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 7,362 180,000 SH   DFND 1 22,000 0 158,000
ABBVIE INC COM 00287Y109 293,725 5,204,200 SH   DFND 1 2,173,200 0 3,031,000
ACCELERON PHARMA INC COM 00434H108 5,836 171,800 SH   SOLE   171,800 0 0
ACTAVIS PLC SHS G0083B108 118,663 532,000 SH   DFND 1 187,000 0 345,000
AETNA INC NEW COM 00817Y108 6,486 80,000 SH   DFND 1 10,000 0 70,000
AFFYMETRIX INC COM 00826T108 58,521 6,568,000 SH   DFND 1 1,560,000 0 5,008,000
AGENUS INC COM NEW 00847G705 11,547 3,586,100 SH   DFND 1 1,601,500 0 1,984,600
AGILENT TECHNOLOGIES INC COM 00846U101 179,804 3,130,300 SH   DFND 1 1,164,300 0 1,966,000
ALEXION PHARMACEUTICALS INC COM 015351109 48,750 312,000 SH   DFND 1 14,000 0 298,000
ALIMERA SCIENCES INC COM 016259103 8,970 1,500,000 SH   DFND 1 670,000 0 830,000
ALKERMES PLC SHS G01767105 21,808 433,300 SH   DFND 1 137,500 0 295,800
ALLERGAN INC COM 018490102 261,225 1,543,700 SH   DFND 1 631,300 0 912,400
ALLERGAN INC COM 018490102 42,305 250,000 SH Call DFND 1 88,100 0 161,900
AMARIN CORP PLC SPONS ADR NEW 023111206 704 400,000 SH   SOLE   400,000 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 10,301 1,490,769 SH   SOLE   1,490,769 0 0
AMGEN INC COM 031162100 265,741 2,245,000 SH   DFND 1 846,000 0 1,399,000
ANGIODYNAMICS INC COM 03475V101 3,266 200,000 SH Call DFND 1 66,700 0 133,300
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 3,162 932,750 SH   SOLE   932,750 0 0
ARQULE INC COM 04269E107 8,838 5,702,000 SH   DFND 1 1,623,100 0 4,078,900
ARRAY BIOPHARMA INC COM 04269X105 29,197 6,402,800 SH   DFND 1 2,189,000 0 4,213,800
ARROWHEAD RESH CORP COM NEW 042797209 70,946 4,957,800 SH   DFND 1 1,432,100 0 3,525,700
BACTERIN INTL HLDGS INC COM 05644R101 32,092 4,754,386 SH   SOLE   4,754,386 0 0
BIODEL INC COM NEW 09064M204 453 209,700 SH   SOLE   209,700 0 0
BIOGEN IDEC INC COM 09062X103 341,859 1,084,200 SH   DFND 1 360,600 0 723,600
BIOLINERX LTD SPONSORED ADR 09071M106 2,361 1,135,000 SH   SOLE   1,135,000 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 89,296 1,435,400 SH   DFND 1 516,000 0 919,400
BIOMARIN PHARMACEUTICAL INC NOTE 0.750%10/1 09061GAE1 515 500,000 SH   DFND 1 215,000 0 285,000
BIOMARIN PHARMACEUTICAL INC NOTE 1.500%10/1 09061GAF8 540 500,000 SH   DFND 1 215,000 0 285,000
BOSTON SCIENTIFIC CORP COM 101137107 3,470 271,700 SH   DFND 1 34,700 0 237,000
BRISTOL MYERS SQUIBB CO COM 110122108 348,738 7,189,000 SH   DFND 1 2,903,000 0 4,286,000
CARDINAL HEALTH INC COM 14149Y108 18,991 277,000 SH   DFND 1 34,000 0 243,000
CARDIOVASCULAR SYS INC DEL COM 141619106 6,419 206,000 SH   DFND 1 93,600 0 112,400
CAREFUSION CORP COM 14170T101 162,809 3,671,000 SH   DFND 1 1,466,000 0 2,205,000
CATALYST PHARM PARTNERS INC COM 14888U101 4,794 1,895,000 SH   DFND 1 835,000 0 1,060,000
CELGENE CORP COM 151020104 228,011 2,655,000 SH   DFND 1 933,000 0 1,722,000
CELLDEX THERAPEUTICS INC NEW COM 15117B103 35,604 2,181,600 SH   DFND 1 895,800 0 1,285,800
CERUS CORP COM 157085101 17,588 4,238,000 SH   DFND 1 1,607,300 0 2,630,700
CERUS CORP COM 157085101 2,075 500,000 SH Call DFND 1 171,000 0 329,000
COVIDIEN PLC SHS G2554F113 16,287 180,600 SH   DFND 1 21,400 0 159,200
CUBIST PHARMACEUTICALS INC COM 229678107 6,284 90,000 SH   DFND 1 0 0 90,000
CURIS INC COM 231269101 3,627 1,950,100 SH   DFND 1 0 0 1,950,100
DAVITA HEALTHCARE PARTNERS I COM 23918K108 4,701 65,000 SH   DFND 1 8,000 0 57,000
DERMA SCIENCES INC COM PAR $.01 249827502 3,468 300,000 SH   DFND 1 134,300 0 165,700
DURATA THERAPEUTICS INC COM 26658A107 30,411 1,785,714 SH   SOLE   1,785,714 0 0
ENDOLOGIX INC NOTE 2.250%12/1 29266SAA4 1,003 1,000,000 PRN   DFND 1 0 0 1,000,000
EXACT SCIENCES CORP COM 30063P105 29,343 1,723,000 SH   DFND 1 769,000 0 954,000
EXPRESS SCRIPTS HLDG CO COM 30219G108 144,137 2,079,000 SH   DFND 1 811,000 0 1,268,000
FATE THERAPEUTICS INC COM 31189P102 4,372 692,900 SH   DFND 1 296,100 0 396,800
FIVE PRIME THERAPEUTICS INC COM 33830X104 16,722 1,075,400 SH   DFND 1 460,000 0 615,400
FLUIDIGM CORP DEL COM 34385P108 7,350 250,000 SH Call DFND 1 88,100 0 161,900
FLUIDIGM CORP DEL COM 34385P108 54,749 1,862,200 SH   DFND 1 604,000 0 1,258,200
FLUIDIGM CORP DEL NOTE 2.750% 2/0 34385PAA6 20,992 21,935,000 PRN   DFND 1 5,330,000 0 16,605,000
FOREST LABS INC COM 345838106 9,603 97,000 SH   DFND 1 12,000 0 85,000
GILEAD SCIENCES INC COM 375558103 284,779 3,434,800 SH   DFND 1 1,031,000 0 2,403,800
HCA HOLDINGS INC COM 40412C101 254,443 4,513,000 SH   DFND 1 1,991,000 0 2,522,000
HEALTH NET INC COM 42222G108 119,444 2,875,400 SH   DFND 1 1,111,000 0 1,764,400
HORIZON PHARMA INC COM 44047T109 8,638 546,000 SH   DFND 1 0 0 546,000
ILLUMINA INC COM 452327109 247,456 1,386,000 SH   DFND 1 502,700 0 883,300
IMPAX LABORATORIES INC COM 45256B101 162,414 5,415,600 SH   DFND 1 1,910,700 0 3,504,900
INCYTE CORP COM 45337C102 197,563 3,500,400 SH   DFND 1 1,518,700 0 1,981,700
INCYTE CORP NOTE 4.750%10/0 45337CAJ1 27,000 4,242,000 PRN   DFND 1 0 0 4,242,000
INFINITY PHARMACEUTICALS INC COM 45665G303 60,348 4,736,900 SH   DFND 1 1,766,600 0 2,970,300
INSMED INC COM PAR $.01 457669307 10,759 538,500 SH   DFND 1 173,500 0 365,000
INSPIREMD INC COM NEW 45779A309 10,015 3,395,000 SH   SOLE   3,395,000 0 0
INSULET CORP COM 45784P101 77,476 1,953,000 SH   DFND 1 904,800 0 1,048,200
INTERCEPT PHARMACEUTICALS IN COM 45845P108 391,298 1,656,258 SH   SOLE   1,656,258 0 0
INTERMUNE INC COM 45884X103 239,523 5,425,200 SH   DFND 1 2,007,600 0 3,417,600
