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 6,441 731,943 SH   SOLE   731,943 0 0
Acorda Therapeutics, Inc. Common 00484M106 7,610 225,762 SH   SOLE   225,762 0 0
Actavis plc Shares G0083B108 45,883 205,707 SH   SOLE   205,707 0 0
Aegerion Pharmaceuticals, Inc. Common 00767E102 1 20 SH   SOLE   20 0 0
Aetna, Inc. Common 00817Y108 20,071 247,541 SH   SOLE   247,541 0 0
Akorn, Inc. Common 009728106 23,254 699,382 SH   SOLE   699,382 0 0
Alere, Inc. Common 01449J105 10,722 286,540 SH   SOLE   286,540 0 0
Alexion Pharmaceuticals, Inc. Common 015351109 52,484 335,899 SH   SOLE   335,899 0 0
Alkermes plc Shares G01767105 12,883 255,970 SH   SOLE   255,970 0 0
Allergan, Inc. Common 018490102 26,504 156,627 SH   SOLE   156,627 0 0
Alnylam Pharmaceuticals, Inc. Common 02043Q107 3,891 61,595 SH   SOLE   61,595 0 0
Amarin Corporation plc Sponsored ADR 023111206 1,769 1,005,000 SH   SOLE   1,005,000 0 0
Amgen, Inc. Common 031162100 53,212 449,543 SH   SOLE   449,543 0 0
BioDelivery Sciences International, Inc. Common 09060J106 6,054 501,553 SH   SOLE   501,553 0 0
Biogen Idec, Inc. Common 09062X103 54,859 173,983 SH   SOLE   173,983 0 0
BioMarin Pharmaceutical Inc. Common 09061G101 26,214 421,384 SH   SOLE   421,384 0 0
bluebird bio, Inc. Common 09609G100 2,103 54,527 SH   SOLE   54,527 0 0
Bristol-Myers Squibb Co. Common 110122108 9,828 202,600 SH   SOLE   202,600 0 0
Catamaran Corporation Common 148887102 10,201 231,000 SH   SOLE   231,000 0 0
Celgene Corporation Common 151020104 81,079 944,092 SH   SOLE   944,092 0 0
Celladon Corporation Common 15117E107 13,215 970,495 SH   SOLE   970,495 0 0
Centene Corporation Common 15135B101 4,537 60,000 SH   SOLE   60,000 0 0
Clovis Oncology, Inc. Common 189464100 1,961 47,364 SH   SOLE   47,364 0 0
Cubist Pharmaceuticals, Inc. Common 229678107 18,417 263,772 SH   SOLE   263,772 0 0
Endo International PLC Shares G30401106 8,838 126,215 SH   SOLE   126,215 0 0
Epizyme Inc. Common 29428V104 2,183 70,162 SH   SOLE   70,162 0 0
Forest Laboratories, Inc. Common 345838106 10,878 109,875 SH   SOLE   109,875 0 0
Gilead Sciences, Inc. Common 375558103 124,756 1,504,712 SH   SOLE   1,504,712 0 0
Heron Therapeutics, Inc. Common 427746102 10,767 873,940 SH   SOLE   873,940 0 0
IDEXX Laboratories, Inc. Common 45168D104 7,515 56,265 SH   SOLE   56,265 0 0
Illumina, Inc. Common 452327109 18,540 103,841 SH   SOLE   103,841 0 0
Impax Laboratories, Inc. Common 45256B101 10,337 344,683 SH   SOLE   344,683 0 0
Incyte Corporation Common 45337C102 43,359 768,238 SH   SOLE   768,238 0 0
Infinity Pharmaceuticals, Inc. Common 45665G303 8,673 680,746 SH   SOLE   680,746 0 0
IntelliPharmaCeutics International Inc. Common 458173101 5,349 1,404,000 SH   SOLE   1,404,000 0 0
InterMune, Inc. Note 2.5% 9/15/18 45884XAE3 2,702 1,800,000 PRN   SOLE   1,800,000 0 0
Ironwood Pharmaceuticals, Inc. Common 46333X108 11,774 768,050 SH   SOLE   768,050 0 0
ishares Nasdaq Biotechnology ETF ETF 464287556 16,754 65,184 SH   SOLE   65,184 0 0
Jazz Pharmaceuticals PLC Shares G50871105 14,107 95,957 SH   SOLE   95,957 0 0
KYTHERA Biopharmaceuticals Inc. Common 501570105 1,880 49,000 SH   SOLE   49,000 0 0
Macrogenics, Inc. Common 556099109 692 31,857 SH   SOLE   31,857 0 0
McKesson Corporation Common 58155Q103 12,637 67,862 SH   SOLE   67,862 0 0
MEI Pharma, Inc. Common 55279B202 1,546 243,920 SH   SOLE   243,920 0 0
Merrimack Pharmaceuticals, Inc. Note 4.50% 7/15/20 590328AA8 1,966 1,485,000 PRN   SOLE   1,485,000 0 0
Merrimack Pharmaceuticals, Inc. Common 590328100 4,139 567,787 SH   SOLE   567,787 0 0
Molina Healthcare, Inc. Common 60855R100 9,486 212,541 SH   SOLE   212,541 0 0
Momenta Pharmaceuticals, Inc. Common 60877T100 4,270 353,475 SH   SOLE   353,475 0 0
Mylan, Inc. Common 628530107 33,628 652,209 SH   SOLE   652,209 0 0
Neurocrine Biosciences, Inc. Common 64125C109 11,731 790,490 SH   SOLE   790,490 0 0
NPS Pharmaceuticals, Inc. Common 62936P103 2,740 82,900 SH   SOLE   82,900 0 0
OncoGenex Pharmaceuticals, Inc. Common 68230A106 422 113,100 SH   SOLE   113,100 0 0
PerkinElmer, Inc. Common 714046109 7,752 165,495 SH   SOLE   165,495 0 0
Perrigo Company plc Shares G97822103 9,176 62,952 SH   SOLE   62,952 0 0
Pfizer, Inc. Common 717081103 9,942 334,957 SH   SOLE   334,957 0 0
PTC Therapeutics, Inc. Common 69366J200 2,069 79,150 SH   SOLE   79,150 0 0
Regeneron Pharmaceuticals, Inc. Common 75886F107 54,648 193,466 SH   SOLE   193,466 0 0
Sagent Pharmaceuticals, Inc. Common 786692103 10,466 404,731 SH   SOLE   404,731 0 0
Sangamo BioSciences, Inc. Common 800677106 1,839 120,400 SH   SOLE   120,400 0 0
Shire plc Sponsored ADR 82481R106 29,041 123,322 SH   SOLE   123,322 0 0
Teva Pharmaceutical Industries Ltd. ADR 881624209 16,328 311,476 SH   SOLE   311,476 0 0
Thermo Fisher Scientific Inc. Common 883556102 7,040 59,660 SH   SOLE   59,660 0 0
UnitedHealth Group, Inc. Common 91324P102 6,800 83,186 SH   SOLE   83,186 0 0
Verastem, Inc. Common 92337C104 8,325 918,827 SH   SOLE   918,827 0 0
Vertex Pharmaceuticals, Inc. Common 92532F100 51,217 540,944 SH   SOLE   540,944 0 0