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0001109228-17-000001.txt : 20170214 0001109228-17-000001.hdr.sgml : 20170214 20170214123452 ACCESSION NUMBER: 0001109228-17-000001 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170214 DATE AS OF CHANGE: 20170214 EFFECTIVENESS DATE: 20170214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KCM INVESTMENT ADVISORS LLC CENTRAL INDEX KEY: 0001109228 IRS NUMBER: 911756649 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-05651 FILM NUMBER: 17605889 BUSINESS ADDRESS: STREET 1: 750 LINDARO STREET STREET 2: SUITE 350 CITY: SAN RAFAEL STATE: CA ZIP: 94901 BUSINESS PHONE: 415-461-7788 MAIL ADDRESS: STREET 1: 750 LINDARO STREET STREET 2: SUITE 350 CITY: SAN RAFAEL STATE: CA ZIP: 94901 FORMER COMPANY: FORMER CONFORMED NAME: KCM INVESTMENT ADVISORS/CA DATE OF NAME CHANGE: 20000413 13F-HR 1 primary_doc.xml 13F-HR LIVE false false false 0001109228 XXXXXXXX 12-31-2016 12-31-2016 KCM INVESTMENT ADVISORS LLC

750 LINDARO STREET SUITE 350 SAN RAFAEL CA 94901

13F HOLDINGS REPORT 028-05651 N William L. Prince CCO 4154617788 William L. 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196093 SH SOLE 196093 0 0 Wells Fargo & Company COM 949746101 35859 650688 SH SOLE 650688 0 0 Weyerhaeuser Co COM 962166104 533 17721 SH SOLE 17721 0 0 Whirlpool Corp COM 963320106 2817 15500 SH SOLE 15500 0 0 White Mountains Insurance Grou COM g9618e107 657 786 SH SOLE 786 0 0 Whole Foods Market Inc COM 966837106 3529 114722 SH SOLE 114722 0 0 Williams Cos Inc COM 969457100 5019 161190 SH SOLE 161190 0 0 Williams-Sonoma Inc COM 969904101 3939 81395 SH SOLE 81395 0 0 WisdomTree MidCap Div Index COM 97717w505 332 3513 SH SOLE 3513 0 0 Xcel Energy Inc COM 98389b100 222 5461 SH SOLE 5461 0 0 Yahoo! Inc COM 984332106 856 22135 SH SOLE 22135 0 0 Yum! Brands Inc COM 988498101 295 4658 SH SOLE 4658 0 0 Zimmer Biomet Holdings Inc COM 98956p102 2197 21284 SH SOLE 21284 0 0 iShares Core Dividend Growth COM 46434v621 379 13123 SH SOLE 13123 0 0 iShares Core US Value COM 464287663 226 4608 SH SOLE 4608 0 0 iShares DJ Select Dividend Ind COM 464287168 7332 82780 SH SOLE 82780 0 0 iShares DJ US Energy Sector COM 464287796 1112 26768 SH SOLE 26768 0 0 iShares DJ US Financial Sect COM 464287788 1191 11734 SH SOLE 11734 0 0 iShares DJ US Health Car Pro COM 464288828 257 2054 SH SOLE 2054 0 0 iShares DJ US Telecommunicatio COM 464287713 1000 28979 SH SOLE 28979 0 0 iShares DJ US Transport Index COM 464287192 1648 10120 SH SOLE 10120 0 0 iShares Goldman Sachs Tech I COM 464287721 278 2310 SH SOLE 2310 0 0 iShares MSCI EAFE Index COM 464287465 820 14212 SH SOLE 14212 0 0 iShares MSCI Emerging Markets COM 464287234 333 9520 SH SOLE 9520 0 0 iShares MSCI USA Quality Facto COM 46432f339 1055 15264 SH SOLE 15264 0 0 iShares Nasdaq Biotech Index F COM 464287556 5194 19573 SH SOLE 19573 0 0 iShares Russell 1000 Growth COM 464287614 875 8342 SH SOLE 8342 0 0 iShares Russell 1000 Value COM 464287598 211 1882 SH SOLE 1882 0 0 iShares Russell 2000 Index Fun COM 464287655 574 4256 SH SOLE 4256 0 0 iShares Russell Midcap COM 464287499 304 1698 SH SOLE 1698 0 0 iShares Russell Midcap Growth COM 464287481 200 2057 SH SOLE 2057 0 0 iShares S&P 100 Index Fund COM 464287101 1954 19680 SH SOLE 19680 0 0 iShares S&P 500 Index Fund COM 464287200 603 2682 SH SOLE 2682 0 0 iShares S&P 500 Value Index Fu COM 464287408 203 2000 SH SOLE 2000 0 0 iShares S&P Europe 350 COM 464287861 523 13465 SH SOLE 13465 0 0 iShares S&P Global 100 COM 464287572 656 8546 SH SOLE 8546 0 0 iShares S&P Midcap 400 COM 464287507 1560 9438 SH SOLE 9438 0 0 iShares S&P Midcap 400/Value COM 464287705 467 3217 SH SOLE 3217 0 0 iShares S&P SmallCap 600 COM 464287804 503 3655 SH SOLE 3655 0 0 iShares S&P US Preferred Stock COM 464288687 8978 241274 SH SOLE 241274 0 0 AEGON 8.00 2042 Notes Call 08 PFD 007924608 2817 108126 SH SOLE 108126 0 0 AGNC Investment Corp 7.75 Per PFD 00123q302 727 28968 SH SOLE 28968 0 0 AGNC Investment Corp 8.0 Perp PFD 02503x204 994 39379 SH SOLE 39379 0 0 AON Cap 8.205 1/27 Non-Call B PFD 22532r101 2162 67444 SH SOLE 67444 0 0 Affiliated Mgrs Grp 6.375 SrN PFD 008252876 366 14483 SH SOLE 14483 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 301 11690 SH SOLE 11690 0 0 Allied Capital ARCC6.875 4/20 PFD 01903q207 252 9998 SH SOLE 9998 0 0 American Homes 4Rent 6.50 Per PFD 02665t702 363 14512 SH SOLE 14512 0 0 Amtrust Financial 6.95 QDI Ca PFD 032359820 442 19150 SH SOLE 19150 0 0 Amtrust Financial 7.25 CUM QD PFD 032359507 294 11766 SH SOLE 11766 0 0 Amtrust Financial 7.25 SrNt C PFD 032359861 308 12200 SH SOLE 12200 0 0 Amtrust Financial 7.5 QDI Cal PFD 032359887 2840 112621 SH SOLE 112621 0 0 Amtrust Financial 7.50Nts 205 PFD 032359853 470 18266 SH SOLE 18266 0 0 Amtrust Financial 7.625CUM QD PFD 032359705 3767 149832 SH SOLE 149832 0 0 Amtrust Financial 7.75 QDI Ca PFD 032359846 1871 73302 SH SOLE 73302 0 0 Annaly Capital 7.625 CUM Cl 8 PFD 035710888 1207 50065 SH SOLE 50065 0 0 Annaly Capital 7.625 Perp Cl PFD 035710706 271 11254 SH SOLE 11254 0 0 Arbor Realty 8.50 CUM Perp Ca PFD 038923801 273 10752 SH SOLE 10752 0 0 Arch Capital 6.75 BBB QDI Cl PFD g0450a204 698 27751 SH SOLE 27751 0 0 Argo Group 6.5 Sr Notes Call PFD 040130205 1863 74613 SH SOLE 74613 0 0 Ashford Hospitality 7.375 NR PFD 044103604 1612 67548 SH SOLE 67548 0 0 Aspen Insurance 7.25 Call07/2 PFD g05384147 7320 287842 SH SOLE 287842 0 0 Aspen Insurance 7.401 BBB- Ca PFD g05384139 288 11523 SH SOLE 11523 0 0 Axis Capital 6.875 Cl 4/17 QD PFD g0692u307 567 22472 SH SOLE 22472 0 0 B Riley Financial 7.50 SenNts PFD 05580m207 427 16670 SH SOLE 16670 0 0 BGC Partners 8.125 2042 Call PFD 05541t408 4449 173104 SH SOLE 173104 0 0 BancOfCalifornia 7.00 Cal2021 PFD 