Form N-Q ALPINE EQUITY TRUST

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company

What is Form N-Q?
  • Accession No.: 0000930413-15-001430 Act: 40 File No.: 811-05684 Film No.: 15724840
  • CIK: 0000842436
  • Submitted: 2015-03-25
  • Period of Report: 2015-01-31

N-Q HTML

c80570_nq.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)

 

2500 Westchester Avenue, Suite 215

Purchase, NY 10577

(Address of principal executive offices) (Zip code)

 

Samuel A. Lieber

Alpine Woods Capital Investors, LLC

2500 Westchester Avenue, Suite 215

Purchase, NY 10577

(Name and address of agent for service)

 

Copy to:

Rose DiMartino

Attorney at Law

Willkie Farr & Gallagher

787 7th Avenue, 40th FL

New York, NY  10019

 

1-888-729-6633

Registrant’s telephone number, including area code

 

Date of fiscal year end: October 31, 2015

 

Date of reporting period:  January 31, 2015

 

Item 1. Schedule of Investments.

 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments

January 31, 2015 (Unaudited)

 

Shares   Security
Description
  Value 
         
Common Stocks-96.6%     
      
Asia-40.5%     
      
China-9.5%     
 1,000,000   China Overseas Grand Oceans Group, Ltd.  $525,885 
 380,000   China Overseas Land & Investment, Ltd.   1,103,047 
 403,333   China Resources Land, Ltd.   1,032,859 
 1,600,000   China South City Holdings, Ltd.   525,422 
 1,000,000   China State Construction International Holdings, Ltd.   1,535,439 
 400,000   China Vanke Co., Ltd.-Class H (a)   866,747 
 1,500,000   Country Garden Holdings Co., Ltd.   597,683 
 80,000   Dalian Wanda Commercial Properties Co., Ltd.-Class H (a)(b)   494,821 
 200,000   E-House China Holdings, Ltd.-ADR   1,374,000 
 3,527,587   Kaisa Group Holdings, Ltd.   660,673 
 10,000   Leju Holdings, Ltd.-ADR (a)   101,800 
 1,400,000   Longfor Properties Co., Ltd.   1,832,027 
 450,000   Shimao Property Holdings, Ltd.   946,860 
 1,300,000   Sino-Ocean Land Holdings, Ltd.   836,318 
 2,000,000   Sunac China Holdings, Ltd.   1,793,016 
         14,226,597 
           
Hong Kong-0.5%     
 20,002,031   CSI Properties, Ltd.   770,933 
          
India-7.6%         
 1,399,872   DB Realty, Ltd. (a)   2,061,091 
 2,290,373   Hirco PLC (a)(c)(d)   34,498 
 249,877   Prestige Estates Projects, Ltd.   1,107,095 
 84,007   Sobha, Ltd.   634,343 
 2,000,000   South Asian Real Estate PLC (a)(c)(d)(e)   5,512,696 
 2,899,758   Unitech Corporate Parks PLC (a)   121,254 
 368,334   Yatra Capital, Ltd. (a)   1,823,032 
         11,294,009 
           
Indonesia-1.1%     
 246,285,560   PT Bakrieland Development TBK (a)   972,116 
 16,071,429   PT Pakuwon Jati TBK   630,195 
         1,602,311 
           
Japan-9.8%     
 15,000   Daito Trust Construction Co., Ltd.   1,669,722 
 496   GLP J-REIT   563,393 
 300,691   Hulic Co., Ltd.   2,731,330 
 3,538   Invincible Investment Corp.   1,577,467 
 872,312   Kenedix, Inc.   3,923,301 
 100,000   Mitsubishi Estate Co., Ltd.   2,012,075 
 51,725   Mitsui Fudosan Co., Ltd.   1,307,691 
 112   Nippon Prologis REIT, Inc.   263,699 
 20,000   Sumitomo Realty & Development Co., Ltd.   637,942 
         14,686,620 
      
Philippines-6.1%     
 2,847,077   Ayala Land, Inc.   2,318,735 
 30,000,000   Megaworld Corp.   3,518,489 
 7,800,070   SM Prime Holdings, Inc.   3,278,532 
         9,115,756 
 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

Singapore-1.6%     
 2,479,000   Banyan Tree Holdings, Ltd.   962,060 
 801,420   Global Logistic Properties, Ltd.   1,495,281 
         2,457,341 
      
Thailand-2.7%     
 2,792,263   Central Pattana PCL   3,407,360 
 1,061,348   Minor International PCL   552,435 
         3,959,795 
      
United Arab Emirates-1.6%     
 1,384,615   DAMAC Properties Dubai Co. PJSC (a)   674,769 
 600,333   Emaar Malls Group PJSC (a)   454,019 
 660,000   Emaar Properties PJSC   1,202,976 
         2,331,764 
     Total Asia (Cost $90,014,048)   60,445,126 
      
Europe-42.3%     
      
France-3.6%     
 138,193   Nexity SA   5,441,444 
      
Germany-2.8%     
 104,669   DIC Asset AG   1,093,469 
 3,542,900   Sirius Real Estate, Ltd.   1,606,395 
 113,933   TAG Immobilien AG   1,479,907 
         4,179,771 
      
Ireland-2.7%     
 690,000   Dalata Hotel Group PLC (a)   2,276,723 
 518,484   Green REIT PLC   779,229 
 166,666   Hibernia REIT PLC   209,803 
 650,000   Irish Residential Properties REIT PLC (a)   741,845 
         4,007,600 
      
Norway-0.5%     
 72,000   Entra ASA (a)(b)   772,005 
      
Poland-0.2%     
 3,265,000   Nanette Real Estate Group NV (a)(c)(d)   258,261 
      
Russia-0.2%     
 359,137   Mirland Development Corp. PLC (a)   348,901 
      
Spain-1.6%     
 75,000   Hispania Activos Inmobiliarios SAU (a)   1,005,191 
 60,000   Lar Espana Real Estate Socimi SA (a)   604,418 
 60,000   Merlin Properties Socimi SA (a)   720,036 
         2,329,645 
      
Sweden-2.2%     
 100,877   JM AB   3,320,445 
      
United Kingdom-28.5%     
 320,270   Great Portland Estates PLC   3,777,886 
 90,000   Land Securities Group PLC   1,724,938 
 502,084   Londonmetric Property PLC   1,206,202 
 4,000,713   LXB Retail Properties PLC (a)   8,137,520 
 1,588,673   Quintain Estates & Development PLC (a)   2,303,129 
 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 3,955,756   Regus PLC   12,026,702 
 120,000   Savills PLC   1,316,882 
 1,485,112   Songbird Estates PLC (a)   7,838,203 
 150,000   The British Land Co. PLC   1,869,287 
 317,416   The Unite Group PLC   2,337,858 
         42,538,607 
     Total Europe (Cost $54,063,701)   63,196,679 
      
North & South America-13.8%     
      
Brazil-8.3%     
 575,753   BHG SA-Brazil Hospitality Group (a)   3,712,113 
 220,535   Cyrela Commercial Properties SA Empreendimentos e Participacoes   895,866 
 986,829   Direcional Engenharia SA   2,390,529 
 912,132   General Shopping Brasil SA (a)   2,036,214 
 790,500   JHSF Participacoes SA   633,402 
 53,655   Multiplan Empreendimentos Imobiliarios SA   963,620 
 155,394   Sao Carlos Empreendimentos e Participacoes SA   1,743,169 
         12,374,913 
      
Mexico-3.9%     
 500,000   Concentradora Fibra Hotelera Mexicana SA de CV   658,795 
 766,024   Corp. Inmobiliaria Vesta SAB de CV   1,482,017 
 600,979   Fibra Uno Administracion SA de CV   1,812,219 
 1,257,643   Hoteles City Express SAB de CV (a)   1,854,225 
         5,807,256 
      
United States-1.6%     
 93,750   American Realty Capital Properties, Inc.   868,594 
 74,984   Extended Stay America, Inc.   1,483,183 
         2,351,777 
     Total North & South America (Cost $31,444,898)   20,533,946 
     Total Common Stocks (Cost $175,522,647)   144,175,751 
      
Equity-Linked Structured Notes-3.3%     
      
Asia-3.3%     
      
India-3.3%     
 185,910   Kolte-Patil Developers, Ltd.-Merrill Lynch & Co., Inc.   610,146 
 590,000   Phoenix Mills, Ltd.-Merrill Lynch & Co., Inc.   3,848,551 
 360,560   Puravankara Projects, Ltd.-Macquarie Bank, Ltd.   480,725 
         4,939,422 
     Total Asia (Cost $3,214,287)   4,939,422 
     Total Equity-Linked Structured Notes (Cost $3,214,287)   4,939,422 
      
Investment Companies-0.5%     
      
Asia-0.5%     
      
India-0.5%     
 7,076,577   Trinity Capital PLC (a)   706,142 
     Total Asia (Cost $10,179,879)   706,142 
     Total Investment Companies (Cost $10,179,879)   706,142 
 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

Warrants-0.0% (f)     
      
Asia-0.0% (f)     
      
Thailand-0.0% (f)     
 25,018   Minor International PCL
Expiration: November 03, 2017
Exercise Price: THB 40.00
   4,319 
     Total Asia (Cost $0)   4,319 
     Total Warrants (Cost $0)   4,319 
           
Principal
Amount
         
     
Short-Term Investments-0.2%    
$323,000   State Street Eurodollar Time Deposit, 0.01%   323,000 
     Total Short-Term Investments (Cost $323,000)   323,000 
Total Investments (Cost $189,239,813)-100.6%   150,148,634 
Liabilities in Excess of Other Assets-(0.6)%   (903,685)
TOTAL NET ASSETS 100.0%  $149,244,949 

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Restricted under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. Liquid securities restricted under Rule 144A comprised 0.8% of the Fund’s net assets.

(c) Illiquid security.

(d) Security fair valued in accordance with procedures approved by the Board of Trustees. These securities comprised 3.9% of the Fund’s net assets.

(e) Private placement.

(f) Amount is less than 0.05%.

AB-Aktiebolag is the Swedish equivalent of a corporation.

ADR-American Depositary Receipt

AG-Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

ASA-Allmennaksjeselskap is the Norwegian term for a public limited company.

NV-Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

PCL-Public Company Limited

PJSC-Public Joint Stock Company

PLC-Public Limited Company

REIT-Real Estate Investment Trust

SA-Generally designates corporations in various countries, mostly those employing the civil law.

SA de CV-Sociedad Anonima de Capital Variable is the Spanish equivalent to Variable Capital Company.

SAB de CV-Sociedad Anonima Bursátil de Capital Variable is the Spanish equivalent to Variable Capital Company.

SAU-Sociedad Anonima Unipersonal

TBK-Indonesian city of Tanjung Balai Karimun

THB-Thailand Baht

 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments

January 31, 2015 (Unaudited)

 

Shares   Security
Description
  Value 
     
Real Estate Investment Trusts-98.0%    
      
Apartments-16.7%     
 15,000   American Campus Communities, Inc.  $659,400 
 25,625   AvalonBay Communities, Inc. (a)   4,432,869 
 21,000   Camden Property Trust   1,618,050 
 38,000   Campus Crest Communities, Inc.   261,820 
 68,360   Equity Residential (a)   5,305,419 
 23,665   Essex Property Trust, Inc. (a)   5,349,473 
 35,200   Home Properties, Inc. (a)   2,481,600 
 36,900   UDR, Inc.   1,227,294 
         21,335,925 
      
Diversified-5.9%     
 26,114   American Assets Trust, Inc. (a)   1,158,939 
 37,087   Cousins Properties, Inc.   409,440 
 88,700   Crombie Real Estate Investment Trust   940,261 
 46,117   Vornado Realty Trust (a)   5,093,162 
         7,601,802 
      
Health Care-9.9%     
 69,372   HCP, Inc.   3,280,602 
 24,803   Health Care REIT, Inc.   2,032,606 
 30,413   Omega Healthcare Investors, Inc.   1,333,914 
 47,344   Sabra Health Care REIT, Inc.   1,548,149 
 55,712   Ventas, Inc. (a)   4,446,374 
         12,641,645 
          
Lodging-5.6%         
 37,842   Chatham Lodging Trust   1,178,021 
 39,658   Chesapeake Lodging Trust   1,456,242 
 70,000   DiamondRock Hospitality Co.   1,017,100 
 85,000   Host Hotels & Resorts, Inc.   1,945,650 
 12,000   LaSalle Hotel Properties (a)   485,520 
 15,000   Pebblebrook Hotel Trust   696,600 
 25,000   Strategic Hotels & Resorts, Inc. (b)   335,500 
         7,114,633 
      
Manufactured Homes-1.2%     
 28,900   Equity LifeStyle Properties, Inc.   1,581,697 
      
Mortgage & Finance-1.4%     
 34,775   Apollo Commercial Real Estate Finance, Inc.   574,831 
 50,000   Starwood Property Trust, Inc.   1,196,500 
         1,771,331 
      
Net Lease-1.1%     
 67,500   American Realty Capital Properties, Inc.   625,387 
 11,012   EPR Properties   716,441 
         1,341,828 
           
Office-Industrial Buildings-30.0%     
 51,528   Alexandria Real Estate Equities, Inc. (a)   5,025,011 
 49,611   Boston Properties, Inc.   6,886,007 
 37,671   CoreSite Realty Corp.   1,650,367 
 52,600   Digital Realty Trust, Inc.   3,836,644 
 64,509   Douglas Emmett, Inc.   1,837,216 
 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 40,352   DuPont Fabros Technology, Inc.   1,503,516 
 45,455   Empire State Realty Trust, Inc.-Class A   827,281 
 10,714   Hudson Pacific Properties, Inc.   346,598 
 42,473   Kilroy Realty Corp. (a)   3,149,373 
 23,708   Liberty Property Trust   955,432 
 104,700   Prologis, Inc.   4,726,158 
 11,250   Rexford Industrial Realty, Inc.   180,225 
 41,351   SL Green Realty Corp. (a)   5,210,226 
 44,537   STAG Industrial, Inc.   1,166,869 
 51,058   Terreno Realty Corp.   1,164,122 
         38,465,045 
      
Other-0.5%     
 35,608   Paramount Group, Inc. (b)   689,015 
      
REIT - Infrastructure-1.3%     
 17,500   American Tower Corp.   1,696,625 
      
Retail Centers-19.3%     
 88,191   CBL & Associates Properties, Inc.   1,818,498 
 20,075   DDR Corp.   393,470 
 12,100   Federal Realty Investment Trust (a)   1,739,617 
 76,000   General Growth Properties, Inc.   2,293,680 
 50,000   Kimco Realty Corp.   1,382,500 
 56,295   Simon Property Group, Inc. (a)   11,183,565 
 19,106   Taubman Centers, Inc. (a)   1,565,737 
 38,928   The Macerich Co. (a)   3,348,197 
 23,059   Urban Edge Properties (b)   547,409 
 28,647   WP GLIMCHER, Inc.   506,479 
         24,779,152 
      
Storage-5.1%     
 16,000   Extra Space Storage, Inc.   1,056,000 
 27,265   Public Storage (a)   5,475,903 
         6,531,903 
     Total Real Estate Investment Trusts (Cost $63,631,123)   125,550,601 
      
Common Stocks-1.5%     
      
Diversified-0.3%     
 200,000   Emaar Properties PJSC   364,538 
      
Lodging-1.2%     
 22,000   Starwood Hotels & Resorts Worldwide, Inc. (a)   1,583,340 
     Total Common Stocks (Cost $1,721,600)   1,947,878 
      
Preferred Stocks-1.2%     
      
Mortgage & Finance-0.4%     
 20,567   NorthStar Realty Finance Corp.-Series B, 8.250%   526,927 
      
Retail Centers-0.8%     
 39,333   CBL & Associates Properties, Inc.-Series D, 7.375%   1,014,791 
     Total Preferred Stocks (Cost $1,138,847)   1,541,718 
Total Investments (Cost $66,491,570)-100.7%   129,040,197 
Liabilities in Excess of Other Assets-(0.7)%   (957,709)
TOTAL NET ASSETS 100.0%  $128,082,488 

 

Percentages are stated as a percent of net assets.

 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

(a) All or a portion of the security has been designated as collateral for the line of credit.

(b) Non-income producing security.

PJSC-Public Joint Stock Company

REIT-Real Estate Investment Trust

 

Alpine Cyclical Advantage Property Fund

 

Schedule of Portfolio Investments

January 31, 2015 (Unaudited)

 

Shares   Security
Description
  Value 
      
Common Stocks-98.9%     
      
Asia-33.7%     
      
China-9.7%     
 500,000   China Overseas Grand Oceans Group, Ltd.  $262,943 
 130,000   China Overseas Land & Investment, Ltd.   377,358 
 146,666   China Resources Land, Ltd.   375,583 
 800,000   China South City Holdings, Ltd.   262,711 
 350,000   China State Construction International Holdings, Ltd.   537,404 
 150,000   China Vanke Co., Ltd.-Class H (a)   325,030 
 500,000   Country Garden Holdings Co., Ltd.   199,228 
 40,000   Dalian Wanda Commercial Properties Co., Ltd.-Class H (a)(b)   247,410 
 80,000   E-House China Holdings, Ltd.-ADR (c)   549,600 
 897,931   Kaisa Group Holdings, Ltd.   168,171 
 4,000   Leju Holdings, Ltd.-ADR (a)   40,720 
 550,000   Longfor Properties Co., Ltd.   719,725 
 150,000   Shimao Property Holdings, Ltd.   315,620 
 500,000   Sino-Ocean Land Holdings, Ltd.   321,661 
 750,000   Sunac China Holdings, Ltd.   672,381 
         5,375,545 
      
Hong Kong-0.5%     
 6,967,005   CSI Properties, Ltd.   268,528 
      
India-0.0% (d)     
 248,322   Unitech Corporate Parks PLC (a)   10,384 
      
Indonesia-0.9%     
 33,380,487   PT Bakrieland Development TBK (a)   131,756 
 9,642,857   PT Pakuwon Jati TBK   378,117 
         509,873 
      
Japan-11.4%     
 5,000   Daito Trust Construction Co., Ltd.   556,574 
 158   GLP J-REIT   179,468 
 98,000   Hulic Co., Ltd.   890,184 
 1,768   Invincible Investment Corp.   788,288 
 354,573   Kenedix, Inc.   1,594,723 
 40,000   Mitsubishi Estate Co., Ltd.   804,830 
 19,396   Mitsui Fudosan Co., Ltd.   490,362 
 36   Nippon Prologis REIT, Inc.   84,760 
 18,000   Sumitomo Realty & Development Co., Ltd.   574,148 
 50,000   TOC Co., Ltd.   303,946 
         6,267,283 
      
Philippines-6.0%     
 746,539   Ayala Land, Inc.   608,001 
 10,000,000   Megaworld Corp.   1,172,830 
 1,401,363   Robinsons Land Corp.   882,032 
 1,600,000   SM Prime Holdings, Inc.   672,513 
         3,335,376 
      
Singapore-1.0%     
 280,000   Global Logistic Properties, Ltd.   522,421 
      
Thailand-2.4%     
 574,242   Central Pattana PCL   749,739 
 274,879   Minor International PCL   253,939 
 

Alpine Cyclical Advantage Property Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 569,550   TICON Industrial Connection PCL   308,534 
         1,312,212 
      
United Arab Emirates-1.8%     
 461,538   DAMAC Properties Dubai Co. PJSC (a)   224,923 
 250,889   Emaar Malls Group PJSC (a)   189,742 
 320,000   Emaar Properties PJSC   583,261 
         997,926 
     Total Asia (Cost $18,301,790)   18,599,548 
      
Europe-23.6%     
      
France-2.1%     
 30,000   Nexity SA   1,181,271 
      
Germany-2.9%     
 30,414   DIC Asset AG   317,733 
 35,100   Patrizia Immobilien AG (a)   615,484 
 26,110   TAG Immobilien AG   339,150 
 20,000   TLG Immobilien AG (a)   311,993 
         1,584,360 
      
Ireland-2.6%     
 230,000   Dalata Hotel Group PLC (a)   758,908 
 259,242   Green REIT PLC   389,614 
 250,000   Irish Residential Properties REIT PLC (a)   285,325 
         1,433,847 
      
Norway-0.5%     
 26,000   Entra ASA (a)(b)   278,780 
      
Spain-1.5%     
 25,000   Hispania Activos Inmobiliarios SAU (a)   335,064 
 20,000   Lar Espana Real Estate Socimi SA (a)   201,473 
 24,000   Merlin Properties Socimi SA (a)   288,014 
         824,551 
      
United Kingdom-14.0%     
 23,000   Great Portland Estates PLC   271,307 
 28,000   Land Securities Group PLC   536,647 
 60,000   Londonmetric Property PLC   144,143 
 778,923   LXB Retail Properties PLC (a)   1,584,343 
 560,853   Quintain Estates & Development PLC (a)   813,079 
 175,000   Regus PLC   532,053 
 50,000   Savills PLC   548,701 
 341,253   Songbird Estates PLC (a)   1,801,083 
 50,000   The British Land Co. PLC   623,096 
 119,064   The Unite Group PLC   876,940 
         7,731,392 
     Total Europe (Cost $10,323,507)   13,034,201 
      
North & South America-41.6%     
      
Brazil-4.8%     
 83,526   BHG SA-Brazil Hospitality Group (a)   538,526 
 15,000   Cyrela Commercial Properties SA Empreendimentos e Participacoes-ADR (b)(c)   243,648 
 201,912   Direcional Engenharia SA   489,119 
 40,000   General Shopping Brasil SA (a)   89,295 
 150,000   JHSF Participacoes SA   120,190 
 

Alpine Cyclical Advantage Property Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 14,000   Multiplan Empreendimentos Imobiliarios SA   251,434 
 80,000   Sao Carlos Empreendimentos e Participacoes SA   897,419 
         2,629,631 
      
Mexico-4.0%     
 300,000   Concentradora Fibra Hotelera Mexicana SA de CV   395,277 
 314,009   Corp. Inmobiliaria Vesta SAB de CV   607,509 
 210,383   Fibra Uno Administracion SA de CV   634,398 
 399,212   Hoteles City Express SAB de CV (a)   588,584 
         2,225,768 
      
United States-32.8%     
 45,667   Altisource Residential Corp. (c)   822,463 
 25,000   American Capital Mortgage Investment Corp. (c)   466,000 
 43,750   American Realty Capital Properties, Inc. (c)   405,344 
 5,000   AvalonBay Communities, Inc. (c)   864,950 
 4,000   Boston Properties, Inc. (c)   555,200 
 30,000   Century Communities, Inc. (a)(c)   483,000 
 70,000   Colony Financial, Inc. (c)   1,753,500 
 50,000   DR Horton, Inc. (c)   1,226,000 
 38,745   Extended Stay America, Inc. (c)   766,376 
 25,909   Hilton Worldwide Holdings, Inc. (a)   672,857 
 9,000   Kilroy Realty Corp. (c)   667,350 
 15,000   La Quinta Holdings, Inc. (a)(c)   304,950 
 15,000   Lennar Corp.-Class A (c)   673,650 
 50,000   LGI Homes, Inc. (a)(c)   658,500 
 14,666   Meritage Homes Corp. (a)(c)   533,989 
 27,931   RCS Capital Corp.-Class A (c)   263,389 
 15,000   Ryland Group, Inc. (c)   602,250 
 1,923   Simon Property Group, Inc. (c)   382,023 
 6,000   Starwood Hotels & Resorts Worldwide, Inc. (c)   431,820 
 75,045   Starwood Property Trust, Inc. (c)   1,795,827 
 25,009   Starwood Waypoint Residential Trust (c)   606,218 
 30,000   Taylor Morrison Home Corp.-Class A (a)   533,100 
 5,000   The Howard Hughes Corp. (a)(c)   653,150 
 117,912   Two Harbors Investment Corp. (c)   1,216,852 
 40,000   WCI Communities, Inc. (a)(c)   772,400 
         18,111,158 
     Total North & South America (Cost $24,308,833)   22,966,557 
     Total Common Stocks (Cost $52,934,130)   54,600,306 
      
Equity-Linked Structured Notes-5.0%     
      
Asia-5.0%     
      
India-5.0%     
 400,000   DB Realty, Ltd.-Macquarie Bank, Ltd. (a)   588,937 
 193,000   Kolte-Patil Developers, Ltd.-Macquarie Bank, Ltd.   633,415 
 120,000   Prestige Estates Projects, Ltd.-Macqarie Bank, Ltd.   531,667 
 130,280   Puravankara Projects, Ltd.-Macquarie Bank, Ltd.   173,699 
 110,000   Sobha, Ltd.-Macquarie Bank, Ltd.   830,619 
         2,758,337 
     Total Asia (Cost $1,896,173)   2,758,337 
     Total Equity-Linked Structured Notes (Cost $1,896,173)   2,758,337 
 

Alpine Cyclical Advantage Property Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

Warrants-0.0% (d)     
      
Asia-0.0% (d)     
      
Thailand-0.0% (d)     
 11,500   Minor International PCL
Expiration: November 03, 2017
Exercise Price: THB 40.00
   1,985 
     Total Asia (Cost $0)   1,985 
     Total Warrants (Cost $0)   1,985 
Total Investments (Cost $54,830,303)-103.9%   57,360,628 
Liabilities in Excess of Other Assets-(3.9)%   (2,139,007)
TOTAL NET ASSETS 100.0%  $55,221,621 

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Restricted under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. Liquid securities restricted under Rule 144A comprised 2.4% of the Fund’s net assets.

