Form N-Q ALPINE EQUITY TRUST

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company

What is Form N-Q?
  • Accession No.: 0000930413-17-003343 Act: 40 File No.: 811-05684 Film No.: 171100318
  • CIK: 0000842436
  • Submitted: 2017-09-25
  • Period of Report: 2017-07-31

N-Q HTML

c89336_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:  July 31, 2017

 

Item 1. Schedule of Investments.

 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments

July 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value
          
Common Stocks-92.8%     
        
Asia-38.3%       
        
China-4.6%       
 428,261   China Resources Land, Ltd.  $1,376,217 
 200,000   China State Construction International Holdings, Ltd.   323,142 
 550,000   China Vanke Co., Ltd.-Class H   1,623,073 
 600,000   Guangzhou R&F Properties Co., Ltd.-Class H   1,072,361 
 450,000   Longfor Properties Co., Ltd.   1,130,358 
         5,525,151 
        
India-10.5%       
 1,698,765   DB Realty, Ltd. (a)   1,173,092 
 400,000   DLF, Ltd. (a)   1,203,406 
 2,290,373   Hirco PLC (a)(b)(c)   0 
 500,000   Housing Development & Infrastructure, Ltd. (a)   676,137 
 81,778   Kolte-Patil Developers, Ltd.   215,053 
 374,877   Prestige Estates Projects, Ltd. (a)   1,570,771 
 178,276   Sobha, Ltd.   1,111,598 
 2,000,000   South Asian Real Estate PLC (a)(b)(c)(d)   3,588,769 
 400,000   The Phoenix Mills, Ltd.   3,049,044 
         12,587,870 
           
Japan-17.8%       
 30,000   Aeon Mall Co., Ltd.   571,727 
 330,691   Hulic Co., Ltd.   3,494,535 
 1,200   Ichigo Hotel REIT Investment Corp.   1,214,749 
 800,000   Ichigo, Inc.   2,445,462 
 2,738   Invincible Investment Corp.   1,226,878 
 1,000   Japan Hotel REIT Investment Corp.   722,935 
 578,312   Kenedix, Inc.   2,963,820 
 86,725   Mitsui Fudosan Co., Ltd.   1,993,782 
 70,000   Open House Co., Ltd.   2,317,566 
 42,728   Resorttrust, Inc.   788,324 
 85,000   Seibu Holdings, Inc.   1,484,965 
 60,000   Shinoken Group Co., Ltd.   1,428,092 
 180,000   Takara Leben Co., Ltd.   826,160 
         21,478,995 
        
Philippines-1.7%       
 1,237,077   Ayala Land, Inc.   1,029,672 
 10,500,000   Megaworld Corp.   998,811 
 1   SM Prime Holdings, Inc.   1 
         2,028,484 
           
Singapore-1.8%       
 2,429,000   Banyan Tree Holdings, Ltd. (a)   985,832 
 501,420   Global Logistic Properties, Ltd.   1,224,735 
         2,210,567 
           
Thailand-0.4%       
 253,746   Central Pattana PCL   529,964 
           
United Arab Emirates-1.5%     
 800,000   Emaar Properties PJSC   1,794,694 
     Total Asia (Cost $69,792,641)   46,155,725 
 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

Europe-35.4%       
        
Austria-0.1%       
 25,754   Immofinanz AG   62,682 
        
France-5.2%       
 53,778   Accor SA   2,499,387 
 29,118   Kaufman & Broad SA   1,262,977 
 20,526   Klepierre   835,267 
 29,901   Nexity SA   1,604,715 
         6,202,346 
        
Germany-5.9%       
 41,500   ADO Properties SA (e)   1,874,468 
 293,773   Aroundtown Property Holdings PLC   1,738,843 
 161,000   Dream Global Real Estate Investment Trust   1,326,224 
 51,733   PATRIZIA Immobilien AG (a)   936,077 
 58,548   TLG Immobilien AG   1,269,051 
         7,144,663 
           
Ireland-6.6%       
 757,791   Cairn Homes PLC (a)   1,403,920 
 743,334   Dalata Hotel Group PLC (a)   4,179,806 
 518,484   Green REIT PLC   904,714 
 866,666   Hibernia REIT PLC   1,439,421 
         7,927,861 
           
Italy-0.4%       
 55,737   COIMA RES SpA (e)   527,852 
           
Netherlands-2.4%       
 35,000   InterXion Holding NV (a)   1,675,450 
 13,750   NSI NV   537,475 
 15,000   Wereldhave NV   726,617 
         2,939,542 
        