INTUITIVE SURGICAL INC COM NEW 46120E602 161,055 391,100 SH   DFND 1 172,600 0 218,500
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 136,987 8,935,900 SH   DFND 1 3,240,000 0 5,695,900
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 4,599 300,000 SH Call DFND 1 102,500 0 197,500
ISHARES NASDQ BIOTEC ETF 464287556 38,555 150,000 SH Put DFND 1 52,800 0 97,200
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 16,906 115,000 SH   DFND 1 0 0 115,000
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 22,052 150,000 SH Call DFND 1 52,800 0 97,200
JOHNSON & JOHNSON COM 478160104 50,427 482,000 SH   DFND 1 56,000 0 426,000
LILLY ELI & CO COM 532457108 24,868 400,000 SH   DFND 1 44,000 0 356,000
MCKESSON CORP COM 58155Q103 122,899 660,000 SH   DFND 1 244,000 0 416,000
MEDIVATION INC COM 58501N101 188,584 2,446,600 SH   DFND 1 957,500 0 1,489,100
MEDTRONIC INC COM 585055106 26,990 423,300 SH   DFND 1 50,500 0 372,800
MEI PHARMA INC COM NEW 55279B202 12,201 1,924,500 SH   DFND 1 859,500 0 1,065,000
MERCK & CO INC NEW COM 58933Y105 146,823 2,538,000 SH   DFND 1 1,034,000 0 1,504,000
MERGE HEALTHCARE INC COM 589499102 10,507 4,628,500 SH   DFND 1 1,621,000 0 3,007,500
MIMEDX GROUP INC COM 602496101 5,639 795,400 SH   DFND 1 273,600 0 521,800
MIRATI THERAPEUTICS INC COM 60468T105 23,440 1,172,000 SH   SOLE   1,172,000 0 0
MOLINA HEALTHCARE INC COM 60855R100 114,382 2,562,900 SH   DFND 1 989,000 0 1,573,900
MYLAN INC COM 628530107 203,801 3,952,700 SH   DFND 1 1,676,300 0 2,276,400
MYLAN INC COM 628530107 5,156 100,000 SH Call DFND 1 35,200 0 64,800
NEUROCRINE BIOSCIENCES INC COM 64125C109 69,364 4,675,700 SH   DFND 1 1,679,400 0 2,996,300
NEWLINK GENETICS CORP COM 651511107 2,655 100,000 SH Call DFND 1 35,200 0 64,800
NPS PHARMACEUTICALS INC COM 62936P103 18,184 550,200 SH   DFND 1 205,900 0 344,300
NUVASIVE INC COM 670704105 11,240 316,000 SH   DFND 1 177,000 0 139,000
NXSTAGE MEDICAL INC COM 67072V103 11,427 795,200 SH   SOLE   795,200 0 0
ORASURE TECHNOLOGIES INC COM 68554V108 46,253 5,372,000 SH   DFND 1 2,430,000 0 2,942,000
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 10,153 1,130,600 SH   DFND 1 499,200 0 631,400
PERRIGO CO PLC SHS G97822103 172,245 1,181,700 SH   DFND 1 472,600 0 709,100
PFIZER INC COM 717081103 121,154 4,082,000 SH   DFND 1 1,404,000 0 2,678,000
PORTOLA PHARMACEUTICALS INC COM 737010108 39,731 1,361,600 SH   DFND 1 475,700 0 885,900
PROSENSA HLDG N V SHS USD N71546100 3,332 264,000 SH   DFND 1 0 0 264,000
PTC THERAPEUTICS INC COM 69366J200 4,656 178,100 SH   DFND 1 38,300 0 139,800
PUMA BIOTECHNOLOGY INC COM 74587V107 14,395 218,100 SH   DFND 1 83,300 0 134,800
