.S. Government Agency Obligations, 2.00%-6.00%, 9/1/24-10/20/52, totaling $253,980) | 249000 | $249000 |
| **Total Repurchase Agreements<br> (Cost $342,775)** |  | 342775 |
| Total Investments — 104.5%<br> (Cost $8,286,299) |  | 8789904 |
| Liabilities in Excess of Other Assets — (4.5%) |  | (382156) |
| **Net Assets — 100.0%** |  | $**8407748** |

---

PLC — Public Limited Company

REITS — Real Estate Investment Trusts

\* Non-income producing security.

(a) American Depositary Receipt.

(b) All or a portion of security is on loan. The aggregate market value of the securities on loan is $331,695; the aggregate market value of the collateral held by the fund is $342,775.

(c) Rate shown reflects the 7-day yield as of December 31, 2022.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

See accompanying Notes to Financial Statements.

**ADVISORSHARES VICE ETF**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

**Fair Value Measurements**

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $7764628 | $- | $- | $7764628 |
| Money Market Fund | 682501 |  |  | 682501 |
| Repurchase Agreements | - | 342775 | - | 342775 |
| Total | $8447129 | $342775 | $- | $8789904 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Agriculture | 16.7% |
| Apparel | 3.1 |
| Beverages | 25.4 |
| Entertainment | 24.8 |
| Food | 2.0 |
| Lodging | 8.3 |
| REITS | 7.2 |
| Retail | 2.4 |
| Software | 2.4 |
| Money Market Fund | 8.1 |
| Repurchase Agreements | 4.1 |
| Total Investments | 104.5 |
| Liabilities in Excess of Other Assets | (4.5) |
| Net Assets | 100.0% |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares**<br> **Alpha DNA**<br> **Equity**<br> **Sentiment ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **ADR ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **Alpha Equal**<br> **Weight ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **FSM All Cap**<br> **World ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $44590103 | $32268623 | $35952739 | $90921072 |
| Repurchase Agreements, at Cost (Note 2) | Repurchase Agreements, at Cost (Note 2) | 1266386 | 3378616 | 426303 | 38939348 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 45856489 | 35647239 | 36379042 | 129860420 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 44569119 | 33585305 | 35740030 | 86586180 |
| Repurchase Agreements, at Market Value (Note 2) | Repurchase Agreements, at Market Value (Note 2) | 1266386 | 3378616 | 426303 | 38939348 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 45835505 | 36963921 | 36166333 | 125525528 |
| Cash | Cash | 1335 |  |  |  |
| Cash collateral held at brokers | Cash collateral held at brokers | 12791 |  |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 53323 | 113112 | 22009 | 15441 |
| Reclaim Receivable | Reclaim Receivable |  | 14632 |  |  |
| Prepaid Expenses | Prepaid Expenses | 1960 | 5224 | 2017 | 4053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 45904914 | 37096889 | 36190359 | 125545022 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 1266386 | 3378616 | 426303 | 38939348 |
| Advisory Fees Payable | Advisory Fees Payable | 29825 | 21902 | 20491 | 58342 |
| Trustee Fees Payable | Trustee Fees Payable | 1152 | 1143 | 1125 | 967 |
| Due to Custodian | Due to Custodian |  |  | 2048 |  |
| Accrued Expenses | Accrued Expenses | 71592 | 94610 | 86517 | 105639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1368955 | 3496271 | 536484 | 39104296 |
| **NET ASSETS** | **NET ASSETS** | $**44535959** | $**33600618** | $**35653875** | $**86440726** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $61644140 | $86438367 | $60271992 | $109496231 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (17108181) | (52837749) | (24618117) | (23055505) |
| **NET ASSETS** | **NET ASSETS** | $**44535959** | $**33600618** | $**35653875** | $**86440726** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 1970000 | 705000 | 1850000 | 2785000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $22.61 | $47.66 | $19.27 | $31.04 |
| <sup>(a)</sup> | Market value of securities on loan | $1624042 | $3280950 | $1360872 | $37916868 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $407029 | $- | $989266 | $- |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares**<br> **Dorsey Wright**<br> **FSM US<br> Core ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **Micro-Cap ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **Short ETF** | **AdvisorShares**<br> **Drone**<br> **Technology ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $82676098 | $4444434 | $35741679 | $491659 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) |  |  | 9862980 |  |
| Repurchase Agreements, at Cost (Note 2) | Repurchase Agreements, at Cost (Note 2) | 28837648 | 106212 | - | 31592 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 111513746 | 4550646 | 45604659 | 523251 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 79059050 | 4941283 | 35741679 | 401664 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) |  |  | 9731000 |  |
| Repurchase Agreements, at Market Value (Note 2) | Repurchase Agreements, at Market Value (Note 2) | 28837648 | 106212 | - | 31592 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 107896698 | 5047495 | 45472679 | 433256 |
| Cash collateral held at brokers | Cash collateral held at brokers |  |  | 31099953 |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 14016 | 12446 | 237808 | 3385 |
| Capital Shares Receivable | Capital Shares Receivable | 335728 |  |  |  |
| Due from Investment Advisor | Due from Investment Advisor |  | 4758 |  | 4583 |
| Prepaid Organizational Fees | Prepaid Organizational Fees |  |  |  | 11801 |
| Prepaid Expenses | Prepaid Expenses | 3602 | 246 | 5433 | 3942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 108250044 | 5064945 | 76815873 | 456967 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 28837648 | 106212 |  | 31592 |
| Advisory Fees Payable | Advisory Fees Payable | 53262 |  | 25389 |  |
| Trustee Fees Payable | Trustee Fees Payable | 991 | 1252 | 1110 | 1267 |
| Securities Sold, Not Yet Purchased<sup>(c)</sup> | Securities Sold, Not Yet Purchased<sup>(c)</sup> |  |  | 36863488 |  |
| Payable for Securities Purchased | Payable for Securities Purchased | 335649 |  |  |  |
| CCO Fees Payable | CCO Fees Payable |  |  | 575 | 10 |
| Dividend Payable on Securities Sold, Not Yet Purchased | Dividend Payable on Securities Sold, Not Yet Purchased |  |  | 55482 |  |
| Accrued Expenses | Accrued Expenses | 97059 | 67936 | 99358 | 28408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 29324609 | 175400 | 37045402 | 61277 |
| **NET ASSETS** | **NET ASSETS** | $**78925435** | $**4889545** | $**39770471** | $**395690** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $84268617 | $7002241 | $121510377 | $493250 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (5343182) | (2112696) | (81739906) | (97560) |
| **NET ASSETS** | **NET ASSETS** | $**78925435** | $**4889545** | $**39770471** | $**395690** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 2365000 | 150000 | 3995000 | 20000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $33.37 | $32.60 | $9.96 | $19.78 |
| <sup>(a)</sup> | Market value of securities on loan | $28046883 | $157350 | $- | $30673 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $- | $56041 | $- | $- |
| <sup>(c)</sup> | Proceeds Received from Securities Sold, Not Yet Purchased | $- | $- | $49877148 | $- |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares**<br> **Focused**<br> **Equity ETF** | **AdvisorShares**<br> **Gerber**<br> **Kawasaki ETF** | **AdvisorShares**<br> **Hotel ETF** | **AdvisorShares<br> Insider**<br> **Advantage ETF<sup>(1)</sup>**  |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $28673651 | $19170427 | $4466964 | $39411912 |
| Repurchase Agreements, at Cost (Note 2) | Repurchase Agreements, at Cost (Note 2) | - | 296724 | - | 382941 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 28673651 | 19467151 | 4466964 | 39794853 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 32354786 | 14200878 | 4720445 | 39345618 |
| Repurchase Agreements, at Market Value (Note 2) | Repurchase Agreements, at Market Value (Note 2) | - | 296724 | - | 382941 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 32354786 | 14497602 | 4720445 | 39728559 |
| Cash | Cash |  |  |  | 51011 |
| Cash collateral held at brokers | Cash collateral held at brokers | 2398 |  |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 16808 | 27153 | 11933 | 80128 |
| Receivable from Securities Sold | Receivable from Securities Sold | 1854363 | 308231 |  | 854945 |
| Reclaim Receivable | Reclaim Receivable |  |  |  | 8200 |
| Due from Investment Advisor | Due from Investment Advisor |  |  | 3758 |  |
| Prepaid Expenses | Prepaid Expenses | 1659 | 25239 | - | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 34230014 | 14858225 | 4736136 | 40727851 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> |  | 296724 |  | 382941 |
| Advisory Fees Payable | Advisory Fees Payable | 12270 | 1006 |  | 21785 |
| Trustee Fees Payable | Trustee Fees Payable | 1234 | 1218 | 1252 | 1095 |
| Payable for Securities Purchased | Payable for Securities Purchased | 66748 | 287290 |  |  |
| Capital Shares Payable | Capital Shares Payable |  |  |  | 858926 |
| CCO Fees Payable | CCO Fees Payable |  |  | 93 |  |
| Due to Custodian | Due to Custodian | 1646789 |  |  |  |
| Due to Broker | Due to Broker | 1771 |  |  |  |
| Accrued Expenses | Accrued Expenses | 73647 | 71406 | 45283 | 74262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1802459 | 657644 | 46628 | 1339009 |
| **NET ASSETS** | **NET ASSETS** | $**32427555** | $**14200581** | $**4689508** | $**39388842** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $27720493 | $25271133 | $5914313 | $61637180 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | 4707062 | (11070552) | (1224805) | (22248338) |
| **NET ASSETS** | **NET ASSETS** | $**32427555** | $**14200581** | $**4689508** | $**39388842** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 685000 | 950000 | 205000 | 460000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $47.34 | $14.95 | $22.88 | $85.63 |
| <sup>(a)</sup> | Market value of securities on loan | $- | $279364 | $- | $958028 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $- | $- | $- | $607208 |

---

(1) Formerly known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares**<br> **Let Bob AI**<br> **Powered**<br> **Momentum ETF** | **AdvisorShares**<br> **Managed**<br> **Bitcoin<br> Strategy ETF** | **AdvisorShares<br> MSOS 2X<br> Daily ETF** | **AdvisorShares<br> Newfleet<br> Multi-Sector<br> Income ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $25771436 | $179971 | $3972677 | $25194921 |
| Repurchase Agreements, at Cost (Note 2) | Repurchase Agreements, at Cost (Note 2) | - | 38882 | - | 334 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 25771436 | 218853 | 3972677 | 25195255 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 25771436 | 161453 | 3972677 | 23529910 |
| Repurchase Agreements, at Market Value (Note 2) | Repurchase Agreements, at Market Value (Note 2) | - | 38882 | - | 334 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 25771436 | 200335 | 3972677 | 23530244 |
| Cash | Cash |  |  |  | 25120 |
| Cash collateral held at brokers | Cash collateral held at brokers |  |  |  | 6838 |
| Unrealized Appreciation on OTC Swap Contracts | Unrealized Appreciation on OTC Swap Contracts |  |  | 361406 |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 80935 | 537 | 27643 | 86154 |
| Receivable from Securities Sold | Receivable from Securities Sold |  |  |  | 87476 |
| Due from Investment Advisor | Due from Investment Advisor |  | 11882 | 5565 |  |
| Prepaid CCO Fees | Prepaid CCO Fees | 118 |  |  |  |
| Prepaid Organizational Fees | Prepaid Organizational Fees | 3754 | 34898 | 19150 |  |
| Prepaid Expenses | Prepaid Expenses | 2294 | 259 | 36660 | 13902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 25858537 | 247911 | 4423101 | 23749734 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> |  | 38882 |  | 334 |
| Advisory Fees Payable | Advisory Fees Payable | 14235 |  |  | 154 |
| Trustee Fees Payable | Trustee Fees Payable | 899 | 1267 | 801 | 1150 |
| Payable for Securities Purchased | Payable for Securities Purchased |  |  |  | 38850 |
| CCO Fees Payable | CCO Fees Payable |  | 18 | 895 |  |
| Accrued Expenses | Accrued Expenses | 37599 | 24924 | 19144 | 101624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 52733 | 65091 | 20840 | 142112 |
| **NET ASSETS** | **NET ASSETS** | $**25805804** | $**182820** | $**4402261** | $**23607622** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $28221528 | $342607 | $12731852 | $38357160 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (2415724) | (159787) | (8329591) | (14749538) |
| **NET ASSETS** | **NET ASSETS** | $**25805804** | $**182820** | $**4402261** | $**23607622** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 1140000 | 15000 | 735000 | 530000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $22.64 | $12.19 | $5.99 | $44.54 |
| <sup>(a)</sup> | Market value of securities on loan | $- | $37548 | $- | $622119 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $- | $- | $- | $641989 |

---

(a) Market value of securities on loan

(b) Non-cash collateral for securities on loan

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares<br> North Square<br> McKee Core<br> Reserves ETF** | **AdvisorShares<br> Poseidon<br> Dynamic**<br> **Cannabis ETF** | **AdvisorShares Psychedelics ETF** | **AdvisorShares**<br> **Pure Cannabis ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $31876169 | $5033981 | $13040774 | $93847794 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) |  |  |  | 102611940 |
| Repurchase Agreements, at Cost (Note 2) | Repurchase Agreements, at Cost (Note 2) | 4000 | 62599 | - | 5794576 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 31880169 | 5096580 | 13040774 | 202254310 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 31522575 | 4983174 | 5681305 | 26869346 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) |  |  |  | 20632488 |
| Repurchase Agreements, at Market Value (Note 2) | Repurchase Agreements, at Market Value (Note 2) | 4000 | 62599 | - | 5794576 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 31526575 | 5045773 | 5681305 | 53296410 |
| Cash | Cash |  |  | 536720 |  |
| Foreign currency<sup>(b)</sup> | Foreign currency<sup>(b)</sup> |  |  |  | 198985 |
| Unrealized Appreciation on OTC Swap Contracts | Unrealized Appreciation on OTC Swap Contracts |  | 188193 |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 182928 | 15464 | 4533 | 81197 |
| Receivable from Securities Sold | Receivable from Securities Sold |  |  | 226984 |  |
| Due from Investment Advisor | Due from Investment Advisor | 2861 | 4048 | 9971 |  |
| OTC Swaps Contracts | OTC Swaps Contracts |  |  | 176645 | 25850701 |
| Prepaid Organizational Fees | Prepaid Organizational Fees |  | 20288 |  |  |
| Prepaid Expenses | Prepaid Expenses | 1223 | 19504 | 53898 | 64106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 31713587 | 5293270 | 6690056 | 79491399 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Unrealized Depreciation on OTC Swap Contracts | Unrealized Depreciation on OTC Swap Contracts |  | 299 | 102451 | 24006401 |
| Cash collateral for securities on loan<sup>(c)</sup> | Cash collateral for securities on loan<sup>(c)</sup> | 4000 | 62599 | 536720 | 5794576 |
| Advisory Fees Payable | Advisory Fees Payable |  |  |  | 1113 |
| Trustee Fees Payable | Trustee Fees Payable | 1153 | 1254 | 1240 | 758 |
| CCO Fees Payable | CCO Fees Payable |  | 184 | 424 |  |
| Due to Broker | Due to Broker |  | 1923867 |  |  |
| Accrued Expenses | Accrued Expenses | 80066 | 49606 | 41716 | 68729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 85219 | 2037809 | 682551 | 29871577 |
| **NET ASSETS** | **NET ASSETS** | $**31628368** | $**3255461** | $**6007505** | $**49619822** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $33057859 | $14121351 | $17371393 | $314538581 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (1429491) | (10865890) | (11363888) | (264918759) |
| **NET ASSETS** | **NET ASSETS** | $**31628368** | $**3255461** | $**6007505** | $**49619822** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 325000 | 2125000 | 3230000 | 13685000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $97.32 | $1.53 | $1.86 | $3.63 |
| <sup>(a)</sup> | Market value of securities on loan | $671214 | $61768 | $384796 | $5283700 |
| <sup>(b)</sup> | Foreign currency at cost | $- | $- | $- | $198146 |
| <sup>(c)</sup> | Non-cash collateral for securities on loan | $688970 | $- | $- | $- |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AdvisorShares**<br> **Pure US<br> Cannabis ETF** | **AdvisorShares Q Dynamic<br> Growth ETF** | **AdvisorShares**<br> **Ranger Equity<br> Bear ETF** | **AdvisorShares**<br> **Restaurant<br> ETF** |
| **ASSETS** | **ASSETS** |  |  |  |  |
| Investments, at Cost | Investments, at Cost | $328266009 | $36604390 | $123285220 | $2384611 |
| Investments in Affiliates, at Cost (Note 8) | Investments in Affiliates, at Cost (Note 8) | 17612674 |  | 19886000 |  |
| Repurchase Agreements, at Cost (Note 2) | Repurchase Agreements, at Cost (Note 2) | 200123 | 973129 | - | 120008 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 346078806 | 37577519 | 143171220 | 2504619 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 272335789 | 27746873 | 122708973 | 2317133 |
| Investments in Affiliates, at Market Value (Note 8) | Investments in Affiliates, at Market Value (Note 8) | 2645398 |  | 19462000 |  |
| Repurchase Agreements, at Market Value (Note 2) | Repurchase Agreements, at Market Value (Note 2) | 200123 | 973129 | - | 120008 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 275181310 | 28720002 | 142170973 | 2437141 |
| Cash collateral held at brokers | Cash collateral held at brokers | 143260000 |  | 194934071 |  |
| Unrealized Appreciation on OTC Swap Contracts | Unrealized Appreciation on OTC Swap Contracts | 20889167 |  |  |  |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 1546566 | 2852 | 571514 | 2279 |
| Receivable from Securities Sold | Receivable from Securities Sold | 3682543 | 1130755 | 1791335 |  |
| Capital Shares Receivable | Capital Shares Receivable |  |  | 2158331 |  |
| Reclaim Receivable | Reclaim Receivable |  |  |  | 78 |
| Due from Investment Advisor | Due from Investment Advisor |  |  |  | 5316 |
| Prepaid CCO Fees | Prepaid CCO Fees | 6735 |  | 1846 |  |
| OTC Swaps Contracts | OTC Swaps Contracts | 515369920 |  |  |  |
| Prepaid Expenses | Prepaid Expenses | 388314 | 3432 | 17748 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 960324555 | 29857041 | 341645818 | 2444814 |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |
| Unrealized Depreciation on OTC Swap Contracts | Unrealized Depreciation on OTC Swap Contracts | 429804734 |  |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 200123 | 973129 |  | 120008 |
| Advisory Fees Payable | Advisory Fees Payable | 304186 | 23299 | 190730 |  |
| Trustee Fees Payable | Trustee Fees Payable |  | 1154 | 781 | 1383 |
| Securities Sold, Not Yet Purchased<sup>(c)</sup> | Securities Sold, Not Yet Purchased<sup>(c)</sup> |  |  | 168115218 |  |
| Payable for Securities Purchased | Payable for Securities Purchased | 13077 |  | 9622579 |  |
| Capital Shares Payable | Capital Shares Payable | 13634804 | 1164588 |  |  |
| CCO Fees Payable | CCO Fees Payable |  | 295 |  |  |
| Due to Custodian | Due to Custodian | 5675205 |  |  |  |
| Due to Custodian - Foreign Currency | Due to Custodian - Foreign Currency | 28 |  |  |  |
| Due to Broker | Due to Broker | 65096601 |  |  |  |
| Dividend Payable on Securities Sold, Not Yet Purchased | Dividend Payable on Securities Sold, Not Yet Purchased |  |  | 191388 |  |
| Accrued Expenses | Accrued Expenses | 716342 | 60283 | 92674 | 46353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 515445100 | 2222748 | 178213370 | 167744 |
| **NET ASSETS** | **NET ASSETS** | $**444879455** | $**27634293** | $**163432448** | $**2277070** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $1958720088 | $43950024 | $516680004 | $3464181 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (1513840633) | (16315731) | (353247556) | (1187111) |
| **NET ASSETS** | **NET ASSETS** | $**444879455** | $**27634293** | $**163432448** | $**2277070** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 62965000 | 1305000 | 5677500 | 125000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $7.07 | $21.18 | $28.79 | $18.22 |
| <sup>(a)</sup> | Market value of securities on loan | $183840 | $3211966 | $- | $116304 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $- | $2314252 | $- | $- |
| <sup>(c)</sup> | Proceeds Received from Securities Sold, Not Yet Purchased | $- | $- | $171723990 | $- |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **AdvisorShares**<br> **STAR Global**<br> **Buy-Write ETF** | **AdvisorShares**<br> **Vice ETF** |
| **ASSETS** | **ASSETS** |  |  |
| Investments, at Cost | Investments, at Cost | $41153608 | $7943524 |
| Repurchase Agreements, at Cost (Note 2) | Repurchase Agreements, at Cost (Note 2) | 6444546 | 342775 |
| &nbsp;&nbsp;&nbsp;Total Cost of Investments | &nbsp;&nbsp;&nbsp;Total Cost of Investments | 47598154 | 8286299 |
| Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | Investments, at Market Value (including securities on loan) (Note 2)<sup>(a)</sup> | 38032835 | 8447129 |
| Repurchase Agreements, at Market Value (Note 2) | Repurchase Agreements, at Market Value (Note 2) | 6444546 | 342775 |
| &nbsp;&nbsp;&nbsp;Total Market Value of Investments | &nbsp;&nbsp;&nbsp;Total Market Value of Investments | 44477381 | 8789904 |
| Dividends and Interest Receivable | Dividends and Interest Receivable | 75804 | 24130 |
| Reclaim Receivable | Reclaim Receivable |  | 424 |
| Due from Investment Advisor | Due from Investment Advisor |  | 2299 |
| Prepaid Expenses | Prepaid Expenses | 10163 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 44563348 | 8817873 |
| **LIABILITIES** | **LIABILITIES** |  |  |
| Cash collateral for securities on loan<sup>(b)</sup> | Cash collateral for securities on loan<sup>(b)</sup> | 6444546 | 342775 |
| Advisory Fees Payable | Advisory Fees Payable | 48314 |  |
| Trustee Fees Payable | Trustee Fees Payable | 1137 | 1237 |
| Options Written, at value<sup>(c)</sup> | Options Written, at value<sup>(c)</sup> | 28552 |  |
| Due to Broker | Due to Broker | 15780 |  |
| Accrued Expenses | Accrued Expenses | 68780 | 66113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 6607109 | 410125 |
| **NET ASSETS** | **NET ASSETS** | $**37956239** | $**8407748** |
| **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |  |
| Capital Stock at Zero Par Value | Capital Stock at Zero Par Value | $42494182 | $9239342 |
| Total Distributable Earnings/Accumulated (Loss) | Total Distributable Earnings/Accumulated (Loss) | (4537943) | (831594) |
| **NET ASSETS** | **NET ASSETS** | $**37956239** | $**8407748** |
| **SHARES ISSUED AND OUTSTANDING** | **SHARES ISSUED AND OUTSTANDING** |  |  |
| Shares Outstanding (Unlimited Shares Authorized) | Shares Outstanding (Unlimited Shares Authorized) | 1110000 | 315000 |
| Net Asset Value (NAV) Per Share | Net Asset Value (NAV) Per Share | $34.19 | $26.69 |
| <sup>(a)</sup> | Market value of securities on loan | $7622309 | $331695 |
| <sup>(b)</sup> | Non-cash collateral for securities on loan | $1426523 | $- |
| <sup>(c)</sup> | Premiums received for options written | $42147 | $- |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares**<br> **Alpha DNA**<br> **Equity**<br> **Sentiment ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **ADR ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **Alpha Equal**<br> **Weight ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **FSM All Cap**<br> **World ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $441486 | $937160 | $491789 | $1064209 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net) (Note 2) | 6866 | 51955 | 1243 | 52239 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (718) | (54239) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 447634 | 934876 | 493032 | 1116448 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 192480 | 147023 | 158466 | 333437 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 22379 | 43591 | 37483 | 37586 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 16242 | 15168 | 15010 | 21399 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 3355 | 4217 | 4242 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 7543 | 2420 | 4334 | 4255 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders | 9120 | 7511 | 6986 | 15300 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 2821 | 2773 | 2777 | 3085 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 2980 | 2464 | 2426 | 5045 |
| &nbsp;&nbsp;&nbsp;Pricing Fees |  |  | 2017 | 1881 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1899 | 1471 | 1585 | 3336 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 1029 | 812 | 849 | 1771 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 1049 | 2107 | 802 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 261827 | 228695 | 236952 | 433002 |
| Advisory Fees<br> Waived/Recoupment |  | (13061) | (27776) | 7137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 261827 | 215634 | 209176 | 440139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 185807 | 719242 | 283856 | 676309 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2560274) | (3410801) | (4701173) | (641365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 815376 | 47545 | 43920 | (95691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (60) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6042600 | 2800798 | 1550211 | 2347338 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 4297642 | (562458) | (3107042) | 1610282 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4483449 | $156784 | $(2823186) | $2286591 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares**<br> **Dorsey Wright**<br> **FSM US<br> Core ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **Micro-Cap ETF** | **AdvisorShares**<br> **Dorsey Wright**<br> **Short ETF** | **AdvisorShares**<br> **Drone**<br> **Technology**<br> **ETF<sup>(1)</sup>**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $780546 | $83480 | $571799 | $1632 |
| &nbsp;&nbsp;&nbsp;Dividend Income from Affiliates |  |  | 116270 |  |
| &nbsp;&nbsp;&nbsp;Interest Income |  |  | 486510 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net) (Note 2) | 60793 | 4288 |  | 16606 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | - | (242) | - | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 841339 | 87526 | 1174579 | 18230 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 302255 | 24034 | 171921 | 1418 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 36316 | 38057 | 36317 | 6243 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 20815 | 10872 | 11802 | 9885 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4186 | 3976 | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 3851 | 2030 | 2751 | 840 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders | 14082 | 1713 | 8103 | 110 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 3043 | 2525 | 2770 | 2476 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 4558 | 441 | 1546 | 26 |
| &nbsp;&nbsp;&nbsp;Pricing Fees | 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 3023 | 240 | 1719 | 17 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 1556 | 101 | 793 | 7 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 3 | 11 | 311 | 533 |
| &nbsp;&nbsp;&nbsp;Organizational Fees |  |  |  | 2383 |
| &nbsp;&nbsp;&nbsp;Dividend Expense |  |  | 295197 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 1618 | 280 | 653 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 397327 | 84280 | 538168 | 28563 |
| Advisory Fees<br> Waived/Recoupment | 4141 | (24034) | 18524 | (1418) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement | (2492) | (20189) | - | (24952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 398976 | 40057 | 556692 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 442363 | 47469 | 617887 | 16037 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (18648) | (688083) | (911) | (7068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | (63887) | 124870 |  | (1412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  | (5855731) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3440312 | 817626 |  | (13039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  |  | (7000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales | - | - | 1317142 | - |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 3357777 | 254413 | (4546500) | (21519) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3800140 | $301882 | $(3928613) | $(5482) |

