Laffer Investments 13F-HR Quarterly holdings report by institutional manager

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
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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	COMMON STOCKS	88579Y101	4,298	36	PRN		SOLE	ALL	36	0	0
Abbott Labs	COMMON STOCKS	002824100	3,153	95	PRN		SOLE	ALL	95	0	0
Access Midstream Partners LP	COMMON STOCKS	00434L109	6,622,517	137,084	PRN		SOLE	ALL	137,084	0	0
ACE Ltd	COMMON STOCKS	H0023R105	2,530,985	27,052	PRN		SOLE	ALL	27,052	0	0
Aegon NV	PREFERRED STOCK	007924608	13,714	502	PRN		SOLE	ALL	502	0	0
AGCO Corp	CONVERTIBLE BOND	001084AM4	1,089,030	728	PRN		SOLE	ALL	728	0	0
Alerian MLP ETF	EXCHANGE TRADED FUND	00162Q866	1,285,776	73,097	PRN		SOLE	ALL	73,097	0	0
Alexandria Real Estate E.	CONVERTIBLE PREFERRED STOCK	015271505	1,877,243	72,391	PRN		SOLE	ALL	72,391	0	0
Allegheny Technologies Inc.	CONVERTIBLE BOND	01741RAD4	2,088,621	1,959	PRN		SOLE	ALL	1,959	0	0
Allergan Inc	COMMON STOCKS	018490102	2,347,087	25,949	PRN		SOLE	ALL	25,949	0	0
Altera Corp	COMMON STOCKS	021441100	2,180,474	58,678	PRN		SOLE	ALL	58,678	0	0
Altria Group Inc	COMMON STOCKS	02209S103	13,430	391	PRN		SOLE	ALL	391	0	0
American Capital Agency Corp	COMMON STOCKS	02503X105	3,183	141	PRN		SOLE	ALL	141	0	0
American Realty Capital Properties Inc.	COMMON STOCKS	02917T104	6,989,087	572,876	PRN		SOLE	ALL	572,876	0	0
Ameriprise Financial Inc. 7.75%	PREFERRED STOCK	03076C205	13,597	525	PRN		SOLE	ALL	525	0	0
Amgen Inc	COMMON STOCKS	031162100	3,469	31	PRN		SOLE	ALL	31	0	0
Amphenol Corp	COMMON STOCKS	032095101	2,143,890	27,706	PRN		SOLE	ALL	27,706	0	0
Analog Devices Inc	COMMON STOCKS	032654105	2,098,759	44,607	PRN		SOLE	ALL	44,607	0	0
Annaly Mtg Mgmt Inc	COMMON STOCKS	035710409	3,288	284	PRN		SOLE	ALL	284	0	0
Apache Corp	COMMON STOCKS	037411105	3,235	38	PRN		SOLE	ALL	38	0	0
Apartment Investment & Management Company	COMMON STOCKS	03748R101	1,924,283	68,872	PRN		SOLE	ALL	68,872	0	0
Apollo Investment Corp 6.625%	PREFERRED STOCK	03761U304	13,329	614	PRN		SOLE	ALL	614	0	0
Apollo Investment Corp.	CONVERTIBLE BOND	03761UAE6	2,014,960	1,862	PRN		SOLE	ALL	1,862	0	0
Apple Computer Inc	COMMON STOCKS	037833100	6,990,108	14,662	PRN		SOLE	ALL	14,662	0	0
Applied Materials Inc	COMMON STOCKS	038222105	2,547,149	145,294	PRN		SOLE	ALL	145,294	0	0
Arcelormittal	CONVERTIBLE BOND	03938LAK0	1,100,352	1,042	PRN		SOLE	ALL	1,042	0	0
Archer Daniels Midland Co.	CONVERTIBLE BOND	039483AW2	1,527,866	1,498	PRN		SOLE	ALL	1,498	0	0
Ares Capital Corp	COMMON STOCKS	04010L103	15,179	878	PRN		SOLE	ALL	878	0	0
Ares Capital Corp.	CONVERTIBLE BOND	04010LAB9	1,954,958	1,788	PRN		SOLE	ALL	1,788	0	0
AT&T Inc	COMMON STOCKS	00206R102	6,527	193	PRN		SOLE	ALL	193	0	0
Automatic Data Processing	COMMON STOCKS	053015103	137	2	PRN		SOLE	ALL	2	0	0
Bank of New York Mellon Corp	COMMON STOCKS	064058100	5,192	172	PRN		SOLE	ALL	172	0	0
BB&T Corp	COMMON STOCKS	054937107	5,163	153	PRN		SOLE	ALL	153	0	0
BCE Inc	COMMON STOCKS	05534B760	7,144,357	167,315	PRN		SOLE	ALL	167,315	0	0
Bemis Inc	COMMON STOCKS	081437105	1,857,656	47,620	PRN		SOLE	ALL	47,620	0	0
Berkshire Hathaway Inc Cl B	COMMON STOCKS	084670702	4,426	39	PRN		SOLE	ALL	39	0	0
Best Buy Inc	COMMON STOCKS	086516101	2,496,862	66,583	PRN		SOLE	ALL	66,583	0	0
Blackrock Inc	COMMON STOCKS	09247X101	7,126,832	26,335	PRN		SOLE	ALL	26,335	0	0
Bristol Myers Squibb	COMMON STOCKS	110122108	3,357,984	72,558	PRN		SOLE	ALL	72,558	0	0
Broadcom Corp	COMMON STOCKS	111320107	2,176,989	83,666	PRN		SOLE	ALL	83,666	0	0
Brown-Forman Corporation	COMMON STOCKS	115637209	2,007,041	29,459	PRN		SOLE	ALL	29,459	0	0
Bunge Limited	CONVERTIBLE PREFERRED STOCK	G16962204	1,792,944	16,978	PRN		SOLE	ALL	16,978	0	0
CA Inc	COMMON STOCKS	12673P105	2,002,873	67,505	PRN		SOLE	ALL	67,505	0	0
Cablevision Sys Corp	COMMON STOCKS	12686C109	1,747,469	103,769	PRN		SOLE	ALL	103,769	0	0
CenterPoint Energy, Inc.	COMMON STOCKS	15189T107	2,075,202	86,575	PRN		SOLE	ALL	86,575	0	0
CenturyLink Inc	COMMON STOCKS	156700106	2,119,028	67,528	PRN		SOLE	ALL	67,528	0	0
Chesapeake Energy Co.	CONVERTIBLE BOND	165167BW6	2,065,215	1,950	PRN		SOLE	ALL	1,950	0	0
Chubb Corp	COMMON STOCKS	171232101	9,104	102	PRN		SOLE	ALL	102	0	0
Cigna Corp	COMMON STOCKS	125509109	2,243,312	29,187	PRN		SOLE	ALL	29,187	0	0
Cintas Corp	COMMON STOCKS	172908105	2,091,673	40,853	PRN		SOLE	ALL	40,853	0	0
CitiGroup Capital XIII 7.875%	PREFERRED STOCK	173080201	13,570	494	PRN		SOLE	ALL	494	0	0
Cliffs Natural Resources	CONVERTIBLE PREFERRED STOCK	18683K408	1,398,332	70,730	PRN		SOLE	ALL	70,730	0	0
Clorox Co	COMMON STOCKS	189054109	2,015,133	24,659	PRN		SOLE	ALL	24,659	0	0
Cme Group Inc	COMMON STOCKS	12572Q105	2,373,395	32,125	PRN		SOLE	ALL	32,125	0	0
CMS Energy Corp	COMMON STOCKS	125896100	1,915,490	72,777	PRN		SOLE	ALL	72,777	0	0
Coca Cola Co	COMMON STOCKS	191216100	7,083,672	187,003	PRN		SOLE	ALL	187,003	0	0
Comcast Corporation - Special Class A	COMMON STOCKS	20030N200	5,418	125	PRN		SOLE	ALL	125	0	0
Comerica Inc	COMMON STOCKS	200340107	1,897,965	48,282	PRN		SOLE	ALL	48,282	0	0
Computer Sciences Co	COMMON STOCKS	205363104	2,016,204	38,968	PRN		SOLE	ALL	38,968	0	0
Consumer Staples SPDR	EXCHANGE TRADED FUND	81369Y308	52,615	1,322	PRN		SOLE	ALL	1,322	0	0
Corning Inc	COMMON STOCKS	219350105	2,226,244	152,587	PRN		SOLE	ALL	152,587	0	0
Covidien PLC	COMMON STOCKS	G2554F113	4,692	77	PRN		SOLE	ALL	77	0	0
Danaher Corp	COMMON STOCKS	235851102	2,701,192	38,967	PRN		SOLE	ALL	38,967	0	0
Darden Restaurants I	COMMON STOCKS	237194105	1,880,947	40,634	PRN		SOLE	ALL	40,634	0	0
Developers Diversified Realty Co.	CONVERTIBLE BOND	251591AX1	2,563,824	2,235	PRN		SOLE	ALL	2,235	0	0
Devon Energy Corp	COMMON STOCKS	25179M103	3,407	59	PRN		SOLE	ALL	59	0	0
Digital Realty Trust Inc	COMMON STOCKS	253868103	65	1	PRN		SOLE	ALL	1	0	0
Dominion Resources Inc.	CONVERTIBLE PREFERRED STOCK	25746U885	2,916,499	54,565	PRN		SOLE	ALL	54,565	0	0
Dow Chem Co	COMMON STOCKS	260543103	7,296	190	PRN		SOLE	ALL	190	0	0
Dr Pepper Snapple Group Inc.	COMMON STOCKS	26138E109	1,995,431	44,521	PRN		SOLE	ALL	44,521	0	0
Dte Energy Co	COMMON STOCKS	233331107	1,983,688	30,065	PRN		SOLE	ALL	30,065	0	0
Du Pont E I De Nemours	COMMON STOCKS	263534109	7,905	135	PRN		SOLE	ALL	135	0	0
Duke Energy Corp	COMMON STOCKS	26441C204	4,941	74	PRN		SOLE	ALL	74	0	0
Dun & Bradstreet Corp	COMMON STOCKS	26483E100	1,926,209	18,548	PRN		SOLE	ALL	18,548	0	0
EMC Corp.	CONVERTIBLE BOND	268648AM4	2,714,662	1,681	PRN		SOLE	ALL	1,681	0	0
Emerson Elec Co	COMMON STOCKS	291011104	7,114,106	109,955	PRN		SOLE	ALL	109,955	0	0
Endurance Specialty	COMMON STOCKS	G30397106	3,706	69	PRN		SOLE	ALL	69	0	0
Ensco International SPON ADR	COMMON STOCKS	G3157S106	1,976,011	36,763	PRN		SOLE	ALL	36,763	0	0
Entergy Texas	PREFERRED STOCK	29365T203	13,674	525	PRN		SOLE	ALL	525	0	0
Entertainment Properties	CONVERTIBLE PREFERRED STOCK	26884U307	13,422	455	PRN		SOLE	ALL	455	0	0
Equifax Inc	COMMON STOCKS	294429105	1,875,519	31,337	PRN		SOLE	ALL	31,337	0	0
Expedia Inc	COMMON STOCKS	30212P303	2,044,992	39,471	PRN		SOLE	ALL	39,471	0	0
Exxon Mobil Corp	COMMON STOCKS	30231G102	17,208	200	PRN		SOLE	ALL	200	0	0
Family Dlr Stores In	COMMON STOCKS	307000109	2,052,353	28,497	PRN		SOLE	ALL	28,497	0	0
Fastenal Co.	COMMON STOCKS	311900104	2,265,216	45,061	PRN		SOLE	ALL	45,061	0	0
Fidelity Natl Inform	COMMON STOCKS	31620M106	2,106,564	45,361	PRN		SOLE	ALL	45,361	0	0
Ford Motor Co	COMMON STOCKS	345370860	4,926	292	PRN		SOLE	ALL	292	0	0
Frontier Communications	COMMON STOCKS	35906A108	1,827,830	437,280	PRN		SOLE	ALL	437,280	0	0
General Electric Co	COMMON STOCKS	369604103	7,117,749	297,938	PRN		SOLE	ALL	297,938	0	0
General Mls Inc	COMMON STOCKS	370334104	7,118,601	148,552	PRN		SOLE	ALL	148,552	0	0
General Motors Co.	CONVERTIBLE PREFERRED STOCK	37045V209	1,313,679	26,195	PRN		SOLE	ALL	26,195	0	0
Genesee & Wyoming Inc.	CONVERTIBLE PREFERRED STOCK	371559204	1,347,309	10,665	PRN		SOLE	ALL	10,665	0	0
Genesis Energy L.P.	COMMON STOCKS	371927104	6,474,302	129,305	PRN		SOLE	ALL	129,305	0	0
Gilead Sciences Inc.	CONVERTIBLE BOND	375558AP8	4,725,210	1,701	PRN		SOLE	ALL	1,701	0	0
Glaxosmithkline PLC	COMMON STOCKS	37733W105	4,766	95	PRN		SOLE	ALL	95	0	0
Grainger W W Inc	COMMON STOCKS	384802104	2,191,821	8,375	PRN		SOLE	ALL	8,375	0	0
Guggenheim Enhanced Short Duration Bond ETF	EXCHANGE TRADED FUND	18383M654	915,785	18,250	PRN		SOLE	ALL	18,250	0	0
Harley-Davidson, Inc	COMMON STOCKS	412822108	2,333,325	36,322	PRN		SOLE	ALL	36,322	0	0
Hcp Inc	COMMON STOCKS	40414L109	3,153	77	PRN		SOLE	ALL	77	0	0
Health Care Reit Inc	COMMON STOCKS	42217K106	3,555	57	PRN		SOLE	ALL	57	0	0
Health Care REIT Inc.	CONVERTIBLE BOND	42217KAR7	2,160,064	1,713	PRN		SOLE	ALL	1,713	0	0
Health Care REIT Inc.	CONVERTIBLE PREFERRED STOCK	42217K601	1,571,057	27,299	PRN		SOLE	ALL	27,299	0	0
Hercules Technology Growth	COMMON STOCKS	427096508	7,167,877	470,025	PRN		SOLE	ALL	470,025	0	0
Hershey Foods Corp	COMMON STOCKS	427866108	2,144,982	23,189	PRN		SOLE	ALL	23,189	0	0
Hewlett Packard Co	COMMON STOCKS	428236103	3,358	160	PRN		SOLE	ALL	160	0	0
Hormel Foods Corp	COMMON STOCKS	440452100	1,965,150	46,656	PRN		SOLE	ALL	46,656	0	0
Hornbeck Offshore Services Inc.	CONVERTIBLE BOND	440543AN6	16,888	13	PRN		SOLE	ALL	13	0	0
Host Hotels & Resorts	COMMON STOCKS	44107P104	2,144,024	121,337	PRN		SOLE	ALL	121,337	0	0
Intel Corp.	CONVERTIBLE BOND	458140AD2	2,773,482	2,520	PRN		SOLE	ALL	2,520	0	0
Intel Corp. 3.25	CONVERTIBLE BOND	458140AF7	1,836,574	1,472	PRN		SOLE	ALL	1,472	0	0
Interpublic Group of Companies, Inc.	COMMON STOCKS	460690100	2,174,610	126,578	PRN		SOLE	ALL	126,578	0	0
Intl Game Technology	CONVERTIBLE BOND	459902AQ5	2,615,202	2,309	PRN		SOLE	ALL	2,309	0	0
Invesco Ltd.	COMMON STOCKS	G491BT108	2,127,092	66,680	PRN		SOLE	ALL	66,680	0	0
iShares Barclays 3-7 Year Tr	EXCHANGE TRADED FUND	464288661	107,862	889	PRN		SOLE	ALL	889	0	0
iShares DJ Select Dividend	EXCHANGE TRADED FUND	464287168	84,185	1,269	PRN		SOLE	ALL	1,269	0	0
iShares Floating Rate Note	EXCHANGE TRADED FUND	46429B655	1,274,500	25,148	PRN		SOLE	ALL	25,148	0	0
iShares Gs$ Investop	EXCHANGE TRADED FUND	464287242	1,797,929	15,838	PRN		SOLE	ALL	15,838	0	0
iShares Iboxx Hy Cp Bd	EXCHANGE TRADED FUND	464288513	755,535	8,250	PRN		SOLE	ALL	8,250	0	0
iShares Lehman 1-3 Credit	EXCHANGE TRADED FUND	464288646	1,272,519	12,087	PRN		SOLE	ALL	12,087	0	0
iShares Lehman 1-3 Tr	EXCHANGE TRADED FUND	464287457	136,925	1,621	PRN		SOLE	ALL	1,621	0	0
iShares Lehman 20+ Tr	EXCHANGE TRADED FUND	464287432	25,004	235	PRN		SOLE	ALL	235	0	0
iShares Lehman 7-10 Tr	EXCHANGE TRADED FUND	464287440	47,174	462	PRN		SOLE	ALL	462	0	0
iShares Lehman Int Credit	EXCHANGE TRADED FUND	464288638	1,722,562	15,960	PRN		SOLE	ALL	15,960	0	0
iShares Lehman Tips	EXCHANGE TRADED FUND	464287176	1,204,606	10,700	PRN		SOLE	ALL	10,700	0	0
iShares MSCI Canada Index	EXCHANGE TRADED FUND	464286509	5,222,119	184,462	PRN		SOLE	ALL	184,462	0	0
iShares MSCI Hong Kong Index	EXCHANGE TRADED FUND	464286871	5,419,129	270,551	PRN		SOLE	ALL	270,551	0	0
iShares MSCI New Zealand Index	EXCHANGE TRADED FUND	464289123	5,571,469	144,864	PRN		SOLE	ALL	144,864	0	0
iShares MSCI Singapore Index	EXCHANGE TRADED FUND	464286673	5,180,014	388,016	PRN		SOLE	ALL	388,016	0	0
iShares MSCI Sweden Index	EXCHANGE TRADED FUND	464286756	5,352,658	156,282	PRN		SOLE	ALL	156,282	0	0
iShares MSCI Switzerland Index	EXCHANGE TRADED FUND	464286749	5,426,237	173,473	PRN		SOLE	ALL	173,473	0	0
Jabil Circuit Inc	COMMON STOCKS	466313103	1,838,333	84,794	PRN		SOLE	ALL	84,794	0	0
Janus Capital Group Inc.	CONVERTIBLE BOND	47102XAG0	1,986,710	1,928	PRN		SOLE	ALL	1,928	0	0
Johnson & Johnson	COMMON STOCKS	478160104	7,171,122	82,721	PRN		SOLE	ALL	82,721	0	0
Keycorp	COMMON STOCKS	493267108	1,962,589	172,157	PRN		SOLE	ALL	172,157	0	0
KeyCorp	CONVERTIBLE PREFERRED STOCK	493267405	113,034	905	PRN		SOLE	ALL	905	0	0
Kinder Morgan Energy	COMMON STOCKS	494550106	13,411	168	PRN		SOLE	ALL	168	0	0
Kinder Morgan Management LLC	COMMON STOCKS	49455U100	191	3	PRN		SOLE	ALL	3	0	0
KLA-Tencor Corp	COMMON STOCKS	482480100	2,205,082	36,238	PRN		SOLE	ALL	36,238	0	0
Kohl's Corp	COMMON STOCKS	500255104	2,150,781	41,561	PRN		SOLE	ALL	41,561	0	0
L-3 Communications Corp.	CONVERTIBLE BOND	502413AW7	1,744,123	1,583	PRN		SOLE	ALL	1,583	0	0
Lam Research Corp.	CONVERTIBLE BOND	512807AL2	1,996,056	1,642	PRN		SOLE	ALL	1,642	0	0
Legg Mason Inc	COMMON STOCKS	524901105	1,987,941	59,448	PRN		SOLE	ALL	59,448	0	0
Leggett & Platt Inc	COMMON STOCKS	524660107	1,941,026	64,379	PRN		SOLE	ALL	64,379	0	0
Linear Technology Co	COMMON STOCKS	535678106	2,060,654	51,958	PRN		SOLE	ALL	51,958	0	0
Linn Co LLC	COMMON STOCKS	535782106	13,101	449	PRN		SOLE	ALL	449	0	0
Lorillard Inc	COMMON STOCKS	544147101	2,279,436	50,903	PRN		SOLE	ALL	50,903	0	0
Marathon Oil Corp	COMMON STOCKS	565849106	2,402,848	68,889	PRN		SOLE	ALL	68,889	0	0
Marsh & Mclennan Cos	COMMON STOCKS	571748102	2,418,549	55,535	PRN		SOLE	ALL	55,535	0	0
Mattel Inc	COMMON STOCKS	577081102	7,088,313	169,253	PRN		SOLE	ALL	169,253	0	0
Mcdonalds Corp	COMMON STOCKS	580135101	7,073,036	73,517	PRN		SOLE	ALL	73,517	0	0
McGraw Hill Financial, Inc.	COMMON STOCKS	580645109	2,306,603	35,167	PRN		SOLE	ALL	35,167	0	0
MetLife Inc.	CONVERTIBLE PREFERRED STOCK	59156R116	1,292,995	45,115	PRN		SOLE	ALL	45,115	0	0
Microchip Technology	COMMON STOCKS	595017104	2,027,795	50,330	PRN		SOLE	ALL	50,330	0	0
Microsoft Corp	COMMON STOCKS	594918104	7,156,495	215,039	PRN		SOLE	ALL	215,039	0	0
Molex Inc	COMMON STOCKS	608554101	2,497,598	64,839	PRN		SOLE	ALL	64,839	0	0
Moody's Corp	COMMON STOCKS	615369105	2,188,317	31,115	PRN		SOLE	ALL	31,115	0	0
Morgan Stanley	COMMON STOCKS	617446448	2,586,876	95,988	PRN		SOLE	ALL	95,988	0	0
National Grid PLC-SP ADR	COMMON STOCKS	636274300	17,183	291	PRN		SOLE	ALL	291	0	0
New York Cmnty Banco	COMMON STOCKS	649445103	3,535	234	PRN		SOLE	ALL	234	0	0
Newmont Mng Corp Hld	CONVERTIBLE BOND	651639AH9	1,606,708	1,577	PRN		SOLE	ALL	1,577	0	0
Nextera Energy	CONVERTIBLE PREFERRED STOCK	65339F887	2,616,600	47,888	PRN		SOLE	ALL	47,888	0	0
NextEra Energy 8.75%	PREFERRED STOCK	65339K506	13,612	527	PRN		SOLE	ALL	527	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F705	2,682,346	48,595	PRN		SOLE	ALL	48,595	0	0
NextEra Energy, Inc.	COMMON STOCKS	65339F101	7,130,479	88,953	PRN		SOLE	ALL	88,953	0	0
Noble Corp	COMMON STOCKS	H5833N103	1,992,103	52,743	PRN		SOLE	ALL	52,743	0	0
Nordstrom Inc	COMMON STOCKS	655664100	1,959,244	34,862	PRN		SOLE	ALL	34,862	0	0
Northern Trust Corporation	COMMON STOCKS	665859104	2,013,365	37,024	PRN		SOLE	ALL	37,024	0	0
NorthStar Realty Finance Corp.	COMMON STOCKS	66704R100	7,154,508	770,960	PRN		SOLE	ALL	770,960	0	0
Nuance Communications Inc.	CONVERTIBLE BOND	67020YAB6	936,755	820	PRN		SOLE	ALL	820	0	0
NuStar Logistics LP	CONVERTIBLE PREFERRED STOCK	67059T204	14,841	588	PRN		SOLE	ALL	588	0	0
NYSE Euronext	COMMON STOCKS	629491101	2,042,494	48,654	PRN		SOLE	ALL	48,654	0	0
Occidental Pete Corp	COMMON STOCKS	674599105	3,648	39	PRN		SOLE	ALL	39	0	0
Old Rep Intl Corp	COMMON STOCKS	680223104	5,497	357	PRN		SOLE	ALL	357	0	0
Old Republic Intl Corp.	CONVERTIBLE BOND	680223AH7	2,686,299	2,247	PRN		SOLE	ALL	2,247	0	0
Omega Healthcare Investors	COMMON STOCKS	681936100	7,149,541	239,355	PRN		SOLE	ALL	239,355	0	0
Omnicom Group	COMMON STOCKS	681919106	2,206,633	34,783	PRN		SOLE	ALL	34,783	0	0
ONEOK Inc	COMMON STOCKS	682680103	7,123,560	133,600	PRN		SOLE	ALL	133,600	0	0
Paychex Inc	COMMON STOCKS	704326107	2,164,567	53,262	PRN		SOLE	ALL	53,262	0	0
Peabody Energy Corp	COMMON STOCKS	704549104	1,996,049	115,713	PRN		SOLE	ALL	115,713	0	0
People's United Financial	COMMON STOCKS	712704105	1,926,618	133,979	PRN		SOLE	ALL	133,979	0	0
Pepsico Inc	COMMON STOCKS	713448108	3,498	44	PRN		SOLE	ALL	44	0	0
Perkinelmer Inc	COMMON STOCKS	714046109	2,048,201	54,257	PRN		SOLE	ALL	54,257	0	0
Perrigo Company	COMMON STOCKS	714290103	2,037,373	16,513	PRN		SOLE	ALL	16,513	0	0
PetSmart, Inc.	COMMON STOCKS	716768106	2,122,087	27,827	PRN		SOLE	ALL	27,827	0	0
Philip Morris Intl Inc	COMMON STOCKS	718172109	7,017,190	81,039	PRN		SOLE	ALL	81,039	0	0
Pioneer Nat Res Co	COMMON STOCKS	723787107	2,453,456	12,995	PRN		SOLE	ALL	12,995	0	0
Pitney Bowes Inc	COMMON STOCKS	724479100	2,058,198	113,150	PRN		SOLE	ALL	113,150	0	0
Plum Creek Timber Co	COMMON STOCKS	729251108	2,043,895	43,645	PRN		SOLE	ALL	43,645	0	0
PPL Corp	COMMON STOCKS	69351T106	3,432	113	PRN		SOLE	ALL	113	0	0
PPL Corporation	CONVERTIBLE PREFERRED STOCK	69351T114	1,739,132	32,368	PRN		SOLE	ALL	32,368	0	0
Priceline	CONVERTIBLE BOND	741503AQ9	955,194	740	PRN		SOLE	ALL	740	0	0
Procter & Gamble Co	COMMON STOCKS	742718109	5,140	68	PRN		SOLE	ALL	68	0	0
Prologis LP	CONVERTIBLE BOND	74340XAT8	1,738,608	1,529	PRN		SOLE	ALL	1,529	0	0
Prospect Capital Corp.	CONVERTIBLE BOND	74348TAD4	1,603,605	1,517	PRN		SOLE	ALL	1,517	0	0
Quest Diagnostics In	COMMON STOCKS	74834L100	2,150,415	34,802	PRN		SOLE	ALL	34,802	0	0
Qwest Corp	PREFERRED STOCK	74913G204	13,635	545	PRN		SOLE	ALL	545	0	0
Reynolds American In	COMMON STOCKS	761713106	2,120,173	43,464	PRN		SOLE	ALL	43,464	0	0
Robert Half International, Inc.	COMMON STOCKS	770323103	2,029,794	52,006	PRN		SOLE	ALL	52,006	0	0
Roper Industries Inc	COMMON STOCKS	776696106	2,259,587	17,006	PRN		SOLE	ALL	17,006	0	0
Royal Dutch Shell PLC-ADR	COMMON STOCKS	780259107	7,120,442	103,420	PRN		SOLE	ALL	103,420	0	0
Ryder Sys Inc	COMMON STOCKS	783549108	1,925,444	32,252	PRN		SOLE	ALL	32,252	0	0
Safeway Inc	COMMON STOCKS	786514208	2,589,718	80,954	PRN		SOLE	ALL	80,954	0	0
Sandisk Corp.	CONVERTIBLE BOND	80004CAD3	2,878,884	2,161	PRN		SOLE	ALL	2,161	0	0
Scana Corp	COMMON STOCKS	80589M102	1,815,679	39,437	PRN		SOLE	ALL	39,437	0	0
Seagate Technology PLC	COMMON STOCKS	G7945M107	2,307,158	52,723	PRN		SOLE	ALL	52,723	0	0
Sempra Energy	COMMON STOCKS	816851109	2,233,475	26,092	PRN		SOLE	ALL	26,092	0	0
Sherwin Williams Co	COMMON STOCKS	824348106	2,244,639	12,321	PRN		SOLE	ALL	12,321	0	0
Spdr S&P 500	EXCHANGE TRADED FUND	78462F103	5,215,702	31,044	PRN		SOLE	ALL	31,044	0	0
St Jude Med Inc	COMMON STOCKS	790849103	5,524	103	PRN		SOLE	ALL	103	0	0
Stanley Black & Decker 5.75%	PREFERRED STOCK	854502705	9,424	428	PRN		SOLE	ALL	428	0	0
Stanley Works	CONVERTIBLE PREFERRED STOCK	854502309	1,819,355	13,279	PRN		SOLE	ALL	13,279	0	0
Staples Inc	COMMON STOCKS	855030102	1,847,423	126,104	PRN		SOLE	ALL	126,104	0	0
Starwood Property Trust	CONVERTIBLE BOND	85571BAA3	1,053,221	1,007	PRN		SOLE	ALL	1,007	0	0
Steel Dynamics Inc.	CONVERTIBLE BOND	858119AP5	1,668,005	1,478	PRN		SOLE	ALL	1,478	0	0
Suburban Propane Par	COMMON STOCKS	864482104	13,806	295	PRN		SOLE	ALL	295	0	0
Sysco Corp	COMMON STOCKS	871829107	5,060	159	PRN		SOLE	ALL	159	0	0
T.Rowe Price Group Inc	COMMON STOCKS	74144T108	2,161,712	30,053	PRN		SOLE	ALL	30,053	0	0
Teco Energy Inc	COMMON STOCKS	872375100	1,827,256	110,475	PRN		SOLE	ALL	110,475	0	0
Telephone & Data Systems Inc	COMMON STOCKS	879433829	4,196	142	PRN		SOLE	ALL	142	0	0
Tesoro Corporation	COMMON STOCKS	881609101	1,671,943	38,016	PRN		SOLE	ALL	38,016	0	0
The Babcock & Wilcox Co.	COMMON STOCKS	05615F102	4,147	123	PRN		SOLE	ALL	123	0	0
Tiffany & Co New	COMMON STOCKS	886547108	1,959,250	25,571	PRN		SOLE	ALL	25,571	0	0
Time Warner Inc	COMMON STOCKS	887317303	5,198	79	PRN		SOLE	ALL	79	0	0
Toll Bros Finance Corp.	CONVERTIBLE BOND	88947EAM2	1,216,136	1,200	PRN		SOLE	ALL	1,200	0	0
Travelers Companies	COMMON STOCKS	89417E109	2,548,610	30,065	PRN		SOLE	ALL	30,065	0	0
Trinity Industries Inc.	CONVERTIBLE BOND	896522AF6	2,160,500	1,736	PRN		SOLE	ALL	1,736	0	0
Tupperware Brands Corp	COMMON STOCKS	899896104	7,099,700	82,201	PRN		SOLE	ALL	82,201	0	0
UNIDYN CORP	COMMON STOCKS	904670106	0	3,000	PRN		SOLE	ALL	3,000	0	0
UNILEVER N V N Y SHS NEW	AMERICAN DEPOSITARY RECEIPT	904784709	6,072	161	PRN		SOLE	ALL	161	0	0
United Technologies Corporation	CONVERTIBLE PREFERRED STOCK	913017117	2,867,734	44,262	PRN		SOLE	ALL	44,262	0	0
Unum Group	COMMON STOCKS	91529Y106	2,063,862	67,801	PRN		SOLE	ALL	67,801	0	0
Valero Energy Corp	COMMON STOCKS	91913Y100	2,076,285	60,799	PRN		SOLE	ALL	60,799	0	0
Vanguard Intermediate - Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C870	78,164	937	PRN		SOLE	ALL	937	0	0
Vanguard Long-Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C813	13,118	160	PRN		SOLE	ALL	160	0	0
Vanguard Short-Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C409	46,725	587	PRN		SOLE	ALL	587	0	0
Vodafone Group PLC-SP ADR	COMMON STOCKS	92857W209	7,220,746	205,251	PRN		SOLE	ALL	205,251	0	0
Vornado Realty LP	PREFERRED STOCK	929043602	13,660	521	PRN		SOLE	ALL	521	0	0
Vulcan Matls Co	COMMON STOCKS	929160109	2,202,494	42,511	PRN		SOLE	ALL	42,511	0	0
Wal Mart Stores Inc	COMMON STOCKS	931142103	6,064	82	PRN		SOLE	ALL	82	0	0
Washington Post Co	COMMON STOCKS	939640108	2,053,524	3,359	PRN		SOLE	ALL	3,359	0	0
Wells Fargo & Co.	CONVERTIBLE PREFERRED STOCK	949746804	3,723,070	3,273	PRN		SOLE	ALL	3,273	0	0
Wells Fargo & Company 8%	PREFERRED STOCK	949746879	13,494	476	PRN		SOLE	ALL	476	0	0
Western Un Co	COMMON STOCKS	959802109	2,117,648	113,486	PRN		SOLE	ALL	113,486	0	0
Weyerhaeuser Co	COMMON STOCKS	962166104	2,319,001	80,999	PRN		SOLE	ALL	80,999	0	0
Weyerhaeuser Co.	CONVERTIBLE PREFERRED STOCK	962166872	1,929,736	36,417	PRN		SOLE	ALL	36,417	0	0
Whole Foods Mkt Inc	COMMON STOCKS	966837106	2,392,767	40,902	PRN		SOLE	ALL	40,902	0	0
Williams Companies, Inc.	COMMON STOCKS	969457100	9,615,140	264,443	PRN		SOLE	ALL	264,443	0	0
Windstream Holdings Inc.	COMMON STOCKS	97382A101	1,954,905	244,669	PRN		SOLE	ALL	244,669	0	0
Wisconsin Energy Corp	COMMON STOCKS	976657106	1,944,337	48,151	PRN		SOLE	ALL	48,151	0	0
WisdomTree Japan Hedged Equity Fund	EXCHANGE TRADED FUND	97717W851	5,212,483	108,752	PRN		SOLE	ALL	108,752	0	0
WP Carey Inc.	COMMON STOCKS	92936U109	7,143,527	110,410	PRN		SOLE	ALL	110,410	0	0
Xerox Corp	COMMON STOCKS	984121103	4,414	429	PRN		SOLE	ALL	429	0	0
Xilinx Inc	COMMON STOCKS	983919101	2,202,465	47,010	PRN		SOLE	ALL	47,010	0	0
Xilinx Inc.	CONVERTIBLE BOND	983919AF8	1,012,619	616	PRN		SOLE	ALL	616	0	0
XL Group Plc	COMMON STOCKS	G98290102	2,067,128	67,071	PRN		SOLE	ALL	67,071	0	0
Zimmer Hldgs Inc	COMMON STOCKS	98956P102	5,421	66	PRN		SOLE	ALL	66	0	0