The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Abbott Laboratories Common 002824100 51,183 1,152,520 SH   SOLE   1,152,520 0 0
AbbVie Inc. Common 00287Y109 10 156 SH   SOLE   156 0 0
Acadia Healthcare Company, Inc. Common 00404A109 10,080 231,200 SH   SOLE   231,200 0 0
Accelerate Diagnostics, Inc. Common 00430H102 2,420 100,000 SH   SOLE   100,000 0 0
Acceleron Pharma, Inc. Common 00434H108 1,441 54,450 SH   SOLE   54,450 0 0
Adaptimmune Therapeutics plc Sponsored ADR 00653A107 8,080 1,466,368 SH   SOLE   1,466,368 0 0
Aegerion Pharmaceuticals, Inc. Note 2.00% 8/15/19 00767EAB8 10,400 13,000,000 PRN   SOLE   13,000,000 0 0
Affimed N.V. Common N01045108 3,232 1,405,324 SH   SOLE   1,405,324 0 0
Akorn, Inc. Common 009728106 7,892 327,735 SH   SOLE   327,735 0 0
Alexion Pharmaceuticals, Inc. Common 015351109 96,496 795,905 SH   SOLE   795,905 0 0
Allergan plc Shares G0177J108 74,211 310,610 SH   SOLE   310,610 0 0
Allergan plc Preferred Convertible G0177J116 4,249 5,000 SH   SOLE   5,000 0 0
Alliqua BioMedical, Inc. Common 019621200 833 1,650,000 SH   SOLE   1,650,000 0 0
Allscripts Healthcare Solutions, Inc. Common 01988P108 600 47,300 SH   SOLE   47,300 0 0
Alnylam Pharmaceuticals, Inc. Common 02043Q107 12,505 243,995 SH   SOLE   243,995 0 0
AmerisourceBergen Corporation Common 03073E105 29,266 330,687 SH   SOLE   330,687 0 0
Amgen Inc. Common 031162100 112,359 684,824 SH   SOLE   684,824 0 0
Amicus Therapeutics, Inc. Common 03152W109 2,986 418,730 SH   SOLE   418,730 0 0
ARCA biopharma, Inc. Common 00211Y407 2,028 811,227 SH   SOLE   811,227 0 0
Ardelyx, Inc. Common 039697107 8,088 639,370 SH   SOLE   639,370 0 0
AstraZeneca PLC Sponsored ADR 046353108 14,443 463,800 SH   SOLE   463,800 0 0
Auris Medical Holding AG Common H03579101 712 774,504 SH   SOLE   774,504 0 0
Avadel Pharmaceuticals plc Sponsored ADR 05337M104 6,043 624,288 SH   SOLE   624,288 0 0
BeiGene, Ltd. Sponsored ADR 07725L102 3,205 87,531 SH   SOLE   87,531 0 0
Bellicum Pharmaceuticals, Inc. Common 079481107 740 60,000 SH   SOLE   60,000 0 0
Biogen Inc. Common 09062X103 132,602 484,974 SH   SOLE   484,974 0 0
BioMarin Pharmaceutical Inc. Common 09061G101 44,403 505,845 SH   SOLE   505,845 0 0
bluebird bio, Inc. Common 09609G100 4,485 49,345 SH   SOLE   49,345 0 0
Bristol-Myers Squibb Co. Common 110122108 10,142 186,500 SH   SOLE   186,500 0 0
Cardinal Health, Inc. Common 14149Y108 6,247 76,600 SH   SOLE   76,600 0 0
Care Capital Properties, Inc. Common 141624106 9,271 345,022 SH   SOLE   345,022 0 0
Celgene Corporation Common 151020104 170,047 1,366,605 SH   SOLE   1,366,605 0 0
Celldex Therapeutics, Inc. Common 15117B103 382 105,800 SH   SOLE   105,800 0 0
Cellectis S.A. Sponsored ADR 15117K103 7,446 310,250 SH   SOLE   310,250 0 0
