# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001752724-23-035099
**Filing Date:** 2023-2
**Character Count:** 34365
**Document Hash:** 129f521f0ab019a513d5a0033a2578e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035099.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035099

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230630

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 23657119

**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 Ranger Equity Bear ETF (Series ID: S000030090)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

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

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

- **a. Name of Series:** AdvisorShares Ranger Equity Bear ETF

- **b. EDGAR series identifier (if any):** S000030090

- **c. LEI of Series:** 5493002XL8HC1EE2BT77

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $341406813.53

**Total Liabilities:** $178021179.09

**Net Assets:** $163385634.44

**Cash Not Reported:** $194999296.15

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092409 | -6.15%               | -4.47%               | 5.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $144093.26               | $-10744111.28                              |
| Month 2  | $-2093625.96             | $-5725804.28                               |
| Month 3  | $-6835206.51             | $14481445.11                               |

### Schedule of Portfolio Investments

| Name                                                                 | Title                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DraftKings Inc                                                       | DraftKings Inc                                                       | CUSIP: 26142V105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -100000 | NS      | $-1139000.00  | -0.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                                | Spotify Technology SA                                                | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Short            | EC               | CORP              | SE        |    -25000 | NS      | $-1973750.00  | -1.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                                       | Cloudflare Inc                                                       | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               | CORP              | US        |    -35000 | NS      | $-1582350.00  | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Community Bank System Inc                                            | Community Bank System Inc                                            | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-1888500.00  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                                             | Procore Technologies Inc                                             | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Short            | EC               | CORP              | US        |    -50000 | NS      | $-2359000.00  | -1.44%            |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I                                       | PNC Financial Services Group Inc/The                                 | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Short            | EC               | CORP              | US        |    -14000 | NS      | $-2211160.00  | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                                                       | Whirlpool Corp                                                       | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Short            | EC               | CORP              | US        |    -15000 | NS      | $-2121900.00  | -1.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                                             | Digital Realty Trust Inc                                             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Short            | EC               | CORP              | US        |    -40000 | NS      | $-4010800.00  | -2.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings In                                       | Spirit AeroSystems Holdings Inc                                      | CUSIP: 848574109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -50000 | NS      | $-1480000.00  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                                          | BlackRock Liquidity FedFund                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5481951 | NS      | $5481950.80   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                                                 | Lamar Advertising Co                                                 | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Short            | EC               | CORP              | US        |    -20000 | NS      | $-1888000.00  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                                        | Mosaic Co/The                                                        | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Short            | EC               | CORP              | US        |    -40000 | NS      | $-1754800.00  | -1.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                                                         | Comerica Inc                                                         | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Short            | EC               | CORP              | US        |    -65000 | NS      | $-4345250.00  | -2.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co                                               | Victoria's Secret & Co                                               | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Short            | EC               | CORP              | US        |    -75000 | NS      | $-2683500.00  | -1.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc                                        | Zoom Video Communications Inc                                        | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-2032200.00  | -1.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Virgin Galactic Holdings Inc                                         | Virgin Galactic Holdings Inc                                         | CUSIP: 92766K106<br>LEI: 549300C631IMXCSMN048 | Short            | EC               | CORP              | US        |   -500000 | NS      | $-1740000.00  | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                                                        | Confluent Inc                                                        | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Short            | EC               | CORP              | US        |    -90000 | NS      | $-2001600.00  | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                                        | Carnival Corp                                                        | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Short            | EC               | CORP              | US        |   -325000 | NS      | $-2619500.00  | -1.60%            |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold                                       | CCC Intelligent Solutions Holdings Inc                               | CUSIP: 12510Q100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -225000 | NS      | $-1957500.00  | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                                                  | Acadia Realty Trust                                                  | CUSIP: 004239109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -100000 | NS      | $-1435000.00  | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                                                 | Western Union Co/The                                                 | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Short            | EC               | CORP              | US        |   -150000 | NS      | $-2065500.00  | -1.26%            |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                                                | East West Bancorp Inc                                                | CUSIP: 27579R104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -30000 | NS      | $-1977000.00  | -1.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc                                                | Boston Properties Inc                                                | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-2027400.00  | -1.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                                         | Prologis Inc                                                         | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Short            | EC               | CORP              | US        |    -20000 | NS      | $-2254600.00  | -1.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp                                               | Credit Acceptance Corp                                               | CUSIP: 225310101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -9000 | NS      | $-4269600.00  | -2.61%            |  |  |  | No            |                  1 | On Loan: No      |
