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
Abbvie Inc	COMMON STOCKS	00287Y109	586,268	8,062	SH		OTR	ALL	8,062	0	0
Alexandria Real Estate	CONVERTIBLE PREFERRED STOCK	015271505	1,504,971	39,540	SH		OTR	ALL	39,540	0	0
Altria Group Inc	COMMON STOCKS	02209s103	571,230	12,064	SH		OTR	ALL	12,064	0	0
American Electric Power	CONVERTIBLE PREFERRED STOCK	025537127	853,728	16,000	SH		OTR	ALL	16,000	0	0
AMG Capital Trust II	CONVERTIBLE PREFERRED STOCK	00170F209	1,407,982	28,975	SH		OTR	ALL	28,975	0	0
Amgen Inc	COMMON STOCKS	031162100	694,735	3,770	SH		OTR	ALL	3,770	0	0
Ares Capital Corp	COMMON STOCKS	04010l103	680,733	37,945	SH		OTR	ALL	37,945	0	0
Ares Capital Corp	CONVERTIBLE BOND	04010LAW3	2,725,739	2,571	SH		OTR	ALL	2,571	0	0
Assurant Inc	CONVERTIBLE PREFERRED STOCK	04621X207	2,301,002	20,622	SH		OTR	ALL	20,622	0	0
AT&T Inc	COMMON STOCKS	00206r102	593,830	17,721	SH		OTR	ALL	17,721	0	0
Bank of N.T. Butterfield & Son Limited	COMMON STOCKS	G0772R208	564,686	16,628	SH		OTR	ALL	16,628	0	0
BCE Inc	COMMON STOCKS	05534b760	676,969	14,885	SH		OTR	ALL	14,885	0	0
Becton Dickinson and Co	CONVERTIBLE PREFERRED STOCK	075887208	4,170,338	67,139	SH		OTR	ALL	67,139	0	0
Belden Inc	CONVERTIBLE PREFERRED STOCK	077454205	232,563	2,946	SH		OTR	ALL	2,946	0	0
Blackrock TCP Cap	CONVERTIBLE BOND	87238QAD5	2,642,809	2,537	SH		OTR	ALL	2,537	0	0
Booking Holdings Inc	CONVERTIBLE BOND	741503AX4	2,971,922	2,585	SH		OTR	ALL	2,585	0	0
Broadcom Corp New	COMMON STOCKS	11135f101	715,907	2,487	SH		OTR	ALL	2,487	0	0
Brunswick Corp	PREFERRED STOCK	117043406	286,071	10,948	SH		OTR	ALL	10,948	0	0
Bunge Ltd. Perpetual Conv Pfd	CONVERTIBLE PREFERRED STOCK	G16962204	1,592,454	15,944	SH		OTR	ALL	15,944	0	0
Centerpoint Energy Inc	CONVERTIBLE PREFERRED STOCK	15189T503	2,226,786	44,220	SH		OTR	ALL	44,220	0	0
Cisco Sys Inc	COMMON STOCKS	17275r102	714,226	13,050	SH		OTR	ALL	13,050	0	0
Citigroup Inc	PREFERRED STOCK	172967358	276,193	10,007	SH		OTR	ALL	10,007	0	0
Citizens Financial Group	PREFERRED STOCK	174610204	293,406	10,948	SH		OTR	ALL	10,948	0	0
Cracker Barrel	COMMON STOCKS	22410J106	749,504	4,390	SH		OTR	ALL	4,390	0	0
Crown Castle Int Corp	CONVERTIBLE PREFERRED STOCK	22822V309	3,927,979	3,275	SH		OTR	ALL	3,275	0	0
Crown Castle Intl Corp	COMMON STOCKS	22822V101	419,857	3,221	SH		OTR	ALL	3,221	0	0
CSG Systems International	CONVERTIBLE BOND	126349AF6	2,218,243	1,964	SH		OTR	ALL	1,964	0	0
Cypress Semiconductor Co	CONVERTIBLE BOND	232806AP4	1,338,793	1,116	SH		OTR	ALL	1,116	0	0
Danaher Corp	CONVERTIBLE PREFERRED STOCK	235851300	3,677,931	3,337	SH		OTR	ALL	3,337	0	0
Deutsche Bank AG London/VOYA	CONVERTIBLE BOND	25155MKM2	2,877,482	2,950	SH		OTR	ALL	2,950	0	0
Digital Realty Trust	PREFERRED STOCK	253868848	310,389	11,291	SH		OTR	ALL	11,291	0	0
Dominion Energy	CONVERTIBLE PREFERRED STOCK	25746U133	4,006,217	38,725	SH		OTR	ALL	38,725	0	0
Dominion Res Inc Va	COMMON STOCKS	25746U109	406,161	5,253	SH		OTR	ALL	5,253	0	0
Dominion Resources	CONVERTIBLE PREFERRED STOCK	25746U836	6,085	121	SH		OTR	ALL	121	0	0
