0001109228-18-000006.txt : 20180509 0001109228-18-000006.hdr.sgml : 20180509 20180509133202 ACCESSION NUMBER: 0001109228-18-000006 CONFORMED SUBMISSION TYPE: 13F-HR/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180509 DATE AS OF CHANGE: 20180509 EFFECTIVENESS DATE: 20180509 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 028-05651 FILM NUMBER: 18817632 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/A 1 primary_doc.xml 13F-HR/A LIVE false false false 0001109228 XXXXXXXX 03-31-2018 03-31-2018 true 1 RESTATEMENT KCM INVESTMENT ADVISORS LLC

750 LINDARO STREET SUITE 350 SAN RAFAEL CA 94901

13F HOLDINGS REPORT 028-05651 N William Prince 415-461-7788 Wm.L.Prince San Rafael CA 05-09-2018 0 523 1646164 false INFORMATION TABLE 2 kcm13f03312018.xml 1/100 Berkshire Hathaway A (10 COM 084990175 299 10 SH SOLE 10 0 0 3M Company COM 88579y101 24749 112739 SH SOLE 112739 0 0 ABB Ltd-Spon ADR COM 000375204 667 28101 SH SOLE 28101 0 0 ASML Hldgs NV-NY Reg Shs COM n07059210 244 1227 SH SOLE 1227 0 0 AT&T Inc COM 00206r102 6001 168343 SH SOLE 168343 0 0 AbbVie Inc COM 00287y109 14082 148775 SH SOLE 148775 0 0 Abbott Laboratories COM 002824100 12211 203780 SH SOLE 203780 0 0 Accenture PLC-Cl A COM g1151c101 5415 35276 SH SOLE 35276 0 0 Adobe Systems Inc COM 00724f101 1609 7448 SH SOLE 7448 0 0 Aetna Inc COM 00817Y108 1797 10632 SH SOLE 10632 0 0 Aflac Inc COM 001055102 1317 30102 SH SOLE 30102 0 0 Agilent Technologies Inc COM 00846u101 1212 18117 SH SOLE 18117 0 0 Air Products & Chemicals Inc COM 009158106 8517 53554 SH SOLE 53554 0 0 Alibaba Group Holding-SP ADR COM 01609w102 395 2151 SH SOLE 2151 0 0 Allergan plc (new) COM g0177j108 7537 44783 SH SOLE 44783 0 0 Allstate Corp COM 020002101 513 5409 SH SOLE 5409 0 0 Alphabet Inc-Cl A COM 02079k305 10655 10273 SH SOLE 10273 0 0 Alphabet Inc-Cl C COM 02079k107 5941 5758 SH SOLE 5758 0 0 Altaba Inc COM 021346101 1379 18623 SH SOLE 18623 0 0 Altria Group Inc COM 02209s103 9160 146983 SH SOLE 146983 0 0 Amarillo Gold Corp COM 02301t108 3 13000 SH SOLE 13000 0 0 Amazon.com Inc COM 023135106 13783 9523 SH SOLE 9523 0 0 American Electric Power COM 025537101 409 5960 SH SOLE 5960 0 0 American Express Co COM 025816109 1528 16377 SH SOLE 16377 0 0 Amgen Inc COM 031162100 2373 13922 SH SOLE 13922 0 0 Anthem Inc COM 036752103 2913 13261 SH SOLE 13261 0 0 Apple Inc COM 037833100 42051 250634 SH SOLE 250634 0 0 Applied Materials Inc COM 038222105 302 5431 SH SOLE 5431 0 0 Archer-Daniels-Midland Co COM 039483102 514 11847 SH SOLE 11847 0 0 Arista Networks, Inc. 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SH SOLE 199371 0 0 Wells Fargo & Company COM 949746101 28100 536155 SH SOLE 536155 0 0 Westamerica Bancorportaion COM 957090103 488 8407 SH SOLE 8407 0 0 Western Digital Corp COM 958102105 366 3970 SH SOLE 3970 0 0 Weyerhaeuser Co COM 962166104 457 13070 SH SOLE 13070 0 0 Whirlpool Corp COM 963320106 1607 10495 SH SOLE 10495 0 0 White Mountains Insurance Grou COM g9618e107 615 748 SH SOLE 748 0 0 Williams Cos Inc COM 969457100 1377 55379 SH SOLE 55379 0 0 Williams-Sonoma Inc COM 969904101 5799 109905 SH SOLE 109905 0 0 WisdomTree MidCap Div Index COM 97717w505 200 5875 SH SOLE 5875 0 0 Workday Inc-Class A COM 98138h101 420 3304 SH SOLE 3304 0 0 Xcel Energy Inc COM 98389b100 248 5461 SH SOLE 5461 0 0 Xylem Inc COM 98419m100 258 3360 SH SOLE 3360 0 0 Yum! Brands Inc COM 988498101 324 3803 SH SOLE 3803 0 0 Zimmer Biomet Holdings Inc COM 98956p102 3645 33427 SH SOLE 33427 0 0 iShares Core Dividend Growth COM 46434v621 1378 40656 SH SOLE 40656 0 0 iShares DJ Select Dividend Ind COM 464287168 7950 83575 SH SOLE 83575 0 0 iShares DJ US Energy Sector COM 464287796 956 25859 SH SOLE 25859 0 0 iShares DJ US Financial Sect COM 464287788 1382 11733 SH SOLE 11733 0 0 iShares DJ US Health Car Pro COM 464288828 325 2059 SH SOLE 2059 0 0 iShares DJ US Medical Device COM 464288810 308 1664 SH SOLE 1664 0 0 iShares DJ US Telecommunicatio COM 464287713 1336 49461 SH SOLE 49461 0 0 iShares DJ US Transport Index COM 464287192 1917 10251 SH SOLE 10251 0 0 iShares FTSE/Xinhua China 25 COM 464287184 269 5696 SH SOLE 5696 0 0 iShares Goldman Sachs Tech I COM 464287721 519 3084 SH SOLE 3084 0 0 iShares MSCI EAFE Index COM 464287465 1426 20462 SH SOLE 20462 0 0 iShares MSCI Emerging Markets COM 464287234 358 7405 SH SOLE 7405 0 0 iShares MSCI USA Quality Facto COM 46432f339 1091 13186 SH SOLE 13186 0 0 iShares Nasdaq Biotech Index F COM 464287556 6209 58168 SH SOLE 58168 0 0 iShares Russell 1000 Growth COM 464287614 1179 8666 SH SOLE 8666 0 0 iShares Russell 1000 Value COM 464287598 646 5387 SH SOLE 5387 0 0 iShares Russell 2000 Index Fun COM 464287655 537 3536 SH SOLE 3536 0 0 iShares Russell Midcap Value COM 464287473 206 2380 SH SOLE 2380 0 0 iShares S&P 100 Index Fund COM 464287101 2019 17406 SH SOLE 17406 0 0 iShares S&P 500 Index Fund COM 464287200 7432 28006 SH SOLE 28006 0 0 iShares S&P 500 Value Index Fu COM 464287408 219 2000 SH SOLE 2000 0 0 iShares S&P Europe 350 COM 464287861 586 12565 SH SOLE 12565 0 0 iShares S&P Global 100 COM 464287572 757 8291 SH SOLE 8291 0 0 iShares S&P Midcap 400 COM 464287507 1784 9509 SH SOLE 9509 0 0 iShares S&P Midcap 400/Value COM 464287705 532 3441 SH SOLE 3441 0 0 iShares S&P SmallCap 600 COM 464287804 548 7110 SH SOLE 7110 0 0 iShares S&P US Preferred Stock COM 464288687 6526 173735 SH SOLE 173735 0 0 AEGON 8.00. 