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        <lei>529900LTH37ALD2K7437</lei>
        <title>SHOULDER INNOVATIONS INC</title>
        <cusip>82537J108</cusip>
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          <isin value="US82537J1088"/>
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        <balance>545286.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8015704.20000000</valUSD>
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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>DIANTHUS THERAPEUTICS INC</name>
        <lei>549300Z3N6ODPCOFC890</lei>
        <title>DIANTHUS THERAPEUTICS INC</title>
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          <isin value="US2528281080"/>
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        <balance>207448.00000000</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>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRAXIS PRECISION MEDICINES INC.</name>
        <lei>N/A</lei>
        <title>PRAXIS PRECISION MEDICINES INC</title>
        <cusip>74006W207</cusip>
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          <isin value="US74006W2070"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34997000.00000000</valUSD>
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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>AXSOME THERAPEUTICS INC</name>
        <lei>549300EXGR0XLRJEIB95</lei>
        <title>AXSOME THERAPEUTICS INC</title>
        <cusip>05464T104</cusip>
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          <isin value="US05464T1043"/>
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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>ABBVIE INC</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC</title>
        <cusip>00287Y109</cusip>
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          <isin value="US00287Y1091"/>
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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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KARDIUM INC/US</name>
        <lei>N/A</lei>
        <title>KARDIUM INC US SRE D-7 PC PP (2ND CLOSING JUNE 2025)</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="LKD789000"/>
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        <balance>3477566.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GALVANIZE THERAPEUTICS</name>
        <lei>N/A</lei>
        <title>GALVANIZE THERAPEUTICS CONV 10% 02/28/2027 P/P</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LIO262000"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>GALVANIZE THERAPEUTICS</name>
              <title>GALVANIZE THERAPEUTICS</title>
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      <invstOrSec>
        <name>TUBULIS GMBH</name>
        <lei>391200YI45XXSZ9Z2J67</lei>
        <title>TUBULIS GMBH CVR (MILESTONE 8) 05/21/2036 PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MRA098000"/>
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        <balance>12300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57318.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TUBULIS GMBH</name>
        <lei>391200YI45XXSZ9Z2J67</lei>
        <title>TUBULIS GMBH CVR (MILESTONE 6) 05/21/2036 PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MRA096000"/>
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        <balance>12300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>361497.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRIVIA HEALTH GROUP INC</name>
        <lei>N/A</lei>
        <title>PRIVIA HEALTH GROUP INC</title>
        <cusip>74276R102</cusip>
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          <isin value="US74276R1023"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53775000.00000000</valUSD>
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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>TREVI THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>TREVI THERAPEUTICS INC</title>
        <cusip>89532M101</cusip>
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          <isin value="US89532M1018"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14140000.00000000</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>CRINETICS PHARMACEUTICALS INC</name>
        <lei>549300Q1CNFXK5P31D28</lei>
        <title>CRINETICS PHARMACEUTICALS INC</title>
        <cusip>22663K107</cusip>
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          <isin value="US22663K1079"/>
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        <curCd>USD</curCd>
        <valUSD>42660000.00000000</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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      <invstOrSec>
        <name>GALVANIZE THERAPEUTICS</name>
        <lei>N/A</lei>
        <title>GALVANIZE THERAPEUTICS SER C-1 PC PERP PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LIK052000"/>
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        <balance>8252708.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3878772.76000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TUBULIS GMBH</name>
        <lei>391200YI45XXSZ9Z2J67</lei>
        <title>TUBULIS GMBH CVR (MILESTONE 5) 05/21/2036 PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MRA095000"/>
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        <balance>12300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>114636.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IMMUNOCORE HOLDINGS PLC</name>
        <lei>213800IUE3DFS84BVN18</lei>
        <title>IMMUNOCORE HOLDINGS LTD ADR</title>
        <cusip>45258D105</cusip>
        <identifiers>
          <isin value="US45258D1054"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14445000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TUBULIS GMBH</name>
        <lei>391200YI45XXSZ9Z2J67</lei>
        <title>TUBULIS GMBH CVR (MILESTONE 9) 05/21/2036 PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MRA099000"/>
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        <balance>12300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57318.00000000</valUSD>
        <pctVal>0.000991325081</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KESTRA MEDICAL TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>KESTRA MEDICAL TECHNOLOGIES INC</title>
        <cusip>N/A</cusip>
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          <isin value="BMG524411052"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SALUDA MEDICAL INC</name>
        <lei>N/A</lei>
        <title>SALUDA MEDICAL INC CDI</title>
        <cusip>N/A</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEWAMSTERDAM PHARMA COMPANY NV</name>
        <lei>984500B6549TF6E14D36</lei>
        <title>NEWAMSTERDAM PHARMA COMPANY NV</title>
        <cusip>N/A</cusip>
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          <isin value="NL00150012L7"/>
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        <balance>690000.00000000</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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      <invstOrSec>
        <name>ENDEAVOR BIOMEDICINES INC</name>
        <lei>N/A</lei>
        <title>ENDEAVOR BIOMEDICINES INC SERIES C PC PP</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="KHI911000"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAMORA THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>DAMORA THERAPEUTICS INC</title>
        <cusip>36322Q206</cusip>
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          <isin value="US36322Q2066"/>
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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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      <invstOrSec>
        <name>BRUKER CORP</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
        <title>BRUKER CORP</title>
        <cusip>116794108</cusip>
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          <isin value="US1167941087"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50056500.00000000</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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      <invstOrSec>
        <name>CYCLERION THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>KORSANA BIOSCIENCES FWD CMMT PIPE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MJJ384000"/>
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        <balance>275300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>702015.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DISC MEDICINE INC</name>
        <lei>N/A</lei>
        <title>DISC MEDICINE INC</title>
        <cusip>254604101</cusip>
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          <isin value="US2546041011"/>
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        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31306500.00000000</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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      </invstOrSec>
      <invstOrSec>
        <name>ALIGNMENT HEALTHCARE INC</name>
        <lei>N/A</lei>
        <title>ALIGNMENT HEALTHCARE INC</title>
        <cusip>01625V104</cusip>
        <identifiers>
          <isin value="US01625V1044"/>
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        <balance>2600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39832000.00000000</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>
      <invstOrSec>
        <name>ASIMOV INC</name>
        <lei>N/A</lei>
        <title>ASIMOV INC SER B PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="IAD374000"/>
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        <balance>101438.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2512619.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMYLYX PHARMACEUTICALS INC</name>
        <lei>N/A</lei>
        <title>AMYLYX PHARMACEUTICALS INC</title>
        <cusip>03237H101</cusip>
        <identifiers>
          <isin value="US03237H1014"/>
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        <balance>1420000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20377000.00000000</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>
      <invstOrSec>
        <name>BIOGEN INC</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>BIOGEN INC</title>
        <cusip>09062X103</cusip>
        <identifiers>
          <isin value="US09062X1037"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29400000.00000000</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>
      <invstOrSec>
        <name>MERCK and CO INC</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>MERCK and CO INC NEW</title>
        <cusip>58933Y105</cusip>
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          <isin value="US58933Y1055"/>
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        <balance>780000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92601600.00000000</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>MIRUM PHARMACEUTICALS INC</name>
        <lei>254900YZKR40F7F27K81</lei>
        <title>MIRUM PHARMACEUTICALS INC</title>
        <cusip>604749101</cusip>
        <identifiers>
          <isin value="US6047491013"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22330000.00000000</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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      <invstOrSec>
        <name>WUGEN INC</name>
        <lei>N/A</lei>
        <title>WUGEN INC SER B PC PP</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="HHE329000"/>
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        <balance>454342.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CELLCENTRIC LTD</name>
        <lei>N/A</lei>
        <title>CELLCENTRIC LTD SER D PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MML434000"/>
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        <balance>1214928.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORUKA THERAPEUTICS INC</name>
        <lei>529900TG7O4ESUDMGI54</lei>
        <title>ORUKA THERAPEUTICS INC</title>
        <cusip>687604108</cusip>
        <identifiers>
          <isin value="US6876041087"/>
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        <balance>833100.00000000</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>MANUS BIO INC</name>
        <lei>N/A</lei>
        <title>MANUS BIO INC SER ONE-6 PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LEH444000"/>
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        <balance>1079396.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3594388.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCHOLAR ROCK HOLDING CORP</name>
        <lei>549300Z1FLPGL4OWJ459</lei>
        <title>SCHOLAR ROCK HOLDING CORP</title>
        <cusip>80706P103</cusip>
        <identifiers>
          <isin value="US80706P1030"/>
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        <balance>430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21199000.00000000</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>
      <invstOrSec>
        <name>LIFESTANCE HEALTH GROUP INC</name>
        <lei>N/A</lei>