05990k874 1280 51475 SH SOLE 51475 0 0 BancOfCalifornia 7.375 Ca2020 PFD 05990k882 5710 224982 SH SOLE 224982 0 0 BancOfCalifornia 8.00 Cal2018 PFD 05990k403 2797 108320 SH SOLE 108320 0 0 Bank of America $1000pv 7.25 PFD 060505682 3122 2676 SH SOLE 2676 0 0 Bank of America 6.5 Prp Cl 1/ PFD 060505310 523 20479 SH SOLE 20479 0 0 Bank of America 6.625 Prp/Cl PFD 060505344 2950 114744 SH SOLE 114744 0 0 Bank of America 6.625Prp Cl 1 PFD 060505740 648 25583 SH SOLE 25583 0 0 Barclays 8.125 Perp/Cl 3/14 B PFD 06739h362 401 15700 SH SOLE 15700 0 0 Barclays Bank 7.1 Prp Call 12 PFD 06739h776 436 17191 SH SOLE 17191 0 0 BlueRock Residential Growth 7. PFD 09627j748 1135 44735 SH SOLE 44735 0 0 BlueRock Residential Growth 8. PFD 09627j508 2020 77535 SH SOLE 77535 0 0 Boston Private Finl 6.95Perp PFD 101119303 344 13727 SH SOLE 13727 0 0 CBL & Associates 6.625 Perp C PFD 124830803 340 14804 SH SOLE 14804 0 0 CBL&Assoc Properties 7.375CUM PFD 124830605 278 11376 SH SOLE 11376 0 0 CHS Chemical 7.50 Cl 1/2025 C PFD 12542r803 7023 258767 SH SOLE 258767 0 0 CHS Chemicals 6.75 Perp cl 20 PFD 12542r704 340 12930 SH SOLE 12930 0 0 CHS Chemicals 7.875 Perp cl 2 PFD 12542r308 274 9697 SH SOLE 9697 0 0 Capital One Finl 6.7Prp Call PFD 14040h709 1488 57315 SH SOLE 57315 0 0 CenturyLink Quest 7.0SnNts Cl PFD 74913g501 2889 117728 SH SOLE 117728 0 0 Chesapeake Lodging 7.75 PerpC PFD 165240201 4799 189019 SH SOLE 189019 0 0 Citigroup 5.8 B1 Call 4/18 QD PFD 172967366 220 8850 SH SOLE 8850 0 0 Citigroup 7.125 Flt Aftr 9/23 PFD 172967358 8154 291426 SH SOLE 291426 0 0 Citigroup Tst 7.875 Cl2015 Li PFD 173080201 918 35545 SH SOLE 35545 0 0 City Office REIT 6.625 CUM Ca PFD 178587200 545 23900 SH SOLE 23900 0 0 Colony Financial7.125Perp CUM PFD 19624r403 1160 49791 SH SOLE 49791 0 0 Colony Financial7.50 Perp CUM PFD 19624r304 603 24446 SH SOLE 24446 0 0 Colony Financial8.50 Perp CUM PFD 19624r205 1021 40418 SH SOLE 40418 0 0 CoreEnergy 7.375 Pfd - Par Ca PFD 21870u304 749 30436 SH SOLE 30436 0 0 Corporate Office Prop 7.375 C PFD 22002t884 1666 65959 SH SOLE 65959 0 0 Costamare 7.625 CUM QDI Perp PFD y1771g110 384 18923 SH SOLE 18923 0 0 Costamare 8.50 CUM QDI Perp C PFD y1771g128 2110 97349 SH SOLE 97349 0 0 Cowen 8.25 Senior Notes Due 1 PFD 223622309 1378 53606 SH SOLE 53606 0 0 Deutsche Bank 8.05 PrpCl6/18 PFD 25150l108 268 10602 SH SOLE 10602 0 0 Deutsche Bnk 7.6 Prp Cl 2/18 PFD 25154a108 409 16400 SH SOLE 16400 0 0 Digital Realty 6.625 Perp CUM PFD 253868806 444 17694 SH SOLE 17694 0 0 Digital Realty 7.375 Perp CUM PFD 253868871 2153 79288 SH SOLE 79288 0 0 Discover Financial 6.50Perp Q PFD 254709207 2008 78190 SH SOLE 78190 0 0 Dynagas LNG 9.0 QDI CUM cl 2 PFD Y2188b116 1266 50081 SH SOLE 50081 0 0 EBAY 6.00 Sr Notes Call 3/1/2 PFD 278642202 651 25100 SH SOLE 25100 0 0 EaglePoint Credit 7SrNts 12/3 PFD 269809208 727 28300 SH SOLE 28300 0 0 EaglePoint Credit 7.75 Due 10 PFD 269809307 940 36933 SH SOLE 36933 0 0 EaglePoint Credit 7.752022 CU PFD 269809109 1948 75678 SH SOLE 75678 0 0 Endurance Specialty 6.35 Cl 1 PFD 29267h406 284 11100 SH SOLE 11100 0 0 EverBank Financial 6.75 Perp PFD 29977g201 581 23052 SH SOLE 23052 0 0 First Republic 7.0 Cl 12/18 B PFD 33616c860 5007 184010 SH SOLE 184010 0 0 First Republic Bank 6.2 Cl 6/ PFD 33616c407 523 20460 SH SOLE 20460 0 0 First Republic Bank 6.70 Cal PFD 33616c209 2206 87879 SH SOLE 87879 0 0 GGP Inc 6.375 Call 2/2018 CUM PFD 370023202 367 14800 SH SOLE 14800 0 0 GaslLog Ltd 8.75 Ser A CUM QD PFD g37585117 1342 53411 SH SOLE 53411 0 0 Gladstone Commercial 7.00 CUM PFD 376536603 2576 102035 SH SOLE 102035 0 0 Gladstone Investment 6.25 CUM PFD 376546503 740 29250 SH SOLE 29250 0 0 Global Indemnity SrNts7.75 Ca PFD g3933f121 1827 73060 SH SOLE 73060 0 0 Goldman 5.5 Flt Aftr 5/23 Cl PFD 38145g308 1841 72604 SH SOLE 72604 0 0 GoldmanSachs Lib75 Min3.75 C PFD 38143y665 634 28689 SH SOLE 28689 0 0 HSBC Hldgs 8.0 Prp Cl 12/15 B PFD 404280802 2635 102130 SH SOLE 102130 0 0 Hanover Insurance6.35 Cl3/18 PFD 410867204 1289 51565 SH SOLE 51565 0 0 Hartford Finl 7.875 2042 call PFD 416518504 1263 42619 SH SOLE 42619 0 0 Hercules Capital 6.25SrNts 24 PFD 427096862 226 8900 SH SOLE 8900 0 0 Hercules Capital 7 BBB- Calle PFD 427096870 256 9996 SH SOLE 9996 0 0 Hersha Hospitality 6.50 NR Ca PFD 427825609 385 17219 SH SOLE 17219 0 0 ING Grp NV 7.20Pfd Perp/Cl l2 PFD 456837301 271 10597 SH SOLE 10597 0 0 IberiaBank Corp 6.60 Call 5/1 PFD 450828504 901 33927 SH SOLE 33927 0 0 Investors REIT 7.95 Perp CUM PFD 461730301 1311 51659 SH SOLE 51659 0 0 JMP Group 8.00 SrDeb Due1/202 PFD 46629u206 411 16264 SH SOLE 16264 0 0 JPMorgan Chase 6.70Perp/Call PFD 48127a161 1709 63611 SH SOLE 63611 0 0 KKR Financial 7.50 SrNts Call PFD 48248a504 4124 162599 SH SOLE 162599 0 0 LaSalle Hotel 6.3 Call 5/2021 PFD 517942884 265 11400 SH SOLE 11400 0 0 LaSalle Hotel 6.375 Call 3/20 PFD 517942801 218 9037 SH SOLE 9037 0 0 LaSalle Hotel 7.50 Perp CUM C PFD 517942702 1690 67451 SH SOLE 67451 0 0 M / I Homes 9.75 Pfd Call 11/ PFD 55305b200 408 15952 SH SOLE 15952 0 0 M&T Bank 6.375 Cl 11/18 BBB- PFD 55261f708 489 484 SH SOLE 484 0 0 MFA Financial 7.5 Prp Cl 4/15 PFD 55272x409 216 8918 SH SOLE 8918 0 0 Maiden Hldgs 8.00rSNts 2042 c PFD 56029q309 2050 80726 SH SOLE 80726 0 0 Maiden Holdings 7.125PrpCl 12 PFD g5753u138 759 29390 SH SOLE 29390 0 0 Maiden Holdings 8.25Prp Cl8/2 PFD g5753u120 1934 74837 SH SOLE 74837 0 0 Medley Capitl 6.875Notes Due2 PFD 58503y105 267 11100 SH SOLE 11100 0 0 MetLife 3MoLibor100 Min 4.0 PFD 59156r504 225 9666 SH SOLE 9666 0 0 Morgan Stanley 3MoLib70bp 4F PFD 61747s504 549 23884 SH SOLE 23884 0 0 Morgan Stanley 7.125Flt Aftr1 PFD 61762v200 5206 185078 SH SOLE 185078 0 0 National General 7.5 QDI NA C PFD 636220857 3997 