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	8,977	64,007	SH		SOLE		64,007	0	0
ABB Ltd -Spon ADR	COM	000375204	4,243	159,757	SH		SOLE		159,757	0	0
AGL Resources Inc	COM	001204106	2,832	59,960	SH		SOLE		59,960	0	0
AT&T Inc	COM	00206r102	10,010	284,700	SH		SOLE		284,700	0	0
AbbVie Inc	COM	00287y109	6,226	117,896	SH		SOLE		117,896	0	0
Abbott Laboratories	COM	002824100	7,321	191,000	SH		SOLE		191,000	0	0
Accenture PLC-Cl A	COM	g1151c101	3,452	41,984	SH		SOLE		41,984	0	0
Adobe Systems Inc	COM	00724f101	411	6,870	SH		SOLE		6,870	0	0
Aetna Inc	COM	00817Y108	405	5,900	SH		SOLE		5,900	0	0
Agilent Technologies Inc	COM	00846u101	917	16,038	SH		SOLE		16,038	0	0
Air Products & Chemicals Inc	COM	009158106	2,730	24,421	SH		SOLE		24,421	0	0
Allegion PLC	COM	g0176j109	271	6,134	SH		SOLE		6,134	0	0
Allergan Inc	COM	018490102	259	2,328	SH		SOLE		2,328	0	0
Allstate Corp	COM	020002101	301	5,512	SH		SOLE		5,512	0	0
Altria Group Inc	COM	02209s103	6,330	164,895	SH		SOLE		164,895	0	0
Amarillo Gold Corp	COM	041133317	125	1,400,000	SH		SOLE		1,400,000	0	0
Amazon.Com Inc	COM	023135106	226	566	SH		SOLE		566	0	0
American Electric Power	COM	025537101	369	7,898	SH		SOLE		7,898	0	0
American Express Co	COM	025816109	3,104	34,212	SH		SOLE		34,212	0	0
Amgen Inc	COM	031162100	1,442	12,640	SH		SOLE		12,640	0	0
Apache Corp	COM	037411105	355	4,128	SH		SOLE		4,128	0	0
Apple Inc	COM	037833100	14,106	25,144	SH		SOLE		25,144	0	0
Archer-Daniels-Midland Co	COM	039483102	509	11,719	SH		SOLE		11,719	0	0
Automatic Data Processing	COM	053015103	5,202	64,382	SH		SOLE		64,382	0	0
BCE Inc	COM	05534b760	1,774	40,985	SH		SOLE		40,985	0	0
BHP Billiton Ltd-Spon ADR	COM	088606108	210	3,080	SH		SOLE		3,080	0	0
BP PLC-Spons ADR	COM	055622104	428	8,795	SH		SOLE		8,795	0	0
Bank Of Marin Bancorp/CA	COM	063425102	542	12,501	SH		SOLE		12,501	0	0
Bank of America Corp	COM	060505104	2,110	135,535	SH		SOLE		135,535	0	0
Bank of Montreal	COM	063671101	931	13,970	SH		SOLE		13,970	0	0
Baxter International Inc.	COM	071813109	303	4,357	SH		SOLE		4,357	0	0
Becton Dickinson & Co	COM	075887109	424	3,838	SH		SOLE		3,838	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	2,105	17,753	SH		SOLE		17,753	0	0
Biocryst Pharmaceuticals Inc	COM	09058v103	276	36,261	SH		SOLE		36,261	0	0
Biogen Idec Inc	COM	09062x103	1,197	4,282	SH		SOLE		4,282	0	0
Blackrock Inc	COM	09247x101	203	640	SH		SOLE		640	0	0
Blackstone Group/The	COM	09253u108	621	19,714	SH		SOLE		19,714	0	0
Boeing Co	COM	097023105	3,555	26,047	SH		SOLE		26,047	0	0
Bristol-Myers Squibb Co	COM	110122108	12,263	230,715	SH		SOLE		230,715	0	0
Broadcom Corp-Cl A	COM	111320107	727	24,537	SH		SOLE		24,537	0	0
CVS Caremark Corp	COM	126650100	3,061	42,775	SH		SOLE		42,775	0	0
Caterpillar Inc	COM	149123101	1,691	18,623	SH		SOLE		18,623	0	0
Celgene Corp	COM	151020104	473	2,801	SH		SOLE		2,801	0	0
CenterPoint Energy Inc	COM	15189t107	2,160	93,200	SH		SOLE		93,200	0	0
Cerner Corp	COM	156782104	1,665	29,875	SH		SOLE		29,875	0	0
Cerus Corp	COM	157085101	65	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	2181334	284	4,400	SH		SOLE		4,400	0	0
Chevron Corp	COM	166764100	21,020	168,278	SH		SOLE		168,278	0	0
Chubb Corp	COM	171232101	2,843	29,421	SH		SOLE		29,421	0	0
Cisco Systems Inc	COM	17275R102	2,787	124,269	SH		SOLE		124,269	0	0
Citigroup Inc	COM	172967424	1,028	19,731	SH		SOLE		19,731	0	0
Clorox Company	COM	189054109	5,911	63,727	SH		SOLE		63,727	0	0
Coca-Cola Co/The	COM	191216100	4,309	104,313	SH		SOLE		104,313	0	0
Colgate-Palmolive Co	COM	194162103	4,319	66,236	SH		SOLE		66,236	0	0
Comcast Corp-Cl A	COM	20030n101	2,925	56,293	SH		SOLE		56,293	0	0
Conagra Foods Inc	COM	205887102	1,290	38,268	SH		SOLE		38,268	0	0
ConocoPhillips	COM	20825C104	13,474	190,710	SH		SOLE		190,710	0	0
Consolidated Edison Inc	COM	209115104	913	16,518	SH		SOLE		16,518	0	0
Consumer Discretionary Select	COM	81369y407	2,443	36,555	SH		SOLE		36,555	0	0
Consumer Staples SPDR	COM	81369y308	2,448	56,950	SH		SOLE		56,950	0	0
Costco Wholesale Corp	COM	22160K105	9,309	78,214	SH		SOLE		78,214	0	0
DIRECTV Group Inc/The	COM	25490a309	252	3,646	SH		SOLE		3,646	0	0
Danaher Corp	COM	235851102	3,434	44,485	SH		SOLE		44,485	0	0
Deere & Co	COM	244199105	1,985	21,738	SH		SOLE		21,738	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	459	3,468	SH		SOLE		3,468	0	0
Dick's Sporting Goods Inc	COM	253393102	1,049	18,051	SH		SOLE		18,051	0	0
Disney Co./Walt The	COM	254687106	4,972	65,082	SH		SOLE		65,082	0	0
Dominion Resources Inc/Va	COM	25746u109	556	8,601	SH		SOLE		8,601	0	0
Dow Chemical	COM	260543103	213	4,802	SH		SOLE		4,802	0	0
Du Pont (E.I.) De Nemours	COM	263534109	6,514	100,269	SH		SOLE		100,269	0	0
Duke Energy Corp	COM	26441c204	2,041	29,582	SH		SOLE		29,582	0	0
EGShares Dow Jones Emerging Ma	COM	268461779	3,501	130,231	SH		SOLE		130,231	0	0
EMC Metals Corp	COM	268665106	0	23,400	SH		SOLE		23,400	0	0
EOG Resources Inc	COM	26875p101	225	1,341	SH		SOLE		1,341	0	0
ETFS Physical Precious Metals	COM	26922w109	422	6,395	SH		SOLE		6,395	0	0
Eaton Corp PLC	COM	g29183103	1,631	21,424	SH		SOLE		21,424	0	0
Ecolab Inc	COM	278865100	4,896	46,955	SH		SOLE		46,955	0	0
Edison International	COM	281020107	3,498	75,552	SH		SOLE		75,552	0	0
Eli Lilly & Co	COM	532457108	1,113	21,824	SH		SOLE		21,824	0	0
Emerson Electric Co	COM	291011104	2,154	30,689	SH		SOLE		30,689	0	0
Encounter Technologies Inc	COM	29259j105	0	62,000	SH		SOLE		62,000	0	0
EnerSys	COM	29275y102	322	4,590	SH		SOLE		4,590	0	0
Energy Transfer Equity LP	COM	29273v100	482	5,900	SH		SOLE		5,900	0	0
Energy Transfer Partners LP	COM	29273r109	257	4,490	SH		SOLE		4,490	0	0
Enterprise Products Partners	COM	293792107	1,849	27,893	SH		SOLE		27,893	0	0
Essex Property Trust Inc	COM	297178105	567	3,949	SH		SOLE		3,949	0	0
Eurasian Minerals Inc	COM	29843r100	55	54,086	SH		SOLE		54,086	0	0
Express Scripts Holding Co.	COM	30219g108	1,052	14,972	SH		SOLE		14,972	0	0
Exxon Mobil Corp	COM	30231G102	14,982	148,047	SH		SOLE		148,047	0	0
FedEx Corp	COM	31428x106	286	1,988	SH		SOLE		1,988	0	0
First Trust Dividend Leaders I	COM	336917109	1,576	71,910	SH		SOLE		71,910	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	243	8,665	SH		SOLE		8,665	0	0
First Trust Mid Cap Value ETF	COM	33737m201	495	16,703	SH		SOLE		16,703	0	0
Flagstar Bancorp Inc	COM	337930705	196	10,000	SH		SOLE		10,000	0	0
Flowserve Corp	COM	34354p105	214	2,714	SH		SOLE		2,714	0	0
Fluor Corp	COM	343412102	600	7,470	SH		SOLE		7,470	0	0
Ford Motor Co	COM	345370860	1,265	81,969	SH		SOLE		81,969	0	0
Franklin Resources Inc	COM	354613101	259	4,495	SH		SOLE		4,495	0	0
Freeport-McMoRan Copper & Gold	COM	35671d857	3,571	94,621	SH		SOLE		94,621	0	0
Frontier Communications Corp	COM	35906a108	72	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	1,513	15,831	SH		SOLE		15,831	0	0
General Electric Co	COM	369604103	16,806	599,571	SH		SOLE		599,571	0	0
General Mills Inc	COM	370334104	4,494	90,037	SH		SOLE		90,037	0	0
General Motors Co	COM	37045v100	279	6,829	SH		SOLE		6,829	0	0
Genuine Parts Co	COM	372460105	3,349	40,262	SH		SOLE		40,262	0	0
Gilead Sciences Inc	COM	375558103	1,423	18,946	SH		SOLE		18,946	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	2,896	54,243	SH		SOLE		54,243	0	0
Glencore Xstrata	COM	37827x100	130	12,502	SH		SOLE		12,502	0	0
Goldman Sachs Group Inc	COM	38141G104	418	2,360	SH		SOLE		2,360	0	0
Google Inc-Cl A	COM	38259P508	3,815	3,404	SH		SOLE		3,404	0	0
Grainger (W.W.) Inc	COM	384802104	218	853	SH		SOLE		853	0	0
Guggenheim BRIC ETF	COM	18383m100	403	11,625	SH		SOLE		11,625	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	660	5,081	SH		SOLE		5,081	0	0
Guggenheim S&P Equal Weight ET	COM	78355w106	231	3,245	SH		SOLE		3,245	0	0
HCP Inc	COM	40414l109	5,737	157,959	SH		SOLE		157,959	0	0
Harman International	COM	413086109	613	7,485	SH		SOLE		7,485	0	0
Health Care Select Sector	COM	81369y209	2,648	47,767	SH		SOLE		47,767	0	0
Hershey Co/The	COM	427866108	207	2,134	SH		SOLE		2,134	0	0
Hess Corp	COM	42809h107	881	10,611	SH		SOLE		10,611	0	0
Hewlett-Packard Co	COM	428236103	564	20,141	SH		SOLE		20,141	0	0
Home Depot Inc	COM	437076102	4,336	52,666	SH		SOLE		52,666	0	0
Honeywell International Inc	COM	438516106	4,497	49,219	SH		SOLE		49,219	0	0
