Advantage Advisers Xanthus Fund, L.L.C. NPORT-P Advantage Advisers Xanthus Fund, L.L.C. (Mar 2023 report)

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments

Shares			March 31, 2023 Fair Value
		Common Stock – 110.03%
		United States – 69.41%
		Aerospace / Defense – 1.04%
	29,626	TransDigm Group, Inc.	(a)	$	21,835,843
		Applications Software – 4.02%
	155,483	Confluent, Inc., Class A*			3,742,476
	135,790	Elastic NV*			7,862,241
	170,700	Microsoft Corp.	(a)		49,212,810
	55,457	PTC, Inc.*	(a)		7,111,251
	341,661	Smartsheet, Inc., Class A*			16,331,396
					84,260,174
		Athletic Equipment – 0.27%
	494,699	Peloton Interactive, Inc., Class A*			5,609,887
		Building Products - Cement / Aggregate – 1.25%
	42,789	Martin Marietta Materials, Inc.	(a)		15,192,662
	64,502	Vulcan Materials Co.	(a)		11,065,963
					26,258,625
		Coatings / Paint – 0.93%
	86,499	The Sherwin-Williams Co.	(a)		19,442,380
		Commercial Services – 0.21%
	9,495	Cintas Corp.	(a)		4,393,147
		Commercial Services - Finance – 1.25%
	91,573	Global Payments, Inc.	(a)		9,637,143
	38,846	S&P Global, Inc.			13,392,935
	52,146	TransUnion			3,240,352
					26,270,430
		Communications Software – 1.65%
	371,701	RingCentral, Inc., Class A*	(a)		11,400,070
	315,619	Zoom Video Communications, Inc., Class A*			23,305,307
					34,705,377
		Computer Aided Design – 6.78%
	19,027	Altair Engineering, Inc., Class A*			1,372,037
	314,672	Cadence Design Systems, Inc.*	(a)		66,109,440
	193,306	Synopsys, Inc.*	(a)		74,664,443
					142,145,920
		Computer Software – 1.79%
	191,676	Dynatrace, Inc.*	(a)		8,107,895
	379,457	Twilio, Inc., Class A*	(a)		25,283,220
	172,231	ZoomInfo Technologies, Inc.*			4,255,828
					37,646,943

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		United States – (continued)
		E-Commerce / Products – 3.13%
	635,299	Amazon.com, Inc.*	(a)	$	65,620,034
		E-Commerce / Services – 4.52%
	425,924	Expedia Group, Inc.*	(a)		41,327,406
	395,607	Lyft, Inc., Class A*			3,667,277
	425,625	Marqeta, Inc., Class A*			1,945,106
	1,513,207	Uber Technologies, Inc.*	(a)		47,968,662
					94,908,451
		Energy - Alternate Sources – 0.07%
	271,959	Stem, Inc.*			1,542,008
		Enterprise Software / Services – 3.10%
	213,933	Bill.com Holdings, Inc.*	(a)		17,358,524
	366,981	SS&C Technologies Holdings, Inc.	(a)		20,723,417
	1,535,640	UiPath, Inc., Class A*			26,965,838
					65,047,779
		Finance - Credit Card – 4.66%
	123,834	Mastercard, Inc., Class A	(a)		45,002,514
	234,155	Visa, Inc., Class A	(a)		52,792,586
					97,795,100
		Finance - Other Services – 1.31%
	262,997	Intercontinental Exchange, Inc.	(a)		27,427,957
		Human Resources – 0.43%
	45,324	Paylocity Holding Corp.*	(a)		9,009,505
		Internet Content - Entertainment – 9.32%
	922,152	Meta Platforms, Inc., Class A*	(a)		195,440,895
		Medical - Biomedical / Genetics – 3.56%
	435,044	Akero Therapeutics, Inc.*	(a)		16,644,783
	640,678	Allovir, Inc.*	(a)		2,524,271
	176,502	BioCryst Pharmaceuticals, Inc.*			1,472,027
	49,576	Blueprint Medicines Corp.*			2,230,424
	143,851	Caribou Biosciences, Inc.*			763,849
	103,698	Cerevel Therapeutics Holdings, Inc.*			2,529,194
	178,871	Certara, Inc.*			4,312,580

