Form N-Q ALPINE EQUITY TRUST

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company

What is Form N-Q?
  • Accession No.: 0000894189-05-002599 Act: 40 File No.: 811-05684 Film No.: 051105189
  • CIK: 0000842436
  • Submitted: 2005-09-27
  • Period of Report: 2005-07-31

QUARTERLY NOTICE OF PORTFOLIO HOLDINGS HTML

alpine_equitynq.htm


 
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: July 31, 2005 
 
 

 
Item 1. Schedule of Investments.

 

Schedule of Investments
   
July 31, 2005
   
Alpine US Real Estate Equity Fund (Unaudited)
   
           
 
Shares
     
Value
     
REAL ESTATE INVESTMENT TRUSTS - 11.8%
   
     
Lodging - 4.3%
   
 
100,000
 
Ashford Hospitality Trust
$
1,189,000
 
1,017,500
 
Highland Hospitality Corporation
 
12,311,750
 
1,392,600
 
MeriStar Hospitality Corporation (a)
 
12,421,992
 
500,800
 
Sunstone Hotel Investors Inc.
 
12,950,688
         
38,873,430
     
Mortgage & Finance - 4.3%
   
 
700,000
 
Deerfield Triarc Capital Corp.
 
10,500,000
 
838,700
 
Impac Mortgage Holdings, Inc.
 
14,761,120
 
190,800
 
KKR Financial Corp.
 
4,670,784
 
67,300
 
MortgageIT Holdings Inc.
 
1,321,099
 
298,400
 
Origen Financial, Inc.
 
2,318,568
 
322,350
 
Saxon Capital Inc.
 
5,186,612
         
38,758,183
     
Office - Industrial Buildings - 1.2%
 
 
 
121,900
 
Vornado Realty Trust
 
10,805,216
         
 
     
Retail - 2.0%
 
 
 
63,000
 
Alexander's, Inc.
 
17,577,000
         
 
     
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $88,264,937)
$
106,013,829
         
 
     
COMMON STOCKS - 79.2%
 
 
     
Diversified - 0.7%
 
 
 
300,000
 
Cendant Corporation
$
6,408,000
         
 
     
Homebuilders - 52.3%
 
 
 
356,600
 
Brookfield Homes Corporation
 
17,758,680
 
270,000
 
Centex Corporation
 
19,974,600
 
90,000
 
Champion Enterprises, Inc. (a)
 
1,085,400
 
67,628
 
Comstock Homebuilding Companies, Inc. (a)
 
1,905,419
 
453,266
 
D.R. Horton, Inc.
 
18,620,167
 
498,500
 
Fleetwood Enterprises, Inc. (a)
 
5,657,975
 
600,100
 
Hovnanian Enterprises, Inc. - Class A (a)
 
42,415,068
 
520,000
 
KB HOME
 
42,593,200
 
670,800
 
Lennar Corporation - Class A
 
45,124,716
 
114,800
 
Levitt Corporation
 
3,677,044
 
426,333
 
M.D.C. Holdings, Inc.
 
36,417,365
 
223,000
 
Meritage Homes Corporation (a)
 
20,727,850
 
245,200
 
Orleans Homebuilders, Inc.
 
6,613,044
 
116,500
 
Palm Harbor Homes, Inc. (a)
 
2,256,605
 
475,000
 
Pulte Homes, Inc.
 
44,469,500
 
350,000
 
The Ryland Group, Inc.
 
28,280,000
 
475,000
 
Standard-Pacific Corp.
 
45,310,250
 
951,275
 
Technical Olympic USA, Inc.
 
