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 7,486 180,000 SH   DFND 1 22,000 0 158,000
ABBVIE INC COM 00287Y109 316,409 5,478,000 SH   DFND 1 2,303,200 0 3,174,800
ACHILLION PHARMACEUTICALS IN COM 00448Q201 1,577 158,000 SH   DFND 1 0 0 158,000
ACTAVIS PLC SHS G0083B108 346,526 1,436,200 SH   DFND 1 593,300 0 842,900
AETNA INC NEW COM 00817Y108 6,480 80,000 SH   DFND 1 10,000 0 70,000
AFFIMED THERAPEUTICS B V COM N01045108 36,632 5,814,630 SH   SOLE   5,814,630 0 0
AFFYMETRIX INC COM 00826T108 52,413 6,568,000 SH   DFND 1 1,560,000 0 5,008,000
AGENUS INC COM NEW 00847G705 11,153 3,586,100 SH   DFND 1 1,601,500 0 1,984,600
AGILENT TECHNOLOGIES INC COM 00846U101 175,165 4,299,000 SH   DFND 1 1,617,000 0 2,682,000
ALEXION PHARMACEUTICALS INC COM 015351109 51,736 312,000 SH   DFND 1 14,000 0 298,000
ALIMERA SCIENCES INC COM 016259103 8,130 1,500,000 SH   DFND 1 670,000 0 830,000
ALLERGAN INC COM 018490102 159,961 897,700 SH   DFND 1 374,300 0 523,400
AMAG PHARMACEUTICALS INC COM 00163U106 5,042 158,000 SH   DFND 1 0 0 158,000
AMARIN CORP PLC SPONS ADR NEW 023111206 436 400,000 SH   SOLE   400,000 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 22,958 1,490,769 SH   SOLE   1,490,769 0 0
AMGEN INC COM 031162100 365,617 2,603,000 SH   DFND 1 909,000 0 1,694,000
AMGEN INC COM 031162100 28,092 200,000 SH Call DFND 1 69,800 0 130,200
ARQULE INC COM 04269E107 6,386 5,702,000 SH   DFND 1 1,623,100 0 4,078,900
ARRAY BIOPHARMA INC COM 04269X105 22,858 6,402,800 SH   DFND 1 2,189,000 0 4,213,800
ARROWHEAD RESH CORP COM NEW 042797209 76,482 5,178,200 SH   DFND 1 1,480,900 0 3,697,300
BACTERIN INTL HLDGS INC COM NEW 05644R200 2,130 475,439 SH   SOLE   475,439 0 0
BIODEL INC COM NEW 09064M204 350 209,700 SH   SOLE   209,700 0 0
BIOGEN IDEC INC COM 09062X103 393,697 1,190,100 SH   DFND 1 403,600 0 786,500
BIOLINERX LTD SPONSORED ADR 09071M106 1,748 1,135,000 SH   SOLE   1,135,000 0 0
BIOMARIN PHARMACEUTICAL INC NOTE 0.750%10/1 09061GAE1 529 500,000 PRN   DFND 1 215,000 0 285,000
BIOMARIN PHARMACEUTICAL INC NOTE 1.500%10/1 09061GAF8 550 500,000 PRN   DFND 1 215,000 0 285,000
BOSTON SCIENTIFIC CORP COM 101137107 3,209 271,700 SH   DFND 1 34,700 0 237,000
BRISTOL MYERS SQUIBB CO COM 110122108 373,205 7,292,000 SH   DFND 1 2,942,000 0 4,350,000
BRISTOL MYERS SQUIBB CO COM 110122108 15,354 300,000 SH Call DFND 1 104,800 0 195,200
CARDINAL HEALTH INC COM 14149Y108 20,753 277,000 SH   DFND 1 34,000 0 243,000
CARDIOVASCULAR SYS INC DEL COM 141619106 4,017 170,000 SH   DFND 1 77,200 0 92,800
CAREFUSION CORP COM 14170T101 215,209 4,756,000 SH   DFND 1 1,946,000 0 2,810,000
CELGENE CORP COM 151020104 315,428 3,328,000 SH   DFND 1 1,065,000 0 2,263,000