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Medical - Biomedical / Genetics – (continued)
	145,648	DICE Therapeutics, Inc.*		$	4,172,815
	95,175	IGM Biosciences, Inc.*			1,307,705
	210,759	Keros Therapeutics, Inc.*			8,999,409
	100,345	Sarepta Therapeutics, Inc.*	(a)		13,830,551
	374,600	TG Therapeutics, Inc.*			5,633,984
	255,225	Ultragenyx Pharmaceutical, Inc.*			10,234,523
					74,656,115
		Medical - Drugs – 0.37%
	336,001	ORIC Pharmaceuticals, Inc.*			1,915,206
	185,983	PMV Pharmaceuticals, Inc.*			887,139
	283,786	Rhythm Pharmaceuticals, Inc.*			5,062,742
					7,865,087
		Metal Processors & Fabrication – 0.10%
	140,896	Xometry, Inc., Class A*			2,109,213
		Private Equity – 0.84%
	349,239	The Carlyle Group, Inc.	(a)		10,847,363
	130,600	KKR & Co., Inc.			6,859,112
					17,706,475
		REITs - Diversified – 2.31%
	98,172	American Tower Corp.			20,060,467
	39,134	Equinix, Inc.			28,217,179
					48,277,646
		Retail - Apparel / Shoes – 1.31%
	259,168	Ross Stores, Inc.	(a)		27,505,500
		Retail - Building Products – 0.86%
	90,192	Lowe’s Cos., Inc.	(a)		18,035,694
		Retail - Major Department Stores – 2.67%
	713,441	The TJX Cos., Inc.	(a)		55,905,237
		Retail - Restaurants – 1.54%
	11,953	Chipotle Mexican Grill, Inc.*	(a)		20,419,190
	90,788	Yum! Brands, Inc.			11,991,279
					32,410,469
		Semiconductor Components - Integrated Circuits – 6.32%
	379,190	Analog Devices, Inc.	(a)		74,783,852
	452,644	QUALCOMM, Inc.	(a)		57,748,322
					132,532,174

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Semiconductor Equipment – 3.80%
	77,765	KLA Corp.	(a)	$	31,041,455
	56,486	Lam Research Corp.	(a)		29,944,358
	173,748	Teradyne, Inc.	(a)		18,679,647
					79,665,460
		Total United States (Cost $1,001,820,352)		$	1,456,029,525
		Brazil – 0.27%
		Finance - Investment Banker / Broker – 0.27%
	471,518	XP, Inc., Class A*			5,596,919
		Total Brazil (Cost $12,141,882)		$	5,596,919
		Canada – 0.64%
		Internet Application Software – 0.64%
	280,192	Shopify, Inc., Class A*	(a)		13,432,404
		Total Canada (Cost $10,151,869)		$	13,432,404
		China – 12.34%
		Transport Services – 1.00%
	2,746,643	Full Truck Alliance Co., Ltd. - Sponsored ADR*			20,901,953
		E-Commerce / Products – 5.73%
	625,045	Alibaba Group Holding, Ltd. - Sponsored ADR*			63,867,098
	520,528	JD.com, Inc., Class A - Sponsored ADR*			22,845,974
	439,801	Pinduoduo, Inc. - Sponsored ADR*			33,380,896
					120,093,968
		Enterprise Software / Services – 0.13%
	4,241,447	Ming Yuan Cloud Group Holdings, Ltd.			2,717,785
		Entertainment Software – 1.20%
	285,132	NetEase, Inc. - Sponsored ADR			25,217,074
		Real Estate Management / Services – 1.31%
	1,457,315	KE Holdings, Inc. - Sponsored ADR*			27,455,815
		Schools – 0.32%
	175,408	New Oriental Education & Technology Group, Inc. - Sponsored ADR*			6,772,503
		Web Portals / ISP – 2.65%
	368,734	Baidu, Inc. - Sponsored ADR*			55,649,335
		Total China (Cost $261,493,974)		$	258,808,433

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		France – 8.61%
		Aerospace / Defense - Equipment – 6.95%
	520,649	Airbus SE		$	69,734,454
	513,005	Safran SA			76,101,154
					145,835,608
		Apparel Manufacturers – 0.36%
	11,743	Kering SA			7,654,909
		Textile - Apparel – 1.30%
	29,725	LVMH Moet Hennessy Louis Vuitton SE			27,269,667
		Total France (Cost $144,570,236)		$	180,760,184
		Germany – 2.04%
		Aerospace / Defense – 1.22%
	101,745	MTU Aero Engines AG			25,490,721
		Athletic Footwear – 0.82%
	97,376	adidas AG			17,221,173
		Total Germany (Cost $40,565,950)		$	42,711,894
		Hong Kong – 1.36%
		Casino Hotels – 1.36%
	4,271,000	Galaxy Entertainment Group, Ltd.			28,536,991
		Total Hong Kong (Cost $26,061,363)		$	28,536,991
		Israel – 0.09%
		Applications Software – 0.09%
	96,123	JFrog, Ltd.*			1,893,623
		Total Israel (Cost $5,284,324)		$	1,893,623
		Japan – 3.76%
		Audio / Video Products – 3.42%
	795,700	Sony Group Corp.			71,654,253
		Web Portals / ISP – 0.34%
	2,508,903	Z Holdings Corp.			7,027,718
		Total Japan (Cost $66,210,132)		$	78,681,971
		Netherlands – 2.92%
		Semiconductor Equipment – 2.92%
	90,029	ASML Holding NV			61,283,641
		Total Netherlands (Cost $49,765,927)		$	61,283,641
		Singapore – 0.63%
		E-Commerce / Products – 0.63%
	152,183	Sea, Ltd. - Sponsored ADR*			13,171,439
		Total Singapore (Cost $7,494,570)		$	13,171,439

