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
3M COMPANY	COMMON STOCKS	88579Y101	747,816	4,794	SH		SOLE	0	4,794	0	0
Abbvie Inc	COMMON STOCKS	00287Y109	2,082,201	21,208	SH		SOLE	0	21,208	0	0
Alphabet Inc Class A	COMMON STOCKS	02079k305	553,039	390	SH		SOLE	0	390	0	0
American Express Co	COMMON STOCKS	025816109	166,885	1,753	SH		SOLE	0	1,753	0	0
Amgen Inc	COMMON STOCKS	031162100	2,315,673	9,818	SH		SOLE	0	9,818	0	0
Apple Computer Inc	COMMON STOCKS	037833100	1,929,792	5,290	SH		SOLE	0	5,290	0	0
Ares Capital Corp	COMMON STOCKS	04010l103	530,502	36,713	SH		SOLE	0	36,713	0	0
AT&T Inc	COMMON STOCKS	00206r102	1,029,180	34,045	SH		SOLE	0	34,045	0	0
BCE Inc	COMMON STOCKS	05534b760	536,243	12,838	SH		SOLE	0	12,838	0	0
Blackrock Inc	COMMON STOCKS	09247X101	1,075,121	1,976	SH		SOLE	0	1,976	0	0
Broadcom Corp New	COMMON STOCKS	11135f101	1,976,034	6,261	SH		SOLE	0	6,261	0	0
CHEVRON CORP	COMMON STOCKS	166764100	999,108	11,197	SH		SOLE	0	11,197	0	0
Chipotle Mexican Grill Inc.	COMMON STOCKS	169656105	145,225	138	SH		SOLE	0	138	0	0
Cisco Sys Inc	COMMON STOCKS	17275r102	2,463,198	52,813	SH		SOLE	0	52,813	0	0
COCA-COLA COMPANY	COMMON STOCKS	191216100	1,054,179	23,594	SH		SOLE	0	23,594	0	0
Comcast Corp Cl A	COMMON STOCKS	20030N101	534,844	13,721	SH		SOLE	0	13,721	0	0
Crown Castle Intl Corp	COMMON STOCKS	22822V101	346,247	2,069	SH		SOLE	0	2,069	0	0
D.R. Horton Inc	COMMON STOCKS	23331A109	758,611	13,681	SH		SOLE	0	13,681	0	0
Eaton Corp	COMMON STOCKS	G29183103	551,036	6,299	SH		SOLE	0	6,299	0	0
Enbridge Inc	COMMON STOCKS	29250N105	518,813	17,055	SH		SOLE	0	17,055	0	0
Equinix Inc	COMMON STOCKS	29444u700	122,200	174	SH		SOLE	0	174	0	0
Facebook Inc.	COMMON STOCKS	30303M102	550,644	2,425	SH		SOLE	0	2,425	0	0
Fastenal Co.	COMMON STOCKS	311900104	628,291	14,666	SH		SOLE	0	14,666	0	0
Fedex Corp	COMMON STOCKS	31428X106	231,923	1,654	SH		SOLE	0	1,654	0	0
Goldman Sachs Group	COMMON STOCKS	38141G104	1,330,773	6,734	SH		SOLE	0	6,734	0	0
Home Depot Inc	COMMON STOCKS	437076102	2,393,623	9,555	SH		SOLE	0	9,555	0	0
INTEL CORP	COMMON STOCKS	458140100	1,275,396	21,317	SH		SOLE	0	21,317	0	0
Intl Business Machines	COMMON STOCKS	459200101	541,411	4,483	SH		SOLE	0	4,483	0	0
J P Morgan Chase & Co	COMMON STOCKS	46625h100	1,721,015	18,297	SH		SOLE	0	18,297	0	0
Johnson & Johnson	COMMON STOCKS	478160104	2,516,292	17,893	SH		SOLE	0	17,893	0	0
KINDER MORGAN INC DE	COMMON STOCKS	49456B101	252,034	16,614	SH		SOLE	0	16,614	0	0
Lam Research Corp	COMMON STOCKS	512807108	387,181	1,197	SH		SOLE	0	1,197	0	0
Lowe's Cos Inc	COMMON STOCKS	548661107	267,537	1,980	SH		SOLE	0	1,980	0	0
Magellan Midstream	COMMON STOCKS	559080106	201,603	4,670	SH		SOLE	0	4,670	0	0
McDonalds Corp	COMMON STOCKS	580135101	1,636,986	8,874	SH		SOLE	0	8,874	0	0
