0001109228-17-000006.txt : 20171113 0001109228-17-000006.hdr.sgml : 20171113 20171113142102 ACCESSION NUMBER: 0001109228-17-000006 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171113 DATE AS OF CHANGE: 20171113 EFFECTIVENESS DATE: 20171113 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: 171195224 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 09-30-2017 09-30-2017 KCM INVESTMENT ADVISORS LLC

750 LINDARO STREET SUITE 350 SAN RAFAEL CA 94901

13F HOLDINGS REPORT 028-05651 N William L. Prince 4154617788 William L. 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632425 0 0 Westamerica Bancorportaion COM 957090103 560 9402 SH SOLE 9402 0 0 Western Digital Corp COM 958102105 710 8216 SH SOLE 8216 0 0 Weyerhaeuser Co COM 962166104 549 16131 SH SOLE 16131 0 0 Whirlpool Corp COM 963320106 2289 12412 SH SOLE 12412 0 0 White Mountains Insurance Grou COM g9618e107 641 748 SH SOLE 748 0 0 Williams Cos Inc COM 969457100 2409 80261 SH SOLE 80261 0 0 Williams-Sonoma Inc COM 969904101 5326 106810 SH SOLE 106810 0 0 WisdomTree MidCap Div Index COM 97717w505 220 2206 SH SOLE 2206 0 0 Xcel Energy Inc COM 98389b100 258 5461 SH SOLE 5461 0 0 Xylem Inc COM 98419m100 210 3360 SH SOLE 3360 0 0 Yum! Brands Inc COM 988498101 280 3798 SH SOLE 3798 0 0 Zimmer Biomet Holdings Inc COM 98956p102 3298 28169 SH SOLE 28169 0 0 iShares Core Dividend Growth COM 46434v621 1482 45656 SH SOLE 45656 0 0 iShares Core US Value COM 464287663 241 4608 SH SOLE 4608 0 0 iShares DJ Select Dividend Ind COM 464287168 7827 83573 SH SOLE 83573 0 0 iShares DJ US Energy Sector COM 464287796 985 26327 SH SOLE 26327 0 0 iShares DJ US Financial Sect COM 464287788 1309 11672 SH SOLE 11672 0 0 iShares DJ US Health Car Pro COM 464288828 304 2056 SH SOLE 2056 0 0 iShares DJ US Medical Device COM 464288810 287 1720 SH SOLE 1720 0 0 iShares DJ US Telecommunicatio COM 464287713 1400 46038 SH SOLE 46038 0 0 iShares DJ US Transport Index COM 464287192 1865 10451 SH SOLE 10451 0 0 iShares FTSE/Xinhua China 25 COM 464287184 201 4560 SH SOLE 4560 0 0 iShares Goldman Sachs Tech I COM 464287721 467 3114 SH SOLE 3114 0 0 iShares MSCI EAFE Index COM 464287465 1100 16056 SH SOLE 16056 0 0 iShares MSCI Emerging Markets COM 464287234 327 7305 SH SOLE 7305 0 0 iShares MSCI USA Quality Facto COM 46432f339 1042 13506 SH SOLE 13506 0 0 iShares Nasdaq Biotech Index F COM 464287556 6694 20067 SH SOLE 20067 0 0 iShares Russell 1000 Growth COM 464287614 837 6696 SH SOLE 6696 0 0 iShares Russell 1000 Value COM 464287598 223 1882 SH SOLE 1882 0 0 iShares Russell 2000 Index Fun COM 464287655 539 3636 SH SOLE 3636 0 0 iShares Russell Midcap Growth COM 464287481 239 2110 SH SOLE 2110 0 0 iShares Russell Midcap Value COM 464287473 202 2380 SH SOLE 2380 0 0 iShares S&P 100 Index Fund COM 464287101 1939 17420 SH SOLE 17420 0 0 iShares S&P 500 Index Fund COM 464287200 5634 22273 SH SOLE 22273 0 0 iShares S&P 500 Value Index Fu COM 464287408 216 2000 SH SOLE 2000 0 0 iShares S&P Europe 350 COM 464287861 589 12565 SH SOLE 12565 0 0 iShares S&P Global 100 COM 464287572 728 8246 SH SOLE 8246 0 0 iShares S&P Midcap 400 COM 464287507 1690 9448 SH SOLE 9448 0 0 iShares S&P Midcap 400/Value COM 464287705 532 3481 SH SOLE 3481 0 0 iShares S&P SmallCap 600 COM 464287804 528 7110 SH SOLE 7110 0 0 iShares S&P US Preferred Stock COM 464288687 7906 203702 SH SOLE 203702 0 0 AEGON 8.00. 2042 Notes Call 08 PFD 007924608 2385 90781 SH SOLE 90781 0 0 AGNC Investment Corp 7.75. Per PFD 00123q302 997 38275 SH SOLE 38275 0 0 AON Cap 8.205. 1/27 Non-Call B PFD 22532r101 2093 64744 SH SOLE 64744 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 280 10590 SH SOLE 10590 0 0 Allied Capital ARCC6.875. 4/20 PFD 01903q207 252 9798 SH SOLE 9798 0 0 Ally 8.125. Call CUM Call 5/17 PFD 361860208 203 7700 SH SOLE 7700 0 0 American Homes 4Rent 6.50. Per PFD 02665t702 371 13454 SH SOLE 13454 0 0 Amtrust Financial 6.95. QDI Ca PFD 032359820 370 15809 SH SOLE 15809 0 0 Amtrust Financial 7.25. CUM QD PFD 032359507 302 12168 SH SOLE 12168 0 0 Amtrust Financial 7.25. SrNt C PFD 032359861 301 11700 SH SOLE 11700 0 0 Amtrust Financial 7.5. QDI Cal PFD 032359887 2688 108300 SH SOLE 108300 0 0 Amtrust Financial 7.50.Nts 205 PFD 032359853 632 24340 SH SOLE 24340 0 0 Amtrust Financial 7.625.CUM QD PFD 032359705 3546 142294 SH SOLE 142294 0 0 Amtrust Financial 7.75. QDI Ca PFD 032359846 2246 88787 SH SOLE 88787 0 0 Annaly Capital 7.625. CUM Cl 8 PFD 035710888 1345 52803 SH SOLE 52803 0 0 Annaly Capital 7.625. Perp Cl PFD 035710706 321 12727 SH SOLE 12727 0 0 Apollo Cmmrl Real Est 8.00. CU PFD 03762u501 453 17837 SH SOLE 17837 0 0 Arbor Realty 8.50. CUM Perp Ca PFD 038923801 288 11030 SH SOLE 11030 0 0 Arch Capital 6.75. BBB QDI Cl PFD g0450a204 208 8178 SH SOLE 8178 0 0 Ares Management 7. Call 6/21 B PFD 04014y200 588 21693 SH SOLE 21693 0 0 Argo Group 6.5. Sr Notes Call PFD 040130205 1933 76664 SH SOLE 76664 0 0 Arlington Asset Inv 7.00. CUm PFD 041356601 446 18030 SH SOLE 18030 0 0 Ashford Hospitality 7.375. NR PFD 044103604 1574 63167 SH SOLE 63167 0 0 Ashford Hospitality 7.50.Cum P PFD 044103802 440 17450 SH SOLE 17450 0 0 Atlas Finl SrNt 6.625. Cl 4/20 PFD 049323108 293 11200 SH SOLE 11200 0 0 B Riley Financial 7.50. SenNts PFD 05580m207 447 17270 SH SOLE 17270 0 0 B Riley Financial 7.50. SnNts PFD 05580m306 2589 101150 SH SOLE 101150 0 0 BGC Partners 8.125. 2042 Call PFD 05541t408 4321 166219 SH SOLE 166219 0 0 BancOfCalifornia 7.00. Cal2021 PFD 05990k874 1709 64159 SH SOLE 64159 0 0 BancOfCalifornia 7.375. Ca2020 PFD 05990k882 6968 263184 SH SOLE 263184 0 0 BancOfCalifornia 8.00. Cal2018 PFD 05990k403 2825 106626 SH SOLE 106626 0 0 Bank of America 6.5. Prp Cl 1/ PFD 060505310 482 17906 SH SOLE 17906 0 0 Bank of America 6.625. Prp/Cl PFD 060505344 2886 106130 SH SOLE 106130 0 0 Bank of America 6.625.Prp Cl 1 PFD 060505740 633 24696 SH SOLE 24696 0 0 BankofAmerica .1000pv 7.25. Cn PFD 060505682 5294 4068 SH SOLE 4068 0 0 Barclays 8.125. Perp/Cl 3/14 B PFD 06739h362 390 14700 SH SOLE 14700 0 0 BlueRock Residential Growth 7. PFD 09627j748 1455 56553 SH SOLE 56553 0 0 BlueRock Residential Growth 8. PFD 09627j508 2168 82623 SH SOLE 82623 0 0 Boston Private Finl 6.95.Perp PFD 101119303 769 29966 SH SOLE 29966 0 0 CBL & Associates 6.625. Perp C PFD 124830803 428 17432 SH SOLE 17432 0 0 CBL&Assoc Properties 7.375.CUM PFD 124830605 370 15148 SH SOLE 15148 0 0 CHS Chemical 7.50. Cl 1/2025 C PFD 12542r803 7426 258916 SH SOLE 258916 0 0 CHS Chemicals 6.75. Perp cl 20 PFD 12542r704 359 13029 SH SOLE 13029 0 0 CHS Chemicals 7.875. Perp cl 2 PFD 12542r308 441 15047 SH SOLE 15047 0 0 Capital One Finl 6.7.Prp Call PFD 14040h709 1656 60935 SH SOLE 60935 0 0 CenturyLink Quest 7.0.SnNts Cl PFD 74913g501 2819 111194 SH SOLE 111194 0 0 Chimera Investment Corp 8. Cal PFD 16934q406 533 20146 SH SOLE 20146 0 0 Citigroup 5.8. B1 Call 4/18 QD PFD 172967366 205 7961 SH SOLE 7961 0 0 Citigroup 7.125. Flt Aftr 9/23 PFD 172967358 7938 273812 SH SOLE 273812 0 0 Citigroup Tst 7.875. Cl2015 Li PFD 173080201 979 35245 SH SOLE 35245 0 0 City Office REIT 6.625. CUM Ca PFD 178587200 724 27864 SH SOLE 27864 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w880 4209 163909 SH SOLE 163909 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w872 479 18825 SH SOLE 18825 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w864 1490 59500 SH SOLE 59500 0 0 Colony NorthStar 7.50. CUM Cal PFD 19625w807 2756 106834 SH SOLE 106834 0 0 Colony NorthStar 8.50. CUM Cal PFD 19625w500 843 32671 SH SOLE 32671 0 0 Colony NorthStar 8.75. CUM Cal PFD 19625w609 483 17688 SH SOLE 17688 0 0 Colony Northstar 8.875.CUM Cal PFD 19625w401 214 8452 SH SOLE 8452 0 0 CoreEnergy 7.375. Pfd - Par Ca PFD 21870u304 1910 73456 SH SOLE 73456 0 0 Cowen 8.25. Senior Notes Call1 PFD 223622309 1477 55427 SH SOLE 55427 0 0 Crown Castle Intl 6.875. MndCo PFD 22822v309 347 325 SH SOLE 325 0 0 Customers Bk 7.00. Fx- Flt Prp PFD 23204g407 224 8330 SH SOLE 8330 0 0 Deutsche Bank 8.05. PrpCl6/18 PFD 25150l108 245 9212 SH SOLE 9212 0 0 Deutsche Bnk 7.6. Prp Cl 2/18 PFD 25154a108 398 15269 SH SOLE 15269 0 0 Digital Realty 7.375. Perp CUM PFD 253868871 2134 78688 SH SOLE 78688 0 0 Discover Financial 6.50.Perp Q PFD 254709207 1875 73686 SH SOLE 73686 0 0 Dynagas LNG 9.0. QDI CUM cl 2 PFD Y2188b116 1336 50497 SH SOLE 50497 0 0 EBAY 6.00. Sr Notes Call 3/1/2 PFD 278642202 576 21300 SH SOLE 21300 0 0 EaglePoint Credit 7.75.2022 CU PFD 269809109 643 24720 SH SOLE 24720 0 0 Endurance Specialty 6.35. Cal PFD 29267h406 265 9900 SH SOLE 9900 0 0 First Republic 7.0. Cl 12/18 B PFD 33616c860 4743 178253 SH SOLE 178253 0 0 GGP Inc 6.375. Call 2/2018 CUM PFD 370023202 380 14800 SH SOLE 14800 0 0 GasLog LP 8.625.fxd/flt Cum Q PFD y2637w116 749 28300 SH SOLE 28300 0 0 GasLog Ltd 8.75. Ser A CUM QDI PFD g37585117 1472 56261 SH SOLE 56261 0 0 Gladstone Commercial 7.00. CUM PFD 376536603 5386 207153 SH SOLE 207153 0 0 Gladstone Investment 6.25. CUM PFD 376546503 646 25350 SH SOLE 25350 0 0 Glandstone Invstmt 6.50.SrNts2 PFD 376546404 218 8498 SH SOLE 8498 0 0 Global Indemnity SrNts7.75. Ca PFD g3933f121 2002 77097 SH SOLE 77097 0 0 Global Indmnty 7.875. Cl2022 b PFD g3933f139 953 36925 SH SOLE 36925 0 0 Global Medical RE 7.50. CUM Pe PFD 37957w203 263 10500 SH SOLE 10500 0 0 Global Net Lease 7.25.Perp Cum PFD 379378300 809 32400 SH SOLE 32400 0 0 Goldman 5.5. Flt Aftr 5/23 Cl PFD 38145g308 1938 71132 SH SOLE 71132 0 0 GoldmanSachs Lib.75 Min3.75. C PFD 38143y665 630 26497 SH SOLE 26497 0 0 HSBC Hldgs 8.0. Prp Cl 12/15 B PFD 404280802 2474 91710 SH SOLE 91710 0 0 Hanover Insurance6.35. Cl3/18 PFD 410867204 1252 49091 SH SOLE 49091 0 0 Hartford Finl 7.875. 2042 call PFD 416518504 1256 41359 SH SOLE 41359 0 0 Hercules Capital 6.25.SrNts 24 PFD 427096862 259 10200 SH SOLE 10200 0 0 Hersha Hospitality 6.50. NR Ca PFD 427825609 489 19120 SH SOLE 19120 0 0 Hoegh LNG Partners 8.75.QDI Pe PFD y3262r118 569 22790 SH SOLE 22790 0 0 IberiaBank Corp 6.60. Call 5/1 PFD 450828504 859 30745 SH SOLE 30745 0 0 Investors REIT 7.95. CUM Calle PFD 461730301 1462 58287 SH SOLE 58287 0 0 JMP Group 8.00. SrDeb Due1/202 PFD 46629u206 415 16264 SH SOLE 16264 0 0 JPMorgan Chase 6.70.Perp/Call PFD 48127a161 1706 63412 SH SOLE 63412 0 0 Just Energy 8.50.Perp Call3/20 PFD 48213w200 1347 51330 SH SOLE 51330 0 0 LaSalle Hotel 6.3. Call 5/2021 PFD 517942884 272 10619 SH SOLE 10619 0 0 LaSalle Hotel 6.375. Call 3/20 PFD 517942801 232 9078 SH SOLE 9078 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 222 8780 SH SOLE 8780 0 0 Maiden Holdings 6.70.Prp Cl 6/ PFD g5753u146 323 13288 SH SOLE 13288 0 0 Maiden Holdings 7.125.PrpCl 12 PFD g5753u138 758 29225 SH SOLE 29225 0 0 Maiden Holdings 8.25.Prp Cl8/2 PFD g5753u120 1801 71037 SH SOLE 71037 0 0 Medley Capital7.25.SrNts Due24 PFD 58503y204 418 16450 SH SOLE 16450 0 0 Medley Capitl 6.875.Notes Due2 PFD 58503y105 354 14400 SH SOLE 14400 0 0 MetLife 3MoLibor.100 Min 4.0. PFD 59156r504 217 8666 SH SOLE 8666 0 0 Morgan Stanley 3MoLib.70bp 4.F PFD 61747s504 528 22884 SH SOLE 22884 0 0 Morgan Stanley 7.125.Flt Aftr1 PFD 61762v200 5058 172394 SH SOLE 172394 0 0 National