2042 Notes Called PFD 007924608 1735 65431 SH SOLE 65431 0 0 AGNC Investment Corp 7.75. Per PFD 00123q302 1095 42579 SH SOLE 42579 0 0 AON Cap 8.205. 1/27 Non-Call B PFD 22532r101 1853 60644 SH SOLE 60644 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 238 9264 SH SOLE 9264 0 0 Allied Capital ARCC6.875. 4/20 PFD 01903q207 246 9695 SH SOLE 9695 0 0 Ally 8.125. Call CUM Call 5/17 PFD 361860208 213 8200 SH SOLE 8200 0 0 American Homes 4Rent 6.50. Per PFD 02665t702 350 14002 SH SOLE 14002 0 0 Amtrust Financial 7.5. QDI Cal PFD 032359887 545 28770 SH SOLE 28770 0 0 Amtrust Financial 7.50.Nts 205 PFD 032359853 200 8280 SH SOLE 8280 0 0 Amtrust Financial 7.625.CUM QD PFD 032359705 1080 57174 SH SOLE 57174 0 0 Amtrust Financial 7.75. QDI Ca PFD 032359846 875 41723 SH SOLE 41723 0 0 Annaly Capital6.50.CUM Fix-Flo PFD 035710862 292 11925 SH SOLE 11925 0 0 Apollo Cmmrl Real Est 8.00. CU PFD 03762u501 534 20973 SH SOLE 20973 0 0 Arbor Realty 8.50. CUM Perp Ca PFD 038923801 276 10744 SH SOLE 10744 0 0 Argo Group 6.5. Sr Notes Call PFD 040130205 1742 68964 SH SOLE 68964 0 0 Arlington Asset Inv 7.00. Cum PFD 041356601 517 20846 SH SOLE 20846 0 0 Ashford Hospitality 7.375. NR PFD 044103604 1356 58282 SH SOLE 58282 0 0 Ashford Hospitality 7.5. Calla PFD 044103885 384 16402 SH SOLE 16402 0 0 Ashford Hospitality 7.50.Cum P PFD 044103802 407 17494 SH SOLE 17494 0 0 Atlas Finl SrNt 6.625. Cl 4/20 PFD g06207123 433 17425 SH SOLE 17425 0 0 B Riley Financial 7.50.SnNts D PFD 05580m306 2664 104975 SH SOLE 104975 0 0 B Riley Financial 7.50.SnNts d PFD 05580m207 435 16870 SH SOLE 16870 0 0 BGC Partners 8.125. 2042 Call PFD 05541t408 3679 143169 SH SOLE 143169 0 0 BOFI Holdings 6.25.Sr Nts 2/20 PFD 05566u306 222 8700 SH SOLE 8700 0 0 BancOfCalifornia 7.00. Cal2021 PFD 05990k874 1869 72181 SH SOLE 72181 0 0 BancOfCalifornia 7.375. Ca2020 PFD 05990k882 7006 267421 SH SOLE 267421 0 0 BancOfCalifornia 8.00. Cal2018 PFD 05990k403 2653 103034 SH SOLE 103034 0 0 Bank of America 6.5. Prp Cl 1/ PFD 060505310 453 17157 SH SOLE 17157 0 0 Bank of America 6.625. Prp/Cl9 PFD 060505344 2665 101693 SH SOLE 101693 0 0 Bank of America 6.625.Prp Cl10 PFD 060505740 593 23028 SH SOLE 23028 0 0 BankofAmerica .1000pv 7.25.Cnv PFD 060505682 5807 4503 SH SOLE 4503 0 0 Barclays 8.125. Perp/Cl 3/14 B PFD 06739h362 377 14300 SH SOLE 14300 0 0 BlueRock Residential Growth 7. PFD 09627j748 1287 55781 SH SOLE 55781 0 0 BlueRock Residential Growth 8. PFD 09627j508 3145 125916 SH SOLE 125916 0 0 Boston Private Finl 6.95.Perp PFD 101119303 804 31533 SH SOLE 31533 0 0 CAI Internatnl 8.50.Perp Cum Q PFD 12477x205 1866 75237 SH SOLE 75237 0 0 CHS Chemical 7.50. Cl 1/2025 C PFD 12542r803 7397 266001 SH SOLE 266001 0 0 CHS Chemicals 6.75. Perp cl 20 PFD 12542r704 332 12337 SH SOLE 12337 0 0 CHS Chemicals 7.875. Perp cl 2 PFD 12542r308 411 13997 SH SOLE 13997 0 0 CHS Inc. 7.1. fxd to float in PFD 12542r506 281 10021 SH SOLE 10021 0 0 Capital One Finl 6.7.Prp Call PFD 14040h709 1574 59541 SH SOLE 59541 0 0 CenturyLink Quest 7.0.SnNts Cl PFD 74913g501 2449 104007 SH SOLE 104007 0 0 Chimera Investment Corp 8. Cal PFD 16934q406 547 21468 SH SOLE 21468 0 0 Citigroup 5.8. B1 Call 4/18 QD PFD 172967366 203 7973 SH SOLE 7973 0 0 Citigroup 6.875. Non Cum Call PFD 172967333 200 7621 SH SOLE 7621 0 0 Citigroup 7.125. Flt Aftr 9/23 PFD 172967358 7399 259079 SH SOLE 259079 0 0 Citigroup Tst 7.875. Cl2015 Li PFD 173080201 943 34695 SH SOLE 34695 0 0 City Office REIT 6.625. CUM Ca PFD 178587200 599 25177 SH SOLE 25177 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w880 4929 216640 SH SOLE 216640 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w872 363 15825 SH SOLE 15825 0 0 Colony NorthStar 7.125. CUM Ca PFD 19625w864 1405 61108 SH SOLE 61108 0 0 Colony NorthStar 7.50. CUM Cal PFD 19625w807 2423 104204 SH SOLE 104204 0 0 Colony NorthStar 8.50. CUM Cal PFD 19625w500 832 33303 SH SOLE 33303 0 0 Colony NorthStar 8.75. CUM Cal PFD 19625w609 618 24668 SH SOLE 24668 0 0 CoreEnergy 7.375. Pfd - Par Ca PFD 21870u304 1901 76119 SH SOLE 76119 0 0 Cowen 7.35. Sn Notes 2027 Call PFD 223622705 1535 60950 SH SOLE 60950 0 0 Crown Castle Intl 6.875. MndCo PFD 22822v309 370 331 SH SOLE 331 0 0 Customers Bk 7.00. Fx Flt Prp/ PFD 23204g407 241 9151 SH SOLE 9151 0 0 Digital Realty 7.375. Perp CUM PFD 253868871 1995 75900 SH SOLE 75900 0 0 Dynagas LNG 9.0. QDI CUM cl 2 PFD Y2188b116 1257 47472 SH SOLE 47472 0 0 EBAY 6.00. Sr Notes Call 3/1/2 PFD 278642202 465 17660 SH SOLE 17660 0 0 EaglePoint Credit 7.75. Due 10 PFD 269809307 271 10430 SH SOLE 10430 0 0 EaglePoint Credit 7.75.2022 CU PFD 269809109 629 24481 SH SOLE 24481 0 0 Fidus Investment 5.875.Notes D PFD 316500206 653 25650 SH SOLE 25650 0 0 First Republic 7.0. Cl 12/18 B PFD 33616c860 4587 175066 SH SOLE 175066 0 0 GGP Inc 6.375. Call 2/2018 CUM PFD 370023202 366 14800 SH SOLE 14800 0 0 GasLog LP 8.625.fxd/flt Cum Q PFD y2687w116 771 30050 SH SOLE 30050 0 0 GasLog Ltd 8.375. Ser A CUM QD PFD y2687w124 1125 43763 SH SOLE 43763 0 0 GasLog Ltd 8.75. Ser A CUM QDI PFD g37585117 1544 57669 SH SOLE 57669 0 0 Gladstone 7.00. CUM Perp Call PFD 376536603 5521 222405 SH SOLE 222405 0 0 Gladstone Investment 6.25. CUM PFD 376546503 631 24896 SH SOLE 24896 0 0 Glandstone Invstmt 6.50.SrNts2 PFD 376546404 224 8822 SH SOLE 8822 0 0 Global Indemnity SrNts7.75. Ca PFD g3933f121 1925 74699 SH SOLE 74699 0 0 Global Indmnty 7.875. Cl2022 b PFD g3933f139 1011 39438 SH SOLE 39438 0 0 Global Medical RE 