Norway-0.4%       
 23,253   Olav Thon Eiendomsselskap ASA   496,830 
        
Poland-0.4%       
 100,000   Atrium European Real Estate, Ltd.   467,601 
 3,265,000   Nanette Real Estate Group NV (a)(b)(c)   0 
         467,601 
        
Spain-5.6%       
 170,744   Hispania Activos Inmobiliarios Socimi SA   3,080,413 
 131,029   Lar Espana Real Estate Socimi SA   1,315,351 
 65,000   Melia Hotels International SA   1,009,160 
 100,000   Merlin Properties Socimi SA   1,347,165 
         6,752,089 
      
United Kingdom-8.4%     
 100,000   Countryside Properties PLC (e)   474,588 
 1,254,024   IWG PLC   5,426,956 
 252,084   LondonMetric Property PLC   559,766 
 431,140   Purplebricks Group PLC (a)   2,730,462 
 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

 200,000   St Modwen Properties PLC   946,010 
         10,137,782 
     Total Europe (Cost $33,688,467)   42,659,248 
      
North & South America-19.1%     
      
Brazil-4.1%       
 100,000   Construtora Tenda SA (a)   503,471 
 220,535   Cyrela Commercial Properties SA Empreendimentos e Participacoes (a)   707,217 
 336,829   Direcional Engenharia SA   612,446 
 912,132   General Shopping Brasil SA (a)   1,439,123 
 155,394   Sao Carlos Empreendimentos e Participacoes SA   1,707,249 
         4,969,506 
        
Canada-0.2%       
 30,000   Hudson’s Bay Co.   256,747 
        
Mexico-3.8%       
 500,000   Concentradora Fibra Hotelera Mexicana SA de CV   421,289 
 766,024   Corp. Inmobiliaria Vesta SAB de CV   1,157,481 
 400,979   Fibra Uno Administracion SA de CV   747,113 
 1,000,000   Grupo GICSA SA de CV (a)   685,297 
 1,257,643   Hoteles City Express SAB de CV (a)   1,561,236 
         4,572,416 
           
United States-11.0%       
 10,000   CyrusOne, Inc.   597,100 
 40,000   DR Horton, Inc.   1,427,600 
 6,000   Equinix, Inc.   2,704,380 
 75,000   Five Point Holdings LLC-Class A (a)   1,117,500 
 26,787   LGI Homes, Inc. (a)   1,186,664 
 75,000   NorthStar Realty Europe Corp.   968,250 
 20,000   QTS Realty Trust, Inc.-Class A   1,069,400 
 225,000   TerraForm Power, Inc.-Class A (a)   3,015,000 
 50,000   William Lyon Homes-Class A (a)   1,130,500 
         13,216,394 
     Total North & South America (Cost $28,418,266)   23,015,063 
     Total Common Stocks (Cost $131,899,374)   111,830,036 
          
Principal
Amount
         
          
Short-Term Investments-7.2%     
$8,727,000   State Street Eurodollar Time Deposit, 0.12%   8,727,000 
     Total Short-Term Investments (Cost $8,727,000)   8,727,000 
Total Investments (Cost $140,626,374) (f) - 100.0%   120,557,036 
Liabilities in Excess of Other Assets-0.0%(g)   (44,139)
TOTAL NET ASSETS 100.0%  $120,512,897 

 

 

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 3.0% of the Fund’s net assets.

(d) Private placement.

 

Alpine International Real Estate Equity Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

(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 2.4% of the Fund’s net assets.

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

(g) Amount is less than 0.05%.

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.

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

 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments

July 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value
         
Real Estate Investment Trusts-103.9%     
      
Apartments-17.1%       
 15,000   American Campus Communities, Inc.  $719,100 
 25,625   AvalonBay Communities, Inc. (a)   4,928,969 
 14,500   Camden Property Trust   1,300,650 
 68,360   Equity Residential (a)   4,652,582 
 23,165   Essex Property Trust, Inc. (a)   6,062,280 
 36,900   UDR, Inc.   1,442,421 
         19,106,002 
        
Diversified-5.2%       
 26,114   American Assets Trust, Inc. (a)   1,060,489 
 10,000   Forest City Realty Trust, Inc.-Class A   243,800 
 23,059   JBG SMITH Properties (b)   818,116 
 46,117   Vornado Realty Trust (a)   3,659,384 
         5,781,789 
        
