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 2,173 87,500 SH   SOLE   87,500 0 0
ALEXANDRIA REAL ESTATE EQUITIE COM 015271109 2,503 39,350 SH   SOLE   39,350 0 0
AMERICAN CAMPUS COMMUNITIES IN COM 024835100 2,384 74,000 SH   SOLE   74,000 0 0
BRANDYWINE REALTY TRUST SBI COM 105368203 1,933 137,200 SH   SOLE   137,200 0 0
CAMDEN PROPERTY TRUST COM 133131102 1,843 32,400 SH   SOLE   32,400 0 0
CHESAPEAKE LODGING TRUST COM 165240102 885 35,000 SH   SOLE   35,000 0 0
CUBE SMART COM 229663109 2,232 140,000 SH   SOLE   140,000 0 0
DDR CORP COM 23317H102 1,941 126,264 SH   SOLE   126,264 0 0
DIGITAL REALTY TRUST INC COM 253868103 6,246 127,160 SH   SOLE   127,160 0 0
DUPONT FABROS TECHNOLOGY COM 26613Q106 1,779 72,000 SH   SOLE   72,000 0 0
EASTGROUP PROPERTIES SBI COM 277276101 3,476 60,000 SH   SOLE   60,000 0 0
EDUCATION REALTY TRUST INC COM 28140H104 1,323 150,000 SH   SOLE   150,000 0 0
EQUITY ONE INC COM 294752100 1,122 50,000 SH   SOLE   50,000 0 0
EQUITY RESIDENTIAL COM 29476L107 2,085 40,200 SH   SOLE   40,200 0 0
ESSEX PROPERTY TRUST INC COM 297178105 1,507 10,500 SH   SOLE   10,500 0 0
FEDERAL REALTY INV. TRUST COM 313747206 1,775 17,500 SH   SOLE   17,500 0 0
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 2,268 130,000 SH   SOLE   130,000 0 0
GENERAL GROWTH PROPERTIES COM 370023103 2,308 115,000 SH   SOLE   115,000 0 0
GLIMCHER REALTY COM 379302102 1,732 185,000 SH   SOLE   185,000 0 0
HCP INC COM 40414l109 914 25,175 SH   SOLE   25,175 0 0
HEALTH CARE REIT INC COM 42217K106 3,257 60,800 SH   SOLE   60,800 0 0
HERSHA HOSPITALITY TRUST COM 427825104 1,253 225,000 SH   SOLE   225,000 0 0
HIGHWOODS PROPERTIES INC COM 431284108 17,149 474,114 SH   SOLE   474,114 0 0
HOME PROPERTIES INC COM 437306103 11,674 217,725 SH   SOLE   217,725 0 0
HOSPITALITY PROPERTIES TRUST COM 44106M102 428 15,825 SH   SOLE   15,825 0 0
HUDSON PACIFIC PROPERTIES INC COM 444097109 875 40,000 SH   SOLE   40,000 0 0
KIMCO REALTY CORP COM 49446R109 6,664 337,425 SH   SOLE   337,425 0 0
LASALLE HOTEL PROPERTIES COM 517942108 1,389 45,000 SH   SOLE   45,000 0 0
LIBERTY PROPERTY TRUST COM 531172104 2,250 66,445 SH   SOLE   66,445 0 0
MACERICH CO COM 554382101 2,758 46,832 SH   SOLE   46,832 0 0
MEDICAL PROPERTIES TRUST INC COM 58463j304 17,358 1,420,430 SH   SOLE   1,420,430 0 0
MID-AMERICA APARTMENT COMMUNIT COM 59522J103 315 5,180 SH   SOLE   5,180 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 1,902 62,700 SH   SOLE   62,700 0 0
OMEGA HEALTHCARE INVESTORS COM 681936100 1,490 50,000 SH   SOLE   50,000 0 0
POST PROPERTIES INC COM 737464107 1,357 30,000 SH   SOLE   30,000 0 0
RAYONIER INC COM 754907103 1,052 25,000 SH   SOLE   25,000 0 0
RLJ LODGING TRUST COM 74965L101 2,843 116,900 SH   SOLE   116,900 0 0
RYMAN HOSPITALITY PROPERTIES COM 78377T107 1,044 25,000 SH   SOLE   25,000 0 0
SIMON PROPERTY GROUP INC COM 828806109 12,313 80,921 SH   SOLE   80,921 0 0
SL GREEN REALTY CORP COM 78440X101 20,497 221,875 SH   SOLE   221,875 0 0
SOVRAN SELF STORAGE INC COM 84610H108 1,760 27,000 SH   SOLE   27,000 0 0
SUNSTONE HOTEL INVESTORS INC COM 867892101 1,761 131,414 SH   SOLE   131,414 0 0
TANGER FACTORY OUTLET CENTERS COM 875465106 1,921 60,000 SH   SOLE   60,000 0 0
UDR INC COM 902653104 2,724 116,677 SH   SOLE   116,677 0 0
VENTAS INC COM 92276F100 2,173 37,933 SH   SOLE   37,933 0 0
W P CAREY INC COM 92936U109 4,606 75,070 SH   SOLE   75,070 0 0
3M COMPANY COM 88579Y101 10,613 75,673 SH   SOLE   75,673 0 0
A T & T INC COM 00206R102 5,034 143,163 SH   SOLE   143,163 0 0
AARON'S INC COM 002535300 13,270 451,350 SH   SOLE   451,350 0 0
ABBOTT LABORATORIES COM 002824100 7,065 184,308 SH   SOLE   184,308 0 0
ABBVIE INC COM 00287Y109 10,902 206,443 SH   SOLE   206,443 0 0
ACCENTURE PLC - CL A COM G1151C101 10,457 127,180 SH   SOLE   127,180 0 0
ACTAVIS PLC COM G0083B108 5,781 34,412 SH   SOLE   34,412 0 0
ACTUANT CORP - CL A COM 00508X203 19,100 521,275 SH   SOLE   521,275 0 0
ADR TOYOTA MOTOR CORP COM COM 892331307 207 1,700 SH   SOLE   1,700 0 0
ADT CORP COM 00101J106 877 21,675 SH   SOLE   21,675 0 0
ADVANCED SEMICONDUCTOR ADR COM 00756M404 118 24,654 SH   SOLE   24,654 0 0
AEGION CORP COM 00770F104 474 21,650 SH   SOLE   21,650 0 0
AFFILIATED MANAGERS GROUP INC COM 008252108 35,494 163,656 SH   SOLE   163,656 0 0
AFLAC INC COM 001055102 2,206 33,025 SH   SOLE   33,025 0 0
AGRIUM INC COM 008916108 3,417 37,350 SH   SOLE   37,350 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 14,345 128,334 SH   SOLE   128,334 0 0
AIRGAS INC COM 009363102 2,964 26,500 SH   SOLE   26,500 0 0
ALLERGAN INC COM 018490102 555 5,000 SH   SOLE   5,000 0 0
ALLSTATE CORPORATION COM 020002101 2,044 37,475 SH   SOLE   37,475 0 0
ALTRIA GROUP INC COM 02209S103 2,928 76,260 SH   SOLE   76,260 0 0
AMERICAN ELECTRIC POWER CO COM 025537101 337 7,200 SH   SOLE   7,200 0 0
AMERICAN EXPRESS COM 025816109 1,334 14,700 SH   SOLE   14,700 0 0
AMERICAN WATER WORKS CO INC COM 030420103 5,982 141,560 SH   SOLE   141,560 0 0
AMERIPRISE FINANCIAL INC COM 03076C106 9,975 86,702 SH   SOLE   86,702 0 0
AMGEN INC COM 031162100 5,650 49,525 SH   SOLE   49,525 0 0
ANADARKO PETROLEUM CORP COM 032511107 1,110 14,000 SH   SOLE   14,000 0 0
ANIXTER INTERNATIONAL COM 035290105 23,621 262,925 SH   SOLE   262,925 0 0
ANN INC COM 035623107 15,035 411,248 SH   SOLE   411,248 0 0
AON PLC COM G0408V102 228 2,719 SH   SOLE   2,719 0 0
APACHE CORP COM 037411105 1,094 12,725 SH   SOLE   12,725 0 0
APPLE INC COM 037833100 8,945 15,944 SH   SOLE   15,944 0 0
ARCHER DANIELS MIDLAND COM 039483102 395 9,100 SH   SOLE   9,100 0 0
ATWOOD OCEANICS INC COM 050095108 254 4,750 SH   SOLE   4,750 0 0
AVAGO TECHNOLOGIES LTD COM Y0486S104 1,567 29,625 SH   SOLE   29,625 0 0
AVERY DENNISON CORP COM 053611109 1,054 21,000 SH   SOLE   21,000 0 0
AVISTA CORP COM 05379B107 12,913 458,086 SH   SOLE   458,086 0 0
BANK OF AMERICA CORP COM 060505104 173 11,124 SH   SOLE   11,124 0 0
BAR HARBOR BANKSHARES COM 066849100 280 7,000 SH   SOLE   7,000 0 0
BAXTER INT'L COM 071813109 1,083 15,570 SH   SOLE   15,570 0 0
BEACON ROOFING SUPPLY INC COM 073685109 17,436 432,875 SH   SOLE   432,875 0 0
BECTON DICKINSON & CO COM 075887109 5,518 49,940 SH   SOLE   49,940 0 0
BED BATH AND BEYOND INC COM 075896100 4,896 60,966 SH   SOLE   60,966 0 0
BELDEN CDT INC COM 077454106 32,879 466,700 SH   SOLE   466,700 0 0
BHP BILLITON LTD COM 088606108 532 7,800 SH   SOLE   7,800 0 0
BLACK HILLS CORP COM 092113109 1,591 30,300 SH   SOLE   30,300 0 0
BOARDWALK PIPELINE PARTNERS COM 096627104 356 13,950 SH   SOLE   13,950 0 0
BONANZA CREEK ENERGY INC COM 097793103 14,645 336,890 SH   SOLE   336,890 0 0
BRINKER INTERNATIONAL INC COM 109641100 18,390 396,855 SH   SOLE   396,855 0 0
BRISTOL-MYERS SQUIBB COM 110122108 11,111 209,058 SH   SOLE   209,058 0 0
BUCKEYE PARTNERS L P UNIT LTD COM 118230101 522 7,350 SH   SOLE   7,350 0 0
CABELA'S INC COM 126804301 22,461 336,942 SH   SOLE   336,942 0 0
CABOT OIL & GAS CORP COM 127097103 21,476 554,070 SH   SOLE   554,070 0 0
CACI INTERNATIONAL INC - CL A COM 127190304 14,051 191,900 SH   SOLE   191,900 0 0
CAMPBELL SOUP COM 134429109 3,043 70,300 SH   SOLE   70,300 0 0
CANADIAN NATIONAL RAILWAY CO C COM 136375102 1,585 27,800 SH   SOLE   27,800 0 0
CAPITAL ONE FINANCIAL CORP VA COM 14040H105 4,303 56,167 SH   SOLE   56,167 0 0
CARDTRONICS INC COM 14161H108 18,623 428,605 SH   SOLE   428,605 0 0
CARRIZO OIL & GAS INC COM 144577103 18,173 405,910 SH   SOLE   405,910 0 0
CASEYS GENERAL STORES INC COM 147528103 22,880 325,700 SH   SOLE   325,700 0 0
CATERPILLAR INC COM 149123101 9,903 109,052 SH   SOLE   109,052 0 0
CECO ENVIRONMENTAL CORP COM 125141101 946 58,542 SH   SOLE   58,542 0 0
CELGENE CORP COM COM 151020104 416 2,460 SH   SOLE   2,460 0 0
CENTRAL FUND OF CANADA COM 153501101 364 27,500 SH   SOLE   27,500 0 0
CENTURYLINK INC COM 156700106 1,306 41,020 SH   SOLE   41,020 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 1,743 7,480 SH   SOLE   7,480 0 0
CHEVRON CORP COM 166764100 9,161 73,340 SH   SOLE   73,340 0 0
CHICAGO BRIDGE AND IRON COMPAN COM 167250109 37,189 447,300 SH   SOLE   447,300 0 0
CHUBB CORP COM 171232101 225 2,330 SH   SOLE   2,330 0 0
CHURCH & DWIGHT INC COM 171340102 9,253 139,600 SH   SOLE   139,600 0 0
CISCO SYSTEMS INC COM 17275R102 815 36,336 SH   SOLE   36,336 0 0
COACH INC COM 189754104 857 15,275 SH   SOLE   15,275 0 0
COAST DISTRIBUTION SERVICES COM 190345108 43 13,000 SH   SOLE   13,000 0 0
COCA-COLA COM 191216100 1,318 31,906 SH   SOLE   31,906 0 0
COLGATE PALMOLIVE CO COM 194162103 415 6,362 SH   SOLE   6,362 0 0
COMMUNITY BANK SYSTEMS INC COM 203607106 15,610 393,385 SH   SOLE   393,385 0 0
COMPASS MINERALS INTERNATIONAL COM 20451n101 9,088 113,525 SH   SOLE   113,525 0 0
CONAGRA FOODS INC COM 205887102 1,773 52,625 SH   SOLE   52,625 0 0
CONOCOPHILLIPS COM 20825C104 11,669 165,173 SH   SOLE   165,173 0 0
CONTINENTAL RESOURCES INC COM 212015101 1,632 14,500 SH   SOLE   14,500 0 0
CORNING INC COM 219350105 305 17,100 SH   SOLE   17,100 0 0
CRANE CO COM 224399105 22,847 339,725 SH   SOLE   339,725 0 0
CSX CORP COM 126408103 4,941 171,757 SH   SOLE   171,757 0 0
CVS CAREMARK CORP COM 126650100 9,267 129,482 SH   SOLE   129,482 0 0
DARDEN RESTAURANTS INC COM 237194105 4,634 85,235 SH   SOLE   85,235 0 0
DEAN FOODS CO COM 242370203 15,512 902,410 SH   SOLE   902,410 0 0
DEERE & CO COM 244199105 9,023 98,798 SH   SOLE   98,798 0 0
DEVON ENERGY CORP COM 25179M103 3,673 59,374 SH   SOLE   59,374 0 0
DIAGEO PLC ADR COM 25243Q205 5,103 38,536 SH   SOLE   38,536 0 0
DIAMOND OFFSHORE DRILLING INC COM 25271C102 572 10,050 SH   SOLE   10,050 0 0
DIRECTV GROUP INC COM 25490A309 2,943 42,614 SH   SOLE   42,614 0 0
DOMINION RESOURCES INC VA COM 25746U109 3,442 53,215 SH   SOLE   53,215 0 0
DONEGAL GROUP INC CL A COM 257701201 596 37,494 SH   SOLE   37,494 0 0
DOVER CORP COM 260003108 498 5,163 SH   SOLE   5,163 0 0
DOW CHEMICAL CO COM 260543103 9,272 208,836 SH   SOLE   208,836 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 731 15,000 SH   SOLE   15,000 0 0
DU PONT EI DE NEMOURS COM 263534109 4,647 71,533 SH   SOLE   71,533 0 0
DUKE ENERGY CO COM 26441C204 3,472 50,311 SH   SOLE   50,311 0 0
EAST WEST BANCORP INC COM 27579R104 1,609 46,000 SH   SOLE   46,000 0 0
EATON CORP PLC COM G29183103 15,445 202,903 SH   SOLE   202,903 0 0
EL PASO ELECTRIC CO COM 283677854 13,624 388,031 SH   SOLE   388,031 0 0
ELI LILLY CO COM 532457108 5,521 108,249 SH   SOLE   108,249 0 0
EMC CORP COM 268648102 284 11,300 SH   SOLE   11,300 0 0
EMERSON ELECTRIC COM 291011104 8,730 124,398 SH   SOLE   124,398 0 0
ENERGIZER HOLDINGS INC COM 29266R108 1,299 12,000 SH   SOLE   12,000 0 0
ENERSYS COM 29275Y102 36,571 521,775 SH   SOLE   521,775 0 0
ENSCO PLC - CL A COM G3157S106 8,121 142,020 SH   SOLE   142,020 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 3,918 55,784 SH   SOLE   55,784 0 0
EXXON MOBIL CORPORATION COM 30231G102 12,851 126,985 SH   SOLE   126,985 0 0
FAMILY DOLLAR STORES COM 307000109 4,106 63,200 SH   SOLE   63,200 0 0
FEDEX CORPORATION COM 31428X106 3,893 27,079 SH   SOLE   27,079 0 0
FIRST MIDWEST BANCORP INC COM 320867104 4,773 272,275 SH   SOLE   272,275 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 1,466 28,000 SH   SOLE   28,000 0 0
FISERV INC COM 337738108 5,784 97,946 SH   SOLE   97,946 0 0
FORD MOTOR COMPANY COM 345370860 6,706 434,578 SH   SOLE   434,578 0 0
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 9,961 263,949 SH   SOLE   263,949 0 0
GENERAC HOLDINGS INC COM 368736104 21,438 378,500 SH   SOLE   378,500 0 0
GENERAL DYNAMICS CORP COM 369550108 394 4,125 SH   SOLE   4,125 0 0
GENERAL ELECTRIC COM 369604103 16,693 595,531 SH   SOLE   595,531 0 0
GENERAL MILLS INC COM 370334104 835 16,740 SH   SOLE   16,740 0 0
GENUINE PARTS CO COM 372460105 3,241 38,960 SH   SOLE   38,960 0 0
GLACIER BANCORP INC COM 37637q105 11,372 381,750 SH   SOLE   381,750 0 0
GLAXOSMITHKLINE PLC ADR COM 37733W105 848 15,885 SH   SOLE   15,885 0 0
GOLDMAN SACHS GROUP COM 38141G104 204 1,150 SH   SOLE   1,150 0 0
GOOGLE INC CL A COM 38259P508 616 550 SH   SOLE   550 0 0
GRAINGER W W INC COM 384802104 204 800 SH   SOLE   800 0 0
H&R BLOCK INC COM 093671105 335 11,550 SH   SOLE   11,550 0 0
HALLIBURTON CO COM 406216101 5,225 102,950 SH   SOLE   102,950 0 0
HARRIS CORP COM 413875105 3,592 51,450 SH   SOLE   51,450 0 0
HARTFORD FINANCIAL SERVICES GR COM 416515104 420 11,601 SH   SOLE   11,601 0 0
HERSHEY FOODS COM 427866108 263 2,700 SH   SOLE   2,700 0 0
HERTZ GLOBAL HOLDINGS COM 42805T105 6,006 209,860 SH   SOLE   209,860 0 0
HESS CORP COM 42809H107 778 9,375 SH   SOLE   9,375 0 0
HOME DEPOT INC COM 437076102 1,962 23,822 SH   SOLE   23,822 0 0
HONEYWELL INTL INC COM 438516106 8,303 90,869 SH   SOLE   90,869 0 0
HORMEL FOODS CORP COM 440452100 745 16,500 SH   SOLE   16,500 0 0
IBERIABANK CORP COM 450828108 14,248 226,705 SH   SOLE   226,705 0 0
ILLINOIS TOOL WORKS COM 452308109 2,049 24,368 SH   SOLE   24,368 0 0
INGERSOLL-RAND PLC COM G47791101 237 3,850 SH   SOLE   3,850 0 0
INT'L BUSINESS MACHINES CORP COM 459200101 13,512 72,039 SH   SOLE   72,039 0 0
INTEL CORP COM 458140100 4,029 155,234 SH   SOLE   155,234 0 0
INTERCONTINENTAL EXCHANGE GROU COM 45866F104 253 1,123 SH   SOLE   1,123 0 0
J.M. SMUCKER COM COM 832696405 1,177 11,359 SH   SOLE   11,359 0 0
JARDEN CORPORATION COM 471109108 30,511 497,327 SH   SOLE   497,327 0 0
JOHNSON & JOHNSON COM 478160104 11,685 127,582 SH   SOLE   127,582 0 0
JPMORGAN CHASE & CO. COM 46625H100 8,726 149,220 SH   SOLE   149,220 0 0
KAYNE ANDERSON ENERGY DEVELOPM COM 48660Q102 238 8,500 SH   SOLE   8,500 0 0
KAYNE ANDERSON MLP INVT CO COM 486606106 6,238 156,525 SH   SOLE   156,525 0 0
KELLOGG CO COM 487836108 387 6,344 SH   SOLE   6,344 0 0
KEY CORP COM 493267108 1,382 103,000 SH   SOLE   103,000 0 0
KIMBERLY-CLARK CORP COM 494368103 13,064 125,059 SH   SOLE   125,059 0 0
KINDER MORGAN ENERGY PRTNRS COM 494550106 542 6,725 SH   SOLE   6,725 0 0
KODIAK OIL & GAS CORP COM 50015Q100 13,078 1,166,640 SH   SOLE   1,166,640 0 0
KOHLS CORP WISC PV COM 500255104 1,549 27,300 SH   SOLE   27,300 0 0
KRAFT FOODS GROUP INC COM 50076Q106 872 16,177 SH   SOLE   16,177 0 0
L-3 COMMUNICATIONS HLDGS INC COM 502424104 2,012 18,825 SH   SOLE   18,825 0 0
LABORATORY CORPORATION OF AMER COM 50540R409 489 5,350 SH   SOLE   5,350 0 0
LOCKHEED MARTIN CORP COM 539830109 1,085 7,300 SH   SOLE   7,300 0 0
LOWES COMPANIES INC COM 548661107 349 7,050 SH   SOLE   7,050 0 0
LYONDELL BASELL INDUSTRIES - C COM N53745100 4,729 58,904 SH   SOLE   58,904 0 0
MACY'S INC COM 55616P104 5,018 93,971 SH   SOLE   93,971 0 0
MAGELLAN MIDSTREAM PARTNERS LL COM 559080106 371 5,860 SH   SOLE   5,860 0 0
MARATHON OIL CORP COM 565849106 1,262 35,750 SH   SOLE   35,750 0 0
MARATHON PETROLEUM CORP COM 56585A102 773 8,430 SH   SOLE   8,430 0 0
MARRIOTT INTERNATIONAL INC CL COM 571903202 1,974 40,000 SH   SOLE   40,000 0 0
MASTEC INCORPORATED COM 576323109 29,559 903,380 SH   SOLE   903,380 0 0
MB FINANCIAL INC COM 55264u108 13,739 428,525 SH   SOLE   428,525 0 0
MCGRAW-HILL FINANCIAL INC COM 580645109 203 2,600 SH   SOLE   2,600 0 0
MERCK & CO INC/NJ COM 58933Y105 4,628 92,458 SH   SOLE   92,458 0 0
