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
ALLIANCE DATA SYSTEMS CORP COM 018581108 1,252 4,596 SH   DFND   4,596 0 0
BROADCOM CORP-CL A CL A 111320107 3,542 112,500 SH   DFND   112,500 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 426 7,830 SH   DFND   7,830 0 0
CHECK POINT SOFTWARE TECH ORD M22465104 1,793 26,513 SH   DFND   26,513 0 0
COLGATE-PALMOLIVE CO COM 194162103 4,074 62,799 SH   DFND   62,799 0 0
COMPUGEN LTD ORD 2620859 726 69,109 SH   DFND   69,109 0 0
COSTCO WHOLESALE CORP COM 22160K105 1,721 15,409 SH   DFND   15,409 0 0
CSX CORP COM 126408103 3,384 116,825 SH   DFND   116,825 0 0
CVS CAREMARK CORP COM 126650100 2,680 35,795 SH   DFND   35,795 0 0
ELLOMAY CAPITAL LTD SHS M39927120 995 100,853 SH   DFND   100,853 0 0
ENERGY SELECT SECTOR SPDR HEDGEFUND SBI INT-ENERGY 81369Y506 3,562 40,000 SH   DFND   40,000 0 0
F5 NETWORKS INC COM 315616102 663 6,222 SH   DFND   6,222 0 0
FINANCIAL SELECT SECTOR SPDR HEDGEFUND SBI INT-FINL 81369Y605 15,206 680,659 SH   DFND   680,659 0 0
GOOGLE INC-CL A CL A 38259P508 3,192 2,864 SH   DFND   2,864 0 0
HEALTH CARE SELECT SECTOR HEDGEFUND SBI HEALTHCARE 81369Y209 9,321 159,353 SH   DFND   159,353 0 0
INDUSTRIAL SELECT SECT SPDR HEDGEFUND SBI INT-INDS 81369Y704 2,858 54,623 SH   DFND   54,623 0 0
Ishares Russell 2000 Index PUT 464287955 690 3,000 SH Put DFND   3,000 0 0
LAS VEGAS SANDS CORP COM 517834107 2,249 27,847 SH   DFND   27,847 0 0
NCR CORPORATION COM 62886E108 1,749 47,840 SH   DFND   47,840 0 0
NIKE INC -CL B CL B 654106103 3,659 49,544 SH   DFND   49,544 0 0
NOVA MEASURING INSTRUMENTS US COM M7516K103 2,029 181,184 SH   DFND   181,184 0 0
Novartis AG SPONSORED ADR 66987V109 2,049 24,100 SH   DFND   24,100 0 0
ORBOTECH LTD ORD M75253100 3,435 223,174 SH   DFND   223,174 0 0
ORMAT TECHNOLOGIES INC COM 686688102 704 23,472 SH   DFND   23,472 0 0
PERRIGO CO SHS G97822103 5,584 36,106 SH   DFND   36,106 0 0
PRECISION CASTPARTS CORP COM 740189105 3,165 12,520 SH   DFND   12,520 0 0
PRICELINE.COM INC COM NEW 741503403 2,672 2,242 SH   DFND   2,242 0 0
SCHWAB (CHARLES) CORP COM 808513105 1,891 69,200 SH   DFND   69,200 0 0
SILICOM LTD ORD M84116108 1,991 32,088 SH   DFND   32,088 0 0
SPDR EURO STOXX 50 ETF HEDGEFUND EURO STOXX 50 78463X202 3,541 83,000 SH   DFND   83,000 0 0
STERICYCLE INC COM 858912108 1,072 9,439 SH   DFND   9,439 0 0
Teva Pharmaceutical Industries CALL 881624909 1,321 1,000 SH Call DFND   1,000 0 0
Teva Pharmaceutical Industries ADR 881624209 1,458 27,600 SH   DFND   27,600 0 0
TJX COMPANIES INC COM 872540109 4,544 74,916 SH   DFND   74,916 0 0
WALGREEN CO COM 931422109 3,397 51,453 SH   DFND   51,453 0 0
Acceleron Pharma Inc COM 00434H108 690 20,000 SH   DFND 1,2 20,000 0 0
Aerie Pharmaceuticals Inc COM 00771V108 2,384 112,500 SH   DFND 1,2 112,500 0 0
Ambit Biosciences Corp COM 02318X100 1,354 148,468 SH   DFND 1,2 148,468 0 0
Amgen Inc COM 31162100 8,634 70,000 SH   DFND 1,2 70,000 0 0
Ampio Pharmaceuticals Inc COM 03209T109 1,429 225,000 SH   DFND 1,2 225,000 0 0
Aquinox Pharmaceuticals Inc COM 03842B101 2,419 190,000 SH   DFND 1,2 190,000 0 0
Auxilium Pharmaceuticals Inc CALL 05334D907 332 935 SH Call DFND 1,2 935 0 0
Biodel Inc COM NEW 09064M204 775 283,900 SH   DFND 1,2 283,900 0 0
Biogen Idec Inc COM 09062X103 5,200 17,000 SH   DFND 1,2 17,000 0 0
BioLine RX Ltd SPONSORED ADR 09071M106 1,338 600,000 SH   DFND 1,2 600,000 0 0
BioMarin Pharmaceutical Inc NOTE 1.875% 4/2 09061GAD3 2,387 35,000 SH   DFND 1,2 35,000 0 0
Bluebird Bio Inc COM 09609G100 1,306 57,435 SH   DFND 1,2 57,435 0 0
Cell Therapeutics Inc COM NPV NEW 2012 150934883 1,360 400,000 SH   DFND 1,2 400,000 0 0
Clovis Oncology Inc COM 189464100 2,771 40,000 SH   DFND 1,2 40,000 0 0
Conatus Pharmaceuticals Inc COM 20600T108 651 80,000 SH   DFND 1,2 80,000 0 0
Corcept Therapeutics Inc CALL 218352902 124 1,206 SH Call DFND 1,2 1,206 0 0
Curis Inc COM 231269101 1,237 438,800 SH   DFND 1,2 438,800 0 0
Cytokinetics Inc CALL 23282W905 16 131 SH Call DFND 1,2 131 0 0
Cytokinetics Inc COM NEW 23282W605 1,235 130,000 SH   DFND 1,2 130,000 0 0
CytRx Corp COM PAR $.001 232828509 1,413 405,000 SH   DFND 1,2 405,000 0 0
Dipexium Pharmaceuticals Inc COM 25456J104 1,255 125,000 SH   DFND 1,2 125,000 0 0
Discovery Laboratories Inc COM NEW 254668403 1,075 500,000 SH   DFND 1,2 500,000 0 0
Eli Lilly & Co COM 532457108 17,658 300,000 SH   DFND 1,2 300,000 0 0
FivePrime Therapeutics Inc COM 33830X104 1,769 90,000 SH   DFND 1,2 90,000 0 0
Flexion Therapeutics Inc COM 33938J106 1,710 103,955 SH   DFND 1,2 103,955 0 0
Galectin Therapeutics Inc *W EXP 03/28/201 363225111 1,225 80,000 SH   DFND 1,2 80,000 0 0
Galmed Pharmaceuticals Ltd SHS M47238106 1,950 170,000 SH   DFND 1,2 170,000 0 0
GenVec Inc COM NEW 37246C307 1,524 575,000 SH   DFND 1,2 575,000 0 0
Gilead Sciences Inc CALL 375558903 1,140 2,000 SH Call DFND 1,2 2,000 0 0
Gilead Sciences Inc COM 375558103 6,661 94,000 SH   DFND 1,2 94,000 0 0
GlaxoSmithKline PLC CALL 37733W905 878 3,000 SH Call DFND 1,2 3,000 0 0
GlaxoSmithKline PLC SPONSORED ADR 37733W105 34,730 650,000 SH   DFND 1,2 650,000 0 0
GlycoMimetics Inc COM 38000Q102 1,731 106,000 SH   DFND 1,2 106,000 0 0
Ignyta Inc COM 451731103 1,702 205,000 SH   DFND 1,2 205,000 0 0
Immunogen Inc COM 45253H101 515 34,500 SH   DFND 1,2 34,500 0 0
Immunomedics Inc COM 452907108 1,263 300,000 SH   DFND 1,2 300,000 0 0
Impax Laboratories Inc CALL 45256B901 335 1,000 SH Call DFND 1,2 1,000 0 0
Incyte Corp Ltd COM 45337C102 4,442 83,000 SH   DFND 1,2 83,000 0 0
Insmed Inc CALL 457669907 355 1,000 SH Call DFND 1,2 1,000 0 0
Insmed Inc COM PAR $.01 457669307 1,333 70,000 SH   DFND 1,2 70,000 0 0
Intra-Cellular Therapies Inc COM 46116X101 1,818 100,000 SH   DFND 1,2 100,000 0 0
