KCM Investment 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	88579y101	7,544	63,176	SH		SOLE		63,176	0	0
ABB Ltd -Spon ADR	COM	000375204	3,486	147,762	SH		SOLE		147,762	0	0
AGL Resources Inc	COM	001204106	2,459	53,411	SH		SOLE		53,411	0	0
AT&T Inc	COM	00206r102	9,013	266,511	SH		SOLE		266,511	0	0
AbbVie Inc	COM	00287y109	5,332	119,204	SH		SOLE		119,204	0	0
Abbott Laboratories	COM	002824100	6,507	196,063	SH		SOLE		196,063	0	0
Accenture PLC-Cl A	COM	g1151c101	3,099	42,087	SH		SOLE		42,087	0	0
Adobe Systems Inc	COM	00724f101	279	5,370	SH		SOLE		5,370	0	0
Aetna Inc	COM	00817Y108	385	6,016	SH		SOLE		6,016	0	0
Agilent Technologies Inc	COM	00846u101	832	16,225	SH		SOLE		16,225	0	0
Air Products & Chemicals Inc	COM	009158106	2,181	20,464	SH		SOLE		20,464	0	0
Alexion Pharmaceuticals Inc	COM	015351109	269	2,313	SH		SOLE		2,313	0	0
Allstate Corp	COM	020002101	279	5,512	SH		SOLE		5,512	0	0
Altria Group Inc	COM	02209s103	5,604	163,132	SH		SOLE		163,132	0	0
Amarillo Gold Corp	COM	041133317	218	1,250,000	SH		SOLE		1,250,000	0	0
American Electric Power	COM	025537101	302	6,969	SH		SOLE		6,969	0	0
American Express Co	COM	025816109	2,433	32,221	SH		SOLE		32,221	0	0
Amgen Inc	COM	031162100	1,230	10,990	SH		SOLE		10,990	0	0
Apache Corp	COM	037411105	367	4,308	SH		SOLE		4,308	0	0
Apple Inc	COM	037833100	11,369	23,846	SH		SOLE		23,846	0	0
Archer-Daniels-Midland Co	COM	039483102	438	11,889	SH		SOLE		11,889	0	0
Automatic Data Processing	COM	053015103	3,889	53,725	SH		SOLE		53,725	0	0
BCE Inc	COM	05534b760	1,366	32,000	SH		SOLE		32,000	0	0
BHP Billiton Ltd-Spon ADR	COM	088606108	232	3,485	SH		SOLE		3,485	0	0
Bank Of Marin Bancorp/CA	COM	063425102	632	15,210	SH		SOLE		15,210	0	0
Bank of America Corp	COM	060505104	1,275	92,412	SH		SOLE		92,412	0	0
Bank of Montreal	COM	063671101	920	13,765	SH		SOLE		13,765	0	0
Baxter International Inc.	COM	071813109	286	4,355	SH		SOLE		4,355	0	0
Becton Dickinson & Co	COM	075887109	375	3,746	SH		SOLE		3,746	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	2,058	18,128	SH		SOLE		18,128	0	0
Biocryst Pharmaceuticals Inc	COM	09058v103	264	36,261	SH		SOLE		36,261	0	0
Biogen Idec Inc	COM	09062x103	1,084	4,504	SH		SOLE		4,504	0	0
Blackstone Group/The	COM	09253u108	391	15,725	SH		SOLE		15,725	0	0
Boeing Co	COM	097023105	3,282	27,933	SH		SOLE		27,933	0	0
Bristol-Myers Squibb Co	COM	110122108	10,388	224,454	SH		SOLE		224,454	0	0
Broadcom Corp-Cl A	COM	111320107	1,004	38,600	SH		SOLE		38,600	0	0
CVS Caremark Corp	COM	126650100	2,259	39,805	SH		SOLE		39,805	0	0
Caterpillar Inc	COM	149123101	4,302	51,579	SH		SOLE		51,579	0	0
Celgene Corp	COM	151020104	450	2,922	SH		SOLE		2,922	0	0
CenterPoint Energy Inc	COM	15189t107	2,237	93,338	SH		SOLE		93,338	0	0
Cerner Corp	COM	156782104	1,647	31,350	SH		SOLE		31,350	0	0
Cerus Corp	COM	157085101	67	10,000	SH		SOLE		10,000	0	0
Chesapeake Energy Corp	COM	165167107	251	9,700	SH		SOLE		9,700	0	0
Chevron Corp	COM	166764100	19,662	161,824	SH		SOLE		161,824	0	0
Chubb Corp	COM	171232101	2,499	27,996	SH		SOLE		27,996	0	0
Cisco Systems Inc	COM	17275R102	2,873	122,597	SH		SOLE		122,597	0	0
Citigroup Inc	COM	172967424	801	16,512	SH		SOLE		16,512	0	0
Clorox Company	COM	189054109	5,089	62,275	SH		SOLE		62,275	0	0
Coca-Cola Co/The	COM	191216100	4,000	105,608	SH		SOLE		105,608	0	0
Colgate-Palmolive Co	COM	194162103	3,926	66,214	SH		SOLE		66,214	0	0
Comcast Corp-Cl A	COM	20030n101	1,810	40,113	SH		SOLE		40,113	0	0
Conagra Foods Inc	COM	205887102	891	29,375	SH		SOLE		29,375	0	0
ConocoPhillips	COM	20825C104	12,593	181,174	SH		SOLE		181,174	0	0
Consolidated Edison Inc	COM	209115104	1,062	19,268	SH		SOLE		19,268	0	0
Consumer Discretionary Select	COM	81369y407	2,194	36,183	SH		SOLE		36,183	0	0
Consumer Staples SPDR	COM	81369y308	2,235	56,145	SH		SOLE		56,145	0	0
Costco Wholesale Corp	COM	22160K105	9,157	79,509	SH		SOLE		79,509	0	0
DIRECTV Group Inc/The	COM	25490a309	218	3,646	SH		SOLE		3,646	0	0
Danaher Corp	COM	235851102	3,017	43,521	SH		SOLE		43,521	0	0