Centene Corporation Common 15135B101 10,283 144,300 SH   SOLE   144,300 0 0
Charles River Laboratories International, Inc. Common 159864107 11,433 127,100 SH   SOLE   127,100 0 0
Cidara Therapeutics, Inc. Common 171757107 2,234 286,472 SH   SOLE   286,472 0 0
Cigna Corporation Common 125509109 12,291 83,900 SH   SOLE   83,900 0 0
Coherus BioSciences, Inc. Common 19249H103 1,904 90,000 SH   SOLE   90,000 0 0
Community Health Systems, Inc. Common 203668108 1,809 203,935 SH   SOLE   203,935 0 0
CVS Health Corporation Common 126650100 32,333 411,891 SH   SOLE   411,891 0 0
CytomX Therapeutics, Inc. Common 23284F105 9,155 530,092 SH   SOLE   530,092 0 0
DBV Technologies S.A. Common 23306J101 2,310 65,600 SH   SOLE   65,600 0 0
Dermira, Inc. Sponsored ADR 24983L104 5,635 165,200 SH   SOLE   165,200 0 0
DexCom, Inc. Common 252131107 6,033 71,200 SH   SOLE   71,200 0 0
Diplomat Pharmacy, Inc. Common 25456K101 2,077 130,223 SH   SOLE   130,223 0 0
Dynavax Technologies Corporation Common 268158201 2,053 345,050 SH   SOLE   345,050 0 0
Edwards Lifesciences Corporation Common 28176E108 5,259 55,900 SH   SOLE   55,900 0 0
Egalet Corporation Note 5.50% 4/1/20 28226BAB0 5,758 7,000,000 PRN   SOLE   7,000,000 0 0
Eli Lilly & Company Common 532457108 41,475 493,100 SH   SOLE   493,100 0 0
Endo International plc Shares G30401106 10,206 914,548 SH   SOLE   914,548 0 0
Epizyme, Inc. Common 29428V104 6,208 362,000 SH   SOLE   362,000 0 0
Exelixis, Inc. Common 30161Q104 11,954 551,647 SH   SOLE   551,647 0 0
Flex Pharma, Inc. Common 33938A105 713 162,124 SH   SOLE   162,124 0 0
Foamix Pharmaceuticals Ltd. Shares M46135105 4,605 930,398 SH   SOLE   930,398 0 0
Forward Pharma A/S Sponsored ADR 34986J105 2,642 122,835 SH   SOLE   122,835 0 0
Galapagos NV Sponsored ADR 36315X101 9,975 115,738 SH   SOLE   115,738 0 0
GenMark Diagnostics, Inc. Common 372309104 1,197 93,349 SH   SOLE   93,349 0 0
Gilead Sciences, Inc. Common 375558103 171,846 2,530,131 SH   SOLE   2,530,131 0 0
GlaxoSmithKline plc Sponsored ADR 37733W105 15,135 359,000 SH   SOLE   359,000 0 0
Global Blood Therapeutics, Inc. Common 37890U108 6,357 172,500 SH   SOLE   172,500 0 0
Global Medical REIT Inc. Common 37954A204 666 73,400 SH   SOLE   73,400 0 0
Grifols, S.A. Sponsored ADR 398438408 3,133 166,000 SH   SOLE   166,000 0 0
Halozyme Therapeutics, Inc. Common 40637H109 2,592 200,000 SH   SOLE   200,000 0 0
HCA Holdings, Inc. Common 40412C101 5,645 63,432 SH   SOLE   63,432 0 0
HCP, Inc. Common 40414L109 1,423 45,500 SH   SOLE   45,500 0 0
Health Care Select Sector SPDR Fund SBI Healthcare 81369Y209 10,455 140,600 SH   SOLE   140,600 0 0
Healthcare Realty Trust, Inc. Common 421946104 2,210 68,000 SH   SOLE   68,000 0 0
Healthcare Trust of America, Inc. Class A 42225P501 1,447 46,000 SH   SOLE   46,000 0 0
