dynamic dividend fund - Alpine Funds

10 

Open-End Funds 

4 Alpine Dynamic Dividend Fund 

6 Alpine Dynamic Innovators Fund 

9 Alpine International Real Estate Equity Fund 

10 Alpine Realty Income & Growth Fund 

11 Alpine U.S. Real Estate Equity Fund 

13 Alpine Dynamic Financial Services Fund 

14 Alpine Dynamic Balance Fund 

15 Alpine Municipal Money Market 

Fund – Investor Class 

16 Alpine Ultra Short Tax Optimized 

Income Fund – Investor Class 

Closed-End Funds 

18 Alpine Global Dynamic Dividend Fund 

19 Alpine Total Dynamic Dividend Fund 

20 Alpine Global Premier Properties Fund 

2Q 6.30.2008 

Investor GuIde 

Q & A with Portfolio Managers 

2 Jill Evans – 

Alpine Dynamic Dividend Fund 

5 Stephen Lieber – 

Alpine Dynamic Innovators Fund 

7 Sam Lieber – 

Alpine International Real 

Estate Equity Fund 

12 Peter Kovalski – 

Alpine Dynamic Financial Services Fund 

Performance 

1 Performance Highlights 

21 Performance History – 

Open-End Funds

AlPInE MUtUAl FUnDS 

A History of Innovation Alpine’s co-founder, Stephen 

lieber, has a rich history of creating new and innovative 

equity strategies at the previous firms he has founded, including 

lieber & Company and Evergreen Funds. In addition, 

the lieber family, Alpine employees and directors have 

their own capital invested side-by-side with shareholders in the 

various vehicles offered by Alpine. 

• The investment team has extensive industry experience with a 

track record of managing large pools of assets. 

• Alpine has long-standing experience investing in foreign markets, 

managing the first-ever global real estate fund since 1989. 

Investment Philosophy rigorous research and analysis has 

been an essential ingredient in the firm’s ability to identify undervalued 

investment opportunities. We believe the key cornerstones of 

Alpine’s investment approach include: 

• Top-down/Bottom-up, active, value-oriented, investment 

methodology. 

• Industry and sector selection in consideration of both share 

prices relative to private market value and growth 

opportunities. 

• Opportunistic style focus favoring companies which are 

dominant niche players providing high return-on-equity, and 

earnings or dividend growth potential not currently reflected 

in the share price. 

• Risk management balanced with opportunity, selecting one 

carefully researched security at a time. 

“Good entrepreneurship plus good 

financiership equals dynamism.” 

- Edmund S. Phelps, Columbia University Professor, 

2006 Nobel Laureate in Economics 

Alpine ContACt InForMAtIon 

1(888)785.5578 

For Closed-End Funds only: 

1(800)617.7616 

www.alpinefunds.com 

Our PortFolIo MAnAgErS 

Stephen A. Lieber 

Chief Investment Officer 


Alpine Dynamic Balance Fund 

Samuel A. Lieber 

President 


Alpine International real Estate Equity Fund 

Alpine U.S. real Estate Equity Fund 


Alpine global Premier Properties Fund 

Jill K. Evans 


Alpine global Dynamic Dividend Fund 

Alpine total Dynamic Dividend Fund 

Robert W. Gadsden 

Alpine realty Income & growth Fund 

Peter Kovalski, CFA 


Steven C. Shachat 

Alpine Municipal Money Market Fund 

Alpine Ultra Short tax optimized Income Fund 

Kevin Shacknofsky 


Alpine global Dynamic Dividend Fund 

Alpine total Dynamic Dividend Fund 

Authorized for distribution only when accompanied or preceded by a current prospectus 

for the Alpine Mutual Funds, which contains more complete information 

including charges and expenses. Please read it carefully before you invest. 

The Alpine Mutual Funds (open-end) are distributed by Quasar Distributors, LLC, 

Distributor 8/08


Dividend distributions of $1.64 have been paid out for the 

12 months ended 6/30/08. 100% of these distributions 

qualify for the 15% tax rate on equity dividends. 


Alpine Municipal Money 

Market Fund | Investor Class 

Alpine Ultra Short Tax Optimized 

Income Fund | Investor Class 

Alpine Dynamic 

Financial Services Fund 

Alpine U.S. Real Estate Equity Fund 

Alpine Realty Income 

& Growth Fund 

Alpine International 

Real Estate Equity Fund 


Lipper Rankings vs. Peer Funds Total Returns 

as of June 30, 2008 

Total Return 

Lipper Ranking 

Lipper Category (Since Inception) 

Equity-Income Funds 

Small-Cap Growth Funds 

Tax Exempt Money 

Market Funds 

Short Municipal 

Debt Funds 

Financial Service Funds 

Real Estate Funds 



Mixed-Asset Target 

Allocation Growth Funds 

performance highlights 

# 10 out of 170 

# 12 out of 537 

# 1 out of 80 

# 2 out of 43 

# 1 out of 70 

# 6 out of 7 

# 13 out of 67 

# 1 out of 1 

# 28 out of 314 

Since Date of 

Symbol 1 Year 3 Years 5 Years 10 Years Inception Inception 

Alpine Dynamic Dividend Fund ADVDX 179/277 62/219 – – 10/170 09/22/03 

Alpine Dynamic Innovators Fund ADINX 11/604 – – – 12/537 07/11/06 

Alpine Municipal Money Market Fund | Investor Class AMUXX 1/110 1/95 1/86 – 1/80 12/05/02 


Income Fund | Investor Class ATOIX 23/59 2/54 2/48 – 2/43 12/06/02 

Alpine Dynamic Financial Services Fund ADFSX 3/190 – – – 1/70 11/01/05 

Alpine U.S. Real Estate Equity Fund EUEYX 225/227 191/191 130/134 59/59 6/7 09/01/93 

Alpine Realty Income & Growth Fund AIGYX 200/227 162/191 114/134 – 13/67 12/29/98 

Alpine International Real Estate Equity Fund EGLRX 36/38 8/8 3/3 3/3 1/1 02/01/89 

Alpine Dynamic Balance Fund * ADBYX 532/655 531/546 232/417 – 28/314 06/07/01 

Past performance is not a guarantee of future results. 

* As of 6/30/06, Lipper reclassified this fund as a Mixed-Asset Target Allocation Growth Fund. 

For full description of Lipper Rankings and other important disclosure, please reference the “Disclosure & Definitions” on page 17 in this report. 

1 1(888)785.5578 | eMAIL: info@alpinefunds.com 

www.alpinefunds.com

Q 

Q 

A Conversation with Jill Evans 

on the Alpine Dynamic Dividend Fund 

What are the investment objectives of the 

Alpine Dynamic Dividend Fund? 

We have two primary objectives for the Alpine Dynamic 

Dividend Fund. The first is to achieve a high level of current 

dividend income that qualifies for the reduced federal 

income tax rates created by the Jobs and Growth Tax 

Relief Reconciliation Act of 2003. The secondary focus is 

on total return for long-term growth of capital. In broad 

terms, we are looking to provide both a high level of 

qualified dividend income plus a positive total return. We 

work toward achieving these objectives through three 

separate sub-strategies, managing the portfolio almost as 

if we had three different “buckets” in which we place the 

different stocks we purchase. We refer to these substrategies 

as Dividend Capture, Value with a Catalyst, and 

Growth and Income. 

Could you describe these three strategies in 

greater detail? 

Dividend Capture 

Dividend Capture represents the part of our portfolio 

management through which we seek to generate most of 

the Fund’s yield. Within Dividend Capture we pursue a 

two-pronged approach consisting of High-yield Rotation 

and Special Dividends. 

• Rotation: Tax law mandates that stocks be held for 

a minimum of 61 days after purchase (including the 

ex-date) for the dividends they generate to qualify 

for preferential tax rates (“qualified dividends”). 

In High-yield Rotation, we look to purchase high 

dividend paying stocks and hold them for the minimum 

61 day period necessary to achieve qualified 

dividends. We then rotate that money into other 

high dividend payers, aiming to capture more than 

four quarterly dividends per year. A perfect rotation 

can capture six dividend payments annually. For 

international companies which typically pay dividends 

1(888)785.5578 | eMAIL: info@alpinefunds.com 


2 

all, we do not just “chase 

dividends”. We look to invest in great 

companies that are returning cash to 

shareholders. 

either annually or semi-annually, we try to capture 

more than that single or twice-yearly dividend. In 

essence, by using High-yield Rotation we look to 

generate more yield by keeping the money moving. 

Special dividends: Special Dividends are the second 

component of our Dividend Capture strategy. 

We scan the globe looking for special dividend announcements, 

cherry picking what we see as the 

best opportunities to buy stocks that provide not 

only high dividends, but the potential for strong total 

return. 

““ Above 

Growth & Income 

In this portion of the portfolio we seek to balance out 

the high-yielding stocks from the dividend capture strategy 

with companies that offer strong potential for capital 

appreciation. We look for stocks with very strong earnings 

growth, that are returning cash to shareholders, but 

that might have lower yields. On a capital appreciation 

basis, most of our top performers have come from this 

category. 

Value with a Catalyst 

We call our final sub-strategy Value with a Catalyst. Here 

we look for stocks that might have high yields and depressed 

earnings, but which are depressed for reasons that we see 

as temporary. The reason might be cyclical or the result of a 

restructuring or turnaround. Alpine produces its own fundamental 

research in order to identify companies at which 

earnings might be poised to rebound or accelerate. If we 

determine that a fundamentally strong company’s earnings 

are depressed due to temporary reasons, we’ll buy the stock 

in order to take advantage of a potentially higher yield 

down the road.

Q 

Q 

Does the Alpine Dynamic Dividend Fund 

emphasize income or capital appreciation? 

The Fund’s primary objective is to achieve a high level of 

qualified dividend income, and the secondary objective is 

capital appreciation for total return. We aim to deliver 

an attractive total return to investors, but most of that 

return is likely to come from qualified dividend income. 

Historically, the majority of our total return has come 

from dividends. 

Does the Alpine Dynamic Dividend Fund’s 

international exposure impact the fund on a 

day-to-day basis? 

We believe the substantial amount of international exposure 

is beneficial to our investors. However, investors 

should be aware that with approximately 30% of our 

holdings invested internationally, the fund is influenced by 

the movements of the global markets. Recently, international 

markets have significantly underperformed the U.S. 

market. For this reason, the Alpine Dynamic Dividend 

Fund does not move along with the S&P 500’s performance 

on many days. For example, most of the European 

markets close by about 10:30 or 11:00 AM, Eastern Time, 

so a substantial portion of our holdings are not traded in 

the afternoon. Therefore, if the domestic market rallies 

throughout an afternoon while our international stocks 

are not being traded, the Fund may underperform the 

S&P 500 on that day. By contrast, on days when the U.S. 

market has opened at a high level and sold off in the afternoon, 

we have tended to outperform the S&P 500. In 

those cases our international stocks provided us with a 

strong morning, after which we did not participate in the 

afternoon’s U.S. stock market losses. 

Another day-to-day impact of our international weighting 

is that the high international dividend yields we seek 

exposes the Fund to some currency volatility. At present 

we do not hedge our currency exposure, so that if the 

dollar fluctuates on a given day the value of the Fund’s international 

holdings will be affected. This may impact that 

day’s earnings relative to the S&P 500 and to other equityincome 

funds, many of which are more domestic in focus. 

Q 

In your view, what differentiates the Alpine 

Dynamic Dividend Fund? 

The most dramatic aspect of this Fund has been the high 

level of qualified dividend income we have provided to our 

investors. The second important characteristic is that we 

are about 30% international. We actively seek out dividend 

opportunities abroad, because dividends overseas tend to 

be much higher than in the United States. On average, we 

have found yields that are about twice those of the S&P 500 

by going overseas to certain mature markets like the United 

Kingdom, Sweden, and Australia. Many overseas markets 

also may have substantially higher growth opportunities 

than U.S. stocks. Of key importance for the Fund is that 

if a country has a tax treaty with the U.S, the dividends 

qualify for the preferential tax rate. 

Above all, we do not just “chase dividends”. We look to 

invest in great companies that are returning cash to shareholders. 

This is true for the special dividends as well, where 

we look for companies that are returning a large amount 

of one-time cash to shareholders, but that we believe are 

strong companies with appreciation potential. 



MANAGEMENT | Jill K. Evans & Kevin Shacknofsky 

INVESTMENT OBJECTIVE 

The Fund’s objective is to seek high current dividend income 

that qualifies for the reduced federal income tax rates created 

by the “Jobs and Growth Tax Relief Reconciliation Act 

of 2003,” while also focusing on total return for long-term 

growth of capital. 

INVESTMENT STRATEGY 

The Fund has a targeted investment process of selecting undervalued 

dividend-paying stocks, and then actively managing 

the investment process so as to maximize the amount of 

qualifying dividends flowing into the Fund. 

Fund Facts 

Symbol ADVDX 

NAV $9.66 

Inception Date 09/22/03 

Total Net Assets* $1.2 

Dividend Yield 16.99% 

SEC Yield (30 day) 4.77% 

Beta (S&P) 0.82 

Standard Deviation 12.44 

Number of Fund Holdings 100 

Weighted Average Market Cap. $42.9 Billion 

Gross Expense Ratio** 1.16% 

* Assets listed in $ billions 

** Data as of February 28, 2008 as stated in our prospectus. 

Top Ten Holdings v 

Diamond Offshore Drilling, Inc. 2.47% 

Statoilhydro ASA 2.24% 

Ship Finance International Ltd. 2.16% 

Petroleo Brasileiro SA 2.07% 

Time Warner Cable, Inc. 2.01% 

Raytheon Company 1.94% 

Macquarie Infrastructure Company LLC 1.89% 

Regal Entertainment Group 1.79% 

Gazprom OAO 1.66% 

United Utilities PLC 1.64% 

Top 10 Holdings 19.87% 

Cumulative Distribution Chart 

$8.50 

$7.65 

$6.80 

$5.95 

$5.10 

$4.25 

$3.40 

$2.55 

$1.70 

$0.85 

$0.00 

12/03 

8/04 

12/04 

6/05 

$7.26 

12/05 

6/06 

12/06 

6/07 

12/07 

6/08 



4 

Total Return Average Annualized as of 6/30/08 

Since Inception 

YTD 1 year 3 years 5 years 10 years Inception Date 

Alpine Dynamic Dividend Fund -13.88% -15.78% 6.16% – – 12.33% 9/22/03 

S&P 500 Index - Divs. Reinvested 

Lipper Equity Income – 

-11.91% -13.12% 4.40% – – 6.78% 

Funds Average 

Lipper Performance Ranking 

-11.41% -14.15% 4.31% – – 7.67% 

(based on total returns) – 179/277 62/219 – – 10/170 

Performance data quoted represents past performance and does not guarantee future results. Investment 

returns and principal value will fluctuate, and when sold, your investment may be worth more or less than its 

original cost. Performance current to the most recent month-end may be lower or higher than performance 

quoted and can be obtained by calling 1(888)785.5578. Performance data shown does not reflect the 1.00% 

redemption fee imposed on shares held for fewer than two months. If it did, total returns would be reduced. 

To the extent that the Fund’s historical performance resulted from gains derived from participation in initial 

public offerings (“IPOs”), there is no guarantee that these results can be replicated in future periods or that 

the Fund will be able to participate to the same degree in IPO allocations in the future. 

Growth of $10,000 Investment 

Hypothetical $10,000 investment at inception assuming dividend reinvestment. 

$22,000 

$20,450 

$18,900 

$17,350 

$15,800 

$14,250 

$12,700 

$11,150 

$9,600 

9/03 

Portfolio Sector Diversification v 

Energy 22.8% 

Industrials 14.8% 

Materials 13.4% 


S&P 500 Index - Divs Reinvested 

6/04 

dynamic dividend fund 

6/05 

6/06 


6/07 

2.0% Information Technology 

4.3% Healthcare 

4.7% Telecommmunications 

4.9% Utilities 

5.7% Financials 


6/08 

8.7% Cash & Equivalents 

8.9% Consumer 

Discretionary 

9.8% Consumer Staples 

The Alpine Dynamic Dividend Fund is placed in the Equity Income Funds category as reported 

by Lipper Analytical Services. 

Please refer to the prospectus for special risks associated with investing in the Fund, 

including, but not limited to, risks involved with illiquid, foreign and restricted securities, 

and short-term trading. 

Please refer to page 17 for additional disclosures and definitions. 

v Portfolio holdings and distributions are subject to change 

and are not recommendations to buy and sell any security.

Q&A with Stephen Lieber, co-portfolio manager 

of the Alpine Dynamic Innovators Fund 

QWhat is the objective of the Dynamic 

Innovators Fund? 

Q 

The objective of the fund is to seek capital appreciation 

by attempting to take advantage of the potential 

growth opportunities built on innovation of products 

or business strategies. 

The major focus of the Alpine Dynamic Innovators 

Fund is to attempt to benefit from corporate life 

cycle dynamics. We aim to have our capital invested 

in companies during what we believe is their most 

vigorous periods of growth. We recognize that timing 

is appropriate for investing in all companies because of 

the inevitability of acceleration and deceleration. 

The discipline of corporate life cycle investing requires 

evaluations of management strategies, the competitive 

Q 

environment in which they operate and the resources they 

can mobilize. The central challenge lies in the evaluation 

of corporate management and its strategic capabilities. 

When people hear the word “innovation” 

they naturally think of changing technology. 

Is the Dynamic Innovators Fund just a tech 

fund by another name? 

Innovation is so much more than just advances in 

technology. The innovators we invest in are also 

introducing new and better products and implementing 

innovative business models. While we include Alcon 

Inc., worldwide leader in the development and sale of 

innovative eyecare products, we also look at Sequenom, 

a genomics company with a new business model in 

prenatal diagnostics. And we look at Energy Recovery 

Inc., whose devices are used in the water desalination 

industry. Our goal is to invest in companies having 

something new and different that could potentially bring 

significant profitable growth. 

Q 

Q 

How do you find those companies? 

We have a group of talented, well-trained analysts 

who look, read, visit companies, get background on 

industries and find the potential for growth. Our 

analysts tend to be specialized to some degree, 

and that allows them to bring us varied stories. We 

seek out opportunities, and then we look at those 

opportunities from the top down and the bottom up. 

That is, we look at where those companies fit in the 

overall economy and in their industry, but also how 

they are running their own business. 

What is your outlook for the Dynamic 

Innovators Fund, given all that investors 

are hearing about a slowing economy and 

the mortgage market crunch? 

First, we believe that the economy has basic strength, 

although growth may be moderated by issues like the 

mortgage market and the price of fuel. We believe that one 

key to success for our Innovators fund would be finding 

the companies whose innovations have the potential to 

generate attractive rates of growth, while their stocks are 

not unreasonably valued. We look at companies large 

and small, in the United States and throughout the world, 

and we believe we are better positioned to benefit by 

concentrating on innovation, wherever it lies, rather than 

any particular sector or market. 

So where do the companies in the Dynamic 

Innovators Fund fit in the current economic 

environment? 

