CQS Cayman 13F-HR Quarterly holdings report by institutional manager

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
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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
21VIANET GROUP INC	SPONSORED ADR	90138A103	3,162	173,003	SH		DFND	1 2 3 4 5	0	173,003	0
ACHAOGEN INC	COM	004449104	581	100,850	SH		DFND	1 2 3 4 5	0	100,850	0
ACHILLION PHARMACEUTICALS IN	COM	00448Q201	761	110,200	SH		DFND	1 2 3 4 5	0	110,200	0
ACORDA THERAPEUTICS INC	COM	00484M106	809	30,500	SH		DFND	1 2 3 4 5	0	30,500	0
ADVANCED SEMICONDUCTOR ENGR	SPONSORED ADR	00756M404	548	100,000	SH		DFND	1 2 3 4 5	0	100,000	0
AEGERION PHARMACEUTICALS INC	COM	00767E102	1,360	100,000	SH		DFND	1 2 3 4 5	0	100,000	0
AGILENT TECHNOLOGIES INC	COM	00846U101	772	22,500	SH		DFND	1 2 3 4 5	0	22,500	0
AIRGAS INC	COM	009363102	13,400	150,000	SH	Call	DFND	1 2 3 4 5	0	150,000	0
ALBEMARLE CORP	COM	012653101	331	7,500	SH		DFND	1 2 3 4 5	0	7,500	0
ALTERA CORP	COM	021441100	2,504	50,000	SH		DFND	1 2 3 4 5	0	50,000	0
ALTISOURCE PORTFOLIO SOLNS S	REG SHS	L0175J104	12,536	525,833	SH		DFND	1 2 3 4 5	0	525,833	0
ANADARKO PETE CORP	UNIT 99/99/9999	032511404	28,360	767,500	SH		DFND	1 2 3 4 5	0	767,500	0
ARIAD PHARMACEUTICALS INC	COM	04033A100	319	54,600	SH		DFND	1 2 3 4 5	0	54,600	0
AT&T INC	COM	00206R102	489	15,000	SH		DFND	1 2 3 4 5	0	15,000	0
AVALANCHE BIOTECHNOLOGIES IN	COM	05337G107	1,140	138,406	SH		DFND	1 2 3 4 5	0	138,406	0
AVIANCA HLDGS SA	SPON ADR REP PFD	05367G100	381	80,348	SH		DFND	1 2 3 4 5	0	80,348	0
BEAZER HOMES USA INC	COM NEW	07556Q881	1,733	130,000	SH		DFND	1 2 3 4 5	0	130,000	0
BELLICUM PHARMACEUTICALS INC	COM	079481107	1,086	74,736	SH		DFND	1 2 3 4 5	0	74,736	0
BHP BILLITON LTD	SPONSORED ADR	088606108	12,185	388,700	SH		DFND	1 2 3 4 5	0	388,700	0
BIOGEN INC	COM	09062X103	1,751	6,000	SH		DFND	1 2 3 4 5	0	6,000	0
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	3,107	29,500	SH		DFND	1 2 3 4 5	0	29,500	0
BROADCOM CORP	CL A	111320107	4,680	91,000	SH		DFND	1 2 3 4 5	0	91,000	0
CABLEVISION SYS CORP	CL A NY CABLVS	12686C109	2,516	77,500	SH		DFND	1 2 3 4 5	0	77,500	0
CANADIAN SOLAR INC	COM	136635109	1,662	100,000	SH		DFND	1 2 3 4 5	0	100,000	0
CANADIAN SOLAR INC	NOTE 4.250% 2/1	136635AE9	2,546	3,000,000	PRN		DFND	1 2 3 4 5	0	0	0
CARDTRONICS INC	NOTE 1.000%12/0	14161HAG3	10,243	10,900,000	PRN		DFND	1 2 3 4 5	0	0	0
CARNIVAL CORP	PAIRED CTF	143658300	38,161	768,396	SH		DFND	1 2 3 4 5	0	768,396	0
CAVIUM INC	COM	14964U108	263	4,289	SH		DFND	1 2 3 4 5	0	4,289	0
CENTENE CORP DEL	COM	15135B101	380	7,000	SH		DFND	1 2 3 4 5	0	7,000	0
CHUBB CORP	COM	171232101	5,519	45,000	SH		DFND	1 2 3 4 5	0	45,000	0
CIENA CORP	COM NEW	171779309	8,058	388,891	SH		DFND	1 2 3 4 5	0	388,891	0
CIENA CORP	COM NEW	171779309	8,288	400,000	SH	Put	DFND	1 2 3 4 5	0	400,000	0
CIGNA CORPORATION	COM	125509109	473	3,500	SH		DFND	1 2 3 4 5	0	3,500	0
COMCAST CORP NEW	CL A	20030N101	33,130	582,454	SH		DFND	1 2 3 4 5	0	582,454	0
COMCAST CORP NEW	CL A	20030N101	11,376	200,000	SH	Call	DFND	1 2 3 4 5	0	200,000	0
COMMUNITY HEALTH SYS INC NEW	RIGHT 99/99/9999	203668116	24	2,500,000	SH		DFND	1 2 3 4 5	0	2,500,000	0
CYNAPSUS THERAPEUTICS INC	COM PAR NO PAR	23257Y859	1,413	87,400	SH		DFND	1 2 3 4 5	0	87,400	0
CYTEC INDS INC	COM	232820100	5,539	75,000	SH		DFND	1 2 3 4 5	0	75,000	0
DEALERTRACK TECHNOLOGIES INC	COM	242309102	5,527	87,500	SH		DFND	1 2 3 4 5	0	87,500	0
DELTA AIR LINES INC DEL	COM NEW	247361702	6,521	145,337	SH		DFND	1 2 3 4 5	0	145,337	0
DELTA AIR LINES INC DEL	COM NEW	247361702	17,948	400,000	SH	Put	DFND	1 2 3 4 5	0	400,000	0
DEVON ENERGY CORP NEW	COM	25179M103	556	15,000	SH		DFND	1 2 3 4 5	0	15,000	0
DISCOVERY COMMUNICATNS NEW	COM SER C	25470F302	13,669	562,752	SH		DFND	1 2 3 4 5	0	562,752	0
DOW CHEM CO	COM	260543103	6,975	164,500	SH		DFND	1 2 3 4 5	0	164,500	0
DOW CHEM CO	COM	260543103	8,480	200,000	SH	Put	DFND	1 2 3 4 5	0	200,000	0
DYNAVAX TECHNOLOGIES CORP	COM NEW	268158201	1,472	60,000	SH		DFND	1 2 3 4 5	0	60,000	0
EASTMAN CHEM CO	COM	277432100	8,429	130,240	SH		DFND	1 2 3 4 5	0	130,240	0
EASTMAN CHEM CO	COM	277432100	6,472	100,000	SH	Put	DFND	1 2 3 4 5	0	100,000	0
ENERGY FUELS INC	COM NEW	292671708	1,286	441,997	SH		DFND	1 2 3 4 5	0	441,997	0
FACTORSHARES TR	ISE CYBER SEC	30304R407	1,515	60,000	SH		DFND	1 2 3 4 5	0	60,000	0
FEDEX CORP	COM	31428X106	2,286	15,876	SH		DFND	1 2 3 4 5	0	15,876	0
FIDELITY NATIONAL FINANCIAL	NOTE 4.250% 8/1	31620RAE5	60,313	30,650,000	PRN		DFND	1 2 3 4 5	0	0	0
FIREEYE INC	COM	31816Q101	1,352	42,500	SH		DFND	1 2 3 4 5	0	42,500	0
FREESCALE SEMICONDUCTOR LTD	SHS	G3727Q101	2,012	55,000	SH		DFND	1 2 3 4 5	0	55,000	0
FX ENERGY INC	9.25% PFD SER B	302695309	286	20,800	SH		DFND	1 2 3 4 5	0	20,800	0
GILEAD SCIENCES INC	NOTE 1.625% 5/0	375558AP8	14,229	3,300,000	PRN		DFND	1 2 3 4 5	0	0	0
GW PHARMACEUTICALS PLC	ADS	36197T103	1,599	17,500	SH		DFND	1 2 3 4 5	0	17,500	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	11,445	250,000	SH	Call	DFND	1 2 3 4 5	0	250,000	0
HCC INS HLDGS INC	COM	404132102	5,500	71,000	SH		DFND	1 2 3 4 5	0	71,000	0
HOVNANIAN ENTERPRISES INC	CL A	442487203	2,175	1,228,700	SH		DFND	1 2 3 4 5	0	1,228,700	0
ILLUMINA INC	COM	452327109	4,656	26,482	SH		DFND	1 2 3 4 5	0	26,482	0
INCYTE CORP	COM	45337C102	8,727	79,100	SH		DFND	1 2 3 4 5	0	79,100	0
INTEL CORP	SDCV 3.250% 8/0	458140AF7	20,187	13,300,000	PRN		DFND	1 2 3 4 5	0	0	0
INVENSENSE INC	COM	46123D205	465	50,000	SH		DFND	1 2 3 4 5	0	50,000	0
ISHARES	MSCI BRZ CAP ETF	464286400	549	25,000	SH		DFND	1 2 3 4 5	0	25,000	0
ISHARES TR	20+ YR TR BD ETF	464287432	1,986	16,076	SH		DFND	1 2 3 4 5	0	16,076	0
ISHARES TR	IBOXX HI YD ETF	464288513	27,236	327,000	SH		DFND	1 2 3 4 5	0	327,000	0
ISHARES TR	NASDQ BIOTEC ETF	464287556	3,033	10,000	SH		DFND	1 2 3 4 5	0	10,000	0
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	985	7,415	SH		DFND	1 2 3 4 5	0	7,415	0
JD COM INC	SPON ADR CL A	47215P106	432	16,600	SH		DFND	1 2 3 4 5	0	16,600	0
JUNIPER NETWORKS INC	COM	48203R104	771	30,000	SH		DFND	1 2 3 4 5	0	30,000	0
LAM RESEARCH CORP	COM	512807108	1,388	21,252	SH		DFND	1 2 3 4 5	0	21,252	0
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	9,476	7,500,000	PRN		DFND	1 2 3 4 5	0	0	0
LENNAR CORP	CL A	526057104	4,468	92,821	SH		DFND	1 2 3 4 5	0	92,821	0
LENNAR CORP	CL A	526057104	24,065	500,000	SH	Put	DFND	1 2 3 4 5	0	500,000	0
LIBERTY GLOBAL PLC	SHS CL C	G5480U120	14,320	349,110	SH		DFND	1 2 3 4 5	0	349,110	0
LIBERTY INTERACTIVE CORP	LBT VENT COM A	53071M880	6,750	167,275	SH		DFND	1 2 3 4 5	0	167,275	0
LIBERTY MEDIA CORP DELAWARE	COM SER C	531229300	2,049	59,450	SH		DFND	1 2 3 4 5	0	59,450	0
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	6,698	7,000,000	PRN		DFND	1 2 3 4 5	0	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	1,436	19,211	SH		DFND	1 2 3 4 5	0	19,211	0
MARATHON OIL CORP	COM	565849106	2,097	136,141	SH		DFND	1 2 3 4 5	0	136,141	0
MICRON TECHNOLOGY INC	COM	595112103	2,332	155,600	SH		DFND	1 2 3 4 5	0	155,600	0
MICRON TECHNOLOGY INC	NOTE 2.375% 5/0	595112AW3	14,517	8,800,000	PRN		DFND	1 2 3 4 5	0	0	0
MICRON TECHNOLOGY INC	NOTE 3.125% 5/0	595112AX1	1,039	600,000	PRN		DFND	1 2 3 4 5	0	0	0
MOLINA HEALTHCARE INC	NOTE 1.125% 1/1	60855RAC4	66,543	38,000,000	PRN		DFND	1 2 3 4 5	0	0	0
MONSANTO CO NEW	COM	61166W101	2,662	31,197	SH		DFND	1 2 3 4 5	0	31,197	0
MYLAN N V	SHS EURO	N59465109	4,429	110,000	SH		DFND	1 2 3 4 5	0	110,000	0
NATIONAL WESTMINSTER BK PLC	SPON ADR C	638539882	463	18,145	SH		DFND	1 2 3 4 5	0	18,145	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	13,010	937,991	SH		DFND	1 2 3 4 5	0	937,991	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	724	18,200	SH		DFND	1 2 3 4 5	0	18,200	0
NEXVET BIOPHARMA PUB LTD CO	ORD SHS	G6503X109	111	30,400	SH		DFND	1 2 3 4 5	0	30,400	0
NVIDIA CORP	COM	67066G104	1,060	43,000	SH		DFND	1 2 3 4 5	0	43,000	0
NVIDIA CORP	NOTE 1.000%12/0	67066GAC8	14,925	11,300,000	PRN		DFND	1 2 3 4 5	0	0	0
NXP SEMICONDUCTORS N V	COM	N6596X109	3,135	36,000	SH		DFND	1 2 3 4 5	0	36,000	0
OCCIDENTAL PETE CORP DEL	COM	674599105	516	7,800	SH		DFND	1 2 3 4 5	0	7,800	0
OCWEN FINL CORP	COM NEW	675746309	10,742	1,600,900	SH		DFND	1 2 3 4 5	0	1,600,900	0
OM GROUP INC	COM	670872100	1,480	45,000	SH		DFND	1 2 3 4 5	0	45,000	0
OPKO HEALTH INC	COM	68375N103	3,599	428,000	SH		DFND	1 2 3 4 5	0	428,000	0
OREXIGEN THERAPEUTICS INC	COM	686164104	2,612	1,238,000	SH		DFND	1 2 3 4 5	0	1,238,000	0
PRECISION CASTPARTS CORP	COM	740189105	7,534	32,800	SH		DFND	1 2 3 4 5	0	32,800	0
PREMIERE GLOBAL SVCS INC	COM	740585104	996	72,500	SH		DFND	1 2 3 4 5	0	72,500	0
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	11,308	9,600,000	PRN		DFND	1 2 3 4 5	0	0	0
PRICELINE GRP INC	NOTE 1.000% 3/1	741503AQ9	2,665	1,900,000	PRN		DFND	1 2 3 4 5	0	0	0
PROSHARES TR	PSHS ULTSH 20YRS	74347B201	492	11,334	SH		DFND	1 2 3 4 5	0	11,334	0
PROSPECT CAPITAL CORPORATION	NOTE 5.375%10/1	74348TAK8	1,017	1,000,000	PRN		DFND	1 2 3 4 5	0	0	0
PROSPECT CAPITAL CORPORATION	NOTE 5.750% 3/1	74348TAL6	14,436	14,750,000	PRN		DFND	1 2 3 4 5	0	0	0
PROSPECT CAPITAL CORPORATION	NOTE 5.875% 1/1	74348TAM4	5,916	6,000,000	PRN		DFND	1 2 3 4 5	0	0	0
PTC THERAPEUTICS INC	COM	69366J200	961	36,000	SH		DFND	1 2 3 4 5	0	36,000	0
QUALCOMM INC	COM	747525103	13,755	256,000	SH		DFND	1 2 3 4 5	0	256,000	0
QUALCOMM INC	COM	747525103	13,433	250,000	SH	Put	DFND	1 2 3 4 5	0	250,000	0
RADIUS HEALTH INC	COM NEW	750469207	4,852	70,000	SH		DFND	1 2 3 4 5	0	70,000	0
RALPH LAUREN CORP	CL A	751212101	2,777	23,500	SH		DFND	1 2 3 4 5	0	23,500	0
RED HAT INC	COM	756577102	9,441	131,330	SH		DFND	1 2 3 4 5	0	131,330	0
RELYPSA INC	COM	759531106	2,610	141,000	SH		DFND	1 2 3 4 5	0	141,000	0
REPROS THERAPEUTICS INC	COM NEW	76028H209	1,783	240,000	SH		DFND	1 2 3 4 5	0	240,000	0
ROYAL BK SCOTLAND GROUP PLC	SP ADR PREF T	780097713	741	29,000	SH		DFND	1 2 3 4 5	0	29,000	0
RTI INTL METALS INC	NOTE 3.000%12/0	74973WAA5	34,963	34,500,000	PRN		DFND	1 2 3 4 5	0	0	0
RYANAIR HLDGS PLC	SPONSORED ADR	783513104	51,757	662,110	SH		DFND	1 2 3 4 5	0	662,110	0
SANDISK CORP	COM	80004C101	819	15,074	SH		DFND	1 2 3 4 5	0	15,074	0
SANDISK CORP	COM	80004C101	10,866	200,000	SH	Call	DFND	1 2 3 4 5	0	200,000	0
SANDISK CORP	NOTE 0.500%10/1	80004CAF8	10,218	10,550,000	PRN		DFND	1 2 3 4 5	0	0	0
SEACOR HOLDINGS INC	NOTE 2.500%12/1	811904AM3	2,528	2,600,000	PRN		DFND	1 2 3 4 5	0	0	0
SEALED AIR CORP NEW	COM	81211K100	130	2,780	SH		DFND	1 2 3 4 5	0	2,780	0
SEALED AIR CORP NEW	COM	81211K100	14,064	300,000	SH	Put	DFND	1 2 3 4 5	0	300,000	0
SELECT SECTOR SPDR TR	SBI INT-ENERGY	81369Y506	892	14,582	SH		DFND	1 2 3 4 5	0	14,582	0
SIGMA ALDRICH CORP	COM	826552101	14,176	102,050	SH		DFND	1 2 3 4 5	0	102,050	0
SOLERA HOLDINGS INC	COM	83421A104	1,485	27,500	SH		DFND	1 2 3 4 5	0	27,500	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	996	5,200	SH		DFND	1 2 3 4 5	0	5,200	0
STILLWATER MNG CO	NOTE 1.750%10/1	86074QAL6	7,171	6,950,000	PRN		DFND	1 2 3 4 5	0	0	0
STRATEGIC HOTELS & RESORTS I	COM	86272T106	2,551	185,000	SH		DFND	1 2 3 4 5	0	185,000	0
SUNEDISON INC	COM	86732Y109	749	104,000	SH		DFND	1 2 3 4 5	0	104,000	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADR	874039100	3,113	150,000	SH	Put	DFND	1 2 3 4 5	0	150,000	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADR	874039100	4,444	214,198	SH		DFND	1 2 3 4 5	0	214,198	0
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	146,581	72,180,000	PRN		DFND	1 2 3 4 5	0	0	0
TESLA MTRS INC	NOTE 0.250% 3/0	88160RAB7	13,258	13,700,000	PRN		DFND	1 2 3 4 5	0	0	0
TESLA MTRS INC	NOTE 1.500% 6/0	88160RAA9	7,770	3,800,000	PRN		DFND	1 2 3 4 5	0	0	0
TIFFANY & CO NEW	COM	886547108	9,731	126,016	SH		DFND	1 2 3 4 5	0	126,016	0
TIFFANY & CO NEW	COM	886547108	11,583	150,000	SH	Put	DFND	1 2 3 4 5	0	150,000	0
TWENTY FIRST CENTY FOX INC	CL A	90130A101	1,215	45,019	SH		DFND	1 2 3 4 5	0	45,019	0
ULTRAGENYX PHARMACEUTICAL IN	COM	90400D108	4,334	45,000	SH		DFND	1 2 3 4 5	0	45,000	0
UNDER ARMOUR INC	CL A	904311107	19,356	200,000	SH	Put	DFND	1 2 3 4 5	0	200,000	0
UNITED MICROELECTRONICS CORP	SPON ADR NEW	910873405	4,007	2,473,344	SH		DFND	1 2 3 4 5	0	2,473,344	0
UR ENERGY INC	COM	91688R108	1,677	2,941,053	SH		DFND	1 2 3 4 5	0	2,941,053	0
VALE S A	ADR REPSTG PFD	91912E204	75	22,399	SH		DFND	1 2 3 4 5	0	22,399	0
VERASTEM INC	COM	92337C104	465	260,000	SH		DFND	1 2 3 4 5	0	260,000	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	2,083	20,000	SH		DFND	1 2 3 4 5	0	20,000	0
VIVUS INC	COM	928551100	518	316,000	SH		DFND	1 2 3 4 5	0	316,000	0
VULCAN MATLS CO	COM	929160109	4,166	46,708	SH		DFND	1 2 3 4 5	0	46,708	0
VULCAN MATLS CO	COM	929160109	13,380	150,000	SH	Put	DFND	1 2 3 4 5	0	150,000	0
WELLPOINT INC	NOTE 2.750%10/1	94973VBG1	15,618	8,250,000	PRN		DFND	1 2 3 4 5	0	0	0
XENOPORT INC	COM	98411C100	548	157,944	SH		DFND	1 2 3 4 5	0	157,944	0
YPF SOCIEDAD ANONIMA	SPON ADR CL D	984245100	457	30,000	SH		DFND	1 2 3 4 5	0	30,000	0
ZOETIS INC	CL A	98978V103	927	22,500	SH		DFND	1 2 3 4 5	0	22,500	0