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 6,701 174,000 SH   DFND 1 22,000 0 152,000
ABBVIE INC COM 00287Y109 246,401 4,793,800 SH   DFND 1 1,949,400 0 2,844,400
ABBVIE INC COM 00287Y109 12,850 250,000 SH Call DFND 1 85,500 0 164,500
ACCELERON PHARMA INC COM 00434H108 64,439 1,867,800 SH   SOLE   1,867,800 0 0
ACTAVIS PLC SHS G0083B108 101,896 495,000 SH   DFND 1 177,000 0 318,000
AEGERION PHARMACEUTICALS INC COM 00767E102 9,236 200,000 SH Call DFND 1 68,400 0 131,600
AEGERION PHARMACEUTICALS INC COM 00767E102 9,236 200,000 SH Put DFND 1 68,400 0 131,600
AETNA INC NEW COM 00817Y108 4,723 63,000 SH   DFND 1 8,000 0 55,000
AFFYMETRIX INC COM 00826T108 47,721 6,693,000 SH   DFND 1 1,560,000 0 5,133,000
AGENUS INC COM NEW 00847G705 16,009 5,050,000 SH   DFND 1 2,255,200 0 2,794,800
AGILENT TECHNOLOGIES INC COM 00846U101 170,142 3,042,600 SH   DFND 1 1,159,600 0 1,883,000
ALEXION PHARMACEUTICALS INC COM 015351109 40,619 267,000 SH   DFND 1 14,000 0 253,000
ALIMERA SCIENCES INC COM 016259103 11,835 1,500,000 SH   DFND 1 670,000 0 830,000
ALLERGAN INC COM 018490102 281,707 2,270,000 SH   DFND 1 931,000 0 1,339,000
ALLERGAN INC COM 018490102 24,820 200,000 SH Call DFND 1 68,400 0 131,600
AMARIN CORP PLC SPONS ADR NEW 023111206 724 400,000 SH   SOLE   400,000 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 13,596 1,490,769 SH   SOLE   1,490,769 0 0
AMGEN INC COM 031162100 285,643 2,315,900 SH   DFND 1 865,700 0 1,450,200
ANGIODYNAMICS INC COM 03475V101 3,150 200,000 SH Call DFND 1 66,700 0 133,300
ANTARES PHARMA INC COM 036642106 11,249 3,213,900 SH   DFND 1 1,279,800 0 1,934,100
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 3,125 932,750 SH   SOLE   932,750 0 0
ARQULE INC COM 04269E107 11,689 5,702,000 SH   DFND 1 1,623,100 0 4,078,900
ARRAY BIOPHARMA INC COM 04269X105 29,596 6,297,000 SH   DFND 1 2,083,200 0 4,213,800
ARROWHEAD RESH CORP COM NEW 042797209 64,202 3,910,000 SH   DFND 1 1,061,600 0 2,848,400
ASTRAZENECA PLC SPONSORED ADR 046353108 12,976 200,000 SH Call DFND 1 68,400 0 131,600
BACTERIN INTL HLDGS INC COM 05644R101 3,994 4,754,386 SH   SOLE   4,754,386 0 0
BIODEL INC COM NEW 09064M204 1,092 400,000 SH   SOLE   400,000 0 0
BIOGEN IDEC INC COM 09062X103 324,436 1,060,700 SH   DFND 1 348,500 0 712,200
BIOLINERX LTD SPONSORED ADR 09071M106 2,531 1,135,000 SH   SOLE   1,135,000 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 101,838 1,493,000 SH   DFND 1 500,600 0 992,400
BIOMARIN PHARMACEUTICAL INC NOTE 0.750%10/1 09061GAE1 546 500,000 PRN   DFND 1 215,000 0 285,000
BIOMARIN PHARMACEUTICAL INC NOTE 1.500%10/1 09061GAF8 553 500,000 PRN   DFND 1 215,000 0 285,000
BLUEBIRD BIO INC COM 09609G100 6,572 289,000 SH   DFND 1 105,100 0 183,900
BOSTON SCIENTIFIC CORP COM 101137107 3,673 271,700 SH   DFND 1 34,700 0 237,000
