Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INCY	Incyte Corporation	19,474,969	$2.149B	19.9%	$43.21	+159.5%	COM	45337C102
—	Seattle Genetics, Inc.	36,029,746	$1.389B	12.8%	$34.28	—	COM	812578102
—	Alexion Pharmaceuticals, Inc.	6,542,599	$1.023B	9.5%	$180.77	—	COM	015351109
ABBV	AbbVie Inc.	14,373,538	$782M	7.2%	$42.33	+0.4%	COM	00287Y109
ACAD	ACADIA Pharmaceuticals Inc.	20,481,442	$677M	6.3%	$14.07	+195.7%	COM	004225108
—	Incyte Corporation Notes 1.25% 11/15/2020 144A	274,500,000	$599M	5.5%	$1.21	—	CONV BONDS	45337CAL6
—	Incyte Corporation Notes 0.375% 11/15/2018 144A	259,000,000	$560M	5.2%	$1.20	—	CONV BONDS	45337CAK8
—	Anacor Pharmaceuticals, Inc.	4,135,412	$487M	4.5%	$31.19	—	COM	032420101
BMRN	BioMarin Pharmaceutical Inc.	4,076,353	$429M	4.0%	$75.89	+76.0%	COM	09061G101
—	Genomic Health Inc.	13,658,328	$289M	2.7%	$31.71	—	COM	37244C101
—	Clovis Oncology Inc. 2.5% 9/15/2021	129,300,000	$215M	2.0%	$1.67	—	CONV BONDS	189464AB6
—	DBV Technologies S.A.	5,462,019	$194M	1.8%	$32.87	—	SPONSORED ADR	23306J101
BCRX	BioCryst Pharmaceuticals, Inc.	14,110,179	$161M	1.5%	$7.53	+77.2%	COM	09058V103
—	Dyax Corp.	7,561,480	$144M	1.3%	$13.14	—	COM	26746E103
—	BioMarin Pharmaceutical Inc. Notes 1.875% 4/23/2017	22,379,000	$116M	1.1%	$2.76	—	CONV BONDS	09061GAD3
—	Mirati Therapeutics, Inc.	2,955,074	$102M	0.9%	$18.37	—	COM	60468T105
—	Aquinox Pharmaceuticals, Inc.	6,747,332	$94.94M	0.9%	$13.83	—	COM	03842B101
—	Gilead, Inc. 1.625% 5/1/16	20,944,000	$90.33M	0.8%	$2.26	—	CONV BONDS	375558AP8
HRTX	Heron Therapeutics, Inc.	2,907,784	$70.95M	0.7%	$13.64	+144.2%	COM	427746102
CERS	Cerus Corporation	13,553,275	$61.53M	0.6%	$4.68	+10.5%	COM	157085101
—	Bellicum Pharmaceuticals, Inc.	4,190,594	$60.89M	0.6%	$23.04	—	COM	079481107
—	Acorda Therapeutics, Inc. Notes 1.75% 6/15/2021	59,583,000	$54.12M	0.5%	$1.04	—	CONV BONDS	00484MAA4
—	Spark Therapeutics, Inc.	1,262,382	$52.68M	0.5%	$77.50	—	COM	84652J103
—	Invitae Corporation	6,554,967	$47.33M	0.4%	$16.76	—	COM	46185L103
—	Versartis, Inc.	3,241,783	$37.38M	0.3%	$22.68	—	COM	92529L102
—	ImmunoGen, Inc.	3,548,040	$34.06M	0.3%	$11.20	—	COM	45253H101
NBIX	Neurocrine Biosciences, Inc.	750,739	$29.87M	0.3%	$25.36	+90.6%	COM	64125C109
INSM	Insmed, Inc.	1,583,490	$29.41M	0.3%	$14.99	+66.6%	COM PAR $.01	457669307
—	Acorda Therapeutics, Inc.	1,096,876	$29.08M	0.3%	$34.19	—	COM	00484M106
—	Medivation, Inc.	659,752	$28.04M	0.3%	$42.50	—	COM	58501N101
HALO	Halozyme Therapeutics, Inc.	1,931,057	$25.93M	0.2%	$6.50	+209.0%	COM	40637H109
