<PAGE> 1
TABLE OF CONTENTS
Portfolio Manager's Report to Shareholders
PAGE 2
Schedule of Portfolio Investments
PAGE 8
Statement of Assets and Liabilities
PAGE 10
Statement of Operations
PAGE 11
Statements of Changes in Net Assets
PAGE 12
Notes to Financial Statements
PAGE 13
Financial Highlights
PAGE 19
--------------------------------------------------------------------------------
-1-
<PAGE> 2
Portfolio Manager's Report to Shareholders Alpine International Real Estate
Equity Fund
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GPR EQUITY FUND
--- -----------
<S> <C> <C>
4/30/90 10000 10000
10/31/90 9713 9012.71
4/30/91 10230 10307.3
10/31/91 10261 9510.72
4/30/92 9349 9213.84
10/31/92 9549 9723.79
4/30/93 11469 12557.9
10/31/93 13291 15241.3
4/30/94 14083 15328.5
10/31/94 14393 14833.9
4/30/95 13761 12587.2
10/31/95 14054 13396.6
4/30/96 15730 15164.9
10/31/96 16737 14228.5
4/30/97 16612 13176.3
10/31/97 15684 15017.2
4/30/98 14983 17658.2
10/31/98 13555 15006.3
4/30/99 14833 17016.2
10/31/99 13698 15335.6
4/30/00 13505 14415.6
</TABLE>
Past performance is not predictive of future results. Investment return and
principal value of the Alpine International Real Estate Fund will fluctuate, so
that the shares, when redeemed, may be worth more or less than their original
cost. The returns set forth reflect the reimbursements. Without the
reimbursement of fees, total returns would have been lower.
The GPR-Global Real Estate Securities Index is a global market capitalization
weighted performance index of Internationally exchange listed property and real
estate securities. An investor can not invest directly in an index.
International investing involves increased risk and volatility.
<TABLE>
<CAPTION>
COMPARATIVE TOTAL RETURNS AS OF 04/30/00
6 MONTHS(A) 1 YEAR 5 YEARS+ 10 YEARS+
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------
Alpine Class Y -6.00% -15.28% 2.75% 3.72%
Alpine Class A (4.75%)* -10.61% -19.53% 1.55% 3.12%
Alpine Class B (5.00%)** -11.20% -20.40% 1.43% 3.23%
---------------------------------------------------------------------------------------
GPR Global Real Estate Securities Index -1.41% -8.93% -0.37% 3.05%
</TABLE>
* REPRESENTS MAXIMUM SALES LOAD.
** REPRESENTS MAXIMUM REDEMPTION FEE.
+ Performance of Class A and Class B shares prior to their inceptions on
2/10/95 and 2/8/95 respectively, represents performance for Class Y shares,
which commenced operations on 2/1/89.
(a) Not annualized.
--------------------------------------------------------------------------------
-2-
<PAGE> 3
Portfolio Manager's Report to Shareholders Alpine International Real Estate
Equity Fund
--------------------------------------------------------------------------------
Dear Shareholder:
We are pleased to present the Alpine International Real Estate Equity Fund's
2000 Semi-annual report. During the six-month period ending April 30, 2000, the
Fund's Class Y shares NAV declined by -6.35% to $12.39 per share. This compares
with a loss of -1.41% for the benchmark GPR Global Real Estate Securities
Index(1). While the Fund underperformed its benchmark in the second half of
calendar 1999, it has outperformed its benchmark for the five and ten year
periods ended 4/30/00, highlighted in the chart on the left. The Fund's
performance for this fiscal period was notably impacted by the strong US dollar
vs. almost all foreign currencies, particularly the Euro, which lost -13.55% in
six months. The weighted average impact of currency movements is calculated by
Alpine to have been -5.47% based on holdings as of October 29, 1999. The Fund
was also underweighted in US REITs and Japanese property stocks relative to the
GPR Index. These stocks were especially strong in March and April. These factors
were partially offset by an accelerating number of corporate takeovers, which
began to benefit the Fund during March.
OVERVIEW
In the Alpine View 2000 outlook, management discussed reasons for the stock
market's disfavor with "old economy" sectors, such as real estate, versus
Internet and Telecom stocks. We anticipated a shift to a more rational balance
once risk-adjusted returns became more prominent in investor's focus. This began
to take hold just before the end of the period in review, and we see it
continuing.
Strong or improving real estate fundamentals are in place in most countries,
supported by generally strong economic growth. European economies are following
the lead of the U.S. as most now have single digit unemployment rates for the
first time in twenty years. Southeast Asia is recovering from 1998's recession,
while Japan has stabilized following the meltdown from its "bubble period".
Canada and Mexico have both been strong and Brazil has stabilized, although
Argentina is still stagnant.
Most foreign real estate markets are well positioned for the next few years,
either entering the recovery phase of the business cycle or already enjoying an
expansionary period. However, the strong growth potential of such cyclical
positioning is not reflected in many share prices. Typically, such discrepancies
are adjusted over time by the stock market, either through price appreciation or
corporate mergers and acquisitions (M&A). Not surprisingly, the pace of M&A
activity which we noted in last year's annual report appears to have increased.
Fortunately, the Fund has been well represented in countries where much of this
activity has taken place.
INVESTMENT TRENDS
The previous report to shareholders included a discussion of the increase in
transnational portfolio expansion, particularly in Europe. We continue to see
signs that suggest this trend will become more prominent as advantages of scale
and broad investor bases are sought. Nonetheless, smaller niche companies
focused by property type or geography will also have opportunities to grow.
As mentioned previously, equity investors appear to have become more
concerned with finding risk adjusted investment returns so we expect the recent
increase in demand for property stocks could continue. This is especially likely
in countries where the business cycle and hence the real estate cycle are in
early stages.
---------------
(1) The Global Property Research (GPR) Global Real Estate Securities Index is
global market capitalization weighted performance index of internationally
exchange listed property and real estate securities. An investor can not
invest directly in an index.
--------------------------------------------------------------------------------
-3-
<PAGE> 4
Portfolio Manager's Report to Shareholders Alpine International Real Estate
Equity Fund
--------------------------------------------------------------------------------
GEOGRAPHICAL DISTRIBUTION*
[GEOGRAPHICAL DISTRIBUTION PIE GRAPH]
SECTOR DISTRIBUTION*
[SECTOR DISTRIBUTION PIE GRAPH]
PROPERTY SHARE VALUATIONS
Over the past fifteen years of studying and investing in property stocks,
both in the US and abroad, I have observed that investors will pay a significant
premium to the underlying real estate value if they believe growth will be
sustainable. The corollary is that when growth in rents and values slows or is
feared turning negative, property stocks can trade at large discounts. While the
real estate cycle is most advanced in the U.S. then followed by Australia, the
UK, Spain, The Netherlands, and Canada, the range of share discounts is neither
consistent nor in our view always appropriate. This has influenced the Fund's
country investment weightings, as we have focused on undervalued opportunities
in strong economies.
Investing early during the recovery and expansion phases of the cycle can
be potentially very lucrative. After a big stock rebound in 1998 through 1999
the "Asian Tigers" have receded to attractive levels. Today, property shares
throughout much of South East Asia are trading at sizeable discounts despite
prospective 4-8% GDP growth rates and stable supply and demand property
characteristics for many cities. By our estimate, discounts of between thirty to
fifty percent or more are too steep at this phase of the real estate cycle.
Recent M&A activity in Spain and Canada has supported our evaluations that
these areas are among the most oversold property stocks. It should be noted that
Canada and Spain are the highest weighted countries in the portfolio with 21.0%
and 14.1% respectively.*
M&A CONSOLIDATION*
During 1999, the Fund benefited from the privatization or acquisition of
five holdings, two of which were completed in October at the beginning of this
reporting period; SUNSTONE HOTEL INVESTORS in the US and SOTOGRANDE in Spain.
This was followed in early 2000 by the acquisition of FASTIGHETS BALDER in
Sweden by Drott for its high quality commercial property in Stockholm, and the
purchase of long-term holding, EUROPEAN CITY
--------------------------------------------------------------------------------
-4-
<PAGE> 5
Portfolio Manager's Report to Shareholders Alpine International Real Estate
Equity Fund
--------------------------------------------------------------------------------
ESTATES in The Netherlands by a new Swiss company, Zueblin.
While both acquisitions were made at healthy premiums to the prior five
day's average trading price, the M&A activity which involved the Fund's holdings
in Canada and Spain has been more significant. In February the management of
ROYOP PROPERTIES in Canada announced an interest in privatizing the company for
$0.85 per share. While this was a premium to the prior 5 days trading level of
$0.70 per share, the board of directors sought alternatives which led to the
agreed acquisition by H&R Realty for stock valued at $1.03 per share, subsequent
to the close of this reporting period. CAMBRIDGE SHOPPING CENTERS, Canada's
largest mall owner, also received a takeover bid from its main shareholder,
Ivanhoe, which was agreed upon at $12.50 per share, well above its prior trading
level of $9.30 per share.
M&A activity in Spain began to heat up in March when INMOBILIARIA ZABULBURU
SA received a management buyout offer, within a month of the Fund's investment.
This was topped by an offer from Bami in April, only to be superceded by a bid
from private developer, Fadesa, which is still subject to further action. The
current offer of 12.35 Euros, appears reasonable in comparison with the Fund's
cost basis of 8.50 Euros in February. Next on the block was FILO SA which in
late April received an offer of 1.50 Euros from Deutsche Bank, some 0.29 Euros
above where it was previously trading. The prime appeal of this shopping center
owner is that it owns the only major urban retail development site in the
rejuvenated city of Bilbao. Perhaps the major property deal this year in Spain
is the just announced purchase of PRIMA INMOBILIARIA, the Fund's largest holding
there, by Vallehermosa for approximately 11.50 Euros in cash and shares, versus
the prior five-day average trading price of 8.94 Euros.
Your Fund's management believes this M&A activity has been partly
responsible for the recent appreciation of other property stocks in these
countries, as it has highlighted undervaluation by the market. While current
discounts are not as large as in early Spring, we believe that favorable
conditions still exist for further opportunistic M&A, particularly in Europe and
Canada, and possibly in Japan. So-called strategic acquisitions may also occur
as the pressures for obtaining scale or expanding market breadth and exposure
continues in many of these and other countries.
TOP 10 HOLDINGS* AS OF 4/30/00
<TABLE>
<C> <S> <C> <C> <C> <C>
1. Alexander's Inc. 5.15% 6. TK Development 3.97%
2. Societe Du Louvre 5.12% 7. Bentall Corp. 3.51%
3. Clublink Corp. 4.83% 8. Prima Inmobiliaria 3.49%
4. Immeubles De France 4.77% 9. Inmobiliaria Colonial 3.39%
5. Boardwalk Equities 4.17% 10. Mitsubishi Estate Co., Ltd 3.08%
Percentages based on net assets.
</TABLE>
* Portfolio composition subject to change.
--------------------------------------------------------------------------------
-5-
<PAGE> 6
Portfolio Manager's Report to Shareholders Alpine International Real Estate
Equity Fund
--------------------------------------------------------------------------------
PORTFOLIO CHANGES*
During the six months since October 28, the portfolio was adjusted when
property shares fell further out of favor and valuations became more compelling.
This was particularly so in Europe where we viewed the weak Euro as both
undervalued and a further economic stimulus for export competitiveness. In broad
terms, the Fund's European exposure was increased from 34.5% to 40% as a product
of a three percent increase in Spain to 14.1%, a 2.0% increase in France to 13%
and a 2.7% rise in Scandinavian countries to 10.5%, which was offset by the sale
of the German and Dutch holdings from the portfolio.
The second largest regional concentration was North and South America, as
US exposure was reduced from 17% to 8%, and Canadian investments increased from
15.6% to 21%. Asian holdings were reduced somewhat, although subsequent to the
end of April, we began to find attractively priced stocks in Southeast Asia.
As a result of the M&A activity from which the Fund has been benefiting, we
expect to reduce the portfolio weightings in both Spain and Canada as 2000
progresses.
INTERNATIONAL PROPERTY SHARE PROSPECTS
Despite the stock market's eighteen-month lovefest with the internet, the
most important influences on property markets are still location, internal space
configuration and the local economy. Simplistically, a well-located building
which is suitable for most tenant's requirements, will perform well,
particularly during a period of economic expansion. Assuming the first two
criteria can be evaluated by investors, the driving forces behind the business
cycle are the principal variables which influence expected valuations.
We believe that the dominant strength and influence of the US economy over
the past decade has amplified the international impact of the Federal Reserve in
manipulating expectations from economic activity. The effect of the Fed's
gradual tightening of credit over the past year and a half has been to dampen
expectations in the global capital markets for economically sensitive sectors,
such as property. In our view, the markets have been too bearish on "old
economy" stocks. Unlike the boom/bust 70's and 80's, this business cycle has
been both more gradual and more extended. Thus, Alpine's view is that even in
the US, the business cycle could continue to drive demand for property for
several more years while new supply will be reasonably balanced thanks to
enhanced market data availability and transparency. Given the slower
acceleration of most European business cycles, many countries are between one to
three years behind the U.S., and so is the maturation of their real estate
cycle. France in particular, is still enjoying the expansion phase of its real
estate cycle, whereas commercial property in Germany and Switzerland are only in
their recovery phase.
After the Asian meltdown in 1998, several property markets are just
entering the recovery phase, while others have stabilized. The world's number
two economy, Japan has yet to demonstrate sustained growth, although many
observers are increasingly comfortable that commercial property prices have
finally stabilized. Clearly, the long term upside potential for Asia remains
compelling.
---------------
* Portfolio holdings and composition are subject to change
--------------------------------------------------------------------------------
-6-
<PAGE> 7
Portfolio Manager's Report to Shareholders Alpine International Real Estate
Equity Fund
--------------------------------------------------------------------------------
In our opinion this combination of early cycle recovery opportunities and
expansion phase growth possibilities, should provide for superior international
investment opportunities over the next several years. The consolidation of
companies which is now occurring, should produce powerful property companies
which may prove more attractive to international capital markets.
We believe the trends of consolidation and globalization will continue
through the year 2000, and this could provide attractive sub-themes for
investors returning to "old economy" stocks to benefit from this extended
business cycle.
Sincerely,
/s/ SAMUEL A. LIEBER
Samuel A. Lieber
CEO/Portfolio Manager
---------------
* Portfolio holdings and composition are subject to change.
Past performance is no guarantee for future results. Investment return and net
asset value will fluctuate so that an investor's shares, when redeemed may be
worth more or less than the original cost.
International investing involves increased risk and volatility.
BISYS Fund Services distributes the Alpine International Real Estate Equity
Fund.
For more complete information on the Alpine International Real Estate Equity
Fund, including fees, expenses and sales charges please call 1-877-945-3863 for
a free prospectus. Please read the prospectus carefully before investing or
sending money.
The views expressed in this report reflect those of the investment adviser only
through the end of the period of the report as stated on the cover. The
manager's views are subject to change at any time based on the market and other
condition
--------------------------------------------------------------------------------
-7-
<PAGE> 8
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
---------- ------------------------------ -----------
<C> <S> <C>
COMMON STOCKS -- (98.5%)
ASIA -- (23.9%)
Hong Kong -- (3.6%)
310,000 Harbour Center Development.... $ 214,919
860,800 HKR International, Ltd........ 337,071
150,000 Hong Kong Land Holdings,
Ltd......................... 228,000
230,000 Kerry Properties, Ltd......... 283,477
-----------
1,063,467
-----------
Japan -- (10.1%)
30,000 Daibiru Corp. (b)............. 206,807
157,000 Diamond City Co., Ltd......... 508,459
100,410 Kansai Sekiwa Real Estate Co.,
Ltd......................... 348,415
80,000 Mitsubishi Estate Co., Ltd.... 899,404
80,000 Sankei Building Co., Ltd...... 303,503
34,000 Tachihi Enterprise Co.,
Ltd......................... 729,887
-----------
2,996,475
-----------
New Zealand -- (2.8%)
1,552,145 Kiwi Development Trust (b).... 845,219
-----------
Philippines -- (1.1%)
13,625,000 SM Development Corp........... 316,832
-----------
Singapore -- (3.9%)
318,833 DBS Land, Ltd................. 451,891
625,000 Hersing Corporation, Ltd...... 177,532
500,000 Marco Polo Developments,
Ltd......................... 538,819
-----------
1,168,242
-----------
Thailand -- (2.4%)
105,000 Central Pattana Public Co.,
Ltd......................... 59,277
178,600 Dusit Thani Public Co., Ltd.
