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0001109228-18-000004.txt : 20180222 0001109228-18-000004.hdr.sgml : 20180222 20180222095134 ACCESSION NUMBER: 0001109228-18-000004 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180222 DATE AS OF CHANGE: 20180222 EFFECTIVENESS DATE: 20180222 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: 18631259 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 12-31-2017 12-31-2017 KCM INVESTMENT ADVISORS LLC

750 LINDARO STREET SUITE 350 SAN RAFAEL CA 94901

13F HOLDINGS REPORT 028-05651 N William L. Prince CCO 4154617788 William L. 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COM 774341101 1009 7440 SH SOLE 7440 0 0 Roper Technologies Inc COM 776696106 298 1149 SH SOLE 1149 0 0 Royal Dutch Shell Plc-ADR A COM 780259206 700 10499 SH SOLE 10499 0 0 S&P Global Inc COM 78409v104 1579 9324 SH SOLE 9324 0 0 SAP SE-Sponsored ADR COM 803054204 913 8130 SH SOLE 8130 0 0 SPDR Consumer Discretionary Se COM 81369y407 19468 197267 SH SOLE 197267 0 0 SPDR Consumer Staples Select S COM 81369y308 8119 142708 SH SOLE 142708 0 0 SPDR Dow Jones Industrial Aver COM 78467x109 1378 5571 SH SOLE 5571 0 0 SPDR Energy Select Sector COM 81369y506 18145 251113 SH SOLE 251113 0 0 SPDR Financial Select Sector COM 81369y605 18493 662609 SH SOLE 662609 0 0 SPDR Gold Trust COM 78463v107 1646 13313 SH SOLE 13313 0 0 SPDR Health Care Select Sector COM 81369y209 15737 190341 SH SOLE 190341 0 0 SPDR Industrial Select Sector COM 81369y704 14798 195565 SH SOLE 195565 0 0 SPDR Materials Select Sector COM 81369y100 4347 71815 SH SOLE 71815 0 0 SPDR NYSE Technology ETF COM 78464a102 661 7892 SH 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0 Taiwan Semiconductor-Sp ADR COM 874039100 232 5849 SH SOLE 5849 0 0 Target Corp COM 87612e106 704 10783 SH SOLE 10783 0 0 Tesla Inc COM 88160r101 1083 3480 SH SOLE 3480 0 0 Texas Instruments Inc COM 882508104 677 6478 SH SOLE 6478 0 0 Thermo Fisher Scientific Inc COM 883556102 737 3883 SH SOLE 3883 0 0 Time Warner Inc COM 887317303 2154 23551 SH SOLE 23551 0 0 Toronto Dominion Bank COM 891160509 4933 84211 SH SOLE 84211 0 0 Toyota Motor Corp -Spon ADR COM 892331307 1632 12835 SH SOLE 12835 0 0 Travelers Cos Inc/The COM 89417e109 3671 27067 SH SOLE 27067 0 0 Tri-Valley Corporation COM 895735108 0 30600 SH SOLE 30600 0 0 U S Bancorp COM 902973304 5884 109811 SH SOLE 109811 0 0 UDR Inc COM 902653104 296 7680 SH SOLE 7680 0 0 Unilever N V -NY Shares COM 904784709 4953 87941 SH SOLE 87941 0 0 Unilever Plc-Sponsored ADR COM 904767704 2006 36243 SH SOLE 36243 0 0 Union Pacific Corp COM 907818108 1858 13855 SH SOLE 13855 0 0 United Parcel Service-Cl B COM 911312106 11085 93032 SH SOLE 93032 0 0 United Technologies Corp COM 913017109 3272 25652 