26,844,980
 
694,600
 
Toll Brothers, Inc. (a)
 
38,494,732
 
700,700
 
WCI Communities, Inc. (a)
 
23,795,772
         
472,022,367
     
Lodging - 19.3%
   
 
1,289,500
 
DiamondRock Hospitality Company (Cost $13,437,180, Acquired 6/04 - 5/05) (a)(b)
 
15,486,895
 
825,000
 
DiamondRock Hospitality Company
 
9,908,250
 
321,462
 
Gaylord Entertainment Company (a)
 
15,410,888
 
264,975
 
Great Wolf Resorts, Inc. (a)
 
3,601,010
 
1,404,200
 
Hilton Hotels Corporation
 
34,753,950
 
1,366,360
 
Interstate Hotels & Resorts, Inc. (a)
 
6,736,155
 
3,679,900
 
La Quinta Corporation (a)
 
33,119,100
 
610,400
 
Orient-Express Hotels Ltd. - Class A
 
19,551,112
 
499,700
 
Starwood Hotels & Resorts Worldwide, Inc.
 
31,641,004
 
157,300
 
Vail Resorts, Inc. (a)
 
4,468,893
         
174,677,257
     
Mortgage & Finance - 2.6%
   
 
623,000
 
Countrywide Financial Corporation
 
22,428,000
 
108,000
 
Delta Financial Corporation
 
1,058,400
         
23,486,400
     
Other - 0.8%
   
 
158,743
 
Churchill Downs, Incorporated
 
7,356,151
           
     
Real Estate Operating Companies - 0.6%
   
 
233,900
 
Thomas Properties Group, Inc.
 
2,968,191
 
111,800
 
Wellsford Real Properties, Inc. (a)
 
1,985,568
         
4,953,759
     
Retirement Community - 1.5%
   
 
260,700
 
Sunrise Senior Living, Inc. (a)
 
13,817,100
           
     
Transportation - 1.4%
   
 
267,500
 
Florida East Coast Industries, Inc.
 
12,572,500
           
     
TOTAL COMMON STOCKS (Cost $527,907,947)
 
715,293,534
           
 
Principal
       
 
Amount
     
Value
     
SHORT TERM INVESTMENTS - 9.0%
   
$
35,500,001
 
Alpine Municipal Money Market Fund
 
35,500,001
 
16,444,886
 
Federated Government Obligations Fund
 
16,444,886
 
7,627,151
 
Federated Prime Obligations Fund
 
7,627,151
 
21,968,975
 
Fidelity Institutional Government Portfolio
 
21,968,975
 
1,149
 
Milestone Funds Treasury Obligations Portfolio
 
1,149
     
TOTAL SHORT TERM INVESTMENTS (Cost $81,542,162)
 
81,542,162
           
     
Total Investments (Cost $697,715,046) - 100.0%
 
902,849,525
     
Other Assets in Excess of Liabilities - 0.0%
 
268,279
     
TOTAL NET ASSETS - 100.0%
$
903,117,804
           
(a)
Non Income Producing
   
(b)
Restricted
   
           
           
 

 

Schedule of Investments
   
July 31, 2005
   
Alpine Realty Income & Growth Fund (Unaudited)
   
           
 
Shares
     
Value
     
REAL ESTATE INVESTMENT TRUSTS - 67.3%
   
     
Apartments - 8.3%
   
 
136,900
 
Apartment Investment & Management Company - Class A
$
6,023,600
 
218,600
 
Archstone-Smith Trust
 
9,290,500
 
112,700
 
Associated Estates Realty Corporation
 
1,098,825
 
221,800
 
BRE Properties, Inc.
 
9,958,820
 
261,200
 
Equity Residential
 
10,552,480
 
64,000
 
Essex Property Trust, Inc.
 
5,879,040
 
94,900
 
Home Properties, Inc.
 
4,344,522
 
85,500
 
Town & Country Trust
 
2,482,920
 
520,300
 
United Dominion Realty Trust, Inc.
 
13,241,635
         
62,872,342
     
Diversified - 3.1%
   
 
269,900
 
Vornado Realty Trust
 
23,923,936
           
     
Health Care - 5.6%
   
 
193,700
 
Health Care REIT, Inc.
 
7,573,670
 
189,200
 
Nationwide Health Properties, Inc.
 
4,745,136
 
548,100
 
Omega Healthcare Investors, Inc.
 
