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0001109228-17-000004.txt : 20170515 0001109228-17-000004.hdr.sgml : 20170515 20170515103416 ACCESSION NUMBER: 0001109228-17-000004 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 EFFECTIVENESS DATE: 20170515 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: 17841972 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 true false 0001109228 XXXXXXXX 03-31-2017 03-31-2017 KCM INVESTMENT ADVISORS LLC

750 LINDARO STREET SUITE 350 SAN RAFAEL CA 94901

13F HOLDINGS REPORT 028-05651 N William L. Prince CCO 415.461.7788 William L. 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Inc COM 984332106 953 20535 SH SOLE 20535 0 0 Yum! Brands Inc COM 988498101 291 4558 SH SOLE 4558 0 0 Zimmer Biomet Holdings Inc COM 98956p102 2690 22029 SH SOLE 22029 0 0 iShares Core Dividend Growth COM 46434v621 813 26697 SH SOLE 26697 0 0 iShares Core US Value COM 464287663 233 4608 SH SOLE 4608 0 0 iShares DJ Select Dividend Ind COM 464287168 7569 83081 SH SOLE 83081 0 0 iShares DJ US Energy Sector COM 464287796 1014 26323 SH SOLE 26323 0 0 iShares DJ US Financial Sect COM 464287788 1212 11652 SH SOLE 11652 0 0 iShares DJ US Health Car Pro COM 464288828 276 2055 SH SOLE 2055 0 0 iShares DJ US Medical Device COM 464288810 296 1952 SH SOLE 1952 0 0 iShares DJ US Telecommunicatio COM 464287713 1304 40319 SH SOLE 40319 0 0 iShares DJ US Transport Index COM 464287192 1660 10125 SH SOLE 10125 0 0 iShares Goldman Sachs Tech I COM 464287721 312 2310 SH SOLE 2310 0 0 iShares MSCI EAFE Index COM 464287465 809 12987 SH SOLE 12987 0 0 iShares MSCI Emerging Markets COM 464287234 288 7305 SH SOLE 7305 0 0 iShares MSCI USA Quality Facto COM 46432f339 982 13495 SH SOLE 13495 0 0 iShares Nasdaq Biotech Index F COM 464287556 5911 20155 SH SOLE 20155 0 0 iShares Russell 1000 Growth COM 464287614 941 8265 SH SOLE 8265 0 0 iShares Russell 1000 Value COM 464287598 216 1882 SH SOLE 1882 0 0 iShares Russell 2000 Index Fun COM 464287655 516 3751 SH SOLE 3751 0 0 iShares Russell Midcap Growth COM 464287481 213 2057 SH SOLE 2057 0 0 iShares S&P 100 Index Fund COM 464287101 1858 17742 SH SOLE 17742 0 0 iShares S&P 500 Index Fund COM 464287200 1813 7643 SH SOLE 7643 0 0 iShares S&P 500 Value Index Fu COM 464287408 208 2000 SH SOLE 2000 0 0 iShares S&P Europe 350 COM 464287861 547 13065 SH SOLE 13065 0 0 iShares S&P Global 100 COM 464287572 674 8246 SH SOLE 8246 0 0 iShares S&P Midcap 400 COM 464287507 1619 9457 SH SOLE 9457 0 0 iShares S&P Midcap 400/Value COM 464287705 453 3050 SH SOLE 3050 0 0 iShares S&P SmallCap 600 COM 464287804 506 7310 SH SOLE 7310 0 0 iShares S&P US Preferred Stock COM 464288687 9155 236576 SH SOLE 236576 0 0 AEGON 8.00 2042 Notes Call 08 PFD 007924608 2774 106781 SH SOLE 106781 0 0 AGNC Investment Corp 7.75 Per PFD 00123q302 852 32765 SH SOLE 32765 0 0 AGNC Investment Corp 8.0 Perp PFD 02503x204 1005 39095 SH SOLE 39095 0 0 AON Cap 8.205 1/27 Non-Call B PFD 22532r101 2196 66144 SH SOLE 66144 0 0 Affiliated Mgrs Grp 6.375 SrN PFD 008252876 370 14483 SH SOLE 14483 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 300 11290 SH SOLE 11290 0 0 Allied Capital ARCC6.875- 4/20 PFD 01903q207 253 9798 SH SOLE 9798 0 0 American Homes 4Rent 6.50- Per PFD 02665t702 384 14371 SH SOLE 14371 0 0 Amtrust Financial 6.95 QDI Ca PFD 032359820 429 19086 SH SOLE 19086 0 0 Amtrust Financial 7.25 CUM QD PFD 032359507 294 12659 SH SOLE 12659 0 0 Amtrust Financial 7.25 SrNt C PFD 032359861 306 12200 SH SOLE 12200 0 0 Amtrust Financial 7.5 QDI Cal PFD 032359887 2732 115082 SH SOLE 115082 0 0 Amtrust Financial 7.50 Nts 205 PFD 032359853 529 21196 SH SOLE 21196 0 0 Amtrust Financial 7.625 CUM QD PFD 032359705 3668 154575 SH SOLE 154575 0 0 Amtrust Financial 7.75 QDI Ca PFD 032359846 2033 83736 SH SOLE 83736 0 0 Annaly Capital 7.625 CUM Cl 8 PFD 035710888 1292 51315 SH SOLE 51315 0 0 Annaly Capital 7.625 Perp Cl PFD 035710706 312 12334 SH SOLE 12334 0 0 Apollo Cmmrl Real Est 8.00 CU PFD 03762u501 248 9770 SH SOLE 9770 0 0 Arbor Realty 8.50 CUM Perp Ca PFD 038923801 275 10687 SH SOLE 10687 0 0 Arch Capital 6.7 BBB QDI Cl PFD g0450a204 718 28526 SH SOLE 28526 0 0 Ares Management 7 Call 6/21 B PFD 04014y200 203 7741 SH SOLE 7741 0 0 Argo Group 6.5 Sr Notes Call PFD 040130205 1922 75763 SH SOLE 75763 0 0 Ashford Hospitality 7.375 NR PFD 044103604 1611 65421 SH SOLE 65421 0 0 Aspen Insurance 7.25 Cal l07/2 PFD g05384147 7156 281292 SH SOLE 281292 0 0 Axis Capital 6.875 Called4/17/ PFD g0692u307 531 21272 SH SOLE 21272 0 0 B Riley Financial 7.50 SenNts PFD 05580m207 430 16370 SH SOLE 16370 0 0 BB&T Capital 5.625 Call 8/201 PFD 054937404 201 7942 SH SOLE 7942 0 0 BGC Partners 8.125 2042 Call PFD 05541t408 4342 170204 SH SOLE 170204 0 0 BancOfCalifornia 7.00 Cal2021 PFD 05990k874 1689 65591 SH SOLE 65591 0 0 BancOfCalifornia 7.375 Ca2020 PFD 05990k882 6594 249758 SH SOLE 249758 0 0 BancOfCalifornia 8.00 Cal2018 PFD 05990k403 2901 108651 SH SOLE 108651 0 0 Bank of America 1000pv 7.25 PFD 060505682 3897 3261 SH SOLE 3261 0 0 Bank of America 6.6 Prp Cl 1/ PFD 060505310 510 19384 SH SOLE 19384 0 0 Bank of America 6.625 Prp/Cl PFD 060505344 2952 111282 SH SOLE 111282 0 0 Bank of America 6.625 Prp Cl 1 PFD 060505740 652 25087 SH SOLE 25087 0 0 Barclays 8.125 Perp/Cl 3/14 B PFD 06739h362 396 15300 SH SOLE 15300 0 0 BlueRock Residential Growth 7. PFD 09627j748 1190 46482 SH SOLE 46482 0 0 BlueRock Residential Growth 8. PFD 09627j508 2132 81802 SH SOLE 81802 0 0 Boston Private Finl 6.95 Perp PFD 101119303 574 22322 SH SOLE 22322 0 0 CBL & Associates 6.625 Perp C PFD 124830803 385 16504 SH SOLE 16504 0 0 CBL&Assoc Properties 7.375 CUM PFD 124830605 326 13608 SH SOLE 13608 0 0 CHS Chemical 7.50 Cl 1/2025 C PFD 12542r803 7534 262329 SH SOLE 262329 0 0 CHS Chemicals 6.75 Perp cl 20 PFD 12542r704 359 12828 SH SOLE 12828 0 0 CHS Chemicals 7.875 Perp cl 2 PFD 12542r308 282 9697 SH SOLE 9697 0 0 Capital One Finl 6.7 Prp Call PFD 14040h709 1549 56447 SH SOLE 56447 0 0 CenturyLink Quest 7.0 SnNts Cl PFD 74913g501 2910 114978 SH SOLE 114978 0 0 Chesapeake Lodging 7.75 erpC PFD 165240201 4661 185397 SH SOLE 185397 0 0 Chimera Investment Corp 8 Cal PFD 16934q406 493 19400 SH SOLE 19400 0 0 Citigroup 5.8 B1 Call 4/18 QD PFD 172967366 219 8450 SH SOLE 8450 0 0 Citigroup 7.125 Flt Aftr 9/23 PFD 172967358 8243 285422 SH SOLE 285422 0 0 Citigroup Tst 7.875 Cl2015 Li PFD 173080201 950 35645 SH SOLE 35645 0 0 City Office REIT 6.625 CUM Ca FD 178587200 596 23750 SH SOLE 23750 0 0 Colony NorthStar 7.125 CUM Ca FD 19625w880 1206 48291 SH SOLE 48291 0 0 Colony NorthStar 7.50 CUM Cal PFD 19625w807 1054 42673 SH SOLE 42673 0 0 Colony NorthStar 8.25 CUM Cal PFD 19625w302 360 14109 SH SOLE 14109 0 0 Colony NorthStar 8.50 CUM Cal PFD 19625w708 1070 42470 SH SOLE 42470 0 0 Colony NorthStar 8.50 CUM Cal PFD 19625w500 851 32960 SH SOLE 32960 0 0 Colony NorthStar 8.75 CUM Cal PFD 19625w203 269 10568 SH SOLE 10568 0 0 Colony NorthStar 8.75 CUM Cal PFD 19625w609 405 15406 SH SOLE 15406 0 0 Colony Northstar 8.875 CUM Ca PFD 19625w401 437 17015 SH SOLE 17015 0 0 CoreEnergy 7.375 Pfd - Par Ca PFD 21870u304 818 32378 SH SOLE 32378 0 0 Corporate Office Prop 7.375 C PFD 22002t884 1642 65080 SH SOLE 65080 0 0 Cowen 8.25 Senior Notes Call1 FD 223622309 1525 56606 SH SOLE 56606 0 0 Deutsche Bank 8.05 PrpCl6/18 FD 25150l108 249 9405 SH SOLE 9405 0 0 Deutsche Bnk 7.6 Prp Cl 2/18 PFD 25154a108 395 15193 SH SOLE 15193 0 0 Digital Realty 6.625 BB- Call PFD 253868806 446 17695 SH SOLE 17695 0 0 Digital Realty 7.375 Perp CUM PFD 253868871 2180 79288 SH SOLE 79288 0 0 Discover Financial 6.50 Perp Q PFD 254709207 1971 75957 SH SOLE 75957 0 0 Dynagas LNG 9.0 QDI CUM cl 2 PFD Y2188b116 1381 53331 SH SOLE 53331 0 0 EBAY 6.00 Sr Notes Call 3/1/2 PFD 278642202 616 23300 SH SOLE 23300 0 0 EaglePoint Credit 7-SrNts 12/3 PFD 269809208 715 27700 SH SOLE 27700 0 0 EaglePoint Credit 7.75- Due 10 PFD 269809307 996 38347 SH SOLE 38347 0 0 EaglePoint Credit 7.75-2022 CU PFD 269809109 1961 75303 SH SOLE 75303 0 0 Endurance Specialty 