CELLDEX THERAPEUTICS INC NEW COM 15117B103 28,274 2,181,600 SH   DFND 1 895,800 0 1,285,800
CERUS CORP COM 157085101 28,812 7,185,000 SH   DFND 1 2,635,000 0 4,550,000
COOPER COS INC COM NEW 216648402 177,976 1,142,700 SH   DFND 1 484,100 0 658,600
COOPER COS INC COM NEW 216648402 31,150 200,000 SH Call DFND 1 69,800 0 130,200
COVIDIEN PLC SHS G2554F113 15,624 180,600 SH   DFND 1 21,400 0 159,200
COVIDIEN PLC SHS G2554F113 21,628 250,000 SH Call DFND 1 86,700 0 163,300
CURIS INC COM 231269101 2,750 1,950,100 SH   DFND 1 0 0 1,950,100
DAVITA HEALTHCARE PARTNERS I COM 23918K108 4,754 65,000 SH   DFND 1 8,000 0 57,000
DERMA SCIENCES INC COM PAR $.01 249827502 2,499 300,000 SH   DFND 1 134,300 0 165,700
DURATA THERAPEUTICS INC COM 26658A107 22,643 1,785,714 SH   SOLE   1,785,714 0 0
ENDOLOGIX INC NOTE 2.250%12/1 29266SAA4 898 1,000,000 PRN   DFND 1 0 0 1,000,000
EXACT SCIENCES CORP COM 30063P105 33,392 1,723,000 SH   DFND 1 769,000 0 954,000
EXPRESS SCRIPTS HLDG CO COM 30219G108 148,182 2,098,000 SH   DFND 1 811,000 0 1,287,000
FATE THERAPEUTICS INC COM 31189P102 3,534 692,900 SH   DFND 1 296,100 0 396,800
FIVE PRIME THERAPEUTICS INC COM 33830X104 12,614 1,075,400 SH   DFND 1 460,000 0 615,400
FLUIDIGM CORP DEL COM 34385P108 51,455 2,100,200 SH   DFND 1 842,000 0 1,258,200
FLUIDIGM CORP DEL NOTE 2.750% 2/0 34385PAA6 18,645 21,935,000 PRN   DFND 1 5,330,000 0 16,605,000
GILEAD SCIENCES INC COM 375558103 400,486 3,762,200 SH   DFND 1 1,294,200 0 2,468,000
GW PHARMACEUTICALS PLC ADS 36197T103 17,868 221,000 SH   DFND 1 0 0 221,000
HCA HOLDINGS INC COM 40412C101 297,101 4,213,000 SH   DFND 1 1,728,000 0 2,485,000
HEALTH NET INC COM 42222G108 141,576 3,070,400 SH   DFND 1 1,191,000 0 1,879,400
HORIZON PHARMA PLC SHS G4617B105 11,003 896,000 SH   DFND 1 0 0 896,000
ILLUMINA INC COM 452327109 220,145 1,343,000 SH   DFND 1 502,700 0 840,300
IMPAX LABORATORIES INC COM 45256B101 151,867 6,405,200 SH   DFND 1 2,313,700 0 4,091,500
IMPAX LABORATORIES INC COM 45256B101 5,928 250,000 SH Call DFND 1 84,600 0 165,400
INCYTE CORP COM 45337C102 159,653 3,254,900 SH   DFND 1 1,426,900 0 1,828,000
INCYTE CORP NOTE 4.750%10/0 45337CAJ1 23,161 4,242,000 PRN   DFND 1 0 0 4,242,000
INFINITY PHARMACEUTICALS INC COM 45665G303 63,569 4,736,900 SH   DFND 1 1,766,600 0 2,970,300
INSPIREMD INC COM NEW 45779A309 6,930 3,150,000 SH   SOLE   3,150,000 0 0
INSULET CORP COM 45784P101 71,968 1,953,000 SH   DFND 1 904,800 0 1,048,200
INSYS THERAPEUTICS INC NEW COM NEW 45824V209 28,527 735,600 SH   DFND 1 284,000 0 451,600
INTERCEPT PHARMACEUTICALS IN COM 45845P108 351,485 1,485,000 SH   SOLE   1,485,000 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 178,447 386,400 SH   DFND 1 172,600 0 213,800