Health Care-6.7%       
 16,887   HCP, Inc.   534,473 
 25,413   Omega Healthcare Investors, Inc.   802,797 
 27,344   Sabra Health Care REIT, Inc.   634,381 
 55,712   Ventas, Inc. (a)   3,752,203 
 24,803   Welltower, Inc.   1,820,292 
         7,544,146 
           
Lodging-3.2%       
 30,000   Ashford Hospitality Prime, Inc.   310,800 
 29,696   Chatham Lodging Trust   614,113 
 72,100   Host Hotels & Resorts, Inc.   1,345,386 
 29,214   Park Hotels & Resorts, Inc.   786,733 
 15,300   Pebblebrook Hotel Trust   515,151 
         3,572,183 
      
Manufactured Homes-2.2%     
 28,900   Equity LifeStyle Properties, Inc.   2,522,970 
           
Mortgage & Finance-1.0%     
 50,000   Starwood Property Trust, Inc.   1,102,000 
           
Net Lease-0.8%       
 9,012   EPR Properties   652,289 
 30,000   VEREIT, Inc.   249,300 
         901,589 
      
Office-Industrial Buildings-43.7%     
 47,028   Alexandria Real Estate Equities, Inc. (a)   5,702,145 
 49,611   Boston Properties, Inc.   5,998,466 
 36,171   CoreSite Realty Corp.   3,927,447 
 37,087   Cousins Properties, Inc.   340,830 
 29,169   CyrusOne, Inc.   1,741,681 
 50,000   Digital Realty Trust, Inc.   5,767,000 
 57,509   Douglas Emmett, Inc.   2,200,294 
 26,196   Duke Realty Corp.   748,944 
 18,852   DuPont Fabros Technology, Inc.   1,175,045 
 45,455   Empire State Realty Trust, Inc.-Class A   949,555 
 8,000   Equinix, Inc.   3,605,840 
 15,714   Hudson Pacific Properties, Inc.   514,162 
 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

 38,773   Kilroy Realty Corp. (a)   2,691,234 
 18,708   Liberty Property Trust   786,110 
 15,000   Mack-Cali Realty Corp.   393,600 
 35,608   Paramount Group, Inc.   582,903 
 89,400   Prologis, Inc.   5,436,414 
 35,000   SL Green Realty Corp. (a)   3,614,450 
 32,537   STAG Industrial, Inc.   887,935 
 51,058   Terreno Realty Corp.   1,767,628 
         48,831,683 
      
REIT - Infrastructure-2.1%     
 17,500   American Tower Corp.   2,385,775 
           
Retail Centers-15.6%       
 77,191   CBL & Associates Properties, Inc.   678,509 
 25,075   DDR Corp.   255,514 
 12,100   Federal Realty Investment Trust (a)   1,604,823 
 76,000   GGP, Inc.   1,718,360 
 50,000   Kimco Realty Corp.   1,009,000 
 10,000   Regency Centers Corp.   662,200 
 49,295   Simon Property Group, Inc. (a)   7,813,257 
 15,297   Taubman Centers, Inc. (a)   869,940 
 30,928   The Macerich Co. (a)   1,774,958 
 23,058   Urban Edge Properties   579,448 
 15,130   Weingarten Realty Investors   491,120 
         17,457,129 
           
Single Family Home-0.4%     
 19,230   Invitation Homes, Inc.   409,984 
           
Storage-5.9%       
 17,500   Extra Space Storage, Inc.   1,391,250 
 12,000   National Storage Affiliates Trust   275,520 
 23,865   Public Storage (a)   4,905,928 
         6,572,698 
     Total Real Estate Investment Trusts (Cost $54,569,887)   116,187,948 
           
Common Stocks-0.9%     
      
Diversified-0.2%     
 6,000   Alexander & Baldwin, Inc.   251,580 
           
Lodging-0.7%     
 7,200   Marriott International, Inc.-Class A   750,168 
     Total Common Stocks (Cost $631,579)   1,001,748 
           
Preferred Stocks-1.3%     
      
Diversified-0.5%     
 22,167   Colony NorthStar, Inc.-Series B, 8.250%   567,919 
           
Retail Centers-0.8%     
 37,843   CBL & Associates Properties, Inc.-Series D, 7.375%   908,610 
     Total Preferred Stocks (Cost $1,166,419)   1,476,529 
 

Alpine Realty Income & Growth Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

           
Total Investments (Cost $56,367,885) (c) - 106.1%   118,666,225 
Liabilities in Excess of Other Assets-(6.1)%   (6,831,221)
TOTAL NET ASSETS 100.0%  $111,835,004 

 

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

July 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value  
          
Common Stocks-92.8%     
      
Asia-65.7%     
      
China-40.6%     
 40,000   Agile Group Holdings, Ltd.  $47,626 
 17,000   CapitaLand Retail China Trust   20,824 
 96,000   China Jinmao Holdings Group, Ltd.   44,615 
 160,000   China Overseas Grand Oceans Group, Ltd.   93,819 
 87,000   China Overseas Land & Investment, Ltd.   295,168 
 61,357   China Resources Land, Ltd.   197,171 
 28,000   China State Construction International Holdings, Ltd.   45,240 
 70,000   China Vanke Co., Ltd.-Class H   206,573 
 271,000   CIFI Holdings Group Co., Ltd.   154,395 
 74,000   Fantasia Holdings Group Co., Ltd.   10,801 
 35,000   Guangzhou R&F Properties Co., Ltd.-Class H   62,554 
 140,000   Joy City Property, Ltd.   20,613 
 120,000   KWG Property Holding, Ltd.   89,107 
 71,000   Logan Property Holdings Co., Ltd.   61,539 
 45,000   Longfor Properties Co., Ltd.   113,036 
 99,000   Shanghai Jin Jiang International Hotels Group Co., Ltd.-Class H   28,392 
 140,000   Shenzhen Investment, Ltd.   64,347 
 48,000   Shimao Property Holdings, Ltd.   95,744 
 80,000   SOHO China, Ltd.   43,632 
 100,000   Times Property Holdings, Ltd.   84,498 
         1,779,694 
           
India-1.0%     
 50,000   Ascendas India Trust   42,431 
           
Indonesia-6.1%     
 1,100,000   PT Bekasi Fajar Industrial Estate TBK   25,593 
 400,159   PT Bumi Serpong Damai TBK   53,759 
 507,222   PT Ciputra Development TBK   39,401 
 65,000   PT Lippo Cikarang TBK (a)   21,416 
 600,714   PT Pakuwon Jati TBK   32,010 
 3,300,000   PT Puradelta Lestari TBK   51,516 
 250,000   PT Summarecon Agung TBK   18,388 
 540,000   PT Surya Semesta Internusa TBK   27,762 
         269,845 
           
Malaysia-0.7%     
 82,000   Eco World Development Group BHD (a)   30,069 
 6,500   Eco World International BHD (a)   1,670 
         31,739 
           
Philippines-7.7%     
 145,307   Ayala Land, Inc.   120,945 
 5,000   DoubleDragon Properties Corp. (a)   4,558 
 264,000   Filinvest Land, Inc.   9,260 
 650,000   Megaworld Corp.   61,831 
 100,000   Robinsons Land Corp.   50,932 
 130,000   SM Prime Holdings, Inc.   89,913 
         337,439 
           
Singapore-1.1%     
 20,000   Global Logistic Properties, Ltd.   48,851 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

Thailand-5.4%     
 120,000   Ananda Development PCL   17,959 
 130,000   AP Thailand PCL   30,081 
 54,000   Central Pattana PCL   112,782 
 50,000   Land & Houses PCL   15,026 
 30,000   Land and Houses PCL-NVDR   9,015 
 10,000   Minor International PCL   12,697 
 250,000   The Erawan Group PCL   40,193 
         237,753 
      
United Arab Emirates-2.7%     
 65,000   Aldar Properties PJSC   41,410 
 45,000   Emaar Malls PJSC   30,383 
 20,000   Emaar Properties PJSC   44,867 
         116,660 
      
Vietnam-0.4%     
 86,600   Amata VN PCL   20,039 
     Total Asia (Cost $2,439,067)   2,884,451 
Europe-4.1%     
      
Austria-1.2%     
 2,000   CA Immobilien Anlagen AG   51,613 
           
Greece-1.2%     
 5,000   Grivalia Properties REIC AE   53,863 
           
Poland-0.3%     
 3,000   Atrium European Real Estate, Ltd.   14,028 
           
Spain-0.9%     
 6,000   NH Hotel Group SA   39,989 
           
Turkey-0.5%     
 46,500   Is Gayrimenkul Yatirim Ortakligi AS   19,555 
     Total Europe (Cost $157,774)   179,048 
      
Middle East/Africa-5.7%     
      
Egypt-2.4%     
 72,209   Medinet Nasr Housing   41,717 
 90,000   Palm Hills Developments SAE (a)   15,724 
 26,000   Six of October Development & Investment (a)   20,072 
 70,000   Talaat Moustafa Group   29,344 
         106,857 
      
South Africa-3.3%     
 35,000   Delta Property Fund, Ltd.   19,308 
 2,250   Hyprop Investments, Ltd.   20,180 
 30,000   Redefine Properties, Ltd.   24,517 
 4,000   Resilient REIT, Ltd.   39,773 
 50,000   SA Corporate Real Estate Fund Nominees Pty, Ltd.   21,246 
 12,400   Vukile Property Fund, Ltd.   18,160 
         143,184 
     Total Middle East/Africa (Cost $243,084)   250,041 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

North & South America-17.3%     
      
Argentina-1.0%     
 2,000   IRSA Inversiones y Representaciones SA-ADR (a)   44,520 
           
Brazil-11.3%     
 2,759   Aliansce Shopping Centers SA (a)   14,864 
 1,000   BB Progressivo II FII   43,456 
 22,699   BR Malls Participacoes SA   96,085 
 6,828   BR Properties SA   21,349 
 20,618   Construtora Tenda SA (a)   103,806 
 30   CSHG Brasil Shopping Investimento Imobiliario   20,636 
 8,000   Direcional Engenharia SA   14,546 
 7,612   Ez Tec Empreendimentos e Participacoes SA   47,795 
 5,000   Gafisa SA (a)   19,000 
 2,538   General Shopping Brasil SA (a)   4,004 
 1,500   Iguatemi Empresa de Shopping Centers SA   17,654 
 13,000   MRV Engenharia e Participacoes SA   59,740 
 1,482   Multiplan Empreendimentos Imobiliarios SA   34,161 
         497,096 
      
Chile-1.0%     
 16,034   Parque Arauco SA   42,149 
           
Mexico-4.0%     
 30,244   Corp. Inmobiliaria Vesta SAB de CV   45,699 
 45,000   Fibra Uno Administracion SA de CV   83,845 
 15,000   Grupo GICSA SA de CV (a)   10,280 
 20,000   PLA Administradora Industrial S de RL de CV   34,860 
         174,684 
     Total North & South America (Cost $662,572)   758,449 
     Total Common Stocks (Cost $3,502,497)   4,071,989 
      
Preferred Stocks-0.4%     
      
Europe-0.4%     
      
Russia-0.4%     
 10,000   Raven Russia, Ltd., 12.000%   18,274 
     Total Europe (Cost $17,054)   18,274 
     Total Preferred Stocks (Cost $17,054)   18,274 
      
Equity-Linked Structured Notes-5.6%     
      
Asia-5.6%     
      
India-5.6%     
 8,478   Dewan Housing Finance Corp.-Macquarie Bank, Ltd.   60,409 
 12,000   DLF, Ltd.-Macquarie Bank, Ltd.   36,102 
 50,000   Housing Development & Infrastructure, Ltd.-Macquarie Bank, Ltd.   67,614 
 7,310   Phoenix Mills, Ltd.-Macquarie Bank, Ltd.   55,721 
 6,000   Prestige Estates Projects, Ltd.-Macquarie Bank, Ltd.   25,140 
         244,986 
     Total Asia (Cost $155,420)   244,986 
     Total Equity-Linked Structured Notes (Cost $155,420)   244,986 
 

Alpine Emerging Markets Real Estate Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

Rights-0.0% (b)     
      
Asia-0.0% (b)     
      
Malaysia-0.0% (b)     
 2,600   Eco World International BHD
Expiration: April 04, 2022
   170 
     Total Asia (Cost $0)   170 
     Total Rights (Cost $0)   170 
Total Investments (Cost $3,674,971) (c) - 98.8%   4,335,419 
Other Assets in Excess of Liabilities-1.2%   52,150 
TOTAL NET ASSETS 100.0%  $4,387,569 

 

 

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Amount is less than 0.05%.

(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.

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.

