Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited)

Shares						March 31, 2020 Fair Value
		Investsments in Securities – 104.10%
		Common Stock – 104.10%
		United States – 78.67%
			Aerospace / Defense – 3.35%
	76,838			Northrop Grumman Corp.	(a)	$	23,247,337
	86,895			Raytheon Co.			11,396,279
	98,245			The Boeing Co.	(a)		14,652,259
	78,484			TransDigm Group, Inc.*			25,129,792
							74,425,667
			Applications Software – 7.21%
	75,320			Elastic NV*			4,203,609
	395,678			Five9, Inc.*			30,253,540
	605,476			Microsoft Corp.	(a)		95,489,620
	121,482			PTC, Inc.*			7,435,913
	544,895			Smartsheet, Inc., Class A*			22,618,591
							160,001,273
			Building Products - Cement / Aggregate – 1.50%
	79,748			Martin Marietta Materials, Inc.	(a)		15,090,714
	167,823			Vulcan Materials Co.			18,136,632
							33,227,346
			Coatings / Paint – 0.57%
	27,557			The Sherwin - Williams Co.	(a)		12,662,993
			Commercial Services – 0.42%
	54,375			Cintas Corp.			9,418,838
			Commercial Services - Finance – 3.80%
	413,705			Avalara, Inc.*	(a)		30,862,393
	240,950			Global Payments, Inc.	(a)		34,752,219
	32,291			S&P Global, Inc.			7,912,910
	160,257			TransUnion			10,605,808
							84,133,330
			Communications Software – 5.45%
	571,139			RingCentral, Inc., Class A*	(a)		121,030,066
			Computer Aided Design – 8.79%
	168,139			Altair Engineering, Inc., Class A*			4,455,684
	88,356			ANSYS, Inc.*			20,540,119
	306,018			Aspen Technology, Inc.*	(a)		29,093,131
	141,639			Autodesk, Inc.*			22,109,848
	992,453			Cadence Design Systems, Inc.**	(a)		65,541,596
	413,044			Synopsys, Inc.*	(a)		53,195,937
							194,936,315
			Computer Services – 0.33%
	232,385			Parsons Corp.*			7,427,025
			Computer Software – 1.30%
	660,398			SS&C Technologies Holdings, Inc.	(a)		28,938,640
			Computers – 2.65%
	231,324			Apple, Inc.			58,823,380
			Data Processing / Management – 1.22%
	223,055			Fidelity National Information Services, Inc.			27,132,410
			E-Commerce / Products – 4.81%
	54,814			Amazon.com, Inc.*	(a)		106,871,952
			E-Commerce / Services – 0.73%
	12,062			Booking Holdings, Inc.*			16,227,250

- 1 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited) (continued)

Shares						March 31, 2020 Fair Value
		Common Stock – (continued)
		United States – (continued)
			Electronic Components - Semiconductors – 1.62%
	253,151			Microchip Technology, Inc.*		$	17,163,638
	141,670			Micron Technology, Inc.*			5,958,640
	166,249			Xilinx, Inc.*			12,957,447
							36,079,725
			Enterprise Software / Services – 4.07%
	357,272			Alteryx, Inc., Class A*	(a)		34,001,576
	229,749			Ceridian HCM Holding, Inc.*	(a)		11,503,532
	312,965			Coupa Software, Inc., *	(a)		43,730,599
	30,405			Datadog, Inc., Class A*			1,093,972
							90,329,679
			Entertainment Software – 2.34%
	650,061			Activision Blizzard, Inc.			38,665,628
	94,407			Electronic Arts, Inc.*			9,456,749
	31,772			Take-Two Interactive Software, Inc.**			3,768,477
							51,890,854
			Finance - Credit Card – 3.08%
	139,756			Mastercard, Inc., Class A	(a)		33,759,459
	214,759			Visa, Inc., Class A	(a)		34,601,970
							68,361,429
			Finance - Investment Banker / Broker – 0.53%
	282,758			Tradeweb Markets, Inc., Class A			11,887,146
			Finance - Other Services – 2.23%
	73,982			CME Group, Inc.			12,792,228
	454,509			Intercontinental Exchange Group, Inc.	(a)		36,701,602
							49,493,830
			Human Resources – 0.49%
	122,300			Paylocity Holding Corp.*	(a)		10,801,536
			Internet Application Software – 1.97%
	336,403			Anaplan, Inc.*			10,179,555
	275,558			Okta, Inc.*			33,689,721
							43,869,276
			Internet Content - Entertainment – 3.40%
	452,675			Facebook, Inc., Class A*	(a)		75,506,190
			Linen Supply & Related Items – 0.08%
	11,346			UniFirst Corp./MA			1,714,267
			Medical - Biomedical / Genetics – 4.29%
	236,646			Acceleron Pharma, Inc.*			21,267,376
	155,361			Akero Therapeutics, Inc.*			3,293,653
	80,728			Alnylam Pharmaceuticals, Inc.**			8,787,243
	110,973			Applied Therapeutics, Inc.*			3,627,707
	131,381			Arena Pharmaceuticals, Inc.*			5,518,002
	88,706			Beam Therapeutics, Inc.*			1,596,708
	197,011			Blueprint Medicines Corp.*			11,521,203
	101,113			Deciphera Pharmaceuticals, Inc.*			4,162,822
	84,107			IGM Biosciences, Inc.*			4,722,608
	531,536			Immunomedics, Inc.*			7,165,105
	329,676			Karyopharm Therapeutics, Inc.*			6,333,076

