# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-26-020581
**Filing Date:** 2026-5
**Character Count:** 49315
**Document Hash:** 51f900688671f5f88d682aa6f6628416
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020581.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000940400-26-020581

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**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:** 261007827

**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 Insider Advantage ETF (Series ID: S000031813)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000099071 | AdvisorShares Insider Advantage ETF | SURE            |

## Nport-Ex

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 99.5%** |  |  |
| **Advertising – 1.1%** |  |  |
| Stagwell, Inc.<sup>(a)(b)</sup> | 87700 | $551633 |
| **Aerospace/Defense – 1.0%** |  |  |
| Lockheed Martin Corp. | 800 | 483512 |
| **Apparel – 2.8%** |  |  |
| Crocs, Inc.<sup>(a)(b)</sup> | 5600 | 464912 |
| On Holding AG, Class A (Switzerland)<sup>(b)</sup> | 11400 | 387828 |
| Tapestry, Inc. | 3750 | 529162 |
| Total Apparel |  | 1381902 |
| **Auto Parts & Equipment – 1.2%** |  |  |
| Allison Transmission Holdings, Inc. | 4875 | 570667 |
| **Banks – 2.6%** |  |  |
| First Citizens BancShares, Inc., Class A | 223 | 420279 |
| JPMorgan Chase & Co. | 1490 | 438298 |
| Wells Fargo & Co. | 5181 | 412460 |
| Total Banks |  | 1271037 |
| **Building Materials – 1.0%** |  |  |
| Carlisle Cos., Inc. | 1500 | 500430 |
| **Coal – 1.0%** |  |  |
| Hallador Energy Co.<sup>(a)(b)</sup> | 28600 | 465608 |
| **Commercial Services – 5.5%** |  |  |
| Booz Allen Hamilton Holding Corp. | 5650 | 440870 |
| Kforce, Inc.<sup>(a)</sup> | 16160 | 472518 |
| Moody's Corp. | 1040 | 453700 |
| Morningstar, Inc. | 2720 | 459816 |
| United Rentals, Inc. | 574 | 418194 |
| Verisk Analytics, Inc. | 2115 | 401321 |
| Total Commercial Services |  | 2646419 |
| **Computers – 3.8%** |  |  |
| Apple, Inc. | 1763 | 447432 |
| Fortinet, Inc.<sup>(b)</sup> | 6000 | 490320 |
| KBR, Inc. | 12000 | 442320 |
| Science Applications International Corp. | 4900 | 465108 |
| Total Computers |  | 1845180 |
| **Diversified Financial Services – 5.8%** |  |  |
| Artisan Partners Asset Management, Inc., Class A<sup>(a)</sup> | 12300 | 447597 |
| Encore Capital Group, Inc.<sup>(b)</sup> | 8750 | 613550 |
| Enova International, Inc.<sup>(b)</sup> | 3000 | 407490 |
| Mastercard, Inc., Class A | 850 | 424711 |
| SEI Investments Co. | 5871 | 460697 |
| Visa, Inc., Class A | 1550 | 468472 |
| Total Diversified Financial Services |  | 2822517 |
| **Electric – 0.9%** |  |  |
| Oklo, Inc.<sup>(a)(b)</sup> | 8680 | 430441 |
| **Electronics – 1.9%** |  |  |
| CTS Corp. | 9900 | 472824 |
| Vontier Corp. | 13155 | 466608 |
| Total Electronics |  | 939432 |
| **Entertainment – 2.9%** |  |  |
| Churchill Downs, Inc. | 5080 | 456336 |
| Monarch Casino & Resort, Inc. | 5168 | 494061 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Entertainment (continued)** |  |  |
| TKO Group Holdings, Inc. | 2250 | $453713 |
| Total Entertainment |  | 1404110 |
| **Environmental Control – 0.9%** |  |  |
| Tetra Tech, Inc. | 13856 | 417343 |
| **Gas – 1.0%** |  |  |
| Southwest Gas Holdings, Inc. | 5530 | 480557 |
| **Healthcare - Services – 5.1%** |  |  |
| DaVita, Inc.<sup>(b)</sup> | 4270 | 656256 |
| Elevance Health, Inc. | 1600 | 468400 |
| HCA Healthcare, Inc. | 1022 | 483651 |
| Option Care Health, Inc.<sup>(a)(b)</sup> | 15100 | 406492 |
| Universal Health Services, Inc., Class B | 2450 | 438477 |
| Total Healthcare - Services |  | 2453276 |
| **Home Builders – 3.8%** |  |  |
| DR Horton, Inc. | 3336 | 457766 |
| KB Home | 8600 | 445050 |
| PulteGroup, Inc. | 3972 | 467147 |
| Toll Brothers, Inc. | 3560 | 485833 |
| Total Home Builders |  | 1855796 |
| **Insurance – 2.9%** |  |  |
| Essent Group Ltd. | 7316 | 427547 |
| Hartford Insurance Group, Inc. (The) | 3397 | 459376 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 1709 | 507966 |
| Total Insurance |  | 1394889 |
| **Internet – 3.7%** |  |  |
| Airbnb, Inc., Class A<sup>(b)</sup> | 3550 | 448294 |
| Alphabet, Inc., Class C | 1536 | 440617 |
| Booking Holdings, Inc. | 99 | 416822 |
| Match Group, Inc. | 15100 | 463721 |
| Total Internet |  | 1769454 |
| **Lodging – 3.0%** |  |  |
| Hilton Grand Vacations, Inc.<sup>(a)(b)</sup> | 11000 | 430320 |
| Hilton Worldwide Holdings, Inc. | 1658 | 504165 |
| Wyndham Hotels & Resorts, Inc. | 6406 | 520359 |
| Total Lodging |  | 1454844 |
| **Machinery - Construction & Mining – 1.1%** |  |  |
| Caterpillar, Inc. | 741 | 524969 |
| **Machinery - Diversified – 2.1%** |  |  |
| Albany International Corp., Class A | 9400 | 490774 |
| Flowserve Corp. | 6900 | 507219 |
| Total Machinery - Diversified |  | 997993 |
| **Mining – 0.9%** |  |  |
| Coeur Mining, Inc.<sup>(b)</sup> | 24000 | 450480 |
| **Miscellaneous Manufacturing – 4.1%** |  |  |
| A.O. Smith Corp.<sup>(a)</sup> | 7138 | 470680 |
| Illinois Tool Works, Inc. | 1941 | 505223 |
| Parker-Hannifin Corp. | 556 | 497753 |
| Textron, Inc. | 5700 | 499092 |
| Total Miscellaneous Manufacturing |  | 1972748 |
| **Oil & Gas – 10.9%** |  |  |
| Chevron Corp. | 2320 | 480008 |
| CNX Resources Corp.<sup>(a)(b)</sup> | 13000 | 501150 |

---

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Oil & Gas (continued)** |  |  |
| ConocoPhillips | 4185 | $552420 |
| Devon Energy Corp. | 10181 | 512308 |
| Exxon Mobil Corp. | 3638 | 617223 |
| Magnolia Oil & Gas Corp., Class A | 15360 | 484915 |
| Marathon Petroleum Corp. | 2350 | 573823 |
| Talos Energy, Inc.<sup>(b)</sup> | 30830 | 485881 |
| Valaris Ltd.<sup>(a)(b)</sup> | 5740 | 562750 |
| Valero Energy Corp. | 1980 | 489218 |
| Total Oil & Gas |  | 5259696 |
| **Oil & Gas Services – 1.3%** |  |  |
| TechnipFMC PLC (United Kingdom) | 9051 | 625696 |
| **Pharmaceuticals – 2.0%** |  |  |
| Dexcom, Inc.<sup>(b)</sup> | 7240 | 454672 |
| McKesson Corp. | 570 | 493255 |
| Total Pharmaceuticals |  | 947927 |
| **REITS – 0.9%** |  |  |
| JBG SMITH Properties<sup>(a)</sup> | 29700 | 433917 |
| **Retail – 5.9%** |  |  |
| CarMax, Inc.<sup>(b)</sup> | 11400 | 474012 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 13000 | 416130 |
| Domino's Pizza, Inc. | 1150 | 412608 |
| McDonald's Corp. | 1540 | 478617 |
| Murphy USA, Inc. | 1201 | 593258 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 5300 | 489243 |
| Total Retail |  | 2863868 |
| **Semiconductors – 7.4%** |  |  |
| Applied Materials, Inc. | 1562 | 533876 |
| KLA Corp. | 386 | 568350 |
| Lam Research Corp. | 2263 | 483513 |
| Marvell Technology, Inc. | 5160 | 511098 |
| NVIDIA Corp. | 2730 | 476112 |
| ON Semiconductor Corp.<sup>(b)</sup> | 8900 | 551088 |
| QUALCOMM, Inc. | 3589 | 462191 |
| Total Semiconductors |  | 3586228 |
| **Software – 5.5%** |  |  |
| Adobe, Inc.<sup>(b)</sup> | 1900 | 461852 |
| Autodesk, Inc.<sup>(b)</sup> | 1750 | 418950 |
| Dropbox, Inc., Class A<sup>(b)</sup> | 19000 | 431680 |
| Microsoft Corp. | 1184 | 438281 |
| MSCI, Inc. | 830 | 447379 |
| Salesforce, Inc. | 2430 | 453608 |
| Total Software |  | 2651750 |
| **Telecommunications – 1.2%** |  |  |
| Iridium Communications, Inc. | 20296 | 563011 |
| **Transportation – 3.3%** |  |  |
| Expeditors International of Washington, Inc. | 3240 | 464065 |
| FLEX LNG Ltd. (Norway)<sup>(a)(b)</sup> | 18700 | 555577 |
| Old Dominion Freight Line, Inc. | 3038 | 593625 |
| Total Transportation |  | 1613267 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Water – 1.0%** |  |  |
| American Water Works Co., Inc. | 3540 | $481759 |
| **Total Common Stocks<br> (Cost $45,997,411)** |  | 48112356 |
| **MONEY MARKET FUNDS – 1.7%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 3.56%<sup>(c)</sup> | 68186 | 68186 |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.29%<sup>(c)(d)</sup> | 737643 | 737643 |
| **Total Money Market Funds <br> (Cost $805,829)** |  | 805829 |
| Total Investments – 101.2%<br> (Cost $46,803,240) |  | 48918185 |
| Liabilities in Excess of Other Assets – (1.2%) |  | (557522) |
| **Net Assets – 100.0%** |  | $**48360663** |