General 7.5. NA Cl Q PFD 636220857 5217 207768 SH SOLE 207768 0 0 National General 7.50.Call4/20 PFD 636220808 3303 130416 SH SOLE 130416 0 0 National General 7.625. Call9/ PFD 636220873 1903 73892 SH SOLE 73892 0 0 National General7.50.Call 7/20 PFD 636220709 2688 104307 SH SOLE 104307 0 0 New York MtgTrust 7.875.Perp C PFD 649604808 315 12385 SH SOLE 12385 0 0 NewTek Business Svs 7.0.Nts 3/ PFD 652526401 298 11690 SH SOLE 11690 0 0 NewTek Business Svs 7.50. Nts PFD 652526302 530 20111 SH SOLE 20111 0 0 NuStar Logistics 7.625.Nts Cl PFD 67059t204 1442 56872 SH SOLE 56872 0 0 Oxford Lane Cap6.75. Nts 6/202 PFD 691543508 917 36100 SH SOLE 36100 0 0 Oxford Lane Capital 7.50. 6/20 PFD 691543300 200 7894 SH SOLE 7894 0 0 PS Business Parks 6.0. BBB Cal PFD 69360j685 249 9886 SH SOLE 9886 0 0 Partner Re 6.50.Perp Cal 4/202 PFD g68603136 1152 42595 SH SOLE 42595 0 0 Partner Re 7.25. Call 06/21 BB PFD g68603144 7180 249733 SH SOLE 249733 0 0 Penn Real Estate 8.25.CUM Call PFD 709102404 248 9869 SH SOLE 9869 0 0 Penn RealEstate 6.875.CUM Perp PFD 709102701 275 11000 SH SOLE 11000 0 0 Penn RealEstate 7.20.CUM Perp PFD 709102602 311 11955 SH SOLE 11955 0 0 Penn RealEstate 7.375.CUM Perp PFD 709102503 571 22596 SH SOLE 22596 0 0 PennyMac Mtg 8.125. 2024 Libor PFD 70931t301 357 14151 SH SOLE 14151 0 0 Pitney Bowes 6.7. Cl 3/7/18 BB PFD 724479506 340 13300 SH SOLE 13300 0 0 Prospect Captl 6.25. 6/24 SrNt PFD 74348t300 1821 70106 SH SOLE 70106 0 0 Prudential PLC 6.75. PrpCl 9/0 PFD g7293h114 521 19602 SH SOLE 19602 0 0 Quest USWest 7.0. SrNts 2056 2 PFD 74913g808 3960 146943 SH SOLE 146943 0 0 Quest USWest SnNotes 7.0. 2052 PFD 74913G402 1253 49400 SH SOLE 49400 0 0 Quest USWest Sr Nts6.125.Nts C PFD 74913g600 220 8670 SH SOLE 8670 0 0 Quest USWestSnNote7.5. BBB- Cl PFD 74913g303 1254 49317 SH SOLE 49317 0 0 Quest USWestSnNotes 6.875. CL PFD 74913g105 3235 124250 SH SOLE 124250 0 0 Qwest Corp 6.5. Sr Note 9/56 C PFD 74913g881 2514 99430 SH SOLE 99430 0 0 Qwest Corp 6.75. SrNote 6/57 C PFD 74913g873 752 29500 SH SOLE 29500 0 0 Regions Financial 6.375. Cl 12 PFD 7591ep308 406 15950 SH SOLE 15950 0 0 Reinsurance Group of Amer 6.2. PFD 759351703 350 12300 SH SOLE 12300 0 0 RetailPropertiesofAmer 7. Call PFD 76131v608 393 15400 SH SOLE 15400 0 0 SL Green Realty 6.5. Perp CUM PFD 78440x507 1766 69783 SH SOLE 69783 0 0 SoCalEd 5.375. CUM cl 2025 QDI PFD 78409g206 764 28111 SH SOLE 28111 0 0 Solar Capital 6.75. Cl 11/17 PFD 83413u308 495 19508 SH SOLE 19508 0 0 Sotherly Hotels 8. Cum Perp C PFD 83600c301 2841 111872 SH SOLE 111872 0 0 Spark Energy 8.75. Call 2022 Q PFD 846511202 467 17698 SH SOLE 17698 0 0 Summit Hotel 7.875. Perp CUM C PFD 866082308 2831 110736 SH SOLE 110736 0 0 Summit Hotel7.125.Perp CUM Cal PFD 866082407 956 37342 SH SOLE 37342 0 0 Sunstone Hotel 6.95. Prp/Cl 3/ PFD 867892606 385 14213 SH SOLE 14213 0 0 Taubman Centers 6.5. CUM NA Cl PFD 876664608 230 9138 SH SOLE 9138 0 0 Telephone & Data 6.875. Cl 11/ PFD 879433845 2083 81875 SH SOLE 81875 0 0 Telephone & Data 7.0. Cl 3/16 PFD 879433837 777 30002 SH SOLE 30002 0 0 Texas Capitl Bancshares6.50. 2 PFD 882228307 434 16967 SH SOLE 16967 0 0 Torchmark Crp 6.125. SubDebCal PFD 891027401 951 35435 SH SOLE 35435 0 0 Triancgle Capitl 6.375.Sr Note PFD 895848406 850 33250 SH SOLE 33250 0 0 Two Harbors Investments 7.625. PFD 90187b309 226 8650 SH SOLE 8650 0 0 Two Harbors Investments 8.125. PFD 90187b200 692 25705 SH SOLE 25705 0 0 UMH Properties 8.0. Perp Cum C PFD 903002301 617 22290 SH SOLE 22290 0 0 US Bancorp 6.5. Flt Aftr 1/22 PFD 902973833 1134 38906 SH SOLE 38906 0 0 US Celllular SrNts 7.25. 2063 PFD 911684504 543 20500 SH SOLE 20500 0 0 US Cellular 6.95.SrNT 2060 Cl PFD 911684405 439 16975 SH SOLE 16975 0 0 US Cellular 7.25. SrNts12/2064 PFD 911684603 1890 69802 SH SOLE 69802 0 0 VEREIT Inc 6.70. Perp CUM Cl 2 PFD 92339v209 1016 39476 SH SOLE 39476 0 0 Wells Fargo 5.85.Flt Aftr 9/23 PFD 949746556 342 12525 SH SOLE 12525 0 0 Wells Fargo 6.375. Cl 12/19 BB PFD 94988n207 805 30468 SH SOLE 30468 0 0 Wells Fargo 7.5. Cnv@.156 .100 PFD 949746804 17982 13675 SH SOLE 13675 0 0 Wells Fargo 8.00. Prp Cl12/17 PFD 949746879 8481 332588 SH SOLE 332588 0 0 WinTrust Financial 6.50. Call PFD 97650w405 250 8707 SH SOLE 8707 0 0 Bank of America 5.20. Perp/Cal PFD 060505ED2 890 865000 PRN SOLE 865000 0 0 Charles Schwab 4.625. Perp/Cal PFD 808513AP0 562 550000 PRN SOLE 550000 0 0 Charles Schwab 7. Perp/Call 2/ PFD 808513AE5 1676 1457000 PRN SOLE 1457000 0 0 Citigroup 5.35. Perp/Call 5/23 PFD 172967GR6 768 740000 PRN SOLE 740000 0 0 Citigroup 5.875. Perp/Call 3/2 PFD 172967JK8 364 350000 PRN SOLE 350000 0 0 Citigroup Inc 5.95. Perp Call PFD 172967GD7 1150 1070000 PRN SOLE 1070000 0 0 Citigroup Inc 6.125. Perp Call PFD 172967KD2 589 550000 PRN SOLE 550000 0 0 Citigroup Inc Fix-to-Float Per PFD 172967GF2 537 500000 PRN SOLE 500000 0 0 GE Cap Corp 5.00. Perp/Call 1/ PFD 369604BQ5 2134 2036000 PRN SOLE 2036000 0 0 Goldman Sachs 5.375 Perp/Call PFD 38148BAB4 248 240000 PRN SOLE 240000 0 0 Goldman Sachs 5.7 Perp/Call 5/ PFD 38148BAA6 515 500000 PRN SOLE 500000 0 0 JPMorgan 6.0. Perp/Call 8/23 - PFD 48126HAA8 3298 3050000 PRN SOLE 3050000 0 0 JPMorgan 7.9. Perp/Call 4/18 - PFD 46625HHA1 3044 2970000 PRN SOLE 2970000 0 0 So. Cal Edison 6.25. Perp/Call PFD 842400FU2 925 830000 PRN SOLE 830000 0 0 Suntrust Bank 5.05. Call 2022- PFD 867914BN2 204 200000 PRN SOLE 200000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 2766 2745000 PRN SOLE 2745000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 572 560000 PRN SOLE 560000 0 0