<SEC-DOCUMENT>0000930413-12-000110.txt : 20120109
<SEC-HEADER>0000930413-12-000110.hdr.sgml : 20120109
<ACCEPTANCE-DATETIME>20120109165349
ACCESSION NUMBER:		0000930413-12-000110
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20111031
FILED AS OF DATE:		20120109
DATE AS OF CHANGE:		20120109
EFFECTIVENESS DATE:		20120109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001362481
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		12517996

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-251-9098

	MAIL ADDRESS:	
		STREET 1:		C/O ALPINE MUTUAL FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c67163_ncsr.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9pt 0 0; text-align: center">Investment Company Act File number:
811-21901</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">______________________________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Alpine Global Dynamic Dividend Fund</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">______________________________________________________________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Alpine Woods Capital Investors, LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2500 Westchester Avenue, Suite 215</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Purchase, New York, 10577</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">______________________________________________________________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)(Zip
code)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-left: 18.9pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt;">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt;">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copy to:</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Samuel A. Lieber<BR>
        Alpine Woods Capital Investors, LLC</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2500 Westchester Avenue, Suite 215</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Purchase, New York, 10577<BR>
        (914) 251-0880</P></TD>
    <TD STYLE="padding-right: 5.4pt;">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rose DiMartino</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Willkie Farr &amp; Gallagher, LLP</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">1875 K Street, N.W.<BR>
        Washington, D.C. 20006-1238</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (914) 251-0880</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of fiscal year end: October 31, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of reporting period: November 1, 2010 &ndash; October 31, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Item 1: Shareholder Report</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<CENTER>
<DIV style="POSITION: relative; WIDTH: 600px; HEIGHT: 795px; TOP: 0px; LEFT: 0px">
<P style="POSITION: absolute; TOP: 0px; LEFT: 0px"><IMG alt="(FRONT COVER)" src="c67163001_v1.jpg"></P>

<P style="POSITION: absolute; font-variant:small-caps;TEXT-ALIGN: left; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; WIDTH: 500px; PADDING-RIGHT: 0.1in; HEIGHT: 9px; TOP: 85px; PADDING-TOP: 0in; LEFT: 52px">
<FONT style="COLOR: white; FONT-SIZE: 24pt">Global Dynamic Dividend Fund</FONT></P>

<P style="POSITION: absolute; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; WIDTH: 300px; PADDING-RIGHT: 0.1in; HEIGHT: 9px; TOP: 643px; PADDING-TOP: 0in; LEFT: 242px">
<FONT style="COLOR: white; FONT-SIZE: 12pt" face=arial>October 31,</FONT></P>

<P style="POSITION: absolute; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; WIDTH: 300px; PADDING-RIGHT: 0.1in; HEIGHT: 9px; TOP: 669px; PADDING-TOP: 0in; LEFT: 246px">
<FONT style="COLOR: white; FONT-SIZE: 24pt" face=arial>2011</FONT></P>

<P style="POSITION: absolute; TEXT-ALIGN: left; PADDING-BOTTOM: 0in; PADDING-LEFT: 0.1in; WIDTH: 300px; PADDING-RIGHT: 0.1in; HEIGHT: 9px; TOP: 725px; PADDING-TOP: 0in; LEFT: 208px">
<FONT style="COLOR: white; FONT-SIZE: 18pt" face=arial>Annual Report</FONT></P></DIV></CENTER><BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=4 COLOR="#3E528D">TABLE <FONT SIZE=3 COLOR="#3E528D">OF</FONT> CONTENTS</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="70%" ALIGN=CENTER>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="92%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a001_v1">Alpine View</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a002_v1">Manager Commentary</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a003_v1">Report of Independent Registered
 Public Accounting Firm</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a004_v1">Schedule of Portfolio Investments</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a005_v1">Statement of Assets and
 Liabilities</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a006_v1">Statement of Operations</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a007_v1">Statements of Changes in Net
 Assets</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a008_v1">Financial Highlights</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a009_v1">Notes to Financial Statements</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID BLACK .5PT'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL><A HREF="#c67163a010_v1">Additional Information</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4>24</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT size=2><IMG alt="(ALPINE LOGO)" src="c67163002_v1.jpg"></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
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 <P>&nbsp;</P>
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 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>Alp<A NAME="c67163a001_v1"></A>ine
 View</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Dear Investor:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Since the summer of
2007, the world has been experiencing a period of exceptional transformation.
The fundamental impacts have been economic, but the implications for social and
political structures may be more profound than the world has felt for over 40
years. Economic imbalances ranging from commodity inflation and fragile
financial funding to income inequality and unemployment all played a role in
fomenting societal eruptions this year. The Jasmine Revolution which begot the
&#145;Arab Spring&#146; uprisings have been the most notable, but the &#145;Occupy Wall Street&#146; movement,
riots from Greece to China, and the rallies in India and Russia over graft and
fraud are among outbursts with political implications stemming largely from
economic distress. As we look forward to 2012, elections in France, Egypt,
Russia, China, Mexico and, of course, the United States may have long term
significance, but in the short term the preceding periods may be notable for
the lack of political action or possible missteps which investors might deem
problematic for the economy. If economic stability is compromised over the next
year, then future social and political stability may also suffer, so investors
must be mindful of events both here and abroad. On the other hand, if the
sovereign integrity of the Euro Zone is retained, then the prospect of a mere
recession in Europe will probably have limited impact on the global economy.
Alpine believes that stock prices have already factored in a more disruptive
outlook.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Historically, a
significant minority of the world&#146;s population has been able to utilize much of
the world&#146;s resources with only modest concern for efficiency. Now, with over
seven billion inhabitants on the planet, the developed economies are
competitively forced to share more of the world&#146;s food, fuel and even economic
capital with our neighbors. Up until 2007, the U.S. and Europe stretched the
limits of our capital capacity to create debt with an issuance and distribution
system which had become increasingly dependent upon lax credit ratings and easy
capital reserve ratios. This provided the capacity to buy more or pay higher
prices than we might have otherwise been inclined, whether as individuals or
collectively as nations. Since then, broad avoidance and mistrust of
credit-based risk has forced capital out of the lower rated investment market.
Instead, cash has been parked in marginally productive &#147;safe&#148; investments, such
as gold and Treasury bills, which do not stimulate economic activity. The
potential combination of such risk avoidance with the forced deleveraging of
over extended countries, companies and individuals could continue to
dramatically impact asset values, reduce capital for investment, decrease
consumption and lower economic growth. Europe may well face such a spiraling
scenario in 2012, given their already high levels (debt/GDP=80%+) of debt.</FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<div ALIGN=CENTER><img src="c67163004_v1.jpg" alt="(BAR CHART)"></div>
<div ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>Source: IMF, Alpine</FONT></div>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The reactionary
tendency to stretching too far is to reverse course and, in this case, shrink
leverage and practice restraint or even austerity. This approach may speed
downsizing in a normal cycle, but when imbalances are as severe as now,
purging the excesses could lead to a depression. An alternate approach to halting
these deleterious trends would seek to sustain modest growth of the financial
system in order to strengthen it while building a better model for allocating,
evaluating and distributing capital, before shrinking obligations. In other
words, it might be prudent to initially reinforce the dam, rather than let it
erode before the next storm. Unfortunately, we have been in a period of
transition which finds politicians embracing the safety of ideology when they
should be attempting to understand complex economic interactions and debating
the implications of any policy responses. We need fresh ideas and honest debate
which could educate the public and instill confidence that government is
leading the way forward. By default, the world&#146;s central bankers and treasury
chiefs have been left to set the agenda to fix or replace financial structures
and critical systems that have proved inadequate or were simply broken. The
following chart shows how the lack of GDP growth from 2007 compromised
developed market debt ratios, in contrast with emerging market countries which
were able to both grow GDP (denominator) and reduce debt.</FONT></P>

<div ALIGN=CENTER><img src="c67163005_v1.jpg" alt="(LINE GRAPH)"></div>

<div ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>Source: IMF, Alpine</FONT></div>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The current
sovereign debt crisis in Europe is the product of structural limitations of the
European Union (EU), which has limited the European Central Bank&#146;s (ECB) monetary
capability. Market</FONT></P>

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<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>forces have finally compelled EU
politicians to alleviate fiscal constraints and imbalances with new rules to be
enacted in 2012. It is notable that the U.S. is the furthest advanced of the
major economies in this fundamental struggle to restructure and redirect the
capital market system. Nevertheless, our politicians have so far failed on the
fiscal front to grow government revenues, shrink expenses or both. Yet
deficits, spending and taxes are only part of the problem. People have been
losing confidence in our leaders&#146; ability to control the financial system. In
effect, we have to either find a new model or rework existing financial market
structures to permit capital to grow and flow efficiently, while also providing
meaningful safeguards and firebreaks to control risk from unseen exposures or
contagion from derivative or contingent contracts.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>2011: When It Rains, It Pours</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The extended economic recovery
since 2009 has survived a steady string of shocks to the system. No one could
have predicted that food and energy price volatility would set off &#147;Arab
Spring&#148; revolutions which have been reshaping the political landscape of the
Middle East. Similarly, droughts throughout the world and flooding in other
areas also hit food prices as did the destructive floods in Thailand, which
further impacted both auto and tech production in that region. These events
followed the horrific earthquake and tsunami in Japan, which seriously
disrupted the global supply chain utilizing &#147;just in time&#148; production,
resulting in slower global industrial production. While these events have
combined to slow global economic growth during 2011, the biggest impediment to
continuing recovery from the &#145;Great Recession&#146; of 2009 has been Europe&#146;s
inability to restructure its financial mechanisms to insure financial
integrity.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The current sentiment of
investors reminds me of the lyrics from Bob Dylan&#146;s 1967 classic song called
&#147;All Along the Watchtower&#148; which proclaims: &#147;There must be some way out of
here...There&#146;s too much confusion, I can&#146;t get no relief. Businessmen they
drink my wine and plowmen dig my earth, none of them along the line know what
any of it is worth ... So let us not talk falsely now, the hour is getting late
....&#148; Indeed, the extended period of confusion and helplessness has hurt
investors. Consumption and production continue but new investment has focused
mostly on either &#145;prime&#146; or &#145;safe&#146; assets. Transaction volumes and prices have
eroded across most asset classes because investors have been more concerned
with the<I> return of capital</I> rather
than<I> returns on capital.</I>
Valuation metrics for any amount of risk, and especially for many sub-prime
assets, have broken down, and investors no longer have adequate confidence in
market prices. Unfortunately, politicians continue to talk falsely and have not
been heeding the urgent need to tackle the problems of the 21st century
economy. If the New Year brings more constructive engagement, then perhaps we
can restore investor confidence, but looking at the current U.S. fiscal
condition, it is clear that the hour is getting late.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Similar caution has been evident
in the corporate sector over the last few years as companies built up financial
liquidity, reduced capital expenditures and delayed hiring. Thus, uncertainty
among both investors and the business sector, combined with stretched</FONT></P>
</DIV>


<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>government fiscal conditions, has reduced capital investment in the economy.
Add collapsing confidence in our leaders and we see limited ability to ignite
the animal spirits. This is largely responsible for the historically
unprecedented delay in recovery from recession. Since the U.S. economy&#146;s peak employment levels of
January 2008 through the trough on February 2010, the economy shed roughly
8,750,000 jobs, only to add 2,460,000 over the following 21 months through this
past November. If the economy were to sustain the latest three month average
monthly gain in payrolls of 143,000 jobs gained per month, we would not reach
the old peak of employment until July of 2015, or roughly 7.5 years for a full
recovery. Such duration without full recovery is already unprecedented except
for the Great Depression!</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Traditionally, the two great
engines of the U.S. economy have been homebuilding and the automobile industry,
both of which extended a multiplier effect to other industries producing
products used in cars and homes. While car sales are estimated to achieve
annual volume of 12.7 million vehicles, this is still roughly 27% below 2005&#146;s
peak of trailing 12-month moving average sales. New home sales have been
running 77% below the July, 2005 peak levels. Both industries have sought
productivity enhancements either through automation of production or
prefabrication of components, (further reducing headcounts) add to this cutbacks
in the finance sector of the economy, and these industries constitute over 50% of
the lower levels of employment since the peak. Clearly our economy has not been
running on all cylinders, and we must find new ways of creating goods and
services if we cannot currently rekindle historic levels of demand in the near
future. Perhaps the downturn has accelerated the transition from an
&#145;industrial&#146; economy to a &#145;service&#146; economy.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Europe &#147;...Can&#146;t
Get No Relief...&#148;: From Sub-Prime to Sub-Sovereign</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>While the U.S. is clearly not out
of the woods, recent economic activity demonstrated by industrial production
numbers and the stability of the financial system are far better than Europe or
Japan. Europe&#146;s problems, like ours, began to appear in 2007 as the value of
subprime debt and the lack of transparency of derivative investments raised the
specter of European banks collapsing under excessive use of leverage. In addition
to questionable investments and corporate loans, it has become evident over the
past year and a half that these banks also had exposure to the debt of other
European banks and European nations, including the weaker peripheral countries.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The economic importance of major
financial institutions within the Euro block is reflected by the relative size
of their debts, which constitute over 4.5 trillion Euros of bonds outstanding,
in contrast with over 6.5 trillion Euros issued by governments. The size of the
European banking sector is so significant because over 80% of corporate credit
is originated or supported by banks&#146; balance sheets which require liquidity to
inventory loans until they are sold. This contrasts with the U.S., where banks
support roughly 40% of all the corporate debt originated while most is, in
fact, created directly in the capital markets. In this light, it should be
critical for both banks and countries to reduce their debts or increase revenues
and raise capital.</FONT></P>

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 <P ALIGN=RIGHT><FONT SIZE=2  FACE=TIMES>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
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<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B> &#147;...A Way Out of Here&#148; for Europe</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the Euro Zone&#146;s debt to GDP
levels ranging from 80% to 115% (and higher for Greece), the problem at hand is
to create a fiscal system to oversee the budget process of each country. Under
current conditions, this could mandate either higher taxes or austerity
measures, which will likely slow economic activity. While this oversight
mechanism may not include the ability to tax EU members, it could provide a
level of economic control which would facilitate the ECB acting like an interim
EU treasury. Over time, we would expect to see significant asset relief as the
ECB may follow the Fed&#146;s lead and provide &#147;quantitative easing&#148; (i.e., buy
bonds and other debt in the market place in order to inject more money into the
system). It may also be essential to create a treasury for issuance of
Euro-denominated bonds backed by all the member nations to cover at least a
portion of each individual country&#146;s outstanding debt obligations. This would
significantly reduce the interest costs for countries which currently have a
high rate imposed upon them by the market, such as Italy, where the cost of
five year bonds rose from 4.1% at the beginning of July to 7.7% by late
November. By comparison, German five year money rose from under 1% recently to
a high of 1.3%, which might be more reflective of overall Euro denominated debt
if it were to come into being. Thus, over time, we believe the political desire
for stability will likely lead to the creation of a complete financial
infrastructure which could enhance long term stability in the Euro Zone.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Assuming the sovereign debt is
stabilized, we would anticipate that the next stage will be recapitalization of
European banks. These can either take the form of public market equity raises,
mergers or some form of nationalization. It is worth noting that the U.S.,
Australian and U.K banks, insurance companies and real estate companies
commenced recapitalizations and asset sales during early 2009. We expect most
European financial institutions to finally begin the same process in 2012, some
three years behind their Anglo counterparts. In light of this delay and the
aforementioned discussion of the role which European banks play in the
corporate capital structure, it is apparent that time needed to heal the
excessive debt ratios may also significantly constrain corporate activity.
Thus, it is not surprising that most economists expect a recession for Europe
in 2012 followed by years of limited growth. However, if successful actions are
taken, the decline might only last for one year.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Do Investors
&#147;Know What Any of It is Worth...&#148;?</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A unique aspect of this market in
which risk avoidance reigns supreme is that many investors have pulled back on
historically perceived higher risk investments such as cyclical industries,
commodities, junk bonds and forex exposure. Once the overall level of risk
subsides, we would expect most investors will gradually begin to focus on
achieving returns on invested capital and resume a longer term perspective.
They may start asking questions, such as; (1) where are business or economic
conditions going to be favorable for corporate earnings growth, and (2) where
is the greatest need for new capital investment? They may also analyze
differences between short term investments, medium duration as well as multi</FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>year opportunities. For example, over the short term, it is pretty evident that
global growth has been slowing, although there may be a few countries where
2012 projections are higher than 2011. For example, Japan is slowly in the process
of rebuilding following the devastating earthquake last spring, so several
domestic oriented companies should benefit from ongoing stimulus to the
economy. Several other countries that had been managing inflation via
restrictive monetary policies during 2011 have begun to lower interest rates in
response to overall slowing global growth. This group would include Australia
and New Zealand, as well as Brazil, China and Indonesia. Several other
countries such as India, Chile and Mexico will also likely ease rates over the
coming few months. This new monetary stimulus contrasts sharply with the
extraordinarily low interest rates prevalent in core Europe, U.S. and Japan
where rates may already be near bottom.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>While interest rate cuts could
provide a catalyst for short term equity revaluation, longer term valuations
are typically dependent upon prevailing business trends which could enhance
earnings growth. While most countries are forecast to enjoy improving GDP
growth in 2013 versus 2012, several countries in Southeast Asia and Latin
America could offer superior medium-term and multi-year growth outlooks, based
on demographic, economic and business trends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The potential for long-term
growth and competitive dynamics leading to a return of inflation and, hence,
higher interest rates should eventually focus attention on those companies
which deserve premiums based on superior adaptability or pricing power,
historical innovation, strong market position and elasticity of demand.
Unfortunately, index based exchange traded funds, basket traders and momentum
algorithm traders have reduced market behavior to &#145;risk-on, risk-off&#146; single
variable daily directional bets. However, as investors return, markets should
once again gauge equity and asset valuations in reaction to perceived changes
in business prospects and the economy. From currently depressed valuations, the
return of investors to equities as directional uncertainty and confusion is
relieved could lead to significant revaluation potential over an extended period
of time. For a wide variety of distinct businesses, whose prospects evolve with
the business cycle, investors may also take a longer term holding period. The
efficiency of capital markets will likely depend upon a normalization of
investor behavior.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Seven Billion
and Counting</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Towards the end of October the
world population officially went over 7 billion people and it is expected to
exceed 8 billion by 2025 and 9 billion by 2050. The current sentiment favoring
austerity is antithetical to the pressures of this reality, and austerity
measures may remain limited to Europe, where population growth is projected to
be negligible. However, social and economic pressure for government and
business led capital investment may stimulate expansion for much of the world.
Not only must the world find food and shelter for the next generation, but we
must make this a more efficient and more understandable world. Technology
promised to do the latter, and it has made the world a much smaller place in</FONT></P>


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<BR>
<div style="position:relative;float:left;width:48%">
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>many ways, but information flow has added complexity and sometimes
confusion. Resolving this credit crisis, reorganizing our banking structures
and perhaps redefining the priorities of our political representatives, should
be very important if developed countries hope to participate in meeting the
needs of growing cities in the emerging economies. Economic, social and
political change are often inter-related so it is not surprising to see the
pressures finally boiling over, whether in the Middle East, Greece or even
Russia and the U.S. The hopeful emergence of more democratic economies focused
on providing individual rights and human needs, will likely be dependent upon
the U.S. leading an effective global capital market system. The bottom line is
that demographic trends should sustain demand for goods and services, although
the nature and timing of this potential will be subject to how the complex web
of global development evolves.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B> &#147;...Now the Hour is Getting Late,&#148; Focus on What is Most Important</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We believe the markets will remain volatile, but to a lesser degree than
experienced during 2008 and, of course, 2011. While the exact nature of the
economic and political environment to which we are transitioning is not fully
clear, what is evident is the need for action and responsible dialogue and
debate over the economic realities we face. Individuals and markets should
always do better when there is more transparency and understanding. We can each
determine our own view of the road ahead if we have enough data and
information.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Alpine believes that the economic world should continue with the U.S. as
the dominant player, while acknowledging that the other players are changing,
particularly as so-called Emerging Markets sustain faster growth and, thus, are
set to become a larger force. For now, the U.S. Federal Reserve is the guiding
light for most other central banks, as is our economy. This is a world that in
most cases merely aspires to what we already have. In our opinion, the U.S.
must sustain its competitive advantage through technological innovations which
is dependent upon our best educational institutions sustaining top global
standards. Vocational schools should be elevated to artisanal standards and
encourage apprenticeship for craftsmen. By combining technology and
artisanship, our corporations can create better ways of designing, building and
delivering superior goods and services. Ideally, these are the companies in
which we all seek to invest.</FONT></P>
</div>

<div style="position:relative;float:right;width:48%">
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Even when it is dark with storm clouds overhead, Alpine will endeavor to
find investment opportunities on your behalf. We look forward to keeping you up
to date on our progress and, in this regard, we have embarked on a new approach
to streamline the information provided in our individual fund manager reports
to shareholders. We are using a simpler format, which we will supplement with
commentary from portfolio managers and analysts on our website. In particular,
we believe this will allow our message to be focused on both timely and germane
topics of discussion. Thus, we encourage shareholders to periodically click on
the Alpine Funds website to keep up to date with our thinking and reactions to
the capital markets, as well as the world at large. Our goal is to aid in your
understanding of the factors which may influence investment decisions for all
of us.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In closing, let me express my great appreciation and admiration for
Laurence Ashkin, who has retired from his role as a director of Alpine&#146;s Mutual
Funds. Larry has been supporting and guiding us since we opened our doors in
1998. He has always set Alpine&#146;s fiduciary responsibilities first and offered
his insights to all board members. His presence, counsel and commitment shall
be missed. We wish him well.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Thank you
for your continued support and interest.</FONT></P>

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 <P><FONT SIZE=2 FACE=ARIAL>Sincerely,</FONT></P> </TD>
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   <TD VALIGN=TOP>&nbsp;</TD>
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 <P><img src="c67159005_v1.jpg"></P> </TD>
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   <TD VALIGN=TOP>&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Samuel A. Lieber</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>President</FONT></P> </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2><B>Past performance is not a guarantee of future results. The
specific market, sector or investment conditions that contribute to a Fund&#146;s
performance may not be replicated in future periods.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Mutual fund investing involves risk. Principal loss is
possible. Please refer to the individual fund letters for risks specific to
each fund.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>This letter and the letters that follow represent the opinion of Alpine
Funds&#146; management and are subject to change, are not guaranteed, and should not
be considered investment advice.</FONT></P>

<P><FONT SIZE=2><I>This is a Closed-end fund and does not continuously offer shares.</I></FONT></P>
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 <P><FONT SIZE=2 FACE=TIMES>4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=TIMES>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
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 <P ><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT SIZE=4>Ma<A  NAME="c67163a002_v1"></A>nager Commentary</FONT></P>
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 <P ALIGN=RIGHT><FONT SIZE=2>October
 31, 2011</FONT></P>
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<P><FONT SIZE=2 FACE=ARIAL><B>Performance</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Alpine Global Dynamic Dividend Fund&#146;s 2011 fiscal year return was a
decline of 0.25% on the market price of AGD and a decline of 4.49% on the
Fund&#146;s NAV including dividend reinvestments. The Fund distributed a regular
monthly dividend of $0.06 per share, or $0.72 per share annualized, plus a
special year end payment of $0.138 per share on 12/31/10, with approximately
68% of the distribution estimated to be qualified for the reduced Federal
income tax rates (Qualified Dividend Income or &#147;QDI&#148;). The comparative returns
of relevant indices were +8.09% for the Standard &amp; Poor&#146;s 500 Index, a
negative total return of 4.94% for the Euro STOXX 600 Index in U.S. dollar
terms, and a negative 0.68% return for the MSCI All World Index ex-Japan in
U.S. dollar terms for the same time period.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Drivers of Performance</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Fiscal year performance changed significantly from the first half of the
fiscal year, when we reported a 21.97% total return on the Fund&#146;s NAV and
20.50% increase in AGD&#146;s market price, which compared with a 16.36% gain for
the S&amp;P 500 Index, a 15.50% gain for the of the Euro STOXX 600 and a 14.89%
gain for the MSCI World Index (ex-Japan) in U.S dollar terms for the same time
period to the second half of the year. The principal change that reversed the
positive performance in the first half of the fiscal year related principally
to the Fund&#146;s investment positions in international markets. AGD provides
global diversification for our investors by investing, under normal
circumstances, a minimum of 50% of our assets in foreign securities, which
helps us pursue our goals of high dividends and capital appreciation since the
U.S. is one of the lowest yielding global equity markets. We do not actively
manage our country weightings - we pick our holdings on a stock by stock basis
based on dividend potential and total return. This bottom-up approach had taken
a large portion of our holdings to Europe, as the dividend payout ratios remain
higher than any other region. We also have found numerous compelling growth and
income opportunities that have lead us to invest more in Asia and Latin
America.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Renewed economic uncertainty in the U.S., challenges in important
emerging markets such as Brazil and China, together with growing apprehension
about the European sovereign debt crisis led to overall negative performance
for this investment portfolio in the second half of fiscal 2011. With the U.S.
being viewed as a safe haven during crisis, international markets significantly
underperformed. From the market highs on 4/29/11 at the end of first half
fiscal 2011 to the market lows on 10/3/11, the S&amp;P 500 Index declined by
18.64% compared with the Brazilian Bovespa Index which declined by 36.05%, the
Euro STOXX 600 Index which declined by 28.13%, and the Hong Kong Hang Sen Index
which declined by 27.56%. This particularly impacted the portfolio because of
our long term emphasis on the search for high yielding, high quality securities
overseas that were sold off despite attractive fundamentals and positive longer
term growth and income opportunities.</FONT></P>
</div>
<div style="position:relative;float:right;width:48%">
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our dividend capture strategy tends to be seasonally focused in Europe
in the first half of the calendar year, with peak exposure occurring during the
spring. Due to our concern that the sovereign debt crisis would adversely
impact the euro, we hedged our currency exposure in Europe. This concern, regarding
the currency, did not materialize before we exited our hedge position after the
conclusion of our peak exposure during the dividend capture period.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund also has the flexibility to leverage up to 10% of its total
assets if management believes there are opportunities for either dividend
capture or capital appreciation, and we generally employ leverage during our
dividend capture periods. During the fiscal year ending October 31, 2011 the
Fund has used its leverage line on several occasions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>With our investment strategies reflecting the macro challenges in
international markets, the Fund ended fiscal year 2011 with 43.2% of assets in
U.S. based companies versus an average of 41.1% invested in the U.S. throughout
the year. These holdings at fiscal year end reflected our view that many U.S.
companies will continue to report strong earnings and cash flow in the months
ahead and the U.S. will likely maintain its safe haven status as global macro
volatility is likely to persist into 2012. Given the continued uncertain
outlook that remains for the Euro region, we have ended the fiscal year with
less than 5% of our assets invested in Euro denominated currencies. Further, we
will continue to seek a high level of income generation which has been an
objective of the Fund since its inception.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Top Five Contributors</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The top five contributors to the Fund&#146;s performance over the past twelve
months based on contribution to the Fund&#146;s total return were Dollar Thrifty
Automotive Group (53.89%), CVR Partners (71.41%), Grande Cache Coal (53.21%),
Borneo Lumbung Energi (33.52%), and ITC Holdings (16.79%).</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
 <TR STYLE="FONT-SIZE:1PX">
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 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Dollar
 Thrifty, a car rental business, was the top contributor to the Fund&#146;s
 performance. The share price benefited from rising second hand car prices and
 a takeover battle for the company between Hertz and Budget that was expected
 to produce a special dividend. We felt the stock got to full value based on
 the takeover premium and we locked in the profits on this investment.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>CVR
 Partners has a 10% dividend yield and is a limited partnership involved in
 the production of nitrogen fertilizer. They have benefitted from robust
 agricultural prices. Due to strong performance we took profits and are no
 longer a shareholder.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Grand
 Cache Coal is a Canadian metallurgical coal company that benefited from
 flooding related supply disruptions in Australia that resulted in a 50%
 increase in prices. This is another investment we sold at a profit.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
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 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
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 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
</tr>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual Report | October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 </TD>
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 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
 <P><FONT SIZE=4>Manager Commentary</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31, 2011</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<div style="position:relative;float:left;width:48%">
<BR>

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 <TR STYLE="FONT-SIZE:1PX">
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 </TD>
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 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Borneo
 Lumbung Energi &amp; Metal is an Indonesian producer of coking coal that
 benefited from Australia flooding related supply disruptions that resulted in
 a dramatic increase in prices. We locked in the profits and are no longer
 holders.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ITC
 Holdings is the largest U.S. independent electric transmission company with
 15,000 miles of lines that span five Midwestern states. As the only
 transmission company solely devoted to this business, in the U.S., ITC has
 produced strong earnings and dividend growth as it benefits from the upgrading
 of the investment in the nation&#146;s electric grid. We have been long term
 shareholders of ITC.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Bottom Five Contributors</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Three of our five worst performing positions in AGD in fiscal 2011 were
Hong Kong listed companies. Due to the sovereign crisis in Europe, we looked to
diversify by investing in Hong Kong companies which, due to the U.S. dollar
peg, have lower currency risk and whose businesses are exposed to China where
the expectations of future economic prospects are more optimistic. This strategy
was unsuccessful for three reasons. First, a ban on shorting European stocks
shifted shorting activity into Hong Kong; second, stickier than expected
inflation in China resulted in tighter than expected monetary conditions in
China; and third, high profile corporate governance indiscretions by Chinese
companies reduced investor appetite for Chinese stocks.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The five stocks that had the largest adverse impact on the performance
of the Fund over the fiscal year were Gujarat NRE Coke (-53.09%), Daqing Dairy
Holdings (-50.27%), BBMG (-46.91%), Hypermarcas (-29.33%), and China National
Building Material (-43.12%).</FONT></P>

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 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Gujarat
 NRE Coke Ltd is an owner of an Australian based Metallurgical Coal company
 which was unaffected by the flooding but experienced secular production
 problems. We are no longer a shareholder.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Daqing
 Dairy is a producer of milk and infant formula products with a focus on Tier
 2 and Tier 3 cities in China which are exhibiting the fastest wage growth.
 The company is participating in consolidation of a fragmented industry
 encouraged by the government who wants to improve quality control. The
 company has sold off due to quality control concerns in the industry (despite
 owning an untainted track record) and reduced investor appetite for small cap
 stocks. The company trades at three times earnings despite expected earnings
 growth of approximately 20% per annum over the next two years and
 consequently we continue to hold the position.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>BBMG Corp
 is a Beijing based social housing homebuilder and cement supplier. The
 company was expected to be a beneficiary of China&#146;s social housing policy
 which targeted to build 36 million homes in five years with 10 million starts
 targeted for 2011. The </FONT></P>
 </TD>
 </TR>
</TABLE>


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<BR>
<div style="position:relative;float:right;width:48%">

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 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>stock sold off when economic tightening and negative
 rhetoric by the Chinese government resulted in a severe sell off in real
 estate related stocks and doubts arose over the financing model for the
 sector.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Hypermarca
 s management&#146;s decision to implement more stringent payment terms in early
 2011 led to an inventory correction at its customers. As growth slowed, the
 shares have languished.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Chin a
 National Building Company is one of China&#146;s largest cement manufacturers. The
 company is a beneficiary of China&#146;s aggressive fixed asset investment program
 and was expected to be boosted by the 10 million new home starts announced as
 part of the China&#146;s new social housing program. However aggressive tightening
 of monetary conditions and negative rhetoric and policy by the government
 against real estate resulted in a severe sell off in the stock despite the
 company reporting earnings that beat consensus. Due to a stop loss we exited
 this investment.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Summary</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>History of the Fund With Positioning</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>AGD seeks to achieve both dividend income and long-term growth of
capital while offering investors diversification through international equity
exposure where we find attractive growth plus generally higher dividend yields.
While our focus is on total return, a significant proportion of the return
comes from dividend income. We scan the globe looking for the best dividend
opportunities for our investors, employing research-driven investment
strategies.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund was initiated in July 2006 to provide investors with a vehicle
to benefit from the reduced U.S. Federal tax rates on dividends or QDI in
addition to gaining access to international growth and income stocks. This QDI
tax benefit is set to expire on December 31, 2012, and there is uncertainty on
the level of taxation for dividends going forward. However, even if the tax benefits
are not renewed, we do not believe that our dividend capture efforts would be
hindered or materially change our strategy. If the QDI benefit is eliminated,
we may not have the constraint of the 61-day holding period required to be
eligible for the tax benefit. In addition, we could look to increase our
dividend capture opportunities to different non-tax qualified equity markets
(e.g. Hong Kong, Taiwan) or non-qualified equity payers such as most REITS and
Master Limited Partnerships.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Outlook for the Market and Economy</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As we look into 2012, we remain cautious in the short term but we
believe that the longer term outlook for dividend paying equities is more
bullish. We expect continued volatility in equity markets and below trend
economic growth in 2012 as many countries in Europe face austerity measures to
curb sovereign debt concerns and as the U.S. and global economies are
struggling with sluggish growth, high</FONT></P>
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 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=TIMES>6</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=TIMES>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

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 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT SIZE=4><BR>Manager
 Commentary</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October
 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>food and energy inflation, and stubbornly high unemployment. Plus,
political headline risk will likely continue to drive market swings with the
ongoing sovereign debt issues in Europe and the U.S. Presidential election in
2012. However, while sovereign nations are struggling with large debt burdens,
corporate balance sheet quality is high and many companies are sitting on
record amounts of cash which should support capital growth initiatives, mergers
and acquisitions, and the return of cash to shareholders via share buybacks and
dividend increases if some clarity comes out of Europe and volatility declines.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Over the long term, we continue to remain optimistic that dividend
stocks will attract increasing amounts of capital despite the recent volatility
in equity prices as investors around the world search for income. Global
demographics point to an aging population in the industrialized world and these
millions of savers are facing zero to low interest rates for quarters or
potentially years to come. For example, the U.S. in the 1930&#146;s and Japan in the
past 20 years have shown that when interest rates go close to zero they can
stay there for extended periods of time until structural economic issues are
resolved. Since the year 2000, dividends-not stock price appreciation-are the
reason for the S&amp;P 500&#146;s positive return. Without dividends, the price of
the S&amp;P 500 Index declined by -14.70% but with reinvested dividends the
total return for the S&amp;P 500 is +5.95%.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In summary, we see both opportunities and risks in 2012. The Fund&#146;s
approach during these uncertain times is to remain broadly diversified within
the dividend-paying universe. We strive to keep our portfolio balanced and
maintain our &#147;barbell&#148; approach to our stock selections. At one end, we look
for attractive investment opportunities in some more defensive companies with
sustainable earnings and cash flow growth and the potential for increasing
dividends. At the other end of the barbell, we search for attractive value
opportunities in more cyclical sectors where prices had been punished during
the economic downturn and where we believe long term growth prospects are still
attractive.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our goals remain clear. We intend to continue to seek to provide a strong
dividend yield and grow our NAV over the long term and we seek to achieve these
goals with lower volatility than we have seen over the past several years as we
strive to be the dividend income fund of choice for investors. Thank you for
your support of the Alpine Global Dynamic Dividend Fund and we look forward to
more prosperous years in 2012 and beyond.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Sincerely,</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Jill K.
Evans and Kevin Shacknofsky <BR>
Co-Portfolio Managers</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Past performance is not a guarantee of future results.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Please refer to the schedule of investments for fund holding
information. Fund holdings and sector allocations are subject to </FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">


<P ALIGN=JUSTIFY><FONT SIZE=2>change and should not be considered a recommendation to buy or sell any
security.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Current and future portfolio holdings are subject to risk.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>This letter represents the opinions of the Fund&#146;s management and is
subject to change, is not guaranteed and should not be considered
recommendations to buy or sell any security.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The information provided is not intended to be a forecast of future
events a guarantee of future results or investment advice. Views expressed may
vary from those of the firm as a whole.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>All index performance reflects no deduction for direct fees, expenses or
taxes. Please note that an investor cannot invest directly in an index.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Favorable tax treatment of Fund distributions may be adversely affected,
changed or repealed by future changes in tax laws. Alpine may not be able to
anticipate the level of dividends that companies will pay in any given
timeframe.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Fund may include equity-linked securities and various other
derivative instruments, which can be illiquid, may disproportionately increase
losses, and have a potentially large impact on Fund performance. Leverage may
magnify gains or increase losses in the Fund&#146;s portfolio.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Diversification does not assure a profit or protect against loss in a
declining market.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Investing in small and mid-cap stocks involves additional risks such as
limited liquidity and greater volatility as compared to large cap stocks.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Mutual fund investing involves risk. Principal loss is
possible. The Fund is subject to the following risks:</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Dividend Strategy Risk</B> &#150; The
Fund&#146;s strategy of investing in dividend-paying stocks involves the risk that
such stocks may fall out of favor with investors and underperforms the market.
Companies that issue dividend paying-stocks are not required to continue to pay
dividends on such stocks. Therefore, there is the possibility that such
companies could reduce or eliminate the payment of dividends in the future.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Emerging Market Securities Risk</B> &#150; The
risks of investing in foreign securities can be intensified in the case of
investments in issuers domiciled or operating in emerging market countries.
These risks include lack of liquidity and greater price volatility, greater
risks of expropriation, less developed legal systems and less reliable
custodial services and settlement practices.</FONT></P>

</DIV><BR CLEAR="ALL"><BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<tr>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>

 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
</tr>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual Report | October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>7</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
 <P><FONT SIZE=4><BR>Manager Commentary</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=right><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">


<P ALIGN=JUSTIFY><FONT SIZE=2><B>Equity Securities Risk</B> &#150; The
stock or other security of a company may not perform as well as expected, and
may decrease in value, because of factors related to the company (such as
poorer than expected earnings or certain management decisions) or to the
industry in which the company is engaged (such as a reduction in the demand for
products or services in a particular industry).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Foreign Securities Risk</B> &#150; Public
information available concerning foreign issuers may be more limited than would
be with respect to domestic issuers. Different accounting standards may be used
by foreign issuers, and foreign trading markets may not be as liquid as U.S.
markets. Currency fluctuations could erase investment gains or add to
investment losses. Additionally, foreign securities also involve possible
imposition of withholding or confiscatory taxes and adverse political or
economic developments. These risks may be greater in emerging markets.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Management Risk</B> &#150; The Adviser&#146;s judgment
about the quality, relative yield or value of, or market trends affecting, a
particular security or sector, or about interest rates generally, may be
incorrect. The Adviser&#146;s security selections and other investment decisions
might produce losses or cause the Fund to underperform when compared to other
funds with similar investment objectives and strategies.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Portfolio Turnover Risk</B> &#150; High
portfolio turnover necessarily results in greater transaction costs which may
reduce Fund performance.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Qualified Dividend Tax Risk</B> &#150;
Favorable U.S. Federal tax treatment of Fund distributions may be adversely affected,
changed or repealed by future changes in tax laws.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Undervalued Stock Risk</B> &#150;
Undervalued stocks may perform differently from the market as a whole and may
continue to be undervalued by the market for long periods of time. Although the
Fund will not concentrate its investments in any one industry or industry
groups, it may weigh its investments towards certain industries, thus
increasing its exposure to factors adversely affecting issues within these
industries.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Leverage Risk</B> &#150; Leverage creates the likelihood
of greater volatility of net asset value; the possibility either that share
income will fall if the interest rate on any borrowings rises, or that share
income and distributions will fluctuate because the interest rate on any
borrowings varies; and if the Fund leverages through borrowings, the Fund may
not be permitted to declare dividends or other distributions with respect to
its common shares or purchase its capital stock, unless at the time thereof the
Fund meets certain asset coverage requirements. The Adviser in its best
judgment nevertheless may determine to maintain the Fund&#146;s leveraged position
if it deems such action to be appropriate in the circumstances.</FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Initial Public Offerings Risk&#150;</B> The Fund
may invest a portion of its assets in shares of IPOs. IPOs may have a magnified
impact on the performance of a Fund with a small asset base. The impact of IPOs
on a Fund&#146;s performance likely will decrease as the Fund&#146;s asset size
increases, which could reduce the Fund&#146;s returns. IPOs may not be consistently
available to a Fund for investing. IPO shares frequently are volatile in price
due to the absence of a prior public market, the small number of shares
available for trading and limited information about the issuer. Therefore, a
Fund may hold IPO shares for a very short period of time. This may increase the
turnover of a Fund and may lead to increased expenses for a Fund, such as
commissions and transaction costs. In addition, IPO shares can experience an
immediate drop in value if the demand for the securities does not continue to
support the offering price.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The following are definitions of some of the terms used in this report:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Cash flow</B> measures the cash
generating capability of a company by adding non-cash charges (e.g.
depreciation) and interest expense to pretax income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Earnings Growth</B> is a measure of a company&#146;s
net income over a specific period, generally one year, is a key indicator for
measuring a company&#146;s success, and the driving force behind stock price
appreciation.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Dividend Yield:</B> The yield a company pays
out to its shareholders in the form of dividends. It is calculated by taking
the amount of dividends paid per share over a specific period of time and
dividing by the stock&#146;s price.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The<B> MSCI All Country World Index</B>
(ex Japan) is a free float-adjusted market capitalization weighted index that
is designed to measure the equity market performance of developed and emerging
market country indices (excluding Japan). The <B>S&amp;P 500 Index</B> is a broad based unmanaged index of 500 stocks,
which is widely recognized as representative of the equity market in general.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>The STOXX Europe 600 (Price) Index</B> is a broad
based capitalization-weighted index of European stocks designed to provide a
broad yet liquid representation of companies in the European region. The
equities use free float shares in the index calculation. The index was
developed with a base value of 100 as of December 31, 1991. This index uses
float shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I><B>This is a Closed&#151;end fund
and does not continuously offer shares.</B></I></FONT></P>

</DIV><BR CLEAR="ALL"><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<tr>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>

 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
</tr>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>8</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>Manager
 Commentary</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM>
 <P><FONT FACE="ARIAL" SIZE="2"><B>PERFORMANCE<SUP>(1)</SUP></B></FONT><FONT SIZE="2"> <I>As of
October 31, 2011</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=19 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Ending Value<BR>
 as of 10/31/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>1 Year</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>3 Years</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>5 Years</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Since<BR>
 Inception<SUP>(2)(3)(4)</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=4 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Alpine Global Dynamic Dividend Fund | NAV</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4.49</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%<FONT FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Alpine Global Dynamic Dividend Fund | Market Price</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%<FONT FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>S&amp;P 500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11.41</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.91</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>STOXX 600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4.94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10.42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%<FONT FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:-2PX"><FONT SIZE=2><I><SUP> (1)</SUP></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:2PX"><FONT SIZE=2><I>Performance
 information calculated after consideration of dividend reinvestment.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:-2PX"><FONT SIZE=2><I><SUP> (2)</SUP></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:2PX"><FONT SIZE=2><I>Commenced
 operations on July 26, 2006 </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:-2PX"><FONT SIZE=2><I><SUP> (3)</SUP></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:2PX"><FONT SIZE=2><I>Annualized
 </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:-2PX"><FONT SIZE=2><I><SUP> (4)</SUP></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-TOP:2PX"><FONT SIZE=2><I>IPO price
 of $20 used in calculating performance information</I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2><I>To the extent that the Fund&#146;s historical performance
resulted from gains derived from participation in initial public offerings
(&#147;IPOs&#148;), 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
offerings in the future.</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Performance data quoted represents past performance. Past
performance is no guarantee of future results and investment returns and
principle value of the Fund will fluctuate so that shares, when redeemed, may
be worth more or less than their original cost. Current performance may be
higher or lower than the performance quoted. Call 1(800)617.7616 or visit
www.alpinecef.com for current month-end performance.</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>The Standard &amp; Poor&#146;s 500 Index (S&amp;P 500) is an
unmanaged index containing common stocks of 500 industrial, transportation,
utility and financial companies, regarded as generally representative of the
U.S. stock market. The index return reflects the reinvestment of income
dividends and capital gain distributions, if any, but does not reflect fees,
brokerage commissions, or other expenses of investing.</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>The STOXX Europe 600 Index is derived from the STOXX Europe
Total Market Index (TMI) and is a subset of the STOXX Global 1800 Index. With a
fixed number of 600 components, the STOXX Europe 600 Index represents large,
mid and small capitalisation companies across 18 countries of the European
region: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland,
Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland and the United Kingdom.</I></FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>PORTFOLIO
 DISTRIBUTIONS*</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

 <P ALIGN="CENTER"><FONT SIZE=1><img src="c67163006_v1.jpg" alt="(PIE CHART)"></FONT></P>



</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>TOP 10 HOLDINGS*</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>International Business Machines
 Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>United States</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>GlaxoSmithKline PLC-ADR</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>United Kingdom</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Unilever PLC</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>United Kingdom</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Daqing Dairy Holdings, Ltd.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>China</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Brasil Insurance Participacoes e<BR>
 Administracao SA</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Brazil</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Diageo PLC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>United Kingdom</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>British American Tobacco PLC</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>United Kingdom</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>National Grid PLC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>United Kingdom</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>ITC Holdings Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>United States</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Tele2 AB-B Shares</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Sweden</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Top 10 Holdings</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>20.8</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>%</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="60%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>TOP 5 COUNTRIES*</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>United States</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>43.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>United Kingdom</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Brazil</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Switzerland</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

</DIV><BR CLEAR="ALL"><BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Portfolio holdings and sector distributions are as of
 10/31/11 and are subject</I> <I>to change. Portfolio holdings are
 not recommendations to buy or sell any securities. Top 10 Holdings do not
 include short-term investments. Portfolio Distributions percentages are based
 on total investments and Top 10 Holdings percentages are based on total net
 assets.</I></FONT></P>
 </TD>
 </TR>
</TABLE>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual Report | October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN="LEFT"><FONT SIZE=4>Manager Commentary</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face=arial><B>REGIONAL
 ALLOCATION**</B></FONT><FONT SIZE=2><I> As of October 31, 2011</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
 <P ALIGN="CENTER"><FONT SIZE=1><img src="c67163007_v1.jpg" alt="(MAP)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>**</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>As a
 percentage of total investments, excluding any short-term investments.</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face=arial><B>NAV AND
 MARKET PRICE</B></FONT><FONT SIZE=2><I> As of October 31, 2011</I></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
 <P ALIGN="CENTER"><FONT SIZE=1><img src="c67163008_v1.jpg" alt="(LINE GRAPH)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="27%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="72%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>R<A  NAME="c67163a003_v1"></A>eport
 of Independent Registered Public Accounting Firm</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

<TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>



</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>To the
Shareholders and Board of Trustees of<BR>
Alpine Global Dynamic Dividend Fund:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have audited the accompanying statement of assets and liabilities,
including the schedule of portfolio investments of Alpine Global Dynamic
Dividend Fund (the &#147;Fund&#148;) as of October 31, 2011, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights
for each of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the Fund&#146;s
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of material
misstatement. The Fund is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. Our procedures
included confirmation of securities owned as of October 31, 2011, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. We believe that our
audits provide a reasonable basis for our opinion.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Alpine Global Dynamic Dividend Fund as of October 31, 2011, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in conformity
with accounting principles generally accepted in the United States of America.</FONT></P>

<P><FONT size=2><IMG alt="-s- Deloitte & Touche LLP" src="c67163009_v1.jpg"></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Milwaukee,
Wisconsin<BR>
December 30, 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual
 Report | October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
<P><FONT SIZE=4>S<A NAME="c67163a004_v1"></A>chedule
 of Portfolio Investments</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ><FONT SIZE=2>October 31, 2011</FONT></P>