Horizon Pharma plc Shares G4617B105 2,408 162,900 SH   SOLE   162,900 0 0
Humana Inc. Common 444859102 31,704 153,800 SH   SOLE   153,800 0 0
IDEXX Laboratories, Inc. Common 45168D104 20,463 132,352 SH   SOLE   132,352 0 0
Illumina, Inc. Common 452327109 50,742 297,360 SH   SOLE   297,360 0 0
Impax Laboratories, Inc. Common 45256B101 1,573 124,335 SH   SOLE   124,335 0 0
Incyte Corporation Common 45337C102 92,670 693,275 SH   SOLE   693,275 0 0
Innoviva, Inc. Common 45781M101 3,441 248,803 SH   SOLE   248,803 0 0
Intellia Therapeutics, Inc. Common 45826J105 1,012 71,842 SH   SOLE   71,842 0 0
iShares Nasdaq Biotechnology ETF Nasdaq Biotech ETF 464287556 22,866 77,970 SH   SOLE   77,970 0 0
Jazz Pharmaceuticals plc Shares G50871105 48,098 331,411 SH   SOLE   331,411 0 0
Johnson & Johnson Common 478160104 88,974 714,362 SH   SOLE   714,362 0 0
Juno Therapeutics, Inc. Common 48205A109 1,263 56,900 SH   SOLE   56,900 0 0
Karyopharm Therapeutics Inc. Common 48576U106 7,771 605,224 SH   SOLE   605,224 0 0
LTC Properties, Inc. Common 502175102 6,525 136,212 SH   SOLE   136,212 0 0
Mallinckrodt plc Shares G5785G107 2,759 61,900 SH   SOLE   61,900 0 0
McKesson Corporation Common 58155Q103 16,768 113,100 SH   SOLE   113,100 0 0
Medical Properties Trust, Inc. Common 58463J304 12,989 1,007,717 SH   SOLE   1,007,717 0 0
Medtronic plc Shares G5960L103 49,386 613,030 SH   SOLE   613,030 0 0
Merck & Co., Inc. Common 58933Y105 76,143 1,198,349 SH   SOLE   1,198,349 0 0
Merus B.V. Common N5749R100 11,682 479,150 SH   SOLE   479,150 0 0
Molina Healthcare, Inc. Common 60855R100 18,356 402,541 SH   SOLE   402,541 0 0
Momenta Pharmaceuticals, Inc. Common 60877T100 6,734 504,400 SH   SOLE   504,400 0 0
Mylan N.V. Shares N59465109 60,451 1,550,412 SH   SOLE   1,550,412 0 0
Myovant Sciences Ltd. Common G637AM102 4,696 400,000 SH   SOLE   400,000 0 0
Nabriva Therapeutics AG Sponsored ADR 62957M104 2,798 233,334 SH   SOLE   233,334 0 0
NanoString Technologies, Inc. Common 63009R109 2,255 113,500 SH   SOLE   113,500 0 0
Natera, Inc. Common 632307104 7,827 882,358 SH   SOLE   882,358 0 0
Neurocrine Biosciences, Inc. Common 64125C109 19,315 446,074 SH   SOLE   446,074 0 0
New Senior Investment Group Inc. Common 648691103 5,794 567,997 SH   SOLE   567,997 0 0
Novartis AG Sponsored ADR 66987V109 18,478 248,800 SH   SOLE   248,800 0 0
Novavax, Inc. Common 670002104 731 571,000 SH   SOLE   571,000 0 0
Novo Nordisk A/S Sponsored ADR 670100205 2,845 83,000 SH   SOLE   83,000 0 0
Omega Healthcare Investors, Inc. Common 681936100 15,130 458,616 SH   SOLE   458,616 0 0
Paratek Pharmaceuticals, Inc. Common 699374302 14,680 762,581 SH   SOLE   762,581 0 0
Perrigo Company plc Shares G97822103 2,476 37,300 SH   SOLE   37,300 0 0
Pfizer Inc. Common 717081103 39,228 1,146,689 SH   SOLE   1,146,689 0 0