- 2 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited) (continued)

Shares						March 31, 2020 Fair Value
		Common Stock – (continued)
		United States – (continued)
			Medical - Biomedical / Genetics (continued)
	113,402			Magenta Therapeutics, Inc.*		$	712,165
	83,544			Stemline Therapeutics, Inc.*			404,353
	80,599			Turning Point Therapeutics, Inc.*			3,599,551
	281,278			Ultragenyx Pharmaceutical, Inc.*	(a)		12,497,182
							95,208,754
			Medical - Drugs – 0.33%
	99,285			Passage Bio, Inc.*			1,563,739
	271,683			TG Therapeutics, Inc.*			2,673,361
	139,709			Tricida, Inc.*			3,073,598
							7,310,698
			REITs - Diversified – 3.76%
	176,989			American Tower Corp.			38,539,355
	71,964			Equinix, Inc.			44,946,555
							83,485,910
			Retail - Discount – 0.24%
	35,418			Dollar General Corp.			5,348,472
			Retail - Major Department Store – 0.19%
	88,544			The TJX Cos., Inc.			4,233,289
			Retail - Restaurants – 2.22%
	50,655			Chipotle Mexican Grill, Inc.*	(a)		33,148,632
	237,555			Yum! Brands, Inc.			16,279,644
							49,428,276
			Semiconductor Components - Integrated Circuits – 1.26%
	312,166			Analog Devices, Inc.	(a)		27,985,682
			Semiconductor Equipment – 4.29%
	296,902			Applied Materials, Inc.			13,604,050
	171,163			KLA Corp.	(a)		24,602,970
	121,593			Lam Research Corp.	(a)		29,182,320
	515,102			Teradyne, Inc.	(a)		27,903,075
							95,292,415
			Therapeutics – 0.15%
	93,303			Agios Pharmaceuticals, Inc.*			3,310,390
			Total United States (Cost $1,341,370,615)			$	1,746,794,303
		Argentina – 1.62%
			E-Commerce / Services – 1.62%
	73,439			MercadoLibre, Inc.*			35,880,827
			Total Argentina (Cost $34,828,963)			$	35,880,827
		Brazil – 0.14%
			Investment Management / Advisory Services – 0.14%
	159,058			XP, Inc.,Class A*			3,068,229
			Total Brazil (Cost $4,274,142)			$	3,068,229

- 3 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited) (continued)

Shares						March 31, 2020 Fair Value
		Common Stock – (continued)
		Canada – 1.98%
			Retail - Restaurants – 0.42%
	230,486			Restaurant Brands International, Inc.	(a)	$	9,226,355
			Web Hosting / Design – 1.56%
	83,261			Shopify, Inc., Class A*			34,714,009
			Total Canada (Cost $43,394,386)			$	43,940,364
		China – 9.39%
			E-Commerce / Products – 5.07%
	168,802			Alibaba Group Holding, Ltd. - Sponsored ADR*			32,828,613
	1,223,189			JD.com, Inc. - Sponsored ADR*			49,539,154
	2,496,000			Meituan Dianping, Class B*			30,157,840
							112,525,607
			Entertainment Software – 0.66%
	261,337			Bilibili, Inc. - Sponsored ADR*			6,120,513
	26,563			NetEase, Inc. - Sponsored ADR			8,525,660
							14,646,173
			Internet Content - Entertainment – 0.38%
	157,597			JOYY, Inc. - Sponsored ADR*			8,393,616
			Internet Content - Information / Networks – 1.91%
	863,800			Tencent Holdings, Ltd.			42,371,436
			Schools – 1.37%
	281,739			New Oriental Education & Technology Group, Inc. - Sponsored ADR*			30,495,429
			Total China (Cost $159,882,018)			$	208,432,261
		France – 2.17%
			Aerospace / Defense - Equipment – 1.71%
	294,159			Airbus SE			19,152,932
	214,269			Safran SA			18,841,448
							37,994,380
			Entertainment Software – 0.46%
	139,778			UBISOFT Entertainment SA*			10,303,491
			Total France (Cost $71,731,865)			$	48,297,871
		Germany – 1.89%
			Aerospace / Defense – 0.51%
	77,020			MTU Aero Engines AG			11,269,434
			Athletic Footwear – 1.38%
	135,518			adidas AG			30,616,738
			Total Germany (Cost $52,524,767)			$	41,886,172

