Form N-Q ALPINE EQUITY TRUST

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company

What is Form N-Q?
  • Accession No.: 0000930413-17-001224 Act: 40 File No.: 811-05684 Film No.: 17715629
  • CIK: 0000842436
  • Submitted: 2017-03-27
  • Period of Report: 2017-01-31

N-Q HTML

c87673_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, 2017

 

Date of reporting period:  January 31, 2017

 

Item 1. Schedule of Investments.

 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments

January 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value 
         
Common Stocks-91.8% 
  
Asia-39.9% 
  
China-4.1%     
 305,000   China Overseas Land & Investment, Ltd.  $902,157 
 748,261   China Resources Land, Ltd.   1,865,131 
 342,000   Guangzhou R&F Properties Co., Ltd.-Class H   439,903 
 725,000   Longfor Properties Co., Ltd.   1,048,409 
         4,255,600 
India-11.9%     
 2,099,872   DB Realty, Ltd. (a)   1,227,208 
 1,000,000   DLF, Ltd.   1,997,936 
 2,290,373   Hirco PLC (a)(b)(c)   0 
 500,000   Housing Development & Infrastructure, Ltd. (a)   459,872 
 185,910   Kolte-Patil Developers, Ltd.   259,088 
 374,877   Prestige Estates Projects, Ltd.   922,757 
 198,276   Sobha, Ltd.   759,846 
 2,000,000   South Asian Real Estate PLC (a)(b)(c)(d)   3,799,158 
 540,000   The Phoenix Mills, Ltd.   2,745,965 
         12,171,830 
Japan-17.4%     
 20,000   Aeon Mall Co., Ltd.   290,320 
 330,691   Hulic Co., Ltd.   3,227,540 
 1,200   Ichigo Hotel REIT Investment Corp.   1,350,810 
 800,000   Ichigo, Inc.   2,600,301 
 2,738   Invincible Investment Corp.   1,294,918 
 2,000   Japan Hotel REIT Investment Corp.   1,404,659 
 578,312   Kenedix, Inc.   2,166,557 
 500   LaSalle Logiport REIT   476,486 
 86,725   Mitsui Fudosan Co., Ltd.   2,009,707 
 62   Nippon Prologis REIT, Inc.   129,590 
 8,000   Open House Co., Ltd.   187,193 
 42,728   Resorttrust, Inc.   787,881 
 85,000   Seibu Holdings, Inc.   1,434,107 
 30,000   Shinoken Group Co., Ltd.   502,701 
         17,862,770 
Philippines-1.6%     
 1,237,077   Ayala Land, Inc.   883,715 
 10,500,000   Megaworld Corp.   774,339 
 1   SM Prime Holdings, Inc.   1 
         1,658,055 
Singapore-2.7%     
 2,429,000   Banyan Tree Holdings, Ltd. (a)   870,362 
 1,001,420   Global Logistic Properties, Ltd.   1,847,442 
         2,717,804 
Thailand-0.4%     
 253,746   Central Pattana PCL   407,176 
United Arab Emirates-1.8%     
 900,000   Emaar Properties PJSC   1,820,632 
     Total Asia (Cost $70,843,419)   40,893,867 
 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

Europe-34.2%     
      
France-5.2%     
 66,000   Accor SA   2,672,118 
 20,526   Klepierre   778,847 
 37,901   Nexity SA   1,859,956 
         5,310,921 
Germany-4.1%     
 41,500   ADO Properties SA (e)   1,482,631 
 100,000   Aroundtown Property Holdings PLC   436,118 
 50,000   Dream Global Real Estate Investment Trust   366,186 
 1,247,900   Sirius Real Estate, Ltd.   767,851 
 58,548   TLG Immobilien AG   1,111,101 
         4,163,887 
Ireland-6.4%     
 757,791   Cairn Homes PLC (a)   1,036,860 
 798,000   Dalata Hotel Group PLC (a)   3,695,581 
 518,484   Green REIT PLC   727,614 
 866,666   Hibernia REIT PLC   1,138,584 
         6,598,639 
Italy-0.4%     
 55,737   COIMA RES SpA (a)(e)   410,948 
Netherlands-2.4%     
 35,000   InterXion Holding NV (a)   1,345,050 
 110,000   NSI NV   447,312 
 15,000   Wereldhave NV   656,606 
         2,448,968 
Poland-0.4%     
 100,000   Atrium European Real Estate, Ltd.   418,846 
 3,265,000   Nanette Real Estate Group NV (a)(b)(c)   11,278 
         430,124 
Spain-5.3%     
 170,744   Hispania Activos Inmobiliarios Socimi SA   2,101,226 
 131,029   Lar Espana Real Estate Socimi SA   995,213 
 100,000   Melia Hotels International SA   1,282,446 
 100,000   Merlin Properties Socimi SA   1,117,822 
         5,496,707 
Sweden-3.0%     
 100,877   JM AB   3,044,612 
United Kingdom-7.0%     
 100,000   Countryside Properties PLC (e)   293,743 
 1,254,024   IWG PLC   3,939,171 
 63,392   Kennedy Wilson Europe Real Estate PLC   756,002 
 252,084   LondonMetric Property PLC   468,071 
 408,331   Purplebricks Group PLC (a)   981,129 
 200,000   St Modwen Properties PLC   801,849 
         7,239,965 
     Total Europe (Cost $34,166,538)   35,144,771 
 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

Middle East/Africa-0.5%     
      
South Africa-0.5%     
 70,000   Accelerate Property Fund, Ltd.   34,286 
 100,000   Rebosis Property Fund, Ltd.   94,249 
 250,000   Redefine Properties, Ltd.   206,679 
 130,000   Vukile Property Fund, Ltd.   180,408 
         515,622 
     Total Middle East/Africa (Cost $509,902)   515,622 
           
