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 783 45,000 SH   DFND 1 0 0 45,000
Abbott Laboratories COM 002824100 16,239 384,000 SH   DFND 1 0 0 384,000
Abbvie Inc. COM 00287Y109 946 15,000 SH   DFND 1 0 0 15,000
Abiomed Inc COM 003654100 7,130 55,450 SH   DFND 1 0 0 55,450
Acadia Pharmaceuticals, Inc. COM 004225108 1,431 45,000 SH   DFND 1 0 0 45,000
Achillion Pharmaceuticals, Inc. COM 00448Q201 1,944 240,000 SH   DFND 1 0 0 240,000
Aetna Inc. COM 00817Y108 1,893 16,400 SH   DFND 1 0 0 16,400
Agios Pharmaceuticals, Inc. COM 00847X104 2,377 45,000 SH   DFND 1 0 0 45,000
Akorn Inc COM 009728106 6,870 252,000 SH   DFND 1 0 0 252,000
Alder Biopharmaceuticals Inc. COM 014339105 1,081 33,000 SH   DFND 1 0 0 33,000
Alere Inc COM 01449J105 1,297 30,000 SH   DFND 1 0 0 30,000
Alexion Pharmaceuticals, Inc. COM 015351109 6,053 49,400 SH   DFND 1 0 0 49,400
Alkermes Public Limited Company SHS G01767105 2,422 51,500 SH   DFND 1 0 0 51,500
Allergan PLC SHS G0177J108 6,771 29,400 SH   DFND 1 0 0 29,400
Alnylam Pharmaceuticals Inc. COM 02043Q107 1,627 24,000 SH   DFND 1 0 0 24,000
Amgen Inc. COM 031162100 13,929 83,500 SH   DFND 1 0 0 83,500
Amsurg Corp COM 03232P405 4,787 71,400 SH   DFND 1 0 0 71,400
AngioDynamics, Inc. COM 03475V101 2,280 130,000 SH   DFND 1 0 0 130,000
Anthem, Inc. COM 036752103 2,581 20,600 SH   DFND 1 0 0 20,600
ARIAD Pharmaceuticals, Inc. COM 04033A100 6,777 495,000 SH   DFND 1 0 0 495,000
Auris Medical Holding AG COM H03579101 3,753 2,169,625 SH   DFND 1 0 0 2,169,625
C.R. Bard, Inc. COM 067383109 5,607 25,000 SH   DFND 1 0 0 25,000
Baxter International Inc. COM 071813109 9,044 190,000 SH   DFND 1 0 0 190,000
Becton, Dickinson and Company COM 075887109 9,885 55,000 SH   DFND 1 0 0 55,000
Biogen Inc. COM 09062X103 17,060 54,500 SH   DFND 1 0 0 54,500
BioMarin Pharmaceutical Inc. COM 09061G101 6,014 65,000 SH   DFND 1 0 0 65,000
Bluebird Bio, Inc. COM 09609G100 1,966 29,000 SH   DFND 1 0 0 29,000
Boston Scientific Corporation COM 101137107 13,685 575,000 SH   DFND 1 0 0 575,000
Bristol-Myers Squibb Company COM 110122108 1,240 23,000 SH   DFND 1 0 0 23,000
Cardinal Health, Inc. COM 14149Y108 8,880 114,280 SH   DFND 1 0 0 114,280
Celgene Corporation COM 151020104 20,305 194,250 SH   DFND 1 0 0 194,250
Celldex Therapeutics, Inc. COM 15117B103 646 160,000 SH   DFND 1 0 0 160,000
Centene Corporation COM 15135B101 9,470 141,430 SH   DFND 1 0 0 141,430
Cerner Corporation COM 156782104 6,082 98,500 SH   DFND 1 0 0 98,500
Cigna Corporation COM 125509109 7,783 59,722 SH   DFND 1 0 0 59,722
Clovis Oncology Inc. COM 189464100 1,550 43,000 SH   DFND 1 0 0 43,000
Coherus BioSciences, Inc COM 19249H103 5,410 202,000 SH   DFND 1 0 0 202,000
Cooper Companies Inc. COM NEW 216648402 4,213 23,500 SH   DFND 1 0 0 23,500
CVS Health Corporation COM 126650100 863 9,700 SH   DFND 1 0 0 9,700
Davita Healthcare Partners, Inc. COM 23918K108 661 10,000 SH   DFND 1 0 0 10,000
Direxion SHS ETF TR SP BIOTECH BL NEW 25490K323 1,228 25,175 SH   DFND 1 0 0 25,175