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (concluded)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		Taiwan – 4.11%
		Semiconductor Components - Integrated Circuits – 4.11%
	927,187	Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR		$	86,246,935
		Total Taiwan (Cost $71,673,218)		$	86,246,935
		Uruguay – 3.85%
		Commercial Services - Finance – 0.11%
	148,035	Dlocal, Ltd.*			2,401,128
		E-Commerce / Services – 3.74%
	59,593	MercadoLibre, Inc.*	(a)		78,547,149
		Total Uruguay (Cost $42,889,176)		$	80,948,277
		Total Common Stock (Cost $1,740,122,973)		$	2,308,102,236
		Total Investments in Securities (Cost $1,740,122,973) – 110.03%		$	2,308,102,236
		Total Purchased Options ( Cost $330,431,262) - 14.82%			310,902,797
		Total Securities Sold, Not Yet Purchased (Proceeds $958,768,968) - (43.69)%			(916,451,345	)
		Total Written Options (Proceeds $1,255,932) - (0.01)%			(233,260	)
		Other Assets, in Excess of Liabilities – 18.85%**			395,334,404
		Members’ Capital – 100.00%		$	2,097,654,832
(a)		Partially or wholly held in a pledge account by the Custodian, the assets of which are pledged as collateral for securities sold, not yet purchased.
*		Non-income producing security
**		Includes $193,922,776 invested in U.S. Dollar Cash Reserve Account at the Bank of New York Mellon (the “Custodian”), which is 9.24% of Members’ Capital, and foreign currency with a U.S. Dollar value of $1,323,034 held in a Foreign Cash Account with the Custodian which is 0.06% of Members’ Capital, $192,340,279 of those amounts is held as restricted cash and is in a segregated account with the Custodian, primarily as collateral for swap contracts, in each case as at March 31, 2023.
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		March 31, 2023 Fair Value
				Purchased Options – 14.82%
				Equity Options – 14.80%
				Equity Call Options – 11.67%
				United States – 10.30%
				Applications Software - 0.88%
$	52,911,500	2,461	6/16/2023 $215	Microsoft Corp.		$	18,395,975
				Auto - Cars / Light Trucks - 2.35%
	27,904,000	3,488	4/21/2023 $80	Tesla, Inc.			44,280,160
	9,744,000	696	7/21/2023 $140	Tesla, Inc.			5,077,320
							49,357,480
				Casino Hotels - 0.65%
	23,634,000	5,252	6/16/2023 $45	Las Vegas Sands Corp.			6,985,160
	24,894,000	2,766	6/16/2023 $90	Wynn Resorts, Ltd.			6,707,550
							13,692,710
				Commercial Services - Finance - 0.13%
	12,684,000	2,114	6/16/2023 $60	H&R Block, Inc.			2,737,630
��				Communications Software - 0.02%
	5,740,000	1,640	7/21/2023 $35	RingCentral, Inc., Class A			410,000
				E-Commerce / Products - 0.73%
	113,249,500	11,921	6/16/2023 $95	Amazon.com, Inc.			15,199,275
				E-Commerce / Services - 1.87%
	87,200,000	436	6/16/2023 $2,000	Booking Holdings, Inc.			29,822,400
	21,942,000	4,876	5/19/2023 $45	DoorDash, Inc., Class A			9,435,060
							39,257,460
				Electronic Component - Semiconductor - 0.41%
	19,705,000	2,815	7/21/2023 $70	Advanced Micro Devices, Inc.			8,557,600
				Enterprise Software / Services - 0.37%
	16,084,000	4,021	5/19/2023 $40	Alteryx, Inc., Class A			7,760,530
				Finance - Credit Card - 0.96%
	60,975,000	4,878	6/16/2023 $125	American Express Co.			20,170,530
				Hotels & Motels - 0.66%
	57,075,000	4,566	6/16/2023 $125	Hilton Worldwide Holdings, Inc.			8,081,820
	23,530,500	1,743	5/19/2023 $135	Marriott International, Inc., Class A			5,629,890
							13,711,710
				Internet Content - Entertainment - 0.98%
	100,458,000	5,581	5/19/2023 $180	Meta Platforms, Inc., Class A			20,621,795

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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		March 31, 2023 Fair Value
				Purchased Options – (continued)
				Equity Options – (continued)
				Equity Call Options – (continued)
				United States – (continued)
				Medical - Drugs - 0.00%
$	23,851,000	1,403	6/16/2023 $170	Johnson & Johnson		$	67,344
				Multimedia - 0.29%
	22,424,000	2,803	6/16/2023 $80	The Walt Disney Co.			6,026,450
				Total United States (Cost $171,881,316)		$	215,966,489
				Australia - 0.19%
				Enterprise Software / Services - 0.19%
	8,580,000	715	6/16/2023 $120	Atlassian Corp. PLC, Class A			3,918,200
				Total Australia (Cost $3,532,113)		$	3,918,200
				Canada - 0.36%
				Internet Application Software - 0.36%
	12,198,000	4,066	6/16/2023 $30	Shopify, Inc., Class A			7,542,430
				Total Canada (Cost $5,106,970)		$	7,542,430
				China - 0.17%
				E-Commerce / Products - 0.17%
	9,044,750	2,783	9/15/2023 $32.50	JD.com, Inc., Class A - Sponsored ADR			3,645,730
				Total China (Cost $2,902,750)		$	3,645,730
				Taiwan - 0.65%
				Semiconductor Components - Integrated
				Circuits - 0.65%
	40,530,000	5,790	5/19/2023 $70	Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR			13,635,450
				Total Taiwan (Cost $10,989,588)		$	13,635,450
				Total Equity Call Options (Cost $194,412,737)		$	244,708,299
				Equity Put Options - 3.13%
				United States - 3.13%
				Communications Software - 0.36%
	47,863,500	5,631	6/16/2023 $85	Zoom Video Communications, Inc., Class A			7,573,695
				Enterprise Software / Services - 0.65%
	37,550,000	3,004	8/18/2023 $125	Bill.com Holdings, Inc.			13,578,080
				Growth & Income - Large Cap - 0.66%
	354,004,500	10,261	6/16/2023 $345	SPDR S&P 500 ETF Trust			1,713,587
	325,120,000	8,128	9/15/2023 $400	SPDR S&P 500 ETF Trust			12,183,872
							13,897,459
				Sector Fund - Technology - 1.46%
	983,712,000	40,988	6/16/2023 $240	Invesco QQQ Trust Series 1			3,033,112
	523,687,500	18,375	9/15/2023 $285	Invesco QQQ Trust Series 1			14,626,500
	274,809,600	8,808	9/15/2023 $312	Invesco QQQ Trust Series 1			12,921,336
							30,580,948

