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 25,507 617,000 SH   DFND 1 617,000 0 0
ACADIA PHARMACEUTICALS INC COM 004225108 19,368 1,067,115 SH   DFND 1 1,067,115 0 0
ACCURAY INC COM 004397105 8,151 1,420,000 SH   DFND 1 1,420,000 0 0
ACCURAY INC NOTE 3.500% 2/0 004397AC9 6,256 5,000,000 PRN   DFND 1 5,000,000 0 0
ACCURAY INC NOTE 3.750% 8/0 004397AB1 20,326 21,200,000 PRN   DFND 1 21,200,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 13,332 1,629,833 SH   DFND 1 1,629,833 0 0
AETNA INC NEW COM 00817Y108 22,239 350,000 SH   DFND 1 350,000 0 0
AIR METHODS CORP COM PAR $.06 009128307 29,425 869,025 SH   DFND 1 869,025 0 0
ALERE INC NOTE 3.000% 5/1 01449JAA3 5,710 5,750,000 PRN   DFND 1 5,750,000 0 0
ALKERMES PLC SHS G01767105 315 11,000 SH   DFND 1 11,000 0 0
ALLERGAN INC COM 018490102 31,615 375,300 SH   DFND 1 375,300 0 0
ALLERGAN INC COM 018490102 25,272 300,000 SH Call DFND 1 300,000 0 0
ALLSCRIPTS HEALTHCARE SOLUTN COM 01988P108 8,015 619,360 SH   DFND 1 619,360 0 0
ALMOST FAMILY INC COM 020409108 252 13,200 SH   DFND 1 13,200 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 21,514 694,000 SH   DFND 1 694,000 0 0
ALPHATEC HOLDINGS INC COM 02081G102 7,529 3,672,604 SH   DFND 1 3,672,604 0 0
AMEDISYS INC COM 023436108 2,704 233,066 SH   DFND 1 233,066 0 0
ANGIODYNAMICS INC COM 03475V101 29,909 2,651,466 SH   DFND 1 2,651,466 0 0
ANTARES PHARMA INC COM 036642106 39,104 9,400,000 SH   DFND 1 9,400,000 0 0
ANTHERA PHARMACEUTICALS INC COM 03674U102 6,434 13,893,465 SH   DFND 1 13,893,465 0 0
ARENA PHARMACEUTICALS INC COM 040047102 19,778 2,568,588 SH   DFND 1 2,568,588 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 22,127 1,265,104 SH   DFND 1 1,265,104 0 0
ARRAY BIOPHARMA INC COM 04269X105 49,420 10,885,406 SH   DFND 1 10,885,406 0 0
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 21,778 23,000,000 PRN   DFND 1 23,000,000 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 43,894 928,000 SH   DFND 1 928,000 0 0
ATRICURE INC COM 04963C209 5,985 630,000 SH   DFND 1 630,000 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 80,671 4,850,644 SH   DFND 1 4,850,644 0 0
AUXILIUM PHARMACEUTICALS INC NOTE 1.500% 7/1 05334DAA5 1,452 1,500,000 PRN   DFND 1 1,500,000 0 0
BACTERIN INTL HLDGS INC COM 05644R101 866 1,924,386 SH   DFND 1 1,924,386 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 10,627 2,617,586 SH   DFND 1 2,617,586 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 13,768 247,000 SH   DFND 1 247,000 0 0
BROOKDALE SR LIVING INC NOTE 2.750% 6/1 112463AA2 29,466 25,000,000 PRN   DFND 1 25,000,000 0 0
CARDINAL HEALTH INC COM 14149Y108 33,040 700,000 SH   DFND 1 700,000 0 0
CATAMARAN CORP COM 148887102 1,463 30,000 SH   DFND 1 30,000 0 0
CATAMARAN CORP COM 148887102 26,818 550,000 SH Call DFND 1 550,000 0 0
CEMPRA INC COM 15130J109 12,483 1,606,510 SH   DFND 1 1,606,510 0 0
CLOVIS ONCOLOGY INC COM 189464100 20,497 306,018 SH   DFND 1 306,018 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 29,821 636,124 SH   DFND 1 636,124 0 0
CROSS CTRY HEALTHCARE INC COM 227483104 8,164 1,582,227 SH   DFND 1 1,582,227 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 33,562 695,000 SH   DFND 1 695,000 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 72,435 1,500,000 SH Call DFND 1 1,500,000 0 0
CYTOKINETICS INC COM 23282W100 20,590 1,779,622 SH   DFND 1 1,779,622 0 0
DENDREON CORP COM 24823Q107 10,300 2,500,000 SH Put DFND 1 2,500,000 0 0
DENDREON CORP NOTE 2.875% 1/1 24823QAC1 84,440 114,140,000 PRN   DFND 1 99,999,999 0 0
DENDREON CORP NOTE 4.750% 6/1 24823QAB3 13,611 13,740,000 PRN   DFND 1 13,740,000 0 0
DEPOMED INC COM 249908104 8,458 1,505,000 SH   DFND 1 1,505,000 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 2,026 1,333,000 SH   DFND 1 1,333,000 0 0
DURATA THERAPEUTICS INC COM 26658A107 5,418 752,539 SH   DFND 1 752,539 0 0
DYAX CORP COM 26746E103 2,352 679,866 SH   DFND 1 679,866 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 13,440 200,000 SH Call DFND 1 200,000 0 0
ELAN PLC ADR 284131208 2,334 165,084 SH   DFND 1 165,084 0 0
ENDOCYTE INC COM 29269A102 364 27,708 SH   DFND 1 27,708 0 0
EXELIXIS INC NOTE 4.250% 8/1 30161QAC8 65,448 67,000,000 PRN   DFND 1 67,000,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 26,599 4,333,475 SH   DFND 1 4,333,475 0 0
FOREST LABS INC COM 345838106 38,745 945,000 SH   DFND 1 945,000 0 0
FOREST LABS INC COM 345838106 4,100 100,000 SH Call DFND 1 100,000 0 0
GENTIVA HEALTH SERVICES INC COM 37247A102 775 77,839 SH   DFND 1 77,839 0 0
GILEAD SCIENCES INC COM 375558103 1,794 35,000 SH   DFND 1 35,000 0 0
HCA HOLDINGS INC COM 40412C101 19,942 553,020 SH   DFND 1 553,020 0 0
HEARTWARE INTL INC COM 422368100 21,416 225,167 SH   DFND 1 225,167 0 0
HOLOGIC INC COM 436440101 676 35,000 SH   DFND 1 35,000 0 0
HOLOGIC INC DEBT 2.000% 3/0 436440AC5 47,567 47,516,000 PRN   DFND 1 47,516,000 0 0
HUMANA INC COM 444859102 15,863 188,000 SH   DFND 1 188,000 0 0
ICAD INC COM NEW 44934S206 233 38,887 SH   DFND 1 38,887 0 0
ILLUMINA INC COM 452327109 629 8,399 SH   DFND 1 8,399 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 38,132 2,354,963 SH   DFND 1 2,354,963 0 0
INSMED INC COM PAR $.01 457669307 6,623 553,793 SH   DFND 1 553,793 0 0
INTEGRA LIFESCIENCES HLDGS C COM NEW 457985208 9,452 258,044 SH   DFND 1 258,044 0 0
INTEGRA LIFESCIENCES HLDGS C NOTE 1.625%12/1 457985AK5 40,589 41,523,000 PRN   DFND 1 41,523,000 0 0
INTERMUNE INC NOTE 2.500% 9/1 45884XAE3 34,061 41,570,000 PRN   DFND 1 41,570,000 0 0
INTERMUNE INC NOTE 2.500%12/1 45884XAF0 8,025 7,500,000 PRN   DFND 1 7,500,000 0 0
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 993 100,000 SH Put DFND 1 100,000 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 43,809 5,864,612 SH   DFND 1 5,864,612 0 0
LCA-VISION INC COM PAR $.001 501803308 2,509 830,856 SH   DFND 1 830,856 0 0
LHC GROUP INC COM 50187A107 374 19,087 SH   DFND 1 19,087 0 0
LIPOSCIENCE INC COM 53630M108 7,708 1,102,744 SH   DFND 1 1,102,744 0 0
MANNKIND CORP NOTE 3.750%12/1 56400PAA0 2,022 2,090,000 PRN   DFND 1 2,090,000 0 0
MANNKIND CORP NOTE 5.750% 8/1 56400PAC6 2,725 2,500,000 PRN   DFND 1 2,500,000 0 0
MAST THERAPEUTICS INC COM 576314108 1,695 3,948,302 SH   DFND 1 3,948,302 0 0
MEI PHARMA INC COM NEW 55279B202 5,862 822,199 SH   DFND 1 822,199 0 0
MERCK & CO INC NEW COM 58933Y105 26,709 575,000 SH   DFND 1 575,000 0 0
MERGE HEALTHCARE INC COM 589499102 2,479 688,510 SH   DFND 1 688,510 0 0
MOLINA HEALTHCARE INC COM 60855R100 21,193 570,000 SH   DFND 1 570,000 0 0
MYRIAD GENETICS INC COM 62855J104 505 18,777 SH   DFND 1 18,777 0 0
NEKTAR THERAPEUTICS COM 640268108 33,954 2,939,741 SH   DFND 1 2,939,741 0 0
NUVASIVE INC NOTE 2.750% 7/0 670704AC9 61,050 61,136,000 PRN   DFND 1 61,136,000 0 0
NXSTAGE MEDICAL INC COM 67072V103 55,834 3,909,914 SH   DFND 1 3,909,914 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 43,784 3,025,829 SH   DFND 1 3,025,829 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 132 22,575 SH   DFND 1 22,575 0 0
OVASCIENCE INC COM 69014Q101 7,628 555,555 SH   DFND 1 555,555 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 12,357 4,884,368 SH   DFND 1 4,884,368 0 0
PALATIN TECHNOLOGIES INC COM PAR $ .01 696077403 1,240 2,000,000 SH   DFND 1 2,000,000 0 0
PFIZER INC COM 717081103 51,959 1,855,000 SH   DFND 1 1,855,000 0 0
PHARMACYCLICS INC COM 716933106 18,042 227,030 SH   DFND 1 227,030 0 0
PORTOLA PHARMACEUTICALS INC COM 737010108 12,958 527,410 SH   DFND 1 527,410 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 454 10,000 SH   DFND 1 10,000 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 9,052 2,710,053 SH   DFND 1 2,710,053 0 0
RITE AID CORP COM 767754104 2,002 700,000 SH   DFND 1 700,000 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 43,684 2,082,167 SH   DFND 1 2,082,167 0 0
SEATTLE GENETICS INC COM 812578102 9,438 300,000 SH Put DFND 1 300,000 0 0
SOLTA MED INC COM 83438K103 773 339,063 SH   DFND 1 339,063 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 237 31,750 SH   DFND 1 31,750 0 0
ST JUDE MED INC COM 790849103 23,956 525,000 SH   DFND 1 525,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 18,814 408,120 SH   DFND 1 408,120 0 0
TETRAPHASE PHARMACEUTICALS I COM 88165N105 3,901 554,898 SH   DFND 1 554,898 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 48,716 1,242,759 SH   DFND 1 1,242,759 0 0
TORNIER N V SHS N87237108 28,811 1,646,318 SH   DFND 1 1,646,318 0 0
UNIVERSAL AMERN CORP NEW COM 91338E101 27,248 3,065,003 SH   DFND 1 3,065,003 0 0
VOCERA COMMUNICATIONS INC COM 92857F107 4,026 273,858 SH   DFND 1 273,858 0 0
VOLCANO CORPORATION NOTE 1.750%12/0 928645AB6 46,129 50,000,000 PRN   DFND 1 50,000,000 0 0
WARNER CHILCOTT PLC IRELAND SHS A G94368100 688 34,543 SH   DFND 1 34,543 0 0
XENOPORT INC COM 98411C100 20,147 4,070,090 SH   DFND 1 4,070,090 0 0
XOMA CORP DEL COM 98419J107 4,356 1,200,000 SH   DFND 1 1,200,000 0 0
ZOGENIX INC COM 98978L105 6,581 3,848,572 SH   DFND 1 3,848,572 0 0