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
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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
1ST CENTURY BANCSHARES INC	COM	31943X102	158	20,000	SH		SOLE		20,000	0	0
3M CO	COM	88579Y101	496	3,500	SH		SOLE	1	500	0	3,000
ABBOTT LABS	COM	002824100	959	23,833	SH		SOLE	1	10,600	0	13,233
ABBVIE INC	COM	00287Y109	1,874	34,433	SH		SOLE	1	21,600	0	12,833
ABENGOA YIELD PLC	ORD SHS	G00349103	3,481	210,312	SH		SOLE		210,312	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	16,751	170,475	SH		SOLE	1	163,600	0	6,875
ACE LTD	SHS	H0023R105	279	2,700	SH		SOLE		2,700	0	0
ACUITY BRANDS INC	COM	00508Y102	1,054	6,000	SH		SOLE		6,000	0	0
ADVISORY BOARD CO/THE	COM	00762W107	280	6,138	SH		SOLE		6,138	0	0
AEGEAN MARINE PETROLEUM NETWRK	SHS	Y0017S102	592	87,758	SH		SOLE		87,758	0	0
AETNA INC	COM	00817Y108	651	5,950	SH		SOLE		5,950	0	0
AIR METHODS CORP	COM PAR $.06	009128307	1,312	38,480	SH		SOLE	1	25,500	0	12,980
ALEXANDERS INC	COM	014752109	7,066	18,892	SH		SOLE	1	7,900	0	10,992
ALEXANDRIA REAL ESTATE EQ INC	COM	015271109	4,879	57,628	SH		SOLE	1	51,528	0	6,100
ALLERGAN PLC	SHS	G0177J108	2,768	10,183	SH		SOLE	1	4,083	0	6,100
ALLIANCE BANCORP INC PA	COM	01890A108	242	10,105	SH		SOLE		10,105	0	0
ALLSCRIPT MISYS HEALTCAR SOLNS	COM	01988P108	186	15,000	SH		SOLE		15,000	0	0
ALLY FINANCIAL INC	COM	02005N100	204	10,000	SH		SOLE		10,000	0	0
ALPHABET INC-CL C	CL-C	02079K107	6,547	10,760	SH		SOLE	1	9,224	0	1,536
ALPHABET INC CL A	CL-A	02079K305	6,853	10,735	SH		SOLE	1	9,200	0	1,535
ALPINE GLOBAL PREMIER PPTYS FD	COM SBI	02083A103	4,627	829,253	SH		SOLE	1	0	0	829,253
ALPINE TOTAL DYNAMIC DIVID FD	COM SH BEN INT N	021060207	4,000	533,269	SH		SOLE	1	0	0	533,269
ALTISOURCE RESIDENTI	CL B	02153W100	6,787	487,598	SH		SOLE		487,598	0	0
AMBARELLA INC	SHS	G037AX101	1,237	21,400	SH		SOLE		21,400	0	0
AMERCO	COM	023586100	6,579	16,720	SH		SOLE	1	11,700	0	5,020
AMERICAN ASSETS TRUST INC	COM	024013104	1,067	26,114	SH		SOLE		26,114	0	0
AMERICAN CAMPUS COMMUNITIES	COM	024835100	544	15,000	SH		SOLE		15,000	0	0
AMERICAN CAP LTD	COM	02503Y103	219	18,000	SH		SOLE		18,000	0	0
AMERICAN CAPITAL MORTGAGE IN	COM	02504A104	2,056	139,500	SH		SOLE		139,500	0	0
AMERICAN ELEC PWR INC	COM	025537101	1,217	21,400	SH		SOLE	1	11,000	0	10,400
AMERICAN TOWER CORP	COM	03027X100	18,471	209,947	SH		SOLE		209,947	0	0
AMERICAN WTR WKS CO INC NEW	COM	030420103	10,212	185,400	SH		SOLE		185,400	0	0
AMERIPRISE FINL INC	COM	03076C106	971	8,900	SH		SOLE	1	6,800	0	2,100
AMETEK INC NEW	COM	031100100	408	7,800	SH		SOLE	1	0	0	7,800
AMGEN INC	COM	031162100	2,974	21,500	SH		SOLE	1	14,100	0	7,400
ANHEUSER-BUSCH INBEV	SPONSORED ADR	03524A108	15,363	144,500	SH		SOLE		144,500	0	0
ANNALY CAP MGMT INC	COM	035710409	6,865	695,500	SH		SOLE		695,500	0	0
ANSYS INC	COM	03662Q105	835	9,475	SH		SOLE		9,475	0	0
ANTHEM INC	COM	036752103	15,008	107,200	SH		SOLE	1	104,300	0	2,900
APACHE CORP	COM	037411105	610	15,572	SH		SOLE		15,572	0	0
APOLLO COML REAL EST FIN INC	COM	03762U105	2,167	137,944	SH		SOLE		137,944	0	0
APOLLO GLOBAL MANAGEMENT	CL A SHS	037612306	215	12,500	SH		SOLE		12,500	0	0
APOLLO RESIDENTIAL MORTGAGE	COM	03763V102	503	39,700	SH		SOLE		39,700	0	0
APPLE INC	COM	037833100	36,291	329,017	SH		SOLE	1	326,007	0	3,010
APPLIED MATLS INC	COM	038222105	8,915	606,900	SH		SOLE		606,900	0	0
ARATANA THERAPEUTICS INC	COM	03874P101	151	17,800	SH		SOLE		17,800	0	0
ARES MANAGEMENT LP	COM UNIT RP IN	04014Y101	503	28,799	SH		SOLE		28,799	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	11,773	370,000	SH		SOLE		370,000	0	0
AT&T INC	COM	00206R102	4,369	134,092	SH		SOLE	1	122,400	0	11,692
ATLANTIC COAST FED CORP	COM	048426100	285	51,536	SH		SOLE		51,536	0	0
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	204	11,000	SH		SOLE		11,000	0	0
AVAGO TECHNOLOGIES LTD	SHS	Y0486S104	16,701	133,600	SH		SOLE	1	130,700	0	2,900
AVALONBAY CMNTYS INC	COM	053484101	14,095	80,625	SH		SOLE		80,625	0	0
BANC OF CALIFORNIA INC.	COM	05990k106	293	23,895	SH		SOLE		23,895	0	0
BANCO DE CHILE	SPONSORED ADR	059520106	607	9,663	SH		SOLE		9,663	0	0
BANK COMM HLDGS	COM	06424J103	245	42,381	SH		SOLE		42,381	0	0
BANK OF AMERICA CORPORATION	COM	060505104	17,336	1,112,690	SH		SOLE	1	973,615	0	139,075
BANK OF NEW YORK MELLON CORP	COM	064058100	1,576	40,266	SH		SOLE	1	0	0	40,266
BANK OF THE OZARKS	COM	063904106	735	16,800	SH		SOLE		16,800	0	0
BANKWELL FINANCIAL GROUP INC	COM	06654A103	402	22,000	SH		SOLE		22,000	0	0
BECTON DICKINSON & CO	COM	075887109	3,128	23,578	SH		SOLE	1	18,500	0	5,078
BGC PARTNERS INC	CL A	05541T101	206	25,000	SH		SOLE		25,000	0	0
BIOCRYST PHARMACEUTICALS INC	COM	09058V103	114	10,000	SH		SOLE		10,000	0	0
BLACKSTONE GROUP L P COM UNIT LTD	COM UNIT LTD	09253U108	348	11,000	SH		SOLE		11,000	0	0
BLACKSTONE MORTGAGE TRUST IN	COM CL A	09257W100	1,427	52,000	SH		SOLE		52,000	0	0
BOSTON PROPERTIES INC	COM	101121101	15,601	131,761	SH		SOLE	1	126,611	0	5,150
BP PLC	SPONSORED ADR	055622104	4,385	143,500	SH		SOLE		143,500	0	0
BRISTOW GROUP INC	COM	110394103	1,227	46,900	SH		SOLE	1	31,500	0	15,400
BROOKDALE SR LIVING INC	COM	112463104	4,592	200,000	SH		SOLE		200,000	0	0
BT GROUP PLC	ADR	05577E101	14,382	225,600	SH		SOLE		225,600	0	0
C1 FINANCIAL INC	COM	12591N109	421	22,114	SH		SOLE		22,114	0	0
CALIFORNIA UTD BK ENCINO CA	COM	126534106	797	35,500	SH		SOLE		35,500	0	0
CALLIDUS SOFTWARE INC	COM	13123E500	357	21,000	SH		SOLE		21,000	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	1,552	21,000	SH		SOLE		21,000	0	0
CAMPUS CREST COMMUNITIES, INC.	COM	13466Y105	601	113,023	SH		SOLE		113,023	0	0
CANADIAN PACIFIC RAILWAY LTD	COM	13645T100	18,205	126,800	SH		SOLE		126,800	0	0
CAPITAL ONE FINL CORP	COM	14040H105	1,467	20,228	SH		SOLE	1	12,000	0	8,228
CAPSTEAD MTG CORP	COM NO PAR	14067E506	5,033	508,900	SH		SOLE		508,900	0	0
CARDINAL HEALTH INC	COM	14149Y108	834	10,861	SH		SOLE		10,861	0	0
CARDTRONICS INC	COM	14161H108	384	11,746	SH		SOLE		11,746	0	0
CARE CAPITAL PROPERTIES INC	COM	141624106	985	29,903	SH		SOLE		29,903	0	0
CARLISLE COS INC	COM	142339100	230	2,628	SH		SOLE	1	0	0	2,628
CARLYLE GROUP/THE	COM UTS LTD PTN	14309L102	336	20,000	SH		SOLE		20,000	0	0
CARNIVAL CORP	PAIRED CTF	143658300	7,654	154,000	SH		SOLE		154,000	0	0
CAROLINA TRUST BANK	COM	144200102	517	92,273	SH		SOLE		92,273	0	0
CARTER'S INC	COM	146229109	9,064	100,000	SH		SOLE		100,000	0	0
CATHAY GENERAL BANCORP	COM	149150104	1,917	64,000	SH		SOLE	1	25,000	0	39,000
CBL & ASSOC PPTYS INC	COM	124830100	1,213	88,191	SH		SOLE		88,191	0	0
CBS CORP NEW	CL B	124857202	8,906	223,200	SH		SOLE		223,200	0	0
CENTERSTATE BANKS INC COM	COM	15201P109	184	12,493	SH		SOLE		12,493	0	0
CENTRAL FED CORP	COM NEW	15346Q202	131	95,340	SH		SOLE		95,340	0	0
CENTURY COMMUNITIES INC	COM	156504300	596	30,000	SH		SOLE		30,000	0	0
CERNER CORP	COM	156782104	2,039	34,000	SH		SOLE		34,000	0	0
CHARLES RIV LABS INTL INC	COM	159864107	318	5,000	SH		SOLE		5,000	0	0
CHART INDUSTRIES INC	COM PAR $0.01	16115Q308	282	14,700	SH		SOLE		14,700	0	0
CHATHAM LODGING TR	COM	16208T102	813	37,842	SH		SOLE		37,842	0	0
CHESAPEAKE LODGING TR	SH BEN INT	165240102	1,034	39,658	SH		SOLE		39,658	0	0
CHEVRON CORP NEW	COM	166764100	6,760	85,694	SH		SOLE	1	77,800	0	7,894
CHIMERA INVT CORP	COM NEW	16934Q208	3,222	241,000	SH		SOLE		241,000	0	0
CIA SANEAMENTO BASICO	SPONSORED ADR	20441A102	1,075	277,100	SH		SOLE		277,100	0	0
CINEMARK HOLDINGS INC	COM	17243V102	2,209	68,000	SH		SOLE		68,000	0	0
CISCO SYS INC	COM	17275R102	9,986	380,400	SH		SOLE		380,400	0	0
CIT GROUP INC	COM NEW	125581801	220	5,500	SH		SOLE		5,500	0	0
CITIGROUP INC	COM NEW	172967424	10,968	221,093	SH		SOLE		221,093	0	0
CITIZENS FIRST CORP	COM	17462Q107	260	20,522	SH		SOLE		20,522	0	0
CLOVIS ONCOLOGY INC	COM	189464100	552	6,000	SH		SOLE		6,000	0	0
CME GROUP INC	COM	12572Q105	7,605	82,000	SH		SOLE	1	76,500	0	5,500
CMS ENERGY CORP	COM	125896100	18,540	524,900	SH		SOLE	1	513,500	0	11,400
COLGATE PALMOLIVE CO	COM	194162103	6,765	106,600	SH		SOLE		106,600	0	0
COLONY CAPITAL INC	CL A	19624R106	25,080	1,282,207	SH		SOLE		1,282,207	0	0
COMCAST CORP NEW	CL A	20030N101	10,441	183,561	SH		SOLE		183,561	0	0
COMERICA INC	COM	200340107	267	6,495	SH		SOLE		6,495	0	0
COMMUNICATIONS SALES & LE	COM	20341j104	1,794	100,206	SH		SOLE		100,206	0	0
COMPUTER SCIENCES CORP	COM	205363104	11,736	191,200	SH		SOLE		191,200	0	0
CONIFER HOLDINGS INC	COM	20731J102	195	20,000	SH		SOLE		20,000	0	0
CONSOLIDATED EDISON INC	COM	209115104	897	13,410	SH		SOLE	1	0	0	13,410
CORESITE REALTY CORP	COM	21870Q105	1,964	38,171	SH		SOLE		38,171	0	0
CORRECTIONS CORP OF AMERICA	COM NEW	22025Y407	2,171	73,500	SH		SOLE		73,500	0	0
COUSINS PPTYS INC	COM	222795106	342	37,087	SH		SOLE		37,087	0	0
COWEN GROUP INC NEW	CL A	223622101	109	23,823	SH		SOLE		23,823	0	0
CRACKER BARREL OLD COUNTRY	COM	22410J106	2,651	18,000	SH		SOLE	1	15,000	0	3,000
CROWN CASTLE INTL CORP	COM	22822V101	4,630	58,700	SH		SOLE		58,700	0	0
CULLEN FROST BANKERS INC	COM	229899109	1,653	26,000	SH		SOLE	1	20,000	0	6,000
CVS CAREMARK CORPORATION	COM	126650100	21,168	219,400	SH		SOLE		219,400	0	0
CYRUSONE INC	COM	23283R100	593	18,169	SH		SOLE		18,169	0	0
D R HORTON INC	COM	23331A109	15,600	531,326	SH		SOLE	1	505,000	0	26,326
DAVITA INC	COM	23918K108	550	7,600	SH		SOLE		7,600	0	0
DDR CORP	COM	23317H102	386	25,075	SH		SOLE		25,075	0	0
DELPHI AUTOMOTIVE PLC	SHS	G27823106	6,281	82,600	SH		SOLE		82,600	0	0
DELUXE CORP	COM	248019101	4,420	79,300	SH		SOLE	1	64,000	0	15,300
DESCARTES SYSTEMS GRP/THE	COM	249906108	278	15,736	SH		SOLE		15,736	0	0
DIAMONDROCK HOSPITALITY CO	COM	252784301	774	70,000	SH		SOLE		70,000	0	0
DIGITAL REALTY TRUST INC	COM	253868103	12,575	192,510	SH		SOLE	1	180,000	0	12,510
DIME COMMUNITY BANCSHARES	COM	253922108	169	10,000	SH		SOLE		10,000	0	0
DIREXION SHS ETF TR	DLY FIN BULL NEW	25459Y694	389	15,500	SH		SOLE		15,500	0	0
DISCOVER FINL SVCS	COM	254709108	15,311	294,500	SH		SOLE		294,500	0	0
DISH NETWORK CORP.	CL A	25470M109	2,719	46,600	SH		SOLE		46,600	0	0
DOLLAR GENERAL CORP NEW	COM	256677105	11,953	165,000	SH		SOLE		165,000	0	0
DOMINION RES INC VA NEW	COM	25746U109	2,766	39,300	SH		SOLE		39,300	0	0
DOUGLAS EMMETT INC	COM	25960P109	1,709	59,509	SH		SOLE		59,509	0	0
DTE ENERGY COMPANY	COM	233331107	2,371	29,500	SH		SOLE		29,500	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	2,290	47,500	SH		SOLE	1	38,000	0	9,500
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,433	19,919	SH		SOLE	1	0	0	19,919
DUKE REALTY CORP	COM NEW	264411505	324	17,000	SH		SOLE		17,000	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	1,044	40,352	SH		SOLE		40,352	0	0
DYCOM INDUSTRIES INC	COM	267475101	617	8,523	SH		SOLE		8,523	0	0
E HOUSE CHINA HLDGS LTD	ADR	26852W103	1,735	292,000	SH		SOLE		292,000	0	0
E M C CORP MASS	COM	268648102	15,349	635,300	SH		SOLE		635,300	0	0
EAGLE PHARMACEUTICALS INC	COM	269796108	370	5,000	SH		SOLE		5,000	0	0
EAST WEST BANCORP INC	COM	27579R104	711	18,500	SH		SOLE		18,500	0	0
EASTMAN CHEMICAL CO	COM	277432100	2,569	39,700	SH		SOLE	1	25,000	0	14,700
ECOLAB INC	COM	278865100	625	5,700	SH		SOLE	1	0	0	5,700
EDWARDS LIFESCIENCES CORP	COM	28176E108	1,728	12,156	SH		SOLE		12,156	0	0
EMERGENT CAPITAL INC	COM	29102N105	340	62,337	SH		SOLE		62,337	0	0
EMPIRE STATE REALTY TRUST IN	CL A	292104106	774	45,455	SH		SOLE		45,455	0	0
EMPRESAS ICA S A DE CV	SPONS ADR NEW	292448206	836	500,400	SH		SOLE		500,400	0	0
ENBRIDGE INC	COM	29250N105	4,073	109,700	SH		SOLE		109,700	0	0
ENBRIDGE INC	COM	29250N105	14,217	382,900	SH		SOLE		382,900	0	0
ENDURANCE SPECIALTY HOLDINGS	SHS	G30397106	2,895	47,436	SH		SOLE		47,436	0	0
ENERGIZER HLDGS INC	COM	29272W109	4,537	117,200	SH		SOLE		117,200	0	0
ENERGY TRANSFER PARTNERS LP	UNIT LTD PARTN	29273R109	8,789	214,000	SH		SOLE		214,000	0	0
EOG RESOURCES INC	COM	26875P101	5,897	81,000	SH		SOLE		81,000	0	0
EPR PROPERTIES	COM SH BEN INT	26884U109	465	9,012	SH		SOLE		9,012	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	1,693	28,900	SH		SOLE		28,900	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	5,135	68,360	SH		SOLE		68,360	0	0
ESSENT GROUP LTD	COM	G3198U102	325	13,086	SH		SOLE		13,086	0	0
ESSEX PPTY TR INC	COM	297178105	5,287	23,665	SH		SOLE		23,665	0	0
EVERSOURCE ENERGY	COM	30040W108	17,494	345,600	SH		SOLE	1	341,200	0	4,400
EXAMWORKS GROUP INC	COM	30066A105	412	14,073	SH		SOLE		14,073	0	0
EXELIXIS INC	COM	30161Q104	84	15,000	SH		SOLE		15,000	0	0
EXELON CORP	COM	30161N101	2,137	71,936	SH		SOLE		71,936	0	0
EXPEDIA INC DEL	COM NEW	30212P303	212	1,800	SH		SOLE	1	0	0	1,800
EXPRESS SCRIPTS INC	COM	30219G108	6,714	82,935	SH		SOLE	1	53,484	0	29,451
EXTENDED STAY AMERICA INC	UNIT 99/99/9999B	30224P200	6,396	381,193	SH		SOLE		381,193	0	0
EXTRA SPACE STORAGE INC	COM	30225T102	1,235	16,000	SH		SOLE		16,000	0	0
EXXON MOBIL CORP	COM	30231G102	8,098	108,911	SH		SOLE	1	95,200	0	13,711
FAIR ISAAC CORP	COM	303250104	1,290	15,270	SH		SOLE		15,270	0	0
FCB FINANCIAL HOLDINGS INC	CL A	30255G103	314	9,619	SH		SOLE		9,619	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	1,651	12,100	SH		SOLE		12,100	0	0
FEDEX CORP	COM	31428X106	17,256	119,850	SH		SOLE	1	108,400	0	11,450
FIFTH STREET ASSET MGMT	CL A COM	31679P109	568	76,000	SH		SOLE		76,000	0	0
FIFTH STREET FINANCE CORP	COM	31678A103	216	35,000	SH		SOLE		35,000	0	0
FIRST BANCORP P R	COM NEW	318672706	142	40,000	SH		SOLE		40,000	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	353	14,994	SH		SOLE		14,994	0	0
FIRST INTERNET BANCORP	COM	320557101	352	11,000	SH		SOLE		11,000	0	0
FIRSTENERGY CORP	COM	337932107	382	12,200	SH		SOLE	1	0	0	12,200
FISERV INC	COM	337738108	3,820	44,100	SH		SOLE	1	39,000	0	5,100
FIVE OAKS INVESTMENT CORP	COM	33830W106	63	10,000	SH		SOLE		10,000	0	0
FLEETMATICS GROUP LTD	COM	G35569105	452	9,199	SH		SOLE		9,199	0	0
FLIR SYS INC	COM	302445101	2,060	73,600	SH		SOLE		73,600	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	7,724	569,170	SH		SOLE		569,170	0	0
FOREST CITY ENTERPRISES INC	CL A	345550107	503	25,000	SH		SOLE		25,000	0	0
FORTRESS INVESTMENT GROUP LLC	CL A	34958B106	1,778	320,300	SH		SOLE		320,300	0	0
G & K SERVICES INC	CL A	361268105	2,592	38,900	SH		SOLE	1	31,000	0	7,900
GARMIN LTD	SHS	H2906T109	639	17,800	SH		SOLE		17,800	0	0
GATX CORP	COM	361448103	3,060	69,300	SH		SOLE	1	44,500	0	24,800
GENERAC HOLDINGS INC	COM	368736104	2,043	67,900	SH		SOLE	1	61,000	0	6,900
GENERAL ELECTRIC CO	COM	369604103	1,040	41,216	SH		SOLE	1	20,000	0	21,216
GENERAL GROWTH PPTYS INC	COM	370023103	1,974	76,000	SH		SOLE		76,000	0	0
GENESEE & WYOMING INC	CL A	371559105	2,611	44,200	SH		SOLE		44,200	0	0
GEO GROUP INC	COM	36162J106	16,003	538,100	SH		SOLE		538,100	0	0
GILEAD SCIENCES INC	COM	375558103	8,808	89,700	SH		SOLE	1	83,300	0	6,400
GLACIER BANCORP INC NEW	COM	37637Q105	694	26,300	SH		SOLE	1	0	0	26,300
GRAINGER W W INC	COM	384802104	839	3,900	SH		SOLE		3,900	0	0
GRANA Y MONTERO SA	SPONSORED ADR	38500P208	716	180,000	SH		SOLE		180,000	0	0
GREAT LAKES DREDGE & DOCK CORP	COM	390607109	1,430	283,700	SH		SOLE		283,700	0	0
GREEN BANCORP INC	COM	39260X100	115	10,000	SH		SOLE		10,000	0	0
GREENBRIER COMPANIES INC	COM	393657101	947	29,500	SH		SOLE		29,500	0	0
GREENHILL & CO INC	COM	395259104	228	8,000	SH		SOLE		8,000	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	261	11,708	SH		SOLE		11,708	0	0
GRUBHUB INC	COM	400110102	282	11,594	SH		SOLE		11,594	0	0
GRUPO AEROPORTUARIO SUR	SPON ADR SER B	40051E202	1,386	9,100	SH		SOLE		9,100	0	0
GRUPO AVAL ACCIONES Y VALORE	SPONSORED ADS	40053W101	192	25,000	SH		SOLE		25,000	0	0
HARRIS CORP DEL	COM	413875105	6,584	90,000	SH		SOLE		90,000	0	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	1,566	34,200	SH		SOLE		34,200	0	0
HATTERAS FINL CORP	COM	41902R103	519	34,268	SH		SOLE		34,268	0	0
HAWAIIAN ELEC INDUSTRIES	COM	419870100	709	24,700	SH		SOLE	1	0	0	24,700
HCA HOLDINGS INC	COM	40412C101	6,220	80,400	SH		SOLE		80,400	0	0
HEALTH INSURANCE INNOVATIONS	COM CL A	42225K106	494	98,775	SH		SOLE		98,775	0	0
HEALTHWAYS INC	COM	422245100	337	30,282	SH		SOLE		30,282	0	0
HENRY SCHEIN INC	COM	806407102	3,418	25,750	SH		SOLE	1	17,500	0	8,250
HERON THERAPEUTICS INC	COM	427746102	244	10,000	SH		SOLE		10,000	0	0
HILTON WORLDWIDE HOLDINGS INC	COM	43300A104	6,538	285,000	SH		SOLE		285,000	0	0
HOME DEPOT INC	COM	437076102	2,229	19,300	SH		SOLE	1	13,000	0	6,300
HORMEL FOODS CORP	COM	440452100	405	6,400	SH		SOLE	1	0	0	6,400
HOST HOTELS & RESORTS INC	COM	44107P104	6,743	426,500	SH		SOLE	1	410,000	0	16,500
HOVNANIAN ENTERPRISES INC	CL A	442487203	18	10,000	SH		SOLE	1	0	0	10,000
HOWARD HUGHES CORP	COM	44267D107	6,311	55,000	SH		SOLE		55,000	0	0
HSN INC	COM	404303109	658	11,500	SH		SOLE		11,500	0	0
HUDSON PACIFIC PROPERTIES IN	COM	444097109	309	10,714	SH		SOLE		10,714	0	0
HUMANA INC	COM	444859102	16,414	91,700	SH		SOLE		91,700	0	0
ILLUMINA INC	COM	452327109	5,837	33,200	SH		SOLE		33,200	0	0
INTEL CORP	COM	458140100	9,225	306,084	SH		SOLE	1	267,500	0	38,584
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,789	19,240	SH		SOLE	1	5,500	0	13,740
INTL FLAVORS & FRAGRANCES	COM	459506101	2,742	26,550	SH		SOLE	1	15,400	0	11,150
