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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Dummy ID" value="HSB25501"/>
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        <curCd>USD</curCd>
        <valUSD>171000.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="CYYGQCGNHMHPSMRL3R97" name="HSBC SECURITIES (USA), INC."/>
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              <invstCat>UST</invstCat>
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      <invstOrSec>
        <name>Zevra Therapeutics Inc</name>
        <lei>254900CU6T74V18Y1W18</lei>
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          <isin value="US4884452065"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Esperion Therapeutics Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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          <other otherDesc="Dummy ID" value="RBC25501"/>
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        <curCd>USD</curCd>
        <valUSD>46000.00000000</valUSD>
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        <assetCat>RA</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="ROYAL BANK OF CANADA"/>
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            <repurchaseCollateral>
              <principalAmt>46000.00000000</principalAmt>
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      <invstOrSec>
        <name>Omeros Corp</name>
        <lei>549300CJWLXX2MXVVV71</lei>
        <title>Omeros Corp. </title>
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          <isin value="US6821431029"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co. </title>
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          <isin value="US5324571083"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Amphastar Pharmaceuticals Inc</name>
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          <isin value="US03209R1032"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Viatris Inc</name>
        <lei>254900ZZTSW7NL773X71</lei>
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          <isin value="US92556V1061"/>
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        <valUSD>74929.58000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PHPIX_SPSIPH_UBS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="1076USWPS"/>
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        <balance>-77.00000000</balance>
        <units>OU</units>
        <curCd>USD</curCd>
        <valUSD>-5005.20000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS SECURITIES LLC</counterpartyName>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.00800000" pmntAmt="-77.00000000">
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            <unrealizedAppr>-5005.20000000</unrealizedAppr>
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      <invstOrSec>
        <name>Zoetis Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
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          <isin value="US98978V1035"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Merck &amp; Co., Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc. </title>
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          <isin value="US58933Y1055"/>
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        <curCd>USD</curCd>
        <valUSD>75061.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Edgewise Therapeutics Inc.</name>
        <lei>N/A</lei>
        <title>Edgewise Therapeutics, Inc. </title>
        <cusip>28036F105</cusip>
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          <isin value="US28036F1057"/>
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        <balance>3082.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50544.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Supernus Pharmaceuticals, Inc</name>
        <lei>549300GRM36VBKISYJ58</lei>
        <title>Supernus Pharmaceuticals, Inc. </title>
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        <identifiers>
          <isin value="US8684591089"/>
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        <balance>1370.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44497.60000000</valUSD>
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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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        <name>Ocular Therapeutix Inc</name>
        <lei>529900ABAWFXOHSIHG03</lei>
        <title>OCULAR THERAPEUTIX </title>
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          <isin value="US67576A1007"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>NATWEST MARKETS PLC  4.23 , 5/01/2025</title>
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          <other otherDesc="Dummy ID" value="NTM25501"/>
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        <name>N/A</name>
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          <other otherDesc="Dummy ID" value="1076GSWPL"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>GOLDMAN SACHS GROUP, INC.</counterpartyName>
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      <invstOrSec>
        <name>CorMedix Inc.</name>
        <lei>5299006YIA3L0MBW8358</lei>
        <title>CorMedix Inc </title>
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        <name>Nuvation Bio Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Dummy ID" value="1076USWPL"/>
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        <isRestrictedSec>N</isRestrictedSec>

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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>EyePoint Pharmaceuticals Inc.</name>
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          <isin value="US30233G2093"/>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <valUSD>64000.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Elanco Animal Health Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Dummy ID" value="SOC25501"/>
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        <valUSD>180000.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Corcept Therapeutics Inc.</name>
        <lei>529900EO9LUTFMZ7FF90</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Royalty Pharma PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma PLC </title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Prestige Consumer Healthcare Inc</name>
        <lei>N/A</lei>
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        <valUSD>76031.28000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
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          <isin value="US7170811035"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Dummy ID" value="1076GSWPS"/>
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        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>GOLDMAN SACHS GROUP, INC.</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>ANI Pharmaceuticals Inc.</name>
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      <invstOrSec>
        <name>Jazz Pharmaceuticals PLC</name>
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        <title>Jazz Pharmaceuticals PLC </title>
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      </invstOrSec>
      <invstOrSec>
        <name>Xeris Biopharma Holdings Inc</name>
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        <name>Phibro Animal Health Corporation</name>
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    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Pharmaceuticals UltraSector ProFund</ncom:nameOfApplicant>
      <ncom:signature>Rebecca Colvin </ncom:signature>
      <ncom:signerName>Rebecca Colvin </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
