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 16,742 480,000 SH   DFND 1 0 0 480,000
ABBVIE INC COM 00287Y109 73,461 1,777,000 SH   DFND 1 620,000 0 1,157,000
ACADIA PHARMACEUTICALS INC COM 004225108 23,468 1,293,000 SH   DFND 1 305,000 0 988,000
ACHILLION PHARMACEUTICALS IN COM 00448Q201 4,458 545,000 SH   DFND 1 156,000 0 389,000
ACTAVIS INC COM 00507K103 82,447 653,200 SH   DFND 1 273,500 0 379,700
ACTAVIS INC COM 00507K103 17,759 140,700 SH Call DFND 1 38,500 0 102,200
AETNA INC NEW COM 00817Y108 96,517 1,519,000 SH   DFND 1 624,000 0 895,000
AFFYMETRIX INC COM 00826T108 28,307 6,375,400 SH   DFND 1 1,248,000 0 5,127,400
AFFYMETRIX INC NOTE 4.000% 7/0 00826TAH1 3,694 4,100,000 PRN   DFND 1 0 0 4,100,000
AGILENT TECHNOLOGIES INC COM 00846U101 79,277 1,854,000 SH   DFND 1 757,000 0 1,097,000
AGILENT TECHNOLOGIES INC COM 00846U101 12,028 281,300 SH Call DFND 1 76,900 0 204,400
ALEXION PHARMACEUTICALS INC COM 015351109 17,793 192,900 SH   DFND 1 0 0 192,900
ALIGN TECHNOLOGY INC COM 016255101 30,521 824,000 SH   DFND 1 477,800 0 346,200
ALLERGAN INC COM 018490102 25,440 302,000 SH   DFND 1 95,000 0 207,000
AMARIN CORP PLC SPONS ADR NEW 023111206 3,480 600,000 SH   SOLE   600,000 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 10,435 1,490,769 SH   SOLE   1,490,769 0 0
AMGEN INC COM 031162100 258,430 2,619,400 SH   DFND 1 841,600 0 1,777,800
ANTARES PHARMA INC COM 036642106 38,268 9,199,000 SH   DFND 1 2,870,000 0 6,329,000
ANTHERA PHARMACEUTICALS INC COM 03674U102 3,433 7,462,000 SH   SOLE   7,462,000 0 0
ARQULE INC COM 04269E107 6,505 2,804,000 SH   DFND 1 757,600 0 2,046,400
ARRAY BIOPHARMA INC COM 04269X105 22,087 4,865,000 SH   DFND 1 1,280,000 0 3,585,000
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 4,766 5,000,000 PRN   DFND 1 2,165,000 0 2,835,000
ASTEX PHARMACEUTICALS INC COM 04624B103 13,383 3,256,100 SH   DFND 1 746,000 0 2,510,100
ASTEX PHARMACEUTICALS INC COM 04624B103 1,028 250,000 SH Call DFND 1 65,000 0 185,000
AUXILIUM PHARMACEUTICALS INC COM 05334D107 998 60,000 SH   DFND 1 0 0 60,000
BACTERIN INTL HLDGS INC COM 05644R101 789 1,754,386 SH   SOLE   1,754,386 0 0
BARD C R INC COM 067383109 4,130 38,000 SH   DFND 1 0 0 38,000
BAXTER INTL INC COM 071813109 11,277 162,800 SH   DFND 1 0 0 162,800
BIODEL INC COM NEW 09064M204 11,246 2,690,334 SH   SOLE   2,690,334 0 0
BIOGEN IDEC INC COM 09062X103 220,752 1,025,800 SH   DFND 1 322,600 0 703,200
BIOLINERX LTD SPONSORED ADR 09071M106 2,575 1,589,500 SH   SOLE   1,589,500 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 74,758 1,341,200 SH   DFND 1 487,000 0 854,200
BRISTOL MYERS SQUIBB CO COM 110122108 148,460 3,322,000 SH   DFND 1 1,282,000 0 2,040,000
BRISTOL MYERS SQUIBB CO COM 110122108 13,407 300,000 SH Call DFND 1 84,400 0 215,600
CARDINAL HEALTH INC COM 14149Y108 8,935 189,300 SH   DFND 1 0 0 189,300
CAREFUSION CORP COM 14170T101 5,708 154,900 SH   DFND 1 0 0 154,900
CELGENE CORP COM 151020104 144,634 1,236,400 SH   DFND 1 354,000 0 882,400
CELGENE CORP RIGHT 12/31/2030 151020112 3,655 500,000 SH   DFND 1 0 0 500,000
CENTENE CORP DEL COM 15135B101 21,944 418,300 SH   DFND 1 149,000 0 269,300
CHINDEX INTERNATIONAL INC COM 169467107 519 32,000 SH   SOLE   32,000 0 0
CIGNA CORPORATION COM 125509109 30,953 427,000 SH   DFND 1 213,000 0 214,000
COMMUNITY HEALTH SYS INC NEW COM 203668108 11,345 242,000 SH   DFND 1 72,000 0 170,000
COVANCE INC COM 222816100 3,655 48,000 SH   DFND 1 0 0 48,000
CUBIST PHARMACEUTICALS INC COM 229678107 4,346 90,000 SH   DFND 1 0 0 90,000
CURIS INC COM 231269101 6,221 1,950,100 SH   DFND 1 0 0 1,950,100
DAVITA HEALTHCARE PARTNERS I COM 23918K108 7,852 65,000 SH   DFND 1 0 0 65,000
DENDREON CORP COM 24823Q107 16,901 4,102,300 SH   DFND 1 1,818,000 0 2,284,300
DENDREON CORP COM 24823Q107 2,879 698,900 SH Call DFND 1 176,900 0 522,000
DENDREON CORP NOTE 2.875% 1/1 24823QAC1 4,680 6,500,000 PRN   DFND 1 0 0 6,500,000
DURATA THERAPEUTICS INC COM 26658A107 12,857 1,785,714 SH   SOLE   1,785,714 0 0
DYNAVAX TECHNOLOGIES CORP COM 268158102 9,885 8,986,000 SH   DFND 1 1,213,500 0 7,772,500
DYNAVAX TECHNOLOGIES CORP COM 268158102 275 250,000 SH Call DFND 1 70,300 0 179,700
EDWARDS LIFESCIENCES CORP COM 28176E108 3,360 50,000 SH   DFND 1 0 0 50,000
ELAN PLC ADR 284131208 7,070 500,000 SH Call DFND 1 140,600 0 359,400
ENDOCYTE INC COM 29269A102 8,692 662,000 SH   DFND 1 148,700 0 513,300
EXACT SCIENCES CORP COM 30063P105 65,403 4,701,900 SH   DFND 1 1,857,000 0 2,844,900
EXPRESS SCRIPTS HLDG CO COM 30219G108 117,749 1,907,170 SH   DFND 1 753,000 0 1,154,170
FLUIDIGM CORP DEL COM 34385P108 22,047 1,262,708 SH   DFND 1 129,000 0 1,133,708
FOREST LABS INC COM 345838106 4,920 120,000 SH   DFND 1 0 0 120,000
GILEAD SCIENCES INC COM 375558103 247,214 4,821,800 SH   DFND 1 1,609,000 0 3,212,800
GIVEN IMAGING ORD SHS M52020100 1,681 120,000 SH   DFND 1 0 0 120,000
GTX INC DEL COM 40052B108 330 50,000 SH Call DFND 1 14,000 0 36,000
HCA HOLDINGS INC COM 40412C101 121,389 3,366,300 SH   DFND 1 1,564,000 0 1,802,300
HEALTH NET INC COM 42222G108 20,683 650,000 SH   DFND 1 209,000 0 441,000
HI-TECH PHARMACAL INC COM 42840B101 12,324 371,200 SH   DFND 1 110,000 0 261,200
ILLUMINA INC COM 452327109 123,621 1,651,800 SH   DFND 1 590,700 0 1,061,100
IMPAX LABORATORIES INC COM 45256B101 65,010 3,260,600 SH   DFND 1 1,173,700 0 2,086,900
INCYTE CORP COM 45337C102 123,332 5,606,000 SH   DFND 1 2,421,000 0 3,185,000
INCYTE CORP NOTE 4.750%10/0 45337CAJ1 19,332 7,704,000 PRN   DFND 1 1,107,000 0 6,597,000
INFINITY PHARMACEUTICALS INC COM 45665G303 73,201 4,520,800 SH   DFND 1 1,593,000 0 2,927,800
INSPIREMD INC COM NEW 45779A309 7,503 3,395,000 SH   SOLE   3,395,000 0 0
INSULET CORP COM 45784P101 95,753 3,048,500 SH   DFND 1 1,239,500 0 1,809,000
INTERCEPT PHARMACEUTICALS IN COM 45845P108 96,434 2,150,634 SH   SOLE   2,150,634 0 0
INTERMUNE INC COM 45884X103 2,270 236,000 SH   DFND 1 45,000 0 191,000
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 4,949 72,000 SH   DFND 1 0 0 72,000
JOHNSON & JOHNSON COM 478160104 17,258 201,000 SH   DFND 1 0 0 201,000
LILLY ELI & CO COM 532457108 4,912 100,000 SH Call DFND 1 28,100 0 71,900
MAKO SURGICAL CORP COM 560879108 26,656 2,212,100 SH   DFND 1 1,255,500 0 956,600
MCKESSON CORP COM 58155Q103 8,702 76,000 SH   DFND 1 0 0 76,000
MEDIVATION INC COM 58501N101 72,427 1,472,100 SH   DFND 1 587,000 0 885,100
MEDTRONIC INC COM 585055106 9,898 192,300 SH   DFND 1 0 0 192,300
MERCK & CO INC NEW COM 58933Y105 191,625 4,125,400 SH   DFND 1 1,383,000 0 2,742,400
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 449 12,000 SH   SOLE   12,000 0 0
MOLINA HEALTHCARE INC COM 60855R100 61,905 1,665,000 SH   DFND 1 708,000 0 957,000
MYLAN INC COM 628530107 154,747 4,987,000 SH   DFND 1 1,881,000 0 3,106,000
MYLAN INC COM 628530107 9,309 300,000 SH Call DFND 1 84,400 0 215,600
NATUS MEDICAL INC DEL COM 639050103 19,479 1,427,000 SH   DFND 1 419,000 0 1,008,000
NEUROCRINE BIOSCIENCES INC COM 64125C109 10,276 768,000 SH   DFND 1 176,600 0 591,400
NXSTAGE MEDICAL INC COM 67072V103 45,997 3,221,100 SH   SOLE   3,221,100 0 0
ONYX PHARMACEUTICALS INC COM 683399109 102,014 1,175,000 SH   DFND 1 473,000 0 702,000
OPTIMER PHARMACEUTICALS INC COM 68401H104 7,756 536,000 SH   DFND 1 0 0 536,000
ORASURE TECHNOLOGIES INC COM 68554V108 18,470 4,760,300 SH   DFND 1 2,045,200 0 2,715,100
PACIRA PHARMACEUTICALS INC COM 695127100 14,442 498,000 SH   SOLE   498,000 0 0
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 8,378 2,320,800 SH   DFND 1 682,400 0 1,638,400
PFIZER INC COM 717081103 137,341 4,903,300 SH   DFND 1 1,464,900 0 3,438,400
