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	282	1	SH		SOLE		1	0	0
3M Company	COM	88579y101	21,965	111,655	SH		SOLE		111,655	0	0
ABB Ltd-Spon ADR	COM	000375204	534	24,516	SH		SOLE		24,516	0	0
AT&T Inc	COM	00206r102	1,873	58,333	SH		SOLE		58,333	0	0
AbbVie Inc	COM	00287y109	13,510	145,822	SH		SOLE		145,822	0	0
Abbott Laboratories	COM	002824100	11,793	193,367	SH		SOLE		193,367	0	0
Accenture PLC-Cl A	COM	g1151c101	5,875	35,911	SH		SOLE		35,911	0	0
Adobe Systems Inc	COM	00724f101	1,511	6,198	SH		SOLE		6,198	0	0
Aetna Inc	COM	00817Y108	2,141	11,667	SH		SOLE		11,667	0	0
Aflac Inc	COM	001055102	1,188	27,607	SH		SOLE		27,607	0	0
Agilent Technologies Inc	COM	00846u101	983	15,899	SH		SOLE		15,899	0	0
Air Products & Chemicals Inc	COM	009158106	8,072	51,836	SH		SOLE		51,836	0	0
Alibaba Group Holding-SP ADR	COM	01609w102	516	2,781	SH		SOLE		2,781	0	0
Allergan plc (new)	COM	g0177j108	7,063	42,367	SH		SOLE		42,367	0	0
Allstate Corp	COM	020002101	477	5,229	SH		SOLE		5,229	0	0
Alphabet Inc-Cl A	COM	02079k305	12,071	10,690	SH		SOLE		10,690	0	0
Alphabet Inc-Cl C	COM	02079k107	6,328	5,672	SH		SOLE		5,672	0	0
Altaba Inc	COM	021346101	1,349	18,423	SH		SOLE		18,423	0	0
Altria Group Inc	COM	02209s103	3,015	53,082	SH		SOLE		53,082	0	0
Amarillo Gold Corp	COM	02301t108	3	13,000	SH		SOLE		13,000	0	0
Amazon.com Inc	COM	023135106	16,944	9,968	SH		SOLE		9,968	0	0
American Electric Power	COM	025537101	397	5,737	SH		SOLE		5,737	0	0
American Express Co	COM	025816109	1,614	16,474	SH		SOLE		16,474	0	0
American Financial Group Inc	COM	025932104	212	1,979	SH		SOLE		1,979	0	0
Amgen Inc	COM	031162100	2,666	14,445	SH		SOLE		14,445	0	0
Anthem Inc	COM	036752103	3,059	12,853	SH		SOLE		12,853	0	0
Apple Inc	COM	037833100	46,537	251,401	SH		SOLE		251,401	0	0
Applied Materials Inc	COM	038222105	271	5,871	SH		SOLE		5,871	0	0
Archer-Daniels-Midland Co	COM	039483102	704	15,360	SH		SOLE		15,360	0	0
Arista Networks, Inc.	COM	040413106	222	862	SH		SOLE		862	0	0
Automatic Data Processing	COM	053015103	24,336	181,426	SH		SOLE		181,426	0	0
Bank Of Marin Bancorp/CA	COM	063425102	961	11,890	SH		SOLE		11,890	0	0
Bank Of New York Mellon Corp	COM	064058100	254	4,717	SH		SOLE		4,717	0	0
Bank of America Corp	COM	060505104	8,519	302,201	SH		SOLE		302,201	0	0
Baxter International Inc.	COM	071813109	578	7,827	SH		SOLE		7,827	0	0
Becton Dickinson & Co	COM	075887109	3,431	14,322	SH		SOLE		14,322	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	3,930	21,056	SH		SOLE		21,056	0	0
Biogen Inc	COM	09062x103	1,190	4,099	SH		SOLE		4,099	0	0
Blackrock Inc	COM	09247x101	505	1,012	SH		SOLE		1,012	0	0
Blackstone Group/The	COM	09253u108	454	14,110	SH		SOLE		14,110	0	0
Boeing Co	COM	097023105	9,749	29,057	SH		SOLE		29,057	0	0
Bristol-Myers Squibb Co	COM	110122108	10,624	191,968	SH		SOLE		191,968	0	0
Broadcom Inc	COM	11135f101	631	2,600	SH		SOLE		2,600	0	0
Brown-Forman Corp -Cl B	COM	115637209	374	7,622	SH		SOLE		7,622	0	0
CBS Corp Class B	COM	124857202	316	5,614	SH		SOLE		5,614	0	0
CSX Corp	COM	126408103	276	4,330	SH		SOLE		4,330	0	0
CVS Health Corp	COM	126650100	1,691	26,285	SH		SOLE		26,285	0	0
Caesars Entertainment Inc	COM	127686103	120	11,211	SH		SOLE		11,211	0	0
CarMax Inc	COM	143130102	255	3,500	SH		SOLE		3,500	0	0
Caterpillar Inc	COM	149123101	4,145	30,555	SH		SOLE		30,555	0	0
Celgene Corp	COM	151020104	239	3,014	SH		SOLE		3,014	0	0
CenterPoint Energy Inc	COM	15189t107	715	25,821	SH		SOLE		25,821	0	0
Cerner Corp	COM	156782104	3,251	54,381	SH		SOLE		54,381	0	0
Check Point Software Tech	COM	m22465104	1,273	13,037	SH		SOLE		13,037	0	0
Chevron Corp	COM	166764100	30,663	242,529	SH		SOLE		242,529	0	0
Chubb Ltd (new)	COM	h1467j104	1,463	11,517	SH		SOLE		11,517	0	0
Cigna Corp	COM	125509109	461	2,712	SH		SOLE		2,712	0	0
Cincinnati Financial Corp	COM	172062101	432	6,457	SH		SOLE		6,457	0	0
Cintas Corp	COM	172908105	591	3,192	SH		SOLE		3,192	0	0
Cisco Systems Inc	COM	17275R102	7,209	167,524	SH		SOLE		167,524	0	0
Citigroup Inc	COM	172967424	526	7,865	SH		SOLE		7,865	0	0
Clorox Company	COM	189054109	14,244	105,319	SH		SOLE		105,319	0	0
Coca-Cola Co/The	COM	191216100	1,671	38,105	SH		SOLE		38,105	0	0
Colgate-Palmolive Co	COM	194162103	7,474	115,324	SH		SOLE		115,324	0	0
Comcast Corp-Cl A	COM	20030n101	908	27,667	SH		SOLE		27,667	0	0
Conagra Brands Inc	COM	205887102	692	19,365	SH		SOLE		19,365	0	0
ConocoPhillips	COM	20825C104	4,257	61,140	SH		SOLE		61,140	0	0
Consolidated Edison Inc	COM	209115104	620	7,946	SH		SOLE		7,946	0	0
Costco Wholesale Corp	COM	22160K105	25,271	120,926	SH		SOLE		120,926	0	0
Crown Castle Intl Corp	COM	22822v101	17,902	166,033	SH		SOLE		166,033	0	0
Danaher Corp	COM	235851102	5,722	57,988	SH		SOLE		57,988	0	0
Deere & Co	COM	244199105	1,690	12,091	SH		SOLE		12,091	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	537	3,732	SH		SOLE		3,732	0	0
Dick's Sporting Goods Inc	COM	253393102	320	9,088	SH		SOLE		9,088	0	0
Disney Co./Walt The	COM	254687106	16,280	155,329	SH		SOLE		155,329	0	0
Dominion Resources Inc/Va	COM	25746u109	496	7,268	SH		SOLE		7,268	0	0
Dover Corp	COM	260003108	611	8,344	SH		SOLE		8,344	0	0
DowDuPont Inc	COM	26078j100	10,341	156,867	SH		SOLE		156,867	0	0
Duke Energy Corp	COM	26441c204	506	6,402	SH		SOLE		6,402	0	0
Eaton Corp PLC	COM	g29183103	994	13,306	SH		SOLE		13,306	0	0
Ecolab Inc	COM	278865100	14,257	101,596	SH		SOLE		101,596	0	0
Edison International	COM	281020107	8,236	130,167	SH		SOLE		130,167	0	0
Electronic Arts Inc	COM	285512109	484	3,434	SH		SOLE		3,434	0	0
Eli Lilly & Co	COM	532457108	2,536	29,717	SH		SOLE		29,717	0	0
Emerson Electric Co	COM	291011104	1,594	23,055	SH		SOLE		23,055	0	0
Enbridge Inc	COM	29250n105	436	12,223	SH		SOLE		12,223	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	271	9,784	SH		SOLE		9,784	0	0
Essex Property Trust Inc	COM	297178105	1,158	4,845	SH		SOLE		4,845	0	0
Eurasian Minerals Inc	COM	29843r100	59	58,000	SH		SOLE		58,000	0	0
Evergy Inc	COM	30034w106	537	9,571	SH		SOLE		9,571	0	0
Eversource Energy	COM	30040w108	274	4,674	SH		SOLE		4,674	0	0
Express Scripts Holding Co.	COM	30219g108	319	4,127	SH		SOLE		4,127	0	0
Exxon Mobil Corp	COM	30231G102	7,840	94,768	SH		SOLE		94,768	0	0
Facebook Inc	COM	30303m102	2,395	12,326	SH		SOLE		12,326	0	0
Fanhua Inc-Sponsored ADR	COM	30712a103	382	13,404	SH		SOLE		13,404	0	0
FedEx Corp	COM	31428x106	825	3,634	SH		SOLE		3,634	0	0
Finisar Corporation	COM	31787a507	180	10,000	SH		SOLE		10,000	0	0
First Republic Bank/San Franci	COM	33616C100	9,711	100,327	SH		SOLE		100,327	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	2,860	66,006	SH		SOLE		66,006	0	0
First Trust Mid Cap Value ETF	COM	33737m201	316	8,783	SH		SOLE		8,783	0	0
First Trust Morningstar Divide	COM	336917109	691	24,157	SH		SOLE		24,157	0	0
Ford Motor Co	COM	345370860	117	10,605	SH		SOLE		10,605	0	0
Fortinet Inc	COM	34959e109	608	9,740	SH		SOLE		9,740	0	0
Fortive Corp	COM	34959j108	237	3,071	SH		SOLE		3,071	0	0
General Dynamics Corp	COM	369550108	3,331	17,868	SH		SOLE		17,868	0	0
General Electric Co	COM	369604103	1,513	111,144	SH		SOLE		111,144	0	0
Genuine Parts Co	COM	372460105	7,205	78,489	SH		SOLE		78,489	0	0
Gilead Sciences Inc	COM	375558103	546	7,710	SH		SOLE		7,710	0	0
Goldman ActiveBeta Europe Equi	COM	381430305	228	7,465	SH		SOLE		7,465	0	0
Goldman Sach Active Beta US La	COM	381430503	690	12,596	SH		SOLE		12,596	0	0
Goldman Sachs Group Inc	COM	38141G104	693	3,140	SH		SOLE		3,140	0	0
HCP Inc REIT	COM	40414l109	484	18,743	SH		SOLE		18,743	0	0
Home Depot Inc	COM	437076102	23,703	121,493	SH		SOLE		121,493	0	0
Honeywell International Inc	COM	438516106	5,871	40,760	SH		SOLE		40,760	0	0
Hormel Foods Corp	COM	440452100	356	9,575	SH		SOLE		9,575	0	0
IDEXX Laboratories Inc	COM	45168d104	210	965	SH		SOLE		965	0	0
Illinois Tool Works	COM	452308109	1,222	8,819	SH		SOLE		8,819	0	0
Ingersoll-Rand PLC	COM	g47791101	1,712	19,078	SH		SOLE		19,078	0	0
Intel Corp	COM	458140100	18,619	374,555	SH		SOLE		374,555	0	0
International Paper Co	COM	460146103	384	7,372	SH		SOLE		7,372	0	0
Intl Business Machines Corp	COM	459200101	2,398	17,166	SH		SOLE		17,166	0	0
Intl Flavors & Fragrances	COM	459506101	775	6,250	SH		SOLE		6,250	0	0
Intuitive Surgical Inc	COM	46120e602	442	924	SH		SOLE		924	0	0
Invesco KBW Regional Bank ETF	COM	46138e578	1,508	26,025	SH		SOLE		26,025	0	0
Invesco Preferred ETF	COM	46138e511	12,972	890,968	SH		SOLE		890,968	0	0
Invesco QQQ NASDAQ 100 Trust	COM	46090e103	5,611	32,686	SH		SOLE		32,686	0	0
Invesco S&P Equal Weight	COM	46137v357	755	7,412	SH		SOLE		7,412	0	0
Invesco S&P Equal Weight Finan	COM	46137v340	216	5,104	SH		SOLE		5,104	0	0
Invesco S&P Top 50	COM	46137v233	1,310	6,795	SH		SOLE		6,795	0	0
Ivanhoe Mines Ltd	COM	46579r104	497	241,500	SH		SOLE		241,500	0	0
JPMorgan Chase & Co	COM	46625H100	13,620	130,708	SH		SOLE		130,708	0	0
JPMorgan US Large Cap Diversif	COM	46641q407	1,491	20,991	SH		SOLE		20,991	0	0
Jacobs Engineering Group Inc	COM	469814107	362	5,703	SH		SOLE		5,703	0	0
Johnson & Johnson	COM	478160104	26,103	215,123	SH		SOLE		215,123	0	0
Johnson Controls Intl PLC	COM	g51502105	202	6,031	SH		SOLE		6,031	0	0
Kalytera Therapeutics Inc	COM	48349p103	1	10,000	SH		SOLE		10,000	0	0
Keurig Dr Pepper Inc	COM	49271v100	677	5,550	SH		SOLE		5,550	0	0
Keysight Technologies Inc	COM	49338l103	448	7,584	SH		SOLE		7,584	0	0
Kimberly-Clark Corp	COM	494368103	11,116	105,524	SH		SOLE		105,524	0	0
Kinder Morgan Inc	COM	49456b101	215	12,190	SH		SOLE		12,190	0	0
Kraft Heinz Co/The	COM	500754106	389	6,198	SH		SOLE		6,198	0	0
L3 Technologies Inc	COM	502413107	2,908	15,122	SH		SOLE		15,122	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,550	14,205	SH		SOLE		14,205	0	0
Lam Research Corp	COM	512807108	416	2,407	SH		SOLE		2,407	0	0
Lamb Weston Holdings Inc	COM	513272104	353	5,152	SH		SOLE		5,152	0	0
Lennar Corp-Cl A	COM	526057104	932	17,758	SH		SOLE		17,758	0	0
Lockheed Martin Corp	COM	539830109	5,548	18,781	SH		SOLE		18,781	0	0
Lowe's Cos Inc	COM	548661107	4,675	48,917	SH		SOLE		48,917	0	0
Lululemon Athletica Inc	COM	550021109	1,067	8,550	SH		SOLE		8,550	0	0
Marathon Petroleum Corp	COM	56585a102	436	6,209	SH		SOLE		6,209	0	0
Marriott International-Cl A	COM	571903202	3,943	31,147	SH		SOLE		31,147	0	0
Masimo Corporation	COM	574795100	236	2,415	SH		SOLE		2,415	0	0
MasterCard Inc-Class A	COM	57636q104	285	1,450	SH		SOLE		1,450	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,400	20,673	SH		SOLE		20,673	0	0
McDonald's Corp	COM	580135101	14,602	93,188	SH		SOLE		93,188	0	0
McKesson Corp	COM	58155q103	899	6,742	SH		SOLE		6,742	0	0
Medical Properties Trust Inc	COM	58463j304	175	12,429	SH		SOLE		12,429	0	0
Medtronic PLC	COM	g5960l103	7,578	88,517	SH		SOLE		88,517	0	0
Merck & Co. Inc.	COM	58933y105	2,829	46,613	SH		SOLE		46,613	0	0
MetLife Inc	COM	59156r108	377	8,657	SH		SOLE		8,657	0	0
Microsoft Corp	COM	594918104	33,893	343,711	SH		SOLE		343,711	0	0
Mondelez International	COM	609207105	1,074	26,184	SH		SOLE		26,184	0	0
Morgan Stanley	COM	617446448	2,745	57,915	SH		SOLE		57,915	0	0
Motorola Solutions Inc	COM	620076307	202	1,737	SH		SOLE		1,737	0	0
NVIDIA Corp	COM	67066g104	3,292	13,895	SH		SOLE		13,895	0	0
NXP Semiconductors Nv	COM	n6596x109	784	7,174	SH		SOLE		7,174	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	827	10,676	SH		SOLE		10,676	0	0
NextEra Energy Inc	COM	65339f101	18,445	110,429	SH		SOLE		110,429	0	0
Nike Inc -Cl B	COM	654106103	14,184	178,018	SH		SOLE		178,018	0	0
Norfolk Southern Corp	COM	655844108	362	2,400	SH		SOLE		2,400	0	0
Northrop Grumman Corp	COM	666807102	202	657	SH		SOLE		657	0	0
Novartis Ag-ADR	COM	66987v109	593	7,845	SH		SOLE		7,845	0	0
Nucor Corp	COM	670346105	210	3,360	SH		SOLE		3,360	0	0
ONEOK Inc	COM	682680103	281	4,018	SH		SOLE		4,018	0	0
Occidental Petroleum Corp	COM	674599105	3,538	42,278	SH		SOLE		42,278	0	0
Oracle Corp	COM	68389x105	3,151	71,517	SH		SOLE		71,517	0	0
Parker-Hannifin Corp	COM	701094104	297	1,904	SH		SOLE		1,904	0	0
PayPal Holdings Inc	COM	70450y103	391	4,695	SH		SOLE		4,695	0	0
Paychex Inc	COM	704326107	206	3,021	SH		SOLE		3,021	0	0
Penske Automotive Group, Inc	COM	70959w103	209	4,470	SH		SOLE		4,470	0	0
Pentair PLC	COM	g7s00t104	252	5,993	SH		SOLE		5,993	0	0
PepsiCo Inc	COM	713448108	5,674	52,118	SH		SOLE		52,118	0	0
Pfizer Inc	COM	717081103	5,792	159,651	SH		SOLE		159,651	0	0
Philip Morris International	COM	718172109	1,096	13,577	SH		SOLE		13,577	0	0
Phillips 66	COM	718546104	237	2,109	SH		SOLE		2,109	0	0
Plains GP Holdings LP	COM	72651a207	239	10,000	SH		SOLE		10,000	0	0
Praxair Inc	COM	74005p104	3,042	19,234	SH		SOLE		19,234	0	0
Preferred Apartment Communitie	COM	74039l103	7,715	454,070	SH		SOLE		454,070	0	0
ProLogis Inc	COM	74340w103	718	10,933	SH		SOLE		10,933	0	0
Procter & Gamble Co	COM	742718109	15,649	200,471	SH		SOLE		200,471	0	0
Public Service Enterprise Grou	COM	744573106	3,515	64,916	SH		SOLE		64,916	0	0
Putnam Premier Income Trust	COM	746853100	77	14,693	SH		SOLE		14,693	0	0
Qualcomm Inc	COM	747525103	624	11,113	SH		SOLE		11,113	0	0
Quest Diagnostics	COM	74834l100	302	2,745	SH		SOLE		2,745	0	0
Raytheon Company	COM	755111507	5,030	26,040	SH		SOLE		26,040	0	0
Realty Income Corp	COM	756109104	11,029	205,041	SH		SOLE		205,041	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	2,126	76,960	SH		SOLE		76,960	0	0
Rockwell Automation Inc	COM	773903109	390	2,344	SH		SOLE		2,344	0	0
Rockwell Collins Inc.	COM	774341101	968	7,190	SH		SOLE		7,190	0	0
Roper Technologies Inc	COM	776696106	283	1,024	SH		SOLE		1,024	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	751	10,850	SH		SOLE		10,850	0	0
S&P Global Inc	COM	78409v104	1,848	9,062	SH		SOLE		9,062	0	0
SAP SE-Sponsored ADR	COM	803054204	672	5,812	SH		SOLE		5,812	0	0
SPDR Consumer Discretionary Se	COM	81369y407	42,024	384,488	SH		SOLE		384,488	0	0
SPDR Consumer Staples Select S	COM	81369y308	15,499	300,771	SH		SOLE		300,771	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,352	5,571	SH		SOLE		5,571	0	0
SPDR Energy Select Sector	COM	81369y506	20,837	274,390	SH		SOLE		274,390	0	0
SPDR Financial Select Sector	COM	81369y605	26,546	998,360	SH		SOLE		998,360	0	0
SPDR Gold Trust	COM	78463v107	1,505	12,688	SH		SOLE		12,688	0	0
SPDR Health Care Select Sector	COM	81369y209	27,627	331,021	SH		SOLE		331,021	0	0
SPDR Industrial Select Sector	COM	81369y704	20,639	288,139	SH		SOLE		288,139	0	0
SPDR Materials Select Sector	COM	81369y100	6,844	117,860	SH		SOLE		117,860	0	0
SPDR NYSE Technology ETF	COM	78464a102	837	8,965	SH		SOLE		8,965	0	0
SPDR Real Estate Sector	COM	81369y860	206	6,311	SH		SOLE		6,311	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	8,935	32,938	SH		SOLE		32,938	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	516	5,919	SH		SOLE		5,919	0	0
SPDR S&P Biotech ETF	COM	78464a870	544	5,710	SH		SOLE		5,710	0	0
SPDR S&P Dividend	COM	78464a763	11,739	126,629	SH		SOLE		126,629	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	11,801	33,240	SH		SOLE		33,240	0	0
SPDR S&P Regional Banking	COM	78464a698	2,955	48,439	SH		SOLE		48,439	0	0
SPDR Technology Select Sector	COM	81369y803	87,189	1,255,067	SH		SOLE		1,255,067	0	0
SPDR Utilities Select Sector	COM	81369y886	1,392	26,798	SH		SOLE		26,798	0	0
Salesforce.Com Inc	COM	79466l302	4,854	35,586	SH		SOLE		35,586	0	0
Schlumberger Ltd	COM	806857108	254	3,792	SH		SOLE		3,792	0	0
Schwab (Charles) Corp	COM	808513105	979	19,161	SH		SOLE		19,161	0	0
Schwab US Broad Market ETF	COM	808524102	2,426	36,770	SH		SOLE		36,770	0	0
Schwab US Dividend Equity ETF	COM	808524797	5,124	103,952	SH		SOLE		103,952	0	0
Schwab US Large-Cap ETF	COM	808524201	2,081	32,017	SH		SOLE		32,017	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,645	29,971	SH		SOLE		29,971	0	0
Sempra Energy	COM	816851109	3,706	31,921	SH		SOLE		31,921	0	0
Sherwin Williams Co	COM	824348106	857	2,103	SH		SOLE		2,103	0	0
Southern Co	COM	842587107	1,030	22,241	SH		SOLE		22,241	0	0
Spectral Medical Inc	COM	847577103	8	25,000	SH		SOLE		25,000	0	0
Stanley Black & Decker Inc	COM	854502101	6,233	46,935	SH		SOLE		46,935	0	0
Starbucks Corp	COM	855244109	6,910	141,457	SH		SOLE		141,457	0	0
State Street Corp	COM	857477103	349	3,747	SH		SOLE		3,747	0	0
Stryker Corp	COM	863667101	215	1,276	SH		SOLE		1,276	0	0
Sysco Corp	COM	871829107	1,101	16,123	SH		SOLE		16,123	0	0
T Rowe Price Group Inc	COM	74144t108	437	3,762	SH		SOLE		3,762	0	0
TJX Companies Inc	COM	872540109	424	4,452	SH		SOLE		4,452	0	0
Taiwan Semiconductor-Sp ADR	COM	874039100	235	6,426	SH		SOLE		6,426	0	0
Target Corp	COM	87612e106	798	10,488	SH		SOLE		10,488	0	0
Tesla Inc	COM	88160r101	1,031	3,005	SH		SOLE		3,005	0	0
Texas Instruments Inc	COM	882508104	692	6,281	SH		SOLE		6,281	0	0
Thermo Fisher Scientific Inc	COM	883556102	814	3,930	SH		SOLE		3,930	0	0
Toronto Dominion Bank	COM	891160509	3,388	58,547	SH		SOLE		58,547	0	0
Total S A -Spon ADR	COM	89151e109	305	5,033	SH		SOLE		5,033	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	723	5,614	SH		SOLE		5,614	0	0
Travelers Cos Inc/The	COM	89417e109	3,277	26,783	SH		SOLE		26,783	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
Tyme Technologies Inc	COM	90238j103	32	10,000	SH		SOLE		10,000	0	0
U S Bancorp	COM	902973304	6,267	125,290	SH		SOLE		125,290	0	0
UDR Inc	COM	902653104	244	6,500	SH		SOLE		6,500	0	0
Unilever N V -NY Shares	COM	904784709	3,026	54,301	SH		SOLE		54,301	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,374	24,863	SH		SOLE		24,863	0	0
Union Pacific Corp	COM	907818108	1,873	13,218	SH		SOLE		13,218	0	0
United Parcel Service-Cl B	COM	911312106	9,728	91,578	SH		SOLE		91,578	0	0
United Technologies Corp	COM	913017109	2,921	23,363	SH		SOLE		23,363	0	0
UnitedHealth Group Inc	COM	91324P102	2,481	10,113	SH		SOLE		10,113	0	0
VF Corporation	COM	918204108	328	4,030	SH		SOLE		4,030	0	0
Valero Energy Corp	COM	91913Y100	468	4,222	SH		SOLE		4,222	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	365	6,193	SH		SOLE		6,193	0	0
Vanguard Consumer Discretionar	COM	92204a108	1,505	8,874	SH		SOLE		8,874	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	749	5,582	SH		SOLE		5,582	0	0
Vanguard Developed Mkts	COM	921943858	1,150	26,815	SH		SOLE		26,815	0	0
Vanguard Dividend Appreciation	COM	921908844	838	8,251	SH		SOLE		8,251	0	0
Vanguard Emerging Mkts	COM	922042858	341	8,079	SH		SOLE		8,079	0	0
Vanguard Energy ETF	COM	92204a306	372	3,542	SH		SOLE		3,542	0	0
Vanguard European Vipers	COM	922042874	804	14,320	SH		SOLE		14,320	0	0
Vanguard Financials Vipers	COM	92204a405	787	11,666	SH		SOLE		11,666	0	0
Vanguard Health Care Vipers	COM	92204a504	665	4,180	SH		SOLE		4,180	0	0
Vanguard High Div Yield	COM	921946406	2,852	34,340	SH		SOLE		34,340	0	0
Vanguard Industrials	COM	92204a603	489	3,599	SH		SOLE		3,599	0	0
Vanguard Info Tech Vipers	COM	92204a702	3,435	18,935	SH		SOLE		18,935	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	231	1,855	SH		SOLE		1,855	0	0
Vanguard Materials Vipers	COM	92204a801	232	1,765	SH		SOLE		1,765	0	0
Vanguard Mega Cap 300 Growth E	COM	921910816	379	3,182	SH		SOLE		3,182	0	0
Vanguard Mid-Cap	COM	922908629	3,037	19,266	SH		SOLE		19,266	0	0
Vanguard Pacific Vipers-MSCI P	COM	922042866	289	4,130	SH		SOLE		4,130	0	0
Vanguard REIT	COM	922908553	343	4,207	SH		SOLE		4,207	0	0
Vanguard Small-Cap Vipers	COM	922908751	2,352	15,111	SH		SOLE		15,111	0	0
Vanguard Total Stock Market	COM	922908769	18,412	131,114	SH		SOLE		131,114	0	0
Varian Medical Systems Inc	COM	92220P105	2,501	21,994	SH		SOLE		21,994	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	828	7,690	SH		SOLE		7,690	0	0
Verizon Communications Inc	COM	92343v104	22,966	456,485	SH		SOLE		456,485	0	0
Visa Inc-Class A Shares	COM	92826c839	5,515	41,640	SH		SOLE		41,640	0	0
Vornado Realty Trust	COM	929042109	5,470	73,993	SH		SOLE		73,993	0	0
WEC Energy Group Inc	COM	92939u106	3,889	60,155	SH		SOLE		60,155	0	0
Wal-Mart Stores Inc	COM	931142103	1,882	21,977	SH		SOLE		21,977	0	0
Walgreens Boots Alliance Inc	COM	931427108	9,604	160,019	SH		SOLE		160,019	0	0
Waste Management Inc	COM	94106l109	16,433	202,022	SH		SOLE		202,022	0	0
Wells Fargo & Company	COM	949746101	28,736	518,317	SH		SOLE		518,317	0	0
Westamerica Bancorportaion	COM	957090103	475	8,410	SH		SOLE		8,410	0	0
Western Digital Corp	COM	958102105	263	3,395	SH		SOLE		3,395	0	0
Weyerhaeuser Co	COM	962166104	477	13,070	SH		SOLE		13,070	0	0
Whirlpool Corp	COM	963320106	941	6,432	SH		SOLE		6,432	0	0
White Mountains Insurance Grou	COM	g9618e107	646	713	SH		SOLE		713	0	0
Williams Cos Inc	COM	969457100	987	36,395	SH		SOLE		36,395	0	0
Williams-Sonoma Inc	COM	969904101	6,697	109,100	SH		SOLE		109,100	0	0
WisdomTree MidCap Div Index	COM	97717w505	224	6,254	SH		SOLE		6,254	0	0
Workday Inc-Class A	COM	98138h101	563	4,645	SH		SOLE		4,645	0	0
Xcel Energy Inc	COM	98389b100	249	5,461	SH		SOLE		5,461	0	0
Xylem Inc	COM	98419m100	226	3,360	SH		SOLE		3,360	0	0
Yum! Brands Inc	COM	988498101	219	2,806	SH		SOLE		2,806	0	0
Zebra Technologies Corp-Cl A	COM	989207105	201	1,400	SH		SOLE		1,400	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	3,873	34,757	SH		SOLE		34,757	0	0
iShares Core Dividend Growth	COM	46434v621	1,306	38,101	SH		SOLE		38,101	0	0
iShares DJ Select Dividend Ind	COM	464287168	8,169	83,575	SH		SOLE		83,575	0	0
iShares DJ US Energy Sector	COM	464287796	886	21,132	SH		SOLE		21,132	0	0
iShares DJ US Financial Sect	COM	464287788	1,375	11,733	SH		SOLE		11,733	0	0
iShares DJ US Health Car Pro	COM	464288828	362	2,059	SH		SOLE		2,059	0	0
iShares DJ US Medical Device	COM	464288810	347	1,730	SH		SOLE		1,730	0	0
iShares DJ US Telecommunicatio	COM	464287713	230	8,339	SH		SOLE		8,339	0	0
iShares DJ US Transport Index	COM	464287192	1,909	10,251	SH		SOLE		10,251	0	0
iShares FTSE/Xinhua China 25	COM	464287184	245	5,711	SH		SOLE		5,711	0	0
iShares Goldman Sachs Tech I	COM	464287721	531	2,979	SH		SOLE		2,979	0	0
iShares MSCI EAFE Index	COM	464287465	1,358	20,275	SH		SOLE		20,275	0	0
iShares MSCI USA Quality Facto	COM	46432f339	1,151	13,796	SH		SOLE		13,796	0	0
iShares Nasdaq Biotech Index F	COM	464287556	6,317	57,523	SH		SOLE		57,523	0	0
iShares Russell 1000 Growth	COM	464287614	1,087	7,561	SH		SOLE		7,561	0	0
iShares Russell 1000 Value	COM	464287598	629	5,182	SH		SOLE		5,182	0	0
iShares Russell 2000 Index Fun	COM	464287655	455	2,780	SH		SOLE		2,780	0	0
iShares Russell Midcap Value	COM	464287473	211	2,380	SH		SOLE		2,380	0	0
iShares S&P 100 Index Fund	COM	464287101	2,326	19,451	SH		SOLE		19,451	0	0
iShares S&P 500 Index Fund	COM	464287200	6,749	24,719	SH		SOLE		24,719	0	0
iShares S&P 500 Value Index Fu	COM	464287408	220	2,000	SH		SOLE		2,000	0	0
iShares S&P Europe 350	COM	464287861	558	12,490	SH		SOLE		12,490	0	0
iShares S&P Global 100	COM	464287572	760	16,582	SH		SOLE		16,582	0	0
iShares S&P MidCap 400/Growth	COM	464287606	210	935	SH		SOLE		935	0	0
iShares S&P Midcap 400	COM	464287507	1,861	9,552	SH		SOLE		9,552	0	0
iShares S&P Midcap 400/Value	COM	464287705	563	3,473	SH		SOLE		3,473	0	0
iShares S&P SmallCap 600	COM	464287804	593	7,110	SH		SOLE		7,110	0	0
iShares S&P US Preferred Stock	COM	464288687	5,591	148,265	SH		SOLE		148,265	0	0
AGNC Investment Corp 7.75. Per	PFD	00123q302	1,185	46,148	SH		SOLE		46,148	0	0
AON Cap 8.205. 1/27 Non-Call B	PFD	22532r101	1,874	59,544	SH		SOLE		59,544	0	0
AllState 6.75 2049 Call 10/201	PFD	020002606	237	9,289	SH		SOLE		9,289	0	0
Allied Capital ARCC6.875. 4/20	PFD	01903q207	235	9,245	SH		SOLE		9,245	0	0
Ally 8.125. Call CUM Call 5/17	PFD	361860208	216	8,200	SH		SOLE		8,200	0	0
American Homes 4Rent 6.50. Per	PFD	02665t702	362	14,280	SH		SOLE		14,280	0	0
Amtrust Financial 7.5. QDI Cal	PFD	032359887	567	26,187	SH		SOLE		26,187	0	0
Amtrust Financial 7.625.CUM QD	PFD	032359705	1,027	49,841	SH		SOLE		49,841	0	0
Amtrust Financial 7.75. QDI Ca	PFD	032359846	863	37,640	SH		SOLE		37,640	0	0
Annaly Capital6.50.CUM Fix-Flo	PFD	035710862	273	11,238	SH		SOLE		11,238	0	0
Apollo Cmmrl Real Est 8.00. CU	PFD	03762u501	530	20,674	SH		SOLE		20,674	0	0
Arbor Realty 8.50. CUM Perp Ca	PFD	038923801	240	9,103	SH		SOLE		9,103	0	0
Argo Group 6.5. Sr Notes Call	PFD	040130205	1,535	60,689	SH		SOLE		60,689	0	0
Arlington Asset Inv 7.00. Cum	PFD	041356601	494	20,264	SH		SOLE		20,264	0	0
Ashford Hospitality 7.375. NR	PFD	044103604	711	30,101	SH		SOLE		30,101	0	0
Ashford Hospitality 7.5. Calla	PFD	044103885	367	15,500	SH		SOLE		15,500	0	0
Atlas Finl SrNt 6.625. Cl 4/20	PFD	g06207123	422	17,225	SH		SOLE		17,225	0	0
B Riley Financial 7.375.SnNtsD	PFD	05580m504	426	16,700	SH		SOLE		16,700	0	0
B Riley Financial 7.50.SnNts D	PFD	05580m306	2,604	103,925	SH		SOLE		103,925	0	0
B Riley Financial 7.50.SnNts d	PFD	05580m207	465	18,220	SH		SOLE		18,220	0	0
BGC Partners 8.125. 2042 Call	PFD	05541t408	3,492	135,819	SH		SOLE		135,819	0	0
BOFI Holdings 6.25.Sr Nts 2/20	PFD	05566u306	220	8,550	SH		SOLE		8,550	0	0
BancOfCalifornia 7.00. Cal2021	PFD	05990k874	1,907	73,477	SH		SOLE		73,477	0	0
BancOfCalifornia 7.375. Ca2020	PFD	05990k882	7,077	270,841	SH		SOLE		270,841	0	0
BancOfCalifornia 8.00. Cal2018	PFD	05990k403	2,504	95,018	SH		SOLE		95,018	0	0
Bank of America 6.5. Prp Cl 1/	PFD	060505310	410	15,584	SH		SOLE		15,584	0	0
Bank of America 6.625. Called	PFD	060505740	551	22,042	SH		SOLE		22,042	0	0
Bank of America 6.625. Prp/Cl9	PFD	060505344	2,639	99,969	SH		SOLE		99,969	0	0
BankofAmerica .1000pv 7.25.Cnv	PFD	060505682	5,761	4,607	SH		SOLE		4,607	0	0
Barclays 8.125. Perp/Cl 3/14 B	PFD	06739h362	373	14,100	SH		SOLE		14,100	0	0
BlueRock Residential Growth 7.	PFD	09627j748	1,323	54,839	SH		SOLE		54,839	0	0
BlueRock Residential Growth 8.	PFD	09627j508	3,217	127,337	SH		SOLE		127,337	0	0
CAI Internatnl 8.50.Perp Cum Q	PFD	12477x205	2,304	93,382	SH		SOLE		93,382	0	0
CHS Chemical 7.50. Cl 1/2025 C	PFD	12542r803	7,404	263,107	SH		SOLE		263,107	0	0
CHS Chemicals 6.75. Perp cl 20	PFD	12542r704	329	12,437	SH		SOLE		12,437	0	0
CHS Chemicals 7.875. Perp cl 2	PFD	12542r308	389	13,597	SH		SOLE		13,597	0	0
CHS Inc. 7.1. fxd to float in	PFD	12542r506	274	10,058	SH		SOLE		10,058	0	0
Capital One Finl 6.7.Prp Call	PFD	14040h709	1,575	59,221	SH		SOLE		59,221	0	0
CenturyLink Quest 7.0.SnNts Cl	PFD	74913g501	2,227	97,232	SH		SOLE		97,232	0	0
ChickenSoup4Soul 9.75.QDI BBB-	PFD	16842q209	250	10,000	SH		SOLE		10,000	0	0
Chimera Investment Corp 8. Cal	PFD	16934q307	234	9,069	SH		SOLE		9,069	0	0
Chimera Investment Corp 8. Cal	PFD	16934q406	568	21,989	SH		SOLE		21,989	0	0
Citigroup 5.8. B1 Call 4/18 QD	PFD	172967366	203	7,979	SH		SOLE		7,979	0	0
Citigroup 6.875. Non Cum Call	PFD	172967333	225	8,648	SH		SOLE		8,648	0	0
Citigroup 7.125. Flt Aftr 9/23	PFD	172967358	7,020	253,141	SH		SOLE		253,141	0	0
Citigroup Tst 7.875. Cl2015 Li	PFD	173080201	945	34,870	SH		SOLE		34,870	0	0
City Office REIT 6.625. CUM Ca	PFD	178587200	297	12,216	SH		SOLE		12,216	0	0
Colony Capital 7.125. CUM Call	PFD	19626g702	4,889	210,747	SH		SOLE		210,747	0	0
Colony Capital 7.125. CUM Call	PFD	19626g603	354	15,300	SH		SOLE		15,300	0	0
Colony Capital 7.125. CUM Call	PFD	19626g504	1,277	55,162	SH		SOLE		55,162	0	0
Colony Capital 7.50. CUM Call	PFD	19626g405	2,425	100,016	SH		SOLE		100,016	0	0
Colony Capital 8.50. CUM Calle	PFD	19625w500	791	31,282	SH		SOLE		31,282	0	0
Colony Capital 8.75. CUM Call	PFD	19626g306	649	24,999	SH		SOLE		24,999	0	0
CoreEnergy 7.375. Pfd - Par Ca	PFD	21870u304	1,964	77,944	SH		SOLE		77,944	0	0
Cowen 7.35. Sn Notes 2027 Call	PFD	223622705	1,492	59,100	SH		SOLE		59,100	0	0
Cowen 7.75. Snr Notes 2033 Cl	PFD	223622804	1,442	57,500	SH		SOLE		57,500	0	0
Crown Castle Intl 6.875. MndCo	PFD	22822v309	344	322	SH		SOLE		322	0	0
Customers Bk 7.00. Fx Flt Prp/	PFD	23204g407	217	8,261	SH		SOLE		8,261	0	0
Digital Realty 7.375. Perp CUM	PFD	253868871	1,941	74,550	SH		SOLE		74,550	0	0
Dynagas LNG 9.0. QDI CUM cl 2	PFD	Y2188b116	1,214	46,772	SH		SOLE		46,772	0	0
EBAY 6.00. Sr Notes Call 3/1/2	PFD	278642202	441	16,760	SH		SOLE		16,760	0	0
EaglePoint Credit 6.625. Nts D	PFD	269809505	1,250	50,850	SH		SOLE		50,850	0	0
EaglePoint Credit 7.75. Due 10	PFD	269809307	275	10,480	SH		SOLE		10,480	0	0
EaglePoint Credit 7.75.2022 CU	PFD	269809109	616	24,342	SH		SOLE		24,342	0	0
Enstar Group 7.0. Perp Call 9/	PFD	29359u109	456	18,050	SH		SOLE		18,050	0	0
Fidus Investment 5.875.Notes D	PFD	316500206	638	24,500	SH		SOLE		24,500	0	0
First Republic 7.0. Cl 12/18 B	PFD	33616c860	4,335	168,664	SH		SOLE		168,664	0	0
GGP Inc 6.375. Call 2/2018 CUM	PFD	370023202	349	14,600	SH		SOLE		14,600	0	0
GasLog LP 8.625.fxd/flt Cum Q	PFD	y2687w116	804	30,700	SH		SOLE		30,700	0	0
GasLog Ltd 8.375. Ser A CUM QD	PFD	y2687w124	1,132	44,338	SH		SOLE		44,338	0	0
GasLog Ltd 8.75. Ser A CUM QDI	PFD	g37585117	1,500	57,044	SH		SOLE		57,044	0	0
Gladstone 7.00. CUM Perp Call	PFD	376536603	5,674	223,274	SH		SOLE		223,274	0	0
Gladstone Investment 6.25. CUM	PFD	376546503	575	22,608	SH		SOLE		22,608	0	0
Glandstone Invstmt 6.50.SrNts2	PFD	376546404	222	8,663	SH		SOLE		8,663	0	0
Global Indemnity SrNts7.75. Ca	PFD	g3933f121	1,927	74,999	SH		SOLE		74,999	0	0
Global Indmnty 7.875. Cl2022 b	PFD	g3933f139	1,060	41,188	SH		SOLE		41,188	0	0
Global Medical RE 7.50. CUM Pe	PFD	37957w203	497	20,034	SH		SOLE		20,034	0	0
Global Net Lease 7.25.Perp Cum	PFD	379378300	1,575	61,461	SH		SOLE		61,461	0	0
Golar LNG 8.75. Perp QDI Call	PFD	y2745c110	1,364	54,290	SH		SOLE		54,290	0	0
Goldman 5.5. Flt Aftr 5/23 Cl	PFD	38145g308	1,768	68,319	SH		SOLE		68,319	0	0
Great Elm Capital 6.75.SnNts M	PFD	390320406	444	17,725	SH		SOLE		17,725	0	0
Hanover Insurance6.35. Cl3/18	PFD	410867204	1,111	43,421	SH		SOLE		43,421	0	0
Hartford Finl 7.875. 2042 call	PFD	416518504	1,141	39,200	SH		SOLE		39,200	0	0
Hersha Hospitality 6.50. NR Ca	PFD	427825609	287	11,985	SH		SOLE		11,985	0	0
Hoegh LNG Partners 8.75. QDI	PFD	y3262r118	1,184	46,438	SH		SOLE		46,438	0	0
Horizon Technology Fin 6.25.Sr	PFD	44045a300	289	11,350	SH		SOLE		11,350	0	0
IberiaBank Corp 6.60. Call 5/1	PFD	450828504	745	27,444	SH		SOLE		27,444	0	0
Invesco Mortgage 7.75.Perp CUM	PFD	46131b209	399	15,985	SH		SOLE		15,985	0	0
JMP Group 8.00. SrDeb Due1/202	PFD	46629u206	392	15,464	SH		SOLE		15,464	0	0
JMP Group SrNts7.25. BBB- 11/2	PFD	466273109	1,152	46,350	SH		SOLE		46,350	0	0
JPMorgan Chase 6.70.Perp/Call	PFD	48127a161	1,682	64,132	SH		SOLE		64,132	0	0
Jernigan Capital 7.00. CUM PER	PFD	476405204	623	27,222	SH		SOLE		27,222	0	0
Just Energy 8.50.Perp Call3/20	PFD	48213w200	1,342	56,882	SH		SOLE		56,882	0	0
LaSalle Hotel 6.3. Call 5/2021	PFD	517942884	255	10,280	SH		SOLE		10,280	0	0
LaSalle Hotel 6.375. Call 3/20	PFD	517942801	236	9,408	SH		SOLE		9,408	0	0
Landenburg Thalman 7.00.SnNte	PFD	50575q110	743	30,250	SH		SOLE		30,250	0	0
M&T Bank 6.375. Cl 11/18 BBB-	PFD	55261f708	448	439	SH		SOLE		439	0	0
MFA Financial 7.5. Prp Cl 4/15	PFD	55272x409	216	8,549	SH		SOLE		8,549	0	0
MVC Capital 6.25. SrNts Due12/	PFD	553829409	496	19,650	SH		SOLE		19,650	0	0
Maiden Holdings 8.25.Prp Cl8/2	PFD	g5753u120	694	29,200	SH		SOLE		29,200	0	0
Medley Capital7.25.SrNts Due24	PFD	58503y204	454	18,275	SH		SOLE		18,275	0	0
Medley Capitl 6.875.Notes Due2	PFD	58503y105	295	12,425	SH		SOLE		12,425	0	0
Morgan Stanley 7.125.Flt 10/23	PFD	61762v200	4,363	154,605	SH		SOLE		154,605	0	0
National General 7.5. NA Cl Q	PFD	636220857	4,784	190,370	SH		SOLE		190,370	0	0
National General 7.50.Call4/20	PFD	636220808	2,677	106,089	SH		SOLE		106,089	0	0
National General 7.625. Call9/	PFD	636220873	1,465	57,257	SH		SOLE		57,257	0	0
National General7.50.Call 7/20	PFD	636220709	2,223	87,797	SH		SOLE		87,797	0	0
New York MtgTrust 7.875.Perp C	PFD	649604808	250	10,347	SH		SOLE		10,347	0	0
NewTek Business Svs 6.25. Nts	PFD	652526500	1,156	44,650	SH		SOLE		44,650	0	0
NewTek Business Svs 7.50. Nts	PFD	652526302	512	19,611	SH		SOLE		19,611	0	0
NuStar Logistics 7.625.Nts Cl	PFD	67059t204	1,779	70,164	SH		SOLE		70,164	0	0
OFS Capital 6.375 SnNts 4/2025	PFD	67103b308	803	32,450	SH		SOLE		32,450	0	0
Oxford Lane Cap6.75. Nts 6/202	PFD	691543508	900	35,108	SH		SOLE		35,108	0	0
Oxford Lane Capital 7.50. 6/20	PFD	691543300	203	8,005	SH		SOLE		8,005	0	0
Partner Re 6.50.Perp Cal 4/202	PFD	g68603136	2,523	95,145	SH		SOLE		95,145	0	0
Partner Re 7.25. Call 06/21 BB	PFD	g68603144	6,657	241,008	SH		SOLE		241,008	0	0
Penn RealEstate 7.20.CUM Perp	PFD	709102602	223	9,810	SH		SOLE		9,810	0	0
Penn RealEstate 7.375.CUM Perp	PFD	709102503	305	13,018	SH		SOLE		13,018	0	0
PennyMac Mtg 8.125. 2024 Libor	PFD	70931t301	378	14,908	SH		SOLE		14,908	0	0
Plymouth Industrial 7.50. CUM	PFD	729640201	357	14,630	SH		SOLE		14,630	0	0
Priority Income Fund6.375.SnNt	PFD	74274w103	359	14,625	SH		SOLE		14,625	0	0
Prospect Captl 6.25. 6/24 SrNt	PFD	74348t300	2,263	89,231	SH		SOLE		89,231	0	0
Prudential PLC 6.75. PrpCl 9/0	PFD	g7293h114	400	15,277	SH		SOLE		15,277	0	0
QTS Realty 7.125. Perp Cum Cl	PFD	74736a202	703	27,325	SH		SOLE		27,325	0	0
Quest USWest 7.0. SrNts 2/56 C	PFD	74913g808	3,330	136,143	SH		SOLE		136,143	0	0
Quest USWest SnNotes 7.0. 2052	PFD	74913G402	976	42,715	SH		SOLE		42,715	0	0
Quest USWestSnNote7.5. BBB- Cl	PFD	74913g303	1,392	55,257	SH		SOLE		55,257	0	0
Quest USWestSnNotes 6.875. CL	PFD	74913g105	2,321	103,945	SH		SOLE		103,945	0	0
Qwest Corp 6.5. Sr Note 9/56 C	PFD	74913g881	1,358	62,950	SH		SOLE		62,950	0	0
Qwest Corp 6.75. SrNote 6/57 C	PFD	74913g873	676	30,575	SH		SOLE		30,575	0	0
RLJ Lodging .1.95 Cnv@89.09 B-	PFD	74965l200	226	8,630	SH		SOLE		8,630	0	0
Regions Financial 6.375. Cl 12	PFD	7591ep308	397	15,566	SH		SOLE		15,566	0	0
Reinsurance Group ofAmer 6.2.	PFD	759351703	257	9,400	SH		SOLE		9,400	0	0
SL Green Realty 6.5. Perp CUM	PFD	78440x507	1,533	60,744	SH		SOLE		60,744	0	0
SoCalEd 5.375. CUM cl 2025 QDI	PFD	78409g206	796	31,451	SH		SOLE		31,451	0	0
Sotherly Hotels 7.25. SrNt2021	PFD	83600e307	686	26,600	SH		SOLE		26,600	0	0
Sotherly Hotels 7.875. Cum Per	PFD	83600c400	970	38,371	SH		SOLE		38,371	0	0
Sotherly Hotels 8. Cum Perp C	PFD	83600c301	2,907	114,896	SH		SOLE		114,896	0	0
Southerland Asset Mgt Sr 6.5.	PFD	86933f701	553	21,565	SH		SOLE		21,565	0	0
Spark Energy 8.75. Call 2022 Q	PFD	846511202	775	33,522	SH		SOLE		33,522	0	0
Summitt Hotel Prp 6.25.CUM Per	PFD	866082605	213	8,800	SH		SOLE		8,800	0	0
Sunstone Hotel 6.95. Prp/Cl 3/	PFD	867892606	764	30,087	SH		SOLE		30,087	0	0
Sutherland Asset Mgt 7.0.SrNts	PFD	86933f602	208	8,000	SH		SOLE		8,000	0	0
Synovus 7.875. QDI BB- Called	PFD	87161c402	302	11,872	SH		SOLE		11,872	0	0
Teekay Offshore 8.875.Cum Cl 2	PFD	Y8561j176	245	9,785	SH		SOLE		9,785	0	0
Telephone & Data 6.875. Cl 11/	PFD	879433845	2,011	79,075	SH		SOLE		79,075	0	0
Telephone & Data 7.0. Cl 3/16	PFD	879433837	648	25,702	SH		SOLE		25,702	0	0
Texas Capitl Bancshares6.50. 2	PFD	882228307	444	17,417	SH		SOLE		17,417	0	0
Torchmark Crp 6.125. SubDebCal	PFD	891027401	790	30,350	SH		SOLE		30,350	0	0
TriState Capital Hlds 6.75. Pe	PFD	89678f209	1,127	43,000	SH		SOLE		43,000	0	0
Triangle Capitl 6.375. Called	PFD	895848406	887	35,300	SH		SOLE		35,300	0	0
Two Harbors Investments 7.625.	PFD	90187b309	281	10,880	SH		SOLE		10,880	0	0
Two Harbors Investments 8.125.	PFD	90187b200	626	23,007	SH		SOLE		23,007	0	0
UMH Properties 8.0. Perp Cum C	PFD	903002301	567	21,443	SH		SOLE		21,443	0	0
US Bancorp 6.5. Flt Aftr 1/22	PFD	902973833	943	34,040	SH		SOLE		34,040	0	0
US Celllular SrNts 7.25. 2063	PFD	911684504	483	18,875	SH		SOLE		18,875	0	0
US Cellular 6.95.SrNT 2060 Cl	PFD	911684405	380	15,125	SH		SOLE		15,125	0	0
US Cellular 7.25. SrNts12/2064	PFD	911684603	1,804	70,427	SH		SOLE		70,427	0	0
VEREIT Inc 6.70. Perp CUM Cl 2	PFD	92339v209	782	31,144	SH		SOLE		31,144	0	0
Wells Fargo 5.85.Flt Aftr 9/23	PFD	949746556	438	16,922	SH		SOLE		16,922	0	0
Wells Fargo 6.375. Cl 12/19 BB	PFD	94988n207	745	28,770	SH		SOLE		28,770	0	0
Wells Fargo 7.5. Cnv@.156 .100	PFD	949746804	16,836	13,372	SH		SOLE		13,372	0	0
Wells Fargo 8.00. BBB- Called	PFD	949746879	4,105	159,726	SH		SOLE		159,726	0	0
WinTrust Financial 6.50. Call	PFD	97650w405	251	9,361	SH		SOLE		9,361	0	0
American Express Cp 5.2. - Cal	PFD	025816BJ7	609	600,000	PRN		SOLE		600,000	0	0
Bank of America 5.20. Perp/Cal	PFD	060505ED2	1,494	1,515,000	PRN		SOLE		1,515,000	0	0
Bank of NY Mellon - Call 6/20/	PFD	064058AD2	812	800,000	PRN		SOLE		800,000	0	0
Charles Schwab 4.625. Perp/Cal	PFD	808513AP0	539	540,000	PRN		SOLE		540,000	0	0
Charles Schwab 7. Perp/Call 2/	PFD	808513AE5	1,333	1,212,000	PRN		SOLE		1,212,000	0	0
Citigroup 5.35. Perp/Call 5/23	PFD	172967GR6	728	740,000	PRN		SOLE		740,000	0	0
Citigroup 5.875. Perp/Call 3/2	PFD	172967JK8	359	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc - Callable 11/15	PFD	172967HZ7	409	400,000	PRN		SOLE		400,000	0	0
Citigroup Inc 5.95. Perp Call	PFD	172967GD7	1,170	1,150,000	PRN		SOLE		1,150,000	0	0
Citigroup Inc 6.125. Perp Call	PFD	172967KD2	570	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	708	700,000	PRN		SOLE		700,000	0	0
Fifth Third Bancorp 4.9. until	PFD	316773CR9	581	585,000	PRN		SOLE		585,000	0	0
GE Cap Corp 5.00. Perp/Call 1/	PFD	369604BQ5	1,879	1,905,000	PRN		SOLE		1,905,000	0	0
Goldman Sachs 5. Perp/Call 11/	PFD	38148BAD0	484	515,000	PRN		SOLE		515,000	0	0
Goldman Sachs 5.375 Perp/Call	PFD	38148BAB4	624	615,000	PRN		SOLE		615,000	0	0
Goldman Sachs 5.7 Perp/Call 5/	PFD	38148BAA6	1,232	1,215,000	PRN		SOLE		1,215,000	0	0
JPMorgan 5.3. Perp/Call 5/1/20	PFD	46625HKK5	305	300,000	PRN		SOLE		300,000	0	0
JPMorgan 6.0. Perp/Call 8/23 -	PFD	48126HAA8	3,103	3,050,000	PRN		SOLE		3,050,000	0	0
JPMorgan 7.9. Perp/Call 4/18 -	PFD	46625HHA1	3,162	3,135,000	PRN		SOLE		3,135,000	0	0
MetLife Inc. 5.25. Call 6/15/2	PFD	59156RBP2	290	285,000	PRN		SOLE		285,000	0	0
Morgan Stanley 5.45. Perp/Call	PFD	61761JQK8	505	500,000	PRN		SOLE		500,000	0	0
So. Cal Edison 6.25. Perp/Call	PFD	842400FU2	644	605,000	PRN		SOLE		605,000	0	0
Stanley Black & Decker Callabl	PFD	854502AF8	1,151	1,145,000	PRN		SOLE		1,145,000	0	0
Suntrust Bank 5.05. Call 2022-	PFD	867914BN2	382	390,000	PRN		SOLE		390,000	0	0
US Bancorp - Callable 1/15/21	PFD	902973AY2	304	300,000	PRN		SOLE		300,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	2,660	2,700,000	PRN		SOLE		2,700,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	558	552,000	PRN		SOLE		552,000	0	0