Chief Executive Officer

0000909012-19-000073.txt : 20190514 0000909012-19-000073.hdr.sgml : 20190514 20190514122400 ACCESSION NUMBER: 0000909012-19-000073 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190514 DATE AS OF CHANGE: 20190514 EFFECTIVENESS DATE: 20190514 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: 19821520 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 03-31-2019 03-31-2019 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 05-08-2019 0 188 372000943 false INFORMATION TABLE 2 aci_13f.xml 3M COMPANY COMMON STOCKS 88579Y101 3263600 15707 SH OTR ALL 15707 0 0 Abbvie Inc COMMON STOCKS 00287Y109 639320 7933 SH OTR ALL 7933 0 0 Advance Auto Parts Inc COMMON STOCKS 00751Y106 3477788 20394 SH OTR ALL 20394 0 0 Aflac Inc COMMON STOCKS 001055102 2849600 56992 SH OTR ALL 56992 0 0 Agilent Technologies COMMON STOCKS 00846U101 2715557 33784 SH OTR ALL 33784 0 0 Alexandria Real Estate CONVERTIBLE PREFERRED STOCK 015271505 1850168 48830 SH OTR ALL 48830 0 0 Altria Group Inc COMMON STOCKS 02209s103 637473 11100 SH OTR ALL 11100 0 0 American Electric Power CONVERTIBLE PREFERRED STOCK 025537127 817536 16000 SH OTR ALL 16000 0 0 American Express Co COMMON STOCKS 025816109 3425243 31338 SH OTR ALL 31338 0 0 Ameriprise Financial, Inc. COMMON STOCKS 03076C106 1807362 14109 SH OTR ALL 14109 0 0 Amerisourcebergen Corp Com COMMON STOCKS 03073E105 1958498 24629 SH OTR ALL 24629 0 0 Ametek Inc. COMMON STOCKS 031100100 2641764 31840 SH OTR ALL 31840 0 0 AMG Capital Trust II CONVERTIBLE PREFERRED STOCK 00170F209 1453370 28750 SH OTR ALL 28750 0 0 Amgen Inc COMMON STOCKS 031162100 4507275 23725 SH OTR ALL 23725 0 0 Anadarko Pete Corp COMMON STOCKS 032511107 2051739 45113 SH OTR ALL 45113 0 0 Analog Devices Inc COMMON STOCKS 032654105 2926400 27799 SH OTR ALL 27799 0 0 Applied Materials Inc COMMON STOCKS 038222105 2035747 51330 SH OTR ALL 51330 0 0 Ares Capital Corp COMMON STOCKS 04010l103 635602 37083 SH OTR ALL 37083 0 0 Ares Capital Corp CONVERTIBLE BOND 04010LAT0 1880894 1861 SH OTR ALL 1861 0 0 Assurant Inc CONVERTIBLE PREFERRED STOCK 04621X207 2117482 20474 SH OTR ALL 20474 0 0 AT&T Inc COMMON STOCKS 00206r102 1999105 63747 SH OTR ALL 63747 0 0 Automatic Data Processing Inc. COMMON STOCKS 053015103 3710760 23230 SH OTR ALL 23230 0 0 Baker Hughes GE Co. COMMON STOCKS 05722G100 2063338 74435 SH OTR ALL 74435 0 0 Bank of N.T. Butterfield & Son Limited COMMON STOCKS G0772R208 566832 15798 SH OTR ALL 15798 0 0 Bank of New York Mellon Corp COMMON STOCKS 064058100 2545555 50477 SH OTR ALL 50477 0 0 BB&T Corp COMMON STOCKS 054937107 2349532 50495 SH OTR ALL 50495 0 0 BCE Inc COMMON STOCKS 05534b760 645386 14539 SH OTR ALL 14539 0 0 Becton Dickinson and Co CONVERTIBLE PREFERRED STOCK 075887208 4151846 66907 SH OTR ALL 66907 0 0 Belden Inc CONVERTIBLE PREFERRED STOCK 077454205 215055 2971 SH OTR ALL 2971 0 0 Block H & R Inc COMMON STOCKS 093671105 2014407 84144 SH OTR ALL 84144 0 0 Boeing Co COMMON STOCKS 097023105 387904 1017 SH OTR ALL 1017 0 0 Booking Holdings Inc CONVERTIBLE BOND 741503AX4 2850639 2569 SH OTR ALL 2569 0 0 Broadcom Corp New COMMON STOCKS 11135f101 734634 2443 SH OTR ALL 2443 0 0 Brunswick Corp PREFERRED STOCK 117043406 288575 11065 SH OTR ALL 11065 0 0 Bunge Ltd. Perpetual Conv Pfd CONVERTIBLE PREFERRED STOCK G16962204 1552381 15829 SH OTR ALL 15829 0 0 Campbell Soup Co COMMON STOCKS 134429109 1871725 49088 SH OTR ALL 49088 0 0 Cardinal Health Inc COMMON STOCKS 14149Y108 1721458 35752 SH OTR ALL 35752 0 0 Caterpillar Inc COMMON STOCKS 149123101 2673759 19734 SH OTR ALL 19734 0 0 Centerpoint Energy Inc CONVERTIBLE PREFERRED STOCK 15189T503 2328737 43960 SH OTR ALL 43960 0 0 Centerpoint Energy, Inc. COMMON STOCKS 15189T107 2542512 82818 SH OTR ALL 82818 0 0 Church & Dwight Co Inc COMMON STOCKS 171340102 3257917 45738 SH OTR ALL 45738 0 0 Cisco Sys Inc COMMON STOCKS 17275r102 695391 12880 SH OTR ALL 12880 0 0 Citigroup Inc PREFERRED STOCK 172967358 275263 10094 SH OTR ALL 10094 0 0 Citizens Financial Group COMMON STOCKS 174610105 1772745 54546 SH OTR ALL 54546 0 0 Citizens Financial Group PREFERRED STOCK 174610204 290115 11052 SH OTR ALL 11052 0 0 Citrix Inc CONVERTIBLE BOND 177376AD2 1783753 1254 SH OTR ALL 1254 0 0 CMS Energy Corp COMMON STOCKS 125896100 2803825 50483 SH OTR ALL 50483 0 0 Comerica Inc COMMON STOCKS 200340107 1897741 25883 SH OTR ALL 25883 0 0 Consolidated Edison COMMON STOCKS 209115104 2534037 29879 SH OTR ALL 29879 0 0 Constellation Brands COMMON STOCKS 21036P108 2092388 11934 SH OTR ALL 11934 0 0 Cracker Barrel COMMON STOCKS 22410J106 696700 4311 SH OTR ALL 4311 0 0 Crown Castle Int Corp CONVERTIBLE PREFERRED STOCK 22822V309 3869383 3278 SH OTR ALL 3278 0 0 Crown Castle Intl Corp COMMON STOCKS 22822V101 398080 3110 SH OTR ALL 3110 0 0 CSG Systems International CONVERTIBLE BOND 126349AF6 2059492 1953 SH OTR ALL 1953 0 0 CSX Corp COMMON STOCKS 126408103 3486836 46603 SH OTR ALL 46603 0 0 CVS Corp COMMON STOCKS 126650100 700011 12980 SH OTR ALL 12980 0 0 D.R. Horton Inc COMMON STOCKS 23331A109 1870086 45193 SH OTR ALL 45193 0 0 Danaher Corp CONVERTIBLE PREFERRED STOCK 235851300 2747857 2617 SH OTR ALL 2617 0 0 Deere & Co COMMON STOCKS 244199105 2671086 16711 SH OTR ALL 16711 0 0 Dentsply Intl Inc COMMON STOCKS 24906P109 1767883 35650 SH OTR ALL 35650 0 0 Deutsche Bank AG London/VOYA CONVERTIBLE BOND 25155MKM2 2798390 2943 SH OTR ALL 2943 0 0 Digital Realty Trust Inc PREFERRED STOCK 253868871 285046 11411 SH OTR ALL 11411 0 0 Dominion Res Inc Va COMMON STOCKS 25746U109 380923 4969 SH OTR ALL 4969 0 0 Dominion Resources CONVERTIBLE PREFERRED STOCK 25746U836 4069106 81374 SH OTR ALL 81374 0 0 Dycom Inc CONVERTIBLE BOND 267475AB7 903499 976 SH OTR ALL 976 0 0 Eastman Chem Co COMMON STOCKS 277432100 1811255 23870 SH OTR ALL 23870 0 0 Energizer Holdings Inc CONVERTIBLE PREFERRED STOCK 29272W208 316176 3251 SH OTR ALL 3251 0 0 Energy Transfer Partners 7 5/8 PERCENT PREFERRED STOCK 29278N400 280627 11005 SH OTR ALL 11005 0 0 Entertainment Properties CONVERTIBLE PREFERRED STOCK 26884U307 319336 8428 SH OTR ALL 8428 0 0 Fastenal Co. COMMON STOCKS 311900104 2723785 42354 SH OTR ALL 42354 0 0 Foot Locker Inc COMMON STOCKS 344849104 2930919 48365 SH OTR ALL 48365 0 0 Fortive Corporation CONVERTIBLE PREFERRED STOCK 34959J207 2315230 2199 SH OTR ALL 2199 0 0 Franklin High Yield EXCHANGE TRADED FUND 35473P629 215069 8423 SH OTR ALL 8423 0 0 Garmin Ltd COMMON STOCKS H2906T109 3304614 38270 SH OTR ALL 38270 0 0 Global X MSCI Norway ETF EXCHANGE TRADED FUND 37950E747 426246 34127 SH OTR ALL 34127 0 0 Grainger W W Inc COMMON STOCKS 384802104 2937377 9761 SH OTR ALL 9761 0 0 Greenbrier Cos Inc CONVERTIBLE BOND 393657AK7 1445827 1491 SH OTR ALL 1491 0 0 Guggenheim Enhanced Short Duration Bond ETF EXCHANGE TRADED FUND 46090A887 115442 2296 SH OTR ALL 2296 0 0 Halliburton Co COMMON STOCKS 406216101 1504642 51353 SH OTR ALL 51353 0 0 HANNON ARMSTRONG CONVERTIBLE BOND 41068XAB6 2285855 2246 SH OTR ALL 2246 0 0 Hercules Capital Inc CONVERTIBLE BOND 427096AF9 2169940 2182 SH OTR ALL 2182 0 0 HUMANA INC COMMON STOCKS 444859102 2613184 9824 SH OTR ALL 9824 0 0 ILLUMINA INC CONVERTIBLE BOND 452327AH2 2945427 2165 SH OTR ALL 2165 0 0 Interdigital Inc CONVERTIBLE BOND 458660AD9 1836368 1745 SH OTR ALL 1745 0 0 International Flavor & Fragrances CONVERTIBLE PREFERRED STOCK 459506309 2139424 42692 SH OTR ALL 42692 0 0 International Flavors & Fragrances COMMON STOCKS 459506101 1921804 14922 SH OTR ALL 14922 0 0 Intuit COMMON STOCKS 461202103 4179945 15990 SH OTR ALL 15990 0 0 iShares 0-5 Year Investment Grade Corporate Bond EXCHANGE TRADED FUND 46434V100 388767 7706 SH OTR ALL 7706 0 0 iShares 1-3 Year Credit Bond EXCHANGE TRADED FUND 464288646 341745 6470 SH OTR ALL 6470 0 0 iShares Convertible Bond ETF EXCHANGE TRADED FUND 46435G102 103864 1792 SH OTR ALL 1792 0 0 iShares Currency Hedged Canada EXCHANGE TRADED FUND 46435G706 482815 18675 SH OTR ALL 18675 0 0 ISHARES CURRENCY HEDGED MSCI GER ETF EXCHANGE TRADED FUND 46434v704 473093 18238 SH OTR ALL 18238 0 0 iShares Currency Hedged South Korea EXCHANGE TRADED FUND 46435G888 438901 17087 SH OTR ALL 17087 0 0 iShares Floating Rate Bond ETF EXCHANGE TRADED FUND 46429B655 483237 9492 SH OTR ALL 9492 0 0 iShares iBoxx High Yield Corp Bond ETF EXCHANGE TRADED FUND 464288513 132904 1537 SH OTR ALL 1537 0 0 iShares iBoxx Investment Grade EXCHANGE TRADED FUND 464287242 169065 1420 SH OTR ALL 1420 0 0 iShares Interest Rate Hedged Long-Term Corporate EXCHANGE TRADED FUND 46431W812 222704 9031 SH OTR ALL 9031 0 0 iShares MBS ETF EXCHANGE TRADED FUND 464288588 356412 3351 SH OTR ALL 3351 0 0 ISHARES MSCI FRANCE ETF EXCHANGE TRADED FUND 464286707 476559 16171 SH OTR ALL 16171 0 0 ISHARES MSCI TAIWAN CAPPED ETF EXCHANGE TRADED FUND 46434g772 451130 13046 SH OTR ALL 13046 0 0 iShares TIPS Bond ETF EXCHANGE TRADED FUND 464287176 22614 200 SH OTR ALL 200 0 0 J P Morgan Chase & Co COMMON STOCKS 46625h100 6685735 66045 SH OTR ALL 66045 0 0 JB Hunt COMMON STOCKS 445658107 1945173 19204 SH OTR ALL 19204 0 0 Johnson & Johnson COMMON STOCKS 478160104 643732 4605 SH OTR ALL 4605 0 0 Johnson Controls Inc COMMON STOCKS G51502105 2450267 66331 SH OTR ALL 66331 0 0 Kansas City Southern COMMON STOCKS 485170302 2404729 20734 SH OTR ALL 20734 0 0 Keycorp COMMON STOCKS 493267108 1832638 116358 SH OTR ALL 116358 0 0 KINDER MORGAN INC DE COMMON STOCKS 49456B101 337288 16856 SH OTR ALL 16856 0 0 Kla-Tencor Corp COMMON STOCKS 482480100 2576390 21576 SH OTR ALL 21576 0 0 Kohl's Corp COMMON STOCKS 500255104 3381971 49178 SH OTR ALL 49178 0 0 Ladder Capitol Corp COMMON STOCKS 505743104 685446 40273 SH OTR ALL 40273 0 0 Legg Mason Inc COMMON STOCKS 524901105 655730 23958 SH OTR ALL 23958 0 0 Lennar Corp - Cl A COMMON STOCKS 526057104 1722224 35083 SH OTR ALL 35083 0 0 Leucadia National Corp COMMON STOCKS 47233w109 1549611 82470 SH OTR ALL 82470 0 0 LyondellBasell Industries NV COMMON STOCKS n53745100 579058 6887 SH OTR ALL 6887 0 0 M & T Bk Corp COMMON STOCKS 55261F104 2210056 14075 SH OTR ALL 14075 0 0 Magellan Midstream COMMON STOCKS 559080106 311577 5139 SH OTR ALL 5139 0 0 Marathon Oil Corp COMMON STOCKS 565849106 2162725 129427 SH OTR ALL 129427 0 0 Marathon Petroleum Corporation COMMON STOCKS 56585A102 4193749 70071 SH OTR ALL 70071 0 0 Market Vectors Investment Grade Floating Rate Bo EXCHANGE TRADED FUND 92189F486 176567 7015 SH OTR ALL 7015 0 0 Marriott Intl Inc COMMON STOCKS 571903202 2477407 19805 SH OTR ALL 19805 0 0 Merck & Co Inc COMMON