---

(1) Represents
 the period April 27, 2022 (commencement of operations) to December 31, 2022.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares**<br> **Focused<br> Equity ETF** | **AdvisorShares**<br> **Gerber**<br> **Kawasaki ETF** | **AdvisorShares**<br> **Hotel ETF** | **AdvisorShares**<br> **Insider**<br> **Advantage ETF<sup>(1)</sup>**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $192844 | $142595 | $42891 | $604280 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net) (Note 2) | 137 | 65627 | 666 | 3184 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | - | (15243) | - | (691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 192981 | 192979 | 43557 | 606773 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 126231 | 60488 | 16704 | 168347 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 38343 | 17603 | 18121 | 36932 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 13687 | 12149 | 10592 | 16535 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 4285 | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2241 | 2441 | 1259 | 2921 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders | 5972 | 3485 | 1117 | 9396 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 2648 | 2590 | 2514 | 2803 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 1605 | 902 | 276 | 2637 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1131 | 605 | 209 | 1804 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 548 | 218 | 67 | 1197 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 48 | 533 |  | 64 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 394 | 462 | 386 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 197133 | 105761 | 55530 | 247848 |
| Advisory Fees<br> Waived/Recoupment |  | (45273) | (16704) | (31402) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement | (71236) | - | (11264) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 125897 | 60488 | 27562 | 216446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 67084 | 132491 | 15995 | 390327 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (490560) | (2232495) | (1074921) | (4509465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 2011461 | 92914 | 15601 | 6304662 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1836193 | 981365 | 1828261 | (1332664) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 3357094 | (1158216) | 768941 | 462533 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3424178 | $(1025725) | $784936 | $852860 |

---

(1) Formerly
 known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares**<br> **Let Bob AI**<br> **Powered**<br> **Momentum ETF** | **AdvisorShares**<br> **Managed**<br> **Bitcoin**<br> **Strategy ETF** | **AdvisorShares**<br> **MSOS 2X<br> Daily ETF<sup>(1)</sup>**  | **AdvisorShares**<br> **Newfleet<br> Multi-Sector**<br> **Income ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $322607 | $931 | $50037 | $- |
| &nbsp;&nbsp;&nbsp;Interest Income |  |  |  | 834580 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net) (Note 2) | 26 | 518 | - | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 322633 | 1449 | 50037 | 835166 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 89183 | 1177 | 11418 | 138087 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 9764 | 6369 | 6431 | 55153 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 12913 | 9915 | 14002 | 22918 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4482 | 4285 | 3530 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2544 | 847 | 1186 | 5750 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders | 3760 | 119 | 2076 | 14197 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 2358 | 2476 | 2027 | 3067 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 1157 | 33 | 993 | 4583 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 956 | 10 | 104 | 2071 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 275 | 11 | 743 | 1630 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 533 | 533 | 533 |  |
| &nbsp;&nbsp;&nbsp;Organizational Fees | 7562 | 45371 | 12466 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 576 | 224 | 207 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 136063 | 71370 | 55716 | 253170 |
| Advisory Fees<br> Waived/Recoupment | (9933) | (1177) | (11418) | (46039) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement | - | (68244) | (31538) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 126130 | 1949 | 12760 | 207131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 196503 | (500) | 37277 | 628035 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (786248) | (85457) |  | (4454035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions |  | 29284 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | (8728274) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 90393 | 116812 |  | 3523598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | - | - | 361406 | - |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (695855) | 60639 | (8366868) | (930437) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(499352) | $60139 | $(8329591) | $(302402) |

---

(1) Represents
 the period August 24, 2022 (commencement of operations) to December 31, 2022.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Statements of Operations**

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares**<br> **North Square**<br> **McKee Core**<br> **Reserves ETF** | **AdvisorShares**<br> **Poseidon**<br> **Dynamic**<br> **Cannabis ETF<sup>(1)</sup>**  | **AdvisorShares Psychedelics ETF<sup>(2)</sup>**  | **AdvisorShares**<br> **Pure Cannabis**<br> **ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $23014 | $55859 | $5462 | $165141 |
| &nbsp;&nbsp;&nbsp;Non-cash dividends |  |  | 140815 |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 410111 |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net) (Note 2) | 938 | 2561 | 39943 | 237966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 434063 | 58420 | 186220 | 403107 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 50541 | 19604 | 22622 | 208551 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 40231 | 10157 | 13725 | 36713 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 14160 | 18584 | 38130 | 19667 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 4285 | 4285 | 4119 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2345 | 1380 | 1844 | 4580 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders | 6328 | 789 | 3866 | 24684 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 2718 | 2508 | 2511 | 2971 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 1869 | 236 | 828 | 4335 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1264 | 184 | 283 | 2607 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 991 | 74 | 67 | 1768 |
| &nbsp;&nbsp;&nbsp;Registration Fees |  | 533 | 533 |  |
| &nbsp;&nbsp;&nbsp;Organizational Fees |  | 5631 | 6164 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 673 | 555 | 359 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 125405 | 64520 | 95217 | 311511 |
| Advisory Fees<br> Waived/Recoupment | (50541) | (19604) | (22622) | (130736) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement | (15900) | (20656) | (35270) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 58964 | 24260 | 37325 | 180775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 375099 | 34160 | 148895 | 222332 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (35988) | (309141) | (1952820) | (22020831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  |  |  | (11883875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | (1985666) | (460147) | (65702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  |  |  | (14336) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5229 | 85325 | (838559) | 13988894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates |  |  |  | (695967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | 199456 | 390703 | (2183527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | - | - | - | 1714 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (30759) | (2010026) | (2860823) | (22873630) |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $344340 | $(1975866) | $(2711928) | $(22651298) |

---

(1) Represents
 the period November 17, 2021 (commencement of operations) to December 31, 2022.

(2) Represents
 the period September 16, 2021 (commencement of operations) to December 31, 2022.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Operations**

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Pure US Cannabis ETF** | **AdvisorShares Q Dynamic Growth ETF** | **AdvisorShares Ranger Equity Bear ETF** | **AdvisorShares<br> Restaurant ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $5719318 | $163093 | $428678 | $28679 |
| &nbsp;&nbsp;&nbsp;Dividend Income from Affiliates |  |  | 232540 |  |
| &nbsp;&nbsp;&nbsp;Interest Income |  |  | 2505127 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net) (Note 2) | 4448 | 9193 |  | 7652 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | - | - | - | (312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 5723766 | 172286 | 3166345 | 36019 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 1921291 | 161506 | 1137561 | 8097 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 173826 | 22451 | 37523 | 18043 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 98943 | 15450 | 29852 | 10096 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 4285 | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 27846 | 2533 | 7284 | 965 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders | 129583 | 8549 | 30856 | 367 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 6487 | 2780 | 3553 | 2445 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 35005 | 2377 | 7822 | 149 |
| &nbsp;&nbsp;&nbsp;Pricing Fees |  |  | 2010 |  |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 24019 | 1346 | 5688 | 101 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 12031 | 864 | 2761 | 34 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 15872 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Expense |  |  | 939160 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 10581 | 996 | 3684 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 2459769 | 223137 | 2212039 | 44927 |
| Advisory Fees <br> Waived/Recoupment | (90182) | 3158 |  | (8097) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement | - | - | - | (23470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 2369587 | 226295 | 2212039 | 13360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 3354179 | (54009) | 954306 | 22659 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (41914916) | (376228) | (7) | (241600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | (47007593) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | (76863) | (1753018) |  | (19702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions in Affiliates | (85499) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (231443035) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  | (12221759) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 25764101 | 1392751 | (402976) | 481320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliates | 53661100 |  | (14000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales |  |  | (6947806) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (21612965) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translations | (1) | - | - | - |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain <br> (Loss)** | (262715670) | (736495) | (19586548) | 220018 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(259361491) | $(790504) | $(18632242) | $242677 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Operations**

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **AdvisorShares<br> STAR Global Buy-Write ETF** | **AdvisorShares<br> Vice ETF** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $417212 | $109587 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net) (Note 2) | 8171 | 812 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | - | (1389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 425383 | 109010 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory Fees | 212955 | 27038 |
| &nbsp;&nbsp;&nbsp;Accounting & Administration Fees | 37015 | 36827 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 15525 | 10724 |
| &nbsp;&nbsp;&nbsp;Exchange Listing Fees | 4285 | 4285 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2607 | 1429 |
| &nbsp;&nbsp;&nbsp;Report to Shareholders | 8274 | 2120 |
| &nbsp;&nbsp;&nbsp;Trustee Fees | 2736 | 2534 |
| &nbsp;&nbsp;&nbsp;CCO Fees | 2089 | 480 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1451 | 338 |
| &nbsp;&nbsp;&nbsp;Insurance Fees | 700 | 169 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 510 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous Fees | 769 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 288916 | 86162 |
| Advisory Fees <br> Waived/Recoupment | 67855 | (27038) |
| &nbsp;&nbsp;&nbsp;Expense Reimbursement | - | (14511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 356771 | 44613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 68612 | 64397 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (923706) | (884665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions |  | 108106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (62774) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1183172 | 1284840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (14554) | - |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 182138 | 508281 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $250750 | $572678 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Alpha DNA Equity Sentiment ETF** | **AdvisorShares Alpha DNA Equity Sentiment ETF** | **AdvisorShares Dorsey Wright ADR ETF** | **AdvisorShares Dorsey Wright ADR ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $185807 | $(39604) | $719242 | $1811453 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1744958) | (9674922) | (3363256) | 1889719 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 6042600 | (8507113) | 2800798 | (20545915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 4483449 | (18221639) | 156784 | (16844743) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | - | - | (752726) | (1200067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | - | - | (752726) | (1200067) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 40215570 |  |  |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (10520822) | (41327340) | (7741260) | (28853838) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (10520822) | (1111770) | (7741260) | (28853838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (6037373) | (19333409) | (8337202) | (46898648) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 50573332 | 69906741 | 41937820 | 88836468 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $44535959 | $50573332 | $33600618 | $41937820 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2430000 | 2535000 | 865000 | 1335000 |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 1445000 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (460000) | (1550000) | (160000) | (470000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 1970000 | 2430000 | 705000 | 865000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Dorsey Wright**<br> **Alpha Equal Weight ETF** | **AdvisorShares Dorsey Wright**<br> **Alpha Equal Weight ETF** | **AdvisorShares Dorsey Wright**<br> **FSM All Cap World ETF** | **AdvisorShares Dorsey Wright**<br> **FSM All Cap World ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $283856 | $(19193) | $676309 | $20265 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (4657253) | (15107867) | (737056) | (17005868) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1550211 | (2397719) | 2347338 | (2715526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (2823186) | (17524779) | 2286591 | (19701129) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (236127) | (1162299) | (459135) | (2192696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (236127) | (1162299) | (459135) | (2192696) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 2148220 | 68469951 | 10791964 | 86954010 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (6131940) | (86479636) | (10355370) | (136556384) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (3983720) | (18009685) | 436594 | (49602374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (7043033) | (36696763) | 2264050 | (71496199) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 42696908 | 79393671 | 84176676 | 155672875 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $35653875 | $42696908 | $86440726 | $84176676 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2060000 | 2850000 | 2775000 | 4250000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 100000 | 2440000 | 345000 | 2270000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (310000) | (3230000) | (335000) | (3745000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 1850000 | 2060000 | 2785000 | 2775000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Dorsey Wright FSM US Core ETF** | **AdvisorShares Dorsey Wright FSM US Core ETF** | **AdvisorShares Dorsey Wright Micro-Cap ETF** | **AdvisorShares Dorsey Wright Micro-Cap ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $442363 | $267581 | $47469 | $40920 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (82535) | 7670452 | (563213) | 194942 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 3440312 | (21632697) | 817626 | (2235824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 3800140 | (13694664) | 301882 | (1999962) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (703470) | (367102) | (38413) | (38855) |
| &nbsp;&nbsp;&nbsp;Distributions – Return of capital | - | - | - | (9609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (703470) | (367102) | (38413) | (48464) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 844149 | 48884270 | 167011 | 6397157 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (4778912) | (48707954) | (2916479) | (5872501) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (3934763) | 176316 | (2749468) | 524656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (838093) | (13885450) | (2485999) | (1523770) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 79763528 | 93648978 | 7375544 | 8899314 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $78925435 | $79763528 | $4889545 | $7375544 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2480000 | 2525000 | 245000 | 235000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 25000 | 1355000 | 5000 | 170000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (140000) | (1400000) | (100000) | (160000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 2365000 | 2480000 | 150000 | 245000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Dorsey Wright Short ETF** | **AdvisorShares Dorsey Wright Short ETF** | **AdvisorShares Drone Technology ETF** | **AdvisorShares Drone Technology ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> April 27,<br> 2022\* to<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $617887 | $(731788) | $16037 | $1849 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (5856642) | (4319311) | (8480) | 1025 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1310142 | 11883100 | (13039) | (76956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (3928613) | 6832001 | (5482) | (74082) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | - | - | (17996) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | - | - | (17996) | - |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 36929730 | 31836759 | 113327 | 625000 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (40229905) | (16833886) | (245077) | - |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (3300175) | 15002873 | (131750) | 625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (7228788) | 21834874 | (155228) | 550918 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 46999259 | 25164385 | 550918 | - |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $39770471 | $46999259 | $395690 | $550918 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 4480000 | 2930000 | 25000 |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3775000 | 3390000 | 5000 | 25000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (4260000) | (1840000) | (10000) | - |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 3995000 | 4480000 | 20000 | 25000 |

---

\* Commencement of operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Focused<br> Equity ETF** | **AdvisorShares Focused<br> Equity ETF** | **AdvisorShares Gerber<br> Kawasaki ETF** | **AdvisorShares Gerber<br> Kawasaki ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> Period<br> July 2,<br> 2021\* to<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $67084 | $112077 | $132491 | $54600 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1520901 | 3192990 | (2139581) | (3952421) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1836193 | (6401532) | 981365 | (5950914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 3424178 | (3096465) | (1025725) | (9848735) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (155922) | (52120) | (185487) | (9594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (155922) | (52120) | (185487) | (9594) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 8035330 | 11183176 | 2189432 | 28966567 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (6973992) | (8857828) | (2623866) | (3262011) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 1061338 | 2325348 | (434434) | 25704556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 4329594 | (823237) | (1645646) | 15846227 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 28097961 | 28921198 | 15846227 | - |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $32427555 | $28097961 | $14200581 | $15846227 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 665000 | 620000 | 970000 |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 170000 | 215000 | 125000 | 1125000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (150000) | (170000) | (145000) | (155000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 685000 | 665000 | 950000 | 970000 |

---

\* Commencement of operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

<br> **Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares<br> Hotel ETF** | **AdvisorShares<br> Hotel ETF** | **AdvisorShares <br> Insider Advantage ETF<sup>(1)</sup>**  | **AdvisorShares <br> Insider Advantage ETF<sup>(1)</sup>**  |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $15995 | $(6108) | $390327 | $553143 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1059320) | 23624 | 1795197 | 5815533 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1828261 | (1292991) | (1332664) | (10804313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 784936 | (1275475) | 852860 | (4435637) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (9873) | (32154) | (693692) | (520610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (9873) | (32154) | (693692) | (520610) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 5342715 | 29857485 | 6473012 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (1982506) | (5861734) | (37005991) | (3381200) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (1982506) | (519019) | (7148506) | 3091812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (1207443) | (1826648) | (6989338) | (1864435) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 5896951 | 7723599 | 46378180 | 48242615 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $4689508 | $5896951 | $39388842 | $46378180 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 300000 | 315000 | 540000 | 505000 |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 220000 | 345000 | 70000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (95000) | (235000) | (425000) | (35000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 205000 | 300000 | 460000 | 540000 |