 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments

July 31, 2017 (Unaudited)

 

Shares   Security
Description
  Value
        
Common Stocks-99.1%
 
Asia-16.5%
 
China-9.4%
 

1,766,000

   Beijing Enterprises Water Group, Ltd. (a)  $1,467,371 
 

971,000

   China Everbright International, Ltd.   1,268,013 
 

555,000

   China Merchants Port Holdings, Co., Ltd.   1,744,412 
 

1,313,500

   China Railway Construction Corp., Ltd.-Class H   1,735,459 
 

95,000

   China Unicom Hong Kong, Ltd.-ADR (a)   1,385,100 
 

1,315,000

   COSCO SHIPPING Ports, Ltd.   1,609,489 
 

1,774,200

   CRRC Corp., Ltd.-Class H   1,585,486 
 

1,606,100

   Zhejiang Expressway Co., Ltd.-Class H   2,004,849 
         12,800,179 
 
Indonesia-3.3%
 

4,535,000

   PT Jasa Marga Persero TBK   1,991,125 
 

2,500,000

   PT Sarana Menara Nusantara TBK   752,402 
 

3,250,000

   PT Tower Bersama Infrastructure TBK   1,646,465 
         4,389,992 
 
Japan-2.2%
 

32,000

   East Japan Railway Co.   3,004,218 
 
Philippines-1.6%
 

1,025,000

   International Container Terminal Services, Inc.   2,169,441 
     Total Asia (Cost $20,929,670)   22,363,830 
 
Europe-31.4%
 
Finland-0.9%
 

70,200

   DNA OYJ   1,254,021 
 
France-9.1%
 

14,100

   Aeroports de Paris   2,387,731 
 

20,966

   Bouygues SA   899,585 
 

38,200

   SFR Group SA (a)   1,424,467 
 

118,548

   Suez   2,144,352 
 

150,300

   Veolia Environnement SA   3,390,365 
 

22,900

   Vinci SA   2,053,238 
         12,299,738 
 
Germany-1.4%
 

18,700

   Fraport AG Frankfurt Airport Services Worldwide   1,873,239 
 
Italy-5.5%
 

90,400

   Atlantia SpA   2,749,230 
 

92,400

   Buzzi Unicem SpA   2,340,799 
 

420,400

   Enel SpA   2,400,759 
         7,490,788 
 
Netherlands-2.2%
 

381,500

   Koninklijke KPN NV   1,383,763 
 

33,000

   Koninklijke Vopak NV   1,572,969 
         2,956,732 
 
Portugal-1.8%
 

390,200

   NOS SGPS SA   2,485,124 
 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

Spain-7.1%
 

143,200

   Abertis Infraestructuras SA   2,829,292 
 

79,100

   Atlantica Yield PLC   1,709,351 
 

123,600

   Cellnex Telecom SAU (b)   2,780,037 
 

192,152

   EDP Renovaveis SA   1,536,330 
 

70,000

   Saeta Yield SA   803,800 
         9,658,810 
 
United Kingdom-3.4%
 

71,700

   BT Group PLC-SP ADR   1,497,813 
 

145,600

   Ferrovial SA   3,144,733 
         4,642,546 
     Total Europe (Cost $35,981,603)   42,660,998 
 
North & South America-51.2%
 
Brazil-5.6%
 

344,600

   CCR SA   1,887,462 
 

1,894,093

   Cosan Logistica SA (a)   4,567,665 
 139,000   Energisa SA   1,109,914 
         7,565,041 
 
Canada-5.4%
 

20,300

   Canadian Pacific Railway, Ltd.   3,174,311 
 

74,200

   Enbridge, Inc.   3,075,722 
 

17,400

   Waste Connections, Inc.   1,130,652 
         7,380,685 
 
Mexico-2.6%
 

175,000

   Infraestructura Energetica Nova SAB de CV   990,872 
 

234,000

   Promotora y Operadora de Infraestructura SAB de CV   2,567,198 
         3,558,070 
 
