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
ABBOTT LABS COM 002824100 9,776 211,000 SH   DFND 1 53,000 0 158,000
ABBVIE INC COM 00287Y109 281,864 4,814,900 SH   DFND 1 2,156,000 0 2,658,900
ACHILLION PHARMACEUTICALS IN COM 00448Q201 1,558 158,000 SH   DFND 1 0 0 158,000
ACTAVIS PLC SHS G0083B108 469,700 1,578,187 SH   DFND 1 728,101 0 850,086
ACTAVIS PLC SHS G0083B108 148,810 500,000 SH Call DFND 1 199,300 0 300,700
ACTAVIS PLC PFD CONV SER A G0083B116 105,450 104,200 SH   DFND 1 30,300 0 73,900
ADVAXIS INC COM NEW 007624208 6,211 430,100 SH   DFND 1 0 0 430,100
AETNA INC NEW COM 00817Y108 10,014 94,000 SH   DFND 1 24,000 0 70,000
AFFIMED N V COM N01045108 36,632 5,814,630 SH   SOLE   5,814,630 0 0
AFFYMETRIX INC COM 00826T108 92,329 7,351,000 SH   DFND 1 2,135,000 0 5,216,000
AGILENT TECHNOLOGIES INC COM 00846U101 168,319 4,051,000 SH   DFND 1 1,719,300 0 2,331,700
AKORN INC COM 009728106 2,376 50,000 SH Call DFND 1 20,100 0 29,900
ALEXION PHARMACEUTICALS INC COM 015351109 98,036 565,700 SH   DFND 1 128,400 0 437,300
ALIMERA SCIENCES INC COM 016259103 7,515 1,500,000 SH   DFND 1 670,000 0 830,000
AMAG PHARMACEUTICALS INC COM 00163U106 15,032 275,000 SH   DFND 1 0 0 275,000
AMARIN CORP PLC SPONS ADR NEW 023111206 819 350,000 SH   SOLE   350,000 0 0
AMGEN INC COM 031162100 487,383 3,049,000 SH   DFND 1 1,139,000 0 1,910,000
ARQULE INC COM 04269E107 10,967 4,896,108 SH   DFND 1 1,391,000 0 3,505,108
ARRAY BIOPHARMA INC COM 04269X105 68,042 9,232,310 SH   DFND 1 3,532,900 0 5,699,410
ARRAY BIOPHARMA INC COM 04269X105 8,107 1,100,000 SH Call DFND 1 440,700 0 659,300
ASCENDIS PHARMA A S SPONSORED ADR 04351P101 25,140 1,448,991 SH   SOLE   1,448,991 0 0
ASSEMBLY BIOSCIENCES INC COM 045396108 17,874 1,350,000 SH   DFND 1 625,500 0 724,500
AUSPEX PHARMACEUTICALS INC COM 05211J102 11,892 118,600 SH   DFND 1 0 0 118,600
AVALANCHE BIOTECHNOLOGIES IN COM 05337G107 11,504 283,900 SH   DFND 1 97,800 0 186,100
BACTERIN INTL HLDGS INC COM NEW 05644R200 1,949 475,439 SH   SOLE   475,439 0 0
BAXTER INTL INC COM 071813109 19,605 286,200 SH   DFND 1 71,900 0 214,300
BIOGEN INC COM 09062X103 509,559 1,206,800 SH   DFND 1 422,800 0 784,000
BIOLINERX LTD SPONSORED ADR 09071M106 2,395 1,135,000 SH   SOLE   1,135,000 0 0
BIOMARIN PHARMACEUTICAL INC NOTE 0.750%10/1 09061GAE1 746 500,000 PRN   DFND 1 215,000 0 285,000
BIOMARIN PHARMACEUTICAL INC NOTE 1.500%10/1 09061GAF8 758 500,000 PRN   DFND 1 215,000 0 285,000
BLUEBIRD BIO INC COM 09609G100 66,508 550,700 SH   DFND 1 122,300 0 428,400
BOSTON SCIENTIFIC CORP COM 101137107 239,820 13,511,000 SH   DFND 1 5,776,000 0 7,735,000
BRISTOL MYERS SQUIBB CO COM 110122108 572,941 8,882,800 SH   DFND 1 3,873,800 0 5,009,000
BRISTOL MYERS SQUIBB CO COM 110122108 64,500 1,000,000 SH Call DFND 1 401,200 0 598,800
