923421 - 16653 - ALPINE EQUITY TRUST - 6-7-1996 - 811-05684 - COMBINED NOTES TO FINANCIAL STATEMENTS - 923421-219940-223033.pdf

COMBINED NOTES TO FINANCIAL STATEMENTS NOTE 4 -- SHARES OF BENEFICIAL INTEREST -- continued * For Class A, Class B and Class C shares, the Fund share transaction commencement of class operations, March 10, 1995, March 7, 1995 September 30, 1995. 48 U.S. REAL ESTATE CLASS A Shares sold............................................................. Shares issued on reinvestment of distributions.......................... Shares redeemed......................................................... Net increase............................................................ CLASS B Shares sold............................................................. Shares issued on reinvestment of distributions.......................... Shares redeemed......................................................... Net increase............................................................ CLASS C Shares sold............................................................. Shares issued on reinvestment of distributions.......................... Net increase............................................................ CLASS Y Shares sold............................................................. activity reflects the periods from and July 12, 1995, respectively, through SIX MONTHS ENDED MARCH 31, 1996 (UNAUDITED) S SHARES AMOUNT SHA 35,279 $ 417,024 1 352 4,163 (29,173) (346,355) (1 6,458 74,832 13,326 158,486 14 459 5,421 (1,197) (14,442) 12,588 149,465 14 2,794 33,009 22 258 2,816 33,267 4