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
Berkshire Hathaway A	COM	084990175	275	1	SH		SOLE		100	0	0
3M Company	COM	88579y101	23,058	109,853	SH		SOLE		109,853	0	0
ABB Ltd-Spon ADR	COM	000375204	3,741	151,160	SH		SOLE		151,160	0	0
AT&T Inc	COM	00206r102	7,701	196,608	SH		SOLE		196,608	0	0
AbbVie Inc	COM	00287y109	13,752	154,763	SH		SOLE		154,763	0	0
Abbott Laboratories	COM	002824100	11,234	210,531	SH		SOLE		210,531	0	0
Accenture PLC-Cl A	COM	g1151c101	5,025	37,203	SH		SOLE		37,203	0	0
Adobe Systems Inc	COM	00724f101	1,133	7,598	SH		SOLE		7,598	0	0
Aetna Inc	COM	00817Y108	942	5,923	SH		SOLE		5,923	0	0
Aflac Inc	COM	001055102	1,122	13,787	SH		SOLE		13,787	0	0
Agilent Technologies Inc	COM	00846u101	1,053	16,398	SH		SOLE		16,398	0	0
Air Products & Chemicals Inc	COM	009158106	7,506	49,637	SH		SOLE		49,637	0	0
Alibaba Group Holding-SP ADR	COM	01609w102	231	1,338	SH		SOLE		1,338	0	0
Allegion PLC	COM	g0176j109	241	2,782	SH		SOLE		2,782	0	0
Allergan plc (new)	COM	g0177j108	6,926	33,796	SH		SOLE		33,796	0	0
Allstate Corp	COM	020002101	507	5,511	SH		SOLE		5,511	0	0
Alphabet Inc-Cl A	COM	02079k305	9,731	9,994	SH		SOLE		9,994	0	0
Alphabet Inc-Cl C	COM	02079k107	5,828	6,076	SH		SOLE		6,076	0	0
Altaba Inc	COM	021346101	1,373	20,723	SH		SOLE		20,723	0	0
Altria Group Inc	COM	02209s103	9,617	151,638	SH		SOLE		151,638	0	0
Amarillo Gold Corp	COM	02301t108	3	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	8,425	8,764	SH		SOLE		8,764	0	0
American Electric Power	COM	025537101	517	7,365	SH		SOLE		7,365	0	0
American Express Co	COM	025816109	1,533	16,951	SH		SOLE		16,951	0	0
AmerisourceBergen Corp	COM	03073e105	250	3,026	SH		SOLE		3,026	0	0
Ametek Inc	COM	031100100	267	4,048	SH		SOLE		4,048	0	0
Amgen Inc	COM	031162100	2,976	15,961	SH		SOLE		15,961	0	0
Anthem Inc	COM	036752103	2,687	14,150	SH		SOLE		14,150	0	0
Aon PLC	COM	g0408v102	235	1,610	SH		SOLE		1,610	0	0
Apple Inc	COM	037833100	39,049	253,367	SH		SOLE		253,367	0	0
Applied Materials Inc	COM	038222105	316	6,072	SH		SOLE		6,072	0	0
Archer-Daniels-Midland Co	COM	039483102	867	20,398	SH		SOLE		20,398	0	0
Ares Capital Corp	COM	04010l103	246	15,001	SH		SOLE		15,001	0	0
Automatic Data Processing	COM	053015103	19,988	182,840	SH		SOLE		182,840	0	0
BCE Inc	COM	05534b760	2,051	43,793	SH		SOLE		43,793	0	0
Bank Of Marin Bancorp/CA	COM	063425102	813	11,873	SH		SOLE		11,873	0	0
Bank Of New York Mellon Corp	COM	064058100	250	4,714	SH		SOLE		4,714	0	0
Bank of America Corp	COM	060505104	8,124	320,613	SH		SOLE		320,613	0	0
Baxter International Inc.	COM	071813109	423	6,745	SH		SOLE		6,745	0	0
Becton Dickinson & Co	COM	075887109	3,102	15,829	SH		SOLE		15,829	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,831	20,900	SH		SOLE		20,900	0	0
Biogen Inc	COM	09062x103	1,400	4,470	SH		SOLE		4,470	0	0
Blackrock Inc	COM	09247x101	297	663	SH		SOLE		663	0	0
Blackstone Group/The	COM	09253u108	820	24,566	SH		SOLE		24,566	0	0
Boeing Co	COM	097023105	2,951	11,607	SH		SOLE		11,607	0	0
Bristol-Myers Squibb Co	COM	110122108	18,640	292,435	SH		SOLE		292,435	0	0
Broadcom Ltd	COM	y09827109	393	1,622	SH		SOLE		1,622	0	0
Brown-Forman Corp -Cl B	COM	115637209	418	7,693	SH		SOLE		7,693	0	0
CBS Corp Class B	COM	124857202	1,901	32,781	SH		SOLE		32,781	0	0
CR Bard Inc	COM	067383109	742	2,314	SH		SOLE		2,314	0	0
CSX Corp	COM	126408103	260	4,801	SH		SOLE		4,801	0	0
CVS Health Corp	COM	126650100	2,972	36,547	SH		SOLE		36,547	0	0
CalAtlantic Group	COM	128195104	806	22,000	SH		SOLE		22,000	0	0
Canadian Natl Railway Co	COM	136375102	273	3,290	SH		SOLE		3,290	0	0
CarMax Inc	COM	143130102	265	3,500	SH		SOLE		3,500	0	0
Caterpillar Inc	COM	149123101	3,811	30,558	SH		SOLE		30,558	0	0
Celgene Corp	COM	151020104	781	5,353	SH		SOLE		5,353	0	0
CenterPoint Energy Inc	COM	15189t107	1,936	66,287	SH		SOLE		66,287	0	0
Cerner Corp	COM	156782104	3,882	54,431	SH		SOLE		54,431	0	0
Check Point Software Tech	COM	m22465104	1,439	12,621	SH		SOLE		12,621	0	0
Chevron Corp	COM	166764100	30,608	260,495	SH		SOLE		260,495	0	0
Chubb Ltd (new)	COM	h1467j104	2,815	19,748	SH		SOLE		19,748	0	0
Cigna Corp	COM	125509109	285	1,523	SH		SOLE		1,523	0	0
Cincinnati Financial Corp	COM	172062101	804	10,506	SH		SOLE		10,506	0	0
Cintas Corp	COM	172908105	641	4,444	SH		SOLE		4,444	0	0
Cisco Systems Inc	COM	17275R102	5,015	149,110	SH		SOLE		149,110	0	0
Citigroup Inc	COM	172967424	446	6,138	SH		SOLE		6,138	0	0
Citizens Financial Group	COM	174610105	341	8,992	SH		SOLE		8,992	0	0
Clorox Company	COM	189054109	14,539	110,215	SH		SOLE		110,215	0	0
Coca-Cola Co/The	COM	191216100	5,448	121,036	SH		SOLE		121,036	0	0
Colgate-Palmolive Co	COM	194162103	9,676	132,815	SH		SOLE		132,815	0	0
Comcast Corp-Cl A	COM	20030n101	1,558	40,486	SH		SOLE		40,486	0	0
Conagra Brands Inc	COM	205887102	976	28,921	SH		SOLE		28,921	0	0
ConocoPhillips	COM	20825C104	4,701	93,933	SH		SOLE		93,933	0	0
Consolidated Edison Inc	COM	209115104	842	10,437	SH		SOLE		10,437	0	0
Costco Wholesale Corp	COM	22160K105	19,677	119,770	SH		SOLE		119,770	0	0
Crown Castle Intl Corp	COM	22822v101	17,115	171,186	SH		SOLE		171,186	0	0
DISH Network Corp	COM	25470m109	211	3,892	SH		SOLE		3,892	0	0
Danaher Corp	COM	235851102	5,169	60,256	SH		SOLE		60,256	0	0
Deere & Co	COM	244199105	1,620	12,903	SH		SOLE		12,903	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	547	4,137	SH		SOLE		4,137	0	0
Dick's Sporting Goods Inc	COM	253393102	325	12,038	SH		SOLE		12,038	0	0
Disney Co./Walt The	COM	254687106	15,067	152,853	SH		SOLE		152,853	0	0
Dominion Resources Inc/Va	COM	25746u109	646	8,393	SH		SOLE		8,393	0	0
Dover Corp	COM	260003108	748	8,185	SH		SOLE		8,185	0	0
DowDuPont Inc	COM	26078j100	10,959	158,301	SH		SOLE		158,301	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	611	6,903	SH		SOLE		6,903	0	0
Duke Energy Corp	COM	26441c204	634	7,554	SH		SOLE		7,554	0	0
Dycom Industries, Inc.	COM	267475101	215	2,506	SH		SOLE		2,506	0	0
ETFS Physical Precious Metals	COM	26922w109	232	3,665	SH		SOLE		3,665	0	0
Eaton Corp PLC	COM	g29183103	1,436	18,704	SH		SOLE		18,704	0	0
Ecolab Inc	COM	278865100	13,383	104,056	SH		SOLE		104,056	0	0
Edison International	COM	281020107	11,937	154,689	SH		SOLE		154,689	0	0
Electronic Arts Inc	COM	285512109	293	2,483	SH		SOLE		2,483	0	0
Eli Lilly & Co	COM	532457108	4,432	51,813	SH		SOLE		51,813	0	0
Emerson Electric Co	COM	291011104	2,091	33,282	SH		SOLE		33,282	0	0
Enbridge Inc	COM	29250n105	3,899	93,195	SH		SOLE		93,195	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	831	31,868	SH		SOLE		31,868	0	0
Equity Residential	COM	29476l107	210	3,185	SH		SOLE		3,185	0	0
Essex Property Trust Inc	COM	297178105	862	3,395	SH		SOLE		3,395	0	0
Eurasian Minerals Inc	COM	29843r100	45	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	376	6,214	SH		SOLE		6,214	0	0
Express Scripts Holding Co.	COM	30219g108	572	9,039	SH		SOLE		9,039	0	0
Exxon Mobil Corp	COM	30231G102	9,789	119,412	SH		SOLE		119,412	0	0
Facebook Inc	COM	30303m102	50,770	297,125	SH		SOLE		297,125	0	0
Fanhua Inc-Sponsored ADR	COM	30712a103	294	23,374	SH		SOLE		23,374	0	0
FedEx Corp	COM	31428x106	841	3,728	SH		SOLE		3,728	0	0
Finisar Corporation	COM	31787a507	222	10,000	SH		SOLE		10,000	0	0
First Republic Bank/San Franci	COM	33616C100	8,532	81,677	SH		SOLE		81,677	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	2,288	62,591	SH		SOLE		62,591	0	0
First Trust Mid Cap Value ETF	COM	33737m201	302	8,783	SH		SOLE		8,783	0	0
First Trust Morningstar Divide	COM	336917109	1,554	53,554	SH		SOLE		53,554	0	0
Ford Motor Co	COM	345370860	237	19,806	SH		SOLE		19,806	0	0
Fortinet Inc	COM	34959e109	376	10,490	SH		SOLE		10,490	0	0
Fortive Corp	COM	34959j108	266	3,763	SH		SOLE		3,763	0	0
General Dynamics Corp	COM	369550108	3,512	17,085	SH		SOLE		17,085	0	0
General Electric Co	COM	369604103	15,483	640,326	SH		SOLE		640,326	0	0
General Mills Inc	COM	370334104	5,088	98,298	SH		SOLE		98,298	0	0
General Motors Co	COM	37045v100	575	14,247	SH		SOLE		14,247	0	0
Genuine Parts Co	COM	372460105	7,553	78,962	SH		SOLE		78,962	0	0
Gilead Sciences Inc	COM	375558103	787	9,717	SH		SOLE		9,717	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	286	7,034	SH		SOLE		7,034	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	494	9,896	SH		SOLE		9,896	0	0
Goldman Sachs Group Inc	COM	38141G104	880	3,712	SH		SOLE		3,712	0	0
Great Plains Energy Inc	COM	391164100	1,169	38,570	SH		SOLE		38,570	0	0
Guggenheim Russell Top 50 ETF	COM	78355w205	860	4,833	SH		SOLE		4,833	0	0
Guggenheim S&P Equal Weight	COM	78355w106	719	7,524	SH		SOLE		7,524	0	0
Guggenheim S&P Equal Weight Fi	COM	78355w858	244	5,901	SH		SOLE		5,901	0	0
HCP Inc REIT	COM	40414l109	4,889	175,678	SH		SOLE		175,678	0	0
Home Depot Inc	COM	437076102	18,752	114,647	SH		SOLE		114,647	0	0
Honeywell International Inc	COM	438516106	6,161	43,464	SH		SOLE		43,464	0	0
Hormel Foods Corp	COM	440452100	754	23,449	SH		SOLE		23,449	0	0
Illinois Tool Works	COM	452308109	1,388	9,381	SH		SOLE		9,381	0	0
Ingersoll-Rand PLC	COM	g47791101	2,281	25,579	SH		SOLE		25,579	0	0
Intel Corp	COM	458140100	15,129	397,288	SH		SOLE		397,288	0	0
International Paper Co	COM	460146103	305	5,368	SH		SOLE		5,368	0	0
Intl Business Machines Corp	COM	459200101	3,495	24,092	SH		SOLE		24,092	0	0
Intl Flavors & Fragrances	COM	459506101	893	6,250	SH		SOLE		6,250	0	0
Ivanhoe Mines Ltd	COM	46579r104	771	241,500	SH		SOLE		241,500	0	0
JBG SMITH Properties	COM	46590v100	293	8,565	SH		SOLE		8,565	0	0
JPMorgan Chase & Co	COM	46625H100	12,465	130,512	SH		SOLE		130,512	0	0
Jacobs Engineering Group Inc	COM	469814107	332	5,703	SH		SOLE		5,703	0	0
Johnson & Johnson	COM	478160104	34,311	263,909	SH		SOLE		263,909	0	0
Johnson Controls Intl PLC	COM	g51502105	384	9,526	SH		SOLE		9,526	0	0
Keysight Technologies Inc	COM	49338l103	316	7,584	SH		SOLE		7,584	0	0
Kimberly-Clark Corp	COM	494368103	17,661	150,077	SH		SOLE		150,077	0	0
Kinder Morgan Inc	COM	49456b101	2,776	144,717	SH		SOLE		144,717	0	0
Kraft Heinz Co/The	COM	500754106	2,570	33,141	SH		SOLE		33,141	0	0
L3 Technologies Inc	COM	502413107	1,050	5,572	SH		SOLE		5,572	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,224	14,730	SH		SOLE		14,730	0	0
Lam Research Corp	COM	512807108	369	1,995	SH		SOLE		1,995	0	0
Lamb Weston Holdings Inc	COM	513272104	369	7,860	SH		SOLE		7,860	0	0
Leggett & Platt Inc	COM	524660107	656	13,746	SH		SOLE		13,746	0	0
Li & Fung Ltd	COM	g5485f169	5	10,000	SH		SOLE		10,000	0	0
Lockheed Martin Corp	COM	539830109	5,730	18,467	SH		SOLE		18,467	0	0
Lowe's Cos Inc	COM	548661107	4,095	51,222	SH		SOLE		51,222	0	0
Lululemon Athletica Inc	COM	550021109	524	8,425	SH		SOLE		8,425	0	0
Marathon Petroleum Corp	COM	56585a102	373	6,644	SH		SOLE		6,644	0	0
Marriott International-Cl A	COM	571903202	4,140	37,548	SH		SOLE		37,548	0	0
Masimo Corporation	COM	574795100	209	2,415	SH		SOLE		2,415	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,425	23,629	SH		SOLE		23,629	0	0
McDonald's Corp	COM	580135101	15,240	97,270	SH		SOLE		97,270	0	0
McKesson Corp	COM	58155q103	1,107	7,204	SH		SOLE		7,204	0	0
Medical Properties Trust Inc	COM	58463j304	222	16,919	SH		SOLE		16,919	0	0
Medtronic PLC	COM	g5960l103	6,619	85,105	SH		SOLE		85,105	0	0
Merck & Co. Inc.	COM	58933y105	8,564	133,742	SH		SOLE		133,742	0	0
Microsoft Corp	COM	594918104	26,569	356,677	SH		SOLE		356,677	0	0
Mondelez International	COM	609207105	1,914	47,075	SH		SOLE		47,075	0	0
Morgan Stanley	COM	617446448	3,379	70,148	SH		SOLE		70,148	0	0
NVIDIA Corp	COM	67066g104	427	2,386	SH		SOLE		2,386	0	0
NXP Semi Submitted for Tende	COM	n6596x109	732	6,475	SH		SOLE		6,475	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	3,875	46,126	SH		SOLE		46,126	0	0
NextEra Energy Inc	COM	65339f101	16,438	112,169	SH		SOLE		112,169	0	0
Nike Inc -Cl B	COM	654106103	9,165	176,769	SH		SOLE		176,769	0	0
Nordstrom Inc	COM	655664100	233	4,945	SH		SOLE		4,945	0	0
Norfolk Southern Corp	COM	655844108	340	2,570	SH		SOLE		2,570	0	0
Novartis Ag-ADR	COM	66987v109	3,189	37,151	SH		SOLE		37,151	0	0
Nucor Corp	COM	670346105	424	7,568	SH		SOLE		7,568	0	0
Occidental Petroleum Corp	COM	674599105	4,832	75,249	SH		SOLE		75,249	0	0
Oracle Corp	COM	68389x105	4,136	85,549	SH		SOLE		85,549	0	0
P G & E Corp	COM	69331c108	458	6,721	SH		SOLE		6,721	0	0
Paccar Inc	COM	693718108	1,331	18,396	SH		SOLE		18,396	0	0
Parker-Hannifin Corp	COM	701094104	348	1,991	SH		SOLE		1,991	0	0
Pentair PLC	COM	g7s00t104	654	9,630	SH		SOLE		9,630	0	0
PepsiCo Inc	COM	713448108	9,181	82,397	SH		SOLE		82,397	0	0
Pfizer Inc	COM	717081103	9,495	265,969	SH		SOLE		265,969	0	0
Philip Morris International	COM	718172109	2,609	23,499	SH		SOLE		23,499	0	0
Phillips 66	COM	718546104	229	2,504	SH		SOLE		2,504	0	0
Plains GP Holdings LP	COM	72651a207	219	10,000	SH		SOLE		10,000	0	0
PowerShares Buyback Achievers	COM	73935x286	279	5,026	SH		SOLE		5,026	0	0
PowerShares Preferred Portfoli	COM	73936t565	13,388	890,784	SH		SOLE		890,784	0	0
Powershares KBW Regional Bank	COM	73937b712	1,307	23,755	SH		SOLE		23,755	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	4,716	32,423	SH		SOLE		32,423	0	0
Praxair Inc	COM	74005p104	2,723	19,485	SH		SOLE		19,485	0	0
Preferred Apartment Communitie	COM	74039l103	5,643	298,870	SH		SOLE		298,870	0	0
ProLogis Inc	COM	74340w103	667	10,511	SH		SOLE		10,511	0	0
ProShares Ultra Technology	COM	74347r693	240	3,200	SH		SOLE		3,200	0	0
Procter & Gamble Co	COM	742718109	27,470	301,938	SH		SOLE		301,938	0	0
Public Service Enterprise Grou	COM	744573106	3,038	65,696	SH		SOLE		65,696	0	0
Qualcomm Inc	COM	747525103	444	8,560	SH		SOLE		8,560	0	0
Quest Diagnostics	COM	74834l100	257	2,745	SH		SOLE		2,745	0	0
Raytheon Company	COM	755111507	4,561	24,443	SH		SOLE		24,443	0	0
Realty Income Corp	COM	756109104	11,823	206,736	SH		SOLE		206,736	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	311	695	SH		SOLE		695	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	4,125	128,908	SH		SOLE		128,908	0	0
Rockwell Automation Inc	COM	773903109	242	1,360	SH		SOLE		1,360	0	0
Rockwell Collins Inc.	COM	774341101	1,186	9,077	SH		SOLE		9,077	0	0
Roper Technologies Inc	COM	776696106	280	1,149	SH		SOLE		1,149	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	524	8,655	SH		SOLE		8,655	0	0
S&P Global Inc	COM	78409v104	1,364	8,726	SH		SOLE		8,726	0	0
SAP SE-Sponsored ADR	COM	803054204	844	7,700	SH		SOLE		7,700	0	0
SPDR Consumer Discretionary Se	COM	81369y407	14,714	163,348	SH		SOLE		163,348	0	0
SPDR Consumer Staples Select S	COM	81369y308	7,060	130,781	SH		SOLE		130,781	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,247	5,571	SH		SOLE		5,571	0	0
SPDR Energy Select Sector	COM	81369y506	15,882	231,919	SH		SOLE		231,919	0	0
SPDR Financial Select Sector	COM	81369y605	13,727	530,829	SH		SOLE		530,829	0	0
SPDR Gold Trust	COM	78463v107	1,608	13,228	SH		SOLE		13,228	0	0
SPDR Health Care Select Sector	COM	81369y209	13,672	167,281	SH		SOLE		167,281	0	0
SPDR Industrial Select Sector	COM	81369y704	10,775	151,766	SH		SOLE		151,766	0	0
SPDR Materials Select Sector	COM	81369y100	3,484	61,330	SH		SOLE		61,330	0	0
SPDR NYSE Technology ETF	COM	78464a102	922	11,688	SH		SOLE		11,688	0	0
SPDR Real Estate Sector	COM	81369y860	2,022	62,720	SH		SOLE		62,720	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	8,384	33,372	SH		SOLE		33,372	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	427	5,352	SH		SOLE		5,352	0	0
SPDR S&P Biotech ETF	COM	78464a870	576	6,657	SH		SOLE		6,657	0	0
SPDR S&P Dividend	COM	78464a763	12,954	141,842	SH		SOLE		141,842	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	11,491	35,213	SH		SOLE		35,213	0	0
SPDR S&P Regional Banking	COM	78464a698	2,363	41,635	SH		SOLE		41,635	0	0
SPDR Technology Select Sector	COM	81369y803	30,985	524,287	SH		SOLE		524,287	0	0
SPDR Utilities Select Sector	COM	81369y886	3,320	62,587	SH		SOLE		62,587	0	0
Salesforce.Com Inc	COM	79466l302	1,834	19,629	SH		SOLE		19,629	0	0
Scana Corp	COM	80589m102	598	12,324	SH		SOLE		12,324	0	0
Schlumberger Ltd	COM	806857108	423	6,057	SH		SOLE		6,057	0	0
Schwab (Charles) Corp	COM	808513105	878	20,080	SH		SOLE		20,080	0	0
Schwab Intl Equity ETF	COM	808524805	265	7,904	SH		SOLE		7,904	0	0
Schwab US Broad Market ETF	COM	808524102	1,978	32,480	SH		SOLE		32,480	0	0
Schwab US Dividend Equity ETF	COM	808524797	8,080	172,649	SH		SOLE		172,649	0	0
Schwab US Large-Cap ETF	COM	808524201	2,142	35,670	SH		SOLE		35,670	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,502	29,967	SH		SOLE		29,967	0	0
Semiconductor ETF VanEck Vecto	COM	92189f676	362	3,876	SH		SOLE		3,876	0	0
Sempra Energy	COM	816851109	3,632	31,822	SH		SOLE		31,822	0	0
Sherwin Williams Co	COM	824348106	852	2,379	SH		SOLE		2,379	0	0
Siemens Ag-Spons ADR	COM	826197501	215	3,034	SH		SOLE		3,034	0	0
Silvercorp Metals Inc	COM	82835p103	27	10,000	SH		SOLE		10,000	0	0
Simon Property Group Inc	COM	828806109	218	1,352	SH		SOLE		1,352	0	0
Southern Co	COM	842587107	1,304	26,541	SH		SOLE		26,541	0	0
Southwest Airlines	COM	844741108	211	3,766	SH		SOLE		3,766	0	0
Spectral Medical Inc	COM	847577103	8	25,000	SH		SOLE		25,000	0	0
Sprott Inc	COM	852066109	30	17,500	SH		SOLE		17,500	0	0
Sprott Resource Holdings Inc	COM	85209d101	98	800,000	SH		SOLE		800,000	0	0
Stanley Black & Decker Inc	COM	854502101	7,771	51,472	SH		SOLE		51,472	0	0
Starbucks Corp	COM	855244109	7,217	134,377	SH		SOLE		134,377	0	0
State Street Corp	COM	857477103	365	3,819	SH		SOLE		3,819	0	0
Sysco Corp	COM	871829107	838	15,529	SH		SOLE		15,529	0	0
TJX Companies Inc	COM	872540109	564	7,654	SH		SOLE		7,654	0	0
Target Corp	COM	87612e106	633	10,733	SH		SOLE		10,733	0	0
Teradyne Inc	COM	880770102	297	7,977	SH		SOLE		7,977	0	0
Tesla Inc	COM	88160r101	1,187	3,480	SH		SOLE		3,480	0	0
Texas Instruments Inc	COM	882508104	545	6,077	SH		SOLE		6,077	0	0
Thermo Fisher Scientific Inc	COM	883556102	570	3,014	SH		SOLE		3,014	0	0
Time Warner Inc	COM	887317303	2,741	26,752	SH		SOLE		26,752	0	0
Toronto Dominion Bank	COM	891160509	4,902	87,116	SH		SOLE		87,116	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	1,517	12,730	SH		SOLE		12,730	0	0
Travelers Cos Inc/The	COM	89417e109	3,303	26,959	SH		SOLE		26,959	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
U S Bancorp	COM	902973304	5,441	101,533	SH		SOLE		101,533	0	0
UDR Inc	COM	902653104	269	7,080	SH		SOLE		7,080	0	0
Unilever N V -NY Shares	COM	904784709	5,225	88,491	SH		SOLE		88,491	0	0
Unilever Plc-Sponsored ADR	COM	904767704	2,052	35,403	SH		SOLE		35,403	0	0
Union Pacific Corp	COM	907818108	1,678	14,467	SH		SOLE		14,467	0	0
United Parcel Service-Cl B	COM	911312106	10,486	87,322	SH		SOLE		87,322	0	0
United Technologies Corp	COM	913017109	3,076	26,496	SH		SOLE		26,496	0	0
UnitedHealth Group Inc	COM	91324P102	1,954	9,975	SH		SOLE		9,975	0	0
Valero Energy Corp	COM	91913Y100	314	4,084	SH		SOLE		4,084	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	358	6,193	SH		SOLE		6,193	0	0
Vanguard Consumer Discretionar	COM	92204a108	628	4,378	SH		SOLE		4,378	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	362	2,615	SH		SOLE		2,615	0	0
Vanguard Developed Mkts	COM	921943858	1,480	34,093	SH		SOLE		34,093	0	0
Vanguard Dividend Appreciation	COM	921908844	841	8,874	SH		SOLE		8,874	0	0
Vanguard Emerging Mkts	COM	922042858	900	20,659	SH		SOLE		20,659	0	0
Vanguard European Vipers	COM	922042874	573	9,826	SH		SOLE		9,826	0	0
Vanguard High Div Yield	COM	921946406	3,314	40,884	SH		SOLE		40,884	0	0
Vanguard Info Tech Vipers	COM	92204a702	1,057	6,956	SH		SOLE		6,956	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	263	2,275	SH		SOLE		2,275	0	0
Vanguard Mid-Cap	COM	922908629	3,003	20,430	SH		SOLE		20,430	0	0
Vanguard REIT	COM	922908553	482	5,801	SH		SOLE		5,801	0	0
Vanguard Small-Cap Vipers	COM	922908751	2,297	16,256	SH		SOLE		16,256	0	0
Vanguard Total Stock Market	COM	922908769	17,719	136,808	SH		SOLE		136,808	0	0
Varian Medical Systems Inc	COM	92220P105	2,326	23,244	SH		SOLE		23,244	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	746	8,965	SH		SOLE		8,965	0	0
Verizon Communications Inc	COM	92343v104	29,005	586,076	SH		SOLE		586,076	0	0
Visa Inc-Class A Shares	COM	92826c839	3,397	32,281	SH		SOLE		32,281	0	0
Vornado Realty Trust	COM	929042109	5,686	73,960	SH		SOLE		73,960	0	0
WEC Energy Group Inc	COM	92939u106	5,419	86,313	SH		SOLE		86,313	0	0
Wal-Mart Stores Inc	COM	931142103	1,594	20,398	SH		SOLE		20,398	0	0
Walgreens Boots Alliance Inc	COM	931427108	13,091	169,526	SH		SOLE		169,526	0	0
Waste Management Inc	COM	94106l109	15,987	204,261	SH		SOLE		204,261	0	0
Wells Fargo & Company	COM	949746101	34,878	632,425	SH		SOLE		632,425	0	0
Westamerica Bancorportaion	COM	957090103	560	9,402	SH		SOLE		9,402	0	0
Western Digital Corp	COM	958102105	710	8,216	SH		SOLE		8,216	0	0
Weyerhaeuser Co	COM	962166104	549	16,131	SH		SOLE		16,131	0	0
Whirlpool Corp	COM	963320106	2,289	12,412	SH		SOLE		12,412	0	0
White Mountains Insurance Grou	COM	g9618e107	641	748	SH		SOLE		748	0	0
Williams Cos Inc	COM	969457100	2,409	80,261	SH		SOLE		80,261	0	0
Williams-Sonoma Inc	COM	969904101	5,326	106,810	SH		SOLE		106,810	0	0
WisdomTree MidCap Div Index	COM	97717w505	220	2,206	SH		SOLE		2,206	0	0
Xcel Energy Inc	COM	98389b100	258	5,461	SH		SOLE		5,461	0	0
Xylem Inc	COM	98419m100	210	3,360	SH		SOLE		3,360	0	0
Yum! Brands Inc	COM	988498101	280	3,798	SH		SOLE		3,798	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	3,298	28,169	SH		SOLE		28,169	0	0
iShares Core Dividend Growth	COM	46434v621	1,482	45,656	SH		SOLE		45,656	0	0
iShares Core US Value	COM	464287663	241	4,608	SH		SOLE		4,608	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,827	83,573	SH		SOLE		83,573	0	0
iShares DJ US Energy Sector	COM	464287796	985	26,327	SH		SOLE		26,327	0	0
iShares DJ US Financial Sect	COM	464287788	1,309	11,672	SH		SOLE		11,672	0	0
iShares DJ US Health Car Pro	COM	464288828	304	2,056	SH		SOLE		2,056	0	0
iShares DJ US Medical Device	COM	464288810	287	1,720	SH		SOLE		1,720	0	0
iShares DJ US Telecommunicatio	COM	464287713	1,400	46,038	SH		SOLE		46,038	0	0
iShares DJ US Transport Index	COM	464287192	1,865	10,451	SH		SOLE		10,451	0	0
iShares FTSE/Xinhua China 25	COM	464287184	201	4,560	SH		SOLE		4,560	0	0
iShares Goldman Sachs Tech I	COM	464287721	467	3,114	SH		SOLE		3,114	0	0
iShares MSCI EAFE Index	COM	464287465	1,100	16,056	SH		SOLE		16,056	0	0
iShares MSCI Emerging Markets	COM	464287234	327	7,305	SH		SOLE		7,305	0	0
iShares MSCI USA Quality Facto	COM	46432f339	1,042	13,506	SH		SOLE		13,506	0	0
iShares Nasdaq Biotech Index F	COM	464287556	6,694	20,067	SH		SOLE		20,067	0	0
iShares Russell 1000 Growth	COM	464287614	837	6,696	SH		SOLE		6,696	0	0
iShares Russell 1000 Value	COM	464287598	223	1,882	SH		SOLE		1,882	0	0
iShares Russell 2000 Index Fun	COM	464287655	539	3,636	SH		SOLE		3,636	0	0
iShares Russell Midcap Growth	COM	464287481	239	2,110	SH		SOLE		2,110	0	0
iShares Russell Midcap Value	COM	464287473	202	2,380	SH		SOLE		2,380	0	0
iShares S&P 100 Index Fund	COM	464287101	1,939	17,420	SH		SOLE		17,420	0	0
iShares S&P 500 Index Fund	COM	464287200	5,634	22,273	SH		SOLE		22,273	0	0
iShares S&P 500 Value Index Fu	COM	464287408	216	2,000	SH		SOLE		2,000	0	0
iShares S&P Europe 350	COM	464287861	589	12,565	SH		SOLE		12,565	0	0
iShares S&P Global 100	COM	464287572	728	8,246	SH		SOLE		8,246	0	0
iShares S&P Midcap 400	COM	464287507	1,690	9,448	SH		SOLE		9,448	0	0
iShares S&P Midcap 400/Value	COM	464287705	532	3,481	SH		SOLE		3,481	0	0
iShares S&P SmallCap 600	COM	464287804	528	7,110	SH		SOLE		7,110	0	0
iShares S&P US Preferred Stock	COM	464288687	7,906	203,702	SH		SOLE		203,702	0	0
AEGON 8.00. 2042 Notes Call 08	PFD	007924608	2,385	90,781	SH		SOLE		90,781	0	0
AGNC Investment Corp 7.75. Per	PFD	00123q302	997	38,275	SH		SOLE		38,275	0	0
AON Cap 8.205. 1/27 Non-Call B	PFD	22532r101	2,093	64,744	SH		SOLE		64,744	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	280	10,590	SH		SOLE		10,590	0	0
Allied Capital ARCC6.875. 4/20	PFD	01903q207	252	9,798	SH		SOLE		9,798	0	0
Ally 8.125. Call CUM Call 5/17	PFD	361860208	203	7,700	SH		SOLE		7,700	0	0
American Homes 4Rent 6.50. Per	PFD	02665t702	371	13,454	SH		SOLE		13,454	0	0
Amtrust Financial 6.95. QDI Ca	PFD	032359820	370	15,809	SH		SOLE		15,809	0	0
Amtrust Financial 7.25. CUM QD	PFD	032359507	302	12,168	SH		SOLE		12,168	0	0
Amtrust Financial 7.25. SrNt C	PFD	032359861	301	11,700	SH		SOLE		11,700	0	0
Amtrust Financial 7.5. QDI Cal	PFD	032359887	2,688	108,300	SH		SOLE		108,300	0	0
Amtrust Financial 7.50.Nts 205	PFD	032359853	632	24,340	SH		SOLE		24,340	0	0
Amtrust Financial 7.625.CUM QD	PFD	032359705	3,546	142,294	SH		SOLE		142,294	0	0
Amtrust Financial 7.75. QDI Ca	PFD	032359846	2,246	88,787	SH		SOLE		88,787	0	0
Annaly Capital 7.625. CUM Cl 8	PFD	035710888	1,345	52,803	SH		SOLE		52,803	0	0
Annaly Capital 7.625. Perp Cl	PFD	035710706	321	12,727	SH		SOLE		12,727	0	0
Apollo Cmmrl Real Est 8.00. CU	PFD	03762u501	453	17,837	SH		SOLE		17,837	0	0
Arbor Realty 8.50. CUM Perp Ca	PFD	038923801	288	11,030	SH		SOLE		11,030	0	0
Arch Capital 6.75. BBB QDI Cl	PFD	g0450a204	208	8,178	SH		SOLE		8,178	0	0
Ares Management 7. Call 6/21 B	PFD	04014y200	588	21,693	SH		SOLE		21,693	0	0
Argo Group 6.5. Sr Notes Call	PFD	040130205	1,933	76,664	SH		SOLE		76,664	0	0
Arlington Asset Inv 7.00. CUm	PFD	041356601	446	18,030	SH		SOLE		18,030	0	0
Ashford Hospitality 7.375. NR	PFD	044103604	1,574	63,167	SH		SOLE		63,167	0	0
Ashford Hospitality 7.50.Cum P	PFD	044103802	440	17,450	SH		SOLE		17,450	0	0
Atlas Finl SrNt 6.625. Cl 4/20	PFD	049323108	293	11,200	SH		SOLE		11,200	0	0
B Riley Financial 7.50. SenNts	PFD	05580m207	447	17,270	SH		SOLE		17,270	0	0
B Riley Financial 7.50. SnNts	PFD	05580m306	2,589	101,150	SH		SOLE		101,150	0	0
BGC Partners 8.125. 2042 Call	PFD	05541t408	4,321	166,219	SH		SOLE		166,219	0	0
BancOfCalifornia 7.00. Cal2021	PFD	05990k874	1,709	64,159	SH		SOLE		64,159	0	0
BancOfCalifornia 7.375. Ca2020	PFD	05990k882	6,968	263,184	SH		SOLE		263,184	0	0
BancOfCalifornia 8.00. Cal2018	PFD	05990k403	2,825	106,626	SH		SOLE		106,626	0	0
Bank of America 6.5. Prp Cl 1/	PFD	060505310	482	17,906	SH		SOLE		17,906	0	0
Bank of America 6.625. Prp/Cl	PFD	060505344	2,886	106,130	SH		SOLE		106,130	0	0
Bank of America 6.625.Prp Cl 1	PFD	060505740	633	24,696	SH		SOLE		24,696	0	0
BankofAmerica .1000pv 7.25. Cn	PFD	060505682	5,294	4,068	SH		SOLE		4,068	0	0
Barclays 8.125. Perp/Cl 3/14 B	PFD	06739h362	390	14,700	SH		SOLE		14,700	0	0
BlueRock Residential Growth 7.	PFD	09627j748	1,455	56,553	SH		SOLE		56,553	0	0
BlueRock Residential Growth 8.	PFD	09627j508	2,168	82,623	SH		SOLE		82,623	0	0
Boston Private Finl 6.95.Perp	PFD	101119303	769	29,966	SH		SOLE		29,966	0	0
CBL & Associates 6.625. Perp C	PFD	124830803	428	17,432	SH		SOLE		17,432	0	0
CBL&Assoc Properties 7.375.CUM	PFD	124830605	370	15,148	SH		SOLE		15,148	0	0
CHS Chemical 7.50. Cl 1/2025 C	PFD	12542r803	7,426	258,916	SH		SOLE		258,916	0	0
CHS Chemicals 6.75. Perp cl 20	PFD	12542r704	359	13,029	SH		SOLE		13,029	0	0
CHS Chemicals 7.875. Perp cl 2	PFD	12542r308	441	15,047	SH		SOLE		15,047	0	0
Capital One Finl 6.7.Prp Call	PFD	14040h709	1,656	60,935	SH		SOLE		60,935	0	0
CenturyLink Quest 7.0.SnNts Cl	PFD	74913g501	2,819	111,194	SH		SOLE		111,194	0	0
Chimera Investment Corp 8. Cal	PFD	16934q406	533	20,146	SH		SOLE		20,146	0	0
Citigroup 5.8. B1 Call 4/18 QD	PFD	172967366	205	7,961	SH		SOLE		7,961	0	0
Citigroup 7.125. Flt Aftr 9/23	PFD	172967358	7,938	273,812	SH		SOLE		273,812	0	0
Citigroup Tst 7.875. Cl2015 Li	PFD	173080201	979	35,245	SH		SOLE		35,245	0	0
City Office REIT 6.625. CUM Ca	PFD	178587200	724	27,864	SH		SOLE		27,864	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w880	4,209	163,909	SH		SOLE		163,909	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w872	479	18,825	SH		SOLE		18,825	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w864	1,490	59,500	SH		SOLE		59,500	0	0
Colony NorthStar 7.50. CUM Cal	PFD	19625w807	2,756	106,834	SH		SOLE		106,834	0	0
Colony NorthStar 8.50. CUM Cal	PFD	19625w500	843	32,671	SH		SOLE		32,671	0	0
Colony NorthStar 8.75. CUM Cal	PFD	19625w609	483	17,688	SH		SOLE		17,688	0	0
Colony Northstar 8.875.CUM Cal	PFD	19625w401	214	8,452	SH		SOLE		8,452	0	0
CoreEnergy 7.375. Pfd - Par Ca	PFD	21870u304	1,910	73,456	SH		SOLE		73,456	0	0
Cowen 8.25. Senior Notes Call1	PFD	223622309	1,477	55,427	SH		SOLE		55,427	0	0
Crown Castle Intl 6.875. MndCo	PFD	22822v309	347	325	SH		SOLE		325	0	0
Customers Bk 7.00. Fx- Flt Prp	PFD	23204g407	224	8,330	SH		SOLE		8,330	0	0
Deutsche Bank 8.05. PrpCl6/18	PFD	25150l108	245	9,212	SH		SOLE		9,212	0	0
Deutsche Bnk 7.6. Prp Cl 2/18	PFD	25154a108	398	15,269	SH		SOLE		15,269	0	0
Digital Realty 7.375. Perp CUM	PFD	253868871	2,134	78,688	SH		SOLE		78,688	0	0
Discover Financial 6.50.Perp Q	PFD	254709207	1,875	73,686	SH		SOLE		73,686	0	0
Dynagas LNG 9.0. QDI CUM cl 2	PFD	Y2188b116	1,336	50,497	SH		SOLE		50,497	0	0
EBAY 6.00. Sr Notes Call 3/1/2	PFD	278642202	576	21,300	SH		SOLE		21,300	0	0
EaglePoint Credit 7.75.2022 CU	PFD	269809109	643	24,720	SH		SOLE		24,720	0	0
Endurance Specialty 6.35. Cal	PFD	29267h406	265	9,900	SH		SOLE		9,900	0	0
First Republic 7.0. Cl 12/18 B	PFD	33616c860	4,743	178,253	SH		SOLE		178,253	0	0
GGP Inc 6.375. Call 2/2018 CUM	PFD	370023202	380	14,800	SH		SOLE		14,800	0	0
GasLog LP 8.625.fxd/flt Cum Q	PFD	y2637w116	749	28,300	SH		SOLE		28,300	0	0
GasLog Ltd 8.75. Ser A CUM QDI	PFD	g37585117	1,472	56,261	SH		SOLE		56,261	0	0
Gladstone Commercial 7.00. CUM	PFD	376536603	5,386	207,153	SH		SOLE		207,153	0	0
Gladstone Investment 6.25. CUM	PFD	376546503	646	25,350	SH		SOLE		25,350	0	0
Glandstone Invstmt 6.50.SrNts2	PFD	376546404	218	8,498	SH		SOLE		8,498	0	0
Global Indemnity SrNts7.75. Ca	PFD	g3933f121	2,002	77,097	SH		SOLE		77,097	0	0
Global Indmnty 7.875. Cl2022 b	PFD	g3933f139	953	36,925	SH		SOLE		36,925	0	0
Global Medical RE 7.50. CUM Pe	PFD	37957w203	263	10,500	SH		SOLE		10,500	0	0
Global Net Lease 7.25.Perp Cum	PFD	379378300	809	32,400	SH		SOLE		32,400	0	0
Goldman 5.5. Flt Aftr 5/23 Cl	PFD	38145g308	1,938	71,132	SH		SOLE		71,132	0	0
GoldmanSachs Lib.75 Min3.75. C	PFD	38143y665	630	26,497	SH		SOLE		26,497	0	0
HSBC Hldgs 8.0. Prp Cl 12/15 B	PFD	404280802	2,474	91,710	SH		SOLE		91,710	0	0
Hanover Insurance6.35. Cl3/18	PFD	410867204	1,252	49,091	SH		SOLE		49,091	0	0
Hartford Finl 7.875. 2042 call	PFD	416518504	1,256	41,359	SH		SOLE		41,359	0	0
Hercules Capital 6.25.SrNts 24	PFD	427096862	259	10,200	SH		SOLE		10,200	0	0
Hersha Hospitality 6.50. NR Ca	PFD	427825609	489	19,120	SH		SOLE		19,120	0	0
Hoegh LNG Partners 8.75.QDI Pe	PFD	y3262r118	569	22,790	SH		SOLE		22,790	0	0
IberiaBank Corp 6.60. Call 5/1	PFD	450828504	859	30,745	SH		SOLE		30,745	0	0
Investors REIT 7.95. CUM Calle	PFD	461730301	1,462	58,287	SH		SOLE		58,287	0	0
JMP Group 8.00. SrDeb Due1/202	PFD	46629u206	415	16,264	SH		SOLE		16,264	0	0
JPMorgan Chase 6.70.Perp/Call	PFD	48127a161	1,706	63,412	SH		SOLE		63,412	0	0
Just Energy 8.50.Perp Call3/20	PFD	48213w200	1,347	51,330	SH		SOLE		51,330	0	0
LaSalle Hotel 6.3. Call 5/2021	PFD	517942884	272	10,619	SH		SOLE		10,619	0	0
LaSalle Hotel 6.375. Call 3/20	PFD	517942801	232	9,078	SH		SOLE		9,078	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	222	8,780	SH		SOLE		8,780	0	0
Maiden Holdings 6.70.Prp Cl 6/	PFD	g5753u146	323	13,288	SH		SOLE		13,288	0	0
Maiden Holdings 7.125.PrpCl 12	PFD	g5753u138	758	29,225	SH		SOLE		29,225	0	0
Maiden Holdings 8.25.Prp Cl8/2	PFD	g5753u120	1,801	71,037	SH		SOLE		71,037	0	0
Medley Capital7.25.SrNts Due24	PFD	58503y204	418	16,450	SH		SOLE		16,450	0	0
Medley Capitl 6.875.Notes Due2	PFD	58503y105	354	14,400	SH		SOLE		14,400	0	0
MetLife 3MoLibor.100 Min 4.0.	PFD	59156r504	217	8,666	SH		SOLE		8,666	0	0
Morgan Stanley 3MoLib.70bp 4.F	PFD	61747s504	528	22,884	SH		SOLE		22,884	0	0
Morgan Stanley 7.125.Flt Aftr1	PFD	61762v200	5,058	172,394	SH		SOLE		172,394	0	0
National General 7.5. NA Cl Q	PFD	636220857	5,217	207,768	SH		SOLE		207,768	0	0
National General 7.50.Call4/20	PFD	636220808	3,303	130,416	SH		SOLE		130,416	0	0
National General 7.625. Call9/	PFD	636220873	1,903	73,892	SH		SOLE		73,892	0	0
National General7.50.Call 7/20	PFD	636220709	2,688	104,307	SH		SOLE		104,307	0	0
New York MtgTrust 7.875.Perp C	PFD	649604808	315	12,385	SH		SOLE		12,385	0	0
NewTek Business Svs 7.0.Nts 3/	PFD	652526401	298	11,690	SH		SOLE		11,690	0	0
NewTek Business Svs 7.50. Nts	PFD	652526302	530	20,111	SH		SOLE		20,111	0	0
NuStar Logistics 7.625.Nts Cl	PFD	67059t204	1,442	56,872	SH		SOLE		56,872	0	0
Oxford Lane Cap6.75. Nts 6/202	PFD	691543508	917	36,100	SH		SOLE		36,100	0	0
Oxford Lane Capital 7.50. 6/20	PFD	691543300	200	7,894	SH		SOLE		7,894	0	0
PS Business Parks 6.0. BBB Cal	PFD	69360j685	249	9,886	SH		SOLE		9,886	0	0
Partner Re 6.50.Perp Cal 4/202	PFD	g68603136	1,152	42,595	SH		SOLE		42,595	0	0
Partner Re 7.25. Call 06/21 BB	PFD	g68603144	7,180	249,733	SH		SOLE		249,733	0	0
Penn Real Estate 8.25.CUM Call	PFD	709102404	248	9,869	SH		SOLE		9,869	0	0
Penn RealEstate 6.875.CUM Perp	PFD	709102701	275	11,000	SH		SOLE		11,000	0	0
Penn RealEstate 7.20.CUM Perp	PFD	709102602	311	11,955	SH		SOLE		11,955	0	0
Penn RealEstate 7.375.CUM Perp	PFD	709102503	571	22,596	SH		SOLE		22,596	0	0
PennyMac Mtg 8.125. 2024 Libor	PFD	70931t301	357	14,151	SH		SOLE		14,151	0	0
Pitney Bowes 6.7. Cl 3/7/18 BB	PFD	724479506	340	13,300	SH		SOLE		13,300	0	0
Prospect Captl 6.25. 6/24 SrNt	PFD	74348t300	1,821	70,106	SH		SOLE		70,106	0	0
Prudential PLC 6.75. PrpCl 9/0	PFD	g7293h114	521	19,602	SH		SOLE		19,602	0	0
Quest USWest 7.0. SrNts 2056 2	PFD	74913g808	3,960	146,943	SH		SOLE		146,943	0	0
Quest USWest SnNotes 7.0. 2052	PFD	74913G402	1,253	49,400	SH		SOLE		49,400	0	0
Quest USWest Sr Nts6.125.Nts C	PFD	74913g600	220	8,670	SH		SOLE		8,670	0	0
Quest USWestSnNote7.5. BBB- Cl	PFD	74913g303	1,254	49,317	SH		SOLE		49,317	0	0
Quest USWestSnNotes 6.875. CL	PFD	74913g105	3,235	124,250	SH		SOLE		124,250	0	0
Qwest Corp 6.5. Sr Note 9/56 C	PFD	74913g881	2,514	99,430	SH		SOLE		99,430	0	0
Qwest Corp 6.75. SrNote 6/57 C	PFD	74913g873	752	29,500	SH		SOLE		29,500	0	0
Regions Financial 6.375. Cl 12	PFD	7591ep308	406	15,950	SH		SOLE		15,950	0	0
Reinsurance Group of Amer 6.2.	PFD	759351703	350	12,300	SH		SOLE		12,300	0	0
RetailPropertiesofAmer 7. Call	PFD	76131v608	393	15,400	SH		SOLE		15,400	0	0
SL Green Realty 6.5. Perp CUM	PFD	78440x507	1,766	69,783	SH		SOLE		69,783	0	0
SoCalEd 5.375. CUM cl 2025 QDI	PFD	78409g206	764	28,111	SH		SOLE		28,111	0	0
Solar Capital 6.75. Cl 11/17	PFD	83413u308	495	19,508	SH		SOLE		19,508	0	0
Sotherly Hotels 8. Cum Perp C	PFD	83600c301	2,841	111,872	SH		SOLE		111,872	0	0
Spark Energy 8.75. Call 2022 Q	PFD	846511202	467	17,698	SH		SOLE		17,698	0	0
Summit Hotel 7.875. Perp CUM C	PFD	866082308	2,831	110,736	SH		SOLE		110,736	0	0
Summit Hotel7.125.Perp CUM Cal	PFD	866082407	956	37,342	SH		SOLE		37,342	0	0
Sunstone Hotel 6.95. Prp/Cl 3/	PFD	867892606	385	14,213	SH		SOLE		14,213	0	0
Taubman Centers 6.5. CUM NA Cl	PFD	876664608	230	9,138	SH		SOLE		9,138	0	0
Telephone & Data 6.875. Cl 11/	PFD	879433845	2,083	81,875	SH		SOLE		81,875	0	0
Telephone & Data 7.0. Cl 3/16	PFD	879433837	777	30,002	SH		SOLE		30,002	0	0
Texas Capitl Bancshares6.50. 2	PFD	882228307	434	16,967	SH		SOLE		16,967	0	0
Torchmark Crp 6.125. SubDebCal	PFD	891027401	951	35,435	SH		SOLE		35,435	0	0
Triancgle Capitl 6.375.Sr Note	PFD	895848406	850	33,250	SH		SOLE		33,250	0	0
Two Harbors Investments 7.625.	PFD	90187b309	226	8,650	SH		SOLE		8,650	0	0
Two Harbors Investments 8.125.	PFD	90187b200	692	25,705	SH		SOLE		25,705	0	0
UMH Properties 8.0. Perp Cum C	PFD	903002301	617	22,290	SH		SOLE		22,290	0	0
US Bancorp 6.5. Flt Aftr 1/22	PFD	902973833	1,134	38,906	SH		SOLE		38,906	0	0
US Celllular SrNts 7.25. 2063	PFD	911684504	543	20,500	SH		SOLE		20,500	0	0
US Cellular 6.95.SrNT 2060 Cl	PFD	911684405	439	16,975	SH		SOLE		16,975	0	0
US Cellular 7.25. SrNts12/2064	PFD	911684603	1,890	69,802	SH		SOLE		69,802	0	0
VEREIT Inc 6.70. Perp CUM Cl 2	PFD	92339v209	1,016	39,476	SH		SOLE		39,476	0	0
Wells Fargo 5.85.Flt Aftr 9/23	PFD	949746556	342	12,525	SH		SOLE		12,525	0	0
Wells Fargo 6.375. Cl 12/19 BB	PFD	94988n207	805	30,468	SH		SOLE		30,468	0	0
Wells Fargo 7.5. Cnv@.156 .100	PFD	949746804	17,982	13,675	SH		SOLE		13,675	0	0
Wells Fargo 8.00. Prp Cl12/17	PFD	949746879	8,481	332,588	SH		SOLE		332,588	0	0
WinTrust Financial 6.50. Call	PFD	97650w405	250	8,707	SH		SOLE		8,707	0	0
Bank of America 5.20. Perp/Cal	PFD	060505ED2	890	865,000	PRN		SOLE		865,000	0	0
Charles Schwab 4.625. Perp/Cal	PFD	808513AP0	562	550,000	PRN		SOLE		550,000	0	0
Charles Schwab 7. Perp/Call 2/	PFD	808513AE5	1,676	1,457,000	PRN		SOLE		1,457,000	0	0
Citigroup 5.35. Perp/Call 5/23	PFD	172967GR6	768	740,000	PRN		SOLE		740,000	0	0
Citigroup 5.875. Perp/Call 3/2	PFD	172967JK8	364	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc 5.95. Perp Call	PFD	172967GD7	1,150	1,070,000	PRN		SOLE		1,070,000	0	0
Citigroup Inc 6.125. Perp Call	PFD	172967KD2	589	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	537	500,000	PRN		SOLE		500,000	0	0
GE Cap Corp 5.00. Perp/Call 1/	PFD	369604BQ5	2,134	2,036,000	PRN		SOLE		2,036,000	0	0
Goldman Sachs 5.375 Perp/Call	PFD	38148BAB4	248	240,000	PRN		SOLE		240,000	0	0
Goldman Sachs 5.7 Perp/Call 5/	PFD	38148BAA6	515	500,000	PRN		SOLE		500,000	0	0
JPMorgan 6.0. Perp/Call 8/23 -	PFD	48126HAA8	3,298	3,050,000	PRN		SOLE		3,050,000	0	0
JPMorgan 7.9. Perp/Call 4/18 -	PFD	46625HHA1	3,044	2,970,000	PRN		SOLE		2,970,000	0	0
So. Cal Edison 6.25. Perp/Call	PFD	842400FU2	925	830,000	PRN		SOLE		830,000	0	0
Suntrust Bank 5.05. Call 2022-	PFD	867914BN2	204	200,000	PRN		SOLE		200,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	2,766	2,745,000	PRN		SOLE		2,745,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	572	560,000	PRN		SOLE		560,000	0	0