- 8 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited)(concluded)

Notional Amount (USD)		Contracts	Expiration Date Strike Price		March 31, 2023 Fair Value
				Purchased Options – (continued)
				Equity Options – (continued)
				Equity Put Options - (continued)
				Total United States (Cost $129,690,893)		$	65,630,182
				Total Equity Put Options (Cost $129,690,893)		$	65,630,182
				Total Equity Options (Cost $324,103,630)		$	310,338,481
				Currency Put Options - 0.02%
				United States - 0.02%
$	5,494,179	95,550,944	6/16/2023 $5.75	USD-BRL			501,414
	12,780,589	171,551,524	6/16/2023 $7.45	USD-CNH			62,902
				Total United States (Cost $6,327,632)		$	564,316
				Total Currency Put Options (Cost $6,327,632)		$	564,316
				Total Purchased Options (Cost $330,431,262)		$	310,902,797

ADR	American Depository Receipt
BRL	Brazilian Real
CNH	Chinese Renminbi Yuan
ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depository Receipt
USD	United States Dollar

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Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased

Shares			March 31, 2023 Fair Value
		Securities Sold, Not Yet Purchased – 43.69%
		Common Stock – 43.69%
		United States – 36.92%
		Advertising Agencies – 0.42%
	94,439	Omnicom Group, Inc.		$	8,909,375
		Advertising Services – 0.44%
	180,557	The Interpublic Group of Cos., Inc.			6,723,943
	41,928	The Trade Desk, Inc., Class A*			2,553,834
					9,277,777
		Apparel Manufacturers – 0.14%
	567,337	Hanesbrands, Inc.			2,984,193
		Appliances – 0.24%
	37,766	Whirlpool Corp.			4,985,867
		Applications Software – 0.89%
	344,905	C3.ai, Inc., Class A*			11,578,461
	15,318	ServiceNow, Inc.*			7,118,581
					18,697,042
		Auto - Cars / Light Trucks – 3.64%
	368,332	Tesla, Inc.*			76,414,157
		Cable / Satellite TV – 0.61%
	35,741	Charter Communications, Inc., Class A*			12,781,339
		Cellular Telecommunications – 1.08%
	156,508	T-Mobile US, Inc.*			22,668,619
		Commercial Banks - Central US – 0.21%
	41,681	Cullen/Frost Bankers, Inc.			4,390,677
		Commercial Banks - Western US – 0.03%
	40,542	CVB Financial Corp.			676,241
		Commercial Services - Finance – 0.24%
	141,364	H&R Block, Inc.			4,983,081
		Computer Data Security – 0.98%
	62,633	Qualys, Inc.*			8,143,543
	48,858	Rapid7, Inc.*			2,243,071
	86,261	Zscaler, Inc.*			10,077,872
					20,464,486
		Computer Software – 2.04%
	93,906	Akamai Technologies, Inc.*			7,352,840
	4,240	Bandwidth, Inc., Class A*			64,448
	28,344	Braze, Inc., Class A*			979,852
	173,609	Cloudflare, Inc., Class A*			10,704,731
	100,881	Datadog, Inc., Class A*			7,330,013
	45,087	Fastly, Inc., Class A*			800,745
	98,289	SolarWinds Corp.*			845,285
	121,392	Splunk, Inc.*			11,639,065