---

(1) Formerly
known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Let Bob AI Powered Momentum ETF** | **AdvisorShares Let Bob AI Powered Momentum ETF** | **AdvisorShares Managed Bitcoin Strategy ETF** | **AdvisorShares Managed Bitcoin Strategy ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> February 9,<br> 2022<sup>\*</sup> to<br> June 30,<br> 2022** | **Six months**<br> **ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> April 27,<br> 2022\* to<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $196503 | $(36771) | $(500) | $(818) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (786248) | (1625071) | (56173) | (158703) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 90393 | (90393) | 116812 | (135330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (499352) | (1752235) | 60139 | (294851) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (164137) | - | (50761) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (164137) | - | (50761) | - |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 2966877 | 25935550 | 83444 | 21000864 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (680899) | - | (426731) | (20189284) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 2285978 | 25935550 | (343287) | 811580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 1622489 | 24183315 | (333909) | 516729 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 24183315 | - | 516729 | - |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $25805804 | $24183315 | $182820 | $516729 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 1040000 |  | 35000 |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 130000 | 1040000 | 5000 | 1070000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (30000) | - | (25000) | (1035000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 1140000 | 1040000 | 15000 | 35000 |

---

\* Commencement of operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **AdvisorShares<br> MSOS 2X<br> Daily ETF** | **AdvisorShares Newfleet<br> Multi-Sector Income ETF** | **AdvisorShares Newfleet<br> Multi-Sector Income ETF** |
|  | **For the<br> period<br> August 24,<br> 2022\* to<br> December 31,<br> 2022<br> (Unaudited)** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |
| **OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $37277 | $628035 | $1301513 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (8728274) | (4454035) | (606602) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 361406 | 3523598 | (5873888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (8329591) | (302402) | (5178977) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | - | (738413) | (1469967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | - | (738413) | (1469967) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 12731852 |  | 8066264 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | - | (59033163) | (14694308) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 12731852 | (59033163) | (6628044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 4402261 | (60073978) | (13276988) |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | - | 83681600 | 96958588 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $4402261 | $23607622 | $83681600 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period |  | 1835000 | 1985000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 735000 |  | 165000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | - | (1305000) | (315000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 735000 | 530000 | 1835000 |

---

\* Commencement of operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares North Square<br> McKee Core Reserves ETF** | **AdvisorShares North Square<br> McKee Core Reserves ETF** | **AdvisorShares Poseidon<br> Dynamic Cannabis ETF** | **AdvisorShares Poseidon<br> Dynamic Cannabis ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> November 17,**<br> **2021\* to<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $375099 | $195963 | $34160 | $(37558) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (35988) | 45215 | (2294807) | (8707938) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 5229 | (492742) | 284781 | (147694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 344340 | (251564) | (1975866) | (8893190) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (391163) | (206678) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (391163) | (206678) | - | - |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 485661 | 2455644 | 874552 | 13802346 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (3897131) | (9343134) | - | (552381) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | (3411470) | (6887490) | 874552 | 13249965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (3458293) | (7345732) | (1101314) | 4356775 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 35086661 | 42432393 | 4356775 | - |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $31628368 | $35086661 | $3255461 | $4356775 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 360000 | 430000 | 1780000 |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5000 | 25000 | 345000 | 1995000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (40000) | (95000) | - | (215000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 325000 | 360000 | 2125000 | 1780000 |

---

\* Commencement of operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares<br> Psychedelics ETF** | **AdvisorShares<br> Psychedelics ETF** | **AdvisorShares Pure<br> Cannabis ETF** | **AdvisorShares Pure<br> Cannabis ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period**<br> **September 16,<br> 2021\* to<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $148895 | $(22971) | $222332 | $213406 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (2412967) | (1462994) | (33984744) | (50275886) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (447856) | (7014064) | 11111114 | (177754807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (2711928) | (8500029) | (22651298) | (227817287) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (160462) | - | (17517) | (7501781) |
| &nbsp;&nbsp;&nbsp;Distributions | - | - | - | (252376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (160462) | - | (17517) | (7754157) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 3371191 | 14008733 | 472085 | 1430696 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | - | - | - | (48450969) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 3371191 | 14008733 | 472085 | (47020273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 498801 | 5508704 | (22196730) | (282591717) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 5508704 | - | 71816552 | 354408269 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $6007505 | $5508704 | $49619822 | $71816552 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 2155000 |  | 13605000 | 16755000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1075000 | 2155000 | 80000 | 210000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | - | - | - | (3360000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 3230000 | 2155000 | 13685000 | 13605000 |

---

\* Commencement of operations.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Pure US Cannabis ETF** | **AdvisorShares Pure US Cannabis ETF** | **AdvisorShares Q Dynamic Growth ETF** | **AdvisorShares Q Dynamic Growth ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $3354179 | $(3686647) | $(54009) | $(474657) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (320527905) | (722687915) | (2129246) | (4864676) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 57812235 | (472948355) | 1392751 | (15140779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (259361491) | (1199322917) | (790504) | (20480112) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | - | (3055414) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | - | (3055414) | - | - |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 237495395 | 968257354 | 1653241 | 55320778 |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (47945471) | (201882496) | (13527477) | (63304550) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 189549924 | 766374858 | (11874236) | (7983772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (69811567) | (436003473) | (12664740) | (28463884) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 514691022 | 950694495 | 40299033 | 68762917 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $444879455 | $514691022 | $27634293 | $40299033 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 49740000 | 23640000 | 1830000 | 2445000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 19730000 | 34520000 | 75000 | 1885000 |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (6505000) | (8420000) | (600000) | (2500000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 62965000 | 49740000 | 1305000 | 1830000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares Ranger<br> Equity Bear ETF** | **AdvisorShares Ranger<br> Equity Bear ETF** | **AdvisorShares Restaurant<br> ETF** | **AdvisorShares Restaurant<br> ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $954306 | $(3180143) | $22659 | $24320 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (12221766) | 26673974 | (261302) | (769005) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (7364782) | 11102644 | 481320 | (517861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | (18632242) | 34596475 | 242677 | (1262546) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | - | - | (53627) | (6358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | - | - | (53627) | (6358) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 139143319 | 131971269 |  |  |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | (123263372) | (51038274) | (542826) | (2088536) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 15879947 | 80932995 | (542826) | (2088536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (2752295) | 115529470 | (353776) | (3357440) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 166184743 | 50655273 | 2630846 | 5988286 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $163432448 | $166184743 | $2277070 | $2630846 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 5217500 | 2202500 | 155000 | 245000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 4805000 | 4975000 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | (4345000) | (1960000) | (30000) | (90000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 5677500 | 5217500 | 125000 | 155000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AdvisorShares STAR Global Buy-Write ETF** | **AdvisorShares STAR Global Buy-Write ETF** | **AdvisorShares Vice ETF** | **AdvisorShares Vice ETF** |
|  | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $68612 | $94014 | $64397 | $66995 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (986480) | 520125 | (776559) | (126093) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1168618 | (5826783) | 1284840 | (3846483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | 250750 | (5212644) | 572678 | (3905581) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (717637) | (166381) | (80579) | (118472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (717637) | (166381) | (80579) | (118472) |
| **CAPITAL STOCK TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 876091 | 25014673 |  |  |
| &nbsp;&nbsp;&nbsp;Value of Shares Redeemed | - | (411757) | (778910) | (1170108) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) From Capital Stock Transactions** | 876091 | 24602916 | (778910) | (1170108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 409204 | 19223891 | (286811) | (5194161) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 37547035 | 18323144 | 8694559 | 13888720 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $37956239 | $37547035 | $8407748 | $8694559 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, Beginning of Year/Period | 1085000 | 460000 | 345000 | 385000 |
| &nbsp;&nbsp;&nbsp;Shares Sold | 25000 | 635000 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Repurchased | - | (10000) | (30000) | (40000) |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, End of Year/Period | 1110000 | 1085000 | 315000 | 345000 |

---

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

<br> **Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **AdvisorShares Alpha DNA Equity Sentiment ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **For the<br> period<br> February 2,<br> 2021\* to<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |
| Net Asset Value, Beginning of Year/Period | $20.81 | $27.58 | $25.35 |
| **Investment Operations** |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.08 | (0.01) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | 1.72 | (6.76) | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 1.80 | (6.77) | 2.23 |
| Net Asset Value, End of Year/Period | $22.61 | $20.81 | $27.58 |
| Market Value, End of Year/Period | 22.56 | $20.73 | $27.58 |
| **Total Return** |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 8.62% | (24.53)% | 8.78% |
| Total Investment Return Based on Market<sup>(3)</sup> | 8.83% | (24.84)% | 8.80% |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $44536 | $50573 | $69907 |
| Ratio to Average Net Assets of: |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.03% | 0.98% | 1.08% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.03% | 0.98% | 1.08% |
| Net Investment Income (Loss)<sup>(4)</sup> | 0.73% | (0.06)% | (0.67)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 251% | 537% | 244% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright ADR ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Dorsey Wright ADR ETF** | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $48.48 | $66.54 | $53.25 | $49.75 | $53.34 | $46.56 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.90 | 1.62 | 0.27 | (0.03) | 0.23 | 0.55 |
| Net Realized and Unrealized Gain (Loss) | (0.73) | (18.48) | 13.23 | 3.54 | (3.51) | 6.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 0.17 | (16.86) | 13.50 | 3.51 | (3.28) | 7.21 |
| Distributions from Net Investment Income | (0.99) | (1.20) | (0.21) | (0.01) | (0.31) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.99) | (1.20) | (0.21) | (0.01) | (0.31) | (0.43) |
| Net Asset Value, End of Year/Period | $47.66 | $48.48 | $66.54 | $53.25 | $49.75 | $53.34 |
| Market Value, End of Year/Period | 47.65 | $48.47 | $66.49 | $52.97 | $49.69 | $53.19 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 0.44% | (25.51)% | 25.39% | 7.06% | (6.16)% | 15.45% |
| Total Investment Return Based on Market<sup>(3)</sup> | 0.45% | (25.45)% | 25.95% | 6.62% | (6.00)% | 15.01% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $33601 | $41938 | $88836 | $75879 | $108198 | $246701 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.10% | 0.99% | 1.10% | 1.02% | 0.88% | 1.02% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.17% | 1.00% | 0.96% | 0.97% | 1.07% | 0.95% |
| Net Investment Income (Loss)<sup>(4)</sup> | 3.67% | 2.59% | 0.44% | (0.06)% | 0.47% | 0.96% |
| Portfolio Turnover Rate<sup>(5)</sup> | 46% | 79% | 85% | 48% | 120% | 71% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Dorsey Wright Alpha Equal Weight ETF** | **Six months<br> ended<br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **For the <br> period <br> December 26,<br> 2019\* to <br> June 30,**<br>**2020** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $20.73 | $27.86 | $20.43 | $25.09 |
| **Investment Operations** |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.14 | (0.01) | (0.11) | 0.01 |
| Net Realized and Unrealized Gain (Loss) | (1.47) | (6.73) | 7.55 | (4.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (1.33) | (6.74) | 7.44 | (4.66) |
| Distributions from Net Investment Income | (0.13) |  | (0.01) |  |
| Distributions from Realized Capital Gains | - | (0.39) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | (0.39) | (0.01) | - |
| Net Asset Value, End of Year/Period | $19.27 | $20.73 | $27.86 | $20.43 |
| Market Value, End of Year/Period | 19.28 | $20.68 | $27.90 | $20.44 |
| **Total Return** |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 6.42% | (24.56)% | 36.36% | (18.57)% |
| Total Investment Return Based on Market<sup>(3)</sup> | 6.10% | (24.85)% | 36.52% | (18.53)% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $35654 | $42697 | $79394 | $39333 |
| Ratio to Average Net Assets of: |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.93% | 0.96% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.12% | 1.00% | 0.91% | 1.19% |
| Net Investment Income (Loss)<sup>(4)</sup> | 1.34% | (0.03)% | (0.42)% | 0.09% |
| Portfolio Turnover Rate<sup>(5)</sup> | 211% | 495% | 372% | 147% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Dorsey Wright FSM All Cap World ETF** | **Six months<br> ended<br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **For the <br> period<br> December 26,<br> 2019\* to <br> June 30,**<br>**2020** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $30.33 | $36.63 | $28.07 | $25.12 |
| **Investment Operations** |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.24 | 0.01 | (0.12) | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 0.63 | (5.76) | 8.74 | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 0.87 | (5.75) | 8.62 | 2.95 |
| Distributions from Net Investment Income | (0.16) |  |  |  |
| Distributions from Realized Capital Gains | - | (0.55) | (0.06) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.16) | (0.55) | (0.06) | - |
| Net Asset Value, End of Year/Period | $31.04 | $30.33 | $36.63 | $28.07 |
| Market Value, End of Year/Period | 31.05 | $30.34 | $36.67 | $28.07 |
| **Total Return** |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 2.86% | (15.98)% | 30.70% | 11.76% |
| Total Investment Return Based on Market<sup>(3)</sup> | 2.88% | (16.06)% | 30.85% | 11.74% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $86441 | $84177 | $155673 | $73685 |
| Ratio to Average Net Assets of:<sup>(6)</sup> |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.91% | 0.88% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.97% | 0.94% | 0.86% | 1.12% |
| Net Investment Income (Loss)<sup>(4)</sup> | 1.52% | 0.02% | (0.34)% | (0.17)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 57% | 244% | 209% | 46% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

(6) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Dorsey Wright FSM US Core ETF** | **Six months<br> ended<br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **For the <br> period<br> December 26,<br> 2019\* to <br> June 30,**<br>**2020** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $32.16 | $37.09 | $27.51 | $25.14 |
| **Investment Operations** |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.18 | 0.11 | (0.07) | 0.05 |
| Net Realized and Unrealized Gain (Loss) | 1.33 | (4.90) | 9.72 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 1.51 | (4.79) | 9.65 | 2.37 |
| Distributions from Net Investment Income | (0.30) |  | (0.03) |  |
| Distributions from Realized Capital Gains | - | (0.14) | (0.04) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.30) | (0.14) | (0.07) | - |
| Net Asset Value, End of Year/Period | $33.37 | $32.16 | $37.09 | $27.51 |
| Market Value, End of Year/Period | $33.36 | $32.08 | $37.16 | $27.46 |
| **Total Return** |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 4.68% | (12.97)% | 35.08% | 9.43% |
| Total Investment Return Based on Market<sup>(3)</sup> | 4.92% | (13.36)% | 35.59% | 9.23% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $78925 | $79764 | $93649 | $46767 |
| Ratio to Average Net Assets of:<sup>(4)</sup> |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 0.99% | 0.93% | 0.92% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 0.99% | 0.95% | 0.89% | 1.15% |
| Net Investment Income (Loss)<sup>(5)</sup> | 1.10% | 0.28% | (0.22)% | 0.37% |
| Portfolio Turnover Rate<sup>(6)</sup> | 1% | 50% | 64% | 53% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright Micro-Cap ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| **AdvisorShares Dorsey Wright Micro-Cap ETF** | **Six months<br> ended<br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **For the <br> period <br> July 11,<br> 2018\* to <br> June 30,**<br>**2019** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $30.10 | $37.87 | $21.12 | $23.04 | $24.71 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.24 | 0.16 | (0.04) | (0.01) | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 2.52 | (7.77) | 16.79 | (1.89) | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 2.76 | (7.61) | 16.75 | (1.90) | (1.67) |
| Distributions from Net Investment Income | (0.26) | (0.13) | - | (0.02) | - |
| Return of capital | - | (0.03) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.26) | (0.16) | - | (0.02) | - |
| Net Asset Value, End of Year/Period | $32.60 | $30.10 | $37.87 | $21.12 | $23.04 |
| Market Value, End of Year/Period | $32.62 | $29.84 | $37.92 | $20.80 | $23.02 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 9.14% | (20.17)% | 79.33% | (8.26)% | (6.79)% |
| Total Investment Return Based on Market<sup>(3)</sup> | 10.17% | (20.99)% | 82.31% | (9.58)% | (6.86)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $4890 | $7376 | $8899 | $2112 | $2304 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 1.25% | 1.25% | 1.25% | 1.17% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 2.63% | 1.95% | 3.17% | 4.98% | 4.79% |
| Net Investment Income (Loss)<sup>(5)</sup> | 1.48% | 0.45% | (0.12)% | (0.05)% | (0.11)% |
| Portfolio Turnover Rate<sup>(6)</sup> | 53% | 104% | 163% | 119% | 103% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) The Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.

(5) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Dorsey Wright Short ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| **AdvisorShares Dorsey Wright Short ETF** | **Six months<br> ended<br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **For the <br> period <br> July 11, <br> 2018\* to <br> June 30,**<br>**2019** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $10.49 | $8.59 | $19.33 | $24.90 | $25.00 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.13 | (0.21) | (0.46) | (0.65) | 0.13 |
| Net Realized and Unrealized Gain (Loss) | (0.66) | 2.11 | (10.28) | (4.89) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (0.53) | 1.90 | (10.74) | (5.54) | (0.06) |
| Distributions from Net Investment Income | - | - | - | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | - | - | - | (0.03) | (0.04) |
| Net Asset Value, End of Year/Period | $9.96 | $10.49 | $8.59 | $19.33 | $24.90 |
| Market Value, End of Year/Period | $9.98 | $10.45 | $8.56 | $19.36 | $24.93 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (5.06)% | 22.15% | (55.58)% | (22.26)% | (0.27)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (4.50)% | 22.08% | (55.79)% | (22.24)% | (0.18)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $39770 | $46999 | $25164 | $113098 | $24281 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 2.43%<sup>(5)</sup> | 2.71%<sup>(5)</sup> | 3.48%<sup>(5)</sup> | 3.56%<sup>(5)</sup> | 2.70%<sup>(5)</sup> |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 2.35%<sup>(5)</sup> | 2.63%<sup>(5)</sup> | 3.55%<sup>(5)</sup> | 3.56%<sup>(5)</sup> | 3.26%<sup>(5)</sup> |
| Net Investment Income (Loss)<sup>(4)</sup> | 2.70% | (2.35)% | (3.18)% | (2.58)% | 0.53% |
| Portfolio Turnover Rate<sup>(6)</sup> | 127% | 190% | 243% | 555% | 357% |

---

---

| | | |
|:---|:---|:---|
| **AdvisorShares Drone Technology ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> April 27,<br> 2022\* to<br> June 30,<br> 2022** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |
| Net Asset Value, Beginning of Year/Period | $22.04 | $25.00 |
| **Investment Operations** |  |  |
| Net Investment Income<sup>(1)</sup> | 0.81 | 0.07 |
| Net Realized and Unrealized Loss | (2.17) | (3.03) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (1.36) | (2.96) |
| Distributions from Net Investment Income | (0.90) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.90) | - |
| Net Asset Value, End of Year/Period | $19.78 | $22.04 |
| Net Asset Value, End of Year/Period | $19.75 | $22.04 |
| **Total Return** |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (6.10)% | (11.86)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (6.26)% | (11.88)% |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Year/Period (000's omitted) | $396 | $551 |
| Ratio to Average Net Assets of: |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 12.89% | 47.15% |
| Net Investment Income<sup>(4)</sup> | 7.24% | 1.75% |
| Portfolio Turnover Rate<sup>(6)</sup> | 26% | 13% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) The expense ratio includes interest and dividend expenses on short sales of 1.29%, 1.46%, 2.46%, 2.47% and 1.71% for the period ended December 31, 2022, June 30, 2022, June 30, 2021, June 30, 2020 and June 30, 2019, respectively.

(6) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST<br> Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Focused Equity ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Focused Equity ETF** | **Six months <br> ended <br> December 31, <br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $42.25 | $46.65 | $35.67 | $34.42 | $31.80 | $28.59 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.10 | 0.17 | 0.10 | 0.14 | 0.16 | 0.13 |
| Net Realized and Unrealized Gain (Loss) | 5.23 | (4.49) | 11.00 | 1.26 | 3.21 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 5.33 | (4.32) | 11.10 | 1.40 | 3.37 | 3.30 |
| Distributions from Net Investment Income | (0.24) | (0.08) | (0.12) | (0.15) | (0.16) | (0.09) |
| Distributions from Realized Capital Gains | - | - | - | - | (0.59) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.24) | (0.08) | (0.12) | (0.15) | (0.75) | (0.09) |
| Net Asset Value, End of Year/Period | $47.34 | $42.25 | $46.65 | $35.67 | $34.42 | $31.80 |
| Market Value, End of Year/Period | $47.51 | $42.21 | $46.68 | $34.88 | $34.31 | $31.79 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 12.60% | (9.28)% | 31.15% | 4.02% | 11.09% | 11.57% |
| Total Investment Return Based on Market<sup>(3)</sup> | 13.13% | (9.44)% | 34.20% | 2.06% | 10.74% | 11.51% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $32428 | $28098 | $28921 | $19616 | $17211 | $14311 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.83% | 0.65% | 0.66% | 0.77% | 0.72% | 0.68% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.31% | 1.09% | 1.19% | 1.43% | 1.63% | 1.39% |
| Net Investment Income<sup>(4)</sup> | 0.44% | 0.36% | 0.24% | 0.41% | 0.49% | 0.42% |
| Portfolio Turnover Rate<sup>(5)</sup> | 24% | 24% | 25% | 23% | 19% | 26% |

---

---

| | | |
|:---|:---|:---|
| **AdvisorShares Gerber Kawasaki ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> July 2,<br> 2021\* to<br> June 30,<br> 2022** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |
| Net Asset Value, Beginning of Year/Period | $16.34 | $25.03 |
| **Investment Operations** |  |  |
| Net Investment Income<sup>(1)</sup> | 0.14 | 0.07 |
| Net Realized and Unrealized Loss | (1.33) | (8.75) |
| Distributions of Net Realized Gains by other investment companies | - | 0.00<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (1.19) | (8.68) |
| Distributions from Net Investment Income | (0.20) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.20) | (0.01) |
| Net Asset Value, End of Year/Period | $14.95 | $16.34 |
| Market Value, End of Year/Period | $14.97 | $16.35 |
| **Total Return** |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (7.31)% | (34.71)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (7.25)% | (34.65)% |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Year/Period (000's omitted) | $14201 | $15846 |
| Ratio to Average Net Assets of: |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.75% | 0.75% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.31% | 1.37% |
| Net Investment Income<sup>(4)</sup> | 1.64% | 0.31% |
| Portfolio Turnover Rate<sup>(5)</sup> | 20% | 66% |

---

\* Commencement of operations.

