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 LABS COM 002824100 11,691 305,000 SH   DFND 1 22,000 0 283,000
ABBVIE INC COM 00287Y109 198,613 3,760,900 SH   DFND 1 1,309,000 0 2,451,900
ABBVIE INC COM 00287Y109 13,203 250,000 SH Call DFND 1 82,700 0 167,300
ACADIA PHARMACEUTICALS INC COM 004225108 3,374 135,000 SH   DFND 1 0 0 135,000
ACCELERON PHARMA INC COM 00434H108 83,859 2,117,648 SH   SOLE   2,117,648 0 0
ACTAVIS PLC SHS G0083B108 119,784 713,000 SH   DFND 1 239,000 0 474,000
AETNA INC NEW COM 00817Y108 80,463 1,173,100 SH   DFND 1 464,100 0 709,000
AFFYMETRIX INC COM 00826T108 58,362 6,810,000 SH   DFND 1 1,560,000 0 5,250,000
AGILENT TECHNOLOGIES INC COM 00846U101 172,577 3,017,600 SH   DFND 1 1,204,600 0 1,813,000
ALEXION PHARMACEUTICALS INC COM 015351109 30,949 232,900 SH   DFND 1 14,000 0 218,900
ALLERGAN INC COM 018490102 86,109 775,200 SH   DFND 1 231,500 0 543,700
AMARIN CORP PLC SPONS ADR NEW 023111206 1,182 600,000 SH   SOLE   600,000 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 14,371 1,490,769 SH   SOLE   1,490,769 0 0
AMGEN INC COM 031162100 286,945 2,515,300 SH   DFND 1 887,000 0 1,628,300
ANTARES PHARMA INC COM 036642106 20,531 4,592,000 SH   DFND 1 1,739,200 0 2,852,800
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 2,864 932,750 SH   SOLE   932,750 0 0
ARQULE INC COM 04269E107 12,259 5,702,000 SH   DFND 1 1,623,100 0 4,078,900
ARRAY BIOPHARMA INC COM 04269X105 26,678 5,325,000 SH   DFND 1 1,862,000 0 3,463,000
ARROWHEAD RESH CORP COM NEW 042797209 23,099 2,128,900 SH   DFND 1 618,500 0 1,510,400
BACTERIN INTL HLDGS INC COM 05644R101 1,627 3,254,386 SH   SOLE   3,254,386 0 0
BAXTER INTL INC COM 071813109 16,970 244,000 SH   DFND 1 19,600 0 224,400
BIODEL INC COM NEW 09064M204 1,248 547,443 SH   SOLE   547,443 0 0
BIOGEN IDEC INC COM 09062X103 306,159 1,095,100 SH   DFND 1 366,900 0 728,200
BIOLINERX LTD SPONSORED ADR 09071M106 3,189 1,135,000 SH   SOLE   1,135,000 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 99,482 1,414,100 SH   DFND 1 513,200 0 900,900
BIOMARIN PHARMACEUTICAL INC NOTE 0.750%10/1 09061GAE1 537 500,000 PRN   DFND 1 215,000 0 285,000
BIOMARIN PHARMACEUTICAL INC NOTE 1.500%10/1 09061GAF8 538 500,000 PRN   DFND 1 215,000 0 285,000
BRISTOL MYERS SQUIBB CO COM 110122108 290,465 5,465,000 SH   DFND 1 2,024,000 0 3,441,000
BRISTOL MYERS SQUIBB CO COM 110122108 29,233 550,000 SH Call DFND 1 181,500 0 368,500
CARDINAL HEALTH INC COM 14149Y108 15,386 230,300 SH   DFND 1 34,000 0 196,300
CAREFUSION CORP COM 14170T101 86,469 2,171,500 SH   DFND 1 835,700 0 1,335,800
CATALYST PHARM PARTNERS INC COM 14888U101 3,695 1,895,000 SH   DFND 1 835,000 0 1,060,000
CELGENE CORP COM 151020104 296,894 1,757,100 SH   DFND 1 538,200 0 1,218,900
CELLDEX THERAPEUTICS INC NEW COM 15117B103 31,730 1,310,600 SH   DFND 1 507,700 0 802,900
CERUS CORP COM 157085101 21,769 3,375,000 SH   DFND 1 1,226,400 0 2,148,600
CHINDEX INTERNATIONAL INC COM 169467107 627 36,000 SH   SOLE   36,000 0 0
COVANCE INC COM 222816100 5,196 59,000 SH   DFND 1 8,000 0 51,000
CUBIST PHARMACEUTICALS INC COM 229678107 6,198 90,000 SH   DFND 1 0 0 90,000
CURIS INC COM 231269101 5,499 1,950,100 SH   DFND 1 0 0 1,950,100
DAVITA HEALTHCARE PARTNERS I COM 23918K108 9,062 143,000 SH   DFND 1 8,000 0 135,000
