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	306	100	SH		SOLE		1	0	0
3M Company	COM	88579y101	21,558	113,141	SH		SOLE		113,141	0	0
AT&T Inc	COM	00206r102	1,649	57,791	SH		SOLE		57,791	0	0
AbbVie Inc	COM	00287y109	11,791	127,901	SH		SOLE		127,901	0	0
Abbott Laboratories	COM	002824100	13,765	190,313	SH		SOLE		190,313	0	0
Accenture PLC-Cl A	COM	g1151c101	4,252	30,155	SH		SOLE		30,155	0	0
Adobe Inc	COM	00724f101	1,435	6,343	SH		SOLE		6,343	0	0
Aflac Inc	COM	001055102	1,390	30,511	SH		SOLE		30,511	0	0
Agilent Technologies Inc	COM	00846u101	1,073	15,899	SH		SOLE		15,899	0	0
Air Products & Chemicals Inc	COM	009158106	8,370	52,297	SH		SOLE		52,297	0	0
Alibaba Group Holding-SP ADR	COM	01609w102	507	3,702	SH		SOLE		3,702	0	0
Allergan plc (new)	COM	g0177j108	4,230	31,650	SH		SOLE		31,650	0	0
Allstate Corp	COM	020002101	435	5,269	SH		SOLE		5,269	0	0
Alphabet Inc-Cl A	COM	02079k305	11,768	11,262	SH		SOLE		11,262	0	0
Alphabet Inc-Cl C	COM	02079k107	5,678	5,483	SH		SOLE		5,483	0	0
Altaba Inc	COM	021346101	996	17,188	SH		SOLE		17,188	0	0
Altria Group Inc	COM	02209s103	2,585	52,343	SH		SOLE		52,343	0	0
Amazon.com Inc	COM	023135106	17,196	11,449	SH		SOLE		11,449	0	0
American Electric Power	COM	025537101	484	6,482	SH		SOLE		6,482	0	0
American Express Co	COM	025816109	1,659	17,407	SH		SOLE		17,407	0	0
Amgen Inc	COM	031162100	8,807	45,238	SH		SOLE		45,238	0	0
Anthem Inc	COM	036752103	2,817	10,727	SH		SOLE		10,727	0	0
Apple Inc	COM	037833100	41,328	261,999	SH		SOLE		261,999	0	0
Applied Materials Inc	COM	038222105	261	7,983	SH		SOLE		7,983	0	0
Archer-Daniels-Midland Co	COM	039483102	691	16,854	SH		SOLE		16,854	0	0
Automatic Data Processing	COM	053015103	23,525	179,420	SH		SOLE		179,420	0	0
Bank Of Marin Bancorp/CA	COM	063425102	981	23,794	SH		SOLE		23,794	0	0
Bank Of New York Mellon Corp	COM	064058100	207	4,405	SH		SOLE		4,405	0	0
Bank of America Corp	COM	060505104	7,470	303,161	SH		SOLE		303,161	0	0
Baxter International Inc.	COM	071813109	364	5,531	SH		SOLE		5,531	0	0
Becton Dickinson & Co	COM	075887109	3,024	13,421	SH		SOLE		13,421	0	0
Berkshire Hathaway Inc-Cl B	COM	084670702	4,503	22,052	SH		SOLE		22,052	0	0
Biogen Inc	COM	09062x103	1,233	4,099	SH		SOLE		4,099	0	0
Blackrock Inc	COM	09247x101	323	823	SH		SOLE		823	0	0
Blackstone Group/The	COM	09253u108	404	13,569	SH		SOLE		13,569	0	0
Boeing Co	COM	097023105	12,574	38,990	SH		SOLE		38,990	0	0
Bristol-Myers Squibb Co	COM	110122108	9,231	177,592	SH		SOLE		177,592	0	0
Broadcom Inc	COM	11135f101	1,219	4,794	SH		SOLE		4,794	0	0
CBS Corp Class B	COM	124857202	204	4,664	SH		SOLE		4,664	0	0
CSX Corp	COM	126408103	267	4,300	SH		SOLE		4,300	0	0
CVS Health Corp	COM	126650100	2,258	34,456	SH		SOLE		34,456	0	0
CarMax Inc	COM	143130102	220	3,500	SH		SOLE		3,500	0	0
Caterpillar Inc	COM	149123101	4,025	31,674	SH		SOLE		31,674	0	0
Celgene Corp	COM	151020104	201	3,129	SH		SOLE		3,129	0	0
CenterPoint Energy Inc	COM	15189t107	408	14,455	SH		SOLE		14,455	0	0
Cerner Corp	COM	156782104	1,885	35,951	SH		SOLE		35,951	0	0
Check Point Software Tech	COM	m22465104	1,269	12,362	SH		SOLE		12,362	0	0
Chevron Corp	COM	166764100	25,436	233,809	SH		SOLE		233,809	0	0
Chubb Ltd (new)	COM	h1467j104	863	6,682	SH		SOLE		6,682	0	0
Cigna Corp	COM	125523100	504	2,653	SH		SOLE		2,653	0	0
Cincinnati Financial Corp	COM	172062101	426	5,506	SH		SOLE		5,506	0	0
Cintas Corp	COM	172908105	547	3,257	SH		SOLE		3,257	0	0
Cisco Systems Inc	COM	17275R102	7,709	177,913	SH		SOLE		177,913	0	0
Citigroup Inc	COM	172967424	320	6,140	SH		SOLE		6,140	0	0
Clorox Company	COM	189054109	16,317	105,855	SH		SOLE		105,855	0	0
Coca-Cola Co/The	COM	191216100	1,920	40,547	SH		SOLE		40,547	0	0
Colgate-Palmolive Co	COM	194162103	6,337	106,468	SH		SOLE		106,468	0	0
Comcast Corp-Cl A	COM	20030n101	872	25,611	SH		SOLE		25,611	0	0
Conagra Brands Inc	COM	205887102	360	16,848	SH		SOLE		16,848	0	0
ConocoPhillips	COM	20825C104	3,600	57,740	SH		SOLE		57,740	0	0
Consolidated Edison Inc	COM	209115104	559	7,316	SH		SOLE		7,316	0	0
Costco Wholesale Corp	COM	22160K105	24,514	120,336	SH		SOLE		120,336	0	0
Crown Castle Intl Corp	COM	22822v101	17,679	162,743	SH		SOLE		162,743	0	0
Danaher Corp	COM	235851102	5,841	56,646	SH		SOLE		56,646	0	0
Deere & Co	COM	244199105	1,524	10,214	SH		SOLE		10,214	0	0
Diageo Plc-Sponsored ADR	COM	25243q205	531	3,745	SH		SOLE		3,745	0	0
Dick's Sporting Goods Inc	COM	253393102	255	8,188	SH		SOLE		8,188	0	0
Disney Co./Walt The	COM	254687106	16,649	151,834	SH		SOLE		151,834	0	0
Dominion Resources Inc/Va	COM	25746u109	341	4,773	SH		SOLE		4,773	0	0
Dover Corp	COM	260003108	543	7,659	SH		SOLE		7,659	0	0
DowDuPont Inc	COM	26078j100	7,506	140,347	SH		SOLE		140,347	0	0
Duke Energy Corp	COM	26441c204	556	6,439	SH		SOLE		6,439	0	0
EMX Royalty Corp	COM	26873j107	60	53,000	SH		SOLE		53,000	0	0
Eaton Corp PLC	COM	g29183103	638	9,292	SH		SOLE		9,292	0	0
Ecolab Inc	COM	278865100	15,393	104,465	SH		SOLE		104,465	0	0
Edison International	COM	281020107	7,177	126,426	SH		SOLE		126,426	0	0
Edwards Lifesciences Corp	COM	28176e108	311	2,030	SH		SOLE		2,030	0	0
Electronic Arts Inc	COM	285512109	240	3,043	SH		SOLE		3,043	0	0
Eli Lilly & Co	COM	532457108	3,343	28,893	SH		SOLE		28,893	0	0
Emerson Electric Co	COM	291011104	1,360	22,768	SH		SOLE		22,768	0	0
Enbridge Inc	COM	29250n105	313	10,071	SH		SOLE		10,071	0	0
Encounter Technologies Inc	COM	29259j303	0	62,000	SH		SOLE		62,000	0	0
Enterprise Products Partners	COM	293792107	247	10,044	SH		SOLE		10,044	0	0
Essex Property Trust Inc	COM	297178105	1,297	5,289	SH		SOLE		5,289	0	0
Evergy Inc	COM	30034w106	597	10,508	SH		SOLE		10,508	0	0
Eversource Energy	COM	30040w108	304	4,674	SH		SOLE		4,674	0	0
Exxon Mobil Corp	COM	30231G102	5,737	84,127	SH		SOLE		84,127	0	0
Facebook Inc	COM	30303m102	976	7,449	SH		SOLE		7,449	0	0
Fanhua Inc-Sponsored ADR	COM	30712a103	294	13,404	SH		SOLE		13,404	0	0
FedEx Corp	COM	31428x106	606	3,754	SH		SOLE		3,754	0	0
First Republic Bank/San Franci	COM	33616C100	8,841	101,742	SH		SOLE		101,742	0	0
First Trust Mid Cap Growth Alp	COM	33737m102	2,317	63,981	SH		SOLE		63,981	0	0
First Trust Morningstar Divide	COM	336917109	616	22,604	SH		SOLE		22,604	0	0
Ford Motor Co	COM	345370860	95	12,405	SH		SOLE		12,405	0	0
Fortinet Inc	COM	34959e109	644	9,140	SH		SOLE		9,140	0	0
General Dynamics Corp	COM	369550108	2,696	17,150	SH		SOLE		17,150	0	0
General Electric Co	COM	369604103	553	73,001	SH		SOLE		73,001	0	0
Genuine Parts Co	COM	372460105	7,310	76,128	SH		SOLE		76,128	0	0
Gilead Sciences Inc	COM	375558103	496	7,926	SH		SOLE		7,926	0	0
Goldman Sach Active Beta US La	COM	381430503	641	12,746	SH		SOLE		12,746	0	0
Goldman Sachs Group Inc	COM	38141G104	475	2,842	SH		SOLE		2,842	0	0
HCP Inc REIT	COM	40414l109	450	16,111	SH		SOLE		16,111	0	0
Home Depot Inc	COM	437076102	20,964	122,013	SH		SOLE		122,013	0	0
Honeywell International Inc	COM	438516106	4,841	36,639	SH		SOLE		36,639	0	0
Hormel Foods Corp	COM	440452100	409	9,575	SH		SOLE		9,575	0	0
Illinois Tool Works	COM	452308109	414	3,271	SH		SOLE		3,271	0	0
Ingersoll-Rand PLC	COM	g47791101	1,620	17,753	SH		SOLE		17,753	0	0
Intel Corp	COM	458140100	16,477	351,090	SH		SOLE		351,090	0	0
Interpublic Group Of Cos Inc	COM	460690100	209	10,149	SH		SOLE		10,149	0	0
Intl Business Machines Corp	COM	459200101	1,530	13,463	SH		SOLE		13,463	0	0
Intl Flavors & Fragrances	COM	459506101	839	6,250	SH		SOLE		6,250	0	0
Intuitive Surgical Inc	COM	46120e602	465	971	SH		SOLE		971	0	0
Invesco KBW Regional Bank ETF	COM	46138e578	684	15,275	SH		SOLE		15,275	0	0
Invesco Preferred ETF	COM	46138e511	10,422	773,706	SH		SOLE		773,706	0	0
Invesco QQQ NASDAQ 100 Trust	COM	46090e103	4,618	29,938	SH		SOLE		29,938	0	0
Invesco S&P Equal Weight	COM	46137v357	698	7,635	SH		SOLE		7,635	0	0
Invesco S&P Top 50	COM	46137v233	1,302	7,238	SH		SOLE		7,238	0	0
JPMorgan Chase & Co	COM	46625H100	13,648	139,809	SH		SOLE		139,809	0	0
JPMorgan US Large Cap Diversif	COM	46641q407	1,216	18,741	SH		SOLE		18,741	0	0
Jacobs Engineering Group Inc	COM	469814107	333	5,703	SH		SOLE		5,703	0	0
Johnson & Johnson	COM	478160104	27,061	209,692	SH		SOLE		209,692	0	0
KLA-Tencor Corporation	COM	482480100	225	2,512	SH		SOLE		2,512	0	0
Keysight Technologies Inc	COM	49338l103	604	9,726	SH		SOLE		9,726	0	0
Kimberly-Clark Corp	COM	494368103	12,215	107,205	SH		SOLE		107,205	0	0
Kinder Morgan Inc	COM	49456b101	214	13,932	SH		SOLE		13,932	0	0
L3 Technologies Inc	COM	502413107	2,167	12,477	SH		SOLE		12,477	0	0
Laboratory Corp Of Amer Hldgs	COM	50540r409	1,909	15,110	SH		SOLE		15,110	0	0
Lam Research Corp	COM	512807108	203	1,494	SH		SOLE		1,494	0	0
Lamb Weston Holdings Inc	COM	513272104	320	4,354	SH		SOLE		4,354	0	0
Lennar Corp-Cl A	COM	526057104	695	17,758	SH		SOLE		17,758	0	0
Linde PLC	COM	g5494j103	2,389	15,309	SH		SOLE		15,309	0	0
Lockheed Martin Corp	COM	539830109	4,971	18,987	SH		SOLE		18,987	0	0
Lowe's Cos Inc	COM	548661107	3,758	40,686	SH		SOLE		40,686	0	0
Lululemon Athletica Inc	COM	550021109	1,031	8,475	SH		SOLE		8,475	0	0
Marathon Petroleum Corp	COM	56585a102	366	6,198	SH		SOLE		6,198	0	0
Marriott International-Cl A	COM	571903202	2,221	20,463	SH		SOLE		20,463	0	0
Masimo Corporation	COM	574795100	259	2,415	SH		SOLE		2,415	0	0
MasterCard Inc-Class A	COM	57636q104	309	1,637	SH		SOLE		1,637	0	0
McCormick & Co-Non Votung Shrs	COM	579780206	2,886	20,724	SH		SOLE		20,724	0	0
McDonald's Corp	COM	580135101	15,879	89,424	SH		SOLE		89,424	0	0
McKesson Corp	COM	58155q103	464	4,200	SH		SOLE		4,200	0	0
Medical Properties Trust Inc	COM	58463j304	211	13,129	SH		SOLE		13,129	0	0
Medtronic PLC	COM	g5960l103	8,084	88,878	SH		SOLE		88,878	0	0
Merck & Co. Inc.	COM	58933y105	3,813	49,896	SH		SOLE		49,896	0	0
Microsoft Corp	COM	594918104	35,012	344,712	SH		SOLE		344,712	0	0
Mondelez International	COM	609207105	973	24,300	SH		SOLE		24,300	0	0
Morgan Stanley	COM	617446448	1,898	47,860	SH		SOLE		47,860	0	0
Motorola Solutions Inc	COM	620076307	367	3,190	SH		SOLE		3,190	0	0
NVIDIA Corp	COM	67066g104	2,606	19,519	SH		SOLE		19,519	0	0
Nestle Sa-Spons ADR For Reg	COM	641069406	667	8,243	SH		SOLE		8,243	0	0
NextEra Energy Inc	COM	65339f101	18,822	108,285	SH		SOLE		108,285	0	0
Nike Inc -Cl B	COM	654106103	13,271	178,995	SH		SOLE		178,995	0	0
Norfolk Southern Corp	COM	655844108	325	2,175	SH		SOLE		2,175	0	0
Novartis Ag-ADR	COM	66987v109	443	5,168	SH		SOLE		5,168	0	0
O'Reilly Automotive Inc	COM	67103h107	363	1,054	SH		SOLE		1,054	0	0
ONEOK Inc	COM	682680103	225	4,168	SH		SOLE		4,168	0	0
Occidental Petroleum Corp	COM	674599105	1,945	31,688	SH		SOLE		31,688	0	0
Oracle Corp	COM	68389x105	2,385	52,816	SH		SOLE		52,816	0	0
Parker-Hannifin Corp	COM	701094104	261	1,748	SH		SOLE		1,748	0	0
PayPal Holdings Inc	COM	70450y103	994	11,820	SH		SOLE		11,820	0	0
PepsiCo Inc	COM	713448108	5,230	47,336	SH		SOLE		47,336	0	0
Pfizer Inc	COM	717081103	6,879	157,590	SH		SOLE		157,590	0	0
Philip Morris International	COM	718172109	817	12,242	SH		SOLE		12,242	0	0
Piedmont Office Realty Trust	COM	720190206	324	19,000	SH		SOLE		19,000	0	0
Plains GP Holdings LP	COM	72651a207	201	10,000	SH		SOLE		10,000	0	0
Preferred Apartment Communitie	COM	74039l103	6,455	459,120	SH		SOLE		459,120	0	0
ProLogis Inc	COM	74340w103	626	10,667	SH		SOLE		10,667	0	0
Procter & Gamble Co	COM	742718109	17,524	190,649	SH		SOLE		190,649	0	0
Public Service Enterprise Grou	COM	744573106	3,333	64,026	SH		SOLE		64,026	0	0
Putnam Premier Income Trust	COM	746853100	50	10,759	SH		SOLE		10,759	0	0
Qualcomm Inc	COM	747525103	531	9,327	SH		SOLE		9,327	0	0
Quest Diagnostics	COM	74834l100	229	2,745	SH		SOLE		2,745	0	0
Raytheon Company	COM	755111507	3,674	23,959	SH		SOLE		23,959	0	0
Realty Income Corp	COM	756109104	12,694	201,359	SH		SOLE		201,359	0	0
Roche Holdings LTD-Spons ADR	COM	771195104	1,505	48,417	SH		SOLE		48,417	0	0
Rockwell Automation Inc	COM	773903109	205	1,360	SH		SOLE		1,360	0	0
Roper Technologies Inc	COM	776696106	269	1,010	SH		SOLE		1,010	0	0
Royal Dutch Shell Plc-ADR A	COM	780259206	588	10,085	SH		SOLE		10,085	0	0
S&P Global Inc	COM	78409v104	1,499	8,820	SH		SOLE		8,820	0	0
SAP SE-Sponsored ADR	COM	803054204	507	5,096	SH		SOLE		5,096	0	0
SPDR Communication Services Se	COM	81369y852	14,354	347,718	SH		SOLE		347,718	0	0
SPDR Consumer Discretionary Se	COM	81369y407	27,535	278,108	SH		SOLE		278,108	0	0
SPDR Consumer Staples Select S	COM	81369y308	15,103	297,425	SH		SOLE		297,425	0	0
SPDR Dow Jones Industrial Aver	COM	78467x109	1,276	5,471	SH		SOLE		5,471	0	0
SPDR Energy Select Sector	COM	81369y506	10,505	183,168	SH		SOLE		183,168	0	0
SPDR Financial Select Sector	COM	81369y605	18,965	796,166	SH		SOLE		796,166	0	0
SPDR Gold Trust	COM	78463v107	1,375	11,338	SH		SOLE		11,338	0	0
SPDR Health Care Select Sector	COM	81369y209	29,862	345,181	SH		SOLE		345,181	0	0
SPDR Industrial Select Sector	COM	81369y704	13,346	207,209	SH		SOLE		207,209	0	0
SPDR Materials Select Sector	COM	81369y100	3,954	78,261	SH		SOLE		78,261	0	0
SPDR NYSE Technology ETF	COM	78464a102	364	6,114	SH		SOLE		6,114	0	0
SPDR Real Estate Sector	COM	81369y860	286	9,221	SH		SOLE		9,221	0	0
SPDR S&P 500 Index Trust Serie	COM	78462f103	34,419	137,721	SH		SOLE		137,721	0	0
SPDR S&P Aerospace & Defense E	COM	78464a631	495	6,268	SH		SOLE		6,268	0	0
SPDR S&P Biotech ETF	COM	78464a870	410	5,710	SH		SOLE		5,710	0	0
SPDR S&P Dividend	COM	78464a763	11,026	123,166	SH		SOLE		123,166	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467y107	9,629	31,813	SH		SOLE		31,813	0	0
SPDR S&P Regional Banking	COM	78464a698	2,080	44,445	SH		SOLE		44,445	0	0
SPDR Technology Select Sector	COM	81369y803	55,795	900,213	SH		SOLE		900,213	0	0
SPDR Utilities Select Sector	COM	81369y886	2,691	50,850	SH		SOLE		50,850	0	0
Salesforce.Com Inc	COM	79466l302	5,093	37,183	SH		SOLE		37,183	0	0
Schwab (Charles) Corp	COM	808513105	1,178	28,361	SH		SOLE		28,361	0	0
Schwab US Broad Market ETF	COM	808524102	2,127	35,493	SH		SOLE		35,493	0	0
Schwab US Dividend Equity ETF	COM	808524797	4,673	99,489	SH		SOLE		99,489	0	0
Schwab US Large-Cap ETF	COM	808524201	504	8,449	SH		SOLE		8,449	0	0
Schwab US Mid-Cap ETF	COM	808524508	1,437	29,977	SH		SOLE		29,977	0	0
Sempra Energy	COM	816851109	3,348	30,944	SH		SOLE		30,944	0	0
Sherwin Williams Co	COM	824348106	841	2,139	SH		SOLE		2,139	0	0
Southern Co	COM	842587107	902	20,541	SH		SOLE		20,541	0	0
Spectral Medical Inc	COM	847577103	5	25,000	SH		SOLE		25,000	0	0
Stanley Black & Decker Inc	COM	854502101	5,015	41,884	SH		SOLE		41,884	0	0
Starbucks Corp	COM	855244109	8,704	135,153	SH		SOLE		135,153	0	0
Starwood Property Trust	COM	85571b105	198	10,064	SH		SOLE		10,064	0	0
State Street Corp	COM	857477103	227	3,606	SH		SOLE		3,606	0	0
Stryker Corp	COM	863667101	200	1,276	SH		SOLE		1,276	0	0
Sysco Corp	COM	871829107	1,015	16,191	SH		SOLE		16,191	0	0
T Rowe Price Group Inc	COM	74144t108	231	2,497	SH		SOLE		2,497	0	0
TJX Companies Inc	COM	872540109	413	9,235	SH		SOLE		9,235	0	0
Taiwan Semiconductor-Sp ADR	COM	874039100	294	7,966	SH		SOLE		7,966	0	0
Target Corp	COM	87612e106	757	11,447	SH		SOLE		11,447	0	0
Tesla Inc	COM	88160r101	967	2,905	SH		SOLE		2,905	0	0
Texas Instruments Inc	COM	882508104	584	6,183	SH		SOLE		6,183	0	0
Thermo Fisher Scientific Inc	COM	883556102	735	3,282	SH		SOLE		3,282	0	0
Toronto Dominion Bank	COM	891160509	2,534	50,959	SH		SOLE		50,959	0	0
Total S A -Spon ADR	COM	89151e109	370	7,098	SH		SOLE		7,098	0	0
Toyota Motor Corp -Spon ADR	COM	892331307	486	4,187	SH		SOLE		4,187	0	0
Travelers Cos Inc/The	COM	89417e109	2,795	23,340	SH		SOLE		23,340	0	0
Tri-Valley Corporation	COM	895735108	0	30,600	SH		SOLE		30,600	0	0
U S Bancorp	COM	902973304	5,728	125,339	SH		SOLE		125,339	0	0
UDR Inc	COM	902653104	258	6,500	SH		SOLE		6,500	0	0
Unilever N V -NY Shares	COM	904784709	2,887	53,664	SH		SOLE		53,664	0	0
Unilever Plc-Sponsored ADR	COM	904767704	1,264	24,193	SH		SOLE		24,193	0	0
Union Pacific Corp	COM	907818108	1,979	14,320	SH		SOLE		14,320	0	0
United Parcel Service-Cl B	COM	911312106	8,714	89,352	SH		SOLE		89,352	0	0
United Technologies Corp	COM	913017109	2,276	21,379	SH		SOLE		21,379	0	0
UnitedHealth Group Inc	COM	91324P102	2,589	10,394	SH		SOLE		10,394	0	0
VF Corporation	COM	918204108	410	5,744	SH		SOLE		5,744	0	0
Valero Energy Corp	COM	91913Y100	493	6,571	SH		SOLE		6,571	0	0
VanEck Vectors Pharmaceutical	COM	92189f692	306	5,588	SH		SOLE		5,588	0	0
Vanguard Communication Service	COM	92204a884	9,906	133,740	SH		SOLE		133,740	0	0
Vanguard Consumer Discretionar	COM	92204a108	3,125	20,758	SH		SOLE		20,758	0	0
Vanguard Consumer Staples Vipe	COM	92204a207	2,008	15,311	SH		SOLE		15,311	0	0
Vanguard Developed Mkts	COM	921943858	609	16,425	SH		SOLE		16,425	0	0
Vanguard Dividend Appreciation	COM	921908844	1,094	11,173	SH		SOLE		11,173	0	0
Vanguard Energy ETF	COM	92204a306	2,067	26,802	SH		SOLE		26,802	0	0
Vanguard FTSE Europe ETF	COM	922042874	464	9,550	SH		SOLE		9,550	0	0
Vanguard Financials ETF	COM	92204a405	2,612	44,009	SH		SOLE		44,009	0	0
Vanguard Health Care Vipers	COM	92204a504	1,694	10,548	SH		SOLE		10,548	0	0
Vanguard High Div Yield	COM	921946406	2,816	36,110	SH		SOLE		36,110	0	0
Vanguard Industrials ETF	COM	92204a603	2,576	21,397	SH		SOLE		21,397	0	0
Vanguard Info Tech ETF	COM	92204a702	5,526	33,121	SH		SOLE		33,121	0	0
Vanguard Large-Cap Vipers ETF	COM	922908637	213	1,855	SH		SOLE		1,855	0	0
Vanguard Materials ETF	COM	92204a801	948	8,556	SH		SOLE		8,556	0	0
Vanguard Mid-Cap	COM	922908629	2,245	16,248	SH		SOLE		16,248	0	0
Vanguard Real Estate ETF	COM	922908553	340	4,560	SH		SOLE		4,560	0	0
Vanguard S&P 500 ETF	COM	922908363	3,178	13,830	SH		SOLE		13,830	0	0
Vanguard Small-Cap Vipers	COM	922908751	1,787	13,537	SH		SOLE		13,537	0	0