---

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

(a) All
 or a portion of security is on loan. The aggregate market value of the securities on loan is $10,189,162; the aggregate market value
 of the collateral held by the fund is $9,562,841. The aggregate market value of the collateral includes non-cash U.S. Treasury
 securities collateral having a value of $8,825,198.

(b) Non-income producing security.

(c) Rate shown reflects the 7-day yield as of March 31, 2026.

(d) Collateral received from brokers for securities lending was invested in these short-term investments.

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

March 31, 2026 (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 March 31, 2026, 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 | $48112356 | $– | $– | $48112356 |
| Money Market Funds | 805829 | – | – | 805829 |
| Total | $48918185 | $– | $– | $48918185 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Advertising | 1.1% |
| Aerospace/Defense | 1 |
| Apparel | 2.8 |
| Auto Parts & Equipment | 1.2 |
| Banks | 2.6 |
| Building Materials | 1 |
| Coal | 1 |
| Commercial Services | 5.5 |
| Computers | 3.8 |
| Diversified Financial Services | 5.8 |
| Electric | 0.9 |
| Electronics | 1.9 |
| Entertainment | 2.9 |
| Environmental Control | 0.9 |
| Gas | 1 |
| Healthcare - Services | 5.1 |
| Home Builders | 3.8 |
| Insurance | 2.9 |
| Internet | 3.7 |
| Lodging | 3 |
| Machinery - Construction & Mining | 1.1 |
| Machinery - Diversified | 2.1 |
| Mining | 0.9 |
| Miscellaneous Manufacturing | 4.1 |
| Oil & Gas | 10.9 |
| Oil & Gas Services | 1.3 |
| Pharmaceuticals | 2 |
| REITS | 0.9 |
| Retail | 5.9 |
| Semiconductors | 7.4 |
| Software | 5.5 |
| Telecommunications | 1.2 |
| Transportation | 3.3 |
| Water | 1 |
| Money Market Funds | 1.7 |
| Total Investments | 101.2 |
| Liabilities in Excess of Other Assets | (1.2) |
| 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 Insider Advantage ETF