CARDINAL HEALTH INC COM 14149Y108 86,659 960,000 SH   DFND 1 355,000 0 605,000
CATAMARAN CORP COM 148887102 7,145 120,000 SH   DFND 1 30,000 0 90,000
CELGENE CORP COM 151020104 365,668 3,172,000 SH   DFND 1 1,072,800 0 2,099,200
CELLDEX THERAPEUTICS INC NEW COM 15117B103 16,722 600,000 SH   DFND 1 237,000 0 363,000
CELLECTIS S A SPONSORED ADS 15117K103 10,374 300,000 SH   DFND 1 138,900 0 161,100
CEMPRA INC COM 15130J109 1,716 50,000 SH   DFND 1 0 0 50,000
CERUS CORP COM 157085101 34,643 8,307,727 SH   DFND 1 3,423,000 0 4,884,727
CLOVIS ONCOLOGY INC COM 189464100 74,260 1,000,400 SH   DFND 1 398,100 0 602,300
CONNECTURE INC COM 20786J106 18,009 1,740,000 SH   DFND 1 795,000 0 945,000
COOPER COS INC COM NEW 216648402 241,866 1,290,500 SH   DFND 1 589,100 0 701,400
CURIS INC COM 231269101 1,738 724,000 SH   DFND 1 0 0 724,000
DAVITA HEALTHCARE PARTNERS I COM 23918K108 6,177 76,000 SH   DFND 1 19,000 0 57,000
DERMA SCIENCES INC COM PAR $.01 249827502 2,541 300,000 SH   DFND 1 134,300 0 165,700
DICERNA PHARMACEUTICALS INC COM 253031108 4,686 195,000 SH   DFND 1 0 0 195,000
EHEALTH INC COM 28238P109 2,562 273,100 SH   DFND 1 126,200 0 146,900
EXACT SCIENCES CORP COM 30063P105 39,152 1,778,000 SH   DFND 1 824,000 0 954,000
EXPRESS SCRIPTS HLDG CO COM 30219G108 115,664 1,333,000 SH   DFND 1 569,000 0 764,000
FATE THERAPEUTICS INC COM 31189P102 3,388 692,900 SH   DFND 1 296,100 0 396,800
FLUIDIGM CORP DEL COM 34385P108 89,934 2,136,200 SH   DFND 1 878,000 0 1,258,200
FLUIDIGM CORP DEL NOTE 2.750% 2/0 34385PAA6 21,990 21,935,000 PRN   DFND 1 5,330,000 0 16,605,000
FORWARD PHARMA A/S SPONSORED ADR 34986J105 27,204 960,600 SH   DFND 1 389,100 0 571,500
GILEAD SCIENCES INC COM 375558103 334,761 3,411,400 SH   DFND 1 1,117,100 0 2,294,300
GW PHARMACEUTICALS PLC ADS 36197T103 18,408 202,000 SH   DFND 1 0 0 202,000
HCA HOLDINGS INC COM 40412C101 331,614 4,408,000 SH   DFND 1 1,971,000 0 2,437,000
HEALTH NET INC COM 42222G108 233,576 3,861,400 SH   DFND 1 1,726,000 0 2,135,400
HORIZON PHARMA PLC SHS G4617B105 27,918 1,075,000 SH   DFND 1 0 0 1,075,000
ILLUMINA INC COM 452327109 223,325 1,203,000 SH   DFND 1 450,000 0 753,000
IMPAX LABORATORIES INC COM 45256B101 312,998 6,678,000 SH   DFND 1 2,592,300 0 4,085,700
IMPAX LABORATORIES INC COM 45256B101 4,687 100,000 SH Call DFND 1 40,100 0 59,900
INCYTE CORP COM 45337C102 240,378 2,622,500 SH   DFND 1 1,154,500 0 1,468,000
INCYTE CORP NOTE 4.750%10/0 45337CAJ1 23,652 2,742,000 PRN   DFND 1 0 0 2,742,000
INCYTE CORP NOTE 0.375%11/1 45337CAM4 7,799 4,250,000 PRN   DFND 1 1,816,000 0 2,434,000
INCYTE CORP NOTE 1.250%11/1 45337CAN2 8,027 4,250,000 PRN   DFND 1 1,816,000 0 2,434,000
INFINITY PHARMACEUTICALS INC COM 45665G303 59,623 4,264,900 SH   DFND 1 1,590,600 0 2,674,300
