Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BIIB	BIOGEN INC	498,212	$210M	8.0%	$256.43	+53.7%	COMMON	09062X103
BMRN	BIOMARIN PHARMACEUTICAL INC	1,409,031	$176M	6.7%	$68.88	+53.8%	COMMON	09061G101
—	CELGENE CORP	1,208,858	$139M	5.3%	$100.50	—	COMMON	151020104
GILD	GILEAD SCIENCES INC	1,320,507	$130M	4.9%	$53.29	+32.4%	COMMON	375558103
INCY	INCYTE CORPORATION	1,336,144	$122M	4.7%	$31.28	+164.3%	COMMON	45337C102
—	ACTAVIS PLC	374,407	$111M	4.2%	$214.85	—	SHARES	G0083B108
AMGN	AMGEN INC	663,575	$106M	4.0%	$75.69	+52.0%	COMMON	031162100
TEVA	TEVA PHARMACEUTICAL	1,660,583	$103M	3.9%	$50.49	—	ADR	881624209
TMO	THERMO FISHER SCIENTIFIC	587,136	$78.88M	3.0%	$99.73	+25.1%	COMMON	883556102
—	MYLAN N V	1,206,838	$71.63M	2.7%	$59.35	—	SHS EURO	N59465109
—	ALEXION PHARMACEUTICALS INC	396,324	$68.68M	2.6%	$99.93	—	COMMON	015351109
VRTX	VERTEX PHARMACEUTICALS	509,600	$60.12M	2.3%	$100.66	+19.0%	COMMON	92532F100
—	SHIRE PLC	248,859	$59.55M	2.3%	$181.77	—	SP ADR	82481R106
FOLD	AMICUS THERAPEUTICS	4,986,138	$54.25M	2.1%	$6.88	+28.0%	COMMON	03152W109
HALO	HALOZYME THERAPEUTICS	3,727,551	$53.23M	2.0%	$8.25	+74.8%	COMMON	40637H109
RDY	DR REDDYS LABS LTD	928,962	$53.04M	2.0%	$45.66	—	ADR	256135203
PFE	PFIZER INC	1,492,057	$51.91M	2.0%	$18.08	+11.2%	COMMON	717081103
—	KERYX BIOPHARMACEUTICALS	3,825,256	$48.7M	1.8%	$13.75	—	COMMON	492515101
—	INTERCEPT PHARMACEUTICALS	164,947	$46.52M	1.8%	$228.44	—	COMMON	45845P108
PTCT	PTC THERAPEUTICS I	753,141	$45.83M	1.7%	$24.35	+150.6%	COMMON	69366J200
—	SEATTLE GENETICS INC	1,260,275	$44.55M	1.7%	$33.34	—	COMMON	812578102
PRGO	PERRIGO CO	268,624	$44.47M	1.7%	$144.39	+10.5%	SHARES	G97822103
—	PORTOLA PHARMACEUTICALS	1,162,730	$44.14M	1.7%	$25.78	—	COMMON	737010108
—	MALLINCKRODT PLC	343,370	$43.49M	1.7%	$57.67	—	SHARES	G5785G107
—	ONCOMED PHARMACEUTICALS	1,533,578	$39.54M	1.5%	$18.89	—	COMMON	68234X102
—	SYNAGEVA BIOPHARMA	365,684	$35.66M	1.4%	$68.06	—	COMMON	87159A103
MDT	MEDTRONIC PLC	408,126	$31.83M	1.2%	$58.10	0.0%	SHARES	G5960L103
—	ACHILLION PHARMACEUTICALS	3,190,572	$31.46M	1.2%	$11.64	—	COMMON	00448Q201
—	ALDER BIOPHARMACEUTICALS	1,072,437	$30.95M	1.2%	$27.80	—	COMMON	014339105
—	RELYPSA INC	837,830	$30.22M	1.1%	$25.16	—	COMMON	759531106
UTHR	UNITED THERAPEUTICS	175,080	$30.19M	1.1%	$97.03	+57.1%	COMMON	91307C102
—	SAGENT PHARMACEUTICALS	1,170,083	$27.2M	1.0%	$22.63	—	COMMON	786692103
—	MEDIVATION INC	208,889	$26.96M	1.0%	$98.29	—	COMMON	58501N101
DXCM	DEXCOM INC	399,558	$24.91M	0.9%	$10.02	+50.8%	COMMON	252131107
—	MOMENTA PHARMACEUTICALS	1,584,010	$24.08M	0.9%	$13.34	—	COMMON	60877T100
ALGN	ALIGN TECH INC	433,140	$23.3M	0.9%	$46.24	+23.2%	COMMON	016255101
—	ACCELERON PHARMA	599,184	$22.8M	0.9%	$33.26	—	COMMON	00434H108
