(null)


  
    NPORT-P
    false
    
      
      
        
          0001408970
          XXXXXXXX
        
      
      
      
      
        S000072085
        C000227806
      
      
    
  
  
    
      AdvisorShares Trust
      811-22110
      0001408970
      549300K5KGUMX2I7WM68
      4800 Montgomery Lane
      Suite 150
      Bethesda
      
      20814
      877-843-3831
      AdvisorShares Psychedelics ETF
      S000072085
      5493006JP686ZK0LV692
      2022-06-30
      2022-03-31
      N
    
    
      8196216.75
      1151315.64
      7044901.11
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      302.00000000
      
        
        
        
        
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        ATAI Life Sciences NV
        391200Z8UWPJSNBNCA11
        ATAI Life Sciences NV
        000000000
        
          
          
        
        120027.00000000
        NS
        USD
        610937.43000000
        8.672051182276
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Seelos Therapeutics Inc
        5493009HV8O6R1WGZ132
        Seelos Therapeutics Inc
        81577F109
        
          
          
        
        358796.00000000
        NS
        USD
        300599.29000000
        4.266905742272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS TRYP THERAPEUTICS INC
        000000000
        
          
        
        1.00000000
        NC
        USD
        13521.04000000
        0.191926611727
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                TRYP THERAPEUTICS INC
                TRYP THERAPEUTICS INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            39074.00000000
            USD
            0.00000000
            USD
            140000.00000000
            USD
            -25552.96000000
          
        
        
          N
          N
          N
        
      
      
        FSD Pharma Inc
        529900Z3CEEEN7U9B668
        FSD Pharma Inc
        35954B206
        
          
          
        
        170431.00000000
        NS
        USD
        147525.07000000
        2.094068712910
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        HSBC SECURITIES USA INC
        000000000
        
          
        
        19405.00000000
        PA
        USD
        19405.00000000
        0.275447443434
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.29500000
          2022-04-01
          
            
              23457.72256042
              USD
              19793.10003558
              USD
              UST
            
          
        
        
          
          N
          N
        
      
      
        Greenbrook TMS Inc
        N/A
        Greenbrook TMS Inc
        393704309
        
          
          
        
        103562.00000000
        NS
        USD
        389393.12000000
        5.527304271840
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS RED LIGHT HOLLAND
        000000000
        
          
        
        1.00000000
        NC
        USD
        10997.51000000
        0.156105952777
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                RED LIGHT HOLLAND CORP
                RED LIGHT HOLLAND CORP
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            19987.50000000
            USD
            0.00000000
            USD
            125000.00000000
            USD
            -8989.99000000
          
        
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS OPTIMI HEALTH CORP
        000000000
        
          
        
        1.00000000
        NC
        USD
        10042.62000000
        0.142551610635
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                OPTIMI HEALTH CORP
                OPTIMI HEALTH CORP
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            21688.00000000
            USD
            0.00000000
            USD
            40000.00000000
            USD
            -11645.38000000
          
        
        
          N
          N
          N
        
      
      
        BOFA SECURITIES, INC.
        549300HN4UKV1E2R3U73
        BOFA SECURITIES INC
        000000000
        
          
        
        249000.00000000
        PA
        USD
        249000.00000000
        3.534471188623
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.30000000
          2022-04-01
          
            
              352207.71260461
              USD
              253980.00001532
              USD
              AMBS
            
          
        
        
          
          N
          N
        
      
      
        GH Research PLC
        875500HKJS7QQG6EWH62
        GH Research PLC
        000000000
        
          
          
        
        19374.00000000
        NS
        USD
        354350.46000000
        5.029885508215
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          
        
      
      
        Mind Medicine MindMed Inc
        549300QY8KN1O6RPFJ13
        Mind Medicine MindMed Inc
        60255C109
        
          
          
        
        649168.00000000
        NS
        USD
        720576.48000000
        10.22834059341
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS EMPOWER CLINICS
        000000000
        
          
        
        1.00000000
        NC
        USD
        16186.88000000
        0.229767313227
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                EMPOWER CLINICS INC
                EMPOWER CLINICS INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            30267.00000000
            USD
            0.00000000
            USD
            90000.00000000
            USD
            -14080.12000000
          
        
        
          N
          N
          N
        
      
      
        Bright Minds Biosciences Inc
        N/A
        Bright Minds Biosciences Inc
        10919W108
        