(1) Based on average shares outstanding.

(2) The amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period on pay date, and sale at the market value on the last day of the period.

(4) Ratios of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions of the Fund's capital shares.

(6) Amount represents less than $0.005 or 0.005%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **AdvisorShares Hotel ETF** | **Six months<br> ended<br> December 31,<br> 2022 (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **For the<br> period<br> April 20,<br> 2021\* to<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |
| Net Asset Value, Beginning of Year/Period | $19.66 | $24.52 | $24.32 |
| **Investment Operations** |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.06 | (0.02) | 0.13 |
| Net Realized and Unrealized Gain (Loss) | 3.21 | (4.75) | 0.07 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 3.27 | (4.77) | 0.20 |
| Distributions from Net Investment Income | (0.05) | (0.09) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.05) | (0.09) | - |
| Net Asset Value, End of Year/Period | $22.88 | $19.66 | $24.52 |
| Market Value, End of Year/Period | $22.87 | $19.61 | $24.56 |
| **Total Return** |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 16.62% | (19.54)% | 0.81% |
| Total Investment Return Based on Market<sup>(3)</sup> | 16.87% | (19.87)% | 0.99% |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $4690 | $5897 | $7724 |
| Ratio to Average Net Assets of: |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.99% | 1.33% | 6.60% |
| Net Investment Income (Loss)<sup>(4)</sup> | 0.57% | (0.07)% | 2.70% |
| Portfolio Turnover Rate<sup>(5)</sup> | 62% | 74% | 21% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Insider Advantage ETF<sup>(6)</sup>**  | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Insider Advantage ETF<sup>(6)</sup>**  | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $85.89 | $95.53 | $66.37 | $68.21 | $67.88 | $66.23 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.71 | 1.10 | 0.95 | 0.82 | 0.62 | 0.53 |
| Net Realized and Unrealized Gain (Loss) | 0.51 | (9.68) | 29.23 | (1.84) | 0.45 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 1.22 | (8.58) | 30.18 | (1.02) | 1.07 | 2.12 |
| Distributions from Net Investment Income | (1.48) | (1.06) | (1.02) | (0.82) | (0.74) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.48) | (1.06) | (1.02) | (0.82) | (0.74) | (0.47) |
| Net Asset Value, End of Year/Period | $85.63 | $85.89 | $95.53 | $66.37 | $68.21 | $67.88 |
| Market Value, End of Year/Period | $85.61 | $85.78 | $95.41 | $66.28 | $68.13 | $67.88 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 1.40% | (9.12)% | 45.78% | (1.63)% | 1.74% | 3.15% |
| Total Investment Return Based on Market<sup>(3)</sup> | 1.52% | (9.12)% | 45.79% | (1.65)% | 1.63% | 3.26% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $39389 | $46378 | $48243 | $41483 | $61386 | $95034 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.87% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.03% | 0.96% | 1.05% | 1.07% | 1.17% | 1.07% |
| Net Investment Income<sup>(4)</sup> | 1.62% | 1.15% | 1.18% | 1.18% | 0.93% | 0.77% |
| Portfolio Turnover Rate<sup>(5)</sup> | 168% | 32% | 40% | 93% | 218% | 171% |

---

\* Commencement of operations.

(1) Based
 on average shares outstanding.

(2) The
 amount shown for a share distribution throughout the period may not correlate with the Statement
 of Operations for the period due to the timing of sales and repurchases of Fund Shares in
 relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net
 asset value total investment return is calculated assuming an initial investment made at
 the net asset value at the beginning of the period, reinvestment of all dividends and distributions
 on ex-date, if any, at net asset value during the period, and redemption on the last day
 of the period. Periods less than one year are not annualized. Market value total return is
 calculated assuming an initial investment made at the market value at the beginning of the
 period, reinvestment of all dividends and distributions at market value during the period
 on pay date, and sale at the market value on the last day of the period.

(4) Ratios
 of periods of less than one year have been annualized. Excludes expenses incurred by the
 underlying investments in other funds.

(5) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or
 delivered as in-kind creations or redemptions of the Fund's capital shares.

(6) Formerly
 known as AdvisorShares DoubleLine Value Equity ETF.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| **AdvisorShares Let Bob AI Powered Momentum ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> February 9,<br> 2022\* to<br> June 30,<br> 2022** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |
| Net Asset Value, Beginning of Year/Period | $23.25 | $25.00 |
| **Investment Operations** |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.18 | (0.04) |
| Net Realized and Unrealized Loss | (0.65) | (1.71) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (0.47) | (1.75) |
| Distributions from Net Investment Income | (0.14) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.14) | - |
| Net Asset Value, End of Year/Period | $22.64 | $23.25 |
| Market Value, End of Year/Period | $22.63 | $23.22 |
| **Total Return** |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (2.01)% | (6.99)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (1.92)% | (7.12)% |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Year/Period (000's omitted) | $25806 | $24183 |
| Ratio to Average Net Assets of: |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.07% | 1.48% |
| Net Investment Income (Loss)<sup>(4)</sup> | 1.54% | (0.43)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 484% | 497% |

---

---

| | | |
|:---|:---|:---|
| **AdvisorShares Managed Bitcoin Strategy ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> April 27,<br> 2022\* to<br> June 30,<br> 2022** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |
| Net Asset Value, Beginning of Year/Period | $14.76 | $25.00 |
| **Investment Operations** |  |  |
| Net Investment Loss<sup>(1)</sup> | (0.03) | (0.01) |
| Net Realized and Unrealized Gain (Loss) | 0.84 | (10.23) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 0.81 | (10.24) |
| Distributions from Net Investment Income | (3.38) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.38) | - |
| Net Asset Value, End of Year/Period | $12.19 | $14.76 |
| Market Value, End of Year/Period | $12.19 | $14.73 |
| **Total Return** |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 5.43% | (40.95)% |
| Total Investment Return Based on Market<sup>(3)</sup> | 5.73% | (41.08)% |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Year/Period (000's omitted) | $183 | $517 |
| Ratio to Average Net Assets of:<sup>(6)</sup> |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.49% | 1.49% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 54.56% | 59.15% |
| Net Investment Loss<sup>(4)</sup> | (0.38)% | (0.37)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 0% | 42% |

---

\* Commencement of operations.

(1) Based
on average shares outstanding.

(2) The
amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to
the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the
Fund.

(3) Net
asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the
last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment
made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period
on pay date, and sale at the market value on the last day of the period.

(4) Ratios
of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio
turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions
of the Fund's capital shares.

(6) The
Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses incurred by the funds in which the Fund
is invested. These ratios do not include these indirect fees and expenses.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | |
|:---|:---|
| **AdvisorShares MSOS 2X Daily ETF** | **For the<br> period<br> August 24,<br> 2022\* to<br> December 31,<br> 2022<br> (Unaudited)** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |
| Net Asset Value, Beginning of Year/Period | $25.00 |
| **Investment Operations** |  |
| Net Investment Income<sup>(1)</sup> | 0.14 |
| Net Realized and Unrealized Loss | (19.15) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (19.01) |
| Net Asset Value, End of Year/Period | $5.99 |
| Market Value, End of Year/Period | $5.97 |
| **Total Return** |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (76.03)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (76.12)% |
| **Ratios/Supplemental Data** |  |
| Net Assets, End of Year/Period (000's omitted) | $4402 |
| Ratio to Average Net Assets of: |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.95% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 4.15% |
| Net Investment Income<sup>(4)</sup> | 2.78% |
| Portfolio Turnover Rate<sup>(5)</sup> | 0% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Newfleet Multi-Sector Income ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Newfleet Multi-Sector Income ETF** | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $45.60 | $48.85 | $48.14 | $48.44 | $47.86 | $48.68 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.52 | 0.63 | 0.78 | 1.21 | 1.35 | 1.05 |
| Net Realized and Unrealized Gain (Loss) | (0.85) | (3.17) | 0.83 | (0.22) | 0.65 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (0.33) | (2.54) | 1.61 | 0.99 | 2.00 | 0.43 |
| Distributions from Net Investment Income | (0.73) | (0.71) | (0.90) | (1.29) | (1.42) | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.73) | (0.71) | (0.90) | (1.29) | (1.42) | (1.25) |
| Net Asset Value, End of Year/Period | $44.54 | $45.60 | $48.85 | $48.14 | $48.44 | $47.86 |
| Market Value, End of Year/Period | $44.51 | $45.61 | $48.83 | $48.17 | $48.38 | $47.79 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (0.74)% | (5.24)% | 3.36% | 2.10% | 4.27% | 0.87% |
| Total Investment Return Based on Market<sup>(3)</sup> | (0.82)% | (5.19)% | 3.27% | 2.28% | 4.29% | 0.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $23608 | $83682 | $96959 | $57767 | $75080 | $155529 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.92% | 0.76% | 0.78% | 0.82% | 0.96% | 0.84% |
| Net Investment Income<sup>(4)</sup> | 2.27% | 1.32% | 1.61% | 2.51% | 2.81% | 2.17% |
| Portfolio Turnover Rate<sup>(5)</sup> | 14% | 54% | 95% | 63% | 40% | 66% |

---

\* Commencement of operations.

(1) Based
on average shares outstanding.

(2) The
amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to
the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the
Fund.

(3) Net
asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the
last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment
made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period
on pay date, and sale at the market value on the last day of the period.

(4) Ratios
of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio
turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions
of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares North Square McKee Core Reserves ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares North Square McKee Core Reserves ETF** | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $97.46 | $98.68 | $98.46 | $99.64 | $99.21 | $99.43 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 1.09 | 0.51 | 0.83 | 2.03 | 2.37 | 1.53 |
| Net Realized and Unrealized Gain (Loss) | (0.07) | (1.19) | 0.23 | (1.19) | 0.33 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | 1.02 | (0.68) | 1.06 | 0.84 | 2.70 | 1.37 |
| Distributions from Net Investment Income | (1.16) | (0.54) | (0.84) | (2.02) | (2.27) | (1.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.16) | (0.54) | (0.84) | (2.02) | (2.27) | (1.59) |
| Net Asset Value, End of Year/Period | $97.32 | $97.46 | $98.68 | $98.46 | $99.64 | $99.21 |
| Market Value, End of Year/Period | $97.31 | $97.38 | $98.68 | $98.35 | $99.61 | $99.19 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | 1.06% | (0.68)% | 1.09% | 0.83% | 2.74% | 1.38% |
| Total Investment Return Based on Market<sup>(3)</sup> | 1.13% | (0.76)% | 1.21% | 0.75% | 2.74% | 1.34% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $31628 | $35087 | $42432 | $100921 | $72240 | $52087 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.74% | 0.65% | 0.57% | 0.53% | 0.65% | 0.65% |
| Net Investment Income<sup>(4)</sup> | 2.23% | 0.52% | 0.84% | 2.05% | 2.39% | 1.53% |
| Portfolio Turnover Rate<sup>(5)</sup> | 50% | 99% | 103% | 101% | 91% | 74% |

---

---

| | | |
|:---|:---|:---|
| **AdvisorShares Poseidon Dynamic Cannabis ETF** | **Six months<br> ended<br> December 31,<br> 2022 (Unaudited)** | **For the<br> period<br> November 17,<br> 2021\* to<br> June 30,<br> 2022** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |
| Net Asset Value, Beginning of Year/Period | $2.45 | $10.00 |
| **Investment Operations** |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.02 | (0.03) |
| Net Realized and Unrealized Loss | (0.94) | (7.52) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (0.92) | (7.55) |
| Net Asset Value, End of Year/Period | $1.53 | $2.45 |
| Market Value, End of Year/Period | $1.54 | $2.45 |
| **Total Return** |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (37.49)% | (75.52)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (37.14)% | (75.50)% |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Year/Period (000's omitted) | $3255 | $4357 |
| Ratio to Average Net Assets of: |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 2.63% | 2.57% |
| Net Investment Income (Loss)<sup>(4)</sup> | 1.39% | (0.90)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 149% | 159% |

---

\* Commencement of operations.

(1) Based
on average shares outstanding.

(2) The
amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to
the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the
Fund.

(3) Net
asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the
last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment
made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period
on pay date, and sale at the market value on the last day of the period.

(4) Ratios
of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio
turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions
of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| **AdvisorShares Psychedelics ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **For the<br> period<br> September 16,<br> 2021\* to<br> June 30,<br> 2022** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |
| Net Asset Value, Beginning of Year/Period | $2.56 | $10.00 |
| **Investment Operations** |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.05 | (0.02) |
| Net Realized and Unrealized Loss | (0.70) | (7.42) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (0.65) | (7.44) |
| Distributions from Net Investment Income | (0.05) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.05) | - |
| Net Asset Value, End of Year/Period | $1.86 | $2.56 |
| Market Value, End of Year/Period | $1.86 | $2.65 |
| **Total Return** |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (25.78)% | (74.44)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (28.45)% | (73.50)% |
| **Ratios/Supplemental Data** |  |  |
| Net Assets, End of Year/Period (000's omitted) | $6008 | $5509 |
| Ratio to Average Net Assets of: |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 2.53% | 3.10% |
| Net Investment Income (Loss)<sup>(4)</sup> | 3.95% | (0.52)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 40% | 27% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Pure Cannabis ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| **AdvisorShares Pure Cannabis ETF** | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **For the <br> period <br> April 17, <br> 2019\* to <br> June 30,**<br>**2019** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $5.28 | $21.15 | $10.17 | $22.99 | $25.00 |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.02 | 0.01 | 0.04 | 0.70 | 0.06 |
| Net Realized and Unrealized Gain (Loss) | (1.67) | (15.35) | 11.05 | (12.75) | (2.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (1.65) | (15.34) | 11.09 | (12.05) | (2.01) |
| Distributions from Net Investment Income | (0.00)<sup>(6)</sup> |  | (0.11) | (0.70) |  |
| Distributions from Realized Capital Gains |  | (0.51) |  | (0.07) |  |
| Return of capital | - | (0.02) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.00) | (0.53) | (0.11) | (0.77) | - |
| Net Asset Value, End of Year/Period | $3.63 | $5.28 | $21.15 | $10.17 | $22.99 |
| Market Value, End of Year/Period | $3.59 | $5.28 | $21.12 | $10.18 | $23.02 |
| **Total Return** |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (31.27)% | (73.99)% | 109.96% | (52.76)% | (8.06)% |
| Total Investment Return Based on Market<sup>(3)</sup> | (31.99)% | (73.93)% | 109.35% | (52.70)% | (7.92)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $49620 | $71817 | $354408 | $45503 | $59762 |
| Ratio to Average Net Assets of: |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.52% | 0.65% | 0.74% | 0.74% | 0.74% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.90% | 0.88% | 0.69% | 1.17% | 1.10% |
| Net Investment Income<sup>(4)</sup> | 0.64% | 0.11% | 0.21% | 5.67% | 1.35% |
| Portfolio Turnover Rate<sup>(5)</sup> | 13% | 28% | 46% | 59% | 26% |

---

\* Commencement of operations.

(1) Based
on average shares outstanding.

(2) The
amount shown for a share distribution throughout the period may not correlate with the Statement of Operations for the period due to
the timing of sales and repurchases of Fund Shares in relation to income earned and/or fluctuating fair value of the investments of the
Fund.

(3) Net
asset value total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions on ex-date, if any, at net asset value during the period, and redemption on the
last day of the period. Periods less than one year are not annualized. Market value total return is calculated assuming an initial investment
made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period
on pay date, and sale at the market value on the last day of the period.

(4) Ratios
of periods of less than one year have been annualized. Excludes expenses incurred by the underlying investments in other funds.

(5) Portfolio
turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions
of the Fund's capital shares.

(6) Amount
represents less than $0.005 or 0.005%.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **AdvisorShares Pure US Cannabis ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **For the<br> period<br> September 1,<br> 2020\* to<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |
| Net Asset Value, Beginning of Year/Period | $10.35 | $40.22 | $25.00 |
| **Investment Operations** |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.06 | (0.09) | (0.17) |
| Net Realized and Unrealized Gain (Loss) | (3.34) | (29.71) | 15.39 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (3.28) | (29.80) | 15.22 |
| Distributions from Realized Capital Gains | - | (0.07) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | - | (0.07) | - |
| Net Asset Value, End of Year/Period | $7.07 | $10.35 | $40.22 |
| Market Value, End of Year/Period | $6.99 | $10.37 | $40.08 |
| **Total Return** |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (31.68)% | (74.20)% | 60.86% |
| Total Investment Return Based on Market<sup>(3)</sup> | (32.59)% | (74.06)% | 60.32% |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $444879 | $514691 | $950694 |
| Ratio to Average Net Assets of: |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.74% | 0.72% | 0.69% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 0.77% | 0.75% | 0.69% |
| Net Investment Income (Loss)<sup>(4)</sup> | 1.05% | (0.40)% | (0.49)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 8% | 48% | 68% |

---

---

| | | | |
|:---|:---|:---|:---|
| **AdvisorShares Q Dynamic Growth ETF** | **Six months<br> ended<br> December 31,<br> 2022 (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **For the<br> period December 28, 2020\* to<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |
| Net Asset Value, Beginning of Year/Period | $22.02 | $28.12 | $25.00 |
| **Investment Operations** |  |  |  |
| Net Investment Loss<sup>(1)</sup> | (0.03) | (0.15) | (0.09) |
| Net Realized and Unrealized Gain (Loss) | (0.81) | (5.95) | 3.21 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(2)</sup> | (0.84) | (6.10) | 3.12 |
| Net Asset Value, End of Year/Period | $21.18 | $22.02 | $28.12 |
| Market Value, End of Year/Period | $21.16 | $22.01 | $28.13 |
| **Total Return** |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(3)</sup> | (3.82)% | (21.70)% | 12.50% |
| Total Investment Return Based on Market<sup>(3)</sup> | (3.86)% | (21.76)% | 12.52% |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $27634 | $40299 | $68763 |
| Ratio to Average Net Assets of:<sup>(6)</sup> |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.26% | 1.14% | 1.43% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(4)</sup> | 1.24% | 1.13% | 1.49% |
| Net Investment Loss<sup>(4)</sup> | (0.30)% | (0.52)% | (0.65)% |
| Portfolio Turnover Rate<sup>(5)</sup> | 25% | 106% | 61% |

---

\* Commencement of operations.

(1) Based
 on average shares outstanding.

(2) The
 amount shown for a share distribution throughout the period may not correlate with the Statement
 of Operations for the period due to the timing of sales and repurchases of Fund Shares in
 relation to income earned and/or fluctuating fair value of the investments of the Fund.

(3) Net
 asset value total investment return is calculated assuming an initial investment made at
 the net asset value at the beginning of the period, reinvestment of all dividends and distributions
 on ex-date, if any, at net asset value during the period, and redemption on the last day
 of the period. Periods less than one year are not annualized. Market value total return is
 calculated assuming an initial investment made at the market value at the beginning of the
 period, reinvestment of all dividends and distributions at market value during the period
 on pay date, and sale at the market value on the last day of the period.

(4) Ratios
 of periods of less than one year have been annualized. Excludes expenses incurred by the
 underlying investments in other funds.

(5) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or
 delivered as in-kind creations or redemptions of the Fund's capital shares.

(6) The
 Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses
 incurred by the funds in which the Fund is invested. These ratios do not include these indirect
 fees and expenses.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares Ranger Equity Bear ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares Ranger Equity Bear ETF** | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021<sup>(1)</sup>** | **2020<sup>(1)</sup>** | **2019<sup>(1)</sup>** | **2018<sup>(1)</sup>** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $31.85 | $23.00 | $48.55 | $63.84 | $78.01 | $85.65 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(2)</sup> | 0.18 | (0.97) | (1.59) | (0.64) | 0.13 | (1.34) |
| Net Realized and Unrealized Gain (Loss) | (3.24) | 9.82 | (23.96) | (14.55) | (14.30) | (6.30) |
| Distributions of Net Realized Gains by other investment companies | - | - | 0.00<sup>(3)</sup> | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(4)</sup> | (3.06) | 8.85 | (25.55) | (15.19) | (14.17) | (7.64) |
| Distributions from Net Investment Income | - | - | - | (0.10) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | - | - | - | (0.10) | - | - |
| Net Asset Value, End of Year/Period | $28.79 | $31.85 | $23.00 | $48.55 | $63.84 | $78.01 |
| Market Value, End of Year/Period | $28.83 | $31.96 | $23.00 | $48.50 | $63.90 | $77.80 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(5)</sup> | (9.61)% | 38.48% | (52.62)% | (23.79)% | (18.16)% | (8.92)% |
| Total Investment Return Based on Market<sup>(5)</sup> | (9.79)% | 38.96% | (52.58)% | (23.94)% | (17.87)% | (9.01)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $163432 | $166185 | $50655 | $162019 | $135814 | $133587 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(6)</sup> | 2.93%<sup>(7)</sup> | 4.15%<sup>(7)</sup> | 4.90%<sup>(7)</sup> | 3.10%<sup>(7)</sup> | 2.94%<sup>(7)</sup> | 2.52%<sup>(7)</sup> |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 2.93%<sup>(7)</sup> | 4.15%<sup>(7)</sup> | 4.90%<sup>(7)</sup> | 3.10%<sup>(7)</sup> | 2.94%<sup>(7)</sup> | 2.52%<sup>(7)</sup> |
| Net Investment Income (Loss)<sup>(6)</sup> | 1.26% | (3.70)% | (4.49)% | (1.07)% | 0.18% | (1.63)% |
| Portfolio Turnover Rate<sup>(8)</sup> | 555% | 1462% | 669% | 593% | 338% | 301% |

---

---

| | | | |
|:---|:---|:---|:---|
| **AdvisorShares Restaurant ETF** | **Six months<br> ended<br> December 31,<br> 2022<br> (Unaudited)** | **Year ended<br> June 30,<br> 2022** | **For the<br> period<br> April 20,<br> 2021\* to<br> June 30,<br> 2021** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |
| Net Asset Value, Beginning of Year/Period | $16.97 | $24.44 | $24.69 |
| **Investment Operations** |  |  |  |
| Net Investment Income<sup>(2)</sup> | 0.16 | 0.13 | 0.00<sup>(3)</sup> |
| Net Realized and Unrealized Gain (Loss) | 1.52 | (7.56) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(4)</sup> | 1.68 | (7.43) | (0.25) |
| Distributions from Net Investment Income | (0.43) | (0.04) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.43) | (0.04) | - |
| Net Asset Value, End of Year/Period | $18.22 | $16.97 | $24.44 |
| Market Value, End of Year/Period | $18.21 | $16.93 | $24.44 |
| **Total Return** |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(5)</sup> | 9.81% | (30.46)% | (1.01)% |
| Total Investment Return Based on Market<sup>(5)</sup> | 10.10% | (30.62)% | (1.01)% |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $2277 | $2631 | $5988 |
| Ratio to Average Net Assets of: |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(6)</sup> | 0.99% | 0.99% | 0.99% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(6)</sup> | 3.33% | 2.11% | 7.93% |
| Net Investment Income (Loss)<sup>(6)</sup> | 1.68% | 0.57% | (0.03)% |
| Portfolio Turnover Rate<sup>(8)</sup> | 52% | 86% | 26% |

---

\* Commencement of operations.

