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	320	10	SH		SOLE		10	0	0
3M Company	COM	88579y101	23,755	112,736	SH		SOLE		112,736	0	0
ABB Ltd-Spon ADR	COM	000375204	398	16,832	SH		SOLE		16,832	0	0
AT&T Inc	COM	00206r102	1,913	56,957	SH		SOLE		56,957	0	0
AbbVie Inc	COM	00287y109	13,066	138,152	SH		SOLE		138,152	0	0
Abbott Laboratories	COM	002824100	14,207	193,668	SH		SOLE		193,668	0	0
Accenture PLC-Cl A	COM	g1151c101	5,309	31,190	SH		SOLE		31,190	0	0
Adobe Inc	COM	00724f101	1,703	6,308	SH		SOLE		6,308	0	0
Aetna Inc	COM	00817Y108	2,125	10,478	SH		SOLE		10,478	0	0
Aflac Inc	COM	001055102	1,419	30,139	SH		SOLE		30,139	0	0
Agilent Technologies Inc	COM	00846u101	1,122	15,899	SH		SOLE		15,899	0	0
Air Products & Chemicals Inc	COM	009158106	8,649	51,777	SH		SOLE		51,777	0	0
Alibaba Group Holding-SP ADR	COM	01609w102	479	2,910	SH		SOLE		2,910	0	0
Allergan plc (new)	COM	g0177j108	7,650	40,163	SH		SOLE		40,163	0	0
Allstate Corp	COM	020002101	516	5,229	SH		SOLE		5,229	0	0
Alphabet Inc-Cl A	COM	02079k305	13,090	10,844	SH		SOLE		10,844	0	0
Alphabet Inc-Cl C	COM	02079k107	6,459	5,412	SH		SOLE		5,412	0	0
Altaba Inc	COM	021346101	1,184	17,388	SH		SOLE		17,388	0	0
Altria Group Inc	COM	02209s103	3,278	54,351	SH		SOLE		54,351	0	0
Amazon.com Inc	COM	023135106	20,491	10,230	SH		SOLE		10,230	0	0
American Electric Power	COM	025537101	478	6,740	SH		SOLE		6,740	0	0
American Express Co	COM	025816109	1,763	16,555	SH		SOLE		16,555	0	0
AmerisourceBergen Corp	COM	03073e105	202	2,186	SH		SOLE		2,186	0	0
Amgen Inc	COM	031162100	7,833	37,787	SH		SOLE		37,787	0	0
Anthem Inc	COM	036752103	3,019	11,017	SH		SOLE		11,017	0	0
Apple Inc	COM	037833100	57,390	254,230	SH		SOLE		254,230	0	0
Applied Materials Inc	COM	038222105	229	5,926	SH		SOLE		5,926	0	0
Archer-Daniels-Midland Co	COM	039483102	833	16,577	SH		SOLE		16,577	0	0
Automatic Data Processing	COM	053015103	27,340	181,469	SH		SOLE		181,469	0	0
BP PLC-Spons ADR	COM	055622104	274	5,941	SH		SOLE		5,941	0	0
Bank Of Marin Bancorp/CA	COM	063425102	998	11,894	SH		SOLE		11,894	0	0
Bank Of New York Mellon Corp	COM	064058100	241	4,719	SH		SOLE		4,719	0	0
Bank of America Corp	COM	060505104	8,891	301,803	SH		SOLE		301,803	0	0
Baxter International Inc.	COM	071813109	562	7,287	SH		SOLE		7,287	0	0
Becton Dickinson & Co	COM	075887109	3,657	14,010	SH		SOLE		14,010	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	4,544	21,222	SH		SOLE		21,222	0	0
Biogen Inc	COM	09062x103	1,448	4,099	SH		SOLE		4,099	0	0
Blackrock Inc	COM	09247x101	466	988	SH		SOLE		988	0	0
Blackstone Group/The	COM	09253u108	526	13,814	SH		SOLE		13,814	0	0
Boeing Co	COM	097023105	13,263	35,662	SH		SOLE		35,662	0	0
Bristol-Myers Squibb Co	COM	110122108	11,411	183,805	SH		SOLE		183,805	0	0
Broadcom Inc	COM	11135f101	816	3,308	SH		SOLE		3,308	0	0
CBS Corp Class B	COM	124857202	283	4,924	SH		SOLE		4,924	0	0
CSX Corp	COM	126408103	321	4,330	SH		SOLE		4,330	0	0
CVS Health Corp	COM	126650100	2,138	27,161	SH		SOLE		27,161	0	0
CarMax Inc	COM	143130102	261	3,500	SH		SOLE		3,500	0	0
Caterpillar Inc	COM	149123101	4,660	30,562	SH		SOLE		30,562	0	0
Celgene Corp	COM	151020104	295	3,299	SH		SOLE		3,299	0	0
CenterPoint Energy Inc	COM	15189t107	416	15,039	SH		SOLE		15,039	0	0
Cerner Corp	COM	156782104	2,523	39,171	SH		SOLE		39,171	0	0
Check Point Software Tech	COM	m22465104	1,502	12,762	SH		SOLE		12,762	0	0
Chevron Corp	COM	166764100	28,925	236,547	SH		SOLE		236,547	0	0
Chubb Ltd (new)	COM	h1467j104	907	6,786	SH		SOLE		6,786	0	0
Cigna Corp	COM	125509109	414	1,986	SH		SOLE		1,986	0	0
Cincinnati Financial Corp	COM	172062101	486	6,328	SH		SOLE		6,328	0	0
Cintas Corp	COM	172908105	673	3,402	SH		SOLE		3,402	0	0
Cisco Systems Inc	COM	17275R102	8,642	177,640	SH		SOLE		177,640	0	0
Citigroup Inc	COM	172967424	615	8,577	SH		SOLE		8,577	0	0
Clorox Company	COM	189054109	15,896	105,682	SH		SOLE		105,682	0	0
Coca-Cola Co/The	COM	191216100	1,771	38,350	SH		SOLE		38,350	0	0
Colgate-Palmolive Co	COM	194162103	7,453	111,315	SH		SOLE		111,315	0	0
Comcast Corp-Cl A	COM	20030n101	909	25,661	SH		SOLE		25,661	0	0
Conagra Brands Inc	COM	205887102	607	17,857	SH		SOLE		17,857	0	0
ConocoPhillips	COM	20825C104	4,633	59,854	SH		SOLE		59,854	0	0
Consolidated Edison Inc	COM	209115104	508	6,666	SH		SOLE		6,666	0	0
Costco Wholesale Corp	COM	22160K105	28,162	119,897	SH		SOLE		119,897	0	0
Crown Castle Intl Corp	COM	22822v101	18,210	163,568	SH		SOLE		163,568	0	0
Danaher Corp	COM	235851102	6,233	57,360	SH		SOLE		57,360	0	0
Deere & Co	COM	244199105	1,550	10,313	SH		SOLE		10,313	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	530	3,743	SH		SOLE		3,743	0	0
Dick's Sporting Goods Inc	COM	253393102	305	8,588	SH		SOLE		8,588	0	0
Disney Co./Walt The	COM	254687106	17,646	150,898	SH		SOLE		150,898	0	0
Dominion Resources Inc/Va	COM	25746u109	485	6,903	SH		SOLE		6,903	0	0
Dover Corp	COM	260003108	710	8,025	SH		SOLE		8,025	0	0
DowDuPont Inc	COM	26078j100	9,647	150,013	SH		SOLE		150,013	0	0
Duke Energy Corp	COM	26441c204	502	6,269	SH		SOLE		6,269	0	0
Eaton Corp PLC	COM	g29183103	869	10,017	SH		SOLE		10,017	0	0
Ecolab Inc	COM	278865100	16,144	102,974	SH		SOLE		102,974	0	0
Edison International	COM	281020107	8,828	130,441	SH		SOLE		130,441	0	0
Edwards Lifesciences Corp	COM	28176e108	365	2,096	SH		SOLE		2,096	0	0
Electronic Arts Inc	COM	285512109	480	3,987	SH		SOLE		3,987	0	0
Eli Lilly & Co	COM	532457108	3,107	28,953	SH		SOLE		28,953	0	0
Emerson Electric Co	COM	291011104	1,878	24,528	SH		SOLE		24,528	0	0
Enbridge Inc	COM	29250n105	347	10,732	SH		SOLE		10,732	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	281	9,784	SH		SOLE		9,784	0	0
Essex Property Trust Inc	COM	297178105	1,121	4,545	SH		SOLE		4,545	0	0
Eurasian Minerals Inc	COM	29843r100	65	53,000	SH		SOLE		53,000	0	0
Evergy Inc	COM	30034w106	474	8,625	SH		SOLE		8,625	0	0
Eversource Energy	COM	30040w108	287	4,674	SH		SOLE		4,674	0	0
Express Scripts Holding Co.	COM	30219g108	392	4,127	SH		SOLE		4,127	0	0
Exxon Mobil Corp	COM	30231G102	7,961	93,632	SH		SOLE		93,632	0	0
Facebook Inc	COM	30303m102	1,279	7,776	SH		SOLE		7,776	0	0
FactSet Research Systems Inc	COM	303075105	214	955	SH		SOLE		955	0	0
Fanhua Inc-Sponsored ADR	COM	30712a103	362	13,404	SH		SOLE		13,404	0	0
FedEx Corp	COM	31428x106	875	3,634	SH		SOLE		3,634	0	0
Finisar Corporation	COM	31787a507	191	10,000	SH		SOLE		10,000	0	0
First Republic Bank/San Franci	COM	33616C100	9,787	101,952	SH		SOLE		101,952	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	3,047	65,831	SH		SOLE		65,831	0	0
First Trust Mid Cap Value ETF	COM	33737m201	323	8,783	SH		SOLE		8,783	0	0
First Trust Morningstar Divide	COM	336917109	721	24,175	SH		SOLE		24,175	0	0
Ford Motor Co	COM	345370860	101	10,905	SH		SOLE		10,905	0	0
Fortinet Inc	COM	34959e109	862	9,340	SH		SOLE		9,340	0	0
Fortive Corp	COM	34959j108	259	3,071	SH		SOLE		3,071	0	0
General Dynamics Corp	COM	369550108	3,640	17,781	SH		SOLE		17,781	0	0
General Electric Co	COM	369604103	1,061	94,006	SH		SOLE		94,006	0	0
Genuine Parts Co	COM	372460105	7,666	77,126	SH		SOLE		77,126	0	0
Gilead Sciences Inc	COM	375558103	618	8,008	SH		SOLE		8,008	0	0
Goldman Sach Active Beta US La	COM	381430503	749	12,746	SH		SOLE		12,746	0	0
Goldman Sachs Group Inc	COM	38141G104	600	2,677	SH		SOLE		2,677	0	0
HCP Inc REIT	COM	40414l109	429	16,302	SH		SOLE		16,302	0	0
Home Depot Inc	COM	437076102	25,370	122,473	SH		SOLE		122,473	0	0
Honeywell International Inc	COM	438516106	6,219	37,372	SH		SOLE		37,372	0	0
Hormel Foods Corp	COM	440452100	377	9,575	SH		SOLE		9,575	0	0
IDEXX Laboratories Inc	COM	45168d104	241	965	SH		SOLE		965	0	0
Illinois Tool Works	COM	452308109	462	3,271	SH		SOLE		3,271	0	0
Ingersoll-Rand PLC	COM	g47791101	1,810	17,692	SH		SOLE		17,692	0	0
Intel Corp	COM	458140100	17,395	367,839	SH		SOLE		367,839	0	0
Intl Business Machines Corp	COM	459200101	2,189	14,477	SH		SOLE		14,477	0	0
Intl Flavors & Fragrances	COM	459506101	870	6,250	SH		SOLE		6,250	0	0
Intuitive Surgical Inc	COM	46120e602	530	924	SH		SOLE		924	0	0
Invesco KBW Regional Bank ETF	COM	46138e578	1,452	26,025	SH		SOLE		26,025	0	0
Invesco Preferred ETF	COM	46138e511	12,288	858,129	SH		SOLE		858,129	0	0
Invesco QQQ NASDAQ 100 Trust	COM	46090e103	5,820	31,325	SH		SOLE		31,325	0	0
Invesco S&P Equal Weight	COM	46137v357	816	7,642	SH		SOLE		7,642	0	0
Invesco S&P Equal Weight Finan	COM	46137v340	237	5,509	SH		SOLE		5,509	0	0
Invesco S&P Top 50	COM	46137v233	1,447	6,918	SH		SOLE		6,918	0	0
Iron Mountain Inc	COM	46284v101	203	5,873	SH		SOLE		5,873	0	0
Ivanhoe Mines Ltd	COM	46579r104	511	240,000	SH		SOLE		240,000	0	0
JPMorgan Chase & Co	COM	46625H100	14,843	131,542	SH		SOLE		131,542	0	0
JPMorgan US Large Cap Diversif	COM	46641q407	1,593	21,376	SH		SOLE		21,376	0	0
Jacobs Engineering Group Inc	COM	469814107	436	5,703	SH		SOLE		5,703	0	0
Johnson & Johnson	COM	478160104	29,405	212,820	SH		SOLE		212,820	0	0
Johnson Controls Intl PLC	COM	g51502105	203	5,806	SH		SOLE		5,806	0	0
Kalytera Therapeutics Inc	COM	48349p103	1	10,000	SH		SOLE		10,000	0	0
Keysight Technologies Inc	COM	49338l103	503	7,584	SH		SOLE		7,584	0	0
Kimberly-Clark Corp	COM	494368103	12,060	106,127	SH		SOLE		106,127	0	0
Kinder Morgan Inc	COM	49456b101	209	11,770	SH		SOLE		11,770	0	0
Kraft Heinz Co/The	COM	500754106	203	3,684	SH		SOLE		3,684	0	0
L3 Technologies Inc	COM	502413107	3,258	15,322	SH		SOLE		15,322	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	2,467	14,205	SH		SOLE		14,205	0	0
Lam Research Corp	COM	512807108	377	2,484	SH		SOLE		2,484	0	0
Lamb Weston Holdings Inc	COM	513272104	313	4,694	SH		SOLE		4,694	0	0
Lennar Corp-Cl A	COM	526057104	829	17,758	SH		SOLE		17,758	0	0
Lockheed Martin Corp	COM	539830109	6,538	18,899	SH		SOLE		18,899	0	0
Lowe's Cos Inc	COM	548661107	5,075	44,204	SH		SOLE		44,204	0	0
Lululemon Athletica Inc	COM	550021109	1,410	8,675	SH		SOLE		8,675	0	0
Marathon Petroleum Corp	COM	56585a102	505	6,309	SH		SOLE		6,309	0	0
Marriott International-Cl A	COM	571903202	2,782	21,073	SH		SOLE		21,073	0	0
Masimo Corporation	COM	574795100	301	2,415	SH		SOLE		2,415	0	0
MasterCard Inc-Class A	COM	57636q104	341	1,533	SH		SOLE		1,533	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,723	20,669	SH		SOLE		20,669	0	0
McDonald's Corp	COM	580135101	14,953	89,385	SH		SOLE		89,385	0	0
McKesson Corp	COM	58155q103	776	5,850	SH		SOLE		5,850	0	0
Medical Properties Trust Inc	COM	58463j304	185	12,429	SH		SOLE		12,429	0	0
Medtronic PLC	COM	g5960l103	8,857	90,042	SH		SOLE		90,042	0	0
Merck & Co. Inc.	COM	58933y105	3,246	45,763	SH		SOLE		45,763	0	0
Microsoft Corp	COM	594918104	39,080	341,697	SH		SOLE		341,697	0	0
Mondelez International	COM	609207105	1,072	24,955	SH		SOLE		24,955	0	0
Morgan Stanley	COM	617446448	2,300	49,383	SH		SOLE		49,383	0	0
Motorola Solutions Inc	COM	620076307	375	2,885	SH		SOLE		2,885	0	0
NVIDIA Corp	COM	67066g104	4,973	17,698	SH		SOLE		17,698	0	0
NXP Semiconductors Nv	COM	n6596x109	501	5,858	SH		SOLE		5,858	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	696	8,368	SH		SOLE		8,368	0	0
NextEra Energy Inc	COM	65339f101	18,404	109,809	SH		SOLE		109,809	0	0
Nike Inc -Cl B	COM	654106103	14,824	174,982	SH		SOLE		174,982	0	0
Norfolk Southern Corp	COM	655844108	415	2,300	SH		SOLE		2,300	0	0
Novartis Ag-ADR	COM	66987v109	555	6,438	SH		SOLE		6,438	0	0
O'Reilly Automotive Inc	COM	67103h107	301	866	SH		SOLE		866	0	0
ONEOK Inc	COM	682680103	283	4,168	SH		SOLE		4,168	0	0
Occidental Petroleum Corp	COM	674599105	2,649	32,243	SH		SOLE		32,243	0	0
Oracle Corp	COM	68389x105	2,813	54,554	SH		SOLE		54,554	0	0
Parker-Hannifin Corp	COM	701094104	322	1,748	SH		SOLE		1,748	0	0
PayPal Holdings Inc	COM	70450y103	687	7,820	SH		SOLE		7,820	0	0
Paychex Inc	COM	704326107	222	3,021	SH		SOLE		3,021	0	0
Penske Automotive Group, Inc	COM	70959w103	275	5,797	SH		SOLE		5,797	0	0
PepsiCo Inc	COM	713448108	5,338	47,744	SH		SOLE		47,744	0	0
Pfizer Inc	COM	717081103	6,891	156,366	SH		SOLE		156,366	0	0
Philip Morris International	COM	718172109	1,050	12,882	SH		SOLE		12,882	0	0
Phillips 66	COM	718546104	230	2,040	SH		SOLE		2,040	0	0
Plains GP Holdings LP	COM	72651a207	245	10,000	SH		SOLE		10,000	0	0
Praxair Inc (Acquired)	COM	74005p104	2,947	18,334	SH		SOLE		18,334	0	0
Preferred Apartment Communitie	COM	74039l103	8,150	463,620	SH		SOLE		463,620	0	0
ProLogis Inc	COM	74340w103	711	10,483	SH		SOLE		10,483	0	0
Procter & Gamble Co	COM	742718109	16,352	196,470	SH		SOLE		196,470	0	0
Public Service Enterprise Grou	COM	744573106	3,375	63,926	SH		SOLE		63,926	0	0
Putnam Premier Income Trust	COM	746853100	75	14,293	SH		SOLE		14,293	0	0
Qualcomm Inc	COM	747525103	593	8,238	SH		SOLE		8,238	0	0
Quest Diagnostics	COM	74834l100	296	2,745	SH		SOLE		2,745	0	0
Raytheon Company	COM	755111507	5,293	25,612	SH		SOLE		25,612	0	0
Realty Income Corp	COM	756109104	11,570	203,378	SH		SOLE		203,378	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	1,913	63,417	SH		SOLE		63,417	0	0
Rockwell Automation Inc	COM	773903109	447	2,383	SH		SOLE		2,383	0	0
Rockwell Collins Inc.	COM	774341101	1,010	7,190	SH		SOLE		7,190	0	0
Roper Technologies Inc	COM	776696106	303	1,024	SH		SOLE		1,024	0	0
Ross Stores Inc	COM	778296103	218	2,196	SH		SOLE		2,196	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	736	10,803	SH		SOLE		10,803	0	0
S&P Global Inc	COM	78409v104	1,804	9,235	SH		SOLE		9,235	0	0
SAP SE-Sponsored ADR	COM	803054204	701	5,698	SH		SOLE		5,698	0	0
SPDR Communication Services Se	COM	81369y852	22,578	460,774	SH		SOLE		460,774	0	0
SPDR Consumer Discretionary Se	COM	81369y407	42,763	364,810	SH		SOLE		364,810	0	0
SPDR Consumer Staples Select S	COM	81369y308	18,148	336,516	SH		SOLE		336,516	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,473	5,571	SH		SOLE		5,571	0	0
SPDR Energy Select Sector	COM	81369y506	23,046	304,274	SH		SOLE		304,274	0	0
SPDR Financial Select Sector	COM	81369y605	29,974	1,086,816	SH		SOLE		1,086,816	0	0
SPDR Gold Trust	COM	78463v107	1,343	11,913	SH		SOLE		11,913	0	0
SPDR Health Care Select Sector	COM	81369y209	34,433	361,883	SH		SOLE		361,883	0	0
SPDR Industrial Select Sector	COM	81369y704	25,607	326,622	SH		SOLE		326,622	0	0
SPDR Materials Select Sector	COM	81369y100	7,279	125,652	SH		SOLE		125,652	0	0
SPDR NYSE Technology ETF	COM	78464a102	979	10,363	SH		SOLE		10,363	0	0
SPDR Real Estate Sector	COM	81369y860	210	6,441	SH		SOLE		6,441	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	9,483	32,619	SH		SOLE		32,619	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	678	6,813	SH		SOLE		6,813	0	0
SPDR S&P Biotech ETF	COM	78464a870	547	5,710	SH		SOLE		5,710	0	0
SPDR S&P Dividend	COM	78464a763	12,199	124,567	SH		SOLE		124,567	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	12,012	32,689	SH		SOLE		32,689	0	0
SPDR S&P Regional Banking	COM	78464a698	2,892	48,668	SH		SOLE		48,668	0	0
SPDR Technology Select Sector	COM	81369y803	87,199	1,157,554	SH		SOLE		1,157,554	0	0
SPDR Utilities Select Sector	COM	81369y886	1,935	36,757	SH		SOLE		36,757	0	0
Salesforce.Com Inc	COM	79466l302	5,967	37,519	SH		SOLE		37,519	0	0
Schlumberger Ltd	COM	806857108	229	3,760	SH		SOLE		3,760	0	0
Schwab (Charles) Corp	COM	808513105	1,315	26,761	SH		SOLE		26,761	0	0
Schwab US Broad Market ETF	COM	808524102	2,582	36,677	SH		SOLE		36,677	0	0
Schwab US Dividend Equity ETF	COM	808524797	5,385	101,612	SH		SOLE		101,612	0	0
Schwab US Large-Cap ETF	COM	808524201	2,293	32,959	SH		SOLE		32,959	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,734	29,972	SH		SOLE		29,972	0	0
Schwab US REIT ETF	COM	808524847	1,992	47,734	SH		SOLE		47,734	0	0
Sempra Energy	COM	816851109	3,535	31,073	SH		SOLE		31,073	0	0
Sherwin Williams Co	COM	824348106	988	2,171	SH		SOLE		2,171	0	0
Southern Co	COM	842587107	948	21,741	SH		SOLE		21,741	0	0
Spectral Medical Inc	COM	847577103	6	25,000	SH		SOLE		25,000	0	0
Stanley Black & Decker Inc	COM	854502101	6,539	44,656	SH		SOLE		44,656	0	0
Starbucks Corp	COM	855244109	7,754	136,426	SH		SOLE		136,426	0	0
State Street Corp	COM	857477103	311	3,715	SH		SOLE		3,715	0	0
Stryker Corp	COM	863667101	227	1,276	SH		SOLE		1,276	0	0
Sysco Corp	COM	871829107	1,254	17,115	SH		SOLE		17,115	0	0
T Rowe Price Group Inc	COM	74144t108	549	5,026	SH		SOLE		5,026	0	0
TJX Companies Inc	COM	872540109	518	4,629	SH		SOLE		4,629	0	0
Taiwan Semiconductor-Sp ADR	COM	874039100	352	7,975	SH		SOLE		7,975	0	0
Target Corp	COM	87612e106	962	10,902	SH		SOLE		10,902	0	0
Tesla Inc	COM	88160r101	743	2,805	SH		SOLE		2,805	0	0
Texas Instruments Inc	COM	882508104	663	6,182	SH		SOLE		6,182	0	0
Thermo Fisher Scientific Inc	COM	883556102	1,014	4,153	SH		SOLE		4,153	0	0
Toronto Dominion Bank	COM	891160509	3,150	51,804	SH		SOLE		51,804	0	0
Total S A -Spon ADR	COM	89151e109	432	6,712	SH		SOLE		6,712	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	568	4,571	SH		SOLE		4,571	0	0
Travelers Cos Inc/The	COM	89417e109	3,060	23,590	SH		SOLE		23,590	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
U S Bancorp	COM	902973304	6,765	128,096	SH		SOLE		128,096	0	0
UDR Inc	COM	902653104	263	6,500	SH		SOLE		6,500	0	0
Unilever N V -NY Shares	COM	904784709	3,016	54,301	SH		SOLE		54,301	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,352	24,593	SH		SOLE		24,593	0	0
Union Pacific Corp	COM	907818108	2,310	14,190	SH		SOLE		14,190	0	0
United Parcel Service-Cl B	COM	911312106	10,621	90,974	SH		SOLE		90,974	0	0
United Technologies Corp	COM	913017109	2,727	19,508	SH		SOLE		19,508	0	0
UnitedHealth Group Inc	COM	91324P102	2,646	9,946	SH		SOLE		9,946	0	0
VF Corporation	COM	918204108	542	5,797	SH		SOLE		5,797	0	0
Valero Energy Corp	COM	91913Y100	1,343	11,806	SH		SOLE		11,806	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	393	6,103	SH		SOLE		6,103	0	0
Vanguard Communication Service	COM	92204a884	4,932	56,685	SH		SOLE		56,685	0	0
Vanguard Consumer Discretionar	COM	92204a108	2,103	11,654	SH		SOLE		11,654	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	1,544	11,021	SH		SOLE		11,021	0	0
Vanguard Developed Mkts	COM	921943858	892	20,625	SH		SOLE		20,625	0	0
Vanguard Dividend Appreciation	COM	921908844	919	8,303	SH		SOLE		8,303	0	0
Vanguard Energy ETF	COM	92204a306	945	8,987	SH		SOLE		8,987	0	0
Vanguard European Vipers	COM	922042874	543	9,650	SH		SOLE		9,650	0	0
Vanguard Financials Vipers	COM	92204a405	1,962	28,279	SH		SOLE		28,279	0	0
Vanguard Health Care Vipers	COM	92204a504	1,907	10,568	SH		SOLE		10,568	0	0
Vanguard High Div Yield	COM	921946406	2,994	34,375	SH		SOLE		34,375	0	0
Vanguard Industrials	COM	92204a603	1,389	9,402	SH		SOLE		9,402	0	0
Vanguard Info Tech Vipers	COM	92204a702	4,733	23,368	SH		SOLE		23,368	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	248	1,855	SH		SOLE		1,855	0	0
Vanguard Materials Vipers	COM	92204a801	418	3,186	SH		SOLE		3,186	0	0
Vanguard Mega Cap 300 Growth E	COM	921910816	332	2,590	SH		SOLE		2,590	0	0
Vanguard Mid-Cap	COM	922908629	2,677	16,302	SH		SOLE		16,302	0	0
Vanguard REIT	COM	922908553	322	3,986	SH		SOLE		3,986	0	0
Vanguard Small-Cap Vipers	COM	922908751	2,195	13,500	SH		SOLE		13,500	0	0
Vanguard Total Stock Market	COM	922908769	19,503	130,324	SH		SOLE		130,324	0	0
Vanguard Utilities Vipers	COM	92204a876	959	8,140	SH		SOLE		8,140	0	0
Vanguard Value Vipers	COM	922908744	266	2,403	SH		SOLE		2,403	0	0
Varian Medical Systems Inc	COM	92220P105	2,397	21,419	SH		SOLE		21,419	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	912	7,565	SH		SOLE		7,565	0	0
Verizon Communications Inc	COM	92343v104	24,206	453,372	SH		SOLE		453,372	0	0
Visa Inc-Class A Shares	COM	92826c839	12,552	83,628	SH		SOLE		83,628	0	0
Vornado Realty Trust	COM	929042109	5,285	72,393	SH		SOLE		72,393	0	0
Voya Prime Rate Trust	COM	92913a100	411	82,615	SH		SOLE		82,615	0	0
WEC Energy Group Inc	COM	92939u106	3,031	45,398	SH		SOLE		45,398	0	0
Wal-Mart Stores Inc	COM	931142103	3,972	42,301	SH		SOLE		42,301	0	0
Walgreens Boots Alliance Inc	COM	931427108	10,796	148,096	SH		SOLE		148,096	0	0
Waste Management Inc	COM	94106l109	18,206	201,479	SH		SOLE		201,479	0	0
Wells Fargo & Company	COM	949746101	27,125	516,068	SH		SOLE		516,068	0	0
Westamerica Bancorportaion	COM	957090103	506	8,413	SH		SOLE		8,413	0	0
Weyerhaeuser Co	COM	962166104	243	7,523	SH		SOLE		7,523	0	0
White Mountains Insurance Grou	COM	g9618e107	620	663	SH		SOLE		663	0	0
Williams Cos Inc	COM	969457100	434	15,953	SH		SOLE		15,953	0	0
Williams-Sonoma Inc	COM	969904101	2,284	34,750	SH		SOLE		34,750	0	0
WisdomTree MidCap Div Index	COM	97717w505	231	6,256	SH		SOLE		6,256	0	0
Workday Inc-Class A	COM	98138h101	867	5,938	SH		SOLE		5,938	0	0
Xcel Energy Inc	COM	98389b100	253	5,356	SH		SOLE		5,356	0	0
Xylem Inc	COM	98419m100	268	3,360	SH		SOLE		3,360	0	0
Yum! Brands Inc	COM	988498101	255	2,808	SH		SOLE		2,808	0	0
Zebra Technologies Corp-Cl A	COM	989207105	248	1,400	SH		SOLE		1,400	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	4,575	34,802	SH		SOLE		34,802	0	0
iShares Barclays Agg Bond	COM	464287226	525	4,975	SH		SOLE		4,975	0	0
iShares Core Dividend Growth	COM	46434v621	1,398	37,726	SH		SOLE		37,726	0	0
iShares DJ Select Dividend Ind	COM	464287168	8,383	84,033	SH		SOLE		84,033	0	0
iShares DJ US Energy Sector	COM	464287796	888	21,159	SH		SOLE		21,159	0	0
iShares DJ US Financial Sect	COM	464287788	1,428	11,756	SH		SOLE		11,756	0	0
iShares DJ US Health Car Pro	COM	464288828	412	2,059	SH		SOLE		2,059	0	0
iShares DJ US Medical Device	COM	464288810	394	1,730	SH		SOLE		1,730	0	0
iShares DJ US Transport Index	COM	464287192	2,073	10,136	SH		SOLE		10,136	0	0
iShares FTSE/Xinhua China 25	COM	464287184	212	4,960	SH		SOLE		4,960	0	0
iShares Goldman Sachs Tech I	COM	464287721	578	2,979	SH		SOLE		2,979	0	0
iShares MSCI EAFE Index	COM	464287465	1,361	20,018	SH		SOLE		20,018	0	0
iShares MSCI USA Quality Facto	COM	46432f339	1,133	12,538	SH		SOLE		12,538	0	0
iShares Nasdaq Biotech Index F	COM	464287556	6,946	56,959	SH		SOLE		56,959	0	0
iShares Russell 1000 Growth	COM	464287614	1,023	6,561	SH		SOLE		6,561	0	0
iShares Russell 1000 Value	COM	464287598	643	5,082	SH		SOLE		5,082	0	0
iShares Russell 2000 Index Fun	COM	464287655	469	2,780	SH		SOLE		2,780	0	0
iShares Russell Midcap Value	COM	464287473	215	2,380	SH		SOLE		2,380	0	0
iShares S&P 100 Index Fund	COM	464287101	2,533	19,539	SH		SOLE		19,539	0	0
iShares S&P 500 Index Fund	COM	464287200	7,197	24,585	SH		SOLE		24,585	0	0
iShares S&P 500 Value Index Fu	COM	464287408	232	2,000	SH		SOLE		2,000	0	0
iShares S&P Europe 350	COM	464287861	453	10,040	SH		SOLE		10,040	0	0
iShares S&P Global 100	COM	464287572	809	16,582	SH		SOLE		16,582	0	0
iShares S&P MidCap 400/Growth	COM	464287606	262	1,123	SH		SOLE		1,123	0	0
iShares S&P Midcap 400	COM	464287507	1,901	9,442	SH		SOLE		9,442	0	0
iShares S&P Midcap 400/Value	COM	464287705	624	3,727	SH		SOLE		3,727	0	0
iShares S&P North American Tec	COM	464287515	288	1,406	SH		SOLE		1,406	0	0
iShares S&P SmallCap 600	COM	464287804	620	7,110	SH		SOLE		7,110	0	0
iShares S&P US Preferred Stock	COM	464288687	4,920	132,501	SH		SOLE		132,501	0	0
nVent Electric PLC	COM	g6700g107	217	8,008	SH		SOLE		8,008	0	0
AGNC Investment Corp 7.75- Per	PFD	00123q302	1,132	44,372	SH		SOLE		44,372	0	0
AON Cap 8.205- 1/27 Non-Call B	PFD	22532r101	1,765	58,244	SH		SOLE		58,244	0	0
AllState 6.75 Called 10/15/18	PFD	020002606	217	8,696	SH		SOLE		8,696	0	0
Allied Capital ARCC6.875- 4/20	PFD	01903q207	236	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	610	24,420	SH		SOLE		24,420	0	0
Amtrust Financial 7.5- QDI Cal	PFD	032359887	415	21,916	SH		SOLE		21,916	0	0
Amtrust Financial 7.625-CUM QD	PFD	032359705	787	42,066	SH		SOLE		42,066	0	0
Amtrust Financial 7.75- QDI Ca	PFD	032359846	681	34,382	SH		SOLE		34,382	0	0
Annaly Capital6.50-CUM Fix-Flo	PFD	035710862	255	10,553	SH		SOLE		10,553	0	0
Apollo Cmmrl Real Est 8.00- CU	PFD	03762u501	514	20,331	SH		SOLE		20,331	0	0
Arbor Realty 8.50- CUM Perp Ca	PFD	038923801	235	9,042	SH		SOLE		9,042	0	0
Argo Group 6.5- Sr Notes Call	PFD	040130205	1,477	58,739	SH		SOLE		58,739	0	0
Arlington Asset Inv 7.00- Cum	PFD	041356601	565	23,066	SH		SOLE		23,066	0	0
Ashford Hospitality 7.375- NR	PFD	044103604	711	29,724	SH		SOLE		29,724	0	0
Ashford Hospitality 7.5- Calla	PFD	044103885	371	15,300	SH		SOLE		15,300	0	0
Ashford Hospitality 7.50-Cum P	PFD	044103802	250	10,216	SH		SOLE		10,216	0	0
Atlas Finl SrNt 6.625- Cl 4/20	PFD	g06207123	447	17,425	SH		SOLE		17,425	0	0
Axos Finl 6.25-Sr Nts 2/2026 C	PFD	05465c209	218	8,450	SH		SOLE		8,450	0	0
B Riley Financial 7.375-SnNtsD	PFD	05580m504	414	15,900	SH		SOLE		15,900	0	0
B Riley Financial 7.50-SnNts D	PFD	05580m306	2,725	106,875	SH		SOLE		106,875	0	0
B Riley Financial 7.50-SnNts d	PFD	05580m207	473	18,445	SH		SOLE		18,445	0	0
BancOfCalifornia 7.00- Cal2021	PFD	05990k874	1,875	72,398	SH		SOLE		72,398	0	0
BancOfCalifornia 7.375- Ca2020	PFD	05990k882	6,988	270,348	SH		SOLE		270,348	0	0
Bank of America 6.5- Prp Cl 1/	PFD	060505310	448	17,179	SH		SOLE		17,179	0	0
Bank of America 6.625- Prp/Cl9	PFD	060505344	2,632	101,214	SH		SOLE		101,214	0	0
BankofAmerica -1000pv 7.25-Cnv	PFD	060505682	6,141	4,745	SH		SOLE		4,745	0	0
Barclays 8.125- BB NCU QDI Cal	PFD	06739h362	367	14,100	SH		SOLE		14,100	0	0
BlueRock Residential Growth 7.	PFD	09627j748	1,543	60,164	SH		SOLE		60,164	0	0
BlueRock Residential Growth 8.	PFD	09627j508	3,311	128,439	SH		SOLE		128,439	0	0
Brookfield Ppty 6.375- Call 2/	PFD	11282x202	354	14,600	SH		SOLE		14,600	0	0
CAI Internatnl 8.50-Perp Cum Q	PFD	12477x205	2,486	98,352	SH		SOLE		98,352	0	0
CAI Internatnl 8.50-Perp Cum Q	PFD	12477x304	574	22,475	SH		SOLE		22,475	0	0
CHS Chemical 7.50- Cl 1/2025 C	PFD	12542r803	7,160	261,986	SH		SOLE		261,986	0	0
CHS Chemicals 6.75- Perp cl 20	PFD	12542r704	329	12,540	SH		SOLE		12,540	0	0
CHS Chemicals 7.875- Perp cl 2	PFD	12542r308	380	13,472	SH		SOLE		13,472	0	0
CHS Inc. 7.1- fxd to float in	PFD	12542r506	251	9,296	SH		SOLE		9,296	0	0
Capital One Finl 6.7-Prp Call	PFD	14040h709	1,599	61,207	SH		SOLE		61,207	0	0
ChickenSoup4Soul 9.75-QDI Call	PFD	16842q209	390	15,080	SH		SOLE		15,080	0	0
Chimera Investment Corp 7.75-	PFD	16934q505	1,323	52,702	SH		SOLE		52,702	0	0
Chimera Investment Corp 8- Cal	PFD	16934q307	313	12,235	SH		SOLE		12,235	0	0
Chimera Investment Corp 8- Cal	PFD	16934q406	558	21,727	SH		SOLE		21,727	0	0
Citigroup 5.8- QDI BB- Called	PFD	172967366	202	7,985	SH		SOLE		7,985	0	0
Citigroup 6.875- Non Cum Call	PFD	172967333	221	8,620	SH		SOLE		8,620	0	0
Citigroup 7.125- Flt Aftr 9/23	PFD	172967358	6,904	247,350	SH		SOLE		247,350	0	0
Citigroup Tst 7.875- Cl2015 Li	PFD	173080201	933	34,745	SH		SOLE		34,745	0	0
City Office REIT 6.625- CUM Ca	PFD	178587200	292	11,738	SH		SOLE		11,738	0	0
Colony Capital 7.125- CUM Call	PFD	19626g702	4,681	205,861	SH		SOLE		205,861	0	0
Colony Capital 7.125- CUM Call	PFD	19626g603	348	15,300	SH		SOLE		15,300	0	0
Colony Capital 7.125- CUM Call	PFD	19626g504	1,235	54,310	SH		SOLE		54,310	0	0
Colony Capital 7.50- CUM Call	PFD	19626g405	2,503	104,743	SH		SOLE		104,743	0	0
Colony Capital 8.75- CUM Call	PFD	19626g306	661	25,814	SH		SOLE		25,814	0	0
CoreEnergy 7.375- Pfd - Par Ca	PFD	21870u304	2,075	82,360	SH		SOLE		82,360	0	0
Cowen 7.35- Sn Notes 2027 Call	PFD	223622705	1,493	58,225	SH		SOLE		58,225	0	0
Cowen 7.75- Snr Notes 2033 Cl	PFD	223622804	1,482	58,725	SH		SOLE		58,725	0	0
Crown Castle Intl 6.875- MndCo	PFD	22822v309	340	313	SH		SOLE		313	0	0
Customers Bk 7.00- Fx Flt Prp/	PFD	23204g407	280	10,772	SH		SOLE		10,772	0	0
Digital Realty 7.375- Perp CUM	PFD	253868871	1,871	73,550	SH		SOLE		73,550	0	0
Dynagas LNG 9.0- QDI CUM cl 2	PFD	Y2188b116	1,163	45,272	SH		SOLE		45,272	0	0
EBAY 6.00- Sr Notes Call 3/1/2	PFD	278642202	440	16,760	SH		SOLE		16,760	0	0
EaglePoint Credit 6.625- Nts D	PFD	269809505	1,306	52,375	SH		SOLE		52,375	0	0
EaglePoint Credit 7.75- Due 10	PFD	269809307	278	10,530	SH		SOLE		10,530	0	0
EaglePoint Credit 7.75-2022 CU	PFD	269809109	621	24,460	SH		SOLE		24,460	0	0
Enstar Group 7.0- Perp Call 9/	PFD	29359u109	935	35,415	SH		SOLE		35,415	0	0
Fidus Investment 5.875-Notes D	PFD	316500206	616	24,000	SH		SOLE		24,000	0	0
First Republic 7.0- Called12/2	PFD	33616c860	4,198	164,629	SH		SOLE		164,629	0	0
GasLog LP 8.625-fxd/flt Cum Q	PFD	y2687w116	1,038	40,061	SH		SOLE		40,061	0	0
GasLog Ltd 8.375- Ser A CUM QD	PFD	y2687w124	1,443	56,798	SH		SOLE		56,798	0	0
GasLog Ltd 8.75- Ser A CUM QDI	PFD	g37585117	1,443	55,819	SH		SOLE		55,819	0	0
Gladstone 7.00- CUM Perp Call	PFD	376536603	5,921	234,526	SH		SOLE		234,526	0	0
Gladstone Investment 6.25- CUM	PFD	376546503	572	22,621	SH		SOLE		22,621	0	0
Gladstone Invstmt 6.375-CUM 8/	PFD	376546602	205	8,100	SH		SOLE		8,100	0	0
Global Indemnity SrNts7.75- Ca	PFD	g3933f121	1,927	74,974	SH		SOLE		74,974	0	0
Global Indmnty 7.875- Cl2022 b	PFD	g3933f139	1,140	44,338	SH		SOLE		44,338	0	0
Global Medical RE 7.50- CUM Pe	PFD	37957w203	636	25,346	SH		SOLE		25,346	0	0
Global Net Lease 7.25-Perp Cum	PFD	379378300	1,683	67,139	SH		SOLE		67,139	0	0
Golar LNG 8.75- Perp QDI Call	PFD	y2745c110	1,480	57,890	SH		SOLE		57,890	0	0
Goldman 5.5- Flt Aftr 5/23 Cl	PFD	38145g308	1,739	68,366	SH		SOLE		68,366	0	0
Great Elm Capital 6.75-SnNts M	PFD	390320406	459	18,300	SH		SOLE		18,300	0	0
Hanover Insurance6.35- Cl3/18	PFD	410867204	1,089	43,221	SH		SOLE		43,221	0	0
Hartford Finl 7.875- 2042 call	PFD	416518504	1,130	40,350	SH		SOLE		40,350	0	0
Hersha Hospitality 6.50- NR Ca	PFD	427825609	279	12,025	SH		SOLE		12,025	0	0
Hoegh LNG Partners 8.75- QDI	PFD	y3262r118	1,165	45,313	SH		SOLE		45,313	0	0
Horizon Technology Fin 6.25-Sr	PFD	44045a300	325	12,750	SH		SOLE		12,750	0	0
IberiaBank Corp 6.60- Call 5/1	PFD	450828504	711	26,210	SH		SOLE		26,210	0	0
Invesco Mortgage 7.75-Perp CUM	PFD	46131b209	445	17,757	SH		SOLE		17,757	0	0
JMP Group 8.00- SrDeb Due1/202	PFD	46629u206	298	11,725	SH		SOLE		11,725	0	0
JMP Group SrNts7.25- BBB- 11/2	PFD	466273109	1,204	47,450	SH		SOLE		47,450	0	0
JPMorgan Chase 6.70-Perp/Call	PFD	48127a161	1,645	64,311	SH		SOLE		64,311	0	0
Jernigan Capital 7.00- CUM PER	PFD	476405204	691	27,841	SH		SOLE		27,841	0	0
Just Energy 8.50-Perp Call3/20	PFD	48213w200	885	42,561	SH		SOLE		42,561	0	0
KKR Inc 6.75- Pfd Call 6/15/20	PFD	48251w203	225	8,550	SH		SOLE		8,550	0	0
LaSalle Hotel 6.3- Called 9/13	PFD	517942884	241	9,887	SH		SOLE		9,887	0	0
LaSalle Hotel 6.375-	PFD	517942801	226	9,116	SH		SOLE		9,116	0	0
Ladenburg Thalmann 7.25-SnNte	PFD	50575q409	1,942	78,325	SH		SOLE		78,325	0	0
Landenburg Thalman 7.00-SnNte	PFD	50575q110	718	29,650	SH		SOLE		29,650	0	0
M&T Bank 6.375- Cl 11/18 BBB-	PFD	55261f708	409	404	SH		SOLE		404	0	0
MFA Financial 7.5- Prp Cl 4/15	PFD	55272x409	241	9,607	SH		SOLE		9,607	0	0
MVC Capital 6.25- SrNts Due12/	PFD	553829409	499	19,650	SH		SOLE		19,650	0	0
Morgan Stanley 7.125-Flt 10/23	PFD	61762v200	4,317	153,689	SH		SOLE		153,689	0	0
National General 7.5- NA Cl Q	PFD	636220857	4,717	191,114	SH		SOLE		191,114	0	0
National General 7.50-Call4/20	PFD	636220808	2,607	105,444	SH		SOLE		105,444	0	0
National General 7.625- Call9/	PFD	636220873	1,460	57,012	SH		SOLE		57,012	0	0
National General7.50-Call 7/20	PFD	636220709	2,156	86,692	SH		SOLE		86,692	0	0
New York MtgTrust 7.875-Perp C	PFD	649604808	292	11,909	SH		SOLE		11,909	0	0
NewTek Business Svs 6.25- Nts	PFD	652526500	1,147	44,650	SH		SOLE		44,650	0	0
NewTek Business Svs 7.50- Nts	PFD	652526302	500	19,811	SH		SOLE		19,811	0	0
NuStar Logistics 7.625-Nts Cl	PFD	67059t204	1,769	70,064	SH		SOLE		70,064	0	0
OFS Capital 6.375 SnNts 4/2025	PFD	67103b308	766	30,400	SH		SOLE		30,400	0	0
Oxford Lane Cap6.75- Nts 6/202	PFD	691543508	911	35,397	SH		SOLE		35,397	0	0
Partner Re 6.50-Perp Cal 4/202	PFD	g68603136	2,773	106,620	SH		SOLE		106,620	0	0
Partner Re 7.25- Call 06/21 BB	PFD	g68603144	6,399	237,008	SH		SOLE		237,008	0	0
Penn RealEstate 7.375-CUM Perp	PFD	709102503	311	13,220	SH		SOLE		13,220	0	0
PennyMac Mtg 8.125- 2024 Libor	PFD	70931t301	422	16,834	SH		SOLE		16,834	0	0
Plymouth Industrial 7.50- CUM	PFD	729640201	373	15,021	SH		SOLE		15,021	0	0
Priority Income Fund6.375-SnNt	PFD	74274w103	421	16,725	SH		SOLE		16,725	0	0
Prospect Captl 6.25- 6/24 SrNt	PFD	74348t300	2,346	93,731	SH		SOLE		93,731	0	0
Prudential PLC 6.75- PrpCl 9/0	PFD	g7293h114	395	15,277	SH		SOLE		15,277	0	0
QTS Realty 7.125- Perp Cum Cl	PFD	74736a202	721	28,128	SH		SOLE		28,128	0	0
Quest USWest 7.0- SrNts 2/56 C	PFD	74913g808	3,429	136,343	SH		SOLE		136,343	0	0
Quest USWestSnNotes 6.875- CL	PFD	74913g105	2,512	102,945	SH		SOLE		102,945	0	0
Qwest Corp 6.5- Sr Note 9/56 C	PFD	74913g881	1,448	62,675	SH		SOLE		62,675	0	0
Qwest Corp 6.75- SrNote 6/57 C	PFD	74913g873	962	40,427	SH		SOLE		40,427	0	0
RLJ Lodging -1.95 Cnv@89.09 B-	PFD	74965l200	223	8,595	SH		SOLE		8,595	0	0
Ready Capital 7.0-SrNts 8/2023	PFD	75574u200	209	8,000	SH		SOLE		8,000	0	0
Ready Capital Sr 6.5- 4/2021BB	PFD	75574u309	573	22,365	SH		SOLE		22,365	0	0
Regions Financial 6.375- Cl 12	PFD	7591ep308	393	15,574	SH		SOLE		15,574	0	0
Reinsurance Group ofAmer 6.2-	PFD	759351703	240	9,000	SH		SOLE		9,000	0	0
SL Green Realty 6.5- Perp CUM	PFD	78440x507	1,474	58,880	SH		SOLE		58,880	0	0
SoCalEd 5.375- CUM cl 2025 QDI	PFD	78409g206	776	31,851	SH		SOLE		31,851	0	0
Sotherly Hotels 7.25- SrNt2021	PFD	83600e307	662	25,650	SH		SOLE		25,650	0	0
Sotherly Hotels 7.875- Cum Per	PFD	83600c400	1,149	46,068	SH		SOLE		46,068	0	0
Sotherly Hotels 8- Cum Perp C	PFD	83600c301	2,976	117,023	SH		SOLE		117,023	0	0
Spark Energy 8.75- Call 2022 Q	PFD	846511202	718	30,410	SH		SOLE		30,410	0	0
Summitt Hotel Prp 6.25-CUM Per	PFD	866082605	210	8,900	SH		SOLE		8,900	0	0
Sunstone Hotel 6.95- Prp/Cl 3/	PFD	867892606	786	30,278	SH		SOLE		30,278	0	0
Teekay Offshore 8.875-Cum Cl 2	PFD	Y8561j176	232	9,425	SH		SOLE		9,425	0	0
Telephone & Data 6.875- Cl 11/	PFD	879433845	1,943	77,475	SH		SOLE		77,475	0	0
Telephone & Data 7.0- Cl 3/16	PFD	879433837	613	24,402	SH		SOLE		24,402	0	0
Tennessee Valley Var 30yr-98bp	PFD	880591300	201	8,000	SH		SOLE		8,000	0	0
Texas Capitl Bancshares6.50- 2	PFD	882228307	447	17,417	SH		SOLE		17,417	0	0
Torchmark Crp 6.125- SubDebCal	PFD	891027401	775	30,350	SH		SOLE		30,350	0	0
TriState Capital Hlds 6.75- Pe	PFD	89678f209	1,114	42,450	SH		SOLE		42,450	0	0
Two Harbors Investments 7.625-	PFD	90187b309	302	11,741	SH		SOLE		11,741	0	0
Two Harbors Investments 8.125-	PFD	90187b200	603	22,614	SH		SOLE		22,614	0	0
UMH Properties 8.0- Perp Cum C	PFD	903002301	547	20,814	SH		SOLE		20,814	0	0
US Bancorp 6.5- Flt Aftr 1/22	PFD	902973833	917	33,673	SH		SOLE		33,673	0	0
US Celllular SrNts 7.25- 2063	PFD	911684504	582	22,700	SH		SOLE		22,700	0	0
US Cellular 6.95-SrNT 2060 Cl	PFD	911684405	379	15,125	SH		SOLE		15,125	0	0
US Cellular 7.25- SrNts12/2064	PFD	911684603	1,770	69,027	SH		SOLE		69,027	0	0
VEREIT Inc 6.70- Perp CUM Cl 2	PFD	92339v209	774	31,146	SH		SOLE		31,146	0	0
Wells Fargo 5.85-Flt Aftr 9/23	PFD	949746556	621	24,097	SH		SOLE		24,097	0	0
Wells Fargo 6.375- Cl 12/19 BB	PFD	94988n207	752	29,365	SH		SOLE		29,365	0	0
Wells Fargo 7.5- Cnv@-156 -100	PFD	949746804	17,323	13,420	SH		SOLE		13,420	0	0
WinTrust Financial 6.50- Call	PFD	97650w405	263	9,887	SH		SOLE		9,887	0	0
American Express Cp 5.2- - Cal	PFD	025816BJ7	605	600,000	PRN		SOLE		600,000	0	0
Bank of America 5.20- Perp/Cal	PFD	060505ED2	1,945	1,965,000	PRN		SOLE		1,965,000	0	0
Bank of NY Mellon - Call 6/20/	PFD	064058AD2	857	840,000	PRN		SOLE		840,000	0	0
Charles Schwab 4.625- Perp/Cal	PFD	808513AP0	740	740,000	PRN		SOLE		740,000	0	0
Charles Schwab 7- Perp/Call 2/	PFD	808513AE5	1,323	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	358	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc - Callable 11/15	PFD	172967HZ7	408	400,000	PRN		SOLE		400,000	0	0
Citigroup Inc 5.95- Perp Call	PFD	172967GD7	1,172	1,150,000	PRN		SOLE		1,150,000	0	0
Citigroup Inc 6.125- Perp Call	PFD	172967KD2	573	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	716	700,000	PRN		SOLE		700,000	0	0
Fifth Third Bancorp 4.9- until	PFD	316773CR9	713	710,000	PRN		SOLE		710,000	0	0
GE Cap Corp 5.00- Perp/Call 1/	PFD	369604BQ5	1,855	1,905,000	PRN		SOLE		1,905,000	0	0
Goldman Sachs 5- Perp/Call 11/	PFD	38148BAD0	582	615,000	PRN		SOLE		615,000	0	0
Goldman Sachs 5.375 Perp/Call	PFD	38148BAB4	627	615,000	PRN		SOLE		615,000	0	0
Goldman Sachs 5.7 Perp/Call 5/	PFD	38148BAA6	1,227	1,215,000	PRN		SOLE		1,215,000	0	0
JPMorgan 5.3- Perp/Call 5/1/20	PFD	46625HKK5	307	300,000	PRN		SOLE		300,000	0	0
JPMorgan 6.0- Perp/Call 8/23 -	PFD	48126HAA8	3,255	3,145,000	PRN		SOLE		3,145,000	0	0
JPMorgan 7.9- Perp/Call 4/18 -	PFD	46625HHA1	3,143	3,135,000	PRN		SOLE		3,135,000	0	0
MetLife Inc. 5.25- Call 6/15/2	PFD	59156RBP2	392	385,000	PRN		SOLE		385,000	0	0
Morgan Stanley 5.45- Perp/Call	PFD	61761JQK8	656	650,000	PRN		SOLE		650,000	0	0
So. Cal Edison 6.25- Perp/Call	PFD	842400FU2	632	605,000	PRN		SOLE		605,000	0	0
Stanley Black & Decker Callabl	PFD	854502AF8	1,155	1,145,000	PRN		SOLE		1,145,000	0	0
Suntrust Bank 5.05- Call 2022-	PFD	867914BN2	632	640,000	PRN		SOLE		640,000	0	0
US Bancorp - Callable 1/15/21	PFD	902973AY2	308	300,000	PRN		SOLE		300,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	2,673	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