First Foundation Advisors 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
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
3M Co Com	COM	88579Y101	656	4,253	SH		SOLE		4,253	0	0
Abbott Laboratories	COM	002824100	665	13,552	SH		SOLE		8,302	0	5,250
AbbVie Inc.	COM	00287y109	1,063	15,822	SH		SOLE		10,972	0	4,850
Advance Auto Parts Inc	COM	00751y106	211	1,325	SH		SOLE		790	0	535
Alexandria Real Estate Equitie	COM	015271109	201	2,300	SH		SOLE		2,300	0	0
Alliance Bernstein Inc Fund	COM	01881e101	1,586	213,150	SH		SOLE		197,340	0	15,810
ALPS Alerian MLP ETF	ALERIAN MLP	00162q866	377	24,256	SH		SOLE		21,426	0	2,830
Altria Group Inc	COM	02209S103	20,512	419,385	SH		SOLE		364,077	0	55,308
Ambev SA American Depositary	SPONSORED ADR	02319v103	1,152	188,810	SH		SOLE		163,553	0	25,257
American Express Co	COM	025816109	21,031	270,595	SH		SOLE		236,264	0	34,332
American Realty Capital Properties	COM	02917t104	60,844	7,483,879	SH		SOLE		6,285,966	0	1,197,913
AmerisourceBergen Corp	COM	03073e105	246	2,309	SH		SOLE		2,309	0	0
Amgen Inc	COM	031162100	1,060	6,904	SH		SOLE		6,850	0	54
Anheuser-Busch InBev NV	SPONSORED ADR	03524A108	27,402	227,084	SH		SOLE		194,198	0	32,886
Annaly Capital Management Inc	COM	035710409	105	11,424	SH		SOLE		6,333	0	5,091
Aon plc	SHS CL A	G0408V102	1,940	19,466	SH		SOLE		19,466	0	0
Apple Inc	COM	037833100	11,511	91,778	SH		SOLE		53,024	0	38,754
Ares Dynamic Credit Allocation	COM	04014F102	1,831	119,463	SH		SOLE		113,398	0	6,065
ARMOUR Residential REIT Inc	COM	042315101	169	60,000	SH		SOLE		60,000	0	0
AT&T Inc	COM	00206r102	729	20,512	SH		SOLE		17,828	0	2,684
Automatic Data Processing Inc	COM	053015103	405	5,049	SH		SOLE		5,049	0	0
Bank Amer Corp Wt Exp 10/28/2018	*W EXP 01/19/201	060505153	5	10,000	SH		SOLE		10,000	0	0
Bank of America Corp	COM	060505104	251	14,746	SH		SOLE		14,646	0	100
Bank of New York Mellon Co	COM	064058100	26,525	631,999	SH		SOLE		540,883	0	91,117
Baxter International Inc	COM	071813109	268	3,839	SH		SOLE		3,037	0	802
Berkshire Hathaway CL A	CL A	084670108	8,399	41	SH		SOLE		14	0	27
Berkshire Hathaway Inc Cl B	CL B NEW	084670702	42,015	308,687	SH		SOLE		202,939	0	105,748
Blackrock Build America Bond T	SHS	09248x100	4,862	244,689	SH		SOLE		235,011	0	9,678
BlackRock Credit Allocation In	COM	092508100	2,952	233,027	SH		SOLE		217,600	0	15,427
Blackrock Debt Strategies Fund	COM	09255R103	1,353	373,764	SH		SOLE		373,764	0	0
Blackrock Floating Rate Income Strat	COM	09255x100	2,153	159,216	SH		SOLE		144,767	0	14,449
Blackrock Floating Rate Income Trust	COM	091941104	168	12,908	SH		SOLE		12,908	0	0
BlackRock Inc Co	COM	09247X101	23,132	66,859	SH		SOLE		57,268	0	9,591
Blackrock Ltd Duration	COM SHS	09249w101	2,247	148,301	SH		SOLE		135,320	0	12,981
Blackrock Muniholdings CA Insu	COM	09254l107	411	29,333	SH		SOLE		28,733	0	600
Blackrock Target Trm Tr	COM SHS BEN IN	09257p105	358	17,675	SH		SOLE		17,675	0	0
Boeing Co	COM	097023105	13,244	95,476	SH		SOLE		82,508	0	12,968
Bofi Holding Inc	COM	05566u108	1,601	15,145	SH		SOLE		15,000	0	145
BreitBurn Energy Partners LP	COM UT LTD PTN	106776107	386	81,010	SH		SOLE		81,010	0	0
Bristol Myers Squibb Co	COM	110122108	1,493	22,436	SH		SOLE		20,105	0	2,331
British American Tobacco PLC	SPONSORED ADR	110448107	15,349	141,788	SH		SOLE		125,169	0	16,619
Broadcom Corp	CL A	111320107	1,583	30,749	SH		SOLE		29,949	0	800
Brown Forman Corp Class B With	CL B	115637209	1,779	17,762	SH		SOLE		16,371	0	1,391
Century Communities Inc	COM	156504300	732	36,375	SH		SOLE		33,731	0	2,644
Chambers Street Properties	COM	157842105	25,141	3,241,013	SH		SOLE		2,728,974	0	512,039
Chevron Corp	COM	166764100	2,375	24,623	SH		SOLE		24,446	0	177
Cigna Corp	COM	125509109	506	3,125	SH		SOLE		3,125	0	0
Cisco Systems Inc	COM	17275R102	1,038	37,797	SH		SOLE		30,124	0	7,673
Citi A Warrants Exp 01/04/19	*W EXP 01/04/201	172967226	14	18,985	SH		SOLE		18,985	0	0
Citigroup Inc	COM NEW	172967424	390	7,064	SH		SOLE		7,013	0	51
City National Corp/CA	COM	178566105	212	2,350	SH		SOLE		2,350	0	0
Coca Cola Inc	COM	191216100	3,850	98,132	SH		SOLE		98,115	0	17
Coca-Cola Enterprises Inc	COM	19122t109	1,321	30,400	SH		SOLE		30,400	0	0
Cogent Communication	CONM NEW	19239v302	1,433	42,357	SH		SOLE		39,960	0	2,397
Cohen & Steers Limited Duratio	COM	19248c105	6,854	297,981	SH		SOLE		284,806	0	13,175
Colgate-Palmolive Co	COM	194162103	526	8,034	SH		SOLE		8,034	0	0
Colony Financial Inc	COM	19624r106	204	9,000	SH		SOLE		9,000	0	0
Comcast Corp	CL A SPL	20030N200	18,991	316,842	SH		SOLE		270,113	0	46,729
Comstock Mining Inc	COM	205750102	46	77,803	SH		SOLE		77,803	0	0
ConocoPhillips	COM	20825C104	374	6,097	SH		SOLE		6,097	0	0
Costco Wholesale Corp	COM	22160k105	496	3,671	SH		SOLE		2,915	0	756
CVS Caremark Corp	COM	126650100	211	2,010	SH		SOLE		1,565	0	445
Deere & Co	COM	244199105	212	2,188	SH		SOLE		2,188	0	0
Devon Energy Corp	COM	25179M103	16,515	277,607	SH		SOLE		236,913	0	40,694
Diageo PLC	SPON ADR NEW	25243Q205	30,478	262,649	SH		SOLE		223,925	0	38,724
Diana Containerships I Com	COM	y2069p101	21	10,000	SH		SOLE		10,000	0	0
Diversified Real Asset Income	COM SHS	25533B108	2,319	132,233	SH		SOLE		120,290	0	11,943
Dominion Resources Inc/VA	COM	25746U109	582	8,702	SH		SOLE		8,469	0	233
Doubleline Income Solutions Cl	COM	258622109	9,414	476,199	SH		SOLE		454,035	0	22,164
DoubleLine Opportunistic Credi	COM	258623107	4,233	182,674	SH		SOLE		172,084	0	10,590
Dow Chemical Co/The	COM	260543103	13,604	265,859	SH		SOLE		86,959	0	178,900
DreamWorks Animation SKG Inc	CL A	26153c103	728	27,597	SH		SOLE		27,597	0	0
Eastman Chemical Co	COM	277432100	262	3,199	SH		SOLE		1,999	0	1,200
Eaton Vance Limited Duration I	COM	27828h105	2,522	187,212	SH		SOLE		173,068	0	14,144
Eaton Vance National Muni	COM SHS	27829l105	449	22,247	SH		SOLE		22,247	0	0
Eaton Vance Short Duration	COM	27828V104	1,958	141,407	SH		SOLE		128,618	0	12,789
Ecolab Inc	COM	278865100	313	2,771	SH		SOLE		500	0	2,271
Edison International	COM	281020107	281	5,047	SH		SOLE		4,847	0	200
EI du Pont de Nemours & Co	COM	263534109	402	6,289	SH		SOLE		6,056	0	233
Eldorado Gold Corp	COM	284902103	86	20,790	SH		SOLE		20,790	0	0
Eli Lilly & Co	COM	532457108	815	9,763	SH		SOLE		9,762	0	1
Emerson Electric Co	COM	291011104	695	12,547	SH		SOLE		10,547	0	2,000
Energy Transfer Equity LP	COM UT LTD PTN	29273v100	329	5,125	SH		SOLE		4,208	0	917
Energy XXI Bermuda Ltd	USD UNRS SHS	g10082140	46	17,600	SH		SOLE		17,600	0	0
Enterprise Prods Partners L P	COM	293792107	1,149	38,441	SH		SOLE		36,764	0	1,677
Express Scripts Holding Co	COM	30219g108	383	4,310	SH		SOLE		4,310	0	0
Exxon Mobil Corp	COM	30231G102	2,087	25,079	SH		SOLE		23,375	0	1,704
Facebook Inc	CL A	30303m102	790	9,206	SH		SOLE		3,375	0	5,831
Fifth Street Finance Corp	COM	31678A103	98	15,000	SH		SOLE		15,000	0	0
Flaherty And Crumine/Claymore	COM	338478100	741	39,732	SH		SOLE		34,759	0	4,973
Flaherty and Crumrine Dynamic	SHS	33848w106	2,664	119,426	SH		SOLE		112,053	0	7,373
Ford Motor Co	COM PAR $0.01	345370860	299	19,893	SH		SOLE		18,175	0	1,718
Frontier Communications Corp	COM	35906a108	137	27,583	SH		SOLE		27,583	0	0
FTD Companies, Inc	COM	30281v108	2,185	77,519	SH		SOLE		75,244	0	2,275
General American Investors	COM	368802104	1,073	30,811	SH		SOLE		30,811	0	0
General Electric Co	COM	369604103	1,303	49,043	SH		SOLE		40,748	0	8,295
Gilead Sciences Inc	COM	375558103	6,992	59,718	SH		SOLE		59,518	0	200
Glacier Bancorp Inc	COM	37637Q105	459	15,614	SH		SOLE		15,614	0	0
Gladstone Capital Corp	COM	376535100	100	12,701	SH		SOLE		12,701	0	0
GlaxoSmithKline PLC	SPONSORED ADR	37733W105	20,127	483,241	SH		SOLE		415,416	0	67,825
Global Net Lease, Inc.	COM	379378102	1,193	134,946	SH		SOLE		113,441	0	21,505
Goldman Sachs Group Inc	COM	38141G104	16,607	79,538	SH		SOLE		67,767	0	11,771
Google Inc Class A	CL A	38259p508	710	1,314	SH		SOLE		943	0	371
Google Inc Class C	CL C	38259p706	13,831	26,571	SH		SOLE		22,751	0	3,820
Great AJAX Corp	COM	38983d300	1,592	112,240	SH		SOLE		108,755	0	3,485
Halliburton Co	COM	406216101	477	11,086	SH		SOLE		10,686	0	400
HCP Inc	COM	40414L109	584	16,000	SH		SOLE		13,500	0	2,500
Home Depot Inc/The	COM	437076102	1,267	11,403	SH		SOLE		10,013	0	1,390
Honeywell International Inc	COM	438516106	348	3,412	SH		SOLE		3,412	0	0
Illinois Tool Works Inc	COM	452308109	407	4,430	SH		SOLE		4,430	0	0
Intel Corp	COM	458140100	717	23,585	SH		SOLE		20,172	0	3,413
International Business Machine	COM	459200101	18,873	116,029	SH		SOLE		97,170	0	18,860
iShares Core S&P Total US Stoc	CORE S&P TTL STL	464287150	2,284	24,180	SH		SOLE		22,195	0	1,985
iShares DJ Select Dividend Ind	SELECT DIVID ETF	464287168	364	4,850	SH		SOLE		4,300	0	550
iShares Iboxx High Yield Corpo	IBOX HI YD ETF	464288513	294	3,307	SH		SOLE		2,914	0	393
iShares International Select D	INTL SEL DIV ETF	464288448	586	18,118	SH		SOLE		1,274	0	16,844
iShares MSCI Eafe Index Fund	MSCI EAFE ETF	464287465	1,259	19,828	SH		SOLE		18,979	0	849
iShares Russell 2000 Index Fun	RUSSELL 2000 ETF	464287655	231	1,854	SH		SOLE		800	0	1,054
iShares Silver Trusts	ISHARES	46428Q109	189	12,593	SH		SOLE		12,593	0	0
Javelin Mtg Invt Corp Com	COM	47200b104	71	10,000	SH		SOLE		10,000	0	0
Johnson & Johnson Com	COM	478160104	34,108	349,973	SH		SOLE		304,260	0	45,713
JPMorgan Chase & Co	COM	46625H100	654	9,645	SH		SOLE		9,252	0	393
Just Energy Group Inc Com	COM	48213w101	156	30,000	SH		SOLE		30,000	0	0
Kansas City Southern	COM NEW	485170302	483	5,300	SH		SOLE		5,300	0	0
Key Energy Services Inc	COM	492914106	20	10,835	SH		SOLE		10,835	0	0
Kraft Foods Group Inc	COM	50076Q106	406	4,766	SH		SOLE		4,766	0	0
Kroger Co/The	COM	501044101	245	3,376	SH		SOLE		2,776	0	600
Layne Christensen Co	COM	521050104	110	12,310	SH		SOLE		12,310	0	0
Legg Mason BW Global Income Op	COM	52469b100	149	10,448	SH		SOLE		8,713	0	1,735
Level 3 Communications Inc	COM NEW	52729n308	14,578	276,777	SH		SOLE		242,739	0	34,038
Linn Energy LLC	UNIT LTD LIAB	536020100	267	30,000	SH		SOLE		30,000	0	0
Lions Gate Entertainment Corp	COM NEW	535919203	1,106	29,847	SH		SOLE		28,931	0	916
Live Nation Entertainment Inc	COM	538034109	14,459	525,979	SH		SOLE		456,939	0	69,040
Lockheed Martin Corp	COM	539830109	431	2,319	SH		SOLE		2,291	0	28
Magellan Midstream Partners LP	COM UNIT RP LP	559080106	438	5,973	SH		SOLE		5,344	0	629
Maxwell Technologies Inc	COIM	577767106	64	10,775	SH		SOLE		10,775	0	0
McDonald's Corp	COM	580135101	1,857	19,535	SH		SOLE		19,134	0	401
Medtronic PLC	SHS	g5960l103	14,437	194,837	SH		SOLE		165,556	0	29,281
Merck & Co Inc New Com	COM	58933Y105	1,868	32,819	SH		SOLE		32,790	0	29
MetLife Inc	COM	59156r108	216	3,863	SH		SOLE		3,863	0	0
Microsoft Corp	COM	594918104	76,336	1,729,006	SH		SOLE		1,634,857	0	94,149
Mondelez International Inc	CL A	609207105	19,381	471,099	SH		SOLE		400,784	0	70,315
Monogram Residential Trust, Inc.	COM	60979p105	200	22,161	SH		SOLE		22,161	0	0
Monsanto Co	COM	61166w101	576	5,400	SH		SOLE		5,400	0	0
National Oilwell Varco Inc	COM	637071101	530	10,970	SH		SOLE		10,803	0	167
Natural Resource Partners LP	COM UNIT L P	63900p103	45	12,000	SH		SOLE		12,000	0	0
NextEra Energy Inc	COM	65339F101	246	2,513	SH		SOLE		2,513	0	0
Nielsen Holdings N V Com	COM	n63218106	11,844	264,551	SH		SOLE		225,774	0	38,778
Nordstrom Inc	COM	655664100	376	5,050	SH		SOLE		5,050	0	0
Novartis AG	SPONSORED ADR	66987V109	24,480	248,927	SH		SOLE		213,101	0	35,826
Novatel Wireless Inc	COM NEW	66987m604	32	10,000	SH		SOLE		10,000	0	0
NRG Energy Inc	COM NEW	629377508	1,604	70,108	SH		SOLE		68,258	0	1,850
Nucor Corp	COM	670346105	617	14,000	SH		SOLE		14,000	0	0
Nuveen Build America Bond Fund	COM	67074c103	4,408	227,783	SH		SOLE		217,941	0	9,842
Nuveen Build America Bond Oppo	COM	67074q102	765	38,870	SH		SOLE		38,482	0	388
Nuveen CA Muni Advantage Fd	COM	67066Y105	329	22,858	SH		SOLE		22,858	0	0
Nuveen CA Muni Value Fund	COM	67062C107	3,113	302,548	SH		SOLE		301,548	0	1,000
Nuveen Credit Strategies Incom	COM SHS	67073d102	7,680	891,930	SH		SOLE		855,897	0	36,033
Nuveen Floating Rate Income Op	COM SHS	6706EN100	126	11,709	SH		SOLE		11,709	0	0
Nuveen Global High Income Fund	SHS	67075g103	3,667	219,423	SH		SOLE		202,851	0	16,572
Nuveen Mun Value Fd Inc Com	COM	670928100	172	17,899	SH		SOLE		3,225	0	14,674
Nuveen Preferred Income Opport	COM	67073b106	3,668	400,440	SH		SOLE		377,806	0	22,634
Nuveen Quality Preferred Incom	COM	67072C105	2,295	270,984	SH		SOLE		239,630	0	31,354
Oaktree Capital Group LLC	UNIT CL A	674001201	13,501	253,878	SH		SOLE		221,477	0	32,401
Occidental Petroleum Corp	COM	674599105	13,517	173,806	SH		SOLE		148,157	0	25,649
Oi SA	SPN ADR PFD NEW	670851401	106	55,675	SH		SOLE		52,599	0	3,076
Oi SA Adr F Sponsored Reps 1	SPN ADR NEW	670851302	70	35,509	SH		SOLE		32,931	0	2,578
Oracle Corp	COM	68389X105	26,447	656,243	SH		SOLE		559,438	0	96,804
PACCAR Inc	COM	693718108	255	4,000	SH		SOLE		4,000	0	0
PCM Fund Inc	COM	69323T101	9,247	920,076	SH		SOLE		861,571	0	58,505
Penn West Petroleum Ltd	COM	707887105	80	46,000	SH		SOLE		46,000	0	0
PepsiCo Inc	COM	713448108	1,506	16,134	SH		SOLE		14,209	0	1,925
Pfizer Inc	COM	717081103	27,001	805,278	SH		SOLE		634,645	0	170,633
PG&E Corp	COM	69331c108	284	5,775	SH		SOLE		5,575	0	200
Philip Morris International In	COM	718172109	26,573	331,455	SH		SOLE		288,775	0	42,681
PICO Holdings Inc	COM NEW	693366205	2,869	194,928	SH		SOLE		189,358	0	5,570
Pimco CA Municipal Income Fund	COM	72201c109	704	68,409	SH		SOLE		67,409	0	1,000
Pimco Corporate Opportunity Fu	COM	72201b101	3,095	213,712	SH		SOLE		207,120	0	6,592
PIMCO Dynamic Credit Income Fu	COM SHS	72202d106	13,198	654,029	SH		SOLE		627,332	0	26,697
PIMCO Dynamic Income Fund	SHS	72201y101	7,285	249,397	SH		SOLE		237,610	0	11,787
Pimco Income Strategy Fund	COM	72201H108	438	40,369	SH		SOLE		40,369	0	0
Pimco Income Strategy Fund II	COM	72201j104	6,148	625,407	SH		SOLE		593,960	0	31,447
Pimco Municipal Income Fund II	COM	72200w106	369	32,185	SH		SOLE		32,185	0	0
Pimco Municipal Income Fund III	COM	72201a103	166	15,611	SH		SOLE		15,611	0	0
Pioneer Municipal High Income	COM SHS	723763108	691	57,015	SH		SOLE		49,478	0	7,537
Precision Castparts Corp	COM	740189105	609	3,049	SH		SOLE		3,049	0	0
Procter & Gamble Co	COM	742718109	1,345	17,191	SH		SOLE		14,863	0	2,328
Prologis Inc	COM	74340w103	1,658	44,700	SH		SOLE		41,400	0	3,300
Prospect Capital Corp	COM	74348T102	184	25,000	SH		SOLE		25,000	0	0
Prudential Financial Inc	COM	744320102	1,087	12,419	SH		SOLE		12,419	0	0
Public Storage	COM	74460d109	481	2,611	SH		SOLE		2,611	0	0
QUALCOMM Inc	COM	747525103	19,244	307,261	SH		SOLE		247,088	0	60,173
Raytheon Co	COM NEW	755111507	201	2,105	SH		SOLE		1,022	0	1,083
Republic Services Inc	COM	760759100	13,508	344,858	SH		SOLE		291,340	0	53,518
Retail Opportunity Investments	COM	76131n101	4,019	257,322	SH		SOLE		237,268	0	20,054
Rexford Industrial Realty Inc	COM	76169c100	64,616	4,431,800	SH		SOLE		3,642,794	0	789,006
Reynolds American Inc	COM	761713106	707	9,464	SH		SOLE		9,464	0	0
RLI Corp	COM	749607107	242	4,700	SH		SOLE		4,700	0	0
Rockwell Automation Inc	COM	773903109	553	4,437	SH		SOLE		4,437	0	0
Rockwell Collins Inc	COM	774341101	397	4,300	SH		SOLE		4,300	0	0
Rubicon Minerals Corp	COM	780911103	15	14,000	SH		SOLE		14,000	0	0
Schlumberger Ltd	COM	806857108	1,301	15,095	SH		SOLE		14,212	0	883
Sempra Energy	COM	816851109	267	2,695	SH		SOLE		2,695	0	0
Source Capital Inc	COM	836144105	994	13,662	SH		SOLE		11,917	0	1,745
SPDR BarCap ST High Yield Bond	SHT TRM HGH YLD	78468r408	3,865	133,701	SH		SOLE		116,212	0	17,489
SPDR Gold Trust	GLD SHS	78463v107	517	4,603	SH		SOLE		4,603	0	0
Spdr S&P 500 Etf Tr Tr Unit	TR UNIT	78462F103	2,324	11,288	SH		SOLE		9,964	0	1,323
SPDR S&P Dividend ETF	S&P DIVID ETF	78464A763	230	3,023	SH		SOLE		3,023	0	0
Starbucks Corp	COM	855244109	7,740	144,353	SH		SOLE		137,682	0	6,671
Starwood Property Trust Inc	COM	85571b105	3,528	163,542	SH		SOLE		149,524	0	14,018
Sunoco Logistics Partners LP	COM UNITS	86764l108	222	5,850	SH		SOLE		5,133	0	717
Sysco Corp	COM	871829107	466	12,917	SH		SOLE		12,917	0	0
Tanzanian Royalty Exploration	COM	87600u104	39	117,371	SH		SOLE		117,371	0	0
TCW Strategic Income Fund Inc	COM	872340104	269	52,251	SH		SOLE		52,251	0	0
Telefonica SA	SPONSORED ADR	879382208	10,516	740,544	SH		SOLE		634,683	0	105,860
Templeton Emerging Markets Inc	COM	880192109	5,409	505,025	SH		SOLE		478,016	0	27,009
Tesla Motors Inc	COM	88160r101	235	876	SH		SOLE		576	0	300
Teva Pharmaceutical Industries	ADR	881624209	3,071	51,958	SH		SOLE		46,862	0	5,096
Ticc Capital Corp Com	COM	87244T109	169	25,126	SH		SOLE		15,000	0	10,126
Time Warner Cable Inc	COM	88732J207	286	1,603	SH		SOLE		1,563	0	40
Time Warner Inc	COM NEW	887317303	2,109	24,127	SH		SOLE		24,044	0	83
TJX Cos Inc	COM	872540109	18,249	275,788	SH		SOLE		234,578	0	41,210
Total SA	SPONSORED ADR	89151E109	906	18,430	SH		SOLE		15,930	0	2,500
Travelers Cos Inc/The	COM	89417e109	241	2,498	SH		SOLE		2,498	0	0
Twenty First Centy Fox Cl A	CL A	90130a101	12,652	388,763	SH		SOLE		337,350	0	51,413
UCP Inc CL A	CL A	90265y106	1,462	192,937	SH		SOLE		185,265	0	7,672
Unilever NV	N Y SHS NEW	904784709	2,567	61,350	SH		SOLE		57,150	0	4,200
Union Pacific Corp	COM	907818108	17,519	183,695	SH		SOLE		150,987	0	32,708
United Parcel Service Inc	CL B	911312106	27,526	284,032	SH		SOLE		241,179	0	42,852
United Technologies Corp	COM	913017109	532	4,793	SH		SOLE		4,793	0	0
UnitedHealth Group Inc	COM	91324P102	1,176	9,640	SH		SOLE		9,640	0	0
US Bancorp	COM NEW	902973304	563	12,974	SH		SOLE		12,974	0	0
Vanguard REIT ETF	REIT ETF	922908553	651	8,722	SH		SOLE		939	0	7,783
Vanguard Short Term Corporate	SHTRM GVT BD ETF	92206c409	298	3,741	SH		SOLE		3,741	0	0
Ventas Inc	COM	92276f100	1,117	17,986	SH		SOLE		16,186	0	1,800
Verizon Communications Inc	COM	92343v104	605	12,989	SH		SOLE		10,552	0	2,437
Walgreen Co	COM	931427108	584	6,922	SH		SOLE		6,922	0	0
Wal-Mart Stores Inc	COM	931142103	296	4,171	SH		SOLE		4,004	0	167
Walt Disney Co	COM DISNEY	254687106	25,245	221,175	SH		SOLE		185,852	0	35,324
WCI Communitites	COM PAR $0.01	92923c807	675	27,655	SH		SOLE		25,928	0	1,727
Wells Fargo & Co	COM	949746101	29,508	524,674	SH		SOLE		451,046	0	73,627
Wells Fargo Multi-Sector Incom	COM SHS	94987D101	212	16,740	SH		SOLE		15,458	0	1,282
Western Asset Emerging Markets	COM	95766a101	2,371	158,518	SH		SOLE		144,298	0	14,220
Western Asset Mtg Cap Com	COM	95790D105	162	11,000	SH		SOLE		11,000	0	0
Williams Cos Inc/The	COM	969457100	209	3,640	SH		SOLE		3,393	0	247
World Wrestling Entertainment	CL A	98156q108	1,044	63,302	SH		SOLE		54,536	0	8,766