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
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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
Access Midstream Partners LP	COMMON STOCKS	00434L109	10,432,951	164,169	SH		OTR	ALL	164,169	0	0
Ace Ltd	COMMON STOCKS	H0023R105	2,756,760	26,584	SH		OTR	ALL	26,584	0	0
Aegon Nv Non Cuml	PREFERRED STOCK	007924608	120,578	4,145	SH		OTR	ALL	4,145	0	0
AK Steel Holding Corp	COMMON STOCKS	001547108	2,388	300	SH		OTR	ALL	300	0	0
Alerian MLP ETF	EXCHANGE TRADED FUND	00162Q866	1,939,026	102,054	SH		OTR	ALL	102,054	0	0
Alexandria Real Estate	CONVERTIBLE PREFERRED STOCK	015271505	2,038,296	73,170	SH		OTR	ALL	73,170	0	0
Allergan Inc	COMMON STOCKS	018490102	3,386,430	20,012	SH		OTR	ALL	20,012	0	0
Altera Corp	COMMON STOCKS	021441100	2,044,061	58,805	SH		OTR	ALL	58,805	0	0
Altria Group Inc	COMMON STOCKS	02209S103	126,629	3,019	SH		OTR	ALL	3,019	0	0
American Realty Cap Pptys Inc	COMMON STOCKS	02917T104	10,249,226	817,975	SH		OTR	ALL	817,975	0	0
American Tower Corp	CONVERTIBLE PREFERRED STOCK	03027X308	1,996,596	18,765	SH		OTR	ALL	18,765	0	0
Amphenol Corp	COMMON STOCKS	032095101	2,492,990	25,877	SH		OTR	ALL	25,877	0	0
Analog Devices Inc	COMMON STOCKS	032654105	2,300,083	42,539	SH		OTR	ALL	42,539	0	0
Apartment Investment & Management Company	COMMON STOCKS	03748R101	2,172,642	67,327	SH		OTR	ALL	67,327	0	0
Apollo Invt Corp	CONVERTIBLE BOND	03761UAE6	2,103,298	1,885,000	SH		OTR	ALL	1,885,000	0	0
Apple Computer Inc	COMMON STOCKS	037833100	11,724,792	126,168	SH		OTR	ALL	126,168	0	0
Applied Materials Inc	COMMON STOCKS	038222105	3,024,360	134,118	SH		OTR	ALL	134,118	0	0
Ares Capital Corp	COMMON STOCKS	04010L103	123,412	6,910	SH		OTR	ALL	6,910	0	0
Ares Capital Corp	CONVERTIBLE BOND	04010LAB9	1,995,760	1,788,000	SH		OTR	ALL	1,788,000	0	0
Banc of California Inc.	CONVERTIBLE PREFERRED STOCK	05990K700	124,944	2,192	SH		OTR	ALL	2,192	0	0
BCE Inc	COMMON STOCKS	05534B760	10,654,977	234,898	SH		OTR	ALL	234,898	0	0
Bemis Company Inc	COMMON STOCKS	081437105	1,940,945	47,736	SH		OTR	ALL	47,736	0	0
Blackrock Inc	COMMON STOCKS	09247X101	10,747,508	33,628	SH		OTR	ALL	33,628	0	0
Bristol Myers Squibb	COMMON STOCKS	110122108	3,573,925	73,674	SH		OTR	ALL	73,674	0	0
Broadcom Corp	COMMON STOCKS	111320107	2,651,815	71,439	SH		OTR	ALL	71,439	0	0
Brown-Forman Corporation	COMMON STOCKS	115637209	2,490,796	26,450	SH		OTR	ALL	26,450	0	0
Bunge Limited	CONVERTIBLE PREFERRED STOCK	G16962204	1,624,103	15,667	SH		OTR	ALL	15,667	0	0
CA Inc	COMMON STOCKS	12673P105	2,014,041	70,078	SH		OTR	ALL	70,078	0	0
Cablevision Sys Corp	COMMON STOCKS	12686C109	1,766,376	100,078	SH		OTR	ALL	100,078	0	0
Centerpoint Energy Inc	CONVERTIBLE PREFERRED STOCK	15189T206	972,618	17,145	SH		OTR	ALL	17,145	0	0
Centerpoint Energy, Inc.	COMMON STOCKS	15189T107	2,288,690	89,612	SH		OTR	ALL	89,612	0	0
Centurylink Inc	COMMON STOCKS	156700106	2,328,420	64,321	SH		OTR	ALL	64,321	0	0
Chesapeake Energy Co	CONVERTIBLE BOND	165167BW6	1,940,851	1,818,000	SH		OTR	ALL	1,818,000	0	0
Cigna Corp	COMMON STOCKS	125509109	2,479,879	26,964	SH		OTR	ALL	26,964	0	0
Cintas Corp	COMMON STOCKS	172908105	2,434,598	38,316	SH		OTR	ALL	38,316	0	0
Citigroup Inc.	PREFERRED STOCK	172967358	118,780	4,296	SH		OTR	ALL	4,296	0	0
Clearbridge Energy MLP Fund	COMMON STOCKS	184692101	5,534	185	SH		OTR	ALL	185	0	0
Clorox Co	COMMON STOCKS	189054109	2,268,822	24,823	SH		OTR	ALL	24,823	0	0
CME Group Inc	COMMON STOCKS	12572Q105	2,362,351	33,296	SH		OTR	ALL	33,296	0	0
CMS Energy Corp	COMMON STOCKS	125896100	2,232,053	71,655	SH		OTR	ALL	71,655	0	0
Coca Cola Co	COMMON STOCKS	191216100	10,709,878	252,830	SH		OTR	ALL	252,830	0	0
Comerica Inc	COMMON STOCKS	200340107	2,299,083	45,835	SH		OTR	ALL	45,835	0	0
Computer Sciences Co	COMMON STOCKS	205363104	2,295,740	36,325	SH		OTR	ALL	36,325	0	0
Consumer Staples Spdr	EXCHANGE TRADED FUND	81369Y308	58,987	1,322	SH		OTR	ALL	1,322	0	0
Corning Inc	COMMON STOCKS	219350105	3,067,753	139,761	SH		OTR	ALL	139,761	0	0
Danaher Corp	COMMON STOCKS	235851102	2,977,253	37,816	SH		OTR	ALL	37,816	0	0
Darden Restaurants	COMMON STOCKS	237194105	1,937,880	41,882	SH		OTR	ALL	41,882	0	0
Developers Diversified Realty Corp	CONVERTIBLE BOND	251591AX1	2,617,919	2,174,000	SH		OTR	ALL	2,174,000	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U703	1,438,655	24,955	SH		OTR	ALL	24,955	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U885	3,024,466	52,128	SH		OTR	ALL	52,128	0	0
Dr Pepper Snapple Group Inc.	COMMON STOCKS	26138E109	2,371,318	40,480	SH		OTR	ALL	40,480	0	0
DTE Energy Co	COMMON STOCKS	233331107	2,252,389	28,925	SH		OTR	ALL	28,925	0	0
Dun & Bradstreet Corp	COMMON STOCKS	26483E100	2,120,358	19,241	SH		OTR	ALL	19,241	0	0
Ensco International Spon Adr	COMMON STOCKS	G3157S106	2,114,771	38,056	SH		OTR	ALL	38,056	0	0
Entertainment Properties	CONVERTIBLE PREFERRED STOCK	26884U307	119,429	3,789	SH		OTR	ALL	3,789	0	0
Equifax Inc	COMMON STOCKS	294429105	2,162,489	29,811	SH		OTR	ALL	29,811	0	0
Exelon Corp	CONVERTIBLE PREFERRED STOCK	30161N127	1,057,225	19,699	SH		OTR	ALL	19,699	0	0
Expedia Inc	COMMON STOCKS	30212P303	2,623,889	33,315	SH		OTR	ALL	33,315	0	0
Exxon Mobil Corp	COMMON STOCKS	30231G102	10,068	100	SH		OTR	ALL	100	0	0
Family Dlr Stores Inc	COMMON STOCKS	307000109	1,954,635	29,553	SH		OTR	ALL	29,553	0	0
Fastenal Co.	COMMON STOCKS	311900104	2,269,413	45,856	SH		OTR	ALL	45,856	0	0
Fidelity Natl Inform	COMMON STOCKS	31620M106	2,360,443	43,121	SH		OTR	ALL	43,121	0	0
Ford Motor Co	COMMON STOCKS	345370860	10,802,170	626,576	SH		OTR	ALL	626,576	0	0
Ford Motor Company	CONVERTIBLE BOND	345370CN8	3,131,379	1,556,000	SH		OTR	ALL	1,556,000	0	0
Frontier Communications	COMMON STOCKS	35906A108	2,283,031	390,930	SH		OTR	ALL	390,930	0	0
General Electric Co	COMMON STOCKS	369604103	10,191,806	387,816	SH		OTR	ALL	387,816	0	0
General Mills Inc	COMMON STOCKS	370334104	10,291,038	195,870	SH		OTR	ALL	195,870	0	0
Genesee & Wyoming Inc	CONVERTIBLE PREFERRED STOCK	371559204	1,365,747	10,115	SH		OTR	ALL	10,115	0	0
Genesis Energy L.P.	COMMON STOCKS	371927104	24	0	SH		OTR	ALL	0	0	0
Gilead Sciences Inc	CONVERTIBLE BOND	375558AP8	5,604,800	1,534,000	SH		OTR	ALL	1,534,000	0	0
Glaxosmithkline PLC	COMMON STOCKS	37733W105	10,663,484	199,392	SH		OTR	ALL	199,392	0	0
Graham Holdings Company	COMMON STOCKS	384637104	2,384,843	3,321	SH		OTR	ALL	3,321	0	0
Grainger W W Inc	COMMON STOCKS	384802104	2,167,397	8,524	SH		OTR	ALL	8,524	0	0
Guggenheim Enhanced Short Duration Bond ETF	EXCHANGE TRADED FUND	18383M654	615,765	12,237	SH		OTR	ALL	12,237	0	0
Harley-Davidson, Inc	COMMON STOCKS	412822108	2,441,886	34,959	SH		OTR	ALL	34,959	0	0
Health Care Reit Inc	CONVERTIBLE BOND	42217KAR7	2,095,428	1,687,000	SH		OTR	ALL	1,687,000	0	0
Health Care REIT Inc.	CONVERTIBLE PREFERRED STOCK	42217K601	1,660,775	28,763	SH		OTR	ALL	28,763	0	0
Hercules Technology	COMMON STOCKS	427096508	10,824,711	669,846	SH		OTR	ALL	669,846	0	0
Hershey Foods Corp	COMMON STOCKS	427866108	2,305,526	23,678	SH		OTR	ALL	23,678	0	0
Hormel Foods Corp	COMMON STOCKS	440452100	2,203,576	44,652	SH		OTR	ALL	44,652	0	0
Hornbeck Offshore Svcs	CONVERTIBLE BOND	440543AN6	1,470,581	1,199,000	SH		OTR	ALL	1,199,000	0	0
Host Hotels & Resorts	COMMON STOCKS	44107P104	2,475,662	112,479	SH		OTR	ALL	112,479	0	0
Intel Corp	CONVERTIBLE BOND	458140AD2	3,122,063	2,507,000	SH		OTR	ALL	2,507,000	0	0
Intel Corp	CONVERTIBLE BOND	458140AF7	2,779,400	1,770,000	SH		OTR	ALL	1,770,000	0	0
Interpublic Group of Companies Inc	COMMON STOCKS	460690100	2,259,258	115,800	SH		OTR	ALL	115,800	0	0
Invesco Ltd.	COMMON STOCKS	G491BT108	2,387,045	63,233	SH		OTR	ALL	63,233	0	0
iShares Barclays 3-7 Year Tr	EXCHANGE TRADED FUND	464288661	108,280	889	SH		OTR	ALL	889	0	0
iShares Currency Hedged Germany MSCI ETF	EXCHANGE TRADED FUND	46434V704	5,713,253	228,074	SH		OTR	ALL	228,074	0	0
iShares DJ Select Dividend	EXCHANGE TRADED FUND	464287168	149,033	1,936	SH		OTR	ALL	1,936	0	0
iShares Floating Rate Bond ETF	EXCHANGE TRADED FUND	46429B655	856,488	16,860	SH		OTR	ALL	16,860	0	0
iShares IBoxx $ Investment	EXCHANGE TRADED FUND	464287242	1,257,715	10,546	SH		OTR	ALL	10,546	0	0
iShares Iboxx Hy Cp Bd	EXCHANGE TRADED FUND	464288513	543,782	5,712	SH		OTR	ALL	5,712	0	0
iShares Lehman 1-3 Credit	EXCHANGE TRADED FUND	464288646	855,268	8,093	SH		OTR	ALL	8,093	0	0
iShares Lehman 1-3 Tr	EXCHANGE TRADED FUND	464287457	137,071	1,621	SH		OTR	ALL	1,621	0	0
iShares Lehman 20+ Tr	EXCHANGE TRADED FUND	464287432	26,677	235	SH		OTR	ALL	235	0	0
iShares Lehman 7-10 Tr	EXCHANGE TRADED FUND	464287440	47,853	462	SH		OTR	ALL	462	0	0
iShares Lehman Int Credit	EXCHANGE TRADED FUND	464288638	1,174,405	10,658	SH		OTR	ALL	10,658	0	0
iShares Lehman Tips	EXCHANGE TRADED FUND	464287176	837,975	7,264	SH		OTR	ALL	7,264	0	0
iShares MSCI Canada Index	EXCHANGE TRADED FUND	464286509	5,942,229	184,484	SH		OTR	ALL	184,484	0	0
iShares MSCI Hong Kong Index	EXCHANGE TRADED FUND	464286871	5,629,198	269,598	SH		OTR	ALL	269,598	0	0
iShares MSCI India ETF	EXCHANGE TRADED FUND	46429B598	5,742,125	193,110	SH		OTR	ALL	193,110	0	0
iShares MSCI New Zealand Index	EXCHANGE TRADED FUND	464289123	5,632,191	133,686	SH		OTR	ALL	133,686	0	0
iShares MSCI Singapore Index	EXCHANGE TRADED FUND	464286673	5,538,932	409,684	SH		OTR	ALL	409,684	0	0
iShares MSCI Switzerland Index	EXCHANGE TRADED FUND	464286749	448	13	SH		OTR	ALL	13	0	0
Jabil Circuit Inc	COMMON STOCKS	466313103	1,840,704	88,072	SH		OTR	ALL	88,072	0	0
Johnson & Johnson	COMMON STOCKS	478160104	10,669,566	101,984	SH		OTR	ALL	101,984	0	0
JPMorgan Chase & Co	PREFERRED STOCK	48127A161	118,665	4,587	SH		OTR	ALL	4,587	0	0
Keycorp	COMMON STOCKS	493267108	2,388,108	166,651	SH		OTR	ALL	166,651	0	0
Keycorp	CONVERTIBLE PREFERRED STOCK	493267405	118,555	905	SH		OTR	ALL	905	0	0
Kinder Morgan Energy	COMMON STOCKS	494550106	125,616	1,528	SH		OTR	ALL	1,528	0	0
Kla-Tencor Corp	COMMON STOCKS	482480100	2,628,914	36,191	SH		OTR	ALL	36,191	0	0
Kohl's Corp	COMMON STOCKS	500255104	2,229,206	42,316	SH		OTR	ALL	42,316	0	0
Laclede Group Inc	CONVERTIBLE PREFERRED STOCK	505597500	1,977,544	37,277	SH		OTR	ALL	37,277	0	0
Lam Research Corp 1.25	CONVERTIBLE BOND	512807AL2	2,262,051	1,674,000	SH		OTR	ALL	1,674,000	0	0
Legg Mason Inc	COMMON STOCKS	524901105	2,677,304	52,179	SH		OTR	ALL	52,179	0	0
Leggett & Platt Inc	COMMON STOCKS	524660107	2,102,289	61,327	SH		OTR	ALL	61,327	0	0
Linear Technology Co	COMMON STOCKS	535678106	2,266,279	48,147	SH		OTR	ALL	48,147	0	0
Lorillard Inc	COMMON STOCKS	544147101	2,852,542	46,786	SH		OTR	ALL	46,786	0	0
LyondellBasell Industries NV	COMMON STOCKS	N53745100	12,519,413	128,207	SH		OTR	ALL	128,207	0	0
Marathon Oil Corp	COMMON STOCKS	565849106	2,707,294	67,818	SH		OTR	ALL	67,818	0	0
Marsh & Mclennan Cos	COMMON STOCKS	571748102	2,775,582	53,562	SH		OTR	ALL	53,562	0	0
Mcgraw Hill Financial, Inc.	COMMON STOCKS	580645109	2,755,350	33,185	SH		OTR	ALL	33,185	0	0
Metlife Inc	CONVERTIBLE PREFERRED STOCK	59156R116	2,486,008	77,785	SH		OTR	ALL	77,785	0	0
Microchip Technology	COMMON STOCKS	595017104	2,268,103	46,468	SH		OTR	ALL	46,468	0	0
Microsoft Corp	COMMON STOCKS	594918104	11,322,881	271,531	SH		OTR	ALL	271,531	0	0
Moody's Corp	COMMON STOCKS	615369105	2,547,662	29,063	SH		OTR	ALL	29,063	0	0
Morgan Stanley	COMMON STOCKS	617446448	3,066,371	94,846	SH		OTR	ALL	94,846	0	0
National Grid Plc-Sp Adr	COMMON STOCKS	636274300	119,379	1,605	SH		OTR	ALL	1,605	0	0
National Health Investor	CONVERTIBLE BOND	63633DAE4	137,791	134,000	SH		OTR	ALL	134,000	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F887	2,958,929	45,529	SH		OTR	ALL	45,529	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F705	2,945,307	44,040	SH		OTR	ALL	44,040	0	0
NextEra Energy, Inc.	COMMON STOCKS	65339F101	11,447,835	111,708	SH		OTR	ALL	111,708	0	0
NGL Energy Partners LP	COMMON STOCKS	62913M107	9,741,878	224,778	SH		OTR	ALL	224,778	0	0
Noble Corp PLC	COMMON STOCKS	G65431101	1,834,758	54,671	SH		OTR	ALL	54,671	0	0
Nordstrom Inc	COMMON STOCKS	655664100	2,234,897	32,900	SH		OTR	ALL	32,900	0	0
Northern Trust Corporation	COMMON STOCKS	665859104	2,300,194	35,823	SH		OTR	ALL	35,823	0	0
Northstar Realty Financial Corp	COMMON STOCKS	66704R100	11,156,534	641,918	SH		OTR	ALL	641,918	0	0
Novellus Systems	CONVERTIBLE BOND	670008AD3	1,395,543	689,000	SH		OTR	ALL	689,000	0	0
Nuance Communications	CONVERTIBLE BOND	67020YAB6	905,813	839,000	SH		OTR	ALL	839,000	0	0
Nustar Logistics Lp	PREFERRED STOCK	67059T204	118,448	4,400	SH		OTR	ALL	4,400	0	0
Old Republic Intl Corp	CONVERTIBLE BOND	680223AH7	2,561,435	2,014,000	SH		OTR	ALL	2,014,000	0	0
Omega Healthcare Investors Inc	COMMON STOCKS	681936100	11,300,022	306,566	SH		OTR	ALL	306,566	0	0
Omnicare Inc	CONVERTIBLE BOND	681904AQ1	1,355,349	1,164,000	SH		OTR	ALL	1,164,000	0	0
Omnicom Group	COMMON STOCKS	681919106	2,447,119	34,360	SH		OTR	ALL	34,360	0	0
One Gas Inc.	COMMON STOCKS	68235P108	830	22	SH		OTR	ALL	22	0	0
ONEOK Inc	COMMON STOCKS	682680103	12,553,024	184,386	SH		OTR	ALL	184,386	0	0
Oracle Systems Corp	COMMON STOCKS	68389X105	3,039	75	SH		OTR	ALL	75	0	0
Paychex Inc	COMMON STOCKS	704326107	2,297,062	55,271	SH		OTR	ALL	55,271	0	0
Peabody Energy Corp	COMMON STOCKS	704549104	1,960,659	119,918	SH		OTR	ALL	119,918	0	0
People's United Financial	COMMON STOCKS	712704105	2,071,008	136,520	SH		OTR	ALL	136,520	0	0
Perkinelmer Inc	COMMON STOCKS	714046109	2,325,980	49,658	SH		OTR	ALL	49,658	0	0
Perrigo Co Plc	COMMON STOCKS	G97822103	2,374,138	16,288	SH		OTR	ALL	16,288	0	0
Philip Morris Intl Inc	COMMON STOCKS	718172109	9,573,822	113,555	SH		OTR	ALL	113,555	0	0
Pinnacle Foods	COMMON STOCKS	72348P104	32	1	SH		OTR	ALL	1	0	0
Pioneer Nat Res Co	COMMON STOCKS	723787107	2,945,015	12,815	SH		OTR	ALL	12,815	0	0
Pitney Bowes Inc	COMMON STOCKS	724479100	2,706,152	97,978	SH		OTR	ALL	97,978	0	0
Plum Creek Timber Co	COMMON STOCKS	729251108	2,045,510	45,355	SH		OTR	ALL	45,355	0	0
Priceline Com Inc	CONVERTIBLE BOND	741503AQ9	2,488,759	1,745,000	SH		OTR	ALL	1,745,000	0	0
Prologis LP	CONVERTIBLE BOND	74340XAT8	1,798,623	1,576,000	SH		OTR	ALL	1,576,000	0	0
Prospect Capital Corp	CONVERTIBLE BOND	74348TAD4	1,717,428	1,580,000	SH		OTR	ALL	1,580,000	0	0
Quest Diagnostics In	COMMON STOCKS	74834L100	2,029,676	34,583	SH		OTR	ALL	34,583	0	0
Rayonier TRS Holdings Inc.	CONVERTIBLE BOND	75508AAC0	2,131,664	1,377,000	SH		OTR	ALL	1,377,000	0	0
Reynolds American In	COMMON STOCKS	761713106	2,448,339	40,569	SH		OTR	ALL	40,569	0	0
Robert Half International, Inc.	COMMON STOCKS	770323103	2,351,481	49,256	SH		OTR	ALL	49,256	0	0
Roper Industries Inc	COMMON STOCKS	776696106	2,435,738	16,682	SH		OTR	ALL	16,682	0	0
Royal Dutch Shell PLC-ADR	COMMON STOCKS	780259206	6,005	72	SH		OTR	ALL	72	0	0
RPM International Inc.	CONVERTIBLE BOND	749685AT0	1,447,075	1,165,000	SH		OTR	ALL	1,165,000	0	0
Ryder Sys Inc	COMMON STOCKS	783549108	2,494,708	28,320	SH		OTR	ALL	28,320	0	0
Safeway Inc	COMMON STOCKS	786514208	2,866,737	83,481	SH		OTR	ALL	83,481	0	0
Sandisk Corp	CONVERTIBLE BOND	80004CAD3	4,010,877	1,950,000	SH		OTR	ALL	1,950,000	0	0
Scana Corp	COMMON STOCKS	80589M102	2,063,452	38,347	SH		OTR	ALL	38,347	0	0
Seacor Holdings Inc	CONVERTIBLE BOND	811904AM3	1,075,868	934,000	SH		OTR	ALL	934,000	0	0
Seadrill Partners LLC	COMMON STOCKS	Y7545W109	11,320,127	341,379	SH		OTR	ALL	341,379	0	0
Seagate Technology Plc	COMMON STOCKS	G7945M107	2,895,035	50,951	SH		OTR	ALL	50,951	0	0
Seaspan Corp	PREFERRED STOCK	Y75638133	119,106	4,581	SH		OTR	ALL	4,581	0	0
Sempra Energy	COMMON STOCKS	816851109	2,632,304	25,139	SH		OTR	ALL	25,139	0	0
Sherwin Williams Co	COMMON STOCKS	824348106	2,469,057	11,933	SH		OTR	ALL	11,933	0	0
Spdr S&P 500	EXCHANGE TRADED FUND	78462F103	5,900,175	30,146	SH		OTR	ALL	30,146	0	0
Stanley Black & Decker Inc.	CONVERTIBLE PREFERRED STOCK	854502804	1,279,986	11,225	SH		OTR	ALL	11,225	0	0
Stanley Works	CONVERTIBLE PREFERRED STOCK	854502309	1,721,540	13,040	SH		OTR	ALL	13,040	0	0
Starwood Ppty Tr Inc	CONVERTIBLE BOND	85571BAA3	1,188,300	1,031,000	SH		OTR	ALL	1,031,000	0	0
T.Rowe Price Group Inc	COMMON STOCKS	74144T108	2,496,847	29,580	SH		OTR	ALL	29,580	0	0
Target Corp	COMMON STOCKS	87612E106	10,248,689	176,854	SH		OTR	ALL	176,854	0	0
Teco Energy Inc	COMMON STOCKS	872375100	2,095,835	113,411	SH		OTR	ALL	113,411	0	0
Tesoro Corporation	COMMON STOCKS	881609101	2,115,933	36,065	SH		OTR	ALL	36,065	0	0
Tiffany & Co New	COMMON STOCKS	886547108	2,318,682	23,129	SH		OTR	ALL	23,129	0	0
Toll Brothers Inc	CONVERTIBLE BOND	88947EAM2	1,261,528	1,181,000	SH		OTR	ALL	1,181,000	0	0
Travelers Companies	COMMON STOCKS	89417E109	2,749,289	29,226	SH		OTR	ALL	29,226	0	0
Trinity Industires Inc	CONVERTIBLE BOND	896522AF6	2,469,290	1,323,000	SH		OTR	ALL	1,323,000	0	0
Tupperware Brands Corp	COMMON STOCKS	899896104	117,431	1,403	SH		OTR	ALL	1,403	0	0
United Technologies Corp	CONVERTIBLE PREFERRED STOCK	913017117	2,910,211	44,642	SH		OTR	ALL	44,642	0	0
Unum Group	COMMON STOCKS	91529Y106	2,273,269	65,399	SH		OTR	ALL	65,399	0	0
Valero Energy Corp	COMMON STOCKS	91913Y100	2,671,582	53,325	SH		OTR	ALL	53,325	0	0
Vanguard Intermediate - Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C870	81,106	937	SH		OTR	ALL	937	0	0
Vodafone Group Plc-Sp Adr	COMMON STOCKS	92857W308	9,914,025	296,916	SH		OTR	ALL	296,916	0	0
Vulcan Materials Co	COMMON STOCKS	929160109	2,586,911	40,579	SH		OTR	ALL	40,579	0	0
W P Carey Inc	COMMON STOCKS	92936U109	10,335,704	160,492	SH		OTR	ALL	160,492	0	0
WellPoint Inc.	CONVERTIBLE BOND	94973VBG1	4,238,899	2,739,000	SH		OTR	ALL	2,739,000	0	0
Wells Fargo & Co	CONVERTIBLE PREFERRED STOCK	949746804	3,685,187	3,034	SH		OTR	ALL	3,034	0	0
Wells Fargo & Co	PREFERRED STOCK	949746879	118,989	4,001	SH		OTR	ALL	4,001	0	0
Weyerhaeuser Co	COMMON STOCKS	962166104	2,684,591	81,130	SH		OTR	ALL	81,130	0	0
Weyerhaeuser Company	CONVERTIBLE PREFERRED STOCK	962166872	2,126,933	37,479	SH		OTR	ALL	37,479	0	0
Williams Companies Inc	COMMON STOCKS	969457100	14,410,816	247,566	SH		OTR	ALL	247,566	0	0
Windstream Holdings Inc	COMMON STOCKS	97382A101	2,343,647	235,306	SH		OTR	ALL	235,306	0	0
Wisconsin Energy Corp	COMMON STOCKS	976657106	2,225,415	47,430	SH		OTR	ALL	47,430	0	0
Wisdomtree Japan Hedged Equity Fund	EXCHANGE TRADED FUND	97717W851	6,058,890	122,749	SH		OTR	ALL	122,749	0	0
Xilinx Inc	COMMON STOCKS	983919101	2,211,553	46,746	SH		OTR	ALL	46,746	0	0
Xilinx Inc	CONVERTIBLE BOND	983919AF8	1,154,059	695,000	SH		OTR	ALL	695,000	0	0
Xl Group Plc	COMMON STOCKS	G98290102	2,209,307	67,501	SH		OTR	ALL	67,501	0	0