Hubbell Inc -Cl B	COM	443510201	218	2,000	SH		SOLE		2,000	0	0
Illinois Tool Works	COM	452308109	239	2,842	SH		SOLE		2,842	0	0
Infinito Gold Ltd	COM	45671c106	0	33,130	SH		SOLE		33,130	0	0
Ingersoll-Rand Co Ltd-Cl A	COM	g47791101	1,317	21,372	SH		SOLE		21,372	0	0
Integral Technologies Inc	COM	45810j103	5	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	9,458	364,406	SH		SOLE		364,406	0	0
InterContinental Hotels-ADR	COM	45857p400	1,852	55,397	SH		SOLE		55,397	0	0
Intl Business Machines Corp	COM	459200101	9,290	49,528	SH		SOLE		49,528	0	0
Intl Flavors & Fragrances	COM	459506101	565	6,575	SH		SOLE		6,575	0	0
JPMorgan Chase & Co	COM	46625H100	5,898	100,855	SH		SOLE		100,855	0	0
Jacobs Engineering Group Inc	COM	469814107	592	9,399	SH		SOLE		9,399	0	0
Johnson & Johnson	COM	478160104	16,997	185,579	SH		SOLE		185,579	0	0
Johnson Controls Inc	COM	478366107	514	10,026	SH		SOLE		10,026	0	0
Kimberly-Clark Corp	COM	494368103	7,429	71,121	SH		SOLE		71,121	0	0
Kinder Morgan Energy Partners	COM	494550106	3,521	43,658	SH		SOLE		43,658	0	0
Kinder Morgan Management LLC	COM	49455u100	3,597	47,542	SH		SOLE		47,542	0	0
Kohl's Corp	COM	500255104	568	10,000	SH		SOLE		10,000	0	0
Kraft Foods Group	COM	50076q106	1,128	20,916	SH		SOLE		20,916	0	0
L-3 Communications Holdings	COM	502424104	324	3,036	SH		SOLE		3,036	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,286	14,080	SH		SOLE		14,080	0	0
Li & Fung Ltd Ord New	COM	g5485f151	13	10,000	SH		SOLE		10,000	0	0
Life Technologies Corp	COM	53217v109	525	6,930	SH		SOLE		6,930	0	0
Linn Co LLC	COM	535782106	779	25,300	SH		SOLE		25,300	0	0
Linn Energy LLC-Units	COM	536020100	1,755	56,989	SH		SOLE		56,989	0	0
Lowe's Cos Inc	COM	548661107	3,211	64,802	SH		SOLE		64,802	0	0
Lululemon Athletica Inc	COM	550021109	318	5,389	SH		SOLE		5,389	0	0
Macy's Inc	COM	55616p104	1,164	21,802	SH		SOLE		21,802	0	0
Magellan Midstream Partners	COM	559080106	306	4,832	SH		SOLE		4,832	0	0
Manulife Financial Corp	COM	56501r106	465	23,555	SH		SOLE		23,555	0	0
Marathon Oil Corp	COM	565849106	400	11,323	SH		SOLE		11,323	0	0
Marathon Petroleum Corp	COM	56585a102	345	3,762	SH		SOLE		3,762	0	0
Market Vectors Agribusiness ET	COM	57060u605	248	4,544	SH		SOLE		4,544	0	0
Mattel Inc	COM	577081102	696	14,635	SH		SOLE		14,635	0	0
McCormick & Co-Non Vtg Shrs	COM	579780206	1,413	20,502	SH		SOLE		20,502	0	0
McDonald's Corp	COM	580135101	10,988	113,245	SH		SOLE		113,245	0	0
McGraw Hill Financial Inc	COM	580645109	430	5,500	SH		SOLE		5,500	0	0
Medical Properties Trust Inc	COM	68463J304	347	28,384	SH		SOLE		28,384	0	0
Medtronic Inc	COM	585055106	3,712	64,677	SH		SOLE		64,677	0	0
Merck & Co. Inc.	COM	58933y105	5,139	102,683	SH		SOLE		102,683	0	0
Microsoft Corp	COM	594918104	6,754	180,534	SH		SOLE		180,534	0	0
Mondelez International	COM	609207105	1,987	56,295	SH		SOLE		56,295	0	0
Monsanto Co	COM	61166w101	202	1,729	SH		SOLE		1,729	0	0
Mylan Laboratories	COM	628530107	2,321	53,476	SH		SOLE		53,476	0	0
Nabors Industries Inc	COM	g6359f103	834	49,117	SH		SOLE		49,117	0	0
National Oilwell Varco Inc	COM	637071101	332	4,171	SH		SOLE		4,171	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	3,831	52,053	SH		SOLE		52,053	0	0
News Corp - Class B	COM	65249b208	192	10,763	SH		SOLE		10,763	0	0
NextEra Energy Inc	COM	65339f101	7,340	85,723	SH		SOLE		85,723	0	0
Nike Inc -Cl B	COM	654106103	4,843	61,584	SH		SOLE		61,584	0	0
Nordstrom Inc	COM	655664100	278	4,503	SH		SOLE		4,503	0	0
Norfolk Southern Corp	COM	655844108	373	4,021	SH		SOLE		4,021	0	0
Northeast Utilities	COM	664397106	331	7,799	SH		SOLE		7,799	0	0
Novabay Pharmaceuticals Inc	COM	66987p102	29	23,333	SH		SOLE		23,333	0	0
Novartis Ag-ADR	COM	66987v109	3,161	39,329	SH		SOLE		39,329	0	0
OGE Energy Corp	COM	670837103	246	7,250	SH		SOLE		7,250	0	0
Occidental Petroleum Corp	COM	674599105	5,768	60,657	SH		SOLE		60,657	0	0
Oracle Corp	COM	68389x105	3,047	79,650	SH		SOLE		79,650	0	0
P G & E Corp	COM	69331c108	443	11,008	SH		SOLE		11,008	0	0
Paccar Inc	COM	693718108	1,491	25,196	SH		SOLE		25,196	0	0
PepsiCo Inc	COM	713448108	6,579	79,319	SH		SOLE		79,319	0	0
Pfizer Inc	COM	717081103	7,096	231,668	SH		SOLE		231,668	0	0
Pharmaceutical HOLDRs Trust	COM	71712a206	536	10,100	SH		SOLE		10,100	0	0
Philip Morris International	COM	718172109	2,303	26,428	SH		SOLE		26,428	0	0
Phillips 66	COM	718546104	234	3,036	SH		SOLE		3,036	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Plains All American Pipeline L	COM	726503105	316	6,100	SH		SOLE		6,100	0	0
Plum Creek Timber Co	COM	729251108	233	5,000	SH		SOLE		5,000	0	0
PowerShares Preferred Portfoli	COM	73936t565	3,378	251,354	SH		SOLE		251,354	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	1,266	14,395	SH		SOLE		14,395	0	0
Praxair Inc	COM	74005p104	2,498	19,214	SH		SOLE		19,214	0	0
ProLogis Inc	COM	74340w103	273	7,389	SH		SOLE		7,389	0	0
ProShares Short 20+ Treasury	COM	74347x849	238	7,245	SH		SOLE		7,245	0	0
Procter & Gamble Co	COM	742718109	15,198	186,685	SH		SOLE		186,685	0	0
Prudential Financial Inc	COM	744320102	2,650	28,736	SH		SOLE		28,736	0	0
Public Service Enterprise Grou	COM	744573106	1,372	42,807	SH		SOLE		42,807	0	0
Qualcomm Inc	COM	747525103	1,115	15,015	SH		SOLE		15,015	0	0
Quest Diagnostics	COM	74834l100	302	5,635	SH		SOLE		5,635	0	0
Realty Income Corp	COM	756109104	4,172	111,753	SH		SOLE		111,753	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	439	1,595	SH		SOLE		1,595	0	0
Retail Properties of America	COM	76131v202	526	41,350	SH		SOLE		41,350	0	0
Robert Half Intl Inc	COM	770323103	307	7,300	SH		SOLE		7,300	0	0
Roche Holdings LTD-Spons ADR	COM	010397936	1,550	22,081	SH		SOLE		22,081	0	0
Rockwell Automation Inc	COM	773903109	211	1,782	SH		SOLE		1,782	0	0
Rockwood Holdings Inc	COM	774415103	1,156	16,080	SH		SOLE		16,080	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	401	5,630	SH		SOLE		5,630	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,157	6,994	SH		SOLE		6,994	0	0
SPDR Energy Select Sector	COM	81369y506	2,455	27,740	SH		SOLE		27,740	0	0
SPDR Financial Select Sector	COM	81369y605	1,254	57,352	SH		SOLE		57,352	0	0
SPDR Gold Trust	COM	78463v107	682	5,871	SH		SOLE		5,871	0	0
SPDR Industrial Select Sector	COM	81369y704	2,472	47,304	SH		SOLE		47,304	0	0
SPDR Materials Select Sector	COM	81369y100	606	13,115	SH		SOLE		13,115	0	0
SPDR S&P Biotech ETF	COM	78464a870	460	3,536	SH		SOLE		3,536	0	0
SPDR S&P Dividend ETF	COM	78464a763	6,593	90,792	SH		SOLE		90,792	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	4,582	18,763	SH		SOLE		18,763	0	0
SPDR S&P Oil & Gas Expl & Prod	COM	78464a730	277	4,048	SH		SOLE		4,048	0	0
SPDR S&P500 Index Trust Series	COM	78462f103	5,414	29,313	SH		SOLE		29,313	0	0
SPDR Technology Select Sector	COM	81369y803	3,335	93,319	SH		SOLE		93,319	0	0
Sanofi-ADR	COM	80105n105	4,728	88,157	SH		SOLE		88,157	0	0
Scana Corp	COM	80589m102	695	14,807	SH		SOLE		14,807	0	0
Schlumberger Ltd	COM	806857108	1,461	16,215	SH		SOLE		16,215	0	0
Schwab (Charles) Corp	COM	808513105	345	13,270	SH		SOLE		13,270	0	0
Schwab U.S. Broad Market ETF	COM	808524102	1,193	26,505	SH		SOLE		26,505	0	0
Schwab U.S. Mid-Cap ETF	COM	808524508	344	9,200	SH		SOLE		9,200	0	0
Sempra Energy	COM	816851109	2,343	26,099	SH		SOLE		26,099	0	0
Siemens Ag-Spons ADR	COM	826197501	330	2,385	SH		SOLE		2,385	0	0
Sierra Vista Bank	COM	82651b105	55	20,000	SH		SOLE		20,000	0	0
Silicon Image Inc	COM	82705t102	138	22,435	SH		SOLE		22,435	0	0
Silvercorp Metals Inc	COM	82835p103	23	10,000	SH		SOLE		10,000	0	0
Sirius XM Holdings Inc	COM	82968b103	416	119,284	SH		SOLE		119,284	0	0
Southern Co	COM	842587107	2,462	59,877	SH		SOLE		59,877	0	0
Southwestern Energy Co	COM	845467109	1,059	26,931	SH		SOLE		26,931	0	0
Spectra Energy Corp	COM	847560109	4,542	127,500	SH		SOLE		127,500	0	0
Spectral Diagnostics Inc	COM	847574100	14	25,000	SH		SOLE		25,000	0	0
St Jude Medical Inc	COM	790849103	936	15,111	SH		SOLE		15,111	0	0
Stanley Black & Decker Inc	COM	854502101	2,838	35,178	SH		SOLE		35,178	0	0
Starbucks Corp	COM	855244109	1,588	20,256	SH		SOLE		20,256	0	0
State Street Corp	COM	857477103	300	4,088	SH		SOLE		4,088	0	0
Stryker Corp	COM	863667101	288	3,833	SH		SOLE		3,833	0	0
Summit Hotel Properties Inc	COM	866082100	123	13,664	SH		SOLE		13,664	0	0