INSULET CORP COM 45784P101 66,600 1,997,000 SH   DFND 1 948,800 0 1,048,200
INSYS THERAPEUTICS INC NEW COM NEW 45824V209 72,267 1,243,200 SH   DFND 1 449,500 0 793,700
INTERCEPT PHARMACEUTICALS IN COM 45845P108 315,862 1,120,000 SH   SOLE   1,120,000 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 206,911 409,700 SH   DFND 1 185,000 0 224,700
INVITAE CORP COM 46185L103 7,654 456,666 SH   SOLE   456,666 0 0
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 192,194 12,012,100 SH   DFND 1 4,781,300 0 7,230,800
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 19,871 115,000 SH   DFND 1 0 0 115,000
JOHNSON & JOHNSON COM 478160104 61,668 613,000 SH   DFND 1 160,000 0 453,000
KYTHERA BIOPHARMACEUTICALS I COM 501570105 47,537 947,900 SH   DFND 1 372,200 0 575,700
LION BIOTECHNOLOGIES INC COM 53619R102 12,110 1,000,000 SH   DFND 1 249,900 0 750,100
LOXO ONCOLOGY INC COM 548862101 27,089 2,175,857 SH   SOLE   2,175,857 0 0
MAGELLAN HEALTH INC COM NEW 559079207 100,196 1,414,800 SH   DFND 1 552,900 0 861,900
MALLINCKRODT PUB LTD CO SHS G5785G107 100,180 791,001 SH   DFND 1 323,001 0 468,000
MCKESSON CORP COM 58155Q103 161,281 713,000 SH   DFND 1 289,000 0 424,000
MEDIVATION INC COM 58501N101 303,173 2,348,900 SH   DFND 1 933,000 0 1,415,900
MEDTRONIC PLC PUT G5960L953 54,258 695,707 SH   DFND 1 170,712 0 524,995
MERCK & CO INC NEW COM 58933Y105 23,279 405,000 SH   DFND 1 100,000 0 305,000
MERGE HEALTHCARE INC COM 589499102 20,689 4,628,500 SH   DFND 1 1,621,000 0 3,007,500
MIMEDX GROUP INC COM 602496101 8,703 836,800 SH   DFND 1 315,000 0 521,800
MIRATI THERAPEUTICS INC COM 60468T105 37,148 1,267,000 SH   SOLE   1,267,000 0 0
MOLINA HEALTHCARE INC COM 60855R100 232,763 3,459,100 SH   DFND 1 1,502,200 0 1,956,900
MYLAN N V SHS EURO N59465109 13,354 225,000 SH Put DFND 1 90,200 0 134,800
NEUROCRINE BIOSCIENCES INC COM 64125C109 231,652 5,833,600 SH   DFND 1 2,195,700 0 3,637,900
NEWLINK GENETICS CORP COM 651511107 26,988 493,300 SH   DFND 1 147,200 0 346,100
NUVASIVE INC COM 670704105 49,301 1,072,000 SH   DFND 1 589,000 0 483,000
OPHTHOTECH CORP COM 683745103 77,640 1,668,600 SH   DFND 1 756,000 0 912,600
ORASURE TECHNOLOGIES INC COM 68554V108 12,939 1,978,500 SH   DFND 1 728,500 0 1,250,000
OREXIGEN THERAPEUTICS INC NOTE 2.750%12/0 686164AB0 6,066 5,210,000 PRN   DFND 1 2,210,000 0 3,000,000
OTONOMY INC COM 68906L105 79,786 2,256,398 SH   SOLE   2,256,398 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 15,638 176,000 SH   DFND 1 0 0 176,000
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 11,470 1,073,000 SH   DFND 1 485,000 0 588,000
PERRIGO CO PLC SHS G97822103 206,573 1,247,800 SH   DFND 1 543,000 0 704,800
PFIZER INC COM 717081103 103,813 2,984,000 SH   DFND 1 741,000 0 2,243,000
