Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BIIB	BIOGEN INC	625,096	$182M	8.4%	$272.68	+21.1%	COMMON	09062X103
GILD	GILEAD SCIENCES INC	1,856,458	$182M	8.4%	$60.49	+28.1%	COMMON	375558103
—	CELGENE CORP	1,267,158	$137M	6.3%	$101.09	—	COMMON	151020104
REGN	REGENERON PHARMACEUTICALS	244,100	$114M	5.2%	$499.57	+6.9%	COMMON	75886F107
—	ALEXION PHARMACEUTICALS INC	721,593	$113M	5.2%	$134.20	—	COMMON	015351109
BMRN	BIOMARIN PHARMACEUTICAL INC	969,823	$102M	4.7%	$68.88	+93.9%	COMMON	09061G101
INCY	INCYTE CORPORATION	887,051	$97.87M	4.5%	$31.28	+258.5%	COMMON	45337C102
FOLD	AMICUS THERAPEUTICS	6,111,227	$85.5M	3.9%	$8.48	+85.0%	COMMON	03152W109
AMGN	AMGEN INC	554,697	$76.73M	3.5%	$75.69	+53.6%	COMMON	031162100
VRTX	VERTEX PHARMACEUTICALS	734,200	$76.46M	3.5%	$108.87	+18.0%	COMMON	92532F100
TMO	THERMO FISHER SCIENTIFIC	605,636	$74.06M	3.4%	$100.42	+25.8%	COMMON	883556102
MRK	MERCK & CO INC	1,097,376	$54.2M	2.5%	$39.43	-2.6%	COMMON	58933Y105
PFE	PFIZER INC	1,711,016	$53.74M	2.5%	$18.58	+10.9%	COMMON	717081103
—	SEATTLE GENETICS INC	1,269,075	$48.94M	2.2%	$33.34	—	COMMON	812578102
—	PORTOLA PHARMACEUTICALS	1,088,118	$46.38M	2.1%	$25.78	—	COMMON	737010108
—	ALLERGAN PLC	142,009	$38.6M	1.8%	$303.46	—	SHARES	G0177J108
—	INTERCEPT PHARMACEUTICALS	219,647	$36.43M	1.7%	$217.23	—	COMMON	45845P108
HALO	HALOZYME THERAPEUTIC	2,671,051	$35.87M	1.6%	$8.25	+143.5%	COMMON	40637H109
MDT	MEDTRONIC PLC	525,952	$35.21M	1.6%	$58.24	-2.2%	SHARES	G5960L103
TEVA	TEVA PHARMACEUTICAL	594,950	$33.59M	1.5%	$52.85	—	ADR	881624209
ALGN	ALIGN TECH INC	512,393	$29.08M	1.3%	$48.27	+23.5%	COMMON	016255101
DXCM	DEXCOM INC	323,233	$27.75M	1.3%	$10.02	+122.7%	COMMON	252131107
—	SHIRE PLC	122,056	$25.05M	1.1%	$183.36	—	SP ADR	82481R106
—	ALDER BIOPHARMACEUTICALS	762,682	$24.98M	1.1%	$28.32	—	COMMON	014339105
UTHR	UNITED THERAPEUTICS	175,780	$23.07M	1.1%	$97.03	+65.3%	COMMON	91307C102
—	ST JUDE MEDICAL INC	354,911	$22.39M	1.0%	$63.10	—	COMMON	790849103
UNH	UNITEDHEALTH GRP INC	191,148	$22.18M	1.0%	$101.20	0.0%	COMMON	91324P102
EW	EDWARDS LIFESCIENCE	153,115	$21.77M	1.0%	$22.57	+7.0%	COMMON	28176E108
—	AIMMUNE THERAPEUTICS	792,638	$20.07M	0.9%	$25.32	—	COMMON	00900T107
PTCT	PTC THERAPEUTICS INC	690,364	$18.43M	0.8%	$26.37	+62.2%	COMMON	69366J200
—	CHIMERIX INC	476,500	$18.2M	0.8%	$46.20	—	COMMON	16934W106
—	PRONAI THERAPEUTICS	862,766	$17.29M	0.8%	$20.04	—	COMMON	74346L101
—	MYLAN N V	417,082	$16.79M	0.8%	$57.51	—	SHS EURO	N59465109
RDY	DR REDDYS LABS LTD	254,901	$16.29M	0.7%	$46.18	—	ADR	256135203
—	RELYPSA INC	842,030	$15.59M	0.7%	$25.16	—	COMMON	759531106
QURE	UNIQURE N.V.	761,913	$15.58M	0.7%	$28.16	-6.5%	SHARES	N90064101
—	ACCELERON PHARMA	612,184	$15.24M	0.7%	$33.13	—	COMMON	00434H108