North & South America-17.2%     
      
Brazil-3.7%     
 220,535   Cyrela Commercial Properties SA Empreendimentos e Participacoes   672,572 
 336,829   Direcional Engenharia SA   631,735 
 912,132   General Shopping Brasil SA (a)   1,230,225 
 155,394   Sao Carlos Empreendimentos e Participacoes SA   1,316,689 
         3,851,221 
Mexico-4.2%     
 500,000   Concentradora Fibra Hotelera Mexicana SA de CV   363,248 
 766,024   Corp. Inmobiliaria Vesta SAB de CV   842,669 
 1,000,979   Fibra Uno Administracion SA de CV   1,434,256 
 1,000,000   Grupo GICSA SA de CV (a)   542,355 
 1,257,643   Hoteles City Express SAB de CV (a)   1,104,248 
         4,286,776 
United States-9.3%     
 10,000   CyrusOne, Inc.   481,600 
 40,000   DR Horton, Inc.   1,196,400 
 6,000   Equinix, Inc.   2,309,880 
 35,000   LGI Homes, Inc. (a)   1,087,100 
 75,000   NorthStar Realty Europe Corp.   900,750 
 225,000   TerraForm Power, Inc.-Class A (a)   2,670,750 
 50,000   William Lyon Homes-Class A (a)   882,500 
         9,528,980 
     Total North & South America (Cost $27,675,325)   17,666,977 
     Total Common Stocks (Cost $133,195,184)   94,221,237 
Short-Term Investments-8.5%     
$8,734,000   State Street Eurodollar Time Deposit, 0.01%   8,734,000 
     Total Short-Term Investments (Cost $8,734,000)   8,734,000 
 Total Investments (Cost $141,929,184) (f) -100.3%   102,955,237 
 Liabilities in Excess of Other Assets-(0.3)%   (302,458)
TOTAL NET ASSETS 100.0%  $102,652,779 

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Illiquid security.

(c) Security fair valued in accordance with procedures approved by the Board of Trustees. These securities comprised 3.7% of the Fund’s net assets.

(d) Private placement.

(e) 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 2.1% of the Fund’s net assets.

(f) See Note 2B for the cost of investments for federal tax purposes.

 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

AB-Aktiebolag is the Swedish equivalent of a corporation.

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.

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.

 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments

January 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value 
           
Real Estate Investment Trusts-102.6%     
           
Apartments-15.3%     
 15,000   American Campus Communities, Inc.  $729,300 
 25,625   AvalonBay Communities, Inc. (a)   4,441,069 
 14,500   Camden Property Trust   1,211,765 
 68,360   Equity Residential (a)   4,154,237 
 23,665   Essex Property Trust, Inc. (a)   5,308,059 
 36,900   UDR, Inc.   1,289,655 
         17,134,085 
Diversified-5.6%     
 26,114   American Assets Trust, Inc. (a)   1,121,074 
 10,000   Forest City Realty Trust, Inc.-Class A   226,400 
 46,117   Vornado Realty Trust (a)   4,902,698 
         6,250,172 
Health Care-6.3%     
 16,887   HCP, Inc.   512,014 
 25,413   Omega Healthcare Investors, Inc.   814,995 
 27,344   Sabra Health Care REIT, Inc.   694,537 
 55,712   Ventas, Inc. (a)   3,435,759 
 24,803   Welltower, Inc.   1,644,439 
         7,101,744 
Lodging-3.6%     
 30,000   Ashford Hospitality Prime, Inc.   403,200 
 29,696   Chatham Lodging Trust   598,077 
 20,658   Chesapeake Lodging Trust   528,845 
 72,100   Host Hotels & Resorts, Inc.   1,302,847 
 27,000   Park Hotels & Resorts, Inc.   732,780 
 15,300   Pebblebrook Hotel Trust   457,623 
         4,023,372 
Manufactured Homes-1.9%     
 28,900   Equity LifeStyle Properties, Inc.   2,136,866 
Mortgage & Finance-1.7%     
 46,144   Apollo Commercial Real Estate Finance, Inc.   803,367 
 50,000   Starwood Property Trust, Inc.   1,113,000 
         1,916,367 
Net Lease-0.6%     
 9,012   EPR Properties   666,618 
Office-Industrial Buildings-42.0%     
 48,528   Alexandria Real Estate Equities, Inc. (a)   5,377,873 
 49,611   Boston Properties, Inc.   6,494,080 
 36,671   CoreSite Realty Corp.   3,158,473 
 37,087   Cousins Properties, Inc.   315,239 
 29,169   CyrusOne, Inc.   1,404,779 
 50,000   Digital Realty Trust, Inc.   5,381,500 
 57,509   Douglas Emmett, Inc.   2,176,141 
 26,196   Duke Realty Corp.   637,349 
 38,852   DuPont Fabros Technology, Inc.   1,844,693 
 45,455   Empire State Realty Trust, Inc.-Class A   931,373 
 8,000   Equinix, Inc.   3,079,840 
 15,714   Hudson Pacific Properties, Inc.   556,433 
 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

 38,773   Kilroy Realty Corp. (a)   2,902,159 
 18,708   Liberty Property Trust   718,200 
 15,000   Mack-Cali Realty Corp.   420,300 
 71,882   New York REIT, Inc.   715,226 
 35,608   Paramount Group, Inc.   594,298 
 4,635   Parkway, Inc. (b)   98,679 
 89,400   Prologis, Inc.   4,367,190 
 35,000   SL Green Realty Corp. (a)   3,813,950 
 32,537   STAG Industrial, Inc.   752,906 
 51,058   Terreno Realty Corp.   1,388,267 
         47,128,948 
REIT - Infrastructure-1.6%     
 17,500   American Tower Corp.   1,811,250 
Retail Centers-17.9%     
 42,191   CBL & Associates Properties, Inc.   457,773 
 25,075   DDR Corp.   380,639 
 12,100   Federal Realty Investment Trust (a)   1,699,203 
 76,000   GGP, Inc.   1,887,840 
 50,000   Kimco Realty Corp.   1,244,500 
 10,000   Regency Centers Corp.   697,300 
 49,295   Simon Property Group, Inc. (a)   9,058,942 
 19,106   Taubman Centers, Inc. (a)   1,353,469 
 30,928   The Macerich Co. (a)   2,124,444 
 23,058   Urban Edge Properties   644,932 
 15,130   Weingarten Realty Investors   539,082 
         20,088,124 
Storage-6.1%     
 17,500   Extra Space Storage, Inc.   1,260,875 
 12,000   National Storage Affiliates Trust   267,000 
 24,665   Public Storage (a)   5,302,975 
         6,830,850 
     Total Real Estate Investment Trusts (Cost $56,266,756)   115,088,396 
Common Stocks-0.6%     
 
Lodging-0.6%
 7,200   Marriott International, Inc.-Class A   609,120 
     Total Common Stocks (Cost $382,278)   609,120 
Preferred Stocks-1.3%     
      
Diversified-0.5%     
 22,167   Colony NorthStar, Inc.-Series B, 8.250%   561,712 
Retail Centers-0.8%     
 37,843   CBL & Associates Properties, Inc.-Series D, 7.375%   932,830 
     Total Preferred Stocks (Cost $1,166,419)   1,494,542 
Total Investments (Cost $57,815,453) (c) - 104.5%   117,192,058 
Liabilities in Excess of Other Assets-(4.5)%   (5,031,927)
TOTAL NET ASSETS 100.0%  $112,160,131 

 

Percentages are stated as a percent of net assets.

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

(b) Non-income producing security.

(c) See Note 2B for the cost of investments for federal tax purposes.

REIT-Real Estate Investment Trust

 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments

January 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value 
         
Common Stocks-92.9%               
      
Asia-61.8%               
      
China-33.1%               
 25,000   CapitaLand Retail China Trust  $25,189 
 80,000   China Jinmao Holdings Group, Ltd.   23,612 
 105,000   China Overseas Land & Investment, Ltd.   310,579 
 82,357   China Resources Land, Ltd.   205,285 
 32,000   China State Construction International Holdings, Ltd.   52,296 
 21,000   China Vanke Co., Ltd.-Class H   53,590 
 235,000   CIFI Holdings Group Co., Ltd.   66,330 
 75,500   Fantasia Holdings Group Co., Ltd.   9,439 
 40,000   Greentown China Holdings, Ltd. (a)   33,046 
 24,000   Guangzhou R&F Properties Co., Ltd.-Class H   30,870 
 250,000   Joy City Property, Ltd.   32,221 
 140,000   KWG Property Holding, Ltd.   80,836 
 95,000   Longfor Properties Co., Ltd.   137,378 
 60,000   Shanghai Jin Jiang International Hotels Group Co., Ltd.-Class H   16,162 
 140,000   Shenzhen Investment, Ltd.   57,199 
 20,000   Shimao Property Holdings, Ltd.   26,911 
 50,000   Shui On Land, Ltd.   10,568 
 40,000   Sino-Ocean Group Holding, Ltd.   17,322 
 35,000   Times Property Holdings, Ltd.   18,179 
         1,207,012 
India-1.0%               
 50,000   Ascendas India Trust   37,251 
Indonesia-8.6%               
 22,000   First Real Estate Investment Trust   19,825 
 40,000   Lippo Malls Indonesia Retail Trust   11,069 
 1,500,000   PT Bekasi Fajar Industrial Estate TBK   37,521 
 480,159   PT Bumi Serpong Damai TBK   65,807 
 497,222   PT Ciputra Development TBK   49,154 
 40,000   PT Lippo Cikarang TBK (a)   14,918 
 600,714   PT Pakuwon Jati TBK   25,194 
 2,200,000   PT Puradelta Lestari TBK   39,214 
 340,000   PT Summarecon Agung TBK   33,357 
 400,000   PT Surya Semesta Internusa TBK   19,023 
         315,082 
Malaysia-0.5%               
 50,000   Eco World Development Group BHD (a)   16,480 
Philippines-6.7%               
 140,307   Ayala Land, Inc.   100,229 
 15,000   DoubleDragon Properties Corp. (a)   15,538 
 264,000   Filinvest Land, Inc.   8,594 
 400,000   Megaworld Corp.   29,499 
 27,000   Robinsons Land Corp.   13,618 
 110,000   SM Prime Holdings, Inc.   65,648 
 100,000   Vista Land & Lifescapes, Inc.   10,188 
         243,314 
Singapore-2.1%               
 22,000   Ascott Residence Trust   17,717 
 31,500   Global Logistic Properties, Ltd.   58,112 
         75,829 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

Thailand-6.2%               
 50,000   Amata Corp. PCL   21,585 
 120,000   Ananda Development PCL   17,381 
 150,000   AP Thailand PCL   31,525 
 150,000   BTS Group Holdings PCL-NVDR   35,572 
 45,000   Central Pattana PCL   72,210 
 50,000   Land & Houses PCL   13,775 
 30,000   Land and Houses PCL-NVDR   8,265 
 210,000   The Erawan Group PCL   26,481 
         226,794 
United Arab Emirates-3.4%               
 90,000   Aldar Properties PJSC   62,730 
 30,000   Emaar Properties PJSC   60,688 
         123,418 
Vietnam-0.2%               
 31,600   Amata VN PCL   6,462 
     Total Asia (Cost $2,215,045)   2,251,642 
           
Europe-3.9%               
           
Austria-1.1%               
 2,000   CA Immobilien Anlagen AG   39,369 
Greece-0.2%               
 1,000   Grivalia Properties REIC AE   8,571 
Poland-1.0%               
 9,000   Atrium European Real Estate, Ltd. (b)   37,696 
Russia-0.5%               
 5,000   Etalon Group, Ltd.-GDR   19,350 
Spain-1.1%               
 3,000   Melia Hotels International SA (b)   38,474 
     Total Europe (Cost $135,655)   143,460 
           
Middle East/Africa-11.4%               
      
Egypt-2.9%               
 60,000   Emaar Misr for Development SAE (a)   7,947 
 26,000   Medinet Nasr Housing (a)   26,137 
 150,000   Palm Hills Developments SAE   22,243 
 110,000   Talaat Moustafa Group   49,224 
         105,551 
Morocco-0.4%               
 700   Residences Dar Saada   13,676 
South Africa-8.1%               
 30,000   Delta Property Fund, Ltd.   18,145 
 9,000   Emira Property Fund, Ltd. (b)   9,618 
 25,000   Growthpoint Properties, Ltd. (b)   48,794 
 6,000   Hyprop Investments, Ltd.   53,437 
 55,000   Redefine Properties, Ltd. (b)   45,469 
 7,000   Resilient REIT, Ltd.   60,914 
 77,000   SA Corporate Real Estate Fund Nominees Pty, Ltd. (b)   32,571 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

