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        <name>Ironwood Pharmaceuticals, Inc.</name>
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      <invstOrSec>
        <name>Corbus Pharmaceuticals Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Novocure Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Denali Therapeutics, Inc.</name>
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      <invstOrSec>
        <name>Zai Lab Ltd.</name>
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        <title>Zai Lab Ltd.</title>
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          <isin value="US98887Q1040"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Eidos Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Momenta Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Collegium Pharmaceutical, Inc.</name>
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        <name>Myriad Genetics, Inc.</name>
        <lei>52990044IHUOUMETT163</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Axsome Therapeutics, Inc.</name>
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        <name>Akcea Therapeutics, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Incyte Corp.</name>
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        <title>Incyte Corp.</title>
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          <isin value="US45337C1027"/>
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        <name>Tricida, Inc.</name>
        <lei>549300QVPFFJC8SZXG25</lei>
        <title>Tricida, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>AMAG Pharmaceuticals, Inc.</name>
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        <name>Supernus Pharmaceuticals, Inc.</name>
        <lei>549300GRM36VBKISYJ58</lei>
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        <name>Chiasma, Inc.</name>
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        <name>Luminex Corp.</name>
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        <name>N/A</name>
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        <name>Genmab A/S</name>
        <lei>529900MTJPDPE4MHJ122</lei>
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        <name>Galapagos NV</name>
        <lei>549300QKJ78IY0IOV655</lei>
        <title>Galapagos NV</title>
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        <name>Ionis Pharmaceuticals, Inc.</name>
        <lei>549300SI4ZGLG0BLUZ92</lei>
        <title>Ionis Pharmaceuticals, Inc.</title>
        <cusip>462222100</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>Regeneron Pharmaceuticals, Inc.</title>
        <cusip>75886F107</cusip>
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        <name>Sage Therapeutics, Inc.</name>
        <lei>5493000JX4BJS9W6CN35</lei>
        <title>Sage Therapeutics, Inc.</title>
        <cusip>78667J108</cusip>
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        <name>Esperion Therapeutics, Inc.</name>
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        <name>Radius Health, Inc.</name>
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        <name>Precision BioSciences, Inc.</name>
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        <name>WaVe Life Sciences Ltd.</name>
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        <name>SIGA Technologies, Inc.</name>
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        <name>Mirati Therapeutics, Inc.</name>
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        <name>Insmed, Inc.</name>
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        <name>Horizon Therapeutics plc</name>
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        <name>Endo International plc</name>
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        <name>BeiGene Ltd.</name>
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        <name>Apellis Pharmaceuticals, Inc.</name>
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        <name>Gossamer Bio, Inc.</name>
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        <name>MannKind Corp.</name>
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        <name>Omeros Corp.</name>
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        <title>Omeros Corp.</title>
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        <name>Voyager Therapeutics, Inc.</name>
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      <invstOrSec>
        <name>Editas Medicine, Inc.</name>
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      <invstOrSec>
        <name>Karuna Therapeutics, Inc.</name>
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        <name>Alexion Pharmaceuticals, Inc.</name>
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        <name>Reata Pharmaceuticals, Inc.</name>
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          <isin value="US75615P1030"/>
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      <invstOrSec>
        <name>Agios Pharmaceuticals, Inc.</name>
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          <isin value="US00847X1046"/>
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        <name>Avrobio, Inc.</name>
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        <name>Inovio Pharmaceuticals, Inc.</name>
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        <name>Gilead Sciences, Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>Gilead Sciences, Inc.</title>
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          <isin value="US3755581036"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MeiraGTx Holdings plc</name>
        <lei>54930007YV6NYIOGFZ57</lei>
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        <balance>6684.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Syros Pharmaceuticals, Inc.</name>
        <lei>549300512PURS7IGVT96</lei>
        <title>Syros Pharmaceuticals, Inc.</title>
        <cusip>87184Q107</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Amarin Corp. plc</name>
        <lei>5493009JFIGUFEVPK217</lei>
