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
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
ALPHABET INC- CL C COM 02079K107 77 100 SH   SOLE   100 0 0
ALPHABET INC-CL A COM 02079K305 79 100 SH   SOLE   100 0 0
ALTRIA GROUP COM 02209S103 27,622 408,484 SH   SOLE   408,484 0 0
AMEREN COM 023608102 273 5,200 SH   SOLE   5,200 0 0
AMGEN COM 031162100 12,260 83,850 SH   SOLE   83,850 0 0
APPLE COM 037833100 162 1,400 SH   SOLE   1,400 0 0
ARTHUR J GALLAGHER & CO COM 363576109 9,384 180,600 SH   SOLE   180,600 0 0
AT&T COM 00206R102 11,908 280,000 SH   SOLE   280,000 0 0
BANK OF HAWAII COM 062540109 18,279 206,100 SH   SOLE   206,100 0 0
BB&T CORPORATION COM 054937107 14,082 299,500 SH   SOLE   299,500 0 0
BERKSHIRE HATHAWAY COM 084670108 244 1 SH   SOLE   1 0 0
BERKSHIRE HATHAWAY-CL B COM 084670702 81 496 SH   SOLE   496 0 0
BLACKROCK INCOME TRUST COM 09247F100 183 28,900 SH   SOLE   28,900 0 0
BOEING COM 097023105 11,411 73,300 SH   SOLE   73,300 0 0
BP ADR COM 055622104 17 459 SH   SOLE   459 0 0
CAPITAL ONE FINL COM 14040H105 172 1,969 SH   SOLE   1,969 0 0
CHARLES SCHWAB COM 808513105 104 2,633 SH   SOLE   2,633 0 0
CHEVRON COM 166764100 18,296 155,450 SH   SOLE   155,450 0 0
CHICAGO MERCANTILE EXCHANGE COM 12572Q105 16,610 144,000 SH   SOLE   144,000 0 0
CISCO SYSTEMS COM 17275R102 25,838 855,000 SH   SOLE   855,000 0 0
COCA-COLA COM 191216100 14,345 346,000 SH   SOLE   346,000 0 0
COLGATE-PALMOLIVE COM 194162103 39 600 SH   SOLE   600 0 0
CONOCOPHILLIPS COM 20825C104 15 300 SH   SOLE   300 0 0
CONSOLIDATED EDISON COM 209115104 6,410 87,000 SH   SOLE   87,000 0 0
CSX COM 126408103 54 1,500 SH   SOLE   1,500 0 0
DANAHER COM 235851102 47 600 SH   SOLE   600 0 0
DEERE & CO COM 244199105 52 500 SH   SOLE   500 0 0
DEVON ENERGY COM 25179M103 37 800 SH   SOLE   800 0 0
DIGITAL REALTY REIT COM 253868103 10,907 111,000 SH   SOLE   111,000 0 0
DOW CHEMICAL COM 260543103 11,003 192,300 SH   SOLE   192,300 0 0
DUKE ENERGY COM 26441C204 8,484 109,300 SH   SOLE   109,300 0 0
ECOLAB COM 278865100 105 900 SH   SOLE   900 0 0
EMERSON ELECTRIC COM 291011104 9,762 175,100 SH   SOLE   175,100 0 0
ENERGY TRANSFER PARTNERS COM 29273R109 89 2,473 SH   SOLE   2,473 0 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 20,307 751,000 SH   SOLE   751,000 0 0
EQUITY RESIDENTIAL COM 29476L107 13,305 206,730 SH   SOLE   206,730 0 0
EXXON MOBIL COM 30231G102 15,476 171,456 SH   SOLE   171,456 0 0
FORD MOTOR COM 345370860 8,552 705,000 SH   SOLE   705,000 0 0
FORTIVE CORP COM 34959J108 16 300 SH   SOLE   300 0 0
GENERAL ELECTRIC COM 369604103 23,520 744,302 SH   SOLE   744,302 0 0
GENERAL MILLS COM 370334104 12,138 196,500 SH   SOLE   196,500 0 0
GILEAD SCIENCES COM 375558103 100 1,400 SH   SOLE   1,400 0 0
ILLINOIS TOOL WORKS COM 452308109 49 400 SH   SOLE   400 0 0
INTEL COM 458140100 20,003 551,500 SH   SOLE   551,500 0 0
INTL BUSINESS MACHINES COM 459200101 23,986 144,500 SH   SOLE   144,500 0 0
INVESCO COM G491BT108 9,102 300,000 SH   SOLE   300,000 0 0
ISHA CURR HEDGED MSCI EAFE COM 46434V803 172 6,600 SH   SOLE   6,600 0 0
ISHARES 10-20 YEAR TREASURY COM 464288653 580 4,364 SH   SOLE   4,364 0 0
ISHARES 3-7 YEAR TREASURY BOND COM 464288661 1,989 16,234 SH   SOLE   16,234 0 0
ISHARES BARCLAYS INTERMEDIATE COM 464288638 243 2,250 SH   SOLE   2,250 0 0
ISHARES MSCI EMERGING MARKETS COM 464287234 32 900 SH   SOLE   900 0 0
ISHARES RUSSELL 1000 GROWTH COM 464287614 105 1,000 SH   SOLE   1,000 0 0
ISHARES SELECT DIVIDEND ETF COM 464287168 133 1,500 SH   SOLE   1,500 0 0
ITT COM 45073V108 15 400 SH   SOLE   400 0 0
JACOBS ENGINEERING COM 469814107 40 700 SH   SOLE   700 0 0
JOHNSON & JOHNSON COM 478160104 18,491 160,500 SH   SOLE   160,500 0 0
JPMORGAN CHASE COM 46625H100 29,875 346,217 SH   SOLE   346,217 0 0
KEYCORP COM 493267108 14,611 799,700 SH   SOLE   799,700 0 0
KIMBERLY-CLARK COM 494368103 14,881 130,400 SH   SOLE   130,400 0 0
KRAFT HEINZ CO COM 500754106 20,573 235,600 SH   SOLE   235,600 0 0
L-3 COMMUNICATIONS TITAN COM 502424104 46 300 SH   SOLE   300 0 0
LAS VEGAS SANDS COM 517834107 8,439 158,000 SH   SOLE   158,000 0 0
LOCKHEED MARTIN COM 539830109 27,168 108,700 SH   SOLE   108,700 0 0
LYONDELLBASELL INDUSTRIES-CL A COM N53745100 12,361 144,100 SH   SOLE   144,100 0 0
MAGELLAN MIDSTREAM PARTNERS COM 559080106 19,331 255,600 SH   SOLE   255,600 0 0
MARATHON PETROLEUM COM 56585A102 13,710 272,300 SH   SOLE   272,300 0 0
MATTEL COM 577081102 12,935 469,500 SH   SOLE   469,500 0 0
MAXIM INTEGRATED PRODUCTS COM 57772K101 15,818 410,100 SH   SOLE   410,100 0 0
MCDONALD'S COM 580135101 19,402 159,400 SH   SOLE   159,400 0 0
MERCK & CO COM 58933Y105 23,383 397,200 SH   SOLE   397,200 0 0
MFS CHARTER INCOME TRUST COM 552727109 80 9,400 SH   SOLE   9,400 0 0
MFS GOVT MARKETS INC TRUST COM 552939100 63 12,433 SH   SOLE   12,433 0 0
MFS INTERMEDIATE INC TRUST COM 55273C107 89 20,000 SH   SOLE   20,000 0 0
MFS MULTIMARKET INC TRUST COM 552737108 121 20,000 SH   SOLE   20,000 0 0
MICROCHIP TECHNOLOGY COM 595017104 11,245 175,300 SH   SOLE   175,300 0 0
MICROSOFT COM 594918104 20,662 332,500 SH   SOLE   332,500 0 0
MONSANTO COM 61166W101 21 200 SH   SOLE   200 0 0
MPLX LP COM 55336V100 45 1,308 SH   SOLE   1,308 0 0
NIKE-B COM 654106103 102 2,000 SH   SOLE   2,000 0 0
NOVARTIS-ADR COM 66987V109 64 876 SH   SOLE   876 0 0
OCCIDENTAL PETROLEUM COM 674599105 10,841 152,200 SH   SOLE   152,200 0 0
ORACLE COM 68389X105 58 1,500 SH   SOLE   1,500 0 0
PACIFIC EXPLORATION & PROD COM 69423W889 140 2,376 SH   SOLE   2,376 0 0
PAYCHEX COM 704326107 20,249 332,600 SH   SOLE   332,600 0 0
PEPSICO COM 713448108 157 1,500 SH   SOLE   1,500 0 0
PFIZER COM 717081103 17,623 542,590 SH   SOLE   542,590 0 0
PHILIP MORRIS COM 718172109 9,789 107,000 SH   SOLE   107,000 0 0
PROCTER & GAMBLE COM 742718109 8,132 96,717 SH   SOLE   96,717 0 0
PROLOGIS COM 74340W103 9,080 172,000 SH   SOLE   172,000 0 0
PUBLIC STORAGE COM 74460D109 20,584 92,100 SH   SOLE   92,100 0 0
PUTMAN MASTER INTER INCOME TRUST COM 746909100 63 13,690 SH   SOLE   13,690 0 0
PUTNAM PREMIER INCOME TRUST COM 746853100 67 13,464 SH   SOLE   13,464 0 0
QUALCOMM COM 747525103 18,719 287,100 SH   SOLE   287,100 0 0
REGAL ENTERTAINMENT GROUP-A COM 758766109 16,991 824,800 SH   SOLE   824,800 0 0
REYNOLDS AMERICAN COM 761713106 22,627 403,771 SH   SOLE   403,771 0 0
S&P 500 DEPOSITARY RECEIPTS COM 78462F103 426 1,908 SH   SOLE   1,908 0 0
SIMON PROPERTY GROUP COM 828806109 14,988 84,360 SH   SOLE   84,360 0 0
SIX FLAGS ENTERTAINMENT COM 83001A102 21,747 362,700 SH   SOLE   362,700 0 0
SOUTHERN COMPANY COM 842587107 8,047 163,600 SH   SOLE   163,600 0 0
SPDR S&P OIL & GAS EXP & PR COM 78464A730 7,050 170,200 SH   SOLE   170,200 0 0
SPECTRA ENERGY PARTNERS COM 84756N109 9,333 203,600 SH   SOLE   203,600 0 0
STERICYCLE COM 858912108 92 1,200 SH   SOLE   1,200 0 0
TARGET COM 87612E106 14,605 202,200 SH   SOLE   202,200 0 0
THERMO FISHER SCIENTIFIC COM 883556102 99 700 SH   SOLE   700 0 0
TLT US 01/13/17 P114 PUT 464287432 52,417 4,400 SH Put SOLE   4,400 0 0
TLT US 01/27/17 P111 PUT 464287432 52,417 4,400 SH Put SOLE   4,400 0 0
UMPQUA HOLDINGS COM 904214103 4,475 238,300 SH   SOLE   238,300 0 0
VERIZON COMMUNICATIONS COM 92343V104 21,880 409,900 SH   SOLE   409,900 0 0
WA/CLAY US INFL-LNKD OPP & INC FUND COM 95766R104 218 19,600 SH   SOLE   19,600 0 0
WA/CLAY US INFL-LNKD SEC & INC FUND COM 95766Q106 334 29,100 SH   SOLE   29,100 0 0
WAL-MART STORES COM 931142103 9,782 141,520 SH   SOLE   141,520 0 0
WASTE MANAGEMENT COM 94106L109 16,011 225,800 SH   SOLE   225,800 0 0
WELLS FARGO COM 949746101 23,207 421,100 SH   SOLE   421,100 0 0
YUM! BRANDS COM 988498101 10,253 161,900 SH   SOLE   161,900 0 0