        <title>LIFESTANCE HEALTH GROUP INC</title>
        <cusip>53228F101</cusip>
        <identifiers>
          <isin value="US53228F1012"/>
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        <balance>4979400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38391174.00000000</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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      <invstOrSec>
        <name>10X GENOMICS INC</name>
        <lei>5493003Z6741WNLG7H43</lei>
        <title>10X GENOMICS INC</title>
        <cusip>88025U109</cusip>
        <identifiers>
          <isin value="US88025U1097"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45288000.00000000</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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      <invstOrSec>
        <name>ROCHE HOLDING AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>ROCHE HOLDING AG</title>
        <cusip>N/A</cusip>
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          <isin value="CH1499059983"/>
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        <balance>128000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DMED BIOPHARMACEUTICAL CO LTD</name>
        <lei>N/A</lei>
        <title>DMED BIOPHARMACEUTICAL CO LTD SER C PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GIB636000"/>
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        <balance>330316.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MBX BIOSCIENCES INC</name>
        <lei>N/A</lei>
        <title>MBX BIOSCIENCES INC</title>
        <cusip>55287L101</cusip>
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          <isin value="US55287L1017"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18882000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TUBULIS GMBH</name>
        <lei>391200YI45XXSZ9Z2J67</lei>
        <title>TUBULIS GMBH CVR (MILESTONE 1) 05/21/2036 PP</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="MRA091000"/>
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        <balance>12300.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>ALUMIS INC</name>
        <lei>N/A</lei>
        <title>ALUMIS INC</title>
        <cusip>022307102</cusip>
        <identifiers>
          <isin value="US0223071020"/>
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        <balance>301364.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6509462.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>ARGENX SE</name>
        <lei>7245009C5FZE6G9ODQ71</lei>
        <title>ARGENX SE SPONSORED ADR</title>
        <cusip>04016X101</cusip>
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          <isin value="US04016X1019"/>
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        <balance>108000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90286920.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROYALTY PHARMA PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>ROYALTY PHARMA PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BMVP7Y09"/>
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        <balance>1120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62451200.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>ALEDADE INC</name>
        <lei>N/A</lei>
        <title>ALEDADE INC SER B1 PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="HFE440000"/>
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        <balance>201220.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6451113.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARABILIS MEDICINES INC</name>
        <lei>N/A</lei>
        <title>PARABILIS MEDICINES INC SER F PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="MBT390000"/>
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        <balance>869000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5978720.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KINIKSA PHARMACEUTICALS INTERNATIONAL PLC</name>
        <lei>N/A</lei>
        <title>KINIKSA PHARMACEUTICALS INTERNATIONAL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BRXB0C07"/>
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        <balance>844907.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KARDIUM INC/US</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="LKD788000"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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            <dbtSecRefInstrument>
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        <name>TUBULIS GMBH</name>
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          <other otherDesc="Internal" value="MRA101000"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TUBULIS GMBH</name>
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          <other otherDesc="Internal" value="MRA090000"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>GUARDANT HEALTH INC</name>
        <lei>254900M8C3E5VC8BR186</lei>
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          <isin value="US40131M1099"/>
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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>GALVANIZE THERAPEUTICS</name>
        <lei>N/A</lei>
        <title>GALVANIZE THERAPEUTICS SER B PC PERP PP</title>
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          <other otherDesc="Internal" value="IIF751000"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TYRA BIOSCIENCES INC</name>
        <lei>N/A</lei>
        <title>TYRA BIOSCIENCES INC</title>
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          <isin value="US90240B1061"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KARDIUM INC/US</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="LKD791000"/>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IMMUNOME INC</name>
        <lei>N/A</lei>
        <title>IMMUNOME INC</title>
        <cusip>45257U108</cusip>
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          <isin value="US45257U1088"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TUBULIS GMBH</name>
        <lei>391200YI45XXSZ9Z2J67</lei>
        <title>TUBULIS GMBH CVR (MILESTONE 10) 05/21/2036 PP</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="MRA100000"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INMED PHARMACEUTICALS INC</name>
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        <title>MENTARI THERAPEUTICS FWD CMMT PIPE</title>
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          <other otherDesc="Internal" value="MQW790000"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>ELEVANCE HEALTH INC</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MEDICAL MICROINSTRUMENTS INC</name>