          
          
        
        206716.00000000
        NS
        USD
        314208.32000000
        4.460081342433
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS WESANA HEALTH HOLDINGS
        000000000
        
          
        
        1.00000000
        NC
        USD
        56390.70000000
        0.800447005848
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                WESANA HEALTH HOLDINGS INC
                WESANA HEALTH HOLDINGS INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            134190.00000000
            USD
            0.00000000
            USD
            71000.00000000
            USD
            -77799.30000000
          
        
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS BETTERLIFE PHARMA
        000000000
        
          
        
        1.00000000
        NC
        USD
        13651.15000000
        0.193773479383
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                BETTERLIFE PHARMA INC
                BETTERLIFE PHARMA INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            24937.00000000
            USD
            0.00000000
            USD
            110000.00000000
            USD
            -11285.85000000
          
        
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS MINDSET PHARMA INC
        000000000
        
          
        
        1.00000000
        NC
        USD
        59246.85000000
        0.840989093741
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                MINDSET PHARMA INC
                MINDSET PHARMA INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            76700.00000000
            USD
            0.00000000
            USD
            130000.00000000
            USD
            -17453.15000000
          
        
        
          N
          N
          N
        
      
      
        Cybin Inc
        549300NTYWN4CVYSCN32
        Cybin Inc
        23256X100
        
          
          
        
        906699.00000000
        NS
        USD
        740773.08000000
        10.51502453240
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS MIND CURE HEALTH
        000000000
        
          
        
        1.00000000
        NC
        USD
        7656.78000000
        0.108685414890
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                MIND CURE HEALTH INC
                MIND CURE HEALTH INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            30394.00000000
            USD
            0.00000000
            USD
            130000.00000000
            USD
            -22737.22000000
          
        
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS REVIVE THERAPEUTICS
        000000000
        
          
        
        1.00000000
        NC
        USD
        22901.70000000
        0.325081922973
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                REVIVE THERAPEUTICS LTD
                REVIVE THERAPEUTICS LTD
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            60720.00000000
            USD
            0.00000000
            USD
            160000.00000000
            USD
            -37818.30000000
          
        
        
          N
          N
          N
        
      
      
        BLACKROCK TREASURY TRUST
        N/A
        BLACKROCK TREASURY TRUST
        000000000
        
          
        
        631599.44000000
        NS
        USD
        631599.44000000
        8.965341459562
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PsyBio Therapeutics Corp
        549300KO32JSWBZIZP18
        PsyBio Therapeutics Corp
        693697104
        
          
          
        
        2583122.00000000
        NS
        USD
        243588.40000000
        3.457655348124
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enveric Biosciences Inc
        549300CATCWKUQ6G5854
        Enveric Biosciences Inc
        29405E109
        
          
          
        
        922371.00000000
        NS
        USD
        304382.43000000
        4.320606141198
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Compass Pathways Plc
        213800N7CUZIC6QSTZ31
        Compass Pathways Plc
        20451W101
        
          
          
        
        52228.00000000
        NS
        USD
        673218.92000000
        9.556115969383
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS NOVAMIND INC
        000000000
        
          
        
        1.00000000
        NC
        USD
        10104.08000000
        0.143424014648
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                NOVAMIND INC
                NOVAMIND INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            27600.00000000
            USD
            0.00000000
            USD
            40000.00000000
            USD
            -17495.92000000
          
        
        
          N
          N
          N
        
      
      
        Field Trip Health Ltd
        N/A
        Field Trip Health Ltd
        31656R102
        
          
          
        
        355075.00000000
        NS
        USD
        475800.50000000
        6.753827946919
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS MYDECINE INNOVATIONS
        000000000
        
          
        
        1.00000000
        NC
        USD
        27938.84000000
        0.396582429813
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                MYDECINE INNOVATIONS GROUP INC
                MYDECINE INNOVATIONS GROUP I
                
                  
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            93633.00000000
            USD
            0.00000000
            USD
            345000.00000000
            USD
            -65694.16000000
          
        
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS HAVN LIFE SCIENCES
        000000000
        
          
        
        1.00000000
        NC
        USD
        5291.68000000
        0.075113616463
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                HAVN LIFE SCIENCES INC
                HAVN LIFE SCIENCES INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            19090.00000000
            USD
            0.00000000
            USD
            100000.00000000
            USD
            -13798.32000000
          
