International Biotechnology Trust 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
Expires:	Oct 31, 2018
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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
2SEVENTY BIO INC-W/I	COMMON STOCK	901384107	94	3,666	SH		SOLE		3,666	0	0
AGIOS PHARMS.	COM	00847X104	707	21,500	SH		SOLE		21,500	0	0
ALLOGENE THERAPEUTICS	COM	019770106	747	50,000	SH		SOLE		50,000	0	0
ALNYLAM PHARMS.	COM	02043Q107	21,706	38,000	SH		SOLE		38,000	0	0
AMGEN INC COM	COM	031162100	32,565	66,746	SH		SOLE		66,746	0	0
AMICUS THERAPEUTICS	COM	03152W109	1,094	94,600	SH		SOLE		94,600	0	0
ANAPTYSBIO	COM	032724106	348	10,000	SH		SOLE		10,000	0	0
APELLIS PHARMS.	COM	03753U106	1,536	32,500	SH		SOLE		32,500	0	0
ASCENDIS PHARMA ADR	Sponsored ADR	04351P101	1,951	29,400	SH		SOLE		29,400	0	0
Aurinia Pharmaceuticals Inc Com NPV	COM	05156V102	3,955	435,000	SH		SOLE		435,000	0	0
AVADEL PHARMS.	sponsored ADR	05337M104	7,647	50,000	SH		SOLE		50,000	0	0
AXSOME THERAPEUTICS	COM	05464T104	5,402	14,000	SH		SOLE		14,000	0	0
BEIGENE ADR	Sponsored ADR	07725L102	11,398	15,700	SH		SOLE		15,700	0	0
BIOCRYST PHARMS.	COM	09058V103	19,282	57,000	SH		SOLE		57,000	0	0
BIOHAVEN PHARM. HLDG.	COM	G11196105	9,291	130,900	SH		SOLE		130,900	0	0
BIOMARIN PHARM.	COM	09061G101	235	79,656	SH		SOLE		79,656	0	0
BLACK DIAMOND THERAPEUTIC	COM	0920E3105	2,089	44,000	SH		SOLE		44,000	0	0
BLUEPRINT MEDICINES	COM	09627Y109	881	19,500	SH		SOLE		19,500	0	0
CHEMOCENTRYX	COM	16383L106	1,314	36,100	SH		SOLE		36,100	0	0
CHINOOK THERAPEUTICS	COM	16961L106	4,714	340,389	SH		SOLE		340,389	0	0
DENALI THERAPEUTICS	COM	24823R105	8,192	38,000	SH		SOLE		38,000	0	0
DYNE THERAPEUTICS	COM	26818M108	1,158	476,000	SH		SOLE		476,000	0	0
FATE THERAPEUTICS	COM	31189P102	5,641	28,000	SH		SOLE		28,000	0	0
FULCRUM THERAPEUTICS INC	COM	359616109	833	82,741	SH		SOLE		82,741	0	0
Gamida Cell Ltd COM USD0.01	SHS	M47364100	9,985	107,000	SH		SOLE		107,000	0	0
GBL. BLOOD THERAPEUTICS	COM	37890U108	1,638	151,800	SH		SOLE		151,800	0	0
GILEAD SCIENCES	COM	375558103	1,080	88,784	SH		SOLE		88,784	0	0
GUARDANT HEALTH	COM	40131M109	271	74,500	SH		SOLE		74,500	0	0
HARMONY BIOSCIENCES HLDGS	COM	413197104	20,533	205,474	SH		SOLE		205,474	0	0
HARPOON THERAPEUTICS	COM	41358P106	2,771	151,445	SH		SOLE		151,445	0	0
HORIZON THERAPEUTICS	SHS	G4617B105	7,451	183,473	SH		SOLE		183,473	0	0
Hutchmed China Ltd ADR(V0.5 Ord)	SPONSORED ADS	44842L103	10,063	68,000	SH		SOLE		68,000	0	0
IDEAYA BIOSCIENCES	COM	45166A102	1,623	109,000	SH		SOLE		109,000	0	0