(1) After the close of business on February 5, 2021, the Fund's applicable class underwent a reverse stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note 1 of the Notes to Financial Statements.

(2) Based
 on average shares outstanding.

(3) Amount
 represents less than $0.005 or 0.005%.

(4) The
 amount shown for a share distribution throughout the period may not correlate with the Statement
 of Operations for the period due to the timing of sales and repurchases of Fund Shares in
 relation to income earned and/or fluctuating fair value of the investments of the Fund.

(5) Net
 asset value total investment return is calculated assuming an initial investment made at
 the net asset value at the beginning of the period, reinvestment of all dividends and distributions
 on ex-date, if any, at net asset value during the period, and redemption on the last day
 of the period. Periods less than one year are not annualized. Market value total return is
 calculated assuming an initial investment made at the market value at the beginning of the
 period, reinvestment of all dividends and distributions at market value during the period
 on pay date, and sale at the market value on the last day of the period.

(6) Ratios
 of periods of less than one year have been annualized. Excludes expenses incurred by the
 underlying investments in other funds.

(7) The
 expense ratio includes interest and dividend expenses on short sales of 2.47%, 3.14%, 1.42%,
 1.22%, 0.84%, and 1.03% for the periods ended December 31, 2022, June 30, 2022, June 30,
 2021, June 30, 2020, June 30, 2019, and June 30, 2018, respectively.

(8) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or
 delivered as in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AdvisorShares STAR Global Buy-Write ETF** | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** |
| **AdvisorShares STAR Global Buy-Write ETF** | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $34.61 | $39.83 | $32.20 | $32.28 | $30.99 | $29.13 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.06 | 0.13 | (0.16) | 0.09 | 0.13 | 0.11 |
| Net Realized and Unrealized Gain (Loss) | 0.16 | (5.12) | 7.89 | (0.02) | 1.29 | 1.75 |
| Distributions of Net Realized Gains by other investment companies | - | - | 0.00<sup>(2)</sup> | - | - | 0.00<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | 0.22 | (4.99) | 7.73 | 0.07 | 1.42 | 1.86 |
| Distributions from Net Investment Income | (0.08) |  | (0.10) | (0.15) | (0.13) |  |
| Distributions from Realized Capital Gains | (0.56) | (0.23) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.64) | (0.23) | (0.10) | (0.15) | (0.13) | - |
| Net Asset Value, End of Year/Period | $34.19 | $34.61 | $39.83 | $32.20 | $32.28 | $30.99 |
| Market Value, End of Year/Period | $34.29 | $34.62 | $39.83 | $32.25 | $32.19 | $31.01 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | 0.66% | (12.64)% | 24.04% | 0.20% | 4.62% | 6.41% |
| Total Investment Return Based on Market<sup>(4)</sup> | 0.91% | (12.60)% | 23.86% | 0.63% | 4.27% | 6.45% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $37956 | $37547 | $18323 | $12882 | $14527 | $17047 |
| Ratio to Average Net Assets of:<sup>(7)</sup> |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 1.84% | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 1.49% | 1.82% | 2.48% | 2.20% | 2.34% | 2.18% |
| Net Investment Income (Loss)<sup>(5)</sup> | 0.35% | 0.33% | (0.43)% | 0.26% | 0.43% | 0.38% |
| Portfolio Turnover Rate<sup>(6)</sup> | 21% | 41% | 55% | 47% | 49% | 12% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| <br>**AdvisorShares Vice ETF** | **Six months <br> ended <br> December 31,<br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **For the <br> period <br> December 12,<br> 2017\* to <br> June 30,**<br>**2018** |
| **Selected Data for a Share of Capital Stock Outstanding** |  |  |  |  |  |  |
| Net Asset Value, Beginning of Year/Period | $25.20 | $36.07 | $22.81 | $25.11 | $25.60 | $25.00 |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.19 | 0.18 | 0.19 | 0.42 | 0.45 | 0.23 |
| Net Realized and Unrealized Gain (Loss) | 1.56 | (10.73) | 13.44 | (2.10) | (0.57) | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Investment Operations<sup>(3)</sup> | 1.75 | (10.55) | 13.63 | (1.68) | (0.12) | 0.64 |
| Distributions from Net Investment Income | (0.26) | (0.14) | (0.37) | (0.62) | (0.37) | (0.04) |
| Distributions from Realized Capital Gains | - | (0.18) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.26) | (0.32) | (0.37) | (0.62) | (0.37) | (0.04) |
| Net Asset Value, End of Year/Period | $26.69 | $25.20 | $36.07 | $22.81 | $25.11 | $25.60 |
| Market Value, End of Year/Period | $26.65 | $25.13 | $36.06 | $22.80 | $25.12 | $25.68 |
| **Total Return** |  |  |  |  |  |  |
| Total Investment Return Based on Net Asset Value<sup>(4)</sup> | 6.92% | (29.45)% | 59.98% | (6.91)% | (0.22)% | 2.58% |
| Total Investment Return Based on Market<sup>(4)</sup> | 7.07% | (29.62)% | 60.05% | (6.99)% | (0.50)% | 2.89% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (000's omitted) | $8408 | $8695 | $13889 | $9126 | $13183 | $12800 |
| Ratio to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, after expense waivers and reimbursements or recapture<sup>(5)</sup> | 0.99% | 0.99% | 0.99% | 0.90% | 0.75% | 0.75% |
| Expenses, prior to expense waivers and reimbursements or recapture<sup>(5)</sup> | 1.91% | 1.64% | 1.71% | 1.59% | 1.43% | 2.18% |
| Net Investment Income<sup>(5)</sup> | 1.43% | 0.59% | 0.63% | 1.77% | 1.79% | 1.64% |
| Portfolio Turnover Rate<sup>(6)</sup> | 59% | 83% | 125% | 41% | 76% | 25% |

---

\* Commencement of operations.

(1) Based
 on average shares outstanding.

(2) Amount
 represents less than $0.005 or 0.005%.

(3) The
 amount shown for a share distribution throughout the period may not correlate with the Statement
 of Operations for the period due to the timing of sales and repurchases of Fund Shares in
 relation to income earned and/or fluctuating fair value of the investments of the Fund.

(4) Net
 asset value total investment return is calculated assuming an initial investment made at
 the net asset value at the beginning of the period, reinvestment of all dividends and distributions
 on ex-date, if any, at net asset value during the period, and redemption on the last day
 of the period. Periods less than one year are not annualized. Market value total return is
 calculated assuming an initial investment made at the market value at the beginning of the
 period, reinvestment of all dividends and distributions at market value during the period
 on pay date, and sale at the market value on the last day of the period.

(5) Ratios
 of periods of less than one year have been annualized. Excludes expenses incurred by the
 underlying investments in other funds.

(6) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or
 delivered as in-kind creations or redemptions of the Fund's capital shares.

(7) The
 Fund invests in other funds and indirectly bear their proportionate shares of fees and expenses
 incurred by the funds in which the Fund is invested. These ratios do not include these indirect
 fees and expenses.

See accompanying Notes to Financial Statements.

**ADVISORSHARES TRUST**

**Notes to Financial Statements**

**December 31, 2022 (Unaudited)**

**1. Organization**

AdvisorShares Trust (the "Trust") was organized as a Delaware statutory trust on July 30, 2007 and has authorized capital of unlimited shares. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services — Investment Companies".

The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"). As of December 31, 2022, the Trust is comprised of 26 active funds (the "Funds" or "ETFs" and individually, the "Fund" or "ETF"):

---

| | | |
|:---|:---|:---|
| **Fund** | **Ticker** | **Commencement of <br> Operations** |
| AdvisorShares Alpha DNA Equity Sentiment ETF | SENT | February 2, 2021 |
| AdvisorShares Dorsey Wright ADR ETF | AADR | July 21, 2010 |
| AdvisorShares Dorsey Wright Alpha Equal Weight ETF | DWEQ | December 26, 2019 |
| AdvisorShares Dorsey Wright FSM All Cap World ETF | DWAW | December 26, 2019 |
| AdvisorShares Dorsey Wright FSM US Core ETF | DWUS | December 26, 2019 |
| AdvisorShares Dorsey Wright Micro Cap ETF | DWMC | July 10, 2018 |
| AdvisorShares Dorsey Wright Short ETF | DWSH | July 10, 2018 |
| AdvisorShares Drone Technology ETF | UAV | April 27, 2022 |
| AdvisorShares Focused Equity ETF | CWS | September 20, 2016 |
| AdvisorShares Gerber Kawasaki ETF | GK | July 2, 2021 |
| AdvisorShares Hotel ETF | BEDZ | April 20, 2021 |
| AdvisorShares Insider Advantage ETF | SURE | August 24, 2022 |
| AdvisorShares Let Bob AI Powered Momentum ETF | LETB | February 9, 2022 |
| AdvisorShares Managed Bitcoin Strategy ETF | CRYP | April 27, 2022 |
| AdvisorShares MSOS 2X Daily ETF | MSOX | August 24, 2022 |
| AdvisorShares Newfleet Multi-Sector Income ETF | MINC | March 19, 2013 |
| AdvisorShares North Square McKee Core Reserves ETF | HOLD | January 14, 2014 |
| AdvisorShares Poseidon Dynamic Cannabis ETF | PSDN | November 17, 2021 |
| AdvisorShares Psychedelics ETF | PSIL | September 15, 2021 |
| AdvisorShares Pure Cannabis ETF | YOLO | April 17, 2019 |
| AdvisorShares Pure US Cannabis ETF | MSOS | September 1, 2020 |
| AdvisorShares Q Dynamic Growth ETF | QPX | December 28, 2020 |
| AdvisorShares Ranger Equity Bear ETF | HDGE | January 27, 2011 |
| AdvisorShares Restaurant ETF | EATZ | April 20, 2021 |
| AdvisorShares STAR Global Buy-Write ETF | VEGA | September 17, 2012 |
| AdvisorShares Vice ETF | VICE | December 12, 2017 |

---

AdvisorShares Alpha DNA Equity Sentiment ETF ("Alpha DNA Equity Sentiment ETF") seeks to provide long-term capital appreciation.

AdvisorShares Dorsey Wright ADR ETF ("Dorsey Wright ADR ETF") seeks long-term capital appreciation above international benchmarks such as the MSCI EAFE Index.

AdvisorShares Dorsey Wright Alpha Equal Weight ETF ("Dorsey Wright Alpha Equal Weight ETF") seeks to provide long-term capital appreciation.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**1. Organization – (continued)**

AdvisorShares Dorsey Wright FSM All Cap World ETF ("Dorsey Wright FSM All Cap World ETF") seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

AdvisorShares Dorsey Wright FSM US Core ETF ("Dorsey Wright FSM US Core ETF") seeks to provide long-term capital appreciation with capital preservation as a secondary objective.

AdvisorShares Dorsey Wright Micro-Cap ETF ("Dorsey Wright Micro-Cap ETF") seeks long term capital appreciation.

AdvisorShares Dorsey Wright Short ETF ("Dorsey Wright Short ETF") seeks capital appreciation through short selling securities.

AdvisorShares Drone Technology ETF ("Drone Technology ETF") seeks long-term capital appreciation.

AdvisorShares Focused Equity ETF ("Focused Equity ETF") seeks long-term capital appreciation.

AdvisorShares Gerber Kawasaki ETF ("Gerber Kawasaki ETF") seeks long-term capital appreciation.

AdvisorShares Hotel ETF ("Hotel ETF") seeks to provide long-term capital appreciation.

AdvisorShares Insider Advantage ETF ("Insider Advantage ETF") seeks long-term capital appreciation.

AdvisorShares Let Bob AI Powered Momentum ETF ("Let Bob AI Powered Momentum ETF") seeks long-term capital appreciation.

AdvisorShares Managed Bitcoin Strategy ETF ("Managed Bitcoin Strategy ETF") seeks long-term capital appreciation.

AdvisorShares MSOS 2X Daily ETF ("MSOS Daily 2X Daily ETF") seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily total return of the US Cannabis ETF.

AdvisorShares Newfleet Multi-Sector Income ETF ("Newfleet Multi-Sector Income ETF") seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value ("NAV") due to changes in interest rates.

AdvisorShares North Square McKee Core Reserves ETF ("North Square McKee Core Reserves ETF") seeks to preserve capital while maximizing income.

AdvisorShares Poseidon Dynamic Cannabis ETF ("Poseidon Dynamic Cannabis ETF") seeks long-term capital appreciation.

AdvisorShares Psychedelics ETF ("Psychedelics ETF") seeks long-term capital appreciation.

AdvisorShares Pure Cannabis ETF ("Pure Cannabis ETF") seeks long-term capital appreciation.

AdvisorShares Pure US Cannabis ETF ("Pure US Cannabis ETF") seeks long-term capital appreciation.

AdvisorShares Q Dynamic Growth ETF ("Q Dynamic Growth ETF") seeks to achieve long-term growth.

AdvisorShares Ranger Equity Bear ETF ("Ranger Equity Bear ETF") seeks capital appreciation through short sales of domestically traded equity securities.

AdvisorShares Restaurant ETF ("Restaurant ETF") seeks to provide long-term capital appreciation.

AdvisorShares STAR Global Buy-Write ETF ("STAR Global Buy-Write ETF") seeks consistent repeatable returns across all market cycles.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**1. Organization – (continued)**

AdvisorShares Vice ETF ("Vice ETF") seeks long-term capital appreciation.

Some of the Funds are considered "funds of funds" and seek to achieve their investment objectives by investing primarily in other affiliated and unaffiliated exchange-traded funds ("ETFs"), as well as other exchange-traded products ("ETPs"), including, but not limited to, exchange-traded notes ("ETNs") and closed-end funds (collectively with ETFs, ETNs, and ETPs), that offer diversified exposure to various global regions, credit qualities, durations and maturity dates.

Each Fund, except the Drone Technology ETF, Gerber Kawasaki ETF, Hotel ETF, Managed Bitcoin Strategy ETF, MSOS 2X Daily ETF, Poseidon Dynamic Cannabis ETF, Psychedelics ETF, Pure Cannabis ETF, Pure US Cannabis ETF, and Restaurant ETF is a diversified investment company under the Investment Company Act of 1940 (the "1940 Act").

For the period ended December 31, 2022, the Funds held significant positions (greater than 25% of net assets), except those invested in short term money market instruments, in other funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Security Name** | **Market<br> Value<br> as of<br> June 30,<br> 2022** | **% of Fund<br> Net Assets<br> as of<br> June 30,<br> 2022** | **Reference location** |
| Dorsey Wright FSM All Cap World ETF | Invesco S&P 500 Equal Weight ETF | $43829028 | 50.7% | https://www.invesco.com |
|  | Invesco S&P 500 Pure Value ETF | 42421666 | 49.1 | https://www.invesco.com |
| Dorsey Wright FSM US Core ETF | Invesco S&P 500 Equal Weight ETF | 39316231 | 49.8 | https://www.invesco.com |
|  | Invesco S&P 500 Low Volatility ETF | 39593079 | 50.2 | https://www.invesco.com |
| Managed Bitcoin Strategy ETF | ProShares Bitcoin Strategy ETF | 77943 | 42.6 | https://www.proshares.com |
| Pure Cannabis ETF | AdvisorShares Pure US Cannabis ETF | 14696112 | 29.6 | Contained within this report. |
| Q Dynamic Growth ETF | Invesco QQQ Trust Series 1 | 10609661 | 38.4 | https://www.invesco.com |
|  | Technology Select Sector SPDR Fund | 8408162 | 30.4 | https://www.ssga.com |
| STAR Global Buy-Write ETF | SPDR S&P 500 ETF Trust | 14948041 | 39.4 | https://us.spdrs.com |

---

**2. Summary of Significant Accounting Policies**

These financial statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**2. Summary of Significant Accounting Policies – (continued)**

***Investment Valuation***

In computing each Fund's NAV, the Fund's securities holdings are valued based on their last readily available market price. Price information on listed securities, including Underlying ETFs, is taken from the exchange where the security is primarily traded. Securities regularly traded in an over-the-counter ("OTC") market are valued at the latest quoted sales price on the primary exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith by the Board of Trustees of the Trust.

***Investment Transactions***

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income and distributions to shareholders are recognized on the ex-dividend date and interest income and expenses are recognized on the accrual basis. Premiums and discounts are amortized over the life of the bond using the effective interest method.

Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security.

***Foreign Taxes***

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations.

***Expenses***

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund.

Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

***Futures Contracts***

Certain Funds may invest in futures contracts ("futures"), in order to hedge its investments against fluctuations in value caused by changes in prevailing interest rates or market conditions. Such Funds may invest in futures as a primary investment strategy. Investments in futures may increase or leverage exposure to a particular market risk, thereby increasing price volatility of derivative instruments a Fund holds. No monies are paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**2. Summary of Significant Accounting Policies – (continued)**

instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as 'marking-to-the-market'. Once a final determination of variation margin is made, additional cash is required to be paid by or released to a Fund, and the Fund will realize a loss or gain. A Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying index. Use of long futures contracts subjects a Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects a Fund to unlimited risk of loss. A Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures contract; therefore, a Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of unfavorable positions.

***Swap Agreements***

Certain Funds may invest in equity swaps to obtain exposure to the underlying referenced security, obtain leverage or enjoy the returns from ownership without actually owning equity. Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss.

Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

Equity swaps are derivatives, and their value can be very volatile. To the extent that the Advisor or Sub-Advisor, as applicable, does not accurately analyze and predict future market trends, the values of assets or economic factors, a Fund may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid. Periodic payments received or paid by a Fund are recorded as realized gains or losses.

***Repurchase Agreements***

The Funds may enter into repurchase agreements provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Fund's custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the respective Fund may be delayed or limited.

At December 31, 2022, the market values of repurchase agreements outstanding are included as cash collateral for securities on loan on the Statements of Assets and Liabilities.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**2. Summary of Significant Accounting Policies – (continued)**

***Short Sales***

Certain Funds may sell securities it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market value of that security (short sale). When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A Fund may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared on short positions open are recorded on the ex-date as an expense. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. A Fund also is subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.

A Fund is required to pledge cash or securities to the broker as collateral for any securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with the broker for collateral for securities sold short is recorded as an asset on the Statements of Assets and Liabilities and securities segregated as collateral are denoted in the Schedule of Investments. A Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities; and (iii) a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security.

Deposits with brokers and segregated cash for securities sold short represent cash balances on deposit with the respective Fund's prime brokers and custodian. A Fund is subject to credit risk should the prime brokers be unable to meet its obligations to the Fund.

***Term Loans***

Certain Funds invests in senior secured corporate loans or bank loans, some of which may be partially or entirely unfunded and purchased on a when-issued or delayed delivery basis, that pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, actual maturity may be substantially less than the stated maturity. Bank loans in which a Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.

***Options***

Certain Funds are authorized to write and purchase put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**2. Summary of Significant Accounting Policies – (continued)**

acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). A Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.

***Short-Term Investments***

Each Fund may invest in high-quality short-term debt securities and money market instruments on an ongoing basis to maintain liquidity or pending selection of investments in accordance with its policies. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. government securities and repurchase agreements.

***Securities Lending***

The Funds participate in a securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Program"), providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the applicable Fund, according to agreed-upon rates. Collateral on all securities loaned is accepted as cash and non-cash and is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in a separate account managed by BNYM, who is authorized to exclusively enter into money market instruments and overnight repurchase agreements, which are collateralized at 102% with securities issued or fully guaranteed by the U.S. Treasury; U.S. Government or any agency, instrumentality or authority of the U.S. Government. The securities purchased with cash collateral received are reflected in the Schedule of Investments. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.