BRISTOL MYERS SQUIBB CO COM 110122108 309,954 5,966,400 SH   DFND 1 2,310,400 0 3,656,000
BRISTOL MYERS SQUIBB CO COM 110122108 38,963 750,000 SH Call DFND 1 255,600 0 494,400
CARDINAL HEALTH INC COM 14149Y108 18,685 267,000 SH   DFND 1 34,000 0 233,000
CAREFUSION CORP COM 14170T101 80,923 2,012,000 SH   DFND 1 797,000 0 1,215,000
CAREFUSION CORP COM 14170T101 10,055 250,000 SH Call DFND 1 85,500 0 164,500
CATALYST PHARM PARTNERS INC COM 14888U101 4,283 1,895,000 SH   DFND 1 835,000 0 1,060,000
CELGENE CORP COM 151020104 191,447 1,371,400 SH   DFND 1 451,000 0 920,400
CELLDEX THERAPEUTICS INC NEW COM 15117B103 41,482 2,347,600 SH   DFND 1 895,800 0 1,451,800
CERUS CORP COM 157085101 20,342 4,238,000 SH   DFND 1 1,607,300 0 2,630,700
CERUS CORP COM 157085101 2,400 500,000 SH Call DFND 1 171,000 0 329,000
COVANCE INC COM 222816100 6,546 63,000 SH   DFND 1 8,000 0 55,000
CUBIST PHARMACEUTICALS INC COM 229678107 6,584 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 9,846 143,000 SH   DFND 1 8,000 0 135,000
DERMA SCIENCES INC COM PAR $.01 249827502 3,804 300,000 SH   DFND 1 134,300 0 165,700
DURATA THERAPEUTICS INC COM 26658A107 24,046 1,785,714 SH   SOLE   1,785,714 0 0
ENDOLOGIX INC NOTE 2.250%12/1 29266SAA4 964 1,000,000 PRN   DFND 1 0 0 1,000,000
EXACT SCIENCES CORP COM 30063P105 26,824 1,893,000 SH   DFND 1 769,000 0 1,124,000
EXACT SCIENCES CORP COM 30063P105 1,417 100,000 SH Put DFND 1 32,900 0 67,100
EXELIXIS INC COM 30161Q104 10,224 2,888,000 SH   DFND 1 867,000 0 2,021,000
EXPRESS SCRIPTS HLDG CO COM 30219G108 157,464 2,097,000 SH   DFND 1 784,000 0 1,313,000
FATE THERAPEUTICS INC COM 31189P102 6,749 692,900 SH   DFND 1 296,100 0 396,800
FIVE PRIME THERAPEUTICS INC COM 33830X104 21,142 1,075,400 SH   DFND 1 460,000 0 615,400
FLUIDIGM CORP DEL COM 34385P108 63,778 1,447,200 SH   DFND 1 189,000 0 1,258,200
FLUIDIGM CORP DEL COM 34385P108 11,409 100,000 SH Call DFND 1 34,200 0 65,800
FLUIDIGM CORP DEL NOTE 2.750% 2/0 34385PAA6 19,395 17,000,000 PRN   DFND 1 5,330,000 0 11,670,000
FOREST LABS INC COM 345838106 8,673 94,000 SH   DFND 1 12,000 0 82,000
GILEAD SCIENCES INC COM 375558103 376,607 5,314,800 SH   DFND 1 1,775,000 0 3,539,800
GILEAD SCIENCES INC COM 375558103 5,315 75,000 SH Put DFND 1 25,600 0 49,400
GW PHARMACEUTICALS PLC ADS 36197T103 5,670 95,500 SH   DFND 1 30,700 0 64,800
HCA HOLDINGS INC COM 40412C101 221,288 4,215,000 SH   DFND 1 1,911,000 0 2,304,000
HEALTH NET INC COM 42222G108 87,066 2,560,000 SH   DFND 1 1,067,000 0 1,493,000
HORIZON PHARMA INC COM 44047T109 2,964 196,000 SH   DFND 1 0 0 196,000
ILLUMINA INC COM 452327109 202,252 1,360,500 SH   DFND 1 471,700 0 888,800
IMPAX LABORATORIES INC COM 45256B101 141,231 5,345,600 SH   DFND 1 1,840,700 0 3,504,900
INCYTE CORP COM 45337C102 167,196 3,124,000 SH   DFND 1 1,361,100 0 1,762,900
INCYTE CORP NOTE 4.750%10/0 45337CAJ1 24,975 4,242,000 PRN   DFND 1 0 0 4,242,000
