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
ABBVIE INC COM 00287Y109 25,652 444,107 SH   SOLE   259,207 0 184,900
ACCELERON PHARMA COM 00434H108 21,967 726,424 SH   SOLE   680,824 0 45,600
ACTAVIS PLC SHS G0083B108 83,929 347,850 SH   SOLE   339,005 0 8,845
AKORN INC COM 009728106 21,205 584,643 SH   SOLE   569,043 0 15,600
ALDER BIOPHARMACEU COM 014339105 1,132 89,300 SH   SOLE   89,300 0 0
ALEXION PHARM INC COM 015351109 80,822 487,408 SH   SOLE   453,400 0 34,008
ALIGN TECH INC COM 016255101 13,869 268,360 SH   SOLE   150,484 0 117,876
ALLERGAN INC COM 018490102 48,762 273,650 SH   SOLE   267,800 0 5,850
AMBIT BIOSCIENCES COM 02318X100 2,250 146,111 SH   SOLE   146,111 0 0
AMGEN INC COM 031162100 165,350 1,177,201 SH   SOLE   1,033,250 0 143,951
AMICUS THERAPEUTICS COM 03152W109 1,190 200,000 SH   SOLE   200,000 0 0
AMPHASTAR PHARMACTLS COM 03209R103 7,692 660,232 SH   SOLE   642,432 0 17,800
ANTHERA PHARMACEUT COM 03674U201 476 247,961 SH   SOLE   247,961 0 0
BIOGEN IDEC INC COM 09062X103 170,171 514,406 SH   SOLE   459,689 0 54,717
BIOMARIN PHARMAC INC COM 09061G101 99,509 1,379,000 SH   SOLE   1,208,694 0 170,306
BOSTON SCIENTIFIC COM 101137107 12,367 1,047,166 SH   SOLE   588,636 0 458,530
CELGENE CORP COM 151020104 129,353 1,364,772 SH   SOLE   1,269,800 0 94,972
CHIMERIX INC COM 16934W106 23,260 842,149 SH   SOLE   780,949 0 61,200
CIGNA CORP COM 125509109 9,356 103,164 SH   SOLE   103,164 0 0
COVIDIEN PLC SHS G2554F113 20,101 232,358 SH   SOLE   132,778 0 99,580
CYMABAY THERAPEUTICS COMMON 23257D103 4,847 708,585 SH   SOLE   708,585 0 0
DEXCOM INC COMMON 252131107 11,048 276,266 SH   SOLE   166,936 0 109,330
DR REDDYS LABS LTD ADR 256135203 38,621 734,947 SH   SOLE   723,482 0 11,465
ELEVEN BIOTHERAPEU COM 286221106 1,253 112,485 SH   SOLE   112,485 0 0
GILEAD SCIENCES INC COM 375558103 139,441 1,309,916 SH   SOLE   1,217,900 0 92,016
HALOZYME THERAPEUTIC COM 40637H109 41,487 4,558,982 SH   SOLE   4,245,382 0 313,600
HEARTWARE INTL INC COM 422368100 10,779 138,849 SH   SOLE   81,004 0 57,845
IMMUNE DESIGN CORP COM 45252L103 1,678 95,000 SH   SOLE   95,000 0 0
IMMUNOGEN INC COM 45253H101 24,035 2,269,597 SH   SOLE   2,112,447 0 157,150
INCYTE CORPORATION COM 45337C102 80,040 1,631,812 SH   SOLE   1,481,412 0 150,400
INOGEN INC COM 45780L104 5,185 251,600 SH   SOLE   149,500 0 102,100
INSMED INC COM 457669307 21,210 1,625,323 SH   SOLE   1,521,123 0 104,200
INTERCEPT PHARMACE COM 45845P108 18,436 77,893 SH   SOLE   72,193 0 5,700
INTUITIVE SURGIC INC COM 46120E602 17,307 37,476 SH   SOLE   22,026 0 15,450
KARYOPHARM THERAPE COM 48576U106 17,063 488,342 SH   SOLE   453,142 0 35,200
KERYX BIOPHARMACEUT COM 492515101 49,708 3,615,126 SH   SOLE   3,158,626 0 456,500
MALLINCKRODT PLC SHARES G5785G107 54,132 600,464 SH   SOLE   588,664 0 11,800
MEDIVATION INC COM 58501N101 33,307 336,878 SH   SOLE   315,578 0 21,300
MOMENTA PHARMACEUTIC COM 60877T100 24,205 2,134,440 SH   SOLE   2,083,640 0 50,800
MYLAN INC COM 628530107 98,252 2,159,851 SH   SOLE   1,988,898 0 170,953
NOVARTIS AG SPONSORED ADR 66987V109 3,916 41,600 SH   SOLE   41,600 0 0
NOVO-NORDISK AS ADR 670100205 7,009 147,185 SH   SOLE   147,185 0 0
NPS PHARMACEUTICALS COM 62936P103 44,897 1,726,824 SH   SOLE   1,549,124 0 177,700
NXSTAGE MEDICAL COM 67072V103 11,577 881,732 SH   SOLE   583,422 0 298,310
ONCOMED PHARMACEUT COM 68234X102 32,077 1,694,517 SH   SOLE   1,484,817 0 209,700
PERRIGO CO SHS G97822103 55,205 367,568 SH   SOLE   358,942 0 8,626
PFIZER INC COM 717081103 24,364 823,949 SH   SOLE   489,449 0 334,500
PORTOLA PHARMACEUTIC COM 737010108 35,704 1,412,350 SH   SOLE   1,240,458 0 171,892
PROQR THRAPEUTICS SHS EURO N71542109 1,203 70,000 SH   SOLE   70,000 0 0
PROSENSA HLDGS SHS USD N71546100 794 94,184 SH   SOLE   94,184 0 0
PTC THERAPEUTICS I COM 69366J200 58,199 1,322,398 SH   SOLE   1,169,998 0 152,400
REGENERON PHARMCTCLS COM 75886F107 82,126 227,800 SH   SOLE   211,800 0 16,000
RELYPSA INC COM 759531106 15,577 738,573 SH   SOLE   685,873 0 52,700
SAGENT PHARMACEUTI COM 786692103 32,017 1,029,472 SH   SOLE   931,572 0 97,900
SEATTLE GENETICS INC COM 812578102 22,673 609,819 SH   SOLE   567,069 0 42,750
SHIRE PLC SPONSORED ADR 82481R106 18,531 71,536 SH   SOLE   69,889 0 1,647
SYNAGEVA BIOPHARMA COM 87159A103 41,429 602,345 SH   SOLE   561,945 0 40,400
TANDEM DIABETES CA COM 875372104 1,361 101,422 SH   SOLE   101,422 0 0
TEVA PHARMACEUTICAL ADR 881624209 91,815 1,708,191 SH   SOLE   1,672,089 0 36,102
THERAVANCE INC COM 88338T104 16,602 971,438 SH   SOLE   904,138 0 67,300
THERMO FISHER SCI COM 883556102 63,844 524,600 SH   SOLE   488,200 0 36,400
TORNIER N V SHS N87237108 11,210 469,023 SH   SOLE   285,938 0 183,085
UNITED THERAPEUTICS COM 91307C102 23,466 182,400 SH   SOLE   169,500 0 12,900
VALEANT PHARMA INTL COM 91911K102 12,516 95,400 SH   SOLE   92,800 0 2,600
VERTEX PHARMACEUTICL COM 92532F100 37,051 329,897 SH   SOLE   306,740 0 23,157
WUXI PHAR ADS SPONS ADR SHS 929352102 661 18,873 SH   SOLE   18,873 0 0