| 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 |
| ACCURAY INC | COM | 004397105 | 14,126 | 1,870,943 | SH | | DFND | 1 | 1,870,943 | 0 | 0 |
| ACCURAY INC | NOTE 3.500% 2/0 | 004397AD7 | 7,586 | 5,000,000 | PRN | | DFND | 1 | 5,000,000 | 0 | 0 |
| ACCURAY INC | NOTE 3.750% 8/0 | 004397AB1 | 24,991 | 24,100,000 | PRN | | DFND | 1 | 24,100,000 | 0 | 0 |
| ACHILLION PHARMACEUTICALS IN | COM | 00448Q201 | 35,774 | 2,920,300 | SH | | DFND | 1 | 2,920,300 | 0 | 0 |
| ADEPTUS HEALTH INC | CL A | 006855100 | 2,358 | 63,053 | SH | | DFND | 1 | 63,053 | 0 | 0 |
| AERIE PHARMACEUTICALS INC | COM | 00771V108 | 54,262 | 1,858,917 | SH | | DFND | 1 | 1,858,917 | 0 | 0 |
| AGILE THERAPEUTICS INC | COM | 00847L100 | 645 | 105,000 | SH | | DFND | 1 | 105,000 | 0 | 0 |
| ALIMERA SCIENCES INC | COM | 016259103 | 22,414 | 4,045,826 | SH | | DFND | 1 | 4,045,826 | 0 | 0 |
| ALLERGAN INC | COM | 018490102 | 128,957 | 606,601 | SH | | DFND | 1 | 606,601 | 0 | 0 |
| ALLERGAN INC | COM | 018490102 | 42,518 | 200,000 | SH | Call | DFND | 1 | 200,000 | 0 | 0 |
| ALLSCRIPTS HEALTHCARE SOLUTN | NOTE 1.250% 7/0 | 01988PAD0 | 12,795 | 13,000,000 | PRN | | DFND | 1 | 13,000,000 | 0 | 0 |
| ALPHATEC HOLDINGS INC | COM | 02081G102 | 5,616 | 3,982,738 | SH | | DFND | 1 | 3,982,738 | 0 | 0 |
| AMAG PHARMACEUTICALS INC | NOTE 2.500% 2/1 | 00163UAA4 | 74,866 | 45,020,000 | PRN | | DFND | 1 | 45,020,000 | 0 | 0 |
| AMPHASTAR PHARMACEUTICALS IN | COM | 03209R103 | 14,821 | 1,276,577 | SH | | DFND | 1 | 1,276,577 | 0 | 0 |
| ANTARES PHARMA INC | COM | 036642106 | 20,828 | 8,104,318 | SH | | DFND | 1 | 8,104,318 | 0 | 0 |
| ANTHERA PHARMACEUTICALS INC | COM NEW | 03674U201 | 2,673 | 1,691,857 | SH | | DFND | 1 | 1,691,857 | 0 | 0 |
| ARENA PHARMACEUTICALS INC | COM | 040047102 | 24,129 | 6,953,737 | SH | | DFND | 1 | 6,953,737 | 0 | 0 |
| ARRAY BIOPHARMA INC | COM | 04269X105 | 55,978 | 11,834,595 | SH | | DFND | 1 | 11,834,595 | 0 | 0 |
| ARRAY BIOPHARMA INC | NOTE 3.000% 6/0 | 04269XAA3 | 41,604 | 45,000,000 | PRN | | DFND | 1 | 45,000,000 | 0 | 0 |
| AUSPEX PHARMACEUTICALS INC | COM | 05211J102 | 154,769 | 2,949,103 | SH | | DFND | 1 | 2,949,103 | 0 | 0 |
| AUXILIUM PHARMACEUTICALS INC | COM | 05334D107 | 215,504 | 6,267,382 | SH | | DFND | 1 | 6,267,382 | 0 | 0 |
| AVALANCHE BIOTECHNOLOGIES IN | COM | 05337G107 | 87,192 | 1,614,669 | SH | | DFND | 1 | 1,614,669 | 0 | 0 |
| AXOGEN INC | COM | 05463X106 | 5,413 | 1,507,824 | SH | | DFND | 1 | 1,507,824 | 0 | 0 |
| BIODELIVERY SCIENCES INTL IN | COM | 09060J106 | 5,578 | 464,083 | SH | | DFND | 1 | 464,083 | 0 | 0 |
| BIOTELEMETRY INC | COM | 090672106 | 4,303 | 429,000 | SH | | DFND | 1 | 429,000 | 0 | 0 |
| BLUEBIRD BIO INC | COM | 09609G100 | 78,047 | 850,932 | SH | | DFND | 1 | 850,932 | 0 | 0 |
| CARA THERAPEUTICS INC | COM | 140755109 | 4,722 | 473,588 | SH | | DFND | 1 | 473,588 | 0 | 0 |
