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
Estimated average burden
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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
3M CO	COM	88579Y101	706	3,000	SH		SOLE	1	0	0	3,000
ABBOTT LABS	COM	002824100	721	12,633	SH		SOLE	1	0	0	12,633
ABBVIE INC	COM	00287Y109	3,364	34,783	SH		SOLE	1	23,000	0	11,783
ACADIA PHARMACEUTICALS INC	COM	004225108	632	21,000	SH		SOLE	1	20,000	0	1,000
ACUITY BRANDS INC	COM	00508Y102	2,640	15,000	SH		SOLE	1	11,000	0	4,000
AETNA INC	COM	00817Y108	11,184	62,000	SH		SOLE		62,000	0	0
AFFILIATED MANAGERS GROUP	COM	008252108	205	1,000	SH		SOLE		1,000	0	0
AGROFRESH SOLUTIONS INC	COM	00856G109	246	33,245	SH		SOLE		33,245	0	0
AIR PRODS & CHEMS INC	COM NEW	009158106	1,362	8,300	SH		SOLE		8,300	0	0
ALARM.COM HOLDINGS INC	COM	011642105	259	6,861	SH		SOLE		6,861	0	0
ALBEMARLE CORP	COM	012653101	5,972	38,875	SH		SOLE		38,875	0	0
ALERIAN MLP ETF	ALERIAN MLP	00162Q866	1,565	145,000	SH		SOLE		145,000	0	0
ALEXANDERS INC	COM	014752109	5,614	14,182	SH		SOLE	1	7,900	0	6,282
ALEXANDRIA REAL ESTATE EQ INC	COM	015271109	6,807	52,128	SH		SOLE	1	47,028	0	5,100
ALLEGIANCE BANCSHARES INC	COM	01748H107	245	6,500	SH		SOLE		6,500	0	0
ALLERGAN PLC	SHS	G0177J108	11,091	67,800	SH		SOLE	1	66,300	0	1,500
ALLSTATE CORP	COM	020002101	217	2,070	SH		SOLE	1	1,700	0	370
ALPHABET INC	CAP STK CL A	02079K305	12,256	11,635	SH		SOLE	1	10,100	0	1,535
ALPHABET INC	CAP STK CL C	02079K107	24,329	23,250	SH		SOLE	1	21,724	0	1,526
ALPINE GLOBAL PREMIER PROPERTIES FUND	COM SBI	02083A103	6,897	1,023,283	SH		SOLE	1	6	0	1,023,277
ALPINE IMMUNE SCIENCES INC	COM	02083G100	112	10,000	SH		SOLE		10,000	0	0
ALPINE TOTAL DYNAMIC DIVID FD	COM SH BEN INT N	021060207	4,587	484,368	SH		SOLE	1	409	0	483,959
ALTISOURCE RESIDENTI	CL B	02153W100	3,497	294,878	SH		SOLE		294,878	0	0
AMERCO	COM	023586100	4,119	10,900	SH		SOLE	1	8,700	0	2,200
AMERICAN ASSETS TRUST INC	COM	024013104	999	26,114	SH		SOLE		26,114	0	0
AMERICAN CAMPUS COMMUNITIES	COM	024835100	1,129	27,520	SH		SOLE	1	15,000	0	12,520
AMERICAN ELEC PWR INC	COM	025537101	1,810	24,600	SH		SOLE	1	18,000	0	6,600
AMERICAN INTL GROUP INC	COM NEW	026874784	7,605	127,638	SH		SOLE	1	127,600	0	38
AMERICAN TOWER CORP	COM	03027X100	14,980	105,000	SH		SOLE	1	104,500	0	500
American Woodmark Corp	COM	030506109	424	3,258	SH		SOLE	1	3,248	0	10
AMERIPRISE FINL INC	COM	03076C106	356	2,100	SH		SOLE	1	0	0	2,100
AMERISERV FINANCIAL INC	COM	03074A102	258	62,285	SH		SOLE		62,285	0	0
AMGEN INC	COM	031162100	3,782	21,750	SH		SOLE	1	15,000	0	6,750
ANDEAVOR	COM	03349M105	14,876	130,100	SH		SOLE		130,100	0	0
ANSYS INC	COM	03662Q105	1,372	9,300	SH		SOLE		9,300	0	0
ANTHEM INC	COM	036752103	8,298	36,877	SH		SOLE	1	34,000	0	2,877
APOGEE ENTERPRISES INC	COM	037598109	1,203	26,300	SH		SOLE	1	11,800	0	14,500
APPLE INC	COM	037833100	45,475	268,716	SH		SOLE	1	265,800	0	2,916
APPLIED MATLS INC	COM	038222105	19,528	382,000	SH		SOLE	1	380,830	0	1,170
APPLIED OPTOELECTRONICS INC	COM	03823U102	1,179	31,170	SH		SOLE	1	17,570	0	13,600
APTIV PLC	SHS	G6095L109	16,220	191,200	SH		SOLE		191,200	0	0
ARBOR REALTY TRUST INC	COM	038923108	1,728	200,000	SH		SOLE		200,000	0	0
ARCELORMITTAL SA LUXEMBOURG	NY REGISTRY SH	03938L203	18,255	565,000	SH		SOLE		565,000	0	0
ARES CAPITAL CORP	COM	04010L103	13,408	852,900	SH		SOLE	1	852,300	0	600
ARES MANAGEMENT LP	COM UNIT RP IN	04014Y101	200	10,000	SH		SOLE		10,000	0	0
ASHFORD HOSPITALITY PRIME IN	COM	044102101	198	20,300	SH		SOLE		20,300	0	0
AT&T INC	COM	00206R102	3,976	102,252	SH		SOLE	1	90,000	0	12,252
ATHENE HOLDING LTD	CL A	G0684D107	233	4,500	SH		SOLE		4,500	0	0
ATLANTICA YIELD PLC	SHS	G0751N103	5,256	247,800	SH		SOLE		247,800	0	0
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	337	16,409	SH		SOLE	1	10,000	0	6,409
AVALONBAY CMNTYS INC	COM	053484101	4,572	25,625	SH		SOLE		25,625	0	0
AVERY DENNISON CORP	COM	053611109	2,734	23,800	SH		SOLE	1	13,000	0	10,800
BANK COMM HLDGS	COM	06424J103	115	10,000	SH		SOLE		10,000	0	0