ABT	ABBOTT LABS	484,376	$22.44M	0.9%	$35.66	+5.0%	COMMON	002824100
—	TETRAPHASE PHARMAC	605,393	$22.18M	0.8%	$36.64	—	COMMON	88165N105
—	AKORN INC	466,668	$22.17M	0.8%	$17.62	—	COMMON	009728106
—	KARYOPHARM THERAPEUTICS	707,268	$21.65M	0.8%	$38.41	—	COMMON	48576U106
—	CLOVIS ONCOLOGY	249,152	$18.5M	0.7%	$56.00	—	COMMON	189464100
ISRG	INTUITIVE SURGICAL INC	30,191	$15.25M	0.6%	$42.42	+33.4%	COMMON	46120E602
—	NXSTAGE MEDICAL	876,042	$15.16M	0.6%	$14.05	—	COMMON	67072V103
—	INVITAE CORP	874,391	$14.65M	0.6%	$16.76	—	COMMON	46185L103
—	HEARTWARE INTL INC	153,815	$13.5M	0.5%	$88.35	—	COMMON	422368100
ASND	ASCENDIS PHARMA A S	731,660	$12.69M	0.5%	$17.35	—	SP ADR	04351P101
HCA	HCA HLDGS INC	167,176	$12.58M	0.5%	$65.53	+1.9%	COMMON	40412C101
NVS	NOVARTIS AG	119,405	$11.78M	0.4%	$92.23	—	SP ADR	66987V109
AMPH	AMPHASTAR PHARMACEUTICALS	733,932	$10.98M	0.4%	$10.71	+24.8%	COMMON	03209R103
NVO	NOVO-NORDISK AS	194,775	$10.4M	0.4%	$56.52	—	ADR	670100205
—	CIGNA CORP	76,465	$9.898M	0.4%	$129.44	—	COMMON	125509109
—	ZS PHARMA INC	219,303	$9.228M	0.4%	$41.97	—	COMMON	98979G105
UHS	UNIVERSAL HEALTH SVC	65,939	$7.762M	0.3%	$100.65	+5.1%	CLASS B	913903100
TGTX	TG THERAPEUTICS	436,084	$6.751M	0.3%	$15.14	0.0%	COMMON	88322Q108
—	ADVAXIS INC	150,654	$2.175M	0.1%	$8.01	—	COMMON	007624208
ARAY	ACCURAY INC	227,195	$2.113M	0.1%	$7.05	+12.9%	COMMON	004397105
—	IMPAX LABS INC	39,697	$1.861M	0.1%	$46.88	—	COMMON	45256B101
—	LANNET INC	25,634	$1.736M	0.1%	$67.72	—	COMMON	516012101
—	ENDO INTL PLC	18,688	$1.676M	0.1%	$89.68	—	SHARES	G30401106
JAZZ	JAZZ PHARMA PLC	9,405	$1.625M	0.1%	$171.62	0.0%	SHS USD	G50871105
—	VALEANT PHARMACEUTICALS INTL	8,101	$1.609M	0.1%	$183.48	—	COMMON	91911K102
MCK	MCKESSON CORP	6,995	$1.582M	0.1%	$204.26	0.0%	COMMON	58155Q103
—	WUXI PHARMATECH ADS	40,653	$1.577M	0.1%	$34.48	—	SP ADR	929352102
—	AURIS MED HLDG AG	279,850	$1.497M	0.1%	$5.35	—	COMMON	H03579101
—	IMMUNE DESIGN CORP	67,127	$1.417M	0.1%	$20.02	—	COMMON	45252L103
—	TANDEM DIABETES CA	111,422	$1.406M	0.1%	$16.34	—	COMMON	875372104
ALKS	ALKERMES PLC	22,770	$1.388M	0.1%	$68.32	0.0%	SHARES	G01767105
—	HORIZON PHARMA	51,476	$1.337M	0.1%	$25.97	—	SHARES	G4617B105
PCRX	PACIRA PHARMACEUTICALS	13,939	$1.238M	0.0%	$101.46	0.0%	COMMON	695127100
—	DEPOMED INC	54,632	$1.224M	0.0%	$22.40	—	COMMON	249908104
—	ELEVEN BIOTHERAPEUTICS	112,485	$1.003M	0.0%	$11.14	—	COMMON	286221106
EGRX	EAGLE PHARMACEUTICALS	22,123	$927K	0.0%	$28.37	0.0%	COMMON	269796108
—	NEKTAR THERAPEUTICS	79,115	$870K	0.0%	$11.00	—	COMMON	640268108
—	CAMBREX CORP	11,673	$463K	0.0%	$39.66	—	COMMON	132011107
—	CATALENT INC	14,293	$445K	0.0%	$31.13	—	COMMON	148806102
CHRS	COHERUS BIOSCIENCES	12,656	$387K	0.0%	$25.85	0.0%	COMMON	19249H103