        <title>Amarin Corp. plc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Eagle Pharmaceuticals, Inc.</name>
        <lei>549300TN20OLYTJVP152</lei>
        <title>Eagle Pharmaceuticals, Inc.</title>
        <cusip>269796108</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Cytokinetics, Inc.</name>
        <lei>549300BE5DY1HW7IHA64</lei>
        <title>Cytokinetics, Inc.</title>
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        <name>ImmunoGen, Inc.</name>
        <lei>54930084U0R1OP766Y02</lei>
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        <name>BioDelivery Sciences International, Inc.</name>
        <lei>529900YQ5QSV2ZNM2W45</lei>
        <title>BioDelivery Sciences International, Inc.</title>
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        <name>CRISPR Therapeutics AG</name>
        <lei>506700O6IRRIQLT3W370</lei>
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        <name>N/A</name>
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        <name>Sangamo Therapeutics, Inc.</name>
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        <name>TherapeuticsMD, Inc.</name>
        <lei>5299004JS7RE49QHRW30</lei>
        <title>TherapeuticsMD, Inc.</title>
        <cusip>88338N107</cusip>
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        <name>Twist Bioscience Corp.</name>
        <lei>549300T23BL59LCOH584</lei>
        <title>Twist Bioscience Corp.</title>
        <cusip>90184D100</cusip>
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        <invCountry>US</invCountry>
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        <name>Veracyte, Inc.</name>
        <lei>529900ESWZRHXOW27Z37</lei>
        <title>Veracyte, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>UNITY Biotechnology, Inc.</name>
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        <name>Compugen Ltd.</name>
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        <name>ChemoCentryx, Inc.</name>
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        <name>Aerie Pharmaceuticals, Inc.</name>
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        <name>Iovance Biotherapeutics, Inc.</name>
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        <name>PetIQ, Inc.</name>
        <lei>549300GROACFGKVYOX14</lei>
        <title>PetIQ, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Dicerna Pharmaceuticals, Inc.</name>
        <lei>549300CTZMJMPH28WN39</lei>
        <title>Dicerna Pharmaceuticals, Inc.</title>
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        <balance>13224.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NanoString Technologies, Inc.</name>
        <lei>549300G4CK0Y3WRDMY89</lei>
        <title>NanoString Technologies, Inc.</title>
        <cusip>63009R109</cusip>
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          <isin value="US63009R1095"/>
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        <balance>6748.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amyris, Inc.</name>
        <lei>549300BG17WCUK6EIM58</lei>
        <title>Amyris, Inc.</title>
        <cusip>03236M200</cusip>
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          <isin value="US03236M2008"/>
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        <balance>36605.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pacira BioSciences, Inc.</name>
        <lei>N/A</lei>
        <title>Pacira BioSciences, Inc.</title>
        <cusip>695127100</cusip>
        <identifiers>
          <isin value="US6951271005"/>
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        <balance>7536.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>471150.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Akebia Therapeutics, Inc.</name>
        <lei>549300CBQEHMKEEGNX42</lei>
        <title>Akebia Therapeutics, Inc.</title>
        <cusip>00972D105</cusip>
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          <isin value="US00972D1054"/>
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        <balance>25272.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Moderna, Inc.</name>
        <lei>549300EI6OKH5K5Q2G38</lei>
        <title>Moderna, Inc.</title>
        <cusip>60770K107</cusip>
        <identifiers>
          <isin value="US60770K1079"/>
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        <balance>69514.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4510763.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>Global Blood Therapeutics, Inc.</name>
        <lei>549300U4G0QKK99GRT15</lei>
        <title>Global Blood Therapeutics, Inc.</title>
        <cusip>37890U108</cusip>
        <identifiers>
          <isin value="US37890U1088"/>
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        <balance>10902.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>ANI Pharmaceuticals, Inc.</name>
        <lei>5493000T6CXTND40YH31</lei>
        <title>ANI Pharmaceuticals, Inc.</title>
        <cusip>00182C103</cusip>
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          <isin value="US00182C1036"/>
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        <balance>2205.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>REGENXBIO, Inc.</name>
        <lei>549300EOES47LATSET33</lei>
        <title>REGENXBIO, Inc.</title>
        <cusip>75901B107</cusip>
        <identifiers>
          <isin value="US75901B1070"/>
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        <balance>6661.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203293.72000000</valUSD>
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        <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>ADMA Biologics, Inc.</name>
        <lei>N/A</lei>
        <title>ADMA Biologics, Inc.</title>
        <cusip>000899104</cusip>
        <identifiers>
          <isin value="US0008991046"/>
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        <balance>15447.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39389.85000000</valUSD>
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        <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>
