<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842436
<NAME> ALPINE EQUITY TRUST
<SERIES>
<NUMBER> 012
<NAME> ALPINE US REAL ESTATE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 20760046
<INVESTMENTS-AT-VALUE> 21581123
<RECEIVABLES> 1551552
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 12842
<TOTAL-ASSETS> 23145517
<PAYABLE-FOR-SECURITIES> 354880
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 606841
<TOTAL-LIABILITIES> 961721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28261618
<SHARES-COMMON-STOCK> 181725 <F1>
<SHARES-COMMON-PRIOR> 290524 <F1>
<ACCUMULATED-NII-CURRENT> 1660
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6900559
<ACCUM-APPREC-OR-DEPREC> 821077
<NET-ASSETS> 22183796
<DIVIDEND-INCOME> 436569
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 566654
<NET-INVESTMENT-INCOME> (130085)
<REALIZED-GAINS-CURRENT> (2512267)
<APPREC-INCREASE-CURRENT> 6434422
<NET-CHANGE-FROM-OPS> 3792070
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
<DISTRIBUTIONS-OTHER> 0 <F1>
<NUMBER-OF-SHARES-SOLD> 441058
<NUMBER-OF-SHARES-REDEEMED> 976607
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1814180)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4387937
<GROSS-ADVISORY-FEES> 205776
<INTEREST-EXPENSE> 61490
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<AVERAGE-NET-ASSETS> 2354015 <F1>
<PER-SHARE-NAV-BEGIN> 10.65 <F1>
<PER-SHARE-NII> (0.20) <F1>
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<PER-SHARE-DIVIDEND> 0.00 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.00 <F1>
<RETURNS-OF-CAPITAL> 0.00 <F1>
<PER-SHARE-NAV-END> 12.89 <F1>
<EXPENSE-RATIO> 3.66 <F1>
<FN>
<F1> Class B
</FN>
</TABLE>
