Alpine Emerging Markets Real Estate Fund

Fund Holdings

Asset Allocation

% Long % Net
Cash 1.82 1.82
Stocks 0.0 0.0
Bonds 0.0 0.0
Other 3.17 3.17
Foreign Bonds 0.84 0.84
Foreign Stocks 94.18 94.18
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 04.30.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 04.30.2014

Ticker YTD Return % % Net Assets
Emaar Properties PJSC EMAAR --- 8.73
China Overseas Land & Investment Ltd CAOVF -16.75 7.63
Ayala Land Inc AYAAF 0.39 3.84
China State Construction International Holdings Ltd CCOHF -0.82 3.62
Global Logistic Properties Ltd GBTZF -6.41 2.95
Central Pattana PLC CPN --- 2.9
China Vanke Co Ltd 200002 6.83 2.89
SM Prime Holdings Inc SPHXF 12.3 2.85
Cheung Kong Holdings Ltd CHEUF 22.52 2.65
Shimao Property Holdings Ltd SIOPF -16.22 2.55