Chief Executive Officer

0000909012-16-000525.txt : 20160517 0000909012-16-000525.hdr.sgml : 20160517 20160517111952 ACCESSION NUMBER: 0000909012-16-000525 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160517 DATE AS OF CHANGE: 20160517 EFFECTIVENESS DATE: 20160517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Laffer Investments CENTRAL INDEX KEY: 0001307878 IRS NUMBER: 200536838 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10975 FILM NUMBER: 161656487 BUSINESS ADDRESS: STREET 1: 103 MURPHY COURT CITY: NASHVILLE STATE: TN ZIP: 37203 BUSINESS PHONE: 6154600100 MAIL ADDRESS: STREET 1: 103 MURPHY COURT CITY: NASHVILLE STATE: TN ZIP: 37203 13F-HR 1 primary_doc.xml 13F-HR LIVE false false false 0001307878 XXXXXXXX 03-31-2016 03-31-2016 Laffer Investments

103 MURPHY COURT NASHVILLE TN 37203

13F HOLDINGS REPORT 028-10975 N Arthur B. Laffer, Jr. Chief Executive Officer 615 460 0100 /s/ ARTHUR B. LAFFER Nashville TN 05-16-2016 0 215 369651627 false INFORMATION TABLE 2 aci_13f.xml ADT Corporation COMMON STOCKS 00101J106 1674867 40593 SH OTR ALL 40593 0 0 Alcoa Inc. CONVERTIBLE PREFERRED STOCK 013817309 1083001 32930 SH OTR ALL 32930 0 0 Alerian MLP ETF EXCHANGE TRADED FUND 00162Q866 12143 1112 SH OTR ALL 1112 0 0 Alexandria Real Estate CONVERTIBLE PREFERRED STOCK 015271505 2046279 70360 SH OTR ALL 70360 0 0 Allergan PLC CONVERTIBLE PREFERRED STOCK G0177J116 2828886 3075 SH OTR ALL 3075 0 0 Altria Group Inc COMMON STOCKS 02209S103 753611 12027 SH OTR ALL 12027 0 0 American Tower Corp CONVERTIBLE PREFERRED STOCK 03027X308 2058070 19540 SH OTR ALL 19540 0 0 American Tower REIT COMMON STOCKS 03027X100 2349186 22948 SH OTR ALL 22948 0 0 Amerisourcebergen Corp Com COMMON STOCKS 03073E105 1377876 15920 SH OTR ALL 15920 0 0 AMG Capital Trust II CONVERTIBLE PREFERRED STOCK 00170F209 1218174 21940 SH OTR ALL 21940 0 0 Amgen Inc COMMON STOCKS 031162100 422802 2820 SH OTR ALL 2820 0 0 Amphenol Corp COMMON STOCKS 032095101 1769523 30604 SH OTR ALL 30604 0 0 Anadarko Pertroleum Corp CONVERTIBLE PREFERRED STOCK 032511404 1393705 40834 SH OTR ALL 40834 0 0 Anthem Inc CONVERTIBLE PREFERRED STOCK 036752202 3927133 84210 SH OTR ALL 84210 0 0 Aon PLC COMMON STOCKS G0408V102 2025598 19393 SH OTR ALL 19393 0 0 Apartment Investment & Management Company COMMON STOCKS 03748R101 1641978 39263 SH OTR ALL 39263 0 0 Ares Capital Corp COMMON STOCKS 04010L103 212019 14287 SH OTR ALL 14287 0 0 Ares Capital Corp CONVERTIBLE BOND 04010LAG8 2754918 2695 SH OTR ALL 2695 0 0 Autozone Inc COMMON STOCKS 053332102 2113618 2653 SH OTR ALL 2653 0 0 Banc of California Inc. CONVERTIBLE PREFERRED STOCK 05990K700 321451 3987 