INFINITY PHARMACEUTICALS INC COM 45665G303 56,322 4,736,900 SH   DFND 1 1,766,600 0 2,970,300
INOVIO PHARMACEUTICALS INC COM 45773H102 13,277 3,987,000 SH   DFND 1 981,000 0 3,006,000
INSPIREMD INC COM NEW 45779A309 10,355 3,395,000 SH   SOLE   3,395,000 0 0
INSULET CORP COM 45784P101 91,687 1,933,500 SH   DFND 1 885,300 0 1,048,200
INTERCEPT PHARMACEUTICALS IN COM 45845P108 572,164 1,734,934 SH   SOLE   1,734,934 0 0
INTERMUNE INC COM 45884X103 199,213 5,952,000 SH   DFND 1 2,194,000 0 3,758,000
INTUITIVE SURGICAL INC COM NEW 46120E602 147,296 336,300 SH   DFND 1 141,500 0 194,800
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 13,331 1,082,100 SH   DFND 1 253,800 0 828,300
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 3,696 300,000 SH Call DFND 1 102,500 0 197,500
ISHARES NASDQ BIOTEC ETF 464287556 23,640 100,000 SH Put DFND 1 34,200 0 65,800
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 15,948 115,000 SH   DFND 1 0 0 115,000
JOHNSON & JOHNSON COM 478160104 58,643 597,000 SH   DFND 1 76,000 0 521,000
LILLY ELI & CO COM 532457108 31,961 543,000 SH   DFND 1 50,000 0 493,000
MACROGENICS INC COM 556099109 13,689 491,897 SH   SOLE   491,897 0 0
MANNKIND CORP COM 56400P201 1,608 400,000 SH Put DFND 1 190,700 0 209,300
MCKESSON CORP COM 58155Q103 102,234 579,000 SH   DFND 1 220,000 0 359,000
MEDIVATION INC COM 58501N101 175,350 2,724,100 SH   DFND 1 1,079,000 0 1,645,100
MEDTRONIC INC COM 585055106 19,877 323,000 SH   DFND 1 18,000 0 305,000
MEI PHARMA INC COM NEW 55279B202 21,420 1,924,500 SH   DFND 1 859,500 0 1,065,000
MERCK & CO INC NEW COM 58933Y105 144,593 2,547,000 SH   DFND 1 922,000 0 1,625,000
MERGE HEALTHCARE INC COM 589499102 11,294 4,628,500 SH   DFND 1 1,621,000 0 3,007,500
MIMEDX GROUP INC COM 602496101 4,876 795,400 SH   DFND 1 273,600 0 521,800
MIRATI THERAPEUTICS INC COM 60468T105 24,302 1,274,332 SH   SOLE   1,274,332 0 0
MOLINA HEALTHCARE INC COM 60855R100 84,623 2,253,000 SH   DFND 1 952,000 0 1,301,000
MYLAN INC COM 628530107 190,706 3,905,500 SH   DFND 1 1,645,100 0 2,260,400
MYLAN INC COM 628530107 9,766 200,000 SH Call DFND 1 68,400 0 131,600
NEUROCRINE BIOSCIENCES INC COM 64125C109 87,761 5,451,000 SH   DFND 1 1,903,000 0 3,548,000
NUVASIVE INC COM 670704105 12,138 316,000 SH   DFND 1 177,000 0 139,000
NXSTAGE MEDICAL INC COM 67072V103 26,920 2,113,000 SH   SOLE   2,113,000 0 0
ORASURE TECHNOLOGIES INC COM 68554V108 42,815 5,372,000 SH   DFND 1 2,430,000 0 2,942,000
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 11,762 2,198,500 SH   DFND 1 682,400 0 1,516,100
PERRIGO CO PLC SHS G97822103 163,445 1,056,800 SH   DFND 1 366,700 0 690,100
PERRIGO CO PLC SHS G97822103 7,733 50,000 SH Call DFND 1 17,100 0 32,900
PFIZER INC COM 717081103 117,591 3,661,000 SH   DFND 1 1,358,000 0 2,303,000