| CAREDX INC | COM | 14167L103 | 5,829 | 804,000 | SH | | DFND | 1 | 804,000 | 0 | 0 |
| CAS MED SYS INC | COM PAR $0.004 | 124769209 | 5,280 | 3,200,000 | SH | | DFND | 1 | 3,200,000 | 0 | 0 |
| CONNECTURE INC | COM | 20786J106 | 7,206 | 799,750 | SH | | DFND | 1 | 799,750 | 0 | 0 |
| CUBIST PHARMACEUTICALS INC | COM | 229678107 | 21,157 | 210,200 | SH | | DFND | 1 | 210,200 | 0 | 0 |
| DAVITA HEALTHCARE PARTNERS I | COM | 23918K108 | 32,947 | 435,000 | SH | | DFND | 1 | 435,000 | 0 | 0 |
| DBV TECHNOLOGIES S A | SPONSORED ADR | 23306J101 | 13,080 | 482,300 | SH | | DFND | 1 | 482,300 | 0 | 0 |
| DERMA SCIENCES INC | COM PAR $.01 | 249827502 | 6,718 | 721,546 | SH | | DFND | 1 | 721,546 | 0 | 0 |
| DERMIRA INC | COM | 24983L104 | 2,106 | 116,267 | SH | | DFND | 1 | 116,267 | 0 | 0 |
| DISCOVERY LABORATORIES INC N | COM NEW | 254668403 | 4,245 | 3,659,700 | SH | | DFND | 1 | 3,659,700 | 0 | 0 |
| DYAX CORP | COM | 26746E103 | 13,817 | 982,745 | SH | | DFND | 1 | 982,745 | 0 | 0 |
| EAGLE PHARMACEUTICALS INC | COM | 269796108 | 4,412 | 284,653 | SH | | DFND | 1 | 284,653 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 | 1,274 | 10,000 | SH | | DFND | 1 | 10,000 | 0 | 0 |
| EHEALTH INC | COM | 28238P109 | 56,434 | 2,264,588 | SH | | DFND | 1 | 2,264,588 | 0 | 0 |
| ENDOLOGIX INC | COM | 29266S106 | 51,662 | 3,378,787 | SH | | DFND | 1 | 3,378,787 | 0 | 0 |
| ENDOLOGIX INC | NOTE 2.250%12/1 | 29266SAA4 | 34,562 | 34,925,000 | PRN | | DFND | 1 | 34,925,000 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 | 1,440 | 1,000,000 | SH | Call | DFND | 1 | 1,000,000 | 0 | 0 |
| FLAMEL TECHNOLOGIES SA | SPONSORED ADR | 338488109 | 90,078 | 5,258,475 | SH | | DFND | 1 | 5,258,475 | 0 | 0 |
| FLEXION THERAPEUTICS INC | COM | 33938J106 | 2,016 | 99,847 | SH | | DFND | 1 | 99,847 | 0 | 0 |
| FLUIDIGM CORP DEL | NOTE 2.750% 2/0 | 34385PAA6 | 9,144 | 10,000,000 | PRN | | DFND | 1 | 10,000,000 | 0 | 0 |
| FOAMIX PHARMACEUTICALS LTD | SHS | M46135105 | 5,221 | 744,799 | SH | | DFND | 1 | 744,799 | 0 | 0 |
| GENOCEA BIOSCIENCES INC | COM | 372427104 | 4,230 | 604,257 | SH | | DFND | 1 | 604,257 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | 18,852 | 200,000 | SH | Put | DFND | 1 | 200,000 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 | 24,075 | 563,300 | SH | | DFND | 1 | 563,300 | 0 | 0 |
| HEALTHWAYS INC | NOTE 1.500% 7/0 | 422245AB6 | 7,828 | 6,700,000 | PRN | | DFND | 1 | 6,700,000 | 0 | 0 |
| HEARTWARE INTL INC | COM | 422368100 | 12,101 | 164,800 | SH | | DFND | 1 | 164,800 | 0 | 0 |
| HEARTWARE INTL INC | NOTE 3.500%12/1 | 422368AA8 | 21,778 | 20,464,000 | PRN | | DFND | 1 | 20,464,000 | 0 | 0 |
| HORIZON PHARMA INC | NOTE 5.000%11/1 | 44047TAB5 | 82,435 | 31,760,461 | PRN | | DFND | 1 | 31,760,461 | 0 | 0 |
| HORIZON PHARMA PLC | SHS | G4617B105 | 150,801 | 11,699,047 | SH | | DFND | 1 | 11,699,047 | 0 | 0 |
