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
ACADIA REALTY TRUST COM 004239109 2,159 87,500 SH   SOLE   0 0 87,500
ALEXANDRIA REAL ESTATE EQUITIE COM 015271109 2,570 40,250 SH   SOLE   0 0 40,250
AMERICAN CAMPUS COMMUNITIES IN COM 024835100 3,179 93,100 SH   SOLE   0 0 93,100
ASHFORD HOSPITALITY TRUST COM 044103109 925 75,000 SH   SOLE   0 0 75,000
AVALON BAY COMMUNITIES INC COM 053484101 1,271 10,000 SH   SOLE   0 0 10,000
BRANDYWINE REALTY TRUST SBI COM 105368203 1,808 137,200 SH   SOLE   0 0 137,200
CAMDEN PROPERTY TRUST COM 133131102 1,991 32,400 SH   SOLE   0 0 32,400
CHESAPEAKE LODGING TRUST COM 165240102 824 35,000 SH   SOLE   0 0 35,000
CUBE SMART COM 229663109 2,498 140,000 SH   SOLE   0 0 140,000
DDR CORP COM 23317H102 1,984 126,264 SH   SOLE   0 0 126,264
DIGITAL REALTY TRUST INC COM 253868103 7,390 139,175 SH   SOLE   0 0 139,175
DUPONT FABROS TECHNOLOGY COM 26613Q106 1,855 72,000 SH   SOLE   0 0 72,000
EASTGROUP PROPERTIES SBI COM 277276101 3,553 60,000 SH   SOLE   0 0 60,000
EDUCATION REALTY TRUST INC COM 28140H104 1,365 150,000 SH   SOLE   0 0 150,000
EQUITY ONE INC COM 294752100 1,093 50,000 SH   SOLE   0 0 50,000
EQUITY RESIDENTIAL COM 29476L107 2,154 40,200 SH   SOLE   0 0 40,200
FEDERAL REALTY INV. TRUST COM 313747206 1,775 17,500 SH   SOLE   0 0 17,500
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 2,115 130,000 SH   SOLE   0 0 130,000
GENERAL GROWTH PROPERTIES COM 370023103 2,218 115,000 SH   SOLE   0 0 115,000
GLIMCHER REALTY COM 379302102 1,804 185,000 SH   SOLE   0 0 185,000
HCP INC COM 40414l109 1,028 25,100 SH   SOLE   0 0 25,100
HEALTH CARE REIT COM 42217K106 4,239 67,950 SH   SOLE   0 0 67,950
HERSHA HOSPITALITY TRUST COM 427825104 1,258 225,000 SH   SOLE   0 0 225,000
HIGHWOODS PROPERTIES INC COM 431284108 16,741 474,114 SH   SOLE   0 0 474,114
HOME PROPERTIES OF NEW YORK COM 437306103 14,364 248,725 SH   SOLE   0 0 248,725
HOSPITALITY PROPERTIES TRUST COM 44106M102 448 15,825 SH   SOLE   0 0 15,825
KIMCO REALTY CORP COM 49446R109 6,680 331,025 SH   SOLE   0 0 331,025
LASALLE HOTEL PROPERTIES COM 517942108 1,283 45,000 SH   SOLE   0 0 45,000
LIBERTY PROPERTY TRUST COM 531172104 2,407 67,605 SH   SOLE   0 0 67,605
MACERICH CO COM 554382101 2,643 46,832 SH   SOLE   0 0 46,832
MEDICAL PROPERTIES TRUST INC COM 58463j304 17,287 1,420,430 SH   SOLE   0 0 1,420,430
MID-AMERICA APARTMENT COMMUNIT COM 59522J103 312 5,000 SH   SOLE   0 0 5,000
NATIONAL RETAIL PPTYS INC COM 637417106 1,995 62,700 SH   SOLE   0 0 62,700
OMEGA HEALTHCARE INVESTORS COM 681936100 1,493 50,000 SH   SOLE   0 0 50,000
POST PROPERTIES INC COM 737464107 1,351 30,000 SH   SOLE   0 0 30,000
RAYONIER INC COM 754907103 1,391 25,000 SH   SOLE   0 0 25,000
RLJ LODGING TRUST COM 74965L101 3,333 141,900 SH   SOLE   0 0 141,900
RYMAN HOSPITALITY PROPERTIES COM 78377T107 863 25,000 SH   SOLE   0 0 25,000
SIMON PROPERTY GROUP INC COM 828806109 12,192 82,251 SH   SOLE   0 0 82,251
SL GREEN REALTY CORP COM 78440X101 19,711 221,875 SH   SOLE   0 0 221,875
SOVRAN SELF STORAGE INC COM 84610H108 2,043 27,000 SH   SOLE   0 0 27,000
SUNSTONE HOTEL INVESTORS INC COM 867892101 1,674 131,414 SH   SOLE   0 0 131,414
TANGER FACTORY OUTLET CENTERS COM 875465106 1,959 60,000 SH   SOLE   0 0 60,000
UDR INC COM 902653104 2,775 117,077 SH   SOLE   0 0 117,077
VENTAS INC COM 92276F100 2,763 44,933 SH   SOLE   0 0 44,933
W P CAREY INC COM 92936U109 4,865 75,195 SH   SOLE   0 0 75,195
3M COMPANY COM 88579Y101 9,437 79,033 SH   SOLE   0 0 79,033
A T & T INC COM 00206R102 4,932 145,838 SH   SOLE   0 0 145,838
AARON'S INC COM 002535300 12,502 451,350 SH   SOLE   0 0 451,350
ABBOTT LABORATORIES COM 002824100 6,054 182,402 SH   SOLE   0 0 182,402
ABBVIE INC COM 00287Y109 9,222 206,178 SH   SOLE   0 0 206,178
ACCENTURE PLC - CL A COM G1151C101 12,205 165,745 SH   SOLE   0 0 165,745
ACTUANT CORP - CL A COM 00508X203 20,402 525,275 SH   SOLE   0 0 525,275
ADR TOYOTA MOTOR CORP COM COM 892331307 218 1,700 SH   SOLE   0 0 1,700
ADT CORP COM 00101J106 922 22,675 SH   SOLE   0 0 22,675
ADVANCED SEMICONDUCTOR ADR COM 00756M404 118 24,654 SH   SOLE   0 0 24,654
AEGION CORP COM 00770F104 478 20,150 SH   SOLE   0 0 20,150
AFFILIATED MANAGERS GROUP INC COM 008252108 30,494 166,965 SH   SOLE   0 0 166,965
AFLAC INC COM 001055102 2,019 32,575 SH   SOLE   0 0 32,575
AGRIUM INC COM 008916108 3,139 37,350 SH   SOLE   0 0 37,350
AIR PRODUCTS & CHEMICALS INC COM 009158106 14,245 133,671 SH   SOLE   0 0 133,671
AIRGAS INC COM 009363102 2,895 27,300 SH   SOLE   0 0 27,300
ALLERGAN INC COM 018490102 452 5,000 SH   SOLE   0 0 5,000
ALLSTATE CORPORATION COM 020002101 2,011 39,775 SH   SOLE   0 0 39,775
ALTRIA GROUP INC COM 02209S103 2,630 76,560 SH   SOLE   0 0 76,560
AMERICAN ELECTRIC POWER CO COM 025537101 312 7,200 SH   SOLE   0 0 7,200
AMERICAN EXPRESS COM 025816109 1,110 14,700 SH   SOLE   0 0 14,700
AMERICAN WATER WORKS CO INC COM 030420103 5,867 142,135 SH   SOLE   0 0 142,135
AMERIPRISE FINANCIAL INC COM 03076C106 8,572 94,120 SH   SOLE   0 0 94,120
AMGEN INC COM 031162100 5,787 51,701 SH   SOLE   0 0 51,701
ANADARKO PETROLEUM CORP COM 032511107 1,525 16,400 SH   SOLE   0 0 16,400
ANIXTER INTERNATIONAL COM 035290105 23,048 262,925 SH   SOLE   0 0 262,925
ANN INC COM 035623107 14,895 411,248 SH   SOLE   0 0 411,248
AON PLC COM G0408V102 202 2,719 SH   SOLE   0 0 2,719
APACHE CORP COM 037411105 1,567 18,400 SH   SOLE   0 0 18,400
APPLE INC COM 037833100 8,039 16,862 SH   SOLE   0 0 16,862
ARCHER DANIELS MIDLAND COM 039483102 335 9,100 SH   SOLE   0 0 9,100
ATWOOD OCEANICS INC COM 050095108 264 4,800 SH   SOLE   0 0 4,800
AVAGO TECHNOLOGIES LTD COM Y0486S104 1,341 31,125 SH   SOLE   0 0 31,125
AVERY DENNISON CORP COM 053611109 740 17,000 SH   SOLE   0 0 17,000
AVISTA CORP COM 05379B107 12,093 458,086 SH   SOLE   0 0 458,086
BANK OF AMERICA CORP COM 060505104 162 11,724 SH   SOLE   0 0 11,724
BAR HARBOR BANKSHARES COM 066849100 258 7,000 SH   SOLE   0 0 7,000
BAXTER INT'L COM 071813109 1,000 15,220 SH   SOLE   0 0 15,220
BEACON ROOFING SUPPLY INC COM 073685109 15,960 432,875 SH   SOLE   0 0 432,875
BECTON DICKINSON & CO COM 075887109 5,145 51,440 SH   SOLE   0 0 51,440
BED BATH AND BEYOND INC COM 075896100 4,920 63,605 SH   SOLE   0 0 63,605
BELDEN CDT INC COM 077454106 29,892 466,700 SH   SOLE   0 0 466,700
BHP BILLITON LTD COM 088606108 465 7,000 SH   SOLE   0 0 7,000
BLACK HILLS CORP COM 092113109 1,526 30,600 SH   SOLE   0 0 30,600
BOARDWALK PIPELINE PARTNERS COM 096627104 383 12,600 SH   SOLE   0 0 12,600
BONANZA CREEK ENERGY INC COM 097793103 16,036 332,290 SH   SOLE   0 0 332,290
BRINKER INTERNATIONAL INC COM 109641100 16,085 396,855 SH   SOLE   0 0 396,855
BRISTOL-MYERS SQUIBB COM 110122108 10,310 222,768 SH   SOLE   0 0 222,768
BUCKEYE PARTNERS L P UNIT LTD COM 118230101 482 7,350 SH   SOLE   0 0 7,350
CABELA'S INC COM 126804301 21,237 336,942 SH   SOLE   0 0 336,942
CABOT OIL & GAS CORP COM 127097103 20,678 554,070 SH   SOLE   0 0 554,070
CACI INTERNATIONAL INC - CL A COM 127190304 13,262 191,900 SH   SOLE   0 0 191,900
CAMERON INTERNATIONAL CORP COM 13342b105 759 13,000 SH   SOLE   0 0 13,000
CAMPBELL SOUP COM 134429109 2,862 70,300 SH   SOLE   0 0 70,300
CANADIAN NATIONAL RAILWAY CO C COM 136375102 1,409 13,900 SH   SOLE   0 0 13,900
CAPITAL ONE FINANCIAL CORP VA COM 14040H105 4,082 59,390 SH   SOLE   0 0 59,390
CARDTRONICS INC COM 14161H108 15,906 428,605 SH   SOLE   0 0 428,605
CARRIZO OIL & GAS INC COM 144577103 15,136 405,910 SH   SOLE   0 0 405,910
CASEYS GENERAL STORES INC COM 147528103 23,903 325,700 SH   SOLE   0 0 325,700
CATERPILLAR INC COM 149123101 9,042 108,416 SH   SOLE   0 0 108,416
CECO ENVIRONMENTAL CORP COM 125141101 851 60,468 SH   SOLE   0 0 60,468
CELGENE CORP COM COM 151020104 262 1,700 SH   SOLE   0 0 1,700
CENTRAL FUND OF CANADA COM 153501101 382 26,000 SH   SOLE   0 0 26,000
CENTURYLINK INC COM 156700106 1,480 47,159 SH   SOLE   0 0 47,159
CF INDUSTRIES HOLDINGS INC COM 125269100 1,693 8,030 SH   SOLE   0 0 8,030
CHEVRON CORP COM 166764100 9,091 74,827 SH   SOLE   0 0 74,827
CHICAGO BRIDGE AND IRON COMPAN COM 167250109 30,849 455,200 SH   SOLE   0 0 455,200
CHUBB CORP COM 171232101 208 2,330 SH   SOLE   0 0 2,330
CHURCH & DWIGHT INC COM 171340102 8,383 139,600 SH   SOLE   0 0 139,600
CISCO SYSTEMS INC COM 17275R102 851 36,336 SH   SOLE   0 0 36,336
COACH INC COM 189754104 907 16,625 SH   SOLE   0 0 16,625
COAST DISTRIBUTION SERVICES COM 190345108 50 13,000 SH   SOLE   0 0 13,000
COCA-COLA COM 191216100 1,292 34,106 SH   SOLE   0 0 34,106
COLGATE PALMOLIVE CO COM 194162103 396 6,682 SH   SOLE   0 0 6,682
COMMUNITY BANK SYSTEMS INC COM 203607106 13,422 393,385 SH   SOLE   0 0 393,385
COMPASS MINERALS INTERNATIONAL COM 20451n101 8,659 113,525 SH   SOLE   0 0 113,525
CONAGRA FOODS INC COM 205887102 989 32,600 SH   SOLE   0 0 32,600
CONOCOPHILLIPS COM 20825C104 11,895 171,121 SH   SOLE   0 0 171,121
CONTINENTAL RESOURCES INC COM 212015101 1,555 14,500 SH   SOLE   0 0 14,500
CORNING INC COM 219350105 422 28,900 SH   SOLE   0 0 28,900
CRANE CO COM 224399105 20,951 339,725 SH   SOLE   0 0 339,725
CSX CORP COM 126408103 4,655 180,847 SH   SOLE   0 0 180,847
CVS CAREMARK CORP COM 126650100 7,766 136,840 SH   SOLE   0 0 136,840
DARDEN RESTAURANTS INC COM 237194105 4,993 107,860 SH   SOLE   0 0 107,860
DEAN FOODS CO COM 242370203 11,627 602,410 SH   SOLE   0 0 602,410
DEERE & CO COM 244199105 8,269 101,600 SH   SOLE   0 0 101,600
DEVON ENERGY CORP COM 25179M103 2,793 48,351 SH   SOLE   0 0 48,351
DIAGEO PLC ADR COM 25243Q205 5,062 39,836 SH   SOLE   0 0 39,836
DIAMOND OFFSHORE DRILLING INC COM 25271C102 745 11,950 SH   SOLE   0 0 11,950
DIRECTV GROUP INC COM 25490A309 2,738 45,795 SH   SOLE   0 0 45,795
DOMINION RESOURCES INC VA COM 25746U109 3,320 53,145 SH   SOLE   0 0 53,145
DONEGAL GROUP INC CL A COM 257701201 525 37,494 SH   SOLE   0 0 37,494
DOVER CORP COM 260003108 464 5,163 SH   SOLE   0 0 5,163
DOW CHEMICAL CO COM 260543103 8,209 213,781 SH   SOLE   0 0 213,781
DR PEPPER SNAPPLE GROUP INC COM 26138E109 672 15,000 SH   SOLE   0 0 15,000
DU PONT EI DE NEMOURS COM 263534109 4,230 72,233 SH   SOLE   0 0 72,233
DUKE ENERGY CO COM 26441C204 3,586 53,697 SH   SOLE   0 0 53,697
EAST WEST BANCORP INC COM 27579R104 1,470 46,000 SH   SOLE   0 0 46,000
EATON CORP PLC COM G29183103 14,420 209,470 SH   SOLE   0 0 209,470
EL PASO ELECTRIC CO COM 283677854 12,960 388,031 SH   SOLE   0 0 388,031
ELI LILLY CO COM 532457108 5,475 108,774 SH   SOLE   0 0 108,774
EMC CORP COM 268648102 319 12,500 SH   SOLE   0 0 12,500
EMERSON ELECTRIC COM 291011104 8,110 125,348 SH   SOLE   0 0 125,348
ENERGEN CORP COM 29265N108 336 4,400 SH   SOLE   0 0 4,400
ENERGIZER HOLDINGS INC COM 29266R108 1,094 12,000 SH   SOLE   0 0 12,000
ENERSYS COM 29275Y102 31,635 521,775 SH   SOLE   0 0 521,775
ENSCO PLC - CL A COM G3157S106 7,587 141,155 SH   SOLE   0 0 141,155
EXPRESS SCRIPTS HOLDING CO COM 30219G108 3,632 58,773 SH   SOLE   0 0 58,773
EXXON MOBIL CORPORATION COM 30231G102 11,270 130,988 SH   SOLE   0 0 130,988
FAMILY DOLLAR STORES COM 307000109 4,580 63,600 SH   SOLE   0 0 63,600
FEDEX CORPORATION COM 31428X106 3,301 28,930 SH   SOLE   0 0 28,930
FIRST MIDWEST BANCORP INC COM 320867104 4,106 272,275 SH   SOLE   0 0 272,275
FIRST REPUBLIC BANK/CA COM 33616C100 1,306 28,000 SH   SOLE   0 0 28,000
FISERV INC COM 337738108 5,835 57,745 SH   SOLE   0 0 57,745
FORD MOTOR COMPANY COM 345370860 4,402 260,925 SH   SOLE   0 0 260,925
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 8,952 270,619 SH   SOLE   0 0 270,619
GENERAC HOLDINGS INC COM 368736104 11,470 269,000 SH   SOLE   0 0 269,000
GENERAL DYNAMICS CORP COM 369550108 431 4,925 SH   SOLE   0 0 4,925
GENERAL ELECTRIC COM 369604103 14,440 604,432 SH   SOLE   0 0 604,432
GENERAL MILLS INC COM 370334104 825 17,220 SH   SOLE   0 0 17,220
GENUINE PARTS CO COM 372460105 3,151 38,960 SH   SOLE   0 0 38,960
GLACIER BANCORP INC COM 37637q105 9,422 381,750 SH   SOLE   0 0 381,750
GLAXOSMITHKLINE PLC ADR COM 37733W105 799 15,935 SH   SOLE   0 0 15,935
GOOGLE INC CL A COM 38259P508 2,686 3,067 SH   SOLE   0 0 3,067
GRAINGER W W INC COM 384802104 209 800 SH   SOLE   0 0 800
H&R BLOCK INC COM 093671105 308 11,550 SH   SOLE   0 0 11,550
HALLIBURTON CO COM 406216101 5,475 113,715 SH   SOLE   0 0 113,715
HARRIS CORP COM 413875105 3,259 54,950 SH   SOLE   0 0 54,950
HARTFORD FINANCIAL SERVICES GR COM 416515104 371 11,921 SH   SOLE   0 0 11,921
HELMERICH & PAYNE INC COM 423452101 207 3,000 SH   SOLE   0 0 3,000
HERSHEY FOODS COM 427866108 250 2,700 SH   SOLE   0 0 2,700
HERTZ GLOBAL HOLDINGS COM 42805T105 3,979 179,565 SH   SOLE   0 0 179,565
HESS CORP COM 42809H107 936 12,100 SH   SOLE   0 0 12,100
HOME DEPOT INC COM 437076102 1,928 25,422 SH   SOLE   0 0 25,422
HONEYWELL INTL INC COM 438516106 8,535 102,787 SH   SOLE   0 0 102,787
HORMEL FOODS CORP COM 440452100 695 16,500 SH   SOLE   0 0 16,500
IBERIABANK CORP COM 450828108 11,768 226,705 SH   SOLE   0 0 226,705
ILLINOIS TOOL WORKS COM 452308109 1,884 24,701 SH   SOLE   0 0 24,701
INGERSOLL-RAND PLC COM G47791101 406 6,250 SH   SOLE   0 0 6,250
INT'L BUSINESS MACHINES CORP COM 459200101 13,381 72,262 SH   SOLE   0 0 72,262
INT'L FLAVORS & FRAGRANCES INC COM 459506101 247 3,000 SH   SOLE   0 0 3,000
INTEL CORP COM 458140100 4,390 191,534 SH   SOLE   0 0 191,534
J.M. SMUCKER COM COM 832696405 1,193 11,359 SH   SOLE   0 0 11,359
JARDEN CORPORATION COM 471109108 24,071 497,327 SH   SOLE   0 0 497,327
JOHNSON & JOHNSON COM 478160104 11,100 128,042 SH   SOLE   0 0 128,042
JPMORGAN CHASE & CO. COM 46625H100 8,128 157,246 SH   SOLE   0 0 157,246
KAYNE ANDERSON ENERGY DEVELOPM COM 48660Q102 243 8,500 SH   SOLE   0 0 8,500
KAYNE ANDERSON MLP INVT CO COM 486606106 5,692 158,775 SH   SOLE   0 0 158,775
KELLOGG CO COM 487836108 373 6,344 SH   SOLE   0 0 6,344
KIMBERLY-CLARK CORP COM 494368103 11,725 124,439 SH   SOLE   0 0 124,439
KINDER MORGAN ENERGY PRTNRS COM 494550106 541 6,775 SH   SOLE   0 0 6,775
KODIAK OIL & GAS CORP COM 50015Q100 14,070 1,166,640 SH   SOLE   0 0 1,166,640
KOHLS CORP WISC PV COM 500255104 1,413 27,300 SH   SOLE   0 0 27,300
KRAFT FOODS GROUP INC COM 50076Q106 859 16,375 SH   SOLE   0 0 16,375
L-3 COMMUNICATIONS HLDGS INC COM 502424104 1,892 20,025 SH   SOLE   0 0 20,025
LABORATORY CORPORATION OF AMER COM 50540R409 550 5,550 SH   SOLE   0 0 5,550
LOCKHEED MARTIN CORP COM 539830109 1,122 8,800 SH   SOLE   0 0 8,800
LOWES COMPANIES INC COM 548661107 343 7,200 SH   SOLE   0 0 7,200
LYONDELL BASELL INDUSTRIES - C COM N53745100 3,902 53,283 SH   SOLE   0 0 53,283
MACY'S INC COM 55616P104 4,654 107,550 SH   SOLE   0 0 107,550
MAGELLAN MIDSTREAM PARTNERS LL COM 559080106 331 5,860 SH   SOLE   0 0 5,860
MARATHON OIL CORP COM 565849106 1,257 36,030 SH   SOLE   0 0 36,030
MARATHON PETROLEUM CORP COM 56585A102 584 9,080 SH   SOLE   0 0 9,080
MARRIOTT INTERNATIONAL INC CL COM 571903202 1,682 40,000 SH   SOLE   0 0 40,000
MASTEC INCORPORATED COM 576323109 27,251 899,380 SH   SOLE   0 0 899,380
MB FINANCIAL INC COM 55264u108 12,089 428,525 SH   SOLE   0 0 428,525
MERCK & CO INC/NJ COM 58933Y105 4,428 93,017 SH   SOLE   0 0 93,017
MEREDITH CORP COM 589433101 826 17,350 SH   SOLE   0 0 17,350
METLIFE INC COM 59156R108 5,424 115,531 SH   SOLE   0 0 115,531
MICROSOFT CORP COM 594918104 11,307 339,760 SH   SOLE   0 0 339,760
MITSUBISHI UFJ FINANCIAL GROUP COM 606822104 64 10,000 SH   SOLE   0 0 10,000
MONDELEZ INTERNATIONAL INC COM 609207105 1,465 46,640 SH   SOLE   0 0 46,640
MOOG INC COM 615394202 22,441 382,500 SH   SOLE   0 0 382,500
MURPHY OIL CORP COM 626717102 685 11,350 SH   SOLE   0 0 11,350
MYLAN INC COM 628530107 5,554 145,510 SH   SOLE   0 0 145,510
McCORMICK & CO INC NON VTG COM 579780206 2,057 31,800 SH   SOLE   0 0 31,800
McDONALDS CORP COM 580135101 9,351 97,193 SH   SOLE   0 0 97,193
NATIONAL OILWELL VARCO INC COM 637071101 1,130 14,470 SH   SOLE   0 0 14,470
NETAPP INC COM 64110D104 3,637 85,325 SH   SOLE   0 0 85,325
NETSCOUT SYSTEMS INC COM 64115T104 12,827 502,425 SH   SOLE   0 0 502,425
NEW JERSEY RESOURCES COM 646025106 1,685 38,250 SH   SOLE   0 0 38,250
NEWMONT MINING CORP COM 651639106 1,637 58,250 SH   SOLE   0 0 58,250
NEXTERA ENERGY INC COM 65339F101 4,199 52,380 SH   SOLE   0 0 52,380
NOBLE CORP COM H5833N103 1,814 48,030 SH   SOLE   0 0 48,030
NORFOLK SOUTHERN CORP COM 655844108 5,229 67,600 SH   SOLE   0 0 67,600
NORTHWEST BANCSHARES INC COM 667340103 12,251 927,426 SH   SOLE   0 0 927,426
NOVARTIS AG COM 66987v109 290 3,775 SH   SOLE   0 0 3,775
NOVO-NORDISK ADR COM 670100205 9,197 54,350 SH   SOLE   0 0 54,350
NUANCE COMMUNICATIONS INC COM 67020Y100 1,588 85,025 SH   SOLE   0 0 85,025
NYSE EURONEXT COM 629491101 634 15,100 SH   SOLE   0 0 15,100
OCCIDENTAL PETROLEUM CORP COM 674599105 8,858 94,694 SH   SOLE   0 0 94,694
ON SEMICONDUCTOR CORPORATION COM 682189105 11,561 1,581,805 SH   SOLE   0 0 1,581,805
ORACLE CORPORATION COM 68389X105 6,418 193,478 SH   SOLE   0 0 193,478
ORIX CORPORATION COM 686330101 245 3,000 SH   SOLE   0 0 3,000
OSHKOSH TRUCK CORP COM 688239201 17,816 363,750 SH   SOLE   0 0 363,750
PAREXEL INTERNATIONAL COM 699462107 28,746 572,630 SH   SOLE   0 0 572,630
PARKER-HANNIFIN COM 701094104 3,335 30,675 SH   SOLE   0 0 30,675
PAYCHEX INC COM 704326107 786 19,350 SH   SOLE   0 0 19,350
PENTAIR INC COM H6169Q108 2,663 41,014 SH   SOLE   0 0 41,014
PEPSICO INC COM 713448108 6,154 77,414 SH   SOLE   0 0 77,414
PERKINELMER INC COM 714046109 1,095 29,000 SH   SOLE   0 0 29,000
PFIZER INC COM 717081103 3,862 134,439 SH   SOLE   0 0 134,439
PHILIP MORRIS INTERNATIONAL IN COM 718172109 2,964 34,235 SH   SOLE   0 0 34,235
PHILLIPS 66 COM 718546104 7,857 135,887 SH   SOLE   0 0 135,887
PIEDMONT NATURAL GAS COM 720186105 4,133 125,686 SH   SOLE   0 0 125,686
PNC FINANCIAL SERVICES GROUP COM 693475105 6,837 94,375 SH   SOLE   0 0 94,375
POLYONE CORP COM 73179P106 26,869 874,940 SH   SOLE   0 0 874,940
PORTLAND GENERAL ELECTRIC CO COM 736508847 10,306 365,075 SH   SOLE   0 0 365,075
PPG INDUSTRIES INC COM 693506107 9,422 56,400 SH   SOLE   0 0 56,400
PPL CORP COM 69351T106 1,534 50,494 SH   SOLE   0 0 50,494
PRAXAIR INC COM 74005P104 996 8,285 SH   SOLE   0 0 8,285
PROCTER & GAMBLE COM 742718109 5,296 70,063 SH   SOLE   0 0 70,063
PRUDENTIAL FINANCIAL COM 744320102 8,037 103,065 SH   SOLE   0 0 103,065
PTC INC COM 69370C100 21,719 763,155 SH   SOLE   0 0 763,155
PUBLIC SERVICE ENTERPRISE INC COM 744573106 589 17,900 SH   SOLE   0 0 17,900
QUAKER CHEMICAL COM 747316107 511 7,000 SH   SOLE   0 0 7,000
QUALCOMM INC COM 747525103 773 11,483 SH   SOLE   0 0 11,483
QUEST DIAGNOSTICS COM 74834L100 630 10,198 SH   SOLE   0 0 10,198
RAYTHEON COM 755111507 2,908 37,726 SH   SOLE   0 0 37,726
RF MICRO DEVICES COM 749941100 10,186 1,806,110 SH   SOLE   0 0 1,806,110
RGC RESOURCES COM 74955l103 679 35,216 SH   SOLE   0 0 35,216
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 3,342 87,300 SH   SOLE   0 0 87,300
ROYAL DUTCH SHELL PLC COM 780259206 859 13,085 SH   SOLE   0 0 13,085
RPM INC COM 749685103 6,822 188,448 SH   SOLE   0 0 188,448
SCHLUMBERGER LTD COM 806857108 3,182 36,014 SH   SOLE   0 0 36,014
SEADRILL LTD COM G7945E105 1,005 22,300 SH   SOLE   0 0 22,300
SELECTIVE INSURANCE COM 816300107 12,433 507,475 SH   SOLE   0 0 507,475
SIGNATURE BANK COM 82669g104 21,603 236,050 SH   SOLE   0 0 236,050
SILGAN HOLDINGS INC COM 827048109 19,736 419,925 SH   SOLE   0 0 419,925
SOLERA HOLDINGS INC COM 83421A104 14,340 271,225 SH   SOLE   0 0 271,225
SOUTHWEST GAS CORP COM 844895102 15,067 301,335 SH   SOLE   0 0 301,335
STANLEY BLACK DECKER INC COM 854502101 3,533 39,010 SH   SOLE   0 0 39,010
SUPERIOR ENERGY SERVICES COM 868157108 10,493 419,058 SH   SOLE   0 0 419,058
SVB FINANCIAL GROUP COM 78486q101 22,374 259,050 SH   SOLE   0 0 259,050
SYSCO CORP COM 871829107 3,590 112,800 SH   SOLE   0 0 112,800
TARGET CORP COM 87612E106 4,259 66,575 SH   SOLE   0 0 66,575
TECK RESOURCES LTD CL B COM 878742204 585 21,800 SH   SOLE   0 0 21,800
TEVA PHARMACTCL INDS ADR COM 881624209 297 7,850 SH   SOLE   0 0 7,850
THE JONES GRP INC COM 48020T101 9,422 627,715 SH   SOLE   0 0 627,715
THE MOSAIC CO COM 61945C103 2,112 49,100 SH   SOLE   0 0 49,100
THE TRAVELERS COMPANIES INC COM 89417e109 2,754 32,484 SH   SOLE   0 0 32,484
THERMO FISHER SCIENTIFIC INC COM 883556102 5,697 61,825 SH   SOLE   0 0 61,825
TORCHMARK CORP COM 891027104 3,290 45,475 SH   SOLE   0 0 45,475
TORONTO-DOMINION BANK COM 891160509 520 5,778 SH   SOLE   0 0 5,778
TORTOISE ENERGY INFRASTRUCTURE COM 89147L100 443 9,650 SH   SOLE   0 0 9,650
TOTAL SA SPON ADR COM 89151E109 6,221 107,410 SH   SOLE   0 0 107,410
TRACTOR SUPPLY CO COM 892356106 2,176 32,400 SH   SOLE   0 0 32,400
TRANSOCEAN LTD COM H8817H100 360 8,089 SH   SOLE   0 0 8,089
TRINITY INDUSTRIES COM 896522109 12,749 281,130 SH   SOLE   0 0 281,130
TYCO INTERNATIONAL LTD COM H89128104 3,497 99,966 SH   SOLE   0 0 99,966