159952 SH SOLE 159952 0 0 National General Ins7.50Call4 PFD 636220808 3015 121508 SH SOLE 121508 0 0 National General Ins7.50Call7 PFD 636220709 2572 102532 SH SOLE 102532 0 0 National General Ins7.625 Cal PFD 636220873 1857 74159 SH SOLE 74159 0 0 New York MtgTrust 7.875Perp C PFD 649604808 277 12101 SH SOLE 12101 0 0 NewTek Business Svs 7.0Nts du PFD 652526401 237 9340 SH SOLE 9340 0 0 NewTek Business Svs 7.50 Nts PFD 652526302 520 20111 SH SOLE 20111 0 0 News Corp 7.00 12/1/2095 call PFD 863117206 259 10303 SH SOLE 10303 0 0 NorthStar Realty Fin 8.25 CUM PFD 66704R308 350 14002 SH SOLE 14002 0 0 NorthStar Realty Fin 8.50 CUM PFD 66705v209 712 27944 SH SOLE 27944 0 0 NorthStar Realty Fin 8.75 CUM PFD 66704r605 335 13029 SH SOLE 13029 0 0 Northstar Realty Fin 8.75 CUM PFD 66704r209 267 10527 SH SOLE 10527 0 0 Northstar Realty Fin 8.875 CU PFD 66704r506 380 14867 SH SOLE 14867 0 0 NuStar Logistics 7.625Nts Cl PFD 67059t204 1304 50525 SH SOLE 50525 0 0 Oxford Lane Cap8.125 Cl6/2017 PFD 691543409 220 8513 SH SOLE 8513 0 0 PS Business Parks 6.0 Cl 5/20 PFD 69360j685 271 11150 SH SOLE 11150 0 0 Partner Re 6.50Perp Cal 4/202 PFD g68603136 678 26150 SH SOLE 26150 0 0 Partner Re 7.25 Call 06/21 BB PFD g68603144 6612 242293 SH SOLE 242293 0 0 Penn Real Estate 8.25 CIM Per PFD 709102404 243 9621 SH SOLE 9621 0 0 Penn RealEstate 7.375CUM Perp PFD 709102503 592 23669 SH SOLE 23669 0 0 Pitney Bowes 6.7 Cl 3/7/18 BB PFD 724479506 320 12500 SH SOLE 12500 0 0 Prospect Captl 6.25 6/24 SrNt PFD 74348t300 1332 53050 SH SOLE 53050 0 0 Prudential PLC 6.75 PrpCl 9/0 PFD g7293h114 552 21677 SH SOLE 21677 0 0 Quest USWest 7.0 SrNts 2056 2 PFD 74913g808 2023 80450 SH SOLE 80450 0 0 Quest USWest SnNotes 7.0 2052 PFD 74913G402 1299 52600 SH SOLE 52600 0 0 Quest USWest Sr Nts6.125Nts C PFD 74913g600 211 9300 SH SOLE 9300 0 0 Quest USWestSnNote7.5 2051 Cl PFD 74913g303 2250 89824 SH SOLE 89824 0 0 Quest USWestSnNotes 6.875 CL PFD 74913g105 3084 127450 SH SOLE 127450 0 0 Qwest Corp 6.5 Sr Note 9/56 C PFD 74913g881 2231 97640 SH SOLE 97640 0 0 Raymond James Final 6.90 Call PFD 754730208 762 30014 SH SOLE 30014 0 0 Realty Income 6.625 Call 2/17 PFD 756109807 287 11429 SH SOLE 11429 0 0 Regency Centers 6.00 Perp CUM PFD 758849806 422 17400 SH SOLE 17400 0 0 Regions Financial 6.375 Cl 12 PFD 7591ep308 424 16850 SH SOLE 16850 0 0 Reinsurance Group of Amer 6.2 PFD 759351703 324 12000 SH SOLE 12000 0 0 Retail Properties of Amer 7.0 PFD 76131v608 410 16400 SH SOLE 16400 0 0 SL Green Realty 6.5 Perp CUM PFD 78440x507 1792 71847 SH SOLE 71847 0 0 Seaspan 7.875 Perp Cum QDI Ca PFD 81254u304 495 25418 SH SOLE 25418 0 0 Seaspan 7.95 12/2049 Call 1/2 PFD y75638208 265 13027 SH SOLE 13027 0 0 Seaspan 8.20 Perp CUM QDI Cal PFD y75638307 1124 56375 SH SOLE 56375 0 0 Seaspan 8.25 Perp CUM QDI Cal PFD y75638133 1560 76134 SH SOLE 76134 0 0 SoCalEd 5.375 CUM cl 2025 QDI PFD 78409g206 718 29111 SH SOLE 29111 0 0 Solar Capital 6.75 Cl 11/17 PFD 83413u308 460 18273 SH SOLE 18273 0 0 Sotherly Hotels 8 Cum Perp C PFD 83600c301 2240 87951 SH SOLE 87951 0 0 Summit Hotel 7.875 Perp CUM C PFD 866082308 2865 111301 SH SOLE 111301 0 0 Summit Hotel7.125Perp CUM Cal PFD 866082407 915 36445 SH SOLE 36445 0 0 Sunstone Hotel 6.95 Prp/Cl 3/ PFD 867892606 367 14479 SH SOLE 14479 0 0 Taubman Centers 6.5 CUM NA Cl PFD 876664608 261 10600 SH SOLE 10600 0 0 Telephone & Data 6.875 Cl 11/ PFD 879433845 2156 87075 SH SOLE 87075 0 0 Telephone & Data 7.0 Cl 3/16 PFD 879433837 796 31742 SH SOLE 31742 0 0 Texas Capitl Bancshares6.50 2 PFD 882228307 470 18551 SH SOLE 18551 0 0 Torchmark Crp 6.125 SubDebCal PFD 891027401 933 36950 SH SOLE 36950 0 0 TravelCenters America 8.00SrN PFD 894174309 3150 124475 SH SOLE 124475 0 0 TravelCenters SnNotes 8 10/20 PFD 894174408 1432 57125 SH SOLE 57125 0 0 Triancgle Capitl 6.375Sr Note PFD 895848406 858 33750 SH SOLE 33750 0 0 TriplePoint Venture BDC 6.75 PFD 89677y209 523 20500 SH SOLE 20500 0 0 UMH Propertyies 8.0 Perp Cum PFD 903002301 570 21275 SH SOLE 21275 0 0 US Bancorp 6.5 Flt Aftr 1/22 PFD 902973833 1249 44139 SH SOLE 44139 0 0 US Celllular SrNts 7.25 2063 PFD 911684504 506 19900 SH SOLE 19900 0 0 US Cellular 6.95SrNT 2060 Cl PFD 911684405 458 18335 SH SOLE 18335 0 0 US Cellular 7.25 SrNts12/2064 PFD 911684603 1855 72452 SH SOLE 72452 0 0 VEREIT Inc 6.70 Perp CUM Cl 2 PFD 92339v209 849 33560 SH SOLE 33560 0 0 Wells Fargo 5.85Flt Aftr 9/23 PFD 949746556 307 12150 SH SOLE 12150 0 0 Wells Fargo 6.375 Cl 12/19 BB PFD 94988n207 735 29200 SH SOLE 29200 0 0 Wells Fargo 7.5 Cnv@$156 $100 PFD 949746804 16239 13646 SH SOLE 13646 0 0 Wells Fargo 8.00 Prp Cl12/17 PFD 949746879 9048 342342 SH SOLE 342342 0 0 Wheeler RealEstate 8.75CUM Pu PFD 963025606 398 16950 SH SOLE 16950 0 0 Bank of America 5.20 Perp/Cal PFD 060505ED2 300 315000 PRN SOLE 315000 0 0 Charles Schwab 7 Perp/Call 2/ PFD 808513AE5 1844 1632000 PRN SOLE 1632000 0 0 Citigroup 5.35 Perp/Call 5/23 PFD 172967GR6 698 740000 PRN SOLE 740000 0 0 Citigroup 5.875 Perp/Call 3/2 PFD 172967JK8 354 350000 PRN SOLE 350000 0 0 Citigroup Inc 5.95 Perp Call PFD 172967GD7 826 820000 PRN SOLE 820000 0 0 Citigroup Inc 6.125 Perp Call PFD 172967KD2 569 550000 PRN SOLE 550000 0 0 Citigroup Inc Fix-to-Float Per PFD 172967GF2 202 200000 PRN SOLE 200000 0 0 GE Cap Corp 5.00 Perp/Call 1/ PFD 369604BQ5 2410 2317000 PRN SOLE 2317000 0 0 JPMorgan 6.0 Perp/Call 8/23 - PFD 48126HAA8 2359 2350000 PRN SOLE 2350000 0 0 JPMorgan 7.9 Perp/Call 4/18 - PFD 46625HHA1 2687 2590000 PRN SOLE 2590000 0 0 So. Cal Edison 6.25 Perp/Call PFD 842400FU2 749 675000 PRN SOLE 675000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 5364 5495000 PRN SOLE 5495000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 481 460000 PRN SOLE 460000 0 0