7,645,995
 
278,200
 
Senior Housing Properties Trust
 
5,486,104
 
617,500
 
Sunrise Senior Living Real Estate Investment Trust
 
6,285,475
 
74,800
 
Sunrise Senior Living Real Estate Investment Trust
 
761,382
 
100,700
 
Universal Health Realty Income Trust
 
3,546,654
 
207,000
 
Ventas, Inc.
 
6,684,030
         
42,728,446
     
Lodging - 8.3%
   
 
1,300,300
 
FelCor Lodging Trust, Inc. (a)
 
20,219,665
 
167,850
 
Hospitality Properties Trust
 
7,452,540
 
751,700
 
Host Marriott Corporation
 
14,019,205
 
192,600
 
Innkeepers USA Trust
 
2,960,262
 
587,400
 
MeriStar Hospitality Corporation (a)
 
5,239,608
 
499,500
 
Sunstone Hotel Investors Inc.
 
12,917,070
         
62,808,350
     
Mortgage & Finance - 4.2%
   
 
563,100
 
iStar Financial Inc.
 
24,095,049
 
200,400
 
KKR Financial Corp.
 
4,905,792
 
93,700
 
Newcastle Investment Corporation
 
2,895,330
         
31,896,171
     
Net Lease - 2.5%
   
 
417,700
 
Entertainment Properties Trust
 
19,026,235
         
 
     
Office - Industrial Buildings - 15.6%
   
 
222,900
 
Alexandria Real Estate Equities, Inc.
 
17,932,305
 
254,500
 
AMB Property Corporation
 
11,704,455
 
308,600
 
Arden Realty, Inc.
 
12,322,398
 
260,600
 
Boston Properties, Inc.
 
19,844,690
 
265,283
 
Equity Office Properties Trust
 
9,404,282
 
46,600
 
Mack-Cali Realty Corporation
 
2,232,606
 
293,200
 
Maguire Properties, Inc.
 
8,781,340
 
71,400
 
Prentiss Properties Trust
 
2,889,558
 
337,200
 
ProLogis
 
15,362,832
 
525,600
 
Reckson Associates Realty Corporation
 
18,459,072
         
118,933,538
     
Retail Centers - 19.7%
   
 
355,800
 
CBL & Associates Properties, Inc.
 
16,324,104
 
457,726
 
Developers Diversified Realty Corporation
 
22,277,525
 
486,700
 
General Growth Properties, Inc.
 
22,378,466
 
56,100
 
Glimcher Realty Trust
 
1,618,485
 
207,000
 
Kimco Realty Corporation
 
13,591,620
 
345,700
 
Kite Realty Group Trust
 
5,358,350
 
264,900
 
The Macerich Company
 
18,601,278
 
254,400
 
The Mills Corp.
 
16,551,264
 
353,700
 
Simon Property Group, Inc.
 
28,204,038
 
150,300
 
Taubman Centers, Inc.
 
5,341,662
         
150,246,792
           
     
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $378,995,853)
 
512,435,810
           
     
COMMON STOCKS - 15.5%
   
     
Diversified - 0.5%
   
 
140,800
 
Macquarie Infrastructure Company Trust
 
3,998,720
           
     
Homebuilders - 2.8%
   
 
86,500
 
Hovnanian Enterprises, Inc. - Class A (a)
 
6,113,820
 
20,000
 
The Ryland Group, Inc.
 
1,616,000
 
79,500
 
Standard-Pacific Corp.
 
7,583,505
 
105,240
 
Toll Brothers, Inc. (a)
 
5,832,401
         
21,145,726
     
Lodging - 12.2%
 
 
 
1,296,300
 
DiamondRock Hospitality Company
 
15,568,563
 
406,000
 
Hilton Hotels Corporation
 
10,048,500
 
2,896,300
 
La Quinta Corporation (a)
 
26,066,700
 
95,400
 
Marriott International, Inc. - Class A
 
6,532,038
 
549,400
 
Starwood Hotels & Resorts Worldwide, Inc.
 
