Paired Rotation Strategy

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For a portion of the Fund’s assets, the Global Premier Properties Fund will draw upon Alpine’s strength in dividend capture—an efficient use of the Fund’s capital to maximize dividend income. Alpine calls this “Dynamic Dividend” capture and here’s how it works: Traditionally, investors buy a dividend paying security and hold it over the course of twelve months, “capturing” four quarterly dividends. Alpine’s dynamic approach to dividend investing will endeavor to capture more dividend payments with the same investment capital by “rotating” between securities with similar characteristics throughout the same twelve months. The following are hypothetical examples of a traditional dividend investing strategy and Alpine’s Dynamic Dividend capture strategy. 1

* In the example, dividends would be paid at the end of each month noted.
** These examples are for illustrative purposes only and are not indicative of any investment. The dividend yields may be higher or lower depending on the specific security. The results of the dividend capture strategy may differ based upon the actual composition of the Fund’s portfolio.
1 The success of the dividend capture strategy depends upon the Adviser’s ability to anticipate the dividend policies of the companies in which it chooses to invest. It is difficult to anticipate the level of dividends that companies will pay in any given time frame. The use of dividend capture strategies will expose the Fund to increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading.