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
Expires:	Oct 31, 2018
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
Access Midstream Partners	COMMON STOCKS	00434L109	8,763,656	152,279	SH		OTR	ALL	152,279	0	0
Ace Ltd	COMMON STOCKS	H0023R105	2,788,737	28,152	SH		OTR	ALL	28,152	0	0
Allergan Inc	COMMON STOCKS	018490102	3,347,349	26,973	SH		OTR	ALL	26,973	0	0
Altera Corp	COMMON STOCKS	021441100	2,191,855	60,490	SH		OTR	ALL	60,490	0	0
Altria Group Inc	COMMON STOCKS	02209S103	69,619	1,860	SH		OTR	ALL	1,860	0	0
American Realty Cap Pptys Inc	COMMON STOCKS	02917T104	9,833,501	701,391	SH		OTR	ALL	701,391	0	0
Amphenol Corp	COMMON STOCKS	032095101	2,635,579	28,757	SH		OTR	ALL	28,757	0	0
Analog Devices Inc	COMMON STOCKS	032654105	2,458,894	46,272	SH		OTR	ALL	46,272	0	0
Apartment Investment & Management Company	COMMON STOCKS	03748R101	2,155,471	71,326	SH		OTR	ALL	71,326	0	0
Apple Inc	COMMON STOCKS	037833100	8,731,149	16,267	SH		OTR	ALL	16,267	0	0
Applied Materials Inc	COMMON STOCKS	038222105	3,081,480	150,942	SH		OTR	ALL	150,942	0	0
Ares Capital Corp	COMMON STOCKS	04010L103	67,977	3,858	SH		OTR	ALL	3,858	0	0
Bce Inc New	COMMON STOCKS	05534B760	8,735,763	202,498	SH		OTR	ALL	202,498	0	0
Bemis Company Inc	COMMON STOCKS	081437105	1,937,435	49,374	SH		OTR	ALL	49,374	0	0
Best Buy Inc	COMMON STOCKS	086516101	1,834,332	69,456	SH		OTR	ALL	69,456	0	0
Blackrock Inc	COMMON STOCKS	09247X101	9,196,024	29,242	SH		OTR	ALL	29,242	0	0
Bristol Myers Squibb	COMMON STOCKS	110122108	3,926,640	75,585	SH		OTR	ALL	75,585	0	0
Broadcom Corp	COMMON STOCKS	111320107	2,721,588	86,482	SH		OTR	ALL	86,482	0	0
Brown-Forman Corporation	COMMON STOCKS	115637209	2,738,146	30,529	SH		OTR	ALL	30,529	0	0
CA Inc	COMMON STOCKS	12673P105	2,171,016	70,078	SH		OTR	ALL	70,078	0	0
Cablevision Sys Corp	COMMON STOCKS	12686C109	1,820,424	107,909	SH		OTR	ALL	107,909	0	0
Centerpoint Energy, Inc.	COMMON STOCKS	15189T107	2,122,908	89,612	SH		OTR	ALL	89,612	0	0
Centurylink Inc	COMMON STOCKS	156700106	2,304,547	70,175	SH		OTR	ALL	70,175	0	0
Cigna Corp	COMMON STOCKS	125509109	2,546,564	30,414	SH		OTR	ALL	30,414	0	0
Cintas Corp	COMMON STOCKS	172908105	2,520,072	42,276	SH		OTR	ALL	42,276	0	0
Clorox Co	COMMON STOCKS	189054109	2,244,431	25,502	SH		OTR	ALL	25,502	0	0
CME Group Inc	COMMON STOCKS	12572Q105	2,464,569	33,296	SH		OTR	ALL	33,296	0	0
CMS Energy Corp	COMMON STOCKS	125896100	2,208,414	75,424	SH		OTR	ALL	75,424	0	0
Coca-Cola Company	COMMON STOCKS	191216100	8,562,610	221,485	SH		OTR	ALL	221,485	0	0
Comerica Inc	COMMON STOCKS	200340107	2,597,200	50,139	SH		OTR	ALL	50,139	0	0
Computer Sciences Co	COMMON STOCKS	205363104	2,465,338	40,535	SH		OTR	ALL	40,535	0	0
Corning Inc	COMMON STOCKS	219350105	3,312,795	159,116	SH		OTR	ALL	159,116	0	0
Danaher Corp	COMMON STOCKS	235851102	3,036,900	40,492	SH		OTR	ALL	40,492	0	0
Darden Restaurants	COMMON STOCKS	237194105	2,141,868	42,196	SH		OTR	ALL	42,196	0	0
Dr Pepper Snapple Group Inc.	COMMON STOCKS	26138E109	2,493,287	45,782	SH		OTR	ALL	45,782	0	0
DTE Energy Co	COMMON STOCKS	233331107	2,312,127	31,123	SH		OTR	ALL	31,123	0	0
Dun & Bradstreet Corp	COMMON STOCKS	26483E100	1,912,984	19,255	SH		OTR	ALL	19,255	0	0
Ensco International Spon Adr	COMMON STOCKS	G3157S106	11,168,300	211,601	SH		OTR	ALL	211,601	0	0
Equifax Inc	COMMON STOCKS	294429105	2,211,383	32,506	SH		OTR	ALL	32,506	0	0
Expedia Inc	COMMON STOCKS	30212P303	2,975,835	41,046	SH		OTR	ALL	41,046	0	0
Exxon Mobil Corp	COMMON STOCKS	30231G102	19,536	200	SH		OTR	ALL	200	0	0
Family Dlr Stores In	COMMON STOCKS	307000109	1,714,369	29,553	SH		OTR	ALL	29,553	0	0
Fastenal Co.	COMMON STOCKS	311900104	2,308,423	46,824	SH		OTR	ALL	46,824	0	0
Fidelity Natl Inform	COMMON STOCKS	31620M106	2,516,960	47,090	SH		OTR	ALL	47,090	0	0
Frontier Communications	COMMON STOCKS	35906A108	2,593,932	454,677	SH		OTR	ALL	454,677	0	0
General Electric Company	COMMON STOCKS	369604103	8,595,091	331,985	SH		OTR	ALL	331,985	0	0
General Mills Inc	COMMON STOCKS	370334104	8,861,012	170,996	SH		OTR	ALL	170,996	0	0
Genesis Energy Ltd Partnership	COMMON STOCKS	371927104	8,142,411	150,229	SH		OTR	ALL	150,229	0	0
Glaxosmithkline PLC	COMMON STOCKS	37733W105	9,123,920	170,764	SH		OTR	ALL	170,764	0	0
Graham Holdings Company	COMMON STOCKS	384637104	2,449,753	3,481	SH		OTR	ALL	3,481	0	0
Grainger W W Inc	COMMON STOCKS	384802104	2,195,362	8,689	SH		OTR	ALL	8,689	0	0
Harley-Davidson, Inc	COMMON STOCKS	412822108	2,512,462	37,719	SH		OTR	ALL	37,719	0	0
Hercules Technology	COMMON STOCKS	427096508	8,181,859	581,511	SH		OTR	ALL	581,511	0	0
Hershey Foods Corp	COMMON STOCKS	427866108	2,508,627	24,029	SH		OTR	ALL	24,029	0	0
Hormel Foods Corp	COMMON STOCKS	440452100	2,385,554	48,418	SH		OTR	ALL	48,418	0	0
Host Hotels & Resorts	COMMON STOCKS	44107P104	2,553,316	126,152	SH		OTR	ALL	126,152	0	0
Intercontinental Exchange Group. Inc.	COMMON STOCKS	45866F104	1,701,535	8,601	SH		OTR	ALL	8,601	0	0
Interpublic Group Of Companies, Inc.	COMMON STOCKS	460690100	2,259,394	131,820	SH		OTR	ALL	131,820	0	0
Invesco Ltd.	COMMON STOCKS	G491BT108	2,566,061	69,353	SH		OTR	ALL	69,353	0	0
Jabil Circuit Inc	COMMON STOCKS	466313103	1,585,296	88,072	SH		OTR	ALL	88,072	0	0
Johnson & Johnson	COMMON STOCKS	478160104	9,227,038	93,933	SH		OTR	ALL	93,933	0	0
Keycorp	COMMON STOCKS	493267108	2,549,002	179,003	SH		OTR	ALL	179,003	0	0
Kinder Morgan Energy	COMMON STOCKS	494550106	64,188	868	SH		OTR	ALL	868	0	0
Kla-Tencor Corp	COMMON STOCKS	482480100	2,602,222	37,637	SH		OTR	ALL	37,637	0	0
Kohl's Corp	COMMON STOCKS	500255104	2,451,033	43,152	SH		OTR	ALL	43,152	0	0
Legg Mason Inc	COMMON STOCKS	524901105	3,025,669	61,698	SH		OTR	ALL	61,698	0	0
Leggett & Platt Inc	COMMON STOCKS	524660107	2,187,728	67,026	SH		OTR	ALL	67,026	0	0
Linear Technology Co	COMMON STOCKS	535678106	2,621,713	53,845	SH		OTR	ALL	53,845	0	0
Linn Co Llc	COMMON STOCKS	535782106	61,782	2,284	SH		OTR	ALL	2,284	0	0
Lorillard Inc	COMMON STOCKS	544147101	2,850,286	52,705	SH		OTR	ALL	52,705	0	0
Lyondell Basell Industries NV	COMMON STOCKS	N53745100	10,468,415	117,702	SH		OTR	ALL	117,702	0	0
Marathon Oil Corp	COMMON STOCKS	565849106	2,544,688	71,641	SH		OTR	ALL	71,641	0	0
Marsh & Mclennan Cos	COMMON STOCKS	571748102	2,843,574	57,679	SH		OTR	ALL	57,679	0	0
Mattel Inc	COMMON STOCKS	577081102	65,018	1,621	SH		OTR	ALL	1,621	0	0
Mcdonalds Corp	COMMON STOCKS	580135101	69,209	706	SH		OTR	ALL	706	0	0
Mcgraw Hill Financial, Inc.	COMMON STOCKS	580645109	2,787,696	36,536	SH		OTR	ALL	36,536	0	0
Microchip Technology	COMMON STOCKS	595017104	2,495,507	52,251	SH		OTR	ALL	52,251	0	0
Microsoft Corp	COMMON STOCKS	594918104	10,201,796	248,885	SH		OTR	ALL	248,885	0	0
Moody'S Corp	COMMON STOCKS	615369105	2,561,322	32,291	SH		OTR	ALL	32,291	0	0
Morgan Stanley	COMMON STOCKS	617446448	3,115,628	99,956	SH		OTR	ALL	99,956	0	0
National Grid Plc-Sp Adr	COMMON STOCKS	636274300	73,758	1,073	SH		OTR	ALL	1,073	0	0
Nextera Energy Inc	COMMON STOCKS	65339F101	9,982,249	104,395	SH		OTR	ALL	104,395	0	0
Noble Corp plc	COMMON STOCKS	G65431101	1,789,928	54,671	SH		OTR	ALL	54,671	0	0
Nordstrom Inc	COMMON STOCKS	655664100	2,261,002	36,205	SH		OTR	ALL	36,205	0	0
Northern Trust Corporation	COMMON STOCKS	665859104	2,519,733	38,434	SH		OTR	ALL	38,434	0	0
Northstar Realty Financial Corp	COMMON STOCKS	66704R100	9,438,752	584,805	SH		OTR	ALL	584,805	0	0
Omega Healthcare Investors Inc	COMMON STOCKS	681936100	9,453,478	282,025	SH		OTR	ALL	282,025	0	0
Omnicom Group	COMMON STOCKS	681919106	2,622,094	36,117	SH		OTR	ALL	36,117	0	0
One Gas Inc.	COMMON STOCKS	68235P108	1,616	45	SH		OTR	ALL	45	0	0
Oneok Inc New	COMMON STOCKS	682680103	10,255,404	173,087	SH		OTR	ALL	173,087	0	0
Paychex Inc	COMMON STOCKS	704326107	2,354,544	55,271	SH		OTR	ALL	55,271	0	0
Peabody Energy Corp	COMMON STOCKS	704549104	1,959,460	119,918	SH		OTR	ALL	119,918	0	0
People's United Financial	COMMON STOCKS	712704105	2,071,539	139,310	SH		OTR	ALL	139,310	0	0
Perkinelmer Inc	COMMON STOCKS	714046109	2,534,940	56,257	SH		OTR	ALL	56,257	0	0
Perrigo Co Plc	COMMON STOCKS	G97822103	2,648,707	17,126	SH		OTR	ALL	17,126	0	0
Petsmart, Inc.	COMMON STOCKS	716768106	1,991,843	28,905	SH		OTR	ALL	28,905	0	0
Philip Morris Intl Inc	COMMON STOCKS	718172109	8,325,360	101,690	SH		OTR	ALL	101,690	0	0
Pinnacle Foods	COMMON STOCKS	72348P104	9,708,501	325,134	SH		OTR	ALL	325,134	0	0
Pioneer Nat Res Co	COMMON STOCKS	723787107	2,544,729	13,598	SH		OTR	ALL	13,598	0	0
Pitney Bowes Inc	COMMON STOCKS	724479100	3,056,190	117,591	SH		OTR	ALL	117,591	0	0
Plum Creek Timber Co	COMMON STOCKS	729251108	1,906,724	45,355	SH		OTR	ALL	45,355	0	0
Quest Diagnostics In	COMMON STOCKS	74834L100	2,091,896	36,117	SH		OTR	ALL	36,117	0	0
Reynolds American In	COMMON STOCKS	761713106	2,406,250	45,044	SH		OTR	ALL	45,044	0	0
Robert Half International, Inc.	COMMON STOCKS	770323103	2,269,285	54,095	SH		OTR	ALL	54,095	0	0
Roper Industries Inc	COMMON STOCKS	776696106	2,353,514	17,628	SH		OTR	ALL	17,628	0	0
Royal Dutch Shell Plc-Adr	COMMON STOCKS	780259107	1,562	20	SH		OTR	ALL	20	0	0
Ryder Sys Inc	COMMON STOCKS	783549108	2,677,559	33,503	SH		OTR	ALL	33,503	0	0
Safeway Inc	COMMON STOCKS	786514208	3,103,329	84,010	SH		OTR	ALL	84,010	0	0
Scana Corp	COMMON STOCKS	80589M102	2,092,778	40,779	SH		OTR	ALL	40,779	0	0
Seagate Technology Plc	COMMON STOCKS	G7945M107	3,075,096	54,756	SH		OTR	ALL	54,756	0	0
Sempra Energy	COMMON STOCKS	816851109	2,612,036	26,995	SH		OTR	ALL	26,995	0	0
Sherwin Williams Co	COMMON STOCKS	824348106	2,523,658	12,802	SH		OTR	ALL	12,802	0	0
Southern Co	COMMON STOCKS	842587107	39,361	896	SH		OTR	ALL	896	0	0
Staples Inc	COMMON STOCKS	855030102	1,486,220	131,060	SH		OTR	ALL	131,060	0	0
Suburban Propane Par	COMMON STOCKS	864482104	62,517	1,505	SH		OTR	ALL	1,505	0	0
T.Rowe Price Group Inc	COMMON STOCKS	74144T108	2,571,625	31,228	SH		OTR	ALL	31,228	0	0
Target Corp	COMMON STOCKS	87612E106	9,308,071	153,827	SH		OTR	ALL	153,827	0	0
Teco Energy Inc	COMMON STOCKS	872375100	1,966,058	114,639	SH		OTR	ALL	114,639	0	0
Tesoro Corporation	COMMON STOCKS	881609101	1,997,596	39,486	SH		OTR	ALL	39,486	0	0
Tiffany & Co New	COMMON STOCKS	886547108	2,288,402	26,563	SH		OTR	ALL	26,563	0	0
Travelers Companies	COMMON STOCKS	89417E109	2,652,396	31,168	SH		OTR	ALL	31,168	0	0
Tupperware Brands Corp	COMMON STOCKS	899896104	65,835	786	SH		OTR	ALL	786	0	0
Unum Group	COMMON STOCKS	91529Y106	2,486,459	70,418	SH		OTR	ALL	70,418	0	0
Valero Energy Corp	COMMON STOCKS	91913Y100	3,368,079	63,429	SH		OTR	ALL	63,429	0	0
Vodafone Group Plc-Sp Adr	COMMON STOCKS	92857W308	9,348,745	253,973	SH		OTR	ALL	253,973	0	0
Vulcan Matls Co	COMMON STOCKS	929160109	2,937,488	44,206	SH		OTR	ALL	44,206	0	0
W P Carey Inc	COMMON STOCKS	92936U109	8,393,821	139,734	SH		OTR	ALL	139,734	0	0
Western Un Co	COMMON STOCKS	959802109	1,925,326	117,685	SH		OTR	ALL	117,685	0	0
Weyerhaeuser Co	COMMON STOCKS	962166104	2,473,295	84,269	SH		OTR	ALL	84,269	0	0
Whole Foods Market Inc	COMMON STOCKS	966837106	2,156,493	42,526	SH		OTR	ALL	42,526	0	0
Williams Cos Inc	COMMON STOCKS	969457100	12,311,119	303,379	SH		OTR	ALL	303,379	0	0
Windstream Holdings Inc.	COMMON STOCKS	97382A101	2,092,646	253,962	SH		OTR	ALL	253,962	0	0
Wisconsin Energy Corp	COMMON STOCKS	976657106	2,326,615	49,981	SH		OTR	ALL	49,981	0	0
Xilinx Inc	COMMON STOCKS	983919101	2,640,235	48,650	SH		OTR	ALL	48,650	0	0
Xl Group Plc	COMMON STOCKS	G98290102	2,178,781	69,721	SH		OTR	ALL	69,721	0	0
Apollo Invt Corp	CONVERTIBLE BOND	03761UAE6	2,046,583	1,879	SH		OTR	ALL	1,879	0	0
Ares Capital Corp	CONVERTIBLE BOND	04010LAB9	2,035,412	1,835	SH		OTR	ALL	1,835	0	0
Chesapeake Energy Corp	CONVERTIBLE BOND	165167BW6	2,031,533	1,912	SH		OTR	ALL	1,912	0	0
Developers Diversified Realty Corp	CONVERTIBLE BOND	251591AX1	2,595,646	2,217	SH		OTR	ALL	2,217	0	0
Ford Motor Company	CONVERTIBLE BOND	345370CN8	2,977,615	1,613	SH		OTR	ALL	1,613	0	0
Gilead Sciences Inc	CONVERTIBLE BOND	375558AP8	5,064,560	1,620	SH		OTR	ALL	1,620	0	0
Health Care Reit Inc	CONVERTIBLE BOND	42217KAR7	2,073,351	1,718	SH		OTR	ALL	1,718	0	0
Hornbeck Offshore Svcs	CONVERTIBLE BOND	440543AN6	1,423,667	1,246	SH		OTR	ALL	1,246	0	0
Intel Corp	CONVERTIBLE BOND	458140AD2	3,028,910	2,532	SH		OTR	ALL	2,532	0	0
Intel Corp	CONVERTIBLE BOND	458140AF7	2,197,540	1,559	SH		OTR	ALL	1,559	0	0
Janus Capital Group Inc	CONVERTIBLE BOND	47102XAG0	1,568,763	1,538	SH		OTR	ALL	1,538	0	0
L-3 Comns Corp	CONVERTIBLE BOND	502413AW7	1,885,684	1,404	SH		OTR	ALL	1,404	0	0
Lam Research Corp	CONVERTIBLE BOND	512807AL2	2,100,152	1,676	SH		OTR	ALL	1,676	0	0
NATIONAL HEALTH INVS INC	CONVERTIBLE BOND	63633DAE4	169,429	170	SH		OTR	ALL	170	0	0
Novellus Systems	CONVERTIBLE BOND	670008AD3	1,184,971	686	SH		OTR	ALL	686	0	0
Nuance Commons Inc	CONVERTIBLE BOND	67020YAB6	912,251	847	SH		OTR	ALL	847	0	0
Old Republic Intl Corp	CONVERTIBLE BOND	680223AH7	2,652,078	2,127	SH		OTR	ALL	2,127	0	0
Omnicare Inc	CONVERTIBLE BOND	681904AQ1	1,253,691	1,221	SH		OTR	ALL	1,221	0	0
Priceline Com Inc	CONVERTIBLE BOND	741503AQ9	2,444,791	1,727	SH		OTR	ALL	1,727	0	0
Prologis	CONVERTIBLE BOND	74340XAT8	1,846,045	1,572	SH		OTR	ALL	1,572	0	0
Prospect Capital Corp	CONVERTIBLE BOND	74348TAD4	1,651,687	1,544	SH		OTR	ALL	1,544	0	0
Rayonier TRS Holdings Inc.	CONVERTIBLE BOND	75508AAC0	2,000,844	1,365	SH		OTR	ALL	1,365	0	0
RPM International Inc.	CONVERTIBLE BOND	749685AT0	1,383,258	1,183	SH		OTR	ALL	1,183	0	0
Sandisk Corp	CONVERTIBLE BOND	80004CAD3	3,448,836	2,092	SH		OTR	ALL	2,092	0	0
Starwood Ppty Tr Inc	CONVERTIBLE BOND	85571BAA3	1,217,239	1,059	SH		OTR	ALL	1,059	0	0
Toll Brothers Inc	CONVERTIBLE BOND	88947EAM2	1,289,961	1,212	SH		OTR	ALL	1,212	0	0
Trinity Inds Inc	CONVERTIBLE BOND	896522AF6	2,713,088	1,680	SH		OTR	ALL	1,680	0	0
WellPoint Inc.	CONVERTIBLE BOND	94973VBG1	4,156,463	2,800	SH		OTR	ALL	2,800	0	0
Xilinx Inc	CONVERTIBLE BOND	983919AF8	1,278,321	676	SH		OTR	ALL	676	0	0
Alexandria Real Estate	CONVERTIBLE PREFERRED STOCK	015271505	1,997,828	74,054	SH		OTR	ALL	74,054	0	0
Bunge Limited	CONVERTIBLE PREFERRED STOCK	G16962204	1,739,471	16,427	SH		OTR	ALL	16,427	0	0
Centerpoint Energy Inc	CONVERTIBLE PREFERRED STOCK	15189T206	892,630	16,975	SH		OTR	ALL	16,975	0	0
Cliffs Natural Resources	CONVERTIBLE PREFERRED STOCK	18683K408	1,511,984	72,937	SH		OTR	ALL	72,937	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U885	3,120,215	54,011	SH		OTR	ALL	54,011	0	0
Entertainment Properties	CONVERTIBLE PREFERRED STOCK	26884U307	70,333	2,306	SH		OTR	ALL	2,306	0	0
Genesee & Wyoming Inc	CONVERTIBLE PREFERRED STOCK	371559204	1,381,081	10,650	SH		OTR	ALL	10,650	0	0
Health Care Reit Inc	CONVERTIBLE PREFERRED STOCK	42217K601	1,588,491	28,606	SH		OTR	ALL	28,606	0	0
Keycorp	CONVERTIBLE PREFERRED STOCK	493267405	117,096	905	SH		OTR	ALL	905	0	0
Metlife Inc	CONVERTIBLE PREFERRED STOCK	59156R116	2,437,679	79,455	SH		OTR	ALL	79,455	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F887	2,934,763	47,852	SH		OTR	ALL	47,852	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F705	3,009,840	47,695	SH		OTR	ALL	47,695	0	0
PPL Corp	CONVERTIBLE PREFERRED STOCK	69351T114	1,801,052	32,926	SH		OTR	ALL	32,926	0	0
Stanley Black & Decker Inc	CONVERTIBLE PREFERRED STOCK	854502309	1,692,297	13,275	SH		OTR	ALL	13,275	0	0
Stanley Black & Decker Inc.	CONVERTIBLE PREFERRED STOCK	854502804	1,193,816	11,060	SH		OTR	ALL	11,060	0	0
United Technologies Corp	CONVERTIBLE PREFERRED STOCK	913017117	2,997,513	45,028	SH		OTR	ALL	45,028	0	0
Wells Fargo & Company	CONVERTIBLE PREFERRED STOCK	949746804	3,724,275	3,175	SH		OTR	ALL	3,175	0	0
Weyerhaeuser Company	CONVERTIBLE PREFERRED STOCK	962166872	2,048,646	37,521	SH		OTR	ALL	37,521	0	0
Alerian MLP ETF	EXCHANGE TRADED FUND	00162Q866	1,715,563	97,144	SH		OTR	ALL	97,144	0	0
Consumer Staples Spdr	EXCHANGE TRADED FUND	81369Y308	56,925	1,322	SH		OTR	ALL	1,322	0	0
Guggenheim Enhanced Short Duration Bond ETF	EXCHANGE TRADED FUND	18383M654	779,634	15,512	SH		OTR	ALL	15,512	0	0
Ishares Barclays 3-7 Year Tr	EXCHANGE TRADED FUND	464288661	107,311	889	SH		OTR	ALL	889	0	0
iShares Floating Rate Note	EXCHANGE TRADED FUND	46429B655	1,083,875	21,374	SH		OTR	ALL	21,374	0	0
iShares IBoxx $ Investment	EXCHANGE TRADED FUND	464287242	1,572,609	13,448	SH		OTR	ALL	13,448	0	0
Ishares Iboxx Hy Cp Bd	EXCHANGE TRADED FUND	464288513	668,281	7,080	SH		OTR	ALL	7,080	0	0
iShares Lehman 1-3 Credit	EXCHANGE TRADED FUND	464288646	1,080,009	10,239	SH		OTR	ALL	10,239	0	0
Ishares Lehman 1-3 Tr	EXCHANGE TRADED FUND	464287457	136,893	1,621	SH		OTR	ALL	1,621	0	0
Ishares Lehman 20+ Tr	EXCHANGE TRADED FUND	464287432	25,638	235	SH		OTR	ALL	235	0	0
Ishares Lehman 7-10 Tr	EXCHANGE TRADED FUND	464287440	46,999	462	SH		OTR	ALL	462	0	0
iShares Lehman Int Credit	EXCHANGE TRADED FUND	464288638	1,474,382	13,519	SH		OTR	ALL	13,519	0	0
Ishares Lehman Tips	EXCHANGE TRADED FUND	464287176	1,024,257	9,137	SH		OTR	ALL	9,137	0	0
iShares MSCI Canada Index	EXCHANGE TRADED FUND	464286509	5,363,531	181,507	SH		OTR	ALL	181,507	0	0
iShares MSCI Hong Kong Index	EXCHANGE TRADED FUND	464286871	5,265,765	266,217	SH		OTR	ALL	266,217	0	0
iShares MSCI New Zealand Index	EXCHANGE TRADED FUND	464289123	6,119,816	142,487	SH		OTR	ALL	142,487	0	0
iShares MSCI Singapore Index	EXCHANGE TRADED FUND	464286673	4,988,872	381,996	SH		OTR	ALL	381,996	0	0
iShares MSCI Sweden Index	EXCHANGE TRADED FUND	464286756	5,631,972	153,795	SH		OTR	ALL	153,795	0	0
iShares MSCI Switzerland Index	EXCHANGE TRADED FUND	464286749	5,860,176	170,652	SH		OTR	ALL	170,652	0	0
Ishares Select Dividend ETF	EXCHANGE TRADED FUND	464287168	121,197	1,653	SH		OTR	ALL	1,653	0	0
Spdr S&P 500	EXCHANGE TRADED FUND	78462F103	5,712,407	30,546	SH		OTR	ALL	30,546	0	0
Vanguard Intermediate - Term Corporate Bond Etf	EXCHANGE TRADED FUND	92206C870	79,626	937	SH		OTR	ALL	937	0	0
Wisdomtree Japan Hedged Equity Fund	EXCHANGE TRADED FUND	97717W851	5,066,610	107,026	SH		OTR	ALL	107,026	0	0
Vanguard PA Long Term Tax Exempt	MUTUAL FUND	92204L104	26	2	SH		OTR	ALL	2	0	0
Aegon Nv Non Cuml	PREFERRED STOCK	007924608	70,573	2,442	SH		OTR	ALL	2,442	0	0
Ameriprise Financial Inc.	PREFERRED STOCK	03076C205	67,457	2,633	SH		OTR	ALL	2,633	0	0
Apollo Investment Corp	PREFERRED STOCK	03761U304	73,932	3,045	SH		OTR	ALL	3,045	0	0
Citigroup Inc.	PREFERRED STOCK	172967358	67,082	2,541	SH		OTR	ALL	2,541	0	0
Entergy Texas Inc	PREFERRED STOCK	29365T203	66,933	2,630	SH		OTR	ALL	2,630	0	0
Nustar Logistics Lp	PREFERRED STOCK	67059T204	71,743	2,677	SH		OTR	ALL	2,677	0	0
Qwest Corp	PREFERRED STOCK	74913G204	71,049	2,717	SH		OTR	ALL	2,717	0	0
Seaspan Corp	PREFERRED STOCK	Y75638133	69,519	2,722	SH		OTR	ALL	2,722	0	0
Vornado Realty	PREFERRED STOCK	929043602	67,234	2,606	SH		OTR	ALL	2,606	0	0
Wells Fargo & Co	PREFERRED STOCK	949746879	69,353	2,380	SH		OTR	ALL	2,380	0	0