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0001109228-17-000005.txt : 20170810 0001109228-17-000005.hdr.sgml : 20170810 20170810151525 ACCESSION NUMBER: 0001109228-17-000005 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170810 DATE AS OF CHANGE: 20170810 EFFECTIVENESS DATE: 20170810 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: 171021196 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 06-30-2017 06-30-2017 KCM INVESTMENT ADVISORS LLC

750 LINDARO STREET SUITE 350 SAN RAFAEL CA 94901

13F HOLDINGS REPORT 028-05651 N William L. Prince, CFA CCO 4154617788 William L. Prince San Rafael CA 08-10-2017 0 533 1595835 false INFORMATION TABLE 2 kcm13f063017.xml 1/100 Berkshire Hathaway A (10 COM 084990175 255 1 SH SOLE 100 0 0 3M Company COM 88579y101 22379 107495 SH SOLE 107495 0 0 ABB Ltd-Spon ADR COM 000375204 3811 153052 SH SOLE 153052 0 0 AT&T Inc COM 00206r102 7575 200769 SH SOLE 200769 0 0 AbbVie Inc COM 00287y109 11372 156838 SH SOLE 156838 0 0 Abbott Laboratories COM 002824100 10296 211815 SH SOLE 211815 0 0 Accenture PLC-Cl A COM g1151c101 4410 35657 SH SOLE 35657 0 0 Adobe Systems Inc COM 00724f101 1072 7580 SH SOLE 7580 0 0 Aetna Inc COM 00817Y108 927 6106 SH SOLE 6106 0 0 Aflac Inc COM 001055102 1035 13321 SH SOLE 13321 0 0 Agilent Technologies Inc COM 00846u101 973 16398 SH SOLE 16398 0 0 Air Products & Chemicals Inc COM 009158106 7102 49642 SH SOLE 49642 0 0 Alaska Air Group COM 011659109 259 2889 SH SOLE 2889 0 0 Alibaba Group Holding-SP ADR COM 01609w102 234 1663 SH SOLE 1663 0 0 Allegion PLC COM g0176j109 231 2848 SH SOLE 2848 0 0 Allergan plc (new) COM g0177j108 681 2801 SH SOLE 2801 0 0 Allstate Corp COM 020002101 511 5780 SH SOLE 5780 0 0 Alphabet Inc-Cl A COM 02079k305 8608 9259 SH SOLE 9259 0 0 Alphabet Inc-Cl C COM 02079k107 5617 6181 SH SOLE 6181 0 0 Altaba Inc COM 021346101 1113 20435 SH SOLE 20435 0 0 Altria Group Inc COM 02209s103 11987 160963 SH SOLE 160963 0 0 Amarillo Gold Corp COM 02301t108 4 13000 SH SOLE 13000 0 0 Amazon.com Inc COM 023135106 5213 5385 SH SOLE 5385 0 0 American Electric Power COM 025537101 511 7360 SH SOLE 7360 0 0 American Express Co COM 025816109 1409 16726 SH SOLE 16726 0 0 AmerisourceBergen Corp COM 03073e105 279 2950 SH SOLE 2950 0 0 Ametek Inc COM 031100100 248 4101 SH SOLE 4101 0 0 Amgen Inc COM 031162100 2630 15273 SH SOLE 15273 0 0 Anthem Inc COM 036752103 2719 14455 SH SOLE 14455 0 0 Aon PLC COM g0408v102 214 1610 SH SOLE 1610 0 0 Apple Inc COM 037833100 36911 256289 SH SOLE 256289 0 0 Archer Daniels Midland Co COM 039483102 836 20192 SH SOLE 20192 0 0 Ares Capital Corp COM 04010l103 249 15204 SH SOLE 15204 0 0 Automatic Data Processing COM 053015103 18808 183565 SH SOLE 183565 0 0 BCE Inc COM 05534b760 2017 44780 SH SOLE 44780 0 0 Bank Of Marin Bancorp CA COM 063425102 730 11867 SH SOLE 11867 0 0 Bank Of New York Mellon Corp COM 064058100 241 4714 SH SOLE 4714 0 0 Bank of America Corp COM 060505104 7932 326967 SH SOLE 326967 0 0 Baxter International Inc. 