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
ABBVIE INC COM 00287Y109 30,557 541,400 SH   DFND 1 541,400 0 0
ACCURAY INC NOTE 3.500% 2/0 004397AD7 8,819 5,000,000 PRN   DFND 1 5,000,000 0 0
ACCURAY INC NOTE 3.750% 8/0 004397AB1 24,819 21,600,000 PRN   DFND 1 21,600,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 95 12,500 SH   DFND 1 12,500 0 0
AERIE PHARMACEUTICALS INC COM 00771V108 33,461 1,350,850 SH   DFND 1 1,350,850 0 0
AETNA INC NEW COM 00817Y108 13,690 168,850 SH   DFND 1 168,850 0 0
AETNA INC NEW COM 00817Y108 30,405 375,000 SH Put DFND 1 375,000 0 0
AGILE THERAPEUTICS INC COM 00847L100 904 103,613 SH   DFND 1 103,613 0 0
AIR METHODS CORP COM PAR $.06 009128307 16,136 312,419 SH   DFND 1 312,419 0 0
ALERE INC NOTE 3.000% 5/1 01449JAA3 6,318 5,750,000 PRN   DFND 1 5,750,000 0 0
ALIMERA SCIENCES INC COM 016259103 7,842 1,311,290 SH   DFND 1 1,311,290 0 0
ALKERMES PLC SHS G01767105 201 4,000 SH   DFND 1 4,000 0 0
ALLERGAN INC COM 018490102 73,475 434,199 SH   DFND 1 434,199 0 0
ALLERGAN INC COM 018490102 16,922 100,000 SH Call DFND 1 100,000 0 0
ALLSCRIPTS HEALTHCARE SOLUTN COM 01988P108 289 18,000 SH   DFND 1 18,000 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 6,317 100,000 SH   DFND 1 100,000 0 0
ALPHATEC HOLDINGS INC COM 02081G102 6,492 3,982,738 SH   DFND 1 3,982,738 0 0
AMAG PHARMACEUTICALS INC COM 00163U106 20,706 999,339 SH   DFND 1 999,339 0 0
AMAG PHARMACEUTICALS INC NOTE 2.500% 2/1 00163UAA4 47,695 45,020,000 PRN   DFND 1 45,020,000 0 0
AMEDISYS INC COM 023436108 1,363 81,399 SH   DFND 1 81,399 0 0
ANI PHARMACEUTICALS INC COM 00182C103 20,917 607,355 SH   DFND 1 607,355 0 0
ANTARES PHARMA INC COM 036642106 25,642 9,603,703 SH   DFND 1 9,603,703 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 5,735 1,691,857 SH   DFND 1 1,691,857 0 0
ARATANA THERAPEUTICS INC COM 03874P101 12,315 788,904 SH   DFND 1 788,904 0 0
ARENA PHARMACEUTICALS INC COM 040047102 25,603 4,369,066 SH   DFND 1 4,369,066 0 0
ARRAY BIOPHARMA INC COM 04269X105 55,658 12,205,673 SH   DFND 1 12,205,673 0 0
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 29,666 29,500,000 PRN   DFND 1 29,500,000 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 929 12,500 SH   DFND 1 12,500 0 0
AUSPEX PHARMACEUTICALS INC COM 05211J102 44,185 1,984,038 SH   DFND 1 1,984,038 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 125,724 6,267,382 SH   DFND 1 6,267,382 0 0
AUXILIUM PHARMACEUTICALS INC NOTE 1.500% 7/1 05334DAA5 26,508 25,003,000 PRN   DFND 1 25,003,000 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 16,033 1,328,300 SH   DFND 1 1,328,300 0 0
BIOSPECIFICS TECHNOLOGIES CO COM 090931106 4,553 168,883 SH   DFND 1 168,883 0 0
BLUEBIRD BIO INC COM 09609G100 41,473 1,075,268 SH   DFND 1 1,075,268 0 0
CANCER GENETICS INC COM 13739U104 2,361 208,914 SH   DFND 1 208,914 0 0
CAS MED SYS INC COM PAR $0.004 124769209 6,432 3,200,000 SH   DFND 1 3,200,000 0 0
CIGNA CORPORATION COM 125509109 14,488 157,528 SH   DFND 1 157,528 0 0
CIGNA CORPORATION COM 125509109 34,489 375,000 SH Put DFND 1 375,000 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 6,238 617,649 SH   DFND 1 617,649 0 0
CYBERONICS INC COM 23251P102 3,428 54,890 SH   DFND 1 54,890 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 40,976 566,588 SH   DFND 1 566,588 0 0