—	Progenics Pharmaceuticals, Inc.	4,350,808	$24.89M	0.2%	$4.44	—	COM	743187106
GILD	Gilead Sciences, Inc.	249,995	$24.55M	0.2%	$36.21	+114.0%	COM	375558103
—	Intra-Cellular Therapies, Inc.	609,166	$24.39M	0.2%	$37.28	—	COM	46116X101
—	Zogenix, Inc.	1,798,365	$24.28M	0.2%	$13.50	—	COM NEW	98978L204
—	Exelisis, Inc. Notes 4.25% 8/15/2019	20,000,000	$23.99M	0.2%	$1.20	—	CONV BONDS	30161QAC8
—	aTyr Pharma Inc.	2,335,125	$23.96M	0.2%	$18.52	—	COM	002120103
—	Idera Pharmaceuticals, Inc.	6,976,162	$23.37M	0.2%	$3.05	—	COM NEW	45168K306
—	XenoPort, Inc.	6,508,622	$22.59M	0.2%	$5.27	—	COM	98411C100
CPRX	Catalyst Pharmaceuticals, Inc.	7,335,692	$22.01M	0.2%	$2.58	+67.2%	COM	14888U101
SGMO	Sangamo BioSciences, Inc.	3,755,876	$21.18M	0.2%	$12.49	-34.0%	COM	800677106
TGTX	TG Therapeutics, Inc.	2,003,991	$20.2M	0.2%	$4.61	+223.5%	COM	88322Q108
—	Aegerion Pharmaceuticals, Inc. Notes 2.0% 8/15/2019	26,517,000	$19.87M	0.2%	$0.75	—	CONV BONDS	00767EAB8
—	Array BioPharma Inc.	4,310,666	$19.66M	0.2%	$6.65	—	COM	04269X105
—	Clovis Oncology, Inc.	202,630	$18.63M	0.2%	$56.00	—	COM	189464100
—	Alder Biopharmaceuticals Inc.	513,439	$16.82M	0.2%	$27.68	—	COM	014339105
—	Derma Sciences, Inc.	3,457,841	$16.29M	0.2%	$12.84	—	COM PAR $.01	249827502
—	BioMarin Pharmaceutical Inc. Notes 0.75% 10/15/2018	12,228,000	$15.9M	0.1%	$1.06	—	CONV BONDS	09061GAE1
—	Novavax, Inc.	2,195,687	$15.52M	0.1%	$5.28	—	COM	670002104
GLPG	Galapagos NV ADR	369,276	$15.03M	0.1%	$51.50	—	SPON ADR	36315X101
—	Foamix Pharmaceuticals Ltd.	2,046,967	$15M	0.1%	$7.46	—	SHS	M46135105
—	Repros Therapeutics Inc.	1,955,944	$14.53M	0.1%	$18.45	—	COM NEW	76028H209
PRQR	ProQR Therapeutics N.V.	988,299	$14.4M	0.1%	$17.70	-5.4%	SHS EURO	N71542109
—	Achillion Pharmaceuticals, Inc.	2,000,000	$13.82M	0.1%	$8.32	—	COM	00448Q201
—	Zafgen, Inc.	390,346	$12.47M	0.1%	$35.13	—	COM	98885E103
—	bluebird bio, Inc.	141,105	$12.07M	0.1%	$29.38	—	COM	09609G100
RARE	Ultragenyx Pharmaceuticals	123,894	$11.93M	0.1%	$51.09	+124.1%	COM	90400D108
—	Threshold Pharmaceuticals, Inc.	2,925,519	$11.91M	0.1%	$4.38	—	COM NEW	885807206
—	La Jolla Pharmaceutical Company	412,008	$11.45M	0.1%	$10.24	—	COM PAR $.0001 2	503459604
XNCR	Xencor, Inc.	872,072	$10.66M	0.1%	$11.07	+76.9%	COM	98401F105
—	Lion Biotechnologies, Inc.	1,817,429	$10.47M	0.1%	$11.31	—	COM	53619R102
—	Alcobra Ltd.	1,639,871	$9.905M	0.1%	$5.32	—	SHS	M2239P109
—	Akari Therapeutics PLC ADR	395,882	$9.499M	0.1%	$23.99	—	SPONSORED ADR	00972G108
—	Concert Pharmaceuticals, Inc.	495,908	$9.308M	0.1%	$10.71	—	COM	206022105
