Advantage Advisers Xanthus Fund, L.L.C. NPORT-P Advantage Advisers Xanthus Fund, L.L.C. (Sep 2019 report)

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited)

Shares				September 30, 2019 Fair Value
		Investment in Securities – 118.64%
		Common Stock – 118.64%
		United States – 90.50%
		Aerospace / Defense – 5.87%
	76,838	Northrop Grumman Corp.		$	28,798,114
	64,409	Raytheon Co.			12,636,402
	98,245	The Boeing Co.	(a)		37,379,275
	64,601	TransDigm Group, Inc.			33,635,803
					112,449,594
		Applications Software – 5.87%
	393,530	Five9, Inc.*			21,148,302
	176,121	HubSpot, Inc.*	(a)		26,701,705
	357,592	Microsoft Corp.	(a)		49,716,016
	412,107	Smartsheet, Inc., Class A*			14,848,215
					112,414,238
		Building Products - Cement / Aggregate – 2.45%		��
	78,352	Martin Marietta Materials, Inc.	(a)		21,476,283
	167,823	Vulcan Materials Co.			25,381,551
					46,857,834
		Coatings / Paint – 0.79%
	27,557	The Sherwin-Williams Co.			15,152,768
		Commercial Services – 0.76%
	54,375	Cintas Corp.	(a)		14,577,937
		Commercial Services - Finance – 4.71%
	641,324	Avalara, Inc.*	(a)		43,154,692
	208,885	Global Payments, Inc.	(a)		33,212,715
	16,537	S&P Global, Inc.			4,051,234
	119,266	TransUnion			9,673,665
					90,092,306
		Computer Aided Design – 11.56%
	168,139	Altair Engineering, Inc., Class A*			5,820,972
	28,279	ANSYS, Inc.*			6,259,840
	384,052	Aspen Technology, Inc.*	(a)		47,269,120
	104,203	Autodesk, Inc.*	(a)		15,390,783
	992,453	Cadence Design Systems, Inc.*	(a)		65,581,294
	590,179	Synopsys, Inc.*	(a)		81,002,068
					221,324,077
		Computer Data Security – 0.11%
	45,144	Zscaler, Inc.*			2,133,505
		Computer Services – 1.04%
	169,027	Elastic NV*			13,917,683
	180,427	Parsons Corp.*			5,950,483
					19,868,166
		Computer Software – 1.93%
	660,398	SS&C Technologies Holdings, Inc.			34,056,725
	194,905	Zuora, Inc., Class A*			2,933,320
					36,990,045
		E-Commerce / Products – 3.68%
	40,612	Amazon.com, Inc.*	(a)		70,498,777
		Electronic Components - Semiconductors – 1.11%
	222,576	Xilinx, Inc.			21,345,038
		Enterprise Software / Services – 5.37%
	338,636	Alteryx, Inc., Class A*	(a)		36,379,666

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited)(continued)

Shares				September 30, 2019 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Enterprise Software / Services – (continued)
	213,141	Ceridian HCM Holding, Inc.*		$	10,522,771
	390,478	Coupa Software, Inc.*	(a)		50,594,234
	30,405	Datadog, Inc., Class A*			1,031,034
	70,485	Everbridge, Inc.*			4,349,629
					102,877,334
		Entertainment Software – 3.10%
	537,407	Activision Blizzard, Inc.	(a)		28,439,578
	194,196	Electronic Arts, Inc.*	(a)		18,996,253
	94,228	Take-Two Interactive Software, Inc.*			11,810,538
					59,246,369
		Finance - Credit Card – 4.85%
	168,470	Mastercard, Inc., Class A	(a)		45,751,398
	273,705	Visa, Inc., Class A	(a)		47,079,997
					92,831,395
		Finance - Investment Banker / Broker – 0.55%
	282,758	Tradeweb Markets, Inc., Class A			10,456,391
		Finance - Other Services – 3.80%
	73,982	CME Group, Inc.			15,635,356
	618,304	Intercontinental Exchange, Inc.	(a)		57,050,910
					72,686,266
		Human Resources – 0.73%
	143,102	Paylocity Holding Corp.*			13,963,893
		Internet Application Software – 4.89%
	474,417	Anaplan, Inc.*	(a)		22,297,599
	409,486	Okta, Inc.*			40,317,991
	425,527	Zendesk, Inc.*			31,012,408
					93,627,998
		Internet Content - Entertainment – 4.47%
	328,467	Facebook, Inc., Class A*	(a)		58,493,403
	654,857	Twitter, Inc.*			26,980,109
					85,473,512
		Internet Security – 1.05%
	155,990	Proofpoint, Inc.*			20,130,509
		Internet Telephony – 2.84%
	432,418	RingCentral, Inc., Class A*	(a)		54,337,646
		Linen Supply & Related Items – 0.10%
	9,610	UniFirst Corp.			1,875,103
		Medical - Biomedical / Genetics – 2.90%
	185,104	Acceleron Pharma, Inc.*			7,313,459
	97,347	Akero Therapeutics, Inc.*			2,214,644
	137,324	Alnylam Pharmaceuticals, Inc.*	(a)		11,043,596
	80,752	Applied Therapeutics, Inc.*			887,464
	573,010	ArQule, Inc.*			4,108,482
	35,961	Blueprint Medicines Corp.*			2,642,055
	163,703	Deciphera Pharmaceuticals, Inc.*			5,556,080
	463,860	Immunomedics, Inc.*			6,150,784
	96,820	Magenta Therapeutics, Inc.*			993,373
	76,875	Rubius Therapeutics, Inc.*			603,469
	113,213	Stemline Therapeutics, Inc.*			1,178,547

