NINE MASTS CAPITAL 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

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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	9,487	448,788	SH		SOLE		448,788	0	0
ABERDEEN ASIA PACIFIC INCOM	COM	003009107	283	61,828	SH		SOLE		61,828	0	0
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	118	9,200	SH		SOLE		9,200	0	0
ADVANCED SEMICONDUCTOR ENGR	SPONSORED ADR	00756M404	1,232	213,168	SH		SOLE		213,168	0	0
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	958	70,841	SH		SOLE		70,841	0	0
AIRMEDIA GROUP INC	SPONSORED ADR	009411109	10,001	1,789,030	SH		SOLE		1,789,030	0	0
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	157	14,599	SH		SOLE		14,599	0	0
ALLIANZGI CONV & INCOME FD	COM	018828103	2,123	383,189	SH		SOLE		383,189	0	0
ALLIANZGI CONV & INCOME FD I	COM	018825109	1,406	278,514	SH		SOLE		278,514	0	0
AU OPTRONICS CORP	SPONSORED ADR	002255107	9,577	3,234,643	SH		SOLE		3,234,643	0	0
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	461	47,105	SH		SOLE		47,105	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	230	18,652	SH		SOLE		18,652	0	0
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	1,012	132,978	SH		SOLE		132,978	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	752	56,231	SH		SOLE		56,231	0	0
BONA FILM GROUP LTD	SPONSORED ADS	09777B107	6,146	464,514	SH		SOLE		464,514	0	0
CALAMOS CONV & HIGH INCOME F	COM SHS	12811P108	2,183	207,713	SH		SOLE		207,713	0	0
CALAMOS CONV OPP AND INC FD	SH BEN INT	128117108	2,147	216,646	SH		SOLE		216,646	0	0
CALAMOS DYNAMIC CONV & INCOM	COM	12811V105	2,048	113,435	SH		SOLE		113,435	0	0
CARNIVAL CORP	PAIRED CTF	143658300	7,490	137,479	SH		SOLE		137,479	0	0
CHESAPEAKE ENERGY CORP	NOTE 2.250%12/1	165167CB1	1,124	3,319,000	PRN		SOLE		3,319,000	0	0
CHINA LIFE INS CO LTD	SPON ADR REP H	16939P106	672	41,600	SH		SOLE		41,600	0	0
CHINA PETE & CHEM CORP	SPON ADR H SHS	16941R108	505	8,357	SH		SOLE		8,357	0	0
CHINA UNICOM (HONG KONG) LTD	SPONSORED ADR	16945R104	7,061	579,101	SH		SOLE		579,101	0	0
CNOOC LTD	SPONSORED ADR	126132109	9,414	90,412	SH		SOLE		90,412	0	0
CTRIP COM INTL LTD	NOTE 1.250%10/1	22943FAD2	26,550	20,000,000	PRN		SOLE		20,000,000	0	0
DIREXION SHS ETF TR	CSI300 CHINA1X	25459Y116	33,986	806,500	SH		SOLE		806,500	0	0
DOUBLELINE INCOME SOLUTIONS	COM	258622109	1,001	61,700	SH		SOLE		61,700	0	0
DR REDDYS LABS LTD	ADR	256135203	10,118	214,603	SH		SOLE		214,603	0	0
E HOUSE CHINA HLDGS LTD	ADR	26852W103	6,025	957,830	SH		SOLE		957,830	0	0
EATON VANCE LTD DUR INCOME F	COM	27828H105	442	34,660	SH		SOLE		34,660	0	0
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	705	69,375	SH		SOLE		69,375	0	0
FIRST TR EXCHANGE TRADED FD	ETF	33733E708	135	100,000	SH	Call	SOLE		100,000	0	0
FRONTIER COMMUNICATIONS CORP	PFD CONV SER-A	35906A207	4,579	5,000,000	PRN		SOLE		5,000,000	0	0
GABELLI DIVD & INCOME TR	COM	36242H104	339	18,347	SH		SOLE		18,347	0	0
GABELLI EQUITY TR INC	COM	362397101	446	84,000	SH		SOLE		84,000	0	0
GENERAL ELECTRIC CO	COM	369604103	1,170	925,000	SH	Call	SOLE		925,000	0	0
GENERAL ELECTRIC CO	COM	369604103	116	924,000	SH	Put	SOLE		924,000	0	0
HOMEINNS HOTEL GROUP	SPONSORED ADR	43742E102	11,589	339,243	SH		SOLE		339,243	0	0
HONDA MOTOR LTD	AMERN SHS	438128308	6,447	198,227	SH		SOLE		198,227	0	0
HSBC HLDGS PLC	SPON ADR NEW	404280406	18,714	468,628	SH		SOLE		468,628	0	0
ICICI BK LTD	ADR	45104G104	4,895	620,500	SH		SOLE		620,500	0	0
INFOSYS LTD	SPONSORED ADR	456788108	921	55,065	SH		SOLE		55,065	0	0
INVESCO DYNAMIC CR OPP FD	COM	46132R104	208	19,678	SH		SOLE		19,678	0	0
INVESCO SR INCOME TR	COM	46131H107	278	68,904	SH		SOLE		68,904	0	0
ISHARES TR	CHINA LG-CAP ETF	464287184	10,459	296,366	SH		SOLE		296,366	0	0
ISHARES TR	CHINA LG-CAP ETF	464287184	8	1,600,000	SH	Call	SOLE		1,600,000	0	0
ISHARES TR	CHINA LG-CAP ETF	464287184	923	500,000	SH	Put	SOLE		500,000	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	22,930	284,558	SH		SOLE		284,558	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	1	100,000	SH	Call	SOLE		100,000	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	239	200,000	SH	Put	SOLE		200,000	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	446	83,301	SH		SOLE		83,301	0	0
MICRON TECHNOLOGY INC	NOTE 3.000%11/1	595112AY9	585	7,000,000	PRN		SOLE		7,000,000	0	0
MINDRAY MEDICAL INTL LTD	SPON ADR	602675100	35,993	1,327,187	SH		SOLE		1,327,187	0	0
MITSUBISHI UFJ FINL GROUP IN	SPONSORED ADR	606822104	1,271	201,865	SH		SOLE		201,865	0	0
MOMO INC	ADR	60879B107	1,331	83,108	SH		SOLE		83,108	0	0
MORGAN STANLEY EM MKTS DM DE	COM	617477104	213	31,298	SH		SOLE		31,298	0	0
NCR CORP NEW	COM	62886E108	2,446	100,000	SH		SOLE		100,000	0	0
NOMURA HLDGS INC	SPONSORED ADR	65535H208	3,128	553,777	SH		SOLE		553,777	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	286	36,514	SH		SOLE		36,514	0	0
NUVEEN MUN OPPORTUNITY FD IN	COM	670984103	311	21,700	SH		SOLE		21,700	0	0
NUVEEN PFD INCOME OPPRTNY FD	COM	67073B106	234	25,500	SH		SOLE		25,500	0	0
OMNIVISION TECHNOLOGIES INC	COM	682128103	33,428	1,151,898	SH		SOLE		1,151,898	0	0
PETROCHINA CO LTD	SPONSORED ADR	71646E100	4,723	72,056	SH		SOLE		72,056	0	0
PIMCO DYNAMIC CR INCOME FD	COM SHS	72202D106	8,366	464,015	SH		SOLE		464,015	0	0
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	303	21,384	SH		SOLE		21,384	0	0
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	215	14,705	SH		SOLE		14,705	0	0
QIHOO 360 TECHNOLOGY CO LTD	ADS	74734M109	11,352	155,918	SH		SOLE		155,918	0	0
QIHOO 360 TECHNOLOGY CO LTD	NOTE 1.750% 8/1	74734MAF6	486	5,000,000	PRN		SOLE		5,000,000	0	0
QIHOO 360 TECHNOLOGY CO LTD	NOTE 2.500% 9/1	74734MAB5	2,673	27,000,000	PRN		SOLE		27,000,000	0	0
RESMED INC	COM	761152107	506	9,420	SH		SOLE		9,420	0	0
RYANAIR HLDGS PLC	SPONSORED ADR NE	783513203	6,214	71,869	SH		SOLE		71,869	0	0
SONY CORP	ADR NEW	835699307	25,570	1,024,066	SH		SOLE		1,024,066	0	0
SOUFUN HLDGS LTD	NOTE 2.000%12/1	836034AB4	48,094	50,000,000	PRN		SOLE		50,000,000	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	539	100,000	SH	Call	SOLE		100,000	0	0
SUMITOMO MITSUI FINL GROUP I	SPONSORED ADR	86562M209	959	125,136	SH		SOLE		125,136	0	0
TEMPLETON GLOBAL INCOME FD	COM	880198106	157	24,714	SH		SOLE		24,714	0	0
TERRAFORM PWR INC	CL A COM	88104R100	10,064	800,000	SH		SOLE		800,000	0	0
TOYOTA MOTOR CORP	SP ADR REP2COM	892331307	8,309	66,705	SH		SOLE		66,705	0	0
WESTERN ASSET EMRG MKT DEBT	COM	95766A101	102	7,400	SH		SOLE		7,400	0	0
YOUKU TUDOU INC	SPONSORED ADR	98742U100	37,332	1,376,057	SH		SOLE		1,376,057	0	0
YY INC	ADS REPCOM CLA	98426T106	1,955	31,300	SH		SOLE		31,300	0	0