Tekla Capital Management 13F-HR Quarterly holdings report by institutional manager

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
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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
AbbVie Inc.	Common	00287Y109	27,795	481,219	SH		SOLE		481,219	0	0
Accuray, Inc.	Common	004397105	5,314	731,943	SH		SOLE		731,943	0	0
Acorda Therapeutics, Inc.	Common	00484M106	9,255	273,162	SH		SOLE		273,162	0	0
Acorda Therapeutics, Inc.	Common	00484M106	1,606	47,400	SH	Call	SOLE		47,400	0	0
Actavis plc	Shares	G0083B108	66,987	277,631	SH		SOLE		277,631	0	0
Aetna, Inc.	Common	00817Y108	31,512	389,031	SH		SOLE		389,031	0	0
Agios Pharmaceuticals, Inc.	Common	00847X104	2,147	35,000	SH		SOLE		35,000	0	0
Akorn, Inc.	Common	009728106	25,367	699,382	SH		SOLE		699,382	0	0
Alere, Inc.	Common	01449J105	11,553	297,901	SH		SOLE		297,901	0	0
Alexion Pharmaceuticals, Inc.	Common	015351109	74,935	451,905	SH		SOLE		451,905	0	0
Alexion Pharmaceuticals, Inc.	Common	015351109	4,444	26,800	SH	Call	SOLE		26,800	0	0
Align Technology, Inc.	Common	016255101	3,638	70,400	SH		SOLE		70,400	0	0
Alkermes plc	Shares	G01767105	18,733	436,970	SH		SOLE		436,970	0	0
Allergan Inc.	Common	018490102	40,668	228,227	SH		SOLE		228,227	0	0
Alnylam Pharmaceuticals, Inc.	Common	02043Q107	4,811	61,595	SH		SOLE		61,595	0	0
Amarin Corporation plc	Sponsored ADR	023111206	6,151	5,643,412	SH		SOLE		5,643,412	0	0
Amgen Inc.	Common	031162100	71,640	510,042	SH		SOLE		510,042	0	0
BioDelivery Sciences International, Inc.	Common	09060J106	8,572	501,553	SH		SOLE		501,553	0	0
Biogen Idec, Inc.	Common	09062X103	61,790	186,783	SH		SOLE		186,783	0	0
Biogen Idec, Inc.	Common	09062X103	4,234	12,800	SH	Call	SOLE		12,800	0	0
BioMarin Pharmaceutical Inc.	Common	09061G101	51,272	710,527	SH		SOLE		710,527	0	0
bluebird Bio, Inc.	Common	09609G100	6,205	172,927	SH		SOLE		172,927	0	0
bluebird Bio, Inc.	Common	09609G100	4,248	118,400	SH	Call	SOLE		118,400	0	0
Bristol-Myers Squibb Co.	Common	110122108	27,394	535,240	SH		SOLE		535,240	0	0
Catamaran Corporation	Common	148887102	18,276	433,600	SH		SOLE		433,600	0	0
Celgene Corporation	Common	151020104	193,013	2,036,434	SH		SOLE		2,036,434	0	0
Celgene Corporation	Common	151020104	17,136	180,800	SH	Call	SOLE		180,800	0	0
Celladon Corporation	Common	15117E107	9,644	970,495	SH		SOLE		970,495	0	0
Celldex Therapeutics, Inc.	Common	15117B103	6,589	508,400	SH		SOLE		508,400	0	0
Celldex Therapeutics, Inc.	Common	15117B103	6,589	508,400	SH	Call	SOLE		508,400	0	0
Centene Corporation	Common	15135B101	4,963	60,000	SH		SOLE		60,000	0	0
Cigna Corp	Common	125509109	11,087	122,251	SH		SOLE		122,251	0	0
Clovis Oncology, Inc.	Common	189464100	4,720	104,051	SH		SOLE		104,051	0	0
Community Health Systems, Inc.	Common	203668108	8,474	154,672	SH		SOLE		154,672	0	0
Corsicanto Ltd.	Note 3.5% 1/15/32	220480AB3	5,786	8,700,000	PRN		SOLE		8,700,000	0	0
