12/31/2004	7/22/2005	
MNTA	 $7.060 	 $25.180 	256.7%
VPHM	 $3.250 	 $10.920 	236.0%
KOSP	 $37.640 	 $69.480 	84.6%
CELG	 $26.520 	 $48.160 	81.6%
DRRX	 $3.280 	 $5.900 	79.9%
MICU	 $17.410 	 $28.320 	62.7%
VRTX	 $10.570 	 $17.140 	62.2%
IDIX	 $17.150 	 $27.160 	58.4%
CRXL	 $13.770 	 $20.940 	52.1%
CBST	 $11.830 	 $16.760 	41.7%
ACAD	 $6.770 	 $9.330 	37.8%
BMRN	 $6.390 	 $8.640 	35.2%
IDBE	 $14.950 	 $20.170 	34.9%
MCET	 $0.950 	 $1.220 	28.4%
ENCY	 $9.930 	 $12.720 	28.1%
DCGN	 $7.810 	 $9.990 	27.9%
ARQL	 $5.790 	 $7.400 	27.8%
IVGN	 $67.130 	 $85.740 	27.7%
ALNY	 $7.470 	 $9.540 	27.7%
AMGN	 $64.150 	 $81.310 	26.7%
AFFX	 $36.550 	 $45.970 	25.8%
GLGC	 $3.680 	 $4.620 	25.5%
STEM	 $4.230 	 $5.250 	24.1%
GERN	 $7.970 	 $9.810 	23.1%
GNVC	 $1.630 	 $2.000 	22.7%
ARNA	 $6.700 	 $8.220 	22.7%
HGSI	 $12.020 	 $14.640 	21.8%
KOSN	 $6.930 	 $8.330 	20.2%
UTHR	 $45.150 	 $54.000 	19.6%
GENZ	 $58.070 	 $68.780 	18.4%
ITMN	 $13.260 	 $15.630 	17.9%
CVTX	 $23.000 	 $26.820 	16.6%
NSTK	 $12.100 	 $14.030 	16.0%
DSCO	 $7.930 	 $9.100 	14.8%
DOVP	 $18.050 	 $20.470 	13.4%
VASC	 $10.020 	 $11.300 	12.8%
ALKS	 $14.090 	 $15.850 	12.5%
SLXP	 $17.590 	 $19.390 	10.2%
PDLI	 $20.660 	 $22.580 	9.3%
CTRX	 $11.920 	 $13.000 	9.1%
GTCB	 $1.520 	 $1.650 	8.6%
REGN	 $9.210 	 $9.930 	7.8%
CHIR	 $33.330 	 $35.610 	6.8%
ADLR	 $9.920 	 $10.480 	5.6%
NBIX	 $49.300 	 $51.800 	5.1%
CGPI	 $7.340 	 $7.710 	5.0%
ALXN	 $25.200 	 $26.300 	4.4%
ABGX	 $10.340 	 $10.640 	2.9%
PPHM	 $1.170 	 $1.200 	2.6%
SRA	 $16.320 	 $16.600 	1.7%
KDUS	 $1.530 	 $1.550 	1.3%
AVGN	 $3.260 	 $3.300 	1.2%
MEDI 	 $27.110 	 $27.250 	0.5%
NABI	 $14.650 	 $14.680 	0.2%
ARIA	 $7.430 	 $7.380 	-0.7%
NVS	 $50.540 	 $48.760 	-3.5%
NKTR	 $20.240 	 $19.400 	-4.2%
ALTH	 $2.400 	 $2.290 	-4.6%
ABI	 $20.910 	 $19.880 	-4.9%
EXEL	 $9.500 	 $8.960 	-5.7%
CORT	 $6.250 	 $5.870 	-6.1%
SGEN	 $6.530 	 $6.100 	-6.6%
NUVO	 $9.850 	 $9.200 	-6.6%
MEDX	 $10.780 	 $10.050 	-6.8%