          <loanByFundCondition isLoanByFund="Y" loanVal="38161.00000000"/>
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      <invstOrSec>
        <name>Osmotica Pharmaceuticals plc</name>
        <lei>549300UFONE2USNRQ615</lei>
        <title>Osmotica Pharmaceuticals plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BF2HDL56"/>
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        <balance>10535.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62577.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enanta Pharmaceuticals, Inc.</name>
        <lei>529900SSN4DODDQSN594</lei>
        <title>Enanta Pharmaceuticals, Inc.</title>
        <cusip>29251M106</cusip>
        <identifiers>
          <isin value="US29251M1062"/>
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        <balance>3580.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186840.20000000</valUSD>
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        <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>Amicus Therapeutics, Inc.</name>
        <lei>549300MRD1SMUTNBPQ53</lei>
        <title>Amicus Therapeutics, Inc.</title>
        <cusip>03152W109</cusip>
        <identifiers>
          <isin value="US03152W1099"/>
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        <balance>46094.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>672972.40000000</valUSD>
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        <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>Atara Biotherapeutics, Inc.</name>
        <lei>549300WBXUXZRE03MS38</lei>
        <title>Atara Biotherapeutics, Inc.</title>
        <cusip>046513107</cusip>
        <identifiers>
          <isin value="US0465131078"/>
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        <balance>12805.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172611.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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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      <invstOrSec>
        <name>Retrophin, Inc.</name>
        <lei>N/A</lei>
        <title>Retrophin, Inc.</title>
        <cusip>761299106</cusip>
        <identifiers>
          <isin value="US7612991064"/>
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        <balance>8883.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174017.97000000</valUSD>
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        <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>Evolus, Inc.</name>
        <lei>549300VYQRYBQOT8V419</lei>
        <title>Evolus, Inc.</title>
        <cusip>30052C107</cusip>
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          <isin value="US30052C1071"/>
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        <balance>6034.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23291.24000000</valUSD>
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        <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>
          <loanByFundCondition isLoanByFund="Y" loanVal="19038.44000000"/>
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      <invstOrSec>
        <name>Athenex, Inc.</name>
        <lei>5493001V4L0Q5EPPOH52</lei>
        <title>Athenex, Inc.</title>
        <cusip>04685N103</cusip>
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          <isin value="US04685N1037"/>
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        <balance>14602.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>167776.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Precigen, Inc.</name>
        <lei>549300XCWNQU35K64G19</lei>
        <title>Precigen, Inc.</title>
        <cusip>74017N105</cusip>
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        <balance>30593.00000000</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>Prevail Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Prevail Therapeutics, Inc.</title>
        <cusip>74140Y101</cusip>
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          <isin value="US74140Y1010"/>
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        <balance>6117.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Grifols SA</name>
        <lei>959800HSSNXWRKBK4N60</lei>
        <title>Grifols SA</title>
        <cusip>398438408</cusip>
        <identifiers>
          <isin value="US3984384087"/>
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        <balance>22754.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>364746.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alnylam Pharmaceuticals, Inc.</name>
        <lei>529900S3ZI14OWRJII50</lei>
        <title>Alnylam Pharmaceuticals, Inc.</title>
        <cusip>02043Q107</cusip>
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        <balance>20541.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2724558.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rigel Pharmaceuticals, Inc.</name>
        <lei>529900KPTNUS5J8K9K66</lei>
        <title>Rigel Pharmaceuticals, Inc.</title>
        <cusip>766559603</cusip>
        <identifiers>
          <isin value="US7665596034"/>
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        <balance>30157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>75090.93000000</valUSD>
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        <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>Aimmune Therapeutics, Inc.</name>
        <lei>549300WDF7T2EVBC1877</lei>
        <title>Aimmune Therapeutics, Inc.</title>
        <cusip>00900T107</cusip>
        <identifiers>
          <isin value="US00900T1079"/>
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        <balance>11672.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>399415.84000000</valUSD>
        <pctVal>0.176374418973</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="129616.20000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162100</cusip>
        <identifiers>
          <isin value="US0311621009"/>
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        <balance>57367.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14532208.44000000</valUSD>