STOCKS 58933Y105 5745799 69085 SH OTR ALL 69085 0 0 Microsoft Corp COMMON STOCKS 594918104 13252446 112366 SH OTR ALL 112366 0 0 Morgan Stanley PFD Perpetual PREFERRED STOCK 61763E207 293200 10604 SH OTR ALL 10604 0 0 Mosaic Company COMMON STOCKS 61945C103 2368842 86739 SH OTR ALL 86739 0 0 New Mountain Finance CONVERTIBLE BOND 647551AC4 2354183 2320 SH OTR ALL 2320 0 0 NextEra Energy Inc COMMON STOCKS 65339f101 374460 1937 SH OTR ALL 1937 0 0 Nordstrom Inc COMMON STOCKS 655664100 2085549 46993 SH OTR ALL 46993 0 0 NRG Energy Inc. COMMON STOCKS 629377508 3349802 78856 SH OTR ALL 78856 0 0 Nustar Logistics LP PREFERRED STOCK 67059T204 289135 11501 SH OTR ALL 11501 0 0 nVent COMMON STOCKS G6700G107 855319 31702 SH OTR ALL 31702 0 0 NXP Semiconductors CONVERTIBLE BOND 62952QAB6 2223456 2145 SH OTR ALL 2145 0 0 ON Semiconductor Corp CONVERTIBLE BOND 682189AP0 1939358 1555 SH OTR ALL 1555 0 0 Oneok Inc New COMMON STOCKS 682680103 679613 9731 SH OTR ALL 9731 0 0 Packaging Corp of America COMMON STOCKS 695156109 1786355 17975 SH OTR ALL 17975 0 0 Paychex Inc COMMON STOCKS 704326107 2887520 36004 SH OTR ALL 36004 0 0 Pentair PLC COMMON STOCKS G7S00T104 1411056 31702 SH OTR ALL 31702 0 0 People's United Financial COMMON STOCKS 712704105 1927787 117262 SH OTR ALL 117262 0 0 PEPSICO INC COMMON STOCKS 713448108 691917 5646 SH OTR ALL 5646 0 0 Philip Morris Intl Inc COMMON STOCKS 718172109 3383745 38282 SH OTR ALL 38282 0 0 PNC FINANCIAL SERVICES GROUP INC COMMON STOCKS 693475105 2457493 20035 SH OTR ALL 20035 0 0 Prudential Finl Inc COMMON STOCKS 744320102 2110207 22967 SH OTR ALL 22967 0 0 Pulte Homes Inc COMMON STOCKS 745867101 1836692 65690 SH OTR ALL 65690 0 0 Qualcomm Inc COMMON STOCKS 747525103 2849732 49969 SH OTR ALL 49969 0 0 Range Res Corp COMMON STOCKS 75281A109 1456378 129571 SH OTR ALL 129571 0 0 Red Hat Inc CONVERTIBLE BOND 756577AD4 3801696 1534 SH OTR ALL 1534 0 0 Regions Finl Corp COMMON STOCKS 7591EP100 1906924 134765 SH OTR ALL 134765 0 0 Republic Services Inc COMMON STOCKS 760759100 2863617 35626 SH OTR ALL 35626 0 0 Rio Tinto PLC - Spon ADR COMMON STOCKS 767204100 676127 11489 SH OTR ALL 11489 0 0 Schwab Charles Corp COMMON STOCKS 808513105 2381047 55684 SH OTR ALL 55684 0 0 Sealed Air Corp New COMMON STOCKS 81211K100 2127465 46189 SH OTR ALL 46189 0 0 Sempra Energy COMMON STOCKS 816851109 2922469 23220 SH OTR ALL 23220 0 0 Sempra Energy CONVERTIBLE PREFERRED STOCK 816851406 2565833 24227 SH OTR ALL 24227 0 0 SKYWORKS SOLUTIONS INC COMMON STOCKS 83088M102 1944218 23572 SH OTR ALL 23572 0 0 SMITH (A.O.) CORP COMMON STOCKS 831865209 1926344 36128 SH OTR ALL 36128 