Deere & Co	COM	244199105	1,536	18,877	SH		SOLE		18,877	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	441	3,468	SH		SOLE		3,468	0	0
Dick's Sporting Goods Inc	COM	253393102	1,005	18,836	SH		SOLE		18,836	0	0
Disney Co./Walt The	COM	254687106	4,116	63,832	SH		SOLE		63,832	0	0
Dominion Resources Inc/Va	COM	25746u109	567	9,069	SH		SOLE		9,069	0	0
Du Pont (E.I.) De Nemours	COM	263534109	5,707	97,455	SH		SOLE		97,455	0	0
Duke Energy Corp	COM	26441c204	1,972	29,526	SH		SOLE		29,526	0	0
EGShares Dow Jones Emerging Ma	COM	268461779	3,476	129,014	SH		SOLE		129,014	0	0
EMC Metals Corp	COM	268665106	1	23,400	SH		SOLE		23,400	0	0
EOG Resources Inc	COM	26875p101	233	1,374	SH		SOLE		1,374	0	0
ETFS Physical Precious Metals	COM	26922w109	489	6,760	SH		SOLE		6,760	0	0
Eaton Corp PLC	COM	g29183103	1,461	21,219	SH		SOLE		21,219	0	0
Ecolab Inc	COM	278865100	4,415	44,709	SH		SOLE		44,709	0	0
Edison International	COM	281020107	3,489	75,740	SH		SOLE		75,740	0	0
Eli Lilly & Co	COM	532457108	1,129	22,429	SH		SOLE		22,429	0	0
Emerson Electric Co	COM	291011104	2,018	31,189	SH		SOLE		31,189	0	0
Encounter Technologies Inc	COM	29259j105	0	62,000	SH		SOLE		62,000	0	0
Energy Transfer Equity LP	COM	29273v100	401	6,100	SH		SOLE		6,100	0	0
Energy Transfer Partners LP	COM	29273r109	286	5,490	SH		SOLE		5,490	0	0
Enterprise Products Partners	COM	293792107	1,721	28,192	SH		SOLE		28,192	0	0
Essex Property Trust Inc	COM	297178105	288	1,950	SH		SOLE		1,950	0	0
Eurasian Minerals Inc	COM	29843r100	55	44,086	SH		SOLE		44,086	0	0
Express Scripts Holding Co.	COM	30219g108	917	14,835	SH		SOLE		14,835	0	0
Exxon Mobil Corp	COM	30231G102	12,754	148,235	SH		SOLE		148,235	0	0
FedEx Corp	COM	31428x106	227	1,991	SH		SOLE		1,991	0	0
First Trust Dividend Leaders I	COM	336917109	1,498	71,888	SH		SOLE		71,888	0	0
First Trust Mid Cap Value ETF	COM	33737m201	393	14,621	SH		SOLE		14,621	0	0
Flagstar Bancorp Inc	COM	337930705	148	10,000	SH		SOLE		10,000	0	0
Fluor Corp	COM	343412102	537	7,570	SH		SOLE		7,570	0	0
Ford Motor Co	COM	345370860	1,217	72,167	SH		SOLE		72,167	0	0
Franklin Resources Inc	COM	354613101	294	5,814	SH		SOLE		5,814	0	0
Freeport-McMoRan Copper & Gold	COM	35671d857	3,103	93,812	SH		SOLE		93,812	0	0
Frontier Communications Corp	COM	35906a108	64	15,414	SH		SOLE		15,414	0	0
Gasco Energy Inc	COM	367220100	0	12,245	SH		SOLE		12,245	0	0
General Dynamics Corp	COM	369550108	1,352	15,450	SH		SOLE		15,450	0	0
General Electric Co	COM	369604103	13,513	565,627	SH		SOLE		565,627	0	0
General Growth Properties	COM	370021107	327	16,966	SH		SOLE		16,966	0	0
General Mills Inc	COM	370334104	4,277	89,261	SH		SOLE		89,261	0	0
Genuine Parts Co	COM	372460105	2,699	33,362	SH		SOLE		33,362	0	0
Gilead Sciences Inc	COM	375558103	956	15,203	SH		SOLE		15,203	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	2,751	54,839	SH		SOLE		54,839	0	0
Goldman Sachs Group Inc	COM	38141G104	373	2,360	SH		SOLE		2,360	0	0
Google Inc-Cl A	COM	38259P508	2,995	3,419	SH		SOLE		3,419	0	0
Grainger (W.W.) Inc	COM	384802104	223	853	SH		SOLE		853	0	0
Guggenheim BRIC ETF	COM	18383m100	435	12,335	SH		SOLE		12,335	0	0
HCP Inc	COM	40414l109	5,815	142,003	SH		SOLE		142,003	0	0
Harman International	COM	413086109	499	7,535	SH		SOLE		7,535	0	0
Health Care Select Sector	COM	81369y209	2,340	46,255	SH		SOLE		46,255	0	0
Hess Corp	COM	42809h107	828	10,710	SH		SOLE		10,710	0	0
Hewlett-Packard Co	COM	428236103	441	21,017	SH		SOLE		21,017	0	0
Home Depot Inc	COM	437076102	3,926	51,756	SH		SOLE		51,756	0	0
Honeywell International Inc	COM	438516106	4,094	49,307	SH		SOLE		49,307	0	0
Hubbell Inc -Cl B	COM	443510201	209	2,000	SH		SOLE		2,000	0	0
Illinois Tool Works	COM	452308109	206	2,700	SH		SOLE		2,700	0	0
Infinito Gold Ltd	COM	45671c106	0	33,130	SH		SOLE		33,130	0	0
Ingersoll-Rand Co Ltd-Cl A	COM	g47791101	973	14,989	SH		SOLE		14,989	0	0
Integral Technologies Inc	COM	45810j103	8	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	8,243	359,617	SH		SOLE		359,617	0	0
InterContinental Hotels-ADR	COM	45857p400	1,269	43,452	SH		SOLE		43,452	0	0
Intl Business Machines Corp	COM	459200101	8,962	48,396	SH		SOLE		48,396	0	0
Intl Flavors & Fragrances	COM	459506101	541	6,575	SH		SOLE		6,575	0	0
JPMorgan Chase & Co	COM	46625H100	5,277	102,081	SH		SOLE		102,081	0	0
Jacobs Engineering Group Inc	COM	469814107	518	8,899	SH		SOLE		8,899	0	0
Johnson & Johnson	COM	478160104	16,034	184,962	SH		SOLE		184,962	0	0
Johnson Controls Inc	COM	478366107	416	10,026	SH		SOLE		10,026	0	0
Kimberly-Clark Corp	COM	494368103	6,222	66,039	SH		SOLE		66,039	0	0
Kinder Morgan Energy Partners	COM	494550106	3,460	43,348	SH		SOLE		43,348	0	0
Kinder Morgan Management LLC	COM	49455u100	3,529	47,078	SH		SOLE		47,078	0	0
Kohl's Corp	COM	500255104	518	10,000	SH		SOLE		10,000	0	0
Kraft Foods Group	COM	50076q106	1,014	19,320	SH		SOLE		19,320	0	0
L-3 Communications Holdings	COM	502424104	292	3,086	SH		SOLE		3,086	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,463	14,754	SH		SOLE		14,754	0	0
Li & Fung Ltd Ord New	COM	g5485f151	15	10,000	SH		SOLE		10,000	0	0
Life Technologies Corp	COM	53217v109	549	7,330	SH		SOLE		7,330	0	0
Linn Co LLC	COM	535782106	611	20,950	SH		SOLE		20,950	0	0
Linn Energy LLC-Units	COM	536020100	1,308	50,450	SH		SOLE		50,450	0	0
Lowe's Cos Inc	COM	548661107	3,307	69,452	SH		SOLE		69,452	0	0
Lululemon Athletica Inc	COM	550021109	385	5,260	SH		SOLE		5,260	0	0
Macy's Inc	COM	55616p104	839	19,381	SH		SOLE		19,381	0	0
Magellan Midstream Partners	COM	559080106	386	6,832	SH		SOLE		6,832	0	0
Manulife Financial Corp	COM	56501r106	378	22,855	SH		SOLE		22,855	0	0
Marathon Oil Corp	COM	565849106	355	10,168	SH		SOLE		10,168	0	0
Marathon Petroleum Corp	COM	56585a102	239	3,709	SH		SOLE		3,709	0	0
Market Vectors Agribusiness ET	COM	57060u605	233	4,544	SH		SOLE		4,544	0	0
Mattel Inc	COM	577081102	619	14,781	SH		SOLE		14,781	0	0
McCormick & Co-Non Vtg Shrs	COM	579780206	1,318	20,365	SH		SOLE		20,365	0	0
McDonald's Corp	COM	580135101	10,780	112,047	SH		SOLE		112,047	0	0
McGraw Hill Financial Inc	COM	580645109	361	5,500	SH		SOLE		5,500	0	0
Medical Properties Trust Inc	COM	68463J304	342	28,134	SH		SOLE		28,134	0	0
Medtronic Inc	COM	585055106	3,332	62,565	SH		SOLE		62,565	0	0
Merck & Co. Inc.	COM	58933y105	4,745	99,668	SH		SOLE		99,668	0	0
Microsoft Corp	COM	594918104	5,778	173,605	SH		SOLE		173,605	0	0
Mondelez International	COM	609207105	1,689	53,768	SH		SOLE		53,768	0	0
Mylan Laboratories	COM	628530107	1,970	51,616	SH		SOLE		51,616	0	0
Nabors Industries Inc	COM	g6359f103	578	35,965	SH		SOLE		35,965	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	3,392	48,742	SH		SOLE		48,742	0	0
Newmont Mining Corp	COM	651639106	271	9,662	SH		SOLE		9,662	0	0
News Corp - Class B	COM	65249b208	198	12,071	SH		SOLE		12,071	0	0
NextEra Energy Inc	COM	65339f101	6,758	84,306	SH		SOLE		84,306	0	0
Nike Inc -Cl B	COM	654106103	4,470	61,534	SH		SOLE		61,534	0	0
Nordstrom Inc	COM	655664100	242	4,303	SH		SOLE		4,303	0	0
Norfolk Southern Corp	COM	655844108	311	4,021	SH		SOLE		4,021	0	0
Northeast Utilities	COM	664397106	286	6,923	SH		SOLE		6,923	0	0
Novabay Pharmaceuticals Inc	COM	66987p102	40	23,333	SH		SOLE		23,333	0	0
Novartis Ag-ADR	COM	66987v109	2,880	37,550	SH		SOLE		37,550	0	0
OGE Energy Corp	COM	670837103	262	7,250	SH		SOLE		7,250	0	0
Occidental Petroleum Corp	COM	674599105	5,517	58,984	SH		SOLE		58,984	0	0
Oracle Corp	COM	68389x105	2,497	75,275	SH		SOLE		75,275	0	0
P G & E Corp	COM	69331c108	410	10,008	SH		SOLE		10,008	0	0
Paccar Inc	COM	693718108	1,204	21,629	SH		SOLE		21,629	0	0
PepsiCo Inc	COM	713448108	6,190	77,857	SH		SOLE		77,857	0	0
Pfizer Inc	COM	717081103	6,684	232,699	SH		SOLE		232,699	0	0
Pharmaceutical HOLDRs Trust	COM	71712a206	465	9,725	SH		SOLE		9,725	0	0
Philip Morris International	COM	718172109	2,428	28,040	SH		SOLE		28,040	0	0
Phillips 66	COM	718546104	207	3,580	SH		SOLE		3,580	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Plains All American Pipeline L	COM	726503105	216	4,100	SH		SOLE		4,100	0	0