The money market instruments and repurchase agreements income related to the Program earned by a Fund is disclosed on the Statements of Operations.

The value of loaned securities and related collateral outstanding at December 31, 2022 are shown in the Schedules of Investments and Statements of Assets and Liabilities. Non-cash collateral received by a Fund may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on a Fund's Schedules of Investments or Statements of Asset and Liabilities.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**2. Summary of Significant Accounting Policies – (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts not**<br> **offset in the**<br> **Statements of**<br> **Assets and Liabilities** | **Gross Amounts not**<br> **offset in the**<br> **Statements of**<br> **Assets and Liabilities** | |
| <br>**Fund and Description** | **Gross**<br> **Amounts of**<br>**Recognized**<br> **Assets and**<br> **(Liabilities)** | **Gross**<br> **Amounts**<br> **Offset in<br> the**<br> **Statements**<br>**of Assets<br> and**<br> **(Liabilities)** | **Net Amounts**<br> **Presented in<br> the**<br> **Statements**<br>**of Assets<br> and**<br> **(Liabilities)** | **Financial**<br> **Instruments** | **Collateral**<br> **Pledged/**<br> **Received** |<br>**Net**<br> **Amount** |
| **Alpha DNA Equity Sentiment ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | $(1266386) | $- | $(1266386) | $1266386<sup>(1)</sup> | $- | $- |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 1266386 |  | 1266386 | 1266386<sup>(2)</sup> |  |  |
| **Dorsey Wright ADR ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (3378616) |  | (3378616) | 3378616<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 3378616 |  | 3378616 | 3378616<sup>(2)</sup> |  |  |
| **Dorsey Wright Alpha Equal Weight ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (426303) |  | (426303) | 426303<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 426303 |  | 426303 | 426303<sup>(2)</sup> |  |  |
| **Dorsey Wright FSM All Cap World ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (38939348) |  | (38939348) | 38939348<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 38939348 |  | 38939348 | 38939348<sup>(2)</sup> |  |  |
| **Dorsey Wright FSM US Core ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (28837648) |  | (28837648) | 28837648<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 28837648 |  | 28837648 | 28837648<sup>(2)</sup> |  |  |
| **Dorsey Wright Micro-Cap ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (106212) |  | (106212) | 106212<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 106212 |  | 106212 | 106212<sup>(2)</sup> |  |  |
| **Drone Technology ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (31592) |  | (31592) | 31592<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 31592 |  | 31592 | 31592<sup>(2)</sup> |  |  |
| **Gerber Kawasaki ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (296724) |  | (296724) | 296724<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 296724 |  | 296724 | 296724<sup>(2)</sup> |  |  |
| **Insider Advantage ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (382941) |  | (382941) | 382941<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 382941 |  | 382941 | 382941<sup>(2)</sup> |  |  |
| **Managed Bitcoin Strategy ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (38882) |  | (38882) | 38882<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 38882 |  | 38882 | 38882<sup>(2)</sup> |  |  |
| **MSOS 2X Daily ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | 361406 |  | 361406 |  |  | 361406 |
| **Newfleet Multi-Sector Income ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (334) |  | (334) | 334<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 334 |  | 334 | 334<sup>(2)</sup> |  |  |
| **North Square McKee Core Reserves ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (4000) |  | (4000) | 4000<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 4000 |  | 4000 | 4000<sup>(2)</sup> |  |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**2. Summary of Significant Accounting Policies – (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts not**<br> **offset in the**<br> **Statements of**<br> **Assets and Liabilities** | **Gross Amounts not**<br> **offset in the**<br> **Statements of**<br> **Assets and Liabilities** | |
| <br>**Fund and Description** | **Gross**<br> **Amounts of**<br>**Recognized**<br> **Assets and**<br> **(Liabilities)** | **Gross**<br> **Amounts**<br> **Offset in<br> the**<br> **Statements**<br>**of Assets**<br> **and**<br> **(Liabilities)** | **Net Amounts**<br> **Presented in<br> the**<br> **Statements**<br>**of Assets**<br> **and**<br> **(Liabilities)** | **Financial**<br> **Instruments** | **Collateral**<br> **Pledged/**<br> **Received** |<br>**Net**<br> **Amount** |
| **Poseidon Dynamic Cannabis ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | $(62599) | $- | $(62599) | $62599<sup>(1)</sup> | $- | $- |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 62599 |  | 62599 | 62599<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | 187894 |  | 187894 |  |  | 187894 |
| **Psychedelics ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (536720)<sup>(3)</sup> |  | (536720) | 536720<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (102451) |  | (102451) |  |  | (102451) |
| **Pure Cannabis ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (5794576) |  | (5794576) | 5794576<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 5794576 |  | 5794576 | 5794576<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (24006401) |  | (24006401) |  |  | (24006401) |
| **Pure US Cannabis ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (200123) |  | (200123) | 200123<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 200123 |  | 200123 | 200123<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Swaps | (408915567) |  | (408915567) |  |  | (408915567) |
| **Q Dynamic Growth ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (973129) |  | (973129) | 973129<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 973129 |  | 973129 | 973129<sup>(2)</sup> |  |  |
| **Restaurant ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (120008) |  | (120008) | 120008<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 120008 |  | 120008 | 120008<sup>(2)</sup> |  |  |
| **STAR Global Buy-Write ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (6444546) |  | (6444546) | 6444546<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 6444546 |  | 6444546 | 6444546<sup>(2)</sup> |  |  |
| **Vice ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | (342775) |  | (342775) | 342775<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | 342775 |  | 342775 | 342775<sup>(2)</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Collateral for securities on loan is included in the Schedules of Investments and consists of Repurchase Agreements and/or shares of Money Market instruments.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Repurchase agreements are collateralized by U.S. government agency obligations in the event the other party to the repurchase agreement defaults on its obligation. Amounts may also include money market instruments.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Includes $536,720 of uninvested cash collateral.* 

***Dividends and Distributions***

Each Fund will generally pay out dividends to shareholders at least annually. Each Fund will distribute its net capital gains, if any, to shareholders annually. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. Distributions are recorded on ex-dividend date.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**2. Summary of Significant Accounting Policies – (continued)**

***Indemnifications***

In the normal course of business, each Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Trust's maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

***Recent Accounting Pronouncement***

*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (ETFs); Fee Information in Investment Company Advertisements. The rule and form amendments will require mutual funds and ETFs to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

*Accounting Standards Update 2020-04 Reference Rate Reform*

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the consolidated financial statements.

**3. Investment Advisory Agreement and Other Agreements**

***Investment Advisory Agreement***

Each Fund has entered into an investment advisory agreement with AdvisorShares Investments, LLC (the "Advisor") pursuant to which the Advisor acts as the Fund's investment advisor. Pursuant to the agreement, the Advisor has overall responsibility for the general management and investment of each Fund's securities portfolio, and has ultimate responsibility (subject to oversight by the Trust's Board of Trustees) for oversight of the Trust's sub-advisors, if applicable. For its services, each Fund pays the Advisor an annual management fee, which is calculated daily and paid monthly based on the Fund's average daily net assets. From time to time, the Advisor may waive all or a portion of its fee.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

The Advisor's annual management fee for each Fund is as follows:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Rate:** |  |
| Alpha DNA Equity Sentiment ETF | 0.76 | % |
| Dorsey Wright ADR ETF | 0.75 | % |
| Dorsey Wright Alpha Equal Weight ETF | 0.75 | % |
| Dorsey Wright FSM All Cap World ETF | 0.75 | % |
| Dorsey Wright FSM US Core ETF | 0.75 | % |
| Dorsey Wright Micro-CAP ETF | 0.75 | % |
| Dorsey Wright Short ETF | 0.75 | % |
| Drone Technology ETF | 0.64 | % |
| Focused Equity ETF | 0.75 | %\* |
| Gerber Kawasaki ETF | 0.75 | % |
| Hotel ETF | 0.60 | % |
| Insider Advantage ETF | 0.70 | % |
| Let Bob AI Powered Momentum ETF | 0.70 | % |
| Managed Bitcoin Strategy ETF | 0.90 | % |
| MSOS 2X Daily ETF | 0.85 | % |
| Newfleet Multi-Sector Income ETF | 0.50 | % |
| North Square McKee Core Reserves ETF | 0.30 | % |
| Poseidon Dynamic Cannabis ETF | 0.80 | % |
| Psychedelics ETF | 0.60 | % |
| Pure Cannabis ETF | 0.60 | % |
| Pure US Canabis ETF | 0.60 | % |
| Q Dynamic Growth ETF | 1.00 | %\* |
| Ranger Equity Bear ETF | 1.50 | % |
| Restaurant ETF | 0.60 | % |
| STAR Global Buy-Write ETF | 0.85 | % |
| Vice ETF | 0.60 | % |

---

\* The Advisor's advisory fee has two components – the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the Advisor is paid when the Fund's net performance is in line with Fund's pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If the Fund outperforms the performance benchmark, the Advisor may receive an upward fee adjustment. If the Fund underperforms the performance benchmark, the Advisor may receive a downward fee adjustment. The Advisor's annual base fee based on the Fund's average daily net assets. The performance fee adjustment is derived by comparing the Fund's performance over a rolling twelve-month period to its performance benchmark, which is set forth in the table below. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the Advisor's annual advisory fee may range as follows, based on the Fund's average daily net assets:

---

| | | |
|:---|:---|:---|
| <br> **Fund** | **Performance**<br> **Benchmark** | **Annual Advisory**<br> **Fee Range** |
| Focused Equity ETF | S&P 500 Index | 0.65% to 0.85% |
| Q Dynamic Growth ETF | S&P 500 Index | 0.90% to 1.10% |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

***Sub-Advisory Agreements***

Each Fund's investment sub-advisor, as applicable, provides investment advice and management services to its respective Fund(s). The Advisor supervises the day-to-day investment and reinvestment of the assets in each Fund and is responsible for monitoring the Fund's adherence to its investment mandate. Pursuant to an investment sub-advisory agreement between each sub-advisor and the Advisor, the sub-advisor is entitled to a fee, which is paid by the Advisor and is not an additional expense of the applicable Fund, that is calculated daily and paid monthly by the Advisor, at an annual rate based on the average daily net assets of its respective Fund(s) as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Sub-Advisor** | **Sub-Advisory**<br>**Fee Rate** |  |
| Alpha DNA Equity Sentiment ETF | Alpha DNA Investment Management LLC | 0.45 | % |
| Dorsey Wright ADR ETF | Dorsey, Wright & Associates, LLC | 0.25 | % |
| Dorsey Wright Micro Cap ETF | Dorsey, Wright & Associates, LLC | 0.25 | % |
| Dorsey Wright Short ETF | Dorsey, Wright & Associates, LLC | 0.25 | % |
| Gerber Kawasaki ETF | Gerber Kawasaki, Inc. | 0.50 | % |
| Managed Bitcoin ETF | Morgan Creek Capital Management, LLC | 0.45 | % |
| Newfleet Multi-Sector Income ETF | Newfleet Asset Management, LLC | 0.25 | % |
| North Square McKee Core Reserves ETF | CMS Advisors, LLC | 0.12 | % |
| Poseidon Dynamic Cannabis ETF | Poseidon Investment Management, LLC | 0.50 | % |
| Q Dynamic Growth ETF | ThinkBetter, LLC | 0.65 | %\* |
| Ranger Equity Bear ETF | Ranger Alternative Management, L.P. | 1.00 | % |
| STAR Global Buy-Write ETF | CreativeOne Wealth, LLC | 0.55 | %\*\* |

---

\* *The sub-advisory fee has two components – the base fee (disclosed in the table above) and the performance fee adjustment. The base fee is the pre-determined rate at which the sub-adviser is paid when net performance is in line with a pre-determined performance benchmark. The base fee is subject to an upward or downward adjustment by the performance fee. If a Fund outperforms the performance benchmark, the sub-adviser may receive an upward fee adjustment. If a Fund underperforms the performance benchmark, the sub-adviser may receive a downward fee adjustment. The performance fee adjustment is derived by comparing a Fund's performance over a rolling twelve-month period to its performance benchmark, which is the S&P 500 Index for AdvisorShares Q Dynamic Growth ETF. The base fee is adjusted at a rate of 0.02% for every 0.25% to 0.50% of out-performance or under-performance compared to the performance benchmark, but only up to 2.00% of the performance benchmark. As a result, the maximum possible performance fee adjustment, up or down, to the base fee is 0.10%. Accordingly, the sub-adviser's annual sub-advisory fee may range from 0.40% to 0.60% of AdvisorShares Q Portfolio Blended Allocation ETF's average daily net assets.* 

\*\* *Effective October 1, 2022, the Fund's sub-advisory fee was changed from 0.85% to 0.55% of the Fund's daily net assets.* 

From time to time, each sub-advisor may waive all or a portion of its fee.

***Expense Limitation Agreement***

The Advisor has contractually agreed to waive its fees and/or reimburse expenses in order to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding a specified percentage of each Fund's average daily net assets for at least one year from the date of the Fund's currently effective prospectus. The expense limitation agreement may be terminated without payment of any penalty (i) by the Trust for any reason and at any time and (ii) by the Advisor, for any reason, upon ninety (90) days' prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

period. If at any point it becomes unnecessary for the Advisor to waive fees or reimburse expenses, the Board may permit the Advisor to retain the difference between the Fund's total annual operating expenses and the expense limitation currently in effect, or, if the current expense limitation is lower, the expense limitation that was in effect at the time of the waiver and/or reimbursement, to recapture all or a portion of its prior fee waivers or expense reimbursements within three years of the date they were waived or reimbursed. The expense limits in effect for each Fund during the period ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Fund:** | **Rate:** |
| Alpha DNA Equity Sentiment ETF | 1.35% |
| Dorsey Wright ADR ETF | 1.10% |
| Dorsey Wright Alpha Equal Weight ETF | 0.99% |
| Dorsey Wright FSM All Cap World ETF | 0.99% |
| Dorsey Wright FSM US Core ETF | 0.99% |
| Dorsey Wright Micro-Cap ETF | 1.25% |
| Dorsey Wright Short ETF | 1.25% |
| Drone Technology ETF | 0.99% |
| Focused Equity ETF | 0.65%-0.85 %<sup>(a)</sup> |
| Gerber Kawasaki ETF | 0.75% |
| Hotel ETF | 0.99% |
| Insider Advantage ETF | 0.90% |
| Let Bob AI Powered Momentum ETF | 0.99% |
| Managed Bitcoin Strategy ETF | 1.49% |
| MSOS 2X Daily ETF | 0.95% |
| Newfleet Multi-Sector Income ETF | 0.75% |
| North Square McKee Core Reserves ETF | 0.35% |
| Poseidon Dynamic Cannabis ETF | 0.99% |
| Psychedelics ETF | 0.99% |
| Pure Cannabis ETF | 0.74% |
| Pure US Cannabis ETF | 0.74% |
| Q Dynamic Growth ETF | 1.45% |
| Ranger Equity Bear ETF | 1.85% |
| Restaurant ETF | 0.99% |
| STAR Global Buy-Write ETF | 1.85% |
| Vice ETF | 0.99% |

---

*(a)* *The expense limit is equal to the annual rate of the Advisor's contractual advisory fee, which can range from 0.65% to 0.85%.* 

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

The Advisor may recapture operating expenses waived and/or reimbursed within three years after the date on which such waiver or reimbursement occurred. The Funds must pay their ordinary operating expenses before the Advisor is permitted to recapture and must remain in compliance with any applicable expense limitation. All or a portion of the following Advisor waived and/or reimbursed expenses may be recaptured during the fiscal years indicated:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | **Expenses**<br>**Reimbursed** | **Recoupment**<br>**Balance** | **Recoupment**<br>**Expiration** |
| Dorsey Wright ADR ETF | $12898 | $12898 | 6/30/2025 |
| Total | **12898** | **12898** |  |
| Dorsey Wright Alpha Equal Weight ETF | 43933 | 43933 | 6/30/2025 |
| Total | **43933** | **43933** |  |
| Dorsey Wright FSM All Cap World ETF | 32530 | 32530 | 6/30/2025 |
| Total | **32530** | **32530** |  |
| Dorsey Wright FSM US Core ETF | 24662 | 24662 | 6/30/2025 |
| Total | **24662** | **24662** |  |
| Dorsey Wright Micro Cap ETF | 77363 | 77363 | 6/30/2023 |
|  | 82864 | 82864 | 6/30/2024 |
|  | 63589 | 63589 | 6/30/2025 |
| Total | **223816** | **223816** |  |
| Dorsey Wright Short ETF | 42681 | 18585 | 6/30/2024 |
| Total | **42681** | **18585** |  |
| Drone Technology ETF | 48634 | 48634 | 6/30/2025 |
| Total | **48634** | **48634** |  |
| Focused Equity ETF | 125699 | 125699 | 6/30/2023 |
|  | 125958 | 125958 | 6/30/2024 |
|  | 134742 | 134742 | 6/30/2025 |
| Total | **386399** | **386399** |  |
| Gerber Kawasaki ETF | 110127 | 110127 | 6/30/2025 |
| Total | **110127** | **110127** |  |
| Hotel ETF | 47304 | 47304 | 6/30/2024 |
|  | 29775 | 29775 | 6/30/2025 |
| Total | **77079** | **77079** |  |
| Insider Advantage ETF | 91372 | 91372 | 6/30/2023 |
|  | 67609 | 67609 | 6/30/2024 |
|  | 31171 | 31171 | 6/30/2025 |
| Total | **190152** | **190152** |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | **Expenses**<br>**Reimbursed** | **Recoupment**<br>**Balance** | **Recoupment**<br>**Expiration** |
| Let Bob AI Powered Momentum ETF | $42558 | $42558 | 6/30/2025 |
| Total | **42558** | **42558** |  |
| Managed Bitcoin Strategy ETF | 126899 | 126899 | 6/30/2025 |
| Total | **126899** | **126899** |  |
| Newfleet Multi-Sector Income ETF | 50459 | 50459 | 6/30/2023 |
|  | 21007 | 21007 | 6/30/2024 |
|  | 13998 | 13998 | 6/30/2025 |
| Total | **85464** | **85464** |  |
| North Square McKee Core Reserves ETF | 165567 | 165567 | 6/30/2023 |
|  | 158115 | 158115 | 6/30/2024 |
|  | 115396 | 115396 | 6/30/2025 |
| Total | **439078** | **439078** |  |
| Poseidon Dynamic Cannabis ETF | 65585 | 65585 | 6/30/2025 |
| Total | **65585** | **65585** |  |
| Psychedelics ETF | 94175 | 94175 | 6/30/2025 |
| Total | **94175** | **94175** |  |
| Pure Cannabis ETF | 114084 | 114084 | 6/30/2023 |
|  | 318586 | 283232 | 6/30/2025 |
| Total | **432670** | **397316** |  |
| Pure US Cannabis ETF | 16091 |  | 6/30/2024 |
|  | 301514 | 291422 | 6/30/2025 |
| Total | **317605** | **291422** |  |
| Q Dynamic Growth ETF | 3158 | 3158 | 6/30/2025 |
| Total | **3158** | **3158** |  |
| Restaurant ETF | 47820 | 47820 | 6/30/2024 |
|  | 47970 | 47970 | 6/30/2025 |
| Total | **95790** | **95790** |  |
| STAR Global Buy-Write ETF | 49370 | 36534 | 6/30/2023 |
|  | 78833 | 78833 | 6/30/2024 |
|  | 3755 | 3755 | 6/30/2025 |
| Total | **131958** | **119122** |  |
| Vice ETF | 79289 | 79289 | 6/30/2023 |
|  | 83764 | 83764 | 6/30/2024 |
|  | 73954 | 73954 | 6/30/2025 |
| Total | **237007** | **237007** |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**3. Investment Advisory Agreement and Other Agreements – (continued)**

***Administrator, Custodian, Fund Accountant and Transfer Agent***

The Bank of New York Mellon ("BNYM") serves as the Funds' administrator, fund accountant, custodian, and transfer agent pursuant to a Fund Administration and Accounting Agreement, a Custody Agreement and a Transfer Agency and Service Agreement, as the case may be.

***Distribution Arrangement***

Foreside Fund Services, LLC (the "Distributor") serves as the distributor of Creation Units (defined below) for each Fund pursuant to a distribution agreement. The Distributor does not maintain any secondary market shares. The Funds have adopted a Distribution and Service Plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. No fee is currently paid by any Fund under the Plan, and there are no current plans to impose the fee. However, in the event a Fund were to charge a Rule 12b-1 fee, over time it would increase the cost of an investment in the Fund.

**4. Creation and Redemption Transactions**

The Funds issue and redeem shares on a continuous basis at NAV in groups of 25,000 shares, at minimum, called "Creation Units." Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Only "Authorized Participants" may purchase or redeem shares directly from each Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

**5. Summary of Fair Value Disclosure**

The Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC") 820-10, *Fair Value Measurements and Disclosures*, defines fair value, establishes an authoritative framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosure about fair value measurements. Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

● Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

● Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**5. Summary of Fair Value Disclosure – (continued)**

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933 as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund's net asset value is computed and that may materially affect the value of the Fund's investment). Examples of events that may be "significant events" are government actions, natural disasters, armed conflicts and acts of terrorism. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For more detailed categories, see the accompanying Schedules of Investments.

**6. Derivative Instruments**

The Funds have adopted authoritative standards of accounting for derivative instruments which establish enhanced disclosure requirements. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations. Certain Funds use derivative instruments as part of their principal investment strategies to seek to achieve their investment objective.

