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 52,685 1,025,000 SH   DFND 1 1,025,000 0 0
ACCURAY INC NOTE 3.500% 2/0 004397AD7 9,546 5,000,000 PRN   DFND 1 5,000,000 0 0
ACCURAY INC NOTE 3.750% 8/0 004397AB1 30,767 25,700,000 PRN   DFND 1 25,700,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 305 92,804 SH   DFND 1 92,804 0 0
AERIE PHARMACEUTICALS INC COM 00771V108 11,976 565,180 SH   DFND 1 565,180 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 1,398 25,000 SH   DFND 1 25,000 0 0
AIR METHODS CORP COM PAR $.06 009128307 29,522 552,544 SH   DFND 1 552,544 0 0
ALERE INC NOTE 3.000% 5/1 01449JAA3 6,278 5,750,000 PRN   DFND 1 5,750,000 0 0
ALIMERA SCIENCES INC COM 016259103 10,346 1,311,290 SH   DFND 1 1,311,290 0 0
ALLERGAN INC COM 018490102 26,760 215,636 SH   DFND 1 215,636 0 0
ALLERGAN INC COM 018490102 12,410 100,000 SH Call DFND 1 100,000 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 20,276 302,000 SH   DFND 1 302,000 0 0
ALPHATEC HOLDINGS INC COM 02081G102 5,974 3,982,738 SH   DFND 1 3,982,738 0 0
AMAG PHARMACEUTICALS INC COM 00163U106 10,351 534,930 SH   DFND 1 534,930 0 0
AMAG PHARMACEUTICALS INC NOTE 2.500% 2/1 00163UAA4 34,986 34,520,000 PRN   DFND 1 34,520,000 0 0
AMEDISYS INC COM 023436108 6,537 439,000 SH   DFND 1 439,000 0 0
ANI PHARMACEUTICALS INC COM 00182C103 11,649 371,572 SH   DFND 1 371,572 0 0
ANTARES PHARMA INC COM 036642106 33,210 9,488,461 SH   DFND 1 9,488,461 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 5,668 1,691,857 SH   DFND 1 1,691,857 0 0
AQUINOX PHARMACEUTICALS INC COM 03842B101 794 62,387 SH   DFND 1 62,387 0 0
ARATANA THERAPEUTICS INC COM 03874P101 14,642 788,904 SH   DFND 1 788,904 0 0
ARENA PHARMACEUTICALS INC COM 040047102 7,664 1,216,579 SH   DFND 1 1,216,579 0 0
ARRAY BIOPHARMA INC COM 04269X105 57,367 12,205,673 SH   DFND 1 12,205,673 0 0
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 26,665 26,000,000 PRN   DFND 1 26,000,000 0 0
AUSPEX PHARMACEUTICALS INC COM 05211J102 61,181 1,988,990 SH   DFND 1 1,988,990 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 69,763 2,566,705 SH   DFND 1 2,566,705 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 6,795 250,000 SH Put DFND 1 250,000 0 0
AUXILIUM PHARMACEUTICALS INC NOTE 1.500% 7/1 05334DAA5 3,278 2,500,000 PRN   DFND 1 2,500,000 0 0
BAXTER INTL INC COM 071813109 6,254 85,000 SH   DFND 1 85,000 0 0
BIOCRYST PHARMACEUTICALS COM 09058V103 9,606 907,920 SH   DFND 1 907,920 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 33,648 3,986,760 SH   DFND 1 3,986,760 0 0
BIOGEN IDEC INC COM 09062X103 3,594 11,750 SH   DFND 1 11,750 0 0
BLUEBIRD BIO INC COM 09609G100 9,425 414,474 SH   DFND 1 414,474 0 0
CANCER GENETICS INC COM 13739U104 4,799 318,012 SH   DFND 1 318,012 0 0
CAPITAL SR LIVING CORP COM 140475104 8,007 308,088 SH   DFND 1 308,088 0 0
CAS MED SYS INC COM PAR $0.004 124769209 6,944 3,200,000 SH   DFND 1 3,200,000 0 0
CENTENE CORP DEL COM 15135B101 7,768 124,795 SH   DFND 1 124,795 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 8,307 617,649 SH   DFND 1 617,649 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 23,961 348,011 SH   DFND 1 348,011 0 0
DENDREON CORP NOTE 2.875% 1/1 24823QAC1 133,789 183,660,000 PRN   DFND 1 183,660,000 0 0
DENDREON CORP NOTE 4.750% 6/1 24823QAB3 14,308 14,740,000 PRN   DFND 1 14,740,000 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 3,804 300,000 SH   DFND 1 300,000 0 0
DICERNA PHARMACEUTICALS INC COM 253031108 68,607 2,428,569 SH   DFND 1 2,428,569 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 7,868 3,659,700 SH   DFND 1 3,659,700 0 0
DYAX CORP COM 26746E103 34,003 3,786,478 SH   DFND 1 3,786,478 0 0
EAGLE PHARMACEUTICALS INC COM 269796108 3,629 284,653 SH   DFND 1 284,653 0 0
EHEALTH INC COM 28238P109 13,767 271,000 SH   DFND 1 271,000 0 0
ENDOLOGIX INC COM 29266S106 8,796 683,458 SH   DFND 1 683,458 0 0
ENDOLOGIX INC NOTE 2.250%12/1 29266SAA4 11,930 12,450,000 PRN   DFND 1 12,450,000 0 0
EXELIXIS INC COM 30161Q104 1,416 400,000 SH   DFND 1 400,000 0 0
EXELIXIS INC COM 30161Q104 1,770 500,000 SH Call DFND 1 500,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 70,464 5,258,475 SH   DFND 1 5,258,475 0 0
FOUNDATION MEDICINE INC COM 350465100 11,100 342,921 SH   DFND 1 342,921 0 0
FURIEX PHARMACEUTICALS INC COM 36106P101 1,161 13,340 SH   DFND 1 13,340 0 0
GENOCEA BIOSCIENCES INC COM 372427104 12,005 659,983 SH   DFND 1 659,983 0 0
HOLOGIC INC COM 436440101 914 42,500 SH   DFND 1 42,500 0 0
HOLOGIC INC DEBT 2.000% 3/0 436440AC5 38,347 37,516,000 PRN   DFND 1 37,516,000 0 0
HORIZON PHARMA INC COM 44047T109 19,821 1,310,930 SH   DFND 1 1,310,930 0 0
HUMANA INC COM 444859102 144,282 1,280,000 SH Call DFND 1 1,280,000 0 0
ILLUMINA INC COM 452327109 2,631 17,697 SH   DFND 1 17,697 0 0
IMMUNOMEDICS INC COM 452907108 11,068 2,628,972 SH   DFND 1 2,628,972 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 52,839 4,444,027 SH   DFND 1 4,444,027 0 0
INOGEN INC COM 45780L104 5,899 357,269 SH   DFND 1 357,269 0 0
INSMED INC COM PAR $.01 457669307 38,387 2,016,147 SH   DFND 1 2,016,147 0 0
INTEGRA LIFESCIENCES HLDGS C COM NEW 457985208 9,480 206,128 SH   DFND 1 206,128 0 0
INTEGRA LIFESCIENCES HLDGS C NOTE 1.625%12/1 457985AK5 43,698 41,523,000 PRN   DFND 1 41,523,000 0 0
INTERMUNE INC COM 45884X103 53,015 1,583,942 SH   DFND 1 1,583,942 0 0
INTERMUNE INC COM 45884X103 33,470 1,000,000 SH Call DFND 1 1,000,000 0 0
INTERMUNE INC NOTE 2.500% 9/1 45884XAE3 51,373 40,295,000 PRN   DFND 1 40,295,000 0 0
INTERMUNE INC NOTE 2.500%12/1 45884XAF0 19,618 7,500,000 PRN   DFND 1 7,500,000 0 0
INTRA CELLULAR THERAPIES INC COM 46116X101 3,117 171,437 SH   DFND 1 171,437 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 7,552 2,786,783 SH   DFND 1 2,786,783 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 23,909 1,403,105 SH   DFND 1 1,403,105 0 0
LABORATORY CORP AMER HLDGS COM 50540R409 69,699 709,689 SH   DFND 1 709,689 0 0
LIPOSCIENCE INC COM 53630M108 4,410 1,382,350 SH   DFND 1 1,382,350 0 0
MANNKIND CORP COM 56400P201 4,020 1,000,000 SH Put DFND 1 1,000,000 0 0
MCKESSON CORP COM 58155Q103 28,781 163,000 SH   DFND 1 163,000 0 0
MEDIVATION INC COM 58501N101 805 12,500 SH   DFND 1 12,500 0 0
MEDTRONIC INC COM 585055106 28,555 464,000 SH   DFND 1 464,000 0 0
MEI PHARMA INC COM NEW 55279B202 12,962 1,164,575 SH   DFND 1 1,164,575 0 0
MERCK & CO INC NEW COM 58933Y105 27,091 477,200 SH   DFND 1 477,200 0 0
MERGE HEALTHCARE INC COM 589499102 2,341 959,580 SH   DFND 1 959,580 0 0
MOLINA HEALTHCARE INC COM 60855R100 16,954 451,391 SH   DFND 1 451,391 0 0
MYLAN INC COM 628530107 855 17,500 SH   DFND 1 17,500 0 0
NANOSPHERE INC COM 63009F105 4,300 2,000,000 SH   DFND 1 2,000,000 0 0
NANOSTRING TECHNOLOGIES INC COM 63009R109 8,076 391,105 SH   DFND 1 391,105 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 1,256 77,994 SH   DFND 1 77,994 0 0
NOVADAQ TECHNOLOGIES INC COM 66987G102 223 10,000 SH   DFND 1 10,000 0 0
NXSTAGE MEDICAL INC COM 67072V103 48,427 3,801,175 SH   DFND 1 3,801,175 0 0
OCERA THERAPEUTICS INC COM 67552A108 2,755 261,119 SH   DFND 1 261,119 0 0
ORTHOFIX INTL N V COM N6748L102 17,832 591,431 SH   DFND 1 591,431 0 0
OVASCIENCE INC COM 69014Q101 14,953 1,672,549 SH   DFND 1 1,672,549 0 0
OXYGEN BIOTHERAPEUTICS INC COM PAR $0.0001 69207P308 3,053 550,000 SH   DFND 1 550,000 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 28,923 5,406,110 SH   DFND 1 5,406,110 0 0
PALATIN TECHNOLOGIES INC COM PAR $ .01 696077403 2,460 2,000,000 SH   DFND 1 2,000,000 0 0
PORTOLA PHARMACEUTICALS INC COM 737010108 19,939 769,848 SH   DFND 1 769,848 0 0
PROSENSA HLDG N V SHS USD N71546100 18,080 3,211,372 SH   DFND 1 3,211,372 0 0
PTC THERAPEUTICS INC COM 69366J200 8,300 317,530 SH   DFND 1 317,530 0 0
QUEST DIAGNOSTICS INC COM 74834L100 25,502 440,303 SH   DFND 1 440,303 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 67,518 1,039,865 SH   DFND 1 1,039,865 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 48,698 750,000 SH Call DFND 1 750,000 0 0
REGENERON PHARMACEUTICALS COM 75886F107 1,441 4,799 SH   DFND 1 4,799 0 0
REVANCE THERAPEUTICS INC COM 761330109 3,676 116,689 SH   DFND 1 116,689 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 3,986 1,027,443 SH   DFND 1 1,027,443 0 0
SEQUENOM INC NOTE 5.000%10/0 817337AB4 7,466 8,377,000 PRN   DFND 1 8,377,000 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 9,921 1,265,375 SH   DFND 1 1,265,375 0 0
STREAMLINE HEALTH SOLUTIONS COM 86323X106 5,735 1,140,100 SH   DFND 1 1,140,100 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 3,012 455,741 SH   DFND 1 455,741 0 0
SYNAGEVA BIOPHARMA CORP COM 87159A103 26,358 317,678 SH   DFND 1 317,678 0 0
SYNERON MEDICAL LTD ORD SHS M87245102 430 34,518 SH   DFND 1 34,518 0 0
TARGACEPT INC COM 87611R306 2,931 617,000 SH   DFND 1 617,000 0 0
THERAPEUTICSMD INC COM 88338N107 2,373 376,049 SH   DFND 1 376,049 0 0
TONIX PHARMACEUTICALS HLDG C COM NEW 890260201 2,545 244,524 SH   DFND 1 244,524 0 0
TORNIER N V SHS N87237108 32,977 1,554,075 SH   DFND 1 1,554,075 0 0
UNIQURE NV SHS N90064101 5,453 350,000 SH   DFND 1 350,000 0 0
UNIVERSAL AMERN CORP NEW COM 91338E101 32,529 4,600,993 SH   DFND 1 4,600,993 0 0
VANDA PHARMACEUTICALS INC COM 921659108 8,153 501,709 SH   DFND 1 501,709 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 5,552 78,500 SH   DFND 1 78,500 0 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 59,767 60,500,000 PRN   DFND 1 60,500,000 0 0
XENOPORT INC COM 98411C100 22,669 4,384,797 SH   DFND 1 4,384,797 0 0
XOMA CORP DEL COM 98419J107 5,210 1,000,000 SH Call DFND 1 1,000,000 0 0
ZELTIQ AESTHETICS INC COM 98933Q108 9,482 483,520 SH   DFND 1 483,520 0 0
ZOETIS INC CL A 98978V103 14,470 500,000 SH Call DFND 1 500,000 0 0
ZOGENIX INC COM 98978L105 17,567 6,174,809 SH   DFND 1 6,174,809 0 0