| HUMANA INC | COM | 444859102 | 40,216 | 280,000 | SH | Call | DFND | 1 | 280,000 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 | 738 | 4,000 | SH | | DFND | 1 | 4,000 | 0 | 0 |
| IMMUNOMEDICS INC | COM | 452907108 | 13,469 | 2,805,972 | SH | | DFND | 1 | 2,805,972 | 0 | 0 |
| IMMUNOMEDICS INC | COM | 452907108 | 2,400 | 500,000 | SH | Call | DFND | 1 | 500,000 | 0 | 0 |
| IMPRIVATA INC | COM | 45323J103 | 12,977 | 998,252 | SH | | DFND | 1 | 998,252 | 0 | 0 |
| IMRIS INC | COM | 45322N105 | 124 | 147,076 | SH | | DFND | 1 | 147,076 | 0 | 0 |
| INFINITY PHARMACEUTICALS INC | COM | 45665G303 | 65,158 | 3,857,805 | SH | | DFND | 1 | 3,857,805 | 0 | 0 |
| INOGEN INC | COM | 45780L104 | 11,115 | 354,330 | SH | | DFND | 1 | 354,330 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 | 34,678 | 2,241,631 | SH | | DFND | 1 | 2,241,631 | 0 | 0 |
| INTEGRA LIFESCIENCES HLDGS C | NOTE 1.625%12/1 | 457985AK5 | 50,426 | 47,428,000 | PRN | | DFND | 1 | 47,428,000 | 0 | 0 |
| INTERCEPT PHARMACEUTICALS IN | COM | 45845P108 | 9,421 | 60,393 | SH | | DFND | 1 | 60,393 | 0 | 0 |
| JUNO THERAPEUTICS INC | COM | 48205A109 | 18,703 | 358,149 | SH | | DFND | 1 | 358,149 | 0 | 0 |
| KALOBIOS PHARMACEUTICALS INC | COM | 48344T100 | 3,956 | 2,286,783 | SH | | DFND | 1 | 2,286,783 | 0 | 0 |
| KERYX BIOPHARMACEUTICALS INC | COM | 492515101 | 16,746 | 1,183,484 | SH | | DFND | 1 | 1,183,484 | 0 | 0 |
| KINDRED BIOSCIENCES INC | COM | 494577109 | 2,625 | 352,384 | SH | | DFND | 1 | 352,384 | 0 | 0 |
| KINDRED HEALTHCARE INC | COM | 494580103 | 684 | 37,611 | SH | | DFND | 1 | 37,611 | 0 | 0 |
| KITE PHARMA INC | COM | 49803L109 | 8,985 | 155,799 | SH | | DFND | 1 | 155,799 | 0 | 0 |
| LOXO ONCOLOGY INC | COM | 548862101 | 18,701 | 1,591,546 | SH | | DFND | 1 | 1,591,546 | 0 | 0 |
| LUMENIS LTD | SHS CL B | M6778Q121 | 5,584 | 597,866 | SH | | DFND | 1 | 597,866 | 0 | 0 |
| MAST THERAPEUTICS INC | COM | 576314108 | 392 | 700,000 | SH | | DFND | 1 | 700,000 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 | 19,097 | 92,000 | SH | | DFND | 1 | 92,000 | 0 | 0 |
| MEI PHARMA INC | COM NEW | 55279B202 | 12,553 | 2,939,876 | SH | | DFND | 1 | 2,939,876 | 0 | 0 |
| MERGE HEALTHCARE INC | COM | 589499102 | 3,179 | 892,897 | SH | | DFND | 1 | 892,897 | 0 | 0 |
| NANOSTRING TECHNOLOGIES INC | COM | 63009R109 | 12,863 | 923,378 | SH | | DFND | 1 | 923,378 | 0 | 0 |
| NEVRO CORP | COM | 64157F103 | 40,491 | 1,047,093 | SH | | DFND | 1 | 1,047,093 | 0 | 0 |
| NXSTAGE MEDICAL INC | COM | 67072V103 | 86,270 | 4,811,494 | SH | | DFND | 1 | 4,811,494 | 0 | 0 |
| OCERA THERAPEUTICS INC | COM | 67552A108 | 2,937 | 461,119 | SH | | DFND | 1 | 461,119 | 0 | 0 |
| ONCOTHYREON INC | COM | 682324108 | 757 | 398,499 | SH | | DFND | 1 | 398,499 | 0 | 0 |
