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 3,205 91,900 SH   SOLE   91,900 0 0
ALEXANDRIA REAL ESTATE EQUITIE COM 015271109 3,779 38,550 SH   SOLE   38,550 0 0
AMERICAN CAMPUS COMMUNITIES IN COM 024835100 23,463 547,310 SH   SOLE   547,310 0 0
BRANDYWINE REALTY TRUST SBI COM 105368203 195 12,200 SH   SOLE   12,200 0 0
BRIXMOR PROPERTY GROUP INC COM 11120U105 2,598 97,850 SH   SOLE   97,850 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 1,253 175,000 SH   SOLE   175,000 0 0
CHESAPEAKE LODGING TRUST COM 165240102 2,199 65,000 SH   SOLE   65,000 0 0
CROWN CASTLE INTERNATIONAL COR COM 22822V101 4,127 50,000 SH   SOLE   50,000 0 0
CUBE SMART COM 229663109 2,173 90,000 SH   SOLE   90,000 0 0
DDR CORP COM 23317H102 3,852 206,864 SH   SOLE   206,864 0 0
DIGITAL REALTY TRUST INC COM 253868103 5,475 83,011 SH   SOLE   83,011 0 0
EASTGROUP PROPERTIES SBI COM 277276101 3,308 55,000 SH   SOLE   55,000 0 0
EQUITY RESIDENTIAL COM 29476L107 3,130 40,200 SH   SOLE   40,200 0 0
ESSEX PROPERTY TRUST INC COM 297178105 3,167 13,775 SH   SOLE   13,775 0 0
FEDERAL REALTY INV. TRUST COM 313747206 2,576 17,500 SH   SOLE   17,500 0 0
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 1,714 80,000 SH   SOLE   80,000 0 0
GENERAL GROWTH PROPERTIES COM 370023103 3,398 115,000 SH   SOLE   115,000 0 0
HCP INC COM 40414l109 1,149 26,600 SH   SOLE   26,600 0 0
HEALTH CARE REIT INC COM 42217K106 4,290 55,450 SH   SOLE   55,450 0 0
HEALTHCARE TRUST OF AMERICA COM 42225P501 1,936 69,500 SH   SOLE   69,500 0 0
HERSHA HOSPITALITY TRUST COM 427825104 1,456 225,000 SH   SOLE   225,000 0 0
HIGHWOODS PROPERTIES INC COM 431284108 24,388 532,714 SH   SOLE   532,714 0 0
HOME PROPERTIES INC COM 437306103 17,747 256,125 SH   SOLE   256,125 0 0
HOSPITALITY PROPERTIES TRUST COM 44106M102 631 19,125 SH   SOLE   19,125 0 0
HUDSON PACIFIC PROPERTIES INC COM 444097109 1,825 55,000 SH   SOLE   55,000 0 0
KIMCO REALTY CORP COM 49446R109 4,493 167,355 SH   SOLE   167,355 0 0
LASALLE HOTEL PROPERTIES COM 517942108 1,803 46,400 SH   SOLE   46,400 0 0
LIBERTY PROPERTY TRUST COM 531172104 2,351 65,860 SH   SOLE   65,860 0 0
MACERICH CO COM 554382101 4,734 56,132 SH   SOLE   56,132 0 0
MEDICAL PROPERTIES TRUST INC COM 58463j304 23,560 1,598,380 SH   SOLE   1,598,380 0 0
MID-AMERICA APARTMENT COMMUNIT COM 59522J103 2,857 36,980 SH   SOLE   36,980 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 2,610 63,700 SH   SOLE   63,700 0 0
OMEGA HEALTHCARE INVESTORS COM 681936100 2,028 50,000 SH   SOLE   50,000 0 0
RLJ LODGING TRUST COM 74965L101 3,356 107,200 SH   SOLE   107,200 0 0
RYMAN HOSPITALITY PROPERTIES COM 78377T107 27,991 459,540 SH   SOLE   459,540 0 0
SIMON PROPERTY GROUP INC COM 828806109 14,329 73,242 SH   SOLE   73,242 0 0
SL GREEN REALTY CORP COM 78440X101 27,958 217,775 SH   SOLE   217,775 0 0
SOVRAN SELF STORAGE INC COM 84610H108 2,536 27,000 SH   SOLE   27,000 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 1,407 100,000 SH   SOLE   100,000 0 0
TANGER FACTORY OUTLET CENTERS COM 875465106 2,040 58,000 SH   SOLE   58,000 0 0
TRADE STREET RESIDENTIAL INC COM 89255N203 895 125,000 SH   SOLE   125,000 0 0
UDR INC COM 902653104 3,971 116,677 SH   SOLE   116,677 0 0
VENTAS INC COM 92276F100 2,306 31,583 SH   SOLE   31,583 0 0
VORNADO REALTY TRUST COM 929042109 3,360 30,000 SH   SOLE   30,000 0 0
W P CAREY INC COM 92936U109 6,302 92,678 SH   SOLE   92,678 0 0
WEYERHAEUSER CO COM 962166104 6,707 202,310 SH   SOLE   202,310 0 0
WP GLIMCHER INC COM 92939N102 5,432 326,650 SH   SOLE   326,650 0 0
3M COMPANY COM 88579Y101 12,166 73,758 SH   SOLE   73,758 0 0
A T & T INC COM 00206R102 4,233 129,662 SH   SOLE   129,662 0 0
ABBOTT LABORATORIES COM 002824100 9,097 196,360 SH   SOLE   196,360 0 0
ABBVIE INC COM 00287Y109 16,131 275,551 SH   SOLE   275,551 0 0
ACCENTURE PLC - CL A COM G1151C101 11,658 124,432 SH   SOLE   124,432 0 0
ACTAVIS PLC COM G0083B108 5,558 18,676 SH   SOLE   18,676 0 0
ACTIVISION BLIZZARD INC COM 00507V109 1,800 79,200 SH   SOLE   79,200 0 0
AEGION CORP COM 00770F104 337 18,650 SH   SOLE   18,650 0 0
AFFILIATED MANAGERS GROUP INC COM 008252108 32,825 152,830 SH   SOLE   152,830 0 0
AFLAC INC COM 001055102 1,547 24,175 SH   SOLE   24,175 0 0
AGRIUM INC COM 008916108 2,901 27,825 SH   SOLE   27,825 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 17,074 112,864 SH   SOLE   112,864 0 0
AIRGAS INC COM 009363102 2,891 27,250 SH   SOLE   27,250 0 0
ALLSTATE CORPORATION COM 020002101 2,183 30,675 SH   SOLE   30,675 0 0
ALTRIA GROUP INC COM 02209S103 3,692 73,809 SH   SOLE   73,809 0 0
AMERICAN AIRLINES GROUP INC COM 02376R102 6,073 115,055 SH   SOLE   115,055 0 0
AMERICAN ELECTRIC POWER CO COM 025537101 242 4,300 SH   SOLE   4,300 0 0
AMERICAN EXPRESS COM 025816109 1,496 19,150 SH   SOLE   19,150 0 0
AMERICAN FINANCIAL GROUP INC COM 025932104 1,758 27,400 SH   SOLE   27,400 0 0
AMERICAN WATER WORKS CO INC COM 030420103 7,621 140,585 SH   SOLE   140,585 0 0
AMERIGAS PARTNERS LP COM 030975106 621 13,000 SH   SOLE   13,000 0 0
AMERIPRISE FINANCIAL INC COM 03076C106 10,071 76,974 SH   SOLE   76,974 0 0
AMGEN INC COM 031162100 8,043 50,319 SH   SOLE   50,319 0 0
ANADARKO PETROLEUM CORP COM 032511107 861 10,400 SH   SOLE   10,400 0 0
ANIXTER INTERNATIONAL COM 035290105 22,209 291,725 SH   SOLE   291,725 0 0
ANN INC COM 035623107 18,016 439,098 SH   SOLE   439,098 0 0
AON PLC COM G0408V102 242 2,519 SH   SOLE   2,519 0 0
APPLE INC COM 037833100 8,278 66,527 SH   SOLE   66,527 0 0
ARCHER DANIELS MIDLAND COM 039483102 384 8,100 SH   SOLE   8,100 0 0
ARROW ELECTRONICS INC COM 042735100 1,247 20,400 SH   SOLE   20,400 0 0
AVAGO TECHNOLOGIES LTD COM Y0486S104 4,362 34,350 SH   SOLE   34,350 0 0
AVERY DENNISON CORP COM 053611109 1,513 28,600 SH   SOLE   28,600 0 0
AVISTA CORP COM 05379B107 18,221 533,086 SH   SOLE   533,086 0 0
BANK OF AMERICA CORP COM 060505104 274 17,824 SH   SOLE   17,824 0 0
BAR HARBOR BANKSHARES COM 066849100 342 10,500 SH   SOLE   10,500 0 0
BAXTER INT'L COM 071813109 1,676 24,471 SH   SOLE   24,471 0 0
BECTON DICKINSON & CO COM 075887109 7,730 53,832 SH   SOLE   53,832 0 0
BED BATH AND BEYOND INC COM 075896100 338 4,400 SH   SOLE   4,400 0 0
BELDEN INC COM 077454106 43,644 466,485 SH   SOLE   466,485 0 0
BLACK HILLS CORP COM 092113109 1,460 28,950 SH   SOLE   28,950 0 0
BLOOMIN' BRANDS INC COM 094235108 19,909 818,290 SH   SOLE   818,290 0 0
BOEING CO COM 097023105 289 1,925 SH   SOLE   1,925 0 0
BONANZA CREEK ENERGY INC COM 097793103 215 8,700 SH   SOLE   8,700 0 0
BRINKER INTERNATIONAL INC COM 109641100 27,613 448,555 SH   SOLE   448,555 0 0
BRISTOL-MYERS SQUIBB COM 110122108 11,840 183,568 SH   SOLE   183,568 0 0
BUCKEYE PARTNERS L P UNIT LTD COM 118230101 555 7,350 SH   SOLE   7,350 0 0
CABELA'S INC COM 126804301 19,839 354,392 SH   SOLE   354,392 0 0
CABOT OIL & GAS CORP COM 127097103 14,045 475,605 SH   SOLE   475,605 0 0
CACI INTERNATIONAL INC - CL A COM 127190304 20,250 225,200 SH   SOLE   225,200 0 0
CAMPBELL SOUP COM 134429109 3,272 70,300 SH   SOLE   70,300 0 0
CANADIAN NATIONAL RAILWAY CO C COM 136375102 1,725 25,800 SH   SOLE   25,800 0 0
CAPITAL ONE FINANCIAL CORP VA COM 14040H105 4,285 54,364 SH   SOLE   54,364 0 0
CARDTRONICS INC COM 14161H108 14,353 381,735 SH   SOLE   381,735 0 0
CARNIVAL CORP COM 143658300 5,818 121,605 SH   SOLE   121,605 0 0
CARRIZO OIL & GAS INC COM 144577103 13,809 278,130 SH   SOLE   278,130 0 0
CASEYS GENERAL STORES INC COM 147528103 33,184 368,300 SH   SOLE   368,300 0 0
CATERPILLAR INC COM 149123101 4,762 59,501 SH   SOLE   59,501 0 0
CDW CORP OF DELAWARE COM 12514g108 5,267 141,440 SH   SOLE   141,440 0 0
CECO ENVIRONMENTAL CORP COM 125141101 311 29,317 SH   SOLE   29,317 0 0
CELGENE CORP COM COM 151020104 579 5,020 SH   SOLE   5,020 0 0
CENTRAL FUND OF CANADA COM 153501101 328 27,500 SH   SOLE   27,500 0 0
CENTURYLINK INC COM 156700106 1,188 34,380 SH   SOLE   34,380 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 5,779 20,370 SH   SOLE   20,370 0 0
CHEVRON CORP COM 166764100 7,582 72,223 SH   SOLE   72,223 0 0
CHURCH & DWIGHT INC COM 171340102 11,476 134,350 SH   SOLE   134,350 0 0
CIGNA CORPORATION COM 125509109 207 1,600 SH   SOLE   1,600 0 0
CISCO SYSTEMS INC COM 17275R102 1,041 37,806 SH   SOLE   37,806 0 0
COACH INC COM 189754104 220 5,300 SH   SOLE   5,300 0 0
COAST DISTRIBUTION SERVICES COM 190345108 45 13,000 SH   SOLE   13,000 0 0
COCA-COLA COM 191216100 1,509 37,202 SH   SOLE   37,202 0 0
COLGATE PALMOLIVE CO COM 194162103 433 6,242 SH   SOLE   6,242 0 0
COMMUNITY BANK SYSTEMS INC COM 203607106 17,930 506,635 SH   SOLE   506,635 0 0
COMPASS MINERALS INTERNATIONAL COM 20451n101 12,837 137,725 SH   SOLE   137,725 0 0
CONAGRA FOODS INC COM 205887102 1,946 53,271 SH   SOLE   53,271 0 0
CONOCOPHILLIPS COM 20825C104 9,742 156,472 SH   SOLE   156,472 0 0
COOPER TIRE & RUBBER COM 216831107 21,936 512,050 SH   SOLE   512,050 0 0
CORNING INC COM 219350105 324 14,300 SH   SOLE   14,300 0 0
CRANE CO COM 224399105 21,411 343,075 SH   SOLE   343,075 0 0
CSX CORP COM 126408103 6,008 181,407 SH   SOLE   181,407 0 0
CVS HEALTH CORPORATION COM 126650100 12,570 121,794 SH   SOLE   121,794 0 0
D.R. HORTON INC COM 23331A109 5,256 184,560 SH   SOLE   184,560 0 0
DARDEN RESTAURANTS INC COM 237194105 1,082 15,600 SH   SOLE   15,600 0 0
DEAN FOODS CO COM 242370203 17,236 1,042,710 SH   SOLE   1,042,710 0 0
DEERE & CO COM 244199105 4,563 52,035 SH   SOLE   52,035 0 0
DEVON ENERGY CORP COM 25179M103 920 15,247 SH   SOLE   15,247 0 0
DIAGEO PLC ADR COM 25243Q205 4,411 39,895 SH   SOLE   39,895 0 0
DOMINION RESOURCES INC VA COM 25746U109 3,393 47,882 SH   SOLE   47,882 0 0
DONEGAL GROUP INC CL A COM 257701201 441 28,082 SH   SOLE   28,082 0 0
DOVER CORP COM 260003108 233 3,375 SH   SOLE   3,375 0 0
DOW CHEMICAL CO COM 260543103 10,379 216,324 SH   SOLE   216,324 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 1,130 14,400 SH   SOLE   14,400 0 0
DU PONT EI DE NEMOURS COM 263534109 5,499 76,941 SH   SOLE   76,941 0 0
DUKE ENERGY CO COM 26441C204 2,967 38,648 SH   SOLE   38,648 0 0
EAST WEST BANCORP INC COM 27579R104 1,764 43,600 SH   SOLE   43,600 0 0
EATON CORP PLC COM G29183103 14,054 206,859 SH   SOLE   206,859 0 0
EL PASO ELECTRIC CO COM 283677854 17,414 450,681 SH   SOLE   450,681 0 0
ELI LILLY CO COM 532457108 8,217 113,099 SH   SOLE   113,099 0 0
EMERSON ELECTRIC COM 291011104 6,673 117,848 SH   SOLE   117,848 0 0
ENERGIZER HOLDINGS INC COM 29266R108 1,822 13,200 SH   SOLE   13,200 0 0
ENERGY TRANSFER EQUITY COM UT COM 29273v100 260 4,100 SH   SOLE   4,100 0 0
ENERSYS COM 29275Y102 30,018 467,285 SH   SOLE   467,285 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 6,852 78,962 SH   SOLE   78,962 0 0
EXXON MOBIL CORPORATION COM 30231G102 10,640 125,181 SH   SOLE   125,181 0 0
FAMILY DOLLAR STORES COM 307000109 947 11,950 SH   SOLE   11,950 0 0
FEDEX CORPORATION COM 31428X106 4,418 26,705 SH   SOLE   26,705 0 0
FIRST MIDWEST BANCORP INC COM 320867104 16,485 949,025 SH   SOLE   949,025 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 1,130 19,800 SH   SOLE   19,800 0 0
FISERV INC COM 337738108 2,836 35,723 SH   SOLE   35,723 0 0
FORD MOTOR COMPANY COM 345370860 8,242 510,685 SH   SOLE   510,685 0 0
FREEPORT-MCMORAN INC COM 35671D857 809 42,700 SH   SOLE   42,700 0 0
GENERAC HOLDINGS INC COM 368736104 24,912 511,640 SH   SOLE   511,640 0 0
GENERAL DYNAMICS CORP COM 369550108 478 3,520 SH   SOLE   3,520 0 0
GENERAL ELECTRIC COM 369604103 13,520 544,941 SH   SOLE   544,941 0 0
GENERAL MILLS INC COM 370334104 649 11,460 SH   SOLE   11,460 0 0
GENUINE PARTS CO COM 372460105 3,631 38,960 SH   SOLE   38,960 0 0
GILEAD SCIENCES INC COM 375558103 3,856 39,295 SH   SOLE   39,295 0 0
GLACIER BANCORP INC COM 37637q105 16,746 665,850 SH   SOLE   665,850 0 0
GLAXOSMITHKLINE PLC ADR COM 37733W105 719 15,580 SH   SOLE   15,580 0 0
GOOGLE INC CL A COM 38259P508 305 550 SH   SOLE   550 0 0
GOOGLE INC CL C COM 38259P706 238 435 SH   SOLE   435 0 0
GREENBRIER COMPANIES INC COM 393657101 1,009 17,400 SH   SOLE   17,400 0 0
H&R BLOCK INC COM 093671105 723 22,550 SH   SOLE   22,550 0 0
HALLIBURTON CO COM 406216101 5,859 133,520 SH   SOLE   133,520 0 0
HARLEY DAVIDSON INC COM 412822108 285 4,700 SH   SOLE   4,700 0 0
HARRIS CORP COM 413875105 3,534 44,875 SH   SOLE   44,875 0 0
HARTFORD FINANCIAL SERVICES GR COM 416515104 410 9,801 SH   SOLE   9,801 0 0
HDS SUPPLY HOLDINGS INC COM 40416M105 2,260 72,555 SH   SOLE   72,555 0 0
HELMERICH & PAYNE INC COM 423452101 422 6,200 SH   SOLE   6,200 0 0
HERSHEY FOODS COM 427866108 272 2,700 SH   SOLE   2,700 0 0
HESS CORP COM 42809H107 346 5,100 SH   SOLE   5,100 0 0
HOME DEPOT INC COM 437076102 2,194 19,315 SH   SOLE   19,315 0 0
HONEYWELL INTL INC COM 438516106 11,184 107,221 SH   SOLE   107,221 0 0
HORMEL FOODS CORP COM 440452100 932 16,400 SH   SOLE   16,400 0 0
HUNTINGTON BANCSHARES COM 446150104 2,914 263,730 SH   SOLE   263,730 0 0
IBERIABANK CORP COM 450828108 18,144 287,855 SH   SOLE   287,855 0 0
ICON PLC COM G4705A100 2,596 36,800 SH   SOLE   36,800 0 0
ICONIX BRAND GROUP INC COM 451055107 16,904 502,055 SH   SOLE   502,055 0 0
ILLINOIS TOOL WORKS COM 452308109 2,335 24,035 SH   SOLE   24,035 0 0
INGERSOLL-RAND PLC COM G47791101 267 3,916 SH   SOLE   3,916 0 0
INT'L BUSINESS MACHINES CORP COM 459200101 8,310 51,776 SH   SOLE   51,776 0 0
INTEL CORP COM 458140100 4,644 148,519 SH   SOLE   148,519 0 0
J.M. SMUCKER COM COM 832696405 1,333 11,514 SH   SOLE   11,514 0 0
JARDEN CORPORATION COM 471109108 39,434 745,443 SH   SOLE   745,443 0 0
JETBLUE AIRWAYS CORP COM 477143101 25,126 1,305,240 SH   SOLE   1,305,240 0 0
JOHNSON & JOHNSON COM 478160104 12,268 121,946 SH   SOLE   121,946 0 0
JOHNSON CONTROLS COM 478366107 2,666 52,850 SH   SOLE   52,850 0 0
JPMORGAN CHASE & CO. COM 46625H100 9,028 149,024 SH   SOLE   149,024 0 0
KAYNE ANDERSON ENERGY DEVELOPM COM 48660Q102 248 8,500 SH   SOLE   8,500 0 0
KAYNE ANDERSON MLP INVT CO COM 486606106 5,676 159,877 SH   SOLE   159,877 0 0
KELLOGG CO COM 487836108 261 3,956 SH   SOLE   3,956 0 0
KEY CORP COM 493267108 6,079 429,315 SH   SOLE   429,315 0 0
KIMBERLY-CLARK CORP COM 494368103 12,560 117,263 SH   SOLE   117,263 0 0
KINDER MORGAN INC COM 49456B101 604 14,365 SH   SOLE   14,365 0 0
KOHLS CORP WISC PV COM 500255104 1,862 23,800 SH   SOLE   23,800 0 0
KRAFT FOODS GROUP INC COM 50076Q106 1,033 11,859 SH   SOLE   11,859 0 0
L-3 COMMUNICATIONS HLDGS INC COM 502424104 2,332 18,540 SH   SOLE   18,540 0 0
LABORATORY CORPORATION OF AMER COM 50540R409 499 3,956 SH   SOLE   3,956 0 0
LOCKHEED MARTIN CORP COM 539830109 1,461 7,200 SH   SOLE   7,200 0 0
LORILLARD INC COM 544147101 291 4,450 SH   SOLE   4,450 0 0
LOWES COMPANIES INC COM 548661107 451 6,059 SH   SOLE   6,059 0 0
LYONDELL BASELL INDUSTRIES - C COM N53745100 5,131 58,435 SH   SOLE   58,435 0 0
MACY'S INC COM 55616P104 7,512 115,736 SH   SOLE   115,736 0 0
MAGELLAN MIDSTREAM PARTNERS LL COM 559080106 422 5,500 SH   SOLE   5,500 0 0
MAGNA INTERNATIONAL INC COM 559222401 1,762 32,840 SH   SOLE   32,840 0 0
MARATHON OIL CORP COM 565849106 471 18,030 SH   SOLE   18,030 0 0
MARATHON PETROLEUM CORP COM 56585A102 808 7,890 SH   SOLE   7,890 0 0
MARRIOTT INTERNATIONAL INC CL COM 571903202 2,249 28,000 SH   SOLE   28,000 0 0
MASTEC INCORPORATED COM 576323109 15,649 810,850 SH   SOLE   810,850 0 0
MB FINANCIAL INC COM 55264u108 17,858 570,375 SH   SOLE   570,375 0 0
MCGRAW-HILL FINANCIAL INC COM 580645109 217 2,100 SH   SOLE   2,100 0 0
MEDTRONIC PLC COM G5960L103 232 2,981 SH   SOLE   2,981 0 0
MERCK & CO INC/NJ COM 58933Y105 6,470 112,561 SH   SOLE   112,561 0 0
MEREDITH CORP COM 589433101 906 16,250 SH   SOLE   16,250 0 0
METLIFE INC COM 59156R108 6,378 126,169 SH   SOLE   126,169 0 0
MICROSOFT CORP COM 594918104 12,817 315,262 SH   SOLE   315,262 0 0
MITSUBISHI UFJ FINANCIAL GROUP COM 606822104 62 10,000 SH   SOLE   10,000 0 0
MOHAWK INDUSTRIES INC COM 608190104 6,761 36,400 SH   SOLE   36,400 0 0
MONDELEZ INTERNATIONAL INC COM 609207105 1,168 32,354 SH   SOLE   32,354 0 0
MOOG INC CLASS A COM 615394202 30,253 403,100 SH   SOLE   403,100 0 0
MORGAN STANLEY COM 617446448 3,283 92,000 SH   SOLE   92,000 0 0
MYLAN NV COM N59465109 8,165 137,574 SH   SOLE   137,574 0 0
McCORMICK & CO INC NON VTG COM 579780206 2,429 31,500 SH   SOLE   31,500 0 0
McDONALDS CORP COM 580135101 8,528 87,524 SH   SOLE   87,524 0 0
NATIONAL OILWELL VARCO INC COM 637071101 336 6,725 SH   SOLE   6,725 0 0
NETAPP INC COM 64110D104 208 5,875 SH   SOLE   5,875 0 0
NETSCOUT SYSTEMS INC COM 64115T104 29,367 669,720 SH   SOLE   669,720 0 0
NEW JERSEY RESOURCES COM 646025106 2,376 76,500 SH   SOLE   76,500 0 0
NEWMONT MINING CORP COM 651639106 212 9,750 SH   SOLE   9,750 0 0
NEXTERA ENERGY INC COM 65339F101 4,926 47,338 SH   SOLE   47,338 0 0
NORFOLK SOUTHERN CORP COM 655844108 9,835 95,561 SH   SOLE   95,561 0 0
NORTHWEST BANCSHARES INC COM 667340103 13,182 1,112,426 SH   SOLE   1,112,426 0 0
NOVARTIS AG COM 66987v109 465 4,718 SH   SOLE   4,718 0 0
NOVO-NORDISK ADR COM 670100205 11,431 214,100 SH   SOLE   214,100 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 221 15,400 SH   SOLE   15,400 0 0
NXP SEMICONDUCTORS NV ADR COM N6596X109 5,147 51,285 SH   SOLE   51,285 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 5,541 75,903 SH   SOLE   75,903 0 0
OMNICOM GROUP INC COM 681919106 273 3,500 SH   SOLE   3,500 0 0
ON SEMICONDUCTOR CORPORATION * COM 682189105 21,296 1,758,555 SH   SOLE   1,758,555 0 0
ORACLE CORPORATION COM 68389X105 8,412 194,942 SH   SOLE   194,942 0 0
OSHKOSH CORP COM 688239201 18,123 371,450 SH   SOLE   371,450 0 0
PAREXEL INTERNATIONAL COM 699462107 43,140 625,310 SH   SOLE   625,310 0 0
PARKER-HANNIFIN COM 701094104 3,541 29,815 SH   SOLE   29,815 0 0
PAYCHEX INC COM 704326107 998 20,124 SH   SOLE   20,124 0 0
PENTAIR PLC COM G7S00T104 3,493 55,537 SH   SOLE   55,537 0 0
PEPSICO INC COM 713448108 7,235 75,668 SH   SOLE   75,668 0 0
PERKINELMER INC COM 714046109 1,355 26,500 SH   SOLE   26,500 0 0
PFIZER INC COM 717081103 4,435 127,474 SH   SOLE   127,474 0 0
PHILIP MORRIS INTERNATIONAL IN COM 718172109 2,529 33,573 SH   SOLE   33,573 0 0
PHILLIPS 66 COM 718546104 10,985 139,764 SH   SOLE   139,764 0 0
PIEDMONT NATURAL GAS COM 720186105 4,480 121,386 SH   SOLE   121,386 0 0
PNC FINANCIAL SERVICES GROUP COM 693475105 8,732 93,655 SH   SOLE   93,655 0 0
POLYONE CORP COM 73179P106 32,665 874,565 SH   SOLE   874,565 0 0