| Altair Engineering Inc                                               | Altair Engineering Inc                                               | CUSIP: 021369103<br>LEI: 549300FJ89HZ6GU9S994 | Short            | EC               | CORP              | US        |    -44000 | NS      | $-2000680.00  | -1.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                                               | Church & Dwight Co Inc                                               | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-2418300.00  | -1.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                                         | Moody's Corp                                                         | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |    -15000 | NS      | $-4179300.00  | -2.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd                                                   | Kornit Digital Ltd                                                   | CUSIP: 000000000<br>LEI: 5299006DPCQWP3VTFK34 | Short            | EC               | CORP              | IL        |    -70000 | NS      | $-1607900.00  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The                                        | Goodyear Tire & Rubber Co/The                                        | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Short            | EC               | CORP              | US        |   -275000 | NS      | $-2791250.00  | -1.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                                                        | Trupanion Inc                                                        | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-1425900.00  | -0.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Bally's Corp                                                         | Bally's Corp                                                         | CUSIP: 05875B106<br>LEI: 549300NS4D5IK406VT62 | Short            | EC               | CORP              | US        |    -32500 | NS      | $-629850.00   | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Adecoagro SA                                                         | Adecoagro SA                                                         | CUSIP: 000000000<br>LEI: 529900Q00UR5LFELO811 | Short            | EC               | CORP              | AR        |   -250000 | NS      | $-2072500.00  | -1.27%            |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                                         | DoorDash Inc                                                         | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Short            | EC               | CORP              | US        |    -60000 | NS      | $-2929200.00  | -1.79%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                                        | United States Treasury Bill                                          | CUSIP: 912796X53<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $29395915.20  | 17.99%            | 2023-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tradeweb Markets Inc                                                 | Tradeweb Markets Inc                                                 | CUSIP: 892672106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -30000 | NS      | $-1947900.00  | -1.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc                                             | Winnebago Industries Inc                                             | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Short            | EC               | CORP              | US        |    -45000 | NS      | $-2371500.00  | -1.45%            |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                                            | CH Robinson Worldwide Inc                                            | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Short            | EC               | CORP              | US        |    -25000 | NS      | $-2289000.00  | -1.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd                                                  | Global-e Online Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | EC               | CORP              | IL        |   -110000 | NS      | $-2270400.00  | -1.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Sprout Social Inc                                                    | Sprout Social Inc                                                    | CUSIP: 85209W109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -25000 | NS      | $-1411500.00  | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Nuvei Corp                                                           | Nuvei Corp                                                           | CUSIP: 67079A102<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |    -60000 | NS      | $-1524600.00  | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                                           | CarMax Inc                                                           | CUSIP: 143130102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -110000 | NS      | $-6697900.00  | -4.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Canon Inc                                                            | Canon Inc                                                            | CUSIP: 138006309<br>LEI: 529900JH1GSC035SSP77 | Short            | EC               | CORP              | JP        |   -100000 | NS      | $-2168000.00  | -1.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                                                         | Carter's Inc                                                         | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-2238300.00  | -1.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                                                    | Veeva Systems Inc                                                    | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-1613800.00  | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                                   | Realty Income Corp                                                   | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-1902900.00  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| B Riley Financial Inc                                                | B Riley Financial Inc                                                | CUSIP: 05580M108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -50000 | NS      | $-1710000.00  | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                                                     | Zions Bancorp NA                                                     | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Short            | EC               | CORP              | US        |    -45000 | NS      | $-2212200.00  | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp                                                  | Xerox Holdings Corp                                                  | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Short            | EC               | CORP              | US        |    -74950 | NS      | $-1094270.00  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                                                    | Newmark Group Inc                                                    | CUSIP: 65158N102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -200000 | NS      | $-1594000.00  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Bill.com Holdings Inc                                                | Bill.com Holdings Inc                                                | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Short            | EC               | CORP              | US        |    -20000 | NS      | $-2179200.00  | -1.