 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Description</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Shares</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Value <BR>
 (Note 1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL>COMMON STOCKS (97.0%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Brazil (11.4%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Anhanguera Educacional</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>Participacoes SA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>132,814</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,953,318</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Arezzo Industria e Comercio SA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>119,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,573,405</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Brasil Insurance Participacoes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>e Administracao SA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>312,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,006,203</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Cia Hering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>72,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,617,229</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Estacio Participacoes SA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>210,887</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,461,587</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>International Meal Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>Holdings SA*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>214,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,419,859</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Kroton Educacional SA*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>65,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>733,622</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>PDG Realty SA Empreendimentos</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>e Participacoes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>485,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,141,567</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Telefonica Brasil SA-ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>48,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,419,078</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,325,868</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Canada (2.4%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Goldcorp, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15,007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>732,942</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Potash Corp. of Saskatchewan,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,071</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,281,271</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>TransForce, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>118,185</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,426,401</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,440,614</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>China (5.3%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>China ZhengTong Auto</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>Services Holdings, Ltd.*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,666,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,804,939</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Daqing Dairy Holdings, Ltd.*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12,524,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,029,506</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Prince Frog International *</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>Holdings, Ltd.*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10,491,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,714,411</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,548,856</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Denmark (0.9%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Novo Nordisk A/S-Class B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,337,697</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Finland (1.6%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Neste Oil OYJ</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>55,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>671,501</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Outotec OYJ</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,615,461</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,286,962</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>France (2.1%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Edenred</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>52,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,480,869</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>LVMH Moet Hennessy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT SIZE=2  FACE=ARIAL>Louis Vuitton SA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,491,696</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,972,565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Germany (1.2%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Kontron AG</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12,740</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>SAP AG</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,650,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,663,514</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Hong Kong (1.9%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Sparkle Roll Group, Ltd.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,317,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,689,825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Norway (1.9%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Seadrill, Ltd.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>82,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,705,939</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Description</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Shares</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Value <BR>
 (Note 1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Russia (0.5%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="2">O&#146;Key Group SA-GDR<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>88,072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>647,329</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Sweden (3.0%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Atlas Copco AB-A Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>72,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,567,416</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Tele2 AB-B Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>130,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,741,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,309,206</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Switzerland (6.0%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Nestle SA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>43,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,487,019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Novartis AG-ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>47,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,671,031</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Syngenta AG*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,371,244</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Transocean, Ltd.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34,764</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,986,763</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,516,057</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>United Kingdom (15.6%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>British American Tobacco PLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>63,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,888,570</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Diageo PLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>144,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,996,747</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ensco PLC-ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,078,615</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>GlaxoSmithKline PLC-ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>70,066</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,138,256</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>National Grid PLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>280,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,785,759</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>The Weir Group PLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>51,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,574,731</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Unilever PLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>92,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,103,965</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Vodafone Group PLC-ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>93,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,597,472</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Xstrata PLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>130,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,172,014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,336,129</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>United States (43.2%)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Alpha Natural Resources, Inc.*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>337,522</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Baker Hughes, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,601</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,426,612</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Barrick Gold Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14,997</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>742,352</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>BorgWarner, Inc.*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9,679</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>740,347</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Carnival Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20,002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>704,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>CBS Corp.-Class B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>57,078</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,473,183</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Chevron Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13,677</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,436,769</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Cinemark Holdings, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>47,093</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>973,412</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Citigroup, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>76,095</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,403,841</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Coach, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,799,901</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Cummins, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,473</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>743,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>FedEx Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,769</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>717,567</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Flowserve Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,760</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>441,204</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Foot Locker, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60,433</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,321,065</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Freeport-McMoRan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Copper &amp; Gold, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,397,022</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Halliburton Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29,514</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,102,643</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Hasbro, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37,525</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,428,202</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Healthcare Services Group, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>81,168</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,408,265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Hewlett-Packard Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15,453</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>411,204</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>International Business</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Machines Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17,646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,257,981</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>ITC Holdings Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37,854</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,751,229</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>JPMorgan Chase &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>62,104</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,158,735</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>KKR &amp; Co. Guernsey LP</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>90,209</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,216,017</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Kronos Worldwide, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>68,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,520,015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Meridian Bioscience, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>83,402</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,519,584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Microchip Technology, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>38,263</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,383,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>12</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=4>Schedule
 of Portfolio Investments</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE="ARIAL" SIZE="2"><B>Description</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="2"><B>Shares</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="2"><B>Value <BR>
(Note 1)</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2  FACE=ARIAL><B>United States (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Microsoft Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,097</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>641,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Morgan Stanley</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>99,456</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,754,404</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Norfolk Southern Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,647,757</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Occidental Petroleum Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,303</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,515,201</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Och-Ziff Capital Management</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Group, LLC-Class A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>76,011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>829,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Oracle Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>72,293</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,369,042</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pfizer, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>75,287</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,450,028</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>QUALCOMM, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>41,293</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,130,719</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ryder System, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29,837</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,519,897</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Schlumberger, Ltd.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26,294</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,931,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Target Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12,377</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>677,641</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>The Boeing Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32,267</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,122,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>The Estee Lauder Cos.,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Inc.-Class A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14,069</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,385,093</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>The Goldman Sachs Group, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>549,832</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>The Mosaic Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,241</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,126,753</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>United Technologies Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20,690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,613,406</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Wells Fargo &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>76,126</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,972,425</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Yum! Brands, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,720,668</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>61,774,087</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL>TOTAL
 COMMON STOCKS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>(Identified Cost $134,075,179)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>138,554,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL>TOTAL
 INVESTMENTS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>(Identified Cost $134,075,179) - (97.0%)(2)</font></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>138,554,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL>OTHER
 ASSETS IN EXCESS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=3 FACE=ARIAL>OF LIABILITIES - (3.0%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,275,547</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL>NET
 ASSETS (100.0%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>142,830,195</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Non-income
 producing security.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P style="margin-top:-3px"> <FONT SIZE="2"><I><SUP>(1)</SUP></I> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="margin-top:3px" ALIGN=JUSTIFY><FONT SIZE=2><I>Security exempt from registration under Rule 144A of the
 Securities Act of 1933. These securities may be resold in transactions exempt
 from registration, normally to qualified institutional buyers. These
 securities have been determined to be liquid in accordance with procedures
 adopted by the Fund&#146;s Board of Trustees. As of October 31, 2011, securities
 restricted under Rule 144A had a total value of $647,329 which comprised 0.5%
 of the Fund&#146;s net assets. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P style="margin-top:-3px"> <FONT SIZE="2"><I><SUP>(2)</SUP></I> </FONT> </P>
 </TD>
 <TD VALIGN=TOP>
 <P style="margin-top:3px" ALIGN=JUSTIFY><FONT SIZE=2><I>Includes securities pledged as collateral for line of
 credit outstanding on October 31, 2011.</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT FACE=ARIAL SIZE=2><B>Common Abbreviations</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>AB - AAktiebolag is the Swedish equivalent of the term
 corporation. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>ADR - American Depositary Receipt </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>AG - Aktiengesellschaft is a German term that refers to a
 corporation that is limited by shares, i.e., owned by shareholders.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>A/S - Aktieselskab is the Danish term for a stock-based
 corporation. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>GDR - Global Depositary Receipt </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>OYJ - Osakeyhtio is the Finnish equivalent of a limited
 company. </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>PLC - Public Limited Company </I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>SA - Generally designates corporations in various
 countries, mostly those employing the civil law.</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I>See Notes to Financial Statements.</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual
 Report&nbsp;|&nbsp;October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
<P><FONT SIZE=4>S<A NAME="c67163a005_v1"></A>tatement
 of Assets and Liabilities</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31, 2011</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=3 FACE=ARIAL>ASSETS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Investments, at value<SUP>(</SUP><FONT  FACE=ARIAL><SUP>1)</SUP></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$138,554,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Foreign currency, at value<SUP>(</SUP><FONT  FACE=ARIAL><SUP>2)</SUP></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,558</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Receivable for investment
 securities sold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,066,176</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Receivable for capital shares
 purchased</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>49,238</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Dividends receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,785,924</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Prepaid and other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>66,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Total Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>156,538,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=3 FACE=ARIAL>LIABILITIES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Loan payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,256,032</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Interest on loan payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>705</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Payable for investment securities
 purchased</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,141,031</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Accrued expenses and other
 liabilities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Investment advisory fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>114,626</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Administrative fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Compliance fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20,513</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Other</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>170,983</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Total
 Liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13,708,465</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Net Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$142,830,195</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL>NET ASSETS REPRESENTED BY</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Paid-in-capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$467,766,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Undistributed net investment
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,979,614</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Accumulated net realized loss on
 investments, swap contracts, and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(332,500,567</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net unrealized appreciation on
 investments and foreign currency translations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,584,216</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Net Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$142,830,195</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net asset value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Net assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$142,830,195</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Shares of beneficial interest issued and outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25,129,318</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Net asset value per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$5.68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><SUP>(1)</SUP><FONT  FACE=ARIAL> Total
 Cost of Investments</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$134,075,179</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><SUP>(2)</SUP><FONT  FACE=ARIAL> Total
 Cost of Foreign Currency</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$16,781</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I>See Notes to Financial Statements.</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>14</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>S<A  NAME="c67163a006_v1"></A>tatement of Operations</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>For
 the year ended October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=3 FACE=ARIAL>INCOME</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Dividends*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$19,682,527</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Total Income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,682,527</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL>EXPENSES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Interest on loan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>64,848</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Investment advisory fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,699,222</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Administrative fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>156,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Audit and tax fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>38,776</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Custodian fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>45,539</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Compliance fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21,076</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Insurance fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,619</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Legal fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>78,935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Printing fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>107,905</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Trustee fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>73,973</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>NYSE fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29,068</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Miscellaneous fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>46,385</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Total Expenses</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,366,429</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Net Investment
 Income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17,316,098</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=3 FACE=ARIAL>NET REALIZED AND UNREALIZED
 GAIN/(LOSS) ON INVESTMENTS, SWAP CONTRACTS AND FOREIGN CURRENCY</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net realized gain/(loss) on
 investments:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Securities transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,231,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Swap contracts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>68,483</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Foreign currency transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,285,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net realized gain on investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,014,483</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Change in unrealized
 appreciation/(depreciation) of:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(28,257,579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Foreign currency translations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>909,162</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net unrealized depreciation of
 investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(27,348,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Net
 realized/unrealized loss on investments, swap contracts and foreign currency</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(22,333,934</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Net Decrease in
 Net Assets Resulting from Operations</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$(5,017,836</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;



 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>* Net of foreign taxes withheld</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$1,152,253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I>See Notes
to Financial Statements.</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual
 Report | October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4>S<A NAME="c67163a007_v1"></A>tatement of Changes in
 Net Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>

 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="65%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>OPERATIONS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net investment
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$17,316,098</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$21,893,570</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Net realized
 gain/(loss) on investments:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Securities transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,231,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(21,381,221</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Swap contracts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>68,483</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,762,168</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Foreign currency transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,285,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(580,119</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Net change in
 unrealized appreciation/(deprecation) of:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(28,257,579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26,624,871</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Foreign currency translations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>909,162</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,112,858</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Net
 increase/(decrease) in net assets resulting from operations</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5,017,836</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,682,075</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>DISTRIBUTIONS TO
 COMMON SHAREHOLDERS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>From net
 investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(21,487,794</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(29,402,622</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Net
 decrease in net assets resulting from distributions to shareholders</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(21,487,794</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(29,402,622</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>CAPITAL SHARE
 TRANSACTIONS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Common stock
 issued to stockholders from reinvestment of dividends</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,146,922</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,994,687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net increase in
 net assets derived from capital share transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,146,922</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,994,687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>Net
 Decrease in Net Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(25,358,708</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,725,860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Net
 Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Beginning of year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>168,188,903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>172,914,763</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>End of year*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$142,830,195</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$168,188,903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>* Including
 undistributed net investment income of:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2,979,614</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$6,661,547</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I>See Notes to Financial Statements.</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>16</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM >
 <P ALIGN=RIGHT><FONT SIZE=4>F<A NAME="c67163a008_v1"></A>inancial Highlights</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31,<BR>
 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31,<BR>
 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31,<BR>
 2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31,<BR>
 2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31,<BR>
 2007</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM COLSPAN=4 BGCOLOR="#E5FFFF">
 <P><FONT SIZE=3 FACE=ARIAL>PER COMMON SHARE
 OPERATING PERFORMANCE</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net asset value
 per share, beginning of year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$6.74</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$6.99</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$7.74</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$23.40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$20.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Income/(loss) from
 investment operations:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.69</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.88</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.67</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.44</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Net realized and unrealized gain/(loss) on
 investments, swap contracts and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.89</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(14.59</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Total from
 investment operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.81</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(12.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.38</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM COLSPAN=4 BGCOLOR="#E5FFFF">
 <P><FONT SIZE=3 FACE=ARIAL>LESS DISTRIBUTIONS
 TO COMMON SHAREHOLDERS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>From net
 investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1.56</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2.04</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>From net realized
 gains on investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1.47</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Total
 distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1.56</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3.51</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Net asset value
 per share, end of year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$5.68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$6.74</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$6.99</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$7.74</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$23.40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Per share market value,
 end of year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$6.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$6.84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$9.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$8.79</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$24.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Total return based
 on:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Net Asset Value<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4.49)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11.62%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.13%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(59.29)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27.64%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Market Value<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.25)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(14.12) %</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>30.23%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(55.01)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>23.44%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3 FACE=ARIAL>RATIOS/SUPPLEMENTAL
 DATA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL>Net Assets attributable to common shares,
 at end of year (000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$142,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$168,189</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$172,915</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$187,613</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$554,824</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL>Ratio of total expenses to average net
 assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.39%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.55%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.54%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.40%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.26%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL>Ratio of total expenses excluding interest
 expense to average net assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.35%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.49%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.51%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.32%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL>Ratio of net investment income to average
 net assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10.19%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.96%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25.51%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.30%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10.05%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL>Portfolio turnover rate<SUP>(2)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>299%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>408%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>650%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>301%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>185%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL><B>Borrowing at End of Year</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL>Aggregate Amount Outstanding (000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$8,256</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$4,826</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$12,090</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT  SIZE=2 FACE=ARIAL>Asset Coverage Per $1,000 (000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$18,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$35,851</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$15,302</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P Style="margin-top:-2px"><FONT SIZE="2"><I><SUP>(1)</SUP></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="margin-top:2px" ALIGN="JUSTIFY"><FONT SIZE=2><I>Total investment return is calculated assuming a purchase of a common
 share at the opening on the first day and a sale at closing on the last day
 of each year reported. Dividends and distributions, if any, are assumed for
 purposes of this calculation to be reinvested at prices obtained under the
 Fund&#146;s dividend reinvestment plan. Total investment returns do not reflect
 brokerage commissions. Past performance is not a guarantee of future results.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P Style="margin-top:-2px"><FONT SIZE="2"><I><SUP>(2)</SUP></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P Style="margin-top:2px"><FONT SIZE=2><I>Portfolio turnover rate does not reflect total return swap
 transactions. (See Note 2 under Notes to Financial Statements)</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I>See Notes to Financial Statements.</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual
 Report | October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4>N<A NAME="c67163a009_v1"></A>otes to Financial Statements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>October 31, 2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>1. ORGANIZATION:</B></FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Alpine Global Dynamic Dividend Fund (the &#147;Fund&#148;) is a diversified,
closed-end management investment company. The Fund was organized as a Delaware
statutory trust on May 11, 2006, and had no operating history prior to July 26,
2006. The Fund has an investment objective to provide high current dividend
income, more than 50% of which qualifies for the reduced federal income tax
rates created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The
Fund also focuses on long term growth of capital as a secondary investment
objective.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund had no operations prior to July 26, 2006 other than matters
relating to its organization and the sale and issuance of 5,235.602 shares of
beneficial interest in the Fund to Alpine Woods Capital Investors, LLC (&#147;Alpine
Woods&#148;) at a net asset value of $19.10 per share. Alpine Woods serves as the
Fund&#146;s investment adviser. The Fund&#146;s Common Shares are listed on the New York
Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;AGD&#148;.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>2. SIGNIFICANT ACCOUNTING POLICIES:</B></FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of their financial
statements. The policies are in conformity with accounting principles generally
accepted in the United States of America (&#147;GAAP&#148;), which require management to
make estimates and assumptions that affect amounts reported herein. Actual
results could differ from those estimates.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Valuation of Securities:</B><FONT FACE=ARIAL> The net
asset value (&#147;NAV&#148;) of shares of the Fund is calculated by dividing the value
of the Fund&#146;s net assets by the number of outstanding shares. NAV is determined
each day the NYSE is open as of the close of regular trading (normally, 4:00
p.m., Eastern time). In computing NAV, portfolio securities of the Fund are
valued at their current market values determined on the basis of market
quotations. In computing the Fund&#146;s net asset value, portfolio securities that
are traded on a securities exchange in the United States, except for option
securities, are valued at the last reported sale price as of the time of
valuation, or lacking any current reported sale at the time of valuation, at
the mean between the most recent bid and asked quotations, or if market
quotations are not available or determined to be unreliable, through procedures
and/or guidelines established by the Board of Trustees. Each option security
traded on a securities exchange in the United States is valued at the last
current reported sale price as of the time of valuation if the last current
reported sale price falls within the consolidated bid/ask quote for the option
security. If the last current reported sale price as of the time of valuation
does not fall within the consolidated bid/ask quote for the option security,
the security is valued at the mid point of the consolidated bid/ask quote for
the option security. Each security traded in the over the counter market and
quoted on the NASDAQ National Market System, is</FONT></FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>valued at the NASDAQ Official Closing Price (&#147;NOCP&#148;), as determined by
NASDAQ, or lacking an NOCP, the last current reported sale price as of the time
of valuation by NASDAQ, or lacking any current reported sale on NASDAQ at the
time of valuation, at the mean between the most recent bid and asked
quotations. Each over the counter option that is not traded through the Options
Clearing Corporation is valued by the counterparty, or if the counterparty&#146;s
price is not readily available then by using the Black Scholes method. Each
other security traded over the counter is valued at the mean between the most
recent bid and asked quotations. Short term securities with maturities of 60
days or less are valued at amortized cost, which approximates fair value.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Securities that are principally traded in a foreign market are valued at
the last current sale price at the time of valuation or lacking any current or
reported sale, at the time of valuation, at the mean between the most recent
bid and asked quotations as of the close of the appropriate exchange or other
designated time. Trading in securities on European and Far Eastern securities
exchanges and over-the-counter markets is normally completed at various times
before the close of business on each day on which the NYSE is open. Trading of
these securities may not take place on every NYSE business day. In addition,
trading may take place in various foreign markets on Saturdays or on other days
when the NYSE is not open and on which the Fund&#146;s net asset value is not
calculated. As stated below, if the market prices are not readily available or
are not reflective of the fair value of the security, as of the close of the
regular trading on the NYSE (normally, 4:00 pm Eastern time), the security will
be priced at a fair value following procedures approved by the Board of
Trustees.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>When market quotations are not readily available or when the valuation
methods mentioned above are not reflective of a fair value of the security, the
security is valued at fair value following procedures and/or guidelines
approved by the Board of Trustees. The Fund may also use fair value pricing, if
the value of a security it holds is, pursuant to Board of Trustees guidelines,
materially affected by events occurring before the Fund&#146;s pricing time but after
the close of the primary market or exchange on which the security is traded.
These procedures may utilize valuations furnished by pricing services approved
by the Board of Trustees, which may be based on market transactions for
comparable securities and various relationships between securities that are
generally recognized by institutional traders, a computerized matrix system, or
appraisals derived from information concerning the securities or similar
securities received from recognized dealers in those securities. When fair
value pricing is employed, the value of the portfolio security used to
calculate the Fund&#146;s net asset value may differ from quoted or official closing
prices.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Fair Value Measurement:</B><FONT FACE=ARIAL> In
accordance with GAAP, the Fund uses a three tier hierarchy to establish
classification of fair value measurements for disclosure purposes. Inputs refer
broadly to the</FONT></FONT></P>

</DIV><BR CLEAR="ALL"><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>18</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=4>Notes
to Financial Statements</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>October
31, 2011</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>assumptions that market participants would use in pricing the asset or
liability, including assumptions about risk. Inputs may be observable or
unobservable. Observable inputs are inputs that reflect the assumptions market
participants would use in pricing the asset or liability that are developed
based on market data obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entities own
assumptions about the assumptions market participants would use in pricing the
asset or liability that are developed based on the best information available.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="14%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="86%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Level 1 -</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Unadjusted
quoted prices in active markets for identical assets or liabilities that the
Fund has the ability to access.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Level 2 -</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Observable
inputs other than quoted prices included in level 1 that are observable for
the asset or liability, either directly or indirectly. These inputs may
include quoted prices for the identical instrument on an inactive market,
prices for similar instruments, interest rates, prepayment speeds, credit
risk, yield curves, default rates and similar data.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Level 3 -</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Unobservable
inputs for the asset or liability, to the extent relevant observable inputs
are not available; representing the Fund&#146;s own assumptions about the
assumptions a market participant would use in valuing the asset or liability,
and would be based on the best information available.</FONT></P>
</TD>
</TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The availability of observable inputs can vary from security to security
and is affected by a wide variety of factors, including, for example, the type
of security, whether the security is new and not yet established in the
marketplace, the liquidity of markets, and other characteristics particular to
the security. To the extent that valuation is based on models or inputs that
are less observable or unobservable in the market, the determination of fair
value requires more judgment. Accordingly, the degree of judgment exercised in
determining fair value is greatest for instruments categorized in level 3.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The inputs used to measure fair value may fall into different levels of
the fair value hierarchy. In such cases, for disclosure purposes, the level in
the fair value hierarchy within which the fair value measurement falls in its
entirety, is determined based on the lowest level input that is significant to
the fair value measurement in its entirety.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Various inputs are used in determining the value of the Fund&#146;s
investments as of the reporting period end. The designated input levels are not
necessarily an indication of the risk or liquidity associated with these
investments. These inputs are categorized in the following hierarchy under
applicable financial accounting standards.</FONT></P>

</DIV><BR CLEAR="ALL"><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The following is a summary of the inputs used to value the Funds&#146; net
assets as of October 31, 2011:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="34%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=8 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Valuation Inputs</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><B>Investments in
Securities at Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Level 1*</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Level 2*</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Level 3**</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Total Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>Common Stocks</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Brazil</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>16,325,868</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>16,325,868</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Canada</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3,440,614</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3,440,614</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>China</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,714,411</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>4,834,445</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>7,548,856</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Denmark</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,337,697</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,337,697</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Finland</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,286,962</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,286,962</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>France</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,972,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,972,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Germany</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,663,514</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,663,514</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Hong Kong</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,689,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,689,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Norway</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,705,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,705,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Russia</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>647,329</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>647,329</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Sweden</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>4,309,206</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>4,309,206</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Switzerland</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>4,657,794</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3,858,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>8,516,057</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>United Kingdom</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>6,814,343</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>15,521,786</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>22,336,129</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>United States</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>61,774,087</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>61,774,087</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>95,727,117</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>42,827,531</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>138,554,648</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="92%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><I>&nbsp;*</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2><I>During the fiscal year ended October 31, 2011 there were
significant transfers between Level 1 and Level 2 securities. A security&#146;s
classification as Level 1 or Level 2 within the Fund can move on a daily
basis throughout the year depending on whether or not the Fund has determined
the value of securities principally traded in foreign markets has become
stale between the close of the foreign exchanges and the time the Fund
calculates its NAV. If management determines the price has become stale, a
fair value adjustment will be made to the impacted securities and these fair
value adjusted securities are considered to be priced using Level 2 inputs.
As a result, it is not practicable to disclose transfers between Level 1 and
Level 2 within the fair value hierarchy for the year ended October 31, 2011.</I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><I>**</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2><I>During the fiscal year ended October 31, 2011, the Fund
did not hold any Level 3 securities.</I></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Annual Report | October 31,
2011</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4>Notes to Financial Statements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>October 31, 2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Security Transactions and Investment Income:</B><FONT FACE=ARIAL> Security
transactions are recorded on the date a security is purchased or sold (i.e. on
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 Fund is 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. 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.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Income Taxes:</B><FONT FACE=ARIAL> It is the Fund&#146;s policy to
comply with the requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute timely, all of
its investment company taxable income and net realized capital gains to
shareholders. Therefore, no federal income tax provision is recorded. Under
applicable foreign tax laws, a withholding tax may be imposed on interest,
dividends, and capital gains earned on foreign investments. Where available,
the Fund will file for claims on foreign taxes withheld.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund accounts for uncertainty related to income taxes in accordance
with U.S. GAAP. The Fund recognizes tax benefits only if it is more likely than
not that a tax position (including the Fund&#146;s assertion that its income is
exempt from tax) will be sustained upon examination.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund has no material uncertain tax positions and has no unrecognized
tax benefits as of October 31, 2011. Since its inception, the Fund has not
recorded any amounts for interest or penalties related to uncertain tax benefits.
The statute of limitations on the Fund&#146;s Federal and New York State tax return
filings remains open for the years ended October 31, 2007 through October 31,
2011.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Distributions:</B><FONT FACE=ARIAL> The Fund intends to make a
level distribution each month to its shareholders of the net investment income
of the Fund after payment of Fund operating expenses. The level distribution
rate may be modified by the Board of Trustees from time to time. If, for any
monthly distribution, investment company taxable income, if any (which term
includes net short-term capital gain) and net tax-exempt income, if any, is
less than the amount of the distribution, the difference will generally be a
tax-free return of capital distributed from the Fund&#146;s assets. The Fund&#146;s final
distribution for each calendar year will include any remaining investment
company taxable income and net tax-exempt income undistributed during </FONT></FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the year, as well as all net capital gains, if any, realized during the
year. If the total distributions made in any fiscal year exceed annual
investment company taxable income, net tax-exempt income and net capital gain,
such excess distributed amount would be treated as ordinary dividend income to
the extent of the Fund&#146;s current and accumulated earnings and profits. Distributions
in excess of the accumulated investment company taxable income, net tax-exempt
income and net capital gain would first be a tax-free return of capital to the
extent of the adjusted tax basis in the shares. After such adjusted tax basis
is reduced to zero, the distribution would constitute capital gain (assuming
the shares are held as capital assets). Distributions to shareholders are
recorded by the Fund on the ex-dividend date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Foreign Currency Translation Transactions:</B><FONT FACE=ARIAL> The Fund
may invest a portion of its assets in foreign securities. In the event that the
Fund executes a foreign security transaction, the Fund will generally enter
into a forward foreign currency contract to settle the foreign security
transaction. 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 translation gains and losses recorded in the Statements of
Operations:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>market
value of investment securities and other assets and liabilities at the
exchange rate on the valuation date,</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>ii)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>purchases
and sales of investment securities, income and expenses at the exchange rate
prevailing on the respective date of such transactions.</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Risk Associated With Foreign Securities and Currencies:
</B><FONT FACE=ARIAL>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.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Total Return Swaps:</B><FONT FACE=ARIAL> The Fund may invest in
total return swap agreements to manage or gain exposure to various securities
or markets in pursuit of it investment objectives.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A total return swap is an agreement between the Fund and a counter party
to exchange a market linked return for a floating rate</FONT></P>

</DIV><BR CLEAR="ALL"><BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>20</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>Notes to Financial Statements</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>payment, both based on a notional principal
amount. Because the principal amount is not exchanged, it represents neither an
asset nor a liability to either counterparty, and is referred to as notional.
Total return swaps are marked to market daily based upon quotations from the
market makers and the change in value, if any, is recorded as an unrealized
gain or loss in the Statement of Operations. The unrealized gain (loss) related
to the daily change in the valuation of the notional amount of the swap, as
well as the amount due to (owed by) the Fund at termination or settlement, is
combined and separately disclosed as an asset (liability). The Fund also
records any periodic payments received from (paid to) the counter party,
including at termination, under such contracts as realized gain (loss).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In connection with these agreements,
securities or cash may be identified as collateral in accordance with the terms
of the respective swap agreements to provide assets of value and recourse in the
event of default or bankruptcy/insolvency. Entering into these agreements
involves, to varying degrees, elements of credit, market and documentation risk
in excess of the amounts recognized on the Statement of Assets and Liabilities.
Such risks involve the possibility that there will be no liquid market for
these agreements, that the counterparty to the agreements may default on its
obligation to perform or disagree as to the meaning of contractual terms in the
agreements and that there may be unfavorable changes in interest rates. The
Fund&#146;s maximum risk of loss from counterparty credit risk is the discounted net
value of the cash flows to be received from the counterparty over the
contract&#146;s remaining life, to the extent that amount is positive. The Fund did
not hold any total return swaps as of October 31, 2011.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended October 31, 2011, the
Fund entered into 1 total return swap agreement with a total notional amount of
$421,955 and recorded a net realized gain of $68,483 on the Statement of
Operations related to investments in total return swaps.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Equity Linked Structured Notes:</B><FONT FACE=ARIAL> The Fund may invest in equity
linked structured notes. Equity linked structured notes are derivative
securities which are specially designed to combine the characteristics of one
or more underlying securities and their equity derivatives in a single note
form. The return and/or yield or income component may be based on the
performance of the underlying equity securities, and equity index, and/or
option positions. Equity linked structured notes are typically offered in
limited transactions by financial institutions in either registered or non
registered form. An investment in equity linked structured notes creates
exposure to the credit risk of the issuing financial institution, as well as to
the market risk of the underlying securities. There is no guaranteed return of
principal with these securities and the appreciation potential of these
securities may be limited by a maximum payment or call right. In certain cases,
equity linked structured notes may be more volatile and less liquid than less
complex securities or other types of fixed </FONT></FONT></P>

</DIV>


<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>income securities. Such securities may
exhibit price behavior that does not correlate with other fixed income
securities. The Fund did not hold any equity linked structured notes at October
31, 2011.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Forward Currency Contracts:</B><FONT FACE=ARIAL> The Fund is subject to foreign
currency exchange rate risk in the normal course of pursuing its investment
objective. The Fund may use forward currency contracts to gain exposure to or
hedge against changes in the value of foreign currencies. A forward currency
contract (&#147;forward&#148;) 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
contract fluctuates with changes in forward currency exchange rates. The
forward contract is marked to market daily and the change in market value is
recorded by the Fund as unrealized appreciation or depreciation. When the
forward contract is closed, the Fund records a realized gain or loss equal to
the fluctuation in value during the period the forward contract was open. The
Fund could be exposed to risk if a counterparty is unable to meet the terms of
a forward or if the value of the currency changes unfavorably. The Fund did not
hold any forward currency contracts as of October 31, 2011.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended October 31, 2011, the
Fund entered into approximately 32 forward currency contracts and recorded a
net realized loss of $3,007,106 on the Statement of Operations related to
investments in forward currency contracts.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Derivatives:</B><FONT FACE=ARIAL> The Fund has adopted authoritative
standards regarding disclosure about derivatives and hedging activities and how
they affect the Fund&#146;s Statement of Assets and Liabilities and Statement of
Operations.</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The effect of derivatives instruments on the Statement of Operations
for the year ended October 31, 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="27%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="22%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="22%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Derivatives</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Statement of</B><FONT FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>Operations</B></FONT><FONT  FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>Location</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Realized</B><FONT FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>Gain/(Loss)</B></FONT><FONT  FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>On Derivatives</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Change in</B><FONT FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>Unrealized</B></FONT><FONT  FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>Gain/(Loss)</B></FONT><FONT  FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>On</B></FONT><FONT FACE=ARIAL><B> <BR>
 </B></FONT><FONT FACE=ARIAL><B>Derivatives</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Total<BR>
 return<BR>
 swap<BR>
 contracts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Net realized gain on investments:
 Swap contracts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$68,483</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Foreign<BR>
 exchange<BR>
 contracts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Net realized loss on investments:
 Foreign currency transactions/Change in net unrealized depreciation of:
 Foreign currency translations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,007,106</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,003,538</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$ (2,938,623)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$1,003,538</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL><B>Use of Estimates:</B><FONT FACE=ARIAL> The Fund&#146;s financial statements are
prepared in accordance with accounting principles generally accepted in the</FONT></FONT></P>

</DIV><BR CLEAR="ALL"><BR>

<P><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual Report | October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4>Notes to Financial Statements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>United States of America. This requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
these estimates.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>3. CAPITAL SHARE TRANSACTIONS:</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund has 20,700,000 common shares of beneficial interest, with no
par value, authorized.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Transactions in shares of the Fund were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="30%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM NOWRAP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the Year<BR>
 Ended<BR>
 October 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM NOWRAP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>For the<BR>
 Year Ended<BR>
 October 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Common Shares Outstanding
 - beginning of year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,964,764</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,734,822 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Common shares issued as
 reinvestments of dividends</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>164,554</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>229,942</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Common shares outstanding - end of
 year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25,129,318</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,964,764</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>4. PURCHASES AND
 SALES OF SECURITIES:</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Purchases and sales of securities (excluding short term securities) for
the year ended October 31, 2011 are as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="23%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="22%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Purchases</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Sales</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$513,275,217</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$525,022,856</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund did not have purchases and sales of U.S. Government obligations
for the year ended October 31, 2011.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>5. </B></I><FONT  FACE=ARIAL><B>INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT:</B></FONT></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Alpine Woods Capital Investors LLC serves as the Fund&#146;s investment
adviser pursuant to an Investment Advisory Agreement with the Fund. As
compensation for its services to the Fund, Alpine Woods receives an annual
investment advisory fee of 1.00% based on the Fund&#146;s average daily net assets,
computed daily and payable monthly.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>State Street Bank and Trust Company (&#147;SSBT&#148;) serves as the Fund&#146;s
administrator pursuant to an Administration, Bookkeeping and Pricing Services
Agreement with the Fund. As compensation for its services to the Fund, SSBT
receives an annual administration fee of 0.02% of total net assets on the first
$5 billion and 0.015% on total net assets exceeding $5 billion, computed daily
and payable monthly.</FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>6. INCOME TAX INFORMATION:</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL><B>Classification of Distributions:</B><FONT FACE=ARIAL> Net investment income
(loss) and net realized gain (loss) may differ for financial statement and tax
purposes. The character of distributions made during the year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. The tax character of the
distributions paid by the Fund during the year ended October 31, 2011 was as
follows:</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="84%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" COLSPAN=2 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" COLSPAN=2 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" COLSPAN=2 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD><P CLASS='MSONORMAL'>&nbsp;</p></TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Distributions paid from:</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Ordinary Income</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21,487,794</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21,487,794</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Tax components of distributable earnings are determined in accordance
with income tax regulations which may differ from the composition of net assets
reported under accounting principles generally accepted in the United States.
Accordingly, for the year ended October 31, 2011, the effects of certain
differences were reclassified. The Fund increased accumulated net investment
income by $489,763 and decreased accumulated net realized gain by $481,911, and
decreased paid in capital by $7,852. These differences were primarily due to
the differing tax treatment of foreign currency and certain other investments.
Net assets of the portfolio were unaffected by the reclassifications and the
calculation of net investment income per share in the Financial Highlights
excludes these adjustments.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>At October 31, 2011, the Fund utilized $6,557,035 of capital loss
carryovers. At October 31, 2011, the Fund had available for tax purposes unused
capital loss carryovers of $189,778,033, expiring October 31, 2016, unused
capital loss carryovers of $106,545,299, expiring October 31, 2017, and unused
capital loss carryovers of $34,184,369, expiring October 31, 2018.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of October 31, 2011, the components of distributable earnings on a
tax basis were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="81%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Undistributed Ordinary Income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$3,027,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Accumulated Capital Loss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(330,507,701</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Unrealized Appreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,543,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$(324,936,737</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>As of
October 31, 2011, net unrealized appreciation/(depreciation) of investments based
on federal tax costs was as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Gross appreciation on investments<BR>(excess of value over tax cost)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$10,497,240</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Gross depreciation on investments<BR>(excess of tax cost over value)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7,995,526 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Net appreciation on foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>41,694</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Net unrealized appreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,543,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Cost of investments for income
 tax purposes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$136,052,934</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
</TABLE>

