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	452	200	SH		SOLE		200	0	0
3M Co	COM	88579y101	11,690	71,143	SH		SOLE		71,143	0	0
ABB Ltd -Spon ADR	COM	000375204	3,561	168,351	SH		SOLE		168,351	0	0
AGL Resources Inc	COM	001204106	3,692	67,731	SH		SOLE		67,731	0	0
AT&T Inc	COM	00206r102	10,421	310,229	SH		SOLE		310,229	0	0
AbbVie Inc	COM	00287y109	9,374	143,242	SH		SOLE		143,242	0	0
Abbott Laboratories	COM	002824100	9,743	216,411	SH		SOLE		216,411	0	0
Accenture PLC-Cl A	COM	g1151c101	3,663	41,013	SH		SOLE		41,013	0	0
Actavis LTD	COM	g0083b108	574	2,228	SH		SOLE		2,228	0	0
Adobe Systems Inc	COM	00724f101	487	6,700	SH		SOLE		6,700	0	0
Aetna Inc	COM	00817Y108	565	6,360	SH		SOLE		6,360	0	0
Aflac Inc	COM	001055102	238	3,904	SH		SOLE		3,904	0	0
Agilent Technologies Inc	COM	00846u101	742	18,136	SH		SOLE		18,136	0	0
Air Products & Chemicals Inc	COM	009158106	4,725	32,759	SH		SOLE		32,759	0	0
Alerian MLP ETF	COM	00162q866	316	18,038	SH		SOLE		18,038	0	0
Allegion PLC	COM	g0176j109	212	3,821	SH		SOLE		3,821	0	0
Alliance Data Systems Corp	COM	018581108	355	1,240	SH		SOLE		1,240	0	0
Allstate Corp	COM	020002101	387	5,512	SH		SOLE		5,512	0	0
Altria Group Inc	COM	02209s103	7,866	159,646	SH		SOLE		159,646	0	0
Amarillo Gold Corp	COM	02301t108	78	1,400,000	SH		SOLE		1,400,000	0	0
American Electric Power	COM	025537101	526	8,666	SH		SOLE		8,666	0	0
American Express Co	COM	025816109	3,265	35,098	SH		SOLE		35,098	0	0
American International Group	COM	026874784	218	3,891	SH		SOLE		3,891	0	0
AmerisourceBergen Corp	COM	03073e105	332	3,680	SH		SOLE		3,680	0	0
Amgen Inc	COM	031162100	2,117	13,288	SH		SOLE		13,288	0	0
Anthem Inc	COM	036752103	2,409	19,170	SH		SOLE		19,170	0	0
Apple Inc	COM	037833100	23,354	211,574	SH		SOLE		211,574	0	0
Archer-Daniels-Midland Co	COM	039483102	694	13,353	SH		SOLE		13,353	0	0
Automatic Data Processing	COM	053015103	10,273	123,219	SH		SOLE		123,219	0	0
BCE Inc	COM	05534b760	2,991	65,224	SH		SOLE		65,224	0	0
Bank Of Marin Bancorp/CA	COM	063425102	652	12,401	SH		SOLE		12,401	0	0
Bank of America Corp	COM	060505104	3,085	172,448	SH		SOLE		172,448	0	0
Bank of Montreal	COM	063671101	733	10,370	SH		SOLE		10,370	0	0
Baxter International Inc.	COM	071813109	623	8,503	SH		SOLE		8,503	0	0
Becton Dickinson & Co	COM	075887109	881	6,332	SH		SOLE		6,332	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,209	21,371	SH		SOLE		21,371	0	0
Biogen Idec Inc	COM	09062x103	1,488	4,384	SH		SOLE		4,384	0	0
Blackrock Inc	COM	09247x101	250	699	SH		SOLE		699	0	0
Blackstone Group/The	COM	09253u108	690	20,407	SH		SOLE		20,407	0	0
Boeing Co	COM	097023105	3,125	24,045	SH		SOLE		24,045	0	0
Bristol-Myers Squibb Co	COM	110122108	15,675	265,549	SH		SOLE		265,549	0	0
CBS Corp-Class B	COM	124857202	349	6,311	SH		SOLE		6,311	0	0
CDK Global Inc	COM	12508e101	252	6,184	SH		SOLE		6,184	0	0
CVS Health Corp	COM	126650100	4,260	44,227	SH		SOLE		44,227	0	0
California Resources Corp	COM	13057q107	82	14,901	SH		SOLE		14,901	0	0
CarMax Inc	COM	143130102	235	3,524	SH		SOLE		3,524	0	0
Carlyle Group/The	COM	14309l102	2,270	82,536	SH		SOLE		82,536	0	0
Caterpillar Inc	COM	149123101	1,948	21,278	SH		SOLE		21,278	0	0
Celgene Corp	COM	151020104	557	4,983	SH		SOLE		4,983	0	0
CenterPoint Energy Inc	COM	15189t107	2,580	110,114	SH		SOLE		110,114	0	0
Cerner Corp	COM	156782104	2,343	36,240	SH		SOLE		36,240	0	0
Cerus Corp	COM	157085101	62	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	408	5,191	SH		SOLE		5,191	0	0
Chevron Corp	COM	166764100	25,069	223,467	SH		SOLE		223,467	0	0
Chubb Corp	COM	171232101	3,161	30,550	SH		SOLE		30,550	0	0
Cisco Systems Inc	COM	17275R102	3,380	121,508	SH		SOLE		121,508	0	0
Citigroup Inc	COM	172967424	407	7,524	SH		SOLE		7,524	0	0
Clorox Company	COM	189054109	8,543	81,975	SH		SOLE		81,975	0	0
Coca-Cola Co/The	COM	191216100	5,063	119,927	SH		SOLE		119,927	0	0
Colgate-Palmolive Co	COM	194162103	8,269	119,506	SH		SOLE		119,506	0	0
Comcast Corp-Cl A	COM	20030n101	6,715	115,753	SH		SOLE		115,753	0	0
Comerica Inc	COM	200340107	764	16,319	SH		SOLE		16,319	0	0
Conagra Foods Inc	COM	205887102	1,223	33,706	SH		SOLE		33,706	0	0
ConocoPhillips	COM	20825C104	14,826	214,686	SH		SOLE		214,686	0	0
Consolidated Edison Inc	COM	209115104	1,149	17,408	SH		SOLE		17,408	0	0
Consumer Staples SPDR	COM	81369y308	4,386	90,456	SH		SOLE		90,456	0	0
Costco Wholesale Corp	COM	22160K105	12,545	88,502	SH		SOLE		88,502	0	0
DIRECTV Group Inc/The	COM	25490a309	384	4,433	SH		SOLE		4,433	0	0
DTE Energy Company	COM	233331107	522	6,047	SH		SOLE		6,047	0	0
Danaher Corp	COM	235851102	4,348	50,729	SH		SOLE		50,729	0	0
Deere & Co	COM	244199105	1,543	17,440	SH		SOLE		17,440	0	0
Deluxe Corp	COM	248019101	218	3,500	SH		SOLE		3,500	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	407	3,569	SH		SOLE		3,569	0	0
Dick's Sporting Goods Inc	COM	253393102	821	16,538	SH		SOLE		16,538	0	0
Disney Co./Walt The	COM	254687106	6,851	72,738	SH		SOLE		72,738	0	0
Dominion Resources Inc/Va	COM	25746u109	598	7,778	SH		SOLE		7,778	0	0
Dow Chemical	COM	260543103	422	9,248	SH		SOLE		9,248	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	816	11,388	SH		SOLE		11,388	0	0
Du Pont (E.I.) De Nemours	COM	263534109	9,496	128,426	SH		SOLE		128,426	0	0
Duke Energy Corp	COM	26441c204	4,062	48,625	SH		SOLE		48,625	0	0
EGShares Emerging Markets Cons	COM	268461779	4,755	187,660	SH		SOLE		187,660	0	0
EMC Corp/Mass	COM	268648102	555	18,666	SH		SOLE		18,666	0	0
ETFS Physical Precious Metals	COM	26922w109	580	9,520	SH		SOLE		9,520	0	0
Eaton Corp PLC	COM	g29183103	1,314	19,328	SH		SOLE		19,328	0	0
Ecolab Inc	COM	278865100	5,468	52,318	SH		SOLE		52,318	0	0
Edison International	COM	281020107	4,612	70,438	SH		SOLE		70,438	0	0
Eli Lilly & Co	COM	532457108	3,808	55,193	SH		SOLE		55,193	0	0
Emerson Electric Co	COM	291011104	2,146	34,768	SH		SOLE		34,768	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
EnerSys	COM	29275y102	273	4,430	SH		SOLE		4,430	0	0
Energy Transfer Equity LP	COM	29273v100	459	8,000	SH		SOLE		8,000	0	0
Energy Transfer Partners LP	COM	29273r109	266	4,090	SH		SOLE		4,090	0	0
Enterprise Products Partners	COM	293792107	1,545	42,765	SH		SOLE		42,765	0	0
Equity Residential	COM	29476l107	222	3,090	SH		SOLE		3,090	0	0
Essex Property Trust Inc	COM	297178105	477	2,310	SH		SOLE		2,310	0	0
Eurasian Minerals Inc	COM	29843r100	41	54,086	SH		SOLE		54,086	0	0
Express Scripts Holding Co.	COM	30219g108	1,203	14,214	SH		SOLE		14,214	0	0
Exxon Mobil Corp	COM	30231G102	13,854	149,849	SH		SOLE		149,849	0	0
Facebook Inc	COM	30303m102	415	5,324	SH		SOLE		5,324	0	0
FedEx Corp	COM	31428x106	620	3,570	SH		SOLE		3,570	0	0
First Trust Dividend Leaders I	COM	336917109	1,308	54,569	SH		SOLE		54,569	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	365	12,412	SH		SOLE		12,412	0	0
First Trust Mid Cap Value ETF	COM	33737m201	284	9,168	SH		SOLE		9,168	0	0
Flagstar Bancorp Inc	COM	337930705	157	10,000	SH		SOLE		10,000	0	0
Fluor Corp	COM	343412102	250	4,120	SH		SOLE		4,120	0	0
Ford Motor Co	COM	345370860	2,221	143,308	SH		SOLE		143,308	0	0
Fortinet Inc	COM	34959e109	219	7,150	SH		SOLE		7,150	0	0
Franklin Resources Inc	COM	354613101	361	6,525	SH		SOLE		6,525	0	0
Freeport-McMoRan Copper & Gold	COM	35671d857	1,780	76,191	SH		SOLE		76,191	0	0
Frontier Communications Corp	COM	35906a108	106	15,958	SH		SOLE		15,958	0	0
General Dynamics Corp	COM	369550108	2,160	15,693	SH		SOLE		15,693	0	0
General Electric Co	COM	369604103	17,396	688,394	SH		SOLE		688,394	0	0
General Mills Inc	COM	370334104	5,025	94,225	SH		SOLE		94,225	0	0
Genuine Parts Co	COM	372460105	5,591	52,465	SH		SOLE		52,465	0	0
Gilead Sciences Inc	COM	375558103	1,903	20,187	SH		SOLE		20,187	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	1,912	44,742	SH		SOLE		44,742	0	0
Global Brands Group Holding	COM	g39338101	2	10,000	SH		SOLE		10,000	0	0
Global X SuperIncome Preferred	COM	37950e333	173	11,904	SH		SOLE		11,904	0	0
Goldman Sachs Group Inc	COM	38141G104	474	2,445	SH		SOLE		2,445	0	0
Google Inc-Cl A	COM	38259P508	2,351	4,431	SH		SOLE		4,431	0	0
Google Inc-Cl C	COM	38259p706	2,053	3,900	SH		SOLE		3,900	0	0
Grainger (W.W.) Inc	COM	384802104	316	1,238	SH		SOLE		1,238	0	0
Guggenheim BRIC ETF	COM	18383m100	287	10,035	SH		SOLE		10,035	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	713	5,031	SH		SOLE		5,031	0	0
Guggenheim S&P Equal Weight	COM	78355w106	648	8,094	SH		SOLE		8,094	0	0
HCP Inc	COM	40414l109	5,718	129,869	SH		SOLE		129,869	0	0
HPEV Inc	COM	404273104	9	17,800	SH		SOLE		17,800	0	0
Harman International	COM	413086109	759	7,110	SH		SOLE		7,110	0	0
Hershey Co/The	COM	427866108	222	2,134	SH		SOLE		2,134	0	0
Hess Corp	COM	42809h107	532	7,200	SH		SOLE		7,200	0	0
Hewlett-Packard Co	COM	428236103	2,766	68,933	SH		SOLE		68,933	0	0
Home Depot Inc	COM	437076102	6,224	59,289	SH		SOLE		59,289	0	0
Honeywell International Inc	COM	438516106	5,311	53,154	SH		SOLE		53,154	0	0
Hormel Foods Corp	COM	440452100	241	4,620	SH		SOLE		4,620	0	0
Hubbell Inc -Cl B	COM	443510201	214	2,000	SH		SOLE		2,000	0	0
Illinois Tool Works	COM	452308109	398	4,199	SH		SOLE		4,199	0	0
Infinito Gold Ltd	COM	45671c106	0	28,130	SH		SOLE		28,130	0	0
Ingersoll-Rand PLC	COM	g47791101	1,431	22,573	SH		SOLE		22,573	0	0
Integral Technologies Inc	COM	45810j103	8	17,000	SH		SOLE		17,000	0	0
Integrys Energy Group Inc	COM	45822p105	218	2,804	SH		SOLE		2,804	0	0
Intel Corp	COM	458140100	14,251	392,691	SH		SOLE		392,691	0	0
