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SIGNATURE GARY TENKMAN
TITLE TREASURER
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Report of Independent Accountants
To the Board of Trustees of
Alpine International Real Estate Equity Fund:
In planning and performing our audit of the
financial statements of Alpine International
Real Estate Equity Fund (the "Fund") for the
year ended October 31, 1998, we considered
its internal control, including control activities
for safeguarding securities, in order to
determine our auditing procedures for the
purpose of expressing our opinion on the
financial statements and financial highlights
and to comply with the requirements of
Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for
establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
judgments by management are required to
assess the expected benefits and related costs of
controls. Generally, controls that are relevant
to an audit pertain to the entity's objective
of preparing financial statements and financial
highlights for external purposes that are fairly
presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected.
Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may
become inadequate because of changes in conditions
or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in
which the design or operation of one or more of the
internal control components does not reduce to a
relatively low level the risk that misstatements caused
by error or fraud in amounts that would be material
in relation to the financial statements and financial
highlights being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions. However,
we noted no matters involving internal control and
its operation, including controls over safeguarding
securities, that we consider to be material weaknesses
as defined above as of October 31, 1998.
This report is intended solely for the information and
use of management and the Board of Trustees of the
Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Columbus, Ohio
December 8, 1998
By:
- ----------------------------
Name:
Title:
- -3-
PAGE
*******************************************
PROXY CARD
EVERGREEN U.S. REAL ESTATE EQUITY FUND
(A SERIES OF EVERGREEN EQUITY TRUST)
The undersigned hereby appoints Dorothy
E. Bourassa, Terrence J. Cullen and Martin
J. Wolin, and each of them, attorneys and
proxies for the undersigned, with full
powers of substitution and revocation, to
represent the undersigned and to vote on
behalf of the undersigned all shares of
Evergreen U.S. Real Estate Equity Fund
(the "Fund"), which the undersigned is
entitled to vote at a Special Meeting of
Shareholders of the Fund to be held at
2500 Westchester Avenue, Purchase,
New York 10577 on February 17, 1998, at
10:00 a.m. and any adjournments thereof
(the "Meeting"). The undersigned hereby
acknowledges receipt of the Notice of
Special Meeting of Shareholders and Proxy
Statement, and hereby instructs said
attorneys and proxies to vote said shares
as indicated hereon. In their discretion,
the proxies are authorized to vote upon
such other matters as may properly come
before the Meeting. A majority of the
proxies present and acting at the Meeting
in person or by substitute (or, if only
one shall be so present, then that one)
shall have and may exercise all of the
powers and authority of said proxies
hereunder. The undersigned hereby revokes
any proxy previously given. THIS PROXY IS
SOLICITED ON BEHALF OF THE BOARD OF
TRUSTEES AND WILL BE VOTED TO ELECT EACH
OF THE PERSONS NOMINATED AS TRUSTEES
AND "FOR" THE PROPOSAL SET FORTH BELOW
UNLESS OTHERWISE INDICATED.
THE BOARD OF TRUSTEES RECOMMENDS THAT
YOU VOTE "FOR" EACH PROPOSAL.
TO VOTE, MARK THE APPROPRIATE BLOCKS
BELOW IN BLUE OR BLACK INK AS FOLLOWS
X
KEEP THIS POSTION FOR YOUR RECORDS
- ------------------------------------
DETACH AND RETURN THIS PORTION ONLY
EVERGREEN U.S. REAL ESTATE EQUITY FUND
FOR AGAINST ABSTAIN
1. To approve a new investment advisory
( ) ( ) ( )
agreement between the Evergreen Equity Trust,
on behalf of the Evergreen U.S. Real Estate
Equity Fund, and Alpine Management &
Research, LLC.
PAGE
FOR
ALL NOMINEES WITHHOLD
LISTED BELOW AUTHORITY
2. To elect members of the Board of Trustees of
( ) ( )
Evergreen Equity Trust to hold office until
their successors are duly elected and
qualified.
(INSTRUCTIONS: To withhold authority to
vote for any individual nominee, strike
a line through the nominee's name in
the list below)
Laurence B. Ashkin Foster Bam
H. Guy Leibler Samuel A. Lieber
FOR AGAINST ABSTAIN
3. To approve the proposed changes in
investment ( ) ( ) ( )
policies and restrictions of Evergreen U.S.
Real Estate Equity Fund.
( ) To vote against the proposed changes to one
or more of the Fund's investment policies and
restrictions, but to approve the others,
place an "X" in the box at the left AND
indicate the number(s) (as set forth in the
Proxy Statement) of the investment policies
and restrictions you do not want to change on
this line:
- ------------------------------------------
PLEASE SIGN, DATE AND RETURN THE PROXY CARD
PROMPTLY USING THE ENCLOSED ENVELOPE.
TABLE
CAPTION
SC
- - ------------------------------------
- ------------------------------------------
- ------------------
SIGNATURE
SIGNATURE (JOINT OWNERS) DATE
- - ------------------------------------
- -----------------------------------------
TITLE
TITLE
TABLE
Signature(s) should be exactly as name or
names appearing on this proxy. If shares
are held jointly, each holder should sign.