        
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS CORE ONE LABS INC NE
        000000000
        
          
        
        1.00000000
        NC
        USD
        63856.88000000
        0.906426917893
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                CORE ONE LABS INC
                CORE ONE LABS INC
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            99945.00000000
            USD
            0.00000000
            USD
            90000.00000000
            USD
            -36088.12000000
          
        
        
          N
          N
          N
        
      
      
        DAIWA CAPITAL MARKETS AMERICA INC.
        M67H5PRC0NQKM73ZAS82
        DAIWA CAPITAL MARKETS AMERICA
        000000000
        
          
        
        249000.00000000
        PA
        USD
        249000.00000000
        3.534471188623
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.30000000
          2022-04-01
          
            
              141443.76323974
              USD
              139823.17890888
              USD
              UST
            
            
              253517.69249000
              USD
              114156.82108946
              USD
              AMBS
            
          
        
        
          
          N
          N
        
      
      
        Numinus Wellness Inc
        894500HQ7NI16XOI3241
        Numinus Wellness Inc
        67054W103
        
          
          
        
        857147.00000000
        NS
        USD
        359144.59000000
        5.097936569900
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        COWEN INC.
        5493008QI0EFC5WBED75
        TRS PSYCHED WELLNESS
        000000000
        
          
        
        1.00000000
        NC
        USD
        17765.85000000
        0.252180260909
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              COWEN INC.
              5493008QI0EFC5WBED75
            
            
              
                PSYCHED WELLNESS LTD
                PSYCHED WELLNESS LTD
                
                  
                  
                
              
            
            Y
            
            
              
                
              
            
            2022-12-19
            23200.00000000
            USD
            0.00000000
            USD
            160000.00000000
            USD
            -5434.15000000
          
        
        
          N
          N
          N
        
      
      
        Small Pharma Inc
        N/A
        Small Pharma Inc
        831664107
        
          
          
        
        2030937.00000000
        NS
        USD
        356632.54000000
        5.062278865685
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        RBC DOMINION SECURITIES INC.
        549300QJJX6CVVUXLE15
        RBC DOMINION SECURITIES INC
        000000000
        
          
        
        249000.00000000
        PA
        USD
        249000.00000000
        3.534471188623
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.30000000
          2022-04-01
          
            
              186584.90746667
              USD
              137834.86611195
              USD
              UST
            
            
              342380.12641200
              USD
              116145.13652634
              USD
              AMBS
            
          
        
        
          
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      AdvisorShares Trust
      Dan Ahrens
      Dan Ahrens
      Secretary and Treasurer
    
  
  XXXX

ADVISORSHARES PSYCHEDELICS ETF

Schedule of Investments

March 31, 2022 (Unaudited)

Investments	Shares/ Principal		Value
COMMON STOCKS – 85.0%

Biotechnology – 56.0%
ATAI Life Sciences NV (Germany)*		120,027	$	610,937
Bright Minds Biosciences, Inc. (Canada)*^(a)		206,716		314,208
Cybin, Inc. (Canada)*^(a)		906,699		740,773
Enveric Biosciences, Inc.*		922,371		304,383
GH Research PLC (Ireland)*^(a)		19,374		354,351
Mind Medicine MindMed, Inc.*		649,168		720,577
PsyBio Therapeutics Corp.*		2,583,122		243,588
Seelos Therapeutics, Inc.*		358,796		300,599
Small Pharma, Inc. (Canada)*		2,030,937		356,633
Total Biotechnology				3,946,049

Healthcare - Services – 17.4%
Field Trip Health Ltd. (Canada)*^(a)		355,075		475,800
Greenbrook TMS, Inc. (Canada)*		103,562		389,393
Numinus Wellness, Inc. (Canada)*		857,147		359,145
Total Healthcare - Services				1,224,338

Pharmaceuticals – 11.6%
Compass Pathways PLC (United Kingdom)*^(b)		52,228		673,219
FSD Pharma, Inc., Class B (Canada)*		170,431		147,525
Total Pharmaceuticals				820,744

Total Common Stocks
(Cost $10,768,039)				5,991,131

MONEY MARKET FUND – 9.0%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 0.17%^(c)
(Cost $631,599)		631,599		631,599

