| 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 Inc. | COM | 004225108 | 667,490 | 20,481,442 | SH | | SOLE | | 20,481,442 | 0 | 0 |
| Acceleron Pharma Inc. | COM | 00434H108 | 1,095 | 28,765 | SH | | SOLE | | 28,765 | 0 | 0 |
| Achaogen Inc. | COM | 004449104 | 976 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Achillion Pharmaceuticals, Inc. | COM | 00448Q201 | 2,112 | 214,237 | SH | | SOLE | | 214,237 | 0 | 0 |
| Acorda Therapeutics, Inc. | COM | 00484M106 | 24,591 | 738,916 | SH | | SOLE | | 738,916 | 0 | 0 |
| Aegerion Pharmaceuticals, Inc. | COM | 00767E102 | 374 | 14,300 | SH | | SOLE | | 14,300 | 0 | 0 |
| Aerie Pharmaceuticals Inc. | COM | 00771V108 | 9,382 | 299,356 | SH | | SOLE | | 299,356 | 0 | 0 |
| Affimed N.V. | COM | N01045108 | 2,520 | 400,000 | SH | | SOLE | | 400,000 | 0 | 0 |
| Agios Pharmaceuticals Inc. | COM | 00847X104 | 14,141 | 149,954 | SH | | SOLE | | 149,954 | 0 | 0 |
| Alcobra Ltd. | SHS | M2239P109 | 10,077 | 1,789,871 | SH | | SOLE | | 1,789,871 | 0 | 0 |
| Alder Biopharmaceuticals Inc. | COM | 014339105 | 25,385 | 879,581 | SH | | SOLE | | 879,581 | 0 | 0 |
| Aldeyra Therapeutics, Inc. | COM | 01438T106 | 1,446 | 142,000 | SH | | SOLE | | 142,000 | 0 | 0 |
| Alnylam Pharmaceuticals, Inc. | COM | 02043Q107 | 1,184 | 11,340 | SH | | SOLE | | 11,340 | 0 | 0 |
| Amarin Corp. PLC | SPONSORED ADR | 023111206 | 5,161 | 2,205,710 | SH | | SOLE | | 2,205,710 | 0 | 0 |
| Anacor Pharmaceuticals Inc. | COM | 032420101 | 243,242 | 4,204,702 | SH | | SOLE | | 4,204,702 | 0 | 0 |
| Aptose Biosciences, Inc. | COM | 03835T200 | 181 | 33,397 | SH | | SOLE | | 33,397 | 0 | 0 |
| Aquinox Pharmaceuticals, Inc. | COM | 03842B101 | 9,763 | 1,187,666 | SH | | SOLE | | 1,187,666 | 0 | 0 |
| Array Biopharma Inc. | COM | 04269X105 | 41,705 | 5,658,755 | SH | | SOLE | | 5,658,755 | 0 | 0 |
| Arrowhead Research Corp. | COM | 042797209 | 8,728 | 1,290,187 | SH | | SOLE | | 1,290,187 | 0 | 0 |
| Ascendis Pharma SA | SPONSORED ADR | 04351P101 | 1,735 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Assembly Biosciences, Inc. | COM | 045396108 | 3,310 | 250,000 | SH | | SOLE | | 250,000 | 0 | 0 |
| Aurinia Pharmaceuticals, Inc. | COM | 05156V102 | 3,118 | 711,499 | SH | | SOLE | | 711,499 | 0 | 0 |
| Auspex Pharmaceuticals, Inc. | COM | 05211J102 | 2,507 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
| Bellerophon Therapeutics, Inc. | COM | 078771102 | 3,213 | 350,000 | SH | | SOLE | | 350,000 | 0 | 0 |
| Bellicum Pharmaceuticals, Inc. | COM | 079481107 | 97,096 | 4,190,594 | SH | | SOLE | | 4,190,594 | 0 | 0 |
| Biocryst Pharmaceuticals Inc. | COM | 09058V103 | 94,618 | 10,478,204 | SH | | SOLE | | 10,478,204 | 0 | 0 |
| BioDelivery Sciences Intl. Inc. | COM | 09060J106 | 2,686 | 255,866 | SH | | SOLE | | 255,866 | 0 | 0 |
| Biodel Inc. | COM | 09064M204 | 36 | 30,179 | SH | | SOLE | | 30,179 | 0 | 0 |
| Biomarin Pharmaceuticals Inc. | COM | 09061G101 | 523,461 | 4,200,456 | SH | | SOLE | | 4,200,456 | 0 | 0 |
| Biota Pharmaceuticals Inc. | COM | 090694100 | 1,985 | 863,184 | SH | | SOLE | | 863,184 | 0 | 0 |
| Biotime Inc. | WARRANTS | 09066L162 | 40 | 20,084 | SH | | SOLE | | 20,084 | 0 | 0 |
| Bluebird Bio Inc. | COM | 09609G100 | 17,703 | 146,581 | SH | | SOLE | | 146,581 | 0 | 0 |
| Catalyst Pharmaceuticals, Inc. | COM | 14888U101 | 32,758 | 7,565,462 | SH | | SOLE | | 7,565,462 | 0 | 0 |
| Celladon Corp | COM | 15117E107 | 6,947 | 366,806 | SH | | SOLE | | 366,806 | 0 | 0 |
| Cellectis SA | SPONSORED ADR | 15117K103 | 1,729 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| Cerus Corp. | COM | 157085101 | 56,517 | 13,553,275 | SH | | SOLE | | 13,553,275 | 0 | 0 |
| Chemocentryx Inc. | COM | 16383L106 | 370 | 49,064 | SH | | SOLE | | 49,064 | 0 | 0 |
| Chimerix Inc. | COM | 16934W106 | 4,342 | 115,216 | SH | | SOLE | | 115,216 | 0 | 0 |
| Clovis Oncology Inc. | COM | 189464100 | 15,041 | 202,630 | SH | | SOLE | | 202,630 | 0 | 0 |
| Concert Pharmaceuticals, Inc. | COM | 206022105 | 7,511 | 495,908 | SH | | SOLE | | 495,908 | 0 | 0 |
| Cyclacel Pharmaceuticals Inc. | PFD CONV EX 6% | 23254L207 | 86 | 13,253 | SH | | SOLE | | 13,253 | 0 | 0 |
| Cytrx Corp. | COM | 232828509 | 4,448 | 1,319,989 | SH | | SOLE | | 1,319,989 | 0 | 0 |
| DBV Technologies Inc. | SPONSORED ADR | 23306J101 | 35,489 | 1,519,229 | SH | | SOLE | | 1,519,229 | 0 | 0 |
| Derma Sciences Inc. | COM | 249827502 | 29,288 | 3,457,841 | SH | | SOLE | | 3,457,841 | 0 | 0 |
| Dermira Inc. | COM | 24983L104 | 1,535 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Discovery Laboratories Inc. | COM | 254668403 | 4,248 | 3,569,643 | SH | | SOLE | | 3,569,643 | 0 | 0 |
| Dyax Corp. | COM | 26746E103 | 100,890 | 6,021,485 | SH | | SOLE | | 6,021,485 | 0 | 0 |
| Enanta Pharmaceuticals Inc. | COM | 29251M106 | 2,307 | 75,357 | SH | | SOLE | | 75,357 | 0 | 0 |
| Epizyme Inc. | COM | 29428V104 | 4,366 | 232,481 | SH | | SOLE | | 232,481 | 0 | 0 |
| Five Prime Therapeutics Inc. | COM | 33830X104 | 440 | 19,247 | SH | | SOLE | | 19,247 | 0 | 0 |
| Foamix Pharmaceuticals Ltd. | SHS | M46135105 | 16,853 | 1,821,967 | SH | | SOLE | | 1,821,967 | 0 | 0 |
| Foundation Medicine Inc. | COM | 350465100 | 5,978 | 124,255 | SH | | SOLE | | 124,255 | 0 | 0 |
| Genomic Health Inc. | COM | 37244C101 | 417,220 | 13,656,942 | SH | | SOLE | | 13,656,942 | 0 | 0 |