BANK OF AMERICA CORPORATION	COM	060505104	37,223	1,260,929	SH		SOLE	1	1,152,068	0	108,861
BANK OF NEW YORK MELLON CORP	COM	064058100	1,641	30,466	SH		SOLE	1	4,000	0	26,466
BANK OF THE OZARKS	COM	063904106	2,277	47,000	SH		SOLE	1	31,000	0	16,000
Banner Corporataion	COM NEW	06652V208	303	5,500	SH		SOLE		5,500	0	0
BAR HARBOR BANKSHARES	COM	066849100	216	8,000	SH		SOLE		8,000	0	0
BECTON DICKINSON & CO	COM	075887109	6,460	30,178	SH		SOLE	1	22,000	0	8,178
BERKSHIRE HILLS BANCORP INC	COM	084680107	641	17,500	SH		SOLE	1	16,500	0	1,000
BGC PARTNERS INC	CL A	05541T101	159	10,500	SH		SOLE		10,500	0	0
BLACK HILLS CORP	COM	092113109	691	11,500	SH		SOLE		11,500	0	0
BLACKBERRY LTD	COM	09228F103	212	19,000	SH		SOLE		19,000	0	0
BLACKSTONE GROUP L P	COM UNIT LTD	09253U108	11,415	356,500	SH		SOLE		356,500	0	0
BOEING CO	COM	097023105	1,772	6,010	SH		SOLE	1	6,000	0	10
BOSTON PROPERTIES INC	COM	101121101	12,088	92,961	SH		SOLE	1	88,611	0	4,350
BP PLC	SPONSORED ADR	055622104	16,013	381,000	SH		SOLE		381,000	0	0
BRINKER INTERNATIONAL	COM	109641100	6,245	160,800	SH		SOLE		160,800	0	0
BROADCOM LTD	SHS	Y09827109	17,084	66,500	SH		SOLE	1	64,500	0	2,000
BROOKDALE SR LIVING INC	COM	112463104	970	100,000	SH		SOLE		100,000	0	0
BROOKLINE BANCORP INC DEL	COM	11373M107	188	12,000	SH		SOLE		12,000	0	0
BRYN MAWR BANK CORP	COM	117665109	508	11,500	SH		SOLE		11,500	0	0
BT GROUP PLC	ADR	05577E101	729	40,000	SH		SOLE		40,000	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	4,373	47,500	SH		SOLE		47,500	0	0
CAMPING WORLD HOLDINGS INC	CL A	13462K109	716	16,000	SH		SOLE		16,000	0	0
CANADIAN PACIFIC RAILWAY LTD	COM	13645T100	18,459	101,000	SH		SOLE		101,000	0	0
CAPITAL ONE FINL CORP	COM	14040H105	889	8,926	SH		SOLE	1	0	0	8,926
CARLISLE COS INC	COM	142339100	299	2,628	SH		SOLE	1	0	0	2,628
CARTER'S INC	COM	146229109	12,725	108,306	SH		SOLE	1	108,300	0	6
CATHAY GENERAL BANCORP	COM	149150104	2,807	66,565	SH		SOLE	1	33,000	0	33,565
CBL & ASSOC PPTYS INC	COM	124830100	2,050	362,191	SH		SOLE		362,191	0	0
CBS CORP NEW	CL B	124857202	1,593	27,000	SH		SOLE		27,000	0	0
CELGENE CORP	COM	151020104	887	8,500	SH		SOLE		8,500	0	0
CENTENE CORP	COM	15135B101	908	9,000	SH		SOLE		9,000	0	0
CENTERSTATE BANKS CORP	COM	15201P109	437	17,000	SH		SOLE		17,000	0	0
CENTURY COMMUNITIES INC	COM	156504300	11,198	360,066	SH		SOLE	1	359,066	0	1,000
CERNER CORP	COM	156782104	943	14,000	SH		SOLE	1	12,000	0	2,000
CHARLES RIV LABS INTL INC	COM	159864107	711	6,500	SH		SOLE	1	5,000	0	1,500
CHATHAM LODGING TR	COM	16208T102	676	29,696	SH		SOLE		29,696	0	0
CHEVRON CORP NEW	COM	166764100	574	4,586	SH		SOLE	1	0	0	4,586
CHILDREN'S PLACE INC/THE	COM	168905107	2,326	16,000	SH		SOLE		16,000	0	0
CHINA UNICOM HONG KONG	SPONSORED ADR	16945R104	1,150	85,000	SH		SOLE		85,000	0	0
CINEMARK HOLDINGS INC	COM	17243V102	1,184	34,000	SH		SOLE		34,000	0	0
CINTAS CORP	COM	172908105	421	2,700	SH		SOLE	1	0	0	2,700
CISCO SYS INC	COM	17275R102	13,888	362,600	SH		SOLE		362,600	0	0
CITIGROUP INC	COM NEW	172967424	17,964	241,425	SH		SOLE	1	241,250	0	175
CITIZENS FINANCIAL GROUP	COM	174610105	16,973	404,300	SH		SOLE		404,300	0	0
CME GROUP INC	COM CL A	12572Q105	12,254	83,900	SH		SOLE	1	76,000	0	7,900
CMS ENERGY CORP	COM	125896100	11,754	248,500	SH		SOLE	1	236,900	0	11,600
COASTWAY BANCORP INC	COM	190632109	275	12,991	SH		SOLE		12,991	0	0
COHERENT INC	COM	192479103	2,117	7,500	SH		SOLE	1	7,000	0	500
Colony Northstar Inc	CL A COM	19625W104	32,505	2,848,822	SH		SOLE	1	2,794,854	0	53,968
COMCAST CORP NEW	CL A	20030N101	18,160	453,422	SH		SOLE	1	452,100	0	1,322
COMERICA INC	COM	200340107	1,820	20,962	SH		SOLE	1	4,000	0	16,962
COMMVAULT SYSTEMS INC	COM	204166102	268	5,100	SH		SOLE	1	4,000	0	1,100
CONAGRA FOODS INC	COM	205887102	1,130	30,000	SH		SOLE		30,000	0	0
CONNECTONE BANCORP INC	COM	20786W107	644	25,000	SH		SOLE		25,000	0	0
CONSOLIDATED EDISON INC	COM	209115104	1,139	13,410	SH		SOLE	1	0	0	13,410
CONSTELLATION BRANDS INC	CL A	21036P108	571	2,500	SH		SOLE		2,500	0	0
CoreCivic Inc	COM	21871N101	1,238	55,000	SH		SOLE		55,000	0	0
CORESITE REALTY CORP	COM	21870Q105	7,206	63,269	SH		SOLE	1	62,769	0	500
COUSINS PPTYS INC	COM	222795106	343	37,087	SH		SOLE		37,087	0	0
CRACKER BARREL OLD COUNTRY	COM	22410J106	1,255	7,900	SH		SOLE	1	7,700	0	200
CROWN CASTLE INTL CORP	COM	22822V101	3,042	27,400	SH		SOLE		27,400	0	0
CSRA INC	COM	12650T104	18,281	611,000	SH		SOLE		611,000	0	0
CSX CORP	COM	126408103	1,100	20,000	SH		SOLE		20,000	0	0
CVS CAREMARK CORPORATION	COM	126650100	16,066	221,606	SH		SOLE	1	217,900	0	3,706
CYRUSONE INC	COM	23283R100	16,226	272,569	SH		SOLE	1	268,669	0	3,900
D R HORTON INC	COM	23331A109	4,210	82,426	SH		SOLE	1	55,000	0	27,426
DELPHI TECHNOLOGIES PLC	SHS	G2709G107	587	11,184	SH		SOLE	1	6,666	0	4,518
DELTA AIR LINES INC	COM NEW	247361702	20,737	370,300	SH		SOLE		370,300	0	0
DELUXE CORP	COM	248019101	5,014	65,250	SH		SOLE	1	53,000	0	12,250
DESCARTES SYSTEMS GRP/THE	COM	249906108	454	15,970	SH		SOLE		15,970	0	0
DIGITAL REALTY TRUST INC	COM	253868103	13,366	117,349	SH		SOLE	1	102,499	0	14,850
DISCOVER FINL SVCS	COM	254709108	7,946	103,300	SH		SOLE	1	102,900	0	400
DISH NETWORK CORP.	CL A	25470M109	1,490	31,200	SH		SOLE		31,200	0	0
DOLLAR GENERAL CORP	COM	256677105	14,426	155,100	SH		SOLE		155,100	0	0
DOUGLAS EMMETT INC	COM	25960P109	2,361	57,509	SH		SOLE		57,509	0	0
DOWDUPONT INC	COM	26078J100	219	3,076	SH		SOLE	1	0	0	3,076
DTE ENERGY COMPANY	COM	233331107	1,850	16,900	SH		SOLE		16,900	0	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	307	3,653	SH		SOLE	1	0	0	3,653
DUKE REALTY CORP	COM NEW	264411505	713	26,196	SH		SOLE		26,196	0	0
DYCOM INDUSTRIES INC	COM	267475101	5,699	51,140	SH		SOLE	1	39,600	0	11,540
EAGLE MATERIALS INC	COM	26969P108	744	6,570	SH		SOLE	1	1,000	0	5,570
EAST WEST BANCORP INC	COM	27579R104	335	5,500	SH		SOLE		5,500	0	0
ECOLAB INC	COM	278865100	456	3,400	SH		SOLE	1	0	0	3,400
EDWARDS LIFESCIENCES CORP	COM	28176E108	2,289	20,312	SH		SOLE	1	20,000	0	312
EMPIRE STATE REALTY TRUST IN	CL A	292104106	933	45,455	SH		SOLE		45,455	0	0
ENBRIDGE INC	COM	29250N105	12,769	326,500	SH		SOLE		326,500	0	0
ENBRIDGE INC	COM	29250N105	3,167	82,900	SH		SOLE		82,900	0	0
Entegra Financial Corp	COM	29363J108	223	7,627	SH		SOLE		7,627	0	0
ENTERCOM COMMUNICATIONS	CL A	293639100	1,026	95,000	SH		SOLE		95,000	0	0
ENTERPRISE FINANCIAL SERVICE	COM	293712105	480	10,635	SH		SOLE		10,635	0	0
EOG RESOURCES INC	COM	26875P101	7,716	71,500	SH		SOLE		71,500	0	0
EPR PROPERTIES	COM SH BEN INT	26884U109	590	9,012	SH		SOLE		9,012	0	0
EQUINIX INC	COM PAR $0.001	29444U700	18,899	41,700	SH		SOLE		41,700	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	2,573	28,900	SH		SOLE		28,900	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	4,359	68,360	SH		SOLE		68,360	0	0
ESSENT GROUP LTD	COM	G3198U102	358	8,254	SH		SOLE		8,254	0	0
ESSEX PPTY TR INC	COM	297178105	5,591	23,165	SH		SOLE		23,165	0	0
EVERCORE INC	CLASS A	29977A105	7,245	80,500	SH		SOLE		80,500	0	0
EVERSOURCE ENERGY	COM	30040W108	234	3,700	SH		SOLE	1	0	0	3,700
EXPEDIA INC DEL	COM NEW	30212P303	252	2,100	SH		SOLE	1	0	0	2,100
EXPRESS SCRIPTS INC	COM	30219G108	5,794	77,625	SH		SOLE	1	51,584	0	26,041
EXTENDED STAY AMERICA INC	UNIT 99/99/9999B	30224P200	8,258	434,639	SH		SOLE		434,639	0	0
EXTRA SPACE STORAGE INC	COM	30225T102	1,530	17,500	SH		SOLE		17,500	0	0
EXTREME NETWORKS INC	COM	30226D106	125	10,000	SH		SOLE		10,000	0	0
EXXON MOBIL CORP	COM	30231G102	2,585	30,911	SH		SOLE	1	15,000	0	15,911
FAIR ISAAC CORP	COM	303250104	1,074	7,010	SH		SOLE	1	7,000	0	10
FARMERS CAPITAL BANK CORP	COM	309562106	212	5,500	SH		SOLE		5,500	0	0
FCB FINANCIAL HOLDINGS INC	CL A	30255G103	610	12,000	SH		SOLE		12,000	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	1,607	12,100	SH		SOLE		12,100	0	0
FEDEX CORP	COM	31428X106	27,948	112,000	SH		SOLE	1	100,500	0	11,500
FGL HOLDINGS	ORD SHS	G3402M102	101	10,000	SH		SOLE		10,000	0	0