(b)......................... 117,241
400,000 Saha Pathana Inter-Holding
Public Co., Ltd............. 475,267
195,000 Sammakorn Public Co., Ltd..... 48,131
-----------
699,916
-----------
7,090,151
-----------
EUROPE -- (39.9%)
Denmark -- (3.9%)
50,780 TK Development (c)............ 1,160,688
-----------
Finland -- (1.4%)
116,400 Sponda Oyj.................... 403,065
-----------
France -- (13.0%)
15,000 Accor SA...................... 558,369
5,000 Klepierre..................... 414,619
85,000 Societe des Immeubles De
France...................... 1,393,440
26,078 Societe Du Louvre............. 1,497,108
-----------
3,863,536
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
---------- ------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
EUROPE, CONTINUED:
Norway -- (2.0%)
133,000 Choice Hotels Scandinavia
ASA......................... $ 334,478
19,200 Steen & Strom Invest ASA...... 244,647
-----------
579,125
-----------
Spain -- (14.1%)
500,563 Filo SA (b)................... 615,787
150,710 Inmobiliaria Ubris............ 716,887
75,000 Inmobiliaria Colonial SA...... 990,986
28,311 Inmobiliaria Zabalburu SA..... 306,743
50,000 NH Hotels SA (b).............. 562,698
125,000 Prima Inmobiliaria SA......... 1,019,463
-----------
4,212,564
-----------
Sweden -- (3.2%)
24,800 Anders Dios AB................ 148,201
30,000 Drott AB, Class B............. 268,075
15,000 JM Byggnads -- OCH Fastighets
AB, Class B................. 268,076
20,000 Tornet Fastighets AB.......... 259,139
-----------
943,491
-----------
United Kingdom -- (2.3%)
155,000 Chelsfield PLC (c)............ 690,038
-----------
11,852,507
-----------
NORTH & SOUTH AMERICA -- (34.7%)
Argentina -- (4.3%)
289,647 IRSA Inversiones y
Representaciones SA (c)..... 855,060
13,897 IRSA Inversiones y
Representaciones SA, GDR.... 412,567
-----------
1,267,627
-----------
Canada -- (21.0%)
136,400 Bentall Corp. (c)............. 1,026,458
154,500 Boardwalk Equities, Inc.
(b)(c)...................... 1,220,017
100,000 Cambridge Shopping Centres
(b)......................... 560,183
301,100 Clublink Corp. (b)(c)......... 1,412,365
988,100 Dundee Realty Corp. (b)....... 720,239
64,400 Gentra, Inc. (b).............. 588,948
1,314,500 Royop Properties Corp. (b).... 709,745
-----------
6,237,955
-----------
Mexico -- (1.4%)
70,000 Grupo Posadas SA, Class A
(b)......................... 46,105
715,000 Grupo Posadas SA, Class L
(b)......................... 356,999
-----------
403,104
-----------
</TABLE>
Continued
-8-
<PAGE> 9
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
---------- ------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
NORTH & SOUTH AMERICA, CONTINUED:
United States -- (8.0%)
23,000 Alexander's, Inc. (b) (c)..... $ 1,506,500
55,000 MeriStar Hotels & Resorts,
Inc. (b).................... 158,125
25,400 Starwood Hotels & Resorts
Worldwide, Inc. (c)......... 722,313
-----------
2,386,938
-----------
10,295,624
-----------
Total Common Stocks (Cost
$33,054,493)................ 29,238,282
===========
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
---------- ------------------------------ -----------
<C> <S> <C>
Total Investments
(Cost $33,054,493) (a)......
98.5% $29,238,282
Other assets in excess
of liabilities....... 1.5% 441,095
---- ----------
TOTAL NET ASSETS....... 100.0% $29,679,377
---- ----------
---- ----------
</TABLE>
---------------
Forward Currency Contracts:
<TABLE>
<CAPTION>
DELIVERY CONTRACT CONTRACT VALUE
POSITION DATE PRICE (U.S. DOLLARS) APPRECIATION
-------- -------- -------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Japanese Yen....................................... Short 5/17/00 105.38 $1,565,762 $37,354
-------
Net unrealized appreciation on forward currency contracts.............................. $37,354
=======
</TABLE>
(a) Represents cost for federal income tax and financial reporting purposes and
differs from value by net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation................... $ 3,039,753
Unrealized depreciation................... (6,855,964)
-----------
Net unrealized depreciation............... $(3,816,211)
===========
</TABLE>
(b) Non-income producing securities.
(c) All or a portion of this security is held as collateral for the line of
credit.
GDR -- Global Depository Receipts
PLC -- Public Limited Company
See notes to financial statements.
-9-
<PAGE> 10
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (cost $33,054,493).................. $29,238,282
Foreign currency, at value (cost $12,052)................. 21,170
Interest and dividends receivable......................... 92,578
Receivable for capital shares issued...................... 800
Receivable for investment securities sold................. 4,120,426
Unrealized appreciation on forward currency contracts..... 37,354
Reclaims receivable....................................... 21,349
Prepaid expenses and other assets......................... 18,011
-----------
Total Assets........................................... 33,549,970
-----------
LIABILITIES:
Payable to custodian for line of credit................... 2,519,850
Payable for investment securities purchased............... 1,241,031
Accrued expenses and other liabilities:
Investment advisory fees............................... 24,734
Administration fees.................................... 1,124
Distribution fees...................................... 191
Other.................................................. 83,663
-----------
Total Liabilities...................................... 3,870,593
-----------
NET ASSETS.................................................. $29,679,377
===========
NET ASSETS REPRESENTED BY
Shares of beneficial interest, at par value............... $ 240
Additional paid-in-capital................................ 35,911,590
Distributions in excess of net investment income.......... (426,487)
Accumulated net realized losses on foreign exchange
transactions and investments........................... (2,030,191)
Unrealized depreciation on foreign exchange transactions
and investments........................................ (3,775,775)
-----------
TOTAL NET ASSETS....................................... $29,679,377
===========
NET ASSET VALUE
Class A shares
Net assets of $221,897 / 18,000 shares outstanding..... $ 12.33
===========
Offering price (based on sales charge of 4.75%)........ $ 12.94
===========
Class B shares*
Net assets of $118,122 / 9,933 shares outstanding...... $ 11.89
===========
Class Y shares
Net assets of $29,339,358 / 2,368,652 shares
outstanding........................................... $ 12.39
===========
</TABLE>
---------------
* Redemption price per share varies based on length of time shares are held.
See notes to financial statements.
-10-
<PAGE> 11
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest............................................................ $ 44
Dividends (net of foreign withholding taxes of $27,717)............. 231,858
-----------
Total income..................................................... 231,902
-----------
EXPENSES:
Investment advisory fees.................................. $156,415
Administration fees....................................... 70,199
Distribution fees -- Class B.............................. 581
Distribution fees -- Class C*............................. 242
Shareholder servicing fees -- Class A..................... 340
Shareholder servicing fees -- Class B..................... 194
Shareholder servicing fees -- Class C*.................... 81
Fund accounting fees...................................... 9,216
Custodian fees............................................ 33,899
Interest expense from line of credit...................... 66,657
Legal fees................................................ 33,778
Printing.................................................. 21,924
Transfer agent fees....................................... 10,217
Trustees' fees............................................ 4,794
Other..................................................... 27,388
--------
Total expenses before voluntary fee reductions.............. 435,925
-----------
Expenses reimbursed by investment advisor................. (34,224)
-----------
Net expenses......................................... 401,701
-----------
Net investment loss......................................... (169,799)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized losses from foreign exchange transactions and
investments...................................................... (1,868,510)
Net change in unrealized depreciation from foreign exchange
transactions and investments..................................... 61,373
-----------
Net realized/unrealized gains/losses from investments................. (1,807,137)
-----------
Change in net assets resulting from operations........................ $(1,976,936)
===========
</TABLE>
---------------
* Class C shares closed on April 30, 2000.
See notes to financial statements.
-11-
<PAGE> 12
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, 1999
---------------- ----------------
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment income/(loss).............................. $ (169,799) $ 86,770
Net realized gains (losses) from foreign exchange
transactions and investments........................... (1,868,510) 1,908,001
Net change in unrealized depreciation on foreign exchange
transactions and investments........................... 61,373 (1,169,584)
----------- ------------
Change in net assets from operations...................... (1,976,936) 825,187
----------- ------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (363) --
DISTRIBUTIONS TO CLASS Y SHAREHOLDERS:
From net investment income................................ (119,170) (37,658)
----------- ------------
Change in net assets from shareholder distributions....... (119,533) (37,658)
----------- ------------
SHARES OF BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold................................. 1,397,737 9,270,528
Proceeds from shares issued in connection with exchange
from Class C........................................... 71,192 --
Dividends reinvested...................................... 115,753 36,449
Cost of shares redeemed................................... (3,442,580) (11,799,836)
Cost of shares redeemed in connection with exchange to
Class A................................................ (71,192) --
----------- ------------
Change in net assets from shares of beneficial interest
transactions......................................... (1,929,090) (2,492,859)
----------- ------------
Total change in net assets............................. (4,025,559) (1,705,330)
----------- ------------
NET ASSETS:
Beginning of period....................................... 33,704,936 35,410,266
----------- ------------
End of period............................................. $29,679,377 $ 33,704,936
=========== ============
</TABLE>
See notes to financial statements.
-12-
<PAGE> 13
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
(UNAUDITED)
1. ORGANIZATION:
The Alpine International Real Estate Equity Fund, (the "Fund"), is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as a diversified, open-end management investment company. The Fund
is a separate series of the Alpine Equity Trust (the "Trust"), a
Massachusetts business trust organized in 1988.
The Fund offers Class A, Class B and Class Y shares. Class A shares are
sold with a maximum front-end sales charge of 4.75%. Class B shares are
sold without a front-end sales charge, but pay higher ongoing distribution
fees than Class A shares. Class B shares are also sold subject to a
contingent deferred sales charge that is payable upon redemption and
decreases depending on the length of time the shares have been held. Class
B shares purchased after January 1, 1997 will automatically convert to
Class A shares after seven years. Class B shares purchased prior to January
1, 1997 retain their existing conversion rights. Class Y shares are sold at
net asset value and are not subject to contingent deferred sales charges or
distribution fees. Class Y shares are sold only to certain institutional or
individual investors who do not receive services of financial
intermediaries that offer shares of the Fund. On April 30, 2000, the Trust
liquidated class C shares. Class C shareholders chose to either have their
shares liquidated or converted to Class A shares.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles
("GAAP"), which require management to make estimates and assumptions that
affect amounts reported herein. Actual results could differ from these
estimates.
A. VALUATION OF SECURITIES:
The Fund values securities traded on a national securities exchange or
included on the National Association of Securities Dealers Automated
Quotation National Market System ("NASDAQ") at the last reported sales
price on the exchange where primarily traded. The Fund values securities
traded on an exchange or NASDAQ for which there has been no sale and other
securities traded in the over-the-counter market at the mean between the
last reported bid and asked price. Securities, for which market quotations
are not available, including restricted securities, are valued at fair
value as determined in good faith according to procedures approved by the
Board of Trustees. Short-term investments with remaining maturities of 60
days or less are carried at amortized cost, which approximates market
value.
B. REPURCHASE AGREEMENTS:
The Fund may invest in repurchase agreements. The custodian holds
securities pledged as collateral for repurchase agreements on the Fund's
behalf. The Fund monitors the adequacy of the collateral daily and will
require the seller to provide additional collateral in the event the market
value of the securities pledged falls below the carrying value of the
repurchase agreement, including accrued interest. The Fund will only enter
into repurchase agreements with banks and other financial institutions,
which are deemed by the investment
Continued
-13-
<PAGE> 14
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
APRIL 30, 2000
(UNAUDITED)
advisor to be creditworthy pursuant to guidelines established by the Board
of Trustees. Repurchase agreements are considered to be loans under the
1940 act.
C. SECURITY TRANSACTIONS AND INVESTMENT INCOME:
Securities transactions are accounted for no later than one business day
after the trade date. Realized gains and losses are computed on the
identified cost basis. Interest income is recorded on the accrual basis and
includes accretion of discounts and amortization of premiums where
applicable. Dividend income is recorded on the ex-dividend date or in the
case of some foreign securities, on the date thereafter when the Funds are
made aware of the dividend. Foreign income may be subject to foreign
withholding taxes, which are accrued as applicable. Capital gains realized
on some foreign securities are subject to foreign taxes, which are accrued
as applicable.
D. FINANCING AGREEMENT:
The Trust entered into a secured committed revolving line of credit (the
"Committed Line") with State Street Bank and Trust Company (the "Bank").
