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        <fairValLevel>1</fairValLevel>
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        <name>Insmed Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tempus AI, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invivyd, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Entrada Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Personalis, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Harrow, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fortrea Holdings Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ligand Pharmaceuticals Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Amphastar Pharmaceuticals, Inc.</name>
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        <name>Adaptive Biotechnologies Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CorMedix Inc.</name>
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        <name>Axsome Therapeutics, Inc.</name>
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        <name>Vir Biotechnology, Inc.</name>
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        <name>Disc Medicine, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Acadia Pharmaceuticals Inc.</name>
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        <name>Bicycle Therapeutics PLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cullinan Therapeutics, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vera Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Abivax S.A.</name>
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          <isin value="US00370M1036"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Puma Biotechnology, Inc.</name>
        <lei>N/A</lei>
        <title>Puma Biotechnology, Inc.</title>
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          <isin value="US74587V1070"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Humacyte, Inc.</name>
        <lei>N/A</lei>
        <title>Humacyte, Inc.</title>
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          <isin value="US44486Q1031"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Ardelyx, Inc.</name>
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        <title>Ardelyx, Inc.</title>
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          <isin value="US0396971071"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LENZ Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>LENZ Therapeutics, Inc.</title>
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          <isin value="US52635N1037"/>
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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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arvinas, Inc.</name>
        <lei>N/A</lei>
        <title>Arvinas, Inc.</title>
        <cusip>04335A105</cusip>
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          <isin value="US04335A1051"/>
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        <balance>3371.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kamada Ltd.</name>
        <lei>N/A</lei>
        <title>Kamada Ltd.</title>
        <cusip>M6240T109</cusip>
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          <isin value="IL0010941198"/>
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        <balance>3054.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prothena Corp. PLC</name>
        <lei>5299009ZXQ8NIIJ8OL30</lei>
        <title>Prothena Corp. PLC</title>
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          <isin value="IE00B91XRN20"/>
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        <balance>2828.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Olema Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Olema Pharmaceuticals, Inc.</title>
        <cusip>68062P106</cusip>
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          <isin value="US68062P1066"/>
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        <balance>4281.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Beam Therapeutics Inc.</name>
        <lei>254900QL5GLNKGR8YH71</lei>
        <title>Beam Therapeutics Inc.</title>
        <cusip>07373V105</cusip>
        <identifiers>
          <isin value="US07373V1052"/>
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        <balance>5461.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>10x Genomics, Inc.</name>
        <lei>5493003Z6741WNLG7H43</lei>
        <title>10x Genomics, Inc., Class A</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Enanta Pharmaceuticals, Inc.</name>
        <lei>529900SSN4DODDQSN594</lei>
        <title>Enanta Pharmaceuticals, Inc.</title>
        <cusip>29251M106</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Vertex Pharmaceuticals Inc.</name>
        <lei>54930015RAQRRZ5ZGJ91</lei>
        <title>Vertex Pharmaceuticals Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Zevra Therapeutics, Inc.</name>
        <lei>254900CU6T74V18Y1W18</lei>
        <title>Zevra Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Immunovant, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BioAge Labs, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BioMarin Pharmaceutical Inc.</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>BioMarin Pharmaceutical Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Bicara Therapeutics Inc.</name>
        <lei>N/A</lei>
        <title>Bicara Therapeutics Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Omeros Corp.</name>
        <lei>549300CJWLXX2MXVVV71</lei>
        <title>Omeros Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Arcturus Therapeutics Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Arcturus Therapeutics Holdings Inc.</title>
        <cusip>03969T109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Kyverna Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Kyverna Therapeutics, Inc.</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>Fulcrum Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ironwood Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Praxis Precision Medicines, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Xeris Biopharma Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Phathom Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Eton Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nuvalent, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
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        <title>Regeneron Pharmaceuticals, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ImmunityBio, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gossamer Bio, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Xencor, Inc.</name>
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        <title>Xencor, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>COMPASS Pathways PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>C4 Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gilead Sciences, Inc.</name>
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        <title>Gilead Sciences, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Jazz Pharmaceuticals PLC</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>Jazz Pharmaceuticals PLC</title>
        <cusip>G50871105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Royalty Pharma PLC</name>
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        <title>Royalty Pharma PLC, Class A</title>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tectonic Therapeutic, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Neumora Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Geron Corp.</name>