FIBRIA CELULOSE SA	SP ADR REP COM	31573A109	7,262	494,000	SH		SOLE		494,000	0	0
FIRST FINANCIAL NORTHWEST	COM	32022K102	202	13,000	SH		SOLE		13,000	0	0
FIRST MERCHANTS CORP	COM	320817109	379	9,000	SH		SOLE		9,000	0	0
FIRSTENERGY CORP	COM	337932107	8,662	282,900	SH		SOLE	1	277,800	0	5,100
FISERV INC	COM	337738108	5,625	42,900	SH		SOLE	1	38,000	0	4,900
FIVE POINT HOLDINGS LLC	COM CL A	33833Q106	9,336	662,161	SH		SOLE		662,161	0	0
FLIR SYS INC	COM	302445101	3,431	73,600	SH		SOLE		73,600	0	0
FNB CORP PA	COM	302520101	263	19,000	SH		SOLE		19,000	0	0
FOREST CITY REALTY TRUST	COM CL A	345605109	241	10,000	SH		SOLE		10,000	0	0
FRANKLIN FINANCIAL NETWORK	COM	35352P104	426	12,500	SH		SOLE		12,500	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	443	7,000	SH		SOLE	1	0	0	7,000
GARMIN LTD	SHS	H2906T109	643	10,800	SH		SOLE	1	10,000	0	800
GENERAL DYNAMICS CORP	COM	369550108	3,866	19,000	SH		SOLE	1	10,000	0	9,000
GENERAL ELECTRIC CO	COM	369604103	196	11,216	SH		SOLE	1	0	0	11,216
GENERAL MOTORS CO	COM	37045V100	926	22,600	SH		SOLE	1	15,000	0	7,600
GENESEE & WYOMING INC	CL A	371559105	2,685	34,100	SH		SOLE		34,100	0	0
GEO GROUP INC	COM	36162J106	8,647	366,400	SH		SOLE		366,400	0	0
GGP Inc	COM	36174X101	8,958	383,000	SH		SOLE		383,000	0	0
GILEAD SCIENCES INC	COM	375558103	401	5,600	SH		SOLE	1	0	0	5,600
GLACIER BANCORP INC	COM	37637Q105	551	14,000	SH		SOLE	1	0	0	14,000
GLEN BURNIE BANCORP	COM	377407101	133	12,000	SH		SOLE		12,000	0	0
GRANITE POINT MORTGAGE TRUST	COM	38741L107	2,119	119,427	SH		SOLE		119,427	0	0
GREAT PLAINS ENERGY INC	COM	391164100	1,631	50,600	SH		SOLE		50,600	0	0
GREAT WESTERN BANCORP INC	COM	391416104	299	7,500	SH		SOLE		7,500	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	357	17,751	SH		SOLE		17,751	0	0
HANOVER INSURANCE GROUP INC	COM	410867105	216	2,000	SH		SOLE		2,000	0	0
HARRIS CORP DEL	COM	413875105	3,821	26,975	SH		SOLE	1	10,000	0	16,975
HARTFORD FINL SVCS GROUP INC	COM	416515104	1,126	20,000	SH		SOLE		20,000	0	0
HCP INC	COM	40414L109	440	16,887	SH		SOLE		16,887	0	0
HEALTH INSURANCE INNOVATIONS	COM CL A	42225K106	499	20,000	SH		SOLE		20,000	0	0
HELMERICH & PAYNE	COM	423452101	10,317	159,600	SH		SOLE		159,600	0	0
HENRY SCHEIN INC	COM	806407102	3,438	49,200	SH		SOLE	1	34,000	0	15,200
HEXCEL CORP NEW	COM	428291108	1,423	23,000	SH		SOLE		23,000	0	0
HILTON WORLDWIDE HOLDINGS IN	COM	43300A203	3,703	46,364	SH		SOLE		46,364	0	0
HOME DEPOT INC	COM	437076102	4,397	23,200	SH		SOLE	1	13,000	0	10,200
HOMESTREET INC	COM	43785V102	347	12,000	SH		SOLE		12,000	0	0
HOPFED BANCORP INC	COM	439734104	268	19,000	SH		SOLE		19,000	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	1,630	82,100	SH		SOLE	1	72,100	0	10,000
HOSTESS BRANDS INC	CL A	44109J106	425	28,685	SH		SOLE		28,685	0	0
HOVNANIAN ENTERPRISES INC	CL A	442487203	34	10,000	SH		SOLE	1	0	0	10,000
HOWARD HUGHES CORP	COM	44267D107	3,938	30,000	SH		SOLE		30,000	0	0
HUDSON PACIFIC PROPERTIES IN	COM	444097109	538	15,714	SH		SOLE		15,714	0	0
HUMANA INC	COM	444859102	2,630	10,600	SH		SOLE	1	10,500	0	100
HUNTSMAN CORP	COM	447011107	7,490	225,000	SH		SOLE		225,000	0	0
IBERIABANK CORP	COM	450828108	388	5,000	SH		SOLE		5,000	0	0
ILLUMINA INC	COM	452327109	3,933	18,000	SH		SOLE	1	17,800	0	200
INGERSOLL-RAND PLC	SHS	G47791101	1,338	15,000	SH		SOLE		15,000	0	0
INTEL CORP	COM	458140100	22,096	478,684	SH		SOLE	1	452,100	0	26,584
INTERCONTINENTALEXCHANGE INC	COM	45866F104	282	4,000	SH		SOLE		4,000	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	1,085	7,073	SH		SOLE	1	0	0	7,073
INTERXION HOLDING NV	SHS	N47279109	5,138	87,188	SH		SOLE		87,188	0	0
INTL FLAVORS & FRAGRANCES	COM	459506101	3,273	21,450	SH		SOLE	1	10,000	0	11,450
INTRA-CELLULAR THERAPIES INC	COM	46116X101	306	21,100	SH		SOLE	1	0	0	21,100
INTUITIVE SURGICAL INC	COM NEW	46120E602	7,171	19,650	SH		SOLE	1	16,500	0	3,150
INVITATION HOMES INC	COM	46187W107	663	28,114	SH		SOLE	1	26,500	0	1,614
IPG PHOTONICS CORP	COM	44980X109	1,499	7,000	SH		SOLE		7,000	0	0