United States-37.6%
 18,000   American Electric Power Co., Inc.   1,269,720 
 22,700   American Tower Corp.   3,094,691 
 37,200   CMS Energy Corp.   1,720,128 
 44,700   Comcast Corp.-Class A   1,808,115 
 29,800   CoreCivic, Inc.   825,460 
 29,100   Crown Castle International Corp.   2,926,878 
 23,700   DISH Network Corp.-Class A (a)   1,517,511 
 16,900   DTE Energy Co.   1,809,314 
 16,700   Dycom Industries, Inc. (a)   1,513,020 
 56,000   FirstEnergy Corp.   1,786,960 
 39,300   Genesee & Wyoming, Inc.-Class A (a)   2,560,788 
 55,000   Great Plains Energy, Inc.   1,697,300 
 13,400   Kansas City Southern   1,382,746 
 87,500   Kinder Morgan, Inc.   1,787,625 
 27,500   MasTec, Inc. (a)   1,270,500 
 20,100   NextEra Energy, Inc.   2,936,409 
 23,600   Norfolk Southern Corp.   2,656,888 
 91,400   NRG Yield, Inc.-Class A   1,666,222 
 73,700   Pattern Energy Group, Inc.   1,849,870 
 46,100   SemGroup Corp.-Class A   1,247,005 
 15,100   Sempra Energy   1,706,451 
 38,500   T-Mobile U.S., Inc. (a)   2,373,910 
 42,500   TerraForm Power, Inc.-Class A (a)   569,500 
 36,200   The Geo Group, Inc.   1,062,470 
 

Alpine Global Infrastructure Fund

 

Schedule of Portfolio Investments-Continued

July 31, 2017 (Unaudited)

 

 91,400   The Williams Cos., Inc.   2,904,692 
 245,000   TravelCenters of America LLC (a)   894,250 
 17,300   Union Pacific Corp.   1,781,208 
 60,000   Vistra Energy Corp.   985,800 
 12,600   Vulcan Materials Co.   1,551,312 
         51,156,743 
     Total North & South America (Cost $60,121,278)   69,660,539 
     Total Common Stocks (Cost $117,032,551)   134,685,367 
 
Equity-Linked Structured Notes-0.5%
 
Europe-0.5%
 
United Kingdom-0.5%
 37,640   SSE PLC-Morgan Stanley BV   684,703 
     Total Equity-Linked Structured Notes (Cost $720,774)   684,703 

 

Principal
Amount
         
Short-Term Investment-0.4%
$546,000   State Street Eurodollar Time Deposit, 0.12%   546,000 
     Total Short-Term Investment (Cost $546,000)   546,000 
Total Investments (Cost $118,299,325) (c) - 100.0%   135,916,070 
Other Assets in Excess of Liabilities-0.0%(d)   35,296 
TOTAL NET ASSETS 100.0%  $135,951,366 

 

 

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 2.0% of the Fund’s net assets.

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

(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.

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 Equity Trust

Notes to Schedule of Portfolio Investments

July 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 and Alpine Global Infrastructure Fund are four 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 is a non-diversified fund. 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 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 over-the-counter 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 July 31, 2017:

 

  Valuation Inputs    
International Real Estate Equity Fund *  Level 1   Level 2   Level 3   Total Value 
Common Stocks                    
Asia  $42,036,992   $529,964   $3,588,769   $46,155,725 
Europe   42,659,248        0    42,659,248 
North & South America   23,015,063            23,015,063 
Short-Term Investments       8,727,000        8,727,000 
Total  $107,711,303   $9,256,964   $3,588,769   $120,557,036 
 
  Valuation Inputs       
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Assets                    
Forward Currency Contracts  $   $45,968   $   $45,968 
Liabilities                    
Forward Currency Contracts       (347,853)       (347,853)
Total  $   $(301,885)  $   $(301,885)

 

  Valuation Inputs    
Realty Income & Growth Fund *  Level 1   Level 2   Level 3   Total Value 
Real Estate Investment Trusts  $116,187,948   $   $   $116,187,948 
Common Stocks   1,001,748            1,001,748 
Preferred Stocks   1,476,529            1,476,529 
Total  $118,666,225   $   $   $118,666,225 

 

  Valuation Inputs    
Emerging Markets Real Estate Fund *  Level 1   Level 2   Level 3   Total Value 
Common Stocks                    
Asia  $2,626,659   $257,792   $   $2,884,451 
Europe   179,048            179,048 
Middle East/Africa   250,041            250,041 
North & South America   758,449            758,449 
Preferred Stocks   18,274            18,274 
Equity-Linked Structured Notes       244,986        244,986 
Rights       170        170 
Total  $3,832,471   $502,948   $   $4,335,419 

 

  Valuation Inputs    
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Assets                    
Forward Currency Contracts  $   $6,219   $   $6,219 
Liabilities                    
Forward Currency Contracts       (272)       (272)
Total  $   $5,947   $   $5,947 

 

