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 15,958 381,500 SH   DFND 1 0 0 381,500
Abbvie Inc. COM 00287Y109 857 15,000 SH   DFND 1 0 0 15,000
Acadia Pharmaceuticals, Inc. COM 004225108 1,258 45,000 SH   DFND 1 0 0 45,000
Achillion Pharmaceuticals, Inc. COM 00448Q201 3,242 420,000 SH   DFND 1 0 0 420,000
Aetna Inc. COM 00817Y108 5,056 45,000 SH   DFND 1 0 0 45,000
Agios Pharmaceuticals, Inc. COM 00847X104 2,192 54,000 SH   DFND 1 0 0 54,000
Alder Biopharmaceuticals Inc. COM 014339105 808 33,000 SH   DFND 1 0 0 33,000
Alexion Pharmaceuticals, Inc. COM 015351109 6,877 49,400 SH   DFND 1 0 0 49,400
Alkermes Public Limited Company SHS G01767105 2,239 65,500 SH   DFND 1 0 0 65,500
Alnylam Pharmaceuticals Inc. COM 02043Q107 1,506 24,000 SH   DFND 1 0 0 24,000
AmerisourceBergen Corporation COM 03073E105 2,943 34,000 SH   DFND 1 0 0 34,000
Amgen Inc. COM 031162100 15,443 103,000 SH   DFND 1 0 0 103,000
AngioDynamics, Inc. COM 03475V101 1,861 151,400 SH   DFND 1 0 0 151,400
Anthem, Inc. COM 036752103 4,170 30,000 SH   DFND 1 0 0 30,000
Arbutus Biopharm Corporation COM 03879J100 516 125,000 SH   DFND 1 0 0 125,000
ARIAD Pharmaceuticals, Inc. COM 04033A100 3,163 495,000 SH   DFND 1 0 0 495,000
Asterias Biotherapeutics, Inc. COM SER A 04624N107 9 1,875 SH   DFND 1 0 0 1,875
Auris Medical Holding AG COM H03579101 7,897 2,169,625 SH   DFND 1 0 0 2,169,625
C.R. Bard, Inc. COM 067383109 5,067 25,000 SH   DFND 1 0 0 25,000
Baxter International Inc. COM 071813109 5,340 130,000 SH   DFND 1 0 0 130,000
Becton, Dickinson and Company COM 075887109 15,216 100,225 SH   DFND 1 0 0 100,225
Biogen Inc. COM 09062X103 19,925 76,540 SH   DFND 1 0 0 76,540
BioMarin Pharmaceutical Inc. COM 09061G101 5,361 65,000 SH   DFND 1 0 0 65,000
Biotime Inc. W EXP 10/01/2018 09066L162 1 2,294 SH   DFND 1 0 0 2,294
Bluebird Bio, Inc. COM 09609G100 1,233 29,000 SH   DFND 1 0 0 29,000
Boston Scientific Corporation COM 101137107 9,405 500,000 SH   DFND 1 0 0 500,000
Bristol-Myers Squibb Company COM 110122108 3,833 60,000 SH   DFND 1 0 0 60,000
Cardinal Health, Inc. COM 14149Y108 13,082 159,630 SH   DFND 1 0 0 159,630
Celgene Corporation COM 151020104 21,074 210,550 SH   DFND 1 0 0 210,550
Celldex Therapeutics, Inc. COM 15117B103 605 160,000 SH   DFND 1 0 0 160,000
Centene Corporation COM 15135B101 6,519 105,880 SH   DFND 1 0 0 105,880
Cerner Corporation COM 156782104 3,178 60,000 SH   DFND 1 0 0 60,000
Cigna Corporation COM 125509109 6,588 48,000 SH   DFND 1 0 0 48,000
Clovis Oncology, Inc. COM 189464100 1,008 52,500 SH   DFND 1 0 0 52,500
Coherus BioSciences, Inc COM 19249H103 6,093 287,000 SH   DFND 1 0 0 287,000
Community Health Systems, Inc. COM 203668108 3,236 174,840 SH   DFND 1 0 0 174,840
Cooper Companies Inc. COM NEW 216648402 3,618 23,500 SH   DFND 1 0 0 23,500
CVS Health Corporation COM 126650100 8,942 86,200 SH   DFND 1 0 0 86,200
Davita Healthcare Partners, Inc. COM 23918K108 1,468 20,000 SH   DFND 1 0 0 20,000
DexCom, Inc. COM 252131107 1,358 20,000 SH   DFND 1 0 0 20,000
Direxion Shares ETF Trust SP BIOTECH BL NEW 25490K323 553 20,175 SH   DFND 1 0 0 20,175
Eagle Pharmaceuticals Inc COM 268948106 3,783 93,400 SH   DFND 1 0 0 93,400
Eiger BioPharmaceuticals, Inc. COM 28249U105 56 3,333 SH   DFND 1 0 0 3,333
