# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009715
**Filing Date:** 2025-11
**Character Count:** 16672
**Document Hash:** 757f56b67ddc1eef79f4c0080f0329a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009715.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009715

**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:** 251513021

**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 HVAC and Industrials ETF (Series ID: S000089876)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000256704 | AdvisorShares HVAC and Industrials ETF | HVAC            |

## Nport-Ex

**ADVISORSHARES HVAC AND INDUSTRIALS ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 97.3%** |  |  |
| **Building Materials – 16.0%** |  |  |
| Carrier Global Corp. | 875 | $52238 |
| Johnson Controls International PLC | 1010 | 111050 |
| Lennox International, Inc. | 115 | 60876 |
| Modine Manufacturing Co.<sup>(a)</sup> | 475 | 67526 |
| SPX Technologies, Inc.<sup>(a)</sup> | 355 | 66307 |
| Trane Technologies PLC | 315 | 132917 |
| Total Building Materials |  | 490914 |
| **Commercial Services – 7.7%** |  |  |
| API Group Corp.<sup>(a)</sup> | 2672 | 91837 |
| Willdan Group, Inc.<sup>(a)</sup> | 1495 | 144551 |
| Total Commercial Services |  | 236388 |
| **Electric – 4.1%** |  |  |
| AES Corp. (The) | 9615 | 126533 |
| **Electrical Components & Equipment – 17.4%** |  |  |
| AMETEK, Inc. | 639 | 120132 |
| Eaton Corp. PLC | 367 | 137350 |
| Generac Holdings, Inc.<sup>(a)</sup> | 675 | 112995 |
| Graham Corp.<sup>(a)</sup> | 3000 | 164700 |
| Total Electrical Components & Equipment |  | 535177 |
| **Electronics – 8.3%** |  |  |
| Amphenol Corp., Class A | 2075 | 256781 |
| **Engineering & Construction – 11.2%** |  |  |
| Comfort Systems USA, Inc. | 315 | 259932 |
| Limbach Holdings, Inc.<sup>(a)</sup> | 867 | 84203 |
| Total Engineering & Construction |  | 344135 |
| **Environmental Control – 4.6%** |  |  |
| Veralto Corp. | 1336 | 142431 |
| **Machinery - Construction & Mining – 10.2%** |  |  |
| GE Vernova, Inc. | 214 | 131589 |
| Vertiv Holdings Co., Class A | 1197 | 180579 |
| Total Machinery - Construction & Mining |  | 312168 |
| **Machinery - Diversified – 6.5%** |  |  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 4700 | 116654 |
| Rockwell Automation, Inc. | 236 | 82489 |
| Total Machinery - Diversified |  | 199143 |
| **Miscellaneous Manufacturing – 6.0%** |  |  |
| Illinois Tool Works, Inc. | 437 | 113952 |
| Parker-Hannifin Corp. | 95 | 72024 |
| Total Miscellaneous Manufacturing |  | 185976 |
| **REITS – 2.6%** |  |  |
| Digital Realty Trust, Inc. | 459 | 79352 |
| **Retail – 2.7%** |  |  |
| Ferguson Enterprises, Inc. | 375 | 84218 |
| **Total Common Stocks<br> (Cost $2,675,487)** |  | 2993216 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUND – 1.3%** |  |  |
| Dreyfus Treasury Obligations Cash Management, Institutional Shares, 4.00%<sup>(b)</sup><br> (Cost $41,386) | 41386 | $41386 |
| Total Investments – 98.6%<br> (Cost $2,716,873) |  | 3034602 |
| Other Assets in Excess of Liabilities – 1.4% |  | 41664 |
| **Net Assets – 100.0%** |  | $**3076266** |

---

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

(a) Non-income producing security.

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

**ADVISORSHARES HVAC AND INDUSTRIALS 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 | $2993216 | $– | $– | $2993216 |
| Money Market Fund | 41386 | – | – | 41386 |
| Total | $3034602 | $– | $– | $3034602 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Building Materials | 16.0% |
| Commercial Services | 7.7 |
| Electric | 4.1 |
| Electrical Components & Equipment | 17.4 |
| Electronics | 8.3 |
| Engineering & Construction | 11.2 |
| Environmental Control | 4.6 |
| Machinery - Construction & Mining | 10.2 |
| Machinery - Diversified | 6.5 |
| Miscellaneous Manufacturing | 6.0 |
| REITS | 2.6 |
| Retail | 2.7 |
| Money Market Fund | 1.3 |
| Total Investments | 98.6 |
| Other Assets in Excess of Liabilities | 1.4 |
| Net Assets | 100.0% |

---

## 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 HVAC and Industrials ETF

- **b. EDGAR series identifier (if any):** S000089876

- **c. LEI of Series:** 529900FVXPKF248FDC78

**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:** $3088285.05

**Total Liabilities:** $12019.18

**Net Assets:** $3076265.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256704 | 9.63%                | -1.10%               | 1.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8043.58                | $170531.75                                 |
| Month 2  | $-1055.56                | $-31404.43                                 |
| Month 3  | $-18509.32               | $76695.00                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eaton Corp PLC                 | Eaton Corp PLC                     | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       367 | NS      | $137349.75    | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp                       | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |      1336 | NS      | $142430.96    | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      2075 | NS      | $256781.25    | 8.35%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                 | API Group Corp                     | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |      2672 | NS      | $91836.64     | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc            | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       437 | NS      | $113952.12    | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |       875 | NS      | $52237.50     | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp                    | Graham Corp                        | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |      3000 | NS      | $164700.00    | 5.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc           | Limbach Holdings Inc               | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |       867 | NS      | $84203.04     | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc            | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       315 | NS      | $259931.70    | 8.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc            | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |       236 | NS      | $82489.08     | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc              | Willdan Group Inc                  | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      1495 | NS      | $144551.55    | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc               | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |       675 | NS      | $112995.00    | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp PLC          | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |      4700 | NS      | $116654.00    | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                         | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       639 | NS      | $120132.00    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc           | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |       459 | NS      | $79351.92     | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                 | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      1197 | NS      | $180579.42    | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC             | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       315 | NS      | $132917.40    | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc           | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |       375 | NS      | $84217.50     | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp               | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |        95 | NS      | $72024.25     | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS TRSRY SECURITIES       | DREYFUS TRSRY SECURITIES           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41386 | NS      | $41386.44     | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc           | SPX Technologies Inc               | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |       355 | NS      | $66306.90     | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                     | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       214 | NS      | $131588.60    | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc       | Lennox International Inc           | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       115 | NS      | $60876.40     | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co            | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |       475 | NS      | $67526.00     | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                   | AES Corp/The                       | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      9615 | NS      | $126533.40    | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International plc | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |      1010 | NS      | $111049.50    | 3.61%             |  |  |  | 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