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        <title>Geron Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Kiniksa Pharmaceuticals International, PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Allogene Therapeutics, Inc.</name>
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        <title>Allogene Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Jyong Biotech Ltd.</name>
        <lei>N/A</lei>
        <title>Jyong Biotech Ltd.</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Mesoblast Ltd.</name>
        <lei>529900J5ALF3JG921927</lei>
        <title>Mesoblast Ltd., ADR</title>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Incyte Corp.</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>Incyte Corp.</title>
        <cusip>45337C102</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Anavex Life Sciences Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Septerna, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Solid Biosciences Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Foghorn Therapeutics Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Centessa Pharmaceuticals PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Savara Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OmniAb, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>ANI Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United Therapeutics Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Definium Therapeutics, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AtaiBeckley Inc.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Iovance Biotherapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Larimar Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Exelixis, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Biogen Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Halozyme Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Erasca, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lifecore Biomedical, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kura Oncology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lyell Immunopharma, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Syndax Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Castle Biosciences, Inc.</name>
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        <title>Castle Biosciences, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Travere Therapeutics, Inc.</name>
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        <title>Travere Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Rapport Therapeutics, Inc.</name>
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        <title>Rapport Therapeutics, Inc.</title>
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        <assetCat>EC</assetCat>
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        <name>Roivant Sciences Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Veracyte, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Krystal Biotech, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Vor BioPharma Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Legend Biotech Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>SIGA Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Scholar Rock Holding Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Theravance Biopharma Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sionna Therapeutics, Inc.</name>
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        <name>Keros Therapeutics, Inc.</name>
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        <name>Pharvaris N.V.</name>
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        <name>REGENXBIO Inc.</name>
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        <name>AbSci Corp.</name>
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        <name>IDEAYA Biosciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Alpha Teknova, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PepGen Inc.</name>
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        <title>PepGen Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>NewAmsterdam Pharma Co. N.V.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Caribou Biosciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Zenas Biopharma, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Candel Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rani Therapeutics Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aclaris Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pacific Biosciences of California, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Agios Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Revolution Medicines, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aurinia Pharmaceuticals Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Denali Therapeutics Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tenaya Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Replimune Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sana Biotechnology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Maravai LifeSciences Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Moderna, Inc.</name>
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        <name>NovoCure Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Crinetics Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OmniAb, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Vaxcyte, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Silence Therapeutics PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Janux Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sarepta Therapeutics, Inc.</name>
        <lei>549300IKDPIED8J8IG21</lei>
        <title>Sarepta Therapeutics, Inc.</title>
        <cusip>803607100</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Structure Therapeutics Inc.</name>
        <lei>N/A</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sagimet Biosciences Inc.</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Neurogene Inc.</name>
        <lei>529900A7VIY892SZVW73</lei>
        <title>Neurogene Inc.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>EyePoint, Inc.</name>
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        <title>EyePoint, Inc.</title>
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        <balance>4438.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanofi</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arcutis Biotherapeutics, Inc.</name>
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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>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Prime Fund</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="9569877.59280000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Pacira Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Pacira Biosciences, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trevi Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Trevi Therapeutics, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Third Harmonic Bio, Inc.</name>
        <lei>N/A</lei>
        <title>Third Harmonic Bio, Inc., Class B</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PTC Therapeutics, Inc.</name>
        <lei>549300UJLWOIWFDGB318</lei>
        <title>PTC Therapeutics, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amgen Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen Inc.</title>
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        <balance>14213.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kodiak Sciences Inc.</name>
