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 13,276 400,000 SH   DFND 1 0 0 13,276
ABBVIE INC COM 00287Y109 77,920 1,742,000 SH   DFND 1 620,000 0 77,920
ABBVIE INC COM 00287Y109 11,183 250,000 SH Call DFND 1 71,500 0 11,183
ACADIA PHARMACEUTICALS INC COM 004225108 8,571 312,000 SH   DFND 1 0 0 8,571
ACTAVIS INC COM 00507K103 68,414 475,100 SH   DFND 1 240,500 0 68,414
ACTAVIS INC COM 00507K103 21,600 150,000 SH Call DFND 1 43,200 0 21,600
AEGERION PHARMACEUTICALS INC COM 00767E102 4,288 50,000 SH Put DFND 1 14,300 0 4,288
AETNA INC NEW COM 00817Y108 99,423 1,553,000 SH   DFND 1 636,000 0 99,423
AFFYMETRIX INC COM 00826T108 41,184 6,648,000 SH   DFND 1 1,500,000 0 41,184
AGILENT TECHNOLOGIES INC COM 00846U101 115,108 2,246,000 SH   DFND 1 928,000 0 115,108
AGILENT TECHNOLOGIES INC COM 00846U101 15,375 300,000 SH Call DFND 1 86,400 0 15,375
ALEXION PHARMACEUTICALS INC COM 015351109 25,079 215,900 SH   DFND 1 0 0 25,079
ALEXION PHARMACEUTICALS INC COM 015351109 11,616 100,000 SH Call DFND 1 28,800 0 11,616
ALIGN TECHNOLOGY INC COM 016255101 36,845 766,000 SH   DFND 1 477,800 0 36,845
ALLERGAN INC COM 018490102 26,864 297,000 SH   DFND 1 95,000 0 26,864
AMARIN CORP PLC SPONS ADR NEW 023111206 3,792 600,000 SH   SOLE   600,000 0 3,792
AMBIT BIOSCIENCES CORP COM 02318X100 23,107 1,490,769 SH   SOLE   1,490,769 0 23,107
AMGEN INC COM 031162100 294,318 2,629,600 SH   DFND 1 885,100 0 294,318
ANTARES PHARMA INC COM 036642106 17,722 4,365,000 SH   DFND 1 1,400,000 0 17,722
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 3,750 932,750 SH   SOLE   932,750 0 3,750
ARQULE INC COM 04269E107 10,173 4,366,000 SH   DFND 1 1,175,200 0 10,173
ARRAY BIOPHARMA INC COM 04269X105 30,053 4,831,600 SH   DFND 1 1,280,000 0 30,053
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 2,603 2,315,000 PRN   DFND 1 1,002,400 0 2,603
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 7,882 1,863,400 SH   DFND 1 496,900 0 7,882
BACTERIN INTL HLDGS INC COM 05644R101 1,175 1,754,386 SH   SOLE   1,754,386 0 1,175
BARD C R INC COM 067383109 4,378 38,000 SH   DFND 1 0 0 4,378
BAXTER INTL INC COM 071813109 10,694 162,800 SH   DFND 1 0 0 10,694
BIODEL INC COM NEW 09064M204 2,827 897,443 SH   SOLE   897,443 0 2,827
BIOGEN IDEC INC COM 09062X103 247,116 1,026,400 SH   DFND 1 330,600 0 247,116
BIOLINERX LTD SPONSORED ADR 09071M106 2,924 1,335,000 SH   SOLE   1,335,000 0 2,924
BIOMARIN PHARMACEUTICAL INC COM 09061G101 114,151 1,581,700 SH   DFND 1 504,800 0 114,151
BLUEBIRD BIO INC COM 09609G100 5,999 222,500 SH   DFND 1 91,300 0 5,999
BOSTON SCIENTIFIC CORP COM 101137107 1,996 170,000 SH   DFND 1 0 0 170,000
BRISTOL MYERS SQUIBB CO COM 110122108 240,841 5,204,000 SH   DFND 1 1,844,000 0 240,841
BRISTOL MYERS SQUIBB CO COM 110122108 11,570 250,000 SH Call DFND 1 71,600 0 11,570
CARDINAL HEALTH INC COM 14149Y108 9,872 189,300 SH   DFND 1 0 0 9,872
CAREFUSION CORP COM 14170T101 44,402 1,203,300 SH   DFND 1 216,700 0 44,402
CATALYST PHARM PARTNERS INC COM 14888U101 5,780 1,895,000 SH   DFND 1 835,000 0 5,780
CELGENE CORP COM 151020104 201,457 1,307,000 SH   DFND 1 362,000 0 201,457
CELGENE CORP RIGHT 12/31/2030 151020112 2,902 360,900 SH   DFND 1 0 0 2,902
CENTENE CORP DEL COM 15135B101 26,754 418,300 SH   DFND 1 149,000 0 26,754
CERUS CORP COM 157085101 17,189 2,557,900 SH   DFND 1 855,100 0 17,189
