Ticker  Open    9/30/2005      % G/L

VPHM   $3.250     $20.800		540.0%
MNTA	7.060		27.250		286.0%
VRTX	10.570		22.350		111.4%
DRRX	3.280		6.850		108.8%
CELG	26.520		54.320		104.8%
IDBE	14.950		30.050		101.0%
CRXL	13.770		26.810		94.7%
NKTR	20.240		38.700		91.2%
CBST	11.830		21.540		82.1%
KOSP	37.640		66.930		77.8%
ACAD	6.770		11.370		67.9%
MICU**	17.410		29.100		67.1%
UTHR	45.150		69.800		54.6%
ALNY	7.470		11.300		51.3%
AMLN	23.360		34.790		48.9%
ARNA	6.700		9.900		47.8%
IDIX	17.150		25.100		46.4%
BMRN	6.390		8.730		36.6%
PDLI	20.660		28.000		35.5%
ARQL	5.790		7.830		35.2%
CGPI	7.340		9.920		35.1%
GLGC	3.680		4.890		32.9%
CHIR	33.330		43.650		31.0%
STEM	4.230		5.520		30.5%
GERN	7.970		10.270		28.9%
AFFX	36.550		46.230		26.5%
GNVC	1.630		2.050		25.8%
ITMN	13.260		16.550		24.8%
AMGN	64.150		79.670		24.2%
MEDI 	27.110		33.650		24.1%
GENZ	58.070		71.640		23.4%
ABGX	10.340		12.680		22.6%
CRXA**	3.640		4.400		20.9%
SLXP	17.590		21.250		20.8%
ALKS	14.090		16.800		19.2%
ORPH**	9.020		10.750		19.2%
ENCY	9.930		11.780		18.6%
CTRX	11.920		13.950		17.0%
NSTK	12.100		14.140		16.9%
CVTX	23.000		26.750		16.3%
HGSI	12.020		13.590		13.1%
IVGN	67.130		75.230		12.1%
ABI	20.910		23.240		11.1%
ALXN	25.200		27.650		9.7%
BJCT	1.560		1.700		9.0%
ADLR	9.920		10.680		7.7%
DCGN	7.810		8.390		7.4%
NVD	1.630		1.750		7.4%
KDUS	1.530		1.620		5.9%
KOSN	6.930		7.270		4.9%
REGN	9.210		9.490		3.0%
ALTH	2.400		2.440		1.7%
NVS	50.540		51.000		0.9%
SRA	16.320		16.450		0.8%
BIO.L	1.994		2.010		0.8%
ARIA	7.430		7.430		0.0%
NBIX	49.300		49.190		-0.2%
SEPR	59.370		58.990		-0.6%
VASC	10.020		9.890		-1.3%
ICOS	28.280		27.620		-2.3%
NUVO	9.850		9.600		-2.5%
RIGL	24.420		23.770		-2.7%
MYGN	22.510		21.860		-2.9%
DOVP	18.050		16.980		-5.9%
RITA	3.870		3.560		-8.0%
GTCB	1.520		1.390		-8.6%
NABI	14.650		13.100		-10.6%
GPCB	14.210		12.640		-11.0%
MEDX	10.780		9.520		-11.7%
CRA	13.750		12.130		-11.8%
CRIS	5.220		4.590		-12.1%
COR	2.710		2.370		-12.5%
PTIE	7.210		6.290		-12.8%
LGND	11.640		10.137		-12.9%
PTN	2.660		2.300		-13.5%
NTII	4.420		3.810		-13.8%
TELK	19.140		16.360		-14.5%
PPHM	1.170		1.000		-14.5%
AVGN	3.260		2.780		-14.7%
MCET	0.950		0.810		-14.7%
GNTA	1.760		1.500		-14.8%
CMN	24.950		21.040		-15.7%
IMGN	8.840		7.340		-17.0%
MOGN	28.010		23.240		-17.0%
DSCO	7.930		6.450		-18.7%
EXEL	9.500		7.650		-19.5%
SGEN	6.530		5.250		-19.6%
CORT	6.250		5.000		-20.0%
CYTK	10.250		8.140		-20.6%
POTP	5.360		4.200		-21.6%
DYAX	7.220		5.590		-22.6%
ONXX	32.390		24.970		-22.9%
MLNM	12.140		9.330		-23.1%
VNLS	3.200		2.432		-24.0%
AOM.TO	4.691		3.536		-24.6%
BLSI	2.850		2.110		-26.0%
ENMD	3.240		2.390		-26.2%
GLFD	4.950		3.650		-26.3%
NRGN	9.360		6.880		-26.5%
ICCC	7.160		5.010		-30.0%
CRGN	7.160		4.950		-30.9%
DPII	4.710		3.220		-31.6%
GNSC	2.130		1.390		-34.7%
MSHL	8.950		5.810		-35.1%
PLRS	0.205		0.130		-36.6%
DNDN	10.780		6.710		-37.8%
INGN	8.440		5.220		-38.2%
AVM	15.720		9.710		-38.2%
XNVA**	1.300		0.791		-39.1%
PCOP	5.970		3.570		-40.2%
BIIB	66.610		39.480		-40.7%
OSCI	3.650		2.120		-41.9%
GENR	3.420		1.919		-43.9%
CYBX*	20.720		29.850		-44.1%
NPSP	18.280		10.110		-44.7%
TTP	3.220		1.770		-45.0%
AGEN	10.120		5.420		-46.4%
PGLAF	3.470		1.858		-46.4%
LEXG	7.760		3.970		-48.8%
IDEV	5.960		2.880		-51.7%
INCY	9.990		4.700		-53.0%
GLGSD	2.200		1.030		-53.2%
CIPH	4.300		1.850		-57.0%
AEGN	1.960		0.735		-62.5%
CTIC	8.140		2.860		-64.9%
ELN	27.250		8.860		-67.5%
AXYX	6.200		1.150		-81.5%

*  Short position
** Munched. Closing price shown is the buyout price, not the Sept 30 close.