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
Accuray, Inc. Common 004397105 5,409 731,943 SH   SOLE   731,943 0 0
Acorda Therapeutics, Inc. Common 00484M106 3,870 112,881 SH   SOLE   112,881 0 0
Actavis, Inc. Common 00507K103 13,176 91,500 SH   SOLE   91,500 0 0
Aegerion Pharmaceuticals, Inc. Common 00767E102 1,018 11,880 SH   SOLE   11,880 0 0
Aetna, Inc. Common 00817Y108 15,803 246,841 SH   SOLE   246,841 0 0
Akorn, Inc. Common 009728106 18,416 935,758 SH   SOLE   935,758 0 0
Alere, Inc. Common 01449J105 11,297 369,553 SH   SOLE   369,553 0 0
Alexion Pharmaceuticals, Inc. Common 015351109 43,134 371,329 SH   SOLE   371,329 0 0
Alkermes plc Shares G01767105 6,552 194,870 SH   SOLE   194,870 0 0
Allergan, Inc. Common 018490102 15,067 166,577 SH   SOLE   166,577 0 0
Alnylam Pharmaceuticals, Inc. Common 02043Q107 1,520 23,745 SH   SOLE   23,745 0 0
Amarin Corporation plc Sponsored ADR 023111206 8,796 1,391,723 SH   SOLE   1,391,723 0 0
Amgen, Inc. Common 031162100 46,135 412,143 SH   SOLE   412,143 0 0
ARIAD Pharmaceuticals, Inc. Common 04033A100 7,599 412,965 SH   SOLE   412,965 0 0
Auxilium Pharmaceuticals, Inc. Common 05334D107 4,558 250,020 SH   SOLE   250,020 0 0
Avanir Pharmaceuticals, Inc. Common 05348P401 4,070 960,000 SH   SOLE   960,000 0 0
Baxter International, Inc. Common 071813109 5,102 77,675 SH   SOLE   77,675 0 0
Biogen Idec, Inc. Common 09062X103 46,222 191,983 SH   SOLE   191,983 0 0
BioMarin Pharmaceutical Inc. Common 09061G101 13,135 181,870 SH   SOLE   181,870 0 0
Celgene Corporation Common 151020104 78,511 510,046 SH   SOLE   510,046 0 0
Ceres, Inc. Common 156773103 426 285,981 SH   SOLE   285,981 0 0
Clovis Oncology, Inc. Common 189464100 1,379 22,687 SH   SOLE   22,687 0 0
Cubist Pharmaceuticals, Inc. Common 229678107 14,411 226,772 SH   SOLE   226,772 0 0
CVS Caremark Corporation Common 126650100 3,047 53,694 SH   SOLE   53,694 0 0
Elan Corporation plc ADR 284131208 3,778 242,500 SH   SOLE   242,500 0 0
Endo Pharmaceuticals Holdings, Inc. Common 29264F205 5,735 126,215 SH   SOLE   126,215 0 0
Forest Laboratories, Inc. Common 345838106 6,269 146,500 SH   SOLE   146,500 0 0
Gentium S.p.A. ADR 37250B104 1,751 64,543 SH   SOLE   64,543 0 0
Gilead Sciences, Inc. Common 375558103 94,556 1,504,712 SH   SOLE   1,504,712 0 0
Hologic, Inc. Common 436440101 12,244 592,915 SH   SOLE   592,915 0 0
iCAD, Inc. Common 44934S206 467 88,527 SH   SOLE   88,527 0 0
IDEXX Laboratories, Inc. Common 45168D104 5,607 56,265 SH   SOLE   56,265 0 0
Illumina, Inc. Common 452327109 8,393 103,841 SH   SOLE   103,841 0 0
Impax Laboratories, Inc. Common 45256B101 7,069 344,683 SH   SOLE   344,683 0 0
Incyte Corporation Common 45337C102 16,073 421,300 SH   SOLE   421,300 0 0
Infinity Pharmaceuticals, Inc. Common 45665G303 6,106 349,899 SH   SOLE   349,899 0 0
IntelliPharmaCeutics International, Inc. Common 458173101 3,401 1,735,000 SH   SOLE   1,735,000 0 0
Ironwood Pharmaceuticals, Inc. Common 46333X108 9,101 768,050 SH   SOLE   768,050 0 0
iShares Nasdaq Biotechnology ETF ETF 464287556 17,594 83,940 SH   SOLE   83,940 0 0
McKesson Corporation Common 58155Q103 7,295 56,862 SH   SOLE   56,862 0 0
Medivation, Inc. Common 58501N101 5,526 92,200 SH   SOLE   92,200 0 0
MEI Pharma, Inc. Common 55279B202 2,766 243,920 SH   SOLE   243,920 0 0
Merck & Co., Inc. Common 58933Y105 14,122 296,620 SH   SOLE   296,620 0 0
Merrimack Pharmaceuticals, Inc. Common 590328100 3,836 1,009,400 SH   SOLE   1,009,400 0 0
Mylan, Inc. Common 628530107 18,635 488,209 SH   SOLE   488,209 0 0
Neurocrine Biosciences, Inc. Common 64125C109 6,457 570,387 SH   SOLE   570,387 0 0
NPS Pharmaceuticals, Inc. Common 62936P103 1,936 60,860 SH   SOLE   60,860 0 0
OncoGenex Pharmaceuticals, Inc. Common 68230A106 1,048 113,100 SH   SOLE   113,100 0 0
Onyx Pharmaceuticals, Inc. Common 683399109 15,489 124,238 SH   SOLE   124,238 0 0
Perrigo Company Common 714290103 24,998 202,607 SH   SOLE   202,607 0 0
Puma Biotechnology, Inc. Common 74587V107 24,620 458,816 SH   SOLE   458,816 0 0
Questcor Pharmaceuticals, Inc. Common 74835Y101 9,415 162,328 SH   SOLE   162,328 0 0
Raptor Pharmaceutical Corp. Common 75382F106 1,643 110,000 SH   SOLE   110,000 0 0
Regeneron Pharmaceuticals, Inc. Common 75886F107 81,565 260,699 SH   SOLE   260,699 0 0
Sagent Pharmaceuticals, Inc. Common 786692103 5,509 270,031 SH   SOLE   270,031 0 0
Shire plc Sponsored ADR 82481R106 18,481 154,153 SH   SOLE   154,153 0 0
Supernus Pharmaceuticals, Inc. Common 868459108 1,032 140,800 SH   SOLE   140,800 0 0
Synta Pharmaceuticals Corp. Common 87162T206 3,090 489,750 SH   SOLE   489,750 0 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 13,392 354,476 SH   SOLE   354,476 0 0
UnitedHealth Group, Inc. Common 91324P102 5,903 82,436 SH   SOLE   82,436 0 0
Verastem, Inc. Common 92337C104 11,008 884,920 SH   SOLE   884,920 0 0
Vertex Pharmaceuticals, Inc. Common 92532F100 37,892 499,764 SH   SOLE   499,764 0 0
Warner Chilcott plc Shares A G94368100 16,310 713,797 SH   SOLE   713,797 0 0