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 2,160 87,500 SH   SOLE 0 0 0 87,500
ALEXANDRIA REAL ESTATE EQUITIE COM 015271109 2,451 37,300 SH   SOLE 0 0 0 37,300
AMERICAN CAMPUS COMMUNITIES IN COM 024835100 3,724 91,600 SH   SOLE 0 0 0 91,600
ASHFORD HOSPITALITY TRUST COM 044103109 859 75,000 SH   SOLE 0 0 0 75,000
AVALON BAY COMMUNITIES INC COM 053484101 1,349 10,000 SH   SOLE 0 0 0 10,000
BRANDYWINE REALTY TRUST SBI COM 105368203 1,399 103,500 SH   SOLE 0 0 0 103,500
CAMDEN PROPERTY TRUST COM 133131102 2,240 32,400 SH   SOLE 0 0 0 32,400
CUBE SMART COM 229663109 2,237 140,000 SH   SOLE 0 0 0 140,000
DDR CORP COM 23317H102 2,102 126,264 SH   SOLE 0 0 0 126,264
DIGITAL REALTY TRUST INC COM 253868103 6,730 110,335 SH   SOLE 0 0 0 110,335
DUPONT FABROS TECHNOLOGY COM 26613Q106 1,739 72,000 SH   SOLE 0 0 0 72,000
EASTGROUP PROPERTIES SBI COM 277276101 3,376 60,000 SH   SOLE 0 0 0 60,000
EDUCATION REALTY TRUST INC COM 28140H104 1,534 150,000 SH   SOLE 0 0 0 150,000
EQUITY ONE INC COM 294752100 1,131 50,000 SH   SOLE 0 0 0 50,000
EQUITY RESIDENTIAL COM 29476L107 2,334 40,200 SH   SOLE 0 0 0 40,200
FEDERAL REALTY INV. TRUST COM 313747206 1,814 17,500 SH   SOLE 0 0 0 17,500
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 1,972 130,000 SH   SOLE 0 0 0 130,000
GENERAL GROWTH PROPERTIES COM 370023103 1,888 95,000 SH   SOLE 0 0 0 95,000
GLIMCHER REALTY COM 379302102 2,020 185,000 SH   SOLE 0 0 0 185,000
HCP INC COM 40414l109 1,104 24,300 SH   SOLE 0 0 0 24,300
HEALTH CARE REIT COM 42217K106 4,421 65,950 SH   SOLE 0 0 0 65,950
HEALTHCARE REALTY TRUST COM 421946104 1,423 55,800 SH   SOLE 0 0 0 55,800
HERSHA HOSPITALITY TRUST COM 427825104 987 175,000 SH   SOLE 0 0 0 175,000
HIGHWOODS PROPERTIES INC COM 431284108 16,821 472,364 SH   SOLE 0 0 0 472,364
HOME PROPERTIES OF NEW YORK COM 437306103 16,189 247,650 SH   SOLE 0 0 0 247,650
HOSPITALITY PROPERTIES TRUST COM 44106M102 382 14,525 SH   SOLE 0 0 0 14,525
KIMCO REALTY CORP COM 49446R109 8,298 387,215 SH   SOLE 0 0 0 387,215
LASALLE HOTEL PROPERTIES COM 517942108 1,111 45,000 SH   SOLE 0 0 0 45,000
LIBERTY PROPERTY TRUST COM 531172104 2,477 67,025 SH   SOLE 0 0 0 67,025
MACERICH CO COM 554382101 2,368 38,832 SH   SOLE 0 0 0 38,832
MEDICAL PROPERTIES TRUST INC COM 58463j304 20,263 1,415,000 SH   SOLE 0 0 0 1,415,000
MID-AMERICA APARTMENT COMMUNIT COM 59522J103 339 5,000 SH   SOLE 0 0 0 5,000
NATIONAL RETAIL PPTYS INC COM 637417106 2,129 61,900 SH   SOLE 0 0 0 61,900
OMEGA HEALTHCARE INVESTORS COM 681936100 1,551 50,000 SH   SOLE 0 0 0 50,000
POST PROPERTIES INC COM 737464107 1,485 30,000 SH   SOLE 0 0 0 30,000
RAYONIER INC COM 754907103 1,385 25,000 SH   SOLE 0 0 0 25,000
RLJ LODGING TRUST COM 74965L101 3,191 141,900 SH   SOLE 0 0 0 141,900
RYMAN HOSPITALITY PROPERTIES COM 78377T107 780 20,000 SH   SOLE 0 0 0 20,000
SIMON PROPERTY GROUP INC COM 828806109 7,077 44,813 SH   SOLE 0 0 0 44,813
SL GREEN REALTY CORP COM 78440X101 19,490 221,000 SH   SOLE 0 0 0 221,000
SOVRAN SELF STORAGE INC COM 84610H108 1,749 27,000 SH   SOLE 0 0 0 27,000
SUNSTONE HOTEL INVESTORS INC COM 867892101 1,587 131,414 SH   SOLE 0 0 0 131,414
TANGER FACTORY OUTLET CENTERS COM 875465106 2,008 60,000 SH   SOLE 0 0 0 60,000
TAUBMAN CENTERS COM 876664103 1,503 20,000 SH   SOLE 0 0 0 20,000
UDR INC COM 902653104 2,944 115,477 SH   SOLE 0 0 0 115,477
UNIVERSAL HEALTH REALTY INCOME COM 91359E105 487 11,300 SH   SOLE 0 0 0 11,300
VENTAS INC COM 92276F100 3,121 44,933 SH   SOLE 0 0 0 44,933
W P CAREY INC COM 92936U109 4,652 70,300 SH   SOLE 0 0 0 70,300
3M COMPANY COM 88579Y101 8,900 81,389 SH   SOLE 0 0 0 81,389
A T & T INC COM 00206R102 4,636 130,966 SH   SOLE 0 0 0 130,966
AARON'S INC COM 002535300 12,583 449,250 SH   SOLE 0 0 0 449,250
ABBOTT LABORATORIES COM 002824100 5,844 167,546 SH   SOLE 0 0 0 167,546
ABBVIE INC COM 00287Y109 7,866 190,271 SH   SOLE 0 0 0 190,271
ACCENTURE PLC - CL A COM G1151C101 11,603 161,248 SH   SOLE 0 0 0 161,248
ACTAVIS INC COM 00507K103 4,322 34,240 SH   SOLE 0 0 0 34,240
ACTUANT CORP - CL A COM 00508X203 17,243 523,000 SH   SOLE 0 0 0 523,000
ADT CORP COM 00101J106 937 23,525 SH   SOLE 0 0 0 23,525
AEGION CORP COM 00770F104 454 20,150 SH   SOLE 0 0 0 20,150
AFFILIATED MANAGERS GROUP INC COM 008252108 26,807 163,515 SH   SOLE 0 0 0 163,515
AFLAC INC COM 001055102 1,729 29,750 SH   SOLE 0 0 0 29,750
AGRIUM INC COM 008916108 1,739 20,000 SH   SOLE 0 0 0 20,000
AIR PRODUCTS & CHEMICALS INC COM 009158106 13,509 147,531 SH   SOLE 0 0 0 147,531
AIRGAS INC COM 009363102 1,112 11,650 SH   SOLE 0 0 0 11,650
ALLERGAN INC COM 018490102 337 4,000 SH   SOLE 0 0 0 4,000
ALLSTATE CORPORATION COM 020002101 1,928 40,075 SH   SOLE 0 0 0 40,075
ALTRIA GROUP INC COM 02209S103 2,455 70,160 SH   SOLE 0 0 0 70,160
AMERICAN ELECTRIC POWER CO COM 025537101 278 6,200 SH   SOLE 0 0 0 6,200
AMERICAN EXPRESS COM 025816109 998 13,350 SH   SOLE 0 0 0 13,350
AMERICAN WATER WORKS CO INC COM 030420103 5,840 141,635 SH   SOLE 0 0 0 141,635
AMERIPRISE FINANCIAL INC COM 03076C106 7,724 95,500 SH   SOLE 0 0 0 95,500
AMGEN INC COM 031162100 4,813 48,786 SH   SOLE 0 0 0 48,786
ANADARKO PETROLEUM CORP COM 032511107 554 6,450 SH   SOLE 0 0 0 6,450
ANIXTER INTERNATIONAL COM 035290105 19,839 261,700 SH   SOLE 0 0 0 261,700
ANN INC COM 035623107 13,595 409,498 SH   SOLE 0 0 0 409,498
APACHE CORP COM 037411105 1,085 12,946 SH   SOLE 0 0 0 12,946
APPLE INC COM 037833100 5,135 12,951 SH   SOLE 0 0 0 12,951
ARBITRON INCORPORATED COM 03875Q108 13,710 295,148 SH   SOLE 0 0 0 295,148
ARCHER DANIELS MIDLAND COM 039483102 292 8,600 SH   SOLE 0 0 0 8,600
ATWOOD OCEANICS INC COM 050095108 502 9,650 SH   SOLE 0 0 0 9,650
AVAGO TECHNOLOGIES LTD COM Y0486S104 1,011 27,050 SH   SOLE 0 0 0 27,050
AVISTA CORP COM 05379B107 12,321 455,986 SH   SOLE 0 0 0 455,986
BAXTER INT'L COM 071813109 817 11,800 SH   SOLE 0 0 0 11,800
BEACON ROOFING SUPPLY INC COM 073685109 16,326 431,000 SH   SOLE 0 0 0 431,000
BECTON DICKINSON & CO COM 075887109 4,728 47,840 SH   SOLE 0 0 0 47,840
BED BATH AND BEYOND INC COM 075896100 5,303 74,740 SH   SOLE 0 0 0 74,740
BELDEN CDT INC COM 077454106 23,197 464,600 SH   SOLE 0 0 0 464,600
BHP BILLITON LTD COM 088606108 202 3,500 SH   SOLE 0 0 0 3,500
BLACK HILLS CORP COM 092113109 1,582 32,450 SH   SOLE 0 0 0 32,450
BOARDWALK PIPELINE PARTNERS COM 096627104 359 11,900 SH   SOLE 0 0 0 11,900
BONANZA CREEK ENERGY INC COM 097793103 10,626 299,650 SH   SOLE 0 0 0 299,650
BRINKER INTERNATIONAL INC COM 109641100 15,575 395,000 SH   SOLE 0 0 0 395,000
BRISTOL-MYERS SQUIBB COM 110122108 9,519 213,010 SH   SOLE 0 0 0 213,010
BUCKEYE PARTNERS L P UNIT LTD COM 118230101 516 7,350 SH   SOLE 0 0 0 7,350
CABELA'S INC COM 126804301 21,723 335,439 SH   SOLE 0 0 0 335,439
CABOT OIL & GAS CORP COM 127097103 19,587 275,800 SH   SOLE 0 0 0 275,800
CACI INTERNATIONAL INC - CL A COM 127190304 12,127 191,000 SH   SOLE 0 0 0 191,000
CAMERON INTERNATIONAL CORP COM 13342b105 795 13,000 SH   SOLE 0 0 0 13,000
CAMPBELL SOUP COM 134429109 3,149 70,300 SH   SOLE 0 0 0 70,300
CAPITAL ONE FINANCIAL CORP VA COM 14040H105 3,402 54,165 SH   SOLE 0 0 0 54,165
CARDTRONICS INC COM 14161H108 11,773 426,575 SH   SOLE 0 0 0 426,575
CARRIZO OIL & GAS INC COM 144577103 11,445 404,000 SH   SOLE 0 0 0 404,000
CASEYS GENERAL STORES INC COM 147528103 19,510 324,300 SH   SOLE 0 0 0 324,300
CATERPILLAR INC COM 149123101 7,522 91,181 SH   SOLE 0 0 0 91,181
CENTRAL FUND OF CANADA COM 153501101 354 26,000 SH   SOLE 0 0 0 26,000
CENTURYLINK INC COM 156700106 1,662 47,009 SH   SOLE 0 0 0 47,009
CF INDUSTRIES HOLDINGS INC COM 125269100 1,356 7,905 SH   SOLE 0 0 0 7,905
CH ENERGY GROUP INC COM 12541M102 637 9,800 SH   SOLE 0 0 0 9,800
CHEVRON CORP COM 166764100 8,200 69,295 SH   SOLE 0 0 0 69,295
CHICAGO BRIDGE AND IRON COMPAN COM 167250109 25,898 434,100 SH   SOLE 0 0 0 434,100
CHURCH & DWIGHT INC COM 171340102 8,553 138,600 SH   SOLE 0 0 0 138,600
CISCO SYSTEMS INC COM 17275R102 851 34,954 SH   SOLE 0 0 0 34,954
COACH INC COM 189754104 208 3,650 SH   SOLE 0 0 0 3,650
COAST DISTRIBUTION SERVICES COM 190345108 45 13,000 SH   SOLE 0 0 0 13,000
COCA-COLA COM 191216100 1,420 35,402 SH   SOLE 0 0 0 35,402
COLGATE PALMOLIVE CO COM 194162103 367 6,402 SH   SOLE 0 0 0 6,402
COMMUNITY BANK SYSTEMS INC COM 203607106 10,180 330,000 SH   SOLE 0 0 0 330,000
COMPASS MINERALS INTERNATIONAL COM 20451n101 9,552 113,000 SH   SOLE 0 0 0 113,000
CONAGRA FOODS INC COM 205887102 545 15,600 SH   SOLE 0 0 0 15,600
CONOCOPHILLIPS COM 20825C104 8,525 140,912 SH   SOLE 0 0 0 140,912
CONTINENTAL RESOURCES INC COM 212015101 1,205 14,000 SH   SOLE 0 0 0 14,000
CORNING INC COM 219350105 440 30,900 SH   SOLE 0 0 0 30,900
CRANE CO COM 224399105 20,262 338,150 SH   SOLE 0 0 0 338,150
CSX CORP COM 126408103 3,630 156,537 SH   SOLE 0 0 0 156,537
CVS CAREMARK CORP COM 126650100 7,201 125,935 SH   SOLE 0 0 0 125,935
DARDEN RESTAURANTS INC COM 237194105 5,056 100,160 SH   SOLE 0 0 0 100,160
DEERE & CO COM 244199105 7,434 91,500 SH   SOLE 0 0 0 91,500
DEVON ENERGY CORP COM 25179M103 569 10,966 SH   SOLE 0 0 0 10,966
DIAGEO PLC ADR COM 25243Q205 4,335 37,715 SH   SOLE 0 0 0 37,715
DIAMOND OFFSHORE DRILLING INC COM 25271C102 764 11,100 SH   SOLE 0 0 0 11,100
DIRECTV GROUP INC COM 25490A309 2,675 43,400 SH   SOLE 0 0 0 43,400
DOMINION RESOURCES INC VA COM 25746U109 2,740 48,225 SH   SOLE 0 0 0 48,225
DONEGAL GROUP INC CL A COM 257701201 471 33,694 SH   SOLE 0 0 0 33,694
DOVER CORP COM 260003108 386 4,975 SH   SOLE 0 0 0 4,975
DOW CHEMICAL CO COM 260543103 5,147 159,981 SH   SOLE 0 0 0 159,981
DR PEPPER SNAPPLE GROUP INC COM 26138E109 689 15,000 SH   SOLE 0 0 0 15,000
DU PONT EI DE NEMOURS COM 263534109 3,325 63,333 SH   SOLE 0 0 0 63,333
DUKE ENERGY CO COM 26441C204 3,193 47,297 SH   SOLE 0 0 0 47,297
EAST WEST BANCORP INC COM 27579R104 1,265 46,000 SH   SOLE 0 0 0 46,000
EATON CORP PLC COM G29183103 13,172 200,155 SH   SOLE 0 0 0 200,155
EL PASO ELECTRIC CO COM 283677854 13,640 386,281 SH   SOLE 0 0 0 386,281
ELI LILLY CO COM 532457108 5,301 107,924 SH   SOLE 0 0 0 107,924
EMC CORP COM 268648102 331 14,000 SH   SOLE 0 0 0 14,000
EMERSON ELECTRIC COM 291011104 6,744 123,648 SH   SOLE 0 0 0 123,648
ENERGEN CORP COM 29265N108 418 8,000 SH   SOLE 0 0 0 8,000
ENERGIZER HOLDINGS INC COM 29266R108 1,206 12,000 SH   SOLE 0 0 0 12,000
ENERPLUS CORP COM 292766102 160 10,850 SH   SOLE 0 0 0 10,850
ENERSYS COM 29275Y102 25,476 519,500 SH   SOLE 0 0 0 519,500
ENSCO PLC - CL A COM G3157S106 6,695 115,185 SH   SOLE 0 0 0 115,185
EXPRESS SCRIPTS HOLDING CO COM 30219G108 434 7,027 SH   SOLE 0 0 0 7,027
EXXON MOBIL CORPORATION COM 30231G102 11,451 126,738 SH   SOLE 0 0 0 126,738
FAMILY DOLLAR STORES COM 307000109 3,312 53,150 SH   SOLE 0 0 0 53,150
FEDEX CORPORATION COM 31428X106 2,703 27,420 SH   SOLE 0 0 0 27,420
FIRST MIDWEST BANCORP INC COM 320867104 3,704 270,000 SH   SOLE 0 0 0 270,000
FIRST REPUBLIC BANK/CA COM 33616C100 1,077 28,000 SH   SOLE 0 0 0 28,000
FISERV INC COM 337738108 4,600 52,620 SH   SOLE 0 0 0 52,620
FORD MOTOR COMPANY COM 345370860 3,130 202,325 SH   SOLE 0 0 0 202,325
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 6,102 221,009 SH   SOLE 0 0 0 221,009
GENERAL DYNAMICS CORP COM 369550108 386 4,925 SH   SOLE 0 0 0 4,925
GENERAL ELECTRIC COM 369604103 13,068 563,510 SH   SOLE 0 0 0 563,510
GENERAL MILLS INC COM 370334104 621 12,800 SH   SOLE 0 0 0 12,800
GENUINE PARTS CO COM 372460105 3,151 40,360 SH   SOLE 0 0 0 40,360
GLACIER BANCORP INC COM 37637q105 8,432 380,000 SH   SOLE 0 0 0 380,000
GLAXOSMITHKLINE PLC ADR COM 37733W105 667 13,355 SH   SOLE 0 0 0 13,355
GOOGLE INC CL A COM 38259P508 3,592 4,080 SH   SOLE 0 0 0 4,080
GRAINGER W W INC COM 384802104 202 800 SH   SOLE 0 0 0 800
H&R BLOCK INC COM 093671105 301 10,850 SH   SOLE 0 0 0 10,850
HALLIBURTON CO COM 406216101 3,887 93,165 SH   SOLE 0 0 0 93,165
HARRIS CORP COM 413875105 2,637 53,550 SH   SOLE 0 0 0 53,550
HARRIS TEETER SUPERMARKETS I COM 414585109 18,814 401,500 SH   SOLE 0 0 0 401,500
HARTFORD FINANCIAL SERVICES GR COM 416515104 228 7,382 SH   SOLE 0 0 0 7,382
HERSHEY FOODS COM 427866108 241 2,700 SH   SOLE 0 0 0 2,700
HERTZ GLOBAL HOLDINGS COM 42805T105 4,047 163,190 SH   SOLE 0 0 0 163,190
HESS CORP COM 42809H107 545 8,200 SH   SOLE 0 0 0 8,200
HOME DEPOT INC COM 437076102 1,662 21,450 SH   SOLE 0 0 0 21,450
HONEYWELL INTL INC COM 438516106 6,784 85,500 SH   SOLE 0 0 0 85,500
HORMEL FOODS CORP COM 440452100 637 16,500 SH   SOLE 0 0 0 16,500
IBERIABANK CORP COM 450828108 8,985 167,600 SH   SOLE 0 0 0 167,600
ILLINOIS TOOL WORKS COM 452308109 1,709 24,701 SH   SOLE 0 0 0 24,701
INGERSOLL-RAND PLC COM G47791101 353 6,350 SH   SOLE 0 0 0 6,350
INT'L BUSINESS MACHINES CORP COM 459200101 12,337 64,556 SH   SOLE 0 0 0 64,556
INTEL CORP COM 458140100 3,287 135,667 SH   SOLE 0 0 0 135,667
J.M. SMUCKER COM COM 832696405 1,032 10,009 SH   SOLE 0 0 0 10,009
JARDEN CORPORATION COM 471109108 21,656 495,000 SH   SOLE 0 0 0 495,000
JOHNSON & JOHNSON COM 478160104 10,685 124,449 SH   SOLE 0 0 0 124,449
JPMORGAN CHASE & CO. COM 46625H100 8,215 155,611 SH   SOLE 0 0 0 155,611
KAYNE ANDERSON ENERGY DEVELOPM COM 48660Q102 218 8,500 SH   SOLE 0 0 0 8,500
KAYNE ANDERSON MLP INVT CO COM 486606106 5,915 152,100 SH   SOLE 0 0 0 152,100
KELLOGG CO COM 487836108 407 6,344 SH   SOLE 0 0 0 6,344
KIMBERLY-CLARK CORP COM 494368103 11,244 115,752 SH   SOLE 0 0 0 115,752
KINDER MORGAN ENERGY PRTNRS COM 494550106 423 4,950 SH   SOLE 0 0 0 4,950
KODIAK OIL & GAS CORP COM 50015Q100 10,330 1,162,000 SH   SOLE 0 0 0 1,162,000
KOHLS CORP WISC PV COM 500255104 1,086 21,500 SH   SOLE 0 0 0 21,500
KRAFT FOODS GROUP INC COM 50076Q106 894 16,010 SH   SOLE 0 0 0 16,010
L-3 COMMUNICATIONS HLDGS INC COM 502424104 1,605 18,725 SH   SOLE 0 0 0 18,725
LABORATORY CORPORATION OF AMER COM 50540R409 626 6,250 SH   SOLE 0 0 0 6,250
LOCKHEED MARTIN CORP COM 539830109 808 7,450 SH   SOLE 0 0 0 7,450
LYONDELL BASELL INDUSTRIES - C COM N53745100 3,059 46,165 SH   SOLE 0 0 0 46,165
MACY'S INC COM 55616P104 4,733 98,600 SH   SOLE 0 0 0 98,600
MARATHON OIL CORP COM 565849106 571 16,500 SH   SOLE 0 0 0 16,500
MARATHON PETROLEUM CORP COM 56585A102 462 6,500 SH   SOLE 0 0 0 6,500
MARRIOTT INTERNATIONAL INC CL COM 571903202 1,615 40,000 SH   SOLE 0 0 0 40,000
MASTEC INCORPORATED COM 576323109 29,445 895,000 SH   SOLE 0 0 0 895,000
MB FINANCIAL INC COM 55264u108 11,433 426,600 SH   SOLE 0 0 0 426,600
MERCK & CO INC/NJ COM 58933Y105 2,901 62,464 SH   SOLE 0 0 0 62,464
MEREDITH CORP COM 589433101 828 17,350 SH   SOLE 0 0 0 17,350
MET PRO CORP COM 590876306 928 69,037 SH   SOLE 0 0 0 69,037
METLIFE INC COM 59156R108 4,814 105,198 SH   SOLE 0 0 0 105,198
MICROSOFT CORP COM 594918104 13,415 388,330 SH   SOLE 0 0 0 388,330
MITSUBISHI UFJ FINANCIAL GROUP COM 606822104 124 20,000 SH   SOLE 0 0 0 20,000
MONDELEZ INTERNATIONAL INC COM 609207105 1,276 44,740 SH   SOLE 0 0 0 44,740
MOOG INC COM 615394202 19,629 380,925 SH   SOLE 0 0 0 380,925
MURPHY OIL CORP COM 626717102 607 9,975 SH   SOLE 0 0 0 9,975
MYLAN INC COM 628530107 4,111 132,500 SH   SOLE 0 0 0 132,500
McCORMICK & CO INC NON VTG COM 579780206 2,216 31,500 SH   SOLE 0 0 0 31,500
McDONALDS CORP COM 580135101 8,614 87,008 SH   SOLE 0 0 0 87,008
NATIONAL OILWELL VARCO INC COM 637071101 1,015 14,725 SH   SOLE 0 0 0 14,725
NETAPP INC COM 64110D104 756 20,000 SH   SOLE 0 0 0 20,000
NETSCOUT SYSTEMS INC COM 64115T104 9,336 400,000 SH   SOLE 0 0 0 400,000
NEW JERSEY RESOURCES COM 646025106 1,589 38,250 SH   SOLE 0 0 0 38,250
NEWMONT MINING CORP COM 651639106 969 32,350 SH   SOLE 0 0 0 32,350
NEXTERA ENERGY INC COM 65339F101 4,093 50,230 SH   SOLE 0 0 0 50,230
NOBLE CORP COM H5833N103 1,403 37,330 SH   SOLE 0 0 0 37,330
NORFOLK SOUTHERN CORP COM 655844108 4,468 61,500 SH   SOLE 0 0 0 61,500
NORTHWEST BANCSHARES INC COM 667340103 12,473 923,221 SH   SOLE 0 0 0 923,221
NOVO-NORDISK ADR COM 670100205 8,283 53,450 SH   SOLE 0 0 0 53,450
NUANCE COMMUNICATIONS INC COM 67020Y100 925 50,275 SH   SOLE 0 0 0 50,275
NYSE EURONEXT COM 629491101 650 15,700 SH   SOLE 0 0 0 15,700
OCCIDENTAL PETROLEUM CORP COM 674599105 6,617 74,160 SH   SOLE 0 0 0 74,160
ON SEMICONDUCTOR CORPORATION COM 682189105 12,724 1,574,800 SH   SOLE 0 0 0 1,574,800
ORACLE CORPORATION COM 68389X105 5,418 176,438 SH   SOLE 0 0 0 176,438
OSHKOSH TRUCK CORP COM 688239201 13,745 362,000 SH   SOLE 0 0 0 362,000
PAREXEL INTERNATIONAL COM 699462107 26,203 570,000 SH   SOLE 0 0 0 570,000
PARKER-HANNIFIN COM 701094104 2,852 29,900 SH   SOLE 0 0 0 29,900
PAYCHEX INC COM 704326107 706 19,350 SH   SOLE 0 0 0 19,350
PENTAIR INC COM H6169Q108 1,995 34,589 SH   SOLE 0 0 0 34,589
PEPSICO INC COM 713448108 5,885 71,952 SH   SOLE 0 0 0 71,952
PERKINELMER INC COM 714046109 942 29,000 SH   SOLE 0 0 0 29,000
PFIZER INC COM 717081103 3,827 136,626 SH   SOLE 0 0 0 136,626
PHILIP MORRIS INTERNATIONAL IN COM 718172109 2,643 30,510 SH   SOLE 0 0 0 30,510
PHILLIPS 66 COM 718546104 6,833 115,996 SH   SOLE 0 0 0 115,996
PIEDMONT NATURAL GAS COM 720186105 4,342 128,686 SH   SOLE 0 0 0 128,686
PNC FINANCIAL SERVICES GROUP COM 693475105 6,236 85,525 SH   SOLE 0 0 0 85,525
POLYONE CORP COM 73179P106 21,583 871,000 SH   SOLE 0 0 0 871,000
PORTLAND GENERAL ELECTRIC CO COM 736508847 11,119 363,500 SH   SOLE 0 0 0 363,500
PPG INDUSTRIES INC COM 693506107 8,594 58,700 SH   SOLE 0 0 0 58,700
PPL CORP COM 69351T106 1,475 48,750 SH   SOLE 0 0 0 48,750
PRAXAIR INC COM 74005P104 961 8,345 SH   SOLE 0 0 0 8,345
PROCTER & GAMBLE COM 742718109 5,363 69,654 SH   SOLE 0 0 0 69,654
PRUDENTIAL FINANCIAL COM 744320102 6,801 93,130 SH   SOLE 0 0 0 93,130
PTC INC COM 69370C100 18,643 760,000 SH   SOLE 0 0 0 760,000
PUBLIC SERVICE ENTERPRISE INC COM 744573106 585 17,900 SH   SOLE 0 0 0 17,900
QUALCOMM INC COM 747525103 513 8,395 SH   SOLE 0 0 0 8,395
QUEST DIAGNOSTICS COM 74834L100 715 11,798 SH   SOLE 0 0 0 11,798
RAYTHEON COM 755111507 2,589 39,151 SH   SOLE 0 0 0 39,151
RF MICRO DEVICES COM 749941100 9,605 1,797,000 SH   SOLE 0 0 0 1,797,000
RGC RESOURCES COM 74955l103 713 35,216 SH   SOLE 0 0 0 35,216
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 2,467 73,995 SH   SOLE 0 0 0 73,995
ROYAL DUTCH SHELL PLC COM 780259206 835 13,085 SH   SOLE 0 0 0 13,085
RPM INC COM 749685103 5,951 186,321 SH   SOLE 0 0 0 186,321
SCHLUMBERGER LTD COM 806857108 2,509 35,014 SH   SOLE 0 0 0 35,014
SEADRILL LTD COM G7945E105 888 21,800 SH   SOLE 0 0 0 21,800
SELECTIVE INSURANCE COM 816300107 11,630 505,200 SH   SOLE 0 0 0 505,200
SIGNATURE BANK COM 82669g104 19,510 235,000 SH   SOLE 0 0 0 235,000
SILGAN HOLDINGS INC COM 827048109 19,629 418,000 SH   SOLE 0 0 0 418,000
SOLERA HOLDINGS INC COM 83421A104 15,025 270,000 SH   SOLE 0 0 0 270,000
SOUTHWEST GAS CORP COM 844895102 14,042 300,110 SH   SOLE 0 0 0 300,110
SUPERIOR ENERGY SERVICES COM 868157108 10,803 416,478 SH   SOLE 0 0 0 416,478
SVB FINANCIAL GROUP COM 78486q101 21,497 258,000 SH   SOLE 0 0 0 258,000
SYSCO CORP COM 871829107 3,425 100,250 SH   SOLE 0 0 0 100,250
TARGET CORP COM 87612E106 4,128 59,945 SH   SOLE 0 0 0 59,945
THE JONES GRP INC COM 48020T101 8,594 625,000 SH   SOLE 0 0 0 625,000
THE MOSAIC CO COM 61945C103 1,325 24,625 SH   SOLE 0 0 0 24,625
THE TRAVELERS COMPANIES INC COM 89417e109 2,400 30,025 SH   SOLE 0 0 0 30,025
THERMO FISHER SCIENTIFIC INC COM 883556102 7,420 87,670 SH   SOLE 0 0 0 87,670
TITAN INTERNATIONAL INC COM 88830m102 9,532 565,000 SH   SOLE 0 0 0 565,000
TORCHMARK CORP COM 891027104 2,764 42,425 SH   SOLE 0 0 0 42,425
TORONTO-DOMINION BANK COM 891160509 231 2,878 SH   SOLE 0 0 0 2,878
TORTOISE ENERGY INFRASTRUCTURE COM 89147L100 421 9,050 SH   SOLE 0 0 0 9,050
TOTAL SA SPON ADR COM 89151E109 5,986 122,910 SH   SOLE 0 0 0 122,910
TRANSOCEAN LTD COM H8817H100 299 6,239 SH   SOLE 0 0 0 6,239
TRINITY INDUSTRIES COM 896522109 884 23,000 SH   SOLE 0 0 0 23,000
TYCO INTERNATIONAL LTD COM H89128104 3,142 95,366 SH   SOLE 0 0 0 95,366
U.S. BANCORP COM 902973304 3,293 91,105 SH   SOLE 0 0 0 91,105
UGI CORP COM 902681105 3,180 81,300 SH   SOLE 0 0 0 81,300
UMPQUA HOLDINGS CORP COM 904214103 10,713 713,741 SH   SOLE 0 0 0 713,741
UNION PACIFIC CORP COM 907818108 6,934 44,945 SH   SOLE 0 0 0 44,945
UNITED BANKSHARES COM 909907107 9,284 351,000 SH   SOLE 0 0 0 351,000
UNITED PARCEL SERVICE INC COM 911312106 9,777 113,053 SH   SOLE 0 0 0 113,053
UNITED RENTALS COM 911363109 23,769 476,241 SH   SOLE 0 0 0 476,241
UNITED TECHNOLOGIES CORP COM 913017109 7,582 81,580 SH   SOLE 0 0 0 81,580
UNS ENERGY CORP COM 903119105 10,078 225,300 SH   SOLE 0 0 0 225,300
V F CORP COM 918204108 10,526 54,520 SH   SOLE 0 0 0 54,520
VALERO ENERGY CORP COM 91913Y100 203 5,850 SH   SOLE 0 0 0 5,850
VERIZON COMMUNICATIONS COM 92343V104 8,471 168,275 SH   SOLE 0 0 0 168,275
WALT DISNEY COMPANY COM 254687106 1,484 23,501 SH   SOLE 0 0 0 23,501
WASTE MANAGEMENT INC COM 94106L109 8,842 219,242 SH   SOLE 0 0 0 219,242
WD-40 CO COM 929236107 3,451 63,350 SH   SOLE 0 0 0 63,350
WEATHERFORD INTERNATIONAL COM H27013103 233 17,000 SH   SOLE 0 0 0 17,000
WEBSTER FINANCIAL CORP COM 947890109 10,544 410,600 SH   SOLE 0 0 0 410,600
WELLS FARGO & CO COM 949746101 4,035 97,780 SH   SOLE 0 0 0 97,780
WESCO INTERNATIONAL INC COM 95082P105 816 12,000 SH   SOLE 0 0 0 12,000
WEST PHARMACEUTICAL SERVICES COM 955306105 22,209 316,100 SH   SOLE 0 0 0 316,100
WESTLAKE CHEMICAL CORP COM 960413102 1,061 11,000 SH   SOLE 0 0 0 11,000
WGL HOLDINGS COM 92924F106 856 19,800 SH   SOLE 0 0 0 19,800
WHIRLPOOL CORP COM 963320106 406 3,550 SH   SOLE 0 0 0 3,550
WHITING PETROLEUM CORP COM 966387102 3,133 67,970 SH   SOLE 0 0 0 67,970
WINTRUST FINANCIAL CORP COM 97650W108 10,718 280,000 SH   SOLE 0 0 0 280,000
XCEL ENERGY INC COM 98389B100 269 9,500 SH   SOLE 0 0 0 9,500
ZIMMER HOLDINGS INC COM 98956P102 3,894 51,960 SH   SOLE 0 0 0 51,960
ISHARES CHINA LARGE CAP ETF COM 464287184 520 16,000 SH   SOLE 0 0 0 16,000
ISHARES MSCI EMERGING MKTS FD COM 464287234 2,852 74,075 SH   SOLE 0 0 0 74,075
ISHARES MSCI JAPAN INDEX FD COM 464286848 228 20,300 SH   SOLE 0 0 0 20,300
ISHARES MSCI PACIFIC EX JAPAN COM 464286665 4,277 99,400 SH   SOLE 0 0 0 99,400
VANGUARD FTSE EMERGING MARKETS COM 922042858 1,854 47,800 SH   SOLE 0 0 0 47,800
VANGUARD TOTAL INTL STOCK ETF COM 921909768 215 4,700 SH   SOLE 0 0 0 4,700
DNP SELECT INCOME FUND INC COM 23325P104 328 33,400 SH   SOLE 0 0 0 33,400