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	1,088	500	SH		SOLE		500	0	0
3M Co	COM	88579y101	12,423	75,317	SH		SOLE		75,317	0	0
ABB Ltd -Spon ADR	COM	000375204	3,711	175,295	SH		SOLE		175,295	0	0
AGL Resources Inc	COM	001204106	3,359	67,661	SH		SOLE		67,661	0	0
AT&T Inc	COM	00206r102	9,866	302,165	SH		SOLE		302,165	0	0
AbbVie Inc	COM	00287y109	8,603	146,966	SH		SOLE		146,966	0	0
Abbott Laboratories	COM	002824100	9,972	215,240	SH		SOLE		215,240	0	0
Accenture PLC-Cl A	COM	g1151c101	3,794	40,499	SH		SOLE		40,499	0	0
Actavis plc	COM	g0083b108	728	2,446	SH		SOLE		2,446	0	0
Adobe Systems Inc	COM	00724f101	495	6,700	SH		SOLE		6,700	0	0
Aetna Inc	COM	00817Y108	678	6,360	SH		SOLE		6,360	0	0
Aflac Inc	COM	001055102	323	5,043	SH		SOLE		5,043	0	0
Agilent Technologies Inc	COM	00846u101	754	18,136	SH		SOLE		18,136	0	0
Air Products & Chemicals Inc	COM	009158106	5,217	34,489	SH		SOLE		34,489	0	0
Albmarle Corp	COM	012653101	377	7,135	SH		SOLE		7,135	0	0
Alerian MLP ETF	COM	00162q866	295	17,805	SH		SOLE		17,805	0	0
Allegion PLC	COM	g0176j109	234	3,821	SH		SOLE		3,821	0	0
Alliance Data Systems Corp	COM	018581108	328	1,107	SH		SOLE		1,107	0	0
Allstate Corp	COM	020002101	408	5,733	SH		SOLE		5,733	0	0
Altria Group Inc	COM	02209s103	7,588	151,698	SH		SOLE		151,698	0	0
AmTrust Financial Services	COM	032359309	208	3,647	SH		SOLE		3,647	0	0
Amarillo Gold Corp	COM	02301t108	44	1,400,000	SH		SOLE		1,400,000	0	0
Amazon.com Inc	COM	023135106	254	683	SH		SOLE		683	0	0
American Electric Power	COM	025537101	527	9,362	SH		SOLE		9,362	0	0
American Express Co	COM	025816109	2,790	35,718	SH		SOLE		35,718	0	0
American International Group	COM	026874784	246	4,494	SH		SOLE		4,494	0	0
AmerisourceBergen Corp	COM	03073e105	463	4,075	SH		SOLE		4,075	0	0
Amgen Inc	COM	031162100	2,340	14,641	SH		SOLE		14,641	0	0
Anthem Inc	COM	036752103	3,076	19,920	SH		SOLE		19,920	0	0
Apple Inc	COM	037833100	27,739	222,932	SH		SOLE		222,932	0	0
Archer-Daniels-Midland Co	COM	039483102	697	14,698	SH		SOLE		14,698	0	0
Automatic Data Processing	COM	053015103	11,415	133,290	SH		SOLE		133,290	0	0
BCE Inc	COM	05534b760	2,737	64,603	SH		SOLE		64,603	0	0
Bank Of Marin Bancorp/CA	COM	063425102	723	14,207	SH		SOLE		14,207	0	0
Bank of America Corp	COM	060505104	5,716	371,432	SH		SOLE		371,432	0	0
Bank of Montreal	COM	063671101	514	8,570	SH		SOLE		8,570	0	0
Baxter International Inc.	COM	071813109	635	9,269	SH		SOLE		9,269	0	0
Becton Dickinson & Co	COM	075887109	989	6,888	SH		SOLE		6,888	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,126	21,658	SH		SOLE		21,658	0	0
Biogen Idec Inc	COM	09062x103	1,796	4,254	SH		SOLE		4,254	0	0
Blackrock Inc	COM	09247x101	239	654	SH		SOLE		654	0	0
Blackstone Group/The	COM	09253u108	775	19,935	SH		SOLE		19,935	0	0
Boeing Co	COM	097023105	3,339	22,249	SH		SOLE		22,249	0	0
Bristol-Myers Squibb Co	COM	110122108	17,156	265,990	SH		SOLE		265,990	0	0
CVS Health Corp	COM	126650100	4,604	44,608	SH		SOLE		44,608	0	0
CarMax Inc	COM	143130102	256	3,703	SH		SOLE		3,703	0	0
Carlyle Group/The	COM	14309l102	2,115	78,037	SH		SOLE		78,037	0	0
Caterpillar Inc	COM	149123101	1,708	21,342	SH		SOLE		21,342	0	0
Celgene Corp	COM	151020104	582	5,045	SH		SOLE		5,045	0	0
CenterPoint Energy Inc	COM	15189t107	1,983	97,173	SH		SOLE		97,173	0	0
Cerner Corp	COM	156782104	2,692	36,740	SH		SOLE		36,740	0	0
Cerus Corp	COM	157085101	42	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	554	6,764	SH		SOLE		6,764	0	0
Chevron Corp	COM	166764100	26,144	249,038	SH		SOLE		249,038	0	0
Chubb Corp	COM	171232101	3,141	31,066	SH		SOLE		31,066	0	0
Cigna Corp	COM	125509109	202	1,564	SH		SOLE		1,564	0	0
Cisco Systems Inc	COM	17275R102	3,427	124,488	SH		SOLE		124,488	0	0
Citigroup Inc	COM	172967424	325	6,311	SH		SOLE		6,311	0	0
Clorox Company	COM	189054109	9,304	84,283	SH		SOLE		84,283	0	0
Coca-Cola Co/The	COM	191216100	4,854	119,707	SH		SOLE		119,707	0	0
Colgate-Palmolive Co	COM	194162103	8,727	125,853	SH		SOLE		125,853	0	0
Comcast Corp-Cl A	COM	20030n101	6,651	117,788	SH		SOLE		117,788	0	0
Conagra Foods Inc	COM	205887102	1,264	34,598	SH		SOLE		34,598	0	0
ConocoPhillips	COM	20825C104	13,855	222,538	SH		SOLE		222,538	0	0
Consolidated Edison Inc	COM	209115104	1,062	17,413	SH		SOLE		17,413	0	0
Consumer Staples SPDR	COM	81369y308	4,760	97,660	SH		SOLE		97,660	0	0
Costco Wholesale Corp	COM	22160K105	13,888	91,676	SH		SOLE		91,676	0	0
Cummins Inc	COM	231021106	267	1,929	SH		SOLE		1,929	0	0
DIRECTV Group Inc/The	COM	25490a309	335	3,933	SH		SOLE		3,933	0	0
DTE Energy Company	COM	233331107	246	3,047	SH		SOLE		3,047	0	0
Danaher Corp	COM	235851102	4,450	52,420	SH		SOLE		52,420	0	0
Deere & Co	COM	244199105	1,484	16,924	SH		SOLE		16,924	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	382	3,451	SH		SOLE		3,451	0	0
Dick's Sporting Goods Inc	COM	253393102	943	16,538	SH		SOLE		16,538	0	0
Disney Co./Walt The	COM	254687106	8,353	79,632	SH		SOLE		79,632	0	0
Dominion Resources Inc/Va	COM	25746u109	548	7,738	SH		SOLE		7,738	0	0
Dow Chemical	COM	260543103	372	7,748	SH		SOLE		7,748	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	949	12,095	SH		SOLE		12,095	0	0
Du Pont (E.I.) De Nemours	COM	263534109	9,948	139,191	SH		SOLE		139,191	0	0
Duke Energy Corp	COM	26441c204	818	10,656	SH		SOLE		10,656	0	0
EGShares Emerging Markets Cons	COM	268461779	4,970	188,058	SH		SOLE		188,058	0	0
EMC Corp/Mass	COM	268648102	387	15,123	SH		SOLE		15,123	0	0
EOG Resources Inc	COM	26875p101	211	2,296	SH		SOLE		2,296	0	0
ETFS Physical Precious Metals	COM	26922w109	569	9,310	SH		SOLE		9,310	0	0
Eaton Corp PLC	COM	g29183103	1,433	21,085	SH		SOLE		21,085	0	0
Ecolab Inc	COM	278865100	6,849	59,876	SH		SOLE		59,876	0	0
Edison International	COM	281020107	4,645	74,357	SH		SOLE		74,357	0	0
Eli Lilly & Co	COM	532457108	3,937	54,186	SH		SOLE		54,186	0	0
Emerson Electric Co	COM	291011104	2,010	35,499	SH		SOLE		35,499	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
EnerSys	COM	29275y102	221	3,440	SH		SOLE		3,440	0	0
Energy Transfer Equity LP	COM	29273v100	507	8,000	SH		SOLE		8,000	0	0
Energy Transfer Partners LP	COM	29273r109	245	4,390	SH		SOLE		4,390	0	0
Enterprise Products Partners	COM	293792107	1,406	42,687	SH		SOLE		42,687	0	0
Equity Residential	COM	29476l107	241	3,090	SH		SOLE		3,090	0	0
Essex Property Trust Inc	COM	297178105	462	2,010	SH		SOLE		2,010	0	0
Eurasian Minerals Inc	COM	29843r100	39	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	311	6,155	SH		SOLE		6,155	0	0
Express Scripts Holding Co.	COM	30219g108	1,220	14,064	SH		SOLE		14,064	0	0
Exxon Mobil Corp	COM	30231G102	13,565	159,588	SH		SOLE		159,588	0	0
Facebook Inc	COM	30303m102	400	4,861	SH		SOLE		4,861	0	0
FedEx Corp	COM	31428x106	660	3,990	SH		SOLE		3,990	0	0
First Trust Dividend Leaders I	COM	336917109	1,271	54,586	SH		SOLE		54,586	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	765	24,574	SH		SOLE		24,574	0	0
First Trust Mid Cap Value ETF	COM	33737m201	285	9,168	SH		SOLE		9,168	0	0
Flagstar Bancorp Inc	COM	337930705	145	10,000	SH		SOLE		10,000	0	0
Ford Motor Co	COM	345370860	2,333	144,576	SH		SOLE		144,576	0	0
Fortinet Inc	COM	34959e109	319	9,122	SH		SOLE		9,122	0	0
Franklin Resources Inc	COM	354613101	378	7,365	SH		SOLE		7,365	0	0
Freeport-McMoRan Copper & Gold	COM	35671d857	1,008	53,196	SH		SOLE		53,196	0	0
Frontier Communications Corp	COM	35906a108	112	15,869	SH		SOLE		15,869	0	0
General Dynamics Corp	COM	369550108	2,142	15,780	SH		SOLE		15,780	0	0
General Electric Co	COM	369604103	17,664	711,977	SH		SOLE		711,977	0	0
General Mills Inc	COM	370334104	5,200	91,873	SH		SOLE		91,873	0	0
Genuine Parts Co	COM	372460105	5,228	56,106	SH		SOLE		56,106	0	0
Gilead Sciences Inc	COM	375558103	1,997	20,350	SH		SOLE		20,350	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	2,050	44,427	SH		SOLE		44,427	0	0
Global Brands Group Holding	COM	g39338101	2	10,000	SH		SOLE		10,000	0	0
Global X SuperIncome Preferred	COM	37950e333	200	13,601	SH		SOLE		13,601	0	0
Goldman Sachs Group Inc	COM	38141G104	460	2,445	SH		SOLE		2,445	0	0
Google Inc-Cl A	COM	38259P508	2,698	4,863	SH		SOLE		4,863	0	0
Google Inc-Cl C	COM	38259p706	2,355	4,298	SH		SOLE		4,298	0	0
Grainger (W.W.) Inc	COM	384802104	343	1,456	SH		SOLE		1,456	0	0
Guggenheim BRIC ETF	COM	18383m100	268	9,345	SH		SOLE		9,345	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	710	5,061	SH		SOLE		5,061	0	0
Guggenheim S&P Equal Weight	COM	78355w106	662	8,163	SH		SOLE		8,163	0	0
HCP Inc	COM	40414l109	5,768	133,496	SH		SOLE		133,496	0	0
HPEV Inc	COM	404273104	9	17,800	SH		SOLE		17,800	0	0
Harman International	COM	413086109	941	7,042	SH		SOLE		7,042	0	0
Hercules Offshore Inc	COM	427093109	4	10,300	SH		SOLE		10,300	0	0
Hershey Co/The	COM	427866108	238	2,354	SH		SOLE		2,354	0	0
Hess Corp	COM	42809h107	489	7,200	SH		SOLE		7,200	0	0
Hewlett-Packard Co	COM	428236103	2,188	70,223	SH		SOLE		70,223	0	0
Home Depot Inc	COM	437076102	6,888	60,632	SH		SOLE		60,632	0	0
Honeywell International Inc	COM	438516106	5,671	54,371	SH		SOLE		543,741	0	0
Hormel Foods Corp	COM	440452100	319	5,605	SH		SOLE		5,605	0	0
Hubbell Inc -Cl B	COM	443510201	219	2,000	SH		SOLE		2,000	0	0
Illinois Tool Works	COM	452308109	460	4,739	SH		SOLE		4,739	0	0
Infinito Gold Ltd	COM	45671c106	0	18,200	SH		SOLE		18,200	0	0
Ingersoll-Rand PLC	COM	g47791101	1,851	27,188	SH		SOLE		27,188	0	0
Integral Technologies Inc	COM	45810j103	14	17,000	SH		SOLE		17,000	0	0
Integrys Energy Group Inc	COM	45822p105	202	2,804	SH		SOLE		2,804	0	0
Intel Corp	COM	458140100	12,476	398,992	SH		SOLE		398,992	0	0
Intl Business Machines Corp	COM	459200101	6,757	42,100	SH		SOLE		42,100	0	0
Intl Flavors & Fragrances	COM	459506101	625	5,325	SH		SOLE		5,325	0	0
Intrexon Corp	COM	46122t102	261	5,751	SH		SOLE		5,751	0	0
Ivanhoe Mines Ltd	COM	46579r104	148	200,000	SH		SOLE		200,000	0	0
JPMorgan Chase & Co	COM	46625H100	6,902	113,933	SH		SOLE		113,933	0	0
Jacobs Engineering Group Inc	COM	469814107	332	7,344	SH		SOLE		7,344	0	0
Johnson & Johnson	COM	478160104	21,794	216,639	SH		SOLE		216,639	0	0
Johnson Controls Inc	COM	478366107	1,628	32,283	SH		SOLE		32,283	0	0
KKR & Co LP	COM	48248m102	231	10,107	SH		SOLE		10,107	0	0
Keysight Technologies Inc	COM	49338l103	419	11,268	SH		SOLE		11,268	0	0
Kimberly-Clark Corp	COM	494368103	10,802	100,853	SH		SOLE		100,853	0	0
Kinder Morgan Inc	COM	49456b101	4,872	115,843	SH		SOLE		115,843	0	0
Kohl's Corp	COM	500255104	470	6,000	SH		SOLE		6,000	0	0
Kraft Foods Group	COM	50076q106	3,175	36,449	SH		SOLE		36,449	0	0
L-3 Communications Holdings	COM	502424104	361	2,871	SH		SOLE		2,871	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,895	15,027	SH		SOLE		15,027	0	0
Li & Fung Ltd	COM	g5485f169	10	10,000	SH		SOLE		10,000	0	0
Linn Co LLC	COM	535782106	100	10,400	SH		SOLE		10,400	0	0
Linn Energy LLC-Units	COM	536020100	345	31,155	SH		SOLE		31,155	0	0
Lockheed Martin Corp	COM	539830109	2,404	11,847	SH		SOLE		11,847	0	0
Lowe's Cos Inc	COM	548661107	4,380	58,879	SH		SOLE		58,879	0	0
Lululemon Athletica Inc	COM	550021109	508	7,934	SH		SOLE		7,934	0	0
MabVax Therapeutics Holdings	COM	55414p108	94	50,000	SH		SOLE		50,000	0	0
Macy's Inc	COM	55616p104	2,099	32,332	SH		SOLE		32,332	0	0
Magellan Midstream Partners	COM	559080106	202	2,632	SH		SOLE		2,632	0	0
Mallinckrodt PLC	COM	g5785g107	396	3,128	SH		SOLE		3,128	0	0
Manulife Financial Corp	COM	56501r106	373	21,955	SH		SOLE		21,955	0	0
Marathon Oil Corp	COM	565849106	284	10,863	SH		SOLE		10,863	0	0
Marathon Petroleum Corp	COM	56585a102	353	3,447	SH		SOLE		3,447	0	0
Market Vectors Agribusiness ET	COM	57060u605	849	15,840	SH		SOLE		15,840	0	0
Market Vectors Indonesia Index	COM	57060u753	207	8,380	SH		SOLE		8,380	0	0
Market Vectors Pharmaceutical	COM	57060u217	597	8,500	SH		SOLE		8,500	0	0
Marriott International-Cl A	COM	571903202	2,501	31,142	SH		SOLE		21,497	0	0
McCormick & Co-Non Vtg Shrs	COM	579780206	1,658	21,497	SH		SOLE		21,497	0	0
McDonald's Corp	COM	580135101	10,008	102,709	SH		SOLE		102,709	0	0
McGraw Hill Financial Inc	COM	580645109	926	8,956	SH		SOLE		8,956	0	0
McKesson Corp	COM	58155q103	214	944	SH		SOLE		944	0	0
Medical Properties Trust Inc	COM	58463j304	338	22,914	SH		SOLE		22,914	0	0
Medivation Inc	COM	58501n101	233	1,806	SH		SOLE		1,806	0	0
Medtronic PLC	COM	g5960l103	6,196	79,443	SH		SOLE		79,443	0	0
Merck & Co. Inc.	COM	58933y105	8,275	143,958	SH		SOLE		143,958	0	0
Microsoft Corp	COM	594918104	7,244	178,180	SH		SOLE		178,180	0	0
Mondelez International	COM	609207105	2,132	59,068	SH		SOLE		59,068	0	0
Morgan Stanley	COM	617446448	2,634	73,807	SH		SOLE		73,807	0	0
Mylan NV	COM	n59465109	2,434	41,011	SH		SOLE		41,011	0	0
NXP Semiconductors Nv	COM	n6596x109	392	3,902	SH		SOLE		3,902	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,673	62,123	SH		SOLE		62,123	0	0
NextEra Energy Inc	COM	65339f101	11,309	108,693	SH		SOLE		108,693	0	0
Nike Inc -Cl B	COM	654106103	7,649	76,237	SH		SOLE		76,237	0	0
Nordstrom Inc	COM	655664100	543	6,763	SH		SOLE		6,763	0	0
Norfolk Southern Corp	COM	655844108	500	4,861	SH		SOLE		4,861	0	0
Novartis Ag-ADR	COM	66987v109	4,142	42,002	SH		SOLE		42,002	0	0
Novo-Nordisk A/S-Spons ADR	COM	670100205	249	4,670	SH		SOLE		4,670	0	0
Occidental Petroleum Corp	COM	674599105	6,583	90,177	SH		SOLE		6,583	0	0
Oracle Corp	COM	68389x105	5,124	118,752	SH		SOLE		118,752	0	0
Owens Realty Mortgage Inc	COM	690828108	803	53,575	SH		SOLE		53,575	0	0
P G & E Corp	COM	69331c108	542	10,208	SH		SOLE		10,208	0	0
PPG Industries Inc	COM	693506107	278	1,235	SH		SOLE		1,235	0	0
Paccar Inc	COM	693718108	1,849	29,289	SH		SOLE		29,289	0	0
Palo Alto Networks	COM	697435105	444	3,040	SH		SOLE		3,040	0	0
Pele Mountain Resources Inc	COM	705907103	0	10,000	SH		SOLE		10,000	0	0
PepsiCo Inc	COM	713448108	8,057	84,264	SH		SOLE		84,264	0	0
Pfizer Inc	COM	717081103	8,774	252,203	SH		SOLE		252,203	0	0
Philip Morris International	COM	718172109	1,893	25,131	SH		SOLE		25,131	0	0
Phillips 66	COM	718546104	220	2,800	SH		SOLE		2,800	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Plains All American Pipeline L	COM	726503105	294	6,022	SH		SOLE		6,022	0	0
Plum Creek Timber Co	COM	729251108	206	4,739	SH		SOLE		4,739	0	0
Potash Corp Of Saskatchewan	COM	73755l107	999	30,980	SH		SOLE		30,980	0	0
PowerShares Buyback Achievers	COM	73935x286	247	5,001	SH		SOLE		5,001	0	0
PowerShares Preferred Portfoli	COM	73936t565	6,126	410,864	SH		SOLE		410,864	0	0
PowerShares S&P Low Volatility	COM	73937b779	273	7,187	SH		SOLE		7,187	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	2,334	22,100	SH		SOLE		22,100	0	0
Praxair Inc	COM	74005p104	2,345	19,420	SH		SOLE		19,420	0	0
Preferred Apartment Communitie	COM	74039l103	2,255	208,448	SH		SOLE		208,448	0	0
ProLogis Inc	COM	74340w103	377	8,663	SH		SOLE		8,663	0	0
Procter & Gamble Co	COM	742718109	19,433	237,167	SH		SOLE		237,167	0	0
Public Service Enterprise Grou	COM	744573106	1,906	45,458	SH		SOLE		45,458	0	0
Qualcomm Inc	COM	747525103	1,130	16,293	SH		SOLE		16,293	0	0
Quest Diagnostics	COM	74834l100	478	6,225	SH		SOLE		6,225	0	0
Realty Income Corp	COM	756109104	8,358	161,972	SH		SOLE		161,972	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	577	1,278	SH		SOLE		1,278	0	0
Retail Properties of America	COM	76131v202	630	39,293	SH		SOLE		39,293	0	0
Robert Half Intl Inc	COM	770323103	294	4,858	SH		SOLE		4,858	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	2,445	71,120	SH		SOLE		71,120	0	0
Rockwell Automation Inc	COM	773903109	208	1,793	SH		SOLE		1,793	0	0
Roper Industries Inc	COM	776696106	202	1,175	SH		SOLE		1,175	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	1,483	24,857	SH		SOLE		24,857	0	0
SAP SE-Sponsored ADR	COM	803054204	551	7,631	SH		SOLE		7,631	0	0
SPDR Consumer Discretionary Se	COM	81369y407	4,969	65,945	SH		SOLE		65,945	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	865	4,871	SH		SOLE		4,871	0	0
SPDR Energy Select Sector	COM	81369y506	3,955	50,975	SH		SOLE		50,975	0	0
SPDR Financial Select Sector	COM	81369y605	4,083	169,354	SH		SOLE		169,354	0	0
SPDR Gold Trust	COM	78463v107	887	7,808	SH		SOLE		7,808	0	0
SPDR Health Care Select Sector	COM	81369y209	6,095	84,074	SH		SOLE		84,074	0	0
SPDR Industrial Select Sector	COM	81369y704	4,155	74,511	SH		SOLE		74,511	0	0
SPDR Materials Select Sector	COM	81369y100	1,331	27,282	SH		SOLE		27,282	0	0
SPDR S&P Biotech ETF	COM	78464a870	798	3,538	SH		SOLE		3,538	0	0
SPDR S&P Dividend ETF	COM	78464a763	10,294	131,634	SH		SOLE		131,634	0	0
SPDR S&P Emerging Markets Smal	COM	78463x756	281	6,284	SH		SOLE		6,284	0	0
SPDR S&P Intl Dividend	COM	78463x772	468	11,160	SH		SOLE		11,160	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	10,184	36,734	SH		SOLE		36,734	0	0
SPDR S&P500 Index Trust Series	COM	78462f103	8,442	40,898	SH		SOLE		40,898	0	0
SPDR Technology Select Sector	COM	81369y803	7,179	173,242	SH		SOLE		173,242	0	0
Salesforce.Com Inc	COM	79466l302	982	14,695	SH		SOLE		14,695	0	0
Sanofi-ADR	COM	80105n105	4,484	90,688	SH		SOLE		90,688	0	0
Scana Corp	COM	80589m102	726	13,207	SH		SOLE		13,207	0	0
Scandium International Mining	COM	80600l109	2	23,400	SH		SOLE		23,400	0	0
Schlumberger Ltd	COM	806857108	752	9,012	SH		SOLE		9,012	0	0
Schwab (Charles) Corp	COM	808513105	657	21,572	SH		SOLE		21,572	0	0
Schwab U.S. Broad Market ETF	COM	808524102	1,508	29,867	SH		SOLE		29,867	0	0
Schwab U.S. Large-Cap ETF	COM	808524201	2,215	44,685	SH		SOLE		44,685	0	0
Schwab U.S. Mid-Cap ETF	COM	808524508	2,135	49,488	SH		SOLE		49,488	0	0
Schwab U.S. Small-Cap ETF	COM	808524607	1,099	19,079	SH		SOLE		19,079	0	0
Schwab US Dividend Equity ETF	COM	808524797	1,000	25,366	SH		SOLE		25,366	0	0
Schwab US REIT ETF	COM	808524847	201	4,965	SH		SOLE		4,965	0	0
Sempra Energy	COM	816851109	2,134	19,572	SH		SOLE		19,572	0	0
Siemens Ag-Spons ADR	COM	826197501	223	2,063	SH		SOLE		2,063	0	0
Sierra Vista Bank	COM	82651b105	88	20,000	SH		SOLE		20,000	0	0
Sigma-Aldrich	COM	826552101	231	1,670	SH		SOLE		1,670	0	0
Silvercorp Metals Inc	COM	82835p103	12	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	226	1,155	SH		SOLE		1,155	0	0
Sirius XM Holdings Inc	COM	82968b103	579	151,484	SH		SOLE		151,484	0	0
Southern Co	COM	842587107	2,479	55,994	SH		SOLE		55,994	0	0
Southern Copper Corp	COM	84265v105	367	12,569	SH		SOLE		12,569	0	0
Southwestern Energy Co	COM	845467109	238	10,281	SH		SOLE		10,281	0	0
Spectra Energy Corp	COM	847560109	2,693	74,461	SH		SOLE		74,461	0	0
Spectral Medical Inc	COM	847577103	17	25,000	SH		SOLE		25,000	0	0
Sprott Physical Gold Trust	COM	85207h104	134	13,737	SH		SOLE		13,737	0	0
Sprott Resource Corp	COM	85207d103	148	200,000	SH		SOLE		200,000	0	0
St Jude Medical Inc	COM	790849103	827	12,651	SH		SOLE		12,651	0	0
Stanley Black & Decker Inc	COM	854502101	4,500	47,190	SH		SOLE		47,190	0	0
Starbucks Corp	COM	855244109	3,747	39,568	SH		SOLE		39,568	0	0
State Street Corp	COM	857477103	288	3,920	SH		SOLE		3,920	0	0
Strategic Hotels & Resorts Inc	COM	86272t106	151	12,177	SH		SOLE		12,177	0	0
Stryker Corp	COM	863667101	358	3,877	SH		SOLE		3,877	0	0
Suncor Energy Inc	COM	867224107	237	8,100	SH		SOLE		8,100	0	0
Sysco Corp	COM	871829107	262	6,956	SH		SOLE		6,956	0	0
T Rowe Price Group Inc	COM	74144t108	275	3,390	SH		SOLE		3,390	0	0
TD Ameritrade Holding Corp	COM	87236y108	1,766	47,388	SH		SOLE		47,388	0	0
TJX Companies Inc	COM	872540109	507	7,232	SH		SOLE		7,232	0	0
Target Corp	COM	87612e106	7,928	96,606	SH		SOLE		96,606	0	0
Teco Energy Inc	COM	872375100	2,807	144,681	SH		SOLE		144,681	0	0
Tesla Motors Inc	COM	88160r101	281	1,487	SH		SOLE		1,487	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	448	7,190	SH		SOLE		7,190	0	0
Texas Instruments Inc	COM	882508104	357	6,247	SH		SOLE		6,247	0	0