        <lei>254900IXI5NI8C9OQE24</lei>
        <title>Kodiak Sciences Inc.</title>
        <cusip>50015M109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>AC Immune S.A.</name>
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        <title>AC Immune S.A.</title>
        <cusip>H00263105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Oruka Therapeutics, Inc.</name>
        <lei>529900TG7O4ESUDMGI54</lei>
        <title>Oruka Therapeutics, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Orchestra Biomed Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Orchestra Biomed Holdings, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Cartesian Therapeutics, Inc.</name>
        <lei>529900NMN0LACZOL7C43</lei>
        <title>Cartesian Therapeutics, Inc., Rts., 2050-12-31</title>
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        <fairValLevel>3</fairValLevel>
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        <name>uniQure N.V.</name>
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        <title>uniQure N.V.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Tyra Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Tyra Biosciences, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ADMA Biologics, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>BridgeBio Pharma, Inc.</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>BridgeBio Pharma, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Annexon, Inc.</name>
        <lei>N/A</lei>
        <title>Annexon, Inc.</title>
        <cusip>03589W102</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Lexeo Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Lexeo Therapeutics, Inc.</title>
        <cusip>52886X107</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Aardvark Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Aardvark Therapeutics, Inc.</title>
        <cusip>002942100</cusip>
        <identifiers>
          <isin value="US0029421007"/>
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        <balance>1150.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4726.50000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arbutus Biopharma Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tango Therapeutics Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Grifols, S.A.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GRAIL, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ionis Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Amylyx Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Novo Nordisk A/S</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>BeOne Medicines Ltd.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Recursion Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARS Pharmaceuticals, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Illumina, Inc.</name>
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        <title>Illumina, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Phibro Animal Health Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vericel Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Indivior Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Maze Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Guardant Health, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Innoviva, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Coherus Oncology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MannKind Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Altimmune, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Apogee Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BioCryst Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AnaptysBio, Inc.</name>
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        <title>AnaptysBio, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Intellia Therapeutics, Inc.</name>
        <lei>5493002T5BCPE5DZC723</lei>
        <title>Intellia Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Harmony Biosciences Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Viatris Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GH Research PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Twist Bioscience Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pyxis Oncology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Caris Life Sciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rhythm Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MBX Biosciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cytokinetics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alvotech</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Corvus Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arrowhead Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Evolus, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Quantum-Si Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Xenon Pharmaceuticals Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Wave Life Sciences Ltd.</name>
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        <title>Wave Life Sciences Ltd.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Prime Medicine, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Zai Lab Ltd.</name>
        <lei>549300P2UYQ9U5LY1T58</lei>
        <title>Zai Lab Ltd., ADR</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Codexis, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ultragenyx Pharmaceutical Inc.</name>
        <lei>529900EV44GVDN1DCX77</lei>
        <title>Ultragenyx Pharmaceutical Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MeiraGTx Holdings PLC</name>
        <lei>54930007YV6NYIOGFZ57</lei>
        <title>MeiraGTx Holdings PLC</title>
        <cusip>G59665102</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Immuneering Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cogent Biosciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>4D Molecular Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tarsus Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Immunocore Holdings PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Genmab A/S</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lakefront Biotherapeutics N.V.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AbCellera Biologics Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Edgewise Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Taysha Gene Therapies Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Contineum Therapeutics, Inc.</name>
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        <name>Zymeworks Inc.</name>
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        <name>Enliven Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Protagonist Therapeutics, Inc.</name>
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        <name>Amneal Pharmaceuticals, Inc.</name>
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        <name>Precigen, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alumis Inc.</name>
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        <name>Nurix Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Summit Therapeutics Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Spyre Therapeutics, Inc.</name>
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        <title>Spyre Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Upstream Bio, Inc.</name>
        <lei>N/A</lei>
        <title>Upstream Bio, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Alkermes PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