- 4 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Portfolio Investments (Unaudited) (concluded)

Shares					March 31, 2020 Fair Value
		Common Stock – (continued)
		Japan – 4.62%
			Audio / Video Products – 2.15%
	1,363,200			Panasonic Corp.	$	10,417,674
	627,900			Sony Corp.		37,346,542
						47,764,216
			Cosmetics & Toiletries – 0.27%
	102,400			Shiseido Co., Ltd.		6,053,604
			Finance - Other Services – 1.06%
	1,330,278			Japan Exchange Group, Inc.		23,486,729
			Metal Products - Distribution – 0.39%
	395,853			MISUMI Group, Inc.		8,635,393
			Web Portals / ISP – 0.75%
	5,178,903			Z Holdings Corp.		16,694,532
			Total Japan (Cost $97,385,282)		$	102,634,474
		Netherlands – 1.49%
			Semiconductor Components - Integrated Circuits – 0.32%
	86,099			NXP Semiconductor NV		7,140,190
			Semiconductor Equipment – 1.17%
	99,081			ASML Holding NV		25,923,553
			Total Netherlands (Cost $32,176,207)		$	33,063,743
		Singapore – 1.45%
			Entertainment Software – 1.45%
	726,208			Sea, Ltd. - Sponsored ADR*		32,178,276
			Total Singapore (Cost $19,928,555)		$	32,178,276
		Taiwan – 0.68%
			Semiconductor Components - Integrated Circuits – 0.68%
	314,535			Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR		15,031,628
			Total Taiwan (Cost $15,529,351)		$	15,031,628
			Total Common Stock (Cost $1,873,026,151)		$	2,311,208,148
			Total Investments in Securities (Cost $1,873,026,151) - 104.10%		$	2,311,208,148
			Total Purchased Options (Cost $218,596,513) - 7.93%			175,952,320
			Total Securities Sold, Not Yet Purchased (Proceeds $969,948,342) - (31.85)%			(707,043,789	)
			Total Written Options (Proceeds $9,127,533) - (0.25)%			(5,462,361	)
			Total Assets, in Excess of Liablities - 20.07%**			445,544,398
			Members’ Capital - 100%		$	2,220,198,716

(a)	Partially or wholly held in a pledged account with the Custodian, the assets of which are pledged as collateral for securities
	sold, not yet purchased.
*	Non-income producing security.
**	Includes $101,851,465 invested in a U.S. Dollar Cash Reserve Account at the Bank of New York Mellon (the “Custodian”), which is 4.59% of Members’ Capital, and foreign currency with a U.S. Dollar value of $14,302,739 held in a Foreign Cash Account with the Custodian, which is 0.64% of Members’ Capital. $94,714,208 of those amounts is held as restricted cash in a segregated account with the Custodian, primarily as collateral for swap contracts.
ADR	American Depository Receipt
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust

- 5 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited)

Notional Amount (USD)		Contracts		Expiration Date Strike Price		March 31, 2020 Fair Value
					Purchased Options – 7.93%
					Equity Options – 7.88%
					Equity Call Options – 1.42%
					United States – 1.35%
					Aerospace / Defense - Equipment - 0.01%
$	24,794,000		1,771	8/21/2020 $140	United Technologies Corp.	$	230,230
					Medical Drugs - 0.05%
	32,689,500		2,109	5/15/2020 $155	salesforce.com, Inc.		1,054,500
					Auto-Cars / Light Trucks - 0.02%
	26,555,000		26,555	1/15/2021 $10	Ford Motor Co.		318,660
					Beverages - Non-Alcoholic - 0.01%
	29,799,000		5,676	6/19/2020 $52.50	The Coca-Cola Co.		255,420
					Commercial Services  - Finance - 0.01%
	28,232,000		3,529	6/19/2020 $80	Square, Inc.		144,689
					Consumer Products - Miscellaneous - 0.01%
	27,550,000		1,900	4/17/2020 $145	Kimberly-Clark Corp.		171,000
					Cosmetics & Toiletries - 0.18%
	67,260,000		5,605	1/15/2021 $120	The Procter & Gamble Co.		4,029,995
					Diversified Manufacturing Operations - 0.02%
	11,352,000		9,460	6/19/2020 $12	General Electric Co.		85,140
	21,393,600		17,828	8/21/2020 $12	General Electric Co.		392,216
							477,356
					E-Commerce / Products - 0.29%
	31,860,000		177	5/15/2020 $1,800	Amazon.com, Inc.		3,745,674
	29,830,000		157	6/19/2020 $1,900	Amazon.com, Inc.		2,637,600
							6,383,274
					E-Commerce / Services - 0.00%
	9,730,000		1,946	7/17/2020 $50	Lyft, Inc., Class A		35,028
					Electronic Components - Semiconductors - 0.09%
	7,969,500		1,771	4/17/2020 $45	Intel Corp.		2,026,024
					Finance Services - 0.02%
	47,811,600		17,708	9/30/2020 $27	Financial Select Sector SPDR Fund		531,240

