Fund Description

The fund was incepted in February 1989 and is managed by Alpine Management & Research, LLC. The fund seeks long-term capital growth. Current income is a secondary objective. Under normal circumstances, the fund invests at least 80% of its net assets in the equity securities of non-U.S. issuers located in at least three foreign countries which are principally engaged in the real estate industry or which own significant real estate assets. The fund invests without limitation in foreign securities, including direct investments in securities of foreign issuers and investments in depositary receipts (such as ADRs) that represent indirect interests in securities of foreign issuers. If there are any dividends and capital gains, they are distributed annually.