InterContinental Hotels-ADR	COM	45857p509	2,359	58,911	SH		SOLE		58,911	0	0
Intl Business Machines Corp	COM	459200101	7,352	45,821	SH		SOLE		45,821	0	0
Intl Flavors & Fragrances	COM	459506101	540	5,325	SH		SOLE		5,325	0	0
JPMorgan Chase & Co	COM	46625H100	6,952	111,096	SH		SOLE		111,096	0	0
Jacobs Engineering Group Inc	COM	469814107	311	6,969	SH		SOLE		6,969	0	0
Johnson & Johnson	COM	478160104	21,290	203,593	SH		SOLE		203,593	0	0
Johnson Controls Inc	COM	478366107	1,436	29,697	SH		SOLE		29,697	0	0
Keysight Technologies Inc	COM	49338l103	306	9,049	SH		SOLE		9,049	0	0
Kimberly-Clark Corp	COM	494368103	10,656	92,226	SH		SOLE		92,226	0	0
Kinder Morgan Inc	COM	49456b101	1,659	39,210	SH		SOLE		39,210	0	0
Kohl's Corp	COM	500255104	366	6,000	SH		SOLE		6,000	0	0
Kraft Foods Group	COM	50076q106	2,190	34,944	SH		SOLE		34,944	0	0
L-3 Communications Holdings	COM	502424104	362	2,871	SH		SOLE		2,871	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,562	14,480	SH		SOLE		14,480	0	0
Lam Research Corp	COM	512807108	202	2,550	SH		SOLE		2,550	0	0
Li & Fung Ltd	COM	g5485f169	9	10,000	SH		SOLE		10,000	0	0
Linn Co LLC	COM	535782106	159	15,300	SH		SOLE		15,300	0	0
Linn Energy LLC-Units	COM	536020100	393	38,750	SH		SOLE		38,750	0	0
Lockheed Martin Corp	COM	539830109	1,453	7,543	SH		SOLE		7,543	0	0
Lowe's Cos Inc	COM	548661107	4,245	61,704	SH		SOLE		61,704	0	0
Lululemon Athletica Inc	COM	550021109	431	7,734	SH		SOLE		7,734	0	0
Macy's Inc	COM	55616p104	2,117	32,203	SH		SOLE		32,203	0	0
Magellan Midstream Partners	COM	559080106	218	2,632	SH		SOLE		2,632	0	0
Mallinckrodt PLC	COM	g5785g107	406	4,097	SH		SOLE		4,097	0	0
Manulife Financial Corp	COM	56501r106	398	20,855	SH		SOLE		20,855	0	0
Marathon Oil Corp	COM	565849106	297	10,498	SH		SOLE		10,498	0	0
Marathon Petroleum Corp	COM	56585a102	322	3,572	SH		SOLE		3,572	0	0
Market Vectors Agribusiness ET	COM	57060u605	885	16,840	SH		SOLE		16,840	0	0
Market Vectors Pharmaceutical	COM	57060u217	572	8,900	SH		SOLE		8,900	0	0
McCormick & Co-Non Vtg Shrs	COM	579780206	1,558	20,967	SH		SOLE		20,967	0	0
McDonald's Corp	COM	580135101	9,845	105,073	SH		SOLE		105,073	0	0
McGraw Hill Financial Inc	COM	580645109	743	8,345	SH		SOLE		8,345	0	0
Medical Properties Trust Inc	COM	58463j304	374	27,134	SH		SOLE		27,134	0	0
Medtronic Inc	COM	585055106	5,393	74,697	SH		SOLE		74,697	0	0
Merck & Co. Inc.	COM	58933y105	7,192	126,641	SH		SOLE		126,641	0	0
Microsoft Corp	COM	594918104	8,307	178,838	SH		SOLE		178,838	0	0
Mondelez International	COM	609207105	2,084	57,382	SH		SOLE		57,382	0	0
Morgan Stanley	COM	617446448	1,700	43,820	SH		SOLE		43,820	0	0
Mylan Inc	COM	628530107	2,031	36,036	SH		SOLE		36,036	0	0
NXP Semiconductors Nv	COM	n6596x109	316	4,140	SH		SOLE		4,140	0	0
Nabors Industries Ltd	COM	g6359f103	480	36,956	SH		SOLE		36,956	0	0
National Oilwell Varco Inc	COM	637071101	261	3,977	SH		SOLE		3,977	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,351	59,648	SH		SOLE		59,648	0	0
NextEra Energy Inc	COM	65339f101	10,903	102,574	SH		SOLE		102,574	0	0
Nike Inc -Cl B	COM	654106103	6,981	72,608	SH		SOLE		72,608	0	0
Nordstrom Inc	COM	655664100	537	6,762	SH		SOLE		6,762	0	0
Norfolk Southern Corp	COM	655844108	522	4,765	SH		SOLE		4,765	0	0
Northeast Utilities	COM	664397106	329	6,155	SH		SOLE		6,155	0	0
Novartis Ag-ADR	COM	66987v109	3,907	42,170	SH		SOLE		42,170	0	0
Occidental Petroleum Corp	COM	674599105	5,845	72,504	SH		SOLE		72,504	0	0
Oracle Corp	COM	68389x105	4,543	101,023	SH		SOLE		101,023	0	0
Owens Realty Mortgage Inc	COM	690828108	785	53,575	SH		SOLE		53,575	0	0
P G & E Corp	COM	69331c108	533	10,008	SH		SOLE		10,008	0	0
PPG Industries Inc	COM	693506107	212	917	SH		SOLE		917	0	0
Paccar Inc	COM	693718108	1,892	27,821	SH		SOLE		27,821	0	0
Palo Alto Networks	COM	697435105	256	2,090	SH		SOLE		2,090	0	0
PepsiCo Inc	COM	713448108	7,988	84,478	SH		SOLE		84,478	0	0
Pfizer Inc	COM	717081103	7,825	251,195	SH		SOLE		251,195	0	0
Philip Morris International	COM	718172109	2,121	26,041	SH		SOLE		26,041	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Plains All American Pipeline L	COM	726503105	309	6,022	SH		SOLE		6,022	0	0
Plum Creek Timber Co	COM	729251108	228	5,339	SH		SOLE		5,339	0	0
Potash Corp Of Saskatchewan	COM	73755l107	1,112	31,475	SH		SOLE		31,475	0	0
PowerShares Buyback Achievers	COM	73935x286	240	5,001	SH		SOLE		5,001	0	0
PowerShares Preferred Portfoli	COM	73936t565	5,563	378,408	SH		SOLE		378,408	0	0
PowerShares S&P Low Volatility	COM	73937b779	206	5,430	SH		SOLE		5,430	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	2,122	20,552	SH		SOLE		20,552	0	0
Praxair Inc	COM	74005p104	3,025	23,351	SH		SOLE		23,351	0	0
Preferred Apartment Communitie	COM	74039l103	1,696	186,424	SH		SOLE		186,424	0	0