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SOLE 207771 0 0 Wells Fargo & Company COM 949746101 35567 641888 SH SOLE 641888 0 0 Westamerica Bancorportaion COM 957090103 639 11399 SH SOLE 11399 0 0 Western Digital Corp COM 958102105 584 6586 SH SOLE 6586 0 0 Weyerhaeuser Co COM 962166104 588 17561 SH SOLE 17561 0 0 Whirlpool Corp COM 963320106 2537 13237 SH SOLE 13237 0 0 White Mountains Insurance Grou COM g9618e107 650 748 SH SOLE 748 0 0 Williams Cos Inc COM 969457100 3645 120391 SH SOLE 120391 0 0 Williams-Sonoma Inc COM 969904101 5232 107870 SH SOLE 107870 0 0 WisdomTree MidCap Div Index COM 97717w505 215 2204 SH SOLE 2204 0 0 Xcel Energy Inc COM 98389b100 251 5461 SH SOLE 5461 0 0 Yum! Brands Inc COM 988498101 314 4258 SH SOLE 4258 0 0 Zimmer Biomet Holdings Inc COM 98956p102 3236 25199 SH SOLE 25199 0 0 iShares Core Dividend Growth COM 46434v621 1029 32853 SH SOLE 32853 0 0 iShares Core US Value COM 464287663 235 4608 SH SOLE 4608 0 0 iShares DJ Select Dividend Ind COM 464287168 7676 83246 SH SOLE 83246 0 0 iShares DJ US Energy Sector COM 464287796 934 26323 SH SOLE 26323 0 0 iShares DJ US Financial Sect COM 464287788 1253 11652 SH SOLE 11652 0 0 iShares DJ US Health Car Pro COM 464288828 305 2055 SH SOLE 2055 0 0 iShares DJ US Medical Device COM 464288810 324 1945 SH SOLE 1945 0 0 iShares DJ US Telecommunicatio COM 464287713 1385 42919 SH SOLE 42919 0 0 iShares DJ US Transport Index COM 464287192 1716 9975 SH SOLE 9975 0 0 iShares Goldman Sachs Tech I COM 464287721 323 2310 SH SOLE 2310 0 0 iShares MSCI EAFE Index COM 464287465 885 13576 SH SOLE 13576 0 0 iShares MSCI Emerging Markets COM 464287234 308 7435 SH SOLE 7435 0 0 iShares MSCI USA Quality Facto COM 46432f339 1004 13495 SH SOLE 13495 0 0 iShares Nasdaq Biotech Index F COM 464287556 6404 20652 SH SOLE 20652 0 0 iShares Russell 1000 Growth COM 464287614 797 6696 SH SOLE 6696 0 0 iShares Russell 1000 Value COM 464287598 219 1882 SH SOLE 1882 0 0 iShares Russell 2000 Index Fun COM 464287655 512 3636 SH SOLE 3636 0 0 iShares Russell Midcap Growth COM 464287481 228 2110 SH SOLE 2110 0 0 iShares Russell Midcap Value COM 464287473 200 2380 SH SOLE 2380 0 0 iShares S&P 100 Index Fund COM 464287101 1862 17417 SH SOLE 17417 0 0 iShares S&P 500 Index Fund COM 464287200 4367 17941 SH SOLE 17941 0 0 iShares S&P 500 Value Index Fu COM 464287408 210 2000 SH SOLE 2000 0 0 iShares S&P Europe 350 COM 464287861 557 12565 SH SOLE 12565 0 0 iShares S&P Global 100 COM 464287572 695 8246 SH SOLE 8246 0 0 iShares S&P Midcap 400 COM 464287507 1619 9307 SH SOLE 9307 0 0 iShares S&P Midcap 400/Value COM 464287705 453 3050 SH SOLE 3050 0 0 iShares S&P SmallCap 600 COM 464287804 493 7026 SH SOLE 7026 0 0 iShares S&P US Preferred Stock COM 464288687 8558 218488 SH SOLE 218488 0 0 AEGON 8.00. 2042 Notes Call 08 PFD 007924608 2363 91181 SH SOLE 91181 0 0 AGNC Investment Corp 7.75. Per PFD 00123q302 885 33884 SH SOLE 33884 0 0 AGNC Investment Corp 8.0. Perp PFD 02503x204 1014 39466 SH SOLE 39466 0 0 AON Cap 8.205. 1/27 Non-Call B PFD 22532r101 2128 65544 SH SOLE 65544 0 0 Affiliated Mgrs 6.375. A- Call PFD 008252876 345 13600 SH SOLE 13600 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 297 10990 SH SOLE 10990 0 0 Allied Capital ARCC6.875. 4/20 PFD 01903q207 252 9798 SH SOLE 9798 0 0 Ally 8.125. Call CUM Called 5/ PFD 361860208 204 7800 SH SOLE 7800 0 0 American Homes 4Rent 6.50. Per PFD 02665t702 347 13399 SH SOLE 13399 0 0 Amtrust Financial 6.95. QDI Ca PFD 032359820 396 16772 SH SOLE 16772 0 0 Amtrust Financial 7.25. CUM QD PFD 032359507 312 12803 SH SOLE 12803 0 0 Amtrust Financial 7.25. SrNt C PFD 032359861 305 12200 SH SOLE 12200 0 0 Amtrust Financial 7.5. QDI Cal PFD 032359887 2763 111645 SH SOLE 111645 0 0 Amtrust Financial 7.50.Nts 205 PFD 032359853 521 20490 SH SOLE 20490 0 0 Amtrust Financial 7.625.CUM QD PFD 032359705 3649 146137 SH SOLE 146137 0 0 Amtrust Financial 7.75. QDI Ca PFD 032359846 2210 87086 SH SOLE 87086 0 0 Annaly Capital 7.625. CUM Cl 8 PFD 035710888 1324 51791 SH SOLE 51791 0 0 Annaly Capital 7.625. Perp Cl PFD 035710706 322 12474 SH SOLE 12474 0 0 Apollo Cmmrl Real Est 8.00. CU PFD 03762u501 387 15232 SH SOLE 15232 0 0 Arbor Realty 8.50. CUM Perp Ca PFD 038923801 281 10857 SH SOLE 10857 0 0 Arch Capital 6.75. BBB QDI Cl PFD g0450a204 724 28226 SH SOLE 28226 0 0 Ares Management 7. Call 6/21 B PFD 04014y200 460 17252 SH SOLE 17252 0 0 Argo Group 6.5. Sr Notes Call PFD 040130205 1892 74789 SH SOLE 74789 0 0 Ashford Hospitality 7.375. NR PFD 044103604 1541 61641 SH SOLE 61641 0 0 Aspen Insurance 7.25. BBB QDI PFD g05384147 6959 278342 SH SOLE 278342 0 0 B Riley Financial 7.50. SenNts PFD 05580m207 426 16370 SH SOLE 16370 0 0 B Riley Financial 7.50. SnNts PFD 05580m306 2370 92000 SH SOLE 92000 0 0 BB&T Capital 5.625. Call 8/201 PFD 054937404 202 7951 SH SOLE 7951 0 0 BGC Partners 8.125. 2042 Call PFD 05541t408 4284 167119 SH SOLE 167119 0 0 BancOfCalifornia 7.00. Cal2021 PFD 05990k874 1748 64999 SH SOLE 64999 0 0 BancOfCalifornia 7.375. Ca2020 PFD 05990k882 6954 261423 SH SOLE 261423 0 0 BancOfCalifornia 8.00. Cal2018 PFD 05990k403 2864 106801 SH SOLE 106801 0 0 Bank of America $1000pv 7.25. PFD 060505682 4241 3360 SH SOLE 3360 0 0 Bank of America 6.5. Prp Cl 1/ PFD 060505310 495 18395 SH SOLE 18395 0 0 Bank of America 6.625. Prp/Cl PFD 060505344 2947 108913 SH SOLE 108913 0 0 Bank of America 6.625.Prp Cl 1 PFD 060505740 649 25092 SH SOLE 25092 0 0 Barclays 8.125. Perp/Cl 3/14 B PFD 06739h362 391 14700 SH SOLE 14700 0 0 BlueRock Residential Growth 7. PFD 09627j748 1261 47961 SH SOLE 47961 0 0 BlueRock Residential Growth 8. PFD 09627j508 2190 82582 SH SOLE 82582 0 0 Boston Private Finl 6.95.Perp PFD 101119303 763 29396 SH SOLE 29396 0 0 CBL & Associates 6.625. Perp C PFD 124830803 402 17304 SH SOLE 17304 0 0 CBL&Assoc Properties 7.375.CUM PFD 124830605 349 15008 SH SOLE 15008 0 0 CHS Chemical 7.50. Cl 1/2025 C PFD 12542r803 7468 258494 SH SOLE 258494 0 0 CHS Chemicals 6.75. Perp cl 20 PFD 12542r704 366 12929 SH SOLE 12929 0 0 CHS Chemicals 7.875. Perp cl 2 PFD 12542r308 412 14247 SH SOLE 14247 0 0 Capital One Finl 6.7.Prp Call PFD 14040h709 1532 55860 SH SOLE 55860 0 0 CenturyLink Quest 7.0.SnNts Cl PFD 74913g501 2852 112694 SH SOLE 112694 0 0 Chesapeake Lodging 7.75.CUM Ca PFD 165240201 4593 183864 SH SOLE 183864 0 0 Chimera Investment Corp 8. Cal PFD 16934q406 513 20052 SH SOLE 20052 0 0 Citigroup 5.8. B1 Call 4/18 QD PFD 172967366 207 7956 SH SOLE 7956 0 0 Citigroup 7.125. Flt Aftr 9/23 PFD 172967358 8294 277388 SH SOLE 277388 0 0 Citigroup Tst 7.875. Cl2015 Li PFD 173080201 926 35645 SH SOLE 35645 0 0 City Office REIT 6.625. CUM Ca PFD 178587200 696 27537 SH SOLE 27537 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w880 2215 86005 SH SOLE 86005 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w872 463 18125 SH SOLE 18125 0 0 Colony NorthStar 7.50. CUM Cal PFD 19625w807 2821 107032 SH SOLE 107032 0 0 Colony NorthStar 8.25. CUM Cal PFD 19625w302 360 14118 SH SOLE 14118 0 0 Colony NorthStar 8.50. CUM Cal PFD 19625w500 861 32663 SH SOLE 32663 0 0 Colony NorthStar 8.75. CUM Cal PFD 19625w609 474 17543 SH SOLE 17543 0 0 Colony Northstar 8.875. CUM Ca PFD 19625w401 443 17159 SH SOLE 17159 0 0 CoreEnergy 7.375. Pfd - Par Ca PFD 21870u304 1422 56829 SH SOLE 56829 0 0 Cowen 8.25. Senior Notes Call1 PFD 223622309 1480 55427 SH SOLE 55427 0 0 Deutsche Bank 8.05. PrpCl6/18 PFD 25150l108 250 9405 SH SOLE 9405 0 0 Deutsche Bnk 7.6. Prp Cl 2/18 PFD 25154a108 415 15855 SH SOLE 15855 0 0 Digital Realty 7.375. Perp CUM PFD 253868871 2175 79288 SH SOLE 79288 0 0 Discover Financial 6.50.Perp Q PFD 254709207 1949 75595 SH SOLE 75595 0 0 Dynagas LNG 9.0. QDI CUM cl 2 PFD Y2188b116 1334 50547 SH SOLE 50547 0 0 EBAY 6.00. Sr Notes Call 3/1/2 PFD 278642202 583 21300 SH SOLE 21300 0 0 EaglePoint Credit 7.75. Due 10 PFD 269809307 241 9300 