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 3,902,472 186,900 SH   SOLE 186,900 0 0
ACORDA THERAPEUTICS INC COM 00484M106 96,048 4,600 SH   DFND 1 0 4,600 0
ADEPTUS HEALTH INC CL A 006855100 167,895 3,900 SH   DFND 1 0 3,900 0
ADEPTUS HEALTH INC CL A 006855100 6,879,390 159,800 SH   SOLE 159,800 0 0
AERIE PHARMACEUTICALS INC COM 00771V108 83,028 2,200 SH   DFND 1 0 2,200 0
AERIE PHARMACEUTICALS INC COM 00771V108 3,396,600 90,000 SH   SOLE 90,000 0 0
AETNA INC NEW COM 00817Y108 13,923,270 120,600 SH   SOLE 120,600 0 0
AETNA INC NEW COM 00817Y108 346,350 3,000 SH   DFND 1 0 3,000 0
ALDER BIOPHARMACEUTICALS INC COM 014339105 232,667 7,100 SH   DFND 1 0 7,100 0
ALDER BIOPHARMACEUTICALS INC COM 014339105 9,489,209 289,570 SH   SOLE 289,570 0 0
ALLERGAN PLC SHS G0177J108 322,434 1,400 SH   DFND 1 0 1,400 0
ALLERGAN PLC SHS G0177J108 13,150,701 57,100 SH   SOLE 57,100 0 0
ANTHEM INC COM 036752103 664,143 5,300 SH   DFND 1 0 5,300 0
ANTHEM INC COM 036752103 26,803,809 213,900 SH   SOLE 213,900 0 0
ARENA PHARMACEUTICALS INC COM 040047102 68,600 39,200 SH   DFND 1 0 39,200 0
ARENA PHARMACEUTICALS INC COM 040047102 2,797,709 1,598,691 SH   SOLE 1,598,691 0 0
ARRAY BIOPHARMA INC COM 04269X105 101,250 15,000 SH   DFND 1 0 15,000 0
ARRAY BIOPHARMA INC COM 04269X105 4,131,675 612,100 SH   SOLE 612,100 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 81,792 42,600 SH   DFND 1 0 42,600 0
AVIRAGEN THERAPEUTICS INC COM 053761102 3,335,762 1,737,376 SH   SOLE 1,737,376 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 138,507 13,700 SH   DFND 1 0 13,700 0
CONCERT PHARMACEUTICALS INC COM 206022105 5,648,336 558,688 SH   SOLE 558,688 0 0
CORIUM INTL INC COM 21887L107 212,578 37,758 SH   DFND 1 0 37,758 0
CORIUM INTL INC COM 21887L107 8,812,684 1,565,308 SH   SOLE 1,565,308 0 0
ENANTA PHARMACEUTICALS INC COM 29251M106 13,166,628 494,800 SH   SOLE 494,800 0 0
ENANTA PHARMACEUTICALS INC COM 29251M106 321,981 12,100 SH   DFND 1 0 12,100 0
ENDOLOGIX INC COM 29266S106 332,800 26,000 SH   DFND 1 0 26,000 0
ENDOLOGIX INC COM 29266S106 13,589,760 1,061,700 SH   SOLE 1,061,700 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 507,816 7,200 SH   DFND 1 0 7,200 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 20,488,965 290,500 SH   SOLE 290,500 0 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 116,000 12,527 SH   DFND 1 0 12,527 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 4,730,656 510,870 SH   SOLE 510,870 0 0
HALOZYME THERAPEUTICS INC COM 40637H109 159,456 13,200 SH   DFND 1 0 13,200 0
HALOZYME THERAPEUTICS INC COM 40637H109 6,491,116 537,344 SH   SOLE 537,344 0 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 3,827,285 403,722 SH   SOLE 403,722 0 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 93,852 9,900 SH   DFND 1 0 9,900 0
INSMED INC COM PAR $.01 457669307 206,184 14,200 SH   DFND 1 0 14,200 0
INSMED INC COM PAR $.01 457669307 8,409,055 579,136 SH   SOLE 579,136 0 0
LILLY ELI & CO COM 532457108 834,704 10,400 SH   DFND 1 0 10,400 0
LILLY ELI & CO COM 532457108 34,038,266 424,100 SH   SOLE 424,100 0 0
MIMEDX GROUP INC COM 602496101 315,744 36,800 SH   DFND 1 0 36,800 0
MIMEDX GROUP INC COM 602496101 12,884,208 1,501,656 SH   SOLE 1,501,656 0 0
MOLINA HEALTHCARE INC COM 60855R100 250,776 4,300 SH   DFND 1 0 4,300 0
MOLINA HEALTHCARE INC COM 60855R100 10,229,328 175,400 SH   SOLE 175,400 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 10,978,056 939,098 SH   SOLE 939,098 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 268,870 23,000 SH   DFND 1 0 23,000 0
MYLAN N V SHS EURO N59465109 247,780 6,500 SH   DFND 1 0 6,500 0
MYLAN N V SHS EURO N59465109 10,178,040 267,000 SH   SOLE 267,000 0 0
NEURODERM LTD ORD SHS M74231107 75,809 4,100 SH   DFND 1 0 4,100 0
NEURODERM LTD ORD SHS M74231107 3,091,528 167,200 SH   SOLE 167,200 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 1,485,989 114,219 SH   SOLE 114,219 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 36,428 2,800 SH   DFND 1 0 2,800 0
RETROPHIN INC COM 761299106 10,283,364 459,489 SH   SOLE 459,489 0 0
RETROPHIN INC COM 761299106 252,894 11,300 SH   DFND 1 0 11,300 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 79,687 21,713 SH   DFND 1 0 21,713 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 3,249,748 885,490 SH   SOLE 885,490 0 0
SANOFI SPONSORED ADR 80105N105 1,309,917 34,300 SH   DFND 1 0 34,300 0
SANOFI SPONSORED ADR 80105N105 53,477,457 1,400,300 SH   SOLE 1,400,300 0 0
SELECT MED HLDGS CORP COM 81619Q105 90,450 6,700 SH   DFND 1 0 6,700 0
SELECT MED HLDGS CORP COM 81619Q105 3,640,950 269,700 SH   SOLE 269,700 0 0
SHIRE PLC SPONSORED ADR 82481R106 639,738 3,300 SH   DFND 1 0 3,300 0
SHIRE PLC SPONSORED ADR 82481R106 26,093,556 134,600 SH   SOLE 134,600 0 0
TANDEM DIABETES CARE INC COM 875372104 3,404,954 444,511 SH   SOLE 444,511 0 0
TANDEM DIABETES CARE INC COM 875372104 83,494 10,900 SH   DFND 1 0 10,900 0
TESARO INC COM 881569107 200,480 2,000 SH   DFND 1 0 2,000 0
TESARO INC COM 881569107 8,249,752 82,300 SH   SOLE 82,300 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 287,235 11,700 SH   DFND 1 0 11,700 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 11,715,260 477,200 SH   SOLE 477,200 0 0
ZOGENIX INC COM NEW 98978L204 1,538,478 134,600 SH   SOLE 134,600 0 0
ZOGENIX INC COM NEW 98978L204 37,719 3,300 SH   DFND 1 0 3,300 0