| 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 |
| AAC Hldgs Inc | COM | 000307108 | 783 | 45,000 | SH | | DFND | 1 | 0 | 0 | 45,000 |
| Abbott Laboratories | COM | 002824100 | 16,239 | 384,000 | SH | | DFND | 1 | 0 | 0 | 384,000 |
| Abbvie Inc. | COM | 00287Y109 | 946 | 15,000 | SH | | DFND | 1 | 0 | 0 | 15,000 |
| Abiomed Inc | COM | 003654100 | 7,130 | 55,450 | SH | | DFND | 1 | 0 | 0 | 55,450 |
| Acadia Pharmaceuticals, Inc. | COM | 004225108 | 1,431 | 45,000 | SH | | DFND | 1 | 0 | 0 | 45,000 |
| Achillion Pharmaceuticals, Inc. | COM | 00448Q201 | 1,944 | 240,000 | SH | | DFND | 1 | 0 | 0 | 240,000 |
| Aetna Inc. | COM | 00817Y108 | 1,893 | 16,400 | SH | | DFND | 1 | 0 | 0 | 16,400 |
| Agios Pharmaceuticals, Inc. | COM | 00847X104 | 2,377 | 45,000 | SH | | DFND | 1 | 0 | 0 | 45,000 |
| Akorn Inc | COM | 009728106 | 6,870 | 252,000 | SH | | DFND | 1 | 0 | 0 | 252,000 |
| Alder Biopharmaceuticals Inc. | COM | 014339105 | 1,081 | 33,000 | SH | | DFND | 1 | 0 | 0 | 33,000 |
| Alere Inc | COM | 01449J105 | 1,297 | 30,000 | SH | | DFND | 1 | 0 | 0 | 30,000 |
| Alexion Pharmaceuticals, Inc. | COM | 015351109 | 6,053 | 49,400 | SH | | DFND | 1 | 0 | 0 | 49,400 |
| Alkermes Public Limited Company | SHS | G01767105 | 2,422 | 51,500 | SH | | DFND | 1 | 0 | 0 | 51,500 |
| Allergan PLC | SHS | G0177J108 | 6,771 | 29,400 | SH | | DFND | 1 | 0 | 0 | 29,400 |
| Alnylam Pharmaceuticals Inc. | COM | 02043Q107 | 1,627 | 24,000 | SH | | DFND | 1 | 0 | 0 | 24,000 |
| Amgen Inc. | COM | 031162100 | 13,929 | 83,500 | SH | | DFND | 1 | 0 | 0 | 83,500 |
| Amsurg Corp | COM | 03232P405 | 4,787 | 71,400 | SH | | DFND | 1 | 0 | 0 | 71,400 |
| AngioDynamics, Inc. | COM | 03475V101 | 2,280 | 130,000 | SH | | DFND | 1 | 0 | 0 | 130,000 |
| Anthem, Inc. | COM | 036752103 | 2,581 | 20,600 | SH | | DFND | 1 | 0 | 0 | 20,600 |
| ARIAD Pharmaceuticals, Inc. | COM | 04033A100 | 6,777 | 495,000 | SH | | DFND | 1 | 0 | 0 | 495,000 |
| Auris Medical Holding AG | COM | H03579101 | 3,753 | 2,169,625 | SH | | DFND | 1 | 0 | 0 | 2,169,625 |
| C.R. Bard, Inc. | COM | 067383109 | 5,607 | 25,000 | SH | | DFND | 1 | 0 | 0 | 25,000 |
| Baxter International Inc. | COM | 071813109 | 9,044 | 190,000 | SH | | DFND | 1 | 0 | 0 | 190,000 |
| Becton, Dickinson and Company | COM | 075887109 | 9,885 | 55,000 | SH | | DFND | 1 | 0 | 0 | 55,000 |
| Biogen Inc. | COM | 09062X103 | 17,060 | 54,500 | SH | | DFND | 1 | 0 | 0 | 54,500 |
| BioMarin Pharmaceutical Inc. | COM | 09061G101 | 6,014 | 65,000 | SH | | DFND | 1 | 0 | 0 | 65,000 |
| Bluebird Bio, Inc. | COM | 09609G100 | 1,966 | 29,000 | SH | | DFND | 1 | 0 | 0 | 29,000 |
| Boston Scientific Corporation | COM | 101137107 | 13,685 | 575,000 | SH | | DFND | 1 | 0 | 0 | 575,000 |
| Bristol-Myers Squibb Company | COM | 110122108 | 1,240 | 23,000 | SH | | DFND | 1 | 0 | 0 | 23,000 |
| Cardinal Health, Inc. | COM | 14149Y108 | 8,880 | 114,280 | SH | | DFND | 1 | 0 | 0 | 114,280 |