DENDREON CORP NOTE 2.875% 1/1 24823QAC1 156,485 222,732,000 PRN   DFND 1 222,732,000 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 5,987 517,900 SH   DFND 1 517,900 0 0
DICERNA PHARMACEUTICALS INC COM 253031108 54,813 2,428,569 SH   DFND 1 2,428,569 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 6,514 3,659,700 SH   DFND 1 3,659,700 0 0
DYAX CORP COM 26746E103 35,683 3,717,013 SH   DFND 1 3,717,013 0 0
EAGLE PHARMACEUTICALS INC COM 269796108 4,079 284,653 SH   DFND 1 284,653 0 0
EHEALTH INC COM 28238P109 50,249 1,323,391 SH   DFND 1 1,323,391 0 0
ENDOLOGIX INC COM 29266S106 22,540 1,481,928 SH   DFND 1 1,481,928 0 0
ENDOLOGIX INC NOTE 2.250%12/1 29266SAA4 12,520 12,450,000 PRN   DFND 1 12,450,000 0 0
EXELIXIS INC COM 30161Q104 3,390 1,000,000 SH Call DFND 1 1,000,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 78,877 5,258,475 SH   DFND 1 5,258,475 0 0
FOUNDATION MEDICINE INC COM 350465100 3,694 137,021 SH   DFND 1 137,021 0 0
GENOCEA BIOSCIENCES INC COM 372427104 9,060 483,219 SH   DFND 1 483,219 0 0
GW PHARMACEUTICALS PLC ADS 36197T103 4,292 40,000 SH   DFND 1 40,000 0 0
HCA HOLDINGS INC COM 40412C101 21,435 380,189 SH   DFND 1 380,189 0 0
HCA HOLDINGS INC COM 40412C101 42,285 750,000 SH Put DFND 1 750,000 0 0
HOLOGIC INC DEBT 2.000% 3/0 436440AC5 12,030 11,016,000 PRN   DFND 1 11,016,000 0 0
HORIZON PHARMA INC COM 44047T109 9,694 612,787 SH   DFND 1 612,787 0 0
HUMANA INC COM 444859102 14,617 114,448 SH   DFND 1 114,448 0 0
HUMANA INC COM 444859102 35,762 280,000 SH Call DFND 1 280,000 0 0
ICON PLC SHS G4705A100 471 10,000 SH   DFND 1 10,000 0 0
IMMUNOMEDICS INC COM 452907108 10,242 2,805,972 SH   DFND 1 2,805,972 0 0
IMRIS INC COM 45322N105 460 407,392 SH   DFND 1 407,392 0 0
IMS HEALTH HLDGS INC COM 44970B109 11,873 462,350 SH   DFND 1 462,350 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 46,817 3,674,838 SH   DFND 1 3,674,838 0 0
INOGEN INC COM 45780L104 11,897 527,337 SH   DFND 1 527,337 0 0
INSMED INC COM PAR $.01 457669307 24,081 1,205,234 SH   DFND 1 1,205,234 0 0
INTEGRA LIFESCIENCES HLDGS C COM NEW 457985208 17,387 369,464 SH   DFND 1 369,464 0 0
INTEGRA LIFESCIENCES HLDGS C NOTE 1.625%12/1 457985AK5 50,661 47,428,000 PRN   DFND 1 47,428,000 0 0
INTERMUNE INC COM 45884X103 102,230 2,315,521 SH   DFND 1 2,315,521 0 0
INTERMUNE INC COM 45884X103 3,245 73,500 SH Call DFND 1 73,500 0 0
INTERMUNE INC NOTE 2.500% 9/1 45884XAE3 7,121 4,764,000 PRN   DFND 1 4,764,000 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 6,354 2,786,783 SH   DFND 1 2,786,783 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 59,742 3,884,409 SH   DFND 1 3,884,409 0 0
KINDRED BIOSCIENCES INC COM 494577109 6,990 375,000 SH   DFND 1 375,000 0 0
LABORATORY CORP AMER HLDGS COM 50540R409 15,512 151,489 SH   DFND 1 151,489 0 0
LIPOSCIENCE INC COM 53630M108 4,728 1,382,350 SH   DFND 1 1,382,350 0 0
LUMENIS LTD SHS CL B M6778Q121 2,912 298,966 SH   DFND 1 298,966 0 0
MCKESSON CORP COM 58155Q103 27,932 150,000 SH   DFND 1 150,000 0 0
MEDTRONIC INC COM 585055106 3,494 54,800 SH   DFND 1 54,800 0 0
MEI PHARMA INC COM NEW 55279B202 7,179 1,132,376 SH   DFND 1 1,132,376 0 0
MERGE HEALTHCARE INC COM 589499102 3,765 1,658,696 SH   DFND 1 1,658,696 0 0
MOLINA HEALTHCARE INC NOTE 1.125% 1/1 60855RAC4 1,249 1,000,000 PRN   DFND 1 1,000,000 0 0
NANOSPHERE INC COM 63009F105 3,160 2,000,000 SH   DFND 1 2,000,000 0 0