- 10 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Computer Software – (continued)
	79,604	Teradata Corp.*		$	3,206,449
					42,923,428
		Computers – 0.04%
	25,667	HP, Inc.			753,326
		Consulting Services – 0.39%
	42,682	Verisk Analytics, Inc.			8,188,969
		Consumer Products - Miscellaneous – 1.05%
	163,373	Kimberly-Clark Corp.			21,927,924
		Cosmetics & Toiletries – 0.72%
	96,031	Colgate-Palmolive Co.			7,216,730
	53,110	The Procter & Gamble Co.			7,896,926
					15,113,656
		Diversified Manufacturing Operations – 0.35%
	105,824	A.O. Smith Corp.			7,317,730
		E-Commerce / Products – 0.40%
	243,062	Wayfair, Inc., Class A*			8,346,749
		E-Commerce / Services – 0.05%
	57,347	TripAdvisor, Inc.*			1,138,911
		Electric - Distribution – 0.40%
	88,050	Consolidated Edison, Inc.			8,423,744
		Electric - Integrated – 1.05%
	45,357	Duke Energy Corp.			4,375,590
	60,382	Entergy Corp.			6,505,557
	117,048	PPL Corp.			3,252,764
	114,052	The Southern Co.			7,935,738
					22,069,649
		Electronic Components - Semiconductors – 5.64%
	130,972	GLOBALFOUNDRIES, Inc.*			9,453,559
	79,407	Marvell Technology, Inc.			3,438,323
	177,826	NVIDIA Corp.			49,394,728
	301,724	Texas Instruments, Inc.			56,123,681
					118,410,291
		Electronic Forms – 0.77%
	41,692	Adobe, Inc.*			16,066,846
		Enterprise Software / Services – 0.37%
	8,214	HubSpot, Inc.*			3,521,752
	501,570	Palantir Technologies Inc., Class A*			4,238,267
					7,760,019

- 11 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Finance - Credit Card – 0.18%
	341,601	The Western Union Co.		$	3,808,851
		Food - Confectionery – 0.24%
	31,501	The J M Smucker Co.			4,957,312
		Food - Miscellaneous / Diversified – 2.48%
	260,725	Campbell Soup Co.			14,334,660
	278,730	Conagra Brands, Inc.			10,469,099
	160,979	General Mills, Inc.			13,757,265
	200,058	Kellogg Co.			13,395,884
					51,956,908
		Internet Applications Software – 0.37%
	89,322	Okta, Inc.*			7,703,129
		Internet Content - Entertainment – 0.41%
	768,552	Snap, Inc., Class A*			8,615,468
		Internet Infrastructure Software – 0.19%
	27,908	F5, Inc.*			4,065,917
		Investment Management / Advisory Services – 1.57%
	179,104	Invesco, Ltd.			2,937,306
	266,469	T Rowe Price Group, Inc.			30,084,350
					33,021,656
		Medical - Biomedical / Genetics – 0.74%
	63,788	Amgen, Inc.			15,420,749
		Medical - Drugs – 0.84%
	114,299	Johnson & Johnson			17,716,345
		Networking Products – 0.33%
	130,422	Cisco Systems, Inc.			6,817,810
		Private Equity – 0.06%
	15,607	Ares Management Corp., Class A			1,302,248
		Real Estate Management / Services – 0.23%
	179,683	Anywhere Real Estate, Inc.*			948,726
	371,710	Cushman & Wakefield PLC*			3,917,823
					4,866,549
		REITs - Health Care – 0.11%
	54,834	Ventas, Inc.			2,377,054
		REITs - Office Property – 0.93%
	186,596	Boston Properties, Inc.			10,098,576
	144,219	Brandywine Realty Trust			682,156
	248,004	Douglas Emmett, Inc.			3,057,889
	116,735	Hudson Pacific Properties, Inc.			776,288
	42,231	JBG SMITH Properties			635,999
	106,172	SL Green Realty Corp.			2,497,165

- 12 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		United States – (continued)
		REITs - Office Property – (continued)
	106,352	Vornado Realty Trust		$	1,634,630
					19,382,703
		REITs - Shopping Centers –  0.77%
	48,811	Federal Realty Investment Trust			4,823,991
	243,399	Kimco Realty Corp.			4,753,582
	105,828	Regency Centers Corp.			6,474,557
					16,052,130
		REITs - Storage – 1.23%
	22,444	Extra Space Storage, Inc.			3,656,801
	73,650	Public Storage			22,252,611
					25,909,412
		REITs - Warehouse / Industrial  – 0.46%
	77,634	Prologis, Inc.			9,686,394
		Retail - Apparel / Shoes – 0.03%
	105,358	Chico’s FAS, Inc.*			579,469
		Retail - Bedding – 0.00%
	26,784	Bed, Bath & Beyond, Inc.*			11,447
		Retail - Major Department  Stores – 0.23%
	297,522	Nordstrom, Inc.			4,840,683
		Retail - Miscellaneous /  Diversified – 0.23%
	308,322	Sally Beauty Holdings, Inc.*			4,803,657
		Retail - Regional Department  Stores – 0.40%
	300,279	Kohl’s Corp.			7,068,568
	70,585	Macy’s, Inc.			1,234,532
					8,303,100
		Retail - Restaurants – 0.12%
	72,316	The Cheesecake Factory, Inc.			2,534,676
		Telephone - Integrated – 1.03%
	296,147	AT&T, Inc.			5,700,830
	408,085	Verizon Communications, Inc.			15,870,426
					21,571,256
		Transport - Services – 1.55%
	327,839	CH Robinson Worldwide, Inc.			32,577,361
		Total United States (Proceeds $809,448,525)		$	774,556,380
		Canada – 0.28%
		Investment Management / Advisory Services – 0.06%
	35,462	Brookfield Asset Management, Ltd., Class A*			1,160,317
		Medical - Drugs – 0.00%
	81,234	Canopy Growth Corp.*			142,188