At December 31, 2022, the fair values of derivative instruments were as follows:

Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Asset Derivatives:** | **Equity Risk** |
| Alpha DNA Equity Sentiment ETF | Investments, at Market Value<sup>(1)</sup> | $1118234 |
| MSOS 2X Daily ETF | Unrealized Appreciation on OTC Swap Contracts | 361406 |
| Poseidon Dynamic Cannabis ETF | Unrealized Appreciation on OTC Swap Contracts | 188193 |
| Pure US Cannabis ETF | Unrealized Appreciation on OTC Swap Contracts | 20889167 |

---

---

| | | |
|:---|:---|:---|
| **Fund:** | **Liability Derivatives:** | **Equity Risk** |
| Poseidon Dynamic Cannabis ETF | Unrealized Depreciation on OTC Swap Contracts | $(299) |
| Psychedelics ETF | Unrealized Depreciation on OTC Swap Contracts | (102451) |
| Pure Cannabis ETF | Unrealized Depreciation on OTC Swap Contracts | (24006401) |
| Pure US Cannabis ETF | Unrealized Depreciation on OTC Swap Contracts | (429804734) |
| STAR Global Buy-Write ETF | Options Written, at value | (28552) |

---

(1) Purchased
options are included in Investments, at Market Value.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**6. Derivative Instruments – (continued)**

Transactions in derivative instruments during the period ended December 31, 2022, were as follows:

Statements of Operations:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Realized Gain (Loss):** | **Equity Risk** |
| Alpha DNA Equity Sentiment ETF | Options Written | $(60) |
| MSOS 2X Daily ETF | Swaps | (8728274) |
| Poseidon Dynamic Cannabis ETF | Swaps | (1985666) |
| Psychedelics ETF | Swaps | (460147) |
| Pure Cannabis ETF | Swaps | (65702) |
| Pure US Cannabis ETF | Swaps | (231443035) |
| STAR Global Buy-Write ETF | Options Written | (62774) |

---

---

| | | |
|:---|:---|:---|
| **Fund:** | **Change in Unrealized Gain (Loss):** | **Equity Risk** |
| Alpha DNA Equity Sentiment ETF | Purchased Options | $(548044) |
| MSOS 2X Daily ETF | Swaps | 361406 |
| Poseidon Dynamic Cannabis ETF | Swaps | 199456 |
| Psychedelics ETF | Swaps | 390703 |
| Pure Cannabis ETF | Swaps | (2183527) |
| Pure US Cannabis ETF | Swaps | (21612965) |
| STAR Global Buy-Write ETF | Options Written | (14554) |

---

For the period ended December 31, 2022, the average volume of the derivatives opened by the Funds was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Alpha<br> DNA<br> Equity<br> Sentiment<br> ETF** | <br>**MSOS 2X**<br> **Daily ETF** | <br>**Poseidon**<br> **Dynamic**<br> **Cannabis**<br> **ETF** | <br>**Psychedelics**<br> **ETF** | <br>**Pure**<br> **Cannabis ETF** | <br>**Pure US**<br> **Cannabis ETF** | <br>**STAR**<br> **Global**<br> **Buy-Write**<br> **ETF** |
| Long Swaps Contracts | $- | $230281 | $49646 | $3333 | $1084736 | $1356820 | $- |
| Purchased Options Contracts | 665723 |  |  |  |  |  |  |
| Written Options Contracts |  |  |  |  |  |  | 40867 |

---

**7. Federal Income Tax**

Each Fund intends to qualify as a "regulated investment company" under Sub-chapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to Federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2020 - 2022), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**7. Federal Income Tax – (continued)**

As of June 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

At June 30, 2022, the approximate cost of investments, excluding short positions, and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Other<br> Derivatives<br> Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Alpha DNA Equity Sentiment ETF | $57410758 | $490899 | $(7092220) | $(6601321) | $- |
| Dorsey Wright ADR ETF | 52611361 | 3330740 | (4815174) | (1484434) |  |
| Dorsey Wright Alpha Equal Weight ETF | 44480349 | 548951 | (2311871) | (1762920) |  |
| Dorsey Wright FSM All Cap World ETF | 90962947 |  | (6682230) | (6682230) |  |
| Dorsey Wright FSM US Core ETF | 117162039 |  | (7057360) | (7057360) |  |
| Dorsey Wright Micro-Cap ETF | 8003388 | 664238 | (982648) | (318410) |  |
| Dorsey Wright Short ETF | 47718258 | 531541 | (656521) | (124980) | 11374038 |
| Drone Technology ETF | 662346 | 4387 | (82159) | (77772) |  |
| Focused Equity ETF | 26328257 | 4542585 | (2749995) | 1792590 |  |
| Gerber Kawasaki ETF | 23427204 | 75332 | (6246554) | (6171222) |  |
| Hotel ETF | 7823226 | 104504 | (1825789) | (1721285) |  |
| Insider Advantage ETF | 45634377 | 5914250 | (5172202) | 742048 |  |
| Let Bob AI Powered Momentum ETF | 24259178 | 19676 | (110069) | (90393) |  |
| Managed Bitcoin Strategy ETF | 668231 |  | (168347) | (168347) |  |
| Newfleet Multi-Sector Income ETF | 89226838 | 7008 | (5195617) | (5188609) |  |
| North Square McKee Core Reserves ETF | 36510860 | 5980 | (364808) | (358828) |  |
| Poseidon Dynamic Cannabis ETF | 6867769 | 4330636 | (4467425) | (136789) | (11562) |
| Psychedelics ETF | 13684847 | 498553 | (7991487) | (7492934) | (493154) |
| Pure Cannabis ETF | 241841786 | 22041620 | (187699846) | (165658226) | (21823749) |
| Pure US Cannabis ETF | 661527575 | 1025319476 | (1205974578) | (180655102) | (387302601) |
| Q Dynamic Growth ETF | 50581792 |  | (10252634) | (10252634) |  |
| Ranger Equity Bear ETF | 143412041 | 10675878 | (11259149) | (583271) | 8628682 |
| Restaurant ETF | 3527721 | 90434 | (676028) | (585594) |  |
| STAR Global Buy-Write ETF | 43424792 | 931838 | (5418980) | (4487142) | 28149 |
| Vice ETF | 9608147 | 700166 | (1590090) | (889924) |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**7. Federal Income Tax – (continued)**

Under current tax regulations, capital losses on securities transactions realized after October 31 ("Post-October Losses") may be deferred and treated as occurring on the first business day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year. Post-October losses and ordinary income losses deferred to July 1, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Late Year**<br> **Ordinary Loss**<br> **Deferral** | <br>**Short-Term**<br> **Capital Post-**<br> **October Loss** | **Long-Term<br> Capital<br> Post-October<br> Loss** |
| Alpha DNA Equity Sentiment ETF | $- | $– $|  |
| Dorsey Wright ADR ETF |  | – |  |
| Dorsey Wright Alpha Equal Weight ETF |  | – |  |
| Dorsey Wright FSM All Cap World ETF |  | – |  |
| Dorsey Wright FSM US Core ETF |  | – |  |
| Dorsey Wright Micro-Cap ETF |  | – |  |
| Dorsey Wright Short ETF | 283220 | – |  |
| Drone Technology ETF | 2476 | – |  |
| Focused Equity ETF |  | – |  |
| Gerber Kawasaki ETF |  | – |  |
| Hotel ETF |  | – |  |
| Insider Advantage ETF |  | – |  |
| Let Bob AI Powered Momentum ETF | 38365 | – |  |
| Managed Bitcoin Strategy ETF |  | – |  |
| Newfleet Multi-Sector Income ETF |  | – |  |
| North Square McKee Core Reserves ETF |  | – |  |
| Poseidon Dynamic Cannabis ETF | 99151 | – |  |
| Psychedelics ETF |  | – |  |
| Pure Cannabis ETF |  | – |  |
| Pure US Cannabis ETF | 6536522 | – |  |
| Q Dynamic Growth ETF | 246331 | – |  |
| Ranger Equity Bear ETF | 1134889 | – |  |
| Restaurant ETF |  | – |  |
| STAR Global Buy-Write ETF |  | – |  |
| Vice ETF |  | – |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**7. Federal Income Tax – (continued)**

The following Funds have capital loss carryforwards available to offset future realized gains of:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> No Expiration** | **Long-Term<br> No Expiration** | <br>**Total** |
| Alpha DNA Equity Sentiment ETF | $14425150 | $555746 | $14980896 |
| Dorsey Wright ADR ETF | 50757373 |  | 50757373 |
| Dorsey Wright Alpha Equal Weight ETF | 19783574 |  | 19783574 |
| Dorsey Wright FSM All Cap World ETF | 18208687 |  | 18208687 |
| Dorsey Wright FSM US Core ETF | 1462924 |  | 1462924 |
| Dorsey Wright Micro-Cap ETF | 2057755 |  | 2057755 |
| Dorsey Wright Short ETF | 88638060 | 139071 | 88777131 |
| Drone Technology ETF |  |  |  |
| Focused Equity ETF | 38582 | 404532 | 443114 |
| Gerber Kawasaki ETF | 3730577 | 4409 | 3734986 |
| Hotel ETF | 264886 |  | 264886 |
| Insider Advantage ETF | 23503336 |  | 23503336 |
| Let Bob AI Powered Momentum ETF | 1625071 |  | 1625071 |
| Managed Bitcoin Strategy ETF |  |  |  |
| Newfleet Multi-Sector Income ETF | 2491383 | 6095705 | 8587088 |
| North Square McKee Core Reserves ETF | 1037376 |  | 1037376 |
| Poseidon Dynamic Cannabis ETF | 8641397 |  | 8641397 |
| Psychedelics ETF | 488128 |  | 488128 |
| Pure Cannabis ETF | 34438177 | 20329792 | 54767969 |
| Pure US Cannabis ETF | 674182150 | 5686558 | 679868708 |
| Q Dynamic Growth ETF | 4968218 | 46709 | 5014927 |
| Ranger Equity Bear ETF | 340961488 | 564348 | 341525836 |
| Restaurant ETF | 758938 | 49397 | 808335 |
| STAR Global Buy-Write ETF |  |  |  |
| Vice ETF | 433769 |  | 433769 |

---

The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2022:

---

| | |
|:---|:---|
| **Fund** | **Utilized<br> Amount** |
| Alpha DNA Equity Sentiment ETF | $- |
| Dorsey Wright ADR ETF |  |
| Dorsey Wright Alpha Equal Weight ETF |  |
| Dorsey Wright FSM All Cap World ETF |  |
| Dorsey Wright FSM US Core ETF |  |
| Dorsey Wright Micro Cap ETF |  |
| Dorsey Wright Short ETF |  |
| Drone Technology ETF |  |
| Focused Equity ETF | 3730 |
| Gerber Kawasaki ETF |  |
| Hotel ETF |  |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**7. Federal Income Tax – (continued)**

---

| | |
|:---|:---|
| **Fund** | **Utilized<br> Amount** |
| Insider Advantage ETF | $4875911 |
| Let Bob AI Powered Momentum ETF |  |
| Managed Bitcoin Strategy ETF |  |
| Newfleet Multi-Sector Income ETF |  |
| North Square McKee Core Reserves ETF | 26678 |
| Poseidon Dynamic Cannabis ETF |  |
| Psychedelics ETF |  |
| Pure Cannabis ETF |  |
| Pure US Cannabis ETF |  |
| Q Dynamic Growth ETF |  |
| Ranger Equity Bear ETF | 27747068 |
| Restaurant ETF |  |
| STAR Global Buy-Write ETF |  |
| Vice ETF |  |

---

**8. Investment Transactions**

Purchases and sales of investments and securities sold short (excluding short term securities) for the period ended December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Purchases** | **Sales** | **Sales** | **Sales** |
| <br>**Fund** |<br>**Long Term** | **U.S.**<br>**Government** |<br>**In-Kind** |<br>**Long Term** | **U.S.**<br>**Government** |<br>**In-Kind** |
| Alpha DNA Equity Sentiment ETF | $120969258 | $- | $- | $121668143 | $- | $10262673 |
| Dorsey Wright ADR ETF | 17832370 |  |  | 17787557 |  | 7662388 |
| Dorsey Wright Alpha Equal Weight ETF | 85976871 |  | 1596799 | 72889553 |  | 4836395 |
| Dorsey Wright FSM All Cap World ETF | 49843950 |  | 10722009 | 49106641 |  | 10283813 |
| Dorsey Wright FSM US Core ETF | 423307 |  | 842359 | 443540 |  | 4761663 |
| Dorsey Wright Micro Cap ETF | 3393542 |  | 165841 | 3334927 |  | 2905833 |
| Dorsey Wright Short ETF |  |  |  |  |  |  |
| Drone Technology ETF | 172928 |  | 100931 | 109295 |  | 221583 |
| Focused Equity ETF | 7210135 |  | 8015736 | 7279639 |  | 6878190 |
| Gerber Kawasaki ETF | 3249074 |  | 2168658 | 3239033 |  | 2588001 |
| Hotel ETF | 3089866 |  |  | 3394692 |  | 1597265 |
| Insider Advantage ETF | 78928118 |  | 28388864 | 76422864 |  | 36334900 |
| Let Bob AI Powered Momentum ETF | 6977108 |  | 22765 | 8971022 |  |  |
| Managed Bitcoin Strategy ETF |  |  | 34339 | 144845 |  | 364088 |
| MSOS 2x Daily ETF |  |  |  |  |  |  |
| Newfleet Multi-Sector Income ETF | 3697148 | 3567882 |  | 57907177 | 5537389 |  |
| North Square McKee Core Reserves ETF | 13037559 | 2872789 |  | 14342150 | 1376464 |  |
| Poseidon Dynamic Cannabis ETF | 753400 |  | 251904 | 967004 |  |  |
| Psychedelics ETF | 3458682 |  | 2709104 | 2608031 |  |  |
| Pure Cannabis ETF | 10999786 |  | 427677 | 8412230 |  |  |
| Pure US Cannabis ETF | 2988017 |  | 4542803 | 27763803 |  | 2113721 |
| Q Dynamic Growth ETF | 8697190 |  | 1609651 | 8393581 |  | 13175895 |
| Ranger Equity Bear ETF |  |  |  |  |  |  |
| Restaurant ETF | 1523443 |  |  | 1110729 |  | 443190 |
| STAR Global Buy-Write ETF | 7574195 |  | 842113 | 7670927 |  |  |
| Vice ETF | 5127894 |  |  | 4900781 |  | 727625 |

---

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**9. Risks Involved with Investing in the Funds**

As with any investment, an investor could lose all or part of their investment in a Fund and the Fund's performance could trail that of other investments. A Fund may be subject to one or more principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in each Fund's prospectus. Please refer to a Fund's currently effective prospectus for the specific list and description of the principal risks of investing in the Fund.

***Credit Risk***

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. Each Fund and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a Fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a Fund's exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its Statements of Assets and Liabilities. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

***ETF Market Risk***

In stressed market conditions, the market for certain ETF shares may become less liquid in response to deteriorating liquidity in the markets for the ETF's underlying portfolio holdings. This adverse effect on liquidity for the ETF's shares in turn can lead to differences between the market price of the ETF's shares and the underlying value of those shares. In addition, there are a limited number of institutions that act as authorized participants. If these institutions exit the business or are, for any reason, unable to process creation and/or redemption orders with respect to the Fund, or purchase and sell securities in connection with creation and/or redemption orders, as applicable, and no other authorized participant steps forward to create or redeem, or purchase or sell securities, as applicable, Fund shares may trade at a premium or discount to their NAV and possibly face operational issues such as trading halts and/or delisting. The absence of an active market in a Fund's shares could lead to a heightened risk of differences between the market price of the Fund's shares and the underlying value of those shares.

***Fund of Funds Risk***

Certain Funds' investment performance, because they are fund of funds, depends on the investment performance of the Underlying ETFs in which they invest. An investment in these Funds is subject to the risk associated with the Underlying ETFs that comprise their portfolio. The Funds will indirectly pay a proportional share of the asset-based fees, if any, of the Underlying ETFs in which they invest.

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**9. Risks Involved with Investing in the Funds – (continued)**

***Illiquid Investments Risk***

In certain circumstances, it may be difficult for a Fund to purchase and sell particular portfolio investments due to infrequent trading in such investments. The prices of such securities may experience significant volatility, make it more difficult for the Fund to transact significant amounts of such securities without an unfavorable impact on prevailing market prices, or make it difficult for the Advisor or Sub-Advisor, as applicable, to dispose of such securities at a fair price at the time the Advisor or Sub-Advisor believes it is desirable to do so. The Fund's investments in such securities may restrict the Fund's ability to take advantage of other market opportunities and adversely affect the value of the Fund's portfolio holdings. Such investments also may be subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules.

***Management Risk***

The Advisor or Sub-Advisor, as applicable, continuously evaluates each Fund's holdings, purchases and sales with a view to achieving the Fund's investment objective. However, achievement of the stated investment objective cannot be guaranteed. The Advisor's or Sub-Advisor's judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. In fact, no matter how good a job the Advisor or Sub-Advisor does, you could lose money on your investment in a Fund, just as you could with other investments. If the Advisor or Sub-Advisor is incorrect in its assessment of the income, growth or price realization potential of a Fund's holdings or incorrect in its assessment of general market or economic conditions, then the value of the Fund's shares may decline.

***Market Risk***

Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. A Fund's investments may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic conditions or changes in interest or currency rates, or particular countries, segments, economic sectors, industries or companies within those markets. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness, such as the COVID-19 pandemic, or other public health issues, recessions, uncertainties regarding interest rates, rising inflation, or other events could have a significant impact on the market generally and on specific securities. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Fluctuations in the value of securities and financial instruments in which the Fund invests will cause the NAV of the Fund to fluctuate. Historically, the markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Because of its link to the markets, an investment in the Fund may be more suitable for long-term investors who can bear the risk of short-term principal fluctuations, which at times may be significant.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine, and may impose sanctions on other countries that provide military or economic support to Russia. The

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**9. Risks Involved with Investing in the Funds – (continued)**

extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

***New Fund Risk***

Some of the Funds are new funds. There can be no assurance that a new Fund will grow to or maintain an economically viable size, and, if not, it could ultimately liquidate.

***Trading Risk***

Shares of each Fund may trade above or below their NAV. The trading price of a Fund's shares may deviate significantly from their NAV during periods of market volatility and, in such instances, you may pay significantly more or receive significantly less than the underlying value of the Fund's shares. There can be no assurance that an active trading market for a Fund's shares will develop or be maintained. In addition, trading in shares of a Fund may be halted because of market conditions or for reasons that, in the view of a Fund's Exchange, make trading in shares inadvisable.

***Cannabis-Related Company Risk***

Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company's ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.

***Bitcoin Strategy Risk***

The AdvisorShares Managed Bitcoin Strategy ETF, primarily through Bitcoin ETFs and/or its Subsidiary, invests in Bitcoin Futures. ***The Fund does not invest directly in or hold bitcoin***. The price of Bitcoin Futures may differ, sometimes significantly, from the current cash price of bitcoin, which is sometimes referred to as the "spot" price of bitcoin. Consequently, the performance of the Fund should be expected to perform differently from the spot price of bitcoin. Furthermore, if the Fund's ability to obtain exposure to Bitcoin Futures consistent with its investment objective is disrupted for any reason, including, for example, limited liquidity in the Bitcoin Futures market, a disruption to the Bitcoin Futures market, or as a result of margin requirements or position limits imposed by futures commission merchants ("FCMs"), the CME, or the CFTC, the Fund may not be able to achieve its investment

**ADVISORSHARES TRUST**

**Notes to Financial Statements (Continued)**

**December 31, 2022 (Unaudited)**

**9. Risks Involved with Investing in the Funds – (continued)**

objective. Any disruption in the Fund's ability to obtain exposure to Bitcoin Futures will cause the Fund's performance to deviate from the performance of bitcoin and Bitcoin Futures. Volatility in the Bitcoin Futures market, particularly during times outside of the Fund's trading hours, could cause the trading prices of the Fund's shares to deviate significantly from NAV.

***Drone Companies Risk***

Drone companies may have limited product lines, markets, financial resources or personnel and are subject to the risks of changes in business cycles, world economic growth, technological progress, and government regulation. Securities of drone companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. These companies may face intense competition and potentially rapid product obsolescence. In addition, drone companies may be dependent on the U.S. government and its agencies for a significant portion of their sales, and their success and growth may be dependent on their ability to win future government contracts. As a result, such companies may be negatively affected by budgetary constraints, spending reductions, congressional appropriations, and administrative allocations of funds that affect the U.S. government and its agencies. Drone companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies, and may be adversely affected by loss or impairment of those rights. Legal and regulatory changes may have an impact on a drone company's products or services. In addition, drone companies may also be subject to increasing regulatory constraints that may limit the sale or use of a company's products, including the need to obtain regulatory approvals from certain government agencies. Drone companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.

**10. Subsequent Events**

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require additional disclosure.

**LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)**

***Liquidity Risk Management Program***

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, AdvisorShares Trust (the "Trust"), on behalf of its series (the "Funds"), has adopted a liquidity risk management program (the "Program") to govern the Trust's approach to managing liquidity risk based on factors specific to the circumstances of the Funds. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a Fund will be unable to meet its redemption obligations without significant dilution of remaining shareholders' interests. The Board of Trustees of the Trust appointed AdvisorShares Investments, LLC, the Funds' investment adviser, as the administrator of the Program (the "Program Administrator").