</DIV><BR CLEAR="ALL"><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>22</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>Notes to Financial Statements</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The differences between book and tax net unrealized appreciation and
cost were primarily due to deferral of losses from wash sales and to the
different tax treatment of certain other investments.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Regulated Investment Company (&#147;RIC&#148;) Modernization Act of 2010 (the
&#147;Modernization Act&#148;) modernizes several of the federal income and excise tax
provisions related to RICs. The Modernization Act contains simplification
provisions effective for taxable years beginning after December 22, 2010, which
are aimed at preventing disqualification of a RIC for &#147;inadvertent&#148; failures of
the asset diversification and/or qualifying income tests. Additionally, the
Modernization Act allows capital losses to be carried forward indefinitely, and
retain the character of the original loss, exempts RICs from the preferential
dividend rule and repealed the 60-day designation requirement for certain types
of pay-through income and gains.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>7. LINE OF
 CREDIT:</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On July 9, 2009, an Agreement among Alpine Global Dynamic Dividend Fund,
Alpine Total Dynamic Dividend Fund, Alpine Global Premier Properties Fund
(together, the &#147;Funds&#148;) and The Bank of New York (&#147;BONY&#148;) was executed which
allowed for each Fund to borrow against a secured line of credit from BONY an
aggregate amount of up to $350,000,000 USD for all Funds. The Agreement was
terminated on November 30, 2010. On December 1, 2010 the Fund entered into a
lending agreement with BNP Paribas Prime Brokerage International which allows
the Fund to borrow on an uncommitted and secured basis. During the year ended
October 31, 2011, the average borrowing by the Fund was $5,515,264 with an
average rate on borrowings of 1.16%.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>8. OTHER:</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Compensation of Trustees:</B><FONT FACE=ARIAL> The Independent Trustees of
the Fund receive $4,000 for each meeting attended.</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>9. SUBSEQUENT
 EVENTS:</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In preparing these financial statements, the Fund has evaluated events
and transactions for potential recognition or disclosure resulting from
subsequent events.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Laurence B. Ashkin retired as a Trustee of the Alpine Family of Funds
subsequent to the fiscal year end.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Distributions:</B><FONT FACE=ARIAL> The Fund paid a
distribution of $1,507,759 or $0.06 per common share on November 30, 2011 to
common shareholders of record on November 23, 2011.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Fund also declared a distribution of $0.06 payable on December 30,
2011 to common shareholders of record on December 23, 2011.</FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

</DIV><BR CLEAR="ALL"><BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual Report | October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4>A<A NAME="c67163a010_v1"></A>dditional Information</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>

</TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
</TABLE>


<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>DIVIDEND
 REINVESTMENT PLAN</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<DIV ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Unless the registered owner of common shares elects to receive cash by
contacting Boston Financial Data Services, Inc. (the &#147;Plan Administrator&#148;), all
dividends or other distributions (together, &#147;Dividends&#148; and each, a &#147;Dividend&#148;)
declared on common shares will be automatically reinvested by the Plan
Administrator for shareholders in the Fund&#146;s Dividend Reinvestment Plan (the
&#147;Plan&#148;), in additional common shares of the Fund. Shareholders that are not
permitted to participate through their broker or nominee or who elect not to
participate in the Plan will receive all Dividends in cash paid by check mailed
directly to the shareholder of record (or, if the common shares are held in
street or other nominee name, then to such nominee) by the Plan Administrator,
as dividend disbursing agent. You may elect not to participate in the Plan and
to receive all Dividends in cash by contacting the Plan Administrator, as
dividend disbursing agent, at the address set forth below. Participation in the
Plan is completely voluntary and may be terminated or resumed at any time
without penalty by notice if received and processed by the Plan Administrator
prior to the dividend record date; otherwise such termination or resumption
will be effective with respect to any subsequently declared Dividend. If you
hold your shares through a broker, and you wish for all Dividends declared on
your common shares to be automatically reinvested pursuant to the Plan, please
contact your broker.</FONT></DIV>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Plan Administrator will open an account for each shareholder under
the Plan in the same name in which such shareholder&#146;s common shares are
registered. Whenever the Fund declares a Dividend payable in cash,
non-participants in the Plan will receive cash and participants in the Plan
will receive the equivalent in common shares. The common shares will be
acquired by the Plan Administrator for the participants&#146; accounts, depending
upon the circumstances described below, either (i) through receipt of
additional unissued but authorized common shares from the Fund (&#147;Newly Issued
common shares&#148;) or (ii) by purchase of outstanding common shares on the open
market (&#147;Open-Market Purchases&#148;) on the NYSE or elsewhere. If, on the payment
date for any Dividend, the closing market price plus estimated brokerage
commissions per share is equal to or greater than the NAV per share, the Plan
Administrator will invest the Dividend amount in Newly Issued common shares on
behalf of the participants. The number of Newly Issued common shares to be
credited to each participant&#146;s account will be determined by dividing the
dollar amount of the Dividend by the NAV per share on the payment date;
provided that, if the NAV is less than or equal to 95% of the closing market
value on the payment date, the dollar amount of the Dividend will be divided by
95% of the closing market price per share on the payment date. If, on the
payment date for any Dividend, the NAV per share is greater than the closing
market value plus estimated brokerage commissions, the Plan Administrator will
invest the Dividend amount in common shares acquired on behalf of the
participants in Open-Market Purchases.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In the event of a market discount on the payment date for any Dividend,
the Plan Administrator will have until the last business day before the next
date on which the common shares trade on an</FONT></P>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>&#147;ex-dividend&#148; basis or 30 days after the payment date for such Dividend,
whichever is sooner (the &#147;Last Purchase Date&#148;), to invest the Dividend amount
in common shares acquired in Open-Market Purchases. If, before the Plan
Administrator has completed its Open-Market Purchases, the market price per
share exceeds the NAV per share, the average per share purchase price paid by
the Plan Administrator may exceed the NAV of the common shares, resulting in
the acquisition of fewer common shares than if the Dividend had been paid in
Newly Issued common shares on the Dividend payment date. Because of the
foregoing difficulty with respect to Open-Market Purchases, the Plan provides that
if the Plan Administrator is unable to invest the full Dividend amount in
Open-Market Purchases during the purchase period or if the market discount
shifts to a market premium during the purchase period, the Plan Administrator
may cease making Open-Market Purchases and may invest the uninvested portion of
the Dividend amount in Newly Issued common shares at the NAV per share at the
close of business on the Last Purchase Date provided that, if the NAV is less
than or equal to 95% of the then current market price per share, the dollar
amount of the Dividend will be divided by 95% of the market price on the
payment date for purposes of determining the number of shares issuable under
the Plan.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Plan Administrator maintains all shareholders&#146; accounts in the Plan
and furnishes written confirmation of all transactions in the accounts,
including information needed by shareholders for tax records. Common shares in
the account of each Plan participant will be held by the Plan Administrator on
behalf of the Plan participant, and each shareholder proxy will include those
shares purchased or received pursuant to the Plan. The Plan Administrator will
forward all proxy solicitation materials to participants and vote proxies for
shares held under the Plan in accordance with the instructions of the
participants.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In the case of the Fund&#146;s shareholders such as banks, brokers or
nominees which hold shares for others who are the beneficial owners, the Plan
Administrator will administer the Plan on the basis of the number of common
shares certified from time to time by the record shareholder&#146;s name and held
for the account of beneficial owners who participate in the Plan.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>There will be no brokerage charges with respect to common shares issued
directly by the Fund. However, each participant will pay a pro rata share of
brokerage commissions incurred in connection with Open-Market Purchases. The
automatic reinvestment of Dividends will not relieve participants of any U.S.
federal, state or local income tax that may be payable (or required to be
withheld) on such Dividends. See &#147;U.S. Federal Income Tax Matters.&#148;
Participants that request a sale of common shares through the Plan
Administrator are subject to brokerage commissions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Shareholders participating in the Plan may receive benefits not
available to shareholders not participating in the Plan. If the market price
plus commissions of the Fund&#146;s shares is higher than the NAV, participants in
the Plan will receive shares of the Fund for less than</FONT></P>

</DIV><BR CLEAR="ALL"><BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>24</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>Additional Information</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>





<BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 face=arial>they could otherwise purchase them and will have shares with a cash
 value greater than the value of any cash distribution they would have
 received on their shares. If the market price plus commissions is below the
 net asset value, participants receive distributions of shares with a NAV
 greater than the value of any cash distribution they would have received on
 their shares. However, there may be insufficient shares available in the
 market to make distributions in shares at prices below the NAV. Also, because
 the Fund does not redeem its shares, the price on resale may be more or less
 than the NAV.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 face=arial>The Fund reserves the right to amend or terminate the Plan. There is
 no direct service charge to participants with regard to purchases in the
 Plan; however, the Fund reserves the right to amend the Plan to include a
 service charge payable by the participants.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 face=arial>All correspondence or questions concerning the Plan should be
 directed to the Plan Administrator, Boston Financial Data Services, Inc., at
 Two Heritage Drive, North Quincy, MA 02171 or by calling toll-free
 1(800)617-7616.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face=arial><B>FUND PROXY VOTING POLICIES &amp; PROCEDURES</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY ><FONT SIZE=2 face=arial>Policies and procedures used in determining how to vote proxies
 relating to portfolio securities and a summary of proxies voted by the Fund
 are available without a charge, upon request, by contacting the Fund at
 1(800)617-7616 and on the Securities and Exchange Commission&#146;s (&#147;Commission&#148;)
 web site at http://www.sec.gov.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face=arial><B>PORTFOLIO HOLDINGS</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 face=arial>The Fund files its complete schedule of portfolio holdings with the
 Commission for the first and third quarters of each fiscal year on Form N-Q
 within 60 days after the end of the period. Copies of the Fund&#146;s Forms N-Q
 are available without a charge, upon request, by contacting the Fund at 1(800)617-7616
 and on the Commission&#146;s web site at http://www.sec.gov. You may also review
 and copy Form N-Q at the Commission&#146;s Public Reference Room in Washington,
 D.C. For more information about the operation of the Public Reference Room,
 please call the Commission at 1(800)SEC-0330.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face=arial><B>DESIGNATION REQUIREMENTS</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 face=arial>Of the distributions paid by the Fund from ordinary income for the
 year ended October 31, 2011, the following percentages met the requirements
 to be treated as qualifying for the corporate dividends received deduction
 and qualified dividend income, respectively.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face=arial>Dividends
 Received Deduction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial>6.57 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face=arial>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face=arial>Qualified
 Dividend Income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial>58.85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face=arial>%</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

</DIV>

<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face=arial><B>SHAREHOLDER MEETING</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 face=arial>On May 9, 2011, the Fund held its Annual Meeting of Shareholders (the
 &#147;Meeting&#148;) for the purpose of voting on a proposal to re-elect one trustees
 of the Fund. The results of the proposal are as follows:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE="arial" SIZE="2"><B>Proposal:</B> To elect Jeffrey
     E. Wacksman as Trustee to the Board of Trustees for a term of three years
     to expire at the 2014 Annual Meeting and until his successor has been duly
     elected and qualified. </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="70%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="26%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 face=arial><B>Jeffrey E. Wacksman</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face=arial>For</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial>92.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face=arial>Withheld</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial>7.67</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face=arial><B>NOTICE</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 face=arial>Notice is hereby given in accordance with Section 23(c) of the
 Investment Company Act of 1940 that the Fund may purchase at market prices
 from time to time its common shares in the open market.</FONT></P>
 </TD>
 </TR>
</TABLE>

</DIV><BR CLEAR="ALL"><BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual
 Report | October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>25</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4>Additional Information</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="27%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=9 VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>INDEPENDENT
 TRUSTEES*</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=9 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Name and Age</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Position(s) Held<BR>
 with the Fund</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Principal
 Occupation During<BR>
 Past Five Years</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B># of Portfolios<BR>
 in Alpine Fund<BR>
 Complex**</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Other
 Directorships<BR>
 Held by Trustee</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>H. Guy Leibler (57)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Independent Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Private investor since 2007, Vice
 Chair and Chief Operating Officer of L&amp;L Acquisitions, LLC (2004-2007);
 President, Skidmore, Owings &amp; Merrill LLP (2001-2004).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chairman Emeritus, White Plains
 Hospital Center; Trustee, Alpine Family of Funds.*</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Jeffrey E. Wacksman (51)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Independent Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Partner, Loeb, Block &amp;
 Partners LLP since 1994.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director, International
 Succession Planning Association; Director, Bondi Icebergs Inc.; Director, MH
 Properties, Inc.; Trustee, Alpine Family of Funds.*</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>James A. Jacobson (66)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Independent Trustee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Retired (11/2008-Present); Vice
 Chairman and Managing Director, Spear Leeds &amp; Kellogg Specialists, LLC
 (01/2003-11/2008).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Trustee, Alpine Family of Funds.*
 Trustee, Allianz Global Investors Multi-Funds.</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:3PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>The Independent Trustees identified above are the members
 of the Board of Trustees for each of the Alpine Series Trust, Alpine Equity
 Trust and Alpine Income Trust, Alpine Total Dynamic Dividend Fund, Alpine
 Global Premier Properties Fund, and Alpine Global Dynamic Dividend Fund
 (collectively, the &#147;Alpine Family of Funds&#148;).</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>**</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>Alpine Woods Capital Investors, LLC manages seventeen fund
 portfolios within the Alpine Family of Funds. Three of the Alpine Trusts are
 registered as an open-end management investment company. The Trustees oversee
 each of the seventeen portfolios within the Alpine Family of Funds.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#134;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>As of the date this report was printed. Laurence B. Ashkin
 retired as a Trustee subsequent to the fiscal year end.</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="78%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>26</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4>Additional Information</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM colspan=8>
 <P><FONT SIZE=2 FACE=ARIAL><B>INTERESTED TRUSTEE</B></FONT></P>
 </TD>
</TR>

<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX" colspan=9>&nbsp;