7.50. CUM Pe PFD 37957w203 493 20031 SH SOLE 20031 0 0 Global Net Lease 7.25.Perp Cum PFD 379378300 1606 64476 SH SOLE 64476 0 0 Golar LNG 8.75. Perp QDI Call PFD y2745c110 1392 54940 SH SOLE 54940 0 0 Goldman 5.5. Flt Aftr 5/23 Cl PFD 38145g308 1823 68472 SH SOLE 68472 0 0 Great Elm Capital 6.75.SnNts M PFD 390320406 390 16125 SH SOLE 16125 0 0 HSBC Hldgs 8.0. Prp Cl 12/15 B PFD 404280802 2217 84824 SH SOLE 84824 0 0 Hanover Insurance6.35. Cl3/18 PFD 410867204 1125 44821 SH SOLE 44821 0 0 Hartford Finl 7.875. 2042 call PFD 416518504 1181 40240 SH SOLE 40240 0 0 Hersha Hospitality 6.50. NR Ca PFD 427825609 315 13533 SH SOLE 13533 0 0 Hoegh LNG Partners 8.75. QDI PFD y3262r118 1037 39913 SH SOLE 39913 0 0 Horizon Technology Fin 6.25.Sr PFD 44045a300 323 12550 SH SOLE 12550 0 0 IberiaBank Corp 6.60. Call 5/1 PFD 450828504 812 29781 SH SOLE 29781 0 0 Invesco Mortgage 7.75.Perp CUM PFD 46131b209 338 13603 SH SOLE 13603 0 0 JMP Group 8.00. SrDeb Due1/202 PFD 46629u206 409 16164 SH SOLE 16164 0 0 JMP Group SrNts7.25. BBB- 11/2 PFD 466273109 1170 47100 SH SOLE 47100 0 0 JPMorgan Chase 6.70.Perp/Call PFD 48127a161 1705 65235 SH SOLE 65235 0 0 Jernigan Capital 7.00. CUM PER PFD 476405204 733 31580 SH SOLE 31580 0 0 Just Energy 8.50.Perp Call3/20 PFD 48213w200 1396 57657 SH SOLE 57657 0 0 LaSalle Hotel 6.3. Call 5/2021 PFD 517942884 254 10454 SH SOLE 10454 0 0 LaSalle Hotel 6.375. Call 3/20 PFD 517942801 230 9399 SH SOLE 9399 0 0 M&T Bank 6.375. Cl 11/18 BBB- PFD 55261f708 466 459 SH SOLE 459 0 0 MFA Financial 7.5. Prp Cl 4/15 PFD 55272x409 214 8492 SH SOLE 8492 0 0 MVC Capital 6.25. SrNts Due12/ PFD 553829409 504 20000 SH SOLE 20000 0 0 Maiden Holdings 8.25.Prp Cl8/2 PFD g5753u120 609 31500 SH SOLE 31500 0 0 Medley Capital7.25.SrNts Due24 PFD 58503y204 453 17900 SH SOLE 17900 0 0 Medley Capitl 6.875.Notes Due2 PFD 58503y105 352 14100 SH SOLE 14100 0 0 Morgan Stanley 7.125.Flt 10/23 PFD 61762v200 4671 161862 SH SOLE 161862 0 0 National General 7.5. NA Cl Q PFD 636220857 4830 194699 SH SOLE 194699 0 0 National General 7.50.Call4/20 PFD 636220808 2666 107714 SH SOLE 107714 0 0 National General 7.625. Call9/ PFD 636220873 1433 57782 SH SOLE 57782 0 0 National General7.50.Call 7/20 PFD 636220709 2307 92147 SH SOLE 92147 0 0 New York MtgTrust 7.875.Perp C PFD 649604808 265 11234 SH SOLE 11234 0 0 NewTek Business Svs 6.25. Nts PFD 652526500 1169 45950 SH SOLE 45950 0 0 NewTek Business Svs 7.50. Nts PFD 652526302 504 19811 SH SOLE 19811 0 0 NuStar Logistics 7.625.Nts Cl PFD 67059t204 1736 68739 SH SOLE 68739 0 0 Oxford Lane Cap6.75. Nts 6/202 PFD 691543508 903 35395 SH SOLE 35395 0 0 Oxford Lane Capital 7.50. 6/20 PFD 691543300 211 8338 SH SOLE 8338 0 0 Partner Re 6.50.Perp Cal 4/202 PFD g68603136 1845 69795 SH SOLE 69795 0 0 Partner Re 7.25. Call 06/21 BB PFD g68603144 6823 245433 SH SOLE 245433 0 0 Penn RealEstate 6.875.CUM Perp PFD 709102701 218 10882 SH SOLE 10882 0 0 Penn RealEstate 7.20.CUM Perp PFD 709102602 216 10425 SH SOLE 10425 0 0 Penn RealEstate 7.375.CUM Perp PFD 709102503 366 17233 SH SOLE 17233 0 0 PennyMac Mtg 8.125. 2024 Libor PFD 70931t301 357 14011 SH SOLE 14011 0 0 Plymouth Industrial 7.50. CUM PFD 729640201 352 14156 SH SOLE 14156 0 0 Prospect Captl 6.25. 6/24 SrNt PFD 74348t300 2313 90031 SH SOLE 90031 0 0 Prudential PLC 6.75. PrpCl 9/0 PFD g7293h114 441 16677 SH SOLE 16677 0 0 QTS Realty 7.125. Perp Cum Cl PFD 74736a202 682 26875 SH SOLE 26875 0 0 Quest USWest 7.0. SrNts 2/56 C PFD 74913g808 3315 138593 SH SOLE 138593 0 0 Quest USWest SnNotes 7.0. 2052 PFD 74913G402 1039 45047 SH SOLE 45047 0 0 Quest USWestSnNote7.5. BBB- Cl PFD 74913g303 1409 55926 SH SOLE 55926 0 0 Quest USWestSnNotes 6.875. CL PFD 74913g105 2552 114195 SH SOLE 114195 0 0 Qwest Corp 6.5. Sr Note 9/56 C PFD 74913g881 1385 64650 SH SOLE 64650 0 0 Qwest Corp 6.75. SrNote 6/57 C PFD 74913g873 770 35150 SH SOLE 35150 0 0 Regions Financial 6.375. Cl 12 PFD 7591ep308 409 16058 SH SOLE 16058 0 0 Reinsurance Group of Amer 6.2. PFD 759351703 277 9800 SH SOLE 9800 0 0 SL Green Realty 6.5. Perp CUM PFD 78440x507 1759 69007 SH SOLE 69007 0 0 SoCalEd 5.375. CUM cl 2025 QDI PFD 78409g206 808 31451 SH SOLE 31451 0 0 Sotherly Hotels 7.25. SrNt2021 PFD 83600e307 657 25250 SH SOLE 25250 0 0 Sotherly Hotels 7.875. Cum Per PFD 83600c400 958 38329 SH SOLE 38329 0 0 Sotherly Hotels 8. Cum Perp C PFD 83600c301 2889 115591 SH SOLE 115591 0 0 Spark Energy 8.75. Call 2022 Q PFD 846511202 792 32996 SH SOLE 32996 0 0 Stag Industrial 6.875.CUM Perp PFD 85254j300 203 8070 SH SOLE 8070 0 0 Summitt Hotel Prp 6.25.CUM Per PFD 866082605 212 8800 SH SOLE 8800 0 0 Sunstone Hotel 6.95. Prp/Cl 3/ PFD 867892606 761 30323 SH SOLE 30323 0 0 Sutherland Asset Mgt 7.0.SrNts PFD 86933f602 200 7850 SH SOLE 7850 0 0 Synovus 7.875. Fx-Flt 8/18 Cl8 PFD 87161c402 314 12054 SH SOLE 12054 0 0 Teekay Offshore 8.875.Cum Cl 2 PFD Y8561j176 261 10635 SH SOLE 10635 0 0 Telephone & Data 6.875. Cl 11/ PFD 879433845 2026 80075 SH SOLE 80075 0 0 Telephone & Data 7.0. Cl 3/16 PFD 879433837 707 28002 SH SOLE 28002 0 0 Texas Capitl Bancshares6.50. 2 PFD 882228307 445 17267 SH SOLE 17267 0 0 Torchmark Crp 6.125. SubDebCal PFD 891027401 804 30350 SH SOLE 30350 0 0 TriState Capital Hlds 6.75. Pe PFD 89678f209 1117 43225 SH SOLE 43225 0 0 Triancgle Capitl 6.375.Sr Note PFD 895848406 938 37275 SH SOLE 37275 0 0 Two Harbors Investments 7.625. PFD 90187b309 263 10443 SH SOLE 10443 0 0 Two Harbors Investments 8.125. PFD 90187b200 652 24769 SH SOLE 24769 0 0 UMH Properties 8.0. Perp Cum C PFD 903002301 587 22122 SH SOLE 22122 0 0 US Bancorp 6.5. Flt Aftr 1/22 PFD 902973833 1050 37587 SH SOLE 37587 0 0 US Celllular SrNts 7.25. 