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	651	300	SH		SOLE		300	0	0
3M Company	COM	88579y101	17,021	97,196	SH		SOLE		97,196	0	0
ABB Ltd-Spon ADR	COM	000375204	3,707	186,940	SH		SOLE		186,940	0	0
AGL Resources Inc	COM	001204106	3,851	58,371	SH		SOLE		58,371	0	0
AT&T Inc	COM	00206r102	9,077	210,061	SH		SOLE		210,061	0	0
AbbVie Inc	COM	00287y109	9,724	157,070	SH		SOLE		157,070	0	0
Abbott Laboratories	COM	002824100	8,702	221,360	SH		SOLE		221,360	0	0
Accenture PLC-Cl A	COM	g1151c101	4,060	35,833	SH		SOLE		35,833	0	0
Adobe Systems Inc	COM	00724f101	879	9,174	SH		SOLE		9,174	0	0
Aetna Inc	COM	00817Y108	776	6,356	SH		SOLE		6,356	0	0
Aflac Inc	COM	001055102	807	11,185	SH		SOLE		11,185	0	0
Agilent Technologies Inc	COM	00846u101	775	17,465	SH		SOLE		17,465	0	0
Air Products & Chemicals Inc	COM	009158106	6,224	43,818	SH		SOLE		43,818	0	0
Alerian MLP ETF	COM	00162q866	148	11,616	SH		SOLE		11,616	0	0
Allegion PLC	COM	g0176j109	253	3,640	SH		SOLE		3,640	0	0
Allergan plc (new)	COM	g0177j108	626	2,710	SH		SOLE		2,710	0	0
Allstate Corp	COM	020002101	404	5,774	SH		SOLE		5,774	0	0
Alphabet Inc-Cl A	COM	02079k305	5,649	8,030	SH		SOLE		8,030	0	0
Alphabet Inc-Cl C	COM	02079k107	4,627	6,686	SH		SOLE		6,686	0	0
Altria Group Inc	COM	02209s103	11,102	160,992	SH		SOLE		160,992	0	0
AmTrust Financial Services	COM	032359309	275	11,239	SH		SOLE		11,239	0	0
Amarillo Gold Corp	COM	02301t108	3	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	831	1,161	SH		SOLE		1,161	0	0
American Electric Power	COM	025537101	488	6,967	SH		SOLE		6,967	0	0
American Express Co	COM	025816109	1,300	21,389	SH		SOLE		21,389	0	0
AmerisourceBergen Corp	COM	03073e105	241	3,038	SH		SOLE		3,038	0	0
Amgen Inc	COM	031162100	2,439	16,031	SH		SOLE		16,031	0	0
Anthem Inc	COM	036752103	2,340	17,817	SH		SOLE		17,817	0	0
Aon PLC	COM	g0408v102	256	2,341	SH		SOLE		2,341	0	0
Apple Inc	COM	037833100	24,975	261,242	SH		SOLE		261,242	0	0
Archer-Daniels-Midland Co	COM	039483102	859	20,030	SH		SOLE		20,030	0	0
Automatic Data Processing	COM	053015103	15,586	169,658	SH		SOLE		169,658	0	0
BCE Inc	COM	05534b760	2,350	49,678	SH		SOLE		49,678	0	0
Bank Of Marin Bancorp/CA	COM	063425102	750	15,496	SH		SOLE		15,496	0	0
Bank of America Corp	COM	060505104	5,345	402,821	SH		SOLE		402,821	0	0
Baxter International Inc.	COM	071813109	364	8,057	SH		SOLE		8,057	0	0
Becton Dickinson & Co	COM	075887109	2,719	16,030	SH		SOLE		16,030	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,694	25,515	SH		SOLE		25,515	0	0
Biogen Inc	COM	09062x103	1,139	4,711	SH		SOLE		4,711	0	0
Blackrock Inc	COM	09247x101	262	765	SH		SOLE		765	0	0
Blackstone Group/The	COM	09253u108	413	16,831	SH		SOLE		16,831	0	0
Boeing Co	COM	097023105	1,716	13,210	SH		SOLE		13,210	0	0
Bristol-Myers Squibb Co	COM	110122108	21,330	290,001	SH		SOLE		290,001	0	0
Brown-Forman Corp -Cl B	COM	115637209	284	2,845	SH		SOLE		2,845	0	0
CR Bard Inc	COM	067383109	393	1,672	SH		SOLE		1,672	0	0
CVS Health Corp	COM	126650100	6,181	64,564	SH		SOLE		64,564	0	0
CalAtlantic Group	COM	128195104	1,028	28,000	SH		SOLE		28,000	0	0
Canadian Natl Railway Co	COM	136375102	215	3,638	SH		SOLE		3,638	0	0
Cardinal Health Inc	COM	14149Y108	449	5,761	SH		SOLE		5,761	0	0
Carlyle Group/The	COM	14309l102	479	29,500	SH		SOLE		29,500	0	0
Caterpillar Inc	COM	149123101	2,432	32,083	SH		SOLE		32,083	0	0
Celgene Corp	COM	151020104	651	6,598	SH		SOLE		6,598	0	0
CenterPoint Energy Inc	COM	15189t107	1,996	83,170	SH		SOLE		83,170	0	0
Cerner Corp	COM	156782104	3,016	51,476	SH		SOLE		51,476	0	0
Cerus Corp	COM	157085101	62	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	657	8,250	SH		SOLE		8,250	0	0
Chevron Corp	COM	166764100	24,764	236,232	SH		SOLE		236,232	0	0
Chubb Ltd (new)	COM	h1467j104	2,918	22,326	SH		SOLE		22,326	0	0
Cigna Corp	COM	125509109	558	4,357	SH		SOLE		4,357	0	0
Cincinnati Financial Corp	COM	172062101	615	8,207	SH		SOLE		8,207	0	0
Cintas Corp	COM	172908105	292	2,980	SH		SOLE		2,980	0	0
Cisco Systems Inc	COM	17275R102	4,036	140,684	SH		SOLE		140,684	0	0
Citigroup Inc	COM	172967424	245	5,781	SH		SOLE		5,781	0	0
Clorox Company	COM	189054109	13,572	98,068	SH		SOLE		98,068	0	0
Coca-Cola Co/The	COM	191216100	5,619	123,966	SH		SOLE		123,966	0	0
Colgate-Palmolive Co	COM	194162103	9,801	133,891	SH		SOLE		133,891	0	0
Comcast Corp-Cl A	COM	20030n101	9,071	139,147	SH		SOLE		139,147	0	0
ConAgra Foods Inc	COM	205887102	1,541	32,236	SH		SOLE		32,236	0	0
ConocoPhillips	COM	20825C104	6,678	153,155	SH		SOLE		153,155	0	0
Consolidated Edison Inc	COM	209115104	598	7,438	SH		SOLE		7,438	0	0
Cool Technologies Inc	COM	21639y100	28	333,333	SH		SOLE		333,333	0	0
Costco Wholesale Corp	COM	22160K105	17,121	109,022	SH		SOLE		109,022	0	0
Crown Castle Intl Corp	COM	22822v101	14,872	146,626	SH		SOLE		146,626	0	0
DTE Energy Company	COM	233331107	203	2,047	SH		SOLE		2,047	0	0
Danaher Corp	COM	235851102	5,300	52,478	SH		SOLE		52,478	0	0
Deere & Co	COM	244199105	1,254	15,477	SH		SOLE		15,477	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	455	4,028	SH		SOLE		4,028	0	0
Dick's Sporting Goods Inc	COM	253393102	684	15,188	SH		SOLE		15,188	0	0
Disney Co./Walt The	COM	254687106	16,302	166,650	SH		SOLE		166,650	0	0
Dominion Resources Inc/Va	COM	25746u109	675	8,667	SH		SOLE		8,667	0	0
Dover Corp	COM	260003108	409	5,897	SH		SOLE		5,897	0	0
Dow Chemical	COM	260543103	516	10,375	SH		SOLE		10,375	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	1,065	11,018	SH		SOLE		11,018	0	0
Du Pont (E.I.) De Nemours	COM	263534109	7,324	113,018	SH		SOLE		113,018	0	0
Duke Energy Corp	COM	26441c204	814	9,486	SH		SOLE		9,486	0	0
EMC Corp Mass	COM	268648102	351	12,917	SH		SOLE		12,917	0	0
ETFS Physical Precious Metals	COM	26922w109	372	5,650	SH		SOLE		5,650	0	0
Eaton Corp PLC	COM	g29183103	872	14,602	SH		SOLE		14,602	0	0
Ecolab Inc	COM	278865100	11,081	93,436	SH		SOLE		93,436	0	0
Edison International	COM	281020107	10,511	135,333	SH		SOLE		135,333	0	0
Eli Lilly & Co	COM	532457108	5,032	63,895	SH		SOLE		63,895	0	0
Emerson Electric Co	COM	291011104	1,739	33,334	SH		SOLE		33,334	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	1,201	41,051	SH		SOLE		41,051	0	0
Equity Residential	COM	29476l107	247	3,585	SH		SOLE		3,585	0	0
Essex Property Trust Inc	COM	297178105	431	1,890	SH		SOLE		1,890	0	0
Eurasian Minerals Inc	COM	29843r100	45	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	363	6,056	SH		SOLE		6,056	0	0
Express Scripts Holding Co.	COM	30219g108	920	12,133	SH		SOLE		12,133	0	0
Exxon Mobil Corp	COM	30231G102	12,392	132,192	SH		SOLE		132,192	0	0
Facebook Inc	COM	30303m102	33,952	297,092	SH		SOLE		297,092	0	0
FedEx Corp	COM	31428x106	708	4,661	SH		SOLE		4,661	0	0
First Republic Bank/San Franci	COM	33616C100	444	6,342	SH		SOLE		6,342	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	1,489	49,614	SH		SOLE		49,614	0	0
First Trust Mid Cap Value ETF	COM	33737m201	256	9,168	SH		SOLE		9,168	0	0
First Trust Morningstar Divide	COM	336917109	1,435	53,480	SH		SOLE		53,480	0	0
First Trust Rising Dividend Ac	COM	33738r506	268	13,151	SH		SOLE		13,151	0	0
Ford Motor Co	COM	345370860	465	36,957	SH		SOLE		36,957	0	0
Fortinet Inc	COM	34959e109	287	9,075	SH		SOLE		9,075	0	0
Franklin Covey Co	COM	353469109	153	10,000	SH		SOLE		10,000	0	0
Franklin Resources Inc	COM	354613101	368	11,031	SH		SOLE		11,031	0	0
Freeport McMoRan Inc-B	COM	35671d857	199	17,840	SH		SOLE		17,840	0	0
Frontier Communications Corp	COM	35906a108	325	65,813	SH		SOLE		65,813	0	0
General Dynamics Corp	COM	369550108	2,255	16,196	SH		SOLE		16,196	0	0
General Electric Co	COM	369604103	23,864	758,076	SH		SOLE		758,076	0	0
General Mills Inc	COM	370334104	7,247	101,610	SH		SOLE		101,610	0	0
General Motors Co	COM	37045v100	234	8,283	SH		SOLE		8,283	0	0
Genuine Parts Co	COM	372460105	6,572	64,907	SH		SOLE		64,907	0	0
Gilead Sciences Inc	COM	375558103	2,579	30,914	SH		SOLE		30,914	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	1,259	29,053	SH		SOLE		29,053	0	0
Global Brands Group Holding	COM	g39338101	1	10,000	SH		SOLE		10,000	0	0
Goldman Sachs Group Inc	COM	38141G104	356	2,395	SH		SOLE		2,395	0	0
Grainger (W.W.) Inc	COM	384802104	608	2,674	SH		SOLE		2,674	0	0
Great Plains Energy Inc	COM	391164100	876	28,800	SH		SOLE		28,800	0	0
Groupon Inc	COM	399473107	221	68,000	SH		SOLE		68,000	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	905	6,133	SH		SOLE		6,133	0	0
Guggenheim S&P Equal Weight	COM	78355w106	500	6,224	SH		SOLE		6,224	0	0
HCP Inc REIT	COM	40414l109	5,626	159,013	SH		SOLE		159,013	0	0
Harman International	COM	413086109	545	7,595	SH		SOLE		7,595	0	0
Hess Corp	COM	42809h107	433	7,200	SH		SOLE		7,200	0	0
Hewlett Packard Enterprise	COM	42824c109	188	10,295	SH		SOLE		10,295	0	0
Home Depot Inc	COM	437076102	10,482	82,090	SH		SOLE		82,090	0	0
Honeywell International Inc	COM	438516106	5,782	49,706	SH		SOLE		49,706	0	0
Hormel Foods Corp	COM	440452100	720	19,674	SH		SOLE		19,674	0	0
ICON PLC	COM	g4705a100	203	2,904	SH		SOLE		2,904	0	0
Illinois Tool Works	COM	452308109	835	8,017	SH		SOLE		8,017	0	0
Ingersoll-Rand PLC	COM	g47791101	1,829	28,718	SH		SOLE		28,718	0	0
Integral Technologies Inc	COM	45810j103	3	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	13,405	408,679	SH		SOLE		408,679	0	0
Intl Business Machines Corp	COM	459200101	5,478	36,089	SH		SOLE		36,089	0	0
Intl Flavors & Fragrances	COM	459506101	826	6,550	SH		SOLE		6,550	0	0
Intrexon Corp	COM	46122t102	263	10,670	SH		SOLE		10,670	0	0
Ivanhoe Mines Ltd	COM	46579r104	186	240,000	SH		SOLE		240,000	0	0
JPMorgan Chase & Co	COM	46625H100	8,254	132,823	SH		SOLE		132,823	0	0
Jacobs Engineering Group Inc	COM	469814107	350	7,023	SH		SOLE		7,023	0	0
Johnson & Johnson	COM	478160104	29,609	244,100	SH		SOLE		244,100	0	0
Johnson Controls Inc	COM	478366107	1,735	39,194	SH		SOLE		39,194	0	0
Keysight Technologies Inc	COM	49338l103	228	7,831	SH		SOLE		7,831	0	0
Kimberly-Clark Corp	COM	494368103	16,319	118,700	SH		SOLE		118,700	0	0
Kinder Morgan Inc	COM	49456b101	5,101	272,483	SH		SOLE		272,483	0	0
Kraft Heinz Co/The	COM	500754106	2,945	33,289	SH		SOLE		33,289	0	0
L-3 Communications Holdings	COM	502424104	396	2,701	SH		SOLE		2,701	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,057	15,793	SH		SOLE		15,793	0	0
Lam Research Corp	COM	512807108	323	3,839	SH		SOLE		3,839	0	0
Leggett & Platt Inc	COM	524660107	594	11,618	SH		SOLE		11,618	0	0
Li & Fung Ltd	COM	g5485f169	5	10,000	SH		SOLE		10,000	0	0
Lockheed Martin Corp	COM	539830109	4,612	18,585	SH		SOLE		18,585	0	0
Lowe's Cos Inc	COM	548661107	4,661	58,878	SH		SOLE		58,878	0	0
Lululemon Athletica Inc	COM	550021109	584	7,910	SH		SOLE		7,910	0	0
Macy's Inc	COM	55616p104	1,021	30,372	SH		SOLE		30,372	0	0
Manulife Financial Corp	COM	56501r106	487	35,599	SH		SOLE		35,599	0	0
Marathon Petroleum Corp	COM	56585a102	290	7,644	SH		SOLE		7,644	0	0
Marriott International-Cl A	COM	571903202	2,694	40,542	SH		SOLE		40,542	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,659	24,926	SH		SOLE		24,926	0	0
McDonald's Corp	COM	580135101	11,672	96,991	SH		SOLE		96,991	0	0
Medical Properties Trust Inc	COM	58463j304	261	17,169	SH		SOLE		17,169	0	0
Medivation Inc	COM	58501n101	345	5,714	SH		SOLE		5,714	0	0
Medtronic PLC	COM	g5960l103	7,389	85,151	SH		SOLE		85,151	0	0
Merck & Co. Inc.	COM	58933y105	8,289	143,884	SH		SOLE		143,884	0	0
Microsoft Corp	COM	594918104	13,146	256,908	SH		SOLE		256,908	0	0
Mobileye NV	COM	n51488117	581	12,586	SH		SOLE		12,586	0	0
Molson Coors Brewing Co -B	COM	60871r209	304	3,008	SH		SOLE		3,008	0	0
Mondelez International	COM	609207105	2,652	58,283	SH		SOLE		58,283	0	0
Morgan Stanley	COM	617446448	1,999	76,929	SH		SOLE		76,929	0	0
Mylan NV	COM	n59465109	1,380	31,911	SH		SOLE		31,911	0	0
NXP Semiconductors Nv	COM	n6596x109	545	6,956	SH		SOLE		6,956	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,423	57,211	SH		SOLE		57,211	0	0
NextEra Energy Inc	COM	65339f101	14,426	110,625	SH		SOLE		110,625	0	0
Nike Inc -Cl B	COM	654106103	8,995	162,956	SH		SOLE		162,956	0	0
Nordstrom Inc	COM	655664100	316	8,302	SH		SOLE		8,302	0	0
Norfolk Southern Corp	COM	655844108	361	4,245	SH		SOLE		4,245	0	0
Novartis Ag-ADR	COM	66987v109	3,868	46,878	SH		SOLE		46,878	0	0
Novo-Nordisk A/S-Spons ADR	COM	670100205	237	4,404	SH		SOLE		4,404	0	0
Nucor Corp	COM	670346105	256	5,178	SH		SOLE		5,178	0	0
Occidental Petroleum Corp	COM	674599105	6,252	82,737	SH		SOLE		82,737	0	0
Oracle Corp	COM	68389x105	4,894	119,573	SH		SOLE		119,573	0	0
P G & E Corp	COM	69331c108	634	9,917	SH		SOLE		9,917	0	0
PPG Industries Inc	COM	693506107	435	4,175	SH		SOLE		4,175	0	0
Paccar Inc	COM	693718108	1,501	28,937	SH		SOLE		28,937	0	0
Palo Alto Networks	COM	697435105	1,231	10,040	SH		SOLE		10,040	0	0
Paychex Inc	COM	704326107	206	3,467	SH		SOLE		3,467	0	0
Pentair PLC	COM	g7s00t104	408	6,999	SH		SOLE		6,999	0	0
PepsiCo Inc	COM	713448108	9,321	87,984	SH		SOLE		87,984	0	0
Pfizer Inc	COM	717081103	9,304	264,247	SH		SOLE		264,247	0	0
Philip Morris International	COM	718172109	2,824	27,767	SH		SOLE		27,767	0	0
Phillips 66	COM	718546104	355	4,474	SH		SOLE		4,474	0	0
Piedmont Office Realty Trust	COM	720190206	409	19,000	SH		SOLE		19,000	0	0
Potash Corp Of Saskatchewan	COM	73755l107	310	19,095	SH		SOLE		19,095	0	0
PowerShares Buyback Achievers	COM	73935x286	245	5,410	SH		SOLE		5,410	0	0
PowerShares Preferred Portfoli	COM	73936t565	9,627	631,682	SH		SOLE		631,682	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	3,472	32,284	SH		SOLE		32,284	0	0
Praxair Inc	COM	74005p104	2,529	22,500	SH		SOLE		22,500	0	0
Preferred Apartment Communitie	COM	74039l103	3,583	243,400	SH		SOLE		243,400	0	0
ProLogis Inc	COM	74340w103	529	10,789	SH		SOLE		10,789	0	0
Procter & Gamble Co	COM	742718109	24,678	291,462	SH		SOLE		291,462	0	0
Public Service Enterprise Grou	COM	744573106	2,265	48,605	SH		SOLE		48,605	0	0
Public Storage Inc	COM	74460d109	242	948	SH		SOLE		948	0	0
Qualcomm Inc	COM	747525103	369	6,888	SH		SOLE		6,888	0	0
Quest Diagnostics	COM	74834l100	277	3,406	SH		SOLE		3,406	0	0
Raytheon Company	COM	755111507	262	1,930	SH		SOLE		1,930	0	0
Realty Income Corp	COM	756109104	12,882	185,728	SH		SOLE		185,728	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	429	1,227	SH		SOLE		1,227	0	0
Retail Properties of America	COM	76131v202	463	27,393	SH		SOLE		27,393	0	0
Robert Half Intl Inc	COM	770323103	209	5,483	SH		SOLE		5,483	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	3,446	104,570	SH		SOLE		104,570	0	0
Rockwell Collins Inc.	COM	774341101	372	4,375	SH		SOLE		4,375	0	0
Roper Technologies Inc	COM	776696106	217	1,273	SH		SOLE		1,273	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	539	9,760	SH		SOLE		9,760	0	0
S&P Global Inc	COM	78409v104	1,116	10,401	SH		SOLE		10,401	0	0
SAP SE-Sponsored ADR	COM	803054204	683	9,110	SH		SOLE		9,110	0	0
SPDR Consumer Discretionary Se	COM	81369y407	6,310	80,837	SH		SOLE		80,837	0	0
SPDR Consumer Staples Select S	COM	81369y308	5,072	91,965	SH		SOLE		91,965	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	961	5,371	SH		SOLE		5,371	0	0
SPDR Energy Select Sector	COM	81369y506	13,152	192,736	SH		SOLE		192,736	0	0
SPDR Financial Select Sector	COM	81369y605	3,729	163,144	SH		SOLE		163,144	0	0
SPDR Gold Trust	COM	78463v107	1,879	14,856	SH		SOLE		14,856	0	0
SPDR Health Care Select Sector	COM	81369y209	6,658	92,851	SH		SOLE		92,851	0	0
SPDR Industrial Select Sector	COM	81369y704	4,554	81,307	SH		SOLE		81,307	0	0
SPDR Materials Select Sector	COM	81369y100	1,324	28,570	SH		SOLE		28,570	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	7,392	35,287	SH		SOLE		35,287	0	0
SPDR S&P Biotech ETF	COM	78464a870	250	4,615	SH		SOLE		4,615	0	0
SPDR S&P Dividend ETF	COM	78464a763	11,284	134,460	SH		SOLE		134,460	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	9,681	35,560	SH		SOLE		35,560	0	0
SPDR Technology Select Sector	COM	81369y803	8,610	198,514	SH		SOLE		198,514	0	0
SPDR Utilities Select Sector	COM	81369y886	1,143	21,785	SH		SOLE		21,785	0	0
SVB Financial Group	COM	78486q101	2,246	23,600	SH		SOLE		23,600	0	0
Salesforce.Com Inc	COM	79466l302	2,200	27,699	SH		SOLE		27,699	0	0
Sanofi-ADR	COM	80105n105	3,625	86,611	SH		SOLE		86,611	0	0
Scana Corp	COM	80589m102	951	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	712	9,003	SH		SOLE		9,003	0	0
Schwab (Charles) Corp	COM	808513105	646	25,507	SH		SOLE		25,507	0	0
Schwab US Broad Market ETF	COM	808524102	1,617	32,151	SH		SOLE		32,151	0	0
Schwab US Dividend Equity ETF	COM	808524797	5,378	129,779	SH		SOLE		129,779	0	0
Schwab US Large-Cap ETF	COM	808524201	1,808	36,336	SH		SOLE		36,336	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,258	29,957	SH		SOLE		29,957	0	0
Sempra Energy	COM	816851109	2,917	25,582	SH		SOLE		25,582	0	0
Sherwin-Williams Co	COM	824348106	547	1,862	SH		SOLE		1,862	0	0
Siemens Ag-Spons ADR	COM	826197501	208	2,027	SH		SOLE		2,027	0	0
Sierra Vista Bank	COM	82651b105	105	20,000	SH		SOLE		20,000	0	0
Silvercorp Metals Inc	COM	82835p103	23	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	414	1,907	SH		SOLE		1,907	0	0
Southern Co	COM	842587107	2,410	44,941	SH		SOLE		44,941	0	0
Southwest Airlines	COM	844741108	303	7,726	SH		SOLE		7,726	0	0
Spectra Energy Corp	COM	847560109	4,284	116,957	SH		SOLE		116,957	0	0
Spectral Medical Inc	COM	847577103	18	25,000	SH		SOLE		25,000	0	0
Sprott Resource Corp	COM	85207d103	237	526,834	SH		SOLE		526,834	0	0
St Jude Medical Inc	COM	790849103	770	9,871	SH		SOLE		9,871	0	0
Stanley Black & Decker Inc	COM	854502101	5,458	49,070	SH		SOLE		49,070	0	0
Starbucks Corp	COM	855244109	6,755	118,268	SH		SOLE		118,268	0	0
Stryker Corp	COM	863667101	228	1,900	SH		SOLE		1,900	0	0
Sysco Corp	COM	871829107	755	14,889	SH		SOLE		14,889	0	0
T Rowe Price Group Inc	COM	74144t108	598	8,191	SH		SOLE		8,191	0	0
TJX Companies Inc	COM	872540109	599	7,760	SH		SOLE		7,760	0	0
Target Corp	COM	87612e106	7,793	111,621	SH		SOLE		111,621	0	0
Taseko Mines Ltd	COM	876511106	20	40,000	SH		SOLE		40,000	0	0
Tesla Motors Inc	COM	88160r101	791	3,725	SH		SOLE		3,725	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	468	9,327	SH		SOLE		9,327	0	0
Texas Instruments Inc	COM	882508104	425	6,788	SH		SOLE		6,788	0	0
Thermo Fisher Scientific Inc	COM	883556102	264	1,788	SH		SOLE		1,788	0	0
Time Warner Inc	COM	887317303	2,047	27,836	SH		SOLE		27,836	0	0
Toronto Dominion Bank	COM	891160509	4,244	98,864	SH		SOLE		98,864	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,882	18,825	SH		SOLE		18,825	0	0
Travelers Cos Inc/The	COM	89417e109	3,598	30,227	SH		SOLE		30,227	0	0
Tri-Valley Corporation	COM	895735108	0	15,600	SH		SOLE		15,600	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	2,064	75,761	SH		SOLE		75,761	0	0
U S Bancorp	COM	902973304	2,527	62,655	SH		SOLE		62,655	0	0
UDR Inc	COM	902653104	261	7,080	SH		SOLE		7,080	0	0
Unilever N V -NY Shares	COM	904784709	4,120	87,778	SH		SOLE		87,778	0	0
Unilever Plc-Sponsored ADR	COM	904767704	2,034	42,465	SH		SOLE		42,465	0	0
Union Pacific Corp	COM	907818108	1,958	22,438	SH		SOLE		22,438	0	0
United Parcel Service-Cl B	COM	911312106	8,866	82,303	SH		SOLE		82,303	0	0
United Technologies Corp	COM	913017109	3,215	31,354	SH		SOLE		31,354	0	0
UnitedHealth Group Inc	COM	91324P102	1,694	12,001	SH		SOLE		12,001	0	0
VF Corporation	COM	918204108	496	8,073	SH		SOLE		8,073	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	403	6,873	SH		SOLE		6,873	0	0
Vanguard Consumer Discretionar	COM	92204a108	434	3,560	SH		SOLE		3,560	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	301	2,135	SH		SOLE		2,135	0	0
Vanguard Developed Mkts	COM	921943858	1,017	28,753	SH		SOLE		28,753	0	0
Vanguard Dividend Appreciation	COM	921908844	637	7,649	SH		SOLE		7,649	0	0
Vanguard Emerging Mkts	COM	922042858	658	18,673	SH		SOLE		18,673	0	0
Vanguard Health Care Vipers	COM	92204a504	241	1,850	SH		SOLE		1,850	0	0
Vanguard High Div Yield ETF	COM	921946406	2,519	35,250	SH		SOLE		35,250	0	0
Vanguard Info Tech Vipers	COM	92204a702	504	4,705	SH		SOLE		4,705	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	288	3,000	SH		SOLE		3,000	0	0
Vanguard Mid-Cap	COM	922908629	3,404	27,538	SH		SOLE		27,538	0	0
Vanguard REIT	COM	922908553	657	7,407	SH		SOLE		7,407	0	0
Vanguard Small-Cap Vipers	COM	922908751	3,458	29,895	SH		SOLE		29,895	0	0
Vanguard Total Stock Market	COM	922908769	13,818	128,946	SH		SOLE		128,946	0	0
Varian Medical Systems Inc	COM	92220P105	1,921	23,363	SH		SOLE		23,363	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	580	7,150	SH		SOLE		7,150	0	0
Verizon Communications Inc	COM	92343v104	31,547	564,959	SH		SOLE		564,959	0	0
Visa Inc-Class A Shares	COM	92826c839	2,000	26,960	SH		SOLE		26,960	0	0
Vornado Realty Trust	COM	929042109	6,378	63,701	SH		SOLE		63,701	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
WEC Energy Group Inc	COM	92939u106	5,874	89,947	SH		SOLE		89,947	0	0
Wal-Mart Stores Inc	COM	931142103	1,542	21,117	SH		SOLE		21,117	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,862	130,442	SH		SOLE		130,442	0	0
Waste Management Inc	COM	94106l109	12,420	187,414	SH		SOLE		187,414	0	0
Wells Fargo & Company	COM	949746101	31,242	660,087	SH		SOLE		660,087	0	0
Westamerica Bancorportaion	COM	957090103	646	13,116	SH		SOLE		13,116	0	0
Weyerhaeuser Co	COM	962166104	899	30,198	SH		SOLE		30,198	0	0
Whirlpool Corp	COM	963320106	2,599	15,596	SH		SOLE		15,596	0	0
White Mountains Insurance Grou	COM	g9618e107	707	840	SH		SOLE		840	0	0
Whole Foods Market Inc	COM	966837106	4,140	129,295	SH		SOLE		129,295	0	0
Williams Cos Inc	COM	969457100	3,990	184,461	SH		SOLE		184,461	0	0
Williams-Sonoma Inc	COM	969904101	2,700	51,800	SH		SOLE		51,800	0	0
WisdomTree MidCap Div Index	COM	97717w505	256	2,859	SH		SOLE		2,859	0	0
Xcel Energy Inc	COM	98389b100	245	5,461	SH		SOLE		5,461	0	0
Yahoo! Inc	COM	984332106	916	24,385	SH		SOLE		24,385	0	0
Yum! Brands Inc	COM	988498101	386	4,658	SH		SOLE		4,658	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	2,412	20,038	SH		SOLE		20,038	0	0
iShares Core US Value	COM	464287663	206	1,536	SH		SOLE		1,536	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,034	82,486	SH		SOLE		82,486	0	0
iShares DJ US Energy Sector	COM	464287796	992	25,865	SH		SOLE		25,865	0	0
iShares DJ US Financial Sect	COM	464287788	1,006	11,707	SH		SOLE		11,707	0	0
iShares DJ US Health Car Pro	COM	464288828	261	2,052	SH		SOLE		2,052	0	0
iShares DJ US Telecommunicatio	COM	464287713	929	27,901	SH		SOLE		27,901	0	0
iShares DJ US Transport Index	COM	464287192	1,219	9,087	SH		SOLE		9,087	0	0
iShares Goldman Sachs Tech I	COM	464287721	243	2,310	SH		SOLE		2,310	0	0
iShares MSCI EAFE Index	COM	464287465	988	17,696	SH		SOLE		17,696	0	0
iShares MSCI Emerging Markets	COM	464287234	340	9,892	SH		SOLE		9,892	0	0
iShares MSCI Singapore Index	COM	464286673	111	10,200	SH		SOLE		10,200	0	0
iShares MSCI USA Quality Facto	COM	46432f339	973	14,744	SH		SOLE		14,744	0	0
iShares Nasdaq Biotech Index F	COM	464287556	4,756	18,480	SH		SOLE		18,480	0	0
iShares Russell 1000 Growth	COM	464287614	683	6,803	SH		SOLE		6,803	0	0
iShares Russell 2000 Index Fun	COM	464287655	463	4,024	SH		SOLE		4,024	0	0
iShares Russell Midcap	COM	464287499	271	1,609	SH		SOLE		1,609	0	0
iShares Russell Midcap Value	COM	464287473	207	2,780	SH		SOLE		2,780	0	0
iShares S&P 100 Index Fund	COM	464287101	1,855	19,971	SH		SOLE		19,971	0	0
iShares S&P 500 Index Fund	COM	464287200	533	2,533	SH		SOLE		2,533	0	0
iShares S&P Europe 350	COM	464287861	549	14,528	SH		SOLE		14,528	0	0
iShares S&P Global 100	COM	464287572	620	8,646	SH		SOLE		8,646	0	0
iShares S&P Midcap 400	COM	464287507	1,491	9,981	SH		SOLE		9,981	0	0
iShares S&P Midcap 400/Value	COM	464287705	419	3,270	SH		SOLE		3,270	0	0
iShares S&P SmallCap 600	COM	464287804	540	4,650	SH		SOLE		4,650	0	0
iShares S&P US Preferred Stock	COM	464288687	9,765	244,787	SH		SOLE		244,787	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,195	114,901	SH		SOLE		114,901	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	2,304	70,898	SH		SOLE		70,898	0	0
Affiliated Mgrs Grp 6.375% SrN	PFD	008252876	352	13,183	SH		SOLE		13,183	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	273	9,689	SH		SOLE		9,689	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	245	9,598	SH		SOLE		9,598	0	0
American Capital Agency 8.0% P	PFD	02503x204	999	38,215	SH		SOLE		38,215	0	0
American Capital Agncy 7.75% P	PFD	02503x303	681	26,703	SH		SOLE		26,703	0	0
American Homes 4Rent 6.50% Per	PFD	02665t702	364	13,850	SH		SOLE		13,850	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	296	11,448	SH		SOLE		11,448	0	0
Amtrust Financial 7.25% SrNt C	PFD	032359861	291	11,400	SH		SOLE		11,400	0	0
Amtrust Financial 7.5% QDI Cal	PFD	032359887	2,774	106,815	SH		SOLE		106,815	0	0
Amtrust Financial 7.50%Nts 205	PFD	032359853	446	17,201	SH		SOLE		17,201	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	3,756	144,173	SH		SOLE		144,173	0	0
Amtrust Financial 7.75% QDI Ca	PFD	032359846	1,410	53,986	SH		SOLE		53,986	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	258	10,084	SH		SOLE		10,084	0	0
Arbor Realty 8.50% CUM Perp Ca	PFD	038923801	249	9,819	SH		SOLE		9,819	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	809	30,485	SH		SOLE		30,485	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	1,777	67,618	SH		SOLE		67,618	0	0
Ashford Hospitality 9.0% Calle	PFD	044103505	978	38,073	SH		SOLE		38,073	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	7,874	298,810	SH		SOLE		298,810	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	468	18,620	SH		SOLE		18,620	0	0
Aviva 8.25% 12/2041 Call 12/20	PFD	05382a203	2,682	101,953	SH		SOLE		101,953	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	606	23,122	SH		SOLE		23,122	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	219	8,315	SH		SOLE		8,315	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	4,857	180,290	SH		SOLE		180,290	0	0
BancOfCalifornia 7.00% Cal2021	PFD	05990k874	585	22,152	SH		SOLE		22,152	0	0
BancOfCalifornia 7.375% Ca2020	PFD	05990k882	5,389	201,227	SH		SOLE		201,227	0	0
BancOfCalifornia 8.00% Cal2018	PFD	05990k403	2,194	81,727	SH		SOLE		81,727	0	0
Bank of America $1000pv 7.25%	PFD	060505682	263	220	SH		SOLE		220	0	0
Bank of America 4.0%Min Float	PFD	060505815	251	10,308	SH		SOLE		10,308	0	0
Bank of America 6.5% Prp Cl 1/	PFD	060505310	565	20,819	SH		SOLE		20,819	0	0
Bank of America 6.625% Prp/Cl	PFD	060505344	3,151	115,003	SH		SOLE		115,003	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	651	24,174	SH		SOLE		24,174	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	509	19,700	SH		SOLE		19,700	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	486	18,891	SH		SOLE		18,891	0	0
BlueRock Residential Growth 8.	PFD	09627j508	1,937	72,921	SH		SOLE		72,921	0	0
CBL & Associates 6.625% Perp C	PFD	124830803	261	10,551	SH		SOLE		10,551	0	0
CHS Chemical 7.50% Cl 1/2025 C	PFD	12542r803	6,561	228,286	SH		SOLE		228,286	0	0
CHS Chemicals 6.75% Perp cl 20	PFD	12542r704	353	12,371	SH		SOLE		12,371	0	0
CHS Chemicals 7.875% Perp cl 2	PFD	12542r308	296	10,197	SH		SOLE		10,197	0	0
Capital One Finl 6.7%Prp Call	PFD	14040h709	1,598	56,462	SH		SOLE		56,462	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	3,130	120,051	SH		SOLE		120,051	0	0
CenturyLink Quest7.375% 6/51 C	PFD	74913g204	938	35,230	SH		SOLE		35,230	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	4,542	172,232	SH		SOLE		172,232	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	233	8,850	SH		SOLE		8,850	0	0
Citigroup 7.125% Flt Aftr 9/23	PFD	172967358	7,662	265,941	SH		SOLE		265,941	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	886	33,980	SH		SOLE		33,980	0	0
Colony Financial7.125%Perp CUM	PFD	19624r403	1,053	45,015	SH		SOLE		45,015	0	0
Colony Financial7.50% Perp CUM	PFD	19624r304	592	23,782	SH		SOLE		23,782	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	1,069	41,933	SH		SOLE		41,933	0	0
CoreEnergy 7.375% Pfd - Par Ca	PFD	21870u304	668	28,423	SH		SOLE		28,423	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,808	69,713	SH		SOLE		69,713	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	347	18,748	SH		SOLE		18,748	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	2,024	105,392	SH		SOLE		105,392	0	0
Cowen 8.25% Senior Notes Due 1	PFD	223622309	1,522	57,656	SH		SOLE		57,656	0	0
CubeSmart 7.75%CUM Call 11/2/2	PFD	229663208	463	17,954	SH		SOLE		17,954	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	1,491	57,350	SH		SOLE		57,350	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	1,947	76,670	SH		SOLE		76,670	0	0
Deutsche Bk Tst6.55%Perp Cl 5/	PFD	25153x208	468	18,877	SH		SOLE		18,877	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	988	39,364	SH		SOLE		39,364	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	462	17,437	SH		SOLE		17,437	0	0
Digital Realty 7.0% Perp Call	PFD	253868707	3,054	120,113	SH		SOLE		120,113	0	0
Digital Realty 7.375% Perp CUM	PFD	253868871	1,609	55,588	SH		SOLE		55,588	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	2,089	79,009	SH		SOLE		79,009	0	0
Dynagas LNG 9.0% QDI CUM cl 2	PFD	Y2188b116	1,305	57,081	SH		SOLE		57,081	0	0
EBAY 6.00% Sr Notes Call 3/1/2	PFD	278642202	488	18,360	SH		SOLE		18,360	0	0
EaglePoint Credit 7%SrNts 12/3	PFD	269809208	690	26,450	SH		SOLE		26,450	0	0
EaglePoint Credit 7.75%2022 CU	PFD	269809109	1,883	73,789	SH		SOLE		73,789	0	0
Endurance Specialty 6.35% Cl 1	PFD	29267h406	375	13,820	SH		SOLE		13,820	0	0
EverBank Financial 6.75% Perp	PFD	29977g201	581	22,583	SH		SOLE		22,583	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	5,411	191,531	SH		SOLE		191,531	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	560	21,060	SH		SOLE		21,060	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	2,333	89,568	SH		SOLE		89,568	0	0
GaslLog Ltd 8.75% Ser A CUM QD	PFD	g37585117	990	40,650	SH		SOLE		40,650	0	0
General Growth Prop 6.375% Cl	PFD	370023202	396	14,800	SH		SOLE		14,800	0	0
Gladstone Commercial 7.00% CUM	PFD	376536603	1,163	45,700	SH		SOLE		45,700	0	0
Global Indemnity SrNts7.75% Ca	PFD	g39319119	1,573	62,695	SH		SOLE		62,695	0	0
Goldman 5.5% Flt Aftr 5/23 Cl	PFD	38145g308	1,898	71,669	SH		SOLE		71,669	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	612	29,689	SH		SOLE		29,689	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	2,906	109,548	SH		SOLE		109,548	0	0
Hanover Insurance6.35% Cl3/18	PFD	410867204	960	37,165	SH		SOLE		37,165	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,398	44,369	SH		SOLE		44,369	0	0
Hatteras Financial 7.625% CUM	PFD	41902r400	1,265	50,908	SH		SOLE		50,908	0	0
Hercules Capital 7% 9/2019 BBB	PFD	427096870	228	8,921	SH		SOLE		8,921	0	0
Hersha Hospitality 6.50% NR Ca	PFD	427825609	387	15,300	SH		SOLE		15,300	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	308	11,679	SH		SOLE		11,679	0	0
IberiaBank Corp 6.60% Call 5/1	PFD	450828504	626	23,900	SH		SOLE		23,900	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	1,412	53,804	SH		SOLE		53,804	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	438	17,399	SH		SOLE		17,399	0	0
JPMorgan Chase 6.70%Perp/Call	PFD	48127a161	1,848	65,439	SH		SOLE		65,439	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	4,850	182,399	SH		SOLE		182,399	0	0
KKR Financial 8.375%SrNts Call	PFD	48248a405	1,352	51,665	SH		SOLE		51,665	0	0
Kinder Morgan 9.75%CnvPfd 10/2	PFD	49456b200	253	5,172	SH		SOLE		5,172	0	0
LaSalle Hotel 6.3% Call 5/2021	PFD	517942884	275	10,600	SH		SOLE		10,600	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	1,798	71,084	SH		SOLE		71,084	0	0
M / I Homes 9.75% Pfd Call 11/	PFD	55305b200	360	14,347	SH		SOLE		14,347	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	512	494	SH		SOLE		494	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	220	8,820	SH		SOLE		8,820	0	0
Maiden Hldgs 8.00%rSNts 2042 c	PFD	56029q309	2,224	84,934	SH		SOLE		84,934	0	0
Maiden Holdings 7.125%PrpCl 12	PFD	g5753u138	700	27,350	SH		SOLE		27,350	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	2,004	75,550	SH		SOLE		75,550	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	248	9,666	SH		SOLE		9,666	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	465	22,471	SH		SOLE		22,471	0	0
Morgan Stanley 7.125%Flt Aftr1	PFD	61762v200	4,711	158,775	SH		SOLE		158,775	0	0
National General Ins 7.50% Cal	PFD	636220808	2,962	116,345	SH		SOLE		116,345	0	0
National General Ins 7.50% Cal	PFD	636220709	2,559	100,547	SH		SOLE		100,547	0	0
National General Ins 7.62% Cal	PFD	636220873	1,631	64,467	SH		SOLE		64,467	0	0
New York MtgTrust 7.875%Perp C	PFD	649604808	277	11,915	SH		SOLE		11,915	0	0
NewTek Business Svs 7.50% Nts	PFD	652526302	461	18,011	SH		SOLE		18,011	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	267	10,303	SH		SOLE		10,303	0	0
NorthStar Realty Fin 8.25% CUM	PFD	66704R308	216	8,724	SH		SOLE		8,724	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	388	15,650	SH		SOLE		15,650	0	0
Northstar Realty Fin 8.75% CUM	PFD	66704r209	232	9,362	SH		SOLE		9,362	0	0
Northstar Realty Fin 8.875% CU	PFD	66704r506	219	8,753	SH		SOLE		8,753	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	1,176	47,325	SH		SOLE		47,325	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	291	11,133	SH		SOLE		11,133	0	0
Partner Re 6.50%Perp Cal 4/202	PFD	g68603136	797	27,500	SH		SOLE		27,500	0	0
Partner Re 7.25% Call 06/21 BB	PFD	g68603144	6,453	214,164	SH		SOLE		214,164	0	0
Pebblebrook Hotel 8.00% Called	PFD	70509v308	3,619	142,897	SH		SOLE		142,897	0	0
Penn Real Estate 8.25% CIM Per	PFD	709102404	257	9,752	SH		SOLE		9,752	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	728	27,770	SH		SOLE		27,770	0	0
Pitney Bowes 6.7% Cl 3/7/18	PFD	724479506	341	12,500	SH		SOLE		12,500	0	0
Prospect Captl 6.25% 6/24 SrNt	PFD	74348t300	227	9,200	SH		SOLE		9,200	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	612	23,127	SH		SOLE		23,127	0	0
Public Storage 6.35% Called 7/	PFD	74460d125	720	28,601	SH		SOLE		28,601	0	0
Quest USWest 7.0% SrNts 2056 2	PFD	74913g808	816	30,700	SH		SOLE		30,700	0	0
Quest USWest SnNotes 7.0% 2052	PFD	74913G402	1,460	56,090	SH		SOLE		56,090	0	0
Quest USWest Sr Nts6.125%Nts C	PFD	74913g600	237	9,300	SH		SOLE		9,300	0	0
Quest USWestSnNote7.5% 2051 Cl	PFD	74913g303	5,001	193,631	SH		SOLE		193,631	0	0
Quest USWestSnNotes 6.875% CL	PFD	74913g105	3,321	126,900	SH		SOLE		126,900	0	0
Raymond James Final 6.90% 2042	PFD	754730208	842	31,885	SH		SOLE		31,885	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	299	11,415	SH		SOLE		11,415	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	456	17,400	SH		SOLE		17,400	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	451	16,850	SH		SOLE		16,850	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	363	12,200	SH		SOLE		12,200	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	443	16,900	SH		SOLE		16,900	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	1,891	72,395	SH		SOLE		72,395	0	0
Seaspan 7.95% 12/2049 Call 1/2	PFD	y75638208	337	13,177	SH		SOLE		13,177	0	0
Seaspan 8.20% Perp CUM QDI Cal	PFD	y75638307	1,176	46,775	SH		SOLE		46,775	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	2,075	80,879	SH		SOLE		80,879	0	0
SoCalEd 5.375% CUM cl 2025 QDI	PFD	78409g206	811	29,111	SH		SOLE		29,111	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	481	18,973	SH		SOLE		18,973	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	2,979	111,173	SH		SOLE		111,173	0	0
Summit Hotel7.125%Perp CUM Cal	PFD	866082407	948	36,586	SH		SOLE		36,586	0	0
Sunstone Hotel 6.95% Prp/Cl 3/	PFD	867892606	261	9,900	SH		SOLE		9,900	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	265	10,201	SH		SOLE		10,201	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	2,574	98,075	SH		SOLE		98,075	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	858	33,442	SH		SOLE		33,442	0	0
Texas Capitl Bancshares6.50% 2	PFD	882228307	439	16,801	SH		SOLE		16,801	0	0
Torchmark Crp 6.125% SubDebCal	PFD	891027401	1,019	38,550	SH		SOLE		38,550	0	0
TravelCenters America 8.00%SrN	PFD	894174309	3,030	120,575	SH		SOLE		120,575	0	0
TravelCenters SnNotes 8% 10/20	PFD	894174408	1,483	58,840	SH		SOLE		58,840	0	0
Triancgle Capitl 6.375%Sr Note	PFD	895848406	892	34,450	SH		SOLE		34,450	0	0
TriplePoint Venture BDC 6.75%	PFD	89677y209	505	19,750	SH		SOLE		19,750	0	0
UMH Propertyies 8.0% Perp Cum	PFD	903002301	581	21,726	SH		SOLE		21,726	0	0
US Bancorp 6.5% Flt Aftr 1/22	PFD	902973833	1,380	44,789	SH		SOLE		44,789	0	0
US Celllular SrNts 7.25% 2063	PFD	911684504	532	20,100	SH		SOLE		20,100	0	0
US Cellular 6.95%SrNT 2060 Cl	PFD	911684405	489	18,985	SH		SOLE		18,985	0	0
US Cellular 7.25% SrNts12/2064	PFD	911684603	1,446	56,225	SH		SOLE		56,225	0	0
VEREIT Inc 6.70% Perp CUM Cl 2	PFD	92339v209	870	33,606	SH		SOLE		33,606	0	0
Vornado Realty 6.875% BBB- Cal	PFD	929042869	2,385	90,760	SH		SOLE		90,760	0	0
Wells Fargo 5.85%Flt Aftr 9/23	PFD	949746556	319	11,550	SH		SOLE		11,550	0	0
Wells Fargo 6.375% Cl 12/19 BB	PFD	94988n207	826	30,000	SH		SOLE		30,000	0	0
Wells Fargo 7.5% Cnv@$156 $100	PFD	949746804	16,321	12,562	SH		SOLE		12,562	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	9,904	356,645	SH		SOLE		356,645	0	0
WinTrust Financial 6.50% Call	PFD	97650w405	212	7,448	SH		SOLE		7,448	0	0
Bank of America 5.20% Perp/Cal	PFD	060505ED2	295	315,000	PRN		SOLE		315,000	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	1,882	1,647,000	PRN		SOLE		1,647,000	0	0
Citigroup 5.35% Perp/Call 5/23	PFD	172967GR6	699	745,000	PRN		SOLE		745,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	834	845,000	PRN		SOLE		845,000	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	199	200,000	PRN		SOLE		200,000	0	0
GE Cap Corp 5.00% Perp/Call 1/	PFD	369604BQ5	2,462	2,317,000	PRN		SOLE		2,317,000	0	0
JPMorgan 6.0% Perp/Call 8/23 -	PFD	48126HAA8	1,765	1,735,000	PRN		SOLE		1,735,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,346	2,300,000	PRN		SOLE		2,300,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	778	700,000	PRN		SOLE		700,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,562	5,590,000	PRN		SOLE		5,590,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	481	460,000	PRN		SOLE		460,000	0	0