SH SOLE 9300 0 0 EaglePoint Credit 7.75.2022 CU PFD 269809109 778 30196 SH SOLE 30196 0 0 Endurance Specialty 6.35. Cl 1 PFD 29267h406 265 9900 SH SOLE 9900 0 0 Felcor Lodging $1.95 Cnv@$32.2 PFD 31430f200 331 11849 SH SOLE 11849 0 0 First Republic 7.0. Cl 12/18 B PFD 33616c860 4791 178443 SH SOLE 178443 0 0 GGP Inc 6.375. Call 2/2018 CUM PFD 370023202 377 14800 SH SOLE 14800 0 0 GasLog LP 8.625.fxd/flt Cum Q PFD y2637w116 657 25700 SH SOLE 25700 0 0 GasLog Ltd 8.75. Ser A CUM QDI PFD g37585117 1465 56811 SH SOLE 56811 0 0 Gladstone Commercial 7.00. CUM PFD 376536603 5078 194918 SH SOLE 194918 0 0 Gladstone Investment 6.25. CUM PFD 376546503 652 25550 SH SOLE 25550 0 0 Global Indemnity SnNts7.875. C PFD g3933f139 846 33325 SH SOLE 33325 0 0 Global Indemnity SrNts7.75. Ca PFD g3933f121 1983 77147 SH SOLE 77147 0 0 Goldman 5.5. Flt Aftr 5/23 Cl PFD 38145g308 2001 71090 SH SOLE 71090 0 0 GoldmanSachs Lib.75 Min3.75. C PFD 38143y665 650 26993 SH SOLE 26993 0 0 HSBC Hldgs 8.0. Prp Cl 12/15 B PFD 404280802 2527 94260 SH SOLE 94260 0 0 Hanover Insurance6.35. Cl3/18 PFD 410867204 1278 49431 SH SOLE 49431 0 0 Hartford Finl 7.875. 2042 call PFD 416518504 1272 41359 SH SOLE 41359 0 0 Hercules Capital 6.25.SrNts 24 PFD 427096862 227 8900 SH SOLE 8900 0 0 Hersha Hospitality 6.50. NR Ca PFD 427825609 494 19554 SH SOLE 19554 0 0 IberiaBank Corp 6.60. Call 5/1 PFD 450828504 862 31137 SH SOLE 31137 0 0 Investors REIT 7.95. Perp CUM PFD 461730301 1460 58097 SH SOLE 58097 0 0 JMP Group 8.00. SrDeb Due1/202 PFD 46629u206 414 16264 SH SOLE 16264 0 0 JPMorgan Chase 6.70.Perp/Call PFD 48127a161 1732 64198 SH SOLE 64198 0 0 Just Energy 8.50.Perp Call3/20 PFD 48213w200 963 38180 SH SOLE 38180 0 0 LaSalle Hotel 6.3. Call 5/2021 PFD 517942884 269 10609 SH SOLE 10609 0 0 LaSalle Hotel 6.375. Call 3/20 PFD 517942801 244 9664 SH SOLE 9664 0 0 M&T Bank 6.375. Cl 11/18 BBB- PFD 55261f708 503 484 SH SOLE 484 0 0 MFA Financial 7.5. Prp Cl 4/15 PFD 55272x409 229 9026 SH SOLE 9026 0 0 Maiden Holdings 6.70.Prp Cl 6/ PFD g5753u146 253 10000 SH SOLE 10000 0 0 Maiden Holdings 7.125.PrpCl 12 PFD g5753u138 780 29450 SH SOLE 29450 0 0 Maiden Holdings 8.25.Prp Cl8/2 PFD g5753u120 1820 71537 SH SOLE 71537 0 0 Medley Capital7.25.SrNts Due24 PFD 58503y204 390 15550 SH SOLE 15550 0 0 Medley Capitl 6.875.Notes Due2 PFD 58503y105 297 12300 SH SOLE 12300 0 0 MetLife 3MoLibor.100 Min 4.0. PFD 59156r504 219 8666 SH SOLE 8666 0 0 Morgan Stanley 3MoLib.70bp 4.F PFD 61747s504 541 22884 SH SOLE 22884 0 0 Morgan Stanley 7.125.Flt Aftr1 PFD 61762v200 5195 175282 SH SOLE 175282 0 0 National General 7.5. NA Cl Q PFD 636220857 5364 207901 SH SOLE 207901 0 0 National General 7.50.Call4/20 PFD 636220808 3385 130816 SH SOLE 130816 0 0 National General 7.625. Call9/ PFD 636220873 1919 74859 SH SOLE 74859 0 0 National General7.50.Call 7/20 PFD 636220709 2711 104257 SH SOLE 104257 0 0 New York MtgTrust 7.875.Perp C PFD 649604808 306 12316 SH SOLE 12316 0 0 NewTek Business Svs 7.0.Nts du PFD 652526401 246 9640 SH SOLE 9640 0 0 NewTek Business Svs 7.50. Nts PFD 652526302 532 20111 SH SOLE 20111 0 0 News Corp 7.00. 12/1/2095 call PFD 863117206 218 8503 SH SOLE 8503 0 0 NuStar Logistics 7.625.Nts Cl PFD 67059t204 1400 54775 SH SOLE 54775 0 0 Oxford Lane Cap6.75. Nts 6/202 PFD 691543508 882 35400 SH SOLE 35400 0 0 Oxford Lane Cap8.125. Called 7 PFD 691543409 201 8013 SH SOLE 8013 0 0 PS Business Parks 6.0. Cl 5/20 PFD 69360j685 249 9874 SH SOLE 9874 0 0 Partner Re 6.50.Perp Cal 4/202 PFD g68603136 728 26750 SH SOLE 26750 0 0 Partner Re 7.25. Call 06/21 BB PFD g68603144 7263 250433 SH SOLE 250433 0 0 Penn Real Estate 8.25. CIM Per PFD 709102404 248 9784 SH SOLE 9784 0 0 Penn RealEstate 7.20.CUM Perp PFD 709102602 356 13268 SH SOLE 13268 0 0 Penn RealEstate 7.375.CUM Perp PFD 709102503 568 22296 SH SOLE 22296 0 0 PennyMac Mtg 8.125. 2024 Libor PFD 70931t301 348 13759 SH SOLE 13759 0 0 Pitney Bowes 6.7. Cl 3/7/18 BB PFD 724479506 334 12500 SH SOLE 12500 0 0 Prospect Captl 6.25. 6/24 SrNt PFD 74348t300 1696 65056 SH SOLE 65056 0 0 Prudential PLC 6.75. PrpCl 9/0 PFD g7293h114 520 19602 SH SOLE 19602 0 0 Quest USWest 7.0. SrNts 2056 2 PFD 74913g808 3563 134293 SH SOLE 134293 0 0 Quest USWest SnNotes 7.0. 2052 PFD 74913G402 1275 50100 SH SOLE 50100 0 0 Quest USWest Sr Nts6.125.Nts C PFD 74913g600 217 8670 SH SOLE 8670 0 0 Quest USWestSnNote7.5. BBB- Cl PFD 74913g303 1259 49603 SH SOLE 49603 0 0 Quest USWestSnNotes 6.875. CL PFD 74913g105 3231 126050 SH SOLE 126050 0 0 Qwest Corp 6.5. Sr Note 9/56 C PFD 74913g881 2537 101580 SH SOLE 101580 0 0 Qwest Corp 6.75. SrNote 6/57 C PFD 74913g873 663 26150 SH SOLE 26150 0 0 Regency Centers 6.00. BBB- Cal PFD 758849806 421 16706 SH SOLE 16706 0 0 Regions Financial 6.375. Cl 12 PFD 7591ep308 397 15450 SH SOLE 15450 0 0 Reinsurance Group of Amer 6.2. PFD 759351703 367 12300 SH SOLE 12300 0 0 Retail Properties of Amer 7.0. PFD 76131v608 394 15400 SH SOLE 15400 0 0 SL Green Realty 6.5. Perp CUM PFD 78440x507 1773 70397 SH SOLE 70397 0 0 SoCalEd 5.375. CUM cl 2025 QDI PFD 78409g206 794 28111 SH SOLE 28111 0 0 Solar Capital 6.75. Cl 11/17 PFD 83413u308 478 18673 SH SOLE 18673 0 0 Sotherly Hotels 8. Cum Perp C PFD 83600c301 2643 104471 SH SOLE 104471 0 0 Spark Energy 8.75. Call 2022 Q PFD 846511202 234 8850 SH SOLE 8850 0 0 Summit Hotel 7.875. Perp CUM C PFD 866082308 2902 112295 SH SOLE 112295 0 0 Summit Hotel7.125.Perp CUM Cal PFD 866082407 964 37239 SH SOLE 37239 0 0 Sunstone Hotel 6.95. Prp/Cl 3/ PFD 867892606 399 15407 SH SOLE 15407 0 0 Taubman Centers 6.5. CUM NA Cl PFD 876664608 249 9905 SH SOLE 9905 0 0 Telephone & Data 6.875. Cl 11/ PFD 879433845 2106 82775 SH SOLE 82775 0 0 Telephone & Data 7.0. Cl 3/16 PFD 879433837 794 31002 SH SOLE 31002 0 0 Texas Capitl Bancshares6.50. 