34,788,008
         
93,003,809
         
 
     
TOTAL COMMON STOCKS (Cost $89,586,585)
 
118,148,255
         
 
     
MUTUAL FUNDS - 0.5%
 
 
     
Real Estate - 0.5%
   
 
50,000
 
iShares Cohen & Steers Realty Majors Index Fund
 
3,855,000
         
 
     
TOTAL MUTUAL FUNDS (Cost $3,392,749)
 
3,855,000
         
 
     
PREFERRED STOCKS - 3.4%
 
 
     
Apartments - 0.3%
 
 
 
60,000
 
Apartment Investment & Management Co. Series U, 7.750%
 
1,518,600
 
37,700
 
Apartment Investment & Management Co. Series T, 8.000%
 
970,775
         
2,489,375
     
Health Care - 0.1%
 
 
 
38,400
 
Omega Healthcare Investors, Inc. Series D, 8.375%
 
1,006,080
           
     
Lodging - 1.8%
   
 
255,300
 
FelCor Lodging Trust, Inc. Series A, 7.800%
 
6,242,085
 
163,000
 
FelCor Lodging Trust, Inc. Series C, 8.000%
 
3,985,350
 
81,600
 
La Quinta Corp. Series A, 9.000%
 
2,097,120
 
45,500
 
Winston Hotels, Inc. Series B, 8.000%
 
1,157,975
         
13,482,530
     
Mortgage & Finance - 0.3%
 
 
 
29,700
 
Anthracite Capital, Inc. Series C, 9.375%
 
786,159
 
63,500
 
Novastar Financial, Inc. Series C, 8.900%
 
1,638,300
         
2,424,459
     
Office - Industrial Buildings - 0.9%
 
 
 
36,700
 
Digital Realty Trust, Inc. Series A, 8.500%
 
968,146
 
233,500
 
Prime Group Realty Trust Series B, 9.000%
 
5,503,595
         
6,471,741
         
 
     
TOTAL PREFERRED STOCKS (Cost $23,730,842)
 
25,874,185
 
Principal
       
 
Amount
     
Value
     
CONVERTIBLE BONDS - 0.1%
   
     
MeriStar Hospitality Corporation
   
$
500,000
 
9.500%, 04/01/2010
 
640,000
           
     
TOTAL CONVERTIBLE BONDS (Cost $500,000)
 
640,000
           
     
SHORT TERM INVESTMENTS - 13.1%
   
 
53,447,163
 
Alpine Municipal Money Market Fund
 
53,447,163
 
13,236,146
 
Federated Government Obligations Fund
 
13,236,146
 
13,374,021
 
Federated Prime Obligations Fund
 
13,374,021
 
14,574,679
 
Fidelity Institutional Government Portfolio
 
14,574,679
 
5,021,637
 
Milestone Funds Treasury Obligations Portfolio
 
5,021,637
     
TOTAL SHORT TERM INVESTMENTS (Cost $99,653,646)
 
99,653,646
         
 
     
Total Investments (Cost $595,859,675) - 99.9%
 
760,606,896
     
Other Assets in Excess of Liabilities - 0.1%
 
1,072,305
     
TOTAL NET ASSETS - 100.0%
$
761,679,201
           
(a)
Non Income Producing
 
           
 

 

Schedule of Investments
   
July 31, 2005
   
Alpine International Real Estate Equity Fund (Unaudited)
   
           
 
Shares
     
Value
     
COMMON STOCKS - 83.0%
   
     
Asia - 26.0%
   
     
Australia - 0.5%
   
 
250,000
 
Mirvac Group
$
720,990
 
70,000
 
Westfield Group
 
953,751
         
1,674,741
     
Hong Kong - 13.6%
 
 
 
