Alpine Foundation A Report (ADABX) | Asset Allocation Summary

Benchmark	Morningstar Category
Morningstar Aggressive Target Risk Morningstar Aggressive Target Risk MPT Benchmark Morningstar Moderate Target Risk Primary Prospectus Benchmark N/A Secondary Prospectus Benchmark S&P 500 TR USD Analyst Assigned Benchmark Morningstar Aggressive Target Risk Create Custom Benchmark Apply	Aggressive Allocation Aggressive Allocation Aggressive Allocation Bank Loan Bear Market China Region Commodities Agriculture Commodities Broad Basket Commodities Energy Commodities Industrial Metals Commodities Miscellaneous Commodities Precious Metals Communications Conservative Allocation Consumer Cyclical Consumer Defensive Convertibles Diversified Emerging Mkts Diversified Pacific/Asia Emerging Markets Bond Equity Energy Equity Precious Metals Europe Stock Financial Foreign Large Blend Foreign Large Growth Foreign Large Value Foreign Small/Mid Blend Foreign Small/Mid Growth Foreign Small/Mid Value Global Real Estate Health High Yield Bond High Yield Muni India Equity Industrials Inflation-Protected Bond Intermediate Government Intermediate-Term Bond Japan Stock Large Blend Large Growth Large Value Latin America Stock Leveraged Net Long Long Government Long-Term Bond Long/Short Equity Managed Futures Market Neutral Mid-Cap Blend Mid-Cap Growth Mid-Cap Value Miscellaneous Region Miscellaneous Sector Moderate Allocation Multialternative Multicurrency Multisector Bond Muni California Intermediate Muni California Long Muni Florida Muni Massachusetts Muni Minnesota Muni National Interm Muni National Long Muni National Short Muni New Jersey Muni New York Intermediate Muni New York Long Muni Ohio Muni Pennsylvania Muni Single State Interm Muni Single State Long Muni Single State Short Natural Res Nontraditional Bond Pacific/Asia ex-Japan Stk Real Estate Retirement Income Short Government Short-Term Bond Single Currency Small Blend Small Growth Small Value Stable Value Static Aggressive Allocation Static Conservative Allocation Static Intermediate Bond Static Large Blend Static Large Growth Static Large Value Static Mid-Cap Equity Static Moderate Allocation Static Money Market Static Non US Equity Static Short-Term Bond Static Small-Cap Equity Static US Government Target Date 2000-2010 Target Date 2011-2015 Target Date 2016-2020 Target Date 2021-2025 Target Date 2026-2030 Target Date 2031-2035 Target Date 2036-2040 Target Date 2041-2045 Target Date 2046-2050 Target Date 2051+ Technology Trading-Inverse Commodities Trading-Inverse Debt Trading-Inverse Equity Trading-Leveraged Commodities Trading-Leveraged Debt Trading-Leveraged Equity Trading-Miscellaneous Ultrashort Bond Utilities Volatility World Allocation World Bond World Stock

Benchmark

Morningstar Category

Morningstar Aggressive Target Risk

Aggressive Allocation

Asset Allocation

ADABX

	Type	% Net	% Short	% Long	Bench- mark	Cat Avg
As of 04/30/2013

	Cash	8.47	—	8.47	0.01	4.80

	US Stock	65.13	—	65.13	60.04	56.30

	Non US Stock	1.93	—	1.93	31.51	22.18

	Bond	24.46	—	24.46	4.83	14.60

	Other	0.00	—	0.00	3.62	2.12

Style Details

Avg Market Cap USD
23,789 mil

Benchmark Market Cap USD
20,908 mil

Category Avg Market Cap USD
27,971 mil

Market Capitalization
Size	% of Portfolio	Benchmark	Category Avg

Giant	29.01	37.23	40.08

Large	34.59	26.91	32.78

Medium	23.89	24.40	20.23

Small	9.52	11.14	5.62

Micro	2.98	0.32	1.30

Value & Growth Measures
	Stock Portfolio	Benchmark	Category Avg
As of 04/30/2013 *Forward-looking based on historical data Style and Market Cap Breakdown and Value and Growth Measures are calculated only using the long position holdings of the portfolio.

Price/Prospective Earnings*	15.61	14.22	14.53

Price/Book*	2.06	1.75	1.83

Price/Sales*	1.07	1.07	1.17

Price/Cash Flow*	8.52	6.00	6.60

Dividend Yield %*	2.77	2.37	2.23

Long-Term Earnings %	6.28	9.30	9.75

Historical Earnings %	4.61	-2.50	-1.65

Sales Growth %	7.44	-19.84	-4.69

Cash-Flow Growth %	5.01	-9.90	-6.16

Book-Value Growth %	5.26	-31.47	-24.18

Ownership Zone

Weighted Average of holdings

75% of fund's stock holdings

Holdings Style

Portfolio Weight%

> 50% 25–50% 10–25% 0–10%

Investment Style History
Year	Style	% Equity
*As of 04/30/2013 Style Box Detail calculations do not include the fund's short positions (if any).

2013*		67.06

2012		72.15

2011		68.64

2010		73.44

2009		74.03

Fixed-Income Style

Fixed-Income Style History
Year	Style	% Bonds
As of date not available

2013	—	24.46

2012	—	21.97

2011	—	23.30

2010	—	14.72

2009	—	22.82

Bond Statistics
Detail	Value
As of date not available, *As of 04/30/2013

Average Effective Duration (Years)*	—

Average Effective Maturity (Years)*	—

Average Credit Quality	Not Rated

Average Weighted Coupon*	5.23

Average Weighted Price*	135.44

Credit Quality
Type	% Bonds	Benchmark	Category Avg

AAA	—	—	24.45

AA	—	—	5.28

A	—	—	15.85

BBB	—	—	14.18

BB	—	—	14.62

B	—	—	18.42

Below B	—	—	2.18

Not Rated	—	—	5.03

As of date not available Credit Quality is calculated only using the long position holdings of the portfolio.

Sector Weightings

ADABX

Equity Sector
Bond Sector

		% Stocks	Benchmark	Category Avg

	Cyclical

	Basic Materials	9.48	6.01	4.89

	Consumer Cyclical	10.21	11.86	12.38

	Financial Services	16.88	17.57	15.88

	Real Estate	19.29	4.29	3.21


	Sensitive

	Communication Services	0.96	3.98	4.36

	Energy	2.72	8.95	9.85

	Industrials	13.09	11.86	11.96

	Technology	8.32	12.88	13.73


	Defensive

	Consumer Defensive	6.48	8.73	8.83

	Healthcare	9.31	9.92	11.86

	Utilities	3.25	3.95	3.04

As of 04/30/2013 Sector data is calculated only using the long position holdings of the portfolio.

Fixed-Income Sectors
Type		% Bonds	Benchmark	Category Avg

	Government	74.28	67.86	24.03

Government		74.28	64.69	18.19

Government-Related		0.00	3.17	5.83


	Corporate	0.00	31.73	30.71


	Securitized	0.00	0.29	12.59

Agency Mortgage-Backed		0.00	0.25	10.21

Non-Agency Residential MBS		0.00	0.02	0.87

Commercial MBS		0.00	0.00	0.71

Asset-Backed		0.00	0.00	0.80

Covered Bond		0.00	0.02	0.00


	Municipal	0.00	0.00	0.36


	Cash & Equivalents	25.72	0.11	28.46


	Other	0.00	0.00	3.86

As of 04/30/2013 Sector data is calculated only using the long position holdings of the portfolio.

Coupon Range
Type	% Bonds	Benchmark	Category Avg

0% PIK	0.00	0.08	4.53

0% to 4%	17.73	70.95	49.63

4% to 6%	82.27	17.60	20.50

6% to 8%	0.00	7.86	13.66

8% to 10%	0.00	3.42	9.51

10% to 12%	0.00	0.08	1.76

More than 12%	0.00	0.00	0.41

As of 04/30/2013 Sector data is calculated only using the long position holdings of the portfolio.

Top 10 Country Breakdown

ADABX

	% Bonds	Benchmark	Category Avg

United States	100.00	73.86	87.16


As of 04/30/2013 Country breakdown data is calculated only using the long position holdings of the portfolio.

Bond Maturity Breakdown

ADABX

	% Bonds	Benchmark	Category Avg

1 to 3 Years	0.00	3.17	18.48

3 to 5 Years	0.00	43.12	15.55

5 to 7 Years	0.00	43.97	16.22

7 to 10 Years	0.00	5.48	15.14

10 to 15 Years	50.22	1.15	3.66

15 to 20 Years	32.05	1.30	2.96

20 to 30 Years	17.73	1.44	18.79

Over 30 Years	0.00	0.36	4.62


As of 04/30/2013

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	% Stocks	Benchmark	Category Avg
As of 04/30/2013 Region breakdown data is calculated by using the long position holdings of the portfolio equity part only.

Americas	98.40	69.58	73.95

North America	98.40	68.02	73.17

Latin America	0.00	1.56	0.78

Greater Europe	1.60	16.52	17.97

United Kingdom	0.00	4.94	5.89

Europe Developed	0.96	9.88	11.30

Europe Emerging	0.00	0.85	0.38

Africa/Middle East	0.65	0.84	0.40

Greater Asia	0.00	13.90	8.08

Japan	0.00	4.86	3.50

Australasia	0.00	1.87	1.20

Asia Developed	0.00	3.51	1.92

Asia Emerging	0.00	3.66	1.45


Market Classification

% Developed Markets	100.00	93.26	97.20

% Emerging Markets	0.00	6.74	2.80

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Alpine Foundation A

Summary

Holdings

Premium Details

Create Custom Benchmark

Asset Allocation

ADABX

Style Details

ADABX

Sector Weightings

ADABX

Top 10 Country Breakdown

ADABX

Bond Maturity Breakdown

ADABX

World Regions

ADABX