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	586	300	SH		SOLE		300	0	0
3M Company	COM	88579y101	12,194	86,016	SH		SOLE		86,016	0	0
ABB Ltd-Spon ADR	COM	000375204	3,253	184,076	SH		SOLE		184,076	0	0
AGL Resources Inc	COM	001204106	4,049	66,329	SH		SOLE		66,329	0	0
AT&T Inc	COM	00206r102	6,808	208,966	SH		SOLE		208,966	0	0
AbbVie Inc	COM	00287y109	8,121	149,258	SH		SOLE		149,258	0	0
Abbott Laboratories	COM	002824100	8,493	211,164	SH		SOLE		211,164	0	0
Accenture PLC-Cl A	COM	g1151c101	4,015	40,856	SH		SOLE		40,856	0	0
Adobe Systems Inc	COM	00724f101	555	6,752	SH		SOLE		6,752	0	0
Aetna Inc	COM	00817Y108	783	7,157	SH		SOLE		7,157	0	0
Aflac Inc	COM	001055102	437	7,511	SH		SOLE		7,511	0	0
Agilent Technologies Inc	COM	00846u101	651	18,965	SH		SOLE		18,965	0	0
Air Products & Chemicals Inc	COM	009158106	5,022	39,366	SH		SOLE		39,366	0	0
Alerian MLP ETF	COM	00162q866	202	16,178	SH		SOLE		16,178	0	0
Allegion PLC	COM	g0176j109	217	3,767	SH		SOLE		3,767	0	0
Allergan plc (new)	COM	g0177j108	901	3,316	SH		SOLE		3,316	0	0
Alliance Data Systems Corp	COM	018581108	269	1,037	SH		SOLE		1,037	0	0
Allstate Corp	COM	020002101	321	5,512	SH		SOLE		5,512	0	0
Alphabet Inc-Cl A	COM	02079k305	3,057	4,788	SH		SOLE		4,788	0	0
Alphabet Inc-Cl C	COM	02079k107	2,653	4,360	SH		SOLE		4,360	0	0
Altria Group Inc	COM	02209s103	8,371	153,876	SH		SOLE		153,876	0	0
AmTrust Financial Services	COM	032359309	279	4,431	SH		SOLE		4,431	0	0
Amarillo Gold Corp	COM	02301t108	79	1,400,000	SH		SOLE		1,400,000	0	0
Amazon.com Inc	COM	023135106	353	689	SH		SOLE		689	0	0
American Apparel Inc	COM	023850100	9	83,600	SH		SOLE		83,600	0	0
American Electric Power	COM	025537101	473	8,327	SH		SOLE		8,327	0	0
American Express Co	COM	025816109	2,608	35,188	SH		SOLE		35,188	0	0
American International Group	COM	026874784	287	5,050	SH		SOLE		5,050	0	0
AmerisourceBergen Corp	COM	03073e105	363	3,821	SH		SOLE		3,821	0	0
Amgen Inc	COM	031162100	2,180	15,763	SH		SOLE		15,763	0	0
Anthem Inc	COM	036752103	2,718	19,412	SH		SOLE		19,412	0	0
Apple Inc	COM	037833100	26,406	239,398	SH		SOLE		239,398	0	0
Archer-Daniels-Midland Co	COM	039483102	705	17,018	SH		SOLE		17,018	0	0
Automatic Data Processing	COM	053015103	11,978	149,052	SH		SOLE		149,052	0	0
Avago Technologies Ltd	COM	y0486s104	406	3,251	SH		SOLE		3,251	0	0
BCE Inc	COM	05534b760	2,413	58,918	SH		SOLE		58,918	0	0
Bank Of Marin Bancorp/CA	COM	063425102	702	14,637	SH		SOLE		14,637	0	0
Bank of America Corp	COM	060505104	5,802	372,407	SH		SOLE		372,407	0	0
Bank of Montreal	COM	063671101	265	4,865	SH		SOLE		4,865	0	0
Baxalta Inc	COM	07177m103	260	8,266	SH		SOLE		8,266	0	0
Baxter International Inc.	COM	071813109	288	8,772	SH		SOLE		8,772	0	0
Becton Dickinson & Co	COM	075887109	1,714	12,919	SH		SOLE		12,919	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	2,951	22,628	SH		SOLE		22,628	0	0
Biogen Idec Inc	COM	09062x103	1,638	5,613	SH		SOLE		5,613	0	0
Blackrock Inc	COM	09247x101	472	1,586	SH		SOLE		1,586	0	0
Blackstone Group/The	COM	09253u108	556	17,555	SH		SOLE		17,555	0	0
Boeing Co	COM	097023105	2,882	22,012	SH		SOLE		22,012	0	0
Bristol-Myers Squibb Co	COM	110122108	16,477	278,324	SH		SOLE		278,324	0	0
Brown-Forman Corp -Cl B	COM	115637209	213	2,197	SH		SOLE		2,197	0	0
CBS Corp-Class B	COM	124857202	253	6,344	SH		SOLE		6,344	0	0
CF Industries Holdings Inc	COM	125269100	238	5,298	SH		SOLE		5,298	0	0
CVS Health Corp	COM	126650100	4,716	48,879	SH		SOLE		48,879	0	0
Canadian Natl Railway Co	COM	136375102	218	3,840	SH		SOLE		3,840	0	0
CarMax Inc	COM	143130102	220	3,703	SH		SOLE		3,703	0	0
Cardinal Health Inc	COM	14149Y108	296	3,850	SH		SOLE		3,850	0	0
Carlyle Group/The	COM	14309l102	1,079	64,250	SH		SOLE		64,250	0	0
Caterpillar Inc	COM	149123101	2,059	31,503	SH		SOLE		31,503	0	0
Celgene Corp	COM	151020104	674	6,229	SH		SOLE		6,229	0	0
CenterPoint Energy Inc	COM	15189t107	1,664	92,267	SH		SOLE		92,267	0	0
Cerner Corp	COM	156782104	2,568	42,836	SH		SOLE		42,836	0	0
Cerus Corp	COM	157085101	45	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	643	8,104	SH		SOLE		8,104	0	0
Chevron Corp	COM	166764100	19,757	250,472	SH		SOLE		250,472	0	0
Chubb Corp	COM	171232101	3,771	30,742	SH		SOLE		30,742	0	0
Cigna Corp	COM	125509109	420	3,111	SH		SOLE		3,111	0	0
Cincinnati Financial Corp	COM	172062101	313	5,815	SH		SOLE		5,815	0	0
Cisco Systems Inc	COM	17275R102	3,030	115,425	SH		SOLE		115,425	0	0
Citigroup Inc	COM	172967424	286	5,769	SH		SOLE		5,769	0	0
Clorox Company	COM	189054109	10,495	90,839	SH		SOLE		90,839	0	0
Coca-Cola Co/The	COM	191216100	4,837	120,558	SH		SOLE		120,558	0	0
Colgate-Palmolive Co	COM	194162103	8,567	134,991	SH		SOLE		134,991	0	0
Comcast Corp-Cl A	COM	20030n101	7,524	132,283	SH		SOLE		132,283	0	0
ConAgra Foods Inc	COM	205887102	1,264	31,204	SH		SOLE		31,204	0	0
ConocoPhillips	COM	20825C104	10,568	220,359	SH		SOLE		220,359	0	0
Consolidated Edison Inc	COM	209115104	1,038	15,528	SH		SOLE		15,528	0	0
Costco Wholesale Corp	COM	22160K105	14,050	97,187	SH		SOLE		97,187	0	0
Crown Castle Intl Corp	COM	22822v101	8,576	108,741	SH		SOLE		108,741	0	0
DTE Energy Company	COM	233331107	245	3,047	SH		SOLE		3,047	0	0
Danaher Corp	COM	235851102	4,626	54,292	SH		SOLE		54,292	0	0
Deere & Co	COM	244199105	1,135	15,332	SH		SOLE		15,332	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	400	3,708	SH		SOLE		3,708	0	0
Dick's Sporting Goods Inc	COM	253393102	778	15,688	SH		SOLE		15,688	0	0
Disney Co./Walt The	COM	254687106	11,921	116,648	SH		SOLE		116,648	0	0
Dominion Resources Inc/Va	COM	25746u109	545	7,738	SH		SOLE		7,738	0	0
Dow Chemical	COM	260543103	456	10,743	SH		SOLE		10,743	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	906	11,456	SH		SOLE		11,456	0	0
Du Pont (E.I.) De Nemours	COM	263534109	5,717	118,618	SH		SOLE		118,618	0	0
Duke Energy Corp	COM	26441c204	727	10,103	SH		SOLE		10,103	0	0
EGShares Emerging Markets Cons	COM	268461779	3,386	155,890	SH		SOLE		155,890	0	0
EMC Corp Mass	COM	268648102	508	21,031	SH		SOLE		21,031	0	0
ETFS Physical Precious Metals	COM	26922w109	420	7,585	SH		SOLE		7,585	0	0
Eaton Corp PLC	COM	g29183103	886	17,262	SH		SOLE		17,262	0	0
Ecolab Inc	COM	278865100	8,607	78,449	SH		SOLE		78,449	0	0
Edison International	COM	281020107	4,849	76,882	SH		SOLE		76,882	0	0
Eli Lilly & Co	COM	532457108	5,176	61,851	SH		SOLE		61,851	0	0
Emerson Electric Co	COM	291011104	1,415	32,024	SH		SOLE		32,024	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	1,019	40,929	SH		SOLE		40,929	0	0
Equity Residential	COM	29476l107	245	3,265	SH		SOLE		3,265	0	0
Essex Property Trust Inc	COM	297178105	411	1,840	SH		SOLE		1,840	0	0
Eurasian Minerals Inc	COM	29843r100	25	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	323	6,386	SH		SOLE		6,386	0	0
Express Scripts Holding Co.	COM	30219g108	1,229	15,175	SH		SOLE		15,175	0	0
Exxon Mobil Corp	COM	30231G102	11,516	154,886	SH		SOLE		154,886	0	0
Facebook Inc	COM	30303m102	636	7,072	SH		SOLE		7,072	0	0
FedEx Corp	COM	31428x106	580	4,026	SH		SOLE		4,026	0	0
First Republic Bank/San Franci	COM	33616C100	208	3,317	SH		SOLE		3,317	0	0
First Trust Dividend Leaders I	COM	336917109	1,209	54,619	SH		SOLE		54,619	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	816	29,008	SH		SOLE		29,008	0	0
First Trust Mid Cap Value ETF	COM	33737m201	247	9,168	SH		SOLE		9,168	0	0
First Trust Rising Dividend Ac	COM	33738r506	261	12,806	SH		SOLE		12,806	0	0
Flagstar Bancorp Inc	COM	337930705	206	10,000	SH		SOLE		10,000	0	0
Ford Motor Co	COM	345370860	1,563	115,203	SH		SOLE		115,203	0	0
Fortinet Inc	COM	34959e109	376	8,854	SH		SOLE		8,854	0	0
Franklin Resources Inc	COM	354613101	365	9,800	SH		SOLE		9,800	0	0
Freeport McMoRan Inc-B	COM	35671d857	257	26,511	SH		SOLE		26,511	0	0
Frontier Communications Corp	COM	35906a108	76	15,937	SH		SOLE		15,937	0	0
GaveKal Knowledge Leaders Deve	COM	30151e608	258	11,050	SH		SOLE		11,050	0	0
General Dynamics Corp	COM	369550108	2,156	15,630	SH		SOLE		15,630	0	0
General Electric Co	COM	369604103	18,046	715,555	SH		SOLE		715,555	0	0
General Mills Inc	COM	370334104	5,231	93,188	SH		SOLE		93,188	0	0
Genuine Parts Co	COM	372460105	4,974	60,008	SH		SOLE		60,008	0	0
Gilead Sciences Inc	COM	375558103	2,296	23,380	SH		SOLE		23,380	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	1,482	38,537	SH		SOLE		38,537	0	0
Global Brands Group Holding	COM	g39338101	2	10,000	SH		SOLE		10,000	0	0
Global X SuperIncome Preferred	COM	37950e333	197	14,643	SH		SOLE		14,643	0	0
Goldman Sachs Group Inc	COM	38141G104	435	2,506	SH		SOLE		2,506	0	0
Grainger (W.W.) Inc	COM	384802104	392	1,823	SH		SOLE		1,823	0	0
Great Plains Energy Inc	COM	391164100	563	20,825	SH		SOLE		20,825	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	665	5,006	SH		SOLE		5,006	0	0
Guggenheim S&P Equal Weight	COM	78355w106	612	8,324	SH		SOLE		8,324	0	0
H&R Block Inc	COM	093671105	360	9,950	SH		SOLE		9,950	0	0
HCP Inc	COM	40414l109	5,189	139,306	SH		SOLE		139,306	0	0
HP Inc	COM	40434l105	1,647	64,329	SH		SOLE		64,329	0	0
HPEV Inc	COM	404273104	4	17,800	SH		SOLE		17,800	0	0
Hain Celestial Group Inc	COM	405217100	215	4,168	SH		SOLE		4,168	0	0
Harman International	COM	413086109	817	8,514	SH		SOLE		8,514	0	0
Hershey Co/The	COM	427866108	221	2,403	SH		SOLE		2,403	0	0
Hess Corp	COM	42809h107	360	7,200	SH		SOLE		7,200	0	0
Home Depot Inc	COM	437076102	7,804	67,572	SH		SOLE		67,572	0	0
Honeywell International Inc	COM	438516106	4,724	49,888	SH		SOLE		49,888	0	0
Hormel Foods Corp	COM	440452100	526	8,301	SH		SOLE		8,301	0	0
Illinois Tool Works	COM	452308109	523	6,357	SH		SOLE		6,357	0	0
Illumina Inc	COM	452327109	272	1,549	SH		SOLE		1,549	0	0
Ingersoll-Rand PLC	COM	g47791101	1,400	27,571	SH		SOLE		27,571	0	0
Integral Technologies Inc	COM	45810j103	9	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	12,381	410,779	SH		SOLE		410,779	0	0
Intl Business Machines Corp	COM	459200101	5,404	37,276	SH		SOLE		37,276	0	0
Intl Flavors & Fragrances	COM	459506101	653	6,325	SH		SOLE		6,325	0	0
Intrexon Corp	COM	46122t102	297	9,350	SH		SOLE		9,350	0	0
Intuit Inc	COM	461202103	233	2,621	SH		SOLE		2,621	0	0
Ivanhoe Mines Ltd	COM	46579r104	100	200,000	SH		SOLE		200,000	0	0
JPMorgan Chase & Co	COM	46625H100	7,451	122,201	SH		SOLE		122,201	0	0
Jacobs Engineering Group Inc	COM	469814107	260	6,944	SH		SOLE		6,944	0	0
Johnson & Johnson	COM	478160104	21,113	226,170	SH		SOLE		226,170	0	0
Johnson Controls Inc	COM	478366107	1,428	34,521	SH		SOLE		34,521	0	0
Keysight Technologies Inc	COM	49338l103	249	8,081	SH		SOLE		8,081	0	0
Kimberly-Clark Corp	COM	494368103	11,563	106,043	SH		SOLE		106,043	0	0
Kinder Morgan Inc	COM	49456b101	6,963	251,545	SH		SOLE		251,545	0	0
Kohl's Corp	COM	500255104	232	5,000	SH		SOLE		5,000	0	0
Kraft Heinz Co/The	COM	500754106	2,271	32,180	SH		SOLE		32,180	0	0
L-3 Communications Holdings	COM	502424104	290	2,771	SH		SOLE		2,771	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,746	16,097	SH		SOLE		16,097	0	0
Leggett & Platt Inc	COM	524660107	304	7,370	SH		SOLE		7,370	0	0
Li & Fung Ltd	COM	g5485f169	8	10,000	SH		SOLE		10,000	0	0
Linn Energy LLC-Units	COM	536020100	41	15,100	SH		SOLE		15,100	0	0
Lockheed Martin Corp	COM	539830109	3,297	15,901	SH		SOLE		15,901	0	0
Lowe's Cos Inc	COM	548661107	4,071	59,071	SH		SOLE		59,071	0	0
Lululemon Athletica Inc	COM	550021109	399	7,884	SH		SOLE		7,884	0	0
MabVax Therapeutics Holdings	COM	55414p108	54	50,000	SH		SOLE		50,000	0	0
Macy's Inc	COM	55616p104	1,553	30,260	SH		SOLE		30,260	0	0
Manulife Financial Corp	COM	56501r106	568	36,701	SH		SOLE		36,701	0	0
Marathon Petroleum Corp	COM	56585a102	309	6,664	SH		SOLE		6,664	0	0
Market Vectors Pharmaceutical	COM	57060u217	504	8,000	SH		SOLE		8,000	0	0
Marriott International-Cl A	COM	571903202	2,290	33,571	SH		SOLE		33,571	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	1,919	23,354	SH		SOLE		23,354	0	0
McDonald's Corp	COM	580135101	9,903	100,510	SH		SOLE		100,510	0	0
McGraw Hill Financial Inc	COM	580645109	880	10,176	SH		SOLE		10,176	0	0
Medical Properties Trust Inc	COM	58463j304	201	18,169	SH		SOLE		18,169	0	0
Medtronic PLC	COM	g5960l103	5,504	82,218	SH		SOLE		82,218	0	0
Merck & Co. Inc.	COM	58933y105	7,137	144,502	SH		SOLE		144,502	0	0
Microsoft Corp	COM	594918104	8,123	183,530	SH		SOLE		183,530	0	0
Mondelez International	COM	609207105	2,438	58,218	SH		SOLE		58,218	0	0
Morgan Stanley	COM	617446448	2,563	81,350	SH		SOLE		81,350	0	0
Mylan NV	COM	n59465109	1,544	38,360	SH		SOLE		38,360	0	0
NXP Semiconductors Nv	COM	n6596x109	942	10,816	SH		SOLE		10,816	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,554	60,521	SH		SOLE		60,521	0	0
NextEra Energy Inc	COM	65339f101	11,020	112,968	SH		SOLE		112,968	0	0
Nike Inc -Cl B	COM	654106103	9,598	78,055	SH		SOLE		78,055	0	0
Nordstrom Inc	COM	655664100	482	6,716	SH		SOLE		6,716	0	0
Norfolk Southern Corp	COM	655844108	390	5,111	SH		SOLE		5,111	0	0
NorthStar Realty Finance	COM	66704r803	183	14,801	SH		SOLE		14,801	0	0
Novartis Ag-ADR	COM	66987v109	3,984	43,347	SH		SOLE		43,347	0	0
Novo-Nordisk A/S-Spons ADR	COM	670100205	257	4,745	SH		SOLE		4,745	0	0
Occidental Petroleum Corp	COM	674599105	6,308	95,353	SH		SOLE		95,353	0	0
Ocean Power Corp	COM	674869201	0	201,576	SH		SOLE		201,576	0	0
Oracle Corp	COM	68389x105	4,421	122,405	SH		SOLE		122,405	0	0
P G & E Corp	COM	69331c108	483	9,152	SH		SOLE		9,152	0	0
PPG Industries Inc	COM	693506107	311	3,551	SH		SOLE		3,551	0	0
Paccar Inc	COM	693718108	1,547	29,651	SH		SOLE		29,651	0	0
Palo Alto Networks	COM	697435105	956	5,558	SH		SOLE		5,558	0	0
Pentair PLC	COM	g7s00t104	212	4,151	SH		SOLE		4,151	0	0
PepsiCo Inc	COM	713448108	7,809	82,815	SH		SOLE		82,815	0	0
Pfizer Inc	COM	717081103	7,961	253,458	SH		SOLE		253,458	0	0
Philip Morris International	COM	718172109	1,827	23,030	SH		SOLE		23,030	0	0
Phillips 66	COM	718546104	221	2,871	SH		SOLE		2,871	0	0
Piedmont Mining Co Inc	COM	720172105	0	10,000	SH		SOLE		10,000	0	0
Piedmont Office Realty Trust	COM	720190206	376	21,000	SH		SOLE		21,000	0	0
Potash Corp Of Saskatchewan	COM	73755l107	550	26,765	SH		SOLE		26,765	0	0
PowerShares Buyback Achievers	COM	73935x286	219	5,010	SH		SOLE		5,010	0	0
PowerShares Preferred Portfoli	COM	73936t565	6,660	456,806	SH		SOLE		456,806	0	0
PowerShares S&P Low Volatility	COM	73937b779	221	6,137	SH		SOLE		6,137	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	2,346	23,053	SH		SOLE		23,053	0	0
Praxair Inc	COM	74005p104	2,093	20,550	SH		SOLE		20,550	0	0
Preferred Apartment Communitie	COM	74039l103	2,569	236,100	SH		SOLE		236,100	0	0
ProLogis Inc	COM	74340w103	364	9,369	SH		SOLE		9,369	0	0
Procter & Gamble Co	COM	742718109	19,088	265,335	SH		SOLE		265,335	0	0
Public Service Enterprise Grou	COM	744573106	1,951	46,283	SH		SOLE		46,283	0	0
Qualcomm Inc	COM	747525103	309	5,745	SH		SOLE		5,745	0	0
Quest Diagnostics	COM	74834l100	223	3,625	SH		SOLE		3,625	0	0
Realty Income Corp	COM	756109104	8,425	177,774	SH		SOLE		177,774	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	510	1,096	SH		SOLE		1,096	0	0
Retail Properties of America	COM	76131v202	541	38,393	SH		SOLE		38,393	0	0
Robert Half Intl Inc	COM	770323103	246	4,800	SH		SOLE		4,800	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	2,746	83,325	SH		SOLE		83,325	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	1,521	32,097	SH		SOLE		32,097	0	0
SAP SE-Sponsored ADR	COM	803054204	567	8,756	SH		SOLE		8,756	0	0
SPDR Consumer Discretionary Se	COM	81369y407	5,212	70,188	SH		SOLE		70,188	0	0
SPDR Consumer Staples Select S	COM	81369y308	4,483	94,999	SH		SOLE		94,999	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	751	4,621	SH		SOLE		4,621	0	0
SPDR Energy Select Sector	COM	81369y506	2,188	35,757	SH		SOLE		35,757	0	0
SPDR Financial Select Sector	COM	81369y605	3,939	173,840	SH		SOLE		173,840	0	0
SPDR Gold Trust	COM	78463v107	769	7,200	SH		SOLE		7,200	0	0
SPDR Health Care Select Sector	COM	81369y209	5,632	85,042	SH		SOLE		85,042	0	0
SPDR Industrial Select Sector	COM	81369y704	3,555	71,258	SH		SOLE		71,258	0	0
SPDR Materials Select Sector	COM	81369y100	1,142	28,618	SH		SOLE		28,618	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	7,336	38,285	SH		SOLE		38,285	0	0
SPDR S&P Biotech ETF	COM	78464a870	287	4,615	SH		SOLE		4,615	0	0
SPDR S&P Dividend ETF	COM	78464a763	9,832	136,256	SH		SOLE		136,256	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	8,587	34,503	SH		SOLE		34,503	0	0
SPDR Technology Select Sector	COM	81369y803	7,266	183,946	SH		SOLE		183,946	0	0
SPDR Utilities Select Sector	COM	81369y886	806	18,617	SH		SOLE		18,617	0	0
Salesforce.Com Inc	COM	79466l302	1,255	18,077	SH		SOLE		18,077	0	0
Sanofi-ADR	COM	80105n105	4,384	92,356	SH		SOLE		92,356	0	0
Scana Corp	COM	80589m102	713	12,674	SH		SOLE		12,674	0	0
Scandium International Mining	COM	80600l109	3	23,400	SH		SOLE		23,400	0	0
Schlumberger Ltd	COM	806857108	513	7,440	SH		SOLE		7,440	0	0
Schwab (Charles) Corp	COM	808513105	690	24,162	SH		SOLE		24,162	0	0
Schwab US Broad Market ETF	COM	808524102	1,579	34,047	SH		SOLE		34,047	0	0
Schwab US Dividend Equity ETF	COM	808524797	931	25,906	SH		SOLE		25,906	0	0
Schwab US Large-Cap ETF	COM	808524201	2,166	47,340	SH		SOLE		47,340	0	0
Schwab US Mid-Cap ETF	COM	808524508	2,108	54,153	SH		SOLE		54,153	0	0
Schwab US Small-Cap ETF	COM	808524607	994	19,567	SH		SOLE		19,567	0	0
Sempra Energy	COM	816851109	1,878	19,416	SH		SOLE		19,416	0	0
Sherwin-Williams Co	COM	824348106	229	1,030	SH		SOLE		1,030	0	0
Sierra Vista Bank	COM	82651b105	73	20,000	SH		SOLE		20,000	0	0
Sigma-Aldrich	COM	826552101	413	2,970	SH		SOLE		2,970	0	0
Silvercorp Metals Inc	COM	82835p103	6	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	215	1,170	SH		SOLE		1,170	0	0
Sirius XM Holdings Inc	COM	82968b103	567	151,484	SH		SOLE		151,484	0	0
Skyworks Solutions Inc	COM	83088m102	270	3,207	SH		SOLE		3,207	0	0
Southern Co	COM	842587107	2,279	50,994	SH		SOLE		50,994	0	0
Spectra Energy Corp	COM	847560109	2,110	80,332	SH		SOLE		80,332	0	0
Spectral Medical Inc	COM	847577103	13	25,000	SH		SOLE		25,000	0	0
Sprott Physical Gold Trust	COM	85207h104	126	13,737	SH		SOLE		13,737	0	0
Sprott Resource Corp	COM	85207d103	90	200,000	SH		SOLE		200,000	0	0
St Jude Medical Inc	COM	790849103	774	12,264	SH		SOLE		12,264	0	0
Stanley Black & Decker Inc	COM	854502101	4,843	49,935	SH		SOLE		49,935	0	0
Starbucks Corp	COM	855244109	5,584	98,240	SH		SOLE		98,240	0	0
State Street Corp	COM	857477103	231	3,430	SH		SOLE		3,430	0	0
Stryker Corp	COM	863667101	278	2,957	SH		SOLE		2,957	0	0
Sysco Corp	COM	871829107	384	9,843	SH		SOLE		9,843	0	0
T Rowe Price Group Inc	COM	74144t108	474	6,814	SH		SOLE		6,814	0	0
TD Ameritrade Holding Corp	COM	87236y108	1,522	47,812	SH		SOLE		47,812	0	0
TJX Companies Inc	COM	872540109	531	7,429	SH		SOLE		7,429	0	0
Target Corp	COM	87612e106	8,372	106,433	SH		SOLE		106,433	0	0
Taseko Mines Ltd	COM	876511106	16	40,000	SH		SOLE		40,000	0	0
Teco Energy Inc	COM	872375100	4,360	166,041	SH		SOLE		166,041	0	0
Tesla Motors Inc	COM	88160r101	497	2,000	SH		SOLE		2,000	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	420	7,438	SH		SOLE		7,438	0	0
Texas Instruments Inc	COM	882508104	310	6,263	SH		SOLE		6,263	0	0
Thermo Fisher Scientific Inc	COM	883556102	212	1,732	SH		SOLE		1,732	0	0
Time Warner Inc	COM	887317303	1,316	19,144	SH		SOLE		19,144	0	0
Toronto-Dominion Bank	COM	891160509	3,828	97,119	SH		SOLE		97,119	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	2,088	17,806	SH		SOLE		17,806	0	0
Travelers Cos Inc/The	COM	89417e109	3,130	31,450	SH		SOLE		31,450	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
Turquoise Hill Resources Ltd	COM	900435108	77	30,000	SH		SOLE		30,000	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,047	75,624	SH		SOLE		75,624	0	0
UDR Inc	COM	902653104	244	7,080	SH		SOLE		7,080	0	0
US Bancorp	COM	902973304	2,047	49,910	SH		SOLE		49,910	0	0
Unilever N V -NY Shares	COM	904784709	3,248	80,798	SH		SOLE		80,798	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,648	40,416	SH		SOLE		40,416	0	0
Union Pacific Corp	COM	907818108	2,123	24,014	SH		SOLE		24,014	0	0
United Parcel Service-Cl B	COM	911312106	8,399	85,109	SH		SOLE		85,109	0	0
United Technologies Corp	COM	913017109	2,661	29,897	SH		SOLE		29,897	0	0
UnitedHealth Group Inc	COM	91324P102	1,136	9,796	SH		SOLE		9,796	0	0
VF Corporation	COM	918204108	344	5,040	SH		SOLE		5,040	0	0
Valeant Pharmaceuticals Intern	COM	91911k102	386	2,166	SH		SOLE		2,166	0	0
Valero Energy Corp	COM	91913Y100	222	3,700	SH		SOLE		3,700	0	0
Vanguard Consumer Discretionar	COM	92204a108	389	3,297	SH		SOLE		3,297	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	286	2,360	SH		SOLE		2,360	0	0
Vanguard Dividend Appreciation	COM	921908844	729	9,881	SH		SOLE		9,881	0	0
Vanguard FTSE Developed Market	COM	921943858	1,452	40,750	SH		SOLE		40,750	0	0
Vanguard FTSE Emerging Markets	COM	922042858	1,060	32,042	SH		SOLE		32,042	0	0
Vanguard Health Care Vipers	COM	92204a504	261	2,130	SH		SOLE		2,130	0	0
Vanguard High Div Yield ETF	COM	921946406	1,486	23,711	SH		SOLE		23,711	0	0
Vanguard Info Tech Vipers	COM	92204a702	477	4,765	SH		SOLE		4,765	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	368	4,179	SH		SOLE		4,179	0	0
Vanguard Mid-Cap	COM	922908629	3,151	27,005	SH		SOLE		27,005	0	0
Vanguard REIT	COM	922908553	745	9,866	SH		SOLE		9,866	0	0
Vanguard Small-Cap Vipers	COM	922908751	3,670	34,001	SH		SOLE		34,001	0	0
Vanguard Total Stock Market	COM	922908769	12,937	131,051	SH		SOLE		131,051	0	0
Varian Medical Systems Inc	COM	92220P105	1,134	15,367	SH		SOLE		15,367	0	0
Verizon Communications Inc	COM	92343v104	22,481	516,683	SH		SOLE		516,683	0	0
Visa Inc-Class A Shares	COM	92826c839	787	11,304	SH		SOLE		11,304	0	0
Vornado Realty Trust	COM	929042109	5,634	62,308	SH		SOLE		62,308	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
WEC Energy Group Inc	COM	92939u106	4,911	94,039	SH		SOLE		94,039	0	0
Wal-Mart Stores Inc	COM	931142103	1,016	15,663	SH		SOLE		15,663	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,882	130,945	SH		SOLE		130,945	0	0
Waste Management Inc	COM	94106l109	8,484	170,318	SH		SOLE		170,318	0	0
Wells Fargo & Company	COM	949746101	29,746	579,282	SH		SOLE		579,282	0	0
Westamerica Bancorportaion	COM	957090103	570	12,828	SH		SOLE		12,828	0	0
Weyerhaeuser Co	COM	962166104	709	25,915	SH		SOLE		25,915	0	0
Whirlpool Corp	COM	963320106	2,030	13,786	SH		SOLE		13,786	0	0
White Mountains Insurance Grou	COM	g9618e107	738	988	SH		SOLE		988	0	0
Whole Foods Market Inc	COM	966837106	4,441	140,310	SH		SOLE		140,310	0	0
Williams Cos Inc	COM	969457100	7,221	195,966	SH		SOLE		195,966	0	0
Williams-Sonoma Inc	COM	969904101	1,432	18,750	SH		SOLE		18,750	0	0
Xcel Energy Inc	COM	98389b100	229	6,465	SH		SOLE		6,465	0	0
Yahoo! Inc	COM	984332106	799	27,625	SH		SOLE		27,625	0	0
Yum! Brands Inc	COM	988498101	358	4,476	SH		SOLE		4,476	0	0
Zebra Technologies Corp-Cl A	COM	989207105	300	3,918	SH		SOLE		3,918	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	1,634	17,395	SH		SOLE		17,395	0	0
iShares DJ Select Dividend Ind	COM	464287168	6,224	85,556	SH		SOLE		85,556	0	0
iShares DJ US Energy Sector	COM	464287796	1,416	41,250	SH		SOLE		41,250	0	0
iShares DJ US Financial Sect	COM	464287788	1,121	13,328	SH		SOLE		13,328	0	0
iShares DJ US Health Car Pro	COM	464288828	254	2,052	SH		SOLE		2,052	0	0
iShares DJ US Telecommunicatio	COM	464287713	597	22,129	SH		SOLE		22,129	0	0
iShares DJ US Transport Index	COM	464287192	928	6,636	SH		SOLE		6,636	0	0
iShares Goldman Sachs Tech I	COM	464287721	238	2,410	SH		SOLE		2,410	0	0
iShares Intl Select Div	COM	464288448	774	27,510	SH		SOLE		27,510	0	0
iShares MSCI EAFE Index	COM	464287465	1,215	21,199	SH		SOLE		21,199	0	0
iShares MSCI Emerging Markets	COM	464287234	537	16,373	SH		SOLE		16,373	0	0
iShares MSCI Singapore Index	COM	464286673	141	13,900	SH		SOLE		13,900	0	0
iShares MSCI USA Quality Facto	COM	46432f339	713	11,794	SH		SOLE		11,794	0	0
iShares Nasdaq Biotech Index F	COM	464287556	4,791	15,796	SH		SOLE		15,796	0	0
iShares Russell 1000 Growth	COM	464287614	742	7,980	SH		SOLE		7,980	0	0
iShares Russell 1000 Value	COM	464287598	216	2,318	SH		SOLE		2,318	0	0
iShares Russell 2000 Index Fun	COM	464287655	479	4,382	SH		SOLE		4,382	0	0
iShares Russell Midcap Index	COM	464287499	306	1,969	SH		SOLE		1,969	0	0
iShares Russell Midcap Value I	COM	464287473	294	4,380	SH		SOLE		4,380	0	0
iShares S&P 100 Index Fund	COM	464287101	1,827	21,551	SH		SOLE		21,551	0	0
iShares S&P 500 Index Fund	COM	464287200	527	2,733	SH		SOLE		2,733	0	0
iShares S&P Europe 350	COM	464287861	2,959	74,340	SH		SOLE		74,340	0	0
iShares S&P Global 100	COM	464287572	596	8,621	SH		SOLE		8,621	0	0
iShares S&P Midcap 400	COM	464287507	1,345	9,846	SH		SOLE		9,846	0	0
iShares S&P Midcap 400/Value	COM	464287705	377	3,270	SH		SOLE		3,270	0	0
iShares S&P SmallCap 600	COM	464287804	565	5,303	SH		SOLE		5,303	0	0
iShares S&P US Preferred Stock	COM	464288687	9,120	236,262	SH		SOLE		236,262	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,440	125,051	SH		SOLE		125,051	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	2,297	76,559	SH		SOLE		76,559	0	0
Affiliated Mgrs Grp 6.375% SrN	PFD	008252876	343	13,183	SH		SOLE		13,183	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	283	10,689	SH		SOLE		10,689	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	273	10,909	SH		SOLE		10,909	0	0
American Capital Agency 8.0% P	PFD	02503x204	910	35,691	SH		SOLE		35,691	0	0
American Capital Agncy 7.75% P	PFD	02503x303	578	23,746	SH		SOLE		23,746	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	261	10,417	SH		SOLE		10,417	0	0
Amtrust Financial 7.5% QDI Cal	PFD	032359887	2,440	97,360	SH		SOLE		97,360	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	3,176	126,023	SH		SOLE		126,023	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	212	8,588	SH		SOLE		8,588	0	0
Arbor Realty 8.50% CUM Perp Ca	PFD	038923801	210	8,463	SH		SOLE		8,463	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	684	26,524	SH		SOLE		26,524	0	0
Ares Capital 7.75% ***CALLED 1	PFD	04010l202	1,455	58,134	SH		SOLE		58,134	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	1,216	48,350	SH		SOLE		48,350	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	931	36,216	SH		SOLE		36,216	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	7,047	269,811	SH		SOLE		269,811	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	529	20,420	SH		SOLE		20,420	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	3,513	131,738	SH		SOLE		131,738	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	584	22,400	SH		SOLE		22,400	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	218	8,791	SH		SOLE		8,791	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	4,649	172,616	SH		SOLE		172,616	0	0
Banc of California 7.375% Cal2	PFD	05990k882	3,302	129,078	SH		SOLE		129,078	0	0
Banc of California 8.00% Call9	PFD	05990k403	1,793	67,096	SH		SOLE		67,096	0	0
Bank of America 4.0%Min Float	PFD	060505815	225	10,643	SH		SOLE		10,643	0	0
Bank of America 6.5% Prp Cl 1/	PFD	060505310	529	20,805	SH		SOLE		20,805	0	0
Bank of America 6.625% Prp/Cl	PFD	060505344	2,065	80,169	SH		SOLE		80,169	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	656	25,685	SH		SOLE		25,685	0	0
Barclays 7.75% Prp Cl 9/13 BB	PFD	06739h511	667	25,835	SH		SOLE		25,835	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	724	28,000	SH		SOLE		28,000	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	898	35,091	SH		SOLE		35,091	0	0
CBL & Associates 6.5% Perp CUM	PFD	124830803	232	9,377	SH		SOLE		9,377	0	0
CHS Chemical 7.50% Cl 1/2025 C	PFD	12542r803	4,044	152,609	SH		SOLE		152,609	0	0
CHS Chemicals 6.75% Perp cl 20	PFD	12542r704	286	11,056	SH		SOLE		11,056	0	0
CHS Chemicals 7.875% Perp cl 2	PFD	12542r308	260	9,197	SH		SOLE		9,197	0	0
Capital One Finl 6.7%Prp Call	PFD	14040h709	1,181	44,582	SH		SOLE		44,582	0	0
CenturyLink Quest 6.125%Nts Cl	PFD	74913g600	240	10,000	SH		SOLE		10,000	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,821	109,978	SH		SOLE		109,978	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	962	37,730	SH		SOLE		37,730	0	0
CenturyLink SnNote7.5% 2051 Cl	PFD	74913g303	5,559	215,367	SH		SOLE		215,367	0	0
CenturyLink SnNotes 6.875% CL	PFD	74913g105	1,838	72,650	SH		SOLE		72,650	0	0
CenturyLink SnNotes 7.0% 2052	PFD	74913G402	1,301	51,050	SH		SOLE		51,050	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	3,858	148,397	SH		SOLE		148,397	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	264	10,600	SH		SOLE		10,600	0	0
Citigroup 7.125% Flt Aftr 9/23	PFD	172967358	5,907	219,440	SH		SOLE		219,440	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	322	12,530	SH		SOLE		12,530	0	0
Colony Financial7.125%Perp CUM	PFD	19624r403	982	44,910	SH		SOLE		44,910	0	0
Colony Financial7.50% Perp CUM	PFD	19624r304	204	8,262	SH		SOLE		8,262	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	769	30,083	SH		SOLE		30,083	0	0
CoreEnergy 7.375% Pfd - Par Ca	PFD	21870u304	843	37,076	SH		SOLE		37,076	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,866	73,173	SH		SOLE		73,173	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	552	26,538	SH		SOLE		26,538	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	2,919	131,741	SH		SOLE		131,741	0	0
Cowen 8.25% Senior Notes Due 1	PFD	223622309	1,496	57,306	SH		SOLE		57,306	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	547	20,816	SH		SOLE		20,816	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,480	57,260	SH		SOLE		57,260	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	3,090	110,285	SH		SOLE		110,285	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	574	21,815	SH		SOLE		21,815	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	1,507	55,173	SH		SOLE		55,173	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	441	17,435	SH		SOLE		17,435	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,505	137,406	SH		SOLE		137,406	0	0
Digital Realty 7.375% Perp CUM	PFD	253868871	530	19,875	SH		SOLE		19,875	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	2,099	81,325	SH		SOLE		81,325	0	0
Dynagas LNG 9.0% QDI CUM cl 2	PFD	Y2188b116	1,044	61,463	SH		SOLE		61,463	0	0
EaglePoint Credit 7.75%2022 CU	PFD	269809109	852	33,319	SH		SOLE		33,319	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	2,403	93,224	SH		SOLE		93,224	0	0
Endurance Specialty 7.75% Cl12	PFD	29267h208	3,033	119,317	SH		SOLE		119,317	0	0
Equity Comwlth 7.25% CUM Perp/	PFD	294628409	542	21,281	SH		SOLE		21,281	0	0
EverBank Financial 6.75% Perp	PFD	29977g201	299	11,921	SH		SOLE		11,921	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	4,407	160,720	SH		SOLE		160,720	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	557	21,860	SH		SOLE		21,860	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	2,425	94,257	SH		SOLE		94,257	0	0
Five Oaks Investment 8.75%Perp	PFD	33830w205	237	12,410	SH		SOLE		12,410	0	0
GaslLog Ltd 8.75% Ser A CUM QD	PFD	g37585117	1,041	45,100	SH		SOLE		45,100	0	0
General Growth Prop 6.375% Cl	PFD	370023202	366	15,100	SH		SOLE		15,100	0	0
Global Indemnity SrNts7.75% Ca	PFD	g39319119	1,370	58,450	SH		SOLE		58,450	0	0
Goldman 5.5% Flt Aftr 5/23 Cl	PFD	38145g308	1,844	75,338	SH		SOLE		75,338	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	600	31,381	SH		SOLE		31,381	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	754	30,080	SH		SOLE		30,080	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	3,247	127,280	SH		SOLE		127,280	0	0
Hanover Insurance6.35% Cl3/18	PFD	410867204	826	32,766	SH		SOLE		32,766	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,387	45,400	SH		SOLE		45,400	0	0
Hatteras Financial 7.625% CUM	PFD	41902r400	1,002	42,333	SH		SOLE		42,333	0	0
Hercules Technology 7%Pfd Cl9/	PFD	427096870	303	12,000	SH		SOLE		12,000	0	0
Hudson Pacific 8.375%CUM Calle	PFD	444097208	831	32,864	SH		SOLE		32,864	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	283	10,976	SH		SOLE		10,976	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	1,400	54,343	SH		SOLE		54,343	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	388	15,607	SH		SOLE		15,607	0	0
JPMorgan Chase 6.70%Perp/Call	PFD	48127a161	1,750	65,328	SH		SOLE		65,328	0	0
KKR Financial 7.375% Prp Call	PFD	48248a603	293	11,205	SH		SOLE		11,205	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	5,204	195,599	SH		SOLE		195,599	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,357	50,605	SH		SOLE		50,605	0	0
Kimco Realty 6.90% BBB-CUM Cal	PFD	49446r828	295	11,726	SH		SOLE		11,726	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	2,036	80,504	SH		SOLE		80,504	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	531	529	SH		SOLE		529	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	208	8,488	SH		SOLE		8,488	0	0
Maiden Hldgs 8.00% Nts 2042 ca	PFD	56029q309	2,159	81,795	SH		SOLE		81,795	0	0
Maiden Hldgs 8.25% Nts 2041 ca	PFD	56029q200	899	35,170	SH		SOLE		35,170	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,999	74,768	SH		SOLE		74,768	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	247	10,231	SH		SOLE		10,231	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	475	23,787	SH		SOLE		23,787	0	0
Morgan Stanley 7.125%Flt Aftr1	PFD	61762v200	3,658	133,247	SH		SOLE		133,247	0	0
National General Ins 7.50% Cal	PFD	636220808	2,946	118,488	SH		SOLE		118,488	0	0
National General Ins 7.50% Cal	PFD	636220709	2,517	100,862	SH		SOLE		100,862	0	0
National General Ins 7.62% Cal	PFD	636220873	794	33,910	SH		SOLE		33,910	0	0
New York MtgTrust 7.875%Perp C	PFD	649604808	296	14,164	SH		SOLE		14,164	0	0
NewTek Business Svs 7.50$ due	PFD	652526302	354	13,900	SH		SOLE		13,900	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	282	11,003	SH		SOLE		11,003	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	305	12,719	SH		SOLE		12,719	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	1,084	43,746	SH		SOLE		43,746	0	0
Oxford Lane Cap8.125% Cl6/2017	PFD	691543409	248	9,830	SH		SOLE		9,830	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	309	12,417	SH		SOLE		12,417	0	0
Partner Re 7.25% Call 06/21 BB	PFD	g68603508	6,018	218,819	SH		SOLE		218,819	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	3,601	139,461	SH		SOLE		139,461	0	0
Pebblebrook Hotel7.875%Perp Cu	PFD	70509v209	792	31,209	SH		SOLE		31,209	0	0
Penn Real Estate 8.25% CIM Per	PFD	709102404	262	10,008	SH		SOLE		10,008	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	696	27,438	SH		SOLE		27,438	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	363	13,900	SH		SOLE		13,900	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	754	29,405	SH		SOLE		29,405	0	0
Public Storage 6.50% Call 4/20	PFD	74460d141	1,200	47,170	SH		SOLE		47,170	0	0
Public Storage6.5%Perp BBB+ Ca	PFD	74460d158	290	11,600	SH		SOLE		11,600	0	0
Raymond James Financial 6.90%	PFD	754730208	877	33,285	SH		SOLE		33,285	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	275	10,700	SH		SOLE		10,700	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	443	17,900	SH		SOLE		17,900	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	429	16,850	SH		SOLE		16,850	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	374	13,500	SH		SOLE		13,500	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	484	18,900	SH		SOLE		18,900	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	2,087	84,290	SH		SOLE		84,290	0	0
Seaspan 7.95% 12/2049 Call 1/2	PFD	y75638208	218	9,467	SH		SOLE		9,467	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	1,843	77,195	SH		SOLE		77,195	0	0
Seaspan 9.50% 1/2049 Call 1/20	PFD	B643v81	298	11,735	SH		SOLE		11,735	0	0
SoCalEd 5.375% CUM cl 2025 QDI	PFD	78409g206	671	26,062	SH		SOLE		26,062	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	295	12,750	SH		SOLE		12,750	0	0
Southern Cal Ed 6.5% $100 Cl3/	PFD	842400723	684	6,640	SH		SOLE		6,640	0	0
Summit Hotel (INN)7.125%Perp C	PFD	866082407	557	22,284	SH		SOLE		22,284	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	2,211	85,055	SH		SOLE		85,055	0	0
Sunstone Hotel 8.00% Perp CUM	PFD	867592507	931	36,543	SH		SOLE		36,543	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	244	9,751	SH		SOLE		9,751	0	0
Teekay Offshore 7.25%Perp CUM	PFD	y8565j127	495	31,128	SH		SOLE		31,128	0	0
Teekay Offshore 8.50%Perm Cum	PFD	Y8565j135	217	12,600	SH		SOLE		12,600	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	3,282	130,400	SH		SOLE		130,400	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	860	33,592	SH		SOLE		33,592	0	0
TravelCenters America 8.00%SrN	PFD	894174309	2,793	111,050	SH		SOLE		111,050	0	0
TravelCenters SnNotes 8% 10/20	PFD	894174408	740	30,000	SH		SOLE		30,000	0	0
Triancgle Capitl 6.375%Sr Note	PFD	895848406	897	35,550	SH		SOLE		35,550	0	0
TriplePoint Venture BDC 6.75%	PFD	89677y209	500	19,900	SH		SOLE		19,900	0	0
US Bancorp 6.5% Flt Aftr 1/22	PFD	902973833	1,527	53,160	SH		SOLE		53,160	0	0
US Celllular SrNts 7.25% 2063	PFD	911684504	455	18,000	SH		SOLE		18,000	0	0
US Cellular 6.95%SrNT 2060 Cl	PFD	911684405	491	19,400	SH		SOLE		19,400	0	0
VEREIT Inc 6.70% Perp CUM Cl 2	PFD	92339v209	300	12,382	SH		SOLE		12,382	0	0
Vornado Realty 5.7% Prp Cl 7/1	PFD	929042851	285	11,787	SH		SOLE		11,787	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	3,085	120,725	SH		SOLE		120,725	0	0
Wells Fargo 6.375% Cl 12/19 BB	PFD	94988n207	779	30,400	SH		SOLE		30,400	0	0
Wells Fargo 7.5% Cnv/Prp$1000	PFD	949746804	11,984	10,260	SH		SOLE		10,260	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	11,382	412,842	SH		SOLE		412,842	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	2,199	1,912,000	PRN		SOLE		1,912,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	480	495,000	PRN		SOLE		495,000	0	0
GE Cap Corp 6.25% Perp/Call 12	PFD	369622SP1	379	350,000	PRN		SOLE		350,000	0	0
GE Cap Corp 7.125% Perp/Call 6	PFD	369622SN6	2,251	1,945,000	PRN		SOLE		1,945,000	0	0
JPMorgan 6.0% Perp/Call 8/23 -	PFD	48126HAA8	424	430,000	PRN		SOLE		430,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,384	2,295,000	PRN		SOLE		2,295,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	999	900,000	PRN		SOLE		900,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,310	5,425,000	PRN		SOLE		5,425,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	488	460,000	PRN		SOLE		460,000	0	0