Medtronic Inc	COMMON STOCKS	G5960L103	1,201,636	13,104	SH		SOLE	0	13,104	0	0
Microsoft Corp	COMMON STOCKS	594918104	1,982,390	9,741	SH		SOLE	0	9,741	0	0
Morgan Stanley	COMMON STOCKS	617446448	661,565	13,697	SH		SOLE	0	13,697	0	0
NextEra Energy Inc	COMMON STOCKS	65339f101	255,540	1,064	SH		SOLE	0	1,064	0	0
Oracle Systems Corp	COMMON STOCKS	68389X105	209,196	3,785	SH		SOLE	0	3,785	0	0
Otis Worldwide Corporation	COMMON STOCKS	68902v107	73,065	1,285	SH		SOLE	0	1,285	0	0
Palo Alta Networks	COMMON STOCKS	697435105	172,711	752	SH		SOLE	0	752	0	0
PEPSICO INC	COMMON STOCKS	713448108	781,392	5,908	SH		SOLE	0	5,908	0	0
Philip Morris Intl Inc	COMMON STOCKS	718172109	535,398	7,642	SH		SOLE	0	7,642	0	0
Pinnacle West Cap Co	COMMON STOCKS	723484101	522,704	7,132	SH		SOLE	0	7,132	0	0
Proctor & Gamble Co	COMMON STOCKS	742718109	603,350	5,046	SH		SOLE	0	5,046	0	0
Qualcomm Inc	COMMON STOCKS	747525103	556,472	6,101	SH		SOLE	0	6,101	0	0
Raytheon Technologies Corporation	COMMON STOCKS	75513e101	1,226,053	19,897	SH		SOLE	0	19,897	0	0
Salesforce.com Inc	COMMON STOCKS	79466L302	257,391	1,374	SH		SOLE	0	1,374	0	0
Splunk Inc	COMMON STOCKS	848637104	227,114	1,143	SH		SOLE	0	1,143	0	0
Starbucks Corp	COMMON STOCKS	855244109	2,301,380	31,273	SH		SOLE	0	31,273	0	0
T.Rowe Price Group Inc	COMMON STOCKS	74144T108	884,630	7,163	SH		SOLE	0	7,163	0	0
Target Corp	COMMON STOCKS	87612E106	901,393	7,516	SH		SOLE	0	7,516	0	0
Texas Instrs Inc	COMMON STOCKS	882508104	2,240,258	17,644	SH		SOLE	0	17,644	0	0
Tjx Cos Inc New	COMMON STOCKS	872540109	97,580	1,930	SH		SOLE	0	1,930	0	0
Tyson Foods Inc	COMMON STOCKS	902494103	462,752	7,750	SH		SOLE	0	7,750	0	0
Ulta Beauty	COMMON STOCKS	90384s303	100,692	495	SH		SOLE	0	495	0	0
United Parcel Services	COMMON STOCKS	911312106	1,605,216	14,438	SH		SOLE	0	14,438	0	0
Wal-Mart Stores Inc	COMMON STOCKS	931142103	1,423,345	11,883	SH		SOLE	0	11,883	0	0
Walt Disney Co	COMMON STOCKS	254687106	188,005	1,686	SH		SOLE	0	1,686	0	0
Ares Capital Corp	CONVERTIBLE BOND	04010LAW3	2,800,284	2,754	SH		SOLE	0	2,754	0	0
Blackrock TCP Cap	CONVERTIBLE BOND	87238QAD5	2,873,710	2,854	SH		SOLE	0	2,854	0	0
Booking Holdings Inc	CONVERTIBLE BOND	741503AX4	2,965,676	2,783	SH		SOLE	0	2,783	0	0
CSG Systems International	CONVERTIBLE BOND	126349AF6	2,236,973	2,117	SH		SOLE	0	2,117	0	0
Deutsche Bank AG London/VOYA	CONVERTIBLE BOND	25155MKM2	3,039,099	3,117	SH		SOLE	0	3,117	0	0
Fortive Corporation	CONVERTIBLE BOND	34959JAK4	2,392,826	2,425	SH		SOLE	0	2,425	0	0
HANNON ARMSTRONG	CONVERTIBLE BOND	41068XAB6	2,831,143	2,388	SH		SOLE	0	2,388	0	0
Hercules Capital Inc	CONVERTIBLE BOND	427096AF9	2,388,848	2,361	SH		SOLE	0	2,361	0	0
ILLUMINA INC	CONVERTIBLE BOND	452327AH2	3,482,373	2,338	SH		SOLE	0	2,338	0	0
New Mountain Finance	CONVERTIBLE BOND	647551AC4	2,434,446	2,469	SH		SOLE	0	2,469	0	0
ON Semiconductor Corp	CONVERTIBLE BOND	682189AP0	2,080,849	1,702	SH		SOLE	0	1,702	0	0
Palo Alto Networks	CONVERTIBLE BOND	697435ad7	1,543,016	1,425	SH		SOLE	0	1,425	0	0
Sixth Street Specialty Lending Inc	CONVERTIBLE BOND	87265KAD4	2,887,085	2,780	SH		SOLE	0	2,780	0	0
Southwest Airlines Co	CONVERTIBLE BOND	844741BG2	2,785,369	2,318	SH		SOLE	0	2,318	0	0
Spirit Realty Capital	CONVERTIBLE BOND	84860WAB8	2,434,227	2,425	SH		SOLE	0	2,425	0	0
Starwood Property Trust	CONVERTIBLE BOND	85571BAH8	1,182,803	1,209	SH		SOLE	0	1,209	0	0
Synaptics Inc	CONVERTIBLE BOND	87157DAD1	1,769,279	1,658	SH		SOLE	0	1,658	0	0
Vereit Inc	CONVERTIBLE BOND	02917TAB0	2,871,707	2,870	SH		SOLE	0	2,870	0	0
Western Digital Corp	CONVERTIBLE BOND	958102AP0	3,182,006	3,326	SH		SOLE	0	3,326	0	0
American Electric Power	CONVERTIBLE PREFERRED STOCK	025537127	776,096	16,000	SH		SOLE	0	16,000	0	0
AMG Capital Trust II	CONVERTIBLE PREFERRED STOCK	00170F209	1,381,655	32,296	SH		SOLE	0	32,296	0	0
Assurant Inc	CONVERTIBLE PREFERRED STOCK	04621X207	2,301,128	22,017	SH		SOLE	0	22,017	0	0
Becton Dickinson and Company	CONVERTIBLE PREFERRED STOCK	075887406	3,019,282	57,761	SH		SOLE	0	57,761	0	0
Boston Scientific Corp	CONVERTIBLE PREFERRED STOCK	101137206	2,119,260	20,255	SH		SOLE	0	20,255	0	0
Broadcom Inc	CONVERTIBLE PREFERRED STOCK	11135F200	3,430,264	3,077	SH		SOLE	0	3,077	0	0
Bunge Ltd. Perpetual Conv Pfd	CONVERTIBLE PREFERRED STOCK	G16962204	1,585,203	17,336	SH		SOLE	0	17,336	0	0
Centerpoint Energy Inc	CONVERTIBLE PREFERRED STOCK	15189T503	2,185,564	61,121	SH		SOLE	0	61,121	0	0
Crown Castle Int Corp	CONVERTIBLE PREFERRED STOCK	22822V309	3,620,973	2,433	SH		SOLE	0	2,433	0	0
Danaher Corp	CONVERTIBLE PREFERRED STOCK	235851300	4,466,971	3,568	SH		SOLE	0	3,568	0	0
Dominion Energy	CONVERTIBLE PREFERRED STOCK	25746U133	4,228,194	41,558	SH		SOLE	0	41,558	0	0
DTE Energy Co	CONVERTIBLE PREFERRED STOCK	233331842	2,110,054	49,708	SH		SOLE	0	49,708	0	0
Energizer Holdings Inc	CONVERTIBLE PREFERRED STOCK	29272W208	306,952	3,164	SH		SOLE	0	3,164	0	0
Fortive Corporation	CONVERTIBLE PREFERRED STOCK	34959J207	2,318,357	2,678	SH		SOLE	0	2,678	0	0
International Flavor & Fragrances	CONVERTIBLE PREFERRED STOCK	459506309	2,065,193	46,337	SH		SOLE	0	46,337	0	0
Sempra Energy	CONVERTIBLE PREFERRED STOCK	816851406	2,539,668	25,951	SH		SOLE	0	25,951	0	0
South Jersey Industries	CONVERTIBLE PREFERRED STOCK	838518116	1,370,651	32,988	SH		SOLE	0	32,988	0	0
Southern Co	CONVERTIBLE PREFERRED STOCK	842587602	1,501,976	33,933	SH		SOLE	0	33,933	0	0
Stanley Black & Decker	CONVERTIBLE PREFERRED STOCK	854502846	2,539,362	28,272	SH		SOLE	0	28,272	0	0
Wells Fargo & Company PFD	CONVERTIBLE PREFERRED STOCK	949746804	2,962,267	2,263	SH		SOLE	0	2,263	0	0
ARK Israel Innovation	EXCHANGE TRADED FUND	00214Q609	188,211	7,870	SH		SOLE	0	7,870	0	0
Franklin FTSE Switzerland ETF	EXCHANGE TRADED FUND	35473P694	194,176	7,246	SH		SOLE	0	7,246	0	0
Franklin FTSE United Kingdon ETF	EXCHANGE TRADED FUND	35473P678	194,285	10,051	SH		SOLE	0	10,051	0	0
Harvest CSI 300 China A-Shares ETF	EXCHANGE TRADED FUND	233051879	200,839	6,760	SH		SOLE	0	6,760	0	0
Innovator S&P Inv Grade Preferred ETF	EXCHANGE TRADED FUND	45783G201	238,841	10,252	SH		SOLE	0	10,252	0	0
Invesco Ultra Short Duration ETF	EXCHANGE TRADED FUND	46090A887	71,675	1,421	SH		SOLE	0	1,421	0	0
iShares 0-5 Year Investment Grade Corporate Bond	EXCHANGE TRADED FUND	46434V100	707,372	13,572	SH		SOLE	0	13,572	0	0
iShares 1-3 Year Credit Bond	EXCHANGE TRADED FUND	464288646	613,627	11,216	SH		SOLE	0	11,216	0	0
iShares Convertible Bond ETF	EXCHANGE TRADED FUND	46435G102	446,480	6,292	SH		SOLE	0	6,292	0	0
iShares Floating Rate Bond ETF	EXCHANGE TRADED FUND	46429B655	722,374	14,279	SH		SOLE	0	14,279	0	0
iShares iBoxx Investment Grade	EXCHANGE TRADED FUND	464287242	248,152	1,845	SH		SOLE	0	1,845	0	0
ISHARES INC MSCI CDA INDEX FD	EXCHANGE TRADED FUND	464286509	197,335	7,625	SH		SOLE	0	7,625	0	0
iShares Interest Rate Hedged Long-Term Corporate	EXCHANGE TRADED FUND	46431W812	183,130	8,150	SH		SOLE	0	8,150	0	0
iShares MBS ETF	EXCHANGE TRADED FUND	464288588	311,731	2,816	SH		SOLE	0	2,816	0	0
ISHARES MSCI FRANCE ETF	EXCHANGE TRADED FUND	464286707	198,685	7,246	SH		SOLE	0	7,246	0	0
iShares MSCI Germany Index	EXCHANGE TRADED FUND	464286806	198,553	7,324	SH		SOLE	0	7,324	0	0
iShares Short Maturity Bond ETF	EXCHANGE TRADED FUND	46431W507	459,841	9,195	SH		SOLE	0	9,195	0	0
iShares TIPS Bond ETF	EXCHANGE TRADED FUND	464287176	24,600	200	SH		SOLE	0	200	0	0
SPDR S&P 500 ETF	EXCHANGE TRADED FUND	78462f103	226,336	734	SH		SOLE	0	734	0	0
VanEck Vectors Investment Grade Floating Rate Bo	EXCHANGE TRADED FUND	92189F486	180,312	7,205	SH		SOLE	0	7,205	0	0
Vanguard Short-Term Corporate Bond ETF	EXCHANGE TRADED FUND	92206C409	181,273	2,193	SH		SOLE	0	2,193	0	0
Brunswick Corp	PREFERRED STOCK	117043406	279,600	10,758	SH		SOLE	0	10,758	0	0
Citigroup Inc	PREFERRED STOCK	172967358	260,892	9,808	SH		SOLE	0	9,808	0	0
Citizens Financial Group	PREFERRED STOCK	174610204	269,835	10,712	SH		SOLE	0	10,712	0	0
Digital Realty Trust	PREFERRED STOCK	253868848	285,639	11,067	SH		SOLE	0	11,067	0	0
Morgan Stanley PFD Perpetual	PREFERRED STOCK	61763E207	272,391	10,248	SH		SOLE	0	10,248	0	0
Nustar Logistics LP	PREFERRED STOCK	67059T204	213,305	11,203	SH		SOLE	0	11,203	0	0
Public Storage	PREFERRED STOCK	74460w644	265,046	9,938	SH		SOLE	0	9,938	0	0
Vereit Inc	PREFERRED STOCK	92339V209	201,811	8,066	SH		SOLE	0	8,066	0	0