| Gilead Sciences Inc. | COM | 375558103 | 24,532 | 249,995 | SH | | SOLE | | 249,995 | 0 | 0 |
| Halozyme Therapeutics Inc. | COM | 40637H109 | 32,104 | 2,248,152 | SH | | SOLE | | 2,248,152 | 0 | 0 |
| Heron Therapeutics, Inc. | COM | 427746102 | 37,943 | 2,607,784 | SH | | SOLE | | 2,607,784 | 0 | 0 |
| Idera Pharmaceuticals Inc. | COM | 45168K306 | 25,842 | 6,965,432 | SH | | SOLE | | 6,965,432 | 0 | 0 |
| Ignyta Inc. | COM | 451731103 | 5,681 | 571,000 | SH | | SOLE | | 571,000 | 0 | 0 |
| Immunogen, Inc. | COM | 45253H101 | 8,945 | 999,496 | SH | | SOLE | | 999,496 | 0 | 0 |
| Incyte Corp. | COM | 45337C102 | 1,360,744 | 14,845,559 | SH | | SOLE | | 14,845,559 | 0 | 0 |
| Infinity Pharmaceuticals Inc. | COM | 45665G303 | 4,264 | 305,037 | SH | | SOLE | | 305,037 | 0 | 0 |
| Insmed Inc. | COM | 457669307 | 32,937 | 1,583,490 | SH | | SOLE | | 1,583,490 | 0 | 0 |
| Intra Cellular Therapies Inc. | COM | 46116X101 | 2,487 | 104,166 | SH | | SOLE | | 104,166 | 0 | 0 |
| Invitae Corp. | COM | 46185L103 | 109,861 | 6,554,967 | SH | | SOLE | | 6,554,967 | 0 | 0 |
| Ironwood Pharmaceuticals Inc. | COM | 46333X108 | 2,707 | 169,163 | SH | | SOLE | | 169,163 | 0 | 0 |
| Isis Pharmaceuticals, Inc. | COM | 464330109 | 3,638 | 57,140 | SH | | SOLE | | 57,140 | 0 | 0 |
| Juno Therapeutics Inc. | COM | 48205A109 | 6,066 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Karyopharm Therapeutics Inc. | COM | 48576U106 | 6,642 | 216,990 | SH | | SOLE | | 216,990 | 0 | 0 |
| Kythera Biopharmaceuticals Inc. | COM | 501570105 | 17,766 | 354,265 | SH | | SOLE | | 354,265 | 0 | 0 |
| La Jolla Pharmaceuticals, Co. | COM | 503459604 | 7,540 | 412,008 | SH | | SOLE | | 412,008 | 0 | 0 |
| Ligand Pharmaceuticals Inc. | COM | 53220K504 | 5,659 | 73,386 | SH | | SOLE | | 73,386 | 0 | 0 |
| Lion Biotechnologies Inc. | COM | 53619R102 | 16,046 | 1,325,000 | SH | | SOLE | | 1,325,000 | 0 | 0 |
| Lipocine Inc. | COM | 53630X104 | 3,375 | 489,175 | SH | | SOLE | | 489,175 | 0 | 0 |
| Loxo Oncology Inc. | COM | 548862101 | 1,245 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Macrogenics, Inc. | COM | 556099109 | 9,569 | 305,043 | SH | | SOLE | | 305,043 | 0 | 0 |
| Marinus Pharmaceuticals Inc. | COM | 56854Q101 | 1,798 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| Mast Therapeutics, Inc. | COM | 576314108 | 2,283 | 4,707,464 | SH | | SOLE | | 4,707,464 | 0 | 0 |
| Mediwound Ltd. | ORD SHS | M68830104 | 1,629 | 225,000 | SH | | SOLE | | 225,000 | 0 | 0 |
| Mirati Therapeutics Inc. | COM | 60468T105 | 82,245 | 2,805,074 | SH | | SOLE | | 2,805,074 | 0 | 0 |
| Neurocrine Biosciences, Inc. | COM | 64125C109 | 21,532 | 542,236 | SH | | SOLE | | 542,236 | 0 | 0 |
