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
ACCURAY INC NOTE 3.500% 2/0 004397AC9 8,642 5,000,000 PRN   DFND 1 5,000,000 0 0
ACCURAY INC NOTE 3.750% 8/0 004397AB1 23,716 21,200,000 PRN   DFND 1 21,200,000 0 0
AERIE PHARMACEUTICALS INC COM 00771V108 5,388 300,000 SH   DFND 1 300,000 0 0
AETNA INC NEW COM 00817Y108 22,429 327,000 SH   DFND 1 327,000 0 0
AIR METHODS CORP COM PAR $.06 009128307 14,291 245,292 SH   DFND 1 245,292 0 0
AIR METHODS CORP COM PAR $.06 009128307 7,283 125,000 SH Call DFND 1 125,000 0 0
ALBANY MOLECULAR RESH INC NOTE 2.250%11/1 012423AA7 2,407 2,575,000 PRN   DFND 1 2,575,000 0 0
ALERE INC NOTE 3.000% 5/1 01449JAA3 6,441 5,750,000 PRN   DFND 1 5,750,000 0 0
ALLERGAN INC COM 018490102 16,884 152,000 SH   DFND 1 152,000 0 0
ALPHATEC HOLDINGS INC COM 02081G102 8,005 3,982,738 SH   DFND 1 3,982,738 0 0
AMGEN INC COM 031162100 1,141 10,000 SH   DFND 1 10,000 0 0
ANTARES PHARMA INC COM 036642106 45,341 10,141,174 SH   DFND 1 10,141,174 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 5,194 1,691,857 SH   DFND 1 1,691,857 0 0
ARENA PHARMACEUTICALS INC COM 040047102 7,117 1,216,579 SH   DFND 1 1,216,579 0 0
ARRAY BIOPHARMA INC COM 04269X105 56,289 11,235,406 SH   DFND 1 11,235,406 0 0
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 23,978 23,000,000 PRN   DFND 1 23,000,000 0 0
ARROWHEAD RESH CORP COM NEW 042797209 1,541 142,017 SH   DFND 1 142,017 0 0
ARTHROCARE CORP COM 043136100 805 20,000 SH   DFND 1 20,000 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 85,270 4,113,385 SH   DFND 1 4,113,385 0 0
AUXILIUM PHARMACEUTICALS INC NOTE 1.500% 7/1 05334DAA5 2,771 2,500,000 PRN   DFND 1 2,500,000 0 0
BACTERIN INTL HLDGS INC COM 05644R101 196 391,796 SH   DFND 1 391,796 0 0
BAXTER INTL INC COM 071813109 7,129 102,500 SH   DFND 1 102,500 0 0
BIND THERAPEUTICS INC COM 05548N107 3,869 256,384 SH   DFND 1 256,384 0 0
BIOCRYST PHARMACEUTICALS COM 09058V103 6,601 868,570 SH   DFND 1 868,570 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 10,371 1,760,725 SH   DFND 1 1,760,725 0 0
BIOSCRIP INC COM 09069N108 518 70,022 SH   DFND 1 70,022 0 0
BIOTELEMETRY INC COM 090672106 437 55,000 SH   DFND 1 55,000 0 0
BLUEBIRD BIO INC COM 09609G100 8,879 423,224 SH   DFND 1 423,224 0 0
BROOKDALE SR LIVING INC NOTE 2.750% 6/1 112463AA2 18,536 15,500,000 PRN   DFND 1 15,500,000 0 0
CANCER GENETICS INC COM 13739U104 4,881 354,180 SH   DFND 1 354,180 0 0
CAPITAL SR LIVING CORP COM 140475104 34,020 1,418,111 SH   DFND 1 1,418,111 0 0
CAS MED SYS INC COM PAR $0.004 124769209 5,440 3,200,000 SH   DFND 1 3,200,000 0 0
CEMPRA INC COM 15130J109 3,837 309,655 SH   DFND 1 309,655 0 0
CENTENE CORP DEL COM 15135B101 18,440 312,812 SH   DFND 1 312,812 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 26,603 386,282 SH   DFND 1 386,282 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 68,870 1,000,000 SH Call DFND 1 1,000,000 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 30,734 485,000 SH   DFND 1 485,000 0 0
DENDREON CORP NOTE 2.875% 1/1 24823QAC1 116,343 183,660,000 PRN   DFND 1 183,660,000 0 0
DENDREON CORP NOTE 4.750% 6/1 24823QAB3 14,187 14,740,000 PRN   DFND 1 14,740,000 0 0
DEPOMED INC COM 249908104 13,338 1,260,661 SH   DFND 1 1,260,661 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 8,234 3,659,700 SH   DFND 1 3,659,700 0 0
DYAX CORP COM 26746E103 25,301 3,357,747 SH   DFND 1 3,357,747 0 0
ENDOCYTE INC COM 29269A102 1,196 111,967 SH   DFND 1 111,967 0 0
EXELIXIS INC NOTE 4.250% 8/1 30161QAC8 30,691 25,050,000 PRN   DFND 1 25,050,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 34,884 4,333,475 SH   DFND 1 4,333,475 0 0
FOUNDATION MEDICINE INC COM 350465100 8,242 346,018 SH   DFND 1 346,018 0 0
GERON CORP COM 374163103 4,740 1,000,000 SH   DFND 1 1,000,000 0 0
GLOBUS MED INC CL A 379577208 34,194 1,694,472 SH   DFND 1 1,694,472 0 0
HCA HOLDINGS INC COM 40412C101 477 10,000 SH   DFND 1 10,000 0 0
HMS HLDGS CORP COM 40425J101 1,312 57,800 SH   DFND 1 57,800 0 0
HOLOGIC INC DEBT 2.000% 3/0 436440AC5 38,338 37,516,000 PRN   DFND 1 37,516,000 0 0
HORIZON PHARMA INC COM 44047T109 35,348 4,638,888 SH   DFND 1 4,638,888 0 0
HUMANA INC COM 444859102 42,802 414,670 SH   DFND 1 414,670 0 0
HUMANA INC COM 444859102 28,902 280,000 SH Call DFND 1 280,000 0 0
IMRIS INC COM 45322N105 305 192,051 SH   DFND 1 192,051 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 54,988 3,981,743 SH   DFND 1 3,981,743 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 2,762 200,000 SH Call DFND 1 200,000 0 0
INSMED INC COM PAR $.01 457669307 17,888 1,052,245 SH   DFND 1 1,052,245 0 0
INTEGRA LIFESCIENCES HLDGS C COM NEW 457985208 12,980 272,055 SH   DFND 1 272,055 0 0
INTEGRA LIFESCIENCES HLDGS C NOTE 1.625%12/1 457985AK5 44,486 41,523,000 PRN   DFND 1 41,523,000 0 0
INTERMUNE INC NOTE 2.500% 9/1 45884XAE3 37,171 41,570,000 PRN   DFND 1 41,570,000 0 0
INTERMUNE INC NOTE 2.500%12/1 45884XAF0 10,290 7,500,000 PRN   DFND 1 7,500,000 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 19,208 1,483,260 SH   DFND 1 1,483,260 0 0
KINDRED BIOSCIENCES INC COM 494577109 2,513 225,000 SH   DFND 1 225,000 0 0
LCA-VISION INC COM PAR $.001 501803308 2,850 730,856 SH   DFND 1 730,856 0 0
LIPOSCIENCE INC COM 53630M108 5,875 1,382,350 SH   DFND 1 1,382,350 0 0
MAST THERAPEUTICS INC COM 576314108 678 1,466,249 SH   DFND 1 1,466,249 0 0
MEI PHARMA INC COM NEW 55279B202 10,049 1,254,519 SH   DFND 1 1,254,519 0 0
MERCK & CO INC NEW COM 58933Y105 36,286 725,000 SH   DFND 1 725,000 0 0
MOLINA HEALTHCARE INC COM 60855R100 22,413 644,971 SH   DFND 1 644,971 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 20,096 1,136,645 SH   DFND 1 1,136,645 0 0
MYLAN INC COM 628530107 16,579 382,000 SH   DFND 1 382,000 0 0
MYLAN INC COM 628530107 6,510 150,000 SH Call DFND 1 150,000 0 0
NANOSPHERE INC COM 63009F105 10,870 4,746,913 SH   DFND 1 4,746,913 0 0
NANOSTRING TECHNOLOGIES INC COM 63009R109 10,770 624,711 SH   DFND 1 624,711 0 0
NOVADAQ TECHNOLOGIES INC COM 66987G102 1,979 120,010 SH   DFND 1 120,010 0 0
NUVASIVE INC NOTE 2.750% 7/0 670704AC9 45,559 42,136,000 PRN   DFND 1 42,136,000 0 0
NXSTAGE MEDICAL INC COM 67072V103 55,706 5,570,639 SH   DFND 1 5,570,639 0 0
OCERA THERAPEUTICS INC COM 67552A108 2,742 211,119 SH   DFND 1 211,119 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 122 21,690 SH   DFND 1 21,690 0 0
OVASCIENCE INC COM 69014Q101 5,535 605,561 SH   DFND 1 605,561 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 22,757 4,351,262 SH   DFND 1 4,351,262 0 0
PALATIN TECHNOLOGIES INC COM PAR $ .01 696077403 1,468 2,000,000 SH   DFND 1 2,000,000 0 0
PORTOLA PHARMACEUTICALS INC COM 737010108 21,261 825,675 SH   DFND 1 825,675 0 0
PROSENSA HLDG N V SHS USD N71546100 14,568 3,119,381 SH   DFND 1 3,119,381 0 0
PROTHENA CORP PLC SHS G72800108 14,021 528,705 SH   DFND 1 528,705 0 0
PTC THERAPEUTICS INC COM 69366J200 9,249 545,027 SH   DFND 1 545,027 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 82,018 1,506,297 SH   DFND 1 1,506,297 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 27,225 500,000 SH Call DFND 1 500,000 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 2,176 763,675 SH   DFND 1 763,675 0 0
SELECT MED HLDGS CORP COM 81619Q105 341 29,400 SH   DFND 1 29,400 0 0
SEQUENOM INC NOTE 5.000%10/0 817337AB4 14,510 16,877,000 PRN   DFND 1 16,877,000 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 20,898 2,361,405 SH   DFND 1 2,361,405 0 0
STREAMLINE HEALTH SOLUTIONS COM 86323X106 2,269 325,000 SH   DFND 1 325,000 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 1,185 250,000 SH Call DFND 1 250,000 0 0
SUNSHINE HEART INC COM 86782U106 4,195 432,000 SH   DFND 1 432,000 0 0
TARGACEPT INC COM 87611R306 2,561 617,000 SH   DFND 1 617,000 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 200 5,000 SH   DFND 1 5,000 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 14,028 350,000 SH Call DFND 1 350,000 0 0
TORNIER N V SHS N87237108 28,372 1,509,974 SH   DFND 1 1,509,974 0 0
UNIVERSAL AMERN CORP NEW COM 91338E101 33,585 4,600,692 SH   DFND 1 4,600,692 0 0
VANDA PHARMACEUTICALS INC COM 921659108 7,834 631,276 SH   DFND 1 631,276 0 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 59,747 60,500,000 PRN   DFND 1 60,500,000 0 0
XENOPORT INC COM 98411C100 21,384 3,719,040 SH   DFND 1 3,719,040 0 0
XOMA CORP DEL COM 98419J107 25,620 3,806,868 SH   DFND 1 3,806,868 0 0
ZOGENIX INC COM 98978L105 8,841 2,570,000 SH   DFND 1 2,570,000 0 0