18,000,000
 
Far East Consortm International Limited
 
7,757,074
 
4,800,000
 
The Hongkong & Shanghai Hotels, Limited
 
5,619,054
 
1,675,000
 
Hysan Development Company Limited
 
3,943,179
 
400,000
 
Kowloon Development Company Limited
 
445,099
 
16,006,000
 
Midland Realty (Holdings) Limited
 
9,986,313
 
8,201,600
 
New World China Land Limited (a)
 
2,795,922
 
7,000,000
 
Pacific Century Premium Developments Limited
 
2,228,711
 
1,822,000
 
Shangri-La Asia Limited
 
3,211,068
 
3,000,000
 
Silver Grant International
 
945,514
 
8,000,000
 
Sino Land Company Limited
 
9,468,004
         
46,399,938
     
Japan - 3.1%
 
 
 
166,700
 
Diamond City Co., Ltd.
 
4,967,267
 
475
 
Japan Retail Fund Investment Corporation
 
4,056,037
 
200
 
NTT Urban Devleopment Corporation
 
839,671
 
80,000
 
The Sankei Building Co., Ltd.
 
497,398
 
23,692
 
Sekisui House, Ltd.
 
239,186
         
10,599,559
     
Malaysia - 0.7%
   
 
1,000,000
 
Eastern & Oriental Berhad
 
341,288
 
200,000
 
Resorts World Berhad
 
570,590
 
1,000,000
 
SP Setia Berhad
 
1,146,514
 
500,000
 
Sunway City Berhad
 
279,963
         
2,338,355
     
New Zealand - 0.1%
   
 
393,215
 
Kiwi Income Property Trust
 
299,664
           
     
Philippines - 0.1%
   
 
13,625,000
 
SM Development Corporation
 
368,801
           
     
Singapore - 3.8%
   
 
1,138,500
 
Ascendas Real Estate Investment Trust (A-REIT)
 
1,614,409
 
5,000,000
 
Capitacommercial Trust
 
4,566,484
 
695,000
 
City Developments Limited
 
3,612,179
 
2,695,000
 
Fortune Real Estate Investment Trust (a)
 
2,305,478
 
1,197,000
 
Raffles Holdings Limited
 
672,472
         
12,771,022
     
Thailand - 4.1%
   
 
7,000,000
 
Amata Corporation Public Company Limited
 
2,000,720
 
3,000,000
 
Asian Property Development Public Company Limited
 
255,074
 
9,342,300
 
Central Pattana Public Company Limited
 
2,266,296
 
3,000,000
 
Ch. Karnchang Public Company Limited
 
770,986
 
178,600
 
Dusit Thani Public Company Limited
 
180,166
 
16,307,700
 
The Erawan Group Public Company Limited
 
665,860
 
200,000
 
Golden Land Property Development Public Company Limited (a)
 
37,468
 
2,000,000
 
Golden Land Property Development Public Company Limited (a)
 
374,685
 
3,930,000
 
Lalin Property Public Company Limited
 
447,417
 
3,000,000
 
Land and Houses Public Company Limited
 
518,794
 
2,000,000
 
Land and Houses Public Company Limited
 
345,863
 
5,000,000
 
M.K. Real Estate Development Public Company Limited
 
247,388
 
2,500,000
 
Major Cineplex Group Public Company Limited
 
720,547
 
13,750,000
 
Minor International Public Company Limited
 
1,340,819
 
2,338,700
 
Noble Development Public Company Limited
 
213,452
 
9,000,000
 
Power Line Engineering Public Company Limited
 
1,750,931
 
15,979,100
 
Quality House Public Company Limited
 
387,628
 
4,040,000
 
Saha Pathana Inter-Holding Public Company Limited
 
1,571,947
         
14,096,041
         
 
     
Total Asia (Cost $68,942,631)
 
88,548,121
         
 
     
Europe - 37.3%
   
     
Finland - 2.0%
 
 
 
1,361,000
 
Citycon Oyj
 
5,262,853
 
166,400
 
Sponda OYJ
 
1,758,904
         
7,021,757
     
France - 9.1%
   
 
40,000
 
Accor SA
 
2,036,487
 
16,678
 
Affine
 
1,870,071
 
66,000
 
Club Mediterranee SA (a)
 