| Neuroderm Ltd. | ORD SHS | M74231107 | 3,355 | 250,000 | SH | | SOLE | | 250,000 | 0 | 0 |
| Novavax Inc. | COM | 670002104 | 16,091 | 1,945,687 | SH | | SOLE | | 1,945,687 | 0 | 0 |
| Ohr Pharmaceuticals, Inc. | COM | 67778H200 | 941 | 370,370 | SH | | SOLE | | 370,370 | 0 | 0 |
| Omeros Corp. | COM | 682143102 | 14,043 | 637,446 | SH | | SOLE | | 637,446 | 0 | 0 |
| Ophthotech Corp. | COM | 683745103 | 1,659 | 35,649 | SH | | SOLE | | 35,649 | 0 | 0 |
| Orasure Technologies Inc. | COM | 68554V108 | 1,500 | 229,397 | SH | | SOLE | | 229,397 | 0 | 0 |
| Osiris Therapeutics Inc. | COM | 68827R108 | 8,776 | 499,193 | SH | | SOLE | | 499,193 | 0 | 0 |
| Palatin Technologies Inc. | COM | 696077403 | 2,091 | 2,050,000 | SH | | SOLE | | 2,050,000 | 0 | 0 |
| Pharmacyclics Inc. | COM | 716933106 | 2,313,699 | 9,039,652 | SH | | SOLE | | 9,039,652 | 0 | 0 |
| Progenics Pharmaceuticals, Inc. | COM | 743187106 | 26,018 | 4,350,808 | SH | | SOLE | | 4,350,808 | 0 | 0 |
| ProQR Therapeutics NV | SHS | N71542109 | 8,752 | 400,000 | SH | | SOLE | | 400,000 | 0 | 0 |
| Proteon Therapeutics, Inc. | COM | 74371L109 | 2,011 | 172,917 | SH | | SOLE | | 172,917 | 0 | 0 |
| Receptos Inc. | COM | 756207106 | 3,941 | 23,900 | SH | | SOLE | | 23,900 | 0 | 0 |
| Repros Therapeutics Inc. | COM | 76028H209 | 17,180 | 2,000,000 | SH | | SOLE | | 2,000,000 | 0 | 0 |
| Rigel Pharmaceuticals Inc. | COM | 766559603 | 1,275 | 357,187 | SH | | SOLE | | 357,187 | 0 | 0 |
| Sage Therapeutics Inc. | COM | 78667J108 | 3,767 | 75,000 | SH | | SOLE | | 75,000 | 0 | 0 |
| Sangamo Biosciences, Inc. | COM | 800677106 | 22,023 | 1,404,544 | SH | | SOLE | | 1,404,544 | 0 | 0 |
| Seattle Genetics, Inc. | COM | 812578102 | 1,020,792 | 28,876,712 | SH | | SOLE | | 28,876,712 | 0 | 0 |
| Spark Therapeutics, Inc. | COM | 84652J103 | 102,878 | 1,327,451 | SH | | SOLE | | 1,327,451 | 0 | 0 |
| Stemline Therapeutics Inc. | COM | 85858C107 | 4,826 | 333,497 | SH | | SOLE | | 333,497 | 0 | 0 |
| Sunesis Pharmaceuticals, Inc. | COM | 867328601 | 7,840 | 3,200,000 | SH | | SOLE | | 3,200,000 | 0 | 0 |
| Synageva Biopharma Corp. | COM | 87159A103 | 1,137,242 | 11,660,432 | SH | | SOLE | | 11,660,432 | 0 | 0 |
| Synta Pharmaceuticals Corp. | COM | 87162T206 | 949 | 489,053 | SH | | SOLE | | 489,053 | 0 | 0 |
| Tekmira Pharmaceuticals Corp. | COM | 87911B209 | 3,153 | 180,582 | SH | | SOLE | | 180,582 | 0 | 0 |
| TG Therapeutics Inc. | COM | 88322Q108 | 31,739 | 2,050,313 | SH | | SOLE | | 2,050,313 | 0 | 0 |
| Threshold Pharmaceuticals Inc. | COM | 885807206 | 11,878 | 2,925,519 | SH | | SOLE | | 2,925,519 | 0 | 0 |
| Transition Therapeutics, Inc. | COM | 893716209 | 5,254 | 769,230 | SH | | SOLE | | 769,230 | 0 | 0 |