U.S. BANCORP COM 902973304 3,462 94,645 SH   SOLE   0 0 94,645
UGI CORP COM 902681105 3,821 97,650 SH   SOLE   0 0 97,650
UMPQUA HOLDINGS CORP COM 904214103 11,628 716,896 SH   SOLE   0 0 716,896
UNION PACIFIC CORP COM 907818108 6,866 44,200 SH   SOLE   0 0 44,200
UNITED BANKSHARES COM 909907107 10,218 352,575 SH   SOLE   0 0 352,575
UNITED PARCEL SERVICE INC COM 911312106 17,835 195,200 SH   SOLE   0 0 195,200
UNITED RENTALS COM 911363109 31,013 532,051 SH   SOLE   0 0 532,051
UNITED TECHNOLOGIES CORP COM 913017109 9,474 87,871 SH   SOLE   0 0 87,871
UNS ENERGY CORP COM 903119105 10,552 226,350 SH   SOLE   0 0 226,350
V F CORP COM 918204108 11,562 58,086 SH   SOLE   0 0 58,086
VALEANT PHARMACEUTICALS INTL COM 91911K102 250 2,400 SH   SOLE   0 0 2,400
VALERO ENERGY CORP COM 91913Y100 301 8,810 SH   SOLE   0 0 8,810
VALLEY NATL BANCORP COM COM 919794107 1,144 115,000 SH   SOLE   0 0 115,000
VERIZON COMMUNICATIONS COM 92343V104 8,341 178,700 SH   SOLE   0 0 178,700
WAL-MART STORES COM 931142103 274 3,700 SH   SOLE   0 0 3,700
WALT DISNEY COMPANY COM 254687106 1,587 24,601 SH   SOLE   0 0 24,601
WASHINGTON TRUST BANCORP INC COM 940610108 204 6,480 SH   SOLE   0 0 6,480
WASTE MANAGEMENT INC COM 94106L109 9,743 236,246 SH   SOLE   0 0 236,246
WD-40 CO COM 929236107 4,021 61,950 SH   SOLE   0 0 61,950
WEATHERFORD INTERNATIONAL COM H27013103 414 27,000 SH   SOLE   0 0 27,000
WEBSTER FINANCIAL CORP COM 947890109 10,533 412,555 SH   SOLE   0 0 412,555
WELLS FARGO & CO COM 949746101 4,353 105,339 SH   SOLE   0 0 105,339
WESCO INTERNATIONAL INC COM 95082P105 918 12,000 SH   SOLE   0 0 12,000
WEST PHARMACEUTICAL SERVICES COM 955306105 26,130 635,000 SH   SOLE   0 0 635,000
WESTLAKE CHEMICAL CORP COM 960413102 1,219 11,650 SH   SOLE   0 0 11,650
WGL HOLDINGS COM 92924F106 846 19,800 SH   SOLE   0 0 19,800
WHIRLPOOL CORP COM 963320106 637 4,350 SH   SOLE   0 0 4,350
WHITING PETROLEUM CORP COM 966387102 4,444 74,245 SH   SOLE   0 0 74,245
WINTRUST FINANCIAL CORP COM 97650W108 13,287 323,525 SH   SOLE   0 0 323,525
XCEL ENERGY INC COM 98389B100 262 9,500 SH   SOLE   0 0 9,500
ZIMMER HOLDINGS INC COM 98956P102 4,495 54,725 SH   SOLE   0 0 54,725
VANGUARD LARGE-CAP ETF COM 922908637 830 10,735 SH   SOLE   0 0 10,735
VANGUARD TOTAL STOCK MKT VIPER COM 922908769 210 2,400 SH   SOLE   0 0 2,400
ISHARES CHINA LARGE CAP ETF COM 464287184 1,910 51,500 SH   SOLE   0 0 51,500
ISHARES MSCI EAFE ETF COM 464287465 200 3,135 SH   SOLE   0 0 3,135
ISHARES MSCI EMERGING MKTS FD COM 464287234 4,722 115,875 SH   SOLE   0 0 115,875
ISHARES MSCI JAPAN INDEX FD COM 464286848 295 24,745 SH   SOLE   0 0 24,745
ISHARES MSCI PACIFIC EX JAPAN COM 464286665 5,437 114,100 SH   SOLE   0 0 114,100
VANGUARD FTSE EMERGING MARKETS COM 922042858 4,162 103,693 SH   SOLE   0 0 103,693
VANGUARD TOTAL INTL STOCK ETF COM 921909768 311 6,200 SH   SOLE   0 0 6,200
DNP SELECT INCOME FUND INC COM 23325P104 340 35,400 SH   SOLE   0 0 5,400