Plum Creek Timber Co	COM	729251108	269	5,753	SH		SOLE		5,753	0	0
PowerShares Preferred Portfoli	COM	73936t565	1,663	121,457	SH		SOLE		121,457	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	1,068	13,535	SH		SOLE		13,535	0	0
Praxair Inc	COM	74005p104	2,180	18,134	SH		SOLE		18,134	0	0
ProLogis Inc	COM	74340w103	276	7,339	SH		SOLE		7,339	0	0
ProShares Short 20+ Treasury	COM	74347x849	232	7,245	SH		SOLE		7,245	0	0
Procter & Gamble Co	COM	742718109	13,732	181,661	SH		SOLE		181,661	0	0
Prudential Financial Inc	COM	744320102	2,263	29,018	SH		SOLE		29,018	0	0
Public Service Enterprise Grou	COM	744573106	1,448	43,967	SH		SOLE		43,967	0	0
Qualcomm Inc	COM	747525103	1,003	14,899	SH		SOLE		14,899	0	0
Quest Diagnostics	COM	74834l100	373	6,035	SH		SOLE		6,035	0	0
Realty Income Corp	COM	756109104	3,543	89,123	SH		SOLE		89,123	0	0
Retail Properties of America	COM	76131v202	596	43,350	SH		SOLE		43,350	0	0
Robert Half Intl Inc	COM	770323103	285	7,300	SH		SOLE		7,300	0	0
Roche Holdings LTD-Spons ADR	COM	010397936	1,280	18,951	SH		SOLE		18,951	0	0
Rockwood Holdings Inc	COM	774415103	833	12,446	SH		SOLE		12,446	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	362	5,510	SH		SOLE		5,510	0	0
Rydex Russell Top 50 ETF	COM	78355w205	686	5,856	SH		SOLE		5,856	0	0
Rydex S&P Equal Weight ETF	COM	78355w106	212	3,245	SH		SOLE		3,245	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,049	6,944	SH		SOLE		6,944	0	0
SPDR Energy Select Sector	COM	81369y506	2,301	27,753	SH		SOLE		27,753	0	0
SPDR Financial Select Sector	COM	81369y605	1,123	56,406	SH		SOLE		56,406	0	0
SPDR Gold Trust	COM	78463v107	886	6,912	SH		SOLE		6,912	0	0
SPDR Industrial Select Sector	COM	81369y704	2,130	45,908	SH		SOLE		45,908	0	0
SPDR Materials Select Sector	COM	81369y100	547	13,030	SH		SOLE		13,030	0	0
SPDR S&P Biotech ETF	COM	78464a870	457	3,536	SH		SOLE		3,536	0	0
SPDR S&P Dividend ETF	COM	78464a763	6,190	89,781	SH		SOLE		89,781	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	4,016	17,746	SH		SOLE		17,746	0	0
SPDR S&P500 Index Trust Series	COM	78462f103	4,940	29,405	SH		SOLE		29,405	0	0
SPDR Technology Select Sector	COM	81369y803	2,951	92,118	SH		SOLE		92,118	0	0
Sanofi-ADR	COM	80105n105	4,430	87,488	SH		SOLE		87,488	0	0
Scana Corp	COM	80589m102	556	12,074	SH		SOLE		12,074	0	0
Schlumberger Ltd	COM	806857108	1,617	18,305	SH		SOLE		18,305	0	0
Schwab (Charles) Corp	COM	808513105	281	13,270	SH		SOLE		13,270	0	0
Schwab U.S. Broad Market ETF	COM	808524102	1,089	26,505	SH		SOLE		26,505	0	0
Sempra Energy	COM	816851109	2,360	27,570	SH		SOLE		27,570	0	0
Siemens Ag-Spons ADR	COM	826197501	275	2,285	SH		SOLE		2,285	0	0
Sierra Vista Bank	COM	82651b105	51	20,000	SH		SOLE		20,000	0	0
Silvercorp Metals Inc	COM	82835p103	33	10,000	SH		SOLE		10,000	0	0
Sirius XM Radio Inc	COM	82967n108	476	122,784	SH		SOLE		122,784	0	0
Southern Co	COM	842587107	2,343	56,898	SH		SOLE		56,898	0	0
Southwestern Energy Co	COM	845467109	1,021	28,075	SH		SOLE		28,075	0	0
Spectra Energy Corp	COM	847560109	4,105	119,928	SH		SOLE		119,928	0	0
Spectral Diagnostics Inc	COM	847574100	11	25,000	SH		SOLE		25,000	0	0
Sprott Physical Gold Trust	COM	85207h104	724	65,672	SH		SOLE		65,672	0	0
St Jude Medical Inc	COM	790849103	855	15,948	SH		SOLE		15,948	0	0
Stanley Black & Decker Inc	COM	854502101	2,402	26,526	SH		SOLE		26,526	0	0
Starbucks Corp	COM	855244109	1,558	20,246	SH		SOLE		20,246	0	0
State Street Corp	COM	857477103	269	4,088	SH		SOLE		4,088	0	0
Stryker Corp	COM	863667101	300	4,433	SH		SOLE		4,433	0	0
Summit Hotel Properties Inc	COM	866082100	143	15,576	SH		SOLE		15,576	0	0
SunPower Corp	COM	867652406	798	30,489	SH		SOLE		30,489	0	0
Suncor Energy Inc	COM	867224107	451	12,600	SH		SOLE		12,600	0	0
TD Ameritrade Holding Corp	COM	87236y108	938	35,836	SH		SOLE		35,836	0	0
TJX Companies Inc	COM	872540109	400	7,091	SH		SOLE		7,091	0	0
Target Corp	COM	87612e106	5,207	81,392	SH		SOLE		81,392	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	515	13,641	SH		SOLE		13,641	0	0
