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	255	1	SH		SOLE		100	0	0
3M Company	COM	88579y101	22,379	107,495	SH		SOLE		107,495	0	0
ABB Ltd-Spon ADR	COM	000375204	3,811	153,052	SH		SOLE		153,052	0	0
AT&T Inc	COM	00206r102	7,575	200,769	SH		SOLE		200,769	0	0
AbbVie Inc	COM	00287y109	11,372	156,838	SH		SOLE		156,838	0	0
Abbott Laboratories	COM	002824100	10,296	211,815	SH		SOLE		211,815	0	0
Accenture PLC-Cl A	COM	g1151c101	4,410	35,657	SH		SOLE		35,657	0	0
Adobe Systems Inc	COM	00724f101	1,072	7,580	SH		SOLE		7,580	0	0
Aetna Inc	COM	00817Y108	927	6,106	SH		SOLE		6,106	0	0
Aflac Inc	COM	001055102	1,035	13,321	SH		SOLE		13,321	0	0
Agilent Technologies Inc	COM	00846u101	973	16,398	SH		SOLE		16,398	0	0
Air Products & Chemicals Inc	COM	009158106	7,102	49,642	SH		SOLE		49,642	0	0
Alaska Air Group	COM	011659109	259	2,889	SH		SOLE		2,889	0	0
Alibaba Group Holding-SP ADR	COM	01609w102	234	1,663	SH		SOLE		1,663	0	0
Allegion PLC	COM	g0176j109	231	2,848	SH		SOLE		2,848	0	0
Allergan plc (new)	COM	g0177j108	681	2,801	SH		SOLE		2,801	0	0
Allstate Corp	COM	020002101	511	5,780	SH		SOLE		5,780	0	0
Alphabet Inc-Cl A	COM	02079k305	8,608	9,259	SH		SOLE		9,259	0	0
Alphabet Inc-Cl C	COM	02079k107	5,617	6,181	SH		SOLE		6,181	0	0
Altaba Inc	COM	021346101	1,113	20,435	SH		SOLE		20,435	0	0
Altria Group Inc	COM	02209s103	11,987	160,963	SH		SOLE		160,963	0	0
Amarillo Gold Corp	COM	02301t108	4	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	5,213	5,385	SH		SOLE		5,385	0	0
American Electric Power	COM	025537101	511	7,360	SH		SOLE		7,360	0	0
American Express Co	COM	025816109	1,409	16,726	SH		SOLE		16,726	0	0
AmerisourceBergen Corp	COM	03073e105	279	2,950	SH		SOLE		2,950	0	0
Ametek Inc	COM	031100100	248	4,101	SH		SOLE		4,101	0	0
Amgen Inc	COM	031162100	2,630	15,273	SH		SOLE		15,273	0	0
Anthem Inc	COM	036752103	2,719	14,455	SH		SOLE		14,455	0	0
Aon PLC	COM	g0408v102	214	1,610	SH		SOLE		1,610	0	0
Apple Inc	COM	037833100	36,911	256,289	SH		SOLE		256,289	0	0
Archer Daniels Midland Co	COM	039483102	836	20,192	SH		SOLE		20,192	0	0
Ares Capital Corp	COM	04010l103	249	15,204	SH		SOLE		15,204	0	0
Automatic Data Processing	COM	053015103	18,808	183,565	SH		SOLE		183,565	0	0
BCE Inc	COM	05534b760	2,017	44,780	SH		SOLE		44,780	0	0
Bank Of Marin Bancorp CA	COM	063425102	730	11,867	SH		SOLE		11,867	0	0
Bank Of New York Mellon Corp	COM	064058100	241	4,714	SH		SOLE		4,714	0	0
Bank of America Corp	COM	060505104	7,932	326,967	SH		SOLE		326,967	0	0
Baxter International Inc.	COM	071813109	462	7,625	SH		SOLE		7,625	0	0
Becton Dickinson & Co	COM	075887109	3,241	16,610	SH		SOLE		16,610	0	0
Berkshire Hathaway Inc Cl B	COM	084670702	3,657	21,593	SH		SOLE		21,593	0	0
Biogen Inc	COM	09062x103	1,210	4,460	SH		SOLE		4,460	0	0
Blackrock Inc	COM	09247x101	289	683	SH		SOLE		683	0	0
Blackstone Group/The	COM	09253u108	899	26,963	SH		SOLE		26,963	0	0
Boeing Co	COM	097023105	2,661	13,455	SH		SOLE		13,455	0	0
Bristol-Myers Squibb Co	COM	110122108	16,442	295,090	SH		SOLE		295,090	0	0
Broadcom Ltd	COM	y09827109	273	1,170	SH		SOLE		1,170	0	0
Brown-Forman Corp Cl B	COM	115637209	361	7,427	SH		SOLE		7,427	0	0
CBS Corp Class B	COM	124857202	2,163	33,921	SH		SOLE		33,921	0	0
CR Bard Inc	COM	067383109	691	2,187	SH		SOLE		2,187	0	0
CSX Corp	COM	126408103	224	4,110	SH		SOLE		4,110	0	0
CVS Health Corp	COM	126650100	3,307	41,096	SH		SOLE		41,096	0	0
CalAtlantic Group	COM	128195104	919	26,000	SH		SOLE		26,000	0	0
Canadian Natl Railway Co	COM	136375102	267	3,290	SH		SOLE		3,290	0	0
CarMax Inc	COM	143130102	221	3,500	SH		SOLE		3,500	0	0
Caterpillar Inc	COM	149123101	3,317	30,871	SH		SOLE		30,871	0	0
Celgene Corp	COM	151020104	831	6,402	SH		SOLE		6,402	0	0
CenterPoint Energy Inc	COM	15189t107	1,936	70,722	SH		SOLE		70,722	0	0
Cerner Corp	COM	156782104	3,695	55,596	SH		SOLE		55,596	0	0
Cerus Corp	COM	157085101	25	10,000	SH		SOLE		10,000	0	0
Check Point Software Tech	COM	m22465104	1,377	12,621	SH		SOLE		12,621	0	0
Chevron Corp	COM	166764100	27,094	259,691	SH		SOLE		259,691	0	0
Chubb Ltd (new)	COM	h1467j104	2,864	19,699	SH		SOLE		19,699	0	0
Cigna Corp	COM	125509109	252	1,503	SH		SOLE		1,503	0	0
Cincinnati Financial Corp	COM	172062101	734	10,132	SH		SOLE		10,132	0	0
Cintas Corp	COM	172908105	532	4,219	SH		SOLE		4,219	0	0
Cisco Systems Inc	COM	17275R102	4,031	128,778	SH		SOLE		128,778	0	0
Citigroup Inc	COM	172967424	408	6,101	SH		SOLE		6,101	0	0
Citizens Financial Group	COM	174610105	428	12,009	SH		SOLE		12,009	0	0
Clorox Company	COM	189054109	14,750	110,702	SH		SOLE		110,702	0	0
Coca-Cola Co/The	COM	191216100	5,515	122,965	SH		SOLE		122,965	0	0
Colgate-Palmolive Co	COM	194162103	9,953	134,265	SH		SOLE		134,265	0	0
Comcast Corp-Cl A	COM	20030n101	10,821	278,037	SH		SOLE		278,037	0	0
Conagra Brands Inc	COM	205887102	1,064	29,746	SH		SOLE		29,746	0	0
ConocoPhillips	COM	20825C104	4,593	104,471	SH		SOLE		104,471	0	0
Consolidated Edison Inc	COM	209115104	782	9,672	SH		SOLE		9,672	0	0
Corning Inc	COM	219350105	212	7,039	SH		SOLE		7,039	0	0
Costco Wholesale Corp	COM	22160K105	18,880	118,050	SH		SOLE		118,050	0	0
Crown Castle Intl Corp	COM	22822v101	17,313	172,823	SH		SOLE		172,823	0	0
DISH Network Corp	COM	25470m109	364	5,799	SH		SOLE		5,799	0	0
DTE Energy Company	COM	233331107	238	2,247	SH		SOLE		2,247	0	0
Danaher Corp	COM	235851102	5,157	61,109	SH		SOLE		61,109	0	0
Deere & Co	COM	244199105	1,475	11,931	SH		SOLE		11,931	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	562	4,686	SH		SOLE		4,686	0	0
Dick's Sporting Goods Inc	COM	253393102	532	13,357	SH		SOLE		13,357	0	0
Disney Co./Walt The	COM	254687106	16,545	155,719	SH		SOLE		155,719	0	0
Dominion Resources Inc/Va	COM	25746u109	677	8,833	SH		SOLE		8,833	0	0
Dover Corp	COM	260003108	630	7,853	SH		SOLE		7,853	0	0
Dow Chemical	COM	260543103	592	9,385	SH		SOLE		9,385	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	629	6,903	SH		SOLE		6,903	0	0
Du Pont (E.I.) De Nemours	COM	263534109	8,237	102,055	SH		SOLE		102,055	0	0
Duke Energy Corp	COM	26441c204	653	7,817	SH		SOLE		7,817	0	0
ETFS Physical Precious Metals	COM	26922w109	243	3,940	SH		SOLE		3,940	0	0
Eaton Corp PLC	COM	g29183103	1,514	19,456	SH		SOLE		19,456	0	0
Ecolab Inc	COM	278865100	13,764	103,685	SH		SOLE		103,685	0	0
Edison International	COM	281020107	11,092	141,865	SH		SOLE		141,865	0	0
Electronic Arts Inc	COM	285512109	268	2,531	SH		SOLE		2,531	0	0
Eli Lilly & Co	COM	532457108	4,428	53,800	SH		SOLE		53,800	0	0
Emerson Electric Co	COM	291011104	1,984	33,281	SH		SOLE		33,281	0	0
Enbridge Inc	COM	29250n105	3,767	94,616	SH		SOLE		94,616	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	809	29,868	SH		SOLE		29,868	0	0
Equity Residential	COM	29476l107	210	3,185	SH		SOLE		3,185	0	0
Essex Property Trust Inc	COM	297178105	628	2,440	SH		SOLE		2,440	0	0
Eurasian Minerals Inc	COM	29843r100	50	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	370	6,094	SH		SOLE		6,094	0	0
Expedia Inc	COM	30212p303	256	1,716	SH		SOLE		1,716	0	0
Express Scripts Holding Co.	COM	30219g108	603	9,439	SH		SOLE		9,439	0	0
Exxon Mobil Corp	COM	30231G102	9,975	123,558	SH		SOLE		123,558	0	0
Facebook Inc	COM	30303m102	44,949	297,714	SH		SOLE		297,714	0	0
Fanhua Inc-Sponsored ADR	COM	30712a103	200	23,374	SH		SOLE		23,374	0	0
FedEx Corp	COM	31428x106	921	4,236	SH		SOLE		4,236	0	0
Fidelity Natl Finl	COM	31620r303	222	4,959	SH		SOLE		4,959	0	0
Finisar Corporation	COM	31787a507	260	10,000	SH		SOLE		10,000	0	0
First Republic Bank/San Franci	COM	33616C100	6,837	68,300	SH		SOLE		68,300	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	2,146	62,066	SH		SOLE		62,066	0	0
First Trust Mid Cap Value ETF	COM	33737m201	293	8,783	SH		SOLE		8,783	0	0
First Trust Morningstar Divide	COM	336917109	1,506	53,534	SH		SOLE		53,534	0	0
Ford Motor Co	COM	345370860	259	23,160	SH		SOLE		23,160	0	0
Fortinet Inc	COM	34959e109	374	9,990	SH		SOLE		9,990	0	0
Fortive Corp	COM	34959j108	238	3,763	SH		SOLE		3,763	0	0
Freeport McMoRan Inc-B	COM	35671d857	126	10,520	SH		SOLE		10,520	0	0
General Dynamics Corp	COM	369550108	3,366	16,991	SH		SOLE		16,991	0	0
General Electric Co	COM	369604103	19,346	716,240	SH		SOLE		716,240	0	0
General Mills Inc	COM	370334104	5,507	99,410	SH		SOLE		99,410	0	0
General Motors Co	COM	37045v100	266	7,605	SH		SOLE		7,605	0	0
Genuine Parts Co	COM	372460105	6,489	69,957	SH		SOLE		69,957	0	0
Gilead Sciences Inc	COM	375558103	665	9,389	SH		SOLE		9,389	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	292	6,780	SH		SOLE		6,780	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	462	9,596	SH		SOLE		9,596	0	0
Goldman Sachs Group Inc	COM	38141G104	662	2,985	SH		SOLE		2,985	0	0
Grainger (W.W.) Inc	COM	384802104	568	3,147	SH		SOLE		3,147	0	0
Great Plains Energy Inc	COM	391164100	1,141	38,975	SH		SOLE		38,975	0	0
Groupon Inc	COM	399473107	261	68,000	SH		SOLE		68,000	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	827	4,833	SH		SOLE		4,833	0	0
Guggenheim S&P Equal Weight	COM	78355w106	697	7,524	SH		SOLE		7,524	0	0
Guggenheim S&P Equal Weight En	COM	78355w866	389	7,368	SH		SOLE		7,368	0	0
Guggenheim S&P Equal Weight Fi	COM	78355w858	399	10,094	SH		SOLE		10,094	0	0
HCP Inc REIT	COM	40414l109	5,868	183,620	SH		SOLE		183,620	0	0
Home Depot Inc	COM	437076102	17,026	110,991	SH		SOLE		110,991	0	0
Honeywell International Inc	COM	438516106	5,899	44,254	SH		SOLE		44,254	0	0
Hormel Foods Corp	COM	440452100	793	23,256	SH		SOLE		23,256	0	0
Illinois Tool Works	COM	452308109	1,337	9,335	SH		SOLE		9,335	0	0
Ingersoll-Rand PLC	COM	g47791101	2,443	26,734	SH		SOLE		26,734	0	0
Intel Corp	COM	458140100	13,604	403,214	SH		SOLE		403,214	0	0
International Paper Co	COM	460146103	271	4,792	SH		SOLE		4,792	0	0
Intl Business Machines Corp	COM	459200101	3,708	24,102	SH		SOLE		24,102	0	0
Intl Flavors & Fragrances	COM	459506101	844	6,250	SH		SOLE		6,250	0	0
Ivanhoe Mines Ltd	COM	46579r104	778	241,500	SH		SOLE		241,500	0	0
JPMorgan Chase & Co	COM	46625H100	11,984	131,121	SH		SOLE		131,121	0	0
Jacobs Engineering Group Inc	COM	469814107	311	5,711	SH		SOLE		5,711	0	0
Johnson & Johnson	COM	478160104	35,110	265,403	SH		SOLE		265,403	0	0
Johnson Controls Intl PLC	COM	g51502105	408	9,408	SH		SOLE		9,408	0	0
Keysight Technologies Inc	COM	49338l103	295	7,584	SH		SOLE		7,584	0	0
Kimberly-Clark Corp	COM	494368103	18,968	146,915	SH		SOLE		146,915	0	0
Kinder Morgan Inc	COM	49456b101	3,569	186,262	SH		SOLE		186,262	0	0
Kraft Heinz Co/The	COM	500754106	2,924	34,140	SH		SOLE		34,140	0	0
L3 Technologies Inc	COM	502413107	435	2,601	SH		SOLE		2,601	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,267	14,705	SH		SOLE		14,705	0	0
Lam Research Corp	COM	512807108	318	2,248	SH		SOLE		2,248	0	0
Lamb Weston Holdings Inc	COM	513272104	364	8,263	SH		SOLE		8,263	0	0
Leggett & Platt Inc	COM	524660107	699	13,308	SH		SOLE		13,308	0	0
Li & Fung Ltd	COM	g5485f169	4	10,000	SH		SOLE		10,000	0	0
Liberty Global PLC-A	COM	g5480u104	374	11,632	SH		SOLE		11,632	0	0
Lockheed Martin Corp	COM	539830109	5,236	18,861	SH		SOLE		18,861	0	0
Lowe's Cos Inc	COM	548661107	4,027	51,942	SH		SOLE		51,942	0	0
Lululemon Athletica Inc	COM	550021109	463	7,760	SH		SOLE		7,760	0	0
Marathon Petroleum Corp	COM	56585a102	348	6,644	SH		SOLE		6,644	0	0
Marriott International-Cl A	COM	571903202	3,842	38,305	SH		SOLE		38,305	0	0
Masimo Corporation	COM	574795100	220	2,415	SH		SOLE		2,415	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,395	24,563	SH		SOLE		24,563	0	0
McDonald's Corp	COM	580135101	14,999	97,931	SH		SOLE		97,931	0	0
McKesson Corp	COM	58155q103	1,077	6,547	SH		SOLE		6,547	0	0
Medical Properties Trust Inc	COM	58463j304	218	16,919	SH		SOLE		16,919	0	0
Medtronic PLC	COM	g5960l103	7,276	81,988	SH		SOLE		81,988	0	0
Merck & Co. Inc.	COM	58933y105	8,930	139,338	SH		SOLE		139,338	0	0
Microsoft Corp	COM	594918104	23,830	345,719	SH		SOLE		345,719	0	0
Molina Healthcare Inc	COM	60855r100	386	5,578	SH		SOLE		5,578	0	0
Molson Coors Brewing Co -B	COM	60871r209	438	5,071	SH		SOLE		5,071	0	0
Mondelez International	COM	609207105	2,145	49,669	SH		SOLE		49,669	0	0
Morgan Stanley	COM	617446448	3,301	74,076	SH		SOLE		74,076	0	0
NVIDIA Corp	COM	67066g104	448	3,100	SH		SOLE		3,100	0	0
NXP Semi ..Submitted for Tende	COM	053329578	905	8,270	SH		SOLE		8,270	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	4,069	46,666	SH		SOLE		46,666	0	0
NextEra Energy Inc	COM	65339f101	15,664	111,784	SH		SOLE		111,784	0	0
Nike Inc -Cl B	COM	654106103	10,512	178,169	SH		SOLE		178,169	0	0
Nordstrom Inc	COM	655664100	280	5,851	SH		SOLE		5,851	0	0
Norfolk Southern Corp	COM	655844108	471	3,870	SH		SOLE		3,870	0	0
Novartis Ag-ADR	COM	66987v109	2,827	33,868	SH		SOLE		33,868	0	0
Nucor Corp	COM	670346105	450	7,774	SH		SOLE		7,774	0	0
Occidental Petroleum Corp	COM	674599105	4,763	79,550	SH		SOLE		79,550	0	0
Oracle Corp	COM	68389x105	4,413	88,015	SH		SOLE		88,015	0	0
P G & E Corp	COM	69331c108	732	11,028	SH		SOLE		11,028	0	0
Paccar Inc	COM	693718108	1,262	19,115	SH		SOLE		19,115	0	0
Parker-Hannifin Corp	COM	701094104	310	1,938	SH		SOLE		1,938	0	0
Pentair PLC	COM	g7s00t104	631	9,486	SH		SOLE		9,486	0	0
PepsiCo Inc	COM	713448108	9,678	83,798	SH		SOLE		83,798	0	0
Pfizer Inc	COM	717081103	9,154	272,513	SH		SOLE		272,513	0	0
Philip Morris International	COM	718172109	3,067	26,110	SH		SOLE		26,110	0	0
Phillips 66	COM	718546104	254	3,069	SH		SOLE		3,069	0	0
Piedmont Office Realty Trust	COM	720190206	401	19,000	SH		SOLE		19,000	0	0
Plains GP Holdings LP	COM	72651a207	262	10,000	SH		SOLE		10,000	0	0
PowerShares Buyback Achievers	COM	73935x286	270	5,026	SH		SOLE		5,026	0	0
PowerShares Preferred Portfoli	COM	73936t565	13,478	891,998	SH		SOLE		891,998	0	0
Powershares KBW Regional Bank	COM	73937b712	1,204	22,405	SH		SOLE		22,405	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	4,322	31,399	SH		SOLE		31,399	0	0
Praxair Inc	COM	74005p104	2,679	20,210	SH		SOLE		20,210	0	0
Preferred Apartment Communitie	COM	74039l103	4,568	290,000	SH		SOLE		290,000	0	0
ProLogis Inc	COM	74340w103	657	11,204	SH		SOLE		11,204	0	0
Procter & Gamble Co	COM	742718109	26,644	305,725	SH		SOLE		305,725	0	0
Public Service Enterprise Grou	COM	744573106	2,737	63,646	SH		SOLE		63,646	0	0
Public Storage Inc	COM	74460d109	405	1,940	SH		SOLE		1,940	0	0
Qualcomm Inc	COM	747525103	463	8,391	SH		SOLE		8,391	0	0
Quest Diagnostics	COM	74834l100	314	2,825	SH		SOLE		2,825	0	0
Raytheon Company	COM	755111507	3,660	22,664	SH		SOLE		22,664	0	0
Realty Income Corp	COM	756109104	11,261	204,080	SH		SOLE		204,080	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	554	1,127	SH		SOLE		1,127	0	0
Retail Properties of America	COM	76131v202	304	24,893	SH		SOLE		24,893	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	3,844	120,868	SH		SOLE		120,868	0	0
Rockwell Automation Inc	COM	773903109	220	1,360	SH		SOLE		1,360	0	0
Rockwell Collins Inc.	COM	774341101	772	7,350	SH		SOLE		7,350	0	0
Roper Technologies Inc	COM	776696106	266	1,149	SH		SOLE		1,149	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	460	8,655	SH		SOLE		8,655	0	0
S&P Global Inc	COM	78409v104	1,247	8,539	SH		SOLE		8,539	0	0
SAP SE-Sponsored ADR	COM	803054204	802	7,665	SH		SOLE		7,665	0	0
SPDR Consumer Discretionary Se	COM	81369y407	12,696	141,652	SH		SOLE		141,652	0	0
SPDR Consumer Staples Select S	COM	81369y308	6,937	126,268	SH		SOLE		126,268	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,145	5,371	SH		SOLE		5,371	0	0
SPDR Energy Select Sector	COM	81369y506	14,717	226,687	SH		SOLE		226,687	0	0
SPDR Financial Select Sector	COM	81369y605	11,145	451,754	SH		SOLE		451,754	0	0
SPDR Gold Trust	COM	78463v107	1,549	13,128	SH		SOLE		13,128	0	0
SPDR Health Care Select Sector	COM	81369y209	11,658	147,119	SH		SOLE		147,119	0	0
SPDR Industrial Select Sector	COM	81369y704	9,092	133,490	SH		SOLE		133,490	0	0
SPDR Materials Select Sector	COM	81369y100	3,076	57,168	SH		SOLE		57,168	0	0
SPDR Morgan Stanley Technology	COM	78464a102	1,066	14,621	SH		SOLE		14,621	0	0
SPDR Real Estate Sector	COM	81369y860	1,870	58,066	SH		SOLE		58,066	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	7,904	32,688	SH		SOLE		32,688	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	381	5,416	SH		SOLE		5,416	0	0
SPDR S&P Biotech ETF	COM	78464a870	736	9,541	SH		SOLE		9,541	0	0
SPDR S&P Dividend	COM	78464a763	12,593	141,667	SH		SOLE		141,667	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	11,136	35,061	SH		SOLE		35,061	0	0
SPDR S&P Regional Banking	COM	78464a698	2,253	41,005	SH		SOLE		41,005	0	0
SPDR Technology Select Sector	COM	81369y803	23,567	430,692	SH		SOLE		430,692	0	0
SPDR Utilities Select Sector	COM	81369y886	2,750	52,920	SH		SOLE		52,920	0	0
SVB Financial Group	COM	78486q101	4,212	23,959	SH		SOLE		23,959	0	0
Salesforce.Com Inc	COM	79466l302	1,734	20,024	SH		SOLE		20,024	0	0
Scana Corp	COM	80589m102	826	12,324	SH		SOLE		12,324	0	0
Schlumberger Ltd	COM	806857108	504	7,648	SH		SOLE		7,648	0	0
Schwab (Charles) Corp	COM	808513105	861	20,035	SH		SOLE		20,035	0	0
Schwab Intl Equity ETF	COM	808524805	251	7,904	SH		SOLE		7,904	0	0
Schwab US Broad Market ETF	COM	808524102	1,898	32,474	SH		SOLE		32,474	0	0
Schwab US Dividend Equity ETF	COM	808524797	7,634	169,262	SH		SOLE		169,262	0	0
Schwab US Large-Cap ETF	COM	808524201	2,053	35,540	SH		SOLE		35,540	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,443	29,966	SH		SOLE		29,966	0	0
Semiconductor ETF VanEck Vecto	COM	92189f676	558	6,812	SH		SOLE		6,812	0	0
Sempra Energy	COM	816851109	3,644	32,322	SH		SOLE		32,322	0	0
Sherwin Williams Co	COM	824348106	812	2,313	SH		SOLE		2,313	0	0
Siemens Ag-Spons ADR	COM	826197501	275	3,974	SH		SOLE		3,974	0	0
Silvercorp Metals Inc	COM	82835p103	32	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	251	1,552	SH		SOLE		1,552	0	0
Southern Co	COM	842587107	1,310	27,366	SH		SOLE		27,366	0	0
Southwest Airlines	COM	844741108	369	5,935	SH		SOLE		5,935	0	0
Spectral Medical Inc	COM	847577103	8	25,000	SH		SOLE		25,000	0	0
Sprott Resource Holdings Inc	COM	85209d101	166	1,371,927	SH		SOLE		1,371,927	0	0
Stanley Black & Decker Inc	COM	854502101	6,942	49,326	SH		SOLE		49,326	0	0
Starbucks Corp	COM	855244109	7,871	134,979	SH		SOLE		134,979	0	0
State Street Corp	COM	857477103	334	3,725	SH		SOLE		3,725	0	0
Stryker Corp	COM	863667101	210	1,515	SH		SOLE		1,515	0	0
Sysco Corp	COM	871829107	791	15,716	SH		SOLE		15,716	0	0
TJX Companies Inc	COM	872540109	478	6,620	SH		SOLE		6,620	0	0
Target Corp	COM	87612e106	671	12,824	SH		SOLE		12,824	0	0
Tesla Inc	COM	88160r101	1,286	3,555	SH		SOLE		3,555	0	0
Texas Instruments Inc	COM	882508104	456	5,926	SH		SOLE		5,926	0	0
Thermo Fisher Scientific Inc	COM	883556102	295	1,688	SH		SOLE		1,688	0	0
Time Warner Inc	COM	887317303	2,958	29,454	SH		SOLE		29,454	0	0
Toronto Dominion Bank	COM	891160509	4,547	90,251	SH		SOLE		90,251	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,677	15,970	SH		SOLE		15,970	0	0
Travelers Cos Inc/The	COM	89417e109	3,459	27,339	SH		SOLE		27,339	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
U S Bancorp	COM	902973304	5,033	96,946	SH		SOLE		96,946	0	0
UDR Inc	COM	902653104	276	7,080	SH		SOLE		7,080	0	0
Unilever N V -NY Shares	COM	904784709	4,887	88,426	SH		SOLE		88,426	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,916	35,403	SH		SOLE		35,403	0	0
Union Pacific Corp	COM	907818108	2,022	18,563	SH		SOLE		18,563	0	0
United Parcel Service-Cl B	COM	911312106	9,423	85,207	SH		SOLE		85,207	0	0
United Technologies Corp	COM	913017109	3,475	28,455	SH		SOLE		28,455	0	0
UnitedHealth Group Inc	COM	91324P102	1,971	10,632	SH		SOLE		10,632	0	0
Valero Energy Corp	COM	91913Y100	274	4,061	SH		SOLE		4,061	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	366	6,193	SH		SOLE		6,193	0	0
Vanguard Consumer Discretionar	COM	92204a108	543	3,824	SH		SOLE		3,824	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	301	2,135	SH		SOLE		2,135	0	0
Vanguard Developed Mkts	COM	921943858	1,382	33,455	SH		SOLE		33,455	0	0
Vanguard Dividend Appreciation	COM	921908844	802	8,650	SH		SOLE		8,650	0	0
Vanguard Emerging Mkts	COM	922042858	694	16,991	SH		SOLE		16,991	0	0
Vanguard European Vipers	COM	922042874	537	9,743	SH		SOLE		9,743	0	0
Vanguard Health Care Vipers	COM	92204a504	214	1,450	SH		SOLE		1,450	0	0
Vanguard High Div Yield	COM	921946406	3,189	40,795	SH		SOLE		40,795	0	0
Vanguard Info Tech Vipers	COM	92204a702	709	5,036	SH		SOLE		5,036	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	253	2,275	SH		SOLE		2,275	0	0
Vanguard Mid-Cap	COM	922908629	2,932	20,574	SH		SOLE		20,574	0	0
Vanguard REIT	COM	922908553	449	5,394	SH		SOLE		5,394	0	0
Vanguard Small-Cap Vipers	COM	922908751	2,203	16,255	SH		SOLE		16,255	0	0
Vanguard Total Stock Market	COM	922908769	17,016	136,732	SH		SOLE		136,732	0	0
Varian Medical Systems Inc	COM	92220P105	2,416	23,413	SH		SOLE		23,413	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	733	8,690	SH		SOLE		8,690	0	0
Verizon Communications Inc	COM	92343v104	26,224	587,200	SH		SOLE		587,200	0	0
Visa Inc-Class A Shares	COM	92826c839	3,054	32,570	SH		SOLE		32,570	0	0
Vornado Realty Trust	COM	929042109	6,898	73,459	SH		SOLE		73,459	0	0
WEC Energy Group Inc	COM	92939u106	5,336	86,934	SH		SOLE		86,934	0	0
Wal-Mart Stores Inc	COM	931142103	1,502	19,853	SH		SOLE		19,853	0	0
Walgreens Boots Alliance Inc	COM	931427108	12,743	162,724	SH		SOLE		162,724	0	0
Waste Management Inc	COM	94106l109	15,240	207,771	SH		SOLE		207,771	0	0
Wells Fargo & Company	COM	949746101	35,567	641,888	SH		SOLE		641,888	0	0
Westamerica Bancorportaion	COM	957090103	639	11,399	SH		SOLE		11,399	0	0
Western Digital Corp	COM	958102105	584	6,586	SH		SOLE		6,586	0	0
Weyerhaeuser Co	COM	962166104	588	17,561	SH		SOLE		17,561	0	0
Whirlpool Corp	COM	963320106	2,537	13,237	SH		SOLE		13,237	0	0
White Mountains Insurance Grou	COM	g9618e107	650	748	SH		SOLE		748	0	0
Williams Cos Inc	COM	969457100	3,645	120,391	SH		SOLE		120,391	0	0
Williams-Sonoma Inc	COM	969904101	5,232	107,870	SH		SOLE		107,870	0	0
WisdomTree MidCap Div Index	COM	97717w505	215	2,204	SH		SOLE		2,204	0	0
Xcel Energy Inc	COM	98389b100	251	5,461	SH		SOLE		5,461	0	0
Yum! Brands Inc	COM	988498101	314	4,258	SH		SOLE		4,258	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	3,236	25,199	SH		SOLE		25,199	0	0
iShares Core Dividend Growth	COM	46434v621	1,029	32,853	SH		SOLE		32,853	0	0
iShares Core US Value	COM	464287663	235	4,608	SH		SOLE		4,608	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,676	83,246	SH		SOLE		83,246	0	0
iShares DJ US Energy Sector	COM	464287796	934	26,323	SH		SOLE		26,323	0	0
iShares DJ US Financial Sect	COM	464287788	1,253	11,652	SH		SOLE		11,652	0	0
iShares DJ US Health Car Pro	COM	464288828	305	2,055	SH		SOLE		2,055	0	0
iShares DJ US Medical Device	COM	464288810	324	1,945	SH		SOLE		1,945	0	0
iShares DJ US Telecommunicatio	COM	464287713	1,385	42,919	SH		SOLE		42,919	0	0
iShares DJ US Transport Index	COM	464287192	1,716	9,975	SH		SOLE		9,975	0	0
iShares Goldman Sachs Tech I	COM	464287721	323	2,310	SH		SOLE		2,310	0	0
iShares MSCI EAFE Index	COM	464287465	885	13,576	SH		SOLE		13,576	0	0
iShares MSCI Emerging Markets	COM	464287234	308	7,435	SH		SOLE		7,435	0	0
iShares MSCI USA Quality Facto	COM	46432f339	1,004	13,495	SH		SOLE		13,495	0	0
iShares Nasdaq Biotech Index F	COM	464287556	6,404	20,652	SH		SOLE		20,652	0	0
iShares Russell 1000 Growth	COM	464287614	797	6,696	SH		SOLE		6,696	0	0
iShares Russell 1000 Value	COM	464287598	219	1,882	SH		SOLE		1,882	0	0
iShares Russell 2000 Index Fun	COM	464287655	512	3,636	SH		SOLE		3,636	0	0
iShares Russell Midcap Growth	COM	464287481	228	2,110	SH		SOLE		2,110	0	0
iShares Russell Midcap Value	COM	464287473	200	2,380	SH		SOLE		2,380	0	0
iShares S&P 100 Index Fund	COM	464287101	1,862	17,417	SH		SOLE		17,417	0	0
iShares S&P 500 Index Fund	COM	464287200	4,367	17,941	SH		SOLE		17,941	0	0
iShares S&P 500 Value Index Fu	COM	464287408	210	2,000	SH		SOLE		2,000	0	0
iShares S&P Europe 350	COM	464287861	557	12,565	SH		SOLE		12,565	0	0
iShares S&P Global 100	COM	464287572	695	8,246	SH		SOLE		8,246	0	0
iShares S&P Midcap 400	COM	464287507	1,619	9,307	SH		SOLE		9,307	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	493	7,026	SH		SOLE		7,026	0	0
iShares S&P US Preferred Stock	COM	464288687	8,558	218,488	SH		SOLE		218,488	0	0
AEGON 8.00. 2042 Notes Call 08	PFD	007924608	2,363	91,181	SH		SOLE		91,181	0	0
AGNC Investment Corp 7.75. Per	PFD	00123q302	885	33,884	SH		SOLE		33,884	0	0
AGNC Investment Corp 8.0. Perp	PFD	02503x204	1,014	39,466	SH		SOLE		39,466	0	0
AON Cap 8.205. 1/27 Non-Call B	PFD	22532r101	2,128	65,544	SH		SOLE		65,544	0	0
Affiliated Mgrs 6.375. A- Call	PFD	008252876	345	13,600	SH		SOLE		13,600	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	297	10,990	SH		SOLE		10,990	0	0
Allied Capital ARCC6.875. 4/20	PFD	01903q207	252	9,798	SH		SOLE		9,798	0	0
Ally 8.125. Call CUM Called 5/	PFD	361860208	204	7,800	SH		SOLE		7,800	0	0
American Homes 4Rent 6.50. Per	PFD	02665t702	347	13,399	SH		SOLE		13,399	0	0
Amtrust Financial 6.95. QDI Ca	PFD	032359820	396	16,772	SH		SOLE		16,772	0	0
Amtrust Financial 7.25. CUM QD	PFD	032359507	312	12,803	SH		SOLE		12,803	0	0
Amtrust Financial 7.25. SrNt C	PFD	032359861	305	12,200	SH		SOLE		12,200	0	0
Amtrust Financial 7.5. QDI Cal	PFD	032359887	2,763	111,645	SH		SOLE		111,645	0	0
Amtrust Financial 7.50.Nts 205	PFD	032359853	521	20,490	SH		SOLE		20,490	0	0
Amtrust Financial 7.625.CUM QD	PFD	032359705	3,649	146,137	SH		SOLE		146,137	0	0
Amtrust Financial 7.75. QDI Ca	PFD	032359846	2,210	87,086	SH		SOLE		87,086	0	0
Annaly Capital 7.625. CUM Cl 8	PFD	035710888	1,324	51,791	SH		SOLE		51,791	0	0
Annaly Capital 7.625. Perp Cl	PFD	035710706	322	12,474	SH		SOLE		12,474	0	0
Apollo Cmmrl Real Est 8.00. CU	PFD	03762u501	387	15,232	SH		SOLE		15,232	0	0
Arbor Realty 8.50. CUM Perp Ca	PFD	038923801	281	10,857	SH		SOLE		10,857	0	0
Arch Capital 6.75. BBB QDI Cl	PFD	g0450a204	724	28,226	SH		SOLE		28,226	0	0
Ares Management 7. Call 6/21 B	PFD	04014y200	460	17,252	SH		SOLE		17,252	0	0
Argo Group 6.5. Sr Notes Call	PFD	040130205	1,892	74,789	SH		SOLE		74,789	0	0
Ashford Hospitality 7.375. NR	PFD	044103604	1,541	61,641	SH		SOLE		61,641	0	0
Aspen Insurance 7.25. BBB QDI	PFD	g05384147	6,959	278,342	SH		SOLE		278,342	0	0
B Riley Financial 7.50. SenNts	PFD	05580m207	426	16,370	SH		SOLE		16,370	0	0
B Riley Financial 7.50. SnNts	PFD	05580m306	2,370	92,000	SH		SOLE		92,000	0	0
BB&T Capital 5.625. Call 8/201	PFD	054937404	202	7,951	SH		SOLE		7,951	0	0
BGC Partners 8.125. 2042 Call	PFD	05541t408	4,284	167,119	SH		SOLE		167,119	0	0
BancOfCalifornia 7.00. Cal2021	PFD	05990k874	1,748	64,999	SH		SOLE		64,999	0	0
BancOfCalifornia 7.375. Ca2020	PFD	05990k882	6,954	261,423	SH		SOLE		261,423	0	0
BancOfCalifornia 8.00. Cal2018	PFD	05990k403	2,864	106,801	SH		SOLE		106,801	0	0
Bank of America $1000pv 7.25.	PFD	060505682	4,241	3,360	SH		SOLE		3,360	0	0
Bank of America 6.5. Prp Cl 1/	PFD	060505310	495	18,395	SH		SOLE		18,395	0	0
Bank of America 6.625. Prp/Cl	PFD	060505344	2,947	108,913	SH		SOLE		108,913	0	0
Bank of America 6.625.Prp Cl 1	PFD	060505740	649	25,092	SH		SOLE		25,092	0	0
Barclays 8.125. Perp/Cl 3/14 B	PFD	06739h362	391	14,700	SH		SOLE		14,700	0	0
BlueRock Residential Growth 7.	PFD	09627j748	1,261	47,961	SH		SOLE		47,961	0	0
BlueRock Residential Growth 8.	PFD	09627j508	2,190	82,582	SH		SOLE		82,582	0	0
Boston Private Finl 6.95.Perp	PFD	101119303	763	29,396	SH		SOLE		29,396	0	0
CBL & Associates 6.625. Perp C	PFD	124830803	402	17,304	SH		SOLE		17,304	0	0
CBL&Assoc Properties 7.375.CUM	PFD	124830605	349	15,008	SH		SOLE		15,008	0	0
CHS Chemical 7.50. Cl 1/2025 C	PFD	12542r803	7,468	258,494	SH		SOLE		258,494	0	0
CHS Chemicals 6.75. Perp cl 20	PFD	12542r704	366	12,929	SH		SOLE		12,929	0	0
CHS Chemicals 7.875. Perp cl 2	PFD	12542r308	412	14,247	SH		SOLE		14,247	0	0
Capital One Finl 6.7.Prp Call	PFD	14040h709	1,532	55,860	SH		SOLE		55,860	0	0
CenturyLink Quest 7.0.SnNts Cl	PFD	74913g501	2,852	112,694	SH		SOLE		112,694	0	0
Chesapeake Lodging 7.75.CUM Ca	PFD	165240201	4,593	183,864	SH		SOLE		183,864	0	0
Chimera Investment Corp 8. Cal	PFD	16934q406	513	20,052	SH		SOLE		20,052	0	0
Citigroup 5.8. B1 Call 4/18 QD	PFD	172967366	207	7,956	SH		SOLE		7,956	0	0
Citigroup 7.125. Flt Aftr 9/23	PFD	172967358	8,294	277,388	SH		SOLE		277,388	0	0
Citigroup Tst 7.875. Cl2015 Li	PFD	173080201	926	35,645	SH		SOLE		35,645	0	0
City Office REIT 6.625. CUM Ca	PFD	178587200	696	27,537	SH		SOLE		27,537	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w880	2,215	86,005	SH		SOLE		86,005	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w872	463	18,125	SH		SOLE		18,125	0	0
Colony NorthStar 7.50. CUM Cal	PFD	19625w807	2,821	107,032	SH		SOLE		107,032	0	0
Colony NorthStar 8.25. CUM Cal	PFD	19625w302	360	14,118	SH		SOLE		14,118	0	0
Colony NorthStar 8.50. CUM Cal	PFD	19625w500	861	32,663	SH		SOLE		32,663	0	0
Colony NorthStar 8.75. CUM Cal	PFD	19625w609	474	17,543	SH		SOLE		17,543	0	0
Colony Northstar 8.875. CUM Ca	PFD	19625w401	443	17,159	SH		SOLE		17,159	0	0
CoreEnergy 7.375. Pfd - Par Ca	PFD	21870u304	1,422	56,829	SH		SOLE		56,829	0	0
Cowen 8.25. Senior Notes Call1	PFD	223622309	1,480	55,427	SH		SOLE		55,427	0	0
Deutsche Bank 8.05. PrpCl6/18	PFD	25150l108	250	9,405	SH		SOLE		9,405	0	0
Deutsche Bnk 7.6. Prp Cl 2/18	PFD	25154a108	415	15,855	SH		SOLE		15,855	0	0
Digital Realty 7.375. Perp CUM	PFD	253868871	2,175	79,288	SH		SOLE		79,288	0	0
Discover Financial 6.50.Perp Q	PFD	254709207	1,949	75,595	SH		SOLE		75,595	0	0
Dynagas LNG 9.0. QDI CUM cl 2	PFD	Y2188b116	1,334	50,547	SH		SOLE		50,547	0	0
EBAY 6.00. Sr Notes Call 3/1/2	PFD	278642202	583	21,300	SH		SOLE		21,300	0	0
EaglePoint Credit 7.75. Due 10	PFD	269809307	241	9,300	SH		SOLE		9,300	0	0
EaglePoint Credit 7.75.2022 CU	PFD	269809109	778	30,196	SH		SOLE		30,196	0	0
Endurance Specialty 6.35. Cl 1	PFD	29267h406	265	9,900	SH		SOLE		9,900	0	0
Felcor Lodging $1.95 Cnv@$32.2	PFD	31430f200	331	11,849	SH		SOLE		11,849	0	0
First Republic 7.0. Cl 12/18 B	PFD	33616c860	4,791	178,443	SH		SOLE		178,443	0	0
GGP Inc 6.375. Call 2/2018 CUM	PFD	370023202	377	14,800	SH		SOLE		14,800	0	0
GasLog LP 8.625.fxd/flt Cum Q	PFD	y2637w116	657	25,700	SH		SOLE		25,700	0	0
GasLog Ltd 8.75. Ser A CUM QDI	PFD	g37585117	1,465	56,811	SH		SOLE		56,811	0	0
Gladstone Commercial 7.00. CUM	PFD	376536603	5,078	194,918	SH		SOLE		194,918	0	0
Gladstone Investment 6.25. CUM	PFD	376546503	652	25,550	SH		SOLE		25,550	0	0
Global Indemnity SnNts7.875. C	PFD	g3933f139	846	33,325	SH		SOLE		33,325	0	0
Global Indemnity SrNts7.75. Ca	PFD	g3933f121	1,983	77,147	SH		SOLE		77,147	0	0
Goldman 5.5. Flt Aftr 5/23 Cl	PFD	38145g308	2,001	71,090	SH		SOLE		71,090	0	0
GoldmanSachs Lib.75 Min3.75. C	PFD	38143y665	650	26,993	SH		SOLE		26,993	0	0
HSBC Hldgs 8.0. Prp Cl 12/15 B	PFD	404280802	2,527	94,260	SH		SOLE		94,260	0	0
Hanover Insurance6.35. Cl3/18	PFD	410867204	1,278	49,431	SH		SOLE		49,431	0	0
Hartford Finl 7.875. 2042 call	PFD	416518504	1,272	41,359	SH		SOLE		41,359	0	0
Hercules Capital 6.25.SrNts 24	PFD	427096862	227	8,900	SH		SOLE		8,900	0	0
Hersha Hospitality 6.50. NR Ca	PFD	427825609	494	19,554	SH		SOLE		19,554	0	0
IberiaBank Corp 6.60. Call 5/1	PFD	450828504	862	31,137	SH		SOLE		31,137	0	0
Investors REIT 7.95. Perp CUM	PFD	461730301	1,460	58,097	SH		SOLE		58,097	0	0
JMP Group 8.00. SrDeb Due1/202	PFD	46629u206	414	16,264	SH		SOLE		16,264	0	0
JPMorgan Chase 6.70.Perp/Call	PFD	48127a161	1,732	64,198	SH		SOLE		64,198	0	0
Just Energy 8.50.Perp Call3/20	PFD	48213w200	963	38,180	SH		SOLE		38,180	0	0
LaSalle Hotel 6.3. Call 5/2021	PFD	517942884	269	10,609	SH		SOLE		10,609	0	0
LaSalle Hotel 6.375. Call 3/20	PFD	517942801	244	9,664	SH		SOLE		9,664	0	0
M&T Bank 6.375. Cl 11/18 BBB-	PFD	55261f708	503	484	SH		SOLE		484	0	0
MFA Financial 7.5. Prp Cl 4/15	PFD	55272x409	229	9,026	SH		SOLE		9,026	0	0
Maiden Holdings 6.70.Prp Cl 6/	PFD	g5753u146	253	10,000	SH		SOLE		10,000	0	0
Maiden Holdings 7.125.PrpCl 12	PFD	g5753u138	780	29,450	SH		SOLE		29,450	0	0
Maiden Holdings 8.25.Prp Cl8/2	PFD	g5753u120	1,820	71,537	SH		SOLE		71,537	0	0
Medley Capital7.25.SrNts Due24	PFD	58503y204	390	15,550	SH		SOLE		15,550	0	0
Medley Capitl 6.875.Notes Due2	PFD	58503y105	297	12,300	SH		SOLE		12,300	0	0
MetLife 3MoLibor.100 Min 4.0.	PFD	59156r504	219	8,666	SH		SOLE		8,666	0	0
Morgan Stanley 3MoLib.70bp 4.F	PFD	61747s504	541	22,884	SH		SOLE		22,884	0	0
Morgan Stanley 7.125.Flt Aftr1	PFD	61762v200	5,195	175,282	SH		SOLE		175,282	0	0
National General 7.5. NA Cl Q	PFD	636220857	5,364	207,901	SH		SOLE		207,901	0	0
National General 7.50.Call4/20	PFD	636220808	3,385	130,816	SH		SOLE		130,816	0	0
National General 7.625. Call9/	PFD	636220873	1,919	74,859	SH		SOLE		74,859	0	0
National General7.50.Call 7/20	PFD	636220709	2,711	104,257	SH		SOLE		104,257	0	0
New York MtgTrust 7.875.Perp C	PFD	649604808	306	12,316	SH		SOLE		12,316	0	0
NewTek Business Svs 7.0.Nts du	PFD	652526401	246	9,640	SH		SOLE		9,640	0	0
NewTek Business Svs 7.50. Nts	PFD	652526302	532	20,111	SH		SOLE		20,111	0	0
News Corp 7.00. 12/1/2095 call	PFD	863117206	218	8,503	SH		SOLE		8,503	0	0
NuStar Logistics 7.625.Nts Cl	PFD	67059t204	1,400	54,775	SH		SOLE		54,775	0	0
Oxford Lane Cap6.75. Nts 6/202	PFD	691543508	882	35,400	SH		SOLE		35,400	0	0
Oxford Lane Cap8.125. Called 7	PFD	691543409	201	8,013	SH		SOLE		8,013	0	0
PS Business Parks 6.0. Cl 5/20	PFD	69360j685	249	9,874	SH		SOLE		9,874	0	0
Partner Re 6.50.Perp Cal 4/202	PFD	g68603136	728	26,750	SH		SOLE		26,750	0	0
Partner Re 7.25. Call 06/21 BB	PFD	g68603144	7,263	250,433	SH		SOLE		250,433	0	0
Penn Real Estate 8.25. CIM Per	PFD	709102404	248	9,784	SH		SOLE		9,784	0	0
Penn RealEstate 7.20.CUM Perp	PFD	709102602	356	13,268	SH		SOLE		13,268	0	0
Penn RealEstate 7.375.CUM Perp	PFD	709102503	568	22,296	SH		SOLE		22,296	0	0
PennyMac Mtg 8.125. 2024 Libor	PFD	70931t301	348	13,759	SH		SOLE		13,759	0	0
Pitney Bowes 6.7. Cl 3/7/18 BB	PFD	724479506	334	12,500	SH		SOLE		12,500	0	0
Prospect Captl 6.25. 6/24 SrNt	PFD	74348t300	1,696	65,056	SH		SOLE		65,056	0	0
Prudential PLC 6.75. PrpCl 9/0	PFD	g7293h114	520	19,602	SH		SOLE		19,602	0	0
Quest USWest 7.0. SrNts 2056 2	PFD	74913g808	3,563	134,293	SH		SOLE		134,293	0	0
Quest USWest SnNotes 7.0. 2052	PFD	74913G402	1,275	50,100	SH		SOLE		50,100	0	0
Quest USWest Sr Nts6.125.Nts C	PFD	74913g600	217	8,670	SH		SOLE		8,670	0	0
Quest USWestSnNote7.5. BBB- Cl	PFD	74913g303	1,259	49,603	SH		SOLE		49,603	0	0
Quest USWestSnNotes 6.875. CL	PFD	74913g105	3,231	126,050	SH		SOLE		126,050	0	0
Qwest Corp 6.5. Sr Note 9/56 C	PFD	74913g881	2,537	101,580	SH		SOLE		101,580	0	0
Qwest Corp 6.75. SrNote 6/57 C	PFD	74913g873	663	26,150	SH		SOLE		26,150	0	0
Regency Centers 6.00. BBB- Cal	PFD	758849806	421	16,706	SH		SOLE		16,706	0	0
Regions Financial 6.375. Cl 12	PFD	7591ep308	397	15,450	SH		SOLE		15,450	0	0
Reinsurance Group of Amer 6.2.	PFD	759351703	367	12,300	SH		SOLE		12,300	0	0
Retail Properties of Amer 7.0.	PFD	76131v608	394	15,400	SH		SOLE		15,400	0	0
SL Green Realty 6.5. Perp CUM	PFD	78440x507	1,773	70,397	SH		SOLE		70,397	0	0
SoCalEd 5.375. CUM cl 2025 QDI	PFD	78409g206	794	28,111	SH		SOLE		28,111	0	0
Solar Capital 6.75. Cl 11/17	PFD	83413u308	478	18,673	SH		SOLE		18,673	0	0
Sotherly Hotels 8. Cum Perp C	PFD	83600c301	2,643	104,471	SH		SOLE		104,471	0	0
Spark Energy 8.75. Call 2022 Q	PFD	846511202	234	8,850	SH		SOLE		8,850	0	0
Summit Hotel 7.875. Perp CUM C	PFD	866082308	2,902	112,295	SH		SOLE		112,295	0	0
Summit Hotel7.125.Perp CUM Cal	PFD	866082407	964	37,239	SH		SOLE		37,239	0	0
Sunstone Hotel 6.95. Prp/Cl 3/	PFD	867892606	399	15,407	SH		SOLE		15,407	0	0
Taubman Centers 6.5. CUM NA Cl	PFD	876664608	249	9,905	SH		SOLE		9,905	0	0
Telephone & Data 6.875. Cl 11/	PFD	879433845	2,106	82,775	SH		SOLE		82,775	0	0
Telephone & Data 7.0. Cl 3/16	PFD	879433837	794	31,002	SH		SOLE		31,002	0	0
Texas Capitl Bancshares6.50. 2	PFD	882228307	403	15,851	SH		SOLE		15,851	0	0
Torchmark Crp 6.125. SubDebCal	PFD	891027401	944	35,550	SH		SOLE		35,550	0	0
TravelCenters SnNotes 8. 10/20	PFD	894174408	1,273	54,149	SH		SOLE		54,149	0	0
TravelCenters SnNotes 8. 2029	PFD	894174309	2,502	105,821	SH		SOLE		105,821	0	0
Triancgle Capitl 6.375.Sr Note	PFD	895848406	852	33,250	SH		SOLE		33,250	0	0
TriplePoint Venture 6.75. Call	PFD	89677y209	582	22,750	SH		SOLE		22,750	0	0
Two Harbors Investments 8.125.	PFD	90187b200	713	25,705	SH		SOLE		25,705	0	0
UMH Properties 8.0. Perp Cum C	PFD	903002301	606	22,030	SH		SOLE		22,030	0	0
US Bancorp 6.5. Flt Aftr 1/22	PFD	902973833	1,263	42,547	SH		SOLE		42,547	0	0
US Celllular SrNts 7.25. 2063	PFD	911684504	578	21,900	SH		SOLE		21,900	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	1,925	70,902	SH		SOLE		70,902	0	0
VEREIT Inc 6.70. Perp CUM Cl 2	PFD	92339v209	977	36,746	SH		SOLE		36,746	0	0
Wells Fargo 5.85.Flt Aftr 9/23	PFD	949746556	346	12,525	SH		SOLE		12,525	0	0
Wells Fargo 6.375. Cl 12/19 BB	PFD	94988n207	781	28,759	SH		SOLE		28,759	0	0
Wells Fargo 7.5. Cnv@$156 $100	PFD	949746804	18,033	13,754	SH		SOLE		13,754	0	0
Wells Fargo 8.00. Prp Cl12/17	PFD	949746879	8,699	335,753	SH		SOLE		335,753	0	0
Wheeler RealEstate 8.75.CUM Pu	PFD	963025606	370	16,064	SH		SOLE		16,064	0	0
WinTrust Financial 6.50. Call	PFD	97650w405	229	8,294	SH		SOLE		8,294	0	0
Bank of America 5.20. Perp/Cal	PFD	060505ED2	882	865,000	PRN		SOLE		865,000	0	0
Charles Schwab 7. Perp/Call 2/	PFD	808513AE5	1,754	1,522,000	PRN		SOLE		1,522,000	0	0
Citigroup 5.35. Perp/Call 5/23	PFD	172967GR6	758	740,000	PRN		SOLE		740,000	0	0
Citigroup 5.875. Perp/Call 3/2	PFD	172967JK8	367	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc 5.95. Perp Call	PFD	172967GD7	1,145	1,070,000	PRN		SOLE		1,070,000	0	0
Citigroup Inc 6.125. Perp Call	PFD	172967KD2	590	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	213	200,000	PRN		SOLE		200,000	0	0
GE Cap Corp 5.00. Perp/Call 1/	PFD	369604BQ5	2,236	2,109,000	PRN		SOLE		2,109,000	0	0
Goldman Sachs 5.375 Perp/Call	PFD	38148BAB4	202	190,000	PRN		SOLE		190,000	0	0
JPMorgan 6.0. Perp/Call 8/23 -	PFD	48126HAA8	2,852	2,650,000	PRN		SOLE		2,650,000	0	0
JPMorgan 7.9. Perp/Call 4/18 -	PFD	46625HHA1	2,981	2,870,000	PRN		SOLE		2,870,000	0	0
So. Cal Edison 6.25. Perp/Call	PFD	842400FU2	728	650,000	PRN		SOLE		650,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	2,762	2,745,000	PRN		SOLE		2,745,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	581	560,000	PRN		SOLE		560,000	0	0