Chief Executive Officer

0000909012-17-000107.txt : 20170516 0000909012-17-000107.hdr.sgml : 20170516 20170516134153 ACCESSION NUMBER: 0000909012-17-000107 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170516 DATE AS OF CHANGE: 20170516 EFFECTIVENESS DATE: 20170516 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: 17848003 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 03-31-2017 03-31-2017 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 05-16-2017 0 213 380645527 false INFORMATION TABLE 2 aci_13f.xml Activision Blizzard Inc. COMMON STOCKS 00507V109 2617401 52495 SH OTR ALL 52495 0 0 Advance Auto Parts Inc COMMON STOCKS 00751Y106 1443311 9735 SH OTR ALL 9735 0 0 Aetna Inc COMMON STOCKS 00817Y108 2212355 17345 SH OTR ALL 17345 0 0 Agilent Technologies COMMON STOCKS 00846U101 2023335 38270 SH OTR ALL 38270 0 0 Alerian MLP ETF EXCHANGE TRADED FUND 00162Q866 14134 1112 SH OTR ALL 1112 0 0 Alexandria Real Estate CONVERTIBLE PREFERRED STOCK 015271505 2528124 72543 SH OTR ALL 72543 0 0 Allergan PLC CONVERTIBLE PREFERRED STOCK G0177J116 4406745 5194 SH OTR ALL 5194 0 0 Altria Group Inc COMMON STOCKS 02209S103 865539 12119 SH OTR ALL 12119 0 0 American Tower Corp - Cl B CONVERTIBLE PREFERRED STOCK 03027X407 2370274 21220 SH OTR ALL 21220 0 0 Ameriprise Financial, Inc. COMMON STOCKS 03076C106 1995127 15385 SH OTR ALL 15385 0 0 Amerisourcebergen Corp Com COMMON STOCKS 03073E105 1976736 22336 SH OTR ALL 22336 0 0 Ametek Inc. COMMON STOCKS 031100100 1812221 33510 SH OTR ALL 33510 0 0 AMG Capital Trust II CONVERTIBLE PREFERRED STOCK 00170F209 1249498 22115 SH OTR ALL 22115 0 0 Amgen Inc COMMON STOCKS 031162100 433473 2642 SH OTR ALL 2642 0 0 Amphenol Corp COMMON STOCKS 032095101 1931554 27140 SH OTR ALL 27140 0 0 Anadarko Pertroleum Corp CONVERTIBLE PREFERRED STOCK 032511404 2595831 59688 SH OTR ALL 59688 0 0 Analog Devices Inc COMMON STOCKS 032654105 2594783 31663 SH OTR ALL 31663 0 0 Anthem Inc CONVERTIBLE PREFERRED STOCK 036752202 4640694 90994 SH OTR ALL 90994 0 0 Aon PLC COMMON STOCKS G0408V102 2106748 17750 SH OTR ALL 17750 0 0 Applied Materials Inc COMMON STOCKS 038222105 2465677 63385 SH OTR ALL 63385 0 0 Arconic Inc CONVERTIBLE PREFERRED STOCK 03965L308 1368197 33330 SH OTR ALL 33330 0 0 Ares Capital Corp COMMON STOCKS 04010L103 813645 46815 SH OTR ALL 46815 0 0 Ares Capital Corp CONVERTIBLE BOND 04010LAM5 3182052 3035 SH OTR ALL 3035000 0 0 AT&T Inc COMMON STOCKS 00206R102 738427 17772 SH OTR ALL 17772 0 0 Automatic Data Processing Inc. COMMON STOCKS 053015103 2267427 22145 SH OTR ALL 22145 0 0 Baker Hughes Inc COMMON STOCKS 057224107 1765288 29510 SH OTR ALL 29510 0 0 Bank of New York Mellon Corp COMMON STOCKS 064058100 2214851 46895 SH OTR ALL 46895 0 0 BB&T Corp COMMON STOCKS 054937107 2024910 45300 SH OTR ALL 45300 0 0 BCE Inc New COMMON STOCKS 05534B760 753121 17012 SH OTR ALL 17012 0 0 Best Buy Inc COMMON STOCKS 086516101 1746054 35525 SH OTR ALL 35525 0 0 Block H & R Inc COMMON STOCKS 093671105 1668420 71760 SH OTR ALL 71760 0 0 Boeing Co COMMON STOCKS 097023105 424287 2399 SH OTR ALL 2399 0 0 Bristol Myers Squibb COMMON STOCKS 110122108 2951801 54281 SH OTR ALL 54281 0 0 Broadcom Corp New COMMON STOCKS y09827109 3169008 14473 SH OTR ALL 14473 0 0 Bunge Ltd. Perpetual Conv Pfd CONVERTIBLE PREFERRED STOCK G16962204 1651757 15401 SH OTR ALL 15401 0 0 Calatlantic Group Inc CONVERTIBLE BOND 783764AQ6 1185188 934 SH OTR ALL 934000 0 0 Cardinal Health Inc COMMON STOCKS 14149Y108 2151534 26383 SH OTR ALL 26383 0 0 Centurylink Inc COMMON STOCKS 156700106 1707859 72459 SH OTR ALL 72459 0 0 Cintas Corp COMMON STOCKS 172908105 1769662 13985 SH OTR ALL 13985 0 0 Cisco Sys Inc COMMON STOCKS 17275R102 806705 23867 SH OTR ALL 23867 0 0 Citigroup Inc. PREFERRED STOCK 172967358 318084 11014 SH OTR ALL 11014 0 0 Citizens Financial Group COMMON STOCKS 174610105 1767924 51170 SH OTR ALL 51170 0 0 Citrix Systems Inc CONVERTIBLE BOND 177376AD2 1932705 1531 SH OTR ALL 1531000 0 0 Clorox Co COMMON STOCKS 189054109 2087843 15485 SH OTR ALL 15485 0 0 CME Group Inc COMMON STOCKS 12572Q105 2924024 24613 SH OTR ALL 24613 0 0 CMS Energy Corp COMMON STOCKS 125896100 1885791 42150 SH OTR ALL 42150 0 0 Comerica Inc COMMON STOCKS 200340107 1679867 24495 SH OTR ALL 24495 0 0 Cooper Cos Inc/The COMMON STOCKS 216648402 1923941 9625 SH OTR ALL 9625 0 0 Corning Inc COMMON STOCKS 219350105 2059290 76270 SH OTR ALL 76270 0 0 CVS Corp COMMON STOCKS 126650100 762863 9718 SH OTR ALL 9718 0 0 CyrusOne Inc. REITS - usd 23283R100 401312 7797 SH OTR ALL 7797 0 0 D.R. Horton Inc COMMON STOCKS 23331A109 1967522 59067 SH OTR ALL 59067 0 0 Darden Restaurants COMMON STOCKS 237194105 1779828 21272 SH OTR ALL 21272 0 0 Dentsply Intl Inc COMMON STOCKS 24906P109 1861649 29815 SH OTR ALL 29815 0 0 Digital Realty Trust COMMON STOCKS 253868103 1966087 18480 SH OTR ALL 18480 0 0 Digital Realty Trust Inc PREFERRED STOCK 253868871 273735 9954 SH OTR ALL 9954 0 0 Dominion Resources CONVERTIBLE PREFERRED STOCK 25746U836 2845362 55923 SH OTR ALL 55923 0 0 Dominion Resources Inc CONVERTIBLE PREFERRED STOCK 25746U869 3756153 74675 SH OTR ALL 74675 0 0 Dr Pepper Snapple Group Inc. COMMON STOCKS 26138E109 1995120 20375 SH OTR ALL 20375 0 0 Dun & Bradstreet Corp COMMON STOCKS 26483E100 1405919 13025 SH OTR ALL 13025 0 0 Dycom Industries CONVERTIBLE BOND 267475AB7 1127968 963 SH OTR ALL 963000 0 0 Enbridge Inc COMMON STOCKS 29250N105 2365926 56547 SH OTR ALL 56547 0 0 Entertainment Properties CONVERTIBLE PREFERRED STOCK 26884U307 350241 9786 SH OTR ALL 9786 0 0 EQT Midstream Partners LP COMMON STOCKS 26885B100 418105 5437 SH OTR ALL 5437 0 0 Equifax Inc COMMON STOCKS 294429105 2044263 14950 SH OTR ALL 14950 0 0 Expedia Inc. COMMON STOCKS 30212P303 1837035 14560 SH OTR ALL 14560 0 0 Fastenal Co. COMMON STOCKS 311900104 1830568 35545 SH OTR ALL 35545 0 0 Fidelity Natl Inform COMMON STOCKS 31620M106 2053400 25790 SH OTR ALL 25790 0 0 Financial Select Sector SPDR Fund EXCHANGE TRADED FUND 81369Y605 121118 5104 SH OTR ALL 5104 0 0 Finisar Corp CONVERTIBLE BOND 31787AAM3 1502900 1325 SH OTR ALL 1325000 0 0 Ford Motor Co COMMON STOCKS 345370860 2034742 174806 SH OTR ALL 174806 0 0 Global Payments Inc COMMON STOCKS 37940X102 1917360 23765 SH OTR ALL 23765 0 0 Goldman Sachs Group COMMON STOCKS 38141G104 2667049 11610 SH OTR ALL 11610 0 0 Grainger W W Inc COMMON STOCKS 384802104 1677036 7205 SH OTR ALL 7205 0 0 Great Plains Energy Inc. 7 CONVERTIBLE PREFERRED STOCK 391164878 2297011 42751 SH OTR ALL 42751 0 0 Guggenheim Enhanced Short Duration Bond ETF EXCHANGE TRADED FUND 18383M654 401979 7998 SH OTR ALL 7998 0 0 Harley-Davidson, Inc COMMON STOCKS 412822108 1683715 27830 SH OTR ALL 27830 0 0 Hess Corp - Conv Pr CONVERTIBLE PREFERRED STOCK 42809H404 2087677 35087 SH OTR ALL 35087 0 0 Hewlett Packard Co COMMON STOCKS 40434L105 2199687 123025 SH OTR ALL 123025 0 0 Home Depot Inc COMMON STOCKS 437076102 4517959 30770 SH OTR ALL 30770 0 0 HUMANA INC COMMON STOCKS 444859102 2009865 9750 SH OTR ALL 9750 0 0 Illumina Inc CONVERTIBLE BOND 452327AF6 2621788 2600 SH OTR ALL 2600000 0 0 INTEL CORP COMMON STOCKS 458140100 4234907 117408 SH OTR ALL 117408 0 0 Intercontinental Exchange Group. Inc. COMMON STOCKS 45866F104 2063420 34465 SH OTR ALL 34465 0 0 International Paper Co COMMON STOCKS 460146103 1738098 34228 SH OTR ALL 34228 0 0 Intuit COMMON STOCKS 461202103 1959651 16895 SH OTR ALL 16895 0 0 Invesco Ltd. COMMON STOCKS G491BT108 1607922 52495 SH OTR ALL 52495 0 0 iShares 1-3 Year Credit Bond EXCHANGE TRADED FUND 464288646 311376 2959 SH OTR ALL 2959 0 0 iShares Currency Hedged Germany MSCI ETF EXCHANGE TRADED FUND 46434V704 461032 16566 SH OTR ALL 16566 0 0 iShares Currency Hedged MSCI Spain ETF EXCHANGE TRADED FUND 46435G813 472039 20728 SH OTR ALL 20728 0 0 iShares Floating Rate Bond ETF EXCHANGE TRADED FUND 46429B655 537492 10566 SH OTR ALL 10566 0 0 iShares GNMA Bond Fund EXCHANGE TRADED FUND 46429B333 88828 1788 SH OTR ALL 1788 0 0 iShares High Yield Hedged EXCHANGE TRADED FUND 46431W606 58526 643 SH OTR ALL 643 0 0 iShares iBoxx High Yield Corp Bond ETF EXCHANGE TRADED FUND 464288513 323996 3691 SH OTR ALL 3691 0 0 iShares iBoxx Investment Grade EXCHANGE TRADED FUND 464287242 572807 4858 SH OTR ALL 4858 0 0 ISHARES INC MSCI SINGAPORE INDEX FD EXCHANGE TRADED FUND 46434G780 441967 19376 SH OTR ALL 19376 0 0 iShares Interest Rate Hedged 10plus Year EXCHANGE TRADED FUND 46431W812 116898 4661 SH OTR ALL 4661 0 0 iShares Intermediate Credit EXCHANGE TRADED FUND 464288638 555805 5101 SH OTR ALL 5101 0 0 iShares Lehman 1-3 Tr EXCHANGE TRADED FUND 464287457 111904 1324 SH OTR ALL 1324 0 0 iShares MBS ETF EXCHANGE TRADED FUND 464288588 599344 5625 SH OTR ALL 5625 0 0 iShares MSCI Hong Kong Index Fund EXCHANGE TRADED FUND 464286871 460798 20710 SH OTR ALL 20710 0 0 iShares MSCI India ETF EXCHANGE TRADED FUND 46429B598 488364 15511 SH OTR ALL 15511 0 0 iShares MSCI Taiwan Index EXCHANGE TRADED FUND 46434G772 447741 13474 SH OTR ALL 13474 0 0 iShares MSCI United Kingdom EXCHANGE TRADED FUND 46435G334 436463 13409 SH OTR ALL 13409 0 0 iShares TIPS Bond ETF EXCHANGE TRADED FUND 464287176 22930 200 SH OTR ALL 200 0 0 J P Morgan Chase & Co COMMON STOCKS 46625H100 7119959 81056 SH OTR ALL 81056 0 0 Janus Capitol Group Inc. CONVERTIBLE BOND 47102XAH8 1031950 792 SH OTR ALL 792000 0 0 JB Hunt COMMON STOCKS 445658107 1511417 16475 SH OTR ALL 16475 0 0 Johnson & Johnson COMMON STOCKS 478160104 794878 6382 SH OTR ALL 6382 0 0 Keycorp COMMON STOCKS 493267108 1780045 100115 SH OTR ALL 100115 0 0 Kinder Morgan Inc/Delaware CONVERTIBLE PREFERRED STOCK 49456B200 248353 4979 SH OTR ALL 4979 0 0 Kla-Tencor Corp COMMON STOCKS 482480100 2095343 22040 SH OTR ALL 22040 0 0 Kohl's Corp COMMON STOCKS 500255104 1143423 28722 SH OTR ALL 28722 0 0 Lam Research Corp COMMON STOCKS 512807108 2181478 16995 SH OTR ALL 16995 0 0 Lam Research Corp 1.25 CONVERTIBLE BOND 512807AL2 5852345 2748 SH OTR ALL 2748000 0 0 Lauder Estee Cos Inc COMMON STOCKS 518439104 2118902 24990 SH OTR ALL 24990 0 0 Legg Mason Inc COMMON STOCKS 524901105 1718655 47595 SH OTR ALL 47595 0 0 Leggett & Platt Inc COMMON STOCKS 524660107 1655075 32891 SH OTR ALL 32891 0 0 Leucadia National Corp COMMON STOCKS 527288104 1797250 69125 SH OTR ALL 69125 0 0 Lowe's Cos Inc COMMON STOCKS 548661107 2737182 33295 SH OTR ALL 33295 0 0 LyondellBasell Industries NV COMMON STOCKS N53745100 735903 8070 SH OTR ALL 8070 0 0 M & T Bk Corp COMMON STOCKS 55261F104 1868365 12075 SH OTR ALL 12075 0 0 Macquarie Infrastructure CONVERTIBLE BOND 55608BAA3 3058612 2699 SH OTR ALL 2699000 0 0 Macquarie Infrastructure Corp COMMON STOCKS 55608B105 785333 9746 SH OTR ALL 9746 0 0 Marathon Oil Corp COMMON STOCKS 565849106 1505898 95310 SH OTR ALL 95310 0 0 Marsh & Mclennan Cos COMMON STOCKS 571748102 2236429 30267 SH OTR ALL 30267 0 0 Martin Marietta Materials COMMON STOCKS 573284106 1675287 7676 SH OTR ALL 7676 0 0 Mckesson Corp COMMON STOCKS 58155Q103 2093876 14123 SH OTR ALL 14123 0 0 Medtronic Inc COMMON STOCKS G5960L103 3710996 46065 SH OTR ALL 46065 0 0 Microchip Technology COMMON STOCKS 595017104 1986895 26930 SH OTR ALL 26930 0 0 Micron Technology CONVERTIBLE BOND 595112AY9 1436590 1261 SH OTR ALL 1261000 0 0 Microsoft Corp COMMON STOCKS 594918104 10344037 157061 SH OTR ALL 157061 0 0 Moody's Corp COMMON STOCKS 615369105 2059855 18385 SH OTR ALL 18385 0 0 Morgan Stanley COMMON STOCKS 617446448 2416604 56410 SH OTR ALL 56410 0 0 Morgan Stanley Repstng 1/1000 Non Cuml PFD F Pe PREFERRED STOCK 61763E207 330701 11727 SH OTR ALL 11727 0 0 Newmont Mining Corp CONVERTIBLE BOND 651639AJ5 1236769 1228 SH OTR ALL 1228000 0 0 NextEra Energy Inc COMMON STOCKS 65339F101 432350 3368 SH OTR ALL 3368 0 0 Northern Trust Corporation COMMON STOCKS 665859104 1753678 20255 SH OTR ALL 20255 0 0 Nustar Logistics Lp PREFERRED STOCK 67059T204 330558 12636 SH OTR ALL 12636 0 0 NXP Semiconductor NV CONVERTIBLE BOND 62952QAB6 3204191 2751 SH OTR ALL 2751000 0 0 Old Republic Intl Corp CONVERTIBLE BOND 680223AH7 2434966 1820 SH OTR ALL 1820000 0 0 Omega Healthcare Investors Inc REITS - usd 681936100 666134 20192 SH OTR ALL 20192 0 0 Omnicom Group COMMON STOCKS 681919106 1870757 21700 SH OTR ALL 21700 0 0 Paychex Inc COMMON STOCKS 704326107 2583649 43865 SH OTR ALL 43865 0 0 People's United Financial COMMON STOCKS 712704105 1499407 82385 SH OTR ALL 82385 0 0 Perkinelmer Inc COMMON STOCKS 714046109 1767346 30440 SH OTR ALL 30440 0 0 Pfizer Inc COMMON STOCKS 717081103 744957 21776 SH OTR ALL 21776 0 0 Pioneer Nat Res Co COMMON STOCKS 723787107 1993592 10705 SH OTR ALL 10705 0 0 PNC FINANCIAL SERVICES GROUP INC COMMON STOCKS 693475105 2512415 20895 SH OTR ALL 20895 0 0 Priceline Com Inc CONVERTIBLE BOND 741503AQ9 3895482 2066 SH OTR ALL 2066000 0 0 Progressive Corp Ohi COMMON STOCKS 743315103 2120030 54110 SH OTR ALL 54110 0 0 Prudential Finl Inc COMMON STOCKS 744320102 2238893 20987 SH OTR ALL 20987 0 0 Quest Diagnostics In COMMON STOCKS 74834L100 1884757 19195 SH OTR ALL 19195 0 0 Rayonier CONVERTIBLE PREFERRED STOCK 75508B203 351706 3440 SH OTR ALL 3440 0 0 Red Hat Inc. CONVERTIBLE BOND 756577AD4 2437931 1875 SH OTR ALL 1875000 0 0 Robert Half International, Inc. COMMON STOCKS 770323103 1633119 33445 SH OTR ALL 33445 0 0 Roper Industries Inc COMMON STOCKS 776696106 2053543 9945 SH OTR ALL 9945 0 0 RPM International Inc. CONVERTIBLE BOND 749685AT0 2017016 1657 SH OTR ALL 1657000 0 0 Ryder Sys Inc COMMON STOCKS 783549108 1437886 19060 SH OTR ALL 19060 0 0 S&P Global Inc. COMMON STOCKS 78409V104 2322596 17765 SH OTR ALL 17765 0 0 Safeway Casa Ley CVR WARRANTS 786cvr209 84725 83481 SH OTR ALL 83481 0 0 Safeway PDC, LLC CVR WARRANTS 786cvr308 4074 83481 SH OTR ALL 83481 0 0 Schlumberger Ltd COMMON STOCKS 806857108 3092370 39595 SH OTR ALL 39595 0 0 Schwab Charles Corp COMMON STOCKS 808513105 2331475 57130 SH OTR ALL 57130 0 0 Sealed Air Corp New COMMON STOCKS 81211K100 1495666 34320 SH OTR ALL 34320 0 0 Sempra Energy COMMON STOCKS 816851109 2141490 19380 SH OTR ALL 19380 0 0 Sherwin Williams Co COMMON STOCKS 824348106 2132866 6876 SH OTR ALL 6876 0 0 Signet Jewlers Ltd. COMMON STOCKS G81276100 1167200 16850 SH OTR ALL 16850 0 0 Six Flags Entertainment COMMON STOCKS 83001A102 812812 13663 SH OTR ALL 13663 0 0 SKYWORKS SOLUTIONS INC COMMON STOCKS 83088M102 2185934 22310 SH OTR ALL 22310 0 0 Spdr S&P 500 EXCHANGE TRADED FUND 78462F103 507784 2154 SH OTR ALL 2154 0 0 Spectra Energy Partners LP COMMON STOCKS 84756N109 385954 8840 SH OTR ALL 8840 0 0 Spirit Realty Capital CONVERTIBLE BOND 84860WAA0 2189673 2119 SH OTR ALL 2119000 0 0 Staples Inc COMMON STOCKS 855030102 1442227 164450 SH OTR ALL 164450 0 0 Starbucks Corp COMMON STOCKS 855244109 2788414 47755 SH OTR ALL 47755 0 0 Stericycle Inc CONVERTIBLE PREFERRED STOCK 858912207 2313712 32337 SH OTR ALL 32337 0 0 Symantec Corp COMMON STOCKS 871503108 2215863 72225 SH OTR ALL 72225 0 0 T.Rowe Price Group Inc COMMON STOCKS 74144T108 1581421 23205 SH OTR ALL 23205 0 0 TCP Capital Corp CONVERTIBLE BOND 87238QAB9 1132613 1055 SH OTR ALL 1055000 0 0 TE Connectivity Ltd COMMON STOCKS H84989104 2013223 27005 SH OTR ALL 27005 0 0 Tesoro Corporation COMMON STOCKS 881609101 1517767 18724 SH OTR ALL 18724 0 0 Teva Pharmaceutical Cv Pfd CONVERTIBLE PREFERRED STOCK M8769Q136 2893078 5014 SH OTR ALL 5014 0 0 Texas Instrs Inc COMMON STOCKS 882508104 3004082 37290 SH OTR ALL 37290 0 0 Thermo Fisher Scientific Inc COMMON STOCKS 883556102 2609664 16990 SH OTR ALL 16990 0 0 TPG Specialty Lending CONVERTIBLE BOND 87265KAB8 2471884 2347 SH OTR ALL 2347000 0 0 TRACTOR SUPPLY COMPANY COMMON STOCKS 892356106 1523892 22095 SH OTR ALL 22095 0 0 Tyson Foods Inc CONVERTIBLE PREFERRED STOCK 902494301 2036130 30390 SH OTR ALL 30390 0 0 Union Pac Corp COMMON STOCKS 907818108 2900619 27385 SH OTR ALL 27385 0 0 United Parcel Services COMMON STOCKS 911312106 794235 7402 SH OTR ALL 7402 0 0 Unitedhealth Group Inc COMMON STOCKS 91324P102 3898682 23771 SH OTR ALL 23771 0 0 Universal Health Services - B COMMON STOCKS 913903100 1899107 15260 SH OTR ALL 15260 0 0 V F Corp COMMON STOCKS 918204108 766886 13951 SH OTR ALL 13951 0 0 Valero Energy Corp COMMON STOCKS 91913Y100 2713581 40935 SH OTR ALL 40935 0 0 Vanguard Short-Term Corporate Bond ETF EXCHANGE TRADED FUND 92206C409 112194 1407 SH OTR ALL 1407 0 0 VEREIT CONVERTIBLE BOND 02917TAA2 1087468 1074 SH OTR ALL 1074000 0 0 Vulcan Materials Co COMMON STOCKS 929160109 1702744 14133 SH OTR ALL 14133 0 0 W P Carey Inc REITS - usd 92936U109 738738 11873 SH OTR ALL 11873 0 0 Walt Disney Co COMMON STOCKS 254687106 4169464 36771 SH OTR ALL 36771 0 0 Weatherford Bermuda CONVERTIBLE BOND 947075AH0 1382388 1049 SH OTR ALL 1049000 0 0 Wells Fargo & Co PREFERRED STOCK 949746556 314678 11830 SH OTR ALL 11830 0 0 WELLS FARGO & CO NEW COM COMMON STOCKS 949746101 424296 7623 SH OTR ALL 7623 0 0 Wells Fargo & Company PFD CONVERTIBLE PREFERRED STOCK 949746804 3251188 2624 SH OTR ALL 2624 0 0 Welltower Inc Pfd CONVERTIBLE PREFERRED STOCK 95040Q203 2253889 35708 SH OTR ALL 35708 0 0 Western Un Co COMMON STOCKS 959802109 1562575 76785 SH OTR ALL 76785 0 0 Weyerhaeuser Co COMMON STOCKS 962166104 1977636 58200 SH OTR ALL 58200 0 0 Whole Foods Market Inc COMMON STOCKS 966837106 1580064 53165 SH OTR ALL 53165 0 0 Williams Cos Inc Del COMMON STOCKS 969457100 1797415 60744 SH OTR ALL 60744 0 0 Willis Tower Watson PLC COMMON STOCKS G96629103 1902748 14537 SH OTR ALL 14537 0 0 Wisconsin Energy Corp COMMON STOCKS 92939U106 817050 13476 SH OTR ALL 13476 0 0 Xilinx Inc COMMON STOCKS 983919101 1808484 31240 SH OTR ALL 31240 0 0 Xilinx Inc CONVERTIBLE BOND 983919AF8 3666526 1814 SH OTR ALL 1814000 0 0 Xl Group Plc COMMON STOCKS G98294104 1844920 46285 SH OTR ALL 46285 0 0 Zions Bancorp COMMON STOCKS 989701107 1628130 38765 SH OTR ALL 38765 0 0