Toronto-Dominion Bank	COM	891160509	3,146	34,961	SH		SOLE		34,961	0	0
Total SA-Spon ADR	COM	89151e109	229	3,953	SH		SOLE		3,953	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,838	14,359	SH		SOLE		14,359	0	0
Travelers Cos Inc/The	COM	89417e109	2,721	32,093	SH		SOLE		32,093	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,240	67,072	SH		SOLE		67,072	0	0
US Bancorp	COM	902973304	371	10,151	SH		SOLE		10,151	0	0
Unilever N V -NY Shares	COM	904784709	2,561	67,897	SH		SOLE		67,897	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,742	45,162	SH		SOLE		45,162	0	0
Union Pacific Corp	COM	907818108	573	3,689	SH		SOLE		3,689	0	0
United Parcel Service-Cl B	COM	911312106	3,772	41,285	SH		SOLE		41,285	0	0
United Technologies Corp	COM	913017109	2,471	22,919	SH		SOLE		22,919	0	0
UnitedHealth Group Inc	COM	91324P102	1,613	22,530	SH		SOLE		22,530	0	0
Utilities Select Sector SPDR	COM	81369y886	549	14,687	SH		SOLE		14,687	0	0
Vanguard Dividend Appreciation	COM	921908844	284	4,080	SH		SOLE		4,080	0	0
Vanguard High Dividend Yield E	COM	921946406	322	5,602	SH		SOLE		5,602	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	286	3,700	SH		SOLE		3,700	0	0
Vanguard MSCI EAFE Index ETF	COM	921943858	2,253	56,918	SH		SOLE		56,918	0	0
Vanguard MSCI Emerging Market	COM	922042858	2,082	51,874	SH		SOLE		51,874	0	0
Vanguard Mid-Cap Vipers	COM	922908629	3,689	36,000	SH		SOLE		36,000	0	0
Vanguard Small-Cap Vipers	COM	922908751	4,981	48,600	SH		SOLE		48,600	0	0
Vanguard Total Stock Mk Vipers	COM	922908769	10,048	114,637	SH		SOLE		114,637	0	0
Varian Medical Systems Inc	COM	92220P105	802	10,734	SH		SOLE		10,734	0	0
Verizon Communications Inc	COM	92343v104	19,000	407,072	SH		SOLE		407,072	0	0
Visa Inc-Class A Shares	COM	92826c839	577	3,017	SH		SOLE		3,017	0	0
Vodaphone Group Plc-Sp ADR	COM	92857w209	2,984	84,833	SH		SOLE		84,833	0	0
Vornado Realty Trust	COM	929042109	3,455	41,099	SH		SOLE		41,099	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
Wal-Mart Stores Inc	COM	931142103	911	12,317	SH		SOLE		12,317	0	0
Walgreen Co	COM	931422109	3,760	69,882	SH		SOLE		69,882	0	0
Waste Management Inc	COM	94106l109	4,521	109,618	SH		SOLE		109,618	0	0
WellPoint Inc	COM	94973V107	883	10,560	SH		SOLE		10,560	0	0
Wells Fargo & Company	COM	949746101	19,873	480,956	SH		SOLE		480,956	0	0
Westamerica Bancorportaion	COM	957090103	759	15,261	SH		SOLE		15,261	0	0
Weyerhaeuser Co	COM	962166104	1,050	36,690	SH		SOLE		36,690	0	0
Whirlpool Corp	COM	963320106	2,259	15,425	SH		SOLE		15,425	0	0
White Mountains Insurance Grou	COM	G9618E107	684	1,205	SH		SOLE		1,205	0	0
Whole Foods Market Inc	COM	966837106	5,197	88,836	SH		SOLE		88,836	0	0
Williams Cos Inc	COM	969457100	4,275	117,571	SH		SOLE		117,571	0	0
Wisconsin Energy Corp	COM	976657106	906	22,444	SH		SOLE		22,444	0	0
Xylem Inc	COM	98419m100	406	14,526	SH		SOLE		14,526	0	0
Yahoo! Inc	COM	984332106	1,020	30,750	SH		SOLE		30,750	0	0
Yingli Green Energy Holding Co	COM	98584b103	104	15,000	SH		SOLE		15,000	0	0
Yum! Brands Inc	COM	988498101	378	5,288	SH		SOLE		5,288	0	0
Zimmer Holdings Inc	COM	98956p102	620	7,546	SH		SOLE		7,546	0	0
Zogenix Inc	COM	98978l105	19	10,000	SH		SOLE		10,000	0	0
iShares DJ Select Dividend Ind	COM	464287168	5,348	80,614	SH		SOLE		80,614	0	0
iShares DJ US Energy Sector	COM	464287796	285	6,057	SH		SOLE		6,057	0	0
iShares DJ US Financial Sect	COM	464287788	911	12,433	SH		SOLE		12,433	0	0
iShares DJ US Healthcare Sec	COM	464287762	202	1,892	SH		SOLE		1,892	0	0
iShares DJ US Telecommunicatio	COM	464287713	303	10,998	SH		SOLE		10,998	0	0
iShares FTSE/Xinhua China 25	COM	464287184	252	6,805	SH		SOLE		6,805	0	0
iShares MSCI Brazil Index	COM	464286400	206	4,297	SH		SOLE		4,297	0	0
iShares MSCI Canada Index	COM	464286509	205	7,250	SH		SOLE		7,250	0	0
iShares MSCI EAFE Index Fund	COM	464287465	1,482	23,233	SH		SOLE		23,233	0	0
iShares MSCI Emerging Markets	COM	464287234	592	14,525	SH		SOLE		14,525	0	0
iShares Russell 1000 Growth	COM	464287614	523	6,682	SH		SOLE		6,682	0	0