Edwards Lifesciences Corporation COM 28176E108 6,439 73,000 SH   DFND 1 0 0 73,000
Endo International PLC SHS G30401106 4,814 171,000 SH   DFND 1 0 0 171,000
Endocyte, Inc. COM 29269A102 310 100,000 SH   DFND 1 0 0 100,000
Esperion Therapeutics Inc. COM 29664W105 676 40,000 SH   DFND 1 0 0 40,000
Exelixis, Inc. COM 30161Q104 680 170,000 SH   DFND 1 0 0 170,000
Express Scripts Holding Company COM 30219G108 4,025 58,600 SH   DFND 1 0 0 58,600
Geron Corporation COM 374163103 131 45,000 SH   DFND 1 0 0 45,000
Gilead Sciences, Inc. COM 375558103 21,431 233,300 SH   DFND 1 0 0 233,300
Globus Medical, Inc. CL A 379577208 2,083 87,700 SH   DFND 1 0 0 87,700
Halozyme Therapeutics, Inc. COM 40637H109 3,011 318,000 SH   DFND 1 0 0 318,000
HCA Holdings, Inc. COM 40412C101 4,683 60,000 SH   DFND 1 0 0 60,000
Healthcare Services Group Inc. COM 421906108 1,841 50,000 SH   DFND 1 0 0 50,000
Heartware International, Inc. COM 422368100 157 5,000 SH   DFND 1 0 0 5,000
Hologic, Inc. COM 436440101 2,795 81,000 SH   DFND 1 0 0 81,000
Horizon Pharma plc SHS G4617B105 5,137 310,000 SH   DFND 1 0 0 310,000
Humana, Inc. COM 444859102 5,489 30,000 SH   DFND 1 0 0 30,000
Illumina, Inc. COM 452327109 14,853 91,625 SH   DFND 1 0 0 91,625
ImmunoGen, Inc. COM 45253H101 256 30,000 SH   DFND 1 0 0 30,000
Impax Laboratories, Inc. COM 45256B101 3,458 108,000 SH   DFND 1 0 0 108,000
Incyte Corporation COM 45337C102 6,595 91,000 SH   DFND 1 0 0 91,000
Infinity Pharmaceuticals, Inc. COM 45665G303 843 160,000 SH   DFND 1 0 0 160,000
Inovio Pharmaceuticals, Inc. COM NEW 45773H201 2,308 265,000 SH   DFND 1 0 0 265,000
Insulet Corporation COM 45784P101 497 15,000 SH   DFND 1 0 0 15,000
Insys Therapeutics, Inc. COM NEW 45824V209 4,493 281,000 SH   DFND 1 0 0 281,000
Intercept Pharmaceuticals, Inc. COM 45845P108 1,734 13,500 SH   DFND 1 0 0 13,500
Intersect Ent, Inc. COM 46071F103 3,976 209,246 SH   DFND 1 0 0 209,246
Intuitive Surgical, Inc. COM NEW 46120E602 7,814 13,000 SH   DFND 1 0 0 13,000
Ionis Pharmaceuticals Inc. COM 462222100 5,589 138,000 SH   DFND 1 0 0 138,000
iSHARES Trust NASDQ BIOTEC ETF 464287556 652 2,500 SH   DFND 1 0 0 2,500
Jazz Pharmaceuticals Public Limited Company SHS USD G50871105 8,159 62,500 SH   DFND 1 0 0 62,500
Johnson & Johnson COM 478160104 5,410 50,000 SH   DFND 1 0 0 50,000
Juniper Pharmaceuticals Inc. COM 48203L107 331 50,000 SH   DFND 1 0 0 50,000
Juno Therapeutics, Inc. COM 48205A109 1,409 37,000 SH   DFND 1 0 0 37,000
Kite Pharma, Inc. COM 49803L109 643 14,000 SH   DFND 1 0 0 14,000
Laboratory Corporation of America Holdings COM NEW 50540R409 1,171 10,000 SH   DFND 1 0 0 10,000
Lannett Inc. COM 516012101 1,933 107,810 SH   DFND 1 0 0 107,810
Ligand Pharmaceuticals Incorporated COM NEW 53220K504 8,763 81,830 SH   DFND 1 0 0 81,830
Lilly Eli & Co. COM 532457108 2,520 35,000 SH   DFND 1 0 0 35,000
Macrogenics, Inc. COM 556099109 1,556 83,000 SH   DFND 1 0 0 83,000
Mallinckrodt public limited company SHS G5785G107 5,393 88,000 SH   DFND 1 0 0 88,000
Masimo Corporation COM 574795100 3,138 75,000 SH   DFND 1 0 0 75,000
McKesson Corporation COM 58155Q103 6,762 43,000 SH   DFND 1 0 0 43,000
Medivation, Inc. COM 58501N101 2,897 63,000 SH   DFND 1 0 0 63,000