- 13 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (continued)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		Canada – (continued)
		Private Equity – 0.22%
	141,852	Brookfield Corp.		$	4,622,957
		Total Canada (Proceeds $9,701,878)		$	5,925,462
		China – 1.82%
		Auto - Cars / Light Trucks – 1.00%
	489,672	Li Auto, Inc. - Sponsored ADR*			12,217,316
	415,068	NIO, Inc. - Sponsored ADR*			4,362,365
	397,510	Xpeng, Inc. - Sponsored ADR*			4,416,336
					20,996,017
		Internet Content - Information / Network –  0.49%
	22,600	Meituan, Class B*			413,136
	201,400	Tencent Holdings, Ltd.			9,898,168
					10,311,304
		Metal - Aluminum – 0.04%
	4,170,000	China Zhongwang Holdings, Ltd.*			892,439
		Retail - Drug Stores – 0.04%
	359,600	Ping An Healthcare and Technology Co., Ltd.*			909,771
		Wireless Equipment – 0.25%
	3,413,800	Xiaomi Corp., Class B*			5,262,069
		Total China (Proceeds $42,382,201)		$	38,371,600
		France – 0.11%
		REITs - Regional Malls – 0.11%
	97,637	Klepierre SA			2,211,720
		Total France (Proceeds $1,582,846)		$	2,211,720
		Germany – 1.23%
		Enterprise Software / Services – 1.23%
	204,264	SAP SE			25,756,340
		Total Germany (Proceeds $27,682,571)		$	25,756,340
		Hong Kong – 0.42%
		Auto - Cars / Light Trucks – 0.25%
	4,053,000	Geely Automobile Holdings, Ltd.			5,214,721
		Electric - Integrated – 0.17%
	661,000	Power Assets Holdings, Ltd.			3,545,003
		Total Hong Kong (Proceeds $10,119,729)		$	8,759,724
		Israel – 0.65%
		Auto/Truck Parts & Equipment - Original – 0.43%
	207,367	Mobileye Global, Inc., Class A*			8,972,770

- 14 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (concluded)

Shares			March 31, 2023 Fair Value
		Common Stock – (continued)
		Israel – (continued)
		Computer Data Security – 0.22%
	35,989	Check Point Software Technologies, Ltd.*		$	4,678,570
		Total Israel (Proceeds $10,549,909)		$	13,651,340
		Japan – 1.11%
		Auto - Cars / Light Trucks – 1.11%
	1,643,100	Toyota Motor Corp.			23,210,068
		Total Japan (Proceeds $22,544,607)		$	23,210,068
		Netherlands – 0.45%
		Semiconductor Components - Integrated Circuits – 0.45%
	50,628	NXP Semiconductors NV			9,440,856
		Total Netherlands (Proceeds $9,652,376)		$	9,440,856
		Switzerland – 0.35%
		Medical - Drugs – 0.35%
	78,886	Novartis AG - Sponsored ADR			7,257,512
		Total Switzerland (Proceeds $6,710,288)		$	7,257,512
		Taiwan – 0.35%
		Semiconductor Components - Integrated Circuits – 0.35%
	834,514	United Microelectronics Corp. - Sponsored ADR			7,310,343
		Total Taiwan (Proceeds $8,394,038)		$	7,310,343
		Total Common Stock (Proceeds  $958,768,968)		$	916,451,345
		Total Securities Sold, Not Yet Purchased (Proceeds $958,768,968)		$	916,451,345

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

- 15 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Written Options

Notional Amount (USD)		Contracts	Expiration Date Strike Price		March 31, 2023 Fair Value
				Written Options – 0.01%
				Equity Options – 0.01%
				Equity Put Options – 0.01%
				United States – 0.00%
				Enterprise Software / Services - 0.00%
			5/19/2023
$	16,084,000	4,021	$40	Alteryx, Inc., Class A		$	40,210
				Total United States (Proceeds $641,774)		$	40,210
				Australia – 0.01%
				Enterprise Software / Services - 0.01%
			6/16/2023
	8,580,000	715	$120	Atlassian Corp. PLC, Class A		$	193,050
				Total Australia (Proceeds $614,158)		$	193,050
				Total Equity Put Options (Proceeds - $1,255,932)		$	233,260
				Total Equity Options (Proceeds - $1,255,932)		$	233,260
				Total Written Options (Proceeds - $1,255,932)		$	233,260