  Valuation Inputs    
Global Infrastructure Fund *  Level 1   Level 2   Level 3   Total Value 
Common Stocks  $134,685,367   $   $   $134,685,367 
Equity-Linked Structured Notes       684,703        684,703 
Short-Term Investments       546,000        546,000 
Total  $134,685,367   $1,230,703   $   $135,916,070 

 

  Valuation Inputs    
Other Financial Instruments  Level 1   Level 2   Level 3   Total Value 
Assets                    
Forward Currency Contracts  $   $57,566   $   $57,566 
Liabilities                    
Forward Currency Contracts       (213,231)       (213,231)
Total  $   $155,665   $   $155,665 

 

For the period ended July 31, 2017, there were no transfers between Level 1, Level 2 and Level 3. 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   (584,302)
Purchases   - 
Sales   - 
Transfers in to Level 3   - 
Transfers out of Level 3   - 
Balance as of July 31, 2017  $3,588,769 
Change in net unrealized appreciation/(depreciation) on Level 3 holdings held at period end  $(584,302)

 

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 July 31, 2017:

 

International Real Estate Equity Fund

 

 Asset  Fair Value
at 7/31/17
  Significant
Valuation
Technique
  Significant
Unobservable
Input
  Range of
Values
  Weighted
Average
  Relationship
Between Fair
Value and
Input: If
Input Value
Increases
Then:
                   
Common
Stock
  $3,588,769*  Market
Approach
  Liquidity
Discount
  20%  20%  Fair Value would Decrease
                   
         Total
Enterprise
Value /
Revenue
  2.47x to 3.01x  2.74x  Fair Value would Increase
                   
         Price/Book  1.06x – 1.59x  1.325x  Fair Value would increase
                   
      Income
Approach
  Adjusted
Weighted  
Average Cost
of Capital
  18.0%-20.0%  19.00%  Fair Value would Decrease
                   
Common
Stock
  $0*  Adjusted
Book Value
   Discount to
NAV
  50%  50%  Fair Value would Decrease

 

* Represents a single security, as of July 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 July 31, 2017 was as follows*:

 

  Fund   Cost of
investments
  Gross unrealized
appreciation
  Gross unrealized
depreciation
  Net unrealized
appreciation/
(depreciation)
  International Real Estate Equity Fund   140,626,374   25,150,689   (45,220,027)   (20,069,338)
  Realty Income & Growth Fund   56,367,885   62,788,837   (490,497)   62,298,340
  Emerging Markets Real Estate Fund   3,674,971   718,695   (58,247)   660,448
  Global Infrastructure Fund   118,299,325   20,947,679   (3,330,934)   17,616,745

 

* 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 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 and Global Infrastructure 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 July 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  12/07/17  4,000,000  EUR  $4,556,032   $4,767,871   $(211,839)
British Pound  State Street Bank and Trust Company  12/07/17  5,000,000  GBP   6,488,500    6,624,514    (136,014)
Japanese Yen  State Street Bank and Trust Company  12/07/17  500,000,000  JPY   4,608,953    4,562,985    45,968 
                    $15,955,370   $(301,885)
 

Emerging Markets Real Estate Fund  

 

Description  Counterparty  Settlement
Date
  Currency  Settlement
Value
  Current
Value
  Unrealized
Appreciation/ (Depreciation)
 
Contracts Sold:                     
British Pound  State Street Bank and Trust Company  12/07/17  10,000  GBP  $12,977   $13,249   $(272)
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  7,755,700  HKD   1,001,640    995,421    6,219 
                    $1,008,670   $5,947 

 

Global Infrastructure Fund

 

Description  Counterparty  Settlement
Date
  Currency  Settlement
Value
  Current
Value
  Unrealized
Appreciation/ (Depreciation)
 
Contracts Sold:                     
Euro  State Street Bank and Trust Company  12/07/17  4,000,000  EUR  $4,554,640   $4,767,871   $(213,231)
Hong Kong Dollar  State Street Bank and Trust Company  11/03/17  73,000,000  HKD   9,426,896    9,369,330    57,566 
                    $14,137,201   $(155,665)

 

H. Subsequent Event:

 

On August 22, 2017, shareholders of the Emerging Markets Real Estate Fund (the “Fund”), a series of the Alpine Equity Trust (the “Trust”) approved the liquidation of the Fund. The liquidation of the Fund was completed on August 30, 2017.

 

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   September 25, 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   September 25, 2017                                                                       

 

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

Ronald G. Palmer, Jr., Chief Financial Officer

 

Date   September 25, 2017                                                                       

 

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

 
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