Thermo Fisher Scientific Inc	COM	883556102	290	2,160	SH		SOLE		2,160	0	0
Toronto-Dominion Bank	COM	891160509	4,127	96,312	SH		SOLE		96,312	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	2,713	19,395	SH		SOLE		19,395	0	0
Travelers Cos Inc/The	COM	89417e109	3,652	33,774	SH		SOLE		33,774	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
Turquoise Hill Resources Ltd	COM	900435108	94	30,000	SH		SOLE		30,000	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,491	75,750	SH		SOLE		75,750	0	0
UDR Inc	COM	902653104	241	7,080	SH		SOLE		7,080	0	0
US Bancorp	COM	902973304	2,068	47,351	SH		SOLE		47,351	0	0
Unilever N V -NY Shares	COM	904784709	3,036	72,713	SH		SOLE		72,713	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,809	43,373	SH		SOLE		43,373	0	0
Union Pacific Corp	COM	907818108	2,080	19,206	SH		SOLE		19,206	0	0
United Parcel Service-Cl B	COM	911312106	8,350	86,138	SH		SOLE		86,138	0	0
United Technologies Corp	COM	913017109	3,296	28,119	SH		SOLE		28,119	0	0
UnitedHealth Group Inc	COM	91324P102	1,141	9,643	SH		SOLE		9,643	0	0
Urban Edge Properties	COM	91704f104	265	11,177	SH		SOLE		11,177	0	0
Utilities Select Sector SPDR	COM	81369y886	1,195	26,900	SH		SOLE		26,900	0	0
VF Corp	COM	918204108	262	3,482	SH		SOLE		3,482	0	0
Vanguard Consumer Discretionar	COM	92204a108	403	3,289	SH		SOLE		3,289	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	300	2,360	SH		SOLE		2,360	0	0
Vanguard Dividend Appreciation	COM	921908844	815	10,122	SH		SOLE		10,122	0	0
Vanguard European Vipers	COM	922042874	768	14,165	SH		SOLE		14,165	0	0
Vanguard FTSE All-World Ex-US	COM	922042775	254	5,217	SH		SOLE		5,217	0	0
Vanguard FTSE Developed Market	COM	921943858	1,958	49,171	SH		SOLE		49,171	0	0
Vanguard FTSE Emerging Markets	COM	922042858	1,441	35,265	SH		SOLE		35,265	0	0
Vanguard Health Care Vipers	COM	92204a504	329	2,430	SH		SOLE		2,430	0	0
Vanguard High Div Yield ETF	COM	921946406	1,691	24,755	SH		SOLE		24,755	0	0
Vanguard Info Tech Vipers	COM	92204a702	504	4,731	SH		SOLE		4,731	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	367	3,850	SH		SOLE		3,850	0	0
Vanguard Mid-Cap	COM	922908629	3,957	29,816	SH		SOLE		29,816	0	0
Vanguard REIT	COM	922908553	1,415	16,781	SH		SOLE		16,781	0	0
Vanguard Small-Cap Vipers	COM	922908751	4,813	39,271	SH		SOLE		39,271	0	0
Vanguard Total Stock Market	COM	922908769	13,073	121,896	SH		SOLE		121,896	0	0
Varian Medical Systems Inc	COM	92220P105	1,167	12,402	SH		SOLE		12,402	0	0
Verizon Communications Inc	COM	92343v104	24,178	497,186	SH		SOLE		497,186	0	0
Visa Inc-Class A Shares	COM	92826c839	649	9,924	SH		SOLE		9,924	0	0
Vornado Realty Trust	COM	929042109	5,946	53,087	SH		SOLE		53,087	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
Wal-Mart Stores Inc	COM	931142103	1,312	15,947	SH		SOLE		15,947	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,819	127,768	SH		SOLE		127,768	0	0
Waste Management Inc	COM	94106l109	8,276	152,604	SH		SOLE		152,604	0	0
Wells Fargo & Company	COM	949746101	30,538	561,363	SH		SOLE		561,363	0	0
Westamerica Bancorportaion	COM	957090103	546	12,647	SH		SOLE		12,647	0	0
Weyerhaeuser Co	COM	962166104	1,040	31,359	SH		SOLE		31,359	0	0
Whirlpool Corp	COM	963320106	3,076	15,223	SH		SOLE		15,223	0	0
White Mountains Insurance Grou	COM	g9618e107	711	1,038	SH		SOLE		1,038	0	0
Whole Foods Market Inc	COM	966837106	7,164	137,554	SH		SOLE		137,554	0	0
Williams Cos Inc	COM	969457100	9,604	189,842	SH		SOLE		189,842	0	0
Williams-Sonoma Inc	COM	969904101	546	6,850	SH		SOLE		6,850	0	0
Wisconsin Energy Corp	COM	976657106	4,521	91,337	SH		SOLE		91,337	0	0
Xcel Energy Inc	COM	98389b100	254	7,299	SH		SOLE		7,299	0	0
Xylem Inc	COM	98419m100	213	6,072	SH		SOLE		6,072	0	0
Yahoo! Inc	COM	984332106	1,413	31,804	SH		SOLE		31,804	0	0
Yum! Brands Inc	COM	988498101	428	5,440	SH		SOLE		5,440	0	0
Zimmer Holdings Inc	COM	98956p102	1,654	14,078	SH		SOLE		14,078	0	0
Zogenix Inc	COM	98978l105	14	10,000	SH		SOLE		10,000	0	0
eBay Inc	COM	278642103	257	4,451	SH		SOLE		4,451	0	0
iShares DJ EPAC Sel Div Inc In	COM	464288448	2,301	68,413	SH		SOLE		68,413	0	0
iShares DJ Select Dividend Ind	COM	464287168	6,492	83,296	SH		SOLE		83,296	0	0
iShares DJ US Consumer Noncycl	COM	464287812	224	2,125	SH		SOLE		2,125	0	0
iShares DJ US Financial Sect	COM	464287788	1,246	13,996	SH		SOLE		13,996	0	0
iShares DJ US Health Car Pro	COM	464288828	273	2,052	SH		SOLE		2,052	0	0
iShares DJ US Healthcare Sec	COM	464287762	282	1,829	SH		SOLE		1,829	0	0
iShares DJ US Telecommunicatio	COM	464287713	730	24,172	SH		SOLE		24,172	0	0
iShares DJ US Transport Index	COM	464287192	1,007	6,430	SH		SOLE		6,430	0	0
iShares FTSE/Xinhua China 25	COM	464287184	1,027	23,139	SH		SOLE		23,139	0	0
iShares GS Natural Resources I	COM	464287374	662	17,643	SH		SOLE		17,643	0	0
iShares Gold Trust	COM	464285105	761	66,439	SH		SOLE		66,439	0	0
iShares Goldman Sachs Tech I	COM	464287721	253	2,410	SH		SOLE		2,410	0	0
