Form N-Q ALPINE EQUITY TRUST

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company

What is Form N-Q?
  • Accession No.: 0000894189-05-000891 Act: 40 File No.: 811-05684 Film No.: 05724778
  • CIK: 0000842436
  • Submitted: 2005-04-01
  • Period of Report: 2005-01-31

QUARTERLY NOTICE OF PORTFOLIO HOLDINGS HTML

alequitynq.htm



As filed with the Securities and Exchange Commission on March 31, 2005



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number 811-05684



Alpine Equity Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
3rd Floor
Milwaukee, WI 53202 
(Address of principal executive offices) (Zip code)



Samuel A. Lieber
Alpine Management & Research, LLC
2500 Westchester Avenue, Suite 215
Purchase, NY 10577 
(Name and address of agent for service)



1-888-785-5578
Registrant's telephone number, including area code



Date of fiscal year end: October 31, 2005


Date of reporting period: January 31, 2005



     

 


 
Item 1. Schedule of Investments.


Alpine U.S. Real Estate Equity Fund
Schedule of Investments
January 31, 2005 (Unaudited)
       
 
Shares/
   
 
Par Value
 
Value
Real Estate Investment Trusts - 14.6%
     
Lodging - 5.6%
     
Ashford Hospitality Trust
115,000
 
1,154,600
MeriStar Hospitality Corporation (a)
1,392,600
 
10,750,872
Sunstone Hotel Investors Inc. (a)
440,500
 
9,206,450
     
21,111,922
       
Mortgage & Finance - 4.4%
     
Impac Mortgage Holdings, Inc.
283,700
 
6,479,708
Origen Financial, Inc.
298,400
 
2,387,200
MortgageIT Holdings Inc.
50,000
 
907,500
Saxon Capital Inc.
317,250
 
6,868,463
     
16,642,871
       
Office - Industrial Buildings - 1.3%
     
Prime Group Realty Trust (a)
187,000
 
1,193,060
Vornado Realty Trust
54,000
 
3,733,560
     
4,926,620
Retail - 3.3%
     
Alexander's, Inc. (a)
56,300
 
12,324,070
       
Total Real Estate Investment Trusts (Cost $37,052,449)
   
55,005,483
       
Common Stocks - 78.5%
     
Homebuilders - 53.2%
     
Brookfield Homes Corporation
239,000
 
8,532,300
D.R. Horton, Inc.
281,200
 
11,186,136
Fleetwood Enterprises, Inc. (a)
258,000
 
2,265,240
Hovnanian Enterprises, Inc. - Class A (a)
345,000
 
18,022,800
KB HOME
152,500
 
16,569,125
Lennar Corporation - Class A
250,400
 
14,140,088
M.D.C. Holdings, Inc.
219,333
 
15,967,442
Meritage Homes Corporation (a)
149,000
 
9,632,850
Orleans Homebuilders, Inc. (a)
188,100
 
3,639,735
Palm Harbor Homes, Inc. (a)
104,000
 
1,515,280
Pulte Homes, Inc.
270,000
 
17,841,600
The Ryland Group, Inc.
275,000
 
17,839,250
Standard-Pacific Corp.
270,000
 
17,963,100
Technical Olympic USA, Inc.
310,700
 
8,441,719
Toll Brothers, Inc. (a)
242,000
 
18,892,940
WCI Communities, Inc. (a)
535,000
 
17,045,100
     
199,494,705
       
Lodging - 19.8%
     
DiamondRock Hospitality Company
475,000
 
4,868,750
(Cost $4,750,000, Acquired 6/29/04) (a) r
     
Gaylord Entertainment Company (a)
314,062
 
12,326,933
Great Wolf Resorts, Inc. (a)
221,000
 
4,634,370
Hilton Hotels Corporation
710,700
 
15,813,075
Interstate Hotels & Resorts, Inc. (a)
1,366,360
 
7,310,026
La Quinta Corporation (a)
1,768,000
 
15,363,920
Orient-Express Hotels Ltd. - Class A
277,100
 
5,680,550
Vail Resorts, Inc. (a)
157,300
 
3,770,481
Starwood Hotels & Resorts Worldwide, Inc.
78,000
 
4,515,420
     
74,283,525
       
Mortgage & Finance - 1.3%
     
Countrywide Financial Corporation
99,000
 
3,663,000
Delta Financial Corporation
108,000
 
1,037,880
     
4,700,880
       
Real Estate Operating Companies - 1.4%
     
HouseValues, Inc. (a)
37,500
 
532,500
Thomas Properties Group, Inc. (a)
233,900
 
2,940,123
Wellsford Real Properties, Inc. (a)
111,800
 
1,626,690
     
5,099,313
       
Retirement Community - 0.9%
     
Sunrise Senior Living, Inc. (a)
76,100
 
3,487,663
       
Transportation & Real Estate - 1.9%
     
Florida East Coast Industries, Inc.
165,000
 
7,104,900
       
Total Common Stocks (Cost $225,473,845)
   
294,170,986
       
Short Term Investments - 7.8%
     
Alpine Municipal Money Market Fund
14,600,001
 
14,600,001
Federated Government Obligations Fund
7,254,350
 
7,254,350
Fidelity Institutional Government Portfolio
7,500,000
 
7,500,000
       
Total Short Term Investments (Cost $29,354,351)
   
29,354,351
       
Total Investments (Cost $291,880,645) - 100.9%
   
378,530,820
Liabilities in Excess of Other Assets - (0.9)%
   
(3,243,556)
TOTAL NET ASSETS - 100.0%
   
375,287,264
       
         
(a)
Non Income Producing
     
r
Restricted Security
     
         

 

 
     

 


Alpine Realty Income & Growth Fund
Schedule of Investments
January 31, 2005 (Unaudited)
         
   

 Shares/

 

 

 

 

 Par Value

 

 Value

Real Estate Investment Trusts - 73.2%
     
Apartments - 6.7%
     
Apartment Investment & Management Company - Class A
167,700
 
6,020,430
Archstone-Smith Trust
184,000
 
6,311,200
Equity Residential
202,200
 
6,377,388
Home Properties, Inc.
79,900
 
3,227,960
Town & Country Trust
85,500
 
2,195,640
United Dominion Realty Trust, Inc.
381,400
 
8,474,708
     
32,607,326
     

 

Diversified - 3.5%
   

 

Vornado Realty Trust
250,500
 
17,319,570
     

 

Health Care - 9.3%
   

 

Health Care Property Investors, Inc.
197,600
 
5,129,696
Health Care REIT, Inc.
218,600
 
7,323,100
Nationwide Health Properties, Inc.
310,400
 
6,732,576
Omega Healthcare Investors, Inc.
530,100
 
5,947,722
Senior Housing Properties Trust
427,100
 
7,068,505
Sunrise Senior Living Real Estate Investment Trust
617,500
 
5,897,542
Universal Health Realty Income Trust
99,500
 
2,998,930
Ventas, Inc.
168,100
 
4,303,360
     
45,401,431
     

 

Lodging - 10.8%
   

 

FelCor Lodging Trust, Inc. (a)
1,116,200
 
15,582,152
Highland Hospitality Corporation
252,700
 
2,741,795
Hospitality Properties Trust
167,850
 
7,158,803
Host Marriott Corporation
561,400
 
8,982,400
Innkeepers USA Trust
192,600
 
2,600,100
MeriStar Hospitality Corporation (a)
731,300
 
5,645,636
Sunstone Hotel Investors, Inc. (a)
493,500
 
10,314,150
     
53,025,036
     

 

Manufactured Homes - 0.8%
   

 

Affordable Residential Communities
302,900
 
3,852,888
     

 

