Alpine Securities USVI

Alpine Securities USVI as of March 31, 2012

Portfolio Holdings for Alpine Securities USVI

Alpine Securities USVI holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

                VALUE              SH/  PUT/INVESTMENT  OTHER   VOTING AUTHORITY
         NAME OF ISSUER          TITLE OF CLASS    CUSIP    ($000's)  AMOUNT    PRN  CALLDISCRETION  MANAGER  SOLE  SHARED  NONE
----------------------------------------------------------  -------- --------------- --- ---------- -------- ----- ------- ----
              {S}                     {C}           {C}       {C}       {C}     {C}  {C}     {C}       {C}     {C}    {C}   {C}

JPMORGAN CHASE & CO                   COM        46625H100    230      5000     SH          SOLE              5000
NOVAGOLD RES INC                    COM NEW      66987E206    108      15000    SH          SOLE              15000