DURATA THERAPEUTICS INC COM 26658A107 22,839 1,785,714 SH   SOLE   1,785,714 0 0
ENDOLOGIX INC NOTE 2.250%12/1 29266SAA4 1,016 1,000,000 PRN   DFND 1 0 0 1,000,000
EXACT SCIENCES CORP COM 30063P105 58,624 4,989,300 SH   DFND 1 2,035,300 0 2,954,000
EXACT SCIENCES CORP COM 30063P105 1,013 86,200 SH Put DFND 1 28,200 0 58,000
EXELIXIS INC COM 30161Q104 57,555 9,389,000 SH   DFND 1 2,579,200 0 6,809,800
EXPRESS SCRIPTS HLDG CO COM 30219G108 90,399 1,287,000 SH   DFND 1 445,000 0 842,000
FATE THERAPEUTICS INC COM 31189P102 4,409 702,000 SH   DFND 1 300,000 0 402,000
FLUIDIGM CORP DEL COM 34385P108 55,356 1,446,008 SH   DFND 1 189,000 0 1,257,008
FOREST LABS INC COM 345838106 8,344 139,000 SH   DFND 1 12,000 0 127,000
FOREST LABS INC COM 345838106 9,005 150,000 SH Call DFND 1 49,600 0 100,400
GILEAD SCIENCES INC COM 375558103 374,944 4,992,600 SH   DFND 1 1,692,000 0 3,300,600
GW PHARMACEUTICALS PLC ADS 36197T103 13,301 320,200 SH   DFND 1 87,100 0 233,100
HCA HOLDINGS INC COM 40412C101 179,294 3,758,000 SH   DFND 1 1,757,000 0 2,001,000
HEALTH NET INC COM 42222G108 46,327 1,561,400 SH   DFND 1 589,600 0 971,800
HOSPIRA INC COM 441060100 3,509 85,000 SH   DFND 1 8,000 0 77,000
ILLUMINA INC COM 452327109 176,590 1,596,800 SH   DFND 1 598,900 0 997,900
ILLUMINA INC COM 452327109 11,059 100,000 SH Call DFND 1 33,100 0 66,900
IMPAX LABORATORIES INC COM 45256B101 106,533 4,237,600 SH   DFND 1 1,442,700 0 2,794,900
INCYTE CORP COM 45337C102 206,013 4,069,000 SH   DFND 1 1,786,000 0 2,283,000
INCYTE CORP COM 45337C102 3,544 70,000 SH Call DFND 1 22,900 0 47,100
INCYTE CORP NOTE 4.750%10/0 45337CAJ1 28,454 4,992,000 PRN   DFND 1 0 0 4,992,000
INFINITY PHARMACEUTICALS INC COM 45665G303 66,209 4,794,300 SH   DFND 1 1,766,600 0 3,027,700
INSPIREMD INC COM NEW 45779A309 8,352 3,395,000 SH   SOLE   3,395,000 0 0
INSULET CORP COM 45784P101 107,163 2,888,500 SH   DFND 1 1,298,500 0 1,590,000
INTERCEPT PHARMACEUTICALS IN COM 45845P108 118,461 1,734,934 SH   SOLE   1,734,934 0 0
INTERMUNE INC COM 45884X103 113,377 7,697,000 SH   DFND 1 2,738,000 0 4,959,000
INTUITIVE SURGICAL INC COM NEW 46120E602 28,614 74,500 SH   DFND 1 16,500 0 58,000
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 14,554 115,000 SH   DFND 1 0 0 115,000
JOHNSON & JOHNSON COM 478160104 57,335 626,000 SH   DFND 1 76,000 0 550,000
MACROGENICS INC COM 556099109 13,493 491,897 SH   DFND 1 481,869 0 10,028
MCKESSON CORP COM 58155Q103 57,297 355,000 SH   DFND 1 134,000 0 221,000
MEDIVATION INC COM 58501N101 199,342 3,123,500 SH   DFND 1 1,265,800 0 1,857,700
MEDTRONIC INC COM 585055106 18,537 323,000 SH   DFND 1 18,000 0 305,000
MEI PHARMA INC COM NEW 55279B202 15,936 1,989,500 SH   DFND 1 859,500 0 1,130,000
MERCK & CO INC NEW COM 58933Y105 127,477 2,547,000 SH   DFND 1 922,000 0 1,625,000
MERGE HEALTHCARE INC COM 589499102 10,738 4,628,500 SH   DFND 1 1,621,000 0 3,007,500
MIMEDX GROUP INC COM 602496101 6,118 700,000 SH   DFND 1 273,600 0 426,400
MIRATI THERAPEUTICS INC COM 60468T105 21,192 1,274,332 SH   SOLE   1,274,332 0 0
MOLINA HEALTHCARE INC COM 60855R100 71,693 2,063,100 SH   DFND 1 887,900 0 1,175,200
MYLAN INC COM 628530107 182,909 4,214,500 SH   DFND 1 1,746,000 0 2,468,500