6.35- Cl 1 PFD 29267h406 270 10300 SH SOLE 10300 0 0 EverBank Financial 6.75- Perp PFD 29977g201 654 25783 SH SOLE 25783 0 0 First Republic 7.0- Cl 12/18 B PFD 33616c860 4853 180193 SH SOLE 180193 0 0 First Republic Bank 6.2- Cl 6/ PFD 33616c407 535 21060 SH SOLE 21060 0 0 GGP Inc 6.375- Call 2/2018 CUM PFD 370023202 383 14800 SH SOLE 14800 0 0 GaslLog Ltd 8.75- Ser A CUM QD PFD g37585117 1511 58161 SH SOLE 58161 0 0 Gladstone Commercial 7.00- CUM PFD 376536603 3835 152365 SH SOLE 152365 0 0 Gladstone Investment 6.25- CUM PFD 376546503 709 27750 SH SOLE 27750 0 0 Global Indemnity SnNts7.875- C PFD g3933f139 656 26500 SH SOLE 26500 0 0 Global Indemnity SrNts7.75- Ca PFD g3933f121 1961 77210 SH SOLE 77210 0 0 Goldman 5.5- Flt Aftr 5/23 Cl PFD 38145g308 1932 72048 SH SOLE 72048 0 0 GoldmanSachs Lib-75 Min3.75- C PFD 38143y665 664 27989 SH SOLE 27989 0 0 HSBC Hldgs 8.0- Prp Cl 12/15 B PFD 404280802 2546 96260 SH SOLE 96260 0 0 Hanover Insurance6.35- Cl3/18 PFD 410867204 1295 50865 SH SOLE 50865 0 0 Hartford Finl 7.875- 2042 call PFD 416518504 1299 41759 SH SOLE 41759 0 0 Hercules Capital 6.25-SrNts 24 PFD 427096862 233 9100 SH SOLE 9100 0 0 Hersha Hospitality 6.50- NR Ca PFD 427825609 452 17988 SH SOLE 17988 0 0 IberiaBank Corp 6.60- Call 5/1 PFD 450828504 880 32529 SH SOLE 32529 0 0 Investors REIT 7.95- Perp CUM PFD 461730301 1298 51321 SH SOLE 51321 0 0 JMP Group 8.00- SrDeb Due1/202 PFD 46629u206 412 16264 SH SOLE 16264 0 0 JPMorgan Chase 6.70-Perp/Call PFD 48127a161 1780 64931 SH SOLE 64931 0 0 Just Energy 8.50-Perp Call3/20 PFD 48213w200 699 27930 SH SOLE 27930 0 0 KKR Financial 7.50- SrNts Call PFD 48248a504 3159 123573 SH SOLE 123573 0 0 LaSalle Hotel 6.3- Call 5/2021 PFD 517942884 280 11400 SH SOLE 11400 0 0 LaSalle Hotel 6.375- Call 3/20 PFD 517942801 240 9651 SH SOLE 9651 0 0 LaSalle Hotel 7.50- Perp Calle PFD 517942702 1679 66297 SH SOLE 66297 0 0 M&T Bank 6.375- Cl 11/18 BBB- PFD 55261f708 499 484 SH SOLE 484 0 0 MFA Financial 7.5- Prp Cl 4/15 PFD 55272x409 225 8973 SH SOLE 8973 0 0 Maiden Hldgs 8.00-rSNts 2042 c PFD 56029q309 2044 80176 SH SOLE 80176 0 0 Maiden Holdings 7.125-PrpCl 12 PFD g5753u138 738 28450 SH SOLE 28450 0 0 Maiden Holdings 8.25-Prp Cl8/2 PFD g5753u120 1861 72337 SH SOLE 72337 0 0 Medley Capital7.25-SrNts Due24 PFD 58503y204 366 14350 SH SOLE 14350 0 0 Medley Capitl 6.875-Notes Due2 PFD 58503y105 304 12300 SH SOLE 12300 0 0 MetLife 3MoLibor-100 Min 4.0- PFD 59156r504 215 8666 SH SOLE 8666 0 0 Morgan Stanley 3MoLib-70bp 4-F PFD 61747s504 564 23884 SH SOLE 23884 0 0 Morgan Stanley 7.125-Flt Aftr1 PFD 61762v200 5305 182106 SH SOLE 182106 0 0 National General 7.5- NA Cl Q PFD 636220857 4682 187287 SH