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	640	300	SH		SOLE		300	0	0
3M Company	COM	88579y101	15,940	95,661	SH		SOLE		95,661	0	0
ABB Ltd-Spon ADR	COM	000375204	3,458	178,083	SH		SOLE		178,083	0	0
AGL Resources Inc	COM	001204106	3,813	58,539	SH		SOLE		58,539	0	0
AT&T Inc	COM	00206r102	8,001	204,275	SH		SOLE		204,275	0	0
AbbVie Inc	COM	00287y109	9,061	158,632	SH		SOLE		158,632	0	0
Abbott Laboratories	COM	002824100	9,240	220,903	SH		SOLE		220,903	0	0
Acadia Healthcare Co LTD	COM	00404a109	223	4,047	SH		SOLE		4,047	0	0
Accenture PLC-Cl A	COM	g1151c101	4,050	35,095	SH		SOLE		35,095	0	0
Adobe Systems Inc	COM	00724f101	930	9,913	SH		SOLE		9,913	0	0
Aetna Inc	COM	00817Y108	766	6,815	SH		SOLE		6,815	0	0
Aflac Inc	COM	001055102	735	11,637	SH		SOLE		11,637	0	0
Agilent Technologies Inc	COM	00846u101	712	17,865	SH		SOLE		17,865	0	0
Air Products & Chemicals Inc	COM	009158106	6,347	44,062	SH		SOLE		44,062	0	0
Allegion PLC	COM	g0176j109	240	3,763	SH		SOLE		3,763	0	0
Allergan plc (new)	COM	g0177j108	834	3,112	SH		SOLE		3,112	0	0
Allstate Corp	COM	020002101	369	5,471	SH		SOLE		5,471	0	0
Alphabet Inc-Cl A	COM	02079k305	5,391	7,067	SH		SOLE		7,067	0	0
Alphabet Inc-Cl C	COM	02079k107	4,393	5,897	SH		SOLE		5,897	0	0
Altria Group Inc	COM	02209s103	10,334	164,917	SH		SOLE		164,917	0	0
AmTrust Financial Services	COM	032359309	279	10,776	SH		SOLE		10,776	0	0
Amarillo Gold Corp	COM	02301t108	2	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	684	1,153	SH		SOLE		1,153	0	0
American Electric Power	COM	025537101	462	6,953	SH		SOLE		6,953	0	0
American Express Co	COM	025816109	1,940	31,602	SH		SOLE		31,602	0	0
AmerisourceBergen Corp	COM	03073e105	263	3,037	SH		SOLE		3,037	0	0
Ametek Inc	COM	031100100	204	4,088	SH		SOLE		4,088	0	0
Amgen Inc	COM	031162100	2,284	15,234	SH		SOLE		15,234	0	0
Anthem Inc	COM	036752103	2,427	17,464	SH		SOLE		17,464	0	0
Apple Inc	COM	037833100	28,369	260,293	SH		SOLE		260,293	0	0
Archer-Daniels-Midland Co	COM	039483102	722	19,889	SH		SOLE		19,889	0	0
Automatic Data Processing	COM	053015103	14,600	162,742	SH		SOLE		162,742	0	0
BCE Inc	COM	05534b760	2,261	49,653	SH		SOLE		49,653	0	0
Bank Of Marin Bancorp/CA	COM	063425102	713	14,485	SH		SOLE		14,485	0	0
Bank of America Corp	COM	060505104	5,253	388,537	SH		SOLE		388,537	0	0
Baxalta Inc	COM	07177m103	270	6,676	SH		SOLE		6,676	0	0
Baxter International Inc.	COM	071813109	331	8,057	SH		SOLE		8,057	0	0
Becton Dickinson & Co	COM	075887109	2,417	15,917	SH		SOLE		15,917	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,159	22,262	SH		SOLE		22,262	0	0
Biogen Inc	COM	09062x103	1,242	4,771	SH		SOLE		4,771	0	0
Blackrock Inc	COM	09247x101	338	993	SH		SOLE		993	0	0
Blackstone Group/The	COM	09253u108	504	17,956	SH		SOLE		17,956	0	0
Boeing Co	COM	097023105	1,395	10,988	SH		SOLE		10,988	0	0
Bristol-Myers Squibb Co	COM	110122108	18,509	289,751	SH		SOLE		289,751	0	0
Brown-Forman Corp -Cl B	COM	115637209	276	2,802	SH		SOLE		2,802	0	0
CR Bard Inc	COM	067383109	317	1,562	SH		SOLE		1,562	0	0
CVS Health Corp	COM	126650100	6,490	62,566	SH		SOLE		62,566	0	0
Canadian Natl Railway Co	COM	136375102	214	3,420	SH		SOLE		3,420	0	0
Cardinal Health Inc	COM	14149Y108	465	5,674	SH		SOLE		5,674	0	0
Carlyle Group/The	COM	14309l102	715	42,350	SH		SOLE		42,350	0	0
Caterpillar Inc	COM	149123101	2,471	32,290	SH		SOLE		32,290	0	0
Celgene Corp	COM	151020104	644	6,436	SH		SOLE		6,436	0	0
CenterPoint Energy Inc	COM	15189t107	1,783	85,231	SH		SOLE		85,231	0	0
Cerner Corp	COM	156782104	2,488	46,986	SH		SOLE		46,986	0	0
Cerus Corp	COM	157085101	59	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	690	7,888	SH		SOLE		7,888	0	0
Chevron Corp	COM	166764100	22,042	231,050	SH		SOLE		231,050	0	0
Chubb Ltd (new)	COM	h1467j104	2,620	21,992	SH		SOLE		21,992	0	0
Cigna Corp	COM	125509109	579	4,220	SH		SOLE		4,220	0	0
Cincinnati Financial Corp	COM	172062101	543	8,305	SH		SOLE		8,305	0	0
Cintas Corp	COM	172908105	252	2,806	SH		SOLE		2,806	0	0
Cisco Systems Inc	COM	17275R102	3,735	131,208	SH		SOLE		131,208	0	0
Citigroup Inc	COM	172967424	227	5,440	SH		SOLE		5,440	0	0
Clorox Company	COM	189054109	12,290	97,491	SH		SOLE		97,491	0	0
Coca-Cola Co/The	COM	191216100	5,691	122,672	SH		SOLE		122,672	0	0
Colgate-Palmolive Co	COM	194162103	9,518	134,719	SH		SOLE		134,719	0	0
Comcast Corp-Cl A	COM	20030n101	8,398	137,498	SH		SOLE		137,498	0	0
ConAgra Foods Inc	COM	205887102	1,378	30,886	SH		SOLE		30,886	0	0
ConocoPhillips	COM	20825C104	6,254	155,312	SH		SOLE		155,312	0	0
Consolidated Edison Inc	COM	209115104	509	6,645	SH		SOLE		6,645	0	0
Costco Wholesale Corp	COM	22160K105	16,097	102,151	SH		SOLE		102,151	0	0
Crown Castle Intl Corp	COM	22822v101	12,097	139,846	SH		SOLE		139,846	0	0
Danaher Corp	COM	235851102	5,067	53,413	SH		SOLE		53,413	0	0
Deere & Co	COM	244199105	1,162	15,092	SH		SOLE		15,092	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	435	4,028	SH		SOLE		4,028	0	0
Dick's Sporting Goods Inc	COM	253393102	710	15,188	SH		SOLE		15,188	0	0
Disney Co./Walt The	COM	254687106	15,403	155,096	SH		SOLE		155,096	0	0
Dominion Resources Inc/Va	COM	25746u109	579	7,702	SH		SOLE		7,702	0	0
Dover Corp	COM	260003108	357	5,555	SH		SOLE		5,555	0	0
Dow Chemical	COM	260543103	542	10,648	SH		SOLE		10,648	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	991	11,077	SH		SOLE		11,077	0	0
Du Pont (E.I.) De Nemours	COM	263534109	7,166	113,166	SH		SOLE		113,166	0	0
Duke Energy Corp	COM	26441c204	860	10,660	SH		SOLE		10,660	0	0
EMC Corp Mass	COM	268648102	328	12,307	SH		SOLE		12,307	0	0
ETFS Physical Precious Metals	COM	26922w109	335	5,650	SH		SOLE		5,650	0	0
Eaton Corp PLC	COM	g29183103	909	14,535	SH		SOLE		14,535	0	0
Ecolab Inc	COM	278865100	10,166	91,159	SH		SOLE		91,159	0	0
Edison International	COM	281020107	9,568	133,097	SH		SOLE		133,097	0	0
Eli Lilly & Co	COM	532457108	4,501	62,500	SH		SOLE		62,500	0	0
Emerson Electric Co	COM	291011104	1,862	34,240	SH		SOLE		34,240	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	1,112	45,151	SH		SOLE		45,151	0	0
Equity Residential	COM	29476l107	269	3,585	SH		SOLE		3,585	0	0
Essex Property Trust Inc	COM	297178105	425	1,819	SH		SOLE		1,819	0	0
Eurasian Minerals Inc	COM	29843r100	35	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	353	6,056	SH		SOLE		6,056	0	0
Express Scripts Holding Co.	COM	30219g108	903	13,146	SH		SOLE		13,146	0	0
Exxon Mobil Corp	COM	30231G102	10,250	122,626	SH		SOLE		122,626	0	0
Facebook Inc	COM	30303m102	33,615	294,607	SH		SOLE		294,607	0	0
FedEx Corp	COM	31428x106	758	4,661	SH		SOLE		4,661	0	0
First Republic Bank/San Franci	COM	33616C100	226	3,392	SH		SOLE		3,392	0	0
First Solar Inc	COM	336433107	228	3,329	SH		SOLE		3,329	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	995	34,459	SH		SOLE		34,459	0	0
First Trust Mid Cap Value ETF	COM	33737m201	258	9,168	SH		SOLE		9,168	0	0
First Trust Morningstar Divide	COM	336917109	1,371	53,466	SH		SOLE		53,466	0	0
First Trust Rising Dividend Ac	COM	33738r506	273	13,134	SH		SOLE		13,134	0	0
Ford Motor Co	COM	345370860	674	49,959	SH		SOLE		49,959	0	0
Fortinet Inc	COM	34959e109	263	8,575	SH		SOLE		8,575	0	0
Franklin Resources Inc	COM	354613101	459	11,753	SH		SOLE		11,753	0	0
Freeport McMoRan Inc-B	COM	35671d857	179	17,340	SH		SOLE		17,340	0	0
Frontier Communications Corp	COM	35906a108	423	75,598	SH		SOLE		75,598	0	0
GaveKal Knowledge Leaders Deve	COM	30151e608	279	11,050	SH		SOLE		11,050	0	0
General Dynamics Corp	COM	369550108	2,072	15,771	SH		SOLE		15,771	0	0
General Electric Co	COM	369604103	23,709	745,801	SH		SOLE		745,801	0	0
General Mills Inc	COM	370334104	6,449	101,798	SH		SOLE		101,798	0	0
Genuine Parts Co	COM	372460105	6,406	64,469	SH		SOLE		64,469	0	0
Gilead Sciences Inc	COM	375558103	2,950	32,118	SH		SOLE		32,118	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	1,176	28,993	SH		SOLE		28,993	0	0
Global Brands Group Holding	COM	g39338101	1	10,000	SH		SOLE		10,000	0	0
Goldman Sachs Group Inc	COM	38141G104	393	2,506	SH		SOLE		2,506	0	0
Grainger (W.W.) Inc	COM	384802104	598	2,563	SH		SOLE		2,563	0	0
Great Plains Energy Inc	COM	391164100	986	30,560	SH		SOLE		30,560	0	0
Groupon Inc	COM	399473107	271	68,000	SH		SOLE		68,000	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	725	4,991	SH		SOLE		4,991	0	0
Guggenheim S&P Equal Weight	COM	78355w106	612	7,799	SH		SOLE		7,799	0	0
H&R Block Inc	COM	093671105	267	10,101	SH		SOLE		10,101	0	0
HCP Inc REIT	COM	40414l109	4,607	141,392	SH		SOLE		141,392	0	0
HP Inc	COM	40434l105	159	12,946	SH		SOLE		12,946	0	0
Harman International	COM	413086109	657	7,375	SH		SOLE		7,375	0	0
Hess Corp	COM	42809h107	379	7,200	SH		SOLE		7,200	0	0
Hewlett Packard Enterprise	COM	42824c109	227	12,790	SH		SOLE		12,790	0	0
Home Depot Inc	COM	437076102	10,408	78,004	SH		SOLE		78,004	0	0
Honeywell International Inc	COM	438516106	5,425	48,411	SH		SOLE		48,411	0	0
Hormel Foods Corp	COM	440452100	934	21,602	SH		SOLE		21,602	0	0
ICON PLC	COM	g4705a100	248	3,296	SH		SOLE		3,296	0	0
Illinois Tool Works	COM	452308109	831	8,108	SH		SOLE		8,108	0	0
Illumina Inc	COM	452327109	360	2,219	SH		SOLE		2,219	0	0
Ingersoll-Rand PLC	COM	g47791101	1,699	27,404	SH		SOLE		27,404	0	0
Integral Technologies Inc	COM	45810j103	4	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	13,367	413,186	SH		SOLE		413,186	0	0
Intl Business Machines Corp	COM	459200101	5,570	36,779	SH		SOLE		36,779	0	0
Intl Flavors & Fragrances	COM	459506101	705	6,200	SH		SOLE		6,200	0	0
Intrexon Corp	COM	46122t102	370	10,930	SH		SOLE		10,930	0	0
Ivanhoe Mines Ltd	COM	46579r104	156	240,000	SH		SOLE		240,000	0	0
JPMorgan Chase & Co	COM	46625H100	8,091	136,626	SH		SOLE		136,626	0	0
Jacobs Engineering Group Inc	COM	469814107	315	7,223	SH		SOLE		7,223	0	0
Johnson & Johnson	COM	478160104	26,025	240,529	SH		SOLE		240,529	0	0
Johnson Controls Inc	COM	478366107	1,433	36,778	SH		SOLE		36,778	0	0
Keysight Technologies Inc	COM	49338l103	224	8,081	SH		SOLE		8,081	0	0
Kimberly-Clark Corp	COM	494368103	15,838	117,746	SH		SOLE		117,746	0	0
Kinder Morgan Inc	COM	49456b101	4,875	272,951	SH		SOLE		272,951	0	0
Kraft Heinz Co/The	COM	500754106	2,447	31,150	SH		SOLE		31,150	0	0
L-3 Communications Holdings	COM	502424104	327	2,756	SH		SOLE		2,756	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,887	16,107	SH		SOLE		16,107	0	0
Lam Research Corp	COM	512807108	370	4,483	SH		SOLE		4,483	0	0
Leggett & Platt Inc	COM	524660107	530	10,960	SH		SOLE		10,960	0	0
Li & Fung Ltd	COM	g5485f169	6	10,000	SH		SOLE		10,000	0	0
Lockheed Martin Corp	COM	539830109	3,772	17,031	SH		SOLE		17,031	0	0
Lowe's Cos Inc	COM	548661107	4,460	58,874	SH		SOLE		58,874	0	0
Lululemon Athletica Inc	COM	550021109	522	7,710	SH		SOLE		7,710	0	0
Macy's Inc	COM	55616p104	1,284	29,121	SH		SOLE		29,121	0	0
Manulife Financial Corp	COM	56501r106	511	36,158	SH		SOLE		36,158	0	0
Marathon Petroleum Corp	COM	56585a102	275	7,399	SH		SOLE		7,399	0	0
Marriott International-Cl A	COM	571903202	2,472	34,729	SH		SOLE		34,729	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,493	25,060	SH		SOLE		25,060	0	0
McDonald's Corp	COM	580135101	12,152	96,691	SH		SOLE		96,691	0	0
Medical Properties Trust Inc	COM	58463j304	223	17,169	SH		SOLE		17,169	0	0
Medtronic PLC	COM	g5960l103	6,357	84,763	SH		SOLE		84,763	0	0
Merck & Co. Inc.	COM	58933y105	7,570	143,080	SH		SOLE		143,080	0	0
Microsoft Corp	COM	594918104	12,336	223,363	SH		SOLE		223,363	0	0
Molson Coors Brewing Co -B	COM	60871r209	296	3,076	SH		SOLE		3,076	0	0
Mondelez International	COM	609207105	2,282	56,883	SH		SOLE		56,883	0	0
Morgan Stanley	COM	617446448	1,784	71,334	SH		SOLE		71,334	0	0
Mylan NV	COM	n59465109	1,574	33,949	SH		SOLE		33,949	0	0
NXP Semiconductors Nv	COM	n6596x109	525	6,478	SH		SOLE		6,478	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,192	56,179	SH		SOLE		56,179	0	0
NextEra Energy Inc	COM	65339f101	13,222	111,727	SH		SOLE		111,727	0	0
Nike Inc -Cl B	COM	654106103	9,859	160,387	SH		SOLE		160,387	0	0
Nordstrom Inc	COM	655664100	460	8,040	SH		SOLE		8,040	0	0
Norfolk Southern Corp	COM	655844108	353	4,245	SH		SOLE		4,245	0	0
Novartis Ag-ADR	COM	66987v109	3,411	47,088	SH		SOLE		47,088	0	0
Novo-Nordisk A/S-Spons ADR	COM	670100205	240	4,431	SH		SOLE		4,431	0	0
Nucor Corp	COM	670346105	250	5,294	SH		SOLE		5,294	0	0
Occidental Petroleum Corp	COM	674599105	5,829	85,180	SH		SOLE		85,180	0	0
Oracle Corp	COM	68389x105	4,978	121,675	SH		SOLE		121,675	0	0
P G & E Corp	COM	69331c108	597	9,991	SH		SOLE		9,991	0	0
PPG Industries Inc	COM	693506107	439	3,937	SH		SOLE		3,937	0	0
Paccar Inc	COM	693718108	1,553	28,395	SH		SOLE		28,395	0	0
Palo Alto Networks	COM	697435105	941	5,768	SH		SOLE		5,768	0	0
Parker-Hannifin Corp	COM	701094104	220	1,980	SH		SOLE		1,980	0	0
Pentair PLC	COM	g7s00t104	360	6,632	SH		SOLE		6,632	0	0
PepsiCo Inc	COM	713448108	9,129	89,076	SH		SOLE		89,076	0	0
Pfizer Inc	COM	717081103	7,967	268,790	SH		SOLE		268,790	0	0
Philip Morris International	COM	718172109	2,972	30,290	SH		SOLE		30,290	0	0
Phillips 66	COM	718546104	291	3,357	SH		SOLE		3,357	0	0
Piedmont Office Realty Trust	COM	720190206	386	19,000	SH		SOLE		19,000	0	0
Potash Corp Of Saskatchewan	COM	73755l107	357	20,969	SH		SOLE		20,969	0	0
PowerShares Buyback Achievers	COM	73935x286	227	5,010	SH		SOLE		5,010	0	0
PowerShares Preferred Portfoli	COM	73936t565	8,218	550,788	SH		SOLE		550,788	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	3,466	31,743	SH		SOLE		31,743	0	0
Praxair Inc	COM	74005p104	2,349	20,520	SH		SOLE		20,520	0	0
Preferred Apartment Communitie	COM	74039l103	3,159	249,150	SH		SOLE		249,150	0	0
ProLogis Inc	COM	74340w103	480	10,862	SH		SOLE		10,862	0	0
Procter & Gamble Co	COM	742718109	23,566	286,305	SH		SOLE		286,305	0	0
Public Service Enterprise Grou	COM	744573106	2,147	45,555	SH		SOLE		45,555	0	0
Qualcomm Inc	COM	747525103	346	6,770	SH		SOLE		6,770	0	0
Quest Diagnostics	COM	74834l100	243	3,406	SH		SOLE		3,406	0	0
Realty Income Corp	COM	756109104	11,476	183,593	SH		SOLE		183,593	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	391	1,084	SH		SOLE		1,084	0	0
Retail Properties of America	COM	76131v202	553	34,893	SH		SOLE		34,893	0	0
Robert Half Intl Inc	COM	770323103	255	5,483	SH		SOLE		5,483	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	2,830	92,395	SH		SOLE		92,395	0	0
Rockwell Collins Inc.	COM	774341101	267	2,900	SH		SOLE		2,900	0	0
Roper Technologies Inc	COM	776696106	233	1,273	SH		SOLE		1,273	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	535	11,045	SH		SOLE		11,045	0	0
Rydex S&P Equal Weight Energy	COM	78355w866	209	4,317	SH		SOLE		4,317	0	0
S&P Global Inc	COM	78409v104	1,073	10,840	SH		SOLE		10,840	0	0
SAP SE-Sponsored ADR	COM	803054204	694	8,631	SH		SOLE		8,631	0	0
SPDR Consumer Discretionary Se	COM	81369y407	6,511	82,313	SH		SOLE		82,313	0	0
SPDR Consumer Staples Select S	COM	81369y308	4,911	92,548	SH		SOLE		92,548	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	816	4,621	SH		SOLE		4,621	0	0
SPDR Energy Select Sector	COM	81369y506	11,962	193,283	SH		SOLE		193,283	0	0
SPDR Financial Select Sector	COM	81369y605	3,731	165,842	SH		SOLE		165,842	0	0
SPDR Gold Trust	COM	78463v107	1,766	15,015	SH		SOLE		15,015	0	0
SPDR Health Care Select Sector	COM	81369y209	6,390	94,270	SH		SOLE		94,270	0	0
SPDR Industrial Select Sector	COM	81369y704	4,512	81,336	SH		SOLE		81,336	0	0
SPDR Materials Select Sector	COM	81369y100	1,295	28,903	SH		SOLE		28,903	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	7,120	34,644	SH		SOLE		34,644	0	0
SPDR S&P Biotech ETF	COM	78464a870	238	4,615	SH		SOLE		4,615	0	0
SPDR S&P Dividend ETF	COM	78464a763	11,085	138,686	SH		SOLE		138,686	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	9,417	35,843	SH		SOLE		35,843	0	0
SPDR Technology Select Sector	COM	81369y803	8,994	202,761	SH		SOLE		202,761	0	0
SPDR Utilities Select Sector	COM	81369y886	1,086	21,886	SH		SOLE		21,886	0	0
Salesforce.Com Inc	COM	79466l302	1,977	26,784	SH		SOLE		26,784	0	0
Sanofi-ADR	COM	80105n105	3,625	90,265	SH		SOLE		90,265	0	0
Scana Corp	COM	80589m102	882	12,574	SH		SOLE		12,574	0	0
Scandium International Mining	COM	80600l109	3	23,400	SH		SOLE		23,400	0	0
Schlumberger Ltd	COM	806857108	664	9,003	SH		SOLE		9,003	0	0
Schwab (Charles) Corp	COM	808513105	761	27,172	SH		SOLE		27,172	0	0
Schwab US Broad Market ETF	COM	808524102	1,508	30,593	SH		SOLE		30,593	0	0
Schwab US Dividend Equity ETF	COM	808524797	5,097	127,131	SH		SOLE		127,131	0	0
Schwab US Large-Cap ETF	COM	808524201	1,767	36,179	SH		SOLE		36,179	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,164	28,673	SH		SOLE		28,673	0	0
Sempra Energy	COM	816851109	1,473	14,152	SH		SOLE		14,152	0	0
Sherwin-Williams Co	COM	824348106	430	1,509	SH		SOLE		1,509	0	0
Siemens Ag-Spons ADR	COM	826197501	227	2,149	SH		SOLE		2,149	0	0
Sierra Vista Bank	COM	82651b105	77	20,000	SH		SOLE		20,000	0	0
Silvercorp Metals Inc	COM	82835p103	14	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	362	1,743	SH		SOLE		1,743	0	0
Southern Co	COM	842587107	2,323	44,906	SH		SOLE		44,906	0	0
Southwest Airlines	COM	844741108	323	7,210	SH		SOLE		7,210	0	0
Spectra Energy Corp	COM	847560109	3,529	115,325	SH		SOLE		115,325	0	0
Spectral Medical Inc	COM	847577103	15	25,000	SH		SOLE		25,000	0	0
Sprott Resource Corp	COM	85207d103	195	526,834	SH		SOLE		526,834	0	0
St Jude Medical Inc	COM	790849103	663	12,057	SH		SOLE		12,057	0	0
Stanley Black & Decker Inc	COM	854502101	5,361	50,951	SH		SOLE		50,951	0	0
Starbucks Corp	COM	855244109	6,462	108,245	SH		SOLE		108,245	0	0
State Street Corp	COM	857477103	201	3,430	SH		SOLE		3,430	0	0
Stryker Corp	COM	863667101	207	1,930	SH		SOLE		1,930	0	0
Sysco Corp	COM	871829107	681	14,576	SH		SOLE		14,576	0	0
T Rowe Price Group Inc	COM	74144t108	620	8,441	SH		SOLE		8,441	0	0
TJX Companies Inc	COM	872540109	537	6,856	SH		SOLE		6,856	0	0
Target Corp	COM	87612e106	9,103	110,636	SH		SOLE		110,636	0	0
Taseko Mines Ltd	COM	876511106	23	40,000	SH		SOLE		40,000	0	0
Tesla Motors Inc	COM	88160r101	609	2,650	SH		SOLE		2,650	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	499	9,327	SH		SOLE		9,327	0	0
Texas Instruments Inc	COM	882508104	404	7,037	SH		SOLE		7,037	0	0
Thermo Fisher Scientific Inc	COM	883556102	253	1,788	SH		SOLE		1,788	0	0
Time Warner Inc	COM	887317303	1,801	24,827	SH		SOLE		24,827	0	0
Toronto-Dominion Bank	COM	891160509	3,995	92,636	SH		SOLE		92,636	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,886	17,738	SH		SOLE		17,738	0	0
Travelers Cos Inc/The	COM	89417e109	3,591	30,772	SH		SOLE		30,772	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	1,965	69,670	SH		SOLE		69,670	0	0
U S Bancorp	COM	902973304	2,135	52,592	SH		SOLE		52,592	0	0
UDR Inc	COM	902653104	273	7,080	SH		SOLE		7,080	0	0
Unilever N V -NY Shares	COM	904784709	4,007	89,693	SH		SOLE		89,693	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,971	43,630	SH		SOLE		43,630	0	0
Union Pacific Corp	COM	907818108	1,845	23,191	SH		SOLE		23,191	0	0
United Parcel Service-Cl B	COM	911312106	8,823	83,650	SH		SOLE		83,650	0	0
United Technologies Corp	COM	913017109	2,996	29,932	SH		SOLE		29,932	0	0
UnitedHealth Group Inc	COM	91324P102	1,504	11,664	SH		SOLE		11,664	0	0
VF Corporation	COM	918204108	457	7,053	SH		SOLE		7,053	0	0
Valero Energy Corp	COM	91913Y100	234	3,650	SH		SOLE		3,650	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	423	7,348	SH		SOLE		7,348	0	0
Vanguard Consumer Discretionar	COM	92204a108	435	3,504	SH		SOLE		3,504	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	289	2,135	SH		SOLE		2,135	0	0
Vanguard Developed Mkts	COM	921943858	1,026	28,590	SH		SOLE		28,590	0	0
Vanguard Dividend Appreciation	COM	921908844	642	7,904	SH		SOLE		7,904	0	0
Vanguard Emerging Mkts	COM	922042858	645	18,643	SH		SOLE		18,643	0	0
Vanguard Health Care Vipers	COM	92204a504	253	2,050	SH		SOLE		2,050	0	0
Vanguard High Div Yield ETF	COM	921946406	2,348	34,007	SH		SOLE		34,007	0	0
Vanguard Info Tech Vipers	COM	92204a702	515	4,705	SH		SOLE		4,705	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	282	3,000	SH		SOLE		3,000	0	0
Vanguard Mid-Cap	COM	922908629	3,306	27,272	SH		SOLE		27,272	0	0
Vanguard REIT	COM	922908553	469	5,594	SH		SOLE		5,594	0	0
Vanguard Small-Cap Vipers	COM	922908751	3,481	31,226	SH		SOLE		31,226	0	0
Vanguard Total Stock Market	COM	922908769	13,539	129,163	SH		SOLE		129,163	0	0
Vanguard Value Vipers	COM	922908744	236	2,866	SH		SOLE		2,866	0	0
Varian Medical Systems Inc	COM	92220P105	1,591	19,883	SH		SOLE		19,883	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	509	6,368	SH		SOLE		6,368	0	0
Verizon Communications Inc	COM	92343v104	30,307	560,407	SH		SOLE		560,407	0	0
Violin Memory Inc	COM	92763a101	175	335,000	SH		SOLE		335,000	0	0
Visa Inc-Class A Shares	COM	92826c839	1,002	13,100	SH		SOLE		13,100	0	0
Vornado Realty Trust	COM	929042109	6,009	63,636	SH		SOLE		63,636	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
WEC Energy Group Inc	COM	92939u106	5,584	92,961	SH		SOLE		92,961	0	0
Wal-Mart Stores Inc	COM	931142103	1,337	19,519	SH		SOLE		19,519	0	0
Walgreens Boots Alliance Inc	COM	931427108	11,048	131,145	SH		SOLE		131,145	0	0
Waste Management Inc	COM	94106l109	10,859	184,059	SH		SOLE		184,059	0	0
Wells Fargo & Company	COM	949746101	31,461	650,548	SH		SOLE		650,548	0	0
Westamerica Bancorportaion	COM	957090103	634	13,020	SH		SOLE		13,020	0	0
Weyerhaeuser Co	COM	962166104	945	30,504	SH		SOLE		30,504	0	0
Whirlpool Corp	COM	963320106	2,864	15,882	SH		SOLE		15,882	0	0
White Mountains Insurance Grou	COM	g9618e107	714	890	SH		SOLE		890	0	0
Whole Foods Market Inc	COM	966837106	4,081	131,193	SH		SOLE		131,193	0	0
Williams Cos Inc	COM	969457100	3,040	189,152	SH		SOLE		189,152	0	0
Williams-Sonoma Inc	COM	969904101	2,117	38,667	SH		SOLE		38,667	0	0
WisdomTree MidCap Div Index	COM	97717w505	256	2,972	SH		SOLE		2,972	0	0
Xcel Energy Inc	COM	98389b100	228	5,461	SH		SOLE		5,461	0	0
Yahoo! Inc	COM	984332106	931	25,285	SH		SOLE		25,285	0	0
Yum! Brands Inc	COM	988498101	381	4,658	SH		SOLE		4,658	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	2,038	19,115	SH		SOLE		19,115	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,002	85,738	SH		SOLE		85,738	0	0
iShares DJ US Energy Sector	COM	464287796	900	25,865	SH		SOLE		25,865	0	0
iShares DJ US Financial Sect	COM	464287788	1,003	11,850	SH		SOLE		11,850	0	0
iShares DJ US Health Car Pro	COM	464288828	250	2,052	SH		SOLE		2,052	0	0
iShares DJ US Telecommunicatio	COM	464287713	859	27,941	SH		SOLE		27,941	0	0
iShares DJ US Transport Index	COM	464287192	1,318	9,256	SH		SOLE		9,256	0	0
iShares Goldman Sachs Tech I	COM	464287721	261	2,410	SH		SOLE		2,410	0	0
iShares MSCI EAFE Index	COM	464287465	991	17,343	SH		SOLE		17,343	0	0
iShares MSCI Emerging Markets	COM	464287234	314	9,176	SH		SOLE		9,176	0	0
iShares MSCI Singapore Index	COM	464286673	111	10,200	SH		SOLE		10,200	0	0
iShares MSCI USA Quality Facto	COM	46432f339	994	15,143	SH		SOLE		15,143	0	0
iShares Nasdaq Biotech Index F	COM	464287556	4,746	18,196	SH		SOLE		18,196	0	0
iShares Russell 1000 Growth	COM	464287614	679	6,808	SH		SOLE		6,808	0	0
iShares Russell 1000 Value	COM	464287598	244	2,471	SH		SOLE		2,471	0	0
iShares Russell 2000 Index Fun	COM	464287655	407	3,680	SH		SOLE		3,680	0	0
iShares Russell Midcap Index	COM	464287499	262	1,609	SH		SOLE		1,609	0	0
iShares S&P 100 Index Fund	COM	464287101	1,784	19,525	SH		SOLE		19,525	0	0
iShares S&P 500 Index Fund	COM	464287200	523	2,533	SH		SOLE		2,533	0	0
iShares S&P Europe 350	COM	464287861	579	14,814	SH		SOLE		14,814	0	0
iShares S&P Global 100	COM	464287572	607	8,446	SH		SOLE		8,446	0	0
iShares S&P Midcap 400	COM	464287507	1,434	9,949	SH		SOLE		9,949	0	0
iShares S&P Midcap 400/Value	COM	464287705	406	3,270	SH		SOLE		3,270	0	0
iShares S&P SmallCap 600	COM	464287804	523	4,650	SH		SOLE		4,650	0	0
iShares S&P US Preferred Stock	COM	464288687	9,347	239,472	SH		SOLE		239,472	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,246	120,281	SH		SOLE		120,281	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	2,215	71,659	SH		SOLE		71,659	0	0
Affiliated Mgrs Grp 6.375% SrN	PFD	008252876	347	13,206	SH		SOLE		13,206	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	282	10,148	SH		SOLE		10,148	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	271	10,634	SH		SOLE		10,634	0	0
American Capital Agency 8.0% P	PFD	02503x204	993	38,609	SH		SOLE		38,609	0	0
American Capital Agncy 7.75% P	PFD	02503x303	593	24,248	SH		SOLE		24,248	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	283	11,221	SH		SOLE		11,221	0	0
Amtrust Financial 7.25% SrNt C	PFD	032359861	265	10,700	SH		SOLE		10,700	0	0
Amtrust Financial 7.5% QDI Cal	PFD	032359887	2,555	100,695	SH		SOLE		100,695	0	0
Amtrust Financial 7.50%Nts 205	PFD	032359853	334	13,275	SH		SOLE		13,275	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	3,568	140,536	SH		SOLE		140,536	0	0
Amtrust Financial 7.75% QDI Ca	PFD	032359846	1,175	46,275	SH		SOLE		46,275	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	247	9,983	SH		SOLE		9,983	0	0
Arbor Realty 8.50% CUM Perp Ca	PFD	038923801	236	9,723	SH		SOLE		9,723	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	861	32,343	SH		SOLE		32,343	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	1,662	65,313	SH		SOLE		65,313	0	0
Ashford Hospitality 9.0% NR Ca	PFD	044103505	915	38,299	SH		SOLE		38,299	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	7,963	301,610	SH		SOLE		301,610	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	469	19,020	SH		SOLE		19,020	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	2,938	111,589	SH		SOLE		111,589	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	627	24,222	SH		SOLE		24,222	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	235	9,157	SH		SOLE		9,157	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	4,708	180,390	SH		SOLE		180,390	0	0
BancOfCalifornia 7.00% Cal2021	PFD	05990k874	232	9,150	SH		SOLE		9,150	0	0
BancOfCalifornia 7.375% Ca2020	PFD	05990k882	4,203	162,170	SH		SOLE		162,170	0	0
BancOfCalifornia 8.00% Cal2018	PFD	05990k403	2,199	82,506	SH		SOLE		82,506	0	0
Bank of America 4.0%Min Float	PFD	060505815	226	10,308	SH		SOLE		10,308	0	0
Bank of America 6.5% Prp Cl 1/	PFD	060505310	551	20,814	SH		SOLE		20,814	0	0
Bank of America 6.625% Prp/Cl	PFD	060505344	2,861	106,795	SH		SOLE		106,795	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	644	24,320	SH		SOLE		24,320	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	581	22,225	SH		SOLE		22,225	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	751	29,391	SH		SOLE		29,391	0	0
BlueRock Residential Growth 8.	PFD	09627j508	1,676	66,466	SH		SOLE		66,466	0	0
CBL & Associates 6.5% Perp CUM	PFD	124830803	252	10,551	SH		SOLE		10,551	0	0
CHS Chemical 7.50% Cl 1/2025 C	PFD	12542r803	5,797	208,300	SH		SOLE		208,300	0	0
CHS Chemicals 6.75% Perp cl 20	PFD	12542r704	321	12,067	SH		SOLE		12,067	0	0
CHS Chemicals 7.875% Perp cl 2	PFD	12542r308	258	8,997	SH		SOLE		8,997	0	0
Capital One Finl 6.7%Prp Call	PFD	14040h709	1,481	54,543	SH		SOLE		54,543	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	2,966	116,405	SH		SOLE		116,405	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	910	35,630	SH		SOLE		35,630	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	4,586	174,558	SH		SOLE		174,558	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	242	9,400	SH		SOLE		9,400	0	0
Citigroup 7.125% Flt Aftr 9/23	PFD	172967358	6,997	256,024	SH		SOLE		256,024	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	458	17,430	SH		SOLE		17,430	0	0
Colony Financial7.125%Perp CUM	PFD	19624r403	979	44,350	SH		SOLE		44,350	0	0
Colony Financial7.50% Perp CUM	PFD	19624r304	544	22,329	SH		SOLE		22,329	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	1,056	42,087	SH		SOLE		42,087	0	0
CoreEnergy 7.375% Pfd - Par Ca	PFD	21870u304	594	28,264	SH		SOLE		28,264	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,837	70,113	SH		SOLE		70,113	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	333	18,748	SH		SOLE		18,748	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	1,941	107,492	SH		SOLE		107,492	0	0
Cowen 8.25% Senior Notes Due 1	PFD	223622309	1,504	58,856	SH		SOLE		58,856	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	467	17,796	SH		SOLE		17,796	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,498	58,075	SH		SOLE		58,075	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	1,949	77,071	SH		SOLE		77,071	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	456	18,823	SH		SOLE		18,823	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	996	39,884	SH		SOLE		39,884	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	462	17,436	SH		SOLE		17,436	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,122	122,488	SH		SOLE		122,488	0	0
Digital Realty 7.375% Perp CUM	PFD	253868871	1,548	55,788	SH		SOLE		55,788	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	2,131	79,771	SH		SOLE		79,771	0	0
Dynagas LNG 9.0% QDI CUM cl 2	PFD	Y2188b116	1,120	52,921	SH		SOLE		52,921	0	0
EBAY 6.00% Sr Notes Call 3/1/2	PFD	278642202	360	14,300	SH		SOLE		14,300	0	0
EaglePoint Credit 7%SrNts 12/3	PFD	269809208	606	24,700	SH		SOLE		24,700	0	0
EaglePoint Credit 7.75%2022 CU	PFD	269809109	1,758	69,440	SH		SOLE		69,440	0	0
Endurance Specialty 7.5% Cl 6/	PFD	g30397304	2,227	87,220	SH		SOLE		87,220	0	0
Equity Comwlth 7.25% BB Called	PFD	294628409	519	20,399	SH		SOLE		20,399	0	0
EverBank Financial 6.75% Perp	PFD	29977g201	489	19,555	SH		SOLE		19,555	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	5,384	193,931	SH		SOLE		193,931	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	558	21,460	SH		SOLE		21,460	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	2,369	90,923	SH		SOLE		90,923	0	0
GaslLog Ltd 8.75% Ser A CUM QD	PFD	g37585117	904	40,650	SH		SOLE		40,650	0	0
General Growth Prop 6.375% Cl	PFD	370023202	383	14,800	SH		SOLE		14,800	0	0
Global Indemnity SrNts7.75% Ca	PFD	g39319119	1,521	63,395	SH		SOLE		63,395	0	0
Goldman 5.5% Flt Aftr 5/23 Cl	PFD	38145g308	1,776	71,026	SH		SOLE		71,026	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	604	30,377	SH		SOLE		30,377	0	0
HSBC 6.36% Perp Callable NCU Q	PFD	40429c607	730	29,110	SH		SOLE		29,110	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	3,085	117,738	SH		SOLE		117,738	0	0
Hanover Insurance6.35% Cl3/18	PFD	410867204	864	33,866	SH		SOLE		33,866	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,404	44,969	SH		SOLE		44,969	0	0
Hatteras Financial 7.625% CUM	PFD	41902r400	992	42,653	SH		SOLE		42,653	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	330	12,603	SH		SOLE		12,603	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	1,411	53,879	SH		SOLE		53,879	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	400	17,357	SH		SOLE		17,357	0	0
JPMorgan Chase 6.70%Perp/Call	PFD	48127a161	1,822	65,784	SH		SOLE		65,784	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	4,944	188,499	SH		SOLE		188,499	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,475	56,415	SH		SOLE		56,415	0	0
Kinder Morgan 9.75%CnvPfd 10/2	PFD	49456b200	238	5,279	SH		SOLE		5,279	0	0
LaSalle Hotel 6.375% Call 3/20	PFD	517942801	217	8,500	SH		SOLE		8,500	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	1,896	74,761	SH		SOLE		74,761	0	0
M / I Homes 9.75% Pfd Call 11/	PFD	55305b200	342	13,684	SH		SOLE		13,684	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	509	494	SH		SOLE		494	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	222	8,973	SH		SOLE		8,973	0	0
Maiden Hldgs 8.00%rSNts 2042 c	PFD	56029q309	2,219	85,384	SH		SOLE		85,384	0	0
Maiden Hldgs 8.25%SrNts 2041 c	PFD	56029q200	896	35,420	SH		SOLE		35,420	0	0
Maiden Holdings 7.125%PrpCl 12	PFD	g5753u138	591	24,450	SH		SOLE		24,450	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,977	76,000	SH		SOLE		76,000	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	241	9,666	SH		SOLE		9,666	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	465	22,908	SH		SOLE		22,908	0	0
Morgan Stanley 7.125%Flt Aftr1	PFD	61762v200	4,508	158,448	SH		SOLE		158,448	0	0
National General Ins 7.50% Cal	PFD	636220808	2,988	116,338	SH		SOLE		116,338	0	0
National General Ins 7.50% Cal	PFD	636220709	2,495	97,986	SH		SOLE		97,986	0	0
National General Ins 7.62% Cal	PFD	636220873	1,376	56,642	SH		SOLE		56,642	0	0
New York MtgTrust 7.875%Perp C	PFD	649604808	252	12,628	SH		SOLE		12,628	0	0
NewTek Business Svs 7.50% Nts	PFD	652526302	391	15,711	SH		SOLE		15,711	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	270	10,503	SH		SOLE		10,503	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	298	13,207	SH		SOLE		13,207	0	0
Northstar Realty Fin 8.75% CUM	PFD	66704r209	202	8,711	SH		SOLE		8,711	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	990	43,796	SH		SOLE		43,796	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	300	11,628	SH		SOLE		11,628	0	0
Partner Re 7.25% Call 06/21 BB	PFD	g68603508	6,059	214,164	SH		SOLE		214,164	0	0
Pebblebrook Hotel 8.00%Perp Cu	PFD	70509v308	3,733	144,792	SH		SOLE		144,792	0	0
Penn Real Estate 8.25% CIM Per	PFD	709102404	264	10,075	SH		SOLE		10,075	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	739	28,806	SH		SOLE		28,806	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	350	13,000	SH		SOLE		13,000	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	666	25,577	SH		SOLE		25,577	0	0
Public Storage 6.35% Call 7/16	PFD	74460d125	730	28,505	SH		SOLE		28,505	0	0
Public Storage 6.50% BBB+ Call	PFD	74460d141	834	33,308	SH		SOLE		33,308	0	0
Quest USWest 7.0% SrNts 2056 2	PFD	74913g808	725	28,200	SH		SOLE		28,200	0	0
Quest USWest SnNotes 7.0% 2052	PFD	74913G402	1,272	49,890	SH		SOLE		49,890	0	0
Quest USWest Sr Nts6.125%Nts C	PFD	74913g600	245	10,000	SH		SOLE		10,000	0	0
Quest USWestSnNote7.5% 2051 Cl	PFD	74913g303	5,327	207,431	SH		SOLE		207,431	0	0
Quest USWestSnNotes 6.875% CL	PFD	74913g105	2,709	106,250	SH		SOLE		106,250	0	0
Raymond James Final 6.90% 2042	PFD	754730208	837	31,916	SH		SOLE		31,916	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	297	11,409	SH		SOLE		11,409	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	447	17,500	SH		SOLE		17,500	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	437	16,850	SH		SOLE		16,850	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	346	12,200	SH		SOLE		12,200	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	449	16,900	SH		SOLE		16,900	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	1,961	74,664	SH		SOLE		74,664	0	0
Seaspan 7.95% 12/2049 Call 1/2	PFD	y75638208	289	11,667	SH		SOLE		11,667	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	1,859	78,859	SH		SOLE		78,859	0	0
Seaspan 9.50% 1/2049 Call 1/20	PFD	B643v81	398	15,735	SH		SOLE		15,735	0	0
SoCalEd 5.375% CUM cl 2025 QDI	PFD	78409g206	758	29,111	SH		SOLE		29,111	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	297	11,950	SH		SOLE		11,950	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	2,758	105,469	SH		SOLE		105,469	0	0
Summit Hotel7.125%Perp CUM Cal	PFD	866082407	943	36,409	SH		SOLE		36,409	0	0
Sunstone Hotel 8.00% Perp Call	PFD	867892507	959	38,318	SH		SOLE		38,318	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	260	10,201	SH		SOLE		10,201	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	2,814	110,875	SH		SOLE		110,875	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	856	33,842	SH		SOLE		33,842	0	0
Torchmark Crp 6.125% SubDebCal	PFD	891027401	449	17,800	SH		SOLE		17,800	0	0
TravelCenters America 8.00%SrN	PFD	894174309	2,798	113,975	SH		SOLE		113,975	0	0
TravelCenters SnNotes 8% 10/20	PFD	894174408	1,446	59,590	SH		SOLE		59,590	0	0
Triancgle Capitl 6.375%Sr Note	PFD	895848406	865	34,650	SH		SOLE		34,650	0	0
TriplePoint Venture BDC 6.75%	PFD	89677y209	491	19,750	SH		SOLE		19,750	0	0
UMH Propertyies 8.0% Perp Cum	PFD	903002301	485	18,496	SH		SOLE		18,496	0	0
US Bancorp 6.5% Flt Aftr 1/22	PFD	902973833	1,324	44,989	SH		SOLE		44,989	0	0
US Celllular SrNts 7.25% 2063	PFD	911684504	509	19,900	SH		SOLE		19,900	0	0
US Cellular 6.95%SrNT 2060 Cl	PFD	911684405	488	19,085	SH		SOLE		19,085	0	0
US Cellular 7.25% SrNts12/2064	PFD	911684603	1,088	43,275	SH		SOLE		43,275	0	0
VEREIT Inc 6.70% Perp CUM Cl 2	PFD	92339v209	284	11,200	SH		SOLE		11,200	0	0
Vornado Realty 6.875% Prp/Cl 4	PFD	929042869	2,498	98,736	SH		SOLE		98,736	0	0
Wells Fargo 5.85%Flt Aftr 9/23	PFD	949746556	310	11,750	SH		SOLE		11,750	0	0
Wells Fargo 6.375% Cl 12/19 BB	PFD	94988n207	878	32,600	SH		SOLE		32,600	0	0
Wells Fargo 7.5% Cnv/Prp$1000	PFD	949746804	14,459	11,999	SH		SOLE		11,999	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	10,111	360,448	SH		SOLE		360,448	0	0
WinTrust Financial 6.50% Call	PFD	97650w405	210	7,740	SH		SOLE		7,740	0	0
Bank of America 5.20% Perp/Cal	PFD	060505ED2	290	315,000	PRN		SOLE		315,000	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	1,905	1,667,000	PRN		SOLE		1,667,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	525	545,000	PRN		SOLE		545,000	0	0
Citigroup Inc 6.125% Perp Call	PFD	172967KD2	253	250,000	PRN		SOLE		250,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	196	200,000	PRN		SOLE		200,000	0	0
Citigroup Perp/Call 5/23 @ 100	PFD	172967GR6	688	745,000	PRN		SOLE		745,000	0	0
GE Cap Corp 5.00% Perp/Call 1/	PFD	369604BQ5	2,387	2,317,000	PRN		SOLE		2,317,000	0	0
JPMorgan 6.0% Perp/Call 8/23 -	PFD	48126HAA8	1,744	1,735,000	PRN		SOLE		1,735,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,100	2,100,000	PRN		SOLE		2,100,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	767	700,000	PRN		SOLE		700,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,232	5,305,000	PRN		SOLE		5,305,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	476	460,000	PRN		SOLE		460,000	0	0