0 0 Smucker J M Co COMMON STOCKS 832696405 705757 6058 SH OTR ALL 6058 0 0 South Jersey Industries CONVERTIBLE PREFERRED STOCK 838518116 1588195 30748 SH OTR ALL 30748 0 0 SOUTHERN COMPANY COMMON STOCKS 842587107 2989274 57842 SH OTR ALL 57842 0 0 SPDR S&P 500 ETF EXCHANGE TRADED FUND 78462f103 996024 3526 SH OTR ALL 3526 0 0 Spirit Realty Capital CONVERTIBLE BOND 84860WAB8 2195918 2135 SH OTR ALL 2135 0 0 Stanley Black & Decker CONVERTIBLE PREFERRED STOCK 854502887 3178166 32422 SH OTR ALL 32422 0 0 Starbucks Corp COMMON STOCKS 855244109 3914001 52650 SH OTR ALL 52650 0 0 Starwood Property Trust CONVERTIBLE BOND 85571BAH8 1162998 1117 SH OTR ALL 1117 0 0 Synaptics Inc CONVERTIBLE BOND 87157DAD1 1402714 1515 SH OTR ALL 1515 0 0 Sysco Corp COMMON STOCKS 871829107 2749043 41178 SH OTR ALL 41178 0 0 Target Corp COMMON STOCKS 87612E106 3003650 37424 SH OTR ALL 37424 0 0 TCP Capital Corp CONVERTIBLE BOND 87238QAB9 2320686 2226 SH OTR ALL 2226 0 0 Texas Instrs Inc COMMON STOCKS 882508104 3917165 36930 SH OTR ALL 36930 0 0 Thermo Fisher Scientific Inc COMMON STOCKS 883556102 4115380 15035 SH OTR ALL 15035 0 0 Tjx Cos Inc New COMMON STOCKS 872540109 3808133 71568 SH OTR ALL 71568 0 0 Total Sys Svcs Inc COMMON STOCKS 891906109 2743983 28881 SH OTR ALL 28881 0 0 TPG Specialty Lending CONVERTIBLE BOND 87265KAD4 2686536 2611 SH OTR ALL 2611 0 0 Two Harbors Inv Corp PREFERRED STOCK 90187B507 283230 11670 SH OTR ALL 11670 0 0 United Parcel Services COMMON STOCKS 911312106 657589 5885 SH OTR ALL 5885 0 0 Unitedhealth Group Inc COMMON STOCKS 91324P102 5067593 20495 SH OTR ALL 20495 0 0 Unum Group COMMON STOCKS 91529Y106 1370520 40512 SH OTR ALL 40512 0 0 Valero Energy Corp COMMON STOCKS 91913y100 2982622 35160 SH OTR ALL 35160 0 0 Vanguard Short-Term Corporate Bond ETF EXCHANGE TRADED FUND 92206C409 181134 2271 SH OTR ALL 2271 0 0 Vereit Inc CONVERTIBLE BOND 02917TAB0 2727328 2674 SH OTR ALL 2674 0 0 Vereit Inc PREFERRED STOCK 92339V209 283816 11276 SH OTR ALL 11276 0 0 Viacom Inc Cl B COMMON STOCKS 92553P201 2219466 79069 SH OTR ALL 79069 0 0 Walt Disney Co COMMON STOCKS 254687106 4089901 36836 SH OTR ALL 36836 0 0 Wells Fargo & Company PFD CONVERTIBLE PREFERRED STOCK 949746804 2708868 2092 SH OTR ALL 2092 0 0 Western Un Co COMMON STOCKS 959802109 1995628 108047 SH OTR ALL 108047 0 0 Williams Cos Inc Del COMMON STOCKS 969457100 2167699 75477 SH OTR ALL 75477 0 0 Willis Tower Watson PLC COMMON STOCKS G96629103 2765433 15744 SH OTR ALL 15744 0 0 Xilinx Inc COMMON STOCKS 983919101 4020637 31711 SH OTR ALL 31711 0 0 Zions Bancorp COMMON STOCKS 989701107 1997495 43988 SH OTR ALL 43988 0 0