# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0000894189-25-015624
**Filing Date:** 2025-11
**Character Count:** 49760
**Document Hash:** bf482286b6dbe4b2477b79048a185015
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015624.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015624

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Absolute Shares Trust
- **CENTRAL INDEX KEY:** 0001591939

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22917
- **FILM NUMBER:** 251526844

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WBI INVESTMENTS, INC.
- **STREET 2:** 331 NEWMAN SPRINGS ROAD, SUITE 105
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701
- **BUSINESS PHONE:** 732-842-4920

**MAIL ADDRESS:**
- **STREET 1:** C/O WBI INVESTMENTS, INC.
- **STREET 2:** 331 NEWMAN SPRINGS ROAD, SUITE 143
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701

## Series and Classes Contracts Data

### WBI BullBear Yield 3000 ETF (Series ID: S000044182)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000137332 | WBI BullBear Yield 3000 ETF | WBIG            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 84.1%** | **COMMON STOCKS - 84.1%** | **Shares** | **Value**  |
| **Capital Goods - 8.7%** | **Capital Goods - 8.7%** | **Capital Goods - 8.7%** | |
| AMETEK, Inc. | AMETEK, Inc. | 1461 | $274668 |
| GE Vernova, Inc. | GE Vernova, Inc. | 689 | 423666 |
| Mueller Industries, Inc. | Mueller Industries, Inc. | 6687 | 676123 |
| NuScale Power Corp. <sup>(a)</sup> | NuScale Power Corp. <sup>(a)</sup> | 9369 | 337284 |
| Primoris Services Corp. | Primoris Services Corp. | 5201 | 714253 |
| Vertiv Holdings Co. - Class A | Vertiv Holdings Co. - Class A | 2965 | 447300 |
|  |  |  | 2873294 |
| **Commercial & Professional Services - 0.7%** | **Commercial & Professional Services - 0.7%** | **Commercial & Professional Services - 0.7%** |  |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | 839 | 246246 |
| **Communications Equipment - 2.5%** | **Communications Equipment - 2.5%** | **Communications Equipment - 2.5%** |  |
| InterDigital, Inc. <sup>(b)</sup> | InterDigital, Inc. <sup>(b)</sup> | 2369 | 817850 |
| **Consumer Discretionary Distribution & Retail - 3.4%** | **Consumer Discretionary Distribution & Retail - 3.4%** | **Consumer Discretionary Distribution & Retail - 3.4%** |  |
| Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | 1231 | 273553 |
| Ross Stores, Inc. <sup>(b)</sup> | Ross Stores, Inc. <sup>(b)</sup> | 1767 | 269273 |
| Williams-Sonoma, Inc. | Williams-Sonoma, Inc. | 2925 | 571691 |
|  |  |  | 1114517 |
| **Consumer Services - 3.7%** | **Consumer Services - 3.7%** | **Consumer Services - 3.7%** |  |
| Red Rock Resorts, Inc. - Class A | Red Rock Resorts, Inc. - Class A | 10268 | 626964 |
| Yum China Holdings, Inc. | Yum China Holdings, Inc. | 13744 | 589893 |
|  |  |  | 1216857 |
| **Consumer Staples Distribution & Retail - 0.6%** | **Consumer Staples Distribution & Retail - 0.6%** | **Consumer Staples Distribution & Retail - 0.6%** |  |
| Sysco Corp. | Sysco Corp. | 2320 | 191029 |
| **Energy - 5.9%** | **Energy - 5.9%** | **Energy - 5.9%** |  |
| ConocoPhillips | ConocoPhillips | 5779 | 546636 |
| Expand Energy Corp. | Expand Energy Corp. | 4315 | 458426 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | 13699 | 387819 |
| ONEOK, Inc. | ONEOK, Inc. | 5158 | 376379 |
| Targa Resources Corp. | Targa Resources Corp. | 1062 | 177927 |
|  |  |  | 1947187 |
| **Financial Services - 7.7%** | **Financial Services - 7.7%** | **Financial Services - 7.7%** |  |
| American Express Co. | American Express Co. | 1752 | 581944 |
| Apollo Global Management, Inc. <sup>(b)</sup> | Apollo Global Management, Inc. <sup>(b)</sup> | 2035 | 271205 |
| Interactive Brokers Group, Inc. - Class A | Interactive Brokers Group, Inc. - Class A | 10109 | 695600 |
| OneMain Holdings, Inc. | OneMain Holdings, Inc. | 6825 | 385340 |
| T Rowe Price Group, Inc. | T Rowe Price Group, Inc. | 3606 | 370120 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 780 | 266276 |
|  |  |  | 2570485 |
| **Food, Beverage & Tobacco - 2.7%** | **Food, Beverage & Tobacco - 2.7%** | **Food, Beverage & Tobacco - 2.7%** |  |
| Altria Group, Inc. | Altria Group, Inc. | 6043 | 399201 |
| Hormel Foods Corp. | Hormel Foods Corp. | 13397 | 331442 |
| Tyson Foods, Inc. - Class A | Tyson Foods, Inc. - Class A | 3075 | 166972 |
|  |  |  | 897615 |
| **Health Care Equipment & Services - 5.0%** | **Health Care Equipment & Services - 5.0%** | **Health Care Equipment & Services - 5.0%** |  |
| Chemed Corp. | Chemed Corp. | 1296 | 580271 |
| HCA Healthcare, Inc. | HCA Healthcare, Inc. | 675 | 287685 |
| McKesson Corp. | McKesson Corp. | 397 | 306698 |
| Medtronic PLC | Medtronic PLC | 1906 | 181528 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 888 | 306626 |
|  |  |  | 1662808 |
| **Household & Personal Products - 0.9%** | **Household & Personal Products - 0.9%** | **Household & Personal Products - 0.9%** |  |
| Clorox Co. | Clorox Co. | 2573 | 317251 |
| **Insurance - 6.4%** | **Insurance - 6.4%** | **Insurance - 6.4%** |  |
| American International Group, Inc. | American International Group, Inc. | 3276 | 257297 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | 2075 | 276784 |
| Lincoln National Corp. | Lincoln National Corp. | 8705 | 351073 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | 1297 | 261384 |
| Primerica, Inc. | Primerica, Inc. | 1193 | 331165 |
| W R Berkley Corp. | W R Berkley Corp. | 8329 | 638168 |
|  |  |  | 2115871 |
| **Materials - 0.7%** | **Materials - 0.7%** | **Materials - 0.7%** |  |
| Mosaic Co. | Mosaic Co. | 6303 | 218588 |
| **Media & Entertainment - 1.0%** | **Media & Entertainment - 1.0%** | **Media & Entertainment - 1.0%** |  |
| Comcast Corp. - Class A | Comcast Corp. - Class A | 10743 | 337545 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 3.9%** | **Pharmaceuticals, Biotechnology & Life Sciences - 3.9%** | **Pharmaceuticals, Biotechnology & Life Sciences - 3.9%** |  |
| Amgen, Inc. | Amgen, Inc. | 612 | 172707 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | 8124 | 366393 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | 1531 | 169941 |
| Pfizer, Inc. | Pfizer, Inc. | 15905 | 405259 |
| Royalty Pharma PLC - Class A | Royalty Pharma PLC - Class A | 4819 | 170014 |
|  |  |  | 1284314 |
| **Semiconductors & Semiconductor Equipment - 12.2%** | **Semiconductors & Semiconductor Equipment - 12.2%** | **Semiconductors & Semiconductor Equipment - 12.2%** |  |
| Applied Materials, Inc. | Applied Materials, Inc. | 3662 | 749758 |
| ARM Holdings PLC - ADR <sup>(a)(b)</sup> | ARM Holdings PLC - ADR <sup>(a)(b)</sup> | 3066 | 433808 |
| Broadcom, Inc. | Broadcom, Inc. | 955 | 315064 |
| KLA Corp. | KLA Corp. | 643 | 693540 |
| Lam Research Corp. | Lam Research Corp. | 5588 | 748233 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 1106 | 183994 |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> | Rigetti Computing, Inc. <sup>(a)(b)</sup> | 15364 | 457694 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 1613 | 450495 |
|  |  |  | 4032586 |
| **Software & Services - 8.2%** | **Software & Services - 8.2%** | **Software & Services - 8.2%** |  |
| AppLovin Corp. - Class A <sup>(a)</sup> | AppLovin Corp. - Class A <sup>(a)</sup> | 507 | 364300 |
| CoreWeave, Inc. - Class A <sup>(a)</sup> | CoreWeave, Inc. - Class A <sup>(a)</sup> | 3447 | 471722 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 871 | 427121 |
| D-Wave Quantum, Inc. <sup>(a)(b)</sup> | D-Wave Quantum, Inc. <sup>(a)(b)</sup> | 16302 | 402822 |
| International Business Machines Corp. | International Business Machines Corp. | 730 | 205977 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 2402 | 438173 |
| SoundHound AI, Inc. - Class A <sup>(a)(b)</sup> | SoundHound AI, Inc. - Class A <sup>(a)(b)</sup> | 26328 | 423354 |
|  |  |  | 2733469 |
| **Technology Hardware & Equipment - 3.1%** | **Technology Hardware & Equipment - 3.1%** | **Technology Hardware & Equipment - 3.1%** |  |
| IonQ, Inc. <sup>(a)(b)</sup> | IonQ, Inc. <sup>(a)(b)</sup> | 6140 | 377610 |
| Quantum Computing, Inc. <sup>(a)(b)</sup> | Quantum Computing, Inc. <sup>(a)(b)</sup> | 18831 | 346679 |
| TE Connectivity PLC | TE Connectivity PLC | 1333 | 292633 |
|  |  |  | 1016922 |
| **Telecommunication Services - 2.4%** | **Telecommunication Services - 2.4%** | **Telecommunication Services - 2.4%** |  |
| Millicom International Cellular SA | Millicom International Cellular SA | 8688 | 421716 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 8791 | 386364 |
|  |  |  | 808080 |
| **Transportation - 0.5%** | **Transportation - 0.5%** | **Transportation - 0.5%** |  |
| Union Pacific Corp. | Union Pacific Corp. | 777 | 183659 |
| **Utilities - 3.9%** | **Utilities - 3.9%** | **Utilities - 3.9%** |  |
| Eversource Energy | Eversource Energy | 9482 | 674549 |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 3579 | 270179 |
| UGI Corp. | UGI Corp. | 10416 | 346436 |
|  |  |  | 1291164 |
| **TOTAL COMMON STOCKS** (Cost $26,445,781) | **TOTAL COMMON STOCKS** (Cost $26,445,781) | **TOTAL COMMON STOCKS** (Cost $26,445,781) | 27877337 |
| **EXCHANGE TRADED FUNDS - 13.9%** | **EXCHANGE TRADED FUNDS - 13.9%** | **Shares** | **Value**  |
| Angel Oak High Yield Opportunities ETF | Angel Oak High Yield Opportunities ETF | 82004 | 918445 |
| Eaton Vance Short Duration Income ETF | Eaton Vance Short Duration Income ETF | 10796 | 554968 |
| First Trust Senior Loan ETF | First Trust Senior Loan ETF | 6860 | 314462 |
| Invesco Ultra Short Duration ETF | Invesco Ultra Short Duration ETF | 7457 | 374596 |
| iShares Short Duration Bond Active ETF | iShares Short Duration Bond Active ETF | 5913 | 303218 |
| SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(b)</sup> | SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(b)</sup> | 17431 | 537921 |
| TCW Senior Loan ETF | TCW Senior Loan ETF | 13456 | 632903 |
| WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund | WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund | 43090 | 969525 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,573,594) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,573,594) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,573,594) | 4606038 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.7%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.7%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(c)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(c)</sup> | 4531910 | 4531910 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $4,531,910) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $4,531,910) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $4,531,910) | 4531910 |
| **TOTAL INVESTMENTS - 111.7% (**Cost $35,551,285**)** | **TOTAL INVESTMENTS - 111.7% (**Cost $35,551,285**)** | **TOTAL INVESTMENTS - 111.7% (**Cost $35,551,285**)** | 37015285 |
| Money Market Deposit Account - 1.1% <sup>(d)</sup> | Money Market Deposit Account - 1.1% <sup>(d)</sup> | Money Market Deposit Account - 1.1% <sup>(d)</sup> | 347343 |
| Liabilities in Excess of Other Assets - (12.8)% | Liabilities in Excess of Other Assets - (12.8)% | Liabilities in Excess of Other Assets - (12.8)% | (4229623) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $33133005 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt <br> LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $4,086,426.

(c) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025 was 2.27%.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
WBI BullBear Yield 3000 ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $27877337 | $– | $– | $27877337 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 4606038 | – | – | 4606038 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 4531910 |
| Total Investments | $32483375 | $– | $– | $37015285 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $4,531,910 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Absolute Shares Trust

- **b. Investment Company Act file number:** 811-22917

- **c. CIK number of Registrant:** 0001591939

- **d. LEI of Registrant:** 5493005LD0D8EHH9CD08

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

  - **Street Address 1:** 331 Newman Springs Rd

  - **City:** Red Bank

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07701

  - **Telephone number:** 732-842-4920

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

- **a. Name of Series:** WBI BullBear Yield 3000 ETF

- **b. EDGAR series identifier (if any):** S000044182

- **c. LEI of Series:** 54930002CQOLRSXM6B26

**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:** $37774033.83

**Total Liabilities:** $4637967.56

**Net Assets:** $33136066.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137332 | 0.37%                | 2.96%                | 2.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $534746.04               | $-457605.79                                |
| Month 2  | $1020418.65              | $-111647.17                                |
| Month 3  | $111769.27               | $713947.97                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Altria Group Inc                          | Altria Group Inc                                                        | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      6043 | NS      | $399200.58    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                       | American Express Co                                                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1752 | NS      | $581944.32    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I            | American International Group Inc                                        | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      3276 | NS      | $257297.04    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                          | W R Berkley Corp                                                        | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      8329 | NS      | $638167.98    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TCW Senior Loan ETF                       | TCW Senior Loan ETF                                                     | CUSIP: 29287L809<br>LEI: 254900NVE3TF3JFRDM25 | Long             | EC               | RF                | US        |     13456 | NS      | $632902.96    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                    | T Rowe Price Group Inc                                                  | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      3606 | NS      | $370119.84    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Investment Grad            | SPDR Bloomberg Investment Grade Floating Rate ETF                       | CUSIP: 78468R200<br>LEI: 549300QJ0FR0L0XRBI28 | Long             | EC               | RF                | US        |     17431 | NS      | $537920.66    | 1.62%             |  |  |  | No            |                  1 | On Loan: —       |
| SoundHound AI Inc                         | SoundHound AI Inc                                                       | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26328 | NS      | $423354.24    | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Sysco Corp                                | Sysco Corp                                                              | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      2320 | NS      | $191028.80    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                      | Taiwan Semiconductor Manufacturing Co Ltd                               | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1613 | NS      | $450494.77    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                      | Targa Resources Corp                                                    | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1062 | NS      | $177927.48    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBFS 2                    | US BANK MMDA - USBFS 2                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    347343 | NS      | $347343.12    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                           | Tyson Foods Inc                                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      3075 | NS      | $166972.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                  | UGI Corp                                                                | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     10416 | NS      | $346436.16    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                        | Union Pacific Corp                                                      | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       777 | NS      | $183659.49    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                    | UnitedHealth Group Inc                                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       888 | NS      | $306626.40    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                                              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      8791 | NS      | $386364.45    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                        | Vertiv Holdings Co                                                      | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      2965 | NS      | $447299.90    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                  | Visa Inc                                                                | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       780 | NS      | $266276.40    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                       | Williams-Sonoma Inc                                                     | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      2925 | NS      | $571691.25    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Trust WisdomTree In            | WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund | CUSIP: 97717W380<br>LEI: 5493006OMUEEHEDQ6617 | Long             | EC               | RF                | US        |     43090 | NS      | $969525.00    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                    | Yum China Holdings Inc                                                  | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     13744 | NS      | $589892.48    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                       | TE Connectivity PLC                                                     | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |      1333 | NS      | $292633.49    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                | AMETEK Inc                                                              | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1461 | NS      | $274668.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                 | Amgen Inc                                                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       612 | NS      | $172706.40    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                       | Gilead Sciences Inc                                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1531 | NS      | $169941.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                        | HCA Healthcare Inc                                                      | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       675 | NS      | $287685.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T            | Hartford Insurance Group Inc/The                                        | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      2075 | NS      | $276784.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                         | Hormel Foods Corp                                                       | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     13397 | NS      | $331441.78    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc             | Interactive Brokers Group Inc                                           | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     10109 | NS      | $695600.29    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                          | InterDigital Inc                                                        | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2369 | NS      | $817849.87    | 2.47%             |  |  |  | No            |                  1 | On Loan: —       |
| IBM                                       | International Business Machines Corp                                    | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       730 | NS      | $205976.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ultra Short Duration E            | Invesco Ultra Short Duration ETF                                        | CUSIP: 46090A887<br>LEI: 549300XCPLYCS9LWYT95 | Long             | EC               | RF                | US        |      7457 | NS      | $374595.68    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                                  | IonQ Inc                                                                | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |      6140 | NS      | $377610.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Short Duration Bond Ac            | iShares Short Duration Bond Active ETF                                  | CUSIP: 46431W507<br>LEI: 549300BV2WH8444C2Y33 | Long             | EC               | RF                | US        |      5913 | NS      | $303218.64    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                  | KLA Corp                                                                | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       643 | NS      | $693539.80    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                         | Kinder Morgan Inc                                                       | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     13699 | NS      | $387818.69    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                         | Lam Research Corp                                                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      5588 | NS      | $748233.20    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp                     | Lincoln National Corp                                                   | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      8705 | NS      | $351072.65    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                  | Marsh & McLennan Cos Inc                                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1297 | NS      | $261384.41    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                             | McKesson Corp                                                           | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       397 | NS      | $306698.38    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                             | Mosaic Co/The                                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      6303 | NS      | $218588.04    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                    | Mueller Industries Inc                                                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      6687 | NS      | $676122.57    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                                                      | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3579 | NS      | $270178.71    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp                        | NuScale Power Corp                                                      | CUSIP: 67079K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9369 | NS      | $337284.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   4531910 | NS      | $4531910.00   | 13.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                             | Medtronic PLC                                                           | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      1906 | NS      | $181527.44    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellula            | Millicom International Cellular SA                                      | CUSIP: N/A<br>LEI: 549300CTHC1CP86P2G96       | Long             | EC               | CORP              | LU        |      8688 | NS      | $421715.52    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak High Yield Opportuni            | Angel Oak High Yield Opportunities ETF                                  | CUSIP: 03463K745<br>LEI: 254900ZCII2VFW4OK231 | Long             | EC               | RF                | US        |     82004 | NS      | $918444.80    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc              | Apollo Global Management Inc                                            | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      2035 | NS      | $271204.45    | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Materials Inc                     | Applied Materials Inc                                                   | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3662 | NS      | $749757.88    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                             | AppLovin Corp                                                           | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       507 | NS      | $364299.78    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC                          | ARM Holdings PLC                                                        | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      3066 | NS      | $433808.34    | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Automatic Data Processing Inc             | Automatic Data Processing Inc                                           | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       839 | NS      | $246246.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                                                 | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      8124 | NS      | $366392.40    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc                                                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       955 | NS      | $315064.05    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/The                    | The Campbell's Company                                                  | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     11729 | NS      | $370401.82    | 1.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Chemed Corp                               | Chemed Corp                                                             | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1296 | NS      | $580271.04    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                        | Expand Energy Corp                                                      | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      4315 | NS      | $458425.60    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                             | Clorox Co/The                                                           | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      2573 | NS      | $317250.90    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                              | Comcast Corp                                                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     10743 | NS      | $337545.06    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                            | ConocoPhillips                                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      5779 | NS      | $546635.61    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreWeave Inc                             | CoreWeave Inc                                                           | CUSIP: 21873S108<br>LEI: 984500511DP2B6186053 | Long             | EC               | CORP              | US        |      3447 | NS      | $471721.95    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                  | Crowdstrike Holdings Inc                                                | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       871 | NS      | $427120.98    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                 | Dick's Sporting Goods Inc                                               | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      1231 | NS      | $273552.82    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| D-Wave Quantum Inc                        | D-Wave Quantum Inc                                                      | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | CA        |     16302 | NS      | $402822.42    | 1.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Eversource Energy                         | Eversource Energy                                                       | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      9482 | NS      | $674549.48    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Senior Loan ETF               | First Trust Senior Loan ETF                                             | CUSIP: 33738D309<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6860 | NS      | $314462.40    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                            | GE Vernova Inc                                                          | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       689 | NS      | $423666.10    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Short Duration Inc            | Eaton Vance Short Duration Income ETF                                   | CUSIP: 61774R825<br>LEI: 254900H1WCGW58VEGZ62 | Long             | EC               | RF                | US        |     10796 | NS      | $554968.38    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                 | ONEOK Inc                                                               | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      5158 | NS      | $376379.26    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                      | OneMain Holdings Inc                                                    | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |      6825 | NS      | $385339.50    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                 | Palantir Technologies Inc                                               | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      2402 | NS      | $438172.84    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                | Pfizer Inc                                                              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     15905 | NS      | $405259.40    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                    | Primoris Services Corp                                                  | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      5201 | NS      | $714253.33    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                             | Primerica Inc                                                           | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      1193 | NS      | $331164.87    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                              | QUALCOMM Inc                                                            | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1106 | NS      | $183994.16    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Quantum Computing Inc                     | Quantum Computing Inc                                                   | CUSIP: 74766W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18831 | NS      | $346678.71    | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Red Rock Resorts Inc                      | Red Rock Resorts Inc                                                    | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10268 | NS      | $626964.08    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigetti Computing Inc                     | Rigetti Computing Inc                                                   | CUSIP: 76655K103<br>LEI: 52990024JHY459DH8W71 | Long             | EC               | CORP              | US        |     15364 | NS      | $457693.56    | 1.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Ross Stores Inc                           | Ross Stores Inc                                                         | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      1767 | NS      | $269273.13    | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Royalty Pharma PLC                        | Royalty Pharma PLC                                                      | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |      4819 | NS      | $170014.32    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Absolute Shares Trust

**Signature:** /s/Fred Teufel

**Name of Signer:** Fred Teufel

**Title:** Principal Financial Officer