NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
Alpine U.S. Real Estate Equity Fund, the ("Fund"), is registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), as a diversified, open-end management investment company. The Fund is a separate
series of the Alpine Equity Trust, a Massachusetts business trust organized in 1988.
The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold with a maximum front-
end sales charge of 4.75%. Class B and Class C shares are sold without a front-end sales charge, but pay higher
ongoing distribution fees than Class A. Class B shares are sold subject to a contingent deferred sales charge that
is payable upon redemption and decreases depending on how long the shares have been held. Class C shares are
sold subject to a contingent deferred sales charge payable on shares redeemed within one year after the month of
purchase. Class B shares purchased after January 1, 1997 will automatically convert to Class A shares after
seven years. Class B shares purchased prior to January 1, 1997 retain their existing conversion rights. Class Y
shares are sold at net asset value and are not subject to contingent deferred sales charges or distribution fees.
Class Y shares are sold only to certain institutional or individual investors who do not receive services of financial
intermediaries that offer shares of the Fund.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation
of its financial statements. The policies are in conformity with generally accepted accounting principles, which
require management to make estimates and assumptions that affect amounts reported herein. Actual results could
differ from these estimates.
A. VALUATION OF SECURITIES:
The Fund values securities traded on a national securities exchange or included on the NASDAQ National
Market System ("NASDAQ") at the last reported sales price o