ISHARES	NASDAQ BIOTECH	464287556	14,222	133,200	SH		SOLE		133,200	0	0
JACOBS ENGR GROUP INC DEL	COM	469814107	1,497	22,700	SH		SOLE	1	13,000	0	9,700
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	3,164	23,500	SH		SOLE	1	18,000	0	5,500
JBG SMITH PROPERTIES	COM	46590V100	947	27,261	SH		SOLE	1	23,058	0	4,203
JOHNSON & JOHNSON	COM	478160104	17,081	122,253	SH		SOLE	1	34,500	0	87,753
JONES LANG LASALLE INC	COM	48020Q107	776	5,209	SH		SOLE		5,209	0	0
JPMORGAN	ALERIAN ML ETN	46625H365	852	31,000	SH		SOLE	1	0	0	31,000
JPMORGAN CHASE & CO	COM	46625H100	5,799	54,227	SH		SOLE	1	40,000	0	14,227
JUST ENERGY GROUP INC	COM	48213W101	45	10,500	SH		SOLE	1	0	0	10,500
KANSAS CITY SOUTHERN	COM NEW	485170302	1,305	12,400	SH		SOLE		12,400	0	0
KENNEDY-WILSON HLDGS INC	COM	489398107	421	24,285	SH		SOLE	1	24,284	0	1
KEYCORP NEW	COM	493267108	424	21,000	SH		SOLE		21,000	0	0
KILROY RLTY CORP	COM	49427F108	6,254	83,773	SH		SOLE		83,773	0	0
KIMCO REALTY CORP	COM	49446R109	908	50,000	SH		SOLE		50,000	0	0
KINDER MORGAN HOLDCO LLC	COM	49456B101	16,859	933,000	SH		SOLE		933,000	0	0
KRAFT HEINZ CO/THE	COM	500754106	288	3,700	SH		SOLE	1	0	0	3,700
L-3 COMMUNICATIONS HLDGS INC	COM	502413107	1,286	6,500	SH		SOLE	1	6,000	0	500
LABORATORY CRP OF AMER HLDGS	COM NEW	50540R409	1,627	10,200	SH		SOLE	1	7,000	0	3,200
LAKELAND INDUSTRIES INC	COM	511795106	364	25,010	SH		SOLE	1	25,000	0	10
LCI INDUSTRIES	COM	50189K103	3,776	29,049	SH		SOLE	1	24,949	0	4,100
LEGGETT & PLATT INC	COM	524660107	1,196	25,060	SH		SOLE	1	0	0	25,060
Leidos Holdings Inc.	COM	525327102	18,779	290,825	SH		SOLE	1	275,500	0	15,325
LENNAR CORP	CL A	526057104	31,203	493,400	SH		SOLE	1	470,100	0	23,300
LENNAR CORP	CL B	526057302	1,213	23,474	SH		SOLE	1	20,336	0	3,138
LGI HOMES INC	COM	50187T106	7,601	101,307	SH		SOLE	1	74,707	0	26,600
LIBERTY PROPERTY TRUST	SH BEN INT	531172104	805	18,708	SH		SOLE		18,708	0	0
LIFE STORAGE INC	COM	53223X107	465	5,221	SH		SOLE	1	0	0	5,221
LIGAND PHARMACEUTICALS INC	COM NEW	53220K504	450	3,284	SH		SOLE		3,284	0	0
LITTELFUSE INC	COM	537008104	1,050	5,310	SH		SOLE	1	5,000	0	310
LIVE NATION ENTERTAINMENT IN	COM	538034109	289	6,777	SH		SOLE		6,777	0	0
LOCKHEED MARTIN CORP	COM	539830109	305	950	SH		SOLE	1	0	0	950
LOMA NEGRA	SPONSORED ADS	54150E104	1,189	51,600	SH		SOLE		51,600	0	0
LOWES COS INC	COM	548661107	10,865	116,900	SH		SOLE		116,900	0	0
LUMENTUM HOLDINGS INC	COM	55024U109	587	12,006	SH		SOLE		12,006	0	0
M & T BK CORP	COM	55261F104	6,430	37,605	SH		SOLE	1	0	0	37,605
MACERICH CO	COM	554382101	2,031	30,928	SH		SOLE		30,928	0	0
MACK CALI RLTY CORP	COM	554489104	323	15,000	SH		SOLE		15,000	0	0
MACKINAC FINANCIAL CORP	COM	554571109	186	11,700	SH		SOLE		11,700	0	0
MARATHON PETROLEUM CORP	COM	56585A102	528	8,000	SH		SOLE		8,000	0	0
MARRIOTT INTL INC NEW	CL A	571903202	977	7,200	SH		SOLE		7,200	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	3,139	14,200	SH		SOLE	1	12,600	0	1,600
MASTEC INC	COM	576323109	2,384	48,700	SH		SOLE	1	48,000	0	700
MATRIX SERVICE CO	COM	576853105	214	12,010	SH		SOLE	1	12,000	0	10
MCKESSON CORP	COM	58155Q103	9,076	58,200	SH		SOLE	1	48,300	0	9,900
MEDALLION FINANCIAL CORP	COM	583928106	321	91,004	SH		SOLE	1	79,804	0	11,200
MEDLEY CAPITAL CORP	COM	58503F106	146	28,000	SH		SOLE		28,000	0	0
MEDNAX INC	COM	58502B106	3,126	58,500	SH		SOLE	1	46,000	0	12,500
MEDTRONIC INC COM	SHS	G5960L103	12,645	156,600	SH		SOLE	1	153,300	0	3,300
MELCO RESORTS & ENTERT	ADR	585464100	8,965	308,700	SH		SOLE		308,700	0	0
MERCK & CO INC	COM	58933Y105	568	10,100	SH		SOLE	1	0	0	10,100
META FINANCIAL GROUP INC	COM	59100U108	239	2,575	SH		SOLE		2,575	0	0
Mettler-Toledo International	COM	592688105	310	500	SH		SOLE		500	0	0
MGM MIRAGE	COM	552953101	10,912	326,800	SH		SOLE		326,800	0	0
MICROSOFT CORP	COM	594918104	13,507	157,900	SH		SOLE	1	154,500	0	3,400
MIDDLEBY CORP	COM	596278101	918	6,800	SH		SOLE	1	5,000	0	1,800
MINERVA NEUROSCIENCES INC	COM	603380106	121	20,000	SH		SOLE	1	16,300	0	3,700
MOHAWK INDS INC	COM	608190104	3,090	11,200	SH		SOLE		11,200	0	0