(c) All or a portion of the security has been designated as collateral for the line of credit.

(d) Amount is less than 0.05%.

ADR-American Depositary Receipt

AG-Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

ASA-Allmennaksjeselskap is the Norwegian term for a public limited company.

PCL-Public Company Limited

PJSC-Public Joint Stock Company

PLC-Public Limited Company

REIT-Real Estate Investment Trust

SA-Generally designates corporations in various countries, mostly those employing the civil law.

SA de CV-Sociedad Anonima de Capital Variable is the Spanish equivalent to Variable Capital Company.

SAB de CV-Sociedad Anonima Bursátil de Capital Variable is the Spanish equivalent to Variable Capital Company.

SAU-Sociedad Anonima Unipersonal

THB-Thailand Baht

 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments

January 31, 2015 (Unaudited)

 

Shares   Security
Description
  Value 
      
Common Stocks-91.9%     
      
Asia-64.6%     
      
China-31.7%     
 150,000   China Overseas Land & Investment, Ltd.  $435,413 
 113,111   China Resources Land, Ltd.   289,656 
 116,000   China South City Holdings, Ltd.   38,093 
 23,857   China State Construction International Holdings, Ltd.   36,631 
 120,000   China Vanke Co., Ltd.-Class H (a)   260,024 
 153,333   Country Garden Holdings Co., Ltd.   61,096 
 12,000   Dalian Wanda Commercial Properties Co., Ltd.-Class H (a)(b)   74,223 
 6,000   E-House China Holdings, Ltd.-ADR (c)   41,220 
 130,000   Franshion Properties China, Ltd.   38,168 
 15,000   Greentown China Holdings, Ltd.   13,316 
 36,200   Guangzhou R&F Properties Co., Ltd.-Class H   41,461 
 100,000   Kaisa Group Holdings, Ltd.   18,729 
 70,000   KWG Property Holding, Ltd.   45,156 
 350   Leju Holdings, Ltd.-ADR (a)   3,563 
 55,000   Longfor Properties Co., Ltd.   71,972 
 72,500   Shimao Property Holdings, Ltd.   152,550 
 120,000   Sunac China Holdings, Ltd.   107,581 
         1,728,852 
      
Hong Kong-3.0%     
 6,800   Cheung Kong Holdings, Ltd.   129,763 
 2,000   Sun Hung Kai Properties, Ltd.   32,493 
         162,256 
      
Indonesia-5.9%     
 450,000   PT Alam Sutera Realty TBK   20,956 
 290,159   PT Bumi Serpong Damai TBK   46,003 
 455,500   PT Ciputra Development TBK   51,361 
 150,000   PT Ciputra Surya TBK   35,362 
 1,885,714   PT Pakuwon Jati TBK   73,943 
 550,000   PT Summarecon Agung TBK   71,104 
 300,000   PT Surya Semesta Internusa TBK   25,852 
         324,581 
      
Philippines-9.2%     
 230,307   Ayala Land, Inc.   187,568 
 540,000   Megaworld Corp.   63,333 
 140,000   Robinsons Land Corp.   88,117 
 310,000   SM Prime Holdings, Inc.   130,300 
 200,000   Vista Land & Lifescapes, Inc.   31,188 
         500,506 
      
Singapore-0.5%     
 15,000   Global Logistic Properties, Ltd.   27,987 
      
Thailand-6.8%     
 63,000   Amata Corp. PCL   31,824 
 231,000   AP Thailand PCL   45,137 
 190,000   BTS Group Holdings PCL-NVDR   56,996 
 64,000   Central Pattana PCL   87,242 
 35,000   Land & Houses PCL   9,804 
 25,000   LPN Development PCL-NVDR   15,998 
 20,000   Minor International PCL   22,082 
 40,000   Pruksa Real Estate PCL   39,276 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 45,000   Supalai PCL   33,439 
 55,150   TICON Industrial Connection PCL   29,876 
         371,674 
      
United Arab Emirates-7.5%     
 57,000   Aldar Properties PJSC   36,784 
 46,153   DAMAC Properties Dubai Co. PJSC (a)   22,492 
 85,611   Emaar Malls Group PJSC (a)   64,746 
 155,000   Emaar Properties PJSC   282,517 
         406,539 
     Total Asia (Cost $3,282,935)   3,522,395 
      
Europe-5.2%     
      
Austria-1.7%     
 2,000   CA Immobilien Anlagen AG (a)(c)   40,507 
 22,000   Immofinanz AG (a)(c)   50,272 
         90,779 
      
Poland-0.3%     
 3,000   Atrium European Real Estate, Ltd. (a)   14,001 
      
Spain-0.6%     
 3,000   Melia Hotels International SA   34,460 
      
Turkey-2.6%     
 82,809   Emlak Konut Gayrimenkul Yatirim Ortakligi AS   108,135 
 25,000   Is Gayrimenkul Yatirim Ortakligi AS   18,533 
 50,000   Sinpas Gayrimenkul Yatirim Ortakligi AS (a)   16,702 
         143,370 
     Total Europe (Cost $292,288)   282,610 
      
Middle East/Africa-6.9%     
      
Egypt-2.7%     
 6,523   Medinet Nasr Housing (a)   29,923 
 14,000   Orascom Hotels & Development (a)   27,373 
 50,000   Palm Hills Developments SAE (a)   29,285 
 16,355   Six of October Development & Investment (a)   32,914 
 18,000   Talaat Moustafa Group   27,241 
         146,736 
      
South Africa-4.2%     
 40,000   Capital Property Fund (a)   50,935 
 47,000   Growthpoint Properties, Ltd. (c)   118,005 
 60,000   Redefine Properties, Ltd. (c)   58,585 
         227,525 
     Total Middle East/Africa (Cost $326,554)   374,261 
      
North & South America-15.2%     
      
Argentina-0.3%     
 3,100   TGLT SA-ADR (d)   13,466 
      
Brazil-5.5%     
 6,462   BHG SA-Brazil Hospitality Group   41,663 
 15,049   BR Malls Participacoes SA   85,417 
 6,556   BR Properties SA   21,770 
 5,724   Direcional Engenharia SA   13,866 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 8,000   Even Construtora e Incorporadora SA   12,910 
 2,500   Ez Tec Empreendimentos e Participacoes SA   15,373 
 16,538   General Shopping Brasil SA (a)   36,919 
 13,000   MRV Engenharia e Participacoes SA   33,478 
 2,142   Multiplan Empreendimentos Imobiliarios SA   38,469 
         299,865 
      
Chile-0.6%     
 19,000   Parque Arauco SA   33,737 
      
Mexico-8.8%     
 30,000   Concentradora Fibra Hotelera Mexicana SA de CV (c)   39,528 
 40,244   Corp. Inmobiliaria Vesta SAB de CV (c)   77,860 
 15,000   Fibra Shop Portafolios Inmobiliarios SAPI de CV (c)   18,423 
 80,000   Fibra Uno Administracion SA de CV (c)   241,235 
 36,000   Hoteles City Express SAB de CV (a)(c)   53,077 
 26,000   Prologis Property Mexico SA de CV (c)   50,562 
         480,685 
     Total North & South America (Cost $998,003)   827,753 
     Total Common Stocks (Cost $4,899,780)   5,007,019 
      