SH SOLE 25652 0 0 UnitedHealth Group Inc COM 91324P102 2115 9596 SH SOLE 9596 0 0 VF Corporation COM 918204108 227 3068 SH SOLE 3068 0 0 Valero Energy Corp COM 91913Y100 402 4372 SH SOLE 4372 0 0 VanEck Vectors Pharmaceutical COM 92189f692 367 6193 SH SOLE 6193 0 0 Vanguard Consumer Discretionar COM 92204a108 830 5321 SH SOLE 5321 0 0 Vanguard Consumer Staples Vipe COM 92204a207 456 3125 SH SOLE 3125 0 0 Vanguard Developed Mkts COM 921943858 1537 34273 SH SOLE 34273 0 0 Vanguard Dividend Appreciation COM 921908844 854 8367 SH SOLE 8367 0 0 Vanguard Emerging Mkts COM 922042858 1059 23069 SH SOLE 23069 0 0 Vanguard European Vipers COM 922042874 879 14855 SH SOLE 14855 0 0 Vanguard Financials Vipers COM 92204a405 335 4785 SH SOLE 4785 0 0 Vanguard Health Care Vipers COM 92204a504 232 1505 SH SOLE 1505 0 0 Vanguard High Div Yield COM 921946406 3705 43272 SH SOLE 43272 0 0 Vanguard Info Tech Vipers COM 92204a702 1894 11496 SH SOLE 11496 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0 Walgreens Boots Alliance Inc COM 931427108 11780 162213 SH SOLE 162213 0 0 Waste Management Inc COM 94106l109 17451 202212 SH SOLE 202212 0 0 Wells Fargo & Company COM 949746101 37370 615957 SH SOLE 615957 0 0 Westamerica Bancorportaion COM 957090103 560 9405 SH SOLE 9405 0 0 Western Digital Corp COM 958102105 327 4115 SH SOLE 4115 0 0 Weyerhaeuser Co COM 962166104 534 15131 SH SOLE 15131 0 0 Whirlpool Corp COM 963320106 2050 12157 SH SOLE 12157 0 0 White Mountains Insurance Grou COM g9618e107 637 748 SH SOLE 748 0 0 Williams Cos Inc COM 969457100 1971 64629 SH SOLE 64629 0 0 Williams-Sonoma Inc COM 969904101 5730 110830 SH SOLE 110830 0 0 WisdomTree MidCap Div Index COM 97717w505 234 6620 SH SOLE 6620 0 0 Workday Inc-Class A COM 98138h101 233 2289 SH SOLE 2289 0 0 Xcel Energy Inc COM 98389b100 263 5461 SH SOLE 5461 0 0 Xylem Inc COM 98419m100 229 3360 SH SOLE 3360 0 0 Yum! Brands Inc COM 988498101 310 3800 SH SOLE 3800 0 0 Zimmer Biomet Holdings Inc COM 98956p102 3768 31222 SH SOLE 31222 0 0 iShares Core Dividend Growth COM 46434v621 1556 44747 SH SOLE 44747 0 0 iShares DJ Select Dividend Ind COM 464287168 8258 83786 SH SOLE 83786 0 0 iShares DJ US Energy Sector COM 464287796 1045 26365 SH SOLE 26365 0 0 iShares DJ US Financial Sect COM 464287788 1399 11714 SH SOLE 11714 0 0 iShares DJ US Health Car Pro COM 464288828 323 2057 SH SOLE 2057 0 0 iShares DJ US Medical Device COM 464288810 330 1903 SH SOLE 1903 0 0 iShares DJ US Telecommunicatio COM 464287713 1428 48542 SH SOLE 48542 0 0 iShares DJ US Transport Index COM 464287192 2004 10455 SH SOLE 10455 0 0 iShares FTSE/Xinhua China 25 COM 464287184 263 5696 SH SOLE 5696 0 0 iShares Goldman Sachs Tech I COM 464287721 504 3094 SH SOLE 3094 0 0 iShares MSCI EAFE Index COM 464287465 1091 15519 SH SOLE 15519 0 0 iShares MSCI Emerging Markets COM 464287234 349 7405 SH SOLE 7405 0 0 iShares MSCI USA Quality Facto COM 46432f339 1121 13526 SH SOLE 13526 0 0 iShares Nasdaq Biotech Index F COM 464287556 6310 59098 SH SOLE 59098 0 0 iShares Russell 1000 Growth COM 464287614 1202 8924 SH SOLE 8924 0 0 iShares Russell 1000 Value COM 464287598 670 5387 SH SOLE 5387 0 0 iShares Russell 2000 Index Fun COM 464287655 539 3536 SH SOLE 3536 0 0 iShares Russell Midcap Value COM 464287473 212 2380 SH SOLE 2380 0 0 iShares S&P 100 Index Fund COM 464287101 2065 17404 SH SOLE 17404 0 0 iShares S&P 500 Index Fund COM 464287200 6428 23908 SH SOLE 23908 0 0 iShares S&P 500 Value Index Fu COM 464287408 228 2000 SH SOLE 2000 0 0 iShares S&P Europe 350 COM 464287861 594 12565 SH SOLE 12565 0 0 iShares S&P Global 100 COM 464287572 768 8291 SH SOLE 8291 0 0 iShares S&P Midcap 400 COM 464287507 1800 9486 SH SOLE 9486 0 0 iShares S&P Midcap 400/Value COM 464287705 551 3441 SH SOLE 3441 0 0 iShares S&P SmallCap 600 COM 464287804 546 7110 SH SOLE 7110 0 0 iShares S&P US Preferred Stock COM 464288687 7247 190360 SH SOLE 190360 0 0 AEGON 8.00. 2042 Notes Call 08 PFD 007924608 2331 87881 SH SOLE 87881 0 0 AGNC Investment Corp 7.75. Per PFD 00123q302 947 36653 SH SOLE 36653 0 0 AON Cap 8.205. 1/27 Non-Call B PFD 22532r101 2008 61344 SH SOLE 61344 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 253 9740 SH SOLE 9740 0 0 Allied Capital ARCC6.875. 4/20 PFD 01903q207 250 9798 SH SOLE 9798 0 0 American Homes 4Rent 6.50. Per PFD 02665t702 370 13507 SH SOLE 13507 0 0 Amtrust Financial 7.25. SrNt C PFD 032359861 263 10500 SH SOLE 10500 0 0 Amtrust Financial 7.5. QDI Cal PFD 032359887 1500 67585 SH SOLE 67585 0 0 Amtrust Financial 7.50.Nts 205 PFD 032359853 595 22985 SH SOLE 22985 0 0 Amtrust Financial 7.625.CUM QD PFD 032359705 2214 98440 SH SOLE 98440 0 0 Amtrust Financial 7.75. QDI Ca PFD 032359846 1674 73017 SH SOLE 73017 0 0 Annaly Capital 7.625. CUM Call PFD 035710706 328 12867 SH SOLE 12867 0 0 Annaly Capital 7.625. CUM Call PFD 035710888 1322 52343 SH SOLE 52343 0 0 Apollo Cmmrl Real Est 8.00. CU PFD 03762u501 512 19855 SH SOLE 19855 0 0 Arbor Realty 8.50. CUM Perp Ca PFD 038923801 289 11023 SH SOLE 11023 0 0 Argo Group 6.5. Sr Notes Call PFD 040130205 1834 72564 SH SOLE 72564 0 0 Arlington Asset Inv 7.00. CUm PFD 041356601 433 17380 SH SOLE 17380 0 0 Ashford Hospitality 7.375. NR PFD 044103604 1559 61379 SH SOLE 61379 0 0 Ashford Hospitality 7.5. Calla PFD 044103885 422 16800 SH SOLE 16800 0 0 Ashford Hospitality 7.50.Cum P PFD 044103802 467 18375 SH SOLE 18375 0 0 Atlas Finl SrNt 6.625. Cl 4/20 PFD g06207123 292 11200 SH SOLE 11200 0 0 B Riley Financial 7.50.SnNts D PFD 05580m306 2653 102550 SH SOLE 102550 0 0 B Riley Financial 7.50.SnNts d PFD 05580m207 449 17270 SH SOLE 17270 0 0 BGC Partners 8.125. 2042 Call PFD 05541t408 3958 152819 SH SOLE 152819 0 0 BancOfCalifornia 7.00. Cal2021 PFD 05990k874 1901 71939 SH SOLE 71939 0 0 BancOfCalifornia 7.375. Ca2020 PFD 05990k882 7041 265196 SH SOLE 265196 0 0 BancOfCalifornia 8.00. Cal2018 PFD 05990k403 2749 104803 SH SOLE 104803 0 0 Bank of America 6.5. Prp Cl 1/ PFD 060505310 468 17331 SH SOLE 17331 0 0 Bank of America 6.625. Prp/Cl9 PFD 060505344 2777 102300 SH SOLE 102300 0 0 Bank of America 6.625.Prp Cl10 PFD 060505740 615 23234 SH SOLE 23234 0 0 BankofAmerica $1000pv 7.25.Cnv PFD 060505682 5534 4195 SH SOLE 4195 0 0 Barclays 8.125. Perp/Cl 3/14 B PFD 06739h362 392 14700 SH SOLE 14700 0 0 BlueRock Residential Growth 7. PFD 09627j748 1458 57305 SH SOLE 57305 0 0 BlueRock Residential Growth 8. PFD 09627j508 2554 96820 SH SOLE 96820 0 0 Boston Private Finl 6.95.Perp PFD 101119303 765 29838 SH SOLE 29838 0 0 CHS Chemical 7.50. Cl 1/2025 C PFD 12542r803 7404 263017 SH SOLE 263017 0 0 CHS Chemicals 6.75. Perp cl 20 PFD 12542r704 348 13134 SH SOLE 13134 0 0 CHS Chemicals 7.875. Perp cl 2 PFD 12542r308 409 14197 SH SOLE 14197 0 0 CHS Inc. Call @ 25 3/31/24 PFD 12542r506 274 10000 SH SOLE 10000 0 0 Capital One Finl 6.7.Prp Call PFD 14040h709 1532 57119 SH SOLE 57119 0 0 Cedar Realty Tst 7.25. Prp/Cl PFD 150602506 274 10950 SH SOLE 10950 0 0 CenturyLink Quest 7.0.SnNts Cl PFD 74913g501 2601 109507 SH SOLE 109507 0 0 Chimera Investment Corp 8. Cal PFD 16934q406 537 20831 SH SOLE 20831 0 0 Citigroup 5.8. B1 Call 4/18 QD PFD 172967366 203 7967 SH SOLE 7967 0 0 Citigroup 7.125. Flt Aftr 9/23 PFD 172967358 7613 263890 SH SOLE 263890 0 0 Citigroup Tst 7.875. Cl2015 Li PFD 173080201 953 34695 SH SOLE 34695 0 0 City Office REIT 6.625. CUM Ca PFD 178587200 668 26522 SH SOLE 26522 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w880 5058 202257 SH SOLE 202257 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w872 467 18533 SH SOLE 18533 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w864 1551 61950 SH SOLE 61950 0 0 Colony NorthStar 7.50. CUM Cal PFD 19625w807 2715 107956 SH SOLE 107956 0 0 Colony NorthStar 8.50. CUM Cal PFD 19625w500 823 32193 SH SOLE 32193 0 0 Colony NorthStar 8.75. CUM Cal PFD 19625w609 462 17386 SH SOLE 17386 0 0 CoreEnergy 7.375. Pfd - Par Ca PFD 21870u304 1905 73995 SH SOLE 73995 0 0 Cowen 7.35. Sn Notes 2027 Call PFD 223622705 1448 56350 SH SOLE 56350 0 0 Cowen 8.25. Senior Notes Calld PFD 223622309 1445 53827 SH SOLE 53827 0 0 Crown Castle Intl 6.875. MndCo PFD 22822v309 368 325 SH SOLE 325 0 0 Customers Bk 7.00. Fx Flt Prp/ PFD 23204g407 256 9640 SH SOLE 9640 0 0 Deutsche Bank 8.05. PrpCl6/18 PFD 25150l108 210 8018 SH SOLE 8018 0 0 Deutsche Bnk 