SH OTR ALL 3987 0 0 Bank of America Corp COMMON STOCKS 060505104 1348146 99715 SH OTR ALL 99715 0 0 BB&T Corp COMMON STOCKS 054937107 1616456 48586 SH OTR ALL 48586 0 0 BCE Inc New COMMON STOCKS 05534B760 752639 16527 SH OTR ALL 16527 0 0 Bed Bath & Beyond In COMMON STOCKS 075896100 1131841 22801 SH OTR ALL 22801 0 0 Berkshire Hathaway Inc Cl B COMMON STOCKS 084670702 7555961 53256 SH OTR ALL 53256 0 0 Best Buy Inc COMMON STOCKS 086516101 1446532 44591 SH OTR ALL 44591 0 0 Block H & R Inc COMMON STOCKS 093671105 1329454 50320 SH OTR ALL 50320 0 0 Boeing Co COMMON STOCKS 097023105 401638 3164 SH OTR ALL 3164 0 0 Boston Scientific Co COMMON STOCKS 101137107 1984755 105516 SH OTR ALL 105516 0 0 Bristol Myers Squibb COMMON STOCKS 110122108 3386534 53014 SH OTR ALL 53014 0 0 Broadcom Corp New COMMON STOCKS y09827109 2801857 18135 SH OTR ALL 18135 0 0 Brown-Forman Corporation COMMON STOCKS 115637209 1811060 18392 SH OTR ALL 18392 0 0 Bunge Ltd. Perpetual Conv Pfd CONVERTIBLE PREFERRED STOCK G16962204 1286056 15121 SH OTR ALL 15121 0 0 Calif Resources COMMON STOCKS 13057Q107 0 0 SH OTR ALL 0 0 0 Cameron International Corp COMMON STOCKS 13342B105 1865465 27822 SH OTR ALL 27822 0 0 Campbell Soup Co COMMON STOCKS 134429109 2158398 33836 SH OTR ALL 33836 0 0 Cardinal Health Inc COMMON STOCKS 14149Y108 1875261 22883 SH OTR ALL 22883 0 0 Carmax Inc COMMON STOCKS 143130102 1200594 23495 SH OTR ALL 23495 0 0 Centerpoint Energy Inc CONVERTIBLE PREFERRED STOCK 15189T206 1199457 18998 SH OTR ALL 18998 0 0 Cisco Sys Inc COMMON STOCKS 17275R102 695778 24439 SH OTR ALL 24439 0 0 Citigroup Inc. PREFERRED STOCK 172967358 216262 7913 SH OTR ALL 7913 0 0 Citrix Systems Inc CONVERTIBLE BOND 177376AD2 1680817 1498 SH OTR ALL 1498 0 0 Clorox Co COMMON STOCKS 189054109 1953551 15497 SH OTR ALL 15497 0 0 CME Group Inc COMMON STOCKS 12572Q105 2040486 21244 SH OTR ALL 21244 0 0 CMS Energy Corp COMMON STOCKS 125896100 1975963 46559 SH OTR ALL 46559 0 0 Coca-Cola Company COMMON STOCKS 191216100 5780936 124616 SH OTR ALL 124616 0 0 Constellation Brands COMMON STOCKS 21036P108 2346125 15528 SH OTR ALL 15528 0 0 Consumer Staples Spdr EXCHANGE TRADED FUND 81369Y308 37990 716 SH OTR ALL 716 0 0 Corning Inc COMMON STOCKS 219350105 1919602 91891 SH OTR ALL 91891 0 0 Crown Castle Intl Corp COMMON STOCKS 22822V101 1967442 22745 SH OTR ALL 22745 0 0 D.R. Horton Inc COMMON STOCKS 23331A109 1870451 61874 SH OTR ALL 61874 0 0 Darden Restaurants COMMON STOCKS 237194105 2308300 34816 SH OTR ALL 34816 0 0 Davita Health Care Partners Inc COMMON STOCKS 23918K108 1525863 20794 SH OTR ALL 20794 0 0 Delta Air Lines, Inc. COMMON STOCKS 247361702 2302028 47289 SH OTR ALL 47289 0 0 Dollar General Corp. COMMON STOCKS 256677105 2088468 24398 SH OTR ALL 24398 0 0 Dollar Tree, Inc. COMMON STOCKS 256746108 400508 4857 SH OTR ALL 4857 0 0 Dominion Resources Inc CONVERTIBLE PREFERRED STOCK 25746U869 3396528 67141 SH OTR ALL 67141 0 0 Dr Pepper Snapple Group Inc. COMMON STOCKS 26138E109 1951949 21829 SH OTR ALL 21829 0 0 DTE Energy Co COMMON STOCKS 233331107 1899055 20947 SH OTR ALL 20947 0 0 Dun & Bradstreet Corp COMMON STOCKS 26483E100 1180987 11457 SH OTR ALL 11457 0 0 Ebay Inc COMMON STOCKS 278642103 1080500 45285 SH OTR ALL 45285 0 0 Ecolab Inc COMMON STOCKS 278865100 1938886 17386 SH OTR ALL 17386 0 0 Edison International COMMON STOCKS 281020107 504524 7018 SH OTR ALL 7018 0 0 Energy Transfer Partners LP LIMITED PARTNERSHIPS 29273R109 439662 13595 SH OTR ALL 13595 0 0 Entertainment Properties CONVERTIBLE PREFERRED STOCK 26884U307 248675 7105 SH OTR ALL 7105 0 0 Equifax Inc COMMON STOCKS 294429105 1827154 15987 SH OTR ALL 15987 0 0 Exelon Corp CONVERTIBLE PREFERRED STOCK 30161N127 1492224 30443 SH OTR ALL 30443 0 0 Fastenal Co. COMMON STOCKS 311900104 1856855 37895 SH OTR ALL 37895 0 0 Fidelity Natl Inform COMMON STOCKS 31620M106 1702849 26897 SH OTR ALL 26897 0 0 Ford Motor Co COMMON STOCKS 345370860 640386 47436 SH OTR ALL 47436 0 0 Four Corners Property Trust REITS - usd 35086t109 219905 12251 SH OTR ALL 12251 0 0 Frontier Communications Conv Prf CONVERTIBLE PREFERRED STOCK 35906A207 245084 2351 SH OTR ALL 2351 0 0 General Growth Properties, Inc. REITS - usd 370023103 1772383 59616 SH OTR ALL 59616 0 0 Gilead Sciences Inc. Senior Note Conv B/E CONVERTIBLE BOND 375558AP8 4209800 1023 SH OTR ALL 1023 0 0 Goldman Sachs Group COMMON STOCKS 38141G104 1275933 8128 SH OTR ALL 8128 0 0 Grainger W W Inc COMMON STOCKS 384802104 1544606 6617 SH OTR ALL 6617 0 0 Guggenheim Enhanced Short Duration Bond ETF EXCHANGE TRADED FUND 18383M654 341858 6855 SH OTR ALL 6855 0 0 Hershey Foods Corp COMMON STOCKS 427866108 1717110 18646 SH OTR ALL 18646 0 0 Hess Corp - Conv Pr CONVERTIBLE PREFERRED STOCK 42809H404 1335253 19925 SH OTR ALL 19925 0 0 Home Depot Inc COMMON STOCKS 437076102 5227387 39177 SH OTR ALL 39177 0 0 Huntington Bancshare COMMON STOCKS 446150104 1329465 139357 SH OTR ALL 139357 0 0 Illumina Inc CONVERTIBLE BOND 452327AF6 2709592 2604 SH OTR ALL 2604 0 0 Intel Corp CONVERTIBLE BOND 458140AF7 3785471 2360 SH OTR ALL 2360 0 0 Intel Corp CONVERTIBLE BOND 458140AD2 2938632 2277 SH OTR ALL 2277 0 0 Intuitive Surgical Inc COMMON STOCKS 46120E602 2109084 3509 SH OTR ALL 3509 0 0 Invesco Ltd. COMMON STOCKS G491BT108 1262370 41026 SH OTR ALL 41026 0 0 iShares 1-3 Year Credit Bond EXCHANGE TRADED FUND 464288646 377087 3577 SH OTR ALL 3577 0 0 iShares Barclays 3-7 Year Tr EXCHANGE TRADED FUND 464288661 168521 1338 SH OTR ALL 1338 0 0 iShares Currency Hedged Germany MSCI ETF EXCHANGE TRADED FUND 46434V704 4729038 205521 SH OTR ALL 205521 0 0 iShares Currency Hedged MSCI Spain ETF EXCHANGE TRADED FUND 46435G813 4067030 215073 SH OTR ALL 215073 0 0 iShares Floating Rate Bond ETF EXCHANGE TRADED FUND 46429B655 494620 9810 SH OTR ALL 9810 0 0 iShares iBoxx High Yield Corp Bond ETF EXCHANGE TRADED FUND 464288513 331007 4052 SH OTR ALL 4052 0 0 iShares iBoxx Investment Grade EXCHANGE TRADED FUND 464287242 670857 5646 SH OTR ALL 5646 0 0 iShares Intermediate Credit EXCHANGE TRADED FUND 464288638 645306 5883 SH OTR ALL 5883 0 0 iShares Lehman 1-3 Tr EXCHANGE TRADED FUND 464287457 243951 2869 SH OTR ALL 2869 0 0 iShares Lehman 20+ Tr EXCHANGE TRADED FUND 464287432 26905 206 SH OTR ALL 206 0 0 iShares Lehman 7-10 Tr EXCHANGE TRADED FUND 464287440 44798 406 SH OTR ALL 406 0 0 iShares MBS ETF EXCHANGE TRADED FUND 464288588 511819 4675 SH OTR ALL 4675 0 0 iShares MSCI Hong Kong Index Fund EXCHANGE TRADED FUND 464286871 4856437 245646 SH OTR ALL 245646 0 0 iShares MSCI India ETF EXCHANGE TRADED FUND 46429B598 4838723 178419 SH OTR ALL 178419 0 0 iShares MSCI Ireland Capped ETF EXCHANGE TRADED FUND 46429B507 4950348 123143 SH OTR ALL 123143 0 0 iShares MSCI United Kingdom EXCHANGE TRADED FUND 46434V548 4613934 294256 SH OTR ALL 294256 0 0 iShares TIPS Bond ETF EXCHANGE TRADED FUND 464287176 49409 431 SH OTR ALL 431 0 0 J P Morgan Chase & Co COMMON STOCKS 46625H100 2110956 35646 SH OTR ALL 35646 0 0 Janus Capitol Group Inc. CONVERTIBLE BOND 47102XAH8 1091440 766 SH OTR ALL 766 0 0 Johnson & Johnson COMMON STOCKS 478160104 697457 6446 SH OTR ALL 6446 0 0 JPMorgan Chase & Co PREFERRED STOCK 48127A161 234397 8462 SH OTR ALL 8462 0 0 Kinder Morgan Inc/Delaware CONVERTIBLE PREFERRED STOCK 49456B200 163521 3636 SH OTR ALL 3636 0 0 L Brands Inc COMMON STOCKS 501797104 1767527 20129 SH OTR ALL 20129 0 0 Laclede Group Inc CONVERTIBLE PREFERRED STOCK 505597500 2187506 36247 SH OTR ALL 36247 0 0 Lam Research Corp 1.25 CONVERTIBLE BOND 512807AL2 2410048 1626 SH OTR ALL 1626 0 0 Level 3 Communication COMMON STOCKS 52729N308 1567425 29658 SH OTR ALL 29658 0 0 LyondellBasell Industries NV COMMON STOCKS N53745100 635089 7421 SH OTR ALL 7421 0 0 Macquarie Infrastructure CONVERTIBLE BOND 55608BAA3 1328475 1191 SH OTR ALL 1191 0 0 Macquarie Infrastructure Corp COMMON STOCKS 55608B105 651605 9662 SH OTR ALL 9662 0 0 Marathon Oil Corp COMMON STOCKS 565849106 637898 57262 SH OTR ALL 57262 0 0 Marathon Petroleum Corporation COMMON STOCKS 56585A102 1371495 36888 SH OTR ALL 36888 0 0 Martin Marietta Materials COMMON STOCKS 573284106 1657149 10389 SH OTR ALL 10389 0 0 McDonalds Corp COMMON STOCKS 580135101 4136631 32914 SH OTR ALL 32914 0 0 Mckesson Corp COMMON STOCKS 58155Q103 1675184 10653 SH OTR ALL 10653 0 0 Merck & Co Inc COMMON STOCKS 58933Y105 3928832 74255 SH OTR ALL 74255 0 0 Micron Technology CONVERTIBLE BOND 595112AY9 838557 1186 SH OTR ALL 1186 0 0 Microsoft Corp COMMON STOCKS 594918104 708600 12830 SH OTR ALL 12830 0 0 Mohawk Industries Inc COMMON STOCKS 608190104 1718863 9004 SH OTR ALL 9004 0 0 Moody's Corp COMMON STOCKS 615369105 1579045 16353 SH OTR ALL 16353 0 0 Morgan Stanley COMMON STOCKS 617446448 1575880 63010 SH OTR ALL 63010 0 0 Morgan Stanley Repstng 1/1000 Non Cuml PFD F Pe PREFERRED STOCK 61763E207 228383 8415 SH OTR ALL 8415 0 0 Newell Brands Inc COMMON STOCKS 651229106 1767481 39907 SH OTR ALL 39907 0 0 Newmont Mining Corp CONVERTIBLE BOND 651639AJ5 1177347 1125 SH OTR ALL 1125 0 0 NextEra Energy Inc COMMON STOCKS 65339F101 504601 4264 SH OTR ALL 4264 0 0 NextEra Inc CONVERTIBLE PREFERRED STOCK 65339F846 3598151 59397 SH OTR ALL 59397 0 0 Novellus Systems CONVERTIBLE BOND 670008AD3 3104350 1264 SH OTR ALL 1264 0 0 Nucor Corp COMMON STOCKS 670346105 1599165 33809 SH OTR ALL 33809 0 0 Nustar Logistics Lp PREFERRED STOCK 67059T204 205660 9100 SH OTR ALL 9100 0 0 NVIDIA Corp CONVERTIBLE BOND 67066GAC8 1496134 834 SH OTR ALL 834 0 0 NXP Semiconductor NV CONVERTIBLE BOND 62952QAB6 1956570 1761 SH OTR ALL 1761 0 0 Occidental Pete Corp COMMON STOCKS 674599105 1512234 22099 SH OTR ALL 22099 0 0 Old Republic Intl Corp CONVERTIBLE BOND 680223AH7 2215245 1782 SH OTR ALL 1782 0 0 Omega Healthcare Investors Inc REITS - usd 681936100 660639 18715 SH OTR ALL 18715 0 0 Oracle Systems Corp COMMON STOCKS 68389X105 3795588 92779 SH OTR ALL 92779 0 0 O'Reilly Automotive Inc. COMMON STOCKS 67103H107 2226224 8135 SH OTR ALL 8135 0 0 Paccar Inc COMMON STOCKS 693718108 1500201 27431 SH OTR ALL 27431 0 0 Paychex Inc COMMON STOCKS 704326107 2556239 47329 SH OTR ALL 47329 0 0 PayPal Inc COMMON STOCKS 70450Y103 1748001 45285 SH OTR ALL 45285 0 0 People's United Financial COMMON STOCKS 712704105 1527973 95918 SH OTR ALL 95918 0 0 Pepsico Inc COMMON STOCKS 713448108 4388910 42827 SH OTR ALL 42827 0 0 Pfizer Inc COMMON STOCKS 717081103 596534 20126 SH OTR ALL 20126 0 0 PG&E Corporation COMMON STOCKS 69331C108 2116655 35443 SH OTR ALL 35443 0 0 Pitney Bowes Inc COMMON STOCKS 724479100 1388877 64479 SH OTR ALL 64479 0 0 Priceline Com Inc CONVERTIBLE BOND 741503AQ9 2950803 2060 SH OTR ALL 2060 0 0 Priceline.com COMMON STOCKS 741503403 2580497 2002 SH OTR ALL 2002 0 0 Proctor & Gamble Co COMMON STOCKS 742718109 696342 8460 SH OTR ALL 8460 0 0 Progressive Corp Ohi COMMON STOCKS 743315103 2166064 61641 SH OTR ALL 61641 0 0 Prologis COMMON STOCKS 74340W103 1996538 45191 SH OTR ALL 45191 0 0 Prudential Finl Inc COMMON STOCKS 744320102 44126 611 SH OTR ALL 611 0 0 Quanta Services COMMON STOCKS 74762E102 1185708 52558 SH OTR ALL 52558 0 0 Ralph Lauren Corp Cl A COMMON STOCKS 751212101 1133942 11780 SH OTR ALL 11780 0 0 Realty Income Corporation REITS - usd 756109104 1878800 30056 SH OTR ALL 30056 0 0 Red Hat Inc COMMON STOCKS 756577102 1619772 21739 SH OTR ALL 21739 0 0 Red Hat Inc. CONVERTIBLE BOND 756577AD4 2291059 1844 SH OTR ALL 1844 0 0 Regeneron Pharmaceuticals COMMON STOCKS 75886F107 1568995 4353 SH OTR ALL 4353 0 0 Robert Half International, Inc. COMMON STOCKS 770323103 1278062 27438 SH OTR ALL 27438 0 0 RPM International Inc. CONVERTIBLE BOND 749685AT0 1871981 1626 SH OTR ALL 1626 0 0 Safeway Casa Ley CVR WARRANTS 786cvr209 84724 83481 SH OTR ALL 83481 0 0 Safeway PDC, LLC CVR WARRANTS 786cvr308 4073 83481 SH OTR ALL 83481 0 0 Scana Corp COMMON STOCKS 80589M102 2012884 28694 SH OTR ALL 28694 0 0 Schlumberger Ltd COMMON STOCKS 806857108 2821896 38263 SH OTR ALL 38263 0 0 Seagate Technology Plc COMMON STOCKS G7945M107 1018410 29562 SH OTR ALL 29562 0 0 Seaspan Corp PREFERRED STOCK Y75638133 217288 9215 SH OTR ALL 9215 0 0 Sector Healthcare Select Spider ETF EXCHANGE TRADED FUND 81369Y209 55172 814 SH OTR ALL 814 0 0 Sherwin Williams Co COMMON STOCKS 824348106 1878252 6598 SH OTR ALL 6598 0 0 Six Flags Entertainment COMMON STOCKS 83001A102 650120 11716 SH OTR ALL 11716 0 0 Snap On Tools Corp COMMON STOCKS 833034101 1574452 10029 SH OTR ALL 10029 0 0 Southwest Airlines co COMMON STOCKS 844741108 2135974 47678 SH OTR ALL 47678 0 0 SPDR Barclays Convertible Securities ETF EXCHANGE TRADED FUND 78464A359 145368 3365 SH OTR ALL 3365 0 0 Spdr S&P 500 EXCHANGE TRADED FUND 78462F103 5428810 26415 SH OTR ALL 26415 0 0 St Jude Med Inc COMMON STOCKS 790849103 1330945 24199 SH OTR ALL 24199 0 0 Stanley Black & Decker Inc COMMON STOCKS 854502101 1722498 16372 SH OTR ALL 16372 0 0 Stanley Black & Decker Inc. CONVERTIBLE PREFERRED STOCK 854502804 1272006 11181 SH OTR ALL 11181 0 0 Starbucks Corp COMMON STOCKS 855244109 3268276 54745 SH OTR ALL 54745 0 0 Stericycle Inc CONVERTIBLE PREFERRED STOCK 858912207 893038 9555 SH OTR ALL 9555 0 0 Suntrust Bks Inc COMMON STOCKS 867914103 1513700 41954 SH OTR ALL 41954 0 0 Target Corp COMMON STOCKS 87612E106 726779 8833 SH OTR ALL 8833 0 0 Teradata Corp