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
Ace Ltd	COMMON STOCKS	H0023R105	2,963,850	26,584	SH		OTR	ALL	26,584	0	0
ACTAVIS INC	COMMON STOCKS	G0083B108	2,193,584	7,370	SH		OTR	ALL	7,370	0	0
Altera Corp	COMMON STOCKS	021441100	2,523,323	58,805	SH		OTR	ALL	58,805	0	0
Altria Group Inc	COMMON STOCKS	02209S103	214,836	4,295	SH		OTR	ALL	4,295	0	0
Amphenol Corp	COMMON STOCKS	032095101	3,049,863	51,754	SH		OTR	ALL	51,754	0	0
Analog Devices Inc	COMMON STOCKS	032654105	2,679,957	42,539	SH		OTR	ALL	42,539	0	0
Apartment Investment & Management Company	COMMON STOCKS	03748R101	2,649,991	67,327	SH		OTR	ALL	67,327	0	0
Applied Materials Inc	COMMON STOCKS	038222105	3,025,702	134,118	SH		OTR	ALL	134,118	0	0
ARES CAPITAL CORP	COMMON STOCKS	04010L103	216,565	12,613	SH		OTR	ALL	12,613	0	0
BCE INC NEW	COMMON STOCKS	05534B760	12,499,038	295,067	SH		OTR	ALL	295,067	0	0
Bemis Company Inc	COMMON STOCKS	081437105	2,210,654	47,736	SH		OTR	ALL	47,736	0	0
BLACKROCK INC	COMMON STOCKS	09247X101	15,358,795	41,982	SH		OTR	ALL	41,982	0	0
Boeing Co	COMMON STOCKS	097023105	14,587,273	97,196	SH		OTR	ALL	97,196	0	0
Bristol Myers Squibb	COMMON STOCKS	110122108	4,751,973	73,674	SH		OTR	ALL	73,674	0	0
Broadcom Corp	COMMON STOCKS	111320107	3,092,952	71,439	SH		OTR	ALL	71,439	0	0
Brown-Forman Corporation	COMMON STOCKS	115637209	2,389,758	26,450	SH		OTR	ALL	26,450	0	0
CA INC	COMMON STOCKS	12673P105	2,285,244	70,078	SH		OTR	ALL	70,078	0	0
Cablevision Sys Corp	COMMON STOCKS	12686C109	1,831,427	100,078	SH		OTR	ALL	100,078	0	0
Centerpoint Energy, Inc.	COMMON STOCKS	15189T107	1,828,981	89,612	SH		OTR	ALL	89,612	0	0
Centurylink Inc	COMMON STOCKS	156700106	2,222,291	64,321	SH		OTR	ALL	64,321	0	0
Cigna Corp	COMMON STOCKS	125509109	3,490,220	26,964	SH		OTR	ALL	26,964	0	0
Cintas Corp	COMMON STOCKS	172908105	3,127,735	38,316	SH		OTR	ALL	38,316	0	0
Cisco Sys Inc	COMMON STOCKS	17275R102	12,856,515	467,085	SH		OTR	ALL	467,085	0	0
Clorox Co	COMMON STOCKS	189054109	2,740,211	24,823	SH		OTR	ALL	24,823	0	0
CME Group Inc	COMMON STOCKS	12572Q105	3,153,464	33,296	SH		OTR	ALL	33,296	0	0
CMS Energy Corp	COMMON STOCKS	125896100	2,501,476	71,655	SH		OTR	ALL	71,655	0	0
COCA-COLA COMPANY	COMMON STOCKS	191216100	12,810,597	315,921	SH		OTR	ALL	315,921	0	0
Comerica Inc	COMMON STOCKS	200340107	2,068,534	45,835	SH		OTR	ALL	45,835	0	0
Computer Sciences Co	COMMON STOCKS	205363104	2,371,296	36,325	SH		OTR	ALL	36,325	0	0
Corning Inc	COMMON STOCKS	219350105	3,169,779	139,761	SH		OTR	ALL	139,761	0	0
Danaher Corp	COMMON STOCKS	235851102	3,210,578	37,816	SH		OTR	ALL	37,816	0	0
Darden Restaurants	COMMON STOCKS	237194105	2,904,098	41,882	SH		OTR	ALL	41,882	0	0
Dr Pepper Snapple Group Inc.	COMMON STOCKS	26138E109	3,176,870	40,480	SH		OTR	ALL	40,480	0	0
DTE Energy Co	COMMON STOCKS	233331107	2,333,958	28,925	SH		OTR	ALL	28,925	0	0
Dun & Bradstreet Corp	COMMON STOCKS	26483E100	2,469,775	19,241	SH		OTR	ALL	19,241	0	0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN	COMMON STOCKS	29273R109	10,132,325	181,745	SH		OTR	ALL	181,745	0	0
Ensco International Spon Adr	COMMON STOCKS	G3157S106	801,840	38,056	SH		OTR	ALL	38,056	0	0
Equifax Inc	COMMON STOCKS	294429105	2,772,423	29,811	SH		OTR	ALL	29,811	0	0
Expedia Inc	COMMON STOCKS	30212P303	3,135,941	33,315	SH		OTR	ALL	33,315	0	0
Exxon Mobil Corp	COMMON STOCKS	30231G102	8,500	100	SH		OTR	ALL	100	0	0
Family Dlr Stores Inc	COMMON STOCKS	307000109	2,341,780	29,553	SH		OTR	ALL	29,553	0	0
Fastenal Co.	COMMON STOCKS	311900104	1,900,043	45,856	SH		OTR	ALL	45,856	0	0
Fidelity Natl Inform	COMMON STOCKS	31620M106	2,934,815	43,121	SH		OTR	ALL	43,121	0	0
Ford Motor Co	COMMON STOCKS	345370860	12,537,731	776,811	SH		OTR	ALL	776,811	0	0
Frontier Communications	COMMON STOCKS	35906A108	2,756,057	390,930	SH		OTR	ALL	390,930	0	0
General Electric Co	COMMON STOCKS	369604103	12,269,663	494,545	SH		OTR	ALL	494,545	0	0
Glaxosmithkline PLC	COMMON STOCKS	37733W105	11,586,096	251,053	SH		OTR	ALL	251,053	0	0
Graham Holdings Company	COMMON STOCKS	384637104	3,485,821	3,321	SH		OTR	ALL	3,321	0	0
Grainger W W Inc	COMMON STOCKS	384802104	2,010,044	8,524	SH		OTR	ALL	8,524	0	0
Harley-Davidson, Inc	COMMON STOCKS	412822108	2,123,410	34,959	SH		OTR	ALL	34,959	0	0
Hershey Foods Corp	COMMON STOCKS	427866108	2,389,347	23,678	SH		OTR	ALL	23,678	0	0
Hormel Foods Corp	COMMON STOCKS	440452100	2,538,466	44,652	SH		OTR	ALL	44,652	0	0
Host Hotels & Resorts	COMMON STOCKS	44107P104	2,269,826	112,479	SH		OTR	ALL	112,479	0	0
Interpublic Group of Companies Inc	COMMON STOCKS	460690100	2,561,496	115,800	SH		OTR	ALL	115,800	0	0
Invesco Ltd.	COMMON STOCKS	G491BT108	2,509,718	63,233	SH		OTR	ALL	63,233	0	0
J P Morgan Chase & Co	COMMON STOCKS	46625H100	12,842,536	211,993	SH		OTR	ALL	211,993	0	0
Jabil Circuit Inc	COMMON STOCKS	466313103	2,059,123	88,072	SH		OTR	ALL	88,072	0	0
JOHNSON & JOHNSON	COMMON STOCKS	478160104	12,762,114	126,859	SH		OTR	ALL	126,859	0	0
Keycorp	COMMON STOCKS	493267108	2,359,778	166,651	SH		OTR	ALL	166,651	0	0
Kinder Morgan Inc	COMMON STOCKS	49456B101	216,273	5,142	SH		OTR	ALL	5,142	0	0
Kla-Tencor Corp	COMMON STOCKS	482480100	2,109,573	36,191	SH		OTR	ALL	36,191	0	0
Kohl's Corp	COMMON STOCKS	500255104	3,311,227	42,316	SH		OTR	ALL	42,316	0	0
Legg Mason Inc	COMMON STOCKS	524901105	2,880,281	52,179	SH		OTR	ALL	52,179	0	0
Leggett & Platt Inc	COMMON STOCKS	524660107	2,826,561	61,327	SH		OTR	ALL	61,327	0	0
Linear Technology Co	COMMON STOCKS	535678106	2,253,280	48,147	SH		OTR	ALL	48,147	0	0
Lorillard Inc	COMMON STOCKS	544147101	3,057,465	46,786	SH		OTR	ALL	46,786	0	0
LyondellBasell Industries NV	COMMON STOCKS	N53745100	14,224,039	162,005	SH		OTR	ALL	162,005	0	0
Marathon Oil Corp	COMMON STOCKS	565849106	1,770,728	67,818	SH		OTR	ALL	67,818	0	0
Marsh & Mclennan Cos	COMMON STOCKS	571748102	3,004,293	53,562	SH		OTR	ALL	53,562	0	0
Mcgraw Hill Financial, Inc.	COMMON STOCKS	580645109	3,431,329	33,185	SH		OTR	ALL	33,185	0	0
Microchip Technology	COMMON STOCKS	595017104	2,272,285	46,468	SH		OTR	ALL	46,468	0	0
Microsoft Corp	COMMON STOCKS	594918104	13,851,233	340,701	SH		OTR	ALL	340,701	0	0
Moody's Corp	COMMON STOCKS	615369105	3,016,739	29,063	SH		OTR	ALL	29,063	0	0
Morgan Stanley	COMMON STOCKS	617446448	3,385,054	94,846	SH		OTR	ALL	94,846	0	0
National Grid Plc-Sp Adr	COMMON STOCKS	636274300	212,761	3,293	SH		OTR	ALL	3,293	0	0
NEXTERA ENERGY INC	COMMON STOCKS	65339F101	14,424,159	138,627	SH		OTR	ALL	138,627	0	0
NGL Energy Partners LP	COMMON STOCKS	62913M107	7,399,144	282,087	SH		OTR	ALL	282,087	0	0
Noble Corp PLC	COMMON STOCKS	G65431101	780,702	54,671	SH		OTR	ALL	54,671	0	0
Nordstrom Inc	COMMON STOCKS	655664100	2,642,528	32,900	SH		OTR	ALL	32,900	0	0
Northern Trust Corporation	COMMON STOCKS	665859104	2,495,072	35,823	SH		OTR	ALL	35,823	0	0
Northstar Realty Financial Corp	COMMON STOCKS	66704R704	15,605,130	861,210	SH		OTR	ALL	861,210	0	0
Omega Healthcare Investors Inc	COMMON STOCKS	681936100	15,232,876	375,471	SH		OTR	ALL	375,471	0	0
Omnicom Group	COMMON STOCKS	681919106	2,679,393	34,360	SH		OTR	ALL	34,360	0	0
Paragon Offshore PLC	COMMON STOCKS	G6S01W108	23,690	18,223	SH		OTR	ALL	18,223	0	0
Paychex Inc	COMMON STOCKS	704326107	16,585,274	334,279	SH		OTR	ALL	334,279	0	0
Peabody Energy Corp	COMMON STOCKS	704549104	589,997	119,918	SH		OTR	ALL	119,918	0	0
People's United Financial	COMMON STOCKS	712704105	2,063,704	135,770	SH		OTR	ALL	135,770	0	0
Perkinelmer Inc	COMMON STOCKS	714046109	2,539,510	49,658	SH		OTR	ALL	49,658	0	0
Perrigo Co Plc	COMMON STOCKS	G97822103	2,696,478	16,288	SH		OTR	ALL	16,288	0	0
PFIZER INC	COMMON STOCKS	717081103	12,636,528	363,223	SH		OTR	ALL	363,223	0	0
PHILIP MORRIS INTL INC	COMMON STOCKS	718172109	10,709,741	142,171	SH		OTR	ALL	142,171	0	0
Pioneer Nat Res Co	COMMON STOCKS	723787107	2,095,381	12,815	SH		OTR	ALL	12,815	0	0
Pitney Bowes Inc	COMMON STOCKS	724479100	2,284,847	97,978	SH		OTR	ALL	97,978	0	0
Plum Creek Timber Co	COMMON STOCKS	729251108	1,970,675	45,355	SH		OTR	ALL	45,355	0	0
Quest Diagnostics In	COMMON STOCKS	74834L100	2,657,704	34,583	SH		OTR	ALL	34,583	0	0
Reynolds American In	COMMON STOCKS	761713106	2,795,610	40,569	SH		OTR	ALL	40,569	0	0
Robert Half International, Inc.	COMMON STOCKS	770323103	2,980,973	49,256	SH		OTR	ALL	49,256	0	0
Roper Industries Inc	COMMON STOCKS	776696106	2,869,304	16,682	SH		OTR	ALL	16,682	0	0
Ryder Sys Inc	COMMON STOCKS	783549108	2,687,285	28,320	SH		OTR	ALL	28,320	0	0
Scana Corp	COMMON STOCKS	80589M102	2,108,702	38,347	SH		OTR	ALL	38,347	0	0
Seagate Technology Plc	COMMON STOCKS	G7945M107	2,650,981	50,951	SH		OTR	ALL	50,951	0	0
S&P SELECT Healthcare SECTOR SPDR ETF	COMMON STOCKS	81369Y209	38,570	532	SH		OTR	ALL	532	0	0
Sempra Energy	COMMON STOCKS	816851109	2,740,654	25,139	SH		OTR	ALL	25,139	0	0
Sherwin Williams Co	COMMON STOCKS	824348106	3,394,939	11,933	SH		OTR	ALL	11,933	0	0
T.Rowe Price Group Inc	COMMON STOCKS	74144T108	2,395,388	29,580	SH		OTR	ALL	29,580	0	0
Target Corp	COMMON STOCKS	87612E106	12,973,379	158,077	SH		OTR	ALL	158,077	0	0
Teco Energy Inc	COMMON STOCKS	872375100	2,200,173	113,411	SH		OTR	ALL	113,411	0	0
Tesoro Corporation	COMMON STOCKS	881609101	3,292,374	36,065	SH		OTR	ALL	36,065	0	0
Tiffany & Co New	COMMON STOCKS	886547108	2,035,583	23,129	SH		OTR	ALL	23,129	0	0
Travelers Companies	COMMON STOCKS	89417E109	3,160,207	29,226	SH		OTR	ALL	29,226	0	0
Tupperware Brands Corp	COMMON STOCKS	899896104	212,306	3,076	SH		OTR	ALL	3,076	0	0
United Parcel Services	COMMON STOCKS	911312106	13,511,510	139,380	SH		OTR	ALL	139,380	0	0
Unum Group	COMMON STOCKS	91529Y106	2,205,908	65,399	SH		OTR	ALL	65,399	0	0
Valero Energy Corp	COMMON STOCKS	91913Y100	3,392,537	53,325	SH		OTR	ALL	53,325	0	0
Vodafone Group Plc-Sp Adr	COMMON STOCKS	92857W308	12,210,818	373,648	SH		OTR	ALL	373,648	0	0
Vulcan Materials Co	COMMON STOCKS	929160109	3,420,810	40,579	SH		OTR	ALL	40,579	0	0
W P Carey Inc	COMMON STOCKS	92936U109	13,677,452	201,139	SH		OTR	ALL	201,139	0	0
Weyerhaeuser Co	COMMON STOCKS	962166104	2,689,460	81,130	SH		OTR	ALL	81,130	0	0
WILLIAMS COS INC DEL	COMMON STOCKS	969457100	14,889,296	294,313	SH		OTR	ALL	294,313	0	0
Windstream Holdings Inc	COMMON STOCKS	97382A101	1,741,264	235,306	SH		OTR	ALL	235,306	0	0
Wisconsin Energy Corp	COMMON STOCKS	976657106	2,347,785	47,430	SH		OTR	ALL	47,430	0	0
Xilinx Inc	COMMON STOCKS	983919101	1,977,356	46,746	SH		OTR	ALL	46,746	0	0
Xl Group Plc	COMMON STOCKS	G98290102	2,484,037	67,501	SH		OTR	ALL	67,501	0	0
Anthem Inc	CONVERTIBLE BOND	94973VBG1	5,474,479	2,617	SH		OTR	ALL	2,617	0	0
Apollo Invt Corp	CONVERTIBLE BOND	03761UAE6	1,913,818	1,823	SH		OTR	ALL	1,823	0	0
ARES CAPITAL CORP SR CONV NOTE B/E	CONVERTIBLE BOND	04010LAB9	3,114,235	2,955	SH		OTR	ALL	2,955	0	0
Developers Diversified Realty Corp	CONVERTIBLE BOND	251591AX1	2,663,374	2,088	SH		OTR	ALL	2,088	0	0
GILEAD SCIENCES INC SENIOR NOTE CONV B/E	CONVERTIBLE BOND	375558AP8	5,249,010	1,214	SH		OTR	ALL	1,214	0	0
HEALTH CARE REIT INC SENIOR NOTE CONV B/E	CONVERTIBLE BOND	42217KAR7	2,503,308	1,626	SH		OTR	ALL	1,626	0	0
Intel Corp	CONVERTIBLE BOND	458140AF7	4,144,590	2,605	SH		OTR	ALL	2,605	0	0
INTEL CORP JR SUB DEBENTURE CONV	CONVERTIBLE BOND	458140AD2	3,149,966	2,484	SH		OTR	ALL	2,484	0	0
Janus Capitol Group Inc.	CONVERTIBLE BOND	47102XAH8	1,247,976	777	SH		OTR	ALL	777	0	0
Lam Research Corp 1.25	CONVERTIBLE BOND	512807AL2	2,205,209	1,680	SH		OTR	ALL	1,680	0	0
Macquarie Infrastructure	CONVERTIBLE BOND	55608BAA3	1,335,065	1,113	SH		OTR	ALL	1,113	0	0
Novellus Systems	CONVERTIBLE BOND	670008AD3	1,406,562	680	SH		OTR	ALL	680	0	0
NVIDIA Corp	CONVERTIBLE BOND	67066GAC8	1,141,300	961	SH		OTR	ALL	961	0	0
OLD REPUBLIC INTL CORP SENIOR NOTE CONV B/E	CONVERTIBLE BOND	680223AH7	2,306,614	1,938	SH		OTR	ALL	1,938	0	0
Priceline Com Inc	CONVERTIBLE BOND	741503AQ9	3,235,682	2,406	SH		OTR	ALL	2,406	0	0
Prospect Capital Corp	CONVERTIBLE BOND	74348TAD4	1,617,438	1,551	SH		OTR	ALL	1,551	0	0
Rayonier TRS Holdings Inc.	CONVERTIBLE BOND	75508AAC0	1,459,994	1,237	SH		OTR	ALL	1,237	0	0
RPM International Inc.	CONVERTIBLE BOND	749685AT0	1,428,334	1,203	SH		OTR	ALL	1,203	0	0
Sandisk Corp	CONVERTIBLE BOND	80004CAD3	2,548,989	1,864	SH		OTR	ALL	1,864	0	0
Seacor Holdings Inc	CONVERTIBLE BOND	811904AM3	1,009,386	967	SH		OTR	ALL	967	0	0
Starwood Ppty Tr Inc	CONVERTIBLE BOND	85571BAA3	1,182,037	1,067	SH		OTR	ALL	1,067	0	0
Trinity Industires Inc	CONVERTIBLE BOND	896522AF6	2,045,786	1,288	SH		OTR	ALL	1,288	0	0
Xilinx Inc	CONVERTIBLE BOND	983919AF8	1,175,473	785	SH		OTR	ALL	785	0	0
Yahoo Inc Conv Bond	CONVERTIBLE BOND	984332AF3	1,270,491	1,174	SH		OTR	ALL	1,174	0	0
ACTAVIS PUBLIC 5.5% PFD PFD CONV DUE 03/01/18	CONVERTIBLE PREFERRED STOCK	g0083b116	1,553,119	1,511	SH		OTR	ALL	1,511	0	0
Alcoa Inc.	CONVERTIBLE PREFERRED STOCK	013817309	1,479,819	33,755	SH		OTR	ALL	33,755	0	0
Alexandria Real Estate	CONVERTIBLE PREFERRED STOCK	015271505	2,205,315	75,200	SH		OTR	ALL	75,200	0	0
American Tower Corp	CONVERTIBLE PREFERRED STOCK	03027X308	1,867,465	18,160	SH		OTR	ALL	18,160	0	0
Banc of California Inc.	CONVERTIBLE PREFERRED STOCK	05990K700	224,995	3,773	SH		OTR	ALL	3,773	0	0
BUNGE LIMITED PERPETUAL CONV PFD SHS	CONVERTIBLE PREFERRED STOCK	G16962204	1,533,346	14,645	SH		OTR	ALL	14,645	0	0
CENTERPOINT ENERGY INC ZERO PREM EXCHG SUB NT	CONVERTIBLE PREFERRED STOCK	15189T206	1,172,063	17,896	SH		OTR	ALL	17,896	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U703	1,393,610	24,815	SH		OTR	ALL	24,815	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U885	2,581,992	45,780	SH		OTR	ALL	45,780	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U869	210,346	4,346	SH		OTR	ALL	4,346	0	0
Entertainment Properties	CONVERTIBLE PREFERRED STOCK	26884U307	223,348	6,571	SH		OTR	ALL	6,571	0	0
Exelon Corp	CONVERTIBLE PREFERRED STOCK	30161N127	1,315,107	27,032	SH		OTR	ALL	27,032	0	0
Genesee & Wyoming Inc	CONVERTIBLE PREFERRED STOCK	371559204	1,181,213	9,750	SH		OTR	ALL	9,750	0	0
HEALTH CARE REIT INC *PFD PERPTL CONV SER I	CONVERTIBLE PREFERRED STOCK	42217K601	2,009,219	29,573	SH		OTR	ALL	29,573	0	0
Laclede Group Inc	CONVERTIBLE PREFERRED STOCK	505597500	2,112,294	38,561	SH		OTR	ALL	38,561	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F861	2,222,252	39,198	SH		OTR	ALL	39,198	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F887	2,608,005	39,795	SH		OTR	ALL	39,795	0	0
SOUTHWESTERN ENERGY CO DEP SHS REPSTG 1/20TH	CONVERTIBLE PREFERRED STOCK	845467208	2,050,067	40,684	SH		OTR	ALL	40,684	0	0
STANLEY BLACK & DECKER INC CORP CONVERTIBLE	CONVERTIBLE PREFERRED STOCK	854502309	1,671,401	12,471	SH		OTR	ALL	12,471	0	0
Stanley Black & Decker Inc.	CONVERTIBLE PREFERRED STOCK	854502804	1,440,278	12,657	SH		OTR	ALL	12,657	0	0
Tyson Foods Inc	CONVERTIBLE PREFERRED STOCK	902494301	1,671,590	34,480	SH		OTR	ALL	34,480	0	0
UNITED TECHNOLOGIES CORPUNIT 7.5%	CONVERTIBLE PREFERRED STOCK	913017117	2,857,979	46,441	SH		OTR	ALL	46,441	0	0
WELLS FARGO & COMPANY PERPETUAL PFD	CONVERTIBLE PREFERRED STOCK	949746804	3,602,660	2,953	SH		OTR	ALL	2,953	0	0
Weyerhaeuser Company	CONVERTIBLE PREFERRED STOCK	962166872	2,129,812	38,922	SH		OTR	ALL	38,922	0	0
Alerian MLP ETF	EXCHANGE TRADED FUND	00162Q866	1,745,898	105,365	SH		OTR	ALL	105,365	0	0
Consumer Staples Spdr	EXCHANGE TRADED FUND	81369Y308	22,713	466	SH		OTR	ALL	466	0	0
Guggenheim Enhanced Short Duration Bond ETF	EXCHANGE TRADED FUND	18383M654	606,476	12,115	SH		OTR	ALL	12,115	0	0
ISHARES MBS ETF	EXCHANGE TRADED FUND	464288588	916,594	8,307	SH		OTR	ALL	8,307	0	0
