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
ACADIA PHARMACEUTICALS IN	COM	004225108	3,739,599	179,702	SH		SOLE		179,702	0	0
AGIOS PHARMACEUTICALS INC	COM	00847X104	593,520	24,000	SH		SOLE		24,000	0	0
AKERO THERAPEUTICS INC CO	COM	00973Y108	935,174	18,489	SH		SOLE		18,489	0	0
ALNYLAM PHARMACEUTICALS I	COM	02043Q107	6,517,280	36,800	SH		SOLE		36,800	0	0
AMGEN INC COM	COM	031162100	21,297,363	79,246	SH		SOLE		79,246	0	0
AMICUS THERAPEUTICS INC C	COM	03152W109	1,092,600	90,000	SH		SOLE		90,000	0	0
AMYLYX PHARMS.	COM	03237H101	5,398,500	295,000	SH		SOLE		295,000	0	0
ARVINAS INC COM	COM	04335A105	333,540	17,000	SH		SOLE		17,000	0	0
ASTRAZENECA PLC SPONSORED	SPONSORED ADR	046353108	3,148,515	46,500	SH		SOLE		46,500	0	0
AURINIA PHARMACEUTICALS I	COM	05156V102	8,074,513	1,040,530	SH		SOLE		1,040,530	0	0
AXSOME THERAPEUTICS INC.	COM	05464T104	4,071,089	58,300	SH		SOLE		58,300	0	0
BEAM THERAPEUTICS INC COM	COM	07373V105	564,705	23,500	SH		SOLE		23,500	0	0
BEIGENE LTD SPONSORED ADR	Sponsored ADR	07725L102	2,281,555	12,700	SH		SOLE		12,700	0	0
BIOGEN INC COMMON STOCK	COM	09062X103	10,333,812	40,200	SH		SOLE		40,200	0	0
BIOMARIN PHARMACEUTICAL I	COM	09061G101	13,595,483	153,656	SH		SOLE		153,656	0	0
BLUEPRINT MEDICINES CORP	COM	09627Y109	1,002,200	20,000	SH		SOLE		20,000	0	0
CELLDEX THERAPEUTICS INC	COM NEW	15117B202	1,322,242	48,099	SH		SOLE		48,099	0	0
COGENT BIOSCIENCES	COM	19240Q201	1,313,550	135,000	SH		SOLE		135,000	0	0
CRISPR THERAPEUTICS AG CO	NAMEN AKT	H17182108	2,858,940	63,000	SH		SOLE		63,000	0	0
CYTOKINETICS INC COMMON S	COM NEW	23282W605	1,090,020	37,000	SH		SOLE		37,000	0	0
DENALI THERAPEUTICS INC C	COM	24823R105	3,172,400	154,000	SH		SOLE		154,000	0	0
DYNE THERAPEUTICS INC COM	COM	26818M108	1,231,494	137,751	SH		SOLE		137,751	0	0
ERASCA INC COM	COM	29479A108	3,794,220	1,926,000	SH		SOLE		1,926,000	0	0
GENMAB -SP ADR	SPONSORED ADS	372303206	1,561,575	44,300	SH		SOLE		44,300	0	0
GILEAD SCIENCES INC COMMO	COM	375558103	17,507,121	233,584	SH		SOLE		233,584	0	0
GUARDANT HEALTH INC COM	COM	40131M109	1,081,130	36,500	SH		SOLE		36,500	0	0
HALOZYME THERAPEUTICS INC	COM	40637H109	2,376,040	62,200	SH		SOLE		62,200	0	0
Harmony Biosciences Holdi	COM	413197104	10,306,165	314,500	SH		SOLE		314,500	0	0
ILLUMINA INC COM	COM	452327109	6,932,640	50,500	SH		SOLE		50,500	0	0
I-MAB SPONSORED ADS	SPONSORED ADS	44975P103	409,859	310,499	SH		SOLE		310,499	0	0
INCYTE CORP INC COM	COM	45337C102	20,704,303	358,454	SH		SOLE		358,454	0	0
INSMED INC COM PAR $.01	COM	457669307	1,012,124	40,100	SH		SOLE		40,100	0	0
