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 8,318 200,000 SH   DFND   200,000 0 0
ACADIA PHARMACEUTICALS INC COM 004225108 867 35,000 SH   DFND   35,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 798 80,000 SH   DFND   80,000 0 0
ACTAVIS PLC SHS G0083B108 12,573 52,110 SH   DFND   52,110 0 0
AETNA INC COM 00817Y108 4,860 60,000 SH   DFND   60,000 0 0
AFFYMETRIX INC COM 00826T108 798 100,000 SH   DFND   100,000 0 0
AKORN INC COM 009728106 2,176 60,000 SH   DFND   60,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 9,949 60,000 SH   DFND   60,000 0 0
ALKERMES PLC SHS G01767105 1,929 45,000 SH   DFND   45,000 0 0
ALLERGAN INC COM 018490102 6,237 35,000 SH   DFND   35,000 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 1,796 23,000 SH   DFND   23,000 0 0
AMERISOURCEBERGEN CORP COM 03073E105 773 10,000 SH   DFND   10,000 0 0
AMGEN INC COM 031162100 14,046 100,000 SH   DFND   100,000 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 1,620 300,000 SH   DFND   300,000 0 0
ATHENAHEALTH INC COM 04685W103 1,317 10,000 SH   DFND   10,000 0 0
AURIS MED HLDG AG COM H03579101 10,002 2,169,625 SH   DFND   2,169,625 0 0
BARD C R INC COM 067383109 1,427 10,000 SH   DFND   10,000 0 0
BAXTER INTL INC COM 071813109 4,665 65,000 SH   DFND   65,000 0 0
BIOGEN IDEC INC COM 09062X103 18,201 55,020 SH   DFND   55,020 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 3,608 50,000 SH   DFND   50,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 2,559 50,000 SH   DFND   50,000 0 0
BROOKDALE SR LIVING INC COM 112463104 4,434 137,620 SH   DFND   137,620 0 0
CARDINAL HEALTH INC COM 14149Y108 7,867 105,000 SH   DFND   105,000 0 0
CATAMARAN CORP COM 148887102 5,247 136,740 SH   DFND   136,740 0 0
CELGENE CORP COM 151020104 19,593 206,720 SH   DFND   206,720 0 0
CELLDEX THERAPEUTICS INC NEW COM 15117B103 389 30,000 SH   DFND   30,000 0 0
CENTENE CORP DEL COM 15135B101 6,489 78,460 SH   DFND   78,460 0 0
CERNER CORP COM 156782104 2,383 40,000 SH   DFND   40,000 0 0
CIGNA CORPORATION COM 125509109 4,535 50,000 SH   DFND   50,000 0 0
COVIDIEN PLC SHS G2554F113 5,191 60,000 SH   DFND   60,000 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 1,592 24,000 SH   DFND   24,000 0 0
CUBIST PHARMACEUTICALS INC RIGHT 99/99/9999 229678123 9 80,000 SH   DFND   80,000 0 0
CVS HEALTH CORP COM 126650100 3,582 45,000 SH   DFND   45,000 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 1,902 26,000 SH   DFND   26,000 0 0
DENDREON CORP COM 24823Q107 72 50,000 SH   DFND   50,000 0 0
DIREXION SHS ETF TR DLY SMCAP BULL3X 25459W847 1,902 30,000 SH   DFND   30,000 0 0
DR REDDYS LABS LTD ADR 256135203 4,204 80,000 SH   DFND   80,000 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 1,481 14,500 SH   DFND   14,500 0 0
ENDO INTL PLC SHS G30401106 2,734 40,000 SH   DFND   40,000 0 0
EXELIXIS INC COM 30161Q104 459 300,000 SH   DFND   300,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 4,026 57,000 SH   DFND   57,000 0 0
GERON CORP COM 374163103 90 45,000 SH   DFND   45,000 0 0
GILEAD SCIENCES INC COM 375558103 20,906 196,390 SH   DFND   196,390 0 0
HALOZYME THERAPEUTICS INC COM 40637H109 546 60,000 SH   DFND   60,000 0 0
HCA HOLDINGS INC COM 40412C101 3,173 45,000 SH   DFND   45,000 0 0
HUMANA INC COM 444859102 4,560 35,000 SH   DFND   35,000 0 0
ILLUMINA INC COM 452327109 7,049 43,000 SH   DFND   43,000 0 0
IMMUNOMEDICS INC COM 452907108 558 150,000 SH   DFND   150,000 0 0
IMPAX LABORATORIES INC COM 45256B101 474 20,000 SH   DFND   20,000 0 0
INCYTE CORP COM 45337C102 3,434 70,000 SH   DFND   70,000 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 228 17,000 SH   DFND   17,000 0 0
INSULET CORP COM 45784P101 2,948 80,000 SH   DFND   80,000 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 1,847 4,000 SH   DFND   4,000 0 0
ISIS PHARMACEUTICALS INC COM 464330109 5,436 140,000 SH   DFND   140,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 3,211 20,000 SH   DFND   20,000 0 0
JOHNSON & JOHNSON COM 478160104 4,797 45,000 SH   DFND   45,000 0 0
LANNET INC COM 516012101 3,654 80,000 SH   DFND   80,000 0 0
LDR HLDG CORP COM 50185U105 1,027 33,000 SH   DFND   33,000 0 0
LILLY ELI & CO COM 532457108 5,188 80,000 SH   DFND   80,000 0 0
MALLINCKRODT PUB LTD CO SHS G5785G107 7,212 80,000 SH   DFND   80,000 0 0
MANNKIND CORP COM 56400P201 1,773 300,000 SH   DFND   300,000 0 0
MCKESSON CORP COM 58155Q103 7,981 41,000 SH   DFND   41,000 0 0
MEDICINES CO COM 584688105 1,116 50,000 SH   DFND   50,000 0 0
MEDIVATION INC COM 58501N101 1,977 20,000 SH   DFND   20,000 0 0
MEDTRONIC INC COM 585055106 9,293 150,000 SH   DFND   150,000 0 0
MERCK & CO INC NEW COM 58933Y105 2,371 40,000 SH   DFND   40,000 0 0
MOLINA HEALTHCARE INC COM 60855R100 5,543 131,050 SH   DFND   131,050 0 0
MYLAN INC COM 628530107 10,463 230,000 SH   DFND   230,000 0 0
MYRIAD GENETICS INC COM 62855J104 926 24,000 SH   DFND   24,000 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 705 45,000 SH   DFND   45,000 0 0
NPS PHARMACEUTICALS INC COM 62936P103 884 34,000 SH   DFND   34,000 0 0
OMNICARE INC COM 681904108 1,121 18,000 SH   DFND   18,000 0 0
ORGANOVO HLDGS INC COM 68620A104 319 50,000 SH   DFND   50,000 0 0
PERRIGO CO PLC SHS G97822103 4,150 30,750 SH   DFND   30,750 0 0
PFIZER INC COM 717081103 1,774 60,000 SH   DFND   60,000 0 0
PROSHARES TR PSHS ULT NASB 74347R214 5,199 50,000 SH   DFND   50,000 0 0
QIAGEN NV REG SHS N72482107 5,189 250,610 SH   DFND   250,610 0 0
REGENERON PHARMACEUTICALS COM 75886F107 6,489 18,000 SH   DFND   18,000 0 0
RESMED INC COM 761152107 2,929 59,450 SH   DFND   59,450 0 0
REVANCE THERAPEUTICS INC COM 761330109 2,513 130,000 SH   DFND   130,000 0 0
SALIX PHARMACEUTICALS INC COM 795435106 12,220 78,210 SH   DFND   78,210 0 0
SEATTLE GENETICS INC COM 812578102 1,487 40,000 SH   DFND   40,000 0 0
SHIRE PLC SPONSORED ADR 82481R106 2,850 11,000 SH   DFND   11,000 0 0
ST JUDE MED INC COM 790849103 3,908 65,000 SH   DFND   65,000 0 0
STRYKER CORP COM 863667101 4,643 57,500 SH   DFND   57,500 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 6,450 120,000 SH   DFND   120,000 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 263 11,428 SH   DFND   11,428 0 0
THERAVANCE INC COM 88338T104 1,709 100,000 SH   DFND   100,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 1,930 15,000 SH   DFND   15,000 0 0
UNITEDHEALTH GROUP INC COM 91324P102 11,040 128,000 SH   DFND   128,000 0 0
VARIAN MED SYS INC COM 92220P105 1,602 20,000 SH   DFND   20,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 8,199 73,000 SH   DFND   73,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 483 8,000 SH   DFND   8,000 0 0
WELLPOINT INC COM 94973V107 4,546 38,000 SH   DFND   38,000 0 0
WRIGHT MED GROUP INC COM 98235T107 1,151 38,000 SH   DFND   38,000 0 0
ZIMMER HLDGS INC COM 98956P102 2,514 25,000 SH   DFND   25,000 0 0