ILLUMINA	COM	452327109	10,762	48,000	SH		SOLE		48,000	0	0
I-MAB-SPONSORED ADR	SPONSORED ADS	44975P103	2,377	18,000	SH		SOLE		18,000	0	0
IMMUNOVANT	COM	45258J102	851	60,000	SH		SOLE		60,000	0	0
INCYTE	COM	45337C102	2,577	238,000	SH		SOLE		238,000	0	0
INSMED	COM	457669307	14,266	40,100	SH		SOLE		40,100	0	0
INTELLIA THERAPEUTICS	COM	45826J105	511	24,000	SH		SOLE		24,000	0	0
INTRA-CELLULAR THERAPIES	COM	46116X101	20,930	50,956	SH		SOLE		50,956	0	0
IONIS PHARMS.	COM	462222100	3,299	154,088	SH		SOLE		154,088	0	0
IOVANCE BIOTHERAPEUTICS	COM	462260100	2,836	58,000	SH		SOLE		58,000	0	0
JAZZ PHARMS.	SHS USD	G50871105	5,924	17,200	SH		SOLE		17,200	0	0
KALVISTA PHARMS.	COM	483497103	10,805	383,233	SH		SOLE		383,233	0	0
KRYSTAL BIOTECH	COM	501147102	1,106	45,000	SH		SOLE		45,000	0	0
LEGEND BIOTECH	SPONSORED ADS	52490G102	5,632	4,500	SH		SOLE		4,500	0	0
MADRIGAL PHARMS.	COM	558868105	5,066	5,350	SH		SOLE		5,350	0	0
MIRATI THERAPEUTICS INC	COM	60468T105	1,373	188,500	SH		SOLE		188,500	0	0
NEUROCRINE BIOSCIENCES	COM	64125C109	3,148	203,000	SH		SOLE		203,000	0	0
NKARTA	COM	65487U108	209	10,034	SH		SOLE		10,034	0	0
NOVAVAX	COM NEW	670002401	18,549	132,500	SH		SOLE		132,500	0	0
ORIC PHARMS.	COM	68622P109	905	176,217	SH		SOLE		176,217	0	0
Prothena Corp PLC USD0.01	SHS	G72800108	23,848	15,000	SH		SOLE		15,000	0	0
PTC THERAPEUTICS	COM	69366J200	617	411,000	SH		SOLE		411,000	0	0
REGENERON PHARMS.	COM	75886F107	2,249	12,100	SH		SOLE		12,100	0	0
RELMADA THERAPEUTICS	COM	75955J402	741	10,000	SH		SOLE		10,000	0	0
ROCKET PHARMS.	COM	77313F106	17,884	63,000	SH		SOLE		63,000	0	0
SANOFI	SPONSORED ADR	80105N105	7,641	31,500	SH		SOLE		31,500	0	0
SEAGEN	COM	81181C104	225	76,200	SH		SOLE		76,200	0	0
SPRINGWORKS THERAPEUTICS	COM	85205L107	1,375	16,300	SH		SOLE		16,300	0	0
SUPERNUS PHARMS.	COM	868459108	17,478	297,500	SH		SOLE		297,500	0	0
TRAVERE THERAPEUTICS INC	COM	89422G107	1,550	380,000	SH		SOLE		380,000	0	0
TURNING POINT THERAPEUTIC	COM	90041T108	8,675	14,093	SH		SOLE		14,093	0	0
ULTRAGENYX PHARM.	COM	90400D108	2,073	233,100	SH		SOLE		233,100	0	0
Uniqure B V EUR0.05	SHS	N90064101	11,803	155,500	SH		SOLE		155,500	0	0
UTD. THERAPEUTICS	COM	91307C102	2,945	20,000	SH		SOLE		20,000	0	0
VERA THERAPEUTICS	CL A	92337R101	11,613	190,749	SH		SOLE		190,749	0	0
VERTEX PHARMS.	COM	92532F100	3,225	25,122	SH		SOLE		25,122	0	0
Xenon Pharmaceuticals Inc NPV	COM	98420N105	3,198	25,500	SH		SOLE		25,500	0	0
Zai Lab Ltd ADR (V1 Ord)	ADR	98887Q104	16,958	78,958	SH		SOLE		78,958	0	0