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        <name>Acerta Pharma BV, Series B</name>
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        <name>Immunovant Inc</name>
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        <name>GALAPAGOS NV</name>
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        <name>BOSTON SCIENTIFIC CORP</name>
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        <name>AUSTRALIA AND NEW ZEALAND BANKING GROUP</name>
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          <ticker value="N/A"/>
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        <name>AMEDISYS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Roche Holding AG</name>
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        <title>Roche Holding AG</title>
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        <invCountry>CH</invCountry>
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        <name>UBS SECURITIES LLC</name>
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        <title>USD/DKK FORWARD</title>
        <cusip>000000000</cusip>
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        <name>ChemoCentryx Inc</name>
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        <name>Encompass Health Corp</name>
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        <name>ROYAL BANK OF SCOTLAND INTERNATIONAL LTD</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>GOLDMAN SACHS &amp; CO LLC</name>
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        <name>INTUITIVE SURGICAL INC</name>
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        <name>BECTON DICKINSON AND CO</name>
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        <title>BECTON DICKINSON AND CO</title>
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        <name>ILLUMINA INC</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>ILLUMINA INC</title>
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        <name>Zimmer Biomet Holdings Inc</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ARCUTIS BIOTHERAPEUTICS, INC SERIES C</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Avantor Inc</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Varian Medical Systems Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BANK OF AMERICA, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC SECURITIES (USA) INC.</name>
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          <ticker value="N/A"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IQVIA Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Principia Biopharma Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Merck KGaA</name>
        <lei>529900OAREIS0MOPTW25</lei>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>QUEST DIAGNOSTICS INC</name>
        <lei>8MCWUBXQ0WE04KMXBX50</lei>
        <title>QUEST DIAGNOSTICS INC</title>
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          <isin value="US74834L1008"/>
          <ticker value="DGX"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STRYKER CORP</name>
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        <title>STRYKER CORP</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Allakos Inc</name>
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        <name>EDWARDS LIFESCIENCES CORP</name>
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        <name>Cerner Corp</name>
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        <name>Molecular Templates Inc</name>
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        <name>SAREPTA THERAPEUTICS INC</name>
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        <name>Alcon Inc</name>
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        <name>ARENA PHARMACEUTICALS INC</name>
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        <name>TELADOC INC</name>
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        <title>TELADOC INC</title>
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        <name>LHC Group Inc</name>
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        <title>LHC Group Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Genmab A/S</name>
        <lei>529900MTJPDPE4MHJ122</lei>
        <title>Genmab A/S</title>
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          <ticker value="GMAB"/>
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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>Theravance Biopharma Inc</name>
        <lei>5493007VTSXP4Z6MIW52</lei>
        <title>Theravance Biopharma Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ConvaTec Group PLC</name>
        <lei>213800LS272L4FIDOH92</lei>
        <title>ConvaTec Group PLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Genfit</name>
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        <title>Genfit</title>
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          <ticker value="GNFT"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Eisai Co Ltd</name>
        <lei>353800HDEE0ZYEX4QV91</lei>
        <title>Eisai Co Ltd</title>
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          <isin value="JP3160400002"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Atreca Inc</name>
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        <title>Atreca Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASTRAZENECA PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC-SPONS ADR</title>
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          <isin value="US0463531089"/>
          <ticker value="AZN"/>
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        <curCd>USD</curCd>
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        <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>Silk Road Medical Inc</name>
        <lei>549300VL8KC0ZPDQHE14</lei>
        <title>Silk Road Medical Inc</title>
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          <isin value="US82710M1009"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEVRO CORP</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agios Pharmaceuticals Inc</name>
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          <isin value="US00847X1046"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACCELERON PHARMA INC</name>