 18,400   Vukile Property Fund, Ltd. (b)   25,535 
         294,483 
     Total Middle East/Africa (Cost $389,002)   413,710 
           
North & South America-15.8%               
      
Argentina-1.3%               
 1,500   IRSA Inversiones y Representaciones SA-ADR (a)(b)   32,190 
 3,100   TGLT SA-GDR (a)(c)   14,722 
         46,912 
Brazil-9.7%               
 3,259   Aliansce Shopping Centers SA   15,462 
 1,000   BB Progressivo II FII   41,922 
 21,913   BR Malls Participacoes SA (a)   102,016 
 30   CSHG Brasil Shopping Investimento Imobiliario   19,813 
 5,000   Cyrela Brazil Realty SA Empreendimentos e Participacoes   20,548 
 4,000   Direcional Engenharia SA   7,502 
 3,612   Ez Tec Empreendimentos e Participacoes SA   20,931 
 33,000   Gafisa SA   25,762 
 2,538   General Shopping Brasil SA (a)   3,423 
 1,488   Helbor Empreendimentos SA   1,176 
 1,600   Iguatemi Empresa de Shopping Centers SA   15,131 
 200   Kinea Renda Imobiliaria FII   9,825 
 10,000   MRV Engenharia e Participacoes SA   40,494 
 1,400   Multiplan Empreendimentos Imobiliarios SA   27,746 
 2,000   Tecnisa SA   1,771 
         353,522 
Chile-1.4%               
 20,627   Parque Arauco SA   50,091 
Mexico-3.4%               
 7,937   Concentradora Fibra Hotelera Mexicana SA de CV (b)   5,766 
 16,244   Corp. Inmobiliaria Vesta SAB de CV (b)   17,869 
 40,000   Fibra Uno Administracion SA de CV (b)   57,314 
 35,000   Grupo GICSA SA de CV (a)   18,983 
 18,000   TF Administradora Industrial S de RL de CV   24,635 
         124,567 
     Total North & South America (Cost $566,586)   575,092 
     Total Common Stocks (Cost $3,306,288)   3,383,904 
           
Preferred Stocks-0.7%               
      
Europe-0.7%               
           
Russia-0.7%               
 15,000   Raven Russia, Ltd., 12.000%   27,692 
     Total Europe (Cost $25,834)   27,692 
     Total Preferred Stocks (Cost $25,834)   27,692 
           
Equity-Linked Structured Notes-5.9%               
      
Asia-5.9%               
           
India-5.9%               
 9,978   Dewan Housing Finance Corp.-Macquarie Bank, Ltd.   41,952 
 15,000   DLF, Ltd.-Macquarie Bank, Ltd.   29,969 
 65,000   Housing Development & Infrastructure, Ltd.-Macquarie Bank, Ltd. (a)   59,783 
 6,000   Oberoi Realty, Ltd.-Macquarie Bank, Ltd.   27,946 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

 7,310   Phoenix Mills, Ltd.-Macquarie Bank, Ltd.   37,172 
 7,000   Prestige Estates Projects, Ltd.-Macquarie Bank, Ltd.   17,231 
         214,053 
     Total Asia (Cost $231,372)   214,053 
     Total Equity-Linked Structured Notes (Cost $231,372)   214,053 
           
Rights-0.0% (d)               
      
North & South America-0.0% (d)               
      
Brazil-0.0% (d)               
 81   Multiplan Empreendimentos Imobiliarios SA
Expiration: February 09, 2017 (a)
   115 
     Total North & South America (Cost $0)   115 
     Total Rights (Cost $0)   115 
Total Investments (Cost $3,563,494) (e) -99.5%   3,625,764 
Other Assets in Excess of Liabilities-0.5%   16,506 
TOTAL NET ASSETS 100.0%  $3,642,270 

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

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

(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 0.4% of the Fund’s net assets.

(d) Amount is less than 0.05%.

(e) See Note 2B for the cost of investments for federal tax purposes.

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.

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.

 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments

January 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value 
         
Common Stocks-95.4%     
           
Asia-13.1%     
           
China-7.4%     
 1,538,000   Beijing Enterprises Water Group, Ltd.  $1,072,392 
 631,000   China Everbright International, Ltd.   769,344 
 427,000   China Merchants Port Holdings, Co., Ltd.   1,147,450 
 1,255,500   China Railway Construction Corp., Ltd.-Class H   1,750,829 
 540,771   China State Construction International Holdings, Ltd.   883,756 
 1,305,000   COSCO SHIPPING Ports, Ltd.   1,301,821 
 1,570,200   CRRC Corp., Ltd.-Class H   1,536,019 
 312,000   ENN Energy Holdings, Ltd.   1,544,136 
 1,272,100   Zhejiang Expressway Co., Ltd.-Class H   1,283,757 
         11,289,504 
Indonesia-2.1%     
 5,336,670   PT Jasa Marga Persero TBK   1,686,632 
 4,000,000   PT Tower Bersama Infrastructure TBK   1,482,868 
         3,169,500 
Japan-2.1%     
 36,100   East Japan Railway Co.   3,270,773 
Philippines-1.5%
 1,437,700   International Container Terminal Services, Inc.   2,237,514 
     Total Asia (Cost $21,162,910)   19,967,291 
           
Europe-30.5%     
           
Finland-0.6%     
 78,000   DNA OYJ   932,105 
France-8.2%     
 25,000   Aeroports de Paris   2,771,616 
 22,666   Bouygues SA   823,469 
 45,500   SFR Group SA   1,319,289 
 136,300   Suez   2,064,315 
 204,500   Veolia Environnement SA   3,475,830 
 28,000   Vinci SA   1,961,667 
         12,416,186 
Germany-1.2%     
 29,400   Fraport AG Frankfurt Airport Services Worldwide   1,753,803 
Italy-5.6%     
 131,000   Atlantia SpA   2,976,774 
 100,200   Buzzi Unicem SpA   2,466,182 
 180,556   Enav SpA (a)(b)   631,509 
 588,100   Enel SpA   2,453,075 
         8,527,540 
Netherlands-1.9%     
 405,400   Koninklijke KPN NV   1,165,844 
 39,400   Koninklijke Vopak NV   1,689,170 
         2,855,014 
 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

