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 Laboratories COM 002824100 23,489 507,000 SH   DFND   0 0 507,000
Abbvie Inc. COM 00287Y109 1,756 30,000 SH   DFND   0 0 30,000
Abiomed, Inc. COM 003654100 1,432 20,000 SH   DFND   0 0 20,000
Acadia Pharmaceuticals Inc. COM 004225108 7,528 231,000 SH   DFND   0 0 231,000
Achillion Pharmaceuticals, Inc. COM 00448Q201 4,398 446,000 SH   DFND   0 0 446,000
Actavis plc SHS G0083B108 14,503 48,730 SH   DFND   0 0 48,730
Aetna Inc. COM 00817Y108 6,285 59,000 SH   DFND   0 0 59,000
Affymetrix, Inc. COM 00826T108 1,256 100,000 SH   DFND   0 0 100,000
Agios Pharmaceuticals, Inc. COM 00847X104 5,469 58,000 SH   DFND   0 0 58,000
Akorn, Inc. COM 009728106 6,889 145,000 SH   DFND   0 0 145,000
Alexion Pharmaceuticals, Inc. COM 015351109 12,607 72,746 SH   DFND   0 0 72,746
Alkermes Public Limited Company SHS G01767105 5,274 86,500 SH   DFND   0 0 86,500
Alnylam Pharmaceuticals Inc. COM 02043Q107 6,683 64,000 SH   DFND   0 0 64,000
AmerisourceBergen Corporation COM 03073E105 1,137 10,000 SH   DFND   0 0 10,000
Amgen Inc. COM 031162100 17,562 109,866 SH   DFND   0 0 109,866
AngioDynamics, Inc. COM 03475V101 1,779 100,000 SH   DFND   0 0 100,000
Anthem, Inc. COM 036752103 4,632 30,000 SH   DFND   0 0 30,000
ARIAD Pharmaceuticals, Inc. COM 04033A100 4,359 529,000 SH   DFND   0 0 529,000
Asterias Biotherapeutics, Inc. COM SER A 04624N107 13 1,875 SH   DFND   0 0 1,875
Athenahealth, Inc. COM 04685W103 2,149 18,000 SH   DFND   0 0 18,000
Auris Medical Holding AG COM H03579101 11,608 2,169,625 SH   DFND   0 0 2,169,625
C.R. Bard, Inc. COM 067383109 5,020 30,000 SH   DFND   0 0 30,000
Baxter International Inc. COM 071813109 9,556 139,500 SH   DFND   0 0 139,500
Becton, Dickinson and Company COM 075887109 8,416 58,608 SH   DFND   0 0 58,608
Biogen Inc. COM 09062X103 29,865 70,730 SH   DFND   0 0 70,730
BioMarin Pharmaceutical Inc. COM 09061G101 11,355 101,000 SH   DFND   0 0 101,000
BioTime, Inc. W EXP 10/01/2018 09066L162 5 2,294 SH   DFND   0 0 2,294
Bluebird Bio, Inc. COM 09609G100 1,691 14,000 SH   DFND   0 0 14,000
Boston Scientific Corporation COM 101137107 7,171 404,000 SH   DFND   0 0 404,000
Bristol-Myers Squibb Company COM 110122108 3,870 60,000 SH   DFND   0 0 60,000
Brookdale Senior Living Inc. COM 112463104 5,065 134,140 SH   DFND   0 0 134,140
Cardinal Health, Inc. COM 14149Y108 8,124 90,000 SH   DFND   0 0 90,000
Catamaran Corporation COM 148887102 18,883 250,440 SH   DFND   0 0 250,440
Celgene Corporation COM 151020104 26,029 225,790 SH   DFND   0 0 225,790
Celldex Therapeutics, Inc. COM 15117B103 2,610 104,000 SH   DFND   0 0 104,000
Centene Corporation COM 15135B101 9,396 132,920 SH   DFND   0 0 132,920
Cerner Corporation COM 156782104 4,835 66,000 SH   DFND   0 0 66,000
Cerus Corporation COM 157085101 417 100,000 SH   DFND   0 0 100,000
Cigna Corporation COM 125509109 5,825 45,000 SH   DFND   0 0 45,000
Clovis Oncology, Inc. COM 189464100 3,125 42,100 SH   DFND   0 0 42,100
Coherus BioSciences, Inc COM 19249H103 2,446 80,000 SH   DFND   0 0 80,000
Columbia Labs Inc. COM NEW 197779200 682 110,000 SH   DFND   0 0 110,000
Community Health Systems, Inc. COM 203668108 3,660 70,000 SH   DFND   0 0 70,000
Cooper Companies Inc. COM NEW 216648402 3,467 18,500 SH   DFND   0 0 18,500
CVS Health Corporation COM 126650100 3,096 30,000 SH   DFND   0 0 30,000
Danaher Corporation COM 235851102 1,613 19,000 SH   DFND   0 0 19,000
Davita Healthcare Partners, Inc. COM 23918K108 2,113 26,000 SH   DFND   0 0 26,000
DENTSPLY International Inc. COM 249030107 2,137 42,000 SH   DFND   0 0 42,000
Depomed, Inc. COM 249908104 1,221 54,500 SH   DFND   0 0 54,500
Dr. Reddy's Laboratories Limited ADR 256135203 5,710 100,000 SH   DFND   0 0 100,000
DYAX CORP COM 26746E103 503 30,000 SH   DFND   0 0 30,000
Edwards Lifesciences Corporation COM 28176E108 2,066 14,500 SH   DFND   0 0 14,500
Endo International PLC SHS G30401106 10,405 116,000 SH   DFND   0 0 116,000
Endocyte, Inc. COM 29269A102 1,191 190,215 SH   DFND   0 0 190,215
Endologix, Inc. COM 29266S106 854 50,000 SH   DFND   0 0 50,000
Entellus Medical, Inc. COM 29363K105 657 30,000 SH   DFND   0 0 30,000
Exelixis, Inc. COM 30161Q104 771 300,000 SH   DFND   0 0 300,000
Express Scripts Holding Company COM 30219G108 12,148 140,000 SH   DFND   0 0 140,000
Geron Corporation COM 374163103 170 45,000 SH   DFND   0 0 45,000
Gilead Sciences, Inc. COM 375558103 22,944 233,810 SH   DFND   0 0 233,810
Globus Medical, Inc. CL A 379577208 2,272 90,000 SH   DFND   0 0 90,000
Halozyme Therapeutics, Inc. COM 40637H109 1,308 91,616 SH   DFND   0 0 91,616
HCA Holdings, Inc. COM 40412C101 5,040 67,000 SH   DFND   0 0 67,000
Health Net, Inc. COM 42222G108 605 10,000 SH   DFND   0 0 10,000
Heartware International, Inc. COM 422368100 1,931 22,000 SH   DFND   0 0 22,000
Hologic, Inc. COM 436440101 2,675 81,000 SH   DFND   0 0 81,000
Humana, Inc. COM 444859102 4,450 25,000 SH   DFND   0 0 25,000
Illumina, Inc. COM 452327109 10,314 55,559 SH   DFND   0 0 55,559
Immunomedics, Inc. COM 452907108 1,532 400,000 SH   DFND   0 0 400,000
Impax Laboratories, Inc. COM 45256B101 1,528 32,600 SH   DFND   0 0 32,600
Incyte Corporation COM 45337C102 8,098 88,352 SH   DFND   0 0 88,352
Infinity Pharmaceuticals, Inc. COM 45665G303 2,293 164,000 SH   DFND   0 0 164,000
Inovio Pharmaceuticals, Inc. COM NEW 45773H201 2,448 300,000 SH   DFND   0 0 300,000
Insulet Corporation COM 45784P101 1,751 52,500 SH   DFND   0 0 52,500
Intercept Pharmaceuticals, Inc. COM 45845P108 1,833 6,500 SH   DFND   0 0 6,500
Intersect Ent, Inc. COM 46071F103 1,906 73,800 SH   DFND   0 0 73,800
Intuitive Surgical, Inc. COM NEW 46120E602 6,843 13,550 SH   DFND   0 0 13,550
ISHARES TR NASDQ BIOTEC ETF 464287556 2,061 6,000 SH   DFND   0 0 6,000
ISHARES TR PUT 464287956 161 100 SH   DFND   0 0 100
Isis Pharmaceuticals, Inc. COM 464330109 9,359 147,000 SH   DFND   0 0 147,000
Jazz Pharmaceuticals Public Limited Company SHS USD G50871105 10,108 58,500 SH   DFND   0 0 58,500
Johnson & Johnson COM 478160104 4,024 40,000 SH   DFND   0 0 40,000
Kite Pharma, Inc. COM 49803L109 9,690 168,000 SH   DFND   0 0 168,000
Laboratory Corporation of America Holdings COM NEW 50540R409 1,261 10,000 SH   DFND   0 0 10,000
Lannet, Inc. COM 516012101 6,605 97,550 SH   DFND   0 0 97,550
Ligand Pharmaceuticals Incorporated COM NEW 53220K504 7,184 93,160 SH   DFND   0 0 93,160
Macrogenics, Inc. COM 556099109 471 15,000 SH   DFND   0 0 15,000
Mallinckrodt public limited company SHS G5785G107 8,866 70,000 SH   DFND   0 0 70,000
MannKind Corporation COM 56400P201 1,560 300,000 SH   DFND   0 0 300,000
Masimo Corporation COM 574795100 1,649 50,000 SH   DFND   0 0 50,000
McKesson Corporation COM 58155Q103 9,274 41,000 SH   DFND   0 0 41,000
The Medicines Company COM 584688105 1,961 70,000 SH   DFND   0 0 70,000
Medidata Solutions, Inc. COM 58471A105 981 20,000 SH   DFND   0 0 20,000
Medivation, Inc. COM 58501N101 7,008 54,300 SH   DFND   0 0 54,300
