Equity & Income Funds

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Alpine Dynamic Dividend FundInstitutional Class (ADVDX)Class A (ADAVX)Alpine Rising Dividend FundInstitutional Class (AADDX)Class A (AAADX)Alpine Financial Services FundInstitutional Class (ADFSX)Class A (ADAFX)Alpine Small Cap FundInstitutional Class (ADINX)Class A (ADIAX)Alpine Ultra Short Municipal Income FundInstitutional Class (ATOIX)Class A (ATOAX)Alpine High Yield Managed Duration Municipal FundInstitutional Class (AHYMX)Class A (AAHMX)Annual Report2017October 31, Equity & Income 312/22/17 9:07 PMTABLE OFCONTENTSAdditional Alpine Funds are offered in the Alpine Equity Trust. These Funds include:Alpine International real estate Equity FundAlpine Global Infrastructure FundAlpine Realty Income & Growth FundAlpine s real estate Funds investment objectives, risks, charges and expenses must be considered carefully beforeinvesting in Funds of the Alpine Equity Trust.

TABLE OF CONTENTS Additional Alpine Funds are offered in the Alpine Equity Trust. These Funds include: Alpine International Real Estate Equity Fund Alpine Global Infrastructure Fund

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