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	649	300	SH		SOLE		300	0	0
3M Company	COM	88579y101	17,669	100,261	SH		SOLE		100,261	0	0
ABB Ltd-Spon ADR	COM	000375204	4,313	191,595	SH		SOLE		191,595	0	0
AT&T Inc	COM	00206r102	8,892	218,949	SH		SOLE		218,949	0	0
AbbVie Inc	COM	00287y109	10,058	159,476	SH		SOLE		159,476	0	0
Abbott Laboratories	COM	002824100	9,283	219,497	SH		SOLE		219,497	0	0
Accenture PLC-Cl A	COM	g1151c101	4,416	36,145	SH		SOLE		36,145	0	0
Adobe Systems Inc	COM	00724f101	985	9,074	SH		SOLE		9,074	0	0
Aetna Inc	COM	00817Y108	781	6,769	SH		SOLE		6,769	0	0
Aflac Inc	COM	001055102	809	11,250	SH		SOLE		11,250	0	0
Agilent Technologies Inc	COM	00846u101	822	17,465	SH		SOLE		17,465	0	0
Air Products & Chemicals Inc	COM	009158106	6,702	44,577	SH		SOLE		44,577	0	0
Allegion PLC	COM	g0176j109	243	3,532	SH		SOLE		3,532	0	0
Allergan plc (new)	COM	g0177j108	588	2,555	SH		SOLE		2,555	0	0
Allstate Corp	COM	020002101	400	5,775	SH		SOLE		5,775	0	0
Alphabet Inc-Cl A	COM	02079k305	6,932	8,621	SH		SOLE		8,621	0	0
Alphabet Inc-Cl C	COM	02079k107	5,118	6,584	SH		SOLE		6,584	0	0
Altria Group Inc	COM	02209s103	10,269	162,409	SH		SOLE		162,409	0	0
AmTrust Financial Services	COM	032359309	215	8,001	SH		SOLE		8,001	0	0
Amarillo Gold Corp	COM	02301t108	4	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	1,031	1,231	SH		SOLE		1,231	0	0
American Electric Power	COM	025537101	499	7,767	SH		SOLE		7,767	0	0
American Express Co	COM	025816109	1,277	19,944	SH		SOLE		19,944	0	0
AmerisourceBergen Corp	COM	03073e105	240	2,973	SH		SOLE		2,973	0	0
Amgen Inc	COM	031162100	2,635	15,796	SH		SOLE		15,796	0	0
Anthem Inc	COM	036752103	2,186	17,448	SH		SOLE		17,448	0	0
Apple Inc	COM	037833100	29,653	262,302	SH		SOLE		262,302	0	0
Archer-Daniels-Midland Co	COM	039483102	833	19,761	SH		SOLE		19,761	0	0
Ares Capital Corp	COM	04010l103	161	10,417	SH		SOLE		10,417	0	0
Automatic Data Processing	COM	053015103	15,424	174,876	SH		SOLE		174,876	0	0
BCE Inc	COM	05534b760	2,357	51,031	SH		SOLE		51,031	0	0
Bank Of Marin Bancorp/CA	COM	063425102	771	15,503	SH		SOLE		15,503	0	0
Bank of America Corp	COM	060505104	6,085	388,833	SH		SOLE		388,833	0	0
Baxter International Inc.	COM	071813109	398	8,367	SH		SOLE		8,367	0	0
Becton Dickinson & Co	COM	075887109	3,125	17,389	SH		SOLE		17,389	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,426	23,712	SH		SOLE		23,712	0	0
Biogen Inc	COM	09062x103	1,451	4,634	SH		SOLE		4,634	0	0
Blackrock Inc	COM	09247x101	266	735	SH		SOLE		735	0	0
Blackstone Group/The	COM	09253u108	923	36,146	SH		SOLE		36,146	0	0
Boeing Co	COM	097023105	1,882	14,287	SH		SOLE		14,287	0	0
Bristol-Myers Squibb Co	COM	110122108	16,161	299,716	SH		SOLE		299,716	0	0
Broadcom Ltd	COM	y09827109	232	1,342	SH		SOLE		1,342	0	0
Brown-Forman Corp -Cl B	COM	115637209	271	5,717	SH		SOLE		5,717	0	0
CR Bard Inc	COM	067383109	408	1,818	SH		SOLE		1,818	0	0
CVS Health Corp	COM	126650100	5,666	63,668	SH		SOLE		63,668	0	0
CalAtlantic Group	COM	128195104	869	26,000	SH		SOLE		26,000	0	0
Canadian Natl Railway Co	COM	136375102	224	3,420	SH		SOLE		3,420	0	0
Cardinal Health Inc	COM	14149Y108	449	5,778	SH		SOLE		5,778	0	0
Carlyle Group/The	COM	14309l102	307	19,700	SH		SOLE		19,700	0	0
Caterpillar Inc	COM	149123101	2,827	31,843	SH		SOLE		31,843	0	0
Celgene Corp	COM	151020104	677	6,472	SH		SOLE		6,472	0	0
CenterPoint Energy Inc	COM	15189t107	1,939	83,466	SH		SOLE		83,466	0	0
Cerner Corp	COM	156782104	3,037	49,181	SH		SOLE		49,181	0	0
Cerus Corp	COM	157085101	62	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	633	8,151	SH		SOLE		8,151	0	0
Chevron Corp	COM	166764100	25,650	249,223	SH		SOLE		249,223	0	0
Chubb Ltd (new)	COM	h1467j104	2,788	22,190	SH		SOLE		22,190	0	0
Cigna Corp	COM	125509109	240	1,845	SH		SOLE		1,845	0	0
Cincinnati Financial Corp	COM	172062101	620	8,226	SH		SOLE		8,226	0	0
Cintas Corp	COM	172908105	336	2,986	SH		SOLE		2,986	0	0
Cisco Systems Inc	COM	17275R102	4,494	141,674	SH		SOLE		141,674	0	0
Citigroup Inc	COM	172967424	272	5,754	SH		SOLE		5,754	0	0
Clorox Company	COM	189054109	12,778	102,075	SH		SOLE		102,075	0	0
Coca-Cola Co/The	COM	191216100	5,286	124,912	SH		SOLE		124,912	0	0
Colgate-Palmolive Co	COM	194162103	10,217	137,801	SH		SOLE		137,801	0	0
Comcast Corp-Cl A	COM	20030n101	9,367	141,196	SH		SOLE		141,196	0	0
ConAgra Foods Inc	COM	205887102	1,527	32,409	SH		SOLE		32,409	0	0
ConocoPhillips	COM	20825C104	6,176	142,071	SH		SOLE		142,071	0	0
Consolidated Edison Inc	COM	209115104	641	8,518	SH		SOLE		8,518	0	0
Cool Technologies Inc	COM	21639y100	60	333,333	SH		SOLE		333,333	0	0
Costco Wholesale Corp	COM	22160K105	17,040	111,732	SH		SOLE		111,732	0	0
Crown Castle Intl Corp	COM	22822v101	14,695	155,979	SH		SOLE		155,979	0	0
DTE Energy Company	COM	233331107	210	2,247	SH		SOLE		2,247	0	0
Danaher Corp	COM	235851102	4,123	52,602	SH		SOLE		52,602	0	0
Deere & Co	COM	244199105	1,320	15,466	SH		SOLE		15,466	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	525	4,528	SH		SOLE		4,528	0	0
Dick's Sporting Goods Inc	COM	253393102	861	15,188	SH		SOLE		15,188	0	0
Disney Co./Walt The	COM	254687106	16,108	173,465	SH		SOLE		173,465	0	0
Dominion Resources Inc/Va	COM	25746u109	654	8,801	SH		SOLE		8,801	0	0
Dover Corp	COM	260003108	436	5,917	SH		SOLE		5,917	0	0
Dow Chemical	COM	260543103	553	10,662	SH		SOLE		10,662	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	989	10,828	SH		SOLE		10,828	0	0
Du Pont (E.I.) De Nemours	COM	263534109	7,512	112,167	SH		SOLE		112,167	0	0
Duke Energy Corp	COM	26441c204	766	9,564	SH		SOLE		9,564	0	0
ETFS Physical Precious Metals	COM	26922w109	370	5,550	SH		SOLE		5,550	0	0
Eaton Corp PLC	COM	g29183103	1,099	16,722	SH		SOLE		16,722	0	0
Ecolab Inc	COM	278865100	11,674	95,906	SH		SOLE		95,906	0	0
Edison International	COM	281020107	10,151	140,492	SH		SOLE		140,492	0	0
Electronic Arts Inc	COM	285512109	217	2,544	SH		SOLE		2,544	0	0
Eli Lilly & Co	COM	532457108	5,033	62,715	SH		SOLE		62,715	0	0
Emerson Electric Co	COM	291011104	1,841	33,770	SH		SOLE		33,770	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	1,083	39,211	SH		SOLE		39,211	0	0
Equity Residential	COM	29476l107	231	3,585	SH		SOLE		3,585	0	0
Essex Property Trust Inc	COM	297178105	421	1,890	SH		SOLE		1,890	0	0
Eurasian Minerals Inc	COM	29843r100	58	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	354	6,530	SH		SOLE		6,530	0	0
Express Scripts Holding Co.	COM	30219g108	844	11,971	SH		SOLE		11,971	0	0
Exxon Mobil Corp	COM	30231G102	11,666	133,662	SH		SOLE		133,662	0	0
Facebook Inc	COM	30303m102	38,141	297,353	SH		SOLE		297,353	0	0
FedEx Corp	COM	31428x106	770	4,410	SH		SOLE		4,410	0	0
First Republic Bank/San Franci	COM	33616C100	1,272	16,495	SH		SOLE		16,495	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	1,710	55,173	SH		SOLE		55,173	0	0
First Trust Mid Cap Value ETF	COM	33737m201	261	8,783	SH		SOLE		8,783	0	0
First Trust Morningstar Divide	COM	336917109	1,459	53,496	SH		SOLE		53,496	0	0
First Trust Rising Dividend Ac	COM	33738r506	252	11,384	SH		SOLE		11,384	0	0
Ford Motor Co	COM	345370860	352	29,168	SH		SOLE		29,168	0	0
Fortinet Inc	COM	34959e109	347	9,390	SH		SOLE		9,390	0	0
Fortive Corp	COM	34959j108	679	13,333	SH		SOLE		13,333	0	0
Franklin Covey Co	COM	353469109	178	10,000	SH		SOLE		10,000	0	0
Freeport McMoRan Inc-B	COM	35671d857	160	14,740	SH		SOLE		14,740	0	0
Frontier Communications Corp	COM	35906a108	274	65,818	SH		SOLE		65,818	0	0
General Dynamics Corp	COM	369550108	2,606	16,795	SH		SOLE		16,795	0	0
General Electric Co	COM	369604103	22,900	773,132	SH		SOLE		773,132	0	0
General Mills Inc	COM	370334104	6,479	101,426	SH		SOLE		101,426	0	0
General Motors Co	COM	37045v100	274	8,625	SH		SOLE		8,625	0	0
Genuine Parts Co	COM	372460105	6,916	68,854	SH		SOLE		68,854	0	0
Gilead Sciences Inc	COM	375558103	1,803	22,782	SH		SOLE		22,782	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	1,288	29,863	SH		SOLE		29,863	0	0
Global Brands Group Holding	COM	g39338101	1	10,000	SH		SOLE		10,000	0	0
Goldman Sachs Group Inc	COM	38141G104	386	2,395	SH		SOLE		2,395	0	0
Grainger (W.W.) Inc	COM	384802104	574	2,555	SH		SOLE		2,555	0	0
Great Plains Energy Inc	COM	391164100	791	28,980	SH		SOLE		28,980	0	0
Groupon Inc	COM	399473107	350	68,000	SH		SOLE		68,000	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	748	4,896	SH		SOLE		4,896	0	0
Guggenheim S&P Equal Weight	COM	78355w106	550	6,574	SH		SOLE		6,574	0	0
HCP Inc REIT	COM	40414l109	6,843	180,322	SH		SOLE		180,322	0	0
HP Inc	COM	40434l105	164	10,556	SH		SOLE		10,556	0	0
Harman International	COM	413086109	641	7,595	SH		SOLE		7,595	0	0
Hess Corp	COM	42809h107	375	7,000	SH		SOLE		7,000	0	0
Hewlett Packard Enterprise	COM	42824c109	293	12,868	SH		SOLE		12,868	0	0
Home Depot Inc	COM	437076102	11,410	88,668	SH		SOLE		88,668	0	0
Honeywell International Inc	COM	438516106	5,818	49,900	SH		SOLE		49,900	0	0
Hormel Foods Corp	COM	440452100	748	19,710	SH		SOLE		19,710	0	0
Illinois Tool Works	COM	452308109	986	8,225	SH		SOLE		8,225	0	0
Ingersoll-Rand PLC	COM	g47791101	2,013	29,633	SH		SOLE		29,633	0	0
Integral Technologies Inc	COM	45810j103	2	17,000	SH		SOLE		17,000	0	0
Intel Corp	COM	458140100	15,462	409,579	SH		SOLE		409,579	0	0
International Paper Co	COM	460146103	226	4,718	SH		SOLE		4,718	0	0
Intl Business Machines Corp	COM	459200101	4,810	30,282	SH		SOLE		30,282	0	0
Intl Flavors & Fragrances	COM	459506101	936	6,550	SH		SOLE		6,550	0	0
Intrexon Corp	COM	46122t102	302	10,770	SH		SOLE		10,770	0	0
Ivanhoe Mines Ltd	COM	46579r104	422	240,000	SH		SOLE		240,000	0	0
JPMorgan Chase & Co	COM	46625H100	8,758	131,527	SH		SOLE		131,527	0	0
Jacobs Engineering Group Inc	COM	469814107	312	6,028	SH		SOLE		6,028	0	0
Johnson & Johnson	COM	478160104	29,154	246,794	SH		SOLE		246,794	0	0
Johnson Controls Intl PLC	COM	g51502105	1,616	34,731	SH		SOLE		34,731	0	0
KKR & Co LP	COM	48248m102	148	10,400	SH		SOLE		10,400	0	0
Keysight Technologies Inc	COM	49338l103	248	7,831	SH		SOLE		7,831	0	0
Kimberly-Clark Corp	COM	494368103	15,812	125,350	SH		SOLE		125,350	0	0
Kinder Morgan Inc	COM	49456b101	6,051	261,601	SH		SOLE		261,601	0	0
Kraft Heinz Co/The	COM	500754106	3,266	36,488	SH		SOLE		36,488	0	0
L-3 Communications Holdings	COM	502424104	407	2,701	SH		SOLE		2,701	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,156	15,679	SH		SOLE		15,679	0	0
Lam Research Corp	COM	512807108	419	4,427	SH		SOLE		4,427	0	0
Leggett & Platt Inc	COM	524660107	553	12,135	SH		SOLE		12,135	0	0
Li & Fung Ltd	COM	g5485f169	5	10,000	SH		SOLE		10,000	0	0
Lockheed Martin Corp	COM	539830109	4,789	19,978	SH		SOLE		19,978	0	0
Lowe's Cos Inc	COM	548661107	3,889	53,851	SH		SOLE		53,851	0	0
Lululemon Athletica Inc	COM	550021109	504	8,260	SH		SOLE		8,260	0	0
Macy's Inc	COM	55616p104	1,041	28,109	SH		SOLE		28,109	0	0
Manulife Financial Corp	COM	56501r106	488	34,598	SH		SOLE		34,598	0	0
Marathon Petroleum Corp	COM	56585a102	310	7,644	SH		SOLE		7,644	0	0
Marriott International-Cl A	COM	571903202	2,911	43,233	SH		SOLE		43,233	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,507	25,089	SH		SOLE		25,089	0	0
McDonald's Corp	COM	580135101	11,298	97,940	SH		SOLE		97,940	0	0
Medical Properties Trust Inc	COM	58463j304	254	17,169	SH		SOLE		17,169	0	0
Medivation Inc	COM	58501n101	354	4,355	SH		SOLE		4,355	0	0
Medtronic PLC	COM	g5960l103	7,219	83,556	SH		SOLE		83,556	0	0
Merck & Co. Inc.	COM	58933y105	9,192	147,292	SH		SOLE		147,292	0	0
Microsoft Corp	COM	594918104	16,455	285,680	SH		SOLE		285,680	0	0
Middleby Corp	COM	596278101	203	1,644	SH		SOLE		1,644	0	0
Mobileye NV	COM	n51488117	651	15,301	SH		SOLE		15,301	0	0
Molson Coors Brewing Co -B	COM	60871r209	252	2,296	SH		SOLE		2,296	0	0
Mondelez International	COM	609207105	2,580	58,777	SH		SOLE		58,777	0	0
Morgan Stanley	COM	617446448	2,498	77,926	SH		SOLE		77,926	0	0
Mylan NV	COM	n59465109	1,366	35,833	SH		SOLE		35,833	0	0
NXP Semiconductors Nv	COM	n6596x109	812	7,960	SH		SOLE		7,960	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,487	56,784	SH		SOLE		56,784	0	0
NextEra Energy Inc	COM	65339f101	13,880	113,476	SH		SOLE		113,476	0	0
Nike Inc -Cl B	COM	654106103	8,709	165,422	SH		SOLE		165,422	0	0
Nordstrom Inc	COM	655664100	423	8,154	SH		SOLE		8,154	0	0
Norfolk Southern Corp	COM	655844108	471	4,857	SH		SOLE		4,857	0	0
Northrop Grumman Corp	COM	666807102	246	1,149	SH		SOLE		1,149	0	0
Novartis Ag-ADR	COM	66987v109	3,698	46,839	SH		SOLE		46,839	0	0
Novo-Nordisk A/S-Spons ADR	COM	670100205	215	5,179	SH		SOLE		5,179	0	0
Nucor Corp	COM	670346105	257	5,205	SH		SOLE		5,205	0	0
Occidental Petroleum Corp	COM	674599105	6,584	90,289	SH		SOLE		90,289	0	0
Oracle Corp	COM	68389x105	4,578	116,543	SH		SOLE		116,543	0	0
P G & E Corp	COM	69331c108	808	13,214	SH		SOLE		13,214	0	0
PPG Industries Inc	COM	693506107	452	4,372	SH		SOLE		4,372	0	0
Paccar Inc	COM	693718108	1,657	28,187	SH		SOLE		28,187	0	0
Palo Alto Networks	COM	697435105	2,016	12,653	SH		SOLE		12,653	0	0
Parker-Hannifin Corp	COM	701094104	242	1,924	SH		SOLE		1,924	0	0
Paychex Inc	COM	704326107	284	4,903	SH		SOLE		4,903	0	0
Pentair PLC	COM	g7s00t104	451	7,020	SH		SOLE		7,020	0	0
PepsiCo Inc	COM	713448108	9,302	85,515	SH		SOLE		85,515	0	0
Pfizer Inc	COM	717081103	9,696	286,281	SH		SOLE		286,281	0	0
Philip Morris International	COM	718172109	2,741	28,189	SH		SOLE		28,189	0	0
Phillips 66	COM	718546104	365	4,527	SH		SOLE		4,527	0	0
Piedmont Office Realty Trust	COM	720190206	414	19,000	SH		SOLE		19,000	0	0
Plains All American Pipeline L	COM	726503105	204	6,482	SH		SOLE		6,482	0	0
Potash Corp Of Saskatchewan	COM	73755l107	309	18,915	SH		SOLE		18,915	0	0
PowerShares Buyback Achievers	COM	73935x286	257	5,419	SH		SOLE		5,419	0	0
PowerShares Preferred Portfoli	COM	73936t565	12,156	803,462	SH		SOLE		803,462	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	3,830	32,264	SH		SOLE		32,264	0	0
Praxair Inc	COM	74005p104	2,569	21,260	SH		SOLE		21,260	0	0
Preferred Apartment Communitie	COM	74039l103	3,339	247,150	SH		SOLE		247,150	0	0
ProLogis Inc	COM	74340w103	641	11,967	SH		SOLE		11,967	0	0
Procter & Gamble Co	COM	742718109	26,658	297,023	SH		SOLE		297,023	0	0
Public Service Enterprise Grou	COM	744573106	2,308	55,126	SH		SOLE		55,126	0	0
Public Storage Inc	COM	74460d109	557	2,497	SH		SOLE		2,497	0	0
Qualcomm Inc	COM	747525103	513	7,488	SH		SOLE		7,488	0	0
Quest Diagnostics	COM	74834l100	288	3,406	SH		SOLE		3,406	0	0
Raytheon Company	COM	755111507	457	3,355	SH		SOLE		3,355	0	0
Realty Income Corp	COM	756109104	12,886	192,529	SH		SOLE		192,529	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	467	1,162	SH		SOLE		1,162	0	0
Retail Properties of America	COM	76131v202	460	27,393	SH		SOLE		27,393	0	0
Robert Half Intl Inc	COM	770323103	208	5,483	SH		SOLE		5,483	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	3,332	107,595	SH		SOLE		107,595	0	0
Rockwell Collins Inc.	COM	774341101	622	7,375	SH		SOLE		7,375	0	0
Roper Technologies Inc	COM	776696106	232	1,273	SH		SOLE		1,273	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	471	9,400	SH		SOLE		9,400	0	0
S&P Global Inc	COM	78409v104	1,316	10,402	SH		SOLE		10,402	0	0
SAP SE-Sponsored ADR	COM	803054204	814	8,910	SH		SOLE		8,910	0	0
SPDR Consumer Discretionary Se	COM	81369y407	6,450	80,580	SH		SOLE		80,580	0	0
SPDR Consumer Staples Select S	COM	81369y308	4,953	93,089	SH		SOLE		93,089	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	982	5,371	SH		SOLE		5,371	0	0
SPDR Energy Select Sector	COM	81369y506	13,591	192,476	SH		SOLE		192,476	0	0
SPDR Financial Select Sector	COM	81369y605	3,134	162,402	SH		SOLE		162,402	0	0
SPDR Gold Trust	COM	78463v107	1,860	14,806	SH		SOLE		14,806	0	0
SPDR Health Care Select Sector	COM	81369y209	6,679	92,627	SH		SOLE		92,627	0	0
SPDR Industrial Select Sector	COM	81369y704	4,781	81,898	SH		SOLE		81,898	0	0
SPDR Materials Select Sector	COM	81369y100	1,274	26,690	SH		SOLE		26,690	0	0
SPDR Real Estate Sector	COM	81369y860	744	22,689	SH		SOLE		22,689	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	7,203	33,303	SH		SOLE		33,303	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	254	4,359	SH		SOLE		4,359	0	0
SPDR S&P Biotech ETF	COM	78464a870	384	5,790	SH		SOLE		5,790	0	0
SPDR S&P Dividend	COM	78464a763	11,259	133,460	SH		SOLE		133,460	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	9,987	35,379	SH		SOLE		35,379	0	0
SPDR Technology Select Sector	COM	81369y803	9,534	199,538	SH		SOLE		199,538	0	0
SPDR Utilities Select Sector	COM	81369y886	989	20,181	SH		SOLE		20,181	0	0
SVB Financial Group	COM	78486q101	2,609	23,600	SH		SOLE		23,600	0	0
Salesforce.Com Inc	COM	79466l302	2,227	31,225	SH		SOLE		31,225	0	0
Sanofi-ADR	COM	80105n105	3,300	86,416	SH		SOLE		86,416	0	0
Scana Corp	COM	80589m102	910	12,574	SH		SOLE		12,574	0	0
Schlumberger Ltd	COM	806857108	686	8,728	SH		SOLE		8,728	0	0
Schwab (Charles) Corp	COM	808513105	832	26,343	SH		SOLE		26,343	0	0
Schwab US Broad Market ETF	COM	808524102	1,698	32,450	SH		SOLE		32,450	0	0
Schwab US Dividend Equity ETF	COM	808524797	5,532	130,748	SH		SOLE		130,748	0	0
Schwab US Large-Cap ETF	COM	808524201	1,881	36,447	SH		SOLE		36,447	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,304	29,959	SH		SOLE		29,959	0	0
Sempra Energy	COM	816851109	3,360	31,343	SH		SOLE		31,343	0	0
Sherwin-Williams Co	COM	824348106	514	1,859	SH		SOLE		1,859	0	0
Siemens Ag-Spons ADR	COM	826197501	245	2,092	SH		SOLE		2,092	0	0
Sierra Vista Bk **Stk Election	COM	3900546	109	20,000	SH		SOLE		20,000	0	0
Silvercorp Metals Inc	COM	82835p103	32	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	418	2,017	SH		SOLE		2,017	0	0
Southern Co	COM	842587107	2,178	42,466	SH		SOLE		42,466	0	0
Southwest Airlines	COM	844741108	387	9,953	SH		SOLE		9,953	0	0
Spectra Energy Corp	COM	847560109	4,933	115,394	SH		SOLE		115,394	0	0
Spectral Medical Inc	COM	847577103	31	25,000	SH		SOLE		25,000	0	0
Sprott Resource Corp	COM	85207d103	190	526,834	SH		SOLE		526,834	0	0
St Jude Medical Inc	COM	790849103	596	7,478	SH		SOLE		7,478	0	0
Stanley Black & Decker Inc	COM	854502101	5,996	48,758	SH		SOLE		48,758	0	0
Starbucks Corp	COM	855244109	6,647	122,770	SH		SOLE		122,770	0	0
State Street Corp	COM	857477103	228	3,280	SH		SOLE		3,280	0	0
Sysco Corp	COM	871829107	736	15,016	SH		SOLE		15,016	0	0
T Rowe Price Group Inc	COM	74144t108	557	8,370	SH		SOLE		8,370	0	0
TJX Companies Inc	COM	872540109	564	7,549	SH		SOLE		7,549	0	0
Target Corp	COM	87612e106	8,011	116,642	SH		SOLE		116,642	0	0
Taseko Mines Ltd	COM	876511106	19	40,000	SH		SOLE		40,000	0	0
Tesla Motors Inc	COM	88160r101	759	3,720	SH		SOLE		3,720	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	410	8,912	SH		SOLE		8,912	0	0
Texas Instruments Inc	COM	882508104	542	7,716	SH		SOLE		7,716	0	0
Thermo Fisher Scientific Inc	COM	883556102	269	1,691	SH		SOLE		1,691	0	0
Time Warner Inc	COM	887317303	2,302	28,914	SH		SOLE		28,914	0	0
Toronto Dominion Bank	COM	891160509	4,576	103,074	SH		SOLE		103,074	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	2,118	18,250	SH		SOLE		18,250	0	0
Travelers Cos Inc/The	COM	89417e109	3,510	30,639	SH		SOLE		30,639	0	0
Tri-Valley Corporation	COM	895735108	0	15,600	SH		SOLE		15,600	0	0
Twenty-First Century Fox-B (fo	COM	90130a200	1,886	76,247	SH		SOLE		76,247	0	0
U S Bancorp	COM	902973304	2,917	68,006	SH		SOLE		68,006	0	0
UDR Inc	COM	902653104	255	7,080	SH		SOLE		7,080	0	0
Unilever N V -NY Shares	COM	904784709	4,051	87,873	SH		SOLE		87,873	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,960	41,359	SH		SOLE		41,359	0	0
Union Pacific Corp	COM	907818108	2,056	21,079	SH		SOLE		21,079	0	0
United Parcel Service-Cl B	COM	911312106	8,948	81,818	SH		SOLE		81,818	0	0
United Technologies Corp	COM	913017109	3,189	31,385	SH		SOLE		31,385	0	0
UnitedHealth Group Inc	COM	91324P102	1,590	11,360	SH		SOLE		11,360	0	0
VF Corporation	COM	918204108	469	8,373	SH		SOLE		8,373	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	382	6,643	SH		SOLE		6,643	0	0
Vanguard Consumer Discretionar	COM	92204a108	480	3,814	SH		SOLE		3,814	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	292	2,135	SH		SOLE		2,135	0	0
Vanguard Developed Mkts	COM	921943858	1,183	31,620	SH		SOLE		31,620	0	0
Vanguard Dividend Appreciation	COM	921908844	704	8,385	SH		SOLE		8,385	0	0
Vanguard Emerging Mkts	COM	922042858	693	18,404	SH		SOLE		18,404	0	0
Vanguard High Div Yield	COM	921946406	2,486	34,467	SH		SOLE		34,467	0	0
Vanguard Info Tech Vipers	COM	92204a702	563	4,681	SH		SOLE		4,681	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	297	3,000	SH		SOLE		3,000	0	0
Vanguard Mid-Cap	COM	922908629	2,509	19,380	SH		SOLE		19,380	0	0
Vanguard REIT	COM	922908553	563	6,485	SH		SOLE		6,485	0	0
Vanguard Small-Cap Vipers	COM	922908751	2,003	16,396	SH		SOLE		16,396	0	0
Vanguard Total Stock Market	COM	922908769	14,655	131,636	SH		SOLE		131,636	0	0
Varian Medical Systems Inc	COM	92220P105	2,274	22,843	SH		SOLE		22,843	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	622	7,650	SH		SOLE		7,650	0	0
Verizon Communications Inc	COM	92343v104	30,410	585,028	SH		SOLE		585,028	0	0
Visa Inc-Class A Shares	COM	92826c839	2,427	29,345	SH		SOLE		29,345	0	0
Vornado Realty Trust	COM	929042109	6,887	68,050	SH		SOLE		68,050	0	0
Voyant International Corp	COM	92909w108	0	53,652	SH		SOLE		53,652	0	0
WEC Energy Group Inc	COM	92939u106	5,385	89,932	SH		SOLE		89,932	0	0
Wal-Mart Stores Inc	COM	931142103	1,564	21,693	SH		SOLE		21,693	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,786	133,783	SH		SOLE		133,783	0	0
Waste Management Inc	COM	94106l109	12,447	195,217	SH		SOLE		195,217	0	0
Wells Fargo & Company	COM	949746101	29,314	662,018	SH		SOLE		662,018	0	0
Westamerica Bancorportaion	COM	957090103	672	13,209	SH		SOLE		13,209	0	0
Weyerhaeuser Co	COM	962166104	530	16,602	SH		SOLE		16,602	0	0
Whirlpool Corp	COM	963320106	2,532	15,613	SH		SOLE		15,613	0	0
White Mountains Insurance Grou	COM	g9618e107	697	840	SH		SOLE		840	0	0
Whole Foods Market Inc	COM	966837106	3,583	126,397	SH		SOLE		126,397	0	0
Williams Cos Inc	COM	969457100	5,408	175,988	SH		SOLE		175,988	0	0
Williams-Sonoma Inc	COM	969904101	3,362	65,825	SH		SOLE		65,825	0	0
WisdomTree MidCap Div Index	COM	97717w505	304	3,340	SH		SOLE		3,340	0	0
Xcel Energy Inc	COM	98389b100	225	5,461	SH		SOLE		5,461	0	0
Xylem Inc	COM	98419m100	205	3,910	SH		SOLE		3,910	0	0
Yahoo! Inc	COM	984332106	1,010	23,435	SH		SOLE		23,435	0	0
Yum! Brands Inc	COM	988498101	423	4,658	SH		SOLE		4,658	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	2,579	19,838	SH		SOLE		19,838	0	0
iShares Core US Value	COM	464287663	212	4,608	SH		SOLE		4,608	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,045	82,212	SH		SOLE		82,212	0	0
iShares DJ US Energy Sector	COM	464287796	1,009	25,865	SH		SOLE		25,865	0	0
iShares DJ US Financial Sect	COM	464287788	1,051	11,677	SH		SOLE		11,677	0	0
iShares DJ US Health Car Pro	COM	464288828	255	2,052	SH		SOLE		2,052	0	0
iShares DJ US Telecommunicatio	COM	464287713	900	27,941	SH		SOLE		27,941	0	0
iShares DJ US Transport Index	COM	464287192	1,327	9,137	SH		SOLE		9,137	0	0
iShares Goldman Sachs Tech I	COM	464287721	275	2,310	SH		SOLE		2,310	0	0
iShares MSCI EAFE Index	COM	464287465	909	15,373	SH		SOLE		15,373	0	0
iShares MSCI Emerging Markets	COM	464287234	385	10,267	SH		SOLE		10,267	0	0
iShares MSCI Singapore Index	COM	464286673	111	10,200	SH		SOLE		10,200	0	0
iShares MSCI USA Quality Facto	COM	46432f339	1,015	15,044	SH		SOLE		15,044	0	0
iShares Nasdaq Biotech Index F	COM	464287556	5,501	19,005	SH		SOLE		19,005	0	0
iShares Russell 1000 Growth	COM	464287614	709	6,809	SH		SOLE		6,809	0	0
iShares Russell 2000 Index Fun	COM	464287655	544	4,383	SH		SOLE		4,383	0	0
iShares Russell Midcap	COM	464287499	296	1,698	SH		SOLE		1,698	0	0
iShares Russell Midcap Growth	COM	464287481	201	2,067	SH		SOLE		2,067	0	0
iShares S&P 100 Index Fund	COM	464287101	1,915	19,961	SH		SOLE		19,961	0	0
iShares S&P 500 Index Fund	COM	464287200	583	2,682	SH		SOLE		2,682	0	0
iShares S&P Europe 350	COM	464287861	545	13,850	SH		SOLE		13,850	0	0
iShares S&P Global 100	COM	464287572	641	8,546	SH		SOLE		8,546	0	0
iShares S&P Midcap 400	COM	464287507	1,451	9,381	SH		SOLE		9,381	0	0
iShares S&P Midcap 400/Value	COM	464287705	428	3,217	SH		SOLE		3,217	0	0
iShares S&P SmallCap 600	COM	464287804	520	4,190	SH		SOLE		4,190	0	0
iShares S&P US Preferred Stock	COM	464288687	9,663	244,642	SH		SOLE		244,642	0	0
AEGON 8.00% 2042 Notes Call 08	PFD	007924608	3,010	112,751	SH		SOLE		112,751	0	0
AGNC Investment Corp 7.75% Per	PFD	00123q302	690	26,883	SH		SOLE		26,883	0	0
AGNC Investment Corp 8.0% Perp	PFD	02503x204	989	37,857	SH		SOLE		37,857	0	0
AON Cap 8.205% 1/27 Non-Call B	PFD	22532r101	2,326	69,906	SH		SOLE		69,906	0	0
Affiliated Mgrs Grp 6.375% SrN	PFD	008252876	346	13,183	SH		SOLE		13,183	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	252	9,289	SH		SOLE		9,289	0	0
Allied Capital ARCC6.875% 4/20	PFD	01903q207	241	9,398	SH		SOLE		9,398	0	0
American Homes 4Rent 6.50% Per	PFD	02665t702	392	14,650	SH		SOLE		14,650	0	0
Amtrust Financial 6.95% QDI Ca	PFD	032359820	381	15,000	SH		SOLE		15,000	0	0
Amtrust Financial 7.25% CUM QD	PFD	032359507	302	11,733	SH		SOLE		11,733	0	0
Amtrust Financial 7.25% SrNt C	PFD	032359861	307	11,800	SH		SOLE		11,800	0	0
Amtrust Financial 7.5% QDI Cal	PFD	032359887	2,844	110,015	SH		SOLE		110,015	0	0
Amtrust Financial 7.50%Nts 205	PFD	032359853	506	18,601	SH		SOLE		18,601	0	0
Amtrust Financial 7.625%CUM QD	PFD	032359705	3,758	144,923	SH		SOLE		144,923	0	0
Amtrust Financial 7.75% QDI Ca	PFD	032359846	1,895	70,700	SH		SOLE		70,700	0	0
Annaly Capital 7.625% CUM Cl 8	PFD	035710888	1,254	49,542	SH		SOLE		49,542	0	0
Annaly Capital 7.625% Perp Cl	PFD	035710706	258	10,131	SH		SOLE		10,131	0	0
Arbor Realty 8.50% CUM Perp Ca	PFD	038923801	290	11,114	SH		SOLE		11,114	0	0
Arch Capital 6.75% BBB QDI Cl	PFD	g0450a204	678	26,461	SH		SOLE		26,461	0	0
Argo Group 6.5% Sr Notes Call	PFD	040130205	1,738	67,118	SH		SOLE		67,118	0	0
Ashford Hospitality 7.375% NR	PFD	044103604	1,516	58,450	SH		SOLE		58,450	0	0
Aspen Insurance 7.25% Call07/2	PFD	g05384147	7,604	293,692	SH		SOLE		293,692	0	0
Aspen Insurance 7.401% Call 07	PFD	g05384139	349	13,773	SH		SOLE		13,773	0	0
Aviva 8.25% 12/2041 Called 12/	PFD	05382a203	2,442	95,708	SH		SOLE		95,708	0	0
Axis Capital 6.875% Cl 4/17 QD	PFD	g0692u307	587	22,922	SH		SOLE		22,922	0	0
BB&T Capital 5.625% Call 8/201	PFD	054937404	230	8,924	SH		SOLE		8,924	0	0
BGC Partners 8.125% 2042 Call	PFD	05541t408	4,587	176,740	SH		SOLE		176,740	0	0
BancOfCalifornia 7.00% Cal2021	PFD	05990k874	1,208	45,983	SH		SOLE		45,983	0	0
BancOfCalifornia 7.375% Ca2020	PFD	05990k882	5,358	203,275	SH		SOLE		203,275	0	0
BancOfCalifornia 8.00% Cal2018	PFD	05990k403	2,211	82,377	SH		SOLE		82,377	0	0
Bank of America $1000pv 7.25%	PFD	060505682	2,459	2,014	SH		SOLE		2,014	0	0
Bank of America 4.0%Min Float	PFD	060505815	253	10,308	SH		SOLE		10,308	0	0
Bank of America 6.5% Prp Cl 1/	PFD	060505310	562	20,824	SH		SOLE		20,824	0	0
Bank of America 6.625% Prp/Cl	PFD	060505344	3,092	114,223	SH		SOLE		114,223	0	0
Bank of America 6.625%Prp Cl 1	PFD	060505740	692	26,178	SH		SOLE		26,178	0	0
Barclays 8.125% Perp/Cl 3/14 B	PFD	06739h362	461	17,700	SH		SOLE		17,700	0	0
Barclays Bank 7.1% Prp Call 12	PFD	06739h776	486	18,891	SH		SOLE		18,891	0	0
BlueRock Residential Growth 7.	PFD	09627j748	713	27,219	SH		SOLE		27,219	0	0
BlueRock Residential Growth 8.	PFD	09627j508	1,937	73,180	SH		SOLE		73,180	0	0
CBL & Associates 6.625% Perp C	PFD	124830803	360	14,246	SH		SOLE		14,246	0	0
CBL&Assoc Properties 7.375%CUM	PFD	124830605	266	10,622	SH		SOLE		10,622	0	0
CHS Chemical 7.50% Cl 1/2025 C	PFD	12542r803	7,376	249,783	SH		SOLE		249,783	0	0
CHS Chemicals 6.75% Perp cl 20	PFD	12542r704	367	12,830	SH		SOLE		12,830	0	0
CHS Chemicals 7.875% Perp cl 2	PFD	12542r308	290	9,797	SH		SOLE		9,797	0	0
Capital One Finl 6.7%Prp Call	PFD	14040h709	1,561	55,482	SH		SOLE		55,482	0	0
CenturyLink Quest 7.0%SnNts Cl	PFD	74913g501	3,139	119,551	SH		SOLE		119,551	0	0
Chesapeake Lodging 7.75% PerpC	PFD	165240201	4,316	166,636	SH		SOLE		166,636	0	0
Citigroup 5.8% B1 Call 4/18 QD	PFD	172967366	229	8,850	SH		SOLE		8,850	0	0
Citigroup 7.125% Flt Aftr 9/23	PFD	172967358	8,281	285,943	SH		SOLE		285,943	0	0
Citigroup Tst 7.875% Cl2015 Li	PFD	173080201	892	33,895	SH		SOLE		33,895	0	0
City Office REIT 6.625% CUM Ca	PFD	178587200	583	23,500	SH		SOLE		23,500	0	0
Colony Financial7.125%Perp CUM	PFD	19624r403	1,184	47,776	SH		SOLE		47,776	0	0
Colony Financial7.50% Perp CUM	PFD	19624r304	604	24,014	SH		SOLE		24,014	0	0
Colony Financial8.50% Perp CUM	PFD	19624r205	1,070	41,708	SH		SOLE		41,708	0	0
CoreEnergy 7.375% Pfd - Par Ca	PFD	21870u304	753	30,417	SH		SOLE		30,417	0	0
Corporate Office Prop 7.375% C	PFD	22002t884	1,767	68,240	SH		SOLE		68,240	0	0
Costamare 7.625% CUM QDI Perp	PFD	y1771g110	435	19,023	SH		SOLE		19,023	0	0
Costamare 8.50% CUM QDI Perp C	PFD	y1771g128	2,264	102,310	SH		SOLE		102,310	0	0
Cowen 8.25% Senior Notes Due 1	PFD	223622309	1,439	54,306	SH		SOLE		54,306	0	0
CubeSmart 7.75%CUM Called 11/2	PFD	229663208	440	17,472	SH		SOLE		17,472	0	0
DTE Energy 6.5% Jr Sub Call 12	PFD	233331602	983	38,450	SH		SOLE		38,450	0	0
Deutsche Bank 8.05% PrpCl6/18	PFD	25150l108	630	25,871	SH		SOLE		25,871	0	0
Deutsche Bnk 7.6% Prp Cl 2/18	PFD	25154a108	386	16,246	SH		SOLE		16,246	0	0
Digital Realty 6.625% Perp CUM	PFD	253868806	460	17,843	SH		SOLE		17,843	0	0
Digital Realty 7.375% Perp CUM	PFD	253868871	1,457	52,988	SH		SOLE		52,988	0	0
Discover Financial 6.50%Perp Q	PFD	254709207	2,045	78,423	SH		SOLE		78,423	0	0
Dynagas LNG 9.0% QDI CUM cl 2	PFD	Y2188b116	1,270	50,781	SH		SOLE		50,781	0	0
EBAY 6.00% Sr Notes Call 3/1/2	PFD	278642202	573	21,100	SH		SOLE		21,100	0	0
EaglePoint Credit 7%SrNts 12/3	PFD	269809208	739	28,800	SH		SOLE		28,800	0	0
EaglePoint Credit 7.75%2022 CU	PFD	269809109	1,933	73,767	SH		SOLE		73,767	0	0
Endurance Specialty 6.35% Cl 1	PFD	29267h406	359	12,820	SH		SOLE		12,820	0	0
EverBank Financial 6.75% Perp	PFD	29977g201	468	18,206	SH		SOLE		18,206	0	0
First Republic 7.0% Cl 12/18 B	PFD	33616c860	5,130	187,927	SH		SOLE		187,927	0	0
First Republic Bank 6.2% Cl 6/	PFD	33616c407	542	21,060	SH		SOLE		21,060	0	0
First Republic Bank 6.70% Cl20	PFD	33616c209	2,293	89,486	SH		SOLE		89,486	0	0
GaslLog Ltd 8.75% Ser A CUM QD	PFD	g37585117	1,246	49,390	SH		SOLE		49,390	0	0
General Growth Prop 6.375% Cl	PFD	370023202	383	14,800	SH		SOLE		14,800	0	0
Gladstone Commercial 7.00% CUM	PFD	376536603	1,772	69,800	SH		SOLE		69,800	0	0
Gladstone Investment 6.25% CUM	PFD	376546503	763	30,000	SH		SOLE		30,000	0	0
Global Indemnity SrNts7.75% Ca	PFD	g3933f121	1,781	69,020	SH		SOLE		69,020	0	0
Goldman 5.5% Flt Aftr 5/23 Cl	PFD	38145g308	1,913	71,359	SH		SOLE		71,359	0	0
GoldmanSachs Lib+75 Min3.75% C	PFD	38143y665	659	29,189	SH		SOLE		29,189	0	0
HSBC Hldgs 8.0% Prp Cl 12/15 B	PFD	404280802	2,750	105,310	SH		SOLE		105,310	0	0
Hanover Insurance6.35% Cl3/18	PFD	410867204	1,179	45,790	SH		SOLE		45,790	0	0
Hartford Finl 7.875% 2042 call	PFD	416518504	1,346	42,669	SH		SOLE		42,669	0	0
Hercules Capital 6.25%SrNts 24	PFD	427096862	213	8,300	SH		SOLE		8,300	0	0
Hercules Capital 7% 9/2019 BBB	PFD	427096870	259	10,171	SH		SOLE		10,171	0	0
Hersha Hospitality 6.50% NR Ca	PFD	427825609	446	17,550	SH		SOLE		17,550	0	0
ING Grp NV 7.20%Pfd Perp/Cl l2	PFD	456837301	291	11,218	SH		SOLE		11,218	0	0
IberiaBank Corp 6.60% Call 5/1	PFD	450828504	888	33,290	SH		SOLE		33,290	0	0
Investors REIT 7.95% Perp CUM	PFD	461730301	1,362	52,790	SH		SOLE		52,790	0	0
JMP Group 8.00% SrDeb Due1/202	PFD	46629u206	441	17,364	SH		SOLE		17,364	0	0
JPMorgan Chase 6.70%Perp/Call	PFD	48127a161	1,841	65,093	SH		SOLE		65,093	0	0
KKR Financial 7.50% SrNts Call	PFD	48248a504	4,609	179,049	SH		SOLE		179,049	0	0
KKR Financial 8.375% BBB Calle	PFD	48248a405	1,301	50,965	SH		SOLE		50,965	0	0
LaSalle Hotel 6.3% Call 5/2021	PFD	517942884	272	10,600	SH		SOLE		10,600	0	0
LaSalle Hotel 7.50% Perp CUM C	PFD	517942702	1,772	69,965	SH		SOLE		69,965	0	0
M / I Homes 9.75% Pfd Call 11/	PFD	55305b200	385	15,215	SH		SOLE		15,215	0	0
M&T Bank 6.375% Cl 11/18 BBB-	PFD	55261f708	514	494	SH		SOLE		494	0	0
MFA Financial 7.5% Prp Cl 4/15	PFD	55272x409	228	8,868	SH		SOLE		8,868	0	0
Maiden Hldgs 8.00%rSNts 2042 c	PFD	56029q309	2,131	83,088	SH		SOLE		83,088	0	0
Maiden Holdings 7.125%PrpCl 12	PFD	g5753u138	764	29,290	SH		SOLE		29,290	0	0
Maiden Holdings 8.25%Prp Cl8/2	PFD	g5753u120	1,972	75,932	SH		SOLE		75,932	0	0
MetLife 3MoLibor+100 Min 4.0%	PFD	59156r504	246	9,666	SH		SOLE		9,666	0	0
Morgan Stanley 3MoLib+70bp 4%F	PFD	61747s504	579	23,884	SH		SOLE		23,884	0	0
Morgan Stanley 7.125%Flt Aftr1	PFD	61762v200	5,338	180,901	SH		SOLE		180,901	0	0
National General 7.5% QDI NA C	PFD	636220857	2,424	93,335	SH		SOLE		93,335	0	0
National General Ins 7.62% Cal	PFD	636220873	1,829	70,417	SH		SOLE		70,417	0	0
National General Ins7.50%Call4	PFD	636220808	3,038	116,745	SH		SOLE		116,745	0	0
National General Ins7.50%Call7	PFD	636220709	2,678	103,395	SH		SOLE		103,395	0	0
New York MtgTrust 7.875%Perp C	PFD	649604808	286	11,994	SH		SOLE		11,994	0	0
NewTek Business Svs 7.0%Nts du	PFD	652526401	207	8,090	SH		SOLE		8,090	0	0
NewTek Business Svs 7.50% Nts	PFD	652526302	484	18,811	SH		SOLE		18,811	0	0
News Corp 7.00% 12/1/2095 call	PFD	863117206	270	10,303	SH		SOLE		10,303	0	0
NorthStar Realty Fin 8.25% CUM	PFD	66704R308	247	9,750	SH		SOLE		9,750	0	0
NorthStar Realty Fin 8.50% CUM	PFD	66705V209	692	26,865	SH		SOLE		26,865	0	0
NorthStar Realty Fin 8.75% CUM	PFD	66704r605	292	11,436	SH		SOLE		11,436	0	0
Northstar Realty Fin 8.75% CUM	PFD	66704r209	207	8,113	SH		SOLE		8,113	0	0
Northstar Realty Fin 8.875% CU	PFD	66704r506	239	9,358	SH		SOLE		9,358	0	0
NuStar Logistics 7.625%Nts Cl	PFD	67059t204	1,239	48,475	SH		SOLE		48,475	0	0
Oxford Lane Cap8.125% Cl6/2017	PFD	691543409	221	8,513	SH		SOLE		8,513	0	0
PS Business Parks 6.0% Cl 5/20	PFD	69360j685	285	11,144	SH		SOLE		11,144	0	0
Partner Re 6.50%Perp Cal 4/202	PFD	g68603136	785	27,500	SH		SOLE		27,500	0	0
Partner Re 7.25% Call 06/21 BB	PFD	g68603144	6,347	211,291	SH		SOLE		211,291	0	0
Penn Real Estate 8.25% CIM Per	PFD	709102404	248	9,657	SH		SOLE		9,657	0	0
Penn RealEstate 7.375%CUM Perp	PFD	709102503	616	23,767	SH		SOLE		23,767	0	0
Pitney Bowes 6.7% Cl 3/7/18 BB	PFD	724479506	333	12,500	SH		SOLE		12,500	0	0
Prospect Captl 6.25% 6/24 SrNt	PFD	74348t300	959	37,400	SH		SOLE		37,400	0	0
Prudential PLC 6.75% PrpCl 9/0	PFD	g7293h114	597	22,827	SH		SOLE		22,827	0	0
Quest USWest 7.0% SrNts 2056 2	PFD	74913g808	1,404	50,800	SH		SOLE		50,800	0	0
Quest USWest SnNotes 7.0% 2052	PFD	74913G402	1,397	54,550	SH		SOLE		54,550	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	2,344	91,784	SH		SOLE		91,784	0	0
Quest USWestSnNotes 6.875% CL	PFD	74913g105	3,408	126,000	SH		SOLE		126,000	0	0
Qwest Corp 6.5% Sr Note 9/56 C	PFD	74913g881	2,448	94,715	SH		SOLE		94,715	0	0
Raymond James Final 6.90% 2042	PFD	754730208	776	30,014	SH		SOLE		30,014	0	0
Realty Income 6.625% Call 2/17	PFD	756109807	298	11,422	SH		SOLE		11,422	0	0
Regency Centers 6.00% Perp CUM	PFD	758849806	449	17,400	SH		SOLE		17,400	0	0
Regions Financial 6.375% Cl 12	PFD	7591ep308	436	16,850	SH		SOLE		16,850	0	0
Reinsurance Group of Amer 6.2%	PFD	759351703	345	12,000	SH		SOLE		12,000	0	0
Retail Properties of Amer 7.0%	PFD	76131v608	428	16,400	SH		SOLE		16,400	0	0
SL Green Realty 6.5% Perp CUM	PFD	78440x507	1,895	71,825	SH		SOLE		71,825	0	0
Seaspan 7.875% Perp Cum QDI Ca	PFD	81254u304	550	21,900	SH		SOLE		21,900	0	0
Seaspan 7.95% 12/2049 Call 1/2	PFD	y75638208	329	13,177	SH		SOLE		13,177	0	0
Seaspan 8.20% Perp CUM QDI Cal	PFD	y75638307	1,423	57,025	SH		SOLE		57,025	0	0
Seaspan 8.25% Perp CUM QDI Cal	PFD	y75638133	2,004	80,179	SH		SOLE		80,179	0	0
SoCalEd 5.375% CUM cl 2025 QDI	PFD	78409g206	845	29,111	SH		SOLE		29,111	0	0
Solar Capital 6.75% Cl 11/17	PFD	83413u308	487	18,873	SH		SOLE		18,873	0	0
Sotherly Hotels 8% Cum Perp C	PFD	83600c301	1,955	74,901	SH		SOLE		74,901	0	0
Summit Hotel 7.875% Perp CUM C	PFD	866082308	2,854	108,477	SH		SOLE		108,477	0	0
Summit Hotel7.125%Perp CUM Cal	PFD	866082407	936	36,363	SH		SOLE		36,363	0	0
Sunstone Hotel 6.95% Prp/Cl 3/	PFD	867892606	404	14,779	SH		SOLE		14,779	0	0
Taubman Centers 6.5% CUM NA Cl	PFD	876664608	277	10,588	SH		SOLE		10,588	0	0
Telephone & Data 6.875% Cl 11/	PFD	879433845	2,249	87,425	SH		SOLE		87,425	0	0
Telephone & Data 7.0% Cl 3/16	PFD	879433837	837	32,342	SH		SOLE		32,342	0	0
Texas Capitl Bancshares6.50% 2	PFD	882228307	443	17,201	SH		SOLE		17,201	0	0
Torchmark Crp 6.125% SubDebCal	PFD	891027401	1,049	38,550	SH		SOLE		38,550	0	0
TravelCenters America 8.00%SrN	PFD	894174309	3,143	122,475	SH		SOLE		122,475	0	0
TravelCenters SnNotes 8% 10/20	PFD	894174408	1,477	58,165	SH		SOLE		58,165	0	0
Triancgle Capitl 6.375%Sr Note	PFD	895848406	886	34,075	SH		SOLE		34,075	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	600	21,787	SH		SOLE		21,787	0	0
US Bancorp 6.5% Flt Aftr 1/22	PFD	902973833	1,348	44,739	SH		SOLE		44,739	0	0
US Celllular SrNts 7.25% 2063	PFD	911684504	531	19,900	SH		SOLE		19,900	0	0
US Cellular 6.95%SrNT 2060 Cl	PFD	911684405	499	18,985	SH		SOLE		18,985	0	0
US Cellular 7.25% SrNts12/2064	PFD	911684603	1,750	64,702	SH		SOLE		64,702	0	0
VEREIT Inc 6.70% Perp CUM Cl 2	PFD	92339v209	872	32,733	SH		SOLE		32,733	0	0
Wells Fargo 5.85%Flt Aftr 9/23	PFD	949746556	298	11,150	SH		SOLE		11,150	0	0
Wells Fargo 6.375% Cl 12/19 BB	PFD	94988n207	795	30,000	SH		SOLE		30,000	0	0
Wells Fargo 7.5% Cnv@$156 $100	PFD	949746804	17,146	13,096	SH		SOLE		13,096	0	0
Wells Fargo 8.00% Prp Cl12/17	PFD	949746879	9,513	352,188	SH		SOLE		352,188	0	0
Wheeler RealEstate 8.75%CUM Pu	PFD	963025606	416	16,300	SH		SOLE		16,300	0	0
WinTrust Financial 6.50% Call	PFD	97650w405	219	7,455	SH		SOLE		7,455	0	0
Bank of America 5.20% Perp/Cal	PFD	060505ED2	306	315,000	PRN		SOLE		315,000	0	0
Charles Schwab 7% Perp/Call 2/	PFD	808513AE5	1,914	1,632,000	PRN		SOLE		1,632,000	0	0
Citigroup 5.35% Perp/Call 5/23	PFD	172967GR6	713	720,000	PRN		SOLE		720,000	0	0
Citigroup 5.875% Perp/Call 3/2	PFD	172967JK8	354	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc 5.95% Perp Call	PFD	172967GD7	848	820,000	PRN		SOLE		820,000	0	0
Citigroup Inc 6.125% Perp Call	PFD	172967KD2	572	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	207	200,000	PRN		SOLE		200,000	0	0
GE Cap Corp 5.00% Perp/Call 1/	PFD	369604BQ5	2,468	2,317,000	PRN		SOLE		2,317,000	0	0
JPMorgan 6.0% Perp/Call 8/23 -	PFD	48126HAA8	1,809	1,735,000	PRN		SOLE		1,735,000	0	0
JPMorgan 7.9% Perp/Call 4/18 -	PFD	46625HHA1	2,728	2,655,000	PRN		SOLE		2,655,000	0	0
So. Cal Edison 6.25% Perp/Call	PFD	842400FU2	782	700,000	PRN		SOLE		700,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	5,481	5,495,000	PRN		SOLE		5,495,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	480	460,000	PRN		SOLE		460,000	0	0