- 6 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited) (continued)

Notional Amount (USD)		Contracts		Expiration Date Strike Price		March 31, 2020 Fair Value
					Purchased Options – (continued)
					Equity Options – (continued)
					Equity Call Options – (continued)
					United States – (continued)
					Food-Miscellaneolus / Diversified - 0.03%
$	7,504,000		938	8/21/2020 $80	Beyond Meat, Inc.	$	717,570
					Internet Content - Entertainment - 0.60%
	41,354,000		1,426	6/19/2020 $290	Netflix, Inc.		13,354,490
					Medical-Biomedical / Genetics - 0.00%
	28,150,000		1,126	6/19/2020 $250	Amgen, Inc.		56,300
					Retail-Building Products - 0.01%
	37,320,000		3,732	4/17/2020 $100	Lowe’s Cos., Inc.		205,260
					Total United States (Cost $53,322,793)	$	29,991,036
					Argentina - 0.01%
					E-Commerce /Services - 0.01%
	9,454,000		163	6/19/2020 $580	MercadoLibre, Inc.		309,700
					Total Argentina (Cost $2,102,785)	$	309,700
					Brazil - 0.05%
					Advertising Services - 0.05%
	50,625,000		1,875	7/17/2020 $270	The Trade Desk, Inc., Class A		1,106,250
					Commercial Services - Finance - 0.00%
	7,965,000		1,770	6/19/2020 $45	StoneCo, Ltd., Class A		19,470
					Total Brazil (Cost $7,652,989)	$	1,125,720
					Canada - 0.01%
					Medical - Drugs - 0.01%
	4,710,000		1,884	6/19/2020 $25	Canopy Growth Corp.		84,780
	5,181,000		1,884	6/19/2020 $27.50	Canopy Growth Corp.		54,636
					Total Canada (Cost $772,586)	$	139,416
					Total Equity Call Options ($63,851,153)	$	31,565,872
					Equity Put Options - 6.46%
					United States - 6.36%
					Growth & Income - Large Cap - 6.36%
	415,200,000		17,300	9/18/2020 $240	SPDR S&P 500 ETF Trust		32,870,000
	1,028,820,000		39,570	10/16/2020 $260	SPDR S&P 500 ETF Trust		108,421,800
							141,291,800
					Total United States (Cost $152,497,916)	$	141,291,800

- 7 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Purchased Options (Unaudited) (concluded)

Notional Amount (USD)		Contracts		Expiration Date Strike Price		March 31, 2020 Fair Value
					Purchased Options – (continued)
					Equity Options – (continued)
					Equity Put Options – (continued)
					China - 0.10%
					Internet Content - Entertainment - 0.10%
$	7,060,000		1,412	4/17/2020 $50	Weibo Corp.	$	2,132,120
					Total China (Cost $1,324,511)	$	2,132,120
					Total Equity Put Options ($153,822,427)	$	143,423,920
					Total Equity Options ($217,673,580)	$	174,989,792
					Currency Put Options - 0.05%
					United States - 0.05%
	9,629,523		133,743,372	6/19/2020 $7.20	USD-CNH	$	962,528
					Total United States (Cost $922,933)	$	962,528
					Total Currency Put Options (Cost $922,933)	$	962,528
					Total Purchased Options (Cost $218,596,513)	$	175,952,320

- 8 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Securities Sold, Not Yet Purchased (Unaudited)