TGTX	TG THERAPEUTICS	1,464,105	$14.76M	0.7%	$15.19	-1.9%	COMMON	88322Q108
—	CARA THERAPEUTICS	1,023,309	$14.62M	0.7%	$14.29	—	COMMON	140755109
NVS	NOVARTIS AG	145,305	$13.36M	0.6%	$94.01	—	SP ADR	66987V109
—	ADVAXIS INC	1,263,415	$12.93M	0.6%	$10.23	—	COMMON	007624208
NVO	NOVO-NORDISK AS	235,375	$12.77M	0.6%	$56.18	—	ADR	670100205
—	HEARTWARE INTL INC	224,580	$11.75M	0.5%	$79.24	—	COMMON	422368100
—	NXSTAGE MEDICAL	712,329	$11.23M	0.5%	$14.11	—	COMMON	67072V103
ISRG	INTUITIVE SURGICAL INC	24,096	$11.07M	0.5%	$44.66	+26.8%	COMMON	46120E602
RGNX	REGENXBIO INC	507,441	$10.83M	0.5%	$25.52	0.0%	COMMON	75901B107
—	IMMUNE DESIGN CORP	845,867	$10.32M	0.5%	$20.25	—	COMMON	45252L103
TDOC	TELADOC INC	417,700	$9.311M	0.4%	$27.00	0.0%	COMMON	87918A105
—	SAGENT PHARMACEUTICALS	585,659	$8.978M	0.4%	$21.14	—	COMMON	786692103
ACHC	ACADIA HEALTHCARE	128,054	$8.486M	0.4%	$76.93	0.0%	COMMON	00404A109
—	CIGNA CORP	55,904	$7.548M	0.3%	$132.03	—	COMMON	125509109
—	KARYOPHARM THERAPEUTICS	712,968	$7.508M	0.3%	$38.41	—	COMMON	48576U106
—	TETRAPHASE PHARMACEUTICALS	692,036	$5.163M	0.2%	$40.12	—	COMMON	88165N105
PRGO	PERRIGO CO	26,861	$4.224M	0.2%	$144.39	+27.0%	SHARES	G97822103
—	VALEANT PHARMA INTL	17,839	$3.182M	0.1%	$206.55	—	COMMON	91911K102
—	ZS PHARMA INC	42,000	$2.758M	0.1%	$47.48	—	COMMON	98979G105
—	MOMENTA PHARMACEUTICALS	150,343	$2.467M	0.1%	$13.76	—	COMMON	60877T100
—	MALLINCKRODT PLC	38,252	$2.446M	0.1%	$58.11	—	SHARES	G5785G107
EGRX	EAGLE PHARMACEUTICALS	28,152	$2.084M	0.1%	$36.26	+129.4%	COMMON	269796108
—	AKORN INC	68,513	$1.953M	0.1%	$17.80	—	COMMON	009728106
—	IMPAX LABS INC	52,311	$1.842M	0.1%	$46.36	—	COMMON	45256B101
—	ONCOMED PHARMACEUTICALS	109,211	$1.812M	0.1%	$18.89	—	COMMON	68234X102
ALKS	ALKERMES PLC	30,011	$1.761M	0.1%	$66.78	-1.1%	SHARES	G01767105
—	ENDO INTL PLC	24,636	$1.707M	0.1%	$86.89	—	SHARES	G30401106
MCK	MCKESSON CORP	9,224	$1.707M	0.1%	$205.91	-5.0%	COMMON	58155Q103
JAZZ	JAZZ PHARMA PLC	12,406	$1.648M	0.1%	$173.28	-0.6%	COMMON	G50871105
—	LANNETT CO INC	33,793	$1.403M	0.1%	$65.09	—	COMMON	516012101
—	DEPOMED INC	71,994	$1.357M	0.1%	$22.11	—	COMMON	249908104
—	HORIZON PHARMA	67,852	$1.345M	0.1%	$27.57	—	SHARES	G4617B105
—	NEKTAR THERAPEUTICS	104,399	$1.144M	0.1%	$11.30	—	COMMON	640268108
PCRX	PACIRA PHARMACEUTICALS	18,357	$754K	0.0%	$95.30	-35.7%	COMMON	695127100
—	CHINA BIOLOGIC PROD	6,840	$614K	0.0%	$89.77	—	COMMON	16938C106
—	CAMBREX CORP	15,368	$610K	0.0%	$40.52	—	COMMON	132011107
ASND	ASCENDIS PHARMA A S	31,100	$550K	0.0%	$17.35	—	SP ADR	04351P101
AMPH	AMPHASTAR PHARMACEUTICALS	41,800	$489K	0.0%	$11.27	+33.1%	COMMON	03209R103
—	CATALENT INC	19,449	$473K	0.0%	$30.27	—	COMMON	148806102
CHRS	COHERUS BIOSCIENCES	16,498	$331K	0.0%	$25.88	+17.6%	COMMON	19249H103