Mortgage & Finance - 4.9%
   

 

iStar Financial Inc.
408,100
 
17,078,985
Newcastle Investment Corporation
57,500
 
1,738,800
Novastar Financial, Inc.
57,900
 
1,486,293
Origen Financial, Inc.
443,098
 
3,544,784
     
23,848,862
Net Lease - 4.0%
   

 

Entertainment Properties Trust
317,200
 
13,357,292
     

 

Office - Industrial Buildings - 14.2%
   

 

Alexandria Real Estate Equities, Inc.
145,100
 
9,657,856
AMB Property Corporation
192,600
 
7,170,498
Arden Realty, Inc.
211,500
 
7,131,780
Boston Properties, Inc.
208,900
 
12,070,242
Equity Office Properties Trust
259,683
 
7,265,930
Mack-Cali Realty Corporation
46,600
 
1,956,268
Maguire Properties, Inc.
208,100
 
4,921,565
Prentiss Properties Trust
71,400
 
2,558,262
ProLogis
180,000
 
6,865,200
Reckson Associates Realty Corporation
326,400
 
10,013,952
     
69,611,553
     

 

Retail Centers - 19.0%
   

 

CBL & Associates Properties, Inc.
159,200
 
10,949,776
Developers Diversified Realty Corporation
364,226
 
14,477,983
General Growth Properties, Inc.
471,700
 
14,985,909
Glimcher Realty Trust
56,100
 
1,435,599
Kimco Realty Corporation
156,700
 
8,301,966
Kite Realty Group Trust
270,800
 
4,062,000
The Macerich Company
184,500
 
10,555,245
The Mills Corp.
142,400
 
7,964,432
Simon Property Group, Inc.
289,000
 
17,137,700
Taubman Centers, Inc.
115,800
 
3,127,758
     
92,998,368
     

 

Total Real Estate Investment Trusts (Cost $307,470,670)
   
358,442,471
     

 

Common Stocks - 14.4%
   

 

Diversified - 0.5%
   

 

Macquarie Infrastructure Company Trust (a)
81,000
 
2,376,540

 

   

 

Homebuilders - 6.5%
   

 

Hovnanian Enterprises, Inc. - Class A (a)
139,700
 
7,297,928
Lennar Corporation - Class A
73,500
 
4,150,545
The Ryland Group, Inc.
50,000
 
3,243,500
Standard-Pacific Corp.
138,700
 
9,227,711
Toll Brothers, Inc. (a)
102,300
 
7,986,561
     
31,906,245
Lodging - 7.4%
   

 

La Quinta Corporation (a)
1,923,200
 
16,712,608
Starwood Hotels & Resorts Worldwide, Inc.
331,700
 
19,202,113
     
35,914,721
     

 

Total Common Stocks (Cost $49,053,400)
   
70,197,506
     

 

Preferred Stocks - 4.4%
   

 

Apartments - 0.9%
   

 

Apartment Investment & Management Co.
   

 

Series U, 7.750%
60,000
 
1,506,000
Apartment Investment & Management Co.
   

 

Series T, 8.000%
108,100
 
2,761,955
     
4,267,955
     

 

Health Care - 0.2%
   

 

Omega Healthcare Investors, Inc.
   

 

Series D, 8.375%
38,700
 
1,013,360
     

 

Lodging - 1.7%
   

 

FelCor Lodging Trust, Inc.
   

 

Series A, 7.800%
205,100
 
5,090,582
La Quinta Corp.
   

 

Series A, 9.000%
81,500
 
2,098,625
Winston Hotels, Inc.
   

 

Series B, 8.00%
45,500
 
1,171,625
     
8,360,832
     

 

Mortgage & Finance - 0.1%
   

 

Anthracite Capital, Inc.
30,000
 
808,500
Series C, 9.375%
   

 

     

 

Office - Industrial Buildings - 1.5%
   

 

Prime Group Realty Trust
287,500
 
7,187,500
Series B, 9.000%
   

 

     

 

TOTAL PREFERRED STOCKS (Cost $18,980,661)
   
21,638,147
     

 

Convertible Bonds - 0.1%
   

 

MeriStar Hospitality Corp.
   