Vanguard Total Stock Market	COM	922908769	16,603	130,087	SH		SOLE		130,087	0	0
Varian Medical Systems Inc	COM	92220P105	2,392	21,109	SH		SOLE		21,109	0	0
Verisk Analytics Inc-Class A	COM	92345Y106	809	7,415	SH		SOLE		7,415	0	0
Verizon Communications Inc	COM	92343v104	25,648	456,211	SH		SOLE		456,211	0	0
Visa Inc-Class A Shares	COM	92826c839	12,350	93,601	SH		SOLE		93,601	0	0
Vornado Realty Trust	COM	929042109	4,354	70,199	SH		SOLE		70,199	0	0
Voya Prime Rate Trust	COM	92913a100	359	80,056	SH		SOLE		80,056	0	0
WEC Energy Group Inc	COM	92939u106	2,879	41,574	SH		SOLE		41,574	0	0
Wal-Mart Stores Inc	COM	931142103	4,815	51,691	SH		SOLE		51,691	0	0
Walgreens Boots Alliance Inc	COM	931427108	9,710	142,110	SH		SOLE		142,110	0	0
Waste Management Inc	COM	94106l109	17,738	199,330	SH		SOLE		199,330	0	0
Wells Fargo & Company	COM	949746101	22,113	479,890	SH		SOLE		479,890	0	0
Westamerica Bancorportaion	COM	957090103	413	7,415	SH		SOLE		7,415	0	0
White Mountains Insurance Grou	COM	g9618e107	569	663	SH		SOLE		663	0	0
Williams Cos Inc	COM	969457100	329	14,903	SH		SOLE		14,903	0	0
Williams-Sonoma Inc	COM	969904101	520	10,300	SH		SOLE		10,300	0	0
Workday Inc-Class A	COM	98138h101	914	5,725	SH		SOLE		5,725	0	0
Xcel Energy Inc	COM	98389b100	294	5,971	SH		SOLE		5,971	0	0
Xylem Inc	COM	98419m100	224	3,360	SH		SOLE		3,360	0	0
Yum! Brands Inc	COM	988498101	254	2,761	SH		SOLE		2,761	0	0
Zebra Technologies Corp-Cl A	COM	989207105	223	1,400	SH		SOLE		1,400	0	0
Zimmer Biomet Holdings Inc	COM	98956p102	3,595	34,657	SH		SOLE		34,657	0	0
iShares Barclays Agg Bond	COM	464287226	530	4,975	SH		SOLE		4,975	0	0
iShares Core Dividend Growth	COM	46434v621	1,176	35,437	SH		SOLE		35,437	0	0
iShares DJ Select Dividend Ind	COM	464287168	7,455	83,469	SH		SOLE		83,469	0	0
iShares DJ US Energy Sector	COM	464287796	265	8,490	SH		SOLE		8,490	0	0
iShares DJ US Financial Sect	COM	464287788	1,256	11,807	SH		SOLE		11,807	0	0
iShares DJ US Health Car Pro	COM	464288828	340	2,061	SH		SOLE		2,061	0	0
iShares DJ US Medical Device	COM	464288810	346	1,731	SH		SOLE		1,731	0	0
iShares DJ US Transport Index	COM	464287192	1,673	10,136	SH		SOLE		10,136	0	0
iShares Evolved US Technology	COM	46431w648	458	19,889	SH		SOLE		19,889	0	0
iShares Goldman Sachs Tech I	COM	464287721	476	2,979	SH		SOLE		2,979	0	0
iShares MSCI EAFE Index	COM	464287465	1,076	18,313	SH		SOLE		18,313	0	0
iShares MSCI USA Quality Facto	COM	46432f339	775	10,102	SH		SOLE		10,102	0	0
iShares Nasdaq Biotech Index F	COM	464287556	5,356	55,539	SH		SOLE		55,539	0	0
iShares Russell 1000 Growth	COM	464287614	850	6,496	SH		SOLE		6,496	0	0
iShares Russell 1000 Value	COM	464287598	514	4,632	SH		SOLE		4,632	0	0
iShares Russell 2000 Index Fun	COM	464287655	372	2,780	SH		SOLE		2,780	0	0
iShares S&P 100 Index Fund	COM	464287101	2,093	18,769	SH		SOLE		18,769	0	0
iShares S&P 500 Index Fund	COM	464287200	5,909	23,486	SH		SOLE		23,486	0	0
iShares S&P 500 Value Index Fu	COM	464287408	202	2,000	SH		SOLE		2,000	0	0
iShares S&P Europe 350	COM	464287861	387	9,885	SH		SOLE		9,885	0	0
iShares S&P Global 100	COM	464287572	716	16,882	SH		SOLE		16,882	0	0
iShares S&P Midcap 400	COM	464287507	1,593	9,595	SH		SOLE		9,595	0	0
iShares S&P Midcap 400/Value	COM	464287705	475	3,432	SH		SOLE		3,432	0	0
iShares S&P North American Tec	COM	464287515	338	1,949	SH		SOLE		1,949	0	0
iShares S&P SmallCap 600	COM	464287804	493	7,110	SH		SOLE		7,110	0	0
iShares S&P US Preferred Stock	COM	464288687	3,886	113,518	SH		SOLE		113,518	0	0
AGNC Investment Corp 7.75. Per	PFD	00123q302	1,109	43,836	SH		SOLE		43,836	0	0
AON Cap 8.205. 1/27 Non-Call B	PFD	22532r101	1,667	57,644	SH		SOLE		57,644	0	0
Algonquin Power 6.875.Sr Note	PFD	015857709	1,121	44,875	SH		SOLE		44,875	0	0
Allied Capital ARCC6.875. 4/47	PFD	01903q207	224	9,045	SH		SOLE		9,045	0	0
Allstate 6.625. Prp/Cl 4/19 NC	PFD	020002879	256	10,198	SH		SOLE		10,198	0	0
American Homes 4Rent 6.50. Prp	PFD	02665t702	488	21,689	SH		SOLE		21,689	0	0
Amtrust Financial 7.5. QDI Cal	PFD	032359887	195	15,384	SH		SOLE		15,384	0	0
Amtrust Financial 7.625.CUM QD	PFD	032359705	454	35,467	SH		SOLE		35,467	0	0
Amtrust Financial 7.75. QDI Ca	PFD	032359846	325	25,296	SH		SOLE		25,296	0	0
Annaly Capital6.50.CUM Fix-Flo	PFD	035710862	233	10,019	SH		SOLE		10,019	0	0
Apollo Cmmrl Real Est 8.00. CU	PFD	03762u501	527	21,422	SH		SOLE		21,422	0	0
Arbor Realty 8.50. CUM Perp Ca	PFD	038923801	240	9,163	SH		SOLE		9,163	0	0
Argo Group 6.5. Sr Notes Call	PFD	040130205	1,403	56,239	SH		SOLE		56,239	0	0
Arlington Asset Inv 7.00. Cum	PFD	041356601	472	21,701	SH		SOLE		21,701	0	0
Ashford Hospitality 7.375. NR	PFD	044103604	508	27,337	SH		SOLE		27,337	0	0
Ashford Hospitality 7.5. Calla	PFD	044103885	264	13,900	SH		SOLE		13,900	0	0
Atlas Finl SrNt 6.625. Cl 4/20	PFD	g06207123	440	17,025	SH		SOLE		17,025	0	0
Axos Finl 6.25.Sr Nts 2/2026 C	PFD	05465c209	209	8,450	SH		SOLE		8,450	0	0
B Riley Financial 7.375.SnNtsD	PFD	05580m504	381	15,500	SH		SOLE		15,500	0	0
B Riley Financial 7.50.SnNts D	PFD	05580m306	2,507	105,475	SH		SOLE		105,475	0	0
B Riley Financial 7.50.SnNts d	PFD	05580m207	446	17,745	SH		SOLE		17,745	0	0
BancOfCalifornia 7.00. Cal2021	PFD	05990k874	1,737	70,550	SH		SOLE		70,550	0	0
BancOfCalifornia 7.375. Ca2020	PFD	05990k882	6,723	267,836	SH		SOLE		267,836	0	0
Bank of America 6.5. Prp Cl 1/	PFD	060505310	437	17,199	SH		SOLE		17,199	0	0
Bank of America 6.625. Prp/Cl9	PFD	060505344	2,316	91,020	SH		SOLE		91,020	0	0
BankofAmerica .1000pv 7.25.Cnv	PFD	060505682	6,088	4,861	SH		SOLE		4,861	0	0
BlueRock Residential Growth 7.	PFD	09627j748	1,430	59,544	SH		SOLE		59,544	0	0
BlueRock Residential Growth 8.	PFD	09627j508	3,501	138,376	SH		SOLE		138,376	0	0
Braemar Hotels&Resorts 8.25. P	PFD	10482b309	497	22,782	SH		SOLE		22,782	0	0
Brookfield Ppty 6.375. Call 2/	PFD	11282x202	319	14,400	SH		SOLE		14,400	0	0
Brunswick SrNts 6.50. Call10/2	PFD	117043406	1,868	74,300	SH		SOLE		74,300	0	0
Brunswick SrNts 6.625.Call10/2	PFD	117043505	428	18,100	SH		SOLE		18,100	0	0
CAI Internatnl 8.50.Perp Cum Q	PFD	12477x205	2,145	93,577	SH		SOLE		93,577	0	0
CAI Internatnl 8.50.Perp Cum Q	PFD	12477x304	494	21,700	SH		SOLE		21,700	0	0
CHS Chemical 7.50. Cl 1/2025 C	PFD	12542r803	6,350	251,386	SH		SOLE		251,386	0	0
CHS Chemicals 6.75. Perp cl 20	PFD	12542r704	304	12,646	SH		SOLE		12,646	0	0
CHS Chemicals 7.875. Perp cl 2	PFD	12542r308	334	12,997	SH		SOLE		12,997	0	0
CHS Inc. 7.1. fxd to float in	PFD	12542r506	204	8,257	SH		SOLE		8,257	0	0
Capital One Finl 6.7.Prp Call	PFD	14040h709	1,518	59,864	SH		SOLE		59,864	0	0
ChickenSoup4Soul 9.75.QDI Call	PFD	16842q209	370	15,092	SH		SOLE		15,092	0	0
Chimera Investment Corp 7.75.	PFD	16934q505	1,221	49,780	SH		SOLE		49,780	0	0
Chimera Investment Corp 8. Cal	PFD	16934q307	280	11,228	SH		SOLE		11,228	0	0
Chimera Investment Corp 8. Cal	PFD	16934q406	536	20,984	SH		SOLE		20,984	0	0
Citigroup 6.875. BB Called 2/	PFD	172967333	259	10,174	SH		SOLE		10,174	0	0
Citigroup 7.125. Flt Aftr 9/23	PFD	172967358	5,958	227,497	SH		SOLE		227,497	0	0
Citigroup Tst 7.875. Cl2015 Li	PFD	173080201	913	34,545	SH		SOLE		34,545	0	0
City Office REIT 6.625. CUM Ca	PFD	178587200	246	10,911	SH		SOLE		10,911	0	0
Colony Capital 7.125. CUM Call	PFD	19626g702	3,063	165,946	SH		SOLE		165,946	0	0
Colony Capital 7.125. CUM Call	PFD	19626g603	264	14,300	SH		SOLE		14,300	0	0
Colony Capital 7.125. CUM Call	PFD	19626g504	547	29,622	SH		SOLE		29,622	0	0
Colony Capital 7.50. CUM Call	PFD	19626g405	1,569	78,454	SH		SOLE		78,454	0	0
Colony Capital 8.75. CUM Call	PFD	19626g306	544	23,492	SH		SOLE		23,492	0	0
CoreEnergy 7.375. Pfd - Par Ca	PFD	21870u304	1,964	83,556	SH		SOLE		83,556	0	0
Cowen 7.35. Sn Notes 2027 Call	PFD	223622705	1,355	56,975	SH		SOLE		56,975	0	0
Cowen 7.75. Snr Notes 2033 Cl	PFD	223622804	1,537	65,425	SH		SOLE		65,425	0	0
Crown Castle Intl 6.875. MndCo	PFD	22822v309	329	313	SH		SOLE		313	0	0
Customers Bk 7.00. Fx Flt Prp/	PFD	23204g407	272	10,944	SH		SOLE		10,944	0	0
Digital Realty 7.375. Perp CUM	PFD	253868871	1,782	70,700	SH		SOLE		70,700	0	0
Dynagas LNG 8.75. QDI Perp Cal	PFD	y2188b124	318	17,685	SH		SOLE		17,685	0	0
Dynagas LNG 9.0. QDI CUM cl 2	PFD	Y2188b116	855	41,490	SH		SOLE		41,490	0	0
EBAY 6.00. Sr Notes Call 3/1/2	PFD	278642202	261	10,260	SH		SOLE		10,260	0	0
EaglePoint Credit 6.625. Nts D	PFD	269809505	1,244	51,875	SH		SOLE		51,875	0	0
EaglePoint Credit 7.75. Due 10	PFD	269809307	247	9,727	SH		SOLE		9,727	0	0
EaglePoint Credit 7.75.2022 CU	PFD	269809109	592	23,351	SH		SOLE		23,351	0	0
Enstar Group 7.0. Perp Call 9/	PFD	29359u109	844	36,065	SH		SOLE		36,065	0	0
Fidus Investment 5.875.Notes D	PFD	316500206	603	23,425	SH		SOLE		23,425	0	0
GasLog LP 8.625.fxd/flt Cum Q	PFD	y2687w116	907	41,511	SH		SOLE		41,511	0	0
GasLog Ltd 8.375. Ser A CUM QD	PFD	y2687w124	1,143	56,223	SH		SOLE		56,223	0	0
GasLog Ltd 8.75. Ser A CUM QDI	PFD	g37585117	1,384	54,502	SH		SOLE		54,502	0	0
Gladstone 7.00. CUM Perp Call	PFD	376536603	5,479	235,363	SH		SOLE		235,363	0	0
Gladstone Investment 6.25. CUM	PFD	376546503	551	22,040	SH		SOLE		22,040	0	0
GladstoneCapital(GLAD)6.125.5Y	PFD	376535605	240	10,000	SH		SOLE		10,000	0	0
Global Indemnity SrNts7.75. Ca	PFD	g3933f121	1,763	73,815	SH		SOLE		73,815	0	0
Global Indmnty 7.875. Cl2022 b	PFD	g3933f139	1,022	42,650	SH		SOLE		42,650	0	0
Global Medical RE 7.50. CUM Pe	PFD	37957w203	628	25,649	SH		SOLE		25,649	0	0
Global Net Lease 7.25.Perp Cum	PFD	379378300	1,609	65,189	SH		SOLE		65,189	0	0
Golar LNG 8.75. Perp QDI Call	PFD	y2745c110	1,381	58,163	SH		SOLE		58,163	0	0
Goldman 5.5. Flt Aftr 5/23 Cl	PFD	38145g308	1,631	67,416	SH		SOLE		67,416	0	0
Great Elm Capital 6.75.SnNts M	PFD	390320406	445	18,325	SH		SOLE		18,325	0	0
Hanover Insurance6.35. Cl3/18	PFD	410867204	1,149	46,321	SH		SOLE		46,321	0	0
Hartford Finl 7.875. 2042 call	PFD	416518504	1,564	57,199	SH		SOLE		57,199	0	0
Hoegh LNG Partners 8.75. QDI	PFD	y3262r118	1,110	45,874	SH		SOLE		45,874	0	0
Horizon Technology Fin 6.25.Sr	PFD	44045a300	322	12,950	SH		SOLE		12,950	0	0
IberiaBank Corp 6.60. Call 5/1	PFD	450828504	659	25,663	SH		SOLE		25,663	0	0
Invesco Mortgage 7.75.Perp CUM	PFD	46131b209	457	18,726	SH		SOLE		18,726	0	0
JMP Group 8.00. SrDeb Due1/202	PFD	46629u206	291	11,668	SH		SOLE		11,668	0	0
JMP Group SrNts7.25. BBB- 11/2	PFD	466273109	961	44,850	SH		SOLE		44,850	0	0
JPMorgan Chase 6.70.Perp CALLE	PFD	48127a161	1,550	61,012	SH		SOLE		61,012	0	0
Jernigan Capital 7.00. CUM PER	PFD	476405204	562	25,552	SH		SOLE		25,552	0	0
Just Energy 8.50.Perp Call3/20	PFD	48213w200	446	24,200	SH		SOLE		24,200	0	0
KKR Inc 6.75. Pfd Call 6/15/20	PFD	48251w203	511	19,763	SH		SOLE		19,763	0	0
Ladenburg Thalmann 7.25.SnNte	PFD	50575q409	1,658	73,775	SH		SOLE		73,775	0	0
Landenburg Thalman 7.00.SnNte	PFD	50575q110	628	28,000	SH		SOLE		28,000	0	0
M&T Bank 6.375. Cl 11/18 BBB-	PFD	55261f708	384	384	SH		SOLE		384	0	0
MFA Financial 7.5. Prp Cl 4/15	PFD	55272x409	217	8,931	SH		SOLE		8,931	0	0
MVC Capital 6.25. SrNts Due12/	PFD	553829409	469	18,750	SH		SOLE		18,750	0	0
Morgan Stanley 6.875. Prp/Cl 1	PFD	61763e207	473	18,275	SH		SOLE		18,275	0	0
Morgan Stanley 7.125.Flt 10/23	PFD	61762v200	3,695	140,112	SH		SOLE		140,112	0	0
National General 7.5. NA Cl Q	PFD	636220857	3,522	177,234	SH		SOLE		177,234	0	0
National General 7.50.Call4/20	PFD	636220808	1,865	93,874	SH		SOLE		93,874	0	0
National General 7.625. Call9/	PFD	636220873	1,351	59,787	SH		SOLE		59,787	0	0
National General7.50.Call 7/20	PFD	636220709	1,509	75,011	SH		SOLE		75,011	0	0
New York MtgTrust 7.875.Perp C	PFD	649604808	255	11,506	SH		SOLE		11,506	0	0
NewTek Business Svs 6.25. Nts	PFD	652526500	1,086	43,450	SH		SOLE		43,450	0	0
NewTek Business Svs 7.50. Nts	PFD	652526302	522	20,511	SH		SOLE		20,511	0	0
Nisource 6.50. Perp QDI Call 3	PFD	65473p881	1,289	51,470	SH		SOLE		51,470	0	0
NuStar Logistics 7.625.Nts Cl	PFD	67059t204	1,863	78,157	SH		SOLE		78,157	0	0
OFS Capital 6.375 SnNts 4/2025	PFD	67103b308	728	30,000	SH		SOLE		30,000	0	0
Oxford Lane Cap6.75. Nts 6/202	PFD	691543508	899	35,684	SH		SOLE		35,684	0	0
Partner Re 6.50.Perp Cal 4/202	PFD	g68603136	2,722	110,320	SH		SOLE		110,320	0	0
Partner Re 7.25. Call 06/21 BB	PFD	g68603144	5,962	236,668	SH		SOLE		236,668	0	0
Pebblebrook Hotel 6.3. Perp/Ca	PFD	70509v704	205	8,708	SH		SOLE		8,708	0	0
Pebblebrook Hotel 6.375. Perp/	PFD	70509v605	219	9,124	SH		SOLE		9,124	0	0
PennyMac Mtg 8.125. 2024 Libor	PFD	70931t301	421	17,719	SH		SOLE		17,719	0	0
Plymouth Industrial 7.50. CUM	PFD	729640201	366	16,460	SH		SOLE		16,460	0	0
Priority Income Fund6.375.SnNt	PFD	74274w103	385	15,925	SH		SOLE		15,925	0	0
Prospect Cap 6.25. 6/24 SrNts	PFD	74348t300	2,352	96,156	SH		SOLE		96,156	0	0
Prudential PLC 6.75. PrpCl 9/0	PFD	g7293h114	372	14,677	SH		SOLE		14,677	0	0
QTS Realty 7.125. Perp Cum Cl	PFD	74736a202	643	27,956	SH		SOLE		27,956	0	0
Quest USWest 7.0. SrNts 2/56 C	PFD	74913g808	2,758	133,293	SH		SOLE		133,293	0	0
Quest USWestSnNotes 6.875. CL	PFD	74913g105	1,923	97,445	SH		SOLE		97,445	0	0
Qwest Corp 6.5. Sr Note 9/56 C	PFD	74913g881	1,150	61,375	SH		SOLE		61,375	0	0
Qwest Corp 6.75. SrNote 6/57 C	PFD	74913g873	695	36,600	SH		SOLE		36,600	0	0
RLJ Lodging .1.95 Cnv@89.09 B-	PFD	74965l200	538	21,719	SH		SOLE		21,719	0	0
Ready Capital Sr 6.5. 4/2021BB	PFD	75574u309	544	21,665	SH		SOLE		21,665	0	0
Regions Financial 6.375. Cl 12	PFD	7591ep308	389	15,582	SH		SOLE		15,582	0	0
Reinsurance Group ofAmer 6.2.	PFD	759351703	225	9,000	SH		SOLE		9,000	0	0
SL Green Realty 6.5. Perp CUM	PFD	78440x507	1,353	53,629	SH		SOLE		53,629	0	0
SoCalEd 5.375. CUM cl 2025 QDI	PFD	78409g206	638	31,451	SH		SOLE		31,451	0	0
Sotherly Hotels 7.25. SrNt2021	PFD	83600e307	649	25,550	SH		SOLE		25,550	0	0
Sotherly Hotels 7.875. Cum Per	PFD	83600c400	1,032	47,127	SH		SOLE		47,127	0	0
Sotherly Hotels 8. Cum Perp C	PFD	83600c301	2,917	117,816	SH		SOLE		117,816	0	0
Spark Energy 8.75. Call 2022 Q	PFD	846511202	423	22,882	SH		SOLE		22,882	0	0
Sunstone Hotel 6.95. Prp/Cl 3/	PFD	867892606	726	28,742	SH		SOLE		28,742	0	0
Telephone & Data 6.875. Cl 11/	PFD	879433845	1,772	76,525	SH		SOLE		76,525	0	0
Telephone & Data 7.0. Cl 3/16	PFD	879433837	572	24,552	SH		SOLE		24,552	0	0
Texas Capitl Bancshares6.50. 2	PFD	882228307	423	16,817	SH		SOLE		16,817	0	0
Torchmark Crp 6.125. SubDebCal	PFD	891027401	755	30,050	SH		SOLE		30,050	0	0
TriState Capital Hlds 6.75. Pe	PFD	89678f209	1,340	51,573	SH		SOLE		51,573	0	0
Two Harbors Investments 7.625.	PFD	90187b309	278	11,218	SH		SOLE		11,218	0	0
Two Harbors Investments 8.125.	PFD	90187b200	597	22,829	SH		SOLE		22,829	0	0
UMH Properties 8.0. Perp Cum C	PFD	903002301	555	21,758	SH		SOLE		21,758	0	0
US Bancorp 6.5. Flt Aftr 1/22	PFD	902973833	1,384	52,259	SH		SOLE		52,259	0	0
US Celllular SrNts 7.25. 2063	PFD	911684504	545	23,125	SH		SOLE		23,125	0	0
US Cellular 6.95.SrNT 2060 Cl	PFD	911684405	340	15,125	SH		SOLE		15,125	0	0
US Cellular 7.25. SrNts12/2064	PFD	911684603	1,624	68,702	SH		SOLE		68,702	0	0
VEREIT Inc 6.70. Perp CUM Cl 2	PFD	92339v209	737	31,152	SH		SOLE		31,152	0	0
Wells Fargo 5.85.Flt Aftr 9/23	PFD	949746556	1,006	40,947	SH		SOLE		40,947	0	0
Wells Fargo 6.375. Cl 12/19 BB	PFD	94988n207	722	28,829	SH		SOLE		28,829	0	0
Wells Fargo 7.5. Cnv@.156 .100	PFD	949746804	16,805	13,317	SH		SOLE		13,317	0	0
WinTrust Financial 6.50. Call	PFD	97650w405	253	10,088	SH		SOLE		10,088	0	0
American Express Cp 5.2. - Cal	PFD	025816BJ7	699	710,000	PRN		SOLE		710,000	0	0
Bank of America 5.20. Perp/Cal	PFD	060505ED2	2,552	2,665,000	PRN		SOLE		2,665,000	0	0
Bank of NY Mellon - Call 6/20/	PFD	064058AD2	929	950,000	PRN		SOLE		950,000	0	0
Charles Schwab 4.625. Perp/Cal	PFD	808513AP0	660	705,000	PRN		SOLE		705,000	0	0
Charles Schwab 7. Perp/Call 2/	PFD	808513AE5	1,248	1,212,000	PRN		SOLE		1,212,000	0	0
Citigroup 5.35. Perp/Call 5/23	PFD	172967GR6	681	765,000	PRN		SOLE		765,000	0	0
Citigroup 5.875. Perp/Call 3/2	PFD	172967JK8	340	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc - Callable 11/15	PFD	172967HZ7	341	350,000	PRN		SOLE		350,000	0	0
Citigroup Inc 5.95. Perp Call	PFD	172967GD7	1,047	1,150,000	PRN		SOLE		1,150,000	0	0
Citigroup Inc 6.125. Perp Call	PFD	172967KD2	538	550,000	PRN		SOLE		550,000	0	0
Citigroup Inc Fix-to-Float Per	PFD	172967GF2	833	900,000	PRN		SOLE		900,000	0	0
Fifth Third Bancorp 4.9. until	PFD	316773CR9	654	685,000	PRN		SOLE		685,000	0	0
Goldman Sachs 5. Perp/Call 11/	PFD	38148BAD0	602	715,000	PRN		SOLE		715,000	0	0
Goldman Sachs 5.375 Perp/Call	PFD	38148BAB4	569	590,000	PRN		SOLE		590,000	0	0
Goldman Sachs 5.7 Perp/Call 5/	PFD	38148BAA6	1,197	1,215,000	PRN		SOLE		1,215,000	0	0
JPMorgan 5.3. Perp/Call 5/1/20	PFD	46625HKK5	246	250,000	PRN		SOLE		250,000	0	0
JPMorgan 6.0. Perp/Call 8/23 -	PFD	48126HAA8	3,525	3,615,000	PRN		SOLE		3,615,000	0	0
JPMorgan 7.9. Perp/Call 4/18 -	PFD	46625HHA1	2,225	2,253,000	PRN		SOLE		2,253,000	0	0
MetLife Inc. 5.25. Call 6/15/2	PFD	59156RBP2	661	685,000	PRN		SOLE		685,000	0	0
Morgan Stanley 5.45. Perp/Call	PFD	61761JQK8	588	600,000	PRN		SOLE		600,000	0	0
So. Cal Edison 6.25. Perp/Call	PFD	842400FU2	538	565,000	PRN		SOLE		565,000	0	0
Stanley Black & Decker Callabl	PFD	854502AF8	1,130	1,145,000	PRN		SOLE		1,145,000	0	0
State Street Corp Perp/Call 5.	PFD	857477AQ6	198	200,000	PRN		SOLE		200,000	0	0
Suntrust Bank 5.05. Call 2022-	PFD	867914BN2	707	815,000	PRN		SOLE		815,000	0	0
US Bancorp - Callable 1/15/21	PFD	902973AY2	298	300,000	PRN		SOLE		300,000	0	0
Wachovia (WFC) Perp/Call 2/11	PFD	92978AAA0	2,430	2,700,000	PRN		SOLE		2,700,000	0	0
Wells Fargo & Company Perp/Cal	PFD	949746PM7	744	752,000	PRN		SOLE		752,000	0	0