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
Activision Blizzard Inc.	COMMON STOCKS	00507V109	3,022,137	52,495	SH		OTR	ALL	52,495	0	0
Advance Auto Parts Inc	COMMON STOCKS	00751Y106	1,135,003	9,735	SH		OTR	ALL	9,735	0	0
Aetna Inc	COMMON STOCKS	00817Y108	2,633,491	17,345	SH		OTR	ALL	17,345	0	0
Agilent Technologies	COMMON STOCKS	00846U101	2,269,793	38,270	SH		OTR	ALL	38,270	0	0
Altria Group Inc	COMMON STOCKS	02209S103	897,140	12,047	SH		OTR	ALL	12,047	0	0
Ameriprise Financial, Inc.	COMMON STOCKS	03076C106	1,958,356	15,385	SH		OTR	ALL	15,385	0	0
Amerisourcebergen Corp Com	COMMON STOCKS	03073E105	2,111,422	22,336	SH		OTR	ALL	22,336	0	0
Ametek Inc.	COMMON STOCKS	031100100	2,029,700	33,510	SH		OTR	ALL	33,510	0	0
Amgen Inc	COMMON STOCKS	031162100	453,309	2,632	SH		OTR	ALL	2,632	0	0
Amphenol Corp	COMMON STOCKS	032095101	2,003,474	27,140	SH		OTR	ALL	27,140	0	0
Analog Devices Inc	COMMON STOCKS	032654105	2,463,381	31,663	SH		OTR	ALL	31,663	0	0
Aon PLC	COMMON STOCKS	G0408V102	2,359,862	17,750	SH		OTR	ALL	17,750	0	0
Applied Materials Inc	COMMON STOCKS	038222105	2,618,434	63,385	SH		OTR	ALL	63,385	0	0
Ares Capital Corp	COMMON STOCKS	04010L103	764,061	46,646	SH		OTR	ALL	46,646	0	0
AT&T Inc	COMMON STOCKS	00206R102	668,386	17,715	SH		OTR	ALL	17,715	0	0
Automatic Data Processing Inc.	COMMON STOCKS	053015103	2,268,976	22,145	SH		OTR	ALL	22,145	0	0
Baker Hughes Inc	COMMON STOCKS	057224107	1,608,590	29,510	SH		OTR	ALL	29,510	0	0
Bank of New York Mellon Corp	COMMON STOCKS	064058100	2,392,582	46,895	SH		OTR	ALL	46,895	0	0
BB&T Corp	COMMON STOCKS	054937107	2,057,073	45,300	SH		OTR	ALL	45,300	0	0
BCE Inc New	COMMON STOCKS	05534B760	764,148	16,966	SH		OTR	ALL	16,966	0	0
Best Buy Inc	COMMON STOCKS	086516101	2,036,648	35,525	SH		OTR	ALL	35,525	0	0
Block H & R Inc	COMMON STOCKS	093671105	2,218,101	71,760	SH		OTR	ALL	71,760	0	0
Boeing Co	COMMON STOCKS	097023105	472,820	2,391	SH		OTR	ALL	2,391	0	0
Bristol Myers Squibb	COMMON STOCKS	110122108	3,024,537	54,281	SH		OTR	ALL	54,281	0	0
Broadcom Corp New	COMMON STOCKS	y09827109	3,372,932	14,473	SH		OTR	ALL	14,473	0	0
Cardinal Health Inc	COMMON STOCKS	14149Y108	2,055,763	26,383	SH		OTR	ALL	26,383	0	0
Centurylink Inc	COMMON STOCKS	156700106	1,730,320	72,459	SH		OTR	ALL	72,459	0	0
Cintas Corp	COMMON STOCKS	172908105	1,762,669	13,985	SH		OTR	ALL	13,985	0	0
Cisco Sys Inc	COMMON STOCKS	17275R102	744,720	23,793	SH		OTR	ALL	23,793	0	0
Citizens Financial Group	COMMON STOCKS	174610105	1,825,745	51,170	SH		OTR	ALL	51,170	0	0
Clorox Co	COMMON STOCKS	189054109	2,063,221	15,485	SH		OTR	ALL	15,485	0	0
CME Group Inc	COMMON STOCKS	12572Q105	3,078,900	24,584	SH		OTR	ALL	24,584	0	0
CMS Energy Corp	COMMON STOCKS	125896100	1,949,437	42,150	SH		OTR	ALL	42,150	0	0
Comerica Inc	COMMON STOCKS	200340107	1,794,013	24,495	SH		OTR	ALL	24,495	0	0
Cooper Cos Inc/The	COMMON STOCKS	216648402	2,304,417	9,625	SH		OTR	ALL	9,625	0	0
Corning Inc	COMMON STOCKS	219350105	2,291,913	76,270	SH		OTR	ALL	76,270	0	0
CVS Corp	COMMON STOCKS	126650100	779,737	9,691	SH		OTR	ALL	9,691	0	0
D.R. Horton Inc	COMMON STOCKS	23331A109	2,041,946	59,067	SH		OTR	ALL	59,067	0	0
Darden Restaurants	COMMON STOCKS	237194105	1,923,839	21,272	SH		OTR	ALL	21,272	0	0
Dentsply Intl Inc	COMMON STOCKS	24906P109	1,933,204	29,815	SH		OTR	ALL	29,815	0	0
Digital Realty Trust	COMMON STOCKS	253868103	2,087,316	18,480	SH		OTR	ALL	18,480	0	0
Dr Pepper Snapple Group Inc.	COMMON STOCKS	26138E109	1,856,366	20,375	SH		OTR	ALL	20,375	0	0
Dun & Bradstreet Corp	COMMON STOCKS	26483E100	1,408,653	13,025	SH		OTR	ALL	13,025	0	0
Enbridge Inc	COMMON STOCKS	29250N105	2,249,702	56,511	SH		OTR	ALL	56,511	0	0
EQT Midstream Partners LP	COMMON STOCKS	26885B100	404,942	5,426	SH		OTR	ALL	5,426	0	0
Equifax Inc	COMMON STOCKS	294429105	2,054,429	14,950	SH		OTR	ALL	14,950	0	0
Expedia Inc.	COMMON STOCKS	30212P303	2,168,712	14,560	SH		OTR	ALL	14,560	0	0
Fastenal Co.	COMMON STOCKS	311900104	1,547,273	35,545	SH		OTR	ALL	35,545	0	0
Fidelity Natl Inform	COMMON STOCKS	31620M106	2,202,466	25,790	SH		OTR	ALL	25,790	0	0
Ford Motor Co	COMMON STOCKS	345370860	1,956,079	174,806	SH		OTR	ALL	174,806	0	0
Global Payments Inc	COMMON STOCKS	37940X102	2,146,454	23,765	SH		OTR	ALL	23,765	0	0
Goldman Sachs Group	COMMON STOCKS	38141G104	2,576,259	11,610	SH		OTR	ALL	11,610	0	0
Grainger W W Inc	COMMON STOCKS	384802104	1,300,718	7,205	SH		OTR	ALL	7,205	0	0
Harley-Davidson, Inc	COMMON STOCKS	412822108	1,503,376	27,830	SH		OTR	ALL	27,830	0	0
Hewlett Packard Co	COMMON STOCKS	40434L105	2,150,477	123,025	SH		OTR	ALL	123,025	0	0
Home Depot Inc	COMMON STOCKS	437076102	4,720,118	30,770	SH		OTR	ALL	30,770	0	0
HUMANA INC	COMMON STOCKS	444859102	2,346,045	9,750	SH		OTR	ALL	9,750	0	0
INTEL CORP	COMMON STOCKS	458140100	3,961,345	117,408	SH		OTR	ALL	117,408	0	0
Intercontinental Exchange Group. Inc.	COMMON STOCKS	45866F104	2,271,932	34,465	SH		OTR	ALL	34,465	0	0
International Paper Co	COMMON STOCKS	460146103	1,937,647	34,228	SH		OTR	ALL	34,228	0	0
Intuit	COMMON STOCKS	461202103	2,243,824	16,895	SH		OTR	ALL	16,895	0	0
Invesco Ltd.	COMMON STOCKS	G491BT108	1,847,299	52,495	SH		OTR	ALL	52,495	0	0
J P Morgan Chase & Co	COMMON STOCKS	46625H100	7,405,319	81,021	SH		OTR	ALL	81,021	0	0
JB Hunt	COMMON STOCKS	445658107	1,505,485	16,475	SH		OTR	ALL	16,475	0	0
Johnson & Johnson	COMMON STOCKS	478160104	841,364	6,360	SH		OTR	ALL	6,360	0	0
Keycorp	COMMON STOCKS	493267108	1,876,155	100,115	SH		OTR	ALL	100,115	0	0
Kla-Tencor Corp	COMMON STOCKS	482480100	2,016,880	22,040	SH		OTR	ALL	22,040	0	0
Kohl's Corp	COMMON STOCKS	500255104	1,110,679	28,722	SH		OTR	ALL	28,722	0	0
Lam Research Corp	COMMON STOCKS	512807108	2,403,602	16,995	SH		OTR	ALL	16,995	0	0
Lauder Estee Cos Inc	COMMON STOCKS	518439104	2,398,540	24,990	SH		OTR	ALL	24,990	0	0
Legg Mason Inc	COMMON STOCKS	524901105	1,816,225	47,595	SH		OTR	ALL	47,595	0	0
Leggett & Platt Inc	COMMON STOCKS	524660107	1,727,764	32,891	SH		OTR	ALL	32,891	0	0
Leucadia National Corp	COMMON STOCKS	527288104	1,808,310	69,125	SH		OTR	ALL	69,125	0	0
Lowe's Cos Inc	COMMON STOCKS	548661107	2,581,361	33,295	SH		OTR	ALL	33,295	0	0
LyondellBasell Industries NV	COMMON STOCKS	N53745100	679,339	8,050	SH		OTR	ALL	8,050	0	0
M & T Bk Corp	COMMON STOCKS	55261F104	1,955,546	12,075	SH		OTR	ALL	12,075	0	0
Macquarie Infrastructure Corp	COMMON STOCKS	55608B105	761,891	9,718	SH		OTR	ALL	9,718	0	0
Marathon Oil Corp	COMMON STOCKS	565849106	1,129,423	95,310	SH		OTR	ALL	95,310	0	0
Marsh & Mclennan Cos	COMMON STOCKS	571748102	2,359,615	30,267	SH		OTR	ALL	30,267	0	0
Martin Marietta Materials	COMMON STOCKS	573284106	1,708,524	7,676	SH		OTR	ALL	7,676	0	0
Mckesson Corp	COMMON STOCKS	58155Q103	2,323,798	14,123	SH		OTR	ALL	14,123	0	0
Medtronic Inc	COMMON STOCKS	G5960L103	4,088,268	46,065	SH		OTR	ALL	46,065	0	0
Microchip Technology	COMMON STOCKS	595017104	2,078,457	26,930	SH		OTR	ALL	26,930	0	0
Microsoft Corp	COMMON STOCKS	594918104	10,820,631	156,980	SH		OTR	ALL	156,980	0	0
Moody's Corp	COMMON STOCKS	615369105	2,237,086	18,385	SH		OTR	ALL	18,385	0	0
Morgan Stanley	COMMON STOCKS	617446448	2,513,629	56,410	SH		OTR	ALL	56,410	0	0
NextEra Energy Inc	COMMON STOCKS	65339F101	470,276	3,356	SH		OTR	ALL	3,356	0	0
Northern Trust Corporation	COMMON STOCKS	665859104	1,968,988	20,255	SH		OTR	ALL	20,255	0	0
Omnicom Group	COMMON STOCKS	681919106	1,798,930	21,700	SH		OTR	ALL	21,700	0	0
Paychex Inc	COMMON STOCKS	704326107	2,494,712	43,813	SH		OTR	ALL	43,813	0	0
People's United Financial	COMMON STOCKS	712704105	1,454,919	82,385	SH		OTR	ALL	82,385	0	0
Perkinelmer Inc	COMMON STOCKS	714046109	2,074,181	30,440	SH		OTR	ALL	30,440	0	0
Pfizer Inc	COMMON STOCKS	717081103	729,373	21,714	SH		OTR	ALL	21,714	0	0
Pioneer Nat Res Co	COMMON STOCKS	723787107	1,708,303	10,705	SH		OTR	ALL	10,705	0	0
PNC FINANCIAL SERVICES GROUP INC	COMMON STOCKS	693475105	2,609,158	20,895	SH		OTR	ALL	20,895	0	0
Progressive Corp Ohi	COMMON STOCKS	743315103	2,385,709	54,110	SH		OTR	ALL	54,110	0	0
Prudential Finl Inc	COMMON STOCKS	744320102	2,269,534	20,987	SH		OTR	ALL	20,987	0	0
Quest Diagnostics In	COMMON STOCKS	74834L100	2,133,716	19,195	SH		OTR	ALL	19,195	0	0
Robert Half International, Inc.	COMMON STOCKS	770323103	1,603,018	33,445	SH		OTR	ALL	33,445	0	0
Roper Industries Inc	COMMON STOCKS	776696106	2,302,565	9,945	SH		OTR	ALL	9,945	0	0
Ryder Sys Inc	COMMON STOCKS	783549108	1,371,938	19,060	SH		OTR	ALL	19,060	0	0
S&P Global Inc.	COMMON STOCKS	78409V104	2,593,512	17,765	SH		OTR	ALL	17,765	0	0
Schlumberger Ltd	COMMON STOCKS	806857108	2,606,934	39,595	SH		OTR	ALL	39,595	0	0
Schwab Charles Corp	COMMON STOCKS	808513105	2,454,304	57,130	SH		OTR	ALL	57,130	0	0
Sealed Air Corp New	COMMON STOCKS	81211K100	1,536,163	34,320	SH		OTR	ALL	34,320	0	0
Sempra Energy	COMMON STOCKS	816851109	2,185,095	19,380	SH		OTR	ALL	19,380	0	0
Sherwin Williams Co	COMMON STOCKS	824348106	2,413,200	6,876	SH		OTR	ALL	6,876	0	0
Six Flags Entertainment	COMMON STOCKS	83001A102	811,292	13,610	SH		OTR	ALL	13,610	0	0
SKYWORKS SOLUTIONS INC	COMMON STOCKS	83088M102	2,140,644	22,310	SH		OTR	ALL	22,310	0	0
Spectra Energy Partners LP	COMMON STOCKS	84756N109	378,378	8,820	SH		OTR	ALL	8,820	0	0
Staples Inc	COMMON STOCKS	855030102	1,656,011	164,450	SH		OTR	ALL	164,450	0	0
Starbucks Corp	COMMON STOCKS	855244109	2,784,594	47,755	SH		OTR	ALL	47,755	0	0
Symantec Corp	COMMON STOCKS	871503108	2,040,356	72,225	SH		OTR	ALL	72,225	0	0
T.Rowe Price Group Inc	COMMON STOCKS	74144T108	1,722,043	23,205	SH		OTR	ALL	23,205	0	0
TE Connectivity Ltd	COMMON STOCKS	H84989104	2,124,753	27,005	SH		OTR	ALL	27,005	0	0
Tesoro Corporation	COMMON STOCKS	881609101	1,752,566	18,724	SH		OTR	ALL	18,724	0	0
Texas Instrs Inc	COMMON STOCKS	882508104	2,868,719	37,290	SH		OTR	ALL	37,290	0	0
Thermo Fisher Scientific Inc	COMMON STOCKS	883556102	2,964,245	16,990	SH		OTR	ALL	16,990	0	0
TRACTOR SUPPLY COMPANY	COMMON STOCKS	892356106	1,197,769	22,095	SH		OTR	ALL	22,095	0	0
Union Pac Corp	COMMON STOCKS	907818108	2,982,500	27,385	SH		OTR	ALL	27,385	0	0
United Parcel Services	COMMON STOCKS	911312106	816,154	7,380	SH		OTR	ALL	7,380	0	0
Unitedhealth Group Inc	COMMON STOCKS	91324P102	4,407,618	23,771	SH		OTR	ALL	23,771	0	0
Universal Health Services - B	COMMON STOCKS	913903100	1,862,940	15,260	SH		OTR	ALL	15,260	0	0
V F Corp	COMMON STOCKS	918204108	801,216	13,910	SH		OTR	ALL	13,910	0	0
Valero Energy Corp	COMMON STOCKS	91913Y100	2,758,979	40,898	SH		OTR	ALL	40,898	0	0
Vulcan Materials Co	COMMON STOCKS	929160109	1,790,368	14,133	SH		OTR	ALL	14,133	0	0
Walt Disney Co	COMMON STOCKS	254687106	3,906,918	36,771	SH		OTR	ALL	36,771	0	0
WELLS FARGO & CO NEW COM	COMMON STOCKS	949746101	421,171	7,601	SH		OTR	ALL	7,601	0	0
Western Un Co	COMMON STOCKS	959802109	1,462,754	76,785	SH		OTR	ALL	76,785	0	0
Weyerhaeuser Co	COMMON STOCKS	962166104	1,949,700	58,200	SH		OTR	ALL	58,200	0	0
Whole Foods Market Inc	COMMON STOCKS	966837106	2,238,778	53,165	SH		OTR	ALL	53,165	0	0
Williams Cos Inc Del	COMMON STOCKS	969457100	1,839,328	60,744	SH		OTR	ALL	60,744	0	0
Willis Tower Watson PLC	COMMON STOCKS	G96629103	2,114,552	14,537	SH		OTR	ALL	14,537	0	0
Wisconsin Energy Corp	COMMON STOCKS	92939U106	823,780	13,421	SH		OTR	ALL	13,421	0	0
Xilinx Inc	COMMON STOCKS	983919101	2,009,356	31,240	SH		OTR	ALL	31,240	0	0
Xl Group Plc	COMMON STOCKS	G98294104	2,027,283	46,285	SH		OTR	ALL	46,285	0	0
Zions Bancorp	COMMON STOCKS	989701107	1,702,171	38,765	SH		OTR	ALL	38,765	0	0
Arconic Inc (RTI)	CONVERTIBLE BOND	74973WAB3	1,267,334	1,052	SH		OTR	ALL	1,052	0	0
Ares Capital Corp	CONVERTIBLE BOND	04010LAM5	3,239,623	3,024	SH		OTR	ALL	3,024	0	0
Calatlantic Group Inc	CONVERTIBLE BOND	783764AQ6	1,108,656	936	SH		OTR	ALL	936	0	0
Citrix Systems Inc	CONVERTIBLE BOND	177376AD2	1,843,713	1,533	SH		OTR	ALL	1,533	0	0
Dycom Industries	CONVERTIBLE BOND	267475AB7	1,119,854	964	SH		OTR	ALL	964	0	0
Finisar Corp	CONVERTIBLE BOND	31787AAM3	1,481,058	1,322	SH		OTR	ALL	1,322	0	0
Illumina Inc	CONVERTIBLE BOND	452327AF6	2,634,768	2,592	SH		OTR	ALL	2,592	0	0
Janus Capitol Group Inc.	CONVERTIBLE BOND	47102XAH8	1,175,655	794	SH		OTR	ALL	794	0	0
Lam Research Corp 1.25	CONVERTIBLE BOND	512807AL2	6,310,751	2,683	SH		OTR	ALL	2,683	0	0
Macquarie Infrastructure	CONVERTIBLE BOND	55608BAA3	3,047,949	2,686	SH		OTR	ALL	2,686	0	0
Micron Technology	CONVERTIBLE BOND	595112AY9	1,437,792	1,261	SH		OTR	ALL	1,261	0	0
Newmont Mining Corp	CONVERTIBLE BOND	651639AJ5	1,219,544	1,202	SH		OTR	ALL	1,202	0	0
NXP Semiconductor NV	CONVERTIBLE BOND	62952QAB6	3,221,057	2,697	SH		OTR	ALL	2,697	0	0
Old Republic Intl Corp	CONVERTIBLE BOND	680223AH7	2,333,085	1,812	SH		OTR	ALL	1,812	0	0
Priceline Group Inc	CONVERTIBLE BOND	741503AX4	3,479,506	3,025	SH		OTR	ALL	3,025	0	0
Red Hat Inc.	CONVERTIBLE BOND	756577AD4	2,589,482	1,870	SH		OTR	ALL	1,870	0	0
RPM International Inc.	CONVERTIBLE BOND	749685AT0	1,958,242	1,659	SH		OTR	ALL	1,659	0	0
Spirit Realty Capital	CONVERTIBLE BOND	84860WAA0	2,106,693	2,112	SH		OTR	ALL	2,112	0	0
TCP Capital Corp	CONVERTIBLE BOND	87238QAB9	2,233,673	1,996	SH		OTR	ALL	1,996	0	0
TPG Specialty Lending	CONVERTIBLE BOND	87265KAB8	2,434,442	2,338	SH		OTR	ALL	2,338	0	0
VEREIT	CONVERTIBLE BOND	02917TAA2	1,111,405	1,079	SH		OTR	ALL	1,079	0	0
Weatherford Bermuda	CONVERTIBLE BOND	947075AH0	1,126,524	1,053	SH		OTR	ALL	1,053	0	0
Alexandria Real Estate	CONVERTIBLE PREFERRED STOCK	015271505	2,211,773	60,865	SH		OTR	ALL	60,865	0	0
Allergan PLC	CONVERTIBLE PREFERRED STOCK	G0177J116	4,466,818	5,164	SH		OTR	ALL	5,164	0	0
American Tower Corp - Cl B	CONVERTIBLE PREFERRED STOCK	03027X407	2,533,691	20,980	SH		OTR	ALL	20,980	0	0
AMG Capital Trust II	CONVERTIBLE PREFERRED STOCK	00170F209	2,048,224	34,450	SH		OTR	ALL	34,450	0	0
Anadarko Pertroleum Corp	CONVERTIBLE PREFERRED STOCK	032511404	2,452,813	59,304	SH		OTR	ALL	59,304	0	0
Anthem Inc	CONVERTIBLE PREFERRED STOCK	036752202	4,665,611	88,791	SH		OTR	ALL	88,791	0	0
Arconic Inc	CONVERTIBLE PREFERRED STOCK	03965L308	1,185,300	33,060	SH		OTR	ALL	33,060	0	0
Becton Dickinson and Co	CONVERTIBLE PREFERRED STOCK	075887208	3,671,942	67,248	SH		OTR	ALL	67,248	0	0
Bunge Ltd. Perpetual Conv Pfd	CONVERTIBLE PREFERRED STOCK	G16962204	1,614,189	15,321	SH		OTR	ALL	15,321	0	0
Dominion Resources	CONVERTIBLE PREFERRED STOCK	25746U836	4,278,149	85,029	SH		OTR	ALL	85,029	0	0
Entertainment Properties	CONVERTIBLE PREFERRED STOCK	26884U307	344,973	9,745	SH		OTR	ALL	9,745	0	0
Great Plains Energy Inc. 7 percent	CONVERTIBLE PREFERRED STOCK	391164878	2,267,927	42,579	SH		OTR	ALL	42,579	0	0
Hess Corp - Conv Pr	CONVERTIBLE PREFERRED STOCK	42809H404	1,941,532	35,059	SH		OTR	ALL	35,059	0	0
Kinder Morgan Inc/Delaware	CONVERTIBLE PREFERRED STOCK	49456B200	267,628	6,147	SH		OTR	ALL	6,147	0	0
Rayonier	CONVERTIBLE PREFERRED STOCK	75508B203	403,769	3,434	SH		OTR	ALL	3,434	0	0
Stanley Black & Decker	CONVERTIBLE PREFERRED STOCK	854502887	2,961,601	27,315	SH		OTR	ALL	27,315	0	0
Stericycle Inc	CONVERTIBLE PREFERRED STOCK	858912207	2,077,636	32,177	SH		OTR	ALL	32,177	0	0
Teva Pharmaceutical Cv Pfd	CONVERTIBLE PREFERRED STOCK	M8769Q136	2,952,248	4,992	SH		OTR	ALL	4,992	0	0
Tyson Foods Inc	CONVERTIBLE PREFERRED STOCK	902494301	2,014,171	29,740	SH		OTR	ALL	29,740	0	0
Wells Fargo & Company PFD	CONVERTIBLE PREFERRED STOCK	949746804	3,414,923	2,608	SH		OTR	ALL	2,608	0	0
Welltower Inc Pfd	CONVERTIBLE PREFERRED STOCK	95040Q203	2,356,868	35,570	SH		OTR	ALL	35,570	0	0
Alerian MLP ETF	EXCHANGE TRADED FUND	00162Q866	13,299	1,112	SH		OTR	ALL	1,112	0	0
Financial Select Sector SPDR Fund	EXCHANGE TRADED FUND	81369Y605	125,915	5,104	SH		OTR	ALL	5,104	0	0
Guggenheim Enhanced Short Duration Bond ETF	EXCHANGE TRADED FUND	18383M654	428,556	8,520	SH		OTR	ALL	8,520	0	0
iShares 1-3 Year Credit Bond	EXCHANGE TRADED FUND	464288646	340,572	3,234	SH		OTR	ALL	3,234	0	0
iShares Currency Hedged Germany MSCI ETF	EXCHANGE TRADED FUND	46434V704	463,682	16,566	SH		OTR	ALL	16,566	0	0
