ADFSX: Profile for ALPINE DYNAMIC FINANCIAL SERVIC

Kovalski has a lengthy background as a financial analyst specializing in the banking industry. In the ten years before joining the Alpine Mutual Funds staff in January, 2002, he served as the principal bank and thrift securities analyst for Lieber & Company and Evergreen Asset Management Corp. Prior to that, he was a bank analyst with Williams Securities and Ryan, Beck & Co. Kovalski holds Chartered Financial Analyst designation.

INVESTMENT INFORMATION

Min Initial Investment:	$1,000
Min Initial Investment, IRA:	NaN
Min Initial Investment, AIP:	$1,000
Min Subsequent Investment:	$0
Min Subsequent Investment, IRA:	N/A
Min Subsequent Investment, AIP:	$50

ADFSX can be purchased from brokerages.

FUND SUMMARY

The investment seeks long-term growth of capital and consistent above average total returns. The fund normally invests at least 80% of assets in the equity securities of certain U.S. and foreign companies engaged in the financial services industry. It invests a substantial percentage of assets in equity securities issued by banks that have strong growth prospects or takeover potential.

FUND OPERATIONS

Last Dividend (19-Dec-08):	0.10
Last Cap Gain (19-Dec-08):	0.41
Annual Holdings Turnover	YFT_NOT_APPLICABLE_ABBREVIATION
Average for Category:	198.80%

FEES & EXPENSES

Expense	ADFSX	Category Avg
Total Expense Ratio:	%	1.73%
Max 12b1 Fee:	%	N/A
Max Front End Sales Load:	%	5.11%
Max Deferred Sales Load:	%	2.57%
3 Yr Expense Projection*:	$ YFT_NOT_APPLICABLE_ABBREVIATION	$879
5 Yr Expense Projection*:	$ YFT_NOT_APPLICABLE_ABBREVIATION	$1,385
10 Yr Expense Projection*:	$ YFT_NOT_APPLICABLE_ABBREVIATION	$2,622

* Per $10,000 invested

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