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 9,707 67,765 SH   SOLE   67,765 0 0
A10 Networks Inc COM 002121101 200 15,000 SH   SOLE   15,000 0 0
ABB Ltd -Spon ADR COM 000375204 3,672 159,507 SH   SOLE   159,507 0 0
AGL Resources Inc COM 001204106 3,535 64,230 SH   SOLE   64,230 0 0
AT&T Inc COM 00206r102 10,394 293,940 SH   SOLE   293,940 0 0
AbbVie Inc COM 00287y109 7,911 140,164 SH   SOLE   140,164 0 0
Abbott Laboratories COM 002824100 8,820 215,651 SH   SOLE   215,651 0 0
Accenture PLC-Cl A COM g1151c101 3,338 41,295 SH   SOLE   41,295 0 0
Actavis LTD COM g0083b108 335 1,504 SH   SOLE   1,504 0 0
Adobe Systems Inc COM 00724f101 555 7,670 SH   SOLE   7,670 0 0
Aetna Inc COM 00817Y108 478 5,900 SH   SOLE   5,900 0 0
Aflac Inc COM 001055102 206 3,302 SH   SOLE   3,302 0 0
Agilent Technologies Inc COM 00846u101 1,065 18,543 SH   SOLE   18,543 0 0
Air Products & Chemicals Inc COM 009158106 3,880 30,169 SH   SOLE   30,169 0 0
Allegion PLC COM g0176j109 315 5,559 SH   SOLE   5,559 0 0
Alliance Data Systems Corp COM 018581108 293 1,043 SH   SOLE   1,043 0 0
Allstate Corp COM 020002101 324 5,512 SH   SOLE   5,512 0 0
Altria Group Inc COM 02209s103 6,789 161,877 SH   SOLE   161,877 0 0
Amarillo Gold Corp COM 041133317 151 1,400,000 SH   SOLE   1,400,000 0 0
Amazon.Com Inc COM 023135106 371 1,142 SH   SOLE   1,142 0 0
American Electric Power COM 025537101 481 8,620 SH   SOLE   8,620 0 0
American Express Co COM 025816109 3,431 36,162 SH   SOLE   36,162 0 0
American International Group COM 026874784 202 3,696 SH   SOLE   3,696 0 0
AmerisourceBergen Corp COM 03073e105 267 3,680 SH   SOLE   3,680 0 0
Amgen Inc COM 031162100 1,559 13,172 SH   SOLE   13,172 0 0
Apache Corp COM 037411105 325 3,226 SH   SOLE   3,226 0 0
Apple Inc COM 037833100 18,022 193,927 SH   SOLE   193,927 0 0
Archer-Daniels-Midland Co COM 039483102 536 12,149 SH   SOLE   12,149 0 0
Automatic Data Processing COM 053015103 6,876 86,736 SH   SOLE   86,736 0 0
BCE Inc COM 05534b760 2,611 57,553 SH   SOLE   57,553 0 0
Baker Hughes Inc COM 057224107 239 3,210 SH   SOLE   3,210 0 0
Bank Of Marin Bancorp/CA COM 063425102 570 12,501 SH   SOLE   12,501 0 0
Bank of America Corp COM 060505104 2,158 140,412 SH   SOLE   140,412 0 0
Bank of Montreal COM 063671101 929 12,620 SH   SOLE   12,620 0 0
Baxter International Inc. COM 071813109 463 6,400 SH   SOLE   6,400 0 0
Becton Dickinson & Co COM 075887109 526 4,447 SH   SOLE   4,447 0 0
Berkshire Hathaway Inc-Cl B COM 084670702 2,622 20,720 SH   SOLE   20,720 0 0
Biocryst Pharmaceuticals Inc COM 09058v103 462 36,261 SH   SOLE   36,261 0 0
Biogen Idec Inc COM 09062x103 1,427 4,527 SH   SOLE   4,527 0 0
Blackrock Inc COM 09247x101 205 640 SH   SOLE   640 0 0
Blackstone Group/The COM 09253u108 565 16,908 SH   SOLE   16,908 0 0
Boeing Co COM 097023105 3,694 29,037 SH   SOLE   29,037 0 0
Bristol-Myers Squibb Co COM 110122108 12,096 249,352 SH   SOLE   249,352 0 0
Buckeye Partners LP COM 118230101 203 2,450 SH   SOLE   2,450 0 0
CVS Caremark Corp COM 126650100 3,267 43,347 SH   SOLE   43,347 0 0
Carlyle Group/The COM 14309l102 2,207 65,002 SH   SOLE   65,002 0 0
Caterpillar Inc COM 149123101 2,300 21,168 SH   SOLE   21,168 0 0
Celgene Corp COM 151020104 504 5,864 SH   SOLE   5,864 0 0
CenterPoint Energy Inc COM 15189t107 1,907 74,682 SH   SOLE   74,682 0 0
Cerner Corp COM 156782104 1,667 32,325 SH   SOLE   32,325 0 0
Cerus Corp COM 157085101 42 10,000 SH   SOLE   10,000 0 0
Check Point Software Tech COM 2181334 249 3,709 SH   SOLE   3,709 0 0
Chevron Corp COM 166764100 25,207 193,083 SH   SOLE   193,083 0 0
Chicago Bridge & Iron-NY Shr COM 167250109 214 3,142 SH   SOLE   3,142 0 0
Chubb Corp COM 171232101 2,743 29,756 SH   SOLE   29,756 0 0
Cisco Systems Inc COM 17275R102 3,086 124,170 SH   SOLE   124,170 0 0
Citigroup Inc COM 172967424 1,087 23,072 SH   SOLE   23,072 0 0
Clorox Company COM 189054109 6,792 74,312 SH   SOLE   74,312 0 0
Coca-Cola Co/The COM 191216100 4,565 107,771 SH   SOLE   107,771 0 0
Colgate-Palmolive Co COM 194162103 6,733 98,755 SH   SOLE   98,755 0 0
Comcast Corp-Cl A COM 20030n101 4,595 85,606 SH   SOLE   85,606 0 0
Comerica Inc COM 200340107 877 17,479 SH   SOLE   17,479 0 0
Conagra Foods Inc COM 205887102 1,233 41,540 SH   SOLE   41,540 0 0
ConocoPhillips COM 20825C104 17,384 202,775 SH   SOLE   202,775 0 0
Consolidated Edison Inc COM 209115104 959 16,608 SH   SOLE   16,608 0 0
Consumer Discretionary Select COM 81369y407 2,656 39,800 SH   SOLE   39,800 0 0
Consumer Staples SPDR COM 81369y308 2,801 62,776 SH   SOLE   62,776 0 0
Costco Wholesale Corp COM 22160K105 9,751 84,678 SH   SOLE   84,678 0 0
CurrencyShares Australian Doll COM 23129u101 479 5,070 SH   SOLE   5,070 0 0
CurrencyShares Canadian Dollar COM 23129x105 451 4,840 SH   SOLE   4,840 0 0
DIRECTV Group Inc/The COM 25490a309 530 6,235 SH   SOLE   6,235 0 0
Danaher Corp COM 235851102 3,684 46,795 SH   SOLE   46,795 0 0
Deere & Co COM 244199105 1,935 21,367 SH   SOLE   21,367 0 0
Diageo Plc-Sponsored ADR COM 25243q205 452 3,551 SH   SOLE   3,551 0 0
Dick's Sporting Goods Inc COM 253393102 775 16,638 SH   SOLE   16,638 0 0
Disney Co./Walt The COM 254687106 5,788 67,507 SH   SOLE   67,507 0 0
Dominion Resources Inc/Va COM 25746u109 564 7,893 SH   SOLE   7,893 0 0
Dow Chemical COM 260543103 335 6,508 SH   SOLE   6,508 0 0
Dr Pepper Snapple Group Inc COM 26138e109 677 11,563 SH   SOLE   11,563 0 0
Du Pont (E.I.) De Nemours COM 263534109 6,911 105,615 SH   SOLE   105,615 0 0
Duke Energy Corp COM 26441c204 3,021 40,722 SH   SOLE   40,722 0 0
EGShares Dow Jones Emerging Ma COM 268461779 5,196 187,364 SH   SOLE   187,364 0 0
EMC Corp/Mass COM 268648102 247 9,368 SH   SOLE   9,368 0 0
EMC Metals Corp COM 268665106 2 23,400 SH   SOLE   23,400 0 0
EOG Resources Inc COM 26875p101 319 2,732 SH   SOLE   2,732 0 0
ETFS Physical Precious Metals COM 26922w109 681 9,395 SH   SOLE   9,395 0 0
Eaton Corp PLC COM g29183103 1,581 20,486 SH   SOLE   20,486 0 0
Ecolab Inc COM 278865100 5,427 48,744 SH   SOLE   48,744 0 0
Edison International COM 281020107 4,111 70,738 SH   SOLE   70,738 0 0
Eli Lilly & Co COM 532457108 3,046 48,999 SH   SOLE   48,999 0 0
Emerson Electric Co COM 291011104 2,111 31,805 SH   SOLE   31,805 0 0
Encounter Technologies Inc COM 29259j105 0 62,000 SH   SOLE   62,000 0 0
EnerSys COM 29275y102 345 5,008 SH   SOLE   5,008 0 0
Energy Transfer Equity LP COM 29273v100 589 10,000 SH   SOLE   10,000 0 0
Energy Transfer Partners LP COM 29273r109 223 3,846 SH   SOLE   3,846 0 0
Enterprise Products Partners COM 293792107 1,987 25,383 SH   SOLE   25,383 0 0
Essex Property Trust Inc COM 297178105 427 2,310 SH   SOLE   2,310 0 0
Eurasian Minerals Inc COM 29843r100 44 54,086 SH   SOLE   54,086 0 0
Express Scripts Holding Co. COM 30219g108 1,025 14,788 SH   SOLE   14,788 0 0
Exxon Mobil Corp COM 30231G102 15,521 154,162 SH   SOLE   154,162 0 0
Facebook Inc COM 30303m102 325 4,829 SH   SOLE   4,829 0 0
FedEx Corp COM 31428x106 571 3,770 SH   SOLE   3,770 0 0
First Trust Dividend Leaders I COM 336917109 1,297 54,540 SH   SOLE   54,540 0 0
First Trust Mid Cap Growth Alp COM 33737m102 271 9,360 SH   SOLE   9,360 0 0
First Trust Mid Cap Value ETF COM 33737m201 294 9,168 SH   SOLE   9,168 0 0
Flagstar Bancorp Inc COM 337930705 181 10,000 SH   SOLE   10,000 0 0
Fluor Corp COM 343412102 574 7,470 SH   SOLE   7,470 0 0
Ford Motor Co COM 345370860 1,962 113,793 SH   SOLE   113,793 0 0
Franklin Resources Inc COM 354613101 339 5,860 SH   SOLE   5,860 0 0
Freeport-McMoRan Copper & Gold COM 35671d857 3,261 89,346 SH   SOLE   89,346 0 0
Frontier Communications Corp COM 35906a108 99 16,871 SH   SOLE   16,871 0 0
Gasco Energy Inc COM 367220100 0 12,245 SH   SOLE   12,245 0 0
General Dynamics Corp COM 369550108 1,816 15,580 SH   SOLE   15,580 0 0
General Electric Co COM 369604103 17,187 653,977 SH   SOLE   653,977 0 0
General Mills Inc COM 370334104 4,977 94,725 SH   SOLE   94,725 0 0
Genuine Parts Co COM 372460105 4,078 46,442 SH   SOLE   46,442 0 0
Gilead Sciences Inc COM 375558103 1,404 16,933 SH   SOLE   16,933 0 0
GlaxoSmithKline Plc-ADR COM 37733w105 2,808 52,513 SH   SOLE   52,513 0 0
Goldman Sachs Group Inc COM 38141G104 395 2,360 SH   SOLE   2,360 0 0
Google Inc-Cl A COM 38259P508 2,491 4,260 SH   SOLE   4,260 0 0
Google Inc-Cl C COM 38259p706 2,255 3,919 SH   SOLE   3,919 0 0
Grainger (W.W.) Inc COM 384802104 289 1,138 SH   SOLE   1,138 0 0
Guggenheim BRIC ETF COM 18383m100 389 10,955 SH   SOLE   10,955 0 0
Guggenheim Russell Top 50 ETF COM 78355w205 661 4,906 SH   SOLE   4,906 0 0
Guggenheim S&P Equal Weight ET COM 78355w106 388 5,060 SH   SOLE   5,060 0 0
HCP Inc COM 40414l109 6,838 165,257 SH   SOLE   165,257 0 0
HPEV Inc COM 404273104 48 51,150 SH   SOLE   51,150 0 0
Harman International COM 413086109 788 7,335 SH   SOLE   7,335 0 0
Health Care Select Sector COM 81369y209 3,242 53,288 SH   SOLE   53,288 0 0
Hershey Co/The COM 427866108 208 2,134 SH   SOLE   2,134 0 0
Hess Corp COM 42809h107 815 8,244 SH   SOLE   8,244 0 0
Hewlett-Packard Co COM 428236103 2,015 59,831 SH   SOLE   59,831 0 0
Home Depot Inc COM 437076102 4,527 55,912 SH   SOLE   55,912 0 0
Honeywell International Inc COM 438516106 4,769 51,307 SH   SOLE   51,307 0 0
Hormel Foods Corp COM 440452100 215 4,365 SH   SOLE   4,365 0 0
Hubbell Inc -Cl B COM 443510201 246 2,000 SH   SOLE   2,000 0 0
Illinois Tool Works COM 452308109 319 3,647 SH   SOLE   3,647 0 0
Infinito Gold Ltd COM 45671c106 0 33,130 SH   SOLE   33,130 0 0
Ingersoll-Rand Co Ltd-Cl A COM g47791101 1,335 21,361 SH   SOLE   21,361 0 0
Integral Technologies Inc COM 45810j103 5 17,000 SH   SOLE   17,000 0 0
Intel Corp COM 458140100 11,638 376,631 SH   SOLE   376,631 0 0
InterContinental Hotels-ADR COM 45857p509 2,550 61,437 SH   SOLE   61,437 0 0
Intl Business Machines Corp COM 459200101 8,819 48,652 SH   SOLE   48,652 0 0
Intl Flavors & Fragrances COM 459506101 555 5,325 SH   SOLE   5,325 0 0
Ivanhoe Mines Ltd COM 46579r104 126 100,000 SH   SOLE   100,000 0 0
JPMorgan Chase & Co COM 46625H100 6,188 107,392 SH   SOLE   107,392 0 0
Jacobs Engineering Group Inc COM 469814107 452 8,479 SH   SOLE   8,479 0 0
Johnson & Johnson COM 478160104 20,710 197,955 SH   SOLE   197,955 0 0
Johnson Controls Inc COM 478366107 1,320 26,435 SH   SOLE   26,435 0 0
Kimberly-Clark Corp COM 494368103 9,158 82,339 SH   SOLE   82,339 0 0
Kinder Morgan Energy Partners COM 494550106 3,568 43,402 SH   SOLE   43,402 0 0
Kinder Morgan Management LLC COM 49455u100 3,790 48,011 SH   SOLE   48,011 0 0
Kohl's Corp COM 500255104 527 10,000 SH   SOLE   10,000 0 0
Kraft Foods Group COM 50076q106 1,751 29,205 SH   SOLE   29,205 0 0
L-3 Communications Holdings COM 502424104 367 3,036 SH   SOLE   3,036 0 0
Laboratory Corp Of Amer Hldgs COM 50540r409 1,438 14,044 SH   SOLE   14,044 0 0
Lam Research Corp COM 512807108 246 3,647 SH   SOLE   3,647 0 0
Li & Fung Ltd Ord New COM g5485f151 15 10,000 SH   SOLE   10,000 0 0
Linn Co LLC COM 535782106 743 23,750 SH   SOLE   23,750 0 0
Linn Energy LLC-Units COM 536020100 1,926 59,550 SH   SOLE   59,550 0 0
Lowe's Cos Inc COM 548661107 3,186 66,382 SH   SOLE   66,382 0 0
Lululemon Athletica Inc COM 550021109 267 6,589 SH   SOLE   6,589 0 0
Macy's Inc COM 55616p104 1,548 26,689 SH   SOLE   26,689 0 0
Magellan Midstream Partners COM 559080106 406 4,832 SH   SOLE   4,832 0 0
Manulife Financial Corp COM 56501r106 443 22,305 SH   SOLE   22,305 0 0
Marathon Oil Corp COM 565849106 460 11,523 SH   SOLE   11,523 0 0
Marathon Petroleum Corp COM 56585a102 281 3,602 SH   SOLE   3,602 0 0
Market Vectors Agribusiness ET COM 57060u605 704 12,805 SH   SOLE   12,805 0 0
McCormick & Co-Non Vtg Shrs COM 579780206 1,537 21,467 SH   SOLE   21,467 0 0
McDonald's Corp COM 580135101 11,773 116,864 SH   SOLE   116,864 0 0
McGraw Hill Financial Inc COM 580645109 529 6,370 SH   SOLE   6,370 0 0
Medical Properties Trust Inc COM 68463J304 376 28,384 SH   SOLE   28,384 0 0
Medtronic Inc COM 585055106 4,401 69,032 SH   SOLE   69,032 0 0
Merck & Co. Inc. COM 58933y105 6,744 116,569 SH   SOLE   116,569 0 0
Microsoft Corp COM 594918104 7,520 180,329 SH   SOLE   180,329 0 0
Mondelez International COM 609207105 2,075 55,168 SH   SOLE   55,168 0 0
Monsanto Co COM 61166w101 282 2,263 SH   SOLE   2,263 0 0
Morgan Stanley COM 617446448 946 29,275 SH   SOLE   29,275 0 0
Mylan Laboratories COM 628530107 1,920 37,235 SH   SOLE   37,235 0 0
NXP Semiconductors Nv COM n6596x109 263 3,967 SH   SOLE   3,967 0 0
Nabors Industries Inc COM g6359f103 1,493 50,839 SH   SOLE   50,839 0 0
National Oilwell Varco Inc COM 637071101 327 3,970 SH   SOLE   3,970 0 0
Nestle Sa-Spons ADR For Reg COM 641069406 4,283 55,143 SH   SOLE   55,143 0 0
NextEra Energy Inc COM 65339f101 9,251 90,272 SH   SOLE   90,272 0 0
Nike Inc -Cl B COM 654106103 5,153 66,444 SH   SOLE   66,444 0 0
Nordstrom Inc COM 655664100 459 6,760 SH   SOLE   6,760 0 0
Norfolk Southern Corp COM 655844108 480 4,661 SH   SOLE   4,661 0 0
Northeast Utilities COM 664397106 298 6,303 SH   SOLE   6,303 0 0
Novartis Ag-ADR COM 66987v109 3,870 42,745 SH   SOLE   42,745 0 0
OGE Energy Corp COM 670837103 250 6,400 SH   SOLE   6,400 0 0
Occidental Petroleum Corp COM 674599105 6,699 65,272 SH   SOLE   65,272 0 0
Oracle Corp COM 68389x105 3,304 81,519 SH   SOLE   81,519 0 0
P G & E Corp COM 69331c108 505 10,508 SH   SOLE   10,508 0 0
Paccar Inc COM 693718108 1,714 27,285 SH   SOLE   27,285 0 0
Pembina Pipeline Corp COM 706327103 213 4,964 SH   SOLE   4,964 0 0
PepsiCo Inc COM 713448108 7,172 80,280 SH   SOLE   80,280 0 0
Pfizer Inc COM 717081103 7,707 259,683 SH   SOLE   259,683 0 0
Pharmaceutical HOLDRs Trust COM 71712a206 552 8,900 SH   SOLE   8,900 0 0
Philip Morris International COM 718172109 2,028 24,050 SH   SOLE   24,050 0 0
Piedmont Mining Co Inc COM 720172105 0 10,000 SH   SOLE   10,000 0 0
Plains All American Pipeline L COM 726503105 410 6,822 SH   SOLE   6,822 0 0
Plum Creek Timber Co COM 729251108 254 5,629 SH   SOLE   5,629 0 0
Potash Corp Of Saskatchewan COM 73755l107 1,361 35,845 SH   SOLE   35,845 0 0
PowerShares Preferred Portfoli COM 73936t565 4,117 281,441 SH   SOLE   281,441 0 0
Powershares QQQ NASDAQ 100 Tru COM 73935a104 2,004 21,337 SH   SOLE   21,337 0 0
Praxair Inc COM 74005p104 2,701 20,330 SH   SOLE   20,330 0 0
ProLogis Inc COM 74340w103 337 8,196 SH   SOLE   8,196 0 0
ProShares Short 20+ Treasury COM 74347x849 209 7,245 SH   SOLE   7,245 0 0
Procter & Gamble Co COM 742718109 17,104 217,640 SH   SOLE   217,640 0 0
Public Service Enterprise Grou COM 744573106 1,758 43,103 SH   SOLE   43,103 0 0
Qualcomm Inc COM 747525103 1,184 14,946 SH   SOLE   14,946 0 0
Quest Diagnostics COM 74834l100 433 7,385 SH   SOLE   7,385 0 0
Realty Income Corp COM 756109104 5,849 131,680 SH   SOLE   131,680 0 0
Regeneron Pharmaceuticals Inc COM 75886f107 424 1,501 SH   SOLE   1,501 0 0
Retail Properties of America COM 76131v202 626 40,693 SH   SOLE   40,693 0 0
Robert Half Intl Inc COM 770323103 301 6,300 SH   SOLE   6,300 0 0
Roche Holdings LTD-Spons ADR COM 010397936 1,697 45,490 SH   SOLE   45,490 0 0
Rockwell Automation Inc COM 773903109 366 2,922 SH   SOLE   2,922 0 0
Rockwood Holdings Inc COM 774415103 1,431 18,832 SH   SOLE   18,832 0 0
Roper Industries Inc COM 776696106 256 1,750 SH   SOLE   1,750 0 0
Royal Dutch Shell Plc-ADR A COM 780259206 467 5,674 SH   SOLE   5,674 0 0
SPDR Dow Jones Industrial Aver COM 78467x109 1,235 7,355 SH   SOLE   7,355 0 0
SPDR Energy Select Sector COM 81369y506 3,107 31,043 SH   SOLE   31,043 0 0
SPDR Financial Select Sector COM 81369y605 1,595 70,131 SH   SOLE   70,131 0 0
SPDR Gold Trust COM 78463v107 1,532 11,962 SH   SOLE   11,962 0 0
SPDR Industrial Select Sector COM 81369y704 2,801 51,817 SH   SOLE   51,817 0 0
SPDR Materials Select Sector COM 81369y100 730 14,714 SH   SOLE   14,714 0 0
SPDR Metals & Mining ETF COM 78464a755 657 15,550 SH   SOLE   15,550 0 0
SPDR S&P Biotech ETF COM 78464a870 545 3,536 SH   SOLE   3,536 0 0
SPDR S&P Dividend ETF COM 78464a763 9,535 124,495 SH   SOLE   124,495 0 0
SPDR S&P International Small C COM 78463x871 495 14,046 SH   SOLE   14,046 0 0
SPDR S&P MidCap 400 ETF Trust COM 78467y107 5,278 20,258 SH   SOLE   20,258 0 0
SPDR S&P500 Index Trust Series COM 78462f103 7,419 37,907 SH   SOLE   37,907 0 0
SPDR Technology Select Sector COM 81369y803 3,886 101,341 SH   SOLE   101,341 0 0
Sanofi-ADR COM 80105n105 5,002 94,085 SH   SOLE   94,085 0 0
Scana Corp COM 80589m102 778 14,457 SH   SOLE   14,457 0 0
Schlumberger Ltd COM 806857108 3,481 29,512 SH   SOLE   29,512 0 0
Schwab (Charles) Corp COM 808513105 499 18,543 SH   SOLE   18,543 0 0
Schwab U.S. Broad Market ETF COM 808524102 1,371 28,729 SH   SOLE   28,729 0 0
Schwab U.S. Mid-Cap ETF COM 808524508 615 15,277 SH   SOLE   15,277 0 0
Schwab US Dividend Equity ETF COM 808524797 778 20,329 SH   SOLE   20,329 0 0
Sempra Energy COM 816851109 2,471 23,599 SH   SOLE   23,599 0 0
Siemens Ag-Spons ADR COM 826197501 315 2,385 SH   SOLE   2,385 0 0
Sierra Vista Bank COM 82651b105 82 20,000 SH   SOLE   20,000 0 0
Silvercorp Metals Inc COM 82835p103 21 10,000 SH   SOLE   10,000 0 0
Sirius XM Holdings Inc COM 82968b103 413 119,284 SH   SOLE   119,284 0 0
Southern Co COM 842587107 2,761 60,849 SH   SOLE   60,849 0 0
Southwestern Energy Co COM 845467109 1,202 26,431 SH   SOLE   26,431 0 0
Spectra Energy Corp COM 847560109 5,522 129,979 SH   SOLE   129,979 0 0
Spectral Diagnostics Inc COM 847574100 8 25,000 SH   SOLE   25,000 0 0
Sprott Resource Corp COM 85207d103 297 100,000 SH   SOLE   100,000 0 0
St Jude Medical Inc COM 790849103 925 13,351 SH   SOLE   13,351 0 0
Stanley Black & Decker Inc COM 854502101 3,620 41,220 SH   SOLE   41,220 0 0
Starbucks Corp COM 855244109 1,777 22,968 SH   SOLE   22,968 0 0
State Street Corp COM 857477103 275 4,088 SH   SOLE   4,088 0 0
Stryker Corp COM 863667101 298 3,535 SH   SOLE   3,535 0 0
Suncor Energy Inc COM 867224107 443 10,400 SH   SOLE   10,400 0 0
Sunoco Logistics Partners LP COM 86764l108 212 4,500 SH   SOLE   4,500 0 0
TD Ameritrade Holding Corp COM 87236y108 1,464 46,695 SH   SOLE   46,695 0 0
TJX Companies Inc COM 872540109 334 6,292 SH   SOLE   6,292 0 0
Target Corp COM 87612e106 4,851 83,711 SH   SOLE   83,711 0 0
Tesla Motors Inc COM 88160r101 304 1,268 SH   SOLE   1,268 0 0
Teva Pharmaceutical-Sp ADR COM 881624209 507 9,666 SH   SOLE   9,666 0 0
Texas Instruments Inc COM 882508104 229 4,800 SH   SOLE   4,800 0 0
Thermo Fisher Scientific Inc COM 883556102 230 1,950 SH   SOLE   1,950 0 0
Toronto-Dominion Bank COM 891160509 4,218 82,052 SH   SOLE   82,052 0 0
Total SA-Spon ADR COM 89151e109 271 3,753 SH   SOLE   3,753 0 0
Toyota Motor Corp -Spon ADR COM 892331307 1,884 15,745 SH   SOLE   15,745 0 0
Travelers Cos Inc/The COM 89417e109 3,197 33,989 SH   SOLE   33,989 0 0
Tri-Valley Corporation COM 895735108 0 15,600 SH   SOLE   15,600 0 0
Twenty-First Century Fox-B (fo COM 90130a200 2,400 70,108 SH   SOLE   70,108 0 0
UDR Inc COM 902653104 217 7,580 SH   SOLE   7,580 0 0
US Bancorp COM 902973304 1,246 28,752 SH   SOLE   28,752 0 0
Unilever N V -NY Shares COM 904784709 3,236 73,947 SH   SOLE   73,947 0 0
Unilever Plc-Sponsored ADR COM 904767704 1,998 44,097 SH   SOLE   44,097 0 0
Union Pacific Corp COM 907818108 1,014 10,161 SH   SOLE   10,161 0 0
United Parcel Service-Cl B COM 911312106 6,691 65,172 SH   SOLE   65,172 0 0
United Technologies Corp COM 913017109 2,737 23,705 SH   SOLE   23,705 0 0
UnitedHealth Group Inc COM 91324P102 808 9,882 SH   SOLE   9,882 0 0
Utilities Select Sector SPDR COM 81369y886 811 18,315 SH   SOLE   18,315 0 0
Valeant Pharmaceuticals Intern COM 91911k102 206 1,632 SH   SOLE   1,632 0 0
Vanguard Consumer Discretionar COM 92204a108 358 3,279 SH   SOLE   3,279 0 0
Vanguard Consumer Staples Vipe COM 92204a207 264 2,280 SH   SOLE   2,280 0 0
Vanguard Dividend Appreciation COM 921908844 445 5,712 SH   SOLE   5,712 0 0
Vanguard FTSE All-World Ex-US COM 922042775 222 4,248 SH   SOLE   4,248 0 0
Vanguard Health Care Vipers COM 92204a504 279 2,500 SH   SOLE   2,500 0 0
Vanguard High Dividend Yield E COM 921946406 1,765 26,610 SH   SOLE   26,610 0 0
Vanguard Info Tech Vipers COM 92204a702 373 3,850 SH   SOLE   3,850 0 0
Vanguard Large-Cap Vipers ETF COM 922908637 468 5,201 SH   SOLE   5,201 0 0
Vanguard MSCI EAFE Index ETF COM 921943858 2,544 59,732 SH   SOLE   59,732 0 0
Vanguard MSCI Emerging Market COM 922042858 2,663 61,742 SH   SOLE   61,742 0 0
Vanguard Mid-Cap Vipers COM 922908629 4,463 37,609 SH   SOLE   37,609 0 0
Vanguard REIT Vipers COM 922908553 765 10,216 SH   SOLE   10,216 0 0
Vanguard Small-Cap Vipers COM 922908751 6,024 51,433 SH   SOLE   51,433 0 0
Vanguard Total Stock Mk Vipers COM 922908769 10,381 102,001 SH   SOLE   102,001 0 0
Varian Medical Systems Inc COM 92220P105 900 10,822 SH   SOLE   10,822 0 0
Verizon Communications Inc COM 92343v104 22,753 465,021 SH   SOLE   465,021 0 0
Visa Inc-Class A Shares COM 92826c839 498 2,362 SH   SOLE   2,362 0 0
Vodafone Group PLC-Sp ADR COM 92857w308 2,348 70,328 SH   SOLE   70,328 0 0
Vornado Realty Trust COM 929042109 4,785 44,835 SH   SOLE   44,835 0 0
Voyant International Corp COM 92909w108 0 53,652 SH   SOLE   53,652 0 0
Wal-Mart Stores Inc COM 931142103 1,101 14,667 SH   SOLE   14,667 0 0
Walgreen Co COM 931422109 8,097 109,222 SH   SOLE   109,222 0 0
Waste Management Inc COM 94106l109 5,788 129,404 SH   SOLE   129,404 0 0
WellPoint Inc COM 94973V107 2,053 19,082 SH   SOLE   19,082 0 0
Wells Fargo & Company COM 949746101 27,914 531,086 SH   SOLE   531,086 0 0
Westamerica Bancorportaion COM 957090103 729 13,947 SH   SOLE   13,947 0 0
Weyerhaeuser Co COM 962166104 1,214 36,690 SH   SOLE   36,690 0 0
Whirlpool Corp COM 963320106 2,140 15,371 SH   SOLE   15,371 0 0
White Mountains Insurance Grou COM G9618E107 726 1,193 SH   SOLE   1,193 0 0
Whole Foods Market Inc COM 966837106 4,255 110,154 SH   SOLE   110,154 0 0
Williams Cos Inc COM 969457100 9,779 167,991 SH   SOLE   167,991 0 0
Wisconsin Energy Corp COM 976657106 1,492 31,809 SH   SOLE   31,809 0 0
Xylem Inc COM 98419m100 362 9,256 SH   SOLE   9,256 0 0
Yahoo! Inc COM 984332106 1,129 32,145 SH   SOLE   32,145 0 0
Yum! Brands Inc COM 988498101 391 4,821 SH   SOLE   4,821 0 0
Zebra Technologies Corp-Cl A COM 989207105 239 2,900 SH   SOLE   2,900 0 0
Zimmer Holdings Inc COM 98956p102 1,200 11,558 SH   SOLE   11,558 0 0
Zogenix Inc COM 98978l105 20 10,000 SH   SOLE   10,000 0 0
iPath DJ-UBS Copper Total Retu COM 06739f101 591 15,105 SH   SOLE   15,105 0 0
iShares DJ EPAC Sel Div Inc In COM 464288448 3,485 87,369 SH   SOLE   87,369 0 0
iShares DJ Select Dividend Ind COM 464287168 6,323 82,142 SH   SOLE   82,142 0 0
iShares DJ US Energy Sector COM 464287796 273 4,814 SH   SOLE   4,814 0 0
iShares DJ US Financial Sect COM 464287788 1,041 12,518 SH   SOLE   12,518 0 0