SunPower Corp	COM	867652406	894	30,000	SH		SOLE		30,000	0	0
Suncor Energy Inc	COM	867224107	389	11,100	SH		SOLE		11,100	0	0
TD Ameritrade Holding Corp	COM	87236y108	1,375	44,877	SH		SOLE		44,877	0	0
TJX Companies Inc	COM	872540109	427	6,700	SH		SOLE		6,700	0	0
Target Corp	COM	87612e106	5,329	84,232	SH		SOLE		84,232	0	0
Tesla Motors Inc	COM	88160r101	243	1,613	SH		SOLE		1,613	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	310	7,726	SH		SOLE		7,726	0	0
Texas Instruments Inc	COM	882508104	211	4,800	SH		SOLE		4,800	0	0
Toronto-Dominion Bank	COM	891160509	3,583	38,020	SH		SOLE		38,020	0	0
Total SA-Spon ADR	COM	89151e109	357	5,819	SH		SOLE		5,819	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,702	13,959	SH		SOLE		13,959	0	0
Travelers Cos Inc/The	COM	89417e109	3,018	33,331	SH		SOLE		33,331	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,466	71,279	SH		SOLE		71,279	0	0
UDR Inc	COM	902653104	211	9,030	SH		SOLE		9,030	0	0
US Bancorp	COM	902973304	467	11,560	SH		SOLE		11,560	0	0
Unilever N V -NY Shares	COM	904784709	2,810	69,843	SH		SOLE		69,843	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,936	46,997	SH		SOLE		46,997	0	0
Union Pacific Corp	COM	907818108	752	4,479	SH		SOLE		4,479	0	0
United Parcel Service-Cl B	COM	911312106	5,422	51,595	SH		SOLE		51,595	0	0
United Technologies Corp	COM	913017109	2,622	23,041	SH		SOLE		23,041	0	0
UnitedHealth Group Inc	COM	91324P102	1,901	25,245	SH		SOLE		25,245	0	0
Utilities Select Sector SPDR	COM	81369y886	437	11,514	SH		SOLE		11,514	0	0
Valero Energy Corp	COM	91913Y100	217	4,300	SH		SOLE		4,300	0	0
Vanguard Dividend Appreciation	COM	921908844	307	4,082	SH		SOLE		4,082	0	0
Vanguard High Dividend Yield E	COM	921946406	350	5,615	SH		SOLE		5,615	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	450	5,301	SH		SOLE		5,301	0	0
Vanguard MSCI EAFE Index ETF	COM	921943858	2,372	56,918	SH		SOLE		56,918	0	0
Vanguard MSCI Emerging Market	COM	922042858	2,087	50,735	SH		SOLE		50,735	0	0
Vanguard Mid-Cap Vipers	COM	922908629	3,961	36,000	SH		SOLE		36,000	0	0
Vanguard Small-Cap Vipers	COM	922908751	5,344	48,600	SH		SOLE		48,600	0	0
Vanguard Total Stock Mk Vipers	COM	922908769	11,729	122,275	SH		SOLE		122,275	0	0
Varian Medical Systems Inc	COM	92220P105	799	10,284	SH		SOLE		10,284	0	0
Verizon Communications Inc	COM	92343v104	20,801	423,309	SH		SOLE		423,309	0	0
Visa Inc-Class A Shares	COM	92826c839	613	2,753	SH		SOLE		2,753	0	0
Vodafone Group PLC-Sp ADR	COM	92857w209	2,857	72,676	SH		SOLE		72,676	0	0
Vornado Realty Trust	COM	929042109	3,794	42,727	SH		SOLE		42,727	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
Wal-Mart Stores Inc	COM	931142103	953	12,117	SH		SOLE		12,117	0	0
Walgreen Co	COM	931422109	5,427	94,482	SH		SOLE		94,482	0	0
Waste Management Inc	COM	94106l109	5,236	116,695	SH		SOLE		116,695	0	0
WellPoint Inc	COM	94973V107	1,001	10,835	SH		SOLE		10,835	0	0
Wells Fargo & Company	COM	949746101	22,503	495,654	SH		SOLE		495,654	0	0
Westamerica Bancorportaion	COM	957090103	634	11,221	SH		SOLE		11,221	0	0
Weyerhaeuser Co	COM	962166104	1,158	36,690	SH		SOLE		36,690	0	0
Whirlpool Corp	COM	963320106	2,380	15,175	SH		SOLE		15,175	0	0
White Mountains Insurance Grou	COM	G9618E107	719	1,193	SH		SOLE		1,193	0	0
Whole Foods Market Inc	COM	966837106	5,769	99,759	SH		SOLE		99,759	0	0
Williams Cos Inc	COM	969457100	5,614	145,563	SH		SOLE		145,563	0	0
Wisconsin Energy Corp	COM	976657106	932	22,544	SH		SOLE		22,544	0	0
Xylem Inc	COM	98419m100	415	12,001	SH		SOLE		12,001	0	0
Yahoo! Inc	COM	984332106	1,142	28,250	SH		SOLE		28,250	0	0
Yingli Green Energy Holding Co	COM	98584b103	76	15,000	SH		SOLE		15,000	0	0
Yum! Brands Inc	COM	988498101	388	5,138	SH		SOLE		5,138	0	0
Zimmer Holdings Inc	COM	98956p102	940	10,083	SH		SOLE		10,083	0	0
Zogenix Inc	COM	98978l105	34	10,000	SH		SOLE		10,000	0	0
iShares DJ Select Dividend Ind	COM	464287168	5,820	81,574	SH		SOLE		81,574	0	0
iShares DJ US Energy Sector	COM	464287796	291	5,762	SH		SOLE		5,762	0	0
iShares DJ US Financial Sect	COM	464287788	997	12,433	SH		SOLE		12,433	0	0
iShares DJ US Healthcare Sec	COM	464287762	213	1,829	SH		SOLE		1,829	0	0
iShares DJ US Telecommunicatio	COM	464287713	331	11,131	SH		SOLE		11,131	0	0
iShares FTSE/Xinhua China 25	COM	464287184	261	6,805	SH		SOLE		6,805	0	0
iShares MSCI Canada Index	COM	464286509	211	7,250	SH		SOLE		7,250	0	0
iShares MSCI EAFE Index Fund	COM	464287465	1,563	23,291	SH		SOLE		23,291	0	0
iShares MSCI Emerging Markets	COM	464287234	708	16,940	SH		SOLE		16,940	0	0
iShares MSCI USA Quality Facto	COM	46432f339	406	7,180	SH		SOLE		7,180	0	0
iShares Nasdaq Biotech Index F	COM	464287556	647	2,851	SH		SOLE		2,851	0	0
iShares Russell 1000 Growth	COM	464287614	589	6,857	SH		SOLE		6,857	0	0
iShares Russell 1000 Value	COM	464287598	363	3,851	SH		SOLE		3,851	0	0
iShares Russell 2000 Index Fun	COM	464287655	316	2,735	SH		SOLE		2,735	0	0
iShares Russell 3000 Value	COM	464287663	212	1,714	SH		SOLE		1,714	0	0
iShares Russell Midcap Index	COM	464287499	347	2,316	SH		SOLE		2,316	0	0
iShares S&P 100 Index Fund	COM	464287101	823	9,994	SH		SOLE		9,994	0	0
iShares S&P 500 Index Fund	COM	464287200	462	2,487	SH		SOLE		2,487	0	0
iShares S&P Europe 350	COM	464287861	687	14,470	SH		SOLE		14,470	0	0
iShares S&P Global 100	COM	464287572	722	9,351	SH		SOLE		9,351	0	0
iShares S&P Midcap 400 Index F	COM	464287507	1,162	8,684	SH		SOLE		8,684	0	0
iShares S&P Midcap 400/Value	COM	464287705	443	3,810	SH		SOLE		3,810	0	0
iShares S&P US Preferred Stock	COM	464288687	7,231	196,336	SH		SOLE		196,336	0	0
iShares Trust S&P SmallCap 600	COM	464287804	659	6,040	SH		SOLE		6,040	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	2,174	77,129	SH		SOLE		77,129	0	0
AEGON NV 7.25%Perp Call 03/201	PFD	n00927348	577	22,725	SH		SOLE		22,725	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	1,619	56,229	SH		SOLE		56,229	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	413	18,117	SH		SOLE		18,117	0	0
American Capital Agency 8.0% P	PFD	02503x204	948	37,324	SH		SOLE		37,324	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	219	9,884	SH		SOLE		9,884	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	487	21,230	SH		SOLE		21,230	0	0
Ares Capital 7.75% 2040 Call 1	PFD	04010l202	1,933	76,380	SH		SOLE		76,380	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	266	13,150	SH		SOLE		13,150	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	1,137	42,896	SH		SOLE		42,896	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	4,495	183,552	SH		SOLE		183,552	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	592	23,388	SH		SOLE		23,388	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	9,374	342,126	SH		SOLE		342,126	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	322	13,650	SH		SOLE		13,650	0	0
BAC Flt LIB+35 BB+ NCU QDI Cl	PFD	060505815	264	13,095	SH		SOLE		13,095	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	1,147	44,337	SH		SOLE		44,337	0	0
Banco Santander 6.80% QDI Clbl	PFD	80281r706	290	11,765	SH		SOLE		11,765	0	0
Banco Santander10.5% Perp Cl9/	PFD	e8683r144	1,089	41,304	SH		SOLE		41,304	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	374	14,902	SH		SOLE		14,902	0	0
Barclay's 6.625% Perpetual 9/1	PFD	06739f390	231	9,554	SH		SOLE		9,554	0	0
Barclays 7.75% Prp Cl 9/13 BBB	PFD	06739h511	1,639	64,708	SH		SOLE		64,708	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	3,914	154,284	SH		SOLE		154,284	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	1,169	46,441	SH		SOLE		46,441	0	0
Campus Crest Comm 8.00% Perp C	PFD	13466y204	1,306	52,894	SH		SOLE		52,894	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	440	23,200	SH		SOLE		23,200	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,249	102,849	SH		SOLE		102,849	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	1,106	47,822	SH		SOLE		47,822	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	4,181	178,460	SH		SOLE		178,460	0	0
CenturyLink SnNotes 7.0% 2050	PFD	74913G402	1,315	59,940	SH		SOLE		59,940	0	0
CenturyLink/QuestCTL)SrNt7.75%	PFD	740434873	655	25,791	SH		SOLE		25,791	0	0
Charles Schwab 6.0% Cl 9/17 BB	PFD	808513204	228	10,350	SH		SOLE		10,350	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	1,774	72,124	SH		SOLE		72,124	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	272	12,800	SH		SOLE		12,800	0	0
