Funds Currently Managed

Alpine US Real Estate Equity Fund/Y (EUEYX), since September, 1993; Alpine Realty Income & Growth Fund/Y (AIGYX), lead manager since December, 1998; Alpine Intl Real Estate Equity Fund/Y (EGLRX), manager since February, 1989.

Investment Style Overview

Invests in real estate investment trusts (REITS), home builders, lodging chains, and companies that have at least 50% of their operations in real estate. Unlike many of domestic funds’ peers, which generally invest mainly in REITs, Lieber is willing to concentrate on other segments of the real estate industry. Takes value-oriented approach in picking individual stocks.

Key Stock Selection Criteria

*Inexpensive relative to company’s earnings, sales, or book value.

*High returns on equity and invested capital.

*Healthy margins.

Key Sell Criteria

*Valuation becomes pricey.

*Company’s financial fundamentals erode.

Biographical Notes

Samuel Lieber is chief executive officer of Alpine Management & Research, which he founded in 1998. He was previously a real estate analyst and real estate portfolio manager with Evergreen Funds (1985-1989). Before joining Evergreen, he worked for Whitbread-Nolan Inc.’s investment property brokerage division. He holds a BA in art from Wesleyan University.