Physicians Realty Trust Common 71943U104 10,544 530,672 SH   SOLE   530,672 0 0
Pieris Pharmaceuticals, Inc. Common 720795103 10,244 3,940,084 SH   SOLE   3,940,084 0 0
PRA Health Sciences, Inc. Common 69354M108 6,653 102,000 SH   SOLE   102,000 0 0
Puma Biotechnology, Inc. Common 74587V107 9,679 260,200 SH   SOLE   260,200 0 0
Quorum Health Corporation Common 74909E106 129 23,725 SH   SOLE   23,725 0 0
Regeneron Pharmaceuticals, Inc. Common 75886F107 72,722 187,666 SH   SOLE   187,666 0 0
Retrophin, Inc. Common 761299106 3,100 167,949 SH   SOLE   167,949 0 0
The RMR Group Inc. Class A 74967R106 368 7,441 SH   SOLE   7,441 0 0
Sabra Health Care REIT, Inc. Common 78573L106 15,389 550,990 SH   SOLE   550,990 0 0
Sage Therapeutics, Inc. Common 78667J108 6,430 90,480 SH   SOLE   90,480 0 0
Sanofi Sponsored ADR 80105N105 13,801 305,000 SH   SOLE   305,000 0 0
Sarepta Therapeutics, Inc. Common 803607100 15,143 511,600 SH   SOLE   511,600 0 0
Senior Housing Properties Trust Shares 81721M109 13,093 646,554 SH   SOLE   646,554 0 0
Shire plc Sponsored ADR 82481R106 40,319 231,413 SH   SOLE   231,413 0 0
Spark Therapeutics, Inc. Common 84652J103 1,296 24,300 SH   SOLE   24,300 0 0
SPDR S&P Biotech ETF S&P Biotech ETF 78464A870 15,703 226,460 SH   SOLE   226,460 0 0
Tenet Healthcare Corporation Common 88033G407 2,913 164,500 SH   SOLE   164,500 0 0
Tetraphase Pharmaceuticals, Inc. Common 88165N105 9,230 1,004,322 SH   SOLE   1,004,322 0 0
Teva Pharmaceutical Industries Ltd. Sponsored ADR 881624209 32,596 1,015,758 SH   SOLE   1,015,758 0 0
Thermo Fisher Scientific Inc. Common 883556102 35,024 228,020 SH   SOLE   228,020 0 0
Ultragenyx Pharmaceutical Inc. Common 90400D108 5,992 88,400 SH   SOLE   88,400 0 0
uniQure N.V. Shares N90064101 1,393 241,021 SH   SOLE   241,021 0 0
United Therapeutics Corporation Common 91307C102 5,951 43,961 SH   SOLE   43,961 0 0
UnitedHealth Group Inc. Common 91324P102 50,327 306,852 SH   SOLE   306,852 0 0
Universal Health Services, Inc. Class B 913903100 5,996 48,180 SH   SOLE   48,180 0 0
Valeant Pharmaceuticals International, Inc. Common 91911K102 2,118 192,000 SH   SOLE   192,000 0 0
Ventas, Inc. Common 92276F100 11,446 175,991 SH   SOLE   175,991 0 0
Vertex Pharmaceuticals Incorporated Common 92532F100 113,014 1,033,503 SH   SOLE   1,033,503 0 0
Welltower Inc. Common 95040Q203 12,624 200,000 SH   SOLE   200,000 0 0
Welltower Inc. 6.50% Preferred Perpetual 95040Q104 1,516 21,400 SH   SOLE   21,400 0 0
Xencor, Inc. Common 98401F105 478 20,000 SH   SOLE   20,000 0 0
Xenon Pharmaceuticals Inc. Common 98420N105 1,400 350,000 SH   SOLE   350,000 0 0
Zafgen, Inc. Common 98885E103 62 13,307 SH   SOLE   13,307 0 0
Zimmer Biomet Holdings, Inc. Common 98956P102 12,492 102,300 SH   SOLE   102,300 0 0