—	Osiris Therapeutics, Inc.	499,193	$9.22M	0.1%	$16.34	—	COM	68827R108
—	Global Blood Therapeutics, Inc.	200,000	$8.432M	0.1%	$42.16	—	COM	37890U108
ASND	Ascendis Pharma A/S	435,540	$7.709M	0.1%	$17.62	—	SPONSORED ADR	04351P101
MGNX	MacroGenics, Inc.	347,776	$7.449M	0.1%	$23.68	+32.5%	COM	556099109
AGIO	Agios Pharmaceuticals, Inc.	100,000	$7.059M	0.1%	$27.47	+255.8%	COM	00847X104
—	Dermira, Inc.	275,000	$6.419M	0.1%	$21.44	—	COM	24983L104
—	Aimmune Therapeutics, Inc.	250,000	$6.33M	0.1%	$25.32	—	COM	00900T107
—	NeuroDerm Ltd.	305,000	$6.304M	0.1%	$15.24	—	ORD SHS	M74231107
LGND	Ligand Pharmaceuticals Incorporated	73,386	$6.286M	0.1%	$41.68	+45.6%	COM NEW	53220K504
—	Endocyte, Inc.	1,356,552	$6.213M	0.1%	$4.58	—	COM	29269A102
—	Arrowhead Research Corp.	1,009,509	$5.815M	0.1%	$9.76	—	COM NEW	042797209
—	Aerie Pharmaceuticals, Inc.	299,356	$5.311M	0.0%	$17.96	—	COM	00771V108
—	Ignyta, Inc.	571,000	$5.013M	0.0%	$8.30	—	COM	451731103
—	Trevena, Inc.	450,000	$4.658M	0.0%	$10.35	—	COM	89532E109
—	Sage Therapeutics, Inc.	105,000	$4.444M	0.0%	$43.36	—	COM	78667J108
—	Chimerix, Inc.	115,216	$4.401M	0.0%	$40.26	—	COM	16934W106
—	Amarin Corporation plc	2,205,710	$4.257M	0.0%	$2.34	—	SPONS ADR NEW	023111206
—	Pronai Therapeutics, Inc.	200,000	$4.104M	0.0%	$20.52	—	COM	74346L101
—	Curis, Inc.	1,999,303	$4.039M	0.0%	$2.72	—	COM	231269101
—	Proteon Therapeutics, Inc.	274,617	$3.82M	0.0%	$11.75	—	COM	74371L109
—	Seres Therapeutics, Inc.	125,000	$3.705M	0.0%	$41.50	—	COM	81750R102
OMER	Omeros Corporation	336,226	$3.685M	0.0%	$12.37	+25.9%	COM	682143102
—	Nabriva Therapeutics AG	350,000	$3.325M	0.0%	$9.50	—	SPONSORED ADR	62957M104
—	Juno Therapeutics, Inc.	80,000	$3.255M	0.0%	$52.22	—	COM	48205A109
—	CytRx Corporation	1,319,989	$3.128M	0.0%	$3.49	—	COM PAR $.001	232828509
—	Epizyme, Inc.	232,481	$2.99M	0.0%	$21.12	—	COM	29428V104
—	Stemline Therapeutics, Inc.	333,497	$2.945M	0.0%	$23.84	—	COM	85858C107
—	Array BioPharma Inc. Notes 3.0% 6/1/2020	3,000,000	$2.921M	0.0%	$1.25	—	CONV BONDS	04269XAA3
—	Mast Therapeutics, Inc.	4,707,464	$2.73M	0.0%	$0.56	—	COM	576314108
ENTA	Enanta Pharmaceuticals, Inc.	75,357	$2.723M	0.0%	$19.50	+120.2%	COM	29251M106
NTRA	Natera, Inc.	250,000	$2.713M	0.0%	$16.90	0.0%	COM	632307104
—	Sunesis Pharmaceuticals, Inc.	3,200,000	$2.592M	0.0%	$2.55	—	COM NEW	867328601
—	Affimed N.V.	400,000	$2.468M	0.0%	$6.30	—	COM	N01045108
—	Protalix BioTherapeutics, Inc. Notes 4.5% 9/15/18	3,423,000	$2.45M	0.0%	$0.76	—	CONV BONDS	74365AAB7
—	Assembly Biosciences, Inc.	250,000	$2.39M	0.0%	$13.24	—	COM	045396108