3,150,591
 
19,750,000
 
Euro Disney S.C.A. (a)
 
3,351,718
 
30,000
 
Gecina
 
3,389,296
 
12,489
 
Kaufman & Broad S.A. (a)
 
844,005
 
126,636
 
Nexity
 
5,342,060
 
16,446
 
Pierre & Vacances
 
1,219,071
 
17,272
 
Societe du Louvre
 
3,050,525
 
40,308
 
Societe Immobiliere de Location pour l'Industrie et le Commerce
 
4,140,982
 
18,426
 
Unibail
 
2,546,293
         
30,941,099
     
Germany - 0.4%
   
 
64,400
 
IVG Immobilien AG
 
1,307,594
           
     
Greece - 1.1%
   
 
19,980
 
Lamda Development S.A.
 
102,503
 
551,380
 
Techniki Olympiaki S.A.
 
3,676,089
         
3,778,592
     
Italy - 1.2%
   
 
199,414
 
Aedes S.p.A. Ligure Lombarda per Imprese e Costruzioni
 
1,392,357
 
675,790
 
Risanamento S.p.A.
 
2,703,324
         
4,095,681
     
Netherlands - 0.4%
   
 
117,417
 
AM N.V.
 
1,404,819
           
     
Norway - 3.0%
   
 
133,000
 
Choice Hotels Scandinavia ASA (a)
 
530,758
 
72,281
 
Home Invest ASA (a)
 
0
 
840,000
 
NorGani Hotels ASA (a)
 
7,118,480
 
246,800
 
Oslo Areal ASA (a)
 
2,462,239
         
10,111,477
     
Spain - 4.5%
   
 
296,000
 
Fadesa Inmobiliaria SA
 
8,719,074
 
328,892
 
Inmobiliaria Urbis SA
 
6,486,542
           
     
Sweden - 5.0%
   
 
396,473
 
JM AB
 
14,040,135
 
241,200
 
Skanska AB
 
3,121,536
         
17,161,671
     
United Kingdom - 10.6%
   
 
100,000
 
Barratt Developments plc
 
1,266,368
 
50,000
 
Bellway p.l.c
 
756,657
 
614,000
 
Brixton plc
 
3,820,301
 
300,000
 
Carillion plc
 
1,481,677
 
1,800,000
 
Dawnay Day Carpathian PLC (a)
 
3,416,820
 
110,000
 
Derwent Valley Holdings plc
 
2,358,731
 
45,000
 
Eurocastle Investment Limited
 
1,025,517
 
250,000
 
Hammerson plc
 
3,765,709
 
220,000
 
Land Securities Group plc
 
5,386,414
 
305,500
 
Millennium & Copthorne Hotels plc (a)
 
1,945,116
 
60,000
 
Persimmon plc (a)
 
843,659
 
200,000
 
Redrow plc
 
1,474,646
 
660,000
 
Shaftesbury plc
 
4,326,918
 
75,000
 
Slough Estates plc
 
705,246
 
125,000
 
St. Modwen Properties plc
 
1,011,732
 
250,000
 
Unite Group plc
 
1,340,188
 
50,000
 
Westbury plc
 
395,905
 
40,000
 
Wilson Bowden plc
 
808,507
         
36,130,111
           
     
Total Europe (Cost $97,193,521)
 
127,158,417
           
     
North & South America - 19.7%
   
     
Argentina - 0.9%
 
 
 
8
 
IRSA Inversiones y Representaciones S.A. (a)
 
10
 
262,121
 
IRSA Inversiones y Representaciones S.A. - ADR (a)
 
3,216,224
         
3,216,234
     
Bermuda - 0.4%
 
 
 
42,900
 
Orient-Express Hotels Ltd. - Class A
 
1,374,087
           
     
Canada - 2.4%
   
 
150,100
 
ClubLink Corporation
 
1,146,503
 
842,000
 
Killam Properties (a)
 