ProLogis Inc	COM	74340w103	373	8,663	SH		SOLE		8,663	0	0
Procter & Gamble Co	COM	742718109	21,110	231,745	SH		SOLE		231,745	0	0
Public Service Enterprise Grou	COM	744573106	1,881	45,433	SH		SOLE		45,433	0	0
Qualcomm Inc	COM	747525103	1,111	14,946	SH		SOLE		14,946	0	0
Quest Diagnostics	COM	74834l100	421	6,275	SH		SOLE		6,275	0	0
Realty Income Corp	COM	756109104	7,163	150,142	SH		SOLE		150,142	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	584	1,424	SH		SOLE		1,424	0	0
Retail Properties of America	COM	76131v202	656	39,293	SH		SOLE		39,293	0	0
Robert Half Intl Inc	COM	770323103	309	5,300	SH		SOLE		5,300	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	1,879	55,290	SH		SOLE		55,290	0	0
Rock Tenn Company - Class A	COM	772739207	245	4,010	SH		SOLE		4,010	0	0
Rockwood Holdings Inc	COM	774415103	1,612	20,460	SH		SOLE		20,460	0	0
Roper Industries Inc	COM	776696106	274	1,750	SH		SOLE		1,750	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	356	5,324	SH		SOLE		5,324	0	0
SPDR Consumer Discretionary Se	COM	81369y407	4,176	57,879	SH		SOLE		57,879	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	866	4,871	SH		SOLE		4,871	0	0
SPDR Energy Select Sector	COM	81369y506	3,634	45,903	SH		SOLE		45,903	0	0
SPDR Financial Select Sector	COM	81369y605	3,488	141,048	SH		SOLE		141,048	0	0
SPDR Gold Trust	COM	78463v107	922	8,120	SH		SOLE		8,120	0	0
SPDR Health Care Select Sector	COM	81369y209	5,087	74,388	SH		SOLE		74,388	0	0
SPDR Industrial Select Sector	COM	81369y704	3,987	70,461	SH		SOLE		70,461	0	0
SPDR Materials Select Sector	COM	81369y100	1,220	25,105	SH		SOLE		25,105	0	0
SPDR S&P Biotech ETF	COM	78464a870	660	3,538	SH		SOLE		3,538	0	0
SPDR S&P Dividend ETF	COM	78464a763	10,428	132,341	SH		SOLE		132,341	0	0
SPDR S&P Emerging Markets Smal	COM	78463x756	252	5,675	SH		SOLE		5,675	0	0
SPDR S&P Intl Dividend	COM	78463x772	469	11,160	SH		SOLE		11,160	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	9,631	36,486	SH		SOLE		36,486	0	0
SPDR S&P500 Index Trust Series	COM	78462f103	8,182	39,806	SH		SOLE		39,806	0	0
SPDR Technology Select Sector	COM	81369y803	6,348	153,516	SH		SOLE		153,516	0	0
Salesforce.Com Inc	COM	79466l302	664	11,197	SH		SOLE		11,197	0	0
Sanofi-ADR	COM	80105n105	4,170	91,430	SH		SOLE		91,430	0	0
Scana Corp	COM	80589m102	858	14,207	SH		SOLE		14,207	0	0
Scandium International Mining	COM	80600l109	2	23,400	SH		SOLE		23,400	0	0
Schlumberger Ltd	COM	806857108	2,553	29,889	SH		SOLE		29,889	0	0
Schwab (Charles) Corp	COM	808513105	1,228	40,675	SH		SOLE		40,675	0	0
Schwab U.S. Broad Market ETF	COM	808524102	1,456	29,229	SH		SOLE		29,229	0	0
Schwab U.S. Large-Cap ETF	COM	808524201	2,177	44,386	SH		SOLE		44,386	0	0
Schwab U.S. Mid-Cap ETF	COM	808524508	1,885	46,341	SH		SOLE		46,341	0	0
Schwab U.S. Small-Cap ETF	COM	808524607	1,048	19,022	SH		SOLE		19,022	0	0
Schwab US Dividend Equity ETF	COM	808524797	1,006	25,237	SH		SOLE		25,237	0	0
Sempra Energy	COM	816851109	2,191	19,672	SH		SOLE		19,672	0	0
Siemens Ag-Spons ADR	COM	826197501	245	2,185	SH		SOLE		2,185	0	0
Sierra Vista Bank	COM	82651b105	90	20,000	SH		SOLE		20,000	0	0
Silvercorp Metals Inc	COM	82835p103	13	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	210	1,155	SH		SOLE		1,155	0	0
Sirius XM Holdings Inc	COM	82968b103	530	151,484	SH		SOLE		151,484	0	0
Southern Co	COM	842587107	2,881	58,674	SH		SOLE		58,674	0	0
Southern Copper Corp	COM	84265v105	326	11,569	SH		SOLE		11,569	0	0
Southwestern Energy Co	COM	845467109	432	15,831	SH		SOLE		15,831	0	0
Spectra Energy Corp	COM	847560109	4,709	129,713	SH		SOLE		129,713	0	0
Spectral Medical Inc	COM	847577103	7	25,000	SH		SOLE		25,000	0	0
St Jude Medical Inc	COM	790849103	823	12,651	SH		SOLE		12,651	0	0
Stanley Black & Decker Inc	COM	854502101	4,303	44,784	SH		SOLE		44,784	0	0
Starbucks Corp	COM	855244109	2,775	33,817	SH		SOLE		33,817	0	0
State Street Corp	COM	857477103	323	4,120	SH		SOLE		4,120	0	0
Stryker Corp	COM	863667101	362	3,835	SH		SOLE		3,835	0	0
Suncor Energy Inc	COM	867224107	264	8,300	SH		SOLE		8,300	0	0
Sysco Corp	COM	871829107	223	5,608	SH		SOLE		5,608	0	0
T Rowe Price Group Inc	COM	74144t108	215	2,505	SH		SOLE		2,505	0	0
TD Ameritrade Holding Corp	COM	87236y108	1,685	47,103	SH		SOLE		47,103	0	0
TJX Companies Inc	COM	872540109	440	6,413	SH		SOLE		6,413	0	0
Target Corp	COM	87612e106	7,182	94,609	SH		SOLE		94,609	0	0
Tesla Motors Inc	COM	88160r101	331	1,488	SH		SOLE		1,488	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	440	7,656	SH		SOLE		7,656	0	0
Texas Instruments Inc	COM	882508104	294	5,500	SH		SOLE		5,500	0	0
Thermo Fisher Scientific Inc	COM	883556102	251	2,001	SH		SOLE		2,001	0	0
Time Warner Cable Inc	COM	88732j207	323	2,123	SH		SOLE		2,123	0	0
Time Warner Inc	COM	887317303	786	9,204	SH		SOLE		9,204	0	0