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          <isin value="US00434H1086"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ABIOMED Inc</name>
        <lei>5493001EZN4ZTB4Z5887</lei>
        <title>ABIOMED Inc</title>
        <cusip>003654100</cusip>
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          <isin value="US0036541003"/>
          <ticker value="ABMD"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INCYTE CORP</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>INCYTE CORP</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CITIBANK N.A.</name>
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          <ticker value="N/A"/>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB CO</name>
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          <isin value="US1101221083"/>
          <ticker value="BMY"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Guardant Health Inc</name>
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        <name>Alnylam Pharmaceuticals Inc</name>
        <lei>529900S3ZI14OWRJII50</lei>
        <title>Alnylam Pharmaceuticals Inc</title>
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        <name>THERMO FISHER SCIENTIFIC INC</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
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        <name>BIOMARIN PHARMACEUTICAL INC</name>
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        <name>TRICIDA INC</name>
        <lei>549300QVPFFJC8SZXG25</lei>
        <title>TRICIDA INC</title>
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        <name>AMGEN INC</name>
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        <title>AMGEN INC</title>
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        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi</title>
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        <name>APELLIS PHARMACEUTICALS INC</name>
        <lei>254900HS0ZFRXXSB9D42</lei>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>USD/DKK FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
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        <assetCat>DFE</assetCat>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QIAGEN NV</name>
        <lei>54930036WK3GMCN17Z57</lei>
        <title>QIAGEN NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0012169213"/>
          <ticker value="QGEN"/>
          <other otherDesc="SEDOL" value="BYXS688"/>
        </identifiers>
        <balance>446400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15088320.00000000</valUSD>
        <pctVal>0.191839956534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
          <ticker value="MDT"/>
          <other otherDesc="SEDOL" value="BTN1Y11"/>
        </identifiers>
        <balance>2396423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>271874189.35000000</valUSD>
        <pctVal>3.456735585391</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>MyoKardia Inc</name>
        <lei>549300OLNNNZ1NI9UY54</lei>
        <title>MyoKardia Inc</title>
        <cusip>62857M105</cusip>
        <identifiers>
          <isin value="US62857M1053"/>
          <ticker value="MYOK"/>
        </identifiers>
        <balance>302254.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22029782.79000000</valUSD>
        <pctVal>0.280096960622</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="2492667"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GROUP INC</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <isin value="US91324P1021"/>
          <ticker value="UNH"/>
        </identifiers>
        <balance>2386053.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>701451860.94000000</valUSD>
        <pctVal>8.918586994032</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>MERCK &amp; CO INC</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>MERCK &amp; CO. INC.</title>
        <cusip>58933Y105</cusip>
        <identifiers>
          <isin value="US58933Y1055"/>
          <ticker value="MRK"/>
        </identifiers>
        <balance>3578411.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>325456480.45000000</valUSD>
        <pctVal>4.138005892200</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>EIDOS THERAPEUTICS INC</name>
        <lei>549300VGYGU07QRG6271</lei>
        <title>EIDOS THERAPEUTICS INC</title>
        <cusip>28249H104</cusip>
        <identifiers>
          <isin value="US28249H1041"/>
          <ticker value="EIDX"/>
        </identifiers>
        <balance>147496.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8464795.44000000</valUSD>
        <pctVal>0.107625367786</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>Mirati Therapeutics Inc</name>
        <lei>529900GYRW59IDQV6N54</lei>
        <title>Mirati Therapeutics Inc</title>
        <cusip>60468T105</cusip>
        <identifiers>
          <isin value="US60468T1051"/>
          <ticker value="MRTX"/>
        </identifiers>
        <balance>173550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22363653.00000000</valUSD>
        <pctVal>0.284341942606</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>REATA PHARMACEUTICALS INC</name>
        <lei>5299005F094GH9QDDD80</lei>
        <title>REATA PHARMACEUTICALS INC-A</title>
        <cusip>75615P103</cusip>
        <identifiers>
          <isin value="US75615P1030"/>
          <ticker value="RETA"/>
        </identifiers>
        <balance>133326.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27255834.18000000</valUSD>
        <pctVal>0.346543421958</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="2658407.72"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daiichi Sankyo Co Ltd</name>
        <lei>353800XGIU2IHQGC9504</lei>
        <title>Daiichi Sankyo Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3475350009"/>
          <ticker value="4568"/>
          <other otherDesc="SEDOL" value="B0J7D91"/>
        </identifiers>
        <balance>387200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>25572343.63000000</valUSD>
        <pctVal>0.325138735821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>


      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-02-26</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