1,891,594
 
300,000
 
Parkbridge Lifestyles Communities, Inc. (a)
 
1,151,867
 
250,000
 
Sunrise Senior Living Real Estate Investment Trust
 
2,544,727
 
150,000
 
Sunrise Senior Living Real Estate Investment Trust
 
1,526,836
         
8,261,527
     
Mexico - 1.7%
   
 
189,900
 
Desarrolladora Homex S.A. de C.V. - ADR (a)
 
5,860,314
           
     
United States - 14.3%
   
 
12,000
 
Alexander's, Inc. (a)
 
3,348,000
 
100,000
 
Countrywide Financial Corporation
 
3,600,000
 
81,666
 
D.R. Horton, Inc.
 
3,354,839
 
20,000
 
Gaylord Entertainment Company (a)
 
958,800
 
60,000
 
Hilton Hotels Corporation
 
1,485,000
 
60,000
 
Hovnanian Enterprises, Inc. - Class A (a)
 
4,240,800
 
100,000
 
Impac Mortgage Holdings, Inc.
 
1,760,000
 
50,000
 
KB HOME
 
4,095,500
 
65,000
 
La Quinta Corporation (a)
 
585,000
 
30,000
 
Lennar Corporation - Class A
 
2,018,100
 
26,000
 
M.D.C. Holdings, Inc.
 
2,220,920
 
90,900
 
MeriStar Hospitality Corporation (a)
 
810,828
 
40,300
 
Pulte Homes, Inc.
 
3,772,886
 
28,300
 
The Ryland Group, Inc.
 
2,286,640
 
31,600
 
Standard-Pacific Corp.
 
3,014,324
 
119,900
 
Starwood Hotels & Resorts Worldwide, Inc.
 
7,592,068
 
30,000
 
Toll Brothers, Inc. (a)
 
1,662,600
 
20,000
 
Vornado Realty Trust
 
1,772,800
         
48,579,105
           
     
Total North & South America (Cost $49,609,353)
 
67,291,267
           
     
TOTAL COMMON STOCKS (Cost $215,745,505)
$
282,997,805
           
     
WARRANTS - 0.4%
   
 
300,000
 
City Developments Limited
 
1,126,599
     
Expiration May 2006, Exercise Price 2.50 SPD (Acquired 6/01 - 5/04, Cost $287,435) (a)
   
 
375,000
 
Major Cineplex Group Public Company Limited
 
12,880
     
Expiration February 2007, Exercise Price 12.80 TB (Acquired 4/03 - 5/03, Cost $0) (a)
   
     
Minor International Public Company Limited
   
 
1,250,000
 
Expiration May 2007, Exercise Price 6.00 TB (Acquired 12/04 - 1/05, Cost $0) (a)
 
0
     
 
   
     
TOTAL WARRANTS (Cost $287,435)
$
1,139,479
           
 
Principal
       
 
Amount
     
Value
     
SHORT TERM INVESTMENTS - 16.2%
   
 
30,580,000
 
Alpine Municipal Money Market Fund
 
30,580,000
 
8,777,919
 
Federated Prime Obligations Fund
 
8,777,919
 
11,170,397
 
Fidelity Institutional Government Portfolio
 
11,170,397
 
113,025
 
Milestone Funds Treasury Obligations Portfolio
 
113,025
 
4,642,750
 
Federated Government Obligations Fund
 
4,642,750
           
     
TOTAL SHORT TERM INVESTMENTS (Cost $55,284,091)
$
55,284,091
           
     
Total Investments (Cost $271,317,031) - 99.6%
$
339,421,375
     
Other Assets in Excess of Liabilities - 0.4%
 
1,470,823
     
TOTAL NET ASSETS - 100.0%
$
340,892,198
           
ADR
American Depository Receipt
   
(a)
Non Income Producing
   
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 Fund’s 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 quarter 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    9/22/2005                                                               



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   9/22/2005                                                                  

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

Date   9/22/2005                                                                  

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


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