| Celgene Corporation | COM | 151020104 | 20,305 | 194,250 | SH | | DFND | 1 | 0 | 0 | 194,250 |
| Celldex Therapeutics, Inc. | COM | 15117B103 | 646 | 160,000 | SH | | DFND | 1 | 0 | 0 | 160,000 |
| Centene Corporation | COM | 15135B101 | 9,470 | 141,430 | SH | | DFND | 1 | 0 | 0 | 141,430 |
| Cerner Corporation | COM | 156782104 | 6,082 | 98,500 | SH | | DFND | 1 | 0 | 0 | 98,500 |
| Cigna Corporation | COM | 125509109 | 7,783 | 59,722 | SH | | DFND | 1 | 0 | 0 | 59,722 |
| Clovis Oncology Inc. | COM | 189464100 | 1,550 | 43,000 | SH | | DFND | 1 | 0 | 0 | 43,000 |
| Coherus BioSciences, Inc | COM | 19249H103 | 5,410 | 202,000 | SH | | DFND | 1 | 0 | 0 | 202,000 |
| Cooper Companies Inc. | COM NEW | 216648402 | 4,213 | 23,500 | SH | | DFND | 1 | 0 | 0 | 23,500 |
| CVS Health Corporation | COM | 126650100 | 863 | 9,700 | SH | | DFND | 1 | 0 | 0 | 9,700 |
| Davita Healthcare Partners, Inc. | COM | 23918K108 | 661 | 10,000 | SH | | DFND | 1 | 0 | 0 | 10,000 |
| Direxion SHS ETF TR | SP BIOTECH BL NEW | 25490K323 | 1,228 | 25,175 | SH | | DFND | 1 | 0 | 0 | 25,175 |
| Eagle Pharmaceuticals Inc. | COM | 269796108 | 2,030 | 29,000 | SH | | DFND | 1 | 0 | 0 | 29,000 |
| Eiger BioPharmaceuticals, Inc. | COM | 28249U105 | 45 | 3,333 | SH | | DFND | 1 | 0 | 0 | 3,333 |
| Edwards Lifesciences Corporation | COM | 28176E108 | 10,248 | 85,000 | SH | | DFND | 1 | 0 | 0 | 85,000 |
| Endo International PLC | SHS | G30401106 | 3,829 | 190,000 | SH | | DFND | 1 | 0 | 0 | 190,000 |
| Envision Healthcare Hldgs Inc. | COM | 29413U103 | 869 | 39,000 | SH | | DFND | 1 | 0 | 0 | 39,000 |
| Esperion Therapeutics Inc. | COM | 29664W105 | 554 | 40,000 | SH | | DFND | 1 | 0 | 0 | 40,000 |
| Exelixis, Inc. | COM | 30161Q104 | 767 | 60,000 | SH | | DFND | 1 | 0 | 0 | 60,000 |
| Express Scripts Holding Company | COM | 30219G108 | 3,491 | 49,500 | SH | | DFND | 1 | 0 | 0 | 49,500 |
| Gilead Sciences, Inc. | COM | 375558103 | 12,382 | 156,500 | SH | | DFND | 1 | 0 | 0 | 156,500 |
| Globus Medical, Inc. | CL A | 379577208 | 1,979 | 87,700 | SH | | DFND | 1 | 0 | 0 | 87,700 |
| GW Pharmaceuticals PLC | ADS | 36197T103 | 796 | 6,000 | SH | | DFND | 1 | 0 | 0 | 6,000 |
| Halozyme Therapeutics, Inc. | COM | 40637H109 | 3,841 | 318,000 | SH | | DFND | 1 | 0 | 0 | 318,000 |
| HCA Holdings, Inc. | COM | 40412C101 | 2,360 | 31,200 | SH | | DFND | 1 | 0 | 0 | 31,200 |
| Healthcare Services Group Inc. | COM | 421906108 | 1,508 | 38,100 | SH | | DFND | 1 | 0 | 0 | 38,100 |
| Hologic, Inc. | COM | 436440101 | 9,401 | 242,100 | SH | | DFND | 1 | 0 | 0 | 242,100 |
| Horizon Pharma plc | SHS | G4617B105 | 2,121 | 117,000 | SH | | DFND | 1 | 0 | 0 | 117,000 |
| Humana, Inc. | COM | 444859102 | 1,910 | 10,800 | SH | | DFND | 1 | 0 | 0 | 10,800 |
| Illumina, Inc. | COM | 452327109 | 17,162 | 94,475 | SH | | DFND | 1 | 0 | 0 | 94,475 |
| Impax Laboratories, Inc. | COM | 45256B101 | 2,252 | 95,000 | SH | | DFND | 1 | 0 | 0 | 95,000 |
| Incyte Corporation | COM | 45337C102 | 8,580 | 91,000 | SH | | DFND | 1 | 0 | 0 | 91,000 |