Citigroup 7.125% FxdtoFlt Cl 9	PFD	172967358	2,537	97,820	SH		SOLE		97,820	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	224	8,210	SH		SOLE		8,210	0	0
Commonwealth REIT 7.25% Prp/Cl	PFD	203233606	534	24,478	SH		SOLE		24,478	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,858	78,917	SH		SOLE		78,917	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	391	15,560	SH		SOLE		15,560	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,237	51,160	SH		SOLE		51,160	0	0
Deutsche Bank 7.35% Cl 12/12 B	PFD	25154d102	546	21,557	SH		SOLE		21,557	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	2,838	106,304	SH		SOLE		106,304	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	579	23,245	SH		SOLE		23,245	0	0
Deutsche Bnk 6.625% Prp Cl 8/1	PFD	25153y206	277	11,138	SH		SOLE		11,138	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,477	56,891	SH		SOLE		56,891	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	645	31,345	SH		SOLE		31,345	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,356	154,587	SH		SOLE		154,587	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	1,313	56,976	SH		SOLE		56,976	0	0
Dominion Res 8.375% Cl 6/14 BB	PFD	25746u604	786	30,555	SH		SOLE		30,555	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	1,679	66,381	SH		SOLE		66,381	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	3,564	139,326	SH		SOLE		139,326	0	0
Excel Trust 8.125% CUM Call 1/	PFD	30068c307	1,193	45,969	SH		SOLE		45,969	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	778	30,300	SH		SOLE		30,300	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	1,441	65,060	SH		SOLE		65,060	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	1,410	59,542	SH		SOLE		59,542	0	0
General Growth Prop 6.375% Cl	PFD	370023202	322	16,000	SH		SOLE		16,000	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	756	41,895	SH		SOLE		41,895	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	747	32,605	SH		SOLE		32,605	0	0
HSBC Float 4.5%FL Clbl CUM QDI	PFD	40428h706	463	18,400	SH		SOLE		18,400	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	5,387	199,957	SH		SOLE		199,957	0	0
HSBC Hldgs 8.125% Prp Cl 4/13	PFD	404280703	826	32,100	SH		SOLE		32,100	0	0
Hanover Insurance 6.35% Cl 3/1	PFD	410867204	290	13,900	SH		SOLE		13,900	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,490	51,990	SH		SOLE		51,990	0	0
Hudson Pacific 8.375% Perp N/R	PFD	444097208	859	32,783	SH		SOLE		32,783	0	0
ING Groep NV 7 3/8% Cl 10/12 B	PFD	456837707	1,820	71,657	SH		SOLE		71,657	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	290	11,413	SH		SOLE		11,413	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	901	34,928	SH		SOLE		34,928	0	0
KKR Financial 7.50% SrNotes Ca	PFD	48248a504	3,814	150,862	SH		SOLE		150,862	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,563	58,285	SH		SOLE		58,285	0	0
KKR Financial7.375% Perp Call	PFD	48248a603	3,828	158,830	SH		SOLE		158,830	0	0
Kimco Realty 6.90% Perp Call8/	PFD	49446r828	275	11,536	SH		SOLE		11,536	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	1,700	68,957	SH		SOLE		68,957	0	0
Limited 6.70% 3/2033 call 3/20	PFD	73941x551	289	12,218	SH		SOLE		12,218	0	0
M&T Bank 6.375% Cl 11/18 BBB Q	PFD	55261f708	553	604	SH		SOLE		604	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,420	107,841	SH		SOLE		107,841	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	768	32,530	SH		SOLE		32,530	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,605	70,167	SH		SOLE		70,167	0	0
Merrill Lynch 7.28% Perp Cl 9/	PFD	59021k205	289	11,503	SH		SOLE		11,503	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	208	9,865	SH		SOLE		9,865	0	0
Montpelier RE 8.875% Perp QDI	PFD	g62185114	845	31,409	SH		SOLE		31,409	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	528	28,080	SH		SOLE		28,080	0	0
Morgan Stanley 7.125% Fxd-Flt	PFD	61762v200	312	11,950	SH		SOLE		11,950	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	343	13,947	SH		SOLE		13,947	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	797	31,305	SH		SOLE		31,305	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	267	13,230	SH		SOLE		13,230	0	0