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        <title>MEDICAL MICROINSTRUMENTS INC SER C PC PP</title>
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      <invstOrSec>
        <name>HEMAB THERAPEUTICS HOLDINGS INC</name>
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        <name>ENLIVEN THERAPEUTICS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WAYSTAR HOLDING CORP</name>
        <lei>529900QJLKXDYU36MH89</lei>
        <title>WAYSTAR HOLDING CORP</title>
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        <name>RELAY THERAPEUTICS INC</name>
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        <name>VERACYTE INC</name>
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        <name>REVOLUTION MEDICINES INC</name>
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        <name>ELEMENT BIOSCIENCES INC</name>
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        <title>ELEMENT BIOSCIENCES INC SER C PC PP</title>
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        <name>PERCEPTIVE CAPITAL SOLUTIONS CORP</name>
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        <title>FREENOME HOLDINGS INC FWD CMMT PIPE</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>ELEMENT BIOSCIENCES INC</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>VAXCYTE INC</name>
        <lei>254900M7NMHTGASX8D95</lei>
        <title>VAXCYTE INC</title>
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        <name>CLEERLY INC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ELEMENT BIOSCIENCES INC</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>HEAL THRIVE HOLDINGS LLC</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="HIF749000"/>
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        <fairValLevel>3</fairValLevel>
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        <name>SARTORIUS STEDIM BIOTECH</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DANAHER CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NATERA INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CYTOMX THERAPEUTICS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PHARVARIS BV</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CANDID THERAPEUTICS</name>
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      <invstOrSec>
        <name>ALMAR BIOSCIENCES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST TRACKS BIOTHERAPEUTICS INC</name>
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      <invstOrSec>
        <name>ZENAS BIOPHARMA INC</name>
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        <name>VERADERMICS INC</name>
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        <name>UCB SA</name>
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        <name>BEONE MEDICINES LTD</name>
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        <name>TUBULIS GMBH</name>
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          <other otherDesc="Internal" value="MRA097000"/>
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        <name>TRAVERE THERAPEUTICS INC</name>
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        <name>COGENT BIOSCIENCES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRIGHTSPRING HEALTH SERVICES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MEDICAL MICROINSTRUMENTS INC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>REPLIGEN CORP</name>
        <lei>54930006QJ0T5AUO1E71</lei>
        <title>REPLIGEN</title>
        <cusip>759916109</cusip>
        <identifiers>
          <isin value="US7599161095"/>
        </identifiers>
        <balance>460000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57017000.00000000</valUSD>
        <pctVal>0.986119232203</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>CENCORA INC</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>CENCORA INC</title>
        <cusip>03073E105</cusip>
        <identifiers>
          <isin value="US03073E1055"/>
        </identifiers>
        <balance>245000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65993200.00000000</valUSD>
        <pctVal>1.141364219699</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>INSULET CORP</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>INSULET CORP</title>
        <cusip>45784P101</cusip>
        <identifiers>
          <isin value="US45784P1012"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14494000.00000000</valUSD>
        <pctVal>0.250676327262</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>JOHNSON and JOHNSON</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>JOHNSON and JOHNSON</title>
        <cusip>478160104</cusip>
        <identifiers>
          <isin value="US4781601046"/>
        </identifiers>
        <balance>1260000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>283915800.00000000</valUSD>
        <pctVal>4.910374637500</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>ELEVATEBIO, LLC</name>
        <lei>N/A</lei>
        <title>ELEVATEBIO LLC SER C PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="HCJ459000"/>
        </identifiers>
        <balance>254900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>469016.00000000</valUSD>
        <pctVal>0.008111715765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAZZ PHARMACEUTICALS PLC</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>JAZZ PHARMA PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B4Q5ZN47"/>
        </identifiers>
        <balance>235000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55575150.00000000</valUSD>
        <pctVal>0.961182178079</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUVALENT INC</name>
        <lei>529900RZ62O2T6LNQS60</lei>
        <title>NUVALENT INC-A</title>
        <cusip>670703107</cusip>
        <identifiers>
          <isin value="US6707031075"/>
        </identifiers>
        <balance>670000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73961300.00000000</valUSD>
        <pctVal>1.279173937049</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>CONTINEUM THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>CONTINEUM THERAPEUTICS INC CL A</title>
        <cusip>21217B100</cusip>
        <identifiers>
          <isin value="US21217B1008"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6070500.00000000</valUSD>
        <pctVal>0.104990385307</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="855266.00000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