Shares				March 31, 2020 Fair Value
		Securities Sold, Not Yet Purchased – 31.85%
		Common Stock – 31.85%
		United States – 22.54%
		Advertising Agencies – 0.61%
	201,270		Omnicom Group, Inc.	$	11,049,723
	157,575		The Interpublic Group of Cos., Inc.		2,551,139
					13,600,862
		Advertising Services – 0.40%
	45,775		The Trade Desk, Inc., Class A*		8,834,575
		Apparel Manufacturers – 0.34%
	732,227		Hanesbrands, Inc.		5,762,627
	138,700		Tapestry, Inc.*		1,796,165
					7,558,792
		Auto - Cars / Light Trucks – 0.05%
	236,837		Ford Motor Co.		1,143,923
		Commercial Services - Finance – 0.15%
	232,631		H&R Block, Inc.		3,275,444
		Computer Data Security – 0.22%
	57,159		Qualys, Inc.*		4,972,261
		Computer Software – 0.78%
	211,576		Teradata Corp.*		4,335,192
	146,012		Twilio, Inc., Class A*		13,066,614
					17,401,806
		Diversified Banking Institution – 3.23%
	1,384,512		Bank of America Corp.		29,393,190
	159,380		JPMorgan Chase & Co.		14,348,981
	318,758		Morgan Stanley		10,837,772
	110,680		The Goldman Sachs Group, Inc.		17,110,021
					71,689,964
		E-Commerce / Services – 0.09%
	71,347		Cargurus, Inc.*		1,351,312
	33,741		TripAdvisor, Inc.*		586,756
					1,938,068
		Electronic Components - Semiconductors – 2.77%
	616,184		Texas Instruments, Inc.		61,575,267
		Enterprise Software / Services – 0.72%
	71,348		Appian Corp.*		2,870,330
	124,858		New Relic, Inc.*		5,773,434
	150,083		Oracle Corp.		7,253,511
					15,897,275
		Finance - Credit Card – 0.58%
	712,948		The Western Union Co.		12,925,747
		Financial Services – 3.32%
	3,541,753		Financial Select Sector SPDR Fund		73,739,298
		Food - Miscellaneous / Diversified – 0.11%
	36,904		Beyond Meat, Inc.*		2,457,806
		Footwear & Related Apparel – 0.07%
	95,345		Wolverine World Wide, Inc.		1,449,244
		Health & Biotechnology – 0.52%
	106,964		iShares Nasdaq Biotechnology ETF		11,524,301

- 9 -

Advantage Advisers Xanthus Fund, L.L.C.

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

Shares				March 31, 2020 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Human Resources – 0.13%
	76,456		Robert Half International, Inc.	$	2,886,214
		Internet Content - Entertainment – 0.74%
	43,934		Netflix, Inc.*		16,497,217
		Internet Security – 0.32%
	43,940		Palo Alto Networks, Inc.*		7,204,402
		Investment Management / Advisory Services – 0.65%
	300,275		Franklin Resources, Inc.		5,011,590
	276,235		Invesco, Ltd.		2,508,214
	70,814		T Rowe Price Group, Inc.		6,914,987
					14,434,791
		Motorcycle / Motor Scooter – 0.19%
	220,984		Harley-Davidson, Inc.		4,183,227
		Real Estate Management / Services – 0.05%
	370,868		Realogy Holdings Corp.		1,116,313
		REITs - Diversified – 0.27%
	166,321		Vornado Realty Trust		6,022,484
		REITs - Health Care – 0.29%
	171,933		Healthpeak Properties, Inc.		4,100,602
	88,623		Ventas, Inc.		2,375,097
					6,475,699
		REITs - Office Property – 0.60%
	77,845		Boston Properties, Inc.		7,179,644
	141,839		SL Green Realty Corp.		6,113,261
					13,292,905
		REITs - Regional Malls – 0.21%
	85,329		Simon Property Group, Inc.		4,681,149
		REITs - Shopping Centers – 0.63%
	78,338		Federal Realty Investment Trust		5,844,798
	377,903		Kimco Realty Corp.		3,654,322
	118,184		Regency Centers Corp.		4,541,811
					14,040,931
		REITs - Storage – 0.97%
	73,131		Extra Space Storage, Inc.		7,003,025
	73,443		Public Storage		14,586,514
					21,589,539
		Retail - Apparel / Shoes – 0.46%
	249,716		Abercrombie & Fitch Co., Class A		2,269,918
	26,930		Ascena Retail Group, Inc.*		37,433
	163,579		Chico’s FAS, Inc.		211,017
	107,022		Foot Locker, Inc.		2,359,835
	221,835		Tailored Brands, Inc.		385,993
	44,736		The Children’s Place, Inc.		875,036
	580,094		The Gap, Inc.		4,083,862
					10,223,094
		Retail - Arts & Crafts – 0.02%
	316,572		The Michaels Cos., Inc.*		512,847
		Retail - Bedding – 0.02%
	121,794		Bed Bath & Beyond, Inc.		512,753
		Retail - Home Furnishings – 0.09%
	96,706		La-Z-Boy, Inc.		1,987,308
		Retail - Major Department Store – 0.33%
	474,398		Nordstrom, Inc.		7,277,265

- 10 -

Advantage Advisers Xanthus Fund, L.L.C.