Cubist Pharmaceuticals, Inc.	Common	229678107	32,802	494,454	SH		SOLE		494,454	0	0
Eli Lilly & Co	Common	532457108	12,122	186,918	SH		SOLE		186,918	0	0
Endo International PLC	Shares	G30401106	22,977	336,215	SH		SOLE		336,215	0	0
Endologix Inc.	Common	29266S106	5,841	551,000	SH		SOLE		551,000	0	0
Epizyme, Inc.	Common	29428V104	3,830	141,262	SH		SOLE		141,262	0	0
Gilead Sciences, Inc.	Common	375558103	265,117	2,490,531	SH		SOLE		2,490,531	0	0
Gilead Sciences, Inc.	Common	375558103	17,128	160,900	SH	Call	SOLE		160,900	0	0
HCA Holdings, Inc.	Common	40412C101	8,158	115,688	SH		SOLE		115,688	0	0
Health Care REIT Inc.	Common	42217K601	11,436	200,000	PRN		SOLE		200,000	0	0
Heron Therapeutics, Inc.	Common	427746102	7,280	873,940	SH		SOLE		873,940	0	0
IDEXX Laboratories, Inc.	Common	45168D104	6,630	56,265	SH		SOLE		56,265	0	0
Illumina, Inc.	Common	452327109	37,594	229,341	SH		SOLE		229,341	0	0
Illumina, Inc.	Common	452327109	3,869	23,600	SH	Call	SOLE		23,600	0	0
Impax Laboratories, Inc.	Common	45256B101	23,480	990,283	SH		SOLE		990,283	0	0
Impax Laboratories, Inc.	Common	45256B101	7,649	322,600	SH	Call	SOLE		322,600	0	0
Incyte Corporation	Common	45337C102	56,013	1,141,961	SH		SOLE		1,141,961	0	0
Incyte Corporation	Common	45337C102	4,586	93,500	SH	Call	SOLE		93,500	0	0
Infinity Pharmaceuticals, Inc.	Common	45665G303	9,136	680,746	SH		SOLE		680,746	0	0
IntelliPharmaceutics International Inc.	Common	458173101	4,226	1,404,000	SH		SOLE		1,404,000	0	0
Ironwood Pharmaceuticals, Inc.	Common	46333X108	9,950	768,050	SH		SOLE		768,050	0	0
Ishares Nasdaq Biotechnology ETF	ETF	464287556	21,719	79,375	SH		SOLE		79,375	0	0
Jazz Pharmaceuticals plc	Shares	G50871105	27,816	173,241	SH		SOLE		173,241	0	0
Johnson & Johnson	Common	478160104	34,878	327,212	SH		SOLE		327,212	0	0
Karyopharm Therapeutics Inc.	Common	48576U106	3,563	101,966	SH		SOLE		101,966	0	0
KYTHERA Biopharmaceuticals Inc.	Common	501570105	3,651	111,433	SH		SOLE		111,433	0	0
Ligand Pharmaceuticals Inc.	Common	53220K504	3,252	69,200	SH		SOLE		69,200	0	0
LTC Properties Inc.	Common	502175102	8,729	236,618	SH		SOLE		236,618	0	0
Macrogenics, Inc.	Common	556099109	666	31,857	SH		SOLE		31,857	0	0
McKesson Corporation	Common	58155Q103	13,211	67,862	SH		SOLE		67,862	0	0
Medical Properties Trust Inc.	Common	58463J304	7,690	627,274	SH		SOLE		627,274	0	0
MEI Pharma, Inc.	Common	55279B202	1,683	243,920	SH		SOLE		243,920	0	0
Merrimack Pharmaceuticals, Inc.	Note 4.50% 7/15/20	590328AA8	2,308	1,485,000	PRN		SOLE		1,485,000	0	0
Merrimack Pharmaceuticals, Inc.	Common	590328100	4,985	567,787	SH		SOLE		567,787	0	0
Molina Healthcare, Inc.	Common	60855R100	14,716	347,901	SH		SOLE		347,901	0	0
Momenta Pharmaceuticals, Inc.	Common	60877T100	12,106	1,067,575	SH		SOLE		1,067,575	0	0
Mylan, Inc.	Common	628530107	45,950	1,010,105	SH		SOLE		1,010,105	0	0
Myriad Genetics, Inc.	Common	62855J104	4,328	112,200	SH		SOLE		112,200	0	0
Myriad Genetics, Inc.	Common	62855J104	4,328	112,200	SH	Call	SOLE		112,200	0	0
Nektar Therapeutics	Common	640268108	4,041	334,800	SH		SOLE		334,800	0	0
Nektar Therapeutics	Common	640268108	4,041	334,800	SH	Call	SOLE		334,800	0	0
Neurocrine Biosciences, Inc.	Common	64125C109	20,088	1,281,950	SH		SOLE		1,281,950	0	0
Neurocrine Biosciences, Inc.	Common	64125C109	4,413	281,600	SH	Call	SOLE		281,600	0	0
NPS Pharmaceuticals, Inc.	Common	62936P103	6,211	238,900	SH		SOLE		238,900	0	0
NPS Pharmaceuticals, Inc.	Common	62936P103	4,056	156,000	SH	Call	SOLE		156,000	0	0
Omega Healthcare Investors Inc.	Common	681936100	8,637	252,616	SH		SOLE		252,616	0	0
OncoGenex Pharmaceuticals, Inc.	Common	68230A106	302	113,100	SH		SOLE		113,100	0	0
PerkinElmer, Inc.	Common	714046109	7,216	165,495	SH		SOLE		165,495	0	0
Perrigo Company plc	Shares	G97822103	9,455	62,952	SH		SOLE		62,952	0	0
Pfizer, Inc.	Common	717081103	56,249	1,902,241	SH		SOLE		1,902,241	0	0
Physicians Realty Trust	Common	71943U104	9,216	671,702	SH		SOLE		671,702	0	0
PTC Therapeutics, Inc.	Common	69366J200	3,483	79,150	SH		SOLE		79,150	0	0
Regeneron Pharmaceuticals, Inc.	Common	75886F107	67,477	187,166	SH		SOLE		187,166	0	0
Sabra Health Care REIT Inc.	Common	78573L106	8,351	343,390	SH		SOLE		343,390	0	0
Sage Therapeutics, Inc.	Common	78667J108	158	5,000	SH		SOLE		5,000	0	0
Sagent Pharmaceuticals, Inc.	Common	786692103	12,587	404,731	SH		SOLE		404,731	0	0
Sangamo BioSciences, Inc.	Common	800677106	8,090	750,100	SH		SOLE		750,100	0	0
Sarepta Therapeutics Inc.	Common	803607100	7,288	345,400	SH		SOLE		345,400	0	0
Sarepta Therapeutics Inc.	Common	803607100	7,288	345,400	SH	Call	SOLE		345,400	0	0
Senior Housing Properties Trust	Shares	81721M109	8,567	409,504	SH		SOLE		409,504	0	0
Shire plc	Sponsored ADR	82481R106	31,947	123,322	SH		SOLE		123,322	0	0
St Jude Medical, Inc.	Common	790849103	7,367	122,510	SH		SOLE		122,510	0	0
Stryker Corporation	Common	863667101	7,739	95,840	SH		SOLE		95,840	0	0
Synageva BioPharma Corp.	Common	87159A103	15,339	223,020	SH		SOLE		223,020	0	0
Teva Pharmaceutical Industries Ltd.	Common	881624209	3,687	68,600	SH	Call	SOLE		68,600	0	0
Teva Pharmaceutical Industries Ltd.	ADR	881624209	35,055	652,194	SH		SOLE		652,194	0	0
Thermo Fisher Scientific Inc.	Common	883556102	32,479	266,875	SH		SOLE		266,875	0	0
Thoratec Corporation	Common	885175307	3,029	113,300	SH		SOLE		113,300	0	0
UnitedHealth Group, Inc.	Common	91324P102	7,175	83,186	SH		SOLE		83,186	0	0
Ventas Inc.	Common	92276F100	8,449	136,382	SH		SOLE		136,382	0	0
Verastem, Inc.	Common	92337C104	9,797	1,149,827	SH		SOLE		1,149,827	0	0
Vertex Pharmaceuticals, Inc.	Common	92532F100	78,835	701,944	SH		SOLE		701,944	0	0
WellCare Health Plans Inc.	Common	94946T106	5,349	88,652	SH		SOLE		88,652	0	0
Zimmer Holdings, Inc.	Common	98956P102	8,024	79,800	SH		SOLE		79,800	0	0