| Ultragenyx Pharmaceuticals Inc. | COM | 90400D108 | 9,245 | 148,894 | SH | | SOLE | | 148,894 | 0 | 0 |
| UniQure N.V. | SHS | N90064101 | 730 | 30,000 | SH | | SOLE | | 30,000 | 0 | 0 |
| Vanda Pharmaceuticals, Inc. | COM | 921659108 | 16,277 | 1,750,230 | SH | | SOLE | | 1,750,230 | 0 | 0 |
| Versartis Inc. | COM | 92529L102 | 54,694 | 2,977,396 | SH | | SOLE | | 2,977,396 | 0 | 0 |
| Vitae Pharmaceuticals Inc. | COM | 92847N103 | 2,197 | 187,597 | SH | | SOLE | | 187,597 | 0 | 0 |
| Xencor Inc. | COM | 98401F105 | 13,360 | 872,072 | SH | | SOLE | | 872,072 | 0 | 0 |
| Xenoport Inc. | COM | 98411C100 | 46,341 | 6,508,622 | SH | | SOLE | | 6,508,622 | 0 | 0 |
| Xoma Corp. | COM | 98419J107 | 53,539 | 14,708,613 | SH | | SOLE | | 14,708,613 | 0 | 0 |
| Zafgen, Inc. | COM | 98885E103 | 3,753 | 94,745 | SH | | SOLE | | 94,745 | 0 | 0 |
| Ziopharm Oncology Inc. | COM | 98973P101 | 2,038 | 189,259 | SH | | SOLE | | 189,259 | 0 | 0 |
| Zogenix, Inc. | COM | 98978L105 | 3,149 | 2,298,466 | SH | | SOLE | | 2,298,466 | 0 | 0 |
| Acorda Therapeutics Inc. Notes 1.75% 6/15/2021 | CONV BONDS | 00484MAA4 | 60,762 | 59,583,000 | PRN | | SOLE | | 59,583,000 | 0 | 0 |
| Array Biopharma, Inc. Notes 3.0% 6/1/2020 | CONV BONDS | 04269XAA3 | 3,759 | 3,000,000 | PRN | | SOLE | | 3,000,000 | 0 | 0 |
| Biomarin Pharmaceuticals Inc. Notes 1.875% 4/23/2017 | CONV BONDS | 09061GAD3 | 136,987 | 22,379,000 | PRN | | SOLE | | 22,379,000 | 0 | 0 |
| Biomarin Pharmaceuticals Inc. Notes 0.75% 10/15/2018 | CONV BONDS | 09061GAE1 | 17,970 | 12,228,000 | PRN | | SOLE | | 12,228,000 | 0 | 0 |
| Gilead Sciences Inc. 1.625% 5/1/16 | CONV BONDS | 375558AP8 | 90,193 | 20,944,000 | PRN | | SOLE | | 20,944,000 | 0 | 0 |
| Incyte Corp. Notes 4.75% 10/1/2015 144A | CONV BONDS | 45337CAJ1 | 421,673 | 40,446,000 | PRN | | SOLE | | 40,446,000 | 0 | 0 |
| Incyte Corp. Notes 0.375% 11/15/2018 144A | CONV BONDS | 45337CAK8 | 471,944 | 259,000,000 | PRN | | SOLE | | 259,000,000 | 0 | 0 |
| Incyte Corp. Notes 1.25% 11/15/2020 144A | CONV BONDS | 45337CAL6 | 508,427 | 274,500,000 | PRN | | SOLE | | 274,500,000 | 0 | 0 |
| Medivation Inc. 2.625% 4/1/17 | CONV BONDS | 58501NAA9 | 84,927 | 33,889,000 | PRN | | SOLE | | 33,889,000 | 0 | 0 |
| Protalix Biotherapeutics, Inc. Notes 4.5% 9/15/18 | CONV BONDS | 74365AAB7 | 2,612 | 3,500,000 | PRN | | SOLE | | 3,500,000 | 0 | 0 |
| Salix Pharmaceuticals Inc. 2.75% 5/15/15 | CONV BONDS | 795435AC0 | 801,152 | 216,077,000 | PRN | | SOLE | | 216,077,000 | 0 | 0 |
| Salix Pharmaceuticals Inc. 1.5% 3/15/19 | CONV BONDS | 795435AE6 | 38,948 | 14,668,000 | PRN | | SOLE | | 14,668,000 | 0 | 0 |
