Alpine Woods Capital Investors 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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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
WCI COMMUNITIES INC	COM PAR $0.01	92923C807	5,433	314,780	SH		SOLE		314,780	0	0
1ST CENTURY BANCSHARES INC	COM	31943X102	150	20,000	SH		SOLE		20,000	0	0
1ST UNITED BANCORP INC FLA	COM	33740N105	844	115,165	SH		SOLE		115,165	0	0
3M CO	COM	88579Y101	1,664	13,932	SH		SOLE	1	350	0	13,582
ABBOTT LABS	COM	002824100	672	20,233	SH		SOLE	1	7,000	0	13,233
ABBVIE INC	COM	00287Y109	948	21,183	SH		SOLE	1	8,350	0	12,833
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	22,151	300,800	SH		SOLE	1	296,600	0	4,200
AEROVIRONMENT INC	COM	008073108	900	38,950	SH		SOLE		38,950	0	0
AG MORTGAGE INVESTMENT TRUS	COM	001228105	3,324	200,000	SH		SOLE		200,000	0	0
AIR METHODS CORP	COM PAR $.06	009128307	2,059	48,370	SH		SOLE	1	32,000	0	16,370
ALEXANDER & BALDWIN INC	COM	014491104	540	15,000	SH		SOLE		15,000	0	0
ALEXANDERS INC	COM	014752109	6,922	24,192	SH		SOLE	1	7,900	0	16,292
ALEXANDRIA REAL ESTATE EQ INC	COM	015271109	3,667	57,428	SH		SOLE	1	51,528	0	5,900
ALLERGAN INC	COM	018490102	905	10,000	SH		SOLE		10,000	0	0
ALLIANCE BANCORP INC PA	COM	01890A108	248	17,105	SH		SOLE		17,105	0	0
ALLSCRIPT MISYS HEALTCAR SOLNS	COM	01988P108	420	28,228	SH		SOLE		28,228	0	0
ALPINE GLOBAL PREMIER PPTYS FD	COM SBI	02083A103	5,682	788,102	SH		SOLE	1	13,034	0	775,068
ALPINE TOTAL DYNAMIC DIVID FD	COM SBI	021060108	3,222	801,496	SH		SOLE	1	0	0	801,496
ALTISOURCE ASSET MANAGEMENT CORP	COM	02153X108	533	1,000	SH		SOLE		1,000	0	0
ALTISOURCE PORTFOLIO SOLNS SA	REG SHS	L0175J104	1,400	10,000	SH		SOLE		10,000	0	0
ALTISOURCE RESIDENTI	CL B	02153W100	6,629	288,467	SH		SOLE		288,467	0	0
AMERCO	COM	023586100	2,458	13,350	SH		SOLE	1	7,000	0	6,350
AMERICAN ASSETS TRUST INC	COM	024013104	797	26,114	SH		SOLE		26,114	0	0
AMERICAN CAPITAL AGENCY CORP	COM	02503X105	13,351	591,263	SH		SOLE		591,263	0	0
AMERICAN CAPITAL MORTGAGE IN	COM	02504A104	8,897	450,000	SH		SOLE		450,000	0	0
AMERICAN EAGLE OUTFITTERS	COM	02553E106	12,759	912,000	SH		SOLE		912,000	0	0
AMERICAN ELEC PWR INC	COM	025537101	1,101	25,400	SH		SOLE	1	9,900	0	15,500
AMERICAN HOME 4 RENT	CL A	02665T306	3,530	218,602	SH		SOLE		218,602	0	0
AMERICAN TOWER CORP	COM	03027X100	17,287	233,200	SH		SOLE		233,200	0	0
AMERICAN WTR WKS CO INC NEW	COM	030420103	18,217	441,300	SH		SOLE		441,300	0	0
AMERIPRISE FINL INC	COM	03076C106	360	3,950	SH		SOLE		3,950	0	0
AMGEN INC	COM	031162100	1,220	10,900	SH		SOLE	1	4,000	0	6,900
ANHEUSER-BUSCH INBEV SA	SPONSORED ADR	03524A108	11,155	112,450	SH		SOLE		112,450	0	0
ANNALY CAP MGMT INC	COM	035710409	7,063	609,900	SH		SOLE		609,900	0	0
ANSYS INC	COM	03662Q105	2,505	28,950	SH		SOLE		28,950	0	0
APACHE CORP	COM	037411105	1,385	16,272	SH		SOLE	1	13,872	0	2,400
APOLLO COML REAL EST FIN INC COM	COM	03762U105	1,218	79,732	SH		SOLE		79,732	0	0
APOLLO GLOBAL MANAGEMENT	CL A SHS	037612306	353	12,500	SH		SOLE		12,500	0	0
APPLE INC	COM	037833100	32,253	67,651	SH		SOLE	1	67,196	0	455
ARIAD PHARMACEUTICALS INC	COM	04033A100	230	12,500	SH		SOLE		12,500	0	0
ASSOCIATED ESTATES REALTY CP	COM	045604105	469	31,445	SH		SOLE		31,445	0	0
AT&T INC	COM	00206R102	2,264	66,946	SH		SOLE	1	54,000	0	12,946
