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
3M CO COM 88579Y101 23,656 112,700 SH   DFND 1 112,700 0 0
ACADIA PHARMACEUTICALS INC COM 004225108 1,507 40,000 SH   DFND 1 40,000 0 0
ACHAOGEN INC COM 004449104 479 30,000 SH   DFND 1 30,000 0 0
ADAMAS PHARMACEUTICALS INC COM 00548A106 635 30,000 SH   DFND 1 30,000 0 0
AKARI THERAPEUTICS PLC COM 00972G108 929 151,334 SH   DFND 1 151,334 0 0
ALDEYRA THERAPEUTICS INC COM 01438T106 777 107,858 SH   DFND 1 107,858 0 0
ALLERGAN PLC SPONSORED ADR G0177J108 14,633 71,400 SH   DFND 1 71,400 0 0
ALPHABET INC - CL C CL C 38259P706 3,741 3,900 SH   DFND 1 0 0 3,900
AMAG PHARMACEUTICALS INC COM 00163U106 1,292 70,000 SH   DFND 1 70,000 0 0
AMERICAN EXPRESS CO COM 025816109 1,592 17,600 SH   DFND 1 17,600 0 0
AMGEN INC. COM 031162100 10,809 57,970 SH   DFND 1 57,970 0 0
ANHEUSER-BUSCH INBEV NV SPONSORED ADR 03524A108 1,205 10,100 SH   DFND 1 10,100 0 0
APPLE INC COM 037833100 208 1,350 SH   DFND 1 1,350 0 0
BAIDU INC COM 056752108 277 1,120 SH   DFND 1 1,120 0 0
BECTON DICKINSON & CO COM 075887109 4,468 22,800 SH   DFND 1 22,800 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 193,417 704 SH   DFND 1 704 0 0
BEST BUY CO INC COM 086516101 231 4,060 SH   DFND 1 4,060 0 0
BIODELIVERY SCIENCES INTERNATIONAL INC COM 09060J106 1,774 601,285 SH   DFND 1 601,285 0 0
BIOGEN INC COM 09062X103 7,114 22,720 SH   DFND 1 22,720 0 0
BIOVERATIV INC COM 09075E100 628 11,000 SH   DFND 1 11,000 0 0
BOEING CO COM 097023105 16,346 64,300 SH   DFND 1 64,300 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 5,405 84,800 SH   DFND 1 84,800 0 0
CA, INC. COM 12673P105 205 6,130 SH   DFND 1 6,130 0 0
CELGENE CORP COM 151020104 8,370 57,400 SH   DFND 1 57,400 0 0
CHANGYOU.COM LTD COM 15911M107 291 7,340 SH   DFND 1 7,340 0 0
CHICAGO BRIDGE &IRON COMPANY N Y REGISTRY SH 167250109 1,562 93,000 SH   DFND 1 93,000 0 0
CIGNA CORPORATION COM 125509109 241 1,290 SH   DFND 1 1,290 0 0
CISCO SYSTEMS INC COM 17275R102 5,512 163,890 SH   DFND 1 163,890 0 0
COCA COLA CO COM 191216100 2,070 46,000 SH   DFND 1 46,000 0 0
CSG SYSTEMS INTERNATIONAL INC COM 126349109 215 5,350 SH   DFND 1 5,350 0 0
DANAHER CORP COM 235851102 18,511 215,800 SH   DFND 1 215,800 0 0
DAVITA HEALTHCARE PARTNERS INC COM 23918K108 18,547 312,300 SH   DFND 1 312,300 0 0
DEUTSCHE X-TRACKERS HARVEST CSI 300 CHINA A-SHARES FUND ETF 233051879 1,515 51,900 SH   DFND 1 51,900 0 0
DIAMOND OFFSHORE DRILLING INC COM 25271C102 1,650 113,800 SH   DFND 1 113,800 0 0
DYNAVAX TECHNOLOGIES CORPORATION COM 268158201 2,338 108,755 SH   DFND 1 108,755 0 0
ECOLAB INC COM 278865100 270 2,100 SH   DFND 1 2,100 0 0
EXPRESS SCRIPTS HOLDING INC COM 30219G108 6,241 98,560 SH   DFND 1 98,560 0 0
EXXON MOBIL CORPORATION COM 30231G102 6,681 81,493 SH   DFND 1 81,493 0 0
FORTIVE CORP COM 34959J108 10,031 141,700 SH   DFND 1 141,700 0 0
GILEAD SCIENCES INC COM 375558103 11,499 141,930 SH   DFND 1 141,930 0 0
INTERNATIONAL BUSINESS MACHINES CORP COM 459200101 43,553 300,200 SH   DFND 1 300,200 0 0
INTUITIVE SURGICAL INC COM 46120E602 8,126 7,770 SH   DFND 1 7,770 0 0
JACK HENRY & ASSOCIATES INC COM 426281101 1,408 13,700 SH   DFND 1 13,700 0 0
JOHNSON & JOHNSON COM 478160104 22,613 173,930 SH   DFND 1 173,930 0 0