 

9.500% due 04/01/2010
500,000
 
643,750
     

 

Total Convertible Bonds (Cost $500,000)
   
643,750
     

 

Mutual Funds - 1.3%
   

 

iShares Dow Jones U.S. Real Estate Index Fund
57,000
 
6,423,900
     

 

Total Mutual Funds (Cost $6,867,244)
   
6,423,900
     

 

Short Term Investments - 5.2%
   

 

Alpine Municipal Money Market Fund
22,047,163
 
22,047,163
Federated Government Obligations Fund
686,311
 
686,311
Fidelity Institutional Government Portfolio
2,500,000
 
2,500,000
     
25,233,474
     

 

Total Short Term Investments (Cost $25,233,474)
   
25,233,474
     

 

Total Investments (Cost $408,105,449) - 98.6%
   
482,579,248
Other Assets in Excess of Liabilities - 1.4%
   
7,007,630
TOTAL NET ASSETS - 100.0%
   
489,586,878
     

 

       

 

(a)
Non Income Producing
   

 

         
         
         

 
 
 
     

 
 

Alpine International Real Estate Equity Fund
Schedule of Investments
January 31, 2005 (Unaudited)
         
   
Shares/
   
COMMON STOCKS - 76.8%
Par Value
 
Value
Asia - 24.4%
     
Australia - 0.9%
     
Mirvac Group
250,000
 
912,504
Westfield Group (a)
70,000
 
924,360
     
1,836,864
     
Hong Kong - 8.6%
   
The Hongkong & Shanghai Hotels, Limited
3,800,000
 
3,191,067
Hysan Development Company Limited
1,375,000
 
2,626,636
Kowloon Development Company Limited
400,000
 
415,390
Midland Realty (Holdings) Limited
9,024,000
 
4,396,364
Shangri-La Asia Limited
1,822,000
 
2,476,083
Sino Land Company Limited
5,000,000
 
4,455,185
     
17,560,725
     
Japan - 3.1%
   
Diamond City Co., Ltd.
166,700
 
4,753,419
NTT Urban Devleopment Corporation
200
 
897,008
The Sankei Building Co., Ltd.
80,000
 
476,343
Sekisui House, Ltd.
23,693
 
274,818
     
6,401,588
     
Malaysia - 0.8%
   
Eastern & Oriental Berhad
1,000,000
 
210,526
Resorts World Berhad
200,000
 
531,579
SP Setia Berhad
500,000
 
578,947
Sunway City Berhad
500,000
 
234,211
     
1,555,263
     
New Zealand - 0.1%
   
Kiwi Income Property Trust
393,215
 
315,987
     
Philippines - 0.2%
   
SM Development Corporation
13,625,000
 
371,085
     
Singapore - 3.3%
   
Ascendas Real Estate Investment Trust (A-REIT)
103,500
 
116,363
Ascendas Real Estate Investment Trust
1,035,000
 
1,245,845
City Developments Limited
695,000
 
2,908,927
Fortune Real Estate Investment Trust
2,450,000
 
2,073,104
Raffles Holdings Limited
1,197,000
 
464,435
     
6,808,674
     
Thailand - 7.4%
   
Amarin Plaza Public Company Limited
15,307,700
 
992,460
Amata Corporation Public Company Limited
5,000,000
 
1,400,415
Asian Property Development Public Company Limited
3,000,000
 
360,996
Central Pattana Public Company Limited
8,342,300
 
1,893,027
Ch. Karnchang Public Company Limited
3,000,000
 
1,112,552
Dusit Thani Public Company Limited
178,600
 
194,533
Golden Land Property Development Public Company Limited (a)
1,200,000
 
303,423
Lalin Property Public Company Limited
3,930,000
 
738,913
Land and Houses Public Company Limited
5,000,000
 
1,387,448
Major Cineplex Group Public Company Limited
2,500,000
 
875,259
M.K. Real Estate Development Public Company Limited