| Inovio Pharmaceuticals, Inc. | COM NEW | 45773H201 | 1,445 | 155,000 | SH | | DFND | 1 | 0 | 0 | 155,000 |
| Insulet Corporation | COM | 45784P101 | 614 | 15,000 | SH | | DFND | 1 | 0 | 0 | 15,000 |
| Insys Therapeutics Inc. | COM NEW | 45824V209 | 1,356 | 115,000 | SH | | DFND | 1 | 0 | 0 | 115,000 |
| Intercept Pharmaceuticals, Inc. | COM | 45845P108 | 2,222 | 13,500 | SH | | DFND | 1 | 0 | 0 | 13,500 |
| Intersect Ent, Inc. | COM | 46071F103 | 3,252 | 205,325 | SH | | DFND | 1 | 0 | 0 | 205,325 |
| Intuitive Surgical, Inc. | COM NEW | 46120E602 | 8,698 | 12,000 | SH | | DFND | 1 | 0 | 0 | 12,000 |
| Ionis Pharmaceuticals Inc. | COM | 462222100 | 3,957 | 108,000 | SH | | DFND | 1 | 0 | 0 | 108,000 |
| iSHARES Trust | NASDQ BIOTEC ETF | 464287556 | 3,908 | 13,500 | SH | | DFND | 1 | 0 | 0 | 13,500 |
| Jazz Pharmaceuticals Public Limited Company | SHS USD | G50871105 | 10,180 | 83,800 | SH | | DFND | 1 | 0 | 0 | 83,800 |
| Johnson & Johnson | COM | 478160104 | 5,907 | 50,000 | SH | | DFND | 1 | 0 | 0 | 50,000 |
| Juno Therapeutics, Inc. | COM | 48205A109 | 1,110 | 37,000 | SH | | DFND | 1 | 0 | 0 | 37,000 |
| Kite Pharma, Inc. | COM | 49803L109 | 782 | 14,000 | SH | | DFND | 1 | 0 | 0 | 14,000 |
| Laboratory Corporation of America Holdings | COM NEW | 50540R409 | 1,100 | 8,000 | SH | | DFND | 1 | 0 | 0 | 8,000 |
| Ligand Pharmaceuticals Incorporated | COM NEW | 53220K504 | 10,908 | 106,880 | SH | | DFND | 1 | 0 | 0 | 106,880 |
| Lilly Eli & Co. | COM | 532457108 | 2,809 | 35,000 | SH | | DFND | 1 | 0 | 0 | 35,000 |
| Macrogenics, Inc. | COM | 556099109 | 2,483 | 83,000 | SH | | DFND | 1 | 0 | 0 | 83,000 |
| Mallinckrodt Pub Ltd Co. | SHS | G5785G107 | 5,638 | 80,800 | SH | | DFND | 1 | 0 | 0 | 80,800 |
| Masimo Corporation | COM | 574795100 | 4,164 | 70,000 | SH | | DFND | 1 | 0 | 0 | 70,000 |
| McKesson Corporation | COM | 58155Q103 | 4,002 | 24,000 | SH | | DFND | 1 | 0 | 0 | 24,000 |
| Medtronic PLC | SHS | G5960L103 | 21,384 | 247,500 | SH | | DFND | 1 | 0 | 0 | 247,500 |
| Merck & Co., Inc. | COM | 58933Y105 | 2,933 | 47,000 | SH | | DFND | 1 | 0 | 0 | 47,000 |
| Molina Healthcare Inc. | COM | 60855R100 | 962 | 16,500 | SH | | DFND | 1 | 0 | 0 | 16,500 |
| Mylan N V | SHS EURO | N59465109 | 8,985 | 235,700 | SH | | DFND | 1 | 0 | 0 | 235,700 |
| Myriad Genetics, Inc. | COM | 62855J104 | 288 | 14,000 | SH | | DFND | 1 | 0 | 0 | 14,000 |
| Nektar Therapeutics | COM | 640268108 | 3,195 | 186,000 | SH | | DFND | 1 | 0 | 0 | 186,000 |
| Neurocrine Biosciences, Inc. | COM | 64125C109 | 2,937 | 58,000 | SH | | DFND | 1 | 0 | 0 | 58,000 |
| Nevro Corp. | COM | 64157F103 | 783 | 7,500 | SH | | DFND | 1 | 0 | 0 | 7,500 |
| Novadaq Technologies Inc. | COM | 66987G102 | 2,661 | 230,000 | SH | | DFND | 1 | 0 | 0 | 230,000 |
| Novavax, Inc. | COM | 670002104 | 676 | 325,000 | SH | | DFND | 1 | 0 | 0 | 325,000 |
| Nuvasive, Inc. | COM | 670704105 | 4,000 | 60,000 | SH | | DFND | 1 | 0 | 0 | 60,000 |