2063 PFD 911684504 488 18950 SH SOLE 18950 0 0 US Cellular 6.95.SrNT 2060 Cl PFD 911684405 397 15535 SH SOLE 15535 0 0 US Cellular 7.25. SrNts12/2064 PFD 911684603 1748 67352 SH SOLE 67352 0 0 VEREIT Inc 6.70. Perp CUM Cl 2 PFD 92339v209 815 32095 SH SOLE 32095 0 0 Wells Fargo 5.85.Flt Aftr 9/23 PFD 949746556 308 11722 SH SOLE 11722 0 0 Wells Fargo 6.375. Cl 12/19 BB PFD 94988n207 746 28723 SH SOLE 28723 0 0 Wells Fargo 7.5. Cnv@.156 .100 PFD 949746804 17554 13608 SH SOLE 13608 0 0 Wells Fargo 8.00. Prp Cl12/17 PFD 949746879 4182 162779 SH SOLE 162779 0 0 WinTrust Financial 6.50. Call PFD 97650w405 236 8637 SH SOLE 8637 0 0 American Express Cp 5.2. - Cal PFD 025816BJ7 305 300000 PRN SOLE 300000 0 0 Bank of America 5.20. Perp/Cal PFD 060505ED2 1408 1415000 PRN SOLE 1415000 0 0 CIT Group Inc 5.8. - Call 6/15 PFD 125581GU6 201 200000 PRN SOLE 200000 0 0 Charles Schwab 4.625. Perp/Cal PFD 808513AP0 540 540000 PRN SOLE 540000 0 0 Charles Schwab 7. Perp/Call 2/ PFD 808513AE5 1516 1372000 PRN SOLE 1372000 0 0 Citigroup 5.35. Perp/Call 5/23 PFD 172967GR6 734 740000 PRN SOLE 740000 0 0 Citigroup 5.875. Perp/Call 3/2 PFD 172967JK8 361 350000 PRN SOLE 350000 0 0 Citigroup Inc - Callable 11/15 PFD 172967HZ7 309 300000 PRN SOLE 300000 0 0 Citigroup Inc 5.95. Perp Call PFD 172967GD7 1179 1150000 PRN SOLE 1150000 0 0 Citigroup Inc 6.125. Perp Call PFD 172967KD2 578 550000 PRN SOLE 550000 0 0 Citigroup Inc Fix-to-Float Per PFD 172967GF2 744 725000 PRN SOLE 725000 0 0 Fifth Third Bancorp 4.9. until PFD 316773CR9 283 285000 PRN SOLE 285000 0 0 GE Cap Corp 5.00. Perp/Call 1/ PFD 369604BQ5 2008 2028000 PRN SOLE 2028000 0 0 Goldman Sachs 5.375 Perp/Call PFD 38148BAB4 476 465000 PRN SOLE 465000 0 0 Goldman Sachs 5.7 Perp/Call 5/ PFD 38148BAA6 1136 1115000 PRN SOLE 1115000 0 0 JPMorgan 5.3. Perp/Call 5/1/20 PFD 46625HKK5 308 300000 PRN SOLE 300000 0 0 JPMorgan 6.0. Perp/Call 8/23 - PFD 48126HAA8 3157 3050000 PRN SOLE 3050000 0 0 JPMorgan 7.9. Perp/Call 4/18 - PFD 46625HHA1 3151 3135000 PRN SOLE 3135000 0 0 MetLife Inc. 5.25. Call 6/15/2 PFD 59156RBP2 256 250000 PRN SOLE 250000 0 0 Morgan Stanley 5.45. Perp/Call PFD 61761JQK8 203 200000 PRN SOLE 200000 0 0 So. Cal Edison 6.25. Perp/Call PFD 842400FU2 808 760000 PRN SOLE 760000 0 0 Stanley Black & Decker Callabl PFD 854502AF8 1188 1170000 PRN SOLE 1170000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 2703 2710000 PRN SOLE 2710000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 545 540000 PRN SOLE 540000 0 0