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TITLE TREASURER
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<OVERDISTRIB-NII-PRIOR> 147129
<OVERDIST-NET-GAINS-PRIOR> 2108820
<GROSS-ADVISORY-FEES> 373589
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 782918
<AVERAGE-NET-ASSETS> 99488 <F1>
<PER-SHARE-NAV-BEGIN> 12.56 <F1>
<PER-SHARE-NII> (0.16) <F1>
<PER-SHARE-GAIN-APPREC> 0.30 <F1>
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<PER-SHARE-NAV-END> 12.70 <F1>
<EXPENSE-RATIO> 3.04 <F1>
<FN>
<F1> CLASS C
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842436
<NAME> ALPINE EQUITY TRUST
<SERIES>
<NUMBER> 014
<NAME> ALPINE INTERNATIONAL REAL ESTATE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1999
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<PERIOD-END> Oct-31-1999
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<INVESTMENTS-AT-VALUE> 33863197
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<NET-INVESTMENT-INCOME> 86770
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<EXPENSE-RATIO> 2.08 <F1>
<FN>
<F1> CLASS Y
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842436
<NAME> ALPINE EQUITY TRUST
<SERIES>
<NUMBER> 021
<NAME> ALPINE REALTY INCOME AND GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-START> Dec-30-1998 <F1>
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 3865161
<INVESTMENTS-AT-VALUE> 3887276
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<ACCUM-APPREC-OR-DEPREC> (263636)
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<NET-INVESTMENT-INCOME> 208106
<REALIZED-GAINS-CURRENT> (12705)
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<DISTRIBUTIONS-OF-INCOME> 39 <F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
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<NUMBER-OF-SHARES-SOLD> 100 <F1>
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<SHARES-REINVESTED> 4 <F1>
<NET-CHANGE-IN-ASSETS> 3843519
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113995
<AVERAGE-NET-ASSETS> 1064 <F1>
<PER-SHARE-NAV-BEGIN> 10.00 <F1>
<PER-SHARE-NII> 0.63 <F1>
<PER-SHARE-GAIN-APPREC> (0.33) <F1>
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<PER-SHARE-DISTRIBUTIONS> 0.39 <F1>
<RETURNS-OF-CAPITAL> 0.00 <F1>
<PER-SHARE-NAV-END> 9.91 <F1>
<EXPENSE-RATIO> 1.73 <F1>
<FN>
<F1> CLASS A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842436
<NAME> ALPINE EQUITY TRUST
<SERIES>
<NUMBER> 022
<NAME> ALPINE REALTY INCOME AND GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-START> Feb-18-1999 <F1>
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 3865161
<INVESTMENTS-AT-VALUE> 3887276
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<APPREC-INCREASE-CURRENT> (263636)
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<NUMBER-OF-SHARES-REDEEMED> 1538 <F1>
<SHARES-REINVESTED> 37 <F1>
<NET-CHANGE-IN-ASSETS> 3843519
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113995
<AVERAGE-NET-ASSETS> 11385 <F1>
<PER-SHARE-NAV-BEGIN> 9.99 <F1>
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<FN>
<F1> CLASS B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842436
<NAME> ALPINE EQUITY TRUST
<SERIES>
<NUMBER> 024
<NAME> ALPINE REALTY INCOME AND GROWTH FUND
<S> <C>
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<FN>
<F1> CLASS Y
</FN>
</TABLE>
Report of Independent Accountants
To the Trustees of
Alpine Equity Trust:
In planning and performing our audit of the financial statements of
the Alpine International Real Estate Equity Fund for the year ended
October 31, 1999 we considered its internal control, including
controls over safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Alpine International Real Estate Equity Fund is
responsible for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgements 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 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
irregularities may occur and may 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 any specific internal control component does not reduce to
a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. However,
wenoted no matters involving internal control, including controls over
safeguarding securities that we consider to be material weaknesses as
defined above as of October 31, 1999.
This report is intended solely for the information and use of
management and the Trustees of Alpine Equity Trust and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
December 20, 1999
Columbus, Ohio
Report of Independent Accountants
To the Trustees of
Alpine Equity Trust:
In planning and performing our audit of the financial statements of
the Alpine Realty Income & Growth Fund for the period ended
October 31, 1999 we considered its internal control, including controls
over safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Alpine Realty Income & Growth Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgements 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 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 irregularities
may occur and may 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 any specific internal control component does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements 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, including controls over safeguarding
securities that we consider to be material weaknesses as defined above as
of October 31, 1999.
This report is intended solely for the information and use of management
and the Trustees of Alpine Equity Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
December 20, 1999
Columbus, Ohio