7.6. B. QDI Calle PFD 25154a108 394 15339 SH SOLE 15339 0 0 Digital Realty 7.375. Perp CUM PFD 253868871 2091 78400 SH SOLE 78400 0 0 Dynagas LNG 9.0. QDI CUM cl 2 PFD Y2188b116 1251 48097 SH SOLE 48097 0 0 EBAY 6.00. Sr Notes Call 3/1/2 PFD 278642202 516 19160 SH SOLE 19160 0 0 EaglePoint Credit 7.75.2022 CU PFD 269809109 632 24473 SH SOLE 24473 0 0 First Republic 7.0. Cl 12/18 B PFD 33616c860 4567 174770 SH SOLE 174770 0 0 GGP Inc 6.375. Call 2/2018 CUM PFD 370023202 374 14800 SH SOLE 14800 0 0 GasLog LP 8.625.fxd/flt Cum Q PFD y2687w116 778 29800 SH SOLE 29800 0 0 GasLog Ltd 8.75. Ser A CUM QDI PFD g37585117 1536 57761 SH SOLE 57761 0 0 Gladstone Commercial 7.00. CUM PFD 376536603 5661 218576 SH SOLE 218576 0 0 Gladstone Investment 6.25. CUM PFD 376546503 655 25583 SH SOLE 25583 0 0 Glandstone Invstmt 6.50.SrNts2 PFD 376546404 204 8032 SH SOLE 8032 0 0 Global Indemnity SrNts7.75. Ca PFD g3933f121 2003 77474 SH SOLE 77474 0 0 Global Indmnty 7.875. Cl2022 b PFD g3933f139 985 38063 SH SOLE 38063 0 0 Global Medical RE 7.50. CUM Pe PFD 37957w203 417 16479 SH SOLE 16479 0 0 Global Net Lease 7.25.Perp Cum PFD 379378300 1635 63686 SH SOLE 63686 0 0 Golar LNG 8.75. Perp QDI Call PFD y2745c110 1206 46350 SH SOLE 46350 0 0 Goldman 5.5. Flt Aftr 5/23 Cl PFD 38145g308 1859 70137 SH SOLE 70137 0 0 HSBC Hldgs 8.0. Prp Cl 12/15 B PFD 404280802 2383 88804 SH SOLE 88804 0 0 Hanover Insurance6.35. Cl3/18 PFD 410867204 1138 44921 SH SOLE 44921 0 0 Hartford Finl 7.875. 2042 call PFD 416518504 1183 40440 SH SOLE 40440 0 0 Hersha Hospitality 6.50. NR Ca PFD 427825609 435 17636 SH SOLE 17636 0 0 Hoegh LNG Partners 8.75. QDI PFD y3262r118 936 34765 SH SOLE 34765 0 0 Horizon Technology Fin 6.25.Sr PFD 44045a300 250 9850 SH SOLE 9850 0 0 IberiaBank Corp 6.60. Call 5/1 PFD 450828504 842 30404 SH SOLE 30404 0 0 Invesco Mortgage 7.75.Perp CUM PFD 46131b209 214 8574 SH SOLE 8574 0 0 JMP Group 8.00. SrDeb Due1/202 PFD 46629u206 411 16264 SH SOLE 16264 0 0 JMP Group SrNts7.25. BBB- 11/2 PFD 466273109 1204 47600 SH SOLE 47600 0 0 JPMorgan Chase 6.70.Perp/Call PFD 48127a161 1669 61709 SH SOLE 61709 0 0 Just Energy 8.50.Perp Call3/20 PFD 48213w200 1443 58032 SH SOLE 58032 0 0 LaSalle Hotel 6.3. Call 5/2021 PFD 517942884 274 10628 SH SOLE 10628 0 0 LaSalle Hotel 6.375. Call 3/20 PFD 517942801 211 8392 SH SOLE 8392 0 0 M&T Bank 6.375. Cl 11/18 BBB- PFD 55261f708 486 474 SH SOLE 474 0 0 MFA Financial 7.5. Prp Cl 4/15 PFD 55272x409 213 8436 SH SOLE 8436 0 0 MVC Capital 6.25. SrNts Due12/ PFD 553829409 517 20000 SH SOLE 20000 0 0 Maiden Holdings 7.125.PrpCl 12 PFD g5753u138 665 27225 SH SOLE 27225 0 0 Maiden Holdings 8.25.Prp Cl8/2 PFD g5753u120 1639 66342 SH SOLE 66342 0 0 Medley Capital7.25.SrNts Due24 PFD 58503y204 451 17900 SH SOLE 17900 0 0 Medley Capitl 6.875.Notes Due2 PFD 58503y105 336 13550 SH SOLE 13550 0 0 MetLife 3MoLibor.100 Min 4.0. PFD 59156r504 200 8066 SH SOLE 8066 0 0 Morgan Stanley 7.125.Flt 10/23 PFD 61762v200 4763 164482 SH SOLE 164482 0 0 National General 7.5. NA Cl Q PFD 636220857 5360 214157 SH SOLE 214157 0 0 National General 7.50.Call4/20 PFD 636220808 3265 130339 SH SOLE 130339 0 0 National General 7.625. Call9/ PFD 636220873 1851 72842 SH SOLE 72842 0 0 National General7.50.Call 7/20 PFD 636220709 2567 102272 SH SOLE 102272 0 0 New York MtgTrust 7.875.Perp C PFD 649604808 305 12454 SH SOLE 12454 0 0 NewTek Business Svs 7.0.Nts 3/ PFD 652526401 255 10003 SH SOLE 10003 0 0 NewTek Business Svs 7.50. Nts PFD 652526302 525 19811 SH SOLE 19811 0 0 NuStar Logistics 7.625.Nts Cl PFD 67059t204 1592 63689 SH SOLE 63689 0 0 Oxford Lane Cap6.75. Nts 6/202 PFD 691543508 875 34733 SH SOLE 34733 0 0 Oxford Lane Capital 7.50. 6/20 PFD 691543300 211 8311 SH SOLE 8311 0 0 Partner Re 6.50.Perp Cal 4/202 PFD g68603136 1243 46295 SH SOLE 46295 0 0 Partner Re 7.25. Call 06/21 BB PFD g68603144 7120 248333 SH SOLE 248333 0 0 Penn RealEstate 6.875.CUM Perp PFD 709102701 277 11038 SH SOLE 11038 0 0 Penn RealEstate 7.20.CUM Perp PFD 709102602 300 11566 SH SOLE 11566 0 0 Penn RealEstate 7.375.CUM Perp PFD 709102503 555 22027 SH SOLE 22027 0 0 PennyMac Mtg 8.125. 2024 Libor PFD 70931t301 357 14166 SH SOLE 14166 0 0 Plymouth Industrial 7.50. CUM PFD 729640201 267 10600 SH SOLE 10600 0 0 Prospect Captl 6.25. 6/24 SrNt PFD 74348t300 2162 83481 SH SOLE 83481 0 0 Prudential PLC 6.75. PrpCl 9/0 PFD g7293h114 447 17077 SH SOLE 17077 0 0 Quest USWest 7.0. SrNts 2056 2 PFD 74913g808 3651 147743 SH SOLE 147743 0 0 Quest USWest SnNotes 7.0. 2052 PFD 74913G402 1139 47922 SH SOLE 47922 0 0 Quest USWestSnNote7.5. BBB- Cl PFD 74913g303 1232 48932 SH SOLE 48932 0 0 Quest USWestSnNotes 6.875. CL PFD 74913g105 2901 123245 SH SOLE 123245 0 0 Qwest Corp 6.5. Sr Note 9/56 C PFD 74913g881 2025 89930 SH SOLE 89930 0 0 Qwest Corp 6.75. SrNote 6/57 C PFD 74913g873 952 41600 SH SOLE 41600 0 0 Regions Financial 6.375. Cl 12 PFD 7591ep308 404 15950 SH SOLE 15950 0 0 Reinsurance Group of Amer 6.2. PFD 759351703 294 10700 SH SOLE 10700 0 0 SL Green Realty 6.5. Perp CUM PFD 78440x507 1724 68722 SH SOLE 68722 0 0 SoCalEd 5.375. CUM cl 2025 QDI PFD 78409g206 751 29111 SH SOLE 29111 0 0 Sotherly Hotels 7.875. Cum Per PFD 83600c400 850 33520 SH SOLE 33520 0 0 Sotherly Hotels 8. Cum Perp C PFD 83600c301 2936 114500 SH SOLE 114500 0 0 Spark Energy 8.75. Call 2022 Q PFD 846511202 545 20468 SH SOLE 20468 0 0 Summit Hotel7.125.Perp CUM Cal PFD 866082407 890 35027 SH SOLE 35027 0 0 Summitt Hotel Prp 6.25.CUM Per PFD 866082605 226 8800 SH SOLE 8800 0 0 Sunstone Hotel 6.95. Prp/Cl 3/ PFD 867892606 366 14020 SH SOLE 14020 0 0 Synovus 7.875. Fx- Flt 8/18 Cl PFD 87161c402 320 12263 SH SOLE 12263 0 0 Telephone & Data 6.875. Cl 11/ PFD 879433845 2005 79225 SH SOLE 79225 0 0 Telephone & Data 7.0. Cl 3/16 PFD 879433837 721 28502 SH SOLE 28502 0 0 Texas Capitl Bancshares6.50. 2 PFD 882228307 439 17367 SH SOLE 17367 0 0 Torchmark Crp 6.125. SubDebCal PFD 891027401 831 31050 SH SOLE 31050 0 0 Triancgle Capitl 6.375.Sr Note PFD 895848406 895 35500 SH SOLE 35500 0 0 Two Harbors Investments 7.625. PFD 90187b309 244 9307 SH SOLE 9307 0 0 Two Harbors Investments 8.125. PFD 90187b200 680 24958 SH SOLE 24958 0 0 UMH Properties 8.0. Perp Cum C PFD 903002301 596 21823 SH SOLE 21823 0 0 US Bancorp 6.5. Flt Aftr 1/22 PFD 902973833 1058 37505 SH SOLE 37505 0 0 US Celllular SrNts 7.25. 2063 PFD 911684504 491 19100 SH SOLE 19100 0 0 US Cellular 6.95.SrNT 2060 Cl PFD 911684405 405 16035 SH SOLE 16035 0 0 US Cellular 7.25. SrNts12/2064 PFD 911684603 1721 66402 SH SOLE 66402 0 0 VEREIT Inc 6.70. Perp CUM Cl 2 PFD 92339v209 923 36096 SH SOLE 36096 0 0 Wells Fargo 5.85.Flt Aftr 9/23 PFD 949746556 300 11122 SH SOLE 11122 0 0 Wells Fargo 6.375. Cl 12/19 BB PFD 94988n207 776 29277 SH SOLE 29277 0 0 Wells Fargo 7.5. Cnv@$156 $100 PFD 949746804 17543 13392 SH SOLE 13392 0 0 Wells Fargo 8.00. Prp Cl12/17 PFD 949746879 5301 206681 SH SOLE 206681 0 0 WinTrust Financial 6.50. Call PFD 97650w405 244 8720 SH SOLE 8720 0 0 Bank of America 5.20. Perp/Cal PFD 060505ED2 1345 1315000 PRN SOLE 1315000 0 0 Charles Schwab 4.625. Perp/Cal PFD 808513AP0 551 540000 PRN SOLE 540000 0 0 Charles Schwab 7. Perp/Call 2/ PFD 808513AE5 1579 1397000 PRN SOLE 1397000 0 0 Citigroup 5.35. Perp/Call 5/23 PFD 172967GR6 754 740000 PRN SOLE 740000 0 0 Citigroup 5.875. Perp/Call 3/2 PFD 172967JK8 362 350000 PRN SOLE 350000 0 0 Citigroup Inc 5.95. Perp Call PFD 172967GD7 1222 1150000 PRN SOLE 1150000 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 639 600000 PRN SOLE 600000 0 0 Fifth Third Bancorp 4.9. until PFD 316773CR9 288 285000 PRN SOLE 285000 0 0 GE Cap Corp 5.00. Perp/Call 1/ PFD 369604BQ5 2094 2028000 PRN SOLE 2028000 0 0 Goldman Sachs 5.375 Perp/Call PFD 38148BAB4 478 465000 PRN SOLE 465000 0 0 Goldman Sachs 5.7 Perp/Call 5/ PFD 38148BAA6 1094 1065000 PRN SOLE 1065000 0 0 JPMorgan 6.0. Perp/Call 8/23 - PFD 48126HAA8 3279 3050000 PRN SOLE 3050000 0 0 JPMorgan 7.9. Perp/Call 4/18 - PFD 46625HHA1 2975 2935000 PRN SOLE 2935000 0 0 So. Cal Edison 6.25. Perp/Call PFD 842400FU2 854 780000 PRN SOLE 780000 0 0 Stanley Black & Decker Callabl PFD 854502AF8 1199 1170000 PRN SOLE 1170000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 2727 2710000 PRN SOLE 2710000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 545 540000 PRN SOLE 540000 0 0