INTRA-CELLULAR THERAPIES INC	COM	46116X101	2,116	52,844	SH		SOLE	1	34,444	0	18,400
INTUITIVE SURGICAL INC	COM NEW	46120E602	3,240	7,050	SH		SOLE	1	5,600	0	1,450
INVENSENSE INC	COM	46123D205	163	17,574	SH		SOLE		17,574	0	0
INVESCO LTD	SHS	G491BT108	9,353	299,500	SH		SOLE		299,500	0	0
INVESTAR HOLDING CORP	COM	46134L105	569	36,718	SH		SOLE		36,718	0	0
IPG PHOTONICS CORP	COM	44980X109	418	5,500	SH		SOLE		5,500	0	0
IROBOT CORP	COM	462726100	324	11,100	SH		SOLE		11,100	0	0
ISIS PHARMACEUTICALS INC	COM	464330109	404	10,000	SH		SOLE		10,000	0	0
ITC HLDGS CORP	COM	465685105	2,274	68,200	SH		SOLE	1	57,900	0	10,300
J & J SNACK FOODS CORP	COM	466032109	226	1,986	SH		SOLE		1,986	0	0
JARDEN CORP	COM	471109108	1,272	26,025	SH		SOLE	1	21,075	0	4,950
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	4,206	31,670	SH		SOLE	1	23,800	0	7,870
JOHNSON & JOHNSON	COM	478160104	14,122	151,279	SH		SOLE	1	46,730	0	104,549
JPMORGAN CHASE & CO	COM	46625H100	5,050	82,827	SH		SOLE	1	58,500	0	24,327
JUNIPER NETWORKS INC	COM	48203R104	681	26,500	SH		SOLE		26,500	0	0
JUNO THERAPEUTICS INC	COM	48205A109	529	13,000	SH		SOLE		13,000	0	0
JUST ENERGY GROUP INC	COM	48213W101	65	10,500	SH		SOLE	1	0	0	10,500
KANSAS CITY SOUTHERN	COM NEW	485170302	16,177	178,000	SH		SOLE		178,000	0	0
KAR AUCTION SERVICES INC	COM	48238T109	6,390	180,000	SH		SOLE		180,000	0	0
KB HOME	COM	48666K109	1,355	100,000	SH		SOLE		100,000	0	0
KENNEDY-WILSON HLDGS INC	COM	489398107	498	22,461	SH		SOLE		22,461	0	0
KILROY RLTY CORP	COM	49427F108	9,218	141,473	SH		SOLE		141,473	0	0
KIMCO REALTY CORP	COM	49446R109	1,222	50,000	SH		SOLE		50,000	0	0
KINDER MORGAN HOLDCO LLC	COM	49456B101	775	28,000	SH		SOLE		28,000	0	0
KITE PHARMA INC	COM	49803L109	835	15,000	SH		SOLE		15,000	0	0
KKR & CO L P DEL	COM UNITS	48248M102	300	17,900	SH		SOLE		17,900	0	0
KNIGHT TRANSPORTATION INC	COM	499064103	381	15,869	SH		SOLE		15,869	0	0
KRAFT HEINZ CO/THE	COM	500754106	6,289	89,100	SH		SOLE	1	85,500	0	3,600
LA QUINTA HOLDINGS INC	COM	50420D108	6,570	416,316	SH		SOLE		416,316	0	0
LASALLE HOTEL PPTYS	COM SH BEN INT	517942108	341	12,000	SH		SOLE		12,000	0	0
LAZARD LTD	SHS A	G54050102	6,309	145,700	SH		SOLE		145,700	0	0
LENNAR CORP	CL A	526057104	23,377	485,700	SH		SOLE	1	463,500	0	22,200
LENNAR CORP	CL B	526057302	539	13,620	SH		SOLE		13,620	0	0
LGI HOMES INC	COM	50187T106	4,739	174,307	SH		SOLE		174,307	0	0
LIBERTY PROPERTY TRUST	SH BEN INT	531172104	747	23,708	SH		SOLE		23,708	0	0
LIBERTY TAX INC	CL A	53128T102	469	20,119	SH		SOLE		20,119	0	0
LIGAND PHARMACEUTICALS INC	COM NEW	53220K504	259	3,025	SH		SOLE		3,025	0	0
LINCOLN ELEC HLDGS INC	COM	533900106	1,274	24,300	SH		SOLE	1	15,000	0	9,300
LIVE NATION ENTERTAINMENT IN	COM	538034109	371	15,410	SH		SOLE		15,410	0	0
LOCKHEED MARTIN CORP	COM	539830109	560	2,700	SH		SOLE	1	200	0	2,500
M & T BK CORP	COM	55261F104	9,647	79,105	SH		SOLE	1	0	0	79,105
MACERICH CO	COM	554382101	2,376	30,928	SH		SOLE		30,928	0	0
MACK CALI RLTY CORP	COM	554489104	283	15,000	SH		SOLE		15,000	0	0
MAGNA INTL INC	COM	559222401	7,518	156,600	SH		SOLE		156,600	0	0
MALLINCKRODT PUB LTD CO	SHS	G5785G107	818	12,794	SH		SOLE		12,794	0	0
MARLIN BUSINESS SERVICES INC	COM	571157106	277	18,000	SH		SOLE		18,000	0	0
MASTEC INC	COM	576323109	2,197	138,800	SH		SOLE		138,800	0	0
MAXIMUS INC	COM	577933104	3,431	57,600	SH		SOLE	1	25,000	0	32,600
MCDERMOTT INTL INC	COM	580037109	52	12,000	SH		SOLE		12,000	0	0
MCDONALDS CORP	COM	580135101	8,375	85,000	SH		SOLE		85,000	0	0
MCKESSON CORP	COM	58155Q103	18,466	99,800	SH		SOLE	1	89,300	0	10,500
MEDALLION FINL CORP	COM	583928106	261	34,404	SH		SOLE	1	10,104	0	24,300
MEDIVATION INC	COM	58501N101	340	8,000	SH		SOLE		8,000	0	0
MEDLEY CAPITAL CORP	COM	58503F106	223	30,000	SH		SOLE		30,000	0	0
MEDNAX INC	COM	58502B106	7,065	92,000	SH		SOLE	1	57,000	0	35,000
MEDTRONIC INC	SHS	G5960L103	16,266	243,000	SH		SOLE	1	239,000	0	4,000
MERCK & CO INC NEW	COM	58933Y105	6,248	126,500	SH		SOLE	1	119,000	0	7,500
META FINANCIAL GROUP INC	COM	59100U108	367	8,782	SH		SOLE		8,782	0	0
METLIFE INC	COM	59156R108	1,207	25,600	SH		SOLE		25,600	0	0
MFA FINANCIAL INC	COM	55272X102	2,043	300,000	SH		SOLE		300,000	0	0
MICHAEL KORS HOLDINGS LTD	SHS	G60754101	253	6,000	SH		SOLE	1	0	0	6,000
MIDDLEBY CORP	COM	596278101	884	8,400	SH		SOLE	1	6,000	0	2,400
MITEK SYSTEMS INC	COM NEW	606710200	44	13,700	SH		SOLE		13,700	0	0
MOBILEYE NV	ORD SHS	N51488117	2,101	46,200	SH		SOLE	1	8,200	0	38,000
MOELIS & CO	CL A	60786M105	227	8,654	SH		SOLE		8,654	0	0
MONARCH FINANCIAL HOLDINGS INC	COM	60907Q100	183	14,760	SH		SOLE		14,760	0	0
MONDELEZ INTERN	CL A	609207105	15,731	375,700	SH		SOLE		375,700	0	0
MYLAN NV	SHS EURO	N59465109	6,603	164,000	SH		SOLE		164,000	0	0
MYRIAD GENETICS INC	COM	62855J104	375	10,000	SH		SOLE		10,000	0	0
NATIONAL GRID PLC	SPON ADR NEW	636274300	2,395	34,400	SH		SOLE		34,400	0	0
NATIONAL RESEARCH CORP	CL B	637372301	350	10,595	SH		SOLE		10,595	0	0
NATUS MEDICAL INC	COM	639050103	415	10,516	SH		SOLE		10,516	0	0
NEW RESIDENTIAL INVESTMENT	COM NEW	64828T201	4,932	376,500	SH		SOLE		376,500	0	0
NEWLINK GENETICS CORP	COM	651511107	1,434	40,000	SH		SOLE		40,000	0	0
NEWMARKET CORP	COM	651587107	286	800	SH		SOLE		800	0	0
NEXSTAR BROADCASTING GROUP	CL A	65336K103	484	10,222	SH		SOLE		10,222	0	0
NEXTERA ENERGY INC	COM	65339F101	4,164	42,688	SH		SOLE	1	28,100	0	14,588
NIC INC	COM	62914B100	259	14,617	SH		SOLE		14,617	0	0
NMI HOLDINGS INC	CL A	629209305	152	20,000	SH		SOLE		20,000	0	0
NN INC	COM	629337106	228	12,327	SH		SOLE		12,327	0	0
NOKIA CORP	SPONSORED ADR	654902204	119	17,600	SH		SOLE		17,600	0	0
NORTHROP GRUMMAN CORP	COM	666807102	897	5,407	SH		SOLE	1	1,200	0	4,207
NORTHSTAR ASSET MANAGEMEN	COM	66705Y104	1,879	130,872	SH		SOLE		130,872	0	0
NORTHSTAR REALTY FINANCE	COM NEW	66704R704	22,542	1,825,272	SH		SOLE	1	1,786,572	0	38,700
NOVARTIS A G	SPONSORED ADR	66987V109	21,632	235,339	SH		SOLE	1	231,572	0	3,767
NRG ENERGY INC	COM NEW	629377508	1,675	112,800	SH		SOLE		112,800	0	0
NRG YIELD INC	CL C	62942X405	1,511	130,100	SH		SOLE		130,100	0	0
O REILLY AUTOMOTIVE INC	COM	67103H107	250	1,000	SH		SOLE	1	0	0	1,000
OAKTREE CAPITAL GROUP LLC	UNIT CL A	674001201	891	18,000	SH		SOLE		18,000	0	0
OCCIDENTAL PETE CORP DEL	COM	674599105	8,944	135,200	SH		SOLE		135,200	0	0
OCH ZIFF CAP MGMT GROUP	CL A	67551U105	1,429	163,700	SH		SOLE		163,700	0	0
OFG BANCORP	COM	67103X102	175	20,000	SH		SOLE		20,000	0	0
OLD LINE BANCSHARES INC	COM	67984M100	812	49,926	SH		SOLE		49,926	0	0
OM ASSET MANAGEMENT LTD	SHS	G67506108	2,606	169,000	SH		SOLE		169,000	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	1,069	30,413	SH		SOLE		30,413	0	0
ON ASSIGNMENT INC	COM	682159108	554	15,000	SH		SOLE		15,000	0	0
ONCOMED PHARMACEUTICALS INC	COM	68234X102	332	20,000	SH		SOLE		20,000	0	0
ORASURE TECHNOLOGIES INC	COM	68554V108	155	35,000	SH		SOLE		35,000	0	0
OWENS REALTY MORTGAGE INC	COM	690828108	193	14,000	SH		SOLE		14,000	0	0
PACIFIC MERCANTILE BANCORP	COM	694552100	92	13,602	SH		SOLE		13,602	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	532	26,164	SH		SOLE		26,164	0	0
PACKAGING CORP OF AMERICA	COM	695156109	10,438	173,500	SH		SOLE		173,500	0	0
PARAMOUNT GROUP INC	COM	69924R108	2,293	136,499	SH		SOLE		136,499	0	0
PARK STERLING BANK	COM	70086Y105	211	31,032	SH		SOLE		31,032	0	0
PATRICK INDUSTRIES INC	COM	703343103	429	10,857	SH		SOLE		10,857	0	0
PATTERN ENERGY GROUP INC	CL A	70338P100	10,227	535,739	SH		SOLE	1	517,339	0	18,400
PEBBLEBROOK HOTEL TR	COM	70509V100	532	15,000	SH		SOLE		15,000	0	0
PENN VA CORP	COM	707882106	48	90,000	SH		SOLE		90,000	0	0
PENNYMAC FINANCIAL SERVICE	CL A	70932B101	231	14,448	SH		SOLE		14,448	0	0
PERRIGO CO Plc	SHS	G97822103	1,007	6,400	SH		SOLE		6,400	0	0
PFIZER INC	COM	717081103	2,353	74,902	SH		SOLE	1	52,000	0	22,902
PG&E CORP	COM	69331C108	333	6,300	SH		SOLE	1	0	0	6,300
PHILLIPS 66	COM	718546104	15,368	200,000	SH		SOLE		200,000	0	0
PINNACLE FOODS INC	COM	72348P104	9,741	232,600	SH		SOLE		232,600	0	0
PNC FINL SVCS GROUP INC	COM	693475105	491	5,500	SH		SOLE		5,500	0	0
POLARIS INDUSTRIES INC	COM	731068102	803	6,700	SH		SOLE		6,700	0	0
POPEYES LOUISIANA KITCHEN INC	COM	732872106	361	6,402	SH		SOLE		6,402	0	0
POPULAR INC	COM NEW	733174700	212	7,000	SH		SOLE		7,000	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	384	9,000	SH		SOLE		9,000	0	0
PPG INDS INC COM	COM	693506107	807	9,200	SH		SOLE		9,200	0	0
PRA GROUP INC	COM	69354N106	430	8,115	SH		SOLE		8,115	0	0
PRECISION CASTPARTS CORP	COM	740189105	1,250	5,441	SH		SOLE	1	3,000	0	2,441