NANOSTRING TECHNOLOGIES INC COM 63009R109 6,792 454,281 SH   DFND 1 454,281 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 788 53,094 SH   DFND 1 53,094 0 0
NXSTAGE MEDICAL INC COM 67072V103 70,409 4,899,721 SH   DFND 1 4,899,721 0 0
OCERA THERAPEUTICS INC COM 67552A108 1,995 261,119 SH   DFND 1 261,119 0 0
OPKO HEALTH INC COM 68375N103 332 37,500 SH   DFND 1 37,500 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 152 24,645 SH   DFND 1 24,645 0 0
ORTHOFIX INTL N V COM N6748L102 19,351 533,812 SH   DFND 1 533,812 0 0
OSIRIS THERAPEUTICS INC NEW COM 68827R108 679 43,445 SH   DFND 1 43,445 0 0
OVASCIENCE INC COM 69014Q101 15,125 1,649,449 SH   DFND 1 1,649,449 0 0
OXYGEN BIOTHERAPEUTICS INC COM PAR $0.0001 69207P308 446 109,262 SH   DFND 1 109,262 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 29,016 4,695,203 SH   DFND 1 4,695,203 0 0
PALATIN TECHNOLOGIES INC COM PAR $ .01 696077403 1,980 2,000,000 SH   DFND 1 2,000,000 0 0
PERRIGO CO PLC SHS G97822103 364 2,500 SH   DFND 1 2,500 0 0
PORTOLA PHARMACEUTICALS INC COM 737010108 17,066 584,848 SH   DFND 1 584,848 0 0
POZEN INC COM 73941U102 5,203 624,621 SH   DFND 1 624,621 0 0
PROSENSA HLDG N V SHS USD N71546100 27,846 2,206,119 SH   DFND 1 2,206,119 0 0
PROTHENA CORP PLC SHS G72800108 451 20,000 SH   DFND 1 20,000 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 1,613 17,443 SH   DFND 1 17,443 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 23,123 250,000 SH Call DFND 1 250,000 0 0
REVANCE THERAPEUTICS INC COM 761330109 8,721 256,500 SH   DFND 1 256,500 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 8,704 2,397,855 SH   DFND 1 2,397,855 0 0
SCYNEXIS INC COM 811292101 4,562 568,797 SH   DFND 1 568,797 0 0
SELECT MED HLDGS CORP COM 81619Q105 1,336 85,621 SH   DFND 1 85,621 0 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 670 7,500 SH   DFND 1 7,500 0 0
SPECTRANETICS CORP MTNF 2.625% 6/0 84760CAA5 17,758 17,000,000 PRN   DFND 1 17,000,000 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 1,294 159,122 SH   DFND 1 159,122 0 0
STREAMLINE HEALTH SOLUTIONS COM 86323X106 8,268 1,722,600 SH   DFND 1 1,722,600 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 3,297 505,741 SH   DFND 1 505,741 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 17,225 366,956 SH   DFND 1 366,956 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 35,205 750,000 SH Put DFND 1 750,000 0 0
TETRAPHASE PHARMACEUTICALS I COM 88165N105 4,182 310,024 SH   DFND 1 310,024 0 0
THERAPEUTICSMD INC COM 88338N107 492 111,214 SH   DFND 1 111,214 0 0
TORNIER N V SHS N87237108 17,278 739,007 SH   DFND 1 739,007 0 0
TRANSGENOMIC INC COM NEW 89365K305 266 71,086 SH   DFND 1 71,086 0 0
TRIVASCULAR TECHNOLOGIES INC COM 89685A102 23,085 1,482,666 SH   DFND 1 1,482,666 0 0
UNIVERSAL AMERN CORP NEW COM 91338E101 48,079 5,771,737 SH   DFND 1 5,771,737 0 0
VANDA PHARMACEUTICALS INC COM 921659108 17,560 1,085,301 SH   DFND 1 1,085,301 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 8,758 92,500 SH   DFND 1 92,500 0 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 72,627 75,500,000 PRN   DFND 1 75,500,000 0 0
XENOPORT INC COM 98411C100 21,386 4,427,642 SH   DFND 1 4,427,642 0 0
ZELTIQ AESTHETICS INC COM 98933Q108 23,790 1,566,155 SH   DFND 1 1,566,155 0 0
ZOETIS INC CL A 98978V103 16,135 500,000 SH Call DFND 1 500,000 0 0