Medtronic, Inc. COM 585055106 26,517 340,000 SH   DFND   0 0 340,000
Merck & Co., Inc. COM 58933Y105 2,299 40,000 SH   DFND   0 0 40,000
Molina Healthcare, Inc. COM 60855R100 6,390 94,960 SH   DFND   0 0 94,960
Mylan Inc. COM 628530107 9,793 165,000 SH   DFND   0 0 165,000
Myriad Genetics, Inc. COM 62855J104 850 24,000 SH   DFND   0 0 24,000
Nektar Therapeutics COM 640268108 1,276 116,000 SH   DFND   0 0 116,000
Neurocrine Biosciences, Inc. COM 64125C109 1,588 40,000 SH   DFND   0 0 40,000
NOVADAQ TECHNOLOGIES INC COM 66987G102 1,137 70,000 SH   DFND   0 0 70,000
Novavax, Inc. COM 670002104 4,300 520,000 SH   DFND   0 0 520,000
Nuvasive, Inc. COM 670704105 2,070 45,000 SH   DFND   0 0 45,000
Omnicare, Inc. COM 681904108 1,772 23,000 SH   DFND   0 0 23,000
Parexel International Corporation COM 699462107 345 5,000 SH   DFND   0 0 5,000
Perrigo Company plc SHS G97822103 2,333 15,000 SH   DFND   0 0 15,000
Pfizer Inc. COM 717081103 6,262 180,000 SH   DFND   0 0 180,000
Proshares Trust II ULTSH NASD BIOT 74347B789 2,588 75,000 SH   DFND   0 0 75,000
Puma Biotechnology, Inc. COM 74587V107 708 3,000 SH   DFND   0 0 3,000
QIAGEN NV REG SHS N72482107 1,408 60,000 SH   DFND   0 0 60,000
Receptos, Inc. COM 756207106 7,915 48,000 SH   DFND   0 0 48,000
Regeneron Pharmaceuticals, Inc. COM 75886F107 12,910 28,595 SH   DFND   0 0 28,595
Relypsa, Inc. COM 759531106 1,984 55,000 SH   DFND   0 0 55,000
ResMed Inc. COM 761152107 1,436 20,000 SH   DFND   0 0 20,000
Sagent Pharmaceuticals, Inc. COM 786692103 2,325 100,000 SH   DFND   0 0 100,000
Sangamo Biosciences, Inc. COM 800677106 784 50,000 SH   DFND   0 0 50,000
Seattle Genetics, Inc. COM 812578102 1,414 40,000 SH   DFND   0 0 40,000
Shire PLC SPONSORED ADR 82481R106 2,632 11,000 SH   DFND   0 0 11,000
St. Jude Medical, Inc. COM 790849103 9,875 151,000 SH   DFND   0 0 151,000
Stericycle, Inc. COM 858912108 2,949 21,000 SH   DFND   0 0 21,000
STERIS Corporation COM 859152100 1,897 27,000 SH   DFND   0 0 27,000
Stryker Corporation COM 863667101 13,441 145,700 SH   DFND   0 0 145,700
Synageva Biopharma Corp. COM 87159A103 1,453 14,900 SH   DFND   0 0 14,900
Tandem Diabetes Care, Inc. COM 875372104 631 50,000 SH   DFND   0 0 50,000
Teleflex Incorporated COM 879369106 3,625 30,000 SH   DFND   0 0 30,000
Tenet Healthcare Corporation COM NEW 88033G407 2,476 50,000 SH   DFND   0 0 50,000
Tesaro, Inc. COM 881569107 591 10,300 SH   DFND   0 0 10,300
Tetraphase Pharmaceuticals, Inc. COM 88165N105 440 12,000 SH   DFND   0 0 12,000
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 8,722 140,000 SH   DFND   0 0 140,000
Theravance Biopharma, Inc. COM G8807B106 484 27,891 SH   DFND   0 0 27,891
Theravance, Inc. COM 88338T104 550 35,000 SH   DFND   0 0 35,000
Thermo Fisher Scientific Inc. COM 883556102 1,746 13,000 SH   DFND   0 0 13,000
Thoratec Corporation COM NEW 885175307 2,304 55,000 SH   DFND   0 0 55,000
United Therapeutics Corporation COM 91307C102 1,604 9,300 SH   DFND   0 0 9,300
UnitedHealth Group Incorporated COM 91324P102 13,603 115,000 SH   DFND   0 0 115,000
Varian Medical Systems, Inc. COM 92220P105 4,422 47,000 SH   DFND   0 0 47,000
Vertex Pharmaceuticals Incorporated COM 92532F100 11,030 93,500 SH   DFND   0 0 93,500
WellCare Health Plans, Inc. COM 94946T106 732 8,000 SH   DFND   0 0 8,000
XOMA Corporation COM 98419J107 1,074 295,000 SH   DFND   0 0 295,000
Zimmer Holdings, Inc. COM 98956P102 11,223 95,500 SH   DFND   0 0 95,500