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	299	100	SH		SOLE		100	0	0
3M Company	COM	88579y101	24,749	112,739	SH		SOLE		112,739	0	0
ABB Ltd-Spon ADR	COM	000375204	667	28,101	SH		SOLE		28,101	0	0
ASML Hldgs NV-NY Reg Shs	COM	n07059210	244	1,227	SH		SOLE		1,227	0	0
AT&T Inc	COM	00206r102	6,001	168,343	SH		SOLE		168,343	0	0
AbbVie Inc	COM	00287y109	14,082	148,775	SH		SOLE		148,775	0	0
Abbott Laboratories	COM	002824100	12,211	203,780	SH		SOLE		203,780	0	0
Accenture PLC-Cl A	COM	g1151c101	5,415	35,276	SH		SOLE		35,276	0	0
Adobe Systems Inc	COM	00724f101	1,609	7,448	SH		SOLE		7,448	0	0
Aetna Inc	COM	00817Y108	1,797	10,632	SH		SOLE		10,632	0	0
Aflac Inc	COM	001055102	1,317	30,102	SH		SOLE		30,102	0	0
Agilent Technologies Inc	COM	00846u101	1,212	18,117	SH		SOLE		18,117	0	0
Air Products & Chemicals Inc	COM	009158106	8,517	53,554	SH		SOLE		53,554	0	0
Alibaba Group Holding-SP ADR	COM	01609w102	395	2,151	SH		SOLE		2,151	0	0
Allergan plc (new)	COM	g0177j108	7,537	44,783	SH		SOLE		44,783	0	0
Allstate Corp	COM	020002101	513	5,409	SH		SOLE		5,409	0	0
Alphabet Inc-Cl A	COM	02079k305	10,655	10,273	SH		SOLE		10,273	0	0
Alphabet Inc-Cl C	COM	02079k107	5,941	5,758	SH		SOLE		5,758	0	0
Altaba Inc	COM	021346101	1,379	18,623	SH		SOLE		18,623	0	0
Altria Group Inc	COM	02209s103	9,160	146,983	SH		SOLE		146,983	0	0
Amarillo Gold Corp	COM	02301t108	3	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	13,783	9,523	SH		SOLE		9,523	0	0
American Electric Power	COM	025537101	409	5,960	SH		SOLE		5,960	0	0
American Express Co	COM	025816109	1,528	16,377	SH		SOLE		16,377	0	0
Amgen Inc	COM	031162100	2,373	13,922	SH		SOLE		13,922	0	0
Anthem Inc	COM	036752103	2,913	13,261	SH		SOLE		13,261	0	0
Apple Inc	COM	037833100	42,051	250,634	SH		SOLE		250,634	0	0
Applied Materials Inc	COM	038222105	302	5,431	SH		SOLE		5,431	0	0
Archer-Daniels-Midland Co	COM	039483102	514	11,847	SH		SOLE		11,847	0	0
Arista Networks, Inc.	COM	040413106	208	816	SH		SOLE		816	0	0
Automatic Data Processing	COM	053015103	20,690	182,320	SH		SOLE		182,320	0	0
BB&T Corporation	COM	054937107	207	3,983	SH		SOLE		3,983	0	0
BCE Inc	COM	05534b760	1,423	33,064	SH		SOLE		33,064	0	0
Bank Of Marin Bancorp/CA	COM	063425102	820	11,886	SH		SOLE		11,886	0	0
Bank Of New York Mellon Corp	COM	064058100	243	4,716	SH		SOLE		4,716	0	0
Bank of America Corp	COM	060505104	9,136	304,631	SH		SOLE		304,631	0	0
Baxter International Inc.	COM	071813109	357	5,495	SH		SOLE		5,495	0	0
Becton Dickinson & Co	COM	075887109	3,345	15,437	SH		SOLE		15,437	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	4,227	21,191	SH		SOLE		21,191	0	0
Biogen Inc	COM	09062x103	1,083	3,954	SH		SOLE		3,954	0	0
Blackrock Inc	COM	09247x101	526	972	SH		SOLE		972	0	0
Blackstone Group/The	COM	09253u108	519	16,245	SH		SOLE		16,245	0	0
Boeing Co	COM	097023105	4,290	13,085	SH		SOLE		13,085	0	0
Bristol-Myers Squibb Co	COM	110122108	17,484	276,424	SH		SOLE		276,424	0	0
Broadcom Inc	COM	11135f101	523	2,219	SH		SOLE		2,219	0	0
Brown-Forman Corp -Cl B	COM	115637209	523	9,620	SH		SOLE		9,620	0	0
CBS Corp Class B	COM	124857202	346	6,740	SH		SOLE		6,740	0	0
CSX Corp	COM	126408103	241	4,330	SH		SOLE		4,330	0	0
CVS Health Corp	COM	126650100	1,886	30,314	SH		SOLE		30,314	0	0
Canadian Natl Railway Co	COM	136375102	230	3,140	SH		SOLE		3,140	0	0
CarMax Inc	COM	143130102	217	3,500	SH		SOLE		3,500	0	0
Caterpillar Inc	COM	149123101	4,507	30,584	SH		SOLE		30,584	0	0
Celgene Corp	COM	151020104	295	3,303	SH		SOLE		3,303	0	0
CenterPoint Energy Inc	COM	15189t107	1,781	65,002	SH		SOLE		65,002	0	0
Cerner Corp	COM	156782104	3,185	54,906	SH		SOLE		54,906	0	0
Check Point Software Tech	COM	m22465104	1,282	12,902	SH		SOLE		12,902	0	0
Chevron Corp	COM	166764100	28,307	248,222	SH		SOLE		248,222	0	0
Chubb Ltd (new)	COM	h1467j104	2,426	17,740	SH		SOLE		17,740	0	0
Cigna Corp	COM	125509109	467	2,784	SH		SOLE		2,784	0	0
Cincinnati Financial Corp	COM	172062101	708	9,531	SH		SOLE		9,531	0	0
Cintas Corp	COM	172908105	759	4,448	SH		SOLE		4,448	0	0
Cisco Systems Inc	COM	17275R102	6,744	157,238	SH		SOLE		157,238	0	0
Citigroup Inc	COM	172967424	405	6,003	SH		SOLE		6,003	0	0
Clorox Company	COM	189054109	14,591	109,618	SH		SOLE		109,618	0	0
Coca-Cola Co/The	COM	191216100	4,712	108,496	SH		SOLE		108,496	0	0
Colgate-Palmolive Co	COM	194162103	9,010	125,702	SH		SOLE		125,702	0	0
Comcast Corp-Cl A	COM	20030n101	1,153	33,738	SH		SOLE		33,738	0	0
Conagra Brands Inc	COM	205887102	869	23,557	SH		SOLE		23,557	0	0
ConocoPhillips	COM	20825C104	4,099	69,131	SH		SOLE		69,131	0	0
Consolidated Edison Inc	COM	209115104	941	12,071	SH		SOLE		12,071	0	0
Costco Wholesale Corp	COM	22160K105	22,846	121,245	SH		SOLE		121,245	0	0
Crown Castle Intl Corp	COM	22822v101	18,330	167,233	SH		SOLE		167,233	0	0
Danaher Corp	COM	235851102	5,702	58,237	SH		SOLE		58,237	0	0
Deere & Co	COM	244199105	2,016	12,979	SH		SOLE		12,979	0	0
Delta Air Lines Inc	COM	247361702	533	9,721	SH		SOLE		9,721	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	513	3,786	SH		SOLE		3,786	0	0
Dick's Sporting Goods Inc	COM	253393102	319	9,088	SH		SOLE		9,088	0	0
Disney Co./Walt The	COM	254687106	15,487	154,195	SH		SOLE		154,195	0	0
Dominion Resources Inc/Va	COM	25746u109	671	9,945	SH		SOLE		9,945	0	0
Dover Corp	COM	260003108	918	9,351	SH		SOLE		9,351	0	0
DowDuPont Inc	COM	26078j100	10,271	161,210	SH		SOLE		161,210	0	0
Dr Pepper Snapple Group Inc	COM	26138e109	704	5,946	SH		SOLE		5,946	0	0
Duke Energy Corp	COM	26441c204	552	7,126	SH		SOLE		7,126	0	0
Eaton Corp PLC	COM	g29183103	1,068	13,371	SH		SOLE		13,371	0	0
Ecolab Inc	COM	278865100	14,129	103,079	SH		SOLE		103,079	0	0
Edison International	COM	281020107	8,099	127,218	SH		SOLE		127,218	0	0
Electronic Arts Inc	COM	285512109	735	6,061	SH		SOLE		6,061	0	0
Eli Lilly & Co	COM	532457108	3,456	44,674	SH		SOLE		44,674	0	0
Emerson Electric Co	COM	291011104	1,766	25,861	SH		SOLE		25,861	0	0
Enbridge Inc	COM	29250n105	2,316	73,604	SH		SOLE		73,604	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	752	30,728	SH		SOLE		30,728	0	0
Essex Property Trust Inc	COM	297178105	1,130	4,695	SH		SOLE		4,695	0	0
Eurasian Minerals Inc	COM	29843r100	48	54,086	SH		SOLE		54,086	0	0
Eversource Energy	COM	30040w108	359	6,094	SH		SOLE		6,094	0	0
Express Scripts Holding Co.	COM	30219g108	285	4,127	SH		SOLE		4,127	0	0
Exxon Mobil Corp	COM	30231G102	7,744	103,790	SH		SOLE		103,790	0	0
Facebook Inc	COM	30303m102	47,410	296,701	SH		SOLE		296,701	0	0
Fanhua Inc-Sponsored ADR	COM	30712a103	362	13,404	SH		SOLE		13,404	0	0
FedEx Corp	COM	31428x106	877	3,654	SH		SOLE		3,654	0	0
Finisar Corporation	COM	31787a507	158	10,000	SH		SOLE		10,000	0	0
First Republic Bank/San Franci	COM	33616C100	8,986	97,027	SH		SOLE		97,027	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	2,635	64,681	SH		SOLE		64,681	0	0
First Trust Mid Cap Value ETF	COM	33737m201	305	8,783	SH		SOLE		8,783	0	0
First Trust Morningstar Divide	COM	336917109	681	24,141	SH		SOLE		24,141	0	0
Ford Motor Co	COM	345370860	117	10,555	SH		SOLE		10,555	0	0
Fortinet Inc	COM	34959e109	549	10,240	SH		SOLE		10,240	0	0
Fortive Corp	COM	34959j108	238	3,071	SH		SOLE		3,071	0	0
General Dynamics Corp	COM	369550108	3,877	17,551	SH		SOLE		17,551	0	0
General Electric Co	COM	369604103	2,570	190,671	SH		SOLE		190,671	0	0
General Mills Inc	COM	370334104	4,195	93,094	SH		SOLE		93,094	0	0
General Motors Co	COM	37045v100	230	6,326	SH		SOLE		6,326	0	0
Genuine Parts Co	COM	372460105	7,015	78,084	SH		SOLE		78,084	0	0
Gilead Sciences Inc	COM	375558103	647	8,586	SH		SOLE		8,586	0	0
GlaxoSmithKline Plc-ADR	COM	37733w105	211	5,404	SH		SOLE		5,404	0	0
Goldman ActiveBeta Europe Equi	COM	381430305	235	7,456	SH		SOLE		7,456	0	0
Goldman Sach Active Beta US La	COM	381430503	673	12,596	SH		SOLE		12,596	0	0
Goldman Sachs Group Inc	COM	38141G104	745	2,960	SH		SOLE		2,960	0	0
Great Plains Energy Inc	COM	391164100	969	30,480	SH		SOLE		30,480	0	0
HCP Inc REIT	COM	40414l109	1,517	65,288	SH		SOLE		65,288	0	0
Hewlett Packard Enterprise	COM	42824c109	198	11,261	SH		SOLE		11,261	0	0
Home Depot Inc	COM	437076102	21,251	119,225	SH		SOLE		119,225	0	0
Honeywell International Inc	COM	438516106	5,821	40,282	SH		SOLE		40,282	0	0
Hormel Foods Corp	COM	440452100	535	15,575	SH		SOLE		15,575	0	0
Illinois Tool Works	COM	452308109	1,612	10,291	SH		SOLE		10,291	0	0
Ingersoll-Rand PLC	COM	g47791101	1,852	21,663	SH		SOLE		21,663	0	0
Intel Corp	COM	458140100	19,984	383,721	SH		SOLE		383,721	0	0
International Paper Co	COM	460146103	389	7,278	SH		SOLE		7,278	0	0
Intl Business Machines Corp	COM	459200101	3,050	19,878	SH		SOLE		19,878	0	0
Intl Flavors & Fragrances	COM	459506101	856	6,250	SH		SOLE		6,250	0	0
Intuitive Surgical Inc	COM	46120e602	299	725	SH		SOLE		725	0	0
Iron Mountain Inc	COM	46284v101	286	8,700	SH		SOLE		8,700	0	0
Ivanhoe Mines Ltd	COM	46579r104	510	241,500	SH		SOLE		241,500	0	0
JPMorgan Chase & Co	COM	46625H100	14,554	132,341	SH		SOLE		132,341	0	0
JPMorgan US Large Cap Diversif	COM	46641q407	1,463	20,991	SH		SOLE		20,991	0	0
Jacobs Engineering Group Inc	COM	469814107	337	5,703	SH		SOLE		5,703	0	0
Johnson & Johnson	COM	478160104	33,874	264,330	SH		SOLE		264,330	0	0
Johnson Controls Intl PLC	COM	g51502105	245	6,946	SH		SOLE		6,946	0	0
Keysight Technologies Inc	COM	49338l103	455	8,693	SH		SOLE		8,693	0	0
Kimberly-Clark Corp	COM	494368103	11,768	106,860	SH		SOLE		106,860	0	0
Kinder Morgan Inc	COM	49456b101	1,037	68,869	SH		SOLE		68,869	0	0
Kraft Heinz Co/The	COM	500754106	1,703	27,337	SH		SOLE		27,337	0	0
L3 Technologies Inc	COM	502413107	2,796	13,442	SH		SOLE		13,442	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,281	14,105	SH		SOLE		14,105	0	0
Lam Research Corp	COM	512807108	520	2,557	SH		SOLE		2,557	0	0
Lamb Weston Holdings Inc	COM	513272104	390	6,691	SH		SOLE		6,691	0	0
Leggett & Platt Inc	COM	524660107	232	5,226	SH		SOLE		5,226	0	0
Lennar Corp-Cl A	COM	526057104	1,047	17,758	SH		SOLE		17,758	0	0
Lockheed Martin Corp	COM	539830109	6,327	18,722	SH		SOLE		18,722	0	0
Lowe's Cos Inc	COM	548661107	4,507	51,362	SH		SOLE		51,362	0	0
Lululemon Athletica Inc	COM	550021109	762	8,550	SH		SOLE		8,550	0	0
Marathon Petroleum Corp	COM	56585a102	413	5,654	SH		SOLE		5,654	0	0
Marriott International-Cl A	COM	571903202	4,460	32,800	SH		SOLE		32,800	0	0
Masimo Corporation	COM	574795100	212	2,415	SH		SOLE		2,415	0	0
MasterCard Inc-Class A	COM	57636q104	254	1,450	SH		SOLE		1,450	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,448	23,014	SH		SOLE		23,014	0	0
McDonald's Corp	COM	580135101	14,949	95,595	SH		SOLE		95,595	0	0
McKesson Corp	COM	58155q103	971	6,892	SH		SOLE		6,892	0	0
Medical Properties Trust Inc	COM	58463j304	201	15,429	SH		SOLE		15,429	0	0
Medtronic PLC	COM	g5960l103	7,070	88,135	SH		SOLE		88,135	0	0
Merck & Co. Inc.	COM	58933y105	2,579	47,348	SH		SOLE		47,348	0	0
MetLife Inc	COM	59156r108	208	4,530	SH		SOLE		4,530	0	0
Microsoft Corp	COM	594918104	31,215	342,009	SH		SOLE		342,009	0	0
Mondelez International	COM	609207105	1,516	36,335	SH		SOLE		36,335	0	0
Morgan Stanley	COM	617446448	3,275	60,690	SH		SOLE		60,690	0	0
NVIDIA Corp	COM	67066g104	1,723	7,440	SH		SOLE		7,440	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	3,297	41,703	SH		SOLE		41,703	0	0
NextEra Energy Inc	COM	65339f101	18,174	111,269	SH		SOLE		111,269	0	0
Nike Inc -Cl B	COM	654106103	11,767	177,108	SH		SOLE		177,108	0	0
Norfolk Southern Corp	COM	655844108	326	2,400	SH		SOLE		2,400	0	0
Northrop Grumman Corp	COM	666807102	235	672	SH		SOLE		672	0	0
Novartis Ag-ADR	COM	66987v109	2,321	28,702	SH		SOLE		28,702	0	0
Nucor Corp	COM	670346105	407	6,661	SH		SOLE		6,661	0	0
ONEOK Inc	COM	682680103	229	4,018	SH		SOLE		4,018	0	0
Occidental Petroleum Corp	COM	674599105	3,223	49,618	SH		SOLE		49,618	0	0
Oracle Corp	COM	68389x105	3,411	74,555	SH		SOLE		74,555	0	0
PPG Industries Inc	COM	693506107	360	3,229	SH		SOLE		3,229	0	0
Paccar Inc	COM	693718108	956	14,444	SH		SOLE		14,444	0	0
Parker-Hannifin Corp	COM	701094104	341	1,992	SH		SOLE		1,992	0	0
PayPal Holdings Inc	COM	70450y103	206	2,720	SH		SOLE		2,720	0	0
Pentair PLC	COM	g7s00t104	764	11,212	SH		SOLE		11,212	0	0
PepsiCo Inc	COM	713448108	8,342	76,430	SH		SOLE		76,430	0	0
Pfizer Inc	COM	717081103	8,461	238,402	SH		SOLE		238,402	0	0
Philip Morris International	COM	718172109	2,062	20,740	SH		SOLE		20,740	0	0
Phillips 66	COM	718546104	250	2,609	SH		SOLE		2,609	0	0
Plains GP Holdings LP	COM	72651a207	218	10,000	SH		SOLE		10,000	0	0
PowerShares Preferred Portfoli	COM	73936t565	13,339	913,642	SH		SOLE		913,642	0	0
PowerShares S&P Equal Weight	COM	739371813	742	7,462	SH		SOLE		7,462	0	0
PowerShares S&P Equal Weight F	COM	739371797	241	5,497	SH		SOLE		5,497	0	0
PowerShares S&P Top 50	COM	739371698	950	5,088	SH		SOLE		5,088	0	0
Powershares KBW Regional Bank	COM	73937b712	1,476	26,025	SH		SOLE		26,025	0	0
Powershares QQQ NASDAQ 100 Tru	COM	73935a104	5,235	32,694	SH		SOLE		32,694	0	0
Praxair Inc	COM	74005p104	2,840	19,683	SH		SOLE		19,683	0	0
Preferred Apartment Communitie	COM	74039l103	5,720	403,120	SH		SOLE		403,120	0	0
ProLogis Inc	COM	74340w103	689	10,933	SH		SOLE		10,933	0	0
ProShares Ultra Technology	COM	74347r693	296	3,200	SH		SOLE		3,200	0	0
Procter & Gamble Co	COM	742718109	20,589	259,698	SH		SOLE		259,698	0	0
Public Service Enterprise Grou	COM	744573106	3,387	67,410	SH		SOLE		67,410	0	0
Putnam Premier Income Trust	COM	746853100	76	14,479	SH		SOLE		14,479	0	0
Qualcomm Inc	COM	747525103	571	10,305	SH		SOLE		10,305	0	0
Quest Diagnostics	COM	74834l100	275	2,745	SH		SOLE		2,745	0	0
Raytheon Company	COM	755111507	5,542	25,681	SH		SOLE		25,681	0	0
Realty Income Corp	COM	756109104	10,531	203,584	SH		SOLE		203,584	0	0
Regeneron Pharmaceuticals Inc	COM	75886f107	315	914	SH		SOLE		914	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	2,644	92,369	SH		SOLE		92,369	0	0
Rockwell Automation Inc	COM	773903109	408	2,343	SH		SOLE		2,343	0	0
Rockwell Collins Inc.	COM	774341101	970	7,190	SH		SOLE		7,190	0	0
Roper Technologies Inc	COM	776696106	287	1,024	SH		SOLE		1,024	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	715	11,212	SH		SOLE		11,212	0	0
S&P Global Inc	COM	78409v104	1,856	9,712	SH		SOLE		9,712	0	0
SAP SE-Sponsored ADR	COM	803054204	863	8,207	SH		SOLE		8,207	0	0
SPDR Consumer Discretionary Se	COM	81369y407	27,772	274,188	SH		SOLE		274,188	0	0
SPDR Consumer Staples Select S	COM	81369y308	7,754	147,340	SH		SOLE		147,340	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,345	5,571	SH		SOLE		5,571	0	0
SPDR Energy Select Sector	COM	81369y506	17,794	263,969	SH		SOLE		263,969	0	0
SPDR Financial Select Sector	COM	81369y605	20,278	735,503	SH		SOLE		735,503	0	0
SPDR Gold Trust	COM	78463v107	1,637	13,013	SH		SOLE		13,013	0	0
SPDR Health Care Select Sector	COM	81369y209	19,628	241,127	SH		SOLE		241,127	0	0
SPDR Industrial Select Sector	COM	81369y704	17,383	233,985	SH		SOLE		233,985	0	0
SPDR Materials Select Sector	COM	81369y100	4,217	74,067	SH		SOLE		74,067	0	0
SPDR NYSE Technology ETF	COM	78464a102	642	7,216	SH		SOLE		7,216	0	0
SPDR Real Estate Sector	COM	81369y860	230	7,402	SH		SOLE		7,402	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	8,772	33,335	SH		SOLE		33,335	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	444	5,111	SH		SOLE		5,111	0	0
SPDR S&P Biotech ETF	COM	78464a870	651	7,415	SH		SOLE		7,415	0	0
SPDR S&P Dividend	COM	78464a763	12,331	135,206	SH		SOLE		135,206	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	11,490	33,623	SH		SOLE		33,623	0	0
SPDR S&P Regional Banking	COM	78464a698	2,701	44,721	SH		SOLE		44,721	0	0
SPDR Technology Select Sector	COM	81369y803	50,970	779,125	SH		SOLE		779,125	0	0
SPDR Utilities Select Sector	COM	81369y886	3,929	77,747	SH		SOLE		77,747	0	0
Salesforce.Com Inc	COM	79466l302	3,439	29,574	SH		SOLE		29,574	0	0
Schlumberger Ltd	COM	806857108	263	4,067	SH		SOLE		4,067	0	0
Schwab (Charles) Corp	COM	808513105	980	18,761	SH		SOLE		18,761	0	0
Schwab US Broad Market ETF	COM	808524102	2,751	43,120	SH		SOLE		43,120	0	0
Schwab US Dividend Equity ETF	COM	808524797	8,246	168,181	SH		SOLE		168,181	0	0
Schwab US Large-Cap ETF	COM	808524201	2,020	32,017	SH		SOLE		32,017	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,585	29,971	SH		SOLE		29,971	0	0
Sempra Energy	COM	816851109	3,583	32,216	SH		SOLE		32,216	0	0
Sherwin Williams Co	COM	824348106	979	2,498	SH		SOLE		2,498	0	0
Southern Co	COM	842587107	1,118	25,041	SH		SOLE		25,041	0	0
Spectral Medical Inc	COM	847577103	6	25,000	SH		SOLE		25,000	0	0
Stanley Black & Decker Inc	COM	854502101	7,587	49,522	SH		SOLE		49,522	0	0
Starbucks Corp	COM	855244109	8,178	141,263	SH		SOLE		141,263	0	0
State Street Corp	COM	857477103	381	3,818	SH		SOLE		3,818	0	0
Stryker Corp	COM	863667101	205	1,276	SH		SOLE		1,276	0	0
Sysco Corp	COM	871829107	1,074	17,920	SH		SOLE		17,920	0	0
T Rowe Price Group Inc	COM	74144t108	367	3,403	SH		SOLE		3,403	0	0
TJX Companies Inc	COM	872540109	421	5,157	SH		SOLE		5,157	0	0
Target Corp	COM	87612e106	718	10,338	SH		SOLE		10,338	0	0
Tesla Inc	COM	88160r101	925	3,475	SH		SOLE		3,475	0	0
Texas Instruments Inc	COM	882508104	652	6,279	SH		SOLE		6,279	0	0
Thermo Fisher Scientific Inc	COM	883556102	811	3,930	SH		SOLE		3,930	0	0
Time Warner Inc	COM	887317303	2,128	22,498	SH		SOLE		22,498	0	0
Toronto Dominion Bank	COM	891160509	4,292	75,502	SH		SOLE		75,502	0	0
Total S A -Spon ADR	COM	89151e109	217	3,761	SH		SOLE		3,761	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	987	7,567	SH		SOLE		7,567	0	0
Travelers Cos Inc/The	COM	89417e109	3,762	27,094	SH		SOLE		27,094	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
U S Bancorp	COM	902973304	6,048	119,771	SH		SOLE		119,771	0	0
UDR Inc	COM	902653104	274	7,680	SH		SOLE		7,680	0	0
Unilever N V -NY Shares	COM	904784709	4,807	85,251	SH		SOLE		85,251	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,966	35,393	SH		SOLE		35,393	0	0
Union Pacific Corp	COM	907818108	1,734	12,896	SH		SOLE		12,896	0	0
United Parcel Service-Cl B	COM	911312106	9,732	92,987	SH		SOLE		92,987	0	0
United Technologies Corp	COM	913017109	3,159	25,106	SH		SOLE		25,106	0	0
UnitedHealth Group Inc	COM	91324P102	1,993	9,313	SH		SOLE		9,313	0	0
VF Corporation	COM	918204108	256	3,448	SH		SOLE		3,448	0	0
Valero Energy Corp	COM	91913Y100	406	4,372	SH		SOLE		4,372	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	352	6,193	SH		SOLE		6,193	0	0
Vanguard Consumer Discretionar	COM	92204a108	1,227	7,734	SH		SOLE		7,734	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	677	4,975	SH		SOLE		4,975	0	0
Vanguard Developed Mkts	COM	921943858	1,309	29,575	SH		SOLE		29,575	0	0
Vanguard Dividend Appreciation	COM	921908844	845	8,367	SH		SOLE		8,367	0	0
Vanguard Emerging Mkts	COM	922042858	1,092	23,243	SH		SOLE		23,243	0	0
Vanguard Energy ETF	COM	92204a306	267	2,892	SH		SOLE		2,892	0	0
Vanguard European Vipers	COM	922042874	850	14,615	SH		SOLE		14,615	0	0
Vanguard Financials Vipers	COM	92204a405	730	10,510	SH		SOLE		10,510	0	0
Vanguard Health Care Vipers	COM	92204a504	565	3,680	SH		SOLE		3,680	0	0
Vanguard High Div Yield	COM	921946406	3,348	40,584	SH		SOLE		40,584	0	0
Vanguard Industrials	COM	92204a603	435	3,125	SH		SOLE		3,125	0	0
Vanguard Info Tech Vipers	COM	92204a702	2,742	16,036	SH		SOLE		16,036	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	255	2,100	SH		SOLE		2,100	0	0
Vanguard Materials Vipers	COM	92204a801	208	1,610	SH		SOLE		1,610	0	0
Vanguard Mega Cap 300 Growth E	COM	921910816	299	2,667	SH		SOLE		2,667	0	0
Vanguard Mid-Cap	COM	922908629	2,985	19,354	SH		SOLE		19,354	0	0
Vanguard Pacific Vipers-MSCI P	COM	922042866	310	4,248	SH		SOLE		4,248	0	0
Vanguard REIT	COM	922908553	444	5,879	SH		SOLE		5,879	0	0
Vanguard Small-Cap Vipers	COM	922908751	2,293	15,609	SH		SOLE		15,609	0	0
Vanguard Total Stock Market	COM	922908769	18,346	135,174	SH		SOLE		135,174	0	0
Varian Medical Systems Inc	COM	92220P105	2,759	22,494	SH		SOLE		22,494	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	800	7,690	SH		SOLE		7,690	0	0
Verizon Communications Inc	COM	92343v104	27,750	580,295	SH		SOLE		580,295	0	0
Visa Inc-Class A Shares	COM	92826c839	3,724	31,134	SH		SOLE		31,134	0	0
Vornado Realty Trust	COM	929042109	4,965	73,767	SH		SOLE		73,767	0	0
WEC Energy Group Inc	COM	92939u106	4,508	71,895	SH		SOLE		71,895	0	0
Wal-Mart Stores Inc	COM	931142103	1,837	20,650	SH		SOLE		20,650	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,716	163,674	SH		SOLE		163,674	0	0
Waste Management Inc	COM	94106l109	16,771	199,371	SH		SOLE		199,371	0	0
Wells Fargo & Company	COM	949746101	28,100	536,155	SH		SOLE		536,155	0	0
Westamerica Bancorportaion	COM	957090103	488	8,407	SH		SOLE		8,407	0	0
Western Digital Corp	COM	958102105	366	3,970	SH		SOLE		3,970	0	0
Weyerhaeuser Co	COM	962166104	457	13,070	SH		SOLE		13,070	0	0
Whirlpool Corp	COM	963320106	1,607	10,495	SH		SOLE		10,495	0	0
White Mountains Insurance Grou	COM	g9618e107	615	748	SH		SOLE		748	0	0
Williams Cos Inc	COM	969457100	1,377	55,379	SH		SOLE		55,379	0	0
Williams-Sonoma Inc	COM	969904101	5,799	109,905	SH		SOLE		109,905	0	0
WisdomTree MidCap Div Index	COM	97717w505	200	5,875	SH		SOLE		5,875	0	0
Workday Inc-Class A	COM	98138h101	420	3,304	SH		SOLE		3,304	0	0
Xcel Energy Inc	COM	98389b100	248	5,461	SH		SOLE		5,461	0	0
Xylem Inc	COM	98419m100	258	3,360	SH		SOLE		3,360	0	0
Yum! Brands Inc	COM	988498101	324	3,803	SH		SOLE		3,803	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	3,645	33,427	SH		SOLE		33,427	0	0
iShares Core Dividend Growth	COM	46434v621	1,378	40,656	SH		SOLE		40,656	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,950	83,575	SH		SOLE		83,575	0	0
iShares DJ US Energy Sector	COM	464287796	956	25,859	SH		SOLE		25,859	0	0
iShares DJ US Financial Sect	COM	464287788	1,382	11,733	SH		SOLE		11,733	0	0
iShares DJ US Health Car Pro	COM	464288828	325	2,059	SH		SOLE		2,059	0	0
iShares DJ US Medical Device	COM	464288810	308	1,664	SH		SOLE		1,664	0	0
iShares DJ US Telecommunicatio	COM	464287713	1,336	49,461	SH		SOLE		49,461	0	0
iShares DJ US Transport Index	COM	464287192	1,917	10,251	SH		SOLE		10,251	0	0
iShares FTSE/Xinhua China 25	COM	464287184	269	5,696	SH		SOLE		5,696	0	0
iShares Goldman Sachs Tech I	COM	464287721	519	3,084	SH		SOLE		3,084	0	0
iShares MSCI EAFE Index	COM	464287465	1,426	20,462	SH		SOLE		20,462	0	0
iShares MSCI Emerging Markets	COM	464287234	358	7,405	SH		SOLE		7,405	0	0
iShares MSCI USA Quality Facto	COM	46432f339	1,091	13,186	SH		SOLE		13,186	0	0
iShares Nasdaq Biotech Index F	COM	464287556	6,209	58,168	SH		SOLE		58,168	0	0
iShares Russell 1000 Growth	COM	464287614	1,179	8,666	SH		SOLE		8,666	0	0
iShares Russell 1000 Value	COM	464287598	646	5,387	SH		SOLE		5,387	0	0
iShares Russell 2000 Index Fun	COM	464287655	537	3,536	SH		SOLE		3,536	0	0
iShares Russell Midcap Value	COM	464287473	206	2,380	SH		SOLE		2,380	0	0
iShares S&P 100 Index Fund	COM	464287101	2,019	17,406	SH		SOLE		17,406	0	0
iShares S&P 500 Index Fund	COM	464287200	7,432	28,006	SH		SOLE		28,006	0	0
iShares S&P 500 Value Index Fu	COM	464287408	219	2,000	SH		SOLE		2,000	0	0
iShares S&P Europe 350	COM	464287861	586	12,565	SH		SOLE		12,565	0	0
iShares S&P Global 100	COM	464287572	757	8,291	SH		SOLE		8,291	0	0
iShares S&P Midcap 400	COM	464287507	1,784	9,509	SH		SOLE		9,509	0	0
iShares S&P Midcap 400/Value	COM	464287705	532	3,441	SH		SOLE		3,441	0	0
iShares S&P SmallCap 600	COM	464287804	548	7,110	SH		SOLE		7,110	0	0
iShares S&P US Preferred Stock	COM	464288687	6,526	173,735	SH		SOLE		173,735	0	0
AEGON 8.00. 2042 Notes Called	PFD	007924608	1,735	65,431	SH		SOLE		65,431	0	0
AGNC Investment Corp 7.75. Per	PFD	00123q302	1,095	42,579	SH		SOLE		42,579	0	0
AON Cap 8.205. 1/27 Non-Call B	PFD	22532r101	1,853	60,644	SH		SOLE		60,644	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	238	9,264	SH		SOLE		9,264	0	0
Allied Capital ARCC6.875. 4/20	PFD	01903q207	246	9,695	SH		SOLE		9,695	0	0
Ally 8.125. Call CUM Call 5/17	PFD	361860208	213	8,200	SH		SOLE		8,200	0	0
American Homes 4Rent 6.50. Per	PFD	02665t702	350	14,002	SH		SOLE		14,002	0	0
Amtrust Financial 7.5. QDI Cal	PFD	032359887	545	28,770	SH		SOLE		28,770	0	0
Amtrust Financial 7.50.Nts 205	PFD	032359853	200	8,280	SH		SOLE		8,280	0	0
Amtrust Financial 7.625.CUM QD	PFD	032359705	1,080	57,174	SH		SOLE		57,174	0	0
Amtrust Financial 7.75. QDI Ca	PFD	032359846	875	41,723	SH		SOLE		41,723	0	0
Annaly Capital6.50.CUM Fix-Flo	PFD	035710862	292	11,925	SH		SOLE		11,925	0	0
Apollo Cmmrl Real Est 8.00. CU	PFD	03762u501	534	20,973	SH		SOLE		20,973	0	0
Arbor Realty 8.50. CUM Perp Ca	PFD	038923801	276	10,744	SH		SOLE		10,744	0	0
Argo Group 6.5. Sr Notes Call	PFD	040130205	1,742	68,964	SH		SOLE		68,964	0	0
Arlington Asset Inv 7.00. Cum	PFD	041356601	517	20,846	SH		SOLE		20,846	0	0
Ashford Hospitality 7.375. NR	PFD	044103604	1,356	58,282	SH		SOLE		58,282	0	0
Ashford Hospitality 7.5. Calla	PFD	044103885	384	16,402	SH		SOLE		16,402	0	0
Ashford Hospitality 7.50.Cum P	PFD	044103802	407	17,494	SH		SOLE		17,494	0	0
Atlas Finl SrNt 6.625. Cl 4/20	PFD	g06207123	433	17,425	SH		SOLE		17,425	0	0
B Riley Financial 7.50.SnNts D	PFD	05580m306	2,664	104,975	SH		SOLE		104,975	0	0
B Riley Financial 7.50.SnNts d	PFD	05580m207	435	16,870	SH		SOLE		16,870	0	0
BGC Partners 8.125. 2042 Call	PFD	05541t408	3,679	143,169	SH		SOLE		143,169	0	0
BOFI Holdings 6.25.Sr Nts 2/20	PFD	05566u306	222	8,700	SH		SOLE		8,700	0	0
BancOfCalifornia 7.00. Cal2021	PFD	05990k874	1,869	72,181	SH		SOLE		72,181	0	0
BancOfCalifornia 7.375. Ca2020	PFD	05990k882	7,006	267,421	SH		SOLE		267,421	0	0
BancOfCalifornia 8.00. Cal2018	PFD	05990k403	2,653	103,034	SH		SOLE		103,034	0	0
Bank of America 6.5. Prp Cl 1/	PFD	060505310	453	17,157	SH		SOLE		17,157	0	0
Bank of America 6.625. Prp/Cl9	PFD	060505344	2,665	101,693	SH		SOLE		101,693	0	0
Bank of America 6.625.Prp Cl10	PFD	060505740	593	23,028	SH		SOLE		23,028	0	0
BankofAmerica .1000pv 7.25.Cnv	PFD	060505682	5,807	4,503	SH		SOLE		4,503	0	0
Barclays 8.125. Perp/Cl 3/14 B	PFD	06739h362	377	14,300	SH		SOLE		14,300	0	0
BlueRock Residential Growth 7.	PFD	09627j748	1,287	55,781	SH		SOLE		55,781	0	0
BlueRock Residential Growth 8.	PFD	09627j508	3,145	125,916	SH		SOLE		125,916	0	0
Boston Private Finl 6.95.Perp	PFD	101119303	804	31,533	SH		SOLE		31,533	0	0
CAI Internatnl 8.50.Perp Cum Q	PFD	12477x205	1,866	75,237	SH		SOLE		75,237	0	0
CHS Chemical 7.50. Cl 1/2025 C	PFD	12542r803	7,397	266,001	SH		SOLE		266,001	0	0
CHS Chemicals 6.75. Perp cl 20	PFD	12542r704	332	12,337	SH		SOLE		12,337	0	0
CHS Chemicals 7.875. Perp cl 2	PFD	12542r308	411	13,997	SH		SOLE		13,997	0	0
CHS Inc. 7.1. fxd to float in	PFD	12542r506	281	10,021	SH		SOLE		10,021	0	0
Capital One Finl 6.7.Prp Call	PFD	14040h709	1,574	59,541	SH		SOLE		59,541	0	0
CenturyLink Quest 7.0.SnNts Cl	PFD	74913g501	2,449	104,007	SH		SOLE		104,007	0	0
Chimera Investment Corp 8. Cal	PFD	16934q406	547	21,468	SH		SOLE		21,468	0	0
Citigroup 5.8. B1 Call 4/18 QD	PFD	172967366	203	7,973	SH		SOLE		7,973	0	0
Citigroup 6.875. Non Cum Call	PFD	172967333	200	7,621	SH		SOLE		7,621	0	0
Citigroup 7.125. Flt Aftr 9/23	PFD	172967358	7,399	259,079	SH		SOLE		259,079	0	0
Citigroup Tst 7.875. Cl2015 Li	PFD	173080201	943	34,695	SH		SOLE		34,695	0	0
City Office REIT 6.625. CUM Ca	PFD	178587200	599	25,177	SH		SOLE		25,177	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w880	4,929	216,640	SH		SOLE		216,640	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w872	363	15,825	SH		SOLE		15,825	0	0
Colony NorthStar 7.125. CUM Ca	PFD	19625w864	1,405	61,108	SH		SOLE		61,108	0	0
Colony NorthStar 7.50. CUM Cal	PFD	19625w807	2,423	104,204	SH		SOLE		104,204	0	0
Colony NorthStar 8.50. CUM Cal	PFD	19625w500	832	33,303	SH		SOLE		33,303	0	0
Colony NorthStar 8.75. CUM Cal	PFD	19625w609	618	24,668	SH		SOLE		24,668	0	0
CoreEnergy 7.375. Pfd - Par Ca	PFD	21870u304	1,901	76,119	SH		SOLE		76,119	0	0
Cowen 7.35. Sn Notes 2027 Call	PFD	223622705	1,535	60,950	SH		SOLE		60,950	0	0
Crown Castle Intl 6.875. MndCo	PFD	22822v309	370	331	SH		SOLE		331	0	0
Customers Bk 7.00. Fx Flt Prp/	PFD	23204g407	241	9,151	SH		SOLE		9,151	0	0
Digital Realty 7.375. Perp CUM	PFD	253868871	1,995	75,900	SH		SOLE		75,900	0	0
Dynagas LNG 9.0. QDI CUM cl 2	PFD	Y2188b116	1,257	47,472	SH		SOLE		47,472	0	0
EBAY 6.00. Sr Notes Call 3/1/2	PFD	278642202	465	17,660	SH		SOLE		17,660	0	0
EaglePoint Credit 7.75. Due 10	PFD	269809307	271	10,430	SH		SOLE		10,430	0	0
EaglePoint Credit 7.75.2022 CU	PFD	269809109	629	24,481	SH		SOLE		24,481	0	0
Fidus Investment 5.875.Notes D	PFD	316500206	653	25,650	SH		SOLE		25,650	0	0
First Republic 7.0. Cl 12/18 B	PFD	33616c860	4,587	175,066	SH		SOLE		175,066	0	0
GGP Inc 6.375. Call 2/2018 CUM	PFD	370023202	366	14,800	SH		SOLE		14,800	0	0
GasLog LP 8.625.fxd/flt Cum Q	PFD	y2687w116	771	30,050	SH		SOLE		30,050	0	0
GasLog Ltd 8.375. Ser A CUM QD	PFD	y2687w124	1,125	43,763	SH		SOLE		43,763	0	0
GasLog Ltd 8.75. Ser A CUM QDI	PFD	g37585117	1,544	57,669	SH		SOLE		57,669	0	0
Gladstone 7.00. CUM Perp Call	PFD	376536603	5,521	222,405	SH		SOLE		222,405	0	0
Gladstone Investment 6.25. CUM	PFD	376546503	631	24,896	SH		SOLE		24,896	0	0
Glandstone Invstmt 6.50.SrNts2	PFD	376546404	224	8,822	SH		SOLE		8,822	0	0
Global Indemnity SrNts7.75. Ca	PFD	g3933f121	1,925	74,699	SH		SOLE		74,699	0	0
Global Indmnty 7.875. Cl2022 b	PFD	g3933f139	1,011	39,438	SH		SOLE		39,438	0	0
Global Medical RE 7.50. CUM Pe	PFD	37957w203	493	20,031	SH		SOLE		20,031	0	0
Global Net Lease 7.25.Perp Cum	PFD	379378300	1,606	64,476	SH		SOLE		64,476	0	0
Golar LNG 8.75. Perp QDI Call	PFD	y2745c110	1,392	54,940	SH		SOLE		54,940	0	0
Goldman 5.5. Flt Aftr 5/23 Cl	PFD	38145g308	1,823	68,472	SH		SOLE		68,472	0	0
Great Elm Capital 6.75.SnNts M	PFD	390320406	390	16,125	SH		SOLE		16,125	0	0
HSBC Hldgs 8.0. Prp Cl 12/15 B	PFD	404280802	2,217	84,824	SH		SOLE		84,824	0	0
Hanover Insurance6.35. Cl3/18	PFD	410867204	1,125	44,821	SH		SOLE		44,821	0	0
Hartford Finl 7.875. 2042 call	PFD	416518504	1,181	40,240	SH		SOLE		40,240	0	0
Hersha Hospitality 6.50. NR Ca	PFD	427825609	315	13,533	SH		SOLE		13,533	0	0
Hoegh LNG Partners 8.75. QDI	PFD	y3262r118	1,037	39,913	SH		SOLE		39,913	0	0
Horizon Technology Fin 6.25.Sr	PFD	44045a300	323	12,550	SH		SOLE		12,550	0	0
IberiaBank Corp 6.60. Call 5/1	PFD	450828504	812	29,781	SH		SOLE		29,781	0	0
Invesco Mortgage 7.75.Perp CUM	PFD	46131b209	338	13,603	SH		SOLE		13,603	0	0
JMP Group 8.00. SrDeb Due1/202	PFD	46629u206	409	16,164	SH		SOLE		16,164	0	0
JMP Group SrNts7.25. BBB- 11/2	PFD	466273109	1,170	47,100	SH		SOLE		47,100	0	0
JPMorgan Chase 6.70.Perp/Call	PFD	48127a161	1,705	65,235	SH		SOLE		65,235	0	0
Jernigan Capital 7.00. CUM PER	PFD	476405204	733	31,580	SH		SOLE		31,580	0	0
Just Energy 8.50.Perp Call3/20	PFD	48213w200	1,396	57,657	SH		SOLE		57,657	0	0
LaSalle Hotel 6.3. Call 5/2021	PFD	517942884	254	10,454	SH		SOLE		10,454	0	0
LaSalle Hotel 6.375. Call 3/20	PFD	517942801	230	9,399	SH		SOLE		9,399	0	0
M&T Bank 6.375. Cl 11/18 BBB-	PFD	55261f708	466	459	SH		SOLE		459	0	0
MFA Financial 7.5. Prp Cl 4/15	PFD	55272x409	214	8,492	SH		SOLE		8,492	0	0
MVC Capital 6.25. SrNts Due12/	PFD	553829409	504	20,000	SH		SOLE		20,000	0	0
Maiden Holdings 8.25.Prp Cl8/2	PFD	g5753u120	609	31,500	SH		SOLE		31,500	0	0
Medley Capital7.25.SrNts Due24	PFD	58503y204	453	17,900	SH		SOLE		17,900	0	0
Medley Capitl 6.875.Notes Due2	PFD	58503y105	352	14,100	SH		SOLE		14,100	0	0
Morgan Stanley 7.125.Flt 10/23	PFD	61762v200	4,671	161,862	SH		SOLE		161,862	0	0
National General 7.5. NA Cl Q	PFD	636220857	4,830	194,699	SH		SOLE		194,699	0	0
National General 7.50.Call4/20	PFD	636220808	2,666	107,714	SH		SOLE		107,714	0	0
National General 7.625. Call9/	PFD	636220873	1,433	57,782	SH		SOLE		57,782	0	0
National General7.50.Call 7/20	PFD	636220709	2,307	92,147	SH		SOLE		92,147	0	0
New York MtgTrust 7.875.Perp C	PFD	649604808	265	11,234	SH		SOLE		11,234	0	0
NewTek Business Svs 6.25. Nts	PFD	652526500	1,169	45,950	SH		SOLE		45,950	0	0
NewTek Business Svs 7.50. Nts	PFD	652526302	504	19,811	SH		SOLE		19,811	0	0
NuStar Logistics 7.625.Nts Cl	PFD	67059t204	1,736	68,739	SH		SOLE		68,739	0	0
Oxford Lane Cap6.75. Nts 6/202	PFD	691543508	903	35,395	SH		SOLE		35,395	0	0
Oxford Lane Capital 7.50. 6/20	PFD	691543300	211	8,338	SH		SOLE		8,338	0	0
Partner Re 6.50.Perp Cal 4/202	PFD	g68603136	1,845	69,795	SH		SOLE		69,795	0	0
Partner Re 7.25. Call 06/21 BB	PFD	g68603144	6,823	245,433	SH		SOLE		245,433	0	0
Penn RealEstate 6.875.CUM Perp	PFD	709102701	218	10,882	SH		SOLE		10,882	0	0
Penn RealEstate 7.20.CUM Perp	PFD	709102602	216	10,425	SH		SOLE		10,425	0	0
Penn RealEstate 7.375.CUM Perp	PFD	709102503	366	17,233	SH		SOLE		17,233	0	0
PennyMac Mtg 8.125. 2024 Libor	PFD	70931t301	357	14,011	SH		SOLE		14,011	0	0
Plymouth Industrial 7.50. CUM	PFD	729640201	352	14,156	SH		SOLE		14,156	0	0
Prospect Captl 6.25. 6/24 SrNt	PFD	74348t300	2,313	90,031	SH		SOLE		90,031	0	0
Prudential PLC 6.75. PrpCl 9/0	PFD	g7293h114	441	16,677	SH		SOLE		16,677	0	0
QTS Realty 7.125. Perp Cum Cl	PFD	74736a202	682	26,875	SH		SOLE		26,875	0	0
Quest USWest 7.0. SrNts 2/56 C	PFD	74913g808	3,315	138,593	SH		SOLE		138,593	0	0
Quest USWest SnNotes 7.0. 2052	PFD	74913G402	1,039	45,047	SH		SOLE		45,047	0	0
Quest USWestSnNote7.5. BBB- Cl	PFD	74913g303	1,409	55,926	SH		SOLE		55,926	0	0
Quest USWestSnNotes 6.875. CL	PFD	74913g105	2,552	114,195	SH		SOLE		114,195	0	0
Qwest Corp 6.5. Sr Note 9/56 C	PFD	74913g881	1,385	64,650	SH		SOLE		64,650	0	0
Qwest Corp 6.75. SrNote 6/57 C	PFD	74913g873	770	35,150	SH		SOLE		35,150	0	0
Regions Financial 6.375. Cl 12	PFD	7591ep308	409	16,058	SH		SOLE		16,058	0	0
Reinsurance Group of Amer 6.2.	PFD	759351703	277	9,800	SH		SOLE		9,800	0	0
SL Green Realty 6.5. Perp CUM	PFD	78440x507	1,759	69,007	SH		SOLE		69,007	0	0
SoCalEd 5.375. CUM cl 2025 QDI	PFD	78409g206	808	31,451	SH		SOLE		31,451	0	0
Sotherly Hotels 7.25. SrNt2021	PFD	83600e307	657	25,250	SH		SOLE		25,250	0	0
Sotherly Hotels 7.875. Cum Per	PFD	83600c400	958	38,329	SH		SOLE		38,329	0	0
Sotherly Hotels 8. Cum Perp C	PFD	83600c301	2,889	115,591	SH		SOLE		115,591	0	0
Spark Energy 8.75. Call 2022 Q	PFD	846511202	792	32,996	SH		SOLE		32,996	0	0
Stag Industrial 6.875.CUM Perp	PFD	85254j300	203	8,070	SH		SOLE		8,070	0	0
Summitt Hotel Prp 6.25.CUM Per	PFD	866082605	212	8,800	SH		SOLE		8,800	0	0
Sunstone Hotel 6.95. Prp/Cl 3/	PFD	867892606	761	30,323	SH		SOLE		30,323	0	0
Sutherland Asset Mgt 7.0.SrNts	PFD	86933f602	200	7,850	SH		SOLE		7,850	0	0
Synovus 7.875. Fx-Flt 8/18 Cl8	PFD	87161c402	314	12,054	SH		SOLE		12,054	0	0
Teekay Offshore 8.875.Cum Cl 2	PFD	Y8561j176	261	10,635	SH		SOLE		10,635	0	0
Telephone & Data 6.875. Cl 11/	PFD	879433845	2,026	80,075	SH		SOLE		80,075	0	0
Telephone & Data 7.0. Cl 3/16	PFD	879433837	707	28,002	SH		SOLE		28,002	0	0
Texas Capitl Bancshares6.50. 2	PFD	882228307	445	17,267	SH		SOLE		17,267	0	0
Torchmark Crp 6.125. SubDebCal	PFD	891027401	804	30,350	SH		SOLE		30,350	0	0
TriState Capital Hlds 6.75. Pe	PFD	89678f209	1,117	43,225	SH		SOLE		43,225	0	0
Triancgle Capitl 6.375.Sr Note	PFD	895848406	938	37,275	SH		SOLE		37,275	0	0
Two Harbors Investments 7.625.	PFD	90187b309	263	10,443	SH		SOLE		10,443	0	0
Two Harbors Investments 8.125.	PFD	90187b200	652	24,769	SH		SOLE		24,769	0	0
UMH Properties 8.0. Perp Cum C	PFD	903002301	587	22,122	SH		SOLE		22,122	0	0
US Bancorp 6.5. Flt Aftr 1/22	PFD	902973833	1,050	37,587	SH		SOLE		37,587	0	0
US Celllular SrNts 7.25. 2063	PFD	911684504	488	18,950	SH		SOLE		18,950	0	0
US Cellular 6.95.SrNT 2060 Cl	PFD	911684405	397	15,535	SH		SOLE		15,535	0	0
US Cellular 7.25. SrNts12/2064	PFD	911684603	1,748	67,352	SH		SOLE		67,352	0	0
VEREIT Inc 6.70. Perp CUM Cl 2	PFD	92339v209	815	32,095	SH		SOLE		32,095	0	0
Wells Fargo 5.85.Flt Aftr 9/23	PFD	949746556	308	11,722	SH		SOLE		11,722	0	0
Wells Fargo 6.375. Cl 12/19 BB	PFD	94988n207	746	28,723	SH		SOLE		28,723	0	0
Wells Fargo 7.5. Cnv@.156 .100	PFD	949746804	17,554	13,608	SH		SOLE		13,608	0	0
Wells Fargo 8.00. Prp Cl12/17	PFD	949746879	4,182	162,779	SH		SOLE		162,779	0	0
WinTrust Financial 6.50. Call	PFD	97650w405	236	8,637	SH		SOLE		8,637	0	0
American Express Cp 5.2. - Cal	PFD	025816BJ7	305	300,000	PRN		SOLE		300,000	0	0
Bank of America 5.20. Perp/Cal	PFD	060505ED2	1,408	1,415,000	PRN		SOLE		1,415,000	0	0
CIT Group Inc 5.8. - Call 6/15	PFD	125581GU6	201	200,000	PRN		SOLE		200,000	0	0
Charles Schwab 4.625. Perp/Cal	PFD	808513AP0	540	540,000	PRN		SOLE		540,000	0	0
Charles Schwab 7. Perp/Call 2/	PFD	808513AE5	1,516	1,372,000	PRN		SOLE		1,372,000	0	0
Citigroup 5.35. Perp/Call 5/23	PFD	172967GR6	734	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 - Callable 11/15	PFD	172967HZ7	309	300,000	PRN		SOLE		300,000	0	0
Citigroup Inc 5.95. Perp Call	PFD	172967GD7	1,179	1,150,000	PRN		SOLE		1,150,000	0	0
Citigroup Inc 6.125. Perp Call	PFD	172967KD2	578	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	744	725,000	PRN		SOLE		725,000	0	0
Fifth Third Bancorp 4.9. until	PFD	316773CR9	283	285,000	PRN		SOLE		285,000	0	0
GE Cap Corp 5.00. Perp/Call 1/	PFD	369604BQ5	2,008	2,028,000	PRN		SOLE		2,028,000	0	0
Goldman Sachs 5.375 Perp/Call	PFD	38148BAB4	476	465,000	PRN		SOLE		465,000	0	0
Goldman Sachs 5.7 Perp/Call 5/	PFD	38148BAA6	1,136	1,115,000	PRN		SOLE		1,115,000	0	0
JPMorgan 5.3. Perp/Call 5/1/20	PFD	46625HKK5	308	300,000	PRN		SOLE		300,000	0	0
JPMorgan 6.0. Perp/Call 8/23 -	PFD	48126HAA8	3,157	3,050,000	PRN		SOLE		3,050,000	0	0
JPMorgan 7.9. Perp/Call 4/18 -	PFD	46625HHA1	3,151	3,135,000	PRN		SOLE		3,135,000	0	0
MetLife Inc. 5.25. Call 6/15/2	PFD	59156RBP2	256	250,000	PRN		SOLE		250,000	0	0
Morgan Stanley 5.45. Perp/Call	PFD	61761JQK8	203	200,000	PRN		SOLE		200,000	0	0
So. Cal Edison 6.25. Perp/Call	PFD	842400FU2	808	760,000	PRN		SOLE		760,000	0	0
Stanley Black & Decker Callabl	PFD	854502AF8	1,188	1,170,000	PRN		SOLE		1,170,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	2,703	2,710,000	PRN		SOLE		2,710,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	545	540,000	PRN		SOLE		540,000	0	0