Equity & Income Funds

1 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 Report2017 October 31, Equity & Income 312/22/17 9:07 PMTABLE OFCONTENTSA dditional Alpine Funds are offered in the Alpine Equity Trust.

2 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. The statutory and summary prospectuses contain this and other importantinformation about the investment company, and it may be obtained by calling 1-888-785-5578, or Read it carefully before fund investing involves risk.

3 Principal loss is s Investment Outlook1 Equity Manager ReportsAlpine Dynamic Dividend fund 7 Alpine Rising Dividend fund 13 Alpine Financial Services fund 19 Alpine Small Cap fund 25 Fixed Income Manager ReportsAlpine Ultra Short Municipal Income fund 31 Alpine High Yield Managed Duration Municipal fund 34 Schedules of Portfolio Investments 44 Statements of Assets and Liabilities 72 Statements of Operations 74 Statements of Changes in Net Assets 76 Financial Highlights 82 Notes to Financial Statements 94 Report of Independent Registered Public Accounting Firm 112 Information about your Funds Expenses 113 Additional Information 12/22/17 8:56 PM Page toc2 Alpine s Investment Outlook1 Dear Shareholders.

4 During the fiscal year ended October 31, 2017, the equitymarkets finally side-stepped their broad apprehension,which has been a characteristic of market sentiment sincethe great financial collapse of 2008. As we pointed out inprior reports to shareholders, the market was greatlyconcerned about either the risks of imminent inflation dueto the stimulative effects of loose monetary policy, oralternatively, a deflation drag due to over-capacity andstructural imbalances remaining from prior the Federal Reserve s (Fed) warning of animminent transition from quantitative easing (QE)

5 Towardsnormalization back in May of 2013, the capital marketssuffered from a taper tantrum before assuming analternating risk-on/risk-off mode that persisted well into2015. However, in the fourth quarter of 2015, a speculativecommodity boom that had become a bust lasting intoFebruary of 2016, re-engaged persistent fears of globaleconomic deflation. As it turned out, the economy foundits footing and markets recovered through 2016, andultimately produced double-digit returns this year, asinvestors have bought equities to capture corporategrowth.

6 Strong economic reports have become moreconsistent and corporate earnings and revenue growthappears more sustainable as we approach Equity markets focus this year has been particularlystrong for growth stocks, as opposed to value stocks orstocks of stable defensive companies. In particular, themarket has been focused on top-line revenue growth andcompanies with strong profitability. Interestingly, themarket has also favored companies with relatively lowfinancial leverage and, thus, a greater margin of which combined these characteristics performedparticularly well.

7 Notably, we appear to be in the midst ofa synchronized global economic recovery in which GrossDomestic Product (GDP) has been supported by strongorders for goods and services, witness regional andnational purchasing managers indices (PMI) andimproving employment data. This has given corporationsthe ability to increase sales volumes, which has historicallyimproved profit margins, and in combination withtightening labor markets, is leading to the first signs ofwage growth in select sectors and geographies.

8 Wagegrowth may lead to increased consumption patterns asgrowing job confidence and incomes induce people tospend more freely, which in turn can stimulatecorporations to increase their capital expenditures fornew production facilities and equipment. This, in turn,leads to more jobs and new products for consumers. Sincethe accounts for roughly 25% of the global GDP, it isnatural for us to lead the rest of the world out of periodsof economic doldrums. China is almost 15% of the globalGDP and it too has been growing quite strongly, until thepast quarter or so when it has shown signs of said, the Eurozone, which is slightly larger thanChina, and Japan, which is roughly half its size, are bothpicking up the slack.

9 So we expect continued globalrecovery over the next several quarters at a CUTSAn element of uncertainty has been introduced by Republican Congress which is planning to put forthan economic stimulative program, packaged as taxreform. This has been cooked up in old school style,in back rooms with no transparency, nor based on specificintellectual precepts or schools of thought, this grab bagrestructuring of the tax code is in some ways progressive,in other ways regressive, both positive and negative, andwhich will no doubt be beneficial to some and negativefor others in our economy.

10 On the surface, it is positive forcorporations, many of whom should see lower tax ratesand it is intended to stimulate capital investment in theshort-term through accelerated depreciation of newinvestments (as low as one year down from five totwenty!), which offsets taxes. Companies which repatriatecapital from overseas will have very low (6-12%) recapturerates if they bring money home (estimates that $1-2trillion may come back over several years). However,investment in research and development (R&D) for betterfuture products do not receive such benefit.