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 44,954 1,005,000 SH   DFND 1 1,005,000 0 0
ACCURAY INC NOTE 3.500% 2/0 004397AC9 7,521 5,000,000 PRN   DFND 1 5,000,000 0 0
ACCURAY INC NOTE 3.750% 8/0 004397AB1 22,030 21,200,000 PRN   DFND 1 21,200,000 0 0
AETNA INC NEW COM 00817Y108 22,599 353,000 SH   DFND 1 353,000 0 0
AGIOS PHARMACEUTICALS INC COM 00847X104 4,223 151,050 SH   DFND 1 151,050 0 0
AIR METHODS CORP COM PAR $.06 009128307 28,966 680,561 SH   DFND 1 680,561 0 0
AIR METHODS CORP COM PAR $.06 009128307 5,320 125,000 SH Call DFND 1 125,000 0 0
ALERE INC NOTE 3.000% 5/1 01449JAA3 6,052 5,750,000 PRN   DFND 1 5,750,000 0 0
ALLERGAN INC COM 018490102 16,729 184,955 SH   DFND 1 184,955 0 0
ALLERGAN INC COM 018490102 27,135 300,000 SH Call DFND 1 300,000 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 24,526 383,158 SH   DFND 1 383,158 0 0
ALPHATEC HOLDINGS INC COM 02081G102 7,846 3,982,738 SH   DFND 1 3,982,738 0 0
ANGIODYNAMICS INC COM 03475V101 26,573 2,013,104 SH   DFND 1 2,013,104 0 0
ANTARES PHARMA INC COM 036642106 35,132 8,653,119 SH   DFND 1 8,653,119 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 6,801 1,691,857 SH   DFND 1 1,691,857 0 0
ARENA PHARMACEUTICALS INC COM 040047102 6,411 1,216,579 SH   DFND 1 1,216,579 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 22,581 1,227,204 SH   DFND 1 1,227,204 0 0
ARRAY BIOPHARMA INC COM 04269X105 65,841 10,585,406 SH   DFND 1 10,585,406 0 0
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 26,380 23,000,000 PRN   DFND 1 23,000,000 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 48,191 928,000 SH   DFND 1 928,000 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 45,288 2,488,328 SH   DFND 1 2,488,328 0 0
AUXILIUM PHARMACEUTICALS INC NOTE 1.500% 7/1 05334DAA5 2,583 2,500,000 PRN   DFND 1 2,500,000 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 656 155,000 SH   DFND 1 155,000 0 0
BACTERIN INTL HLDGS INC COM 05644R101 517 771,775 SH   DFND 1 771,775 0 0
BAXTER INTL INC COM 071813109 985 15,000 SH   DFND 1 15,000 0 0
BIOCRYST PHARMACEUTICALS COM 09058V103 11,884 1,632,360 SH   DFND 1 1,632,360 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 14,213 2,617,586 SH   DFND 1 2,617,586 0 0
BIOSCRIP INC COM 09069N108 10,967 1,249,041 SH   DFND 1 1,249,041 0 0
BLUEBIRD BIO INC COM 09609G100 11,410 423,224 SH   DFND 1 423,224 0 0
BROOKDALE SR LIVING INC NOTE 2.750% 6/1 112463AA2 29,258 25,000,000 PRN   DFND 1 25,000,000 0 0
BRUKER CORP COM 116794108 434 21,000 SH   DFND 1 21,000 0 0
CAPITAL SR LIVING CORP COM 140475104 22,221 1,050,648 SH   DFND 1 1,050,648 0 0
CARDINAL HEALTH INC COM 14149Y108 16,949 325,000 SH   DFND 1 325,000 0 0
CAS MED SYS INC COM PAR $0.004 124769209 4,288 3,200,000 SH   DFND 1 3,200,000 0 0
CATAMARAN CORP COM 148887102 574 12,500 SH   DFND 1 12,500 0 0
CEMPRA INC COM 15130J109 9,240 803,516 SH   DFND 1 803,516 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 29,537 711,738 SH   DFND 1 711,738 0 0
CROSS CTRY HEALTHCARE INC COM 227483104 8,115 1,343,464 SH   DFND 1 1,343,464 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 35,207 554,000 SH   DFND 1 554,000 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 95,325 1,500,000 SH Call DFND 1 1,500,000 0 0
DENDREON CORP COM 24823Q107 2,051 700,000 SH Put DFND 1 700,000 0 0
DENDREON CORP NOTE 2.875% 1/1 24823QAC1 110,299 177,383,000 PRN   DFND 1 177,383,000 0 0
DENDREON CORP NOTE 4.750% 6/1 24823QAB3 13,212 13,740,000 PRN   DFND 1 13,740,000 0 0
DEPOMED INC COM 249908104 11,242 1,505,000 SH   DFND 1 1,505,000 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 2,328 1,188,000 SH   DFND 1 1,188,000 0 0
DURATA THERAPEUTICS INC COM 26658A107 2,495 275,979 SH   DFND 1 275,979 0 0
DYAX CORP COM 26746E103 30,408 4,432,625 SH   DFND 1 4,432,625 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 13,926 200,000 SH Call DFND 1 200,000 0 0
ELAN PLC ADR 284131208 1,558 100,000 SH   DFND 1 100,000 0 0
ENDOCYTE INC COM 29269A102 672 50,430 SH   DFND 1 50,430 0 0
EXELIXIS INC NOTE 4.250% 8/1 30161QAC8 33,672 29,000,000 PRN   DFND 1 29,000,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 4,017 65,000 SH   DFND 1 65,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 28,428 4,333,475 SH   DFND 1 4,333,475 0 0
FOREST LABS INC COM 345838106 31,879 745,000 SH   DFND 1 745,000 0 0
FOREST LABS INC COM 345838106 4,279 100,000 SH Call DFND 1 100,000 0 0
GLOBUS MED INC CL A 379577208 20,913 1,197,765 SH   DFND 1 1,197,765 0 0
GTX INC DEL COM 40052B108 1,013 500,000 SH Call DFND 1 500,000 0 0
HOLOGIC INC COM 436440101 1,989 96,330 SH   DFND 1 96,330 0 0
HOLOGIC INC DEBT 2.000% 3/0 436440AC5 37,929 37,516,000 PRN   DFND 1 37,516,000 0 0
ICAD INC COM NEW 44934S206 205 38,887 SH   DFND 1 38,887 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 37,853 2,171,744 SH   DFND 1 2,171,744 0 0
INSMED INC COM PAR $.01 457669307 14,529 930,750 SH   DFND 1 930,750 0 0
INTEGRA LIFESCIENCES HLDGS C NOTE 1.625%12/1 457985AK5 42,155 41,523,000 PRN   DFND 1 41,523,000 0 0
INTERMUNE INC NOTE 2.500% 9/1 45884XAE3 37,234 41,570,000 PRN   DFND 1 41,570,000 0 0
INTERMUNE INC NOTE 2.500%12/1 45884XAF0 10,510 7,500,000 PRN   DFND 1 7,500,000 0 0
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 1,184 100,000 SH Put DFND 1 100,000 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 38,839 3,849,296 SH   DFND 1 3,849,296 0 0
LCA-VISION INC COM PAR $.001 501803308 2,631 730,856 SH   DFND 1 730,856 0 0
LIPOSCIENCE INC COM 53630M108 6,912 1,382,350 SH   DFND 1 1,382,350 0 0
MANNKIND CORP NOTE 3.750%12/1 56400PAA0 2,062 2,090,000 PRN   DFND 1 2,090,000 0 0
MAST THERAPEUTICS INC COM 576314108 1,156 2,634,221 SH   DFND 1 2,634,221 0 0
MEI PHARMA INC COM NEW 55279B202 9,250 822,199 SH   DFND 1 822,199 0 0
MERCK & CO INC NEW COM 58933Y105 22,614 475,000 SH   DFND 1 475,000 0 0
MOLINA HEALTHCARE INC COM 60855R100 16,340 459,000 SH   DFND 1 459,000 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 28,893 2,007,886 SH   DFND 1 2,007,886 0 0
MYLAN INC COM 628530107 29,696 778,000 SH   DFND 1 778,000 0 0
MYLAN INC COM 628530107 5,726 150,000 SH Call DFND 1 150,000 0 0
NANOSPHERE INC COM 63009F105 10,286 5,143,219 SH   DFND 1 5,143,219 0 0
NANOSTRING TECHNOLOGIES INC COM 63009R109 5,463 496,650 SH   DFND 1 496,650 0 0
NOVAVAX INC COM 670002104 3,392 1,076,980 SH   DFND 1 1,076,980 0 0
NUVASIVE INC NOTE 2.750% 7/0 670704AC9 62,429 64,136,000 PRN   DFND 1 64,136,000 0 0
NXSTAGE MEDICAL INC COM 67072V103 66,157 5,027,164 SH   DFND 1 5,027,164 0 0
ONCONOVA THERAPEUTICS INC COM 68232V108 25,615 967,696 SH   DFND 1 967,696 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 138 22,575 SH   DFND 1 22,575 0 0
OVASCIENCE INC COM 69014Q101 6,020 607,461 SH   DFND 1 607,461 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 26,962 4,884,368 SH   DFND 1 4,884,368 0 0
PALATIN TECHNOLOGIES INC COM PAR $ .01 696077403 1,380 2,000,000 SH   DFND 1 2,000,000 0 0
PFIZER INC COM 717081103 51,849 1,805,000 SH   DFND 1 1,805,000 0 0
PHARMACYCLICS INC COM 716933106 17,563 127,030 SH   DFND 1 127,030 0 0
PORTOLA PHARMACEUTICALS INC COM 737010108 3,195 119,448 SH   DFND 1 119,448 0 0
PROSENSA HLDG N V SHS USD N71546100 21,314 3,224,524 SH   DFND 1 3,224,524 0 0
PTC THERAPEUTICS INC COM 69366J200 18,134 845,027 SH   DFND 1 845,027 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 13,558 233,767 SH   DFND 1 233,767 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 3,822 1,067,726 SH   DFND 1 1,067,726 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 20,703 1,014,863 SH   DFND 1 1,014,863 0 0
SAREPTA THERAPEUTICS INC COM 803607100 4,723 100,000 SH Put DFND 1 100,000 0 0
SEQUENOM INC COM NEW 817337405 2,630 985,000 SH   DFND 1 985,000 0 0
SOLTA MED INC COM 83438K103 702 339,063 SH   DFND 1 339,063 0 0
SOPHIRIS BIO INC COM NEW 83578Q209 578 123,585 SH   DFND 1 123,585 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 25,406 3,031,750 SH   DFND 1 3,031,750 0 0
SYNAGEVA BIOPHARMA CORP COM 87159A103 3,170 50,000 SH   DFND 1 50,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 32,458 788,000 SH   DFND 1 788,000 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 33,728 892,759 SH   DFND 1 892,759 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 13,223 350,000 SH Call DFND 1 350,000 0 0
THERAPEUTICSMD INC COM 88338N107 3,663 1,250,000 SH   DFND 1 1,250,000 0 0
THORATEC CORP COM NEW 885175307 33,225 891,000 SH   DFND 1 891,000 0 0
TORNIER N V SHS N87237108 28,185 1,458,071 SH   DFND 1 1,458,071 0 0
UNIVERSAL AMERN CORP NEW COM 91338E101 22,297 2,926,100 SH   DFND 1 2,926,100 0 0
VANDA PHARMACEUTICALS INC COM 921659108 8,979 820,000 SH   DFND 1 820,000 0 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 51,660 50,000,000 PRN   DFND 1 50,000,000 0 0
XENOPORT INC COM 98411C100 26,162 4,605,976 SH   DFND 1 4,605,976 0 0
XOMA CORP DEL COM 98419J107 27,374 6,096,634 SH   DFND 1 6,096,634 0 0
ZOGENIX INC COM 98978L105 8,297 4,482,646 SH   DFND 1 4,482,646 0 0