Medtronic, Inc. COM 585055106 20,738 276,500 SH   DFND 1 0 0 276,500
Merck & Co., Inc. COM 58933Y105 3,175 60,000 SH   DFND 1 0 0 60,000
Mylan Inc. COM 628530107 10,197 220,000 SH   DFND 1 0 0 220,000
Myriad Genetics, Inc. COM 62855J104 524 14,000 SH   DFND 1 0 0 14,000
Nektar Therapeutics COM 640268108 2,970 216,000 SH   DFND 1 0 0 216,000
Neurocrine Biosciences, Inc. COM 64125C109 2,571 65,000 SH   DFND 1 0 0 65,000
Nevro Corp. COM 64157F103 422 7,500 SH   DFND 1 0 0 7,500
Novadaq Technologies Inc. COM 66987G102 2,994 270,000 SH   DFND 1 0 0 270,000
Novavax, Inc. COM 670002104 1,677 325,000 SH   DFND 1 0 0 325,000
Nuvasive, Inc. COM 670704105 2,919 60,000 SH   DFND 1 0 0 60,000
Penumbra, Inc. COM 70975L107 368 8,000 SH   DFND 1 0 0 8,000
Perrigo Company plc SHS G97822103 4,171 32,600 SH   DFND 1 0 0 32,600
Pfizer Inc. COM 717081103 3,260 110,000 SH   DFND 1 0 0 110,000
ProShares Trust PSHS ULT NASB 74347R214 736 18,000 SH   DFND 1 0 0 18,000
Prothena Corporation plc SHS G72800108 1,276 31,000 SH   DFND 1 0 0 31,000
PTC Therapeutics Inc. COM 69366J200 225 35,000 SH   DFND 1 0 0 35,000
Qiagen NV REG SHS N72482107 2,044 91,500 SH   DFND 1 0 0 91,500
Quotient Limited SHS G73268107 880 100,000 SH   DFND 1 0 0 100,000
Radius Health Inc. COM NEW 750469207 1,258 40,000 SH   DFND 1 0 0 40,000
Regeneron Pharmaceuticals, Inc. COM 75886F107 11,678 32,400 SH   DFND 1 0 0 32,400
ResMed Inc. COM 761152107 463 8,000 SH   DFND 1 0 0 8,000
Seattle Genetics, Inc. COM 812578102 2,386 68,000 SH   DFND 1 0 0 68,000
Shire PLC SPONSORED ADR 82481R106 5,824 33,880 SH   DFND 1 0 0 33,880
St. Jude Medical, Inc. COM 790849103 6,710 122,000 SH   DFND 1 0 0 122,000
Stryker Corporation COM 863667101 13,411 125,000 SH   DFND 1 0 0 125,000
Supernus Pharmaceuticals, Inc. COM 868459108 6,725 441,000 SH   DFND 1 0 0 441,000
Surgery Partners, Inc. COM 86881A100 133 10,000 SH   DFND 1 0 0 10,000
Team Health Holdings Inc. COM 87817A107 627 15,000 SH   DFND 1 0 0 15,000
Teleflex Incorporated COM 879369106 1,572 10,010 SH   DFND 1 0 0 10,010
Tenet Healthcare Corporation COM NEW 88033G407 289 10,000 SH   DFND 1 0 0 10,000
Tetraphase Pharmaceuticals, Inc. COM 88165N105 102 22,000 SH   DFND 1 0 0 22,000
Teva Pharmaceuticals Industries Ltd ADR 881624209 10,450 195,290 SH   DFND 1 0 0 195,290
Theravance Biopharma, Inc. COM G8807B106 215 11,248 SH   DFND 1 0 0 11,248
Thermo Fisher Scientific Inc. COM 883556102 2,832 20,000 SH   DFND 1 0 0 20,000
Ultragenyx Pharmaceuticals Inc. COM 90400D108 633 10,000 SH   DFND 1 0 0 10,000
United Therapeutics Corporation COM 91307C102 2,325 19,300 SH   DFND 1 0 0 19,300
UnitedHealth Group Incorporated COM 91324P102 11,988 93,000 SH   DFND 1 0 0 93,000
Varian Medical Systems, Inc. COM 92220P105 2,961 37,000 SH   DFND 1 0 0 37,000
Vertex Pharmaceuticals Incorporated COM 92532F100 5,246 66,000 SH   DFND 1 0 0 66,000
Wright Medical Group Inc. ORD SHS 0.03 PAR N96617118 1,167 70,309 SH   DFND 1 0 0 70,309
XOMA Corporation COM 98419J107 174 225,000 SH   DFND 1 0 0 225,000
Zafgen, Inc. COM 98885E103 134 20,000 SH   DFND 1 0 0 20,000
Zeltiq Aesthetics Inc. COM 98933Q108 2,037 75,000 SH   DFND 1 0 0 75,000
Zimmer Biomet Holdings, Inc. COM 98956P102 9,192 86,200 SH   DFND 1 0 0 86,200