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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ABBVIE INCCOM00287y1097,225114,551SH SOLE 99,140015,411
ALTRIA GROUP INCCOM02209s1032,59040,957SH SOLE 34,51906,438
AMGEN INCCOM0311621005,63433,774SH SOLE 29,24404,530
ANTHEM INCCOM0367521031,96415,675SH SOLE 13,49302,182
APPLE INCCOM0378331003,51931,129SH SOLE 27,55503,574
ARRIS INTL INCSHSg0551a1032348,267SH SOLE 6,20302,064
AT&T INCCOM00206r1025,456134,362SH SOLE 116,193018,169
BANK AMER CORPCOM0605051042,720173,814SH SOLE 148,656025,158
BOEING COCOM0970231057,30355,435SH SOLE 47,99607,439
BP PLCSPONSORED ADR0556221046,229177,152SH SOLE 153,167023,985
CABOT CORPCOM1270551012524,806SH SOLE 3,64401,162
CARNIVAL CORPUNIT 99/99/99991436583003,53272,340SH SOLE 63,12009,220
CARRIAGE SVCS INCCOM1439051072309,713SH SOLE 7,45002,263
CATHAY GEN BANCORPCOM14915010461620,010SH SOLE 20,01000
CBS CORP NEWCL B1248572024,50682,308SH SOLE 72,248010,060
CISCO SYS INCCOM17275r1024,594144,838SH SOLE 125,650019,188
CITIGROUP INCCOM NEW1729674243,27469,313SH SOLE 60,90508,408
COGNIZANT TECHNOLOGY SOLUTIOCL A1924461021,60433,627SH SOLE 28,79804,829
COMCAST CORP NEWCL A20030n1012,08931,482SH SOLE 26,91404,568
COMMUNITY HEALTH SYS INC NEWCOM2036681081,07693,240SH SOLE 82,027011,213
CONNECTONE BANCORP INC NEWCOM20786w10724713,683SH SOLE 10,66303,020
CUSTOMERS BANCORP INCCOM23204G10033413,281SH SOLE 10,25903,022
CVS HEALTH CORPCOM1266501003,49339,250SH SOLE 34,86404,386
DELPHI AUTOMOTIVE PLCSHSg278231065,05670,885SH SOLE 62,47808,407
DOMTAR CORPCOM NEW2575592032,09556,410SH SOLE 46,84609,564
EAST WEST BANCORP INCCOM27579r1042115,737SH SOLE 4,41701,320
ELECTRONICS FOR IMAGING INCCOM2860821022705,523SH SOLE 4,24201,281
EXXON MOBIL CORPCOM30231g1022803,210SH SOLE 3,21000
FEDEX CORPCOM31428x1064,12623,620SH SOLE 20,85202,768
FIRST BUS FINL SVCS INC WISCOM3193901002259,583SH SOLE 7,26802,315
FIRST SOLAR INCCOM3364331071,94349,194SH SOLE 42,51806,676
FORD MTR CO DELCOM PAR $0.013453708605,929491,251SH SOLE 424,404066,847
GALLAGHER ARTHUR J & COCOM3635761093,66772,089SH SOLE 62,48009,609
GENERAL ELECTRIC COCOM3696041032709,100SH SOLE 9,10000
GENERAL MTRS COCOM37045v1003,835120,719SH SOLE 104,740015,979
GENTEX CORPCOM37190110924914,188SH SOLE 10,99703,191
GENTHERM INCCOM37253a1032217,047SH SOLE 5,41301,634
GILEAD SCIENCES INCCOM3755581033,73847,246SH SOLE 42,09505,151
GLOBUS MED INCCL A37957720825111,136SH SOLE 8,44302,693
GOLDMAN SACHS GROUP INCCOM38141g1042,18013,517SH SOLE 11,93701,580
HERITAGE COMMERCE CORPCOM42692710924322,236SH SOLE 17,25304,983
HERITAGE FINL CORP WASHCOM42722x10623413,014SH SOLE 9,85103,163
HOSPITALITY PPTYS TRCOM SH BEN INT44106m1022,60387,584SH SOLE 72,185015,399
INTEL CORPCOM4581401004,713124,852SH SOLE 108,327016,525
ISHARES TRIBOXX INV CP ETF4642872423552,879SH SOLE 2,5220357
ISHARES TRU.S. PFD STK ETF4642886874,421111,915SH SOLE 93,926017,989
JABIL CIRCUIT INCCOM4663131032,537116,284SH SOLE 102,257014,027
JOHNSON CTLS INTL PLCSHSg515021056,404137,640SH SOLE 118,898018,742
JPMORGAN CHASE & COCOM46625h1006,932104,093SH SOLE 90,666013,427
JUNIPER NETWORKS INCCOM48203r1042,18890,934SH SOLE 78,466012,468
KEYCORP NEWCOM4932671083,363276,333SH SOLE 243,876032,457
KOHLS CORPCOM5002551043,16372,295SH SOLE 60,492011,803
KROGER COCOM5010441012,35079,183SH SOLE 67,944011,239
LAKELAND BANCORP INCCOM51163710027919,881SH SOLE 15,35204,529
LANDEC CORPCOM51476610419414,456SH SOLE 10,85103,605
MENTOR GRAPHICS CORPCOM5872001062107,951SH SOLE 5,97701,974
METHODE ELECTRS INCCOM5915202002065,882SH SOLE 4,46601,416
MICROSOFT CORPCOM5949181044,68081,257SH SOLE 70,482010,775
MYLAN N VSHS EUROn594651091,92050,364SH SOLE 42,98807,376
NORWEGIAN CRUISE LINE HLDGSSHSg667211041,73646,035SH SOLE 39,38606,649
NXP SEMICONDUCTORS N VCOMn6596x1092,45424,059SH SOLE 20,64103,418
ORACLE CORPCOM68389x1053,34685,193SH SOLE 75,34909,844
PFIZER INCCOM7170811038,183241,609SH SOLE 209,274032,335
PHOTRONICS INCCOM71940510220820,145SH SOLE 15,49004,655
PREFERRED BK LOS ANGELES CACOM NEW7403674042486,948SH SOLE 5,50501,443
PROCTER AND GAMBLE COCOM7427181094,96555,317SH SOLE 47,72807,589
PRUDENTIAL FINL INCCOM7443201027,09386,867SH SOLE 75,086011,781
QUANTA SVCS INCCOM74762e1022258,054SH SOLE 6,18401,870
REGIONS FINL CORP NEWCOM7591ep1005,881595,890SH SOLE 515,154080,736
RLJ LODGING TRCOM74965L1012,795132,908SH SOLE 113,218019,690
RYDER SYS INCCOM7835491085,80788,045SH SOLE 75,898012,147
SERVICE CORP INTLCOM8175651042308,675SH SOLE 6,73001,945
SIGNET JEWELERS LIMITEDSHSg812761001,32817,812SH SOLE 15,76702,045
SKYWORKS SOLUTIONS INCCOM83088m1021,84124,179SH SOLE 20,72703,452
SOUTHWEST AIRLS COCOM8447411082,51064,552SH SOLE 55,52209,030
SPDR S&P 500 ETF TRTR UNIT78462f1038363,866SH SOLE 3,3030563
SPDR SERIES TRUSTBRC HGH YLD BD78464a4173,747102,045SH SOLE 86,440015,605
STAPLES INCCOM8550301023,160369,565SH SOLE 317,775051,790
STEELCASE INCCL A8581552031,21287,262SH SOLE 78,11409,148
TARGET CORPCOM87612e1064,02658,626SH SOLE 50,05308,573
THOR INDS INCCOM8851601012382,806SH SOLE 2,2240582
UMPQUA HLDGS CORPCOM9042141034,252282,519SH SOLE 243,125039,394
UNITED CMNTY BKS BLAIRSVLE GCOM90984p30324911,851SH SOLE 9,21702,634
UNITED PARCEL SERVICE INCCL B9113121062,14119,576SH SOLE 16,12203,454
UNITEDHEALTH GROUP INCCOM91324p1024,05628,971SH SOLE 25,48603,485
VANGUARD SCOTTSDALE FDSINT-TERM CORP92206c8706687,454SH SOLE 6,25101,203
WALGREENS BOOTS ALLIANCE INCCOM9314271083,18439,491SH SOLE 34,66304,828
WELLS FARGO & CO NEWCOM9497461014,850109,531SH SOLE 94,596014,935
WESTERN ALLIANCE BANCORPCOM9576381092727,258SH SOLE 5,44601,812
WHIRLPOOL CORPCOM9633201062,93718,113SH SOLE 16,01202,101