Portugal-1.6%     
 445,000   NOS SGPS SA   2,502,286 
Spain-7.9%     
 180,000   Abertis Infraestructuras SA   2,573,635 
 106,000   Atlantica Yield PLC   2,268,400 
 241,500   Cellnex Telecom SAU (b)   3,430,801 
 240,000   EDP Renovaveis SA   1,539,712 
 239,000   Saeta Yield SA   2,128,504 
         11,941,052 
United Kingdom-3.5%     
 82,800   BT Group PLC-SP ADR   1,603,008 
 208,900   Ferrovial SA   3,777,251 
         5,380,259 
     Total Europe (Cost $49,315,107)   46,308,245 
           
North & South America-51.8%     
           
Brazil-5.8%
 149,800   Cia de Saneamento Basico do Estado de Sao Paulo-ADR   1,492,008 
 180,000   Cia de Saneamento do Parana   805,433 
 2,259,298   Cosan Logistica SA (a)   4,223,054 
 242,030   Energisa SA   1,564,581 
 300,000   Rumo Logistica Operadora Multimodal SA (a)   714,036 
         8,799,112 
Canada-5.5%     
 17,700   Canadian Pacific Railway, Ltd.   2,675,178 
 81,700   Enbridge, Inc.   3,478,332 
 29,268   Fortis, Inc.   940,674 
 15,700   Waste Connections, Inc.   1,260,710 
         8,354,894 
Mexico-3.1%     
 7,200   Grupo Aeroportuario del Sureste SAB de CV-ADR   1,043,064 
 175,000   Infraestructura Energetica Nova SAB de CV   772,053 
 965,000   OHL Mexico SAB de CV   911,159 
 235,000   Promotora y Operadora de Infraestructura SAB de CV   2,054,355 
         4,780,631 
Peru-0.3%     
 100,000   Grana y Montero SA-SP ADR   451,000 
United States-37.1%     
 33,700   American Electric Power Co., Inc.   2,158,822 
 27,000   American Tower Corp.   2,794,500 
 17,600   AT&T, Inc.   742,016 
 45,000   CMS Energy Corp.   1,917,000 
 31,200   Comcast Corp.-Class A   2,353,104 
 42,000   CoreCivic, Inc.   1,219,680 
 35,200   Crown Castle International Corp.   3,091,616 
 26,500   DISH Network Corp.-Class A (a)   1,568,005 
 26,500   DTE Energy Co.   2,613,960 
 21,000   Dycom Industries, Inc. (a)   1,693,860 
 45,400   Exelon Corp.   1,628,952 
 33,700   Genesee & Wyoming, Inc.-Class A (a)   2,539,632 
 14,000   Kansas City Southern   1,202,740 
 100,000   Kinder Morgan, Inc.   2,234,000 
 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

 27,500   MasTec, Inc. (a)   1,024,375 
 24,500   NextEra Energy, Inc.   3,031,140 
 32,400   Norfolk Southern Corp.   3,805,704 
 110,000   NRG Energy, Inc.   1,819,400 
 97,800   NRG Yield, Inc.-Class A   1,589,250 
 104,100   Pattern Energy Group, Inc.   2,054,934 
 37,100   PG&E Corp.   2,296,119 
 52,000   SemGroup Corp.-Class A   2,064,400 
 57,800   T-Mobile U.S., Inc. (a)   3,599,206 
 19,500   The Geo Group, Inc.   809,640 
 105,000   The Williams Cos., Inc.   3,028,200 
 230,000   TravelCenters of America LLC (a)   1,633,000 
 17,000   Union Pacific Corp.   1,811,860 
         56,325,115 
     Total North & South America (Cost $72,018,917)   78,710,752 
     Total Common Stocks (Cost $142,496,934)   144,986,288 
           
Equity-Linked Structured Notes-0.4%     
      
Asia-0.4%     
      
India-0.4%     
 120,500   Bharti Infratel, Ltd.-Macquarie Bank, Ltd.   520,400 
     Total Equity-Linked Structured Notes (Cost $633,641)   520,400 
          
Principal
Amount
         
Short-Term Investment-3.4%     
$5,179,000   State Street Eurodollar Time Deposit, 0.01%   5,179,000 
        Total Short-Term Investment (Cost $5,179,000)   5,179,000 
Total Investments (Cost $148,309,575) (c) -99.2%   150,685,688 
Other Assets in Excess of Liabilities-0.8%   1,226,684 
TOTAL NET ASSETS 100.0%  $151,912,372 

 

 

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 2.7% of the Fund’s net assets.

(c) See Note 2B for the cost of investments for federal tax purposes.

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.

SAU-Sociedad Anonima Unipersonal

SP ADR-Sponsored American Depositary Receipt

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

 

Alpine Global Realty Growth & Income Fund

 

Schedule of Portfolio Investments

January 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value 
           
Common Stocks-96.7%     
           
Asia-22.3%     
           
China-3.1%     
 18,000   China Overseas Land & Investment, Ltd.  $53,242 
 20,000   China Resources Land, Ltd.   49,852 
 35,000   Longfor Properties Co., Ltd.   50,613 
         153,707 
Hong Kong-1.5%     
 7,000   Cheung Kong Property Holdings, Ltd.   46,373 
 2,000   Sun Hung Kai Properties, Ltd.   27,684 
         74,057 
India-0.5%     
 30,000   Ascendas India Trust   22,351 
Japan-14.4%     
 250   Daito Trust Construction Co., Ltd.   34,961 
 5,000   Hulic Co., Ltd.   48,800 
 40   Ichigo Hotel REIT Investment Corp.   45,027 
 19,000   Ichigo, Inc.   61,757 
 100   Invincible Investment Corp.   47,294 
 80   Japan Hotel REIT Investment Corp.   56,186 
 11,000   Kenedix, Inc.   41,210 
 4,000   Mitsubishi Estate Co., Ltd.   76,610 
 5,500   Mitsui Fudosan Co., Ltd.   127,453 
 3,600   Seibu Holdings, Inc.   60,739 
 2,500   Sekisui House, Ltd.   40,486 
 2,500   Sumitomo Realty & Development Co., Ltd.   67,842 
         708,365 
Singapore-2.8%     
 31,000   Ascendas Real Estate Investment Trust   54,110 
 46,000   Frasers Logistics & Industrial Trust   30,681 
 30,000   Global Logistic Properties, Ltd.   55,344 
         140,135 
     Total Asia (Cost $1,134,327)   1,098,615 
Australia-7.0%     
      