MEREDITH CORP COM 589433101 899 17,350 SH   SOLE   17,350 0 0
METLIFE INC COM 59156R108 6,035 111,932 SH   SOLE   111,932 0 0
MICROSOFT CORP COM 594918104 12,441 332,555 SH   SOLE   332,555 0 0
MITSUBISHI UFJ FINANCIAL GROUP COM 606822104 67 10,000 SH   SOLE   10,000 0 0
MONDELEZ INTERNATIONAL INC COM 609207105 1,646 46,640 SH   SOLE   46,640 0 0
MOOG INC COM 615394202 25,987 382,500 SH   SOLE   382,500 0 0
MURPHY OIL CORP COM 626717102 744 11,475 SH   SOLE   11,475 0 0
MYLAN INC COM 628530107 6,033 139,006 SH   SOLE   139,006 0 0
McCORMICK & CO INC NON VTG COM 579780206 2,192 31,800 SH   SOLE   31,800 0 0
McDONALDS CORP COM 580135101 9,404 96,916 SH   SOLE   96,916 0 0
NATIONAL OILWELL VARCO INC COM 637071101 1,151 14,470 SH   SOLE   14,470 0 0
NETAPP INC COM 64110D104 3,390 82,402 SH   SOLE   82,402 0 0
NETSCOUT SYSTEMS INC COM 64115T104 14,867 502,425 SH   SOLE   502,425 0 0
NEW JERSEY RESOURCES COM 646025106 1,769 38,250 SH   SOLE   38,250 0 0
NEWMONT MINING CORP COM 651639106 679 29,500 SH   SOLE   29,500 0 0
NEXTERA ENERGY INC COM 65339F101 4,496 52,513 SH   SOLE   52,513 0 0
NOBLE CORP PLC COM G65431101 1,987 53,030 SH   SOLE   53,030 0 0
NORFOLK SOUTHERN CORP COM 655844108 6,271 67,550 SH   SOLE   67,550 0 0
NORTHWEST BANCSHARES INC COM 667340103 13,707 927,426 SH   SOLE   927,426 0 0
NOVARTIS AG COM 66987v109 344 4,275 SH   SOLE   4,275 0 0
NOVO-NORDISK ADR COM 670100205 10,042 54,350 SH   SOLE   54,350 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 822 54,050 SH   SOLE   54,050 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 8,776 92,285 SH   SOLE   92,285 0 0
OMNICOM GROUP INC COM 681919106 231 3,100 SH   SOLE   3,100 0 0
ON SEMICONDUCTOR CORPORATION COM 682189105 12,342 1,497,805 SH   SOLE   1,497,805 0 0
ORACLE CORPORATION COM 68389X105 7,152 186,936 SH   SOLE   186,936 0 0
ORIX CORPORATION COM 686330101 267 3,000 SH   SOLE   3,000 0 0
OSHKOSH TRUCK CORP COM 688239201 18,326 363,750 SH   SOLE   363,750 0 0
PAREXEL INTERNATIONAL COM 699462107 25,871 572,630 SH   SOLE   572,630 0 0
PARKER-HANNIFIN COM 701094104 3,916 30,445 SH   SOLE   30,445 0 0
PAYCHEX INC COM 704326107 881 19,350 SH   SOLE   19,350 0 0
PENTAIR INC COM H6169Q108 2,980 38,368 SH   SOLE   38,368 0 0
PEPSICO INC COM 713448108 6,421 77,414 SH   SOLE   77,414 0 0
PERKINELMER INC COM 714046109 1,196 29,000 SH   SOLE   29,000 0 0
PFIZER INC COM 717081103 3,953 129,063 SH   SOLE   129,063 0 0
PHILIP MORRIS INTERNATIONAL IN COM 718172109 2,957 33,935 SH   SOLE   33,935 0 0
PHILLIPS 66 COM 718546104 10,505 136,205 SH   SOLE   136,205 0 0
PIEDMONT NATURAL GAS COM 720186105 4,035 121,686 SH   SOLE   121,686 0 0
PNC FINANCIAL SERVICES GROUP COM 693475105 7,384 95,175 SH   SOLE   95,175 0 0
POLYONE CORP COM 73179P106 30,929 874,940 SH   SOLE   874,940 0 0
PORTLAND GENERAL ELECTRIC CO COM 736508847 11,025 365,075 SH   SOLE   365,075 0 0
PPG INDUSTRIES INC COM 693506107 9,995 52,700 SH   SOLE   52,700 0 0
PPL CORP COM 69351T106 1,515 50,334 SH   SOLE   50,334 0 0
PRAXAIR INC COM 74005P104 1,041 8,005 SH   SOLE   8,005 0 0
PROCTER & GAMBLE COM 742718109 5,323 65,387 SH   SOLE   65,387 0 0
PRUDENTIAL FINANCIAL COM 744320102 9,200 99,759 SH   SOLE   99,759 0 0
PRUDENTIAL PLC - ADR COM 74435K204 202 4,500 SH   SOLE   4,500 0 0
PTC INC COM 69370C100 27,008 763,155 SH   SOLE   763,155 0 0
PUBLIC SERVICE ENTERPRISE INC COM 744573106 548 17,100 SH   SOLE   17,100 0 0
QUAKER CHEMICAL COM 747316107 539 7,000 SH   SOLE   7,000 0 0
QUALCOMM INC COM 747525103 4,293 57,815 SH   SOLE   57,815 0 0
QUEST DIAGNOSTICS COM 74834L100 535 9,998 SH   SOLE   9,998 0 0
RAYTHEON COM 755111507 3,322 36,626 SH   SOLE   36,626 0 0
RF MICRO DEVICES COM 749941100 9,320 1,806,110 SH   SOLE   1,806,110 0 0
RGC RESOURCES COM 74955l103 669 35,216 SH   SOLE   35,216 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 4,008 84,522 SH   SOLE   84,522 0 0
ROYAL DUTCH SHELL PLC COM 780259206 918 12,885 SH   SOLE   12,885 0 0
RPM INC COM 749685103 7,813 188,216 SH   SOLE   188,216 0 0
SCHLUMBERGER LTD COM 806857108 3,245 36,014 SH   SOLE   36,014 0 0
SEADRILL LTD COM G7945E105 916 22,300 SH   SOLE   22,300 0 0
SELECTIVE INSURANCE COM 816300107 13,732 507,475 SH   SOLE   507,475 0 0
SIEMENS AG COM 826197501 213 1,535 SH   SOLE   1,535 0 0
SIGNATURE BANK COM 82669g104 25,356 236,050 SH   SOLE   236,050 0 0
SILGAN HOLDINGS INC COM 827048109 20,165 419,925 SH   SOLE   419,925 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 885 31,000 SH   SOLE   31,000 0 0
SOLERA HOLDINGS INC COM 83421A104 19,192 271,225 SH   SOLE   271,225 0 0
SOUTHERN CO COM 842587107 210 5,100 SH   SOLE   5,100 0 0
SOUTHWEST GAS CORP COM 844895102 16,848 301,335 SH   SOLE   301,335 0 0
STANLEY BLACK DECKER INC COM 854502101 4,186 51,880 SH   SOLE   51,880 0 0
SUPERIOR ENERGY SERVICES COM 868157108 11,055 415,458 SH   SOLE   415,458 0 0
SVB FINANCIAL GROUP COM 78486q101 26,745 255,050 SH   SOLE   255,050 0 0
SYSCO CORP COM 871829107 4,072 112,800 SH   SOLE   112,800 0 0
TARGET CORP COM 87612E106 1,924 30,405 SH   SOLE   30,405 0 0
TELEFLEX INC COM 879369106 206 2,200 SH   SOLE   2,200 0 0
TEVA PHARMACTCL INDS ADR COM 881624209 301 7,500 SH   SOLE   7,500 0 0
THE JONES GRP INC COM 48020T101 3,033 202,715 SH   SOLE   202,715 0 0
THE MOSAIC CO COM 61945C103 2,037 43,100 SH   SOLE   43,100 0 0
THE TRAVELERS COMPANIES INC COM 89417e109 5,736 63,350 SH   SOLE   63,350 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 6,617 59,425 SH   SOLE   59,425 0 0
TORCHMARK CORP COM 891027104 3,499 44,775 SH   SOLE   44,775 0 0
TORONTO-DOMINION BANK COM 891160509 733 7,778 SH   SOLE   7,778 0 0
TORTOISE ENERGY INFRASTRUCTURE COM 89147L100 465 9,750 SH   SOLE   9,750 0 0
TOTAL SA SPON ADR COM 89151E109 6,426 104,884 SH   SOLE   104,884 0 0
TRACTOR SUPPLY CO COM 892356106 2,009 25,900 SH   SOLE   25,900 0 0
TRANSOCEAN LTD COM H8817H100 481 9,739 SH   SOLE   9,739 0 0
TRINITY INDUSTRIES COM 896522109 16,418 301,130 SH   SOLE   301,130 0 0
TUPPERWARE BRANDS CORP COM 899896104 208 2,200 SH   SOLE   2,200 0 0
TYCO INTERNATIONAL LTD COM H89128104 4,103 99,966 SH   SOLE   99,966 0 0
U.S. BANCORP COM 902973304 3,824 94,645 SH   SOLE   94,645 0 0
UGI CORP COM 902681105 3,991 96,250 SH   SOLE   96,250 0 0
UMPQUA HOLDINGS CORP COM 904214103 13,721 716,896 SH   SOLE   716,896 0 0
UNION PACIFIC CORP COM 907818108 6,015 35,805 SH   SOLE   35,805 0 0
UNITED BANKSHARES COM 909907107 11,088 352,575 SH   SOLE   352,575 0 0
UNITED PARCEL SERVICE INC COM 911312106 20,193 192,170 SH   SOLE   192,170 0 0
UNITED RENTALS COM 911363109 41,406 531,183 SH   SOLE   531,183 0 0
UNITED TECHNOLOGIES CORP COM 913017109 9,853 86,586 SH   SOLE   86,586 0 0
UNS ENERGY CORP COM 903119105 13,547 226,350 SH   SOLE   226,350 0 0
V F CORP COM 918204108 12,575 201,720 SH   SOLE   201,720 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 282 2,400 SH   SOLE   2,400 0 0
VALERO ENERGY CORP COM 91913Y100 434 8,610 SH   SOLE   8,610 0 0
VALLEY NATL BANCORP COM COM 919794107 1,012 100,000 SH   SOLE   100,000 0 0
VERIZON COMMUNICATIONS COM 92343V104 9,261 188,460 SH   SOLE   188,460 0 0
WAL-MART STORES COM 931142103 275 3,500 SH   SOLE   3,500 0 0
WALT DISNEY COMPANY COM 254687106 1,880 24,601 SH   SOLE   24,601 0 0
WASHINGTON TRUST BANCORP INC COM 940610108 241 6,480 SH   SOLE   6,480 0 0
WASTE MANAGEMENT INC COM 94106L109 10,489 233,761 SH   SOLE   233,761 0 0
WD-40 CO COM 929236107 4,567 61,150 SH   SOLE   61,150 0 0
WEATHERFORD INTERNATIONAL COM H27013103 418 27,000 SH   SOLE   27,000 0 0
WEBSTER FINANCIAL CORP COM 947890109 12,863 412,555 SH   SOLE   412,555 0 0
WELLS FARGO & CO COM 949746101 4,513 99,398 SH   SOLE   99,398 0 0
WESCO INTERNATIONAL INC COM 95082P105 1,093 12,000 SH   SOLE   12,000 0 0
WEST PHARMACEUTICAL SERVICES COM 955306105 31,153 635,000 SH   SOLE   635,000 0 0
WESTLAKE CHEMICAL CORP COM 960413102 1,422 11,650 SH   SOLE   11,650 0 0
WGL HOLDINGS COM 92924F106 793 19,800 SH   SOLE   19,800 0 0
WHIRLPOOL CORP COM 963320106 706 4,500 SH   SOLE   4,500 0 0
WHITING PETROLEUM CORP COM 966387102 3,255 52,618 SH   SOLE   52,618 0 0
WINTRUST FINANCIAL CORP COM 97650W108 14,921 323,525 SH   SOLE   323,525 0 0
XCEL ENERGY INC COM 98389B100 265 9,500 SH   SOLE   9,500 0 0
ZIMMER HOLDINGS INC COM 98956P102 4,854 52,086 SH   SOLE   52,086 0 0
VANGUARD LARGE-CAP ETF COM 922908637 1,657 19,535 SH   SOLE   19,535 0 0
VANGUARD TOTAL STOCK MKT VIPER COM 922908769 230 2,400 SH   SOLE   2,400 0 0
ISHARES CHINA LARGE CAP ETF COM 464287184 1,938 50,500 SH   SOLE   50,500 0 0
ISHARES MSCI EAFE ETF COM 464287465 761 11,335 SH   SOLE   11,335 0 0
ISHARES MSCI EMERGING MKTS FD COM 464287234 4,638 110,979 SH   SOLE   110,979 0 0
ISHARES MSCI JAPAN INDEX FD COM 464286848 300 24,745 SH   SOLE   24,745 0 0
ISHARES MSCI PACIFIC EX JAPAN COM 464286665 5,521 118,150 SH   SOLE   118,150 0 0
VANGUARD FTSE EMERGING MARKETS COM 922042858 4,455 108,293 SH   SOLE   108,293 0 0
VANGUARD TOTAL INTL STOCK ETF COM 921909768 325 6,200 SH   SOLE   6,200 0 0
DNP SELECT INCOME FUND INC COM 23325P104 324 34,400 SH   SOLE   4,400 0 0