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

Shares				March 31, 2020 Fair Value
		Common Stock – (continued)
		United States – (continued)
		Retail - Miscellaneous / Diversified – 0.17%
	454,623		Sally Beauty Holdings, Inc.*	$	3,673,354
		Retail - Perfume & Cosmetics – 0.16%
	19,773		Ulta Beauty, Inc.*		3,474,116
		Retail - Regional Department Stores – 0.53%
	87,082		Dillard’s, Inc., Class A		3,217,680
	464,716		Kohl’s Corp.		6,780,207
	350,730		Macy’s, Inc.*		1,722,084
					11,719,971
		Retail - Restaurants – 0.12%
	153,257		The Cheesecake Factory, Inc.		2,617,630
		Sector Fund - Technology – 0.30%
	56,668		Vaneck Vectors Semiconductor ETF		6,638,090
		Semiconductor Components - Integrated Circuits – 0.16%
	71,848		Maxim Integrated Products, Inc.		3,492,531
		Transport - Services – 1.17%
	80,840		C.H. Robinson Worldwide, Inc.		5,351,608
	53,000		FedEx Corp.		6,426,780
	150,655		United Parcel Service, Inc., Class B		14,074,190
					25,852,578
		Total United States (Proceeds $698,686,545)		$	500,391,041
		Australia – 0.27%
		Enterprise Software / Services – 0.27%
	44,356		Atlassian Corp. PLC, Class A		6,088,305
		Total Australia (Proceeds $5,705,837)		$	6,088,305
		Brazil – 0.83%
		Commercial Services - Finance – 0.24%
	246,587		StoneCo, Ltd., Class A*		5,368,199
		Finance - Credit Card – 0.59%
	676,847		Pagseguro Digital, Ltd., Class A*		13,083,452
		Total Brazil (Proceeds $31,775,658)		$	18,451,651
		Canada – 0.63%
		Commercial Banks - Non U.S. – 0.38%
	146,100		Canadian Imperial Bank of Commerce		8,416,904
		Medical - Drugs – 0.25%
	387,522		Canopy Growth Corp.*		5,586,553
		Total Canada (Proceeds $26,074,811)		$	14,003,457
		China – 0.87%
		Entertainment Software – 0.18%
	238,494		HUYA, Inc. - Sponsored ADR*		4,042,473
		Metal Aluminum – 0.05%
	4,170,000		China Zhongwang Holdings, Ltd.		1,097,524
		Web Hosting / Design – 0.25%
	197,536		Baozun, Inc.- Sponsored ADR*		5,519,156
		Wireless Equipment – 0.39%
	6,340,200		Xiaomi Corp., Class B*		8,539,871
		Total China (Proceeds $22,126,798)		$	19,199,024

- 11 -

Advantage Advisers Xanthus Fund, L.L.C.

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

Shares				March 31, 2020 Fair Value
		Common Stock – (continued)
		France – 0.26%
		Advertising Services – 0.26%
	204,126		Publicis Groupe SA	$	5,850,286
		Total France (Proceeds $12,169,324)		$	5,850,286
		Germany – 1.25%
		Auto - Cars / Light Trucks – 1.25%
	263,374		Bayerische Motoren Werke AG		13,615,628
	465,810		Daimler AG		14,065,748
					27,681,376
		Total Germany (Proceeds $34,801,144)		$	27,681,376
		Hong Kong – 1.62%
		Commercial Banks - Non U.S. – 0.69%
	899,600		Hang Seng Bank, Ltd.		15,378,472
		Electric - Integrated – 0.56%
	357,500		CLP Holdings, Ltd.		3,297,843
	1,531,000		Power Assets Holdings, Ltd.		9,155,305
					12,453,148
		Gas - Distribution – 0.37%
	4,952,514		Hong Kong & China Gas Co., Ltd.		8,165,907
		Total Hong Kong (Proceeds $40,265,097)		$	35,997,527
		Israel – 1.03%
		Computer Data Security – 1.03%
	227,842		Check Point Software Technologies, Ltd.*		22,907,235
		Total Israel (Proceeds $27,102,602)		$	22,907,235
		Japan – 2.41%
		Advertising Services – 0.03%
	31,100		Dentsu Group, Inc.		601,229
		Electric - Integrated – 0.05%
	75,000		Chubu Electric Power Co., Inc.		1,059,122
		Gas - Distribution – 0.14%
	134,200		Tokyo Gas Co., Ltd.		3,177,391
		Office Automation & Equipment – 1.14%
	1,095,400		Canon, Inc.		23,936,349
	125,800		Seiko Epson Corp.		1,363,402
					25,299,751
		Retail - Apparel / Shoes – 0.39%
	21,300		Fast Retailing Co., Ltd.		8,718,883
		Semiconductor Equipment – 0.66%
	75,000		Advantest Corp.		3,015,145
	61,400		Tokyo Electron, Ltd.		11,577,018
					14,592,163
		Total Japan (Proceeds $67,419,645)		$	53,448,539

- 12 -

Advantage Advisers Xanthus Fund, L.L.C.