CHINDEX INTERNATIONAL INC COM 169467107 545 32,000 SH   SOLE   32,000 0 545
CIGNA CORPORATION COM 125509109 33,665 438,000 SH   DFND 1 219,000 0 33,665
COMMUNITY HEALTH SYS INC NEW COM 203668108 11,288 272,000 SH   DFND 1 94,000 0 11,288
COVANCE INC COM 222816100 4,150 48,000 SH   DFND 1 0 0 4,150
CUBIST PHARMACEUTICALS INC COM 229678107 57,462 904,200 SH   DFND 1 296,700 0 57,462
CURIS INC COM 231269101 8,697 1,950,100 SH   DFND 1 0 0 8,697
DAVITA HEALTHCARE PARTNERS I COM 23918K108 7,397 130,000 SH   DFND 1 0 0 7,397
DENDREON CORP COM 24823Q107 2,543 868,000 SH   DFND 1 280,700 0 2,543
DURATA THERAPEUTICS INC COM 26658A107 16,143 1,785,714 SH   SOLE   1,785,714 0 16,143
DYNAVAX TECHNOLOGIES CORP COM 268158102 10,693 8,986,000 SH   DFND 1 1,213,500 0 10,693
EDWARDS LIFESCIENCES CORP COM 28176E108 3,482 50,000 SH   DFND 1 0 0 3,482
ENDO HEALTH SOLUTIONS INC COM 29264F205 4,771 105,000 SH   DFND 1 0 0 4,771
ESPERION THERAPEUTICS INC NE COM 29664W105 1,147 60,800 SH   DFND 1 0 0 1,147
EXACT SCIENCES CORP COM 30063P105 55,228 4,680,300 SH   DFND 1 1,870,000 0 55,228
EXELIXIS INC COM 30161Q104 50,890 8,744,000 SH   DFND 1 2,200,000 0 50,890
EXPRESS SCRIPTS HLDG CO COM 30219G108 110,189 1,783,000 SH   DFND 1 668,000 0 110,189
FLUIDIGM CORP DEL COM 34385P108 31,080 1,416,608 SH   DFND 1 173,000 0 31,080
FOREST LABS INC COM 345838106 5,135 120,000 SH   DFND 1 0 0 5,135
GILEAD SCIENCES INC COM 375558103 300,380 4,777,800 SH   DFND 1 1,583,000 0 300,380
HCA HOLDINGS INC COM 40412C101 130,516 3,053,000 SH   DFND 1 1,383,000 0 130,516
HEALTH NET INC COM 42222G108 7,925 250,000 SH Call DFND 1 72,000 0 7,925
HEALTH NET INC COM 42222G108 40,246 1,269,600 SH   DFND 1 423,300 0 40,246
ILLUMINA INC COM 452327109 128,827 1,593,800 SH   DFND 1 577,700 0 128,827
IMPAX LABORATORIES INC COM 45256B101 67,258 3,285,700 SH   DFND 1 1,186,700 0 67,258
INCYTE CORP COM 45337C102 170,645 4,473,000 SH   DFND 1 2,000,000 0 170,645
INCYTE CORP NOTE 4.750%10/0 45337CAJ1 21,790 4,992,000 PRN   DFND 1 0 0 21,790
INFINITY PHARMACEUTICALS INC COM 45665G303 80,049 4,592,600 SH   DFND 1 1,631,000 0 80,049
INFINITY PHARMACEUTICALS INC COM 45665G303 2,615 150,000 SH Call DFND 1 43,200 0 2,615
INSPIREMD INC COM NEW 45779A309 7,910 3,395,000 SH   SOLE   3,395,000 0 7,910
INSULET CORP COM 45784P101 103,375 2,852,500 SH   DFND 1 1,259,500 0 103,375
INTERCEPT PHARMACEUTICALS IN COM 45845P108 148,525 2,151,607 SH   SOLE   2,151,607 0 148,525
INTERMUNE INC COM 45884X103 44,411 2,887,600 SH   DFND 1 683,400 0 44,411
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 6,622 72,000 SH   DFND 1 0 0 6,622
JOHNSON & JOHNSON COM 478160104 56,609 653,000 SH   DFND 1 0 0 56,609
KERYX BIOPHARMACEUTICALS INC COM 492515101 2,523 250,000 SH Call DFND 1 71,600 0 2,523
MCKESSON CORP COM 58155Q103 9,751 76,000 SH   DFND 1 0 0 9,751
MEDIVATION INC COM 58501N101 136,933 2,284,500 SH   DFND 1 807,300 0 136,933
MEDIVATION INC COM 58501N101 2,997 50,000 SH Put DFND 1 14,300 0 2,997
MEDTRONIC INC COM 585055106 21,833 410,000 SH   DFND 1 0 0 21,833
MERCK & CO INC NEW COM 58933Y105 289,272 6,076,000 SH   DFND 1 2,031,400 0 289,272
MERGE HEALTHCARE INC COM 589499102 11,213 4,296,000 SH   DFND 1 1,436,000 0 11,213
MIRATI THERAPEUTICS INC COM 60468T105 17,412 1,149,332 SH   SOLE   1,149,332 0 17,412
MOLINA HEALTHCARE INC COM 60855R100 65,290 1,834,000 SH   DFND 1 773,000 0 65,290
