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	250	1	SH		SOLE		1	0	0
3M Company	COM	88579y101	20,447	106,868	SH		SOLE		106,868	0	0
ABB Ltd-Spon ADR	COM	000375204	3,976	169,895	SH		SOLE		169,895	0	0
AT&T Inc	COM	00206r102	8,543	205,606	SH		SOLE		205,606	0	0
AbbVie Inc	COM	00287y109	10,417	159,861	SH		SOLE		159,861	0	0
Abbott Laboratories	COM	002824100	9,569	215,472	SH		SOLE		215,472	0	0
Accenture PLC-Cl A	COM	g1151c101	4,371	36,462	SH		SOLE		36,462	0	0
Adamis Pharmaceuticals Corp	COM	00547w208	51	12,000	SH		SOLE		12,000	0	0
Adobe Systems Inc	COM	00724f101	1,003	7,705	SH		SOLE		7,705	0	0
Aetna Inc	COM	00817Y108	863	6,769	SH		SOLE		6,769	0	0
Aflac Inc	COM	001055102	903	12,466	SH		SOLE		12,466	0	0
Agilent Technologies Inc	COM	00846u101	862	16,298	SH		SOLE		16,298	0	0
Air Products & Chemicals Inc	COM	009158106	6,491	47,979	SH		SOLE		47,979	0	0
Alaska Air Group	COM	011659109	311	3,374	SH		SOLE		3,374	0	0
Allegion PLC	COM	g0176j109	224	2,961	SH		SOLE		2,961	0	0
Allergan plc (new)	COM	g0177j108	688	2,879	SH		SOLE		2,879	0	0
Allstate Corp	COM	020002101	471	5,778	SH		SOLE		5,778	0	0
Alphabet Inc-Cl A	COM	02079k305	7,934	9,358	SH		SOLE		9,358	0	0
Alphabet Inc-Cl C	COM	02079k107	5,291	6,378	SH		SOLE		6,378	0	0
Altria Group Inc	COM	02209s103	11,580	162,136	SH		SOLE		162,136	0	0
Amarillo Gold Corp	COM	02301t108	4	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	2,785	3,141	SH		SOLE		3,141	0	0
American Electric Power	COM	025537101	503	7,492	SH		SOLE		7,492	0	0
American Express Co	COM	025816109	1,511	19,094	SH		SOLE		19,094	0	0
American Tower Corp	COM	03027x100	351	2,885	SH		SOLE		2,885	0	0
AmerisourceBergen Corp	COM	03073e105	337	3,811	SH		SOLE		3,811	0	0
Ametek Inc	COM	031100100	224	4,141	SH		SOLE		4,141	0	0
Amgen Inc	COM	031162100	2,540	15,481	SH		SOLE		15,481	0	0
Anthem Inc	COM	036752103	2,746	16,607	SH		SOLE		16,607	0	0
Apple Inc	COM	037833100	37,571	261,524	SH		SOLE		261,524	0	0
Archer-Daniels-Midland Co	COM	039483102	912	19,819	SH		SOLE		19,819	0	0
Ares Capital Corp	COM	04010l103	268	15,440	SH		SOLE		15,440	0	0
Automatic Data Processing	COM	053015103	18,667	182,310	SH		SOLE		182,310	0	0
BCE Inc	COM	05534b760	2,329	52,603	SH		SOLE		52,603	0	0
Bank Of Marin Bancorp/CA	COM	063425102	762	11,841	SH		SOLE		11,841	0	0
Bank Of New York Mellon Corp	COM	064058100	211	4,465	SH		SOLE		4,465	0	0
Bank of America Corp	COM	060505104	8,336	353,358	SH		SOLE		353,358	0	0
Baxter International Inc.	COM	071813109	384	7,411	SH		SOLE		7,411	0	0
Becton Dickinson & Co	COM	075887109	3,152	17,182	SH		SOLE		17,182	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,833	22,999	SH		SOLE		22,999	0	0
Biogen Inc	COM	09062x103	1,226	4,485	SH		SOLE		4,485	0	0
Blackrock Inc	COM	09247x101	254	663	SH		SOLE		663	0	0
Blackstone Group/The	COM	09253u108	1,194	40,206	SH		SOLE		40,206	0	0
Boeing Co	COM	097023105	2,393	13,529	SH		SOLE		13,529	0	0
Bristol-Myers Squibb Co	COM	110122108	16,187	297,666	SH		SOLE		297,666	0	0
Broadcom Ltd	COM	y09827109	272	1,240	SH		SOLE		1,240	0	0
Brown-Forman Corp -Cl B	COM	115637209	297	6,429	SH		SOLE		6,429	0	0
CBS Corp Class B	COM	124857202	2,662	38,379	SH		SOLE		38,379	0	0
CR Bard Inc	COM	067383109	541	2,177	SH		SOLE		2,177	0	0
CSX Corp	COM	126408103	205	4,410	SH		SOLE		4,410	0	0
CVS Health Corp	COM	126650100	3,811	48,544	SH		SOLE		48,544	0	0
CalAtlantic Group	COM	128195104	974	26,000	SH		SOLE		26,000	0	0
Canadian Natl Railway Co	COM	136375102	243	3,290	SH		SOLE		3,290	0	0
CarMax Inc	COM	143130102	207	3,500	SH		SOLE		3,500	0	0
Caterpillar Inc	COM	149123101	2,950	31,805	SH		SOLE		31,805	0	0
Celgene Corp	COM	151020104	805	6,472	SH		SOLE		6,472	0	0
CenterPoint Energy Inc	COM	15189t107	2,196	79,645	SH		SOLE		79,645	0	0
Cerner Corp	COM	156782104	3,272	55,596	SH		SOLE		55,596	0	0
Cerus Corp	COM	157085101	45	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	1,263	12,301	SH		SOLE		12,301	0	0
Chevron Corp	COM	166764100	27,772	258,661	SH		SOLE		258,661	0	0
Chubb Ltd (new)	COM	h1467j104	2,794	20,507	SH		SOLE		20,507	0	0
Cigna Corp	COM	125509109	228	1,558	SH		SOLE		1,558	0	0
Cincinnati Financial Corp	COM	172062101	679	9,390	SH		SOLE		9,390	0	0
Cintas Corp	COM	172908105	472	3,733	SH		SOLE		3,733	0	0
Cisco Systems Inc	COM	17275R102	4,674	138,297	SH		SOLE		138,297	0	0
Citigroup Inc	COM	172967424	377	6,301	SH		SOLE		6,301	0	0
Citizens Financial Group	COM	174610105	511	14,780	SH		SOLE		14,780	0	0
Clorox Company	COM	189054109	14,689	108,947	SH		SOLE		108,947	0	0
Coca-Cola Co/The	COM	191216100	5,147	121,280	SH		SOLE		121,280	0	0
Colgate-Palmolive Co	COM	194162103	9,670	132,121	SH		SOLE		132,121	0	0
Comcast Corp-Cl A	COM	20030n101	10,292	273,808	SH		SOLE		273,808	0	0
Conagra Brands Inc	COM	205887102	1,229	30,474	SH		SOLE		30,474	0	0
ConocoPhillips	COM	20825C104	5,566	111,604	SH		SOLE		111,604	0	0
Consolidated Edison Inc	COM	209115104	812	10,458	SH		SOLE		10,458	0	0
Costco Wholesale Corp	COM	22160K105	19,310	115,154	SH		SOLE		115,154	0	0
Crown Castle Intl Corp	COM	22822v101	15,938	168,748	SH		SOLE		168,748	0	0
DISH Network Corp	COM	25470m109	285	4,482	SH		SOLE		4,482	0	0
DTE Energy Company	COM	233331107	229	2,247	SH		SOLE		2,247	0	0
Danaher Corp	COM	235851102	4,550	53,202	SH		SOLE		53,202	0	0
Deere & Co	COM	244199105	1,308	12,017	SH		SOLE		12,017	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	521	4,508	SH		SOLE		4,508	0	0
Dick's Sporting Goods Inc	COM	253393102	664	13,638	SH		SOLE		13,638	0	0
Disney Co./Walt The	COM	254687106	19,990	176,290	SH		SOLE		176,290	0	0
Dominion Resources Inc/Va	COM	25746u109	685	8,833	SH		SOLE		8,833	0	0
Dover Corp	COM	260003108	568	7,071	SH		SOLE		7,071	0	0
Dow Chemical	COM	260543103	596	9,382	SH		SOLE		9,382	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	689	7,033	SH		SOLE		7,033	0	0
Du Pont (E.I.) De Nemours	COM	263534109	8,525	106,120	SH		SOLE		106,120	0	0
Duke Energy Corp	COM	26441c204	741	9,036	SH		SOLE		9,036	0	0
ETFS Physical Precious Metals	COM	26922w109	251	3,940	SH		SOLE		3,940	0	0
Eaton Corp PLC	COM	g29183103	1,191	16,061	SH		SOLE		16,061	0	0
Ecolab Inc	COM	278865100	12,614	100,641	SH		SOLE		100,641	0	0
Edison International	COM	281020107	10,782	135,434	SH		SOLE		135,434	0	0
Electronic Arts Inc	COM	285512109	227	2,531	SH		SOLE		2,531	0	0
Eli Lilly & Co	COM	532457108	4,733	56,277	SH		SOLE		56,277	0	0
Emerson Electric Co	COM	291011104	1,966	32,850	SH		SOLE		32,850	0	0
Enbridge Inc	COM	29250n105	4,314	103,117	SH		SOLE		103,117	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	931	33,728	SH		SOLE		33,728	0	0
Essex Property Trust Inc	COM	297178105	417	1,800	SH		SOLE		1,800	0	0
Eurasian Minerals Inc	COM	29843r100	51	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	364	6,188	SH		SOLE		6,188	0	0
Express Scripts Holding Co.	COM	30219g108	770	11,685	SH		SOLE		11,685	0	0
Exxon Mobil Corp	COM	30231G102	10,527	128,359	SH		SOLE		128,359	0	0
Facebook Inc	COM	30303m102	42,286	297,684	SH		SOLE		297,684	0	0
Fanhua Inc-Sponsored ADR	COM	30712a103	145	16,799	SH		SOLE		16,799	0	0
FedEx Corp	COM	31428x106	827	4,236	SH		SOLE		4,236	0	0
First Republic Bank/San Franci	COM	33616C100	4,866	51,869	SH		SOLE		51,869	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	1,931	57,666	SH		SOLE		57,666	0	0
First Trust Mid Cap Value ETF	COM	33737m201	294	8,783	SH		SOLE		8,783	0	0
First Trust Morningstar Divide	COM	336917109	1,542	53,516	SH		SOLE		53,516	0	0
First Trust Rising Dividend Ac	COM	33738r506	302	11,384	SH		SOLE		11,384	0	0
Ford Motor Co	COM	345370860	281	24,160	SH		SOLE		24,160	0	0
Fortinet Inc	COM	34959e109	368	9,590	SH		SOLE		9,590	0	0
Fortive Corp	COM	34959j108	236	3,913	SH		SOLE		3,913	0	0
Franklin Covey Co	COM	353469109	202	10,000	SH		SOLE		10,000	0	0
Freeport McMoRan Inc-B	COM	35671d857	147	11,020	SH		SOLE		11,020	0	0
Frontier Communications Corp	COM	35906a108	103	48,227	SH		SOLE		48,227	0	0
General Dynamics Corp	COM	369550108	3,181	16,991	SH		SOLE		16,991	0	0
General Electric Co	COM	369604103	22,399	751,658	SH		SOLE		751,658	0	0
General Mills Inc	COM	370334104	5,907	100,098	SH		SOLE		100,098	0	0
General Motors Co	COM	37045v100	269	7,605	SH		SOLE		7,605	0	0
Genuine Parts Co	COM	372460105	6,339	68,601	SH		SOLE		68,601	0	0
Gilead Sciences Inc	COM	375558103	937	13,789	SH		SOLE		13,789	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	1,085	25,743	SH		SOLE		25,743	0	0
Global Brands Group Holding	COM	g39338101	1	10,000	SH		SOLE		10,000	0	0
Goldman Sach Active Beta US La	COM	381430503	208	4,446	SH		SOLE		4,446	0	0
Goldman Sachs Group Inc	COM	38141G104	571	2,485	SH		SOLE		2,485	0	0
Grainger (W.W.) Inc	COM	384802104	682	2,931	SH		SOLE		2,931	0	0
Great Plains Energy Inc	COM	391164100	1,212	41,465	SH		SOLE		41,465	0	0
Groupon Inc	COM	399473107	267	68,000	SH		SOLE		68,000	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	807	4,833	SH		SOLE		4,833	0	0
Guggenheim S&P Equal Weight	COM	78355w106	687	7,569	SH		SOLE		7,569	0	0
Guggenheim S&P Equal Weight En	COM	78355w866	614	10,378	SH		SOLE		10,378	0	0
Guggenheim S&P Equal Weight Fi	COM	78355w858	517	13,703	SH		SOLE		13,703	0	0
HCP Inc REIT	COM	40414l109	5,639	180,262	SH		SOLE		180,262	0	0
Hess Corp	COM	42809h107	337	7,000	SH		SOLE		7,000	0	0
Hewlett Packard Enterprise	COM	42824c109	209	8,824	SH		SOLE		8,824	0	0
Home Depot Inc	COM	437076102	13,977	95,194	SH		SOLE		95,194	0	0
Honeywell International Inc	COM	438516106	5,896	47,218	SH		SOLE		47,218	0	0
Hormel Foods Corp	COM	440452100	743	21,459	SH		SOLE		21,459	0	0
Illinois Tool Works	COM	452308109	1,175	8,870	SH		SOLE		8,870	0	0
Ingersoll-Rand PLC	COM	g47791101	2,441	30,014	SH		SOLE		30,014	0	0
Intel Corp	COM	458140100	14,725	408,228	SH		SOLE		408,228	0	0
International Paper Co	COM	460146103	232	4,561	SH		SOLE		4,561	0	0
Intl Business Machines Corp	COM	459200101	4,401	25,274	SH		SOLE		25,274	0	0
Intl Flavors & Fragrances	COM	459506101	828	6,250	SH		SOLE		6,250	0	0
Ivanhoe Mines Ltd	COM	46579r104	833	240,000	SH		SOLE		240,000	0	0
JPMorgan Chase & Co	COM	46625H100	11,711	133,326	SH		SOLE		133,326	0	0
Jacobs Engineering Group Inc	COM	469814107	315	5,703	SH		SOLE		5,703	0	0
Johnson & Johnson	COM	478160104	32,609	261,818	SH		SOLE		261,818	0	0
Johnson Controls Intl PLC	COM	g51502105	1,391	33,015	SH		SOLE		33,015	0	0
KKR & Co LP	COM	48248m102	226	12,400	SH		SOLE		12,400	0	0
Keysight Technologies Inc	COM	49338l103	274	7,584	SH		SOLE		7,584	0	0
Kimberly-Clark Corp	COM	494368103	18,959	144,035	SH		SOLE		144,035	0	0
Kinder Morgan Inc	COM	49456b101	4,949	227,659	SH		SOLE		227,659	0	0
Kraft Heinz Co/The	COM	500754106	3,299	36,333	SH		SOLE		36,333	0	0
L3 Technologies Inc	COM	502413107	430	2,601	SH		SOLE		2,601	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,128	14,835	SH		SOLE		14,835	0	0
Lam Research Corp	COM	512807108	282	2,194	SH		SOLE		2,194	0	0
Lamb Weston Holdings Inc	COM	513272104	373	8,867	SH		SOLE		8,867	0	0
Leggett & Platt Inc	COM	524660107	593	11,788	SH		SOLE		11,788	0	0
Li & Fung Ltd	COM	g5485f169	4	10,000	SH		SOLE		10,000	0	0
Liberty Global PLC-A	COM	g5480u104	579	16,145	SH		SOLE		16,145	0	0
Lockheed Martin Corp	COM	539830109	5,073	18,959	SH		SOLE		18,959	0	0
Lowe's Cos Inc	COM	548661107	4,417	53,723	SH		SOLE		53,723	0	0
Lululemon Athletica Inc	COM	550021109	454	8,760	SH		SOLE		8,760	0	0
Marathon Petroleum Corp	COM	56585a102	343	6,794	SH		SOLE		6,794	0	0
Marriott International-Cl A	COM	571903202	4,082	43,342	SH		SOLE		43,342	0	0
Masimo Corporation	COM	574795100	225	2,415	SH		SOLE		2,415	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,480	25,427	SH		SOLE		25,427	0	0
McDonald's Corp	COM	580135101	12,824	98,940	SH		SOLE		98,940	0	0
McKesson Corp	COM	58155q103	336	2,267	SH		SOLE		2,267	0	0
Medical Properties Trust Inc	COM	58463j304	218	16,919	SH		SOLE		16,919	0	0
Medtronic PLC	COM	g5960l103	6,390	79,314	SH		SOLE		79,314	0	0
Merck & Co. Inc.	COM	58933y105	9,094	143,121	SH		SOLE		143,121	0	0
Microsoft Corp	COM	594918104	22,205	337,160	SH		SOLE		337,160	0	0
Middleby Corp	COM	596278101	225	1,648	SH		SOLE		1,648	0	0
Mobileye NV	COM	n51488117	1,042	16,963	SH		SOLE		16,963	0	0
Mondelez International	COM	609207105	2,263	52,534	SH		SOLE		52,534	0	0
Morgan Stanley	COM	617446448	3,442	80,350	SH		SOLE		80,350	0	0
NXP Semi itted for Tende	COM	N6596x109	883	8,490	SH		SOLE		8,490	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	3,731	48,521	SH		SOLE		48,521	0	0
NextEra Energy Inc	COM	65339f101	14,285	111,276	SH		SOLE		111,276	0	0
Nike Inc -Cl B	COM	654106103	9,522	170,867	SH		SOLE		170,867	0	0
Nordstrom Inc	COM	655664100	291	6,248	SH		SOLE		6,248	0	0
Norfolk Southern Corp	COM	655844108	524	4,682	SH		SOLE		4,682	0	0
Northrop Grumman Corp	COM	666807102	226	949	SH		SOLE		949	0	0
Novartis Ag-ADR	COM	66987v109	2,529	34,054	SH		SOLE		34,054	0	0
Nucor Corp	COM	670346105	402	6,736	SH		SOLE		6,736	0	0
Occidental Petroleum Corp	COM	674599105	5,249	82,840	SH		SOLE		82,840	0	0
Oracle Corp	COM	68389x105	3,939	88,290	SH		SOLE		88,290	0	0
P G & E Corp	COM	69331c108	765	11,525	SH		SOLE		11,525	0	0
Paccar Inc	COM	693718108	1,389	20,668	SH		SOLE		20,668	0	0
Palo Alto Networks	COM	697435105	1,127	9,999	SH		SOLE		9,999	0	0
Parker-Hannifin Corp	COM	701094104	300	1,873	SH		SOLE		1,873	0	0
Paychex Inc	COM	704326107	204	3,467	SH		SOLE		3,467	0	0
Pentair PLC	COM	g7s00t104	533	8,496	SH		SOLE		8,496	0	0
PepsiCo Inc	COM	713448108	9,571	85,562	SH		SOLE		85,562	0	0
Pfizer Inc	COM	717081103	9,632	281,568	SH		SOLE		281,568	0	0
Philip Morris International	COM	718172109	2,982	26,416	SH		SOLE		26,416	0	0
Phillips 66	COM	718546104	289	3,654	SH		SOLE		3,654	0	0
Piedmont Office Realty Trust	COM	720190206	406	19,000	SH		SOLE		19,000	0	0
Plains All American Pipeline L	COM	726503105	202	6,392	SH		SOLE		6,392	0	0
Potash Corp Of Saskatchewan	COM	73755l107	186	10,895	SH		SOLE		10,895	0	0
PowerShares Buyback Achievers	COM	73935x286	261	5,026	SH		SOLE		5,026	0	0
PowerShares Preferred Portfoli	COM	73936t565	13,079	882,507	SH		SOLE		882,507	0	0
Powershares KBW Regional Bank	COM	73937b712	333	6,200	SH		SOLE		6,200	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	4,203	31,750	SH		SOLE		31,750	0	0
Praxair Inc	COM	74005p104	2,412	20,335	SH		SOLE		20,335	0	0
Preferred Apartment Communitie	COM	74039l103	3,685	278,950	SH		SOLE		278,950	0	0
ProLogis Inc	COM	74340w103	616	11,870	SH		SOLE		11,870	0	0
Procter & Gamble Co	COM	742718109	27,226	303,012	SH		SOLE		303,012	0	0
Public Service Enterprise Grou	COM	744573106	2,524	56,916	SH		SOLE		56,916	0	0
Public Storage Inc	COM	74460d109	447	2,040	SH		SOLE		2,040	0	0
Qualcomm Inc	COM	747525103	430	7,497	SH		SOLE		7,497	0	0
Quest Diagnostics	COM	74834l100	297	3,025	SH		SOLE		3,025	0	0
Raytheon Company	COM	755111507	2,225	14,593	SH		SOLE		14,593	0	0
Realty Income Corp	COM	756109104	12,047	202,375	SH		SOLE		202,375	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	450	1,162	SH		SOLE		1,162	0	0
Retail Properties of America	COM	76131v202	359	24,893	SH		SOLE		24,893	0	0
Robert Half Intl Inc	COM	770323103	298	6,108	SH		SOLE		6,108	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	3,868	120,750	SH		SOLE		120,750	0	0
Rockwell Automation Inc	COM	773903109	216	1,388	SH		SOLE		1,388	0	0
Rockwell Collins Inc.	COM	774341101	717	7,375	SH		SOLE		7,375	0	0
Roper Technologies Inc	COM	776696106	263	1,273	SH		SOLE		1,273	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	448	8,505	SH		SOLE		8,505	0	0
S&P Global Inc	COM	78409v104	1,404	10,738	SH		SOLE		10,738	0	0
SAP SE-Sponsored ADR	COM	803054204	764	7,785	SH		SOLE		7,785	0	0
SPDR Consumer Discretionary Se	COM	81369y407	9,770	111,088	SH		SOLE		111,088	0	0
SPDR Consumer Staples Select S	COM	81369y308	6,741	123,501	SH		SOLE		123,501	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,108	5,371	SH		SOLE		5,371	0	0
SPDR Energy Select Sector	COM	81369y506	14,921	213,460	SH		SOLE		213,460	0	0
SPDR Financial Select Sector	COM	81369y605	7,742	326,265	SH		SOLE		326,265	0	0
SPDR Gold Trust	COM	78463v107	1,704	14,353	SH		SOLE		14,353	0	0
SPDR Health Care Select Sector	COM	81369y209	9,492	127,643	SH		SOLE		127,643	0	0
SPDR Industrial Select Sector	COM	81369y704	7,657	117,693	SH		SOLE		117,693	0	0
SPDR Materials Select Sector	COM	81369y100	2,338	44,607	SH		SOLE		44,607	0	0
SPDR Morgan Stanley Technology	COM	78464a102	829	12,049	SH		SOLE		12,049	0	0
SPDR Real Estate Sector	COM	81369y860	677	21,436	SH		SOLE		21,436	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	7,817	33,158	SH		SOLE		33,158	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	362	5,414	SH		SOLE		5,414	0	0
SPDR S&P Biotech ETF	COM	78464a870	835	12,042	SH		SOLE		12,042	0	0
SPDR S&P Dividend	COM	78464a763	12,499	141,809	SH		SOLE		141,809	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	11,045	35,354	SH		SOLE		35,354	0	0
SPDR S&P Regional Banking	COM	78464a698	1,545	28,292	SH		SOLE		28,292	0	0
SPDR Technology Select Sector	COM	81369y803	15,402	288,921	SH		SOLE		288,921	0	0
SPDR Utilities Select Sector	COM	81369y886	1,599	31,158	SH		SOLE		31,158	0	0
SVB Financial Group	COM	78486q101	4,559	24,500	SH		SOLE		24,500	0	0
Salesforce.Com Inc	COM	79466l302	1,729	20,964	SH		SOLE		20,964	0	0
Scana Corp	COM	80589m102	805	12,324	SH		SOLE		12,324	0	0
Schlumberger Ltd	COM	806857108	639	8,188	SH		SOLE		8,188	0	0
Schwab (Charles) Corp	COM	808513105	818	20,035	SH		SOLE		20,035	0	0
Schwab Intl Equity ETF	COM	808524805	236	7,904	SH		SOLE		7,904	0	0
Schwab US Broad Market ETF	COM	808524102	1,853	32,467	SH		SOLE		32,467	0	0
Schwab US Dividend Equity ETF	COM	808524797	7,498	168,189	SH		SOLE		168,189	0	0
Schwab US Large-Cap ETF	COM	808524201	2,011	35,738	SH		SOLE		35,738	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,418	29,964	SH		SOLE		29,964	0	0
Semiconductor ETF VanEck Vecto	COM	92189f676	719	9,022	SH		SOLE		9,022	0	0
Sempra Energy	COM	816851109	3,726	33,722	SH		SOLE		33,722	0	0
Sherwin Williams Co	COM	824348106	656	2,115	SH		SOLE		2,115	0	0
Siemens Ag-Spons ADR	COM	826197501	264	3,854	SH		SOLE		3,854	0	0
Silvercorp Metals Inc	COM	82835p103	35	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	349	2,028	SH		SOLE		2,028	0	0
Southern Co	COM	842587107	1,716	34,466	SH		SOLE		34,466	0	0
Southwest Airlines	COM	844741108	458	8,523	SH		SOLE		8,523	0	0
Spectral Medical Inc	COM	847577103	8	25,000	SH		SOLE		25,000	0	0
Sprott Resource Holdings Inc	COM	85209d101	248	1,580,502	SH		SOLE		1,580,502	0	0
Stanley Black & Decker Inc	COM	854502101	6,506	48,963	SH		SOLE		48,963	0	0
Starbucks Corp	COM	855244109	7,476	128,044	SH		SOLE		128,044	0	0
State Street Corp	COM	857477103	297	3,725	SH		SOLE		3,725	0	0
Stryker Corp	COM	863667101	226	1,715	SH		SOLE		1,715	0	0
Sysco Corp	COM	871829107	772	14,861	SH		SOLE		14,861	0	0
T Rowe Price Group Inc	COM	74144t108	234	3,427	SH		SOLE		3,427	0	0
TJX Companies Inc	COM	872540109	531	6,720	SH		SOLE		6,720	0	0
Target Corp	COM	87612e106	5,456	98,867	SH		SOLE		98,867	0	0
Tesla Motors Inc	COM	88160r101	1,012	3,638	SH		SOLE		3,638	0	0
Teva Pharmaceutical-Sp ADR	COM	881624209	217	6,769	SH		SOLE		6,769	0	0
Texas Instruments Inc	COM	882508104	545	6,766	SH		SOLE		6,766	0	0
Thermo Fisher Scientific Inc	COM	883556102	263	1,711	SH		SOLE		1,711	0	0
Time Warner Inc	COM	887317303	3,077	31,490	SH		SOLE		31,490	0	0
Toronto Dominion Bank	COM	891160509	5,009	99,996	SH		SOLE		99,996	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,876	17,270	SH		SOLE		17,270	0	0
Travelers Cos Inc/The	COM	89417e109	3,375	28,002	SH		SOLE		28,002	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
U S Bancorp	COM	902973304	4,125	80,103	SH		SOLE		80,103	0	0
UDR Inc	COM	902653104	257	7,080	SH		SOLE		7,080	0	0
Unilever N V -NY Shares	COM	904784709	4,405	88,671	SH		SOLE		88,671	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,769	35,853	SH		SOLE		35,853	0	0
Union Pacific Corp	COM	907818108	2,117	19,990	SH		SOLE		19,990	0	0
United Parcel Service-Cl B	COM	911312106	8,791	81,926	SH		SOLE		81,926	0	0
United Technologies Corp	COM	913017109	3,353	29,881	SH		SOLE		29,881	0	0
UnitedHealth Group Inc	COM	91324P102	1,757	10,716	SH		SOLE		10,716	0	0
Valero Energy Corp	COM	91913Y100	209	3,158	SH		SOLE		3,158	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	341	6,193	SH		SOLE		6,193	0	0
Vanguard Consumer Discretionar	COM	92204a108	530	3,824	SH		SOLE		3,824	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	300	2,135	SH		SOLE		2,135	0	0
Vanguard Developed Mkts	COM	921943858	1,271	32,335	SH		SOLE		32,335	0	0
Vanguard Dividend Appreciation	COM	921908844	701	7,795	SH		SOLE		7,795	0	0
Vanguard Emerging Mkts	COM	922042858	707	17,800	SH		SOLE		17,800	0	0
Vanguard High Div Yield	COM	921946406	3,122	40,204	SH		SOLE		40,204	0	0
Vanguard Info Tech Vipers	COM	92204a702	683	5,036	SH		SOLE		5,036	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	284	2,630	SH		SOLE		2,630	0	0
Vanguard Mid-Cap	COM	922908629	2,860	20,540	SH		SOLE		20,540	0	0
Vanguard REIT	COM	922908553	656	7,945	SH		SOLE		7,945	0	0
Vanguard Small-Cap Vipers	COM	922908751	2,166	16,254	SH		SOLE		16,254	0	0
Vanguard Total Stock Market	COM	922908769	16,580	136,661	SH		SOLE		136,661	0	0
Varex Imaging Corp	COM	92214x106	208	6,199	SH		SOLE		6,199	0	0
Varian Medical Systems Inc	COM	92220P105	2,134	23,413	SH		SOLE		23,413	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	677	8,340	SH		SOLE		8,340	0	0
Verizon Communications Inc	COM	92343v104	29,301	601,039	SH		SOLE		601,039	0	0
Visa Inc-Class A Shares	COM	92826c839	2,892	32,537	SH		SOLE		32,537	0	0
Vornado Realty Trust	COM	929042109	7,127	71,049	SH		SOLE		71,049	0	0
WEC Energy Group Inc	COM	92939u106	5,405	89,144	SH		SOLE		89,144	0	0
Wal-Mart Stores Inc	COM	931142103	1,432	19,871	SH		SOLE		19,871	0	0
Walgreens Boots Alliance Inc	COM	931427108	12,285	147,926	SH		SOLE		147,926	0	0
Waste Management Inc	COM	94106l109	14,888	204,169	SH		SOLE		204,169	0	0
Wells Fargo & Company	COM	949746101	35,950	645,889	SH		SOLE		645,889	0	0
Westamerica Bancorportaion	COM	957090103	650	11,646	SH		SOLE		11,646	0	0
Weyerhaeuser Co	COM	962166104	597	17,557	SH		SOLE		17,557	0	0
Whirlpool Corp	COM	963320106	2,339	13,651	SH		SOLE		13,651	0	0
White Mountains Insurance Grou	COM	g9618e107	658	748	SH		SOLE		748	0	0
Whole Foods Market Inc	COM	966837106	3,127	105,199	SH		SOLE		105,199	0	0
Williams Cos Inc	COM	969457100	4,213	142,373	SH		SOLE		142,373	0	0
Williams-Sonoma Inc	COM	969904101	5,158	96,195	SH		SOLE		96,195	0	0
WisdomTree MidCap Div Index	COM	97717w505	215	2,203	SH		SOLE		2,203	0	0
Xcel Energy Inc	COM	98389b100	243	5,461	SH		SOLE		5,461	0	0
Yahoo! Inc	COM	984332106	953	20,535	SH		SOLE		20,535	0	0
Yum! Brands Inc	COM	988498101	291	4,558	SH		SOLE		4,558	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	2,690	22,029	SH		SOLE		22,029	0	0
iShares Core Dividend Growth	COM	46434v621	813	26,697	SH		SOLE		26,697	0	0
iShares Core US Value	COM	464287663	233	4,608	SH		SOLE		4,608	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,569	83,081	SH		SOLE		83,081	0	0
iShares DJ US Energy Sector	COM	464287796	1,014	26,323	SH		SOLE		26,323	0	0
iShares DJ US Financial Sect	COM	464287788	1,212	11,652	SH		SOLE		11,652	0	0
iShares DJ US Health Car Pro	COM	464288828	276	2,055	SH		SOLE		2,055	0	0
iShares DJ US Medical Device	COM	464288810	296	1,952	SH		SOLE		1,952	0	0
iShares DJ US Telecommunicatio	COM	464287713	1,304	40,319	SH		SOLE		40,319	0	0
iShares DJ US Transport Index	COM	464287192	1,660	10,125	SH		SOLE		10,125	0	0
iShares Goldman Sachs Tech I	COM	464287721	312	2,310	SH		SOLE		2,310	0	0
iShares MSCI EAFE Index	COM	464287465	809	12,987	SH		SOLE		12,987	0	0
iShares MSCI Emerging Markets	COM	464287234	288	7,305	SH		SOLE		7,305	0	0
iShares MSCI USA Quality Facto	COM	46432f339	982	13,495	SH		SOLE		13,495	0	0
iShares Nasdaq Biotech Index F	COM	464287556	5,911	20,155	SH		SOLE		20,155	0	0
iShares Russell 1000 Growth	COM	464287614	941	8,265	SH		SOLE		8,265	0	0
iShares Russell 1000 Value	COM	464287598	216	1,882	SH		SOLE		1,882	0	0
iShares Russell 2000 Index Fun	COM	464287655	516	3,751	SH		SOLE		3,751	0	0
iShares Russell Midcap Growth	COM	464287481	213	2,057	SH		SOLE		2,057	0	0
iShares S&P 100 Index Fund	COM	464287101	1,858	17,742	SH		SOLE		17,742	0	0
iShares S&P 500 Index Fund	COM	464287200	1,813	7,643	SH		SOLE		7,643	0	0
iShares S&P 500 Value Index Fu	COM	464287408	208	2,000	SH		SOLE		2,000	0	0
iShares S&P Europe 350	COM	464287861	547	13,065	SH		SOLE		13,065	0	0
iShares S&P Global 100	COM	464287572	674	8,246	SH		SOLE		8,246	0	0
iShares S&P Midcap 400	COM	464287507	1,619	9,457	SH		SOLE		9,457	0	0
iShares S&P Midcap 400/Value	COM	464287705	453	3,050	SH		SOLE		3,050	0	0
iShares S&P SmallCap 600	COM	464287804	506	7,310	SH		SOLE		7,310	0	0
iShares S&P US Preferred Stock	COM	464288687	9,155	236,576	SH		SOLE		236,576	0	0
AEGON 8.00 2042 Notes Call 08	PFD	007924608	2,774	106,781	SH		SOLE		106,781	0	0
AGNC Investment Corp 7.75 Per	PFD	00123q302	852	32,765	SH		SOLE		32,765	0	0
AGNC Investment Corp 8.0 Perp	PFD	02503x204	1,005	39,095	SH		SOLE		39,095	0	0
AON Cap 8.205 1/27 Non-Call B	PFD	22532r101	2,196	66,144	SH		SOLE		66,144	0	0
Affiliated Mgrs Grp 6.375 SrN	PFD	008252876	370	14,483	SH		SOLE		14,483	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	300	11,290	SH		SOLE		11,290	0	0
Allied Capital ARCC6.875- 4/20	PFD	01903q207	253	9,798	SH		SOLE		9,798	0	0
American Homes 4Rent 6.50- Per	PFD	02665t702	384	14,371	SH		SOLE		14,371	0	0
Amtrust Financial 6.95 QDI Ca	PFD	032359820	429	19,086	SH		SOLE		19,086	0	0
Amtrust Financial 7.25 CUM QD	PFD	032359507	294	12,659	SH		SOLE		12,659	0	0
Amtrust Financial 7.25 SrNt C	PFD	032359861	306	12,200	SH		SOLE		12,200	0	0
Amtrust Financial 7.5 QDI Cal	PFD	032359887	2,732	115,082	SH		SOLE		115,082	0	0
Amtrust Financial 7.50 Nts 205	PFD	032359853	529	21,196	SH		SOLE		21,196	0	0
Amtrust Financial 7.625 CUM QD	PFD	032359705	3,668	154,575	SH		SOLE		154,575	0	0
Amtrust Financial 7.75 QDI Ca	PFD	032359846	2,033	83,736	SH		SOLE		83,736	0	0
Annaly Capital 7.625 CUM Cl 8	PFD	035710888	1,292	51,315	SH		SOLE		51,315	0	0
Annaly Capital 7.625 Perp Cl	PFD	035710706	312	12,334	SH		SOLE		12,334	0	0
Apollo Cmmrl Real Est 8.00 CU	PFD	03762u501	248	9,770	SH		SOLE		9,770	0	0
Arbor Realty 8.50 CUM Perp Ca	PFD	038923801	275	10,687	SH		SOLE		10,687	0	0
Arch Capital 6.7 BBB QDI Cl	PFD	g0450a204	718	28,526	SH		SOLE		28,526	0	0
Ares Management 7 Call 6/21 B	PFD	04014y200	203	7,741	SH		SOLE		7,741	0	0
Argo Group 6.5 Sr Notes Call	PFD	040130205	1,922	75,763	SH		SOLE		75,763	0	0
Ashford Hospitality 7.375 NR	PFD	044103604	1,611	65,421	SH		SOLE		65,421	0	0
Aspen Insurance 7.25 Cal l07/2	PFD	g05384147	7,156	281,292	SH		SOLE		281,292	0	0
Axis Capital 6.875 Called4/17/	PFD	g0692u307	531	21,272	SH		SOLE		21,272	0	0
B Riley Financial 7.50 SenNts	PFD	05580m207	430	16,370	SH		SOLE		16,370	0	0
BB&T Capital 5.625 Call 8/201	PFD	054937404	201	7,942	SH		SOLE		7,942	0	0
BGC Partners 8.125 2042 Call	PFD	05541t408	4,342	170,204	SH		SOLE		170,204	0	0
BancOfCalifornia 7.00 Cal2021	PFD	05990k874	1,689	65,591	SH		SOLE		65,591	0	0
BancOfCalifornia 7.375 Ca2020	PFD	05990k882	6,594	249,758	SH		SOLE		249,758	0	0
BancOfCalifornia 8.00 Cal2018	PFD	05990k403	2,901	108,651	SH		SOLE		108,651	0	0
Bank of America 1000pv 7.25	PFD	060505682	3,897	3,261	SH		SOLE		3,261	0	0
Bank of America 6.6 Prp Cl 1/	PFD	060505310	510	19,384	SH		SOLE		19,384	0	0
Bank of America 6.625 Prp/Cl	PFD	060505344	2,952	111,282	SH		SOLE		111,282	0	0
Bank of America 6.625 Prp Cl 1	PFD	060505740	652	25,087	SH		SOLE		25,087	0	0
Barclays 8.125 Perp/Cl 3/14 B	PFD	06739h362	396	15,300	SH		SOLE		15,300	0	0
BlueRock Residential Growth 7.	PFD	09627j748	1,190	46,482	SH		SOLE		46,482	0	0
BlueRock Residential Growth 8.	PFD	09627j508	2,132	81,802	SH		SOLE		81,802	0	0
Boston Private Finl 6.95 Perp	PFD	101119303	574	22,322	SH		SOLE		22,322	0	0
CBL & Associates 6.625 Perp C	PFD	124830803	385	16,504	SH		SOLE		16,504	0	0
CBL&Assoc Properties 7.375 CUM	PFD	124830605	326	13,608	SH		SOLE		13,608	0	0
CHS Chemical 7.50 Cl 1/2025 C	PFD	12542r803	7,534	262,329	SH		SOLE		262,329	0	0
CHS Chemicals 6.75 Perp cl 20	PFD	12542r704	359	12,828	SH		SOLE		12,828	0	0
CHS Chemicals 7.875 Perp cl 2	PFD	12542r308	282	9,697	SH		SOLE		9,697	0	0
Capital One Finl 6.7 Prp Call	PFD	14040h709	1,549	56,447	SH		SOLE		56,447	0	0
CenturyLink Quest 7.0 SnNts Cl	PFD	74913g501	2,910	114,978	SH		SOLE		114,978	0	0
Chesapeake Lodging 7.75 erpC	PFD	165240201	4,661	185,397	SH		SOLE		185,397	0	0
Chimera Investment Corp 8 Cal	PFD	16934q406	493	19,400	SH		SOLE		19,400	0	0
Citigroup 5.8 B1 Call 4/18 QD	PFD	172967366	219	8,450	SH		SOLE		8,450	0	0
Citigroup 7.125 Flt Aftr 9/23	PFD	172967358	8,243	285,422	SH		SOLE		285,422	0	0
Citigroup Tst 7.875 Cl2015 Li	PFD	173080201	950	35,645	SH		SOLE		35,645	0	0
City Office REIT 6.625 CUM Ca	FD	178587200	596	23,750	SH		SOLE		23,750	0	0
Colony NorthStar 7.125 CUM Ca	FD	19625w880	1,206	48,291	SH		SOLE		48,291	0	0
Colony NorthStar 7.50 CUM Cal	PFD	19625w807	1,054	42,673	SH		SOLE		42,673	0	0
Colony NorthStar 8.25 CUM Cal	PFD	19625w302	360	14,109	SH		SOLE		14,109	0	0
Colony NorthStar 8.50 CUM Cal	PFD	19625w708	1,070	42,470	SH		SOLE		42,470	0	0
Colony NorthStar 8.50 CUM Cal	PFD	19625w500	851	32,960	SH		SOLE		32,960	0	0
Colony NorthStar 8.75 CUM Cal	PFD	19625w203	269	10,568	SH		SOLE		10,568	0	0
Colony NorthStar 8.75 CUM Cal	PFD	19625w609	405	15,406	SH		SOLE		15,406	0	0
Colony Northstar 8.875 CUM Ca	PFD	19625w401	437	17,015	SH		SOLE		17,015	0	0
CoreEnergy 7.375 Pfd - Par Ca	PFD	21870u304	818	32,378	SH		SOLE		32,378	0	0
Corporate Office Prop 7.375 C	PFD	22002t884	1,642	65,080	SH		SOLE		65,080	0	0
Cowen 8.25 Senior Notes Call1	FD	223622309	1,525	56,606	SH		SOLE		56,606	0	0
Deutsche Bank 8.05 PrpCl6/18	FD	25150l108	249	9,405	SH		SOLE		9,405	0	0
Deutsche Bnk 7.6 Prp Cl 2/18	PFD	25154a108	395	15,193	SH		SOLE		15,193	0	0
Digital Realty 6.625 BB- Call	PFD	253868806	446	17,695	SH		SOLE		17,695	0	0
Digital Realty 7.375 Perp CUM	PFD	253868871	2,180	79,288	SH		SOLE		79,288	0	0
Discover Financial 6.50 Perp Q	PFD	254709207	1,971	75,957	SH		SOLE		75,957	0	0
Dynagas LNG 9.0 QDI CUM cl 2	PFD	Y2188b116	1,381	53,331	SH		SOLE		53,331	0	0
EBAY 6.00 Sr Notes Call 3/1/2	PFD	278642202	616	23,300	SH		SOLE		23,300	0	0
EaglePoint Credit 7-SrNts 12/3	PFD	269809208	715	27,700	SH		SOLE		27,700	0	0
EaglePoint Credit 7.75- Due 10	PFD	269809307	996	38,347	SH		SOLE		38,347	0	0
EaglePoint Credit 7.75-2022 CU	PFD	269809109	1,961	75,303	SH		SOLE		75,303	0	0
Endurance Specialty 6.35- Cl 1	PFD	29267h406	270	10,300	SH		SOLE		10,300	0	0
EverBank Financial 6.75- Perp	PFD	29977g201	654	25,783	SH		SOLE		25,783	0	0
First Republic 7.0- Cl 12/18 B	PFD	33616c860	4,853	180,193	SH		SOLE		180,193	0	0
First Republic Bank 6.2- Cl 6/	PFD	33616c407	535	21,060	SH		SOLE		21,060	0	0
GGP Inc 6.375- Call 2/2018 CUM	PFD	370023202	383	14,800	SH		SOLE		14,800	0	0
GaslLog Ltd 8.75- Ser A CUM QD	PFD	g37585117	1,511	58,161	SH		SOLE		58,161	0	0
Gladstone Commercial 7.00- CUM	PFD	376536603	3,835	152,365	SH		SOLE		152,365	0	0
Gladstone Investment 6.25- CUM	PFD	376546503	709	27,750	SH		SOLE		27,750	0	0
Global Indemnity SnNts7.875- C	PFD	g3933f139	656	26,500	SH		SOLE		26,500	0	0
Global Indemnity SrNts7.75- Ca	PFD	g3933f121	1,961	77,210	SH		SOLE		77,210	0	0
Goldman 5.5- Flt Aftr 5/23 Cl	PFD	38145g308	1,932	72,048	SH		SOLE		72,048	0	0
GoldmanSachs Lib-75 Min3.75- C	PFD	38143y665	664	27,989	SH		SOLE		27,989	0	0
HSBC Hldgs 8.0- Prp Cl 12/15 B	PFD	404280802	2,546	96,260	SH		SOLE		96,260	0	0
Hanover Insurance6.35- Cl3/18	PFD	410867204	1,295	50,865	SH		SOLE		50,865	0	0
Hartford Finl 7.875- 2042 call	PFD	416518504	1,299	41,759	SH		SOLE		41,759	0	0
Hercules Capital 6.25-SrNts 24	PFD	427096862	233	9,100	SH		SOLE		9,100	0	0
Hersha Hospitality 6.50- NR Ca	PFD	427825609	452	17,988	SH		SOLE		17,988	0	0
IberiaBank Corp 6.60- Call 5/1	PFD	450828504	880	32,529	SH		SOLE		32,529	0	0
Investors REIT 7.95- Perp CUM	PFD	461730301	1,298	51,321	SH		SOLE		51,321	0	0
JMP Group 8.00- SrDeb Due1/202	PFD	46629u206	412	16,264	SH		SOLE		16,264	0	0
JPMorgan Chase 6.70-Perp/Call	PFD	48127a161	1,780	64,931	SH		SOLE		64,931	0	0
Just Energy 8.50-Perp Call3/20	PFD	48213w200	699	27,930	SH		SOLE		27,930	0	0
KKR Financial 7.50- SrNts Call	PFD	48248a504	3,159	123,573	SH		SOLE		123,573	0	0
LaSalle Hotel 6.3- Call 5/2021	PFD	517942884	280	11,400	SH		SOLE		11,400	0	0
LaSalle Hotel 6.375- Call 3/20	PFD	517942801	240	9,651	SH		SOLE		9,651	0	0
LaSalle Hotel 7.50- Perp Calle	PFD	517942702	1,679	66,297	SH		SOLE		66,297	0	0
M&T Bank 6.375- Cl 11/18 BBB-	PFD	55261f708	499	484	SH		SOLE		484	0	0
MFA Financial 7.5- Prp Cl 4/15	PFD	55272x409	225	8,973	SH		SOLE		8,973	0	0
Maiden Hldgs 8.00-rSNts 2042 c	PFD	56029q309	2,044	80,176	SH		SOLE		80,176	0	0
Maiden Holdings 7.125-PrpCl 12	PFD	g5753u138	738	28,450	SH		SOLE		28,450	0	0
Maiden Holdings 8.25-Prp Cl8/2	PFD	g5753u120	1,861	72,337	SH		SOLE		72,337	0	0
Medley Capital7.25-SrNts Due24	PFD	58503y204	366	14,350	SH		SOLE		14,350	0	0
Medley Capitl 6.875-Notes Due2	PFD	58503y105	304	12,300	SH		SOLE		12,300	0	0
MetLife 3MoLibor-100 Min 4.0-	PFD	59156r504	215	8,666	SH		SOLE		8,666	0	0
Morgan Stanley 3MoLib-70bp 4-F	PFD	61747s504	564	23,884	SH		SOLE		23,884	0	0
Morgan Stanley 7.125-Flt Aftr1	PFD	61762v200	5,305	182,106	SH		SOLE		182,106	0	0
National General 7.5- NA Cl Q	PFD	636220857	4,682	187,287	SH		SOLE		187,287	0	0
National General 7.50-Call4/20	PFD	636220808	3,280	131,250	SH		SOLE		131,250	0	0
National General 7.625- Call9/	PFD	636220873	1,927	76,759	SH		SOLE		76,759	0	0
National General7.50-Call 7/20	PFD	636220709	2,651	105,657	SH		SOLE		105,657	0	0
New York MtgTrust 7.875-Perp C	PFD	649604808	291	12,209	SH		SOLE		12,209	0	0
NewTek Business Svs 7.0-Nts du	PFD	652526401	245	9,640	SH		SOLE		9,640	0	0
NewTek Business Svs 7.50- Nts	PFD	652526302	533	20,111	SH		SOLE		20,111	0	0
News Corp 7.00- 12/1/2095 call	PFD	863117206	223	8,503	SH		SOLE		8,503	0	0
NuStar Logistics 7.625-Nts Cl	PFD	67059t204	1,319	50,425	SH		SOLE		50,425	0	0
Oxford Lane Cap8.125- Cl6/2017	PFD	691543409	219	8,513	SH		SOLE		8,513	0	0
PS Business Parks 6.0- Cl 5/20	PFD	69360j685	262	10,412	SH		SOLE		10,412	0	0
Partner Re 6.50-Perp Cal 4/202	PFD	g68603136	704	26,550	SH		SOLE		26,550	0	0
Partner Re 7.25- Call 06/21 BB	PFD	g68603144	7,169	250,833	SH		SOLE		250,833	0	0
Penn Real Estate 8.25- CIM Per	PFD	709102404	244	9,702	SH		SOLE		9,702	0	0
Penn RealEstate 7.20-CUM Perp	PFD	709102602	270	10,109	SH		SOLE		10,109	0	0
Penn RealEstate 7.375-CUM Perp	PFD	709102503	588	23,349	SH		SOLE		23,349	0	0
PennyMac Mtg 8.125- 2024 Libor	PFD	70931t301	264	10,450	SH		SOLE		10,450	0	0
Pitney Bowes 6.7- Cl 3/7/18 BB	PFD	724479506	328	12,500	SH		SOLE		12,500	0	0
Prospect Captl 6.25- 6/24 SrNt	PFD	74348t300	1,655	63,890	SH		SOLE		63,890	0	0
Prudential PLC 6.75- PrpCl 9/0	PFD	g7293h114	510	19,602	SH		SOLE		19,602	0	0
Quest USWest 7.0- SrNts 2056 2	PFD	74913g808	3,150	119,218	SH		SOLE		119,218	0	0
Quest USWest SnNotes 7.0- 2052	PFD	74913G402	1,298	51,500	SH		SOLE		51,500	0	0
Quest USWest Sr Nts6.125-Nts C	PFD	74913g600	230	9,270	SH		SOLE		9,270	0	0
Quest USWestSnNote7.5- BBB- Cl	PFD	74913g303	2,263	88,617	SH		SOLE		88,617	0	0
Quest USWestSnNotes 6.875- CL	PFD	74913g105	3,251	128,150	SH		SOLE		128,150	0	0
Qwest Corp 6.5- Sr Note 9/56 C	PFD	74913g881	2,428	97,830	SH		SOLE		97,830	0	0
Realty Income 6.625- Called 4	PFD	756109807	315	12,540	SH		SOLE		12,540	0	0
Regency Centers 6.00- Perp CUM	PFD	758849806	431	16,950	SH		SOLE		16,950	0	0
Regions Financial 6.375- Cl 12	PFD	7591ep308	411	15,850	SH		SOLE		15,850	0	0
Reinsurance Group of Amer 6.2-	PFD	759351703	337	11,800	SH		SOLE		11,800	0	0
Retail Properties of Amer 7.0-	PFD	76131v608	393	15,400	SH		SOLE		15,400	0	0
SL Green Realty 6.5- Perp CUM	PFD	78440x507	1,817	71,270	SH		SOLE		71,270	0	0
SoCalEd 5.375- CUM cl 2025 QDI	PFD	78409g206	785	29,111	SH		SOLE		29,111	0	0
Solar Capital 6.75- Cl 11/17	PFD	83413u308	473	18,673	SH		SOLE		18,673	0	0
Sotherly Hotels 8- Cum Perp C	PFD	83600c301	2,474	95,190	SH		SOLE		95,190	0	0
Summit Hotel 7.875- Perp CUM C	PFD	866082308	2,872	111,785	SH		SOLE		111,785	0	0
Summit Hotel7.125-Perp CUM Cal	PFD	866082407	959	37,338	SH		SOLE		37,338	0	0
Sunstone Hotel 6.95- Prp/Cl 3/	PFD	867892606	368	14,479	SH		SOLE		14,479	0	0
Taubman Centers 6.5- CUM NA Cl	PFD	876664608	261	10,298	SH		SOLE		10,298	0	0
Telephone & Data 6.875- Cl 11/	PFD	879433845	2,206	86,825	SH		SOLE		86,825	0	0
Telephone & Data 7.0- Cl 3/16	PFD	879433837	800	31,602	SH		SOLE		31,602	0	0
Texas Capitl Bancshares6.50- 2	PFD	882228307	445	17,551	SH		SOLE		17,551	0	0
Torchmark Crp 6.125- SubDebCal	PFD	891027401	921	35,550	SH		SOLE		35,550	0	0
TravelCenters SnNotes 8- 10/20	PFD	894174408	1,471	58,029	SH		SOLE		58,029	0	0
TravelCenters SnNotes 8- 2029	PFD	894174309	3,105	122,305	SH		SOLE		122,305	0	0
Triancgle Capitl 6.375-Sr Note	PFD	895848406	860	33,250	SH		SOLE		33,250	0	0
TriplePoint Venture BDC 6.75-	PFD	89677y209	524	20,500	SH		SOLE		20,500	0	0
Two Harbors Investments 8.125-	PFD	90187b200	672	25,705	SH		SOLE		25,705	0	0
UMH Propertyies 8.0- Perp Cum	PFD	903002301	578	21,567	SH		SOLE		21,567	0	0
US Bancorp 6.5- Flt Aftr 1/22	PFD	902973833	1,219	42,539	SH		SOLE		42,539	0	0
US Celllular SrNts 7.25- 2063	PFD	911684504	614	23,100	SH		SOLE		23,100	0	0
US Cellular 6.95-SrNT 2060 Cl	PFD	911684405	439	17,175	SH		SOLE		17,175	0	0
US Cellular 7.25- SrNts12/2064	PFD	911684603	1,930	72,352	SH		SOLE		72,352	0	0
VEREIT Inc 6.70- Perp CUM Cl 2	PFD	92339v209	876	34,068	SH		SOLE		34,068	0	0
Wells Fargo 5.85-Flt Aftr 9/23	PFD	949746556	333	12,525	SH		SOLE		12,525	0	0
Wells Fargo 6.375- Cl 12/19 BB	PFD	94988n207	773	29,450	SH		SOLE		29,450	0	0
Wells Fargo 7.5- Cnv@$156 $100	PFD	949746804	17,324	13,982	SH		SOLE		13,982	0	0
Wells Fargo 8.00- Prp Cl12/17	PFD	949746879	8,888	338,719	SH		SOLE		338,719	0	0
Wheeler RealEstate 8.75-CUM Pu	PFD	963025606	410	15,772	SH		SOLE		15,772	0	0
WinTrust Financial 6.50- Call	PFD	97650w405	224	8,280	SH		SOLE		8,280	0	0
Bank of America 5.20- Perp/Cal	PFD	060505ED2	314	315,000	SH		SOLE		315,000	0	0
Charles Schwab 7- Perp/Call 2/	PFD	808513AE5	1,724	1,522,000	PRN		SOLE		1,522,000	0	0
Citigroup 5.35- Perp/Call 5/23	PFD	172967GR6	740	740,000	PRN		SOLE		740,000	0	0
Citigroup 5.875- Perp/Call 3/2	PFD	172967JK8	361	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc 5.95- Perp Call	PFD	172967GD7	1,065	1,020,000	PRN		SOLE		1,020,000	0	0
Citigroup Inc 6.125- Perp Call	PFD	172967KD2	583	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	209	200,000	PRN		SOLE		200,000	0	0
GE Cap Corp 5.00- Perp/Call 1/	PFD	369604BQ5	2,289	2,170,000	PRN		SOLE		2,170,000	0	0
JPMorgan 6.0- Perp/Call 8/23 -	PFD	48126HAA8	2,763	2,650,000	PRN		SOLE		2,650,000	0	0
JPMorgan 7.9- Perp/Call 4/18 -	PFD	46625HHA1	2,654	2,570,000	PRN		SOLE		2,570,000	0	0
So. Cal Edison 6.25- Perp/Call	PFD	842400FU2	724	650,000	PRN		SOLE		650,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	2,745	2,745,000	PRN		SOLE		2,745,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	481	460,000	PRN		SOLE		460,000	0	0