SOLE 187287 0 0 National General 7.50-Call4/20 PFD 636220808 3280 131250 SH SOLE 131250 0 0 National General 7.625- Call9/ PFD 636220873 1927 76759 SH SOLE 76759 0 0 National General7.50-Call 7/20 PFD 636220709 2651 105657 SH SOLE 105657 0 0 New York MtgTrust 7.875-Perp C PFD 649604808 291 12209 SH SOLE 12209 0 0 NewTek Business Svs 7.0-Nts du PFD 652526401 245 9640 SH SOLE 9640 0 0 NewTek Business Svs 7.50- Nts PFD 652526302 533 20111 SH SOLE 20111 0 0 News Corp 7.00- 12/1/2095 call PFD 863117206 223 8503 SH SOLE 8503 0 0 NuStar Logistics 7.625-Nts Cl PFD 67059t204 1319 50425 SH SOLE 50425 0 0 Oxford Lane Cap8.125- Cl6/2017 PFD 691543409 219 8513 SH SOLE 8513 0 0 PS Business Parks 6.0- Cl 5/20 PFD 69360j685 262 10412 SH SOLE 10412 0 0 Partner Re 6.50-Perp Cal 4/202 PFD g68603136 704 26550 SH SOLE 26550 0 0 Partner Re 7.25- Call 06/21 BB PFD g68603144 7169 250833 SH SOLE 250833 0 0 Penn Real Estate 8.25- CIM Per PFD 709102404 244 9702 SH SOLE 9702 0 0 Penn RealEstate 7.20-CUM Perp PFD 709102602 270 10109 SH SOLE 10109 0 0 Penn RealEstate 7.375-CUM Perp PFD 709102503 588 23349 SH SOLE 23349 0 0 PennyMac Mtg 8.125- 2024 Libor PFD 70931t301 264 10450 SH SOLE 10450 0 0 Pitney Bowes 6.7- Cl 3/7/18 BB PFD 724479506 328 12500 SH SOLE 12500 0 0 Prospect Captl 6.25- 6/24 SrNt PFD 74348t300 1655 63890 SH SOLE 63890 0 0 Prudential PLC 6.75- PrpCl 9/0 PFD g7293h114 510 19602 SH SOLE 19602 0 0 Quest USWest 7.0- SrNts 2056 2 PFD 74913g808 3150 119218 SH SOLE 119218 0 0 Quest USWest SnNotes 7.0- 2052 PFD 74913G402 1298 51500 SH SOLE 51500 0 0 Quest USWest Sr Nts6.125-Nts C PFD 74913g600 230 9270 SH SOLE 9270 0 0 Quest USWestSnNote7.5- BBB- Cl PFD 74913g303 2263 88617 SH SOLE 88617 0 0 Quest USWestSnNotes 6.875- CL PFD 74913g105 3251 128150 SH SOLE 128150 0 0 Qwest Corp 6.5- Sr Note 9/56 C PFD 74913g881 2428 97830 SH SOLE 97830 0 0 Realty Income 6.625- Called 4 PFD 756109807 315 12540 SH SOLE 12540 0 0 Regency Centers 6.00- Perp CUM PFD 758849806 431 16950 SH SOLE 16950 0 0 Regions Financial 6.375- Cl 12 PFD 7591ep308 411 15850 SH SOLE 15850 0 0 Reinsurance Group of Amer 6.2- PFD 759351703 337 11800 SH SOLE 11800 0 0 Retail Properties of Amer 7.0- PFD 76131v608 393 15400 SH SOLE 15400 0 0 SL Green Realty 6.5- Perp CUM PFD 78440x507 1817 71270 SH SOLE 71270 0 0 SoCalEd 5.375- CUM cl 2025 QDI PFD 78409g206 785 29111 SH SOLE 29111 0 0 Solar Capital 6.75- Cl 11/17 PFD 83413u308 473 18673 SH SOLE 18673 0 0 Sotherly Hotels 8- Cum Perp C PFD 83600c301 2474 95190 SH SOLE 95190 0 0 Summit Hotel 7.875- Perp CUM C PFD 866082308 2872 111785 SH SOLE 111785 0 0 Summit Hotel7.125-Perp CUM Cal PFD 866082407 959 37338 SH SOLE 37338 0 0 Sunstone Hotel 