Ironwood Pharmaceuticals Inc COM CL A 46333X108 1,386 112,484 SH   DFND 1,2 112,484 0 0
Johnson & Johnson COM 478160104 21,964 223,600 SH   DFND 1,2 223,600 0 0
KaloBios Pharmaceuticals Inc COM 48344T100 976 360,000 SH   DFND 1,2 360,000 0 0
MacroGenics Inc COM 556099109 1,141 41,000 SH   DFND 1,2 41,000 0 0
Medivation Inc NOTE 2.625% 4/0 58501NAA9 1,609 25,000 SH   DFND 1,2 25,000 0 0
Merck & Co Inc COM 58933Y105 30,088 530,000 SH   DFND 1,2 530,000 0 0
Nektar Therapeutics COM 640268108 1,212 100,000 SH   DFND 1,2 100,000 0 0
Novartis AG SPONSORED ADR 66987V109 43,386 511,000 SH   DFND 1,2 511,000 0 0
NPS Pharmaceuticals Inc COM 62936P103 2,335 78,000 SH   DFND 1,2 78,000 0 0
Ocera Therapeutics Inc COM 67552A108 1,278 121,148 SH   DFND 1,2 121,148 0 0
Omeros Corp COM 682143102 1,207 100,000 SH   DFND 1,2 100,000 0 0
Oncothyreon Inc COM 682324108 2,208 738,336 SH   DFND 1,2 738,336 0 0
Peregrine Pharmaceuticals Inc COM NEW 713661304 1,216 640,000 SH   DFND 1,2 640,000 0 0
Pfizer Inc CALL 717081903 82 2,000 SH Call DFND 1,2 2,000 0 0
Pfizer Inc COM 717081103 27,450 854,596 SH   DFND 1,2 854,596 0 0
Prothena Corp PLC SHS G72800108 2,107 55,000 SH   DFND 1,2 55,000 0 0
QLT Inc COM 746927102 1,112 200,000 SH   DFND 1,2 200,000 0 0
Redhill Biopharma Ltd SPONSORED ADS 757468103 2,428 1,714,880 SH   DFND 1,2 1,714,880 0 0
Regado Biosciences Inc COM 75874Q107 2,504 200,000 SH   DFND 1,2 200,000 0 0
Relypsa Inc COM 759531106 1,410 47,300 SH   DFND 1,2 47,300 0 0
Rexahn Pharmaceuticals Inc COM 761640101 2,167 2,006,200 SH   DFND 1,2 2,006,200 0 0
Sanofi SPONSORED ADR 80105N105 33,378 320,000 SH   DFND 1,2 320,000 0 0
Seattle Genetics Inc COM 812578102 5,823 127,800 SH   DFND 1,2 127,800 0 0
SPDR S&P Biotech ETF PUT 78464A950 3,620 2,800 SH Put DFND 1,2 2,800 0 0
Summit Corp PLC COM 86606G101 1,753 10,921,656 SH   DFND 1,2 10,921,656 0 0
TetraLogic Pharmaceuticals Cor COM 88165U109 1,276 200,000 SH   DFND 1,2 200,000 0 0
Teva Pharmaceutical Industries CALL 881624909 1,210 2,000 SH Call DFND 1,2 2,000 0 0
Teva Pharmaceutical Industries ADR 881624209 1,797 34,000 SH   DFND 1,2 34,000 0 0
TG Therapeutics Inc COM 88322Q108 1,380 200,000 SH   DFND 1,2 200,000 0 0
Tonix Pharmaceuticals Holding COM NEW 890260201 1,041 100,000 SH   DFND 1,2 100,000 0 0
Trevena Inc COM 89532E109 1,965 250,000 SH   DFND 1,2 250,000 0 0
uniQure B.V. SHS N90064101 1,555 100,000 SH   DFND 1,2 100,000 0 0
United Therapeutics Corp COM 91307C102 4,702 50,000 SH   DFND 1,2 50,000 0 0
Vanda Pharmaceuticals Inc COM 921659108 1,056 65,000 SH   DFND 1,2 65,000 0 0
Vertex Pharmaceuticals Inc CALL 92532F900 543 500 SH Call DFND 1,2 500 0 0
Vertex Pharmaceuticals Inc COM 92532F100 1,414 20,000 SH   DFND 1,2 20,000 0 0
Vical Inc COM 925602104 387 300,000 SH   DFND 1,2 300,000 0 0
Xencor Inc COM 98401F105 1,173 100,000 SH   DFND 1,2 100,000 0 0