Toronto-Dominion Bank	COM	891160509	4,354	91,127	SH		SOLE		91,127	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	2,417	19,260	SH		SOLE		19,260	0	0
Travelers Cos Inc/The	COM	89417e109	3,496	33,027	SH		SOLE		33,027	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
Turquoise Hill Resources Ltd	COM	900435108	93	30,000	SH		SOLE		30,000	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,686	72,817	SH		SOLE		72,817	0	0
UDR Inc	COM	902653104	218	7,080	SH		SOLE		7,080	0	0
US Bancorp	COM	902973304	2,132	47,423	SH		SOLE		47,423	0	0
Unilever N V -NY Shares	COM	904784709	2,886	73,932	SH		SOLE		73,932	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,769	43,699	SH		SOLE		43,699	0	0
Union Pacific Corp	COM	907818108	1,700	14,271	SH		SOLE		14,271	0	0
United Parcel Service-Cl B	COM	911312106	8,747	78,681	SH		SOLE		78,681	0	0
United Technologies Corp	COM	913017109	3,278	28,505	SH		SOLE		28,505	0	0
UnitedHealth Group Inc	COM	91324P102	960	9,492	SH		SOLE		9,492	0	0
Utilities Select Sector SPDR	COM	81369y886	1,242	26,304	SH		SOLE		26,304	0	0
VF Corp	COM	918204108	209	2,792	SH		SOLE		2,792	0	0
Vanguard Consumer Discretionar	COM	92204a108	384	3,289	SH		SOLE		3,289	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	296	2,360	SH		SOLE		2,360	0	0
Vanguard Dividend Appreciation	COM	921908844	583	7,186	SH		SOLE		7,186	0	0
Vanguard European Vipers	COM	922042874	728	13,895	SH		SOLE		13,895	0	0
Vanguard FTSE Developed Market	COM	921943858	1,745	46,065	SH		SOLE		46,065	0	0
Vanguard FTSE Emerging Markets	COM	922042858	1,666	41,640	SH		SOLE		41,640	0	0
Vanguard Health Care Vipers	COM	92204a504	324	2,580	SH		SOLE		2,580	0	0
Vanguard High Div Yield ETF	COM	921946406	1,839	26,744	SH		SOLE		26,744	0	0
Vanguard Info Tech Vipers	COM	92204a702	467	4,468	SH		SOLE		4,468	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	1,057	11,201	SH		SOLE		11,201	0	0
Vanguard Mid-Cap	COM	922908629	3,684	29,816	SH		SOLE		29,816	0	0
Vanguard REIT	COM	922908553	1,113	13,735	SH		SOLE		13,735	0	0
Vanguard Small-Cap Vipers	COM	922908751	4,646	39,821	SH		SOLE		39,821	0	0
Vanguard Total Stock Market	COM	922908769	12,729	120,084	SH		SOLE		120,084	0	0
Varian Medical Systems Inc	COM	92220P105	1,077	12,447	SH		SOLE		12,447	0	0
Verizon Communications Inc	COM	92343v104	22,970	491,027	SH		SOLE		491,027	0	0
Visa Inc-Class A Shares	COM	92826c839	602	2,296	SH		SOLE		2,296	0	0
Vornado Realty Trust	COM	929042109	5,684	48,286	SH		SOLE		48,286	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
Wal-Mart Stores Inc	COM	931142103	1,289	15,013	SH		SOLE		15,013	0	0
Walgreens Boots Alliance Inc	COM	931427108	9,498	124,648	SH		SOLE		124,648	0	0
Waste Management Inc	COM	94106l109	7,413	144,453	SH		SOLE		144,453	0	0
Wells Fargo & Company	COM	949746101	30,572	557,678	SH		SOLE		557,678	0	0
Westamerica Bancorportaion	COM	957090103	615	12,551	SH		SOLE		12,551	0	0
Weyerhaeuser Co	COM	962166104	1,039	28,940	SH		SOLE		28,940	0	0
Whirlpool Corp	COM	963320106	2,959	15,272	SH		SOLE		15,272	0	0
White Mountains Insurance Grou	COM	g9618e107	670	1,063	SH		SOLE		1,063	0	0
Whole Foods Market Inc	COM	966837106	6,615	131,204	SH		SOLE		131,204	0	0
Williams Cos Inc	COM	969457100	8,334	185,439	SH		SOLE		185,439	0	0
Wisconsin Energy Corp	COM	976657106	4,520	85,696	SH		SOLE		85,696	0	0
Xcel Energy Inc	COM	98389b100	442	12,299	SH		SOLE		12,299	0	0
Xylem Inc	COM	98419m100	289	7,582	SH		SOLE		7,582	0	0
Yahoo! Inc	COM	984332106	1,419	28,100	SH		SOLE		28,100	0	0
Yum! Brands Inc	COM	988498101	353	4,840	SH		SOLE		4,840	0	0
Zebra Technologies Corp-Cl A	COM	989207105	201	2,600	SH		SOLE		2,600	0	0
Zimmer Holdings Inc	COM	98956p102	1,548	13,648	SH		SOLE		13,648	0	0
Zogenix Inc	COM	98978l105	14	10,000	SH		SOLE		10,000	0	0
iShares DJ EPAC Sel Div Inc In	COM	464288448	2,325	69,013	SH		SOLE		69,013	0	0
iShares DJ Select Dividend Ind	COM	464287168	6,597	83,081	SH		SOLE		83,081	0	0
iShares DJ US Consumer Noncycl	COM	464287812	223	2,125	SH		SOLE		2,125	0	0
iShares DJ US Financial Sect	COM	464287788	1,261	13,984	SH		SOLE		13,984	0	0
iShares DJ US Health Car Pro	COM	464288828	243	2,052	SH		SOLE		2,052	0	0
iShares DJ US Healthcare Sec	COM	464287762	264	1,829	SH		SOLE		1,829	0	0
iShares DJ US Telecommunicatio	COM	464287713	674	23,031	SH		SOLE		23,031	0	0
iShares DJ US Transport Index	COM	464287192	1,021	6,220	SH		SOLE		6,220	0	0
iShares FTSE/Xinhua China 25	COM	464287184	1,012	24,305	SH		SOLE		24,305	0	0
iShares GS Natural Resources I	COM	464287374	700	18,268	SH		SOLE		18,268	0	0
iShares Gold Trust	COM	464285105	735	64,285	SH		SOLE		64,285	0	0
iShares Goldman Sachs Tech I	COM	464287721	252	2,410	SH		SOLE		2,410	0	0
iShares MCSI EAFE Growth Index	COM	464288885	257	3,900	SH		SOLE		3,900	0	0