        <pctVal>6.417146150256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Cerus Corp.</name>
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      <invstOrSec>
        <name>ProQR Therapeutics NV</name>
        <lei>549300NGS2FJGGDBGS06</lei>
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        <cusip>N/A</cusip>
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          <isin value="NL0010872495"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Adaptive Biotechnologies Corp.</name>
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        <title>Adaptive Biotechnologies Corp.</title>
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      <invstOrSec>
        <name>Intercept Pharmaceuticals, Inc.</name>
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          <isin value="US45845P1084"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UroGen Pharma Ltd.</name>
        <lei>549300C0YCX7CG2G5D50</lei>
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          <isin value="IL0011407140"/>
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        <balance>3924.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EyePoint Pharmaceuticals, Inc.</name>
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          <isin value="US30233G1004"/>
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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>BioCryst Pharmaceuticals, Inc.</name>
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          <isin value="US09058V1035"/>
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      <invstOrSec>
        <name>Affimed NV</name>
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        <cusip>N/A</cusip>
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          <isin value="NL0010872420"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MacroGenics, Inc.</name>
        <lei>5493001KJQUA83L8MH79</lei>
        <title>MacroGenics, Inc.</title>
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          <isin value="US5560991094"/>
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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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      <invstOrSec>
        <name>Kodiak Sciences, Inc.</name>
        <lei>N/A</lei>
        <title>Kodiak Sciences, Inc.</title>
        <cusip>50015M109</cusip>
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          <isin value="US50015M1099"/>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>Halozyme Therapeutics, Inc.</name>
        <lei>529900242I3SV9AGM753</lei>
        <title>Halozyme Therapeutics, Inc.</title>
        <cusip>40637H109</cusip>
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          <isin value="US40637H1095"/>
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        <balance>24298.00000000</balance>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>resTORbio, Inc.</name>
        <lei>549300VRD2QO80WBOP18</lei>
        <title>resTORbio, Inc.</title>
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          <isin value="US76133L1035"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Aurinia Pharmaceuticals, Inc.</name>
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        <title>Aurinia Pharmaceuticals, Inc.</title>
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        <name>Epizyme, Inc.</name>
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        <name>N/A</name>
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        <name>Sarepta Therapeutics, Inc.</name>
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        <name>Allakos, Inc.</name>
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        <name>Deciphera Pharmaceuticals, Inc.</name>
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        <title>Deciphera Pharmaceuticals, Inc.</title>
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        <name>Vanda Pharmaceuticals, Inc.</name>
        <lei>529900AY8VOOQBKJ0O70</lei>
        <title>Vanda Pharmaceuticals, Inc.</title>
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        <name>Prothena Corp. plc</name>
        <lei>5299009ZXQ8NIIJ8OL30</lei>
        <title>Prothena Corp. plc</title>
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      <invstOrSec>
        <name>Protagonist Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Protagonist Therapeutics, Inc.</title>
        <cusip>74366E102</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PDL BioPharma, Inc.</name>
        <lei>FE4K0NQFI4D86DSOL165</lei>
        <title>PDL BioPharma, Inc.</title>
        <cusip>69329Y104</cusip>
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        <balance>20850.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Spectrum Pharmaceuticals, Inc.</name>
        <lei>549300COU30WSP3O5I07</lei>
        <title>Spectrum Pharmaceuticals, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arrowhead Pharmaceuticals, Inc.</name>
        <lei>549300O3CSB8T7OZ3D66</lei>
        <title>Arrowhead Pharmaceuticals, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orchard Therapeutics plc</name>
        <lei>21380056R45ONMT94Z50</lei>
        <title>Orchard Therapeutics plc</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OPKO Health, Inc.</name>
        <lei>529900A4S2D4OGOJLL02</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Syneos Health, Inc.</name>
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        <title>Syneos Health, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illumina, Inc.</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>Illumina, Inc.</title>
        <cusip>452327109</cusip>
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          <isin value="US4523271090"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Intra-Cellular Therapies, Inc.</name>
        <lei>5299002U2KGF193IJA20</lei>
        <title>Intra-Cellular Therapies, Inc.</title>
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          <isin value="US46116X1019"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rhythm Pharmaceuticals, Inc.</name>
        <lei>529900JPNWXQ8DPLA551</lei>