NEUROCRINE BIOSCIENCES INC COM 64125C109 24,574 2,631,000 SH   DFND 1 983,000 0 1,648,000
NXSTAGE MEDICAL INC COM 67072V103 26,792 2,679,216 SH   SOLE   2,679,216 0 0
OPHTHOTECH CORP COM 683745103 1,116 34,500 SH   DFND 1 0 0 34,500
ORASURE TECHNOLOGIES INC COM 68554V108 31,375 4,988,000 SH   DFND 1 2,226,800 0 2,761,200
OREXIGEN THERAPEUTICS INC NOTE 2.750%12/0 686164AA2 7,317 7,500,000 PRN   DFND 1 2,210,000 0 5,290,000
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 5,848 2,320,800 SH   DFND 1 682,400 0 1,638,400
PERRIGO CO COM 714290103 118,625 773,000 SH   DFND 1 291,000 0 482,000
PERRIGO CO COM 714290103 26,856 175,000 SH Call DFND 1 57,400 0 117,600
PFIZER INC COM 717081103 108,828 3,553,000 SH   DFND 1 1,298,000 0 2,255,000
PORTOLA PHARMACEUTICALS INC COM 737010108 24,661 957,700 SH   DFND 1 255,400 0 702,300
PROTHENA CORP PLC SHS G72800108 31,877 1,202,000 SH   DFND 1 413,500 0 788,500
QIAGEN NV REG SHS N72482107 45,882 1,927,000 SH   DFND 1 437,000 0 1,490,000
QLT INC COM 746927102 2,507 450,000 SH   DFND 1 92,200 0 357,800
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 4,356 80,000 SH   DFND 1 0 0 80,000
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 4,628 85,000 SH Call DFND 1 28,100 0 56,900
REGENERON PHARMACEUTICALS COM 75886F107 203,347 738,800 SH   DFND 1 280,500 0 458,300
RELYPSA INC COM 759531106 248,539 9,941,549 SH   SOLE   9,941,549 0 0
SHIRE PLC SPONSORED ADR 82481R106 102,294 724,000 SH   DFND 1 271,000 0 453,000
SINOVAC BIOTECH LTD SHS P8696W104 10,022 1,637,500 SH   DFND 1 759,500 0 878,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 370 250,000 SH Put DFND 1 82,700 0 167,300
ST JUDE MED INC COM 790849103 51,642 833,600 SH   DFND 1 324,400 0 509,200
STRYKER CORP COM 863667101 53,853 716,700 SH   DFND 1 248,600 0 468,100
SUPERNUS PHARMACEUTICALS INC COM 868459108 4,373 580,000 SH   DFND 1 0 0 580,000
SYNAGEVA BIOPHARMA CORP COM 87159A103 8,414 130,000 SH   DFND 1 34,300 0 95,700
TECHNE CORP COM 878377100 4,734 50,000 SH   DFND 1 0 0 50,000
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 152 200,000 SH Put DFND 1 65,600 0 134,400
THERMO FISHER SCIENTIFIC INC COM 883556102 170,833 1,534,200 SH   DFND 1 621,200 0 913,000
UNITED THERAPEUTICS CORP DEL COM 91307C102 6,219 55,000 SH   DFND 1 0 0 55,000
UNITEDHEALTH GROUP INC COM 91324P102 59,562 791,000 SH   DFND 1 232,000 0 559,000
UROPLASTY INC COM NEW 917277204 3,941 1,443,500 SH   DFND 1 600,600 0 842,900
VALEANT PHARMACEUTICALS INTL COM 91911K102 18,432 157,000 SH   DFND 1 17,000 0 140,000
VANDA PHARMACEUTICALS INC COM 921659108 12,286 990,000 SH   DFND 1 262,300 0 727,700
VERTEX PHARMACEUTICALS INC COM 92532F100 18,947 255,000 SH   DFND 1 8,000 0 247,000
VOCERA COMMUNICATIONS INC COM 92857F107 6,985 447,500 SH   DFND 1 189,700 0 257,800
WELLPOINT INC COM 94973V107 39,635 429,000 SH   DFND 1 148,000 0 281,000
XENCOR INC COM 98401F105 6,422 702,600 SH   DFND 1 0 0 702,600
XENOPORT INC COM 98411C100 26,397 4,590,800 SH   DFND 1 1,706,300 0 2,884,500
XOMA CORP DEL COM 98419J107 19,043 2,829,627 SH   DFND 1 758,800 0 2,070,827
ZIMMER HLDGS INC COM 98956P102 77,832 835,200 SH   DFND 1 310,700 0 524,500
ZOETIS INC CL A 98978V103 9,121 279,000 SH   DFND 1 28,000 0 251,000