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 155,617 12,012,100 SH   DFND 1 4,781,300 0 7,230,800
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 18,464 115,000 SH   DFND 1 0 0 115,000
JOHNSON & JOHNSON COM 478160104 45,088 423,000 SH   DFND 1 51,000 0 372,000
LILLY ELI & CO COM 532457108 7,263 112,000 SH   DFND 1 14,000 0 98,000
LOXO ONCOLOGY INC COM 548862101 28,569 2,175,857 SH   SOLE   2,175,857 0 0
MAGELLAN HEALTH INC COM NEW 559079207 22,034 402,600 SH   DFND 1 138,900 0 263,700
MALLINCKRODT PUB LTD CO SHS G5785G107 26,504 294,001 SH   DFND 1 112,001 0 182,000
MCKESSON CORP COM 58155Q103 137,826 708,000 SH   DFND 1 265,000 0 443,000
MEDIVATION INC COM 58501N101 224,732 2,273,000 SH   DFND 1 844,000 0 1,429,000
MEDTRONIC INC COM 585055106 26,223 423,300 SH   DFND 1 50,500 0 372,800
MEI PHARMA INC COM NEW 55279B202 13,279 1,924,500 SH   DFND 1 859,500 0 1,065,000
MERCK & CO INC NEW COM 58933Y105 157,803 2,662,000 SH   DFND 1 1,052,000 0 1,610,000
MERGE HEALTHCARE INC COM 589499102 10,183 4,628,500 SH   DFND 1 1,621,000 0 3,007,500
MIMEDX GROUP INC COM 602496101 5,671 795,400 SH   DFND 1 273,600 0 521,800
MIRATI THERAPEUTICS INC COM 60468T105 20,434 1,167,000 SH   SOLE   1,167,000 0 0
MOLINA HEALTHCARE INC COM 60855R100 115,813 2,737,900 SH   DFND 1 1,064,000 0 1,673,900
MYLAN INC COM 628530107 7,692 169,100 SH   DFND 1 21,100 0 148,000
NEUROCRINE BIOSCIENCES INC COM 64125C109 90,786 5,793,600 SH   DFND 1 2,080,700 0 3,712,900
NEWLINK GENETICS CORP COM 651511107 2,142 100,000 SH Call DFND 1 35,200 0 64,800
NPS PHARMACEUTICALS INC COM 62936P103 68,016 2,616,000 SH   DFND 1 983,600 0 1,632,400
NUVASIVE INC COM 670704105 23,084 662,000 SH   DFND 1 367,000 0 295,000
OPHTHOTECH CORP COM 683745103 13,189 338,800 SH   DFND 1 128,400 0 210,400
ORASURE TECHNOLOGIES INC COM 68554V108 38,786 5,372,000 SH   DFND 1 2,430,000 0 2,942,000
OTONOMY INC COM 68906L105 54,154 2,256,398 SH   SOLE   2,256,398 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 23,057 237,900 SH   DFND 1 0 0 237,900
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 8,241 1,073,000 SH   DFND 1 485,000 0 588,000
PERRIGO CO PLC SHS G97822103 171,922 1,144,700 SH   DFND 1 472,600 0 672,100
PFIZER INC COM 717081103 78,952 2,670,000 SH   DFND 1 225,000 0 2,445,000
PORTOLA PHARMACEUTICALS INC COM 737010108 21,506 850,700 SH   DFND 1 475,700 0 375,000
PROQR THRAPEUTICS N V SHS EURO N71542109 16,331 950,000 SH   DFND 1 438,400 0 511,600
PUMA BIOTECHNOLOGY INC COM 74587V107 50,792 212,900 SH   DFND 1 91,000 0 121,900
PUMA BIOTECHNOLOGY INC COM 74587V107 14,314 60,000 SH Call DFND 1 20,900 0 39,100