REPURCHASE AGREEMENTS – 10.9%^(d)
BofA Securities, Inc., dated 03/31/22, due 04/01/22, 0.30%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 2.00%-4.00%, 02/01/36-03/01/52, totaling $253,980)	$	249,000		249,000
Daiwa Capital Markets America, dated 03/31/22, due 04/01/22, 0.30%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-6.50%, 04/05/22-04/01/52, totaling $253,980)		249,000		249,000
HSBC Securities USA, Inc., dated 03/31/22, due 04/01/22, 0.30%, total to be received $19,405, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.25%, 08/15/22-08/15/50, totaling $19,793)		19,405		19,405
RBC Dominion Securities, Inc., dated 03/31/22, due 04/01/22, 0.30%, total to be received $249,002, (collateralized by various U.S. Government Agency Obligations, 0.00%-5.50%, 04/26/22-03/20/52, totaling $253,980)		249,000		249,000

Total Repurchase Agreements
(Cost $766,405)				766,405

Total Investments – 104.9%
(Cost $12,166,043)				7,389,135
Liabilities in Excess of Other Assets – (4.9%)				(344,243	)
Net Assets – 100.0%			$	7,044,892

PLC - Public Limited Company

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of the securities on loan is $688,150; the aggregate market value of the collateral held by the fund is $766,405.
(b)	American Depositary Receipt.
(c)	Rate shown reflects the 7-day yield as of March 31, 2022.
(d)	Collateral received from brokers for securities lending was invested in these short-term investments.

ADVISORSHARES PSYCHEDELICS ETF

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

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

Fair Value Measurements

The following is a summary of the inputs used, as of March 31, 2022, in valuing the Fund’s assets and liabilities carried at fair value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	5,991,131	$	–	$	–	$	5,991,131
Money Market Fund		631,599		–		–		631,599
Repurchase Agreements		–		766,405		–		766,405
Total	$	6,622,730	$	766,405	$	–	$	7,389,135

Liabilities		Level 1				Level 2				Level 3				Total
Swaps^†		$	–			$	(365,581	)		$	–			$	(365,581	)

†

Derivative instruments, including swap contracts, are valued at the net unrealized gain (loss) on the instrument.

SUMMARY OF SCHEDULE OF INVESTMENTS

	% of
	Net Assets
Biotechnology		56.0	%
Healthcare - Services		17.4
Pharmaceuticals		11.6
Money Market Fund		9.0
Repurchase Agreements		10.9
Total Investments		104.9
Liabilities in Excess of Other Assets		(4.9	)
Net Assets		100.0	%

ADVISORSHARES PSYCHEDELICS ETF

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

Total Return Swap contracts outstanding as of March 31, 2022:

Reference Entity	Annual Financing Rate Paid	Payment Frequency	Termination Date	Notional Amounts		Fair Value		Unrealized Appreciation/ (Depreciation)
Betterlife Pharma	—	—	9/19/2022	$	24,937	$	13,662	$	(11,275	)
Core One Labs	—	—	9/19/2022		99,946		63,900		(36,046	)
Empower Clinics	—	—	9/19/2022		30,269		16,200		(14,069	)
Haven Life Sciences	—	—	9/19/2022		19,091		5,300		(13,791	)
Mindcure Health	—	—	9/19/2022		30,395		7,670		(22,725	)
Mindset Pharma	—	—	9/19/2022		76,701		59,280		(17,421	)
Mydecine Innovations	—	—	9/19/2022		93,635		27,980		(65,655	)
Novamind	—	—	9/19/2022		27,600		10,116		(17,484	)
Optimi Health	—	—	9/19/2022		21,688		10,052		(11,636	)
Psyched Wellness	—	—	9/19/2022		23,200		17,776		(5,424	)
Red Light Holland	—	—	9/19/2022		19,988		11,006		(8,982	)
Revive Therapeutics	—	—	9/19/2022		60,721		22,928		(37,793	)
Tryp Therapeutics	—	—	9/19/2022		39,075		13,538		(25,537	)
Wesana Health	—	—	9/19/2022		134,192		56,449		(77,743	)
Net Unrealized Depreciation								$	(365,581	)

Cowen acts as the counterparty to the total return swap contracts listed above. The Fund either receives fees from, or pays fees to, the counterparty, depending upon the total return of the benchmark, and the agreed-upon floating financing rate. As of March 31, 2022, cash in the amount of $701,426 has been segregated as collateral from the broker for Swap contracts.