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
Berkshire Hathaway A COM 084990175 275 1 SH   SOLE   100 0 0
3M Company COM 88579y101 23,058 109,853 SH   SOLE   109,853 0 0
ABB Ltd-Spon ADR COM 000375204 3,741 151,160 SH   SOLE   151,160 0 0
AT&T Inc COM 00206r102 7,701 196,608 SH   SOLE   196,608 0 0
AbbVie Inc COM 00287y109 13,752 154,763 SH   SOLE   154,763 0 0
Abbott Laboratories COM 002824100 11,234 210,531 SH   SOLE   210,531 0 0
Accenture PLC-Cl A COM g1151c101 5,025 37,203 SH   SOLE   37,203 0 0
Adobe Systems Inc COM 00724f101 1,133 7,598 SH   SOLE   7,598 0 0
Aetna Inc COM 00817Y108 942 5,923 SH   SOLE   5,923 0 0
Aflac Inc COM 001055102 1,122 13,787 SH   SOLE   13,787 0 0
Agilent Technologies Inc COM 00846u101 1,053 16,398 SH   SOLE   16,398 0 0
Air Products & Chemicals Inc COM 009158106 7,506 49,637 SH   SOLE   49,637 0 0
Alibaba Group Holding-SP ADR COM 01609w102 231 1,338 SH   SOLE   1,338 0 0
Allegion PLC COM g0176j109 241 2,782 SH   SOLE   2,782 0 0
Allergan plc (new) COM g0177j108 6,926 33,796 SH   SOLE   33,796 0 0
Allstate Corp COM 020002101 507 5,511 SH   SOLE   5,511 0 0
Alphabet Inc-Cl A COM 02079k305 9,731 9,994 SH   SOLE   9,994 0 0
Alphabet Inc-Cl C COM 02079k107 5,828 6,076 SH   SOLE   6,076 0 0
Altaba Inc COM 021346101 1,373 20,723 SH   SOLE   20,723 0 0
Altria Group Inc COM 02209s103 9,617 151,638 SH   SOLE   151,638 0 0
Amarillo Gold Corp COM 02301t108 3 13,000 SH   SOLE   13,000 0 0
Amazon.com Inc COM 023135106 8,425 8,764 SH   SOLE   8,764 0 0
American Electric Power COM 025537101 517 7,365 SH   SOLE   7,365 0 0
American Express Co COM 025816109 1,533 16,951 SH   SOLE   16,951 0 0
AmerisourceBergen Corp COM 03073e105 250 3,026 SH   SOLE   3,026 0 0
Ametek Inc COM 031100100 267 4,048 SH   SOLE   4,048 0 0
Amgen Inc COM 031162100 2,976 15,961 SH   SOLE   15,961 0 0
Anthem Inc COM 036752103 2,687 14,150 SH   SOLE   14,150 0 0
Aon PLC COM g0408v102 235 1,610 SH   SOLE   1,610 0 0
Apple Inc COM 037833100 39,049 253,367 SH   SOLE   253,367 0 0
Applied Materials Inc COM 038222105 316 6,072 SH   SOLE   6,072 0 0
Archer-Daniels-Midland Co COM 039483102 867 20,398 SH   SOLE   20,398 0 0
Ares Capital Corp COM 04010l103 246 15,001 SH   SOLE   15,001 0 0
Automatic Data Processing COM 053015103 19,988 182,840 SH   SOLE   182,840 0 0
BCE Inc COM 05534b760 2,051 43,793 SH   SOLE   43,793 0 0
Bank Of Marin Bancorp/CA COM 063425102 813 11,873 SH   SOLE   11,873 0 0
Bank Of New York Mellon Corp COM 064058100 250 4,714 SH   SOLE   4,714 0 0
Bank of America Corp COM 060505104 8,124 320,613 SH   SOLE   320,613 0 0
Baxter International Inc. COM 071813109 423 6,745 SH   SOLE   6,745 0 0
Becton Dickinson & Co COM 075887109 3,102 15,829 SH   SOLE   15,829 0 0
Berkshire Hathaway Inc-Cl B COM 084670702 3,831 20,900 SH   SOLE   20,900 0 0
Biogen Inc COM 09062x103 1,400 4,470 SH   SOLE   4,470 0 0
Blackrock Inc COM 09247x101 297 663 SH   SOLE   663 0 0
Blackstone Group/The COM 09253u108 820 24,566 SH   SOLE   24,566 0 0
Boeing Co COM 097023105 2,951 11,607 SH   SOLE   11,607 0 0
Bristol-Myers Squibb Co COM 110122108 18,640 292,435 SH   SOLE   292,435 0 0
Broadcom Ltd COM y09827109 393 1,622 SH   SOLE   1,622 0 0
Brown-Forman Corp -Cl B COM 115637209 418 7,693 SH   SOLE   7,693 0 0
CBS Corp Class B COM 124857202 1,901 32,781 SH   SOLE   32,781 0 0
CR Bard Inc COM 067383109 742 2,314 SH   SOLE   2,314 0 0
CSX Corp COM 126408103 260 4,801 SH   SOLE   4,801 0 0
CVS Health Corp COM 126650100 2,972 36,547 SH   SOLE   36,547 0 0
CalAtlantic Group COM 128195104 806 22,000 SH   SOLE   22,000 0 0
Canadian Natl Railway Co COM 136375102 273 3,290 SH   SOLE   3,290 0 0
CarMax Inc COM 143130102 265 3,500 SH   SOLE   3,500 0 0
Caterpillar Inc COM 149123101 3,811 30,558 SH   SOLE   30,558 0 0
Celgene Corp COM 151020104 781 5,353 SH   SOLE   5,353 0 0
CenterPoint Energy Inc COM 15189t107 1,936 66,287 SH   SOLE   66,287 0 0
Cerner Corp COM 156782104 3,882 54,431 SH   SOLE   54,431 0 0
Check Point Software Tech COM m22465104 1,439 12,621 SH   SOLE   12,621 0 0
Chevron Corp COM 166764100 30,608 260,495 SH   SOLE   260,495 0 0
Chubb Ltd (new) COM h1467j104 2,815 19,748 SH   SOLE   19,748 0 0
Cigna Corp COM 125509109 285 1,523 SH   SOLE   1,523 0 0
Cincinnati Financial Corp COM 172062101 804 10,506 SH   SOLE   10,506 0 0
Cintas Corp COM 172908105 641 4,444 SH   SOLE   4,444 0 0
Cisco Systems Inc COM 17275R102 5,015 149,110 SH   SOLE   149,110 0 0
Citigroup Inc COM 172967424 446 6,138 SH   SOLE   6,138 0 0
Citizens Financial Group COM 174610105 341 8,992 SH   SOLE   8,992 0 0
Clorox Company COM 189054109 14,539 110,215 SH   SOLE   110,215 0 0
Coca-Cola Co/The COM 191216100 5,448 121,036 SH   SOLE   121,036 0 0
Colgate-Palmolive Co COM 194162103 9,676 132,815 SH   SOLE   132,815 0 0
Comcast Corp-Cl A COM 20030n101 1,558 40,486 SH   SOLE   40,486 0 0