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

Shares				March 31, 2020 Fair Value
		United Kingdom – 0.14%
		Diversified Banking Institution. – 0.14%
	531,125		HSBC Holdings PLC	$	3,025,348
		Total United Kingdom (Proceeds $3,820,881)		$	3,025,348
		Total Securities Sold, Not Yet Purchased (Proceeds $969,948,342)		$	707,043,789

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

- 13 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Written Options (Unaudited)

Notional Amount (USD)			Contracts		Expiration Date Strike Price			March 31, 2020 Fair Value
						Written Options – 0.25%
						Equity Options – 0.25%
						Equity Call Options – 0.25%
						United States – 0.25%
						Sector Fimd - Technology - 0.25%
					6/19/2020
$	(1,295,382	)		6,198	$209		Invesco QQQ Trust Series 1	$	3,576,246
					5/15/2020
	(407,330	)		1,771	$230		iShares Expanded Tech-Software Sector ETF		974,050
					6/19/2020
	(233,772	)		1,771	$132		VanEck Vectors Semiconductor ETF		912,065
									5,462,361
						Total United States (Proceeds $9,127,533)		$	5,462,361
						Total Equity Call Options (Proceeds - $9,127,533)		$	5,462,361
						Total Equity Options (Proceeds - $9,127,533)		$	5,462,361
						Total Written Options (Proceeds - $9,127,533)		$	5,462,361

- 14 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited)

Notional Amount			Maturity Date*		March 31, 2020 Unrealized Gain ***
			Swap Contracts - 2.62%
			Total Return Swap Contracts - Unrealized Gain - 3.58%
			United States – 1.16%
			Private Equity - 0.07%
$	19,520,482		6/3/2024	The Carlyle Group, Inc.	$	1,443,805
				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 0.75%**.
			Web Portals / ISP - 1.09%
	40,335,023		6/3/2024	Alphabet, Inc., Class A		24,273,004
				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		$	25,716,809
			Australia - 0.78%
			Commercial Banks - Non-US - 0.78%
	(12,813,730	)	12/27/2024	Australia and New Zealand Banking Group, Ltd.		4,897,265
				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%**.
	(8,927,610	)	12/27/2024	Bank of Queensland, Ltd.		4,684,978
				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 0.88%**.
	(18,780,668	)	12/27/2024	Commonwealth Bank of Australia		2,701,410
				Agreement with Morgan Stanley, dated 02/24/2016 to deliver the total return of the shares of Commonwealth Bank of Australia in exchange for interest based on the Daily Fed Funds Effective Rate less 0.40%**.
	(11,423,496	)	12/27/2024	Westpac Banking Corp.		5,183,333
				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		$	17,466,986
			Belgium – 0.08%
			Medical Drugs - 0.08%
	3,915,755		1/4/2024	Galapagos NV - Sponsored ADR		1,782,848
				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		$	1,782,848

- 15 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited) (continued)

Notional Amount			Maturity Date*		March 31, 2020 Unrealized Gain ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			Brazil – 0.13%
			Commercial Services / Finance - 0.13%
$	(4,622,849	)	2/2/2021	Cielo SA	$	2,851,246
				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 5.88%**.
			Total Brazil		$	2,851,246
			Japan - 0.12%
			Electric Products - Miscellaneous - 0.01%
	(2,412,861	)	12/24/2024	Casio Computer Co., Ltd.		146,426
				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%**.
			Electric - Integrated - 0.01%
	(1,122,315	)	12/24/2024	Tokyo Electric Power Co. Holdings, Inc.		267,086
				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 - 0.09%
	(968,204	)	12/24/2024	Canon, Inc.		6,733
				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%**.
	(1,159,529	)	12/24/2024	Konica Minolta, Inc.		454,628
				Agreement with Morgan Stanley, dated 04/13/2011 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 1.13%**.
	(9,579,634	)	12/24/2024	Ricoh Co., Ltd.		1,580,409
				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%**.
						2,041,770
			Photo Equipment & Supplies - 0.01%
	(701,371	)	12/24/2024	Nikon Corp.		228,434
				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		$	2,683,716

- 16 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited) (continued)