Australia-7.0%     
 37,000   Gateway Lifestyle (Stapled Unit)   56,963 
 10,000   Goodman Group   52,481 
 23,000   Ingenia Communities Group   45,527 
 32,000   Mirvac Group   49,266 
 22,000   Stockland   72,579 
 20,000   Viva Energy REIT   34,128 
 5,000   Westfield Corp.   33,332 
         344,276 
     Total Australia (Cost $343,583)   344,276 
           
Europe-17.5%     
           
France-3.2%     
 1,800   Klepierre   68,300 
 

Alpine Global Realty Growth & Income Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

 400   Unibail-Rodamco SE   91,952 
         160,252 
Germany-4.2%     
 2,500   ADO Properties SA (a)   89,315 
 3,850   Dream Global Real Estate Investment Trust   28,196 
 2,500   TLG Immobilien AG   47,444 
 1,300   Vonovia SE   42,480 
         207,435 
Ireland-2.4%     
 15,000   Cairn Homes PLC (b)   20,524 
 12,000   Dalata Hotel Group PLC (b)   55,573 
 32,000   Hibernia REIT PLC   42,040 
         118,137 
Italy-0.6%     
 4,000   COIMA RES SpA (a)(b)   29,492 
Netherlands-0.6%     
 700   Wereldhave NV   30,642 
Norway-0.8%     
 2,000   Entra ASA (a)   21,581 
 15,000   Norwegian Property ASA   18,004 
         39,585 
Poland-0.6%     
 7,000   Atrium European Real Estate, Ltd.   29,319 
Spain-2.8%     
 4,230   Hispania Activos Inmobiliarios Socimi SA   52,056 
 2,520   Lar Espana Real Estate Socimi SA   19,140 
 6,000   Merlin Properties Socimi SA   67,069 
         138,265 
Sweden-0.8%     
 4,000   Hemfosa Fastigheter AB   36,972 
United Kingdom-1.5%     
 1,000   Great Portland Estates PLC   7,793 
 21,000   LondonMetric Property PLC   38,993 
 4,000   The UNITE Group PLC   29,513 
         76,299 
     Total Europe (Cost $901,868)   866,398 
North & South America-49.9%     
      
Mexico-1.3%     
 31,000   Corp. Inmobiliaria Vesta SAB de CV   34,102 
 12,000   Fibra Uno Administracion SA de CV   17,194 
 13,000   Hoteles City Express SAB de CV (b)   11,414 
         62,710 
United States-48.6%     
 440   AvalonBay Communities, Inc.   76,256 
 900   Boston Properties, Inc.   117,810 
 400   Camden Property Trust   33,428 
 5,132   Colony NorthStar, Inc.-Class A   71,438 
 

Alpine Global Realty Growth & Income Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

 800   CoreSite Realty Corp.   68,904 
 500   CyrusOne, Inc.   24,080 
 380   Digital Realty Trust, Inc.   40,899 
 1,000   DuPont Fabros Technology, Inc.   47,480 
 150   Equinix, Inc.   57,747 
 1,250   Equity Residential   75,963 
 310   Essex Property Trust, Inc.   69,533 
 2,250   Forest City Realty Trust, Inc.-Class A   50,940 
 1,600   Gaming and Leisure Properties, Inc.   50,608 
 3,600   GGP, Inc.   89,424 
 2,000   Host Hotels & Resorts, Inc.   36,140 
 1,700   Hudson Pacific Properties, Inc.   60,197 
 1,000   Kilroy Realty Corp.   74,850 
 1,500   Kimco Realty Corp.   37,335 
 1,900   Kite Realty Group Trust   45,638 
 400   LaSalle Hotel Properties   12,068 
 700   Lennar Corp.-Class A   31,255 
 1,500   LGI Homes, Inc. (b)   46,590 
 1,700   MGM Resorts International (b)   48,960 
 4,500   New York REIT, Inc.   44,775 
 1,900   NorthStar Realty Europe Corp.   22,819 
 2,000   Pebblebrook Hotel Trust   59,820 
 2,700   Prologis, Inc.   131,895 
 400   Public Storage   86,000 
 1,050   QTS Realty Trust, Inc.-Class A   52,910 
 1,600   Simon Property Group, Inc.   294,032 
 800   SL Green Realty Corp.   87,176 
 3,500   Starwood Property Trust, Inc.   77,910 
 200   Taubman Centers, Inc.   14,168 
 500   The Howard Hughes Corp. (b)   53,305 
 1,100   The Macerich Co.   75,559 
 2,000   TRI Pointe Group, Inc. (b)   24,540 
 1,600   Urban Edge Properties   44,752 
 575   Vornado Realty Trust   61,128 
         2,398,332 
     Total North & South America (Cost $2,474,865)   2,461,042 
     Total Common Stocks (Cost $4,854,643)   4,770,331 
          
Principal
Amount
         
           
Short-Term Investments-2.4%     
$117,000   State Street Eurodollar Time Deposit, 0.01%   117,000 
     Total Short-Term Investments (Cost $117,000)   117,000 
Total Investments (Cost $4,971,643) (c) -99.1%   4,887,331 
Other Assets in Excess of Liabilities-0.9%   45,853 
TOTAL NET ASSETS 100.0%  $4,933,184 

 

 

Percentages are stated as a percent of net assets.

(a) 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 2.8% of the Fund’s net assets.

(b) Non-income producing security.

(c) See Note 2B for the cost of investments for federal tax purposes.

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.