At the Board's August 2022 meeting, the Trustees reviewed a written report provided by the Program Administrator addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period July 1, 2021 through June 30, 2022. The report did not reflect that any material changes had been made to the Program since its implementation. The report noted that the Program utilizes analysis from a third-party liquidity metrics service provider to assist in liquidity classification, calculation, and monitoring. The Program Administrator concluded in the report that the Program has been adequately designed and effectively implemented to meet the requirements of Rule 22e-4 and the Funds' liquidity needs.

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS**

**<u>Renewal of the Sub-Advisory Agreements for the AdvisorShares Alpha DNA Equity Sentiment ETF, AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF, AdvisorShares Dorsey Wright Short ETF, AdvisorShares Ranger Equity Bear ETF, and AdvisorShares Q Dynamic Growth ETF</u>**

At meetings of the Board of Trustees (the "Board") of AdvisorShares Trust (the "Trust") held on August 24, 2022 and December 7, 2022, the Board, including those trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940 (the "1940 Act") (the "Independent Trustees"), considered the approval of the renewal of separate sub-advisory agreements (collectively, the "Sub-Advisory Agreements") between AdvisorShares Investments, LLC (the "Advisor") and (1) Alpha DNA Investment Management LLC, on behalf of the AdvisorShares Alpha DNA Equity Sentiment ETF, (2) Dorsey, Wright & Associates, LLC, on behalf of the AdvisorShares Dorsey Wright ADR ETF, AdvisorShares Dorsey Wright Micro-Cap ETF, and AdvisorShares Dorsey Wright Short ETF, (3) Ranger Alternative Management L.P., on behalf of the AdvisorShares Ranger Equity Bear ETF, and (4) ThinkBetter, on behalf of the AdvisorShares Q Dynamic Growth ETF (collectively, the "Sub-Advisors"), pursuant to which the Sub-Advisors perform portfolio management and related services for the Funds.

Pursuant to Section 15 of the 1940 Act and related exemptive relief, to continue after their initial two-year term, the Sub-Advisory Agreements must be approved annually: (i) by the vote of the Board or by a vote of the shareholders of the Funds and (ii) by the vote of a majority of the Independent Trustees cast at a meeting called for the purpose of voting on such approval. Each year, the Board calls and holds meetings to decide whether to renew the Sub-Advisory Agreements for an additional one-year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Advisor and Sub-Advisors. The Board uses this information, as well as other information that the Advisor, Sub-Advisors and other service providers may submit to the Board at the meetings and over the course of the prior year, to help evaluate each Sub-Advisor's fee and other aspects of the Sub-Advisory Agreements and decide whether to renew the Sub-Advisory Agreements for an additional year.

As discussed in further detail below, prior to and at the meetings, the Board, including the Independent Trustees, was presented with information to help it evaluate each Sub-Advisor's fee and other aspects of the Sub-Advisory Agreements. The Board reviewed written materials from the Advisor and each Sub-Advisor regarding, among other things: (i) the nature, extent and quality of the services provided by each Sub-Advisor; (ii) the performance of each Sub-Advisor of its duties; (iii) the investment performance of each Fund; (iv) the costs of the services provided and profits realized by each Sub-Advisor; (v) the potential for economies of scale for the benefit of each Fund's shareholders; and (vi) any ancillary benefits to each Sub-Advisor. The Board received an overview of each Sub-Advisor's operations and management of the Funds, including comparative fee data and profitability analysis for each Fund, and was also provided with information with respect to compliance oversight. The Board reviewed the management of each Fund, including the Fund's strategy, the focus in the markets, the Fund's positioning in the market, and its attractive and unique offering. The Board reviewed each Sub-Advisor's overall business generally, including any noteworthy personnel changes.

The Board deliberated on the renewal of each Sub-Advisory Agreements in light of the materials that it received before the meetings, information it received at the meetings, and information it had received at prior board meetings. In its deliberations, the Board considered the factors and reached the conclusions described below relating to the renewal of the Sub-Advisory Agreements. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)**

***Nature, Extent and Quality of Services.*** In considering the nature, extent and quality of the services provided by each Sub-Advisor, the Board reviewed the portfolio management services provided to each Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Sub-Advisors, including those individuals responsible for portfolio management. The Board also considered the Sub-Advisors' operational capabilities and resources and their experience in managing investment portfolios. The most recent Form ADV for each Sub-Advisor was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about the Sub-Advisor's business, services, and compensation. The Board considered each Sub-Advisor's overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Funds by the Sub-Advisors.

***Performance of the Funds.*** The Board was provided with information regarding each Fund's performance for various periods, as well as comparative performance information. Each Sub-Advisor provided information regarding factors impacting the performance of the Funds, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that each Fund is actively managed and that it receives regular reports regarding each Fund's performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that each Sub-Advisor had been able to achieve for its respective Fund(s).

***Cost of Services and Profitability.*** In considering whether the sub-advisory fee payable with respect to each Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to each Sub-Advisor, the fee waived and/or expenses reimbursed by each Sub-Advisor over the period, as applicable, the costs and other expenses incurred by each Sub-Advisor in providing the services, and the profitability analysis with respect to each Fund. The Board also reviewed information comparing each Fund's fee to the fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the sub-advisory fee appeared to be reasonable in light of the services rendered.

***Economies of Scale.*** The Board considered for each Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by a Sub-Advisor and whether a Sub-Advisor's fee includes breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for each Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

***Ancillary Benefits.*** The Board noted the potential benefits to be received by each Sub-Advisor as a result of its relationship with a Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund's performance.

***Conclusion.*** Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Sub-Advisory Agreement are fair and reasonable; (ii) concluded that each Sub-Advisor's fee is reasonable in light of the services that it provides to its respective Fund(s); and (iii) agreed to renew each Sub-Advisory Agreement for another year.

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)**

**<u>Approval of New Sub-Advisory Agreement for AdvisorShares Ranger Equity Bear ETF</u>**

On August 25, 2022, Ranger Alternative Management L.P. ("Ranger"), the investment sub-adviser to the AdvisorShares Ranger Equity Bear ETF (the "Fund"), concluded an ownership restructuring that constituted a change in control of Ranger thereby causing an assignment of the existing sub-advisory agreement between the Advisor and Ranger with respect to the Fund and the agreement's automatic termination under the 1940 Act. Accordingly, in addition to considering the renewal of the existing sub-advisory agreement at its August 24, 2022 meeting, the Board, including the Independent Trustees, considered the approval of a new sub-advisory agreement between the Advisor and Ranger with respect to the Fund (the "New Sub-Advisory Agreement"), noting that the New Sub-Advisory Agreement contained substantially the same terms as the existing sub-advisory agreement including the rate of compensation.

In considering whether to approve the New Sub-Advisory Agreement, the Board noted that its annual comprehensive review of Ranger was being conducted at the meeting and that it also received specific information relating to the change in control. The Board reviewed and discussed the information and analysis provided by Ranger and considered the approval of the New Sub-Advisory Agreement in light of the information it received relating to the renewal and the change in control. In its deliberations, the Board did not identify any single factor that was paramount or controlling and individual trustees may have attributed different weights to various factors.

***Nature, Extent and Quality of the Services.*** In considering the nature, extent and quality of the services provided by Ranger, the Board reviewed the portfolio management services provided to the Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of Ranger, including those individuals responsible for portfolio management. The Board also considered Ranger's operational capabilities and resources and its experience in managing investment portfolios. The most recent Form ADV for Ranger was provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about Ranger's business, services, and compensation as well as the expected change in control. The Board considered Ranger's overall quality of personnel, operations, and financial condition, its investment advisory capabilities, and information concerning its compliance function, operational capabilities, and portfolio management team. Based on its review, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by Ranger.

***Performance of the Fund.*** The Board was provided with information regarding the Fund's performance for various periods, as well as comparative performance information. Ranger provided information regarding factors impacting the performance of the Fund, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that the Fund is actively managed and that it receives regular reports regarding the Fund's performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that Ranger had been able to achieve for the Fund.

***Cost of Services and Profitability.*** In considering whether the sub-advisory fee payable with respect to the Fund is reasonable, the Board reviewed the sub-advisory fee paid by the Advisor to Ranger, the costs and other expenses incurred by Ranger, and the profitability analysis with respect to the Fund. The Board noted that the proposed fee under the New Sub-Advisory Agreement is the same as the sub-advisory fee paid to Ranger under the existing sub-advisory agreement. The Board also reviewed information comparing the Fund's advisory fee to the advisory fee paid by comparable funds. Based on its review, in the context of its full deliberations, the Board concluded for the Fund that the sub-advisory fee appeared to be reasonable in light of the services rendered.

***Economies of Scale.*** The Board considered whether economies of scale were realized for the Fund. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for the Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)**

***Ancillary Benefits.*** The Board noted the potential benefits to be received by Ranger as a result of its relationship with the Fund (other than the sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund's performance.

***Conclusion.*** Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously concluded that the terms of the New Sub-Advisory Agreement, including the fee, are fair and reasonable in light of the services to be provided to the Fund and approved the New Sub-Advisory Agreement for an initial term of two years.

**<u>Approval of the Advisory Agreement for AdvisorShares MSOS 2x Daily ETF</u>**

At a meeting held on May 17, 2022, the Board, including the Independent Trustees, considered the approval of the proposed investment advisory agreement (the "Advisory Agreement") between the Trust and the Advisor with respect to the AdvisorShares MSOS 2x Daily ETF (the "Fund"). The Board noted that the Advisor provides investment advisory services to the other series of the Trust and that its annual comprehensive review of the Advisor with respect to those series also was being conducted at the meeting.

In connection with its consideration of the Advisory Agreement, the Board, including the Independent Trustees, requested, received, and evaluated materials from the Advisor about the services proposed to be provided thereunder including information about the key features of the Fund and related matters. The Board also reviewed information regarding the proposed investment advisory fee rate and other matters that it considered relevant to its consideration and approval of the Advisory Agreement.

In considering the Advisory Agreement, the Board considered and discussed information and analysis provided by the Advisor. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and individual trustees may have attributed different weights to various factors.

***Nature, Extent and Quality of Services.*** In considering the nature, extent and quality of the services to be provided by the Advisor to the Fund, the Board reviewed the services to be provided by the Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including implementing the purchase and sale of portfolio securities, the provision of related services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Advisor will have as investment adviser to the Fund, including the oversight of service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor, including those individuals responsible for portfolio management, the Advisor's operational capabilities and resources, and its experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services expected to be provided to the Fund by the Advisor.

***Performance.*** In connection with the assessment of the ability of the Advisor to perform its duties under the Advisory Agreement, the Board considered its investment performance and experience generally and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the resources necessary to perform its obligations under the Advisory Agreement.

***Cost of Services and Profitability.*** The Board considered the cost of the services to be provided by the Advisor, reviewed the fee to be paid pursuant to the Advisory Agreement, and considered the estimated profitability projected by the Advisor from its relationship with the Fund. The Board also reviewed information provided by the Advisor regarding advisory fees of comparable funds and

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)**

evaluated the proposed fee arrangement in light of this information and the factors that judicial decisions have specified as pertinent generally. The Board also considered the Advisor's contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratio of the Fund. Based on its review, within the context of its full deliberations, the Board determined that the fee proposed to be paid to the Advisor appeared to be reasonable in light of the services to be provided.

***Economies of Scale.*** The Board considered the potential for economies of scale and determined that it would reconsider this factor at an appropriate time in the future. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the investment advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth. The Board also considered the Advisor's willingness to enter into a contractual expense limitation agreement for the Fund, noting that this would protect shareholders from high operational costs.

***Ancillary Benefits.*** The Board noted the potential benefits to be received by the Advisor as a result of its relationship with the Fund (other than the advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund's performance.

***Conclusion.*** Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of the Advisory Agreement are fair and reasonable; (ii) concluded that the fee to be paid to the Advisor is fair and reasonable in light of the services that it will provide to the Fund; and (iii) agreed to approve the Advisory Agreement for an initial term of two years.

**<u>Approval of the Amended Advisory Agreement and Amended Sub-Advisory Agreement for the AdvisorShares STAR Global Buy-Write ETF</u>**

At a meeting held on September 12, 2022, the Board, including the Independent Trustees, considered the approval of (a) an amended investment advisory agreement (the "Advisory Agreement") between the Advisor and the Trust, on behalf of the AdvisorShares STAR Global Buy-Write ETF (the "Fund"), and (b) an amended sub-advisory agreement (together with the Advisory Agreement, the "Amended Agreements") between the Advisor and CreativeOne Wealth, LLC (formerly, ChangePath, LLC) (the "Sub-Advisor") with respect to portfolio management services for the Fund. The Board noted that the Amended Agreements reflected reduced advisory or sub-advisory fees, as applicable, but otherwise contained the same terms as the applicable currently effective agreement.

In considering whether to approve the Amended Agreements, the Board noted that it had conducted a comprehensive review of the Advisor at its May 2022 quarterly meeting and of the Sub-Advisor at its February 2022 quarterly meeting in connection with its consideration of the most recent annual renewal of each one's currently effective agreement. The Board also reviewed and discussed additional information and analysis provided by the Advisor in connection with the proposed reduction in advisory and sub-advisory fees. The Board considered the approval of the Amended Agreements in light of the information it received at its current and prior meetings. The Board did not identify any single piece of information discussed below that was paramount, controlling or determinative of its decision.

***Nature, Extent and Quality of Services.*** In considering the nature, extent and quality of the services provided by the Advisor and Sub-Advisor, the Board reviewed the services provided to the Fund by the Advisor and Sub-Advisor, noting that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related services, such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Fund. The Trustees reviewed the extensive responsibilities that the Advisor has as investment adviser to the

**BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)**

Fund, including the oversight of the activities and operations of the Sub-Advisor and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the Fund. The most recent Form ADV for the Advisor and Sub-Advisor had been provided to the Board, as were responses to a detailed series of questions that, among other things, requested information about their business, services, and financial condition. The Board considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor and Sub-Advisor, including those individuals responsible for portfolio management, the Advisor's and Sub-Advisor's operational capabilities and resources, and their experience in managing investment portfolios. The Board considered the Advisor's representation that the fee reductions would not result in a change to the services provided to the Fund by the Advisor or Sub-Advisor. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Advisor and Sub-Advisor.

***Performance of the Fund.*** The Board had been provided with information regarding the Fund's performance for various periods, as well as comparative performance information. The Advisor and Sub-Advisor provided information regarding factors impacting the performance of the Fund, outlining current market conditions, and explaining its expectations and strategies for the future. The Board noted that the Fund is actively managed and that it receives regular reports regarding the Fund's performance at its quarterly meetings. Based on this information, the Board concluded that it was satisfied with the investment results that the Advisor and Sub-Advisor had been able to achieve for the Fund.

***Cost of Services and Profitability.*** In considering whether the advisory and sub-advisory fees payable with respect to the Fund are reasonable, the Board reviewed the advisory fee paid by the Fund to the Advisor, the sub-advisory fee paid by the Advisor to the Sub-Advisor, the fees waived and/or expenses reimbursed by the Advisor and Sub-Advisor over the period, the costs and other expenses incurred by the Advisor and Sub-Advisor in providing advisory services, and the Advisor's and Sub-Advisor's profitability analysis with respect to the Fund. In discussing the fee arrangements between the Advisor and Sub-Advisor, the Board noted that the Advisor pays the Sub-Advisor out of the advisory fee it receives from the Fund. The Board also reviewed information comparing the Fund's fee to the fee paid by comparable funds. The Board also considered the Advisor's contractual arrangement to waive its advisory fee and/or reimburse expenses in an effort to control the expense ratios of the Fund. Based on its review, in the context of its full deliberations, the Board concluded for the Fund that the advisory and sub-advisory fees appeared to be reasonable in light of the services rendered.

***Economies of Scale.*** The Board considered for the Fund whether economies of scale were realized, noting any fee waivers and/or expense reimbursements by the Advisor and Sub-Advisor and whether the Advisor's and/or Sub-Advisor's fees include breakpoints. The Board determined to continue to assess on an ongoing basis whether the aggregate advisory fee for the Fund appropriately takes into account any economies of scale that had been realized as a result of any significant asset growth of the Fund.

***Ancillary Benefits.*** The Board noted the potential benefits to be received by the Advisor and Sub-Advisor as a result of its relationship with the Fund (other than the advisory or sub-advisory fee), including the intangible benefits of its association with the Trust generally and any favorable publicity arising in connection with the Fund's performance.

***Conclusion.*** Based on its deliberations and evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (i) concluded that the terms of each Amended Agreement is fair and reasonable; (ii) concluded that the Advisor's fee is reasonable in light of the services that it provides to the Fund; (iii) concluded that the Sub-Advisor's fee is reasonable in light of the services that it provides to the Fund; and (iv) agreed to approve each Amended Agreement.

**SUPPLEMENTAL INFORMATION**

**Quarterly Portfolio Holdings Information**

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters as an exhibit to their reports on Form N-PORT. Copies of the filings are available without charge on the SEC's website at www.sec.gov.

**Proxy Voting Information**

A description of the Funds proxy voting policies and procedures, as well as a record of how the Funds voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by calling 1-877-843-3831. This information is also available on the SEC's website at www.sec.gov.

**Premium/Discount Information**

Information about the differences between the daily market price on the secondary market for the shares of a Fund and the Fund's net asset value may be found on the Fund's website at *www.advisorshares.com*.

**ADVISORSHARES TRUST**

---

| | |
|:---|:---|
| **<u>Investment Advisor</u>** | **<u>Distributor</u>** |
| AdvisorShares Investments, LLC | Foreside Fund Services, LLC |
| 4800 Montgomery Lane, Suite 150 | Three Canal Plaza, Suite 100 |
| Bethesda, MD 20814 | Portland, ME 04101 |
| **<u>Sub-Advisors</u>** | **<u>Custodian/Fund Administrator/Transfer Agent</u>** |
| **Alpha DNA Investment Management LLC** | The Bank of New York Mellon |
| 8860 Columbia 100 Parkway, Suite 301 | 240 Greenwich Street |
| Columbia, MD 21045 | New York, NY 10286 |
| **CMS Advisors, LLC** | **<u>Legal Counsel</u>** |
| 420 Fort Duquesne Boulevard |  |
| Pittsburgh, PA 15222 | Morgan, Lewis & Bockius LLP |
|  | 1111 Pennsylvania Avenue, NW |
| **CreativeOne Wealth, LLC** | Washington, D.C. 20004 |
| 6330 Sprint Parkway, Suite 400 |  |
| Overland Park, KS 66211 | **<u>Independent Registered Public Accounting Firm</u>** |
| **Dorsey, Wright & Associates, LLC** | Tait, Weller & Baker LLP |
| 3300 W. Leigh Street | 50 South 16<sup>th</sup> Street, Suite 2900 |
| Richmond, VA 23230 | Philadelphia, PA 19102 |
| **Gerber Kawasaki, Inc.** |  |
| 2716 Ocean Park Boulevard |  |
| Santa Monica, CA 90405 |  |
| **Morgan Creek Capital Management, LLC** |  |
| 301 W. Barbee Chapel Road, Suite 200<br> Chapel Hill, NC 27517 |  |
| **Newfleet Asset Management, LLC** |  |
| 1 Financial Plaza |  |
| Hartford, CT 06103 |  |
| **Poseidon Investment Management, LLC** |  |
| 330 Fell Street, Suite 200 |  |
| San Francisco, CA 94102 |  |
| **Ranger Alternative Management, L.P.** |  |
| 2828 N. Harwood Street, Suite 1900 |  |
| Dallas, TX 75201 |  |
| **ThinkBetter, LLC** |  |
| 1549 Ringling Boulevard, Suite 510 |  |
| Sarasota, FL 34236 |  |

---

This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding a Fund's risks, objectives, fees and expenses, experience of management and other information.

![](img_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 2. Code of Ethics.**

Not Applicable for the semi-annual reporting period.

**Item 3. Audit Committee Financial Expert.**

Not Applicable for the semi-annual reporting period.

**Item 4. Principal Accountant Fees and Services.**

Not Applicable for the semi-annual reporting period.

**Item 5. Audit Committee of Listed Registrants.**

Not Applicable for the semi-annual reporting period.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting period
 is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive and principal financial officers, 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 Rules 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)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](advisorshares_ex99cert.htm) |
| (a)(2)(1) | Not applicable. |
| (a)(2)(2) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](advisorshares_ex99906cert.htm) |

---

**SIGNATURES**<br>

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 (Signature and Title)\* | /s/ Noah Hamman |
|  | Noah Hamman, Chief Executive Officer |
|  | (principal executive officer) |
| Date | March 3, 2023 |

---

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 (Signature and Title)\* | /s/ Noah Hamman |
|  | Noah Hamman, Chief Executive Officer |
|  | (principal executive officer) |
| Date | March 3, 2023 |
| By (Signature and Title)\* | /s/ Dan Ahrens |
|  | Dan Ahrens, Treasurer |
|  | (principal financial officer) |
| Date | March 3, 2023 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**EX-99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Noah Hamman, certify that:

1. I
 have reviewed this report on Form N-CSR of the AdvisorShares Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ Noah Hamman |
| | | Noah Hamman, Chief Executive Officer |
| | | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Dan Ahrens, certify that:

1. I
 have reviewed this report on Form N-CSR of the AdvisorShares Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ Dan Ahrens |
| | | Dan Ahrens, Treasurer |
| | | (principal financial officer) |

---

## Exhibit 99.906

**EX-99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Noah Hamman, Chief Executive Officer of AdvisorShares Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ Noah Hamman |
| | | Noah Hamman, Chief Executive Officer |
| | | (principal executive officer) |

---

I, Dan Ahrens, Treasurer of AdvisorShares Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2023 | /s/ Dan Ahrens |
| | | Dan Ahrens, Treasurer |
| | | (principal financial officer) |

---