We believe the current environment is ripe for 

undervalued companies, but it is more than that. 

Our focus at Alpine is on dynamic enterprises. In our 

estimation, the companies that will benefit the most 

from the current environment are those that base 

their growth potential on effective innovation and 

transformation. We are looking for those vigorous 

growth opportunities, rather than merely going along 

with a moderately growing economy. 



MANAGEMENT | Stephen A. Lieber & Samuel A. Lieber (Since Inception) 


The Fund’s primary investment objective is capital appreciation. 


The Fund invests primarily in U.S. and foreign companies 

that the Advisor believes offer superior growth potential 

due to the innovative nature of each company’s products, 

technology or business model. 

Fund Facts 

Symbol ADINX 

NAV $12.00 




SEC Yield (30 day) -0.68% 




Net Expense Ratio** 

* Assets listed in $ millions 

1.33% 

** The adviser contractually agreed to waive a portion of its fees and to 

absorb certain fund expenses. This arrangement will remain in effect unless 

and until the Board of Trustees approves its modification or termination. 

Data as of February 28, 2008 as stated in our prospectus. 


Invitrogen Corp 3.58% 

Itron, Inc. 3.34% 

Charles River Laboratories International, Inc. 3.33% 

MEMC Electronic Materials, Inc. 2.73% 

Priceline.com Inc. 2.71% 

Air Products & Chemicals, Inc. 2.58% 

Portfolio Recovery Associates, Inc. 2.45% 

Monsanto Co. 2.31% 

Logitech International S.A. 2.31% 

Sequenom, Inc. 2.30% 


The Alpine Dynamic Innovators Fund is placed in the Small-Cap 

Growth Funds category as reported by Lipper Analytical Services. 

Please refer to the prospectus for special risks associated with 

investing in the Dynamic Innovators Fund, including, but not 

limited to, risks involved with micro-cap, smaller and medium 

sized companies, foreign and illiquid securities, debt securities, 

short selling and options and futures contracts. 




6 

dynamic innovators fund 


Since Ince 


Alpine Dynamic Innovators Fund -11.57% 4.67% – – – 12.65% 7/11/06 

Russell 2000 Growth Index 

(based on total returns) -8.93% -10.83% – – – 3.74% 

Lipper Small-Cap Growth 

Fund Average -11.82% -13.56% – – – -1.67% 


(based on total returns) – 11/604 – – – 12/537 

Performance data quoted represents past performance and does not guarantee future results. 

Investment returns and principal value will fluctuate, and when sold, your investment may be worth 

more or less than its original cost. Performance current to the most recent month-end may be lower or 

higher than performance quoted and can be obtained by calling 1(888)785.5578. Performance data 

shown does not reflect the 1.00% redemption fee imposed on shares held for fewer than two months. 

If it did, total returns would be reduced. 






$15,000 

$14,250 

$13,500 

$12,750 

$12,000 

$11,250 

$10,500 

$9,750 

$9,000 

7/06 


Medical Technology 

& Equipment 22.5% 

Electronic Systems 

& Equipment 14.2% 

Cash & Equivalents 7.0% 


Russell 2000 Growth Index 

9/06 

12/06 

3/07 

6/07 

9/07 

12/07 



3/08 

6/08 

0.5% Technology 

0.9% Airlines 

1.8% Real Estate 


2.3% Agricultural/Chemicals 

2.1% Industrial Capital Goods 

3.0% Miscellaneous 

3.5% Construction- 

Residential 

2.3% Pharmaceutical 

6.1% Communications 


10.4% Energy Products 

& Equipment 

7.6% Commercial Products 

& Services 

6.5% Financial Services 



Q&A with Sam Lieber, portfolio manager 

Commentary of the Alpine International Real Estate Equity fund 

Real Estate has historically been a cyclical 

industry. Is this cycle similar to previous 

Qperiods? Could you also comment on the 

typical duration of real estate declines? 

Since real estate returns reflect a variety of inputs, 

many of which are related to GDP growth, this 

industry often demonstrates heightened cyclicality. 

In our assessment of real estate fundamentals, we 

initially take a top-down macro economic perspective 

followed by a property level, bottom-up view of a 

company’s real estate portfolio. Since the business 

cycle is a product of macro trends, we are very much 

focused on economic drivers of demand such as job 

creation, population growth and income expansion. 

We also look at the supply situation to include not 

only existing buildings but also the potential pipeline 

of new projects which can be influenced by current 

rent levels, capital availability, zoning or permitting 

standards, as well as land availability. Market 

conditions relative to equilibrium greatly influence 

whether rents/prices are rising or falling. 

Given this framework, we believe that this particular 

cycle is unique in our experience going back to 1981 

and looking back even further to prior cycles in the 

1970’s. The collapse of this real estate cycle is atypical 

in that it is not a product of overbuilding. Instead 

this downturn is the flip side of excess liquidity 

which is now being forcefully withdrawn from the 

marketplace. Valuations and prices which were 

inflated by easy money are now deflating as capital 

is withdrawn from the marketplace. In Alpine’s view, 

most markets around the world are not suffering 

from excess capacity. Most office markets are at 

least in equilibrium, enjoying vacancy rates of less 

than 10% and in many urban markets between 3% 

and 7%, which suggests that landlords still have more 

negotiating strength than do tenants. 

Alpine believes that capital markets prices reflect 

concerns that if the current credit crunch precipitates 

a global recession, then we would expect to see a 

marked deterioration of tenant demand. We think 

this could occur in markets with historically high 

current vacancy rates and low economic growth 

rates. This suggests that the U.S. and U.K. markets 

are probably most exposed to an extended period of 

decline, and hence, depressed real estate valuations. 

On the other hand, selected European and Asian 

markets along with the so-called BRIC (Brazil, Russia, 

India, China) markets will likely enjoy sustained, albeit 

subdued, near-term growth along with the prospect 

for longer term value creation. 

We anticipate that U.S. housing sales will begin to 

recover next year, with commercial growth slowing 

into 2010 before a gradual improvement picks up 

steam. Some international markets will continue at a 

subdued pace for the next year while a few will only 

slow modestly before accelerating next year. 



Q 

Historically real estate securities have been 

less volatile than the broad equity markets, 

but that no longer seems to be the case. 

Why is this the case now and can we expect 

such volatility to continue? 

We have seen considerable elevation in day-to-day 

as well as intra-day volatility for not only real estate 

stocks, but all equities. This is a particularly notable 

change for U.S. REITs. While volatility is not unusual 

for equity markets in a state of turmoil or in a state 

of transition from one business cycle to another, 

as we are now, this past year has been exceptional. 

Over the past year, REIT stocks experienced eight of 

the ten most volatile days to the upside and six of 

the ten largest declining days in the history of the 



8 

Morgan Stanley REIT Index. We think this volatility 

is the byproduct of multiple trading strategies going 

both long and short stock ownership, and has been 

exacerbated and facilitated not only by the elimination 

of the uptick rule for short selling, but also by the 

broad use of leveraged portfolio and derivatives 

strategies concentrating baskets of stocks, including 

ETFs and Indices. We hasten to point out that the 

proliferation of such tradable investment vehicles 

targeting specific sectors or regions is having an effect 

not only on real estate equities, but broadly across 

the markets. This has made daily or intra-day trading 

activities a larger portion of overall market volume 

than stock specific investment strategies over the past 

year. The market’s current emphasis on directional 

momentum and liquidity rather than valuation reflects 

this trading emphasis, which may continue until a new 

cycle matures.

MANAGEMENT | Samuel A. Lieber 


The Fund seeks long term capital growth with a secondary 

emphasis on income. Holdings include owners, operators 

and developers as well as other companies which derive a 

majority of their income or value from real estate. 


Portfolio diversified by property type and geography based on 

major macro-economic trends. The Fund concentrates on opportunistic 

and strategic investments in undervalued real estate securities. 

Emphasis is placed on cyclical opportunities around the world. 

H H H H Overall 

Morningstar Rating TM 

4 Star rating among 279 Specialty-Real Estate funds for the 

period ending 6/30/08 (derived from a weighted average of the fund’s 

three, five- and ten-year risk adjusted return measure, if applicable). 

Fund Facts 

Symbol EGLRX 

NAV $30.46 





Beta (S&P) 0.48 




Gross Expense Ratio** 

* Assets listed in $ billions 

1.16% 



Unibail-Rodamco 4.17% 

Cyrela Brazil Realty S.A. 2.31% 

Orient-Express Hotels Ltd. 2.23% 

Agra Empreendimentos Imobiliarios S.A. 1.77% 

Hammerson PLC 1.68% 

PIK Group 1.64% 

Sumitomo Realty & Development, Co. Ltd 1.53% 

Regus Group PLC 1.53% 

Hypo Real Estate Holding AG 1.53% 

Immoeast AG 1.52% 


The Alpine International Real Estate Equity Fund is placed in 

the International Real Estate Funds category as reported by Lipper 

Analytical Services. 

The Fund invests in foreign securities which will involve greater 

volatility and political, economic and currency risks and differences 

in accounting methods. Because the Fund concentrates its investments 

in the real estate industry, the portfolio may experience 

more volatility and be exposed to greater risk than the portfolios 

of many other mutual funds. 

Formerly known as Evergreen Global Real Estate Equity Fund. 


Diversification by Region 

7.7% North America 

20.5% Latin America 

35.2% Europe 

36.6% Asia 


and are not recommendations to buy and sell any security. 

international real estate equity fund 




Alpine International Real Estate 

Equity Fund 

GPR Gen. Property Sec. 