 </TD>
</tr>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Name and Age</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Position(s) Held<BR>
 with the Fund</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Principal
 Occupation During<BR>
 Past Five Years</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B># of Portfolios<BR>
 in Alpine Fund<BR>
 Complex**</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Other
 Directorships<BR>
 Held by Trustee</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Samuel A. Lieber*<BR>
 <FONT FACE=ARIAL>(55)</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Interested Trustee and President</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chief Executive Officer of Alpine
 Woods Capital Investors, LLC since, November 1997. President of Alpine Trusts
 since 1998.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Trustee, Alpine Family of Funds.</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:3PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>*</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>Samuel A. Lieber has been a Trustee of the Fund since its
 inception. He is the son of Stephen A. Lieber.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>**</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>Alpine Woods Capital Investors, LLC manages seventeen fund
 portfolios within the Alpine Family of Funds. Three of the Alpine Trusts are
 registered as open-end management investment companies. The Trustees oversee
 each of the seventeen portfolios within the Alpine Family of Funds.</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="85%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual Report | October 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  VALIGN=BOTTOM>
 <P><FONT SIZE=4>Additional Information</FONT></P>
 </TD>
 <TD VALIGN=TOP>
  <P ALIGN="RIGHT"><FONT SIZE=1><img src="c67163003_v1.jpg" alt="(ALPINE LOGO)"></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October 31, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>In addition to Mr.
Samuel A. Lieber, the table below identifies the Fund&#146;s executive officers.</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="26%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Name and Age</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Position(s) Held<BR>
 with the Fund</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Principal
 Occupation During<BR>
 Past Five Years</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B># of Portfolios<BR>
 in Alpine Fund<BR>
 Complex**</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>Other
 Directorships</B><FONT FACE=ARIAL><BR>
 </FONT><FONT FACE=ARIAL><B>Held by Trustee</B></FONT></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Stephen A. Lieber (86)*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Executive Vice President</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chief Investment Officer, Alpine Woods Capital Investors, LLC since 2003. Chairman and Senior Portfolio Manager, Saxon Woods Advisors, LLC since 1999.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>John M. Megyesi (51)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chief Compliance Officer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chief Compliance Officer, Alpine Woods Capital Investors, LLC since January 2009; Vice President and Manager, Trade Surveillance, Credit Suisse Asset Management, LLC (2006-2009); Manager, Trading and Surveillance, Allianz Global
 Investors (2004-2006).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Meimei Li (47)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Treasurer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Controller, Alpine Woods Capital Investors, LLC since February 2007; Senior Accountant, Pinnacle Group (2005-2007); Senior Auditor, Eisner &amp; Lubin LLP (2001-2005).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Ronald Palmer (43)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chief Financial Officer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chief Financial Officer,
 Alpine Woods Capital Investors,
 LLC since January 2010; Independent Consultant (2008-2009); Vice President, Cash Management and Foreign Exchange, Macquarie Capital Management, LLC (2007-2008); Chief Operating Officer, Macquarie Fund Adviser, LLC (2004-2007).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Andrew Pappert (31)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Secretary</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Director of Fund Operations, Alpine Woods Capital Investors, LLC since September 2008; Assistant Vice President, Mutual Fund Operations, Credit Suisse Asset Management, LLC (2003-2008).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>N/A</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:3PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>Stephen A. Lieber is the father of Samuel A. Lieber.</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>**</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><I>Alpine Woods Capital Investors, LLC manages seventeen fund
 portfolios within the Alpine Family of Funds. Three of the Alpine Trusts are
 registered as an open-end management investment company. The Trustees oversee
 each of the seventeen portfolios within the Alpine Family of Funds.</I></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="78%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>28</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>www.alpinecef.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="59%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4  COLOR="#3E528D"><B>I<small>NVESTOR</small></B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=top>
 <P><FONT SIZE=2 FACE=ARIAL>1-800-617-7616</FONT></P>
 </TD>
 </TR>

<TR STYLE="FONT-SIZE:3PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1PX'>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>



 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=4  COLOR="#3E528D"><B>I<small>NFORMATION</small></B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=top>
 <P><FONT SIZE=2 FACE=ARIAL>www.alpinecef.com</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=RIGHT><FONT size=2><IMG alt="(ALPINE LOGO)" src="c67163002_v1.jpg"></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  COLOR="#3E528D">I<SMALL>NVESTMENT</SMALL></FONT> <FONT SIZE=3  COLOR="#3E528D">A<SMALL>DVISER</SMALL></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>Alpine Woods Capital Investors, LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>2500 Westchester Ave., Suite 215</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>Purchase, NY 10577</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  COLOR="#3E528D">A<SMALL>DMINISTRATOR</SMALL> &amp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  COLOR="#3E528D">C<SMALL>USTODIAN</SMALL></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>State Street Bank &amp; Trust Company</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>One Lincoln Street</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Boston, MA 02111</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  COLOR="#3E528D">T<SMALL>RANSFER</SMALL> A<SMALL>GENT</SMALL></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Boston Financial Data Services, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Two Heritage Drive</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>North Quincy, MA 02171</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  COLOR="#3E528D">INDEPENDENT REGISTERED</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  COLOR="#3E528D">PUBLIC ACCOUNTING FIRM</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Deloitte &amp; Touche LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>555 East Wells Street</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Milwaukee, Wl 53202</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  COLOR="#3E528D">F<SMALL>UND</SMALL> C<SMALL>OUNSEL</SMALL></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Willkie Farr &amp; Gallagher LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>787 7th Ave.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>New York, NY 10019</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT size=2><IMG alt="(ALPINE LOGO)" src="c67163010_v1.jpg"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=4  COLOR="#3E528D">INVESTOR INFORMATION</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3>1(800) 617.7616</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3 FACE=ARIAL>www.alpinecef.com</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 2. &nbsp;&nbsp;&nbsp;Code of Ethics. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(a) The Registrant, as of the end of the period covered
by the report, has adopted a code of ethics that applies to the Registrant&rsquo;s principal executive officer, principal financial
officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals
are employed by the registrant or a third party.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(b) Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(c) There have been no amendments, during the period
covered by this report, to a provision of the code of ethics that applies to the Registrant&rsquo;s principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics
described in Item 2(a) above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(d) The Registrant has not granted any waivers, including
an implicit waiver, from a provision of the code of ethics that applies to the registrant&rsquo;s principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the Registrant or a third party, that relates to any element of the code of ethics described
in 2(a) above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(e) Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(f) The Registrant&rsquo;s Code of Ethics is attached
as Exhibit 12(A)(1) hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 3. &nbsp;&nbsp;&nbsp;Audit Committee Financial
Expert. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The Board of Trustees of the Registrant
has determined that the Registrant has at least one audit committee financial expert serving on its audit committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The Board of Trustees has determined that
James A. Jacobson is an audit committee financial expert. Mr. Jacobson is &ldquo;independent&rdquo; as defined in paragraph (a)(2)
of Item 3 to Form N-CSR. It has been determined that Mr. Jacobson qualifies as an audit committee financial expert based on his
extensive experience in the financial services industry, including serving for more than 15 years as a senior executive at a New
York Stock Exchange (&ldquo;NYSE&rdquo;) specialist firm and as a member of the NYSE Board of Directors (including terms as Vice
Chair), his other board service, as well as his educational background.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 4</B>. <B>&nbsp;&nbsp;&nbsp;Principal
Accountant Fees and Services. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Audit Fees: The aggregate fees billed for each of the
last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant&rsquo;s annual
financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
or engagements for fiscal year 2010 was $61,750 and fiscal year 2011 was $68,333.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Audit-Related Fees: The aggregate fees billed in each
of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the
performance of the audit of the registrant&rsquo;s financial statements and are not reported under paragraph (a) of this Item was
$0 in fiscal year 2010 and $0 in fiscal year 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><br>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Tax Fees: The aggregate fees billed in each of the last
two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning
was $4,900 in fiscal year 2010 and $10,919 in fiscal year 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;All Other Fees: The aggregate fees billed in each of
the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs
(a) through (c) of this Item is $0 in fiscal year 2010 and $0 in fiscal year 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (e)(1)&nbsp;&nbsp;&nbsp;&nbsp;Audit
  Committee Pre-Approval Policies and Procedures: All services to be performed
  by the Registrant&rsquo;s principal auditors must be pre-approved by the Registrant&rsquo;s
  audit committee, which may include the approval of certain services up to an
  amount determined by the audit committee. Any services that would exceed that
  amount would require additional approval of the audit committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (e)(2)&nbsp;&nbsp;&nbsp;&nbsp;No
  services described in paragraphs (b) through (d) were approved pursuant to
  paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 5. &nbsp;&nbsp;&nbsp;Audit Committee of
Listed Registrants. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">The Registrant has a separately designated standing
audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and is comprised of the following members:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">H. Guy Leibler</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">Jeffrey E. Wacksman</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">James A. Jacobson</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 6. &nbsp;&nbsp;&nbsp;Schedule of Investments.
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 66.95pt; text-indent: -0.25in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 66.95pt; text-indent: -0.25in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -48.5pt"><B>Item
    7. &nbsp;&nbsp;&nbsp;Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">The registrant&rsquo;s proxy voting policies and procedures
are attached hereto as Exhibit 12(a)(4).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 8. &nbsp;&nbsp;&nbsp;Portfolio Managers
of Closed-End Management Investment Companies. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">(a)(1) As of January 9, 2012 <FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD width="17%" STYLE="font-weight: bold">Name</TD>
    <TD width="16%" STYLE="font-weight: bold">Title</TD>
    <TD width="17%" STYLE="font-weight: bold">Length of Service</TD>
  <TD width="50%" STYLE="font-weight: bold">Business Experience 5 Years</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Jill K. Evans</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Portfolio Manager</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Since May 2003</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Vice President and Senior Equity Research Analyst, J.P. Morgan (1998-2003)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Kevin Shacknofsky</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Portfolio Manager</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Since November 2003</TD>
  <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt;">Vice President, Rein Capital (2001-2003)</TD></TR>
</TABLE><br>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">(a)(2) Other Accounts Managed as of October 31, 2011 <FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold; text-align: center">Advisory Fee Based on&nbsp; Performance</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-right: 5.4pt; font-weight: bold; text-align: center">Type of Accounts</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; font-weight: bold; text-align: center">Number of Accounts</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; font-weight: bold; text-align: center">Total Assets ($ in millions)</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; font-weight: bold; text-align: center">Number of Accounts</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; font-weight: bold; text-align: center">Total Assets</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; font-weight: bold; text-align: center">Material Conflicts if Any</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Jill K. Evans</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">See below<FONT STYLE="font-size: 7.5pt"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Registered Investment Companies</TD>
    <TD STYLE="padding-right: 5.4pt;">2</TD>
    <TD STYLE="padding-right: 5.4pt;">$1,595</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Other Pooled Accounts</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Other Accounts</TD>
    <TD STYLE="padding-right: 5.4pt;">1</TD>
    <TD STYLE="padding-right: 5.4pt;">7.2</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 1in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Kevin Shacknofsky</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt;">See below<FONT STYLE="font-size: 7.5pt"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Registered Investment Companies</TD>
    <TD STYLE="padding-right: 5.4pt;">2</TD>
    <TD STYLE="padding-right: 5.4pt;">$1,595</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Other Pooled Accounts</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Other Accounts</TD>
    <TD STYLE="padding-right: 5.4pt;">1</TD>
    <TD STYLE="padding-right: 5.4pt;">7.2</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">0</TD>
    <TD STYLE="padding-right: 5.4pt;">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 30.6pt"><FONT STYLE="font-size: 7.5pt"><SUP>(1)
</SUP></FONT>Conflicts of interest may arise because the Fund&rsquo;s Portfolio Managers have day-to-day management responsibilities
with respect to both the Fund and various other accounts. These potential conflicts include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 30.6pt"><I>Limited Resources.</I> The Portfolio
Managers cannot devote their full time and attention to the management of each of the accounts that they manage. Accordingly, the
Portfolio Managers may be limited in their ability to identify investment opportunities for each of the accounts that are as attractive
as might be the case if the Portfolio Managers were to devote substantially more attention to the management of a single account.
The effects of this potential conflict may be more pronounced where the accounts have different investment strategies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 30.6pt"><I>Limited Investment Opportunities.</I>
Other clients of the Alpine Woods Capital Investors LLC (the &ldquo;Adviser&rdquo;) may have investment objectives and policies
similar to those of the Fund. The Adviser may, from time to time, make recommendations which result in the purchase or sale of
a particular security by its other clients simultaneously with the Fund. If transactions on behalf of more than one client during
the same period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse
effect on price or quantity. It is the policy of the Adviser to allocate advisory recommendations and the placing of orders in
a manner that it believes is equitable to the accounts involved, including the Fund. When two or more clients of the Adviser are
purchasing or selling the same security on a given day from the same broker-dealer, such transactions may be averaged as to price.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 30.6pt"><I>Different Investment Strategies.</I>
The accounts managed by the Portfolio Managers have differing investment strategies. If the Portfolio Managers determine that an
investment opportunity may be appropriate for only some of the accounts or decide that certain of the accounts should take different
positions with respect to a particular security, the Portfolio Managers may effect transactions for one or more accounts which
may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or
more other accounts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 30.6pt"><I>Variation in Compensation.</I> A conflict
of interest may arise where the Adviser is compensated differently by the accounts that are managed by the Portfolio Managers.
If certain accounts pay higher management fees or performance- based incentive fees, the Portfolio Managers might be motivated
to prefer certain accounts over others. The Portfolio Managers might also be motivated to favor accounts in which they have a greater
ownership interest or accounts that are more likely to enhance the Portfolio Managers&rsquo; performance record or to otherwise
benefit the Portfolio Managers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 30.6pt"><I>Selection of Brokers.</I> The Portfolio
Managers may select the brokers that execute securities transactions for the accounts that they supervise. In addition to executing
trades, some brokers provide the Portfolio Managers with research and other services which may require the payment of higher brokerage
fees than might otherwise be available. The Portfolio Managers&rsquo; decision as to the selection of brokers could yield disproportionate
costs and benefits among the accounts that they manage, since the research and other services provided by brokers may be more beneficial
to some accounts than to others.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">Where conflicts of interest arise between the Fund and other
accounts managed by the Portfolio Managers, the Portfolio Managers will use good faith efforts so that the Fund will not be treated
materially less favorably than other accounts. There may be instances where similar portfolio transactions may be executed for
the same security for numerous accounts managed by the Portfolio Managers. In such instances, securities will be allocated in accordance
with the Adviser&rsquo;s trade allocation policy.</P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">(a)(3) Portfolio Manager Compensation as of October 31, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">The Portfolio Managers&rsquo; compensation will be made up
of a fixed salary amount which is not based on the value of the assets in the Registrant&rsquo;s portfolio. Annually, the Adviser
may calculate bonus compensation to be paid to each portfolio manager as a percentage of salary based in large part on the Registrant&rsquo;s
after-tax performance in comparison to other equity income funds during the same time period, which the Adviser considers to be
a comparable peer group.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">(a)(4) Dollar Range of Securities Owned as of October 31,
2011 <FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">Portfolio Manager</TD>
    <TD STYLE="font-weight: bold"><B>Dollar Range of Equity Securities Held</B> <B>in Registrant <FONT STYLE="font-size: 7.5pt"><SUP>1</SUP></FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Jill K. Evans</TD>
    <TD STYLE="padding-right: 5.4pt;">$50,001 &ndash; $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt;">Kevin Shacknofsky</TD>
    <TD STYLE="padding-right: 5.4pt;">$10,001 &ndash; 50,000</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6.75pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0"><FONT STYLE="font-size: 7.5pt"><SUP>1 </SUP></FONT>&ldquo;Beneficial
Ownership&rdquo; is determined in accordance with Section 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 9. &nbsp;&nbsp;&nbsp;&nbsp;Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 49.5pt">Not Applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 10. &nbsp;&nbsp;Submission of Matters
to Vote of Security Holders. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 48.95pt">There have been no material changes to the procedures
by which shareholders may recommend nominees to the Registrant&rsquo;s Board of Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 11. &nbsp;&nbsp;Controls and Procedures.
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -22.5pt">(a) &nbsp;&nbsp;The
  Registrant&rsquo;s principal
executive officer and principal financial officer have evaluated the Registrant&rsquo;s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940, as amended) within 90 days of this filing and have concluded
that the registrant&rsquo;s disclosure controls and procedures were effective,
as of that date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -22.5pt">(b) &nbsp;&nbsp;There
  was no change in the Registrant&rsquo;s internal control over financial reporting
  (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended)
  during the second fiscal quarter of the period covered by this report that
  has materially affected, or is reasonably likely to materially affect, the
  registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt"><B>Item 12. &nbsp;&nbsp;Exhibits. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 49.5pt">(a)(1) The Code of Ethics that applies to the Registrant&rsquo;s
principal executive officer and principal financial
officer is attached hereto as Exhibit 12.A.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25in 0 0 49.5pt">(a)(2) The certifications required by Rule 30a-2(a)
of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.Cert.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 49.5pt">(a)(3) Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 49.5pt">(a)(4) The Registrant&rsquo;s Proxy Voting Policies
and Procedures are attached hereto in response to Item 7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 49.5pt">(b) The certifications by the Registrant&rsquo;s Principal
Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended,
and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.906Cert.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Alpine Global Dynamic Dividend Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%;">By:</TD>
    <TD STYLE="width: 45%; border-bottom:1px solid #000000">/s/ Samuel A. Lieber</TD>
    <TD STYLE="width: 35%;">&nbsp;</TD>
    <TD STYLE="width: 20%;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Samuel A. Lieber</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD  COLSPAN="2">Chief Executive Officer (Principal Executive Officer)</TD>