iShares Russell 1000 Value	COM	464287598	319	3,696	SH		SOLE		3,696	0	0
iShares Russell 2000 Index Fun	COM	464287655	291	2,734	SH		SOLE		2,734	0	0
iShares Russell Midcap Index	COM	464287499	314	2,261	SH		SOLE		2,261	0	0
iShares S&P 100 Index Fund	COM	464287101	748	9,994	SH		SOLE		9,994	0	0
iShares S&P 500 Index Fund	COM	464287200	420	2,487	SH		SOLE		2,487	0	0
iShares S&P Europe 350	COM	464287861	420	9,520	SH		SOLE		9,520	0	0
iShares S&P Global 100	COM	464287572	673	9,351	SH		SOLE		9,351	0	0
iShares S&P Latin American 40	COM	464287390	217	5,670	SH		SOLE		5,670	0	0
iShares S&P Midcap 400 Index F	COM	464287507	1,078	8,683	SH		SOLE		8,683	0	0
iShares S&P Midcap 400/Value	COM	464287705	412	3,810	SH		SOLE		3,810	0	0
iShares S&P US Preferred Stock	COM	464288687	7,749	203,933	SH		SOLE		203,933	0	0
iShares Trust S&P SmallCap 600	COM	464287804	594	5,955	SH		SOLE		5,955	0	0
1/10 PIMCO Floating Rate Pfd A	PFD	72201j609	250	10	SH		SOLE		10	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	682	24,946	SH		SOLE		24,946	0	0
AEGON NV 7.25%Perp Call 03/201	PFD	n00927348	523	20,888	SH		SOLE		20,888	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	1,373	46,159	SH		SOLE		46,159	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	468	20,067	SH		SOLE		20,067	0	0
American Capital Agency 8.0% P	PFD	02503x204	955	37,324	SH		SOLE		37,324	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	288	12,031	SH		SOLE		12,031	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	555	22,930	SH		SOLE		22,930	0	0
Ares Capital 7.75% 2040 Call 1	PFD	04010l202	1,368	53,515	SH		SOLE		53,515	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	354	16,050	SH		SOLE		16,050	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	1,101	42,410	SH		SOLE		42,410	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	2,837	113,205	SH		SOLE		113,205	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	504	19,616	SH		SOLE		19,616	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	8,403	304,449	SH		SOLE		304,449	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	336	14,150	SH		SOLE		14,150	0	0
BAC Flt LIB+35 BB+ NCU QDI Cl	PFD	060505815	291	14,095	SH		SOLE		14,095	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	1,043	50,725	SH		SOLE		50,725	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	1,093	42,732	SH		SOLE		42,732	0	0
Banco Santander 6.80% QDI Clbl	PFD	80281r706	530	21,265	SH		SOLE		21,265	0	0
Banco Santander10.5% Perp Cl9/	PFD	e8683r144	1,060	40,114	SH		SOLE		40,114	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	393	15,351	SH		SOLE		15,351	0	0
Barclay's 6.625% Perpetual 9/1	PFD	06739f390	286	11,689	SH		SOLE		11,689	0	0
Barclays 7.75% Prp Cl 9/13 BBB	PFD	06739h511	1,657	65,608	SH		SOLE		65,608	0	0
Barclays 8.125% Perp/Cl 9/13 B	PFD	06739h362	3,663	144,005	SH		SOLE		144,005	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	1,176	47,041	SH		SOLE		47,041	0	0
CBL & Associates 6.5% Perp CUM	PFD	124830803	223	9,583	SH		SOLE		9,583	0	0
Campus Crest Comm 8.00% Perp C	PFD	13466y204	1,291	49,672	SH		SOLE		49,672	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	527	24,900	SH		SOLE		24,900	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,638	109,760	SH		SOLE		109,760	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	1,269	50,722	SH		SOLE		50,722	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	3,806	151,195	SH		SOLE		151,195	0	0
CenturyLink SnNotes 7.0% 2050	PFD	74913G402	1,550	63,690	SH		SOLE		63,690	0	0
CenturyLink/QuestCTL)SrNt7.75%	PFD	740434873	679	27,006	SH		SOLE		27,006	0	0
Charles Schwab 6.0% Cl 9/17 BB	PFD	808513204	289	12,750	SH		SOLE		12,750	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	1,717	69,168	SH		SOLE		69,168	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	288	13,600	SH		SOLE		13,600	0	0
Citigroup 7.125% Fxd-to-Flt Cl	PFD	172967358	1,718	68,050	SH		SOLE		68,050	0	0
Citigroup Tst 7.875% Cl 2015 L	PFD	173080201	220	8,010	SH		SOLE		8,010	0	0
