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 83 100 SH   SOLE   100 0 0
ALPHABET INC-CL A COM 02079K305 85 100 SH   SOLE   100 0 0
ALTRIA GROUP COM 02209S103 29,174 408,484 SH   SOLE   408,484 0 0
AMEREN COM 023608102 284 5,200 SH   SOLE   5,200 0 0
AMERICAN ELECTRIC POWER COM 025537101 10,600 157,900 SH   SOLE   157,900 0 0
AMGEN COM 031162100 13,757 83,850 SH   SOLE   83,850 0 0
APPLE COM 037833100 201 1,400 SH   SOLE   1,400 0 0
ARTHUR J GALLAGHER & CO COM 363576109 10,211 180,600 SH   SOLE   180,600 0 0
AT&T COM 00206R102 11,634 280,000 SH   SOLE   280,000 0 0
BANK OF HAWAII COM 062540109 16,974 206,100 SH   SOLE   206,100 0 0
BB&T CORPORATION COM 054937107 13,388 299,500 SH   SOLE   299,500 0 0
BERKSHIRE HATHAWAY COM 084670108 250 1 SH   SOLE   1 0 0
BERKSHIRE HATHAWAY-CL B COM 084670702 83 496 SH   SOLE   496 0 0
BLACKROCK INCOME TRUST COM 09247F100 179 28,900 SH   SOLE   28,900 0 0
BOEING COM 097023105 12,964 73,300 SH   SOLE   73,300 0 0
BP ADR COM 055622104 16 459 SH   SOLE   459 0 0
CAPITAL ONE FINL COM 14040H105 171 1,969 SH   SOLE   1,969 0 0
CHARLES SCHWAB COM 808513105 107 2,633 SH   SOLE   2,633 0 0
CHEVRON COM 166764100 16,691 155,450 SH   SOLE   155,450 0 0
CHICAGO MERCANTILE EXCHANGE COM 12572Q105 17,107 144,000 SH   SOLE   144,000 0 0
CISCO SYSTEMS COM 17275R102 28,899 855,000 SH   SOLE   855,000 0 0
COCA-COLA COM 191216100 14,684 346,000 SH   SOLE   346,000 0 0
COLGATE-PALMOLIVE COM 194162103 44 600 SH   SOLE   600 0 0
CONOCOPHILLIPS COM 20825C104 15 300 SH   SOLE   300 0 0
CONSOLIDATED EDISON COM 209115104 6,756 87,000 SH   SOLE   87,000 0 0
CSX COM 126408103 70 1,500 SH   SOLE   1,500 0 0
DANAHER COM 235851102 51 600 SH   SOLE   600 0 0
DEERE & CO COM 244199105 54 500 SH   SOLE   500 0 0
DEVON ENERGY COM 25179M103 33 800 SH   SOLE   800 0 0
DIGITAL REALTY REIT COM 253868103 11,809 111,000 SH   SOLE   111,000 0 0
DOW CHEMICAL COM 260543103 12,219 192,300 SH   SOLE   192,300 0 0
DUKE ENERGY COM 26441C204 8,964 109,300 SH   SOLE   109,300 0 0
ECOLAB COM 278865100 113 900 SH   SOLE   900 0 0
EMERSON ELECTRIC COM 291011104 10,481 175,100 SH   SOLE   175,100 0 0
ENERGY TRANSFER PARTNERS COM 29273R109 90 2,473 SH   SOLE   2,473 0 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 20,735 751,000 SH   SOLE   751,000 0 0
EQUITY RESIDENTIAL COM 29476L107 10,853 174,430 SH   SOLE   174,430 0 0
EXXON MOBIL COM 30231G102 14,061 171,456 SH   SOLE   171,456 0 0
FORD MOTOR COM 345370860 8,206 705,000 SH   SOLE   705,000 0 0
FORTIVE CORP COM 34959J108 18 300 SH   SOLE   300 0 0
GENERAL ELECTRIC COM 369604103 19,126 641,802 SH   SOLE   641,802 0 0
GENERAL MILLS COM 370334104 11,595 196,500 SH   SOLE   196,500 0 0
GILEAD SCIENCES COM 375558103 95 1,400 SH   SOLE   1,400 0 0
ILLINOIS TOOL WORKS COM 452308109 53 400 SH   SOLE   400 0 0
INTEL COM 458140100 19,893 551,500 SH   SOLE   551,500 0 0
INTL BUSINESS MACHINES COM 459200101 25,163 144,500 SH   SOLE   144,500 0 0
INVESCO COM G491BT108 9,189 300,000 SH   SOLE   300,000 0 0
ISHA CURR HEDGED MSCI EAFE COM 46434V803 182 6,600 SH   SOLE   6,600 0 0
ISHARES 10-20 YEAR TREASURY COM 464288653 1,830 13,614 SH   SOLE   13,614 0 0
ISHARES BARCLAYS INTERMEDIATE COM 464288638 245 2,250 SH   SOLE   2,250 0 0
ISHARES MSCI EMERGING MARKETS COM 464287234 35 900 SH   SOLE   900 0 0
ISHARES RUSSELL 1000 GROWTH COM 464287614 114 1,000 SH   SOLE   1,000 0 0
ISHARES SELECT DIVIDEND ETF COM 464287168 137 1,500 SH   SOLE   1,500 0 0
ITT COM 45073V108 16 400 SH   SOLE   400 0 0
JACOBS ENGINEERING COM 469814107 39 700 SH   SOLE   700 0 0
JOHNSON & JOHNSON COM 478160104 19,990 160,500 SH   SOLE   160,500 0 0
JPMORGAN CHASE COM 46625H100 30,412 346,217 SH   SOLE   346,217 0 0
KIMBERLY-CLARK COM 494368103 17,165 130,400 SH   SOLE   130,400 0 0
KRAFT HEINZ CO COM 500754106 21,395 235,600 SH   SOLE   235,600 0 0
L-3 TECHNOLOGIES COM 502413107 50 300 SH   SOLE   300 0 0
LAS VEGAS SANDS COM 517834107 14,347 251,400 SH   SOLE   251,400 0 0
LOCKHEED MARTIN COM 539830109 29,088 108,700 SH   SOLE   108,700 0 0
LYONDELLBASELL INDUSTRIES-CL A COM N53745100 10,377 113,800 SH   SOLE   113,800 0 0
MAGELLAN MIDSTREAM PARTNERS COM 559080106 13,908 180,838 SH   SOLE   180,838 0 0
MARATHON PETROLEUM COM 56585A102 13,762 272,300 SH   SOLE   272,300 0 0
MATTEL COM 577081102 100 3,900 SH   SOLE   3,900 0 0
MAXIM INTEGRATED PRODUCTS COM 57772K101 19,270 428,600 SH   SOLE   428,600 0 0
MCDONALD'S COM 580135101 20,660 159,400 SH   SOLE   159,400 0 0
MERCK & CO COM 58933Y105 25,937 408,200 SH   SOLE   408,200 0 0
MFS CHARTER INCOME TRUST COM 552727109 81 9,400 SH   SOLE   9,400 0 0
MFS GOVT MARKETS INC TRUST COM 552939100 62 12,433 SH   SOLE   12,433 0 0
MFS INTERMEDIATE INC TRUST COM 55273C107 86 20,000 SH   SOLE   20,000 0 0
MFS MULTIMARKET INC TRUST COM 552737108 122 20,000 SH   SOLE   20,000 0 0
MICROCHIP TECHNOLOGY COM 595017104 12,934 175,300 SH   SOLE   175,300 0 0
MICROSOFT COM 594918104 21,898 332,500 SH   SOLE   332,500 0 0
MONSANTO COM 61166W101 23 200 SH   SOLE   200 0 0
MPLX LP COM 55336V100 47 1,308 SH   SOLE   1,308 0 0
NIKE-B COM 654106103 111 2,000 SH   SOLE   2,000 0 0
NOVARTIS-ADR COM 66987V109 65 876 SH   SOLE   876 0 0
OCCIDENTAL PETROLEUM COM 674599105 9,643 152,200 SH   SOLE   152,200 0 0
ORACLE COM 68389X105 67 1,500 SH   SOLE   1,500 0 0
PAYCHEX COM 704326107 19,590 332,600 SH   SOLE   332,600 0 0
PEPSICO COM 713448108 168 1,500 SH   SOLE   1,500 0 0
PFIZER COM 717081103 18,562 542,590 SH   SOLE   542,590 0 0
PHILIP MORRIS COM 718172109 12,080 107,000 SH   SOLE   107,000 0 0
PHILLIPS 66 COM 718546104 10,821 136,600 SH   SOLE   136,600 0 0
PROCTER & GAMBLE COM 742718109 8,690 96,717 SH   SOLE   96,717 0 0
PROLOGIS COM 74340W103 8,923 172,000 SH   SOLE   172,000 0 0
PUBLIC STORAGE COM 74460D109 20,096 91,800 SH   SOLE   91,800 0 0
PUTMAN MASTER INTER INCOME TRUST COM 746909100 64 13,690 SH   SOLE   13,690 0 0
PUTNAM PREMIER INCOME TRUST COM 746853100 71 13,464 SH   SOLE   13,464 0 0
QUALCOMM COM 747525103 16,462 287,100 SH   SOLE   287,100 0 0
REGAL ENTERTAINMENT GROUP-A COM 758766109 18,624 824,800 SH   SOLE   824,800 0 0
REYNOLDS AMERICAN COM 761713106 25,446 403,771 SH   SOLE   403,771 0 0
S&P 500 DEPOSITARY RECEIPTS COM 78462F103 464 1,970 SH   SOLE   1,970 0 0
SIMON PROPERTY GROUP COM 828806109 9,111 52,960 SH   SOLE   52,960 0 0
SIX FLAGS ENTERTAINMENT COM 83001A102 21,577 362,700 SH   SOLE   362,700 0 0
SOUTHERN COMPANY COM 842587107 8,144 163,600 SH   SOLE   163,600 0 0
SPDR EURO STOXX 50 ETF COM 78463X202 977 26,890 SH   SOLE   26,890 0 0
SPECTRA ENERGY PARTNERS COM 84756N109 8,889 203,600 SH   SOLE   203,600 0 0
STERICYCLE COM 858912108 99 1,200 SH   SOLE   1,200 0 0
TARGET COM 87612E106 11,159 202,200 SH   SOLE   202,200 0 0
THERMO FISHER SCIENTIFIC COM 883556102 108 700 SH   SOLE   700 0 0
TLT US 04/21/17 P112 PUT 464287432 52,593 4,357 SH Put SOLE   4,357 0 0
TLT US 04/28/17 P114.5 PUT 464287432 57,567 4,769 SH Put SOLE   4,769 0 0
UNILEVER NV ADR COM 904784709 9,986 201,000 SH   SOLE   201,000 0 0
UNITED PARCEL SERVICE COM 911312106 9,013 84,000 SH   SOLE   84,000 0 0
VERIZON COMMUNICATIONS COM 92343V104 14,284 293,000 SH   SOLE   293,000 0 0
WA/CLAY US INFL-LNKD OPP & INC FUND COM 95766R104 219 19,600 SH   SOLE   19,600 0 0
WA/CLAY US INFL-LNKD SEC & INC FUND COM 95766Q106 335 29,100 SH   SOLE   29,100 0 0
WAL-MART STORES COM 931142103 10,201 141,520 SH   SOLE   141,520 0 0
WASTE MANAGEMENT COM 94106L109 16,465 225,800 SH   SOLE   225,800 0 0
WELLS FARGO COM 949746101 23,438 421,100 SH   SOLE   421,100 0 0
YUM! BRANDS COM 988498101 10,345 161,900 SH   SOLE   161,900 0 0