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
AAC Hldgs Inc COM 000307108 1,027 45,000 SH   DFND 1 0 0 45,000
Abbott Laboratories COM 002824100 14,997 381,500 SH   DFND 1 0 0 381,500
Abbvie Inc. COM 00287Y109 929 15,000 SH   DFND 1 0 0 15,000
Abiomed Inc COM 003654100 6,251 57,200 SH   DFND 1 0 0 57,200
Acadia Pharmaceuticals, Inc. COM 004225108 1,461 45,000 SH   DFND 1 0 0 45,000
Achillion Pharmaceuticals, Inc. COM 00448Q201 3,276 420,000 SH   DFND 1 0 0 420,000
Aetna Inc. COM 00817Y108 3,163 25,900 SH   DFND 1 0 0 25,900
Agios Pharmaceuticals, Inc. COM 00847X104 1,508 36,000 SH   DFND 1 0 0 36,000
Akorn Inc COM 009728106 3,618 127,000 SH   DFND 1 0 0 127,000
Alder Biopharmaceuticals Inc. COM 014339105 824 33,000 SH   DFND 1 0 0 33,000
Alere Inc COM 01449J105 1,250 30,000 SH   DFND 1 0 0 30,000
Alexion Pharmaceuticals, Inc. COM 015351109 5,768 49,400 SH   DFND 1 0 0 49,400
Alkermes Public Limited Company SHS G01767105 2,831 65,500 SH   DFND 1 0 0 65,500
Allergan PLC SHS G0177J108 8,111 35,100 SH   DFND 1 0 0 35,100
Alnylam Pharmaceuticals Inc. COM 02043Q107 1,332 24,000 SH   DFND 1 0 0 24,000
Amgen Inc. COM 031162100 12,705 83,500 SH   DFND 1 0 0 83,500
Amsurg Corp COM 03232P405 5,738 74,000 SH   DFND 1 0 0 74,000
AngioDynamics, Inc. COM 03475V101 2,176 151,400 SH   DFND 1 0 0 151,400
Anthem, Inc. COM 036752103 1,839 14,000 SH   DFND 1 0 0 14,000
ARIAD Pharmaceuticals, Inc. COM 04033A100 3,658 495,000 SH   DFND 1 0 0 495,000
Auris Medical Holding AG COM H03579101 9,091 2,169,625 SH   DFND 1 0 0 2,169,625
C.R. Bard, Inc. COM 067383109 5,879 25,000 SH   DFND 1 0 0 25,000
Baxter International Inc. COM 071813109 7,507 166,000 SH   DFND 1 0 0 166,000
Becton, Dickinson and Company COM 075887109 10,006 59,000 SH   DFND 1 0 0 59,000
Biogen Inc. COM 09062X103 13,179 54,500 SH   DFND 1 0 0 54,500
BioMarin Pharmaceutical Inc. COM 09061G101 5,057 65,000 SH   DFND 1 0 0 65,000
Bluebird Bio, Inc. COM 09609G100 1,255 29,000 SH   DFND 1 0 0 29,000
Boston Scientific Corporation COM 101137107 11,685 500,000 SH   DFND 1 0 0 500,000
Bristol-Myers Squibb Company COM 110122108 1,692 23,000 SH   DFND 1 0 0 23,000
Cardinal Health, Inc. COM 14149Y108 14,727 188,780 SH   DFND 1 0 0 188,780
Celgene Corporation COM 151020104 19,336 196,050 SH   DFND 1 0 0 196,050
Celldex Therapeutics, Inc. COM 15117B103 702 160,000 SH   DFND 1 0 0 160,000
Centene Corporation COM 15135B101 8,377 117,380 SH   DFND 1 0 0 117,380
Cepheid Inc. COM 15670R107 923 30,000 SH   DFND 1 0 0 30,000
Cerner Corporation COM 156782104 3,516 60,000 SH   DFND 1 0 0 60,000
Cigna Corporation COM 125509109 6,144 48,000 SH   DFND 1 0 0 48,000
Coherus BioSciences, Inc COM 19249H103 5,135 304,000 SH   DFND 1 0 0 304,000
Community Health Systems, Inc. COM 203668108 603 50,000 SH   DFND 1 0 0 50,000
Cooper Companies Inc. COM NEW 216648402 4,032 23,500 SH   DFND 1 0 0 23,500
CVS Health Corporation COM 126650100 7,640 79,800 SH   DFND 1 0 0 79,800
Davita Healthcare Partners, Inc. COM 23918K108 1,005 13,000 SH   DFND 1 0 0 13,000