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                                        | Live Nation Entertainment Inc                                        | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Short            | EC               | CORP              | US        |    -35000 | NS      | $-2440900.00  | -1.49%            |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                                                 | OneMain Holdings Inc                                                 | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Short            | EC               | CORP              | US        |   -125000 | NS      | $-4163750.00  | -2.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc                                       | Telephone and Data Systems Inc                                       | CUSIP: 879433829<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -300000 | NS      | $-3147000.00  | -1.93%            |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                                                            | TEGNA Inc                                                            | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Short            | EC               | CORP              | US        |    -80000 | NS      | $-1695200.00  | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                            | Palantir Technologies Inc                                            | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Short            | EC               | CORP              | US        |    -50000 | NS      | $-321000.00   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Paycor HCM Inc                                                       | Paycor HCM Inc                                                       | CUSIP: 70435P102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -60000 | NS      | $-1468200.00  | -0.90%            |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY INSTITUTIONAL MONEY MARKET GOVERNMENT PORTFOLIO ? CLASS III | FIDELITY INSTITUTIONAL MONEY MARKET GOVERNMENT PORTFOLIO ? CLASS III | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  38482246 | NS      | $38482246.25  | 23.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                                                | Robinhood Markets Inc                                                | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Short            | EC               | CORP              | US        |   -400000 | NS      | $-3256000.00  | -1.99%            |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                                       | NETSTREIT Corp                                                       | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Short            | EC               | CORP              | US        |   -125000 | NS      | $-2291250.00  | -1.40%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp                                                    | DISH Network Corp                                                    | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Short            | EC               | CORP              | US        |   -175000 | NS      | $-2457000.00  | -1.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                                  | Coinbase Global Inc                                                  | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Short            | EC               | CORP              | US        |   -110000 | NS      | $-3892900.00  | -2.38%            |  |  |  | No            |                  1 | On Loan: No      |
| AdvisorShares North Square McKee Core Reserves ETF                   | AdvisorShares North Square McKee Core Reserves ETF                   | CUSIP: 00768Y651<br>LEI: 549300JV5T62F5E7S151 | Long             | EC               | RF                | US        |    200000 | NS      | $19462000.00  | 11.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                                                       | Monday.com Ltd                                                       | CUSIP: 000000000<br>LEI: N/A                  | Short            | EC               | CORP              | IL        |    -20000 | NS      | $-2440000.00  | -1.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                                        | Citigroup Inc                                                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Short            | EC               | CORP              | US        |    -75000 | NS      | $-3392250.00  | -2.08%            |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                                            | nCino Inc                                                            | CUSIP: 63947X101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -93849 | NS      | $-2481367.56  | -1.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                                                    | Brunswick Corp/DE                                                    | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-2162400.00  | -1.32%            |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                                                 | SL Green Realty Corp                                                 | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Short            | EC               | CORP              | US        |    -60000 | NS      | $-2023200.00  | -1.24%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                                        | United States Treasury Bill                                          | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49348860.50  | 30.20%            | 2023-04-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| First Industrial Realty Trust                                        | First Industrial Realty Trust Inc                                    | CUSIP: 32054K103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -40000 | NS      | $-1930400.00  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                                                            | ANSYS Inc                                                            | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Short            | EC               | CORP              | US        |    -11000 | NS      | $-2657490.00  | -1.63%            |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                                                        | EchoStar Corp                                                        | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Short            | EC               | CORP              | US        |   -150000 | NS      | $-2502000.00  | -1.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                                                            | Braze Inc                                                            | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Short            | EC               | CORP              | US        |    -95000 | NS      | $-2591600.00  | -1.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                                            | Warner Bros Discovery Inc                                            | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Short            | EC               | CORP              | US        |   -200000 | NS      | $-1896000.00  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                                                 | Invitation Homes Inc                                                 | CUSIP: 46187W107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -100000 | NS      | $-2964000.00  | -1.81%            |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                                            | ZoomInfo Technologies Inc                                            | CUSIP: 98980F104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -75000 | NS      | $-2258250.00  | -1.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Appian Corp                                                          | Appian Corp                                                          | CUSIP: 03782L101<br>LEI: 529900NIARIFW7HGU386 | Short            | EC               | CORP              | US        |    -60000 | NS      | $-1953600.00  | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Wayfair Inc                                                          | Wayfair Inc                                                          | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Short            | EC               | CORP              | US        |    -80000 | NS      | $-2631200.00  | -1.61%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer