Alpine Realty Income & Growth Fund

Transcription

Alpine Realty Income & Growth Fund
1Q March 31, 2015
Real Estate
Alpine Realty Income & Growth Fund
Objective
High level of current income with secondary
emphasis on capital appreciation
Strategy
Primarily U.S. equity or debt securities
of companies principally engaged in the
real estate industry with an emphasis on
companies offering high dividend yields well
supported by underlying assets or earnings,
with strong prospects for growth. The fund
may invest primarily in REITs and high-yielding
shares or debentures of real estate operating
companies.
Investment Opportunity
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AIGYX
12/29/1998
Simon Property Group, Inc.
9.03
Symbol (A share class)
Inception Date
AIAGX
12/30/2011
Boston Properties, Inc.
5.72
Essex Property Trust, Inc.
4.46
Equity Residential
4.37
SL Green Realty Corp.
4.35
Public Storage
4.25
Vornado Realty Trust
4.24
Alexandria Real Estate Equities, Inc.
4.14
Prologis, Inc.
3.74
AvalonBay Communities, Inc.
3.66
Total Net Assets (Millions)
$121.92
Number of Fund Holdings
61
Lipper Category
Distribution Frequency
Real Estate
Quarterly
NAV (Class I, as of 3/31/15)
$23.06
NAV (Class A, as of 3/31/15)
$23.04
Property Sector Allocation
%
Office-Industrial Buildings
30.38
Retail Centers
19.74
To increase the return potential of a
portfolio, while accepting the additional risk
associated with a sector investment
Apartments
17.27
Health Care
7.75
Lodging
7.13
Diversified
6.42
Storage
5.03
Mortgage & Finance
1.88
REIT - Infrastructure
1.32
Manufactured Homes
1.28
Net Lease
0.97
Other
0.83
Diversification potential of a historically
lower correlated asset class
Potential inflation hedge by investing in
securities of U.S. REITs
Above average equity yield potential
Portfolio Management
%
Symbol (I share class)
Inception Date
Participation in U.S. REIT market using an
income-oriented strategy by a manager with
a long history in the industry
May Help Portfolios Seeking
●●
Top 10 Holdings
Fund Facts
Total
Asset Allocation
Real Estate Investment Trusts
45.96
%
96.76
Common Stocks
1.77
Preferred Stocks
1.19
Exchange-Traded Funds
0.28
Robert W. Gadsden
Portfolio Manager
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25 years industry experience
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Managing Fund since 1999
For more information,
visit AlpineFunds.com
For financial professionals,
call 1-888-462-0880
For current shareholders,
call 1-888-785-5578
Scan for more
Risks
The Fund is subject to concentration risk, meaning the fund may concentrate portfolio assets in companies
within the same or related industry. Therefore, the Fund is more exposed to volatility within that industry
than a fund that was not concentrated. Investments in real estate securities may involve greater risk and
volatility including greater exposure to economic downturns and changes in real estate values, rents,
property taxes, interest rates, tax and other laws. A REIT’s share price may decline because of adverse
developments affecting the real estate industry. Investing in dividend-paying stocks involves the risk
that such stocks may fall out favor with investors and underperform the market. In addition, there is
the possibility that such companies could reduce or eliminate the payment of dividends in the future or
the anticipated acceleration of dividends could not occur. The fund may invest in preferred stocks and
convertible securities. The values of such securities typically have an inverse relationship with changes in
the prevailing interest rate. Securities with longer maturities generally involve a greater risk of fluctuations
in the value resulting from changes in interest rates. Medium- and small-capitalization companies tend
to have limited liquidity and greater price volatility than large-capitalization companies. The Fund is
non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund.
Investments in debt securities typically decrease in value when interest rates rise. The Fund may participate
in initial public offerings (“IPOs”) or Secondary offerings which may result in a magnified impact on the
performance of the Fund. IPO’s and Secondary offerings are frequently volatile in price and may increase
the turnover of the Fund, which may lead to increased expenses. The fund may use leverage which may
exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of
the fund, and money borrowed will be subject to interest costs.
There is no guarantee that the Fund’s objective will be met.
Mutual fund investing involves risk. Principal loss is possible.