2 PFD 882228307 403 15851 SH SOLE 15851 0 0 Torchmark Crp 6.125. SubDebCal PFD 891027401 944 35550 SH SOLE 35550 0 0 TravelCenters SnNotes 8. 10/20 PFD 894174408 1273 54149 SH SOLE 54149 0 0 TravelCenters SnNotes 8. 2029 PFD 894174309 2502 105821 SH SOLE 105821 0 0 Triancgle Capitl 6.375.Sr Note PFD 895848406 852 33250 SH SOLE 33250 0 0 TriplePoint Venture 6.75. Call PFD 89677y209 582 22750 SH SOLE 22750 0 0 Two Harbors Investments 8.125. PFD 90187b200 713 25705 SH SOLE 25705 0 0 UMH Properties 8.0. Perp Cum C PFD 903002301 606 22030 SH SOLE 22030 0 0 US Bancorp 6.5. Flt Aftr 1/22 PFD 902973833 1263 42547 SH SOLE 42547 0 0 US Celllular SrNts 7.25. 2063 PFD 911684504 578 21900 SH SOLE 21900 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 1925 70902 SH SOLE 70902 0 0 VEREIT Inc 6.70. Perp CUM Cl 2 PFD 92339v209 977 36746 SH SOLE 36746 0 0 Wells Fargo 5.85.Flt Aftr 9/23 PFD 949746556 346 12525 SH SOLE 12525 0 0 Wells Fargo 6.375. Cl 12/19 BB PFD 94988n207 781 28759 SH SOLE 28759 0 0 Wells Fargo 7.5. Cnv@$156 $100 PFD 949746804 18033 13754 SH SOLE 13754 0 0 Wells Fargo 8.00. Prp Cl12/17 PFD 949746879 8699 335753 SH SOLE 335753 0 0 Wheeler RealEstate 8.75.CUM Pu PFD 963025606 370 16064 SH SOLE 16064 0 0 WinTrust Financial 6.50. Call PFD 97650w405 229 8294 SH SOLE 8294 0 0 Bank of America 5.20. Perp/Cal PFD 060505ED2 882 865000 PRN SOLE 865000 0 0 Charles Schwab 7. Perp/Call 2/ PFD 808513AE5 1754 1522000 PRN SOLE 1522000 0 0 Citigroup 5.35. Perp/Call 5/23 PFD 172967GR6 758 740000 PRN SOLE 740000 0 0 Citigroup 5.875. Perp/Call 3/2 PFD 172967JK8 367 350000 PRN SOLE 350000 0 0 Citigroup Inc 5.95. Perp Call PFD 172967GD7 1145 1070000 PRN SOLE 1070000 0 0 Citigroup Inc 6.125. Perp Call PFD 172967KD2 590 550000 PRN SOLE 550000 0 0 Citigroup Inc Fix-to-Float Per PFD 172967GF2 213 200000 PRN SOLE 200000 0 0 GE Cap Corp 5.00. Perp/Call 1/ PFD 369604BQ5 2236 2109000 PRN SOLE 2109000 0 0 Goldman Sachs 5.375 Perp/Call PFD 38148BAB4 202 190000 PRN SOLE 190000 0 0 JPMorgan 6.0. Perp/Call 8/23 - PFD 48126HAA8 2852 2650000 PRN SOLE 2650000 0 0 JPMorgan 7.9. Perp/Call 4/18 - PFD 46625HHA1 2981 2870000 PRN SOLE 2870000 0 0 So. Cal Edison 6.25. Perp/Call PFD 842400FU2 728 650000 PRN SOLE 650000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 2762 2745000 PRN SOLE 2745000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 581 560000 PRN SOLE 560000 0 0