THE KRAFT HEINZ COMPANY COM 500754106 1,498 19,320 SH   DFND 1 19,320 0 0
LOEWS CORPORATION COM 540424108 464 9,700 SH   DFND 1 9,700 0 0
MASTERCARD INC CL A 57636Q104 1,412 10,000 SH   DFND 1 10,000 0 0
MCDONADLD'S CORP COM 580135101 1,576 10,060 SH   DFND 1 10,060 0 0
MEDTRONIC INC COM 585055106 3,943 50,700 SH   DFND 1 50,700 0 0
MICHAEL KORS HOLDINGS LTD COM G60754101 252 5,260 SH   DFND 1 5,260 0 0
NATIONAL OILWELL VARCO INC COM 637071101 11,927 333,800 SH   DFND 1 333,800 0 0
NESTLE SA SPONSORED ADR 641069406 3,743 44,560 SH   DFND 1 44,560 0 0
NOVO NORDISK A/S SPONSORED ADR 670100205 20,406 423,800 SH   DFND 1 423,800 0 0
NOW INC COM 67011P100 769 55,675 SH   DFND 1 55,675 0 0
NVR INC COM 62944T105 257 90 SH   DFND 1 90 0 0
OCERA THERAPEUTICS INC COM 67552A108 771 676,596 SH   DFND 1 676,596 0 0
PHILLIPS 66 COM 718546104 20,750 226,500 SH   DFND 1 226,500 0 0
POTASH CORP SASK INC COM 73755L107 18,103 940,900 SH   DFND 1 940,900 0 0
PRAXAIR INC COM 74005P104 21,104 151,020 SH   DFND 1 151,020 0 0
PROGENICS PHARMACEUTICALS,INC COM 743187106 1,472 200,000 SH   DFND 1 200,000 0 0
RAYTHEON COMPANY COM 755111507 241 1,290 SH   DFND 1 1,290 0 0
ROBERT HALF INTERNATIONAL INC COM 770323103 214 4,260 SH   DFND 1 4,260 0 0
ROCHE HOLDING AG SPONSORED ADR 771195104 5,472 171,000 SH   DFND 1 171,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 17,184 70,600 SH   DFND 1 70,600 0 0
SILICON MOTION TECHNOLOGY CORPORATION COM 82706C108 203 4,230 SH   DFND 1 4,230 0 0
STEVEN MADDEN LTD COM 556269108 229 5,290 SH   DFND 1 5,290 0 0
SANOFI-AVENTIS SA SPONSORED ADR 80105N105 8,529 171,300 SH   DFND 1 171,300 0 0
SAREPTA THERAPEUTICS INC COM 803607100 1,134 25,000 SH   DFND 1 25,000 0 0
SCRIPPS NETWORKS INTERACTIVE INC COM 811065101 216 2,510 SH   DFND 1 2,510 0 0
STERICYCLE INC COM 858912108 2,564 35,800 SH   DFND 1 35,800 0 0
STORE CAPITAL CORPORATION REIT 862121100 913 36,700 SH   DFND 1 36,700 0 0
SYNERGY PHARMACEUTICALS INC COM 871639308 4,350 1,500,000 SH   DFND 1 1,500,000 0 0
SYNTEL INC COM 87162H103 614 31,270 SH   DFND 1 31,270 0 0
TEMPUR SEALY INTERNATIONAL INC COM 88023U101 281 4,350 SH   DFND 1 4,350 0 0
TG THERAPEUTICS INC COM 88322Q108 1,896 160,000 SH   DFND 1 160,000 0 0
TUNIU CORPORATION COM 89977P106 184 23,520 SH   DFND 1 23,520 0 0
UBIQUITI NETWORKS INC COM 90347A100 221 3,950 SH   DFND 1 3,950 0 0
UNITED RENTALS INC COM 911363109 218 1,570 SH   DFND 1 1,570 0 0
UNITED TECHNOLOGIES CORP COM 913017109 18,666 160,800 SH   DFND 1 160,800 0 0
UNITED THERAPEUTICS CORPORATION COM 91307C102 1,347 11,490 SH   DFND 1 11,490 0 0
US BANCORP COM 902973304 6,050 112,900 SH   DFND 1 112,900 0 0
VANGUARD FTSE EMERGING MARKETS ETF ETF 922042858 479 11,000 SH   DFND 1 11,000 0 0
VANGUARD S&P 500 ETF ETF 922908363 4,246 18,400 SH   DFND 1 18,400 0 0
VERISIGN INC COM 92343E102 237 2,230 SH   DFND 1 2,230 0 0
VIPSHOP HOLDINGS LTD COM 92763W103 127 14,450 SH   DFND 1 14,450 0 0
VISA INC CL A 92826C839 18,091 171,900 SH   DFND 1 171,900 0 0
WABASH NATIONAL CORPORATION COM 929566107 217 9,510 SH   DFND 1 9,510 0 0
WABTEC CORPORATION COM 929740108 13,885 183,300 SH   DFND 1 183,300 0 0
WATERS CORPORATION COM 941848103 9,299 51,800 SH   DFND 1 51,800 0 0
WELLS FARGO & CO COM 949746101 85,175 1,544,420 SH   DFND 1 1,544,420 0 0