9,000,000
 
555,498
Noble Development Public Company Limited
2,500,000
 
311,203
Power Line Engineering Public Company Limited
4,500,000
 
1,738,849
Quality Houses Public Company Limited
11,979,100
 
428,713
Minor International Public Company Limited
12,500,000
 
1,270,747
Saha Pathana Inter-Holding Public Company Limited
4,040,000
 
1,498,236
Sammakorn Public Company Limited
1,950,000
 
103,164
     
15,165,436
     
Total Common Stocks - Asia
   
50,015,622
     
 
Europe - 33.8%
   
 
Finland - 3.4%
   
 
Citycon Oyj
1,361,000
 
5,251,429
Sponda Oyj
166,400
 
1,659,367
     
6,910,796
     
France - 13.1%
   
Accor SA
80,000
 
3,499,771
Club Mediterranee SA (a)
66,000
 
3,437,070
Euro Disney S.C.A. (a)
5,000,000
 
977,662
Gecina
50,000
 
5,129,469
Kaufman & Broad S.A.
12,489
 
743,997
Nexity (a)
89,765
 
3,159,355
Pierre & Vacances
16,446
 
1,822,245
Societe Immobiliere de Location pour l'Industrie
   
et le Commerce
37,100
 
3,578,766
Societe du Louvre
17,272
 
2,206,461
Unibail
18,426
 
2,192,954
     
26,747,750
     
Germany - 0.5%
   
IVG Immobilien AG
64,400
 
1,113,998
     
Greece - 1.4%
   
Technical Olympic S.A.
476,380
 
2,819,272
     
Netherlands - 1.3%
   
Am N.V.
50,000
 
524,027
Wereldhave N.V.
20,000
 
2,059,609
     
2,583,636
     
Norway - 0.2%
   
Choice Hotels Scandinavia ASA (a)
133,000
 
462,645
Home Invest ASA (a)
72,281
 
-
     
462,645
     
Spain - 4.2%
   
Fadesa Inmobiliaria SA (a)
200,000
 
4,525,925
Inmobiliaria Urbis SA
253,892
 
3,998,007
     
8,523,932
     
Sweden - 5.0%
   
JM AB
272,600
 
7,510,824
Skanska AB
241,200
 
2,796,362
     
10,307,186
     
United Kingdom - 4.7%
   
Brixton plc
39,000
 
257,452
Derwent Valley Holdings plc
110,000
 
2,261,432
Land Securities Group plc
50,000
 
1,298,579
Millennium & Copthorne Hotels plc
125,000
 
875,857
Shaftesbury plc
365,000
 
2,616,019
St. Modwen Properties plc
125,000
 
808,665
Unite Group plc
250,000
 
1,447,580
     
9,565,584
     
Total Common Stocks - Europe
   
69,034,799
     
North & South America - 18.6%
   
Argentina - 0.8%
 
IRSA Inversiones y Representaciones S.A. (a)
8
 
10
IRSA Inversiones y Representaciones S.A. - GDR (a)
134,321
 
1,644,089
     
1,644,099
     
Bermuda - 0.1%
   
Orient-Express Hotel Ltd. - Class A
11,400
 
233,700
     
Canada - 3.3%
   
ClubLink Corporation
150,100
 
1,039,177
Killam Properties (a)
842,000
 
1,520,113
Parkbridge Lifestyles Communities, Inc.
300,000
 
1,426,556
Sunrise Senior Living Real Estate Investment Trust
   
(Cost $2,026,750, Aquired 12/22/04) r
250,000
 
2,387,669
Sunrise Senior Living Real Estate Investment Trust
50,000
 
477,534
     
6,851,049
Cayman Islands - 1.9%
   
 
Far East Consortium International Limited
10,000,000
 
3,910,307
     
 
Mexico - 1.6%
   
 
Desarrolladora Homex S.A. de C.V. ADR (a)
121,300
 
3,269,035
     
 
United States - 10.9%
   
Alexander's, Inc. (a)
12,000
 
2,626,800
D.R. Horton, Inc.
40,000
 
1,591,200
Gaylord Entertainment Company (a)
20,000
 
785,000
Hovnanian Enterprises, Inc. - Class A (a)
40,000
 
2,089,600
KB HOME
17,000
 
1,847,050
Lennar Corporation - Class A