PFIZER INC COM 717081103 90,696 3,238,000 SH Call DFND 1 845,000 0 2,393,000
PORTOLA PHARMACEUTICALS INC COM 737010108 11,801 480,319 SH   DFND 1 0 0 480,319
PUMA BIOTECHNOLOGY INC COM 74587V107 13,089 295,000 SH   SOLE   295,000 0 0
QLT INC COM 746927102 2,472 563,000 SH   DFND 1 112,300 0 450,700
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 3,635 80,000 SH   DFND 1 0 0 80,000
QUINTILES TRANSNATIO HLDGS I COM 74876Y101 18,726 440,000 SH   DFND 1 255,000 0 185,000
RECEPTOS INC COM 756207106 12,818 644,450 SH   SOLE   644,450 0 0
REGENERON PHARMACEUTICALS COM 75886F107 78,955 351,100 SH   DFND 1 86,000 0 265,100
SEATTLE GENETICS INC COM 812578102 6,292 200,000 SH Call DFND 1 86,600 0 113,400
SEQUENOM INC COM NEW 817337405 15,169 3,603,000 SH   DFND 1 1,584,000 0 2,019,000
SINOVAC BIOTECH LTD SHS P8696W104 7,405 1,884,200 SH   DFND 1 886,500 0 997,700
SPDR S&P 500 ETF TR TR UNIT 78462F103 48,126 300,000 SH Put DFND 1 84,400 0 215,600
SPDR SERIES TRUST S&P BIOTECH 78464A870 26,065 250,000 SH Put DFND 1 70,300 0 179,700
ST JUDE MED INC COM 790849103 6,616 145,000 SH   DFND 1 0 0 145,000
STRYKER CORP COM 863667101 7,425 114,800 SH   DFND 1 0 0 114,800
SUPERNUS PHARMACEUTICALS INC COM 868459108 16,051 2,496,200 SH   SOLE   2,496,200 0 0
TECHNE CORP COM 878377100 5,941 86,000 SH   DFND 1 0 0 86,000
THERMO FISHER SCIENTIFIC INC COM 883556102 151,149 1,786,000 SH   DFND 1 711,000 0 1,075,000
UNITEDHEALTH GROUP INC COM 91324P102 79,100 1,208,000 SH   DFND 1 425,000 0 783,000
UROPLASTY INC COM NEW 917277204 2,988 1,443,500 SH   DFND 1 600,600 0 842,900
VALEANT PHARMACEUTICALS INTL COM 91911K102 11,879 138,000 SH   DFND 1 0 0 138,000
VERTEX PHARMACEUTICALS INC COM 92532F100 17,853 223,000 SH   DFND 1 0 0 223,000
VOCERA COMMUNICATIONS INC COM 92857F107 6,578 447,500 SH   DFND 1 189,700 0 257,800
WARNER CHILCOTT PLC IRELAND SHS A G94368100 54,811 2,753,100 SH   DFND 1 909,000 0 1,844,100
WARNER CHILCOTT PLC IRELAND SHS A G94368100 19,135 961,100 SH Call DFND 1 262,900 0 698,200
WELLCARE HEALTH PLANS INC COM 94946T106 27,775 500,000 SH Call DFND 1 140,700 0 359,300
WELLCARE HEALTH PLANS INC COM 94946T106 12,943 233,000 SH   DFND 1 79,000 0 154,000
WELLPOINT INC COM 94973V107 97,144 1,187,000 SH   DFND 1 488,000 0 699,000
XENOPORT INC COM 98411C100 20,002 4,040,800 SH   DFND 1 1,316,900 0 2,723,900
XOMA CORP DEL COM 98419J107 9,387 2,585,927 SH   DFND 1 625,000 0 1,960,927
ZIMMER HLDGS INC COM 98956P102 6,093 81,300 SH   DFND 1 0 0 81,300
ZOETIS INC CL A 98978V103 4,069 131,732 SH   DFND 1 56,444 0 75,288