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	8,786	64,762	SH		SOLE		64,762	0	0
ABB Ltd -Spon ADR	COM	000375204	4,106	159,219	SH		SOLE		159,219	0	0
AGL Resources Inc	COM	001204106	3,036	62,009	SH		SOLE		62,009	0	0
AT&T Inc	COM	00206r102	9,926	283,024	SH		SOLE		283,024	0	0
AbbVie Inc	COM	00287y109	6,741	131,144	SH		SOLE		131,144	0	0
Abbott Laboratories	COM	002824100	8,109	210,566	SH		SOLE		210,566	0	0
Accenture PLC-Cl A	COM	g1151c101	3,304	41,450	SH		SOLE		41,450	0	0
Actavis LTD	COM	097252718	255	1,238	SH		SOLE		1,238	0	0
Adobe Systems Inc	COM	00724f101	340	5,170	SH		SOLE		5,170	0	0
Aetna Inc	COM	00817Y108	442	5,900	SH		SOLE		5,900	0	0
Agilent Technologies Inc	COM	00846u101	897	16,041	SH		SOLE		16,041	0	0
Air Products & Chemicals Inc	COM	009158106	3,270	27,471	SH		SOLE		27,471	0	0
Allegion PLC	COM	g0176j109	310	5,940	SH		SOLE		5,940	0	0
Allstate Corp	COM	020002101	312	5,512	SH		SOLE		5,512	0	0
Altria Group Inc	COM	02209s103	5,878	157,027	SH		SOLE		157,027	0	0
Amarillo Gold Corp	COM	041133317	203	1,400,000	SH		SOLE		1,400,000	0	0
Amazon.Com Inc	COM	023135106	366	1,088	SH		SOLE		1,088	0	0
American Electric Power	COM	025537101	400	7,901	SH		SOLE		7,901	0	0
American Express Co	COM	025816109	3,137	34,842	SH		SOLE		34,842	0	0
Amgen Inc	COM	031162100	1,477	11,972	SH		SOLE		11,972	0	0
Apache Corp	COM	037411105	266	3,203	SH		SOLE		3,203	0	0
Apple Inc	COM	037833100	13,882	25,864	SH		SOLE		25,864	0	0
Archer-Daniels-Midland Co	COM	039483102	463	10,669	SH		SOLE		10,669	0	0
Automatic Data Processing	COM	053015103	5,626	72,818	SH		SOLE		72,818	0	0
BCE Inc	COM	05534b760	1,822	42,244	SH		SOLE		42,244	0	0
Bank Of Marin Bancorp/CA	COM	063425102	563	12,501	SH		SOLE		12,501	0	0
Bank of America Corp	COM	060505104	2,381	138,454	SH		SOLE		138,454	0	0
Bank of Montreal	COM	063671101	899	13,420	SH		SOLE		13,420	0	0
Baxter International Inc.	COM	071813109	368	5,000	SH		SOLE		5,000	0	0
Becton Dickinson & Co	COM	075887109	472	4,033	SH		SOLE		4,033	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	2,349	18,800	SH		SOLE		18,800	0	0
Biocryst Pharmaceuticals Inc	COM	09058v103	384	36,261	SH		SOLE		36,261	0	0
Biogen Idec Inc	COM	09062x103	1,282	4,191	SH		SOLE		4,191	0	0
Blackrock Inc	COM	09247x101	201	640	SH		SOLE		640	0	0
Blackstone Group/The	COM	09253u108	630	18,948	SH		SOLE		18,948	0	0
Boeing Co	COM	097023105	3,288	26,199	SH		SOLE		26,199	0	0
Bristol-Myers Squibb Co	COM	110122108	12,180	234,461	SH		SOLE		234,461	0	0
Broadcom Corp-Cl A	COM	111320107	777	24,687	SH		SOLE		24,687	0	0
CVS Caremark Corp	COM	126650100	3,252	43,439	SH		SOLE		43,439	0	0
Carlyle Group/The	COM	14309l102	1,027	29,219	SH		SOLE		29,219	0	0
Caterpillar Inc	COM	149123101	1,851	18,628	SH		SOLE		18,628	0	0
Celgene Corp	COM	151020104	363	2,603	SH		SOLE		2,603	0	0
CenterPoint Energy Inc	COM	15189t107	1,783	75,270	SH		SOLE		75,270	0	0
Cerner Corp	COM	156782104	1,692	30,075	SH		SOLE		30,075	0	0
Cerus Corp	COM	157085101	48	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	2181334	335	4,954	SH		SOLE		4,954	0	0
Chevron Corp	COM	166764100	21,462	180,493	SH		SOLE		180,493	0	0
Chubb Corp	COM	171232101	2,605	29,175	SH		SOLE		29,175	0	0
Cisco Systems Inc	COM	17275R102	2,735	122,004	SH		SOLE		122,004	0	0
Citigroup Inc	COM	172967424	1,073	22,550	SH		SOLE		22,550	0	0
Clorox Company	COM	189054109	6,044	68,674	SH		SOLE		68,674	0	0
Coca-Cola Co/The	COM	191216100	3,914	101,237	SH		SOLE		101,237	0	0
Colgate-Palmolive Co	COM	194162103	5,886	90,728	SH		SOLE		90,728	0	0
Comcast Corp-Cl A	COM	20030n101	3,584	71,618	SH		SOLE		71,618	0	0
Comerica Inc	COM	200340107	500	9,660	SH		SOLE		9,660	0	0
Conagra Foods Inc	COM	205887102	1,210	39,007	SH		SOLE		39,007	0	0
ConocoPhillips	COM	20825C104	14,046	199,653	SH		SOLE		199,653	0	0
Consolidated Edison Inc	COM	209115104	859	16,018	SH		SOLE		16,018	0	0
Consumer Discretionary Select	COM	81369y407	2,539	39,228	SH		SOLE		39,228	0	0
Consumer Staples SPDR	COM	81369y308	2,700	62,705	SH		SOLE		62,705	0	0
Costco Wholesale Corp	COM	22160K105	9,197	82,349	SH		SOLE		82,349	0	0
DIRECTV Group Inc/The	COM	25490a309	243	3,184	SH		SOLE		3,184	0	0
Danaher Corp	COM	235851102	3,478	46,371	SH		SOLE		46,371	0	0
Deere & Co	COM	244199105	1,974	21,736	SH		SOLE		21,736	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	462	3,706	SH		SOLE		3,706	0	0
Dick's Sporting Goods Inc	COM	253393102	952	17,438	SH		SOLE		17,438	0	0
Disney Co./Walt The	COM	254687106	5,337	66,655	SH		SOLE		66,655	0	0
Dominion Resources Inc/Va	COM	25746u109	589	8,294	SH		SOLE		8,294	0	0
Dow Chemical	COM	260543103	279	5,748	SH		SOLE		5,748	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	555	10,193	SH		SOLE		10,193	0	0
Du Pont (E.I.) De Nemours	COM	263534109	6,789	101,184	SH		SOLE		101,184	0	0
Duke Energy Corp	COM	26441c204	2,772	38,919	SH		SOLE		38,919	0	0
EGShares Dow Jones Emerging Ma	COM	268461779	4,276	161,180	SH		SOLE		161,180	0	0
EMC Metals Corp	COM	268665106	1	23,400	SH		SOLE		23,400	0	0
EOG Resources Inc	COM	26875p101	272	1,386	SH		SOLE		1,386	0	0
ETFS Physical Precious Metals	COM	26922w109	587	8,497	SH		SOLE		8,497	0	0
Eaton Corp PLC	COM	g29183103	1,558	20,739	SH		SOLE		20,739	0	0
Ecolab Inc	COM	278865100	5,205	48,203	SH		SOLE		48,203	0	0
Edison International	COM	281020107	4,044	71,438	SH		SOLE		71,438	0	0
Eli Lilly & Co	COM	532457108	2,032	34,523	SH		SOLE		34,523	0	0
Emerson Electric Co	COM	291011104	2,050	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	347	5,015	SH		SOLE		5,015	0	0
Energy Transfer Equity LP	COM	29273v100	552	11,800	SH		SOLE		11,800	0	0
Energy Transfer Partners LP	COM	29273r109	242	4,490	SH		SOLE		4,490	0	0
Enterprise Products Partners	COM	293792107	1,919	27,669	SH		SOLE		27,669	0	0
Essex Property Trust Inc	COM	297178105	659	3,875	SH		SOLE		3,875	0	0
Eurasian Minerals Inc	COM	29843r100	56	54,086	SH		SOLE		54,086	0	0
Express Scripts Holding Co.	COM	30219g108	1,115	14,849	SH		SOLE		14,849	0	0
Exxon Mobil Corp	COM	30231G102	14,545	148,906	SH		SOLE		148,906	0	0
Facebook Inc	COM	30303m102	207	3,428	SH		SOLE		3,428	0	0
FedEx Corp	COM	31428x106	261	1,970	SH		SOLE		1,970	0	0
First Trust Dividend Leaders I	COM	336917109	1,275	56,642	SH		SOLE		56,642	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	266	9,419	SH		SOLE		9,419	0	0
First Trust Mid Cap Value ETF	COM	33737m201	268	8,783	SH		SOLE		8,783	0	0
Flagstar Bancorp Inc	COM	337930705	222	10,000	SH		SOLE		10,000	0	0
Flowserve Corp	COM	34354p105	210	2,676	SH		SOLE		2,676	0	0
Fluor Corp	COM	343412102	581	7,470	SH		SOLE		7,470	0	0
Ford Motor Co	COM	345370860	1,452	93,063	SH		SOLE		93,063	0	0
Franklin Resources Inc	COM	354613101	244	4,495	SH		SOLE		4,495	0	0
Freeport-McMoRan Copper & Gold	COM	35671d857	3,080	93,143	SH		SOLE		93,143	0	0
Frontier Communications Corp	COM	35906a108	88	15,371	SH		SOLE		15,371	0	0
Gasco Energy Inc	COM	367220100	1	12,245	SH		SOLE		12,245	0	0
General Dynamics Corp	COM	369550108	1,697	15,580	SH		SOLE		15,580	0	0
General Electric Co	COM	369604103	15,998	617,922	SH		SOLE		617,922	0	0
General Mills Inc	COM	370334104	4,630	89,344	SH		SOLE		89,344	0	0
Genuine Parts Co	COM	372460105	3,785	43,582	SH		SOLE		43,582	0	0
Gilead Sciences Inc	COM	375558103	1,164	16,420	SH		SOLE		16,420	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	2,838	53,125	SH		SOLE		53,125	0	0
Glencore Xstrata	COM	37827x100	125	12,201	SH		SOLE		12,201	0	0
Goldman Sachs Group Inc	COM	38141G104	387	2,360	SH		SOLE		2,360	0	0
Google Inc-Cl A	COM	38259P508	3,988	3,578	SH		SOLE		3,578	0	0
Grainger (W.W.) Inc	COM	384802104	216	853	SH		SOLE		853	0	0
Guggenheim BRIC ETF	COM	18383m100	355	10,955	SH		SOLE		10,955	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	659	5,081	SH		SOLE		5,081	0	0
Guggenheim S&P Equal Weight ET	COM	78355w106	370	5,070	SH		SOLE		5,070	0	0
HCP Inc	COM	40414l109	6,247	161,039	SH		SOLE		161,039	0	0
HPEV Inc	COM	404273104	33	20,800	SH		SOLE		20,800	0	0
Harman International	COM	413086109	786	7,385	SH		SOLE		7,385	0	0
Health Care Select Sector	COM	81369y209	3,223	55,107	SH		SOLE		55,107	0	0
Hershey Co/The	COM	427866108	223	2,134	SH		SOLE		2,134	0	0
Hess Corp	COM	42809h107	880	10,612	SH		SOLE		10,612	0	0
Hewlett-Packard Co	COM	428236103	1,315	40,622	SH		SOLE		40,622	0	0
Home Depot Inc	COM	437076102	4,180	52,825	SH		SOLE		52,825	0	0
Honeywell International Inc	COM	438516106	4,721	50,898	SH		SOLE		50,898	0	0
Hubbell Inc -Cl B	COM	443510201	240	2,000	SH		SOLE		2,000	0	0
Illinois Tool Works	COM	452308109	231	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	1,226	21,425	SH		SOLE		21,425	0	0
Integral Technologies Inc	COM	45810j103	5	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	9,400	364,129	SH		SOLE		364,129	0	0
InterContinental Hotels-ADR	COM	45857p400	1,910	58,959	SH		SOLE		58,959	0	0
Intl Business Machines Corp	COM	459200101	9,644	50,101	SH		SOLE		50,101	0	0
Intl Flavors & Fragrances	COM	459506101	605	6,325	SH		SOLE		6,325	0	0
JPMorgan Chase & Co	COM	46625H100	6,152	101,330	SH		SOLE		101,330	0	0
Jacobs Engineering Group Inc	COM	469814107	538	8,479	SH		SOLE		8,479	0	0
Johnson & Johnson	COM	478160104	18,841	191,801	SH		SOLE		191,801	0	0
Johnson Controls Inc	COM	478366107	1,257	26,560	SH		SOLE		26,560	0	0
Kimberly-Clark Corp	COM	494368103	8,079	73,283	SH		SOLE		73,283	0	0
Kinder Morgan Energy Partners	COM	494550106	3,183	43,037	SH		SOLE		43,037	0	0
Kinder Morgan Management LLC	COM	49455u100	3,484	48,609	SH		SOLE		48,609	0	0
Kohl's Corp	COM	500255104	568	10,000	SH		SOLE		10,000	0	0
Kraft Foods Group	COM	50076q106	1,315	23,433	SH		SOLE		23,433	0	0
L-3 Communications Holdings	COM	502424104	359	3,036	SH		SOLE		3,036	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,393	14,180	SH		SOLE		14,180	0	0
Li & Fung Ltd Ord New	COM	g5485f151	15	10,000	SH		SOLE		10,000	0	0
Linn Co LLC	COM	535782106	660	24,400	SH		SOLE		24,400	0	0
Linn Energy LLC-Units	COM	536020100	1,667	58,850	SH		SOLE		58,850	0	0
Lowe's Cos Inc	COM	548661107	3,183	65,102	SH		SOLE		65,102	0	0
Lululemon Athletica Inc	COM	550021109	312	5,939	SH		SOLE		5,939	0	0
Macy's Inc	COM	55616p104	1,526	25,734	SH		SOLE		25,734	0	0
Magellan Midstream Partners	COM	559080106	337	4,832	SH		SOLE		4,832	0	0
Manulife Financial Corp	COM	56501r106	431	22,305	SH		SOLE		22,305	0	0
Marathon Oil Corp	COM	565849106	409	11,523	SH		SOLE		11,523	0	0
Marathon Petroleum Corp	COM	56585a102	314	3,602	SH		SOLE		3,602	0	0
Market Vectors Agribusiness ET	COM	57060u605	256	4,710	SH		SOLE		4,710	0	0
McCormick & Co-Non Vtg Shrs	COM	579780206	1,471	20,502	SH		SOLE		20,502	0	0
McDonald's Corp	COM	580135101	11,159	113,833	SH		SOLE		113,833	0	0
McGraw Hill Financial Inc	COM	580645109	420	5,500	SH		SOLE		5,500	0	0
Medical Properties Trust Inc	COM	68463J304	363	28,384	SH		SOLE		28,384	0	0
Medtronic Inc	COM	585055106	4,009	65,152	SH		SOLE		65,152	0	0
Merck & Co. Inc.	COM	58933y105	5,982	105,379	SH		SOLE		105,379	0	0
Microsoft Corp	COM	594918104	7,435	181,393	SH		SOLE		181,393	0	0
Mondelez International	COM	609207105	1,935	56,003	SH		SOLE		56,003	0	0
Monsanto Co	COM	61166w101	201	1,763	SH		SOLE		1,763	0	0
Morgan Stanley	COM	617446448	503	16,125	SH		SOLE		16,125	0	0
Mylan Laboratories	COM	628530107	1,946	39,843	SH		SOLE		39,843	0	0
Nabors Industries Inc	COM	g6359f103	1,210	49,100	SH		SOLE		49,100	0	0
National Oilwell Varco Inc	COM	637071101	253	3,244	SH		SOLE		3,244	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,041	53,726	SH		SOLE		53,726	0	0
NextEra Energy Inc	COM	65339f101	8,337	87,191	SH		SOLE		87,191	0	0
Nike Inc -Cl B	COM	654106103	4,624	62,609	SH		SOLE		62,609	0	0
Nordstrom Inc	COM	655664100	297	4,759	SH		SOLE		4,759	0	0
Norfolk Southern Corp	COM	655844108	453	4,661	SH		SOLE		4,661	0	0
Northeast Utilities	COM	664397106	325	7,143	SH		SOLE		7,143	0	0
Novabay Pharmaceuticals Inc	COM	66987p102	27	23,333	SH		SOLE		23,333	0	0
Novartis Ag-ADR	COM	66987v109	3,430	40,345	SH		SOLE		40,345	0	0
OGE Energy Corp	COM	670837103	235	6,400	SH		SOLE		6,400	0	0
Occidental Petroleum Corp	COM	674599105	6,033	63,310	SH		SOLE		63,310	0	0
Oracle Corp	COM	68389x105	3,307	80,843	SH		SOLE		80,843	0	0
P G & E Corp	COM	69331c108	476	11,008	SH		SOLE		11,008	0	0
Paccar Inc	COM	693718108	1,927	28,569	SH		SOLE		28,569	0	0
PepsiCo Inc	COM	713448108	6,238	74,701	SH		SOLE		74,701	0	0
Pfizer Inc	COM	717081103	7,729	240,633	SH		SOLE		240,633	0	0
Pharmaceutical HOLDRs Trust	COM	71712a206	549	9,400	SH		SOLE		9,400	0	0
Philip Morris International	COM	718172109	2,099	25,643	SH		SOLE		25,643	0	0
Phillips 66	COM	718546104	404	5,249	SH		SOLE		5,249	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Plains All American Pipeline L	COM	726503105	365	6,622	SH		SOLE		6,622	0	0
Plum Creek Timber Co	COM	729251108	237	5,629	SH		SOLE		5,629	0	0
PowerShares Preferred Portfoli	COM	73936t565	3,503	245,641	SH		SOLE		245,641	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	1,328	15,153	SH		SOLE		15,153	0	0
Praxair Inc	COM	74005p104	2,599	19,848	SH		SOLE		19,848	0	0
ProLogis Inc	COM	74340w103	304	7,441	SH		SOLE		7,441	0	0
ProShares Short 20+ Treasury	COM	74347x849	220	7,245	SH		SOLE		7,245	0	0
Procter & Gamble Co	COM	742718109	16,093	199,670	SH		SOLE		199,670	0	0
Prudential Financial Inc	COM	744320102	2,443	28,857	SH		SOLE		28,857	0	0
Public Service Enterprise Grou	COM	744573106	1,612	42,253	SH		SOLE		42,253	0	0
Qualcomm Inc	COM	747525103	1,190	15,086	SH		SOLE		15,086	0	0
Quest Diagnostics	COM	74834l100	306	5,285	SH		SOLE		5,285	0	0
Realty Income Corp	COM	756109104	4,775	116,859	SH		SOLE		116,859	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	444	1,478	SH		SOLE		1,478	0	0
Retail Properties of America	COM	76131v202	553	40,850	SH		SOLE		40,850	0	0
Robert Half Intl Inc	COM	770323103	306	7,300	SH		SOLE		7,300	0	0
Roche Holdings LTD-Spons ADR	COM	010397936	1,699	45,040	SH		SOLE		45,040	0	0
Rockwell Automation Inc	COM	773903109	298	2,394	SH		SOLE		2,394	0	0
Rockwood Holdings Inc	COM	774415103	1,165	15,655	SH		SOLE		15,655	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	415	5,674	SH		SOLE		5,674	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,165	7,094	SH		SOLE		7,094	0	0
SPDR Energy Select Sector	COM	81369y506	2,793	31,361	SH		SOLE		31,361	0	0
SPDR Financial Select Sector	COM	81369y605	1,513	67,707	SH		SOLE		67,707	0	0
SPDR Gold Trust	COM	78463v107	784	6,346	SH		SOLE		6,346	0	0
SPDR Industrial Select Sector	COM	81369y704	2,654	50,708	SH		SOLE		50,708	0	0
SPDR Materials Select Sector	COM	81369y100	668	14,133	SH		SOLE		14,133	0	0
SPDR S&P Biotech ETF	COM	78464a870	504	3,536	SH		SOLE		3,536	0	0
SPDR S&P Dividend ETF	COM	78464a763	8,284	112,578	SH		SOLE		112,578	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	4,487	17,906	SH		SOLE		17,906	0	0
SPDR S&P500 Index Trust Series	COM	78462f103	5,626	30,081	SH		SOLE		30,081	0	0
SPDR Technology Select Sector	COM	81369y803	3,774	103,813	SH		SOLE		103,813	0	0
Sanofi-ADR	COM	80105n105	4,643	88,813	SH		SOLE		88,813	0	0
Scana Corp	COM	80589m102	742	14,457	SH		SOLE		14,457	0	0
Schlumberger Ltd	COM	806857108	1,601	16,416	SH		SOLE		16,416	0	0
Schwab (Charles) Corp	COM	808513105	335	12,270	SH		SOLE		12,270	0	0
Schwab U.S. Broad Market ETF	COM	808524102	1,242	27,165	SH		SOLE		27,165	0	0
Schwab U.S. Mid-Cap ETF	COM	808524508	585	15,147	SH		SOLE		15,147	0	0
Schwab US Dividend Equity ETF	COM	808524797	390	10,595	SH		SOLE		10,595	0	0
Sempra Energy	COM	816851109	2,525	26,099	SH		SOLE		26,099	0	0
Siemens Ag-Spons ADR	COM	826197501	322	2,385	SH		SOLE		2,385	0	0
Sierra Vista Bank	COM	82651b105	67	20,000	SH		SOLE		20,000	0	0
Silvercorp Metals Inc	COM	82835p103	20	10,000	SH		SOLE		10,000	0	0
Sirius XM Holdings Inc	COM	82968b103	382	119,284	SH		SOLE		119,284	0	0
Southern Co	COM	842587107	2,629	59,824	SH		SOLE		59,824	0	0
Southwestern Energy Co	COM	845467109	1,216	26,431	SH		SOLE		26,431	0	0
Spectra Energy Corp	COM	847560109	4,697	127,152	SH		SOLE		127,152	0	0
Spectral Diagnostics Inc	COM	847574100	7	25,000	SH		SOLE		25,000	0	0
St Jude Medical Inc	COM	790849103	951	14,536	SH		SOLE		14,536	0	0
Stanley Black & Decker Inc	COM	854502101	3,234	39,804	SH		SOLE		39,804	0	0
Starbucks Corp	COM	855244109	1,571	21,413	SH		SOLE		21,413	0	0
State Street Corp	COM	857477103	395	5,684	SH		SOLE		5,684	0	0
Stryker Corp	COM	863667101	337	4,135	SH		SOLE		4,135	0	0
SunPower Corp	COM	867652406	968	30,000	SH		SOLE		30,000	0	0
Suncor Energy Inc	COM	867224107	388	11,100	SH		SOLE		11,100	0	0
Sunoco Logistics Partners LP	COM	86764l108	204	2,250	SH		SOLE		2,250	0	0
TD Ameritrade Holding Corp	COM	87236y108	1,488	43,833	SH		SOLE		43,833	0	0
TJX Companies Inc	COM	872540109	410	6,758	SH		SOLE		6,758	0	0
Target Corp	COM	87612e106	5,084	84,014	SH		SOLE		84,014	0	0
Tesla Motors Inc	COM	88160r101	269	1,289	SH		SOLE		1,289	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	408	7,726	SH		SOLE		7,726	0	0
Texas Instruments Inc	COM	882508104	226	4,800	SH		SOLE		4,800	0	0
Toronto-Dominion Bank	COM	891160509	3,659	77,928	SH		SOLE		77,928	0	0
Total SA-Spon ADR	COM	89151e109	246	3,753	SH		SOLE		3,753	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,580	13,995	SH		SOLE		13,995	0	0
Travelers Cos Inc/The	COM	89417e109	2,896	34,029	SH		SOLE		34,029	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,181	70,076	SH		SOLE		70,076	0	0
US Bancorp	COM	902973304	478	11,149	SH		SOLE		11,149	0	0
Unilever N V -NY Shares	COM	904784709	2,874	69,902	SH		SOLE		69,902	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,891	44,197	SH		SOLE		44,197	0	0
Union Pacific Corp	COM	907818108	963	5,129	SH		SOLE		5,129	0	0
United Parcel Service-Cl B	COM	911312106	5,802	59,582	SH		SOLE		59,582	0	0
United Technologies Corp	COM	913017109	2,715	23,241	SH		SOLE		23,241	0	0
UnitedHealth Group Inc	COM	91324P102	2,083	25,402	SH		SOLE		25,402	0	0
Utilities Select Sector SPDR	COM	81369y886	752	18,130	SH		SOLE		18,130	0	0
Vanguard Consumer Discretionar	COM	92204a108	347	3,279	SH		SOLE		3,279	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	253	2,280	SH		SOLE		2,280	0	0
Vanguard Dividend Appreciation	COM	921908844	337	4,474	SH		SOLE		4,474	0	0
Vanguard Energy ETF	COM	92204a306	260	2,025	SH		SOLE		2,025	0	0
Vanguard High Dividend Yield E	COM	921946406	1,583	25,084	SH		SOLE		25,084	0	0
Vanguard Info Tech Vipers	COM	92204a702	400	4,365	SH		SOLE		4,365	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	456	5,301	SH		SOLE		5,301	0	0
Vanguard MSCI EAFE Index ETF	COM	921943858	2,356	57,088	SH		SOLE		57,088	0	0
Vanguard MSCI Emerging Market	COM	922042858	2,044	50,375	SH		SOLE		50,375	0	0
Vanguard Mid-Cap Vipers	COM	922908629	4,180	36,800	SH		SOLE		36,800	0	0
Vanguard Small-Cap Vipers	COM	922908751	5,591	49,500	SH		SOLE		49,500	0	0
Vanguard Total Stock Mk Vipers	COM	922908769	12,165	124,805	SH		SOLE		124,805	0	0
Vanguard Value Vipers	COM	922908744	264	3,378	SH		SOLE		3,378	0	0
Varian Medical Systems Inc	COM	92220P105	864	10,284	SH		SOLE		10,284	0	0
Verizon Communications Inc	COM	92343v104	21,276	447,254	SH		SOLE		447,254	0	0
Visa Inc-Class A Shares	COM	92826c839	555	2,573	SH		SOLE		2,573	0	0
Vodafone Group PLC-Sp ADR	COM	92857w308	1,501	40,775	SH		SOLE		40,775	0	0
Vornado Realty Trust	COM	929042109	4,416	44,809	SH		SOLE		44,809	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
Wal-Mart Stores Inc	COM	931142103	923	12,072	SH		SOLE		12,072	0	0
Walgreen Co	COM	931422109	6,800	102,982	SH		SOLE		102,982	0	0
Waste Management Inc	COM	94106l109	5,147	122,347	SH		SOLE		122,347	0	0
WellPoint Inc	COM	94973V107	1,138	11,433	SH		SOLE		11,433	0	0
Wells Fargo & Company	COM	949746101	25,436	511,377	SH		SOLE		511,377	0	0
Westamerica Bancorportaion	COM	957090103	776	14,341	SH		SOLE		14,341	0	0
Weyerhaeuser Co	COM	962166104	1,077	36,690	SH		SOLE		36,690	0	0
Whirlpool Corp	COM	963320106	2,347	15,706	SH		SOLE		15,706	0	0
White Mountains Insurance Grou	COM	G9618E107	716	1,193	SH		SOLE		1,193	0	0
Whole Foods Market Inc	COM	966837106	5,247	103,479	SH		SOLE		103,479	0	0
Williams Cos Inc	COM	969457100	6,398	157,663	SH		SOLE		157,663	0	0
Wisconsin Energy Corp	COM	976657106	1,015	21,794	SH		SOLE		21,794	0	0
Xylem Inc	COM	98419m100	427	11,721	SH		SOLE		11,721	0	0
Yahoo! Inc	COM	984332106	1,038	28,900	SH		SOLE		28,900	0	0
Yingli Green Energy Holding Co	COM	98584b103	65	15,000	SH		SOLE		15,000	0	0
Yum! Brands Inc	COM	988498101	363	4,821	SH		SOLE		4,821	0	0
Zimmer Holdings Inc	COM	98956p102	959	10,138	SH		SOLE		10,138	0	0
Zogenix Inc	COM	98978l105	28	10,000	SH		SOLE		10,000	0	0
iShares DJ Select Dividend Ind	COM	464287168	5,939	80,996	SH		SOLE		80,996	0	0
iShares DJ US Energy Sector	COM	464287796	245	4,812	SH		SOLE		4,812	0	0
iShares DJ US Financial Sect	COM	464287788	1,017	12,433	SH		SOLE		12,433	0	0
iShares DJ US Healthcare Sec	COM	464287762	225	1,829	SH		SOLE		1,829	0	0
iShares DJ US Telecommunicatio	COM	464287713	370	12,331	SH		SOLE		12,331	0	0
iShares FTSE/Xinhua China 25	COM	464287184	239	6,685	SH		SOLE		6,685	0	0
iShares MSCI Canada Index	COM	464286509	214	7,250	SH		SOLE		7,250	0	0
iShares MSCI EAFE Index Fund	COM	464287465	1,618	24,083	SH		SOLE		24,083	0	0
iShares MSCI Emerging Markets	COM	464287234	633	15,434	SH		SOLE		15,434	0	0
iShares MSCI Singapore Index	COM	464286673	134	10,228	SH		SOLE		10,228	0	0
iShares MSCI USA Quality Facto	COM	46432f339	619	10,995	SH		SOLE		10,995	0	0
iShares Nasdaq Biotech Index F	COM	464287556	1,122	4,746	SH		SOLE		4,746	0	0
iShares Russell 1000 Growth	COM	464287614	593	6,857	SH		SOLE		6,857	0	0
iShares Russell 1000 Value	COM	464287598	372	3,851	SH		SOLE		3,851	0	0
iShares Russell 2000 Index Fun	COM	464287655	331	2,841	SH		SOLE		2,841	0	0
iShares Russell 3000 Value	COM	464287663	216	1,714	SH		SOLE		1,714	0	0
iShares Russell Midcap Index	COM	464287499	358	2,316	SH		SOLE		2,316	0	0
iShares S&P 100 Index Fund	COM	464287101	828	9,994	SH		SOLE		9,994	0	0
iShares S&P 500 Index Fund	COM	464287200	487	2,589	SH		SOLE		2,589	0	0
iShares S&P Europe 350	COM	464287861	807	16,720	SH		SOLE		16,720	0	0
iShares S&P Global 100	COM	464287572	728	9,351	SH		SOLE		9,351	0	0
iShares S&P Midcap 400	COM	464287507	1,315	9,564	SH		SOLE		9,564	0	0
iShares S&P Midcap 400/Value	COM	464287705	459	3,810	SH		SOLE		3,810	0	0
iShares S&P SmallCap 600	COM	464287804	587	5,334	SH		SOLE		5,334	0	0
iShares S&P US Preferred Stock	COM	464288687	7,767	199,013	SH		SOLE		199,013	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,214	111,204	SH		SOLE		111,204	0	0
AEGON NV 7.25%BBB QDI Called 6	PFD	n00927348	603	23,325	SH		SOLE		23,325	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	1,745	58,529	SH		SOLE		58,529	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	387	15,567	SH		SOLE		15,567	0	0
American Capital Agency 8.0% P	PFD	02503x204	981	37,324	SH		SOLE		37,324	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	232	9,532	SH		SOLE		9,532	0	0
Arbor Realty 8.50% CUM Perp Ca	PFD	038923801	215	8,700	SH		SOLE		8,700	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	498	19,830	SH		SOLE		19,830	0	0
Ares Capital 7.75% 2040 Call 1	PFD	04010l202	2,353	90,462	SH		SOLE		90,462	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	282	12,250	SH		SOLE		12,250	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	1,169	43,285	SH		SOLE		43,285	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	4,985	190,996	SH		SOLE		190,996	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	590	22,738	SH		SOLE		22,738	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	9,788	353,876	SH		SOLE		353,876	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	329	13,050	SH		SOLE		13,050	0	0
BAC Flt LIB+35 BB+ NCU QDI Cl	PFD	060505815	255	11,845	SH		SOLE		11,845	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	1,591	59,384	SH		SOLE		59,384	0	0
Banco Santander 6.80% QDI Clbl	PFD	80281r706	294	11,590	SH		SOLE		11,590	0	0
Banco Santander10.5% Perp Cl9/	PFD	e8683r144	1,058	40,553	SH		SOLE		40,553	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	365	14,302	SH		SOLE		14,302	0	0
Barclay's 6.625% Perpetual 9/1	PFD	06739f390	234	9,254	SH		SOLE		9,254	0	0
Barclays 7.75% Prp Cl 9/13 BBB	PFD	06739h511	1,606	61,908	SH		SOLE		61,908	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	3,927	150,984	SH		SOLE		150,984	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	1,174	45,741	SH		SOLE		45,741	0	0
Campus Crest Comm 8.00% Perp C	PFD	13466y204	1,437	57,122	SH		SOLE		57,122	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	253	11,500	SH		SOLE		11,500	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,475	98,168	SH		SOLE		98,168	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	1,290	49,322	SH		SOLE		49,322	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	5,203	197,985	SH		SOLE		197,985	0	0
CenturyLink SnNotes 7.0% 2050	PFD	74913G402	1,454	57,540	SH		SOLE		57,540	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	1,987	76,575	SH		SOLE		76,575	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	272	11,900	SH		SOLE		11,900	0	0
