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
ADT Corporation	COMMON STOCKS	00101J106	1,362,707	40,593	SH		OTR	ALL	40,593	0	0
Altria Group Inc	COMMON STOCKS	02209S103	200,531	4,100	SH		OTR	ALL	4,100	0	0
American Tower Corp - Cl A	COMMON STOCKS	03027X100	2,140,819	22,948	SH		OTR	ALL	22,948	0	0
Amerisourcebergen Corp Com	COMMON STOCKS	03073E105	1,692,933	15,920	SH		OTR	ALL	15,920	0	0
Amphenol Corp	COMMON STOCKS	032095101	1,774,114	30,604	SH		OTR	ALL	30,604	0	0
Aon PLC	COMMON STOCKS	G0408V102	1,933,094	19,393	SH		OTR	ALL	19,393	0	0
Apartment Investment & Management Company	COMMON STOCKS	03748R101	1,449,983	39,263	SH		OTR	ALL	39,263	0	0
ARES CAPITAL CORP	COMMON STOCKS	04010L103	198,195	12,041	SH		OTR	ALL	12,041	0	0
Autozone Inc	COMMON STOCKS	053332102	1,769,286	2,653	SH		OTR	ALL	2,653	0	0
Bank of America Corp	COMMON STOCKS	060505104	1,697,149	99,715	SH		OTR	ALL	99,715	0	0
BB&T Corp	COMMON STOCKS	054937107	1,958,502	48,586	SH		OTR	ALL	48,586	0	0
BCE Inc New	COMMON STOCKS	05534B760	1,898,469	44,670	SH		OTR	ALL	44,669	0	0
Bed Bath & Beyond In	COMMON STOCKS	075896100	1,572,813	22,801	SH		OTR	ALL	22,801	0	0
Berkshire Hathaway Inc Cl B	COMMON STOCKS	084670702	7,248,674	53,256	SH		OTR	ALL	53,256	0	0
Best Buy Inc	COMMON STOCKS	086516101	1,454,113	44,591	SH		OTR	ALL	44,591	0	0
Blackrock Inc	COMMON STOCKS	09247X101	2,180,587	6,303	SH		OTR	ALL	6,302	0	0
Block H & R Inc	COMMON STOCKS	093671105	1,491,988	50,320	SH		OTR	ALL	50,320	0	0
Boeing Co	COMMON STOCKS	097023105	1,851,127	13,344	SH		OTR	ALL	13,344	0	0
Boston Scientific Co	COMMON STOCKS	101137107	1,867,633	105,516	SH		OTR	ALL	105,516	0	0
Bristol Myers Squibb	COMMON STOCKS	110122108	3,527,552	53,014	SH		OTR	ALL	53,014	0	0
Broadcom Corp	COMMON STOCKS	111320107	2,132,922	41,424	SH		OTR	ALL	41,424	0	0
Brown-Forman Corporation	COMMON STOCKS	115637209	1,842,511	18,392	SH		OTR	ALL	18,392	0	0
Cameron International Corp	COMMON STOCKS	13342B105	1,457,038	27,822	SH		OTR	ALL	27,822	0	0
Campbell Soup Co	COMMON STOCKS	134429109	1,612,285	33,836	SH		OTR	ALL	33,836	0	0
Cardinal Health Inc	COMMON STOCKS	14149Y108	1,914,163	22,883	SH		OTR	ALL	22,883	0	0
Carmax Inc	COMMON STOCKS	143130102	1,555,604	23,495	SH		OTR	ALL	23,495	0	0
Cisco Sys Inc	COMMON STOCKS	17275R102	1,951,994	71,085	SH		OTR	ALL	71,085	0	0
Clorox Co	COMMON STOCKS	189054109	1,611,998	15,497	SH		OTR	ALL	15,497	0	0
CME Group Inc	COMMON STOCKS	12572Q105	1,976,967	21,244	SH		OTR	ALL	21,244	0	0
CMS Energy Corp	COMMON STOCKS	125896100	1,482,439	46,559	SH		OTR	ALL	46,559	0	0
Coca-Cola Company	COMMON STOCKS	191216100	6,175,670	157,422	SH		OTR	ALL	157,422	0	0
Constellation Brands	COMMON STOCKS	21036P108	1,801,559	15,528	SH		OTR	ALL	15,528	0	0
Corning Inc	COMMON STOCKS	219350105	1,813,009	91,891	SH		OTR	ALL	91,891	0	0
Crown Castle Intl Corp	COMMON STOCKS	22822V101	1,826,424	22,745	SH		OTR	ALL	22,745	0	0
D.R. Horton Inc	COMMON STOCKS	23331A109	1,692,873	61,874	SH		OTR	ALL	61,874	0	0
Darden Restaurants	COMMON STOCKS	237194105	1,741,886	24,506	SH		OTR	ALL	24,506	0	0
Davita Health Care Partners Inc	COMMON STOCKS	23918K108	1,652,499	20,794	SH		OTR	ALL	20,794	0	0
Delta Air Lines, Inc.	COMMON STOCKS	247361702	1,942,632	47,289	SH		OTR	ALL	47,289	0	0
Dollar General Corp.	COMMON STOCKS	256677105	1,896,701	24,398	SH		OTR	ALL	24,398	0	0
Dr Pepper Snapple Group Inc.	COMMON STOCKS	26138E109	1,591,334	21,829	SH		OTR	ALL	21,829	0	0
DTE Energy Co	COMMON STOCKS	233331107	1,563,484	20,947	SH		OTR	ALL	20,947	0	0
Dun & Bradstreet Corp	COMMON STOCKS	26483E100	1,397,754	11,457	SH		OTR	ALL	11,457	0	0
Eaton Corp	COMMON STOCKS	G29183103	1,815,548	26,901	SH		OTR	ALL	26,901	0	0
Ebay Inc	COMMON STOCKS	278642103	2,727,968	45,285	SH		OTR	ALL	45,285	0	0
Ecolab Inc	COMMON STOCKS	278865100	1,965,835	17,386	SH		OTR	ALL	17,386	0	0
Energy Transfer Partners LP	COMMON STOCKS	29273R109	1,434,600	27,483	SH		OTR	ALL	27,482	0	0
Equifax Inc	COMMON STOCKS	294429105	1,552,178	15,987	SH		OTR	ALL	15,987	0	0
Family Dlr Stores Inc	COMMON STOCKS	307000109	1,541,130	19,555	SH		OTR	ALL	19,555	0	0
Fastenal Co.	COMMON STOCKS	311900104	1,598,411	37,895	SH		OTR	ALL	37,895	0	0
Fidelity Natl Inform	COMMON STOCKS	31620M106	1,662,235	26,897	SH		OTR	ALL	26,897	0	0
Ford Motor Co	COMMON STOCKS	345370860	1,849,453	123,215	SH		OTR	ALL	123,214	0	0
General Electric Co	COMMON STOCKS	369604103	19,748	743	SH		OTR	ALL	743	0	0
Glaxosmithkline PLC	COMMON STOCKS	37733W105	16,120	387	SH		OTR	ALL	387	0	0
Goldman Sachs Group	COMMON STOCKS	38141G104	1,697,045	8,128	SH		OTR	ALL	8,128	0	0
Grainger W W Inc	COMMON STOCKS	384802104	1,565,913	6,617	SH		OTR	ALL	6,617	0	0
Hershey Foods Corp	COMMON STOCKS	427866108	1,656,324	18,646	SH		OTR	ALL	18,646	0	0
Home Depot Inc	COMMON STOCKS	437076102	4,353,740	39,177	SH		OTR	ALL	39,177	0	0
Huntington Bancshare	COMMON STOCKS	446150104	1,576,128	139,357	SH		OTR	ALL	139,357	0	0
Intuitive Surgical Inc	COMMON STOCKS	46120E602	1,700,111	3,509	SH		OTR	ALL	3,509	0	0
Invesco Ltd.	COMMON STOCKS	G491BT108	1,538,065	41,026	SH		OTR	ALL	41,026	0	0
J P Morgan Chase & Co	COMMON STOCKS	46625H100	3,859,066	56,952	SH		OTR	ALL	56,951	0	0
Johnson & Johnson	COMMON STOCKS	478160104	1,882,544	19,316	SH		OTR	ALL	19,316	0	0
Kinder Morgan Inc	COMMON STOCKS	49456B101	1,919,615	50,003	SH		OTR	ALL	50,003	0	0
L Brands Inc	COMMON STOCKS	501797104	1,725,745	20,130	SH		OTR	ALL	20,130	0	0
Level 3 Communication	COMMON STOCKS	52729N308	1,562,087	29,658	SH		OTR	ALL	29,658	0	0
LyondellBasell Industries NV	COMMON STOCKS	N53745100	1,969,157	19,022	SH		OTR	ALL	19,022	0	0
Marathon Oil Corp	COMMON STOCKS	565849106	1,519,733	57,262	SH		OTR	ALL	57,262	0	0
Marathon Petroleum Corporation	COMMON STOCKS	56585A102	1,929,611	36,888	SH		OTR	ALL	36,888	0	0
Martin Marietta Materials	COMMON STOCKS	573284106	1,470,147	10,389	SH		OTR	ALL	10,389	0	0
McDonalds Corp	COMMON STOCKS	580135101	3,129,134	32,914	SH		OTR	ALL	32,914	0	0
Mckesson Corp	COMMON STOCKS	58155Q103	2,394,901	10,653	SH		OTR	ALL	10,653	0	0
Merck & Co Inc	COMMON STOCKS	58933Y105	4,227,337	74,255	SH		OTR	ALL	74,255	0	0
Microsoft Corp	COMMON STOCKS	594918104	2,216,521	50,204	SH		OTR	ALL	50,204	0	0
Mohawk Industries Inc	COMMON STOCKS	608190104	1,718,864	9,004	SH		OTR	ALL	9,004	0	0
Moody's Corp	COMMON STOCKS	615369105	1,765,470	16,353	SH		OTR	ALL	16,353	0	0
Morgan Stanley	COMMON STOCKS	617446448	2,444,158	63,010	SH		OTR	ALL	63,010	0	0
Newell Rubbermaid Inc.	COMMON STOCKS	651229106	1,640,577	39,907	SH		OTR	ALL	39,907	0	0
NextEra Energy Inc	COMMON STOCKS	65339F101	1,869,865	19,074	SH		OTR	ALL	19,074	0	0
NGL Energy Partners LP	COMMON STOCKS	62913M107	1,285,429	42,381	SH		OTR	ALL	42,381	0	0
Northstar Realty Financial Corp	COMMON STOCKS	66704R704	2,041,128	128,373	SH		OTR	ALL	128,372	0	0
Nucor Corp	COMMON STOCKS	670346105	1,489,963	33,809	SH		OTR	ALL	33,809	0	0
O'Reilly Automotive Inc.	COMMON STOCKS	67103H107	1,838,347	8,135	SH		OTR	ALL	8,135	0	0
Occidental Pete Corp	COMMON STOCKS	674599105	1,718,639	22,099	SH		OTR	ALL	22,099	0	0
Omega Healthcare Investors Inc	COMMON STOCKS	681936100	1,937,938	56,450	SH		OTR	ALL	56,450	0	0
Oracle Systems Corp	COMMON STOCKS	68389X105	3,738,994	92,779	SH		OTR	ALL	92,779	0	0
Paccar Inc	COMMON STOCKS	693718108	1,750,372	27,431	SH		OTR	ALL	27,431	0	0
Paychex Inc	COMMON STOCKS	704326107	3,578,716	76,338	SH		OTR	ALL	76,337	0	0
People's United Financial	COMMON STOCKS	712704105	1,554,831	95,918	SH		OTR	ALL	95,918	0	0
Pepsico Inc	COMMON STOCKS	713448108	3,997,472	42,827	SH		OTR	ALL	42,827	0	0
Pfizer Inc	COMMON STOCKS	717081103	1,898,111	56,609	SH		OTR	ALL	56,609	0	0
PG&E Corporation	COMMON STOCKS	69331C108	1,740,251	35,443	SH		OTR	ALL	35,443	0	0
Philip Morris Intl Inc	COMMON STOCKS	718172109	1,594,185	19,885	SH		OTR	ALL	19,885	0	0
Pitney Bowes Inc	COMMON STOCKS	724479100	1,341,808	64,479	SH		OTR	ALL	64,479	0	0
Precision Castparts Corp	COMMON STOCKS	740189105	1,868,385	9,348	SH		OTR	ALL	9,348	0	0
Priceline.com	COMMON STOCKS	741503403	2,305,043	2,002	SH		OTR	ALL	2,002	0	0
Progressive Corp Ohi	COMMON STOCKS	743315103	1,715,469	61,641	SH		OTR	ALL	61,641	0	0
Prologis	COMMON STOCKS	74340W103	1,676,586	45,191	SH		OTR	ALL	45,191	0	0
Quanta Services	COMMON STOCKS	74762E102	1,514,722	52,558	SH		OTR	ALL	52,558	0	0
Ralph Lauren Corp Cl A	COMMON STOCKS	751212101	1,559,201	11,780	SH		OTR	ALL	11,780	0	0
Red Hat Inc	COMMON STOCKS	756577102	1,650,642	21,739	SH		OTR	ALL	21,739	0	0
Regeneron Pharmaceuticals	COMMON STOCKS	75886F107	2,220,596	4,353	SH		OTR	ALL	4,353	0	0
Robert Half International, Inc.	COMMON STOCKS	770323103	1,522,809	27,438	SH		OTR	ALL	27,438	0	0
Scana Corp	COMMON STOCKS	80589M102	1,453,351	28,694	SH		OTR	ALL	28,694	0	0
Schlumberger Ltd	COMMON STOCKS	806857108	3,297,888	38,263	SH		OTR	ALL	38,263	0	0
Seagate Technology Plc	COMMON STOCKS	G7945M107	1,404,195	29,562	SH		OTR	ALL	29,562	0	0
Sherwin Williams Co	COMMON STOCKS	824348106	1,814,582	6,598	SH		OTR	ALL	6,598	0	0
Snap On Tools Corp	COMMON STOCKS	833034101	1,597,118	10,029	SH		OTR	ALL	10,029	0	0
Southwest Airlines co	COMMON STOCKS	844741108	1,577,665	47,678	SH		OTR	ALL	47,678	0	0
St Jude Med Inc	COMMON STOCKS	790849103	1,768,221	24,199	SH		OTR	ALL	24,199	0	0
Stanley Black & Decker Inc	COMMON STOCKS	854502101	1,722,989	16,372	SH		OTR	ALL	16,372	0	0
Starbucks Corp	COMMON STOCKS	855244109	2,935,153	54,745	SH		OTR	ALL	54,745	0	0
Suntrust Bks Inc	COMMON STOCKS	867914103	1,804,861	41,954	SH		OTR	ALL	41,954	0	0
Target Corp	COMMON STOCKS	87612E106	1,971,184	24,148	SH		OTR	ALL	24,147	0	0
Teradata Corp	COMMON STOCKS	88076W103	1,233,210	33,330	SH		OTR	ALL	33,330	0	0
Tesoro Corporation	COMMON STOCKS	881609101	1,485,278	17,596	SH		OTR	ALL	17,596	0	0
Textron Inc	COMMON STOCKS	883203101	1,584,856	35,511	SH		OTR	ALL	35,511	0	0
Thermo Fisher Scientific Inc	COMMON STOCKS	883556102	2,423,138	18,674	SH		OTR	ALL	18,674	0	0
Time Warner Inc	COMMON STOCKS	887317303	2,738,118	31,325	SH		OTR	ALL	31,325	0	0
Total Sys Svcs Inc	COMMON STOCKS	891906109	1,537,303	36,804	SH		OTR	ALL	36,804	0	0
Travelers Companies	COMMON STOCKS	89417E109	1,910,002	19,760	SH		OTR	ALL	19,760	0	0
Union Pac Corp	COMMON STOCKS	907818108	2,907,354	30,485	SH		OTR	ALL	30,485	0	0
United Parcel Services	COMMON STOCKS	911312106	2,014,204	20,784	SH		OTR	ALL	20,784	0	0
United Technologies	COMMON STOCKS	913017109	3,159,841	28,485	SH		OTR	ALL	28,485	0	0
Valero Energy Corp	COMMON STOCKS	91913Y100	2,095,973	33,482	SH		OTR	ALL	33,482	0	0
Varian Medical Systems Inc	COMMON STOCKS	92220P105	1,503,520	17,829	SH		OTR	ALL	17,829	0	0
Visa. Inc - Class A Shares	COMMON STOCKS	92826C839	4,545,518	67,692	SH		OTR	ALL	67,692	0	0
Vodafone Group Plc-Sp Adr	COMMON STOCKS	92857W308	2,055,563	56,394	SH		OTR	ALL	56,394	0	0
Vulcan Materials Co	COMMON STOCKS	929160109	1,533,149	18,267	SH		OTR	ALL	18,267	0	0
W P Carey Inc	COMMON STOCKS	92936U109	1,797,799	30,502	SH		OTR	ALL	30,502	0	0
Wal-Mart Stores Inc	COMMON STOCKS	931142103	3,486,777	49,158	SH		OTR	ALL	49,158	0	0
Weyerhaeuser Co	COMMON STOCKS	962166104	1,701,977	54,031	SH		OTR	ALL	54,031	0	0
Whole Foods Market Inc	COMMON STOCKS	966837106	1,429,148	36,236	SH		OTR	ALL	36,236	0	0
Williams Cos Inc Del	COMMON STOCKS	969457100	20,575	359	SH		OTR	ALL	358	0	0
Wisconsin Energy Corp	COMMON STOCKS	92939U106	1,891,438	42,060	SH		OTR	ALL	42,060	0	0
Zions Bancorp	COMMON STOCKS	989701107	1,623,055	51,144	SH		OTR	ALL	51,144	0	0
Apollo Invt Corp	CONVERTIBLE BOND	03761UAE6	1,836,751	1,712	SH		OTR	ALL	1,712	0	0
Ares Capital Corp Conv Bond	CONVERTIBLE BOND	04010LAB9	2,905,036	2,717	SH		OTR	ALL	2,717	0	0
Citrix Systems Inc	CONVERTIBLE BOND	177376AD2	1,692,316	1,595	SH		OTR	ALL	1,595	0	0
Developers Diversified Realty Corp	CONVERTIBLE BOND	251591AX1	2,094,176	1,923	SH		OTR	ALL	1,923	0	0
Gilead Sciences Inc. Senior Note Conv B/E	CONVERTIBLE BOND	375558AP8	5,828,018	1,129	SH		OTR	ALL	1,129	0	0
Heath Care REIT Inc Conv	CONVERTIBLE BOND	42217KAR7	1,942,010	1,493	SH		OTR	ALL	1,493	0	0
Intel Corp	CONVERTIBLE BOND	458140AF7	3,709,398	2,396	SH		OTR	ALL	2,396	0	0
Intel Corp	CONVERTIBLE BOND	458140AD2	2,780,602	2,304	SH		OTR	ALL	2,304	0	0
Janus Capitol Group Inc.	CONVERTIBLE BOND	47102XAH8	1,167,036	721	SH		OTR	ALL	721	0	0
Lam Research Corp 1.25	CONVERTIBLE BOND	512807AL2	2,192,949	1,533	SH		OTR	ALL	1,533	0	0
Macquarie Infrastructure	CONVERTIBLE BOND	55608BAA3	1,251,057	1,036	SH		OTR	ALL	1,036	0	0
Newmont Mining Corp	CONVERTIBLE BOND	651639AJ5	1,067,200	1,036	SH		OTR	ALL	1,036	0	0
Novellus Systems	CONVERTIBLE BOND	670008AD3	1,503,871	629	SH		OTR	ALL	629	0	0
NVIDIA Corp	CONVERTIBLE BOND	67066GAC8	1,016,647	882	SH		OTR	ALL	882	0	0
Old Republic Intl Corp	CONVERTIBLE BOND	680223AH7	2,138,295	1,776	SH		OTR	ALL	1,776	0	0
Priceline Com Inc	CONVERTIBLE BOND	741503AQ9	2,945,216	2,206	SH		OTR	ALL	2,206	0	0
Prospect Capital Corp	CONVERTIBLE BOND	74348TAD4	1,534,216	1,442	SH		OTR	ALL	1,442	0	0
Rayonier TRS Holdings Inc.	CONVERTIBLE BOND	75508AAC0	1,244,680	1,087	SH		OTR	ALL	1,087	0	0
RPM International Inc.	CONVERTIBLE BOND	749685AT0	1,295,209	1,111	SH		OTR	ALL	1,111	0	0
Sandisk Corp	CONVERTIBLE BOND	80004CAD3	2,275,418	1,742	SH		OTR	ALL	1,742	0	0
Seacor Holdings Inc	CONVERTIBLE BOND	811904AM3	911,366	888	SH		OTR	ALL	888	0	0
Starwood Ppty Tr Inc	CONVERTIBLE BOND	85571BAA3	1,056,362	986	SH		OTR	ALL	986	0	0
Trinity Industires Inc	CONVERTIBLE BOND	896522AF6	1,501,333	1,182	SH		OTR	ALL	1,182	0	0
Xilinx Inc	CONVERTIBLE BOND	983919AF8	1,124,957	726	SH		OTR	ALL	726	0	0
Yahoo Inc Conv Bond	CONVERTIBLE BOND	984332AF3	1,118,899	1,088	SH		OTR	ALL	1,088	0	0
Alcoa Inc.	CONVERTIBLE PREFERRED STOCK	013817309	1,259,458	31,315	SH		OTR	ALL	31,315	0	0
Alexandria Real Estate	CONVERTIBLE PREFERRED STOCK	015271505	1,940,010	69,410	SH		OTR	ALL	69,410	0	0
Allergan PLC	CONVERTIBLE PREFERRED STOCK	G0177J116	1,468,753	1,406	SH		OTR	ALL	1,406	0	0
American Tower Corp	CONVERTIBLE PREFERRED STOCK	03027X308	1,718,609	16,843	SH		OTR	ALL	16,843	0	0
Anadarko Pertroleum Corp	CONVERTIBLE PREFERRED STOCK	032511404	1,278,787	25,320	SH		OTR	ALL	25,320	0	0
Anthem Inc	CONVERTIBLE PREFERRED STOCK	036752202	2,470,640	46,990	SH		OTR	ALL	46,990	0	0
Banc of California Inc.	CONVERTIBLE PREFERRED STOCK	05990K700	234,733	3,615	SH		OTR	ALL	3,615	0	0
Bunge Ltd. Perpetual Conv Pfd	CONVERTIBLE PREFERRED STOCK	G16962204	1,449,290	13,306	SH		OTR	ALL	13,306	0	0
Centerpoint Energy Inc	CONVERTIBLE PREFERRED STOCK	15189T206	1,142,183	16,351	SH		OTR	ALL	16,351	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U885	2,298,894	42,625	SH		OTR	ALL	42,625	0	0
Dominion Resources Inc	CONVERTIBLE PREFERRED STOCK	25746U869	2,032,632	42,688	SH		OTR	ALL	42,688	0	0
Entertainment Properties	CONVERTIBLE PREFERRED STOCK	26884U307	204,750	6,300	SH		OTR	ALL	6,300	0	0
Exelon Corp	CONVERTIBLE PREFERRED STOCK	30161N127	1,176,193	25,685	SH		OTR	ALL	25,685	0	0
Health Care REIT Inc PFD	CONVERTIBLE PREFERRED STOCK	42217K601	1,621,997	27,087	SH		OTR	ALL	27,087	0	0
Laclede Group Inc	CONVERTIBLE PREFERRED STOCK	505597500	1,929,089	35,971	SH		OTR	ALL	35,971	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F861	2,004,420	36,549	SH		OTR	ALL	36,549	0	0
Nextera Energy Inc	CONVERTIBLE PREFERRED STOCK	65339F887	2,276,749	36,840	SH		OTR	ALL	36,840	0	0
Southwestern Energy Co PFD	CONVERTIBLE PREFERRED STOCK	845467208	1,887,109	37,970	SH		OTR	ALL	37,970	0	0
Stanley Black & Decker Inc PFD	CONVERTIBLE PREFERRED STOCK	854502309	1,655,966	11,466	SH		OTR	ALL	11,466	0	0
Stanley Black & Decker Inc.	CONVERTIBLE PREFERRED STOCK	854502804	1,400,925	11,705	SH		OTR	ALL	11,705	0	0
Tyson Foods Inc	CONVERTIBLE PREFERRED STOCK	902494301	1,660,806	31,965	SH		OTR	ALL	31,965	0	0
United Technologies Corp PFD	CONVERTIBLE PREFERRED STOCK	913017117	2,408,366	41,738	SH		OTR	ALL	41,738	0	0
Wells Fargo & Company PFD	CONVERTIBLE PREFERRED STOCK	949746804	3,192,580	2,704	SH		OTR	ALL	2,704	0	0
Weyerhaeuser Company	CONVERTIBLE PREFERRED STOCK	962166872	1,896,043	36,133	SH		OTR	ALL	36,133	0	0
Alerian MLP ETF	EXCHANGE TRADED FUND	00162Q866	38,978	2,505	SH		OTR	ALL	2,505	0	0
Consumer Staples Spdr	EXCHANGE TRADED FUND	81369Y308	34,082	716	SH		OTR	ALL	716	0	0
Guggenheim Enhanced Short Duration Bond ETF	EXCHANGE TRADED FUND	18383M654	584,984	11,681	SH		OTR	ALL	11,681	0	0
iShares 1-3 Year Credit Bond	EXCHANGE TRADED FUND	464288646	641,670	6,092	SH		OTR	ALL	6,092	0	0
iShares Barclays 3-7 Year Tr	EXCHANGE TRADED FUND	464288661	164,520	1,338	SH		OTR	ALL	1,338	0	0
iShares Currency Hedged Germany MSCI ETF	EXCHANGE TRADED FUND	46434V704	5,953,738	228,200	SH		OTR	ALL	228,200	0	0
iShares Floating Rate Bond ETF	EXCHANGE TRADED FUND	46429B655	409,830	8,093	SH		OTR	ALL	8,093	0	0
iShares iBoxx High Yield Corp Bond ETF	EXCHANGE TRADED FUND	464288513	552,425	6,221	SH		OTR	ALL	6,221	0	0
iShares iBoxx Investment Grade	EXCHANGE TRADED FUND	464287242	1,113,226	9,620	SH		OTR	ALL	9,620	0	0
ISHARES INC MSCI CDA INDEX FD	EXCHANGE TRADED FUND	464286509	4,943,978	185,376	SH		OTR	ALL	185,376	0	0
ISHARES INC MSCI SINGAPORE INDEX FD	EXCHANGE TRADED FUND	464286673	5,167,371	411,088	SH		OTR	ALL	411,088	0	0
iShares Intermediate Credit	EXCHANGE TRADED FUND	464288638	1,092,628	10,037	SH		OTR	ALL	10,037	0	0
iShares Lehman 1-3 Tr	EXCHANGE TRADED FUND	464287457	243,463	2,869	SH		OTR	ALL	2,869	0	0
iShares Lehman 20+ Tr	EXCHANGE TRADED FUND	464287432	24,197	206	SH		OTR	ALL	206	0	0
iShares Lehman 7-10 Tr	EXCHANGE TRADED FUND	464287440	42,634	406	SH		OTR	ALL	406	0	0
iShares MBS ETF	EXCHANGE TRADED FUND	464288588	870,698	8,016	SH		OTR	ALL	8,016	0	0
ISHARES MSCI HONG KONG INDEX FUND	EXCHANGE TRADED FUND	464286871	6,080,707	269,535	SH		OTR	ALL	269,535	0	0
iShares MSCI India ETF	EXCHANGE TRADED FUND	46429B598	5,853,316	193,115	SH		OTR	ALL	193,115	0	0
iShares TIPS Bond ETF	EXCHANGE TRADED FUND	464287176	510,500	4,556	SH		OTR	ALL	4,556	0	0
ISHARES TRUST MSCI NEW ZEALAND	EXCHANGE TRADED FUND	464289123	4,652,045	134,142	SH		OTR	ALL	134,142	0	0
SECTOR HEALTHCARE SELECT SECTOR SPDR ETF	EXCHANGE TRADED FUND	81369Y209	60,553	814	SH		OTR	ALL	814	0	0
Spdr S&P 500	EXCHANGE TRADED FUND	78462F103	6,198,730	30,107	SH		OTR	ALL	30,107	0	0
Vanguard Intermediate - Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C870	136,907	1,605	SH		OTR	ALL	1,605	0	0
Wisdomtree Japan Hedged Equity Fund	EXCHANGE TRADED FUND	97717W851	6,991,384	122,227	SH		OTR	ALL	122,227	0	0
Citigroup Inc.	PREFERRED STOCK	172967358	203,250	7,426	SH		OTR	ALL	7,426	0	0
JPMorgan Chase & Co	PREFERRED STOCK	48127A161	204,961	7,814	SH		OTR	ALL	7,814	0	0
MORGAN STANLEY REPSTG 1/1000 FXD/VAR	PREFERRED STOCK	61763E207	202,661	7,596	SH		OTR	ALL	7,596	0	0
Nustar Logistics Lp	PREFERRED STOCK	67059T204	203,838	7,692	SH		OTR	ALL	7,692	0	0
Seaspan Corp	PREFERRED STOCK	Y75638133	197,772	7,845	SH		OTR	ALL	7,845	0	0
Universal Health Services - B	PREFERRED STOCK	913903100	1,882,541	13,248	SH		OTR	ALL	13,248	0	0
Wells Fargo & Co	PREFERRED STOCK	949746556	196,146	7,692	SH		OTR	ALL	7,692	0	0
General Growth Properties, Inc.	REITS - usd	370023103	1,529,747	59,616	SH		OTR	ALL	59,616	0	0
Realty Income Corporation	REITS - usd	756109104	1,334,186	30,056	SH		OTR	ALL	30,056	0	0
Safeway Casa Ley CVR	WARRANTS	786cvr209	84,316	83,481	SH		OTR	ALL	83,481	0	0
Safeway PDC, LLC CVR	WARRANTS	786cvr308	4,174	83,481	SH		OTR	ALL	83,481	0	0