Equity-Linked Structured Notes-9.3%     
      
Asia-9.3%     
      
India-8.4%     
 48,000   DB Realty, Ltd.-Macquarie Bank, Ltd. (a)   70,672 
 4,000   Dewan Housing Finance  Corp. - Macquarie Bank, Ltd.   30,421 
 25,000   DLF Ltd. - Macquarie Bank, Ltd.   68,641 
 14,000   Kolte-Patil Developers, Ltd.-Macquarie Bank, Ltd.   45,947 
 12,000   Oberoi Realty, Ltd.-Macquarie Bank, Ltd.   54,800 
 10,310   Phoenix Mills, Ltd.-Macquarie Bank, Ltd.   67,252 
 4,000   Prestige Estates Projects, Ltd.-Macqarie Bank, Ltd.   17,722 
 15,070   Puravankara Projects, Ltd.-Macquarie Bank, Ltd.   20,093 
 11,000   Sobha, Ltd.-Macquarie Bank, Ltd.   83,062 
         458,610 
      
Vietnam-0.9%     
 47,437   HAGL JSC-GDR-Macquarie Bank, Ltd. (a)   48,153 
     Total Asia (Cost $479,938)   506,763 
     Total Equity-Linked Structured Notes (Cost $479,938)   506,763 
Principal
Amount
         
      
Convertible Bonds-0.0% (e)     
      
North & South America-0.0% (e)     
           
Brazil-0.0% (e)     
$80,000   PDG Realty SA Empreendimentos e Participacoes-Series 8, 0.000%, 9/19/16 (Brazilian Real) (f)   298 
     Total Convertible Bonds (Cost $28,699)   298 
Total Investments (Cost $5,408,417)-101.2%   5,514,080 
Liabilities in Excess of Other Assets-(1.2)%   (63,549)
TOTAL NET ASSETS 100.0%  $5,450,531 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Restricted under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. Liquid securities restricted under Rule 144A comprised 1.4% of the Fund’s net assets.

(c) All or a portion of the security has been designated as collateral for the line of credit.

(d) Reg S - Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. As of January 31, 2015, these securities amounted to a total value of $13,466 which comprised 0.2% of the Fund’s net assets.

(e) Amount is less than 0.05%.

(f) Represents a zero-coupon bond.

ADR-American Depositary Receipt

AG-Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

AS-Anonim Sirketi is the Turkish term for joint stock company.

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipts

PCL-Public Company Limited

PJSC-Public Joint Stock Company

SA-Generally designates corporations in various countries, mostly those employing the civil law.

SA de CV-Sociedad Anonima de Capital Variable is the Spanish equivalent to Variable Capital Company.

SAB de CV-Sociedad Anonima Bursátil de Capital Variable is the Spanish equivalent to Variable Capital Company.

SAE-Societe Anonyme Egyptienne.

SAPI de CV-Sociedad Anonima Promotora de Inversion de Capital Variable is the Spanish equivalent to Variable Capital Corporation.

 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments

January 31, 2015 (Unaudited)

 

Shares  Security
Description
  Value 
      
Common Stocks-92.0%     
      
Asia-17.2%     
      
China-11.1%     
 3,056,000  Beijing Enterprises Water Group, Ltd. (a)  $1,994,620 
 2,249,000  China CNR Corp., Ltd.-Class H (b)(c)   2,868,503 
 1,322,000  China Everbright International, Ltd.   1,943,715 
 635,000  China Merchants Holdings International Co., Ltd.   2,325,358 
 2,329,000  China Railway Construction Corp., Ltd.-Class H   2,663,507 
 714,000  China Resources Gas Group, Ltd.   1,734,186 
 744,000  China Resources Power Holdings Co., Ltd.   2,092,688 
 1,528,972  China State Construction International Holdings, Ltd.   2,347,644 
 1,575,000  COSCO Pacific, Ltd.   2,291,294 
 4,334,000  Guangshen Railway Co., Ltd.-Class H   2,241,380 
 1,084,100  Zhejiang Expressway Co., Ltd.-Class H   1,382,380 
        23,885,275 
          
Indonesia-2.4%     
 63,500,000  PT Bakrieland Development TBK (a)   250,642 
 3,720,000  PT Jasa Marga Persero TBK   2,104,866 
 3,605,000  PT Tower Bersama Infrastructure TBK   2,699,330 
        5,054,838 
          
Japan-2.0%     
 33,800  East Japan Railway Co.   2,610,648 
 53,000  Japan Airlines Co., Ltd.   1,794,347 
        4,404,995 
          
Philippines-1.0%     
 851,100  International Container Terminal Services, Inc.   2,192,400 
          
Thailand-0.7%     
 5,115,000  BTS Rail Mass Transit Growth Infrastructure Fund   1,596,122 
    Total Asia (Cost $30,119,440)   37,133,630 
          
Europe-24.6%     
      
France-8.4%     
 19,200  Aeroports de Paris   2,303,712 
 90,300  Eutelsat Communications SA   3,102,119 
 184,400  Groupe Eurotunnel SE   2,475,883 
 156,000  Suez Environnement Co.   2,867,645 
 161,100  Veolia Environnement SA   2,951,210 
 83,200  Vinci SA   4,370,843 
        18,071,412 
          
Germany-4.1%     
 57,500  Fraport AG Frankfurt Airport Services Worldwide   3,513,400 
 105,300  Hamburger Hafen und Logistik AG   2,163,391 
 42,300  HeidelbergCement AG   3,110,706 
        8,787,497 
          
Italy-1.3%     
 112,700  Atlantia SpA   2,900,741 
          
Netherlands-1.8%     
 69,300  Koninklijke Vopak NV   3,864,685 
 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

Portugal-0.9%     
 305,000  NOS SGPS   1,936,166 
          
Spain-3.6%     
 752,000  Abengoa SA-B Shares   2,221,838 
 137,700  Abertis Infraestructuras SA   2,696,510 
 123,900  Obrascon Huarte Lain SA   2,862,946 
        7,781,294 
          
United Kingdom-4.5%     
 97,300  Abengoa Yield PLC   3,203,116 
 221,968  Ferrovial SA   4,403,595 
 29,400  National Grid PLC-ADR   2,067,996 
        9,674,707 
    Total Europe (Cost $50,010,091)   53,016,502 
          
North & South America-50.2%     
      
Brazil-3.6%     
 241,700  CCR SA   1,376,382 
 260,400  Cia de Saneamento Basico do Estado de Sao Paulo-ADR   1,265,544 
 1,795,000  Cosan Logistica SA (a)   1,465,033 
 539,200  EcoRodovias Infraestrutura e Logistica SA   2,083,855 
 200,800  Mills Estruturas e Servicos de Engenharia SA   430,299 
 200,000  Tegma Gestao Logistica   1,032,330 
        7,653,443 
          
Canada-4.1%     
 24,600  Canadian Pacific Railway, Ltd.   4,296,882 
 94,900  Enbridge, Inc.   4,596,754 
        8,893,636 
          
Chile-1.0%     
 138,500  Enersis SA-ADR   2,112,125 
          
Colombia-1.0%     
 35,200  Millicom International Cellular SA-SDR   2,244,722 
          
Mexico-5.5%     
 471,000  Empresas ICA SAB de CV-ADR (a)   1,945,230 
 20,100  Grupo Aeroportuario del Sureste SAB de CV-ADR   2,631,291 
 466,500  Infraestructura Energetica Nova SAB de CV   2,214,938 
 2,670,000  OHL Mexico SAB de CV (a)   5,067,647 
        11,859,106 
          
Peru-0.8%     
 175,000  Grana y Montero SA-ADR   1,816,500 
          
United States-34.2%     
 45,500  American Tower Corp.   4,411,225 
 38,600  American Water Works Co., Inc.   2,167,004 
 71,000  AT&T, Inc.   2,337,320 
 37,200  Atmos Energy Corp.   2,117,052 
 55,100  Cisco Systems, Inc.   1,452,711 
 57,700  CMS Energy Corp.   2,177,021 
 28,200  Comcast Corp.-Class A   1,498,689 
 62,500  Corrections Corp. of America   2,457,500 
 41,100  Crown Castle International Corp.   3,555,561 
 44,800  DISH Network Corp.-Class A (a)   3,151,680 
 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

