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	615	300	SH		SOLE		300	0	0
3M Company	COM	88579y101	12,333	79,931	SH		SOLE		79,931	0	0
ABB Ltd-Spon ADR	COM	000375204	3,840	183,927	SH		SOLE		183,927	0	0
ACE Ltd	COM	h0023r105	266	2,620	SH		SOLE		2,620	0	0
AGL Resources Inc	COM	001204106	3,167	68,025	SH		SOLE		68,025	0	0
AT&T Inc	COM	00206r102	8,300	233,682	SH		SOLE		233,682	0	0
AbbVie Inc	COM	00287y109	9,615	143,105	SH		SOLE		143,105	0	0
Abbott Laboratories	COM	002824100	10,151	206,819	SH		SOLE		206,819	0	0
Accenture PLC-Cl A	COM	g1151c101	4,130	42,675	SH		SOLE		42,675	0	0
Adobe Systems Inc	COM	00724f101	545	6,731	SH		SOLE		6,731	0	0
Aetna Inc	COM	00817Y108	887	6,961	SH		SOLE		6,961	0	0
Aflac Inc	COM	001055102	334	5,366	SH		SOLE		5,366	0	0
Agilent Technologies Inc	COM	00846u101	732	18,965	SH		SOLE		18,965	0	0
Air Products & Chemicals Inc	COM	009158106	4,853	35,471	SH		SOLE		35,471	0	0
Alder Biopharaceuticals	COM	014339105	300	5,658	SH		SOLE		5,658	0	0
Alerian MLP ETF	COM	00162q866	333	21,420	SH		SOLE		21,420	0	0
Allegion PLC	COM	g0176j109	224	3,726	SH		SOLE		3,726	0	0
Allergan plc (new)	COM	g0177j108	897	2,955	SH		SOLE		2,955	0	0
Alliance Data Systems Corp	COM	018581108	323	1,105	SH		SOLE		1,105	0	0
Allstate Corp	COM	020002101	358	5,512	SH		SOLE		5,512	0	0
Altria Group Inc	COM	02209s103	7,296	149,177	SH		SOLE		149,177	0	0
Amarillo Gold Corp	COM	02301t108	87	1,400,000	SH		SOLE		1,400,000	0	0
Amazon.com Inc	COM	023135106	286	659	SH		SOLE		659	0	0
American Electric Power	COM	025537101	474	8,955	SH		SOLE		8,955	0	0
American Express Co	COM	025816109	2,744	35,303	SH		SOLE		35,303	0	0
American International Group	COM	026874784	316	5,113	SH		SOLE		5,113	0	0
AmerisourceBergen Corp	COM	03073e105	543	5,108	SH		SOLE		5,108	0	0
Amgen Inc	COM	031162100	2,183	14,221	SH		SOLE		14,221	0	0
Anthem Inc	COM	036752103	3,353	20,430	SH		SOLE		20,430	0	0
Apple Inc	COM	037833100	28,749	229,211	SH		SOLE		229,211	0	0
Archer-Daniels-Midland Co	COM	039483102	739	15,333	SH		SOLE		15,333	0	0
Automatic Data Processing	COM	053015103	11,475	143,025	SH		SOLE		143,025	0	0
Avago Technologies Ltd	COM	y0486s104	305	2,291	SH		SOLE		2,291	0	0
BCE Inc	COM	05534b760	2,634	61,971	SH		SOLE		61,971	0	0
Bank Of Marin Bancorp/CA	COM	063425102	723	14,207	SH		SOLE		14,207	0	0
Bank of America Corp	COM	060505104	6,307	370,564	SH		SOLE		370,564	0	0
Bank of Montreal	COM	063671101	330	5,565	SH		SOLE		5,565	0	0
Baxter International Inc.	COM	071813109	648	9,269	SH		SOLE		9,269	0	0
Becton Dickinson & Co	COM	075887109	1,362	9,613	SH		SOLE		9,613	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	2,930	21,528	SH		SOLE		21,528	0	0
Biogen Idec Inc	COM	09062x103	1,710	4,233	SH		SOLE		4,233	0	0
Blackrock Inc	COM	09247x101	226	654	SH		SOLE		654	0	0
Blackstone Group/The	COM	09253u108	844	20,647	SH		SOLE		20,647	0	0
Boeing Co	COM	097023105	2,898	20,894	SH		SOLE		20,894	0	0
Bristol-Myers Squibb Co	COM	110122108	17,958	269,882	SH		SOLE		269,882	0	0
Brown-Forman Corp -Cl B	COM	115637209	210	2,097	SH		SOLE		2,097	0	0
CBS Corp-Class B	COM	124857202	361	6,499	SH		SOLE		6,499	0	0
CVS Health Corp	COM	126650100	4,903	46,745	SH		SOLE		46,745	0	0
CarMax Inc	COM	143130102	245	3,703	SH		SOLE		3,703	0	0
Carlyle Group/The	COM	14309l102	2,086	74,089	SH		SOLE		74,089	0	0
Caterpillar Inc	COM	149123101	2,610	30,773	SH		SOLE		30,773	0	0
Celgene Corp	COM	151020104	817	7,057	SH		SOLE		7,057	0	0
CenterPoint Energy Inc	COM	15189t107	1,766	92,779	SH		SOLE		92,779	0	0
Cerner Corp	COM	156782104	2,796	40,486	SH		SOLE		40,486	0	0
Cerus Corp	COM	157085101	52	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	687	8,639	SH		SOLE		8,639	0	0
Chevron Corp	COM	166764100	24,389	252,812	SH		SOLE		252,812	0	0
Chubb Corp	COM	171232101	2,907	30,557	SH		SOLE		30,557	0	0
Cigna Corp	COM	125509109	349	2,154	SH		SOLE		2,154	0	0
Cisco Systems Inc	COM	17275R102	3,151	114,743	SH		SOLE		114,743	0	0
Citigroup Inc	COM	172967424	288	5,218	SH		SOLE		5,218	0	0
Clorox Company	COM	189054109	8,984	86,372	SH		SOLE		86,372	0	0
Coca-Cola Co/The	COM	191216100	4,521	115,232	SH		SOLE		115,232	0	0
Colgate-Palmolive Co	COM	194162103	8,472	129,527	SH		SOLE		129,527	0	0
Colony Capital	COM	19624r106	213	9,387	SH		SOLE		9,387	0	0
Comcast Corp-Cl A	COM	20030n101	7,438	123,673	SH		SOLE		123,673	0	0
Conagra Foods Inc	COM	205887102	1,365	31,220	SH		SOLE		31,220	0	0
ConocoPhillips	COM	20825C104	13,281	216,265	SH		SOLE		216,265	0	0
Consolidated Edison Inc	COM	209115104	890	15,373	SH		SOLE		15,373	0	0
Costco Wholesale Corp	COM	22160K105	12,566	93,038	SH		SOLE		93,038	0	0
Crown Castle Intl Corp	COM	22822v101	5,387	67,080	SH		SOLE		67,080	0	0
DIRECTV	COM	25490a309	318	3,422	SH		SOLE		3,422	0	0
DTE Energy Company	COM	233331107	227	3,047	SH		SOLE		3,047	0	0
Danaher Corp	COM	235851102	4,669	54,546	SH		SOLE		54,546	0	0
Deere & Co	COM	244199105	1,513	15,586	SH		SOLE		15,586	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	421	3,626	SH		SOLE		3,626	0	0
Dick's Sporting Goods Inc	COM	253393102	812	15,688	SH		SOLE		15,688	0	0
Disney Co./Walt The	COM	254687106	10,873	95,262	SH		SOLE		95,262	0	0
Dominion Resources Inc/Va	COM	25746u109	517	7,738	SH		SOLE		7,738	0	0
Dow Chemical	COM	260543103	521	10,173	SH		SOLE		10,173	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	840	11,524	SH		SOLE		11,524	0	0
Du Pont (E.I.) De Nemours	COM	263534109	9,235	144,416	SH		SOLE		144,416	0	0
Duke Energy Corp	COM	26441c204	753	10,669	SH		SOLE		10,669	0	0
EGShares Emerging Markets Cons	COM	268461779	4,781	183,460	SH		SOLE		183,460	0	0
EMC Corp Mass	COM	268648102	390	14,782	SH		SOLE		14,782	0	0
ETFS Physical Precious Metals	COM	26922w109	551	9,310	SH		SOLE		9,310	0	0
Eaton Corp PLC	COM	g29183103	1,361	20,168	SH		SOLE		20,168	0	0
Ecolab Inc	COM	278865100	7,383	65,293	SH		SOLE		65,293	0	0
Edison International	COM	281020107	4,218	75,882	SH		SOLE		75,882	0	0
Eli Lilly & Co	COM	532457108	4,867	58,300	SH		SOLE		58,300	0	0
Emerson Electric Co	COM	291011104	1,800	32,468	SH		SOLE		32,468	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Energy Transfer Equity LP	COM	29273v100	513	8,000	SH		SOLE		8,000	0	0
Energy Transfer Partners LP	COM	29273r109	229	4,390	SH		SOLE		4,390	0	0
Enterprise Products Partners	COM	293792107	1,248	41,737	SH		SOLE		41,737	0	0
Equity Residential	COM	29476l107	217	3,090	SH		SOLE		3,090	0	0
Essex Property Trust Inc	COM	297178105	429	2,020	SH		SOLE		2,020	0	0
Eurasian Minerals Inc	COM	29843r100	28	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	277	6,103	SH		SOLE		6,103	0	0
Express Scripts Holding Co.	COM	30219g108	1,345	15,118	SH		SOLE		15,118	0	0
Exxon Mobil Corp	COM	30231G102	12,996	156,201	SH		SOLE		156,201	0	0
Facebook Inc	COM	30303m102	436	5,086	SH		SOLE		5,086	0	0
FedEx Corp	COM	31428x106	691	4,052	SH		SOLE		4,052	0	0
FireEye Inc	COM	31816q101	286	5,851	SH		SOLE		5,851	0	0
First Republic Bank/San Franci	COM	33616C100	208	3,300	SH		SOLE		3,300	0	0
First Trust Dividend Leaders I	COM	336917109	1,245	54,602	SH		SOLE		54,602	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	1,016	33,041	SH		SOLE		33,041	0	0
First Trust Mid Cap Value ETF	COM	33737m201	282	9,168	SH		SOLE		9,168	0	0
First Trust Rising Dividend Ac	COM	33738r506	250	11,384	SH		SOLE		11,384	0	0
Flagstar Bancorp Inc	COM	337930705	185	10,000	SH		SOLE		10,000	0	0
Ford Motor Co	COM	345370860	2,068	137,781	SH		SOLE		137,781	0	0
Fortinet Inc	COM	34959e109	377	9,129	SH		SOLE		9,129	0	0
Franklin Resources Inc	COM	354613101	363	7,395	SH		SOLE		7,395	0	0
Freeport-McMoRan Copper & Gold	COM	35671d857	720	38,659	SH		SOLE		38,659	0	0
Frontier Communications Corp	COM	35906a108	79	15,937	SH		SOLE		15,937	0	0
General Dynamics Corp	COM	369550108	2,236	15,780	SH		SOLE		15,780	0	0
General Electric Co	COM	369604103	18,868	710,135	SH		SOLE		710,135	0	0
General Mills Inc	COM	370334104	5,030	90,270	SH		SOLE		90,270	0	0
Genuine Parts Co	COM	372460105	5,171	57,762	SH		SOLE		57,762	0	0
Gilead Sciences Inc	COM	375558103	2,529	21,604	SH		SOLE		21,604	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	1,741	41,807	SH		SOLE		41,807	0	0
Global Brands Group Holding	COM	g39338101	2	10,000	SH		SOLE		10,000	0	0
Global X SuperIncome Preferred	COM	37950e333	218	15,402	SH		SOLE		15,402	0	0
Goldman Sachs Group Inc	COM	38141G104	523	2,506	SH		SOLE		2,506	0	0
Google Inc-Cl A	COM	38259P508	2,621	4,854	SH		SOLE		4,854	0	0
Google Inc-Cl C	COM	38259p706	2,167	4,164	SH		SOLE		4,164	0	0
Grainger (W.W.) Inc	COM	384802104	317	1,338	SH		SOLE		1,338	0	0
Guggenheim BRIC ETF	COM	18383m100	227	7,645	SH		SOLE		7,645	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	711	5,026	SH		SOLE		5,026	0	0
Guggenheim S&P Equal Weight	COM	78355w106	737	9,239	SH		SOLE		9,239	0	0
H&R Block Inc	COM	093671105	323	10,900	SH		SOLE		10,900	0	0
HCP Inc	COM	40414l109	5,045	138,342	SH		SOLE		138,342	0	0
HPEV Inc	COM	404273104	7	17,800	SH		SOLE		17,800	0	0
Hain Celestial Group Inc	COM	405217100	275	4,168	SH		SOLE		4,168	0	0
Harman International	COM	413086109	831	6,987	SH		SOLE		6,987	0	0
Hershey Co/The	COM	427866108	209	2,354	SH		SOLE		2,354	0	0
Hess Corp	COM	42809h107	482	7,200	SH		SOLE		7,200	0	0
Hewlett-Packard Co	COM	428236103	1,975	65,805	SH		SOLE		65,805	0	0
Home Depot Inc	COM	437076102	7,060	63,532	SH		SOLE		63,532	0	0
Honeywell International Inc	COM	438516106	5,361	52,574	SH		SOLE		52,574	0	0
Hormel Foods Corp	COM	440452100	336	5,956	SH		SOLE		5,956	0	0
Hubbell Inc -Cl B	COM	443510201	217	2,000	SH		SOLE		2,000	0	0
ICON PLC	COM	g4705a100	245	3,644	SH		SOLE		3,644	0	0
Illinois Tool Works	COM	452308109	452	4,919	SH		SOLE		4,919	0	0
Illumina Inc	COM	452327109	229	1,051	SH		SOLE		1,051	0	0
Infinito Gold Ltd	COM	45671c106	0	18,200	SH		SOLE		18,200	0	0
Ingersoll-Rand PLC	COM	g47791101	1,871	27,755	SH		SOLE		27,755	0	0
Inovalon Holdings, Inc.	COM	45781d101	224	8,022	SH		SOLE		8,022	0	0
Integral Technologies Inc	COM	45810j103	11	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	12,362	406,437	SH		SOLE		406,437	0	0
Intl Business Machines Corp	COM	459200101	6,211	38,183	SH		SOLE		38,183	0	0
Intl Flavors & Fragrances	COM	459506101	582	5,325	SH		SOLE		5,325	0	0
Intrexon Corp	COM	46122t102	488	10,003	SH		SOLE		10,003	0	0
Intuit Inc	COM	461202103	276	2,737	SH		SOLE		2,737	0	0
Ivanhoe Mines Ltd	COM	46579r104	143	200,000	SH		SOLE		200,000	0	0
JPMorgan Chase & Co	COM	46625H100	7,885	116,365	SH		SOLE		116,365	0	0
Jacobs Engineering Group Inc	COM	469814107	290	7,144	SH		SOLE		7,144	0	0
Johnson & Johnson	COM	478160104	21,479	220,392	SH		SOLE		220,392	0	0
Johnson Controls Inc	COM	478366107	1,703	34,390	SH		SOLE		34,390	0	0
KKR & Co LP	COM	48248m102	202	8,857	SH		SOLE		8,857	0	0
Keysight Technologies Inc	COM	49338l103	265	8,481	SH		SOLE		8,481	0	0
Kimberly-Clark Corp	COM	494368103	10,741	101,362	SH		SOLE		101,362	0	0
Kinder Morgan Inc	COM	49456b101	7,886	205,429	SH		SOLE		205,429	0	0
Kohl's Corp	COM	500255104	376	6,000	SH		SOLE		6,000	0	0
Kraft Foods Group	COM	50076q106	2,796	32,845	SH		SOLE		32,845	0	0
L-3 Communications Holdings	COM	502424104	326	2,871	SH		SOLE		2,871	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,800	14,847	SH		SOLE		14,847	0	0
Lam Research Corp	COM	512807108	208	2,553	SH		SOLE		2,553	0	0
Lannett Company Inc	COM	516012101	277	4,668	SH		SOLE		4,668	0	0
Leggett & Platt Inc	COM	524660107	205	4,209	SH		SOLE		4,209	0	0
Li & Fung Ltd	COM	g5485f169	8	10,000	SH		SOLE		10,000	0	0
Linn Energy LLC-Units	COM	536020100	208	23,300	SH		SOLE		23,300	0	0
Lockheed Martin Corp	COM	539830109	2,914	15,675	SH		SOLE		15,675	0	0
Lowe's Cos Inc	COM	548661107	3,972	59,314	SH		SOLE		59,314	0	0
Lululemon Athletica Inc	COM	550021109	534	8,184	SH		SOLE		8,184	0	0
MabVax Therapeutics Holdings	COM	55414p108	116	50,000	SH		SOLE		50,000	0	0
Macy's Inc	COM	55616p104	2,105	31,198	SH		SOLE		31,198	0	0
Mallinckrodt PLC	COM	g5785g107	403	3,422	SH		SOLE		3,422	0	0
Manulife Financial Corp	COM	56501r106	393	21,130	SH		SOLE		21,130	0	0
Marathon Oil Corp	COM	565849106	286	10,788	SH		SOLE		10,788	0	0
Marathon Petroleum Corp	COM	56585a102	363	6,934	SH		SOLE		6,934	0	0
Market Vectors Agribusiness ET	COM	57060u605	873	15,840	SH		SOLE		15,840	0	0
Market Vectors Pharmaceutical	COM	57060u217	566	8,000	SH		SOLE		8,000	0	0
Marriott International-Cl A	COM	571903202	2,423	32,567	SH		SOLE		32,567	0	0
McCormick & Co-Non Vtg Shrs	COM	579780206	1,750	21,621	SH		SOLE		21,621	0	0
McDonald's Corp	COM	580135101	9,555	100,506	SH		SOLE		100,506	0	0
McGraw Hill Financial Inc	COM	580645109	893	8,890	SH		SOLE		8,890	0	0
McKesson Corp	COM	58155q103	219	975	SH		SOLE		975	0	0
Medical Properties Trust Inc	COM	58463j304	300	22,914	SH		SOLE		22,914	0	0
Medivation Inc	COM	58501n101	229	2,002	SH		SOLE		2,002	0	0
Medtronic PLC	COM	g5960l103	6,064	81,838	SH		SOLE		81,838	0	0
Merck & Co. Inc.	COM	58933y105	8,037	141,171	SH		SOLE		141,171	0	0
Microsoft Corp	COM	594918104	8,053	182,400	SH		SOLE		182,400	0	0
Mondelez International	COM	609207105	2,445	59,433	SH		SOLE		59,433	0	0
Morgan Stanley	COM	617446448	3,072	79,202	SH		SOLE		79,202	0	0
Mylan NV	COM	n59465109	2,670	39,350	SH		SOLE		39,350	0	0
NXP Semiconductors Nv	COM	n6596x109	944	9,617	SH		SOLE		9,617	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,525	62,706	SH		SOLE		62,706	0	0
NextEra Energy Inc	COM	65339f101	11,055	112,768	SH		SOLE		112,768	0	0
Nike Inc -Cl B	COM	654106103	8,194	75,855	SH		SOLE		75,855	0	0
Nordstrom Inc	COM	655664100	500	6,715	SH		SOLE		6,715	0	0
Norfolk Southern Corp	COM	655844108	425	4,861	SH		SOLE		4,861	0	0
Novartis Ag-ADR	COM	66987v109	4,109	41,783	SH		SOLE		41,783	0	0
Novo-Nordisk A/S-Spons ADR	COM	670100205	267	4,877	SH		SOLE		4,877	0	0
Occidental Petroleum Corp	COM	674599105	7,398	95,125	SH		SOLE		95,125	0	0
Ocean Power Corp	COM	674869201	0	201,576	SH		SOLE		201,576	0	0
Oracle Corp	COM	68389x105	4,875	120,958	SH		SOLE		120,958	0	0
P G & E Corp	COM	69331c108	467	9,508	SH		SOLE		9,508	0	0
PPG Industries Inc	COM	693506107	276	2,409	SH		SOLE		2,409	0	0
Paccar Inc	COM	693718108	1,905	29,854	SH		SOLE		29,854	0	0
Palo Alto Networks	COM	697435105	978	5,598	SH		SOLE		5,598	0	0
PepsiCo Inc	COM	713448108	7,632	81,766	SH		SOLE		81,766	0	0
Pfizer Inc	COM	717081103	8,339	248,688	SH		SOLE		248,688	0	0
Philip Morris International	COM	718172109	1,817	22,659	SH		SOLE		22,659	0	0
Phillips 66	COM	718546104	244	3,034	SH		SOLE		3,034	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Plains All American Pipeline L	COM	726503105	262	6,022	SH		SOLE		6,022	0	0
Potash Corp Of Saskatchewan	COM	73755l107	837	27,020	SH		SOLE		27,020	0	0
PowerShares Buyback Achievers	COM	73935x286	244	5,010	SH		SOLE		5,010	0	0
PowerShares Preferred Portfoli	COM	73936t565	6,070	417,768	SH		SOLE		417,768	0	0
PowerShares S&P Low Volatility	COM	73937b779	329	8,984	SH		SOLE		8,984	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	2,429	22,690	SH		SOLE		22,690	0	0
Praxair Inc	COM	74005p104	2,524	21,115	SH		SOLE		21,115	0	0
Preferred Apartment Communitie	COM	74039l103	2,216	222,668	SH		SOLE		222,668	0	0
ProLogis Inc	COM	74340w103	324	8,733	SH		SOLE		8,733	0	0
Procter & Gamble Co	COM	742718109	19,569	250,118	SH		SOLE		250,118	0	0
Public Service Enterprise Grou	COM	744573106	1,852	47,148	SH		SOLE		47,148	0	0
Qualcomm Inc	COM	747525103	564	9,002	SH		SOLE		9,002	0	0
Quest Diagnostics	COM	74834l100	451	6,225	SH		SOLE		6,225	0	0
Realty Income Corp	COM	756109104	7,652	172,378	SH		SOLE		172,378	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	655	1,284	SH		SOLE		1,284	0	0
Retail Properties of America	COM	76131v202	547	39,293	SH		SOLE		39,293	0	0
Robert Half Intl Inc	COM	770323103	423	7,629	SH		SOLE		7,629	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	2,840	80,975	SH		SOLE		80,975	0	0
Rockwell Automation Inc	COM	773903109	223	1,793	SH		SOLE		1,793	0	0
Roper Technologies Inc	COM	776696106	215	1,249	SH		SOLE		1,249	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	1,192	20,907	SH		SOLE		20,907	0	0
SAP SE-Sponsored ADR	COM	803054204	678	9,653	SH		SOLE		9,653	0	0
SPDR Consumer Discretionary Se	COM	81369y407	4,947	64,682	SH		SOLE		64,682	0	0
SPDR Consumer Staples Select S	COM	81369y308	4,393	92,281	SH		SOLE		92,281	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	812	4,621	SH		SOLE		4,621	0	0
SPDR Energy Select Sector	COM	81369y506	3,412	45,397	SH		SOLE		45,397	0	0
SPDR Financial Select Sector	COM	81369y605	3,971	162,868	SH		SOLE		162,868	0	0
SPDR Gold Trust	COM	78463v107	836	7,441	SH		SOLE		7,441	0	0
SPDR Health Care Select Sector	COM	81369y209	6,003	80,702	SH		SOLE		80,702	0	0
SPDR Industrial Select Sector	COM	81369y704	3,775	69,824	SH		SOLE		69,824	0	0
SPDR Materials Select Sector	COM	81369y100	1,264	26,113	SH		SOLE		26,113	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	7,779	37,790	SH		SOLE		37,790	0	0
SPDR S&P Biotech ETF	COM	78464a870	640	2,538	SH		SOLE		2,538	0	0
SPDR S&P Dividend ETF	COM	78464a763	9,862	129,410	SH		SOLE		129,410	0	0
SPDR S&P Emerging Markets Smal	COM	78463x756	256	5,675	SH		SOLE		5,675	0	0
SPDR S&P Intl Dividend	COM	78463x772	463	11,160	SH		SOLE		11,160	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	10,085	36,916	SH		SOLE		36,916	0	0
SPDR Technology Select Sector	COM	81369y803	7,212	174,205	SH		SOLE		174,205	0	0
SPDR Utilities Select Sector	COM	81369y886	768	18,524	SH		SOLE		18,524	0	0
Salesforce.Com Inc	COM	79466l302	1,164	16,716	SH		SOLE		16,716	0	0
Sanofi-ADR	COM	80105n105	4,436	89,561	SH		SOLE		89,561	0	0
Scana Corp	COM	80589m102	669	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	743	8,620	SH		SOLE		8,620	0	0
Schwab (Charles) Corp	COM	808513105	764	23,397	SH		SOLE		23,397	0	0
Schwab U.S. Broad Market ETF	COM	808524102	1,500	29,867	SH		SOLE		29,867	0	0
Schwab U.S. Large-Cap ETF	COM	808524201	2,277	46,181	SH		SOLE		46,181	0	0
Schwab U.S. Mid-Cap ETF	COM	808524508	2,114	49,581	SH		SOLE		49,581	0	0
Schwab U.S. Small-Cap ETF	COM	808524607	1,125	19,569	SH		SOLE		19,569	0	0
Schwab US Dividend Equity ETF	COM	808524797	1,047	27,346	SH		SOLE		27,346	0	0
Sempra Energy	COM	816851109	1,936	19,572	SH		SOLE		19,572	0	0
Sierra Vista Bank	COM	82651b105	78	20,000	SH		SOLE		20,000	0	0
Sigma-Aldrich	COM	826552101	225	1,615	SH		SOLE		1,615	0	0
Silvercorp Metals Inc	COM	82835p103	11	10,000	SH		SOLE		10,000	0	0
Sirius XM Holdings Inc	COM	82968b103	565	151,484	SH		SOLE		151,484	0	0
Southern Co	COM	842587107	2,193	52,344	SH		SOLE		52,344	0	0
Southern Copper Corp	COM	84265v105	370	12,569	SH		SOLE		12,569	0	0
Spectra Energy Corp	COM	847560109	2,304	70,673	SH		SOLE		70,673	0	0
Spectral Medical Inc	COM	847577103	17	25,000	SH		SOLE		25,000	0	0
Sprott Physical Gold Trust	COM	85207h104	133	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	924	12,651	SH		SOLE		12,651	0	0
Stanley Black & Decker Inc	COM	854502101	5,133	48,778	SH		SOLE		48,778	0	0
Starbucks Corp	COM	855244109	4,911	91,603	SH		SOLE		91,603	0	0
State Street Corp	COM	857477103	302	3,920	SH		SOLE		3,920	0	0
Strategic Hotels & Resorts Inc	COM	86272t106	156	12,832	SH		SOLE		12,832	0	0
Stryker Corp	COM	863667101	301	3,152	SH		SOLE		3,152	0	0
Sysco Corp	COM	871829107	243	6,723	SH		SOLE		6,723	0	0
T Rowe Price Group Inc	COM	74144t108	403	5,190	SH		SOLE		5,190	0	0
TD Ameritrade Holding Corp	COM	87236y108	1,777	48,265	SH		SOLE		48,265	0	0
TJX Companies Inc	COM	872540109	482	7,282	SH		SOLE		7,282	0	0
Target Corp	COM	87612e106	8,199	100,435	SH		SOLE		100,435	0	0
Taseko Mines Ltd	COM	876511106	22	40,000	SH		SOLE		40,000	0	0
Teco Energy Inc	COM	872375100	2,845	161,099	SH		SOLE		161,099	0	0
Tesla Motors Inc	COM	88160r101	509	1,896	SH		SOLE		1,896	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	469	7,938	SH		SOLE		7,938	0	0
Texas Instruments Inc	COM	882508104	322	6,247	SH		SOLE		6,247	0	0
Thermo Fisher Scientific Inc	COM	883556102	209	1,612	SH		SOLE		1,612	0	0
Time Warner Inc	COM	887317303	761	8,703	SH		SOLE		8,703	0	0
Toronto-Dominion Bank	COM	891160509	4,206	98,951	SH		SOLE		98,951	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	2,566	19,185	SH		SOLE		19,185	0	0
Travelers Cos Inc/The	COM	89417e109	3,029	31,335	SH		SOLE		31,335	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
Turquoise Hill Resources Ltd	COM	900435108	114	30,000	SH		SOLE		30,000	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,470	76,670	SH		SOLE		76,670	0	0
UDR Inc	COM	902653104	227	7,080	SH		SOLE		7,080	0	0
US Bancorp	COM	902973304	2,064	47,547	SH		SOLE		47,547	0	0
Unilever N V -NY Shares	COM	904784709	3,107	74,268	SH		SOLE		74,268	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,827	42,526	SH		SOLE		42,526	0	0
Union Pacific Corp	COM	907818108	2,020	21,184	SH		SOLE		21,184	0	0
United Parcel Service-Cl B	COM	911312106	8,404	86,721	SH		SOLE		86,721	0	0
United Technologies Corp	COM	913017109	3,234	29,155	SH		SOLE		29,155	0	0
UnitedHealth Group Inc	COM	91324P102	1,218	9,985	SH		SOLE		9,985	0	0
VF Corporation	COM	918204108	221	3,169	SH		SOLE		3,169	0	0
Vanguard Consumer Discretionar	COM	92204a108	409	3,289	SH		SOLE		3,289	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	315	2,520	SH		SOLE		2,520	0	0
Vanguard Dividend Appreciation	COM	921908844	901	11,472	SH		SOLE		11,472	0	0
Vanguard European Vipers	COM	922042874	765	14,165	SH		SOLE		14,165	0	0
Vanguard FTSE All-World Ex-US	COM	922042775	253	5,217	SH		SOLE		5,217	0	0
Vanguard FTSE Developed Market	COM	921943858	1,901	47,934	SH		SOLE		47,934	0	0
Vanguard FTSE Emerging Markets	COM	922042858	1,462	35,765	SH		SOLE		35,765	0	0
Vanguard Health Care Vipers	COM	92204a504	340	2,430	SH		SOLE		2,430	0	0
Vanguard High Div Yield ETF	COM	921946406	1,495	22,204	SH		SOLE		22,204	0	0
Vanguard Info Tech Vipers	COM	92204a702	506	4,765	SH		SOLE		4,765	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	396	4,179	SH		SOLE		4,179	0	0
Vanguard Mid-Cap	COM	922908629	3,823	30,000	SH		SOLE		30,000	0	0
Vanguard REIT	COM	922908553	1,329	17,794	SH		SOLE		17,794	0	0
Vanguard S&P 500	COM	922908363	208	1,100	SH		SOLE		1,100	0	0
Vanguard Small-Cap Vipers	COM	922908751	4,677	38,501	SH		SOLE		38,501	0	0
Vanguard Total Stock Market	COM	922908769	13,026	121,718	SH		SOLE		121,718	0	0
Varian Medical Systems Inc	COM	92220P105	1,231	14,592	SH		SOLE		14,592	0	0
Verizon Communications Inc	COM	92343v104	23,372	501,445	SH		SOLE		501,445	0	0
Visa Inc-Class A Shares	COM	92826c839	734	10,938	SH		SOLE		10,938	0	0
Vornado Realty Trust	COM	929042109	5,630	59,308	SH		SOLE		59,308	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
WEC Energy Group Inc	COM	92939u106	4,293	95,460	SH		SOLE		95,460	0	0
Wal-Mart Stores Inc	COM	931142103	1,059	14,933	SH		SOLE		14,933	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,776	127,615	SH		SOLE		127,615	0	0
Waste Management Inc	COM	94106l109	7,496	161,730	SH		SOLE		161,730	0	0
Wells Fargo & Company	COM	949746101	31,989	568,801	SH		SOLE		568,801	0	0
Westamerica Bancorportaion	COM	957090103	645	12,741	SH		SOLE		12,741	0	0
Weyerhaeuser Co	COM	962166104	958	30,415	SH		SOLE		30,415	0	0
Whirlpool Corp	COM	963320106	2,507	14,486	SH		SOLE		14,486	0	0
White Mountains Insurance Grou	COM	g9618e107	680	1,038	SH		SOLE		1,038	0	0
Whole Foods Market Inc	COM	966837106	5,594	141,834	SH		SOLE		141,834	0	0
Williams Cos Inc	COM	969457100	10,961	190,994	SH		SOLE		190,994	0	0
Williams-Sonoma Inc	COM	969904101	839	10,200	SH		SOLE		10,200	0	0
Xcel Energy Inc	COM	98389b100	224	6,965	SH		SOLE		6,965	0	0
Xylem Inc	COM	98419m100	216	5,822	SH		SOLE		5,822	0	0
Yahoo! Inc	COM	984332106	1,084	27,600	SH		SOLE		27,600	0	0
Yum! Brands Inc	COM	988498101	393	4,365	SH		SOLE		4,365	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	1,744	15,964	SH		SOLE		15,964	0	0
Zogenix Inc	COM	98978l105	17	10,000	SH		SOLE		10,000	0	0
iShares DJ Select Dividend Ind	COM	464287168	6,275	83,501	SH		SOLE		83,501	0	0
iShares DJ US Financial Sect	COM	464287788	1,195	13,319	SH		SOLE		13,319	0	0
iShares DJ US Health Car Pro	COM	464288828	293	2,052	SH		SOLE		2,052	0	0
iShares DJ US Telecommunicatio	COM	464287713	619	21,128	SH		SOLE		21,128	0	0
iShares DJ US Transport Index	COM	464287192	897	6,190	SH		SOLE		6,190	0	0
iShares FTSE/Xinhua China 25	COM	464287184	1,024	22,206	SH		SOLE		22,206	0	0
iShares Gold Trust	COM	464285105	752	66,358	SH		SOLE		66,358	0	0
iShares Goldman Sachs Tech I	COM	464287721	252	2,410	SH		SOLE		2,410	0	0
iShares Intl Select Div	COM	464288448	1,905	58,918	SH		SOLE		58,918	0	0
iShares MCSI EAFE Growth Index	COM	464288885	273	3,900	SH		SOLE		3,900	0	0
iShares MSCI Australia Index	COM	464286103	526	25,000	SH		SOLE		25,000	0	0
iShares MSCI Canada Index	COM	464286509	613	22,970	SH		SOLE		22,970	0	0
iShares MSCI EAFE Index	COM	464287465	1,343	21,160	SH		SOLE		21,160	0	0
iShares MSCI EAFE Value Index	COM	464288877	264	5,040	SH		SOLE		5,040	0	0
iShares MSCI EMU Index-Europea	COM	464286608	375	10,000	SH		SOLE		10,000	0	0
iShares MSCI Emerging Markets	COM	464287234	1,437	36,260	SH		SOLE		36,260	0	0
iShares MSCI Hong Kong Index -	COM	464286871	876	38,835	SH		SOLE		38,835	0	0
iShares MSCI Mexico Index	COM	464286822	340	5,945	SH		SOLE		5,945	0	0
iShares MSCI Singapore Index	COM	464286673	323	25,700	SH		SOLE		25,700	0	0
iShares MSCI South Korea Index	COM	464286772	232	4,213	SH		SOLE		4,213	0	0
iShares MSCI USA Quality Facto	COM	46432f339	688	10,890	SH		SOLE		10,890	0	0
iShares Microcap ETF	COM	464288869	631	7,745	SH		SOLE		7,745	0	0
iShares Nasdaq Biotech Index F	COM	464287556	5,350	14,499	SH		SOLE		14,499	0	0
iShares North American Natural	COM	464287374	640	17,643	SH		SOLE		17,643	0	0
iShares Russell 1000 Growth	COM	464287614	755	7,625	SH		SOLE		7,625	0	0
iShares Russell 1000 Value	COM	464287598	239	2,318	SH		SOLE		2,318	0	0
iShares Russell 2000 Index Fun	COM	464287655	1,449	11,603	SH		SOLE		11,603	0	0
iShares Russell Midcap Growth	COM	464287481	204	2,104	SH		SOLE		2,104	0	0
iShares Russell Midcap Index	COM	464287499	335	1,969	SH		SOLE		1,969	0	0
iShares Russell Midcap Value I	COM	464287473	348	4,717	SH		SOLE		4,717	0	0
iShares S&P 100 Index Fund	COM	464287101	1,876	20,656	SH		SOLE		20,656	0	0
iShares S&P 500 Index Fund	COM	464287200	566	2,733	SH		SOLE		2,733	0	0
iShares S&P Europe 350	COM	464287861	3,246	74,221	SH		SOLE		74,221	0	0
iShares S&P Global 100	COM	464287572	651	8,651	SH		SOLE		8,651	0	0
iShares S&P Midcap 400	COM	464287507	1,477	9,845	SH		SOLE		9,845	0	0
iShares S&P Midcap 400/Value	COM	464287705	422	3,270	SH		SOLE		3,270	0	0
iShares S&P SmallCap 600	COM	464287804	656	5,568	SH		SOLE		5,568	0	0
iShares S&P US Preferred Stock	COM	464288687	9,273	236,740	SH		SOLE		236,740	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,538	127,801	SH		SOLE		127,801	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	2,349	77,809	SH		SOLE		77,809	0	0
Affiliated Mgrs Grp 6.375% SrN	PFD	008252876	313	12,183	SH		SOLE		12,183	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	203	7,689	SH		SOLE		7,689	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	289	11,559	SH		SOLE		11,559	0	0
American Capital Agency 8.0% P	PFD	02503x204	1,005	39,836	SH		SOLE		39,836	0	0
American Capital Agncy 7.75% P	PFD	02503x303	612	25,219	SH		SOLE		25,219	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	269	10,681	SH		SOLE		10,681	0	0
Amtrust Financial 7.5% QDI Cal	PFD	032359887	2,616	104,026	SH		SOLE		104,026	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	2,844	111,589	SH		SOLE		111,589	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	220	9,101	SH		SOLE		9,101	0	0
Arbor Realty 8.50% CUM Perp Ca	PFD	038923801	212	8,431	SH		SOLE		8,431	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	677	26,524	SH		SOLE		26,524	0	0
Ares Capital 7.75% 2040 Call 1	PFD	04010l202	1,909	75,374	SH		SOLE		75,374	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	743	29,450	SH		SOLE		29,450	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	1,098	41,711	SH		SOLE		41,711	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	6,572	251,511	SH		SOLE		251,511	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	739	28,920	SH		SOLE		28,920	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	4,778	177,606	SH		SOLE		177,606	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	564	22,000	SH		SOLE		22,000	0	0
BAC Flt LIB+35 BB NCU QDI Cl 1	PFD	060505815	232	10,943	SH		SOLE		10,943	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	212	8,783	SH		SOLE		8,783	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	4,674	170,907	SH		SOLE		170,907	0	0
Banc of California 7.375% Cal2	PFD	05990k882	3,263	125,023	SH		SOLE		125,023	0	0
Banc of California 8.00% Call9	PFD	05990k403	1,802	68,056	SH		SOLE		68,056	0	0
Bank of America 6.5% Prp Cl 1/	PFD	060505310	558	22,100	SH		SOLE		22,100	0	0
Bank of America 6.625% Prp/Cl	PFD	060505344	1,528	59,848	SH		SOLE		59,848	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	627	24,585	SH		SOLE		24,585	0	0
Barclays 7.75% Prp Cl 9/13 BB	PFD	06739h511	686	26,471	SH		SOLE		26,471	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	847	32,595	SH		SOLE		32,595	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	917	35,291	SH		SOLE		35,291	0	0
CBL & Associates 6.5% Perp CUM	PFD	124830803	214	8,370	SH		SOLE		8,370	0	0
CHS Chemical 7.50% Cl 1/2025 C	PFD	12542r803	2,915	107,794	SH		SOLE		107,794	0	0
CHS Chemicals 6.75% Perp cl 20	PFD	12542r704	293	11,513	SH		SOLE		11,513	0	0
CHS Chemicals 7.875% Perp cl 2	PFD	12542r308	257	9,197	SH		SOLE		9,197	0	0
Capital One Finl 6.7%Prp Call	PFD	14040h709	1,039	39,973	SH		SOLE		39,973	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	249	10,000	SH		SOLE		10,000	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,714	105,498	SH		SOLE		105,498	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	1,020	39,230	SH		SOLE		39,230	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	5,843	223,867	SH		SOLE		223,867	0	0
CenturyLink SnNotes 6.875% CL	PFD	74913g105	1,638	63,300	SH		SOLE		63,300	0	0
CenturyLink SnNotes 7.0% 2052	PFD	74913G402	1,304	50,850	SH		SOLE		50,850	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	3,225	120,562	SH		SOLE		120,562	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	269	10,800	SH		SOLE		10,800	0	0
Citigroup 7.125% Flt Aftr 9/23	PFD	172967358	5,288	193,220	SH		SOLE		193,220	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	322	12,410	SH		SOLE		12,410	0	0
Colony Financial7.125%Perp CUM	PFD	19624r403	1,053	45,250	SH		SOLE		45,250	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	350	13,548	SH		SOLE		13,548	0	0
CoreEnergy 7.375% Pfd - Par Ca	PFD	21870u304	910	37,688	SH		SOLE		37,688	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,940	73,777	SH		SOLE		73,777	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	622	29,188	SH		SOLE		29,188	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	3,146	133,036	SH		SOLE		133,036	0	0
Cowen 8.25% Senior Notes Due 1	PFD	223622309	1,547	57,346	SH		SOLE		57,346	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	562	21,324	SH		SOLE		21,324	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,481	57,560	SH		SOLE		57,560	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	3,092	111,092	SH		SOLE		111,092	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	593	22,540	SH		SOLE		22,540	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,570	57,941	SH		SOLE		57,941	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	442	17,434	SH		SOLE		17,434	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,598	140,769	SH		SOLE		140,769	0	0
Digital Realty 7.375% Perp CUM	PFD	253868871	278	10,325	SH		SOLE		10,325	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	2,029	79,675	SH		SOLE		79,675	0	0
EaglePoint Credit 7.75%2022 CU	PFD	269809109	803	32,020	SH		SOLE		32,020	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	2,483	95,624	SH		SOLE		95,624	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	3,328	129,682	SH		SOLE		129,682	0	0
Equity Comwlth 7.25% CUM Perp/	PFD	294628409	552	21,636	SH		SOLE		21,636	0	0
EverBank Financial 6.75% Perp	PFD	29977g201	283	11,285	SH		SOLE		11,285	0	0
Excel Trust 8.125%CUM CALLED 7	PFD	30068c307	1,833	73,039	SH		SOLE		73,039	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	3,604	131,620	SH		SOLE		131,620	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	567	22,260	SH		SOLE		22,260	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	2,232	86,350	SH		SOLE		86,350	0	0
Five Oaks Investment 8.75%Perp	PFD	33830w205	311	12,710	SH		SOLE		12,710	0	0
GaslLog Ltd 8.75% Ser A CUM QD	PFD	g37585117	602	23,500	SH		SOLE		23,500	0	0
General Growth Prop 6.375% Cl	PFD	370023202	382	15,100	SH		SOLE		15,100	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	635	32,069	SH		SOLE		32,069	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	742	29,519	SH		SOLE		29,519	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	4,448	171,785	SH		SOLE		171,785	0	0
Hanover Insurance6.35% Cl3/18	PFD	410867204	629	25,266	SH		SOLE		25,266	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,384	46,550	SH		SOLE		46,550	0	0
Hatteras Financial 7.625% CUM	PFD	41902r400	1,029	44,154	SH		SOLE		44,154	0	0
Hercules Technology 7% Pfd Cal	PFD	427096870	344	13,600	SH		SOLE		13,600	0	0
Hudson Pacific 8.375% Perp N/R	PFD	444097208	891	34,656	SH		SOLE		34,656	0	0
ING Groep NV 7 3/8% BB Called	PFD	456837707	1,603	64,164	SH		SOLE		64,164	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	294	11,397	SH		SOLE		11,397	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	1,360	53,614	SH		SOLE		53,614	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	386	15,307	SH		SOLE		15,307	0	0
JPMorgan Chase 6.70%Perp/Call	PFD	48127a161	1,580	60,227	SH		SOLE		60,227	0	0
KKR Financial 7.375% Prp Call	PFD	48248a603	320	12,261	SH		SOLE		12,261	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	5,250	199,617	SH		SOLE		199,617	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,452	53,970	SH		SOLE		53,970	0	0
Kimco Realty 6.90% Perp Call8/	PFD	49446r828	300	11,926	SH		SOLE		11,926	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	2,112	83,278	SH		SOLE		83,278	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	532	529	SH		SOLE		529	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	204	8,455	SH		SOLE		8,455	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,291	86,257	SH		SOLE		86,257	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	964	36,607	SH		SOLE		36,607	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,778	66,375	SH		SOLE		66,375	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	254	10,431	SH		SOLE		10,431	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	498	24,075	SH		SOLE		24,075	0	0
