# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009703
**Filing Date:** 2025-11
**Character Count:** 39674
**Document Hash:** c6754b30e779d65cc7069dc2c65424a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009703.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009703

**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:** 251513008

**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            |

## Nport-Ex

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **MONEY MARKET FUNDS – 139.4%** |  |  |
| BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 4.03%<sup>(a)(b)</sup> | 62295126 | $62295126 |
| Fidelity Institutional Money Market Government Portfolio - Class III, 3.79%<sup>(a)</sup> | 14010479 | 14010479 |
| **Total Money Market Funds <br> (Cost $76,305,605)** |  | 76305605 |
| Total Investments Before Securities Sold, Not Yet Purchased<br> (Cost $76,305,605) |  | 76305605 |
| **Securities Sold, Not Yet Purchased – (95.9)%<sup>(c)</sup>** |  |  |
| **COMMON STOCKS – (95.9)%** |  |  |
| **Advertising – (3.4)%** |  |  |
| Interpublic Group of Cos., Inc. (The) | (22000) | (614020) |
| Omnicom Group, Inc. | (15000) | (1222950) |
| Total Advertising |  | (1836970) |
| **Apparel – (3.5)%** |  |  |
| Carter's, Inc. | (30000) | (846600) |
| PVH Corp. | (13000) | (1089010) |
| Total Apparel |  | (1935610) |
| **Auto Parts & Equipment – (1.2)%** |  |  |
| Goodyear Tire & Rubber Co. (The)<sup>(d)</sup> | (90000) | (673200) |
| **Banks – (1.9)%** |  |  |
| Western Alliance Bancorp | (12000) | (1040640) |
| **Beverages – (2.7)%** |  |  |
| Brown-Forman Corp., Class B | (30000) | (812400) |
| Diageo PLC (United Kingdom)<sup>(e)</sup> | (7000) | (668010) |
| Total Beverages |  | (1480410) |
| **Chemicals – (3.8)%** |  |  |
| Axalta Coating Systems Ltd.<sup>(d)</sup> | (22000) | (629640) |
| Dow, Inc. | (30000) | (687900) |
| International Flavors & Fragrances, Inc. | (12000) | (738480) |
| Total Chemicals |  | (2056020) |
| **Commercial Services – (5.6)%** |  |  |
| Corpay, Inc.<sup>(d)</sup> | (2500) | (720150) |
| Paylocity Holding Corp.<sup>(d)</sup> | (4500) | (716715) |
| Shift4 Payments, Inc., Class A<sup>(d)</sup> | (10000) | (774000) |
| Strategic Education, Inc. | (10000) | (860100) |
| Total Commercial Services |  | (3070965) |
| **Computers – (4.6)%** |  |  |
| Cognizant Technology Solutions Corp., Class A | (10000) | (670700) |
| EPAM Systems, Inc.<sup>(d)</sup> | (7000) | (1055530) |
| HP, Inc. | (30000) | (816900) |
| Total Computers |  | (2543130) |
| **Cosmetics / Personal Care – (1.6)%** |  |  |
| Edgewell Personal Care Co. | (43000) | (875480) |
| **Diversified Financial Services – (1.5)%** |  |  |
| Credit Acceptance Corp.<sup>(d)</sup> | (1758) | (820863) |
| **Electric – (1.1)%** |  |  |
| PG&E Corp. | (40000) | (603200) |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Electrical Components & Equipment – (1.3)%** |  |  |
| Universal Display Corp. | (5000) | (718150) |
| **Electronics – (2.1)%** |  |  |
| Fortive Corp. | (23000) | (1126770) |
| **Entertainment – (2.5)%** |  |  |
| Caesars Entertainment, Inc.<sup>(d)</sup> | (30000) | (810750) |
| Six Flags Entertainment Corp.<sup>(d)</sup> | (25000) | (568000) |
| Total Entertainment |  | (1378750) |
| **Food – (1.1)%** |  |  |
| Utz Brands, Inc. | (50000) | (607500) |
| **Hand/Machine Tools – (2.0)%** |  |  |
| Stanley Black & Decker, Inc. | (15000) | (1114950) |
| **Healthcare - Products – (2.4)%** |  |  |
| Glaukos Corp.<sup>(d)</sup> | (16000) | (1304800) |
| **Home Furnishings – (1.4)%** |  |  |
| Whirlpool Corp. | (10000) | (786000) |
| **Household Products/Wares – (1.5)%** |  |  |
| Avery Dennison Corp. | (5000) | (810850) |
| **Internet – (6.0)%** |  |  |
| Airbnb, Inc., Class A<sup>(d)</sup> | (7500) | (910650) |
| CDW Corp. | (4500) | (716760) |
| Cogent Communications Holdings, Inc. | (20000) | (767000) |
| Wix.com Ltd. (Israel)<sup>(d)</sup> | (5000) | (888150) |
| Total Internet |  | (3282560) |
| **Leisure Time – (1.4)%** |  |  |
| Brunswick Corp. | (12000) | (758880) |
| **Lodging – (1.4)%** |  |  |
| Choice Hotels International, Inc. | (7000) | (748370) |
| **Machinery - Diversified – (3.6)%** |  |  |
| CSW Industrials, Inc. | (4000) | (971000) |
| Dover Corp. | (6000) | (1000980) |
| Total Machinery - Diversified |  | (1971980) |
| **Oil & Gas – (2.9)%** |  |  |
| Antero Resources Corp.<sup>(d)</sup> | (30000) | (1006800) |
| Sable Offshore Corp.<sup>(d)</sup> | (35000) | (611100) |
| Total Oil & Gas |  | (1617900) |
| **Packaging & Containers – (1.1)%** |  |  |
| Graphic Packaging Holding Co. | (30000) | (587100) |
| **REITS – (8.4)%** |  |  |
| Camden Property Trust | (6000) | (640680) |
| CubeSmart | (15000) | (609900) |
| Digital Realty Trust, Inc. | (5000) | (864400) |
| Equinix, Inc. | (1000) | (783240) |
| Equity Residential | (15000) | (970950) |
| UDR, Inc. | (20000) | (745200) |
| Total REITS |  | (4614370) |

---

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Retail – (9.1)%** |  |  |
| Asbury Automotive Group, Inc.<sup>(d)</sup> | (3000) | (733350) |
| Bath & Body Works, Inc. | (30000) | (772800) |
| Best Buy Co, Inc. | (16000) | (1209920) |
| La-Z-Boy, Inc. | (20000) | (686400) |
| Lithia Motors, Inc. | (3000) | (948000) |
| PC Connection, Inc. | (10000) | (619900) |
| Total Retail |  | (4970370) |
| **Semiconductors – (4.7)%** |  |  |
| GLOBALFOUNDRIES, Inc.<sup>(d)</sup> | (20000) | (716800) |
| Marvell Technology, Inc. | (10000) | (840700) |
| Synaptics, Inc.<sup>(d)</sup> | (15000) | (1025100) |
| Total Semiconductors |  | (2582600) |
| **Software – (9.5)%** |  |  |
| Akamai Technologies, Inc.<sup>(d)</sup> | (9000) | (681840) |
| Alkami Technology, Inc.<sup>(d)</sup> | (30000) | (745200) |
| Braze, Inc., Class A<sup>(d)</sup> | (20000) | (568800) |
| Confluent, Inc., Class A<sup>(d)</sup> | (30000) | (594000) |
| Descartes Systems Group, Inc. (The) (Canada)<sup>(d)</sup> | (8000) | (753840) |
| Freshworks, Inc., Class A<sup>(d)</sup> | (50000) | (588500) |
| Salesforce, Inc. | (2500) | (592500) |
| Samsara, Inc., Class A<sup>(d)</sup> | (18000) | (670500) |
| Total Software |  | (5195180) |
| **Transportation – (2.6)%** |  |  |
| FedEx Corp. | (3000) | (707430) |
| Old Dominion Freight Line, Inc. | (5000) | (703900) |
| Total Transportation |  | (1411330) |
| **Total Common Stocks<br> (Cost $(52532745))** |  | (52524898) |
| **Total Securities Sold, Not Yet Purchased<br> [Proceeds Received $(52532745)]** |  | $(52524898) |
| Total Investments – 43.5%<br> (Cost $23,772,860) |  | 23780707 |
| Other Assets in Excess of Liabilities – 56.5% |  | 30941574 |
| **Net Assets – 100.0%** |  | $**54722281** |

---

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

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

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

(c) As of September 30, 2025 cash in the amount of $26,848,458 has been segregated as collateral from the broker for securities sold short.

(d) Non-income producing security.

(e) American Depositary Receipt.

**ADVISORSHARES RANGER EQUITY BEAR ETF**

**Schedule of Investments**

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** |
| Money Market Funds | $76305605 | $– | $– | $76305605 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $(52524898) | $– | $– | $(52524898) |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Advertising | (3.4)% |
| Apparel | (3.5) |
| Auto Parts & Equipment | (1.2) |
| Banks | (1.9) |
| Beverages | (2.7) |
| Chemicals | (3.8) |
| Commercial Services | (5.6) |
| Computers | (4.6) |
| Cosmetics / Personal Care | (1.6) |
| Diversified Financial Services | (1.5) |
| Electric | (1.1) |
| Electrical Components & Equipment | (1.3) |
| Electronics | (2.1) |
| Entertainment | (2.5) |
| Food | (1.1) |
| Hand/Machine Tools | (2.0) |
| Healthcare - Products | (2.4) |
| Home Furnishings | (1.4) |
| Household Products/Wares | (1.5) |
| Internet | (6.0) |
| Leisure Time | (1.4) |
| Lodging | (1.4) |
| Machinery - Diversified | (3.6) |
| Oil & Gas | (2.9) |
| Packaging & Containers | (1.1) |
| REITS | (8.4) |
| Retail | (9.1) |
| Semiconductors | (4.7) |
| Software | (9.5) |
| Transportation | (2.6) |
| Money Market Funds | 139.4 |
| Total Investments | 43.5 |
| Other Assets in Excess of Liabilities | 56.5 |
| 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 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:** 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:** $107366527.68

**Total Liabilities:** $52644272.65

**Net Assets:** $54722255.03

**Cash Not Reported:** $26848457.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092409 | 1.82%                | -7.13%               | 2.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-774358.02              | $1472138.44                                |
| Month 2  | $-2380070.90             | $-1703972.75                               |
| Month 3  | $-2316942.60             | $3310695.44                                |

**Designated Index Information**

- **Index Name:** S&P 500 (Price)

- **Index Identifier:** 500

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Best Buy Co Inc                                                      | Best Buy Co Inc                                                      | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Short            | EC               | CORP              | US        |    -16000 | NS      | $-1209920.00  | -2.21%            |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                                                     | EPAM Systems Inc                                                     | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Short            | EC               | CORP              | US        |     -7000 | NS      | $-1055530.00  | -1.93%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                                          | BlackRock Liquidity FedFund                                          | CUSIP: 000000000<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  62295126 | NS      | $62295125.98  | 113.84%           |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                                          | Wix.com Ltd                                                          | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Short            | EC               | CORP              | IL        |     -5000 | NS      | $-888150.00   | -1.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                                                       | Utz Brands Inc                                                       | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Short            | EC               | CORP              | US        |    -50000 | NS      | $-607500.00   | -1.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                                                    | Brunswick Corp/DE                                                    | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-758880.00   | -1.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                           | Airbnb Inc                                                           | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Short            | EC               | CORP              | US        |     -7500 | NS      | $-910650.00   | -1.66%            |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                                                             | PVH Corp                                                             | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Short            | EC               | CORP              | US        |    -13000 | NS      | $-1089010.00  | -1.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                                          | Equinix Inc                                                          | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-783240.00   | -1.43%            |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                                               | HP Inc                                                               | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-816900.00   | -1.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                                                        | Confluent Inc                                                        | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-594000.00   | -1.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                                              | Strategic Education Inc                                              | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-860100.00   | -1.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Sable Offshore Corp                                                  | Sable Offshore Corp                                                  | CUSIP: 78574H104<br>LEI: 254900IMMKZUOZF7V487 | Short            | EC               | CORP              | US        |    -35000 | NS      | $-611100.00   | -1.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                                           | Stanley Black & Decker Inc                                           | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Short            | EC               | CORP              | US        |    -15000 | NS      | $-1114950.00  | -2.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The                                        | Goodyear Tire & Rubber Co/The                                        | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Short            | EC               | CORP              | US        |    -90000 | NS      | $-673200.00   | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                                       | Salesforce Inc                                                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Short            | EC               | CORP              | US        |     -2500 | NS      | $-592500.00   | -1.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                                           | Corpay Inc                                                           | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Short            | EC               | CORP              | US        |     -2500 | NS      | $-720150.00   | -1.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                                                        | Synaptics Inc                                                        | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Short            | EC               | CORP              | US        |    -15000 | NS      | $-1025100.00  | -1.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                                          | Asbury Automotive Group Inc                                          | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-733350.00   | -1.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp                                         | Six Flags Entertainment Corp                                         | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Short            | EC               | CORP              | US        |    -25000 | NS      | $-568000.00   | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                                                    | Brown-Forman Corp                                                    | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-812400.00   | -1.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                                             | Western Alliance Bancorp                                             | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-1040640.00  | -1.90%            |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                                         | La-Z-Boy Inc                                                         | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Short            | EC               | CORP              | US        |    -20000 | NS      | $-686400.00   | -1.25%            |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                              | UDR Inc                                                              | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Short            | EC               | CORP              | US        |    -20000 | NS      | $-745200.00   | -1.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp                                                | Antero Resources Corp                                                | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-1006800.00  | -1.84%            |  |  |  | No            |                  1 | On Loan: No      |
| Freshworks Inc                                                       | Freshworks Inc                                                       | CUSIP: 358054104<br>LEI: 254900ULRGCUEIK0K191 | Short            | EC               | CORP              | US        |    -50000 | NS      | $-588500.00   | -1.08%            |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                                          | CDW Corp/DE                                                          | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Short            | EC               | CORP              | US        |     -4500 | NS      | $-716760.00   | -1.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                                                           | Dover Corp                                                           | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Short            | EC               | CORP              | US        |     -6000 | NS      | $-1000980.00  | -1.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                                                       | Whirlpool Corp                                                       | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-786000.00   | -1.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                                                         | Carter's Inc                                                         | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-846600.00   | -1.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp                                               | Credit Acceptance Corp                                               | CUSIP: 225310101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1758 | NS      | $-820862.94   | -1.50%            |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                                           | FedEx Corp                                                           | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-707430.00   | -1.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions                                       | Cognizant Technology Solutions Corp                                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-670700.00   | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                                         | Glaukos Corp                                                         | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Short            | EC               | CORP              | US        |    -16000 | NS      | $-1304800.00  | -2.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                                                | Bath & Body Works Inc                                                | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-772800.00   | -1.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc                                              | Akamai Technologies Inc                                              | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Short            | EC               | CORP              | US        |     -9000 | NS      | $-681840.00   | -1.25%            |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                                            | CubeSmart                                                            | CUSIP: 229663109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -15000 | NS      | $-609900.00   | -1.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                                | Camden Property Trust                                                | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Short            | EC               | CORP              | US        |     -6000 | NS      | $-640680.00   | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                                                    | Lithia Motors Inc                                                    | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-948000.00   | -1.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                                           | Diageo PLC                                                           | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Short            | EC               | CORP              | GB        |     -7000 | NS      | $-668010.00   | -1.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                                          | Samsara Inc                                                          | CUSIP: 79589L106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -18000 | NS      | $-670500.00   | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALFOUNDRIES Inc                                                  | GLOBALFOUNDRIES Inc                                                  | CUSIP: 000000000<br>LEI: 549300BA76VK784VMX48 | Short            | EC               | CORP              | US        |    -20000 | NS      | $-716800.00   | -1.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                                   | Equity Residential                                                   | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Short            | EC               | CORP              | US        |    -15000 | NS      | $-970950.00   | -1.77%            |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                                                    | PC Connection Inc                                                    | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-619900.00   | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                                                    | Omnicom Group Inc                                                    | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |    -15000 | NS      | $-1222950.00  | -2.23%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                                                  | International Flavors & Fragrances Inc                               | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-738480.00   | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In                                       | Choice Hotels International Inc                                      | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Short            | EC               | CORP              | US        |     -7000 | NS      | $-748370.00   | -1.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                                                            | Braze Inc                                                            | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Short            | EC               | CORP              | US        |    -20000 | NS      | $-568800.00   | -1.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                                                  | Avery Dennison Corp                                                  | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Short            | EC               | CORP              | US        |     -5000 | NS      | $-810850.00   | -1.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co                                         | Graphic Packaging Holding Co                                         | CUSIP: 388689101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -30000 | NS      | $-587100.00   | -1.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                                              | Dow Inc                                                              | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-687900.00   | -1.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                                               | Marvell Technology Inc                                               | CUSIP: 573874104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -10000 | NS      | $-840700.00   | -1.54%            |  |  |  | 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        |  14010479 | NS      | $14010479.26  | 25.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                                           | Axalta Coating Systems Ltd                                           | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Short            | EC               | CORP              | US        |    -22000 | NS      | $-629640.00   | -1.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                                             | Digital Realty Trust Inc                                             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Short            | EC               | CORP              | US        |     -5000 | NS      | $-864400.00   | -1.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                                               | Universal Display Corp                                               | CUSIP: 91347P105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5000 | NS      | $-718150.00   | -1.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T                                       | Interpublic Group of Cos Inc/The                                     | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Short            | EC               | CORP              | US        |    -22000 | NS      | $-614020.00   | -1.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings                                       | Cogent Communications Holdings Inc                                   | CUSIP: 19239V302<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -20000 | NS      | $-767000.00   | -1.40%            |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                                            | PG&E Corp                                                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Short            | EC               | CORP              | US        |    -40000 | NS      | $-603200.00   | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                                        | Old Dominion Freight Line Inc                                        | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |     -5000 | NS      | $-703900.00   | -1.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                                                  | Shift4 Payments Inc                                                  | CUSIP: 82452J109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -10000 | NS      | $-774000.00   | -1.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                                               | Paylocity Holding Corp                                               | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Short            | EC               | CORP              | US        |     -4500 | NS      | $-716715.00   | -1.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                                            | Edgewell Personal Care Co                                            | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Short            | EC               | CORP              | US        |    -43000 | NS      | $-875480.00   | -1.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th                                       | Descartes Systems Group Inc/The                                      | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Short            | EC               | CORP              | CA        |     -8000 | NS      | $-753840.00   | -1.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                                                         | Fortive Corp                                                         | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Short            | EC               | CORP              | US        |    -23000 | NS      | $-1126770.00  | -2.06%            |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                                                  | CSW Industrials Inc                                                  | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Short            | EC               | CORP              | US        |     -4000 | NS      | $-971000.00   | -1.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                                                | Alkami Technology Inc                                                | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-745200.00   | -1.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc                                            | Caesars Entertainment Inc                                            | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |    -30000 | NS      | $-810750.00   | -1.48%            |  |  |  | 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