COMMON STOCKS 88076W103 874579 33330 SH OTR ALL 33330 0 0 Tesoro Corporation COMMON STOCKS 881609101 1513431 17596 SH OTR ALL 17596 0 0 Teva Pharmaceutical Cv Pfd CONVERTIBLE PREFERRED STOCK M8769Q136 2249198 2560 SH OTR ALL 2560 0 0 Textron Inc COMMON STOCKS 883203101 1294731 35511 SH OTR ALL 35511 0 0 Thermo Fisher Scientific Inc COMMON STOCKS 883556102 2644051 18674 SH OTR ALL 18674 0 0 Time Warner Inc COMMON STOCKS 887317303 2272628 31325 SH OTR ALL 31325 0 0 Total Sys Svcs Inc COMMON STOCKS 891906109 1751134 36804 SH OTR ALL 36804 0 0 Travelers Companies COMMON STOCKS 89417E109 2306189 19760 SH OTR ALL 19760 0 0 Trinity Industires Inc CONVERTIBLE BOND 896522AF6 1190110 1091 SH OTR ALL 1091 0 0 Tyson Foods Inc CONVERTIBLE PREFERRED STOCK 902494301 2374091 31870 SH OTR ALL 31870 0 0 Union Pac Corp COMMON STOCKS 907818108 2425081 30485 SH OTR ALL 30485 0 0 United Parcel Services COMMON STOCKS 911312106 713399 6764 SH OTR ALL 6764 0 0 United Technologies COMMON STOCKS 913017109 2851348 28485 SH OTR ALL 28485 0 0 Universal Health Services - B COMMON STOCKS 913903100 1652290 13248 SH OTR ALL 13248 0 0 Valero Energy Corp COMMON STOCKS 91913Y100 2147535 33482 SH OTR ALL 33482 0 0 Vanguard Intermediate - Term Corporate Bond ETF EXCHANGE TRADED FUND 92206C870 139522 1605 SH OTR ALL 1605 0 0 Varian Medical Systems Inc COMMON STOCKS 92220P105 1426676 17829 SH OTR ALL 17829 0 0 Visa. Inc - Class A Shares COMMON STOCKS 92826C839 5177084 67692 SH OTR ALL 67692 0 0 Vodafone Group Plc-Sp Adr AMERICAN DEPOSITARY RECEIPT 92857W308 656159 20473 SH OTR ALL 20473 0 0 Vulcan Materials Co COMMON STOCKS 929160109 1928447 18267 SH OTR ALL 18267 0 0 W P Carey Inc REITS - usd 92936U109 680469 10933 SH OTR ALL 10933 0 0 Wal-Mart Stores Inc COMMON STOCKS 931142103 3366831 49158 SH OTR ALL 49158 0 0 Wells Fargo & Co PREFERRED STOCK 949746556 225298 8547 SH OTR ALL 8547 0 0 Wells Fargo & Company PFD CONVERTIBLE PREFERRED STOCK 949746804 3132079 2623 SH OTR ALL 2623 0 0 Welltower Inc Pfd CONVERTIBLE PREFERRED STOCK 95040Q203 1739317 28030 SH OTR ALL 28030 0 0 Weyerhaeuser Co COMMON STOCKS 962166104 1673880 54031 SH OTR ALL 54031 0 0 Weyerhaeuser Company CONVERTIBLE PREFERRED STOCK 962166872 1930301 37727 SH OTR ALL 37727 0 0 Whole Foods Market Inc COMMON STOCKS 966837106 1127301 36236 SH OTR ALL 36236 0 0 Wisconsin Energy Corp COMMON STOCKS 92939U106 810104 13486 SH OTR ALL 13486 0 0 Wisdomtree Japan Hedged Equity Fund EXCHANGE TRADED FUND 97717W851 4214736 96425 SH OTR ALL 96425 0 0 Xilinx Inc CONVERTIBLE BOND 983919AF8 1311766 789 SH OTR ALL 789 0 0 Zions Bancorp COMMON STOCKS 989701107 1238196 51144 SH OTR ALL 51144 0 0