iShares MCSI EAFE Growth Index	COM	464288885	273	3,900	SH		SOLE		3,900	0	0
iShares MSCI Australia Index	COM	464286103	604	26,400	SH		SOLE		26,400	0	0
iShares MSCI Canada Index	COM	464286509	635	23,346	SH		SOLE		23,346	0	0
iShares MSCI EAFE Index	COM	464287465	1,500	23,373	SH		SOLE		23,373	0	0
iShares MSCI EAFE Value Index	COM	464288877	269	5,040	SH		SOLE		5,040	0	0
iShares MSCI EMU Index-Europea	COM	464286608	386	10,000	SH		SOLE		10,000	0	0
iShares MSCI Emerging Markets	COM	464287234	1,304	32,485	SH		SOLE		32,485	0	0
iShares MSCI Hong Kong Index -	COM	464286871	852	38,835	SH		SOLE		38,835	0	0
iShares MSCI Mexico Index	COM	464286822	345	5,945	SH		SOLE		5,945	0	0
iShares MSCI Singapore Index	COM	464286673	329	25,700	SH		SOLE		25,700	0	0
iShares MSCI South Korea Index	COM	464286772	241	4,213	SH		SOLE		4,213	0	0
iShares MSCI USA Quality Facto	COM	46432f339	744	11,702	SH		SOLE		11,702	0	0
iShares Microcap ETF	COM	464288869	616	7,793	SH		SOLE		7,793	0	0
iShares Nasdaq Biotech Index F	COM	464287556	4,257	12,394	SH		SOLE		12,394	0	0
iShares Russell 1000 Growth	COM	464287614	896	9,057	SH		SOLE		9,057	0	0
iShares Russell 1000 Value	COM	464287598	310	3,005	SH		SOLE		3,005	0	0
iShares Russell 2000 Index Fun	COM	464287655	1,294	10,403	SH		SOLE		10,403	0	0
iShares Russell Midcap Growth	COM	464287481	206	2,104	SH		SOLE		2,104	0	0
iShares Russell Midcap Index	COM	464287499	363	2,097	SH		SOLE		2,097	0	0
iShares Russell Midcap Value I	COM	464287473	387	5,137	SH		SOLE		5,137	0	0
iShares S&P 100 Index Fund	COM	464287101	1,754	19,431	SH		SOLE		19,431	0	0
iShares S&P 500 Index Fund	COM	464287200	621	2,990	SH		SOLE		2,990	0	0
iShares S&P Europe 350	COM	464287861	3,538	79,911	SH		SOLE		79,911	0	0
iShares S&P Global 100	COM	464287572	700	9,101	SH		SOLE		9,101	0	0
iShares S&P Midcap 400	COM	464287507	1,510	9,935	SH		SOLE		9,935	0	0
iShares S&P Midcap 400/Value	COM	464287705	428	3,270	SH		SOLE		3,270	0	0
iShares S&P SmallCap 600	COM	464287804	672	5,696	SH		SOLE		5,696	0	0
iShares S&P US Preferred Stock	COM	464288687	9,581	238,863	SH		SOLE		238,863	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,937	138,529	SH		SOLE		138,529	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	1,794	57,479	SH		SOLE		57,479	0	0
Affiliated Mgrs Grp 6.375% SrN	PFD	008252876	210	7,783	SH		SOLE		7,783	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	405	15,909	SH		SOLE		15,909	0	0
American Capital Agency 8.0% P	PFD	02503x204	1,097	41,562	SH		SOLE		41,562	0	0
American Capital Agncy 7.75% P	PFD	02503x303	671	26,769	SH		SOLE		26,769	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	267	10,617	SH		SOLE		10,617	0	0
Amtrust Financial 7.5% QDI Cal	PFD	032359887	1,982	78,725	SH		SOLE		78,725	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	2,379	93,103	SH		SOLE		93,103	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	234	9,279	SH		SOLE		9,279	0	0
Arbor Realty 8.50% CUM Perp Ca	PFD	038923801	204	7,950	SH		SOLE		7,950	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	738	27,024	SH		SOLE		27,024	0	0
Ares Capital 7.75% 2040 Call 1	PFD	04010l202	3,218	124,054	SH		SOLE		124,054	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	350	13,850	SH		SOLE		13,850	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	1,130	42,494	SH		SOLE		42,494	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	6,524	245,638	SH		SOLE		245,638	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	644	24,638	SH		SOLE		24,638	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	8,813	318,834	SH		SOLE		318,834	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	529	19,621	SH		SOLE		19,621	0	0
BAC Flt LIB+35 BB NCU QDI Cl 1	PFD	060505815	242	11,168	SH		SOLE		11,168	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	222	8,774	SH		SOLE		8,774	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	4,880	174,997	SH		SOLE		174,997	0	0
Banc of California 7.375% Perp	PFD	05990k882	1,463	58,600	SH		SOLE		58,600	0	0
Banc of California 8.00% Perp	PFD	05990k403	1,261	47,606	SH		SOLE		47,606	0	0
Bank of America 6.5% Prp Cl 1/	PFD	060505310	559	21,850	SH		SOLE		21,850	0	0
Bank of America 6.625% Prp/Cl	PFD	060505344	774	29,929	SH		SOLE		29,929	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	638	24,585	SH		SOLE		24,585	0	0
Barclays 7.75% Prp Cl 9/13 BB	PFD	06739h511	697	26,771	SH		SOLE		26,771	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	1,102	41,995	SH		SOLE		41,995	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	970	37,541	SH		SOLE		37,541	0	0
CHS Chemical 7.50% Cl 1/2025 C	PFD	12542r803	1,969	71,050	SH		SOLE		71,050	0	0
CHS Chemicals 7.875% Perp cl 2	PFD	12542r308	245	8,597	SH		SOLE		8,597	0	0
Campus Crest Comm 8.00% Perp C	PFD	13466y204	1,507	59,712	SH		SOLE		59,712	0	0