Partner Re 7.25% Call 06/16 BB	PFD	g68603508	5,295	209,285	SH		SOLE		209,285	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	2,166	86,586	SH		SOLE		86,586	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	830	33,237	SH		SOLE		33,237	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	639	26,925	SH		SOLE		26,925	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	409	16,700	SH		SOLE		16,700	0	0
Principal Fin 145Bp+30y QDI ($	PFD	74251v201	655	6,550	SH		SOLE		6,550	0	0
PrivateBancorp PVTB 7.125% Cal	PFD	742962400	321	13,495	SH		SOLE		13,495	0	0
Prospect Captl 6.95% Sr Nts 20	PFD	74348t201	1,782	69,413	SH		SOLE		69,413	0	0
Protective Life 6.0% Call 8/17	PFD	743674707	369	17,400	SH		SOLE		17,400	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	793	32,061	SH		SOLE		32,061	0	0
Public Storage 5.90% Perp CUM	PFD	74460w206	937	43,375	SH		SOLE		43,375	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	908	38,905	SH		SOLE		38,905	0	0
Public Storage 6.5% Perp Call	PFD	74460d158	379	15,950	SH		SOLE		15,950	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,682	71,954	SH		SOLE		71,954	0	0
Public Storage 6.875% Prp Cl7/	PFD	74460d182	1,185	47,313	SH		SOLE		47,313	0	0
Raymond James Financial 6.90%	PFD	754730208	383	15,320	SH		SOLE		15,320	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	321	13,400	SH		SOLE		13,400	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	701	35,100	SH		SOLE		35,100	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	408	18,400	SH		SOLE		18,400	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	400	16,500	SH		SOLE		16,500	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	396	18,800	SH		SOLE		18,800	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	2,974	139,573	SH		SOLE		139,573	0	0
Scana Corp 7.70% 2065 Cl1/2015	PFD	80589m201	3,230	123,132	SH		SOLE		123,132	0	0
So Cal Ed Flt $100 Callable NC	PFD	842400756	787	7,800	SH		SOLE		7,800	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	280	13,900	SH		SOLE		13,900	0	0
Southern Cal Ed 5.625% Cl6/17	PFD	78406t201	400	19,900	SH		SOLE		19,900	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	673	6,890	SH		SOLE		6,890	0	0
Strategic Hotels&Resorts 8.25%	PFD	024296164	242	10,203	SH		SOLE		10,203	0	0
Strategic Hotels&Resorts 8.25%	PFD	86272t502	315	13,282	SH		SOLE		13,282	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	1,115	46,758	SH		SOLE		46,758	0	0
Sunstone Hotel 8.00% Perp CUUM	PFD	867592507	272	10,921	SH		SOLE		10,921	0	0
Taubman Centers 6.5% CUM NR Cl	PFD	876664608	216	10,351	SH		SOLE		10,351	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,370	148,854	SH		SOLE		148,854	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	944	40,850	SH		SOLE		40,850	0	0
US Bancorp 6.5% FxdToFlt Cl 2/	PFD	902973833	1,397	53,130	SH		SOLE		53,130	0	0
US Cellular 6.95% 2060 Cl 05/2	PFD	911684405	331	14,635	SH		SOLE		14,635	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	232	11,738	SH		SOLE		11,738	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,143	130,643	SH		SOLE		130,643	0	0
Vornado Realty7.875% 2039Cl 10	PFD	929043602	222	8,550	SH		SOLE		8,550	0	0
Wells Fargo 7.50% Conv/Perp Pf	PFD	949746804	745	671	SH		SOLE		671	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	12,506	447,277	SH		SOLE		447,277	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,279	2,062,000	PRN		SOLE		2,062,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	273	295,000	PRN		SOLE		295,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	357	350,000	PRN		SOLE		350,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	1,635	1,465,000	PRN		SOLE		1,465,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,569	2,335,000	PRN		SOLE		2,335,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	1,024	1,005,000	PRN		SOLE		1,005,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,005	5,440,000	PRN		SOLE		5,440,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	601	540,000	PRN		SOLE		540,000	0	0