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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jazz Pharmaceuticals plc</name>
        <lei>635400GAUMJCLEZRRV50</lei>
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        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mineralys Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Neurocrine Biosciences, Inc.</name>
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          <isin value="US64125C1099"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Insmed, Inc.</name>
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        <title>Insmed, Inc.</title>
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          <isin value="US4576693075"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dyne Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Dyne Therapeutics, Inc.</title>
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      <invstOrSec>
        <name>Zealand Pharma A/S</name>
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          <isin value="DK0060257814"/>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Soleno Therapeutics, Inc.</name>
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        <title>Soleno Therapeutics, Inc.</title>
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          <isin value="US8342033094"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kura Oncology, Inc.</name>
        <lei>5493005QORQTZCZYOP39</lei>
        <title>Kura Oncology, Inc.</title>
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          <isin value="US50127T1097"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Sartorius Stedim Biotech</name>
        <lei>52990006IVXY7GCSSR39</lei>
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          <isin value="FR0013154002"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sartorius AG</name>
        <lei>529900EQV2DY4FOAMU38</lei>
        <title>Sartorius AG</title>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Benitec Biopharma, Inc.</name>
        <lei>N/A</lei>
        <title>Benitec Biopharma, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Argenx SE</name>
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        <title>Argenx SE</title>
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          <isin value="US04016X1019"/>
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        <balance>44836.00000000</balance>
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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>Aura Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Aura Biosciences, Inc.</title>
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        <name>Olema Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Olema Pharmaceuticals, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Candid, Inc.</name>
        <lei>N/A</lei>
        <title>Candid, Inc., Series B</title>
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      <invstOrSec>
        <name>Contineum Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Contineum Therapeutics, Inc., Class A</title>
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        <name>Engene Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Engene Holdings, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <name>Praxis Precision Medicines, Inc.</name>
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        <title>Praxis Precision Medicines, Inc.</title>
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        <name>Cytokinetics, Inc.</name>
        <lei>549300BE5DY1HW7IHA64</lei>
        <title>Cytokinetics, Inc.</title>
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        <name>Satellos Bioscience, Inc.</name>
        <lei>529900EN243BZ5QC9N39</lei>
        <title>Satellos Bioscience, Inc.</title>
        <cusip>80401L308</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Day One Biopharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Day One Biopharmaceuticals, Inc.</title>
        <cusip>23954D109</cusip>
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          <isin value="US23954D1090"/>
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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>Janux Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <name>Centessa Pharmaceuticals plc</name>
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        <name>Lycia LLC</name>
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        <name>Xenon Pharmaceuticals, Inc.</name>
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        <name>Cullinan Therapeutics, Inc.</name>
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        <name>PTC Therapeutics, Inc.</name>
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        <name>Nuvalent, Inc.</name>
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        <name>Kyverna Therapeutics, Inc.</name>
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        <name>AstraZeneca plc</name>
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        <name>Sarepta Therapeutics, Inc.</name>
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        <name>Arcutis Biotherapeutics, Inc.</name>
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        <name>Nuvation Bio, Inc.</name>
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        <name>Abivax SA</name>
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        <name>CG oncology, Inc.</name>
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        <name>MBX Biosciences, Inc.</name>
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        <name>Context Therapeutics, Inc.</name>
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        <name>Vaxcyte, Inc.</name>
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        <name>Ascendis Pharma A/S</name>
        <lei>549300B66JN3W3J8GH73</lei>
        <title>Ascendis Pharma A/S</title>
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        <name>Oruka Therapeutics, Inc.</name>
        <lei>529900TG7O4ESUDMGI54</lei>
        <title>Oruka Therapeutics, Inc.</title>
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        <name>Crinetics Pharmaceuticals, Inc.</name>
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        <name>Alector, Inc.</name>
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      <invstOrSec>
        <name>Jade Biosciences, Inc.</name>
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        <name>Olema Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
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        <name>AnaptysBio, Inc.</name>
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        <name>Alto Neuroscience, Inc.</name>
        <lei>N/A</lei>
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        <name>Structure Therapeutics, Inc.</name>
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        <name>Applied Therapeutics, Inc.</name>
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        <name>Vertex Pharmaceuticals, Inc.</name>
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        <name>Cogent Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Cogent Biosciences, Inc.</title>
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          <isin value="US19240Q2012"/>
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        </securityLending>
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        <name>ARS Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
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        <name>Jasper Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <name>Artiva Biotherapeutics, Inc.</name>
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        <name>Carmot Therapeutics, Inc.</name>
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        <name>Acumen Pharmaceuticals, Inc.</name>
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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
        <lei>N/A</lei>
        <title>Institutional Fiduciary Trust Money Market Portfolio</title>
        <cusip>8611239C3</cusip>
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        <name>HilleVax, Inc.</name>
        <lei>N/A</lei>
        <title>HilleVax, Inc.</title>
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        <name>EyePoint Pharmaceuticals, Inc.</name>
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        <name>Bridgebio Pharma, Inc.</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>Bridgebio Pharma, Inc.</title>
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        <name>Spyre Therapeutics, Inc.</name>
        <lei>52990017AIJPRH3HQH40</lei>
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        <name>Achieve Life Sciences, Inc.</name>
        <lei>549300V82ZKZDTAU0A46</lei>
        <title>Achieve Life Sciences, Inc.</title>
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        <name>Centessa Pharmaceuticals plc</name>
        <lei>213800GIDAARDSKOI827</lei>
        <title>Centessa Pharmaceuticals plc</title>
        <cusip>152309100</cusip>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162100</cusip>
        <identifiers>
          <isin value="US0311621009"/>
          <other otherDesc="Inhouse Asset ID" value="17517"/>
        </identifiers>
        <balance>179411.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52194248.12000000</valUSD>
        <pctVal>7.375502100241</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>Avantor, Inc.</name>
        <lei>N/A</lei>
        <title>Avantor, Inc.</title>
        <cusip>05352A100</cusip>
        <identifiers>
          <isin value="US05352A1007"/>
          <other otherDesc="Inhouse Asset ID" value="982834"/>
        </identifiers>
        <balance>383929.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4987237.71000000</valUSD>
        <pctVal>0.704740149143</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>IN8bio, Inc.</name>
        <lei>549300H68IVCRKSGSL94</lei>
        <title>IN8bio, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1398859"/>
        </identifiers>
        <balance>2090200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>353243.80000000</valUSD>
        <pctVal>0.049916427243</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>Spyre Therapeutics, Inc.</name>
        <lei>52990017AIJPRH3HQH40</lei>
        <title>Spyre Therapeutics, Inc.</title>
        <cusip>00773J202</cusip>
        <identifiers>
          <isin value="US00773J2024"/>
          <other otherDesc="Inhouse Asset ID" value="630868"/>
        </identifiers>
        <balance>53800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>819374.00000000</valUSD>
        <pctVal>0.115784686542</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>Achieve Life Sciences, Inc.</name>
        <lei>549300V82ZKZDTAU0A46</lei>
        <title>Achieve Life Sciences, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1336325"/>
        </identifiers>
        <balance>2181025.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210671.75000000</valUSD>
        <pctVal>0.029769754150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <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>IN8bio, Inc.</name>
        <lei>549300H68IVCRKSGSL94</lei>
        <title>IN8bio, Inc., Series C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1400352"/>
        </identifiers>
        <balance>2090200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79051.36000000</valUSD>
        <pctVal>0.011170646052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrant"/>
        <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>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>Regeneron Pharmaceuticals, Inc.</title>
        <cusip>75886F107</cusip>
        <identifiers>
          <isin value="US75886F1075"/>
          <other otherDesc="Inhouse Asset ID" value="203818"/>
        </identifiers>
        <balance>59922.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35878896.72000000</valUSD>
        <pctVal>5.070000769133</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>Gilead Sciences, Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>Gilead Sciences, Inc.</title>
        <cusip>375558103</cusip>
        <identifiers>
          <isin value="US3755581036"/>
          <other otherDesc="Inhouse Asset ID" value="29819"/>
        </identifiers>
        <balance>502212.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53505666.48000000</valUSD>
        <pctVal>7.560816942717</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>CAMP4 Therapeutics Corp.</name>
        <lei>N/A</lei>
        <title>CAMP4 Therapeutics Corp.</title>
        <cusip>13463J101</cusip>
        <identifiers>
          <isin value="US13463J1016"/>
          <other otherDesc="Inhouse Asset ID" value="1403053"/>
        </identifiers>
        <balance>180166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>318893.82000000</valUSD>
        <pctVal>0.045062475730</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="112395.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thermo Fisher Scientific, Inc.</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific, Inc.</title>
        <cusip>883556102</cusip>
        <identifiers>
          <isin value="US8835561023"/>
          <other otherDesc="Inhouse Asset ID" value="30383"/>
        </identifiers>
        <balance>8579.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3680391.00000000</valUSD>
        <pctVal>0.520071320652</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>Guardant Health, Inc.</name>
        <lei>254900M8C3E5VC8BR186</lei>
        <title>Guardant Health, Inc.</title>
        <cusip>40131M109</cusip>
        <identifiers>
          <isin value="US40131M1099"/>
          <other otherDesc="Inhouse Asset ID" value="934353"/>
        </identifiers>
        <balance>323366.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15272576.18000000</valUSD>
        <pctVal>2.158148105375</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>Structure Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Structure Therapeutics, Inc.</title>
        <cusip>86366E106</cusip>
        <identifiers>
          <isin value="US86366E1064"/>
          <other otherDesc="Inhouse Asset ID" value="1236609"/>
        </identifiers>
        <balance>159221.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4298967.00000000</valUSD>
        <pctVal>0.607481499962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
          <other otherDesc="Inhouse Asset ID" value="170875"/>
        </identifiers>
        <balance>17512045.22000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17512045.22000000</valUSD>
        <pctVal>2.474604596328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanofi SA</name>
        <lei>N/A</lei>
        <title>Sanofi SA, Escrow Account</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1187453"/>
        </identifiers>
        <balance>2333755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</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., Class A</title>
        <cusip>21217B100</cusip>
        <identifiers>
          <isin value="US21217B1008"/>
          <other otherDesc="Inhouse Asset ID" value="1343814"/>
        </identifiers>
        <balance>295058.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1212688.38000000</valUSD>
        <pctVal>0.171363435930</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>Ocular Therapeutix, Inc.</name>
        <lei>529900ABAWFXOHSIHG03</lei>
        <title>Ocular Therapeutix, Inc.</title>
        <cusip>67576A100</cusip>
        <identifiers>
          <isin value="US67576A1007"/>
          <other otherDesc="Inhouse Asset ID" value="581933"/>
        </identifiers>
        <balance>410100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3403830.00000000</valUSD>
        <pctVal>0.480990841292</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>Sionna Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Sionna Therapeutics, Inc.</title>
        <cusip>829401108</cusip>
        <identifiers>
          <isin value="US8294011080"/>
          <other otherDesc="Inhouse Asset ID" value="1442298"/>
        </identifiers>
        <balance>181100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2178633.00000000</valUSD>
        <pctVal>0.307859828351</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="2069160.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Benitec Biopharma, Inc.</name>
        <lei>N/A</lei>
        <title>Benitec Biopharma, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1286257"/>
        </identifiers>
        <balance>310881.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4224841.70000000</valUSD>
        <pctVal>0.597006949116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alto Neuroscience, Inc.</name>
        <lei>N/A</lei>
        <title>Alto Neuroscience, Inc.</title>
        <cusip>02157Q109</cusip>
        <identifiers>
          <isin value="US02157Q1094"/>
          <other otherDesc="Inhouse Asset ID" value="1324662"/>
        </identifiers>
        <balance>165070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>411024.30000000</valUSD>
        <pctVal>0.058081315414</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>Engene Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Engene Holdings, Inc.</title>
        <cusip>29286M105</cusip>
        <identifiers>
          <isin value="CA29286M1059"/>
          <other otherDesc="Inhouse Asset ID" value="1327608"/>
        </identifiers>
        <balance>110478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>457378.92000000</valUSD>
        <pctVal>0.064631627172</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="175536.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Akebia Therapeutics, Inc.</name>
        <lei>549300CBQEHMKEEGNX42</lei>
        <title>Akebia Therapeutics, Inc.</title>
        <cusip>00972D105</cusip>
        <identifiers>
          <isin value="US00972D1054"/>
          <other otherDesc="Inhouse Asset ID" value="572710"/>
        </identifiers>
        <balance>895000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2156950.00000000</valUSD>
        <pctVal>0.304795831497</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>
    </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>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Strategic Series</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