* Counterparty to all written options is Morgan Stanley

- 16 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts

Notional Amount			Maturity Date*		March 31, 2023 Unrealized Gain ***
			Swap Contracts -2.54%
			Total Return Swap Contracts - Unrealized Gain - 3.42%
			United States – 2.30%
			Web Portals / ISP - 2.30%
$	30,537,522		6/3/2024	Alphabet, Inc., Class A		$	48,300,877
				Agreement with Morgan Stanley, dated 07/08/2011 to deliver 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			$	48,300,877
			Australia - 0.23%
			Commercial Banks - Non-US - 0.23%
	(7,996,523	)	12/27/2024	Bank of Queensland, Ltd.			2,427,919
				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%**.
	(18,549,418	)	12/27/2024	Westpac Banking Corp.			2,416,830
				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%**.
			Total Australia			$	4,844,749
			Brazil – 0.10%
			Commercial Services - Finance - 0.10%
	(3,584,998	)	2/3/2026	Cielo SA			2,071,598
				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 1.00%**.
			Total Brazil			$	2,071,598
			Japan - 0.20%
			Audio / Video Products - 0.11%
	(10,007,511	)	12/24/2024	Sharp Corp.			2,358,580
				Agreement with Morgan Stanley, dated 08/03/2012 to deliver the total return of the shares of Sharp Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 1.25%**.
			Bicycle Manufacturing - 0.01%
	(7,204,501	)	12/24/2024	Shimano, Inc.		$	126,462
				Agreement with Morgan Stanley, dated 05/09/2022 to deliver the total return of the shares of Shimano, Inc. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.

- 17 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (continued)

Notional Amount			Maturity Date*		March 31, 2023 Unrealized Gain ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			Japan – (continued)
			Computer Services - 0.01%
$	(2,725,140	)	12/24/2024	Ricoh Co., Ltd.		$	151,369
				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%**.
			E-Commerce / Products - 0.05%
	(1,934,885	)	12/24/2024	Rakuten Group, Inc.			1,094,051
				Agreement with Morgan Stanley, dated 08/16/2021 to deliver the total return of the shares of Rakuten Group, Inc. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Electric - Integrated - 0.01%
	(1,390,265	)	12/24/2024	Chubu Electric Power Co., Inc.			99,102
				Agreement with Morgan Stanley, dated 07/28/2021 to deliver the total return of the shares of Chubu Electric Power Co., Inc. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
	(956,585	)	12/24/2024	Tokyo Electric Power Co. Holdings, Inc.			92,368
				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%**.
							191,470
			Office Automation & Equipment - 0.01%
	(12,633,411	)	12/24/2024	Canon, Inc.			177,667
				Agreement with Morgan Stanley, dated 03/31/2020 to deliver the total return of the shares of Canon, Inc. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total Japan			$	4,099,599
			South Korea – 0.10%
			Petrochemicals - 0.10%
	35,653,869		8/14/2023	LG Chem, Ltd.			2,203,699
				Agreement with Morgan Stanley, dated 01/07/2022 to deliver the total return of the shares of LG Chem, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.90%**.
			Total South Korea			$	2,203,699

- 18 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (continued)

Notional Amount			Maturity Date*		March 31, 2023 Unrealized Gain ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			Spain – 0.35%
			Building - Heavy Construction - 0.35%
$	6,463,308		1/4/2024	Cellnex Telecom SA		$	7,375,894
				Agreement with Morgan Stanley, dated 05/06/2015 to deliver 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%**.
			Total Spain			$	7,375,894
			Taiwan – 0.01%
			Semiconductor Components - Integrated Circuits - 0.01%
	(1,747,089	)	1/25/2024	Novatek Microelectronics, Ltd.			130,767
				Agreement with Morgan Stanley, dated 07/19/2013 to deliver the total return of the shares of Novatek Microelectronics, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 3.38%**.
			Total Taiwan			$	130,767
			United Kingdom – 0.13%
			Cosmetics & Toiletries - 0.02%
	(10,861,867	)	1/4/2024	Unilever PLC			385,070
				Agreement with Morgan Stanley, dated 12/23/2019 to deliver the total return of the shares of Unilever PLC in exchange for interest based on the Daily Fed Funds Effective Rate less 0.35%**.
			Food - Retail - 0.09%
	(3,303,148	)	12/14/2023	Marks & Spencer Group PLC			1,884,422
				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%**.
			Retail - Apparel / Shoes - 0.02%
	(3,471,304	)	12/14/2023	Next PLC			505,171
				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			$	2,774,663
			Total Return Swap Contracts - Unrealized Gain****			$	71,801,846

- 19 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (continued)

Notional Amount			Maturity Date*		March 31, 2023 Unrealized Loss ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Loss - (0.88%)
			United States – (0.06%)
			Private Equity - (0.06%)
$	53,959,412		6/3/2024	The Carlyle Group, Inc.		$	(1,280,239	)
				Agreement with Morgan Stanley, dated 11/16/2017 to receive the total return of the shares of The Carlyle Group, Inc. in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.45%**.
			Total United States			$	(1,280,239	)
			Australia - (0.01%)
			Commercial Banks - Non-US - (0.00%)
	(9,219,617	)	12/27/2024	Commonwealth Bank of Australia			(64,861	)
				Agreement with Morgan Stanley, dated 02/24/2016 to receive 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%**.
			Retail - Building Products - (0.01%)
	(5,002,122	)	12/27/2024	Wesfarmers, Ltd.			(229,270	)
				Agreement with Morgan Stanley, dated 12/23/2014 to receive the total return of the shares of Westfarmers, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Total Australia			$	(294,131	)
			Brazil – (0.41%)
			Finance - Other Services - (0.26%)
	21,994,674		2/3/2026	B3 SA-Brasil Bolsa Balcao			(5,328,242	)
				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 - (0.15%)
	18,994,063		2/3/2026	Magazine Luiza SA			(3,065,611	)
				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			$	(8,393,853	)