iShares Barclays 3-7 Year Tr	EXCHANGE TRADED FUND	464288661	108,276	872	SH		OTR	ALL	872	0	0
iShares Currency Hedged Germany MSCI ETF	EXCHANGE TRADED FUND	46434V704	6,515,539	228,295	SH		OTR	ALL	228,295	0	0
iShares DJ Select Dividend	EXCHANGE TRADED FUND	464287168	160,946	2,065	SH		OTR	ALL	2,065	0	0
iShares Floating Rate Bond ETF	EXCHANGE TRADED FUND	46429B655	424,566	8,384	SH		OTR	ALL	8,384	0	0
ISHARES IBOXX $INVESTMENT GRADE CORP	EXCHANGE TRADED FUND	464287242	1,217,343	10,002	SH		OTR	ALL	10,002	0	0
ISHARES INC MSCI CDA INDEX FD	EXCHANGE TRADED FUND	464286509	5,029,713	185,052	SH		OTR	ALL	185,052	0	0
ISHARES INC MSCI SINGAPORE INDEX FD	EXCHANGE TRADED FUND	464286673	5,254,600	410,516	SH		OTR	ALL	410,516	0	0
iShares Lehman 1-3 Tr	EXCHANGE TRADED FUND	464287457	159,320	1,877	SH		OTR	ALL	1,877	0	0
iShares Lehman 20+ Tr	EXCHANGE TRADED FUND	464287432	16,990	130	SH		OTR	ALL	130	0	0
iShares Lehman 7-10 Tr	EXCHANGE TRADED FUND	464287440	28,507	263	SH		OTR	ALL	263	0	0
ISHARES MSCI HONG KONG INDEX FUND	EXCHANGE TRADED FUND	464286871	5,914,453	269,697	SH		OTR	ALL	269,697	0	0
iShares MSCI India ETF	EXCHANGE TRADED FUND	46429B598	6,191,766	192,950	SH		OTR	ALL	192,950	0	0
ISHARES TRUST BARCLAYS 1-3 YEAR CREDIT	EXCHANGE TRADED FUND	464288646	666,316	6,314	SH		OTR	ALL	6,314	0	0
ISHARES TRUST BARCLAYS INTERMEDIATE	EXCHANGE TRADED FUND	464288638	1,154,841	10,435	SH		OTR	ALL	10,435	0	0
ISHARES TRUST BARCLAYS TIPS BOND FUND	EXCHANGE TRADED FUND	464287176	525,808	4,629	SH		OTR	ALL	4,629	0	0
ISHARES TRUST MSCI NEW ZEALAND	EXCHANGE TRADED FUND	464289123	5,363,914	133,897	SH		OTR	ALL	133,897	0	0
ISHARES TRUST IBOXX $ HIGH YIELD CORP BOND FD	EXCHANGE TRADED FUND	464288513	544,475	6,009	SH		OTR	ALL	6,009	0	0
Spdr S&P 500	EXCHANGE TRADED FUND	78462F103	6,216,433	30,114	SH		OTR	ALL	30,114	0	0
Vanguard Intermediate - Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C870	91,383	1,042	SH		OTR	ALL	1,042	0	0
Wisdomtree Japan Hedged Equity Fund	EXCHANGE TRADED FUND	97717W851	6,747,515	122,415	SH		OTR	ALL	122,415	0	0
Aegon Nv Non Cuml	PREFERRED STOCK	007924608	212,553	7,479	SH		OTR	ALL	7,479	0	0
Citigroup Inc.	PREFERRED STOCK	172967358	214,818	7,772	SH		OTR	ALL	7,772	0	0
JPMorgan Chase & Co	PREFERRED STOCK	48127A161	220,635	8,199	SH		OTR	ALL	8,199	0	0
MORGAN STANLEY	PREFERRED STOCK	61763E207	218,600	7,952	SH		OTR	ALL	7,952	0	0
Nustar Logistics Lp	PREFERRED STOCK	67059T204	209,894	8,045	SH		OTR	ALL	8,045	0	0
Seaspan Corp	PREFERRED STOCK	Y75638133	215,938	8,195	SH		OTR	ALL	8,195	0	0
Wells Fargo & Co	PREFERRED STOCK	949746879	213,730	7,307	SH		OTR	ALL	7,307	0	0