Capital One Finl 6.7%Prp Call	PFD	14040h709	450	16,863	SH		SOLE		16,863	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	263	10,500	SH		SOLE		10,500	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,617	98,748	SH		SOLE		98,748	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	1,187	45,172	SH		SOLE		45,172	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	6,079	227,592	SH		SOLE		227,592	0	0
CenturyLink SnNotes 6.875% CL	PFD	74913g105	1,186	45,050	SH		SOLE		45,050	0	0
CenturyLink SnNotes 7.0% 2052	PFD	74913G402	1,359	51,625	SH		SOLE		51,625	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	3,141	119,191	SH		SOLE		119,191	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	274	10,800	SH		SOLE		10,800	0	0
Citigroup 7.125% Flt Aftr 9/23	PFD	172967358	4,923	178,095	SH		SOLE		178,095	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	324	12,210	SH		SOLE		12,210	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	248	9,318	SH		SOLE		9,318	0	0
CoreEnergy 7.375% Pfd - Par Ca	PFD	21870u304	661	26,155	SH		SOLE		26,155	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	2,009	76,520	SH		SOLE		76,520	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	448	17,466	SH		SOLE		17,466	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	3,260	123,021	SH		SOLE		123,021	0	0
Cowen 8.25% Senior Notes Due 1	PFD	223622309	1,289	48,436	SH		SOLE		48,436	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	633	23,669	SH		SOLE		23,669	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,580	59,260	SH		SOLE		59,260	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	3,288	113,769	SH		SOLE		113,769	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	629	23,244	SH		SOLE		23,244	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,631	57,615	SH		SOLE		57,615	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	494	19,104	SH		SOLE		19,104	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,721	142,854	SH		SOLE		142,854	0	0
Digital Realty 7.375% Perp CUM	PFD	253868871	274	9,925	SH		SOLE		9,925	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	1,929	74,417	SH		SOLE		74,417	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	2,658	99,295	SH		SOLE		99,295	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	3,666	139,728	SH		SOLE		139,728	0	0
Equity Comwlth 7.25% CUM Perp/	PFD	294628409	560	21,486	SH		SOLE		21,486	0	0
Excel Trust 8.125% CUM Call 1/	PFD	30068c307	1,609	59,756	SH		SOLE		59,756	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	1,940	69,744	SH		SOLE		69,744	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	629	24,435	SH		SOLE		24,435	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	1,736	66,002	SH		SOLE		66,002	0	0
Five Oaks Investment 8.75%Perp	PFD	33830w205	327	12,810	SH		SOLE		12,810	0	0
General Growth Prop 6.375% Cl	PFD	370023202	385	15,100	SH		SOLE		15,100	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	641	31,997	SH		SOLE		31,997	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	785	30,858	SH		SOLE		30,858	0	0
HSBC Float 4.5%FL Clbl CUM QDI	PFD	40428h706	766	30,138	SH		SOLE		30,138	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	5,094	194,214	SH		SOLE		194,214	0	0
Hanover Insurance6.35% Cl3/18	PFD	410867204	292	11,600	SH		SOLE		11,600	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,544	50,250	SH		SOLE		50,250	0	0
Hatteras Financial 7.625% CUM	PFD	41902r400	1,002	41,328	SH		SOLE		41,328	0	0
Hercules Technology 7% Pfd Cal	PFD	427096870	315	12,350	SH		SOLE		12,350	0	0
Hudson Pacific 8.375% Perp N/R	PFD	444097208	1,035	39,655	SH		SOLE		39,655	0	0
ING Groep NV 7 3/8% Cl 10/12 B	PFD	456837707	1,729	67,174	SH		SOLE		67,174	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	295	11,425	SH		SOLE		11,425	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	1,064	40,602	SH		SOLE		40,602	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	333	12,807	SH		SOLE		12,807	0	0
JPMorgan Chase 6.70%Perp/Call	PFD	48127a161	1,598	59,375	SH		SOLE		59,375	0	0
KKR Financial 7.375% Prp Call	PFD	48248a603	433	16,157	SH		SOLE		16,157	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	5,305	194,449	SH		SOLE		194,449	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,631	58,220	SH		SOLE		58,220	0	0
Kimco Realty 6.90% Perp Call8/	PFD	49446r828	306	11,926	SH		SOLE		11,926	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	2,128	82,760	SH		SOLE		82,760	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	575	569	SH		SOLE		569	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	204	8,173	SH		SOLE		8,173	0	0
Magnum Hunter 8.00%Perp Ccum C	PFD	55973b300	391	11,201	SH		SOLE		11,201	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,389	89,676	SH		SOLE		89,676	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	880	33,194	SH		SOLE		33,194	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,641	62,161	SH		SOLE		62,161	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	259	10,431	SH		SOLE		10,431	0	0