QIAGEN NV REG SHS N72482107 38,709 1,700,000 SH   DFND 1 673,100 0 1,026,900
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 7,978 605,800 SH   SOLE   605,800 0 0
REGENERON PHARMACEUTICALS COM 75886F107 133,248 369,600 SH   DFND 1 153,000 0 216,600
RELYPSA INC COM 759531106 186,806 8,857,551 SH   SOLE   8,857,551 0 0
ROKA BIOSCIENCE INC COM 775431109 32,365 3,220,429 SH   SOLE   3,220,429 0 0
SAGE THERAPEUTICS INC COM 78667J108 16,926 537,335 SH   SOLE   537,335 0 0
SALIX PHARMACEUTICALS INC COM 795435106 12,812 82,000 SH   DFND 1 0 0 82,000
SALIX PHARMACEUTICALS INC COM 795435106 31,248 200,000 SH Call DFND 1 69,800 0 130,200
SHIRE PLC SPONSORED ADR 82481R106 246,098 950,000 SH Call DFND 1 330,100 0 619,900
SHIRE PLC SPONSORED ADR 82481R106 315,782 1,219,000 SH   DFND 1 498,000 0 721,000
SINOVAC BIOTECH LTD SHS P8696W104 13,571 2,821,500 SH   DFND 1 1,373,500 0 1,448,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 68,957 350,000 SH Put DFND 1 122,200 0 227,800
ST JUDE MED INC COM 790849103 61,549 1,023,600 SH   DFND 1 418,700 0 604,900
STRYKER CORP COM 863667101 80,960 1,002,600 SH   DFND 1 315,600 0 687,000
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 8,568 1,200,000 SH   DFND 1 538,400 0 661,600
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 2,499 350,000 SH Call DFND 1 180,000 0 170,000
SUPERNUS PHARMACEUTICALS INC COM 868459108 5,040 580,000 SH   DFND 1 0 0 580,000
SYNAGEVA BIOPHARMA CORP COM 87159A103 7,641 111,100 SH   DFND 1 34,300 0 76,800
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 35,583 662,000 SH   DFND 1 191,000 0 471,000
THERMO FISHER SCIENTIFIC INC COM 883556102 205,843 1,691,400 SH   DFND 1 704,900 0 986,500
TORNIER N V SHS N87237108 114,840 4,805,000 SH   DFND 1 2,100,000 0 2,705,000
UNITEDHEALTH GROUP INC COM 91324P102 17,250 200,000 SH   DFND 1 25,000 0 175,000
UROPLASTY INC COM NEW 917277204 3,409 1,363,500 SH   DFND 1 600,600 0 762,900
VALEANT PHARMACEUTICALS INTL COM 91911K102 18,106 138,000 SH   DFND 1 17,000 0 121,000
VERTEX PHARMACEUTICALS INC COM 92532F100 151,619 1,350,000 SH   DFND 1 434,000 0 916,000
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 12,994 15,000,000 PRN   DFND 1 4,683,000 0 10,317,000
WELLPOINT INC COM 94973V107 14,175 118,500 SH   DFND 1 14,700 0 103,800
WRIGHT MED GROUP INC COM 98235T107 74,053 2,444,000 SH   DFND 1 1,039,000 0 1,405,000
XENCOR INC COM 98401F105 7,808 838,700 SH   DFND 1 0 0 838,700
XENOPORT INC COM 98411C100 29,838 5,546,100 SH   DFND 1 2,098,700 0 3,447,400
XOMA CORP DEL COM 98419J107 10,260 2,437,000 SH   DFND 1 641,800 0 1,795,200
ZIMMER HLDGS INC COM 98956P102 126,663 1,259,700 SH   DFND 1 437,700 0 822,000