iShares MSCI Australia Index	COM	464286103	585	26,400	SH		SOLE		26,400	0	0
iShares MSCI Canada Index	COM	464286509	746	25,845	SH		SOLE		25,845	0	0
iShares MSCI EAFE Index	COM	464287465	1,380	22,688	SH		SOLE		22,688	0	0
iShares MSCI EAFE Value Index	COM	464288877	257	5,040	SH		SOLE		5,040	0	0
iShares MSCI EMU Index-Europea	COM	464286608	363	10,000	SH		SOLE		10,000	0	0
iShares MSCI Emerging Markets	COM	464287234	1,199	30,508	SH		SOLE		30,508	0	0
iShares MSCI Hong Kong Index -	COM	464286871	721	35,080	SH		SOLE		35,080	0	0
iShares MSCI Mexico Index	COM	464286822	323	5,445	SH		SOLE		5,445	0	0
iShares MSCI Singapore Index	COM	464286673	321	24,550	SH		SOLE		24,550	0	0
iShares MSCI South Korea Index	COM	464286772	288	5,215	SH		SOLE		5,215	0	0
iShares MSCI USA Quality Facto	COM	46432f339	716	11,498	SH		SOLE		11,498	0	0
iShares Microcap ETF	COM	464288869	598	7,769	SH		SOLE		7,769	0	0
iShares Nasdaq Biotech Index F	COM	464287556	3,139	10,346	SH		SOLE		10,346	0	0
iShares Russell 1000 Growth	COM	464287614	721	7,537	SH		SOLE		7,537	0	0
iShares Russell 1000 Value	COM	464287598	314	3,005	SH		SOLE		3,005	0	0
iShares Russell 2000 Index Fun	COM	464287655	1,207	10,093	SH		SOLE		10,093	0	0
iShares Russell Midcap Index	COM	464287499	350	2,097	SH		SOLE		2,097	0	0
iShares Russell Midcap Value I	COM	464287473	332	4,500	SH		SOLE		4,500	0	0
iShares S&P 100 Index Fund	COM	464287101	1,758	19,336	SH		SOLE		19,336	0	0
iShares S&P 500 Index Fund	COM	464287200	596	2,883	SH		SOLE		2,883	0	0
iShares S&P Europe 350	COM	464287861	2,602	61,186	SH		SOLE		61,186	0	0
iShares S&P Global 100	COM	464287572	694	9,101	SH		SOLE		9,101	0	0
iShares S&P Midcap 400	COM	464287507	1,404	9,695	SH		SOLE		9,695	0	0
iShares S&P Midcap 400/Value	COM	464287705	418	3,270	SH		SOLE		3,270	0	0
iShares S&P SmallCap 600	COM	464287804	587	5,143	SH		SOLE		5,143	0	0
iShares S&P US Preferred Stock	COM	464288687	9,269	235,021	SH		SOLE		235,021	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,963	140,929	SH		SOLE		140,929	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	1,857	57,979	SH		SOLE		57,979	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	428	17,109	SH		SOLE		17,109	0	0
American Capital Agency 8.0% P	PFD	02503x204	1,108	41,520	SH		SOLE		41,520	0	0
American Capital Agncy 7.75% P	PFD	02503x303	476	19,090	SH		SOLE		19,090	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	252	10,374	SH		SOLE		10,374	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	1,796	71,618	SH		SOLE		71,618	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	236	9,479	SH		SOLE		9,479	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	713	26,424	SH		SOLE		26,424	0	0
Ares Capital 7.75% 2040 Call 1	PFD	04010l202	3,295	127,654	SH		SOLE		127,654	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	270	10,950	SH		SOLE		10,950	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	1,133	42,785	SH		SOLE		42,785	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	6,125	233,953	SH		SOLE		233,953	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	603	23,038	SH		SOLE		23,038	0	0
Atlas Pipeline 8.25% Called 2/	PFD	049392301	1,105	43,575	SH		SOLE		43,575	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	9,700	348,038	SH		SOLE		348,038	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	522	19,550	SH		SOLE		19,550	0	0
BAC Flt LIB+35 BB NCU QDI Cl 1	PFD	060505815	235	11,468	SH		SOLE		11,468	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	212	8,766	SH		SOLE		8,766	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	4,702	171,918	SH		SOLE		171,918	0	0
Banc of California 8.00% Perp	PFD	05990k403	941	35,630	SH		SOLE		35,630	0	0
Banco Santander 6.80% QDI Clbl	PFD	80281r706	273	10,769	SH		SOLE		10,769	0	0
Bank of America 6.625% Prp/Cl	PFD	060505344	481	18,800	SH		SOLE		18,800	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	642	24,482	SH		SOLE		24,482	0	0
Barclays 7.75% Prp Cl 9/13 BB	PFD	06739h511	694	26,771	SH		SOLE		26,771	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	1,340	51,395	SH		SOLE		51,395	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	1,048	40,591	SH		SOLE		40,591	0	0
Breitburn Energy Partners 8.25	PFD	106776115	236	10,992	SH		SOLE		10,992	0	0
Campus Crest Comm 8.00% Perp C	PFD	13466y204	1,475	57,743	SH		SOLE		57,743	0	0
Capital One Finl 6.7%Prp Call	PFD	14040h709	376	14,500	SH		SOLE		14,500	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	253	10,500	SH		SOLE		10,500	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,614	100,748	SH		SOLE		100,748	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	1,224	45,672	SH		SOLE		45,672	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	6,156	228,687	SH		SOLE		228,687	0	0