PRICELINE GROUP INC	COM NEW	741503403	544	440	SH		SOLE	1	200	0	240
PROCTER & GAMBLE CO	COM	742718109	2,427	33,736	SH		SOLE	1	14,500	0	19,236
PROGRESSIVE WASTE SOLUTIONS	COM	74339G101	2,713	102,700	SH		SOLE		102,700	0	0
PROLOGIS INC	COM	74340W103	4,108	105,592	SH		SOLE		105,592	0	0
PROSHARES ULTRA UTILITIES	PSHS ULTRA UTIL	74347R685	444	5,000	SH		SOLE		5,000	0	0
PROSPERITY BANCSHARES INC	COM	743606105	1,154	23,500	SH		SOLE	1	1,500	0	22,000
PROTO LABS INC	COM	743713109	670	10,000	SH		SOLE		10,000	0	0
PROVIDENCE SERVICE CORP	COM	743815102	374	8,577	SH		SOLE		8,577	0	0
PROVIDENT FINL HLDGS INC	COM	743868101	330	19,651	SH		SOLE		19,651	0	0
PRUDENTIAL FINL INC	COM	744320102	1,402	18,400	SH		SOLE		18,400	0	0
PUBLIC STORAGE	COM	74460D109	5,559	26,265	SH		SOLE		26,265	0	0
PULTE GROUP INC	COM	745867101	1,300	68,872	SH		SOLE	1	55,976	0	12,896
QUALCOMM INC	COM	747525103	8,326	154,950	SH		SOLE	1	149,500	0	5,450
RADNET INC	COM	750491102	102	18,336	SH		SOLE	1	0	0	18,336
RAYMOND JAMES FINANCIAL INC	COM	754730109	233	4,700	SH		SOLE		4,700	0	0
RAYTHEON CO	COM NEW	755111507	10,458	95,713	SH		SOLE	1	90,800	0	4,913
REGENERON PHARMACEUTICALS	COM	75886F107	1,768	3,800	SH		SOLE	1	2,800	0	1,000
REGIONS FINANCIAL CORP NEW	COM	7591EP100	9,719	1,078,653	SH		SOLE		1,078,653	0	0
REPUBLIC FIRST BANCORP INC	COM	760416107	272	73,000	SH		SOLE		73,000	0	0
RESOURCE CAP CORP	COM NEW	76120W708	2,100	188,000	SH		SOLE		188,000	0	0
RIVERVIEW BANCORP INC	COM	769397100	52	11,000	SH		SOLE		11,000	0	0
ROCKWELL MEDICAL INC	COM	774374102	116	15,000	SH		SOLE		15,000	0	0
ROGERS CORP	COM	775133101	365	6,864	SH		SOLE		6,864	0	0
ROSS STORES INC	COM	778296103	2,685	55,400	SH		SOLE		55,400	0	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	8,063	90,500	SH		SOLE		90,500	0	0
RR DONNELLEY & SONS CO	COM	257867101	9,215	632,900	SH		SOLE	1	600,500	0	32,400
RUSH ENTERPRISES INC	CL A	781846209	267	11,024	SH		SOLE		11,024	0	0
RYDER SYSTEM INC	COM	783549108	12,505	168,900	SH		SOLE		168,900	0	0
RYLAND GROUP INC	COM	783764103	6,533	160,000	SH		SOLE		160,000	0	0
SABRA HEALTH CARE REIT INC	COM	78573L106	1,097	47,344	SH		SOLE		47,344	0	0
SCANA CORP NEW	COM	80589M102	298	5,300	SH		SOLE	1	0	0	5,300
SCHLUMBERGER LTD	COM	806857108	5,938	86,100	SH		SOLE		86,100	0	0
SCORPIO TANKERS INC	SHS	Y7542C106	345	37,601	SH		SOLE		37,601	0	0
SELECT COMFORT CORPORATION	COM	81616X103	326	14,892	SH		SOLE		14,892	0	0
SELECT MEDICAL HOLDINGS CORP	COM	81619Q105	324	30,000	SH		SOLE		30,000	0	0
SEMGROUP CORP	CL A	81663A105	1,548	35,800	SH		SOLE		35,800	0	0
SHORE BANCSHARES INC	COM	825107105	292	30,000	SH		SOLE		30,000	0	0
SIGMA ALDRICH CORP	COM	826552101	2,049	14,750	SH		SOLE	1	10,000	0	4,750
SIGNATURE BK NEW YORK N Y	COM	82669G104	1,032	7,500	SH		SOLE		7,500	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	39,249	213,635	SH		SOLE	1	210,260	0	3,375
SL GREEN RLTY CORP	COM	78440X101	4,534	41,922	SH		SOLE		41,922	0	0
SNAP ON INC	COM	833034101	25,932	171,800	SH		SOLE	1	155,500	0	16,300
SOUTHERN CO	COM	842587107	322	7,200	SH		SOLE	1	0	0	7,200
SOUTHERN NATL BANCORP OF VA IN	COM	843395104	926	82,050	SH		SOLE		82,050	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	461	16,736	SH		SOLE		16,736	0	0
STAG INDUSTRIAL INC	COM	85254J102	811	44,537	SH		SOLE		44,537	0	0
STARWOOD HOTELS&RESORTS WRLDWD	COM	85590A401	7,659	115,200	SH		SOLE		115,200	0	0
STARWOOD PPTY TR INC	COM	85571B105	18,125	883,289	SH		SOLE		883,289	0	0
STARWOOD WAYPOINT RESIDE	COM SHS	85571W109	6,887	289,009	SH		SOLE		289,009	0	0
STEIN MART INC	COM	858375108	1,160	119,875	SH		SOLE		119,875	0	0
STRATEGIC HOTELS & RESORTS INC	COM	86272T106	345	25,000	SH		SOLE		25,000	0	0
STRYKER CORP	COM	863667101	254	2,700	SH		SOLE		2,700	0	0
SUMMIT ST BK SANTA ROSA CALIF	COM	866264203	484	37,000	SH		SOLE		37,000	0	0
SVB FINANCIAL GROUP	COM	78486Q101	462	4,000	SH		SOLE		4,000	0	0
SYMANTEC CORP	COM	871503108	711	36,500	SH		SOLE		36,500	0	0
SYNCHRONOSS TECHNOLOGIES INC	COM	87157B103	328	10,000	SH		SOLE		10,000	0	0
T-MOBILE US INC	COM	872590104	4,188	105,200	SH		SOLE		105,200	0	0
TAUBMAN CTRS INC	COM	876664103	1,320	19,106	SH		SOLE		19,106	0	0
TAYLOR MORRISON HOME CORP	CL A	87724P106	2,519	135,000	SH		SOLE		135,000	0	0
TE CONNECTIVITY LTD	REG SHS	H84989104	16,330	272,663	SH		SOLE		272,663	0	0
TEAM HEALTH HOLDINGS INC	COM	87817A107	1,048	19,400	SH		SOLE		19,400	0	0
TEEKAY LNG PARTNERS LP	PRTNRSP UNITS	Y8564M105	694	29,000	SH		SOLE		29,000	0	0
TELEFLEX INC	COM	879369106	1,503	12,100	SH		SOLE	1	7,500	0	4,600
TERRENO RLTY CORP	COM	88146M101	1,003	51,058	SH		SOLE		51,058	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	17,866	316,427	SH		SOLE	1	304,000	0	12,427
TEXAS CAPITAL BANCSHARES INC	COM	88224Q107	367	7,000	SH		SOLE		7,000	0	0
THERAPEUTICSMD INC	COM	88338N107	176	30,000	SH		SOLE		30,000	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	16,869	137,950	SH		SOLE	1	133,800	0	4,150
TIFFANY & CO NEW	COM	886547108	827	10,710	SH		SOLE	1	4,000	0	6,710
TIME WARNER INC	COM NEW	887317303	6,359	92,500	SH		SOLE		92,500	0	0
TJX COS INC NEW	COM	872540109	17,255	241,600	SH		SOLE		241,600	0	0
TOLL BROTHERS INC	COM	889478103	651	19,000	SH		SOLE	1	10,000	0	9,000
TRAVELCENTERS OF AMERICA LLC	COM	894174101	1,978	191,500	SH		SOLE		191,500	0	0
TRI POINTE HOMES LLC	COM	87265H109	2,618	200,000	SH		SOLE		200,000	0	0
TRINITY INDUSTRIES INC	COM	896522109	2,036	89,800	SH		SOLE	1	63,000	0	26,800
TWO HBRS INVT CORP	COM	90187B101	22,150	2,511,343	SH		SOLE		2,511,343	0	0
UDR INC	COM	902653104	1,272	36,900	SH		SOLE		36,900	0	0
ULTA SALON COSMETICS & FRAGR	COM	90384S303	1,675	10,255	SH		SOLE		10,255	0	0
UNION PAC CORP	COM	907818108	17,007	192,360	SH		SOLE	1	162,260	0	30,100
UNITED RENTALS INC	COM	911363109	1,369	22,800	SH		SOLE	1	12,500	0	10,300
UNITED TECHNOLOGIES CORP	COM	913017109	1,513	17,000	SH		SOLE		17,000	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	7,217	62,206	SH		SOLE		62,206	0	0
UNIVERSAL HEALTH SERVICES	CL B	913903100	7,077	56,700	SH		SOLE	1	48,300	0	8,400
UNUM GROUP	COM	91529Y106	247	7,700	SH		SOLE		7,700	0	0
URBAN EDGE PROPERTIES	COM	91704F104	560	25,924	SH		SOLE		25,924	0	0
US CONCRETE INC	COM NEW	90333L201	295	6,170	SH		SOLE		6,170	0	0
V F CORP	COM	918204108	10,020	146,900	SH		SOLE	1	135,900	0	11,000
VALLEY NATL BANCORP	COM	919794107	1,616	164,243	SH		SOLE	1	108,548	0	55,695
VALSPAR CORP	COM	920355104	2,099	29,200	SH		SOLE	1	14,000	0	15,200
VENTAS INC	COM	92276F100	4,480	79,922	SH		SOLE	1	55,712	0	24,210
VERASTEM INC	COM	92337C104	29	16,020	SH		SOLE		16,020	0	0
VEREIT INC	COM	92339V100	1,645	213,050	SH		SOLE	1	197,150	0	15,900
VERIZON COMMUNICATIONS INC	COM	92343V104	1,584	36,397	SH		SOLE	1	29,800	0	6,597
VODAFONE GROUP PLC NEW	SPNSR ADR NO PAR	92857W308	15,465	487,248	SH		SOLE		487,248	0	0
VORNADO RLTY TR	SH BEN INT	929042109	4,689	51,855	SH		SOLE	1	46,117	0	5,738
WALGREENS BOOTS ALLIANCE INC	COM	931427108	2,618	31,500	SH		SOLE	1	23,800	0	7,700
WALT DISNEY CO/THE	COM DISNEY	254687106	6,663	65,200	SH		SOLE		65,200	0	0
WASHINGTON TRUST BANCORP	COM	940610108	924	24,020	SH		SOLE	1	8,000	0	16,020
WATSCO INC	COM	942622200	355	3,000	SH		SOLE		3,000	0	0
WCI COMMUNITIES INC	COM PAR $0.01	92923C807	7,124	314,780	SH		SOLE		314,780	0	0
WD-40 CO	COM	929236107	267	3,000	SH		SOLE		3,000	0	0
WEINGARTEN RLTY INVS	SH BEN INT	948741103	982	29,670	SH		SOLE		29,670	0	0
WEIS MARKETS INC	COM	948849104	376	9,000	SH		SOLE		9,000	0	0
WELLS FARGO & CO NEW	COM	949746101	58,676	1,142,674	SH		SOLE	1	221,619	0	921,055
WELLTOWER INC	COM	95040Q104	2,425	35,803	SH		SOLE		35,803	0	0
WESTERN ASSET MORTGAGE CAPIT	COM	95790D105	4,224	334,933	SH		SOLE		334,933	0	0
WESTERN DIGITAL CORP	COM	958102105	7,110	89,500	SH		SOLE		89,500	0	0
WESTLAKE CHEMICAL CORP	COM	960413102	752	14,500	SH		SOLE		14,500	0	0
WHIRLPOOL CORP	COM	963320106	1,208	8,200	SH		SOLE	1	2,000	0	6,200
WILLIAMS COS	COM	969457100	14,890	404,057	SH		SOLE		404,057	0	0
WISCONSIN ENERGY CORP	COM	92939U106	731	14,000	SH		SOLE		14,000	0	0
WISDOMTREE INVESTMENTS INC	COM	97717P104	354	21,973	SH		SOLE		21,973	0	0
WP GLIMCHER INC	COM	92939N102	351	30,133	SH		SOLE		30,133	0	0
WR BERKLEY CORP	COM	084423102	1,087	20,000	SH		SOLE		20,000	0	0
XCEL ENERGY INC	COM	98389B100	822	23,200	SH		SOLE		23,200	0	0
XEROX CORP	COM	984121103	341	35,006	SH		SOLE		35,006	0	0
ZEBRA TECHNOLOGIES CORP	CL A	989207105	995	13,000	SH		SOLE		13,000	0	0
ZELTIQ AESTHETICS INC	COM	98933Q108	993	31,000	SH		SOLE		31,000	0	0
ZIMMER BIOMET HOLDINGS INC	COM	98956P102	9,994	106,400	SH		SOLE	1	99,449	0	6,951
ZOETIS INC	CL A	98978V103	286	6,951	SH		SOLE	1	0	0	6,951