The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Co COM 88579y101 8,977 64,007 SH   SOLE   64,007 0 0
ABB Ltd -Spon ADR COM 000375204 4,243 159,757 SH   SOLE   159,757 0 0
AGL Resources Inc COM 001204106 2,832 59,960 SH   SOLE   59,960 0 0
AT&T Inc COM 00206r102 10,010 284,700 SH   SOLE   284,700 0 0
AbbVie Inc COM 00287y109 6,226 117,896 SH   SOLE   117,896 0 0
Abbott Laboratories COM 002824100 7,321 191,000 SH   SOLE   191,000 0 0
Accenture PLC-Cl A COM g1151c101 3,452 41,984 SH   SOLE   41,984 0 0
Adobe Systems Inc COM 00724f101 411 6,870 SH   SOLE   6,870 0 0
Aetna Inc COM 00817Y108 405 5,900 SH   SOLE   5,900 0 0
Agilent Technologies Inc COM 00846u101 917 16,038 SH   SOLE   16,038 0 0
Air Products & Chemicals Inc COM 009158106 2,730 24,421 SH   SOLE   24,421 0 0
Allegion PLC COM g0176j109 271 6,134 SH   SOLE   6,134 0 0
Allergan Inc COM 018490102 259 2,328 SH   SOLE   2,328 0 0
Allstate Corp COM 020002101 301 5,512 SH   SOLE   5,512 0 0
Altria Group Inc COM 02209s103 6,330 164,895 SH   SOLE   164,895 0 0
Amarillo Gold Corp COM 041133317 125 1,400,000 SH   SOLE   1,400,000 0 0
Amazon.Com Inc COM 023135106 226 566 SH   SOLE   566 0 0
American Electric Power COM 025537101 369 7,898 SH   SOLE   7,898 0 0
American Express Co COM 025816109 3,104 34,212 SH   SOLE   34,212 0 0
Amgen Inc COM 031162100 1,442 12,640 SH   SOLE   12,640 0 0
Apache Corp COM 037411105 355 4,128 SH   SOLE   4,128 0 0
Apple Inc COM 037833100 14,106 25,144 SH   SOLE   25,144 0 0
Archer-Daniels-Midland Co COM 039483102 509 11,719 SH   SOLE   11,719 0 0
Automatic Data Processing COM 053015103 5,202 64,382 SH   SOLE   64,382 0 0
BCE Inc COM 05534b760 1,774 40,985 SH   SOLE   40,985 0 0
BHP Billiton Ltd-Spon ADR COM 088606108 210 3,080 SH   SOLE   3,080 0 0
BP PLC-Spons ADR COM 055622104 428 8,795 SH   SOLE   8,795 0 0
Bank Of Marin Bancorp/CA COM 063425102 542 12,501 SH   SOLE   12,501 0 0
Bank of America Corp COM 060505104 2,110 135,535 SH   SOLE   135,535 0 0
Bank of Montreal COM 063671101 931 13,970 SH   SOLE   13,970 0 0
Baxter International Inc. COM 071813109 303 4,357 SH   SOLE   4,357 0 0
Becton Dickinson & Co COM 075887109 424 3,838 SH   SOLE   3,838 0 0
Berkshire Hathaway Inc-Cl B COM 084670702 2,105 17,753 SH   SOLE   17,753 0 0
Biocryst Pharmaceuticals Inc COM 09058v103 276 36,261 SH   SOLE   36,261 0 0
Biogen Idec Inc COM 09062x103 1,197 4,282 SH   SOLE   4,282 0 0
Blackrock Inc COM 09247x101 203 640 SH   SOLE   640 0 0
Blackstone Group/The COM 09253u108 621 19,714 SH   SOLE   19,714 0 0
Boeing Co COM 097023105 3,555 26,047 SH   SOLE   26,047 0 0
Bristol-Myers Squibb Co COM 110122108 12,263 230,715 SH   SOLE   230,715 0 0
Broadcom Corp-Cl A COM 111320107 727 24,537 SH   SOLE   24,537 0 0
CVS Caremark Corp COM 126650100 3,061 42,775 SH   SOLE   42,775 0 0
Caterpillar Inc COM 149123101 1,691 18,623 SH   SOLE   18,623 0 0
Celgene Corp COM 151020104 473 2,801 SH   SOLE   2,801 0 0
CenterPoint Energy Inc COM 15189t107 2,160 93,200 SH   SOLE   93,200 0 0
Cerner Corp COM 156782104 1,665 29,875 SH   SOLE   29,875 0 0
Cerus Corp COM 157085101 65 10,000 SH   SOLE   10,000 0 0
Check Point Software Tech COM 2181334 284 4,400 SH   SOLE   4,400 0 0
Chevron Corp COM 166764100 21,020 168,278 SH   SOLE   168,278 0 0
Chubb Corp COM 171232101 2,843 29,421 SH   SOLE   29,421 0 0
Cisco Systems Inc COM 17275R102 2,787 124,269 SH   SOLE   124,269 0 0
Citigroup Inc COM 172967424 1,028 19,731 SH   SOLE   19,731 0 0
Clorox Company COM 189054109 5,911 63,727 SH   SOLE   63,727 0 0
Coca-Cola Co/The COM 191216100 4,309 104,313 SH   SOLE   104,313 0 0
Colgate-Palmolive Co COM 194162103 4,319 66,236 SH   SOLE   66,236 0 0
Comcast Corp-Cl A COM 20030n101 2,925 56,293 SH   SOLE   56,293 0 0
Conagra Foods Inc COM 205887102 1,290 38,268 SH   SOLE   38,268 0 0
ConocoPhillips COM 20825C104 13,474 190,710 SH   SOLE   190,710 0 0
Consolidated Edison Inc COM 209115104 913 16,518 SH   SOLE   16,518 0 0
Consumer Discretionary Select COM 81369y407 2,443 36,555 SH   SOLE   36,555 0 0
Consumer Staples SPDR COM 81369y308 2,448 56,950 SH   SOLE   56,950 0 0
Costco Wholesale Corp COM 22160K105 9,309 78,214 SH   SOLE   78,214 0 0
DIRECTV Group Inc/The COM 25490a309 252 3,646 SH   SOLE   3,646 0 0
Danaher Corp COM 235851102 3,434 44,485 SH   SOLE   44,485 0 0
Deere & Co COM 244199105 1,985 21,738 SH   SOLE   21,738 0 0
Diageo Plc-Sponsored ADR COM 25243q205 459 3,468 SH   SOLE   3,468 0 0
Dick's Sporting Goods Inc COM 253393102 1,049 18,051 SH   SOLE   18,051 0 0
Disney Co./Walt The COM 254687106 4,972 65,082 SH   SOLE   65,082 0 0
Dominion Resources Inc/Va COM 25746u109 556 8,601 SH   SOLE   8,601 0 0
Dow Chemical COM 260543103 213 4,802 SH   SOLE   4,802 0 0
Du Pont (E.I.) De Nemours COM 263534109 6,514 100,269 SH   SOLE   100,269 0 0
Duke Energy Corp COM 26441c204 2,041 29,582 SH   SOLE   29,582 0 0
EGShares Dow Jones Emerging Ma COM 268461779 3,501 130,231 SH   SOLE   130,231 0 0
EMC Metals Corp COM 268665106 0 23,400 SH   SOLE   23,400 0 0
EOG Resources Inc COM 26875p101 225 1,341 SH   SOLE   1,341 0 0
ETFS Physical Precious Metals COM 26922w109 422 6,395 SH   SOLE   6,395 0 0
Eaton Corp PLC COM g29183103 1,631 21,424 SH   SOLE   21,424 0 0
Ecolab Inc COM 278865100 4,896 46,955 SH   SOLE   46,955 0 0
Edison International COM 281020107 3,498 75,552 SH   SOLE   75,552 0 0
Eli Lilly & Co COM 532457108 1,113 21,824 SH   SOLE   21,824 0 0
Emerson Electric Co COM 291011104 2,154 30,689 SH   SOLE   30,689 0 0
Encounter Technologies Inc COM 29259j105 0 62,000 SH   SOLE   62,000 0 0
EnerSys COM 29275y102 322 4,590 SH   SOLE   4,590 0 0
Energy Transfer Equity LP COM 29273v100 482 5,900 SH   SOLE   5,900 0 0
Energy Transfer Partners LP COM 29273r109 257 4,490 SH   SOLE   4,490 0 0
Enterprise Products Partners COM 293792107 1,849 27,893 SH   SOLE   27,893 0 0
Essex Property Trust Inc COM 297178105 567 3,949 SH   SOLE   3,949 0 0
Eurasian Minerals Inc COM 29843r100 55 54,086 SH   SOLE   54,086 0 0
Express Scripts Holding Co. COM 30219g108 1,052 14,972 SH   SOLE   14,972 0 0
Exxon Mobil Corp COM 30231G102 14,982 148,047 SH   SOLE   148,047 0 0
FedEx Corp COM 31428x106 286 1,988 SH   SOLE   1,988 0 0
First Trust Dividend Leaders I COM 336917109 1,576 71,910 SH   SOLE   71,910 0 0
First Trust Mid Cap Growth Alp COM 33737m102 243 8,665 SH   SOLE   8,665 0 0
First Trust Mid Cap Value ETF COM 33737m201 495 16,703 SH   SOLE   16,703 0 0
Flagstar Bancorp Inc COM 337930705 196 10,000 SH   SOLE   10,000 0 0
Flowserve Corp COM 34354p105 214 2,714 SH   SOLE   2,714 0 0
Fluor Corp COM 343412102 600 7,470 SH   SOLE   7,470 0 0
Ford Motor Co COM 345370860 1,265 81,969 SH   SOLE   81,969 0 0
Franklin Resources Inc COM 354613101 259 4,495 SH   SOLE   4,495 0 0
Freeport-McMoRan Copper & Gold COM 35671d857 3,571 94,621 SH   SOLE   94,621 0 0
Frontier Communications Corp COM 35906a108 72 15,414 SH   SOLE   15,414 0 0
Gasco Energy Inc COM 367220100 0 12,245 SH   SOLE   12,245 0 0
General Dynamics Corp COM 369550108 1,513 15,831 SH   SOLE   15,831 0 0
General Electric Co COM 369604103 16,806 599,571 SH   SOLE   599,571 0 0
General Mills Inc COM 370334104 4,494 90,037 SH   SOLE   90,037 0 0
General Motors Co COM 37045v100 279 6,829 SH   SOLE   6,829 0 0
Genuine Parts Co COM 372460105 3,349 40,262 SH   SOLE   40,262 0 0
Gilead Sciences Inc COM 375558103 1,423 18,946 SH   SOLE   18,946 0 0
GlaxoSmithKline Plc-ADR COM 37733w105 2,896 54,243 SH   SOLE   54,243 0 0
Glencore Xstrata COM 37827x100 130 12,502 SH   SOLE   12,502 0 0
Goldman Sachs Group Inc COM 38141G104 418 2,360 SH   SOLE   2,360 0 0
Google Inc-Cl A COM 38259P508 3,815 3,404 SH   SOLE   3,404 0 0
Grainger (W.W.) Inc COM 384802104 218 853 SH   SOLE   853 0 0
Guggenheim BRIC ETF COM 18383m100 403 11,625 SH   SOLE   11,625 0 0
Guggenheim Russell Top 50 ETF COM 78355w205 660 5,081 SH   SOLE   5,081 0 0
Guggenheim S&P Equal Weight ET COM 78355w106 231 3,245 SH   SOLE   3,245 0 0
HCP Inc COM 40414l109 5,737 157,959 SH   SOLE   157,959 0 0
Harman International COM 413086109 613 7,485 SH   SOLE   7,485 0 0
Health Care Select Sector COM 81369y209 2,648 47,767 SH   SOLE   47,767 0 0
Hershey Co/The COM 427866108 207 2,134 SH   SOLE   2,134 0 0
Hess Corp COM 42809h107 881 10,611 SH   SOLE   10,611 0 0
Hewlett-Packard Co COM 428236103 564 20,141 SH   SOLE   20,141 0 0
Home Depot Inc COM 437076102 4,336 52,666 SH   SOLE   52,666 0 0
Honeywell International Inc COM 438516106 4,497 49,219 SH   SOLE   49,219 0 0
Hubbell Inc -Cl B COM 443510201 218 2,000 SH   SOLE   2,000 0 0
Illinois Tool Works COM 452308109 239 2,842 SH   SOLE   2,842 0 0
Infinito Gold Ltd COM 45671c106 0 33,130 SH   SOLE   33,130 0 0
Ingersoll-Rand Co Ltd-Cl A COM g47791101 1,317 21,372 SH   SOLE   21,372 0 0
Integral Technologies Inc COM 45810j103 5 17,000 SH   SOLE   17,000 0 0
Intel Corp COM 458140100 9,458 364,406 SH   SOLE   364,406 0 0
InterContinental Hotels-ADR COM 45857p400 1,852 55,397 SH   SOLE   55,397 0 0
Intl Business Machines Corp COM 459200101 9,290 49,528 SH   SOLE   49,528 0 0
Intl Flavors & Fragrances COM 459506101 565 6,575 SH   SOLE   6,575 0 0
JPMorgan Chase & Co COM 46625H100 5,898 100,855 SH   SOLE   100,855 0 0
Jacobs Engineering Group Inc COM 469814107 592 9,399 SH   SOLE   9,399 0 0
Johnson & Johnson COM 478160104 16,997 185,579 SH   SOLE   185,579 0 0
Johnson Controls Inc COM 478366107 514 10,026 SH   SOLE   10,026 0 0
Kimberly-Clark Corp COM 494368103 7,429 71,121 SH   SOLE   71,121 0 0
Kinder Morgan Energy Partners COM 494550106 3,521 43,658 SH   SOLE   43,658 0 0
Kinder Morgan Management LLC COM 49455u100 3,597 47,542 SH   SOLE   47,542 0 0
Kohl's Corp COM 500255104 568 10,000 SH   SOLE   10,000 0 0
Kraft Foods Group COM 50076q106 1,128 20,916 SH   SOLE   20,916 0 0
L-3 Communications Holdings COM 502424104 324 3,036 SH   SOLE   3,036 0 0
Laboratory Corp Of Amer Hldgs COM 50540r409 1,286 14,080 SH   SOLE   14,080 0 0
Li & Fung Ltd Ord New COM g5485f151 13 10,000 SH   SOLE   10,000 0 0
Life Technologies Corp COM 53217v109 525 6,930 SH   SOLE   6,930 0 0
Linn Co LLC COM 535782106 779 25,300 SH   SOLE   25,300 0 0
Linn Energy LLC-Units COM 536020100 1,755 56,989 SH   SOLE   56,989 0 0
Lowe's Cos Inc COM 548661107 3,211 64,802 SH   SOLE   64,802 0 0
Lululemon Athletica Inc COM 550021109 318 5,389 SH   SOLE   5,389 0 0
Macy's Inc COM 55616p104 1,164 21,802 SH   SOLE   21,802 0 0
Magellan Midstream Partners COM 559080106 306 4,832 SH   SOLE   4,832 0 0
Manulife Financial Corp COM 56501r106 465 23,555 SH   SOLE   23,555 0 0
Marathon Oil Corp COM 565849106 400 11,323 SH   SOLE   11,323 0 0
Marathon Petroleum Corp COM 56585a102 345 3,762 SH   SOLE   3,762 0 0
Market Vectors Agribusiness ET COM 57060u605 248 4,544 SH   SOLE   4,544 0 0
Mattel Inc COM 577081102 696 14,635 SH   SOLE   14,635 0 0
McCormick & Co-Non Vtg Shrs COM 579780206 1,413 20,502 SH   SOLE   20,502 0 0
McDonald's Corp COM 580135101 10,988 113,245 SH   SOLE   113,245 0 0
McGraw Hill Financial Inc COM 580645109 430 5,500 SH   SOLE   5,500 0 0
Medical Properties Trust Inc COM 68463J304 347 28,384 SH   SOLE   28,384 0 0
Medtronic Inc COM 585055106 3,712 64,677 SH   SOLE   64,677 0 0
Merck & Co. Inc. COM 58933y105 5,139 102,683 SH   SOLE   102,683 0 0
Microsoft Corp COM 594918104 6,754 180,534 SH   SOLE   180,534 0 0
Mondelez International COM 609207105 1,987 56,295 SH   SOLE   56,295 0 0
Monsanto Co COM 61166w101 202 1,729 SH   SOLE   1,729 0 0
Mylan Laboratories COM 628530107 2,321 53,476 SH   SOLE   53,476 0 0
Nabors Industries Inc COM g6359f103 834 49,117 SH   SOLE   49,117 0 0
National Oilwell Varco Inc COM 637071101 332 4,171 SH   SOLE   4,171 0 0
Nestle Sa-Spons ADR For Reg COM 641069406 3,831 52,053 SH   SOLE   52,053 0 0
News Corp - Class B COM 65249b208 192 10,763 SH   SOLE   10,763 0 0
NextEra Energy Inc COM 65339f101 7,340 85,723 SH   SOLE   85,723 0 0
Nike Inc -Cl B COM 654106103 4,843 61,584 SH   SOLE   61,584 0 0
Nordstrom Inc COM 655664100 278 4,503 SH   SOLE   4,503 0 0
Norfolk Southern Corp COM 655844108 373 4,021 SH   SOLE   4,021 0 0
Northeast Utilities COM 664397106 331 7,799 SH   SOLE   7,799 0 0
Novabay Pharmaceuticals Inc COM 66987p102 29 23,333 SH   SOLE   23,333 0 0
Novartis Ag-ADR COM 66987v109 3,161 39,329 SH   SOLE   39,329 0 0
OGE Energy Corp COM 670837103 246 7,250 SH   SOLE   7,250 0 0
Occidental Petroleum Corp COM 674599105 5,768 60,657 SH   SOLE   60,657 0 0
Oracle Corp COM 68389x105 3,047 79,650 SH   SOLE   79,650 0 0
P G & E Corp COM 69331c108 443 11,008 SH   SOLE   11,008 0 0
Paccar Inc COM 693718108 1,491 25,196 SH   SOLE   25,196 0 0
PepsiCo Inc COM 713448108 6,579 79,319 SH   SOLE   79,319 0 0
Pfizer Inc COM 717081103 7,096 231,668 SH   SOLE   231,668 0 0
Pharmaceutical HOLDRs Trust COM 71712a206 536 10,100 SH   SOLE   10,100 0 0
Philip Morris International COM 718172109 2,303 26,428 SH   SOLE   26,428 0 0
Phillips 66 COM 718546104 234 3,036 SH   SOLE   3,036 0 0
Piedmont Mining Co Inc COM 720172105 0 10,000 SH   SOLE   10,000 0 0
Plains All American Pipeline L COM 726503105 316 6,100 SH   SOLE   6,100 0 0
Plum Creek Timber Co COM 729251108 233 5,000 SH   SOLE   5,000 0 0
PowerShares Preferred Portfoli COM 73936t565 3,378 251,354 SH   SOLE   251,354 0 0
Powershares QQQ NASDAQ 100 Tru COM 73935a104 1,266 14,395 SH   SOLE   14,395 0 0
Praxair Inc COM 74005p104 2,498 19,214 SH   SOLE   19,214 0 0
ProLogis Inc COM 74340w103 273 7,389 SH   SOLE   7,389 0 0
ProShares Short 20+ Treasury COM 74347x849 238 7,245 SH   SOLE   7,245 0 0
Procter & Gamble Co COM 742718109 15,198 186,685 SH   SOLE   186,685 0 0
Prudential Financial Inc COM 744320102 2,650 28,736 SH   SOLE   28,736 0 0
Public Service Enterprise Grou COM 744573106 1,372 42,807 SH   SOLE   42,807 0 0
Qualcomm Inc COM 747525103 1,115 15,015 SH   SOLE   15,015 0 0
Quest Diagnostics COM 74834l100 302 5,635 SH   SOLE   5,635 0 0
Realty Income Corp COM 756109104 4,172 111,753 SH   SOLE   111,753 0 0
Regeneron Pharmaceuticals Inc COM 75886f107 439 1,595 SH   SOLE   1,595 0 0
Retail Properties of America COM 76131v202 526 41,350 SH   SOLE   41,350 0 0
Robert Half Intl Inc COM 770323103 307 7,300 SH   SOLE   7,300 0 0
Roche Holdings LTD-Spons ADR COM 010397936 1,550 22,081 SH   SOLE   22,081 0 0
Rockwell Automation Inc COM 773903109 211 1,782 SH   SOLE   1,782 0 0
Rockwood Holdings Inc COM 774415103 1,156 16,080 SH   SOLE   16,080 0 0
Royal Dutch Shell Plc-ADR A COM 780259206 401 5,630 SH   SOLE   5,630 0 0
SPDR Dow Jones Industrial Aver COM 78467x109 1,157 6,994 SH   SOLE   6,994 0 0
SPDR Energy Select Sector COM 81369y506 2,455 27,740 SH   SOLE   27,740 0 0
SPDR Financial Select Sector COM 81369y605 1,254 57,352 SH   SOLE   57,352 0 0
SPDR Gold Trust COM 78463v107 682 5,871 SH   SOLE   5,871 0 0
SPDR Industrial Select Sector COM 81369y704 2,472 47,304 SH   SOLE   47,304 0 0
SPDR Materials Select Sector COM 81369y100 606 13,115 SH   SOLE   13,115 0 0
SPDR S&P Biotech ETF COM 78464a870 460 3,536 SH   SOLE   3,536 0 0
SPDR S&P Dividend ETF COM 78464a763 6,593 90,792 SH   SOLE   90,792 0 0
SPDR S&P MidCap 400 ETF Trust COM 78467y107 4,582 18,763 SH   SOLE   18,763 0 0
SPDR S&P Oil & Gas Expl & Prod COM 78464a730 277 4,048 SH   SOLE   4,048 0 0
SPDR S&P500 Index Trust Series COM 78462f103 5,414 29,313 SH   SOLE   29,313 0 0
SPDR Technology Select Sector COM 81369y803 3,335 93,319 SH   SOLE   93,319 0 0
Sanofi-ADR COM 80105n105 4,728 88,157 SH   SOLE   88,157 0 0
Scana Corp COM 80589m102 695 14,807 SH   SOLE   14,807 0 0
Schlumberger Ltd COM 806857108 1,461 16,215 SH   SOLE   16,215 0 0
Schwab (Charles) Corp COM 808513105 345 13,270 SH   SOLE   13,270 0 0
Schwab U.S. Broad Market ETF COM 808524102 1,193 26,505 SH   SOLE   26,505 0 0
Schwab U.S. Mid-Cap ETF COM 808524508 344 9,200 SH   SOLE   9,200 0 0
Sempra Energy COM 816851109 2,343 26,099 SH   SOLE   26,099 0 0
Siemens Ag-Spons ADR COM 826197501 330 2,385 SH   SOLE   2,385 0 0
Sierra Vista Bank COM 82651b105 55 20,000 SH   SOLE   20,000 0 0
Silicon Image Inc COM 82705t102 138 22,435 SH   SOLE   22,435 0 0
Silvercorp Metals Inc COM 82835p103 23 10,000 SH   SOLE   10,000 0 0
Sirius XM Holdings Inc COM 82968b103 416 119,284 SH   SOLE   119,284 0 0
Southern Co COM 842587107 2,462 59,877 SH   SOLE   59,877 0 0
Southwestern Energy Co COM 845467109 1,059 26,931 SH   SOLE   26,931 0 0
Spectra Energy Corp COM 847560109 4,542 127,500 SH   SOLE   127,500 0 0
Spectral Diagnostics Inc COM 847574100 14 25,000 SH   SOLE   25,000 0 0
St Jude Medical Inc COM 790849103 936 15,111 SH   SOLE   15,111 0 0
Stanley Black & Decker Inc COM 854502101 2,838 35,178 SH   SOLE   35,178 0 0
Starbucks Corp COM 855244109 1,588 20,256 SH   SOLE   20,256 0 0
State Street Corp COM 857477103 300 4,088 SH   SOLE   4,088 0 0
Stryker Corp COM 863667101 288 3,833 SH   SOLE   3,833 0 0
Summit Hotel Properties Inc COM 866082100 123 13,664 SH   SOLE   13,664 0 0
SunPower Corp COM 867652406 894 30,000 SH   SOLE   30,000 0 0
Suncor Energy Inc COM 867224107 389 11,100 SH   SOLE   11,100 0 0
TD Ameritrade Holding Corp COM 87236y108 1,375 44,877 SH   SOLE   44,877 0 0
TJX Companies Inc COM 872540109 427 6,700 SH   SOLE   6,700 0 0
Target Corp COM 87612e106 5,329 84,232 SH   SOLE   84,232 0 0
Tesla Motors Inc COM 88160r101 243 1,613 SH   SOLE   1,613 0 0
Teva Pharmaceutical-Sp ADR COM 881624209 310 7,726 SH   SOLE   7,726 0 0
Texas Instruments Inc COM 882508104 211 4,800 SH   SOLE   4,800 0 0
Toronto-Dominion Bank COM 891160509 3,583 38,020 SH   SOLE   38,020 0 0
Total SA-Spon ADR COM 89151e109 357 5,819 SH   SOLE   5,819 0 0
Toyota Motor Corp -Spon ADR COM 892331307 1,702 13,959 SH   SOLE   13,959 0 0
Travelers Cos Inc/The COM 89417e109 3,018 33,331 SH   SOLE   33,331 0 0
Twenty-First Century Fox-B (fo COM 90130a200 2,466 71,279 SH   SOLE   71,279 0 0
UDR Inc COM 902653104 211 9,030 SH   SOLE   9,030 0 0
US Bancorp COM 902973304 467 11,560 SH   SOLE   11,560 0 0
Unilever N V -NY Shares COM 904784709 2,810 69,843 SH   SOLE   69,843 0 0
Unilever Plc-Sponsored ADR COM 904767704 1,936 46,997 SH   SOLE   46,997 0 0
Union Pacific Corp COM 907818108 752 4,479 SH   SOLE   4,479 0 0
United Parcel Service-Cl B COM 911312106 5,422 51,595 SH   SOLE   51,595 0 0
United Technologies Corp COM 913017109 2,622 23,041 SH   SOLE   23,041 0 0
UnitedHealth Group Inc COM 91324P102 1,901 25,245 SH   SOLE   25,245 0 0
Utilities Select Sector SPDR COM 81369y886 437 11,514 SH   SOLE   11,514 0 0
Valero Energy Corp COM 91913Y100 217 4,300 SH   SOLE   4,300 0 0
Vanguard Dividend Appreciation COM 921908844 307 4,082 SH   SOLE   4,082 0 0
Vanguard High Dividend Yield E COM 921946406 350 5,615 SH   SOLE   5,615 0 0
Vanguard Large-Cap Vipers ETF COM 922908637 450 5,301 SH   SOLE   5,301 0 0
Vanguard MSCI EAFE Index ETF COM 921943858 2,372 56,918 SH   SOLE   56,918 0 0
Vanguard MSCI Emerging Market COM 922042858 2,087 50,735 SH   SOLE   50,735 0 0
Vanguard Mid-Cap Vipers COM 922908629 3,961 36,000 SH   SOLE   36,000 0 0
Vanguard Small-Cap Vipers COM 922908751 5,344 48,600 SH   SOLE   48,600 0 0
Vanguard Total Stock Mk Vipers COM 922908769 11,729 122,275 SH   SOLE   122,275 0 0
Varian Medical Systems Inc COM 92220P105 799 10,284 SH   SOLE   10,284 0 0
Verizon Communications Inc COM 92343v104 20,801 423,309 SH   SOLE   423,309 0 0
Visa Inc-Class A Shares COM 92826c839 613 2,753 SH   SOLE   2,753 0 0
Vodafone Group PLC-Sp ADR COM 92857w209 2,857 72,676 SH   SOLE   72,676 0 0
Vornado Realty Trust COM 929042109 3,794 42,727 SH   SOLE   42,727 0 0
Voyant International Corp COM 92909w108 0 53,652 SH   SOLE   53,652 0 0
Wal-Mart Stores Inc COM 931142103 953 12,117 SH   SOLE   12,117 0 0
Walgreen Co COM 931422109 5,427 94,482 SH   SOLE   94,482 0 0
Waste Management Inc COM 94106l109 5,236 116,695 SH   SOLE   116,695 0 0
WellPoint Inc COM 94973V107 1,001 10,835 SH   SOLE   10,835 0 0
Wells Fargo & Company COM 949746101 22,503 495,654 SH   SOLE   495,654 0 0
Westamerica Bancorportaion COM 957090103 634 11,221 SH   SOLE   11,221 0 0
Weyerhaeuser Co COM 962166104 1,158 36,690 SH   SOLE   36,690 0 0
Whirlpool Corp COM 963320106 2,380 15,175 SH   SOLE   15,175 0 0
White Mountains Insurance Grou COM G9618E107 719 1,193 SH   SOLE   1,193 0 0
Whole Foods Market Inc COM 966837106 5,769 99,759 SH   SOLE   99,759 0 0
Williams Cos Inc COM 969457100 5,614 145,563 SH   SOLE   145,563 0 0
Wisconsin Energy Corp COM 976657106 932 22,544 SH   SOLE   22,544 0 0
Xylem Inc COM 98419m100 415 12,001 SH   SOLE   12,001 0 0
Yahoo! Inc COM 984332106 1,142 28,250 SH   SOLE   28,250 0 0
Yingli Green Energy Holding Co COM 98584b103 76 15,000 SH   SOLE   15,000 0 0
Yum! Brands Inc COM 988498101 388 5,138 SH   SOLE   5,138 0 0
Zimmer Holdings Inc COM 98956p102 940 10,083 SH   SOLE   10,083 0 0
Zogenix Inc COM 98978l105 34 10,000 SH   SOLE   10,000 0 0
iShares DJ Select Dividend Ind COM 464287168 5,820 81,574 SH   SOLE   81,574 0 0
iShares DJ US Energy Sector COM 464287796 291 5,762 SH   SOLE   5,762 0 0
iShares DJ US Financial Sect COM 464287788 997 12,433 SH   SOLE   12,433 0 0
iShares DJ US Healthcare Sec COM 464287762 213 1,829 SH   SOLE   1,829 0 0
iShares DJ US Telecommunicatio COM 464287713 331 11,131 SH   SOLE   11,131 0 0
iShares FTSE/Xinhua China 25 COM 464287184 261 6,805 SH   SOLE   6,805 0 0
iShares MSCI Canada Index COM 464286509 211 7,250 SH   SOLE   7,250 0 0
iShares MSCI EAFE Index Fund COM 464287465 1,563 23,291 SH   SOLE   23,291 0 0
iShares MSCI Emerging Markets COM 464287234 708 16,940 SH   SOLE   16,940 0 0
iShares MSCI USA Quality Facto COM 46432f339 406 7,180 SH   SOLE   7,180 0 0
iShares Nasdaq Biotech Index F COM 464287556 647 2,851 SH   SOLE   2,851 0 0
iShares Russell 1000 Growth COM 464287614 589 6,857 SH   SOLE   6,857 0 0
iShares Russell 1000 Value COM 464287598 363 3,851 SH   SOLE   3,851 0 0
iShares Russell 2000 Index Fun COM 464287655 316 2,735 SH   SOLE   2,735 0 0
iShares Russell 3000 Value COM 464287663 212 1,714 SH   SOLE   1,714 0 0
iShares Russell Midcap Index COM 464287499 347 2,316 SH   SOLE   2,316 0 0
iShares S&P 100 Index Fund COM 464287101 823 9,994 SH   SOLE   9,994 0 0
iShares S&P 500 Index Fund COM 464287200 462 2,487 SH   SOLE   2,487 0 0
iShares S&P Europe 350 COM 464287861 687 14,470 SH   SOLE   14,470 0 0
iShares S&P Global 100 COM 464287572 722 9,351 SH   SOLE   9,351 0 0
iShares S&P Midcap 400 Index F COM 464287507 1,162 8,684 SH   SOLE   8,684 0 0
iShares S&P Midcap 400/Value COM 464287705 443 3,810 SH   SOLE   3,810 0 0
iShares S&P US Preferred Stock COM 464288687 7,231 196,336 SH   SOLE   196,336 0 0
iShares Trust S&P SmallCap 600 COM 464287804 659 6,040 SH   SOLE   6,040 0 0
AEGON 8.00% 2042 Notes Call 08 PFD 007924608 2,174 77,129 SH   SOLE   77,129 0 0
AEGON NV 7.25%Perp Call 03/201 PFD n00927348 577 22,725 SH   SOLE   22,725 0 0
AON Cap 8.205% 1/27 Non-Call B PFD 22532r101 1,619 56,229 SH   SOLE   56,229 0 0
Allied Capital ARCC6.875% 4/20 PFD 01903q207 413 18,117 SH   SOLE   18,117 0 0
American Capital Agency 8.0% P PFD 02503x204 948 37,324 SH   SOLE   37,324 0 0
Annaly Capital 7.625% Perp Cl PFD 035710706 219 9,884 SH   SOLE   9,884 0 0
Arch Capital 6.75% BBB QDI Cl PFD g0450a204 487 21,230 SH   SOLE   21,230 0 0
Ares Capital 7.75% 2040 Call 1 PFD 04010l202 1,933 76,380 SH   SOLE   76,380 0 0
Argo Group 6.5% Sr Notes Call PFD 040130205 266 13,150 SH   SOLE   13,150 0 0
Ashford Hospitality 9.0% NR Ca PFD 044103505 1,137 42,896 SH   SOLE   42,896 0 0
Aspen Insurance 7.25% Call07/2 PFD g05384147 4,495 183,552 SH   SOLE   183,552 0 0
Aspen Insurance 7.401% Call 07 PFD g05384139 592 23,388 SH   SOLE   23,388 0 0
Aviva 8.25% 12/2041 Call 12/20 PFD 05382a203 9,374 342,126 SH   SOLE   342,126 0 0
Axis Capital 6.875% Cl 4/17 QD PFD g0692u307 322 13,650 SH   SOLE   13,650 0 0
BAC Flt LIB+35 BB+ NCU QDI Cl PFD 060505815 264 13,095 SH   SOLE   13,095 0 0
BGC Partners 8.125% 2042 Call PFD 05541t408 1,147 44,337 SH   SOLE   44,337 0 0
Banco Santander 6.80% QDI Clbl PFD 80281r706 290 11,765 SH   SOLE   11,765 0 0
Banco Santander10.5% Perp Cl9/ PFD e8683r144 1,089 41,304 SH   SOLE   41,304 0 0
Bank of America 6.625%Prp Cl 1 PFD 060505740 374 14,902 SH   SOLE   14,902 0 0
Barclay's 6.625% Perpetual 9/1 PFD 06739f390 231 9,554 SH   SOLE   9,554 0 0
Barclays 7.75% Prp Cl 9/13 BBB PFD 06739h511 1,639 64,708 SH   SOLE   64,708 0 0
Barclays 8.125% Perp/Cl 3/14 B PFD 06739h362 3,914 154,284 SH   SOLE   154,284 0 0
Barclays Bank 7.1% Prp Call 12 PFD 06739h776 1,169 46,441 SH   SOLE   46,441 0 0
Campus Crest Comm 8.00% Perp C PFD 13466y204 1,306 52,894 SH   SOLE   52,894 0 0
CenturyLink Quest 6.125%Nts Cl PFD 74913g600 440 23,200 SH   SOLE   23,200 0 0
CenturyLink Quest 7.0%SnNts Cl PFD 74913g501 2,249 102,849 SH   SOLE   102,849 0 0
CenturyLink Quest7.375% 6/51 C PFD 74913g204 1,106 47,822 SH   SOLE   47,822 0 0
CenturyLink SnNote7.5% 2051 Cl PFD 74913g303 4,181 178,460 SH   SOLE   178,460 0 0
CenturyLink SnNotes 7.0% 2050 PFD 74913G402 1,315 59,940 SH   SOLE   59,940 0 0
CenturyLink/QuestCTL)SrNt7.75% PFD 740434873 655 25,791 SH   SOLE   25,791 0 0
Charles Schwab 6.0% Cl 9/17 BB PFD 808513204 228 10,350 SH   SOLE   10,350 0 0
Chesapeake Lodging 7.75% PerpC PFD 165240201 1,774 72,124 SH   SOLE   72,124 0 0
Citigroup 5.8% B1 Call 4/18 QD PFD 172967366 272 12,800 SH   SOLE   12,800 0 0
Citigroup 7.125% FxdtoFlt Cl 9 PFD 172967358 2,537 97,820 SH   SOLE   97,820 0 0
Citigroup Tst 7.875% Cl2015 Li PFD 173080201 224 8,210 SH   SOLE   8,210 0 0
Commonwealth REIT 7.25% Prp/Cl PFD 203233606 534 24,478 SH   SOLE   24,478 0 0
Corporate Office Prop 7.375% C PFD 22002t884 1,858 78,917 SH   SOLE   78,917 0 0
CubeSmart 7.75%CUM Call 11/2/2 PFD 229663208 391 15,560 SH   SOLE   15,560 0 0
DTE Energy 6.5% Jr Sub Call 12 PFD 233331602 1,237 51,160 SH   SOLE   51,160 0 0
Deutsche Bank 7.35% Cl 12/12 B PFD 25154d102 546 21,557 SH   SOLE   21,557 0 0
Deutsche Bank 8.05% PrpCl6/18 PFD 25150l108 2,838 106,304 SH   SOLE   106,304 0 0
Deutsche Bk Tst6.55%Perp Cl 5/ PFD 25153x208 579 23,245 SH   SOLE   23,245 0 0
Deutsche Bnk 6.625% Prp Cl 8/1 PFD 25153y206 277 11,138 SH   SOLE   11,138 0 0
Deutsche Bnk 7.6% Prp Cl 2/18 PFD 25154a108 1,477 56,891 SH   SOLE   56,891 0 0
Digital Realty 6.625% Perp CUM PFD 253868806 645 31,345 SH   SOLE   31,345 0 0
Digital Realty 7.0% Perp Call PFD 253868707 3,356 154,587 SH   SOLE   154,587 0 0
Discover Financial 6.50%Perp Q PFD 254709207 1,313 56,976 SH   SOLE   56,976 0 0
Dominion Res 8.375% Cl 6/14 BB PFD 25746u604 786 30,555 SH   SOLE   30,555 0 0
Endurance Specialty 7.5% Cl 6/ PFD g30397304 1,679 66,381 SH   SOLE   66,381 0 0
Endurance Specialty 7.75% Cl12 PFD 29267h208 3,564 139,326 SH   SOLE   139,326 0 0
Excel Trust 8.125% CUM Call 1/ PFD 30068c307 1,193 45,969 SH   SOLE   45,969 0 0
First Republic 7.0% Cl 12/18 B PFD 33616c860 778 30,300 SH   SOLE   30,300 0 0
First Republic Bank 6.2% Cl 6/ PFD 33616c407 1,441 65,060 SH   SOLE   65,060 0 0
First Republic Bank 6.70% Cl20 PFD 33616c209 1,410 59,542 SH   SOLE   59,542 0 0
General Growth Prop 6.375% Cl PFD 370023202 322 16,000 SH   SOLE   16,000 0 0
GoldmanSachs Lib+75 Min3.75% C PFD 38143y665 756 41,895 SH   SOLE   41,895 0 0
HSBC 6.36% Perp Callable NCU Q PFD 40429c607 747 32,605 SH   SOLE   32,605 0 0
HSBC Float 4.5%FL Clbl CUM QDI PFD 40428h706 463 18,400 SH   SOLE   18,400 0 0
HSBC Hldgs 8.0% Prp Cl 12/15 B PFD 404280802 5,387 199,957 SH   SOLE   199,957 0 0
HSBC Hldgs 8.125% Prp Cl 4/13 PFD 404280703 826 32,100 SH   SOLE   32,100 0 0
Hanover Insurance 6.35% Cl 3/1 PFD 410867204 290 13,900 SH   SOLE   13,900 0 0
Hartford Finl 7.875% 2042 call PFD 416518504 1,490 51,990 SH   SOLE   51,990 0 0
Hudson Pacific 8.375% Perp N/R PFD 444097208 859 32,783 SH   SOLE   32,783 0 0
ING Groep NV 7 3/8% Cl 10/12 B PFD 456837707 1,820 71,657 SH   SOLE   71,657 0 0
ING Grp NV 7.20%Pfd Perp/Cl l2 PFD 456837301 290 11,413 SH   SOLE   11,413 0 0
Investors REIT 7.95% Perp CUM PFD 461730301 901 34,928 SH   SOLE   34,928 0 0
KKR Financial 7.50% SrNotes Ca PFD 48248a504 3,814 150,862 SH   SOLE   150,862 0 0
KKR Financial 8.375%SrNts Call PFD 48248a405 1,563 58,285 SH   SOLE   58,285 0 0
KKR Financial7.375% Perp Call PFD 48248a603 3,828 158,830 SH   SOLE   158,830 0 0
Kimco Realty 6.90% Perp Call8/ PFD 49446r828 275 11,536 SH   SOLE   11,536 0 0
LaSalle Hotel 7.50% Perp CUM C PFD 517942702 1,700 68,957 SH   SOLE   68,957 0 0
Limited 6.70% 3/2033 call 3/20 PFD 73941x551 289 12,218 SH   SOLE   12,218 0 0
M&T Bank 6.375% Cl 11/18 BBB Q PFD 55261f708 553 604 SH   SOLE   604 0 0
Maiden Hldgs 8.00% Nts 2042 ca PFD 56029q309 2,420 107,841 SH   SOLE   107,841 0 0
Maiden Hldgs 8.25% Nts 2041 ca PFD 56029q200 768 32,530 SH   SOLE   32,530 0 0
Maiden Holdings 8.25%Prp Cl8/2 PFD g5753u120 1,605 70,167 SH   SOLE   70,167 0 0
Merrill Lynch 7.28% Perp Cl 9/ PFD 59021k205 289 11,503 SH   SOLE   11,503 0 0
MetLife 3MoLibor+100 Min 4.0% PFD 59156r504 208 9,865 SH   SOLE   9,865 0 0
Montpelier RE 8.875% Perp QDI PFD g62185114 845 31,409 SH   SOLE   31,409 0 0
Morgan Stanley 3MoLib+70bp 4%F PFD 61747s504 528 28,080 SH   SOLE   28,080 0 0
Morgan Stanley 7.125% Fxd-Flt PFD 61762v200 312 11,950 SH   SOLE   11,950 0 0
News Corp 7.00% 12/1/2095 call PFD 863117206 343 13,947 SH   SOLE   13,947 0 0
NuStar Logistics 7.625%Nts Cl PFD 67059t204 797 31,305 SH   SOLE   31,305 0 0
PS Business Parks 6.0% Cl 5/20 PFD 69360j685 267 13,230 SH   SOLE   13,230 0 0
Partner Re 7.25% Call 06/16 BB PFD g68603508 5,295 209,285 SH   SOLE   209,285 0 0
Pebblebrook Hotel 8.00%Perp Cu PFD 70509v308 2,166 86,586 SH   SOLE   86,586 0 0
Pebblebrook Hotel7.875%Perp Cu PFD 70509v209 830 33,237 SH   SOLE   33,237 0 0
Penn RealEstate 7.375%CUM Perp PFD 709102503 639 26,925 SH   SOLE   26,925 0 0
Pitney Bowes 6.7% Cl 3/7/18 PFD 724479506 409 16,700 SH   SOLE   16,700 0 0
Principal Fin 145Bp+30y QDI ($ PFD 74251v201 655 6,550 SH   SOLE   6,550 0 0
PrivateBancorp PVTB 7.125% Cal PFD 742962400 321 13,495 SH   SOLE   13,495 0 0
Prospect Captl 6.95% Sr Nts 20 PFD 74348t201 1,782 69,413 SH   SOLE   69,413 0 0
Protective Life 6.0% Call 8/17 PFD 743674707 369 17,400 SH   SOLE   17,400 0 0
Prudential PLC 6.75% PrpCl 9/0 PFD g7293h114 793 32,061 SH   SOLE   32,061 0 0
Public Storage 5.90% Perp CUM PFD 74460w206 937 43,375 SH   SOLE   43,375 0 0
Public Storage 6.35% Call 7/16 PFD 74460d125 908 38,905 SH   SOLE   38,905 0 0
Public Storage 6.5% Perp Call PFD 74460d158 379 15,950 SH   SOLE   15,950 0 0
Public Storage 6.50% Call 4/20 PFD 74460d141 1,682 71,954 SH   SOLE   71,954 0 0
Public Storage 6.875% Prp Cl7/ PFD 74460d182 1,185 47,313 SH   SOLE   47,313 0 0
Raymond James Financial 6.90% PFD 754730208 383 15,320 SH   SOLE   15,320 0 0
Realty Income 6.625% Call 2/17 PFD 756109807 321 13,400 SH   SOLE   13,400 0 0
Regency Centers 6.00% Perp CUM PFD 758849806 701 35,100 SH   SOLE   35,100 0 0
Regions Financial 6.375% Cl 12 PFD 7591ep308 408 18,400 SH   SOLE   18,400 0 0
Reinsurance Group of Amer 6.2% PFD 759351703 400 16,500 SH   SOLE   16,500 0 0
Retail Properties of Amer 7.0% PFD 76131v608 396 18,800 SH   SOLE   18,800 0 0
SL Green Realty 6.5% Perp CUM PFD 78440x507 2,974 139,573 SH   SOLE   139,573 0 0
Scana Corp 7.70% 2065 Cl1/2015 PFD 80589m201 3,230 123,132 SH   SOLE   123,132 0 0
So Cal Ed Flt $100 Callable NC PFD 842400756 787 7,800 SH   SOLE   7,800 0 0
Solar Capital 6.75% Cl 11/17 PFD 83413u308 280 13,900 SH   SOLE   13,900 0 0
Southern Cal Ed 5.625% Cl6/17 PFD 78406t201 400 19,900 SH   SOLE   19,900 0 0
Southern Cal Ed 6.5% $100 Cl3/ PFD 842400723 673 6,890 SH   SOLE   6,890 0 0
Strategic Hotels&Resorts 8.25% PFD 024296164 242 10,203 SH   SOLE   10,203 0 0
Strategic Hotels&Resorts 8.25% PFD 86272t502 315 13,282 SH   SOLE   13,282 0 0
Summit Hotel 7.875% Perp CUM C PFD 866082308 1,115 46,758 SH   SOLE   46,758 0 0
Sunstone Hotel 8.00% Perp CUUM PFD 867592507 272 10,921 SH   SOLE   10,921 0 0
Taubman Centers 6.5% CUM NR Cl PFD 876664608 216 10,351 SH   SOLE   10,351 0 0
Telephone & Data 6.875% Cl 11/ PFD 879433845 3,370 148,854 SH   SOLE   148,854 0 0
Telephone & Data 7.0% Cl 3/16 PFD 879433837 944 40,850 SH   SOLE   40,850 0 0
US Bancorp 6.5% FxdToFlt Cl 2/ PFD 902973833 1,397 53,130 SH   SOLE   53,130 0 0
US Cellular 6.95% 2060 Cl 05/2 PFD 911684405 331 14,635 SH   SOLE   14,635 0 0
Vornado Realty 5.7% Prp Cl 7/1 PFD 929042851 232 11,738 SH   SOLE   11,738 0 0
Vornado Realty 6.875% Prp/Cl 4 PFD 929042869 3,143 130,643 SH   SOLE   130,643 0 0
Vornado Realty7.875% 2039Cl 10 PFD 929043602 222 8,550 SH   SOLE   8,550 0 0
Wells Fargo 7.50% Conv/Perp Pf PFD 949746804 745 671 SH   SOLE   671 0 0
Wells Fargo 8.00% Prp Cl12/17 PFD 949746879 12,506 447,277 SH   SOLE   447,277 0 0
Charles Schwab 7% Perp/Call 2/ PFD 808513AE5 2,279 2,062,000 PRN   SOLE   2,062,000 0 0
Citigroup Inc 5.95% Perp Call PFD 172967GD7 273 295,000 PRN   SOLE   295,000 0 0
GE Cap Corp 6.25% Perp/Call 12 PFD 369622SP1 357 350,000 PRN   SOLE   350,000 0 0
GE Cap Corp 7.125% Perp/Call 6 PFD 369622SN6 1,635 1,465,000 PRN   SOLE   1,465,000 0 0
JPMorgan 7.9% Perp/Call 4/18 - PFD 46625HHA1 2,569 2,335,000 PRN   SOLE   2,335,000 0 0
So. Cal Edison 6.25% Perp/Call PFD 842400FU2 1,024 1,005,000 PRN   SOLE   1,005,000 0 0
Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 5,005 5,440,000 PRN   SOLE   5,440,000 0 0
Wells Fargo & Company Perp/Cal PFD 949746PM7 601 540,000 PRN   SOLE   540,000 0 0