25,000
 
1,411,750
M.D.C. Holdings, Inc.
26,000
 
1,892,800
MeriStar Hospitality Corporation (a)
90,900
 
701,748
Prime Group Realty Trust (a)
12,400
 
79,112
Pulte Homes, Inc.
35,300
 
2,332,624
The Ryland Group, Inc.
25,000
 
1,621,750
Standard-Pacific Corp.
24,100
 
1,603,373
Starwood Hotels & Resorts Worldwide, Inc.
50,000
 
2,894,500
Toll Brothers, Inc. (a)
10,000
 
780,700
     
22,258,007
     
Total Common Stocks
   
North & South America
   
38,166,197
     
TOTAL COMMON STOCKS (Cost $112,382,961)
   
157,216,618
     
RIGHTS - 0.3%
   
Euro Disney S.C.A.
   
Expiration February 2005, Exercise Price 0.09 Euro
   
(Acquired 1/24/2005, Cost $614,462)
5,000,000
 
586,597
     
TOTAL RIGHTS (Cost $614,462)
   
586,597
     
WARRANTS - 0.4%
   
City Developments Limited
   
Expiration May 2006, Exercise Price 2.50 SPD
   
(Acquired 6/2001 - 5/2004, Cost $287,435)
300,000
 
806,550
Major Cineplex Group Public Company Limited
   
Expiration February 2007, Exercise Price 13.00 TB
   
(Acquired 4/2003 - 5/2003, Cost $0)
375,000
 
24,313
     
TOTAL WARRANTS (Cost $287,435)
   
830,863
     
     
SHORT TERM INVESTMENTS - 21.9%
   
Alpine Municipal Money Market Fund
36,975,000
 
36,975,000
Federated Government Obligations Fund
3,000,000
 
3,000,000
Fidelity Institutional Government Portfolio
3,852,117
 
3,852,117
Milestone Funds Treasury Obligations Portfolio
1,000,000
 
1,000,000
TOTAL SHORT TERM INVESTMENTS (Cost $44,827,117)
   
44,827,117
     
Total Investments (Cost $158,111,975) - 99.4%
   
203,461,195
Other Assets in Excess of Liabilities - 0.6%
   
1,302,245
TOTAL NET ASSETS - 100.0%
   
204,763,440
       
Percentages are stated as a percent of net assets.
   
       
(a)
Non Income Producing
   
r
Restricted Security
   
ADR
American Depository Receipt
     
GDR
Global Depository Receipt
     
EURO
European Monetary Unit
     
SPD
Singapore Dollars
     
TB
Thai Baht
     
         
         
         


 
For certain federal income tax information, as well as other information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Funds' most recent semi-annual or annual report.

 

 
     

 

Item 2. Controls and Procedures.
 
(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.
 

 

 
     

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Alpine Equity Trust                                                            

By (Signature and Title)_ /s/ Samuel A. Lieber___________
Samuel A. Lieber, President

Date  03/30/2005                                                                                      



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* _/s/ Samuel A. Lieber                      
Samuel A. Lieber, President

Date  03/30/2005                                                                   

By (Signature and Title)* ___/s/ Sheldon Flamm__________     
Sheldon Flamm, Treasurer

Date  03/30/2005                                                                   

* Print the name and title of each signing officer under his or her signature.


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