Eagle Pharmaceuticals Inc. COM 269796108 2,030 29,000 SH   DFND 1 0 0 29,000
Eiger BioPharmaceuticals, Inc. COM 28249U105 45 3,333 SH   DFND 1 0 0 3,333
Edwards Lifesciences Corporation COM 28176E108 10,248 85,000 SH   DFND 1 0 0 85,000
Endo International PLC SHS G30401106 3,829 190,000 SH   DFND 1 0 0 190,000
Envision Healthcare Hldgs Inc. COM 29413U103 869 39,000 SH   DFND 1 0 0 39,000
Esperion Therapeutics Inc. COM 29664W105 554 40,000 SH   DFND 1 0 0 40,000
Exelixis, Inc. COM 30161Q104 767 60,000 SH   DFND 1 0 0 60,000
Express Scripts Holding Company COM 30219G108 3,491 49,500 SH   DFND 1 0 0 49,500
Gilead Sciences, Inc. COM 375558103 12,382 156,500 SH   DFND 1 0 0 156,500
Globus Medical, Inc. CL A 379577208 1,979 87,700 SH   DFND 1 0 0 87,700
GW Pharmaceuticals PLC ADS 36197T103 796 6,000 SH   DFND 1 0 0 6,000
Halozyme Therapeutics, Inc. COM 40637H109 3,841 318,000 SH   DFND 1 0 0 318,000
HCA Holdings, Inc. COM 40412C101 2,360 31,200 SH   DFND 1 0 0 31,200
Healthcare Services Group Inc. COM 421906108 1,508 38,100 SH   DFND 1 0 0 38,100
Hologic, Inc. COM 436440101 9,401 242,100 SH   DFND 1 0 0 242,100
Horizon Pharma plc SHS G4617B105 2,121 117,000 SH   DFND 1 0 0 117,000
Humana, Inc. COM 444859102 1,910 10,800 SH   DFND 1 0 0 10,800
Illumina, Inc. COM 452327109 17,162 94,475 SH   DFND 1 0 0 94,475
Impax Laboratories, Inc. COM 45256B101 2,252 95,000 SH   DFND 1 0 0 95,000
Incyte Corporation COM 45337C102 8,580 91,000 SH   DFND 1 0 0 91,000
Inovio Pharmaceuticals, Inc. COM NEW 45773H201 1,445 155,000 SH   DFND 1 0 0 155,000
Insulet Corporation COM 45784P101 614 15,000 SH   DFND 1 0 0 15,000
Insys Therapeutics Inc. COM NEW 45824V209 1,356 115,000 SH   DFND 1 0 0 115,000
Intercept Pharmaceuticals, Inc. COM 45845P108 2,222 13,500 SH   DFND 1 0 0 13,500
Intersect Ent, Inc. COM 46071F103 3,252 205,325 SH   DFND 1 0 0 205,325
Intuitive Surgical, Inc. COM NEW 46120E602 8,698 12,000 SH   DFND 1 0 0 12,000
Ionis Pharmaceuticals Inc. COM 462222100 3,957 108,000 SH   DFND 1 0 0 108,000
iSHARES Trust NASDQ BIOTEC ETF 464287556 3,908 13,500 SH   DFND 1 0 0 13,500
Jazz Pharmaceuticals Public Limited Company SHS USD G50871105 10,180 83,800 SH   DFND 1 0 0 83,800
Johnson & Johnson COM 478160104 5,907 50,000 SH   DFND 1 0 0 50,000
Juno Therapeutics, Inc. COM 48205A109 1,110 37,000 SH   DFND 1 0 0 37,000
Kite Pharma, Inc. COM 49803L109 782 14,000 SH   DFND 1 0 0 14,000
Laboratory Corporation of America Holdings COM NEW 50540R409 1,100 8,000 SH   DFND 1 0 0 8,000
Ligand Pharmaceuticals Incorporated COM NEW 53220K504 10,908 106,880 SH   DFND 1 0 0 106,880
Lilly Eli & Co. COM 532457108 2,809 35,000 SH   DFND 1 0 0 35,000
Macrogenics, Inc. COM 556099109 2,483 83,000 SH   DFND 1 0 0 83,000
Mallinckrodt Pub Ltd Co. SHS G5785G107 5,638 80,800 SH   DFND 1 0 0 80,800
Masimo Corporation COM 574795100 4,164 70,000 SH   DFND 1 0 0 70,000
McKesson Corporation COM 58155Q103 4,002 24,000 SH   DFND 1 0 0 24,000