 38,300  Dominion Resources, Inc.   2,944,887 
 42,000  Exelon Corp.   1,513,680 
 42,200  Genesee & Wyoming, Inc.-Class A (a)   3,479,390 
 51,100  ITC Holdings Corp.   2,173,794 
 30,000  Itron, Inc. (a)   1,116,300 
 125,300  MasTec, Inc. (a)   2,320,556 
 27,000  NextEra Energy, Inc.   2,949,480 
 28,100  Northeast Utilities   1,561,798 
 75,100  NRG Energy, Inc.   1,851,966 
 106,000  Pattern Energy Group, Inc.   3,097,320 
 94,500  Progressive Waste Solutions, Ltd.   2,695,140 
 34,000  SemGroup Corp.-Class A   2,289,220 
 95,100  T-Mobile U.S., Inc. (a)   2,870,118 
 106,300  The Geo Group, Inc.   4,626,176 
 78,700  The Williams Cos., Inc.   3,451,782 
 10,900  Time Warner Cable, Inc.   1,483,817 
 150,000  TravelCenters of America LLC (a)   2,008,500 
 40,300  Union Pacific Corp.   4,723,563 
 25,400  World Fuel Services Corp.   1,243,838 
        73,727,088 
    Total North & South America (Cost $106,180,669)   108,306,620 
    Total Common Stocks (Cost $186,310,200)   198,456,752 
          
Equity-Linked Structured Notes-2.9%     
      
Asia-2.9%     
      
India-2.9%     
 600,000  Adani Ports and Special Economic Zone -Macquarie Bank, Ltd.   3,277,093 
 1,261,800  Power Grid Corp. of India, Ltd.-Macquarie Bank, Ltd.   3,008,016 
    Total Asia (Cost $3,768,294)   6,285,109 
    Total Equity-Linked Structured Notes (Cost $3,768,294)   6,285,109 
          
Principal
Amount
        
         
Short-Term Investment-2.1%     
$4,576,000  State Street Eurodollar Time Deposit, 0.01%   4,576,000 
    Total Short-Term Investment (Cost $4,576,000)   4,576,000 
Total Investments (Cost $194,654,494)-97.0%   209,317,861 
Other Assets in Excess of Liabilities-3.0%   6,429,289 
TOTAL NET ASSETS 100.0%  $215,747,150 

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security fair valued in accordance with procedures approved by the Board of Trustees. These securities comprised 1.3% of the Fund’s net assets.

(c) Restricted under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. Liquid securities restricted under Rule 144A comprised 1.3% of the Fund’s net assets.

ADR-American Depositary Receipt

AG-Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

NV-Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

PLC-Public Limited Company

SA-Generally designates corporations in various countries, mostly those employing the civil law.

SAB de CV-Sociedad Anonima Bursátil de Capital Variable is the Spanish equivalent to Variable Capital Company.

SDR-Swedish Depositary Receipt

 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

SE-SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States.

SpA-Societa’ Per Azioni is an Italian shared company.

 

Alpine Global Consumer Growth Fund

 

Schedule of Portfolio Investments

January 31, 2015 (Unaudited)

 

Shares  Security
Description
  Value 
      
Common Stocks-86.1%     
      
Asia-16.9%     
          
China-7.4%     
 400  Baidu, Inc.-ADR (a)  $87,168 
 20,000  Dongfeng Motor Group Co., Ltd.-Class H   28,976 
 3,500  Tencent Holdings, Ltd.   58,988 
 22,000  Want Want China Holdings, Ltd.   26,289 
        201,421 
          
Hong Kong-2.5%     
 66,000  Future Bright Holdings, Ltd.   17,132 
 1,650  Melco Crown Entertainment, Ltd.-ADR   39,600 
 150,000  REXLot Holdings, Ltd.   11,714 
        68,446 
          
Indonesia-2.5%     
 230,000  PT Erajaya Swasembada TBK (a)   21,776 
 27,500  PT Indofood CBP Sukses Makmur TBK   31,359 
 35,000  PT Mitra Adiperkasa TBK   16,178 
        69,313 
          
Japan-2.6%     
 4,000  Nissan Motor Co., Ltd.   34,109 
 1,000  Seven & I Holdings Co., Ltd.   36,594 
        70,703 
          
Philippines-0.6%     
 40,000  SM Prime Holdings, Inc.   16,813 
          
South Korea-1.3%     
 825  Kia Motors Corp.   34,478 
    Total Asia (Cost $402,534)   461,174 
          
Europe-18.8%     
      
Belgium-2.7%     
 600  Anheuser-Busch InBev NV-ADR   73,242 
          
France-2.4%     
 200  Kering   40,352 
 700  SES SA   25,500 
        65,852 
          
Germany-1.5%     
 360  Bayerische Motoren Werke AG   41,864 
          
Italy-1.0%     
 1,300  Yoox SpA (a)   28,129 
          
Netherlands-1.3%     
 800  Unilever NV   34,692 
Russia-0.3%     
 600  Yandex NV-Class A (a)   8,934 
 

Alpine Global Consumer Growth Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

Spain-1.0%     
 875  Inditex SA   25,789 
          
Switzerland-5.2%     
 299  Dufry Group (a)   43,924 
 900  Nestle SA   68,734 
 70  The Swatch Group AG   27,840 
        140,498 
          
United Kingdom-3.4%     
 10,000  ITV PLC   33,095 
 700  Liberty Global PLC-Class A (a)   32,704 
 600  Liberty Global PLC-Series C (a)   27,354 
        93,153 
    Total Europe (Cost $408,986)   512,153 
          
North & South America-50.4%     
      
Argentina-1.6%     
 350  MercadoLibre, Inc.   43,379 
          
Brazil-3.1%     
 3,200  BR Malls Participacoes SA   18,163 
 575  Cia Brasileira de Distribuicao Grupo Pao de Acucar-ADR   18,866 
 6,812  Kroton Educacional SA   31,226 
 1,250  Multiplus SA   16,188 
        84,443 
          
Mexico-1.2%     
 1,000  Grupo Televisa SA-ADR   32,610 
          
United States-44.5%     
 850  Abercrombie & Fitch Co.-Class A   21,692 
 125  Amazon.com, Inc. (a)   44,316 
 1,500  AMC Entertainment Holdings, Inc.-Class A   42,180 
 700  Apple, Inc.   82,012 
 650  Carnival Corp.   28,574 
 1,100  CBS Corp.-Class B   60,291 
 600  Colgate-Palmolive Co.   40,512 
 1,750  Comcast Corp.-Class A   93,004 
 400  Dick’s Sporting Goods, Inc.   20,660 
 1,250  Francesca’s Holdings Corp. (a)   19,825 
 700  GameStop Corp.-Class A   24,675 
 75  Google, Inc.-Class A (a)   40,316 
 55  Google, Inc.-Class C (a)   29,399 
 1,125  Jarden Corp. (a)   54,023 
 500  McDonald’s Corp.   46,220 
 870  Michael Kors Holdings, Ltd. (a)   61,587 
 650  NIKE, Inc.-Class B   59,963 
 675  PepsiCo, Inc.   63,301 
 2,900  Pier 1 Imports, Inc.   48,749 
 350  The Procter & Gamble Co.   29,502 
 475  Ulta Salon Cosmetics & Fragrance, Inc. (a)   62,672 
 1,320  VF Corp.   91,568 
 350  Visa, Inc.-Class A   89,218 
 800  Yum! Brands, Inc.   57,824 
        1,212,083 
    Total North & South America (Cost $935,755)   1,372,515 
    Total Common Stocks (Cost $1,747,275)   2,345,842 
 

Alpine Global Consumer Growth Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2015 (Unaudited)

 

Principal
Amount
       
          
Short-Term Investments-13.1%     
$357,000  State Street Eurodollar Time Deposit, 0.01%   357,000 
    Total Short-Term Investments (Cost $357,000)   357,000 
Total Investments (Cost $2,104,275)-99.2%   2,702,842 
Other Assets in Excess of Liabilities-0.8%   22,511 
TOTAL NET ASSETS 100.0%  $2,725,353 

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

ADR-American Depositary Receipt

AG-Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

NV-Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

PLC-Public Limited Company

SA-Generally designates corporations in various countries, mostly those employing the civil law.

SpA-Societa’ Per Azioni is an Italian shared company.