PLC-Public Limited Company

REIT-Real Estate Investment Trust

 

Alpine Global Realty Growth & Income Fund

 

Schedule of Portfolio Investments-Continued

January 31, 2017 (Unaudited)

 

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.

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.

 

Alpine Equity Trust

Notes to Schedule of Portfolio Investments

January 31, 2017 (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 Emerging Markets Real Estate Fund, Alpine Global Infrastructure Fund and Alpine Global Realty Growth & Income Fund are five separate series of the Equity Trust (individually referred to as a “Fund” and collectively, “the Funds”). The Alpine International Real Estate Equity Fund, Alpine Emerging Markets Real Estate Fund and Alpine Global Infrastructure Fund are diversified funds. The Alpine Realty Income & Growth Fund and Alpine Global Realty Growth & Income Fund are non-diversified funds. Alpine International Real Estate Equity Fund seeks long-term capital growth. Current income is a secondary objective. Alpine Realty Income & Growth Fund seeks a high level of current income. Capital appreciation is a secondary objective. Alpine Emerging Markets Real Estate Fund seeks capital appreciation. Current income is a secondary objective. Alpine Global Infrastructure Fund seeks capital appreciation. Current income is a secondary objective. Alpine Global Realty Growth & Income Fund seeks total return through growth of capital and current income. Alpine Woods Capital Investors, LLC (the “Adviser”) is a Delaware limited liability company and serves as the investment manager to the Funds.

 

The Funds are each an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 946 Financial Services – Investment Companies.

 

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 fair 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. In computing the Funds’ NAV, equity securities that are traded on a securities exchange in the United States, except for those listed on NASDAQ Global Market, NASDAQ Global Select Market and NASDAQ Capital Market exchanges (collectively, “NASDAQ”) and option securities are valued at the last reported sale price as of the time of valuation. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Prices (“NOCP”). If, on a particular day, an exchange traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. 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. Each option security traded on a securities exchange in the United States is valued at the last current reported sales price as of the time of valuation if the last current reported sales price falls within the consolidated bid/ask quote. If the last current reported sale price does not fall within the consolidated bid/ask quote, the security 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 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 of the option, or if the counterparty’s price is not readily available, then by using the Black-Scholes method. Debt and short-term securities are valued based on an evaluated bid 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.

 

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.

 

For securities valued by the Funds, valuation techniques are used 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 comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 

The Board of Trustees adopted procedures which utilize fair value procedures when any assets for which reliable market quotations are not readily available or for which the Funds’ pricing service does not provide a valuation or provides a valuation that in the judgment of the Adviser does not represent fair value. The Board of Trustees has established a Valuation Committee which is responsible for: (1) monitoring the valuation of Fund securities and other investments; and (2) as required, when the Board of Trustees is not in session, reviewing and approving the fair value of illiquid and other holdings after consideration of all relevant factors, which determinations are reported to the Board of Trustees.

 

Fair Value Measurement:

 

The Funds have adopted FASB ASC, “Fair Value Measurement” (“ASC 820”). ASC 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 for identical instruments.
     
  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, 2017:

 
   Valuation Inputs     
International Real Estate Equity Fund *  Level 1   Level 2   Level 3   Total Value 
Common Stocks                    
Asia  $36,687,533   $407,176   $3,799,158   $40,893,867 
Europe   35,133,493        11,278    35,144,771 
Middle East/Africa   515,622            515,622 
North & South America   17,666,977            17,666,977 
Short-Term Investments       8,734,000        8,734,000 
Total  $90,003,625   $9,141,176   $3,810,436   $102,955,237 
                     
   Valuation Inputs      
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Assets                    
Forward Currency Contracts  $   $47,674   $   $47,674 
Liabilities                    
Forward Currency Contracts       (100,849)       (100,849)
Total  $   $(53,175)  $   $(53,175)
                     
   Valuation Inputs      
Realty Income & Growth Fund *  Level 1   Level 2   Level 3   Total Value 
Real Estate Investment Trusts  $115,088,396   $   $   $115,088,396 
Common Stocks   609,120            609,120 
Preferred Stocks   1,494,542            1,494,542 
Total  $117,192,058   $   $   $117,192,058 
                     
   Valuation Inputs      
Emerging Markets Real Estate Fund *  Level 1   Level 2   Level 3   Total Value 
Common Stocks                    
Asia  $2,018,386   $233,256   $   $2,251,642 
Europe   143,460            143,460 
Middle East/Africa   413,710            413,710 
North & South America   575,092            575,092 
Preferred Stocks   27,692            27,692 
Equity-Linked Structured Notes       214,053        214,053 
Rights       115        115 
Total  $3,178,340   $447,424   $   $3,625,764 
                     
   Valuation Inputs      
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Assets                    
Forward Currency Contracts  $   $1,207   $   $1,207 
Liabilities                    
Forward Currency Contracts       (315)       (315)
Total  $   $892   $   $892 
                     
   Valuation Inputs      
Global Infrastructure Fund *  Level 1   Level 2   Level 3   Total Value 
Common Stocks  $144,986,288   $   $   $144,986,288 
Equity-Linked Structured Notes       520,400        520,400 
Short-Term Investments       5,179,000        5,179,000 
Total  $144,986,288   $5,699,400   $   $150,685,688 
 
   Valuation Inputs      
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Assets                    
Forward Currency Contracts  $   $9,263   $   $9,263 
Liabilities                    
Forward Currency Contracts       (78,083)       (78,083)
Total  $   $(68,820)  $   $(68,820)
                     
   Valuation Inputs      
Global Realty Growth & Income Fund *  Level 1   Level 2   Level 3   Total Value 
Common Stocks  $4,770,331   $   $   $4,770,331 
Short-Term Investments       117,000        117,000 
Total  $4,770,331   $117,000   $   $4,887,331 
                     
   Valuation Inputs      
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Assets                    
Forward Currency Contracts  $   $848   $   $848 
Liabilities                    
Forward Currency Contracts       (3,270)       (3,270)
Total  $   $(2,422)  $   $(2,422)

 

As of the period ended January 31, 2017, certain securities were transferred from one level (as of October 31, 2016) to another. Based on beginning of period market values as of November 1, 2016, approximately $16,879 was transferred from Level 2 to Level 1 for Emerging Markets Real Estate Fund as a result of an increase in the number of observable inputs that were readily available to the independent pricing service. The Funds recognize transfers as of the beginning of the period.