Morgan Stanley 7.125%Flt Aftr1	PFD	61762v200	2,504	89,579	SH		SOLE		89,579	0	0
National General Ins 7.50% Cal	PFD	636220808	3,151	125,938	SH		SOLE		125,938	0	0
National General Ins 7.50% Cal	PFD	636220709	2,521	100,374	SH		SOLE		100,374	0	0
New York MtgTrust 7.875%Perp C	PFD	649604808	369	15,400	SH		SOLE		15,400	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	278	11,003	SH		SOLE		11,003	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	329	13,208	SH		SOLE		13,208	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	1,181	44,578	SH		SOLE		44,578	0	0
Oxford Lane Cap8.125% Cl6/2017	PFD	691543409	247	9,830	SH		SOLE		9,830	0	0
Oxford Lane Capital 7.50% 6/20	PFD	691543300	204	8,470	SH		SOLE		8,470	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	306	12,411	SH		SOLE		12,411	0	0
Partner Re 7.25% Call 06/21 BB	PFD	g68603508	5,678	218,719	SH		SOLE		218,719	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	3,302	126,239	SH		SOLE		126,239	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	824	32,194	SH		SOLE		32,194	0	0
Penn Real Estate 8.25% CIM Per	PFD	709102404	263	9,913	SH		SOLE		9,913	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	645	24,338	SH		SOLE		24,338	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	333	13,100	SH		SOLE		13,100	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	730	28,528	SH		SOLE		28,528	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	742	29,205	SH		SOLE		29,205	0	0
Public Storage 6.5% Perp Call	PFD	74460d158	287	11,300	SH		SOLE		11,300	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,326	52,170	SH		SOLE		52,170	0	0
Raymond James Financial 6.90%	PFD	754730208	868	33,185	SH		SOLE		33,185	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	297	11,500	SH		SOLE		11,500	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	446	17,900	SH		SOLE		17,900	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	424	16,850	SH		SOLE		16,850	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	370	13,600	SH		SOLE		13,600	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	500	18,900	SH		SOLE		18,900	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	2,197	85,274	SH		SOLE		85,274	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	1,553	61,595	SH		SOLE		61,595	0	0
Seaspan 9.50% 1/2049 Call 1/20	PFD	B643v81	312	12,085	SH		SOLE		12,085	0	0
SoCalEd FltRate $100 1.45+30yr	PFD	842400756	3,518	34,850	SH		SOLE		34,850	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	314	12,750	SH		SOLE		12,750	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	695	6,640	SH		SOLE		6,640	0	0
Summit Hotel (INN)7.125%Perp C	PFD	866082407	510	19,484	SH		SOLE		19,484	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	2,189	81,841	SH		SOLE		81,841	0	0
Sunstone Hotel 8.00% Perp CUM	PFD	867592507	1,108	42,180	SH		SOLE		42,180	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	246	9,751	SH		SOLE		9,751	0	0
Teekay Offshore 7.25%Perp CUM	PFD	y8565j127	666	32,628	SH		SOLE		32,628	0	0
Teekay Offshore 8.50%Perm Cum	PFD	Y8565j135	380	16,500	SH		SOLE		16,500	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,347	134,900	SH		SOLE		134,900	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	850	33,896	SH		SOLE		33,896	0	0
TravelCenters America 8.00%SrN	PFD	894174309	2,092	79,850	SH		SOLE		79,850	0	0
Triancgle Capital 6.375% Sr No	PFD	895848406	875	34,050	SH		SOLE		34,050	0	0
Tsakos Energy 8.875%Perp CUM C	PFD	g9108l140	422	18,450	SH		SOLE		18,450	0	0
US Bancorp 6.5% Flt Aftr 1/22	PFD	902973833	1,537	54,460	SH		SOLE		54,460	0	0
US Celllular SrNts 7.25% 2063	PFD	911684504	475	18,900	SH		SOLE		18,900	0	0
US Cellular 6.95%SrNT 2060 Cl	PFD	911684405	471	19,050	SH		SOLE		19,050	0	0
VEREIT Inc 6.70% Perp CUM Cl 2	PFD	92339v209	322	13,423	SH		SOLE		13,423	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	280	11,780	SH		SOLE		11,780	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,159	123,225	SH		SOLE		123,225	0	0
Wells Fargo 6.375% Cl 12/19 BB	PFD	94988n207	660	25,800	SH		SOLE		25,800	0	0
Wells Fargo 7.5% Cnv/Prp$1000	PFD	949746804	11,806	10,047	SH		SOLE		10,047	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	12,270	435,107	SH		SOLE		435,107	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,267	1,967,000	PRN		SOLE		1,967,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	484	495,000	PRN		SOLE		495,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	383	350,000	PRN		SOLE		350,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	2,237	1,945,000	PRN		SOLE		1,945,000	0	0
JPMorgan 6.0% Perp/Call 8/23 -	PFD	48126HAA8	427	430,000	PRN		SOLE		430,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,464	2,330,000	PRN		SOLE		2,330,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	1,045	950,000	PRN		SOLE		950,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,396	5,520,000	PRN		SOLE		5,520,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	498	460,000	PRN		SOLE		460,000	0	0