# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001752724-23-035094
**Filing Date:** 2023-2
**Character Count:** 56591
**Document Hash:** 37f137513ebaa1cb7934f84bd1aae9e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035094.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035094

**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:** 23657115

**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 Micro-Cap ETF (Series ID: S000062083)

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

## 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 Dorsey Wright Micro-Cap ETF

- **b. EDGAR series identifier (if any):** S000062083

- **c. LEI of Series:** 549300I7EU7PD9D9P071

**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:** $5068353.14

**Total Liabilities:** $179116.79

**Net Assets:** $4889236.35

**Cash Not Reported:** $714.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201032 | 13.90%               | 3.01%                | -2.45%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-119347.45              | $762300.42                                 |
| Month 2  | $-69075.74               | $209551.68                                 |
| Month 3  | $-28148.19               | $-105665.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Southern Missouri Bancorp Inc         | Southern Missouri Bancorp Inc            | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       433 | NS      | $19844.39     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc              | Resources Connection Inc                 | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1035 | NS      | $19023.30     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                         | MYR Group Inc                            | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |       405 | NS      | $37288.35     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BCB Bancorp Inc                       | BCB Bancorp Inc                          | CUSIP: 055298103<br>LEI: 54930024V6Z8FYSN4291 | Long             | EC               | CORP              | US        |      1221 | NS      | $21965.79     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources         | Alpha Metallurgical Resources Inc        | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1124 | NS      | $164542.36    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp                 | Ardmore Shipping Corp                    | CUSIP: 000000000<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | IE        |      3911 | NS      | $56357.51     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TravelCenters of America Inc          | TravelCenters of America Inc             | CUSIP: 89421B109<br>LEI: 529900FQY3V2OO9M4Z65 | Long             | EC               | CORP              | US        |       638 | NS      | $28569.64     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Forum Energy Technologies Inc         | Forum Energy Technologies Inc            | CUSIP: 34984V209<br>LEI: 549300SF93HLCR1REE27 | Long             | EC               | CORP              | US        |      1159 | NS      | $34190.50     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                    | SunCoke Energy Inc                       | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      3102 | NS      | $26770.26     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                     | Unity Bancorp Inc                        | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |       823 | NS      | $22492.59     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                 | Farmland Partners Inc                    | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |      2128 | NS      | $26514.88     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Plains Partners LP              | Green Plains Partners LP                 | CUSIP: 393221106<br>LEI: 549300RTI0PBG5HI4Z38 | Long             | EC               | CORP              | US        |      1928 | NS      | $24986.88     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenlight Capital Re Ltd             | Greenlight Capital Re Ltd                | CUSIP: 000000000<br>LEI: 549300Q9HRIFA2BGHJ51 | Long             | EC               | CORP              | KY        |      2801 | NS      | $22828.15     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ituran Location and Control Lt        | Ituran Location and Control Ltd          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |       959 | NS      | $20263.67     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CNB Financial Corp/PA                 | CNB Financial Corp/PA                    | CUSIP: 126128107<br>LEI: 254900RUYUOKD91VNX69 | Long             | EC               | CORP              | US        |       900 | NS      | $21411.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc                | Old Second Bancorp Inc                   | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |      1903 | NS      | $30524.12     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| North European Oil Royalty Tru        | North European Oil Royalty Trust         | CUSIP: 659310106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1490 | NS      | $18908.10     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc              | HomeTrust Bancshares Inc                 | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       822 | NS      | $19867.74     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions         | Donnelley Financial Solutions Inc        | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      1281 | NS      | $49510.65     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter Bankshares Inc                 | Carter Bankshares Inc                    | CUSIP: 146103106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1603 | NS      | $26593.77     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc            | Thermon Group Holdings Inc               | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |      1334 | NS      | $26786.72     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Corp                           | Teekay Corp                              | CUSIP: 000000000<br>LEI: YHKQM2RIPKZYOZ6RVZ46 | Long             | EC               | CORP              | BM        |      5650 | NS      | $25651.00     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc            | Midland States Bancorp Inc               | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |       898 | NS      | $23904.76     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Atlantic Real Estate F        | Chicago Atlantic Real Estate Finance Inc | CUSIP: 167239102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1462 | NS      | $22032.34     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                            | Civeo Corp                               | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      1211 | NS      | $37662.10     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc/TX                | DXP Enterprises Inc/TX                   | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       735 | NS      | $20249.25     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cymabay Therapeutics Inc              | Cymabay Therapeutics Inc                 | CUSIP: 23257D103<br>LEI: 549300YT9GNL852E7F84 | Long             | EC               | CORP              | US        |      6162 | NS      | $38635.74     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc          | Covenant Logistics Group Inc             | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       962 | NS      | $33256.34     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co        | Peapack-Gladstone Financial Corp         | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |       666 | NS      | $24788.52     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DLH Holdings Corp                     | DLH Holdings Corp                        | CUSIP: 23335Q100<br>LEI: 549300KRYPLQFKWVTE62 | Long             | EC               | CORP              | US        |      1474 | NS      | $17489.01     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                 | CTO Realty Growth Inc                    | CUSIP: 22948Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1379 | NS      | $25208.12     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                      | Movado Group Inc                         | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |       842 | NS      | $27154.50     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                           | PCB Bancorp                              | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |      1406 | NS      | $24872.14     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Capital BDC Inc              | Crescent Capital BDC Inc                 | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | CORP              | US        |      1407 | NS      | $17981.46     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial Inc            | South Plains Financial Inc               | CUSIP: 83946P107<br>LEI: 549300SNEBP48642N493 | Long             | EC               | CORP              | US        |       732 | NS      | $20151.96     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Alta Equipment Group Inc              | Alta Equipment Group Inc                 | CUSIP: 02128L106<br>LEI: 549300DGOB28CLGS1X27 | Long             | EC               | CORP              | US        |      1853 | NS      | $24441.07     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ruth's Hospitality Group Inc          | Ruth's Hospitality Group Inc             | CUSIP: 783332109<br>LEI: 529900JQW9JP41OHOD14 | Long             | EC               | CORP              | US        |      1161 | NS      | $17972.28     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVT AGENCY INSTL             | INVESCO GOVT AGENCY INSTL                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     18996 | NS      | $18996.05     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dyne Therapeutics Inc                 | Dyne Therapeutics Inc                    | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1733 | NS      | $20085.47     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| 89bio Inc                             | 89bio Inc                                | CUSIP: 282559103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2900 | NS      | $36917.00     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                            | EZCORP Inc                               | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |      3732 | NS      | $30415.80     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc               | Kimball Electronics Inc                  | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |      1185 | NS      | $26769.15     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Richardson Electronics Ltd/Uni        | Richardson Electronics Ltd/United States | CUSIP: 763165107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2684 | NS      | $57249.72     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                 | CRA International Inc                    | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       318 | NS      | $38932.74     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc                   | Nathan's Famous Inc                      | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |       398 | NS      | $26749.58     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc        | Esquire Financial Holdings Inc           | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       869 | NS      | $37592.94     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group         | Diamond Hill Investment Group Inc        | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |       134 | NS      | $24792.68     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Resource Partners LP          | Natural Resource Partners LP             | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |       881 | NS      | $47864.73     | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| Permian Basin Royalty Trust           | Permian Basin Royalty Trust              | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3808 | NS      | $95961.60     | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Pipe Co                     | Northwest Pipe Co                        | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |       732 | NS      | $24668.40     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| San Juan Basin Royalty Trust          | San Juan Basin Royalty Trust             | CUSIP: 798241105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5153 | NS      | $58847.26     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Metrocity Bankshares Inc              | Metrocity Bankshares Inc                 | CUSIP: 59165J105<br>LEI: 549300TC6QB7YG0P6F52 | Long             | EC               | CORP              | US        |       939 | NS      | $20310.57     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc                    | LSI Industries Inc                       | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |      2000 | NS      | $24480.00     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI              | Independent Bank Corp/MI                 | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1061 | NS      | $25379.12     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambac Financial Group Inc             | Ambac Financial Group Inc                | CUSIP: 023139884<br>LEI: 5493000UC0RBBNDHI717 | Long             | EC               | CORP              | US        |      1666 | NS      | $29055.04     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Product Partners LP           | Capital Product Partners LP              | CUSIP: 000000000<br>LEI: 254900YICSDPQCJS9616 | Long             | EC               | CORP              | GR        |      2140 | NS      | $29211.00     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The                 | Hackett Group Inc/The                    | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |      1304 | NS      | $26562.48     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc                | TETRA Technologies Inc                   | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |      5393 | NS      | $18659.78     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp                     | Seneca Foods Corp                        | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       450 | NS      | $27427.50     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill Inc                            | J Jill Inc                               | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |      1282 | NS      | $31793.60     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Tankers Ltd                    | Teekay Tankers Ltd                       | CUSIP: 000000000<br>LEI: 549300DE8ZAIYS2T6Q22 | Long             | EC               | CORP              | CA        |       973 | NS      | $29978.13     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Aehr Test Systems                     | Aehr Test Systems                        | CUSIP: 00760J108<br>LEI: 529900A4GWWZFRU2RE97 | Long             | EC               | CORP              | US        |      1363 | NS      | $27396.30     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                          | Transcat Inc                             | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |       555 | NS      | $39332.85     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Civista Bancshares Inc                | Civista Bancshares Inc                   | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |      1035 | NS      | $22780.35     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCom Corp                           | BayCom Corp                              | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |      1243 | NS      | $23592.14     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA             | Coastal Financial Corp/WA                | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |       933 | NS      | $44336.16     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc           | Sterling Infrastructure Inc              | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1033 | NS      | $33882.40     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Voc Energy Trust                      | Voc Energy Trust                         | CUSIP: 91829B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3481 | NS      | $36097.97     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Biglari Holdings Inc                  | Biglari Holdings Inc                     | CUSIP: 08986R309<br>LEI: 549300GLWWSODF8TM682 | Long             | EC               | CORP              | US        |       162 | NS      | $22485.60     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Xponential Fitness Inc                | Xponential Fitness Inc                   | CUSIP: 98422X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1200 | NS      | $27516.00     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Genie Energy Ltd                      | Genie Energy Ltd                         | CUSIP: 372284208<br>LEI: 52990057E36X8869GX58 | Long             | EC               | CORP              | US        |      2596 | NS      | $26842.64     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspired Entertainment Inc            | Inspired Entertainment Inc               | CUSIP: 45782N108<br>LEI: 549300ZUGYK6NBIU6D69 | Long             | EC               | CORP              | US        |      2000 | NS      | $25340.00     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Shore Bancshares Inc                  | Shore Bancshares Inc                     | CUSIP: 825107105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1274 | NS      | $22205.82     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                | Digi International Inc                   | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      1149 | NS      | $41995.95     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mersana Therapeutics Inc              | Mersana Therapeutics Inc                 | CUSIP: 59045L106<br>LEI: 529900VWD5VDZ7PVOS22 | Long             | EC               | CORP              | US        |      2988 | NS      | $17509.68     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bank/Hamilton NJ                | First Bank/Hamilton NJ                   | CUSIP: 31931U102<br>LEI: 549300YS4CB1171BRJ08 | Long             | EC               | CORP              | US        |      2024 | NS      | $27850.24     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Partners LP/MA                 | Global Partners LP/MA                    | CUSIP: 37946R109<br>LEI: 549300PCHWTW9P4DU444 | Long             | EC               | CORP              | US        |      1031 | NS      | $35847.87     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp            | Amalgamated Financial Corp               | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1097 | NS      | $25274.88     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HireQuest Inc                         | HireQuest Inc                            | CUSIP: 433535101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1353 | NS      | $21390.93     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                        | Dorian LPG Ltd                           | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |      1717 | NS      | $32537.15     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsakos Energy Navigation Ltd          | Tsakos Energy Navigation Ltd             | CUSIP: 000000000<br>LEI: 549300IFUTS62LRRCU54 | Long             | EC               | CORP              | GR        |      1723 | NS      | $29170.39     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| China Automotive Systems Inc          | China Automotive Systems Inc             | CUSIP: 16936R105<br>LEI: 52990059UORTCZ66JW45 | Long             | EC               | CORP              | CN        |      3500 | NS      | $20300.00     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| John Marshall Bancorp Inc             | John Marshall Bancorp Inc                | CUSIP: 47805L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       854 | NS      | $24578.12     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Chuy's Holdings Inc                   | Chuy's Holdings Inc                      | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       740 | NS      | $20942.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| KLX Energy Services Holdings I        | KLX Energy Services Holdings Inc         | CUSIP: 48253L205<br>LEI: 5493004D4S7MAO1H3U27 | Long             | EC               | CORP              | US        |      3300 | NS      | $57123.00     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Immatics NV                           | Immatics NV                              | CUSIP: 000000000<br>LEI: 984500DC691EZ96AF394 | Long             | EC               | CORP              | DE        |      1995 | NS      | $17376.45     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                     | Franklin Covey Co                        | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       673 | NS      | $31476.21     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc              | Golden Entertainment Inc                 | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |      1050 | NS      | $39270.00     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp                 | Clearwater Paper Corp                    | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |       644 | NS      | $24349.64     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp           | REX American Resources Corp              | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       643 | NS      | $20485.98     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Oppenheimer Holdings Inc              | Oppenheimer Holdings Inc                 | CUSIP: 683797104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       577 | NS      | $24424.41     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc               | Hudson Technologies Inc                  | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6919 | NS      | $70020.28     | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                     | Donegal Group Inc                        | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1305 | NS      | $18531.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                  | Hanmi Financial Corp                     | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      1330 | NS      | $32917.50     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldeyra Therapeutics Inc              | Aldeyra Therapeutics Inc                 | CUSIP: 01438T106<br>LEI: 529900HGKY864E4Y9014 | Long             | EC               | CORP              | US        |      3580 | NS      | $24916.80     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Parke Bancorp Inc                     | Parke Bancorp Inc                        | CUSIP: 700885106<br>LEI: 5493000JF1TWXVD0CR78 | Long             | EC               | CORP              | US        |      1071 | NS      | $22212.54     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Royalty Trust                  | Sabine Royalty Trust                     | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       432 | NS      | $36914.40     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                           | Hawkins Inc                              | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       524 | NS      | $20226.40     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritiv Corp                          | Veritiv Corp                             | CUSIP: 923454102<br>LEI: 529900VQARHWQROHAS58 | Long             | EC               | CORP              | US        |       616 | NS      | $74973.36     | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Haynes International Inc              | Haynes International Inc                 | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               | CORP              | US        |       671 | NS      | $30657.99     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| scPharmaceuticals Inc                 | scPharmaceuticals Inc                    | CUSIP: 810648105<br>LEI: 549300F55SN4ZR2OA180 | Long             | EC               | CORP              | US        |      3300 | NS      | $23661.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                    | Aviat Networks Inc                       | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |       750 | NS      | $23392.50     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Provention Bio Inc                    | Provention Bio Inc                       | CUSIP: 74374N102<br>LEI: 5493003LM26XAVJKLD34 | Long             | EC               | CORP              | US        |      2970 | NS      | $31392.90     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Guaranty Bancshares Inc         | First Guaranty Bancshares Inc            | CUSIP: 32043P106<br>LEI: 549300600XNPWN48W622 | Long             | EC               | CORP              | US        |       948 | NS      | $22230.60     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C        | Lincoln Educational Services Corp        | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |      3401 | NS      | $19691.79     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Zynex Inc                             | Zynex Inc                                | CUSIP: 98986M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2362 | NS      | $32855.42     | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Astria Therapeutics Inc               | Astria Therapeutics Inc                  | CUSIP: 04635X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2270 | NS      | $33800.30     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                        | Northeast Bank                           | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |       834 | NS      | $35111.40     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                     | Five Star Bancorp                        | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |       853 | NS      | $23235.72     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TrustCo Bank Corp NY                  | TrustCo Bank Corp NY                     | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       713 | NS      | $26801.67     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Axogen Inc                            | Axogen Inc                               | CUSIP: 05463X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1962 | NS      | $19580.76     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group I        | Helix Energy Solutions Group Inc         | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |      5044 | NS      | $37224.72     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree Inc                           | Tiptree Inc                              | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2689 | NS      | $37215.76     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ShotSpotter Inc                       | ShotSpotter Inc                          | CUSIP: 82536T107<br>LEI: 549300MQV8SOWVNVZ667 | Long             | EC               | CORP              | US        |       600 | NS      | $20298.00     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Bancorp Inc                        | FS Bancorp Inc                           | CUSIP: 30263Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       818 | NS      | $27353.92     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Programs and Systems         | Computer Programs and Systems Inc        | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |       675 | NS      | $18373.50     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Byline Bancorp Inc                    | Byline Bancorp Inc                       | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |      1151 | NS      | $26438.47     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Nine Energy Service Inc               | Nine Energy Service Inc                  | CUSIP: 65441V101<br>LEI: 549300KRLJCZBPZMKT65 | Long             | EC               | CORP              | US        |      5000 | NS      | $72650.00     | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc                  | UFP Technologies Inc                     | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |       338 | NS      | $39846.82     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambridge Bancorp                     | Cambridge Bancorp                        | CUSIP: 132152109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       259 | NS      | $21512.54     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPhase Labs Inc                     | ProPhase Labs Inc                        | CUSIP: 74345W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2074 | NS      | $19972.62     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust              | Hersha Hospitality Trust                 | CUSIP: 427825500<br>LEI: 549300DNC58BIN1VO064 | Long             | EC               | CORP              | US        |      2239 | NS      | $19076.28     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp               | CECO Environmental Corp                  | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      3230 | NS      | $37726.40     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc         | Barrett Business Services Inc            | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |       310 | NS      | $28916.80     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| IMARA Inc                             | IMARA Inc                                | CUSIP: 45249V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5500 | NS      | $22495.00     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co            | Preformed Line Products Co               | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |       372 | NS      | $30983.88     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| GasLog Partners LP                    | GasLog Partners LP                       | CUSIP: 000000000<br>LEI: 5299004R0RSGEG82BS06 | Long             | EC               | CORP              | GR        |      4035 | NS      | $26873.10     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                   | Titan Machinery Inc                      | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |       990 | NS      | $39332.70     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Investors Title Co                    | Investors Title Co                       | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       132 | NS      | $19476.60     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| WaVe Life Sciences Ltd                | WaVe Life Sciences Ltd                   | CUSIP: 000000000<br>LEI: 54930070006GPKFYZ813 | Long             | EC               | CORP              | US        |      4400 | NS      | $30800.00     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc           | Capital City Bank Group Inc              | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |       759 | NS      | $24667.50     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Greene County Bancorp Inc             | Greene County Bancorp Inc                | CUSIP: 394357107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       493 | NS      | $28308.06     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallador Energy Co                    | Hallador Energy Co                       | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |      5566 | NS      | $55604.34     | 1.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Heritage-Crystal Clean Inc            | Heritage-Crystal Clean Inc               | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       851 | NS      | $27640.48     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management G        | Silvercrest Asset Management Group Inc   | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1275 | NS      | $23931.75     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP           | Kimbell Royalty Partners LP              | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |      1965 | NS      | $32815.50     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hingham Institution For Saving        | Hingham Institution For Savings The      | CUSIP: 433323102<br>LEI: 2549009GDCGUR2T6KU55 | Long             | EC               | CORP              | US        |        73 | NS      | $20145.08     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc         | Business First Bancshares Inc            | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |       977 | NS      | $21630.78     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Servi        | First Business Financial Services Inc    | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |       794 | NS      | $29020.70     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Textainer Group Holdings Ltd          | Textainer Group Holdings Ltd             | CUSIP: 000000000<br>LEI: 529900OHEYRATAFMIT89 | Long             | EC               | CORP              | US        |      1177 | NS      | $36498.77     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Velocity Financial Inc                | Velocity Financial Inc                   | CUSIP: 92262D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2201 | NS      | $21239.65     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BRT Apartments Corp                   | BRT Apartments Corp                      | CUSIP: 055645303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1246 | NS      | $24471.44     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Offshore Drilling Inc         | Diamond Offshore Drilling Inc            | CUSIP: 25271C201<br>LEI: F14FQJ2EEHW5VPYUHL14 | Long             | EC               | CORP              | US        |      3591 | NS      | $37346.40     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc             | Ethan Allen Interiors Inc                | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       923 | NS      | $24385.66     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Bancshares Inc                 | Equity Bancshares Inc                    | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |       764 | NS      | $24959.88     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Partners Holdings LP            | Steel Partners Holdings LP               | CUSIP: 85814R107<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EC               | CORP              | US        |      1986 | NS      | $85000.80     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneridge Inc                        | Stoneridge Inc                           | CUSIP: 86183P102<br>LEI: PNBCIH9LE7WI83VJIF08 | Long             | EC               | CORP              | US        |      1000 | NS      | $21560.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                           | Caleres Inc                              | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |      1185 | NS      | $26401.80     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstar Financial Holdings Inc        | Capstar Financial Holdings Inc           | CUSIP: 14070T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1401 | NS      | $24741.66     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Harrow Health Inc                     | Harrow Health Inc                        | CUSIP: 415858109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2600 | NS      | $38376.00     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                       | Whitestone REIT                          | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2049 | NS      | $19752.36     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc                    | Garrett Motion Inc                       | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |      3186 | NS      | $24277.32     | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Nomura Securities International, Inc. | NOMURA SECURITIES INT. INC               | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | RA               | CORP              | US        |    106212 | PA      | $106212.00    | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Northrim BanCorp Inc                  | Northrim BanCorp Inc                     | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |       555 | NS      | $30286.35     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                          | Bel Fuse Inc                             | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      1604 | NS      | $52803.68     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co               | Modine Manufacturing Co                  | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      1910 | NS      | $37932.60     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Epsilon Energy Ltd                    | Epsilon Energy Ltd                       | CUSIP: 294375209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3654 | NS      | $24226.02     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                  | Mercantile Bank Corp                     | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |       708 | NS      | $23703.84     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Timbers Royalty Trust           | Cross Timbers Royalty Trust              | CUSIP: 22757R109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1347 | NS      | $34267.68     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc            | Vishay Precision Group Inc               | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       690 | NS      | $26668.50     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                            | OP Bancorp                               | CUSIP: 67109R109<br>LEI: 549300LTYZMS0Q13U522 | Long             | EC               | CORP              | US        |      1841 | NS      | $20545.56     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| York Water Co/The                     | York Water Co/The                        | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       562 | NS      | $25278.76     | 0.52%             |  |  |  | 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