 

Alpine Equity Trust

Notes to Schedule of Portfolio Investments

January 31, 2015 (Unaudited)

 

1. Organization:

 

Alpine Equity Trust (the “Equity Trust”) was organized in 1988 as a Massachusetts Business Trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Alpine International Real Estate Equity Fund, Alpine Realty Income & Growth Fund, Alpine Cyclical Advantage Property Fund, Alpine Emerging Markets Real Estate Fund, Alpine Global Infrastructure Fund, and Alpine Global Consumer Growth Fund are six separate series of the Equity Trust (individually referred to as a “Fund” and collectively, “the Funds”). The Alpine International Real Estate Equity Fund, Alpine Cyclical Advantage Property Fund, Alpine Emerging Markets Real Estate Fund, Alpine Global Infrastructure Fund and Alpine Global Consumer Growth Fund are diversified funds. The Alpine Realty Income & Growth Fund is a non-diversified fund. Alpine Woods Capital Investors, LLC (the “Adviser”) is a Delaware limited liability company and serves as the investment manager to the Funds.

 

2. Significant Accounting Policies:

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from those estimates. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

 

A. Valuation of Securities:

 

The net asset value (“NAV”) of shares of the Funds are calculated by dividing the value of the Funds’ net assets by the number of outstanding shares. NAV is determined each day the New York Stock Exchange (“NYSE”) is open as of the close of regular trading (normally, 4:00 p.m., Eastern Time). In computing NAV, portfolio securities of the Funds are valued at their current market values determined on the basis of market quotations or if market quotations are not readily available or determined to be unreliable, through procedures and/or guidelines established by the Board of Trustees (the “Board”). In computing the Funds’ NAV, equity securities that are traded on a securities exchange in the United States, except for option securities, are valued at the last reported sale price as of the time of valuation or, lacking any current reported sale at the time of valuation, at the mean between the most recent bid and asked quotations. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity-linked structured notes are valued by referencing the last reported sale or settlement price of the underlying security on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the underlying security’s trading currency to the equity-linked structured note’s settlement currency. These investments are categorized as Level 2 of the fair value hierarchy. Each option security traded on a securities exchange in the United States is valued at the mid-point of the consolidated bid/ask quote for the option security. Forward currency contracts are valued based on third-party vendor quotations. Each security traded in the over-the-counter market and quoted on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price (“NOCP”), as determined by NASDAQ, or lacking an NOCP, the last current reported sale price as of the time of valuation by NASDAQ, or lacking any current reported sale on NASDAQ at the time of valuation, at the mean between the most recent bid and asked quotations. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued by the counterparty, or if the counterparty’s price is not readily available, then by using the Black-Scholes method. Debt securities are valued based on an evaluated mean price as furnished by pricing services approved by the Board, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities. Each other security traded over-the-counter is valued at the mean between the most recent bid and asked quotations. Short-term securities with maturities of less than one year are valued at amortized cost, which approximates fair value.

 

Equity securities that are principally traded in a foreign market are valued at the last current sale price at the time of valuation or lacking any current or reported sale, at the time of valuation, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading in securities on European and Far Eastern securities exchanges and over-the-counter markets is normally completed at various times before the close of business on each day on which the NYSE is open. Trading of these securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Funds’ NAVs are not calculated.

 

When market quotations are not readily available or when the valuation methods mentioned above are not reflective of a fair value of the security, the security is valued at fair value following procedures and/or guidelines approved by the Board. The

 

Funds may also use fair value pricing, if the value of a security it holds is, pursuant to the Board guidelines, materially affected by events occurring before the Funds’ NAVs are calculated but after the close of the primary market or market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities. The Board has approved the use of a third-party pricing vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign equities and OTC derivatives traded in markets that close prior to the NYSE. When fair value pricing is employed, the value of the portfolio security used to calculate the Funds’ NAVs may differ from quoted or official closing prices. The Fund may also fair value a security if the Fund or Adviser believes that the market price is stale. Other types of securities that the Funds may hold for which fair value pricing might be required include illiquid securities including restricted securities and private placements for which there is no public market.

 

Fair Value Measurement:

 

The Funds have adopted Financial Accounting Standards Board (“FASB”) Codification Topic 820 (“ASC Topic 820”). ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Funds’ investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below.

 

  Level 1 —   Unadjusted quoted prices in active markets/exchanges for identical investments.
     
  Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, yield curves, default rates, etc.).
     
  Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 

The following is a summary of the inputs used to value the Funds’ assets and liabilities carried at fair value as of January 31, 2015:

 

     Valuation Inputs       
  International Real Estate Equity Fund *  Level 1   Level 2   Level 3   Total Value 
  Common Stocks                    
  Asia  $8,195,614   $46,702,318   $5,547,194   $60,445,126 
  Europe   10,192,263    52,746,155    258,261    63,196,679 
  North & South America   20,533,946            20,533,946 
  Equity-Linked Structured Notes       4,939,422        4,939,422 
  Investment Companies   706,142            706,142 
  Warrants       4,319        4,319 
  Short-Term Investments       323,000        323,000 
  Total  $39,627,965   $104,715,214   $5,805,455   $150,148,634 

 

     Valuation Inputs       
  Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
  Assets                    
  Forward Currency Contracts  $   $248,676   $   $248,676 
  Liabilities                    
  Forward Currency Contracts       (93,181)       (93,181)
  Total  $   $155,495   $   $155,495 
 
     Valuation Inputs        
  Realty Income & Growth Fund *  Level 1   Level 2   Level 3   Total Value 
  Real Estate Investment Trusts  $125,550,601   $   $   $125,550,601 
  Common Stocks   1,583,340    364,538        1,947,878 
  Preferred Stocks   1,541,718            1,541,718 
  Total  $128,675,659   $364,538   $   $129,040,197 

 

     Valuation Inputs     
  Cyclical Advantage Property Fund *  Level 1   Level 2   Level 3   Total Value 
  Common Stocks                    
  Asia  $1,866,790   $16,732,758   $   $18,599,548 
  Europe   2,991,076    10,043,125        13,034,201 
  North & South America   22,966,557            22,966,557 
  Equity-Linked Structured Notes       2,758,337        2,758,337 
  Warrants       1,985        1,985 
  Total  $27,824,423   $29,536,205   $   $57,360,628 

 

     Valuation Inputs     
  Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
  Assets                    
  Forward Currency Contracts  $   $65,530   $   $65,530 
  Liabilities                    
  Forward Currency Contracts       (39,834)       (39,834)
  Total  $   $25,696   $   $25,696 

 

     Valuation Inputs     
  Emerging Markets Real Estate Fund *  Level 1   Level 2   Level 3   Total Value 
  Common Stocks                    
  Asia  $249,079   $3,273,316   $   $3,522,395 
  Europe   14,001    268,609        282,610 
  Middle East/Africa   27,373    346,888        374,261 
  North & South America   814,287    13,466        827,753 
  Equity-Linked Structured Notes       506,763        506,763 
  Convertible Bonds       298        298 
  Total  $1,104,740   $4,409,340   $   $5,514,080 

 

     Valuation Inputs     
  Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
  Assets                    
  Forward Currency Contracts  $   $3,538   $   $3,538 
  Total  $   $3,538   $   $3,538 

 

     Valuation Inputs     
  Global Infrastructure Fund *  Level 1   Level 2   Level 3   Total Value 
  Common Stocks                    
  Asia  $250,642   $36,882,988   $   $37,133,630 
  Europe   5,271,112    47,745,390        53,016,502 
  North & South America   106,061,898    2,244,722        108,306,620 
  Equity-Linked Structured Notes       6,285,109        6,285,109 
  Short-Term Investments       4,576,000        4,576,000 
  Total  $111,583,652   $97,734,209   $   $209,317,861 
 
     Valuation Inputs     
  Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
  Assets                    
  Forward Currency Contracts  $   $933,155   $   $933,155 
  Total  $   $933,155   $   $933,155 

 

     Valuation Inputs     
  Global Consumer Growth Fund *  Level 1   Level 2   Level 3   Total Value 
  Common Stocks                    
  Asia  $126,768   $334,406   $   $461,174 
  Europe   142,234    369,919        512,153 
  North & South America   1,372,515            1,372,515 
  Short-Term Investments       357,000        357,000 
  Total  $1,641,517   $1,061,325   $   $2,702,842 

 

* For detailed country and sector descriptions, see accompanying Schedule of Portfolio Investments.