-22.26% -28.57% 6.45% 17.99% 10.62% 7.90% 2/1/89 

Global Index -10.90% -14.55% 9.60% 16.97% 11.35% 6.59% 

S&P/Citigroup World Ex-US Index ** -19.13% -24.01% 10.10% 20.03% 12.09% N/A 

MSCI EAFE Index -10.50% -10.05% 13.44% 17.24% 3.70%* 3.68%* 

Lipper Real Estate Funds Average -17.22% -23.92% 8.29% 


18.47% 11.45% 7.90% 

(based on total returns) – 36/38 8/8 3/3 3/3 1/1 

*Return does not include dividends reinvested. 

**The S&P/Citigroup World Ex-US Index commenced on 7/1/1989. 




higher then performance quoted and can be obtained by calling 1(888)785.5578. Performance data 








$50,000 

$44,500 

$39,000 

$33,500 

$28,000 

$22,500 

$17,000 

$11,500 

$6,000 

Property Type Distribution v 

Diversified 30.9% 

Residential 30.3% 

Alpine International Real Estate Equity Fund 

GPR Index (GGENGLOB) 

S&P/Citigroup World Ex-US Index 

MSCI EAFE Index 

6/98 

Top Five Countries 

6/99 

6/00 

6/01 

6/02 

6/03 

6/04 

2.5% Financial 

4.4% Industrial 

7.8% Retail 

12.0% Office 

12.1% Lodging 



6/05 

6/06 


Brazil 16.9% 

Japan 10.8% 

France 9.7% 


6/07 

6/08 

United Kingdom 6.8% 

United States 6.5%

MANAGEMENT | Robert W. Gadsden (Since September 1999) 


The Fund seeks a high level of current income with capital 

appreciation as a secondary objective. The Fund seeks to 

provide diversified exposure to the U.S. real estate market, 

through investment in dividend paying securities and debt 

securities of companies which are principally engaged in the 

real estate industry. 


The Fund’s focus is on companies where dividends are 

both well covered by operating cash flow and are expected 

to grow over time. The investment emphasis is on acquiring 

shares of companies at a discount to their private market 

or break-up value. Alpine’s evaluation favors companies 

with high return-on equity, earnings and dividend growth 

potential which are not currently reflected in the share price. 

Most investments will be REITs and high yielding shares or 

debentures of real estate operating companies. 

Fund Facts 

Symbol AIGYX 

NAV $17.81 





Beta (S&P) 1.21 








Vornado Realty Trust 5.94% 

Alexandria Real Estate Equities, Inc. 5.88% 

Boston Properties, Inc. 5.84% 

Simon Property Group, Inc. 5.43% 

Entertainment Properties Trust 4.56% 

ProLogis 3.82% 

Kimco Realty Corp. 3.76% 

General Growth Properties, Inc. 3.68% 

AMB Property Corp. 3.59% 

CBL & Associates Properties, Inc. 3.10% 


The Alpine Realty Income & Growth Fund is placed in the Real 

Estate Funds category as reported by Lipper Analytical Services. 

Because the Fund concentrates its investments in the real estate 

industry, the portfolio may experience more volatility and be exposed 

to greater risk than the portfolios of many other mutual funds. 

The adviser has an agreement in place to limit expenses. Currently, 

expense levels have not exceeded these limits. 



25.3% ■ Mid-Atlantic 25.3% Mid-Atlantic ■ 7.6% New ■ 7.6% England New England 

23.1% ■ Pacific 23.1% Southwest Pacific Southwest ■ 3.1% Mountain ■ 3.1% Mountain States States 

12.4% ■ Southeast 12.4% Southeast ■ 2.8% Pacific ■ 2.8% Northwest Pacific Northwest 

10.3% ■ Midwest 10.3% Midwest ■ 2.6% Central ■ 2.6% Plains Central Plains 

7.5% South ■ 7.5% South 

5 .3% International [ 5 .3% International ] ] 



10 

realty income & growth fund 




Alpine Realty Income 

& Growth Fund -6.14% -20.80% 0.45% 10.77% – 13.90% 12/29/98 

Morgan Stanley REIT -3.45% -14.15% 4.80% 14.07% – 12.90% 

S&P 500 Index - Divs Reinvested -11.91% -13.12% 4.40% 7.57% – 1.97% 

Lipper Real Estate Funds Average -3.94% -15.07% 3.66% 13.18% – 12.62% 


(based on total returns) – 200/227 162/191 114/134 – 13/67 











$50,000 

$46,250 

$42,500 

$38,750 

$35,000 

$31,250 

$27,500 

$23,750 

$20,000 

$16,250 

$12,500 

$8,750 

$5,000 

Alpine Realty Income & Growth Fund 

Morgan Stanley REIT Index RMS 

S&P 500 Stock Index 

6/99 6/00 6/01 6/02 6/03 6/04 6/05 6/06 6/07 



Office/Industrial 32.5% 

Retail 21.1% 


0.5% Storage 

6/08 

0.7% Manufactured Housing 

4.9% Health Care 

5.9% Net Lease 

6.2% Lodging 

7.4% Mortgage/Finance 

9.0% Diversified 

11.8% Apartments 



MANAGEMENT | Samuel A. Lieber (Since Inception) 


The Fund seeks long term capital growth with a secondary 

emphasis on income. The Fund’s objective is to provide 

diversified exposure to the U.S. real estate securities market, 

including REITs, operating companies, homebuilders and 

other companies which derive a majority of their income or 

value from real estate. 


The Fund concentrates on both opportunistic and 

strategic investments in undervalued real estate securities, 

from a broad investment universe within the real estate sector, 

including REITs, real estate operating companies, lodging 

companies and homebuilders. Thus, the Fund’s performance 

may not be directly comparable with any one index. 

Fund Facts 

Symbol EUEYX 

NAV $23.13 





Beta (S&P) 1.52 






1.58% 



Alexanders, Inc. 7.47% 

Orient-Express Hotels Ltd 7.13% 

MFA Mortgage Investments, Inc. 6.72% 

Sunrise Senior Living, Inc. 6.31% 

Verde Realty Operating Partnership 5.60% 

Gafisa S.A. 5.23% 

DiamondRock Hospitality Co 5.10% 

Cyrela Brazil Realty SA 4.78% 

Starwood Hotels & Resorts Worldwide, Inc. 4.60% 

Champion Enterprises, Inc. 3.68% 


The Alpine U.S. Real Estate Equity Fund is placed in the Real Estate 

Funds category as reported by Lipper Analytical Services. 

Because the Fund concentrates its investments in the real estate 

industry, the portfolio may experience more volatility and be exposed 

to greater risk than the portfolios of many other mutual funds. 








Alpine U.S. RE Equity Fund -19.10% -35.38% -16.59% 5.07% 6.07% 10.44% 9/1/93 

Wilshire Real Estate 

Securities Index -3.41% -15.42% 4.82% 14.87% 11.00% 11.38% 

Lipper Real Estate Funds Average -3.94% -15.07% 3.66% 13.18% 10.45% 10.73% 


(based on total returns) – 225/227 191/191 130/134 59/59 6/7 



original cost. Performance current to the most recent month-end may be lower or higher then performance 

quoted and can be obtained by calling 1(888)785.5578. 2.44 Performance data shown does not reflect the 1.00% 







$81,000 

$73,000 

$65,000 

$57,000 

$49,000 

$41,000 

$33,000 

$25,000 

$17,000 

$9,000 

8/93 6/94 


Lodging 25.1% 

Homebuilders 20.3% 

Alpine U.S. Real Estate Equity Fund 

Wilshire Real Estate Index 

S&P 500 Index 

6/95 6/96 6/97 6/98 6/99 6/00 6/01 6/02 6/03 6/04 6/05 6/06 6/07 6/08 


18.7% Mid Atlantic 7.8% New England 

u.s. real estate equity fund 

17.5% Pacific Southwest 6.2% Mountain States 

12.9% South 3.3% Central Plains 

7.4% Southeast 

5.9% Midwest 

[16.2% International ] 

4.1% Pacific Northwest 


6.3% Apartments 

10.9% Office 

11.9% Finance 

9.4% Retail 

16.1% Diversified 


11 www.alpinefunds.com

Interview with Peter Kovalski, portfolio manager 

of the Alpine Dynamic Financial Services Fund 

QWhat is the objective of the Dynamic 

Financial Services Fund? 

Q 

Q 

The objective of the fund is to seek long-term growth 

of capital and consistent above average returns 

through investments in global financial services companies. 

These companies may include commercial 

and industrial banks, savings and loan associations, 

community savings banks and other thrift institutions, 

consumer and industrial finance and leasing companies, 

as well as securities brokerage, investment 

advisory firms and insurance companies. 

How has the sub-prime crisis in the U.S. 

affected the fund? 

Although we have very little direct exposure, the 

effects have been felt across the board in the financial 

services sector and the market as a whole. We 

expect the environment to continue to be difficult 

in 2008, with weakness from the real estate sector 

hindering the financial stocks. Rates will be reset and 

there will be more foreclosures. This, of course, will 

worsen if we see a recession. 

One positive outcome of the challenging business 

climate would be some industry consolidation. In 

2007, we owned thirteen stocks that were acquired. 

We will continue to search in the bank universe and in 

the industry sub-sectors for acquisition candidates. 

Have you increased your non-US component 

in light of the sub-prime crisis here? 

We have been more active this year than in the past. 

We see better growth rates and higher economic 

growth overseas. In particular, we have increased our 

exposure to Brazil. One of our top holdings right now 

is a Brazilian bank. We feel that growth prospects 

overseas are superior to those in the U.S. The net 

result is a greater impact to our return. 

Going forward we expect to continue to increase 

our overseas exposure. In addition to Brazil, we like 

the developing countries in Asia and Eastern Europe. 