—	Isis Pharmaceuticals, Inc.	57,140	$2.31M	0.0%	$26.87	—	COM	464330109
—	Karyopharm Therapeutics Inc.	216,990	$2.285M	0.0%	$31.09	—	COM	48576U106
—	Vitae Pharmaceuticals, Inc.	187,597	$2.065M	0.0%	$11.71	—	COM	92847N103
AUPH	Aurinia Pharmaceuticals Inc.	711,499	$1.999M	0.0%	$3.55	-3.5%	COM	05156V102
—	Dynavax Technologies Corporation	75,000	$1.841M	0.0%	$24.55	—	COM NEW	268158201
—	Bellerophon Therapeutics, Inc.	352,928	$1.832M	0.0%	$9.18	—	COM	078771102
—	Immune Design Corp.	148,937	$1.817M	0.0%	$20.65	—	COM	45252L103
IRWD	Ironwood Pharmaceuticals, Inc.	169,163	$1.763M	0.0%	$11.63	-19.8%	COM CL A	46333X108
—	Loxo Oncology, Inc.	100,000	$1.748M	0.0%	$13.13	—	COM	548862101
—	MediWound Ltd.	225,000	$1.717M	0.0%	$11.38	—	ORD SHS	M68830104
—	Marinus Pharmaceuticals, Inc.	200,000	$1.668M	0.0%	$6.47	—	COM	56854Q101
—	Palatin Technologies, Inc.	2,050,000	$1.661M	0.0%	$0.73	—	COM PAR $ .01	696077403
—	Ophthotech Corporation	35,649	$1.444M	0.0%	$32.35	—	COM	683745103
CLLS	Cellectis S.A.	50,000	$1.318M	0.0%	$34.58	—	SPONSORED ADS	15117K103
—	Tenax Therapeutics Inc.	420,000	$1.26M	0.0%	$3.58	—	COM	88032L100
ADAPY	Adaptimmune Therapeutics plc ADR	100,000	$1.197M	0.0%	$18.33	—	SPONDS ADR	00653A107
—	BioDelivery Sciences International, Inc.	210,021	$1.168M	0.0%	$5.21	—	COM	09060J106
ABUS	Arbutus Biopharma Corporation	180,582	$1.1M	0.0%	$8.87	0.0%	COM	03879J100
—	Discovery Laboratories, Inc.	3,569,643	$1.071M	0.0%	$1.95	—	COM NEW	254668403
—	Ohr Pharmaceuticals, Inc.	370,370	$1.022M	0.0%	$2.54	—	COM NEW	67778H200
ALNY	Alnylam Pharmaceuticals, Inc.	11,340	$911K	0.0%	$77.42	+43.5%	COM	02043Q107
ALDX	Aldeyra Therapeutics, Inc.	142,000	$828K	0.0%	$10.20	-23.5%	COM	01438T106
—	Trillium Therapeutics, Inc.	63,014	$821K	0.0%	$13.03	—	COM NEW	89620X506
—	Ritter Pharmaceuticals, Inc.	400,000	$820K	0.0%	$4.45	—	COM	767836109
—	Acceleron Pharma, Inc.	28,765	$716K	0.0%	$39.60	—	COM	00434H108
QURE	UniQure B.V.	30,000	$614K	0.0%	$15.95	+65.1%	SHS	N90064101
—	Achaogen, Inc.	100,000	$576K	0.0%	$15.46	—	COM	004449104
—	Foundation Medicine, Inc.	20,892	$385K	0.0%	$25.16	—	COM	350465100
—	Synergy Pharmaceuticals, Inc.	67,100	$356K	0.0%	$5.31	—	COM NEW	871639308
—	ChemoCentryx, Inc.	49,064	$297K	0.0%	$14.14	—	COM	16383L106
—	Five Prime Therapeutics, Inc.	19,247	$296K	0.0%	$16.80	—	COM	33830X104
—	Aptose Biosciences, Inc.	33,397	$144K	0.0%	$5.91	—	COM NEW	03835T200
—	Cyclacel Pharmaceuticals, Inc. Pfd. Conv. Ex 6%	13,253	$62,000	0.0%	$7.20	—	PFD CONV EX 6%	23254L207
—	BioTime, Inc. Rights	20,084	$17,000	0.0%	$1.07	—	*W EXP 10/01/201	09066L162