    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Date:</TD>
    <TD STYLE="text-align: justify">January 9, 2012</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%;">By:</TD>
    <TD STYLE="width: 45%; border-bottom:1px solid #000000">/s/ Samuel A. Lieber</TD>
    <TD STYLE="width: 35%;">&nbsp;</TD>
    <TD STYLE="width: 20%;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Samuel A. Lieber</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Chief Executive Officer (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD >By:</TD>
    <TD STYLE="border-bottom:1px solid #000000">/s/ Ronald G. Palmer, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD >&nbsp;</TD>
    <TD>Ronald G. Palmer, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Chief Financial Officer (Principal Financial Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Date:</TD>
    <TD STYLE="text-align: justify">January 9, 2012</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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end
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>13
<FILENAME>c67163_ex99code-eth.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>
<P align="right" STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><u>Exhibit 12(a)(1)</u></B></P>
<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">ALPINE EQUITY TRUST<BR>
ALPINE SERIES TRUST<BR>
ALPINE INCOME TRUST<BR>
ALPINE GLOBAL DYNAMIC DIVIDEND FUND<BR>
ALPINE TOTAL DYNAMIC DIVIDEND FUND<BR>
ALPINE GLOBAL PREMIER PROPERTIES FUND</P>
<br>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Senior Officer Code of Ethics</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Policy </B></P><br>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Sarbanes Oxley Act of 2002 (&ldquo;SOX&rdquo;) effected sweeping
corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance
and assure investors that the companies in which they invest are accurately and completely disclosing financial information. SOX
was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal
business practices. Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has
a code of ethics for senior financial officers. The SEC has adopted rules requiring annual disclosure of an investment company&rsquo;s
code of ethics applicable to the company&rsquo;s principal executive as well as principal financial officers, if such a code has
been adopted</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">It is the obligation
  of the senior officers of each Trust to provide full, fair, timely and comprehensible
  disclosure, financial and otherwise, to the shareholders of such Trust or any
  of its series, if applicable, regulatory authorities and the general public.
  In fulfilling that obligation, senior officers must act ethically, honestly
  and diligently. This Code of Ethics is intended to enunciate guidelines to
  be followed by persons who serve the Fund in senior officer positions. No code
  of ethics can address every situation that a senior officer might face; however,
  as a guiding principle, senior officers should strive to implement the spirit
  as well as the letter of applicable laws, rules and regulations, and to provide
  the type of clear and complete disclosure and information each Trust&rsquo;s
  shareholders have a right to expect.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The purpose of
  this Code of Ethics (the &ldquo;Code&rdquo;) is to
  promote high standards of ethical conduct by Covered Persons (as defined below)
  in their capacities as officers of the Trusts, to instruct them as to what
  is considered to be inappropriate and unacceptable conduct or activities for
  officers and to prohibit such conduct or activities. This Code supplements
  other policies that the Trusts and their adviser have adopted or may adopt
  in the future with which Trust officers are also required to comply (e.g.,
  code of ethics relating to personal trading and conduct).</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">This Code applies
  to those persons appointed by each Trust&rsquo;s
  Board of Trustees as Chief Executive Officer, President, Chief Financial Officer
  and Chief Accounting Officer, or persons performing similar functions.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Procedures and Responsibility</B></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Promotion of Honest and Ethical Conduct</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In serving as an officer of a Trust, each Covered Person must maintain
  high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trusts, whether directly
  or indirectly, to do the same.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person
  understands that as an officer of a Trust, he has a duty to act in the best
  interests of the Trust and its shareholders. The interests of the Covered Person&rsquo;s
  personal interests should not be allowed to compromise the Covered Person from
  fulfilling his duties as an officer of the Trust.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If a Covered Person
  believes that his personal interests are likely to materially compromise his
  objectivity or his ability to perform the duties of his role as an officer
  of a Trust, he should consult with the Trust&rsquo;s chief compliance officer
  or outside legal counsel. Under appropriate circumstances, a Covered Person
  should also consider whether to present the matter to the Trustees of the Trusts
  or a committee thereof.</P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">No Covered Person
  shall suggest that any person providing, or soliciting to be retained to provide,
  services to a Trust give a gift or an economic benefit of any kind to him in
  connection with the person&rsquo;s
  retention or the provision of services.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Promotion of Full, Fair, Accurate, Timely and Understandable
  Disclosure</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">No Covered Person
  shall create or further the creation of false or misleading information in
  any SEC filing or report to Trust shareholders. No Covered Person shall conceal
  or fail to disclose information within the Covered Person&rsquo;s possession
  legally required to be disclosed or necessary to make the disclosure made not
  misleading. If a Covered Person shall become aware that information filed with
  the SEC or made available to the public contains any false or misleading information
  or omits to disclose necessary information, he shall promptly report it to
  Fund counsel, who shall advise such Covered Person whether corrective action
  is necessary or appropriate.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person,
  consistent with his responsibilities, shall exercise appropriate supervision
  over, and shall assist, Trust service providers in developing financial information
  and other disclosure that complies with relevant law and presents information
  in a clear, comprehensible and complete manner. Each Covered Person shall use
  his best efforts within his area of expertise to assure that Trust reports
  reveal, rather than conceal, each Trust&rsquo;s
  financial condition.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person shall seek to obtain additional resources if
  he believes that available resources are inadequate to enable the Trust to provide full, fair and accurate financial information
  and other disclosure to regulators and Fund shareholders.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person shall inquire of other Trust officers and service
  providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format
  using comprehensible language.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person shall diligently perform his services to the
  Trusts, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and
  required certifications.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Promotion of Compliance with Applicable Government Laws, Rules
  and Regulations</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person
  shall become and remain knowledgeable concerning the laws and regulations relating
  to the Trusts and their operations and shall act with competence and due care
  in serving as an officer of the Trusts. Each Covered Person
  with specific responsibility for financial statement disclosure will become
  and remain knowledgeable concerning relevant auditing standards, generally
  accepted accounting principles, FASB pronouncements and other accounting and
tax literature and developments.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person shall devote sufficient time to fulfilling his
  responsibilities to the Trusts.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person
  shall cooperate with the Trusts&rsquo; independent
  auditors, regulatory agencies and internal auditors in their review or inspection
  of the Trust and its operations.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">No Covered Person shall knowingly violate any law or regulation
  relating to the Trusts or their operations or seek to illegally circumvent any such law or regulation.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">No Covered Person shall engage in any conduct involving dishonesty,
  fraud, deceit or misrepresentation involving the Trusts or their operations.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Promoting Prompt Internal Reporting of Violations</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person
  shall promptly report his own violations of this Code and violations by other
  Covered Persons of which he is aware to the Chairman of the Trust&rsquo;s Audit
  Committee.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Any requests for
  a waiver from or an amendment to this Code shall be made to the Chairman of
  the Trust&rsquo;s Audit Committee. All waivers and amendments shall be disclosed
  as required by law.</P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Sanctions</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Failure to comply
  with this Code will subject the violator to appropriate sanctions, which will
  vary based on the nature and severity of the violation. Such sanctions may
  include censure, suspension or termination of position as an officer of the
  Trust. Sanctions shall be imposed by the Trust&rsquo;s Audit Committee, subject
  to review by the entire Board of Trustees of the Trust.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Person shall be required to certify annually whether
  he has complied with this Code.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>No Rights Created</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">This Code of Ethics
  is a statement of certain fundamental principles, policies and procedures that
  govern each Trust&rsquo;s senior officers in the conduct of each Trust&rsquo;s
  business. It is not intended to and does not create any rights in any employee,
  investor, supplier, competitor, shareholder or any other person or entity.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Recordkeeping</I></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Trust will maintain and preserve for a period of not less than
  six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information
  or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any
  violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken
  by the Board.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Trustees will make and approve such changes to this Code of
  Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>From Fund Policies and Procedures, As amended and restated December
  2007</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>14
<FILENAME>c67163_ex99cert.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head>

<body>
<p>&nbsp;</p>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>EX-99.CERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form for Principal Executive Officer or Principal
Financial Officer)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Samuel A. Lieber, Chief Executive Officer of the Alpine Global
Dynamic Dividend Fund certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  I have
reviewed this report on Form N-CSR of the Alpine Global Dynamic Dividend Fund;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The registrant&rsquo;s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Evaluated
the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Disclosed
in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the second fiscal
quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The registrant&rsquo;s
other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s
board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal
control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Date:&nbsp;&nbsp;&nbsp; January
  9, 2012 </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Samuel A. Lieber&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Samuel A. Lieber</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer (Principal Executive Officer)</P><br>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>EX-99.CERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form for Principal Executive Officer or Principal
Financial Officer)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Ronald G. Palmer, Jr., Chief Financial Officer of the Alpine
Global Dynamic Dividend Fund certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  I have
reviewed this report on Form N-CSR of the Alpine Global Dynamic Dividend Fund;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The registrant&rsquo;s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Evaluated
the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Disclosed
in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the second fiscal
quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The registrant&rsquo;s
other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s
board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal
control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Date:&nbsp;&nbsp;&nbsp; January
  9, 2012 </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Ronald G. Palmer, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Ronald G. Palmer, Jr.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer (Principal Financial Officer)</P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>15
<FILENAME>c67163_ex99-906cert.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head>

<body>
<br>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0;"><B>EX-99.906CERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This certification is furnished pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. &sect; 1350, and accompanies the report on Form N-CSR for the period ended
October 31, 2011 of the Alpine Global Dynamic Dividend Fund., (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Samuel A. Lieber, Chief Executive Officer of the Company, certify
that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  This Form
N-CSR filing for the Alpine Global Dynamic Dividend Fund (the &ldquo;Report&rdquo;) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%;">By:</TD>
    <TD STYLE="width: 45%; border-bottom:1px solid #000000">/s/ Samuel A. Lieber</TD>
    <TD STYLE="width: 35%; text-decoration: underline">&nbsp;</TD>
    <TD STYLE="width: 20%;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Samuel A. Lieber</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Chief Executive Officer (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD>January 9, 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>EX-99.906CERT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This certification is furnished pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. &sect; 1350, and accompanies the report on Form N-CSR for the period ended
October 31, 2011 of the Alpine Global Dynamic Dividend Fund., (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Ronald G. Palmer, Jr., Chief Financial Officer of the Company,
certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  This Form
N-CSR filing for the Alpine Global Dynamic Dividend Fund (the &ldquo;Report&rdquo;) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%;">By:</TD>
    <TD STYLE="width: 45%; border-bottom:1px solid #000000">/s/ Ronald G. Palmer, Jr.</TD>
    <TD STYLE="width: 35%;">&nbsp;</TD>
    <TD STYLE="width: 25%;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Ronald G. Palmer, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Chief Financial Officer (Principal Financial Officer)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Date:</TD>
    <TD STYLE="text-align: justify">January 9, 2012</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.PROXYPOL
<SEQUENCE>16
<FILENAME>c67163_ex99proxypol.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY VOTING GUIDELINES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Trustees of
the Alpine Funds (the &ldquo;Funds&rdquo;) has approved the delegation of the authority to vote proxies relating to the securities
held in the portfolios of the Funds to the Adviser after the Board reviewed and considered the proxy voting policies and procedures
used by the Adviser which uses an independent service provider, as described below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Adviser&rsquo;s goal
in performing this service is to make proxy voting decisions: (i) to vote or not to vote proxies in a manner that serves the best
economic interests of the Funds; and (ii) that avoid the influence of conflicts of interest. To implement this goal, the Adviser
has adopted proxy voting guidelines (the &ldquo;Proxy Voting Guidelines&rdquo;) to assist it in making proxy voting decisions and
in developing procedures for effecting those decisions. The Proxy Voting Guidelines are designed to ensure that where the Adviser
has the authority to vote proxies, all legal, fiduciary, and contractual obligations will be met.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Proxy Voting Guidelines
address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses,
board structures and the election of directors, executive and director compensation, reorganizations, mergers, and various shareholder
proposals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>POLICIES OF THE ADVISER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Adviser has delegated to Risk Metrics Group
ISS Governance Services (&ldquo;Risk Metrics&rdquo;), an independent service provider, the administration of proxy voting for the
Funds&rsquo; portfolio securities directly managed by the Adviser, subject to oversight by the Adviser&rsquo;s Proxy Manager (in
his or her absence the Director of Institutional Operations). Risk Metrics, a Delaware corporation, provides proxy-voting services
to many asset managers on a global basis. The Adviser has reviewed, and will continue to review annually, the relationship with
Risk Metrics and the quality and effectiveness of such services provided by Risk Metrics.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Specifically, Risk Metrics assists the Adviser
in the proxy voting and corporate governance oversight process by developing and updating the &ldquo;Risk Metrics Proxy Voting
Guidelines,&rdquo; which are incorporated into the Fund&rsquo;s Proxy Voting Guidelines by reference, and by providing research
and analysis, recommendations regarding votes, operational implementation, and recordkeeping and reporting services. The Adviser&rsquo;s
decision to retain Risk Metrics is based principally on the view that the services that Risk Metrics provides, subject to oversight
by the Adviser, generally will result in proxy voting decisions which serve the best economic interests of the Funds&rsquo; shareholders.
The Adviser has reviewed, analyzed, and determined that the Risk Metrics Proxy Voting Guidelines are consistent with the views
of the Adviser on the various types of proxy proposals. When the Risk Metrics Proxy Voting Guidelines do not cover a specific proxy
issue and Risk Metrics does not provide a recommendation, Risk Metrics will notify the Adviser; and the Adviser will use its best
judgment in voting proxies on behalf of the Funds&rsquo; shareholders. The Risk Metrics Proxy Voting Guidelines can be found on
their website (http://www.riskmetrics.com/press/2011_policy).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CONFLICTS OF INTEREST </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Adviser does not engage
in investment banking, administration or management of corporate retirement plans, or any other activity that is likely to create
a potential conflict of interest. In addition, because Fund proxies are voted by Risk Metrics pursuant to the pre-determined Risk
Metrics Proxy Voting Guidelines, the Adviser generally does not make an actual determination of how to vote a particular proxy,
and, therefore, proxies voted on behalf of a Fund do not reflect any conflict of interest. Nevertheless, the Proxy Voting Guidelines
address the possibility of such a conflict of interest arising.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Proxy Voting Guidelines
provide that, if a proxy proposal were to create a conflict of interest between the interests of a Fund and those of the Adviser
(or between a Fund and those of any of the Adviser&rsquo;s affiliates), then the proxy should be voted strictly in conformity with
the recommendation of Risk Metrics. To monitor compliance with this policy, and proposed or actual deviation from a recommendation
of Risk Metrics must be reported to the Proxy Manager and the Chief Compliance Officer (&ldquo;CCO&rdquo;) for the Adviser. The
Proxy Manager and CCO for the Adviser will then provide guidance concerning the proposed deviation and whether a deviation presents
any potential conflict of interest. If the Adviser then casts a proxy vote that deviates from a Risk Metrics recommendation, the
affected Fund (or other appropriate Fund authority) will be given a report of this deviation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CIRCUMSTANCES UNDER WHICH PROXIES WILL NOT
BE VOTED </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Adviser, through Risk
Metrics, shall attempt to process every vote for all domestic and foreign proxies that they receive; however, there may be cases
in which the Adviser will not process a proxy because it is impractical or too expensive to do so. For example, the Adviser, will
not process a proxy in connection with a foreign security if the cost of voting a foreign proxy outweighs the benefit of voting
the foreign proxy, when the Adviser has not been given enough time to process the vote, or when a sell order for the foreign security
is outstanding and proxy voting would impede the sale of the foreign security. Also, the Adviser generally will not seek to recall
the securities on loan for the purpose of voting the securities unless the Adviser determines that the issue presented for a vote
warrants recalling the security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>MORE INFORMATION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The actual voting records relating to the Fund&rsquo;s
portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request by calling
toll-free, 1-888-785-5578 or by accessing the SEC&rsquo;s website at <I>www.sec.gov. </I>In addition, a copy of the Funds&rsquo;
proxy voting policies and procedures are also available by calling 1-888-785-5578 and will be sent within three business days of
receipt of a request.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
<P STYLE="margin: 0"></P>
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