- **b. EDGAR series identifier (if any):** S000031813

- **c. LEI of Series:** 54930085C9IKMRA4B072

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $49183422.36

**Total Liabilities:** $822759.48

**Net Assets:** $48360662.88

**Cash Not Reported:** $248491.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000099071 | 2.78%                | 2.62%                | -5.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1369245.87                                |
| Month 2  | $218872.56               | $1048936.68                                |
| Month 3  | $-348712.17              | $-2344168.95                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Old Dominion Freight Line Inc.              | Old Dominion Freight Line Inc. COM              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      3038 | NS      | $593625.20    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                                  | Kforce Inc COM                                  | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |     16160 | NS      | $472518.40    | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| CTS Corporation                             | CTS Corporation COM                             | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |      9900 | NS      | $472824.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                              | TechnipFMC PLC COM                              | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |      9051 | NS      | $625695.63    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                      | Applied Materials Inc. COM                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1562 | NS      | $533875.98    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                                | Chevron Corp. COM                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2320 | NS      | $480008.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                    | Visa Inc COM CL A                               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1550 | NS      | $468472.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallador Energy Co                          | Hallador Energy Co COM                          | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |     28600 | NS      | $465608.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Wells Fargo & Co.                           | Wells Fargo & Co. COM                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      5181 | NS      | $412459.41    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                            | Talos Energy Inc COM                            | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     30830 | NS      | $485880.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.             | Universal Health Services, Inc. CL B            | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      2450 | NS      | $438476.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                       | Parker-Hannifin Corp. COM                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       556 | NS      | $497753.44    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                                | Stagwell Inc COM CL A                           | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |     87700 | NS      | $551633.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Dropbox Inc                                 | Dropbox Inc CL A                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     19000 | NS      | $431680.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                                | Textron Inc. COM                                | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      5700 | NS      | $499092.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers, Inc.                         | Toll Brothers, Inc. COM                         | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      3560 | NS      | $485833.20    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc               | Hilton Worldwide Holdings Inc COM               | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1658 | NS      | $504164.64    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                               | Alphabet Inc. CAP STK CL C                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1536 | NS      | $440616.96    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc           | Allison Transmission Holdings Inc COM           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      4875 | NS      | $570667.50    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                            | McDonald's Corp. COM                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1540 | NS      | $478616.60    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                               | QUALCOMM Inc. COM                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3589 | NS      | $462191.42    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc                  | Southwest Gas Holdings Inc COM                  | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |      5530 | NS      | $480557.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                       | Flowserve Corporation COM                       | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |      6900 | NS      | $507219.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                     | KB Home COM                                     | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      8600 | NS      | $445050.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VALARIS LTD                                 | Valaris Ltd. CL A                               | CUSIP: 000000000<br>LEI: 5299008BQ9IREYWBTS30 | Long             | EC               | CORP              | BM        |      5740 | NS      | $562749.60    | 1.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Lam Research Corporation                    | Lam Research Corporation COM NEW                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      2263 | NS      | $483512.58    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                              | Mckesson Corp. COM                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       570 | NS      | $493255.20    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                             | Salesforce Inc. COM                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2430 | NS      | $453608.10    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                 | Renaissancere Holdings Ltd. COM                 | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      1709 | NS      | $507966.07    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                  | Airbnb Inc COM CL A                             | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      3550 | NS      | $448294.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                              | ConocoPhillips COM                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4185 | NS      | $552420.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                             | Microsoft Corp. COM                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1184 | NS      | $438281.28    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc. | Expeditors International Of Washington Inc. COM | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      3240 | NS      | $464065.20    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                | Iridium Communications, Inc. COM                | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     20296 | NS      | $563011.04    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                          | SEI Investments Co COM                          | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      5871 | NS      | $460697.37    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                          | Dominos Pizza Inc. COM                          | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      1150 | NS      | $412608.50    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp.                                | Moodys Corp. COM                                | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      1040 | NS      | $453700.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                   | Adobe Inc COM                                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1900 | NS      | $461852.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                  | DexCom Inc COM                                  | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      7240 | NS      | $454672.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.          | American Water Works Company, Inc. COM          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      3540 | NS      | $481758.60    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA Healthcare Inc COM                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1022 | NS      | $483651.28    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                        | Elevance Health Inc. COM                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1600 | NS      | $468400.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMorgan Chase & Co. COM                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1490 | NS      | $438298.40    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                    | O'Reilly Automotive Inc. COM                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      5300 | NS      | $489243.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc.                             | Murphy USA Inc. COM                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1201 | NS      | $593257.97    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH PROPERTIES LP                     | JBG SMITH Properties COM                        | CUSIP: 46590V100<br>LEI: 549300HHIW6GDQCPEC54 | Long             | EC               | CORP              | US        |     29700 | NS      | $433917.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Hilton Grand Vacations Inc                  | Hilton Grand Vacations Inc COM                  | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |     11000 | NS      | $430320.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: —       |