| ORTHOFIX INTL N V | COM | N6748L102 | 16,046 | 533,812 | SH | | DFND | 1 | 533,812 | 0 | 0 |
| OVASCIENCE INC | COM | 69014Q101 | 27,728 | 627,050 | SH | | DFND | 1 | 627,050 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | COM | 69404D108 | 40,147 | 5,120,771 | SH | | DFND | 1 | 5,120,771 | 0 | 0 |
| PALATIN TECHNOLOGIES INC | COM PAR $ .01 | 696077403 | 1,460 | 2,000,000 | SH | | DFND | 1 | 2,000,000 | 0 | 0 |
| PARNELL PHARMACEUT HLDGS LTD | SHS | Q73622104 | 1,559 | 375,700 | SH | | DFND | 1 | 375,700 | 0 | 0 |
| PFENEX INC | COM | 717071104 | 4,492 | 625,640 | SH | | DFND | 1 | 625,640 | 0 | 0 |
| PLASMATECH BIOPHARMACEUTICAL | *W EXP 10/24/201 | 72754H117 | 300 | 375,000 | SH | | DFND | 1 | 375,000 | 0 | 0 |
| PLASMATECH BIOPHARMACEUTICAL | COM | 72754H109 | 1,285 | 372,374 | SH | | DFND | 1 | 372,374 | 0 | 0 |
| PORTOLA PHARMACEUTICALS INC | COM | 737010108 | 18,565 | 655,559 | SH | | DFND | 1 | 655,559 | 0 | 0 |
| PROQR THRAPEUTICS N V | SHS EURO | N71542109 | 8,235 | 380,000 | SH | | DFND | 1 | 380,000 | 0 | 0 |
| PROSENSA HLDG N V | SHS USD | N71546100 | 62,183 | 3,316,434 | SH | | DFND | 1 | 3,316,434 | 0 | 0 |
| PROTEON THERAPEUTICS INC | COM | 74371L109 | 13,160 | 1,265,343 | SH | | DFND | 1 | 1,265,343 | 0 | 0 |
| RESMED INC | COM | 761152107 | 16,611 | 296,300 | SH | | DFND | 1 | 296,300 | 0 | 0 |
| RIGEL PHARMACEUTICALS INC | COM NEW | 766559603 | 5,443 | 2,397,855 | SH | | DFND | 1 | 2,397,855 | 0 | 0 |
| SAGE THERAPEUTICS INC | COM | 78667J108 | 9,612 | 262,625 | SH | | DFND | 1 | 262,625 | 0 | 0 |
| SALIX PHARMACEUTICALS INC | COM | 795435106 | 1,322 | 11,500 | SH | | DFND | 1 | 11,500 | 0 | 0 |
| SCYNEXIS INC | COM | 811292101 | 4,990 | 500,000 | SH | | DFND | 1 | 500,000 | 0 | 0 |
| SPECTRANETICS CORP | MTNF 2.625% 6/0 | 84760CAA5 | 6,968 | 5,439,000 | PRN | | DFND | 1 | 5,439,000 | 0 | 0 |
| STREAMLINE HEALTH SOLUTIONS | COM | 86323X106 | 7,893 | 1,822,759 | SH | | DFND | 1 | 1,822,759 | 0 | 0 |
| TESARO INC | NOTE 3.000%10/0 | 881569AA5 | 34,005 | 27,123,000 | PRN | | DFND | 1 | 27,123,000 | 0 | 0 |
| THORATEC CORP | COM NEW | 885175307 | 3,341 | 102,919 | SH | | DFND | 1 | 102,919 | 0 | 0 |
| TORNIER N V | SHS | N87237108 | 7,369 | 288,971 | SH | | DFND | 1 | 288,971 | 0 | 0 |
| TRIVASCULAR TECHNOLOGIES INC | COM | 89685A102 | 14,438 | 1,148,575 | SH | | DFND | 1 | 1,148,575 | 0 | 0 |
| TRUPANION INC | COM | 898202106 | 18,560 | 2,678,176 | SH | | DFND | 1 | 2,678,176 | 0 | 0 |
| UNIVERSAL AMERN CORP NEW | COM | 91338E101 | 52,105 | 5,614,798 | SH | | DFND | 1 | 5,614,798 | 0 | 0 |
| VANDA PHARMACEUTICALS INC | COM | 921659108 | 59,282 | 4,139,787 | SH | | DFND | 1 | 4,139,787 | 0 | 0 |
| WEBMD HEALTH CORP | NOTE 1.500%12/0 | 94770VAK8 | 16,921 | 17,000,000 | PRN | | DFND | 1 | 17,000,000 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | 1,080 | 25,097 | SH | | DFND | 1 | 25,097 | 0 | 0 |