Dycom Inc	CONVERTIBLE BOND	267475AB7	971,144	984	SH		OTR	ALL	984	0	0
Eaton Corp	COMMON STOCKS	G29183103	393,331	4,723	SH		OTR	ALL	4,723	0	0
Energizer Holdings Inc	CONVERTIBLE PREFERRED STOCK	29272W208	277,908	3,214	SH		OTR	ALL	3,214	0	0
Energy Transfer Partners 7 5/8 percent	PREFERRED STOCK	29278N400	265,884	10,888	SH		OTR	ALL	10,888	0	0
Entertainment Properties	CONVERTIBLE PREFERRED STOCK	26884U307	315,478	8,313	SH		OTR	ALL	8,313	0	0
Fortive Corporation	CONVERTIBLE PREFERRED STOCK	34959J207	2,276,269	2,218	SH		OTR	ALL	2,218	0	0
Franklin High Yield	EXCHANGE TRADED FUND	35473P629	216,416	8,423	SH		OTR	ALL	8,423	0	0
Global X MSCI Norway ETF	EXCHANGE TRADED FUND	37950E747	454,507	37,277	SH		OTR	ALL	37,277	0	0
Greenbrier Cos Inc	CONVERTIBLE BOND	393657AK7	1,477,227	1,500	SH		OTR	ALL	1,500	0	0
Guggenheim Enhanced Short Duration Bond ETF	EXCHANGE TRADED FUND	46090A887	115,649	2,296	SH		OTR	ALL	2,296	0	0
HANNON ARMSTRONG	CONVERTIBLE BOND	41068XAB6	2,532,614	2,255	SH		OTR	ALL	2,255	0	0
Harvest CSI 300 China A-Shares ETF	EXCHANGE TRADED FUND	233051879	458,444	16,280	SH		OTR	ALL	16,280	0	0
Hercules Capital Inc	CONVERTIBLE BOND	427096AF9	2,275,847	2,191	SH		OTR	ALL	2,191	0	0
ILLUMINA INC	CONVERTIBLE BOND	452327AH2	3,358,230	2,172	SH		OTR	ALL	2,172	0	0
Interdigital Inc	CONVERTIBLE BOND	458660AD9	1,844,598	1,757	SH		OTR	ALL	1,757	0	0
International Flavor & Fragrances	CONVERTIBLE PREFERRED STOCK	459506309	2,309,592	43,030	SH		OTR	ALL	43,030	0	0
iShares 0-5 Year Investment Grade Corporate Bond	EXCHANGE TRADED FUND	46434V100	389,461	7,641	SH		OTR	ALL	7,641	0	0
iShares 1-3 Year Credit Bond	EXCHANGE TRADED FUND	464288646	341,962	6,399	SH		OTR	ALL	6,399	0	0
iShares Convertible Bond ETF	EXCHANGE TRADED FUND	46435G102	106,677	1,792	SH		OTR	ALL	1,792	0	0
iShares Currency Hedged Canada	EXCHANGE TRADED FUND	46435G706	483,906	18,230	SH		OTR	ALL	18,230	0	0
ISHARES CURRENCY HEDGED MSCI GER ETF	EXCHANGE TRADED FUND	46434v704	491,699	17,783	SH		OTR	ALL	17,783	0	0
iShares Floating Rate Bond ETF	EXCHANGE TRADED FUND	46429B655	479,047	9,406	SH		OTR	ALL	9,406	0	0
iShares iBoxx High Yield Corp Bond ETF	EXCHANGE TRADED FUND	464288513	133,559	1,532	SH		OTR	ALL	1,532	0	0
iShares iBoxx Investment Grade	EXCHANGE TRADED FUND	464287242	175,983	1,415	SH		OTR	ALL	1,415	0	0
iShares Interest Rate Hedged Long-Term Corporate	EXCHANGE TRADED FUND	46431W812	222,786	9,031	SH		OTR	ALL	9,031	0	0
iShares MBS ETF	EXCHANGE TRADED FUND	464288588	358,308	3,330	SH		OTR	ALL	3,330	0	0
ISHARES MSCI FRANCE ETF	EXCHANGE TRADED FUND	464286707	485,066	15,826	SH		OTR	ALL	15,826	0	0
ISHARES MSCI TAIWAN CAPPED ETF	EXCHANGE TRADED FUND	46434g772	473,043	13,531	SH		OTR	ALL	13,531	0	0
iShares TIPS Bond ETF	EXCHANGE TRADED FUND	464287176	23,098	200	SH		OTR	ALL	200	0	0
J P Morgan Chase & Co	COMMON STOCKS	46625h100	777,345	6,953	SH		OTR	ALL	6,953	0	0
Johnson & Johnson	COMMON STOCKS	478160104	662,554	4,757	SH		OTR	ALL	4,757	0	0
KINDER MORGAN INC DE	COMMON STOCKS	49456B101	348,153	16,674	SH		OTR	ALL	16,674	0	0
Kohl's Corp	COMMON STOCKS	500255104	486,721	10,236	SH		OTR	ALL	10,236	0	0
Ladder Capitol Corp	COMMON STOCKS	505743104	678,584	40,854	SH		OTR	ALL	40,854	0	0
Legg Mason Inc	COMMON STOCKS	524901105	789,831	20,633	SH		OTR	ALL	20,633	0	0
LyondellBasell Industries NV	COMMON STOCKS	n53745100	607,130	7,049	SH		OTR	ALL	7,049	0	0
Magellan Midstream	COMMON STOCKS	559080106	344,384	5,381	SH		OTR	ALL	5,381	0	0
Market Vectors Investment Grade Floating Rate Bo	EXCHANGE TRADED FUND	92189F486	176,742	7,015	SH		OTR	ALL	7,015	0	0
Morgan Stanley PFD Perpetual	PREFERRED STOCK	61763E207	288,284	10,506	SH		OTR	ALL	10,506	0	0
New Mountain Finance	CONVERTIBLE BOND	647551AC4	2,498,633	2,332	SH		OTR	ALL	2,332	0	0
NextEra Energy Inc	COMMON STOCKS	65339f101	412,178	2,012	SH		OTR	ALL	2,012	0	0
Nustar Logistics LP	PREFERRED STOCK	67059T204	285,656	11,408	SH		OTR	ALL	11,408	0	0
NXP Semiconductors	CONVERTIBLE BOND	62952QAB6	2,281,393	2,155	SH		OTR	ALL	2,155	0	0
ON Semiconductor Corp	CONVERTIBLE BOND	682189AP0	1,919,952	1,564	SH		OTR	ALL	1,564	0	0
Oneok Inc New	COMMON STOCKS	682680103	681,563	9,905	SH		OTR	ALL	9,905	0	0
PEPSICO INC	COMMON STOCKS	713448108	752,555	5,739	SH		OTR	ALL	5,739	0	0
Red Hat Inc	CONVERTIBLE BOND	756577AD4	3,900,305	1,528	SH		OTR	ALL	1,528	0	0
Rio Tinto PLC - Spon ADR	COMMON STOCKS	767204100	727,570	11,671	SH		OTR	ALL	11,671	0	0
Sempra Energy	CONVERTIBLE PREFERRED STOCK	816851406	2,715,524	24,310	SH		OTR	ALL	24,310	0	0
Smucker J M Co	COMMON STOCKS	832696405	728,807	6,327	SH		OTR	ALL	6,327	0	0
South Jersey Industries	CONVERTIBLE PREFERRED STOCK	838518116	1,641,742	30,872	SH		OTR	ALL	30,872	0	0
SPDR S&P 500 ETF	EXCHANGE TRADED FUND	78462f103	1,018,468	3,476	SH		OTR	ALL	3,476	0	0
Spirit Realty Capital	CONVERTIBLE BOND	84860WAB8	2,213,215	2,143	SH		OTR	ALL	2,143	0	0
Stanley Black & Decker	CONVERTIBLE PREFERRED STOCK	854502887	3,317,085	32,494	SH		OTR	ALL	32,494	0	0
Starwood Property Trust	CONVERTIBLE BOND	85571BAH8	1,168,870	1,127	SH		OTR	ALL	1,127	0	0
Synaptics Inc	CONVERTIBLE BOND	87157DAD1	1,364,666	1,526	SH		OTR	ALL	1,526	0	0
Texas Instrs Inc	COMMON STOCKS	882508104	721,381	6,286	SH		OTR	ALL	6,286	0	0
TPG Specialty Lending	CONVERTIBLE BOND	87265KAD4	2,795,730	2,619	SH		OTR	ALL	2,619	0	0
Two Harbors Inv Corp	PREFERRED STOCK	90187B507	288,422	11,560	SH		OTR	ALL	11,560	0	0
United Parcel Services	COMMON STOCKS	911312106	635,833	6,157	SH		OTR	ALL	6,157	0	0
Valero Energy Corp	COMMON STOCKS	91913y100	627,093	7,325	SH		OTR	ALL	7,325	0	0
Vanguard Short-Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C409	183,224	2,271	SH		OTR	ALL	2,271	0	0
VER.F temp sec	PREFERRED STOCK	92339v969	24,125	965	SH		OTR	ALL	965	0	0
Vereit Inc	CONVERTIBLE BOND	02917TAB0	2,707,108	2,680	SH		OTR	ALL	2,680	0	0
Vereit Inc	PREFERRED STOCK	92339V209	256,713	10,183	SH		OTR	ALL	10,183	0	0
Wells Fargo & Company PFD	CONVERTIBLE PREFERRED STOCK	949746804	2,872,375	2,100	SH		OTR	ALL	2,100	0	0