Direxion SHS ETF TR SP BIOTECH BL NEW 25490K323 1,557 55,175 SH   DFND 1 0 0 55,175
Eiger BioPharmaceuticals, Inc. COM 28249U105 66 3,333 SH   DFND 1 0 0 3,333
Edwards Lifesciences Corporation COM 28176E108 6,782 68,000 SH   DFND 1 0 0 68,000
Endo International PLC SHS G30401106 811 52,000 SH   DFND 1 0 0 52,000
Envision Healthcare Hldgs Inc. COM 29413U103 989 39,000 SH   DFND 1 0 0 39,000
Esperion Therapeutics Inc. COM 29664W105 395 40,000 SH   DFND 1 0 0 40,000
Exelixis, Inc. COM 30161Q104 1,328 170,000 SH   DFND 1 0 0 170,000
Express Scripts Holding Company COM 30219G108 4,927 65,000 SH   DFND 1 0 0 65,000
Gilead Sciences, Inc. COM 375558103 13,055 156,500 SH   DFND 1 0 0 156,500
Globus Medical, Inc. CL A 379577208 2,090 87,700 SH   DFND 1 0 0 87,700
Halozyme Therapeutics, Inc. COM 40637H109 2,744 318,000 SH   DFND 1 0 0 318,000
HCA Holdings, Inc. COM 40412C101 3,365 43,700 SH   DFND 1 0 0 43,700
Healthcare Services Group Inc. COM 421906108 1,577 38,100 SH   DFND 1 0 0 38,100
Heartware International, Inc. COM 422368100 220 3,813 SH   DFND 1 0 0 3,813
Hologic, Inc. COM 436440101 8,245 238,300 SH   DFND 1 0 0 238,300
Horizon Pharma plc SHS G4617B105 1,927 117,000 SH   DFND 1 0 0 117,000
Humana, Inc. COM 444859102 5,396 30,000 SH   DFND 1 0 0 30,000
Illumina, Inc. COM 452327109 12,855 91,575 SH   DFND 1 0 0 91,575
Impax Laboratories, Inc. COM 45256B101 2,738 95,000 SH   DFND 1 0 0 95,000
Incyte Corporation COM 45337C102 7,278 91,000 SH   DFND 1 0 0 91,000
Infinity Pharmaceuticals, Inc. COM 45665G303 213 160,000 SH   DFND 1 0 0 160,000
Inovio Pharmaceuticals, Inc. COM NEW 45773H201 1,432 155,000 SH   DFND 1 0 0 155,000
Insulet Corporation COM 45784P101 454 15,000 SH   DFND 1 0 0 15,000
Intercept Pharmaceuticals, Inc. COM 45845P108 1,926 13,500 SH   DFND 1 0 0 13,500
Intersect Ent, Inc. COM 46071F103 2,655 205,325 SH   DFND 1 0 0 205,325
Intuitive Surgical, Inc. COM NEW 46120E602 7,937 12,000 SH   DFND 1 0 0 12,000
Ionis Pharmaceuticals Inc. COM 462222100 2,515 108,000 SH   DFND 1 0 0 108,000
iSHARES Trust NASDAQ BIOTEC ETF 464287556 2,187 8,500 SH   DFND 1 0 0 8,500
Jazz Pharmaceuticals Public Limited Company SHS USD G50871105 10,641 75,300 SH   DFND 1 0 0 75,300
Johnson & Johnson COM 478160104 6,065 50,000 SH   DFND 1 0 0 50,000
Juno Therapeutics, Inc. COM 48205A109 1,422 37,000 SH   DFND 1 0 0 37,000
Kite Pharma, Inc. COM 49803L109 700 14,000 SH   DFND 1 0 0 14,000
Laboratory Corporation of America Holdings COM NEW 50540R409 1,042 8,000 SH   DFND 1 0 0 8,000
Ligand Pharmaceuticals Incorporated COM NEW 53220K504 8,472 71,030 SH   DFND 1 0 0 71,030
Lilly Eli & Co. COM 532457108 2,756 35,000 SH   DFND 1 0 0 35,000
Macrogenics, Inc. COM 556099109 2,240 83,000 SH   DFND 1 0 0 83,000
Mallinckrodt Pub Ltd Co. SHS G5785G107 2,857 47,000 SH   DFND 1 0 0 47,000
Masimo Corporation COM 574795100 3,939 75,000 SH   DFND 1 0 0 75,000
McKesson Corporation COM 58155Q103 4,853 26,000 SH   DFND 1 0 0 26,000
Medivation, Inc. COM 58501N101 4,703 78,000 SH   DFND 1 0 0 78,000
Medtronic, Inc. SHS G5960L103 24,513 282,500 SH   DFND 1 0 0 282,500