CenturyLink SnNotes 6.875% CL	PFD	74913g105	742	28,950	SH		SOLE		28,950	0	0
CenturyLink SnNotes 7.0% 2052	PFD	74913G402	1,397	53,540	SH		SOLE		53,540	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	2,869	109,078	SH		SOLE		109,078	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	264	10,800	SH		SOLE		10,800	0	0
Citigroup 7.125% Flt Aftr 9/23	PFD	172967358	4,525	166,845	SH		SOLE		166,845	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	340	12,810	SH		SOLE		12,810	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	235	8,938	SH		SOLE		8,938	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,991	76,356	SH		SOLE		76,356	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	381	15,641	SH		SOLE		15,641	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	2,946	114,794	SH		SOLE		114,794	0	0
Cowen 8.25% Senior Notes Due 1	PFD	223622309	1,242	47,870	SH		SOLE		47,870	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	651	24,119	SH		SOLE		24,119	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,575	60,410	SH		SOLE		60,410	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	3,165	112,259	SH		SOLE		112,259	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	607	23,148	SH		SOLE		23,148	0	0
Deutsche Bnk 6.625% QDI BB Cal	PFD	25153y206	292	11,411	SH		SOLE		11,411	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,602	57,821	SH		SOLE		57,821	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	500	19,603	SH		SOLE		19,603	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,653	143,263	SH		SOLE		143,263	0	0
Digital Realty 7.375% Perp CUM	PFD	253868871	230	8,626	SH		SOLE		8,626	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	1,802	71,129	SH		SOLE		71,129	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	2,592	98,845	SH		SOLE		98,845	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	3,756	142,799	SH		SOLE		142,799	0	0
Equity Comwlth 7.25% CUM Perp/	PFD	294628409	548	21,486	SH		SOLE		21,486	0	0
Excel Trust 8.125% CUM Call 1/	PFD	30068c307	1,567	58,586	SH		SOLE		58,586	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	1,839	66,877	SH		SOLE		66,877	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	654	25,735	SH		SOLE		25,735	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	1,716	65,257	SH		SOLE		65,257	0	0
Five Oaks Investment 8.75%Perp	PFD	33830w205	340	13,410	SH		SOLE		13,410	0	0
Gastar Exploration 10.75%Perp	PFD	36729p306	296	13,728	SH		SOLE		13,728	0	0
General Growth Prop 6.375% Cl	PFD	370023202	378	15,100	SH		SOLE		15,100	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	615	32,445	SH		SOLE		32,445	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	787	31,048	SH		SOLE		31,048	0	0
HSBC Float 4.5%FL Clbl CUM QDI	PFD	40428h706	604	23,900	SH		SOLE		23,900	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	5,218	196,397	SH		SOLE		196,397	0	0
Hanover Insurance 6.35% Cl 3/1	PFD	410867204	295	11,800	SH		SOLE		11,800	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,505	50,250	SH		SOLE		50,250	0	0
Hudson Pacific 8.375% Perp N/R	PFD	444097208	1,085	41,347	SH		SOLE		41,347	0	0
ING Groep NV 7 3/8% Cl 10/12 B	PFD	456837707	1,743	67,859	SH		SOLE		67,859	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	300	11,646	SH		SOLE		11,646	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	991	38,376	SH		SOLE		38,376	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	209	8,157	SH		SOLE		8,157	0	0
JPMorgan Chase 6.70%Perp/Call	PFD	48127a161	1,295	49,031	SH		SOLE		49,031	0	0
KKR Financial 7.375% Prp Call	PFD	48248a603	433	16,254	SH		SOLE		16,254	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	5,251	191,937	SH		SOLE		191,937	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,638	59,020	SH		SOLE		59,020	0	0
Kimco Realty 6.90% Perp Call8/	PFD	49446r828	314	12,226	SH		SOLE		12,226	0	0
LaSalle Hotel 6.375% Call 3/20	PFD	517942801	205	8,100	SH		SOLE		8,100	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	2,069	78,753	SH		SOLE		78,753	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	568	569	SH		SOLE		569	0	0
Magnum Hunter 8.00%Perp Ccum C	PFD	55973b300	484	14,257	SH		SOLE		14,257	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,344	88,184	SH		SOLE		88,184	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	861	32,659	SH		SOLE		32,659	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,570	60,611	SH		SOLE		60,611	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	239	10,431	SH		SOLE		10,431	0	0
Montpelier RE 8.875% Perp QDI	PFD	g62185114	926	34,454	SH		SOLE		34,454	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	485	24,313	SH		SOLE		24,313	0	0