iShares DJ US Healthcare Sec COM 464287762 234 1,829 SH   SOLE   1,829 0 0
iShares DJ US Telecommunicatio COM 464287713 413 13,623 SH   SOLE   13,623 0 0
iShares FTSE/Xinhua China 25 COM 464287184 248 6,685 SH   SOLE   6,685 0 0
iShares MSCI Brazil Index COM 464286400 547 11,450 SH   SOLE   11,450 0 0
iShares MSCI Canada Index COM 464286509 234 7,250 SH   SOLE   7,250 0 0
iShares MSCI EAFE Index COM 464287465 2,288 33,458 SH   SOLE   33,458 0 0
iShares MSCI Emerging Markets COM 464287234 638 14,764 SH   SOLE   14,764 0 0
iShares MSCI Germany Index COM 464286806 229 7,330 SH   SOLE   7,330 0 0
iShares MSCI Hong Kong Index - COM 464286871 365 17,465 SH   SOLE   17,465 0 0
iShares MSCI Pacific Ex Japan COM 464286665 523 10,610 SH   SOLE   10,610 0 0
iShares MSCI Singapore Index COM 464286673 137 10,117 SH   SOLE   10,117 0 0
iShares MSCI USA Quality Facto COM 46432f339 669 11,492 SH   SOLE   11,492 0 0
iShares Microcap ETF COM 464288869 474 6,225 SH   SOLE   6,225 0 0
iShares Nasdaq Biotech Index F COM 464287556 1,439 5,600 SH   SOLE   5,600 0 0
iShares Russell 1000 Growth COM 464287614 826 9,085 SH   SOLE   9,085 0 0
iShares Russell 1000 Value COM 464287598 390 3,851 SH   SOLE   3,851 0 0
iShares Russell 2000 Index Fun COM 464287655 893 7,517 SH   SOLE   7,517 0 0
iShares Russell Midcap Index COM 464287499 376 2,316 SH   SOLE   2,316 0 0
iShares Russell Midcap Value I COM 464287473 327 4,500 SH   SOLE   4,500 0 0
iShares S&P 100 Index Fund COM 464287101 862 9,957 SH   SOLE   9,957 0 0
iShares S&P 500 Index Fund COM 464287200 510 2,589 SH   SOLE   2,589 0 0
iShares S&P Europe 350 COM 464287861 1,277 26,295 SH   SOLE   26,295 0 0
iShares S&P GSCI Commodity-Ind COM 46428r107 467 13,765 SH   SOLE   13,765 0 0
iShares S&P Global 100 COM 464287572 736 9,351 SH   SOLE   9,351 0 0
iShares S&P Latin American 40 COM 464287390 705 18,425 SH   SOLE   18,425 0 0
iShares S&P Midcap 400 COM 464287507 1,401 9,788 SH   SOLE   9,788 0 0
iShares S&P Midcap 400/Value COM 464287705 458 3,610 SH   SOLE   3,610 0 0
iShares S&P SmallCap 600 COM 464287804 576 5,143 SH   SOLE   5,143 0 0
iShares S&P US Preferred Stock COM 464288687 8,195 205,341 SH   SOLE   205,341 0 0
AEGON 8.00% 2042 Notes Call 08 PFD 007924608 3,992 137,229 SH   SOLE   137,229 0 0
AON Cap 8.205% 1/27 Non-Call B PFD 22532r101 1,754 58,179 SH   SOLE   58,179 0 0
Allied Capital ARCC6.875% 4/20 PFD 01903q207 415 16,456 SH   SOLE   16,456 0 0
American Capital Agency 8.0% P PFD 02503x204 1,009 38,824 SH   SOLE   38,824 0 0
American Capital Agncy 7.75% P PFD 02503x303 413 16,590 SH   SOLE   16,590 0 0
Annaly Capital 7.625% Perp Cl PFD 035710706 238 9,649 SH   SOLE   9,649 0 0
Arch Capital 6.75% BBB QDI Cl PFD g0450a204 679 25,736 SH   SOLE   25,736 0 0
Ares Capital 7.75% 2040 Call 1 PFD 04010l202 3,097 117,762 SH   SOLE   117,762 0 0
Argo Group 6.5% Sr Notes Call PFD 040130205 293 11,850 SH   SOLE   11,850 0 0
Ashford Hospitality 9.0% NR Ca PFD 044103505 1,209 43,876 SH   SOLE   43,876 0 0
Aspen Insurance 7.25% Call07/2 PFD g05384147 5,365 205,169 SH   SOLE   205,169 0 0
Aspen Insurance 7.401% Call 07 PFD g05384139 623 23,238 SH   SOLE   23,238 0 0
Atlas Pipeline 8.25% Cl 3/19 C PFD 049392301 1,138 44,449 SH   SOLE   44,449 0 0
Aviva 8.25% 12/2041 Call 12/20 PFD 05382a203 10,234 359,732 SH   SOLE   359,732 0 0
Axis Capital 6.875% Cl 4/17 QD PFD g0692u307 488 18,650 SH   SOLE   18,650 0 0
BAC Flt LIB+35 BB+ NCU QDI Cl PFD 060505815 243 10,845 SH   SOLE   10,845 0 0
BB&T Capital 5.625% Call 8/201 PFD 054937404 208 8,750 SH   SOLE   8,750 0 0
BGC Partners 8.125% 2042 Call PFD 05541t408 3,024 110,715 SH   SOLE   110,715 0 0
Banco Santander 6.80% QDI Clbl PFD 80281r706 286 11,182 SH   SOLE   11,182 0 0
Banco Santander10.5% Perp Cl9/ PFD e8683r144 1,045 40,714 SH   SOLE   40,714 0 0
Bank of America 6.625%Prp Cl 1 PFD 060505740 351 13,702 SH   SOLE   13,702 0 0
Barclay's 6.625% Perpetual 9/1 PFD 06739f390 221 8,699 SH   SOLE   8,699 0 0
Barclays 7.75% Prp Cl 9/13 BBB PFD 06739h511 857 33,237 SH   SOLE   33,237 0 0
Barclays 8.125% Perp/Cl 3/14 B PFD 06739h362 2,396 92,663 SH   SOLE   92,663 0 0
Barclays Bank 7.1% Prp Call 12 PFD 06739h776 1,092 42,641 SH   SOLE   42,641 0 0
Breitburn Energy Partners 8.25 PFD 106776115 498 19,550 SH   SOLE   19,550 0 0
Campus Crest Comm 8.00% Perp C PFD 13466y204 1,565 61,240 SH   SOLE   61,240 0 0
CenturyLink Quest 6.125%Nts Cl PFD 74913g600 256 11,000 SH   SOLE   11,000 0 0
CenturyLink Quest 7.0%SnNts Cl PFD 74913g501 2,576 99,415 SH   SOLE   99,415 0 0
CenturyLink Quest7.375% 6/51 C PFD 74913g204 1,240 46,922 SH   SOLE   46,922 0 0
CenturyLink SnNote7.5% 2051 Cl PFD 74913g303 5,255 198,062 SH   SOLE   198,062 0 0
CenturyLink SnNotes 7.0% 2050 PFD 74913G402 1,426 55,040 SH   SOLE   55,040 0 0
Chesapeake Lodging 7.75% PerpC PFD 165240201 2,075 77,851 SH   SOLE   77,851 0 0
Citigroup 5.8% B1 Call 4/18 QD PFD 172967366 264 10,800 SH   SOLE   10,800 0 0
Citigroup 7.125% FxdtoFlt Cl 9 PFD 172967358 3,737 135,145 SH   SOLE   135,145 0 0
Citigroup Tst 7.875% Cl2015 Li PFD 173080201 324 11,710 SH   SOLE   11,710 0 0
Colony Financial8.50% Perp CUM PFD 19624r205 205 7,602 SH   SOLE   7,602 0 0
Commonwealth REIT 7.25% Prp/Cl PFD 203233606 582 22,573 SH   SOLE   22,573 0 0
Corporate Office Prop 7.375% C PFD 22002t884 1,972 77,135 SH   SOLE   77,135 0 0
Costamare 7.625% CUM QDI Perp PFD y1771g110 328 13,041 SH   SOLE   13,041 0 0
Costamare 8.50% CUM QDI Perp C PFD y1771g128 2,065 78,617 SH   SOLE   78,617 0 0
CubeSmart 7.75%CUM Call 11/2/2 PFD 229663208 512 19,466 SH   SOLE   19,466 0 0
DTE Energy 6.5% Jr Sub Call 12 PFD 233331602 1,464 56,160 SH   SOLE   56,160 0 0
Deutsche Bank 8.05% PrpCl6/18 PFD 25150l108 3,133 110,381 SH   SOLE   110,381 0 0
Deutsche Bk Tst6.55%Perp Cl 5/ PFD 25153x208 612 23,404 SH   SOLE   23,404 0 0
Deutsche Bnk 6.625% Prp Cl 8/1 PFD 25153y206 289 11,315 SH   SOLE   11,315 0 0
Deutsche Bnk 7.6% Prp Cl 2/18 PFD 25154a108 1,617 57,739 SH   SOLE   57,739 0 0
Digital Realty 6.625% Perp CUM PFD 253868806 626 25,502 SH   SOLE   25,502 0 0
Digital Realty 7.0% Perp Call PFD 253868707 3,864 151,752 SH   SOLE   151,752 0 0
Discover Financial 6.50%Perp Q PFD 254709207 1,527 60,783 SH   SOLE   60,783 0 0
Dominion Res 8.375% Cl 6/14 BB PFD 25746u604 719 28,155 SH   SOLE   28,155 0 0
Endurance Specialty 7.5% Cl 6/ PFD g30397304 2,281 86,709 SH   SOLE   86,709 0 0
Endurance Specialty 7.75% Cl12 PFD 29267h208 3,822 144,075 SH   SOLE   144,075 0 0
Excel Trust 8.125% CUM Call 1/ PFD 30068c307 1,367 52,163 SH   SOLE   52,163 0 0
First Republic 7.0% Cl 12/18 B PFD 33616c860 1,406 52,350 SH   SOLE   52,350 0 0
First Republic Bank 6.2% Cl 6/ PFD 33616c407 931 36,635 SH   SOLE   36,635 0 0
First Republic Bank 6.70% Cl20 PFD 33616c209 1,732 65,896 SH   SOLE   65,896 0 0
Five Oaks Investment 8.75%Perp PFD 33830w205 261 10,410 SH   SOLE   10,410 0 0
General Growth Prop 6.375% Cl PFD 370023202 364 15,100 SH   SOLE   15,100 0 0
GoldmanSachs Lib+75 Min3.75% C PFD 38143y665 703 35,145 SH   SOLE   35,145 0 0
HSBC 6.36% Perp Callable NCU Q PFD 40429c607 785 30,919 SH   SOLE   30,919 0 0
HSBC Float 4.5%FL Clbl CUM QDI PFD 40428h706 420 16,780 SH   SOLE   16,780 0 0
HSBC Hldgs 8.0% Prp Cl 12/15 B PFD 404280802 5,513 203,647 SH   SOLE   203,647 0 0
Hanover Insurance 6.35% Cl 3/1 PFD 410867204 300 12,200 SH   SOLE   12,200 0 0
Hartford Finl 7.875% 2042 call PFD 416518504 1,528 51,050 SH   SOLE   51,050 0 0
Hudson Pacific 8.375% Perp N/R PFD 444097208 920 34,713 SH   SOLE   34,713 0 0
ING Groep NV 7 3/8% Cl 10/12 B PFD 456837707 1,843 71,334 SH   SOLE   71,334 0 0
ING Grp NV 7.20%Pfd Perp/Cl l2 PFD 456837301 322 12,493 SH   SOLE   12,493 0 0
Investors REIT 7.95% Perp CUM PFD 461730301 947 36,495 SH   SOLE   36,495 0 0
JMP Group 8.00% SrDeb Due1/202 PFD 46629u206 211 8,300 SH   SOLE   8,300 0 0
KKR Financial 7.375% Prp Call PFD 48248a603 1,652 63,234 SH   SOLE   63,234 0 0
KKR Financial 7.50% SrNts Call PFD 48248a504 4,587 166,812 SH   SOLE   166,812 0 0
KKR Financial 8.375%SrNts Call PFD 48248a405 1,781 63,170 SH   SOLE   63,170 0 0
Kimco Realty 6.90% Perp Call8/ PFD 49446r828 309 11,826 SH   SOLE   11,826 0 0
LaSalle Hotel 7.50% Perp CUM C PFD 517942702 1,981 75,992 SH   SOLE   75,992 0 0
M&T Bank 6.375% Cl 11/18 BBB Q PFD 55261f708 569 569 SH   SOLE   569 0 0
Magnum Hunter 8.00% Perp Call PFD 55973b300 321 6,439 SH   SOLE   6,439 0 0
Maiden Hldgs 8.00% Nts 2042 ca PFD 56029q309 2,241 86,843 SH   SOLE   86,843 0 0
Maiden Hldgs 8.25% Nts 2041 ca PFD 56029q200 857 32,484 SH   SOLE   32,484 0 0
Maiden Holdings 8.25%Prp Cl8/2 PFD g5753u120 1,357 52,186 SH   SOLE   52,186 0 0
Merrill Lynch 7.28% Perp Cl 9/ PFD 59021k205 298 11,503 SH   SOLE   11,503 0 0
MetLife 3MoLibor+100 Min 4.0% PFD 59156r504 212 8,965 SH   SOLE   8,965 0 0
Montpelier RE 8.875% Perp QDI PFD g62185114 931 34,113 SH   SOLE   34,113 0 0
Morgan Stanley 3MoLib+70bp 4%F PFD 61747s504 503 24,880 SH   SOLE   24,880 0 0
Morgan Stanley 7.125% Fxd-Flt PFD 61762v200 712 25,535 SH   SOLE   25,535 0 0
National General Ins 7.50% Cal PFD 636220709 720 28,681 SH   SOLE   28,681 0 0
News Corp 7.00% 12/1/2095 call PFD 863117206 282 11,153 SH   SOLE   11,153 0 0
NorthStar Realty Fin 8.50% CUM PFD 66705V209 220 8,640 SH   SOLE   8,640 0 0
NuStar Logistics 7.625%Nts Cl PFD 67059t204 806 29,955 SH   SOLE   29,955 0 0
Oxford Lane Cap8.125% Cl6/2017 PFD 691543409 643 25,400 SH   SOLE   25,400 0 0
PS Business Parks 6.0% Cl 5/20 PFD 69360j685 319 13,235 SH   SOLE   13,235 0 0
Partner Re 7.25% Call 06/16 BB PFD g68603508 5,964 222,951 SH   SOLE   222,951 0 0
Pebblebrook Hotel 8.00%Perp Cu PFD 70509v308 2,463 92,597 SH   SOLE   92,597 0 0
Pebblebrook Hotel7.875%Perp Cu PFD 70509v209 843 31,991 SH   SOLE   31,991 0 0
Penn RealEstate 7.375%CUM Perp PFD 709102503 465 18,320 SH   SOLE   18,320 0 0
Pitney Bowes 6.7% Cl 3/7/18 PFD 724479506 366 14,100 SH   SOLE   14,100 0 0
Principal Fin 145Bp+30y QDI ($ PFD 74251v201 1,377 13,501 SH   SOLE   13,501 0 0
Prospect Captl 6.95% Sr Nts 20 PFD 74348t201 1,829 70,415 SH   SOLE   70,415 0 0
Prudential PLC 6.75% PrpCl 9/0 PFD g7293h114 756 29,578 SH   SOLE   29,578 0 0
Public Storage 5.90% Perp CUM PFD 74460w206 462 18,950 SH   SOLE   18,950 0 0
Public Storage 6.35% Call 7/16 PFD 74460d125 882 34,305 SH   SOLE   34,305 0 0
Public Storage 6.5% Perp Call PFD 74460d158 400 15,450 SH   SOLE   15,450 0 0
Public Storage 6.50% Call 4/20 PFD 74460d141 1,825 70,104 SH   SOLE   70,104 0 0
Public Storage 6.875% Prp Cl7/ PFD 74460d182 1,270 48,220 SH   SOLE   48,220 0 0
Raymond James Financial 6.90% PFD 754730208 459 17,020 SH   SOLE   17,020 0 0
Realty Income 6.625% Call 2/17 PFD 756109807 311 11,900 SH   SOLE   11,900 0 0
Regency Centers 6.00% Perp CUM PFD 758849806 432 18,100 SH   SOLE   18,100 0 0
Regions Financial 6.375% Cl 12 PFD 7591ep308 443 17,700 SH   SOLE   17,700 0 0
Reinsurance Group of Amer 6.2% PFD 759351703 406 14,800 SH   SOLE   14,800 0 0
Retail Properties of Amer 7.0% PFD 76131v608 486 18,900 SH   SOLE   18,900 0 0
SL Green Realty 6.5% Perp CUM PFD 78440x507 2,211 90,228 SH   SOLE   90,228 0 0
Safe Bulkers 8.00% Cumulative PFD y7388l129 758 30,040 SH   SOLE   30,040 0 0
Scana Corp 7.70% 2065 Cl1/2015 PFD 80589m201 3,304 125,772 SH   SOLE   125,772 0 0
Seaspan 8.25% Perp CUM QDI Cal PFD y75638133 1,059 40,737 SH   SOLE   40,737 0 0
Seaspan 9.50% 1/2049 Call 1/20 PFD B643v81 202 7,285 SH   SOLE   7,285 0 0
So Cal Ed Flt $100 Callable NC PFD 842400756 1,401 13,673 SH   SOLE   13,673 0 0
Solar Capital 6.75% Cl 11/17 PFD 83413u308 306 12,500 SH   SOLE   12,500 0 0
Southern Cal Ed 6.5% $100 Cl3/ PFD 842400723 687 6,640 SH   SOLE   6,640 0 0
Strategic Hotels&Res8.25% Call PFD 86272t502 395 15,805 SH   SOLE   15,805 0 0
Strategic Hotels&Resorts 8.25% PFD 024296164 460 18,217 SH   SOLE   18,217 0 0
Summit Hotel 7.875% Perp CUM C PFD 866082308 1,460 56,144 SH   SOLE   56,144 0 0
Sunstone Hotel 8.00% Perp CUM PFD 867592507 314 11,950 SH   SOLE   11,950 0 0
Taubman Centers 6.5% CUM NA Cl PFD 876664608 247 9,951 SH   SOLE   9,951 0 0
Teekay Offshore 7.25%Perp CUM PFD 85651J275 210 8,008 SH   SOLE   8,008 0 0
Telephone & Data 6.875% Cl 11/ PFD 879433845 3,638 143,899 SH   SOLE   143,899 0 0
Telephone & Data 7.0% Cl 3/16 PFD 879433837 884 34,321 SH   SOLE   34,321 0 0
US Bancorp 6.5% FxdToFlt Cl 2/ PFD 902973833 1,566 55,430 SH   SOLE   55,430 0 0
US Cellular 6.95% 2060 Cl 05/2 PFD 911684405 388 15,235 SH   SOLE   15,235 0 0
Vanguard Natrl Resources 7.625 PFD 92205f304 379 15,262 SH   SOLE   15,262 0 0
Vornado Realty 5.7% Prp Cl 7/1 PFD 929042851 276 11,753 SH   SOLE   11,753 0 0
Vornado Realty 6.875% Prp/Cl 4 PFD 929042869 3,293 126,359 SH   SOLE   126,359 0 0
Vornado Realty7.875% 2039 Cl 1 PFD 929043602 223 8,750 SH   SOLE   8,750 0 0
Wells Fargo 7.50% Conv/Perp$10 PFD 949746804 1,390 1,144 SH   SOLE   1,144 0 0
Wells Fargo 8.00% Prp Cl12/17 PFD 949746879 13,929 468,372 SH   SOLE   468,372 0 0
Charles Schwab 7% Perp/Call 2/ PFD 808513AE5 2,377 2,032,000 PRN   SOLE   2,032,000 0 0
Citigroup Inc 5.95% Perp Call PFD 172967GD7 298 295,000 PRN   SOLE   295,000 0 0
GE Cap Corp 6.25% Perp/Call 12 PFD 369622SP1 390 350,000 PRN   SOLE   350,000 0 0
GE Cap Corp 7.125% Perp/Call 6 PFD 369622SN6 2,083 1,765,000 PRN   SOLE   1,765,000 0 0
JPMorgan 7.9% Perp/Call 4/18 - PFD 46625HHA1 2,666 2,380,000 PRN   SOLE   2,380,000 0 0
So. Cal Edison 6.25% Perp/Call PFD 842400FU2 1,081 1,000,000 PRN   SOLE   1,000,000 0 0
Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 5,354 5,520,000 PRN   SOLE   5,520,000 0 0
Wells Fargo & Company Perp/Cal PFD 949746PM7 615 540,000 PRN   SOLE   540,000 0 0