# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0000940400-25-009707
**Filing Date:** 2025-11
**Character Count:** 45916
**Document Hash:** f7f8ed21ce7772c93216740e3a5e7ba3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009707.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009707

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 260636087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 251513012

**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**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 99.4%** |  |  |
| **Apparel – 1.0%** |  |  |
| Ralph Lauren Corp. | 1620 | $507967 |
| **Auto Parts & Equipment – 2.9%** |  |  |
| Allison Transmission Holdings, Inc. | 4858 | 412347 |
| Gentex Corp. | 17655 | 499636 |
| Phinia, Inc. | 9256 | 532035 |
| Total Auto Parts & Equipment |  | 1444018 |
| **Banks – 3.8%** |  |  |
| Bank of America Corp. | 9350 | 482366 |
| First Citizens BancShares, Inc., Class A | 232 | 415085 |
| JPMorgan Chase & Co. | 1550 | 488917 |
| Wells Fargo & Co. | 5800 | 486156 |
| Total Banks |  | 1872524 |
| **Biotechnology – 0.9%** |  |  |
| Royalty Pharma PLC, Class A | 13081 | 461498 |
| **Chemicals – 1.0%** |  |  |
| Sherwin-Williams Co. (The) | 1400 | 484764 |
| **Commercial Services – 3.9%** |  |  |
| John Wiley & Sons, Inc., Class A | 12087 | 489161 |
| PROG Holdings, Inc. | 14812 | 479316 |
| United Rentals, Inc. | 535 | 510743 |
| Verisk Analytics, Inc. | 1678 | 422034 |
| Total Commercial Services |  | 1901254 |
| **Computers – 5.1%** |  |  |
| Accenture PLC, Class A (Ireland) | 2000 | 493200 |
| Amdocs Ltd. | 4902 | 402209 |
| Apple, Inc. | 2247 | 572154 |
| Dell Technologies, Inc., Class C | 3650 | 517460 |
| NetApp, Inc. | 4355 | 515893 |
| Total Computers |  | 2500916 |
| **Distribution/Wholesale – 1.0%** |  |  |
| Pool Corp.<sup>(a)</sup> | 1593 | 493942 |
| **Diversified Financial Services – 4.2%** |  |  |
| Affiliated Managers Group, Inc. | 2365 | 563887 |
| Pagseguro Digital Ltd., Class A (Brazil) | 59092 | 590920 |
| SEI Investments Co. | 5478 | 464808 |
| Visa, Inc., Class A | 1234 | 421263 |
| Total Diversified Financial Services |  | 2040878 |
| **Electric – 1.0%** |  |  |
| NRG Energy, Inc. | 2903 | 470141 |
| **Electronics – 4.3%** |  |  |
| CTS Corp. | 11850 | 473289 |
| Honeywell International, Inc. | 2340 | 492570 |
| Napco Security Technologies, Inc. | 15961 | 685525 |
| Vontier Corp. | 11181 | 469267 |
| Total Electronics |  | 2120651 |
| **Engineering & Construction – 2.0%** |  |  |
| EMCOR Group, Inc. | 756 | 491052 |
| Jacobs Solutions, Inc. | 3293 | 493489 |
| Total Engineering & Construction |  | 984541 |
| **Entertainment – 2.9%** |  |  |
| Churchill Downs, Inc. | 4345 | 421509 |
| Monarch Casino & Resort, Inc. | 4542 | 480725 |
| TKO Group Holdings, Inc. | 2650 | 535194 |
| Total Entertainment |  | 1437428 |
| **Environmental Control – 0.9%** |  |  |
| Tetra Tech, Inc. | 12739 | 425228 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Healthcare - Services – 2.0%** |  |  |
| HCA Healthcare, Inc. | 1187 | $505899 |
| UnitedHealth Group, Inc. | 1400 | 483420 |
| Total Healthcare - Services |  | 989319 |
| **Home Builders – 2.2%** |  |  |
| DR Horton, Inc. | 3259 | 552303 |
| PulteGroup, Inc. | 4128 | 545432 |
| Total Home Builders |  | 1097735 |
| **Insurance – 6.8%** |  |  |
| Essent Group Ltd. | 7604 | 483310 |
| Everest Group Ltd. | 1383 | 484368 |
| Globe Life, Inc. | 3320 | 474660 |
| Hartford Insurance Group, Inc. (The) | 3532 | 471134 |
| Marsh & McLennan Cos., Inc. | 2340 | 471580 |
| MGIC Investment Corp. | 17107 | 485326 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 1775 | 450726 |
| Total Insurance |  | 3321104 |
| **Internet – 4.1%** |  |  |
| Alphabet, Inc., Class C | 2429 | 591583 |
| Booking Holdings, Inc. | 82 | 442740 |
| Meta Platforms, Inc., Class A | 640 | 470003 |
| VeriSign, Inc. | 1748 | 488689 |
| Total Internet |  | 1993015 |
| **Iron/Steel – 1.9%** |  |  |
| Nucor Corp. | 3600 | 487548 |
| Reliance, Inc. | 1532 | 430232 |
| Total Iron/Steel |  | 917780 |
| **Lodging – 2.9%** |  |  |
| Boyd Gaming Corp.<sup>(a)</sup> | 5488 | 474437 |
| Hilton Worldwide Holdings, Inc. | 1827 | 473997 |
| Wyndham Hotels & Resorts, Inc.<sup>(a)</sup> | 5722 | 457188 |
| Total Lodging |  | 1405622 |
| **Machinery - Construction & Mining – 1.0%** |  |  |
| Caterpillar, Inc. | 1050 | 501007 |
| **Machinery - Diversified – 3.0%** |  |  |
| Graco, Inc. | 5530 | 469829 |
| Otis Worldwide Corp. | 5437 | 497105 |
| Toro Co. (The) | 6567 | 500405 |
| Total Machinery - Diversified |  | 1467339 |
| **Media – 1.0%** |  |  |
| New York Times Co. (The), Class A | 8879 | 509655 |
| **Miscellaneous Manufacturing – 3.0%** |  |  |
| A.O. Smith Corp. | 6587 | 483552 |
| Illinois Tool Works, Inc. | 1850 | 482406 |
| Parker-Hannifin Corp. | 650 | 492797 |
| Total Miscellaneous Manufacturing |  | 1458755 |
| **Office Furnishings – 0.9%** |  |  |
| HNI Corp.<sup>(a)</sup> | 9085 | 425632 |
| **Oil & Gas – 6.1%** |  |  |
| APA Corp.<sup>(a)</sup> | 24195 | 587455 |
| ConocoPhillips | 5100 | 482409 |
| Devon Energy Corp. | 13700 | 480322 |
| EOG Resources, Inc. | 3871 | 434016 |
| Exxon Mobil Corp. | 4300 | 484825 |
| Marathon Petroleum Corp. | 2793 | 538323 |
| Total Oil & Gas |  | 3007350 |
| **Oil & Gas Services – 1.0%** |  |  |
| TechnipFMC PLC (United Kingdom) | 12837 | 506420 |

---

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **Pharmaceuticals – 2.2%** |  |  |
| Premier, Inc., Class A | 21632 | $601369 |
| Zoetis, Inc. | 3165 | 463103 |
| Total Pharmaceuticals |  | 1064472 |
| **Real Estate – 1.0%** |  |  |
| St Joe Co. (The) | 9776 | 483716 |
| **Retail – 5.9%** |  |  |
| Bath & Body Works, Inc. | 15958 | 411078 |
| FirstCash Holdings, Inc. | 3515 | 556847 |
| McDonald's Corp. | 1600 | 486224 |
| Murphy USA, Inc.<sup>(a)</sup> | 1143 | 443781 |
| TJX Cos., Inc. (The) | 3545 | 512394 |
| Yum! Brands, Inc. | 3124 | 474848 |
| Total Retail |  | 2885172 |
| **Semiconductors – 6.5%** |  |  |
| Analog Devices, Inc. | 2000 | 491400 |
| Applied Materials, Inc. | 2538 | 519630 |
| KLA Corp. | 517 | 557636 |
| Lam Research Corp. | 4846 | 648880 |
| NVIDIA Corp. | 2700 | 503766 |
| QUALCOMM, Inc. | 2900 | 482444 |
| Total Semiconductors |  | 3203756 |
| **Software – 4.6%** |  |  |
| Bentley Systems, Inc., Class B | 7999 | 411789 |
| Broadridge Financial Solutions, Inc. | 2050 | 488248 |
| Concentrix Corp.<sup>(a)</sup> | 8986 | 414704 |
| Microsoft Corp. | 950 | 492053 |
| MSCI, Inc. | 810 | 459602 |
| Total Software |  | 2266396 |
| **Telecommunications – 2.7%** |  |  |
| Cisco Systems, Inc. | 7200 | 492624 |
| Iridium Communications, Inc. | 19019 | 332072 |
| T-Mobile US, Inc. | 2000 | 478760 |
| Total Telecommunications |  | 1303456 |
| **Transportation – 5.7%** |  |  |
| CMB Tech NV (Belgium)<sup>(a)(b)</sup> | 54373 | 510563 |
| CSX Corp. | 13232 | 469868 |
| JB Hunt Transport Services, Inc. | 3229 | 433235 |
| Matson, Inc. | 3980 | 392388 |
| Old Dominion Freight Line, Inc. | 3500 | 492730 |
| Ryder System, Inc. | 2627 | 495557 |
| Total Transportation |  | 2794341 |
| **Total Common Stocks<br> (Cost $45,915,471)** |  | 48747792 |
| **MONEY MARKET FUND – 1.1%** |  |  |
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.09%<sup>(c)(d)</sup><br> (Cost $528,970) | 528970 | 528970 |
| Total Investments – 100.5%<br> (Cost $46,444,441) |  | 49276762 |
| Liabilities in Excess of Other Assets – (0.5%) |  | (243373) |
| **Net Assets – 100.0%** |  | $**49033389** |

---

PLC - Public Limited Company

(a) All or a portion of security is on loan. The aggregate market value of the securities on loan is $3,731,350; the aggregate market value of the collateral held by the fund is $3,860,421. The aggregate market value of the collateral includes non-cash U.S. Treasury securities collateral having a value of $3,331,451.

(b) Non-income producing security.

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

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

**ADVISORSHARES INSIDER ADVANTAGE ETF**

**Schedule of Investments (continued)**

September 30, 2025 (Unaudited)

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

**Fair Value Measurements**

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Fund's assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $48747792 | $– | $– | $48747792 |
| Money Market Fund | 528970 | – | – | 528970 |
| Total | $49276762 | $– | $– | $49276762 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Apparel | 1.0% |
| Auto Parts & Equipment | 2.9 |
| Banks | 3.8 |
| Biotechnology | 0.9 |
| Chemicals | 1 |
| Commercial Services | 3.9 |
| Computers | 5.1 |
| Distribution/Wholesale | 1 |
| Diversified Financial Services | 4.2 |
| Electric | 1 |
| Electronics | 4.3 |
| Engineering & Construction | 2 |
| Entertainment | 2.9 |
| Environmental Control | 0.9 |
| Healthcare - Services | 2 |
| Home Builders | 2.2 |
| Insurance | 6.8 |
| Internet | 4.1 |
| Iron/Steel | 1.9 |
| Lodging | 2.9 |
| Machinery - Construction & Mining | 1 |
| Machinery - Diversified | 3 |
| Media | 1 |
| Miscellaneous Manufacturing | 3 |
| Office Furnishings | 0.9 |
| Oil & Gas | 6.1 |
| Oil & Gas Services | 1 |
| Pharmaceuticals | 2.2 |
| Real Estate | 1 |
| Retail | 5.9 |
| Semiconductors | 6.5 |
| Software | 4.6 |

---

**SUMMARY OF SCHEDULE OF INVESTMENTS (continued)**

---

| | |
|:---|:---|
|  | **% of<br> Net Assets** |
| Telecommunications | 2.7 |
| Transportation | 5.7 |
| Money Market Fund | 1.1 |
| Total Investments | 100.5 |
| Liabilities in Excess of Other Assets | (0.5) |
| Net Assets | 100.0% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AdvisorShares Trust

- **b. Investment Company Act file number:** 811-22110

- **c. CIK number of Registrant:** 0001408970

- **d. LEI of Registrant:** 549300K5KGUMX2I7WM68

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

  - **Street Address 1:** 4800 Montgomery Lane

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

  - **Telephone number:** 877-843-3831

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

- **a. Name of Series:** AdvisorShares 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:** 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:** $49622678.85

**Total Liabilities:** $589289.49

**Net Assets:** $49033389.36

**Cash Not Reported:** $319110.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000099071 | 0.31%                | 4.46%                | 0.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1170.90                 | $137803.56                                 |
| Month 2  | $-31639.01               | $2078832.91                                |
| Month 3  | $823809.36               | $-399414.33                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PROG Holdings Inc              | PROG Holdings Inc                  | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     14812 | NS      | $479316.32    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                      | Pool Corp                          | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      1593 | NS      | $493941.51    | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Bath & Body Works Inc          | Bath & Body Works Inc              | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     15958 | NS      | $411078.08    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                  | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      4846 | NS      | $648879.40    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings Inc  | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      4858 | NS      | $412347.04    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp               | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     17107 | NS      | $485325.59    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                     | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      3320 | NS      | $474660.40    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                         | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |      4902 | NS      | $402209.10    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                           | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     24195 | NS      | $587454.60    | 1.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Accenture PLC                  | Accenture PLC                      | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2000 | NS      | $493200.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                         | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      4355 | NS      | $515893.30    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                 | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       535 | NS      | $510743.10    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1400 | NS      | $483420.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2700 | NS      | $503766.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                    | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       756 | NS      | $491052.24    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc               | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      1678 | NS      | $422033.78    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                 | Tetra Tech Inc                     | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     12739 | NS      | $425227.82    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                     | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      5100 | NS      | $482409.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      7999 | NS      | $411788.52    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                    | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1600 | NS      | $486224.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp                    | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      8986 | NS      | $414703.90    | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| DREY INST PREF GOV MM-M        | DREY INST PREF GOV MM-M            | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    528970 | NS      | $528969.97    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      2050 | NS      | $488248.50    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/ | First Citizens BancShares Inc/NC   | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       232 | NS      | $415085.12    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                      | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      3259 | NS      | $552302.73    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                   | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      5488 | NS      | $474437.60    | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| Graco Inc                      | Graco Inc                          | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      5530 | NS      | $469828.80    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd              | Everest Group Ltd                  | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      1383 | NS      | $484368.09    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd     | RenaissanceRe Holdings Ltd         | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      1775 | NS      | $450725.75    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The            | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1400 | NS      | $484764.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2247 | NS      | $572153.61    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications Inc         | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     19019 | NS      | $332071.74    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                     | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     12837 | NS      | $506419.65    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc           | Jacobs Solutions Inc               | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3293 | NS      | $493488.98    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      9350 | NS      | $482366.50    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co             | SEI Investments Co                 | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      5478 | NS      | $464808.30    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                  | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     13700 | NS      | $480322.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc         | FirstCash Holdings Inc             | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3515 | NS      | $556846.30    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA Inc                     | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1143 | NS      | $443781.18    | 0.91%             |  |  |  | No            |                  1 | On Loan: —       |
| Wells Fargo & Co               | Wells Fargo & Co                   | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      5800 | NS      | $486156.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       950 | NS      | $492052.50    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                           | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       810 | NS      | $459602.10    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1550 | NS      | $488916.50    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corp                   | Vontier Corp                       | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     11181 | NS      | $469266.57    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                    | Toro Co/The                        | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      6567 | NS      | $500405.40    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                       | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      2900 | NS      | $482444.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                       | HNI Corp                           | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |      9085 | NS      | $425632.25    | 0.87%             |  |  |  | No            |                  1 | On Loan: —       |
| Yum! Brands Inc                | Yum! Brands Inc                    | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      3124 | NS      | $474848.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                           | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     13232 | NS      | $469868.32    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts Inc       | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      5722 | NS      | $457187.80    | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |
| Otis Worldwide Corp            | Otis Worldwide Corp                | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      5437 | NS      | $497104.91    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1234 | NS      | $421262.92    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                           | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       517 | NS      | $557636.20    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                    | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      2000 | NS      | $478760.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The   | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      3532 | NS      | $471133.48    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      4300 | NS      | $484825.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                         | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      3980 | NS      | $392388.20    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc            | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1850 | NS      | $482406.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance Inc                       | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1532 | NS      | $430231.56    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd               | Essent Group Ltd                   | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |      7604 | NS      | $483310.24    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                  | St Joe Co/The                      | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |      9776 | NS      | $483716.48    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                     | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      2903 | NS      | $470140.85    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                    | Premier Inc                        | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21632 | NS      | $601369.60    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp               | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       650 | NS      | $492797.50    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1827 | NS      | $473996.88    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2429 | NS      | $591582.95    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc              | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      2538 | NS      | $519630.12    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The          | New York Times Co/The              | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      8879 | NS      | $509654.60    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc  | Affiliated Managers Group Inc      | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      2365 | NS      | $563886.95    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort Inc        | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      4542 | NS      | $480725.28    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                     | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4128 | NS      | $545432.64    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagseguro Digital Ltd          | Pagseguro Digital Ltd              | CUSIP: 000000000<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | BR        |     59092 | NS      | $590920.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC             | Royalty Pharma PLC                 | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |     13081 | NS      | $461497.68    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                     | Phinia Inc                         | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |      9256 | NS      | $532034.88    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CMB Tech NV                    | CMB Tech NV                        | CUSIP: 000000000<br>LEI: 549300D80RYON74MEJ03 | Long             | EC               | CORP              | BE        |     54373 | NS      | $510562.47    | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Meta Platforms Inc             | Meta Platforms Inc                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       640 | NS      | $470003.20    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp            | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      2793 | NS      | $538322.82    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      7200 | NS      | $492624.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc          | John Wiley & Sons Inc              | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     12087 | NS      | $489160.89    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                 | A O Smith Corp                     | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      6587 | NS      | $483551.67    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                    | Gentex Corp                        | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     17655 | NS      | $499636.50    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                 | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1187 | NS      | $505899.40    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      3650 | NS      | $517460.50    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      3545 | NS      | $512394.30    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc | JB Hunt Transport Services Inc     | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      3229 | NS      | $433234.93    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc               | Ryder System Inc                   | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      2627 | NS      | $495557.28    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp              | Ralph Lauren Corp                  | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      1620 | NS      | $507967.20    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc            | Churchill Downs Inc                | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |      4345 | NS      | $421508.45    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                         | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      3600 | NS      | $487548.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        82 | NS      | $442740.14    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                         | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      3165 | NS      | $463102.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc      | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      3500 | NS      | $492730.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc           | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      2340 | NS      | $471580.20    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2000 | NS      | $491400.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign Inc                       | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      1748 | NS      | $488688.36    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In | Napco Security Technologies Inc    | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     15961 | NS      | $685524.95    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc         | TKO Group Holdings Inc             | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2650 | NS      | $535194.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      3871 | NS      | $434016.52    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                           | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     11850 | NS      | $473289.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc        | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      2340 | NS      | $492570.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1050 | NS      | $501007.50    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer