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<PER-SHARE-GAIN-APPREC> (1.26) <F1>
<PER-SHARE-DIVIDEND> 0.00 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.12 <F1>
<RETURNS-OF-CAPITAL> 0.00 <F1>
<PER-SHARE-NAV-END> 11.07 <F1>
<EXPENSE-RATIO> 2.68 <F1>
<FN>
<F1> Class Y
</FN>
</TABLE>
Report of Independent Accountants
To the Trustees of
Alpine Equity Trust:
In planning and performing our audits of the financial statements of the
Alpine U.S. Real Estate Equity Fund for the year ended September 30, 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 U.S. 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, we noted no matters involving internal control,
including controls over safeguarding securities that we consider to
be material weaknesses as defined above as of September 30, 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
November 19, 1999
