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
1/100 Berkshire Hathaway A (10	COM	084990175	207	100	SH		SOLE		100	0	0
3M Co	COM	88579y101	9,873	69,685	SH		SOLE		69,685	0	0
ABB Ltd -Spon ADR	COM	000375204	3,605	160,859	SH		SOLE		160,859	0	0
AGL Resources Inc	COM	001204106	3,441	67,025	SH		SOLE		67,025	0	0
AT&T Inc	COM	00206r102	10,900	309,317	SH		SOLE		309,317	0	0
AbbVie Inc	COM	00287y109	8,094	140,131	SH		SOLE		140,131	0	0
Abbott Laboratories	COM	002824100	9,013	216,710	SH		SOLE		216,710	0	0
Accenture PLC-Cl A	COM	g1151c101	3,343	41,105	SH		SOLE		41,105	0	0
Actavis LTD	COM	g0083b108	432	1,792	SH		SOLE		1,792	0	0
Adobe Systems Inc	COM	00724f101	464	6,700	SH		SOLE		6,700	0	0
Aetna Inc	COM	00817Y108	502	6,200	SH		SOLE		6,200	0	0
Aflac Inc	COM	001055102	232	3,977	SH		SOLE		3,977	0	0
Agilent Technologies Inc	COM	00846u101	1,028	18,041	SH		SOLE		18,041	0	0
Air Products & Chemicals Inc	COM	009158106	4,112	31,589	SH		SOLE		31,589	0	0
Allegion PLC	COM	g0176j109	258	5,424	SH		SOLE		5,424	0	0
Alliance Data Systems Corp	COM	018581108	398	1,604	SH		SOLE		1,604	0	0
Allstate Corp	COM	020002101	338	5,512	SH		SOLE		5,512	0	0
Altria Group Inc	COM	02209s103	7,220	157,153	SH		SOLE		157,153	0	0
Amarillo Gold Corp	COM	041133317	131	1,400,000	SH		SOLE		1,400,000	0	0
Amazon.com Inc	COM	023135106	514	1,593	SH		SOLE		1,593	0	0
American Electric Power	COM	025537101	450	8,623	SH		SOLE		8,623	0	0
American Express Co	COM	025816109	3,115	35,587	SH		SOLE		35,587	0	0
American International Group	COM	026874784	210	3,894	SH		SOLE		3,894	0	0
AmerisourceBergen Corp	COM	03073e105	284	3,680	SH		SOLE		3,680	0	0
Amgen Inc	COM	031162100	1,850	13,173	SH		SOLE		13,173	0	0
Apache Corp	COM	037411105	303	3,226	SH		SOLE		3,226	0	0
Apple Inc	COM	037833100	20,787	206,322	SH		SOLE		206,322	0	0
Archer-Daniels-Midland Co	COM	039483102	638	12,489	SH		SOLE		12,489	0	0
Automatic Data Processing	COM	053015103	7,962	95,838	SH		SOLE		95,838	0	0
BCE Inc	COM	05534b760	2,697	63,063	SH		SOLE		63,063	0	0
BGC Partners, Inc	COM	05541t101	106	14,231	SH		SOLE		14,231	0	0
Baker Hughes Inc	COM	057224107	210	3,231	SH		SOLE		3,231	0	0
Bank Of Marin Bancorp/CA	COM	063425102	574	12,501	SH		SOLE		12,501	0	0
Bank of America Corp	COM	060505104	2,834	166,203	SH		SOLE		166,203	0	0
Bank of Montreal	COM	063671101	892	12,120	SH		SOLE		12,120	0	0
Baxter International Inc.	COM	071813109	628	8,750	SH		SOLE		8,750	0	0
Becton Dickinson & Co	COM	075887109	530	4,657	SH		SOLE		4,657	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	2,775	20,087	SH		SOLE		20,087	0	0
Biogen Idec Inc	COM	09062x103	1,498	4,527	SH		SOLE		4,527	0	0
Blackrock Inc	COM	09247x101	210	640	SH		SOLE		640	0	0
Blackstone Group/The	COM	09253u108	620	19,687	SH		SOLE		19,687	0	0
Boeing Co	COM	097023105	3,134	24,601	SH		SOLE		24,601	0	0
Bristol-Myers Squibb Co	COM	110122108	13,039	254,762	SH		SOLE		254,762	0	0
CVS Caremark Corp	COM	126650100	3,521	44,243	SH		SOLE		44,243	0	0
Carlyle Group/The	COM	14309l102	2,240	73,550	SH		SOLE		73,550	0	0
Caterpillar Inc	COM	149123101	2,105	21,251	SH		SOLE		21,251	0	0
Celgene Corp	COM	151020104	483	5,093	SH		SOLE		5,093	0	0
CenterPoint Energy Inc	COM	15189t107	2,614	106,844	SH		SOLE		106,844	0	0
Cerner Corp	COM	156782104	2,130	35,755	SH		SOLE		35,755	0	0
Cerus Corp	COM	157085101	40	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	297	4,284	SH		SOLE		4,284	0	0
Chevron Corp	COM	166764100	23,472	196,713	SH		SOLE		196,713	0	0
Chubb Corp	COM	171232101	2,734	30,016	SH		SOLE		30,016	0	0
Cisco Systems Inc	COM	17275R102	3,116	123,810	SH		SOLE		123,810	0	0
Citigroup Inc	COM	172967424	378	7,299	SH		SOLE		7,299	0	0
Clorox Company	COM	189054109	7,637	79,516	SH		SOLE		79,516	0	0
Coca-Cola Co/The	COM	191216100	4,844	113,553	SH		SOLE		113,553	0	0
Colgate-Palmolive Co	COM	194162103	7,141	109,498	SH		SOLE		109,498	0	0
Comcast Corp-Cl A	COM	20030n101	5,144	95,652	SH		SOLE		95,652	0	0
Comerica Inc	COM	200340107	859	17,219	SH		SOLE		17,219	0	0
Conagra Foods Inc	COM	205887102	1,340	40,555	SH		SOLE		40,555	0	0
ConocoPhillips	COM	20825C104	15,815	206,674	SH		SOLE		206,674	0	0
Consolidated Edison Inc	COM	209115104	924	16,308	SH		SOLE		16,308	0	0
Consumer Staples SPDR	COM	81369y308	3,026	67,078	SH		SOLE		67,078	0	0
Costco Wholesale Corp	COM	22160K105	10,948	87,360	SH		SOLE		87,360	0	0
CurrencyShares Australian Doll	COM	23129u101	445	5,070	SH		SOLE		5,070	0	0
CurrencyShares Canadian Dollar	COM	23129x105	430	4,840	SH		SOLE		4,840	0	0
DIRECTV Group Inc/The	COM	25490a309	499	5,764	SH		SOLE		5,764	0	0
DTE Energy Company	COM	233331107	232	3,047	SH		SOLE		3,047	0	0