        <title>Rhythm Pharmaceuticals, Inc.</title>
        <cusip>76243J105</cusip>
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          <isin value="US76243J1051"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AC Immune SA</name>
        <lei>967600VLQ0ZC2HSOG765</lei>
        <title>AC Immune SA</title>
        <cusip>N/A</cusip>
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          <isin value="CH0329023102"/>
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        <balance>12855.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rubius Therapeutics, Inc.</name>
        <lei>549300ER84PB0QV6HZ76</lei>
        <title>Rubius Therapeutics, Inc.</title>
        <cusip>78116T103</cusip>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Axonics Modulation Technologies, Inc.</name>
        <lei>549300LJY4X7N57VJL05</lei>
        <title>Axonics Modulation Technologies, Inc.</title>
        <cusip>05465P101</cusip>
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          <isin value="US05465P1012"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Argenx SE</name>
        <lei>7245009C5FZE6G9ODQ71</lei>
        <title>Argenx SE</title>
        <cusip>04016X101</cusip>
        <identifiers>
          <isin value="US04016X1019"/>
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        <balance>4718.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Exelixis, Inc.</name>
        <lei>N/A</lei>
        <title>Exelixis, Inc.</title>
        <cusip>30161Q104</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Atreca, Inc.</name>
        <lei>549300B5CQV1OOXFLU71</lei>
        <title>Atreca, Inc., Class A</title>
        <cusip>04965G109</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Achillion Pharmaceuticals, Inc.</name>
        <lei>529900LZPJ796VSWZM38</lei>
        <title>Achillion Pharmaceuticals, Inc., CVR</title>
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          <isin value="US004CVR0317"/>
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        <name>Solid Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Solid Biosciences, Inc.</title>
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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>Principia Biopharma, Inc.</name>
        <lei>549300WHPKRLU16IRE69</lei>
        <title>Principia Biopharma, Inc.</title>
        <cusip>74257L108</cusip>
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          <isin value="US74257L1089"/>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>Ascendis Pharma A/S</name>
        <lei>549300B66JN3W3J8GH73</lei>
        <title>Ascendis Pharma A/S</title>
        <cusip>04351P101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PTC Therapeutics, Inc.</name>
        <lei>549300UJLWOIWFDGB318</lei>
        <title>PTC Therapeutics, Inc.</title>
        <cusip>69366J200</cusip>
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        <name>PRA Health Sciences, Inc.</name>
        <lei>549300R1HR1VWWHIAK47</lei>
        <title>PRA Health Sciences, Inc.</title>
        <cusip>69354M108</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Neurocrine Biosciences, Inc.</name>
        <lei>549300FECER0XBN49756</lei>
        <title>Neurocrine Biosciences, Inc.</title>
        <cusip>64125C109</cusip>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Biogen, Inc.</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>Biogen, Inc.</title>
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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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      <invstOrSec>
        <name>GlycoMimetics, Inc.</name>
        <lei>549300TZ84FFU2J2J459</lei>
        <title>GlycoMimetics, Inc.</title>
        <cusip>38000Q102</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puma Biotechnology, Inc.</name>
        <lei>N/A</lei>
        <title>Puma Biotechnology, Inc.</title>
        <cusip>74587V107</cusip>
        <identifiers>
          <isin value="US74587V1070"/>
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        <balance>7042.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72462.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cellectis SA</name>
        <lei>5493000KKX5VQ37Q2W83</lei>
        <title>Cellectis SA</title>
        <cusip>15117K103</cusip>
        <identifiers>
          <isin value="US15117K1034"/>
        </identifiers>
        <balance>3139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57914.55000000</valUSD>
        <pctVal>0.025573960978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XBiotech, Inc.</name>
        <lei>N/A</lei>
        <title>XBiotech, Inc.</title>
        <cusip>98400H102</cusip>
        <identifiers>
          <isin value="CA98400H1029"/>
        </identifiers>
        <balance>5162.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97665.04000000</valUSD>
        <pctVal>0.043127019409</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="85566.69000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FibroGen, Inc.</name>
        <lei>549300Q914ULWWY95822</lei>
        <title>FibroGen, Inc.</title>
        <cusip>31572Q808</cusip>
        <identifiers>
          <isin value="US31572Q8087"/>
        </identifiers>
        <balance>15941.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>714635.03000000</valUSD>
        <pctVal>0.315569202749</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xeris Pharmaceuticals, Inc.</name>
        <lei>5493001EPAB2LX05WW18</lei>
        <title>Xeris Pharmaceuticals, Inc.</title>
        <cusip>98422L107</cusip>
        <identifiers>
          <isin value="US98422L1070"/>
        </identifiers>
        <balance>8051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37879.96000000</valUSD>
        <pctVal>0.016727068049</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="21428.50000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cymabay Therapeutics, Inc.</name>
        <lei>549300YT9GNL852E7F84</lei>
        <title>Cymabay Therapeutics, Inc.</title>
        <cusip>23257D103</cusip>
        <identifiers>
          <isin value="US23257D1037"/>
        </identifiers>
        <balance>12323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79729.81000000</valUSD>
        <pctVal>0.035207163826</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Turning Point Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Turning Point Therapeutics, Inc.</title>
        <cusip>90041T108</cusip>
        <identifiers>
          <isin value="US90041T1088"/>
        </identifiers>
        <balance>7395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>578141.10000000</valUSD>
        <pctVal>0.255296085896</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Personalis, Inc.</name>
        <lei>549300EZ2NYFK7H0US48</lei>
        <title>Personalis, Inc.</title>
        <cusip>71535D106</cusip>
        <identifiers>
          <isin value="US71535D1063"/>
        </identifiers>
        <balance>6870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156773.40000000</valUSD>
        <pctVal>0.069228144120</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bio-Techne Corp.</name>
        <lei>54930073RLKQ51TILZ35</lei>
        <title>Bio-Techne Corp.</title>
        <cusip>09073M104</cusip>
        <identifiers>
          <isin value="US09073M1045"/>
        </identifiers>
        <balance>6837.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1746580.02000000</valUSD>
        <pctVal>0.771256433441</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zogenix, Inc.</name>
        <lei>54930089H3HF4C32SK78</lei>
        <title>Zogenix, Inc.</title>
        <cusip>98978L204</cusip>
        <identifiers>
          <isin value="US98978L2043"/>
        </identifiers>
        <balance>9901.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234356.67000000</valUSD>
        <pctVal>0.103487436812</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NGM Biopharmaceuticals, Inc.</name>
        <lei>5493008V5DSDZIGQOP17</lei>
        <title>NGM Biopharmaceuticals, Inc.</title>
        <cusip>62921N105</cusip>
        <identifiers>
          <isin value="US62921N1054"/>
        </identifiers>
        <balance>12191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>227362.15000000</valUSD>
        <pctVal>0.100398790150</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eiger BioPharmaceuticals, Inc.</name>
        <lei>549300GO4VMIHDKJNU46</lei>
        <title>Eiger BioPharmaceuticals, Inc.</title>
        <cusip>28249U105</cusip>
        <identifiers>
          <isin value="US28249U1051"/>
        </identifiers>
        <balance>4483.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50075.11000000</valUSD>
        <pctVal>0.022112213755</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arvinas, Inc.</name>
        <lei>N/A</lei>
        <title>Arvinas, Inc.</title>
        <cusip>04335A105</cusip>
        <identifiers>
          <isin value="US04335A1051"/>
        </identifiers>
        <balance>7004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181753.80000000</valUSD>
        <pctVal>0.080259012439</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TFDXX LEX BLACKROCK FED FUND</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BLACKROCK LIQUIDITY FUNDS FEDFUND PORTFOLIO OPEN-END FUND USD</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="09248U700"/>
        </identifiers>
        <balance>2616865.05000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2616865.05000000</valUSD>
        <pctVal>1.155557708292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2616865.05000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="CINS." value="200831631"/>
        </identifiers>
        <balance>2285361.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2285361.50000000</valUSD>
        <pctVal>1.009172061646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Credit Suisse New York Branch" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.06000000</repurchaseRt>
          <maturityDt>2020-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2285361.50000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2331072.74913400</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="CINS." value="200831632"/>
        </identifiers>
        <balance>1944113.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1944113.73000000</valUSD>
        <pctVal>0.858483553249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="ING Financial Markets LLC" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.07000000</repurchaseRt>
          <maturityDt>2020-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1944113.73000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1982996.25269600</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="CINS." value="200831629"/>
        </identifiers>
        <balance>1159511.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1159511.16000000</valUSD>
        <pctVal>0.512018018960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Bank of America Securities, Inc." isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.07000000</repurchaseRt>
          <maturityDt>2020-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1159511.16000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1182701.54731000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="CINS." value="200831626"/>
        </identifiers>
        <balance>4251540.93999999</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4251540.93999999</valUSD>
        <pctVal>1.877399411687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="BNP Paribas Securities Corp." isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.06000000</repurchaseRt>
          <maturityDt>2020-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>4251540.94000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4336571.99428100</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Each Repurchase Agreement was fully collateralized which had an aggregate value at the Trust level." noteItem="C.10.f.iii"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>ProShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Troy Sheets</ncom:signature>
      <ncom:signerName>Troy Sheets</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
