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Exhibit (h)5
ALPINE EQUITY TRUST
0000 Xxxxxxx Xxxx
Xxxxxxxx, Xxxx 00000
EXPENSE LIMITATION AGREEMENT
(as of February 1, 2000)
Alpine Management & Research, LLC (the "Adviser") agrees to absorb expenses of
Alpine Realty Income & Growth Fund (the "Fund"), a series of Alpine Equity Trust
(the "Trust"), and/or to waive fees payable to the Adviser under the Advisory
Agreement between the Adviser and the Trust (the "Advisory Agreement") in such
amounts as may be necessary to limit ordinary operating expenses of each class
of shares of the Fund (excluding interest, taxes, brokerage and any
extraordinary expenses) ("Operating Expenses") to the following per annum rates
as a percentage of average daily net assets (the "Expense Limitation"):
Class of Shares Expense Limitation
--------------- ------------------
Y 1.50%
A 1.75%
B 2.50%
The Expense Limitation for each class will remain in effect unless and until the
Board of Trustees of the Trust approves its modification or termination;
provided, however, that the Expense Limitation will terminate in the event that
the Advisory Agreement is terminated by the Trust without the consent of the
Adviser.
Excess Expense Reimbursement Agreement
The Trust, on behalf of the Fund, and subject to the Expense Limitation for each
class, agrees to reimburse the Adviser for any Operating Expenses of a class in
excess of the Expense Limitation of such class that are paid or absorbed by the
Adviser (including through waiver of the Adviser's fee) pursuant to the
agreement set forth above ("Excess Expenses"). Such reimbursement will be made
as promptly as possible, and to the maximum extent permissible, without causing
the Operating Expenses of a class for any year to exceed the Expense Limitation
of such class; provided, however, that such reimbursements shall be made only
for Excess Expenses incurred within three years of reimbursement. This agreement
of the Trust to reimburse the Adviser for Excess Expenses shall terminate in the
event the Adviser terminates the Advisory Agreement without the consent of the
Trust.
Agreed to and accepted:
ALPINE EQUITY TRUST
By: _____________________
Name: ___________________
Title: ____________________
ALPINE MANAGEMENT & RESEARCH, LLC
By: _____________________
Name: ___________________
Title: ____________________