 

For the period ended January 31, 2015, there were no transfers between Level 1, Level 2 and Level 3.

 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

 

   International
Real Estate
Equity Fund
Balance as of October 31, 2014  $12,451,624 
Realized gain (loss)   - 
Change in net unrealized depreciation   (6,646,169)
Purchases   - 
Sales   - 
Transfers in to Level 3*   - 
Transfers out of Level 3*   - 
Balance as of January 31, 2015  $5,805,455 
Change in net unrealized depreciation on Level 3 holdings held at period end  $(6,646,169)

 

* The Funds recognize transfers as of the beginning of the year.

 

The following table shows the valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the Fund’s Level 3 investments, as of January 31, 2015:

 

International Real Estate Equity Fund

 

Asset  Fair
Value at
1/31/15
  Significant
Valuation
Technique
  Significant
Unobservable
Input
  Range
of
Values
  Weighted
Average
  Relationship
Between
Fair Value
and Input: If
Input Value
Increases
Then:
Common Stock  $5,512,696*  The
Market Approach
  Liquidity Discount  20%  20%  Fair Value would Decrease
                   
         Total Enterprise
Value / Revenue
  1.76 x to
2.42 x
  2.09 x  Fair Value would Increase
                   
         Price / Book  1.11 x to
1.52 x
  1.32 x  Fair Value would Increase
                   
Common Stock  $258,261*  Adjusted
Book Value
  Discount to NAV  50%  50%  Fair Value would Decrease
                   
Common Stock  $34,498*  Adjusted
Book Value
  Liquidity Discount  99%  99%  Fair Value would Decrease

 

* Represents a single security, as of January 31, 2015. As a result, the range of values and weighted average for each unobservable input refer to a single value.

 

The significant unobservable inputs used in the fair value measurement of common stocks is liquidity discounts, total enterprise value/revenue, price/book and discount to NAV. Other market indicators are also considered. Changes in any of those inputs would result in lower or higher fair value measurement.

 

B. Federal and Other Income Taxes:

 

It is each Fund’s policy to comply with the Federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies and to timely distribute, all of its investment company taxable income and net realized capital gains to shareholders in accordance with the timing requirements imposed by the Code. Therefore, no Federal income tax provision is required. Capital gains realized on some foreign securities are subject to foreign taxes. Dividends and interest from non-U.S. sources received by the Funds are generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such capital gains and withholding taxes, which are accrued as applicable, may be reduced or eliminated under the terms of applicable U.S. income tax treaties, and the Funds intend to undertake procedural steps to claim the benefits of such treaties. Where available, the Funds will file refund claims for foreign taxes withheld.

 

The cost basis of investments for federal income tax purposes at January 31, 2015 was as follows*:

 

Fund  Cost of
investments
   Gross unrealized
appreciation
   Gross unrealized
depreciation
  Net unrealized
appreciation/
(depreciation)
International Real Estate Equity Fund  $189,239,813   $34,196,200   $(73,287,379)  $(39,091,179)
Realty Income & Growth Fund   66,491,570    62,988,141    (439,514)   62,548,627 
Cyclical Advantage Property Fund   54,830,303    8,413,563    (5,883,238)   2,530,325 
Emerging Markets Real Estate Fund   5,408,417    477,464    (371,801)   105,663 
Global Infrastructure Fund   194,654,494    31,596,026    (16,932,659)   14,663,367 
Global Consumer Growth Fund   2,104,275    729,400    (130,833)   598,567 

 

* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Funds’ previous fiscal year end. For the previous fiscal year’s Federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent semi-annual or annual report.

 

C. Distributions to Shareholders:

 

Each Fund intends to distribute all of its net investment income and net realized capital gains, if any, throughout the year to its shareholders in the form of dividends. Distributions to shareholders are recorded at the close of business on the ex-dividend date.

 

D. Foreign Currency Translation Transactions:

 

The International Real Estate Equity Fund, Cyclical Advantage Property Fund, Emerging Markets Real Estate Fund, Global Infrastructure Fund, and Global Consumer Growth Fund may invest without limitation in foreign securities. The Realty Income & Growth Fund may invest up to 35% of its net assets in foreign securities. The books and records of each Fund are maintained in U.S. dollars. Non-U.S. dollar-denominated amounts are translated into U.S. dollars as follows, with the resultant translations gains and losses recorded in the Statements of Operations:

 

i) market value of investment securities and other assets and liabilities at the exchange rate on the valuation date,

 

ii) purchases and sales of investment securities, income and expenses at the exchange rate prevailing on the respective date of such transactions.

 

E. Risks Associated with Foreign Securities and Currencies:

 

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because that currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

 

Certain countries may also impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers or industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available to the Funds or result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

 

F. Equity-Linked Structured Notes:

 

The Funds may invest in equity-linked structured notes. Equity-linked structured notes are securities which are specially designed to combine the characteristics of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component may be based on the performance of the underlying equity securities, and equity index, and/or option positions. Equity-linked structured notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment in equity-linked structured notes creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying securities. There is no guaranteed return of principal with these securities and the appreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity-linked structured notes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Such securities may exhibit price behavior that does not correlate with other fixed income securities.

 

G. Forward Currency Contracts:

 

The Funds are subject to foreign currency exchange rate risk in the normal course of pursuing their investment objective. The Funds may use forward currency contracts to gain exposure to, or economically hedge against, changes in the value of foreign currencies. A forward currency contract (“forward”) is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of the forward contract fluctuates with changes in forward currency exchange rates. The forward contract is marked-to-market daily and the change in market value is recorded by each Fund as unrealized appreciation or depreciation. When the forward contract is closed, a Fund records a realized gain or loss equal to the fluctuation in value during the period the forward contract was open. A Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward or if the value of the currency changes unfavorably. The Funds’ forward contracts are not subject to a master netting agreement or similar agreement.

 

The following forward contracts were held as of January 31, 2015:

 

International Real Estate Equity Fund

 

Description  Counterparty  Settlement
Date
  Currency  Settlement
Value
   Current
Value
   Unrealized
Gain/(Loss)
 
Contracts Sold:                        
Euro  State Street Bank and Trust Company   03/19/15  7,400,000   EUR  $8,613,896   $8,365,220   $248,676 
Japanese Yen  State Street Bank and Trust Company   06/25/15  1,310,000,000   JPY   11,082,535    11,175,716    (93,181)
                 $19,540,936   $155,495 
 

Cyclical Advantage Property Fund

 

Description  Counterparty  Settlement
Date
  Currency  Settlement
Value
   Current
Value
   Unrealized
Gain/(Loss)
 
Contracts Sold:                     
Euro  State Street Bank and Trust Company   03/19/15  1,950,000 EUR  $2,269,878   $2,204,348   $65,530 
Japanese Yen  State Street Bank and Trust Company   06/25/15  560,000,000 JPY   4,737,572    4,777,406    (39,834)
                     $6,981,754   $25,696 

 

Emerging Markets Real Estate Fund

 

Description  Counterparty  Settlement
Date
  Currency  Settlement
Value
   Current
Value
   Unrealized
Gain
 
Contracts Sold:                        
Euro  State Street Bank and Trust Company   06/25/15  105,000   EUR   $122,365   $118,827   $3,538 
                     $118,827   $3,538 

 

Global Infrastructure Fund

 

Description  Counterparty  Settlement
Date
  Currency  Settlement
Value
   Current
Value
   Unrealized
Gain
 
Contracts Sold:                         
Euro  State Street Bank and Trust Company   06/25/15  15,500,000   EUR  $18,474,295   $17,541,140   $933,155 
                     $17,541,140   $933,155 

 

H. Subsequent Event:

 

At a special meeting held on March 19, 2015, shareholders approved the liquidation of the Alpine Global Consumer Growth Fund (the “Fund”). The Fund expects to complete liquidation and closing by March 27, 2015.

 

Item 2. Controls and Procedures.

 

(a)   The Registrant’s President and 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”)) (17 CFR 270.30a-3(c)) 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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

 

(b)   There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are 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 1940 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   March 25, 2015                                                                      

 

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   March 25, 2015                                                                       

 

By (Signature and Title)* /s/ Ronald G. Palmer, Jr.

Ronald G. Palmer, Jr., Chief Financial Officer

 

Date   March 25, 2015                                                                       

 

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

 
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