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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>TerrAscend Corp</issuerName>
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                  <ticker value="TER"/>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS AYR WELLNESS INC</title>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>AYR WELLNESS INC</issuerName>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS VERANO HOLDINGS CORP</title>
        <cusip>000000000</cusip>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>-0.04577104078</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
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            <descRefInstrmnt>
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                <issuerName>Verano Holdings Corp</issuerName>
                <issueTitle>VERANO HOLDINGS CORP</issueTitle>
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                  <cusip value="92338D101"/>
                  <isin value="CA92338D1015"/>
                  <ticker value="VRNO"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="VERANO HOLDINGS CORP" floatingRtSpread="0.00000000" pmntAmt="-40971443.22000000">
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            <terminationDt>2023-09-02</terminationDt>
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            <curCd>USD</curCd>
            <unrealizedAppr>-158080.84000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>AFC Gamma Inc</name>
        <lei>5493005G0MGS3E0E7218</lei>
        <title>AFC Gamma Inc</title>
        <cusip>00109K105</cusip>
        <identifiers>
          <isin value="US00109K1051"/>
          <ticker value="AFCG"/>
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        <balance>9840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122508.00000000</valUSD>
        <pctVal>0.035471209951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GrowGeneration Corp</name>
        <lei>N/A</lei>
        <title>GrowGeneration Corp</title>
        <cusip>39986L109</cusip>
        <identifiers>
          <isin value="US39986L1098"/>
          <ticker value="GRWG"/>
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        <balance>16678.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56705.20000000</valUSD>
        <pctVal>0.016418536377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS CRESCO LABS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="CRLBFTRS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7215.20000000</valUSD>
        <pctVal>-0.00208910335</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>NOMURA INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>DGQCSV2PHVF7I2743539</counterpartyLei>
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            <descRefInstrmnt>
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                <issuerName>Cresco Labs Inc</issuerName>
                <issueTitle>CRESCO LABS INC-SUBORDINATE</issueTitle>
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                  <cusip value="22587M106"/>
                  <isin value="CA22587M1068"/>
                  <ticker value="CL"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CRESCO LABS INC" floatingRtSpread="0.00000000" pmntAmt="-100826.20000000">
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            <terminationDt>2023-09-02</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>-7215.20000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS MARIMED INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="MRMDTRS"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4930.95000000</valUSD>
        <pctVal>-0.00142771706</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>NOMURA INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>DGQCSV2PHVF7I2743539</counterpartyLei>
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                <issuerName>MARIMED INC</issuerName>
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                  <ticker value="MRMD"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MARIMED INC" floatingRtSpread="0.00000000" pmntAmt="-55145.10000000">
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            <terminationDt>2023-07-15</terminationDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Power REIT</name>
        <lei>549300GLI9IPZRYGFI71</lei>
        <title>Power REIT</title>
        <cusip>73933H101</cusip>
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          <isin value="US73933H1014"/>
          <ticker value="PW"/>
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        <balance>232259.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>380904.76000000</valUSD>
        <pctVal>0.110287921714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS ACREAGE HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ACRHFNOM"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-246948.63000000</valUSD>
        <pctVal>-0.07150199743</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>NOMURA INTERNATIONAL PLC</counterpartyName>
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                <issuerName>ACREAGE HOLDINGS INC</issuerName>
                <issueTitle>ACREAGE HOLDINGS-SUB VTG E</issueTitle>
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                  <cusip value="00489Y600"/>
                  <isin value="CA00489Y6001"/>
                  <ticker value="ACRG/A/U"/>
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      <invstOrSec>
        <name>Urban-Gro Inc</name>
        <lei>875500E2RDVCV5RN8835</lei>
        <title>Urban-Gro Inc</title>
        <cusip>91704K202</cusip>
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          <isin value="US91704K2024"/>
          <ticker value="UGRO"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS PLANET 13 HOLDINGS</title>
        <cusip>000000000</cusip>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>Planet 13 Holdings Inc</issuerName>
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                  <ticker value="PLTH"/>
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        <securityLending>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS VAPEN MJ VENTURES</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="VEXTFNOM"/>
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        <valUSD>-14779.47000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
        <name>Innovative Industrial Properti</name>
        <lei>5493008BQ0545EZXRR30</lei>
        <title>Innovative Industrial Properties Inc</title>
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        <name>COWEN INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS CRESCO LABS</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>Cresco Labs Inc</issuerName>
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                  <ticker value="CL"/>
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        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS TRULIEVE CANNABIS CORPORATION</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                  <ticker value="TCNNF"/>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS GREEN THUMB INDUSTRIES</title>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-796349.12000000</valUSD>
        <pctVal>-0.23057650790</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
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                <issuerName>GREEN THUMB INDUSTRIES INC/CA</issuerName>
                <issueTitle>GREEN THUMB INDUSTRIES INC/CA</issueTitle>
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                  <cusip value="39342L108"/>
                  <isin value="CA39342L1085"/>
                  <ticker value="GTBIF"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GREEN THUMB INDUSTRIES" floatingRtSpread="0.00000000" pmntAmt="-90167834.25000000">
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS GOODNESS GROWTH HOLDINGS</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="GDNSFNOM"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
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        <valUSD>80598.62000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS CURALEAF HLD INC</title>
        <cusip>000000000</cusip>
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        <balance>1.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS GLASS HOUSE BRANDS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="GLASFNOM"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-976378.53000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>COWEN INC.</counterpartyName>
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                <issuerName>GLASS HOUSE BRANDS INC</issuerName>