If signing is by attorney, executor,
administrator, trustee or guardian,
please give full title.
PAGE
PROXY CARD
EVERGREEN GLOBAL REAL ESTATE EQUITY FUND
(A SERIES OF EVERGREEN EQUITY TRUST)
The undersigned hereby appoints Dorothy E.
Bourassa, Terrence J. Cullen and Martin J.
Wolin, and each of them, attorneys and
proxies for the undersigned, with full
powers of substitution and revocation, to
represent the undersigned and to vote on
behalf of the undersigned all shares of
Evergreen Global Real Estate Equity Fund
(the "Fund"), which the undersigned is
entitled to vote at a Special Meeting of
Shareholders of the Fund to be held at
2500 Westchester Avenue, Purchase, New York
10577 on February 17, 1998, at 10:00 a.m.
and any adjournments thereof (the "Meeting").
The undersigned hereby acknowledges receipt
of the Notice of Special Meeting of
Shareholders and Proxy Statement, and
hereby instructs said attorneys and proxies
to vote said shares as indicated hereon.
In their discretion, the proxies are
authorized to vote upon such other matters
as may properly come before the Meeting.
A majority of the proxies present and
acting at the Meeting in person or by
substitute (or, if only one shall be so
present, then that one) shall have and
may exercise all of the powers and
authority of said proxies hereunder. The
undersigned hereby revokes any proxy
previously given. THIS PROXY IS SOLICITED
ON BEHALF OF THE BOARD OF TRUSTEES AND
WILL BE VOTED TO ELECT EACH OF THE
PERSONS NOMINATED
AS
TRUSTEES AND "FOR" THE PROPOSAL SET FORTH
BELOW UNLESS OTHERWISE INDICATED.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU
VOTE "FOR" EACH PROPOSAL.
TO VOTE, MARK THE APPROPRIATE BLOCKS
BELOW IN BLUE OR BLACK INK AS FOLLOWS
X
KEEP THIS PORTION FOR YOUR RECORDS
- -------------------------------------
DETACH AND RETURN THIS PORTION ONLY
EVERGREEN GLOBAL REAL ESTATE EQUITY FUND
FOR AGAINST ABSTAIN
1. To approve a new investment advisory
( ) ( ) ( )
agreement between the Evergreen Equity
Trust, on behalf of the Evergreen
Global Real Estate Equity Fund, and
Alpine Management & Research, LLC.
PAGE
FOR
ALL NOMINEES WITHHOLD
LISTED BELOW AUTHORITY
2. To elect members of the Board
of Trustees of ( ) ( )
Evergreen Equity Trust to hold
office until their successors are
duly elected and qualified.
(INSTRUCTIONS: To withhold authority
to vote for any individual nominee,
strike a line through the nominee's
name in the list below)
Laurence B. Ashkin Foster Bam
H. Guy Leibler Samuel A. Lieber
FOR AGAINST ABSTAIN
3. To approve the proposed changes in
investment ( ) ( ) ( )
policies and restrictions of Evergreen
Global Real Estate Equity Fund.
( ) To vote against the proposed
changes to one or more of the Fund's
investment policies and restrictions, but
to approve the others, place an "X" in the
box at the left AND indicate the number(s)
(as set forth in the Proxy Statement) of
the investment policies and restrictions
you do not want to change on this line:
- ------------------------------------------
PLEASE SIGN, DATE AND RETURN THE PROXY
CARD PROMPTLY USING THE ENCLOSED ENVELOPE.
TABLE
CAPTION
SC
- - ------------------------------------
- ------------------------------------------
- ------------------
SIGNATURE
SIGNATURE (JOINT OWNERS)
DATE
- - ------------------------------------
- -----------------------------------------
TITLE
TITLE
TABLE
Signature(s) should be exactly as name or
names appearing on this proxy. If shares
are held jointly, each holder should sign.
If signing is by attorney, executor,
administrator, trustee or guardian, please
give full title.
TEXT
DOCUMENT
SEC-DOCUMENT
- -----END PRIVACY-ENHANCED MESSAGE-----
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Alpine Equity Trust
In our opinion, the accompanying statement
of assets and liabilities, including the portfolio
of investments, and related statements of
operations, of changes in net assets and the
financial highlights present fairly, in all material
respects, the financial position of the Alpine
International Real Estate Equity Fund of the
Alpine Equity Trust, at October 31, 1998, the
results of its operations for the year then ended,
the changes in its net assets for the years
presented and the financial highlights for each
of the periods presented, in conformity with
generally accepted accounting principles.
These financial statements and financial highlights
(hereafter referred to as "financial statements")
are the responsibility of the Alpine Equity Trust's
management; our responsibility is to express an
opinion on these financial statements based on
our audit. We conducted our audit of these
financial statements in accordance with generally
accepted auditing standards, which require that
we plan and perform the audit to obtain
reasonable assurance about whether the
financial statements are free of material
misstatement. An audit 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,
and evaluating the overall financial statement
presentation. We believe that our audit, which
included confirmation of securities at
October 31, 1998 by correspondence with the
custodian and brokers, provide a reasonable basis
for the opinion expressed above.
PricewaterhouseCoopers LLP
December XX, 1998
Columbus, Ohio