MOLINA HEALTHCARE INC COM 60855R100 7,665 215,300 SH Call DFND 1 62,100 0 7,665
MYLAN INC COM 628530107 192,720 5,049,000 SH   DFND 1 1,916,000 0 192,720
MYRIAD GENETICS INC COM 62855J104 705 30,000 SH Put DFND 1 8,600 0 705
NEUROCRINE BIOSCIENCES INC COM 64125C109 6,509 575,000 SH   DFND 1 208,800 0 6,509
NXSTAGE MEDICAL INC COM 67072V103 40,987 3,114,500 SH   SOLE   3,114,500 0 40,987
ONYX PHARMACEUTICALS INC COM 683399109 14,004 112,300 SH Put DFND 1 33,100 0 14,004
ORASURE TECHNOLOGIES INC COM 68554V108 29,209 4,860,100 SH   DFND 1 2,145,000 0 29,209
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 6,313 2,320,800 SH   DFND 1 682,400 0 6,313
PERRIGO CO COM 714290103 8,192 66,400 SH Call DFND 1 19,000 0 8,192
PFIZER INC COM 717081103 115,199 4,010,400 SH   DFND 1 1,447,400 0 115,199
PORTOLA PHARMACEUTICALS INC COM 737010108 8,747 327,000 SH   DFND 1 0 0 8,747
QLT INC COM 746927102 2,778 600,000 SH   DFND 1 122,900 0 2,778
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 4,640 80,000 SH   DFND 1 0 0 4,640
QUINTILES TRANSNATIO HLDGS I COM 74876Y101 19,747 440,000 SH   DFND 1 255,000 0 19,747
RECEPTOS INC COM 756207106 16,736 644,450 SH   SOLE   644,450 0 16,736
REGENERON PHARMACEUTICALS COM 75886F107 160,534 513,100 SH   DFND 1 165,000 0 160,534
SHIRE PLC SPONSORED ADR 82481R106 82,832 690,900 SH   DFND 1 246,000 0 82,832
SINOVAC BIOTECH LTD SHS P8696W104 11,268 1,884,200 SH   DFND 1 886,500 0 11,268
SPDR S&P 500 ETF TR TR UNIT 78462F103 50,403 300,000 SH   SOLE   300,000 0 50,403
SPDR S&P 500 ETF TR TR UNIT 78462F103 33,602 200,000 SH Put DFND 1 57,200 0 33,602
ST JUDE MED INC COM 790849103 6,437 120,000 SH   DFND 1 0 0 6,437
STRYKER CORP COM 863667101 4,461 66,000 SH   DFND 1 0 0 4,461
SUPERNUS PHARMACEUTICALS INC COM 868459108 4,687 639,400 SH   SOLE   639,400 0 4,687
SYNAGEVA BIOPHARMA CORP COM 87159A103 8,241 130,000 SH   DFND 1 34,300 0 8,241
TECHNE CORP COM 878377100 21,296 266,000 SH   DFND 1 52,000 0 21,296
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 11,334 300,000 SH Put DFND 1 85,900 0 11,334
THERMO FISHER SCIENTIFIC INC COM 883556102 142,464 1,546,000 SH   DFND 1 649,000 0 142,464
UNITEDHEALTH GROUP INC COM 91324P102 95,170 1,329,000 SH   DFND 1 483,000 0 95,170
UROPLASTY INC COM NEW 917277204 4,778 1,443,500 SH   DFND 1 600,600 0 4,778
VALEANT PHARMACEUTICALS INTL COM 91911K102 14,398 138,000 SH   DFND 1 0 0 14,398
VANDA PHARMACEUTICALS INC COM 921659108 1,526 139,400 SH Put DFND 1 39,900 0 1,526
VERTEX PHARMACEUTICALS INC COM 92532F100 25,627 338,000 SH   DFND 1 0 0 25,627
VIROPHARMA INC COM 928241108 3,926 100,000 SH Put DFND 1 28,600 0 3,926
VIROPHARMA INC COM 928241108 9,815 250,000 SH Call DFND 1 71,600 0 9,815
VOCERA COMMUNICATIONS INC COM 92857F107 8,324 447,500 SH   DFND 1 189,700 0 8,324
WARNER CHILCOTT PLC IRELAND SHS A G94368100 56,158 2,449,100 SH   DFND 1 938,000 0 56,158
WELLCARE HEALTH PLANS INC COM 94946T106 18,969 272,000 SH   DFND 1 95,100 0 18,969
WELLPOINT INC COM 94973V107 100,834 1,206,000 SH   DFND 1 498,000 0 100,834
WUXI PHARMATECH CAYMAN INC SPONS ADR SHS 929352102 863 31,500 SH   SOLE   31,500 0 863
XENOPORT INC COM 98411C100 23,984 4,222,600 SH   DFND 1 1,425,000 0 23,984
XOMA CORP DEL COM 98419J107 12,514 2,787,070 SH   DFND 1 758,800 0 12,514
ZIMMER HLDGS INC COM 98956P102 3,696 45,000 SH   DFND 1 0 0 3,696