Medtronic PLC SHS G5960L103 21,384 247,500 SH   DFND 1 0 0 247,500
Merck & Co., Inc. COM 58933Y105 2,933 47,000 SH   DFND 1 0 0 47,000
Molina Healthcare Inc. COM 60855R100 962 16,500 SH   DFND 1 0 0 16,500
Mylan N V SHS EURO N59465109 8,985 235,700 SH   DFND 1 0 0 235,700
Myriad Genetics, Inc. COM 62855J104 288 14,000 SH   DFND 1 0 0 14,000
Nektar Therapeutics COM 640268108 3,195 186,000 SH   DFND 1 0 0 186,000
Neurocrine Biosciences, Inc. COM 64125C109 2,937 58,000 SH   DFND 1 0 0 58,000
Nevro Corp. COM 64157F103 783 7,500 SH   DFND 1 0 0 7,500
Novadaq Technologies Inc. COM 66987G102 2,661 230,000 SH   DFND 1 0 0 230,000
Novavax, Inc. COM 670002104 676 325,000 SH   DFND 1 0 0 325,000
Nuvasive, Inc. COM 670704105 4,000 60,000 SH   DFND 1 0 0 60,000
Penumbra, Inc. COM 70975L107 380 5,000 SH   DFND 1 0 0 5,000
Perrigo Company plc SHS G97822103 3,942 42,700 SH   DFND 1 0 0 42,700
Pfizer Inc. COM 717081103 1,694 50,000 SH   DFND 1 0 0 50,000
Portola Pharmaceuticals Inc. COM 737010108 818 36,000 SH   DFND 1 0 0 36,000
ProShares Trust PSHS ULT NASB 74347R214 2,205 45,500 SH   DFND 1 0 0 45,500
Prothena Corporation plc SHS G72800108 2,459 41,000 SH   DFND 1 0 0 41,000
Qiagen NV REG SHS N72482107 2,511 91,500 SH   DFND 1 0 0 91,500
Quorum Health Corp COM 74909E106 78 12,500 SH   DFND 1 0 0 12,500
Quotient Limited SHS G73268107 860 110,000 SH   DFND 1 0 0 110,000
Radius Health Inc. COM NEW 750469207 3,299 61,000 SH   DFND 1 0 0 61,000
Regeneron Pharmaceuticals, Inc. COM 75886F107 15,277 38,000 SH   DFND 1 0 0 38,000
ResMed Inc. COM 761152107 518 8,000 SH   DFND 1 0 0 8,000
Seattle Genetics, Inc. COM 812578102 2,322 43,000 SH   DFND 1 0 0 43,000
Shire PLC SPONSORED ADR 82481R106 7,384 38,090 SH   DFND 1 0 0 38,090
Stryker Corporation COM 863667101 21,047 180,800 SH   DFND 1 0 0 180,800
Surgery Partners, Inc. COM 86881A100 304 15,000 SH   DFND 1 0 0 15,000
Team Health Holdings Inc. COM 87817A107 814 25,000 SH   DFND 1 0 0 25,000
Teleflex Incorporated COM 879369106 1,092 6,500 SH   DFND 1 0 0 6,500
Teva Pharmaceuticals Industries Ltd ADR 881624209 8,613 187,190 SH   DFND 1 0 0 187,190
Theravance Biopharma, Inc. COM G8807B106 668 18,428 SH   DFND 1 0 0 18,428
Thermo Fisher Scientific Inc. COM 883556102 2,545 16,000 SH   DFND 1 0 0 16,000
Ultragenyx Pharmaceuticals Inc. COM 90400D108 3,050 43,000 SH   DFND 1 0 0 43,000
United Therapeutics Corporation COM 91307C102 744 6,300 SH   DFND 1 0 0 6,300
UnitedHealth Group Incorporated COM 91324P102 13,888 99,200 SH   DFND 1 0 0 99,200
Varian Medical Systems, Inc. COM 92220P105 697 7,000 SH   DFND 1 0 0 7,000
Vertex Pharmaceuticals Incorporated COM 92532F100 7,413 85,000 SH   DFND 1 0 0 85,000
Webmd Health Corp COM 94770V102 368 7,400 SH   DFND 1 0 0 7,400
Wright Med Group N V ORD SHS 0.03 PAR N96617118 1,725 70,309 SH   DFND 1 0 0 70,309
Zeltiq Aesthetics Inc. COM 98933Q108 2,353 60,000 SH   DFND 1 0 0 60,000
Zimmer Biomet Holdings, Inc. COM 98956P102 10,402 80,000 SH   DFND 1 0 0 80,000