We are cautiously optimistic and will continue to look 

for attractive franchises at attractive valuations. 



12 

QHow are you positioned to reduce risk now? 

Q 

We hold a diversified portfolio, both geographically 

and across the financial sub-sectors. 

How has your focus on the mid-to smaller 

capitalization stocks worked for you? 

Mostly it has been neutral. Some of the smaller cap stocks 

have been beaten down due to a lack of liquidity, but 

this also presents some attractive buying opportunities 

for the future. 

QWhat about going forward? 

We expect 2008 to be a challenging year for financial 

services stocks. However, the market will create 

opportunities as good companies will be sold off with 

the rest of the group. This is where the strength of our 

firm’s fundamental research comes into play. We follow 

a broad range of financial companies, from the largest 

financial services players to small start up banks across 

the different sub-sectors within the industry. Our hands 

on research includes spending a lot of our time with 

company management. This industry insight along with 

our analytical research aides us in our selection process 

to find stocks that are mispriced in the market.

MANAGEMENT | Peter Kovalski, CFA (Since Inception) 


The Fund seeks long-term growth of capital and consistent 

above average total returns. 


The Fund invests primarily in the equity securities of 

companies engaged in the financial services industry. These 

companies may include banks, thrifts, finance companies, 

securities brokerage, investment advisory firms, and 

insurance companies. 

Fund Facts 

Symbol ADFSX 

NAV $8.00 





Beta (S&P) † 1.18 




Net Expense Ratio** 


1.36% 





† Trailing 6 months. 


IntercontinentalExchange, Inc. 4.78% 

Banco Estado Rio Grande Sul S.A. 4.21% 

Allied Capital Corporation 4.05% 

Alliance Bancorp Inc. of Pennsylvnia 3.71% 

Blackstone Group LP 3.54% 

Nymex Holdings, Inc. 3.28% 

Sanders Morris Harris Group, Inc. 2.87% 

JMP Group, Inc. 2.67% 

Fortress Investment Group LLC 2.63% 

CAI International, Inc. 2.52% 


The Alpine Dynamic Financial Services Fund is placed in the Financial 

Services Funds category as reported by Lipper Analytical Services. 

The Fund invests in smaller companies, which involve additional 

risks such as liquidity and greater volatility. It also invests in 

foreign securities which involve greater volatility and political, 

economic and currency risks and differences in accounting 

methods. It primarily invests in equity securities of financial 

services companies and will be affected by risk factors particular 

to this industry such as regulation, monetary and fiscal policies 

and interest rates, as well as general market risks. 




dynamic financial services fund 




Alpine Dynamic Financial 

Services Fund -22.33% -14.55% – – – 4.42% 11/1/05 

PHLX/KBW Bank Index 

NASDAQ 100 Financial 

-32.82% -46.21% – – – -15.29% 

Services Index 

Lipper Financial Service 

-20.53% -26.07% – – – -5.81% 

Funds Average 


-25.41% -36.80% – – – -10.39% 

(based on total returns) – 3/90 – – – 1/70 











$15,000 

$14,000 

$13,000 

$12,000 

$11,000 

$10,000 

$9,000 

$8,000 

$7,000 

$6,000 

11/05 


Commercial Banks 27.7% 

Investment Banking 

& Brokerage 29.3% 


PHLX/KBW Bank Index 

NASDAQ 100 Financial Services 

6/06 

6/07 



6/08 

1.8% Property & Casualty Insurance 

1.0% Life & Health Insurance 

7.7% Asset Management & 

Custody Banks 

9.5% Thrifts & Mortgage Finance 

23.0% Other Diversified 

Financial Services 



MANAGEMENT | Stephen A. Lieber & Samuel A. Lieber (Since Inception) 


The Fund’s primary investment objective is capital appreciation. 

The Fund’s secondary investment objectives are reasonable 

income and conservation of capital. 


The Fund invests primarily in a combination of equity securities 

of large U.S. companies and high-quality fixed-income securities 

issued or backed by the U.S. Treasury. 

Fund Facts 

Symbol ADBYX 

NAV $10.97 





Beta (S&P) 0.85 






1.17% 



United States Treasury 5.25% due 11/15/2028 11.80% 

Consol Energy Inc. 8.25% 


Allegheny Energy, Inc. 3.48% 


United States Treasury 5% due 08/15/2011 2.89% 

Boston Properties, Inc. 2.79% 

Simon Property Group, Inc. 2.65% 

Johnson & Johnson 2.36% 

Mosaic Co. 2.17% 


The Alpine Dynamic Balance Fund is placed in the Mixed-Asset 

Target Allocation Growth Funds category as reported by Lipper 

Analytical Services. 

Investments in debt securities typically decrease in value when 

interest rates rise. This risk is usually greater for longer-term 

debt securities. 




14 


Since Ince 


Alpine Dynamic Balance Fund -5.30% -11.34% 0.31% 6.58% – 5.89% 6/7/01 

S&P 500 Index - Divs Reinvested -11.91% -13.12% 4.40% 7.57% – 1.83% 

Lipper Mixed-Asset Target 

Allocation Growth 

Funds Average -7.75% -7.42% 4.87% 7.02% – 3.38% 

Lipper Ranking 

(based on total returns) – 532/655 531/546 232/417 – 28/314 




higher than performance quoted and can be obtained by calling 1(888)785.5578. Performance data 







$18,000 

$16,800 

$15,600 

$14,400 

$13,200 

$12,000 

$10,800 

$9,600 

$8,400 

$7,200 

$6,000 

6/01 


U.S. Government & Agency 

Obligations 25.9% 

Commercial Products 

& Services 13.6% 

Real Estate 7.7% 

S&P 500 Index - Divs Reinvested 

6/02 

dynamic Balance fund 



3/03 

6/04 

6/05 


6/06 


6/07 

6/08 

1.1% Cash/Cash Equivalents 


0.8% Publishing 


2.0% Agricultural/Chemicals 

0.9% Transportation 

2.4% Pharmaceutical 

1.2% Construction-Residential 

3.6% Conglomerate 

3.8% Retail 


4.9% Consumer Products 

& Services 

4.6% Financial Services 

7.1% Financial-Banks 

14.6% Energy Production 

& Equipment 



MANAGEMENT | Steven C. Shachat (Since Inception) 


The Fund seeks to provide a high level of federal 

tax-exempt current income consistent with the 

preservation of capital and maintenance of liquidity. 

The Fund will provide the liquidity of money market 

funds and include check-writing privileges coupled with 

high quality investments in the tax-exempt market. 


The Fund is managed to seek attractive yields and 

to maintain a stable share price of $1.00. The Fund 

is managed in accordance with Rule 2a-7 under the 

Investment Company Act of 1940. 

Fund Facts 

Symbol AMUXX 

NAV $1.00 



Dividends Paid Monthly 


Net Expense Ratio** 0.26% 



0.49% 




Top Five Holdings v 

Sunshine State Governmental Finance Commission, 

Lehman | 6.981% | 07/01/2008 4.41% 

DFA Municipal Trust Various States | Series 

2008-10 | 1.945% | 07/07/2008 3.56% 

Citizens Property Ins. Corp Florida | Series A-2, 

4.500% | 06/01/2009 2.87% 

Indiana Health & Educational Facilities 

Financing Revenue Bonds | 2.493% | 07/01/2008 2.78% 

Gulf Coast Waste Disposal Authority Environmental 

Facilities Revenue Bonds | 2.194% | 07/01/2008 2.43% 

The Alpine Municipal Money Market Fund - Investor Class is placed 

in the Tax-Exempt Money Market Funds category as reported by 

Lipper Analytical Services. 

An investment in the Alpine Municipal Money Market Fund is 

not insured or guaranteed by the Federal Deposit Insurance 

Corporation or any other government agency. Although the fund 

seeks to preserve the value of your investment at $1.00 per 

share, it is possible to lose money by investing in the fund. 




Income from tax-exempt Funds may be subject to state and local 

taxes and a portion of income may be subject to the federal 

alternative minimum tax for certain investors. 




municipal money market fund investor class 

FitchRatings is a leading global rating agency committed to providing the world’s credit markets with 

independent, timely and prospective credit opinions. Fitch requires a weighted average maturity (WAM) of 

all assets on a dollar-weighted basis to be 60 days or less for a ‘AAA’ rating. Credit quality ratings provide a 

relative assessment of the combined credit quality of the portfolio. The fund rating links its credit quality to 

the weighted average default probability of the underlying holdings and is not based on fund performance. 

Money market funds that meet certain criteria may be on the National Association of Insurance 

Commissioners (NAIC) Class 1 List and insurance companies that own investments in these funds may 

reserve for them by using the more favorable bond class one reserve factor. The criteria for a Class 1 

approved include: maintaining a rating of Am or better from Standard & Poor’s or a rating of A or better from 

Moody’s Investors Service or equivalent, maintaining a constant net asset value of $1.00 at all times, allowing 

a maximum of seven-day redemption of proceeds, and investing at least 95% of total assets in high quality 

securities as specified by the NAIC. 


7-Day Yield YTD 1 year 3 years 5 years Inception Date 

Alpine Municipal Money 

Market Fund | Investor Class 

Lipper Tax-Exempt Money 

2.13% 1.33% 3.17% 3.25% 2.52% 2.38% 12/5/02 

Market Funds Average 


– 0.88% 2.38% 2.57% 1.85% 1.73% 

(based on total returns) – – 1/110 1/95 1/86 1/80 

Note, the yield more closely reflects the current earnings of the money market fund than the total return. 


Performance current to the most recent month-end may be lower or higher than performance quoted 

and can be obtained by calling 1(888)785.5578. 

Investment Performance 

Total Returns (%) 

3.80 

3.60 

3.20 

2.80 

2.40 

2.00 

1.60 

1.20 

0.80 

0.40 

0.00 

1.10 

0.46 

1.19 

0.57 

2.44 

1.72 

2003 2004 2005 2006 2007 6/30/2008 

Alpine Municipal Money Market Fund | Investor Class 

Lipper Tax-Exempt Money Market Funds Average 


3.39 


15 www.alpinefunds.com 

2.76 

3.65 

0.6% Put Bonds 

4.1% Municipal Bonds 

3.00 

1.33 

95.3% Variable Rate Demand Notes 


aaa money market fund rating naic class 1 approved 

0.88

MANAGEMENT | Steven C. Shachat (Since Inception) 


The Fund’s primary investment objective is to seek high 

after-tax current income consistent with preservation 

of capital. 


With the goal of achieving its objectives, the Fund 

will invest primarily in municipal bonds, along with 

U.S. Treasuries, corporate bonds, mortgage-related 

securities and money market instruments. The 

particular combination of investment grade municipal 

obligations and taxable debt obligations will vary over 

time depending on which securities will generate the 

highest after-tax current income. The securities in 

which the Fund invests may be of any maturity, but 

under normal market conditions the Fund’s average 

maturity will range from two to three years. 

H H H H H Overall 

Morningstar Rating TM 

5 Star rating among 137 Muni National Short funds for the period 

ending 6/30/08 (derived from a weighted average of the fund’s three, 

five- and ten-year risk adjusted return measure, if applicable). 

Fund Facts 

Symbol ATOIX 

NAV $10.01 



Dividends Paid Monthly 


Net Expense Ratio** 0.60% 



0.89% 





Top Five Holdings v 

Volusia County Housing Finance Authority Multifamily 

Housing Revenue Bonds | 3.989% | 07/07/2008 7.03% 

Sunshine State Governmental Financing Commission 

Revenue | 8.975% | 07/01/2008 4.62% 

Scottsdale Industrial Development Authority 

Variable Hospital Revenue | 3.750% | 07/07/2008 4.21% 

Health Care Authority For Baptist Health Care 

Revenue Bonds, Series-B | 3.750% | 07/07/2008 3.89% 

South Carolina Transportation Infrastructure 

Municipal Securities Trust | 3.490% | 07/01/2008 3.60% 

The Alpine Short Tax Optimized Income Fund - Investor Class is 

placed in the Short Municipal Debt Funds category as reported by 

Lipper Analytical Services. 




Income from tax-exempt Funds may be subject to state and local 

taxes and a portion of income may be subject to the federal 

alternative minimum tax for certain investors. 




16 

ultra short tax 

optimized income fund 


30 Day 30 Day 1 3 5 Since Inception 

SEC Yield Dist Yield 


YTD year years years Inception Date 

Income Fund | Investor Class 


Income Fund (After Tax 

4.45% 4.40% 1.66% 3.87% 3.60% 2.93% 3.35% 12/6/02 

on distribution) 


Income Fund (After Tax on 

– – 1.55% 3.55% 3.28% 2.54% 2.95% 

distribution & redemptions) 

Lehman Brothers 1 Year Municipal 

– – 1.69% 3.66% 3.31% 2.61% 2.95% 

Bond Index 

Lipper Short Municipal Debt Funds 

– – 2.13% 4.95% 3.49% 2.58% 2.59% 

Category Average 


– – 0.92% 2.78% 2.64% 2.04% 2.24% 

(based on total returns) – – – 23/59 2/54 2/48 2/43 




higher then performance quoted and can be obtained by calling 1(888)785.5578. Performance data 

shown does not reflect the 0.25% redemption fee imposed on shares held for fewer than 30 days. If it 

did, total returns would be reduced. 

Investment Performance 

Total Returns (%) 

4.40 

4.20 

4.00 

3.80 

3.60 

3.40 

3.20 

3.00 

2.80 

2.60 

2.40 

2.20 

2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

1.74 

1.04 

2.15 

1.42 

4.08 

2004 2005 2006 2007 

Alpine Ultra Short Tax Optimized Income Fund | Investor Class 

Lipper Short Municipal Debt Funds Average 


Variable Rate 

Demand Notes 62.5% 

3.07 

4.15 

3.11 

investor class 


1.66 

0.92 

6/30/2008 

3.3% General Market Notes 

9.7% Put Bonds 

11.5% Municipal Bonds 

13.0% Auction Rate Notes 



Disclosures 

Investors cannot directly invest in an index. 

Mutual Fund investing involves risk. Principal loss is possible. 

Investment performance for the Alpine Dynamic Financial Services, 

Alpine Ultra Short Tax Optimized Income and Alpine Municipal Money 

Market Funds reflect contractual fee waivers in effect. In the absence of 

such waivers, total return would be reduced. Investment performance 

for Alpine Dynamic Innovators, reflect reimbursement of expenses 

previously waived. Please refer to the prospectus for further details. 

The Advisor has a contractual agreement in place to limit expenses 

for the Alpine Realty Income and Growth Fund. Currently, the expense 

levels have not been exceeded. 

Lipper Averages are compiled by Lipper, Inc., an independent mutual 

fund research and rating service. Each Lipper average represents a 

universe of funds with similar investment objectives. 

Lipper rankings are based on total return and do not include the effect 

of a sales charge. Rankings are only for the classes listed. Rankings of 

other classes will vary. 

There are no sales charges or 12b-1 fees deducted from an investment 

in any Alpine fund offered directly to the public. However, management 

fees and other expenses will still apply. 

For each fund with at least a three-year history, Morningstar calculates 

a Morningstar Rating (based on a Morningstar Risk Adjusted Return 

measure that accounts for variation in a fund’s monthly performance, 

including the effects of sales charges, loads, and redemption fees), placing 

more emphasis on downward variations and rewarding consistent 

performance. The top 10% of funds in each category receive 5 stars, the 

next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% 

receive 2 stars and the bottom 10% receive 1 star. (Each share class is 

counted as a fraction of one fund within this scale and rated separately, 

which may cause slight variations in the distribution percentages.) The 

Alpine Ultra Short Tax Optimized Income Fund - Investor received 5 

and 5 stars among 137 and 113 Muni National Short funds for the 

three-and five-year period. The Alpine International Real Estate Fund 

received 4, 5, and 3 stars among 279, 190, and 88 Specialty-Real Estate 

funds for the three-, five-, and ten-year periods, respectively. 

© 2008 Morningstar, Inc. All Rights Reserved. The information contained 

herein (1) is proprietary to Morningstar (2) may not be copied or distributed 

and (3) is not warranted to be accurate, complete or timely. 

Neither Morningstar nor its content providers are responsible for any 

damages or losses arising from any use of this information, Past performance 

is no guarantee of future results. 

Definitions 

Beta is a measure of a fund’s sensitivity to movements in the market. 

The stock market has a Beta of 1.0, as a whole. While no single 

measurement can predict the future, a Beta of greater than 1.0 predicts 

greater volatility and a Beta of less than 1.0 predicts less volatility than 

the stock market as a whole. 

Dividend Yield (Funds) represents the trailing 12-month dividend yield 

aggregating all income distributions per share over the past year, divided 

by the period ending fund share price. It does not reflect capital gains 

distributions. 

The GPR General Property Securities Global Index is a market weighted 

total return performance index, available on a monthly basis. The 

purpose of this index is to cover a broad range of property investment 

companies with a market capitalization of more than 50 million U.S. 

dollars. It is constructed on a total return basis with immediate 

reinvestment of all dividends. 

disclosures (open-end funds) 


The Lehman Brothers 1 Year Municipal Bond Index is a market-weighted 

index based on municipal bonds having an approximate maturity of 1 year. 

The debt included general obligation, revenue, and prerefunded bonds. 

The Lehman Brothers 1 Year Municipal Bond Index and the Lipper 

Short Municipal Debt Funds Category Average are unmanaged and do 

not reflect the deduction of fees associated with a mutual fund, such as 

investment adviser fees. 

The Morgan Stanley REIT Index (RMS) is an unmanaged total-return index 

of equity real estate investment trust (REIT) securities of companies 

whose primary business is equity ownership of commercial real estate. 

MSCI EAFE Index is a capitalization weighted index that monitors the 

performance of stocks from Europe, Asia, and the Far East. This is one of 

the most widely used measures of international stock performance. 

The PHLX/KBW Bank Index is a modified cap-weighted index consisting 

of 24 exchange-listed and National Market System stocks, representing 

national money center banks and leading regional institutions. The index 

is intended to reflect the evolving financial sector. 

The NASDAQ-100 Financial Index is a capitalization-weighted index of 

the 100 largest financial companies, as well as foreign issues, including 

American Depository Receipts (ADRs), traded on the NASDAQ National 

Market System (NASDAQ NMS) and SmallCap Market. 

Return on Equity (ROE) Indicator of profitability. Determined by dividing 

net income for the past 12 months by common stockholder equity 

(adjusted for stock splits). Result is shown as a percentage. Investors use 

ROE as a measure of how a company is using its money. ROE may be 

decomposed into return on assets (ROA) multiplied by financial leverage 

(total assets/total equity). 

The Russell 2000 Growth Index An index measuring the performance 

of the 2,000 smallest companies in the Russell 3000 Index, which is 

made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a 

benchmark for small-cap stocks in the United States. 

SEC Yield is a standardized yield computed by dividing the net investment 

income per share earned during the 30-day period prior to quarter-end. 

The SEC Yield was created to allow for fairer comparisons among bond 

funds. For the Alpine equity funds, it is used in lieu of a similar measure 

for equity funds. 

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which 

is widely recognized as representative of the equity market in general. 

S&P/Citigroup World Ex-US is an unmanaged market-weighted total return 

index available on a monthly basis. The index consists of many companies 

from developed markets whose floats are larger than $100 million and 

derive more than half of their revenue from property-related activities. 

Standard Deviation is an investment’s average variation from the average 

return. 

Weighted Average Market Capitalization represents the total dollar 

value of all outstanding shares of each company owned by a mutual fund, 

adjusted by the percentage composition of the fund’s portfolio as of the 

period end. 

The Wilshire Real Estate Securities Index (WARESI) is a broad measure of 

the performance of publicly traded real estate securities, such as Real Estate 

Investment Trusts (REITs) and Real Estate Operating Companies (REOCs). 

Authorized for distribution only when accompanied or preceded by a current 

prospectus for the Alpine Mutual Funds, which contains more complete information 

including charges and expenses. Please read it carefully before you invest. 

The Alpine Mutual Funds (open-end) are distributed by Quasar Distributors, 

LLC, Distributor 8/08 



MANAGEMENT | Jill K. Evans & Kevin Shacknofsky (Since Inception) as of June 30, 2008 


The Alpine Global Dynamic Dividend Fund’s primary 

investment objective is high current dividend income, 

of which more than 50% qualifies for reduced Federal 

income tax rates. The Fund also focuses on long-term 

growth of capital as its secondary investment objective. 


The Fund seeks to achieve these goals by employing 

a research-driven approach to identifying companies 

globally with the potential for dividend increases and 

capital appreciation. 

The Fund expects to invest at least 80% of its net 

assets in the equity securities of domestic and foreign 

companies that pay dividends. 

Fund Facts 

Symbol AGD 

Market Price* 15.11 

NAV* 15.04 

Premium / Discount Premium of 0.47% 


Inception NAV $19.06 

Inception Share Price $20.00 

Net Assets = $361.4 

Number of Holdings 96 

Shares Outstanding 24,028,046 

Distribution Per Share (per month) $0.17 

Current Market Yield*^ 13.50% 

*As of 6/30/2008 

= 

Assets listed in $ millions 

^ Current Market Yield is calculated by annualizing the most recent 

regular monthly distribution paid by the Fund and dividing the result by 

the Fund’s closing market price as of the date of the calculation. 



Boart Longyear Group 2.41% 


PepsiCo, Inc. 2.30% 

E. ON AG 2.26% 

Mitsubishi Corp. 2.20% 

Nintendo Co., Ltd. 2.16% 

StatoilHydro ASA 2.13% 

Mobile TeleSystems OJSC 2.07% 

Babcock & Brown Wind Partners 1.97% 

Top Ten Holdings 22.53% 


$5.25 

$4.50 

$3.75 

$3.00 

$2.25 

$1.50 

$0.75 

$0.00 

9/06 

12/06 

3/07 

6/07 

1(800)617.7616 | eMAIL: AlpineCEF@alpsinc.com 

18 

www.alpinecef.com 

9/07 

12/07 

3/08 

$5.18 

6/08 

gloBal dynamic dividend fund closed-end 

fund 



YTD 1Year Inception Date 

Alpine Global Dynamic Dividend Fund - 

NAV Total Return 

Alpine Global Dynamic Dividend Fund - 

-20.91% -22.83% 1.13% 7/26/06 

Market Price Total Return -25.60% -25.82% -1.13% 

S&P 500 Index -11.90% -13.11% 2.13% 




higher than performance quoted and can be obtained by calling 1(800)617.7616. 

To the extent that the Fund’s historical performance resulted from gains derived from participation 

in initial public offerings (“IPOs”), there is no guarantee that these results can be replicated in future 

periods or that the Fund will be able to participate to the same degree in IPO allocations in the future. 


Energy 23.4% 


Consumer Staples 11.6% 

The techniques and strategies used by the Alpine Global Dynamic Dividend Fund, a closed-end 

investment company, might result in a high degree of portfolio turnover. Higher portfolio turnover rates 

could result in corresponding increases in brokerage commissions and generate short-term capital 

gains taxable as ordinary income. 

Closed-end funds differ from open-end management investment companies (commonly referred to 

as mutual funds) in that closed-end funds do not redeem their shares at the option of the shareholder 

and generally list their shares for trading on a securities exchange. By comparison, mutual funds 

issue securities that are redeemable at net asset value at the option of the shareholder and typically 

engage in continuous offering of their shares. Mutual funds are subject to continuous asset inflows 

and outflows that can complicate portfolio management, whereas closed-end funds generally can 

stay more fully invested in securities consistent with the closed-end fund’s investment objectives and 

policies. In addition, in comparison to open-end funds, closed-end funds have greater flexibility in the 

employment of financial leverage and in the ability to make certain types of investments, including 

investments in illiquid securities. However, shares of closed-end funds frequently trade at a discount 

from their net asset value. 


35.21% North America 40.00% Europe 

0.88% Latin America 


3.85% South America 

United States 32.72% 

Australia 11.56% 

Norway 6.86% 

8.50% Asia 

0.7% Money Market 




7.6% Telecommunication Services 

9.1% Consumer Discretionary 

9.5% Materials 

10.3% Financials 

11.56% Australia/ 

New Zealand 

Russia 6.00% 

Finland 5.79% 



MANAGEMENT | Jill K. Evans & Kevin Shacknofsky (Since Inception) as of June 30, 2008 


The Alpine Total Dynamic Dividend Fund’s primary investment 

objective is high current dividend income. The 

Fund also focuses on long-term growth of capital as its 

secondary investment objective. 


The Fund seeks to achieve these goals by employing a researchdriven 

approach to identifying companies globally with the 

potential for dividend increases and capital appreciation. 

The Fund expects to invest at least 80% of its net assets 

plus amounts borrowed for investment purposes in the 

equity securities of domestic and foreign companies that 

pay dividends. The Fund seeks to provide dividend income 

without regard to whether the dividends qualify for the 

reduced federal income tax rates applicable to qualified 

dividends under the Internal Revenue Code. 

Fund Facts 

Symbol AOD 

Market Price* $14.88 

NAV* $14.24 

Premium/Discount Premium of 4.49% 


Inception NAV $19.07 

Inception Share Price $20.00 

Net Assets = $2.977.30 


Shares Outstanding 209,053,254 

Distribution Per Share (per month) $0.18 


*As of 6/30/2008 

= Assets listed in $ millions 





Nintendo Co., Ltd. 2.62% 


E.ON AG 2.35% 

PepsiCo, Inc. 2.34% 

StatoilHydro ASA 2.21% 


Mobile TeleSystems OJSC 2.17% 

Mitsubishi Corp. 2.10% 

Sampo Oyj. 2.03% 

Nestle SA 2.00% 

Top Ten Holdings 22.63% 


$3.50 

$3.00 

$2.50 

$2.00 

$1.50 

$1.00 

$0.50 

$0.00 

3/07 

6/07 

9/07 

12/07 

3/08 

$3.42 

6/08 



total dynamic dividend fund closed-end 




YTD 1Year Inception Date 

Alpine Total Dynamic Dividend Fund - 

NAV Total Return 

Alpine Total Dynamic Dividend Fund - 

-14.59% -15.48% -6.64% 1/26/07 

Market Price Total Return -6.12% -15.94% -6.88% 

S&P 500 Index -11.90% -13.11% -6.04% 



more or less than its original cost. Performance current to the most recent month-end may be lower 

or higher than performance quoted and can be obtained by calling 1(800)617.7616. 

To the extent that the Fund’s historical performance resulted from gains derived from participation in 

initial public offerings (“IPOs”), there is no guarantee that these results can be replicated in future periods 

or that the Fund will be able to participate to the same degree in IPO allocations in the future. 


Energy 23.4% 


Financials 13.3% 

The techniques and strategies used by the Alpine Total Dynamic Dividend Fund, a closed-end 

investment company, might result in a high degree of portfolio turnover. Higher portfolio turnover 

rates could result in corresponding increases in brokerage commissions and generate short-term 

capital gains taxable as ordinary income. 

Closed-end funds differ from open-end management investment companies (commonly referred to as 

mutual funds) in that closed-end funds do not redeem their shares at the option of the shareholder 

and generally list their shares for trading on a securities exchange. By comparison, mutual funds issue 

securities that are redeemable at net asset value at the option of the shareholder and typically engage 

in continuous offering of their shares. Mutual funds are subject to continuous asset inflows and outflows 

that can complicate portfolio management, whereas closed-end funds generally can stay more fully 

invested in securities consistent with the closed-end fund’s investment objectives and policies. In addition, 

in comparison to open-end funds, closed-end funds have greater flexibility in the employment of financial 

leverage and in the ability to make certain types of investments, including investments in illiquid securities. 

However, shares of closed-end funds frequently trade at a discount from their net asset value. 


41.01% North America 

40.36% Europe 

1.02% Latin America 3.44% South America 




Russia 6.18% 

8.27% Asia 

0.6% Residential 

0.7% Money Market 



4.9% Consumer Discretionary 


7.7% Materials 

9.3% Telecommunication Services 

12.6% Consumer Staples 

6.90% Australia/ 

New Zealand 

Japan 6.16% 



19 www.alpinecef.com

MANAGEMENT | Samuel Lieber (Since Inception) as of June 30, 2008 


The Alpine Global Premier Properties Fund’s primary investment 

objective is capital appreciation. The Fund also 

focuses on high current income as its secondary investment 

objective. 