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      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS AYR WELLNESS INC</title>
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          <other otherDesc="INTERNAL" value="AYRWFTRS"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS 4FRONT VENTURES CORP</title>
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          <other otherDesc="INTERNAL" value="FFNTFNOM"/>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS CURALEAF HOLDINGS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="CURLFNOM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4883371.01000000</valUSD>
        <pctVal>1.413940953781</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Curaleaf Holdings Inc</issuerName>
                <issueTitle>Curaleaf Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="23126M102"/>
                  <isin value="CA23126M1023"/>
                  <ticker value="CURLF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CURALEAF HOLDINGS" floatingRtSpread="0.00000000" pmntAmt="-64079000.70000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2023-09-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>22405245.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4883371.01000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS MARIMED INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="MRMDNOM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5872.07000000</valUSD>
        <pctVal>0.001700210825</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>NOMURA INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>DGQCSV2PHVF7I2743539</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARIMED INC</issuerName>
                <issueTitle>MARIMED INC</issueTitle>
                <identifiers>
                  <cusip value="56782V107"/>
                  <isin value="US56782V1070"/>
                  <ticker value="MRMD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="MARIMED INC" floatingRtSpread="0.00000000" pmntAmt="-789750.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-11-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1950000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5872.07000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIV Capital Inc</name>
        <lei>N/A</lei>
        <title>RIV Capital Inc</title>
        <cusip>768014102</cusip>
        <identifiers>
          <isin value="CA7680141024"/>
          <ticker value="RIV"/>
          <other otherDesc="SEDOL" value="BMFBP84"/>
        </identifiers>
        <balance>4294850.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32325000"/>
        <valUSD>373253.54000000</valUSD>
        <pctVal>0.108072572259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK TREASURY TRUST</name>
        <lei>N/A</lei>
        <title>BLACKROCK TREASURY TRUST</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="X9USDBLYT"/>
        </identifiers>
        <balance>46691522.14000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46691522.14000000</valUSD>
        <pctVal>13.51915617571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS GRAMF TPCO HOLD CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="GRAMFNOM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>19281.98000000</valUSD>
        <pctVal>0.005582942835</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>NOMURA INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>DGQCSV2PHVF7I2743539</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TPCO Holding Corp</issuerName>
                <issueTitle>TPCO Holding Corp</issueTitle>
                <identifiers>
                  <cusip value="87270T106"/>
                  <isin value="CA87270T1066"/>
                  <ticker value="GRAMF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GRAMF TPCO HOLD CORP" floatingRtSpread="0.00000000" pmntAmt="-705064.78000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2023-09-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4548805.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>19281.98000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS JUSHI HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="JUSHFNOM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>41667.19000000</valUSD>
        <pctVal>0.012064401056</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Jushi Holdings Inc</issuerName>
                <issueTitle>JUSHI HOLDINGS INC-B SUB VOT</issueTitle>
                <identifiers>
                  <cusip value="48213Y107"/>
                  <isin value="CA48213Y1079"/>
                  <ticker value="JUSH"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="JUSHI HOLDINGS INC" floatingRtSpread="0.00000000" pmntAmt="-6896609.12000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-11-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>14525293.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>41667.19000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hempfusion Wellness Inc</name>
        <lei>549300IKC8T8NTH4GY17</lei>
        <title>Hempfusion Wellness Inc</title>
        <cusip>423821107</cusip>
        <identifiers>
          <isin value="CA4238211078"/>
          <ticker value="CBDHF"/>
        </identifiers>
        <balance>7964631.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7.96000000</valUSD>
        <pctVal>0.000002304754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS GLASS HOUSE BRANDS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="GLASFTRS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-24800.00000000</valUSD>
        <pctVal>-0.00718064131</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>NOMURA INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>DGQCSV2PHVF7I2743539</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GLASS HOUSE BRANDS INC</issuerName>
                <issueTitle>GLASS HOUSE BRANDS INC</issueTitle>
                <identifiers>
                  <cusip value="377130406"/>
                  <isin value="CA3771304068"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GLASS HOUSE BRANDS" floatingRtSpread="0.00000000" pmntAmt="-187000.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2023-09-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>50000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-24800.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COWEN INC.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>TRS LOWELL FARMS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="LOWLFNOM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1778.53000000</valUSD>
        <pctVal>-0.00051495911</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>COWEN INC.</counterpartyName>
              <counterpartyLei>5493008QI0EFC5WBED75</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LOWELL FARMS INC</issuerName>
                <issueTitle>LOWELL FARMS INC</issueTitle>
                <identifiers>
                  <cusip value="547572107"/>
                  <isin value="CA5475721075"/>
                  <ticker value="LOWL"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="LOWELL FARMS INC" floatingRtSpread="0.00000000" pmntAmt="-178516.31000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-11-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5014503.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1778.53000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA INTERNATIONAL PLC</name>
        <lei>DGQCSV2PHVF7I2743539</lei>
        <title>TRS JUSHI HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="JUSHFTRS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-335.00000000</valUSD>
        <pctVal>-0.00009699656</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>NOMURA INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>DGQCSV2PHVF7I2743539</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Jushi Holdings Inc</issuerName>
                <issueTitle>JUSHI HOLDINGS INC-B SUB VOT</issueTitle>
                <identifiers>
                  <cusip value="48213Y107"/>
                  <isin value="CA48213Y1079"/>
                  <ticker value="JUSH"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="JUSHI HOLDINGS INC" floatingRtSpread="0.00000000" pmntAmt="-24335.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-09-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>50000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-335.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-08-17</ncom:dateSigned>
      <ncom:nameOfApplicant>AdvisorShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Dan Ahrens</ncom:signature>
      <ncom:signerName>Dan Ahrens</ncom:signerName>
      <ncom:title>Secretary and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