Merck & Co., Inc. COM 58933Y105 2,708 47,000 SH   DFND 1 0 0 47,000
Mylan Inc. SHS EURO N59465109 5,176 119,700 SH   DFND 1 0 0 119,700
Myriad Genetics, Inc. COM 62855J104 428 14,000 SH   DFND 1 0 0 14,000
Nektar Therapeutics COM 640268108 2,647 186,000 SH   DFND 1 0 0 186,000
Neurocrine Biosciences, Inc. COM 64125C109 2,636 58,000 SH   DFND 1 0 0 58,000
Nevro Corp. COM 64157F103 553 7,500 SH   DFND 1 0 0 7,500
Novadaq Technologies Inc. COM 66987G102 2,657 270,000 SH   DFND 1 0 0 270,000
Novavax, Inc. COM 670002104 2,363 325,000 SH   DFND 1 0 0 325,000
Nuvasive, Inc. COM 670704105 3,583 60,000 SH   DFND 1 0 0 60,000
Penumbra, Inc. COM 70975L107 298 5,000 SH   DFND 1 0 0 5,000
Perrigo Company plc SHS G97822103 3,989 44,000 SH   DFND 1 0 0 44,000
Pfizer Inc. COM 717081103 1,761 50,000 SH   DFND 1 0 0 50,000
ProShares Trust PSHS ULT NASB 74347R214 796 20,500 SH   DFND 1 0 0 20,500
Prothena Corporation plc SHS G72800108 1,084 31,000 SH   DFND 1 0 0 31,000
Qiagen NV REG SHS N72482107 1,996 91,500 SH   DFND 1 0 0 91,500
Quorum Health Corp COM 74909E106 134 12,500 SH   DFND 1 0 0 12,500
Quotient Limited SHS G73268107 775 100,000 SH   DFND 1 0 0 100,000
Radius Health Inc. COM NEW 750469207 1,470 40,000 SH   DFND 1 0 0 40,000
Regeneron Pharmaceuticals, Inc. COM 75886F107 10,477 30,000 SH   DFND 1 0 0 30,000
ResMed Inc. COM 761152107 506 8,000 SH   DFND 1 0 0 8,000
Seattle Genetics, Inc. COM 812578102 2,748 68,000 SH   DFND 1 0 0 68,000
Shire PLC SPONSORED ADR 82481R106 7,152 38,850 SH   DFND 1 0 0 38,850
St. Jude Medical, Inc. COM 790849103 4,680 60,000 SH   DFND 1 0 0 60,000
Stryker Corporation COM 863667101 21,210 177,000 SH   DFND 1 0 0 177,000
Supernus Pharmaceuticals, Inc. COM 868459108 3,341 164,000 SH   DFND 1 0 0 164,000
Surgery Partners, Inc. COM 86881A100 269 15,000 SH   DFND 1 0 0 15,000
Team Health Holdings Inc. COM 87817A107 610 15,000 SH   DFND 1 0 0 15,000
Teleflex Incorporated COM 879369106 1,775 10,010 SH   DFND 1 0 0 10,010
Tenet Healthcare Corporation COM NEW 88033G407 276 10,000 SH   DFND 1 0 0 10,000
Tetraphase Pharmaceuticals, Inc. COM 88165N105 95 22,000 SH   DFND 1 0 0 22,000
Teva Pharmaceuticals Industries Ltd ADR 881624209 11,512 229,190 SH   DFND 1 0 0 229,190
Theravance Biopharma, Inc. COM G8807B106 259 11,428 SH   DFND 1 0 0 11,428
Thermo Fisher Scientific Inc. COM 883556102 2,955 20,000 SH   DFND 1 0 0 20,000
Ultragenyx Pharmaceuticals Inc. COM 90400D108 1,369 28,000 SH   DFND 1 0 0 28,000
United Therapeutics Corporation COM 91307C102 667 6,300 SH   DFND 1 0 0 6,300
UnitedHealth Group Incorporated COM 91324P102 14,007 99,200 SH   DFND 1 0 0 99,200
Varian Medical Systems, Inc. COM 92220P105 1,645 20,000 SH   DFND 1 0 0 20,000
Vertex Pharmaceuticals Incorporated COM 92532F100 5,677 66,000 SH   DFND 1 0 0 66,000
Wright Med Group N V ORD SHS 0.03 PAR N96617118 1,221 70,309 SH   DFND 1 0 0 70,309
Zafgen, Inc. COM 98885E103 120 20,000 SH   DFND 1 0 0 20,000
Zeltiq Aesthetics Inc. COM 98933Q108 1,640 60,000 SH   DFND 1 0 0 60,000
Zimmer Biomet Holdings, Inc. COM 98956P102 10,377 86,200 SH   DFND 1 0 0 86,200