Montpelier RE 8.875% Perp QDI	PFD	g62185114	911	34,395	SH		SOLE		34,395	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	515	24,313	SH		SOLE		24,313	0	0
Morgan Stanley 7.125%Flt Aftr1	PFD	61762v200	2,273	79,836	SH		SOLE		79,836	0	0
National General Ins 7.50% Cal	PFD	636220808	2,567	103,000	SH		SOLE		103,000	0	0
National General Ins 7.50% Cal	PFD	636220709	2,536	100,824	SH		SOLE		100,824	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	283	11,003	SH		SOLE		11,003	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	271	10,377	SH		SOLE		10,377	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	796	30,528	SH		SOLE		30,528	0	0
Oxford Lane Cap8.125% Cl6/2017	PFD	691543409	242	9,580	SH		SOLE		9,580	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	316	12,651	SH		SOLE		12,651	0	0
Partner Re 7.25% Call 06/16 BB	PFD	g68603508	5,919	220,435	SH		SOLE		220,435	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	2,833	106,074	SH		SOLE		106,074	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	853	32,625	SH		SOLE		32,625	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	648	25,134	SH		SOLE		25,134	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	372	13,900	SH		SOLE		13,900	0	0
Principal Fin 145Bp+30y QDI ($	PFD	74251v201	2,483	24,890	SH		SOLE		24,890	0	0
Prospect Captl 6.95%SrNtsBBBCa	PFD	74348t201	945	37,100	SH		SOLE		37,100	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	755	28,928	SH		SOLE		28,928	0	0
Public Storage 5.90% Perp CUM	PFD	74460w206	258	10,050	SH		SOLE		10,050	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	838	31,605	SH		SOLE		31,605	0	0
Public Storage 6.5% Perp Call	PFD	74460d158	391	15,150	SH		SOLE		15,150	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,737	66,004	SH		SOLE		66,004	0	0
Public Storage 6.875% Called 4	PFD	74460d182	966	38,544	SH		SOLE		38,544	0	0
Raymond James Financial 6.90%	PFD	754730208	875	32,335	SH		SOLE		32,335	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	314	11,900	SH		SOLE		11,900	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	448	17,900	SH		SOLE		17,900	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	421	16,700	SH		SOLE		16,700	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	419	14,500	SH		SOLE		14,500	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	496	18,900	SH		SOLE		18,900	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	2,254	85,858	SH		SOLE		85,858	0	0
Safe Bulkers 8.00% Cumulative	PFD	y7388l129	320	15,350	SH		SOLE		15,350	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	1,225	46,477	SH		SOLE		46,477	0	0
Seaspan 9.50% 1/2049 Call 1/20	PFD	B643v81	215	8,035	SH		SOLE		8,035	0	0
SoCalEd FltRaet $100 1.45+30yr	PFD	842400756	2,665	26,592	SH		SOLE		26,592	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	318	12,750	SH		SOLE		12,750	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	702	6,640	SH		SOLE		6,640	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	2,008	75,190	SH		SOLE		75,190	0	0
Sunstone Hotel 8.00% Perp CUM	PFD	867592507	1,128	43,214	SH		SOLE		43,214	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	251	9,751	SH		SOLE		9,751	0	0
Teekay Offshore 7.25%Perp CUM	PFD	y8565j127	778	33,686	SH		SOLE		33,686	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,465	136,800	SH		SOLE		136,800	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	887	34,321	SH		SOLE		34,321	0	0
TravelCenters America 8.00%SrN	PFD	894174309	1,619	61,800	SH		SOLE		61,800	0	0
Triancgle Capital 6.375% Sr No	PFD	895848406	494	19,450	SH		SOLE		19,450	0	0
US Bancorp 6.5% Flt Aftr 1/22	PFD	902973833	1,645	55,368	SH		SOLE		55,368	0	0
US Celllular SrNts 7.25% 2063	PFD	911684504	458	18,100	SH		SOLE		18,100	0	0
US Cellular 6.95%SrNT 2060 Cl	PFD	911684405	468	18,435	SH		SOLE		18,435	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	293	11,773	SH		SOLE		11,773	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,176	121,275	SH		SOLE		121,275	0	0
Wells Fargo 6.375% Cl 12/19 QD	PFD	94988n207	528	20,300	SH		SOLE		20,300	0	0
Wells Fargo 7.5% Cnv/Prp$1000	PFD	949746804	9,292	7,617	SH		SOLE		7,617	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	12,984	443,894	SH		SOLE		443,894	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,393	2,032,000	PRN		SOLE		2,032,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	298	295,000	PRN		SOLE		295,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	395	350,000	PRN		SOLE		350,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	2,373	2,015,000	PRN		SOLE		2,015,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,635	2,440,000	PRN		SOLE		2,440,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	1,114	1,000,000	PRN		SOLE		1,000,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,461	5,495,000	PRN		SOLE		5,495,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	593	540,000	PRN		SOLE		540,000	0	0