Notional Amount			Maturity Date*		March 31, 2020 Unrealized Gain ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			South Korea – 0.09%
			Electronic Components - Semiconductors - 0.09%
$	10,337,808		12/29/2023	Samsung Electronics Co., Ltd.	$	2,054,124
				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		$	2,054,124
			Spain – 0.66%
			Building - Heavy Construction - 0.65%
	9,694,543		1/4/2024	Cellnex Telecom SA		14,522,469
				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%
	(202,836	)	1/4/2024	Distribuidora Internacional de Alimentacion SA		148,314
				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 5.88%**.
			Total Spain		$	14,670,783
			Switzerland - 0.04%
			Enterprise Software - Services - 0.04%
	(6,193,966	)	12/14/2023	Temenos AG		773,254
				Agreement with Morgan Stanley, dated 10/17/2019 to deliver the total return of the shares of Temenos AG in exchange for interest based on the Daily Fed Funds Effective Rate less 0.35%**.
			Total Switzerland		$	773,254
			Taiwan – 0.23%
			Computers - Peripheral Equipment - 0.15%
	(6,772,922	)	1/25/2024	Innolux Display Corp.		3,298,112
				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 2.13%**.
			Electronic Components - Miscellaneous - 0.08%
	(7,278,797	)	1/25/2024	AU Optronics Corp.		1,880,331
				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 2.75%**.
			Total Taiwan		$	5,178,443

- 17 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited) (continued)

Notional Amount			Maturity Date*		March 31, 2020 Unrealized Gain ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Gain - (continued)
			United Kingdom – 0.29%
			Retail - Apparel / Shoes - 0.04%
$	(3,756,274	)	12/14/2023	Next PLC	$	998,777
				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%**.
			Retail - Major Department Store - 0.25%
	(8,327,037	)	12/14/2023	Marks & Spencer Group PLC		5,373,162
				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		$	6,371,939
			Total Return Swap Contracts - Unrealized Gain****		$	79,550,148

- 18 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited) (continued)

Notional Amount			Maturity Date*		March 31, 2020 Unrealized (Loss) ***
			Swap Contracts - (continued)
			Total Return Swap Contracts - Unrealized Loss - (0.96%)
			United States - (0.17%)
			Private Equity - (0.17%)
$	31,004,953		6/3/2024	KKR & Co., Inc., Class A	$	(3,850,076	)
				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 0.51%**.
			Total United States		$	(3,850,076	)
			Brazil – (0.68%)
			Finance - Other Services - (0.54%)
	39,746,049		2/2/2021	B3 SA-Brasil Bolsa Balcao		(11,989,079	)
				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 - (0.14%)
	23,579,995		2/2/2021	Magazine Luiza SA		(3,016,127	)
				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		$	(15,005,206	)
			Taiwan – (0.04%)
			Semiconductor Components - Integrated Circuits - (0.04%)
	(3,761,893	)	1/25/2024	United Microelectronics Corp.		(893,774	)
				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 1.13%**.
			Total Taiwan		$	(893,774	)
			United Kingdom – (0.07%)
			Diversified Banking Institutions - (0.00%)
	(6,371,572	)	12/14/2023	HSBC Holdings PLC		(59,785	)
				Agreement with Morgan Stanley, dated 03/12/2020 to deliver the total return of the shares of HSBC Holdings PLC in exchange for interest based on the Daily Fed Funds Effective Rate less 0.30%**.

- 19 -

Advantage Advisers Xanthus Fund, L.L.C.

Schedule of Swap Contracts (Unaudited) (concluded)

Notional Amount		Maturity Date*		March 31, 2020 Unrealized (Loss) ***
		Swap Contracts - (continued)
		Total Return Swap Contracts - Unrealized Loss - (continued)
		United Kingdom – (continued)
		Enterprise Software/Services - (0.07%)
$	4,716,799	12/14/2023	Aveva Group PLC	$	(1,663,600	)
			Agreement with Morgan Stanley, dated 01/21/2020 to deliver the total return of the shares of Aveva Group PLC in exchange for interest based on the Daily Fed Funds Effective Rate plus 0.65%**.
		Total United Kingdom		$	(1,723,385	)
		Total Return Swap Contracts - Unrealized Loss*****		$	(21,472,441	)
		Total Swap Contracts, net		$	58,077,707

*	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 March 31,2020.
***	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.

- 20 -

The following is a summary of the inputs used, as of March 31, 2020, in valuing the Company’s investments at fair value

Assets:			Liabilities:
Valuation Inputs			Valuation Inputs
Level 1 - Quoted Prices			Level 1 - Quoted Prices
Investments in Securities			Securities Sold, Not Yet Purchased
Common Stock	$	2,311,208,148	Common Stock	$	707,043,789
Equity Options		174,989,792	Equity Options		5,462,361
Level 2 - Other Significant			Level 2 - Other Significant
Observable Inputs			Observable Inputs
Total Return Swaps		79,550,148	Total Return Swaps		21,472,441
Currency Options		962,528	Currency Options		-
Level 3 - Other Significant			Level 3 - Other Significant
Unobservable Inputs		-	Unobservable Inputs		-
Total	$	2,566,710,616	Total	$	733,978,591

- 21 -