ATLAS AIR WORLDWIDE HLDGS INC	COM NEW	049164205	690	15,000	SH		SOLE		15,000	0	0
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	305	29,800	SH		SOLE		29,800	0	0
ATMOS ENERGY CORP	COM	049560105	1,329	31,200	SH		SOLE		31,200	0	0
AVAGO TECHNOLOGIES LTD	SHS	Y0486S104	24,276	563,500	SH		SOLE		563,500	0	0
AVALONBAY CMNTYS INC	COM	053484101	7,451	58,625	SH		SOLE		58,625	0	0
BANC OF CALIFORNIA INC.	COM	05990k106	192	13,895	SH		SOLE		13,895	0	0
BANK COMM HLDGS	COM	06424J103	271	47,143	SH		SOLE		47,143	0	0
BANK MUTUAL CORP	COM	063750103	63	10,000	SH		SOLE		10,000	0	0
BANK OF AMERICA CORPORATION	COM	060505104	19,731	1,429,759	SH		SOLE	1	1,155,656	0	274,103
BANK OF NEW YORK MELLON CORP	COM	064058100	1,545	51,166	SH		SOLE	1	0	0	51,166
BAXTER INTL INC	COM	071813109	9,801	149,198	SH		SOLE		149,198	0	0
BECTON DICKINSON & CO	COM	075887109	1,960	19,600	SH		SOLE	1	14,100	0	5,500
BEST BUY INC	COM	086516101	830	22,125	SH		SOLE	1	13,300	0	8,825
BGC PARTNERS INC	CL A	05541T101	141	25,000	SH		SOLE		25,000	0	0
BIO RAD LABS INC	CL A	090572207	799	6,800	SH		SOLE		6,800	0	0
BLACKSTONE GROUP L P COM UNIT LTD	COM UNIT LTD	09253U108	498	20,000	SH		SOLE		20,000	0	0
BLACKSTONE MORTGAGE TRUST IN	COM CL A	09257W100	5,573	221,235	SH		SOLE		221,235	0	0
BOEING CO	COM	097023105	4,189	35,650	SH		SOLE	1	31,700	0	3,950
BOSTON PROPERTIES INC	COM	101121101	7,570	70,811	SH		SOLE	1	65,611	0	5,200
BRE PROPERTIES INC	CL A	05564E106	1,162	22,900	SH		SOLE		22,900	0	0
BRISTOW GROUP INC	COM	110394103	2,332	32,050	SH		SOLE	1	15,850	0	16,200
BROOKFIELD RESIDENTIAL PROPE	COM	11283W104	4,423	192,146	SH		SOLE		192,146	0	0
CALIFORNIA UTD BK ENCINO CA	COM	126534106	684	37,500	SH		SOLE		37,500	0	0
CALLIDUS SOFTWARE INC	COM	13123E500	303	33,000	SH		SOLE		33,000	0	0
CALPINE CORP COM NEW	COM NEW	131347304	1,992	102,500	SH		SOLE		102,500	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	1,106	18,000	SH		SOLE		18,000	0	0
CAMPBELL SOUP CO	COM	134429109	212	5,200	SH		SOLE	1	0	0	5,200
CANADIAN PACIFIC RAILWAY LTD	COM	13645T100	22,564	183,000	SH		SOLE		183,000	0	0
CAPITAL ONE FINL CORP	COM	14040H105	1,375	19,996	SH		SOLE	1	11,158	0	8,838
CARBO CERAMICS INC	COM	140781105	1,442	14,550	SH		SOLE	1	8,000	0	6,550
CARDINAL HEALTH INC	COM	14149Y108	201	3,861	SH		SOLE	1	0	0	3,861
CARLISLE COS INC	COM	142339100	218	3,100	SH		SOLE	1	0	0	3,100
CARLYLE GROUP/THE	COM UTS LTD PTN	14309L102	514	20,000	SH		SOLE		20,000	0	0
CAROLINA TRUST BANK	COM	144200102	313	106,783	SH		SOLE		106,783	0	0
CATERPILLAR INC DEL	COM	149123101	984	11,800	SH		SOLE		11,800	0	0
CBL & ASSOC PPTYS INC	COM	124830100	9,706	508,144	SH		SOLE		508,144	0	0
CBS CORP NEW	CL B	124857202	537	9,743	SH		SOLE		9,743	0	0
CENOVUS ENERGY INC	COM	15135U109	1,027	34,400	SH		SOLE		34,400	0	0
CENTERSTATE BANKS INC	COM	15201P109	121	12,493	SH		SOLE		12,493	0	0
CENTRAL FED CORP	COM	15346Q202	183	135,634	SH		SOLE		135,634	0	0
CERNER CORP	COM	156782104	1,787	34,000	SH		SOLE		34,000	0	0
CHART INDUSTRIES INC	COM PAR $0.01	16115Q308	3,064	24,900	SH		SOLE	1	16,500	0	8,400
CHATHAM LODGING TR	COM	16208T102	676	37,842	SH		SOLE		37,842	0	0
CHEMED CORP	COM	16359R103	858	12,000	SH		SOLE		12,000	0	0
CHESAPEAKE LODGING TR	SH BEN INT	165240102	934	39,658	SH		SOLE		39,658	0	0
CHEVRON CORP NEW	COM	166764100	314	2,586	SH		SOLE	1	500	0	2,086
CHUBB CORP	COM	171232101	562	6,300	SH		SOLE		6,300	0	0
CIA SANEAMENTO BASICO DE	SPONSORED ADR	20441A102	1,992	200,000	SH		SOLE		200,000	0	0
CINEMARK HOLDINGS INC	COM	17243V102	1,714	54,000	SH		SOLE		54,000	0	0
CISCO SYS INC	COM	17275R102	14,527	620,000	SH		SOLE		620,000	0	0
CITIGROUP INC	COM	172967424	17,376	358,196	SH		SOLE		358,196	0	0
CITIZENS FIRST CORP	COM	17462Q107	322	36,627	SH		SOLE		36,627	0	0
CME GROUP INC	COM	12572Q105	8,491	114,925	SH		SOLE	1	94,325	0	20,600
CMS ENERGY CORP	COM	125896100	16,634	632,000	SH		SOLE	1	620,300	0	11,700
COACH INC	COM	189754104	16,032	294,000	SH		SOLE		294,000	0	0
COLGATE PALMOLIVE CO	COM	194162103	14,398	242,800	SH		SOLE		242,800	0	0
COLONY FINL INC	COM	19624R106	19,349	968,407	SH		SOLE		968,407	0	0
COMCAST CORP NEW	CL A	20030N101	20,683	458,461	SH		SOLE		458,461	0	0
COMERICA INC	COM	200340107	295	7,495	SH		SOLE		7,495	0	0
CONOCOPHILLIPS	COM	20825C104	473	6,800	SH		SOLE	1	0	0	6,800
CONSOL ENERGY INC	COM	20854P109	1,094	32,500	SH		SOLE	1	17,900	0	14,600
CONSOLIDATED EDISON INC	COM	209115104	805	14,600	SH		SOLE		14,600	0	0
CORDIA BANCORP INC	COM	218513109	76	17,291	SH		SOLE		17,291	0	0
CORESITE REALTY CORP	COM	21870Q105	1,279	37,671	SH		SOLE		37,671	0	0
CORPORATE OFFICE PPTYS TR	SH BEN INT	22002T108	419	18,153	SH		SOLE		18,153	0	0
CORRECTIONS CORP OF AMERICA	COM NEW	22025Y407	27,199	787,226	SH		SOLE		787,226	0	0
COSTCO WHOLESALE CORP	COM	22160K105	13,947	121,100	SH		SOLE		121,100	0	0
COUSINS PPTYS INC	COM	222795106	3,092	300,475	SH		SOLE		300,475	0	0
COVIDIEN PLC	SHS	G2554F113	18,648	306,000	SH		SOLE		306,000	0	0
COWEN GROUP INC NEW	CL A	223622101	179	52,033	SH		SOLE		52,033	0	0
CREDIT ACCEPTANCE CORP	COM	225310101	222	2,000	SH		SOLE		2,000	0	0
CVS CAREMARK CORPORATION	COM	126650100	891	15,700	SH		SOLE		15,700	0	0
D R HORTON INC	COM	23331A109	7,265	373,926	SH		SOLE	1	345,000	0	28,926
DAVITA INC	COM	23918K108	432	7,600	SH		SOLE		7,600	0	0
DDR CORP	COM	23317H102	629	40,044	SH		SOLE		40,044	0	0
DELUXE CORP	COM	248019101	3,541	85,000	SH		SOLE	1	69,500	0	15,500
DIAMONDROCK HOSPITALITY CO	COM	252784301	747	70,000	SH		SOLE		70,000	0	0
DIGITAL REALTY TRUST INC	COM	253868103	14,594	274,848	SH		SOLE	1	261,348	0	13,500
DIREXION	DLY R/E BULL3X	25459W755	791	20,000	SH		SOLE		20,000	0	0
DIREXION DAILY	DRX S&P500BULL	25459W862	480	10,000	SH		SOLE		10,000	0	0
DIREXION SHS ETF TR	DLY FIN BULL NEW	25459Y694	268	3,900	SH		SOLE		3,900	0	0
DISH NETWORK CORP.	CL A	25470M109	1,980	44,000	SH		SOLE		44,000	0	0
DOMTAR CORP	COM NEW	257559203	548	6,900	SH		SOLE		6,900	0	0
DOUGLAS EMMETT INC COM	COM	25960P109	1,514	64,509	SH		SOLE		64,509	0	0
DOVER CORP COM	COM	260003108	213	2,376	SH		SOLE		2,376	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	4,650	79,400	SH		SOLE	1	51,000	0	28,400
DUKE ENERGY CORP	COM NEW	26441C204	1,008	15,089	SH		SOLE	1	5,000	0	10,089
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	1,040	40,352	SH		SOLE		40,352	0	0
E M C CORP MASS	COM	268648102	6,805	266,250	SH		SOLE		266,250	0	0
EASTMAN CHEMICAL CO	COM	277432100	3,209	41,200	SH		SOLE	1	21,500	0	19,700
EDWARDS LIFESCIENCES CORP	COM	28176E108	498	7,156	SH		SOLE		7,156	0	0
EMERALD OIL INC	COM NEW	29101U209	72	10,000	SH		SOLE		10,000	0	0
EMPRESAS ICA S A DE CV	SPONS ADR NEW	292448206	1,879	220,000	SH		SOLE		220,000	0	0
ENBRIDGE INC	COM	29250N105	13,503	323,500	SH		SOLE		323,500	0	0
ENDOLOGIX INC	COM	29266S106	161	10,000	SH		SOLE		10,000	0	0
ENERGIZER HLDGS INC	COM	29266R108	13,698	150,275	SH		SOLE		150,275	0	0
EPR PROPERTIES	COM SH BEN INT	26884U109	829	17,012	SH		SOLE		17,012	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	988	28,900	SH		SOLE		28,900	0	0
EQUITY ONE	COM	294752100	223	10,200	SH		SOLE		10,200	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	3,662	68,360	SH		SOLE		68,360	0	0
ESSEX PPTY TR INC	COM	297178105	3,495	23,665	SH		SOLE		23,665	0	0
EXPRESS SCRIPTS INC	COM	30219G108	5,329	86,231	SH		SOLE	1	55,584	0	30,647
EXXON MOBIL CORP	COM	30231G102	1,180	13,711	SH		SOLE	1	0	0	13,711
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	1,228	12,100	SH		SOLE		12,100	0	0
FEDEX CORP	COM	31428X106	3,612	31,650	SH		SOLE	1	20,000	0	11,650
FIRST BANCORP P R	COM	318672706	503	88,572	SH		SOLE		88,572	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	736	22,548	SH		SOLE		22,548	0	0
FIRSTENERGY CORP	COM	337932107	1,194	32,770	SH		SOLE	1	13,000	0	19,770
FISERV INC	COM	337738108	2,294	22,700	SH		SOLE	1	20,000	0	2,700
FLIR SYS INC	COM	302445101	2,782	88,600	SH		SOLE		88,600	0	0
FLOTEK INDS INC DEL	COM	343389102	1,058	46,000	SH		SOLE		46,000	0	0
FLOWSERVE CORP	COM	34354P105	505	8,100	SH		SOLE		8,100	0	0
GARMIN LTD	SHS	H2906T109	1,130	25,000	SH		SOLE		25,000	0	0
GENERAL ELECTRIC CO	COM	369604103	6,058	253,568	SH		SOLE	1	165,100	0	88,468
GENERAL GROWTH PPTYS INC	COM	370023103	1,756	91,018	SH		SOLE		91,018	0	0
GENTHERM INC.	COM	37253A103	573	30,000	SH		SOLE		30,000	0	0
GEO GROUP INC	COM	36159R103	2,078	62,500	SH		SOLE		62,500	0	0
GFI GROUP INC	COM	361652209	73	18,500	SH		SOLE		18,500	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	789	17,000	SH		SOLE		17,000	0	0
GOLDMAN SACHS GROUP INC	COM	38141G104	1,076	6,800	SH		SOLE	1	4,700	0	2,100
GOOGLE INC	CL A	38259P508	10,082	11,510	SH		SOLE	1	9,975	0	1,535
GOVERNMENT PROPERTIES INCOME TRUST	COM SHS BEN INT	38376A103	203	8,500	SH		SOLE		8,500	0	0
GRAINGER W W INC	COM	384802104	785	3,000	SH		SOLE		3,000	0	0
HATTERAS FINL CORP	COM	41902R103	3,097	165,500	SH		SOLE		165,500	0	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	1,024	40,800	SH		SOLE	1	17,800	0	23,000
HCA HOLDINGS INC	COM	40412C101	20,285	474,500	SH		SOLE		474,500	0	0
HCP INC	COM	40414L109	3,361	82,072	SH		SOLE		82,072	0	0
HEALTH CARE REIT INC	COM	42217K106	1,585	25,403	SH		SOLE		25,403	0	0
HELEN OF TROY LTD	COM	G4388N106	465	10,500	SH		SOLE		10,500	0	0
HELIX ENERGY SOLUTIONS GRP INC	COM	42330P107	1,015	40,000	SH		SOLE		40,000	0	0
HENRY SCHEIN INC	COM	806407102	2,833	27,300	SH		SOLE	1	17,500	0	9,800
HERBALIFE LTD	COM USD SHS	G4412G101	837	12,000	SH		SOLE		12,000	0	0
HESS CORP	COM	42809H107	541	7,000	SH		SOLE		7,000	0	0
HEWLETT PACKARD CO	COM	428236103	719	34,250	SH		SOLE	1	22,000	0	12,250
HIMAX TECHNOLOGIES INC	SPONSORED ADR	43289P106	520	52,000	SH		SOLE		52,000	0	0
HOLLYFRONTIER CORP	COM	436106108	10,928	259,500	SH		SOLE		259,500	0	0
HOME PROPERTIES INC	COM	437306103	2,050	35,500	SH		SOLE		35,500	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	5,228	295,887	SH		SOLE		295,887	0	0
HOVNANIAN ENTERPRISES INC	CL A	442487203	102	19,500	SH		SOLE	1	0	0	19,500
HOWARD HUGHES CORP	COM	44267D107	6,180	55,000	SH		SOLE		55,000	0	0
HUMANA INC	COM	444859102	1,213	13,000	SH		SOLE		13,000	0	0
ILLUMINA INC	COM	452327109	2,667	33,000	SH		SOLE		33,000	0	0
IMPERIAL HOLDINGS INC	COM	452834104	158	25,000	SH		SOLE		25,000	0	0
INTEL CORP	COM	458140100	17,952	783,213	SH		SOLE	1	645,700	0	137,513
INTERCONTINENTAL HOTELS	SPON ADR NEW 12	45857P400	1,314	45,000	SH		SOLE		45,000	0	0
INTERCONTINENTALEXCHANGE INC	COM	45865V100	565	3,115	SH		SOLE		3,115	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	21,965	118,612	SH		SOLE	1	100,575	0	18,037
INTUITIVE SURGICAL INC	COM NEW	46120E602	2,408	6,400	SH		SOLE	1	5,500	0	900
INVENSENSE INC	COM	46123D205	654	37,108	SH		SOLE		37,108	0	0
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	13,235	860,000	SH		SOLE		860,000	0	0
IPG PHOTONICS CORP	COM	44980X109	620	11,000	SH		SOLE		11,000	0	0
IRON MOUNTAIN INC	COM	462846106	294	10,888	SH		SOLE		10,888	0	0
ITC HLDGS CORP	COM	465685105	12,577	134,000	SH		SOLE	1	130,400	0	3,600
ITRON INC	COM	465741106	1,842	43,000	SH		SOLE		43,000	0	0
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	2,732	29,700	SH		SOLE	1	20,000	0	9,700
JEFFERSON BANCSHARES INC/TN	COM	472375104	87	15,000	SH		SOLE		15,000	0	0
JMP GROUP INC	COM	46629U107	74	12,003	SH		SOLE		12,003	0	0
JOHNSON & JOHNSON	COM	478160104	14,657	169,079	SH		SOLE	1	48,030	0	121,049
JOY GLOBAL INC	COM	481165108	664	13,000	SH		SOLE	1	9,000	0	4,000
JPMORGAN CHASE & CO	COM	46625H100	4,964	96,027	SH		SOLE	1	70,600	0	25,427
JUST ENERGY GROUP INC	COM	48213W101	583	91,600	SH		SOLE	1	60,000	0	31,600
KAR AUCTION SERVICES INC	COM	48238T109	6,347	225,000	SH		SOLE		225,000	0	0
KILROY RLTY CORP	COM	49427F108	2,721	54,473	SH		SOLE		54,473	0	0
KIMCO REALTY CORP	COM	49446R109	1,009	50,000	SH		SOLE		50,000	0	0
KITE RLTY GROUP TR	COM	49803T102	167	28,125	SH		SOLE		28,125	0	0
KKR & CO L P DEL	COM UNITS	48248M102	368	17,900	SH		SOLE		17,900	0	0
LAS VEGAS SANDS CORP	COM	517834107	10,212	153,756	SH		SOLE		153,756	0	0
LASALLE HOTEL PPTYS	COM SH BEN INT	517942108	342	12,000	SH		SOLE		12,000	0	0
LENNAR CORP	CL A	526057104	13,991	395,220	SH		SOLE	1	372,020	0	23,200
LENNAR CORP	CL B	526057302	390	13,620	SH		SOLE		13,620	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	1,040	29,208	SH		SOLE		29,208	0	0
LIFE TECHNOLOGIES CORP	COM	53217V109	3,102	41,460	SH		SOLE	1	33,000	0	8,460
LIQUIDITY SERVICES INC	COM	53635B107	352	10,500	SH		SOLE		10,500	0	0
LSI INDS INC	COM	50216C108	317	37,600	SH		SOLE		37,600	0	0
M & T BK CORP	COM	55261F104	11,022	98,480	SH		SOLE	1	0	0	98,480
MACERICH CO	COM	554382101	2,846	50,428	SH		SOLE		50,428	0	0
MACK CALI RLTY CORP	COM	554489104	604	27,508	SH		SOLE		27,508	0	0
MARATHON PETROLEUM CORP	COM	56585A102	5,596	87,000	SH		SOLE		87,000	0	0
MARKET VECTORS	BNK & BROKERAG	57060U175	286	5,500	SH		SOLE	1	0	0	5,500
MASTEC INC	COM	576323109	1,727	57,000	SH		SOLE		57,000	0	0
MAXIMUS INC	COM	577933104	2,369	52,600	SH		SOLE	1	14,800	0	37,800
MCKESSON CORP	COM	58155Q103	21,965	171,200	SH		SOLE	1	157,900	0	13,300
MEDALLION FINL CORP	COM	583928106	603	40,506	SH		SOLE	1	30,406	0	10,100
MEDNAX INC	COM	58502B106	5,085	50,650	SH		SOLE	1	38,000	0	12,650
MERCK & CO INC NEW COM	COM	58933Y105	460	9,672	SH		SOLE	1	0	0	9,672
MERITAGE HOMES CORP	COM	59001A102	10,325	240,400	SH		SOLE		240,400	0	0
METLIFE INC	COM	59156R108	540	11,500	SH		SOLE		11,500	0	0
MFA FINANCIAL INC	COM	55272X102	14,021	1,882,000	SH		SOLE		1,882,000	0	0
MICROSOFT CORP	COM	594918104	220	6,600	SH		SOLE		6,600	0	0
MITEK SYSTEMS INC	COM NEW	606710200	482	93,500	SH		SOLE	1	81,200	0	12,300
MONARCH FINANCIAL HOLDINGS INC	COM	60907Q100	173	14,760	SH		SOLE		14,760	0	0
MONDELEZ INTERN	CL A	609207105	14,026	446,400	SH		SOLE		446,400	0	0
MURPHY OIL CORP	COM	626717102	754	12,500	SH		SOLE		12,500	0	0
MYRIAD GENETICS INC	COM	62855J104	588	25,000	SH		SOLE		25,000	0	0
NASDAQ OMX GROUP INC	COM	631103108	225	7,000	SH		SOLE		7,000	0	0
NATIONAL GRID PLC	SPON ADR NEW	636274300	1,358	23,000	SH		SOLE		23,000	0	0
NATIONAL OILWELL VARCO INC	COM	637071101	10,857	139,000	SH		SOLE		139,000	0	0
NEW CENTRY BANCORP INC DUNN NC	COM	64353M100	69	10,200	SH		SOLE		10,200	0	0
NEW RESIDENTIAL INVESTMENT	COM	64828T102	6,931	1,047,000	SH		SOLE		1,047,000	0	0
NEWCASTLE INVESTMENT CORP	COM	65105M108	4,440	790,000	SH		SOLE		790,000	0	0
NORTHEAST UTILS	COM	664397106	2,046	49,600	SH		SOLE	1	42,500	0	7,100
NORTHROP GRUMMAN CORP	COM	666807102	363	3,811	SH		SOLE	1	0	0	3,811
NORTHSTAR RLTY FIN CORP	COM	66704R100	877	94,548	SH		SOLE		94,548	0	0
NORTHWEST NATURAL GAS CO	COM	667655104	248	5,900	SH		SOLE		5,900	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	26,468	345,046	SH		SOLE	1	339,672	0	5,374
NUANCE COMMUNICATIONS INC	COM	67020Y100	712	38,100	SH		SOLE		38,100	0	0
NVR INC	COM	62944T105	1,121	1,220	SH		SOLE		1,220	0	0
O REILLY AUTOMOTIVE INC	COM	67103H107	638	5,000	SH		SOLE	1	0	0	5,000
OCCIDENTAL PETE CORP DEL	COM	674599105	11,332	121,150	SH		SOLE		121,150	0	0
OCH ZIFF CAP MGMT GROUP	CL A	67551U105	4,237	385,500	SH		SOLE		385,500	0	0
OCI RESOURCES LP	COM UNIT LTD	67081B106	303	16,500	SH		SOLE		16,500	0	0
OCWEN FINL CORP COM NEW	COM NEW	675746309	26,636	477,606	SH		SOLE		477,606	0	0
OLD LINE BANCSHARES INC	COM	67984M100	670	49,926	SH		SOLE		49,926	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	1,794	60,047	SH		SOLE		60,047	0	0
OPENTABLE INC	COM	68372A104	210	3,000	SH		SOLE		3,000	0	0
ORCHIDS PAPER PRODS CO DEL	COM	68572N104	374	13,500	SH		SOLE		13,500	0	0
PACIFIC MERCANTILE BANCORP	COM	694552100	105	16,844	SH		SOLE		16,844	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	648	48,276	SH		SOLE		48,276	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	431	15,000	SH		SOLE		15,000	0	0
PENNEY J C INC	COM	708160106	97	11,000	SH		SOLE		11,000	0	0
PEOPLES UNITED FINANCIAL INC	COM	712704105	216	15,000	SH		SOLE		15,000	0	0
PERRIGO CO	COM	714290103	247	2,000	SH		SOLE		2,000	0	0
PFIZER INC	COM	717081103	14,457	503,290	SH		SOLE	1	479,002	0	24,288
PG&E CORP	COM	69331C108	258	6,300	SH		SOLE	1	0	0	6,300
PHOENIX COMPANIES INC	COM NEW	71902E604	220	5,700	SH		SOLE		5,700	0	0
PNC FINL SVCS GROUP INC	COM	693475105	13,990	193,100	SH		SOLE		193,100	0	0
PORTLAND GENERAL ELECTRIC CO	COM NEW	736508847	1,527	54,100	SH		SOLE		54,100	0	0
PPG INDS INC	COM	693506107	668	4,000	SH		SOLE		4,000	0	0
PRECISION CASTPARTS CORP	COM	740189105	3,100	13,641	SH		SOLE	1	10,000	0	3,641
PREFORMED LINE PRODUCTS CO	COM	740444104	309	4,300	SH		SOLE		4,300	0	0
PRICELINE COM INC	COM NEW	741503403	1,921	1,900	SH		SOLE		1,900	0	0
PROCTER & GAMBLE CO COM	COM	742718109	1,915	25,336	SH		SOLE	1	1,100	0	24,236
PROGRESSIVE WASTE SOLUTIONS	COM	74339G101	2,316	90,000	SH		SOLE		90,000	0	0
PROLOGIS INC	COM	74340W103	9,474	251,833	SH		SOLE		251,833	0	0
PROSHARES	PSHS ULTRA UTIL	74347R685	294	4,500	SH		SOLE		4,500	0	0
PROTO LABS INC	COM	743713109	2,177	28,500	SH		SOLE		28,500	0	0
PROVIDENT FINL HLDGS INC	COM	743868101	395	23,751	SH		SOLE		23,751	0	0
PUBLIC STORAGE	COM	74460D109	4,859	30,265	SH		SOLE		30,265	0	0
PULTE GROUP INC	COM	745867101	1,149	69,660	SH		SOLE	1	38,476	0	31,184
PVH CORP	COM	693656100	677	5,700	SH		SOLE		5,700	0	0
QUALCOMM INC	COM	747525103	29,090	432,113	SH		SOLE	1	425,825	0	6,288
QUALITY SYS INC	COM	747582104	630	29,000	SH		SOLE		29,000	0	0
RADIAN GROUP INC	COM	750236101	1,135	81,500	SH		SOLE		81,500	0	0
RADNET INC	COM	750491102	44	18,336	SH		SOLE	1	0	0	18,336
REALOGY HOLDINGS CORP	COM	75605Y106	3,635	84,490	SH		SOLE		84,490	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	313	1,000	SH		SOLE	1	0	0	1,000
REPUBLIC FIRST BANCORP INC	COM	760416107	239	75,000	SH		SOLE		75,000	0	0
RESMED INC	COM	761152107	792	15,000	SH		SOLE		15,000	0	0
REXFORD INDUSTRIAL REALTY IN	COM	76169C100	270	20,000	SH		SOLE		20,000	0	0
RIVERVIEW BANCORP INC	COM	769397100	29	11,000	SH		SOLE		11,000	0	0
ROSS STORES INC	COM	778296103	1,165	16,000	SH		SOLE		16,000	0	0
RR DONNELLEY & SONS CO	COM	257867101	21,808	1,382,000	SH		SOLE		1,382,000	0	0
RYLAND GROUP INC	COM	783764103	24,506	604,500	SH		SOLE		604,500	0	0
SABRA HEALTH CARE REIT INC	COM	78573L106	1,181	51,340	SH		SOLE		51,340	0	0
SAFEWAY INC	COM NEW	786514208	809	25,300	SH		SOLE		25,300	0	0
SANOFI	SPONSORED ADR	80105N105	19,832	391,700	SH		SOLE		391,700	0	0
SCANA CORP NEW	COM	80589M102	488	10,600	SH		SOLE	1	1,000	0	9,600
SCORPIO TANKERS INC	SHS	Y7542C106	5,270	540,000	SH		SOLE		540,000	0	0
SEMGROUP CORP	CL A	81663A105	1,768	31,000	SH		SOLE		31,000	0	0
SENIOR HSG PPTYS TR	SH BEN INT	81721M109	491	21,033	SH		SOLE		21,033	0	0
SIGMA ALDRICH CORP	COM	826552101	1,488	17,450	SH		SOLE	1	10,000	0	7,450
SIGNATURE BK NEW YORK N Y	COM	82669G104	458	5,000	SH		SOLE		5,000	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	34,600	233,421	SH		SOLE	1	228,782	0	4,639
SKYWEST INC	COM	830879102	163	11,200	SH		SOLE	1	0	0	11,200
SL GREEN RLTY CORP	COM	78440X101	4,542	51,122	SH		SOLE		51,122	0	0
SNAP ON INC	COM	833034101	22,020	221,302	SH		SOLE	1	200,302	0	21,000
SOUTHERN CO	COM	842587107	420	10,200	SH		SOLE	1	0	0	10,200
SOUTHERN NATL BANCORP OF VA IN	COM	843395104	691	71,750	SH		SOLE		71,750	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	549	20,459	SH		SOLE		20,459	0	0
STAG INDUSTRIAL INC	COM	85254J102	1,097	54,537	SH		SOLE		54,537	0	0
STANDARD PAC CORP NEW	COM	85375C101	652	82,400	SH		SOLE	1	40,000	0	42,400
STARWOOD HOTELS&RESORTS WRLDWD	COM	85590A401	15,749	237,000	SH		SOLE	1	227,900	0	9,100
STARWOOD PPTY TR INC	COM	85571B105	16,024	668,489	SH		SOLE		668,489	0	0
SUMMIT ST BK SANTA ROSA CALIF	COM	866264203	347	37,000	SH		SOLE		37,000	0	0
SUNCOR ENERGY INC NEW	COM	867224107	274	7,650	SH		SOLE		7,650	0	0
SUNTRUST BKS INC	COM	867914103	584	18,000	SH		SOLE		18,000	0	0
SUSQUEHANNA BANCSHARES INC PA	COM	869099101	373	29,808	SH		SOLE	1	7,293	0	22,515
SYNERGETICS USA INC	COM	87160G107	105	23,000	SH		SOLE		23,000	0	0
SYNOVUS FINL CORP	COM	87161C105	585	177,347	SH		SOLE		177,347	0	0
TAL INTERNATIONAL GROUP INC	COM	874083108	570	12,200	SH		SOLE		12,200	0	0
TAUBMAN CTRS INC	COM	876664103	1,596	23,706	SH		SOLE		23,706	0	0
TAYLOR MORRISON HOME CORP	CL A	87724P106	680	30,000	SH		SOLE		30,000	0	0
TELEFLEX INC	COM	879369106	1,506	18,300	SH		SOLE	1	10,500	0	7,800
TERRENO RLTY CORP	COM	88146M101	489	27,528	SH		SOLE		27,528	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	2,483	65,725	SH		SOLE	1	43,300	0	22,425
THERMO FISHER SCIENTIFIC INC	COM	883556102	8,215	89,150	SH		SOLE	1	85,000	0	4,150
TOLL BROTHERS INC	COM	889478103	1,917	59,100	SH		SOLE	1	45,000	0	14,100
TRAVELCENTERS OF AMERICA LLC	COM	894174101	1,419	180,700	SH		SOLE		180,700	0	0
TWO HBRS INVT CORP	COM	90187B101	24,314	2,504,043	SH		SOLE		2,504,043	0	0
UCP INC	CL A	90265Y106	1,484	100,000	SH		SOLE		100,000	0	0
UDR INC	COM	902653104	744	31,400	SH		SOLE		31,400	0	0
UGI CORP NEW COM	COM	902681105	822	21,000	SH		SOLE		21,000	0	0
UNION PAC CORP	COM	907818108	9,814	63,180	SH		SOLE	1	49,980	0	13,200
UNITEDHEALTH GROUP INC	COM	91324P102	6,746	94,206	SH		SOLE		94,206	0	0
UNIVERSAL DISPLAY CORP	COM	91347P105	272	8,500	SH		SOLE		8,500	0	0
V F CORP	COM	918204108	2,966	14,900	SH		SOLE	1	10,800	0	4,100
VALIDUS HOLDINGS LTD	COM SHS	G9319H102	12,577	340,100	SH		SOLE		340,100	0	0
VALLEY NATL BANCORP	COM	919794107	1,289	129,523	SH		SOLE	1	44,728	0	84,795
VEECO INSTRS INC DEL	COM	922417100	223	6,000	SH		SOLE		6,000	0	0
VENTAS INC	COM	92276F100	4,380	71,212	SH		SOLE		71,212	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	15,064	322,738	SH		SOLE	1	316,500	0	6,238
VISA INC	COM CL A	92826C839	315	1,650	SH		SOLE		1,650	0	0
VODAFONE GROUP PLC NEW	SPONS ADR NEW	92857W209	33,656	956,674	SH		SOLE		956,674	0	0
VORNADO RLTY TR	SH BEN INT	929042109	4,994	59,406	SH		SOLE	1	52,557	0	6,849
WABASH NATIONAL CORP	COM	929566107	560	48,000	SH		SOLE		48,000	0	0
WALGREEN CO	COM	931422109	22,494	418,100	SH		SOLE	1	409,600	0	8,500
WALT DISNEY CO/THE	COM DISNEY	254687106	13,524	209,700	SH		SOLE		209,700	0	0
WASHINGTON TRUST BANCORP	COM	940610108	503	16,000	SH		SOLE		16,000	0	0
WELLCARE HEALTH PLANS INC	COM	94946T106	209	3,000	SH		SOLE		3,000	0	0
WELLPOINT INC	COM	94973V107	3,127	37,400	SH		SOLE	1	34,000	0	3,400
WELLS FARGO & CO NEW	COM	949746101	54,933	1,329,447	SH		SOLE	1	375,842	0	953,605
WESTERN ASSET MORTGAGE CAPIT	COM	95790D105	1,599	100,000	SH		SOLE		100,000	0	0
WESTLAKE CHEMICAL CORP	COM	960413102	209	2,000	SH		SOLE		2,000	0	0
WEYERHAEUSER CO	COM	962166104	228	7,954	SH		SOLE		7,954	0	0
WHIRLPOOL CORP	COM	963320106	1,259	8,600	SH		SOLE	1	0	0	8,600
WILLIAMS-SONOMA INC	COM	969904101	2,619	46,600	SH		SOLE	1	29,000	0	17,600
WILLIAMS COS INC	COM	969457100	16,707	459,500	SH		SOLE		459,500	0	0
WINTHROP REALTY TRUST	SH BEN INT NEW	976391300	601	53,900	SH		SOLE		53,900	0	0
WISDOMTREE INVESTMENTS INC	COM	97717P104	306	26,340	SH		SOLE		26,340	0	0
WORLD FUEL SERVICES CORP	COM	981475106	2,334	62,547	SH		SOLE		62,547	0	0
XCEL ENERGY INC	COM	98389B100	1,687	61,100	SH		SOLE	1	51,100	0	10,000
XEROX CORP	COM	984121103	4,106	399,006	SH		SOLE		399,006	0	0
ZAGG INC	COM	98884U108	87	19,400	SH		SOLE		19,400	0	0
ZOETIS INC	CL A	98978V103	231	7,431	SH		SOLE	1	0	0	7,431