PORTOLA PHARMACEUTICALS INC COM 737010108 24,804 957,700 SH   DFND 1 255,400 0 702,300
PROTHENA CORP PLC SHS G72800108 72,368 1,889,000 SH   DFND 1 658,000 0 1,231,000
PTC THERAPEUTICS INC COM 69366J200 21,699 830,100 SH   DFND 1 215,900 0 614,200
QLT INC COM 746927102 1,668 300,000 SH   DFND 1 63,300 0 236,700
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 5,194 80,000 SH   DFND 1 0 0 80,000
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 3,247 50,000 SH Call DFND 1 17,100 0 32,900
RAPTOR PHARMACEUTICAL CORP COM 75382F106 6,000 600,000 SH   DFND 1 200,400 0 399,600
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 8,899 631,580 SH   SOLE   631,580 0 0
REGENERON PHARMACEUTICALS COM 75886F107 161,851 539,000 SH   DFND 1 231,000 0 308,000
RELYPSA INC COM 759531106 296,358 9,941,551 SH   SOLE   9,941,551 0 0
SHIRE PLC SPONSORED ADR 82481R106 87,187 587,000 SH   DFND 1 195,000 0 392,000
SINOVAC BIOTECH LTD SHS P8696W104 11,790 1,637,500 SH   DFND 1 759,500 0 878,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 74,804 400,000 SH Put DFND 1 136,700 0 263,300
ST JUDE MED INC COM 790849103 74,976 1,146,600 SH   DFND 1 466,800 0 679,800
STRYKER CORP COM 863667101 51,057 626,700 SH   DFND 1 214,600 0 412,100
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 7,932 1,200,000 SH   DFND 1 538,400 0 661,600
SUPERNUS PHARMACEUTICALS INC COM 868459108 5,185 580,000 SH   DFND 1 0 0 580,000
SYNAGEVA BIOPHARMA CORP COM 87159A103 9,218 111,100 SH   DFND 1 34,300 0 76,800
TESARO INC COM 881569107 24,993 847,800 SH   DFND 1 272,900 0 574,900
THERMO FISHER SCIENTIFIC INC COM 883556102 167,518 1,393,200 SH   DFND 1 600,200 0 793,000
TORNIER N V SHS N87237108 31,302 1,475,100 SH   DFND 1 644,600 0 830,500
UNITEDHEALTH GROUP INC COM 91324P102 8,363 102,000 SH   DFND 1 13,000 0 89,000
UROPLASTY INC COM NEW 917277204 4,950 1,363,500 SH   DFND 1 600,600 0 762,900
VALEANT PHARMACEUTICALS INTL COM 91911K102 17,533 133,000 SH   DFND 1 17,000 0 116,000
VANDA PHARMACEUTICALS INC COM 921659108 7,514 462,400 SH   DFND 1 72,100 0 390,300
VERTEX PHARMACEUTICALS INC COM 92532F100 11,315 160,000 SH   DFND 1 0 0 160,000
VERTEX PHARMACEUTICALS INC COM 92532F100 6,867 97,100 SH Put DFND 1 33,200 0 63,900
VOCERA COMMUNICATIONS INC COM 92857F107 7,308 447,500 SH   DFND 1 189,700 0 257,800
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 14,887 15,000,000 PRN   DFND 1 4,683,000 0 10,317,000
XENCOR INC COM 98401F105 9,404 801,700 SH   DFND 1 0 0 801,700
XENOPORT INC COM 98411C100 28,673 5,546,100 SH   DFND 1 2,098,700 0 3,447,400
XOMA CORP DEL COM 98419J107 12,697 2,437,000 SH   DFND 1 641,800 0 1,795,200
ZIMMER HLDGS INC COM 98956P102 67,738 716,200 SH   DFND 1 270,700 0 445,500
ZOETIS INC CL A 98978V103 6,396 221,000 SH   DFND 1 28,000 0 193,000
ZOGENIX INC COM 98978L105 875 307,600 SH Call DFND 1 105,200 0 202,400