Under this agreement, the Bank provides a $5,000,000 Committed Line to be
used by the Funds of the Trust. Borrowings of the Funds under this
agreement will incur interest at 0.50% per annum above the Bank's overnight
federal funds rate. A commitment fee of 0.08% per annum will be incurred on
the unused portion of the Committed Line, which will be allocated by
average net assets to all Funds of the Trust. As of April 30, 2000 the
Trust had an unused Committed Line balance of $759,250.
E. FEDERAL TAXES:
It is the Fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute timely, all of its net investment company income and net
realized capital gains to shareholders. Therefore, no federal income tax
provision is required. Under the applicable foreign tax law, a withholding
tax may be imposed on interest, dividends and capital gains earned on
foreign investments at various rates. Where available, the Fund will file
for claims on foreign taxes withheld.
F. DIVIDENDS AND DISTRIBUTIONS:
The Fund intends to distribute substantially all of its net investment
income and net realized capital gains, if any, annually 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 "book/tax" 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.
Continued
-14-
<PAGE> 15
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
APRIL 30, 2000
(UNAUDITED)
Dividends and distributions to shareholders that exceed net investment
income and net realized capital gains for financial reporting purposes but
not for tax purposes are reported as dividends in excess of net investment
income or distributions in excess of net realized gains. To the extent they
exceed net investment income and net realized gains for tax purposes, they
are reported as returns of capital.
G. CLASS ALLOCATIONS:
Income, expenses (other than class specific expenses) and realized and
unrealized gains and losses are prorated among the classes based on the
relative net assets of each class. Class specific expenses are allocated to
the class to which they relate. Currently, class specific expenses are
limited to expenses incurred under the Distribution Plans.
H. FOREIGN EXCHANGE TRANSACTIONS:
The books and records of the Fund are maintained in U.S. dollars. Non-U.S.
denominated amounts are translated into U.S. dollars as follows, with the
resultant exchange gains and losses recorded in the Statement of
Operations:
i) market 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.
Dividends and interest from non-U.S. sources received by the Fund are
generally subject to non-U.S. withholding taxes at rates ranging up to 30%.
Such withholding taxes may be reduced or eliminated under the terms of
applicable U.S. income tax treaties, and the Fund intends to undertake any
procedural steps required to claim the benefits of such treaties.
I. RISK 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.
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 Fund or result in a lack of liquidity and high price volatility with
respect to securities of issuers from developing countries.
Continued
-15-
<PAGE> 16
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
APRIL 30, 2000
(UNAUDITED)
J. FORWARD CURRENCY CONTRACTS:
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 fluctuates with changes in currency exchange rates.
The forward is marked-to-market daily and the change in market value is
recorded by a Fund as unrealized appreciation or depreciation. When the
forward is closed, the Fund records a realized gain or loss equal to the
fluctuation in value during the period the forward was open. The Fund could
be exposed to risk if a counterpart is unable to meet the terms of a
forward or if the value of the currency changes unfavorably.
3. CAPITAL SHARE TRANSACTIONS:
The Fund has an unlimited number of shares of beneficial interest, with
$0.0001 par value, authorized. Transactions in shares and dollars of the
Fund were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, 1999
---------------------- ----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
CLASS A
Shares sold............................... 6,244 $ 80,765 10,912 $ 150,123
Shares issued in connection with exchange
from Class C........................... 5,084 71,192 -- --
Shares issued in reinvestment of
dividends.............................. 28 360 -- --
Shares redeemed........................... (19,123) (238,701) (13,322) (187,553)
-------- ----------- -------- -----------
Net change................................ (7,767) (86,384) (2,410) (37,430)
-------- ----------- -------- -----------
CLASS B
Shares sold............................... 522 6,460 1,743 24,854
Shares redeemed........................... (6,461) (79,642) (5,438) (72,924)
-------- ----------- -------- -----------
Net change................................ (5,939) (73,182) (3,695) (48,070)
-------- ----------- -------- -----------
CLASS C
Shares sold............................... -- -- 3,916 51,362
Shares redeemed........................... -- -- (10,964) (145,203)
Shares redeemed in connection with
exchange to Class A.................... (5,276) (71,192) -- --
-------- ----------- -------- -----------
Net change................................ (5,276) (71,192) (7,048) (93,841)
-------- ----------- -------- -----------
</TABLE>
Continued
-16-
<PAGE> 17
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, 1999
---------------------- ----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
CLASS Y
Shares sold............................... 132,258 $ 1,689,587 628,545 $ 9,044,189
Shares issued in reinvestment of
dividends.............................. 8,897 115,393 2,728 36,449
Shares redeemed........................... (274,321) (3,503,313) (802,649) (11,394,156)
-------- ----------- -------- -----------
Net change................................ (133,166) (1,698,333) (171,376) (2,313,518)
-------- ----------- -------- -----------
Total net change....................... (152,148) $(1,929,091) (184,529) $(2,492,859)
======== =========== ======== ===========
</TABLE>
4. SECURITIES TRANSACTIONS:
Cost of purchases and proceeds from sales of investment securities,
excluding securities sold short, forward currency contracts and short-term
investments, were $11,308,950 and $14,010,165, respectively, for six months
period ended April 30, 2000.
5. DISTRIBUTION PLANS:
BISYS Fund Services LP ("BISYS LP"), a wholly owned subsidiary of The BISYS
Group, Inc. serves as principal underwriter to the Fund. The Fund has
adopted Distribution Plans for each class of shares, except Class Y Shares,
as allowed by Rule 12b-1 of the 1940 Act. Distributions plans permit the
Fund to reimburse its principle underwriter for costs related to selling
shares of the Fund and for various other services. These costs, which
consist primarily of commissions and service fees to broker-dealers who
sell shares of the Fund, are paid by the Fund. Pursuant to the Distribution
plans, each class, except Class Y Shares, currently pays a service fee
equal to 0.25% of the average daily net assets of the class. Class B and
Class C shares also presently pay distribution fees equal to 0.75% of the
average daily net assets of the class. Distribution Plan fees are
calculated daily and paid monthly.
Each of the Distribution Plans may be terminated at any time by vote of the
Independent Trustees or by vote of a majority of the outstanding voting
shares of the respective class.
During the period ended April 30, 2000, no commissions was earned by BISYS
LP on sales of shares.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER AFFILIATED TRANSACTIONS:
Alpine Management & Research LLC ("Alpine") provide investment advisory
services to the Fund. Pursuant to the investment advisor's agreement with
the Fund, Alpine is entitled to an annual fee of 1.00% based on the Fund
average daily net assets.
BISYS LP is the Fund's Distributor. BISYS Fund Services Ohio, Inc. is the
Fund's administrator and BISYS Fund Services, Inc. ("BISYS") is the Fund's
Fund Accountant, Transfer Agent and Dividend Disbursing Agent. In return
for these services, BISYS LP and BISYS will earn an annual fee amounting to
0.23% of the Fund's average daily net assets or a minimum of $250,000
annually for the Trust.
Continued
-17-
<PAGE> 18
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
APRIL 30, 2000
(UNAUDITED)
Officers of the Fund and affiliated Trustees receive no compensation
directly from the Fund.
7. CONCENTRATION OF CREDIT RISK:
The Fund invests a substantial portion of its assets in the equity
securities of issuers engaged in the real estate industry, including real
estate investment trusts (REITs). As a result, the Fund may be more
affected by economic developments in the real estate industry than would a
general equity fund.
-18-
<PAGE> 19
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31, PERIOD ENDED
SIX MONTHS ENDED ------------------------------------------------------------- SEPTEMBER 30,
APRIL 30, 2000 1999(a) 1998 1997(a) 1996(a) 1995(a)(b) 1995(a)(c)
---------------- ------- ------ ------- ------- ---------- -------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A SHARES
NET ASSET VALUE BEGINNING
OF PERIOD................ $13.15 $12.90 $12.94 $12.28 $11.58 $12.12 $11.46
------ ------ ------ ------ ------ ------ ------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income
(loss)................. (0.12) (0.01) (0.05) (0.06) 0.06 (0.01) 0.07
Net realized and
unrealized gain (loss)
from foreign exchange
and investment
transactions........... (0.68) 0.26 0.01 0.72 0.64 (0.53) 0.59
------ ------ ------ ------ ------ ------ ------
Total from investment
operations............. (0.80) 0.25 (0.04) 0.66 0.70 (0.54) 0.66
------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
From net investment
income................. (0.02) -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------
Total distributions...... (0.02) -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE END OF
PERIOD................... $12.33 $13.15 $12.90 $12.94 $12.28 $11.58 $12.12
====== ====== ====== ====== ====== ====== ======
TOTAL RETURN (EXCLUDES
SALES CHARGES)........... (6.12)%(g) 1.94% (0.31)% 5.40% 6.00% (4.50)%(g) (5.80)%(g)
ANNUALIZED RATIOS/
SUPPLEMENTARY DATA:
Net Assets at end of
period (000)........... $ 222 $ 339 $ 363 $ 336 $ 721 $ 74 $ 66
Ratio of expenses to
average net
assets................. 2.78%(f) 2.32% 2.04% 2.10% 1.79% 1.73%(f) 1.61%(f)
Ratio of net investment
income (loss) to
average net assets..... (5.00)%(f) (0.00)% (0.26)% (0.47)% 0.40% (1.26)%(f) 0.98%(f)
Ratio of expenses to
average net assets
(d).................... 3.02%(f) 2.32% 2.04% 2.19% 2.97% 46.90%(f) 21.59%(f)
Ratio of expenses to
average net assets
(e).................... N/A N/A N/A 2.10% N/A N/A N/A
Ratio of interest expense
to average net
assets................. 0.42%(f) N/A N/A 0.03% 0.03% 0.03%(f) 0.01%(f)
Portfolio turnover (h)... 34% 31% 82% 44% 25% 1% 28%
</TABLE>
---------------
(a) Net investment income is based on average shares outstanding during the
period.
(b) The Fund changed its year end from September 30 to October 31, effective
October 31, 1995.
(c) For the period from February 10, 1995 (commencement of operations) to
September 30, 1995.
(d) During the period, certain fees were waived or reimbursed. If such fees
waived or reimbursed had not incurred, the ratios would have been as
indicated.
(e) During the period, certain fees were indirectly paid. If such fees
indirectly paid had not occurred, the ratios would have been as indicated.
(f) Annualized.
(g) Not Annualized.
(h) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
See notes to financial statements.
-19-
<PAGE> 20
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31, PERIOD ENDED
SIX MONTHS ENDED ------------------------------------------------------------- SEPTEMBER 30,
APRIL 30, 2000 1999(a) 1998 1997(a) 1996(a) 1995(a)(b) 1995(a)(c)
---------------- ------- ------ ------- ------- ---------- -------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS B SHARES
NET ASSET VALUE BEGINNING
OF PERIOD................ $12.72 $12.57 $12.69 $12.14 $11.53 $12.08 $11.44
------ ------ ------ ------ ------ ------ ------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment loss...... (0.13) (0.11) (0.10) (0.15) (0.13) (0.02) 0.08
Net realized and
unrealized gain (loss)
from foreign exchange
and investment
transactions........... (0.70) 0.26 (0.02) 0.70 0.74 (0.53) 0.56
------ ------ ------ ------ ------ ------ ------
Total from investment
operations............. (0.83) 0.15 (0.12) 0.55 0.61 (0.55) 0.64
------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE END OF
PERIOD................... $11.89 $12.72 $12.57 $12.69 $12.14 $11.53 $12.08
====== ====== ====== ====== ====== ====== ======
TOTAL RETURN (EXCLUDES
REDEMPTION CHARGES)...... (6.53)%(g) 1.19% (0.95)% 4.50% 5.30% (4.60)%(g) (5.60)%(g)
ANNUALIZED RATIOS/
SUPPLEMENTARY DATA:
Net Assets at end of
period (000)........... $ 118 $ 202 $ 246 $ 213 $ 134 $ 100 $ 128
Ratio of expenses to
average net assets..... 3.48%(f) 3.08% 2.80% 2.82% 2.56% 2.44%(f) 2.42%(f)
Ratio of net investment
income (loss) to
average net assets..... (2.09)%(f) (0.79)% (0.95)% (1.23)% (1.03)% (1.98)%(f) (1.38)%(f)
Ratio of expenses to
average net assets
(d).................... 3.78%(f) 3.08% 2.80% 2.90% 14.45% 31.39%(f) 82.74%(f)
Ratio of expenses to
average net assets
(e).................... N/A N/A N/A 2.81% N/A N/A N/A
Ratio of interest expense
to average net
assets................. 0.42%(f) N/A N/A 0.03% 0.03% 0.03%(f) 0.03%(f)
Portfolio turnover (h)... 34% 31% 82% 44% 25% 1% 28%
</TABLE>
---------------
(a) Net investment income is based on average shares outstanding during the
period.