INVESTMENT PRODUCTS: NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
1Q March 31, 2015
Alpine Realty Income & Growth Fund
Real Estate
Quarterly Performance (as of 3/31/15)
1YR
3YR
5YR
10YR
Since
Inception (%)
I / A†
Gross
Net
26.09
14.59
16.26
7.70
12.03
12/29/1998
1.47
1.42
5.56
25.74
14.31
–
–
17.02
12/30/2011
1.72
1.67
-0.24
18.84
12.18
–
–
14.99
12/30/2011
1.72
1.67
–
–
–
–
–
Average Annual Total Returns (%)
Share Sales
Symbol Class Charges YTD (%)
Fund
AIGYX
Alpine Realty Income & Growth Fund
AIAGX
I
–
5.62
A
Without
A
With
MSCI US REIT Index Gross USD
4.75
24.17
14.17
15.89
9.66
11.71 / 16.45
S&P 500® TR (Total Return) Index
0.95
12.72
16.11
14.46
8.01
5.22 / 18.88
Inception
Date
Expense Ratios* (%)
Calendar Year Performance (%)
Fund
Symbol
Share
Class
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Alpine Realty Income & Growth Fund
AIGYX
I
31.68
2.06
18.37
9.27
28.00
47.57
-50.24
-19.61
28.90
11.10
Returns for the Class A shares with sales charge reflect a maximum sales charge of 5.50%. Performance for the Class A shares without sales charges does not reflect this load.
The fund imposes a 1.00% redemption fee on shares held less than 60 days. Performance does not reflect the redemption fee. Had the load or redemption fee been reflected,
total returns would be reduced.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that
an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.
Performance data current to the most recent month-end may be obtained by calling 1-877-785-5578 or visiting www.alpinefunds.com.
Performance for less than one year are cumulative figures and are not annualized. Returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses.
†
Since inception performance numbers for the indices are calculated from the Fund’s Institutional Share class inception date/Class A shares inception date.
To the extent of the Fund’s historical performance resulted from gains derived from participation in IPOs and Secondary offerings, there is no guarantee that these results can
be replicated or that the Fund will be able to participate to the same degree in IPOs or secondary offerings in the future.
*Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown in the Fund’s most current prospectus dated February 27, 2015. The Fund has a contractual
fee waiver in effect until March 1, 2016. To the extent the Funds’ expenses were reduced by these waivers, the Funds’ total returns were increased. In these cases, in the absence of the fee
waivers, total returns would be reduced. The contractual expense reimbursement level was not reached by the end of the period shown in the prospectus.
Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.
Growth of $10,000 (as of 3/31/15)
$70,000
$63,286
AIGYX
MSCI US REIT Index Gross USD
S&P 500® TR (Total Return) Index
$60,000
$50,000
$60,543
$40,000
$30,000
$20,000
$22,862
$10,000
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This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund since 12/29/1998. It assumes the reinvestment of dividends and capital gains, but does not
reflect the effect of any applicable sales charges or redemption fees. This chart does not imply any future performance.
INVESTORS SHOULD CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE PROSPECTUS OR
THE SUMMARY PROSPECTUS CONTAIN THIS AND OTHER INFORMATION ABOUT A FUND. TO OBTAIN A FREE PROSPECTUS, PLEASE CONTACT YOUR FINANCIAL
ADVISOR OR VIEW THE PRODUCT SPECIFIC PAGE ON WWW.ALPINEFUNDS.COM. AN INVESTOR SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
MSCI US REIT Index Gross USD is a free float- adjusted market cap weighted index that is comprised of the most actively traded equity REITs that are of reasonable size in terms of full and free float adjusted market
capitalization. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
The S&P 500® Index (the “Index”) is a product of S&P Dow Jones Indices LLC and has been licensed for use by Alpine Woods Capital Investors, LLC. Copyright © 2015 by S&P Dow Jones Indices LLC. All rights
reserved. Redistribution or reproduction in whole or in part are prohibited without written the permission of S&P Dow Jones Indices LLC. S&P Dow Jones Indices LLC, its affiliates, and third party licensors make
no representation or warranty, express or implied, with respect to the Index and none of such parties shall have any liability for any errors, omissions, or interruptions in the Index or the data included therein. The
S&P 500® Index is an float-adjusted market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. It is not
possible to invest directly in an index.
Alpine Woods Capital Investors, LLC is the adviser to the Alpine open-end Funds. The Alpine open-end Mutual Funds are distributed by Quasar
Distributors, LLC. © 2015 Alpine Woods Capital Investors, LLC. All rights reserved. FC-AIGYX-1Q15-75i-V8