MOGN	 $28.010 	 $26.080 	-6.9%
PLRS	 $0.205 	 $0.190 	-7.3%
SEPR	 $59.370 	 $54.490 	-8.2%
CRIS	 $5.220 	 $4.790 	-8.2%
RITA	 $3.870 	 $3.550 	-8.3%
AMLN	 $23.360 	 $21.210 	-9.2%
TELK	 $19.140 	 $17.330 	-9.5%
COR	 $2.710 	 $2.390 	-11.8%
INCY	 $9.990 	 $8.760 	-12.3%
CRA	 $13.750 	 $11.880 	-13.6%
ENMD	 $3.240 	 $2.790 	-13.9%
NVD	 $1.630 	 $1.380 	-15.3%
PTIE	 $7.210 	 $6.100 	-15.4%
CRGN	 $7.160 	 $6.020 	-15.9%
RIGL	 $24.420 	 $20.530 	-15.9%
ICOS	 $28.280 	 $23.550 	-16.7%
MSHL	 $8.950 	 $7.420 	-17.1%
BJCT	 $1.560 	 $1.290 	-17.3%
MLNM	 $12.140 	 $9.930 	-18.2%
GPCB	 $14.210 	 $11.382 	-19.9%
MYGN	 $22.510 	 $18.030 	-19.9%
CYTK	 $10.250 	 $8.210 	-19.9%
OSCI	 $3.650 	 $2.880 	-21.1%
LEXG	 $7.760 	 $6.120 	-21.1%
IMGN	 $8.840 	 $6.960 	-21.3%
AOM.TO	 $4.691 	 $3.688 	-21.4%
DYAX	 $7.220 	 $5.650 	-21.7%
POTP	 $5.360 	 $4.140 	-22.8%
INGN	 $8.440 	 $6.500 	-23.0%
PTN	 $2.660 	 $2.030 	-23.7%
NRGN	 $9.360 	 $7.020 	-25.0%
NTII	 $4.420 	 $3.280 	-25.8%
ONXX	 $32.390 	 $23.940 	-26.1%
GNTA	 $1.760 	 $1.260 	-28.4%
CMN	 $24.950 	 $17.810 	-28.6%
DPII	 $4.710 	 $3.300 	-29.9%
AVM	 $15.720 	 $11.000 	-30.0%
LGND	 $11.640 	 $8.090 	-30.5%
TTP	 $3.220 	 $2.220 	-31.1%
PCOP	 $5.970 	 $4.070 	-31.8%
GLFD	 $4.950 	 $3.320 	-32.9%
VNLS	 $3.200 	 $2.100 	-34.4%
AGEN	 $10.120 	 $6.590 	-34.9%
BLSI	 $2.850 	 $1.850 	-35.1%
NPSP	 $18.280 	 $11.700 	-36.0%
PGLAF	 $3.470 	 $2.150 	-38.0%
ICCC	 $7.160 	 $4.400 	-38.5%
BIO.L	 $1.994 	 $1.217 	-39.0%
GNSC	 $2.130 	 $1.250 	-41.3%
DNDN	 $10.780 	 $6.270 	-41.8%
BIIB	 $66.610 	 $38.460 	-42.3%
IDEV	 $5.960 	 $3.320 	-44.3%
XNVA	 $1.300 	 $0.720 	-44.6%
GENR	 $3.420 	 $1.780 	-48.0%
GLGSD	 $2.200 	 $1.060 	-51.8%
CIPH	 $4.300 	 $2.060 	-52.1%
CTIC	 $8.140 	 $2.900 	-64.4%
ELN	 $27.250 	 $7.790 	-71.4%
AEGN	 $1.960 	 $0.520 	-73.5%
AXYX	 $6.200 	 $1.450 	-76.6%
CYBX*	 $20.720 	 $42.520 	-105.2%
* Short position, which is why this is shown as a negative return here