MYOMO INC	COM	62857J102	56	15,000	SH		SOLE		15,000	0	0
NASDAQ INC.	COM	631103108	269	3,500	SH		SOLE		3,500	0	0
NATIONAL RESEARCH CORP	CL B	637372301	594	10,595	SH		SOLE		10,595	0	0
NATIONAL STORAGE AFFILIATES	COM SHS BEN IN	637870106	327	12,000	SH		SOLE		12,000	0	0
NAVIENT CORP	COM	63938C108	160	12,000	SH		SOLE		12,000	0	0
NEWELL BRANDS INC	COM	651229106	9,066	293,388	SH		SOLE	1	276,620	0	16,768
NEWMARKET CORP	COM	651587107	318	800	SH		SOLE		800	0	0
NEXSTAR MEDIA GR	CL A	65336K103	308	3,935	SH		SOLE		3,935	0	0
NEXTERA ENERGY INC	COM	65339F101	22,427	143,588	SH		SOLE	1	130,800	0	12,788
NIC INC	COM	62914B100	241	14,500	SH		SOLE		14,500	0	0
NMI HOLDINGS INC	CL A	629209305	272	16,000	SH		SOLE		16,000	0	0
NOMAD FOODS LTD	USD ORD SHS	G6564A105	9,652	570,775	SH		SOLE		570,775	0	0
NORFOLK SOUTHERN CORP	COM	655844108	13,968	96,400	SH		SOLE		96,400	0	0
NORTHROP GRUMMAN CORP	COM	666807102	1,353	4,407	SH		SOLE	1	0	0	4,407
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	5,337	397,385	SH		SOLE	1	391,812	0	5,573
NOVARTIS A G	SPONSORED ADR	66987V109	14,441	172,000	SH		SOLE		172,000	0	0
NRG YIELD INC	CL A NEW	62942X306	10,665	565,801	SH		SOLE		565,801	0	0
NRG YIELD INC	CL C	62942X405	10,648	563,400	SH		SOLE	1	556,400	0	7,000
NUCOR CORP	COM	670346105	1,729	27,200	SH		SOLE	1	27,000	0	200
NVIDIA CORP	COM	67066G104	658	3,400	SH		SOLE	1	3,000	0	400
NVR INC	COM	62944T105	10,121	2,885	SH		SOLE		2,885	0	0
O REILLY AUTOMOTIVE INC	COM	67103H107	241	1,000	SH		SOLE	1	0	0	1,000
OAKTREE CAPITAL GROUP LLC	UNIT CL A	674001201	1,053	25,000	SH		SOLE		25,000	0	0
OCEANFIRST FINL CORP	COM	675234108	446	17,000	SH		SOLE		17,000	0	0
OFG BANCORP	COM	67103X102	254	27,000	SH		SOLE		27,000	0	0
OM ASSET MANAGEMENT LTD	SHS	G67506108	1,843	110,000	SH		SOLE		110,000	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	700	25,413	SH		SOLE		25,413	0	0
ON DECK CAPITAL INC	COM	682163100	115	20,010	SH		SOLE	1	20,000	0	10
OPUS BANK	COM	684000102	355	13,000	SH		SOLE		13,000	0	0
ORACLE CORP	COM	68389X105	1,749	37,000	SH		SOLE		37,000	0	0
PACIFIC MERCANTILE BANCORP	COM	694552100	95	10,800	SH		SOLE	1	10,000	0	800
PARAMOUNT GROUP INC	COM	69924R108	564	35,608	SH		SOLE		35,608	0	0
PARK HOTELS & RESORTS INC-WI	COM	700517105	13,655	474,953	SH		SOLE		474,953	0	0
PATTERN ENERGY GROUP INC	CL A	70338P100	10,214	475,300	SH		SOLE	1	468,900	0	6,400
PEBBLEBROOK HOTEL TR	COM	70509V100	569	15,300	SH		SOLE		15,300	0	0
PEPSICO INC	COM	713448108	1,559	13,000	SH		SOLE		13,000	0	0
PFIZER INC	COM	717081103	12,116	334,513	SH		SOLE	1	312,300	0	22,213
PGT Inc	COM	69336V101	253	15,000	SH		SOLE		15,000	0	0
PHILLIPS 66	COM	718546104	1,062	10,500	SH		SOLE		10,500	0	0
PINNACLE WEST CAP CORP	COM	723484101	613	7,200	SH		SOLE	1	6,000	0	1,200
PLUG POWER INC	COM NEW	72919P202	47	20,000	SH		SOLE		20,000	0	0
PNC FINL SVCS GROUP INC	COM	693475105	17,127	118,700	SH		SOLE	1	118,200	0	500
PORTLAND GENERAL ELECTRIC CO	COM NEW	736508847	303	6,655	SH		SOLE		6,655	0	0
PREFERRED BANK/LOS ANGELES	COM NEW	740367404	323	5,500	SH		SOLE		5,500	0	0
PRICELINE GROUP INC	COM NEW	741503403	417	240	SH		SOLE	1	0	0	240
PROCTER & GAMBLE CO	COM	742718109	3,283	35,734	SH		SOLE	1	11,000	0	24,734
PROLOGIS INC	COM	74340W103	5,825	90,292	SH		SOLE	1	89,400	0	892
PROSPERITY BANCSHARES INC	COM	743606105	1,296	18,500	SH		SOLE	1	15,000	0	3,500
PUBLIC STORAGE	COM	74460D109	4,988	23,865	SH		SOLE		23,865	0	0
PULTE GROUP INC	COM	745867101	9,654	290,358	SH		SOLE	1	285,976	0	4,382
PVH CORP	COM	693656100	413	3,010	SH		SOLE	1	3,000	0	10
QTS REALTY TRUST INC	COM CL A	74736A103	11,915	220,000	SH		SOLE		220,000	0	0
QUANTA SERVICES INC	COM	74762E102	587	15,000	SH		SOLE		15,000	0	0
RADIAN GROUP INC	COM	750236101	202	9,810	SH		SOLE	1	8,000	0	1,810
RANDGOLD RESOURCES LTD	ADR	752344309	10,136	102,500	SH		SOLE	1	102,000	0	500
RAYTHEON CO	COM NEW	755111507	10,503	55,913	SH		SOLE	1	49,400	0	6,513