| Penumbra, Inc. | COM | 70975L107 | 380 | 5,000 | SH | | DFND | 1 | 0 | 0 | 5,000 |
| Perrigo Company plc | SHS | G97822103 | 3,942 | 42,700 | SH | | DFND | 1 | 0 | 0 | 42,700 |
| Pfizer Inc. | COM | 717081103 | 1,694 | 50,000 | SH | | DFND | 1 | 0 | 0 | 50,000 |
| Portola Pharmaceuticals Inc. | COM | 737010108 | 818 | 36,000 | SH | | DFND | 1 | 0 | 0 | 36,000 |
| ProShares Trust | PSHS ULT NASB | 74347R214 | 2,205 | 45,500 | SH | | DFND | 1 | 0 | 0 | 45,500 |
| Prothena Corporation plc | SHS | G72800108 | 2,459 | 41,000 | SH | | DFND | 1 | 0 | 0 | 41,000 |
| Qiagen NV | REG SHS | N72482107 | 2,511 | 91,500 | SH | | DFND | 1 | 0 | 0 | 91,500 |
| Quorum Health Corp | COM | 74909E106 | 78 | 12,500 | SH | | DFND | 1 | 0 | 0 | 12,500 |
| Quotient Limited | SHS | G73268107 | 860 | 110,000 | SH | | DFND | 1 | 0 | 0 | 110,000 |
| Radius Health Inc. | COM NEW | 750469207 | 3,299 | 61,000 | SH | | DFND | 1 | 0 | 0 | 61,000 |
| Regeneron Pharmaceuticals, Inc. | COM | 75886F107 | 15,277 | 38,000 | SH | | DFND | 1 | 0 | 0 | 38,000 |
| ResMed Inc. | COM | 761152107 | 518 | 8,000 | SH | | DFND | 1 | 0 | 0 | 8,000 |
| Seattle Genetics, Inc. | COM | 812578102 | 2,322 | 43,000 | SH | | DFND | 1 | 0 | 0 | 43,000 |
| Shire PLC | SPONSORED ADR | 82481R106 | 7,384 | 38,090 | SH | | DFND | 1 | 0 | 0 | 38,090 |
| Stryker Corporation | COM | 863667101 | 21,047 | 180,800 | SH | | DFND | 1 | 0 | 0 | 180,800 |
| Surgery Partners, Inc. | COM | 86881A100 | 304 | 15,000 | SH | | DFND | 1 | 0 | 0 | 15,000 |
| Team Health Holdings Inc. | COM | 87817A107 | 814 | 25,000 | SH | | DFND | 1 | 0 | 0 | 25,000 |
| Teleflex Incorporated | COM | 879369106 | 1,092 | 6,500 | SH | | DFND | 1 | 0 | 0 | 6,500 |
| Teva Pharmaceuticals Industries Ltd | ADR | 881624209 | 8,613 | 187,190 | SH | | DFND | 1 | 0 | 0 | 187,190 |
| Theravance Biopharma, Inc. | COM | G8807B106 | 668 | 18,428 | SH | | DFND | 1 | 0 | 0 | 18,428 |
| Thermo Fisher Scientific Inc. | COM | 883556102 | 2,545 | 16,000 | SH | | DFND | 1 | 0 | 0 | 16,000 |
| Ultragenyx Pharmaceuticals Inc. | COM | 90400D108 | 3,050 | 43,000 | SH | | DFND | 1 | 0 | 0 | 43,000 |
| United Therapeutics Corporation | COM | 91307C102 | 744 | 6,300 | SH | | DFND | 1 | 0 | 0 | 6,300 |
| UnitedHealth Group Incorporated | COM | 91324P102 | 13,888 | 99,200 | SH | | DFND | 1 | 0 | 0 | 99,200 |
| Varian Medical Systems, Inc. | COM | 92220P105 | 697 | 7,000 | SH | | DFND | 1 | 0 | 0 | 7,000 |
| Vertex Pharmaceuticals Incorporated | COM | 92532F100 | 7,413 | 85,000 | SH | | DFND | 1 | 0 | 0 | 85,000 |
| Webmd Health Corp | COM | 94770V102 | 368 | 7,400 | SH | | DFND | 1 | 0 | 0 | 7,400 |
| Wright Med Group N V | ORD SHS 0.03 PAR | N96617118 | 1,725 | 70,309 | SH | | DFND | 1 | 0 | 0 | 70,309 |
| Zeltiq Aesthetics Inc. | COM | 98933Q108 | 2,353 | 60,000 | SH | | DFND | 1 | 0 | 0 | 60,000 |
| Zimmer Biomet Holdings, Inc. | COM | 98956P102 | 10,402 | 80,000 | SH | | DFND | 1 | 0 | 0 | 80,000 |
