0001109228-18-000007.txt : 20180810 0001109228-18-000007.hdr.sgml : 20180810 20180810151515 ACCESSION NUMBER: 0001109228-18-000007 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180810 DATE AS OF CHANGE: 20180810 EFFECTIVENESS DATE: 20180810 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: 181008530 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 06-30-2018 06-30-2018 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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160019 SH SOLE 160019 0 0 Waste Management Inc COM 94106l109 16433 202022 SH SOLE 202022 0 0 Wells Fargo & Company COM 949746101 28736 518317 SH SOLE 518317 0 0 Westamerica Bancorportaion COM 957090103 475 8410 SH SOLE 8410 0 0 Western Digital Corp COM 958102105 263 3395 SH SOLE 3395 0 0 Weyerhaeuser Co COM 962166104 477 13070 SH SOLE 13070 0 0 Whirlpool Corp COM 963320106 941 6432 SH SOLE 6432 0 0 White Mountains Insurance Grou COM g9618e107 646 713 SH SOLE 713 0 0 Williams Cos Inc COM 969457100 987 36395 SH SOLE 36395 0 0 Williams-Sonoma Inc COM 969904101 6697 109100 SH SOLE 109100 0 0 WisdomTree MidCap Div Index COM 97717w505 224 6254 SH SOLE 6254 0 0 Workday Inc-Class A COM 98138h101 563 4645 SH SOLE 4645 0 0 Xcel Energy Inc COM 98389b100 249 5461 SH SOLE 5461 0 0 Xylem Inc COM 98419m100 226 3360 SH SOLE 3360 0 0 Yum! Brands Inc COM 988498101 219 2806 SH SOLE 2806 0 0 Zebra Technologies Corp-Cl A COM 989207105 201 1400 SH SOLE 1400 0 0 Zimmer Biomet Holdings Inc COM 98956p102 3873 34757 SH SOLE 34757 0 0 iShares Core Dividend Growth COM 46434v621 1306 38101 SH SOLE 38101 0 0 iShares DJ Select Dividend Ind COM 464287168 8169 83575 SH SOLE 83575 0 0 iShares DJ US Energy Sector COM 464287796 886 21132 SH SOLE 21132 0 0 iShares DJ US Financial Sect COM 464287788 1375 11733 SH SOLE 11733 0 0 iShares DJ US Health Car Pro COM 464288828 362 2059 SH SOLE 2059 0 0 iShares DJ US Medical Device COM 464288810 347 1730 SH SOLE 1730 0 0 iShares DJ US Telecommunicatio COM 464287713 230 8339 SH SOLE 8339 0 0 iShares DJ US Transport Index COM 464287192 1909 10251 SH SOLE 10251 0 0 iShares FTSE/Xinhua China 25 COM 464287184 245 5711 SH SOLE 5711 0 0 iShares Goldman Sachs Tech I COM 464287721 531 2979 SH SOLE 2979 0 0 iShares MSCI EAFE Index COM 464287465 1358 20275 SH SOLE 20275 0 0 iShares MSCI USA Quality Facto COM 46432f339 1151 13796 SH SOLE 13796 0 0 iShares Nasdaq Biotech Index F COM 464287556 6317 57523 SH SOLE 57523 0 0 iShares Russell 1000 Growth COM 464287614 1087 7561 SH SOLE 7561 0 0 iShares Russell 1000 Value COM 464287598 629 5182 SH SOLE 5182 0 0 iShares Russell 2000 Index Fun COM 464287655 455 2780 SH SOLE 2780 0 0 iShares Russell Midcap Value COM 464287473 211 2380 SH SOLE 2380 0 0 iShares S&P 100 Index Fund COM 464287101 2326 19451 SH SOLE 19451 0 0 iShares S&P 500 Index Fund COM 464287200 6749 24719 SH SOLE 24719 0 0 iShares S&P 500 Value Index Fu COM 464287408 220 2000 SH SOLE 2000 0 0 iShares S&P Europe 350 COM 464287861 558 12490 SH SOLE 12490 0 0 iShares S&P Global 100 COM 464287572 760 16582 SH SOLE 16582 0 0 iShares S&P MidCap 400/Growth COM 464287606 210 935 SH SOLE 935 0 0 iShares S&P Midcap 400 COM 464287507 1861 9552 SH SOLE 9552 0 0 iShares S&P Midcap 400/Value COM 464287705 563 3473 SH SOLE 3473 0 0 iShares S&P SmallCap 600 COM 464287804 593 7110 SH SOLE 7110 0 0 iShares S&P US Preferred Stock COM 464288687 5591 148265 SH SOLE 148265 0 0 AGNC Investment Corp 7.75. Per PFD 00123q302 1185 46148 SH SOLE 46148 0 0 AON Cap 8.205. 1/27 Non-Call B PFD 22532r101 1874 59544 SH SOLE 59544 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 237 9289 SH SOLE 9289 0 0 Allied Capital ARCC6.875. 4/20 PFD 01903q207 235 9245 SH SOLE 9245 0 0 Ally 8.125. Call CUM Call 5/17 PFD 361860208 216 8200 SH SOLE 8200 0 0 American Homes 4Rent 6.50. Per PFD 02665t702 362 14280 SH SOLE 14280 0 0 Amtrust Financial 7.5. QDI Cal PFD 032359887 567 26187 SH SOLE 26187 0 0 Amtrust Financial 7.625.CUM QD PFD 032359705 1027 49841 SH SOLE 49841 0 0 Amtrust Financial 7.75. QDI Ca PFD 032359846 863 37640 SH SOLE 37640 0 0 Annaly Capital6.50.CUM Fix-Flo PFD 035710862 273 11238 SH SOLE 11238 0 0 Apollo Cmmrl Real Est 8.00. CU PFD 03762u501 530 20674 SH SOLE 20674 0 0 Arbor Realty 8.50. CUM Perp Ca PFD 038923801 240 9103 SH SOLE 9103 0 0 Argo Group 6.5. Sr Notes Call PFD 040130205 1535 60689 SH SOLE 60689 0 0 Arlington Asset Inv 7.00. Cum PFD 041356601 494 20264 SH SOLE 20264 0 0 Ashford Hospitality 7.375. NR PFD 044103604 711 30101 SH SOLE 30101 0 0 Ashford Hospitality 7.5. Calla PFD 044103885 367 15500 SH SOLE 15500 0 0 Atlas Finl SrNt 6.625. Cl 4/20 PFD g06207123 422 17225 SH SOLE 17225 0 0 B Riley Financial 7.375.SnNtsD PFD 05580m504 426 16700 SH SOLE 16700 0 0 B Riley Financial 7.50.SnNts D PFD 05580m306 2604 103925 SH SOLE 103925 0 0 B Riley Financial 7.50.SnNts d PFD 05580m207 465 18220 SH SOLE 18220 0 0 BGC Partners 8.125. 2042 Call PFD 05541t408 3492 135819 SH SOLE 135819 0 0 BOFI Holdings 6.25.Sr Nts 2/20 PFD 05566u306 220 8550 SH SOLE 8550 0 0 BancOfCalifornia 7.00. Cal2021 PFD 05990k874 1907 73477 SH SOLE 73477 0 0 BancOfCalifornia 7.375. Ca2020 PFD 05990k882 7077 270841 SH SOLE 270841 0 0 BancOfCalifornia 8.00. Cal2018 PFD 05990k403 2504 95018 SH SOLE 95018 0 0 Bank of America 6.5. Prp Cl 1/ PFD 060505310 410 15584 SH SOLE 15584 0 0 Bank of America 6.625. Called PFD 060505740 551 22042 SH SOLE 22042 0 0 Bank of America 6.625. Prp/Cl9 PFD 060505344 2639 99969 SH SOLE 99969 0 0 BankofAmerica .1000pv 7.25.Cnv PFD 060505682 5761 4607 SH SOLE 4607 0 0 Barclays 8.125. Perp/Cl 3/14 B PFD 06739h362 373 14100 SH SOLE 14100 0 0 BlueRock Residential Growth 7. PFD 09627j748 1323 54839 SH SOLE 54839 0 0 BlueRock Residential Growth 8. PFD 09627j508 3217 127337 SH SOLE 127337 0 0 CAI Internatnl 8.50.Perp Cum Q PFD 12477x205 2304 93382 SH SOLE 93382 0 0 CHS Chemical 7.50. Cl 1/2025 C PFD 12542r803 7404 263107 SH SOLE 263107 0 0 CHS Chemicals 6.75. Perp cl 20 PFD 12542r704 329 12437 SH SOLE 12437 0 0 CHS Chemicals 7.875. Perp cl 2 PFD 12542r308 389 13597 SH SOLE 13597 0 0 CHS Inc. 7.1. fxd to float in PFD 12542r506 274 10058 SH SOLE 10058 0 0 Capital One Finl 6.7.Prp Call PFD 14040h709 1575 59221 SH SOLE 59221 0 0 CenturyLink Quest 7.0.SnNts Cl PFD 74913g501 2227 97232 SH SOLE 97232 0 0 ChickenSoup4Soul 9.75.QDI BBB- PFD 16842q209 250 10000 SH SOLE 10000 0 0 Chimera Investment Corp 8. Cal PFD 16934q307 234 9069 SH SOLE 9069 0 0 Chimera Investment Corp 8. Cal PFD 16934q406 568 21989 SH SOLE 21989 0 0 Citigroup 5.8. B1 Call 4/18 QD PFD 172967366 203 7979 SH SOLE 7979 0 0 Citigroup 6.875. Non Cum Call PFD 172967333 225 8648 SH SOLE 8648 0 0 Citigroup 7.125. Flt Aftr 9/23 PFD 172967358 7020 253141 SH SOLE 253141 0 0 Citigroup Tst 7.875. Cl2015 Li PFD 173080201 945 34870 SH SOLE 34870 0 0 City Office REIT 6.625. CUM Ca PFD 178587200 297 12216 SH SOLE 12216 0 0 Colony Capital 7.125. CUM Call PFD 19626g702 4889 210747 SH SOLE 210747 0 0 Colony Capital 7.125. CUM Call PFD 19626g603 354 15300 SH SOLE 15300 0 0 Colony Capital 7.125. CUM Call PFD 19626g504 1277 55162 SH SOLE 55162 0 0 Colony Capital 7.50. CUM Call PFD 19626g405 2425 100016 SH SOLE 100016 0 0 Colony Capital 8.50. CUM Calle PFD 19625w500 791 31282 SH SOLE 31282 0 0 Colony Capital 8.75. CUM Call PFD 19626g306 649 24999 SH SOLE 24999 0 0 CoreEnergy 7.375. Pfd - Par Ca PFD 21870u304 1964 77944 SH SOLE 77944 0 0 Cowen 7.35. Sn Notes 2027 Call PFD 223622705 1492 59100 SH SOLE 59100 0 0 Cowen 7.75. Snr Notes 2033 Cl PFD 223622804 1442 57500 SH SOLE 57500 0 0 Crown Castle Intl 6.875. MndCo PFD 22822v309 344 322 SH SOLE 322 0 0 Customers Bk 7.00. Fx Flt Prp/ PFD 23204g407 217 8261 SH SOLE 8261 0 0 Digital Realty 7.375. Perp CUM PFD 253868871 1941 74550 SH SOLE 74550 0 0 Dynagas LNG 9.0. QDI CUM cl 2 PFD Y2188b116 1214 46772 SH SOLE 46772 0 0 EBAY 6.00. Sr Notes Call 3/1/2 PFD 278642202 441 16760 SH SOLE 16760 0 0 EaglePoint Credit 6.625. Nts D PFD 269809505 1250 50850 SH SOLE 50850 0 0 EaglePoint Credit 7.75. Due 10 PFD 269809307 275 10480 SH SOLE 10480 0 0 EaglePoint Credit 7.75.2022 CU PFD 269809109 616 24342 SH SOLE 24342 0 0 Enstar Group 7.0. Perp Call 9/ PFD 29359u109 456 18050 SH SOLE 18050 0 0 Fidus Investment 5.875.Notes D PFD 316500206 638 24500 SH SOLE 24500 0 0 First Republic 7.0. Cl 12/18 B PFD 33616c860 4335 168664 SH SOLE 168664 0 0 GGP Inc 6.375. Call 2/2018 CUM PFD 370023202 349 14600 SH SOLE 14600 0 0 GasLog LP 8.625.fxd/flt Cum Q PFD y2687w116 804 30700 SH SOLE 30700 0 0 GasLog Ltd 8.375. Ser A CUM QD PFD y2687w124 1132 44338 SH SOLE 44338 0 0 GasLog Ltd 8.75. Ser A CUM QDI PFD g37585117 1500 57044 SH SOLE 57044 0 0 Gladstone 7.00. CUM Perp Call PFD 376536603 5674 223274 SH SOLE 223274 0 0 Gladstone Investment 6.25. CUM PFD 376546503 575 22608 SH SOLE 22608 0 0 Glandstone Invstmt 6.50.SrNts2 PFD 376546404 222 8663 SH SOLE 8663 0 0 Global Indemnity SrNts7.75. Ca PFD g3933f121 1927 74999 SH SOLE 74999 0 0 Global Indmnty 7.875. Cl2022 b PFD g3933f139 1060 41188 SH SOLE 41188 0 0 Global Medical RE 7.50. CUM Pe PFD 37957w203 497 20034 SH SOLE 20034 0 0 Global Net Lease 7.25.Perp Cum PFD 379378300 1575 61461 SH SOLE 61461 0 0 Golar LNG 8.75. Perp QDI Call PFD y2745c110 1364 54290 SH SOLE 54290 0 0 Goldman 5.5. Flt Aftr 5/23 Cl PFD 38145g308 1768 68319 SH SOLE 68319 0 0 Great Elm Capital 6.75.SnNts M PFD 390320406 444 17725 SH SOLE 17725 0 0 Hanover Insurance6.35. Cl3/18 PFD 410867204 1111 43421 SH SOLE 43421 0 0 Hartford Finl 7.875. 2042 call PFD 416518504 1141 39200 SH SOLE 39200 0 0 Hersha Hospitality 6.50. NR Ca PFD 427825609 287 11985 SH SOLE 11985 0 0 Hoegh LNG Partners 8.75. QDI PFD y3262r118 1184 46438 SH SOLE 46438 0 0 Horizon Technology Fin 6.25.Sr PFD 44045a300 289 11350 SH SOLE 11350 0 0 IberiaBank Corp 6.60. Call 5/1 PFD 450828504 745 27444 SH SOLE 27444 0 0 Invesco Mortgage 7.75.Perp CUM PFD 46131b209 399 15985 SH SOLE 15985 0 0 JMP Group 8.00. SrDeb Due1/202 PFD 46629u206 392 15464 SH SOLE 15464 0 0 JMP Group SrNts7.25. BBB- 11/2 PFD 466273109 1152 46350 SH SOLE 46350 0 0 JPMorgan Chase 6.70.Perp/Call PFD 48127a161 1682 64132 SH SOLE 64132 0 0 Jernigan Capital 7.00. CUM PER PFD 476405204 623 27222 SH SOLE 27222 0 0 Just Energy 8.50.Perp Call3/20 PFD 48213w200 1342 56882 SH SOLE 56882 0 0 LaSalle Hotel 6.3. Call 5/2021 PFD 517942884 255 10280 SH SOLE 10280 0 0 LaSalle Hotel 6.375. Call 3/20 PFD 517942801 236 9408 SH SOLE 9408 0 0 Landenburg Thalman 7.00.SnNte PFD 50575q110 743 30250 SH SOLE 30250 0 0 M&T Bank 6.375. Cl 11/18 BBB- PFD 55261f708 448 439 SH SOLE 439 0 0 MFA Financial 7.5. Prp Cl 4/15 PFD 55272x409 216 8549 SH SOLE 8549 0 0 MVC Capital 6.25. SrNts Due12/ PFD 553829409 496 19650 SH SOLE 19650 0 0 Maiden Holdings 8.25.Prp Cl8/2 PFD g5753u120 694 29200 SH SOLE 29200 0 0 Medley Capital7.25.SrNts Due24 PFD 58503y204 454 18275 SH SOLE 18275 0 0 Medley Capitl 6.875.Notes Due2 PFD 58503y105 295 12425 SH SOLE 12425 0 0 Morgan Stanley 7.125.Flt 10/23 PFD 61762v200 4363 154605 SH SOLE 154605 0 0 National General 7.5. NA Cl Q PFD 636220857 4784 190370 SH SOLE 190370 0 0 National General 7.50.Call4/20 PFD 636220808 2677 106089 SH SOLE 106089 0 0 National General 7.625. Call9/ PFD 636220873 1465 57257 SH SOLE 57257 0 0 National General7.50.Call 7/20 PFD 636220709 2223 87797 SH SOLE 87797 0 0 New York MtgTrust 7.875.Perp C PFD 649604808 250 10347 SH SOLE 10347 0 0 NewTek Business Svs 6.25. Nts PFD 652526500 1156 44650 SH SOLE 44650 0 0 NewTek Business Svs 7.50. Nts PFD 652526302 512 19611 SH SOLE 19611 0 0 NuStar Logistics 7.625.Nts Cl PFD 67059t204 1779 70164 SH SOLE 70164 0 0 OFS Capital 6.375 SnNts 4/2025 PFD 67103b308 803 32450 SH SOLE 32450 0 0 Oxford Lane Cap6.75. Nts 6/202 PFD 691543508 900 35108 SH SOLE 35108 0 0 Oxford Lane Capital 7.50. 6/20 PFD 691543300 203 8005 SH SOLE 8005 0 0 Partner Re 6.50.Perp Cal 4/202 PFD g68603136 2523 95145 SH SOLE 95145 0 0 Partner Re 7.25. Call 06/21 BB PFD g68603144 6657 241008 SH SOLE 241008 0 0 Penn RealEstate 7.20.CUM Perp PFD 709102602 223 9810 SH SOLE 9810 0 0 Penn RealEstate 7.375.CUM Perp PFD 709102503 305 13018 SH SOLE 13018 0 0 PennyMac Mtg 8.125. 2024 Libor PFD 70931t301 378 14908 SH SOLE 14908 0 0 Plymouth Industrial 7.50. CUM PFD 729640201 357 14630 SH SOLE 14630 0 0 Priority Income Fund6.375.SnNt PFD 74274w103 359 14625 SH SOLE 14625 0 0 Prospect Captl 6.25. 6/24 SrNt PFD 74348t300 2263 89231 SH SOLE 89231 0 0 Prudential PLC 6.75. PrpCl 9/0 PFD g7293h114 400 15277 SH SOLE 15277 0 0 QTS Realty 7.125. Perp Cum Cl PFD 74736a202 703 27325 SH SOLE 27325 0 0 Quest USWest 7.0. SrNts 2/56 C PFD 74913g808 3330 136143 SH SOLE 136143 0 0 Quest USWest SnNotes 7.0. 2052 PFD 74913G402 976 42715 SH SOLE 42715 0 0 Quest USWestSnNote7.5. BBB- Cl PFD 74913g303 1392 55257 SH SOLE 55257 0 0 Quest USWestSnNotes 6.875. CL PFD 74913g105 2321 103945 SH SOLE 103945 0 0 Qwest Corp 6.5. Sr Note 9/56 C PFD 74913g881 1358 62950 SH SOLE 62950 0 0 Qwest Corp 6.75. SrNote 6/57 C PFD 74913g873 676 30575 SH SOLE 30575 0 0 RLJ Lodging .1.95 Cnv@89.09 B- PFD 74965l200 226 8630 SH SOLE 8630 0 0 Regions Financial 6.375. Cl 12 PFD 7591ep308 397 15566 SH SOLE 15566 0 0 Reinsurance Group ofAmer 6.2. PFD 759351703 257 9400 SH SOLE 9400 0 0 SL Green Realty 6.5. Perp CUM PFD 78440x507 1533 60744 SH SOLE 60744 0 0 SoCalEd 5.375. CUM cl 2025 QDI PFD 78409g206 796 31451 SH SOLE 31451 0 0 Sotherly Hotels 7.25. SrNt2021 PFD 83600e307 686 26600 SH SOLE 26600 0 0 Sotherly Hotels 7.875. Cum Per PFD 83600c400 970 38371 SH SOLE 38371 0 0 Sotherly Hotels 8. Cum Perp C PFD 83600c301 2907 114896 SH SOLE 114896 0 0 Southerland Asset Mgt Sr 6.5. PFD 86933f701 553 21565 SH SOLE 21565 0 0 Spark Energy 8.75. Call 2022 Q PFD 846511202 775 33522 SH SOLE 33522 0 0 Summitt Hotel Prp 6.25.CUM Per PFD 866082605 213 8800 SH SOLE 8800 0 0 Sunstone Hotel 6.95. Prp/Cl 3/ PFD 867892606 764 30087 SH SOLE 30087 0 0 Sutherland Asset Mgt 7.0.SrNts PFD 86933f602 208 8000 SH SOLE 8000 0 0 Synovus 7.875. QDI BB- Called PFD 87161c402 302 11872 SH SOLE 11872 0 0 Teekay Offshore 8.875.Cum Cl 2 PFD Y8561j176 245 9785 SH SOLE 9785 0 0 Telephone & Data 6.875. Cl 11/ PFD 879433845 2011 79075 SH SOLE 79075 0 0 Telephone & Data 7.0. Cl 3/16 PFD 879433837 648 25702 SH SOLE 25702 0 0 Texas Capitl Bancshares6.50. 2 PFD 882228307 444 17417 SH SOLE 17417 0 0 Torchmark Crp 6.125. SubDebCal PFD 891027401 790 30350 SH SOLE 30350 0 0 TriState Capital Hlds 6.75. Pe PFD 89678f209 1127 43000 SH SOLE 43000 0 0 Triangle Capitl 6.375. Called PFD 895848406 887 35300 SH SOLE 35300 0 0 Two Harbors Investments 7.625. PFD 90187b309 281 10880 SH SOLE 10880 0 0 Two Harbors Investments 8.125. PFD 90187b200 626 23007 SH SOLE 23007 0 0 UMH Properties 8.0. Perp Cum C PFD 903002301 567 21443 SH SOLE 21443 0 0 US Bancorp 6.5. Flt Aftr 1/22 PFD 902973833 943 34040 SH SOLE 34040 0 0 US Celllular SrNts 7.25. 2063 PFD 911684504 483 18875 SH SOLE 18875 0 0 US Cellular 6.95.SrNT 2060 Cl PFD 911684405 380 15125 SH SOLE 15125 0 0 US Cellular 7.25. SrNts12/2064 PFD 911684603 1804 70427 SH SOLE 70427 0 0 VEREIT Inc 6.70. Perp CUM Cl 2 PFD 92339v209 782 31144 SH SOLE 31144 0 0 Wells Fargo 5.85.Flt Aftr 9/23 PFD 949746556 438 16922 SH SOLE 16922 0 0 Wells Fargo 6.375. Cl 12/19 BB PFD 94988n207 745 28770 SH SOLE 28770 0 0 Wells Fargo 7.5. Cnv@.156 .100 PFD 949746804 16836 13372 SH SOLE 13372 0 0 Wells Fargo 8.00. BBB- Called PFD 949746879 4105 159726 SH SOLE 159726 0 0 WinTrust Financial 6.50. Call PFD 97650w405 251 9361 SH SOLE 9361 0 0 American Express Cp 5.2. - Cal PFD 025816BJ7 609 600000 PRN SOLE 600000 0 0 Bank of America 5.20. Perp/Cal PFD 060505ED2 1494 1515000 PRN SOLE 1515000 0 0 Bank of NY Mellon - Call 6/20/ PFD 064058AD2 812 800000 PRN SOLE 800000 0 0 Charles Schwab 4.625. Perp/Cal PFD 808513AP0 539 540000 PRN SOLE 540000 0 0 Charles Schwab 7. Perp/Call 2/ PFD 808513AE5 1333 1212000 PRN SOLE 1212000 0 0 Citigroup 5.35. Perp/Call 5/23 PFD 172967GR6 728 740000 PRN SOLE 740000 0 0 Citigroup 5.875. Perp/Call 3/2 PFD 172967JK8 359 350000 PRN SOLE 350000 0 0 Citigroup Inc - Callable 11/15 PFD 172967HZ7 409 400000 PRN SOLE 400000 0 0 Citigroup Inc 5.95. Perp Call PFD 172967GD7 1170 1150000 PRN SOLE 1150000 0 0 Citigroup Inc 6.125. Perp Call PFD 172967KD2 570 550000 PRN SOLE 550000 0 0 Citigroup Inc Fix-to-Float Per PFD 172967GF2 708 700000 PRN SOLE 700000 0 0 Fifth Third Bancorp 4.9. until PFD 316773CR9 581 585000 PRN SOLE 585000 0 0 GE Cap Corp 5.00. Perp/Call 1/ PFD 369604BQ5 1879 1905000 PRN SOLE 1905000 0 0 Goldman Sachs 5. Perp/Call 11/ PFD 38148BAD0 484 515000 PRN SOLE 515000 0 0 Goldman Sachs 5.375 Perp/Call PFD 38148BAB4 624 615000 PRN SOLE 615000 0 0 Goldman Sachs 5.7 Perp/Call 5/ PFD 38148BAA6 1232 1215000 PRN SOLE 1215000 0 0 JPMorgan 5.3. Perp/Call 5/1/20 PFD 46625HKK5 305 300000 PRN SOLE 300000 0 0 JPMorgan 6.0. Perp/Call 8/23 - PFD 48126HAA8 3103 3050000 PRN SOLE 3050000 0 0 JPMorgan 7.9. Perp/Call 4/18 - PFD 46625HHA1 3162 3135000 PRN SOLE 3135000 0 0 MetLife Inc. 5.25. Call 6/15/2 PFD 59156RBP2 290 285000 PRN SOLE 285000 0 0 Morgan Stanley 5.45. Perp/Call PFD 61761JQK8 505 500000 PRN SOLE 500000 0 0 So. Cal Edison 6.25. Perp/Call PFD 842400FU2 644 605000 PRN SOLE 605000 0 0 Stanley Black & Decker Callabl PFD 854502AF8 1151 1145000 PRN SOLE 1145000 0 0 Suntrust Bank 5.05. Call 2022- PFD 867914BN2 382 390000 PRN SOLE 390000 0 0 US Bancorp - Callable 1/15/21 PFD 902973AY2 304 300000 PRN SOLE 300000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 2660 2700000 PRN SOLE 2700000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 558 552000 PRN SOLE 552000 0 0