iShares Currency Hedged MSCI Spain ETF	EXCHANGE TRADED FUND	46435G813	483,998	20,728	SH		OTR	ALL	20,728	0	0
iShares Floating Rate Bond ETF	EXCHANGE TRADED FUND	46429B655	573,766	11,268	SH		OTR	ALL	11,268	0	0
iShares GNMA Bond Fund	EXCHANGE TRADED FUND	46429B333	88,863	1,788	SH		OTR	ALL	1,788	0	0
iShares High Yield Hedged	EXCHANGE TRADED FUND	46431W606	58,725	643	SH		OTR	ALL	643	0	0
iShares iBoxx High Yield Corp Bond ETF	EXCHANGE TRADED FUND	464288513	348,256	3,940	SH		OTR	ALL	3,940	0	0
iShares iBoxx Investment Grade	EXCHANGE TRADED FUND	464287242	555,671	4,611	SH		OTR	ALL	4,611	0	0
ISHARES INC MSCI SINGAPORE INDEX FD	EXCHANGE TRADED FUND	46434G780	457,661	19,376	SH		OTR	ALL	19,376	0	0
iShares Interest Rate Hedged 10 plus Year	EXCHANGE TRADED FUND	46431W812	119,321	4,661	SH		OTR	ALL	4,661	0	0
iShares Intermediate Credit	EXCHANGE TRADED FUND	464288638	551,644	5,025	SH		OTR	ALL	5,025	0	0
iShares Lehman 1-3 Tr	EXCHANGE TRADED FUND	464287457	111,864	1,324	SH		OTR	ALL	1,324	0	0
iShares MBS ETF	EXCHANGE TRADED FUND	464288588	639,385	5,989	SH		OTR	ALL	5,989	0	0
iShares MSCI France Index	EXCHANGE TRADED FUND	464286707	470,398	16,356	SH		OTR	ALL	16,356	0	0
iShares MSCI Hong Kong Index Fund	EXCHANGE TRADED FUND	464286871	485,235	20,710	SH		OTR	ALL	20,710	0	0
iShares MSCI India ETF	EXCHANGE TRADED FUND	46429B598	497,903	15,511	SH		OTR	ALL	15,511	0	0
iShares MSCI Taiwan Index	EXCHANGE TRADED FUND	46434G772	481,830	13,474	SH		OTR	ALL	13,474	0	0
iShares TIPS Bond ETF	EXCHANGE TRADED FUND	464287176	22,686	200	SH		OTR	ALL	200	0	0
Spdr S&P 500	EXCHANGE TRADED FUND	78462F103	496,657	2,054	SH		OTR	ALL	2,054	0	0
Vanguard Short-Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C409	112,616	1,407	SH		OTR	ALL	1,407	0	0
Citigroup Inc.	PREFERRED STOCK	172967358	327,763	10,962	SH		OTR	ALL	10,962	0	0
Digital Realty Trust Inc	PREFERRED STOCK	253868871	272,105	9,920	SH		OTR	ALL	9,920	0	0
Morgan Stanley Repstng 1/1000 Non Cuml PFD F Pe	PREFERRED STOCK	61763E207	342,077	11,679	SH		OTR	ALL	11,679	0	0
Nustar Logistics Lp	PREFERRED STOCK	67059T204	321,802	12,595	SH		OTR	ALL	12,595	0	0
Wells Fargo & Co	PREFERRED STOCK	949746556	325,890	11,782	SH		OTR	ALL	11,782	0	0
CyrusOne Inc.	REITS - usd	23283R100	433,456	7,775	SH		OTR	ALL	7,775	0	0
Omega Healthcare Investors Inc	REITS - usd	681936100	664,725	20,131	SH		OTR	ALL	20,131	0	0
W P Carey Inc	REITS - usd	92936U109	780,700	11,827	SH		OTR	ALL	11,827	0	0
Safeway Casa Ley CVR	WARRANTS	786cvr209	84,315	83,481	SH		OTR	ALL	83,481	0	0
Safeway PDC, LLC CVR	WARRANTS	786cvr308	2,504	83,481	SH		OTR	ALL	83,481	0	0