| Match Group Inc                             | Match Group Inc COM                             | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     15100 | NS      | $463721.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)    | First Citizens BancShares Inc (Delaware) CL A   | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       223 | NS      | $420279.18    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                               | On Holding AG NAMEN AKT A                       | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |     11400 | NS      | $387828.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                     | KBR Inc COM                                     | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     12000 | NS      | $442320.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                 | Monarch Casino & Resort Inc COM                 | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      5168 | NS      | $494060.80    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                   | KLA Corp. COM NEW                               | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       386 | NS      | $568350.26    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                      | Marvell Technology Inc COM                      | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5160 | NS      | $511098.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                     | Carlisle Companies Inc. COM                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      1500 | NS      | $500430.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                           | Exxon Mobil Corp. COM                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      3638 | NS      | $617223.08    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                   | CNX Resources Corporation COM                   | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     13000 | NS      | $501150.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Illinois Tool Works Inc.                    | Illinois Tool Works Inc. COM                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1941 | NS      | $505222.89    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                | Wyndham Hotels & Resorts Inc COM                | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      6406 | NS      | $520359.38    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd.                           | Essent Group Ltd. COM                           | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      7316 | NS      | $427547.04    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                     | MasterCard Incorporated CL A                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       850 | NS      | $424711.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                 | Lockheed Martin Corporation COM                 | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       800 | NS      | $483512.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                           | D.R. Horton, Inc. COM                           | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      3336 | NS      | $457765.92    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                | NVIDIA Corp. COM                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2730 | NS      | $476112.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO GROUP HOLDINGS INC                      | TKO Group Holdings Inc. CL A                    | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2250 | NS      | $453712.50    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith(Ao)Corp                               | Smith(Ao)Corp COM                               | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      7138 | NS      | $470679.72    | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| Encore Capital Group Inc.                   | Encore Capital Group Inc. COM                   | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |      8750 | NS      | $613550.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                   | MSCI Inc. COM                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       830 | NS      | $447378.30    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                         | Valero Energy Corp. COM                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1980 | NS      | $489218.40    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                      | Option Care Health Inc COM NEW                  | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     15100 | NS      | $406492.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| FLEX LNG Ltd.                               | FLEX LNG Ltd. SHS                               | CUSIP: 000000000<br>LEI: 21380084THHU3MPC3647 | Long             | EC               | CORP              | BM        |     18700 | NS      | $555577.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| PULTEGROUP INC                              | Pulte Group Inc COM                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3972 | NS      | $467146.92    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                      | Verisk Analytics, Inc. COM                      | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2115 | NS      | $401321.25    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORP                     | Magnolia Oil & Gas Corporation CL A             | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15360 | NS      | $484915.20    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                  | Carmax Inc COM                                  | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |     11400 | NS      | $474012.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp.    | Science Applications International Corp. COM    | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |      4900 | NS      | $465108.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corporation                         | Vontier Corporation COM                         | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     13155 | NS      | $466607.85    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                    | Marathon Petroleum Corp. COM                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      2350 | NS      | $573823.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                        | United Rentals, Inc. COM                        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       574 | NS      | $418193.44    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                         | Churchill Downs Inc COM                         | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |      5080 | NS      | $456336.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                             | Caterpillar Inc COM                             | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       741 | NS      | $524968.86    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                            | Coeur Mining Inc COM NEW                        | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     24000 | NS      | $450480.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST                    | BLACKROCK TREASURY TRUST                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     68186 | NS      | $68186.42     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                | Tapestry Inc COM                                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      3750 | NS      | $529162.50    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc.      | Artisan Partners Asset Management Inc. CL A     | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     12300 | NS      | $447597.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |
| Booz Allen Hamilton Holding Corp.           | Booz Allen Hamilton Holding Corp. CL A          | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      5650 | NS      | $440869.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                   | Crocs Inc COM                                   | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |      5600 | NS      | $464912.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Apple Inc.                                  | Apple Inc. COM                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      1763 | NS      | $447431.77    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.           | The Hartford Insurance Group Inc. COM           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      3397 | NS      | $459376.31    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                    | Enova International Inc. COM                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      3000 | NS      | $407490.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                        | Booking Holdings Inc COM                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        99 | NS      | $416821.68    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                | Fortinet Inc COM                                | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      6000 | NS      | $490320.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                  | Davita Inc COM                                  | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |      4270 | NS      | $656256.30    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                | Autodesk Inc COM                                | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1750 | NS      | $418950.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp.                      | ON Semiconductor Corp. COM                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      8900 | NS      | $551088.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DREY INST PREF GOV MM-M                     | DREY INST PREF GOV MM-M                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    737643 | NS      | $737642.88    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| OKLO INC                                    | Oklo Inc. COM CL A                              | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8680 | NS      | $430441.20    | 0.89%             |  |  |  | No            |                  1 | On Loan: —       |
| Devon Energy Corporation                    | Devon Energy Corporation COM                    | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     10181 | NS      | $512307.92    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.                  | Albany International Corp. CL A                 | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |      9400 | NS      | $490774.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                             | Morningstar Inc COM                             | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      2720 | NS      | $459816.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                              | Tetra Tech Inc COM                              | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     13856 | NS      | $417342.72    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                  | Chipotle Mexican Grill Inc COM                  | CUSIP: 169656105<br>LEI: 529900REP5VGTPCP1J71 | Long             | EC               | CORP              | US        |     13000 | NS      | $416130.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-21

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer