Guardian Life Insurance Co Of America 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
Expires:	Oct 31, 2018
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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
3M CO	COM	88579Y101	918	7,685	SH		SOLE		7,685	0	0
ABBOTT LABORATORIES	COM	002824100	623	18,778	SH		SOLE		18,778	0	0
ABBVIE INC	COM	00287Y109	854	19,094	SH		SOLE		19,094	0	0
ABERCROMBIE & FITCH CO	COM	002896207	34	961	SH		SOLE		961	0	0
ACCENTURE PLC	COM	G1151C101	575	7,815	SH		SOLE		7,815	0	0
ACE LTD	COM	H0023R105	381	4,077	SH		SOLE		4,077	0	0
ACTAVIS INC	COM	00507K103	224	1,554	SH		SOLE		1,554	0	0
ADOBE SYSTEMS INC	COM	00724F101	309	5,949	SH		SOLE		5,949	0	0
ADT CORP/ THE	COM	00101J106	106	2,597	SH		SOLE		2,597	0	0
ADVANCED MICRO DEVICES	COM	007903107	21	5,557	SH		SOLE		5,557	0	0
AES CORP.	COM	00130H105	99	7,450	SH		SOLE		7,450	0	0
AETNA INC	COM	00817Y108	292	4,555	SH		SOLE		4,555	0	0
AFLAC INC.	COM	001055102	349	5,622	SH		SOLE		5,622	0	0
AGILENT TECHNOLOGIES INC.	COM	00846U101	212	4,132	SH		SOLE		4,132	0	0
AGL RESOURCES INC.	COM	001204106	65	1,418	SH		SOLE		1,418	0	0
AIR LEASE CORP	NOTE	00912XAK0	832	650,000	PRN		SOLE		650,000	0	0
AIR PRODUCTS AND CHEMICALS IN	COM	009158106	266	2,500	SH		SOLE		2,500	0	0
AIRGAS INC.	COM	009363102	85	798	SH		SOLE		798	0	0
AIRTRAN CORP.	NOTE	00949PAD0	5,348	3,600,000	PRN		SOLE		3,600,000	0	0
AKAMAI TECHNOLOGIES	COM	00971T101	110	2,137	SH		SOLE		2,137	0	0
ALCOA INC	COM	013817101	104	12,869	SH		SOLE		12,869	0	0
ALEXION PHARMACEUTICALS INC.	COM	015351109	273	2,349	SH		SOLE		2,349	0	0
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	39	1,287	SH		SOLE		1,287	0	0
ALLEGHENY TECHNOLOGIES INC	NOTE	01741RAD4	11,516	11,100,000	PRN		SOLE		11,100,000	0	0
ALLERGAN INC.	COM	018490102	323	3,575	SH		SOLE		3,575	0	0
ALLIANT TECHSYSTEMS INC	NOTE	018804AK0	9,428	7,200,000	PRN		SOLE		7,200,000	0	0
ALLSTATE CORP	COM	020002101	285	5,635	SH		SOLE		5,635	0	0
ALTERA CORP	COM	021441100	143	3,838	SH		SOLE		3,838	0	0
ALTRIA GROUP INC.	COM	02209S103	831	24,188	SH		SOLE		24,188	0	0
AMAZON.COM INC.	COM	023135106	1,374	4,396	SH		SOLE		4,396	0	0
AMEREN CORP.	COM	023608102	102	2,923	SH		SOLE		2,923	0	0
AMERICAN ELECTRIC POWER	COM	025537101	253	5,844	SH		SOLE		5,844	0	0
AMERICAN EXPRESS	COM	025816109	864	11,442	SH		SOLE		11,442	0	0
AMERICAN INTERNATIONAL GROUP	COM	026874784	864	17,766	SH		SOLE		17,766	0	0
AMERICAN TOWER CORP	COM	03027X100	352	4,750	SH		SOLE		4,750	0	0
AMERIPRISE FINANCIAL, INC	COM	03076C106	222	2,434	SH		SOLE		2,434	0	0
AMERISOURCEBERGEN CORP.	COM	03073E105	169	2,770	SH		SOLE		2,770	0	0
AMETEK INC	COM	031100100	32	704	SH		SOLE		704	0	0
AMGEN INC	COM	031162100	1,013	9,049	SH		SOLE		9,049	0	0
AMPHENOL CORP.	COM	032095101	149	1,926	SH		SOLE		1,926	0	0
ANADARKO PETROLEUM CORP	COM	032511107	560	6,024	SH		SOLE		6,024	0	0
ANALOG DEVICES INC	COM	032654105	175	3,721	SH		SOLE		3,721	0	0
AON PLC	COM	G0408V102	279	3,750	SH		SOLE		3,750	0	0
APACHE CORP	COM	037411105	405	4,752	SH		SOLE		4,752	0	0
APARTMENT INVT & MGMT CO	COM	03748R101	49	1,754	SH		SOLE		1,754	0	0
APPLE INC.	COM	037833100	5,349	11,219	SH		SOLE		11,219	0	0
APPLIED MATERIALS INC	COM	038222105	254	14,472	SH		SOLE		14,472	0	0
ARCHER DANIELS	NOTE	039483AW2	5,088	5,000,000	PRN		SOLE		5,000,000	0	0
ARCHER-DANIELS-MIDLAND CO	COM	039483102	292	7,922	SH		SOLE		7,922	0	0
ARES CAPITAL CORP.	NOTE	04010LAB9	7,041	6,550,000	PRN		SOLE		6,550,000	0	0
ASSURANT INC	COM	04621X108	51	939	SH		SOLE		939	0	0
AT&T, INC.	COM	00206R102	2,187	64,652	SH		SOLE		64,652	0	0
AUTODESK INC	COM	052769106	112	2,709	SH		SOLE		2,709	0	0
AUTOMATIC DATA PROCESSING	COM	053015103	422	5,836	SH		SOLE		5,836	0	0
AUTONATION, INC.	COM	05329W102	28	539	SH		SOLE		539	0	0
AUTOZONE INC	COM	053332102	184	436	SH		SOLE		436	0	0
AVALON BAY COMMUNITIES INC	COM	053484101	186	1,461	SH		SOLE		1,461	0	0
AVERY-DENNISON CORP	COM	053611109	53	1,213	SH		SOLE		1,213	0	0
AVON PRODUCTS INC	COM	054303102	107	5,209	SH		SOLE		5,209	0	0
BAKER HUGHES INC.	COM	057224107	261	5,317	SH		SOLE		5,317	0	0
BALL CORP	COM	058498106	81	1,799	SH		SOLE		1,799	0	0
BANK OF AMERICA CORP.	COM	060505104	1,792	129,840	SH		SOLE		129,840	0	0
BANK OF NEW YORK MELLON CORP	COM	064058100	422	13,972	SH		SOLE		13,972	0	0
BARD (C.R.) INC	COM	067383109	106	920	SH		SOLE		920	0	0
BAXTER INTERNATIONAL INC	COM	071813109	429	6,536	SH		SOLE		6,536	0	0
BB&T CORPORATION	COM	054937107	286	8,464	SH		SOLE		8,464	0	0
BEAM INC	COM	073730103	125	1,929	SH		SOLE		1,929	0	0
BECTON DICKINSON & CO	COM	075887109	234	2,335	SH		SOLE		2,335	0	0
BED BATH & BEYOND INC.	COM	075896100	204	2,634	SH		SOLE		2,634	0	0
BEMIS CO.	COM	081437105	48	1,240	SH		SOLE		1,240	0	0
BERKSHIRE HATHAWAY INC	COM	084670702	2,488	21,919	SH		SOLE		21,919	0	0
BEST BUY COMPANY INC	COM	086516101	121	3,239	SH		SOLE		3,239	0	0
BIOGEN IDEC INC	COM	09062X103	686	2,848	SH		SOLE		2,848	0	0
BLACKROCK INC	COM	09247X101	410	1,515	SH		SOLE		1,515	0	0
BLOCK H & R INC	COM	093671105	87	3,272	SH		SOLE		3,272	0	0
BOEING CO.	COM	097023105	971	8,262	SH		SOLE		8,262	0	0
BORG-WARNER AUTOMOTIVE INC	COM	099724106	140	1,384	SH		SOLE		1,384	0	0
BOSTON PROPERTIES INC	COM	101121101	194	1,815	SH		SOLE		1,815	0	0
BOSTON SCIENTIFIC CORP	COM	101137107	191	16,246	SH		SOLE		16,246	0	0
BOTTOMLINE TECHNOLOGIES INC	NOTE	101388AA4	10,931	9,500,000	PRN		SOLE		9,500,000	0	0
BRISTOL-MYERS SQUIBB CO	COM	110122108	917	19,809	SH		SOLE		19,809	0	0
BRISTOW GROUP, INC.	NOTE	110394AC7	12,385	10,100,000	PRN		SOLE		10,100,000	0	0
BROADCOM CORP	COM	111320107	167	6,403	SH		SOLE		6,403	0	0
BROOKDALE SENIOR LIVING INC	NOTE	112463AA2	8,095	6,900,000	PRN		SOLE		6,900,000	0	0
BROWN-FORMAN CORP.	COM	115637209	126	1,856	SH		SOLE		1,856	0	0
C H ROBINSON WORLDWIDE INC	COM	12541W209	115	1,933	SH		SOLE		1,933	0	0
CA, INC	COM	12673P105	119	4,006	SH		SOLE		4,006	0	0
CABLEVISION SYSTEMS NY	COM	12686C109	44	2,584	SH		SOLE		2,584	0	0
CABOT OIL & GAS CORP	COM	127097103	189	5,062	SH		SOLE		5,062	0	0
CACI INTERNATIONAL INC. C.S.N.	NOTE	127190AD8	10,455	8,200,000	PRN		SOLE		8,200,000	0	0
CAMERON INTERNATIONAL CORP.	COM	13342B105	174	2,982	SH		SOLE		2,982	0	0
CAMPBELL SOUP CO	COM	134429109	88	2,151	SH		SOLE		2,151	0	0
CAPITAL ONE FINANCIAL CORP	COM	14040H105	483	7,031	SH		SOLE		7,031	0	0
CARDINAL HEALTH INC	COM	14149Y108	214	4,102	SH		SOLE		4,102	0	0
CAREFUSION CORP	COM	14170T101	97	2,635	SH		SOLE		2,635	0	0
CARMAX INC	COM	143130102	132	2,715	SH		SOLE		2,715	0	0
CARNIVAL CORP	COM	143658300	174	5,331	SH		SOLE		5,331	0	0
CATERPILLAR INC	COM	149123101	656	7,864	SH		SOLE		7,864	0	0
CBRE GROUP INC	COM	12504L109	83	3,586	SH		SOLE		3,586	0	0
CBS CORP - CL B	COM	124857202	378	6,856	SH		SOLE		6,856	0	0
CELGENE CORP	COM	151020104	773	5,021	SH		SOLE		5,021	0	0
CENTERPOINT ENERGY	COM	15189T107	123	5,146	SH		SOLE		5,146	0	0
CENTURYLINK INC	COM	156700106	230	7,318	SH		SOLE		7,318	0	0
CERNER CORP.	COM	156782104	186	3,531	SH		SOLE		3,531	0	0
CF INDUSTRIES HOLDINGS INC	COM	125269100	151	714	SH		SOLE		714	0	0
CHART INDUSTRIES INC S.C.B.	NOTE	16115QAC4	17,124	9,200,000	PRN		SOLE		9,200,000	0	0
CHESAPEAKE ENERGY	COM	165167107	161	6,229	SH		SOLE		6,229	0	0
CHEVRONTEXACO CORP	COM	166764100	2,838	23,361	SH		SOLE		23,361	0	0
CHIPOTLE MEXICAN GRILL	COM	169656105	158	369	SH		SOLE		369	0	0
CHUBB CORP	COM	171232101	280	3,141	SH		SOLE		3,141	0	0
CIGNA CORP	COM	125509109	264	3,434	SH		SOLE		3,434	0	0
CINCINNATI FINANCIAL CORP	COM	172062101	83	1,765	SH		SOLE		1,765	0	0
CINTAS CORPORATION	COM	172908105	65	1,261	SH		SOLE		1,261	0	0
CISCO SYSTEMS INC	COM	17275R102	1,510	64,469	SH		SOLE		64,469	0	0
CITIGROUP INC	COM	172967424	1,779	36,673	SH		SOLE		36,673	0	0
CITRIX SYSTEMS INC.	COM	177376100	158	2,235	SH		SOLE		2,235	0	0
CLIFFS NATURAL RESOURCES INC	COM	18683K101	37	1,823	SH		SOLE		1,823	0	0
CLOROX COMPANY	COM	189054109	129	1,576	SH		SOLE		1,576	0	0
CME Group Inc. (Cl A)	COM	12572Q105	275	3,716	SH		SOLE		3,716	0	0
CMS ENERGY CORP.	COM	125896100	84	3,187	SH		SOLE		3,187	0	0
COACH INC.	COM	189754104	185	3,387	SH		SOLE		3,387	0	0
COCA COLA ENTERPRISES	COM	19122T109	124	3,080	SH		SOLE		3,080	0	0
COCA-COLA CO.	COM	191216100	1,747	46,119	SH		SOLE		46,119	0	0
COGNIZANT TECH SOLUTIONS	COM	192446102	298	3,623	SH		SOLE		3,623	0	0
COLGATE PALMOLIVE CO.	COM	194162103	628	10,582	SH		SOLE		10,582	0	0
COMCAST CORP.-SPECIAL	COM	20030N101	1,431	31,693	SH		SOLE		31,693	0	0
COMERICA INC	COM	200340107	89	2,259	SH		SOLE		2,259	0	0
COMPUTER SCIENCES CORP	COM	205363104	94	1,817	SH		SOLE		1,817	0	0
CONAGRA FOODS INC.	COM	205887102	153	5,038	SH		SOLE		5,038	0	0
CONOCOPHILLIPS	COM	20825C104	1,023	14,724	SH		SOLE		14,724	0	0
CONSOL ENERGY INC.	COM	20854P109	92	2,745	SH		SOLE		2,745	0	0
CONSOLIDATED EDISON INC	COM	209115104	194	3,524	SH		SOLE		3,524	0	0
CONSTELLATION BRANDS INC	COM	21036P108	108	1,873	SH		SOLE		1,873	0	0
CORNING, INC.	COM	219350105	259	17,739	SH		SOLE		17,739	0	0
COSTCO WHOLESALE CORP	COM	22160K105	603	5,242	SH		SOLE		5,242	0	0
COVANTA HOLDING CORP C.S.N.	NOTE	22282EAC6	11,910	8,650,000	PRN		SOLE		8,650,000	0	0
COVIDIEN PLC	COM	G2554F113	344	5,650	SH		SOLE		5,650	0	0
CROWN CASTLE INTL CORP.	COM	228227104	257	3,524	SH		SOLE		3,524	0	0
CSX CORP.	COM	126408103	317	12,309	SH		SOLE		12,309	0	0
CUBIST PHARMACEUTICALS INC. S.C.N.	NOTE	229678AD9	15,746	7,000,000	PRN		SOLE		7,000,000	0	0
CUMMINS INC.	COM	231021106	282	2,124	SH		SOLE		2,124	0	0
CVS/ CAREMARK CORP	COM	126650100	838	14,772	SH		SOLE		14,772	0	0
D.R. HORTON INC	COM	23331A109	66	3,378	SH		SOLE		3,378	0	0
DANAHER CORP	COM	235851102	489	7,060	SH		SOLE		7,060	0	0
DARDEN RESTAURANTS INC	COM	237194105	72	1,551	SH		SOLE		1,551	0	0
DAVITA HEALTHCARE PARTNER,INC	COM	23918K108	117	2,055	SH		SOLE		2,055	0	0
DEALERTRACK TECHNOLOGIES C.S.B.	NOTE	242309AB8	9,394	7,300,000	PRN		SOLE		7,300,000	0	0
DEERE & CO	COM	244199105	380	4,671	SH		SOLE		4,671	0	0
DELL INC	COM	24702R101	244	17,691	SH		SOLE		17,691	0	0
DELPHI AUTOMOTIVE PLC	COM	G27823106	204	3,500	SH		SOLE		3,500	0	0
DELTA AIR LINES INC.	COM	247361702	241	10,233	SH		SOLE		10,233	0	0
DENBURY RESOURCES INC	COM	247916208	83	4,495	SH		SOLE		4,495	0	0
DENTSPLY INTERNATIONAL INC.	COM	249030107	75	1,719	SH		SOLE		1,719	0	0
DEVON ENERGY CORP NEW	COM	25179M103	263	4,558	SH		SOLE		4,558	0	0
DIAMOND OFFSHORE DRILLING	COM	25271C102	52	827	SH		SOLE		827	0	0
DIRECTV USD0.01	COM	25490A309	394	6,596	SH		SOLE		6,596	0	0
DISCOVER FINANCIAL SERVICES	COM	254709108	298	5,894	SH		SOLE		5,894	0	0
DISCOVERY COMMUNICATIONS	COM	25470F104	246	2,912	SH		SOLE		2,912	0	0
DISNEY (WALT) CO HOLDING CO	COM	254687106	1,375	21,324	SH		SOLE		21,324	0	0
DOLLAR GENERAL CORP	COM	256677105	205	3,639	SH		SOLE		3,639	0	0
DOLLAR TREE INC	COM	256746108	155	2,710	SH		SOLE		2,710	0	0
DOMINION RESOURCES INC S.C.N. SER C	NOTE	25746UAT6	13,148	7,100,000	PRN		SOLE		7,100,000	0	0
DOMINION RESOURCES INC.	COM	25746U109	435	6,955	SH		SOLE		6,955	0	0
DOVER CORP	COM	260003108	186	2,072	SH		SOLE		2,072	0	0
DOW CHEMICAL	COM	260543103	560	14,581	SH		SOLE		14,581	0	0
DR HORTON SR CV NT	NOTE	23331ABB4	6,992	4,600,000	PRN		SOLE		4,600,000	0	0
DR. PEPPER SNAPPLE GROUP INC	COM	26138E109	110	2,451	SH		SOLE		2,451	0	0
DTE ENERGY COMPANY	COM	233331107	138	2,084	SH		SOLE		2,084	0	0
DU PONT (E.I.) DE NEMOURS	COM	263534109	650	11,105	SH		SOLE		11,105	0	0
DUKE ENERGY CORP	COM	26441C204	567	8,488	SH		SOLE		8,488	0	0
DUN & BRADSTREET CORP	COM	26483E100	51	492	SH		SOLE		492	0	0
E TRADE FINANCIAL CORP	COM	269246401	57	3,434	SH		SOLE		3,434	0	0
EASTMAN CHEMICAL	COM	277432100	144	1,852	SH		SOLE		1,852	0	0
EATON CORP PLC NPV	COM	G29183103	392	5,693	SH		SOLE		5,693	0	0
EBAY INC	COM	278642103	785	14,067	SH		SOLE		14,067	0	0
ECOLAB INC	COM	278865100	317	3,212	SH		SOLE		3,212	0	0
EDISON INTERNATIONAL, INC.	COM	281020107	181	3,921	SH		SOLE		3,921	0	0
EDWARDS LIFESCIENCES SP - WI COMMON STK	COM	28176E108	95	1,370	SH		SOLE		1,370	0	0
ELECTRONIC ARTS INC.	COM	285512109	93	3,658	SH		SOLE		3,658	0	0
EMC CORP/MASS	COM	268648102	646	25,271	SH		SOLE		25,271	0	0
EMERSON ELECTRIC CO	COM	291011104	560	8,653	SH		SOLE		8,653	0	0
ENCORE CAPITAL GROUP INC. S.C.B.	NOTE	292554AC6	12,460	8,000,000	PRN		SOLE		8,000,000	0	0
ENERSYS C.S.N.	NOTE	29275YAA0	14,309	9,250,000	PRN		SOLE		9,250,000	0	0
ENSCO PLC	COM	G3157S106	150	2,797	SH		SOLE		2,797	0	0
ENTERGY CORP	COM	29364G103	135	2,142	SH		SOLE		2,142	0	0
EOG RESOURCES INC	COM	26875P101	554	3,274	SH		SOLE		3,274	0	0
EQT CORPORATION	COM	26884L109	160	1,803	SH		SOLE		1,803	0	0
EQUIFAX INC	COM	294429105	87	1,447	SH		SOLE		1,447	0	0
EQUINIX CONV SUB NT	NOTE	29444UAG1	10,350	6,200,000	PRN		SOLE		6,200,000	0	0
EQUITY RESIDENTIAL	COM	29476L107	209	3,900	SH		SOLE		3,900	0	0
ETFS PHYSICAL PALLADIUM SHARES	COM	26923A106	4,193	59,363	SH		SOLE		59,363	0	0
ETFS PLATINUM TRUST	COM	26922V101	6,218	45,279	SH		SOLE		45,279	0	0
EXELON CORP	COM	30161N101	305	10,285	SH		SOLE		10,285	0	0
EXPEDIA INC.	COM	30212P303	60	1,165	SH		SOLE		1,165	0	0
EXPEDITORS INTL WASH INC	COM	302130109	110	2,489	SH		SOLE		2,489	0	0
EXPRESS SCRIPTS HOLDING CO.	COM	30219G108	608	9,849	SH		SOLE		9,849	0	0
EXXON MOBIL CORP	COM	30231G102	4,600	53,469	SH		SOLE		53,469	0	0
F5 NETWORKS INC.	COM	315616102	81	945	SH		SOLE		945	0	0
FAMILY DOLLAR STORES INC.	COM	307000109	83	1,159	SH		SOLE		1,159	0	0
FASTENAL COMPANY	COM	311900104	164	3,259	SH		SOLE		3,259	0	0
FEDEX CORP	COM	31428X106	406	3,558	SH		SOLE		3,558	0	0
FIDELITY NATIONAL INFORMATION SERVICES	COM	31620M106	164	3,528	SH		SOLE		3,528	0	0
FIDELITY NATIONAL TITLE C.S.B.	NOTE	31620RAE5	4,532	3,200,000	PRN		SOLE		3,200,000	0	0
FIFTH THIRD BANCORP	COM	316773100	191	10,572	SH		SOLE		10,572	0	0
FIRST SOLAR INC	COM	336433107	33	809	SH		SOLE		809	0	0
FIRSTENERGY CORP	COM	337932107	183	5,025	SH		SOLE		5,025	0	0
FISERV, INC.	COM	337738108	162	1,608	SH		SOLE		1,608	0	0
FLIR SYSTEMS INC.	COM	302445101	54	1,719	SH		SOLE		1,719	0	0
FLOWSERVE CORPORATION	COM	34354P105	108	1,729	SH		SOLE		1,729	0	0
FLUOR CORP - NEW	COM	343412102	139	1,962	SH		SOLE		1,962	0	0
FMC CORP	COM	302491303	118	1,648	SH		SOLE		1,648	0	0
FMC TECHNOLOGIES INC	COM	30249U101	158	2,854	SH		SOLE		2,854	0	0
FORD MOTOR CO.	COM	345370860	800	47,410	SH		SOLE		47,410	0	0
FOREST LABORATORIES, INC.	COM	345838106	121	2,819	SH		SOLE		2,819	0	0
FORTUNE BRANDS HOME & SECURITY INC	COM	34964C106	0	1	SH		SOLE		1	0	0
FOSSIL GROUP INC	COM	34988V106	75	641	SH		SOLE		641	0	0
FRANKLIN RESOURCES INC	COM	354613101	251	4,969	SH		SOLE		4,969	0	0
FREEPORT MCMORAN COPPER GOLD	COM	35671D857	413	12,497	SH		SOLE		12,497	0	0
FRONTIER COMMUNICATIONS CO.	COM	35906A108	50	12,013	SH		SOLE		12,013	0	0
GAMESTOP CORP	COM	36467W109	73	1,461	SH		SOLE		1,461	0	0
GANNETT CO	COM	364730101	74	2,766	SH		SOLE		2,766	0	0
GAP INC	COM	364760108	139	3,455	SH		SOLE		3,455	0	0
GARMIN LTD	COM	H2906T109	61	1,358	SH		SOLE		1,358	0	0
GENERAL DYNAMICS CORP	COM	369550108	350	3,995	SH		SOLE		3,995	0	0
GENERAL ELECTRIC	COM	369604103	2,967	124,190	SH		SOLE		124,190	0	0
GENERAL MILLS INC	COM	370334104	373	7,781	SH		SOLE		7,781	0	0
GENERAL MOTORS CORP	COM	37045V100	352	9,774	SH		SOLE		9,774	0	0
GENERAL MOTORS CORP MAND.CV.12/1/13	COM	37045V209	14,185	283,000	SH		SOLE		283,000	0	0
GENESEE & WYOMING INC. MAND 10/01/15	COM	371559204	9,344	73,000	SH		SOLE		73,000	0	0
GENUINE PARTS CO	COM	372460105	151	1,862	SH		SOLE		1,862	0	0
GENWORTH FINANCIAL INC.	COM	37247D106	76	5,935	SH		SOLE		5,935	0	0
GILEAD SCIENCES INC	COM	375558103	1,156	18,401	SH		SOLE		18,401	0	0
GILEAD SCIENCES INC S.C.B. (D)	NOTE	375558AP8	33,225	12,000,000	PRN		SOLE		12,000,000	0	0
GOLDMAN SACHS	COM	38141G104	816	5,158	SH		SOLE		5,158	0	0
GOODYEAR TIRE & RUBBER CO	COM	382550101	66	2,949	SH		SOLE		2,949	0	0
GOODYEAR TIRE& RUBBER MAND.CV.4/1/14	COM	382550309	14,267	224,130	SH		SOLE		224,130	0	0
GOOGLE INC-CL A	COM	38259P508	2,864	3,270	SH		SOLE		3,270	0	0
GRAINGER WW INC	COM	384802104	190	725	SH		SOLE		725	0	0
GREEN PLAINS REVEWABLE ENERGY	NOTE	393222AB0	9,680	7,500,000	PRN		SOLE		7,500,000	0	0
HALLIBURTON CO	COM	406216101	499	10,363	SH		SOLE		10,363	0	0
HARLEY DAVIDSON	COM	412822108	175	2,726	SH		SOLE		2,726	0	0
HARMAN INTERNATIONAL INDUSTRIES, INC.	COM	413086109	54	822	SH		SOLE		822	0	0
HARRIS CORP	COM	413875105	79	1,328	SH		SOLE		1,328	0	0
HARTFORD FINANCIAL SERVICES GROUP	COM	416515104	171	5,492	SH		SOLE		5,492	0	0
HASBRO INC	COM	418056107	65	1,370	SH		SOLE		1,370	0	0
HCP INC	COM	40414L109	223	5,456	SH		SOLE		5,456	0	0
HEALTH CARE REIT INC	COM	42217K106	214	3,434	SH		SOLE		3,434	0	0
HEALTH CARE REIT INC C.S.B.	NOTE	42217KAR7	3,958	3,200,000	PRN		SOLE		3,200,000	0	0
HELMERICH AND PAYNE	COM	423452101	88	1,278	SH		SOLE		1,278	0	0
HERSHEY FOODS CORP	COM	427866108	168	1,811	SH		SOLE		1,811	0	0
HESS CORP	COM	42809H107	275	3,553	SH		SOLE		3,553	0	0
HEWLETT PACKARD CO.	COM	428236103	487	23,228	SH		SOLE		23,228	0	0
HOME DEPOT INC	COM	437076102	1,329	17,528	SH		SOLE		17,528	0	0
HONEYWELL INTERNATIONAL INC.	COM	438516106	786	9,469	SH		SOLE		9,469	0	0
HORMEL FOODS CORP	COM	440452100	68	1,617	SH		SOLE		1,617	0	0
HORNBECK OFFSHORE SERVICES, INC. C.S.B.	NOTE	440543AN6	13,313	10,300,000	PRN		SOLE		10,300,000	0	0
HOSPIRA INC	COM	441060100	78	1,981	SH		SOLE		1,981	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	159	8,991	SH		SOLE		8,991	0	0
HUDSON CITY BANCORP INC.	COM	443683107	52	5,713	SH		SOLE		5,713	0	0
HUMANA INC	COM	444859102	178	1,907	SH		SOLE		1,907	0	0
HUNTINGTON BANCSHARES INC	COM	446150104	83	10,104	SH		SOLE		10,104	0	0
ICONIX BRAND GROUP C.S.N.	NOTE	451055AE7	9,414	7,650,000	PRN		SOLE		7,650,000	0	0
IDERA PHARMACEUTICALS INC.	COM	45168K306	647	371,759	SH		SOLE		371,759	0	0
ILLINOIS TOOL WORKS	COM	452308109	381	4,998	SH		SOLE		4,998	0	0
INGERSOLL-RAND PLC	COM	G47791101	217	3,342	SH		SOLE		3,342	0	0
INTEGRYS ENERGY GROUP INC	COM	45822P105	52	936	SH		SOLE		936	0	0
INTEL CORP.	COM	458140100	1,374	59,952	SH		SOLE		59,952	0	0
INTEL CORP. CV.JR.NT.	NOTE	458140AF7	14,858	12,000,000	PRN		SOLE		12,000,000	0	0
INTERCONTINENTALEXCHANGE INC.	COM	45865V100	157	867	SH		SOLE		867	0	0
INTERNATIONAL GAME TECHNOLOGY	COM	459902102	60	3,146	SH		SOLE		3,146	0	0
INTERNATIONAL PAPER	COM	460146103	240	5,364	SH		SOLE		5,364	0	0
INTERPUBLIC GROUP COS INC	COM	460690100	88	5,145	SH		SOLE		5,145	0	0
INTL BUSINESS MACHINES CORP I.B.M.	COM	459200101	2,320	12,528	SH		SOLE		12,528	0	0
INTL FLAVORS & FRAGRANCES	COM	459506101	81	980	SH		SOLE		980	0	0
INTL GAME TECH C.S.N.	NOTE	459902AQ5	19,028	17,200,000	PRN		SOLE		17,200,000	0	0
INTUIT INC	COM	461202103	226	3,407	SH		SOLE		3,407	0	0
INTUITIVE SURGICAL INC.	COM	46120E602	181	482	SH		SOLE		482	0	0
INVESCO LTD	COM	G491BT108	170	5,344	SH		SOLE		5,344	0	0
IRON MOUNTAIN INC	COM	462846106	54	2,008	SH		SOLE		2,008	0	0
ISHARES SILVER TRUST	COM	46428Q109	9,381	449,089	SH		SOLE		449,089	0	0
ISIS PHARMACEUTICALS INC. C.S.N.	NOTE	464337AG9	17,536	7,500,000	PRN		SOLE		7,500,000	0	0
IXIA CV.SR.NT.	NOTE	45071RAB5	9,006	7,900,000	PRN		SOLE		7,900,000	0	0
JACOBS ENGINEERING GROUP INC.	COM	469814107	91	1,568	SH		SOLE		1,568	0	0
JDS UNIPHASE CORP	COM	46612J507	42	2,830	SH		SOLE		2,830	0	0
JM SMUCKER CO/THE-NEWW COM WI	COM	832696405	136	1,291	SH		SOLE		1,291	0	0
JOHNSON & JOHNSON	COM	478160104	2,937	33,883	SH		SOLE		33,883	0	0
JOHNSON CONTROLS	COM	478366107	341	8,226	SH		SOLE		8,226	0	0
JOY GLOBAL	COM	481165108	65	1,272	SH		SOLE		1,272	0	0
JP MORGAN CHASE & CO.	COM	46625H100	1,791	34,654	SH		SOLE		34,654	0	0
JUNIPER NETWORKS INC	COM	48203R104	121	6,105	SH		SOLE		6,105	0	0
KANSAS CITY SOUTHERN INDS	COM	485170302	145	1,325	SH		SOLE		1,325	0	0
KELLOGG CO	COM	487836108	180	3,068	SH		SOLE		3,068	0	0
KEYCORP	COM	493267108	126	11,088	SH		SOLE		11,088	0	0
KIMBERLY-CLARK CORP	COM	494368103	438	4,644	SH		SOLE		4,644	0	0
KIMCO REALTY CORP	COM	49446R109	99	4,902	SH		SOLE		4,902	0	0
KINDER MORGAN INC.	COM	49456B101	275	7,726	SH		SOLE		7,726	0	0
KLA-TENCOR CORPORATION	COM	482480100	121	1,993	SH		SOLE		1,993	0	0
KOHLS CORP	COM	500255104	127	2,459	SH		SOLE		2,459	0	0
KRAFT FOODS INC	COM	50076Q106	375	7,156	SH		SOLE		7,156	0	0
KROGER CO	COM	501044101	253	6,261	SH		SOLE		6,261	0	0
L BRANDS INC	COM	501797104	177	2,893	SH		SOLE		2,893	0	0
L-3 COMMUNICATIONS HLDGS INC.	COM	502424104	102	1,082	SH		SOLE		1,082	0	0
LABORATORY CORP. C.S.N. LYON	NOTE	50540RAG7	12,406	9,350,000	PRN		SOLE		9,350,000	0	0
LABORATORY CORP. OF AMERICA HOLDINGS	COM	50540R409	110	1,112	SH		SOLE		1,112	0	0
LAM RESEARCH CORP.	COM	512807108	100	1,954	SH		SOLE		1,954	0	0
LAM RESEARCH CORP. C.S.D.	NOTE	512807AJ7	14,706	13,000,000	PRN		SOLE		13,000,000	0	0
LAREDO PETROLEUM HOLDINGS INC	COM	516806106	37	1,250	SH		SOLE		1,250	0	0
LAUDER ESTEE	COM	518439104	205	2,932	SH		SOLE		2,932	0	0
LEGG MASON INC	COM	524901105	45	1,337	SH		SOLE		1,337	0	0
LEGGETT & PLATT INC	COM	524660107	52	1,718	SH		SOLE		1,718	0	0
LENNAR CORP	COM	526057104	70	1,987	SH		SOLE		1,987	0	0
LEUCADIA NATIONAL CORP	COM	527288104	98	3,609	SH		SOLE		3,609	0	0
LIFE TECHNOLOGIES CORP	COM	53217V109	156	2,079	SH		SOLE		2,079	0	0
LIFEPOINT HOSPITALS INC C.S.N.	NOTE	53219LAH2	9,683	9,200,000	PRN		SOLE		9,200,000	0	0
LILLY (ELI) & CO	COM	532457108	602	11,965	SH		SOLE		11,965	0	0
LINCOLN NATIONAL CORP	COM	534187109	135	3,226	SH		SOLE		3,226	0	0
LINEAR TECHNOLOGY CORP	COM	535678106	111	2,798	SH		SOLE		2,798	0	0
LINEAR TECHNOLOGY CORP C.S.N.	NOTE	535678AC0	9,686	9,100,000	PRN		SOLE		9,100,000	0	0
LOCKHEED MARTIN CORP	COM	539830109	411	3,220	SH		SOLE		3,220	0	0
LOEWS CORP	COM	540424108	174	3,721	SH		SOLE		3,721	0	0
LORILLARD INC	COM	544147101	204	4,566	SH		SOLE		4,566	0	0
LOWE'S COMPANIES	COM	548661107	613	12,869	SH		SOLE		12,869	0	0
LSI LOGIC CORP	COM	502161102	52	6,616	SH		SOLE		6,616	0	0
LYONDELLBASELL INDU	COM	N53745100	349	4,768	SH		SOLE		4,768	0	0
M & T BANK CORPORATION	COM	55261F104	167	1,495	SH		SOLE		1,495	0	0
MACERICH CO/THE	COM	554382101	93	1,652	SH		SOLE		1,652	0	0
MACYS INC	COM	55616P104	199	4,604	SH		SOLE		4,604	0	0
MARATHON OIL CORP	COM	565849106	297	8,516	SH		SOLE		8,516	0	0
MARATHON PETROLEM CORP	COM	56585A102	250	3,882	SH		SOLE		3,882	0	0
MARRIOTT INTERNATIONAL INC	COM	571903202	120	2,854	SH		SOLE		2,854	0	0
MARSH & MCLENNAN COS	COM	571748102	288	6,624	SH		SOLE		6,624	0	0
MASCO CORP	COM	574599106	91	4,288	SH		SOLE		4,288	0	0
MASTERCARD INC	COM	57636Q104	847	1,259	SH		SOLE		1,259	0	0
MATTEL INC	COM	577081102	174	4,145	SH		SOLE		4,145	0	0
MCCORMICK & CO	COM	579780206	103	1,589	SH		SOLE		1,589	0	0
MCDONALD'S CORP	COM	580135101	1,160	12,060	SH		SOLE		12,060	0	0
MCGRAW HILL FINANCIAL INC	COM	580645109	218	3,322	SH		SOLE		3,322	0	0
MCKESSON CORP	COM	58155Q103	352	2,747	SH		SOLE		2,747	0	0
MEAD JOHNSON NUTRITION CO	COM	582839106	181	2,433	SH		SOLE		2,433	0	0
MEADWESTVACO CORP	COM	583334107	81	2,110	SH		SOLE		2,110	0	0
MEDTRONIC INC	COM	585055106	646	12,138	SH		SOLE		12,138	0	0
MENTOR GRAPHICS CORP C.S.D.	NOTE	587200AK2	14,869	11,350,000	PRN		SOLE		11,350,000	0	0
MERCK & COMPANY, INC.	COM	58933Y105	1,719	36,115	SH		SOLE		36,115	0	0
MERITAGE CORP. C.S.B.	NOTE	59001AAR3	969	900,000	PRN		SOLE		900,000	0	0
METLIFE INC.	COM	59156R108	623	13,270	SH		SOLE		13,270	0	0
METLIFE, INC. MAND. 10/8/14	COM	59156R116	14,588	509,000	SH		SOLE		509,000	0	0
MGIC INVESTMENT CORP. C.S.B.	NOTE	552848AE3	6,347	5,000,000	PRN		SOLE		5,000,000	0	0
MGM MIRAGE MGM INC C.S.N.	NOTE	55303QAE0	10,185	8,000,000	PRN		SOLE		8,000,000	0	0
MICROCHIP TECHNOLOGY INC	COM	595017104	95	2,351	SH		SOLE		2,351	0	0
MICRON TECHNOLOGY	COM	595112103	217	12,440	SH		SOLE		12,440	0	0
MICROSOFT CORP	COM	594918104	3,024	90,783	SH		SOLE		90,783	0	0
MOLEX INC.	COM	608554101	64	1,665	SH		SOLE		1,665	0	0
MOLSON COORS BREWING CO.	COM	60871R209	94	1,871	SH		SOLE		1,871	0	0
MONDELEZ INTERNATIONAL INC	COM	609207105	675	21,498	SH		SOLE		21,498	0	0
MONSANTO CO	COM	61166W101	673	6,447	SH		SOLE		6,447	0	0
MONSTER BEVERAGE CORPORATION	COM	611740101	89	1,711	SH		SOLE		1,711	0	0
MOODY'S CORP	COM	615369105	164	2,336	SH		SOLE		2,336	0	0
MORGAN STANLEY	COM	617446448	447	16,581	SH		SOLE		16,581	0	0
MOSAIC CO/THE	COM	61945C103	151	3,516	SH		SOLE		3,516	0	0
MOTOROLA SOLUTIONS INC.	COM	620076307	188	3,174	SH		SOLE		3,174	0	0
MURPHY OIL CORP	COM	626717102	131	2,165	SH		SOLE		2,165	0	0
MYLAN INC	COM	628530107	175	4,596	SH		SOLE		4,596	0	0
MYLAN LABORATORIES S.C.N.	NOTE	628530AJ6	15,940	5,500,000	PRN		SOLE		5,500,000	0	0
NABORS INDUSTRIES LTD	COM	G6359F103	55	3,451	SH		SOLE		3,451	0	0
NASDAQ STOCK MARKET INC. COMMON STK	COM	631103108	45	1,416	SH		SOLE		1,416	0	0
NATIONAL-OILWELL INC	COM	637071101	401	5,129	SH		SOLE		5,129	0	0
NETAPP INC	COM	64110D104	175	4,101	SH		SOLE		4,101	0	0
NETFLIX INC.	COM	64110L106	211	683	SH		SOLE		683	0	0
NEW CORP-CLASS A	COM	65249B109	97	6,016	SH		SOLE		6,016	0	0
NEWELL RUBBERMAID INC.	COM	651229106	95	3,464	SH		SOLE		3,464	0	0
NEWFIELD EXPLORATION COMPANY	COM	651290108	44	1,620	SH		SOLE		1,620	0	0
NEWMONT MINING CORP NEW	COM	651639106	168	5,970	SH		SOLE		5,970	0	0
NEWPARK RESOURCES S.C.N.	NOTE	651718AC2	11,055	8,000,000	PRN		SOLE		8,000,000	0	0
NEXTERA ENERGY INC.	COM	65339F101	408	5,096	SH		SOLE		5,096	0	0
NIELSEN HOLDINGS NV	COM	N63218106	93	2,539	SH		SOLE		2,539	0	0
NIKE, INC. CL B	COM	654106103	639	8,800	SH		SOLE		8,800	0	0
NISOURCE INC.	COM	65473P105	116	3,745	SH		SOLE		3,745	0	0
NOBLE CORPORATION CHF	COM	H5833N103	115	3,043	SH		SOLE		3,043	0	0
NOBLE ENERGY INC	COM	655044105	290	4,322	SH		SOLE		4,322	0	0
NORDSTROM INC	COM	655664100	100	1,788	SH		SOLE		1,788	0	0
NORFOLK SOUTHERN CORP	COM	655844108	293	3,785	SH		SOLE		3,785	0	0
NORTHEAST UTILITIES	COM	664397106	156	3,774	SH		SOLE		3,774	0	0
NORTHERN TRUST CORP	COM	665859104	144	2,643	SH		SOLE		2,643	0	0
NORTHROP GRUMMAN CORP	COM	666807102	270	2,836	SH		SOLE		2,836	0	0
NRG ENERGY, INC.	COM	629377508	106	3,889	SH		SOLE		3,889	0	0
NUANCE COMMUNICATIONS C.S.B.	NOTE	67020YAF7	9,096	9,000,000	PRN		SOLE		9,000,000	0	0
NUCOR CORP.	COM	670346105	187	3,818	SH		SOLE		3,818	0	0
NVDIA CORP	COM	67066G104	108	6,962	SH		SOLE		6,962	0	0
NYSE EURONEXT	COM	629491101	123	2,925	SH		SOLE		2,925	0	0
OCCIDENTAL PETROLEUM	COM	674599105	907	9,696	SH		SOLE		9,696	0	0
OMNICOM C.S.D.	NOTE	681919AV8	5,546	4,600,000	PRN		SOLE		4,600,000	0	0
OMNICOM GROUP	COM	681919106	198	3,124	SH		SOLE		3,124	0	0
ONEOK INC	COM	682680103	131	2,463	SH		SOLE		2,463	0	0
ORACLE SYSTEMS	COM	68389X105	1,459	43,978	SH		SOLE		43,978	0	0
O'REILLY AUTOMOTIVE INC	COM	67103H107	171	1,340	SH		SOLE		1,340	0	0
OWENS-ILLINOIS INC	COM	690768403	59	1,969	SH		SOLE		1,969	0	0
PACCAR INC	COM	693718108	236	4,247	SH		SOLE		4,247	0	0
PALL CORP	COM	696429307	104	1,345	SH		SOLE		1,345	0	0
PARKER-HANNIFIN CORP	COM	701094104	195	1,794	SH		SOLE		1,794	0	0
PATTERSON COS INC	COM	703395103	40	1,007	SH		SOLE		1,007	0	0
PAYCHEX INC	COM	704326107	158	3,889	SH		SOLE		3,889	0	0
PDL BIOPHARMA INC C.S.B.	NOTE	69329YAC8	5,923	4,598,000	PRN		SOLE		4,598,000	0	0
PEABODY ENERGY CORP.	COM	704549104	56	3,240	SH		SOLE		3,240	0	0
PENNEY JC COMPANY INC.	COM	708160106	20	2,310	SH		SOLE		2,310	0	0
PENTAIR LTD	COM	H6169Q108	160	2,462	SH		SOLE		2,462	0	0
PEOPLE'S UNITED FINANCIAL INC	COM	712704105	55	3,841	SH		SOLE		3,841	0	0
PEPCO HOLDINGS INC	COM	713291102	55	2,986	SH		SOLE		2,986	0	0
PEPSICO INC	COM	713448108	1,480	18,621	SH		SOLE		18,621	0	0
PERKIN ELMER INC	COM	714046109	51	1,361	SH		SOLE		1,361	0	0
PERRIGO CO	COM	714290103	132	1,070	SH		SOLE		1,070	0	0
PETSMART INC.	COM	716768106	96	1,259	SH		SOLE		1,259	0	0
PFIZER, INC.	COM	717081103	2,305	80,287	SH		SOLE		80,287	0	0
PG&E CORPORATION	COM	69331C108	218	5,339	SH		SOLE		5,339	0	0
PHILIP MORRIS INTERNATIONAL	COM	718172109	1,703	19,666	SH		SOLE		19,666	0	0
PHILLIPS 66	COM	718546104	431	7,454	SH		SOLE		7,454	0	0
PINNACLE WEST CAPITAL CORP.	COM	723484101	72	1,317	SH		SOLE		1,317	0	0
PIONEER NATURAL RESOURCE CO	COM	723787107	312	1,651	SH		SOLE		1,651	0	0
PITNEY BOWES INC	COM	724479100	44	2,422	SH		SOLE		2,422	0	0
PLUM CREEK TIMBER CO INC	COM	729251108	91	1,953	SH		SOLE		1,953	0	0
PNC FINANCIAL SERVICES GROUP	COM	693475105	462	6,371	SH		SOLE		6,371	0	0
POWERSHARES DB AGRICULTURE F	COM	73936B408	69,023	2,729,260	SH		SOLE		2,729,260	0	0
POWERSHARES DB BASE METALS F	COM	73936B705	16,032	958,267	SH		SOLE		958,267	0	0
POWERSHARES DB ENERGY FUND	COM	73936B101	16,557	587,540	SH		SOLE		587,540	0	0
POWERSHARES DB OIL FUND	COM	73936B507	31,402	1,144,385	SH		SOLE		1,144,385	0	0
PPG INDUSTRIES INC	COM	693506107	287	1,720	SH		SOLE		1,720	0	0
PPL CORPORATION	COM	69351T106	231	7,619	SH		SOLE		7,619	0	0
PPL CORPORATION MAND. 5/01/14	COM	69351T114	9,417	175,400	SH		SOLE		175,400	0	0
PRAXAIR INC	COM	74005P104	429	3,568	SH		SOLE		3,568	0	0
PRECISION CASTPARTS CORP	COM	740189105	400	1,762	SH		SOLE		1,762	0	0
PRICELINE.COM INC	COM	741503403	630	623	SH		SOLE		623	0	0
PRICELINE.COM INC C.S.N.	NOTE	741503AQ9	23,387	18,200,000	PRN		SOLE		18,200,000	0	0
PRINCIPAL FINANCIAL GROUP INC.	COM	74251V102	142	3,320	SH		SOLE		3,320	0	0
PROCTER & GAMBLE CO.	COM	742718109	2,497	33,031	SH		SOLE		33,031	0	0
PROGRESSIVE CORP OH	COM	743315103	182	6,695	SH		SOLE		6,695	0	0
PROLOGIS INC	COM	74340W103	226	6,005	SH		SOLE		6,005	0	0
PRUDENTIAL FINANCIAL INC.	COM	744320102	436	5,595	SH		SOLE		5,595	0	0
PUBLIC STORAGE INC.	COM	74460D109	279	1,736	SH		SOLE		1,736	0	0
PUBLIC SVC ENTERPRISES	COM	744573106	200	6,088	SH		SOLE		6,088	0	0
PULTE HOMES INC.	COM	745867101	68	4,123	SH		SOLE		4,123	0	0
PVH CORP	COM	693656100	115	967	SH		SOLE		967	0	0
QEP RESOURCES INC	COM	74733V100	60	2,149	SH		SOLE		2,149	0	0
QUALCOMM INC	COM	747525103	1,400	20,788	SH		SOLE		20,788	0	0
QUANTA SERVICES INC	COM	74762E102	70	2,558	SH		SOLE		2,558	0	0
QUEST DIAGNOSTICS	COM	74834L100	117	1,896	SH		SOLE		1,896	0	0
RALPH LAUREN CORP.	COM	751212101	121	735	SH		SOLE		735	0	0
RANGE RESOURCES CORP.	COM	75281A109	148	1,953	SH		SOLE		1,953	0	0
RAYONIER INC. TRS. HOL C.S.B.	NOTE	75508AAC0	2,874	1,700,000	PRN		SOLE		1,700,000	0	0
RAYTHEON COMPANY	COM	755111507	302	3,924	SH		SOLE		3,924	0	0
RED HAT INC.	COM	756577102	106	2,295	SH		SOLE		2,295	0	0
REGENERON PHARMACEUTICALS INC	COM	75886F107	289	924	SH		SOLE		924	0	0
REGIONS FINANCIAL CORP	COM	7591EP100	157	16,968	SH		SOLE		16,968	0	0
REPUBLIC SERVICES INC	COM	760759100	117	3,506	SH		SOLE		3,506	0	0
REYNOLDS AMERICAN INC	COM	761713106	187	3,833	SH		SOLE		3,833	0	0
ROBERT HALF INTERNATIONAL INC.	COM	770323103	66	1,684	SH		SOLE		1,684	0	0
ROCKWELL AUTOMATION INC	COM	773903109	180	1,685	SH		SOLE		1,685	0	0
ROCKWELL INTL CORP	COM	774341101	112	1,644	SH		SOLE		1,644	0	0
ROPER INDUSTRIES INC	COM	776696106	157	1,182	SH		SOLE		1,182	0	0
ROPER INDUSTRIES INC C.B.	NOTE	776696AA4	17,009	10,200,000	PRN		SOLE		10,200,000	0	0
ROSS STORES INC	COM	778296103	193	2,656	SH		SOLE		2,656	0	0
ROWAN COMPANIES PLC	COM	G7665A101	55	1,492	SH		SOLE		1,492	0	0
RYDER SYSTEM INC NOTE	COM	783549108	37	613	SH		SOLE		613	0	0
SAFEWAY INC	COM	786514208	92	2,883	SH		SOLE		2,883	0	0
SALESFORCE.COM INC	COM	79466L302	340	6,558	SH		SOLE		6,558	0	0
SALIX PHARMACEUTICALS, LTD C.S.N.	NOTE	795435AE6	10,551	8,600,000	PRN		SOLE		8,600,000	0	0
SANDISK CORP	COM	80004C101	173	2,905	SH		SOLE		2,905	0	0
SANDISK CORP S.C.N.	NOTE	80004CAD3	12,299	9,300,000	PRN		SOLE		9,300,000	0	0
SCANA CORP.	COM	80589M102	77	1,673	SH		SOLE		1,673	0	0
SCHLUMBERGER LTD	COM	806857108	1,415	16,012	SH		SOLE		16,012	0	0
SCHWAB CHARLES CORP	COM	808513105	284	13,429	SH		SOLE		13,429	0	0
SCRIPP NETWORK	COM	811065101	86	1,103	SH		SOLE		1,103	0	0
SEAGATE TECHNOLOGY	COM	G7945M107	167	3,820	SH		SOLE		3,820	0	0
SEALED AIR CORP	COM	81211K100	64	2,342	SH		SOLE		2,342	0	0
SEMPRA ENERGY	COM	816851109	233	2,717	SH		SOLE		2,717	0	0
SHERWIN-WILLIAMS CO	COM	824348106	188	1,032	SH		SOLE		1,032	0	0
SIGMA-ALDRICH	COM	826552101	123	1,445	SH		SOLE		1,445	0	0
SIMON PROPERTY GROUP INC.	COM	828806109	556	3,753	SH		SOLE		3,753	0	0
SLM CORPORATION	COM	78442P106	133	5,332	SH		SOLE		5,332	0	0
SNAP-ON INC.	COM	833034101	69	693	SH		SOLE		693	0	0
SOUTHERN CO	COM	842587107	432	10,501	SH		SOLE		10,501	0	0
SOUTHWEST AIRLINES	COM	844741108	126	8,661	SH		SOLE		8,661	0	0
SOUTHWESTERN ENERGY CO	COM	845467109	154	4,224	SH		SOLE		4,224	0	0
SPDR GOLD TRUST	COM	78463V107	33,461	261,003	SH		SOLE		261,003	0	0
SPDR TRUST SERIES 1	COM	78462F103	48,258	287,080	SH		SOLE		287,080	0	0
SPECTRA ENERGY CORP	COM	847560109	275	8,040	SH		SOLE		8,040	0	0
ST. JUDE MEDICAL INC.	COM	790849103	183	3,405	SH		SOLE		3,405	0	0
STANLEY BLACK + DECKER INC	COM	854502101	175	1,929	SH		SOLE		1,929	0	0
STANLEY BLACK + DECKER INC PREFER STK	COM	854502309	17,997	131,000	SH		SOLE		131,000	0	0
STAPLES INC	COM	855030102	117	7,994	SH		SOLE		7,994	0	0
STARBUCKS CORP.	COM	855244109	694	9,018	SH		SOLE		9,018	0	0
STARWOOD HOTELS & RESORTS WORLDWIDE	COM	85590A401	155	2,334	SH		SOLE		2,334	0	0
STATE STREET CORP	COM	857477103	360	5,470	SH		SOLE		5,470	0	0
STEEL DYNAMICS C.S.N.	NOTE	858119AP5	10,040	9,200,000	PRN		SOLE		9,200,000	0	0
STERICYCLE INC.	COM	858912108	118	1,026	SH		SOLE		1,026	0	0
STILLWATER MINING COMPANY C.S.D.	NOTE	86074QAL6	7,560	7,200,000	PRN		SOLE		7,200,000	0	0
STRYKER CORP.	COM	863667101	236	3,485	SH		SOLE		3,485	0	0
SUNTRUST BANK	COM	867914103	210	6,476	SH		SOLE		6,476	0	0
SYMANTEC CORP	COM	871503108	208	8,402	SH		SOLE		8,402	0	0
SYSCO CORP	COM	871829107	227	7,128	SH		SOLE		7,128	0	0
T ROWE PRICE GROUP INC.	COM	74144T108	224	3,116	SH		SOLE		3,116	0	0
TAKE-TWO INTERACTIVE SOFTWARE INC C.S.N	NOTE	874054AD1	8,820	8,000,000	PRN		SOLE		8,000,000	0	0
TARGET CORP.	COM	87612E106	493	7,706	SH		SOLE		7,706	0	0
TE CONNECTIVITY LTD	COM	H84989104	259	5,003	SH		SOLE		5,003	0	0
TECO ENERGY INC	COM	872375100	41	2,459	SH		SOLE		2,459	0	0
TENET HEALTHCARE CORP.	COM	88033G407	51	1,246	SH		SOLE		1,246	0	0
TERADATA CORP	COM	88076W103	111	1,997	SH		SOLE		1,997	0	0
TERADYNE INC	COM	880770102	38	2,289	SH		SOLE		2,289	0	0
TESLA MOTORS INC. C.S.B.	NOTE	88160RAA9	10,110	6,000,000	PRN		SOLE		6,000,000	0	0
TESORO PETROLEUM CORP	COM	881609101	73	1,655	SH		SOLE		1,655	0	0
TEXAS INSTRUMENTS INC	COM	882508104	538	13,351	SH		SOLE		13,351	0	0
TEXTRON	COM	883203101	93	3,356	SH		SOLE		3,356	0	0
THE TRAVELERS COMPANIES INC COMMON STK	COM	89417E109	386	4,549	SH		SOLE		4,549	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	397	4,304	SH		SOLE		4,304	0	0
TIBCO SOFTWARE INC C.S.B.	NOTE	88632QAB9	8,328	8,200,000	PRN		SOLE		8,200,000	0	0
TIFFANY & CO.	COM	886547108	108	1,409	SH		SOLE		1,409	0	0
TIME WARNER CABLE INC	COM	88732J207	390	3,493	SH		SOLE		3,493	0	0
TIME WARNER INC.	COM	887317303	738	11,213	SH		SOLE		11,213	0	0
TJX COMPANIES, INC.	COM	872540109	489	8,664	SH		SOLE		8,664	0	0
TORCHMARK CORP	COM	891027104	82	1,127	SH		SOLE		1,127	0	0
TOTAL SYSTEM SERVICES	COM	891906109	57	1,952	SH		SOLE		1,952	0	0
TRINITY INDUSTRIES C.S.N.	NOTE	896522AF6	14,921	12,300,000	PRN		SOLE		12,300,000	0	0
TRIPADVISOR INC	COM	896945201	100	1,321	SH		SOLE		1,321	0	0
TRIUMPH GROUP C.SUB.N.	NOTE	896818AB7	13,147	5,060,000	PRN		SOLE		5,060,000	0	0
TWENTY FIRST CENTURY FOX INC	COM	90130A101	803	23,982	SH		SOLE		23,982	0	0
TYCO INTERNATIONAL LTD USD0.8	COM	H89128104	196	5,607	SH		SOLE		5,607	0	0
TYSON FOODS, INC.	COM	902494103	96	3,400	SH		SOLE		3,400	0	0
U.S. BANCORP	COM	902973304	815	22,267	SH		SOLE		22,267	0	0
UNION PACIFIC CORP	COM	907818108	875	5,635	SH		SOLE		5,635	0	0
UNITED PARCEL SERVICE CL B	COM	911312106	786	8,599	SH		SOLE		8,599	0	0
UNITED STATES 12 MONTH OIL	COM	91288V103	5,373	124,455	SH		SOLE		124,455	0	0
UNITED STATES BRENT OIL FUND	COM	91167Q100	1,802	42,670	SH		SOLE		42,670	0	0
UNITED STATES GAS FUND LP	COM	91201T102	1,860	33,167	SH		SOLE		33,167	0	0
UNITED STATES STEEL CORP	COM	912909108	36	1,728	SH		SOLE		1,728	0	0
UNITED TECH CORP MAND 8/1/15	COM	913017117	19,437	300,000	SH		SOLE		300,000	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	1,098	10,182	SH		SOLE		10,182	0	0
UNITEDHEALTH GROUP INC.	COM	91324P102	880	12,286	SH		SOLE		12,286	0	0
UNUMPROVIDENT CORP	COM	91529Y106	98	3,209	SH		SOLE		3,209	0	0
URBAN OUTFITTERS INC.	COM	917047102	48	1,318	SH		SOLE		1,318	0	0
US NATURAL GAS FUND LP	COM	912318201	14,175	775,414	SH		SOLE		775,414	0	0
US STEEL CORP C.S.N.	NOTE	912909AE8	7,725	7,550,000	PRN		SOLE		7,550,000	0	0
VALERO ENERGY CORP	COM	91913Y100	224	6,566	SH		SOLE		6,566	0	0
VARIAN MEDICAL SYSTEMS INC.	COM	92220P105	98	1,314	SH		SOLE		1,314	0	0
VECTOR GROUP LTD S.C.B.	NOTE	92240MAL2	6,973	6,120,000	PRN		SOLE		6,120,000	0	0
VENTAS INC	COM	92276F100	217	3,522	SH		SOLE		3,522	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	1,609	34,488	SH		SOLE		34,488	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	51	671	SH		SOLE		671	0	0
VF CORP	COM	918204108	211	1,060	SH		SOLE		1,060	0	0
VIACOM INC- CLASS B	COM	92553P201	447	5,344	SH		SOLE		5,344	0	0
VISA INC - CLASS A	COM	92826C839	1,172	6,132	SH		SOLE		6,132	0	0
VORNADO REALTY TRUST	COM	929042109	172	2,042	SH		SOLE		2,042	0	0
VULCAN MATERIALS CO	COM	929160109	81	1,556	SH		SOLE		1,556	0	0
WABASH NATIONAL CORP C.S.N.	NOTE	929566AH0	10,053	7,700,000	PRN		SOLE		7,700,000	0	0
WALGREEN CO	COM	931422109	560	10,413	SH		SOLE		10,413	0	0
WAL-MART STORES INC	COM	931142103	1,458	19,719	SH		SOLE		19,719	0	0
WASHINGTON POST CO	COM	939640108	34	56	SH		SOLE		56	0	0
WASTE MANAGEMENT INC	COM	94106L109	218	5,292	SH		SOLE		5,292	0	0
WATERS CORPORATION	COM	941848103	110	1,040	SH		SOLE		1,040	0	0
WEB.COM GROUP INC. C.S.N.	NOTE	94733AAA2	9,085	8,000,000	PRN		SOLE		8,000,000	0	0
WELLPOINT INC	COM	94973V107	304	3,630	SH		SOLE		3,630	0	0
WELLS FARGO COMPANY	COM	949746101	2,442	59,104	SH		SOLE		59,104	0	0
WESCO DISTRIBUTION CORPORATE	NOTE	95082PAH8	15,083	5,496,000	PRN		SOLE		5,496,000	0	0
WESTERN DIGITAL CORPORATION	COM	958102105	162	2,560	SH		SOLE		2,560	0	0
WESTERN UNION	COM	959802109	125	6,701	SH		SOLE		6,701	0	0
WEYERHAEUSER	COM	962166104	200	6,973	SH		SOLE		6,973	0	0
WHIRLPOOL CORP.	COM	963320106	137	938	SH		SOLE		938	0	0
WHOLE FOODS MARKET, INC.	COM	966837106	247	4,230	SH		SOLE		4,230	0	0
WILLIAMS COMPANIES INC.	COM	969457100	299	8,221	SH		SOLE		8,221	0	0
WINDSTREAM CORP	COM	97382A101	57	7,134	SH		SOLE		7,134	0	0
WISCONSIN ENERGY CORP	COM	976657106	111	2,755	SH		SOLE		2,755	0	0
WPX ENERGY INC	COM	98212B103	46	2,408	SH		SOLE		2,408	0	0
WYNDHAM WORLDWIDE CORP	COM	98310W108	100	1,645	SH		SOLE		1,645	0	0
WYNN RESORTS LTD	COM	983134107	152	963	SH		SOLE		963	0	0
XCEL ENERGY INC.	COM	98389B100	165	5,993	SH		SOLE		5,993	0	0
XEROX CORP.	COM	984121103	150	14,601	SH		SOLE		14,601	0	0
XILINX INC	COM	983919101	149	3,187	SH		SOLE		3,187	0	0
XILINX INC JR.SUB.CV.BD.	NOTE	983919AD3	20,381	12,600,000	PRN		SOLE		12,600,000	0	0
XL GROUP PLC	COM	G98290102	107	3,483	SH		SOLE		3,483	0	0
XYLEM INC	COM	98419M100	63	2,240	SH		SOLE		2,240	0	0
YAHOO! INC	COM	984332106	379	11,439	SH		SOLE		11,439	0	0
YUM BRANDS INC	COM	988498101	387	5,414	SH		SOLE		5,414	0	0
ZIMMER HOLDINGS INC	COM	98956P102	167	2,038	SH		SOLE		2,038	0	0
ZIONS BANCORPORATION	COM	989701107	61	2,209	SH		SOLE		2,209	0	0
ZOETIS INC	COM	98978V103	188	6,026	SH		SOLE		6,026	0	0