ALPINE WOODS CAPITAL INVESTORS

Alpine Woods Capital Investors, LLC is the adviser to the Alpine open-end and closed-end Funds. The Alpine open-end Mutual Funds are distributed by Quasar Distributors, LLC. Quasar Distributors, LLC provides filing administration for Alpine’s closed-end funds. The Funds are not bought or sold through Quasar Distributors, the Alpine closed-end funds are bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Like other public companies, closed-e... nd funds have a one-time initial public offering. Thus, once their shares are first issued, shares are not continually offered by the closed-end fund, but trade in the open market through a stock exchange. Also, like other common stocks, share prices of closed-end funds will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of closed-end exchange-traded funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value (a price that reflects the value of the fund’s underlying portfolio plus other assets, less the fund’s liabilities divided by the number of shares outstanding). Investment return, price and net asset value will fluctuate with changes in market conditions.