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
ACORDA THERAPEUTICS INC COM 00484M106 4,808,663 181,802 SH   SOLE 181,802 0 0
ACORDA THERAPEUTICS INC COM 00484M106 81,995 3,100 SH   DFND 1 0 3,100 0
ADURO BIOTECH INC COM 00739L101 44,835 3,500 SH   DFND 1 0 3,500 0
ADURO BIOTECH INC COM 00739L101 2,692,406 210,180 SH   SOLE 210,180 0 0
AETNA INC NEW COM 00817Y108 381,990 3,400 SH   DFND 1 0 3,400 0
AETNA INC NEW COM 00817Y108 22,088,010 196,600 SH   SOLE 196,600 0 0
AGILE THERAPEUTICS INC COM 00847L100 42,849 6,900 SH   DFND 1 0 6,900 0
AGILE THERAPEUTICS INC COM 00847L100 2,521,067 405,969 SH   SOLE 405,969 0 0
ALDER BIOPHARMACEUTICALS INC COM 014339105 210,614 8,600 SH   DFND 1 0 8,600 0
ALDER BIOPHARMACEUTICALS INC COM 014339105 12,366,715 504,970 SH   SOLE 504,970 0 0
ALLERGAN PLC SHS G0177J108 37,885,504 141,348 SH   SOLE 141,348 0 0
ALLERGAN PLC SHS G0177J108 643,272 2,400 SH   DFND 1 0 2,400 0
ALLIQUA BIOMEDICAL INC COM NEW 019621200 9,594 11,700 SH   DFND 1 0 11,700 0
ALLIQUA BIOMEDICAL INC COM NEW 019621200 569,401 694,391 SH   SOLE 694,391 0 0
AMGEN INC COM 031162100 674,685 4,500 SH   DFND 1 0 4,500 0
AMGEN INC COM 031162100 39,701,464 264,800 SH   SOLE 264,800 0 0
ANI PHARMACEUTICALS INC COM 00182C103 7,410,956 220,171 SH   SOLE 220,171 0 0
ANI PHARMACEUTICALS INC COM 00182C103 124,542 3,700 SH   DFND 1 0 3,700 0
ANTHEM INC COM 036752103 27,978,687 201,300 SH   SOLE 201,300 0 0
ANTHEM INC COM 036752103 472,566 3,400 SH   DFND 1 0 3,400 0
ARENA PHARMACEUTICALS INC COM 040047102 68,359 34,700 SH   DFND 1 0 34,700 0
ARENA PHARMACEUTICALS INC COM 040047102 4,021,540 2,041,391 SH   SOLE 2,041,391 0 0
BIOTA PHARMACEUTIALS INC COM 090694100 51,150 34,100 SH   DFND 1 0 34,100 0
BIOTA PHARMACEUTIALS INC COM 090694100 3,009,114 2,006,076 SH   SOLE 2,006,076 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 355,160 26,000 SH   DFND 1 0 26,000 0
CONCERT PHARMACEUTICALS INC COM 206022105 19,748,166 1,445,693 SH   SOLE 1,445,693 0 0
CORIUM INTL INC COM 21887L107 112,164 29,058 SH   DFND 1 0 29,058 0
CORIUM INTL INC COM 21887L107 6,588,665 1,706,908 SH   SOLE 1,706,908 0 0
DERMIRA INC COM 24983L104 5,354,052 258,900 SH   SOLE 258,900 0 0
DERMIRA INC COM 24983L104 90,992 4,400 SH   DFND 1 0 4,400 0
ENANTA PHARMACEUTICALS INC COM 29251M106 167,409 5,700 SH   DFND 1 0 5,700 0
ENANTA PHARMACEUTICALS INC COM 29251M106 9,784,645 333,151 SH   SOLE 333,151 0 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 174,260 26,727 SH   DFND 1 0 26,727 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 10,251,422 1,572,304 SH   SOLE 1,572,304 0 0
HEALTHWAYS INC COM 422245100 372,563 36,924 SH   DFND 1 0 36,924 0
HEALTHWAYS INC COM 422245100 22,042,180 2,184,557 SH   SOLE 2,184,557 0 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 5,441,960 735,400 SH   SOLE 735,400 0 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 92,500 12,500 SH   DFND 1 0 12,500 0
INSMED INC COM PAR $.01 457669307 233,128 18,400 SH   DFND 1 0 18,400 0
INSMED INC COM PAR $.01 457669307 13,767,197 1,086,598 SH   SOLE 1,086,598 0 0
INTRA CELLULAR THERAPIES INC COM 46116X101 180,700 6,500 SH   DFND 1 0 6,500 0
INTRA CELLULAR THERAPIES INC COM 46116X101 10,464,587 376,424 SH   SOLE 376,424 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 245,973 2,100 SH   DFND 1 0 2,100 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 14,606,111 124,700 SH   SOLE 124,700 0 0
LANNET INC COM 516012101 4,789,103 267,100 SH   SOLE 267,100 0 0
LANNET INC COM 516012101 80,685 4,500 SH   DFND 1 0 4,500 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 185,724 20,100 SH   DFND 1 0 20,100 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 10,901,269 1,179,791 SH   SOLE 1,179,791 0 0
NEURODERM LTD ORD SHS M74231107 50,832 3,600 SH   DFND 1 0 3,600 0
NEURODERM LTD ORD SHS M74231107 2,990,616 211,800 SH   SOLE 211,800 0 0
NEVRO CORP COM 64157F103 986,688 17,538 SH   DFND 1 0 17,538 0
NEVRO CORP COM 64157F103 82,487,962 1,466,192 SH   SOLE 1,466,192 0 0
RETROPHIN INC COM 761299106 254,076 18,600 SH   DFND 1 0 18,600 0
RETROPHIN INC COM 761299106 14,971,251 1,095,992 SH   SOLE 1,095,992 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 56,187 27,013 SH   DFND 1 0 27,013 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 3,305,509 1,589,187 SH   SOLE 1,589,187 0 0
SELECT MED HLDGS CORP COM 81619Q105 127,548 10,800 SH   DFND 1 0 10,800 0
SELECT MED HLDGS CORP COM 81619Q105 7,509,081 635,824 SH   SOLE 635,824 0 0
SHIRE PLC SPONSORED ADR 82481R106 343,800 2,000 SH   DFND 1 0 2,000 0
SHIRE PLC SPONSORED ADR 82481R106 20,404,530 118,700 SH   SOLE 118,700 0 0
SIENTRA INC COM 82621J105 35,568 5,200 SH   DFND 1 0 5,200 0
SIENTRA INC COM 82621J105 2,112,643 308,866 SH   SOLE 308,866 0 0
SYNERON MEDICAL LTD ORD SHS M87245102 9,114,707 1,246,882 SH   SOLE 1,246,882 0 0
SYNERON MEDICAL LTD ORD SHS M87245102 154,241 21,100 SH   DFND 1 0 21,100 0
TANDEM DIABETES CARE INC COM 875372104 130,650 15,000 SH   DFND 1 0 15,000 0
TANDEM DIABETES CARE INC COM 875372104 7,616,451 874,449 SH   SOLE 874,449 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 497,375 9,295 SH   DFND 1 0 9,295 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 29,408,775 549,594 SH   SOLE 549,594 0 0
TOKAI PHARMACEUTICALS INC COM 88907J107 60,027 10,700 SH   DFND 1 0 10,700 0
TOKAI PHARMACEUTICALS INC COM 88907J107 3,514,160 626,410 SH   SOLE 626,410 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 187,080 1,500 SH   DFND 1 0 1,500 0
UNIVERSAL HLTH SVCS INC CL B 913903100 10,975,360 88,000 SH   SOLE 88,000 0 0
ZOGENIX INC COM NEW 98978L204 2,440,284 264,100 SH   SOLE 264,100 0 0
ZOGENIX INC COM NEW 98978L204 41,580 4,500 SH   DFND 1 0 4,500 0