Morgan Stanley 7.125%Flt Aftr1	PFD	61762v200	1,981	71,902	SH		SOLE		71,902	0	0
National General Ins 7.50% Cal	PFD	636220709	2,517	99,399	SH		SOLE		99,399	0	0
Navios Maritime 8.625% Perp CU	PFD	63938y308	463	25,077	SH		SOLE		25,077	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	281	11,003	SH		SOLE		11,003	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	258	10,300	SH		SOLE		10,300	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	770	29,855	SH		SOLE		29,855	0	0
Oxford Lane Cap8.125% Cl6/2017	PFD	691543409	883	35,740	SH		SOLE		35,740	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	315	12,751	SH		SOLE		12,751	0	0
Partner Re 7.25% Call 06/16 BB	PFD	g68603508	5,908	221,769	SH		SOLE		221,769	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	2,713	102,996	SH		SOLE		102,996	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	830	31,759	SH		SOLE		31,759	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	640	24,731	SH		SOLE		24,731	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	376	14,100	SH		SOLE		14,100	0	0
Principal Fin 145Bp+30y QDI ($	PFD	74251v201	2,173	21,730	SH		SOLE		21,730	0	0
Prospect Captl 6.95% Sr Nts 20	PFD	74348t201	944	37,250	SH		SOLE		37,250	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	752	29,478	SH		SOLE		29,478	0	0
Public Storage 5.90% Perp CUM	PFD	74460w206	317	12,550	SH		SOLE		12,550	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	845	32,505	SH		SOLE		32,505	0	0
Public Storage 6.5% Perp Call	PFD	74460d158	389	15,150	SH		SOLE		15,150	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,741	66,004	SH		SOLE		66,004	0	0
Public Storage 6.875% Prp Cl7/	PFD	74460d182	1,010	38,867	SH		SOLE		38,867	0	0
Raymond James Financial 6.90%	PFD	754730208	882	32,335	SH		SOLE		32,335	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	302	11,500	SH		SOLE		11,500	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	442	17,900	SH		SOLE		17,900	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	418	16,700	SH		SOLE		16,700	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	403	14,500	SH		SOLE		14,500	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	495	18,900	SH		SOLE		18,900	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	2,256	88,048	SH		SOLE		88,048	0	0
Safe Bulkers 8.00% Cumulative	PFD	y7388l129	526	30,400	SH		SOLE		30,400	0	0
Scana Corp 7.70% BBB-CUM Calle	PFD	80589m201	1,681	65,948	SH		SOLE		65,948	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	1,124	44,227	SH		SOLE		44,227	0	0
So Cal Ed Flt $100 Callable NC	PFD	842400756	2,563	25,512	SH		SOLE		25,512	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	290	12,500	SH		SOLE		12,500	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	680	6,590	SH		SOLE		6,590	0	0
Strategic Hotels&Res 8.25% Cal	PFD	86272t403	533	21,327	SH		SOLE		21,327	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	1,900	72,320	SH		SOLE		72,320	0	0
Sunstone Hotel 8.00% Perp CUM	PFD	867592507	1,128	42,996	SH		SOLE		42,996	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	248	9,751	SH		SOLE		9,751	0	0
Teekay Offshore 7.25%Perp CUM	PFD	y8565j127	775	33,536	SH		SOLE		33,536	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,425	137,700	SH		SOLE		137,700	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	854	34,621	SH		SOLE		34,621	0	0
TravelCenters America 8.00%SrN	PFD	894174309	1,161	46,350	SH		SOLE		46,350	0	0
US Bancorp 6.5% Flt Aftr 1/22	PFD	902973833	1,627	55,230	SH		SOLE		55,230	0	0
US Cellular 6.95%SrNT 2060 Cl	PFD	911684405	462	18,935	SH		SOLE		18,935	0	0
Vanguard Natrl Resources 7.625	PFD	92205f304	247	12,702	SH		SOLE		12,702	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	283	11,766	SH		SOLE		11,766	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,218	121,675	SH		SOLE		121,675	0	0
Wells Fargo 6.375% Cl 12/19 QD	PFD	94988n207	383	15,100	SH		SOLE		15,100	0	0
Wells Fargo 7.5% Cnv/Prp$1000	PFD	949746804	5,415	4,458	SH		SOLE		4,458	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	13,102	449,163	SH		SOLE		449,163	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,331	2,012,000	PRN		SOLE		2,012,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	289	295,000	PRN		SOLE		295,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	384	350,000	PRN		SOLE		350,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	2,308	1,990,000	PRN		SOLE		1,990,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,518	2,340,000	PRN		SOLE		2,340,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	1,112	1,000,000	PRN		SOLE		1,000,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,368	5,570,000	PRN		SOLE		5,570,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	596	540,000	PRN		SOLE		540,000	0	0