COO

0001109228-16-000011.txt : 20160815 0001109228-16-000011.hdr.sgml : 20160815 20160815145439 ACCESSION NUMBER: 0001109228-16-000011 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160815 EFFECTIVENESS DATE: 20160815 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: 161831998 BUSINESS ADDRESS: STREET 1: 750 LINDARO STREET STREET 2: SUITE 350 CITY: SAN RAFAEL STATE: CA ZIP: 94901 BUSINESS PHONE: 415-461-7788 MAIL ADDRESS: STREET 1: 750 LINDARO STREET STREET 2: SUITE 350 CITY: SAN RAFAEL STATE: CA ZIP: 94901 FORMER COMPANY: FORMER CONFORMED NAME: KCM INVESTMENT ADVISORS/CA DATE OF NAME CHANGE: 20000413 13F-HR 1 primary_doc.xml 13F-HR LIVE false true false 0001109228 XXXXXXXX 06-30-2016 06-30-2016 KCM INVESTMENT ADVISORS LLC

750 LINDARO STREET SUITE 350 SAN RAFAEL CA 94901

13F HOLDINGS REPORT 028-05651 N William L. Prince COO 415-461-7788 William L, Prince San Rafael CA 08-15-2016 0 525 1431 false INFORMATION TABLE 2 kcm13f06302016.xml 1/100 Berkshire Hathaway A (10 COM 084990175 651 300 SH SOLE 300 0 0 3M Company COM 88579y101 17021 97196 SH SOLE 97196 0 0 ABB Ltd-Spon ADR COM 000375204 3707 186940 SH SOLE 186940 0 0 AGL Resources Inc COM 001204106 3851 58371 SH SOLE 58371 0 0 AT&T Inc COM 00206r102 9077 210061 SH SOLE 210061 0 0 AbbVie Inc COM 00287y109 9724 157070 SH SOLE 157070 0 0 Abbott Laboratories COM 002824100 8702 221360 SH SOLE 221360 0 0 Accenture PLC-Cl A COM g1151c101 4060 35833 SH SOLE 35833 0 0 Adobe Systems Inc COM 00724f101 879 9174 SH SOLE 9174 0 0 Aetna Inc COM 00817Y108 776 6356 SH SOLE 6356 0 0 Aflac Inc COM 001055102 807 11185 SH SOLE 11185 0 0 Agilent Technologies Inc COM 00846u101 775 17465 SH SOLE 17465 0 0 Air Products & Chemicals Inc COM 009158106 6224 43818 SH SOLE 43818 0 0 Alerian MLP ETF COM 00162q866 148 11616 SH SOLE 11616 0 0 Allegion PLC COM g0176j109 253 3640 SH SOLE 3640 0 0 Allergan plc (new) COM g0177j108 626 2710 SH SOLE 2710 0 0 Allstate Corp COM 020002101 404 5774 SH SOLE 5774 0 0 Alphabet Inc-Cl A COM 02079k305 5649 8030 SH SOLE 8030 0 0 Alphabet Inc-Cl C COM 02079k107 4627 6686 SH SOLE 6686 0 0 Altria Group Inc COM 02209s103 11102 160992 SH SOLE 160992 0 0 AmTrust Financial Services COM 032359309 275 11239 SH SOLE 11239 0 0 Amarillo Gold Corp COM 02301t108 3 13000 SH SOLE 13000 0 0 Amazon.com Inc COM 023135106 831 1161 SH SOLE 1161 0 0 American Electric Power COM 025537101 488 6967 SH SOLE 6967 0 0 American Express Co COM 025816109 1300 21389 SH SOLE 21389 0 0 AmerisourceBergen Corp COM 03073e105 241 3038 SH SOLE 3038 0 0 Amgen Inc COM 031162100 2439 16031 SH SOLE 16031 0 0 Anthem Inc COM 036752103 2340 17817 SH SOLE 17817 0 0 Aon PLC COM g0408v102 256 2341 SH SOLE 2341 0 0 Apple Inc COM 037833100 24975 261242 SH SOLE 261242 0 0 Archer-Daniels-Midland Co COM 039483102 859 20030 SH SOLE 20030 0 0 Automatic Data Processing COM 053015103 15586 169658 SH SOLE 169658 0 0 BCE Inc COM 05534b760 2350 49678 SH SOLE 49678 0 0 Bank Of Marin Bancorp/CA COM 063425102 750 15496 SH SOLE 15496 0 0 Bank of America Corp COM 060505104 5345 402821 SH SOLE 402821 0 0 Baxter International Inc. 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Inc COM 984332106 916 24385 SH SOLE 24385 0 0 Yum! Brands Inc COM 988498101 386 4658 SH SOLE 4658 0 0 Zimmer Biomet Holdings Inc COM 98956p102 2412 20038 SH SOLE 20038 0 0 iShares Core US Value COM 464287663 206 1536 SH SOLE 1536 0 0 iShares DJ Select Dividend Ind COM 464287168 7034 82486 SH SOLE 82486 0 0 iShares DJ US Energy Sector COM 464287796 992 25865 SH SOLE 25865 0 0 iShares DJ US Financial Sect COM 464287788 1006 11707 SH SOLE 11707 0 0 iShares DJ US Health Car Pro COM 464288828 261 2052 SH SOLE 2052 0 0 iShares DJ US Telecommunicatio COM 464287713 929 27901 SH SOLE 27901 0 0 iShares DJ US Transport Index COM 464287192 1219 9087 SH SOLE 9087 0 0 iShares Goldman Sachs Tech I COM 464287721 243 2310 SH SOLE 2310 0 0 iShares MSCI EAFE Index COM 464287465 988 17696 SH SOLE 17696 0 0 iShares MSCI Emerging Markets COM 464287234 340 9892 SH SOLE 9892 0 0 iShares MSCI Singapore Index COM 464286673 111 10200 SH SOLE 10200 0 0 iShares MSCI USA Quality Facto COM 46432f339 973 14744 SH SOLE 14744 0 0 iShares Nasdaq Biotech Index F COM 464287556 4756 18480 SH SOLE 18480 0 0 iShares Russell 1000 Growth COM 464287614 683 6803 SH SOLE 6803 0 0 iShares Russell 2000 Index Fun COM 464287655 463 4024 SH SOLE 4024 0 0 iShares Russell Midcap COM 464287499 271 1609 SH SOLE 1609 0 0 iShares Russell Midcap Value COM 464287473 207 2780 SH SOLE 2780 0 0 iShares S&P 100 Index Fund COM 464287101 1855 19971 SH SOLE 19971 0 0 iShares S&P 500 Index Fund COM 464287200 533 2533 SH SOLE 2533 0 0 iShares S&P Europe 350 COM 464287861 549 14528 SH SOLE 14528 0 0 iShares S&P Global 100 COM 464287572 620 8646 SH SOLE 8646 0 0 iShares S&P Midcap 400 COM 464287507 1491 9981 SH SOLE 9981 0 0 iShares S&P Midcap 400/Value COM 464287705 419 3270 SH SOLE 3270 0 0 iShares S&P SmallCap 600 COM 464287804 540 4650 SH SOLE 4650 0 0 iShares S&P US Preferred Stock COM 464288687 9765 244787 SH SOLE 244787 0 0 AEGON 8.00% 2042 Notes Call 08 PFD 007924608 3195 114901 SH SOLE 114901 0 0 AON Cap 8.205% 1/27 Non-Call B PFD 22532r101 2304 70898 SH SOLE 70898 0 0 Affiliated Mgrs Grp 6.375% SrN PFD 008252876 352 13183 SH SOLE 13183 0 0 AllState 6.75 2049 Call 10/201 PFD 020002606 273 9689 SH SOLE 9689 0 0 Allied Capital ARCC6.875% 4/20 PFD 01903q207 245 9598 SH SOLE 9598 0 0 American Capital Agency 8.0% P PFD 02503x204 999 38215 SH SOLE 38215 0 0 American Capital Agncy 7.75% P PFD 02503x303 681 26703 SH SOLE 26703 0 0 American Homes 4Rent 6.50% Per PFD 02665t702 364 13850 SH SOLE 13850 0 0 Amtrust Financial 7.25% CUM QD PFD 032359507 296 11448 SH SOLE 11448 0 0 Amtrust Financial 7.25% SrNt C PFD 032359861 291 11400 SH SOLE 11400 0 0 Amtrust Financial 7.5% QDI Cal PFD 032359887 2774 106815 SH SOLE 106815 0 0 Amtrust Financial 7.50%Nts 205 PFD 032359853 446 17201 SH SOLE 17201 0 0 Amtrust Financial 7.625%CUM QD PFD 032359705 3756 144173 SH SOLE 144173 0 0 Amtrust Financial 7.75% QDI Ca PFD 032359846 1410 53986 SH SOLE 53986 0 0 Annaly Capital 7.625% Perp Cl PFD 035710706 258 10084 SH SOLE 10084 0 0 Arbor Realty 8.50% CUM Perp Ca PFD 038923801 249 9819 SH SOLE 9819 0 0 Arch Capital 6.75% BBB QDI Cl PFD g0450a204 809 30485 SH SOLE 30485 0 0 Argo Group 6.5% Sr Notes Call PFD 040130205 1777 67618 SH SOLE 67618 0 0 Ashford Hospitality 9.0% Calle PFD 044103505 978 38073 SH SOLE 38073 0 0 Aspen Insurance 7.25% Call07/2 PFD g05384147 7874 298810 SH SOLE 298810 0 0 Aspen Insurance 7.401% Call 07 PFD g05384139 468 18620 SH SOLE 18620 0 0 Aviva 8.25% 12/2041 Call 12/20 PFD 05382a203 2682 101953 SH SOLE 101953 0 0 Axis Capital 6.875% Cl 4/17 QD PFD g0692u307 606 23122 SH SOLE 23122 0 0 BB&T Capital 5.625% Call 8/201 PFD 054937404 219 8315 SH SOLE 8315 0 0 BGC Partners 8.125% 2042 Call PFD 05541t408 4857 180290 SH SOLE 180290 0 0 BancOfCalifornia 7.00% Cal2021 PFD 05990k874 585 22152 SH SOLE 22152 0 0 BancOfCalifornia 7.375% Ca2020 PFD 05990k882 5389 201227 SH SOLE 201227 0 0 BancOfCalifornia 8.00% Cal2018 PFD 05990k403 2194 81727 SH SOLE 81727 0 0 Bank of America $1000pv 7.25% PFD 060505682 263 220 SH SOLE 220 0 0 Bank of America 4.0%Min Float PFD 060505815 251 10308 SH SOLE 10308 0 0 Bank of America 6.5% Prp Cl 1/ PFD 060505310 565 20819 SH SOLE 20819 0 0 Bank of America 6.625% Prp/Cl PFD 060505344 3151 115003 SH SOLE 115003 0 0 Bank of America 6.625%Prp Cl 1 PFD 060505740 651 24174 SH SOLE 24174 0 0 Barclays 8.125% Perp/Cl 3/14 B PFD 06739h362 509 19700 SH SOLE 19700 0 0 Barclays Bank 7.1% Prp Call 12 PFD 06739h776 486 18891 SH SOLE 18891 0 0 BlueRock Residential Growth 8. PFD 09627j508 1937 72921 SH SOLE 72921 0 0 CBL & Associates 6.625% Perp C PFD 124830803 261 10551 SH SOLE 10551 0 0 CHS Chemical 7.50% Cl 1/2025 C PFD 12542r803 6561 228286 SH SOLE 228286 0 0 CHS Chemicals 6.75% Perp cl 20 PFD 12542r704 353 12371 SH SOLE 12371 0 0 CHS Chemicals 7.875% Perp cl 2 PFD 12542r308 296 10197 SH SOLE 10197 0 0 Capital One Finl 6.7%Prp Call PFD 14040h709 1598 56462 SH SOLE 56462 0 0 CenturyLink Quest 7.0%SnNts Cl PFD 74913g501 3130 120051 SH SOLE 120051 0 0 CenturyLink Quest7.375% 6/51 C PFD 74913g204 938 35230 SH SOLE 35230 0 0 Chesapeake Lodging 7.75% PerpC PFD 165240201 4542 172232 SH SOLE 172232 0 0 Citigroup 5.8% B1 Call 4/18 QD PFD 172967366 233 8850 SH SOLE 8850 0 0 Citigroup 7.125% Flt Aftr 9/23 PFD 172967358 7662 265941 SH SOLE 265941 0 0 Citigroup Tst 7.875% Cl2015 Li PFD 173080201 886 33980 SH SOLE 33980 0 0 Colony Financial7.125%Perp CUM PFD 19624r403 1053 45015 SH SOLE 45015 0 0 Colony Financial7.50% Perp CUM PFD 19624r304 592 23782 SH SOLE 23782 0 0 Colony Financial8.50% Perp CUM PFD 19624r205 1069 41933 SH SOLE 41933 0 0 CoreEnergy 7.375% Pfd - Par Ca PFD 21870u304 668 28423 SH SOLE 28423 0 0 Corporate Office Prop 7.375% C PFD 22002t884 1808 69713 SH SOLE 69713 0 0 Costamare 7.625% CUM QDI Perp PFD y1771g110 347 18748 SH SOLE 18748 0 0 Costamare 8.50% CUM QDI Perp C PFD y1771g128 2024 105392 SH SOLE 105392 0 0 Cowen 8.25% Senior Notes Due 1 PFD 223622309 1522 57656 SH SOLE 57656 0 0 CubeSmart 7.75%CUM Call 11/2/2 PFD 229663208 463 17954 SH SOLE 17954 0 0 DTE Energy 6.5% Jr Sub Call 12 PFD 233331602 1491 57350 SH SOLE 57350 0 0 Deutsche Bank 8.05% PrpCl6/18 PFD 25150l108 1947 76670 SH SOLE 76670 0 0 Deutsche Bk Tst6.55%Perp Cl 5/ PFD 25153x208 468 18877 SH SOLE 18877 0 0 Deutsche Bnk 7.6% Prp Cl 2/18 PFD 25154a108 988 39364 SH SOLE 39364 0 0 Digital Realty 6.625% Perp CUM PFD 253868806 462 17437 SH SOLE 17437 0 0 Digital Realty 7.0% Perp Call PFD 253868707 3054 120113 SH SOLE 120113 0 0 Digital Realty 7.375% Perp CUM PFD 253868871 1609 55588 SH SOLE 55588 0 0 Discover Financial 6.50%Perp Q PFD 254709207 2089 79009 SH SOLE 79009 0 0 Dynagas LNG 9.0% QDI CUM cl 2 PFD Y2188b116 1305 57081 SH SOLE 57081 0 0 EBAY 6.00% Sr Notes Call 3/1/2 PFD 278642202 488 18360 SH SOLE 18360 0 0 EaglePoint Credit 7%SrNts 12/3 PFD 269809208 690 26450 SH SOLE 26450 0 0 EaglePoint Credit 7.75%2022 CU PFD 269809109 1883 73789 SH SOLE 73789 0 0 Endurance Specialty 6.35% Cl 1 PFD 29267h406 375 13820 SH SOLE 13820 0 0 EverBank Financial 6.75% Perp PFD 29977g201 581 22583 SH SOLE 22583 0 0 First Republic 7.0% Cl 12/18 B PFD 33616c860 5411 191531 SH SOLE 191531 0 0 First Republic Bank 6.2% Cl 6/ PFD 33616c407 560 21060 SH SOLE 21060 0 0 First Republic Bank 6.70% Cl20 PFD 33616c209 2333 89568 SH SOLE 89568 0 0 GaslLog Ltd 8.75% Ser A CUM QD PFD g37585117 990 40650 SH SOLE 40650 0 0 General Growth Prop 6.375% Cl PFD 370023202 396 14800 SH SOLE 14800 0 0 Gladstone Commercial 7.00% CUM PFD 376536603 1163 45700 SH SOLE 45700 0 0 Global Indemnity SrNts7.75% Ca PFD g39319119 1573 62695 SH SOLE 62695 0 0 Goldman 5.5% Flt Aftr 5/23 Cl PFD 38145g308 1898 71669 SH SOLE 71669 0 0 GoldmanSachs Lib+75 Min3.75% C PFD 38143y665 612 29689 SH SOLE 29689 0 0 HSBC Hldgs 8.0% Prp Cl 12/15 B PFD 404280802 2906 109548 SH SOLE 109548 0 0 Hanover Insurance6.35% Cl3/18 PFD 410867204 960 37165 SH SOLE 37165 0 0 Hartford Finl 7.875% 2042 call PFD 416518504 1398 44369 SH SOLE 44369 0 0 Hatteras Financial 7.625% CUM PFD 41902r400 1265 50908 SH SOLE 50908 0 0 Hercules Capital 7% 9/2019 BBB PFD 427096870 228 8921 SH SOLE 8921 0 0 Hersha Hospitality 6.50% NR Ca PFD 427825609 387 15300 SH SOLE 15300 0 0 ING Grp NV 7.20%Pfd Perp/Cl l2 PFD 456837301 308 11679 SH SOLE 11679 0 0 IberiaBank Corp 6.60% Call 5/1 PFD 450828504 626 23900 SH SOLE 23900 0 0 Investors REIT 7.95% Perp CUM PFD 461730301 1412 53804 SH SOLE 53804 0 0 JMP Group 8.00% SrDeb Due1/202 PFD 46629u206 438 17399 SH SOLE 17399 0 0 JPMorgan Chase 6.70%Perp/Call PFD 48127a161 1848 65439 SH SOLE 65439 0 0 KKR Financial 7.50% SrNts Call PFD 48248a504 4850 182399 SH SOLE 182399 0 0 KKR Financial 8.375%SrNts Call PFD 48248a405 1352 51665 SH SOLE 51665 0 0 Kinder Morgan 9.75%CnvPfd 10/2 PFD 49456b200 253 5172 SH SOLE 5172 0 0 LaSalle Hotel 6.3% Call 5/2021 PFD 517942884 275 10600 SH SOLE 10600 0 0 LaSalle Hotel 7.50% Perp CUM C PFD 517942702 1798 71084 SH SOLE 71084 0 0 M / I Homes 9.75% Pfd Call 11/ PFD 55305b200 360 14347 SH SOLE 14347 0 0 M&T Bank 6.375% Cl 11/18 BBB- PFD 55261f708 512 494 SH SOLE 494 0 0 MFA Financial 7.5% Prp Cl 4/15 PFD 55272x409 220 8820 SH SOLE 8820 0 0 Maiden Hldgs 8.00%rSNts 2042 c PFD 56029q309 2224 84934 SH SOLE 84934 0 0 Maiden Holdings 7.125%PrpCl 12 PFD g5753u138 700 27350 SH SOLE 27350 0 0 Maiden Holdings 8.25%Prp Cl8/2 PFD g5753u120 2004 75550 SH SOLE 75550 0 0 MetLife 3MoLibor+100 Min 4.0% PFD 59156r504 248 9666 SH SOLE 9666 0 0 Morgan Stanley 3MoLib+70bp 4%F PFD 61747s504 465 22471 SH SOLE 22471 0 0 Morgan Stanley 7.125%Flt Aftr1 PFD 61762v200 4711 158775 SH SOLE 158775 0 0 National General Ins 7.50% Cal PFD 636220808 2962 116345 SH SOLE 116345 0 0 National General Ins 7.50% Cal PFD 636220709 2559 100547 SH SOLE 100547 0 0 National General Ins 7.62% Cal PFD 636220873 1631 64467 SH SOLE 64467 0 0 New York MtgTrust 7.875%Perp C PFD 649604808 277 11915 SH SOLE 11915 0 0 NewTek Business Svs 7.50% Nts PFD 652526302 461 18011 SH SOLE 18011 0 0 News Corp 7.00% 12/1/2095 call PFD 863117206 267 10303 SH SOLE 10303 0 0 NorthStar Realty Fin 8.25% CUM PFD 66704R308 216 8724 SH SOLE 8724 0 0 NorthStar Realty Fin 8.50% CUM PFD 66705V209 388 15650 SH SOLE 15650 0 0 Northstar Realty Fin 8.75% CUM PFD 66704r209 232 9362 SH SOLE 9362 0 0 Northstar Realty Fin 8.875% CU PFD 66704r506 219 8753 SH SOLE 8753 0 0 NuStar Logistics 7.625%Nts Cl PFD 67059t204 1176 47325 SH SOLE 47325 0 0 PS Business Parks 6.0% Cl 5/20 PFD 69360j685 291 11133 SH SOLE 11133 0 0 Partner Re 6.50%Perp Cal 4/202 PFD g68603136 797 27500 SH SOLE 27500 0 0 Partner Re 7.25% Call 06/21 BB PFD g68603144 6453 214164 SH SOLE 214164 0 0 Pebblebrook Hotel 8.00% Called PFD 70509v308 3619 142897 SH SOLE 142897 0 0 Penn Real Estate 8.25% CIM Per PFD 709102404 257 9752 SH SOLE 9752 0 0 Penn RealEstate 7.375%CUM Perp PFD 709102503 728 27770 SH SOLE 27770 0 0 Pitney Bowes 6.7% Cl 3/7/18 PFD 724479506 341 12500 SH SOLE 12500 0 0 Prospect Captl 6.25% 6/24 SrNt PFD 74348t300 227 9200 SH SOLE 9200 0 0 Prudential PLC 6.75% PrpCl 9/0 PFD g7293h114 612 23127 SH SOLE 23127 0 0 Public Storage 6.35% Called 7/ PFD 74460d125 720 28601 SH SOLE 28601 0 0 Quest USWest 7.0% SrNts 2056 2 PFD 74913g808 816 30700 SH SOLE 30700 0 0 Quest USWest SnNotes 7.0% 2052 PFD 74913G402 1460 56090 SH SOLE 56090 0 0 Quest USWest Sr Nts6.125%Nts C PFD 74913g600 237 9300 SH SOLE 9300 0 0 Quest USWestSnNote7.5% 2051 Cl PFD 74913g303 5001 193631 SH SOLE 193631 0 0 Quest USWestSnNotes 6.875% CL PFD 74913g105 3321 126900 SH SOLE 126900 0 0 Raymond James Final 6.90% 2042 PFD 754730208 842 31885 SH SOLE 31885 0 0 Realty Income 6.625% Call 2/17 PFD 756109807 299 11415 SH SOLE 11415 0 0 Regency Centers 6.00% Perp CUM PFD 758849806 456 17400 SH SOLE 17400 0 0 Regions Financial 6.375% Cl 12 PFD 7591ep308 451 16850 SH SOLE 16850 0 0 Reinsurance Group of Amer 6.2% PFD 759351703 363 12200 SH SOLE 12200 0 0 Retail Properties of Amer 7.0% PFD 76131v608 443 16900 SH SOLE 16900 0 0 SL Green Realty 6.5% Perp CUM PFD 78440x507 1891 72395 SH SOLE 72395 0 0 Seaspan 7.95% 12/2049 Call 1/2 PFD y75638208 337 13177 SH SOLE 13177 0 0 Seaspan 8.20% Perp CUM QDI Cal PFD y75638307 1176 46775 SH SOLE 46775 0 0 Seaspan 8.25% Perp CUM QDI Cal PFD y75638133 2075 80879 SH SOLE 80879 0 0 SoCalEd 5.375% CUM cl 2025 QDI PFD 78409g206 811 29111 SH SOLE 29111 0 0 Solar Capital 6.75% Cl 11/17 PFD 83413u308 481 18973 SH SOLE 18973 0 0 Summit Hotel 7.875% Perp CUM C PFD 866082308 2979 111173 SH SOLE 111173 0 0 Summit Hotel7.125%Perp CUM Cal PFD 866082407 948 36586 SH SOLE 36586 0 0 Sunstone Hotel 6.95% Prp/Cl 3/ PFD 867892606 261 9900 SH SOLE 9900 0 0 Taubman Centers 6.5% CUM NA Cl PFD 876664608 265 10201 SH SOLE 10201 0 0 Telephone & Data 6.875% Cl 11/ PFD 879433845 2574 98075 SH SOLE 98075 0 0 Telephone & Data 7.0% Cl 3/16 PFD 879433837 858 33442 SH SOLE 33442 0 0 Texas Capitl Bancshares6.50% 2 PFD 882228307 439 16801 SH SOLE 16801 0 0 Torchmark Crp 6.125% SubDebCal PFD 891027401 1019 38550 SH SOLE 38550 0 0 TravelCenters America 8.00%SrN PFD 894174309 3030 120575 SH SOLE 120575 0 0 TravelCenters SnNotes 8% 10/20 PFD 894174408 1483 58840 SH SOLE 58840 0 0 Triancgle Capitl 6.375%Sr Note PFD 895848406 892 34450 SH SOLE 34450 0 0 TriplePoint Venture BDC 6.75% PFD 89677y209 505 19750 SH SOLE 19750 0 0 UMH Propertyies 8.0% Perp Cum PFD 903002301 581 21726 SH SOLE 21726 0 0 US Bancorp 6.5% Flt Aftr 1/22 PFD 902973833 1380 44789 SH SOLE 44789 0 0 US Celllular SrNts 7.25% 2063 PFD 911684504 532 20100 SH SOLE 20100 0 0 US Cellular 6.95%SrNT 2060 Cl PFD 911684405 489 18985 SH SOLE 18985 0 0 US Cellular 7.25% SrNts12/2064 PFD 911684603 1446 56225 SH SOLE 56225 0 0 VEREIT Inc 6.70% Perp CUM Cl 2 PFD 92339v209 870 33606 SH SOLE 33606 0 0 Vornado Realty 6.875% BBB- Cal PFD 929042869 2385 90760 SH SOLE 90760 0 0 Wells Fargo 5.85%Flt Aftr 9/23 PFD 949746556 319 11550 SH SOLE 11550 0 0 Wells Fargo 6.375% Cl 12/19 BB PFD 94988n207 826 30000 SH SOLE 30000 0 0 Wells Fargo 7.5% Cnv@$156 $100 PFD 949746804 16321 12562 SH SOLE 12562 0 0 Wells Fargo 8.00% Prp Cl12/17 PFD 949746879 9904 356645 SH SOLE 356645 0 0 WinTrust Financial 6.50% Call PFD 97650w405 212 7448 SH SOLE 7448 0 0 Bank of America 5.20% Perp/Cal PFD 060505ED2 295 315000 PRN SOLE 315000 0 0 Charles Schwab 7% Perp/Call 2/ PFD 808513AE5 1882 1647000 PRN SOLE 1647000 0 0 Citigroup 5.35% Perp/Call 5/23 PFD 172967GR6 699 745000 PRN SOLE 745000 0 0 Citigroup Inc 5.95% Perp Call PFD 172967GD7 834 845000 PRN SOLE 845000 0 0 Citigroup Inc 6.125% Perp Call PFD 172967KD2 253 250000 PRN SOLE 250000 0 0 Citigroup Inc Fix-to-Float Per PFD 172967GF2 199 200000 PRN SOLE 200000 0 0 GE Cap Corp 5.00% Perp/Call 1/ PFD 369604BQ5 2462 2317000 PRN SOLE 2317000 0 0 JPMorgan 6.0% Perp/Call 8/23 - PFD 48126HAA8 1765 1735000 PRN SOLE 1735000 0 0 JPMorgan 7.9% Perp/Call 4/18 - PFD 46625HHA1 2346 2300000 PRN SOLE 2300000 0 0 So. Cal Edison 6.25% Perp/Call PFD 842400FU2 778 700000 PRN SOLE 700000 0 0 Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 5562 5590000 PRN SOLE 5590000 0 0 Wells Fargo & Company Perp/Cal PFD 949746PM7 481 460000 PRN SOLE 460000 0 0