REGENCY CTRS CORP	COM	758849103	692	10,000	SH		SOLE		10,000	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	1,128	3,000	SH		SOLE	1	2,000	0	1,000
REGIONS FINANCIAL CORP NEW	COM	7591EP100	12,891	746,000	SH		SOLE		746,000	0	0
ROCKWELL COLLINS INC	COM	774341101	575	4,240	SH		SOLE	1	3,930	0	310
ROGERS CORP	COM	775133101	227	1,400	SH		SOLE		1,400	0	0
ROSS STORES INC	COM	778296103	3,210	40,000	SH		SOLE	1	39,000	0	1,000
SABRA HEALTH CARE REIT INC	COM	78573L106	529	28,186	SH		SOLE	1	27,344	0	842
SCHLUMBERGER LTD	COM	806857108	9,212	136,700	SH		SOLE	1	136,400	0	300
SCHWAB CHARLES CORP NEW	COM	808513105	411	8,000	SH		SOLE		8,000	0	0
SCIENCE APPLICATIONS INTE	COM	808625107	230	3,010	SH		SOLE	1	3,000	0	10
SEACOAST BANKING CORP/FL	COM NEW	811707801	353	14,000	SH		SOLE		14,000	0	0
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	307	11,000	SH		SOLE		11,000	0	0
SEMGROUP CORP	CL A	81663A105	3,467	114,800	SH		SOLE		114,800	0	0
SEVERN BANCORP INC/MD	COM	81811M100	109	15,000	SH		SOLE		15,000	0	0
SHIRE PLC	SPONSORED ADR	82481R106	15,047	97,000	SH		SOLE		97,000	0	0
SHORE BANCSHARES INC	COM	825107105	225	13,500	SH		SOLE		13,500	0	0
SI FINANCIAL GROUP INC	COM	78425V104	221	15,000	SH		SOLE		15,000	0	0
SIGNATURE BK NEW YORK N Y	COM	82669G104	1,510	11,000	SH		SOLE		11,000	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	25,742	149,890	SH		SOLE	1	146,460	0	3,430
SL GREEN RLTY CORP	COM	78440X101	5,155	51,071	SH		SOLE	1	50,000	0	1,071
SMUCKER J M CO	COM NEW	832696405	11,579	93,200	SH		SOLE	1	92,200	0	1,000
SNAP ON INC	COM	833034101	25,108	144,050	SH		SOLE	1	128,300	0	15,750
SOLAREDGE TECHNOLOGIES INC	COM	83417M104	1,626	43,300	SH		SOLE	1	25,000	0	18,300
SOUTHERN CO	COM	842587107	308	6,400	SH		SOLE	1	0	0	6,400
SOUTHERN NATL BANCORP OF VA IN	COM	843395104	224	14,000	SH		SOLE		14,000	0	0
SPDR SERIES TRUST	S&P OILGAS EXP	78464A730	12,530	337,000	SH		SOLE		337,000	0	0
SS&C Inc Technologies Holdings	COM	78467J100	479	11,841	SH		SOLE		11,841	0	0
STAG INDUSTRIAL INC	COM	85254J102	889	32,537	SH		SOLE		32,537	0	0
STANLEY BLACK & DECKER INC	COM	854502101	356	2,100	SH		SOLE	1	2,000	0	100
STARBUCKS CORP	COM	855244109	1,183	20,600	SH		SOLE	1	18,000	0	2,600
STARWOOD PPTY TR INC	COM	85571B105	18,052	845,544	SH		SOLE	1	810,444	0	35,100
STATE STR CORP	COM	857477103	2,089	21,400	SH		SOLE	1	13,000	0	8,400
STERLING BANCORP	COM	85917A100	295	12,000	SH		SOLE	1	11,980	0	20
STRYKER CORP	COM	863667101	480	3,100	SH		SOLE	1	0	0	3,100
SUMMIT MATERIALS INC	CL A	86614U100	281	8,923	SH		SOLE		8,923	0	0
SUSSEX BANCORP	COM	869245100	262	9,750	SH		SOLE		9,750	0	0
SVB FINANCIAL GROUP	COM	78486Q101	1,613	6,900	SH		SOLE	1	6,500	0	400
SYMANTEC CORP	COM	871503108	8,626	307,400	SH		SOLE		307,400	0	0
SYNAPTICS INC	COM	87157D109	212	5,300	SH		SOLE	1	5,000	0	300
SYNCHRONY FINANCIAL	COM	87165B103	7,042	182,400	SH		SOLE		182,400	0	0
SYNOVUS FINL CORP	COM NEW	87161C501	216	4,500	SH		SOLE		4,500	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADR	874039100	985	24,850	SH		SOLE	1	0	0	24,850
TARGET CORP	COM	87612E106	7,243	111,000	SH		SOLE		111,000	0	0
TAUBMAN CTRS INC	COM	876664103	1,001	15,297	SH		SOLE		15,297	0	0
TAYLOR MORRISON HOME CORP	CL A	87724P106	6,240	255,000	SH		SOLE		255,000	0	0
TCF FINANCIAL CORP	COM	872275102	205	10,000	SH		SOLE		10,000	0	0
TE CONNECTIVITY LTD	REG SHS	H84989104	20,668	217,463	SH		SOLE	1	217,400	0	63
SELECT SECT SPDR	TECHNOLOGY	81369Y803	1,727	27,000	SH		SOLE		27,000	0	0
TELEFLEX INC	COM	879369106	2,662	10,700	SH		SOLE	1	7,000	0	3,700
TENNECO INC	COM	880349105	1,288	22,000	SH		SOLE		22,000	0	0
TERRAFORM POWER INC	COM CL A	88104R209	7,216	603,353	SH		SOLE	1	598,343	0	5,010
TERRENO RLTY CORP	COM	88146M101	1,790	51,058	SH		SOLE		51,058	0	0
Territorial Bancorp Inc	COM	88145X108	247	8,000	SH		SOLE		8,000	0	0
TEXAS INSTRUMENTS INC	COM	882508104	2,423	23,200	SH		SOLE	1	18,500	0	4,700
THERAPEUTICSMD INC	COM	88338N107	72	12,000	SH		SOLE		12,000	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	16,377	86,250	SH		SOLE	1	81,700	0	4,550
TIFFANY & CO NEW	COM	886547108	614	5,910	SH		SOLE	1	0	0	5,910
TIPTREE FINANCIAL INC	CL A	88822Q103	95	16,000	SH		SOLE		16,000	0	0
TJX COS INC NEW	COM	872540109	20,461	267,600	SH		SOLE		267,600	0	0
T-MOBILE US INC	COM	872590104	2,077	32,700	SH		SOLE		32,700	0	0
TOLL BROTHERS INC	COM	889478103	860	17,900	SH		SOLE	1	10,000	0	7,900
TORTOISE PIPELINE & ENERGY F	COM	89148H108	677	36,000	SH		SOLE	1	0	0	36,000
TRAVELCENTERS OF AMERICA LLC	COM	894174101	1,087	265,000	SH		SOLE		265,000	0	0
TRAVELERS COMPANIES INC	COM	89417E109	5,968	44,000	SH		SOLE		44,000	0	0
TWO HBRS INVT CORP	COM NEW	90187B408	9,731	598,465	SH		SOLE		598,465	0	0
UDR INC	COM	902653104	1,421	36,900	SH		SOLE		36,900	0	0
ULTA SALON COSMETICS & FRAGR	COM	90384S303	2,092	9,352	SH		SOLE	1	9,000	0	352
ULTRA CLEAN HOLDINGS INC	COM	90385V107	439	19,000	SH		SOLE		19,000	0	0
UNION PAC CORP	COM	907818108	6,920	51,600	SH		SOLE	1	15,400	0	36,200
UNITED CMNTY BKS BLAIRSVLE GA CAP STK	COM	90984P303	366	13,000	SH		SOLE		13,000	0	0
UNITED COMMUNITY FINANCIAL	COM	909839102	575	63,000	SH		SOLE		63,000	0	0
UNITED RENTALS INC	COM	911363109	3,971	23,100	SH		SOLE	1	14,000	0	9,100
UNITEDHEALTH GROUP INC	COM	91324P102	13,977	63,400	SH		SOLE		63,400	0	0
UNIVERSAL HEALTH SERVICES	CL B	913903100	17,479	154,200	SH		SOLE	1	146,700	0	7,500
UNIVEST CORP OF PENNSYLVANIA	COM	915271100	421	15,000	SH		SOLE		15,000	0	0
URBAN EDGE PROPERTIES	COM	91704F104	683	26,821	SH		SOLE	1	23,058	0	3,763
US CONCRETE INC	COM NEW	90333L201	353	4,220	SH		SOLE		4,220	0	0
V F CORP	COM	918204108	1,088	14,700	SH		SOLE	1	10,000	0	4,700
VALLEY NATL BANCORP	COM	919794107	175	15,604	SH		SOLE	1	14,000	0	1,604
VANGUARD	HEALTH CAR ETF	92204A504	1,541	10,000	SH		SOLE		10,000	0	0
VENTAS INC	COM	92276F100	4,417	73,612	SH		SOLE	1	55,712	0	17,900
VERASTEM INC	COM	92337C104	154	50,040	SH		SOLE	1	50,000	0	40
VEREIT INC	COM	92339V100	2,663	341,800	SH		SOLE	1	330,000	0	11,800
VERIZON COMMUNICATIONS INC	COM	92343V104	349	6,597	SH		SOLE	1	0	0	6,597
VIACOM INC	CL B	92553P201	924	30,000	SH		SOLE		30,000	0	0
VIEWRAY INC	COM	92672L107	315	34,000	SH		SOLE	1	30,000	0	4,000
VISTAGEN THERAPEUTICS INC	COM NEW	92840H202	50	45,000	SH		SOLE		45,000	0	0
VISTRA ENERGY CORP	COM	92840M102	2,107	115,000	SH		SOLE		115,000	0	0
VORNADO RLTY	SH BEN INT	929042109	4,263	54,530	SH		SOLE	1	46,117	0	8,413
VULCAN MATLS CO	COM	929160109	2,182	17,000	SH		SOLE		17,000	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	2,527	34,800	SH		SOLE	1	29,000	0	5,800
WASHINGTON PRIME GROUP INC	COM	93964W108	1,789	251,286	SH		SOLE	1	250,000	0	1,286
WASHINGTON TRUST BANCORP	COM	940610108	512	9,620	SH		SOLE	1	0	0	9,620
WASTE CONNECTIONS INC	COM	94106B101	1,264	17,400	SH		SOLE		17,400	0	0
WAYFAIR INC	CL A	94419L101	883	11,000	SH		SOLE		11,000	0	0
WEBSTER FINL CORP CONN	COM	947890109	225	4,000	SH		SOLE		4,000	0	0
WELLS FARGO & CO NEW	COM	949746101	66,879	1,102,339	SH		SOLE	1	227,519	0	874,820
WELLTOWER INC	COM	95040Q104	1,582	24,803	SH		SOLE		24,803	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	311	5,500	SH		SOLE		5,500	0	0
WESTERN DIGITAL CORP	COM	958102105	6,601	83,000	SH		SOLE		83,000	0	0
WEYERHAEUSER CO	COM	962166104	465	13,200	SH		SOLE	1	10,000	0	3,200
WHIRLPOOL CORP	COM	963320106	17,910	106,200	SH		SOLE	1	99,600	0	6,600
WILLIAM LYON HOMES	CL A NEW	552074700	14,205	488,471	SH		SOLE		488,471	0	0
WILLIAMS COS INC	COM	969457100	2,787	91,400	SH		SOLE		91,400	0	0
WILLIAMS-SONOMA INC	COM	969904101	1,252	24,208	SH		SOLE	1	7,000	0	17,208
WISCONSIN ENERGY CORP	COM	92939U106	558	8,400	SH		SOLE	1	8,000	0	400
WISDOMTREE INVESTMENTS INC	COM	97717P104	314	25,000	SH		SOLE		25,000	0	0
ZEBRA TECHNOLOGIES CORP	CL A	989207105	2,304	22,200	SH		SOLE	1	22,000	0	200
ZIMMER BIOMET HOLDINGS INC	COM	98956P102	14,408	119,400	SH		SOLE	1	108,000	0	11,400
ZIONS BANCORPORATION	COM	989701107	254	5,000	SH		SOLE		5,000	0	0
ZOETIS INC	CL A	98978V103	500	6,935	SH		SOLE	1	0	0	6,935
ZYNGA INC	CL A	98986T108	144	36,000	SH		SOLE	1	30,000	0	6,000