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited)(continued)

Shares				September 30, 2019 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Medical - Biomedical / Genetics – (continued)
	301,526	Ultragenyx Pharmaceutical, Inc.*		$	12,899,282
					55,591,235
		Medical - Drugs – 0.44%
	139,709	Tricida, Inc.*			4,312,817
	108,395	Turning Point Therapeutics, Inc.*			4,075,652
					8,388,469
		Medical Information Systems – 0.16%
	95,610	Health Catalyst, Inc.*			3,025,100
		REITs - Diversified – 4.73%
	172,845	American Tower Corp.			38,221,215
	90,593	Equinix, Inc.			52,254,042
					90,475,257
		Retail - Restaurants – 2.96%
	45,777	Chipotle Mexican Grill, Inc.*	(a)		38,474,195
	159,650	Yum! Brands, Inc.			18,109,100
					56,583,295
		Semiconductor Components - Integrated Circuits – 2.43%
	416,382	Analog Devices, Inc.	(a)		46,522,361
		Semiconductor Equipment – 4.99%
	296,902	Applied Materials, Inc.	(a)		14,815,410
	171,163	KLA-Tencor Corp.	(a)		27,291,941
	121,593	Lam Research Corp.	(a)		28,101,358
	438,453	Teradyne, Inc.	(a)		25,390,813
					95,599,522
		Therapeutics – 0.26%
	152,320	Agios Pharmaceuticals, Inc.*			4,935,168
		Total United States (Cost $1,137,044,427)		$	1,732,331,108
		Canada – 2.13%
		Retail - Restaurants – 0.85%
	230,486	Restaurant Brands International, Inc.	(a)		16,396,774
		Web Hosting / Design – 1.28%
	78,543	Shopify, Inc., Class A*			24,478,711
		Total Canada (Cost $42,130,255)		$	40,875,485
		China – 12.43%
		Building - Heavy Construction – 1.01%
	84,768,000	China Tower Corp., Ltd., Class H*			19,247,269
		Coffee – 0.62%
	627,393	Luckin Coffee, Inc. - Sponsored ADR*			11,920,467
		E-Commerce / Products – 6.25%
	326,130	Alibaba Group Holding, Ltd. - Sponsored ADR*			54,538,720
	1,256,589	JD.com, Inc. – Sponsored ADR*			35,448,376
	2,896,000	Meituan Dianping, Class B*			29,590,224
					119,577,320
		Entertainment Software – 0.22%
	302,062	Bilibili, Inc. – Sponsored ADR*			4,265,115
		Internet Content - Entertainment – 0.61%
	207,298	YY, Inc. – Sponsored ADR*			11,656,367

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited)(continued)

Shares			September 30, 2019 Fair Value
		Common Stock – (continued)
		China – (continued)
		Internet Content - Information / Networks – 1.96%
	891,000	Tencent Holdings, Ltd.	$	37,529,428
		Schools – 1.76%
	304,216	New Oriental Education & Technology Group, Inc. - Sponsored ADR*		33,694,964
		Total China (Cost $198,163,352)	$	237,890,930
		France – 4.15%
		Aerospace / Defense - Equipment – 3.44%
	507,514	Airbus SE		65,952,378
		Entertainment Software – 0.71%
	187,444	UBISOFT Entertainment SA*		13,556,675
		Total France (Cost $66,962,812)	$	79,509,053
		Germany – 2.20%
		Athletic Footwear – 2.20%
	135,518	adidas AG		42,202,423
		Total Germany (Cost $29,817,817)	$	42,202,423
		Hong Kong – 0.25%
		Energy - Alternative Sources – 0.25%
	6,307,608	China Everbright International, Ltd.		4,859,805
		Total Hong Kong (Cost $4,848,822)	$	4,859,805
		Japan – 4.93%
		Audio / Video Products – 2.67%
	872,100	Sony Corp.		51,216,458
		Chemicals - Specialty – 0.13%
	23,400	Shin-Etsu Chemical Co., Ltd.		2,502,929
		Cosmetics & Toiletries – 0.52%
	124,500	Shiseido Co., Ltd.		9,940,416
		Finance - Other Services – 1.00%
	1,217,378	Japan Exchange Group, Inc.		19,137,869
		Industrial Automation / Robotics – 0.12%
	72,200	Nabtesco Corp.		2,234,643
		Metal Products - Distribution – 0.49%
	395,853	MISUMI Group, Inc.		9,314,404
		Total Japan (Cost $70,986,133)	$	94,346,719
		Netherlands – 0.26%
		Semiconductor Components - Integrated Circuits – 0.26%
	45,376	NXP Semiconductor NV		4,951,429
		Total Netherlands (Cost $4,906,077)	$	4,951,429
		Singapore – 1.61%
		Entertainment Software – 1.61%
	994,581	Sea, Ltd. – Sponsored ADR*		30,782,282
		Total Singapore (Cost $20,680,883)	$	30,782,282

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited)(concluded)

Shares			September 30, 2019 Fair Value
		Common Stock – (continued)
		United Kingdom – 0.18%
		Commercial Services - Finance – 0.18%
	201,704	Clarivate Analytics PLC*	$	3,402,747
		Total United Kingdom (Cost $2,624,799)	$	3,402,747
		Total Common Stock (Cost $1,578,165,377)	$	2,271,151,981
		Total Investments in Securities (Cost $1,578,165,377) – 118.64%	$	2,271,151,981
		Total Purchased Options (Cost $203,093,173) – 7.61%		145,622,869
		Total Securities Sold, Not Yet Purchased (Proceeds $969,975,902) – (49.58%)		(949,159,718	)
		Other Assets, in Excess of Liabilities – 23.33%		446,658,001
		Members’ Capital – 100.00%	$	1,914,273,133

(a)	Partially or wholly held in a pledged account by the Custodian as collateral for securities sold, not yet purchased.
*	Non-income producing security.
**	Includes $168,915,237 invested in a U.S. Dollar Cash Reserve Account at the Bank of New York Mellon, which is 8.82%of Members’ Capital, and foreign currency with a U.S. Dollar value of $15,457,993 held in BNY Mellon Custody Foreign Cash Account, which is 0.81% of Members’ Capital. $101,539,525 of those amounts is held as restricted cash and is in a segregated account with the Custodian, primarily as collateral for swap contracts.
ADR	American Depository Receipt
REIT	Real Estate Investment Trust

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited)

Notional Amount (USD)		Contracts	Expiration Date Strike Price		September 30, 2019 Fair Value
				Purchased Options – 7.61%
				Equity Options – 7.51%
				Equity Call Options – 5.67%
				United States – 4.28%
				Advertising Services – 0.07%
$	47,550,000	1,902	01/17/2020 $250	The Trade Desk, Inc.	$	1,274,340
				Aerospace / Defense - Equipment – 0.11%
	13,596,000	1,133	02/21/2020 $120	United Technologies Corp.		2,164,030
				Applications Software – 0.72%
	49,153,000	3,781	01/17/2020 $130	salesforce.com, Inc.		8,431,630
	47,950,000	1,918	11/15/2019 $250	ServiceNow, Inc.		3,318,140
	10,758,000	489	01/17/2020 $220	ServiceNow, Inc.		2,053,800
						13,803,570
				Auto - Cars / Light Trucks – 0.01%
	10,166,000	10,166	01/17/2020 $10	Ford Motor Co.		182,988
				Beverages - Non-Alcoholic – 0.35%
	17,604,000	1,467	01/17/2020 $120	PepsiCo, Inc.		2,649,402
	28,324,800	5,901	01/17/2020 $48	The Coca-Cola Co.		4,101,195
						6,750,597
				Commercial Services - Finance – 0.02%
	13,825,000	1,975	12/20/2019 $70	Square, Inc., Class A		468,075
				Computers – 0.91%
	42,426,000	2,357	01/17/2020 $180	Apple, Inc.		10,936,480
	44,500,000	2,225	01/17/2020 $200	Apple, Inc.		6,430,250
						17,366,730
				Consumer Products - Miscellaneous – 0.06%
	27,552,000	1,968	11/15/2019 $140	Kimberly-Clark Corp.		1,161,120
				Cosmetics & Toiletries – 0.91%
	29,512,000	3,808	02/21/2020 $77.50	Colgate-Palmolive Co.		689,248
	46,830,000	4,683	11/15/2019 $100	The Procter & Gamble Co.		10,817,730
	54,199,500	4,713	03/20/2020 $115	The Procter & Gamble Co.		5,938,380
						17,445,358
				Diversified Manufacturing Operations – 0.02%
	9,904,000	9,904	01/17/2020 $10	General Electric Co.		366,448

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited)(continued)

Notional Amount (USD)		Contracts	Expiration Date Strike Price		September 30, 2019 Fair Value
				Purchased Options – (continued)
				Equity Options – (continued)
				Equity Call Options – (continued)
				United States (continued)
				E-Commerce / Services – 0.00%
$	12,293,750	1,967	10/18/2019 $62.50	Lyft, Inc., Class A	$	3,934
	7,611,500	1,171	01/17/2020 $65	Lyft, Inc., Class A		40,985
						44,919
				Electronic Components - Semiconductors – 0.12%
	14,864,500	959	12/20/2019 $155	NVIDIA Corp.		2,412,844
				Enterprise Software / Services – 0.07%
	45,847,000	2,413	12/20/2019 $190	Workday, Inc., Class A		1,303,020
				Food - Miscellaneous / Diversified – 0.10%
	14,200,000	2,840	04/17/2020 $50	General Mills, Inc.		1,860,200
				Internet Content - Entertainment – 0.22%
	22,588,500	1,369	12/20/2019, $165	Facebook, Inc., Class A		2,512,115
	26,376,000	942	01/17/2020 $280	Netflix, Inc.		1,814,292
						4,326,407
				Medical - Biomedical / Genetics – 0.11%
	7,265,600	3,824	02/21/2020 $19	Exelixis, Inc.		692,144
	31,008,000	969	12/20/2019 $320	Illumina, Inc.		1,346,910
						2,039,054
				REITs - Storage – 0.15%
	33,695,000	1,465	12/20/2019 $230	Public Storage		2,798,150
				Retail - Building Products – 0.28%
	37,320,000	3,732	04/17/2020 $100	Lowe’s Cos., Inc.		5,318,100
				Web Portals / ISP – 0.05%
	5,145,000	49	01/17/2020 $1,050	Alphabet, Inc., Class A		920,220
				Total United States (Cost $96,837,942)	$	82,006,170
				Argentina – 1.13%
				E-Commerce / Services – 1.13%
	65,610,000	1,458	12/20/2019 $450	MercadoLibre, Inc.		16,781,580
	51,700,000	940	12/20/2019 $550	MercadoLibre, Inc.		4,803,400
				Total Argentina (Cost $36,899,045)	$	21,584,980

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited)(continued)

Notional Amount (USD)		Contracts	Expiration Date Strike Price		September 30, 2019 Fair Value
				Purchased Options – (continued)
				Equity Options – (continued)
				Equity Call Options – (continued)
				Belgium – 0.12%
				Brewery – 0.12%
$	26,145,000	2,905	01/17/2020 $90	Anheuser-Busch InBev SA/NV - Sponsored ADR	$	2,236,850
				Total Belgium (Cost $4,177,503)	$	2,236,850
				Canada – 0.14%
				Medical-Drugs - 0.01%
	10,431,750	1,987	10/18/2019 $52.50	Canopy Growth Corp.		5,961
	2,856,000	952	01/17/2020 $30	Canopy Growth Corp.		71,400
	6,188,000	1,904	01/17/2020 $32.50	Canopy Growth Corp.		104,720
	3,332,000	952	01/17/2020 $35	Canopy Growth Corp.		39,984
	9,680,000	1,936	01/17/2020 $50	Canopy Growth Corp.		19,360
						241,425
				Web Hosting / Design - 0.13%
	10,368,000	384	02/21/2020 $270	Shopify, Inc.		2,449,920
				Total Canada (Cost $6,052,570)	$	2,691,345
				Total Equity Call Options (Cost $143,967,060)	$	108,519,345
				Equity Put Options – 1.84%
				United States – 1.60%
				Electronic Forms – 0.24%
	55,158,000	1,902	01/17/2020 $290	Adobe, Inc.		4,583,820
				Growth & Income - Large Cap – 1.36%
	120,153,700	4,787	12/20/2019 $251	SPDR S&P 500 ETF Trust		540,931
	125,901,600	4,769	12/20/2019 $264	SPDR S&P 500 ETF Trust		1,025,335
	910,958,800	33,991	12/20/2019 $268	SPDR S&P 500 ETF Trust		8,463,759
	240,558,400	9,584	01/17/2020 $251	SPDR S&P 500 ETF Trust		1,696,368
	121,716,800	4,792	01/17/2020 $254	SPDR S&P 500 ETF Trust		963,192
	576,720,000	21,360	03/20/2020 $270	SPDR S&P 500 ETF Trust		13,350,000
						26,039,585
				Total United States (Cost $53,425,334)	$	30,623,405

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited)(concluded)

Notional Amount (USD)		Contracts	Expiration Date Strike Price		September 30, 2019 Fair Value
				Purchased Options – (continued)
				Equity Options – (continued)
				Equity Put Options – (continued)
				China – 0.24%
				Internet Contenet - Entertainment – 0.06%
$	7,135,000	1,427	01/17/2020 $50	Weibo Corp.	$	1,097,363
				Web Portals / ISP – 0.18%
	23,076,000	1,923	12/20/2019 $120	Baidu, Inc.		3,442,170
				Total China (Cost $4,186,457)	$	4,539,533
				Total Equity Put Options (Cost $57,611,791)	$	35,162,938
				Total Equity Options (Cost $201,578,851)	$	143,682,283
				Currency Put Options – 0.10%
				United States – 0.10%
	10,018,672	140,121,292	01/17/2020 $7.15	USD-CNH		1,940,586
				Total United States (Cost $1,514,322)	$	1,940,586
				Total Currency Put Options (Cost $1,514,322)	$	1,940,586
				Total Purchased Options (Cost $203,093,173)	$	145,622,869

ADR	American Depository Receipt
CNH	Chinese RenminbiYuan
ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depository Receipt
USD	United States Dollar

- 9 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (Unaudited)

Shares			September 30, 2019 Fair Value
		Securities Sold, Not Yet Purchased – 49.58%
		Common Stock – 49.58%
		United States – 38.59%
		Advertising Agencies – 1.00%
	201,270	Omnicom Group, Inc.	$	15,759,441
	157,575	The Interpublic Group of Cos., Inc.		3,397,317
				19,156,758
		Advertising Services – 1.11%
	113,411	The Trade Desk, Inc., Class A*		21,270,233
		Apparel Manufacturers – 0.87%
	41,476	Carter’s, Inc.		3,783,026
	641,746	Hanesbrands, Inc.		9,831,548
	115,075	Tapestry, Inc.		2,997,704
				16,612,278
		Auto - Cars / Light Trucks – 0.12%
	249,968	Ford Motor Co.		2,289,707
		Beverages - Non-alcoholic – 2.22%
	108,153	PepsiCo, Inc.		14,827,776
	506,396	The Coca-Cola Co.		27,568,199
				42,395,975
		Beverages - Wine / Spirits – 0.31%
	93,961	Brown-Forman Corp., Class B		5,898,872
		Commercial Services - Finance – 0.82%
	181,550	H&R Block, Inc.		4,288,211
	184,935	Square, Inc., Class A*		11,456,723
				15,744,934
		Communications Software – 0.23%
	181,370	Slack Technologies, Inc., Class A*		4,303,910
		Computer Data Security – 0.25%
	116,184	Tenable Holdings, Inc.*		2,600,198
	37,705	Varonis Systems, Inc.*		2,254,005
				4,854,203
		Computer Software – 1.85%
	75,574	Citrix Systems, Inc.		7,294,403
	54,629	Splunk, Inc.*		6,438,574
	211,576	Teradata Corp.*		6,558,856
	136,638	Twilio, Inc., Class A*		15,024,714
				35,316,547
		Computers – 0.15%
	150,766	HP, Inc.		2,852,493
		Consumer Products - Miscellaneous – 0.96%
	129,139	Kimberly-Clark Corp.		18,344,195
		Cosmetics & Toiletries – 4.21%
	118,605	Colgate-Palmolive Co.		8,718,653
	577,818	The Procter & Gamble Co.		71,869,003
				80,587,656
		Dialysis Centers – 0.08%
	27,853	DaVita, Inc.*		1,589,571

- 10 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (Unaudited)(continued)

Shares			September 30, 2019 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Diversified Manufacturing Operations – 0.29%
	13,605	3M Co.	$	2,236,662
	377,816	General Electric Co.		3,377,675
				5,614,337
		E-Commerce / Services – 0.18%
	90,372	TripAdvisor, Inc.*		3,495,589
		Electric - Integrated – 0.95%
	126,730	Consolidated Edison, Inc.		11,972,183
	101,250	The Southern Co.		6,254,213
				18,226,396
		Electronic Components - Semiconductors – 4.46%
	84,835	Intel Corp.		4,371,548
	76,717	NVIDIA Corp.		13,354,128
	522,809	Texas Instruments, Inc.		67,567,835
				85,293,511
		Electronic Forms – 0.34%
	23,554	Adobe, Inc.*		6,506,792
		Enterprise Software / Services – 1.56%
	113,117	Oracle Corp.		6,224,828
	138,737	Workday, Inc., Class A*		23,579,741
				29,804,569
		Finance - Credit Card – 0.86%
	712,948	The Western Union Co.		16,519,005
		Food - Confectionery – 0.22%
	38,358	The J.M. Smucker Co.		4,220,147
		Food - Miscellaneous / Diversified – 1.19%
	107,561	Campbell Soup Co.		5,046,762
	56,986	Conagra Foods, Inc.		1,748,330
	210,905	General Mills, Inc.		11,625,084
	68,434	Kellogg Co.		4,403,728
				22,823,904
		Footwear & Related Apparel – 0.08%
	56,987	Wolverine World Wide, Inc.		1,610,453
		Human Resources – 0.23%
	78,612	Robert Half International, Inc.		4,375,544
		Internet Content - Entertainment – 0.70%
	49,935	Netflix, Inc.*		13,363,605
		Investment Management / Advisory Services – 1.25%
	417,879	Franklin Resources, Inc.		12,059,988
	365,296	Invesco, Ltd.		6,188,114
	49,024	T. Rowe Price Group, Inc.		5,600,992
				23,849,094
		Medical - Biomedical / Genetics – 1.69%
	58,840	Amgen, Inc.		11,386,129
	196,999	Exelixis, Inc.*		3,483,927
	57,659	Illumina, Inc.*		17,541,021
				32,411,077
		Medical - Drugs – 0.62%
	92,495	AbbVie, Inc.		7,003,721

- 11 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (Unaudited)(continued)

Shares			September 30, 2019 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Medical - Drugs – (continued)
	136,809	Pfizer, Inc.	$	4,915,547
				11,919,268
		Motorcycle / Motor Scooter – 0.24%
	128,738	Harley-Davidson, Inc.		4,630,706
		Real Estate Management / Services – 0.08%
	227,800	Realogy Holdings Corp.		1,521,704
		REITs - Apartments – 0.74%
	65,806	AvalonBay Communities, Inc.		14,170,006
		REITs - Diversified – 0.54%
	117,347	Duke Realty Corp.		3,986,277
	100,619	Vornado Realty Trust		6,406,412
				10,392,689
		REITs - Health Care – 0.95%
	249,367	HCP, Inc.		8,884,946
	128,369	Ventas, Inc.		9,374,788
				18,259,734
		REITs - Office Property – 0.48%
	32,355	Boston Properties, Inc.		4,195,149
	60,225	SL Green Realty Corp.		4,923,394
				9,118,543
		REITs - Regional Malls – 0.62%
	76,017	Simon Property Group, Inc.		11,832,046
		REITs - Shopping Centers – 0.89%
	70,064	Federal Realty Investment Trust		9,538,513
	108,377	Regency Centers Corp.		7,531,118
				17,069,631
		REITs - Storage – 1.40%
	109,380	Public Storage		26,827,633
		Retail - Apparel / Shoes – 0.27%
	538,600	Ascena Retail Group, Inc.*		142,244
	163,579	Chico’s FAS, Inc.		659,223
	221,835	Tailored Brands, Inc.*		976,074
	44,736	The Children’s Place, Inc.		3,444,225
				5,221,766
		Retail - Arts & Crafts – 0.16%
	316,572	The Michaels Cos., Inc.*		3,099,240
		Retail - Bedding – 0.07%
	121,794	Bed Bath & Beyond, Inc.		1,295,888
		Retail - Drug Stores – 0.17%
	59,199	Walgreens Boots Alliance, Inc.		3,274,297
		Retail - Home Furnishings – 0.13%
	74,167	La-Z-Boy, Inc.		2,491,270
		Retail - Major Department Store – 0.42%
	235,416	Nordstrom, Inc.		7,926,457
		Retail - Miscellaneous / Diversified – 0.20%
	259,708	Sally Beauty Holdings, Inc.*		3,867,052
		Retail - Regional Department Stores – 0.59%
	20,670	Dillard’s, Inc., Class A		1,366,494

- 12 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (Unaudited)(continued)

Shares			September 30, 2019 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Retail - Regional Department Stores – (continued)
	198,407	Kohl’s Corp.	$	9,852,891
				11,219,385
		Retail - Restaurants – 0.27%
	125,490	The Cheesecake Factory, Inc.		5,230,423
		Semiconductor Components - Integrated Circuits – 0.17%
	56,986	Maxim Integrated Products, Inc.		3,300,059
		Transport - Services – 1.40%
	70,671	C.H. Robinson Worldwide, Inc.		5,991,487
	172,984	United Parcel Service, Inc., Class B		20,726,943
				26,718,430
		Total United States (Proceeds $743,603,375)	$	738,717,582
		Argentina – 0.97%
		E-Commerce / Services – 0.97%
	33,614	MercadoLibre, Inc.*		18,529,045
		Total Argentina (Proceeds $21,118,481)	$	18,529,045
		Australia – 0.65%
		Enterprise Software / Services – 0.65%
	99,542	Atlassian Corp PLC, Class A*		12,486,549
		Total Australia (Proceeds $12,659,327)	$	12,486,549
		Belgium – 0.92%
		Brewery – 0.92%
	184,852	Anheuser-Busch InBev NV - Sponsored ADR		17,588,668
		Total Belgium (Proceeds $15,684,216)	$	17,588,668
		Canada – 0.47%
		Medical - Drugs – 0.47%
	395,648	Canopy Growth Corp.*		9,071,974
		Total Canada (Proceeds $16,153,965)	$	9,071,974
		China – 1.90%
		E-Commerce / Products – 0.44%
	260,543	Pinduoduo, Inc. - Sponsored ADR*		8,394,695
		Internet Content - Information / Networks – 0.70%
	190,458	IQIYI, Inc. - Sponsored ADR*		3,072,088
	807,777	Tencent Music Entertainment Group Sponsored ADR*		10,315,312
				13,387,400
		Metal - Aluminum – 0.09%
	4,170,000	China Zhongwang Holdings, Ltd.		1,696,852
		Semiconductor Components - Integrated Circuits – 0.22%
	3,377,000	Semiconductor Manufacturing International Corp.*		4,221,573
		Web Hosting / Design – 0.24%
	108,404	Baozun, Inc. - Sponsored ADR*		4,628,851

- 13 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (Unaudited)(continued)

Shares			September 30, 2019 Fair Value
		Common Stock – (continued)
		China – (continued)
		Wireless Equipment – 0.21%
	3,591,600	Xiaomi Corp., Class B*	$	4,031,696
		Total China (Proceeds $35,874,051)	$	36,361,067
		France – 0.53%
		Advertising Services – 0.53%
	204,126	Publicis Groupe SA		10,040,922
		Total France (Proceeds $12,169,323)	$	10,040,922
		Germany – 0.54%
		Auto - Cars / Light Trucks – 0.54%
	147,322	Bayerische Motoren Werke AG		10,373,829
		Total Germany (Proceeds $11,590,172)	$	10,373,829
		Hong Kong – 1.37%
		Electric - Integrated – 0.87%
	357,500	CLP Holdings, Ltd.		3,755,406
	1,916,000	Power Assets Holdings, Ltd.		12,868,000
				16,623,406
		Gas - Distribution – 0.50%
	4,952,514	Hong Kong & China Gas Co., Ltd.		9,653,087
		Total Hong Kong (Proceeds $26,565,393)	$	26,276,493
		Israel – 1.30%
		Computer Data Security – 1.30%
	227,842	Check Point Software Technologies, Ltd.*		24,948,699
		Total Israel (Proceeds $27,102,602)	$	24,948,699
		Japan – 2.29%
		Advertising Services – 0.22%
	117,200	Dentsu, Inc.		4,126,264
		Cellular Telecommunications – 0.18%
	137,700	NTT DOCOMO, Inc.		3,507,639
		Electric - Integrated – 0.10%
	132,500	Chubu Electric Power Co., Inc.		1,918,691
		Gas - Distribution – 0.31%
	238,200	Tokyo Gas Co., Ltd.		6,004,866
		Office Automation & Equipment – 1.25%
	773,900	Canon, Inc.		20,640,913
	229,100	Seiko Epson Corp.		3,222,133
				23,863,046
		Semiconductor Equipment – 0.23%
	23,252	Tokyo Electron, Ltd.		4,424,496
		Total Japan (Proceeds $46,555,262)	$	43,845,002

- 14 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (Unaudited)(concluded)

Shares			September 30, 2019 Fair Value
		Common Stock – (continued)
		Switzerland – 0.05%
		Electronic Components - Semiconductors – 0.05%
	47,564	STMicroelectronics NV	$	919,888
		Total Switzerland (Proceeds $899,735)	$	919,888
		Total Securities Sold, Not Yet Purchased (Proceeds $969,975,902)	$	949,159,718

*	Non-income producing security.
ADR	American Depository Receipt
REIT	Real Estate Investment Trust

- 15 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited)

Notional Amount			Maturity Date*		September 30, 2019 Unrealized Gain/(Loss) ***
			Swap Contracts - 3.37%
			Total Return Swap Contracts - Unrealized Gain - 3.69%
			United States – 1.91%
			Private Equity - 0.44%
$	2,618,609		6/3/2024	Apollo Global Management, Inc., Class A	$	1,627,871
				Agreement with Morgan Stanley, dated 12/21/2018 to receive the total return of the shares of Apollo Global Management Inc., Class A in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.90%**.
	4,425,338		6/3/2024	KKR & Co., Inc., Class A		1,267,915
				Agreement with Morgan Stanley, dated 01/09/2017 to receive the total return of the shares of KKR & Co., Inc., Class A in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.90%**.
	20,681,359		6/3/2024	The Carlyle Group, L.P.		5,462,517
				Agreement with Morgan Stanley, dated 11/16/2017 to receive the total return of the shares of The Carlyle Group LP. in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.90%**.
						8,358,303
			Web Portals / ISP - 1.47%
	40,335,023		6/3/2024	Alphabet, Inc., Class A		28,212,697
				Agreement with Morgan Stanley, dated 07/08/2011 to receive the total return of the shares of Alphabet Inc., Class A in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.45%**.
			Total United States		$	36,571,000
			Australia - 0.02%
			Commercial Banks - Non-US - 0.02%
	(8,927,610	)	12/27/2019	Bank of Queensland, Ltd.		432,236
				Agreement with Morgan Stanley, dated 06/20/2018 to deliver the total return of the shares of Bank of Queensland, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total Australia		$	432,236
			Belgium – 0.07%
			Medical Drugs - 0.07%
	16,910,326		1/4/2024	Galapagos NV - Sponsored ADR		1,390,471
				Agreement with Morgan Stanley, dated 04/03/2019 to receive the total return of the shares of Galapagos NV - Sponsored ADR in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.65%**.
			Total Belgium		$	1,390,471

- 16 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited)(continued)

Notional Amount			Maturity Date*		September 30, 2019 Unrealized Gain/(Loss) ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			Brazil – 0.12%
			Commercial Services / Finance - 0.05%
$	(4,235,534	)	2/2/2021	Cielo SA	$	879,853
				Agreement with Morgan Stanley, dated 02/12/2019 to deliver the total return of the shares of Cielo SA in exchange for interest based on the Daily Fed Funds Effective Rate less 3.38%**.
			Finance - Other Services - 0.01%
	30,682,000		2/2/2021	B3 SA-Brasil Bolsa Balcao		253,912
				Agreement with Morgan Stanley, dated 01/30/2019 to receive the total return of the shares of B3 SA-Brasil Bolsa Balcao in exchange for interest based on the Daily Fed Funds Effective Rate plus 1.00%**.
			Retail - Discount - 0.06%
	23,014,677		2/2/2021	Magazine Luiza SA		1,154,644
				Agreement with Morgan Stanley, dated 07/02/2019 to receive the total return of the shares of Magazine Luiza SA in exchange for interest based on the Daily Fed Funds Effective Rate plus 1.00%**.
			Total Brazil		$	2,288,409
			Japan - 0.02%
			Electric - Integrated - 0.01%
	(1,135,565	)	12/24/2019	Tokyo Electric Power Co. Holdings, Inc.		135,503
				Agreement with Morgan Stanley, dated 02/17/2016 to deliver the total return of the shares of Tokyo Electric Power Co. Holdings, Inc. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Office Automation & Equipment - 0.00%
	(3,676,138	)	12/24/2019	Konica Minolta, Inc.		26,965
				Agreement with Morgan Stanley, dated 4/13/2011 to deliver the total return of the shares of Konica Minolta, Inc. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Photo Equipment & Supplies - 0.01%
	(2,854,381	)	12/24/2019	Nikon Corp.		270,062
				Agreement with Morgan Stanley, dated 10/29/2013 to deliver the total return of the shares of Nikon Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total Japan		$	432,530

- 17 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited)(continued)

Notional Amount			Maturity Date*		September 30, 2019 Unrealized Gain/(Loss) ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			South Korea – 0.46%
			Electronic Components - Semiconductors - 0.46%
$	12,962,255		12/29/2023	Samsung Electronics Co., Ltd	$	8,828,921
				Agreement with Morgan Stanley, dated 12/23/2009 to receive the total return of the shares of Samsung Electronics Co., Ltd in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.90%**.
			Total South Korea		$	8,828,921
			Spain – 0.66%
			Building - Heavy Construction - 0.65%
	9,694,543		1/4/2024	Cellnex Telecom SA		12,379,167
				Agreement with Morgan Stanley, dated 05/06/2015 to receive the total return of the shares of Cellnex Telecom SA in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.65%**.
			Food - Retail - 0.01%
	(175,402	)	1/4/2024	Distribuidora Internacional de Alimentacion SA		136,419
				Agreement with Morgan Stanley, dated 09/29/2014 to deliver the total return of the shares of Distribuidora Internacional de Alimentacion SA in exchange for interest based on the Daily Fed Funds Effective Rate less 52.75%**.
			Total Spain		$	12,515,586
			Taiwan – 0.21%
			Computers - Peripheral Equipment - 0.14%
	(6,772,922	)	1/25/2024	Innolux Display Corp.		2,724,693
				Agreement with Morgan Stanley, dated 03/18/2010 to deliver the total return of the shares of Innolux Display Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 1.38%**.
			Electronic Components - Miscellaneous - 0.07%
	(7,278,797	)	1/25/2024	AU Optronics Corp.		1,222,385
				Agreement with Morgan Stanley, dated 07/26/2012 to deliver the total return of the shares of AU Optronics Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 4.50%**.
			Total Taiwan		$	3,947,078
			United Kingdom – 0.22%
			Retail - Discount - 0.03%
	5,015,966		12/14/2023	B&M European Value Retail SA		655,681
				Agreement with Morgan Stanley, dated 06/12/2014 to receive the total return of the shares of B&M European Value Retail SA in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.65%**.

