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Bancshares-6.2%-Pfd B 125000 131750 JP Morgan Chase-6.3%-Pfd W 125000 135250 JP Morgan Chase-6.7%-Pfd T 125000 135200 JP Morgan Chase-6.375%-Pfd I Morgan Stanley-6.625%-Pfd G 125000 133550 Northern Trust-5.85%-Pfd C 258983 262600 State Street Corp-6%-Pfd E 125000 132300 Wells Fargo & Co-6%-Pfd T 125000 132250 Wells Fargo RL Estate-6.375%-Pfd A 50000 52980 SCE Trust IV-5.375% Pfd J 50000 51600 Bank of America-6.25% Pfd Y 125000 135100 Capital One Fin'l-6.2% Pfd F 125000 135150 Charles Schwab-6% Pfd C 125000 134400 JP Morgan Chase-6.1% Pfd AA 125000 134850 JP Morgan Chase-6.125% Pfd Y 125000 133250 JP Morgan Chase-6.15% Pfd BB 125000 134650 Wells Fargo & Co-6% Pfd V 125000 134050 BCS WO Index-6.35%,11/21/19 Caterpillar Inc 582043 819416 Chevron Corp Citi CI SPX-5.7%,5/11/26 2891680 3180000 Cummins Inc 362514 406272 Deere & Co GS Plus on SPX,11/30/23 IBM Corp JP Morgan Chase 415719 534700 Lockheed Martin Corp Marriott Int'l-CL A Microsoft Corp 302221 427700 MS DD TRIGJ SPX-1/4/22 450000 518175 United Health Group Inc Axis Cap Holdings-5.5%-Pfd E 125000 125850 Bank of America-6% Pfd EE 125000 135950 Bank of America-6.2% Pfd CC 125000 137200 Capital One Fin'l-5.2% Pfd G 741462 750900 Capital One Fin'l-6% Pfd B 124956 126550 Capital One Fin'l-6% Pfd H 125000 134600 Citigroup Inc-6.3%-PFD S 125000 134650 Gabelli Div & Inc Tr-G-5.25% 50000 50700 Gabelli Utility Tr-5.375%-Pfd C 376867 381750 Goldman Sachs Group-6.3%-PFD N 125000 139200 National Retail Properties-5.17%-Pfd Q 98046 102240 Public Storage-4.9%-PFD E 125000 124450 Wells Fargo & Co-5.7%-Pfd W 223206 233910 Wells Fargo & Co-5.5%-Pfd X 439167 459720 3-M Company 437837 470740 ABB Ltd 106365 107280 Abbott Labs 219846 228280 Abbie Inc 196760 193420 AFLAC Inc 255883 263340 Apple Inc 208767 203076 Aqua America Inc 216914 235380 Bank of America 217884 236160 BHP Billiton Ltd 104921 114975 Boeing Co 395965 575075 Cisco Systems Inc 359859 383000 Citigroup Inc 111200 111615 CSX Corp 229771 220040 Diageo PLC 276600 292060 Eli Lilly & Co 130263 126690 Emerson Electric Co 295454 313605 Honeywell International Inc 498455 536760 IBM Corp 252400 245472 JPM Plus On SPX-4.6% 750000 771750 L-3 Technologies Inc 188800 197850 Lockheed Martin Corp 423131 516360 McDonalds Corp 454234 417365 Medifast Inc 75176 69810 MetLife Inc 211275 202240 Parker Hannifin COrp 191857 199580 Ratheon Co 363206 394485 Sysco Corp 186126 182190 Union Pacific Corp 371410 402300 Vodafone Group PLC 94200 95700 Wal-Mart Stores 728044 888750 Xilinx Inc 141323 134840 Alabama Power Co-5%-Pfd A 62500 66450 Arch Cap Group-5.45%-Pfd F 126626 126700 First Republic Bank-5.125%-Pfd H 506186 508000 Firat Republic Bank-5.5%-Pfd D 126294 127600 Kimco Realty Corp-5.25%-Pfd M 125000 124700 Morgan Stanley-5.85%-Pfd K 254606 271000 Morgan Stanley-6.375%-Pfd I 250000 278500 PS Business Parks-5.7%-Ser Y 453138 451800 Public Storage-4.95%-Pfd D 372577 375300 Public Storage-5.05%-Pfd G 125000 124750 Public Storage-5.15%-Pfd F 501506 500400 SCE Trust VI-5% Pfd L 480771 456380 Vornado Realty Trust-5.7%-Pfd K 101206 101040 Wells Fargo & Co-5.65%-PfdYT 50000 51880 870374 899155 JP Morgan Equity Inc A AT COST 250000 406072 AFLAC Inc-5.5%,9/15/52 AT COST Comcast Corp-5%,12/15/61 AT COST Entergy Arkansas-4.9%,12/1/52 AT COST 289273 302641 GE Capital Corp-4.875%,10/15/52 AT COST 150000 149400 Nextera-5.125%,11/15/72 AT COST 251569 249700 Stanley Blacker Ser I-5.7%,7/25/52 AT COST 125000 126100 Duke Energy Corp-5.125%,1/15/73 AT COST 125000 126750 Entergy Arkansas-4.75%,6/1/63 AT COST 125000 124650 Entergy Louisiana LLC-4.7%,6/1/63 AT COST 125000 124100 GE Capital Corp-4.7%,5/16/53 AT COST 125000 124800 GE Capital Corp-4.875%,1/29/53 AT COST 125000 125300 Nextera Energy Cap-5%,1/15/73 AT COST 100000 99840 Prudential Fin'l-5.7%,3/15/53 AT COST 125000 126450 Qwest Corp-6.125%,6/1/53 AT COST 178393 154000 WR Berkley Corp-5.625%,4/30/53 AT COST 257376 252200 Zions Bancorp-6.95%,9/15/28 AT COST 252834 301500 Qwest Corp-6.875%,10/1/54 AT COST 125000 117700 Verizon Communications-5.9%,2/15/54 AT COST 125000 131900 Ishares Select Div ETF AT COST 325632 394240 Southern Co-6.25%,10/15/75 AT COST 125000 134950 BOK Financial-5.375%,6/30/56 AT COST 50000 51220 Entergy Arkansas-4.875%,9/1/66 AT COST 483727 513557 Entergy Louisiana LLC-4.875%,9/1/66 AT COST 391737 397120 Entergy Mississippi-4.9%,10/1/66 AT COST 615885 628750 Legg Mason Inc-5.45%,9/15/56 AT COST 125000 126300 Nextera Energy Cap-K-5.25%,6/1/76 AT COST 675552 690390 Southern Co-6.25%,-A,10/1/54 AT COST 625239 642500 AT&T Inc-5.35%,11/1/66 AT COST 250000 260900 Georgia Power Co-5%,10/1/77 AT COST 255602 256100 Southern Co-5.25%,12/1/77 AT COST 200712 203600 Stifel Fin'l-5.2%,10/15/47 AT COST 50000 49860 Industrial Sel Sec SPDR Fd AT COST 113600 113505 SPRD S&P 500EFT Trust AT COST 253547 266860 Employee Expenses 1716 1716 Filing Fees 3000 3000 Interest & Service Charges 150 Public Notice 160 160 Kandel & Company-Management 40000 36000 0 4000 Barbara Brunckhorst 310 Wickham Glen Drive Richmond VA 23238 Barbara Brunckhorst 2010 Trust 310 Wickham Glen Drive Richmond VA 23238 Excise Tax -'17 58291 Payroll Taxes 4558 4558 Unrelated Business Tax-'17 358004