The Fund will pursue its investment objectives by investing 

at least 80% of its assets in the equity and, to a lesser extent, 

debt securities of domestic and foreign issuers which are 

principally engaged in the real estate industry or real estate 

financing or which control significant real estate assets. 

Under normal circumstances, the Fund expects to invest in 

the securities of issuers in 10 to 30 countries. 

Fund Facts 

Symbol AWP 

NAV* $11.21 

Market Price* $10.85 

Premium/Discount Discount of 3.21% 


Net Assets = $1.2 


Dividends Paid Monthly $0.1267 


*As of 6/30/2008 

= Assets listed in $ billions 




Top Ten Property Stock Holdings v 

Unibail - Rodamco 4.47% 

Segro PLC 2.53% 

Accor SA 2.45% 

PIK Group 1.93% 

Immofinanz AG 1.92% 

Orient-Express Hotels, Ltd. 1.77% 

Hammerson PLC 1.70% 

Hypo Real Estate Holding AG 1.65% 

Kowloon Development Co., Ltd. 1.60% 

CapitaCommercial Trust 1.57% 

Top Ten Property Stock Holdings 21.59% 

Top Five Dividend Capture Holdings v 

iStar Financial, Inc. 1.74% 

Valad Property Group 1.62% 

Pirelli & C. SpA 1.38% 

Mapeley, Ltd. 1.23% 

SKF AB 0.84% 

Top Five Dividend Capture Holdings 6.81% 


$1.60 

$1.20 

$0.80 

$0.40 

$0.00 

6/07 

9/07 

12/07 


20 

www.alpinecef.com 

3/08 

gloBal premier properties fund closed-end 


$1.65 

6/08 


Alpine Global Premier Properties Fund - 

Property Type v 

Diversified 31.3% 

Residential 20.1% 

The techniques and strategies used by the Alpine Global Premier Properties Fund, a closed-end 

investment company, might result in a high degree of portfolio turnover. Higher portfolio turnover 

rates could result in corresponding increases in brokerage commissions and generate short-term 

capital gains taxable as ordinary income. 

Closed-end funds differ from open-end management investment companies (commonly referred to as 

mutual funds) in that closed-end funds do not redeem their shares at the option of the shareholder 

and generally list their shares for trading on a securities exchange. By comparison, mutual funds issue 

securities that are redeemable at net asset value at the option of the shareholder and typically engage 

in continuous offering of their shares. Mutual funds are subject to continuous asset inflows and outflows 

that can complicate portfolio management, whereas closed-end funds generally can stay more fully 

invested in securities consistent with the closed-end fund’s investment objectives and policies. In addition, 

in comparison to open-end funds, closed-end funds have greater flexibility in the employment of financial 

leverage and in the ability to make certain types of investments, including investments in illiquid securities. 

However, shares of closed-end funds frequently trade at a discount from their net asset value. 


17.8% North America 34.7% Europe 33.2% Asia 

Top Ten Countries 


Japan 11.39% 

France 9.92% 

Singapore 9.10% 

Brazil 8.42% 

9.8% Latin America 4.5% Australia/New Zealand 


YTD 1 Year Inception Date* 

NAV Total Return -23.51% -31.51% -29.73% 4/26/07 

Alpine Global Premier Properties Fund - Market 

Price Total Return -13.83% -34.96% -34.38% 

S&P/Citigroup World Net Total 

Return US$ Property Index -14.59% -21.52% -23.56% 

MSCI US REIT Total Return Index -3.45% -14.15% -20.52% 




higher than performance quoted and can be obtained by calling 1(800)617.7616. 

To the extent that the Fund’s historical performance resulted from gains derived from participation in 

initial public offerings (“IPOs”), there is no guarantee that these results can be replicated in future periods 

or that the Fund will be able to participate to the same degree in IPO allocations in the future. 

3.9% Financial 

2.0% Other 

6.5% Retail 

7.0% Industrial 

12.3% Lodging 

16.9% Office 


Hong Kong 5.94% 


Germany 4.37% 

Italy 2.90% 



total return Per Calendar Year 

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 

Alpine Dynamic Dividend Fund – – – – – – 17.63% v 23.26% 7.24% 22.57% 6.12% 

Alpine Dynamic Balance Fund – – – – 4.81% v -8.28% 28.73% 16.84% 4.79% 9.58% 4.75% 

Alpine Dynamic Financial Services Fund – – – – – – – – – 29.77% 8.44% 

Alpine Dynamic Innovators Fund – – – – – – – – – – 34.90% 

Alpine realty Income & growth Fund – 1.70% v 4.63% 31.99% 12.64% 14.95% 33.79% 31.02% 11.10% 28.90% -19.61% 

Alpine U.S. real Estate Equity Fund 55.41% -21.01% -17.58% 22.44% 25.19% 3.12% 81.97% 39.45% 9.66% -0.40% -22.84% 

Alpine Intl. real Estate Equity Fund 4.20% 2.64% -2.77% 2.03% -0.74% 6.17% 55.12% 36.09% 17.31% 38.74% 2.84% 

Alpine Ultra Short tax optimized 

Income Fund | I-Class – – – – – 0.61% v 4.26% 1.74% 2.15% 4.08% 4.15% 

Alpine Municipal Money Market 

Fund | I-Class – – – – – 0.08% v 1.10% 1.19% 2.44% 3.39% 3.65% 

Annualized total return as of June 30, 2008 

Yield Since Date of 

(30-day SEC Yield) YtD 1 Year 3 Years 5 Years 10 Years Inception Inception 

Alpine Dynamic Dividend Fund 4.77% -13.88% -15.78% 6.16% – – 12.33% 9/22/03 

Alpine Dynamic Balance Fund 1.92% -5.30% -11.34% 0.31% 6.58% – 5.89% 6/7/01 

Alpine Dynamic Financial Services Fund 1.50% -22.33% -14.55% – – – 4.42% 11/1/05 

Alpine Dynamic Innovators Fund -0.68% -11.57% 4.67% – – – 12.65% 7/11/06 

Alpine realty Income & growth Fund 5.05% -6.14% -20.80% 0.45% 10.77% – 13.90% 12/29/98 

Alpine U.S. real Estate Equity Fund 3.11% -19.10% -35.38% -16.59% 5.07% 6.07% 10.44% 9/1/93 

Alpine International real Estate Equity Fund 1.46% -22.26% -28.57% 6.45% 17.99% 10.62% 7.90% 2/1/89 

Alpine Ultra Short tax optimized 

Income Fund | I-Class 4.45% 1.66% 3.87% 3.60% 2.93% – 3.35% 12/6/02 

Alpine Municipal Money Market 

Fund | I-Class – 1.33% 3.17% 3.25% 2.52% – 2.38% 12/5/02 

S&P 500 Index - Dividends reinvested – -11.91% -13.12% 4.40% 7.57% 2.88% – – 

Performance data quoted represents past performance and is not predictive of future results. 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. Performance current to the most recent 

month end may be lower or higher than the performance quoted and may be obtained by calling 1 (888) 785.5578. The Alpine Ultra Short Tax 

Optimized Income Fund imposes a 0.25% redemption fee on shares held for fewer than 30 days. The Alpine Municipal Money Market Fund imposes 

no redemption fee. The rest of the Alpine mutual funds impose a 1.00% redemption fee on shares held for fewer than two months. Performance data 

shown does not reflect the redemption fees. If it did, total returns would be reduced. 

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest 

directly in an index. 

v Total Return for fund’s inception year is as of the fund’s inception date. 

perFormance hiStory (open-end FUndS) 

21 


1(888)785.5578 | eMAIl: info@alpinefunds.com 


Alpine Mutual Funds 

615 East Michigan Street 

Milwaukee, WI 53202 

Ultra Short tax optimized income FUnd (investor Class) 

Seeks Attractive Yield with Soft Price Changes 

Return 

(Avg. Ann. Return %) 

Overall Morningstar Rating TM 

The Fund’s primary investment objective is to seek high after-tax current 

income consistent with preservation of capital. 

Risk & Reward Profile 3-Year Period as of June 30, 2008 

This chart shows how the risk/reward 

trade-off of a fund compares to others 

in its classification. Each dot represents 

a mutual fund. The x-coordinate of a 

dot corresponds to a fund’s volatility 

and the y-coordinate corresponds to its 

performance. Funds with the greatest 

returns and the least risk, for example, 

would appear in the upper left hand 

portion of the graph. 

Source: Bloomberg Municipal Bond 

Funds category 

• 100% Investment Grade Securities 

• Ultra Low Duration - 0.48 

• Seeks Monthly Income 

• Liquidity: Trade-date +3 days 

5 

5 Star rating among 137 Muni National Short funds for the period ending 6/30/08 (derived 

from a weighted average of the fund’s three, five- and ten-year risk 4 adjusted return measure, 

if applicable). Past performance is no guarantee of future results. 

6 

5 

4 

3 

2 

1 

0 

-1 

-2 

-3 

-4 

-5 

Alpine 

Ultra Short 

Tax Optimized 

Income Fund 

Lowest 

Risk 

(Standard Deviation) 

-1 

-2 

-3 

Highest 

2 4 6 8 

2 4 6 8 

Investments in debt securities typically decrease 

in value when interest rates rise. This risk is usually 

greater for longer-term debt securities. 

Income from tax-exempt Funds may be subject to state 

and local taxes and a portion of income may be subject to 

the federal alternative minimum tax for certain investors. 

Please refer to page 21 for complete performance 

information. Please refer to page 17 for additional 

disclosures and definitions. 

Call us at 1(888)785.5578 or visit www.alpinefunds.com 

6 

3 

2 

1 

0

dynamic dividend fund - Alpine Funds

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