- 18 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited)(continued)

Notional Amount			Maturity Date*		September 30, 2019 Unrealized Gain/(Loss) ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			United Kingdom – (continued)
			Retail - Major Department Store - 0.19%
$	(8,327,037	)	12/14/2023	Marks & Spencer Group PLC	$	3,610,278
				Agreement with Morgan Stanley, dated 02/16/2016 to deliver the total return of the shares of Marks & Spencer Group PLC in exchange for interest based on the Daily Fed Funds Effective Rate less 0.30%**.
			Total United Kingdom		$	4,265,959
			Total Return Swap Contracts - Unrealized Gain****		$	70,672,190

- 19 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited)(continued)

Notional Amount			Maturity Date*		September 30, 2019 Unrealized Gain/(Loss) ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Loss - (0.32%)
			Australia - (0.08%)
			Commercial Banks - Non-US - (0.03%)
$	(24,305,887	)	12/27/2019	Australia and New Zealand Banking Group, Ltd.	$	(44,620	)
				Agreement with Morgan Stanley, dated 08/26/2015 to deliver the total return of the shares of Australia and New Zealand Banking Group, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
	(21,651,822	)	12/27/2019	Westpac Banking Corp.		(501,613	)
				Agreement with Morgan Stanley, dated 08/14/2015 to deliver the total return of the shares of Westpac Banking Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
						(546,233	)
			Food - Retail - (0.03%)
	(2,659,421	)	12/27/2019	Woolworths Group, Ltd.		(629,152	)
				Agreement with Morgan Stanley, dated 12/23/2014 to deliver the total return of the shares of Woolworths Group, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Retail - Building Products - (0.02%)
	(17,552,490	)	12/27/2019	Wesfarmers, Ltd.		(359,357	)
				Agreement with Morgan Stanley, dated 12/23/2014 to deliver the total return of the shares of Wesfarmers, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total Australia		$	(1,534,742	)
			Japan - (0.04%)
			Electric Products - Miscellaneous - (0.02%)
	(2,842,658	)	12/24/2019	Brother Industries, Ltd.		(62,114	)
				Agreement with Morgan Stanley, dated 03/06/2012 to deliver the total return of the shares of Brother Industries, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
	(7,899,852	)	12/24/2019	Casio Computer Co., Ltd.		(379,641	)
				Agreement with Morgan Stanley, dated 05/15/2009 to deliver the total return of the shares of Casio Computer Co., Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
						(441,755	)
			Office Automation & Equipment - (0.02%)
	(11,692,636	)	12/24/2019	Ricoh Co., Ltd.		(413,759	)
				Agreement with Morgan Stanley, dated 05/24/2012 to deliver the total return of the shares of Ricoh Co., Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total Japan		$	(855,514	)

- 20 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited)(concluded)

Notional Amount			Maturity Date*		September 30, 2019 Unrealized Gain/(Loss) ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Loss - (continued)
			South Korea - (0.05%)
			Electronic Components - Semiconductors - (0.05%)
$	(7,513,957	)	12/29/2023	SK Hynix, Inc.	$	(897,172	)
				Agreement with Morgan Stanley, dated 09/09/2010 to deliver the total return of the shares of SK Hynix, Inc. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total South Korea		$	(897,172	)
			Taiwan – (0.04%)
			Semiconductor Components - Integrated Circuits - (0.04%)
	(3,555,423	)	1/25/2024	United Microelectronics Corp.		(748,183	)
				Agreement with Morgan Stanley, dated 08/08/2013 to deliver the total return of the shares of United Microelectronics Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total Taiwan		$	(748,183	)
			United Kingdom – (0.11%)
			Retail - Apparel / Shoes - (0.11%)
	(9,328,139	)	12/14/2023	Next PLC		(2,073,382	)
				Agreement with Morgan Stanley, dated 03/24/2016 to deliver the total return of the shares of Next PLC in exchange for interest based on the Daily Fed Funds Effective Rate less 0.30%**.
			Total United Kingdom		$	(2,073,382	)
			Total Return Swap Contracts - Unrealized Loss*****		$	(6,108,993	)
			Total Swap Contracts, net		$	64,563,197

*	Per the terms of the executted swap agreement, no periodic payments were made. A single payment is made upon
	the maturity of each swap contract.
**	Financing rate is variable. Rate indicated is as of September 30, 2019.
***	The fair value of the Total Return Swap Contracts is the same as the unrealized gain/(loss). For this reason, fair value has
	not been separately shown. Additionally, there were no upfront payments or receipts related to any of the Total Return
	Swap Contracts.
****	Includes all Total Return Swap Contracts in a gain position. The unrealized gain on these contracts are included as part of
	unrealized gain on Total Return Swap Contracts in the Statement of Assets, Liabilities and Members’ Capital.
*****	Includes all Total Return Swap Contracts in a loss position. The unrealized loss on these contracts are included as part of
	unrealized loss on Total Return Swap Contracts in the Statement of Assets, Liabilities and Members’ Capital.

- 21 -

The following is a summary of the inputs used, as of September 30, 2019, in valuing the Company’s investment at fair value

Assets:
Valuation Inputs
Level 1 - Quoted Prices
Investments in Securities
Common Stock	$	2,271,151,981
Equity Options		143,682,283
Level 2 - Other Significant
Observable Inputs
Total Return Swaps		70,672,190
Currency Options		1,940,586
Level 3 - Other Significant
Unobservable Inputs		—
Total	$	2,487,447,040

Liabilities:
Valuation Inputs
Level 1 - Quoted Prices
Securities Sold, Not Yet Purchased
Common Stock	$	949,159,718
Equity Options		—
Level 2 - Other Significant
Observable Inputs
Total Return Swaps		6,108,993
Currency Options		—
Level 3 - Other Significant
Unobservable Inputs		—
Total	$	955,268,711

- 22 -