Commonwealth REIT 7.25% Prp/Cl	PFD	203233606	592	25,823	SH		SOLE		25,823	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,973	79,341	SH		SOLE		79,341	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,195	48,560	SH		SOLE		48,560	0	0
Deutsche Bank 7.35% Cl 12/12 B	PFD	25154d102	538	21,303	SH		SOLE		21,303	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	2,782	104,429	SH		SOLE		104,429	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	637	25,717	SH		SOLE		25,717	0	0
Deutsche Bnk 6.625% Prp Cl 8/1	PFD	25153y206	284	11,508	SH		SOLE		11,508	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,385	53,359	SH		SOLE		53,359	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	795	35,502	SH		SOLE		35,502	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,950	164,738	SH		SOLE		164,738	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	1,393	59,210	SH		SOLE		59,210	0	0
Dominion Res 8.375% Cl 6/14 BB	PFD	25746u604	491	18,855	SH		SOLE		18,855	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	1,616	64,781	SH		SOLE		64,781	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	1,598	63,114	SH		SOLE		63,114	0	0
Excel Trust 8.125% CUM Call 1/	PFD	30068c307	943	37,145	SH		SOLE		37,145	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	3,069	137,310	SH		SOLE		137,310	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	1,670	70,476	SH		SOLE		70,476	0	0
General Growth Prop 6.375% Cl	PFD	370023202	368	16,800	SH		SOLE		16,800	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	937	46,895	SH		SOLE		46,895	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	834	35,043	SH		SOLE		35,043	0	0
HSBC Float 4.5%FL Clbl CUM QDI	PFD	40428h706	375	15,000	SH		SOLE		15,000	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	4,667	172,533	SH		SOLE		172,533	0	0
HSBC Hldgs 8.125% Prp Cl 4/13	PFD	404280703	829	32,300	SH		SOLE		32,300	0	0
HSBC USA 6.50% Perp/Call 7/11	PFD	40428h862	223	9,291	SH		SOLE		9,291	0	0
Hanover Insurance 6.35% Cl 3/1	PFD	410867204	370	16,991	SH		SOLE		16,991	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,462	51,990	SH		SOLE		51,990	0	0
Hudson Pacific 8.375% Perp N/R	PFD	444097208	690	26,785	SH		SOLE		26,785	0	0
ING Groep NV 7 3/8% Cl 10/12 B	PFD	456837707	1,423	56,883	SH		SOLE		56,883	0	0
ING Groep NV 8.5% BBB- QDI Cal	PFD	456837806	1,199	47,050	SH		SOLE		47,050	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	209	8,366	SH		SOLE		8,366	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	874	33,959	SH		SOLE		33,959	0	0
JPMorgan Chase 5.50% Perp Call	PFD	48126e750	536	24,928	SH		SOLE		24,928	0	0
JPMorgan Trst 6.70% Callable 4	PFD	48125e207	426	16,750	SH		SOLE		16,750	0	0
KKR Financial 7.50% SrNotes Ca	PFD	48248a504	3,625	144,037	SH		SOLE		144,037	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	827	30,699	SH		SOLE		30,699	0	0
KKR Financial7.375% Perp Call	PFD	48248a603	3,922	156,874	SH		SOLE		156,874	0	0
Kimco Realty 6.90% Perp Call8/	PFD	49446r828	502	20,124	SH		SOLE		20,124	0	0
LaSalle Hotel 6.375% Call 3/20	PFD	517942801	432	20,477	SH		SOLE		20,477	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	1,537	62,360	SH		SOLE		62,360	0	0
Limited 6.70% 3/2033 call 3/20	PFD	73941x551	478	19,770	SH		SOLE		19,770	0	0
M&T Bank 5% to 6.375% Cl 11/18	PFD	55261f708	589	614	SH		SOLE		614	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	203	8,808	SH		SOLE		8,808	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,145	84,333	SH		SOLE		84,333	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	1,214	47,355	SH		SOLE		47,355	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	2,035	80,583	SH		SOLE		80,583	0	0
Merrill Lynch 7.28% Perp Cl 9/	PFD	59021k205	296	11,803	SH		SOLE		11,803	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	227	9,865	SH		SOLE		9,865	0	0
MetLife 6.5% Perp Cl 9/10 BBB-	PFD	59156r603	297	11,948	SH		SOLE		11,948	0	0
Montpelier RE 8.875% Perp QDI	PFD	g62185114	763	29,340	SH		SOLE		29,340	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	601	30,780	SH		SOLE		30,780	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	245	9,757	SH		SOLE		9,757	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	781	30,950	SH		SOLE		30,950	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	306	14,518	SH		SOLE		14,518	0	0
Partner Re 7.25% Call 06/16 BB	PFD	g68603508	4,952	196,809	SH		SOLE		196,809	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	1,841	71,275	SH		SOLE		71,275	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	882	34,113	SH		SOLE		34,113	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	664	27,680	SH		SOLE		27,680	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	412	16,700	SH		SOLE		16,700	0	0
PrivateBancorp PVTB 7.125% Cal	PFD	742962400	350	14,245	SH		SOLE		14,245	0	0
Prospect Captl 6.95% Sr Nts 20	PFD	74348t201	1,816	70,563	SH		SOLE		70,563	0	0
Protective Life 6.0% Call 8/17	PFD	743674707	444	19,700	SH		SOLE		19,700	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	726	29,311	SH		SOLE		29,311	0	0
Public Storage 5.90% Perp CUM	PFD	74460w206	1,836	80,550	SH		SOLE		80,550	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	1,055	42,855	SH		SOLE		42,855	0	0
Public Storage 6.5% Perp Call	PFD	74460d158	469	18,603	SH		SOLE		18,603	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,849	73,354	SH		SOLE		73,354	0	0
Public Storage 6.875% Prp Cl7/	PFD	74460d182	1,237	48,683	SH		SOLE		48,683	0	0
Raymond James Financial 6.90%	PFD	754730208	602	23,893	SH		SOLE		23,893	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	372	15,333	SH		SOLE		15,333	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	886	41,601	SH		SOLE		41,601	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	440	19,500	SH		SOLE		19,500	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	423	17,100	SH		SOLE		17,100	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	454	19,800	SH		SOLE		19,800	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	3,575	154,108	SH		SOLE		154,108	0	0
Scana Corp 7.70% 2065 Cl1/2015	PFD	80589m201	2,785	105,538	SH		SOLE		105,538	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	360	16,600	SH		SOLE		16,600	0	0
Southern Cal Ed 5.625% Cl6/17	PFD	78406t201	425	20,700	SH		SOLE		20,700	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	732	7,465	SH		SOLE		7,465	0	0
Strategic Hotels&Resorts 8.25%	PFD	86272t502	242	10,575	SH		SOLE		10,575	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	1,000	39,286	SH		SOLE		39,286	0	0
Sunstone Hotel 8.00% Perp CUUM	PFD	867592507	225	8,907	SH		SOLE		8,907	0	0
Taubman Centers 6.5% CUM NR Cl	PFD	876664608	267	11,267	SH		SOLE		11,267	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,696	153,754	SH		SOLE		153,754	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	1,037	41,750	SH		SOLE		41,750	0	0
Texas Capitl Bancshares6.50% 2	PFD	882228aa7	374	17,440	SH		SOLE		17,440	0	0
US Bancorp 6.5% FxdToFlt Cl 2/	PFD	902973833	1,399	53,826	SH		SOLE		53,826	0	0
US Cellular 6.95% 2060 Cl 05/2	PFD	911684405	379	15,685	SH		SOLE		15,685	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	244	11,731	SH		SOLE		11,731	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,482	138,446	SH		SOLE		138,446	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	11,948	421,438	SH		SOLE		421,438	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,286	2,097,000	PRN		SOLE		2,097,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	298	320,000	PRN		SOLE		320,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	406	400,000	PRN		SOLE		400,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	1,610	1,480,000	PRN		SOLE		1,480,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,605	2,395,000	PRN		SOLE		2,395,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	1,099	1,040,000	PRN		SOLE		1,040,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	6,385	7,075,000	PRN		SOLE		7,075,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	599	540,000	PRN		SOLE		540,000	0	0