 

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, 2016  $4,173,071 
Realized gain (loss)   - 
Change in net unrealized depreciation   (362,635)
Purchases   - 
Sales   - 
Transfers in to Level 3   - 
Transfers out of Level 3   - 
Balance as of January 31, 2017  $3,810,436 
Change in net unrealized appreciation/(depreciation) on Level 3 assets held at period end  $(362,635)
 

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, 2017:

 

International Real Estate Equity Fund

 

Asset   Fair Value
at 1/31/17
  Significant
Valuation
Technique
  Significant
Unobservable
Input
  Range of
Values
  Weighted
Average
  Relationship
Between Fair
Value and
Input: If
Input Value
Increases
Then:
                         
Common
Stock
  $3,799,158*   Market
Approach
  Liquidity
Discount
  20%   20%   Fair Value
would
Decrease
                         
            Total
Enterprise
Value /
Revenue
  1.81x to 2.26x   2.035x   Fair Value
would
Increase
                         
            Price / Book   0.79x to 1.14x   0.965x   Fair Value
would
Increase
                         
        Income
Approach
  Adjusted
Weighted
Average Cost
of Capital
  17.0%-19.0%   18.0%   Fair Value
would
Decrease
                         
Common
Stock
  $11,278*   Adjusted
Book Value
  Discount to NAV   50%   50%   Fair Value
would
Decrease

 

* Represents a single security, as of January 31, 2017. 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, total enterprise value/earnings before interest & taxes, price/book, adjusted weighted average cost of capital 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, 2017 was as follows*:

 

Fund  Cost of
investments
  Gross unrealized
appreciation
  Gross unrealized
depreciation
  Net unrealized
appreciation/
(depreciation)
International Real Estate Equity Fund  $141,929,184      $11,313,595   $(50,287,542)  $(38,973,947)
Realty Income & Growth Fund   57,815,453    59,621,043    (244,438)   59,376,605 
Emerging Markets Real Estate Fund   3,563,494    283,977    (221,707)   62,270 
Global Infrastructure Fund   148,309,575    12,763,546    (10,387,433)   2,376,113 
Global Realty Growth & Income Fund   4,971,643    228,112    (312,424)   (84,312)

 

* 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.

 

The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with Federal income tax regulations, which may differ from GAAP. These differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. In the event dividends and distributions to shareholders exceed net investment income and net realized gains for tax purposes, they are reported as returns of capital.

 

D. Foreign Currency Translation Transactions:

 

The International Real Estate Equity Fund, Emerging Markets Real Estate Fund and Global Infrastructure 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 Global Realty Growth & Income Fund will invest at least 40% of its net assets in foreign securities. The Funds do not isolate the portion of each portfolio invested in foreign sceurities of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market process. Such fluctuations are included with net realized and unrealized gain or loss from investments. Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translations gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates. 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) fair 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 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 objectives. 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 International Real Estate Equity Fund, Emerging Markets Real Estate Fund, Global Infrastructure Fund and Global Realty Growth & Income Fund entered into forward currency contracts during the reporting period to economically hedge against changes in the value of foreign currencies.

 

The following forward currency contracts were held as of January 31, 2017:

 

International Real Estate Equity Fund

Description  Counterparty  Settlement
Date
  Currency   Settlement
Value
   Current
Value
   Unrealized
Appreciation/ (Depreciation)
 
Contracts Sold:                         
Euro  State Street Bank and Trust Company  06/07/17  9,000,000   EUR   $9,732,600   $9,773,067   $(40,467)
British Pound  State Street Bank and Trust Company  06/07/17  4,000,000   GBP    5,094,880    5,047,206    47,674 
Japanese Yen  State Street Bank and Trust Company  06/07/17  1,100,000,000   JPY    9,735,547    9,795,929    (60,382)
                      $24,616,202   $(53,175)

 

Emerging Markets Real Estate Fund

Description  Counterparty  Settlement
Date
  Currency   Settlement
Value
   Current
Value
   Unrealized
Appreciation/ (Depreciation)
 
Contracts Sold:                         
Euro  State Street Bank and Trust Company  06/07/17  70,000   EUR   $75,698   $76,013   $(315)
British Pound  State Street Bank and Trust Company  06/07/17  10,000   GBP    12,737    12,618    119 
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  7,755,700   HKD    1,001,640    1,000,552    1,088 
                      $1,089,183   $892 

 

Global Infrastructure Fund

Description  Counterparty  Settlement
Date
  Currency   Settlement
Value
   Current
Value
   Unrealized
Appreciation/ (Depreciation)
 
Contracts Sold:                         
Euro  State Street Bank and Trust Company  06/07/17  13,000,000   EUR   $14,038,570   $14,116,653   $(78,083)
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  73,000,000   HKD    9,426,896    9,417,633    9,263 
                      $23,534,286   $(68,820)
 

Global Realty Growth & Income Fund

Description  Counterparty  Settlement
Date
  Currency   Settlement
Value
   Current
Value
   Unrealized
Appreciation/ (Depreciation)
 
Contracts Purchased:                      
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  220,000   HKD   $28,292   $28,382   $90 
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  200,000   HKD    25,783    25,802    19 
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  180,000   HKD    23,180    23,221    41 
                      $77,405   $150 

 

Contracts Sold:

Euro  State Street Bank and Trust Company  06/07/17  300,000   EUR   $324,420   $325,769   $             (1,349)
British Pound  State Street Bank and Trust Company  06/07/17  35,000   GBP    44,580    44,163    417 
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  2,000,000   HKD    258,298    258,017    281 
Japanese Yen  State Street Bank and Trust Company  06/07/17  35,000,000   JPY    309,768    311,689    (1,921)
                      $939,638   $(2,572)
 

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 27, 2017                                                                      

 

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 27, 2017                                                                       

 

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

Ronald G. Palmer, Jr., Chief Financial Officer

 

Date   March 27, 2017                                                                       

 

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

 
Jump to