PUMA BIOTECHNOLOGY INC COM 74587V107 5,610 85,000 SH Call DFND 1 29,900 0 55,100
QIAGEN NV REG SHS N72482107 19,105 781,400 SH   DFND 1 276,200 0 505,200
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 11,561 125,000 SH   DFND 1 60,500 0 64,500
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 9,249 100,000 SH Call DFND 1 34,600 0 65,400
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 11,561 125,000 SH Put DFND 1 60,500 0 64,500
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 10,595 605,800 SH   SOLE   605,800 0 0
REGENERON PHARMACEUTICALS COM 75886F107 92,255 326,600 SH   DFND 1 132,500 0 194,100
RELYPSA INC COM 759531106 241,779 9,941,551 SH   SOLE   9,941,551 0 0
SHIRE PLC SPONSORED ADR 82481R106 213,166 905,200 SH   DFND 1 289,000 0 616,200
SINOVAC BIOTECH LTD SHS P8696W104 9,236 1,637,500 SH   DFND 1 759,500 0 878,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 68,502 350,000 SH Put DFND 1 123,300 0 226,700
ST JUDE MED INC COM 790849103 115,204 1,663,600 SH   DFND 1 663,800 0 999,800
ST JUDE MED INC COM 790849103 8,656 125,000 SH Call DFND 1 44,100 0 80,900
STRYKER CORP COM 863667101 83,865 994,600 SH   DFND 1 315,600 0 679,000
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 7,824 1,200,000 SH   DFND 1 538,400 0 661,600
SUPERNUS PHARMACEUTICALS INC COM 868459108 6,351 580,000 SH   DFND 1 0 0 580,000
SYNAGEVA BIOPHARMA CORP COM 87159A103 11,643 111,100 SH   DFND 1 34,300 0 76,800
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 5,242 100,000 SH Call DFND 1 35,200 0 64,800
THERMO FISHER SCIENTIFIC INC COM 883556102 181,213 1,535,700 SH   DFND 1 642,700 0 893,000
TORNIER N V SHS N87237108 95,245 4,073,800 SH   DFND 1 1,801,800 0 2,272,000
UROPLASTY INC COM NEW 917277204 3,654 1,363,500 SH   DFND 1 600,600 0 762,900
VALEANT PHARMACEUTICALS INTL COM 91911K102 17,405 138,000 SH   DFND 1 17,000 0 121,000
VANDA PHARMACEUTICALS INC COM 921659108 7,362 455,000 SH   DFND 1 0 0 455,000
VERTEX PHARMACEUTICALS INC COM 92532F100 49,991 528,000 SH   DFND 1 136,000 0 392,000
VOCERA COMMUNICATIONS INC COM 92857F107 5,907 447,500 SH   DFND 1 189,700 0 257,800
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 2,642 15,000,000 PRN   DFND 1 4,683,000 0 10,317,000
WELLPOINT INC COM 94973V107 6,457 60,000 SH   DFND 1 7,000 0 53,000
XENCOR INC COM 98401F105 9,316 801,700 SH   DFND 1 0 0 801,700
XENOPORT INC COM 98411C100 26,788 5,546,100 SH   DFND 1 2,098,700 0 3,447,400
XOMA CORP DEL COM 98419J107 11,186 2,437,000 SH   DFND 1 641,800 0 1,795,200
ZIMMER HLDGS INC COM 98956P102 122,420 1,178,700 SH   DFND 1 405,700 0 773,000
ZOETIS INC CL A 98978V103 7,390 229,000 SH   DFND 1 28,000 0 201,000
ZOGENIX INC COM 98978L105 417 207,600 SH Call DFND 1 71,000 0 136,600