ALPINE SERIES TRUST

AMENDMENT NO. 2 TO THE

TRANSFER AGENT SERVICING AGREEMENT

THIS SECOND AMENDMENT dated as of this 1^st day of June, 2006, to the Transfer Agent Servicing Agreement, dated as of November 18, 2005, as amended as of February 17, 2006 (the “Agreement”), is entered by and between Alpine Series Trust, a Delaware business trust (the “Trust”) and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company (“USBFS”).

RECITALS

WHEREAS, the parties have entered into a Transfer Agent Servicing Agreement; and

WHEREAS, the Trust intends to create an additional fund; and

WHEREAS, Section 12 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, the Trust and USBFS agree as follows:

Exhibit A, the listing of the fund names, is hereby superseded and replaced with Exhibit A attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

ALPINE SERIES TRUST	U.S. BANCORP FUND SERVICES, LLC
By: /s/ Sheldon R. Flamm	By: /s/ Michael R. McVoy
Name: Sheldon R. Flamm	Name: Michael R. McVoy
Title: Treasurer	Title: Senior Vice President

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Exhibit A

to the

Alpine Series Trust Transfer Agent Servicing Agreement

Fund Names

Separate Series of Alpine Series Trust

Name of Series		Date Added
Alpine Dynamic Balance Fund		06/06/01
Alpine Dynamic Dividend Fund		08/28/03
Alpine Dynamic Financial Services Fund		11/01/05
Alpine Dynamic Innovators Fund	on or about 6/20/06

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