INTELLIA THERAPEUTICS INC	COM	45826J105	757,920	24,000	SH		SOLE		24,000	0	0
INTRA-CELLULAR THERAPIES	COM	46116X101	16,547,583	317,856	SH		SOLE		317,856	0	0
IONIS PHARMACEUTICALS INC	COM	462222100	1,949,190	43,000	SH		SOLE		43,000	0	0
IOVANCE BIOTHERAPEUTICS I	COM	462260100	2,024,750	445,000	SH		SOLE		445,000	0	0
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	2,225,164	17,200	SH		SOLE		17,200	0	0
KARUNA THERAPEUTICS INC C	COM	48576A100	5,157,245	30,500	SH		SOLE		30,500	0	0
KEZAR LIFE SCIENCES	COM	49372L100	830,514	703,825	SH		SOLE		703,825	0	0
KRYSTAL BIOTECH INC COM	COM	501147102	5,344,828	46,092	SH		SOLE		46,092	0	0
Legend Biotech Corp	SPONSORED ADS	52490G102	2,551,320	38,000	SH		SOLE		38,000	0	0
MADRIGAL PHARMACEUTICALS	COM	558868105	2,669,421	18,300	SH		SOLE		18,300	0	0
MARINUS PHARMACEUTICALS I	COM NEW	56854Q200	2,337,400	290,000	SH		SOLE		290,000	0	0
MIRATI THERAPEUTICS INC C	COM	60468T105	9,404,640	216,000	SH		SOLE		216,000	0	0
MIRUM PHARMACEUTICALS INC	COM	604749101	2,128,950	67,500	SH		SOLE		67,500	0	0
NEUROCRINE BIOSCIENCES IN	COM	64125C109	3,247,219	28,877	SH		SOLE		28,877	0	0
Novocure Ltd	ORD SHS	G6674U108	1,193,620	74,000	SH		SOLE		74,000	0	0
PROTAGONIST THERAPEUTICS	COM	74366E102	331,932	19,900	SH		SOLE		19,900	0	0
PROTHENA CORP PLC USD0.01	COM	G72800108	722,850	15,000	SH		SOLE		15,000	0	0
PTC THERAPEUTICS INC COM	COM	69366J200	380,630	17,000	SH		SOLE		17,000	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	7,278,338	8,847	SH		SOLE		8,847	0	0
RELMADA THERAPEUTICS INC	COM	75955J402	30,000	10,000	SH		SOLE		10,000	0	0
REVANCE THERAPEUTICS INC	COM	761330109	3,308,800	288,726	SH		SOLE		288,726	0	0
ROCKET PHARMACEUTICALS IN	COM	77313F106	3,193,320	156,000	SH		SOLE		156,000	0	0
SAREPTA THERAPEUTICS INC	COM	803607100	3,234,972	26,700	SH		SOLE		26,700	0	0
SUPERNUS PHARMACEUTICALS	COM	868459108	11,754,340	426,500	SH		SOLE		426,500	0	0
ULTRAGENYX PHARMACEUTICAL	COM	90400D108	8,914,354	250,052	SH		SOLE		250,052	0	0
UNIQURE N.V. COM EUR0.05	SHS	N90064101	8,330,465	1,241,500	SH		SOLE		1,241,500	0	0
UNITED THERAPEUTICS CORP	COM	91307C102	7,657,755	33,959	SH		SOLE		33,959	0	0
VENTYX BIOSCIENCES INC CO	COM	92332V107	520,650	15,000	SH		SOLE		15,000	0	0
VERA THERAPEUTICS	CL A	92337R101	10,381,880	758,355	SH		SOLE		758,355	0	0
VERTEX PHARMACEUTICALS IN	COM	92532F100	7,302,540	21,000	SH		SOLE		21,000	0	0
VIR BIOTECHNOLOGY INC COM	COM	92764N102	439,920	47,000	SH		SOLE		47,000	0	0
XENON PHARMACEUTICALS INC	COM	98420N105	3,121,980	91,500	SH		SOLE		91,500	0	0
ZAI LAB LTD ADR	ADR	98887Q104	1,917,890	78,958	SH		SOLE		78,958	0	0