PORTOLA PHARMACEUTICALS INC COM 737010108 32,293 850,700 SH   DFND 1 475,700 0 375,000
PROQR THRAPEUTICS N V SHS EURO N71542109 40,071 1,831,400 SH   DFND 1 834,500 0 996,900
PUMA BIOTECHNOLOGY INC COM 74587V107 87,408 370,200 SH   DFND 1 134,400 0 235,800
PUMA BIOTECHNOLOGY INC COM 74587V107 11,806 50,000 SH Call DFND 1 27,600 0 22,400
QLT INC COM 746927102 1,955 500,000 SH Call DFND 1 200,600 0 299,400
RECEPTOS INC COM 756207106 25,739 156,100 SH   DFND 1 0 0 156,100
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 9,978 685,800 SH   SOLE   685,800 0 0
REGENERON PHARMACEUTICALS COM 75886F107 190,434 421,800 SH   DFND 1 192,000 0 229,800
RELYPSA INC COM 759531106 319,492 8,857,551 SH   SOLE   8,857,551 0 0
ROKA BIOSCIENCE INC COM 775431109 10,305 3,220,429 SH   SOLE   3,220,429 0 0
SAGE THERAPEUTICS INC COM 78667J108 20,712 412,335 SH   SOLE   412,335 0 0
SALIX PHARMACEUTICALS INC COM 795435106 14,170 82,000 SH   DFND 1 0 0 82,000
SHIRE PLC SPONSORED ADR 82481R106 331,417 1,385,000 SH   DFND 1 563,000 0 822,000
SIENTRA INC COM 82621J105 61,126 3,185,308 SH   SOLE   3,185,308 0 0
SINOVAC BIOTECH LTD SHS P8696W104 13,231 2,667,500 SH   DFND 1 1,219,500 0 1,448,000
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 3,417 100,000 SH Call DFND 1 40,000 0 60,000
SPARK THERAPEUTICS INC COM 84652J103 9,843 127,000 SH   DFND 1 44,000 0 83,000
STRYKER CORP COM 863667101 102,674 1,113,000 SH   DFND 1 449,000 0 664,000
SUPERNUS PHARMACEUTICALS INC COM 868459108 7,012 580,000 SH   DFND 1 0 0 580,000
SYNERGY PHARMACEUTICALS DEL COM NEW 871639308 14,420 3,121,148 SH   DFND 1 1,515,700 0 1,605,448
TESARO INC COM 881569107 118,112 2,057,700 SH   DFND 1 834,000 0 1,223,700
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 67,969 1,091,000 SH   DFND 1 374,000 0 717,000
THERMO FISHER SCIENTIFIC INC COM 883556102 243,384 1,811,700 SH   DFND 1 782,700 0 1,029,000
TORNIER N V SHS N87237108 125,987 4,805,000 SH   DFND 1 2,100,000 0 2,705,000
UNITEDHEALTH GROUP INC COM 91324P102 27,798 235,000 SH   DFND 1 60,000 0 175,000
UROPLASTY INC COM NEW 917277204 1,663 1,363,500 SH   DFND 1 600,600 0 762,900
VALEANT PHARMACEUTICALS INTL COM 91911K102 32,176 162,000 SH   DFND 1 41,000 0 121,000
VERTEX PHARMACEUTICALS INC COM 92532F100 15,926 135,000 SH   DFND 1 0 0 135,000
VITAL THERAPIES INC COM 92847R104 1,876 75,000 SH Put DFND 1 30,100 0 44,900
WRIGHT MED GROUP INC COM 98235T107 65,197 2,527,000 SH   DFND 1 1,122,000 0 1,405,000
XENCOR INC COM 98401F105 16,004 1,044,615 SH   DFND 1 0 0 1,044,615
XENOPORT INC COM 98411C100 39,488 5,546,100 SH   DFND 1 2,098,700 0 3,447,400
ZIMMER HLDGS INC COM 98956P102 144,315 1,228,000 SH   DFND 1 508,000 0 720,000
ZIOPHARM ONCOLOGY INC COM 98973P101 27,331 2,537,700 SH   DFND 1 1,173,400 0 1,364,300