Danaher Corp	COM	235851102	3,661	48,190	SH		SOLE		48,190	0	0
Deere & Co	COM	244199105	1,739	21,213	SH		SOLE		21,213	0	0
Devon Energy Corporation	COM	25179m103	205	3,004	SH		SOLE		3,004	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	410	3,551	SH		SOLE		3,551	0	0
Dick's Sporting Goods Inc	COM	253393102	726	16,538	SH		SOLE		16,538	0	0
Disney Co./Walt The	COM	254687106	6,117	68,703	SH		SOLE		68,703	0	0
Dominion Resources Inc/Va	COM	25746u109	549	7,943	SH		SOLE		7,943	0	0
Dow Chemical	COM	260543103	317	6,046	SH		SOLE		6,046	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	732	11,388	SH		SOLE		11,388	0	0
Du Pont (E.I.) De Nemours	COM	263534109	7,822	109,002	SH		SOLE		109,002	0	0
Duke Energy Corp	COM	26441c204	3,396	45,414	SH		SOLE		45,414	0	0
EGShares Dow Jones Emerging Ma	COM	268461779	4,799	182,977	SH		SOLE		182,977	0	0
EMC Corp/Mass	COM	268648102	295	10,068	SH		SOLE		10,068	0	0
EMC Metals Corp	COM	268665106	2	23,400	SH		SOLE		23,400	0	0
EOG Resources Inc	COM	26875p101	214	2,162	SH		SOLE		2,162	0	0
ETFS Physical Precious Metals	COM	26922w109	606	9,595	SH		SOLE		9,595	0	0
Eaton Corp PLC	COM	g29183103	1,263	19,931	SH		SOLE		19,931	0	0
Ecolab Inc	COM	278865100	5,766	50,211	SH		SOLE		50,211	0	0
Edison International	COM	281020107	3,978	71,138	SH		SOLE		71,138	0	0
Eli Lilly & Co	COM	532457108	3,068	47,310	SH		SOLE		47,310	0	0
Emerson Electric Co	COM	291011104	2,109	33,695	SH		SOLE		33,695	0	0
Encounter Technologies Inc	COM	29259j105	0	62,000	SH		SOLE		62,000	0	0
EnerSys	COM	29275y102	282	4,805	SH		SOLE		4,805	0	0
Energy Transfer Equity LP	COM	29273v100	494	8,000	SH		SOLE		8,000	0	0
Enterprise Products Partners	COM	293792107	1,723	42,765	SH		SOLE		42,765	0	0
Essex Property Trust Inc	COM	297178105	413	2,310	SH		SOLE		2,310	0	0
Eurasian Minerals Inc	COM	29843r100	38	54,086	SH		SOLE		54,086	0	0
Express Scripts Holding Co.	COM	30219g108	1,029	14,574	SH		SOLE		14,574	0	0
Exxon Mobil Corp	COM	30231G102	14,015	149,021	SH		SOLE		149,021	0	0
Facebook Inc	COM	30303m102	408	5,167	SH		SOLE		5,167	0	0
FedEx Corp	COM	31428x106	576	3,570	SH		SOLE		3,570	0	0
First Trust Dividend Leaders I	COM	336917109	1,277	54,554	SH		SOLE		54,554	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	284	10,261	SH		SOLE		10,261	0	0
First Trust Mid Cap Value ETF	COM	33737m201	273	9,168	SH		SOLE		9,168	0	0
Flagstar Bancorp Inc	COM	337930705	168	10,000	SH		SOLE		10,000	0	0
Flowserve Corp	COM	34354p105	203	2,878	SH		SOLE		2,878	0	0
Fluor Corp	COM	343412102	472	7,070	SH		SOLE		7,070	0	0
Ford Motor Co	COM	345370860	1,884	127,404	SH		SOLE		127,404	0	0
Franklin Resources Inc	COM	354613101	343	6,280	SH		SOLE		6,280	0	0
Freeport-McMoRan Copper & Gold	COM	35671d857	3,007	92,113	SH		SOLE		92,113	0	0
Frontier Communications Corp	COM	35906a108	100	15,371	SH		SOLE		15,371	0	0
General Dynamics Corp	COM	369550108	1,995	15,699	SH		SOLE		15,699	0	0
General Electric Co	COM	369604103	17,266	673,943	SH		SOLE		673,943	0	0
General Mills Inc	COM	370334104	4,711	93,372	SH		SOLE		93,372	0	0
Genuine Parts Co	COM	372460105	4,413	50,313	SH		SOLE		50,313	0	0
Gilead Sciences Inc	COM	375558103	1,665	15,639	SH		SOLE		15,639	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	2,398	52,165	SH		SOLE		52,165	0	0
Global Brands Group Holding	COM	g39338101	2	10,000	SH		SOLE		10,000	0	0
Goldman Sachs Group Inc	COM	38141G104	449	2,445	SH		SOLE		2,445	0	0
Google Inc-Cl A	COM	38259P508	2,587	4,396	SH		SOLE		4,396	0	0
Google Inc-Cl C	COM	38259p706	2,248	3,894	SH		SOLE		3,894	0	0
Grainger (W.W.) Inc	COM	384802104	312	1,238	SH		SOLE		1,238	0	0
Guggenheim BRIC ETF	COM	18383m100	354	10,385	SH		SOLE		10,385	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	678	4,906	SH		SOLE		4,906	0	0
Guggenheim S&P Equal Weight	COM	78355w106	492	6,491	SH		SOLE		6,491	0	0
HCP Inc	COM	40414l109	4,949	124,637	SH		SOLE		124,637	0	0
HPEV Inc	COM	404273104	11	17,800	SH		SOLE		17,800	0	0
Harman International	COM	413086109	702	7,160	SH		SOLE		7,160	0	0
Hershey Co/The	COM	427866108	204	2,134	SH		SOLE		2,134	0	0
Hess Corp	COM	42809h107	815	8,644	SH		SOLE		8,644	0	0
Hewlett-Packard Co	COM	428236103	2,498	70,419	SH		SOLE		70,419	0	0
Home Depot Inc	COM	437076102	5,423	59,109	SH		SOLE		59,109	0	0
Honeywell International Inc	COM	438516106	4,891	52,520	SH		SOLE		52,520	0	0
Hormel Foods Corp	COM	440452100	224	4,365	SH		SOLE		4,365	0	0
Hubbell Inc -Cl B	COM	443510201	241	2,000	SH		SOLE		2,000	0	0
Illinois Tool Works	COM	452308109	340	4,022	SH		SOLE		4,022	0	0
Infinito Gold Ltd	COM	45671c106	0	33,130	SH		SOLE		33,130	0	0
Ingersoll-Rand Co Ltd-Cl A	COM	g47791101	1,241	22,021	SH		SOLE		22,021	0	0
Integral Technologies Inc	COM	45810j103	10	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	13,311	382,272	SH		SOLE		382,272	0	0
InterContinental Hotels-ADR	COM	45857p509	2,278	58,929	SH		SOLE		58,929	0	0
Intl Business Machines Corp	COM	459200101	9,395	49,493	SH		SOLE		49,493	0	0
Intl Flavors & Fragrances	COM	459506101	511	5,325	SH		SOLE		5,325	0	0
Ivanhoe Mines Ltd	COM	46579r104	203	200,000	SH		SOLE		200,000	0	0
JPMorgan Chase & Co	COM	46625H100	6,535	108,484	SH		SOLE		108,484	0	0
Jacobs Engineering Group Inc	COM	469814107	428	8,769	SH		SOLE		8,769	0	0
Johnson & Johnson	COM	478160104	21,080	197,766	SH		SOLE		197,766	0	0
Johnson Controls Inc	COM	478366107	1,267	28,785	SH		SOLE		28,785	0	0
Kimberly-Clark Corp	COM	494368103	9,212	85,633	SH		SOLE		85,633	0	0
Kinder Morgan Energy Partners	COM	494550106	2,903	31,121	SH		SOLE		31,121	0	0
Kinder Morgan Inc	COM	49456b101	273	7,116	SH		SOLE		7,116	0	0
Kohl's Corp	COM	500255104	610	10,000	SH		SOLE		10,000	0	0
Kraft Foods Group	COM	50076q106	1,869	33,132	SH		SOLE		33,132	0	0
L-3 Communications Holdings	COM	502424104	409	3,436	SH		SOLE		3,436	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,444	14,194	SH		SOLE		14,194	0	0
Lam Research Corp	COM	512807108	228	3,049	SH		SOLE		3,049	0	0
Li & Fung Ltd Ord New	COM	g5485f151	11	10,000	SH		SOLE		10,000	0	0
Linn Co LLC	COM	535782106	659	22,750	SH		SOLE		22,750	0	0
Linn Energy LLC-Units	COM	536020100	1,442	47,850	SH		SOLE		47,850	0	0
Lockheed Martin Corp	COM	539830109	569	3,114	SH		SOLE		3,114	0	0
Lowe's Cos Inc	COM	548661107	3,587	67,777	SH		SOLE		67,777	0	0
Lululemon Athletica Inc	COM	550021109	253	6,034	SH		SOLE		6,034	0	0
Macy's Inc	COM	55616p104	1,657	28,484	SH		SOLE		28,484	0	0
Magellan Midstream Partners	COM	559080106	222	2,632	SH		SOLE		2,632	0	0
Mallinckrodt PLC	COM	g5785g107	344	3,821	SH		SOLE		3,821	0	0
Manulife Financial Corp	COM	56501r106	429	22,305	SH		SOLE		22,305	0	0
Marathon Oil Corp	COM	565849106	404	10,748	SH		SOLE		10,748	0	0
Marathon Petroleum Corp	COM	56585a102	296	3,492	SH		SOLE		3,492	0	0
Market Vectors Agribusiness ET	COM	57060u605	688	13,015	SH		SOLE		13,015	0	0
McCormick & Co-Non Vtg Shrs	COM	579780206	1,403	20,967	SH		SOLE		20,967	0	0
McDonald's Corp	COM	580135101	10,414	109,843	SH		SOLE		109,843	0	0
McGraw Hill Financial Inc	COM	580645109	546	6,470	SH		SOLE		6,470	0	0
Medical Properties Trust Inc	COM	58463j304	320	26,134	SH		SOLE		26,134	0	0
Medtronic Inc	COM	585055106	4,507	72,757	SH		SOLE		72,757	0	0
Merck & Co. Inc.	COM	58933y105	6,950	117,247	SH		SOLE		117,247	0	0
Microsoft Corp	COM	594918104	8,257	178,114	SH		SOLE		178,114	0	0
Mondelez International	COM	609207105	1,898	55,405	SH		SOLE		55,405	0	0
Monsanto Co	COM	61166w101	232	2,060	SH		SOLE		2,060	0	0
Morgan Stanley	COM	617446448	1,184	34,235	SH		SOLE		34,235	0	0
Mylan Laboratories	COM	628530107	1,688	37,115	SH		SOLE		37,115	0	0
NXP Semiconductors Nv	COM	n6596x109	267	3,900	SH		SOLE		3,900	0	0
Nabors Industries Inc	COM	g6359f103	1,040	45,712	SH		SOLE		45,712	0	0
National Oilwell Varco Inc	COM	637071101	302	3,973	SH		SOLE		3,973	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,176	56,718	SH		SOLE		56,718	0	0
NextEra Energy Inc	COM	65339f101	9,064	96,554	SH		SOLE		96,554	0	0
Nike Inc -Cl B	COM	654106103	6,330	70,969	SH		SOLE		70,969	0	0
Nordstrom Inc	COM	655664100	462	6,761	SH		SOLE		6,761	0	0
Norfolk Southern Corp	COM	655844108	492	4,411	SH		SOLE		4,411	0	0
Northeast Utilities	COM	664397106	270	6,103	SH		SOLE		6,103	0	0
Novartis Ag-ADR	COM	66987v109	3,953	41,997	SH		SOLE		41,997	0	0
Occidental Petroleum Corp	COM	674599105	6,494	67,545	SH		SOLE		67,545	0	0
Oracle Corp	COM	68389x105	3,270	85,432	SH		SOLE		85,432	0	0
Owens Realty Mortgage Inc	COM	690828108	852	59,802	SH		SOLE		59,802	0	0
P G & E Corp	COM	69331c108	473	10,508	SH		SOLE		10,508	0	0
Paccar Inc	COM	693718108	1,551	27,270	SH		SOLE		27,270	0	0
Pembina Pipeline Corp	COM	706327103	209	4,964	SH		SOLE		4,964	0	0
PepsiCo Inc	COM	713448108	7,638	82,054	SH		SOLE		82,054	0	0
Pfizer Inc	COM	717081103	7,600	257,026	SH		SOLE		257,026	0	0
Pharmaceutical HOLDRs Trust	COM	71712a206	566	8,900	SH		SOLE		8,900	0	0
Philip Morris International	COM	718172109	2,187	26,219	SH		SOLE		26,219	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Plains All American Pipeline L	COM	726503105	354	6,022	SH		SOLE		6,022	0	0
Plum Creek Timber Co	COM	729251108	208	5,339	SH		SOLE		5,339	0	0
Potash Corp Of Saskatchewan	COM	73755l107	1,108	32,060	SH		SOLE		32,060	0	0
PowerShares Preferred Portfoli	COM	73936t565	4,825	333,675	SH		SOLE		333,675	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	2,007	20,317	SH		SOLE		20,317	0	0
Praxair Inc	COM	74005p104	2,828	21,920	SH		SOLE		21,920	0	0
Preferred Apartment Communitie	COM	74039l103	1,395	167,650	SH		SOLE		167,650	0	0
ProLogis Inc	COM	74340w103	285	7,552	SH		SOLE		7,552	0	0
Procter & Gamble Co	COM	742718109	18,729	223,654	SH		SOLE		223,654	0	0
Public Service Enterprise Grou	COM	744573106	1,660	44,583	SH		SOLE		44,583	0	0
Qualcomm Inc	COM	747525103	1,164	15,573	SH		SOLE		15,573	0	0
Quest Diagnostics	COM	74834l100	390	6,435	SH		SOLE		6,435	0	0
Realty Income Corp	COM	756109104	5,809	142,411	SH		SOLE		142,411	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	402	1,115	SH		SOLE		1,115	0	0
Retail Properties of America	COM	76131v202	568	38,793	SH		SOLE		38,793	0	0
Robert Half Intl Inc	COM	770323103	260	5,300	SH		SOLE		5,300	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	1,801	48,690	SH		SOLE		48,690	0	0
Rock Tenn Company - Class A	COM	772739207	204	4,298	SH		SOLE		4,298	0	0
Rockwell Automation Inc	COM	773903109	322	2,931	SH		SOLE		2,931	0	0
Rockwood Holdings Inc	COM	774415103	1,547	20,233	SH		SOLE		20,233	0	0
Roper Industries Inc	COM	776696106	256	1,750	SH		SOLE		1,750	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	432	5,674	SH		SOLE		5,674	0	0
SPDR Consumer Discretionary Se	COM	81369y407	2,705	40,556	SH		SOLE		40,556	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,251	7,355	SH		SOLE		7,355	0	0
SPDR Energy Select Sector	COM	81369y506	2,984	32,929	SH		SOLE		32,929	0	0
SPDR Financial Select Sector	COM	81369y605	1,667	71,936	SH		SOLE		71,936	0	0
SPDR Gold Trust	COM	78463v107	1,495	12,868	SH		SOLE		12,868	0	0
SPDR Health Care Select Sector	COM	81369y209	3,420	53,520	SH		SOLE		53,520	0	0
SPDR Industrial Select Sector	COM	81369y704	2,784	52,387	SH		SOLE		52,387	0	0
SPDR Materials Select Sector	COM	81369y100	804	16,215	SH		SOLE		16,215	0	0
SPDR Metals & Mining ETF	COM	78464a755	572	15,550	SH		SOLE		15,550	0	0
SPDR S&P Biotech ETF	COM	78464a870	552	3,536	SH		SOLE		3,536	0	0
SPDR S&P Dividend ETF	COM	78464a763	9,288	123,946	SH		SOLE		123,946	0	0
SPDR S&P International Small C	COM	78463x871	439	13,435	SH		SOLE		13,435	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	4,951	19,857	SH		SOLE		19,857	0	0
SPDR S&P500 Index Trust Series	COM	78462f103	7,440	37,764	SH		SOLE		37,764	0	0
SPDR Technology Select Sector	COM	81369y803	4,076	102,165	SH		SOLE		102,165	0	0
Salesforce.Com Inc	COM	79466l302	405	7,034	SH		SOLE		7,034	0	0
Sanofi-ADR	COM	80105n105	5,052	89,535	SH		SOLE		89,535	0	0
Scana Corp	COM	80589m102	717	14,457	SH		SOLE		14,457	0	0
Schlumberger Ltd	COM	806857108	3,179	31,262	SH		SOLE		31,262	0	0
Schwab (Charles) Corp	COM	808513105	490	16,675	SH		SOLE		16,675	0	0
Schwab Intl Equity ETF	COM	808524805	243	7,834	SH		SOLE		7,834	0	0
Schwab U.S. Broad Market ETF	COM	808524102	1,366	28,729	SH		SOLE		28,729	0	0
Schwab U.S. Large-Cap ETF	COM	808524201	2,205	46,916	SH		SOLE		46,916	0	0
Schwab U.S. Mid-Cap ETF	COM	808524508	1,601	41,361	SH		SOLE		41,361	0	0
Schwab U.S. Small-Cap ETF	COM	808524607	975	18,960	SH		SOLE		18,960	0	0
Schwab US Dividend Equity ETF	COM	808524797	755	19,567	SH		SOLE		19,567	0	0
Sempra Energy	COM	816851109	2,487	23,599	SH		SOLE		23,599	0	0
Siemens Ag-Spons ADR	COM	826197501	284	2,385	SH		SOLE		2,385	0	0
Sierra Vista Bank	COM	82651b105	89	20,000	SH		SOLE		20,000	0	0
Silvercorp Metals Inc	COM	82835p103	16	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	2,562	58,699	SH		SOLE		58,699	0	0
Southwestern Energy Co	COM	845467109	882	25,231	SH		SOLE		25,231	0	0
Spectra Energy Corp	COM	847560109	5,112	130,209	SH		SOLE		130,209	0	0
Spectral Diagnostics Inc	COM	847574100	8	25,000	SH		SOLE		25,000	0	0
Sprott Resource Corp	COM	85207d103	285	115,320	SH		SOLE		115,320	0	0
St Jude Medical Inc	COM	790849103	761	12,651	SH		SOLE		12,651	0	0
Stanley Black & Decker Inc	COM	854502101	3,767	42,426	SH		SOLE		42,426	0	0
Starbucks Corp	COM	855244109	1,889	25,032	SH		SOLE		25,032	0	0
State Street Corp	COM	857477103	301	4,088	SH		SOLE		4,088	0	0
Stryker Corp	COM	863667101	310	3,835	SH		SOLE		3,835	0	0
Suncor Energy Inc	COM	867224107	358	9,900	SH		SOLE		9,900	0	0
Sunoco Logistics Partners LP	COM	86764l108	217	4,500	SH		SOLE		4,500	0	0
TD Ameritrade Holding Corp	COM	87236y108	1,556	46,640	SH		SOLE		46,640	0	0
TJX Companies Inc	COM	872540109	383	6,465	SH		SOLE		6,465	0	0
Target Corp	COM	87612e106	5,565	88,785	SH		SOLE		88,785	0	0
Tesla Motors Inc	COM	88160r101	286	1,180	SH		SOLE		1,180	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	539	10,037	SH		SOLE		10,037	0	0
Texas Instruments Inc	COM	882508104	229	4,800	SH		SOLE		4,800	0	0
Thermo Fisher Scientific Inc	COM	883556102	250	2,050	SH		SOLE		2,050	0	0
Toronto-Dominion Bank	COM	891160509	4,206	85,162	SH		SOLE		85,162	0	0
Total SA-Spon ADR	COM	89151e109	242	3,753	SH		SOLE		3,753	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,935	16,465	SH		SOLE		16,465	0	0
Travelers Cos Inc/The	COM	89417e109	3,175	33,794	SH		SOLE		33,794	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
Turquoise Hill Resources Ltd	COM	900435108	112	30,000	SH		SOLE		30,000	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,364	70,962	SH		SOLE		70,962	0	0
US Bancorp	COM	902973304	1,885	45,056	SH		SOLE		45,056	0	0
Unilever N V -NY Shares	COM	904784709	2,860	72,087	SH		SOLE		72,087	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,841	43,932	SH		SOLE		43,932	0	0
Union Pacific Corp	COM	907818108	1,120	10,329	SH		SOLE		10,329	0	0
United Parcel Service-Cl B	COM	911312106	6,960	70,814	SH		SOLE		70,814	0	0
United Technologies Corp	COM	913017109	2,906	27,521	SH		SOLE		27,521	0	0
UnitedHealth Group Inc	COM	91324P102	1,081	12,539	SH		SOLE		12,539	0	0
Utilities Select Sector SPDR	COM	81369y886	833	19,780	SH		SOLE		19,780	0	0
Vanguard Consumer Discretionar	COM	92204a108	356	3,279	SH		SOLE		3,279	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	268	2,280	SH		SOLE		2,280	0	0
Vanguard Dividend Appreciation	COM	921908844	448	5,820	SH		SOLE		5,820	0	0
Vanguard FTSE All-World Ex-US	COM	922042775	209	4,248	SH		SOLE		4,248	0	0
Vanguard Health Care Vipers	COM	92204a504	292	2,500	SH		SOLE		2,500	0	0
Vanguard High Div Yield ETF	COM	921946406	1,704	25,661	SH		SOLE		25,661	0	0
Vanguard Info Tech Vipers	COM	92204a702	385	3,850	SH		SOLE		3,850	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	1,013	11,201	SH		SOLE		11,201	0	0
Vanguard MSCI EAFE Index ETF	COM	921943858	2,376	59,783	SH		SOLE		59,783	0	0
Vanguard MSCI Emerging Market	COM	922042858	2,625	62,925	SH		SOLE		62,925	0	0
Vanguard Mid-Cap Vipers	COM	922908629	4,412	37,609	SH		SOLE		37,609	0	0
Vanguard REIT Vipers	COM	922908553	725	10,093	SH		SOLE		10,093	0	0
Vanguard Small-Cap Vipers	COM	922908751	5,709	51,606	SH		SOLE		51,606	0	0
Vanguard Total Stock Mk Vipers	COM	922908769	10,047	99,237	SH		SOLE		99,237	0	0
Varian Medical Systems Inc	COM	92220P105	895	11,172	SH		SOLE		11,172	0	0
Verizon Communications Inc	COM	92343v104	23,707	474,232	SH		SOLE		474,232	0	0
Vertex Pharmaceutical Inc	COM	92532f100	313	2,789	SH		SOLE		2,789	0	0
Visa Inc-Class A Shares	COM	92826c839	504	2,363	SH		SOLE		2,363	0	0
Vodafone Group PLC-Sp ADR	COM	92857w308	272	8,270	SH		SOLE		8,270	0	0
Vornado Realty Trust	COM	929042109	4,767	47,686	SH		SOLE		47,686	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
Wal-Mart Stores Inc	COM	931142103	1,098	14,364	SH		SOLE		14,364	0	0
Walgreen Co	COM	931422109	6,884	116,147	SH		SOLE		116,147	0	0
Waste Management Inc	COM	94106l109	6,394	134,531	SH		SOLE		134,531	0	0
WellPoint Inc	COM	94973V107	2,297	19,200	SH		SOLE		19,200	0	0
Wells Fargo & Company	COM	949746101	28,214	543,934	SH		SOLE		543,934	0	0
Westamerica Bancorportaion	COM	957090103	654	14,052	SH		SOLE		14,052	0	0
Weyerhaeuser Co	COM	962166104	1,177	36,940	SH		SOLE		36,940	0	0
Whirlpool Corp	COM	963320106	2,227	15,287	SH		SOLE		15,287	0	0
White Mountains Insurance Grou	COM	G9618E107	670	1,063	SH		SOLE		1,063	0	0
Whole Foods Market Inc	COM	966837106	4,621	121,253	SH		SOLE		121,253	0	0
Williams Cos Inc	COM	969457100	9,221	166,595	SH		SOLE		166,595	0	0
Wisconsin Energy Corp	COM	976657106	2,572	59,813	SH		SOLE		59,813	0	0
Xcel Energy Inc	COM	98389b100	222	7,299	SH		SOLE		7,299	0	0
Xylem Inc	COM	98419m100	298	8,406	SH		SOLE		8,406	0	0
Yahoo! Inc	COM	984332106	1,239	30,396	SH		SOLE		30,396	0	0
Yum! Brands Inc	COM	988498101	353	4,911	SH		SOLE		4,911	0	0
Zimmer Holdings Inc	COM	98956p102	1,336	13,288	SH		SOLE		13,288	0	0
Zogenix Inc	COM	98978l105	12	10,000	SH		SOLE		10,000	0	0
iPath DJ-UBS Copper Total Retu	COM	06739f101	549	15,105	SH		SOLE		15,105	0	0
iShares DJ EPAC Sel Div Inc In	COM	464288448	3,021	84,404	SH		SOLE		84,404	0	0
iShares DJ Select Dividend Ind	COM	464287168	6,302	85,321	SH		SOLE		85,321	0	0
iShares DJ US Consumer Noncycl	COM	464287812	210	2,125	SH		SOLE		2,125	0	0
iShares DJ US Energy Sector	COM	464287796	248	4,817	SH		SOLE		4,817	0	0
iShares DJ US Financial Sect	COM	464287788	1,049	12,527	SH		SOLE		12,527	0	0
iShares DJ US Healthcare Sec	COM	464287762	246	1,829	SH		SOLE		1,829	0	0
iShares DJ US Telecommunicatio	COM	464287713	451	15,062	SH		SOLE		15,062	0	0
iShares FTSE/Xinhua China 25	COM	464287184	288	7,525	SH		SOLE		7,525	0	0
iShares MSCI Brazil Index	COM	464286400	498	11,450	SH		SOLE		11,450	0	0
iShares MSCI Canada Index	COM	464286509	223	7,250	SH		SOLE		7,250	0	0
iShares MSCI EAFE Index	COM	464287465	1,976	30,816	SH		SOLE		30,816	0	0
iShares MSCI Emerging Markets	COM	464287234	590	14,195	SH		SOLE		14,195	0	0
iShares MSCI Hong Kong Index -	COM	464286871	355	17,465	SH		SOLE		17,465	0	0
iShares MSCI Pacific Ex Japan	COM	464286665	489	10,610	SH		SOLE		10,610	0	0
iShares MSCI Singapore Index	COM	464286673	135	10,117	SH		SOLE		10,117	0	0
iShares MSCI USA Quality Facto	COM	46432f339	685	11,495	SH		SOLE		11,495	0	0
iShares Microcap ETF	COM	464288869	434	6,249	SH		SOLE		6,249	0	0
iShares Nasdaq Biotech Index F	COM	464287556	1,910	6,980	SH		SOLE		6,980	0	0
iShares Russell 1000 Growth	COM	464287614	747	8,150	SH		SOLE		8,150	0	0
iShares Russell 1000 Value	COM	464287598	301	3,005	SH		SOLE		3,005	0	0
iShares Russell 2000 Index Fun	COM	464287655	825	7,549	SH		SOLE		7,549	0	0
iShares Russell Midcap Index	COM	464287499	332	2,097	SH		SOLE		2,097	0	0
iShares Russell Midcap Value I	COM	464287473	315	4,500	SH		SOLE		4,500	0	0
iShares S&P 100 Index Fund	COM	464287101	1,227	13,921	SH		SOLE		13,921	0	0
iShares S&P 500 Index Fund	COM	464287200	513	2,589	SH		SOLE		2,589	0	0
iShares S&P Europe 350	COM	464287861	3,179	70,530	SH		SOLE		70,530	0	0
iShares S&P GSCI Commodity-Ind	COM	46428r107	407	13,765	SH		SOLE		13,765	0	0
iShares S&P Global 100	COM	464287572	705	9,101	SH		SOLE		9,101	0	0
iShares S&P Latin American 40	COM	464287390	680	18,425	SH		SOLE		18,425	0	0
iShares S&P Midcap 400	COM	464287507	1,326	9,694	SH		SOLE		9,694	0	0
iShares S&P Midcap 400/Value	COM	464287705	395	3,285	SH		SOLE		3,285	0	0
iShares S&P SmallCap 600	COM	464287804	536	5,143	SH		SOLE		5,143	0	0
iShares S&P US Preferred Stock	COM	464288687	9,247	233,974	SH		SOLE		233,974	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	4,036	141,479	SH		SOLE		141,479	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	1,812	57,979	SH		SOLE		57,979	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	438	17,309	SH		SOLE		17,309	0	0
American Capital Agency 8.0% P	PFD	02503x204	995	39,048	SH		SOLE		39,048	0	0
American Capital Agncy 7.75% P	PFD	02503x303	454	18,590	SH		SOLE		18,590	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	266	10,950	SH		SOLE		10,950	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	754	30,400	SH		SOLE		30,400	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	240	9,767	SH		SOLE		9,767	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	698	26,024	SH		SOLE		26,024	0	0
Ares Capital 7.75% 2040 Call 1	PFD	04010l202	4,295	163,506	SH		SOLE		163,506	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	272	11,350	SH		SOLE		11,350	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	1,207	44,366	SH		SOLE		44,366	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	5,716	219,420	SH		SOLE		219,420	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	609	23,038	SH		SOLE		23,038	0	0
Atlas Pipeline 8.25% Cl 3/19 C	PFD	049392301	1,072	41,695	SH		SOLE		41,695	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	9,995	356,338	SH		SOLE		356,338	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	488	18,850	SH		SOLE		18,850	0	0
BAC Flt LIB+35 BB NCU QDI Cl 1	PFD	060505815	239	10,668	SH		SOLE		10,668	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	203	8,758	SH		SOLE		8,758	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	3,969	147,991	SH		SOLE		147,991	0	0
Banc of California 8.00% Perp	PFD	05990k403	303	11,580	SH		SOLE		11,580	0	0
Banco Santander 6.80% QDI Clbl	PFD	80281r706	280	11,074	SH		SOLE		11,074	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	504	19,602	SH		SOLE		19,602	0	0
Barclay's 6.625% Perpetual 9/1	PFD	06739f390	207	8,169	SH		SOLE		8,169	0	0
Barclays 7.75% Prp Cl 9/13 BB	PFD	06739h511	703	27,171	SH		SOLE		27,171	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	1,447	55,720	SH		SOLE		55,720	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	1,072	41,641	SH		SOLE		41,641	0	0
Breitburn Energy Partners 8.25	PFD	106776115	377	14,892	SH		SOLE		14,892	0	0
Campus Crest Comm 8.00% Perp C	PFD	13466y204	1,611	64,181	SH		SOLE		64,181	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	244	10,500	SH		SOLE		10,500	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,486	98,815	SH		SOLE		98,815	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	1,208	46,422	SH		SOLE		46,422	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	5,848	224,587	SH		SOLE		224,587	0	0
CenturyLink SnNotes 6.875% CL	PFD	74913g105	533	21,900	SH		SOLE		21,900	0	0
CenturyLink SnNotes 7.0% 2050	PFD	74913G402	1,366	54,300	SH		SOLE		54,300	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	2,530	96,819	SH		SOLE		96,819	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	257	10,800	SH		SOLE		10,800	0	0
Citigroup 7.125% FxdtoFlt Cl 9	PFD	172967358	3,933	147,145	SH		SOLE		147,145	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	315	11,710	SH		SOLE		11,710	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	224	8,315	SH		SOLE		8,315	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	2,013	77,293	SH		SOLE		77,293	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	363	13,991	SH		SOLE		13,991	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	2,524	96,502	SH		SOLE		96,502	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	516	19,535	SH		SOLE		19,535	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,531	59,410	SH		SOLE		59,410	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	3,226	113,314	SH		SOLE		113,314	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	605	23,353	SH		SOLE		23,353	0	0
Deutsche Bnk 6.625% Prp Cl 8/1	PFD	25153y206	288	11,363	SH		SOLE		11,363	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,592	57,427	SH		SOLE		57,427	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	560	22,203	SH		SOLE		22,203	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,725	144,720	SH		SOLE		144,720	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	1,735	68,768	SH		SOLE		68,768	0	0
Dominion Res 8.375% BBB Called	PFD	25746u604	709	28,155	SH		SOLE		28,155	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	2,557	98,959	SH		SOLE		98,959	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	3,760	144,000	SH		SOLE		144,000	0	0
Equity Comwlth 7.25% CUM Perp/	PFD	294628409	581	22,573	SH		SOLE		22,573	0	0
Excel Trust 8.125% CUM Call 1/	PFD	30068c307	1,518	57,610	SH		SOLE		57,610	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	1,551	58,800	SH		SOLE		58,800	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	734	29,635	SH		SOLE		29,635	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	1,670	65,577	SH		SOLE		65,577	0	0
Five Oaks Investment 8.75%Perp	PFD	33830w205	318	12,610	SH		SOLE		12,610	0	0
Gastar Exploration 10.75%Perp	PFD	36729p306	319	11,378	SH		SOLE		11,378	0	0
General Growth Prop 6.375% Cl	PFD	370023202	371	15,100	SH		SOLE		15,100	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	655	33,545	SH		SOLE		33,545	0	0
Goodrich Petroleum 9.75%CUM Q	PFD	382410884	378	14,904	SH		SOLE		14,904	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	777	30,985	SH		SOLE		30,985	0	0
HSBC Float 4.5%FL Clbl CUM QDI	PFD	40428h706	401	15,963	SH		SOLE		15,963	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	5,400	202,697	SH		SOLE		202,697	0	0
Hanover Insurance 6.35% Cl 3/1	PFD	410867204	294	12,200	SH		SOLE		12,200	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,511	51,050	SH		SOLE		51,050	0	0
Hudson Pacific 8.375% Perp N/R	PFD	444097208	1,135	43,487	SH		SOLE		43,487	0	0
ING Groep NV 7 3/8% Cl 10/12 B	PFD	456837707	1,769	69,249	SH		SOLE		69,249	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	302	11,763	SH		SOLE		11,763	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	968	37,042	SH		SOLE		37,042	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	217	8,549	SH		SOLE		8,549	0	0
JPMorgan Chse 6.70%Perp/Call 3	PFD	48127a161	1,028	40,231	SH		SOLE		40,231	0	0
KKR Financial 7.375% Prp Call	PFD	48248a603	649	25,150	SH		SOLE		25,150	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	4,999	187,387	SH		SOLE		187,387	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,742	62,220	SH		SOLE		62,220	0	0
Kimco Realty 6.90% Perp Call8/	PFD	49446r828	333	12,626	SH		SOLE		12,626	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	2,033	77,495	SH		SOLE		77,495	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	563	569	SH		SOLE		569	0	0
Magnum Hunter 8.00% Perp Call	PFD	55973b300	431	8,842	SH		SOLE		8,842	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,339	88,784	SH		SOLE		88,784	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	854	32,459	SH		SOLE		32,459	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,471	56,936	SH		SOLE		56,936	0	0
Merrill Lynch 7.28% Perp Cl 9/	PFD	59021k205	258	10,003	SH		SOLE		10,003	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	250	10,431	SH		SOLE		10,431	0	0
Montpelier RE 8.875% Perp QDI	PFD	g62185114	933	33,921	SH		SOLE		33,921	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	484	24,313	SH		SOLE		24,313	0	0
Morgan Stanley 7.125% Fxd-Flt	PFD	61762v200	1,174	43,635	SH		SOLE		43,635	0	0