Citigroup 7.125% FxdtoFlt Cl 9	PFD	172967358	3,362	127,345	SH		SOLE		127,345	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	242	8,710	SH		SOLE		8,710	0	0
Commonwealth REIT 7.25% Prp/Cl	PFD	203233606	582	23,134	SH		SOLE		23,134	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	2,007	78,903	SH		SOLE		78,903	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	1,475	58,717	SH		SOLE		58,717	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	461	17,926	SH		SOLE		17,926	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,371	53,760	SH		SOLE		53,760	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	3,012	109,644	SH		SOLE		109,644	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	614	23,446	SH		SOLE		23,446	0	0
Deutsche Bnk 6.625% Prp Cl 8/1	PFD	25153y206	287	11,183	SH		SOLE		11,183	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,622	59,794	SH		SOLE		59,794	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	687	30,027	SH		SOLE		30,027	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,725	152,867	SH		SOLE		152,867	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	1,458	59,424	SH		SOLE		59,424	0	0
Dominion Res 8.375% Cl 6/14 BB	PFD	25746u604	756	29,655	SH		SOLE		29,655	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	2,094	79,922	SH		SOLE		79,922	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	3,791	144,757	SH		SOLE		144,757	0	0
Excel Trust 8.125% CUM Call 1/	PFD	30068c307	1,330	51,420	SH		SOLE		51,420	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	1,135	43,325	SH		SOLE		43,325	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	1,233	50,010	SH		SOLE		50,010	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	1,567	61,696	SH		SOLE		61,696	0	0
General Growth Prop 6.375% Cl	PFD	370023202	377	16,200	SH		SOLE		16,200	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	751	39,245	SH		SOLE		39,245	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	803	31,982	SH		SOLE		31,982	0	0
HSBC Float 4.5%FL Clbl CUM QDI	PFD	40428h706	441	17,680	SH		SOLE		17,680	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	5,546	205,647	SH		SOLE		205,647	0	0
Hanover Insurance 6.35% Cl 3/1	PFD	410867204	293	12,700	SH		SOLE		12,700	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,513	51,090	SH		SOLE		51,090	0	0
Hudson Pacific 8.375% Perp N/R	PFD	444097208	850	32,417	SH		SOLE		32,417	0	0
ING Groep NV 7 3/8% Cl 10/12 B	PFD	456837707	1,857	72,732	SH		SOLE		72,732	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	322	12,449	SH		SOLE		12,449	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	905	35,010	SH		SOLE		35,010	0	0
KKR Financial 7.50% SrNotes Ca	PFD	48248a504	4,254	157,687	SH		SOLE		157,687	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,680	60,670	SH		SOLE		60,670	0	0
KKR Financial7.375% Perp Call	PFD	48248a603	4,076	158,294	SH		SOLE		158,294	0	0
Kimco Realty 6.90% Perp Call8/	PFD	49446r828	248	9,626	SH		SOLE		9,626	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	1,939	74,995	SH		SOLE		74,995	0	0
M&T Bank 6.375% Cl 11/18 BBB Q	PFD	55261f708	574	604	SH		SOLE		604	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	204	8,607	SH		SOLE		8,607	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,242	86,053	SH		SOLE		86,053	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	813	31,334	SH		SOLE		31,334	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,317	51,382	SH		SOLE		51,382	0	0
Merrill Lynch 7.28% Perp Cl 9/	PFD	59021k205	293	11,503	SH		SOLE		11,503	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	231	9,965	SH		SOLE		9,965	0	0
Montpelier RE 8.875% Perp QDI	PFD	g62185114	893	33,158	SH		SOLE		33,158	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	506	25,430	SH		SOLE		25,430	0	0
Morgan Stanley 7.125% Fxd-Flt	PFD	61762v200	444	16,735	SH		SOLE		16,735	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	365	14,297	SH		SOLE		14,297	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	807	30,105	SH		SOLE		30,105	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	298	13,230	SH		SOLE		13,230	0	0
Partner Re 7.25% Call 06/16 BB	PFD	g68603508	5,867	221,302	SH		SOLE		221,302	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	2,344	90,728	SH		SOLE		90,728	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	829	32,123	SH		SOLE		32,123	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	458	18,295	SH		SOLE		18,295	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	378	14,900	SH		SOLE		14,900	0	0
Principal Fin 145Bp+30y QDI ($	PFD	74251v201	724	7,050	SH		SOLE		7,050	0	0
PrivateBancorp PVTB 7.125% Cal	PFD	742962400	327	12,595	SH		SOLE		12,595	0	0
Prospect Captl 6.95% Sr Nts 20	PFD	74348t201	1,770	67,113	SH		SOLE		67,113	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	811	31,761	SH		SOLE		31,761	0	0
Public Storage 5.90% Perp CUM	PFD	74460w206	702	29,675	SH		SOLE		29,675	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	890	35,305	SH		SOLE		35,305	0	0
Public Storage 6.5% Perp Call	PFD	74460d158	410	15,950	SH		SOLE		15,950	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,826	71,154	SH		SOLE		71,154	0	0
Public Storage 6.875% Prp Cl7/	PFD	74460d182	1,249	47,286	SH		SOLE		47,286	0	0
Raymond James Financial 6.90%	PFD	754730208	395	15,120	SH		SOLE		15,120	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	300	11,900	SH		SOLE		11,900	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	417	19,100	SH		SOLE		19,100	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	439	18,200	SH		SOLE		18,200	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	432	16,300	SH		SOLE		16,300	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	477	19,308	SH		SOLE		19,308	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	2,803	119,518	SH		SOLE		119,518	0	0
Scana Corp 7.70% 2065 Cl1/2015	PFD	80589m201	3,577	135,236	SH		SOLE		135,236	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	783	30,640	SH		SOLE		30,640	0	0
Seaspan 9.50% 1/2049 Call 1/20	PFD	B643v81	214	7,785	SH		SOLE		7,785	0	0
So Cal Ed Flt $100 Callable NC	PFD	842400756	909	8,950	SH		SOLE		8,950	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	302	13,000	SH		SOLE		13,000	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	686	6,690	SH		SOLE		6,690	0	0
Strategic Hotels&Resorts 8.25%	PFD	024296164	398	15,638	SH		SOLE		15,638	0	0
Strategic Hotels&Resorts 8.25%	PFD	86272t502	403	15,998	SH		SOLE		15,998	0	0
Strategic Hotels&Rsrts 8.50% C	PFD	86272t304	252	9,871	SH		SOLE		9,871	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	1,252	49,428	SH		SOLE		49,428	0	0
Sunstone Hotel 8.00% Perp CUM	PFD	867592507	309	12,032	SH		SOLE		12,032	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	240	10,151	SH		SOLE		10,151	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,699	145,704	SH		SOLE		145,704	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	939	36,650	SH		SOLE		36,650	0	0
US Bancorp 6.5% FxdToFlt Cl 2/	PFD	902973833	1,569	55,230	SH		SOLE		55,230	0	0
US Cellular 6.95% 2060 Cl 05/2	PFD	911684405	328	12,935	SH		SOLE		12,935	0	0
Vanguard Natrl Resources 7.625	PFD	92205f304	444	18,125	SH		SOLE		18,125	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	255	11,746	SH		SOLE		11,746	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,265	126,659	SH		SOLE		126,659	0	0
Vornado Realty7.875% 2039 Cl 1	PFD	929043602	231	8,950	SH		SOLE		8,950	0	0
Wells Fargo 7.50% Conv/Perp$10	PFD	949746804	941	802	SH		SOLE		802	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	13,706	470,340	SH		SOLE		470,340	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,311	2,032,000	PRN		SOLE		2,032,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	288	295,000	PRN		SOLE		295,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	375	350,000	PRN		SOLE		350,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	2,008	1,765,000	PRN		SOLE		1,765,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,571	2,280,000	PRN		SOLE		2,280,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	1,059	1,000,000	PRN		SOLE		1,000,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,154	5,320,000	PRN		SOLE		5,320,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	614	540,000	PRN		SOLE		540,000	0	0