(b) The Fund changed its year end from September 30 to October 31, effective
October 31, 1995.
(c) For the period from February 10, 1995 (commencement of operations) to
September 30, 1995.
(d) During the period, certain fees were waived or reimbursed. If such fees
waived or reimbursed had not incurred, the ratios would have been as
indicated.
(e) During the period, certain fees were indirectly paid. If such fees
indirectly paid had not occurred, the ratios would have been as indicated.
(f) Annualized.
(g) Not Annualized.
(h) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
See notes to financial statements.
-20-
<PAGE> 21
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31, PERIOD ENDED
SIX MONTHS ENDED -------------------------------------------------------------- SEPTEMBER 30,
APRIL 30, 2000 1999(a) 1998 1997(a) 1996(a) 1995(a)(b) 1995(a)
---------------- ------- ------- ------- ------- ---------- -------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS Y SHARES
NET ASSET VALUE BEGINNING
OF PERIOD............... $ 13.23 $ 12.96 $ 12.97 $ 12.31 $ 11.59 $ 12.13 $ 13.81
------- ------- ------- ------- ------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income
(loss)................ (0.09) 0.03 0.01 (0.03) 0.01 (0.01) 0.11
Net realized and
unrealized gain (loss)
from foreign exchange
and investment
transactions.......... (0.70) 0.25 (0.02) 0.71 0.71 (0.53) (1.17)
------- ------- ------- ------- ------- ------- -------
Total from investment
operations............ (0.79) 0.28 (0.01) 0.68 0.72 (0.54) (1.06)
------- ------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment
income................ (0.05) (0.01) -- (0.02) -- -- (0.10)
From net realized
gains................. -- -- -- -- -- -- (0.52)
------- ------- ------- ------- ------- ------- -------
Total distributions..... (0.05) (0.01) -- (0.02) -- -- (0.62)
------- ------- ------- ------- ------- ------- -------
NET ASSET VALUE END OF
PERIOD.................. $ 12.39 $ 13.23 $ 12.96 $ 12.97 $ 12.31 $ 11.59 $ 12.13
======= ======= ======= ======= ======= ======= =======
TOTAL RETURN.............. (6.00)%(f) 2.19% (0.08)% 5.50% 6.20% (4.50)%(f) (7.70)%
ANNUALIZED RATIOS/
SUPPLEMENTARY DATA:
Net Assets at end of
period (000).......... $29,339 $33,097 $34,646 $35,234 $47,502 $61,418 $67,645
Ratio of expenses to
average net assets.... 2.56%(e) 2.08% 1.78% 1.82% 1.62% 1.62%(e) 1.54%
Ratio of net investment
income (loss) to
average net assets.... (1.08)%(e) 0.24% 0.04% (0.21)% 0.11% (1.14)%(e) 0.92%
Ratio of expenses to
average net assets
(c)................... 2.77%(e) 2.08% 1.78% 1.90% 1.67% N/A(e) N/A
Ratio of expenses to
average net assets
(d)................... N/A N/A N/A 1.82% N/A N/A N/A
Ratio of interest
expense to average net
assets................ 0.43%(e) N/A N/A 0.03% 0.03% 0.03%(e) 0.05%
Portfolio turnover
(g)................... 34% 31% 82% 44% 25% 1% 28%
</TABLE>
---------------
(a) Net investment income is based on average shares outstanding during the
period.
(b) The Fund changed its year end from September 30 to October 31, effective
October 31, 1995.
(c) During the period, certain fees were waived or reimbursed. If such fees
waived or reimbursed had not incurred, the ratios would have been as
indicated.
(d) During the period, certain fees were indirectly paid. If such fees
indirectly paid had not occurred, the ratios would have been as indicated.
(e) Annualized.
(f) Not Annualized.
(g) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
See notes to financial statements.
-21-
<PAGE> 22
[This Page Intentionally Left Blank]
<PAGE> 23
TRUSTEES
Samuel A. Lieber
Laurence B. Ashkin
H. Guy Leibler
INVESTMENT ADVISER
Alpine Management and Research, LLC
122 East 42nd Street, 37th floor
New York, NY 10168
CUSTODIAN
IFTC
801 Pennsylvania
Kansas City, MO 64105
TRANSFER AGENT
BISYS Fund Services, Inc.
3435 Stelzer Road
Columbus, OH 43219
ACCOUNTANTS
PricewaterhouseCoopers LLP
100 East Broad Street
Columbus, OH 43215
LEGAL COUNSEL
Schulte Roth & Zabel LLP
900 Third Avenue
New York, NY 10022
ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services L.P.
3435 Stelzer Road
Columbus, OH 43219
[ALPINE LOGO] ALPINE
INTERNATIONAL
REAL ESTATE
EQUITY FUND
ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
122 East 42nd Street, 37th floor
New York, NY 10168
(212)687-5588
-----------------------------------
SEMI-ANNUAL REPORT
APRIL 30, 2000
This material must be preceded or
accompanied by a current prospectus.
(6/00)