6.95- Prp/Cl 3/ PFD 867892606 368 14479 SH SOLE 14479 0 0 Taubman Centers 6.5- CUM NA Cl PFD 876664608 261 10298 SH SOLE 10298 0 0 Telephone & Data 6.875- Cl 11/ PFD 879433845 2206 86825 SH SOLE 86825 0 0 Telephone & Data 7.0- Cl 3/16 PFD 879433837 800 31602 SH SOLE 31602 0 0 Texas Capitl Bancshares6.50- 2 PFD 882228307 445 17551 SH SOLE 17551 0 0 Torchmark Crp 6.125- SubDebCal PFD 891027401 921 35550 SH SOLE 35550 0 0 TravelCenters SnNotes 8- 10/20 PFD 894174408 1471 58029 SH SOLE 58029 0 0 TravelCenters SnNotes 8- 2029 PFD 894174309 3105 122305 SH SOLE 122305 0 0 Triancgle Capitl 6.375-Sr Note PFD 895848406 860 33250 SH SOLE 33250 0 0 TriplePoint Venture BDC 6.75- PFD 89677y209 524 20500 SH SOLE 20500 0 0 Two Harbors Investments 8.125- PFD 90187b200 672 25705 SH SOLE 25705 0 0 UMH Propertyies 8.0- Perp Cum PFD 903002301 578 21567 SH SOLE 21567 0 0 US Bancorp 6.5- Flt Aftr 1/22 PFD 902973833 1219 42539 SH SOLE 42539 0 0 US Celllular SrNts 7.25- 2063 PFD 911684504 614 23100 SH SOLE 23100 0 0 US Cellular 6.95-SrNT 2060 Cl PFD 911684405 439 17175 SH SOLE 17175 0 0 US Cellular 7.25- SrNts12/2064 PFD 911684603 1930 72352 SH SOLE 72352 0 0 VEREIT Inc 6.70- Perp CUM Cl 2 PFD 92339v209 876 34068 SH SOLE 34068 0 0 Wells Fargo 5.85-Flt Aftr 9/23 PFD 949746556 333 12525 SH SOLE 12525 0 0 Wells Fargo 6.375- Cl 12/19 BB PFD 94988n207 773 29450 SH SOLE 29450 0 0 Wells Fargo 7.5- Cnv@$156 $100 PFD 949746804 17324 13982 SH SOLE 13982 0 0 Wells Fargo 8.00- Prp Cl12/17 PFD 949746879 8888 338719 SH SOLE 338719 0 0 Wheeler RealEstate 8.75-CUM Pu PFD 963025606 410 15772 SH SOLE 15772 0 0 WinTrust Financial 6.50- Call PFD 97650w405 224 8280 SH SOLE 8280 0 0 Bank of America 5.20- Perp/Cal PFD 060505ED2 314 315000 SH SOLE 315000 0 0 Charles Schwab 7- Perp/Call 2/ PFD 808513AE5 1724 1522000 PRN SOLE 1522000 0 0 Citigroup 5.35- Perp/Call 5/23 PFD 172967GR6 740 740000 PRN SOLE 740000 0 0 Citigroup 5.875- Perp/Call 3/2 PFD 172967JK8 361 350000 PRN SOLE 350000 0 0 Citigroup Inc 5.95- Perp Call PFD 172967GD7 1065 1020000 PRN SOLE 1020000 0 0 Citigroup Inc 6.125- Perp Call PFD 172967KD2 583 550000 PRN SOLE 550000 0 0 Citigroup Inc Fix-to-Float Per PFD 172967GF2 209 200000 PRN SOLE 200000 0 0 GE Cap Corp 5.00- Perp/Call 1/ PFD 369604BQ5 2289 2170000 PRN SOLE 2170000 0 0 JPMorgan 6.0- Perp/Call 8/23 - PFD 48126HAA8 2763 2650000 PRN SOLE 2650000 0 0 JPMorgan 7.9- Perp/Call 4/18 - PFD 46625HHA1 2654 2570000 PRN SOLE 2570000 0 0 So. Cal Edison 6.25- Perp/Call PFD 842400FU2 724 650000 PRN SOLE 650000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 2745 2745000 PRN SOLE 2745000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 481 460000 PRN SOLE 460000 0 0