PORTLAND GENERAL ELECTRIC CO COM 736508847 16,098 434,025 SH   SOLE   434,025 0 0
PPG INDUSTRIES INC COM 693506107 11,060 49,040 SH   SOLE   49,040 0 0
PPL CORP COM 69351T106 1,044 31,025 SH   SOLE   31,025 0 0
PRAXAIR INC COM 74005P104 890 7,375 SH   SOLE   7,375 0 0
PROCTER & GAMBLE COM 742718109 5,269 64,301 SH   SOLE   64,301 0 0
PRUDENTIAL FINANCIAL COM 744320102 5,499 68,466 SH   SOLE   68,466 0 0
PTC INC COM 69370C100 26,010 719,105 SH   SOLE   719,105 0 0
PUBLIC SERVICE ENTERPRISE INC COM 744573106 633 15,100 SH   SOLE   15,100 0 0
QORVO INC COM 74736K101 35,950 451,067 SH   SOLE   451,067 0 0
QUAKER CHEMICAL COM 747316107 540 6,300 SH   SOLE   6,300 0 0
QUALCOMM INC COM 747525103 8,614 124,232 SH   SOLE   124,232 0 0
QUEST DIAGNOSTICS COM 74834L100 661 8,598 SH   SOLE   8,598 0 0
RAYTHEON COM 755111507 3,818 34,944 SH   SOLE   34,944 0 0
RGC RESOURCES COM 74955l103 709 35,116 SH   SOLE   35,116 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 1,309 15,996 SH   SOLE   15,996 0 0
ROYAL DUTCH SHELL PLC COM 780259206 652 10,935 SH   SOLE   10,935 0 0
RPM INC COM 749685103 8,553 178,233 SH   SOLE   178,233 0 0
SCHLUMBERGER LTD COM 806857108 3,657 43,824 SH   SOLE   43,824 0 0
SELECTIVE INSURANCE GROUP INC COM 816300107 17,416 599,525 SH   SOLE   599,525 0 0
SIGNATURE BANK COM 82669g104 30,587 236,050 SH   SOLE   236,050 0 0
SILGAN HOLDINGS INC COM 827048109 27,526 473,525 SH   SOLE   473,525 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 8,850 90,035 SH   SOLE   90,035 0 0
SOLERA HOLDINGS INC COM 83421A104 14,011 271,225 SH   SOLE   271,225 0 0
SOUTHERN CO COM 842587107 235 5,300 SH   SOLE   5,300 0 0
SOUTHWEST GAS CORP COM 844895102 20,900 359,285 SH   SOLE   359,285 0 0
STANLEY BLACK DECKER INC COM 854502101 5,656 59,314 SH   SOLE   59,314 0 0
STARWOOD HOTELS RESORTS WORLDW COM 85590A401 1,503 18,000 SH   SOLE   18,000 0 0
STARZ CLASS A COM 85571Q102 21,589 627,400 SH   SOLE   627,400 0 0
SUPERIOR ENERGY SERVICES COM 868157108 844 37,800 SH   SOLE   37,800 0 0
SVB FINANCIAL GROUP COM 78486q101 32,122 252,850 SH   SOLE   252,850 0 0
SYSCO CORP COM 871829107 1,487 39,414 SH   SOLE   39,414 0 0
TAKE-TWO INTERACTIVE SOFTWARE COM 874054109 16,866 662,600 SH   SOLE   662,600 0 0
TAL INTERNATIONAL GROUP INC COM 874083108 229 5,625 SH   SOLE   5,625 0 0
TARGET CORP COM 87612E106 2,385 29,065 SH   SOLE   29,065 0 0
TE CONNECTIVITY LTD COM H84989104 4,027 56,230 SH   SOLE   56,230 0 0
TELEFLEX INC COM 879369106 205 1,700 SH   SOLE   1,700 0 0
TEVA PHARMACTCL INDS ADR COM 881624209 467 7,500 SH   SOLE   7,500 0 0
THE MOSAIC CO COM 61945C103 861 18,700 SH   SOLE   18,700 0 0
THE TRAVELERS COMPANIES INC COM 89417E109 7,836 72,471 SH   SOLE   72,471 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 6,620 49,275 SH   SOLE   49,275 0 0
TORCHMARK CORP COM 891027104 3,404 61,974 SH   SOLE   61,974 0 0
TORONTO-DOMINION BANK COM 891160509 3,917 91,406 SH   SOLE   91,406 0 0
TORTOISE ENERGY INFRASTRUCTURE COM 89147L100 469 11,150 SH   SOLE   11,150 0 0
TOTAL SA SPON ADR COM 89151E109 3,757 75,650 SH   SOLE   75,650 0 0
TRACTOR SUPPLY CO COM 892356106 2,033 23,900 SH   SOLE   23,900 0 0
TRINITY INDUSTRIES COM 896522109 21,936 617,730 SH   SOLE   617,730 0 0
TYCO INTERNATIONAL PLC COM G91442106 4,089 94,966 SH   SOLE   94,966 0 0
U.S. BANCORP COM 902973304 3,983 91,205 SH   SOLE   91,205 0 0
UGI CORP COM 902681105 4,148 127,275 SH   SOLE   127,275 0 0
UMPQUA HOLDINGS CORP COM 904214103 17,944 1,044,446 SH   SOLE   1,044,446 0 0
UNION PACIFIC CORP COM 907818108 6,824 63,003 SH   SOLE   63,003 0 0
UNITED BANKSHARES COM 909907107 20,809 553,725 SH   SOLE   553,725 0 0
UNITED PARCEL SERVICE INC COM 911312106 21,798 224,861 SH   SOLE   224,861 0 0
UNITED RENTALS COM 911363109 27,598 302,747 SH   SOLE   302,747 0 0
UNITED TECHNOLOGIES CORP COM 913017109 14,648 124,979 SH   SOLE   124,979 0 0
V F CORP COM 918204108 10,139 134,633 SH   SOLE   134,633 0 0
VALERO ENERGY CORP COM 91913Y100 534 8,400 SH   SOLE   8,400 0 0
VERIZON COMMUNICATIONS COM 92343V104 10,141 208,531 SH   SOLE   208,531 0 0
WAL-MART STORES COM 931142103 263 3,200 SH   SOLE   3,200 0 0
WALT DISNEY COMPANY COM 254687106 2,592 24,714 SH   SOLE   24,714 0 0
WASHINGTON TRUST BANCORP INC COM 940610108 247 6,480 SH   SOLE   6,480 0 0
WASTE MANAGEMENT INC COM 94106L109 12,710 234,376 SH   SOLE   234,376 0 0
WD-40 CO COM 929236107 5,388 60,850 SH   SOLE   60,850 0 0
WEBSTER FINANCIAL CORP COM 947890109 24,648 665,255 SH   SOLE   665,255 0 0
WELLS FARGO & CO COM 949746101 1,310 24,072 SH   SOLE   24,072 0 0
WESCO INTERNATIONAL INC COM 95082P105 999 14,300 SH   SOLE   14,300 0 0
WEST PHARMACEUTICAL SERVICES COM 955306105 42,322 702,900 SH   SOLE   702,900 0 0
WESTLAKE CHEMICAL CORP COM 960413102 1,352 18,800 SH   SOLE   18,800 0 0
WGL HOLDINGS COM 92924F106 1,117 19,800 SH   SOLE   19,800 0 0
WHIRLPOOL CORP COM 963320106 7,708 38,145 SH   SOLE   38,145 0 0
WINTRUST FINANCIAL CORP COM 97650W108 19,645 412,025 SH   SOLE   412,025 0 0
WORTHINGTON INDUSTRIES INC COM 981811102 13,352 501,765 SH   SOLE   501,765 0 0
XCEL ENERGY INC COM 98389B100 212 6,100 SH   SOLE   6,100 0 0
ZIMMER HOLDINGS INC COM 98956P102 5,386 45,830 SH   SOLE   45,830 0 0
ISHARES US PREFERRED STOCK E COM 464288687 882 22,000 SH   SOLE   22,000 0 0
VANGUARD LARGE-CAP ETF COM 922908637 2,069 21,735 SH   SOLE   21,735 0 0
VANGUARD TOTAL STOCK MKT VIPER COM 922908769 558 5,200 SH   SOLE   5,200 0 0
ISHARES CHINA LARGE CAP ETF COM 464287184 2,007 45,200 SH   SOLE   45,200 0 0
ISHARES CORE MSCI EAFE ETF COM 46432f842 234 4,000 SH   SOLE   4,000 0 0
ISHARES MSCI EAFE ETF COM 464287465 1,024 15,964 SH   SOLE   15,964 0 0
ISHARES MSCI EMERGING MKTS FD COM 464287234 4,155 103,550 SH   SOLE   103,550 0 0
ISHARES MSCI JAPAN INDEX FD COM 464286848 326 26,045 SH   SOLE   26,045 0 0
ISHARES MSCI PACIFIC EX JAPAN COM 464286665 5,615 123,798 SH   SOLE   123,798 0 0
VANGUARD FTSE EMERGING MARKETS COM 922042858 5,033 123,153 SH   SOLE   123,153 0 0
VANGUARD TOTAL INTL STOCK ETF COM 921909768 393 7,800 SH   SOLE   7,800 0 0
DNP SELECT INCOME FUND INC COM 23325P104 366 34,900 SH   SOLE   4,900 0 0