# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009714
**Filing Date:** 2025-11
**Character Count:** 17223
**Document Hash:** fb2b2081fbc05503746b625939b69f8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009714.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009714

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AdvisorShares Trust
- **CENTRAL INDEX KEY:** 0001408970

**ORGANIZATION NAME:**
- **EIN:** 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:** 251513020

**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 Focused Equity ETF (Series ID: S000055090)

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

## Nport-Ex

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 99.7%** |  |  |
| **Aerospace/Defense – 5.1%** |  |  |
| HEICO Corp. | 29483 | $9517702 |
| **Auto Parts & Equipment – 5.3%** |  |  |
| Allison Transmission Holdings, Inc. | 65521 | 5561422 |
| Miller Industries, Inc. | 106002 | 4284601 |
| Total Auto Parts & Equipment |  | 9846023 |
| **Commercial Services – 8.6%** |  |  |
| Moody's Corp. | 14924 | 7110988 |
| Rollins, Inc. | 152407 | 8952387 |
| Total Commercial Services |  | 16063375 |
| **Computers – 3.4%** |  |  |
| Science Applications International Corp. | 64232 | 6382734 |
| **Diversified Financial Services – 4.3%** |  |  |
| Intercontinental Exchange, Inc. | 47606 | 8020659 |
| **Electronics – 6.7%** |  |  |
| Amphenol Corp., Class A | 100293 | 12411259 |
| **Engineering & Construction – 7.2%** |  |  |
| IES Holdings, Inc.<sup>(a)(b)</sup> | 33562 | 13345929 |
| **Healthcare - Products – 11.8%** |  |  |
| Abbott Laboratories | 62154 | 8324907 |
| Stryker Corp. | 19394 | 7169380 |
| Thermo Fisher Scientific, Inc. | 13476 | 6536129 |
| Total Healthcare - Products |  | 22030416 |
| **Machinery - Diversified – 3.7%** |  |  |
| Otis Worldwide Corp. | 76363 | 6981869 |
| **Media – 2.2%** |  |  |
| FactSet Research Systems, Inc. | 14670 | 4202808 |
| **Metal Fabricate/Hardware – 4.8%** |  |  |
| Mueller Industries, Inc. | 88804 | 8978972 |
| **Packaging & Containers – 3.1%** |  |  |
| Silgan Holdings, Inc. | 135688 | 5835941 |
| **Pharmaceuticals – 8.9%** |  |  |
| Cencora, Inc. | 31369 | 9803754 |
| Henry Schein, Inc.<sup>(b)</sup> | 101192 | 6716113 |
| Total Pharmaceuticals |  | 16519867 |
| **Real Estate – 4.0%** |  |  |
| McGrath RentCorp | 63912 | 7496877 |
| **Software – 16.3%** |  |  |
| Adobe, Inc.<sup>(b)</sup> | 15947 | 5625304 |
| Broadridge Financial Solutions, Inc. | 31628 | 7532841 |
| Fair Isaac Corp.<sup>(b)</sup> | 3461 | 5179490 |
| Fiserv, Inc.<sup>(b)</sup> | 34204 | 4409922 |
| Intuit, Inc. | 11105 | 7583716 |
| Total Software |  | 30331273 |
| **Water – 4.3%** |  |  |
| American Water Works Co., Inc. | 57026 | 7937449 |
| **Total Common Stocks<br> (Cost $157,008,646)** |  | 185903153 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND – 0.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.00%<sup>(c)</sup> (Cost $559,988) | 559988 | $559988 |
| Total Investments – 100.0%<br> (Cost $157,568,634) |  | 186463141 |
| Liabilities in Excess of Other Assets – (0.0)%\*\* |  | (53240) |
| **Net Assets – 100.0%** |  | $**186409901** |

---

\*\* Less than 0.05%.

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $874,830; the aggregate market value of the collateral held by the fund is $883,382. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $883,382.

(b) Non-income producing security.

(c) Rate shown reflects the 7-day yield as of September 30, 2025.

**ADVISORSHARES FOCUSED EQUITY ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

**Fair Value Measurements**

The following is a summary of the inputs used, as of September 30, 2025, 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 | $185903153 | $– | $– | $185903153 |
| Money Market Fund | 559988 | – | – | 559988 |
| Total | $186463141 | $– | $– | $186463141 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Aerospace/Defense | 5.1% |
| Auto Parts & Equipment | 5.3 |
| Commercial Services | 8.6 |
| Computers | 3.4 |
| Diversified Financial Services | 4.3 |
| Electronics | 6.7 |
| Engineering & Construction | 7.2 |
| Healthcare - Products | 11.8 |
| Machinery - Diversified | 3.7 |
| Media | 2.2 |
| Metal Fabricate/Hardware | 4.8 |
| Packaging & Containers | 3.1 |
| Pharmaceuticals | 8.9 |
| Real Estate | 4.0 |
| Software | 16.3 |
| Water | 4.3 |
| Money Market Fund | 0.3 |
| Total Investments | 100.0 |
| Liabilities in Excess of Other Assets | (0.0)\*\* |
| Net Assets | 100.0% |

---

\*\* Less than 0.05%.

## 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 Focused Equity ETF

- **b. EDGAR series identifier (if any):** S000055090

- **c. LEI of Series:** 549300SOCN4VS8WM9S74

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $186541429.23

**Total Liabilities:** $131527.63

**Net Assets:** $186409901.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173320 | -1.55%               | 0.20%                | -0.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-2980291.05                               |
| Month 2  | $0.00                    | $315518.32                                 |
| Month 3  | $989486.61               | $-2080224.55                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| McGrath RentCorp               | McGrath RentCorp                        | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     63912 | NS      | $7496877.60   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                              | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     11105 | NS      | $7583715.55   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                              | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     34204 | NS      | $4409921.72   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN       | Miller Industries Inc/TN                | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |    106002 | NS      | $4284600.84   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc    | American Water Works Co Inc             | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     57026 | NS      | $7937448.94   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                    | Rollins Inc                             | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |    152407 | NS      | $8952387.18   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     15947 | NS      | $5625304.25   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc            | Silgan Holdings Inc                     | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    135688 | NS      | $5835940.88   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                            | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     14924 | NS      | $7110987.52   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc            | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     13476 | NS      | $6536129.52   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                     | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     62154 | NS      | $8324906.76   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc      | CUSIP: 11133T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31628 | NS      | $7532840.76   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp                              | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     29483 | NS      | $9517702.06   | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc            | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     14670 | NS      | $4202808.30   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc               | IES Holdings Inc                        | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |     33562 | NS      | $13345929.30  | 7.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Fair Isaac Corp                | Fair Isaac Corp                         | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      3461 | NS      | $5179490.33   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     19394 | NS      | $7169379.98   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                     | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     76363 | NS      | $6981869.09   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                           | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    100293 | NS      | $12411258.75  | 6.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                             | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     31369 | NS      | $9803753.57   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings Inc       | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     65521 | NS      | $5561422.48   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein Inc                        | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |    101192 | NS      | $6716113.04   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     64232 | NS      | $6382733.84   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     47606 | NS      | $8020658.88   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc         | Mueller Industries Inc                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     88804 | NS      | $8978972.44   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    559988 | NS      | $559987.78    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer