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
ALLSTATE CORP PFD 020002309 7,017 280,000 SH   SOLE   0 0 0
AMERICAN EXPRESS COMPANY PFD 025816BL2 5,978 60,000 SH   SOLE   0 0 0
BANK OF NEW YORK MELLON CORP PFD 064058AD2 5,025 50,000 SH   SOLE   0 0 0
COBANK PFD 19075Q805 5,138 50,000 SH   SOLE   0 0 0
COBANK PFD 19075QAC6 3,120 30,000 SH   SOLE   0 0 0
ENTERGY ARKANSAS PFD 29364D761 915 40,000 SH   SOLE   0 0 0
GENERAL ELECTRIC COMPANY PFD 369604BQ5 9,127 98,240 SH   SOLE   0 0 0
HERCULES CAPITAL INC PFD 427096862 807 32,210 SH   SOLE   0 0 0
ISHARES MF 464288513 1,097 13,000 SH   SOLE   0 0 0
ISHARES MF 464286475 2,665 64,853 SH   SOLE   0 0 0
ISHARES MF 464287234 4,780 122,069 SH   SOLE   0 0 0
ISHARES MF 464287200 2,636 9,665 SH   SOLE   0 0 0
ISHARES MF 464287655 218 1,453 SH   SOLE   0 0 0
ISHARES MF 464287648 20,410 108,676 SH   SOLE   0 0 0
ISHARES MF 464287630 18,604 153,641 SH   SOLE   0 0 0
ISHARES MF 464287614 6,027 42,432 SH   SOLE   0 0 0
ISHARES MF 464287598 18,926 157,665 SH   SOLE   0 0 0
ISHARES MF 464287242 2,829 25,200 SH   SOLE   0 0 0
ISHARES MF 464287465 16,849 269,626 SH   SOLE   0 0 0
JP MORGAN CHASE & CO PFD 48126HAA8 5,056 5,000 SH   SOLE   0 0 0
JP MORGAN CHASE & CO PFD 46625HHA1 540 538 SH   SOLE   0 0 0
M&T BANK CORP PFD 55261FAG9 3,180 30,000 SH   SOLE   0 0 0
M&T BANK CORP PFD 55261F708 5,060 5,000 SH   SOLE   0 0 0
METLIFE INC PFD 59156RBP2 3,015 30,000 SH   SOLE   0 0 0
METLIFE INC PFD 59156R504 1,149 48,000 SH   SOLE   0 0 0
OAKTREE SPECIALTY LENDING CORP PFD 67401P306 4,880 200,000 SH   SOLE   0 0 0
PNC FINANCIAL SERVICES PFD 693475857 6,056 230,000 SH   SOLE   0 0 0
PUBLIC STORAGE PFD 74460W826 5,102 200,000 SH   SOLE   0 0 0
REINSURANCE GROUP OF AMERICA PFD 759351703 6,305 240,000 SH   SOLE   0 0 0
SCE TRUST III PFD 78409B207 2,009 80,000 SH   SOLE   0 0 0
SPDR MF 78464A367 1,437 57,150 SH   SOLE   0 0 0
STATE STREET CORP PFD 857477608 8,119 310,000 SH   SOLE   0 0 0
STATE STREET CORP PFD 857477855 2,027 80,000 SH   SOLE   0 0 0
STATE STREET CORP PFD 857477AQ6 1,009 10,000 SH   SOLE   0 0 0
TORTOISE ENERGY INFRASTRUCTURE MF 89147L100 6,778 286,477 SH   SOLE   0 0 0
U S BANCORP PFD 902973833 4,874 180,000 SH   SOLE   0 0 0
VANGUARD MF 922031794 3,164 314,788 SH   SOLE   0 0 0
VANGUARD MF 922031810 1,173 126,228 SH   SOLE   0 0 0
VANGUARD MF 92206C300 230 11,555 SH   SOLE   0 0 0
VANGUARD MF 92206C870 8,219 99,600 SH   SOLE   0 0 0
VANGUARD MF 922908710 739 2,948 SH   SOLE   0 0 0
VANGUARD MF 922908736 7,250 49,500 SH   SOLE   0 0 0
VANGUARD MEGA CAP MF 921910816 4,156 35,550 SH   SOLE   0 0 0
VANGUARD PRIME MONEY MARKET MF 922906300 155 155,019 SH   SOLE   0 0 0
WELLS FARGO CO PFD 949746465 9,864 360,000 SH   SOLE   0 0 0
WELLS FARGO CO PFD 949746556 7,176 280,000 SH   SOLE   0 0 0