- 20 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (continued)

Notional Amount			Maturity Date*		March 31, 2023 Unrealized Loss ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Loss - (continued)
			China – (0.04%)
			Applications Software - (0.04%)
$	32,033,453		7/16/2024	Glodon Co., Ltd., Class A		$	(889,657	)
				Agreement with Morgan Stanley, dated 07/10/2020 to receive the total return of the shares of Glodon Co., Ltd., Class A in exchange for interest based on the Daily Fed Funds Effective Rate plus 1.25%**.
			Total China			$	(889,657	)
			Ireland – (0.06%)
			Commercial Services - Finance - (0.06%)
	5,003,703		12/14/2023	Experian PLC			(1,322,380	)
				Agreement with Morgan Stanley, dated 09/07/2021 to receive the total return of the shares of Experian PLC in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.65%**.
			Total Ireland			$	(1,322,380	)
			Japan – (0.20%)
			Building Products - Air & Heating - (0.03%)
	(5,179,412	)	12/24/2024	Daikin Industries, Ltd.			(547,038	)
				Agreement with Morgan Stanley, dated 04/22/2022 to receive the total return of the shares of Daikin Industries, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
			Office Automation & Equipment - (0.01%)
	(1,077,912	)	12/24/2024	Konica Minolta, Inc.			(292,530	)
				Agreement with Morgan Stanley, dated 04/13/2011 to receive 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 - (0.00%)
	(2,162,740	)	12/24/2024	Nikon Corp.			(43,152	)
				Agreement with Morgan Stanley, dated 10/29/2013 to receive the total return of the shares of Nikon Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.

- 21 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (continued)

Notional Amount			Maturity Date*		March 31, 2023 Unrealized Loss ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Loss - (continued)
			Japan – (continued)
			Semiconductor Equipment - (0.16%)
$	(14,471,441	)	12/24/2024	Advantest Corp.		$	(3,037,096	)
				Agreement with Morgan Stanley, dated 08/26/2011 to receive the total return of the shares of Advantest Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
	(18,464,837	)	12/24/2024	Tokyo Electron, Ltd.			(321,958	)
				Agreement with Morgan Stanley, dated 1/10/2020 to receive the total return of the shares of Tokyo Electron, Ltd. in exchange for interest based on the Daily Fed Funds Effective Rate less 0.44%**.
							(3,359,054	)
			Total Japan			$	(4,241,774	)
			Netherlands – (0.09%)
			Music - (0.09%)
	(6,040,646	)	12/14/2023	Universal Music Group NV			(1,812,177	)
				Agreement with Morgan Stanley, dated 08/22/2022 to receive the total return of the shares of Universal Music Group NV in exchange for interest based on the Daily Fed Funds Effective Rate less 0.35%**.
			Total Netherlands			$	(1,812,177	)
			Sweden – (0.00%)
			Auto - Cars / Light Trucks - (0.00%)
	(169,292	)	1/4/2024	Volvo Car AB			(11,614	)
				Agreement with Morgan Stanley, dated 10/24/2022 to receive the total return of the shares of Volvo Car AB in exchange for interest based on the Daily Fed Funds Effective Rate less 2.38%**.
			Total Sweden			$	(11,614	)

- 22 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (concluded)

Notional Amount			Maturity Date*		March 31, 2023 Unrealized Loss ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Loss - (continued)
			Taiwan – (0.01%)
			Electronic Components - Miscellaneous - (0.01%)
$	(1,372,771	)	1/25/2024	AUO Corp.		$	(228,405	)
				Agreement with Morgan Stanley, dated 07/26/2012 to receive the total return of the shares of AUO Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 3.95%**.
	(960,755	)	1/25/2024	United Microelectronics Corp.			(51,744	)
				Agreement with Morgan Stanley, dated 08/08/2013 to receive the total return of the shares of United Microelectronics Corp. in exchange for interest based on the Daily Fed Funds Effective Rate less 2.00%**.
			Total Taiwan			$	(280,149	)
			Total Return Swap Contracts - Unrealized Loss*****			$	(18,525,974	)
			Total Swap Contracts, net			$	53,275,872

*	Per the terms of the executed 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 March 31, 2023.
***	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.

- 23 -

The following is a summary of the inputs used, as of March 31, 2023, in valuing the Company’s investments at fair value

Assets:
Valuation Inputs
Level 1 - Quoted Prices
Investments in Securities
Common Stock	$	2,308,102,236
Equity Options		310,338,481
Level 2 - Other Significant
Observable Inputs
Total Return Swaps		71,801,846
Currency Options		564,316
Level 3 - Other Significant
Unobservable Inputs		-
Total	$	2,690,806,879

Liabilities:
Valuation Inputs
Level 1 - Quoted Prices
Securities Sold, Not Yet Purchased
Common Stock	$	916,451,345
Equity Options		233,260
Level 2 - Other Significant
Observable Inputs
Total Return Swaps		18,525,974
Currency Options		-
Level 3 - Other Significant
Unobservable Inputs		-
Total	$	935,210,579

- 24 -