National General Ins 7.50% Cal	PFD	636220709	2,158	87,429	SH		SOLE		87,429	0	0
Navios Maritime 8.625% Perp CU	PFD	63938y308	667	27,277	SH		SOLE		27,277	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	282	11,003	SH		SOLE		11,003	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	220	8,785	SH		SOLE		8,785	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	780	29,955	SH		SOLE		29,955	0	0
Oxford Lane Cap8.125% Cl6/2017	PFD	691543409	646	25,550	SH		SOLE		25,550	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	314	13,041	SH		SOLE		13,041	0	0
Partner Re 7.25% Call 06/16 BB	PFD	g68603508	6,194	230,519	SH		SOLE		230,519	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	2,654	100,162	SH		SOLE		100,162	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	824	32,107	SH		SOLE		32,107	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	484	18,692	SH		SOLE		18,692	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	365	14,100	SH		SOLE		14,100	0	0
Principal Fin 145Bp+30y QDI ($	PFD	74251v201	1,626	16,050	SH		SOLE		16,050	0	0
Prospect Captl 6.95% Sr Nts 20	PFD	74348t201	1,096	42,751	SH		SOLE		42,751	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	757	29,578	SH		SOLE		29,578	0	0
Public Storage 5.90% Perp CUM	PFD	74460w206	379	15,250	SH		SOLE		15,250	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	840	32,705	SH		SOLE		32,705	0	0
Public Storage 6.5% Perp Call	PFD	74460d158	394	15,150	SH		SOLE		15,150	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,773	67,604	SH		SOLE		67,604	0	0
Public Storage 6.875% Prp Cl7/	PFD	74460d182	1,238	47,753	SH		SOLE		47,753	0	0
Raymond James Financial 6.90%	PFD	754730208	772	29,535	SH		SOLE		29,535	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	311	11,900	SH		SOLE		11,900	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	442	18,100	SH		SOLE		18,100	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	409	16,700	SH		SOLE		16,700	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	407	14,800	SH		SOLE		14,800	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	486	18,900	SH		SOLE		18,900	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	2,243	88,638	SH		SOLE		88,638	0	0
Safe Bulkers 8.00% Cumulative	PFD	y7388l129	758	31,190	SH		SOLE		31,190	0	0
Scana Corp 7.70% 2065 Cl1/2015	PFD	80589m201	1,947	75,470	SH		SOLE		75,470	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	1,132	42,787	SH		SOLE		42,787	0	0
So Cal Ed Flt $100 Callable NC	PFD	842400756	1,795	17,482	SH		SOLE		17,482	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	300	12,500	SH		SOLE		12,500	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	696	6,640	SH		SOLE		6,640	0	0
Strategic Hotels&Resorts 8.25%	PFD	024296164	487	19,376	SH		SOLE		19,376	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	1,561	58,048	SH		SOLE		58,048	0	0
Sunstone Hotel 8.00% Perp CUM	PFD	867592507	343	12,839	SH		SOLE		12,839	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	252	9,951	SH		SOLE		9,951	0	0
Teekay Offshore 7.25%Perp CUM	PFD	y8565j127	541	21,831	SH		SOLE		21,831	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,489	141,499	SH		SOLE		141,499	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	866	34,621	SH		SOLE		34,621	0	0
US Bancorp 6.5% FxdToFlt Cl 2/	PFD	902973833	1,595	55,630	SH		SOLE		55,630	0	0
US Cellular 6.95% 2060 Cl 05/2	PFD	911684405	393	15,535	SH		SOLE		15,535	0	0
Vanguard Natrl Resources 7.625	PFD	92205f304	373	15,062	SH		SOLE		15,062	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	281	11,760	SH		SOLE		11,760	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,283	124,200	SH		SOLE		124,200	0	0
Vornado Realty7.875% BBB Calle	PFD	929043602	213	8,450	SH		SOLE		8,450	0	0
Wells Fargo 7.5% Cnv/Prp$1000	PFD	949746804	2,264	1,882	SH		SOLE		1,882	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	13,400	461,733	SH		SOLE		461,733	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,373	2,037,000	PRN		SOLE		2,037,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	291	295,000	PRN		SOLE		295,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	378	350,000	PRN		SOLE		350,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	2,043	1,765,000	PRN		SOLE		1,765,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,582	2,380,000	PRN		SOLE		2,380,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	1,146	1,050,000	PRN		SOLE		1,050,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,279	5,470,000	PRN		SOLE		5,470,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	590	540,000	PRN		SOLE		540,000	0	0