Conagra Brands Inc COM 205887102 976 28,921 SH   SOLE   28,921 0 0
ConocoPhillips COM 20825C104 4,701 93,933 SH   SOLE   93,933 0 0
Consolidated Edison Inc COM 209115104 842 10,437 SH   SOLE   10,437 0 0
Costco Wholesale Corp COM 22160K105 19,677 119,770 SH   SOLE   119,770 0 0
Crown Castle Intl Corp COM 22822v101 17,115 171,186 SH   SOLE   171,186 0 0
DISH Network Corp COM 25470m109 211 3,892 SH   SOLE   3,892 0 0
Danaher Corp COM 235851102 5,169 60,256 SH   SOLE   60,256 0 0
Deere & Co COM 244199105 1,620 12,903 SH   SOLE   12,903 0 0
Diageo Plc-Sponsored ADR COM 25243q205 547 4,137 SH   SOLE   4,137 0 0
Dick's Sporting Goods Inc COM 253393102 325 12,038 SH   SOLE   12,038 0 0
Disney Co./Walt The COM 254687106 15,067 152,853 SH   SOLE   152,853 0 0
Dominion Resources Inc/Va COM 25746u109 646 8,393 SH   SOLE   8,393 0 0
Dover Corp COM 260003108 748 8,185 SH   SOLE   8,185 0 0
DowDuPont Inc COM 26078j100 10,959 158,301 SH   SOLE   158,301 0 0
Dr Pepper Snapple Group Inc COM 26138e109 611 6,903 SH   SOLE   6,903 0 0
Duke Energy Corp COM 26441c204 634 7,554 SH   SOLE   7,554 0 0
Dycom Industries, Inc. COM 267475101 215 2,506 SH   SOLE   2,506 0 0
ETFS Physical Precious Metals COM 26922w109 232 3,665 SH   SOLE   3,665 0 0
Eaton Corp PLC COM g29183103 1,436 18,704 SH   SOLE   18,704 0 0
Ecolab Inc COM 278865100 13,383 104,056 SH   SOLE   104,056 0 0
Edison International COM 281020107 11,937 154,689 SH   SOLE   154,689 0 0
Electronic Arts Inc COM 285512109 293 2,483 SH   SOLE   2,483 0 0
Eli Lilly & Co COM 532457108 4,432 51,813 SH   SOLE   51,813 0 0
Emerson Electric Co COM 291011104 2,091 33,282 SH   SOLE   33,282 0 0
Enbridge Inc COM 29250n105 3,899 93,195 SH   SOLE   93,195 0 0
Encounter Technologies Inc COM 29259j303 0 62,000 SH   SOLE   62,000 0 0
Enterprise Products Partners COM 293792107 831 31,868 SH   SOLE   31,868 0 0
Equity Residential COM 29476l107 210 3,185 SH   SOLE   3,185 0 0
Essex Property Trust Inc COM 297178105 862 3,395 SH   SOLE   3,395 0 0
Eurasian Minerals Inc COM 29843r100 45 54,086 SH   SOLE   54,086 0 0
Eversource Energy COM 30040w108 376 6,214 SH   SOLE   6,214 0 0
Express Scripts Holding Co. COM 30219g108 572 9,039 SH   SOLE   9,039 0 0
Exxon Mobil Corp COM 30231G102 9,789 119,412 SH   SOLE   119,412 0 0
Facebook Inc COM 30303m102 50,770 297,125 SH   SOLE   297,125 0 0
Fanhua Inc-Sponsored ADR COM 30712a103 294 23,374 SH   SOLE   23,374 0 0
FedEx Corp COM 31428x106 841 3,728 SH   SOLE   3,728 0 0
Finisar Corporation COM 31787a507 222 10,000 SH   SOLE   10,000 0 0
First Republic Bank/San Franci COM 33616C100 8,532 81,677 SH   SOLE   81,677 0 0
First Trust Mid Cap Growth Alp COM 33737m102 2,288 62,591 SH   SOLE   62,591 0 0
First Trust Mid Cap Value ETF COM 33737m201 302 8,783 SH   SOLE   8,783 0 0
First Trust Morningstar Divide COM 336917109 1,554 53,554 SH   SOLE   53,554 0 0
Ford Motor Co COM 345370860 237 19,806 SH   SOLE   19,806 0 0
Fortinet Inc COM 34959e109 376 10,490 SH   SOLE   10,490 0 0
Fortive Corp COM 34959j108 266 3,763 SH   SOLE   3,763 0 0
General Dynamics Corp COM 369550108 3,512 17,085 SH   SOLE   17,085 0 0
General Electric Co COM 369604103 15,483 640,326 SH   SOLE   640,326 0 0
General Mills Inc COM 370334104 5,088 98,298 SH   SOLE   98,298 0 0
General Motors Co COM 37045v100 575 14,247 SH   SOLE   14,247 0 0
Genuine Parts Co COM 372460105 7,553 78,962 SH   SOLE   78,962 0 0
Gilead Sciences Inc COM 375558103 787 9,717 SH   SOLE   9,717 0 0
GlaxoSmithKline Plc-ADR COM 37733w105 286 7,034 SH   SOLE   7,034 0 0
Global Brands Group Holding COM g39338101 1 10,000 SH   SOLE   10,000 0 0
Goldman Sach Active Beta US La COM 381430503 494 9,896 SH   SOLE   9,896 0 0
Goldman Sachs Group Inc COM 38141G104 880 3,712 SH   SOLE   3,712 0 0
Great Plains Energy Inc COM 391164100 1,169 38,570 SH   SOLE   38,570 0 0
Guggenheim Russell Top 50 ETF COM 78355w205 860 4,833 SH   SOLE   4,833 0 0
Guggenheim S&P Equal Weight COM 78355w106 719 7,524 SH   SOLE   7,524 0 0
Guggenheim S&P Equal Weight Fi COM 78355w858 244 5,901 SH   SOLE   5,901 0 0
HCP Inc REIT COM 40414l109 4,889 175,678 SH   SOLE   175,678 0 0
Home Depot Inc COM 437076102 18,752 114,647 SH   SOLE   114,647 0 0
Honeywell International Inc COM 438516106 6,161 43,464 SH   SOLE   43,464 0 0
Hormel Foods Corp COM 440452100 754 23,449 SH   SOLE   23,449 0 0
Illinois Tool Works COM 452308109 1,388 9,381 SH   SOLE   9,381 0 0
Ingersoll-Rand PLC COM g47791101 2,281 25,579 SH   SOLE   25,579 0 0
Intel Corp COM 458140100 15,129 397,288 SH   SOLE   397,288 0 0
International Paper Co COM 460146103 305 5,368 SH   SOLE   5,368 0 0
Intl Business Machines Corp COM 459200101 3,495 24,092 SH   SOLE   24,092 0 0
Intl Flavors & Fragrances COM 459506101 893 6,250 SH   SOLE   6,250 0 0
Ivanhoe Mines Ltd COM 46579r104 771 241,500 SH   SOLE   241,500 0 0
JBG SMITH Properties COM 46590v100 293 8,565 SH   SOLE   8,565 0 0
JPMorgan Chase & Co COM 46625H100 12,465 130,512 SH   SOLE   130,512 0 0
Jacobs Engineering Group Inc COM 469814107 332 5,703 SH   SOLE   5,703 0 0
Johnson & Johnson COM 478160104 34,311 263,909 SH   SOLE   263,909 0 0
Johnson Controls Intl PLC COM g51502105 384 9,526 SH   SOLE   9,526 0 0
Keysight Technologies Inc COM 49338l103 316 7,584 SH   SOLE   7,584 0 0
Kimberly-Clark Corp COM 494368103 17,661 150,077 SH   SOLE   150,077 0 0
Kinder Morgan Inc COM 49456b101 2,776 144,717 SH   SOLE   144,717 0 0
Kraft Heinz Co/The COM 500754106 2,570 33,141 SH   SOLE   33,141 0 0
L3 Technologies Inc COM 502413107 1,050 5,572 SH   SOLE   5,572 0 0
Laboratory Corp Of Amer Hldgs COM 50540r409 2,224 14,730 SH   SOLE   14,730 0 0
Lam Research Corp COM 512807108 369 1,995 SH   SOLE   1,995 0 0
Lamb Weston Holdings Inc COM 513272104 369 7,860 SH   SOLE   7,860 0 0
Leggett & Platt Inc COM 524660107 656 13,746 SH   SOLE   13,746 0 0
Li & Fung Ltd COM g5485f169 5 10,000 SH   SOLE   10,000 0 0
Lockheed Martin Corp COM 539830109 5,730 18,467 SH   SOLE   18,467 0 0
Lowe's Cos Inc COM 548661107 4,095 51,222 SH   SOLE   51,222 0 0
Lululemon Athletica Inc COM 550021109 524 8,425 SH   SOLE   8,425 0 0
Marathon Petroleum Corp COM 56585a102 373 6,644 SH   SOLE   6,644 0 0
Marriott International-Cl A COM 571903202 4,140 37,548 SH   SOLE   37,548 0 0
Masimo Corporation COM 574795100 209 2,415 SH   SOLE   2,415 0 0
McCormick & Co-Non Votung Shrs COM 579780206 2,425 23,629 SH   SOLE   23,629 0 0
McDonald's Corp COM 580135101 15,240 97,270 SH   SOLE   97,270 0 0
McKesson Corp COM 58155q103 1,107 7,204 SH   SOLE   7,204 0 0
Medical Properties Trust Inc COM 58463j304 222 16,919 SH   SOLE   16,919 0 0
Medtronic PLC COM g5960l103 6,619 85,105 SH   SOLE   85,105 0 0
Merck & Co. Inc. COM 58933y105 8,564 133,742 SH   SOLE   133,742 0 0
Microsoft Corp COM 594918104 26,569 356,677 SH   SOLE   356,677 0 0
Mondelez International COM 609207105 1,914 47,075 SH   SOLE   47,075 0 0
Morgan Stanley COM 617446448 3,379 70,148 SH   SOLE   70,148 0 0
NVIDIA Corp COM 67066g104 427 2,386 SH   SOLE   2,386 0 0
NXP Semi Submitted for Tende COM n6596x109 732 6,475 SH   SOLE   6,475 0 0
Nestle Sa-Spons ADR For Reg COM 641069406 3,875 46,126 SH   SOLE   46,126 0 0
NextEra Energy Inc COM 65339f101 16,438 112,169 SH   SOLE   112,169 0 0
Nike Inc -Cl B COM 654106103 9,165 176,769 SH   SOLE   176,769 0 0
Nordstrom Inc COM 655664100 233 4,945 SH   SOLE   4,945 0 0
Norfolk Southern Corp COM 655844108 340 2,570 SH   SOLE   2,570 0 0
Novartis Ag-ADR COM 66987v109 3,189 37,151 SH   SOLE   37,151 0 0
Nucor Corp COM 670346105 424 7,568 SH   SOLE   7,568 0 0
Occidental Petroleum Corp COM 674599105 4,832 75,249 SH   SOLE   75,249 0 0
Oracle Corp COM 68389x105 4,136 85,549 SH   SOLE   85,549 0 0
P G & E Corp COM 69331c108 458 6,721 SH   SOLE   6,721 0 0
Paccar Inc COM 693718108 1,331 18,396 SH   SOLE   18,396 0 0
Parker-Hannifin Corp COM 701094104 348 1,991 SH   SOLE   1,991 0 0
Pentair PLC COM g7s00t104 654 9,630 SH   SOLE   9,630 0 0
PepsiCo Inc COM 713448108 9,181 82,397 SH   SOLE   82,397 0 0
Pfizer Inc COM 717081103 9,495 265,969 SH   SOLE   265,969 0 0
Philip Morris International COM 718172109 2,609 23,499 SH   SOLE   23,499 0 0
Phillips 66 COM 718546104 229 2,504 SH   SOLE   2,504 0 0
Plains GP Holdings LP COM 72651a207 219 10,000 SH   SOLE   10,000 0 0
PowerShares Buyback Achievers COM 73935x286 279 5,026 SH   SOLE   5,026 0 0
PowerShares Preferred Portfoli COM 73936t565 13,388 890,784 SH   SOLE   890,784 0 0
Powershares KBW Regional Bank COM 73937b712 1,307 23,755 SH   SOLE   23,755 0 0
Powershares QQQ NASDAQ 100 Tru COM 73935a104 4,716 32,423 SH   SOLE   32,423 0 0
Praxair Inc COM 74005p104 2,723 19,485 SH   SOLE   19,485 0 0
Preferred Apartment Communitie COM 74039l103 5,643 298,870 SH   SOLE   298,870 0 0
ProLogis Inc COM 74340w103 667 10,511 SH   SOLE   10,511 0 0
ProShares Ultra Technology COM 74347r693 240 3,200 SH   SOLE   3,200 0 0
Procter & Gamble Co COM 742718109 27,470 301,938 SH   SOLE   301,938 0 0
Public Service Enterprise Grou COM 744573106 3,038 65,696 SH   SOLE   65,696 0 0
Qualcomm Inc COM 747525103 444 8,560 SH   SOLE   8,560 0 0
Quest Diagnostics COM 74834l100 257 2,745 SH   SOLE   2,745 0 0
Raytheon Company COM 755111507 4,561 24,443 SH   SOLE   24,443 0 0
Realty Income Corp COM 756109104 11,823 206,736 SH   SOLE   206,736 0 0
Regeneron Pharmaceuticals Inc COM 75886f107 311 695 SH   SOLE   695 0 0
Roche Holdings LTD-Spons ADR COM 771195104 4,125 128,908 SH   SOLE   128,908 0 0
Rockwell Automation Inc COM 773903109 242 1,360 SH   SOLE   1,360 0 0
Rockwell Collins Inc. COM 774341101 1,186 9,077 SH   SOLE   9,077 0 0
Roper Technologies Inc COM 776696106 280 1,149 SH   SOLE   1,149 0 0
Royal Dutch Shell Plc-ADR A COM 780259206 524 8,655 SH   SOLE   8,655 0 0
S&P Global Inc COM 78409v104 1,364 8,726 SH   SOLE   8,726 0 0
SAP SE-Sponsored ADR COM 803054204 844 7,700 SH   SOLE   7,700 0 0
SPDR Consumer Discretionary Se COM 81369y407 14,714 163,348 SH   SOLE   163,348 0 0
SPDR Consumer Staples Select S COM 81369y308 7,060 130,781 SH   SOLE   130,781 0 0
SPDR Dow Jones Industrial Aver COM 78467x109 1,247 5,571 SH   SOLE   5,571 0 0
SPDR Energy Select Sector COM 81369y506 15,882 231,919 SH   SOLE   231,919 0 0
SPDR Financial Select Sector COM 81369y605 13,727 530,829 SH   SOLE   530,829 0 0
SPDR Gold Trust COM 78463v107 1,608 13,228 SH   SOLE   13,228 0 0
SPDR Health Care Select Sector COM 81369y209 13,672 167,281 SH   SOLE   167,281 0 0
SPDR Industrial Select Sector COM 81369y704 10,775 151,766 SH   SOLE   151,766 0 0
SPDR Materials Select Sector COM 81369y100 3,484 61,330 SH   SOLE   61,330 0 0
SPDR NYSE Technology ETF COM 78464a102 922 11,688 SH   SOLE   11,688 0 0
SPDR Real Estate Sector COM 81369y860 2,022 62,720 SH   SOLE   62,720 0 0
SPDR S&P 500 Index Trust Serie COM 78462f103 8,384 33,372 SH   SOLE   33,372 0 0
SPDR S&P Aerospace & Defense E COM 78464a631 427 5,352 SH   SOLE   5,352 0 0
SPDR S&P Biotech ETF COM 78464a870 576 6,657 SH   SOLE   6,657 0 0
SPDR S&P Dividend COM 78464a763 12,954 141,842 SH   SOLE   141,842 0 0
SPDR S&P MidCap 400 ETF Trust COM 78467y107 11,491 35,213 SH   SOLE   35,213 0 0
SPDR S&P Regional Banking COM 78464a698 2,363 41,635 SH   SOLE   41,635 0 0
SPDR Technology Select Sector COM 81369y803 30,985 524,287 SH   SOLE   524,287 0 0
SPDR Utilities Select Sector COM 81369y886 3,320 62,587 SH   SOLE   62,587 0 0
Salesforce.Com Inc COM 79466l302 1,834 19,629 SH   SOLE   19,629 0 0
Scana Corp COM 80589m102 598 12,324 SH   SOLE   12,324 0 0
Schlumberger Ltd COM 806857108 423 6,057 SH   SOLE   6,057 0 0
Schwab (Charles) Corp COM 808513105 878 20,080 SH   SOLE   20,080 0 0
Schwab Intl Equity ETF COM 808524805 265 7,904 SH   SOLE   7,904 0 0
Schwab US Broad Market ETF COM 808524102 1,978 32,480 SH   SOLE   32,480 0 0
Schwab US Dividend Equity ETF COM 808524797 8,080 172,649 SH   SOLE   172,649 0 0
Schwab US Large-Cap ETF COM 808524201 2,142 35,670 SH   SOLE   35,670 0 0
Schwab US Mid-Cap ETF COM 808524508 1,502 29,967 SH   SOLE   29,967 0 0
Semiconductor ETF VanEck Vecto COM 92189f676 362 3,876 SH   SOLE   3,876 0 0
Sempra Energy COM 816851109 3,632 31,822 SH   SOLE   31,822 0 0
Sherwin Williams Co COM 824348106 852 2,379 SH   SOLE   2,379 0 0
Siemens Ag-Spons ADR COM 826197501 215 3,034 SH   SOLE   3,034 0 0
Silvercorp Metals Inc COM 82835p103 27 10,000 SH   SOLE   10,000 0 0
Simon Property Group Inc COM 828806109 218 1,352 SH   SOLE   1,352 0 0
Southern Co COM 842587107 1,304 26,541 SH   SOLE   26,541 0 0
Southwest Airlines COM 844741108 211 3,766 SH   SOLE   3,766 0 0
Spectral Medical Inc COM 847577103 8 25,000 SH   SOLE   25,000 0 0
Sprott Inc COM 852066109 30 17,500 SH   SOLE   17,500 0 0
Sprott Resource Holdings Inc COM 85209d101 98 800,000 SH   SOLE   800,000 0 0
Stanley Black & Decker Inc COM 854502101 7,771 51,472 SH   SOLE   51,472 0 0
Starbucks Corp COM 855244109 7,217 134,377 SH   SOLE   134,377 0 0
State Street Corp COM 857477103 365 3,819 SH   SOLE   3,819 0 0
Sysco Corp COM 871829107 838 15,529 SH   SOLE   15,529 0 0
TJX Companies Inc COM 872540109 564 7,654 SH   SOLE   7,654 0 0
Target Corp COM 87612e106 633 10,733 SH   SOLE   10,733 0 0
Teradyne Inc COM 880770102 297 7,977 SH   SOLE   7,977 0 0
Tesla Inc COM 88160r101 1,187 3,480 SH   SOLE   3,480 0 0
Texas Instruments Inc COM 882508104 545 6,077 SH   SOLE   6,077 0 0
Thermo Fisher Scientific Inc COM 883556102 570 3,014 SH   SOLE   3,014 0 0
Time Warner Inc COM 887317303 2,741 26,752 SH   SOLE   26,752 0 0
Toronto Dominion Bank COM 891160509 4,902 87,116 SH   SOLE   87,116 0 0
Toyota Motor Corp -Spon ADR COM 892331307 1,517 12,730 SH   SOLE   12,730 0 0
Travelers Cos Inc/The COM 89417e109 3,303 26,959 SH   SOLE   26,959 0 0
Tri-Valley Corporation COM 895735108 0 30,600 SH   SOLE   30,600 0 0
U S Bancorp COM 902973304 5,441 101,533 SH   SOLE   101,533 0 0
UDR Inc COM 902653104 269 7,080 SH   SOLE   7,080 0 0
Unilever N V -NY Shares COM 904784709 5,225 88,491 SH   SOLE   88,491 0 0
Unilever Plc-Sponsored ADR COM 904767704 2,052 35,403 SH   SOLE   35,403 0 0
Union Pacific Corp COM 907818108 1,678 14,467 SH   SOLE   14,467 0 0
United Parcel Service-Cl B COM 911312106 10,486 87,322 SH   SOLE   87,322 0 0
United Technologies Corp COM 913017109 3,076 26,496 SH   SOLE   26,496 0 0
UnitedHealth Group Inc COM 91324P102 1,954 9,975 SH   SOLE   9,975 0 0
Valero Energy Corp COM 91913Y100 314 4,084 SH   SOLE   4,084 0 0
VanEck Vectors Pharmaceutical COM 92189f692 358 6,193 SH   SOLE   6,193 0 0
Vanguard Consumer Discretionar COM 92204a108 628 4,378 SH   SOLE   4,378 0 0
Vanguard Consumer Staples Vipe COM 92204a207 362 2,615 SH   SOLE   2,615 0 0
Vanguard Developed Mkts COM 921943858 1,480 34,093 SH   SOLE   34,093 0 0
Vanguard Dividend Appreciation COM 921908844 841 8,874 SH   SOLE   8,874 0 0
Vanguard Emerging Mkts COM 922042858 900 20,659 SH   SOLE   20,659 0 0
Vanguard European Vipers COM 922042874 573 9,826 SH   SOLE   9,826 0 0
Vanguard High Div Yield COM 921946406 3,314 40,884 SH   SOLE   40,884 0 0
Vanguard Info Tech Vipers COM 92204a702 1,057 6,956 SH   SOLE   6,956 0 0
Vanguard Large-Cap Vipers ETF COM 922908637 263 2,275 SH   SOLE   2,275 0 0
Vanguard Mid-Cap COM 922908629 3,003 20,430 SH   SOLE   20,430 0 0
Vanguard REIT COM 922908553 482 5,801 SH   SOLE   5,801 0 0
Vanguard Small-Cap Vipers COM 922908751 2,297 16,256 SH   SOLE   16,256 0 0
Vanguard Total Stock Market COM 922908769 17,719 136,808 SH   SOLE   136,808 0 0
Varian Medical Systems Inc COM 92220P105 2,326 23,244 SH   SOLE   23,244 0 0
Verisk Analytics Inc-Class A COM 92345Y106 746 8,965 SH   SOLE   8,965 0 0
Verizon Communications Inc COM 92343v104 29,005 586,076 SH   SOLE   586,076 0 0
Visa Inc-Class A Shares COM 92826c839 3,397 32,281 SH   SOLE   32,281 0 0
Vornado Realty Trust COM 929042109 5,686 73,960 SH   SOLE   73,960 0 0
WEC Energy Group Inc COM 92939u106 5,419 86,313 SH   SOLE   86,313 0 0
Wal-Mart Stores Inc COM 931142103 1,594 20,398 SH   SOLE   20,398 0 0
Walgreens Boots Alliance Inc COM 931427108 13,091 169,526 SH   SOLE   169,526 0 0
Waste Management Inc COM 94106l109 15,987 204,261 SH   SOLE   204,261 0 0
Wells Fargo & Company COM 949746101 34,878 632,425 SH   SOLE   632,425 0 0
Westamerica Bancorportaion COM 957090103 560 9,402 SH   SOLE   9,402 0 0
Western Digital Corp COM 958102105 710 8,216 SH   SOLE   8,216 0 0
Weyerhaeuser Co COM 962166104 549 16,131 SH   SOLE   16,131 0 0
Whirlpool Corp COM 963320106 2,289 12,412 SH   SOLE   12,412 0 0
White Mountains Insurance Grou COM g9618e107 641 748 SH   SOLE   748 0 0
Williams Cos Inc COM 969457100 2,409 80,261 SH   SOLE   80,261 0 0
Williams-Sonoma Inc COM 969904101 5,326 106,810 SH   SOLE   106,810 0 0
WisdomTree MidCap Div Index COM 97717w505 220 2,206 SH   SOLE   2,206 0 0
Xcel Energy Inc COM 98389b100 258 5,461 SH   SOLE   5,461 0 0
Xylem Inc COM 98419m100 210 3,360 SH   SOLE   3,360 0 0
Yum! Brands Inc COM 988498101 280 3,798 SH   SOLE   3,798 0 0
Zimmer Biomet Holdings Inc COM 98956p102 3,298 28,169 SH   SOLE   28,169 0 0
iShares Core Dividend Growth COM 46434v621 1,482 45,656 SH   SOLE   45,656 0 0
iShares Core US Value COM 464287663 241 4,608 SH   SOLE   4,608 0 0
iShares DJ Select Dividend Ind COM 464287168 7,827 83,573 SH   SOLE   83,573 0 0
iShares DJ US Energy Sector COM 464287796 985 26,327 SH   SOLE   26,327 0 0
iShares DJ US Financial Sect COM 464287788 1,309 11,672 SH   SOLE   11,672 0 0
iShares DJ US Health Car Pro COM 464288828 304 2,056 SH   SOLE   2,056 0 0
iShares DJ US Medical Device COM 464288810 287 1,720 SH   SOLE   1,720 0 0
iShares DJ US Telecommunicatio COM 464287713 1,400 46,038 SH   SOLE   46,038 0 0
iShares DJ US Transport Index COM 464287192 1,865 10,451 SH   SOLE   10,451 0 0
iShares FTSE/Xinhua China 25 COM 464287184 201 4,560 SH   SOLE   4,560 0 0
iShares Goldman Sachs Tech I COM 464287721 467 3,114 SH   SOLE   3,114 0 0
iShares MSCI EAFE Index COM 464287465 1,100 16,056 SH   SOLE   16,056 0 0
iShares MSCI Emerging Markets COM 464287234 327 7,305 SH   SOLE   7,305 0 0
iShares MSCI USA Quality Facto COM 46432f339 1,042 13,506 SH   SOLE   13,506 0 0
iShares Nasdaq Biotech Index F COM 464287556 6,694 20,067 SH   SOLE   20,067 0 0
iShares Russell 1000 Growth COM 464287614 837 6,696 SH   SOLE   6,696 0 0
iShares Russell 1000 Value COM 464287598 223 1,882 SH   SOLE   1,882 0 0
iShares Russell 2000 Index Fun COM 464287655 539 3,636 SH   SOLE   3,636 0 0
iShares Russell Midcap Growth COM 464287481 239 2,110 SH   SOLE   2,110 0 0
iShares Russell Midcap Value COM 464287473 202 2,380 SH   SOLE   2,380 0 0
iShares S&P 100 Index Fund COM 464287101 1,939 17,420 SH   SOLE   17,420 0 0
iShares S&P 500 Index Fund COM 464287200 5,634 22,273 SH   SOLE   22,273 0 0
iShares S&P 500 Value Index Fu COM 464287408 216 2,000 SH   SOLE   2,000 0 0
iShares S&P Europe 350 COM 464287861 589 12,565 SH   SOLE   12,565 0 0
iShares S&P Global 100 COM 464287572 728 8,246 SH   SOLE   8,246 0 0
iShares S&P Midcap 400 COM 464287507 1,690 9,448 SH   SOLE   9,448 0 0
iShares S&P Midcap 400/Value COM 464287705 532 3,481 SH   SOLE   3,481 0 0
iShares S&P SmallCap 600 COM 464287804 528 7,110 SH   SOLE   7,110 0 0
iShares S&P US Preferred Stock COM 464288687 7,906 203,702 SH   SOLE   203,702 0 0
AEGON 8.00. 2042 Notes Call 08 PFD 007924608 2,385 90,781 SH   SOLE   90,781 0 0
AGNC Investment Corp 7.75. Per PFD 00123q302 997 38,275 SH   SOLE   38,275 0 0
AON Cap 8.205. 1/27 Non-Call B PFD 22532r101 2,093 64,744 SH   SOLE   64,744 0 0
AllState 6.75 2049 Call 10/201 PFD 020002606 280 10,590 SH   SOLE   10,590 0 0
Allied Capital ARCC6.875. 4/20 PFD 01903q207 252 9,798 SH   SOLE   9,798 0 0
Ally 8.125. Call CUM Call 5/17 PFD 361860208 203 7,700 SH   SOLE   7,700 0 0
American Homes 4Rent 6.50. Per PFD 02665t702 371 13,454 SH   SOLE   13,454 0 0
Amtrust Financial 6.95. QDI Ca PFD 032359820 370 15,809 SH   SOLE   15,809 0 0
Amtrust Financial 7.25. CUM QD PFD 032359507 302 12,168 SH   SOLE   12,168 0 0
Amtrust Financial 7.25. SrNt C PFD 032359861 301 11,700 SH   SOLE   11,700 0 0
Amtrust Financial 7.5. QDI Cal PFD 032359887 2,688 108,300 SH   SOLE   108,300 0 0
Amtrust Financial 7.50.Nts 205 PFD 032359853 632 24,340 SH   SOLE   24,340 0 0
Amtrust Financial 7.625.CUM QD PFD 032359705 3,546 142,294 SH   SOLE   142,294 0 0
Amtrust Financial 7.75. QDI Ca PFD 032359846 2,246 88,787 SH   SOLE   88,787 0 0
Annaly Capital 7.625. CUM Cl 8 PFD 035710888 1,345 52,803 SH   SOLE   52,803 0 0
Annaly Capital 7.625. Perp Cl PFD 035710706 321 12,727 SH   SOLE   12,727 0 0
Apollo Cmmrl Real Est 8.00. CU PFD 03762u501 453 17,837 SH   SOLE   17,837 0 0
Arbor Realty 8.50. CUM Perp Ca PFD 038923801 288 11,030 SH   SOLE   11,030 0 0
Arch Capital 6.75. BBB QDI Cl PFD g0450a204 208 8,178 SH   SOLE   8,178 0 0
Ares Management 7. Call 6/21 B PFD 04014y200 588 21,693 SH   SOLE   21,693 0 0
Argo Group 6.5. Sr Notes Call PFD 040130205 1,933 76,664 SH   SOLE   76,664 0 0
Arlington Asset Inv 7.00. CUm PFD 041356601 446 18,030 SH   SOLE   18,030 0 0
Ashford Hospitality 7.375. NR PFD 044103604 1,574 63,167 SH   SOLE   63,167 0 0
Ashford Hospitality 7.50.Cum P PFD 044103802 440 17,450 SH   SOLE   17,450 0 0
Atlas Finl SrNt 6.625. Cl 4/20 PFD 049323108 293 11,200 SH   SOLE   11,200 0 0
B Riley Financial 7.50. SenNts PFD 05580m207 447 17,270 SH   SOLE   17,270 0 0
B Riley Financial 7.50. SnNts PFD 05580m306 2,589 101,150 SH   SOLE   101,150 0 0
BGC Partners 8.125. 2042 Call PFD 05541t408 4,321 166,219 SH   SOLE   166,219 0 0
BancOfCalifornia 7.00. Cal2021 PFD 05990k874 1,709 64,159 SH   SOLE   64,159 0 0
BancOfCalifornia 7.375. Ca2020 PFD 05990k882 6,968 263,184 SH   SOLE   263,184 0 0
BancOfCalifornia 8.00. Cal2018 PFD 05990k403 2,825 106,626 SH   SOLE   106,626 0 0
Bank of America 6.5. Prp Cl 1/ PFD 060505310 482 17,906 SH   SOLE   17,906 0 0
Bank of America 6.625. Prp/Cl PFD 060505344 2,886 106,130 SH   SOLE   106,130 0 0
Bank of America 6.625.Prp Cl 1 PFD 060505740 633 24,696 SH   SOLE   24,696 0 0
BankofAmerica .1000pv 7.25. Cn PFD 060505682 5,294 4,068 SH   SOLE   4,068 0 0
Barclays 8.125. Perp/Cl 3/14 B PFD 06739h362 390 14,700 SH   SOLE   14,700 0 0
BlueRock Residential Growth 7. PFD 09627j748 1,455 56,553 SH   SOLE   56,553 0 0
BlueRock Residential Growth 8. PFD 09627j508 2,168 82,623 SH   SOLE   82,623 0 0
Boston Private Finl 6.95.Perp PFD 101119303 769 29,966 SH   SOLE   29,966 0 0
CBL & Associates 6.625. Perp C PFD 124830803 428 17,432 SH   SOLE   17,432 0 0
CBL&Assoc Properties 7.375.CUM PFD 124830605 370 15,148 SH   SOLE   15,148 0 0
CHS Chemical 7.50. Cl 1/2025 C PFD 12542r803 7,426 258,916 SH   SOLE   258,916 0 0
CHS Chemicals 6.75. Perp cl 20 PFD 12542r704 359 13,029 SH   SOLE   13,029 0 0
CHS Chemicals 7.875. Perp cl 2 PFD 12542r308 441 15,047 SH   SOLE   15,047 0 0
Capital One Finl 6.7.Prp Call PFD 14040h709 1,656 60,935 SH   SOLE   60,935 0 0
CenturyLink Quest 7.0.SnNts Cl PFD 74913g501 2,819 111,194 SH   SOLE   111,194 0 0
Chimera Investment Corp 8. Cal PFD 16934q406 533 20,146 SH   SOLE   20,146 0 0
Citigroup 5.8. B1 Call 4/18 QD PFD 172967366 205 7,961 SH   SOLE   7,961 0 0
Citigroup 7.125. Flt Aftr 9/23 PFD 172967358 7,938 273,812 SH   SOLE   273,812 0 0
Citigroup Tst 7.875. Cl2015 Li PFD 173080201 979 35,245 SH   SOLE   35,245 0 0
City Office REIT 6.625. CUM Ca PFD 178587200 724 27,864 SH   SOLE   27,864 0 0
Colony NorthStar 7.125. CUM Ca PFD 19625w880 4,209 163,909 SH   SOLE   163,909 0 0
Colony NorthStar 7.125. CUM Ca PFD 19625w872 479 18,825 SH   SOLE   18,825 0 0
Colony NorthStar 7.125. CUM Ca PFD 19625w864 1,490 59,500 SH   SOLE   59,500 0 0
Colony NorthStar 7.50. CUM Cal PFD 19625w807 2,756 106,834 SH   SOLE   106,834 0 0
Colony NorthStar 8.50. CUM Cal PFD 19625w500 843 32,671 SH   SOLE   32,671 0 0
Colony NorthStar 8.75. CUM Cal PFD 19625w609 483 17,688 SH   SOLE   17,688 0 0
Colony Northstar 8.875.CUM Cal PFD 19625w401 214 8,452 SH   SOLE   8,452 0 0
CoreEnergy 7.375. Pfd - Par Ca PFD 21870u304 1,910 73,456 SH   SOLE   73,456 0 0
Cowen 8.25. Senior Notes Call1 PFD 223622309 1,477 55,427 SH   SOLE   55,427 0 0
Crown Castle Intl 6.875. MndCo PFD 22822v309 347 325 SH   SOLE   325 0 0
Customers Bk 7.00. Fx- Flt Prp PFD 23204g407 224 8,330 SH   SOLE   8,330 0 0
Deutsche Bank 8.05. PrpCl6/18 PFD 25150l108 245 9,212 SH   SOLE   9,212 0 0
Deutsche Bnk 7.6. Prp Cl 2/18 PFD 25154a108 398 15,269 SH   SOLE   15,269 0 0
Digital Realty 7.375. Perp CUM PFD 253868871 2,134 78,688 SH   SOLE   78,688 0 0
Discover Financial 6.50.Perp Q PFD 254709207 1,875 73,686 SH   SOLE   73,686 0 0
Dynagas LNG 9.0. QDI CUM cl 2 PFD Y2188b116 1,336 50,497 SH   SOLE   50,497 0 0
EBAY 6.00. Sr Notes Call 3/1/2 PFD 278642202 576 21,300 SH   SOLE   21,300 0 0
EaglePoint Credit 7.75.2022 CU PFD 269809109 643 24,720 SH   SOLE   24,720 0 0
Endurance Specialty 6.35. Cal PFD 29267h406 265 9,900 SH   SOLE   9,900 0 0
First Republic 7.0. Cl 12/18 B PFD 33616c860 4,743 178,253 SH   SOLE   178,253 0 0
GGP Inc 6.375. Call 2/2018 CUM PFD 370023202 380 14,800 SH   SOLE   14,800 0 0
GasLog LP 8.625.fxd/flt Cum Q PFD y2637w116 749 28,300 SH   SOLE   28,300 0 0
GasLog Ltd 8.75. Ser A CUM QDI PFD g37585117 1,472 56,261 SH   SOLE   56,261 0 0
Gladstone Commercial 7.00. CUM PFD 376536603 5,386 207,153 SH   SOLE   207,153 0 0
Gladstone Investment 6.25. CUM PFD 376546503 646 25,350 SH   SOLE   25,350 0 0
Glandstone Invstmt 6.50.SrNts2 PFD 376546404 218 8,498 SH   SOLE   8,498 0 0
Global Indemnity SrNts7.75. Ca PFD g3933f121 2,002 77,097 SH   SOLE   77,097 0 0
Global Indmnty 7.875. Cl2022 b PFD g3933f139 953 36,925 SH   SOLE   36,925 0 0
Global Medical RE 7.50. CUM Pe PFD 37957w203 263 10,500 SH   SOLE   10,500 0 0
Global Net Lease 7.25.Perp Cum PFD 379378300 809 32,400 SH   SOLE   32,400 0 0
Goldman 5.5. Flt Aftr 5/23 Cl PFD 38145g308 1,938 71,132 SH   SOLE   71,132 0 0
GoldmanSachs Lib.75 Min3.75. C PFD 38143y665 630 26,497 SH   SOLE   26,497 0 0
HSBC Hldgs 8.0. Prp Cl 12/15 B PFD 404280802 2,474 91,710 SH   SOLE   91,710 0 0
Hanover Insurance6.35. Cl3/18 PFD 410867204 1,252 49,091 SH   SOLE   49,091 0 0
Hartford Finl 7.875. 2042 call PFD 416518504 1,256 41,359 SH   SOLE   41,359 0 0
Hercules Capital 6.25.SrNts 24 PFD 427096862 259 10,200 SH   SOLE   10,200 0 0
Hersha Hospitality 6.50. NR Ca PFD 427825609 489 19,120 SH   SOLE   19,120 0 0
Hoegh LNG Partners 8.75.QDI Pe PFD y3262r118 569 22,790 SH   SOLE   22,790 0 0
IberiaBank Corp 6.60. Call 5/1 PFD 450828504 859 30,745 SH   SOLE   30,745 0 0
Investors REIT 7.95. CUM Calle PFD 461730301 1,462 58,287 SH   SOLE   58,287 0 0
JMP Group 8.00. SrDeb Due1/202 PFD 46629u206 415 16,264 SH   SOLE   16,264 0 0
JPMorgan Chase 6.70.Perp/Call PFD 48127a161 1,706 63,412 SH   SOLE   63,412 0 0
Just Energy 8.50.Perp Call3/20 PFD 48213w200 1,347 51,330 SH   SOLE   51,330 0 0
LaSalle Hotel 6.3. Call 5/2021 PFD 517942884 272 10,619 SH   SOLE   10,619 0 0
LaSalle Hotel 6.375. Call 3/20 PFD 517942801 232 9,078 SH   SOLE   9,078 0 0
M&T Bank 6.375. Cl 11/18 BBB- PFD 55261f708 499 484 SH   SOLE   484 0 0
MFA Financial 7.5. Prp Cl 4/15 PFD 55272x409 222 8,780 SH   SOLE   8,780 0 0
Maiden Holdings 6.70.Prp Cl 6/ PFD g5753u146 323 13,288 SH   SOLE   13,288 0 0
Maiden Holdings 7.125.PrpCl 12 PFD g5753u138 758 29,225 SH   SOLE   29,225 0 0
Maiden Holdings 8.25.Prp Cl8/2 PFD g5753u120 1,801 71,037 SH   SOLE   71,037 0 0
Medley Capital7.25.SrNts Due24 PFD 58503y204 418 16,450 SH   SOLE   16,450 0 0
Medley Capitl 6.875.Notes Due2 PFD 58503y105 354 14,400 SH   SOLE   14,400 0 0
MetLife 3MoLibor.100 Min 4.0. PFD 59156r504 217 8,666 SH   SOLE   8,666 0 0
Morgan Stanley 3MoLib.70bp 4.F PFD 61747s504 528 22,884 SH   SOLE   22,884 0 0
Morgan Stanley 7.125.Flt Aftr1 PFD 61762v200 5,058 172,394 SH   SOLE   172,394 0 0
National General 7.5. NA Cl Q PFD 636220857 5,217 207,768 SH   SOLE   207,768 0 0
National General 7.50.Call4/20 PFD 636220808 3,303 130,416 SH   SOLE   130,416 0 0
National General 7.625. Call9/ PFD 636220873 1,903 73,892 SH   SOLE   73,892 0 0
National General7.50.Call 7/20 PFD 636220709 2,688 104,307 SH   SOLE   104,307 0 0
New York MtgTrust 7.875.Perp C PFD 649604808 315 12,385 SH   SOLE   12,385 0 0
NewTek Business Svs 7.0.Nts 3/ PFD 652526401 298 11,690 SH   SOLE   11,690 0 0
NewTek Business Svs 7.50. Nts PFD 652526302 530 20,111 SH   SOLE   20,111 0 0
NuStar Logistics 7.625.Nts Cl PFD 67059t204 1,442 56,872 SH   SOLE   56,872 0 0
Oxford Lane Cap6.75. Nts 6/202 PFD 691543508 917 36,100 SH   SOLE   36,100 0 0
Oxford Lane Capital 7.50. 6/20 PFD 691543300 200 7,894 SH   SOLE   7,894 0 0
PS Business Parks 6.0. BBB Cal PFD 69360j685 249 9,886 SH   SOLE   9,886 0 0
Partner Re 6.50.Perp Cal 4/202 PFD g68603136 1,152 42,595 SH   SOLE   42,595 0 0
Partner Re 7.25. Call 06/21 BB PFD g68603144 7,180 249,733 SH   SOLE   249,733 0 0
Penn Real Estate 8.25.CUM Call PFD 709102404 248 9,869 SH   SOLE   9,869 0 0
Penn RealEstate 6.875.CUM Perp PFD 709102701 275 11,000 SH   SOLE   11,000 0 0
Penn RealEstate 7.20.CUM Perp PFD 709102602 311 11,955 SH   SOLE   11,955 0 0
Penn RealEstate 7.375.CUM Perp PFD 709102503 571 22,596 SH   SOLE   22,596 0 0
PennyMac Mtg 8.125. 2024 Libor PFD 70931t301 357 14,151 SH   SOLE   14,151 0 0
Pitney Bowes 6.7. Cl 3/7/18 BB PFD 724479506 340 13,300 SH   SOLE   13,300 0 0
Prospect Captl 6.25. 6/24 SrNt PFD 74348t300 1,821 70,106 SH   SOLE   70,106 0 0
Prudential PLC 6.75. PrpCl 9/0 PFD g7293h114 521 19,602 SH   SOLE   19,602 0 0
Quest USWest 7.0. SrNts 2056 2 PFD 74913g808 3,960 146,943 SH   SOLE   146,943 0 0
Quest USWest SnNotes 7.0. 2052 PFD 74913G402 1,253 49,400 SH   SOLE   49,400 0 0
Quest USWest Sr Nts6.125.Nts C PFD 74913g600 220 8,670 SH   SOLE   8,670 0 0
Quest USWestSnNote7.5. BBB- Cl PFD 74913g303 1,254 49,317 SH   SOLE   49,317 0 0
Quest USWestSnNotes 6.875. CL PFD 74913g105 3,235 124,250 SH   SOLE   124,250 0 0
Qwest Corp 6.5. Sr Note 9/56 C PFD 74913g881 2,514 99,430 SH   SOLE   99,430 0 0
Qwest Corp 6.75. SrNote 6/57 C PFD 74913g873 752 29,500 SH   SOLE   29,500 0 0
Regions Financial 6.375. Cl 12 PFD 7591ep308 406 15,950 SH   SOLE   15,950 0 0
Reinsurance Group of Amer 6.2. PFD 759351703 350 12,300 SH   SOLE   12,300 0 0
RetailPropertiesofAmer 7. Call PFD 76131v608 393 15,400 SH   SOLE   15,400 0 0
SL Green Realty 6.5. Perp CUM PFD 78440x507 1,766 69,783 SH   SOLE   69,783 0 0
SoCalEd 5.375. CUM cl 2025 QDI PFD 78409g206 764 28,111 SH   SOLE   28,111 0 0
Solar Capital 6.75. Cl 11/17 PFD 83413u308 495 19,508 SH   SOLE   19,508 0 0
Sotherly Hotels 8. Cum Perp C PFD 83600c301 2,841 111,872 SH   SOLE   111,872 0 0
Spark Energy 8.75. Call 2022 Q PFD 846511202 467 17,698 SH   SOLE   17,698 0 0
Summit Hotel 7.875. Perp CUM C PFD 866082308 2,831 110,736 SH   SOLE   110,736 0 0
Summit Hotel7.125.Perp CUM Cal PFD 866082407 956 37,342 SH   SOLE   37,342 0 0
Sunstone Hotel 6.95. Prp/Cl 3/ PFD 867892606 385 14,213 SH   SOLE   14,213 0 0
Taubman Centers 6.5. CUM NA Cl PFD 876664608 230 9,138 SH   SOLE   9,138 0 0
Telephone & Data 6.875. Cl 11/ PFD 879433845 2,083 81,875 SH   SOLE   81,875 0 0
Telephone & Data 7.0. Cl 3/16 PFD 879433837 777 30,002 SH   SOLE   30,002 0 0
Texas Capitl Bancshares6.50. 2 PFD 882228307 434 16,967 SH   SOLE   16,967 0 0
Torchmark Crp 6.125. SubDebCal PFD 891027401 951 35,435 SH   SOLE   35,435 0 0
Triancgle Capitl 6.375.Sr Note PFD 895848406 850 33,250 SH   SOLE   33,250 0 0
Two Harbors Investments 7.625. PFD 90187b309 226 8,650 SH   SOLE   8,650 0 0
Two Harbors Investments 8.125. PFD 90187b200 692 25,705 SH   SOLE   25,705 0 0
UMH Properties 8.0. Perp Cum C PFD 903002301 617 22,290 SH   SOLE   22,290 0 0
US Bancorp 6.5. Flt Aftr 1/22 PFD 902973833 1,134 38,906 SH   SOLE   38,906 0 0
US Celllular SrNts 7.25. 2063 PFD 911684504 543 20,500 SH   SOLE   20,500 0 0
US Cellular 6.95.SrNT 2060 Cl PFD 911684405 439 16,975 SH   SOLE   16,975 0 0
US Cellular 7.25. SrNts12/2064 PFD 911684603 1,890 69,802 SH   SOLE   69,802 0 0
VEREIT Inc 6.70. Perp CUM Cl 2 PFD 92339v209 1,016 39,476 SH   SOLE   39,476 0 0
Wells Fargo 5.85.Flt Aftr 9/23 PFD 949746556 342 12,525 SH   SOLE   12,525 0 0
Wells Fargo 6.375. Cl 12/19 BB PFD 94988n207 805 30,468 SH   SOLE   30,468 0 0
Wells Fargo 7.5. Cnv@.156 .100 PFD 949746804 17,982 13,675 SH   SOLE   13,675 0 0
Wells Fargo 8.00. Prp Cl12/17 PFD 949746879 8,481 332,588 SH   SOLE   332,588 0 0
WinTrust Financial 6.50. Call PFD 97650w405 250 8,707 SH   SOLE   8,707 0 0
Bank of America 5.20. Perp/Cal PFD 060505ED2 890 865,000 PRN   SOLE   865,000 0 0
Charles Schwab 4.625. Perp/Cal PFD 808513AP0 562 550,000 PRN   SOLE   550,000 0 0
Charles Schwab 7. Perp/Call 2/ PFD 808513AE5 1,676 1,457,000 PRN   SOLE   1,457,000 0 0
Citigroup 5.35. Perp/Call 5/23 PFD 172967GR6 768 740,000 PRN   SOLE   740,000 0 0
Citigroup 5.875. Perp/Call 3/2 PFD 172967JK8 364 350,000 PRN   SOLE   350,000 0 0
Citigroup Inc 5.95. Perp Call PFD 172967GD7 1,150 1,070,000 PRN   SOLE   1,070,000 0 0
Citigroup Inc 6.125. Perp Call PFD 172967KD2 589 550,000 PRN   SOLE   550,000 0 0
Citigroup Inc Fix-to-Float Per PFD 172967GF2 537 500,000 PRN   SOLE   500,000 0 0
GE Cap Corp 5.00. Perp/Call 1/ PFD 369604BQ5 2,134 2,036,000 PRN   SOLE   2,036,000 0 0
Goldman Sachs 5.375 Perp/Call PFD 38148BAB4 248 240,000 PRN   SOLE   240,000 0 0
Goldman Sachs 5.7 Perp/Call 5/ PFD 38148BAA6 515 500,000 PRN   SOLE   500,000 0 0
JPMorgan 6.0. Perp/Call 8/23 - PFD 48126HAA8 3,298 3,050,000 PRN   SOLE   3,050,000 0 0
JPMorgan 7.9. Perp/Call 4/18 - PFD 46625HHA1 3,044 2,970,000 PRN   SOLE   2,970,000 0 0
So. Cal Edison 6.25. Perp/Call PFD 842400FU2 925 830,000 PRN   SOLE   830,000 0 0
Suntrust Bank 5.05. Call 2022- PFD 867914BN2 204 200,000 PRN   SOLE   200,000 0 0
Wachovia (WFC) Perp/Call 2/11 PFD 92978AAA0 2,766 2,745,000 PRN   SOLE   2,745,000 0 0
Wells Fargo & Company Perp/Cal PFD 949746PM7 572 560,000 PRN   SOLE   560,000 0 0